# EDGAR Filing Document

**Accession Number:** 0001091439
**File Stem:** 0001193125-23-063085
**Filing Date:** 2023-3
**Character Count:** 3421319
**Document Hash:** 0e75d07c719cb52cce3ebaedd7126875
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-063085.hdr.sgml**: 20230307

**ACCESSION NUMBER**: 0001193125-23-063085

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230307

**DATE AS OF CHANGE**: 20230307

**EFFECTIVENESS DATE**: 20230307

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
- **CENTRAL INDEX KEY:** 0001091439
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09491
- **FILM NUMBER:** 23713640

**BUSINESS ADDRESS:**
- **STREET 1:** 5701 GOLDEN HILLS DRIVE
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55416-1297
- **BUSINESS PHONE:** 763-765-6551

**MAIL ADDRESS:**
- **STREET 1:** 5701 GOLDEN HILLS DRIVE
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55416-1297

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
- **DATE OF NAME CHANGE:** 19990721

## Series and Classes Contracts Data

### AZL Government Money Market Fund (Series ID: S000009943)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000027523 | AZL Government Money Market Fund |  |

### AZL MSCI Emerging Markets Equity Index Fund (Series ID: S000009945)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000027525 | AZL MSCI Emerging Markets Equity Index Fund Class 2 |  |
| C000048321 | AZL MSCI Emerging Markets Equity Index Fund Class 1 |  |

### AZL Moderate Index Strategy Fund (Series ID: S000009960)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000027542 | AZL Moderate Index Strategy Fund |  |

### AZL T. Rowe Price Capital Appreciation Fund (Series ID: S000009963)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000027546 | AZL T. Rowe Price Capital Appreciation Fund Class 2 |  |

### AZL Small Cap Stock Index Fund (Series ID: S000017464)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000048313 | AZL Small Cap Stock Index Fund Class 2 |  |
| C000173956 | AZL Small Cap Stock Index Fund Class 1 |  |

### AZL S&P 500 Index Fund (Series ID: S000017470)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000048319 | AZL S&P 500 Index Fund Class 1 |  |
| C000048320 | AZL S&P 500 Index Fund Class 2 |  |

### AZL Enhanced Bond Index Fund (Series ID: S000025364)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000075764 | AZL Enhanced Bond Index Fund |  |

### AZL Fidelity Institutional Asset Management Multi-Strategy Fund (Series ID: S000025365)

| Class ID   | Class Name                                                              | Ticker Symbol   |
|:---|:---|:---|
| C000075765 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 2 |  |
| C000183413 | AZL Fidelity Institutional Asset Management Multi-Strategy Fund Class 1 |  |

### AZL International Index Fund (Series ID: S000025366)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000075766 | AZL International Index Fund Class 2 |  |
| C000173957 | AZL International Index Fund Class 1 |  |

### AZL Mid Cap Index Fund (Series ID: S000025367)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000075767 | AZL Mid Cap Index Fund Class 2 |  |
| C000173958 | AZL Mid Cap Index Fund Class 1 |  |

### AZL MSCI Global Equity Index Fund (Series ID: S000025369)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000075769 | AZL MSCI Global Equity Index Fund         |  |
| C000183414 | AZL MSCI Global Equity Index Fund Class 1 |  |

### AZL Gateway Fund (Series ID: S000028739)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000087884 | AZL Gateway Fund |  |

### AZL Russell 1000 Growth Index Fund (Series ID: S000028740)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000087885 | AZL Russell 1000 Growth Index Fund Class 2 |  |
| C000173959 | AZL Russell 1000 Growth Index Fund Class 1 |  |

### AZL Russell 1000 Value Index Fund (Series ID: S000028741)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000087886 | AZL Russell 1000 Value Index Fund Class 2 |  |
| C000173960 | AZL Russell 1000 Value Index Fund Class 1 |  |

### AZL Fidelity Institutional Asset Management Total Bond Fund (Series ID: S000037885)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000116967 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 2 |  |
| C000173961 | AZL Fidelity Institutional Asset Management Total Bond Fund Class 1 |  |

### AZL DFA International Core Equity Fund (Series ID: S000046865)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000146453 | AZL DFA International Core Equity Fund |  |

### AZL DFA U.S. Small Cap Fund (Series ID: S000046866)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000146454 | AZL DFA U.S. Small Cap Fund |  |

### AZL DFA U.S. Core Equity Fund (Series ID: S000046867)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000146455 | AZL DFA U.S. Core Equity Fund |  |

### AZL DFA Five-Year Global Fixed Income Fund (Series ID: S000046868)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000146456 | AZL DFA Five-Year Global Fixed Income Fund |  |

### AZL MetWest Total Return Bond Fund (Series ID: S000047272)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000148201 | AZL MetWest Total Return Bond Fund |  |

------

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**FORM N-CSR** 

------

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number 811-09491** 

------

## Allianz Variable Insurance Products Trust
**(Exact name of registrant as specified in charter)** 

------

**5701 Golden Hills Drive, Minneapolis, MN 55416-1297** 

**(Address of principal executive offices) (Zip code)** 

------

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

**(Name and address of agent for service)** 

------

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

**Date of fiscal year end: December 31** 

**Date of reporting period: December 31, 2022** 

------

**Item 1. Reports to Stockholders.** 

------

## AZL<sup>®</sup> DFA Five-Year Global Fixed Income Fund

## Annual Report

## December 31, 2022
![LOGO](g449174g71x52.jpg)

------

**Table of Contents** 

---

| |
|:---|
| [Management Discussion and Analysis](#toc449174_1)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc449174_2)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc449174_3)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc449174_4)<br> Page 10 |
| [Statement of Operations](#toc449174_5)<br> Page 10 |
| [Statements of Changes in Net Assets](#toc449174_6)<br> Page 11 |
| [Financial Highlights](#toc449174_7)<br> Page 12 |
| [Notes to the Financial Statements](#toc449174_8)<br> Page 13 |
| [Report of Independent Registered Public Accounting Firm](#toc449174_9)<br> Page 20 |
| [Other Information](#toc449174_10)<br> Page 21 |
| [Approval of Investment Advisory and Subadvisory Agreements](#toc449174_11)<br> Page 22 |
| [Information about the Board of Trustees and Officers](#toc449174_12)<br> Page 25 |

---

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

------

 **AZL<sup>®</sup> DFA Five-Year Global Fixed Income Fund Review (Unaudited)**<br>

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

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

During the 12-month period, the AZL DFA Five-Year Global Fixed Income Fund returned (6.82)%. That compares to a total return of (4.49)% for the FTSE World Government Bond Index, 1-5 Years, (currency-hedged to USD), the Fund's primary benchmark.<sup>1</sup>

In global developed markets and the U.S. Treasury fixed-income market, interest rates rose sharply throughout the year in response to inflationary pressures. Yield curves in global developed markets generally flattened and inverted in some cases during the year in the Fund's eligible maturity range. Credit spreads widened during the year. Longer-term bonds underperformed shorter-term bonds, and corporate bonds underperformed government bonds.

The Fund underperformed its benchmark during the period. As eligible yield curves flattened during the second half of the year, the Fund increased its emphasis on bonds in the zero- to three-year maturity range. These moves benefited relative performance as shorter-term interest rates rose. However, in the first half of the year, the Fund's holdings had a longer duration than the benchmark and contained more bonds with a four- to five-year maturity than the benchmark. The Fund also held fewer bonds in the one- to

two-year maturity range relative to the benchmark. These under- and overweightings detracted from the Fund's relative performance.

The Fund also held fewer Japanese yen-denominated bonds than the benchmark. This underweighting also detracted from its relative performance, as these bonds were among the strongest performers during the period.

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

------

***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmark please refer to page 2 of this report.* 

------

 **AZL<sup>®</sup> DFA Five-Year Global Fixed Income Fund Review (Unaudited)**<br>

**Fund Objective** 

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

**Investment Concerns** 

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

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

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

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

*Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, counterparty risk, and selection risk.* 

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

**Growth of $10,000 Investment**![LOGO](g449174g50d50.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **1<br>Year** | **3<br>Year** | **5<br>Year** | **Since<br>Inception<br>(4/27/15)** |
| &nbsp;&nbsp; AZL<sup>®</sup> DFA Five-Year Global Fixed Income Fund | (6.82)% | (2.69)% | (0.71)% | (0.21)% |
| &nbsp;&nbsp; FTSE World Government Bond Index, 1-5 Years, Currency-Hedged in USD Terms | (4.49)% | (0.75)% | 0.73% | 0.85% |

---

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

---

| | |
|:---|:---|
| **Expense Ratio** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> DFA Five-Year Global Fixed Income Fund | 0.91% |

---

***The above expense ratio is based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.50% through at least April 30, 2024. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.95% through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratio can be found in the Financial Highlights.***

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

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

------

**AZL 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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL DFA Five-Year Global Fixed Income Fund | $1000.00 | $992.40 | $3.97 | 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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL DFA Five-Year Global Fixed Income Fund | $1000.00 | $1021.22 | $4.02 | 0.79% |

---

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

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  Foreign Bonds | 54.1% |
|  Yankee Debt Obligations | 28.8 |
|  U.S. Treasury Obligations | 9.5 |
|  Corporate Bonds | 7.3 |
|  Unaffiliated Investment Company | 3.1 |
|  Total Investment Securities | 102.8 |
|  Net other assets (liabilities) | (2.8) |
|  Net Assets | 100.0% |

---

------

**AZL DFA Five-Year Global Fixed Income Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds (7.3%):** | **Corporate Bonds (7.3%):** | |
| **Capital Markets (0.4%):** | **Capital Markets (0.4%):** | |
| $1629000 | National Securities Clearing Corp., 0.75%, 12/7/25, Callable 11/7/25 @ 100(a) | $1444495 |
| **Diversified Financial Services (1.2%):** | **Diversified Financial Services (1.2%):** |  |
| 4160000 | Berkshire Hathaway, Inc., 3.13%, 3/15/26, Callable 12/15/25 @ 100 | 3995476 |
| **Food Products (0.3%):** | **Food Products (0.3%):** |  |
| 1248000 | Nestle Holdings, Inc., 0.63%, 1/15/26, Callable 12/15/25 @ 100(a) | 1107731 |
| **Health Care (0.6%):** | **Health Care (0.6%):** |  |
| 2000000 | Roche Holdings, Inc., 3.35%, 9/30/24, Callable 6/30/24 @ 100(a) | 1950808 |
| **Household Products (1.3%):** | **Household Products (1.3%):** |  |
| 300000 | Procter & Gamble Co. (The), 0.63%, 10/30/24 | 306987 |
| 4406000 | Procter & Gamble Co. (The), 1.00%, 4/23/26 | 3938374 |
|  |  | 4245361 |
| **Internet & Direct Marketing Retail (1.6%):** | **Internet & Direct Marketing Retail (1.6%):** |  |
| 2000000 | Amazon.com, Inc., Class A, 2.73%, 4/13/24 | 1950340 |
| 1500000 | Amazon.com, Inc., 0.45%, 5/12/24 | 1415116 |
| 2241000 | Amazon.com, Inc., 1.00%, 5/12/26, Callable 4/12/26 @ 100 | 1989764 |
|  |  | 5355220 |
| **Oil, Gas & Consumable Fuels (0.3%):** | **Oil, Gas & Consumable Fuels (0.3%):** |  |
| 100000 | Chevron Corp., 1.55%, 5/11/25, Callable 4/11/25 @ 100 | 93231 |
| 754000 | Chevron USA, Inc., 0.69%, 8/12/25, Callable 7/12/25 @ 100 | 675217 |
| 200000 | Exxon Mobil Corp., 0.14%, 6/26/24, Callable 5/26/24 @ 100 | 204151 |
|  |  | 972599 |
| **Pharmaceuticals (1.3%):** | **Pharmaceuticals (1.3%):** |  |
| 462000 | Merck & Co., Inc., 0.75%, 2/24/26, Callable 1/24/26 @ 100 | 409952 |
| 400000 | Novartis Capital Corp., 3.40%, 5/6/24 | 391902 |
| 2400000 | Roche Holdings, Inc., 1.88%, 3/8/24(a) | 2322521 |
| 1106000 | Roche Holdings, Inc., 0.99%, 3/5/26, Callable 2/5/26 @ 100(a) | 987493 |
|  |  | 4111868 |
| **Technology Hardware, Storage & Peripherals (0.3%):** | **Technology Hardware, Storage & Peripherals (0.3%):** |  |
| 1000000 | Apple, Inc., 2.51%, 8/19/24, Callable 6/19/24 @ 100 | 711612 |
| 231000 | Apple, Inc., 1.13%, 5/11/25, Callable 4/11/25 @ 100 | 212632 |
|  |  | 924244 |
| Total Corporate Bonds (Cost $26,030,033) | Total Corporate Bonds (Cost $26,030,033) | 24107802 |
| **Foreign Bonds (54.1%):** | **Foreign Bonds (54.1%):** |  |
| **Banks (7.1%):** | **Banks (7.1%):** |  |
| 3000000 | Bank of Montreal, 2.89%, 6/20/23+ | 2193625 |
| 700000 | Bank of Montreal, 2.70%, 9/11/24+ | 498309 |
| 1200000 | Bank of Nova Scotia (The), 2.29%, 6/28/24+ | 852223 |
| 22000 | BNP Paribas SA, 2.88%, 9/26/23, MTN+ | 23571 |
| 3200000 | Canadian Imperial Bank of Commerce, 2.97%, 7/11/23+ | 2338165 |
| 1300000 | Dexia Credit Local SA, 0.50%, 7/22/23+ | 1541022 |
| 600000 | Dexia Credit Local SA, 1.63%, 12/8/23, MTN+ | 711488 |
| 1700000 | Dexia Credit Local SA, 1.25%, 11/26/24+ | 1751565 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Foreign Bonds, continued** | **Foreign Bonds, continued** | **Foreign Bonds, continued** | |
| **Banks, continued** | **Banks, continued** | **Banks, continued** | |
| $| 600000 | DNB Bank ASA, 0.05%, 11/14/23, MTN+ | $625841 |
|  | 200000 | National Australia Bank, Ltd., 0.25%, 5/20/24, MTN+ | 205921 |
|  | 500000 | National Australia Bank, Ltd., 2.90%, 2/25/27, MTN+ | 311460 |
|  | 600000 | Nordic Investment Bank, 3.40%, 2/6/26, MTN+ | 397428 |
|  | 1350000 | Royal Bank of Canada, 2.33%, 12/5/23+ | 972862 |
|  | 500000 | Royal Bank of Canada, 4.20%, 6/22/26, MTN+ | 330833 |
|  | 1300000 | Svenska Handelsbanken AB, 0.13%, 6/18/24, MTN+ | 1326464 |
|  | 200000 | Svenska Handelsbanken AB, 1.00%, 4/15/25, MTN+ | 202862 |
|  | 4300000 | Toronto-Dominion Bank (The), 3.01%, 5/30/23+ | 3150422 |
|  | 2500000 | Toronto-Dominion Bank (The), 1.91%, 7/18/23+ | 1815316 |
|  | 200000 | Toronto-Dominion Bank (The), 0.63%, 7/20/23, MTN+ | 211626 |
|  | 2500000 | Toronto-Dominion Bank (The), 3.23%, 7/24/24+ | 1797071 |
|  | 600000 | Westpac Banking Corp., 0.75%, 10/17/23, MTN+ | 631794 |
|  | 2400000 | Westpac Banking Corp., 4.13%, 6/4/26, MTN+ | 1593242 |
|  |  |  | 23483110 |
| **Capital Markets (1.5%):** | **Capital Markets (1.5%):** | **Capital Markets (1.5%):** |  |
|  | 1500000 | FMS Wertmanagement, 0.63%, 12/15/23+ | 1758956 |
|  | 100000 | FMS Wertmanagement, 1.38%, 3/7/25+ | 113185 |
|  | 1000000 | International Finance Corp., 4.00%, 4/3/25, MTN+ | 679099 |
|  | 3500000 | International Finance Corp., 3.20%, 7/22/26, MTN+ | 2300773 |
|  |  |  | 4852013 |
| **Diversified Financial Services (8.8%):** | **Diversified Financial Services (8.8%):** | **Diversified Financial Services (8.8%):** |  |
|  | 1000000 | Agence Francaise de Developpement EPIC, 4.00%, 3/14/23+ | 1072309 |
|  | 2600000 | Agence Francaise de Developpement EPIC, 3.13%, 1/4/24, MTN+ | 2783774 |
|  | 290000 | Berkshire Hathaway, Inc., 3.54%, 3/12/25, Callable 2/12/25 @ 100+ | 287588 |
|  | 1000000 | BNG Bank NV, 3.88%, 5/26/23+ | 1075788 |
|  | 200000 | BNG Bank NV, 0.05%, 7/11/23, MTN+ | 211056 |
|  | 2360000 | BNG Bank NV, 3.25%, 7/15/25, MTN+ | 1563925 |
|  | 1000000 | Caisse D Amortissement de La Dette Sociale, 1.38%, 11/25/24, MTN+ | 1032815 |
|  | 73000 | Council Of Europe Development Bank, 0.13%, 5/25/23, MTN+ | 77429 |
|  | 500000 | CPPIB Capital, Inc., 0.38%, 7/25/23+ | 592525 |
|  | 1400000 | CPPIB Capital, Inc., 0.38%, 6/20/24, MTN+ | 1435962 |
|  | 700000 | CPPIB Capital, Inc., 0.88%, 12/17/24+ | 787460 |
|  | 420000 | European Financial Stability Facility, 0.13%, 10/17/23, MTN+ | 440575 |
|  | 1100000 | European Financial Stability Facility, 2.13%, 2/19/24, MTN+ | 1166766 |
|  | 700000 | European Financial Stability Facility, 2.93%, 4/19/24+ | 721630 |
|  | 549000 | European Financial Stability Facility, 1.75%, 6/27/24, MTN+ | 577046 |
|  | 200000 | European Financial Stability Facility, 0.40%, 2/17/25, MTN+ | 202622 |
|  | 120000 | European Financial Stability Facility, 0.50%, 7/11/25, MTN+ | 120771 |
|  | 550000 | European Financial Stability Facility, 2.96%, 10/15/25+ | 542612 |
|  | 600000 | European Investment Bank, 0.00%, 10/16/23+ | 629039 |
|  | 140000 | European Investment Bank, 0.50%, 11/15/23, MTN+ | 147005 |
|  | 1310000 | European Investment Bank, 0.88%, 12/15/23, MTN+ | 1539734 |
|  | 200000 | European Investment Bank, 0.05%, 12/15/23, MTN+ | 208545 |

---

See accompanying notes to the financial statements.

------

**AZL DFA Five-Year Global Fixed Income Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Foreign Bonds, continued** | **Foreign Bonds, continued** | **Foreign Bonds, continued** | |
| **Diversified Financial Services, continued** | **Diversified Financial Services, continued** | **Diversified Financial Services, continued** | |
| $| 7000000 | European Investment Bank, 0.75%, 9/9/24, MTN+ | $685799 |
|  | 200000 | European Investment Bank, 0.88%, 9/13/24, MTN+ | 206486 |
|  | 500000 | European Investment Bank, 0.75%, 11/15/24, MTN+ | 565819 |
|  | 1122000 | European Investment Bank, 1.38%, 3/7/25, MTN+ | 1270824 |
|  | 140000 | European Investment Bank, 3.03%, 3/25/25, MTN+ | 140181 |
|  | 2000000 | European Investment Bank, 1.25%, 5/12/25, MTN+ | 182200 |
|  | 800000 | European Investment Bank, 2.90%, 10/17/25, MTN+ | 526545 |
|  | 500000 | European Stability Mechanism, 0.10%, 7/31/23+ | 527646 |
|  | 366000 | European Stability Mechanism, 0.13%, 4/22/24, MTN+ | 377677 |
|  | 800000 | European Stability Mechanism, 3.01%, 12/16/24+ | 807989 |
|  | 900000 | European Stability Mechanism, 3.01%, 3/14/25+ | 902485 |
|  | 350000 | Kommunalbanken AS, 1.00%, 12/12/24, MTN+ | 395156 |
|  | 600000 | Kommunekredit, 2.00%, 6/25/24, MTN+ | 700239 |
|  | 150000 | Kommunekredit, 0.38%, 11/15/24+ | 167795 |
|  | 1000000 | Kommuninvest I Sverige AB, 1.00%, 11/13/23, MTN+ | 94253 |
|  | 500000 | Kreditanstalt fuer Wiederaufbau, 3.20%, 9/11/26, MTN+ | 328808 |
|  | 1100000 | Landwirtschaftliche Rentenbank, 4.75%, 5/6/26, MTN+ | 761160 |
|  | 300000 | Nederlandse Waterschapsbank NV, 3.00%, 11/16/23+ | 320977 |
|  | 1050000 | Nederlandse Waterschapsbank NV, 2.00%, 12/16/24, MTN+ | 1206966 |
|  | 300000 | NRW Bank, 1.38%, 12/15/23+ | 354003 |
|  | 800000 | NRW Bank, 0.38%, 12/16/24, MTN+ | 892160 |
|  | 500000 | Op Corporate Bank PLC, 1.00%, 5/22/25, MTN+ | 503425 |
|  |  |  | 29135569 |
| **Financial Services (1.0%):** | **Financial Services (1.0%):** | **Financial Services (1.0%):** |  |
|  | 255000 | International Development Association, 0.75%, 12/12/24+ | 287045 |
|  | 1300000 | OMERS Finance Trust, 0.45%, 5/13/25+ | 1296577 |
|  | 950000 | Ontario Teachers' Finance Trust, 0.50%, 5/6/25+ | 948821 |
|  | 900000 | PSP Capital, Inc., 2.09%, 11/22/23+ | 650063 |
|  |  |  | 3182506 |
| **Financials (0.1%):** | **Financials (0.1%):** | **Financials (0.1%):** |  |
|  | 150000 | Euroclear Bank SA, 0.13%, 7/7/25, MTN+ | 147703 |
| **Health Care (0.1%):** | **Health Care (0.1%):** | **Health Care (0.1%):** |  |
|  | 100000 | Novo Nordisk Finance Netherlands BV, 0.75%, 3/31/25, Callable 2/28/25 @ 100, MTN+ | 100961 |
|  | 200000 | Roche Finance Europe BV, 0.88%, 2/25/25, Callable 11/25/24 @ 100, MTN+ | 206803 |
|  |  |  | 307764 |
| **Industrial Services (1.3%):** | **Industrial Services (1.3%):** | **Industrial Services (1.3%):** |  |
|  | 613000 | Network Rail Infrastructure Finance plc, 4.75%, 1/22/24, MTN+ | 744426 |
|  | 1100000 | Societe Nationale SNCF SA, 4.88%, 6/12/23+ | 1186451 |
|  | 800000 | Societe Nationale SNCF SA, 4.63%, 2/2/24+ | 868242 |
|  | 1250000 | Societe Nationale SNCF SA, 4.13%, 2/19/25, MTN+ | 1357431 |
|  |  |  | 4156550 |
| **Insurance (0.3%):** | **Insurance (0.3%):** | **Insurance (0.3%):** |  |
|  | 600000 | UNEDIC ASSEO, 2.38%, 5/25/24, MTN+ | 634645 |
|  | 400000 | UNEDIC ASSEO, 0.13%, 11/25/24, MTN+ | 403455 |
|  |  |  | 1038100 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Foreign Bonds, continued** | **Foreign Bonds, continued** | |
| **National (3.3%):** | **National (3.3%):** | |
| $1200000 | Agence Francaise de Developpement EPIC, 3.23%, 3/25/25, MTN+ | $1196404 |
| 600000 | BNG Bank NV, 2.00%, 4/12/24, MTN+ | 703293 |
| 200000 | Bpifrance SACA, 0.75%, 11/25/24+ | 204485 |
| 200000 | Bpifrance SACA, 0.50%, 5/25/25, MTN+ | 200775 |
| 1000000 | Export Development Canada, 1.38%, 12/8/23, MTN+ | 1181546 |
| 500000 | Export Development Canada, 3.27%, 1/27/25, MTN+ | 500578 |
| 400000 | Kreditanstalt fuer Wiederaufbau, 0.13%, 10/4/24+ | 407993 |
| 540000 | Kreditanstalt fuer Wiederaufbau, 2.90%, 11/15/24, MTN+ | 547785 |
| 1120000 | Kreditanstalt fuer Wiederaufbau, 2.95%, 2/18/25, MTN+ | 1126605 |
| 159000 | Kreditanstalt fuer Wiederaufbau, 0.38%, 4/23/25+ | 160465 |
| 1200000 | Kreditanstalt Fuer Wiederaufbau, 0.88%, 7/18/24, MTN+ | 1375821 |
| 64000 | Kreditanstalt Fuer Wiederaufbau, 0.01%, 3/31/25, MTN+ | 64149 |
| 2500000 | Oesterreichische Kontrollbank AG, 0.00%, 4/6/23, MTN+ | 2660705 |
| 400000 | Oesterreichische Kontrollbank AG, 1.25%, 12/15/23, MTN+ | 471535 |
|  |  | 10802139 |
| **Oil, Gas & Consumable Fuels (0.4%):** | **Oil, Gas & Consumable Fuels (0.4%):** |  |
| 590000 | Shell International Finance BV, 1.13%, 4/7/24+ | 615284 |
| 300000 | Shell International Finance BV, 0.50%, 5/11/24, MTN+ | 309678 |
| 500000 | Shell International Finance BV, 0.75%, 5/12/24, MTN+ | 517831 |
|  |  | 1442793 |
| **Pharmaceuticals (0.1%):** | **Pharmaceuticals (0.1%):** |  |
| 200000 | Abbott Ireland Financing DAC, 0.10%, 11/19/24, Callable 10/19/24 @ 100+ | 201606 |
| 100000 | Sanofi, 0.88%, 4/6/25, Callable 3/6/25 @ 100+ | 102182 |
|  |  | 303788 |
| **Regional & Local (2.6%):** | **Regional & Local (2.6%):** |  |
| 15000000 | Kommuninvest I Sverige AB, 1.00%, 10/2/24, MTN+ | 1380982 |
| 15000000 | Kommuninvest I Sverige AB, 1.00%, 5/12/25, MTN+ | 1358631 |
| 1000000 | Province of Alberta Canada, 0.50%, 4/16/25+ | 1005512 |
| 1300000 | Province of Alberta Canada, 0.63%, 4/18/25+ | 1309712 |
| 700000 | Province of Quebec Canada, 0.88%, 1/15/25+ | 712961 |
| 4000000 | Queensland Treasury Corp., 3.25%, 7/21/26+(a) | 2654097 |
| 200000 | State of Hesse, 3.14%, 3/10/25+ | 200049 |
|  |  | 8621944 |
| **Sovereign Bond (24.3%):** | **Sovereign Bond (24.3%):** |  |
| 23000000 | African Development Bank, 0.24%, 4/14/23, MTN+ | 2189511 |
| 150000 | Asian Development Bank, 2.50%, 12/19/24, MTN+ | 175160 |
| 1000000 | Asian Development Bank, 3.75%, 3/12/25, MTN+ | 675280 |
| 1000000 | Asian Development Bank, 0.50%, 5/5/26, MTN+ | 603065 |
| 600000 | Austria Treasury Bill, 0.00%, 4/27/23+(b) | 637728 |
| 5000000 | Denmark Government Bond, 1.50%, 11/15/23+ | 712249 |
| 66000000 | Denmark Government Bond, 2.82%, 11/15/24+ | 9020076 |
| 200000 | European Union, 1.88%, 4/4/24+ | 211435 |
| 600000 | European Union, 0.50%, 4/4/25, MTN+ | 608669 |
| 4920000 | European Union, 0.80%, 7/4/25+ | 4993985 |
| 700000 | Finland Government Bond, 2.93%, 9/15/24+(a) | 713179 |
| 1300000 | Finland Government Bond, 0.88%, 9/15/25+(a) | 1320662 |

---

See accompanying notes to the financial statements.

------

**AZL DFA Five-Year Global Fixed Income Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Foreign Bonds, continued** | **Foreign Bonds, continued** | |
| **Sovereign Bond, continued** | **Sovereign Bond, continued** | |
| $600000 | French Republic Government Bond OAT, 0.00%, 3/25/24+ | $619766 |
| 100000 | French Republic Government Bond OAT, 2.25%, 5/25/24+ | 106120 |
| 300000 | French Republic Government Bond OAT, 1.75%, 11/25/24+ | 314443 |
| 3200000 | French Republic Government Bond OAT, 2.89%, 2/25/25+(b) | 3220824 |
| 1100000 | Inter American Development Bank, 1.38%, 12/15/24+ | 1253166 |
| 300000 | Inter-American Development Bank, 2.75%, 10/30/25, MTN+ | 196441 |
| 300000 | Inter-American Development Bank, 4.25%, 6/11/26, MTN+ | 204075 |
| 2500000 | International Bank for Reconstruction & Development, 0.50%, 5/18/26, MTN+ | 1503594 |
| 4950000 | Ireland Government Bond, 3.40%, 3/18/24+ | 5331878 |
| 3400000 | Irish Government, 5.40%, 3/13/25+ | 3825328 |
| 600000 | Kingdom of Belgium Government Bond, 2.60%, 6/22/24+(a) | 639802 |
| 3300000 | Kingdom of Belgium Government Bond, 0.50%, 10/22/24+(a) | 3392114 |
| 900000 | Kingdom of Belgium Government Bond, 0.80%, 6/22/25+(a) | 919342 |
| 100000 | Kuntarahoitus OYJ, 0.13%, 3/7/24, MTN+ | 103366 |
| 300000 | Kuntarahoitus OYJ, 0.00%, 11/15/24+ | 302566 |
| 1300000 | Kuntarahoitus OYJ, 0.88%, 12/16/24, MTN+ | 1464232 |
| 450000 | Landeskreditbank Baden Wuerttemberg Foerderbank, 1.38%, 12/15/23, MTN+ | 531309 |
| 1154000 | Landeskreditbank Baden Wuerttemberg Foerderbank, 0.38%, 12/9/24, MTN+ | 1293511 |
| 750000 | Netherlands Government Bond, 0.00%, 1/15/24+(a) | 779524 |
| 2100000 | Netherlands Government Bond, 2.00%, 7/15/24+(a) | 2220652 |
| 300000 | Netherlands Government Bond, 0.25%, 7/15/25+(a) | 301920 |
| 8700000 | New South Wales Treasury Corp., 4.00%, 5/20/26+ | 5920948 |
| 2900000 | New Zealand Government Bond, 5.50%, 4/15/23+ | 1844479 |
| 500000 | New Zealand Government Bond, 0.50%, 5/15/24+ | 298214 |
| 4500000 | New Zealand Local Government Funding Agency Bond, 2.25%, 4/15/24+ | 2740336 |
| 500000 | New Zealand Local Government Funding Agency Bond, 2.75%, 4/15/25+ | 298917 |
| 11100000 | Norway Government Bond, 1.75%, 3/13/25+(a) | 1101764 |
| 21500000 | Norwegian Government, 3.00%, 3/14/24+(a) | 2192496 |
| 3500000 | Province of Ontario Canada, 2.60%, 9/8/23+ | 2550259 |
| 100000 | Province of Ontario Canada, 0.50%, 12/15/23+ | 117045 |
| 600000 | Province of Ontario Canada, 0.38%, 6/14/24+ | 615226 |
| 100000 | Province of Ontario Canada, 0.88%, 1/21/25, MTN+ | 101781 |
| 500000 | Province of Ontario Canada, 3.10%, 8/26/25, MTN+ | 329128 |
| 300000 | Province of Quebec Canada, 0.75%, 12/13/24+ | 337193 |
| 1000000 | Republic of Austria, 1.65%, 10/21/24+(a) | 1045573 |
| 550000 | Republic of Austria Government Bond, 1.75%, 10/20/23+(a) | 583189 |
| 700000 | State of North Rhine-Westphalia Germany, 0.63%, 12/16/24+ | 784938 |
| 100000 | Svensk Exportkredit AB, Series E, 1.38%, 12/15/23, MTN+ | 117962 |
| 18000000 | Sweden Government Bond, 1.50%, 11/13/23+(a) | 1703503 |
| 17000000 | Sweden Government Bond, 2.50%, 5/12/25+(a) | 1618253 |
| 7000000 | Sweden Treasury Bill, 0.00%, 6/21/23+(a)(b) | 663319 |
| 7700000 | Treasury Corp. of Victoria, 0.50%, 11/20/25, MTN+ | 4749106 |
|  |  | 80098601 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Foreign Bonds, continued** | **Foreign Bonds, continued** | |
| **Supranationals (3.2%):** | **Supranationals (3.2%):** | |
| $4600000 | Asian Development Bank, 1.38%, 12/15/23, MTN+ | $5432552 |
| 438000 | Council Of Europe Development Bank, 0.38%, 3/27/25, MTN+ | 440353 |
| 100000 | Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial, 0.25%, 2/9/24, MTN+ | 103549 |
| 2800000 | Inter American Development Bank, 1.25%, 12/15/23+ | 3302575 |
| 500000 | Inter American Development Bank, 2.70%, 1/29/26, MTN+ | 325156 |
| 1100000 | International Bank For Reconstruction, 2.50%, 8/3/23+ | 802282 |
| 2000000 | Nordic Investment Bank, 1.50%, 3/13/25, MTN+ | 196529 |
|  |  | 10602996 |
| **Transportation Infrastructure (0.0%<sup>†</sup>):** | **Transportation Infrastructure (0.0%<sup>†</sup>):** |  |
| 100000 | SNCF Reseau, 4.50%, 1/30/24+ | 108429 |
| Total Foreign Bonds (Cost $181,342,621) | Total Foreign Bonds (Cost $181,342,621) | 178284005 |
| **Yankee Debt Obligations (28.8%):** | **Yankee Debt Obligations (28.8%):** |  |
| **Banks (8.1%):** | **Banks (8.1%):** |  |
| 500000 | Australia & New Zealand Banking Group, Ltd., 4.05%, 5/12/25, MTN | 335104 |
| 1000000 | Commonwealth Bank of Australia, 4.20%, 8/18/25, MTN | 672300 |
| 2208000 | Commonwealth Bank of Australia, 1.13%, 6/15/26(a) | 1942333 |
| 20000 | Cooperatieve Rabobank UA, 1.38%, 1/10/25 | 18683 |
| 1400000 | Dexia Credit Local SA, 0.50%, 7/16/24 | 1311328 |
| 400000 | National Australia Bank, Ltd., 1.39%, 1/12/25(a) | 373120 |
| 2000000 | National Australia Bank, Ltd., 3.90%, 5/30/25, MTN | 1336360 |
| 1000000 | National Australia Bank, Ltd., 3.38%, 1/14/26 | 957182 |
| 1690000 | Nordea Bank Abp, 0.75%, 8/28/25(a) | 1510950 |
| 2000000 | Skandinaviska Enskilda Banken AB, 0.85%, 9/2/25(a) | 1788512 |
| 6779000 | Skandinaviska Enskilda Banken AB, 1.20%, 9/9/26(a) | 5913139 |
| 1250000 | Svenska Handelsbanken AB, 0.55%, 6/11/24(a) | 1171416 |
| 2663000 | Toronto-Dominion Bank (The), 0.75%, 1/6/26, MTN | 2353746 |
| 17000 | Toronto-Dominion Bank (The), 1.20%, 6/3/26 | 15032 |
| 1000000 | Westpac Banking Corp., 1.02%, 11/18/24 | 929575 |
| 1891000 | Westpac Banking Corp., 2.35%, 2/19/25 | 1794850 |
| 700000 | Westpac Banking Corp., 2.70%, 3/17/25, MTN | 457153 |
| 1000000 | Westpac Banking Corp., 2.85%, 5/13/26 | 937865 |
| 3423000 | Westpac Banking Corp., 1.15%, 6/3/26 | 3025805 |
|  |  | 26844453 |
| **Capital Markets (1.5%):** | **Capital Markets (1.5%):** |  |
| 1800000 | Erste Abwicklungsanstalt, 0.25%, 3/1/24, MTN | 1708830 |
| 2400000 | Erste Abwicklungsanstalt, 0.88%, 10/30/24, MTN | 2238768 |
| 1000000 | PSP Capital, Inc., 0.50%, 9/15/24 | 932590 |
|  |  | 4880188 |
| **Diversified Financial Services (3.2%):** | **Diversified Financial Services (3.2%):** |  |
| 4800000 | Agence Francaise de Developpement EPIC, 0.63%, 1/22/26, MTN | 4267152 |
| 796000 | Caisse D Amortissement de La Dette Sociale, 3.38%, 3/20/24, MTN | 782986 |
| 541000 | European Investment Bank, 3.25%, 1/29/24 | 532252 |
| 900000 | Kommunalbanken AS, 4.25%, 7/16/25, MTN | 611513 |
| 2800000 | Kommunalbanken AS, 0.60%, 6/1/26, MTN | 1677041 |
| 2634000 | Kreditanstalt fuer Wiederaufbau, 0.25%, 3/8/24 | 2498125 |
|  |  | 10369069 |

---

See accompanying notes to the financial statements.

------

**AZL DFA Five-Year Global Fixed Income Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | |
| **National (4.1%):** | **National (4.1%):** | |
| $900000 | BNG Bank NV, 3.50%, 8/26/24(a) | $882630 |
| 1665000 | Export Development Canada, 2.63%, 2/21/24 | 1624006 |
| 205000 | FMS Wertmanagement, 2.75%, 1/30/24 | 200640 |
| 600000 | Kommunalbanken AS, 0.25%, 12/8/23, MTN | 574850 |
| 300000 | Kommunalbanken AS, 2.75%, 2/5/24 | 293844 |
| 1000000 | Kommunalbanken AS, 2.00%, 6/19/24, MTN | 960360 |
| 1150000 | Nederlandse Waterschapsbank NV, 1.13%, 3/15/24, MTN | 1100130 |
| 2402000 | Oesterreichische Kontrollbank AG, 0.50%, 9/16/24 | 2240206 |
| 2000000 | Svensk Exportkredit AB, 0.38%, 3/11/24 | 1897868 |
| 1800000 | Svensk Exportkredit AB, 3.63%, 9/3/24 | 1764587 |
| 2000000 | Swedish Export Credit, 0.50%, 11/10/23 | 1927314 |
|  |  | 13466435 |
| **Oil, Gas & Consumable Fuels (1.1%):** | **Oil, Gas & Consumable Fuels (1.1%):** |  |
| 4000000 | Equinor ASA, 1.75%, 1/22/26, Callable 12/22/25 @ 100 | 3659600 |
| **Regional & Local (3.2%):** | **Regional & Local (3.2%):** |  |
| 1300000 | Kommunekredit, 1.00%, 12/15/23 | 1254968 |
| 1200000 | Kommuninvest I Sverige, 3.25%, 1/16/24, MTN | 1180890 |
| 300000 | Kommuninvest I Sverige, 0.38%, 2/16/24 | 285396 |
| 3000000 | Kommuninvest I Sverige AB, 1.38%, 5/8/24, MTN | 2865186 |
| 1000000 | Kommuninvest I Sverige AB, 1.38%, 5/8/24(a) | 955062 |
| 1486000 | Kommuninvest I Sverige AB, 2.88%, 7/3/24(a) | 1444162 |
| 2581000 | Landeskreditbank Baden-Wuerttemberg Foerderbank, 2.00%, 7/23/24, MTN | 2477631 |
|  |  | 10463295 |
| **Sovereign Bond (5.7%):** | **Sovereign Bond (5.7%):** |  |
| 844000 | Asian Infrastructure Investment Bank (The), 2.25%, 5/16/24 | 815111 |
| 3714000 | International Bank for Reconstruction & Development, 2.50%, 3/19/24 | 3615278 |
| 500000 | Ontario Province of, 3.40%, 10/17/23 | 493670 |
| 600000 | Province of Alberta Canada, 2.95%, 1/23/24 | 588122 |
| 1000000 | Province of Manitoba Canada, 2.60%, 4/16/24 | 972701 |
| 2400000 | Province of Ontario Canada, 3.05%, 1/29/24 | 2352398 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | |
| **Sovereign Bond, continued** | **Sovereign Bond, continued** | **Sovereign Bond, continued** | |
| $| 5120000 | Province of Quebec Canada, 2.50%, 4/9/24 | $4973870 |
|  | 2800000 | SFIL SA, 0.63%, 2/9/26, MTN | 2487800 |
|  | 2800000 | Svensk Exportkredit AB, 0.38%, 7/30/24 | 2614212 |
|  |  |  | 18913162 |
| **Supranationals (1.9%):** | **Supranationals (1.9%):** | **Supranationals (1.9%):** |  |
|  | 3528000 | Asian Development Bank, 1.63%, 3/15/24 | 3397623 |
|  | 454000 | Inter-American Development Bank, 3.00%, 2/21/24 | 445450 |
|  | 1000000 | Inter-American Development Bank, 3.25%, 7/1/24 | 979523 |
|  | 324000 | Inter-American Investment Corp., 1.75%, 10/2/24 | 307871 |
|  | 1000000 | International Bank for Reconstruction & Development, 2.25%, 3/28/24 | 969697 |
|  |  |  | 6100164 |
|  | Total Yankee Debt Obligations (Cost $100,045,183) | Total Yankee Debt Obligations (Cost $100,045,183) | 94696366 |
| **U.S. Treasury Obligations (9.5%):** | **U.S. Treasury Obligations (9.5%):** | **U.S. Treasury Obligations (9.5%):** |  |
| **U.S. Treasury Notes (9.5%):** | **U.S. Treasury Notes (9.5%):** | **U.S. Treasury Notes (9.5%):** | **U.S. Treasury Notes (9.5%):** |
|  | 3750000 | 0.13%, 8/15/23 | 3644531 |
|  | 4708700 | 0.75%, 12/31/23 | 4526238 |
|  | 5500000 | 0.88%, 1/31/24 | 5275703 |
|  | 3000000 | 2.50%, 1/31/24 | 2928750 |
|  | 1500000 | 0.13%, 2/15/24 | 1425000 |
|  | 8000000 | 0.38%, 4/15/24 | 7570000 |
|  | 6400000 | 0.25%, 5/15/24 | 6024000 |
|  |  |  | 31394222 |
|  | Total U.S. Treasury Obligations (Cost $31,648,358) | Total U.S. Treasury Obligations (Cost $31,648,358) | 31394222 |
| **Shares** | **Shares** |  | **Value** |
| **Unaffiliated Investment Company (3.1%):** | **Unaffiliated Investment Company (3.1%):** | **Unaffiliated Investment Company (3.1%):** |  |
| **Money Markets (3.1%):** | **Money Markets (3.1%):** | **Money Markets (3.1%):** |  |
|  | 10319797 | Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(b) | 10319797 |
|  | Total Unaffiliated Investment Company (Cost $10,319,797) | Total Unaffiliated Investment Company (Cost $10,319,797) | 10319797 |
|  | Total Investment Securities (Cost $349,385,992) — 102.8%(c) | Total Investment Securities (Cost $349,385,992) — 102.8%(c) | 338802192 |
|  | Net other assets (liabilities) — (2.8)% | Net other assets (liabilities) — (2.8)% | (9117853) |
|  | Net Assets — 100.0% | Net Assets — 100.0% | $329684339 |

---

Percentages indicated are based on net assets as of December 31, 2022.

MTN—Medium Term Note

---

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

---

† Represents less than 0.05%.

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

(b) The rate represents the effective yield at December 31, 2022.

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

See accompanying notes to the financial statements.

------

**AZL DFA Five-Year Global Fixed Income Fund** 

Schedule of Portfolio Investments

December 31, 2022

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 December 31, 2022:

---

| | |
|:---|:---|
| **Country** | **Percentage** |
|  Australia | 8.5% |
|  Austria | 2.3% |
|  Belgium | 1.5% |
|  Canada | 12.7% |
|  Denmark | 3.5% |
|  Finland | 1.7% |
|  France | 8.3% |
|  Germany | 5.9% |
|  Ireland | 2.8% |
|  Luxembourg | 1.1% |
|  Netherlands | 3.6% |
|  New Zealand | 1.5% |
|  Norway | 3.6% |
|  Supranational | 13.8% |
|  Sweden | 9.5% |
|  United Kingdom | 0.2% |
|  United States | 19.5% |
|  | 100.0% |

---

**Forward Currency Contracts** 

At December 31, 2022, the Fund's open forward currency contracts were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | | **Currency Sold** | | **Counterparty** | **Settlement<br>Date** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Norwegian Krone | 4038267 | U.S. Dollar | 394065 | HSBC | 1/5/23 | $18750 |
|  Norwegian Krone | 1970005 | U.S. Dollar | 185227 | HSBC | 1/5/23 | 16158 |
|  Norwegian Krone | 3361544 | U.S. Dollar | 316923 | HSBC | 1/5/23 | 26713 |
|  Norwegian Krone | 5093693 | U.S. Dollar | 492064 | HSBC | 1/5/23 | 28643 |
|  U.S. Dollar | 2879736 | Swedish Krona | 29805153 | HSBC | 1/11/23 | 19712 |
|  Australian Dollar | 83891 | U.S. Dollar | 54627 | ANZ Banking Group | 1/17/23 | 2520 |
|  Australian Dollar | 881369 | U.S. Dollar | 589574 | ANZ Banking Group | 1/17/23 | 10817 |
|  U.S. Dollar | 1588571 | Swedish Krona | 16485351 | Bank of America | 1/17/23 | 6035 |
|  Australian Dollar | 514719 | U.S. Dollar | 349188 | Bank of America | 1/17/23 | 1440 |
|  U.S. Dollar | 643120 | European Euro | 600063 | BNY Mellon | 1/18/23 | 52 |
|  British Pound | 620420 | U.S. Dollar | 706414 | Bank of America | 1/20/23 | 43907 |
|  British Pound | 348095 | U.S. Dollar | 402687 | Bank of America | 1/20/23 | 18291 |
|  British Pound | 257754 | U.S. Dollar | 304695 | Bank of America | 1/20/23 | 7026 |
|  British Pound | 320816 | U.S. Dollar | 359139 | Bank of America | 1/20/23 | 28848 |
|  British Pound | 134722 | U.S. Dollar | 154134 | Bank of America | 1/20/23 | 8795 |
|  British Pound | 411903 | U.S. Dollar | 468953 | HSBC | 1/20/23 | 29192 |
|  British Pound | 477597 | U.S. Dollar | 560347 | HSBC | 1/20/23 | 17247 |
|  British Pound | 382916 | U.S. Dollar | 443117 | State Street | 1/20/23 | 19972 |
|  British Pound | 417547 | U.S. Dollar | 500520 | UBS | 1/20/23 | 4451 |
|  U.S. Dollar | 289759 | New Zealand Dollar | 448692 | UBS | 1/20/23 | 4892 |
|  U.S. Dollar | 380075 | Swedish Krona | 3947365 | HSBC | 1/23/23 | 987 |
|  |  |  |  |  |  | $314448 |
|  U.S. Dollar | 1443388 | European Euro | 1445120 | Bank of America | 1/3/23 | (103650) |
|  U.S. Dollar | 1234263 | European Euro | 1248902 | Bank of America | 1/3/23 | (102718) |
|  U.S. Dollar | 686336 | European Euro | 684540 | Bank of America | 1/3/23 | (46481) |
|  U.S. Dollar | 635571 | European Euro | 612681 | Barclays Bank | 1/3/23 | (20320) |
|  U.S. Dollar | 1498252 | European Euro | 1508369 | HSBC | 1/3/23 | (116496) |
|  U.S. Dollar | 463519 | European Euro | 463109 | HSBC | 1/3/23 | (32251) |
|  U.S. Dollar | 3086479 | Danish Krone | 22943596 | State Street | 1/3/23 | (217685) |
|  U.S. Dollar | 1583059 | European Euro | 1570543 | State Street | 1/3/23 | (98247) |
|  U.S. Dollar | 399822 | European Euro | 407588 | State Street | 1/3/23 | (36512) |
|  U.S. Dollar | 14583981 | European Euro | 14592484 | State Street | 1/3/23 | (1037646) |

---

See accompanying notes to the financial statements.

------

**AZL DFA Five-Year Global Fixed Income Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | | **Currency Sold** | | **Counterparty** | **Settlement<br>Date** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** |
|  U.S. Dollar | 353131 | European Euro | 350563 | State Street | 1/3/23 | $(22155) |
|  U.S. Dollar | 428682 | European Euro | 431156 | UBS | 1/3/23 | (32882) |
|  U.S. Dollar | 1457657 | European Euro | 1480328 | UBS | 1/3/23 | (127072) |
|  U.S. Dollar | 343896 | Australian Dollar | 513780 | Bank of America | 1/5/23 | (5909) |
|  U.S. Dollar | 389657 | Australian Dollar | 599611 | Bank of America | 1/5/23 | (18586) |
|  U.S. Dollar | 5279758 | Norwegian Krone | 55716875 | Bank of America | 1/5/23 | (415941) |
|  U.S. Dollar | 43817 | Norwegian Krone | 438239 | Barclays Bank | 1/5/23 | (982) |
|  U.S. Dollar | 3325595 | Danish Krone | 23289041 | Bank of America | 1/6/23 | (29165) |
|  U.S. Dollar | 1280236 | Swedish Krona | 14415665 | Citigroup | 1/11/23 | (103053) |
|  U.S. Dollar | 470071 | Swedish Krona | 4922530 | HSBC | 1/11/23 | (2282) |
|  U.S. Dollar | 759901 | Swedish Krona | 7920307 | Bank of America | 1/17/23 | (420) |
|  U.S. Dollar | 10296976 | Canadian Dollar | 14091842 | Bank of America | 1/17/23 | (113220) |
|  Australian Dollar | 1469426 | U.S. Dollar | 1001229 | Bank of America | 1/17/23 | (251) |
|  U.S. Dollar | 30391749 | Australian Dollar | 48251901 | Citigroup | 1/17/23 | (2477586) |
|  Australian Dollar | 487982 | U.S. Dollar | 335663 | Citigroup | 1/17/23 | (3249) |
|  U.S. Dollar | 6964432 | European Euro | 7070929 | Bank of America | 1/18/23 | (613255) |
|  U.S. Dollar | 816457 | European Euro | 774360 | BNY Mellon | 1/18/23 | (13400) |
|  U.S. Dollar | 723119 | Danish Krone | 5148536 | Bank of America | 1/18/23 | (19272) |
|  U.S. Dollar | 1421128 | European Euro | 1359311 | Bank of America | 1/18/23 | (35602) |
|  U.S. Dollar | 428731 | European Euro | 411741 | Bank of America | 1/18/23 | (12519) |
|  U.S. Dollar | 1199251 | European Euro | 1151118 | Bank of America | 1/18/23 | (34366) |
|  U.S. Dollar | 867696 | Danish Krone | 6553430 | Bank of America | 1/18/23 | (77274) |
|  U.S. Dollar | 936644 | European Euro | 930219 | Barclays Bank | 1/18/23 | (60242) |
|  U.S. Dollar | 353740 | European Euro | 331072 | Citigroup | 1/18/23 | (1059) |
|  U.S. Dollar | 251362 | European Euro | 236334 | Citigroup | 1/18/23 | (1910) |
|  U.S. Dollar | 1730584 | European Euro | 1635668 | State Street | 1/18/23 | (22309) |
|  U.S. Dollar | 861528 | European Euro | 829383 | UBS | 1/18/23 | (27295) |
|  U.S. Dollar | 839184 | European Euro | 803660 | Barclays Bank | 1/19/23 | (22134) |
|  U.S. Dollar | 100785 | European Euro | 96693 | Citigroup | 1/19/23 | (2845) |
|  U.S. Dollar | 1448446 | Danish Krone | 10336569 | Citigroup | 1/19/23 | (42156) |
|  U.S. Dollar | 7882395 | Canadian Dollar | 10796292 | HSBC | 1/19/23 | (93347) |
|  U.S. Dollar | 2798475 | European Euro | 2662724 | State Street | 1/19/23 | (55283) |
|  U.S. Dollar | 786729 | European Euro | 746288 | State Street | 1/19/23 | (13101) |
|  U.S. Dollar | 7218031 | European Euro | 6928341 | State Street | 1/19/23 | (207377) |
|  U.S. Dollar | 358269 | European Euro | 346271 | State Street | 1/19/23 | (12845) |
|  U.S. Dollar | 404705 | European Euro | 383493 | State Street | 1/19/23 | (6301) |
|  U.S. Dollar | 1025019 | European Euro | 971201 | State Street | 1/19/23 | (15860) |
|  U.S. Dollar | 399114 | European Euro | 383798 | State Street | 1/19/23 | (12219) |
|  U.S. Dollar | 1781130 | European Euro | 1680385 | State Street | 1/19/23 | (19812) |
|  U.S. Dollar | 294269 | European Euro | 283402 | State Street | 1/19/23 | (9465) |
|  U.S. Dollar | 33580793 | British Pound | 30160537 | HSBC | 1/20/23 | (2894614) |
|  British Pound | 555305 | U.S. Dollar | 678825 | State Street | 1/20/23 | (7253) |
|  U.S. Dollar | 1813420 | Swedish Krona | 19260304 | Bank of America | 1/23/23 | (36256) |
|  U.S. Dollar | 4251519 | New Zealand Dollar | 6794700 | UBS | 1/24/23 | (62560) |
|  U.S. Dollar | 562042 | British Pound | 500235 | State Street | 1/25/23 | (43015) |
|  U.S. Dollar | 684826 | European Euro | 674616 | State Street | 1/25/23 | (38498) |
|  U.S. Dollar | 14688888 | European Euro | 14556862 | State Street | 1/25/23 | (918992) |
|  U.S. Dollar | 3208019 | Danish Krone | 22338689 | HSBC | 1/30/23 | (16353) |
|  U.S. Dollar | 26479525 | European Euro | 24795383 | State Street | 1/30/23 | (115546) |
|  U.S. Dollar | 622783 | New Zealand Dollar | 1004961 | Citigroup | 2/28/23 | (15481) |
|  |  |  |  |  |  | $(10744575) |
|  Total Net Forward Currency Contracts |  |  |  |  |  | $(10430127) |

---

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

---

| | | |
|:---|:---|:---|
| | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  Forward currency contracts | $314448 | $(10744575) |

---

See accompanying notes to the financial statements.

------

**AZL DFA Five-Year Global Fixed Income Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment securities, at cost | $349385992 |
|  Investment securities, at value | $338802192 |
|  Interest and dividends receivable | 2053256 |
|  Foreign currency, at value (cost $298,892) | 298146 |
|  Unrealized appreciation on forward currency contracts | 314448 |
|  Receivable for capital shares issued | 196 |
|  Prepaid expenses | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 341468390 |
|  **Liabilities:** |  |
|  Unrealized depreciation on forward currency contracts | 10744575 |
|  Payable for investments purchased | 792465 |
|  Payable for capital shares redeemed | 2145 |
|  Management fees payable | 140550 |
|  Administration fees payable | 12686 |
|  Distribution fees payable | 70274 |
|  Custodian fees payable | 7120 |
|  Administrative and compliance services fees payable | 1050 |
|  Transfer agent fees payable | 968 |
|  Trustee fees payable | 2622 |
|  Other accrued liabilities | 9596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 11784051 |
|  **Net Assets** | $329684339 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $372946968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | (43262629) |
|  **Net Assets** | $329684339 |
|  Shares of beneficial interest (unlimited number of shares authorized, no par value) | 38984281 |
|  Net Asset Value (offering and redemption price per share) | $8.46 |

---

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Interest | $6232336 |
|  Dividends | 82549 |
|  Income from securities lending | 3508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 6318393 |
|  **Expenses:** |  |
|  Management fees | 2175842 |
|  Administration fees | 68270 |
|  Distribution fees | 906596 |
|  Custodian fees | 29051 |
|  Administrative and compliance services fees | 4606 |
|  Transfer agent fees | 5580 |
|  Trustee fees | 18424 |
|  Professional fees | 14293 |
|  Shareholder reports | 4648 |
|  Other expenses | 9202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reductions | 3236512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less Management fees contractually waived | (362636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2873876 |
|  **Net Investment Income/(Loss)** | 3444517 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities and foreign currencies | (28397669) |
|  Net realized gains/(losses) on forward currency contracts | 9711677 |
|  Change in net unrealized appreciation/depreciation on securities and foreign currencies | (2409361) |
|  Change in net unrealized appreciation/depreciation on forward currency contracts | (10271317) |
|  **Net realized and Change in net unrealized gains/losses on investments** | (31366670) |
|  **Change in Net Assets Resulting From Operations** | $(27922153) |

---

See accompanying notes to the financial statements.

------

**AZL DFA Five-Year Global Fixed Income Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $3444517 | $(412020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | (18685992) | 8366939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (12680678) | (14804697) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (27922153) | (6849778) |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions | (14502305) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (14502305) |  |
|  **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 2555459 | 27868290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 14502305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (64069387) | (12268944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | (47011623) | 15599346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (89436081) | 8749568 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 419120420 | 410370852 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $329684339 | $419120420 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 290962 | 2894674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 1722364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7179059) | (1276633) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | (5165733) | 1618041 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $9.49 | $9.65 | $9.82 | $10.06 | $10.00 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.08 (a) | (0.01)(a) | (0.03)(a) | 0.01 (a) | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (0.73) | (0.15) | 0.09 | 0.34 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (0.65) | (0.16) | 0.06 | 0.35 | 0.12 |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.38) |  | (0.23) | (0.59) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (0.38) |  | (0.23) | (0.59) | (0.06) |
|  **Net Asset Value, End of Period** | $8.46 | $9.49 | $9.65 | $9.82 | $10.06 |
|  **Total Return**(b) | (6.82)% | (1.66)% | 0.57% | 3.50% | 1.17% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $329684 | $419120 | $410371 | $434284 | $460894 |
|  Net Investment Income/(Loss) | 0.95% | (0.10)% | (0.34)% | 0.12% | 0.45% |
|  Expenses Before Reductions(c) | 0.89% | 0.91% | 0.93% | 0.92% | 0.91% |
|  Expenses Net of Reductions | 0.79% | 0.81% | 0.83% | 0.82% | 0.81% |
|  Portfolio Turnover Rate | 119% | 122% | 62% | 35% | 69% |

---

(a) Calculated using the average shares method.

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

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

See accompanying notes to the financial statements.

------

**AZL DFA Five-Year Global Fixed Income Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

On December 13, 2022, the Board unanimously approved a reorganization whereby the AZL Enhanced Bond Index Fund will acquire all of the assets and liabilities of the Fund and costs related to the reorganization will be paid by the Manager.

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

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

**Securities Lending** 

To generate additional income, the Fund may lend up to 33<sup>1</sup>⁄<sub>3</sub>% 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

------

**AZL DFA Five-Year Global Fixed Income Fund** 

Notes to the Financial Statements

December 31, 2022

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 December 31, 2022 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 $342 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund did not have securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

**Derivative Instruments** 

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

***Forward Currency Contracts***

During the year ended December 31, 2022, the Fund entered into forward currency contracts in connections with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund's maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. For the year ended December 31, 2022, the monthly average notional amount for long contracts was $4.6 million and the monthly average notional amount for short contracts was $115.3 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 values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Primary Risk Exposure** | **Statement of Assets and Liabilities Location** | **Total<br>Value** | **Statement of Assets and Liabilities Location** | **Total<br>Value** |
|  **Foreign Exchange Risk** | **Foreign Exchange Risk** |  |  |  |
| Forward Currency Contracts | Unrealized appreciation on forward currency contracts | $314448 | Unrealized depreciation on forward currency contracts | $10744575 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Primary Risk Exposure** | **Location of Gains/(Losses)**<br> **on Derivatives**<br> **Recognized** | **Realized Gains/(Losses)<br>on Derivatives<br>Recognized** | **Change in Net Unrealized<br>Appreciation/Depreciation on<br>Derivatives Recognized** |
|  **Foreign Exchange Risk** | **Foreign Exchange Risk** |  |  |
| Forward Currency Contracts | Net realized gains/(losses) on forward currency contracts/ Change in net unrealized appreciation/depreciation on forward currency contracts | $9711677 | $(10271317) |

---

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund's ability to transact net amounts in accordance with the master netting agreements at December 31, 2022. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022.

------

**AZL DFA Five-Year Global Fixed Income Fund** 

Notes to the Financial Statements

December 31, 2022

As of December 31, 2022, the Fund's derivative assets and liabilities by type were as follows:

---

| | | |
|:---|:---|:---|
| | **Assets** | **Liabilities** |
|  Derivative Financial Instruments: |  |  |
|  Forward currency contracts | $314448 | $10744575 |
|  Total derivative assets and liabilities in the Statement of Assets and Liabilities | 314448 | 10744575 |
|  Derivatives not subject to a master netting agreement or similar agreement ("MNA") |  |  |
|  Total assets and liabilities subject to a MNA | $314448 | $10744575 |

---

The following table presents the Fund's derivative assets by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>Subject to a MNA<br>by Counterparty** | **Derivatives<br>Available<br>for Offset** | **Non-cash<br>Collateral**<br> **Received\*** | **Cash<br>Collateral**<br> **Received\*** | **Net Amount**<br> **of Derivative<br>Assets** |
|  ANZ Banking Group | $13337 | $— | $– | $– | $13337 |
|  Bank of America | 114342 | (114342) | – | – |  |
|  BNY Mellon | 52 | (52) | – | – |  |
|  HSBC | 157402 | (157402) | – | – |  |
|  State Street | 19972 | (19972) | – | – |  |
|  UBS | 9343 | (9343) | – | – |  |
|  Total | $314448 | $(301111) | $– | $– | $13337 |

---

The following table presents the Fund's derivative liabilities by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>Subject to a MNA<br>by Counterparty** | **Derivatives<br>Available<br>for Offset** | **Non-cash<br>Collateral**<br> **Pledged\*** | **Cash<br>Collateral**<br> **Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  Bank of America | $1664885 | $(114342) | $– | $– | $1550543 |
|  Barclays Bank | 103678 |  | – | – | 103678 |
|  BNY Mellon | 13400 | (52) | – | – | 13348 |
|  Citigroup | 2647339 |  | – | – | 2647339 |
|  HSBC | 3155343 | (157402) | – | – | 2997941 |
|  State Street | 2910121 | (19972) | – | – | 2890149 |
|  UBS | 249809 | (9343) | – | – | 240466 |
|  Total | $10744575 | $(301111) | $– | $– | $10443464 |

---

\* 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 "Management fees." For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund's business, based on the daily net assets of the Fund, through April 30, 2024.

For the year ended December 31, 2022, 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 in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. 

Any amounts waived or reimbursed by the Manager with respect to the annual expense limit in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

------

**AZL DFA Five-Year Global Fixed Income Fund** 

Notes to the Financial Statements

December 31, 2022

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

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

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

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

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

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

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

**4. Investment Valuation Summary** 

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

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

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

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

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

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

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

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

------

**AZL DFA Five-Year Global Fixed Income Fund** 

Notes to the Financial Statements

December 31, 2022

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Corporate Bonds+ | $— | $24107802 | $— | $24107802 |
|  Foreign Bonds+ |  | 178284005 |  | 178284005 |
|  Yankee Debt Obligations+ |  | 94696366 |  | 94696366 |
|  U.S. Treasury Obligations |  | 31394222 |  | 31394222 |
|  Unaffiliated Investment Company | 10319797 |  |  | 10319797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | 10319797 | 328482395 |  | 338802192 |
|  Other Financial Instruments:\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  | (10430127) |  | (10430127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $10319797 | $318052268 | $— | $328372065 |

---

+ 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 year ended December 31, 2022, 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 | $414126765 | $501142855 |

---

For the year ended December 31, 2022, purchases and sales of long-term U.S. government securities were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
|  AZL DFA Five-Year Global Fixed Income Fund | $192384089 | $231167949 |

---

**6. Investment Risks**

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

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

*Foreign Securities Risk:* Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

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

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

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

------

**AZL DFA Five-Year Global Fixed Income Fund** 

Notes to the Financial Statements

December 31, 2022

**7. Coronavirus (COVID-19) Pandemic** 

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

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

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

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

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $349,386,721. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

---

| | |
|:---|:---|
|  Unrealized appreciation | $3903986 |
|  Unrealized (depreciation) | (14488515) |
|  Net unrealized appreciation/(depreciation) | $(10584529) |

---

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

CLCFs not subject to expiration:

---

| | | | |
|:---|:---|:---|:---|
| | **Short-Term<br>Amount** | **Long-Term<br>Amount** | **Total**<br> **Amount** |
|  AZL DFA Five-Year Global Fixed Income Fund | $17005864 | $16460818 | $33466682 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL DFA Five-Year Global Fixed Income Fund | $14502305 | $– | $14502305 |

---

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

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL DFA Five-Year Global Fixed Income Fund | $– | $– | $— |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized**<br> **Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated<br>Earnings/<br>(Deficit)** |
|  AZL DFA Five-Year Global Fixed Income Fund | $2596250 | $– | $(33466682) | $(10410938) | $(41281370) |

---

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

------

**AZL DFA Five-Year Global Fixed Income Fund** 

Notes to the Financial Statements

December 31, 2022

**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 December 31, 2022, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 85% of the Fund. Investment activities of this shareholder could have a material impact to the Fund.

**11. 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, except as noted below.

The reorganization, as discussed in Note 1, whereby the AZL Enhanced Bond Index Fund will acquire all of the assets and liabilities of the Fund, is expected to be completed on or about March 10, 2023.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL DFA Five-Year Global Fixed Income Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL DFA Five-Year Global Fixed Income Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

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

------

**Other Information (Unaudited)** 

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

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

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.

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**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

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

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

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

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

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

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

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

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

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

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

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

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

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

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

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

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65th percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65th percentile (with 14 Funds at or below the 50th percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63rd percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

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The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

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

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

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

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

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

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**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM<br>Complex** | **Term of<br>Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen<br>for the<br>AIM<br>Complex** | **Other<br>Directorships<br>Held Outside the<br>AIM Complex<br>During Past<br>5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14<br>(Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

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**Interested Trustee<sup>(4)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM<br>Complex** | **Term of<br>Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen<br>for the<br>AIM<br>Complex** | **Other<br>Directorships<br>Held Outside the<br>AIM Complex<br>During Past<br>5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

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(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

**Officers** 

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| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM<br>Complex** | **Term of<br>Office<sup>(1)</sup>/Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM<br>Complex** | **Term of<br>Office<sup>(1)</sup>/Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Bashir C. Asad (1963)<br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 <br>to present. |

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(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

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![LOGO](g449174g71x52.jpg)

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| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

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## AZL<sup>®</sup> DFA International Core Equity Fund

## Annual Report

## December 31, 2022
![LOGO](g421015g71x52.jpg)

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**Table of Contents** 

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| |
|:---|
| [Management Discussion and Analysis](#toc421015_1a)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc421015_1)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc421015_2)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc421015_3)<br> Page 36 |
| [Statement of Operations](#toc421015_4)<br> Page 36 |
| [Statements of Changes in Net Assets](#toc421015_5)<br> Page 37 |
| [Financial Highlights](#toc421015_6)<br> Page 38 |
| [Notes to the Financial Statements](#toc421015_7)<br> Page 39 |
| [Report of Independent Registered Public Accounting Firm](#toc421015_7a)<br> Page 44 |
| [Other Federal Income Tax Information](#toc421015_7aa)<br> Page 45 |
| [Other Information](#toc421015_8)<br> Page 46 |
| [Approval of Investment Advisory and Subadvisory Agreements](#toc421015_9)<br> Page 47 |
| [Information about the Board of Trustees and Officers](#toc421015_10)<br> Page 50 |

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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.

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 **AZL<sup>®</sup> DFA International Core Equity Fund Review (Unaudited)**<br>

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

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

During the 12-month period, the AZL DFA International Core Equity Fund returned (13.49)% (net of fees). That compares to total returns of (14.01)% for the MSCI EAFE Index (gross of withholding taxes) and (13.82)% for the MSCI World Ex-USA Index (gross of withholding taxes), the Fund's primary benchmarks.<sup>1</sup>

In U.S. dollar terms, developed ex-U.S. markets experienced negative performance during the period but outperformed both U.S. and emerging markets. Most developed ex-U.S. market currencies — particularly the Swedish krona and Japanese yen — depreciated relative to the U.S. dollar. These currency movements had a negative impact on the Fund's relative returns in U.S. dollar-denominated terms.

Within the developed ex-U.S. equity universe, mid-cap stocks outperformed small-cap stocks, and large-cap stocks outperformed both. Value stocks outperformed growth stocks across all market cap sizes.

The Fund's outperformance relative to its benchmarks was primarily driven by its emphasis on value stocks, which outperformed growth stocks in both small- and large-cap markets.

------

***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmarks please refer to page 2 of this report.* 

------

 **AZL<sup>®</sup> DFA International Core Equity Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to seek long-term capital appreciation. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in equity securities.* 

**Investment Concerns** 

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

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

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

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

*Investing in a single industry or sector, or concentrating investments in a limited number of industries or sectors, tends to increase the risk that economic, political, or regulatory developments affecting certain industries or sectors will have a large impact on the value of the portfolio.* 

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

**Growth of $10,000 Investment**![LOGO](g421015g11a00.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **1**<br> **Year** | **3**<br> **Year** | **5**<br> **Year** | **Since<br>Inception<br>(4/27/15)** |
| &nbsp;&nbsp; AZL<sup>®</sup> DFA International Core Equity Fund | (13.49)% | 1.61% | 0.84% | 2.67% |
| &nbsp;&nbsp; MSCI EAFE Index (gross of withholding taxes) | (14.01)% | 1.34% | 2.03% | 3.12% |
| &nbsp;&nbsp; MSCI EAFE Index (net of withholding taxes) | (14.45)% | 0.87% | 1.54% | 2.63% |
| &nbsp;&nbsp; MSCI World Ex-USA Index (gross of withholding taxes) | (13.82)% | 1.77% | 2.32% | 3.26% |
| &nbsp;&nbsp; MSCI World Ex-USA Index (net of withholding taxes) | (14.29)% | 1.27% | 1.79% | 2.74% |

---

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

---

| | |
|:---|:---|
| **Expense Ratio** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> DFA International Core Equity Fund | 1.31% |

---

***The above expense ratio is based on the current Fund prospectus dated April 29, 2022. Effective October 1, 2022, the Manager and the Fund have entered into a written agreement reducing the management fee to 0.65% through at least April 30, 2024. Prior to October 1, 2022, the Manager waived the management fee to 0.75%. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 1.39% through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratio can be found in the Financial Highlights.***

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

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

------

**AZL DFA International Core Equity Fund** 

**Expense Examples** 

(Unaudited)

As a shareholder of the AZL DFA International Core Equity Fund (the "Fund"), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount 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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL DFA International Core Equity Fund | $1000.00 | $1051.10 | $5.43 | 1.05% |

---

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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL DFA International Core Equity Fund | $1000.00 | $1019.91 | $5.35 | 1.05% |

---

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

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  Industrials | 18.3 |
|  Financials | 17.0 |
|  Materials | 12.0 |
|  Consumer Discretionary | 12.0 |
|  Energy | 7.9 |
|  Consumer Staples | 7.5 |
|  Health Care | 7.2 |
|  Information Technology | 7.0 |
|  Communication Services | 5.3 |
|  Utilities | 3.2 |
|  Real Estate | 2.3 |
|  Total Common Stocks and Preferred Stocks | 99.7 |
|  Warrants |  |
|  Rights |  |
|  Short-Term Security Held as Collateral for Securities on Loan | 1.2 |
|  Total Investment Securities | 100.9 |
|  Net other assets (liabilities) | (0.9) |
|  Net Assets | 100.0 |

---

† Represents less than 0.05%.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks (99.4%):** | **Common Stocks (99.4%):** | |
| **Aerospace & Defense (0.7%):** | **Aerospace & Defense (0.7%):** | |
| 3667 | Airbus SE | $435953 |
| 512 | Avon Rubber plc | 6656 |
| 9225 | BAE Systems plc | 95322 |
| 1760 | Bombardier, Inc.\* | 67953 |
| 2289 | CAE, Inc.\* | 44282 |
| 3081 | Chemring Group plc | 11089 |
| 279 | Dassault Aviation SA | 47331 |
| 116 | Elbit Systems, Ltd. | 18904 |
| 89 | Facc AG\* | 539 |
| 806 | Hensoldt AG | 19070 |
| 865 | Kongsberg Gruppen ASA | 36757 |
| 9452 | Leonardo SpA | 81464 |
| 1132 | LISI | 23568 |
| 492 | MTU Aero Engines AG | 106473 |
| 16472 | QinetiQ Group plc | 71147 |
| 72100 | Rolls-Royce Holdings plc\* | 80705 |
| 1038 | Saab AB | 40870 |
| 330 | Safran SA | 41232 |
| 15312 | Senior plc | 23225 |
| 17800 | Singapore Technologies Engineering, Ltd. | 44559 |
| 615 | Thales SA | 78608 |
|  |  | 1375707 |
| **Air Freight & Logistics (0.5%):** | **Air Freight & Logistics (0.5%):** |  |
| 900 | Apollo Senior Floating Rate Fund, Inc. | 10689 |
| 4417 | BPOST SA | 22758 |
| 2399 | Cia de Distribucion Integral Logista Holdings SA | 60567 |
| 6355 | CTT-Correios de Portugal SA | 20991 |
| 9311 | Deutsche Post AG | 350433 |
| 4733 | Freightways, Ltd. | 29014 |
| 73 | ID Logistics Group\* | 20972 |
| 20500 | Kerry Network, Ltd. | 36910 |
| 1800 | Konoike Transport Co., Ltd. | 21852 |
| 449 | Mainfreight, Ltd. | 19125 |
| 900 | Mitsui-Soko Holdings Co., Ltd. | 24471 |
| 1146 | Oesterreichische Post AG^ | 35987 |
| 17081 | PostNL NV | 31156 |
| 26724 | Royal Mail plc | 68876 |
| 900 | SBS Holdings, Inc. | 18910 |
| 3000 | SG Holdings Co., Ltd. | 41826 |
| 27700 | Singapore Post, Ltd. | 10761 |
| 5312 | Wincanton plc | 21651 |
| 1400 | Yamato Holdings Co., Ltd. | 22260 |
|  |  | 869209 |
| **Airlines (0.2%):** | **Airlines (0.2%):** |  |
| 1500 | Air Canada\* | 21484 |
| 15527 | Air France-KLM\* | 20443 |
| 80763 | Air New Zealand, Ltd.\* | 37932 |
| 1200 | ANA Holdings, Inc.\* | 25568 |
| 33347 | Cathay Pacific Airways, Ltd.\* | 36254 |
| 7555 | Deutsche Lufthansa AG\* | 62775 |
| 5559 | easyJet plc\* | 21844 |
| 1128 | Exchange Income Corp. | 43852 |
| 1600 | Japan Airlines Co., Ltd.\* | 32827 |
| 2549 | JET2 plc | 29576 |
| 5386 | Qantas Airways, Ltd.\* | 21681 |
| 12200 | Singapore Airlines, Ltd. | 50288 |
|  |  | 404524 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Auto Components (1.6%):** | **Auto Components (1.6%):** | |
| 1000 | Aisan Industry Co., Ltd. | $5214 |
| 3500 | Aisin Sieki Co., Ltd. | 93239 |
| 7300 | Akebono Brake Industry Co., Ltd.\* | 8274 |
| 1027 | Akwel | 19128 |
| 1404 | Arb Corp., Ltd. | 24494 |
| 202 | Autoneum Holding AG | 22326 |
| 3367 | Brembo SpA | 37754 |
| 5800 | Bridgestone Corp. | 206521 |
| 1647 | Bulten AB | 9408 |
| 1998 | Cie Automotive SA | 51545 |
| 9838 | Cie Generale des Etablissements Michelin SCA | 273525 |
| 12732 | CIR SpA-Compagnie Industriali\* | 5915 |
| 1263 | Continental AG | 75448 |
| 2800 | Daido Metal Co., Ltd. | 10109 |
| 2400 | Daikyonishikawa Corp. | 10086 |
| 1800 | Denso Corp. | 88252 |
| 8224 | Dometic Group AB(a) | 53286 |
| 1800 | Eagle Industry Co., Ltd. | 14700 |
| 673 | Edag Engineering Group AG | 7276 |
| 1724 | ElringKlinger AG | 12835 |
| 1500 | Exco Technologies, Ltd. | 8532 |
| 1700 | Exedy Corp. | 20787 |
| 5309 | Faurecia SE\* | 80032 |
| 2300 | FCC Co., Ltd. | 23490 |
| 1000 | F-Tech, Inc. | 3855 |
| 4000 | Futaba Industrial Co., Ltd. | 10768 |
| 6562 | Gestamp Automocion SA(a) | 25432 |
| 1400 | G-Tekt Corp. | 15255 |
| 6206 | Gud Holdings, Ltd. | 31975 |
| 108 | Hella GmbH & Co. KGaA | 8795 |
| 1600 | Hi-Lex Corp. | 13125 |
| 700 | H-One Co., Ltd. | 3256 |
| 300 | Imasen Electric Industrial | 1409 |
| 19355 | Johnson Electric Holdings, Ltd. | 24381 |
| 6700 | JTEKT Corp. | 46831 |
| 1800 | Kasai Kogyo Co., Ltd.\* | 1853 |
| 258 | Kendrion NV | 4273 |
| 1800 | Koito Manufacturing Co., Ltd. | 26817 |
| 25060 | Kongsberg Automotive ASA\* | 6477 |
| 1000 | KYB Corp. | 25706 |
| 1544 | Leoni AG\* | 9089 |
| 1633 | Linamar Corp. | 73942 |
| 3438 | Magna International, Inc. | 193147 |
| 2713 | Magna Internationl, Inc. | 152423 |
| 4266 | Martinrea International, Inc. | 35482 |
| 2000 | Mitsuba Corp. | 7085 |
| 2500 | Musashi Seimitsu Industry Co., Ltd. | 29390 |
| 4800 | NGK Spark Plug Co., Ltd. | 88582 |
| 6600 | NHK SPRING Co., Ltd. | 42021 |
| 600 | Nichirin Co., Ltd. | 8113 |
| 2300 | Nifco, Inc. | 53594 |
| 2200 | Nippon Seiki Co., Ltd. | 13101 |
| 2700 | NOK Corp. | 23873 |
| 4876 | Nokian Renkaat OYJ | 50164 |
| 2600 | Pacific Industrial Co., Ltd. | 19713 |
| 10202 | Pirelli & C SpA(a) | 43599 |
| 1743 | Plastic Omnium SA | 25283 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Auto Components, continued** | **Auto Components, continued** | |
| 6300 | Press Kogyo Co., Ltd. | $20255 |
| 3582 | PWR Holdings, Ltd. | 25966 |
| 400 | Riken Corp. | 6842 |
| 1219 | SAF-Holland SE | 11497 |
| 1900 | Sanoh Industrial Co., Ltd. | 8756 |
| 2535 | Schaeffler AG | 17262 |
| 700 | Shoei Co., Ltd. | 27354 |
| 1900 | Stanley Electric Co., Ltd. | 36119 |
| 10100 | Sumitomo Electric Industries, Ltd. | 114589 |
| 2900 | Sumitomo Riko Co., Ltd. | 13274 |
| 6400 | Sumitomo Rubber Industries, Ltd. | 56166 |
| 300 | T RAD Co., Ltd. | 5905 |
| 1400 | Tachi-S Co., Ltd. | 11754 |
| 800 | Taiho Kogyo Co., Ltd. | 3705 |
| 8119 | TI Fluid Systems plc(a) | 13038 |
| 2500 | Tokai Rika Co., Ltd. | 26598 |
| 2500 | Topre Corp. | 21351 |
| 4500 | Toyo Tire Corp. | 50803 |
| 1700 | Toyoda Gosei Co., Ltd. | 26280 |
| 2900 | Toyota Boshoku Corp. | 38591 |
| 700 | Toyota Industries Corp. | 38170 |
| 1500 | TPR Co., Ltd. | 13829 |
| 2800 | TS Tech Co., Ltd. | 32024 |
| 2000 | Unipres Corp. | 11434 |
| 6199 | Valeo SA | 110480 |
| 384 | Vitesco Technologies Group AG\* | 22292 |
| 3500 | Yokohama Rubber Co., Ltd. (The) | 54343 |
| 600 | Yorozu Corp. | 3172 |
|  |  | 3102834 |
| **Automobiles (1.8%):** | **Automobiles (1.8%):** |  |
| 2943 | Bayerische Motoren Werke AG (BMW) | 262640 |
| 11984 | Daimler AG, Registered Shares | 786320 |
| 730 | Ferrari NV | 156381 |
| 9200 | Honda Motor Co., Ltd. | 210382 |
| 11100 | Isuzu Motors, Ltd. | 129667 |
| 6800 | Mazda Motor Corp. | 51409 |
| 8800 | Mitsubishi Motors Corp.\* | 33880 |
| 20000 | Nissan Motor Co., Ltd. | 62934 |
| 2700 | Nissan Shatai Co., Ltd. | 16970 |
| 8981 | Piaggio & C SpA | 27001 |
| 4600 | Renault SA\* | 153242 |
| 33989 | Stellantis NV | 481782 |
| 3900 | Subaru Corp. | 59853 |
| 1600 | Suzuki Motor Corp. | 51485 |
| 52220 | Toyota Motor Corp. | 713807 |
| 504 | Volkswagen AG | 79666 |
| 7200 | Yamaha Motor Co., Ltd. | 163645 |
|  |  | 3441064 |
| **Banks (8.5%):** | **Banks (8.5%):** |  |
| 1900 | 77th Bank | 31954 |
| 4747 | ABN AMRO Group NV(a) | 65555 |
| 15084 | AIB Group plc | 58136 |
| 2365 | Aichi Financial Group, Inc.\* | 41490 |
| 1500 | Akita Bank, Ltd. (The) | 21799 |
| 2146 | Aktia Bank OYJ | 23458 |
| 16502 | ANZ Group Holdings, Ltd.\* | 265770 |
| 3300 | Aozora Bank, Ltd. | 64990 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Banks, continued** | **Banks, continued** | |
| 1000 | Awa Bank, Ltd. (The) | $16230 |
| 195 | Banca Monte dei Paschi di Siena SpA\* | 402 |
| 17687 | Banca Popolare di Sondrio SCPA | 71440 |
| 37367 | Banco Bilbao Vizcaya Argentaria SA, ADR | 224576 |
| 20370 | Banco Bilbao Vizcaya Argentaria SA | 122992 |
| 44790 | Banco Bpm SpA | 159948 |
| 106975 | Banco Comercial Portugues SA, Class R | 16830 |
| 238968 | Banco de Sabadell SA | 224946 |
| 100490 | Banco Santander SA | 300908 |
| 6287 | Banco Santander SA, ADR | 18547 |
| 8101 | Bank Hapoalim BM | 73186 |
| 16026 | Bank Leumi Le-Israel BM | 133780 |
| 38459 | Bank of East Asia, Ltd. (The) | 46367 |
| 974 | Bank of Georgia Group plc | 30639 |
| 29096 | Bank of Ireland Group plc | 275840 |
| 900 | Bank of Iwate, Ltd. (The) | 13483 |
| 1200 | Bank of Kyoto, Ltd. (The) | 53409 |
| 316 | Bank of Montreal | 28631 |
| 5647 | Bank of Montreal | 511618 |
| 500 | Bank of Nagoya, Ltd. (The) | 12629 |
| 9618 | Bank of Nova Scotia | 471090 |
| 16987 | Bank of Queensland, Ltd. | 79574 |
| 2000 | Bank of The Ryukyus, Ltd. | 13295 |
| 16597 | Bankinter SA | 111215 |
| 71 | Banque Cantonale de Geneve | 13783 |
| 916 | Banque Cantonale Vaudoise | 88000 |
| 20949 | Barclays plc, ADR | 163402 |
| 39822 | Barclays plc | 76545 |
| 1276 | BAWAG Group AG(a) | 67836 |
| 13509 | Bendigo & Adelaide Bank, Ltd. | 89416 |
| 174 | Berner Kantonalbank AG | 41863 |
| 6055 | BNP Paribas SA | 344525 |
| 23542 | BOC Hong Kong Holdings, Ltd. | 80031 |
| 34804 | BPER Banca | 71321 |
| 15684 | CaixaBank SA | 61555 |
| 6788 | Canadian Imperial Bank of Commerce | 274575 |
| 228 | Canadian Imperial Bank of Commerce | 9224 |
| 2927 | Canadian Western Bank | 52019 |
| 5000 | Chiba Bank, Ltd. (The) | 36650 |
| 6200 | Chugin Financial Group, Inc. | 45162 |
| 24904 | Commerzbank AG\* | 235457 |
| 7457 | Commonwealth Bank of Australia | 520390 |
| 10700 | Concordia Financial Group, Ltd. | 44778 |
| 7042 | Credit Agricole SA | 74219 |
| 5165 | Credito Emiliano SpA | 36595 |
| 16000 | Dah Sing Banking Group, Ltd. | 11473 |
| 5600 | Dah Sing Financial Holdings, Ltd. | 12916 |
| 1900 | Daishi Hokuetsu Financial Group, Inc. | 41475 |
| 9027 | Danske Bank A/S | 177868 |
| 8992 | DBS Group Holdings, Ltd. | 227696 |
| 5245 | DNB Bank ASA | 103971 |
| 1600 | Ehime Bank, Ltd. (The) | 11141 |
| 3971 | Erste Group Bank AG | 126608 |
| 650 | Fidea Holdings Co., Ltd. | 7123 |
| 7039 | Finecobank Banca Fineco SpA | 117292 |
| 3600 | First Bank of Toyama, Ltd. (The) | 15897 |
| 710 | First International Bank of Israel | 28110 |
| 1000 | Fukui Bank, Ltd. (The) | 11416 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Banks, continued** | **Banks, continued** | |
| 1700 | Fukuoka Financial Group, Inc. | $38774 |
| 13200 | Gunma Bank, Ltd. (The) | 50666 |
| 9200 | Hachijuni Bank, Ltd. (The) | 38392 |
| 2505 | Hang Seng Bank, Ltd. | 41479 |
| 23678 | Heartland Group Holdings Npv | 26921 |
| 9500 | Hirogin Holdings, Inc. | 47795 |
| 1000 | Hokkoku Financial Holdings, Inc. | 34589 |
| 6000 | Hokuhoku Financial Group, Inc. | 44569 |
| 22258 | HSBC Holdings plc, ADR | 693559 |
| 9400 | Hyakugo Bank, Ltd. (The) | 26236 |
| 1000 | Hyakujushi Bank, Ltd. (The) | 14545 |
| 757 | Illimity Bank SpA\* | 5601 |
| 17920 | ING Groep NV | 218600 |
| 73717 | Intesa Sanpaolo SpA | 164438 |
| 16916 | Isreal Discount Bank | 89032 |
| 9500 | Iyogin Holdings, Inc. | 51749 |
| 620 | Jimoto Holdings, Inc. | 2071 |
| 1200 | Juroku Financial Group, Inc. | 26222 |
| 1684 | Jyske Bank A/S\* | 109499 |
| 4462 | KBC Group NV | 286452 |
| 5800 | Keiyo Bank, Ltd. (The) | 25938 |
| 400 | Kita-Nippon Bank, Ltd. (The) | 6469 |
| 2500 | Kiyo Bank, Ltd. (The) | 29765 |
| 10290 | Kyushu Financial Group, Inc. | 35326 |
| 1296 | Laurentian Bank of Canada | 30921 |
| 562 | Liechtensteinische Landesbank AG | 33883 |
| 35782 | Lloyds Banking Group plc | 19645 |
| 111585 | Lloyds TSB Group plc, ADR | 245487 |
| 113 | Luzerner Kantonalbank AG | 50487 |
| 24670 | Mebuki Financial Group, Inc. | 62785 |
| 11475 | Mediobanca SpA | 110240 |
| 62500 | Mitsubishi UFJ Financial Group, Inc. | 421691 |
| 800 | Miyazaki Bank, Ltd. (The) | 15095 |
| 1478 | Mizrahi Tefahot Bank, Ltd. | 47948 |
| 12880 | Mizuho Financial Group, Inc. | 182070 |
| 1300 | Musashino Bank, Ltd. (The) | 20479 |
| 1300 | Nanto Bank, Ltd. (The) | 25373 |
| 16960 | National Australia Bank, Ltd. | 343603 |
| 5532 | National Bank of Canada | 372791 |
| 40005 | NatWest Group PLC | 127674 |
| 4800 | Nishi-Nippon Holdings, Inc. | 35126 |
| 19269 | Nordea Bank AB | 206186 |
| 7300 | North Pacific Bank, Ltd. | 14156 |
| 1800 | Ogaki Kyoritsu Bank, Ltd. (The) | 25642 |
| 1000 | Oita Bank, Ltd. (The) | 15544 |
| 820 | Okinawa Financial Group, Inc. | 14532 |
| 17046 | Oversea-Chinese Banking Corp., Ltd. | 154707 |
| 1522 | Procrea Holdings, Inc. | 25521 |
| 28000 | Public Financial Holdings, Ltd. | 8627 |
| 6482 | Raiffeisen International Bank-Holding AG\* | 106491 |
| 24175 | Resona Holdings, Inc. | 132826 |
| 1073 | Ringkjoebing Landbobank A/S | 146520 |
| 10901 | Royal Bank of Canada | 1024912 |
| 53 | Royal Bank of Canada | 4984 |
| 1190 | San Ju San Financial Group, Inc. | 14386 |
| 6200 | San-In Godo Bank, Ltd. (The) | 36620 |
| 11600 | Senshu Ikeda Holdings, Inc. | 22252 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Banks, continued** | **Banks, continued** | |
| 13500 | Seven Bank, Ltd. | $26952 |
| 1300 | Shiga Bank, Ltd. (The) | 25975 |
| 1000 | Shikoku Bank, Ltd. (The) | 7422 |
| 400 | Shimizu Bank, Ltd. (The) | 4724 |
| 900 | Shinsei Bank, Ltd. | 14665 |
| 5900 | Shizuoka Financial Group, Inc. | 47429 |
| 7610 | Skandinaviska Enskilda Banken AB, Class A | 87626 |
| 9761 | Societe Generale | 244870 |
| 3426 | Spar Nord Bank A/S | 52547 |
| 2847 | Sparebank 1 Sr-Bank ASA | 35061 |
| 121 | St. Galler Kantonalbank AG | 62873 |
| 29350 | Standard Chartered plc | 220246 |
| 7000 | Sumitomo Mitsui Financial Group, Inc. | 282103 |
| 3300 | Sumitomo Mitsui Trust Holdings, Inc. | 115163 |
| 8000 | Suruga Bank, Ltd. | 25731 |
| 8201 | Svenska Handelsbanken AB, Class A | 82566 |
| 4382 | Swedbank AB, Class A | 74486 |
| 2282 | Sydbank A/S | 95913 |
| 6500 | Toho Bank, Ltd. (The) | 11072 |
| 1100 | Tokyo Kiraboshi Financial Group, Inc. | 21809 |
| 7500 | Tomony Holdings, Inc. | 21121 |
| 1939 | Toronto-Dominion Bank (The) | 125567 |
| 7456 | Toronto-Dominion Bank (The) | 482851 |
| 2100 | Towa Bank, Ltd. (The) | 8987 |
| 6200 | Tsukuba Bank, Ltd. | 11196 |
| 48238 | Unicaja Banco SA(a) | 53283 |
| 14918 | Unicredit SpA | 212107 |
| 7627 | United Overseas Bank, Ltd. | 174954 |
| 405 | Valiant Holding AG | 43880 |
| 764 | Van Lanschot Kempen NV | 17929 |
| 34734 | Virgin Money UK plc | 76474 |
| 239 | Walliser Kantonalbank | 26877 |
| 18223 | Westpac Banking Corp. | 286548 |
| 1600 | Yamagata Bank, Ltd. (The) | 15058 |
| 7200 | Yamaguchi Financial Group, Inc. | 47209 |
| 1800 | Yamanashi Chuo Bank, Ltd. (The) | 15222 |
| 6 | Zuger Kantonalbank AG | 47038 |
|  |  | 16318484 |
| **Beverages (1.1%):** | **Beverages (1.1%):** |  |
| 1669 | A.G. Barr plc | 10733 |
| 1900 | Andrew Peller, Ltd. | 7003 |
| 6380 | Anheuser-Busch InBev NV | 383499 |
| 2000 | Asahi Breweries, Ltd. | 62285 |
| 8644 | Britvic plc | 81265 |
| 13700 | Budweiser Brewing Co. APAC, Ltd.(a) | 43100 |
| 14772 | C&C Group plc\* | 31186 |
| 1234 | Carlsberg A/S, Class B | 163381 |
| 2200 | Coca-Cola Bottlers Japan Holdings, Inc. | 24085 |
| 2675 | Coca-Cola European Partners plc | 146945 |
| 2705 | Coca-Cola HBC AG | 64552 |
| 3646 | David Campari-Milano NV | 36948 |
| 1238 | Diageo plc | 54658 |
| 2283 | Diageo plc, ADR | 406808 |
| 812 | Fevertree Drinks plc | 10087 |
| 1191 | Heineken NV | 111880 |
| 1000 | ITO EN, Ltd. | 36491 |
| 2300 | Kirin Holdings Co., Ltd. | 35242 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Beverages, continued** | **Beverages, continued** | |
| 109 | Laurent-Perrier | $15654 |
| 653 | Olvi OYJ | 23196 |
| 209 | Pernod Ricard SA | 41075 |
| 4250 | Primo Water Corp. | 65988 |
| 195 | Remy Cointreau SA | 32874 |
| 1456 | Royal Unibrew A/S | 104022 |
| 1600 | Sapporo Breweries, Ltd. | 39833 |
| 2200 | Suntory Beverage & Food, Ltd. | 75078 |
| 4200 | Takara Holdings, Inc. | 33435 |
| 2863 | Treasury Wine Estates, Ltd. | 26449 |
|  |  | 2167752 |
| **Biotechnology (0.4%):** | **Biotechnology (0.4%):** |  |
| 86 | Argenx SE\* | 32402 |
| 209 | Basilea Pharmaceutica REG\* | 10383 |
| 1271 | Bavarian Nordic A/S\* | 38946 |
| 1455 | BioGaia AB | 11670 |
| 760 | Clinuvel Pharmaceuticals, Ltd. | 11198 |
| 1392 | CSL, Ltd. | 271367 |
| 765 | Galapagos NV\* | 33928 |
| 356 | Genmab A/S\* | 150820 |
| 2347 | Grifols SA\* | 27212 |
| 5747 | Knight Therapeutics, Inc.\* | 21990 |
| 6442 | Mesoblast, Ltd.\* | 3767 |
| 1700 | Peptidream, Inc.\* | 26886 |
| 176 | Pharma Mar SA | 12094 |
| 9303 | Pharming Group NV\* | 10775 |
| 4999 | PureTech Health PLC\* | 16125 |
| 1829 | Swedish Orphan Biovitrum AB\* | 37810 |
| 1100 | Takara Bio, Inc. | 14301 |
| 593 | Vitrolife AB | 10643 |
| 1155 | Zealand Pharma A/S\* | 33356 |
|  |  | 775673 |
| **Building Products (1.1%):** | **Building Products (1.1%):** |  |
| 4400 | AGC, Inc. | 145782 |
| 2028 | Arbonia AG | 28274 |
| 1761 | ASSA Abloy AB, Class B | 37910 |
| 205 | Belimo Holding AG, Class R | 97971 |
| 2400 | Bunka Shutter Co., Ltd. | 20103 |
| 532 | Carel Industries SpA(a) | 13371 |
| 1800 | Central Glass Co., Ltd. | 38534 |
| 6649 | Cie de Saint-Gobain | 326378 |
| 1000 | Daikin Industries, Ltd. | 153853 |
| 114 | dorma kaba Holding AG | 41903 |
| 17207 | Fletcher Building, Ltd. | 51526 |
| 451 | Geberit AG, Registered Shares | 213624 |
| 5784 | Genuit Group plc | 19649 |
| 12753 | Gwa Group, Ltd. | 17812 |
| 3298 | Inrom Construction Industries, Ltd. | 12551 |
| 2938 | Inwido AB | 31262 |
| 2153 | Kingspan Group plc | 115908 |
| 2801 | Lindab International AB | 34349 |
| 5400 | Lixil Corp. | 82306 |
| 1773 | Munters Group AB(a) | 17546 |
| 2012 | Nibe Industrier AB, Class B | 18825 |
| 1600 | Nichias Corp. | 28789 |
| 1100 | Nichiha Corp. | 21986 |
| 1552 | Nordic Waterproofing Holding AB | 21664 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Building Products, continued** | **Building Products, continued** | |
| 1500 | Noritz Corp. | $16356 |
| 1400 | Okabe Co., Ltd. | 7413 |
| 8716 | Reliance Worldwide Corp., Ltd. | 17531 |
| 232 | ROCKWOOL A/S, Class B | 54738 |
| 144 | Rockwool International A/S | 33701 |
| 1900 | Sankyo Tateyama, Inc. | 7582 |
| 6100 | Sanwa Holdings Corp. | 56128 |
| 47 | Schweiter Technologies AG | 37446 |
| 900 | Shin Nippon Air Technologies Co., Ltd. | 12857 |
| 1800 | Sinko Industries, Ltd. | 19777 |
| 3824 | Systemair AB | 26302 |
| 1800 | Takara Standard Co., Ltd. | 18832 |
| 1000 | TOTO, Ltd. | 33846 |
| 7093 | Tyman plc | 19296 |
| 2185 | Uponor OYJ | 38907 |
| 3919 | Volution Group PLC | 17207 |
| 47000 | Xinyi Glass Holdings, Ltd. | 87384 |
| 533 | Zehnder Group AG | 32144 |
|  |  | 2129323 |
| **Capital Markets (2.8%):** | **Capital Markets (2.8%):** |  |
| 14676 | 3i Group plc | 238239 |
| 24792 | ABG Sundal Collier Holding ASA | 14267 |
| 3200 | AGF Management, Ltd. | 16711 |
| 1600 | Aizawa Securities Co., Ltd. | 8362 |
| 8821 | AJ Bell plc | 38235 |
| 143 | Alantra Partners SA | 1843 |
| 903 | Altamir | 24935 |
| 1012 | Amundi SA(a) | 57494 |
| 7128 | Anima Holding SpA(a) | 28629 |
| 5351 | Ashmore Group plc | 15487 |
| 670 | ASX, Ltd. | 30718 |
| 1222 | Avanza Bank Holding AB | 26387 |
| 4260 | Azimut Holding SpA | 95521 |
| 1746 | Banca Generali SpA | 60083 |
| 521 | Bellevue Group AG | 21093 |
| 5672 | Bridgepoint Group plc(a) | 13140 |
| 155 | Brookfield Asset Management, Ltd.\* | 4430 |
| 725 | Brookfield Asset Managmt, Ltd.\* | 20762 |
| 614 | Brookfield Corp. | 19316 |
| 2900 | Brookfield Corp. | 91211 |
| 2383 | Bure Equity AB | 56576 |
| 2497 | Canaccord Genuity Group, Inc. | 15475 |
| 7682 | CI Financial Corp. | 76661 |
| 119 | Cie Financiere Tradition SA | 13484 |
| 5230 | Close Brothers Group plc | 66195 |
| 5668 | CMC Markets PLC(a) | 15361 |
| 26805 | Credit Suisse Group AG | 80556 |
| 4319 | Credit Suisse Group AG, ADR | 13130 |
| 18300 | Daiwa Securities Group, Inc. | 81139 |
| 4462 | Dea Capital SpA | 7076 |
| 12602 | Deutsche Bank AG | 142817 |
| 10467 | Deutsche Bank AG, Registered Shares | 120580 |
| 552 | Deutsche Beteiligungs AG | 16483 |
| 577 | Deutsche Boerse AG | 99542 |
| 329 | DWS Group GmbH Co. KGaA(a) | 10669 |
| 5622 | EFG International AG | 53595 |
| 837 | Equities Holdings, Ltd. | 14207 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Capital Markets, continued** | **Capital Markets, continued** | |
| 1964 | Euronext NV(a) | $145560 |
| 2000 | Fiera Capital Corp. | 12823 |
| 1026 | Flatex Degiro AG\* | 6946 |
| 1407 | Flow Traders(a) | 32594 |
| 10649 | GAM Holding AG\* | 10819 |
| 2674 | Georgia Capital plc\* | 23593 |
| 856 | Gimv NV | 40347 |
| 2400 | GMO Financial Holdings, Inc. | 9345 |
| 1175 | Guardian Capital Group, Ltd., Class A | 33702 |
| 142000 | Guotai Junan International Hol | 13102 |
| 148767 | Haitong International Securities\* | 16586 |
| 5346 | Hargreaves Lansdown plc | 55394 |
| 6594 | Hong Kong Exchanges & Clearing, Ltd. | 284977 |
| 2100 | iFAST Corp., Ltd. | 9155 |
| 8570 | IG Group Holdings plc | 81052 |
| 1732 | IGM Financial, Inc. | 48360 |
| 1953 | Impax Asset Management Group plc | 17071 |
| 22162 | Insignia Financial, Ltd. | 50480 |
| 2872 | IntegraFin Holdings plc | 10494 |
| 4233 | Intermediate Capital Group plc | 58815 |
| 15376 | Investec plc | 95058 |
| 49718 | IP Group plc | 33343 |
| 1700 | IwaiCosmo Holdings, Inc. | 16733 |
| 3400 | JAFCO Group Co., Ltd. | 57808 |
| 4800 | Japan Exchange Group, Inc. | 69382 |
| 4910 | Julius Baer Group, Ltd. | 285476 |
| 17082 | Jupiter Fund Management plc | 27367 |
| 138000 | Kingston Financial Group, Ltd.\* | 5039 |
| 800 | Kyokuto Securities Co., Ltd. | 3489 |
| 957 | London Stock Exchange Group plc | 82556 |
| 500 | M&A Capital Partners Co., Ltd.\* | 17537 |
| 1267 | Macquarie Group, Ltd. | 143804 |
| 3050 | Magellan Financial Group, Ltd. | 18531 |
| 50276 | Man Group plc/Jersey | 129886 |
| 2300 | Marusan Securities Co., Ltd. | 7000 |
| 1180000 | Mason Group Holdings, Ltd.\* | 4536 |
| 2600 | Matsui Securities Co., Ltd. | 15530 |
| 2900 | Mito Securities Co., Ltd. | 4679 |
| 3035 | MLP SE | 16698 |
| 5700 | Monex Group, Inc. | 17750 |
| 4905 | Navigator Global Investments, Ltd. | 3874 |
| 3008 | Netwealth Group, Ltd. | 24728 |
| 14364 | Ninety One plc | 32284 |
| 19100 | Nomura Holdings, Inc. | 71103 |
| 2691 | Nordnet AB Publ | 39152 |
| 15979 | NZX, Ltd. | 12270 |
| 3800 | Okasan Securities Group, Inc. | 11010 |
| 253 | Partners Group Holding AG | 224950 |
| 9039 | Pendal Group, Ltd. | 30789 |
| 1616 | Perpetual, Ltd.^ | 26912 |
| 11593 | Platinum Asset Management, Ltd. | 14115 |
| 2595 | Polar Capital Holdings plc | 14987 |
| 38911 | Quilter PLC(a) | 43578 |
| 1470 | Rathbones Group plc | 36246 |
| 9785 | Ratos AB, Class B | 39065 |
| 1549 | Rothschild & Co. | 61954 |
| 3000 | SBI Holdings, Inc. | 57527 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Capital Markets, continued** | **Capital Markets, continued** | |
| 6463 | Schroders PLC | $33967 |
| 12000 | Singapore Exchange, Ltd. | 80266 |
| 840 | Sparx Group Co., Ltd. | 10670 |
| 2993 | St. James Place plc | 39625 |
| 700 | Strike Co., Ltd. | 23939 |
| 388 | Swissquote Group Holding SA | 56409 |
| 2584 | Tamburi Investment Partners SP | 20232 |
| 888 | Tikehau Capital SCA | 23071 |
| 531 | TMX Group, Ltd. | 53155 |
| 8500 | Tokai Tokyo Financial Holdings, Inc. | 22730 |
| 4000 | Toyo Securities Co., Ltd. | 8899 |
| 30858 | TP ICAP Group plc | 65010 |
| 15471 | UBS Group AG | 288451 |
| 20430 | Uob-Kay Hian Holdings, Ltd. | 21013 |
| 22000 | Value Partners Group, Ltd. | 8119 |
| 1052 | Vontobel Holding AG | 69972 |
| 245 | Vp Bank AG, Registered Shares | 23259 |
| 550 | VZ Holding AG | 42574 |
| 29400 | Yangzijiang Financial Holding, Ltd.\* | 7801 |
|  |  | 5367532 |
| **Chemicals (3.8%):** | **Chemicals (3.8%):** |  |
| 900 | Achilles Corp. | 8504 |
| 3300 | Adeka Corp. | 53700 |
| 1100 | AICA Kogyo Co., Ltd. | 25982 |
| 1298 | Air Liquide SA | 184600 |
| 5800 | Air Water, Inc. | 67283 |
| 2233 | Akzo Nobel NV | 148978 |
| 700 | Arakawa Chemical Industries, Ltd. | 5163 |
| 1750 | Arkema SA | 157828 |
| 17600 | Asahi Kasei Corp. | 125085 |
| 1100 | ASAHI YUKIZAI Corp. | 23217 |
| 8018 | BASF SE | 397991 |
| 1939 | Borregaard ASA | 30129 |
| 52400 | China Sunsine Chemical Holdings, Ltd. | 16590 |
| 1668 | Christian Hansen Holding A/S | 120271 |
| 1600 | CI Takiron Corp. | 6106 |
| 8231 | Clariant AG | 131018 |
| 1435 | Corbion NV | 48974 |
| 6863 | Covestro AG(a) | 268464 |
| 752 | Croda International plc | 60086 |
| 1000 | Dai Nippon Toryo Co., Ltd. | 5722 |
| 7200 | Daicel Corp. | 52176 |
| 900 | Dainichiseika Color & Chemical | 11643 |
| 2800 | Dainippon Ink & Chemicals, Inc. | 49173 |
| 3100 | Denka Co., Ltd. | 70799 |
| 18377 | Elementis plc\* | 26647 |
| 2854 | Elkem ASA(a) | 10271 |
| 58 | EMS-Chemie Holding AG | 39212 |
| 8516 | Ercros SA | 29491 |
| 9485 | Essentra plc | 27002 |
| 4931 | Evonik Industries AG | 94660 |
| 1660 | FUCHS PETROLUB SE | 58170 |
| 701 | FUCHS PETROLUB SE | 20868 |
| 300 | Fujimori Kogyo Co., Ltd. | 6925 |
| 700 | Fuso Chemical Co., Ltd. | 18128 |
| 97 | Givaudan SA, Registered Shares | 295807 |
| 200 | Gurit Holding AG | 19501 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Chemicals, continued** | **Chemicals, continued** | |
| 2120 | Hexpol AB | $22680 |
| 700 | Hodogaya Chemical Co., Ltd. | 15016 |
| 3950 | ICL Group, Ltd. | 28525 |
| 44301 | Incitec Pivot, Ltd. | 111889 |
| 1500 | Ishihara Sangyo Kaisha, Ltd. | 12145 |
| 1000 | JCU Corp. | 23459 |
| 4348 | Johnson Matthey plc | 111908 |
| 700 | Jsp Corp. | 7856 |
| 1200 | JSR Corp. | 23654 |
| 2000 | Kaneka Corp. | 49574 |
| 1300 | Kansai Paint Co., Ltd. | 16033 |
| 3300 | Kanto Denka Kogyo Co., Ltd. | 22966 |
| 4999 | Kemira OYJ | 76868 |
| 1400 | Kh Neochem Co., Ltd. | 28718 |
| 1500 | Koatsu Gas Kogyo Co., Ltd. | 7261 |
| 1210 | Koninklijke DSM NV | 148319 |
| 1000 | Konishi Co., Ltd. | 12672 |
| 11800 | Kuraray Co., Ltd. | 94332 |
| 600 | Kureha Corp. | 36398 |
| 3226 | Lanxess AG | 130170 |
| 379 | Lenzing AG | 22274 |
| 1300 | Lintec Corp. | 21084 |
| 929 | Methanex Corp. | 35172 |
| 700 | Methanex Corp. | 26505 |
| 30600 | Mitsubishi Chemical Holdings Corp. | 158122 |
| 3000 | Mitsubishi Gas Chemical Co., Inc. | 41241 |
| 4700 | Mitsui Chemicals, Inc. | 105413 |
| 12400 | Nanofilm Technologies International, Ltd. | 12893 |
| 800 | Nihon Kagaku Sangyo Co., Ltd. | 5830 |
| 2300 | Nihon Nohyaku Co., Ltd. | 12529 |
| 2600 | Nihon Parkerizing Co., Ltd. | 18375 |
| 600 | Nippon Chemical Industrial Co., Ltd. | 7926 |
| 5500 | Nippon Kayaku Co., Ltd. | 47306 |
| 2100 | Nippon Paint Holdings Co., Ltd. | 16619 |
| 1400 | Nippon Pillar Packing Co., Ltd. | 28844 |
| 3000 | Nippon Sanso Holdings Corp. | 43218 |
| 700 | Nippon Shokubai Co., Ltd. | 27949 |
| 800 | Nippon Soda Co., Ltd. | 26233 |
| 1500 | Nissan Chemical Corp. | 66038 |
| 2400 | Nitto Denko Corp. | 138080 |
| 1000 | NOF Corp. | 39868 |
| 1377 | Novozymes A/S, Class B | 69940 |
| 8438 | Nufarm, Ltd. | 34996 |
| 3137 | Nutrien, Ltd. | 229095 |
| 3310 | Nutrien, Ltd. | 241685 |
| 2184 | OCI NV | 77924 |
| 500 | Okamoto Industries, Inc. | 14032 |
| 600 | Okura Industrial Co., Ltd. | 8330 |
| 6623 | Orica, Ltd. | 67662 |
| 900 | Osaka Organic Chemical Industry, Ltd. | 13086 |
| 2613 | Recticel SA | 43611 |
| 2800 | Riken Technos Corp. | 10168 |
| 500 | Sakai Chemical Industry Co., Ltd. | 6729 |
| 2400 | Sakata Inx Corp. | 19157 |
| 700 | Sanyo Chemical Industries, Ltd. | 21572 |
| 900 | Sekisui Plastics Co., Ltd. | 2648 |
| 1100 | Shikoku Chemicals Corp. | 10919 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Chemicals, continued** | **Chemicals, continued** | |
| 2500 | Shin-Etsu Chemical Co., Ltd. | $304635 |
| 1800 | Shin-Etsu Polymer Co., Ltd. | 15342 |
| 5600 | Showa Denko K.K. | 85115 |
| 735 | Sika AG | 177396 |
| 1754 | SOL SpA | 33185 |
| 2258 | Solvay SA | 228839 |
| 400 | Stella Chemifa Corp. | 7470 |
| 900 | Sumitomo Bakelite Co., Ltd. | 26506 |
| 18900 | Sumitomo Chemical Co., Ltd. | 67684 |
| 300 | Sumitomo Seika Chemicals Co. Ltd. | 9314 |
| 490 | Symrise AG | 53301 |
| 13110 | Synthomer plc | 22845 |
| 700 | T Hasegawa Co., Ltd. | 15439 |
| 1200 | T&K Toka Co., Ltd. | 10745 |
| 600 | Taiyo Holdings Co., Ltd. | 10224 |
| 600 | Takasago International Corp. | 11634 |
| 600 | Tayca Corp. | 5320 |
| 5900 | Teijin, Ltd. | 57500 |
| 500 | Tenma Corp. | 7836 |
| 625 | Tessenderlo Group SA\* | 22339 |
| 4900 | Toagosei Co., Ltd. | 41148 |
| 6900 | Tokai Carbon Co., Ltd. | 56399 |
| 2900 | Tokuyama Corp. | 39357 |
| 600 | Tokyo Ohka Kogyo Co., Ltd. | 27032 |
| 16900 | Toray Industries, Inc. | 93830 |
| 7200 | Tosoh Corp. | 85443 |
| 1200 | Toyo Ink SC Holdings Co., Ltd. | 16361 |
| 3400 | Toyobo Co., Ltd. | 25642 |
| 4000 | Ube Industries, Ltd. | 58677 |
| 3116 | Umicore SA | 114942 |
| 1051 | Victrex plc | 20284 |
| 419 | Wacker Chemie AG | 53546 |
| 1428 | Yara International ASA | 62865 |
| 2900 | Zeon Corp. | 29166 |
|  |  | 7367041 |
| **Commercial Services & Supplies (1.4%):** | **Commercial Services & Supplies (1.4%):** |  |
| 800 | AEON Delight Co., Ltd. | 18369 |
| 17216 | Babcock International Group plc\* | 58745 |
| 581 | Befesa SA(a) | 28040 |
| 9829 | Biffa plc(a) | 48402 |
| 896 | Bilfinger SE | 25966 |
| 1670 | Black Diamond Group, Ltd. | 5958 |
| 400 | Boyd Group Services, Inc. | 61799 |
| 14490 | Brambles, Ltd. | 118979 |
| 3076 | Bravida Holding AB(a) | 32971 |
| 200 | Calian Group, Ltd. | 9867 |
| 2850 | Caverion Corp. | 21137 |
| 300 | Central Security Patrols Co., Ltd. | 5315 |
| 338 | Cewe Stiftung & Co. KGAA | 32007 |
| 35907 | Cleanaway Waste Management, Ltd. | 63961 |
| 1829 | Coor Service Management Holding AB(a) | 11265 |
| 2400 | CTS Co., Ltd. | 14790 |
| 3200 | Dai Nippon Printing Co., Ltd. | 64162 |
| 6041 | De La Rue plc\* | 5731 |
| 3731 | Derichebourg SA | 22176 |
| 2180 | Dexterra Group, Inc. | 8905 |
| 25208 | Downer EDI, Ltd. | 62989 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Commercial Services & Supplies, continued** | **Commercial Services & Supplies, continued** | |
| 1100 | Duskin Co., Ltd. | $24967 |
| 7850 | Elis SA | 115949 |
| 300 | GDI Integrated Facility Services, Inc.\* | 10083 |
| 900 | GFL Environmental, Inc. | 26286 |
| 435 | GL Events\* | 7580 |
| 12057 | HomeServe plc\* | 174446 |
| 900 | Inaba Seisakusho Co., Ltd. | 9535 |
| 2297 | Intrum AB | 27793 |
| 5989 | ISS A/S\* | 126641 |
| 1800 | Itoki Corp. | 7960 |
| 1900 | Japan Elevator Service Holdings Co., Ltd. | 23802 |
| 3300 | Kokuyo Co., Ltd. | 46728 |
| 400 | Kyodo Printing Co., Ltd. | 8364 |
| 2302 | Lassila & Tikanoja OYJ | 26250 |
| 3325 | Loomis AB | 91131 |
| 700 | Matsuda Sangyo Co., Ltd. | 12137 |
| 5449 | Mears Group plc | 13704 |
| 39904 | Mitie Group plc | 36002 |
| 1400 | NAC Co., Ltd. | 9960 |
| 15900 | Nippon Parking Development Co., Ltd. | 37368 |
| 1600 | Okamura Corp. | 17170 |
| 1100 | Oyo Corp. | 18966 |
| 2700 | Park24 Co., Ltd.\* | 46673 |
| 1100 | Pilot Corp. | 40090 |
| 2400 | Prestige International, Inc. | 13210 |
| 13654 | Prosegur Cia de Seguridad SA | 25957 |
| 1158 | Renewi plc\* | 8378 |
| 20405 | Rentokil Initial plc | 125388 |
| 2500 | Ritchie Bros Auctioneers, Inc. | 144427 |
| 3299 | RPS Group plc | 8779 |
| 900 | Sato Holdings Corp. | 12875 |
| 700 | Secom Co., Ltd. | 39938 |
| 7978 | Securitas AB, Class B | 66450 |
| 14890 | Serco Group plc | 27840 |
| 3154 | Smart Metering Systems plc | 29812 |
| 3267 | Smartgroup Corp., Ltd. | 11331 |
| 787 | Societe BIC SA | 53821 |
| 1400 | Sohgo Security Services Co., Ltd. | 38104 |
| 4477 | Spie SA | 116674 |
| 700 | Studio Alice Co., Ltd. | 10977 |
| 1392 | TOMRA Systems ASA | 23578 |
| 3280 | TOPPAN, INC. | 48430 |
| 200 | Waste Connections, Inc. | 26515 |
| 580 | Waste Connections, Inc. | 76885 |
|  |  | 2590488 |
| **Communications Equipment (0.3%):** | **Communications Equipment (0.3%):** |  |
| 2301 | ADTRAN Holdings, Inc. | 43236 |
| 485 | ADVA Optical Networking SE\* | 11460 |
| 700 | Aiphone Co., Ltd. | 9782 |
| 510 | BlackRock Corporate High Yield Fund, Inc. | 113 |
| 700 | DKK Co., Ltd. | 10597 |
| 737 | HMS Networks AB | 24080 |
| 500 | Icom, Inc. | 10622 |
| 23787 | Nokia Oyj, ADR | 110372 |
| 14635 | Nokia OYJ | 67990 |
| 10200 | Quarterhill, Inc. | 11904 |
| 418 | RTX A/S\* | 7050 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Communications Equipment, continued** | **Communications Equipment, continued** | |
| 600 | Sierra Wireless, Inc.\* | $17382 |
| 10363 | Spirent Communications plc | 32584 |
| 684 | Telefonaktiebolaget LM Ericsson, Class A | 4333 |
| 32072 | Telefonaktiebolaget LM Ericsson, Class B | 187929 |
| 5700 | VTech Holdings, Ltd. | 36626 |
|  |  | 586060 |
| **Construction & Engineering (2.1%):** | **Construction & Engineering (2.1%):** |  |
| 733 | Ackermans & Van Haaren NV | 125548 |
| 5301 | ACS Actividades de Construccion y Servicios SA | 151865 |
| 3353 | Aecon Group, Inc. | 22563 |
| 1375 | AF Gruppen ASA | 20133 |
| 2520 | Arcadis NV | 99165 |
| 600 | Asanuma Corp. | 13754 |
| 1130 | Ashtrom Group, Ltd. | 21143 |
| 1410 | Badger Infrastructure Solutions, Ltd. | 27767 |
| 20372 | Balfour Beatty plc | 82922 |
| 519 | Bauer AG\* | 3208 |
| 1400 | Bird Construction, Inc. | 8397 |
| 16800 | Boustead Singapore, Ltd. | 10092 |
| 4545 | Bouygues SA | 136330 |
| 209 | Burkhalter Holding AG | 17329 |
| 4600 | Chiyoda Corp.\* | 12561 |
| 1700 | Chudenko Corp. | 26906 |
| 494 | Cie d'Entreprises CFE SA\* | 5048 |
| 2421 | ComSys Holdings Corp. | 42349 |
| 6098 | Costain Group plc\* | 2899 |
| 500 | Dai-Dan Co., Ltd. | 8350 |
| 900 | Daiho Corp. | 26934 |
| 2491 | Eiffage SA | 245592 |
| 2783 | Elecnor SA | 31580 |
| 44 | Electra, Ltd./Israel | 23813 |
| 7737 | Eltel AB\*(a) | 6168 |
| 37002 | Empresas ICA SAB de C.V.\* |  |
| 3938 | Ferrovial SA | 103001 |
| 1664 | FLSmidth & Co. A/S | 60515 |
| 2073 | Fomento de Construcciones y Contratas SA | 19617 |
| 440 | Fudo Tetra Corp. | 5018 |
| 4141 | Fugro NV\* | 49674 |
| 200 | Fukuda Corp. | 6758 |
| 4363 | Galliford Try Holdings plc | 8386 |
| 6000 | Hazama Ando Corp. | 38147 |
| 1929 | Heijmans NV | 20917 |
| 600 | Hibiya Engineering, Ltd. | 8704 |
| 637 | Hochtief AG | 35919 |
| 783 | Implenia AG\* | 32163 |
| 6236 | INFRONEER Holdings, Inc. | 47222 |
| 3147 | Instalco AB | 12003 |
| 4300 | JGC Holdings Corp. | 54429 |
| 5561 | Johns Lyng Group, Ltd. | 23399 |
| 5400 | Kajima Corp. | 62826 |
| 3000 | Kandenko Co., Ltd. | 19565 |
| 3807 | Keller Group plc | 36821 |
| 2500 | Kinden Corp. | 27384 |
| 15900 | Koninklijke BAM Groep NV\* | 36990 |
| 1600 | Kumagai Gumi Co., Ltd. | 31917 |
| 2500 | Kyowa Exeo Corp. | 42560 |
| 1700 | Kyudenko Corp. | 41953 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Construction & Engineering, continued** | **Construction & Engineering, continued** | |
| 9546 | Maire Tecnimont SpA | $31640 |
| 21000 | MECOM Power And Construction, Ltd. | 5272 |
| 1700 | Meisei Industrial Co., Ltd. | 10091 |
| 3300 | Mirait Holdings Corp. | 38199 |
| 1475 | Monadelphous Group, Ltd. | 13401 |
| 1922 | Morgan Sindall Group plc | 35337 |
| 3087 | NCC AB, Class B | 28879 |
| 15831 | NEL ASA\* | 22444 |
| 1000 | Nichireki Co., Ltd. | 9526 |
| 1600 | Nippon Densetsu Kogyo Co., Ltd. | 18921 |
| 700 | Nippon Koei Co., Ltd. | 17378 |
| 100 | Nippon Road Co., Ltd. (The) | 4479 |
| 1000 | Nishimatsu Construction Co., Ltd. | 29698 |
| 20879 | NRW Holdings, Ltd. | 39848 |
| 9100 | Obayashi Corp. | 68808 |
| 6495 | Obrascon Huarte Lain SA\* | 3113 |
| 1100 | Okumura Corp. | 24881 |
| 8600 | Oriental Shiraishi Corp. | 18535 |
| 3037 | OX2 AB\* | 25589 |
| 5969 | Peab AB | 33952 |
| 8700 | Penta-Ocean Construction Co., Ltd. | 40645 |
| 726 | Per Aarsleff Holding A/S | 27395 |
| 2400 | Raiznext Corp. | 24063 |
| 16642 | Sacyr SA | 46449 |
| 1900 | Sanki Engineering Co., Ltd. | 22388 |
| 1700 | Seikitokyu Kogyo Co., Ltd. | 10178 |
| 40165 | Service Stream, Ltd. | 18572 |
| 3211 | Shapir Engineering And Indus | 25408 |
| 4859 | Shikun & Binui, Ltd.\* | 13631 |
| 6700 | Shimizu Corp. | 35700 |
| 1500 | Shinnihon Corp. | 8456 |
| 4094 | Skanska AB, Class B | 65021 |
| 3001 | SNC-Lavalin Group, Inc. | 52891 |
| 881 | Strabag Se\* | 36891 |
| 6980 | Sumitomo Mitsui Construction | 22177 |
| 3299 | Sweco AB | 31508 |
| 700 | Taihei Dengyo Kaisha, Ltd. | 17295 |
| 800 | Taikisha, Ltd. | 20325 |
| 1500 | Taisei Corp. | 48330 |
| 1400 | Takamatsu Construction Group C | 20340 |
| 400 | Tekken Corp. | 5386 |
| 900 | TOA Corp. | 16191 |
| 400 | TOA Road Corp. | 17605 |
| 1630 | Tobishima Corp. | 12445 |
| 6900 | Toda Corp. | 37316 |
| 400 | Toenec Corp. | 10595 |
| 1000 | Tokyo Energy & Systems, Inc. | 7049 |
| 5100 | Tokyu Construction Co., Ltd. | 24558 |
| 1100 | Totetsu Kogyo Co., Ltd. | 21923 |
| 4300 | Toyo Construction Co., Ltd. | 27989 |
| 2100 | Toyo Engineering Corp.\* | 8882 |
| 3109 | Veidekke ASA | 30747 |
| 5622 | Vinci SA | 561417 |
| 755 | WSP Global, Inc. | 87607 |
| 1700 | Yahagi Construction Co., Ltd. | 9717 |
| 1200 | Yokogawa Bridge Holdings Corp. | 17040 |
| 1200 | Yurtec Corp. | 6664 |
|  |  | 3969089 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Construction Materials (0.8%):** | **Construction Materials (0.8%):** | |
| 13883 | Adbri, Ltd. | $15499 |
| 1800 | Asia Pile Holdings Corp. | 7433 |
| 8279 | Boral, Ltd. | 16273 |
| 2976 | Brickworks, Ltd. | 44395 |
| 2431 | Buzzi Unicem SpA | 46983 |
| 10588 | CRH plc, ADR | 421297 |
| 15999 | CSR, Ltd. | 51062 |
| 3367 | Forterra PLC(a) | 7597 |
| 1160 | H+H International A/S, Class B\* | 17166 |
| 3574 | HeidelbergCement AG | 203808 |
| 6293 | Holcim, Ltd. | 324600 |
| 13005 | Ibstock plc(a) | 24354 |
| 1243 | Imerys SA | 48505 |
| 4513 | James Hardie Industries SE | 80813 |
| 400 | Krosaki Harima Corp. | 15421 |
| 600 | Maeda Kosen Co., Ltd. | 14187 |
| 5422 | Marshalls plc | 17970 |
| 2500 | Nippon Concrete Industries Co., Ltd. | 4177 |
| 405 | Rhi Magnesita NV | 10886 |
| 500 | Shinagawa Refractories Co., Ltd. | 14690 |
| 123 | STO SE & Co KGaA | 19811 |
| 1500 | Sumitomo Osaka Cement Co., Ltd. | 36968 |
| 3800 | Taiheiyo Cement Corp. | 59105 |
| 1300 | TYK Corp. | 2600 |
| 998 | Vicat | 25021 |
| 1393 | Wienerberger AG | 33715 |
|  |  | 1564336 |
| **Consumer Finance (0.3%):** | **Consumer Finance (0.3%):** |  |
| 10300 | ACOM Co., Ltd. | 24635 |
| 3700 | AEON Financial Service Co., Ltd. | 39305 |
| 7800 | Aiful Corp. | 23489 |
| 8198 | Axactor SE\* | 4927 |
| 974 | Cembra Money Bank AG | 81232 |
| 1607 | Credit Corp. Group, Ltd. | 20532 |
| 4400 | Credit Saison Co., Ltd. | 57018 |
| 18226 | Eclipx Group, Ltd.\* | 24725 |
| 873 | Gruppo MutuiOnline SpA | 24629 |
| 2616 | H&T Group plc | 15137 |
| 5740 | Hoist Finance AB\*(a) | 16241 |
| 17800 | Hong Leong Finance, Ltd. | 31772 |
| 14415 | International Personal Finance | 12748 |
| 2917 | Isracard, Ltd. | 8493 |
| 4300 | J Trust Co., Ltd. | 16789 |
| 1300 | Jaccs Co., Ltd. | 40562 |
| 2200 | Marui Group Co., Ltd. | 36555 |
| 1520 | Orient Corp. | 13358 |
| 213600 | Oshidori International Holdings, Ltd.\* | 7504 |
| 2100 | Premium Group Co., Ltd. | 27658 |
| 4742 | Provident Financial plc | 10958 |
| 4452 | Resurs Holding AB(a) | 10677 |
| 8965 | Solvar, Ltd. | 11154 |
| 38000 | Sun Hung Kai & Co., Ltd. | 14219 |
|  |  | 574317 |
| **Containers & Packaging (0.7%):** | **Containers & Packaging (0.7%):** |  |
| 3618 | BillerudKorsnas AB | 44023 |
| 4231 | Cascades, Inc. | 26440 |
| 1780 | CCL Industries, Inc. | 76049 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Containers & Packaging, continued** | **Containers & Packaging, continued** | |
| 31429 | DS Smith plc | $122131 |
| 1200 | FP Corp. | 34646 |
| 1900 | Fuji Seal International, Inc. | 24201 |
| 1000 | Hokkan Holdings, Ltd. | 10462 |
| 3405 | Huhtamaki OYJ | 116529 |
| 149 | Mayr Melnhof Karton AG | 24067 |
| 28458 | Orora, Ltd. | 55941 |
| 6607 | Pact Group Holdings, Ltd. | 4550 |
| 8600 | Rengo Co., Ltd. | 59087 |
| 7369 | SIG Group AB | 161549 |
| 8090 | Smurfit Kappa Group plc | 299695 |
| 500 | Taisei Lamick Co., Ltd. | 11300 |
| 600 | Tomoku Co., Ltd. | 7722 |
| 4000 | Toyo Seikan Group Holdings, Ltd. | 49088 |
| 3570 | Transcontinental, Inc. | 40294 |
| 2064 | Verallia SA(a) | 69918 |
| 750 | Vetropack Holding AG | 29297 |
| 790 | Vidrala SA | 67908 |
| 700 | Winpak, Ltd. | 21748 |
| 840 | Zignago Vetro SpA | 12669 |
|  |  | 1369314 |
| **Distributors (0.2%):** | **Distributors (0.2%):** |  |
| 600 | Arata Corp. | 19022 |
| 11493 | Bapcor, Ltd. | 50481 |
| 1300 | Central Automotive Products, Ltd. | 24282 |
| 143 | D'ieteren Group | 27526 |
| 1000 | Doshisha Co., Ltd. | 12297 |
| 4313 | Headlam Group plc | 15772 |
| 12144 | Inchcape plc | 119841 |
| 400 | Paltac Corp. | 14009 |
| 85 | Tadiran Group, Ltd. | 8537 |
| 1142 | Uni-Select, Inc.\* | 36138 |
|  |  | 327905 |
| **Diversified Consumer Services (0.1%):** | **Diversified Consumer Services (0.1%):** |  |
| 3986 | Academedia AB(a) | 17038 |
| 2000 | Benesse Holdings, Inc. | 30566 |
| 3227 | Dignity plc\*^ | 16209 |
| 8000 | EC Healthcare | 8232 |
| 44648 | G8 Education, Ltd. | 33527 |
| 1700 | IBJ, Inc. | 12689 |
| 2039 | IDP Education, Ltd. | 37672 |
| 1407 | InvoCare, Ltd. | 10554 |
| 400 | Park Lawn Corp. | 7638 |
| 25000 | Perfect Medical Health Management, Ltd. | 13062 |
| 900 | QB Net Holdings Co., Ltd. | 9142 |
| 2600 | Riso Kyoiku Co., Ltd. | 7205 |
|  |  | 203534 |
| **Diversified Financial Services (0.8%):** | **Diversified Financial Services (0.8%):** |  |
| 1439 | ABC arbitrage | 9934 |
| 84183 | AMP, Ltd.\* | 75283 |
| 3396 | Banca Farmafactoring SpA(a) | 26899 |
| 1684 | Banca IFIS SpA | 24069 |
| 3300 | Banca Mediolanum SpA | 27565 |
| 4759 | Burford Capital, Ltd. | 38316 |
| 12288 | Challenger, Ltd. | 63680 |
| 2280 | doValue SpA(a) | 17448 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Diversified Financial Services, continued** | **Diversified Financial Services, continued** | |
| 5800 | Ecn Capital Corp. | $11910 |
| 800 | eGuarantee, Inc. | 14756 |
| 16244 | Element Fleet Management Corp. | 221378 |
| 926 | Eurazeo SE | 57792 |
| 1700 | Financial Products Group Co., Ltd. | 14385 |
| 700 | Fuyo General Lease Co., Ltd. | 45659 |
| 565 | GRENKE AG | 11842 |
| 20600 | G-Resources Group, Ltd. | 5716 |
| 88 | Hypoport SE\* | 9175 |
| 800 | Japan Investment Adviser Co., Ltd. | 7106 |
| 4600 | Japan Securities Finance Co., Ltd. | 40163 |
| 48691 | M&G plc | 110653 |
| 19420 | Mitsubishi HC Capital, Inc. | 95683 |
| 1000 | Mizuho Leasing Co., Ltd. | 25256 |
| 900 | NEC Capital Solutions, Ltd. | 14665 |
| 16085 | Ofx Group, Ltd.\* | 26106 |
| 7289 | Omni Bridgeway, Ltd.\* | 17893 |
| 1847 | Onex Corp. | 89076 |
| 10500 | ORIX Corp. | 169336 |
| 4583 | Plus500, Ltd. | 99810 |
| 1100 | Ricoh Leasing Co., Ltd. | 31739 |
| 45834 | Standard Life Aberdeen plc | 104377 |
| 1500 | Tokyo Century Corp. | 50656 |
| 1100 | Zenkoku Hosho Co., Ltd. | 42131 |
|  |  | 1600457 |
| **Diversified Telecommunication Services (2.3%):** | **Diversified Telecommunication Services (2.3%):** |  |
| 900 | ARTERIA Networks Corp. | 8490 |
| 492 | BCE, Inc. | 21623 |
| 36348 | Bezeq The Israeli Telecommunication Corp., Ltd. | 62797 |
| 203849 | BT Group plc | 276736 |
| 930 | Cellnex Telecom SAU(a) | 30923 |
| 17708 | Chorus, Ltd. | 91662 |
| 90000 | CITIC Telecom International Holdings, Ltd. | 30501 |
| 42810 | Deutsche Telekom AG | 853787 |
| 3188 | Elisa OYJ | 168958 |
| 2209 | Gamma Communications plc | 28895 |
| 14874 | Helios Towers PLC\* | 19093 |
| 27500 | HKBN, Ltd. | 17724 |
| 98295 | HKT Trust & HKT, Ltd. | 120152 |
| 3856 | Infrastrutture Wireless Italiane SpA(a) | 38946 |
| 2800 | Internet Initiative Japan, Inc. | 52251 |
| 69090 | Koninklijke KPN NV | 213731 |
| 3548 | Liberty Global plc, Class C\* | 68938 |
| 41300 | NetLink NBN Trust | 25556 |
| 5000 | Nippon Telegraph & Telephone Corp. | 142742 |
| 50803 | Orange SA | 505082 |
| 132202 | PCCW, Ltd. | 59626 |
| 5067 | Proximus SADP | 48783 |
| 21500 | Singapore Telecommunications, Ltd. | 41286 |
| 16483 | Spark New Zealand, Ltd. | 56481 |
| 12209 | Superloop, Ltd.\* | 5996 |
| 761 | Swisscom AG | 416624 |
| 334376 | Telecom Italia SpA\* | 77681 |
| 210041 | Telecom Italia SpA\* | 46966 |
| 35713 | Telefonica Deutschland Holding AG | 87980 |
| 107420 | Telefonica SA | 388985 |
| 4768 | Telekom Austria AG | 29468 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Diversified Telecommunication Services, continued** | **Diversified Telecommunication Services, continued** | |
| 4475 | Telenor ASA | $41888 |
| 19493 | Telia Co AB | 49916 |
| 65824 | Telstra Corp., Ltd. | 178708 |
| 669 | TELUS Corp. | 12912 |
| 4669 | TPG Telecom, Ltd. | 15530 |
| 7091 | Tuas, Ltd.\* | 6419 |
| 3566 | United Internet AG, Registered Shares | 72087 |
| 900 | Usen-Next Holdings Co., Ltd. | 14595 |
|  |  | 4430518 |
| **Electric Utilities (1.2%):** | **Electric Utilities (1.2%):** |  |
| 708 | Acciona SA | 130200 |
| 334 | BKW AG | 45586 |
| 5400 | Chubu Electric Power Co., Inc. | 55889 |
| 2800 | Chugoku Electric Power Co., Inc. (The) | 14344 |
| 7000 | CK Infrastructure Holdings, Ltd. | 36642 |
| 9564 | CLP Holdings, Ltd. | 69791 |
| 3804 | Contact Energy, Ltd. | 18510 |
| 21672 | EDP — Energias de Portugal SA | 107950 |
| 1597 | Electricite de France | 20512 |
| 484 | Elia Group SA/NV | 68765 |
| 2200 | Emera, Inc. | 84097 |
| 3566 | Endesa SA | 67279 |
| 47239 | Enel SpA | 254029 |
| 240 | Energiedienst Holding AG, Registered Shares | 11632 |
| 1538 | EVN AG | 27758 |
| 932 | Fortis, Inc. | 37299 |
| 1708 | Fortis, Inc. | 68388 |
| 2642 | Fortum OYJ | 44004 |
| 16045 | Genesis Energy, Ltd. | 26266 |
| 30000 | HK Electric Investments, Ltd. | 19800 |
| 7700 | Hokkaido Electric Power Co., Inc. | 27178 |
| 3500 | Hokuriku Electric Power Co. | 14542 |
| 1200 | Hydro One, Ltd.(a) | 32149 |
| 17168 | Iberdrola SA | 200794 |
| 6227 | Infratil, Ltd. | 34090 |
| 5700 | Kansai Electric Power Co., Inc. (The) | 55339 |
| 7200 | Kyushu Electric Power Co., Inc. | 40616 |
| 1800 | Okinawa Electric Power Co., Inc. (The) | 13815 |
| 24174 | Origin Energy, Ltd. | 126889 |
| 730 | Orsted A/S(a) | 66242 |
| 11500 | Power Assets Holdings, Ltd. | 62994 |
| 5810 | Red Electrica Corp SA | 100910 |
| 11 | Romande Energie Holding SA, Registered Shares | 13290 |
| 3724 | Scottish & Southern Energy plc | 76795 |
| 3300 | Shikoku Electric Power Co., Inc. | 19137 |
| 10948 | Terna SpA | 81023 |
| 3900 | Tohoku Electric Power Co., Inc. | 20464 |
| 13500 | Tokyo Electric Power Co. Holdings, Inc.\* | 48748 |
| 284 | Verbund AG, Class A | 23949 |
|  |  | 2267705 |
| **Electrical Equipment (1.3%):** | **Electrical Equipment (1.3%):** |  |
| 22112 | ABB, Ltd. | 673665 |
| 1105 | Accelleron Industries AG\* | 22899 |
| 138 | Alfen Beheer B.V.\*(a) | 12460 |
| 1156 | Ballard Power Systems, Inc.\* | 5533 |
| 600 | Chiyoda Integre Co., Ltd. | 9806 |
| 1300 | Denyo Co., Ltd. | 15399 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Electrical Equipment, continued** | **Electrical Equipment, continued** | |
| 123 | Energiekontor AG | $10133 |
| 2707 | Fagerhult AB | 10530 |
| 1500 | Fuji Electric Co., Ltd. | 57129 |
| 8700 | Fujikura, Ltd. | 65925 |
| 2400 | Furukawa Electric Co., Ltd. (The) | 45053 |
| 1200 | Futaba Corp. | 4855 |
| 485 | GARO AB | 5062 |
| 38 | Gavazzi Carlo Holding AG | 12364 |
| 3000 | GS Yuasa Corp. | 47906 |
| 530 | Hexatronic Group AB | 7226 |
| 400 | Hirakawa Hewtech Corp. | 3394 |
| 553 | Huber & Suhner AG | 51750 |
| 1600 | Idec Corp./Japan | 35591 |
| 1291 | Legrand SA | 103933 |
| 800 | Mabuchi Motor Co., Ltd. | 22750 |
| 346 | Mersen | 14025 |
| 6800 | Mitsubishi Electric Corp. | 67324 |
| 839 | Nexans SA | 76159 |
| 1300 | Nidec Corp. | 67710 |
| 500 | Nippon Carbon Co., Ltd. | 15925 |
| 1500 | Nitto Kogyo Corp. | 26846 |
| 1094 | NKT A/S\* | 61840 |
| 4668 | Nordex Se\* | 65938 |
| 17 | Phoenix Mecano AG | 6050 |
| 2550 | PNE AG | 58067 |
| 2643 | Prysmian SpA | 97828 |
| 400 | Sanyo Denki Co., Ltd. | 17401 |
| 1524 | Schneider Electric SA | 214304 |
| 200 | SEC Carbon, Ltd. | 10765 |
| 2150 | SGL Carbon SE\*^ | 15954 |
| 5246 | Siemens Energy AG | 98690 |
| 3816 | Signify NV(a) | 128456 |
| 1000 | Sinfonia Technology Co., Ltd. | 11228 |
| 224 | Somfy SA | 34275 |
| 1500 | SwCC Showa Holdings Co., Ltd. | 20400 |
| 900 | Takaoka Toko Co., Ltd. | 12145 |
| 1055 | Tera Light, Ltd.\* | 1435 |
| 957 | TKH Group NV | 38121 |
| 600 | Toyo Tanso Co., Ltd. | 16969 |
| 3300 | Ushio, Inc. | 40434 |
| 140 | Varta AG | 3374 |
| 3726 | Vestas Wind Systems A/S | 108878 |
| 527 | XP Power, Ltd. | 12953 |
|  |  | 2566857 |
| **Electronic Equipment, Instruments & Components (1.6%):** | **Electronic Equipment, Instruments & Components (1.6%):** |  |
| 600 | Ai Holdings Corp. | 9480 |
| 7060 | Alps Alpine Co., Ltd. | 64361 |
| 288 | ALSO Holding AG, Registered Shares | 52906 |
| 1800 | Amano Corp. | 33053 |
| 3300 | Anritsu Corp. | 32016 |
| 1200 | Arisawa Manufacturing Co., Ltd. | 11827 |
| 883 | Austria Technologie & Systemte | 30335 |
| 868 | Barco N.V. | 21522 |
| 675 | Basler AG | 21325 |
| 900 | Canon Electronics, Inc. | 10321 |
| 1300 | Canon Marketing Japan, Inc. | 29604 |
| 3104 | Celestica, Inc.\* | 34988 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Electronic Equipment, Instruments & Components, continued** | **Electronic Equipment, Instruments & Components, continued** | |
| 157 | Cicor Technologies, Ltd.\* | $7285 |
| 9300 | Citizen Watch Co., Ltd. | 41874 |
| 3400 | CMK Corp. | 11914 |
| 3981 | Codan, Ltd./Australia | 11098 |
| 175 | Comet Holding AG REG | 37258 |
| 1300 | Conexio Corp. | 18797 |
| 7000 | Cowell e Holdings, Inc.\* | 9660 |
| 2700 | Daiwabo Holdings Co., Ltd. | 39631 |
| 1700 | Dexerials Corp. | 33015 |
| 999 | Dicker Data, Ltd. | 6923 |
| 1100 | Elematec Corp. | 12954 |
| 700 | Evertz Technologies, Ltd. | 6603 |
| 9777 | Fingerprint Cards AB\*^ | 2759 |
| 1700 | First Trust High Yield Opportunities Term Fund | 40260 |
| 160000 | FIT Hon Teng, Ltd.\*(a) | 41757 |
| 2100 | Furuno Electric Co., Ltd. | 15364 |
| 400 | Hagiwara Electric Co., Ltd. | 7406 |
| 500 | Hakuto Co., Ltd. | 15901 |
| 1329 | Halma plc | 31749 |
| 900 | Hamamatsu Photonics KK | 43300 |
| 5897 | Hexagon AB, Class B | 62022 |
| 500 | Hioki EE Corp. | 24110 |
| 200 | Hirose Electric Co., Ltd. | 25021 |
| 1200 | Hochiki Corp. | 12728 |
| 800 | Horiba, Ltd. | 34916 |
| 2600 | Hosiden Corp. | 31281 |
| 1400 | Ibiden Co., Ltd. | 51010 |
| 47 | Inficon Holding AG | 41073 |
| 400 | I-PEX, Inc. | 3609 |
| 300 | Iriso Electronics Co., Ltd. | 9666 |
| 2300 | Japan Aviation Electronics Industry, Ltd. | 36950 |
| 1100 | Japan Cash Machine Co., Ltd. | 8992 |
| 1679 | Jenoptik AG | 45853 |
| 1000 | Kaga Electronics Co., Ltd. | 31118 |
| 600 | Keyence Corp. | 234939 |
| 7710 | Kitron ASA | 22111 |
| 1200 | Koa Corp. | 17009 |
| 1400 | Kyocera Corp. | 69877 |
| 3500 | Kyosan Electric Manufacturing Co., Ltd. | 10630 |
| 3313 | Lagercrantz Group AB | 32922 |
| 527 | Landis+Gyr Group AG | 37187 |
| 18 | Lem Holding SA, Registered Shares | 34950 |
| 200 | Maruwa Co., Ltd./Aichi | 23545 |
| 900 | Meiko Electronics Co., Ltd. | 16483 |
| 978 | Micronic Mydata AB | 18396 |
| 2156 | Midwich Group plc | 10998 |
| 4600 | Murata Manufacturing Co., Ltd. | 230814 |
| 2562 | NCAB Group AB | 16020 |
| 267 | Nederland Apparatenfabriek | 15705 |
| 2800 | Nichicon Corp. | 25816 |
| 600 | Nippon Chemi-Con Corp.\* | 7026 |
| 2100 | Nippon Electric Glass Co., Ltd. | 37501 |
| 3400 | Nippon Signal Co., Ltd. | 26708 |
| 1800 | Nissha Co., Ltd. | 25091 |
| 600 | Nohmi Bosai, Ltd. | 7182 |
| 3600 | OKI Electric Industry Co., Ltd. | 19500 |
| 500 | Omron Corp. | 24390 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Electronic Equipment, Instruments & Components, continued** | **Electronic Equipment, Instruments & Components, continued** | |
| 3000 | Osaki Electric Co., Ltd. | $11900 |
| 1627 | Oxford Instruments plc | 44470 |
| 3149 | Pricer AB | 4939 |
| 324 | Renishaw plc | 14371 |
| 1100 | Restar Holdings Corp. | 17108 |
| 1400 | Ryoden Corp. | 17954 |
| 1100 | Ryosan Co., Ltd. | 23601 |
| 315 | Sensirion Holding AG\*(a) | 33518 |
| 221 | Sesa SpA | 27545 |
| 400 | Shibaura Electronics Co., Ltd. | 14975 |
| 2400 | Shimadzu Corp. | 68464 |
| 1200 | Shinko Shoji Co., Ltd. | 10749 |
| 2000 | Siix Corp. | 19204 |
| 2281 | Softwareone Holding AG | 32304 |
| 1318 | Spectris plc | 47606 |
| 6120 | Strix Group plc | 6071 |
| 2000 | Sumida Corp. | 20640 |
| 700 | Tachibana Eletech Co., Ltd. | 9412 |
| 2100 | Taiyo Yuden Co., Ltd. | 61253 |
| 2500 | Tamura Corp. | 13363 |
| 7000 | TDK Corp. | 227331 |
| 2600 | Topcon Corp. | 29828 |
| 1300 | Toyo Corp. | 13531 |
| 7103 | TT Electronics plc | 14924 |
| 100 | V Technology Co., Ltd. | 1904 |
| 312 | Vaisala OYJ, Class A | 13175 |
| 4400 | Venture Corp., Ltd. | 56108 |
| 44000 | Vstecs Holdings, Ltd. | 25371 |
| 2200 | Yokogawa Electric Corp. | 34860 |
| 1100 | Yokowo Co., Ltd. | 17917 |
|  |  | 3104791 |
| **Energy Equipment & Services (0.5%):** | **Energy Equipment & Services (0.5%):** |  |
| 7314 | Akastor ASA\* | 6843 |
| 5393 | Aker Solutions ASA | 20629 |
| 2991 | BW Offshore, Ltd. | 7640 |
| 5874 | Ces Energy Solutions Corp. | 11975 |
| 29491 | CGG SA\* | 19199 |
| 4726 | Computer Modelling Group, Ltd. | 20352 |
| 6058 | Enerflex, Ltd. | 38215 |
| 8606 | Ensign Energy Services, Inc.\* | 21677 |
| 106730 | Ezion Holdings, Ltd.\*(b) |  |
| 6704 | Hunting plc | 26982 |
| 18612 | John Wood Group plc\* | 30253 |
| 679 | Noble Corp. PLC\* | 25484 |
| 2400 | North American Construction Group, Ltd. | 32052 |
| 7269 | Odfjell Drilling, Ltd.\* | 19432 |
| 1211 | Odfjell Technology, Ltd.\* | 3581 |
| 1450 | Pason Systems, Inc. | 17073 |
| 7745 | Petrofac, Ltd.\* | 6578 |
| 21614 | Petroleum Geo-Services ASA\* | 15612 |
| 518 | Precision Drilling Corp.\* | 39682 |
| 5417 | SBM Offshore NV | 85107 |
| 174 | Schoeller-Blackman Oilfield Equipment AG | 10877 |
| 8377 | Secure Energy Services, Inc. | 43500 |
| 3900 | ShawCor, Ltd.\* | 39582 |
| 3432 | Subsea 7 SA | 39524 |
| 5044 | Technip Energies NV | 79401 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Energy Equipment & Services, continued** | **Energy Equipment & Services, continued** | |
| 1677 | Tecnicas Reunidas SA\* | $16407 |
| 1938 | Tenaris SA | 34006 |
| 1044 | Tenaris SA, ADR | 36707 |
| 2965 | TGS ASA | 40164 |
| 900 | Total Energy Services, Inc. | 5724 |
| 400 | Toyo Kanetsu KK | 7726 |
| 13311 | Trican Well Service, Inc.\* | 35986 |
| 2831 | Vallourec SA\* | 37314 |
| 4130 | Worley, Ltd. | 42202 |
|  |  | 917486 |
| **Entertainment (0.6%):** | **Entertainment (0.6%):** |  |
| 800 | Akatsuki, Inc. | 13388 |
| 900 | Avex, Inc. | 11487 |
| 11278 | Bollore, Inc. | 63193 |
| 2427 | Borussia Dortmund GMBH & Co. KGaA\* | 9629 |
| 2200 | Capcom Co., Ltd. | 70568 |
| 1403 | CTS Eventim AG & Co. KGaA\* | 89488 |
| 1900 | DeNA Co., Ltd. | 25351 |
| 2590 | Event Hospitality And Entertainment, Ltd. | 22417 |
| 1590 | Gungho Online Enetertainment, Inc. | 25826 |
| 38000 | IGG, Inc.\* | 13981 |
| 82 | Kinepolis Group NV\* | 3415 |
| 1100 | Konami Holdings Corp. | 50027 |
| 3270 | Modern Times Group Mortgage AB\* | 28013 |
| 1100 | Nexon Co., Ltd. | 24541 |
| 7000 | Nintendo Co., Ltd. | 293174 |
| 700 | Square Enix Holdings Co., Ltd. | 32505 |
| 8985 | Stillfront Group AB\* | 15061 |
| 510 | Technicolor Creative Studios SA\*^ | 122 |
| 100 | Toei Animation Co., Ltd. | 10115 |
| 200 | Toei Co., Ltd. | 26893 |
| 2585 | UbiSoft Entertainment SA\* | 73365 |
| 3936 | Universal Music Group NV | 94998 |
| 700 | UUUM, Inc.\* | 4371 |
| 9273 | Vivendi Universal SA | 88722 |
| 5570 | WildBrain, Ltd.\* | 12837 |
|  |  | 1103487 |
| **Food & Staples Retailing (2.2%):** | **Food & Staples Retailing (2.2%):** |  |
| 5600 | AEON Co., Ltd. | 117896 |
| 500 | Ain Holdings, Inc. | 22936 |
| 5572 | Alimentation Couche-Tard, Inc. | 244891 |
| 1200 | Arcs Co., Ltd. | 20078 |
| 1537 | Axfood AB | 42190 |
| 800 | Axial Retailing, Inc. | 20661 |
| 600 | Belc Co., Ltd. | 26102 |
| 702 | BlackRock Floating Rate Income Trust | 14292 |
| 16561 | Carrefour SA | 277061 |
| 1395 | Casino Guichard-Perrachon SA\*^ | 14552 |
| 1100 | Cawachi, Ltd. | 18682 |
| 8111 | Coles Group, Ltd. | 91835 |
| 1589 | Colruyt SA | 36316 |
| 200 | Cosmos Pharmaceutical Corp. | 20328 |
| 1300 | Create SD Holdings Co., Ltd. | 32451 |
| 500 | Daikokutenbussan Co., Ltd. | 20459 |
| 4900 | Dairy Farm International Holdings, Ltd. | 14325 |
| 3951 | Empire Co., Ltd., Class A | 104072 |
| 9117 | Endeavour Group, Ltd. | 39585 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Food & Staples Retailing, continued** | **Food & Staples Retailing, continued** | |
| 500 | Fuji Co., Ltd./Ehime | $6927 |
| 500 | Genky Drugstores Co., Ltd. | 13708 |
| 1093 | George Weston, Ltd. | 135628 |
| 1600 | Heiwado Co., Ltd. | 26044 |
| 2689 | HelloFresh SE\* | 58944 |
| 200 | Itochu-Shokuhin Co., Ltd. | 7496 |
| 43950 | J Sainsbury plc | 115345 |
| 1939 | Jeronimo Martins SGPS SA | 41921 |
| 600 | JM Holdings Co., Ltd. | 7803 |
| 600 | Kato Sangyo Co., Ltd. | 16045 |
| 6632 | Kesko Oyj, Class B | 146735 |
| 2295 | Kesko OYJ, Class A | 50025 |
| 1700 | Kobe Bussan Co., Ltd. | 49079 |
| 14419 | Koninklijke Ahold Delhaize NV | 414255 |
| 400 | Kusuri NO Aoki Holdings Co., Ltd. | 23405 |
| 900 | LAWSON, Inc. | 34495 |
| 800 | Life Corp. | 16005 |
| 2011 | Loblaw Cos., Ltd. | 177838 |
| 215 | M Yochananof & Sons, Ltd. | 11568 |
| 73250 | Marks & Spencer Group plc\* | 108616 |
| 780 | Matsumotokiyoshi Holdings Co., Ltd. | 39223 |
| 25319 | Metcash, Ltd. | 68555 |
| 5881 | METRO AG\* | 57437 |
| 3317 | Metro, Inc. | 183687 |
| 600 | Ministop Co., Ltd. | 6497 |
| 900 | Mitsubishi Shokuhin Co., Ltd. | 21249 |
| 1200 | Nihon Chouzai Co., Ltd. | 11103 |
| 1801 | North West Co., Inc. | 47320 |
| 821 | Ocado Group plc\* | 6177 |
| 10925 | Olam Group, Ltd. | 11921 |
| 1200 | Qol Holdings Co., Ltd. | 10622 |
| 1094 | Rallye SA\* | 3153 |
| 337 | Rami Levy Chain Stores Hashikm | 23620 |
| 1000 | Retail Partners Co., Ltd. | 10088 |
| 600 | San-A Co., Ltd. | 19649 |
| 5600 | Seven & I Holdings Co., Ltd. | 239595 |
| 28900 | Sheng Siong Group, Ltd. | 35589 |
| 4880 | Shufersal, Ltd. | 28212 |
| 1454 | Sligro Food Group NV | 25227 |
| 38447 | Sonae SGPS SA | 38440 |
| 900 | Sugi Holdings Co., Ltd. | 40135 |
| 1800 | Sundrug Co., Ltd. | 53536 |
| 75921 | Tesco plc | 205798 |
| 1000 | Tsuruha Holdings, Inc. | 77717 |
| 2100 | United Supermarkets Holdings | 17976 |
| 2200 | Valor Holdings Co., Ltd. | 30347 |
| 1400 | Watahan & Co., Ltd. | 14225 |
| 1400 | Welcia Holdings Co., Ltd. | 32616 |
| 7800 | Woolworths Group, Ltd. | 178082 |
| 800 | YAKUODO Holdings Co., Ltd. | 17369 |
| 700 | Yamatane Corp. | 8809 |
| 700 | Yaoko Co., Ltd. | 36020 |
| 2800 | Yokorei Co., Ltd. | 22726 |
|  |  | 4263314 |
| **Food Products (2.5%):** | **Food Products (2.5%):** |  |
| 5540 | A2 Milk Co., Ltd.\* | 25953 |
| 1292 | AAK AB | 22084 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Food Products, continued** | **Food Products, continued** | |
| 364 | Agrana Beteiligungs AG | $5822 |
| 1400 | Ajinomoto Co., Inc. | 42694 |
| 44180 | Aryzta AG\* | 52702 |
| 2737 | Associated British Foods plc | 52133 |
| 772 | Atria OYJ | 7659 |
| 2327 | Austevoll Seafood ASA | 20957 |
| 556 | Bakkafrost P/F | 34797 |
| 58 | Barry Callebaut AG, Registered Shares | 114943 |
| 8561 | Bega Cheese, Ltd. | 22591 |
| 125 | Bell AG | 32108 |
| 854 | Bonduelle S.C.A. | 12263 |
| 1000 | Calbee, Inc. | 22791 |
| 1 | Chocoladefabriken Lindt & Spruengli AG | 103020 |
| 800 | Chubu Shiryo Co., Ltd. | 6632 |
| 12278 | Cloetta AB | 24572 |
| 15071 | Costa Group Holdings, Ltd. | 28179 |
| 1114 | Cranswick plc | 41447 |
| 2515 | Danone SA | 132481 |
| 1700 | Delfi, Ltd. | 981 |
| 10007 | Devro plc | 37287 |
| 500 | DyDo Group Holdings, Inc. | 18134 |
| 2372 | Ebro Foods SA | 37210 |
| 4736 | Elders, Ltd. | 32465 |
| 60 | Emmi AG | 50691 |
| 400 | Ezaki Glico Co., Ltd. | 11003 |
| 108669 | First Pacific Co., Ltd. | 32444 |
| 27100 | First Resources, Ltd. | 29982 |
| 1616 | Forfarmers NV | 5065 |
| 9500 | Fraser & Neave, Ltd. | 9002 |
| 1700 | Fuji Oil Holdings, Inc. | 26363 |
| 3286 | Glanbia plc | 41920 |
| 260400 | Golden Agri-Resources, Ltd. | 48564 |
| 8123 | GrainCorp, Ltd. | 40989 |
| 17127 | Greencore Group plc\* | 13264 |
| 1502 | Grieg Seafood ASA | 12038 |
| 1100 | High Liner Foods, Inc. | 11189 |
| 1923 | Hilton Food Group plc | 12978 |
| 1600 | Hokuto Corp. | 22836 |
| 700 | House Foods Group, Inc. | 14746 |
| 15498 | Inghams Group, Ltd. | 30152 |
| 2700 | Itoham Yonekyu Holdings, Inc. | 14358 |
| 300 | Iwatsuka Confectionery Co., Ltd. | 9824 |
| 900 | JDE Peet's NV | 26010 |
| 600 | J-Oil Mills, Inc. | 6902 |
| 800 | Kagome Co., Ltd. | 18546 |
| 800 | Kakiyasu Honten Co., Ltd. | 12697 |
| 400 | Kameda Seika Co., Ltd. | 13258 |
| 700 | Kenko Mayonnaise Co., Ltd. | 7282 |
| 506 | Kerry Group plc, Class A | 45654 |
| 2800 | Kewpie Corp. | 50872 |
| 500 | Kikkoman Corp. | 26434 |
| 300 | Kotobuki Spirits Co., Ltd. | 17517 |
| 163 | KWS Saat SE | 11183 |
| 500 | Kyokuyo Co., Ltd. | 14449 |
| 147 | Lassonde Industries, Inc. | 12083 |
| 3154 | Leroy Seafood Group ASA | 17783 |
| 17 | Lotus Bakeries | 115176 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Food Products, continued** | **Food Products, continued** | |
| 2349 | Maple Leaf Foods, Inc. | $42424 |
| 1200 | Marudai Food Co., Ltd. | 12977 |
| 2100 | Maruha Nichiro Corp. | 40162 |
| 1700 | Megmilk Snow Brand Co., Ltd. | 23327 |
| 41 | Mehadrin, Ltd.\* | 1339 |
| 1500 | Meiji Holdings Co., Ltd. | 77038 |
| 800 | Mitsui Sugar Co., Ltd. | 12195 |
| 1300 | Morinaga & Co., Ltd. | 38856 |
| 1100 | Morinaga Milk Industry Co., Ltd. | 41853 |
| 1396 | Mowi ASA | 23864 |
| 11739 | Nestle SA | 1356051 |
| 389 | Neto Malinda Trading, Ltd.\* | 9635 |
| 1800 | NH Foods, Ltd. | 50256 |
| 2600 | Nichirei Corp. | 56817 |
| 1200 | Nippn Corp. | 14759 |
| 800 | Nippon Beet Sugar Manufacturing Co., Ltd. | 10150 |
| 12400 | Nippon Suisan Kaisha, Ltd. | 51865 |
| 1200 | Nisshin Oillio Group, Ltd. (The) | 29924 |
| 2700 | Nisshin Seifun Group, Inc. | 33854 |
| 300 | Nissin Foods Holdings Co., Ltd. | 23756 |
| 326 | Orior AG | 25881 |
| 3996 | Orkla ASA, Class A | 28907 |
| 30027 | Premier Foods plc | 39363 |
| 505 | Premium Brands Holdings Corp. | 30692 |
| 1300 | Prima Meat Packers, Ltd. | 21675 |
| 8255 | Raisio Oyj, Class V | 21987 |
| 11830 | Ridley Corp., Ltd. | 15907 |
| 4400 | Rogers Sugar, Inc. | 18493 |
| 600 | S Foods, Inc. | 13573 |
| 482 | Salmar ASA | 18977 |
| 2346 | Sanford, Ltd. | 6090 |
| 1456 | Saputo, Inc. | 36050 |
| 127 | Savencia SA | 7941 |
| 3496 | Scales Corp., Ltd. | 9096 |
| 3767 | Scandi Standard AB\* | 17690 |
| 476 | Schouw & Co. | 35842 |
| 2906 | Select Harvests, Ltd. | 7704 |
| 800 | Showa Sangyo Co., Ltd. | 15263 |
| 306 | Sipef SA | 19311 |
| 114 | Societe LDC SA | 13111 |
| 600 | Starzen Co., Ltd. | 9444 |
| 1353 | Strauss Group, Ltd. | 35955 |
| 2659 | Suedzucker AG | 46499 |
| 2839 | Synlait Milk, Ltd.\* | 6365 |
| 8129 | Tate & Lyle PLC | 69808 |
| 700 | Toyo Suisan Kaisha, Ltd. | 27113 |
| 580 | UIE PLC | 14922 |
| 13688 | United Malt Grp, Ltd. | 32297 |
| 217 | Vilmorin & Cie SA | 10614 |
| 1635 | Viscofan SA | 105541 |
| 12000 | Vitasoy International Holdings, Ltd. | 24666 |
| 400 | Warabeya Nichiyo Holdings Co., Ltd. | 5577 |
| 253915 | WH Group, Ltd.(a) | 147730 |
| 43300 | Wilmar International, Ltd. | 134931 |
| 600 | Yakult Honsha Co., Ltd. | 39133 |
| 3700 | Yamazaki Baking Co., Ltd. | 44379 |
|  |  | 4874788 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Gas Utilities (0.5%):** | **Gas Utilities (0.5%):** | |
| 6384 | AltaGas, Ltd. | $110251 |
| 9887 | APA Group | 72373 |
| 1671 | Brookfield Infrastructure Corp., Class A | 65011 |
| 5264 | Enagas SA | 87508 |
| 96850 | Hong Kong & China Gas Co., Ltd. | 92084 |
| 10984 | Italgas SpA | 60899 |
| 800 | K&O Energy Group, Inc. | 12373 |
| 1049 | Naturgy Energy Group SA | 27283 |
| 3400 | Nippon Gas Co., Ltd. | 53540 |
| 2900 | Osaka Gas Co., Ltd. | 46912 |
| 1605 | Rubis SCA | 42254 |
| 1300 | Saibu Gas Co., Ltd. | 16838 |
| 1300 | Shizuoka Gas Co. Ltd. | 10924 |
| 10533 | Snam SpA | 51133 |
| 3450 | Superior Plus Corp. | 28618 |
| 1100 | Toho Gas Co., Ltd. | 21093 |
| 3300 | Tokyo Gas Co., Ltd. | 64884 |
|  |  | 863978 |
| **Health Care Equipment & Supplies (1.4%):** | **Health Care Equipment & Supplies (1.4%):** |  |
| 2536 | Alcon, Inc. | 174231 |
| 2508 | Alcon, Inc. | 171923 |
| 1070 | Ambu A/S, Class B\* | 13579 |
| 3762 | Ansell, Ltd. | 72258 |
| 2637 | Arjo AB, Class B | 9824 |
| 1200 | Asahi Intecc Co., Ltd. | 19779 |
| 247 | BioMerieux | 25971 |
| 385 | Carl Zeiss Meditec AG | 48586 |
| 246 | Cellavision AB | 5400 |
| 434 | Cochlear, Ltd. | 60245 |
| 1314 | Coloplast A/S, Class B | 153986 |
| 251 | Coltene Holding AG | 20733 |
| 15236 | Convatec Group plc(a) | 42833 |
| 1946 | Demant A/S\* | 54122 |
| 254 | DiaSorin SpA | 35587 |
| 509 | Draegerwerk AG & Co. KGaA | 22691 |
| 238 | Draegerwerk AG & Co. KGaA | 9254 |
| 458 | Eckert & Ziegler AG | 22751 |
| 6099 | Elekta AB, Class B | 36669 |
| 1167 | EssilorLuxottica SA | 212476 |
| 2109 | Fisher & Paykel Healthcare Corp., Ltd. | 30010 |
| 600 | Fukuda Denshi Co., Ltd. | 20847 |
| 1212 | Getinge AB, Class B | 25251 |
| 4399 | GN Store Nord A/S | 101566 |
| 405 | Guerbet | 7373 |
| 800 | Hogy Medical Co., Ltd. | 20628 |
| 2300 | Hoya Corp. | 222571 |
| 800 | Jeol, Ltd. | 21492 |
| 2064 | Koninklijke Philips Electronics NV, NYS | 30939 |
| 5281 | Koninklijke Philips NV | 79252 |
| 700 | Mani, Inc. | 10781 |
| 276 | Medacta Group SA(a) | 30874 |
| 849 | Medmix AG(a) | 16204 |
| 1600 | Menicon Co., Ltd. | 33854 |
| 10 | Metall Zug AG | 20821 |
| 1200 | Nakanishi, Inc. | 23370 |
| 1600 | Nihon Kohden Corp. | 39046 |
| 4200 | Nipro Corp. | 32848 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Health Care Equipment & Supplies, continued** | **Health Care Equipment & Supplies, continued** | |
| 7100 | Olympus Corp. | $125517 |
| 1800 | Paramount Bed Holdings Co., Ltd. | 35018 |
| 457 | Revenio Group OYJ | 18919 |
| 16500 | Riverstone Holdings, Ltd. | 7560 |
| 174 | Sartorius AG | 68799 |
| 645 | Siemens Healthineers AG(a) | 32262 |
| 2690 | Smith & Nephew plc | 35930 |
| 1168 | Smith & Nephew plc, ADR | 31408 |
| 520 | Sonova Holding AG | 123761 |
| 360 | Stratec Se | 31261 |
| 819 | Straumann Holding AG, Class R | 92771 |
| 1200 | Sysmex Corp. | 73104 |
| 1400 | Terumo Corp. | 39596 |
| 180 | Ypsomed Holding AG | 32920 |
|  |  | 2729451 |
| **Health Care Providers & Services (0.8%):** | **Health Care Providers & Services (0.8%):** |  |
| 3400 | Alfresa Holdings Corp. | 43444 |
| 2772 | Amplifon SpA | 82796 |
| 400 | Amvis Holdings, Inc. | 10176 |
| 400 | Andlauer Healthcare Group, Inc. | 13990 |
| 18908 | Arvida Group, Ltd. | 13659 |
| 200 | As One Corp. | 8775 |
| 6164 | Attendo AB\*(a) | 14355 |
| 700 | BML, Inc. | 17716 |
| 862 | CVS Group plc | 20177 |
| 1265 | Ebos Group, Ltd. | 35030 |
| 1000 | Elan Corp. | 7077 |
| 4012 | Extendicare, Inc. | 19441 |
| 3112 | Fagron | 44263 |
| 1400 | France Bed Holdings Co., Ltd. | 9966 |
| 2579 | Fresenius Medical Care AG & Co., KGaA | 84342 |
| 5366 | Fresenius SE & Co. KGaA | 150950 |
| 1900 | H.U. Group Holdings, Inc. | 41436 |
| 20914 | Healius, Ltd. | 43661 |
| 2572 | Humana AB\* | 9497 |
| 4771 | Integral Diagnostics, Ltd. | 9512 |
| 2000 | Japan Lifeline Co., Ltd. | 13956 |
| 1000 | Japan Medical Dynamic Marketing, Inc. | 6828 |
| 2704 | Korian SA | 29395 |
| 225 | Lna Sante | 7126 |
| 3204 | Medical Facilities Corp. | 19028 |
| 15698 | Mediclinic International plc | 94502 |
| 1044 | Medicover AB, Class B | 13946 |
| 3500 | Medipal Holdings Corp. | 46129 |
| 3565 | Mediterranean Towers, Ltd. | 8272 |
| 1110 | NMC Health plc\* |  |
| 11023 | Novolog, Ltd. | 8673 |
| 22733 | Oceania Healthcare, Ltd. | 10989 |
| 6310 | Oriola Oyj, Class B | 11748 |
| 1066 | Orpea\* | 7107 |
| 24015 | Raffles Medical Group, Ltd. | 25119 |
| 1997 | Ramsay Health Care, Ltd. | 88249 |
| 7784 | Regis Healthcare, Ltd. | 9947 |
| 2854 | Ryman Healthcare, Ltd. | 9652 |
| 2100 | Ship Healthcare Holdings, Inc. | 42968 |
| 59044 | Sigma Healthcare, Ltd. | 24518 |
| 1900 | Solasto Corp. | 10328 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Health Care Providers & Services, continued** | **Health Care Providers & Services, continued** | |
| 7958 | Sonic Healthcare, Ltd. | $162221 |
| 8887 | Spire Healthcare Group plc\*(a) | 24468 |
| 6744 | Summerset Group Holdings, Ltd. | 37875 |
| 1500 | Suzuken Co., Ltd. | 40637 |
| 558 | Synlab AG | 6770 |
| 2544 | Terveystalo OYJ(a) | 17023 |
| 1800 | Toho Holdings Co., Ltd. | 30056 |
| 500 | Tokai Corp./Gifu | 7282 |
| 2800 | Vital Ksk Holdings, Inc. | 18131 |
|  |  | 1513206 |
| **Health Care Technology (0.2%):** | **Health Care Technology (0.2%):** |  |
| 7980 | AGFA-Gevaert NV\* | 22831 |
| 1026 | Ascom Holding AG^ | 8267 |
| 857 | CompuGroup Medical SE & Co KgaA | 32984 |
| 2389 | Emis Group plc | 54058 |
| 500 | JMDC, Inc. | 14393 |
| 2400 | M3, Inc. | 65389 |
| 700 | MedPeer, Inc.\* | 7329 |
| 330 | Nexus AG | 19709 |
| 800 | Nnit A/S\*(a) | 7550 |
| 94 | Pharmagest Interactive | 7510 |
| 1258 | Pro Medicus, Ltd. | 47233 |
| 1213 | Raysearch Laboratories AB\* | 7936 |
| 2743 | Sectra AB\* | 39048 |
|  |  | 334237 |
| **Hotels, Restaurants & Leisure (1.7%):** | **Hotels, Restaurants & Leisure (1.7%):** |  |
| 2190 | 888 Holdings plc\* | 2306 |
| 3140 | Accor SA\* | 78004 |
| 600 | AEON Fantasy Co., Ltd. | 12268 |
| 1000 | Airtrip Corp. | 18605 |
| 1000 | Arcland Service Holdings Co., Ltd. | 16459 |
| 23206 | Ardent Leisure Group, Ltd. | 9582 |
| 4661 | Aristocrat Leisure, Ltd. | 96234 |
| 614 | Basic-Fit NV\*(a) | 15986 |
| 3095 | Betsson AB, Class B | 25187 |
| 20000 | Cafe de Coral Holdings, Ltd. | 38185 |
| 1533 | Carnival plc, ADR\* | 11022 |
| 72000 | Century City International Holdings, Ltd.\* | 2760 |
| 970 | Cie des Alpes\* | 14963 |
| 4935 | Collins Foods, Ltd. | 24136 |
| 700 | Colowide Co., Ltd. | 9478 |
| 7839 | Compass Group plc | 181097 |
| 553 | Corporate Travel Management, Ltd. | 5536 |
| 3200 | Create Restaurants Holdings In | 22186 |
| 2300 | Curves Holdings Co., Ltd. | 15049 |
| 799 | Domino's Pizza Enterprises, Ltd. | 35979 |
| 10911 | Domino's Pizza Group plc | 38713 |
| 1600 | Doutor Nichires Holdings Co., Ltd. | 20841 |
| 4906 | Elior Group\*(a) | 17297 |
| 3202 | Entain plc | 51329 |
| 506 | Evolution AB(a) | 49445 |
| 6500 | Fairwood Holdings, Ltd. | 11624 |
| 87 | Fattal Holdings 1998, Ltd.\* | 7357 |
| 1821 | Flight Centre Travel Group, Ltd.\* | 17942 |
| 2837 | Flutter Entertainment plc\* | 387686 |
| 2000 | Food & Life Cos., Ltd. | 39576 |
| 500 | Fuji Kyuko Co., Ltd. | 18141 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Hotels, Restaurants & Leisure, continued** | **Hotels, Restaurants & Leisure, continued** | |
| 557 | Fuller Smith & Turner plc, Class A | $3343 |
| 4000 | Galaxy Entertainment Group, Ltd. | 26488 |
| 200 | Genki Sushi Co., Ltd. | 4676 |
| 40200 | Genting Singapore, Ltd. | 28694 |
| 3888 | Greggs plc | 109713 |
| 2921 | Hollywood Bowl Group PLC | 8795 |
| 18230 | Hongkong & Shanghai Hotels (The)\* | 18968 |
| 1499 | InterContinental Hotels Group plc, ADR | 87452 |
| 2484 | JD Wetherspoon plc\* | 13368 |
| 868 | Jumbo Interactive, Ltd. | 8252 |
| 1100 | KFC Holdings Japan, Ltd. | 23106 |
| 6856 | Kindred Group plc | 71602 |
| 1700 | Komeda Holdings Co., Ltd. | 32191 |
| 1667 | La Francaise des Jeux SAEM(a) | 66962 |
| 21530 | Lottery Corp., Ltd. (The)\* | 65605 |
| 33812 | Marston's plc\* | 16237 |
| 500 | McDonald's Holdings Co., Ltd. | 19027 |
| 23000 | Melco International Development Ltd.\* | 24970 |
| 2819 | Melia Hotels International SA\* | 13791 |
| 14000 | Miramar Hotel & Investment | 21849 |
| 11969 | Mitchells & Butlers plc\* | 19957 |
| 400 | Monogatari Corp. (The) | 19930 |
| 313 | MTY Food Group, Inc. | 13195 |
| 46435 | NagaCorp, Ltd.\* | 40938 |
| 200 | Oriental Land Co., Ltd. | 29142 |
| 2702 | Pandox AB\* | 30250 |
| 900 | Pizza Pizza Royalty Corp. | 9068 |
| 10182 | PlayTech plc\* | 62518 |
| 600 | Pollard Banknote, Ltd. | 8474 |
| 12439 | Rank Group plc\* | 12263 |
| 1500 | Resorttrust, Inc. | 26747 |
| 2849 | Restaurant Brands International, Inc.^ | 184286 |
| 3018 | Restaurant Brands New Zealand, Ltd.^ | 11013 |
| 19755 | Restaurant Group plc (The)\* | 7459 |
| 3000 | Round One Corp. | 10881 |
| 1200 | Saint Marc Holdings Co., Ltd. | 15385 |
| 3788 | Sands China, Ltd.\* | 12550 |
| 5463 | Scandic Hotels Group AB\*^(a) | 16850 |
| 44000 | Shangri-La Asia, Ltd.\* | 36056 |
| 78585 | SJM Holdings, Ltd.\* | 45591 |
| 1360 | SkiStar AB | 14507 |
| 28026 | Sky City Entertainment Group, Ltd.\* | 42146 |
| 6100 | Skylark Holdings Co., Ltd.\* | 70976 |
| 1782 | Sodexo SA | 170447 |
| 13126 | SSP Group plc\* | 36188 |
| 30737 | Star Entertainment Group, Ltd. (The)\* | 37001 |
| 40053 | Tabcorp Holdings, Ltd. | 29313 |
| 581 | The Gym Group plc\*(a) | 766 |
| 137 | Tivoli A/S\* | 14938 |
| 800 | Tokyotokeiba Co., Ltd. | 23068 |
| 1300 | Toridoll Holding Corp. | 26753 |
| 3050 | Whitbread plc | 94863 |
| 600 | Yoshinoya Holdings Co., Ltd. | 10469 |
| 500 | Young & Co.'s Brewery plc, Class A | 6190 |
| 187 | Zeal Network SE | 5634 |
| 1600 | Zensho Holdings Co., Ltd. | 40353 |
|  |  | 3196227 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Household Durables (1.5%):** | **Household Durables (1.5%):** | |
| 5875 | Azorim-Investment Development & Construction Co., Ltd. | $18892 |
| 4812 | Bang & Olufsen A/S\* | 5666 |
| 18461 | Barratt Developments plc | 88629 |
| 3181 | Bellway plc | 73174 |
| 1689 | Berkeley Group Holdings plc | 76886 |
| 1566 | Bigben Interactive | 10707 |
| 3728 | Bonava AB | 10566 |
| 6992 | Bovis Homes Group plc | 52917 |
| 1520 | Breville Group, Ltd. | 18958 |
| 27975 | Cairn Home plc | 26026 |
| 2500 | Casio Computer Co., Ltd. | 25574 |
| 600 | Chofu Seisakusho Co., Ltd. | 8782 |
| 6556 | Crest Nicholson Holdings plc | 18816 |
| 1076 | De'Longhi | 24105 |
| 7507 | DFS Furniture plc | 14060 |
| 1000 | Dorel Industries, Inc. | 3841 |
| 2152 | Duni AB\* | 17797 |
| 5109 | Electrolux AB, Class B | 69185 |
| 1200 | Es-Con Japan, Ltd. | 7107 |
| 2053 | Fiskars OYJ Abp | 33781 |
| 36 | Forbo Holding AG | 42322 |
| 1600 | Fuji Corp., Ltd. | 7991 |
| 900 | Fujitsu General, Ltd. | 21701 |
| 25820 | Glenveagh Properties PLC\*(a) | 23411 |
| 7100 | Haseko Corp. | 79316 |
| 2710 | Henry Boot plc | 7679 |
| 700 | Hoosiers Holdings | 3949 |
| 2100 | Iida Group Holdings Co., Ltd. | 31747 |
| 2147 | JM AB | 35585 |
| 10600 | Jvc Kenwood Corp. | 29500 |
| 958 | Kaufman & Broad SA | 28127 |
| 1300 | LEC, Inc. | 8974 |
| 540 | Leifheit AG | 7818 |
| 43200 | Man Wah Holdings, Ltd. | 42533 |
| 704 | Nacon SA\* | 1959 |
| 1363 | Neinor Homes SA(a) | 11922 |
| 4700 | Nikon Corp. | 41683 |
| 5576 | Nobia AB | 11395 |
| 1200 | Open House Co., Ltd. | 43533 |
| 18200 | Panasonic Holdings Corp. | 152435 |
| 6381 | Persimmon plc | 94171 |
| 1200 | Pressance Corp. | 14069 |
| 6708 | Redrow plc | 36898 |
| 400 | Rinnai Corp. | 29954 |
| 567 | Sabaf SpA | 10138 |
| 1300 | Sangetsu Corp. | 21170 |
| 711 | SEB SA | 59755 |
| 5900 | Sekisui Chemical Co., Ltd. | 82112 |
| 6500 | Sekisui House, Ltd. | 114976 |
| 5800 | Sharp Corp. | 41753 |
| 10000 | Sony Group Corp. | 762675 |
| 4800 | Sumitomo Forestry Co., Ltd. | 85310 |
| 328 | Surteco Group SE | 6703 |
| 1100 | Tama Home Co., Ltd. | 21020 |
| 1100 | Tamron Co., Ltd. | 24934 |
| 84968 | Taylor Wimpey plc | 104720 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Household Durables, continued** | **Household Durables, continued** | |
| 805 | The Vitec Group plc | $10501 |
| 1000 | TOA Corp. | 5866 |
| 100 | V-ZUG Holding AG\* | 9863 |
| 3849 | YIT OYJ | 10127 |
|  |  | 2785764 |
| **Household Products (0.2%):** | **Household Products (0.2%):** |  |
| 300 | Earth Corp. | 11485 |
| 636 | Essity AB | 16625 |
| 2717 | Essity AB, Class B | 71355 |
| 605 | Henkel AG & Co. KGaA | 39014 |
| 2400 | Lion Corp. | 27686 |
| 14255 | Mcbride plc\* | 3528 |
| 2300 | Pigeon Corp. | 37817 |
| 5635 | PZ Cussons plc | 14336 |
| 1797 | Reckitt Benckiser Group plc | 124989 |
| 1600 | Unicharm Corp. | 61365 |
|  |  | 408200 |
| **Independent Power and Renewable Electricity<br>Producers (0.5%):** | **Independent Power and Renewable Electricity<br>Producers (0.5%):** |  |
| 2302 | 7C Solarparken AG | 10502 |
| 751 | Boralex, Inc., Class A | 22201 |
| 1800 | Capital Power Corp. | 61600 |
| 7088 | Cloudberry Clean Energy ASA\* | 8970 |
| 15074 | Drax Group plc | 128224 |
| 2483 | EDP Renovaveis SA | 54881 |
| 1700 | EF-ON, Inc. | 6291 |
| 1300 | Electric Power Development Co., Ltd. | 20683 |
| 2373 | Encavis AG | 46977 |
| 2646 | Energix-Renewable Energies, Ltd. | 8351 |
| 9491 | Enlight Renewable Energy, Ltd.\* | 19465 |
| 1000 | eRex Co., Ltd. | 16546 |
| 574 | Greenvolt-Energias Renovaveis SA\* | 4805 |
| 596 | Grenergy Renovables SA\* | 17667 |
| 2055 | Innergex Renewable Energy, Inc. | 24591 |
| 690 | Kenon Holdings, Ltd. | 22916 |
| 2011 | Lundin Energy AB | 4326 |
| 8484 | Meridian Energy, Ltd. | 28031 |
| 890 | Neoen SA(a) | 35793 |
| 5128 | Northland Power, Inc. | 140643 |
| 1351 | OPC Energy, Ltd.\* | 15081 |
| 1500 | Polaris Renewable Energy, Inc. | 15589 |
| 500 | Renova, Inc.\* | 8911 |
| 1250 | Scatec ASA(a) | 10012 |
| 1714 | Solaria Energia y Medio Ambiente SA\* | 31559 |
| 7142 | Transalta Corp. | 63887 |
| 2200 | Transalta Renewables, Inc. | 18282 |
| 882 | Voltalia SA, Registered Shares\* | 16095 |
| 910 | West Holdings Corp. | 30137 |
|  |  | 893016 |
| **Industrial Conglomerates (1.0%):** | **Industrial Conglomerates (1.0%):** |  |
| 182 | Aker ASA, Class A Shares | 13388 |
| 865 | Bonheur ASA | 25373 |
| 1015 | Chargeurs SA | 15284 |
| 8000 | Chevalier International Holdings Ltd. | 7195 |
| 22930 | CK Hutchison Holdings, Ltd. | 137664 |
| 1950 | DCC plc | 96244 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Industrial Conglomerates, continued** | **Industrial Conglomerates, continued** | |
| 2000 | Guoco Group, Ltd. | $17040 |
| 8400 | Hitachi, Ltd. | 422793 |
| 822 | Indus Holding AG | 19310 |
| 515 | Italmobiliare SpA | 14102 |
| 2700 | Jardine Cycle & Carriage, Ltd. | 57700 |
| 1500 | Katakura Industries Co., Ltd. | 19752 |
| 800 | Keihan Holdings Co., Ltd. | 20989 |
| 11800 | Keppel Corp., Ltd. | 64025 |
| 1149 | Lifco AB, Class B | 19136 |
| 78561 | Melrose Industries plc | 127691 |
| 5400 | Nisshinbo Holdings, Inc. | 39726 |
| 6522 | Nolato AB, Class B | 34319 |
| 1300 | Noritsu Koki Co., Ltd. | 23393 |
| 49000 | NWS Holdings, Ltd. | 42382 |
| 934 | Rheinmetall AG | 186012 |
| 3900 | Seibu Holdings, Inc. | 42748 |
| 2131 | Siemens AG | 295725 |
| 5554 | Smiths Group plc | 107055 |
| 5400 | Tokai Holdings Corp. | 35331 |
| 700 | Toshiba Corp. | 24541 |
| 933 | Volati AB | 7797 |
|  |  | 1916715 |
| **Industrial Services (0.0%<sup>†</sup>):** | **Industrial Services (0.0%<sup>†</sup>):** |  |
| 335 | Dredging Environmental Marine Engineering NV\* | 44569 |
| **Insurance (4.3%):** | **Insurance (4.3%):** |  |
| 3284 | Admiral Group plc | 84858 |
| 34599 | Aegon NV | 175490 |
| 4501 | Ageas NV | 200230 |
| 77240 | AIA Group, Ltd. | 851002 |
| 31584 | Alm Brand A/S | 51271 |
| 4544 | ASR Nederland NV | 215417 |
| 8596 | Assicurazioni Generali SpA | 152638 |
| 1493 | AUB Group, Ltd. | 22871 |
| 34934 | Aviva plc | 186164 |
| 12306 | AXA SA | 342928 |
| 999 | Baloise Holding AG | 154356 |
| 7750 | Beazley plc | 63419 |
| 4 | Brookfield Reinsurance, Ltd. | 125 |
| 7384 | Chesnara plc | 25328 |
| 2213 | Clal Insurance Enterprises Holdings, Ltd.\* | 37318 |
| 3265 | Coface SA | 42549 |
| 5600 | Dai-ichi Life Holdings, Inc. | 127187 |
| 31080 | Direct Line Insurance Group plc | 83312 |
| 82 | E-L Financial Corp., Ltd. | 54150 |
| 331 | Fairfax Financial Holdings, Ltd. | 196104 |
| 1054 | FBD Holdings plc | 12472 |
| 1341 | Gjensidige Forsikring ASA | 26348 |
| 1300 | Great Eastern Holdings, Ltd. | 17963 |
| 2364 | Great-West Lifeco, Inc. | 54656 |
| 1465 | Grupo Catalana Occidente SA | 46283 |
| 399 | Hannover Rueck SE | 79306 |
| 4262 | Harel Insurance Investments & | 37643 |
| 1387 | Helvetia Holding AG | 161918 |
| 6718 | Hiscox, Ltd. | 88495 |
| 3319 | IA Financial Corp., Inc. | 194340 |
| 506 | IDI Insurance Co., Ltd. | 10957 |
| 18382 | Insurance Australia Group, Ltd. | 59397 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Insurance, continued** | **Insurance, continued** | |
| 1460 | Intact Financial Corp. | $210200 |
| 8300 | Japan Post Holdings Co., Ltd. | 69984 |
| 1900 | Japan Post Insurance Co., Ltd. | 33443 |
| 41528 | Just Group plc | 40961 |
| 7487 | Lancashire Holdings, Ltd. | 58464 |
| 58863 | Legal & General Group plc | 177737 |
| 16597 | Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 18312 |
| 10482 | Manulife Financial Corp. | 186999 |
| 1683 | Manulife Financial Corp. | 30022 |
| 25567 | Mapfre SA | 49563 |
| 35229 | Medibank Private, Ltd. | 70229 |
| 1055 | Menora Mivtachim Holdings, Ltd. | 20595 |
| 16641 | Migdal Insurance & Financial Holding, Ltd.\* | 19008 |
| 2100 | MS&AD Insurance Group Holdings, Inc. | 67223 |
| 244 | Muenchener Rueckversicherungs-Gesellschaft AG | 79329 |
| 6991 | NIB Holdings, Ltd. | 36585 |
| 3154 | NN Group NV | 128795 |
| 12974 | Phoenix Group Holdings plc | 95526 |
| 5195 | Phoenix Holdings, Ltd. (The) | 55485 |
| 6349 | Poste Italiane SpA(a) | 61906 |
| 1147 | Protector Forsikring ASA | 14744 |
| 1083 | Prudential plc, ADR | 29761 |
| 5101 | Prudential PLC | 69015 |
| 14131 | QBE Insurance Group, Ltd. | 129054 |
| 3005 | Sabre Insurance Group plc(a) | 3867 |
| 3822 | Saga plc\* | 5832 |
| 5219 | Sampo Oyj, Class A | 272854 |
| 5815 | SCOR SA | 133503 |
| 445 | Solid Forsakring AB\* | 2813 |
| 2600 | Sompo Holdings, Inc. | 115465 |
| 9536 | Steadfast Group, Ltd. | 35477 |
| 5818 | Storebrand ASA | 50581 |
| 2828 | Sun Life Financial, Inc. | 131290 |
| 3075 | Sun Life Financial, Inc. | 142741 |
| 15987 | Suncorp Group, Ltd. | 131067 |
| 392 | Swiss Life Holding AG | 202410 |
| 2645 | Swiss Re AG | 248194 |
| 4000 | T&D Holdings, Inc. | 57579 |
| 1264 | Talanx AG | 59957 |
| 4800 | Tokio Marine Holdings, Inc. | 102767 |
| 1470 | Topdanmark A/S | 77126 |
| 792 | Trisura Group, Ltd.\* | 26496 |
| 2899 | Tryg A/S | 68772 |
| 15269 | Unipol Gruppo Finanziario SpA | 74350 |
| 14182 | UnipolSai Assicurazioni SpA | 34890 |
| 5733 | Uniqa Insurance Group AG | 42958 |
| 54 | Vaudoise Assurances Holding SA | 24676 |
| 1638 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 39114 |
| 1796 | Wuestenrot & Wuerttembergische AG | 29702 |
| 1059 | Zurich Insurance Group AG | 506207 |
|  |  | 8230123 |
| **Interactive Media & Services (0.3%):** | **Interactive Media & Services (0.3%):** |  |
| 3192 | Adevinta ASA\* | 21109 |
| 16102 | Auto Trader Group plc(a) | 100460 |
| 400 | Bengo4.com, Inc.\* | 7777 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Interactive Media & Services, continued** | **Interactive Media & Services, continued** | |
| 575 | Better Collective A/S\* | $7037 |
| 3316 | carsales.com, Ltd. | 46796 |
| 1200 | Dip Corp. | 34385 |
| 5418 | Domain Holdings Australia, Ltd. | 9975 |
| 2200 | Kakaku.com, Inc. | 35390 |
| 2000 | mixi, Inc. | 37326 |
| 22749 | Moneysupermarket.com Group plc | 52867 |
| 135 | New Work SE | 21965 |
| 437 | REA Group, Ltd. | 32900 |
| 11094 | Rightmove plc | 68670 |
| 897 | Scout24 AG(a) | 45061 |
| 3189 | Seek, Ltd. | 45389 |
| 2124 | Solocal Group\* | 1387 |
| 6000 | Z Holdings Corp. | 15171 |
|  |  | 583665 |
| **Internet & Direct Marketing Retail (0.3%):** | **Internet & Direct Marketing Retail (0.3%):** |  |
| 1600 | ASKUL Corp. | 20788 |
| 1900 | Belluna Co., Ltd. | 9842 |
| 621 | BHG Group AB\* | 1111 |
| 18446 | Boohoo Group plc\* | 7911 |
| 1898 | Cazoo Group, Ltd.\* | 298 |
| 518 | Delivery Hero SE\*(a) | 24812 |
| 4443 | Dustin Group AB\*(a) | 17605 |
| 2462 | eDreams ODIGEO SA\* | 10438 |
| 800 | Enigmo, Inc. | 3888 |
| 10000 | Hong Kong Technology Venture Co., Ltd. | 6875 |
| 1484 | Just Eat Takeaway.com NV\*(a) | 31241 |
| 500 | Media Do Co., Ltd. | 6514 |
| 6515 | N Brown Group plc\* | 1969 |
| 1100 | Oisix ra daichi, Inc.\* | 18572 |
| 5176 | On The Beach Group plc\*(a) | 9749 |
| 2937 | Prosus NV | 201612 |
| 6100 | Rakuten, Inc. | 27691 |
| 1817 | Takkt AG | 26335 |
| 6523 | Webjet, Ltd.\* | 27407 |
| 724 | Zalando SE\*(a) | 25663 |
| 1200 | ZOZO, Inc. | 29798 |
|  |  | 510119 |
| **IT Services (1.6%):** | **IT Services (1.6%):** |  |
| 4024 | Addnode Group AB\* | 38060 |
| 114 | Adesso SE | 16106 |
| 45 | Adyen NV\*(a) | 62263 |
| 370 | Allgeier SE | 11225 |
| 597 | Alten SA | 74955 |
| 2476 | Amadeus IT Group SA\* | 127669 |
| 733 | Appen, Ltd. | 1239 |
| 2661 | Atea ASA | 31001 |
| 2869 | Atos SE\*^ | 27863 |
| 180 | Aubay | 9400 |
| 2200 | Barings Global Short Duration High Yield Fund | 41325 |
| 1619 | Bechtle AG | 57281 |
| 1800 | Bell System24 Holdings, Inc. | 18691 |
| 1490 | Bouvet ASA | 9074 |
| 853 | Cancom SE | 24932 |
| 680 | Capgemini SA | 114029 |
| 26624 | Capita plc\* | 7804 |
| 2210 | CGI, Inc.\* | 190347 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **IT Services, continued** | **IT Services, continued** | |
| 4933 | Columbus A/S | $4470 |
| 2733 | Computacenter plc | 63202 |
| 5311 | Computershare, Ltd. | 94727 |
| 1100 | Comture Corp. | 20136 |
| 7824 | Data#3, Ltd. | 36022 |
| 500 | Densan System Holdings Co., Ltd. | 8261 |
| 700 | Digital Garage, Inc. | 24067 |
| 1400 | DTS Corp. | 31474 |
| 8624 | Econocom Group SA/NV | 26343 |
| 2054 | Edenred | 111751 |
| 1000 | E-Guardian, Inc. | 20198 |
| 5345 | EML Payments, Ltd.\* | 2291 |
| 558 | Enea AB\* | 4615 |
| 3891 | Fdm Group Holdings plc | 35185 |
| 348 | Formula Systems 1985, Ltd. | 25268 |
| 1400 | Fujitsu, Ltd. | 185427 |
| 800 | Future Corp. | 10035 |
| 1075 | GFT Technologies SE | 39042 |
| 6665 | Global Dominion Access SA(a) | 25604 |
| 400 | GMO Payment Gateway, Inc. | 33265 |
| 1200 | ID Holdings Corp. | 8537 |
| 4290 | Indra Sistemas SA | 48829 |
| 1200 | Infocom Corp. | 19681 |
| 900 | Information Services Internati | 26910 |
| 2776 | Iomart Group plc | 4198 |
| 1100 | Itochu Techno-Solutions Corp. | 25768 |
| 3504 | Kainos Group plc | 64993 |
| 400 | Kanematsu Electronics, Ltd. | 13528 |
| 816 | Knowit AB | 15926 |
| 19489 | Link Administration Holdings, Ltd. | 26177 |
| 896 | Matrix It, Ltd. | 18711 |
| 300 | Mitsubishi Research Institute | 11155 |
| 193 | Nagarro SE\* | 22857 |
| 7286 | NCC Group plc | 17640 |
| 1700 | NEC Networks & System Integrat | 21212 |
| 1300 | NET One Systems Co., Ltd. | 33798 |
| 7128 | Nexi SpA\*(a) | 56023 |
| 5103 | NEXTDC, Ltd.\* | 31558 |
| 1200 | Nihon Unisys, Ltd. | 30357 |
| 2056 | Nomura Research Institute, Ltd. | 48884 |
| 800 | NS Solutions Corp. | 19295 |
| 2200 | Nsd Co., Ltd. | 37943 |
| 5500 | NTT Data Corp. | 80942 |
| 200 | Obic Co., Ltd. | 29573 |
| 4539 | Ordina NV | 18768 |
| 1400 | Otsuka Corp. | 44312 |
| 2696 | PayPoint plc | 16637 |
| 1200 | Poletowin Pitcrew Holdings, Inc. | 7481 |
| 9052 | Pushpay Holdings, Ltd.\* | 7314 |
| 2400 | Relia, Inc. | 18220 |
| 209 | Reply SpA | 24033 |
| 2400 | SCSK Corp. | 36231 |
| 39 | Secunet Security Networks AG | 8212 |
| 200 | SHIFT, Inc.\* | 35548 |
| 650 | Shopify, Inc., Class A\* | 22561 |
| 219 | Societe Pour l'Informatique Industrielle | 10642 |
| 800 | Softbank Technology Corp. | 11316 |
| 3194 | Softcat plc | 45832 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **IT Services, continued** | **IT Services, continued** | |
| 460 | Sopra Steria Group | $69407 |
| 16000 | Sunevision Holdings, Ltd. | 8606 |
| 1200 | TDC Soft, Inc. | 13403 |
| 1700 | TechMatrix Corp. | 23460 |
| 1100 | TELUS International Cda, Inc.\* | 21719 |
| 2278 | Tieto OYJ | 64835 |
| 3000 | TIS, Inc. | 79531 |
| 700 | Transcosmos, Inc. | 17357 |
| 315 | Wavestone | 14540 |
| 2809 | Worldline SA\*(a) | 109593 |
|  |  | 3108700 |
| **Leisure Products (0.4%):** | **Leisure Products (0.4%):** |  |
| 26132 | Apollo Tactical Income Fund, Inc. | 36397 |
| 1100 | Bandai Namco Holdings, Inc. | 68993 |
| 1496 | Beneteau SA | 22637 |
| 606 | BRP, Inc. | 46209 |
| 1042 | Catana Group | 6588 |
| 891 | Games Workshop Group plc | 92312 |
| 1000 | Globeride, Inc. | 19196 |
| 178 | Harvia OYJ | 3380 |
| 1200 | Heiwa Corp. | 22629 |
| 500 | Mars Group Holdings Corp. | 9260 |
| 1659 | Maytronics, Ltd. | 16538 |
| 562 | MIPS AB | 23284 |
| 800 | Mizuno Corp. | 17132 |
| 300 | Roland Corp. | 7953 |
| 1200 | Sankyo Co., Ltd. | 49141 |
| 1700 | Sega Sammy Holdings, Inc. | 25598 |
| 500 | Shimano, Inc. | 79676 |
| 700 | Spin Master Corp.(a) | 17229 |
| 1169 | Technogym SpA(a) | 8928 |
| 2105 | Thule Group AB (The)^(a) | 43942 |
| 3300 | Tomy Co., Ltd. | 31502 |
| 385 | Trigano SA | 52552 |
| 700 | Universal Entertainment Corp.\* | 12591 |
| 500 | Yamaha Corp. | 18449 |
|  |  | 732116 |
| **Life Sciences Tools & Services (0.4%):** | **Life Sciences Tools & Services (0.4%):** |  |
| 2100 | Addlife AB, Class B | 21959 |
| 840 | Biotage AB | 14901 |
| 315 | Chemometec A/S\* | 31428 |
| 600 | Cmic Holdings Co., Ltd. | 8105 |
| 878 | Ergomed PLC\* | 13508 |
| 1522 | Eurofins Scientific SE | 109587 |
| 870 | Gerresheimer AG | 58490 |
| 404 | Lonza Group AG | 198894 |
| 2001 | Qiagen NV\* | 99790 |
| 120 | Sartorius Stedim Biotech | 39090 |
| 1600 | Shin Nippon Biomedical Laborat | 27318 |
| 97 | Siegfried Holding AG | 64588 |
| 46 | Tecan Group AG | 20655 |
|  |  | 708313 |
| **Machinery (4.0%):** | **Machinery (4.0%):** |  |
| 3060 | Aalberts NV | 118944 |
| 2600 | Aichi Corp. | 15281 |
| 2100 | Aida Engineering, Ltd. | 12341 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Machinery, continued** | **Machinery, continued** | |
| 781 | Alfa Laval AB | $22612 |
| 1607 | Alimak Group AB(a) | 11495 |
| 900 | Alinco, Inc. | 6810 |
| 4883 | Alstom SA | 119872 |
| 8100 | Amada Holdings Co., Ltd. | 63112 |
| 1932 | Andritz AG | 110422 |
| 2000 | Anest Iwata Corp. | 13019 |
| 2700 | Asahi Diamond Industrial Co., Ltd. | 13737 |
| 17476 | Atlas Copco AB, Class A\* | 207019 |
| 9476 | Atlas Copco AB, Class B | 101301 |
| 1149 | Ats Corp.\* | 35723 |
| 1300 | Bando Chemical Industries, Ltd. | 9381 |
| 2296 | Beijer Alma AB | 36068 |
| 4886 | Bodycote plc | 33506 |
| 243 | Bucher Industries AG | 101222 |
| 66 | Burckhardt Compression Holding AG | 39286 |
| 56 | Bystronic AG | 38904 |
| 459 | Cargotec OYJ | 20378 |
| 900 | CKD Corp. | 12868 |
| 14452 | CNH Industrial NV | 232068 |
| 1560 | Concentric AB | 29180 |
| 1110 | Construcc y Aux de Ferrocarr SA | 31583 |
| 178 | Daetwyler Holding AG | 35557 |
| 700 | Daifuku Co., Ltd. | 32948 |
| 5734 | Daimler Truck Holding AG\* | 177633 |
| 2100 | Daiwa Industries, Ltd. | 17857 |
| 745 | Danieli & C Officine Meccaniche SpA | 16577 |
| 1585 | Danieli & C Officine Meccaniche SpA | 24242 |
| 3954 | Deutz AG | 17118 |
| 4700 | DMG Mori Co., Ltd. | 62035 |
| 1728 | Duerr AG | 58303 |
| 2300 | Ebara Corp. | 82512 |
| 4630 | Electrolux Professional AB, Class B | 19415 |
| 4138 | Epiroc AB, Class A | 75661 |
| 2535 | Epiroc AB, Class B | 40884 |
| 400 | FANUC Corp. | 59706 |
| 342 | Feintool International Holding AG | 7459 |
| 19282 | Fincantieri SpA\*^ | 10956 |
| 1579 | Fluidra SA | 24485 |
| 13800 | Frencken Group, Ltd. | 9756 |
| 2000 | Fuji Corp. | 29053 |
| 1700 | Furukawa Co., Ltd. | 16260 |
| 2221 | GEA Group AG | 90711 |
| 3040 | Georg Fischer AG | 187072 |
| 371 | Gesco AG | 9569 |
| 2000 | Glory, Ltd. | 33172 |
| 600 | Harmonic Drive Systems, Inc. | 16973 |
| 8175 | Heidelberger Druckmaschinen AG\* | 12922 |
| 5448 | Hexagon Composites ASA\* | 15190 |
| 9100 | Hino Motors, Ltd.\* | 34871 |
| 500 | Hirata Corp. | 20797 |
| 1200 | Hisaka Works, Ltd. | 7405 |
| 1700 | Hitachi Construction Machinery Co., Ltd. | 38316 |
| 5600 | Hitachi Zosen Corp. | 34879 |
| 400 | Hoshizaki Corp. | 14086 |
| 1000 | Hosokawa Micron Corp. | 20258 |
| 679 | Husqvarna AB, Class A Shares | 4773 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Machinery, continued** | **Machinery, continued** | |
| 4886 | Husqvarna AB, Class B | $34445 |
| 1900 | IHI Corp. | 55175 |
| 6746 | IMI plc | 104984 |
| 290 | Interpump Group SpA | 13135 |
| 17 | Interroll Holding AG, Registered Shares | 43381 |
| 1300 | Iseki & Co., Ltd. | 11507 |
| 3448 | Iveco Group NV\* | 20467 |
| 500 | Japan Steel Works, Ltd. (The) | 9931 |
| 885 | JOST Werke AG(a) | 49741 |
| 2512 | Jungheinrich AG | 71463 |
| 197 | Kardex Holding AG | 32520 |
| 900 | Kato Works Co., Ltd. | 4841 |
| 4700 | Kawasaki Heavy Industries, Ltd. | 109770 |
| 2612 | Kion Group AG | 74732 |
| 400 | Kitagawa Iron Works Co., Ltd. | 3464 |
| 5100 | Kitz Corp. | 30620 |
| 1010 | Knorr-Bremse AG | 55183 |
| 572 | Koenig & Bauer AG\* | 9963 |
| 9000 | Komatsu, Ltd. | 195286 |
| 115 | Komax Holding AG | 32126 |
| 2900 | Komori Corp. | 17740 |
| 3153 | Kone Oyj, Class B | 163291 |
| 1994 | Konecranes OYJ | 61618 |
| 362 | Krones AG | 40676 |
| 4400 | Kubota Corp. | 60621 |
| 900 | Kurita Water Industries, Ltd. | 37367 |
| 1000 | Kyokuto Kaihatsu Kogyo Co., Ltd. | 10994 |
| 1200 | Maezawa Kyuso Industries Co., Ltd. | 8366 |
| 700 | Makino Milling Machine Co., Ltd. | 22871 |
| 2100 | Makita Corp. | 49176 |
| 586 | Manitou Bf SA | 15547 |
| 800 | Max Co., Ltd. | 11884 |
| 1800 | Meidensha Corp. | 25641 |
| 800 | Metawater Co., Ltd. | 9814 |
| 9279 | Metso Outotec Oyj | 95717 |
| 4832 | MINEBEA MITSUMI, Inc. | 72531 |
| 2300 | Misumi Group, Inc. | 50425 |
| 1800 | Mitsubishi Heavy Industries, Ltd. | 71243 |
| 1000 | Mitsubishi Logisnext Co., Ltd. | 5257 |
| 700 | Mitsuboshi Belting Co., Ltd. | 18232 |
| 2900 | Mitsui Engineering & Shipbuilding Co., Ltd.\* | 8448 |
| 1100 | Miura Co., Ltd. | 25154 |
| 10151 | Morgan Advanced Materials plc | 38611 |
| 1500 | Morita Holdings Corp. | 13267 |
| 900 | Nabtesco Corp. | 23067 |
| 800 | Nachi-Fujikoshi Corp. | 21874 |
| 2000 | Namura Shipbuilding Co., Ltd.\* | 5870 |
| 1456 | NFI Group, Inc. | 10239 |
| 4300 | NGK Insulators, Ltd. | 54849 |
| 2300 | Nikkiso Co., Ltd. | 16585 |
| 1267 | Nilfisk Holding A/S\* | 26577 |
| 3900 | Nippon Thompson Co., Ltd. | 15329 |
| 400 | Nissei ASB Machine Co., Ltd. | 12936 |
| 800 | Nitta Corp. | 16996 |
| 500 | Nitto Kohki Co., Ltd. | 5692 |
| 1900 | Nitto Seiko Co., Ltd. | 7077 |
| 300 | Noritake Co., Ltd. | 9124 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Machinery, continued** | **Machinery, continued** | |
| 995 | Norma Group SE | $18099 |
| 7700 | NSK, Ltd. | 40690 |
| 14800 | NTN Corp. | 29419 |
| 7984 | OC Oerlikon Corp. AG | 52565 |
| 1700 | Oiles Corp. | 18817 |
| 600 | Okuma Corp. | 21217 |
| 1600 | Organo Corp. | 35563 |
| 2800 | OSG Corp. | 38647 |
| 692 | Palfinger AG | 17559 |
| 174 | Pfeiffer Vacuum Technology AG | 31969 |
| 150 | Plasson Industries, Ltd. | 6680 |
| 118 | Rational AG | 69926 |
| 70 | Rieter Holding AG | 7970 |
| 16905 | Rotork plc | 62749 |
| 1800 | Ryobi, Ltd. | 15675 |
| 7878 | Sandvik AB | 142318 |
| 304 | Schindler Holding AG, Registered Shares | 54618 |
| 289500 | SembCorp Marine, Ltd.\* | 29859 |
| 564 | SFS Group AG | 53542 |
| 100 | Shibaura Machine Co., Ltd. | 1970 |
| 1200 | Shima Seiki Manufacturing, Ltd. | 16721 |
| 1900 | Shinmaywa Industries, Ltd. | 15145 |
| 78000 | Singamas Container Holdings, Ltd. | 7273 |
| 2200 | Sintokogio, Ltd. | 10902 |
| 3528 | Skellerup Holdings, Ltd. | 11975 |
| 892 | SKF AB | 13676 |
| 4179 | SKF AB, Class B | 63987 |
| 100 | SMC Corp. | 42329 |
| 2300 | Sodick Co., Ltd. | 12416 |
| 796 | Spirax-Sarco Engineering plc | 102257 |
| 891 | Stabilus SE | 59961 |
| 1600 | Star Micronics Co., Ltd. | 19557 |
| 849 | Sulzer AG, Registered Shares | 66308 |
| 3700 | Sumitomo Heavy Industries, Ltd. | 73821 |
| 3900 | Tadano, Ltd. | 26927 |
| 900 | Takeuchi Manufacturing Co., Ltd. | 19757 |
| 1300 | Takuma Co., Ltd. | 12110 |
| 478 | Technotrans SE | 13027 |
| 7687 | Techtronic Industries Co., Ltd. | 85600 |
| 2800 | THK Co., Ltd. | 52896 |
| 2100 | Tocalo Co., Ltd. | 18215 |
| 1400 | Torishima Pump Manufacturing Co., Ltd. | 15281 |
| 3641 | Trelleborg AB | 84288 |
| 1098 | Troax Group AB | 19264 |
| 1100 | Tsubaki Nakashima Co., Ltd. | 8432 |
| 1400 | Tsubakimoto Chain Co. | 31488 |
| 1800 | Tsugami Corp. | 15712 |
| 1200 | Tsukishima Kikai Co., Ltd. | 8700 |
| 600 | Tsurumi Manufacturing Co., Ltd. | 9073 |
| 4559 | Valmet Corp. | 123214 |
| 616 | VAT Group AG(a) | 169702 |
| 1074 | VBG Group AB, Class B | 14396 |
| 6862 | Vesuvius plc | 33391 |
| 3392 | Volvo AB, Class A | 64608 |
| 19319 | Volvo AB, Class B | 349995 |
| 229 | Vossloh AG | 9582 |
| 1416 | Wacker Neuson SE | 24766 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Machinery, continued** | **Machinery, continued** | |
| 4584 | Wartsila Oyj Abp, Class B | $38731 |
| 560 | Washtec AG | 20706 |
| 3157 | Weir Group plc (The) | 63344 |
| 3000 | Yamabiko Corp. | 24918 |
| 54100 | Yangzijiang Shipbuilding Holdings, Ltd. | 54720 |
| 1700 | Yaskawa Electric Corp. | 54702 |
|  |  | 7652708 |
| **Marine (0.7%):** | **Marine (0.7%):** |  |
| 22 | A.P. Moeller — Maersk A/S, Class A | 48818 |
| 30 | A.P. Moeller — Maersk A/S, Class B | 67394 |
| 1600 | Algoma Central Corp. | 21533 |
| 3578 | American Shipping Co. ASA | 15961 |
| 556 | Clarkson plc | 21668 |
| 1333 | D/S Norden A/S | 79986 |
| 1307 | DFDS A/S | 48374 |
| 3255 | Golden Ocean Group, Ltd. | 28605 |
| 331 | Hapag-Lloyd AG(a) | 62914 |
| 3300 | Iino Kaiun Kaisha, Ltd. | 23152 |
| 5897 | Irish Continental Group | 26980 |
| 2300 | Japan Transcity Corp. | 8888 |
| 1800 | Kawasaki Kisen Kaisha, Ltd. | 38216 |
| 725 | Kuehne + Nagel International AG | 168524 |
| 3600 | Mitsui O.S.K. Lines, Ltd. | 90231 |
| 7091 | MPC Container Ships As | 11731 |
| 10800 | Nippon Yusen KK | 255895 |
| 600 | NS United Kaiun Kaisha, Ltd. | 17713 |
| 215000 | Pacific Basin Shipping, Ltd. | 72739 |
| 41000 | SITC International Holdings Co., Ltd. | 90506 |
| 1067 | Stolt-Nielsen, Ltd. | 29393 |
| 1677 | Wallenius Wilhelmsen ASA | 16641 |
|  |  | 1245862 |
| **Media (1.3%):** | **Media (1.3%):** |  |
| 734 | 4imprint Group plc | 37692 |
| 3715 | Aimia, Inc.\* | 10126 |
| 996 | Alma Media Oyj | 9992 |
| 65 | APG SGA SA | 11315 |
| 14475 | Arnoldo Mondadori Editore SpA | 28007 |
| 6847 | Ascential plc\* | 16693 |
| 4886 | Atresmedia Corp. de Medios de Comuicacion SA | 16748 |
| 1951 | Bloomsbury Publishing plc | 10586 |
| 701 | Cogeco Communications, Inc. | 39762 |
| 400 | Cogeco, Inc. | 18783 |
| 5394 | Corus Entertainment, Inc. | 8606 |
| 5200 | Cyberagent, Inc. | 46259 |
| 2600 | Dentsu Group, Inc. | 82094 |
| 5775 | Eutelsat Communications SA | 43116 |
| 2800 | Fuji Media Holdings, Inc. | 22912 |
| 598 | Future plc | 9168 |
| 5300 | Hakuhodo DY Holdings, Inc. | 53689 |
| 8376 | HT&E, Ltd. | 5505 |
| 8773 | Hyve Group plc\* | 7786 |
| 12288 | Informa plc | 92107 |
| 2000 | Intage Holdings, Inc. | 20800 |
| 1711 | Ipsos | 107093 |
| 94559 | ITV plc | 86000 |
| 9582 | Ive Group, Ltd. | 15326 |
| 1820 | JCDecaux SA\* | 34608 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Media, continued** | **Media, continued** | |
| 1600 | Kadokawa Corp. | $29249 |
| 2312 | Kin And Carta plc\* | 5982 |
| 1449 | Liberty Global plc, Class A\* | 27430 |
| 1664 | M6 Metropole Television SA | 27310 |
| 1300 | Macromill, Inc.^ | 10438 |
| 47049 | MFE-MediaForEurope NV, Class A | 18227 |
| 10230 | MFE-MediaForEurope NV, Class B | 6136 |
| 1563 | Next Fifteen Communications Group PLC | 18704 |
| 48195 | Nine Entertainment Co. Holdings, Ltd. | 60280 |
| 961 | Nordic Entertainment Group AB, Class B\* | 18322 |
| 8252 | NOS SGPS SA | 33395 |
| 1307 | NRJ Group | 9491 |
| 19083 | Ooh!media, Ltd. | 16676 |
| 2872 | Pearson plc, ADR | 32367 |
| 4883 | Pearson plc | 55337 |
| 68000 | PICO Far East Holdings, Ltd. | 11240 |
| 2702 | ProSiebenSat.1 Media SE | 24147 |
| 1300 | Proto Corp. | 12183 |
| 3123 | Publicis Groupe SA | 198285 |
| 3026 | Quebecor, Inc., Class B | 67503 |
| 4571 | RAI Way SpA(a) | 26497 |
| 12118 | Reach plc | 13930 |
| 1406 | RTL Group | 59285 |
| 1116 | S4 Capital plc\* | 2551 |
| 3469 | Sanoma OYJ | 36468 |
| 1693 | Schibsted ASA, Class A | 31947 |
| 1366 | Schibsted ASA, Class B | 24988 |
| 14211 | SES Global, Class A | 92755 |
| 60999 | Seven West Media, Ltd.\* | 16256 |
| 7456 | Shaw Communications, Inc. | 214584 |
| 6212 | Sky Network Television, Ltd. | 9068 |
| 7900 | SKY Perfect JSAT Holdings, Inc. | 28948 |
| 4175 | Societe Television Francaise 1 | 31957 |
| 15013 | Southern Cross Media Group, Ltd. | 10879 |
| 1167 | Stroeer SE & Co. KGaA | 54294 |
| 1900 | TBS Holdings, Inc. | 22046 |
| 1294 | Telenet Group Holding NV | 21083 |
| 15000 | Television Broadcasts, Ltd.\* | 7084 |
| 1400 | TV Asahi Holdings Corp. | 14189 |
| 500 | TV Tokyo Holdings Corp. | 6995 |
| 232 | TX Group AG | 37157 |
| 1000 | ValueCommerce Co., Ltd. | 13818 |
| 500 | Wowow, Inc. | 4819 |
| 9140 | WPP plc | 90721 |
| 264 | WPP PLC, ADR | 12978 |
| 700 | Zenrin Co., Ltd. | 4383 |
|  |  | 2407155 |
| **Metals & Mining (6.0%):** | **Metals & Mining (6.0%):** |  |
| 3860 | Acerinox SA | 38135 |
| 3517 | Agnico Eagle Mines, Ltd. | 182786 |
| 1039 | Agnico Eagle Mines, Ltd. | 54018 |
| 400 | Aichi Steel Corp. | 6582 |
| 11590 | Alamos Gold, Inc., Class A | 117201 |
| 2048 | Alleima AB\* | 7565 |
| 4473 | Allkem, Ltd.\* | 33973 |
| 25386 | Alumina, Ltd. | 26102 |
| 723 | Amg Advanced Metallurgical Group N.V. | 26457 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Metals & Mining, continued** | **Metals & Mining, continued** | |
| 15278 | Anglo American plc | $597436 |
| 2622 | Antofagasta plc | 48667 |
| 1842 | Aperam SA | 58287 |
| 4677 | ArcelorMittal SA | 122267 |
| 2977 | ArcelorMittal SA, NYS | 78057 |
| 12400 | Argonaut Gold, Inc.\* | 4763 |
| 2200 | Asahi Holdings, Inc. | 32004 |
| 16100 | Ascot Resources, Ltd.\* | 6184 |
| 85942 | Aurelia Metals, Ltd.\*^ | 7115 |
| 1297 | Aurubis AG | 105998 |
| 25622 | AVZ Minerals, Ltd.\* | 5373 |
| 38815 | B2Gold Corp. | 137908 |
| 9585 | Barrick Gold Corp. | 164328 |
| 1629 | Bekaert NV | 63173 |
| 28371 | BHP Group, Ltd. | 878205 |
| 7437 | BHP Group, Ltd., ADR | 461466 |
| 13140 | BlueScope Steel, Ltd. | 149742 |
| 3842 | Boliden AB | 144556 |
| 4719 | Capricorn Metals, Ltd.\* | 14380 |
| 10300 | Capstone Copper Corp.\* | 37585 |
| 44401 | Centamin plc | 60634 |
| 8200 | Centerra Gold, Inc. | 42460 |
| 4374 | Central Asia Metals plc | 13118 |
| 6803 | Champion Iron, Ltd. | 33536 |
| 16254 | China Gold International Resources Corp., Ltd. | 46944 |
| 1300 | Daido Steel Co., Ltd. | 42359 |
| 1400 | Daiki Aluminium Industry Co., Ltd. | 13196 |
| 11513 | Deterra Royalties, Ltd. | 35742 |
| 1900 | DOWA Mining Co. | 59580 |
| 7500 | Dundee Precious Metals, Inc. | 36065 |
| 4662 | Eldorado Gold Corp.\* | 38879 |
| 4893 | Endeavour Mining plc | 104742 |
| 1907 | Equinox Gold Corp.\* | 6240 |
| 278 | Eramet | 24894 |
| 2899 | Ero Copper Corp.\* | 39915 |
| 31853 | Evolution Mining, Ltd. | 63660 |
| 7778 | EVRAZ plc(b) | 9 |
| 15230 | Ferrexpo plc | 28948 |
| 2800 | First Majestic Silver Corp. | 23330 |
| 8762 | First Quantum Minerals, Ltd. | 183097 |
| 14945 | Fortescue Metals Group, Ltd. | 208306 |
| 401 | Franco-Nevada Corp. | 54670 |
| 1176 | Fresnillo plc | 12763 |
| 8215 | Galiano Gold, Inc.\* | 4369 |
| 125097 | Glencore plc | 836317 |
| 1100 | Godo Steel, Ltd. | 17830 |
| 20380 | Gold Road Resources, Ltd. | 23112 |
| 3589 | Granges AB | 29307 |
| 2043 | Hill & Smith Holdings plc | 28971 |
| 9715 | Hochschild Mining plc | 8230 |
| 8995 | Hudbay Minerals, Inc. | 45447 |
| 15631 | IAMGOLD Corp.\* | 40065 |
| 4682 | IGO, Ltd. | 42542 |
| 10885 | Iluka Resources, Ltd. | 70099 |
| 14498 | Imdex, Ltd. | 21790 |
| 3605 | Ivanhoe Mines, Ltd., Class A\* | 28493 |
| 12600 | JFE Holdings, Inc. | 146323 |
| 50009 | Jupiter Mines, Ltd. | 7472 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Metals & Mining, continued** | **Metals & Mining, continued** | |
| 2436 | K92 Mining, Inc. | $13801 |
| 29633 | Kinross Gold Corp. | 120826 |
| 10600 | Kobe Steel, Ltd. | 51762 |
| 1800 | Kyoei Steel, Ltd. | 17064 |
| 1500 | Labrador Iron Ore Royalty Corp. | 37206 |
| 14207 | Lucara Diamond Corp.\* | 5247 |
| 2700 | Lundin Gold, Inc. | 26386 |
| 19726 | Lundin Mining Corp. | 121084 |
| 10575 | Lynas Rare Earths, Ltd.\* | 56076 |
| 48387 | Macmahon Holdings, Ltd. | 4777 |
| 1600 | Major Drilling Group International, Inc.\* | 12433 |
| 1400 | Maruichi Steel Tube, Ltd. | 28579 |
| 176000 | Midas Holdings, Ltd.\* |  |
| 2374 | Mineral Resources, Ltd. | 124853 |
| 3300 | Mitsubishi Materials Corp. | 51960 |
| 500 | Mitsubishi Steel Manufacturing Co., Ltd. | 3775 |
| 2500 | Mitsui Mining & Smelting Co., Ltd. | 58615 |
| 27183 | Mount Gibson Iron, Ltd.\* | 8968 |
| 2200 | Neturen Co., Ltd. | 10938 |
| 27410 | New Gold, Inc.\* | 26928 |
| 11300 | Newcrest Mining, Ltd. | 157510 |
| 1924 | Newcrest Mining, Ltd. | 26744 |
| 19275 | Nickel Industries, Ltd. | 12703 |
| 6200 | Nippon Denko Co., Ltd. | 16574 |
| 2700 | Nippon Light Metal Holdings Co. | 30863 |
| 10595 | Nippon Steel Corp. | 184497 |
| 930 | Nippon Yakin Kogyo Co., Ltd. | 29217 |
| 400 | Nittetsu Mining Co., Ltd. | 9650 |
| 13201 | Norsk Hydro ASA | 98992 |
| 14937 | Northern Star Resources, Ltd. | 109354 |
| 28628 | OceanaGold Corp.\* | 54558 |
| 21175 | OM Holdings, Ltd. | 10220 |
| 500 | Osaka Steel Co., Ltd. | 4430 |
| 3292 | Osisko Gold Royalties, Ltd. | 39685 |
| 3354 | Osisko Mining, Inc.\* | 8671 |
| 10428 | Outokumpu OYJ | 52726 |
| 10015 | OZ Minerals, Ltd. | 187348 |
| 900 | Pacific Metals Co., Ltd. | 12892 |
| 5017 | Pan American Silver Corp. | 81900 |
| 33353 | Perenti Global, Ltd.\* | 29723 |
| 55326 | Perseus Mining, Ltd. | 77631 |
| 18665 | Pilbara Minerals, Ltd.\* | 47552 |
| 24245 | Ramelius Resources, Ltd. | 15135 |
| 26859 | Regis Resources, Ltd. | 37176 |
| 95529 | Resolute Mining, Ltd.\* | 12648 |
| 1698 | Rio Tinto plc | 119117 |
| 9664 | Rio Tinto plc, Registered Shares, ADR | 688077 |
| 4717 | Rio Tinto, Ltd. | 371665 |
| 6000 | Sabina Gold & Silver Corp.\* | 5894 |
| 1335 | Salzgitter AG | 40743 |
| 18215 | Sandfire Resources, Ltd. | 66779 |
| 4142 | Sandstorm Gold, Ltd. | 21784 |
| 21718 | Schmolz + Bickenbach AG\* | 4869 |
| 1200 | Seabridge Gold, Inc.\* | 15069 |
| 7176 | Sierra Rutile Holdings, Ltd.\* | 1094 |
| 32896 | Silver Lake Resources, Ltd.\* | 26139 |
| 5690 | Sims, Ltd. | 50616 |
| 59783 | South32, Ltd. | 161792 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Metals & Mining, continued** | **Metals & Mining, continued** | |
| 6151 | SSAB AB, Class A | $33524 |
| 12955 | SSAB AB, Class B | 67607 |
| 7749 | SSR Mining, Inc. | 121289 |
| 30000 | St. Barbara, Ltd.\* | 15571 |
| 700 | Stelco Holdings, Inc. | 22901 |
| 4366 | Straits Trading Co., Ltd. | 7575 |
| 5700 | Sumitomo Metal & Mining Co., Ltd. | 202808 |
| 13627 | Syrah Resources, Ltd.\* | 18723 |
| 5674 | Taseko Mines, Ltd.\* | 8298 |
| 11838 | Teck Cominco, Ltd., Class B | 447445 |
| 12945 | ThyssenKrupp AG\* | 78980 |
| 900 | Toho Titanium Co., Ltd. | 19127 |
| 700 | Toho Zinc Co., Ltd. | 10874 |
| 300 | Tokyo Rope Manufacturing Co. Ltd. | 1931 |
| 2300 | Tokyo Steel Manufacturing Co., Ltd. | 20775 |
| 4685 | Torex Gold Resources, Inc.\* | 53813 |
| 969 | Trevali Mining Corp.\* | 110 |
| 1500 | UACJ Corp. | 24995 |
| 3908 | Voestalpine AG | 103140 |
| 4200 | Wesdome Gold Mines, Ltd.\* | 23206 |
| 13685 | West African Resources, Ltd.\* | 10922 |
| 14470 | Westgold Resources, Ltd.\* | 8504 |
| 1410 | Wheaton Precious Metals Corp. | 55096 |
| 31047 | Yamana Gold, Inc. | 172458 |
| 1000 | Yamato Kogyo Co., Ltd. | 34017 |
| 800 | Yodogawa Steel Works, Ltd. | 15322 |
|  |  | 11416093 |
| **Multiline Retail (0.6%):** | **Multiline Retail (0.6%):** |  |
| 16302 | B&M European Value Retail SA | 81209 |
| 1259 | Canadian Tire Corp., Class A | 131591 |
| 2297 | Dollarama, Inc. | 134362 |
| 6286 | Europris ASA(a) | 44174 |
| 3300 | H2O Retailing Corp. | 32318 |
| 15674 | Harvey Norman Holdings, Ltd. | 44024 |
| 4600 | Isetan Mitsukoshi Holdings, Ltd. | 50179 |
| 1000 | Izumi Co., Ltd. | 22609 |
| 6000 | J. Front Retailing Co., Ltd. | 54738 |
| 30000 | Metro Holdings, Ltd. | 14215 |
| 47139 | Myer Holdings, Ltd. | 21800 |
| 1643 | Next plc | 115660 |
| 5300 | Pan Pacific International Holdings Corp. | 98402 |
| 6500 | Ryohin Keikaku Co., Ltd. | 76699 |
| 1000 | Seria Co., Ltd. | 21858 |
| 3000 | Takashimaya Co., Ltd. | 42068 |
| 2195 | Tokmanni Group Corp. | 26582 |
| 3646 | Warehouse Group, Ltd. (The) | 6015 |
| 5589 | Wesfarmers, Ltd. | 174482 |
| 4000 | Wing On Company International, Ltd. | 7226 |
|  |  | 1200211 |
| **Multi-Utilities (1.0%):** | **Multi-Utilities (1.0%):** |  |
| 2232 | Acea SpA | 30922 |
| 5356 | AGL Energy, Ltd. | 29401 |
| 7086 | Algonquin Power & Utilities Corp. | 46165 |
| 1505 | Atco, Ltd. | 47113 |
| 1466 | Canadian Utilities, Ltd., Class A | 39687 |
| 239191 | Centrica plc | 278487 |
| 48216 | E.ON SE | 481148 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Multi-Utilities, continued** | **Multi-Utilities, continued** | |
| 22086 | Engie Group | $316316 |
| 23363 | Hera SpA | 63156 |
| 11786 | Iren SpA | 18577 |
| 33157 | ITL AEM SpA | 44307 |
| 84623 | Keppel Infrastructure Trust | 34076 |
| 2361 | National Grid plc, ADR | 142415 |
| 11914 | Ren — Redes Energeticas Nacion | 32180 |
| 2755 | RWE AG | 122489 |
| 24600 | SembCorp Industries, Ltd. | 61948 |
| 2310 | Telecom Plus plc | 61310 |
| 6489 | Vector, Ltd. | 16923 |
| 5040 | Veolia Environnement SA | 129462 |
|  |  | 1996082 |
| **Oil, Gas & Consumable Fuels (7.4%):** | **Oil, Gas & Consumable Fuels (7.4%):** |  |
| 7481 | Advantage Energy, Ltd.\* | 52330 |
| 18755 | Africa Oil Corp. | 34495 |
| 3154 | Aker BP ASA | 98436 |
| 5066 | Ampol, Ltd. | 97221 |
| 7200 | Anglo Pacific Group plc | 13113 |
| 10658 | ARC Resources, Ltd. | 143676 |
| 18809 | Athabasca Oil Corp.\* | 33483 |
| 2064 | Baytex Energy Corp.\* | 9309 |
| 2249 | Baytex Energy Corp.\* | 10100 |
| 51245 | Beach Energy, Ltd. | 55781 |
| 10541 | Birchcliff Energy, Ltd. | 73424 |
| 31108 | BP plc, ADR | 1086602 |
| 10317 | BP plc | 59983 |
| 173000 | Brightoil Petroleum Holdings, Ltd.\* |  |
| 696 | BW Energy, Ltd.\* | 1789 |
| 2656 | BW LPG, Ltd.(a) | 20631 |
| 22053 | Cairn Energy plc\* | 69866 |
| 789 | Cameco Corp. | 17886 |
| 1022 | Cameco Corp. | 23169 |
| 7637 | Canacol Energy, Ltd. | 11057 |
| 9654 | Canadian Natural Resources, Ltd. | 536087 |
| 3012 | Cardinal Energy, Ltd. | 16953 |
| 14953 | Cenovus Energy, Inc. | 290158 |
| 2956 | Cenovus Energy, Inc. | 57376 |
| 13100 | China Aviation Oil Singapore Corp., Ltd. | 8711 |
| 64430 | Cooper Energy, Ltd.\* | 8116 |
| 2400 | Cosmo Energy Holdings Co., Ltd. | 63483 |
| 8781 | Crescent Point Energy | 62784 |
| 7561 | Crescent Point Energy Corp. | 53951 |
| 8223 | Crew Energy, Inc.\* | 34197 |
| 854 | CropEnergies AG | 11888 |
| 252 | Delek Group, Ltd.\* | 27909 |
| 20320 | DNO ASA | 24638 |
| 6087 | Enbridge, Inc. | 237941 |
| 79400 | ENEOS Holdings, Inc. | 270389 |
| 1394 | Energean PLC | 22074 |
| 7800 | Enerplus Corp. | 137701 |
| 33738 | ENI SpA | 481853 |
| 120434 | EnQuest plc\* | 31263 |
| 7441 | Equinor ASA | 267229 |
| 1081 | Equital, Ltd.\* | 32249 |
| 1390 | Etablissements Maurel et Prom SA | 5990 |
| 3835 | Euronav NV | 64609 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| 1579 | Exmar NV | $13376 |
| 762 | FLEX LNG, Ltd. | 25086 |
| 3700 | Freehold Royalties, Ltd. | 43264 |
| 1400 | Frontera Energy Corp.\* | 12689 |
| 2211 | Frontline, Ltd. | 26554 |
| 3100 | Fuji Oil Co., Ltd. | 6070 |
| 13793 | Galp Energia SGPS SA | 186613 |
| 891 | Gaztransport et Technigaz SA | 95178 |
| 6249 | Genel Energy plc | 9411 |
| 4350 | Gibson Energy, Inc. | 75959 |
| 22100 | Golden Energy Resources, Ltd.\* | 12918 |
| 19607 | Gran Tierra Energy, Inc.\* | 19552 |
| 14984 | Gulf Keystone Petroleum, Ltd. | 36401 |
| 5643 | Harbour Energy plc | 20824 |
| 2000 | Headwater Exploration, Inc. | 8746 |
| 6000 | Idemitsu Kosan Co., Ltd. | 140428 |
| 2174 | Imperial Oil, Ltd. | 105906 |
| 14400 | INPEX Corp. | 153680 |
| 2244 | International Petroleum Corp.\* | 25526 |
| 2823 | International Petroleum Corp. / Sweden\* | 31784 |
| 3600 | Itochu Enex Co., Ltd. | 28625 |
| 1500 | Iwatani Corp. | 65546 |
| 1000 | Japan Petroleum Exploration Co., Ltd. | 29369 |
| 24713 | Karoon Energy, Ltd.\* | 36795 |
| 7300 | Kelt Exploration, Ltd.\* | 27015 |
| 4401 | Keyera Corp. | 96193 |
| 1732 | Koninklijke Vopak NV | 51525 |
| 10707 | MEG Energy Corp.\* | 149082 |
| 1700 | Mitsuuroko Holdings Co., Ltd. | 14635 |
| 1502 | Naphtha Israel Petroleum Corp.\* | 6915 |
| 1723 | Neste Oyj | 79571 |
| 14065 | New Hope Corp., Ltd. | 60691 |
| 7392 | New Zealand Refining Co., Ltd. (The)\* | 6699 |
| 64000 | NewOcean Energy Holdings, Ltd.\* | 120 |
| 21200 | Nippon Coke & Engineering Co., Ltd. | 13730 |
| 575 | Norwegian Energy Co. ASA\* | 23139 |
| 7654 | Nuvista Energy, Ltd.\* | 70558 |
| 104047 | Oil Refineries, Ltd. | 36483 |
| 3195 | OMV AG | 164954 |
| 41785 | Paladin Energy, Ltd.\* | 19272 |
| 5770 | Panoro Energy ASA | 16629 |
| 1307 | Paramount Resouces, Ltd., Class A | 27650 |
| 4173 | Parex Resources, Inc. | 62111 |
| 5000 | Parkland Corp. | 109728 |
| 300 | Paz Oil Co., Ltd.\* | 37418 |
| 1584 | Pembina Pipeline Corp. | 53777 |
| 601 | Pembina Pipeline Corp. | 20403 |
| 6660 | Peyto Exploration & Development Corp. | 68233 |
| 12892 | Pharos Energy plc\* | 3616 |
| 7163 | Pipestone Energy Corp.\* | 15873 |
| 5032 | Prairiesky Royalty, Ltd. | 80658 |
| 31937 | Repsol SA | 509045 |
| 1600 | Sala Corp. | 8863 |
| 3100 | San-Ai Oil Co., Ltd. | 29212 |
| 38054 | Santos, Ltd. | 186555 |
| 23460 | Saras SpA\* | 28917 |
| 8575 | Serica Energy plc | 29403 |
| 40338 | Shell PLC, ADR | 2297249 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| 400 | Sinanen Holdings Co., Ltd. | $11787 |
| 15527 | Stobart Group, Ltd.\* | 956 |
| 9472 | Suncor Energy, Inc. | 300547 |
| 9878 | Suncor Energy, Inc. | 313385 |
| 16600 | Tamarack Valley Energy, Ltd. | 54688 |
| 1103 | TC Energy Corp. | 43980 |
| 1817 | TC Energy Corp. | 72426 |
| 13400 | Tidewater Midstream and Infrastructure, Ltd. | 9997 |
| 1559 | Torm PLC | 44489 |
| 31387 | TotalEnergies SE^ | 1958746 |
| 5238 | Tourmaline Oil Corp. | 264337 |
| 64721 | Tullow Oil plc\* | 28883 |
| 542 | Verbio Vereinigte Bioenergie AG | 35155 |
| 5883 | Vermilion Energy, Inc. | 104163 |
| 24351 | Viva Energy Group, Ltd.(a) | 45214 |
| 17452 | Whitecap Resources, Inc. | 138451 |
| 22746 | Whitehaven Coal, Ltd. | 145798 |
| 17225 | Woodside Energy Group, Ltd. | 416668 |
|  |  | 14265792 |
| **Paper & Forest Products (0.7%):** | **Paper & Forest Products (0.7%):** |  |
| 2718 | Altri SGPS SA | 14548 |
| 2729 | Canfor Corp.\* | 42957 |
| 600 | Daiken Corp. | 9513 |
| 3000 | Daio Paper Corp. | 23130 |
| 8317 | Ence Energia y Celulosa S.A | 24972 |
| 301 | Hadera Paper, Ltd. | 29571 |
| 6700 | Hokuetsu Corp. | 38809 |
| 780 | Holmen AB, B Shares | 31048 |
| 2627 | Interfor Corp.\* | 40750 |
| 5272 | Metsa Board OYJ | 49420 |
| 6263 | Mondi plc | 106345 |
| 11089 | Navigator Co. SA (The) | 40973 |
| 4800 | Nippon Paper Industries Co., Ltd. | 35659 |
| 1828 | Norske Skog ASA\*(a) | 12572 |
| 23300 | Oji Holdings Corp. | 94267 |
| 1998 | Stella-Jones, Inc. | 71608 |
| 6977 | Stora Enso Oyj, Class R | 98554 |
| 2882 | Svenska Cellulosa AB SCA, Class B | 36461 |
| 600 | Tokushu Tokai Paper Co., Ltd. | 12879 |
| 7592 | UPM-Kymmene Oyj | 284553 |
| 2154 | West Fraser Timber Co., Ltd. | 155560 |
| 24618 | Western Forest Products, Inc. | 21094 |
|  |  | 1275243 |
| **Personal Products (0.8%):** | **Personal Products (0.8%):** |  |
| 306 | Beiersdorf AG | 35109 |
| 3201 | Best World International, Ltd.\* | 4255 |
| 307 | Blackmores, Ltd. | 15041 |
| 800 | Fancl Corp. | 16355 |
| 6497 | Haleon PLC\* | 25982 |
| 5222 | Haleon PLC, ADR\* | 41776 |
| 372 | Interparfums SA | 22194 |
| 1514 | Jamieson Wellness, Inc.(a) | 39242 |
| 3900 | Kao Corp. | 156143 |
| 300 | Kobayashi Pharmaceutical Co., Ltd. | 20640 |
| 200 | Kose Corp. | 21731 |
| 10500 | L'occitane International SA | 32705 |
| 724 | L'Oreal SA | 259693 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Personal Products, continued** | **Personal Products, continued** | |
| 1600 | Mandom Corp. | $17844 |
| 400 | Milbon Co., Ltd. | 17276 |
| 600 | Noevir Holdings Co., Ltd. | 26467 |
| 2645 | Ontex Group NV\* | 17660 |
| 1200 | Pola Orbis Holdings, Inc. | 16980 |
| 3200 | Rohto Pharmaceutical Co., Ltd. | 56767 |
| 1200 | Shiseido Co., Ltd. | 59146 |
| 1324 | Unilever plc | 66780 |
| 11923 | Unilever plc, ADR | 600323 |
| 1300 | Ya-Man, Ltd. | 14249 |
|  |  | 1584358 |
| **Pharmaceuticals (4.1%):** | **Pharmaceuticals (4.1%):** |  |
| 3440 | Alk Abello A/S\* | 47727 |
| 15687 | Alliance Pharma plc | 10044 |
| 1963 | Almirall SA | 18992 |
| 2600 | Astellas Pharma, Inc. | 39451 |
| 5086 | AstraZeneca plc, ADR | 344831 |
| 491 | Aurora Cannabis, Inc.\* | 453 |
| 1200 | Bausch Health Cos., Inc.\* | 7534 |
| 1145 | Bausch Health Cos., Inc.\* | 7191 |
| 10978 | Bayer AG, Registered Shares | 566741 |
| 900 | Canopy Growth Corp.\* | 2087 |
| 3200 | Chugai Pharmaceutical Co., Ltd. | 81325 |
| 900 | Daiichi Sankyo Co., Ltd. | 28847 |
| 300 | Daito Pharmaceutical Co., Ltd. | 5705 |
| 1021 | Dechra Pharmaceuticals plc | 32335 |
| 324 | Dermapharm Holding SE | 13000 |
| 500 | Eisai Co., Ltd. | 32754 |
| 192 | Euroapi Sasu\* | 2845 |
| 11707 | Faes Farma SA | 43952 |
| 700 | Fuji Pharma Co., Ltd. | 5446 |
| 500 | Fuso Pharmaceutical Industries. Ltd. | 7584 |
| 1668 | Galenica AG(a) | 136257 |
| 10023 | GSK PLC, ADR | 352208 |
| 5197 | GSK PLC | 90356 |
| 6920 | H Lundbeck A/S\* | 25931 |
| 3600 | Haw Par Corp., Ltd. | 25750 |
| 4157 | Hikma Pharmaceuticals plc | 78043 |
| 800 | Hisamitsu Pharmaceutical Co., Inc. | 23729 |
| 5240 | Indivior PLC\* | 117195 |
| 943 | Ipsen SA | 101611 |
| 2400 | JCR Pharmaceuticals Co., Ltd. | 30731 |
| 1000 | Kaken Pharmaceutical Co., Ltd. | 29419 |
| 1000 | Kissei Pharmaceutical Co., Ltd. | 19634 |
| 900 | Kyowa Kirin Co., Ltd. | 20707 |
| 166 | Laboratorios Farmaceuticos Rovi SA | 6400 |
| 98378 | Mayne Pharma Group, Ltd.\* | 13312 |
| 743 | Merck KGaA | 143869 |
| 400 | Mochida Pharmaceutical Co., Ltd. | 10574 |
| 900 | Nippon Shinyaku Co., Ltd. | 51286 |
| 9750 | Novartis AG, Registered Shares | 883407 |
| 11360 | Novo Nordisk A/S, Class B | 1538409 |
| 1400 | Ono Pharmaceutical Co., Ltd. | 32755 |
| 3447 | Orion Oyj, Class B | 188914 |
| 658 | Orion OYJ | 36071 |
| 1300 | Otsuka Holdings Co., Ltd. | 42329 |
| 1315 | Recordati SpA | 54653 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Pharmaceuticals, continued** | **Pharmaceuticals, continued** | |
| 4498 | Roche Holding AG | $1413932 |
| 163 | Roche Holding AG | 63191 |
| 4192 | Sanofi | 405563 |
| 2200 | Santen Pharmaceutical Co., Ltd. | 18002 |
| 800 | Sawai Group Holdings Co., Ltd. | 24955 |
| 1300 | Seikagaku Corp. | 8828 |
| 500 | Shionogi & Co., Ltd. | 24878 |
| 2832 | SNDL, Inc.\* | 5919 |
| 3200 | Sumitomo Dainippon Pharma Co., Ltd. | 24354 |
| 800 | Taisho Pharmaceutical Holdings Co., Ltd. | 35316 |
| 5700 | Takeda Pharmacuetical Co., Ltd. | 178061 |
| 3088 | Teva Pharmaceutical Industries, Ltd., ADR\* | 28163 |
| 800 | Torii Pharmaceutical Co., Ltd. | 17723 |
| 1200 | Towa Pharmaceutical Co., Ltd. | 19483 |
| 1400 | Tsumura & Co. | 30911 |
| 861 | UCB SA | 67807 |
| 26000 | United Laboratories International Holdings, Ltd. | 16232 |
| 65 | Vetoquinol SA | 6105 |
| 105 | Virbac SA | 25737 |
|  |  | 7767554 |
| **Professional Services (1.7%):** | **Professional Services (1.7%):** |  |
| 3499 | Adecco Group AG | 115094 |
| 1864 | AFRY AB | 30644 |
| 6654 | ALS, Ltd. | 55325 |
| 770 | Altech Corp. | 12307 |
| 111 | Amadeus Fire AG | 13732 |
| 1825 | Applus Services SA | 12575 |
| 1300 | Baycurrent Consulting, Inc. | 40656 |
| 1100 | Benefit One, Inc. | 16134 |
| 372 | Bertrandt AG | 15888 |
| 4743 | Bureau Veritas SA | 124810 |
| 180 | Danel Adir Yeoshua, Ltd. | 14099 |
| 1445 | DKSH Holding, Ltd. | 109897 |
| 900 | en Japan, Inc. | 16440 |
| 5360 | Experian plc | 182435 |
| 1200 | FULLCAST Holdings Co., Ltd. | 25813 |
| 900 | Funai Soken Holdings, Inc. | 18621 |
| 175 | Groupe Crit | 11426 |
| 22373 | Hays plc | 31311 |
| 2075 | Intertek Group plc | 101255 |
| 4646 | IPH, Ltd. | 27350 |
| 300 | IR Japan Holdings, Ltd. | 4096 |
| 1000 | Jac Recruitment Co., Ltd. | 18364 |
| 1000 | Management Solutions Co., Ltd. | 25284 |
| 3994 | McMillan Shakespeare, Ltd. | 36545 |
| 1500 | Meitec Corp. | 27090 |
| 2400 | Nihon M&A Center, Inc. | 29774 |
| 3000 | Outsourcing, Inc. | 21661 |
| 8516 | Pagegroup plc | 47524 |
| 1400 | Pasona Group, Inc. | 19832 |
| 2100 | Persol Holdings Co., Ltd. | 44604 |
| 3572 | Randstad NV | 218100 |
| 7800 | Recruit Holdings Co., Ltd. | 248108 |
| 5236 | RELX plc, ADR | 145142 |
| 7938 | RELX plc | 219882 |
| 2833 | Ricardo plc | 16488 |
| 3902 | Robert Walters plc | 25388 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Professional Services, continued** | **Professional Services, continued** | |
| 2331 | RWS Holdings plc | $10597 |
| 77 | SGS SA, Registered Shares | 178328 |
| 1500 | SMS Co., Ltd. | 38326 |
| 3200 | S-Pool, Inc. | 20827 |
| 1621 | Stantec, Inc. | 77711 |
| 600 | Stantec, Inc. | 28755 |
| 7669 | SThree plc | 37360 |
| 1633 | Talenom Oyj | 15909 |
| 1100 | Tanseisha Co., Ltd. | 5992 |
| 2100 | Technopro Holdings, Inc. | 55528 |
| 687 | Teleperformance | 163912 |
| 304 | Thomson Reuters Corp. | 34677 |
| 1065 | Tinexta SpA | 26065 |
| 1100 | UT Group Co., Ltd. | 18932 |
| 300 | Visional, Inc.\* | 19923 |
| 3630 | Wolters Kluwer NV | 379132 |
|  |  | 3235668 |
| **Real Estate Management & Development (2.3%):** | **Real Estate Management & Development (2.3%):** |  |
| 697 | Aedas Homes SA(a) | 10292 |
| 1700 | AEON Mall Co., Ltd. | 21962 |
| 206 | AFI Properties, Ltd.\* | 6082 |
| 1001 | Airport City, Ltd.\* | 16036 |
| 2300 | Airport Facilities Co., Ltd. | 9068 |
| 372 | Allreal Holding AG | 60604 |
| 1972 | Alony Hetz Properties & Invest | 20107 |
| 492 | Alrov Properties And Lodgings, Ltd. | 25604 |
| 700 | Altus Group, Ltd. | 27942 |
| 2393 | Amot Investments, Ltd. | 14075 |
| 2116 | Annehem Fastigheter AB\* | 4015 |
| 11406 | Aroundtown SA | 26623 |
| 46000 | Asia Standard International Group, Ltd.\* | 3996 |
| 1255 | Aspen Group Holdings, Ltd.\* | 40 |
| 1281 | Atrium Ljungberg AB, Class B | 21043 |
| 233 | Azrieli Group | 15502 |
| 210 | Big Shopping Centers, Ltd.\* | 21533 |
| 522 | BlackRock Debt Strategies Fund, Inc. | 5788 |
| 116 | Blue Square Real Estate, Ltd. | 6856 |
| 59 | Brack Capital Properties NV\* | 6148 |
| 3700 | Bukit Sembawang Estates, Ltd. | 12664 |
| 695 | CA Immobilien Anlagen AG | 21034 |
| 11000 | Capitaland Investment, Ltd. | 30427 |
| 1420 | Castellum AB^ | 17143 |
| 626 | Catena AB | 23337 |
| 2946 | Cedar Woods Properties, Ltd. | 8659 |
| 18000 | Chinese Estates Holdings, Ltd.\* | 5813 |
| 52000 | Chuang's Consortium International, Ltd. | 4724 |
| 851 | Cibus Nordic Real Estate AB | 11728 |
| 7300 | City Developments, Ltd. | 44712 |
| 1684 | Citycon OYJ | 11283 |
| 12675 | CK Asset Holdings, Ltd. | 78042 |
| 3571 | CLS Holdings plc | 6877 |
| 127 | Colliers International Group | 11689 |
| 300 | Colliers International Group, Inc. | 27562 |
| 12641 | Corem Property Group AB, Class B | 10221 |
| 340000 | CSI Properties, Ltd. | 5532 |
| 1000 | Daito Trust Construction Co., Ltd. | 102791 |
| 8200 | Daiwa House Industry Co., Ltd. | 188185 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Real Estate Management & Development, continued** | **Real Estate Management & Development, continued** | |
| 712 | Deutsche Wohnen SE | $15163 |
| 1139 | Dic Asset AG | 9279 |
| 2651 | Dios Fastigheter AB | 19244 |
| 4200 | DoubleLine Yield Opportunities Fund | 11771 |
| 1450 | DREAM Unlimited Corp. | 27237 |
| 34000 | Emperor International Holdings | 2883 |
| 7600 | ESR Cayman, Ltd.(a) | 15953 |
| 2062 | Fabege AB | 17608 |
| 82189 | Far East Consortium International, Ltd. | 19627 |
| 3102 | Fastighets AB Balder, B Shares\* | 14524 |
| 862 | FastPartner AB, Class A | 5894 |
| 28100 | First Trust High Income Long/Short Fund | 23729 |
| 696 | FirstService Corp. | 85295 |
| 11092 | Foxtons Group plc | 3981 |
| 16000 | Frasers Property, Ltd. | 11106 |
| 2231 | Gav-Yam Lands Corp., Ltd. | 17415 |
| 1100 | Goldcrest Co., Ltd. | 14087 |
| 17039 | Grainger plc | 51733 |
| 1873 | Grand City Properties SA | 18430 |
| 10516 | Great Eagle Holdings, Ltd. | 23122 |
| 17100 | GuocoLand, Ltd. | 20695 |
| 28000 | Hang Lung Group, Ltd. | 51448 |
| 34984 | Hang Lung Properties, Ltd. | 67928 |
| 1200 | Heiwa Real Estate Co., Ltd. | 33273 |
| 5154 | Helical plc | 20789 |
| 17706 | Henderson Land Development Co., Ltd. | 61826 |
| 37840 | HKR International, Ltd. | 11817 |
| 9400 | Ho Bee Land, Ltd. | 17013 |
| 18500 | Hong Fok Corp., Ltd. | 13134 |
| 13000 | Hongkong Land Holdings, Ltd. | 59620 |
| 2049 | Hufvudstaden AB | 29205 |
| 6800 | Hulic Co., Ltd. | 53525 |
| 11000 | Hysan Development Co., Ltd. | 35488 |
| 151 | IES Holdings, Ltd. | 10245 |
| 242 | Immobel SA | 11654 |
| 218 | Ina Invest Holding AG\* | 4644 |
| 700 | Information Services Corp. | 12497 |
| 1253 | Instone Real Estate Group AG(a) | 10819 |
| 29 | Intershop Holdings AG | 18931 |
| 2000 | Invesque, Inc.\* | 1600 |
| 164 | Investis Holding SA | 17999 |
| 1643 | Israel Canada T.R, Ltd. | 3580 |
| 29717 | IWG plc\* | 59595 |
| 25000 | K Wah International Holdings Ltd. | 8681 |
| 1500 | Katitas Co., Ltd. | 34504 |
| 22225 | Kerry Properties, Ltd. | 48415 |
| 2347 | K-fast Holding AB\* | 5298 |
| 1455 | Kojamo Oyj | 21554 |
| 26000 | Kowloon Development Co., Ltd. | 24556 |
| 17100 | Lai Sun Development Co., Ltd.\* | 3646 |
| 112800 | Landing International Development, Ltd.\* | 3614 |
| 44500 | Langham Hospitality Investment | 6329 |
| 1262 | LEG Immobilien SE | 82228 |
| 7615 | Lend Lease Group | 40587 |
| 883 | Lifestyle Communities, Ltd. | 11446 |
| 8000 | Liu Chong Hing Investment, Ltd. | 7383 |
| 4644 | LSL Property Services plc | 14046 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Real Estate Management & Development, continued** | **Real Estate Management & Development, continued** | |
| 276 | Mega Or Holdings, Ltd. | $7626 |
| 463 | Melisron, Ltd. | 33178 |
| 59000 | Mingfa Group International Co., Ltd.\* | 3024 |
| 3100 | Mirainovate Co., Ltd. | 5165 |
| 4800 | Mitsubishi Estate Co., Ltd. | 62125 |
| 4100 | Mitsui Fudosan Co., Ltd. | 74914 |
| 9306 | Mivne Real Estate KD, Ltd. | 29687 |
| 280 | Mobimo Holding AG, Registered Shares | 71273 |
| 100 | Morguard Corp. | 8307 |
| 706 | Neobo Fastigheter AB\* | 1323 |
| 28087 | New World Development Co., Ltd. | 79187 |
| 1539 | Nexity SA | 42889 |
| 800 | Nippon Commercial Development Co., Ltd. | 11254 |
| 1700 | Nisshin Group Holdings Co., Ltd. | 5545 |
| 2200 | Nomura Real Estate Holdings, Inc. | 47040 |
| 522 | NP3 Fastigheter AB | 9965 |
| 3463 | Nyfosa AB | 26858 |
| 17900 | Oue, Ltd. | 16710 |
| 54608 | Oxley Holdings, Ltd. | 5914 |
| 25655 | Pacific Century Premium Developments, Ltd.\* | 1231 |
| 2592 | PEXA Group, Ltd.\* | 20846 |
| 1195 | Platzer Fastigheter Holding AB, Class B | 9432 |
| 222 | Prashkovsky Investments And Construction, Ltd. | 5118 |
| 779 | PSP Swiss Property AG | 91633 |
| 125 | Raysum Co., Ltd. | 1243 |
| 3244 | Real Matters, Inc.\* | 10016 |
| 2300 | Relo Group, Inc. | 37212 |
| 914 | Sagax AB, Class B | 20828 |
| 7058 | Samhallsbyggnadsbolaget i Norden AB | 11853 |
| 1200 | SAMTY Co., Ltd. | 19424 |
| 4490 | Savills plc | 44842 |
| 1875 | Selvaag Bolig ASA | 6145 |
| 70000 | Shun Tak Holdings, Ltd.\* | 15070 |
| 795 | Shurgard Self Storage SA | 36538 |
| 100800 | Sinarmas Land, Ltd. | 13549 |
| 46317 | Sino Land Co., Ltd. | 57691 |
| 11926 | Sirius Real Estate, Ltd. | 10624 |
| 5000 | Soundwill Holdings, Ltd. | 4379 |
| 200 | SRE Holdings Corp.\* | 4938 |
| 1800 | Starts Corp., Inc. | 35500 |
| 2500 | Sumitomo Realty & Development Co., Ltd. | 58874 |
| 1493 | Summit Real Estate Holdings, Ltd. | 18879 |
| 1800 | Sun Frontier Fudousan Co., Ltd. | 15004 |
| 5921 | Sun Hung Kai Properties, Ltd. | 81031 |
| 6646 | Swire Pacific, Ltd., Class A | 58292 |
| 17500 | Swire Pacific, Ltd., Class B | 23799 |
| 8600 | Swire Properties, Ltd. | 21758 |
| 2374 | Swiss Prime Site AG | 206193 |
| 3096 | TAG Immobilien AG | 20042 |
| 21000 | TAI Cheung Holdings, Ltd. | 11822 |
| 2900 | Toc Co., Ltd. | 14807 |
| 6400 | Tokyo Tatemono Co., Ltd. | 77487 |
| 17000 | Tokyu Fudosan Holdings Corp. | 80700 |
| 2400 | Tosei Corp. | 24785 |
| 4220 | Tricon Residential, Inc. | 32543 |
| 213 | UBM Development AG | 5191 |
| 7900 | UOL Group, Ltd. | 39682 |
| 241 | VGP NV | 20148 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Real Estate Management & Development, continued** | **Real Estate Management & Development, continued** | |
| 4424 | Vonovia SE | $104247 |
| 3836 | Wallenstam AB | 16221 |
| 6 | Warteck Invest AG | 14725 |
| 6203 | Watkin Jones plc | 7525 |
| 9829 | Wharf Real Estate Investment Co., Ltd. | 57308 |
| 4068 | Wihlborgs Fastigheter AB | 30781 |
| 20700 | Wing Tai Holdings, Ltd. | 23177 |
| 16000 | Wing Tai Properties, Ltd. | 7175 |
| 148 | YH Dimri Construction & Development, Ltd. | 9215 |
| 17 | Zug Estates Holding AG | 32554 |
|  |  | 4407493 |
| **Road & Rail (1.2%):** | **Road & Rail (1.2%):** |  |
| 52525 | Aurizon Holdings, Ltd. | 132453 |
| 2571 | Canadian National Railway Co. | 305640 |
| 1007 | Canadian Pacific Railway, Ltd. | 75112 |
| 600 | Central Japan Railway Co. | 73825 |
| 1200 | Chilled & Frozen Logistics Holdings Co., Ltd. | 11107 |
| 41300 | ComfortDelGro Corp., Ltd. | 37862 |
| 1240 | DSV A/S | 196706 |
| 1300 | East Japan Railway Co. | 74185 |
| 16195 | FirstGroup plc | 19817 |
| 1200 | Fukuyama Transporting Co., Ltd. | 27727 |
| 1000 | Hamakyorex Co., Ltd. | 23753 |
| 2400 | Hankyu Hanshin Holdings, Inc. | 71362 |
| 1100 | Ichinen Holdings Co., Ltd. | 10435 |
| 206 | Jungfraubahn Holding AG, Registered Shares\* | 27617 |
| 2500 | Keikyu Corp. | 26401 |
| 700 | Keio Corp. | 25741 |
| 1200 | Keisei Electric Railway Co., Ltd. | 34331 |
| 1500 | Kintetsu Group Holdings Co., Ltd. | 49727 |
| 1000 | Kyushu Railway Co. | 22221 |
| 400 | Maruzen Showa Unyu Co., Ltd. | 9249 |
| 7711 | MTR Corp., Ltd. | 40858 |
| 4500 | Mullen Group, Ltd. | 48364 |
| 2300 | Nagoya Railroad Co., Ltd. | 38007 |
| 1600 | Nankai Electric Railway Co., Ltd. | 34686 |
| 13705 | National Express Group plc\* | 21553 |
| 2200 | Nikkon Holdings Co., Ltd. | 39002 |
| 1800 | Nippon Express Holdings Co., Ltd. | 102665 |
| 1300 | Nishi-Nippon Railroad Co., Ltd. | 24370 |
| 147 | NTG Nordic Transport Group A/S\* | 5065 |
| 2000 | Odakyu Electric Railway Co., Ltd. | 26072 |
| 11036 | Redde Northgate plc | 54881 |
| 500 | Sakai Moving Service Co., Ltd. | 16476 |
| 1600 | Sankyu, Inc. | 58271 |
| 4500 | Seino Holdings Co., Ltd. | 39862 |
| 3900 | Senko Group Holdings Co., Ltd. | 28674 |
| 483 | Sixt SE | 28171 |
| 368 | Sixt SE | 33847 |
| 1000 | Sotetsu Holdings, Inc. | 16860 |
| 278 | Stef S.A. | 26954 |
| 1298 | TFI International, Inc. | 130020 |
| 1500 | Tobu Railway Co., Ltd. | 35126 |
| 3400 | Tokyu Corp. | 42829 |
| 300 | Tonami Holdings Co., Ltd. | 8341 |
| 3913 | Tourism Holdings, Ltd.\* | 8567 |
| 400 | Trancom Co., Ltd. | 22499 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Road & Rail, continued** | **Road & Rail, continued** | |
| 15330 | Transport International Holdings, Ltd. | $22350 |
| 1600 | West Japan Railway Co. | 69846 |
|  |  | 2279487 |
| **Semiconductors & Semiconductor Equipment (1.9%):** | **Semiconductors & Semiconductor Equipment (1.9%):** |  |
| 1200 | Advantest Corp. | 77484 |
| 9500 | Aem Holdings, Ltd. | 24299 |
| 7502 | ams AG\* | 55221 |
| 458 | ASM International NV | 115931 |
| 2411 | ASML Holding NV, NYS | 1317370 |
| 9019 | ASMPT, Ltd. | 64302 |
| 1796 | BE Semiconductor Industries NV | 109087 |
| 300 | Disco Corp. | 86254 |
| 185 | Elmos Semiconductor SE | 10595 |
| 1700 | Ferrotec Holdings Corp. | 36044 |
| 6535 | Infineon Technologies AG | 199013 |
| 24323 | IQE plc\*^ | 14610 |
| 2200 | Japan Material Co., Ltd. | 35352 |
| 600 | Lasertec Corp. | 99677 |
| 500 | Megachips Corp. | 9254 |
| 879 | Melexis NV | 76531 |
| 1700 | Micronics Japan Co., Ltd. | 16859 |
| 800 | Mimasu Semiconductor Industry | 14082 |
| 500 | Mitsui High-Tec, Inc. | 23343 |
| 1737 | Nordic Semiconductor ASA\* | 29130 |
| 241 | Nova Measuring Instruments, Ltd.\* | 19663 |
| 1100 | Optorun Co., Ltd. | 18494 |
| 9700 | Renesas Electronics Corp.\* | 87677 |
| 700 | ROHM Co., Ltd. | 49961 |
| 300 | Rorze Corp. | 16243 |
| 600 | Sanken Electric Co., Ltd. | 29391 |
| 1000 | SCREEN Holdings Co., Ltd. | 64424 |
| 300 | Shindengen Electric Manufacturing Co., Ltd. | 6844 |
| 1100 | Shinko Electric Industries Co., Ltd. | 27752 |
| 709 | Siltronic AG | 51672 |
| 310 | Soitec\* | 51071 |
| 5416 | STMicroelectronics NV | 192511 |
| 409 | SUESS MicroTec SE | 6635 |
| 6100 | SUMCO Corp. | 81634 |
| 900 | Tokyo Electron, Ltd. | 267398 |
| 800 | Tokyo Seimitsu Co., Ltd. | 25996 |
| 1000 | Towa Corp. | 12870 |
| 2902 | Tower Semiconductor, Ltd.\* | 125366 |
| 1200 | Tri Chemical Laboratories, Inc. | 18167 |
| 144 | u-blox Holding AG | 17256 |
| 1000 | Ulvac, Inc. | 41632 |
| 24700 | UMS Holdings, Ltd. | 21847 |
| 1978 | X-Fab Silicon Foundries SE\*(a) | 13992 |
| 1200 | Yamaichi Electronics Co., Ltd. | 15499 |
|  |  | 3678433 |
| **Software (1.0%):** | **Software (1.0%):** |  |
| 1800 | Access Co., Ltd.\* | 11215 |
| 1484 | Accesso Technology Group PLC\* | 14883 |
| 1000 | Altium, Ltd. | 23838 |
| 50 | Atoss Software AG | 7425 |
| 1040 | AVEVA Group plc | 40385 |
| 4889 | BlackBerry, Ltd.\* | 15926 |
| 10573 | Bravura Solutions, Ltd. | 6223 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Software, continued** | **Software, continued** | |
| 5897 | Bytes Technology Group PLC | $27553 |
| 500 | Computer Engineering & Consulting, Ltd. | 5820 |
| 101 | Constellation Software, Inc. | 157712 |
| 464 | Crayon Group Holding ASA\*(a) | 4751 |
| 1400 | Cresco, Ltd. | 18591 |
| 1200 | Cybozu, Inc. | 22156 |
| 1150 | Dassault Systemes SE | 41471 |
| 564 | Descartes Systems Group, Inc.\* | 39283 |
| 300 | Digital Arts, Inc. | 12726 |
| 1000 | Enghouse Systems, Ltd. | 26570 |
| 5800 | Fortnox AB | 26422 |
| 1966 | F-Secure Oyj\* | 5968 |
| 400 | Fuji Soft, Inc. | 23038 |
| 900 | Fukui Computer Holdings, Inc. | 17919 |
| 8509 | Hansen Technology, Ltd. | 29753 |
| 690 | Hilan, Ltd. | 34318 |
| 3100 | Infomart Corp. | 8427 |
| 16011 | Infomedia, Ltd. | 13026 |
| 7858 | Integrated Research, Ltd.\* | 2397 |
| 3230 | IRESS, Ltd. | 20976 |
| 600 | Justsystems Corp. | 12873 |
| 200 | Kinaxis, Inc.\* | 22442 |
| 570 | Lectra | 21513 |
| 3211 | Lightspeed Commerce, Inc.\* | 45895 |
| 36 | Linedata Services | 1776 |
| 1195 | Magic Software Enterprises, Ltd. | 19071 |
| 8235 | Micro Focus International plc, ADR | 51963 |
| 500 | Miroku Jyoho Service Co., Ltd. | 5496 |
| 1498 | Nemetschek SE | 76501 |
| 621 | Netcompany Group A/S\*(a) | 26219 |
| 145 | Nice, Ltd.\* | 28149 |
| 400 | OBIC Business Consultants Co., Ltd. | 13087 |
| 3485 | Open Text Corp. | 103295 |
| 680 | Open Text Corp. | 20152 |
| 400 | Oracle Corp. | 26030 |
| 30 | Otello Corp. ASA | 24 |
| 65 | QT Group Oyj\* | 3115 |
| 900 | Rakus Co., Ltd. | 10854 |
| 8965 | Sage Group plc (The) | 80496 |
| 1181 | SAP SE | 121861 |
| 1060 | SimCorp A/S | 72454 |
| 6037 | Sinch AB\*(a) | 22046 |
| 1484 | Software AG | 38397 |
| 500 | SRA Holdings | 11506 |
| 8400 | Systena Corp. | 26297 |
| 2838 | TeamViewer AG\*(a) | 36592 |
| 5567 | Technology One, Ltd. | 49715 |
| 1604 | Temenos AG | 88629 |
| 3468 | TomTom NV\* | 24117 |
| 1900 | Trend Micro, Inc. | 88862 |
| 12001 | Vista Group International, Ltd.\* | 11596 |
| 271 | Vitec Software Group AB B Sh | 10902 |
| 568 | WiseTech Global, Ltd. | 19582 |
| 1966 | WithSecure Oyj\* | 2892 |
| 423 | Xero, Ltd.\* | 20188 |
|  |  | 1873359 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Specialty Retail (1.5%):** | **Specialty Retail (1.5%):** | |
| 400 | ABC-Mart, Inc. | $22721 |
| 16866 | Accent Group, Ltd. | 19265 |
| 11214 | Adairs, Ltd. | 16775 |
| 1300 | Adastria Co., Ltd. | 23037 |
| 900 | Alpen Co., Ltd. | 13376 |
| 2600 | Aoki Holdings, Inc. | 13549 |
| 2800 | Aoyama Trading Co., Ltd. | 19606 |
| 3236 | AP Eagers, Ltd. | 23823 |
| 1143 | Auto1 Group SE\*(a) | 9518 |
| 2500 | Autobacs Seven Co., Ltd. | 27439 |
| 613 | Autocanada, Inc.\* | 10555 |
| 2300 | BIC Camera, Inc. | 22467 |
| 2768 | Bilia AB, Class A | 30426 |
| 1681 | Blackstone Strategic Credit Fund | 18136 |
| 3245 | Byggmax Group AB | 15495 |
| 2609 | Carasso Motors, Ltd. | 15066 |
| 16294 | Card Factory plc\* | 15410 |
| 3919 | Ceconomy AG | 7780 |
| 800 | Chiyoda Co., Ltd. | 4767 |
| 18000 | Chow Sang Sang Holdings International, Ltd. | 23848 |
| 19600 | Chow Tai Fook Jewellery Group, Ltd. | 39986 |
| 1435 | Clas Ohlson AB, Class B | 9897 |
| 4700 | DCM Holdings Co., Ltd. | 43024 |
| 1548 | Delek Automotive Systems, Ltd. | 18170 |
| 39375 | Dixons Carphone plc | 25402 |
| 291 | Dor ALON Energy In Israel 1988, Ltd. | 7703 |
| 2720 | Dufry AG, Registered Shares\* | 113847 |
| 4536 | Dunelm Group plc | 53499 |
| 3700 | Edion Corp. | 36128 |
| 115950 | Esprit Holdings, Ltd.\* | 12481 |
| 400 | Fast Retailing Co., Ltd. | 242439 |
| 995 | Fielmann AG | 39447 |
| 878 | Fnac Darty SA | 32470 |
| 4126 | Frasers Group plc\* | 35441 |
| 2300 | Geo Holdings Corp. | 37987 |
| 130000 | Giordano International, Ltd. | 28702 |
| 10860 | Halfords Group plc | 27499 |
| 5472 | Hennes & Mauritz AB, Class B | 59101 |
| 200 | Hikari Tsushin, Inc. | 28139 |
| 484 | Hornbach Holding AG & Co. KGaA | 39966 |
| 4500 | Hour Glass, Ltd. The | 6845 |
| 2800 | Idom, Inc. | 14046 |
| 5629 | Industria de Diseno Textil SA | 149868 |
| 2829 | JB Hi-Fi, Ltd. | 80688 |
| 26753 | JD Sports Fashion plc | 40829 |
| 700 | JINS Holdings, Inc. | 24497 |
| 1500 | Joshin Denki Co., Ltd. | 22056 |
| 900 | Joyful Honda Co., Ltd. | 13146 |
| 26469 | Kathmandu Holdings, Ltd. | 17260 |
| 1700 | Keiyo Co., Ltd. | 11657 |
| 744 | Kid ASA(a) | 5501 |
| 43202 | Kingfisher plc | 123614 |
| 900 | Kohnan Shoji Co., Ltd. | 23452 |
| 1600 | Komeri Co., Ltd. | 33157 |
| 5800 | K's Holding Corp. | 49852 |
| 1766 | Leon's Furniture, Ltd. | 22424 |
| 19046 | Lookers plc | 17520 |
| 1029 | Lovisa Holdings, Ltd. | 16159 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Specialty Retail, continued** | **Specialty Retail, continued** | |
| 14000 | Luk Fook Holdings International, Ltd. | $41607 |
| 531 | Maisons du Monde SA(a) | 6703 |
| 2347 | Matas A/S | 23531 |
| 1563 | Mobilezone Holding AG | 25872 |
| 234 | Musti Group OYJ | 3915 |
| 1800 | Nextage Co., Ltd. | 34735 |
| 3966 | Nick Scali, Ltd. | 28685 |
| 1900 | Nishimatsuya Chain Co., Ltd. | 22440 |
| 900 | Nitori Co., Ltd. | 116741 |
| 3600 | Nojima Corp. | 39139 |
| 28290 | Oriental Watch Holdings | 14788 |
| 76677 | Pendragon plc\* | 17824 |
| 16461 | Pets At Home Group plc | 56417 |
| 2736 | Premier Investments, Ltd. | 46192 |
| 300 | Shimamura Co., Ltd. | 29888 |
| 800 | Sleep Country Canada Holdings, Inc.(a) | 13580 |
| 8071 | Super Retail Group, Ltd. | 58759 |
| 3968 | Superdry plc\* | 6151 |
| 900 | T-Gaia Corp. | 11129 |
| 2400 | USS Co., Ltd. | 38040 |
| 13891 | Vertu Motors plc | 9079 |
| 8200 | VT Holdings Co., Ltd. | 29303 |
| 6052 | Watches of Switzerland Group plc\*(a) | 60108 |
| 3396 | WHSmith plc\* | 60592 |
| 8059 | Wickes Group plc | 14252 |
| 300 | Workman Co., Ltd. | 12340 |
| 800 | World Co., Ltd. | 7959 |
| 700 | Xebio Holdings Co., Ltd. | 4885 |
| 2913 | XXL ASA(a) | 1139 |
| 15400 | Yamada Holdings Co., Ltd. | 54759 |
| 800 | Yellow Hat, Ltd. | 10935 |
|  |  | 2858445 |
| **Technology Hardware, Storage & Peripherals (0.5%):** | **Technology Hardware, Storage & Peripherals (0.5%):** |  |
| 5200 | Brother Industries, Ltd. | 78699 |
| 3400 | Canon, Inc. | 73529 |
| 700 | EIZO Corp. | 18294 |
| 1800 | Elecom Co., Ltd. | 18510 |
| 900 | FUJIFILM Holdings Corp. | 45415 |
| 10700 | Konica Minolta, Inc. | 42604 |
| 1323 | Logitech International SA, Class R | 82137 |
| 3181 | Logitech International SA, Class R | 198017 |
| 1900 | Maxell Holdings, Ltd. | 19512 |
| 4000 | Mcj Co., Ltd. | 28830 |
| 3200 | NEC Corp. | 111977 |
| 12000 | PC Partner Group, Ltd.^ | 7597 |
| 1935 | Quadient SA | 28606 |
| 7800 | Ricoh Co., Ltd. | 59837 |
| 600 | Roland Dg Corp. | 12638 |
| 2197 | S&T AG | 35900 |
| 6200 | Seiko Epson Corp. | 90008 |
| 900 | Toshiba Tec Corp. | 24471 |
| 4400 | Wacom Co., Ltd. | 19571 |
|  |  | 996152 |
| **Textiles, Apparel & Luxury Goods (2.1%):** | **Textiles, Apparel & Luxury Goods (2.1%):** |  |
| 1596 | Adidas AG | 217839 |
| 3137 | Aritzia, Inc.\* | 109719 |
| 1400 | Asics Corp. | 31072 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Textiles, Apparel & Luxury Goods, continued** | **Textiles, Apparel & Luxury Goods, continued** | |
| 1383 | Brunello Cucinelli SpA | $102607 |
| 4693 | Burberry Group plc | 114649 |
| 364 | Calida Holding AG | 18616 |
| 408 | Canada Goose Holdings, Inc.\* | 7266 |
| 600 | Canada Goose Holdings, Inc.\* | 10672 |
| 2645 | Cie Financiere Richemont SA | 342370 |
| 35102 | Coats Group plc | 28015 |
| 485 | Delta-Galil Industries, Ltd. | 20351 |
| 6098 | Dr Martens PLC | 14090 |
| 280 | Fox Wizel, Ltd. | 25674 |
| 1142 | Gildan Activewear, Inc. | 31291 |
| 3031 | Gildan Activewear, Inc. | 83018 |
| 400 | Goldwin, Inc. | 29100 |
| 900 | Gunze, Ltd. | 28773 |
| 189 | Hermes International SA | 291612 |
| 1899 | Hugo Boss AG | 110069 |
| 1500 | Japan Wool Textile Co., Ltd. (The) | 11061 |
| 504 | Kering | 257902 |
| 700 | Kurabo Industries, Ltd. | 11551 |
| 1705 | LVMH Moet Hennessy Louis Vuitton SA | 1238412 |
| 1945 | Moncler SpA | 103519 |
| 1479 | New Wave Group AB | 29391 |
| 5000 | Onward Holdings Co., Ltd. | 11808 |
| 12688 | Ovs SpA(a) | 28700 |
| 44000 | Pacific Textiles Holdings, Ltd. | 14401 |
| 2544 | Pandora A/S | 179518 |
| 5300 | Prada SpA | 29736 |
| 1974 | Puma SE | 119769 |
| 687 | Salvatore Ferragamo SpA | 12158 |
| 32100 | Samsonite International SA\*(a) | 83942 |
| 2100 | Sankyo Seiko Co., Ltd. | 7559 |
| 500 | Sanyo Shokai, Ltd.\* | 5318 |
| 1000 | Seiren Co., Ltd. | 18314 |
| 17500 | Stella International Holdings, Ltd. | 16458 |
| 732 | Swatch Group AG (The) | 38191 |
| 336 | Swatch Group AG (The), Class B | 95415 |
| 11500 | Texhong Textile Group, Ltd. | 9210 |
| 60000 | Texwinca Holdings, Ltd. | 9598 |
| 3200 | Tsi Holdings Co., Ltd. | 10796 |
| 5500 | Unitika, Ltd.\* | 10309 |
| 377 | Van de Velde NV | 12184 |
| 2000 | Wacoal Holdings Corp. | 35877 |
| 33514 | Yue Yuen Industrial Holdings, Ltd. | 46672 |
|  |  | 4064572 |
| **Thrifts & Mortgage Finance (0.2%):** | **Thrifts & Mortgage Finance (0.2%):** |  |
| 1484 | Aareal Bank AG\* | 50823 |
| 543 | Aruhi Corp. | 4184 |
| 9449 | Australian Finance Group, Ltd. | 9301 |
| 3618 | Deutsche Pfandbriefbank AG(a) | 28152 |
| 830 | EQB, Inc. | 34781 |
| 1100 | Firm Capital Mortgage Investment Corp. | 8686 |
| 900 | First National Financial Corp. | 24212 |
| 16190 | Helia Group, Ltd. | 30313 |
| 2112 | Home Capital Group, Inc. | 66427 |
| 3 | Hypothekarbank Lenzburg AG | 13306 |
| 4912 | MyState, Ltd. | 13076 |
| 9478 | OSB Group plc | 54833 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Thrifts & Mortgage Finance, continued** | **Thrifts & Mortgage Finance, continued** | |
| 9407 | Paragon Banking Group plc | $64074 |
| 3600 | Timbercreek Financial Corp. | 18907 |
|  |  | 421075 |
| **Tobacco (0.5%):** | **Tobacco (0.5%):** |  |
| 9206 | British American Tobacco plc | 365168 |
| 16148 | Imperial Brands plc, Class A | 403365 |
| 9300 | Japan Tobacco, Inc. | 188075 |
| 1637 | Scandinavian Tobacco Group A/S(a) | 28717 |
|  |  | 985325 |
| **Trading Companies & Distributors (2.0%):** | **Trading Companies & Distributors (2.0%):** |  |
| 3367 | AddTech AB, Class B | 48223 |
| 1000 | Alconix Corp. | 10087 |
| 1271 | Alligo AB, Class B | 9672 |
| 3638 | Ashtead Group plc | 207783 |
| 653 | BayWa AG | 30192 |
| 2058 | Beijer Ref AB | 29131 |
| 1271 | Bergman & Beving AB | 13552 |
| 70000 | BlackRock Corporate High Yield Fund, Inc.\* | 295 |
| 2300 | BOC Aviation, Ltd.(a) | 19120 |
| 230 | Bossard Holding AG | 49900 |
| 3175 | Brenntag AG | 202967 |
| 1375 | Bufab AB | 30949 |
| 1979 | Bunzl plc | 66040 |
| 500 | Chori Co., Ltd. | 8236 |
| 400 | Daiichi Jitsugyo Co., Ltd. | 13366 |
| 1457 | Diploma plc | 48952 |
| 4000 | Doman Building Materials Group, Ltd. | 16989 |
| 6737 | Electrocomponents plc | 73016 |
| 2293 | Ferguson plc | 289643 |
| 5100 | Finning International, Inc. | 126803 |
| 5923 | Grafton Group plc | 56501 |
| 1100 | Hanwa Co., Ltd. | 31034 |
| 15263 | Howden Joinery Group plc | 103709 |
| 727 | IMCD NV | 103827 |
| 1800 | Inaba Denki Sangyo Co., Ltd. | 36841 |
| 1800 | Inabata & Co., Ltd. | 32459 |
| 3040 | Indutrade AB | 61810 |
| 12500 | Itochu Corp. | 390896 |
| 616 | Jacquet Metals SA | 11019 |
| 500 | Japan Pulp & Paper Co., Ltd. | 19368 |
| 700 | Kamei Corp. | 6457 |
| 900 | Kanaden Corp. | 7458 |
| 1700 | Kanamoto Co., Ltd. | 29316 |
| 3100 | Kanematsu Corp. | 35361 |
| 9300 | Marubeni Corp. | 106295 |
| 1500 | Mitani Corp. | 14729 |
| 8500 | Mitsubishi Corp. | 275032 |
| 6500 | Mitsui & Co., Ltd. | 189031 |
| 1271 | Momentum Group AB\* | 7125 |
| 3600 | MonotaRo Co., Ltd. | 50915 |
| 3500 | Nagase & Co., Ltd. | 52812 |
| 600 | Nichiden Corp. | 7866 |
| 500 | Nippon Steel Trading Corp. | 35220 |
| 1200 | Nishio Rent All Co., Ltd. | 28336 |
| 1132 | Oem International AB | 7852 |
| 700 | Onoken Co., Ltd. | 7719 |
| 1494 | Reece, Ltd. | 14364 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Trading Companies & Distributors, continued** | **Trading Companies & Distributors, continued** | |
| 8384 | Rexel SA | $166122 |
| 1992 | Richelieu Hardware, Ltd. | 53280 |
| 1404 | Russel Metals, Inc. | 29847 |
| 207 | Scope Metals Group, Ltd. | 7729 |
| 1200 | Senshu Electric Co., Ltd. | 30143 |
| 2458 | Seven Group Holdings, Ltd. | 35052 |
| 3400 | Sojitz Corp. | 64628 |
| 409 | Solar A/S | 36486 |
| 17864 | Speedy Hire plc | 8590 |
| 6600 | Sumitomo Corp. | 109459 |
| 117 | Thermador Groupe | 10818 |
| 1172 | Toromont Industries, Ltd. | 84589 |
| 2700 | Toyota Tsushu Corp. | 98990 |
| 7192 | Travis Perkins plc | 76890 |
| 1000 | Trusco Nakayama Corp. | 15345 |
| 800 | Wajax Corp. | 11659 |
| 2700 | Wakita & Co., Ltd. | 24363 |
| 2700 | Yamazen Corp. | 20465 |
| 800 | Yuasa Trading Co., Ltd. | 21877 |
|  |  | 3924600 |
| **Transportation Infrastructure (0.4%):** | **Transportation Infrastructure (0.4%):** |  |
| 506 | Aena SME SA\*(a) | 63717 |
| 260 | Aeroports de Paris\* | 34960 |
| 14115 | Atlas Arteria, Ltd. | 63451 |
| 8117 | Auckland International Airport, Ltd.\* | 40313 |
| 671 | Flughafen Zuerich AG\* | 104002 |
| 1124 | Fraport AG\* | 45773 |
| 2198 | Getlink SE | 35218 |
| 1618 | Hamburger Hafen und Logistik AG | 20581 |
| 182200 | Hutchison Port Holdings Trust | 35283 |
| 1940 | James Fisher & Sons plc\* | 9153 |
| 400 | Japan Airport Terminal Co., Ltd.\* | 19895 |
| 2000 | Kamigumi Co., Ltd. | 40689 |
| 1400 | Mitsubishi Logistics Corp. | 32220 |
| 400 | Nissin Corp. | 6398 |
| 5399 | Port of Tauranga, Ltd. | 21498 |
| 32939 | Qube Holdings, Ltd. | 62944 |
| 5500 | SATS, Ltd.\* | 11673 |
| 2100 | Sumitomo Warehouse Co., Ltd. (The) | 31094 |
| 10150 | Transurban Group | 89607 |
| 1941 | Westshore Terminals Investment Corp. | 32159 |
|  |  | 800628 |
| **Water Utilities (0.1%):** | **Water Utilities (0.1%):** |  |
| 4740 | Pennon Group plc | 50945 |
| 2187 | Severn Trent plc | 70121 |
| 45000 | Siic Environment Holdings, Ltd. | 6203 |
| 5391 | United Utilities Group plc | 64632 |
|  |  | 191901 |
| **Wireless Telecommunication Services (0.9%):** | **Wireless Telecommunication Services (0.9%):** |  |
| 1292 | 1&1 AG | 16043 |
| 27529 | Airtel Africa plc(a) | 37188 |
| 3670 | Cellcom Israel, Ltd.\* | 19072 |
| 4676 | Freenet AG | 102202 |
| 88000 | Hutchison Telecommunications Holdings, Ltd. | 13756 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Wireless Telecommunication Services, continued** | **Wireless Telecommunication Services, continued** | |
| 14200 | KDDI Corp. | $429248 |
| 6967 | Millicom International Cellular SA, SDR\* | 88145 |
| 1000 | Okinawa Cellular Telephone Co. | 22091 |
| 1324 | Orange Belgium SA\* | 24475 |
| 5106 | Partner Communications Co.\* | 36814 |
| 1708 | Rogers Communications, Inc., Class B | 80003 |
| 2500 | Rogers Communications, Inc., Class B | 117022 |
| 35000 | Smartone Telecommunications Ho | 21123 |
| 11900 | Softbank Corp. | 134571 |
| 4400 | SoftBank Group Corp. | 186360 |
| 21800 | StarHub, Ltd. | 16939 |
| 10864 | Tele2 AB | 88570 |
| 257966 | Vodafone Group plc | 261437 |
|  |  | 1695059 |
| Total Common Stocks (Cost $182,337,628) | Total Common Stocks (Cost $182,337,628) | 190415243 |
| **Preferred Stocks (0.3%):** | **Preferred Stocks (0.3%):** |  |
| **Automobiles (0.3%):** | **Automobiles (0.3%):** |  |
| 635 | Bayerische Motoren Werke AG (BMW), 7.32%, 5/15/20 | 54074 |
| 1645 | Porsche Automobil Holding SE, 5.00%, 5/20/20 | 90234 |
| 2865 | Volkswagen AG, 6.49%, 5/8/20 | 357039 |
|  |  | 501347 |
| **Household Products (0.0%<sup>†</sup>):** | **Household Products (0.0%<sup>†</sup>):** |  |
| 847 | Henkel AG & Co. KGaA, 2.84%, 4/21/20 | 58955 |
| Total Preferred Stocks (Cost $726,178) | Total Preferred Stocks (Cost $726,178) | 560302 |
| **Contracts** |  | **Value** |
| **Warrants (0.0%<sup>†</sup>):** | **Warrants (0.0%<sup>†</sup>):** |  |
| **Electronic Equipment, Instruments & Components (0.0%<sup>†</sup>):** | **Electronic Equipment, Instruments & Components (0.0%<sup>†</sup>):** |  |
| 465 | Fingerprint Cards AB, 9/8/23\* | 31 |
| **Energy Equipment & Services (0.0%<sup>†</sup>):** | **Energy Equipment & Services (0.0%<sup>†</sup>):** |  |
| 64038 | Ezion Holdings, Ltd., 4/6/23\*(b) |  |
| Total Warrants (Cost $—) | Total Warrants (Cost $—) | 31 |
| **Shares** |  | **Value** |
| **Rights (0.0%<sup>†</sup>):** | **Rights (0.0%<sup>†</sup>):** |  |
| **Containers & Packaging (0.0%<sup>†</sup>):** | **Containers & Packaging (0.0%<sup>†</sup>):** |  |
| 753 | Vidrala SA RTS, Expires on 12/21/22\* | 3240 |
| **Real Estate (0.0%<sup>†</sup>):** | **Real Estate (0.0%<sup>†</sup>):** |  |
| 1302 | Immofinanz AG, Expires on 1/2/23\*(b) |  |
| Total Rights (Cost $—) | Total Rights (Cost $—) | 3240 |
| **Short-Term Security Held as Collateral for Securities on<br>Loan (1.2%):** | **Short-Term Security Held as Collateral for Securities on<br>Loan (1.2%):** |  |
| 2350328 | BlackRock Liquidity FedFund, Institutional Class , 1.49%(c)(d) | 2350328 |
| Total Short-Term Security Held as Collateral for Securities on Loan<br>(Cost $2,350,328) | Total Short-Term Security Held as Collateral for Securities on Loan<br>(Cost $2,350,328) | 2350328 |
| Total Investment Securities (Cost $185,414,134) — 100.9%(e) | Total Investment Securities (Cost $185,414,134) — 100.9%(e) | 193329144 |
| Net other assets (liabilities) — (0.9)% | Net other assets (liabilities) — (0.9)% | (1789898) |
| Net Assets — 100.0% | Net Assets — 100.0% | $191539246 |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

Percentages indicated are based on net assets as of December 31, 2022.

ADR—American Depository Receipt

NYS—New York Shares

SDR—Swedish Depository Receipt

\* Non-income producing security.

---

| | |
|:---|:---|
| ^ | This security or a partial position of this security was on loan as of December 31, 2022. The total value of securities on loan as of December 31, 2022 was $2,204,705.  |

---

† Represents less than 0.05%.

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

(b) Security was valued using significant unobservable inputs as of December 31, 2022.

(c) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for
securities that were sold on or before December 31, 2022.

(d) The rate represents the effective yield at December 31, 2022.

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

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

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total value of investments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Country** | **Percentage** | |
|  Australia | 6.6 | % |
|  Austria | 0.6 | % |
|  Belgium | 1.3 | % |
|  Bermuda | 0.1 | % |
|  Cambodia |  | %<sup>†</sup> |
|  Canada | 10.6 | % |
|  China | 0.2 | % |
|  Colombia |  | %<sup>†</sup> |
|  Denmark | 2.5 | % |
|  Egypt |  | %<sup>†</sup> |
|  European Community |  | %<sup>†</sup> |
|  Faroe Islands |  | %<sup>†</sup> |
|  Finland | 1.6 | % |
|  France | 7.4 | % |
|  Germany | 6.4 | % |
|  Hong Kong | 2.3 | % |
|  India |  | %<sup>†</sup> |
|  Ireland | 1.2 | % |
|  Isle of Man | 0.1 | % |
|  Israel | 1 | % |
|  Italy | 2.2 | % |
|  Japan | 22.2 | % |

---

---

| | | |
|:---|:---|:---|
| **Country** | **Percentage** | |
|  Jersey |  | %<sup>†</sup> |
|  Liechtenstein |  | %<sup>†</sup> |
|  Luxembourg | 0.5 | % |
|  Macau |  | %<sup>†</sup> |
|  Malaysia |  | %<sup>†</sup> |
|  Malta |  | %<sup>†</sup> |
|  Mexico |  | %<sup>†</sup> |
|  Netherlands | 4.7 | % |
|  New Zealand | 0.4 | % |
|  Norway | 0.9 | % |
|  Peru |  | %<sup>†</sup> |
|  Portugal | 0.3 | % |
|  Singapore | 1.1 | % |
|  Spain | 2.3 | % |
|  Sweden | 2.7 | % |
|  Switzerland | 8.1 | % |
|  Taiwan, Province Of China |  | %<sup>†</sup> |
|  United Arab Emirates |  | %<sup>†</sup> |
|  United Kingdom | 11.3 | % |
|  United States | 1.4 | % |
|  | 100.0 | % |

---

† Represents less than 0.05%.

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment securities, at cost | $185414134.0 |
|  Investment securities, at value(a) | $193329144.0 |
|  Interest and dividends receivable | 285652.0 |
|  Foreign currency, at value (cost $162,595) | 163815.0 |
|  Receivable for investments sold | 796114.0 |
|  Reclaims receivable | 906178.0 |
|  Prepaid expenses | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 195480935.0 |
|  **Liabilities:** |  |
|  Cash overdraft | 799837.0 |
|  Payable for investments purchased | 25498.0 |
|  Payable for capital shares redeemed | 569292.0 |
|  Payable for collateral received on loaned securities | 2350328.0 |
|  Management fees payable | 108661.0 |
|  Administration fees payable | 17243.0 |
|  Distribution fees payable | 41793.0 |
|  Custodian fees payable | 17814.0 |
|  Administrative and compliance services fees payable | 797.0 |
|  Transfer agent fees payable | 1234.0 |
|  Trustee fees payable | 1992.0 |
|  Other accrued liabilities | 7200.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 3941689.0 |
|  **Net Assets** | $191539246.0 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $171925609.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 19613637.0 |
|  **Net Assets** | $191539246.0 |
|  Shares of beneficial interest (unlimited number of shares authorized, no par value) | 20446554.0 |
|  Net Asset Value (offering and redemption price per share) | $9.37 |

---

(a) Includes securities on loan of $2,204,705.

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Dividends | $7736039 |
|  Income from securities lending | 24649 |
|  Foreign withholding tax | (719235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 7041453 |
|  **Expenses:** |  |
|  Management fees | 1979925 |
|  Administration fees | 90002 |
|  Distribution fees | 521032 |
|  Custodian fees | 82439 |
|  Administrative and compliance services fees | 3251 |
|  Transfer agent fees | 6631 |
|  Trustee fees | 12897 |
|  Professional fees | 10093 |
|  Shareholder reports | 3132 |
|  Other expenses | 6502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reductions | 2715904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less Management fees contractually waived | (464860) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 2251044 |
|  **Net Investment Income/(Loss)** | 4790409 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities and foreign currencies | 8471993 |
|  Change in net unrealized appreciation/depreciation on securities and foreign currencies | (45642578) |
|  **Net realized and Change in net unrealized gains/losses on investments** | (37170585) |
|  **Change in Net Assets Resulting From Operations** | $(32380176) |

---

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $4790409 | $4188258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | 8471993 | 18358301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (45642578) | 10554923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (32380176) | 33101482 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions | (22034547) | (3585492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (22034547) | (3585492) |
|  **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 233975 | 1475506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 22034547 | 3585492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (28132999) | (47818960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | (5864477) | (42757962) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (60279200) | (13241972) |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 251818446 | 265060418 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $191539246 | $251818446 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 22083 | 120615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 2635711 | 299540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2650752) | (3943848) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | 7042 | (3523693) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $12.32 | $11.06 | $10.58 | $9.20 | $11.46 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.24 (a) | 0.19 (a) | 0.12 (a) | 0.21 (a) | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (2.04) | 1.25 | 0.61 | 1.65 | (2.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (1.80) | 1.44 | 0.73 | 1.86 | (1.99) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.26) | (0.18) | (0.25) | (0.15) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.89) |  |  | (0.33) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (1.15) | (0.18) | (0.25) | (0.48) | (0.27) |
|  **Net Asset Value, End of Period** | $9.37 | $12.32 | $11.06 | $10.58 | $9.20 |
|  **Total Return**(b) | (13.49)% | 13.05% | 7.25% | 20.72% | (17.65)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $191539 | $251818 | $265060 | $275886 | $253044 |
|  Net Investment Income/(Loss) | 2.30% | 1.61% | 1.29% | 2.09% | 1.63% |
|  Expenses Before Reductions(c) | 1.30% | 1.31% | 1.34% | 1.33% | 1.38% |
|  Expenses Net of Reductions | 1.08% | 1.11% | 1.14% | 1.13% | 1.18% |
|  Portfolio Turnover Rate | 13% | 7% | 14% | 6% | 20% |

---

(a) Calculated using the average shares method.

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

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

See accompanying notes to the financial statements.

------

**AZL DFA International Core Equity Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

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

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

**2. Significant Accounting Policies** 

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

**Security Valuation** 

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

**Investment Transactions and Investment Income** 

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

**Real Estate Investment Trusts** 

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

**Foreign Currency Translation and Withholding Taxes** 

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

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

**Distributions to Shareholders** 

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

**Expense Allocation** 

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

------

**AZL DFA International Core Equity Fund** 

Notes to the Financial Statements

December 31, 2022

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

**Securities Lending** 

To generate additional income, the Fund may lend up to 33<sup>1</sup>⁄<sub>3</sub>% 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 December 31, 2022 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 $2,440 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund had securities lending transactions of $2,350,328 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

**3. Fees and Transactions with Affiliates and Other Parties**

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

For the year ended December 31, 2022, 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% |

---

\* Effective October 1, 2022, the Manager waived, prior to any application of expense limit, the management fee to 0.65% on all assets in order to maintain a more competitive expense ratio. Prior to October 1, 2022, the Manager waived, prior to any application of expense limit, the management fee to 0.75% on all assets in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024.

Any amounts waived or reimbursed by the Manager with respect to the annual expense limit in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

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

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

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**AZL DFA International Core Equity Fund** 

Notes to the Financial Statements

December 31, 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 combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund's compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administration fees."

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

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

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

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

**4. Investment Valuation Summary** 

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

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

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

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

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

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

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Level 3** | **Total** |
|  Common Stocks+ | $32449119 | $157966115 | $9 |  | $190415243 |
|  Preferred Stocks+ |  | 560302 | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 560302 |
|  Warrants+ | 31 |  |  | # | 31 |
|  Rights+ |  | 3240 |  | # | 3240 |
|  Short-Term Security Held as Collateral for Securities on Loan | 2350328 |  |  |  | 2350328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | $&nbsp;&nbsp;&nbsp;&nbsp;34799478 | $&nbsp;&nbsp;&nbsp;&nbsp;158529657 | $9 |  | $&nbsp;&nbsp;&nbsp;&nbsp;193329144 |

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

# Represents the interest in securities that were determined to have a value of zero at December 31, 2022.

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

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| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
|  AZL DFA International Core Equity Fund | $27842366 | $50124412 |

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**AZL DFA International Core Equity Fund** 

Notes to the Financial Statements

December 31, 2022

**6. Investment Risks**

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

*Foreign Securities Risk:* Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies. 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.

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

**7. Coronavirus (COVID-19) Pandemic** 

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

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

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

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

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

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| | |
|:---|:---|
|  Unrealized appreciation | $37399368 |
|  Unrealized (depreciation) | (30528269) |
|  Net unrealized appreciation/(depreciation) | $6871099 |

---

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

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL DFA International Core Equity Fund | $5824557 | $16209990 | $22034547 |

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

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL DFA International Core Equity Fund | $3585492 | $– | $3585492 |

---

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

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**AZL DFA International Core Equity Fund** 

Notes to the Financial Statements

December 31, 2022

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized**<br> **Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated**<br> **Earnings/<br>(Deficit)** |
|  AZL DFA International Core Equity Fund | $4378997 | $8390863 | $– | $6843777 | $19613637 |

---

(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, foreign currency gains or losses, mark-to-market of passive foreign investment companies 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 December 31, 2022, the Fund had 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.

**11. Subsequent Events** 

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

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL DFA International Core Equity Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL DFA International Core Equity Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

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

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**Other Federal Income Tax Information (Unaudited)** 

For the year ended December 31, 2022, 0.75% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2022, the Fund declared net short-term capital gain distributions of $771,873.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $16,209,990.

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**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.

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**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

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

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

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

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

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

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

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

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

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

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the

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Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

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

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

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

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

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

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

------

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

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

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

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

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

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

------

**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships<br>Held Outside<br>the AIM Complex<br>During Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14<br>(Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019-2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

---

**Interested Trustee<sup>(4)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for<br>the AIM Complex** | **Other<br>Directorships<br>Held Outside the<br>AIM Complex<br>During Past 5 Years** |
| Brian Muench (1970)<br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment<br> Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

---

(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

------

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(1)</sup>/Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963) <br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 <br>to present. |

---

(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

------

![LOGO](g421015g71x52.jpg)

---

| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

---

------

## AZL<sup>®</sup> DFA U.S. Core Equity Fund

## Annual Report

## December 31, 2022
![LOGO](g421017g71x52.jpg)

------

**Table of Contents** 

---

| |
|:---|
| [Management Discussion and Analysis](#toc421017_1)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc421017_2)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc421017_3)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc421017_4)<br> Page 24 |
| [Statement of Operations](#toc421017_5)<br> Page 24 |
| [Statements of Changes in Net Assets](#toc421017_6)<br> Page 25 |
| [Financial Highlights](#toc421017_7)<br> Page 26 |
| [Notes to the Financial Statements](#toc421017_8)<br> Page 27 |
| [Report of Independent Registered Public Accounting Firm](#toc421017_9)<br> Page 32 |
| [Other Federal Income Tax Information](#toc421017_9a)<br> Page 33 |
| [Other Information](#toc421017_10)<br> Page 34 |
| [Approval of Investment Advisory and Subadvisory Agreements](#toc421017_11)<br> Page 35 |
| [Information about the Board of Trustees and Officers](#toc421017_12)<br> Page 38 |

---

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<sup>®</sup> DFA U.S. Core Equity Fund Review (Unaudited)**<br>

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

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

During the 12-month period, the AZL DFA U.S. Core Equity Fund returned (15.38)% (net of fees). That compares to a total return of (19.21)% for the Russell 3000 Index, the Fund's primary benchmark.<sup>1</sup>

Investor worries over high inflation, the war in Ukraine, and rising interest rates pressured equity markets in 2022. As a result, the S&P 500 Index<sup>2</sup> posted its fourth worst annual return of the last 85 years. The year also ranks as one of the most volatile on record. Realized volatility, as measured by the standard deviation<sup>3</sup> of daily returns for the S&P 500 Index, was the eighth highest in the last 85 years. The U.S. Federal Reserve raised interest rates seven times during 2022, leaving the federal funds rate target at between 4.25% and 4.5% by the end of the year.

The U.S. market's performance during the period trailed developed non-U.S. markets, but outperformed emerging markets. Large-cap stocks outperformed small-cap stocks, and mid-cap stocks outperformed both large- and small-cap stocks. Value stocks outperformed growth stocks. Stocks with higher profitability outperformed stocks with lower profitability.

The Fund's outperformance relative to its benchmark was primarily driven by its emphasis on value stocks, high-profitability stocks and mid-cap stocks. The Fund's

exclusion of real estate investment trusts (REITs) also contributed to its relative performance, as these assets underperformed during the period.

------

***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmark please refer to page 2 of this report.* 

*<sup>2</sup>* *The Standard & Poor's 500 Index is an unmanaged index that is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, which is a measure of the U.S. Stock market as a whole.* 

*<sup>3</sup>* *Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.* 

------

 **AZL<sup>®</sup> DFA U.S. Core Equity Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to seek long-term capital appreciation. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in equity securities of U.S. companies.* 

**Investment Concerns** 

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

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

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

*Investing in a single industry or sector, or concentrating investments in a limited number of industries or sectors, tends to increase the risk that economic, political, or regulatory developments affecting certain industries or sectors will have a large impact on the value of the portfolio.* 

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

**Growth of $10,000 Investment**![LOGO](g421017g10a03.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **1**<br> **Year** | **3**<br> **Year** | **5**<br> **Year** | **Since<br>Inception<br>(4/27/15)** |
| &nbsp;&nbsp; AZL<sup>®</sup> DFA U.S. Core Equity Fund | (15.38)% | 8.24% | 8.69% | 9.30% |
| &nbsp;&nbsp; Russell 3000<sup>®</sup> Index | (19.21)% | 7.07% | 8.79% | 9.58% |

---

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

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| | |
|:---|:---|
| **Expense Ratio** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> DFA U.S. Core Equity Fund | 1.10% |

---

***The above expense ratio is based on the current Fund prospectus dated April 29, 2022. Effective October 1, 2022, the Manager and the Fund have entered into a written agreement reducing the management fee to 0.48% through at least April 30, 2024. Prior to October 1, 2022, the Manager waived the management fee to 0.54%. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 1.20% through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratio can be found in the Financial Highlights.***

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

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

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**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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL DFA U.S. Core Equity Fund | $1000.00 | $1042.20 | $4.12 | 0.80% |

---

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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL DFA U.S. Core Equity Fund | $1000.00 | $1021.17 | $4.08 | 0.80% |

---

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

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  Information Technology | 21.0 |
|  Financials | 14.6 |
|  Health Care | 13.3 |
|  Industrials | 12.6 |
|  Consumer Discretionary | 10.7 |
|  Communication Services | 6.7 |
|  Consumer Staples | 6.5 |
|  Energy | 6.3 |
|  Materials | 4.6 |
|  Utilities | 3.0 |
|  Real Estate | 0.3 |
|  Total Common Stocks and Preferred Stocks | 99.6 |
|  Rights |  |
|  Unaffiliated Investment Company | 0.4 |
|  Short-Term Security Held as Collateral for Securities on Loan | 0.1 |
|  Total Investment Securities | 100.1 |
|  Net other assets (liabilities) | (0.1) |
|  Net Assets | 100.0 |

---

† Represents less than 0.05%.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks (99.6%):** | **Common Stocks (99.6%):** | |
| **Aerospace & Defense (1.7%):** | **Aerospace & Defense (1.7%):** | |
| 1210 | AAR Corp.\* | $54329 |
| 2468 | Aerojet Rocketdyne Holdings, Inc.\* | 138035 |
| 358 | AeroVironment, Inc.\* | 30666 |
| 712 | Astronics Corp.\* | 7333 |
| 415 | Astronics Corp., Class B\* | 4129 |
| 908 | Axon Enterprise, Inc.\* | 150664 |
| 3878 | Boeing Co. (The)\* | 738720 |
| 1885 | BWX Technologies, Inc. | 109481 |
| 685 | CPI Aerostructures, Inc.\* | 2192 |
| 914 | Curtiss-Wright Corp. | 152629 |
| 625 | Ducommun, Inc.\* | 31225 |
| 1727 | General Dynamics Corp. | 428486 |
| 569 | HEICO Corp. | 87421 |
| 769 | HEICO Corp., Class A | 92165 |
| 2189 | Hexcel Corp. | 128823 |
| 4466 | Howmet Aerospace, Inc. | 176005 |
| 904 | Huntington Ingalls Industries, Inc. | 208535 |
| 2947 | Kratos Defense & Security Solutions, Inc.\* | 30413 |
| 1062 | L3harris Technologies, Inc. | 221119 |
| 2867 | Lockheed Martin Corp. | 1394767 |
| 1378 | Mercury Systems, Inc.\* | 61652 |
| 913 | Moog, Inc., Class A | 80125 |
| 343 | National Presto Industries, Inc. | 23482 |
| 865 | Northrop Grumman Corp. | 471953 |
| 953 | Park Aerospace Corp., Class C | 12780 |
| 1871 | Parsons Corp.\* | 86534 |
| 10908 | Raytheon Technologies Corp. | 1100835 |
| 2056 | Textron, Inc. | 145565 |
| 521 | TransDigm Group, Inc. | 328047 |
| 337 | V2X, Inc.\* | 13915 |
|  |  | 6512025 |
| **Air Freight & Logistics (0.8%):** | **Air Freight & Logistics (0.8%):** |  |
| 2159 | Air Transport Services Group, Inc.\* | 56091 |
| 464 | Atlas Air Worldwide Holdings, Inc.\* | 46771 |
| 2301 | C.H. Robinson Worldwide, Inc. | 210680 |
| 2787 | Expeditors International of Washington, Inc. | 289625 |
| 3190 | FedEx Corp. | 552508 |
| 619 | Forward Air Corp. | 64927 |
| 1805 | GXO Logistics, Inc.\* | 77055 |
| 766 | Hub Group, Inc., Class A\* | 60889 |
| 3266 | Radiant Logistics, Inc.\* | 16624 |
| 8651 | United Parcel Service, Inc., Class B | 1503890 |
| 2834 | XPO Logistics, Inc.\* | 94344 |
|  |  | 2973404 |
| **Airlines (0.3%):** | **Airlines (0.3%):** |  |
| 2670 | Alaska Air Group, Inc.\* | 114650 |
| 229 | Allegiant Travel Co.\* | 15570 |
| 9299 | American Airlines Group, Inc.\* | 118283 |
| 841 | Copa Holdings SA, Class A\* | 69946 |
| 9886 | Delta Air Lines, Inc.\* | 324854 |
| 1057 | Hawaiian Holdings, Inc.\* | 10845 |
| 9359 | JetBlue Airways Corp.\* | 60646 |
| 1602 | SkyWest, Inc.\* | 26449 |
| 5986 | Southwest Airlines Co.\* | 201549 |
| 2445 | Spirit Airlines, Inc. | 47628 |
| 3464 | United Airlines Holdings, Inc.\* | 130593 |
|  |  | 1121013 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Auto Components (0.4%):** | **Auto Components (0.4%):** | |
| 2780 | Adient plc\* | $96438 |
| 4269 | American Axle & Manufacturing Holdings, Inc.\* | 33383 |
| 1883 | Aptiv plc\* | 175364 |
| 1876 | Autoliv, Inc. | 143664 |
| 6004 | BorgWarner, Inc. | 241661 |
| 1256 | Cooper-Standard Holdings, Inc.\* | 11379 |
| 3513 | Dana, Inc. | 53152 |
| 687 | Dorman Products, Inc. | 55558 |
| 798 | Fox Factory Holding Corp.\* | 72801 |
| 6025 | Gentex Corp. | 164302 |
| 799 | Gentherm, Inc.\* | 52167 |
| 6635 | Goodyear Tire & Rubber Co. (The)\* | 67345 |
| 1365 | Horizon Global Corp.\* | 531 |
| 578 | LCI Industries | 53436 |
| 1505 | Lear Corp. | 186650 |
| 3637 | Modine Manufacturing Co.\* | 72231 |
| 1190 | Motorcar Parts of America, Inc.\* | 14113 |
| 856 | Patrick Industries, Inc. | 51874 |
| 2366 | QuantumScape Corp.\*^ | 13415 |
| 616 | Standard Motor Products, Inc. | 21437 |
| 587 | Stoneridge, Inc.\* | 12656 |
| 275 | Strattec Security Corp.\* | 5651 |
| 517 | Visteon Corp.\* | 67639 |
|  |  | 1666847 |
| **Automobiles (0.8%):** | **Automobiles (0.8%):** |  |
| 34229 | Ford Motor Co. | 398083 |
| 15116 | General Motors Co. | 508502 |
| 4049 | Harley-Davidson, Inc. | 168439 |
| 15678 | Tesla, Inc.\* | 1931216 |
| 1289 | Thor Industries, Inc. | 97307 |
| 729 | Winnebago Industries, Inc. | 38418 |
|  |  | 3141965 |
| **Banks (5.6%):** | **Banks (5.6%):** |  |
| 859 | 1st Source Corp. | 45604 |
| 504 | ACNB Corp. | 20064 |
| 661 | American National Bankshares, Inc. | 24411 |
| 1776 | Ameris Bancorp | 83721 |
| 704 | Ames National Corp. | 16621 |
| 1045 | Arrow Financial Corp. | 35425 |
| 3325 | Associated Banc-Corp. | 76774 |
| 2280 | Atlantic Union Bankshares Corp. | 80119 |
| 2056 | Banc of California, Inc. | 32752 |
| 646 | BancFirst Corp. | 56964 |
| 2831 | Bancorp, Inc. (The)\* | 80344 |
| 52973 | Bank of America Corp. | 1754466 |
| 1028 | Bank of Hawaii Corp. | 79732 |
| 724 | Bank of Marin Bancorp | 23805 |
| 1592 | Bank of NT Butterfield & Son, Ltd. (The) | 47458 |
| 2524 | Bank OZK | 101111 |
| 2950 | BankUnited, Inc. | 100211 |
| 1129 | Banner Corp. | 71353 |
| 433 | Bar Harbor Bankshares | 13873 |
| 842 | BCB Bancorp, Inc. | 15148 |
| 1898 | Berkshire Hills Bancorp, Inc. | 56750 |
| 1565 | BOK Financial Corp. | 162431 |
| 2707 | Brookline Bancorp, Inc. | 38304 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Banks, continued** | **Banks, continued** | |
| 977 | Byline BanCorp, Inc. | $22442 |
| 74 | C&F Financial Corp. | 4312 |
| 4719 | Cadence Bank | 116371 |
| 256 | Cambridge Bancorp | 21263 |
| 843 | Camden National Corp. | 35145 |
| 489 | Capital City Bank Group, Inc. | 15892 |
| 1023 | Carter Bankshares, Inc.\* | 16972 |
| 2132 | Cathay General Bancorp | 86964 |
| 1402 | Central Pacific Financial Corp. | 28433 |
| 933 | Central Valley Community Bancorp | 19761 |
| 377 | Chemung Financial Corp. | 17293 |
| 14399 | Citigroup, Inc. | 651267 |
| 943 | Citizens & Northern Corp. | 21557 |
| 6283 | Citizens Financial Group, Inc. | 247362 |
| 552 | Citizens Holding Co. | 7562 |
| 365 | City Holding Co. | 33978 |
| 938 | Civista Bancshares, Inc. | 20645 |
| 735 | CNB Financial Corp. | 17486 |
| 85 | Codorus Valley Bancorp, Inc. | 2023 |
| 56 | Colony Bankcorp, Inc. | 711 |
| 2267 | Columbia Banking System, Inc. | 68305 |
| 3274 | Comerica, Inc. | 218867 |
| 3194 | Commerce Bancshares, Inc. | 217416 |
| 1393 | Community Bank System, Inc. | 87689 |
| 517 | Community Trust Bancorp, Inc. | 23746 |
| 1154 | ConnectOne Bancorp, Inc. | 27938 |
| 1311 | Cullen/Frost Bankers, Inc. | 175281 |
| 1643 | Customers Bancorp, Inc.\* | 46563 |
| 4350 | CVB Financial Corp. | 112012 |
| 1876 | Dime Community Bancshares, Inc. | 59713 |
| 1065 | Eagle Bancorp, Inc. | 46935 |
| 3269 | East West Bancorp, Inc. | 215427 |
| 4884 | Eastern Bankshares, Inc. | 84249 |
| 820 | Enterprise Financial Services Corp. | 40147 |
| 682 | Equity Bancshares, Inc. | 22281 |
| 312 | Evans Bancorp, Inc. | 11666 |
| 8341 | F.N.B. Corp. | 108850 |
| 1329 | Farmers National Banc Corp. | 18765 |
| 1408 | FB Financial Corp. | 50885 |
| 9314 | Fifth Third Bancorp | 305592 |
| 1053 | Financial Institutions, Inc. | 25651 |
| 6611 | First BanCorp | 84092 |
| 814 | First Bancorp, Inc. (The) | 24371 |
| 1262 | First Bancorp/Southern Pines NC | 54064 |
| 611 | First Bancshares, Inc. (The) | 19558 |
| 1378 | First Busey Corp. | 34064 |
| 664 | First Business Financial Services, Inc. | 24269 |
| 221 | First Citizens BancShares, Inc., Class A | 167598 |
| 2520 | First Commonwealth Financial Corp. | 35204 |
| 512 | First Community Bankshares | 17357 |
| 3105 | First Financial Bancorp | 75234 |
| 3432 | First Financial Bankshares, Inc. | 118061 |
| 536 | First Financial Corp. | 24699 |
| 733 | First Financial Northwest, Inc. | 10980 |
| 1155 | First Foundation, Inc. | 16551 |
| 1512 | First Hawaiian, Inc. | 39372 |
| 12573 | First Horizon Corp. | 308038 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Banks, continued** | **Banks, continued** | |
| 3226 | First Interstate BancSystem, Inc., Class A | $124685 |
| 1606 | First Merchants Corp. | 66023 |
| 660 | First Mid Bancshares, Inc. | 21173 |
| 1573 | First of Long Island Corp. (The) | 28314 |
| 1741 | First Republic Bank | 212210 |
| 2253 | Flushing Financial Corp. | 43663 |
| 5044 | Fulton Financial Corp. | 84891 |
| 769 | German American Bancorp, Inc. | 28684 |
| 2814 | Glacier Bancorp, Inc. | 139068 |
| 397 | Great Southern Bancorp, Inc. | 23618 |
| 2782 | Hancock Whitney Corp. | 134621 |
| 2408 | Hanmi Financial Corp. | 59598 |
| 1642 | HarborOne Bancorp, Inc. | 22824 |
| 44 | Hawthorn Bancshares, Inc. | 958 |
| 636 | HBT Financial, Inc. | 12447 |
| 1853 | Heartland Financial USA, Inc. | 86387 |
| 1197 | Heritage Financial Corp. | 36676 |
| 2010 | Hertiage Commerce Corp. | 26130 |
| 2750 | Hilltop Holdings, Inc. | 82527 |
| 4922 | Home Bancshares, Inc. | 112172 |
| 484 | Hometrust Bancshares, Inc. | 11698 |
| 4470 | Hope BanCorp, Inc. | 57261 |
| 1071 | Horizon Bancorp, Inc. | 16151 |
| 17788 | Huntington Bancshares, Inc. | 250811 |
| 1236 | Independent Bank Corp. Massachusetts | 104355 |
| 855 | Independent Bank Corp. Michigan | 20452 |
| 1169 | Independent Bank Group, Inc. | 70234 |
| 1836 | International Bancshares Corp. | 84015 |
| 30597 | JPMorgan Chase & Co. | 4103058 |
| 13247 | KeyCorp | 230763 |
| 1465 | Lakeland Bancorp, Inc. | 25799 |
| 582 | Lakeland Financial Corp. | 42469 |
| 579 | Landmark Bancorp, Inc. | 13103 |
| 712 | LCNB Corp. | 12816 |
| 1274 | Live Oak Bancshares, Inc. | 38475 |
| 2500 | M&T Bank Corp. | 362650 |
| 2571 | Macatawa Bank Corp. | 28358 |
| 472 | Mercantile Bank Corp. | 15803 |
| 241 | Midland States BanCorp, Inc. | 6415 |
| 638 | MidWestone Financial Group, Inc. | 20256 |
| 702 | National Bank Holdings Corp. | 29533 |
| 514 | National Bankshares, Inc. | 20714 |
| 1264 | NBT Bancorp, Inc. | 54883 |
| 373 | Nicolet Bankshares, Inc.\* | 29762 |
| 510 | Northrim Bancorp, Inc. | 27831 |
| 511 | Norwood Financial Corp. | 17088 |
| 2292 | OFG Bancorp | 63168 |
| 440 | Ohio Valley Banc Corp. | 11625 |
| 9356 | Old National Bancorp | 168221 |
| 2225 | Old Second Bancorp, Inc. | 35689 |
| 550 | Origin Bancorp, Inc. | 20185 |
| 638 | Orrstown Financial Services, Inc. | 14776 |
| 2518 | Pacific Premier Bancorp, Inc. | 79468 |
| 2447 | PacWest Bancorp | 56159 |
| 467 | Park National Corp. | 65730 |
| 1165 | Peapack-Gladstone Financial Corp. | 43361 |
| 546 | Penns Woods Bancorp, Inc. | 14534 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Banks, continued** | **Banks, continued** | |
| 608 | Peoples Bancorp of North Carolina, Inc. | $19796 |
| 1117 | Peoples Bancorp, Inc. | 31555 |
| 1752 | Pinnacle Financial Partners, Inc. | 128597 |
| 3044 | PNC Financial Services Group, Inc. (The) | 480769 |
| 1986 | Popular, Inc. | 131712 |
| 432 | Preferred Bank Los Angeles | 32236 |
| 707 | Primis Financial Corp. | 8378 |
| 2191 | Prosperity Bancshares, Inc. | 159242 |
| 606 | QCR Holdings, Inc. | 30082 |
| 487 | Rbb BanCorp | 10154 |
| 13669 | Regions Financial Corp. | 294704 |
| 1373 | Renasant Corp. | 51611 |
| 917 | Republic Bancorp, Inc., Class A | 37524 |
| 869 | S&T Bancorp, Inc. | 29702 |
| 296 | Salisbury Bancorp, Inc. | 9294 |
| 1366 | Sandy Spring Bancorp, Inc. | 48124 |
| 1366 | Seacoast Banking Corp of Florida | 42606 |
| 1110 | ServisFirst Bancshares, Inc. | 76490 |
| 1113 | Shore Bancshares, Inc. | 19400 |
| 1028 | Sierra Bancorp | 21835 |
| 784 | Signature Bank | 90332 |
| 3102 | Simmons First National Corp., Class A | 66941 |
| 950 | Southside Bancshares, Inc. | 34190 |
| 1770 | SouthState Corp. | 135157 |
| 2578 | Stellar Bancorp, Inc. | 75948 |
| 527 | Stock Yards Bancorp, Inc. | 34244 |
| 557 | Summit Financial Group, Inc. | 13864 |
| 702 | SVB Financial Group\* | 161558 |
| 3723 | Synovus Financial Corp. | 139799 |
| 1633 | Texas Capital Bancshares, Inc.\* | 98486 |
| 490 | Tompkins Financial Corp. | 38014 |
| 2209 | TowneBank | 68126 |
| 820 | TriCo Bancshares | 41812 |
| 1001 | Triumph Financial, Inc.\* | 48919 |
| 9462 | Truist Financial Corp. | 407150 |
| 1695 | Trustmark Corp. | 59172 |
| 14586 | U.S. Bancorp | 636095 |
| 1375 | UMB Financial Corp. | 114840 |
| 6312 | Umpqua Holdings Corp. | 112669 |
| 3681 | United Bankshares, Inc. | 149044 |
| 1942 | United Community Banks, Inc. | 65640 |
| 1190 | United Security Bancshares | 8699 |
| 42 | Unity Bancorp, Inc. | 1148 |
| 850 | Univest Financial Corp. | 22210 |
| 9343 | Valley National Bancorp | 105669 |
| 690 | Veritex Holdings, Inc. | 19375 |
| 501 | Washington Trust Bancorp, Inc. | 23637 |
| 4185 | Webster Financial Corp. | 198118 |
| 30047 | Wells Fargo & Co. | 1240641 |
| 1645 | WesBanco, Inc. | 60832 |
| 1062 | West BanCorp, Inc. | 27134 |
| 685 | Westamerica BanCorp | 40422 |
| 2129 | Western Alliance Bancorp | 126803 |
| 1524 | Wintrust Financial Corp. | 128808 |
| 3716 | Zions Bancorp | 182679 |
|  |  | 21482694 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Beverages (1.5%):** | **Beverages (1.5%):** | |
| 145 | Boston Beer Co., Inc. (The), Class A\* | $47780 |
| 1105 | Brown-Forman Corp., Class A | 72665 |
| 3136 | Brown-Forman Corp., Class B | 205972 |
| 374 | Celsius Holdings, Inc.\* | 38911 |
| 31967 | Coca-Cola Co. (The) | 2033421 |
| 179 | Coca-Cola Consolidated, Inc. | 91712 |
| 919 | Constellation Brands, Inc., Class A | 212978 |
| 1381 | Duckhorn Portfolio, Inc. (The)\* | 22883 |
| 4758 | Keurig Dr Pepper, Inc. | 169670 |
| 615 | MGP Ingredients, Inc. | 65424 |
| 2230 | Molson Coors Brewing Co., Class B | 114890 |
| 1888 | Monster Beverage Corp.\* | 191689 |
| 1621 | National Beverage Corp.\* | 75425 |
| 13728 | PepsiCo, Inc. | 2480101 |
|  |  | 5823521 |
| **Biotechnology (2.8%):** | **Biotechnology (2.8%):** |  |
| 16653 | AbbVie, Inc. | 2691291 |
| 2144 | ACADIA Pharmaceuticals, Inc.\* | 34132 |
| 3964 | Adverum Biotechnologies, Inc.\* | 2297 |
| 436 | Agios Pharmaceuticals, Inc.\* | 12243 |
| 1012 | Alkermes plc\* | 26444 |
| 2313 | Allogene Therapeutics, Inc.\* | 14549 |
| 471 | Alnylam Pharmaceuticals, Inc.\* | 111933 |
| 4988 | Amgen, Inc. | 1310048 |
| 955 | AnaptysBio, Inc.\* | 29595 |
| 990 | Arcus Biosciences, Inc.\* | 20473 |
| 1907 | Atara Biotherapeutics, Inc.\* | 6255 |
| 1917 | Biogen, Inc.\* | 530856 |
| 2087 | BioMarin Pharmaceutical, Inc.\* | 215984 |
| 1469 | Bluebird Bio, Inc.\* | 10165 |
| 1208 | Blueprint Medicines Corp.\* | 52922 |
| 723 | CareDx, Inc.\* | 8249 |
| 1101 | Celldex Therapeutics, Inc.\* | 49072 |
| 718 | Concert Pharmaceuticals, Inc.\* | 4193 |
| 906 | CRISPR Therapeutics AG\* | 36829 |
| 1534 | Denali Therapeutics, Inc.\* | 42661 |
| 2000 | Dynavax Technologies Corp.\*^ | 21280 |
| 233 | Eagle Pharmaceuticals, Inc.\* | 6811 |
| 1370 | Editas Medicine, Inc.\* | 12152 |
| 1656 | Emergent BioSolutions, Inc.\* | 19557 |
| 585 | Enanta Pharmaceuticals, Inc.\* | 27214 |
| 1700 | Exact Sciences Corp.\* | 84167 |
| 6966 | Exelixis, Inc.\* | 111735 |
| 567 | Fate Therapeutics, Inc.\* | 5721 |
| 1432 | G1 Therapeutics, Inc.\* | 7776 |
| 14500 | Gilead Sciences, Inc. | 1244825 |
| 2867 | Halozyme Therapeutics, Inc.\* | 163132 |
| 1961 | Incyte Corp.\* | 157508 |
| 961 | Intellia Therapeutics, Inc.\* | 33529 |
| 1964 | Ionis Pharmaceuticals, Inc.\* | 74180 |
| 2315 | Iovance Biotherapeutics, Inc.\* | 14793 |
| 2568 | Ironwood Pharmaceuticals, Inc.\* | 31818 |
| 200 | Kodiak Sciences, Inc.\* | 1432 |
| 367 | Krystal Biotech, Inc.\* | 29074 |
| 1263 | Kura Oncology, Inc.\* | 15674 |
| 757 | Kymera Therapeutics, Inc.\* | 18895 |
| 340 | Ligand Pharmaceuticals, Inc.\* | 22712 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Biotechnology, continued** | **Biotechnology, continued** | |
| 1449 | Macrogenics, Inc.\* | $9723 |
| 710 | Mirati Therapeutics, Inc.\* | 32170 |
| 4559 | Moderna, Inc.\* | 818888 |
| 2351 | Myriad Genetics, Inc.\* | 34113 |
| 715 | Neurocrine Biosciences, Inc.\* | 85400 |
| 10235 | OPKO Health, Inc.\* | 12794 |
| 9565 | PDL BioPharma, Inc.\* | 25443 |
| 1720 | Prothena Corp. plc\* | 103630 |
| 1074 | Regeneron Pharmaceuticals, Inc.\* | 774880 |
| 895 | REGENXBIO, Inc.\* | 20299 |
| 1529 | Relay Therapeutics, Inc.\* | 22843 |
| 1975 | REVOLUTION Medicines, Inc.\* | 47044 |
| 1053 | Rhythm Pharmaceuticals, Inc.\* | 30663 |
| 1042 | Rocket Pharmaceuticals, Inc.\* | 20392 |
| 1793 | Sage Therapeutics, Inc.\* | 68385 |
| 2916 | Sangamo Therapeutics, Inc.\* | 9156 |
| 660 | Sarepta Therapeutics, Inc.\* | 85523 |
| 1210 | Seagen, Inc.\* | 155497 |
| 2126 | Spectrum Pharmaceuticals, Inc.\* | 783 |
| 602 | SpringWorks Therapeutics, Inc.\* | 15658 |
| 1803 | Syndax Pharmaceuticals, Inc.\* | 45886 |
| 900 | Twist Bioscience Corp.\* | 21429 |
| 1104 | Ultragenyx Pharmaceutical, Inc.\* | 51148 |
| 725 | United Therapeutics Corp.\* | 201615 |
| 1179 | Vanda Pharmaceuticals, Inc.\* | 8713 |
| 1543 | Vertex Pharmaceuticals, Inc.\* | 445588 |
| 1246 | Xencor, Inc.\* | 32446 |
|  |  | 10494285 |
| **Building Products (1.0%):** | **Building Products (1.0%):** |  |
| 2754 | A O Smith Corp. | 157639 |
| 1062 | AAON, Inc. | 79990 |
| 1573 | Advanced Drainage Systems, Inc. | 128939 |
| 1795 | Allegion plc | 188942 |
| 515 | American Woodmark Corp.\* | 25163 |
| 1085 | Apogee Enterprises, Inc. | 48239 |
| 1077 | Armstrong World Industries, Inc. | 73871 |
| 3106 | AZEK Co., Inc. (The)\* | 63114 |
| 4473 | Builders FirstSource, Inc.\* | 290208 |
| 723 | Carlisle Cos., Inc. | 170375 |
| 11181 | Carrier Global Corp. | 461216 |
| 547 | Csw Industrials, Inc. | 63414 |
| 2444 | Fortune Brands Innovations, Inc. | 139577 |
| 715 | Gibraltar Industries, Inc.\* | 32804 |
| 1993 | Griffon Corp. | 71329 |
| 1250 | Hayward Holdings, Inc.\* | 11750 |
| 1209 | Insteel Industries, Inc. | 33272 |
| 2135 | JELD-WEN Holding, Inc.\* | 20603 |
| 3721 | Johnson Controls International plc | 238144 |
| 617 | Lennox International, Inc. | 147605 |
| 2484 | Masco Corp. | 115928 |
| 681 | Masonite International Corp.\* | 54895 |
| 2444 | Masterbrand, Inc.\* | 18452 |
| 2995 | Owens Corning | 255474 |
| 1379 | PGT Innovations, Inc.\* | 24767 |
| 1160 | Quanex Building Products Corp. | 27469 |
| 3728 | Resideo Technologies, Inc.\* | 61326 |
| 1119 | Simpson Manufacturing Co., Inc. | 99211 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Building Products, continued** | **Building Products, continued** | |
| 2113 | Trane Technologies plc | $355174 |
| 1485 | Trex Co., Inc.\* | 62860 |
| 1914 | UFP Industries, Inc. | 151684 |
| 2409 | Zurn Elkay Water Solutions Corp. | 50950 |
|  |  | 3724384 |
| **Capital Markets (3.1%):** | **Capital Markets (3.1%):** |  |
| 837 | Affiliated Managers Group, Inc. | 132606 |
| 1753 | Ameriprise Financial, Inc. | 545832 |
| 826 | Ares Management Corp., Class A | 56531 |
| 1585 | Artisan Partners Asset Management, Inc., Class A | 47075 |
| 1095 | AssetMark Financial Holdings, Inc.\* | 25185 |
| 734 | B Riley Financial, Inc. | 25103 |
| 6009 | Bank of New York Mellon Corp. (The) | 273530 |
| 9837 | BGC Partners, Inc., Class A | 37085 |
| 1088 | BlackRock, Inc., Class A | 770989 |
| 4413 | Blackstone, Inc., Class A | 327400 |
| 2377 | Blucora, Inc.\* | 60685 |
| 902 | Brightsphere Investment Group, Inc. | 18563 |
| 6294 | Carlyle Group, Inc. (The) | 187813 |
| 1257 | Cboe Global Markets, Inc. | 157716 |
| 7675 | Charles Schwab Corp. (The) | 639020 |
| 1955 | CME Group, Inc. | 328753 |
| 1396 | Cohen & Steers, Inc. | 90126 |
| 190 | Diamond Hill Investment Group | 35154 |
| 1791 | Donnelley Financial Solutions, Inc.\* | 69222 |
| 379 | FactSet Research Systems, Inc. | 152059 |
| 3404 | Federated Hermes, Inc., Class B | 123599 |
| 5820 | Franklin Resources, Inc. | 153532 |
| 2787 | Goldman Sachs Group, Inc. (The) | 957000 |
| 255 | Greenhill & Co., Inc. | 2614 |
| 569 | Hamilton Lane, Inc. | 36348 |
| 211 | Hennessy Advisors, Inc. | 1772 |
| 1585 | Houlihan Lokey, Inc. | 138149 |
| 693 | Interactive Brokers Group, Inc., Class A | 50139 |
| 2995 | Intercontinental Exchange, Inc. | 307257 |
| 9972 | Invesco, Ltd. | 179396 |
| 4134 | Janus Henderson Group plc | 97232 |
| 4221 | KKR & Co., Inc., Class A | 195939 |
| 2997 | Lazard, Ltd., Class A | 103906 |
| 1018 | LPL Financial Holdings, Inc. | 220061 |
| 337 | MarketAxess Holdings, Inc. | 93986 |
| 1075 | Moelis & Co., Class A | 41248 |
| 1496 | Moody's Corp. | 416816 |
| 13808 | Morgan Stanley | 1173956 |
| 806 | Morningstar, Inc. | 174572 |
| 583 | MSCI, Inc. | 271194 |
| 4695 | Nasdaq, Inc. | 288038 |
| 2692 | Northern Trust Corp. | 238215 |
| 365 | Oppenheimer Holdings, Inc., Class A | 15450 |
| 613 | Piper Sandler Cos. | 79806 |
| 394 | PJT Partners, Inc. | 29034 |
| 2737 | Raymond James Financial, Inc. | 292448 |
| 4238 | Robinhood Markets, Inc., Class A\* | 34497 |
| 1896 | S&P Global, Inc. | 635046 |
| 3335 | SEI Investments Co. | 194430 |
| 660 | Silvercrest Asset Management Group, Inc., Class A | 12388 |
| 4353 | State Street Corp. | 337662 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Capital Markets, continued** | **Capital Markets, continued** | |
| 2748 | Stifel Financial Corp. | $160401 |
| 597 | StoneX Group, Inc.\* | 56894 |
| 3338 | T. Rowe Price Group, Inc. | 364042 |
| 800 | Tradeweb Markets, Inc., Class A | 51944 |
| 1275 | Victory Capital Holdings, Inc., Class A | 34208 |
| 2529 | Virtu Financial, Inc., Class A | 51617 |
| 154 | Virtus Investment Partners, Inc. | 29482 |
| 425 | Westwood Holdings, Inc. | 4732 |
| 3476 | WisdomTree, Inc. | 18944 |
|  |  | 11648441 |
| **Chemicals (2.4%):** | **Chemicals (2.4%):** |  |
| 1366 | AdvanSix, Inc. | 51935 |
| 1374 | Air Products and Chemicals, Inc. | 423549 |
| 980 | Albemarle Corp. | 212523 |
| 1157 | American Vanguard Corp. | 25119 |
| 994 | Ashland, Inc. | 106885 |
| 2333 | Avient Corp. | 78762 |
| 5056 | Axalta Coating Systems, Ltd.\* | 128776 |
| 538 | Balchem Corp. | 65695 |
| 1642 | Cabot Corp. | 109751 |
| 2236 | Celanese Corp. | 228609 |
| 3882 | CF Industries Holdings, Inc. | 330746 |
| 328 | Chase Corp. | 28293 |
| 4033 | Chemours Co. (The) | 123490 |
| 578 | Core Molding Technologies, Inc.\* | 7508 |
| 5660 | Corteva, Inc. | 332695 |
| 14175 | Dow, Inc. | 714278 |
| 5587 | DuPont de Nemours, Inc. | 383436 |
| 1980 | Eastman Chemical Co. | 161251 |
| 1417 | Ecolab, Inc. | 206259 |
| 1630 | Ecovyst, Inc.\* | 14442 |
| 7787 | Element Solutions, Inc. | 141646 |
| 1241 | FMC Corp. | 154877 |
| 3222 | Futurefuel Corp. | 26195 |
| 1438 | H.B. Fuller Co. | 102990 |
| 5566 | Huntsman Corp. | 152954 |
| 962 | Ingevity Corp.\* | 67763 |
| 571 | Innospec, Inc. | 58733 |
| 2916 | International Flavors & Fragrances, Inc. | 305713 |
| 1037 | Intrepid Potash, Inc.\* | 29938 |
| 783 | Koppers Holdings, Inc. | 22081 |
| 2011 | Kronos Worldwide, Inc. | 18903 |
| 3686 | Linde plc | 1202300 |
| 2160 | Livent Corp.\* | 42919 |
| 1603 | LSB Industries, Inc.\* | 21320 |
| 7530 | LyondellBasell Industries NV, Class A | 625216 |
| 971 | Minerals Technologies, Inc. | 58959 |
| 6939 | Mosaic Co. (The) | 304414 |
| 301 | NewMarket Corp. | 93644 |
| 4819 | Olin Corp. | 255118 |
| 2364 | Orion Engineered Carbons SA | 42103 |
| 2287 | PPG Industries, Inc. | 287567 |
| 117 | Quaker Chemical Corp. | 19527 |
| 3631 | Rayonier Advanced Materials, Inc.\* | 34858 |
| 1718 | RPM International, Inc. | 167419 |
| 1131 | Scotts Miracle-Gro Co. (The) | 54955 |
| 1042 | Sensient Technologies Corp. | 75983 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Chemicals, continued** | **Chemicals, continued** | |
| 2297 | Sherwin-Williams Co. (The) | $545147 |
| 569 | Stepan Co. | 60576 |
| 1070 | Tredegar Corp. | 10935 |
| 1279 | Trinseo PLC | 29046 |
| 4906 | Tronox Holdings plc, Class A | 67261 |
| 2580 | Valvoline, Inc. | 84237 |
| 4276 | Venator Materials plc\* | 2309 |
| 1774 | Westlake Corp. | 181906 |
|  |  | 9083514 |
| **Commercial Services & Supplies (0.9%):** | **Commercial Services & Supplies (0.9%):** |  |
| 1913 | ABM Industries, Inc. | 84975 |
| 2927 | ACCO Brands Corp. | 16362 |
| 1067 | Brady Corp., Class A | 50256 |
| 844 | Brink's Co. (The) | 45331 |
| 1028 | Casella Waste Systems, Inc.\* | 81531 |
| 2003 | CECO Environmental Corp.\* | 23395 |
| 518 | Cimpress plc\* | 14302 |
| 753 | Cintas Corp. | 340070 |
| 433 | Civeo Corp.\* | 13466 |
| 1494 | Clean Harbors, Inc.\* | 170495 |
| 5206 | Copart, Inc.\* | 316993 |
| 859 | Deluxe Corp. | 14586 |
| 1613 | Ennis, Inc. | 35744 |
| 2148 | Healthcare Services Group, Inc. | 25776 |
| 1042 | Heritage-Crystal Clean, Inc.\* | 33844 |
| 1467 | HNI Corp. | 41707 |
| 2623 | IAA, Inc.\* | 104920 |
| 2041 | Interface, Inc. | 20145 |
| 5118 | KAR Auction Services, Inc.\* | 66790 |
| 2829 | Kimball International, Inc., Class B | 18389 |
| 919 | Matthews International Corp., Class A | 27974 |
| 1866 | MillerKnoll, Inc. | 39205 |
| 406 | MSA Safety, Inc. | 58541 |
| 1552 | NL Industries, Inc. | 10569 |
| 4238 | Pitney Bowes, Inc. | 16104 |
| 2606 | Quad Graphics, Inc.\* | 10633 |
| 2027 | Republic Services, Inc. | 261463 |
| 4253 | Rollins, Inc. | 155405 |
| 503 | SP Plus Corp.\* | 17464 |
| 2563 | Steelcase, Inc., Class A | 18120 |
| 2286 | Stericycle, Inc.\* | 114049 |
| 1039 | Tetra Tech, Inc. | 150852 |
| 542 | UniFirst Corp. | 104601 |
| 1003 | Viad Corp.\* | 24463 |
| 824 | Vse Corp. | 38629 |
| 4883 | Waste Management, Inc. | 766045 |
|  |  | 3333194 |
| **Communications Equipment (0.8%):** | **Communications Equipment (0.8%):** |  |
| 1069 | ADTRAN Holdings, Inc. | 20086 |
| 752 | Applied Optoelectronics, Inc.\* | 1421 |
| 1277 | Arista Networks, Inc.\* | 154964 |
| 1829 | CalAmp Corp.\* | 8194 |
| 644 | Calix, Inc.\* | 44069 |
| 2888 | Ciena Corp.\* | 147230 |
| 34156 | Cisco Systems, Inc. | 1627192 |
| 6102 | CommScope Holding Co., Inc.\* | 44850 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Communications Equipment, continued** | **Communications Equipment, continued** | |
| 756 | Comtech Telecommunications Corp. | $9178 |
| 1262 | Digi International, Inc.\* | 46126 |
| 1189 | EMCORE Corp.\* | 1144 |
| 868 | F5, Inc.\* | 124567 |
| 2194 | Harmonic, Inc.\* | 28741 |
| 2944 | Infinera Corp.\* | 19843 |
| 441 | InterDigital, Inc. | 21821 |
| 5828 | Juniper Networks, Inc. | 186263 |
| 909 | KVH Industries, Inc.\* | 9290 |
| 1533 | Lumentum Holdings, Inc.\* | 79977 |
| 1185 | Motorola Solutions, Inc. | 305386 |
| 1010 | NETGEAR, Inc.\* | 18291 |
| 1838 | NetScout Systems, Inc.\* | 59753 |
| 3679 | Ribbon Communications, Inc.\* | 10264 |
| 2004 | ViaSat, Inc.\* | 63427 |
| 4098 | Viavi Solutions, Inc.\* | 43070 |
|  |  | 3075147 |
| **Construction & Engineering (0.5%):** | **Construction & Engineering (0.5%):** |  |
| 1401 | AECOM | 118987 |
| 673 | Ameresco, Inc., Class A\* | 38455 |
| 3778 | API Group Corp.\* | 71064 |
| 1062 | Arcosa, Inc. | 57709 |
| 455 | Argan, Inc. | 16780 |
| 1049 | Comfort Systems USA, Inc. | 120719 |
| 1213 | Construction Partners, Inc., Class A\* | 32375 |
| 710 | Dycom Industries, Inc.\* | 66456 |
| 1291 | EMCOR Group, Inc. | 191210 |
| 2848 | Fluor Corp.\* | 98712 |
| 1277 | Granite Construction, Inc. | 44784 |
| 2266 | Great Lakes Dredge & Dock Corp.\* | 13483 |
| 656 | IES Holdings, Inc.\* | 23334 |
| 1682 | MasTec, Inc.\* | 143525 |
| 1750 | Matrix Service Co.\* | 10885 |
| 5409 | MDU Resources Group, Inc. | 164109 |
| 487 | MYR Group, Inc.\* | 44838 |
| 346 | NV5 Global, Inc.\* | 45783 |
| 2101 | Orion Group Holdings, Inc.\* | 5000 |
| 2465 | Primoris Services Corp. | 54082 |
| 1798 | Quanta Services, Inc. | 256215 |
| 888 | Sterling Infrastructure, Inc.\* | 29126 |
| 1648 | Tutor Perini Corp.\* | 12443 |
| 568 | Valmont Industries, Inc. | 187821 |
| 4673 | WillScot Mobile Mini Holdings Corp.\* | 211080 |
|  |  | 2058975 |
| **Construction Materials (0.2%):** | **Construction Materials (0.2%):** |  |
| 961 | Eagle Materials, Inc. | 127669 |
| 754 | Martin Marietta Materials, Inc. | 254829 |
| 3328 | Summit Materials, Inc., Class A\* | 94482 |
| 131 | U.S. Lime & Minerals, Inc. | 18440 |
| 1485 | Vulcan Materials Co. | 260038 |
|  |  | 755458 |
| **Consumer Finance (0.9%):** | **Consumer Finance (0.9%):** |  |
| 6825 | Ally Financial, Inc. | 166871 |
| 5736 | American Express Co. | 847494 |
| 4446 | Capital One Financial Corp. | 413300 |
| 1912 | Consumer Portfolio Services, Inc.\* | 16921 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Consumer Finance, continued** | **Consumer Finance, continued** | |
| 490 | Credit Acceptance Corp.\*^ | $232456 |
| 6177 | Discover Financial Services | 604296 |
| 950 | Encore Capital Group, Inc.\* | 45543 |
| 1657 | Enova International, Inc.\* | 63579 |
| 3948 | EZCORP, Inc., Class A\* | 32176 |
| 1170 | FirstCash Holdings, Inc. | 101685 |
| 1425 | Green Dot Corp., Class A\* | 22544 |
| 5431 | LendingClub Corp.\* | 47793 |
| 5938 | Navient Corp. | 97680 |
| 543 | Nelnet, Inc., Class A | 49277 |
| 750 | Nicholas Financial, Inc.\* | 4733 |
| 4313 | OneMain Holdings, Inc. | 143666 |
| 1392 | PRA Group, Inc.\* | 47022 |
| 2187 | PROG Holdings, Inc.\* | 36938 |
| 568 | Regional Mgmt Corp. | 15949 |
| 10574 | SLM Corp. | 175528 |
| 10054 | Synchrony Financial | 330375 |
| 237 | World Acceptance Corp.\* | 15628 |
|  |  | 3511454 |
| **Containers & Packaging (0.7%):** | **Containers & Packaging (0.7%):** |  |
| 21700 | Amcor plc | 258447 |
| 1523 | AptarGroup, Inc. | 167500 |
| 1254 | Avery Dennison Corp. | 226974 |
| 3835 | Ball Corp. | 196122 |
| 4390 | Berry Global Group, Inc. | 265288 |
| 2418 | Crown Holdings, Inc. | 198784 |
| 10400 | Graphic Packaging Holding Co. | 231400 |
| 930 | Greif, Inc., Class A | 62366 |
| 710 | Greif, Inc., Class B | 55543 |
| 5221 | International Paper Co. | 180803 |
| 1253 | Myers Industries, Inc. | 27854 |
| 5063 | O-I Glass, Inc.\* | 83894 |
| 1879 | Packaging Corp. of America | 240343 |
| 2082 | Sealed Air Corp. | 103850 |
| 3830 | Silgan Holdings, Inc. | 198547 |
| 2780 | Sonoco Products Co. | 168774 |
| 1022 | TriMas Corp. | 28350 |
| 3552 | Westrock Co. | 124888 |
|  |  | 2819727 |
| **Distributors (0.2%):** | **Distributors (0.2%):** |  |
| 1267 | Funko, Inc., Class A\* | 13823 |
| 1853 | Genuine Parts Co. | 321514 |
| 3391 | LKQ Corp. | 181113 |
| 490 | Pool Corp. | 148142 |
| 811 | Weyco Group, Inc. | 17161 |
|  |  | 681753 |
| **Diversified Consumer Services (0.3%):** | **Diversified Consumer Services (0.3%):** |  |
| 9468 | ADT, Inc. | 85875 |
| 1249 | Adtalem Global Education, Inc.\* | 44339 |
| 541 | American Public Education, Inc.\* | 6649 |
| 927 | Bright Horizons Family Solutions, Inc.\* | 58494 |
| 418 | Carriage Services, Inc. | 11512 |
| 1372 | Chegg, Inc.\* | 34670 |
| 1826 | Frontdoor, Inc.\* | 37981 |
| 112 | Graham Holdings Co., Class B | 67672 |
| 875 | Grand Canyon Education, Inc.\* | 92452 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Diversified Consumer Services, continued** | **Diversified Consumer Services, continued** | |
| 3465 | H&R Block, Inc. | $126507 |
| 3406 | Laureate Education, Inc. | 32766 |
| 2522 | Perdoceo Education Corp.\* | 35056 |
| 1293 | PowerSchool Holdings, Inc.\* | 29842 |
| 3783 | Service Corp. International | 261557 |
| 825 | Strategic Education, Inc. | 64614 |
| 1002 | Stride, Inc.\* | 31343 |
| 1696 | Universal Technical Institute, Inc.\* | 11397 |
| 1419 | WW International, Inc.\* | 5477 |
|  |  | 1038203 |
| **Diversified Financial Services (1.4%):** | **Diversified Financial Services (1.4%):** |  |
| 5097 | Apollo Global Management, Inc. | 325138 |
| 13439 | Berkshire Hathaway, Inc., Class B\* | 4151307 |
| 2704 | Cannae Holdings, Inc.\* | 55837 |
| 8122 | Equitable Holdings, Inc. | 233101 |
| 1543 | Jackson Financial, Inc., Class A | 53681 |
| 5286 | Jefferies Financial Group, Inc. | 181204 |
| 2777 | Voya Financial, Inc. | 170758 |
|  |  | 5171026 |
| **Diversified Telecommunication Services (1.2%):** | **Diversified Telecommunication Services (1.2%):** |  |
| 398 | Anterix, Inc.\* | 12804 |
| 75599 | AT&T, Inc. | 1391777 |
| 461 | ATN International, Inc. | 20888 |
| 857 | Cogent Communications Holdings, Inc. | 48917 |
| 4558 | Consolidated Communications Holdings, Inc.\* | 16318 |
| 1548 | EchoStar Corp., Class A\* | 25821 |
| 1703 | Frontier Communications Parent, Inc.\* | 43392 |
| 1080 | IDT Corp.\* | 30424 |
| 3009 | Iridium Communications, Inc.\* | 154662 |
| 26553 | Lumen Technologies, Inc. | 138607 |
| 72623 | Verizon Communications, Inc. | 2861346 |
|  |  | 4744956 |
| **Electric Utilities (1.6%):** | **Electric Utilities (1.6%):** |  |
| 925 | ALLETE, Inc. | 59672 |
| 2285 | Alliant Energy Corp. | 126155 |
| 3720 | American Electric Power Co., Inc. | 353214 |
| 1163 | Avangrid, Inc. | 49986 |
| 2343 | Constellation Energy Corp. | 201990 |
| 5521 | Duke Energy Corp. | 568608 |
| 3306 | Edison International | 210328 |
| 2041 | Entergy Corp. | 229612 |
| 2102 | Evergy, Inc. | 132279 |
| 3330 | Eversource Energy | 279187 |
| 7030 | Exelon Corp. | 303907 |
| 5033 | FirstEnergy Corp. | 211084 |
| 1272 | Genie Energy, Ltd., Class B | 13152 |
| 2581 | Hawaiian Electric Industries, Inc. | 108015 |
| 1176 | IDACORP, Inc. | 126832 |
| 734 | MGE Energy, Inc. | 51674 |
| 13851 | NextEra Energy, Inc. | 1157944 |
| 6930 | NRG Energy, Inc. | 220513 |
| 3897 | OGE Energy Corp. | 154126 |
| 737 | Otter Tail Corp. | 43269 |
| 16446 | PG&E Corp.\* | 267412 |
| 1787 | Pinnacle West Capital Corp. | 135883 |
| 1704 | PNM Resources, Inc. | 83138 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Electric Utilities, continued** | **Electric Utilities, continued** | |
| 2036 | Portland General Electric Co. | $99764 |
| 7492 | PPL Corp. | 218916 |
| 7460 | Southern Co. (The) | 532719 |
| 3977 | Xcel Energy, Inc. | 278827 |
|  |  | 6218206 |
| **Electrical Equipment (0.8%):** | **Electrical Equipment (0.8%):** |  |
| 888 | Acuity Brands, Inc. | 147062 |
| 424 | Allied Motion Technologies, Inc. | 14759 |
| 2435 | AMETEK, Inc. | 340218 |
| 1155 | Atkore, Inc.\* | 131000 |
| 394 | AZZ, Inc. | 15839 |
| 2912 | Eaton Corp. plc | 457038 |
| 3364 | Emerson Electric Co. | 323146 |
| 823 | Encore Wire Corp. | 113212 |
| 1180 | EnerSys | 87131 |
| 9782 | FuelCell Energy, Inc.\* | 27194 |
| 736 | Generac Holdings, Inc.\* | 74086 |
| 5506 | GrafTech International, Ltd. | 26209 |
| 1280 | Hubbell, Inc. | 300390 |
| 1831 | LSI Industries, Inc. | 22411 |
| 3947 | nVent Electric plc | 151841 |
| 79 | Pineapple Holdings, Inc.\* | 184 |
| 5002 | Plug Power, Inc.\* | 61875 |
| 606 | Powell Industries, Inc. | 21319 |
| 400 | Preformed Line Products Co. | 33316 |
| 1374 | Regal Rexnord Corp. | 164853 |
| 1092 | Rockwell Automation, Inc. | 281266 |
| 3842 | Sensata Technologies Holding plc | 155140 |
| 4144 | Sunrun, Inc.\* | 99539 |
| 1298 | Thermon Group Holdings, Inc.\* | 26064 |
| 742 | TPI Composites, Inc.\* | 7524 |
| 348 | Vicor Corp.\* | 18705 |
|  |  | 3101321 |
| **Electronic Equipment, Instruments & Components (1.3%):** | **Electronic Equipment, Instruments & Components (1.3%):** |  |
| 870 | Advanced Energy Industries, Inc. | 74629 |
| 4881 | Amphenol Corp., Class A | 371639 |
| 2582 | Arlo Technologies, Inc.\* | 9063 |
| 1826 | Arrow Electronics, Inc.\* | 190945 |
| 2249 | Avnet, Inc. | 93513 |
| 724 | Badger Meter, Inc. | 78938 |
| 550 | Bel Fuse, Inc., Class B | 18106 |
| 1417 | Belden, Inc. | 101882 |
| 1054 | Benchmark Electronics, Inc. | 28131 |
| 1649 | CDW Corp. | 294478 |
| 1600 | Cognex Corp. | 75376 |
| 1971 | Coherent Corp.\* | 69182 |
| 10530 | Corning, Inc. | 336328 |
| 1576 | CTS Corp. | 62126 |
| 2838 | Daktronics, Inc.\* | 8003 |
| 1561 | Dolby Laboratories, Inc., Class A | 110113 |
| 784 | ePlus, Inc.\* | 34715 |
| 839 | Fabrinet\* | 107577 |
| 392 | FARO Technologies, Inc.\* | 11529 |
| 10032 | Flex, Ltd.\* | 215287 |
| 640 | Frequency Electronics, Inc. | 4512 |
| 1048 | Insight Enterprises, Inc.\* | 105083 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Electronic Equipment, Instruments & Components, continued** | **Electronic Equipment, Instruments & Components, continued** | |
| 959 | IPG Photonics Corp. | $90788 |
| 1060 | Itron, Inc.\* | 53689 |
| 4868 | Jabil, Inc. | 331998 |
| 1829 | Keysight Technologies, Inc.\* | 312887 |
| 1603 | Kimball Electronics, Inc.\* | 36212 |
| 2737 | Knowles Corp.\* | 44942 |
| 546 | Littelfuse, Inc. | 120229 |
| 790 | Methode Electronics, Inc., Class A | 35052 |
| 2559 | National Instruments Corp. | 94427 |
| 702 | Novanta, Inc.\* | 95381 |
| 594 | OSI Systems, Inc.\* | 47235 |
| 621 | PC Connection, Inc. | 29125 |
| 800 | Plexus Corp.\* | 82344 |
| 438 | Rogers Corp.\* | 52271 |
| 1757 | Sanmina Corp.\* | 100659 |
| 738 | ScanSource, Inc.\* | 21564 |
| 1795 | TD SYNNEX Corp. | 170004 |
| 2600 | TE Connectivity, Ltd. | 298480 |
| 458 | Teledyne Technologies, Inc.\* | 183159 |
| 2694 | Trimble, Inc.\* | 136209 |
| 3068 | TTM Technologies, Inc.\* | 46265 |
| 3363 | Vishay Intertechnology, Inc. | 72540 |
| 2080 | Vontier Corp. | 40206 |
| 448 | Zebra Technologies Corp., Class A\* | 114872 |
|  |  | 5011693 |
| **Energy Equipment & Services (0.7%):** | **Energy Equipment & Services (0.7%):** |  |
| 4779 | Archrock, Inc. | 42915 |
| 10629 | Baker Hughes Co. | 313874 |
| 519 | Bristow Group, Inc.\* | 14080 |
| 562 | Cactus, Inc., Class A | 28246 |
| 5397 | ChampionX Corp. | 156459 |
| 711 | Core Laboratories NV | 14412 |
| 562 | DMC Global, Inc.\* | 10925 |
| 1028 | Dril-Quip, Inc.\* | 27931 |
| 1095 | Expro Group Holdings NV\* | 19852 |
| 306 | Forum Energy Technologies, Inc.\* | 9027 |
| 760 | Geospace Technologies Corp.\* | 3207 |
| 1086 | Gulf Island Fabrication, Inc.\* | 5571 |
| 9819 | Halliburton Co. | 386378 |
| 4336 | Helix Energy Solutions Group, Inc.\* | 32000 |
| 2727 | Helmerich & Payne, Inc. | 135177 |
| 2181 | Liberty Oilfield Services, Inc., Class A | 34918 |
| 1436 | Mammoth Energy Services, Inc.\* | 12421 |
| 359 | Nabors Industries, Ltd.\* | 55598 |
| 935 | Natural Gas Services Group\* | 10715 |
| 4799 | Newpark Resources, Inc.\* | 19916 |
| 8513 | NexTier Oilfield Solutions, Inc.\* | 78660 |
| 900 | Noble Corp. PLC\* | 33939 |
| 8395 | NOV, Inc. | 175372 |
| 3444 | Oceaneering International, Inc.\* | 60236 |
| 3066 | Oil States International, Inc.\* | 22872 |
| 6531 | Patterson-UTI Energy, Inc. | 109982 |
| 2684 | Propetro Holding Corp.\* | 27833 |
| 4475 | RPC, Inc. | 39783 |
| 8661 | Schlumberger, Ltd. | 463017 |
| 493 | SEACOR Marine Holdings, Inc.\* | 4516 |
| 3974 | Select Energy Services, Inc. | 36720 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Energy Equipment & Services, continued** | **Energy Equipment & Services, continued** | |
| 13590 | TechnipFMC plc\* | $165662 |
| 4086 | TETRA Technologies, Inc.\* | 14138 |
| 2510 | Tidewater, Inc.\* | 92494 |
| 14584 | Transocean, Ltd.\* | 66503 |
| 4546 | U.S. Silica Holdings, Inc.\* | 56825 |
| 489 | Valaris, Ltd.\* | 33066 |
| 780 | Weatherford International plc\* | 39718 |
|  |  | 2854958 |
| **Entertainment (1.0%):** | **Entertainment (1.0%):** |  |
| 5649 | Activision Blizzard, Inc. | 432431 |
| 2561 | Cinemark Holdings, Inc.\* | 22178 |
| 2633 | Electronic Arts, Inc. | 321700 |
| 873 | Endeavor Group Holdings, Inc.\* | 19677 |
| 1045 | Imax Corp.\* | 15320 |
| 247 | Liberty Media Corp.-Liberty Braves, Class A\* | 8069 |
| 527 | Liberty Media Corp.-Liberty Braves, Class C\* | 16985 |
| 619 | Liberty Media Corp-Liberty Formula One, Class A\* | 33073 |
| 2037 | Liberty Media Corp-Liberty Formula One, Class C\* | 121772 |
| 2111 | Lions Gate Entertainment Corp., Class A\* | 12054 |
| 2411 | Lions Gate Entertainment Corp., Class B\* | 13092 |
| 2071 | Live Nation Entertainment, Inc.\* | 144431 |
| 894 | Madison Square Garden Entertainment Corp.\* | 40203 |
| 369 | Madison Square Garden Sports Corp., Class A | 67649 |
| 1459 | Marcus Corp. | 20995 |
| 2368 | Netflix, Inc.\* | 698276 |
| 3472 | Playtika Holding Corp.\* | 29547 |
| 1419 | Reading International, Inc., Class A\* | 3931 |
| 598 | ROBLOX Corp., Class A\* | 17019 |
| 454 | Roku, Inc.\* | 18478 |
| 823 | Spotify Technology SA\* | 64976 |
| 1891 | Take-Two Interactive Software, Inc.\* | 196910 |
| 11584 | Walt Disney Co. (The)\* | 1006418 |
| 26487 | Warner Bros Discovery, Inc.\* | 251097 |
| 1420 | Warner Music Group Corp. | 49728 |
| 1208 | World Wrestling Entertainment, Inc., Class A | 82772 |
|  |  | 3708781 |
| **Food & Staples Retailing (1.6%):** | **Food & Staples Retailing (1.6%):** |  |
| 1374 | Albertsons Cos., Inc., Class A | 28497 |
| 3262 | BJ's Wholesale Club Holdings, Inc.\* | 215814 |
| 998 | Casey's General Stores, Inc. | 223901 |
| 3697 | Costco Wholesale Corp. | 1687680 |
| 650 | Grocery Outlet Holding Corp.\* | 18973 |
| 613 | Ingles Markets, Inc., Class A | 59130 |
| 15716 | Kroger Co. (The) | 700619 |
| 1720 | Natural Grocers by Vitamin Cottage, Inc. | 15721 |
| 3349 | Performance Food Group Co.\* | 195548 |
| 678 | PriceSmart, Inc. | 41209 |
| 1048 | SpartanNash Co. | 31692 |
| 4494 | Sprouts Farmers Market, Inc.\* | 145471 |
| 4671 | Sysco Corp. | 357098 |
| 1610 | The Andersons, Inc. | 56334 |
| 1143 | The Chefs' Warehouse, Inc.\* | 38039 |
| 1907 | United Natural Foods, Inc.\* | 73820 |
| 5735 | US Foods Holding Corp.\* | 195105 |
| 738 | Village Super Market, Inc., Class A | 17188 |
| 8238 | Walgreens Boots Alliance, Inc. | 307772 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Food & Staples Retailing, continued** | **Food & Staples Retailing, continued** | |
| 12188 | Walmart, Inc. | $1728136 |
| 857 | Weis Markets, Inc. | 70523 |
|  |  | 6208270 |
| **Food Products (1.5%):** | **Food Products (1.5%):** |  |
| 3905 | Archer-Daniels-Midland Co. | 362579 |
| 2035 | B&G Foods, Inc.^ | 22690 |
| 2357 | Bunge, Ltd. | 235158 |
| 270 | Calavo Growers, Inc. | 7938 |
| 1477 | Cal-Maine Foods, Inc. | 80423 |
| 4734 | Campbell Soup Co. | 268655 |
| 5882 | Conagra Brands, Inc. | 227633 |
| 2701 | Darling Ingredients, Inc.\* | 169056 |
| 1004 | Farmer Brothers Co.\* | 4628 |
| 5664 | Flowers Foods, Inc. | 162783 |
| 1375 | Fresh Del Monte Produce, Inc. | 36011 |
| 640 | Freshpet, Inc.\* | 33773 |
| 5036 | General Mills, Inc. | 422269 |
| 2709 | Hain Celestial Group, Inc. (The)\* | 43832 |
| 1341 | Hershey Co. (The) | 310535 |
| 4488 | Hormel Foods Corp. | 204428 |
| 3521 | Hostess Brands, Inc.\* | 79011 |
| 1610 | Ingredion, Inc. | 157667 |
| 376 | J & J Snack Foods Corp. | 56291 |
| 1263 | JM Smucker Co. (The) | 200135 |
| 300 | John B Sanfilippo & Son, Inc. | 24396 |
| 5023 | Kellogg Co. | 357839 |
| 5691 | Kraft Heinz Co. (The) | 231681 |
| 2371 | Lamb Weston Holdings, Inc. | 211873 |
| 452 | Lancaster Colony Corp. | 89180 |
| 1028 | Lifecore Biomedical, Inc.\* | 6662 |
| 2497 | McCormick & Co. | 206976 |
| 778 | McCormick & Co., Inc. | 63928 |
| 7023 | Mondelez International, Inc., Class A | 468083 |
| 3553 | Pilgrim's Pride Corp.\* | 84313 |
| 1836 | Post Holdings, Inc.\* | 165717 |
| 29 | Seaboard Corp. | 109481 |
| 266 | Seneca Foods Corp., Class A\* | 16213 |
| 2245 | Simply Good Foods Co. (The)\* | 85377 |
| 900 | Tootsie Roll Industries, Inc. | 38313 |
| 1535 | TreeHouse Foods, Inc.\* | 75798 |
| 4120 | Tyson Foods, Inc., Class A | 256470 |
|  |  | 5577795 |
| **Gas Utilities (0.2%):** | **Gas Utilities (0.2%):** |  |
| 1298 | Atmos Energy Corp. | 145467 |
| 273 | Chesapeake Utilities Corp. | 32263 |
| 2171 | National Fuel Gas Co. | 137424 |
| 2685 | New Jersey Resources Corp. | 133230 |
| 620 | Northwest Natural Holding Co. | 29506 |
| 1069 | ONE Gas, Inc. | 80945 |
| 232 | RGC Resources, Inc. | 5116 |
| 1202 | South Jersey Industries, Inc. | 42707 |
| 944 | Southwest Gas Holdings, Inc. | 58415 |
| 912 | Spire, Inc. | 62800 |
| 4064 | UGI Corp. | 150652 |
|  |  | 878525 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Health Care (0.0%<sup>†</sup>):** | **Health Care (0.0%<sup>†</sup>):** | |
| 129 | Omniab, Inc. — Vesting 12.5\*(a)(b) | $— |
| 129 | Omniab, Inc. — Vesting 15\*(a)(b) |  |
| **Health Care Equipment & Supplies (2.4%):** | **Health Care Equipment & Supplies (2.4%):** |  |
| 12151 | Abbott Laboratories | 1334058 |
| 2269 | Accuray, Inc.\* | 4742 |
| 345 | Align Technology, Inc.\* | 72761 |
| 912 | AngioDynamics, Inc.\* | 12558 |
| 955 | Anika Therapeutics, Inc.\* | 28268 |
| 1619 | Artivion, Inc.\* | 19622 |
| 707 | AtriCure, Inc.\* | 31377 |
| 36 | Atrion Corp. | 20140 |
| 991 | Avanos Medical, Inc.\* | 26817 |
| 744 | Axonics, Inc.\* | 46522 |
| 5209 | Baxter International, Inc. | 265503 |
| 1470 | Becton Dickinson and Co. | 373821 |
| 7829 | Boston Scientific Corp.\* | 362248 |
| 629 | CONMED Corp. | 55755 |
| 507 | Cooper Cos., Inc. (The) | 167650 |
| 3956 | Danaher Corp. | 1050002 |
| 3528 | DENTSPLY SIRONA, Inc. | 112332 |
| 1128 | Dexcom, Inc.\* | 127735 |
| 3086 | Edwards Lifesciences Corp.\* | 230246 |
| 294 | Embecta Corp. | 7435 |
| 1056 | Enovis Corp.\* | 56517 |
| 2838 | Envista Holdings Corp.\* | 95555 |
| 946 | Glaukos Corp.\* | 41321 |
| 1691 | Globus Medical, Inc.\* | 125591 |
| 1463 | Haemonetics Corp.\* | 115065 |
| 149 | Heska Corp.\* | 9262 |
| 4985 | Hologic, Inc.\* | 372928 |
| 824 | IDEXX Laboratories, Inc.\* | 336159 |
| 516 | Inari Medical, Inc.\* | 32797 |
| 433 | Inogen, Inc.\* | 8534 |
| 334 | Insulet Corp.\* | 98326 |
| 940 | Integer Holdings Corp.\* | 64352 |
| 1679 | Integra LifeSciences Holdings Corp.\* | 94142 |
| 1403 | Intuitive Surgical, Inc.\* | 372286 |
| 1705 | Lantheus Holdings, Inc.\* | 86887 |
| 809 | LeMaitre Vascular, Inc. | 37230 |
| 725 | LENSAR, Inc.\* | 2146 |
| 1168 | LivaNova plc\* | 64871 |
| 509 | Masimo Corp.\* | 75307 |
| 6947 | Medtronic plc | 539921 |
| 1464 | Meridian Bioscience, Inc.\* | 48619 |
| 1136 | Merit Medical Systems, Inc.\* | 80224 |
| 4126 | Neogen Corp.\* | 62839 |
| 598 | Novocure, Ltd.\* | 43863 |
| 1066 | NuVasive, Inc.\* | 43962 |
| 2205 | OraSure Technologies, Inc.\* | 10628 |
| 566 | Orthofix Medical, Inc.\* | 11620 |
| 466 | Penumbra, Inc.\* | 103666 |
| 696 | QuidelOrtho Corp.\* | 59626 |
| 955 | ResMed, Inc. | 198764 |
| 624 | SeaSpine Holdings Corp.\* | 5210 |
| 176 | Shockwave Medical, Inc.\* | 36187 |
| 685 | STAAR Surgical Co.\* | 33250 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Health Care Equipment & Supplies, continued** | **Health Care Equipment & Supplies, continued** | |
| 1032 | STERIS plc | $190600 |
| 1764 | Stryker Corp. | 431280 |
| 110 | Surgalign Holdings, Inc.\* | 216 |
| 406 | Tandem Diabetes Care, Inc.\* | 18250 |
| 531 | Teleflex, Inc. | 132554 |
| 538 | UFP Technologies, Inc.\* | 63425 |
| 227 | Utah Medical Products, Inc. | 22820 |
| 1100 | Varex Imaging Corp.\* | 22330 |
| 684 | West Pharmaceutical Services, Inc. | 160979 |
| 2179 | Zimmer Biomet Holdings, Inc. | 277823 |
| 217 | Zimvie, Inc.\* | 2027 |
|  |  | 9039551 |
| **Health Care Providers & Services (3.2%):** | **Health Care Providers & Services (3.2%):** |  |
| 2284 | Acadia Healthcare Co., Inc.\* | 188019 |
| 343 | Addus HomeCare Corp.\* | 34125 |
| 1127 | Agiliti, Inc.\* | 18381 |
| 4366 | agilon health, Inc.\* | 70467 |
| 78 | AlerisLife, Inc.\* | 43 |
| 757 | Amedisys, Inc.\* | 63240 |
| 1881 | AmerisourceBergen Corp. | 311700 |
| 1394 | AMN Healthcare Services, Inc.\* | 143331 |
| 1245 | Apollo Medical Holdings, Inc.\* | 36840 |
| 9264 | Brookdale Senior Living, Inc.\* | 25291 |
| 4191 | Cardinal Health, Inc. | 322162 |
| 4279 | Centene Corp.\* | 350921 |
| 301 | Chemed Corp. | 153639 |
| 3378 | Cigna Corp. | 1119267 |
| 5028 | Community Health Systems, Inc. | 21721 |
| 318 | CorVel Corp.\* | 46215 |
| 1177 | Cross Country Healthcare, Inc.\* | 31273 |
| 13839 | CVS Health Corp. | 1289656 |
| 1553 | DaVita, Inc.\* | 115962 |
| 1761 | Elevance Health, Inc. | 903340 |
| 2542 | Encompass Health Corp. | 152037 |
| 1271 | Enhabit, Inc.\* | 16726 |
| 1085 | Ensign Group, Inc. (The) | 102652 |
| 571 | Fulgent Genetics, Inc.\* | 17004 |
| 1772 | HCA Healthcare, Inc. | 425209 |
| 786 | HealthEquity, Inc.\* | 48449 |
| 2772 | Henry Schein, Inc.\* | 221400 |
| 975 | Humana, Inc. | 499385 |
| 1529 | InfuSystem Holdings, Inc.\* | 13272 |
| 1274 | Laboratory Corp. of America Holdings | 300002 |
| 742 | LHC Group, Inc.\* | 119974 |
| 1101 | McKesson Corp. | 413007 |
| 564 | ModivCare, Inc.\* | 50608 |
| 835 | Molina Healthcare, Inc.\* | 275734 |
| 575 | National Healthcare Corp. | 34212 |
| 819 | National Research Corp. | 30549 |
| 3895 | Oak Street Health, Inc.\* | 83781 |
| 2228 | Option Care Health, Inc.\* | 67041 |
| 2072 | Owens & Minor, Inc.\* | 40466 |
| 3095 | Patterson Cos., Inc. | 86753 |
| 1710 | Pediatrix Medical Group, Inc.\* | 25411 |
| 629 | Petiq, Inc.\* | 5799 |
| 2269 | Premier, Inc., Class A | 79370 |
| 861 | Progyny, Inc.\* | 26820 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Health Care Providers & Services, continued** | **Health Care Providers & Services, continued** | |
| 1621 | Quest Diagnostics, Inc. | $253589 |
| 4626 | R1 RCM, Inc.\* | 50655 |
| 1355 | RadNet, Inc.\* | 25515 |
| 2778 | Select Medical Holdings Corp. | 68978 |
| 585 | Surgery Partners, Inc.\* | 16298 |
| 2695 | Tenet Healthcare Corp.\* | 131489 |
| 792 | The Pennant Group, Inc.\* | 8696 |
| 207 | U.S. Physical Therapy, Inc. | 16773 |
| 5855 | UnitedHealth Group, Inc. | 3104204 |
| 1705 | Universal Health Services, Inc., Class B | 240217 |
|  |  | 12297668 |
| **Health Care Technology (0.1%):** | **Health Care Technology (0.1%):** |  |
| 1109 | Certara, Inc.\* | 17822 |
| 339 | Computer Programs and Systems, Inc.\* | 9228 |
| 1873 | Evolent Health, Inc., Class A\* | 52594 |
| 1357 | HealthStream, Inc.\* | 33708 |
| 1430 | NextGen Healthcare, Inc.\* | 26855 |
| 574 | Omnicell, Inc.\* | 28941 |
| 928 | Schrodinger, Inc.\* | 17344 |
| 394 | Simulations Plus, Inc. | 14409 |
| 1470 | Teladoc Health, Inc.\* | 34765 |
| 705 | Veeva Systems, Inc., Class A\* | 113773 |
| 4097 | Veradigm, Inc.\* | 72271 |
|  |  | 421710 |
| **Hotels, Restaurants & Leisure (1.9%):** | **Hotels, Restaurants & Leisure (1.9%):** |  |
| 4796 | Aramark | 198267 |
| 6 | Biglari Holdings, Inc., Class A\* | 4134 |
| 67 | Biglari Holdings, Inc., Class B\* | 9300 |
| 492 | BJ's Restaurants, Inc.\* | 12979 |
| 1554 | Bloomin' Brands, Inc. | 31266 |
| 290 | Booking Holdings, Inc.\* | 584431 |
| 1059 | Boyd Gaming Corp. | 57747 |
| 970 | Brinker International, Inc.\* | 30953 |
| 1468 | Caesars Entertainment, Inc.\* | 61069 |
| 9118 | Carnival Corp., Class A\* | 73491 |
| 2943 | Carrols Restaurant Group, Inc.\* | 4002 |
| 665 | Cheesecake Factory, Inc. (The) | 21087 |
| 202 | Chipotle Mexican Grill, Inc.\* | 280273 |
| 767 | Choice Hotels International, Inc. | 86395 |
| 611 | Churchill Downs, Inc. | 129184 |
| 429 | Chuy's Holdings, Inc.\* | 12141 |
| 613 | Cracker Barrel Old Country Store, Inc. | 58076 |
| 1913 | Darden Restaurants, Inc. | 264625 |
| 1410 | Dave & Buster's Entertainment, Inc.\* | 49970 |
| 1239 | Denny's Corp.\* | 11411 |
| 376 | Domino's Pizza, Inc. | 130246 |
| 1862 | DraftKings, Inc.\* | 21208 |
| 1288 | El Pollo Loco Holdings, Inc. | 12829 |
| 757 | Expedia Group, Inc.\* | 66313 |
| 1277 | Fiesta Restaurant Group, Inc.\* | 9386 |
| 741 | Hilton Grand Vacations, Inc.\* | 28558 |
| 2080 | Hilton Worldwide Holdings, Inc. | 262829 |
| 1051 | Hyatt Hotels Corp., Class A\* | 95063 |
| 323 | Jack in the Box, Inc. | 22038 |
| 2311 | Las Vegas Sands Corp.\* | 111090 |
| 1893 | Light & Wonder, Inc., Class A\* | 110930 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Hotels, Restaurants & Leisure, continued** | **Hotels, Restaurants & Leisure, continued** | |
| 2491 | Marriott International, Inc., Class A | $370885 |
| 844 | Marriott Vacations Worldwide Corp. | 113594 |
| 5177 | McDonald's Corp. | 1364295 |
| 4916 | MGM Resorts International | 164833 |
| 341 | Nathans Famous, Inc. | 22919 |
| 5162 | Norwegian Cruise Line Holdings, Ltd.\* | 63183 |
| 671 | Papa John's International, Inc. | 55230 |
| 2176 | Penn Entertainment, Inc.\* | 64627 |
| 1693 | Planet Fitness, Inc., Class A\* | 133408 |
| 3664 | Playa Hotels & Resorts NV\* | 23926 |
| 763 | Potbelly Corp.\* | 4250 |
| 878 | Red Robin Gourmet Burgers, Inc.\* | 4899 |
| 2251 | Royal Caribbean Cruises, Ltd.\* | 111267 |
| 748 | Ruth's Hospitality Group, Inc. | 11579 |
| 1359 | SeaWorld Entertainment, Inc.\* | 72720 |
| 1371 | Six Flags Entertainment Corp.\* | 31876 |
| 8104 | Starbucks Corp. | 803917 |
| 1701 | Texas Roadhouse, Inc., Class A | 154706 |
| 1976 | Travel + Leisure Co. | 71926 |
| 359 | Vail Resorts, Inc. | 85568 |
| 6284 | Wendy's Co. (The) | 142207 |
| 548 | Wingstop, Inc. | 75416 |
| 1326 | Wyndham Hotels & Resorts, Inc. | 94557 |
| 1374 | Wynn Resorts, Ltd.\* | 113314 |
| 2639 | Yum! Brands, Inc. | 338003 |
|  |  | 7344396 |
| **Household Durables (0.9%):** | **Household Durables (0.9%):** |  |
| 906 | Beazer Homes USA, Inc.\* | 11561 |
| 183 | Cavco Industries, Inc.\* | 41404 |
| 858 | Century Communities, Inc. | 42909 |
| 6194 | DR Horton, Inc. | 552133 |
| 730 | Ethan Allen Interiors, Inc. | 19287 |
| 431 | Flexsteel Industries, Inc. | 6637 |
| 2269 | Garmin, Ltd. | 209406 |
| 2761 | GoPro, Inc., Class A\* | 13750 |
| 1329 | Green Brick Partners, Inc.\* | 32202 |
| 484 | Helen of Troy, Ltd.\* | 53680 |
| 500 | Hooker Furnishings Corp. | 9350 |
| 830 | Installed Building Products, Inc. | 71048 |
| 596 | iRobot Corp.\* | 28685 |
| 2155 | KB Home | 68637 |
| 1350 | La-Z-Boy, Inc. | 30807 |
| 4086 | Leggett & Platt, Inc. | 131692 |
| 3605 | Lennar Corp., Class A | 326252 |
| 119 | Lennar Corp., Class B | 8899 |
| 585 | LGI Homes, Inc.\* | 54171 |
| 1017 | Lifetime Brands, Inc. | 7719 |
| 1420 | M/I Homes, Inc.\* | 65576 |
| 1985 | MDC Holdings, Inc. | 62726 |
| 1004 | Meritage Homes Corp.\* | 92569 |
| 1361 | Mohawk Industries, Inc.\* | 139121 |
| 10746 | Newell Brands, Inc. | 140558 |
| 61 | NVR, Inc.\* | 281367 |
| 5734 | PulteGroup, Inc. | 261069 |
| 1139 | Skyline Champion Corp.\* | 58670 |
| 1307 | Sonos, Inc.\* | 22088 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | | |
| **Household Durables, continued** | **Household Durables, continued** | | |
| 3736 | Taylor Morrison Home Corp., Class A\* | $| 113388 |
| 3449 | Tempur Sealy International, Inc. |  | 118404 |
| 2183 | Toll Brothers, Inc. |  | 108975 |
| 935 | TopBuild Corp.\* |  | 146318 |
| 3273 | Tri Pointe Homes, Inc.\* |  | 60845 |
| 905 | Tupperware Brands Corp.\* |  | 3747 |
| 320 | Universal Electronics, Inc.\* |  | 6659 |
| 1621 | VOXX International Corp.\* |  | 13584 |
| 1418 | Whirlpool Corp. |  | 200590 |
|  |  |  | 3616483 |
| **Household Products (1.3%):** | **Household Products (1.3%):** |  |  |
| 1509 | Central Garden & Pet Co., Class A\* |  | 54022 |
| 2611 | Church & Dwight Co., Inc. |  | 210473 |
| 1448 | Clorox Co. (The) |  | 203198 |
| 7616 | Colgate-Palmolive Co. |  | 600065 |
| 1114 | Energizer Holdings, Inc. |  | 37375 |
| 3022 | Kimberly-Clark Corp. |  | 410236 |
| 333 | Oil-Dri Corp. of America |  | 11169 |
| 20457 | Procter & Gamble Co. (The) |  | 3100463 |
| 1828 | Reynolds Consumer Products, Inc. |  | 54803 |
| 945 | Spectrum Brands Holdings, Inc. |  | 57569 |
| 218 | WD-40 Co. |  | 35144 |
|  |  |  | 4774517 |
| **Independent Power and Renewable Electricity Producers (0.2%):** | **Independent Power and Renewable Electricity Producers (0.2%):** | **Independent Power and Renewable Electricity Producers (0.2%):** | **Independent Power and Renewable Electricity Producers (0.2%):** |
| 7504 | AES Corp. (The) |  | 215815 |
| 2247 | Atlantica Sustainable Infrastructure plc |  | 58197 |
| 2755 | Brookfield Renewable Corp., Class A |  | 75873 |
| 1323 | Clearway Energy, Inc., Class A |  | 39584 |
| 2153 | Clearway Energy, Inc., Class C |  | 68616 |
| 1462 | Ormat Technologies, Inc. |  | 126434 |
| 1658 | Sunnova Energy International, Inc.\* |  | 29861 |
| 10410 | Vistra Corp. |  | 241512 |
|  |  |  | 855892 |
| **Industrial Conglomerates (0.6%):** | **Industrial Conglomerates (0.6%):** |  |  |
| 5550 | 3M Co. |  | 665556 |
| 5892 | General Electric Co. |  | 493690 |
| 5049 | Honeywell International, Inc. |  | 1082001 |
|  |  |  | 2241247 |
| **Insurance (3.1%):** | **Insurance (3.1%):** |  |  |
| 5023 | Aflac, Inc. |  | 361355 |
| 2929 | Allstate Corp. (The) |  | 397172 |
| 1297 | AMBAC Financial Group, Inc.\* |  | 22620 |
| 2911 | American Equity Investment Life Holding Co. |  | 132800 |
| 1778 | American Financial Group, Inc. |  | 244084 |
| 10575 | American International Group, Inc. |  | 668763 |
| 745 | Amerisafe, Inc. |  | 38718 |
| 1659 | Aon plc, Class A |  | 497932 |
| 4926 | Arch Capital Group, Ltd.\* |  | 309254 |
| 560 | Argo Group International Holdings, Ltd. |  | 14476 |
| 1225 | Arthur J. Gallagher & Co. |  | 230961 |
| 1280 | Assurant, Inc. |  | 160077 |
| 2047 | Assured Guaranty, Ltd. |  | 127446 |
| 2351 | Axis Capital Holdings, Ltd. |  | 127354 |
| 2603 | Brighthouse Financial, Inc.\* |  | 133456 |
| 3292 | Brown & Brown, Inc. |  | 187545 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Insurance, continued** | **Insurance, continued** | |
| 1701 | BRP Group, Inc.\* | $42763 |
| 3095 | Chubb, Ltd. | 682757 |
| 1844 | Cincinnati Financial Corp. | 188807 |
| 2176 | Citizens, Inc.\* | 4635 |
| 1199 | CNA Financial Corp. | 50694 |
| 2354 | Crawford & Co. | 12500 |
| 895 | Crawford & Co., Class A | 4976 |
| 1631 | Donegal Group, Inc., Class A | 23160 |
| 800 | eHealth, Inc.\* | 3872 |
| 781 | Employers Holdings, Inc. | 33685 |
| 447 | Enstar Group, Ltd.\* | 103275 |
| 887 | Erie Indemnity Co., Class A | 220615 |
| 521 | Everest Re Group, Ltd. | 172592 |
| 419 | F&G Annuities & Life, Inc.\* | 8384 |
| 6172 | Fidelity National Financial, Inc. | 232191 |
| 3103 | First American Financial Corp. | 162411 |
| 14957 | Genworth Financial, Inc., Class A\* | 79123 |
| 695 | Global Indemnity Group LLC, Class A | 16200 |
| 1730 | Globe Life, Inc. | 208551 |
| 318 | Goosehead Insurance, Inc.\* | 10920 |
| 2383 | Greenlight Capital Re, Ltd.\* | 19421 |
| 1469 | Hallmark Financial Services, Inc.\* | 858 |
| 1039 | Hanover Insurance Group, Inc. (The) | 140400 |
| 4507 | Hartford Financial Services Group, Inc. (The) | 341766 |
| 397 | HCI Group, Inc. | 15717 |
| 387 | Heritage Insurance Holdings, Inc. | 697 |
| 1293 | Horace Mann Educators Corp. | 48319 |
| 153 | Investors Title Co. | 22575 |
| 868 | James River Group Holdings | 18150 |
| 2246 | Kemper Corp. | 110503 |
| 381 | Kinsale Capital Group, Inc. | 99639 |
| 2749 | Lincoln National Corp. | 84449 |
| 2831 | Loews Corp. | 165132 |
| 5556 | Maiden Holdings, Ltd.\* | 11723 |
| 162 | Markel Corp.\* | 213433 |
| 3891 | Marsh & McLennan Cos., Inc. | 643883 |
| 1688 | Mercury General Corp. | 57730 |
| 3926 | MetLife, Inc. | 284125 |
| 162 | National Western Life Group, Inc., Class A | 45522 |
| 8176 | Old Republic International Corp. | 197450 |
| 1239 | Primerica, Inc. | 175715 |
| 5198 | Principal Financial Group, Inc. | 436216 |
| 1399 | ProAssurance Corp. | 24441 |
| 2824 | Progressive Corp. (The) | 366301 |
| 2865 | Prudential Financial, Inc. | 284953 |
| 1379 | Reinsurance Group of America, Inc. | 195942 |
| 830 | RenaissanceRe Holdings, Ltd. | 152911 |
| 852 | RLI Corp. | 111842 |
| 321 | Safety Insurance Group, Inc. | 27047 |
| 1293 | Selective Insurance Group, Inc. | 114573 |
| 5145 | SiriusPoint, Ltd.\* | 30355 |
| 612 | Stewart Information Services Corp. | 26151 |
| 1767 | Tiptree, Inc., Class A | 24455 |
| 2979 | Travelers Cos., Inc. (The) | 558533 |
| 367 | Trupanion, Inc.\* | 17444 |
| 728 | United Fire Group, Inc. | 19918 |
| 383 | United Insurance Holdings Co. | 406 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Insurance, continued** | **Insurance, continued** | |
| 1869 | Universal Insurance Holdings, Inc. | $19793 |
| 5139 | Unum Group | 210853 |
| 85 | White Mountains Insurance Group, Ltd. | 120218 |
| 1342 | Willis Towers Watson plc | 328226 |
| 3333 | WR Berkley Corp. | 241876 |
|  |  | 11925785 |
| **Interactive Media & Services (2.9%):** | **Interactive Media & Services (2.9%):** |  |
| 47160 | Alphabet, Inc., Class A\* | 4160927 |
| 43631 | Alphabet, Inc., Class C\* | 3871379 |
| 2130 | Bumble, Inc.\* | 44836 |
| 2370 | Cargurus, Inc.\* | 33204 |
| 1955 | Cars.com, Inc.\* | 26920 |
| 2881 | DHI Group, Inc.\* | 15240 |
| 2717 | Match Group, Inc.\* | 112728 |
| 21951 | Meta Platforms, Inc., Class A\* | 2641583 |
| 2021 | Pinterest, Inc., Class A\* | 49070 |
| 1563 | QuinStreet, Inc.\* | 22429 |
| 2381 | Snap, Inc., Class A\* | 21310 |
| 1344 | Travelzoo\* | 5981 |
| 2514 | TripAdvisor, Inc.\* | 45202 |
| 2857 | TrueCar, Inc.\* | 7171 |
| 1590 | Yelp, Inc.\* | 43471 |
| 664 | Zedge, Inc., Class B\* | 1169 |
| 1474 | Ziff Davis, Inc.\* | 116593 |
| 742 | ZoomInfo Technologies, Inc.\* | 22342 |
|  |  | 11241555 |
| **Internet & Direct Marketing Retail (1.7%):** | **Internet & Direct Marketing Retail (1.7%):** |  |
| 893 | 1-800-Flowers.com, Inc., Class A\* | 8537 |
| 66871 | Amazon.com, Inc.\* | 5617164 |
| 690 | Chewy, Inc., Class A\* | 25585 |
| 9183 | eBay, Inc. | 380819 |
| 1489 | Etsy, Inc.\* | 178352 |
| 1642 | Lands' End, Inc.\* | 12463 |
| 1736 | Liquidity Services, Inc.\* | 24408 |
| 588 | PetMed Express, Inc. | 10408 |
| 1526 | Quotient Technology, Inc.\* | 5234 |
| 8810 | Qurate Retail, Inc., Class A\* | 14360 |
| 649 | Revolve Group, Inc.\* | 14447 |
| 764 | Shutterstock, Inc. | 40278 |
|  |  | 6332055 |
| **IT Services (3.9%):** | **IT Services (3.9%):** |  |
| 5591 | Accenture plc, Class A | 1491902 |
| 2020 | Akamai Technologies, Inc.\* | 170286 |
| 2873 | Amdocs, Ltd. | 261156 |
| 3866 | Automatic Data Processing, Inc. | 923433 |
| 2534 | Black Knight, Inc.\* | 156474 |
| 918 | Block, Inc.\* | 57687 |
| 252 | BM Technologies, Inc.\* | 1313 |
| 1974 | Bread Financial Holdings, Inc. | 74341 |
| 1570 | Broadridge Financial Solutions, Inc. | 210584 |
| 687 | Cass Information Systems, Inc. | 31478 |
| 3743 | Cognizant Technology Solutions Corp., Class A | 214062 |
| 1091 | Concentrix Corp. | 145278 |
| 6347 | Conduent, Inc.\* | 25705 |
| 1011 | CSG Systems International, Inc. | 57829 |
| 6526 | DXC Technology Co.\* | 172939 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **IT Services, continued** | **IT Services, continued** | |
| 435 | EPAM Systems, Inc.\* | $142567 |
| 1164 | Euronet Worldwide, Inc.\* | 109858 |
| 2060 | Evertec, Inc. | 66703 |
| 762 | ExlService Holdings, Inc.\* | 129106 |
| 4406 | Fidelity National Information Services, Inc. | 298947 |
| 3464 | Fiserv, Inc.\* | 350106 |
| 1367 | FleetCor Technologies, Inc.\* | 251091 |
| 861 | Gartner, Inc.\* | 289417 |
| 3911 | Genpact, Ltd. | 181158 |
| 2351 | Global Payments, Inc. | 233501 |
| 1673 | GoDaddy, Inc., Class A\* | 125174 |
| 1357 | Hackett Group, Inc. (The) | 27642 |
| 8574 | International Business Machines Corp. | 1207991 |
| 840 | Jack Henry & Associates, Inc. | 147470 |
| 2484 | Kyndryl Holdings, Inc.\* | 27622 |
| 2160 | Limelight Networks, Inc.\* | 2441 |
| 1456 | LiveRamp Holdings, Inc.\* | 34129 |
| 7941 | Mastercard, Inc., Class A | 2761324 |
| 1540 | Maximus, Inc. | 112928 |
| 262 | MongoDB, Inc.\* | 51572 |
| 1032 | Okta, Inc.\* | 70517 |
| 2489 | Paychex, Inc. | 287629 |
| 5186 | PayPal Holdings, Inc.\* | 369347 |
| 728 | Perficient, Inc.\* | 50836 |
| 840 | PFSweb, Inc. | 5166 |
| 279 | Snowflake, Inc., Class A\* | 40048 |
| 1655 | SolarWinds Corp.\* | 15491 |
| 1168 | Squarespace, Inc., Class A\* | 25895 |
| 1653 | Teradata Corp.\* | 55640 |
| 1284 | TTEC Holdings, Inc. | 56663 |
| 891 | Twilio, Inc., Class A\* | 43623 |
| 2221 | Unisys Corp.\* | 11349 |
| 1083 | VeriSign, Inc.\* | 222491 |
| 3457 | Verra Mobility Corp.\* | 47810 |
| 12683 | Visa, Inc., Class A | 2635020 |
| 6143 | Western Union Co. (The.) | 84589 |
| 975 | WEX, Inc.\* | 159559 |
|  |  | 14726887 |
| **Leisure Products (0.3%):** | **Leisure Products (0.3%):** |  |
| 2057 | Academy Sports & Outdoors, Inc. | 108075 |
| 1798 | Acushnet Holdings Corp. | 76343 |
| 895 | American Outdoor Brands, Inc.\* | 8968 |
| 2521 | Brunswick Corp. | 181714 |
| 658 | Escalade, Inc. | 6699 |
| 1625 | Hasbro, Inc. | 99141 |
| 303 | Johnson Outdoors, Inc., Class A | 20034 |
| 531 | Malibu Boats, Inc.\* | 28302 |
| 662 | Marine Products Corp. | 7792 |
| 8660 | Mattel, Inc.\* | 154494 |
| 995 | Nautilus Group, Inc.\* | 1522 |
| 1582 | Polaris, Inc. | 159782 |
| 1410 | Smith & Wesson Brands, Inc. | 12239 |
| 1535 | Topgolf Callaway Brands Corp.\* | 30316 |
| 1612 | Vista Outdoor, Inc.\* | 39284 |
| 1824 | YETI Holdings, Inc.\* | 75350 |
|  |  | 1010055 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Life Sciences Tools & Services (1.0%):** | **Life Sciences Tools & Services (1.0%):** | |
| 237 | 10X Genomics, Inc., Class A\* | $8636 |
| 2005 | Agilent Technologies, Inc. | 300048 |
| 7162 | Avantor, Inc.\* | 151046 |
| 599 | Azenta, Inc.\* | 34874 |
| 314 | Bio-Rad Laboratories, Inc., Class A\* | 132034 |
| 1028 | Bio-Techne Corp. | 85201 |
| 2812 | Bruker Corp. | 192200 |
| 647 | Charles River Laboratories International, Inc.\* | 140981 |
| 1979 | Harvard Bioscience, Inc.\* | 5482 |
| 663 | Illumina, Inc.\* | 134059 |
| 2166 | IQVIA Holdings, Inc.\* | 443792 |
| 1682 | Maravai LifeSciences Holdings, Inc., Class A\* | 24069 |
| 518 | Medpace Holdings, Inc.\* | 110028 |
| 246 | Mettler-Toledo International, Inc.\* | 355581 |
| 1400 | Neogenomics, Inc.\* | 12936 |
| 1666 | OmniAb, Inc.\* | 5998 |
| 4607 | Pacific Biosciences of California, Inc.\* | 37685 |
| 1490 | PerkinElmer, Inc. | 208928 |
| 440 | Repligen Corp.\* | 74496 |
| 3399 | Sotera Health Co.\* | 28314 |
| 2322 | Syneos Health, Inc.\* | 85171 |
| 2036 | Thermo Fisher Scientific, Inc. | 1121205 |
| 670 | Waters Corp.\* | 229529 |
|  |  | 3922293 |
| **Machinery (2.9%):** | **Machinery (2.9%):** |  |
| 2107 | AGCO Corp. | 292220 |
| 228 | Alamo Group, Inc. | 32285 |
| 737 | Albany International Corp., Class A | 72661 |
| 3290 | Allison Transmission Holdings, Inc. | 136864 |
| 1335 | Altra Industrial Motion Corp. | 79766 |
| 656 | Astec Industries, Inc. | 26673 |
| 1591 | Barnes Group, Inc. | 64992 |
| 837 | Blue Bird Corp.\* | 8964 |
| 4645 | Caterpillar, Inc. | 1112756 |
| 904 | Chart Industries, Inc.\* | 104168 |
| 468 | CIRCOR International, Inc.\* | 11213 |
| 653 | Columbus McKinnon Corp. | 21203 |
| 707 | Commercial Vehicle Group, Inc.\* | 4815 |
| 1452 | Crane Holdings Co. | 145853 |
| 1826 | Cummins, Inc. | 442422 |
| 2612 | Deere & Co. | 1119921 |
| 2678 | Donaldson Co., Inc. | 157654 |
| 471 | Douglas Dynamics, Inc. | 17031 |
| 2058 | Dover Corp. | 278674 |
| 1250 | Enerpac Tool Group Corp. | 31812 |
| 453 | EnPro Industries, Inc. | 49237 |
| 1056 | Esab Corp. | 49547 |
| 372 | ESCO Technologies, Inc. | 32565 |
| 2747 | Evoqua Water Technologies Co.\* | 108781 |
| 1153 | Federal Signal Corp. | 53580 |
| 3181 | Flowserve Corp. | 97593 |
| 3638 | Fortive Corp. | 233741 |
| 983 | Franklin Electric Co., Inc. | 78394 |
| 4714 | Gates Industrial Corp. plc\* | 53787 |
| 889 | Gencor Industries, Inc.\* | 8979 |
| 606 | Gorman-Rupp Co. (The) | 15526 |
| 2532 | Graco, Inc. | 170302 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Machinery, continued** | **Machinery, continued** | |
| 2503 | Harsco Corp.\* | $15744 |
| 650 | Helios Technologies, Inc. | 35386 |
| 2088 | Hillenbrand, Inc. | 89095 |
| 490 | Hurco Cos., Inc. | 12804 |
| 896 | Hyster-Yale Materials Handling, Inc., Class A | 22678 |
| 704 | IDEX Corp. | 160744 |
| 2868 | Illinois Tool Works, Inc. | 631820 |
| 4169 | Ingersoll-Rand, Inc. | 217830 |
| 1926 | ITT, Inc. | 156199 |
| 757 | John Bean Technologies Corp. | 69137 |
| 286 | Kadant, Inc. | 50802 |
| 2377 | Kennametal, Inc. | 57191 |
| 787 | L.B. Foster Co., Class A\* | 7618 |
| 1490 | Lincoln Electric Holdings, Inc. | 215290 |
| 221 | Lindsay Corp. | 35990 |
| 1213 | Manitex International, Inc.\* | 4852 |
| 2529 | Manitowoc Co., Inc. (The)\* | 23166 |
| 1184 | Middleby Corp. (The)\* | 158538 |
| 1706 | Mueller Industries, Inc. | 100654 |
| 4883 | Mueller Water Products, Inc., Class A | 52541 |
| 1258 | NN, Inc.\* | 1887 |
| 656 | Nordson Corp. | 155944 |
| 158 | Omega Flex, Inc. | 14745 |
| 1389 | Oshkosh Corp. | 122496 |
| 3878 | Otis Worldwide Corp. | 303686 |
| 4207 | PACCAR, Inc. | 416367 |
| 1980 | Parker-Hannifin Corp. | 576180 |
| 1058 | Park-Ohio Holdings Corp. | 12939 |
| 3448 | Pentair PLC | 155091 |
| 524 | Proto Labs, Inc.\* | 13378 |
| 440 | RBC Bearings, Inc.\* | 92114 |
| 3787 | REV Group, Inc. | 47792 |
| 612 | Shyft Group, Inc. (The) | 15214 |
| 645 | Snap-On, Inc. | 147376 |
| 1232 | SPX Technologies, Inc.\* | 80881 |
| 340 | Standex International Corp. | 34819 |
| 1980 | Stanley Black & Decker, Inc. | 148738 |
| 537 | Tennant Co. | 33063 |
| 1823 | Terex Corp. | 77879 |
| 863 | The Greenbrier Cos., Inc. | 28936 |
| 2219 | Timken Co. | 156817 |
| 3046 | Titan International, Inc.\* | 46665 |
| 2441 | Toro Co. (The) | 276321 |
| 2542 | Trinity Industries, Inc. | 75167 |
| 1510 | Wabash National Corp. | 34126 |
| 615 | Watts Water Technologies, Inc., Class A | 89931 |
| 2471 | Westinghouse Air Brake Technologies Corp. | 246630 |
| 1534 | Woodward, Inc. | 148200 |
| 1831 | Xylem, Inc. | 202454 |
|  |  | 10987894 |
| **Marine (0.1%):** | **Marine (0.1%):** |  |
| 3979 | Costamare, Inc. | 36925 |
| 239 | Eagle Bulk Shipping, Inc. | 11936 |
| 147 | Eneti, Inc. | 1477 |
| 1300 | Genco Shipping & Trading, Ltd. | 19968 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Marine, continued** | **Marine, continued** | |
| 1654 | Kirby Corp.\* | $106435 |
| 1541 | Matson, Inc. | 96328 |
|  |  | 273069 |
| **Media (1.4%):** | **Media (1.4%):** |  |
| 3595 | Altice USA, Inc., Class A\* | 16537 |
| 1413 | AMC Networks, Inc., Class A\* | 22142 |
| 133 | Cable One, Inc. | 94677 |
| 1402 | Charter Communications, Inc., Class A\* | 475418 |
| 62524 | Comcast Corp., Class A | 2186464 |
| 2952 | comScore, Inc.\* | 3424 |
| 367 | DallasNews Corp. | 1409 |
| 4832 | DISH Network Corp., Class A\* | 67841 |
| 2931 | E.W. Scripps Co. (The), Class A\* | 38660 |
| 4792 | Entravision Communications Corp., Class A | 23002 |
| 4335 | Fox Corp., Class A | 131654 |
| 3199 | Fox Corp., Class B | 91012 |
| 7573 | Gannett Co, Inc.\* | 15373 |
| 2788 | Gray Television, Inc. | 31198 |
| 1323 | iHeartMedia, Inc., Class A\* | 8110 |
| 7980 | Interpublic Group of Cos., Inc. (The) | 265814 |
| 864 | John Wiley & Sons, Inc., Class A | 34612 |
| 192 | John Wiley & Sons, Inc., Class B | 7490 |
| 334 | Liberty Broadband Corp., Class A\* | 25334 |
| 1855 | Liberty Broadband Corp., Class C\* | 141481 |
| 1489 | Liberty Latin America, Ltd.\* | 11212 |
| 5752 | Liberty Latin America, Ltd., Class C\* | 43715 |
| 2706 | Liberty Media Corp.-Liberty SiriusXM, Class C\* | 105886 |
| 1327 | Liberty Media Corp-Liberty SiriusXM, Class A\* | 52164 |
| 4135 | Magnite, Inc.\* | 43790 |
| 131 | Marchex, Inc., Class B\* | 206 |
| 3530 | New York Times Co. (The), Class A | 114584 |
| 7458 | News Corp., Class A | 135736 |
| 2563 | News Corp., Class B | 47262 |
| 1296 | Nexstar Media Group, Inc. | 226839 |
| 3505 | Omnicom Group, Inc. | 285903 |
| 7704 | Paramount Global, Class B | 130044 |
| 1353 | Scholastic Corp. | 53389 |
| 1768 | Sinclair Broadcast Group, Inc., Class A | 27422 |
| 10861 | Sirius XM Holdings, Inc.^ | 63428 |
| 474 | TechTarget, Inc.\* | 20884 |
| 7839 | TEGNA, Inc. | 166108 |
| 445 | ViacomCBS, Inc., Class A^ | 8726 |
| 2431 | WideOpenWest, Inc.\* | 22146 |
|  |  | 5241096 |
| **Metals & Mining (1.2%):** | **Metals & Mining (1.2%):** |  |
| 5171 | Alcoa Corp. | 235125 |
| 391 | Alpha Metallurgical Resources, Inc. | 57238 |
| 799 | Ampco-Pittsburgh Corp.\* | 2005 |
| 3002 | Arconic Corp.\* | 63522 |
| 759 | Ascent Industries Co.\* | 6580 |
| 2866 | ATI, Inc.\* | 85579 |
| 1138 | Carpenter Technology Corp. | 42038 |
| 2210 | Century Aluminum Co.\* | 18078 |
| 13357 | Cleveland-Cliffs, Inc.\* | 215181 |
| 5449 | Coeur Mining, Inc.\* | 18309 |
| 3300 | Commercial Metals Co. | 159390 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Metals & Mining, continued** | **Metals & Mining, continued** | |
| 702 | Compass Minerals International, Inc. | $28782 |
| 7323 | Ferroglobe plc\* | 28193 |
| 841 | Fortitude Gold Corp. | 4634 |
| 13761 | Freeport-McMoRan, Inc. | 522918 |
| 2945 | Gold Resource Corp. | 4506 |
| 943 | Haynes International, Inc. | 43086 |
| 14180 | Hecla Mining Co. | 78841 |
| 151 | Kaiser Aluminum Corp. | 11470 |
| 643 | Materion Corp. | 56269 |
| 1230 | McEwen Mining, Inc.\* | 7208 |
| 1807 | MP Materials Corp.\* | 43874 |
| 7453 | Newmont Corp. | 351782 |
| 6510 | Nucor Corp. | 858083 |
| 700 | Olympic Steel, Inc. | 23506 |
| 1339 | Reliance Steel & Aluminum Co. | 271067 |
| 1422 | Royal Gold, Inc. | 160288 |
| 1500 | Ryerson Holding Corp. | 45390 |
| 1365 | Schnitzer Steel Industries, Inc., Class A | 41837 |
| 1446 | Southern Copper Corp. | 87324 |
| 4978 | Steel Dynamics, Inc. | 486351 |
| 3673 | SunCoke Energy, Inc. | 31698 |
| 2052 | TimkenSteel Corp.\* | 37285 |
| 7629 | United States Steel Corp. | 191106 |
| 548 | Universal Stainless & Alloy Products, Inc.\* | 3929 |
| 1489 | Warrior Met Coal, Inc. | 51579 |
| 1135 | Worthington Industries, Inc. | 56421 |
|  |  | 4430472 |
| **Multiline Retail (0.6%):** | **Multiline Retail (0.6%):** |  |
| 1406 | Big Lots, Inc. | 20668 |
| 868 | Dillard's, Inc., Class A | 280538 |
| 1938 | Dollar General Corp. | 477233 |
| 3862 | Dollar Tree, Inc.\* | 546241 |
| 4069 | Kohl's Corp. | 102742 |
| 9155 | Macy's, Inc. | 189051 |
| 1842 | Nordstrom, Inc. | 29730 |
| 1737 | Ollie's Bargain Outlet Holdings, Inc.\* | 81361 |
| 4481 | Target Corp. | 667848 |
|  |  | 2395412 |
| **Multi-Utilities (0.7%):** | **Multi-Utilities (0.7%):** |  |
| 2267 | Ameren Corp. | 201582 |
| 1406 | Avista Corp. | 62342 |
| 1134 | Black Hills Corp. | 79765 |
| 5705 | CenterPoint Energy, Inc. | 171093 |
| 2837 | CMS Energy Corp. | 179667 |
| 3188 | Consolidated Edison, Inc. | 303848 |
| 5526 | Dominion Energy, Inc. | 338854 |
| 1902 | DTE Energy Co. | 223542 |
| 4331 | NiSource, Inc. | 118756 |
| 993 | NorthWestern Corp. | 58925 |
| 4932 | Public Service Enterprise Group, Inc. | 302184 |
| 2268 | Sempra Energy | 350497 |
| 305 | Unitil Corp. | 15665 |
| 3038 | WEC Energy Group, Inc. | 284843 |
|  |  | 2691563 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Oil, Gas & Consumable Fuels (5.6%):** | **Oil, Gas & Consumable Fuels (5.6%):** | |
| 332 | Adams Resources & Energy, Inc. | $12921 |
| 10610 | Antero Midstream Corp. | 114482 |
| 7652 | Antero Resources Corp.\* | 237135 |
| 4071 | APA Corp. | 190034 |
| 432 | Arch Resources, Inc. | 61685 |
| 1988 | Berry Corp. | 15904 |
| 990 | California Resources Corp. | 43075 |
| 2165 | Callon Petroleum Co.\* | 80300 |
| 1961 | Cheniere Energy, Inc. | 294072 |
| 1711 | Chesapeake Energy Corp. | 161467 |
| 14345 | Chevron Corp. | 2574784 |
| 831 | Chord Energy Corp. | 113689 |
| 1149 | Civitas Resources, Inc. | 66562 |
| 7534 | Clean Energy Fuel Corp.\* | 39177 |
| 6372 | CNX Resources Corp.\* | 107304 |
| 7595 | Comstock Resources, Inc. | 104127 |
| 14126 | ConocoPhillips | 1666868 |
| 1846 | CONSOL Energy, Inc. | 119990 |
| 12392 | Coterra Energy, Inc. | 304471 |
| 2225 | CVR Energy, Inc. | 69731 |
| 2204 | Delek US Holdings, Inc. | 59508 |
| 823 | Denbury, Inc.\* | 71617 |
| 9188 | Devon Energy Corp. | 565154 |
| 5705 | DHT Holdings, Inc. | 50660 |
| 2901 | Diamondback Energy, Inc. | 396799 |
| 58 | Dorian LPG, Ltd. | 1099 |
| 1795 | DT Midstream, Inc. | 99192 |
| 11550 | Enlink Midstream LLC | 142065 |
| 6280 | EOG Resources, Inc. | 813386 |
| 5366 | EQT Corp. | 181532 |
| 7111 | Equitrans Midstream Corp. | 47644 |
| 40091 | Exxon Mobil Corp. | 4422037 |
| 1014 | Green Plains, Inc.\* | 30927 |
| 180 | Gulfport Energy Corp.\* | 13255 |
| 2885 | Hess Corp. | 409151 |
| 4760 | HF Sinclair Corp. | 246996 |
| 1180 | International Seaways, Inc. | 43684 |
| 15716 | Kinder Morgan, Inc. | 284145 |
| 17233 | Kosmos Energy, Ltd.\* | 109602 |
| 609 | Laredo Petroleum, Inc.\* | 31315 |
| 4177 | Magnolia Oil & Gas Corp., Class A | 97951 |
| 13453 | Marathon Oil Corp. | 364173 |
| 5910 | Marathon Petroleum Corp. | 687865 |
| 3899 | Matador Resources Co. | 223179 |
| 4219 | Murphy Oil Corp. | 181459 |
| 2184 | New Fortress Energy, Inc. | 92645 |
| 15376 | Occidental Petroleum Corp. | 968534 |
| 6354 | ONEOK, Inc. | 417458 |
| 4281 | Ovintiv, Inc. | 217090 |
| 2936 | PAR Pacific Holdings, Inc.\* | 68262 |
| 3458 | PBF Energy, Inc., Class A | 141017 |
| 3014 | PDC Energy, Inc. | 191329 |
| 4173 | Peabody Energy Corp.\* | 110251 |
| 6243 | Permian Resources Corp. | 58684 |
| 3609 | Phillips 66 | 375625 |
| 1401 | PHX Minerals, Inc. | 5450 |
| 1962 | Pioneer Natural Resources Co. | 448101 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| 6 | PrimeEnergy Resources Corp.\* | $521 |
| 4715 | Range Resources Corp. | 117969 |
| 787 | Ranger Oil Corp. | 31818 |
| 1122 | REX American Resources Corp.\* | 35747 |
| 1682 | Scorpio Tankers, Inc. | 90441 |
| 3507 | SFL Corp., Ltd. | 32335 |
| 1508 | Sitio Royalties Corp., Class A | 43506 |
| 4141 | SM Energy Co. | 144231 |
| 24131 | Southwestern Energy Co.\* | 141166 |
| 3310 | Talos Energy, Inc.\* | 62493 |
| 2420 | Targa Resources Corp. | 177870 |
| 6407 | Teekay Shipping Corp.\* | 29088 |
| 1031 | Teekay Tankers, Ltd., Class A\* | 31765 |
| 114 | Texas Pacific Land Corp. | 267242 |
| 4901 | Valero Energy Corp. | 621741 |
| 8922 | Williams Cos., Inc. | 293534 |
| 1790 | World Fuel Services Corp. | 48921 |
|  |  | 21217007 |
| **Paper & Forest Products (0.1%):** | **Paper & Forest Products (0.1%):** |  |
| 545 | Clearwater Paper Corp.\* | 20606 |
| 2520 | Glatfelter Corp. | 7005 |
| 2840 | Louisiana-Pacific Corp. | 168128 |
| 1502 | Mativ Holdings, Inc. | 31392 |
| 3875 | Mercer International, Inc. | 45105 |
| 2344 | Resolute Forest Products\* | 50607 |
| 474 | Sylvamo Corp. | 23032 |
|  |  | 345875 |
| **Personal Products (0.2%):** | **Personal Products (0.2%):** |  |
| 2327 | BellRing Brands, Inc.\* | 59664 |
| 12350 | Coty, Inc., Class A\* | 105716 |
| 1291 | Edgewell Personal Care Co. | 49755 |
| 854 | elf Beauty, Inc.\* | 47226 |
| 1689 | Estee Lauder Cos., Inc. (The), Class A | 419058 |
| 2298 | Herbalife Nutrition, Ltd.\* | 34194 |
| 594 | Inter Parfums, Inc. | 57333 |
| 186 | Medifast, Inc. | 21455 |
| 1236 | Natures Sunshine Products, Inc.\* | 10284 |
| 1116 | Nu Skin Enterprises, Inc., Class A | 47051 |
| 340 | United-Guardian, Inc. | 3536 |
| 645 | Usana Health Sciences, Inc.\* | 34314 |
|  |  | 889586 |
| **Pharmaceuticals (3.9%):** | **Pharmaceuticals (3.9%):** |  |
| 2003 | Amphastar Pharmaceuticals, Inc.\* | 56124 |
| 900 | ANI Pharmaceuticals, Inc.\* | 36207 |
| 885 | Assembly Biosciences, Inc.\* | 1150 |
| 19268 | Bristol-Myers Squibb Co. | 1386333 |
| 2125 | Catalent, Inc.\* | 95646 |
| 1951 | Corcept Therapeutics, Inc.\* | 39625 |
| 1468 | Cumberland Pharmaceuticals, Inc.\* | 3303 |
| 1054 | Cymabay Therapeutics, Inc.\* | 6609 |
| 6155 | Elanco Animal Health, Inc.\* | 75214 |
| 7636 | Eli Lilly & Co. | 2793554 |
| 1104 | Harmony Biosciences Holdings, Inc.\* | 60830 |
| 2007 | Horizon Therapeutics plc\* | 228397 |
| 3292 | Innoviva, Inc.\* | 43619 |
| 1338 | Intra-Cellular Therapies, Inc.\* | 70807 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Pharmaceuticals, continued** | **Pharmaceuticals, continued** | |
| 1190 | Jazz Pharmaceuticals plc\* | $189579 |
| 20755 | Johnson & Johnson | 3666371 |
| 20164 | Merck & Co., Inc. | 2237196 |
| 3567 | Nektar Therapeutics\* | 8061 |
| 4552 | Organon & Co. | 127137 |
| 567 | Pacira BioSciences, Inc.\* | 21892 |
| 3223 | Perrigo Co. plc | 109872 |
| 47752 | Pfizer, Inc. | 2446812 |
| 793 | Phibro Animal Health Corp., Class A | 10634 |
| 1580 | Prestige Consumer Healthcare, Inc.\* | 98908 |
| 4082 | Royalty Pharma plc, Class A | 161321 |
| 1789 | Supernus Pharmaceuticals, Inc.\* | 63814 |
| 923 | Taro Pharmaceutical Industries, Ltd.\* | 26804 |
| 14776 | Viatris, Inc. | 164457 |
| 3638 | Zoetis, Inc. | 533149 |
|  |  | 14763425 |
| **Professional Services (0.9%):** | **Professional Services (0.9%):** |  |
| 1184 | ASGN, Inc.\* | 96472 |
| 494 | Barrett Business Services, Inc. | 46080 |
| 2016 | Booz Allen Hamilton Holding Corp. | 210712 |
| 549 | CACI International, Inc., Class A\* | 165024 |
| 1617 | CBIZ, Inc.\* | 75756 |
| 2143 | Clarivate plc\* | 17873 |
| 3570 | CoStar Group, Inc.\* | 275890 |
| 456 | CRA International, Inc. | 55828 |
| 6802 | Dun & Bradstreet Holdings, Inc. | 83393 |
| 1531 | Equifax, Inc. | 297565 |
| 715 | Exponent, Inc. | 70849 |
| 4023 | First Advantage Corp.\* | 52299 |
| 825 | Forrester Research, Inc.\* | 29502 |
| 723 | FTI Consulting, Inc.\* | 114812 |
| 421 | Heidrick & Struggles International, Inc. | 11775 |
| 660 | Huron Consulting Group, Inc.\* | 47916 |
| 329 | ICF International, Inc. | 32588 |
| 514 | Insperity, Inc. | 58390 |
| 1326 | Jacobs Solutions, Inc. | 159213 |
| 2458 | KBR, Inc. | 129782 |
| 1042 | Kelly Services, Inc., Class A | 17610 |
| 577 | Kforce, Inc. | 31637 |
| 1558 | Korn Ferry | 78866 |
| 1762 | Leidos Holdings, Inc. | 185345 |
| 1391 | ManpowerGroup, Inc. | 115745 |
| 659 | Mistras Group, Inc.\* | 3249 |
| 2125 | Resources Connection, Inc. | 39058 |
| 2809 | Robert Half International, Inc. | 207389 |
| 1573 | Science Applications International Corp. | 174493 |
| 2327 | TransUnion | 132057 |
| 1673 | TriNet Group, Inc.\* | 113429 |
| 1029 | TrueBlue, Inc.\* | 20148 |
| 1755 | Verisk Analytics, Inc. | 309617 |
| 633 | Willdan Group, Inc.\* | 11299 |
|  |  | 3471661 |
| **Real Estate Management & Development (0.3%):** | **Real Estate Management & Development (0.3%):** |  |
| 4164 | CBRE Group, Inc., Class A\* | 320461 |
| 2451 | Cushman & Wakefield plc\* | 30539 |
| 1549 | Douglas Elliman, Inc. | 6304 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Real Estate Management & Development, continued** | **Real Estate Management & Development, continued** | |
| 1163 | eXp World Holdings, Inc.^ | $12886 |
| 279 | Forestar Group, Inc.\* | 4299 |
| 232 | FRP Holdings, Inc.\* | 12496 |
| 1280 | Howard Hughes Corp. (The)\* | 97818 |
| 954 | Jones Lang LaSalle, Inc.\* | 152039 |
| 4260 | Kennedy-Wilson Holdings, Inc. | 67010 |
| 977 | Marcus & Millichap, Inc. | 33658 |
| 5729 | Newmark Group, Inc. | 45660 |
| 997 | Rafael Holdings, Inc., Class B\* | 1864 |
| 910 | RE/MAX Holdings, Inc., Class A | 16962 |
| 3814 | Realogy Holdings Corp.\* | 24372 |
| 681 | Redfin Corp.\* | 2887 |
| 1447 | Tejon Ranch Co.\* | 27262 |
| 357 | The RMR Group, Inc., Class A | 10085 |
| 1857 | The St Joe Co. | 71773 |
| 642 | Zillow Group, Inc., Class A\* | 20037 |
| 1617 | Zillow Group, Inc., Class C\* | 52084 |
|  |  | 1010496 |
| **Road & Rail (1.3%):** | **Road & Rail (1.3%):** |  |
| 757 | ArcBest Corp. | 53020 |
| 478 | Avis Budget Group, Inc.\* | 78359 |
| 419 | Covenant Logistics Group, Inc. | 14485 |
| 19368 | CSX Corp. | 600021 |
| 1925 | Heartland Express, Inc. | 29529 |
| 5339 | Hertz Global Holdings, Inc.\* | 82167 |
| 1793 | JB Hunt Transport Services, Inc. | 312627 |
| 4311 | Knight-Swift Transportation Holdings, Inc. | 225939 |
| 896 | Landstar System, Inc. | 145958 |
| 3089 | Lyft, Inc., Class A\* | 34041 |
| 2410 | Marten Transport, Ltd. | 47670 |
| 2089 | Norfolk Southern Corp. | 514771 |
| 1374 | Old Dominion Freight Line, Inc. | 389914 |
| 1600 | PAM Transportation Services, Inc. | 41440 |
| 2834 | RXO, Inc.\* | 48745 |
| 1902 | Ryder System, Inc. | 158950 |
| 576 | Saia, Inc.\* | 120776 |
| 2500 | Schneider National, Inc., Class B | 58500 |
| 6290 | Uber Technologies, Inc.\* | 155552 |
| 3114 | U-Haul Holding Co., Class B | 171208 |
| 346 | U-Haul Holding Co. | 20826 |
| 7472 | Union Pacific Corp. | 1547227 |
| 586 | Universal Logistics Holdings, Inc. | 19596 |
| 2378 | Werner Enterprises, Inc. | 95738 |
| 1829 | Yellow Corp.\* | 4591 |
|  |  | 4971650 |
| **Semiconductors & Semiconductor Equipment (4.2%):** | **Semiconductors & Semiconductor Equipment (4.2%):** |  |
| 8524 | Advanced Micro Devices, Inc.\* | 552100 |
| 1120 | Alpha & Omega Semiconductor, Ltd.\* | 31998 |
| 630 | Ambarella, Inc.\* | 51805 |
| 8710 | Amkor Technology, Inc. | 208866 |
| 2799 | Analog Devices, Inc. | 459120 |
| 8071 | Applied Materials, Inc. | 785954 |
| 608 | Axcelis Technologies, Inc.\* | 48251 |
| 1701 | AXT, Inc.\* | 7450 |
| 4413 | Broadcom, Inc. | 2467441 |
| 437 | CEVA, Inc.\* | 11179 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Semiconductors & Semiconductor Equipment, continued** | **Semiconductors & Semiconductor Equipment, continued** | |
| 1136 | Cirrus Logic, Inc.\* | $84609 |
| 2261 | Cohu, Inc.\* | 72465 |
| 1027 | Diodes, Inc.\* | 78196 |
| 1101 | Enphase Energy, Inc.\* | 291721 |
| 1826 | Entegris, Inc. | 119767 |
| 2177 | First Solar, Inc.\* | 326093 |
| 1662 | FormFactor, Inc.\* | 36946 |
| 1314 | GSI Technology, Inc.\* | 2273 |
| 948 | Ichor Holdings, Ltd.\* | 25425 |
| 32454 | Intel Corp. | 857759 |
| 1375 | KLA Corp. | 518416 |
| 1562 | Kulicke & Soffa Industries, Inc. | 69134 |
| 1575 | Lam Research Corp. | 661973 |
| 1316 | Lattice Semiconductor Corp.\* | 85382 |
| 876 | MACOM Technology Solutions Holdings, Inc.\* | 55171 |
| 4801 | Marvell Technology, Inc. | 177829 |
| 1132 | MaxLinear, Inc., Class A\* | 38431 |
| 5484 | Microchip Technology, Inc. | 385251 |
| 12756 | Micron Technology, Inc. | 637545 |
| 1033 | MKS Instruments, Inc. | 87526 |
| 242 | Monolithic Power Systems, Inc. | 85574 |
| 150 | NVE Corp. | 9713 |
| 10024 | NVIDIA Corp. | 1464907 |
| 1498 | NXP Semiconductors NV | 236729 |
| 6782 | ON Semiconductor Corp.\* | 422993 |
| 1334 | Onto Innovation, Inc.\* | 90832 |
| 1438 | PDF Solutions, Inc.\* | 41012 |
| 2358 | Photronics, Inc.\* | 39685 |
| 1116 | Power Integrations, Inc. | 80040 |
| 1567 | Qorvo, Inc.\* | 142033 |
| 12060 | Qualcomm, Inc. | 1325876 |
| 2888 | Rambus, Inc.\* | 103448 |
| 1305 | Semtech Corp.\* | 37441 |
| 867 | Silicon Laboratories, Inc.\* | 117626 |
| 2322 | Skyworks Solutions, Inc. | 211604 |
| 1050 | SMART Global Holdings, Inc.\* | 15624 |
| 267 | SolarEdge Technologies, Inc.\* | 75633 |
| 834 | Synaptics, Inc.\* | 79363 |
| 2449 | Teradyne, Inc. | 213920 |
| 10811 | Texas Instruments, Inc. | 1786193 |
| 1251 | Ultra Clean Holdings, Inc.\* | 41471 |
| 885 | Universal Display Corp. | 95615 |
| 1442 | Veeco Instruments, Inc.\* | 26792 |
| 1114 | Wolfspeed, Inc.\* | 76911 |
|  |  | 16057111 |
| **Software (6.0%):** | **Software (6.0%):** |  |
| 3453 | ACI Worldwide, Inc.\* | 79419 |
| 4656 | Adeia, Inc. | 44139 |
| 3583 | Adobe, Inc.\* | 1205787 |
| 695 | Alarm.com Holdings, Inc.\* | 34389 |
| 583 | Altair Engineering, Inc.\* | 26509 |
| 1009 | American Software, Inc., Class A | 14812 |
| 734 | ANSYS, Inc.\* | 177327 |
| 591 | Aspen Technology, Inc.\* | 121391 |
| 312 | Atlassian Corp. plc, Class A\* | 40148 |
| 1957 | Autodesk, Inc.\* | 365705 |
| 2272 | Aware, Inc.\* | 3885 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Software, continued** | **Software, continued** | |
| 1257 | Bentley Systems, Inc., Class B | $46459 |
| 691 | Bill.com Holdings, Inc.\* | 75291 |
| 1196 | Blackbaud, Inc.\* | 70397 |
| 2029 | Box, Inc.\* | 63163 |
| 1838 | Cadence Design Systems, Inc.\* | 295256 |
| 820 | Cerence, Inc.\* | 15195 |
| 1198 | Ceridian HCM Holding, Inc.\* | 76852 |
| 519 | Cloudflare, Inc., Class A\* | 23464 |
| 1830 | Cognyte Software, Ltd.\* | 5691 |
| 505 | CommVault Systems, Inc.\* | 31734 |
| 491 | Consensus Cloud Solutions, Inc.\* | 26396 |
| 487 | Crowdstrike Holdings, Inc., Class A\* | 51276 |
| 638 | Datadog, Inc., Class A\* | 46893 |
| 513 | DocuSign, Inc.\* | 28430 |
| 2137 | DoubleVerify Holdings, Inc.\* | 46928 |
| 5645 | Dropbox, Inc., Class A\* | 126335 |
| 1675 | Duck Creek Technologies, Inc.\* | 20184 |
| 1822 | Dynatrace, Inc.\* | 69783 |
| 1380 | Ebix, Inc. | 27545 |
| 990 | Envestnet, Inc.\* | 61083 |
| 429 | Everbridge, Inc.\* | 12690 |
| 237 | Fair Isaac Corp.\* | 141863 |
| 5286 | Fortinet, Inc.\* | 258433 |
| 5406 | Gen Digital, Inc. | 115851 |
| 485 | Globant SA\* | 81558 |
| 1145 | Guidewire Software, Inc.\* | 71631 |
| 179 | HubSpot, Inc.\* | 51754 |
| 1326 | Intuit, Inc. | 516106 |
| 1266 | Jamf Holding Corp.\* | 26966 |
| 857 | JFrog, Ltd.\* | 18280 |
| 811 | Manhattan Associates, Inc.\* | 98455 |
| 59208 | Microsoft Corp. | 14199263 |
| 1654 | N-Able, Inc.\* | 17003 |
| 879 | OneSpan, Inc.\* | 9836 |
| 11328 | Oracle Corp. | 925951 |
| 7336 | Palantir Technologies, Inc., Class A\* | 47097 |
| 768 | Palo Alto Networks, Inc.\* | 107167 |
| 513 | Paycom Software, Inc.\* | 159189 |
| 443 | Paylocity Holding Corp.\* | 86057 |
| 380 | Procore Technologies, Inc.\* | 17928 |
| 947 | Progress Software Corp. | 47776 |
| 1146 | PTC, Inc.\* | 137566 |
| 389 | Q2 Holdings, Inc.\* | 10452 |
| 894 | Qualys, Inc.\* | 100334 |
| 584 | Roper Technologies, Inc. | 252341 |
| 5162 | Salesforce, Inc.\* | 684430 |
| 1200 | Sapiens International Corp. NV | 22176 |
| 512 | ServiceNow, Inc.\* | 198794 |
| 710 | Splunk, Inc.\* | 61124 |
| 347 | SPS Commerce, Inc.\* | 44565 |
| 3224 | SS&C Technologies Holdings, Inc. | 167841 |
| 2279 | Synchronoss Technologies, Inc.\* | 1409 |
| 704 | Synopsys, Inc.\* | 224780 |
| 1923 | The Trade Desk, Inc., Class A\* | 86208 |
| 328 | Tyler Technologies, Inc.\* | 105750 |
| 537 | Unity Software, Inc.\* | 15353 |
| 1022 | Verint Systems, Inc.\* | 37078 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Software, continued** | **Software, continued** | |
| 1567 | VMware, Inc., Class A\* | $192365 |
| 758 | Workday, Inc., Class A\* | 126836 |
| 1862 | Xperi, Inc.\* | 16032 |
| 185 | Zoom Video Communications, Inc., Class A\* | 12532 |
| 566 | Zscaler, Inc.\* | 63335 |
|  |  | 22894021 |
| **Specialty Retail (2.7%):** | **Specialty Retail (2.7%):** |  |
| 1093 | Aaron's Co., Inc. (The) | 13061 |
| 2382 | Abercrombie & Fitch Co., Class A\* | 54572 |
| 1111 | Advance Auto Parts, Inc. | 163350 |
| 5007 | American Eagle Outfitters, Inc. | 69898 |
| 200 | America's Car-Mart, Inc.\* | 14452 |
| 793 | Asbury Automotive Group, Inc.\* | 142145 |
| 1750 | AutoNation, Inc.\* | 187775 |
| 147 | AutoZone, Inc.\* | 362528 |
| 3164 | Barnes & Noble Education, Inc.\* | 5537 |
| 1784 | Bath & Body Works, Inc. | 75178 |
| 4465 | Best Buy Co., Inc. | 358138 |
| 1657 | Big 5 Sporting Goods Corp.^ | 14631 |
| 841 | Boot Barn Holdings, Inc.\* | 52579 |
| 583 | Build-A-Bear Workshop, Inc.\* | 13899 |
| 760 | Burlington Stores, Inc.\* | 154098 |
| 2280 | Caleres, Inc. | 50798 |
| 2165 | CarMax, Inc.\* | 131827 |
| 1987 | Cato Corp., Class A | 18539 |
| 7822 | Chico's FAS, Inc.\* | 38484 |
| 566 | Citi Trends, Inc.\* | 14988 |
| 1572 | Conn's, Inc.\* | 10815 |
| 3425 | Designer Brands, Inc., Class A | 33496 |
| 2039 | Dick's Sporting Goods, Inc. | 245271 |
| 1082 | Five Below, Inc.\* | 191373 |
| 2136 | Floor & Decor Holdings, Inc., Class A\* | 148730 |
| 3374 | Foot Locker, Inc. | 127503 |
| 8563 | Gap, Inc. (The) | 96591 |
| 435 | Genesco, Inc.\* | 20019 |
| 630 | Group 1 Automotive, Inc. | 113633 |
| 2846 | Guess?, Inc. | 58884 |
| 583 | Haverty Furniture Cos., Inc. | 17432 |
| 499 | Hibbett, Inc. | 34042 |
| 7794 | Home Depot, Inc. (The) | 2461813 |
| 2840 | Leslie's, Inc.\* | 34676 |
| 717 | Lithia Motors, Inc. | 146799 |
| 4558 | Lowe's Cos., Inc. | 908136 |
| 527 | MarineMax, Inc.\* | 16453 |
| 751 | Monro, Inc. | 33945 |
| 542 | Murphy U.S.A., Inc. | 151511 |
| 1200 | National Vision Holdings, Inc.\* | 46512 |
| 1542 | ODP Corp. (The)\* | 70223 |
| 465 | O'Reilly Automotive, Inc.\* | 392474 |
| 1891 | Penske Automotive Group, Inc. | 217333 |
| 1792 | Rent-A-Center, Inc. | 40410 |
| 426 | RH\* | 113823 |
| 4509 | Ross Stores, Inc. | 523360 |
| 1832 | Sally Beauty Holdings, Inc.\* | 22937 |
| 1200 | Shoe Carnival, Inc. | 28692 |
| 1393 | Signet Jewelers, Ltd. | 94724 |
| 472 | Sleep Number Corp.\* | 12262 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Specialty Retail, continued** | **Specialty Retail, continued** | |
| 844 | Sonic Automotive, Inc., Class A | $41584 |
| 1606 | Sportsman's Warehouse Holdings, Inc.\* | 15112 |
| 1722 | The Buckle, Inc. | 78093 |
| 501 | The Children's Place, Inc.\* | 18246 |
| 854 | Tilly's, Inc.\* | 7729 |
| 10789 | TJX Cos., Inc. (The) | 858804 |
| 1642 | Tractor Supply Co. | 369401 |
| 732 | Ulta Beauty, Inc.\* | 343359 |
| 2187 | Urban Outfitters, Inc.\* | 52160 |
| 594 | Victoria's Secret & Co.\* | 21253 |
| 1604 | Williams-Sonoma, Inc. | 184332 |
| 75 | Winmark Corp. | 17687 |
| 729 | Zumiez, Inc.\* | 15848 |
|  |  | 10373957 |
| **Technology Hardware, Storage & Peripherals (4.8%):** | **Technology Hardware, Storage & Peripherals (4.8%):** |  |
| 2378 | 3D Systems Corp.\* | 17597 |
| 128869 | Apple, Inc. | 16743949 |
| 728 | AstroNova, Inc.\* | 9333 |
| 1682 | Avid Technology, Inc.\* | 44724 |
| 2303 | Dell Technologies, Inc., Class C | 92627 |
| 15707 | Hewlett Packard Enterprise Co. | 250684 |
| 9669 | HP, Inc. | 259806 |
| 4627 | NCR Corp.\* | 108318 |
| 2576 | NetApp, Inc. | 154715 |
| 4094 | Pure Storage, Inc., Class A\* | 109555 |
| 2694 | Seagate Technology Holdings plc | 141731 |
| 1794 | Stratasys, Ltd.\* | 21277 |
| 401 | Super Micro Computer, Inc.\* | 32922 |
| 4585 | Western Digital Corp.\* | 144657 |
| 4758 | Xerox Holdings Corp. | 69467 |
|  |  | 18201362 |
| **Textiles, Apparel & Luxury Goods (0.8%):** | **Textiles, Apparel & Luxury Goods (0.8%):** |  |
| 3367 | Capri Holdings, Ltd.\* | 192996 |
| 1250 | Carter's, Inc. | 93262 |
| 1677 | Columbia Sportswear Co. | 146872 |
| 810 | Culp, Inc. | 3718 |
| 624 | Deckers Outdoor Corp.\* | 249076 |
| 1494 | Fossil Group, Inc.\* | 6439 |
| 2480 | G-III Apparel Group, Ltd.\* | 34001 |
| 9857 | Hanesbrands, Inc. | 62691 |
| 1206 | Kontoor Brands, Inc. | 48228 |
| 1887 | Levi Strauss & Co. | 29286 |
| 898 | Lululemon Athletica, Inc.\* | 287701 |
| 1088 | Movado Group, Inc. | 35088 |
| 9552 | NIKE, Inc., Class B | 1117680 |
| 405 | Oxford Industries, Inc. | 37738 |
| 1441 | PVH Corp. | 101720 |
| 1225 | Ralph Lauren Corp. | 129446 |
| 570 | Rocky Brands, Inc. | 13463 |
| 3202 | Skechers U.S.A., Inc., Class A\* | 134324 |
| 1560 | Steven Madden, Ltd. | 49858 |
| 700 | Superior Group of Cos., Inc. | 7042 |
| 6144 | Tapestry, Inc. | 233964 |
| 3369 | Under Armour, Inc., Class A\* | 34229 |
| 3746 | Under Armour, Inc., Class C\* | 33414 |
| 1027 | Unifi, Inc.\* | 8842 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Textiles, Apparel & Luxury Goods, continued** | **Textiles, Apparel & Luxury Goods, continued** | |
| 802 | Vera Bradley, Inc.\* | $3633 |
| 4292 | VF Corp. | 118502 |
| 1153 | Wolverine World Wide, Inc. | 12602 |
|  |  | 3225815 |
| **Thrifts & Mortgage Finance (0.5%):** | **Thrifts & Mortgage Finance (0.5%):** |  |
| 1866 | Axos Financial, Inc.\* | 71318 |
| 1591 | BankFinancial Corp. | 16753 |
| 3362 | Capitol Federal Financial, Inc. | 29081 |
| 2223 | Columbia Financial, Inc.\* | 48061 |
| 855 | ESSA Bancorp, Inc. | 17844 |
| 3469 | Essent Group, Ltd. | 134875 |
| 403 | Federal Agricultural Mortgage Corp. | 45422 |
| 408 | First Capital, Inc. | 10159 |
| 8 | Greene County Bancorp, Inc. | 459 |
| 62 | Hingham Institution for Savings (The) | 17109 |
| 628 | HomeStreet, Inc. | 17320 |
| 413 | IF Bancorp, Inc. | 7116 |
| 2442 | Kearny Financial Corp. | 24786 |
| 1249 | Kentucky First Federal Bancorp | 8468 |
| 750 | Lake Shore Bancorp, Inc. | 9056 |
| 194 | LendingTree, Inc.\* | 4138 |
| 10413 | MGIC Investment Corp. | 135369 |
| 2681 | Mr Cooper Group, Inc.\* | 107589 |
| 19583 | New York Community Bancorp, Inc. | 168414 |
| 2461 | NMI Holdings, Inc., Class A\* | 51435 |
| 1501 | Northfield Bancorp, Inc. | 23611 |
| 3456 | Northwest Bancshares, Inc. | 48315 |
| 1932 | Oceanfirst Financial Corp. | 41055 |
| 503 | Oconee Federal Financial Corp. | 11222 |
| 465 | Ocwen Financial Corp.\* | 14220 |
| 1240 | Pathward Financial, Inc. | 53382 |
| 1203 | PennyMac Financial Services, Inc. | 68162 |
| 1369 | Premier Financial Corp. | 36922 |
| 679 | Provident Financial Holdings, Inc. | 9350 |
| 2256 | Provident Financial Services, Inc. | 48188 |
| 5556 | Radian Group, Inc. | 105953 |
| 420 | Riverview Bancorp, Inc. | 3226 |
| 4694 | Rocket Cos., Inc., Class A^ | 32858 |
| 561 | Southern Missouri Bancorp, Inc. | 25711 |
| 1764 | Sterling Bancorp, Inc.\* | 10743 |
| 733 | Territorial Bancorp, Inc. | 17599 |
| 4281 | TFS Financial Corp. | 61689 |
| 559 | TrustCo Bank Corp. NY | 21013 |
| 1074 | Walker & Dunlop, Inc. | 84288 |
| 2436 | Washington Federal, Inc. | 81728 |
| 728 | Waterstone Financial, Inc. | 12551 |
| 1498 | Western New England BanCorp, Inc. | 14171 |
| 1909 | WSFS Financial Corp. | 86554 |
|  |  | 1837283 |
| **Tobacco (0.4%):** | **Tobacco (0.4%):** |  |
| 12442 | Altria Group, Inc. | 568724 |
| 10451 | Philip Morris International, Inc. | 1057746 |
| 518 | Universal Corp. | 27355 |
| 3098 | Vector Group, Ltd. | 36742 |
|  |  | 1690567 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Trading Companies & Distributors (0.9%):** | **Trading Companies & Distributors (0.9%):** | |
| 3334 | Air Lease Corp. | $128092 |
| 948 | Applied Industrial Technologies, Inc. | 119476 |
| 2106 | Beacon Roofing Supply, Inc.\* | 111176 |
| 1071 | Boise Cascade Co. | 73546 |
| 891 | Core & Main, Inc., Class A\* | 17205 |
| 644 | DXP Enterprises, Inc.\* | 17742 |
| 7240 | Fastenal Co. | 342597 |
| 876 | GATX Corp. | 93154 |
| 977 | Global Industrial Co. | 22989 |
| 1243 | GMS, Inc.\* | 61901 |
| 1047 | H&E Equipment Services, Inc. | 47534 |
| 958 | Herc Holdings, Inc. | 126044 |
| 870 | Kaman Corp., Class A | 19401 |
| 730 | McGrath Rentcorp | 72080 |
| 2381 | MRC Global, Inc.\* | 27572 |
| 1149 | MSC Industrial Direct Co., Inc. | 93873 |
| 3189 | NOW, Inc.\* | 40500 |
| 1547 | Rush Enterprises, Inc., Class A | 80877 |
| 365 | Rush Enterprises, Inc., Class B | 20539 |
| 1003 | SiteOne Landscape Supply, Inc.\* | 117672 |
| 1757 | Textainer Group Holdings, Ltd. | 54485 |
| 651 | Titan Machinery, Inc.\* | 25864 |
| 173 | Transcat, Inc.\* | 12261 |
| 2472 | Triton International, Ltd. | 170024 |
| 1712 | United Rentals, Inc.\* | 608479 |
| 3997 | Univar Solutions, Inc.\* | 127105 |
| 550 | Veritiv Corp. | 66940 |
| 650 | W.W. Grainger, Inc. | 361562 |
| 662 | Watsco, Inc. | 165103 |
| 84 | Watsco, Inc., Class B | 20656 |
| 1396 | WESCO International, Inc.\* | 174779 |
|  |  | 3421228 |
| **Water Utilities (0.2%):** | **Water Utilities (0.2%):** |  |
| 830 | American States Water Co. | 76816 |
| 1750 | American Water Works Co., Inc. | 266735 |
| 491 | Artesian Resources Corp. | 28763 |
| 1107 | California Water Service Group | 67128 |
| 2315 | Essential Utilities, Inc. | 110495 |
| 355 | Middlesex Water Co. | 27928 |
| 669 | Pure Cycle Corp.\* | 7011 |
| 498 | SJW Group | 40433 |
| 372 | York Water Co. (The) | 16733 |
|  |  | 642042 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Wireless Telecommunication Services (0.2%):** | **Wireless Telecommunication Services (0.2%):** | |
| 2565 | Gogo, Inc.\* | $37860 |
| 1333 | Shenandoah Telecommunications Co. | 21168 |
| 1649 | Spok Holdings, Inc. | 13505 |
| 2954 | Telephone and Data Systems, Inc. | 30988 |
| 4659 | T-Mobile US, Inc.\* | 652260 |
| 1151 | United States Cellular Corp.\* | 23998 |
|  |  | 779779 |
| Total Common Stocks (Cost $242,382,721) | Total Common Stocks (Cost $242,382,721) | 379984000 |
| **Preferred Stock (0.0%<sup>†</sup>):** | **Preferred Stock (0.0%<sup>†</sup>):** |  |
| **Trading Companies & Distributors (0.0%<sup>†</sup>):** | **Trading Companies & Distributors (0.0%<sup>†</sup>):** |  |
| 1076 | WESCO International, Inc., Series A | 28213 |
| Total Preferred Stock (Cost $28,514) | Total Preferred Stock (Cost $28,514) | 28213 |
| **Rights (0.0%<sup>†</sup>):** | **Rights (0.0%<sup>†</sup>):** |  |
| **Biotechnology (0.0%<sup>†</sup>):** | **Biotechnology (0.0%<sup>†</sup>):** |  |
| 3743 | Achillion Pharm CVR, Expires on 1/29/49\* | 5352 |
| **Health Care (0.0%<sup>†</sup>):** | **Health Care (0.0%<sup>†</sup>):** |  |
| 1297 | Zogenix, Inc. CVR, Expires on 1/1/25\* | 882 |
| **Health Care Equipment & Supplies (0.0%<sup>†</sup>):** | **Health Care Equipment & Supplies (0.0%<sup>†</sup>):** |  |
| 278 | ABIOMED, Inc. CVR, Expires on 1/2/26\* | 284 |
| **Household Durables (0.0%<sup>†</sup>):** | **Household Durables (0.0%<sup>†</sup>):** |  |
| 1918 | Zagg, Inc. CVR, Expires on 1/2/49\* | 173 |
| **Trading Companies & Distributors (0.0%<sup>†</sup>):** | **Trading Companies & Distributors (0.0%<sup>†</sup>):** |  |
| 79 | Communications Systems I CVR, Expires on 1/1/29\* | 349 |
| Total Rights (Cost $173) | Total Rights (Cost $173) | 7040 |
| **Short-Term Security Held as Collateral for Securities on Loan (0.1%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.1%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.1%):** |
| 327869 | BlackRock Liquidity FedFund, Institutional Class, 1.49%(c)(d) | 327869 |
| Total Short-Term Security Held as Collateral for Securities on Loan<br>(Cost $327,869) | Total Short-Term Security Held as Collateral for Securities on Loan<br>(Cost $327,869) | 327869 |
| **Unaffiliated Investment Company (0.4%):** | **Unaffiliated Investment Company (0.4%):** |  |
| **Money Markets (0.4%):** | **Money Markets (0.4%):** |  |
| 1663613 | Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(d) | 1663613 |
| Total Unaffiliated Investment Company (Cost $1,663,613) | Total Unaffiliated Investment Company (Cost $1,663,613) | 1663613 |
| Total Investment Securities (Cost $244,402,890) — 100.1%(e) | Total Investment Securities (Cost $244,402,890) — 100.1%(e) | 382010735 |
| Net other assets (liabilities) — (0.1)% | Net other assets (liabilities) — (0.1)% | (475160) |
| Net Assets — 100.0% | Net Assets — 100.0% | $381535575 |

---

CVR—Contingency Valued Rights

\* Non-income producing security.

---

| | |
|:---|:---|
| ^ | This security or a partial position of this security was on loan as of December 31, 2022. The total value of securities on loan as of December 31, 2022 was $318,918.  |

---

† Represents less than 0.05%.

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

(b) Security was valued using significant unobservable inputs as of December 31, 2022.

(c) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for
securities that were sold on or before December 31, 2022.

(d) The rate represents the effective yield at December 31, 2022.

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

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

Percentages indicated are based on net assets as of December 31, 2022.

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment securities, at cost | $244402890.0 |
|  Investment securities, at value(a) | $382010735.0 |
|  Interest and dividends receivable | 321445.0 |
|  Receivable for investments sold | 2295.0 |
|  Reclaims receivable | 3108.0 |
|  Prepaid expenses | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 382337619.0 |
|  **Liabilities:** |  |
|  Cash overdraft | 8954.0 |
|  Payable for investments purchased | 198212.0 |
|  Payable for collateral received on loaned securities | 327869.0 |
|  Management fees payable | 158694.0 |
|  Administration fees payable | 9760.0 |
|  Distribution fees payable | 82653.0 |
|  Custodian fees payable | 1803.0 |
|  Administrative and compliance services fees payable | 1057.0 |
|  Transfer agent fees payable | 856.0 |
|  Trustee fees payable | 2640.0 |
|  Other accrued liabilities | 9546.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 802044.0 |
|  **Net Assets** | $381535575.0 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $216062269.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 165473306.0 |
|  **Net Assets** | $381535575.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 31098016.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $12.27 |

---

(a) Includes securities on loan of $318,918.

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Dividends | $6937310 |
|  Income from securities lending | 8115 |
|  Foreign withholding tax | (1913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 6943512 |
|  **Expenses:** |  |
|  Management fees | 3373972 |
|  Administration fees | 80840 |
|  Distribution fees | 1054364 |
|  Custodian fees | 11020 |
|  Administrative and compliance services fees | 5939 |
|  Transfer agent fees | 6321 |
|  Trustee fees | 23730 |
|  Professional fees | 18516 |
|  Shareholder reports | 5745 |
|  Other expenses | 11522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reductions | 4591969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less Management fees contractually waived | (1155085) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 3436884 |
|  **Net Investment Income/(Loss)** | 3506628 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities | 25326678 |
|  Change in net unrealized appreciation/depreciation on securities | (102596252) |
|  **Net realized and Change in net unrealized gains/losses on investments** | (77269574) |
|  **Change in Net Assets Resulting From Operations** | $(73762946) |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the <br>Year Ended <br>December 31, 2022** | **For the <br>Year Ended <br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $3506628 | $3094263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | 25326678 | 52255025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (102596252) | 62514091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (73762946) | 117863379 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions | (54549277) | (42256910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (54549277) | (42256910) |
|  **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 457485 | 38872269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 54549277 | 42256910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (49090021) | (131585201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | 5916741 | (50456022) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (122395482) | 25150447 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 503931057 | 478780610 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $381535575 | $503931057 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 29682 | 2341451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 4572446 | 2693238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3307401) | (7999959) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | 1294727 | (2965270) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $16.91 | $14.61 | $13.53 | $11.32 | $12.76 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.12 (a) | 0.11 (a) | 0.12 (a) | 0.13 (a) | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (2.78) | 3.76 | 2.13 | 3.08 | (1.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (2.66) | 3.87 | 2.25 | 3.21 | (0.90) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.11) | (0.16) | (0.16) | (0.15) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (1.87) | (1.41) | (1.01) | (0.85) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (1.98) | (1.57) | (1.17) | (1.00) | (0.54) |
|  **Net Asset Value, End of Period** | $12.27 | $16.91 | $14.61 | $13.53 | $11.32 |
|  **Total Return**(b) | (15.38)% | 27.31% | 17.70% | 29.36% | (7.52)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $381536 | $503931 | $478781 | $496318 | $463537 |
|  Net Investment Income/(Loss) | 0.83% | 0.64% | 0.95% | 1.03% | 1.00% |
|  Expenses Before Reductions(c) | 1.09% | 1.10% | 1.11% | 1.10% | 1.10% |
|  Expenses Net of Reductions | 0.82% | 0.84% | 0.85% | 0.84% | 0.84% |
|  Portfolio Turnover Rate | 4% | 9% | 11% | 4% | 4% |

---

(a) Calculated using the average shares method.

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

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

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Core Equity Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

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

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

**2. Significant Accounting Policies** 

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

**Security Valuation** 

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

**Investment Transactions and Investment Income** 

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

**Real Estate Investment Trusts** 

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

**Foreign Currency Translation and Withholding Taxes** 

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

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

**Distributions to Shareholders** 

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

**Expense Allocation** 

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

------

**AZL DFA U.S. Core Equity Fund** 

Notes to the Financial Statements

December 31, 2022

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

**Securities Lending** 

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day's fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at December 31, 2022 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 $828 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund had securities lending transactions of $327,869 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

**3. Fees and Transactions with Affiliates and Other Parties**

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

For the year ended December 31, 2022, 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% |

---

\* Effective October 1, 2022, the Manager waived, prior to any application of expense limit, the management fee to 0.48% on all assets in order to maintain a more competitive expense ratio. Prior to October 1, 2022, the Manager waived, prior to any application of expense limit, the management fee to 0.54% on all assets in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. 

Any amounts waived or reimbursed by the Manager with respect to the annual expense limit in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

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

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

------

**AZL DFA U.S. Core Equity Fund** 

Notes to the Financial Statements

December 31, 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 combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund's compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administration fees."

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

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

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

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

**4. Investment Valuation Summary** 

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

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

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

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

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

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

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Level 3** | **Total** |
|  Common Stocks+ | $379958557 | $25443 | $— | # | $379984000 |
|  Preferred Stock+ | 28213 |  |  |  | 28213 |
|  Rights+ |  | 7040 |  |  | 7040 |
|  Short-Term Security Held as Collateral for Securities on Loan | 327869 |  |  |  | 327869 |
|  Unaffiliated Investment Company | 1663613 |  |  |  | 1663613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | $&nbsp;&nbsp;&nbsp;&nbsp;381978252 | $&nbsp;&nbsp;&nbsp;&nbsp;32483 | $&nbsp;&nbsp;&nbsp;&nbsp;— |  | $&nbsp;&nbsp;&nbsp;&nbsp;382010735 |

---

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

# Represents the interest in securities that were determined to have a value of zero at December 31, 2022.

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, 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 | $16692043 | $60453417 |

---

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**AZL DFA U.S. Core Equity Fund** 

Notes to the Financial Statements

December 31, 2022

**6. Investment Risks**

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

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

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

**7. Coronavirus (COVID-19) Pandemic** 

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

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022- 06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

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

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

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

---

| | |
|:---|:---|
|  Unrealized appreciation | $160926950 |
|  Unrealized (depreciation) | (24383508) |
|  Net unrealized appreciation/(depreciation) | $136543442 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL DFA U.S. Core Equity Fund | $3360438 | $51188839 | $54549277 |

---

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

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL DFA U.S. Core Equity Fund | $5012752 | $37244158 | $42256910 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated**<br> **Earnings/<br>(Deficit)** |
| AZL DFA U.S. Core Equity Fund | $3609757 | $25320107 | $– | $136543442 | $165473306 |

---

(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation is 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

December 31, 2022

**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 December 31, 2022, 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 this shareholder could have a material impact to the Fund.

**11. Subsequent Events** 

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

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL DFA U.S. Core Equity Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL DFA U.S. Core Equity Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

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

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**Other Federal Income Tax Information (Unaudited)** 

For the year ended December 31, 2022, 100.00% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2022, the Fund declared net short-term capital gain distributions of $320,175.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $51,188,839.

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**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 <br>800-624-0197.

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**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

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

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

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

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

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

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

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

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

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

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

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

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

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

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

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

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

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

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

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

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

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

------

**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/Length<br>of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other**<br> **Directorships<br>Held Outside the<br>AIM Complex<br>During Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14 (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1<br>ETF Trust (2 Funds);<br>Esoterica Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

---

**Interested Trustee<sup>(4)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(2)</sup>/Length<br>of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other**<br> **Directorships<br>Held Outside the<br>AIM Complex<br>During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

---

(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

------

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions**<br> **Held with<br>AIM Complex** | **Term of<br>Office<sup>(1)</sup>/Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963) <br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 to present. |

---

(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

------

![LOGO](g421017g71x52.jpg)

---

| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

---

------

## AZL<sup>®</sup> DFA U.S. Small Cap Fund

## Annual Report

## December 31, 2022
![LOGO](g420855g71x52.jpg)

------

**[**Table of Contents**](#toc)** 

---

| |
|:---|
| [Management Discussion and Analysis](#toc420855_1a)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc420855_1)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc420855_2)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc420855_3)<br> Page 21 |
| [Statement of Operations](#toc420855_4)<br> Page 21 |
| [Statements of Changes in Net Assets](#toc420855_5)<br> Page 22 |
| [Financial Highlights](#toc420855_6)<br> Page 23 |
| [Notes to the Financial Statements](#toc420855_7)<br> Page 24 |
| [Report of Independent Registered Public Accounting Firm](#toc420855_8)<br> Page 29 |
| [Other Federal Income Tax Information](#toc420855_9)<br> Page 30 |
| [Other Information](#toc420855_10)<br> Page 31 |
| [Approval of Investment Advisory and Subadvisory Agreements](#toc420855_11)<br> Page 32 |
| [Information about the Board of Trustees and Officers](#toc420855_12)<br> Page 35 |

---

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<sup>®</sup> DFA U.S. Small Cap Fund Review (Unaudited)**<br>

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

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

During the 12-month period, the AZL DFA U.S. Small Cap Fund returned (12.91)% (net of fees). That compares to a total return of (20.44)% for the Russell 2000 Index, the Fund's primary benchmark.<sup>1</sup>

Investor worries over high inflation, the war in Ukraine, and rising interest rates pressured equity markets in 2022. As a result, the S&P 500 Index<sup>2</sup> posted its fourth worst annual return of the last 85 years. The year also ranks as one of the most volatile on record. Realized volatility, as measured by the standard deviation<sup>3</sup> of daily returns for the S&P 500 Index, was the eighth highest in the last 85 years. The U.S. Federal Reserve raised interest rates seven times during 2022, leaving the federal funds rate target at between 4.25% and 4.5% by the end of the year.

The U.S. market's performance during the period trailed developed non-U.S. markets, but outperformed emerging markets. Small-cap stocks underperformed large-cap stocks. In the small-cap universe, value stocks outperformed growth stocks. Stocks with higher profitability outperformed stocks with lower profitability.

The Fund's outperformance relative to its benchmark was primarily driven by the Fund's exclusion of stocks with the lowest profitability and highest relative prices, as well as

stocks with high asset growth, as stocks in these categories underperformed during the period. The Fund's underweight to real estate investment trusts (REITs) also contributed to its relative performance.

------

***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmark please refer to page 2 of this report.* 

*<sup>2</sup>* *The Standard & Poor's 500 Index is an unmanaged index that is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, which is a measure of the U.S. Stock market as a whole.* 

*<sup>3</sup>* *Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.* 

------

 **AZL<sup>®</sup> DFA U.S. Small Cap Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to seek long-term capital appreciation. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in equity securities of small-capitalization U.S. companies.* 

**Investment Concerns** 

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

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

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

*Investing in a single industry or sector, or concentrating investments in a limited number of industries or sectors, tends to increase the risk that economic, political, or regulatory developments affecting certain industries or sectors will have a large impact on the value of the portfolio.* 

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

**Growth of $10,000 Investment**![LOGO](g420855g22m22.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **1**<br> **Year** | **3**<br> **Year** | **5**<br> **Year** | **Since<br>Inception<br>(4/27/15)** |
| &nbsp;&nbsp; AZL<sup>®</sup> DFA U.S. Small Cap Fund | (12.91)% | 8.59% | 6.26% | 7.36% |
| &nbsp;&nbsp; Russell 2000<sup>®</sup> Index | (20.44)% | 3.10% | 4.13% | 5.96% |

---

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

---

| | |
|:---|:---|
| **Expense Ratio** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> DFA U.S. Small Cap Fund | 1.17% |

---

***The above expense ratio is based on the current Fund prospectus dated April 29, 2022. Effective October 1, 2022, the Manager and the Fund have entered into a written agreement reducing the management fee to 0.67% through at least April 30, 2024. Prior to October 1, 2022, the Manager waived the management fee to 0.70%. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 1.35% through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratio can be found in the Financial Highlights.***

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

*The Fund's performance is measured against the Russell 2000<sup>®</sup> Index, which is an unmanaged market capitalization-weighted index comprised of the 2,000 smallest companies listed in the Russell 3000<sup>®</sup> Index, which contains the 3,000 largest companies in the U.S. based on market capitalization. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.* 

------

**AZL DFA U.S. Small Cap Fund** 

**Expense Examples** 

(Unaudited)

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL DFA U.S. Small Cap Fund | $1000.00 | $1064.50 | $5.20 | 1.00% |

---

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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL DFA U.S. Small Cap Fund | $1000.00 | $1020.16 | $5.09 | 1.00% |

---

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

**Portfolio Composition** 

(Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Percent of Net Assets** | **Percent of Net Assets** |
|  Financials | 21.0 | % |
|  Industrials | 19.7 |  |
|  Consumer Discretionary | 12.3 |  |
|  Information Technology | 11.2 |  |
|  Health Care | 11.0 |  |
|  Materials | 6.9 |  |
|  Energy | 6.6 |  |
|  Consumer Staples | 4.4 |  |
|  Utilities | 3.8 |  |
|  Communication Services | 2.4 |  |
|  Real Estate | 0.7 |  |
|  Total Common Stocks and Preferred Stocks | 100.0 | <sup>†</sup> |
|  Rights |  | <sup>†</sup> |
|  Short-Term Security Held as Collateral for Securities on Loan |  | <sup>†</sup> |
|  Total Investment Securities | 100.0 |  |
|  Net other assets (liabilities) |  | <sup>†</sup> |
|  Net Assets | 100.0 | % |

---

† Represents less than 0.05%.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks (99.9%):** | **Common Stocks (99.9%):** | |
| **Aerospace & Defense (1.5%):** | **Aerospace & Defense (1.5%):** | |
| 2230 | AAR Corp.\* | $100127 |
| 5037 | Aerojet Rocketdyne Holdings, Inc.\* | 281719 |
| 1618 | AeroVironment, Inc.\* | 138598 |
| 2615 | Astronics Corp.\* | 26935 |
| 392 | Astronics Corp., Class B\* | 3900 |
| 4668 | BWX Technologies, Inc. | 271117 |
| 763 | Curtiss-Wright Corp. | 127413 |
| 766 | Ducommun, Inc.\* | 38269 |
| 2314 | Hexcel Corp. | 136179 |
| 3376 | Innovative Solutions & Support, Inc. | 27751 |
| 6280 | Kratos Defense & Security Solutions, Inc.\* | 64810 |
| 1825 | Maxar Technologies, Inc. | 94426 |
| 1336 | Mercury Systems, Inc.\* | 59773 |
| 1513 | Moog, Inc., Class A | 132781 |
| 516 | National Presto Industries, Inc. | 35325 |
| 2564 | Park Aerospace Corp., Class C | 34383 |
| 2014 | Parsons Corp.\* | 93148 |
| 759 | V2X, Inc.\* | 31339 |
|  |  | 1697993 |
| **Air Freight & Logistics (0.5%):** | **Air Freight & Logistics (0.5%):** |  |
| 738 | Air T, Inc. | 18516 |
| 4705 | Air Transport Services Group, Inc.\* | 122236 |
| 743 | Atlas Air Worldwide Holdings, Inc.\* | 74894 |
| 1567 | Forward Air Corp. | 164363 |
| 242 | GXO Logistics, Inc.\* | 10331 |
| 1957 | Hub Group, Inc., Class A\* | 155562 |
| 5212 | Radiant Logistics, Inc.\* | 26529 |
| 774 | XPO Logistics, Inc.\* | 25767 |
|  |  | 598198 |
| **Airlines (0.6%):** | **Airlines (0.6%):** |  |
| 7402 | Alaska Air Group, Inc.\* | 317842 |
| 1401 | Allegiant Travel Co.\* | 95254 |
| 899 | Copa Holdings SA, Class A\* | 74770 |
| 3192 | Hawaiian Holdings, Inc.\* | 32750 |
| 12473 | JetBlue Airways Corp.\* | 80825 |
| 2017 | SkyWest, Inc.\* | 33300 |
| 4325 | Spirit Airlines, Inc. | 84251 |
|  |  | 718992 |
| **Auto Components (1.3%):** | **Auto Components (1.3%):** |  |
| 4444 | Adient plc\* | 154162 |
| 4351 | American Axle & Manufacturing Holdings, Inc.\* | 34025 |
| 151 | Autoliv, Inc. | 11564 |
| 2031 | Cooper-Standard Holdings, Inc.\* | 18401 |
| 7251 | Dana, Inc. | 109708 |
| 1611 | Dorman Products, Inc. | 130281 |
| 2028 | Fox Factory Holding Corp.\* | 185014 |
| 570 | Gentex Corp. | 15544 |
| 1825 | Gentherm, Inc.\* | 119154 |
| 14426 | Goodyear Tire & Rubber Co. (The)\* | 146424 |
| 1306 | LCI Industries | 120740 |
| 4052 | Modine Manufacturing Co.\* | 80473 |
| 1911 | Motorcar Parts of America, Inc.\* | 22664 |
| 928 | Patrick Industries, Inc. | 56237 |
| 1385 | Standard Motor Products, Inc. | 48198 |
| 1639 | Stoneridge, Inc.\* | 35337 |
| 1448 | Visteon Corp.\* | 189442 |
|  |  | 1477368 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Automobiles (0.3%):** | **Automobiles (0.3%):** | |
| 3785 | Harley-Davidson, Inc. | $157456 |
| 1361 | Thor Industries, Inc. | 102742 |
| 1823 | Winnebago Industries, Inc. | 96072 |
|  |  | 356270 |
| **Banks (12.2%):** | **Banks (12.2%):** |  |
| 1184 | 1st Source Corp. | 62859 |
| 410 | ACNB Corp. | 16322 |
| 600 | Amalgamated Financial Corp. | 13824 |
| 846 | Amerant Bancorp, Inc. | 22707 |
| 939 | American National Bankshares, Inc. | 34677 |
| 4600 | Ameris Bancorp | 216844 |
| 1149 | Ames National Corp. | 27128 |
| 1010 | Arrow Financial Corp. | 34239 |
| 10675 | Associated Banc-Corp. | 246486 |
| 4365 | Atlantic Union Bankshares Corp. | 153386 |
| 13 | Auburn National Bancorp, Inc. | 301 |
| 3921 | Banc of California, Inc. | 62462 |
| 2202 | BancFirst Corp. | 194172 |
| 3525 | Bancorp, Inc. (The)\* | 100039 |
| 2473 | Bank of Hawaii Corp. | 191806 |
| 1191 | Bank of Marin Bancorp | 39160 |
| 2482 | Bank of NT Butterfield & Son, Ltd. (The) | 73988 |
| 485 | Bank of South Carolina Corp. | 7954 |
| 7494 | Bank OZK | 300210 |
| 4416 | BankUnited, Inc. | 150011 |
| 2207 | Banner Corp. | 139482 |
| 872 | Bar Harbor Bankshares | 27939 |
| 1217 | Baycom Corp. | 23099 |
| 595 | BCB Bancorp, Inc. | 10704 |
| 2938 | Berkshire Hills Bancorp, Inc. | 87846 |
| 2138 | BOK Financial Corp. | 221903 |
| 3537 | Brookline Bancorp, Inc. | 50049 |
| 667 | Business First Bancshares, Inc. | 14767 |
| 2546 | Byline BanCorp, Inc. | 58482 |
| 227 | C&F Financial Corp. | 13227 |
| 10228 | Cadence Bank | 252222 |
| 436 | Cambridge Bancorp | 36214 |
| 1059 | Camden National Corp. | 44150 |
| 1471 | Capital City Bank Group, Inc. | 47807 |
| 700 | Capstar Financial Holdings, Inc. | 12362 |
| 3988 | Cathay General Bancorp | 162670 |
| 1822 | Central Pacific Financial Corp. | 36950 |
| 1141 | Central Valley Community Bancorp | 24166 |
| 668 | Chemung Financial Corp. | 30641 |
| 1509 | Citizens & Northern Corp. | 34496 |
| 718 | Citizens Holding Co. | 9837 |
| 798 | City Holding Co. | 74286 |
| 822 | Civista Bancshares, Inc. | 18092 |
| 1205 | CNB Financial Corp. | 28667 |
| 271 | Coastal Financial Corp.\* | 12878 |
| 85 | Codorus Valley Bancorp, Inc. | 2023 |
| 56 | Colony Bankcorp, Inc. | 711 |
| 4190 | Columbia Banking System, Inc. | 126245 |
| 2562 | Community Bank System, Inc. | 161278 |
| 1343 | Community Trust Bancorp, Inc. | 61684 |
| 525 | Community West Bancshares | 7859 |
| 2115 | ConnectOne Bancorp, Inc. | 51204 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Banks, continued** | **Banks, continued** | |
| 2253 | CrossFirst Bankshares, Inc.\* | $27960 |
| 2120 | Customers Bancorp, Inc.\* | 60081 |
| 6743 | CVB Financial Corp. | 173632 |
| 2220 | Dime Community Bancshares, Inc. | 70663 |
| 609 | Eagle Bancorp Montana, Inc. | 9841 |
| 1599 | Eagle Bancorp, Inc. | 70468 |
| 2687 | Eastern Bankshares, Inc. | 46351 |
| 2149 | Enterprise Financial Services Corp. | 105215 |
| 924 | Equity Bancshares, Inc. | 30187 |
| 534 | Evans Bancorp, Inc. | 19966 |
| 16632 | F.N.B. Corp. | 217048 |
| 2582 | Farmers National Banc Corp. | 36458 |
| 2391 | FB Financial Corp. | 86411 |
| 1248 | Financial Institutions, Inc. | 30401 |
| 10810 | First BanCorp | 137503 |
| 1106 | First Bancorp, Inc. (The) | 33114 |
| 1761 | First Bancorp/Southern Pines NC | 75441 |
| 1053 | First Bancshares, Inc. (The) | 33707 |
| 2776 | First Busey Corp. | 68623 |
| 940 | First Business Financial Services, Inc. | 34357 |
| 4622 | First Commonwealth Financial Corp. | 64569 |
| 1099 | First Community Bankshares | 37256 |
| 4894 | First Financial Bancorp | 118582 |
| 2655 | First Financial Bankshares, Inc. | 91332 |
| 812 | First Financial Corp. | 37417 |
| 1717 | First Financial Northwest, Inc. | 25721 |
| 2543 | First Foundation, Inc. | 36441 |
| 6483 | First Hawaiian, Inc. | 168817 |
| 402 | First Internet BanCorp | 9761 |
| 4476 | First Interstate BancSystem, Inc., Class A | 172997 |
| 2751 | First Merchants Corp. | 113094 |
| 720 | First Mid Bancshares, Inc. | 23098 |
| 1367 | First of Long Island Corp. (The) | 24606 |
| 84 | First Savings Financial Group, Inc. | 1680 |
| 234 | First United Corp. | 4598 |
| 908 | First US Bancshares, Inc. | 7900 |
| 444 | Five Star Bancorp | 12095 |
| 1779 | Flushing Financial Corp. | 34477 |
| 9654 | Fulton Financial Corp. | 162477 |
| 1637 | German American Bancorp, Inc. | 61060 |
| 5467 | Glacier Bancorp, Inc. | 270179 |
| 1038 | Great Southern Bancorp, Inc. | 61751 |
| 440 | Guaranty Bancshares, Inc. | 15242 |
| 4491 | Hancock Whitney Corp. | 217319 |
| 1888 | Hanmi Financial Corp. | 46728 |
| 3865 | HarborOne Bancorp, Inc. | 53723 |
| 44 | Hawthorn Bancshares, Inc. | 958 |
| 2024 | Heartland Financial USA, Inc. | 94359 |
| 2153 | Heritage Financial Corp. | 65968 |
| 4406 | Hertiage Commerce Corp. | 57278 |
| 4106 | Hilltop Holdings, Inc. | 123221 |
| 8713 | Home Bancshares, Inc. | 198569 |
| 1139 | Hometrust Bancshares, Inc. | 27530 |
| 5930 | Hope BanCorp, Inc. | 75963 |
| 3456 | Horizon Bancorp, Inc. | 52116 |
| 2325 | Independent Bank Corp. | 196300 |
| 2159 | Independent Bank Group, Inc. | 129713 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Banks, continued** | **Banks, continued** | |
| 3151 | International Bancshares Corp. | $144190 |
| 4232 | Lakeland Bancorp, Inc. | 74525 |
| 1317 | Lakeland Financial Corp. | 96101 |
| 997 | Landmark Bancorp, Inc. | 22562 |
| 1512 | LCNB Corp. | 27216 |
| 2612 | Live Oak Bancshares, Inc. | 78882 |
| 3707 | Macatawa Bank Corp. | 40888 |
| 1159 | Mercantile Bank Corp. | 38803 |
| 400 | Metropolitan Bank Holding Corp.\* | 23468 |
| 1651 | Midland States BanCorp, Inc. | 43950 |
| 1041 | MidWestone Financial Group, Inc. | 33052 |
| 300 | MVB Financial Corp. | 6606 |
| 1523 | National Bank Holdings Corp. | 64073 |
| 769 | National Bankshares, Inc. | 30991 |
| 2224 | NBT Bancorp, Inc. | 96566 |
| 974 | Nicolet Bankshares, Inc.\* | 77715 |
| 822 | Northeast Bank | 34606 |
| 657 | Northrim Bancorp, Inc. | 35852 |
| 609 | Norwood Financial Corp. | 20365 |
| 2428 | OFG Bancorp | 66916 |
| 183 | Ohio Valley Banc Corp. | 4835 |
| 14709 | Old National Bancorp | 264468 |
| 1004 | Old Point Financial Corp. | 27068 |
| 3314 | Old Second Bancorp, Inc. | 53157 |
| 1182 | Origin Bancorp, Inc. | 43379 |
| 1208 | Orrstown Financial Services, Inc. | 27977 |
| 4752 | Pacific Premier Bancorp, Inc. | 149973 |
| 6187 | PacWest Bancorp | 141992 |
| 534 | Park National Corp. | 75160 |
| 1636 | Parke Bancorp, Inc. | 33931 |
| 1140 | Peapack-Gladstone Financial Corp. | 42431 |
| 952 | Penns Woods Bancorp, Inc. | 25342 |
| 434 | Peoples Bancorp of North Carolina, Inc. | 14131 |
| 2085 | Peoples Bancorp, Inc. | 58901 |
| 1301 | Pinnacle Financial Partners, Inc. | 95493 |
| 2076 | Popular, Inc. | 137680 |
| 977 | Preferred Bank Los Angeles | 72904 |
| 2309 | Primis Financial Corp. | 27362 |
| 474 | Prosperity Bancshares, Inc. | 34450 |
| 1228 | QCR Holdings, Inc. | 60958 |
| 351 | Rbb BanCorp | 7318 |
| 2844 | Renasant Corp. | 106906 |
| 1249 | Republic Bancorp, Inc., Class A | 51109 |
| 6466 | Republic First Bancorp, Inc.\* | 13902 |
| 2122 | S&T Bancorp, Inc. | 72530 |
| 640 | Salisbury Bancorp, Inc. | 20096 |
| 2295 | Sandy Spring Bancorp, Inc. | 80853 |
| 579 | SB Financial Group, Inc. | 9704 |
| 3087 | Seacoast Banking Corp of Florida | 96284 |
| 3347 | ServisFirst Bancshares, Inc. | 230642 |
| 1438 | Shore Bancshares, Inc. | 25064 |
| 1279 | Sierra Bancorp | 27166 |
| 6442 | Simmons First National Corp., Class A | 139018 |
| 562 | Southern First Bancshares, Inc.\* | 25711 |
| 1502 | Southside Bancshares, Inc. | 54057 |
| 2300 | SouthState Corp. | 175628 |
| 2894 | Stellar Bancorp, Inc. | 85257 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Banks, continued** | **Banks, continued** | |
| 1444 | Stock Yards Bancorp, Inc. | $93831 |
| 682 | Summit Financial Group, Inc. | 16975 |
| 1323 | Summit State Bank | 20903 |
| 3267 | Synovus Financial Corp. | 122676 |
| 2562 | Texas Capital Bancshares, Inc.\* | 154514 |
| 694 | Tompkins Financial Corp. | 53841 |
| 3635 | TowneBank | 112103 |
| 1824 | TriCo Bancshares | 93006 |
| 1397 | Triumph Financial, Inc.\* | 68271 |
| 3236 | Trustmark Corp. | 112969 |
| 2644 | UMB Financial Corp. | 220827 |
| 11136 | Umpqua Holdings Corp. | 198778 |
| 249 | Union Bankshares, Inc. | 5829 |
| 450 | United Bancshares, Inc. | 8424 |
| 7271 | United Bankshares, Inc. | 294403 |
| 5096 | United Community Banks, Inc. | 172245 |
| 916 | United Security Bancshares | 6696 |
| 42 | Unity Bancorp, Inc. | 1148 |
| 1651 | Univest Financial Corp. | 43141 |
| 8798 | Valley National Bancorp | 99505 |
| 1563 | Veritex Holdings, Inc. | 43889 |
| 1097 | Washington Trust Bancorp, Inc. | 51756 |
| 240 | Webster Financial Corp. | 11362 |
| 3367 | WesBanco, Inc. | 124512 |
| 1569 | West BanCorp, Inc. | 40088 |
| 1354 | Westamerica BanCorp | 79900 |
| 3109 | Wintrust Financial Corp. | 262773 |
|  |  | 14279366 |
| **Beverages (0.5%):** | **Beverages (0.5%):** |  |
| 480 | Boston Beer Co., Inc. (The), Class A\* | 158170 |
| 321 | Celsius Holdings, Inc.\* | 33397 |
| 476 | Coca-Cola Consolidated, Inc. | 243883 |
| 1140 | MGP Ingredients, Inc. | 121273 |
| 1568 | National Beverage Corp.\* | 72959 |
| 985 | Willamette Valley Vineyards, Inc.\* | 5900 |
|  |  | 635582 |
| **Biotechnology (3.4%):** | **Biotechnology (3.4%):** |  |
| 1733 | AC Immune SA\* | 3535 |
| 1950 | ACADIA Pharmaceuticals, Inc.\* | 31044 |
| 3308 | Adverum Biotechnologies, Inc.\* | 1917 |
| 3549 | Agios Pharmaceuticals, Inc.\* | 99656 |
| 2076 | Akero Therapeutics, Inc.\* | 113765 |
| 1262 | Albireo Pharma, Inc.\* | 27272 |
| 2035 | Aldeyra Therapeutics, Inc.\* | 14164 |
| 8283 | Alkermes plc\* | 216435 |
| 2613 | Allogene Therapeutics, Inc.\* | 16436 |
| 2056 | AnaptysBio, Inc.\* | 63715 |
| 283 | Arcturus Therapeutics Holdings, Inc.\* | 4800 |
| 629 | Arcus Biosciences, Inc.\* | 13008 |
| 3361 | Arcutis Biotherapeutics, Inc.\* | 49743 |
| 6613 | Ardelyx, Inc.\* | 18847 |
| 4656 | Atara Biotherapeutics, Inc.\* | 15272 |
| 2342 | Atreca, Inc., Class A\* | 1875 |
| 2657 | Avid Bioservices, Inc.\* | 36587 |
| 2191 | Avidity Biosciences, Inc.\* | 48618 |
| 3255 | Bluebird Bio, Inc.\* | 22525 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Biotechnology, continued** | **Biotechnology, continued** | |
| 1971 | Blueprint Medicines Corp.\* | $86350 |
| 2880 | Cara Therapeutics, Inc.\* | 30931 |
| 1034 | CareDx, Inc.\* | 11798 |
| 142 | CASI Pharmaceuticals, Inc.\* | 248 |
| 1148 | Castle Biosciences, Inc.\* | 27024 |
| 6995 | Catalyst Pharmaceuticals, Inc.\* | 130107 |
| 1100 | Century Therapeutics, Inc.\* | 5643 |
| 6991 | Chimerix, Inc.\* | 13003 |
| 2139 | Chinook Therapeutics, Inc.\* | 56042 |
| 3561 | Concert Pharmaceuticals, Inc.\* | 20796 |
| 2225 | Crinetics Pharmaceuticals, Inc.\* | 40717 |
| 1225 | CRISPR Therapeutics AG\* | 49796 |
| 1634 | Cue Biopharma, Inc.\* | 4657 |
| 2539 | Cytomx Therapeutics, Inc.\* | 4062 |
| 1720 | Deciphera Pharmaceuticals, Inc.\* | 28191 |
| 2537 | Denali Therapeutics, Inc.\* | 70554 |
| 902 | Eagle Pharmaceuticals, Inc.\* | 26365 |
| 3422 | Editas Medicine, Inc.\* | 30353 |
| 1660 | Eiger BioPharmaceuticals, Inc.\* | 1959 |
| 2263 | Emergent BioSolutions, Inc.\* | 26726 |
| 1198 | Enanta Pharmaceuticals, Inc.\* | 55731 |
| 11564 | Exelixis, Inc.\* | 185487 |
| 2705 | G1 Therapeutics, Inc.\* | 14688 |
| 2547 | Gritstone bio, Inc.\* | 8787 |
| 3860 | Halozyme Therapeutics, Inc.\* | 219634 |
| 3072 | Ideaya Biosciences, Inc.\* | 55818 |
| 196 | IGM Biosciences, Inc.\* | 3334 |
| 592 | ImmuCell Corp.\* | 3623 |
| 1281 | Immunovant, Inc.\* | 22738 |
| 2885 | Intellia Therapeutics, Inc.\* | 100658 |
| 2237 | Iovance Biotherapeutics, Inc.\* | 14294 |
| 9160 | Ironwood Pharmaceuticals, Inc.\* | 113492 |
| 4709 | IVERIC bio, Inc.\* | 100820 |
| 3800 | Jounce Therapeutics, Inc.\* | 4218 |
| 856 | KalVista Pharmaceuticals, Inc.\* | 5787 |
| 606 | Karuna Therapeutics, Inc.\* | 119079 |
| 1356 | Kezar Life Sciences, Inc.\* | 9546 |
| 514 | Kiniksa Pharmaceuticals, Ltd., Class A\* | 7700 |
| 1081 | Krystal Biotech, Inc.\* | 85637 |
| 2093 | Kura Oncology, Inc.\* | 25974 |
| 4768 | Lexicon Pharmaceuticals, Inc.\* | 9107 |
| 830 | Ligand Pharmaceuticals, Inc.\* | 55444 |
| 3472 | Macrogenics, Inc.\* | 23297 |
| 2522 | Magenta Therapeutics, Inc.\* | 996 |
| 900 | MediciNova, Inc.\* | 1845 |
| 2101 | MeiraGTx Holdings plc\* | 13699 |
| 1843 | Mersana Therapeutics, Inc.\* | 10800 |
| 123 | Mirati Therapeutics, Inc.\* | 5573 |
| 710 | Morphic Holding, Inc.\* | 18993 |
| 4120 | Myriad Genetics, Inc.\* | 59781 |
| 2329 | Nurix Therapeutics, Inc.\* | 25572 |
| 26516 | OPKO Health, Inc.\* | 33145 |
| 14857 | PDL BioPharma, Inc.\* | 39520 |
| 2083 | Precision BioSciences, Inc.\* | 2479 |
| 2098 | Protagonist Therapeutics, Inc.\* | 22889 |
| 2444 | Prothena Corp. plc\* | 147251 |
| 2162 | RAPT Therapeutics, Inc.\* | 42808 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Biotechnology, continued** | **Biotechnology, continued** | |
| 2449 | REGENXBIO, Inc.\* | $55543 |
| 427 | Repare Therapeutics, Inc.\* | 6281 |
| 1686 | Replimune Group, Inc.\* | 45859 |
| 667 | REVOLUTION Medicines, Inc.\* | 15888 |
| 1106 | Rhythm Pharmaceuticals, Inc.\* | 32207 |
| 2920 | Rocket Pharmaceuticals, Inc.\* | 57144 |
| 1935 | Sage Therapeutics, Inc.\* | 73801 |
| 10666 | Sangamo Therapeutics, Inc.\* | 33491 |
| 1550 | Scholar Rock Holding Corp.\* | 14028 |
| 9500 | Spectrum Pharmaceuticals, Inc.\* | 3501 |
| 1098 | SpringWorks Therapeutics, Inc.\* | 28559 |
| 954 | Stoke Therapeutics, Inc.\* | 8805 |
| 1866 | Surface Oncology, Inc.\* | 1530 |
| 1873 | Sutro Biopharma, Inc.\* | 15134 |
| 2101 | Syndax Pharmaceuticals, Inc.\* | 53470 |
| 1755 | TCR2 Therapeutics, Inc.\* | 1753 |
| 446 | Twist Bioscience Corp.\* | 10619 |
| 1189 | Ultragenyx Pharmaceutical, Inc.\* | 55086 |
| 139 | United Therapeutics Corp.\* | 38655 |
| 3525 | Vanda Pharmaceuticals, Inc.\* | 26050 |
| 2332 | Vaxart, Inc.\* | 2241 |
| 3366 | VBI Vaccines, Inc.\* | 1316 |
| 574 | Veracyte, Inc.\* | 13621 |
| 8204 | Verastem, Inc.\* | 3302 |
| 1032 | Vericel Corp.\* | 27183 |
| 4488 | Viking Therapeutics, Inc.\* | 42187 |
| 1685 | Voyager Therapeutics, Inc.\* | 10278 |
| 3464 | Xencor, Inc.\* | 90203 |
| 1840 | Y-mAbs Therapeutics, Inc.\* | 8979 |
| 784 | Zentalis Pharmaceuticals, Inc.\* | 15790 |
|  |  | 3927284 |
| **Building Products (1.4%):** | **Building Products (1.4%):** |  |
| 3670 | AAON, Inc. | 276424 |
| 824 | American Woodmark Corp.\* | 40261 |
| 1464 | Apogee Enterprises, Inc. | 65090 |
| 2538 | Armstrong World Industries, Inc. | 174081 |
| 1277 | AZEK Co., Inc. (The)\* | 25949 |
| 815 | Csw Industrials, Inc. | 94483 |
| 1452 | Gibraltar Industries, Inc.\* | 66618 |
| 1043 | Griffon Corp. | 37329 |
| 1762 | Insteel Industries, Inc. | 48490 |
| 3941 | JELD-WEN Holding, Inc.\* | 38031 |
| 871 | Masonite International Corp.\* | 70211 |
| 3341 | PGT Innovations, Inc.\* | 60004 |
| 2436 | Quanex Building Products Corp. | 57685 |
| 3705 | Resideo Technologies, Inc.\* | 60947 |
| 2049 | Simpson Manufacturing Co., Inc. | 181664 |
| 377 | Trex Co., Inc.\* | 15958 |
| 2113 | UFP Industries, Inc. | 167455 |
| 5918 | Zurn Elkay Water Solutions Corp. | 125166 |
|  |  | 1605846 |
| **Capital Markets (1.9%):** | **Capital Markets (1.9%):** |  |
| 2408 | Affiliated Managers Group, Inc. | 381499 |
| 4015 | Artisan Partners Asset Management, Inc., Class A | 119246 |
| 866 | AssetMark Financial Holdings, Inc.\* | 19918 |
| 16135 | BGC Partners, Inc., Class A | 60829 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Capital Markets, continued** | **Capital Markets, continued** | |
| 1300 | Blucora, Inc.\* | $33189 |
| 2455 | Brightsphere Investment Group, Inc. | 50524 |
| 2537 | Cohen & Steers, Inc. | 163789 |
| 300 | Cowen, Inc., Class A | 11586 |
| 239 | Diamond Hill Investment Group | 44220 |
| 1933 | Donnelley Financial Solutions, Inc.\* | 74710 |
| 4076 | Federated Hermes, Inc., Class B | 148000 |
| 1990 | Greenhill & Co., Inc. | 20398 |
| 2346 | Hamilton Lane, Inc. | 149862 |
| 211 | Hennessy Advisors, Inc. | 1772 |
| 375 | Houlihan Lokey, Inc. | 32685 |
| 2338 | Janus Henderson Group plc | 54990 |
| 1499 | Lazard, Ltd., Class A | 51970 |
| 3118 | Moelis & Co., Class A | 119638 |
| 1743 | Open Lending Corp.\* | 11765 |
| 853 | Oppenheimer Holdings, Inc., Class A | 36108 |
| 671 | Piper Sandler Cos. | 87357 |
| 1393 | PJT Partners, Inc. | 102650 |
| 3824 | Safeguard Scientifics, Inc.\* | 11854 |
| 1619 | Silvercrest Asset Management Group, Inc., Class A | 30389 |
| 1143 | Stifel Financial Corp. | 66717 |
| 984 | StoneX Group, Inc.\* | 93775 |
| 207 | Value Line, Inc. | 10532 |
| 5549 | Virtu Financial, Inc., Class A | 113255 |
| 411 | Virtus Investment Partners, Inc. | 78682 |
| 1478 | Westwood Holdings, Inc. | 16456 |
| 10429 | WisdomTree, Inc. | 56838 |
|  |  | 2255203 |
| **Chemicals (3.4%):** | **Chemicals (3.4%):** |  |
| 1064 | Advanced Emmissions Solutions\* | 2586 |
| 2212 | AdvanSix, Inc. | 84100 |
| 1429 | Agrofresh Solutions, Inc.\* | 4230 |
| 2805 | American Vanguard Corp. | 60897 |
| 1804 | Ashland, Inc. | 193984 |
| 1198 | Aspen Aerogels, Inc.\* | 14124 |
| 5279 | Avient Corp. | 178219 |
| 3070 | Axalta Coating Systems, Ltd.\* | 78193 |
| 1920 | Balchem Corp. | 234451 |
| 3126 | Cabot Corp. | 208942 |
| 639 | Chase Corp. | 55120 |
| 8634 | Chemours Co. (The) | 264373 |
| 1403 | Core Molding Technologies, Inc.\* | 18225 |
| 6378 | Ecovyst, Inc.\* | 56509 |
| 12993 | Element Solutions, Inc. | 236343 |
| 2318 | Flotek Industries, Inc.\* | 2596 |
| 3777 | Futurefuel Corp. | 30707 |
| 2900 | H.B. Fuller Co. | 207698 |
| 1565 | Hawkins, Inc. | 60409 |
| 2564 | Huntsman Corp. | 70459 |
| 1866 | Ingevity Corp.\* | 131441 |
| 1207 | Innospec, Inc. | 124152 |
| 1047 | Intrepid Potash, Inc.\* | 30227 |
| 1147 | Koppers Holdings, Inc. | 32345 |
| 5083 | Kronos Worldwide, Inc. | 47780 |
| 8513 | Livent Corp.\* | 169153 |
| 5685 | LSB Industries, Inc.\* | 75610 |
| 1815 | Minerals Technologies, Inc. | 110207 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Chemicals, continued** | **Chemicals, continued** | |
| 389 | NewMarket Corp. | $121022 |
| 1786 | Northern Technologies International Corp. | 23772 |
| 2647 | Olin Corp. | 140132 |
| 2431 | Orion Engineered Carbons SA | 43296 |
| 241 | Quaker Chemical Corp. | 40223 |
| 5893 | Rayonier Advanced Materials, Inc.\* | 56573 |
| 362 | Scotts Miracle-Gro Co. (The) | 17590 |
| 2197 | Sensient Technologies Corp. | 160205 |
| 1187 | Stepan Co. | 126368 |
| 2589 | Tredegar Corp. | 26460 |
| 2135 | Trinseo PLC | 48486 |
| 7762 | Tronox Holdings plc, Class A | 106417 |
| 8685 | Valvoline, Inc. | 283565 |
| 8372 | Venator Materials plc\* | 4520 |
|  |  | 3981709 |
| **Commercial Services & Supplies (2.0%):** | **Commercial Services & Supplies (2.0%):** |  |
| 4196 | ABM Industries, Inc. | 186386 |
| 7062 | ACCO Brands Corp. | 39477 |
| 675 | Acme United Corp. | 14783 |
| 1238 | ACV Auctions, Inc., Class A\* | 10164 |
| 3133 | Brady Corp., Class A | 147564 |
| 3882 | BrightView Holdings, Inc.\* | 26747 |
| 2839 | Brink's Co. (The) | 152483 |
| 2801 | Casella Waste Systems, Inc.\* | 222147 |
| 2371 | CECO Environmental Corp.\* | 27693 |
| 1426 | Cimpress plc\* | 39372 |
| 436 | Civeo Corp.\* | 13560 |
| 1475 | Clean Harbors, Inc.\* | 168327 |
| 325 | CompX International, Inc. | 6006 |
| 1356 | Deluxe Corp. | 23025 |
| 2494 | Ennis, Inc. | 55267 |
| 3751 | Healthcare Services Group, Inc. | 45012 |
| 1000 | Heritage-Crystal Clean, Inc.\* | 32480 |
| 2059 | HNI Corp. | 58537 |
| 1400 | Hudson Technologies, Inc.\* | 14168 |
| 3307 | IAA, Inc.\* | 132280 |
| 3774 | Interface, Inc. | 37249 |
| 3764 | KAR Auction Services, Inc.\* | 49120 |
| 2673 | Kimball International, Inc., Class B | 17375 |
| 1775 | Matthews International Corp., Class A | 54031 |
| 1187 | MillerKnoll, Inc. | 24939 |
| 319 | Montrose Environmental Group, Inc.\* | 14161 |
| 896 | MSA Safety, Inc. | 129194 |
| 2566 | NL Industries, Inc. | 17475 |
| 2198 | Perma-Fix Environmental Services, Inc.\* | 7759 |
| 10503 | Pitney Bowes, Inc. | 39911 |
| 5379 | Quad Graphics, Inc.\* | 21946 |
| 1749 | SP Plus Corp.\* | 60725 |
| 4831 | Steelcase, Inc., Class A | 34155 |
| 1927 | Stericycle, Inc.\* | 96138 |
| 308 | Tetra Tech, Inc. | 44719 |
| 763 | UniFirst Corp. | 147251 |
| 946 | Viad Corp.\* | 23073 |
| 3364 | Virco Manufacturing Co.\* | 15205 |
| 1177 | Vse Corp. | 55178 |
|  |  | 2305082 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Communications Equipment (1.2%):** | **Communications Equipment (1.2%):** | |
| 2903 | ADTRAN Holdings, Inc. | $54547 |
| 1444 | Applied Optoelectronics, Inc.\* | 2729 |
| 682 | Aviat Networks, Inc.\* | 21272 |
| 900 | BK Technologies Corp. | 2988 |
| 3195 | CalAmp Corp.\* | 14314 |
| 3497 | Calix, Inc.\* | 239300 |
| 600 | Cambium Networks Corp.\* | 13002 |
| 980 | Clearfield, Inc.\* | 92257 |
| 4785 | CommScope Holding Co., Inc.\* | 35170 |
| 1983 | Comtech Telecommunications Corp. | 24074 |
| 2559 | Digi International, Inc.\* | 93531 |
| 1222 | DZS, Inc.\* | 15495 |
| 3157 | EMCORE Corp.\* | 3039 |
| 4014 | Extreme Networks, Inc.\* | 73496 |
| 6919 | Harmonic, Inc.\* | 90639 |
| 1456 | InterDigital, Inc. | 72043 |
| 2325 | KVH Industries, Inc.\* | 23761 |
| 1172 | Lantronix, Inc.\* | 5063 |
| 1373 | Lumentum Holdings, Inc.\* | 71629 |
| 1769 | NETGEAR, Inc.\* | 32037 |
| 4188 | NetScout Systems, Inc.\* | 136152 |
| 2391 | Network-1 Technologies, Inc. | 5260 |
| 131 | Optical Cable Corp.\* | 545 |
| 7260 | Ribbon Communications, Inc.\* | 20255 |
| 3617 | ViaSat, Inc.\* | 114478 |
| 9904 | Viavi Solutions, Inc.\* | 104091 |
|  |  | 1361167 |
| **Construction & Engineering (2.0%):** | **Construction & Engineering (2.0%):** |  |
| 2016 | Ameresco, Inc., Class A\* | 115194 |
| 6231 | API Group Corp.\* | 117205 |
| 2944 | Arcosa, Inc. | 159977 |
| 952 | Argan, Inc. | 35110 |
| 1799 | Comfort Systems USA, Inc. | 207029 |
| 1234 | Concrete Pumping Holdings, Inc.\* | 7219 |
| 999 | Construction Partners, Inc., Class A\* | 26663 |
| 1242 | Dycom Industries, Inc.\* | 116251 |
| 1457 | EMCOR Group, Inc. | 215796 |
| 2655 | Fluor Corp.\* | 92022 |
| 2210 | Granite Construction, Inc. | 77505 |
| 4498 | Great Lakes Dredge & Dock Corp.\* | 26763 |
| 1379 | IES Holdings, Inc.\* | 49051 |
| 1580 | MasTec, Inc.\* | 134821 |
| 3068 | Matrix Service Co.\* | 19083 |
| 4902 | MDU Resources Group, Inc. | 148727 |
| 869 | MYR Group, Inc.\* | 80009 |
| 879 | Northwest Pipe Co.\* | 29622 |
| 949 | NV5 Global, Inc.\* | 125572 |
| 5203 | Orion Group Holdings, Inc.\* | 12383 |
| 1563 | Primoris Services Corp. | 34292 |
| 2151 | Sterling Infrastructure, Inc.\* | 70553 |
| 2090 | Tutor Perini Corp.\* | 15780 |
| 1016 | Valmont Industries, Inc. | 335961 |
| 1996 | WillScot Mobile Mini Holdings Corp.\* | 90159 |
|  |  | 2342747 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Construction Materials (0.4%):** | **Construction Materials (0.4%):** | |
| 1908 | Eagle Materials, Inc. | $253478 |
| 5547 | Summit Materials, Inc., Class A\* | 157479 |
| 466 | U.S. Lime & Minerals, Inc. | 65594 |
|  |  | 476551 |
| **Consumer Finance (1.0%):** | **Consumer Finance (1.0%):** |  |
| 1070 | Atlanticus Holdings Corp.\* | 28034 |
| 1688 | Consumer Portfolio Services, Inc.\* | 14939 |
| 3041 | Curo Group Holdings Corp. | 10796 |
| 1249 | Encore Capital Group, Inc.\* | 59877 |
| 1566 | Enova International, Inc.\* | 60088 |
| 5775 | EZCORP, Inc., Class A\* | 47066 |
| 2530 | FirstCash Holdings, Inc. | 219882 |
| 2615 | Green Dot Corp., Class A\* | 41369 |
| 6374 | Navient Corp. | 104852 |
| 1353 | Nelnet, Inc., Class A | 122785 |
| 1556 | Nicholas Financial, Inc.\* | 9818 |
| 2840 | OneMain Holdings, Inc. | 94600 |
| 964 | Oportun Financial Corp.\* | 5312 |
| 2222 | PRA Group, Inc.\* | 75059 |
| 3430 | PROG Holdings, Inc.\* | 57933 |
| 821 | Regional Mgmt Corp. | 23054 |
| 11202 | SLM Corp. | 185953 |
| 450 | World Acceptance Corp.\* | 29673 |
|  |  | 1191090 |
| **Containers & Packaging (0.7%):** | **Containers & Packaging (0.7%):** |  |
| 2863 | Graphic Packaging Holding Co. | 63702 |
| 1280 | Greif, Inc., Class A | 85837 |
| 874 | Greif, Inc., Class B | 68373 |
| 2948 | Myers Industries, Inc. | 65534 |
| 7172 | O-I Glass, Inc.\* | 118840 |
| 613 | Ranpak Holdings Corp.\* | 3537 |
| 4885 | Silgan Holdings, Inc. | 253238 |
| 2015 | Sonoco Products Co. | 122331 |
| 2053 | TriMas Corp. | 56950 |
|  |  | 838342 |
| **Distributors (0.1%):** | **Distributors (0.1%):** |  |
| 12 | AMCON Distributing Co. | 2172 |
| 1626 | Educational Development Corp. | 5138 |
| 2028 | Funko, Inc., Class A\* | 22126 |
| 1262 | Weyco Group, Inc. | 26704 |
|  |  | 56140 |
| **Diversified Consumer Services (1.0%):** | **Diversified Consumer Services (1.0%):** |  |
| 2828 | 2U, Inc.\* | 17732 |
| 2721 | ADT, Inc. | 24679 |
| 3285 | Adtalem Global Education, Inc.\* | 116617 |
| 1366 | American Public Education, Inc.\* | 16788 |
| 253 | Bright Horizons Family Solutions, Inc.\* | 15964 |
| 1394 | Carriage Services, Inc. | 38391 |
| 492 | Chegg, Inc.\* | 12433 |
| 4483 | Frontdoor, Inc.\* | 93246 |
| 201 | Graham Holdings Co., Class B | 121446 |
| 1756 | Grand Canyon Education, Inc.\* | 185539 |
| 5660 | H&R Block, Inc. | 206647 |
| 2311 | Laureate Education, Inc. | 22232 |
| 2747 | OneSpaWorld Holdings, Ltd.\* | 25630 |
| 4264 | Perdoceo Education Corp.\* | 59270 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Diversified Consumer Services, continued** | **Diversified Consumer Services, continued** | |
| 1432 | Strategic Education, Inc. | $112154 |
| 2258 | Stride, Inc.\* | 70630 |
| 3444 | Universal Technical Institute, Inc.\* | 23144 |
| 2647 | WW International, Inc.\* | 10217 |
|  |  | 1172759 |
| **Diversified Financial Services (0.1%):** | **Diversified Financial Services (0.1%):** |  |
| 1888 | Acacia Research Corp.\* | 7948 |
| 500 | Alerus Financial Corp. | 11675 |
| 1292 | A-Mark Precious Metals, Inc. | 44871 |
| 3167 | Cannae Holdings, Inc.\* | 65399 |
|  |  | 129893 |
| **Diversified Telecommunication Services (0.6%):** | **Diversified Telecommunication Services (0.6%):** |  |
| 1146 | Anterix, Inc.\* | 36867 |
| 879 | ATN International, Inc. | 39827 |
| 2189 | Cogent Communications Holdings, Inc. | 124948 |
| 5491 | Consolidated Communications Holdings, Inc.\* | 19658 |
| 2230 | EchoStar Corp., Class A\* | 37196 |
| 1571 | IDT Corp.\* | 44255 |
| 6317 | Iridium Communications, Inc.\* | 324694 |
| 845 | Ooma, Inc.\* | 11509 |
|  |  | 638954 |
| **Electric Utilities (1.1%):** | **Electric Utilities (1.1%):** |  |
| 3520 | ALLETE, Inc. | 227075 |
| 3043 | Genie Energy, Ltd., Class B | 31465 |
| 5125 | Hawaiian Electric Industries, Inc. | 214481 |
| 1240 | IDACORP, Inc. | 133734 |
| 1832 | MGE Energy, Inc. | 128973 |
| 2564 | Otter Tail Corp. | 150533 |
| 4675 | PNM Resources, Inc. | 228093 |
| 2371 | Portland General Electric Co. | 116179 |
|  |  | 1230533 |
| **Electrical Equipment (1.2%):** | **Electrical Equipment (1.2%):** |  |
| 1568 | Acuity Brands, Inc. | 259676 |
| 1194 | Allied Motion Technologies, Inc. | 41563 |
| 2221 | American Superconductor Corp.\* | 8173 |
| 1547 | Atkore, Inc.\* | 175461 |
| 1354 | AZZ, Inc. | 54431 |
| 1863 | Babcock & Wilcox Enterprises, Inc.\* | 10750 |
| 1177 | Encore Wire Corp. | 161908 |
| 1956 | EnerSys | 144431 |
| 411 | Espey Mfg. & Electronics Corp.\* | 5836 |
| 9534 | GrafTech International, Ltd. | 45382 |
| 2834 | LSI Industries, Inc. | 34688 |
| 2523 | nVent Electric plc | 97060 |
| 79 | Pineapple Holdings, Inc.\* | 184 |
| 569 | Powell Industries, Inc. | 20017 |
| 527 | Preformed Line Products Co. | 43894 |
| 75 | Servotronics, Inc.\* | 792 |
| 924 | Shoals Technologies Group, Inc., Class A\* | 22795 |
| 3399 | Sunrun, Inc.\* | 81644 |
| 2714 | Thermon Group Holdings, Inc.\* | 54497 |
| 932 | TPI Composites, Inc.\* | 9451 |
| 3104 | Ultralife Corp.\* | 11981 |
| 1134 | Vicor Corp.\* | 60953 |
|  |  | 1345567 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Electronic Equipment, Instruments & Components (2.9%):** | **Electronic Equipment, Instruments & Components (2.9%):** | |
| 2431 | Advanced Energy Industries, Inc. | $208531 |
| 6544 | Arlo Technologies, Inc.\* | 22970 |
| 5300 | Avnet, Inc. | 220374 |
| 1770 | Badger Meter, Inc. | 192983 |
| 254 | Bel Fuse, Inc., Class A | 8456 |
| 740 | Bel Fuse, Inc., Class B | 24361 |
| 2757 | Belden, Inc. | 198228 |
| 1596 | Benchmark Electronics, Inc. | 42597 |
| 1324 | Coherent Corp.\* | 46472 |
| 1860 | CTS Corp. | 73321 |
| 6442 | Daktronics, Inc.\* | 18167 |
| 1365 | Data I/O Corp.\* | 5419 |
| 662 | ePlus, Inc.\* | 29313 |
| 1860 | Fabrinet\* | 238489 |
| 1055 | FARO Technologies, Inc.\* | 31028 |
| 640 | Frequency Electronics, Inc. | 4512 |
| 865 | Identiv, Inc.\* | 6263 |
| 1699 | Insight Enterprises, Inc.\* | 170359 |
| 124 | IPG Photonics Corp. | 11739 |
| 2324 | Itron, Inc.\* | 117711 |
| 1856 | Kimball Electronics, Inc.\* | 41927 |
| 4627 | Knowles Corp.\* | 75975 |
| 226 | Littelfuse, Inc. | 49765 |
| 1600 | Luna Innovations, Inc.\* | 14064 |
| 1993 | Methode Electronics, Inc., Class A | 88429 |
| 2686 | Napco Security Technologies, Inc.\* | 73811 |
| 3997 | National Instruments Corp. | 147489 |
| 1187 | nLight, Inc.\* | 12036 |
| 1812 | Novanta, Inc.\* | 246197 |
| 952 | OSI Systems, Inc.\* | 75703 |
| 1367 | PC Connection, Inc. | 64112 |
| 1588 | Plexus Corp.\* | 163453 |
| 965 | Rogers Corp.\* | 115163 |
| 3446 | Sanmina Corp.\* | 197421 |
| 1880 | ScanSource, Inc.\* | 54934 |
| 5308 | TTM Technologies, Inc.\* | 80045 |
| 6181 | Vishay Intertechnology, Inc. | 133324 |
| 999 | Vishay Precision Group, Inc.\* | 38611 |
| 2612 | Vontier Corp. | 50490 |
| 311 | Wayside Technology Group, Inc. | 9806 |
| 3952 | Wireless Telecom Group, Inc.\* | 7074 |
|  |  | 3411122 |
| **Energy Equipment & Services (2.0%):** | **Energy Equipment & Services (2.0%):** |  |
| 7188 | Archrock, Inc. | 64548 |
| 1944 | Bristow Group, Inc.\* | 52741 |
| 2624 | Cactus, Inc., Class A | 131882 |
| 6189 | ChampionX Corp. | 179419 |
| 2103 | Core Laboratories NV | 42628 |
| 653 | DMC Global, Inc.\* | 12694 |
| 2539 | Dril-Quip, Inc.\* | 68985 |
| 1226 | Expro Group Holdings NV\* | 22227 |
| 56 | Expro Group Holdings NV US\* | 1015 |
| 1260 | Geospace Technologies Corp.\* | 5317 |
| 2641 | Gulf Island Fabrication, Inc.\* | 13548 |
| 7520 | Helix Energy Solutions Group, Inc.\* | 55498 |
| 5207 | Helmerich & Payne, Inc. | 258111 |
| 5674 | Liberty Oilfield Services, Inc., Class A | 90841 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Energy Equipment & Services, continued** | **Energy Equipment & Services, continued** | |
| 595 | Mammoth Energy Services, Inc.\* | $5147 |
| 494 | Nabors Industries, Ltd.\* | 76506 |
| 2925 | National Energy Services Reunited Corp.\* | 20300 |
| 1299 | Natural Gas Services Group\* | 14887 |
| 8761 | Newpark Resources, Inc.\* | 36358 |
| 12860 | NexTier Oilfield Solutions, Inc.\* | 118826 |
| 2994 | NOV, Inc. | 62545 |
| 5737 | Oceaneering International, Inc.\* | 100340 |
| 3039 | Oil States International, Inc.\* | 22671 |
| 9819 | Patterson-UTI Energy, Inc. | 165352 |
| 7231 | Propetro Holding Corp.\* | 74985 |
| 8632 | RPC, Inc. | 76738 |
| 1598 | SEACOR Marine Holdings, Inc.\* | 14638 |
| 4229 | Select Energy Services, Inc. | 39076 |
| 1537 | Solaris Oilfield Infrastructure, Inc. | 15262 |
| 17966 | TechnipFMC plc\* | 219006 |
| 5480 | TETRA Technologies, Inc.\* | 18961 |
| 1475 | Tidewater, Inc.\* | 54354 |
| 20620 | Transocean, Ltd.\* | 94027 |
| 5730 | U.S. Silica Holdings, Inc.\* | 71625 |
| 491 | Valaris, Ltd.\* | 33201 |
| 372 | Weatherford International plc\* | 18942 |
|  |  | 2353201 |
| **Entertainment (0.4%):** | **Entertainment (0.4%):** |  |
| 3572 | Cinemark Holdings, Inc.\* | 30933 |
| 2527 | FG Group Holdings, Inc.\* | 6621 |
| 4149 | Imax Corp.\* | 60824 |
| 783 | Liberty Media Corp.-Liberty Braves, Class A\* | 25581 |
| 1825 | Liberty Media Corp.-Liberty Braves, Class C\* | 58820 |
| 3575 | Lions Gate Entertainment Corp., Class A\* | 20413 |
| 7603 | Lions Gate Entertainment Corp., Class B\* | 41284 |
| 614 | Madison Square Garden Entertainment Corp.\* | 27612 |
| 233 | Madison Square Garden Sports Corp., Class A | 42716 |
| 870 | Marcus Corp. | 12519 |
| 2544 | Playtika Holding Corp.\* | 21649 |
| 2715 | Reading International, Inc., Class A\* | 7521 |
| 951 | World Wrestling Entertainment, Inc., Class A | 65163 |
|  |  | 421656 |
| **Food & Staples Retailing (0.8%):** | **Food & Staples Retailing (0.8%):** |  |
| 2742 | Grocery Outlet Holding Corp.\* | 80039 |
| 661 | Ingles Markets, Inc., Class A | 63760 |
| 2814 | Natural Grocers by Vitamin Cottage, Inc. | 25720 |
| 1654 | PriceSmart, Inc. | 100530 |
| 2176 | SpartanNash Co. | 65802 |
| 4696 | Sprouts Farmers Market, Inc.\* | 152010 |
| 2299 | The Andersons, Inc. | 80442 |
| 2098 | The Chefs' Warehouse, Inc.\* | 69821 |
| 3444 | United Natural Foods, Inc.\* | 133317 |
| 1419 | Village Super Market, Inc., Class A | 33049 |
| 1746 | Weis Markets, Inc. | 143678 |
|  |  | 948168 |
| **Food Products (1.7%):** | **Food Products (1.7%):** |  |
| 444 | Alico, Inc. | 10598 |
| 2325 | B&G Foods, Inc.^ | 25924 |
| 1273 | Calavo Growers, Inc. | 37426 |
| 2146 | Cal-Maine Foods, Inc. | 116850 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Food Products, continued** | **Food Products, continued** | |
| 1318 | Coffee Holding Co., Inc. | $2689 |
| 2411 | Farmer Brothers Co.\* | 11115 |
| 4364 | Flowers Foods, Inc. | 125421 |
| 2300 | Fresh Del Monte Produce, Inc. | 60237 |
| 3206 | Hain Celestial Group, Inc. (The)\* | 51873 |
| 6361 | Hostess Brands, Inc.\* | 142741 |
| 1009 | Ingredion, Inc. | 98811 |
| 1040 | J & J Snack Foods Corp. | 155698 |
| 519 | John B Sanfilippo & Son, Inc. | 42205 |
| 1361 | Lancaster Colony Corp. | 268525 |
| 2754 | Lifecore Biomedical, Inc.\* | 17846 |
| 2175 | Limoneira Co. | 26557 |
| 397 | Pilgrim's Pride Corp.\* | 9421 |
| 1419 | Post Holdings, Inc.\* | 128079 |
| 1220 | Rocky Mountain Chocolate Factory, Inc.\* | 6954 |
| 46 | Seaboard Corp. | 173660 |
| 708 | Seneca Foods Corp., Class A\* | 43153 |
| 12 | Seneca Foods Corp., Class B\* | 726 |
| 4807 | Simply Good Foods Co. (The)\* | 182810 |
| 2295 | Tootsie Roll Industries, Inc. | 97698 |
| 1779 | TreeHouse Foods, Inc.\* | 87847 |
| 2649 | Vital Farms, Inc.\* | 39523 |
|  |  | 1964387 |
| **Gas Utilities (1.0%):** | **Gas Utilities (1.0%):** |  |
| 1029 | Chesapeake Utilities Corp. | 121607 |
| 909 | National Fuel Gas Co. | 57540 |
| 4906 | New Jersey Resources Corp. | 243436 |
| 1406 | Northwest Natural Holding Co. | 66912 |
| 2413 | ONE Gas, Inc. | 182712 |
| 873 | RGC Resources, Inc. | 19250 |
| 6542 | South Jersey Industries, Inc. | 232437 |
| 1722 | Southwest Gas Holdings, Inc. | 106557 |
| 2644 | Spire, Inc. | 182066 |
|  |  | 1212517 |
| **Health Care (0.0%<sup>†</sup>):** | **Health Care (0.0%<sup>†</sup>):** |  |
| 315 | Omniab, Inc. — Vesting 12.5\*(a)(b) |  |
| 315 | Omniab, Inc. — Vesting 15\*(a)(b) |  |
| **Health Care Equipment & Supplies (2.8%):** | **Health Care Equipment & Supplies (2.8%):** |  |
| 6691 | Accuray, Inc.\* | 13984 |
| 2365 | AngioDynamics, Inc.\* | 32566 |
| 1309 | Anika Therapeutics, Inc.\* | 38746 |
| 2193 | Apyx Medical Corp.\* | 5132 |
| 2615 | Artivion, Inc.\* | 31694 |
| 3181 | AtriCure, Inc.\* | 141173 |
| 126 | Atrion Corp. | 70491 |
| 2426 | Avanos Medical, Inc.\* | 65648 |
| 2841 | Axogen, Inc.\* | 28353 |
| 2250 | Axonics, Inc.\* | 140692 |
| 3014 | Cardiovascular Systems, Inc.\* | 41051 |
| 1500 | CONMED Corp. | 132960 |
| 2081 | CytoSorbents Corp.\* | 3226 |
| 1118 | Elctromed, Inc.\* | 11728 |
| 1048 | Embecta Corp. | 26504 |
| 877 | Enovis Corp.\* | 46937 |
| 3246 | Envista Holdings Corp.\* | 109293 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Health Care Equipment & Supplies, continued** | **Health Care Equipment & Supplies, continued** | |
| 427 | Fonar Corp.\* | $7152 |
| 2248 | Glaukos Corp.\* | 98193 |
| 841 | Globus Medical, Inc.\* | 62461 |
| 956 | Haemonetics Corp.\* | 75189 |
| 523 | Heska Corp.\* | 32510 |
| 706 | Inari Medical, Inc.\* | 44873 |
| 1790 | Inogen, Inc.\* | 35281 |
| 1778 | Integer Holdings Corp.\* | 121722 |
| 4094 | Integra LifeSciences Holdings Corp.\* | 229551 |
| 850 | iRadimed Corp. | 24046 |
| 2006 | IRIDEX Corp.\* | 4032 |
| 249 | Kewaunee Scientific CP\* | 3872 |
| 4025 | Lantheus Holdings, Inc.\* | 205114 |
| 1449 | LeMaitre Vascular, Inc. | 66683 |
| 1127 | LENSAR, Inc.\* | 3336 |
| 2723 | LivaNova plc\* | 151235 |
| 3167 | Meridian Bioscience, Inc.\* | 105176 |
| 2871 | Merit Medical Systems, Inc.\* | 202750 |
| 186 | Mesa Laboratories, Inc. | 30915 |
| 5233 | Neogen Corp.\* | 79699 |
| 2684 | NuVasive, Inc.\* | 110688 |
| 5745 | OraSure Technologies, Inc.\* | 27691 |
| 1375 | Orthofix Medical, Inc.\* | 28229 |
| 1277 | Orthopediatrics Corp.\* | 50735 |
| 627 | Pulmonx Corp.\* | 5286 |
| 162 | QuidelOrtho Corp.\* | 13878 |
| 2363 | SeaSpine Holdings Corp.\* | 19731 |
| 76 | Shockwave Medical, Inc.\* | 15626 |
| 1010 | SI-BONE, Inc.\* | 13736 |
| 2196 | STAAR Surgical Co.\* | 106594 |
| 364 | Surgalign Holdings, Inc.\* | 713 |
| 879 | Surmodics, Inc.\* | 29991 |
| 1169 | Tactile Systems Technology, Inc.\* | 13420 |
| 743 | TransMedics Group, Inc.\* | 45858 |
| 671 | UFP Technologies, Inc.\* | 79104 |
| 435 | Utah Medical Products, Inc. | 43731 |
| 2566 | Varex Imaging Corp.\* | 52090 |
| 8600 | ViewRay, Inc.\* | 38528 |
| 755 | Zynex, Inc. | 10502 |
|  |  | 3230099 |
| **Health Care Providers & Services (3.0%):** | **Health Care Providers & Services (3.0%):** |  |
| 2268 | Acadia Healthcare Co., Inc.\* | 186702 |
| 787 | Addus HomeCare Corp.\* | 78299 |
| 190 | AlerisLife, Inc.\* | 105 |
| 653 | Amedisys, Inc.\* | 54552 |
| 2679 | AMN Healthcare Services, Inc.\* | 275455 |
| 1243 | Apollo Medical Holdings, Inc.\* | 36780 |
| 8989 | Brookdale Senior Living, Inc.\* | 24540 |
| 7998 | Community Health Systems, Inc. | 34551 |
| 915 | CorVel Corp.\* | 132977 |
| 2958 | Cross Country Healthcare, Inc.\* | 78594 |
| 3392 | Encompass Health Corp. | 202876 |
| 794 | Enhabit, Inc.\* | 10449 |
| 2966 | Ensign Group, Inc. (The) | 280613 |
| 280 | Fulgent Genetics, Inc.\* | 8338 |
| 2636 | HealthEquity, Inc.\* | 162483 |
| 1999 | InfuSystem Holdings, Inc.\* | 17351 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Health Care Providers & Services, continued** | **Health Care Providers & Services, continued** | |
| 1190 | Joint Corp. (The)\* | $16636 |
| 1634 | LHC Group, Inc.\* | 264201 |
| 624 | ModivCare, Inc.\* | 55992 |
| 887 | National Healthcare Corp. | 52776 |
| 1645 | National Research Corp. | 61359 |
| 9359 | Option Care Health, Inc.\* | 281612 |
| 4811 | Owens & Minor, Inc.\* | 93959 |
| 5186 | Patterson Cos., Inc. | 145364 |
| 5006 | Pediatrix Medical Group, Inc.\* | 74389 |
| 1785 | Petiq, Inc.\* | 16458 |
| 5882 | Premier, Inc., Class A | 205752 |
| 3375 | Progyny, Inc.\* | 105131 |
| 1080 | Psychemedics Corp. | 5335 |
| 2898 | RadNet, Inc.\* | 54569 |
| 7290 | Select Medical Holdings Corp. | 181011 |
| 4347 | Surgery Partners, Inc.\* | 121107 |
| 1751 | Tenet Healthcare Corp.\* | 85431 |
| 1764 | The Pennant Group, Inc.\* | 19369 |
| 755 | U.S. Physical Therapy, Inc. | 61178 |
|  |  | 3486294 |
| **Health Care Technology (0.5%):** | **Health Care Technology (0.5%):** |  |
| 766 | Computer Programs and Systems, Inc.\* | 20850 |
| 4744 | Evolent Health, Inc., Class A\* | 133212 |
| 2021 | Health Catalyst, Inc.\* | 21483 |
| 1818 | HealthStream, Inc.\* | 45159 |
| 1239 | iCAD, Inc.\* | 2267 |
| 4136 | NextGen Healthcare, Inc.\* | 77674 |
| 2168 | Omnicell, Inc.\* | 109311 |
| 445 | OptimizeRx Corp.\* | 7476 |
| 279 | Simulations Plus, Inc. | 10203 |
| 6937 | Veradigm, Inc.\* | 122369 |
|  |  | 550004 |
| **Hotels, Restaurants & Leisure (2.2%):** | **Hotels, Restaurants & Leisure (2.2%):** |  |
| 3 | Biglari Holdings, Inc., Class A\* | 2067 |
| 168 | Biglari Holdings, Inc., Class B\* | 23318 |
| 1766 | BJ's Restaurants, Inc.\* | 46587 |
| 5714 | Bloomin' Brands, Inc. | 114966 |
| 2652 | Brinker International, Inc.\* | 84625 |
| 4497 | Carrols Restaurant Group, Inc.\* | 6116 |
| 700 | Century Casinos, Inc.\* | 4921 |
| 3080 | Cheesecake Factory, Inc. (The) | 97667 |
| 217 | Choice Hotels International, Inc. | 24443 |
| 1396 | Chuy's Holdings, Inc.\* | 39507 |
| 1237 | Cracker Barrel Old Country Store, Inc. | 117193 |
| 2902 | Dave & Buster's Entertainment, Inc.\* | 102847 |
| 3256 | Denny's Corp.\* | 29988 |
| 263 | Dine Brands Global, Inc. | 16990 |
| 2394 | El Pollo Loco Holdings, Inc. | 23844 |
| 2608 | Fiesta Restaurant Group, Inc.\* | 19169 |
| 100 | Flanigan's Enterprises, Inc. | 2588 |
| 1109 | Full House Resorts, Inc.\* | 8340 |
| 391 | Hilton Grand Vacations, Inc.\* | 15069 |
| 5547 | International Game Technology plc | 125806 |
| 1031 | Jack in the Box, Inc. | 70345 |
| 3369 | Light & Wonder, Inc., Class A\* | 197423 |
| 1327 | Marriott Vacations Worldwide Corp. | 178601 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Hotels, Restaurants & Leisure, continued** | **Hotels, Restaurants & Leisure, continued** | |
| 597 | Nathans Famous, Inc. | $40124 |
| 1669 | Noodles & Co.\* | 9163 |
| 1689 | Papa John's International, Inc. | 139022 |
| 809 | Penn Entertainment, Inc.\* | 24027 |
| 387 | Planet Fitness, Inc., Class A\* | 30496 |
| 3630 | Playa Hotels & Resorts NV\* | 23704 |
| 1540 | Playags, Inc.\* | 7854 |
| 300 | RCI Hospitality Holdings, Inc. | 27957 |
| 1368 | Red Robin Gourmet Burgers, Inc.\* | 7633 |
| 662 | Red Rock Resorts, Inc. | 26487 |
| 2239 | Ruth's Hospitality Group, Inc. | 34660 |
| 3760 | SeaWorld Entertainment, Inc.\* | 201198 |
| 1613 | Shake Shack, Inc., Class A\* | 66988 |
| 1631 | Texas Roadhouse, Inc., Class A | 148339 |
| 3865 | Travel + Leisure Co. | 140686 |
| 10098 | Wendy's Co. (The) | 228518 |
| 496 | Wingstop, Inc. | 68259 |
| 572 | Wyndham Hotels & Resorts, Inc. | 40789 |
|  |  | 2618324 |
| **Household Durables (2.1%):** | **Household Durables (2.1%):** |  |
| 608 | Bassett Furniture Industries, Inc. | 10567 |
| 738 | Beazer Homes USA, Inc.\* | 9417 |
| 494 | Cavco Industries, Inc.\* | 111767 |
| 1854 | Century Communities, Inc. | 92719 |
| 1650 | Ethan Allen Interiors, Inc. | 43593 |
| 820 | Flexsteel Industries, Inc. | 12628 |
| 1624 | Green Brick Partners, Inc.\* | 39350 |
| 1347 | Helen of Troy, Ltd.\* | 149396 |
| 670 | Hooker Furnishings Corp. | 12529 |
| 1677 | Installed Building Products, Inc. | 143551 |
| 1482 | iRobot Corp.\* | 71329 |
| 4791 | KB Home | 152593 |
| 1138 | Koss Corp.\* | 5553 |
| 2637 | La-Z-Boy, Inc. | 60176 |
| 230 | Legacy Housing Corp.\* | 4361 |
| 3296 | Leggett & Platt, Inc. | 106230 |
| 1096 | LGI Homes, Inc.\* | 101490 |
| 2522 | Lifetime Brands, Inc. | 19142 |
| 1513 | M/I Homes, Inc.\* | 69870 |
| 3450 | MDC Holdings, Inc. | 109020 |
| 1818 | Meritage Homes Corp.\* | 167620 |
| 2534 | Purple Innovation, Inc.\* | 12138 |
| 3015 | Skyline Champion Corp.\* | 155303 |
| 4300 | Sonos, Inc.\* | 72670 |
| 6288 | Taylor Morrison Home Corp., Class A\* | 190841 |
| 4483 | Tempur Sealy International, Inc. | 153901 |
| 1904 | Toll Brothers, Inc. | 95048 |
| 520 | TopBuild Corp.\* | 81375 |
| 5638 | Tri Pointe Homes, Inc.\* | 104810 |
| 3274 | Tupperware Brands Corp.\* | 13554 |
| 798 | Universal Electronics, Inc.\* | 16606 |
|  |  | 2389147 |
| **Household Products (0.5%):** | **Household Products (0.5%):** |  |
| 636 | Central Garden & Pet Co.\* | 23818 |
| 2441 | Central Garden & Pet Co., Class A\* | 87388 |
| 3493 | Energizer Holdings, Inc. | 117190 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | | |
| **Household Products, continued** | **Household Products, continued** | | |
| 640 | Oil-Dri Corp. of America | $| 21466 |
| 1230 | Reynolds Consumer Products, Inc. |  | 36875 |
| 1701 | Spectrum Brands Holdings, Inc. |  | 103625 |
| 822 | WD-40 Co. |  | 132515 |
|  |  |  | 522877 |
| **Independent Power and Renewable Electricity Producers (0.4%):** | **Independent Power and Renewable Electricity Producers (0.4%):** | **Independent Power and Renewable Electricity Producers (0.4%):** | **Independent Power and Renewable Electricity Producers (0.4%):** |
| 4220 | Atlantica Sustainable Infrastructure plc |  | 109298 |
| 703 | Clearway Energy, Inc., Class A |  | 21034 |
| 765 | Clearway Energy, Inc., Class C |  | 24380 |
| 2863 | Ormat Technologies, Inc. |  | 247592 |
| 5158 | Sunnova Energy International, Inc.\* |  | 92896 |
|  |  |  | 495200 |
| **Insurance (3.3%):** | **Insurance (3.3%):** |  |  |
| 2802 | AMBAC Financial Group, Inc.\* |  | 48867 |
| 5367 | American Equity Investment Life Holding Co. |  | 244843 |
| 1053 | Amerisafe, Inc. |  | 54724 |
| 1862 | Argo Group International Holdings, Ltd. |  | 48133 |
| 3675 | Assured Guaranty, Ltd. |  | 228806 |
| 2314 | Axis Capital Holdings, Ltd. |  | 125349 |
| 3866 | Brighthouse Financial, Inc.\* |  | 198210 |
| 5374 | Citizens, Inc.\* |  | 11447 |
| 3445 | Crawford & Co. |  | 18293 |
| 2876 | Crawford & Co., Class A |  | 15991 |
| 2691 | Donegal Group, Inc., Class A |  | 38212 |
| 1337 | eHealth, Inc.\* |  | 6471 |
| 1475 | Employers Holdings, Inc. |  | 63617 |
| 813 | Enstar Group, Ltd.\* |  | 187836 |
| 1416 | First American Financial Corp. |  | 74113 |
| 10826 | Genworth Financial, Inc., Class A\* |  | 57270 |
| 991 | Global Indemnity Group LLC, Class A |  | 23100 |
| 3055 | Greenlight Capital Re, Ltd.\* |  | 24898 |
| 1752 | Hallmark Financial Services, Inc.\* |  | 1024 |
| 1817 | Hanover Insurance Group, Inc. (The) |  | 245531 |
| 489 | HCI Group, Inc. |  | 19360 |
| 1369 | Heritage Insurance Holdings, Inc. |  | 2464 |
| 2079 | Horace Mann Educators Corp. |  | 77692 |
| 135 | Investors Title Co. |  | 19919 |
| 1855 | James River Group Holdings |  | 38788 |
| 2661 | Kemper Corp. |  | 130921 |
| 1473 | Kingstone Cos., Inc. |  | 1989 |
| 714 | Kinsale Capital Group, Inc. |  | 186725 |
| 12677 | Maiden Holdings, Ltd.\* |  | 26748 |
| 2856 | Mercury General Corp. |  | 97675 |
| 198 | National Western Life Group, Inc., Class A |  | 55638 |
| 929 | NI Holdings, Inc.\* |  | 12328 |
| 1205 | Old Republic International Corp. |  | 29101 |
| 1464 | Primerica, Inc. |  | 207624 |
| 2637 | ProAssurance Corp. |  | 46068 |
| 1609 | RLI Corp. |  | 211213 |
| 797 | Safety Insurance Group, Inc. |  | 67155 |
| 2998 | Selective Insurance Group, Inc. |  | 265653 |
| 6247 | SiriusPoint, Ltd.\* |  | 36857 |
| 1766 | Stewart Information Services Corp. |  | 75461 |
| 2849 | Tiptree, Inc., Class A |  | 39430 |
| 2000 | United Fire Group, Inc. |  | 54720 |
| 895 | United Insurance Holdings Co. |  | 949 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Insurance, continued** | **Insurance, continued** | |
| 2274 | Universal Insurance Holdings, Inc. | $24082 |
| 4287 | Unum Group | 175896 |
| 164 | White Mountains Insurance Group, Ltd. | 231950 |
|  |  | 3853141 |
| **Interactive Media & Services (0.5%):** | **Interactive Media & Services (0.5%):** |  |
| 3144 | ANGI, Inc., Class A\* | 7388 |
| 467 | Bumble, Inc.\* | 9830 |
| 5278 | Cargurus, Inc.\* | 73945 |
| 4413 | Cars.com, Inc.\* | 60767 |
| 6181 | DHI Group, Inc.\* | 32698 |
| 3238 | QuinStreet, Inc.\* | 46465 |
| 1095 | Travelzoo\* | 4873 |
| 3646 | TripAdvisor, Inc.\* | 65555 |
| 11137 | TrueCar, Inc.\* | 27954 |
| 3909 | Yelp, Inc.\* | 106872 |
| 2347 | Ziff Davis, Inc.\* | 185648 |
|  |  | 621995 |
| **Internet & Direct Marketing Retail (0.2%):** | **Internet & Direct Marketing Retail (0.2%):** |  |
| 1021 | 1-800-Flowers.com, Inc., Class A\* | 9761 |
| 738 | Duluth Holdings, Inc.\* | 4561 |
| 1300 | Lands' End, Inc.\* | 9867 |
| 2418 | Liquidity Services, Inc.\* | 33997 |
| 1724 | PetMed Express, Inc. | 30515 |
| 3615 | Quotient Technology, Inc.\* | 12399 |
| 16641 | Qurate Retail, Inc., Class A\* | 27125 |
| 740 | Revolve Group, Inc.\* | 16472 |
| 1857 | Shutterstock, Inc. | 97901 |
|  |  | 242598 |
| **IT Services (1.7%):** | **IT Services (1.7%):** |  |
| 622 | BM Technologies, Inc.\* | 3241 |
| 3431 | Bread Financial Holdings, Inc. | 129211 |
| 1700 | Brightcove, Inc.\* | 8891 |
| 1100 | Cantaloupe, Inc.\* | 4785 |
| 962 | Cass Information Systems, Inc. | 44079 |
| 289 | Concentrix Corp. | 38483 |
| 9103 | Conduent, Inc.\* | 36867 |
| 1673 | CSG Systems International, Inc. | 95696 |
| 758 | CSP, Inc. | 7148 |
| 1282 | DXC Technology Co.\* | 33973 |
| 1133 | Euronet Worldwide, Inc.\* | 106933 |
| 3710 | Evertec, Inc. | 120130 |
| 1270 | Evo Payments, Inc.\* | 42977 |
| 1949 | ExlService Holdings, Inc.\* | 330219 |
| 2654 | Hackett Group, Inc. (The) | 54062 |
| 1488 | I3 Verticals, Inc.\* | 36218 |
| 1300 | Information Services Group, Inc. | 5980 |
| 1362 | International Money Express, Inc.\* | 33192 |
| 10373 | Limelight Networks, Inc.\* | 11721 |
| 3634 | LiveRamp Holdings, Inc.\* | 85181 |
| 6322 | Marqeta, Inc., Class A\* | 38627 |
| 1249 | Maximus, Inc. | 91589 |
| 862 | Paysign, Inc.\* | 2224 |
| 1859 | Perficient, Inc.\* | 129814 |
| 3168 | PFSweb, Inc. | 19483 |
| 494 | Shift4 Payments, Inc., Class A\* | 27629 |
| 1555 | StarTek, Inc.\* | 5831 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **IT Services, continued** | **IT Services, continued** | |
| 4882 | Teradata Corp.\* | $164328 |
| 2606 | TTEC Holdings, Inc. | 115003 |
| 4235 | Unisys Corp.\* | 21641 |
| 3544 | Verra Mobility Corp.\* | 49014 |
| 2485 | Western Union Co. (The.) | 34218 |
| 267 | WEX, Inc.\* | 43695 |
|  |  | 1972083 |
| **Leisure Products (0.9%):** | **Leisure Products (0.9%):** |  |
| 5175 | Academy Sports & Outdoors, Inc. | 271895 |
| 4211 | Acushnet Holdings Corp. | 178799 |
| 2004 | American Outdoor Brands, Inc.\* | 20080 |
| 2314 | Brunswick Corp. | 166793 |
| 1402 | Escalade, Inc. | 14272 |
| 723 | Johnson Outdoors, Inc., Class A | 47805 |
| 1065 | Malibu Boats, Inc.\* | 56765 |
| 2419 | Marine Products Corp. | 28472 |
| 850 | Mastercraft Boat Holdings, Inc.\* | 21990 |
| 2293 | Nautilus Group, Inc.\* | 3508 |
| 204 | Polaris, Inc. | 20604 |
| 2353 | Smith & Wesson Brands, Inc. | 20424 |
| 4511 | Topgolf Callaway Brands Corp.\* | 89092 |
| 2209 | Vista Outdoor, Inc.\* | 53833 |
| 2379 | YETI Holdings, Inc.\* | 98276 |
|  |  | 1092608 |
| **Life Sciences Tools & Services (0.5%):** | **Life Sciences Tools & Services (0.5%):** |  |
| 255 | Azenta, Inc.\* | 14846 |
| 2937 | Codexis, Inc.\* | 13687 |
| 7407 | Enzo Biochem, Inc.\* | 10592 |
| 5439 | Harvard Bioscience, Inc.\* | 15066 |
| 514 | Maravai LifeSciences Holdings, Inc., Class A\* | 7356 |
| 1530 | Medpace Holdings, Inc.\* | 324987 |
| 923 | NanoString Technologies, Inc.\* | 7356 |
| 5166 | Neogenomics, Inc.\* | 47734 |
| 4067 | OmniAb, Inc.\* | 14641 |
| 647 | Personalis, Inc.\* | 1281 |
| 1700 | Quanterix Corp.\* | 23545 |
| 2979 | Sotera Health Co.\* | 24815 |
| 537 | Syneos Health, Inc.\* | 19697 |
|  |  | 525603 |
| **Machinery (4.6%):** | **Machinery (4.6%):** |  |
| 765 | Alamo Group, Inc. | 108324 |
| 2073 | Albany International Corp., Class A | 204377 |
| 5627 | Allison Transmission Holdings, Inc. | 234083 |
| 4706 | Altra Industrial Motion Corp. | 281183 |
| 806 | Art's-Way Manufacturing Co., Inc. | 1556 |
| 1143 | Astec Industries, Inc. | 46474 |
| 3236 | Barnes Group, Inc. | 132191 |
| 1185 | Chart Industries, Inc.\* | 136548 |
| 1404 | CIRCOR International, Inc.\* | 33640 |
| 1556 | Columbus McKinnon Corp. | 50523 |
| 3325 | Commercial Vehicle Group, Inc.\* | 22643 |
| 1142 | Crane Holdings Co. | 114714 |
| 493 | Donaldson Co., Inc. | 29023 |
| 1772 | Douglas Dynamics, Inc. | 64076 |
| 500 | Eastern Co. (The) | 9640 |
| 3670 | Energy Recovery, Inc.\* | 75198 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Machinery, continued** | **Machinery, continued** | |
| 2752 | Enerpac Tool Group Corp. | $70038 |
| 1044 | EnPro Industries, Inc. | 113472 |
| 877 | Esab Corp. | 41149 |
| 1258 | ESCO Technologies, Inc. | 110125 |
| 6451 | Evoqua Water Technologies Co.\* | 255460 |
| 3137 | Federal Signal Corp. | 145776 |
| 5909 | Flowserve Corp. | 181288 |
| 2482 | Franklin Electric Co., Inc. | 197939 |
| 5795 | Gates Industrial Corp. plc\* | 66121 |
| 1765 | Gencor Industries, Inc.\* | 17826 |
| 1794 | Gorman-Rupp Co. (The) | 45962 |
| 459 | Graham Corp.\* | 4416 |
| 4634 | Harsco Corp.\* | 29148 |
| 1812 | Helios Technologies, Inc. | 98645 |
| 2413 | Hillenbrand, Inc. | 102963 |
| 785 | Hurco Cos., Inc. | 20512 |
| 1014 | Hyster-Yale Materials Handling, Inc., Class A | 25664 |
| 219 | ITT, Inc. | 17761 |
| 1705 | John Bean Technologies Corp. | 155718 |
| 472 | Kadant, Inc. | 83841 |
| 3498 | Kennametal, Inc. | 84162 |
| 1529 | L.B. Foster Co., Class A\* | 14801 |
| 578 | Lindsay Corp. | 94127 |
| 1597 | Luxfer Holdings plc | 21911 |
| 3228 | Manitex International, Inc.\* | 12912 |
| 2653 | Manitowoc Co., Inc. (The)\* | 24301 |
| 589 | Mayville Engineering Co., Inc.\* | 7457 |
| 728 | Miller Industries, Inc. | 19408 |
| 3159 | Mueller Industries, Inc. | 186381 |
| 8533 | Mueller Water Products, Inc., Class A | 91815 |
| 3562 | NN, Inc.\* | 5343 |
| 638 | Omega Flex, Inc. | 59538 |
| 1312 | Oshkosh Corp. | 115705 |
| 723 | P&F Industries, Inc., Class A | 3608 |
| 1229 | Park-Ohio Holdings Corp. | 15031 |
| 1599 | Proto Labs, Inc.\* | 40822 |
| 114 | RBC Bearings, Inc.\* | 23866 |
| 3472 | REV Group, Inc. | 43817 |
| 1851 | Shyft Group, Inc. (The) | 46016 |
| 1692 | SPX Technologies, Inc.\* | 111080 |
| 731 | Standex International Corp. | 74862 |
| 466 | Taylor Devices, Inc.\* | 6613 |
| 1044 | Tennant Co. | 64279 |
| 3752 | Terex Corp. | 160285 |
| 1867 | The Greenbrier Cos., Inc. | 62601 |
| 1864 | Timken Co. | 131729 |
| 5430 | Titan International, Inc.\* | 83188 |
| 4025 | Trinity Industries, Inc. | 119019 |
| 1747 | Twin Disc, Inc.\* | 16981 |
| 3327 | Wabash National Corp. | 75190 |
| 1430 | Watts Water Technologies, Inc., Class A | 209109 |
| 337 | Woodward, Inc. | 32558 |
|  |  | 5386532 |
| **Marine (0.3%):** | **Marine (0.3%):** |  |
| 6821 | Costamare, Inc. | 63299 |
| 315 | Eneti, Inc. | 3166 |
| 3087 | Genco Shipping & Trading, Ltd. | 47416 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Marine, continued** | **Marine, continued** | |
| 2099 | Kirby Corp.\* | $135071 |
| 2096 | Matson, Inc. | 131021 |
|  |  | 379973 |
| **Media (0.8%):** | **Media (0.8%):** |  |
| 6248 | Altice USA, Inc., Class A\* | 28741 |
| 1560 | AMC Networks, Inc., Class A\* | 24445 |
| 478 | Beasley Broadcast Group, Inc., Class A\* | 440 |
| 1823 | Boston Omaha Corp.\* | 48309 |
| 7836 | comScore, Inc.\* | 9090 |
| 103 | Daily Journal Corp.\* | 25803 |
| 976 | DallasNews Corp. | 3748 |
| 4222 | E.W. Scripps Co. (The), Class A\* | 55688 |
| 6190 | Entravision Communications Corp., Class A | 29712 |
| 5880 | Gannett Co, Inc.\* | 11936 |
| 3567 | Gray Television, Inc. | 39915 |
| 1608 | iHeartMedia, Inc., Class A\* | 9857 |
| 2165 | John Wiley & Sons, Inc., Class A | 86730 |
| 2864 | Liberty Latin America, Ltd.\* | 21566 |
| 9557 | Liberty Latin America, Ltd., Class C\* | 72633 |
| 348 | Marchex, Inc., Class B\* | 546 |
| 1885 | New York Times Co. (The), Class A | 61187 |
| 299 | Nexstar Media Group, Inc. | 52334 |
| 605 | Pubmatic, Inc.\* | 7750 |
| 1732 | Scholastic Corp. | 68345 |
| 1559 | TechTarget, Inc.\* | 68690 |
| 10206 | TEGNA, Inc. | 216265 |
| 1095 | Thryv Holdings, Inc.\* | 20805 |
| 1165 | WideOpenWest, Inc.\* | 10613 |
|  |  | 975148 |
| **Metals & Mining (1.8%):** | **Metals & Mining (1.8%):** |  |
| 958 | Alpha Metallurgical Resources, Inc. | 140242 |
| 2124 | Ampco-Pittsburgh Corp.\* | 5331 |
| 1062 | Arconic Corp.\* | 22472 |
| 1338 | Ascent Industries Co.\* | 11600 |
| 8400 | ATI, Inc.\* | 250824 |
| 3021 | Carpenter Technology Corp. | 111596 |
| 6425 | Century Aluminum Co.\* | 52556 |
| 8414 | Coeur Mining, Inc.\* | 28271 |
| 6250 | Commercial Metals Co. | 301875 |
| 2394 | Compass Minerals International, Inc. | 98154 |
| 10043 | Ferroglobe plc\* | 38666 |
| 515 | Fortitude Gold Corp. | 2838 |
| 1805 | Gold Resource Corp. | 2762 |
| 1257 | Haynes International, Inc. | 57432 |
| 25965 | Hecla Mining Co. | 144365 |
| 754 | Kaiser Aluminum Corp. | 57274 |
| 1117 | Materion Corp. | 97749 |
| 937 | McEwen Mining, Inc.\* | 5491 |
| 1803 | MP Materials Corp.\* | 43777 |
| 451 | Royal Gold, Inc. | 50837 |
| 2868 | Ryerson Holding Corp. | 86786 |
| 1487 | Schnitzer Steel Industries, Inc., Class A | 45576 |
| 3318 | SunCoke Energy, Inc. | 28634 |
| 3542 | TimkenSteel Corp.\* | 64358 |
| 6784 | United States Steel Corp. | 169939 |
| 1458 | Universal Stainless & Alloy Products, Inc.\* | 10454 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Metals & Mining, continued** | **Metals & Mining, continued** | |
| 2207 | Warrior Met Coal, Inc. | $76450 |
| 2629 | Worthington Industries, Inc. | 130688 |
|  |  | 2136997 |
| **Multiline Retail (0.4%):** | **Multiline Retail (0.4%):** |  |
| 1321 | Big Lots, Inc. | 19419 |
| 518 | Dillard's, Inc., Class A | 167418 |
| 2129 | Kohl's Corp. | 53757 |
| 7277 | Macy's, Inc. | 150270 |
| 1801 | Nordstrom, Inc. | 29068 |
| 1573 | Ollie's Bargain Outlet Holdings, Inc.\* | 73679 |
|  |  | 493611 |
| **Multi-Utilities (0.6%):** | **Multi-Utilities (0.6%):** |  |
| 4925 | Avista Corp. | 218375 |
| 3792 | Black Hills Corp. | 266729 |
| 2992 | NorthWestern Corp. | 177545 |
| 1043 | Unitil Corp. | 53569 |
| 2565 | Via Renewables, Inc. | 13107 |
|  |  | 729325 |
| **Oil, Gas & Consumable Fuels (4.5%):** | **Oil, Gas & Consumable Fuels (4.5%):** |  |
| 2222 | Alto Ingredients, Inc.\* | 6399 |
| 1382 | Amplify Energy Corp.\* | 12148 |
| 27975 | Antero Midstream Corp. | 301850 |
| 1071 | Arch Resources, Inc. | 152928 |
| 1954 | Ardmore Shipping Corp.\* | 28157 |
| 4767 | Berry Corp. | 38136 |
| 2716 | California Resources Corp. | 118173 |
| 2330 | Callon Petroleum Co.\* | 86420 |
| 254 | Centrus Energy Corp., Class A\* | 8250 |
| 1266 | Chord Energy Corp. | 173201 |
| 1624 | Civitas Resources, Inc. | 94078 |
| 11183 | Clean Energy Fuel Corp.\* | 58152 |
| 11288 | CNX Resources Corp.\* | 190090 |
| 8019 | Comstock Resources, Inc. | 109940 |
| 2015 | CONSOL Energy, Inc. | 130975 |
| 4922 | CVR Energy, Inc. | 154255 |
| 4117 | Delek US Holdings, Inc. | 111159 |
| 1575 | Denbury, Inc.\* | 137057 |
| 8834 | DHT Holdings, Inc. | 78446 |
| 2156 | Dorian LPG, Ltd. | 40856 |
| 1337 | DT Midstream, Inc. | 73883 |
| 2661 | Earthstone Energy, Inc.\* | 37866 |
| 10143 | Enlink Midstream LLC | 124759 |
| 15991 | Equitrans Midstream Corp. | 107140 |
| 2943 | Evolution Petroleum Corp. | 22220 |
| 2611 | Green Plains, Inc.\* | 79636 |
| 373 | Gulfport Energy Corp.\* | 27468 |
| 1720 | International Seaways, Inc. | 63674 |
| 29696 | Kosmos Energy, Ltd.\* | 188867 |
| 725 | Laredo Petroleum, Inc.\* | 37280 |
| 4839 | Magnolia Oil & Gas Corp., Class A | 113475 |
| 4070 | Matador Resources Co. | 232967 |
| 5091 | Murphy Oil Corp. | 218964 |
| 245 | NACCO Industries, Inc., Class A | 9310 |
| 9513 | Nordic American Tankers, Ltd. | 29110 |
| 897 | Northern Oil And Gas, Inc. | 27646 |
| 5300 | Overseas Shipholding Group, Inc.\* | 15317 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| 2838 | PAR Pacific Holdings, Inc.\* | $65983 |
| 6480 | PBF Energy, Inc., Class A | 264254 |
| 4201 | PDC Energy, Inc. | 266679 |
| 5636 | Peabody Energy Corp.\* | 148903 |
| 7813 | Permian Resources Corp. | 73442 |
| 2410 | PHX Minerals, Inc. | 9375 |
| 6 | PrimeEnergy Resources Corp.\* | 521 |
| 1018 | Range Resources Corp. | 25470 |
| 523 | Ranger Oil Corp. | 21145 |
| 900 | REX American Resources Corp.\* | 28674 |
| 2674 | SandRidge Energy, Inc.\* | 45538 |
| 3705 | Scorpio Tankers, Inc. | 199218 |
| 8803 | SFL Corp., Ltd. | 81164 |
| 3500 | Sitio Royalties Corp., Class A | 100975 |
| 6858 | SM Energy Co. | 238864 |
| 2952 | Talos Energy, Inc.\* | 55734 |
| 1980 | Teekay Shipping Corp.\* | 8989 |
| 2363 | Teekay Tankers, Ltd., Class A\* | 72804 |
| 5757 | W&T Offshore, Inc.\* | 32124 |
| 4231 | World Fuel Services Corp. | 115633 |
|  |  | 5295741 |
| **Paper & Forest Products (0.5%):** | **Paper & Forest Products (0.5%):** |  |
| 1565 | Clearwater Paper Corp.\* | 59173 |
| 3299 | Glatfelter Corp. | 9171 |
| 3993 | Louisiana-Pacific Corp. | 236386 |
| 3596 | Mativ Holdings, Inc. | 75156 |
| 5170 | Mercer International, Inc. | 60179 |
| 5401 | Resolute Forest Products\* | 116607 |
| 364 | Sylvamo Corp. | 17687 |
|  |  | 574359 |
| **Personal Products (0.7%):** | **Personal Products (0.7%):** |  |
| 2818 | BellRing Brands, Inc.\* | 72253 |
| 4160 | Coty, Inc., Class A\* | 35610 |
| 2807 | Edgewell Personal Care Co. | 108182 |
| 2868 | elf Beauty, Inc.\* | 158600 |
| 2266 | Herbalife Nutrition, Ltd.\* | 33718 |
| 1964 | Inter Parfums, Inc. | 189565 |
| 900 | Lifevantage Corp. | 3348 |
| 546 | Medifast, Inc. | 62981 |
| 1387 | Natural Alternatives International, Inc.\* | 11637 |
| 369 | Natural Health Trends Corp. | 1255 |
| 2257 | Natures Sunshine Products, Inc.\* | 18778 |
| 1929 | Nu Skin Enterprises, Inc., Class A | 81327 |
| 340 | United-Guardian, Inc. | 3536 |
| 1070 | Usana Health Sciences, Inc.\* | 56924 |
|  |  | 837714 |
| **Pharmaceuticals (1.0%):** | **Pharmaceuticals (1.0%):** |  |
| 1113 | Aclaris Therapeutics, Inc.\* | 17530 |
| 900 | Adicet Bio, Inc.\* | 8046 |
| 9876 | Amneal Pharmaceuticals, Inc.\* | 19653 |
| 3334 | Amphastar Pharmaceuticals, Inc.\* | 93419 |
| 877 | ANI Pharmaceuticals, Inc.\* | 35282 |
| 1561 | Assembly Biosciences, Inc.\* | 2029 |
| 2268 | Collegium Pharmaceutical, Inc.\* | 52618 |
| 4076 | Corcept Therapeutics, Inc.\* | 82784 |
| 3415 | Cumberland Pharmaceuticals, Inc.\* | 7684 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Pharmaceuticals, continued** | **Pharmaceuticals, continued** | |
| 5512 | Cymabay Therapeutics, Inc.\* | $34560 |
| 1163 | EyePoint Pharmaceuticals, Inc.\* | 4070 |
| 1035 | Harmony Biosciences Holdings, Inc.\* | 57028 |
| 1224 | Harrow Health, Inc.\* | 18066 |
| 4514 | Innoviva, Inc.\* | 59810 |
| 460 | Intra-Cellular Therapies, Inc.\* | 24343 |
| 10744 | Nektar Therapeutics\* | 24281 |
| 882 | NGM Biopharmaceuticals, Inc.\* | 4428 |
| 2257 | Pacira BioSciences, Inc.\* | 87143 |
| 3432 | Perrigo Co. plc | 116997 |
| 1714 | Phibro Animal Health Corp., Class A | 22985 |
| 1808 | PMV Pharmaceuticals, Inc.\* | 15730 |
| 2694 | Prestige Consumer Healthcare, Inc.\* | 168644 |
| 420 | Relmada Therapeutics, Inc.\* | 1466 |
| 911 | scPharmaceuticals, Inc.\* | 6532 |
| 5073 | SIGA Technologies, Inc. | 37337 |
| 2677 | Supernus Pharmaceuticals, Inc.\* | 95489 |
| 1505 | Taro Pharmaceutical Industries, Ltd.\* | 43705 |
|  |  | 1141659 |
| **Professional Services (2.2%):** | **Professional Services (2.2%):** |  |
| 3245 | ASGN, Inc.\* | 264403 |
| 572 | Barrett Business Services, Inc. | 53356 |
| 323 | CACI International, Inc., Class A\* | 97091 |
| 3153 | CBIZ, Inc.\* | 147718 |
| 490 | CRA International, Inc. | 59991 |
| 2812 | Exponent, Inc. | 278641 |
| 1273 | Forrester Research, Inc.\* | 45523 |
| 882 | Franklin Covey Co.\* | 41251 |
| 1796 | FTI Consulting, Inc.\* | 285205 |
| 1280 | Heidrick & Struggles International, Inc. | 35802 |
| 1154 | Huron Consulting Group, Inc.\* | 83780 |
| 1116 | ICF International, Inc. | 110540 |
| 1783 | Insperity, Inc. | 202549 |
| 668 | KBR, Inc. | 35270 |
| 2340 | Kelly Services, Inc., Class A | 39546 |
| 1439 | Kforce, Inc. | 78900 |
| 2641 | Korn Ferry | 133687 |
| 958 | ManpowerGroup, Inc. | 79715 |
| 1332 | Mastech Digital, Inc.\* | 14665 |
| 3943 | Mistras Group, Inc.\* | 19439 |
| 2119 | Resources Connection, Inc. | 38947 |
| 1557 | Science Applications International Corp. | 172718 |
| 3186 | TriNet Group, Inc.\* | 216011 |
| 2309 | TrueBlue, Inc.\* | 45210 |
| 505 | Willdan Group, Inc.\* | 9014 |
|  |  | 2588972 |
| **Real Estate Management & Development (0.7%):** | **Real Estate Management & Development (0.7%):** |  |
| 1580 | AMREP Corp.\* | 18249 |
| 395 | CKX Lands, Inc.\* | 3930 |
| 6494 | Cushman & Wakefield plc\* | 80915 |
| 4771 | Douglas Elliman, Inc. | 19418 |
| 913 | eXp World Holdings, Inc.^ | 10116 |
| 1627 | Five Point Holdings LLC, Class A\* | 3791 |
| 1972 | Forestar Group, Inc.\* | 30389 |
| 504 | FRP Holdings, Inc.\* | 27145 |
| 2119 | Howard Hughes Corp. (The)\* | 161934 |
| 10 | J.W. Mays, Inc.\* | 478 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Real Estate Management & Development, continued** | **Real Estate Management & Development, continued** | |
| 7038 | Kennedy-Wilson Holdings, Inc. | $110708 |
| 2463 | Marcus & Millichap, Inc. | 84850 |
| 1035 | Maui Land & Pineapple Co., Inc.\* | 9750 |
| 8443 | Newmark Group, Inc. | 67291 |
| 1207 | Rafael Holdings, Inc., Class B\* | 2257 |
| 688 | RE/MAX Holdings, Inc., Class A | 12824 |
| 3740 | Realogy Holdings Corp.\* | 23899 |
| 308 | Stratus Properties, Inc. | 5941 |
| 2279 | Tejon Ranch Co.\* | 42936 |
| 1076 | The RMR Group, Inc., Class A | 30397 |
| 2980 | The St Joe Co. | 115177 |
|  |  | 862395 |
| **Road & Rail (0.8%):** | **Road & Rail (0.8%):** |  |
| 1630 | ArcBest Corp. | 114165 |
| 1322 | Covenant Logistics Group, Inc. | 45702 |
| 2131 | Daseke, Inc.\* | 12125 |
| 4045 | Heartland Express, Inc. | 62050 |
| 1040 | Landstar System, Inc. | 169416 |
| 2692 | Marten Transport, Ltd. | 53248 |
| 880 | PAM Transportation Services, Inc. | 22792 |
| 774 | RXO, Inc.\* | 13313 |
| 1507 | Ryder System, Inc. | 125940 |
| 526 | Saia, Inc.\* | 110292 |
| 2170 | Schneider National, Inc., Class B | 50778 |
| 1009 | U.S. Xpress Enterprises, Inc., Class A\* | 1826 |
| 1170 | Universal Logistics Holdings, Inc. | 39125 |
| 2850 | Werner Enterprises, Inc. | 114741 |
| 2752 | Yellow Corp.\* | 6907 |
|  |  | 942420 |
| **Semiconductors & Semiconductor Equipment (2.8%):** | **Semiconductors & Semiconductor Equipment (2.8%):** |  |
| 1480 | Alpha & Omega Semiconductor, Ltd.\* | 42284 |
| 1591 | Ambarella, Inc.\* | 130828 |
| 12049 | Amkor Technology, Inc. | 288935 |
| 1301 | Amtech Systems, Inc.\* | 9887 |
| 2235 | Axcelis Technologies, Inc.\* | 177369 |
| 2777 | AXT, Inc.\* | 12163 |
| 1210 | CEVA, Inc.\* | 30952 |
| 2825 | Cirrus Logic, Inc.\* | 210406 |
| 2356 | Cohu, Inc.\* | 75510 |
| 2615 | Diodes, Inc.\* | 199106 |
| 3918 | FormFactor, Inc.\* | 87097 |
| 4679 | GSI Technology, Inc.\* | 8095 |
| 1254 | Ichor Holdings, Ltd.\* | 33632 |
| 1349 | inTEST Corp.\* | 13895 |
| 2631 | Kulicke & Soffa Industries, Inc. | 116448 |
| 851 | Lattice Semiconductor Corp.\* | 55213 |
| 1506 | MACOM Technology Solutions Holdings, Inc.\* | 94848 |
| 1636 | MagnaChip Semiconductor Corp.\* | 15362 |
| 4167 | MaxLinear, Inc., Class A\* | 141470 |
| 393 | MKS Instruments, Inc. | 33299 |
| 557 | NVE Corp. | 36066 |
| 2709 | Onto Innovation, Inc.\* | 184456 |
| 2739 | PDF Solutions, Inc.\* | 78116 |
| 5140 | Photronics, Inc.\* | 86506 |
| 2109 | Pixelworks, Inc.\* | 3733 |
| 3012 | Power Integrations, Inc. | 216021 |
| 6043 | Rambus, Inc.\* | 216460 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Semiconductors & Semiconductor Equipment, continued** | **Semiconductors & Semiconductor Equipment, continued** | |
| 3315 | Semtech Corp.\* | $95107 |
| 1031 | Silicon Laboratories, Inc.\* | 139876 |
| 2252 | SMART Global Holdings, Inc.\* | 33510 |
| 1918 | Synaptics, Inc.\* | 182517 |
| 2584 | Ultra Clean Holdings, Inc.\* | 85659 |
| 680 | Universal Display Corp. | 73467 |
| 2559 | Veeco Instruments, Inc.\* | 47546 |
|  |  | 3255839 |
| **Software (2.1%):** | **Software (2.1%):** |  |
| 3492 | A10 Networks, Inc. | 58072 |
| 7188 | ACI Worldwide, Inc.\* | 165324 |
| 7970 | Adeia, Inc. | 75556 |
| 1294 | Agilysys, Inc.\* | 102407 |
| 3236 | Alarm.com Holdings, Inc.\* | 160117 |
| 3091 | Altair Engineering, Inc.\* | 140548 |
| 2494 | American Software, Inc., Class A | 36612 |
| 796 | Appfolio, Inc.\* | 83883 |
| 935 | Asure Software, Inc.\* | 8733 |
| 2785 | Aware, Inc.\* | 4762 |
| 3104 | Blackbaud, Inc.\* | 182701 |
| 5580 | Box, Inc.\* | 173705 |
| 1046 | Cerence, Inc.\* | 19382 |
| 3799 | Cognyte Software, Ltd.\* | 11815 |
| 2139 | CommVault Systems, Inc.\* | 134415 |
| 782 | Consensus Cloud Solutions, Inc.\* | 42040 |
| 1386 | DoubleVerify Holdings, Inc.\* | 30437 |
| 1708 | Duck Creek Technologies, Inc.\* | 20581 |
| 1817 | Ebix, Inc. | 36267 |
| 1929 | Envestnet, Inc.\* | 119019 |
| 1210 | Guidewire Software, Inc.\* | 75698 |
| 981 | Jamf Holding Corp.\* | 20895 |
| 2038 | Mitek Systems, Inc.\* | 19748 |
| 554 | Model N, Inc.\* | 22470 |
| 1242 | ON24, Inc.\* | 10719 |
| 2582 | OneSpan, Inc.\* | 28893 |
| 2333 | Progress Software Corp. | 117700 |
| 293 | Q2 Holdings, Inc.\* | 7873 |
| 1989 | Qualys, Inc.\* | 223226 |
| 2532 | Rimini Street, Inc.\* | 9647 |
| 1169 | Sapiens International Corp. NV | 21603 |
| 539 | Shotspotter, Inc.\* | 18234 |
| 1900 | Smith Micro Software, Inc.\* | 3990 |
| 843 | SPS Commerce, Inc.\* | 108267 |
| 3200 | Sumo Logic, Inc.\* | 25920 |
| 3280 | Synchronoss Technologies, Inc.\* | 2027 |
| 870 | Upland Software, Inc.\* | 6203 |
| 3329 | Verint Systems, Inc.\* | 120776 |
| 3188 | Xperi, Inc.\* | 27449 |
|  |  | 2477714 |
| **Specialty Retail (2.9%):** | **Specialty Retail (2.9%):** |  |
| 1777 | Aaron's Co., Inc. (The) | 21235 |
| 2894 | Abercrombie & Fitch Co., Class A\* | 66301 |
| 11375 | American Eagle Outfitters, Inc. | 158795 |
| 422 | America's Car-Mart, Inc.\* | 30494 |
| 1088 | Asbury Automotive Group, Inc.\* | 195024 |
| 1351 | AutoNation, Inc.\* | 144962 |
| 5705 | Barnes & Noble Education, Inc.\* | 9984 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Specialty Retail, continued** | **Specialty Retail, continued** | |
| 1634 | Big 5 Sporting Goods Corp.^ | $14428 |
| 1510 | Boot Barn Holdings, Inc.\* | 94405 |
| 1732 | Build-A-Bear Workshop, Inc.\* | 41291 |
| 2857 | Caleres, Inc. | 63654 |
| 407 | Camping World Holdings, Inc., Class A | 9084 |
| 1799 | Cato Corp., Class A | 16785 |
| 7945 | Chico's FAS, Inc.\* | 39089 |
| 757 | Citi Trends, Inc.\* | 20045 |
| 2251 | Conn's, Inc.\* | 15487 |
| 4771 | Designer Brands, Inc., Class A | 46660 |
| 1861 | Destination XL Group, Inc.\* | 12562 |
| 4657 | Foot Locker, Inc. | 175988 |
| 3840 | Gap, Inc. (The) | 43315 |
| 802 | Genesco, Inc.\* | 36908 |
| 753 | Group 1 Automotive, Inc. | 135819 |
| 3762 | Guess?, Inc.^ | 77836 |
| 1284 | Haverty Furniture Cos., Inc. | 38392 |
| 849 | Hibbett, Inc. | 57919 |
| 1353 | Leslie's, Inc.\* | 16520 |
| 1529 | LL Flooring Holdings, Inc.\* | 8593 |
| 1251 | MarineMax, Inc.\* | 39056 |
| 1923 | Monro, Inc. | 86920 |
| 704 | Murphy U.S.A., Inc. | 196796 |
| 4234 | National Vision Holdings, Inc.\* | 164110 |
| 2301 | ODP Corp. (The)\* | 104787 |
| 443 | OneWater Marine, Inc.\* | 12670 |
| 1560 | Penske Automotive Group, Inc. | 179291 |
| 3598 | Rent-A-Center, Inc. | 81135 |
| 6055 | Sally Beauty Holdings, Inc.\* | 75809 |
| 1818 | Shoe Carnival, Inc. | 43468 |
| 2746 | Signet Jewelers, Ltd. | 186728 |
| 1362 | Sleep Number Corp.\* | 35385 |
| 1462 | Sonic Automotive, Inc., Class A | 72033 |
| 2363 | Sportsman's Warehouse Holdings, Inc.\* | 22236 |
| 3031 | The Buckle, Inc. | 137456 |
| 823 | The Children's Place, Inc.\* | 29974 |
| 4201 | The Container Store Group, Inc.\* | 18106 |
| 1307 | Tile Shop Holdings, Inc.\* | 5725 |
| 2271 | Tilly's, Inc.\* | 20553 |
| 624 | TravelCenters of America, Inc.\* | 27943 |
| 5052 | Urban Outfitters, Inc.\* | 120490 |
| 321 | Victoria's Secret & Co.\* | 11485 |
| 303 | Winmark Corp. | 71456 |
| 1091 | Zumiez, Inc.\* | 23718 |
|  |  | 3358905 |
| **Technology Hardware, Storage & Peripherals (0.5%):** | **Technology Hardware, Storage & Peripherals (0.5%):** |  |
| 2901 | 3D Systems Corp.\* | 21467 |
| 1308 | AstroNova, Inc.\* | 16769 |
| 2793 | Avid Technology, Inc.\* | 74266 |
| 6556 | NCR Corp.\* | 153476 |
| 3811 | Stratasys, Ltd.\* | 45198 |
| 2418 | Super Micro Computer, Inc.\* | 198518 |
| 1590 | TransAct Technologies, Inc.\* | 9890 |
| 600 | Turtle Beach Corp.\* | 4302 |
| 3587 | Xerox Holdings Corp. | 52370 |
|  |  | 576256 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Textiles, Apparel & Luxury Goods (1.0%):** | **Textiles, Apparel & Luxury Goods (1.0%):** | |
| 2061 | Carter's, Inc. | $153771 |
| 2038 | Columbia Sportswear Co. | 178488 |
| 2291 | Culp, Inc. | 10516 |
| 2091 | Fossil Group, Inc.\* | 9012 |
| 2571 | G-III Apparel Group, Ltd.\* | 35248 |
| 1322 | Hanesbrands, Inc. | 8408 |
| 3180 | Kontoor Brands, Inc. | 127168 |
| 816 | Lakeland Industries, Inc.\* | 10853 |
| 844 | Movado Group, Inc. | 27219 |
| 1001 | Oxford Industries, Inc. | 93273 |
| 1640 | PVH Corp. | 115768 |
| 674 | Rocky Brands, Inc. | 15920 |
| 3115 | Skechers U.S.A., Inc., Class A\* | 130674 |
| 4466 | Steven Madden, Ltd. | 142733 |
| 418 | Superior Group of Cos., Inc. | 4205 |
| 957 | Unifi, Inc.\* | 8240 |
| 1916 | Vera Bradley, Inc.\* | 8680 |
| 4779 | Wolverine World Wide, Inc. | 52235 |
|  |  | 1132411 |
| **Thrifts & Mortgage Finance (2.4%):** | **Thrifts & Mortgage Finance (2.4%):** |  |
| 3501 | Axos Financial, Inc.\* | 133808 |
| 2838 | BankFinancial Corp. | 29884 |
| 2024 | Bridgewater Bancshares, Inc.\* | 35906 |
| 7770 | Capitol Federal Financial, Inc. | 67211 |
| 280 | Citizens Community Bancorp, Inc. | 3368 |
| 5449 | Columbia Financial, Inc.\* | 117807 |
| 1537 | ESSA Bancorp, Inc. | 32077 |
| 4677 | Essent Group, Ltd. | 181842 |
| 596 | Federal Agricultural Mortgage Corp. | 67175 |
| 242 | First Capital, Inc. | 6026 |
| 986 | FS Bancorp, Inc. | 32972 |
| 150 | Hingham Institution for Savings (The) | 41394 |
| 629 | HMN Financial, Inc. | 13398 |
| 973 | Home Bancorp, Inc. | 38949 |
| 86 | Home Federal Bancorp, Inc. | 1534 |
| 1162 | HomeStreet, Inc. | 32048 |
| 869 | IF Bancorp, Inc. | 14973 |
| 3933 | Kearny Financial Corp. | 39920 |
| 390 | Kentucky First Federal Bancorp | 2644 |
| 289 | LendingTree, Inc.\* | 6164 |
| 1892 | Luther Burbank Corp. | 21020 |
| 940 | Malvern Bancorp, Inc.\* | 16685 |
| 1851 | Merchants Bancorp | 45016 |
| 2242 | MGIC Investment Corp. | 29146 |
| 3941 | Mr Cooper Group, Inc.\* | 158152 |
| 21283 | New York Community Bancorp, Inc. | 183034 |
| 4642 | NMI Holdings, Inc., Class A\* | 97018 |
| 3578 | Northfield Bancorp, Inc. | 56282 |
| 6541 | Northwest Bancshares, Inc. | 91443 |
| 3132 | Oceanfirst Financial Corp. | 66555 |
| 198 | Oconee Federal Financial Corp. | 4417 |
| 1129 | Ocwen Financial Corp.\* | 34525 |
| 1842 | Pathward Financial, Inc. | 79298 |
| 2010 | PCSB Financial Corp. | 38270 |
| 477 | PennyMac Financial Services, Inc. | 27027 |
| 1668 | Premier Financial Corp. | 44986 |
| 1677 | Provident Financial Holdings, Inc. | 23092 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Thrifts & Mortgage Finance, continued** | **Thrifts & Mortgage Finance, continued** | |
| 3721 | Provident Financial Services, Inc. | $79481 |
| 4780 | Radian Group, Inc. | 91155 |
| 1982 | Riverview Bancorp, Inc. | 15222 |
| 3589 | Security National Financial Corp., Class A\* | 26200 |
| 707 | Southern Missouri Bancorp, Inc. | 32402 |
| 1053 | Sterling Bancorp, Inc.\* | 6413 |
| 1409 | Territorial Bancorp, Inc. | 33830 |
| 3100 | TFS Financial Corp. | 44671 |
| 1462 | TrustCo Bank Corp. NY | 54957 |
| 1677 | Walker & Dunlop, Inc. | 131611 |
| 3395 | Washington Federal, Inc. | 113902 |
| 1247 | Waterstone Financial, Inc. | 21498 |
| 3601 | Western New England BanCorp, Inc. | 34066 |
| 3813 | WSFS Financial Corp. | 172881 |
| 35 | WVS Financial Corp. | 490 |
|  |  | 2773845 |
| **Tobacco (0.2%):** | **Tobacco (0.2%):** |  |
| 763 | Turning Point Brands, Inc. | 16504 |
| 975 | Universal Corp. | 51490 |
| 9542 | Vector Group, Ltd. | 113168 |
|  |  | 181162 |
| **Trading Companies & Distributors (2.5%):** | **Trading Companies & Distributors (2.5%):** |  |
| 6925 | Air Lease Corp. | 266058 |
| 1077 | Alta Equipment Group, Inc. | 14206 |
| 2624 | Applied Industrial Technologies, Inc. | 330703 |
| 3664 | Beacon Roofing Supply, Inc.\* | 193422 |
| 569 | BlueLinx Holdings, Inc.\* | 40461 |
| 1324 | Boise Cascade Co. | 90919 |
| 1278 | DXP Enterprises, Inc.\* | 35209 |
| 1463 | EVI Industries, Inc.\* | 34922 |
| 1550 | GATX Corp. | 164827 |
| 2103 | Global Industrial Co. | 49484 |
| 573 | GMS, Inc.\* | 28535 |
| 1299 | H&E Equipment Services, Inc. | 58975 |
| 1516 | Herc Holdings, Inc. | 199460 |
| 1475 | Kaman Corp., Class A | 32892 |
| 1489 | McGrath Rentcorp | 147024 |
| 4569 | MRC Global, Inc.\* | 52909 |
| 2121 | MSC Industrial Direct Co., Inc. | 173286 |
| 7964 | NOW, Inc.\* | 101143 |
| 1839 | Rush Enterprises, Inc., Class A | 96143 |
| 500 | Rush Enterprises, Inc., Class B | 28135 |
| 480 | SiteOne Landscape Supply, Inc.\* | 56314 |
| 2140 | Textainer Group Holdings, Ltd. | 66361 |
| 1548 | Titan Machinery, Inc.\* | 61502 |
| 577 | Transcat, Inc.\* | 40892 |
| 3118 | Triton International, Ltd. | 214456 |
| 5651 | Univar Solutions, Inc.\* | 179702 |
| 1034 | Veritiv Corp. | 125848 |
| 696 | WESCO International, Inc.\* | 87139 |
|  |  | 2970927 |
| **Water Utilities (0.6%):** | **Water Utilities (0.6%):** |  |
| 2465 | American States Water Co. | 228136 |
| 824 | Artesian Resources Corp. | 48270 |
| 2717 | California Water Service Group | 164759 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Water Utilities, continued** | **Water Utilities, continued** | |
| 1256 | Consolidated Water Co., Ltd. | $18589 |
| 925 | Middlesex Water Co. | 72769 |
| 2502 | Pure Cycle Corp.\* | 26221 |
| 1615 | SJW Group | 131122 |
| 859 | York Water Co. (The) | 38638 |
|  |  | 728504 |
| **Wireless Telecommunication Services (0.2%):** | **Wireless Telecommunication Services (0.2%):** |  |
| 2500 | Gogo, Inc.\* | 36900 |
| 2895 | Shenandoah Telecommunications Co. | 45973 |
| 2722 | Spok Holdings, Inc. | 22293 |
| 5534 | Telephone and Data Systems, Inc. | 58052 |
| 2003 | United States Cellular Corp.\* | 41762 |
|  |  | 204980 |
| Total Common Stocks (Cost $98,449,704) | Total Common Stocks (Cost $98,449,704) | 116539049 |
| **Preferred Stocks (0.1%):** | **Preferred Stocks (0.1%):** |  |
| **Media (0.0%<sup>†</sup>):** | **Media (0.0%<sup>†</sup>):** |  |
| 430 | Liberty Broadband Corp., Series A | 10019 |
| **Trading Companies & Distributors (0.1%):** | **Trading Companies & Distributors (0.1%):** |  |
| 2540 | WESCO International, Inc., Series A | 66599 |
| Total Preferred Stocks (Cost $70,827) | Total Preferred Stocks (Cost $70,827) | 76618 |
| **Rights (0.0%<sup>†</sup>):** | **Rights (0.0%<sup>†</sup>):** |  |
| **Biotechnology (0.0%<sup>†</sup>):** | **Biotechnology (0.0%<sup>†</sup>):** |  |
| 8857 | Achillion Pharm CVR, Expires on 1/29/49\* | 12666 |
| 2004 | Chinook Therapeutics-CVR, Expires on 12/31/49\* | 4068 |
|  |  | 16734 |
| **Health Care (0.0%<sup>†</sup>):** | **Health Care (0.0%<sup>†</sup>):** |  |
| 4400 | Progenics Pharmaceuticals, Inc., Expires on 12/31/49\* | 5060 |
| 2689 | Zogenix, Inc. CVR, Expires on 1/1/25\* | 1828 |
|  |  | 6888 |
| **Household Durables (0.0%<sup>†</sup>):** | **Household Durables (0.0%<sup>†</sup>):** |  |
| 4044 | Zagg, Inc. CVR, Expires on 1/2/49\* | 364 |
| **Pharmaceuticals (0.0%<sup>†</sup>):** | **Pharmaceuticals (0.0%<sup>†</sup>):** |  |
| 8452 | Xeris BioPharma Hold CVR, Expires on 10/6/49\* | 3007 |
| **Trading Companies & Distributors (0.0%<sup>†</sup>):** | **Trading Companies & Distributors (0.0%<sup>†</sup>):** |  |
| 79 | Communications Systems I CVR, Expires on 1/1/29\* | 349 |
| Total Rights (Cost $364) | Total Rights (Cost $364) | 27342 |
| **Short-Term Security Held as Collateral for Securities on<br>Loan (0.0%<sup>†</sup>):** | **Short-Term Security Held as Collateral for Securities on<br>Loan (0.0%<sup>†</sup>):** |  |
| 54304 | BlackRock Liquidity FedFund, Institutional Class , 1.49%(c)(d) | 54304 |
| Total Short-Term Security Held as Collateral for Securities on Loan<br>(Cost $54,304) | Total Short-Term Security Held as Collateral for Securities on Loan<br>(Cost $54,304) | 54304 |
| Total Investment Securities (Cost $98,575,199) — 100.0%(e) | Total Investment Securities (Cost $98,575,199) — 100.0%(e) | 116697313 |
| Net other assets (liabilities) — 0.0%<sup>†</sup> | Net other assets (liabilities) — 0.0%<sup>†</sup> | (25869) |
| Net Assets — 100.0% | Net Assets — 100.0% | $116671444 |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Schedule of Portfolio Investments

December 31, 2022

CVR—Contingency Valued Rights

\* Non-income producing security.

---

| | |
|:---|:---|
| ^ | This security or a partial position of this security was on loan as of December 31, 2022. The total value of securities on loan as of December 31, 2022 was $52,381.  |

---

† Represents less than 0.05%.

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

(b) Security was valued using significant unobservable inputs as of December 31, 2022.

(c) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for
securities that were sold on or before December 31, 2022.

(d) The rate represents the effective yield at December 31, 2022.

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

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

Percentages indicated are based on net assets as of December 31, 2022.

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment securities, at cost | $98575199.0 |
|  Investment securities, at value(a) | $116697313.0 |
|  Interest and dividends receivable | 98381.0 |
|  Receivable for investments sold | 278693.0 |
|  Prepaid expenses | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 117074397.0 |
|  **Liabilities:** |  |
|  Cash overdraft | 28196.0 |
|  Payable for capital shares redeemed | 214758.0 |
|  Payable for collateral received on loaned securities | 54304.0 |
|  Management fees payable | 67858.0 |
|  Administration fees payable | 6643.0 |
|  Distribution fees payable | 25320.0 |
|  Custodian fees payable | 1285.0 |
|  Administrative and compliance services fees payable | 305.0 |
|  Transfer agent fees payable | 769.0 |
|  Trustee fees payable | 762.0 |
|  Other accrued liabilities | 2753.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 402953.0 |
|  **Net Assets** | $116671444.0 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $86958705.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 29712739.0 |
|  **Net Assets** | $116671444.0 |
|  Shares of beneficial interest (unlimited number of shares authorized, no par value) | 12347602.0 |
|  Net Asset Value (offering and redemption price per share) | $9.45 |

---

(a) Includes securities on loan of $52,381.

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Dividends | $1744277 |
|  Interest | 10 |
|  Income from securities lending | 4581 |
|  Foreign withholding tax | (1421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 1747447 |
|  **Expenses:** |  |
|  Management fees | 1097809 |
|  Administration fees | 45855 |
|  Distribution fees | 322884 |
|  Custodian fees | 8748 |
|  Administrative and compliance services fees | 1812 |
|  Transfer agent fees | 6042 |
|  Trustee fees | 7239 |
|  Professional fees | 5666 |
|  Shareholder reports | 1758 |
|  Other expenses | 3976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reductions | 1501789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less Management fees contractually waived | (202749) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1299040 |
|  **Net Investment Income/(Loss)** | 448407 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities | 11018027 |
|  Change in net unrealized appreciation/depreciation on securities | (30719096) |
|  **Net realized and Change in net unrealized gains/losses on investments** | (19701069) |
|  **Change in Net Assets Resulting From Operations** | $(19252662) |

---

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $448407 | $661574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | 11018027 | 30812302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (30719096) | 12016166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (19252662) | 43490042 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions | (31426517) | (12429190) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (31426517) | (12429190) |
|  **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 30390 | 663840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 31426517 | 12429190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (19090502) | (56959304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | 12366405 | (43866274) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (38312774) | (12805422) |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 154984218 | 167789640 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $116671444 | $154984218 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 2230 | 44285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 3457263 | 881503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1593498) | (3908653) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | 1865995 | (2982865) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $14.79 | $12.46 | $11.33 | $10.19 | $12.40 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.04 (a) | 0.06 (a) | 0.05 (a) | 0.05 (a) | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (2.08) | 3.50 | 1.46 | 2.00 | (1.53) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (2.04) | 3.56 | 1.51 | 2.05 | (1.46) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.08) | (0.09) | (0.05) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (3.22) | (1.14) | (0.33) | (0.85) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (3.30) | (1.23) | (0.38) | (0.91) | (0.75) |
|  **Net Asset Value, End of Period** | $9.45 | $14.79 | $12.46 | $11.33 | $10.19 |
|  **Total Return**(b) | (12.91)% | 29.02% | 13.97% | 21.10% | (12.64)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $116671 | $154984 | $167790 | $170336 | $149873 |
|  Net Investment Income/(Loss) | 0.35% | 0.40% | 0.54% | 0.46% | 0.48% |
|  Expenses Before Reductions(c) | 1.16% | 1.17% | 1.19% | 1.17% | 1.16% |
|  Expenses Net of Reductions | 1.01% | 1.02% | 1.04% | 1.02% | 1.01% |
|  Portfolio Turnover Rate | 10% | 12% | 22% | 10% | 9% |

---

(a) Calculated using the average shares method.

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

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

See accompanying notes to the financial statements.

------

**AZL DFA U.S. Small Cap Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

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

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

**2. Significant Accounting Policies** 

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

**Security Valuation** 

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

**Investment Transactions and Investment Income** 

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

**Real Estate Investment Trusts** 

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

**Foreign Currency Translation and Withholding Taxes** 

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

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

**Distributions to Shareholders** 

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

**Expense Allocation** 

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

------

**AZL DFA U.S. Small Cap Fund** 

Notes to the Financial Statements

December 31, 2022

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

**Securities Lending** 

To generate additional income, the Fund may lend up to 33<sup>1</sup>⁄<sub>3</sub>% 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 December 31, 2022 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 $426 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund had securities lending transactions of $54,304 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

**3. Fees and Transactions with Affiliates and Other Parties**

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

For the year ended December 31, 2022, 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% |

---

\* Effective October 1, 2022, the Manager waived, prior to any application of expense limit, the management fee to 0.67% on all assets in order to maintain a more competitive expense ratio. Prior to October 1, 2022, the Manager waived, prior to any application of expense limit, the management fee to 0.70% on all assets in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. 

Any amounts waived or reimbursed by the Manager with respect to the annual expense limit in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

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

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

Citi Fund Services Ohio, Inc. ("Citi" or the "Administrator"), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust's administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is

------

**AZL DFA U.S. Small Cap Fund** 

Notes to the Financial Statements

December 31, 2022

based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund's compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administration fees."

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

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

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

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

**4. Investment Valuation Summary** 

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the
fair value of investments)

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

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

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

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

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

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks+ | $116499529 | $39520 | $– # | $116539049 |
|  Preferred Stocks+ | 76618 |  | – | 76618 |
|  Rights+ |  | 27342 | – | 27342 |
|  Short-Term Security Held as Collateral for Securities on Loan | 54304 |  | – | 54304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | $116630451 | $66862 | $– | $116697313 |

---

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

# Represents the interest in securities that were determined to have a value of zero at December 31, 2022.

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, 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 | $13037547 | $30632311 |

---

------

**AZL DFA U.S. Small Cap Fund** 

Notes to the Financial Statements

December 31, 2022

**6. Investment Risks**

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

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

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

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

**7. Coronavirus (COVID-19) Pandemic** 

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

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

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

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

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

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| | |
|:---|:---|
|  Unrealized appreciation | $35651305 |
|  Unrealized (depreciation) | (17462845) |
|  Net unrealized appreciation/(depreciation) | $18188460 |

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

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL DFA U.S. Small Cap Fund | $4547617 | $26878900 | $31426517 |

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

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL DFA U.S. Small Cap Fund | $6931703 | $5497487 | $12429190 |

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

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**AZL DFA U.S. Small Cap Fund** 

Notes to the Financial Statements

December 31, 2022

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized<br>Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated<br>Earnings/**<br> **(Deficit)** |
|  AZL DFA U.S. Small Cap Fund | $695184 | $10829095 | $– | $18188460 | $29712739 |

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(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, investments in real estate investment trusts 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 December 31, 2022, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 60% of the Fund. Investment activities of this shareholder could have a material impact to the Fund.

**11. Subsequent Events** 

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

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL DFA U.S. Small Cap Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL DFA U.S. Small Cap Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

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

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**Other Federal Income Tax Information (Unaudited)** 

For the year ended December 31, 2022, 50.40% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2022, the Fund declared net short-term capital gain distributions of $3,799,842

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $26,878,900.

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**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.

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**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

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

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

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

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

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

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

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

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

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

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

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

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

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

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

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

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

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

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

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

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

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

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**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14 (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

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**Interested Trustee<sup>(4)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/Length<br>of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM<br>Complex During<br>Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

---

(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

------

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions**<br> **Held with<br>AIM Complex** | **Term of<br>Office<sup>(1)</sup>/Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963) <br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 <br>to present. |

---

(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

------

![LOGO](g420855g71x52.jpg)

---

| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

---

------

## AZL<sup>®</sup> Enhanced Bond Index Fund

## Annual Report

## December 31, 2022
![LOGO](g343867g71x52.jpg)

------

**Table of Contents** 

---

| |
|:---|
| [Management Discussion and Analysis](#a2376toc343867_1)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#a2376toc343867_2)<br> Page 3 |
| [Schedule of Portfolio Investments](#a2376toc343867_3)<br> Page 4 |
| [Statement of Assets and Liabilities](#a2376toc343867_4)<br> Page 32 |
| [Statement of Operations](#a2376toc343867_5)<br> Page 32 |
| [Statements of Changes in Net Assets](#a2376toc343867_6)<br> Page 33 |
| [Financial Highlights](#a2376toc343867_7)<br> Page 34 |
| [Notes to the Financial Statements](#a2376toc343867_8)<br> Page 35 |
| [Report of Independent Registered Public Accounting Firm](#a2376toc343867_9)<br> Page 43 |
| [Other Federal Income Tax Information](#a2376toc343867_10)<br> Page 44 |
| [Other Information](#a2376toc343867_11)<br> Page 45 |
| [Approval of Investment Advisory and Subadvisory Agreements](#a2376toc343867_12)<br> Page 46 |
| [Information about the Board of Trustees and Officers](#a2376toc343867_13)<br> Page 49 |

---

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<sup>®</sup> Enhanced Bond Index Fund Review (Unaudited)**<br>

Allianz Investment Management LLC serves as the Manager for the AZL<sup>®</sup> Enhanced Bond Index Fund and BlackRock Financial Management, Inc. serves as Subadviser to the Fund. BlackRock International Limited and BlackRock (Singapore) Limited serve as Sub-subadvisers to the Fund.

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

For the year ended December 31, 2022, the AZL<sup>®</sup> Enhanced Bond Index Fund (the "Fund") returned (13.68)%. That compared to a (13.01)% total return for its benchmark, the Bloomberg U.S. Aggregate Bond Index.<sup>1</sup>

The year under review began with a dramatic rise in volatility driven by stubbornly high inflation and rising geopolitical uncertainty. The hawkish pivot by global central banks also drove some of the uptick in market volatility. The yield curve flattened during the first quarter as short-term rates rose along with rising inflation and hawkish rhetoric from the Federal Reserve (the Fed). Meanwhile, Russia's invasion of Ukraine in late February triggered a broad selloff in emerging market bonds and a flight from risk that drove a widening of credit spreads.

An increasingly hawkish Fed and growing fears of an economic recession caused additional market volatility during the second quarter, which drove credit spreads even wider. Risk assets staged a rally early in the third quarter but gave up nearly all their gains by the end of the quarter due to signs that inflation remained a significant problem. The Fed's initially unexpected moves to implement several consecutive rate increases of 75 basis points led to further downward pressure on bond prices in September.

Bonds ended the period under review with a rally in October and November that lost steam in December. The rally was largely driven by signs that inflation had slowed, and that the Fed was willing to begin easing the pace of its rate increases. Credit spreads tightened somewhat during this final quarter of the period as yields on risk assets fell, even as a great deal of volatility remained in bond markets.

Amid this volatile period, the Fund underperformed its benchmark for the year. The main detractors for the period were the Fund's duration and yield curve positioning, which had their largest negative effects during the first half of the period. Security selection in emerging markets also weighed on the Fund's relative performance, as did its positioning and selection within the securitized asset sector.

The Fund benefited from its allocation to Treasury Inflation Protected Securities (TIPS), which outperformed amid rising inflation. Security selection in agency mortgages, as well as positioning and selection in investment-grade credit, also benefited relative results, particularly during the first and third quarters.

The Fund held derivatives in the form of foreign currency forward contracts to hedge the portfolio's currency exposure to non-dollar bonds. The portfolio also held Treasury futures to manage duration and yield curve exposures. These derivative positions benefited the portfolio by giving managers the ability to more precisely manage duration and yield curve risk, and to hedge currency risk from non-dollar bonds.

------

***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmark please refer to page 2 of this report.* 

------

 **AZL<sup>®</sup> Enhanced Bond Index Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to exceed the total return of the Bloomberg U.S. Aggregate Bond Index. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities.* 

**Investment Concerns** 

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

*Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.* 

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

*Although the Fund seeks to provide a total return in excess of the Index, market conditions or implementation of the Fund's investment strategy may result in losses, and the Fund may not achieve the desired correlation with and/or may not outperform the Index.* 

*Securities in which the Fund will invest may involve substantial risk and may be subject to sudden severe price declines.* 

*Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund's performance may be more volatile than if it did not hold these securities.* 

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

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

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

**Growth of $10,000 Investment**![LOGO](g343867g10a02.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **1**<br> **Year** | **3**<br> **Year** | **5**<br> **Year** | **10**<br> **Year** |
| &nbsp;&nbsp; AZL<sup>®</sup> Enhanced Bond Index Fund | (13.68)% | (3.09)% | (0.39)% | 0.64% |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | (13.01)% | (2.71)% | 0.02% | 1.06% |

---

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

---

| | |
|:---|:---|
| **Expense Ratio** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> Enhanced Bond Index Fund | 0.66% |

---

***The above expense ratio is based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.70% through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratio can be found in the Financial Highlights.***

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

*The Fund's performance is measured against the Bloomberg U.S. Aggregate Bond Index, which is an unmanaged market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.* 

------

**AZL Enhanced Bond Index Fund** 

**Expense Examples** 

(Unaudited)

As a shareholder of the AZL Enhanced Bond Index Fund (the "Fund"), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount 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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Enhanced Bond Index Fund | $1000.00 | $969.00 | $3.13 | 0.63% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Enhanced Bond Index Fund | $1000.00 | $1022.03 | $3.21 | 0.63% |

---

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

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  U.S. Government Agency Mortgages | 32.0% |
|  Corporate Bonds | 24.9 |
|  U.S. Treasury Obligations | 19.7 |
|  Unaffiliated Investment Company | 9.3 |
|  Collateralized Mortgage Obligations | 8.0 |
|  Asset Backed Securities | 4.9 |
|  Yankee Debt Obligations | 3.7 |
|  Certificates of Deposit | 1.3 |
|  Foreign Bonds | 0.9 |
|  Municipal Bonds | 0.6 |
|  Short-Term Security Held as Collateral for Securities on Loan | 0.5 |
|  Total Investment Securities | 105.8 |
|  Net other assets (liabilities) | (5.8) |
|  Net Assets | 100.0% |

---

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Asset Backed Securities (4.9%):** | **Asset Backed Securities (4.9%):** | |
| $1932000 | American Express Credit Account Master Trust, Class A, Series 2022-3, 3.75%, 8/16/27 | $1889278 |
| 2240443 | American Homes 4 Rent LLC, Class A, Series 2014-SFR3, 3.68%, 12/17/36(a) | 2146963 |
| 5977000 | BA Credit Card Trust, Class A2, Series 2022-A2, 5.00%, 4/17/28 | 6043074 |
| 1640000 | Benchmark Mortgage Trust, Class A4, Series 2018-B7, 4.51%, 11/15/51, Callable 11/15/28 @ 100 | 1583782 |
| 2531000 | Capital One Multi-Asset Execution Trust, Class A, Series 2022-A2, 3.49%, 5/15/27 | 2461518 |
| 5275000 | Capital One Multi-Asset Execution Trust, Class A, Series 2022-A3, 4.95%, 10/15/27 | 5309520 |
| 2753070 | CarMax Auto Owner Trust, Class A2A, Series 2022-2, 2.81%, 5/15/25, Callable 1/15/26 @ 100 | 2727409 |
| 143442 | College Ave Student Loans LLC, Class A1, Series 2021-A, 5.49%(US0001M+110bps), 7/25/51, Callable 2/25/32 @ 100(a) | 143190 |
| 995669 | College Ave Student Loans LLC, Class A2, Series 2021-C, 2.32%, 7/26/55(a) | 861815 |
| 1078379 | College Avenue Student Loans LLC, Class A2, Series 2021-B, 1.76%, 6/25/52, Callable 1/25/34 @ 100(a) | 924749 |
| 74426 | Credit Acceptance Auto Loan Trust, Class A, Series 20-2A, 1.37%, 7/16/29, Callable 1/15/24 @ 100(a) | 73696 |
| 3640000 | Credit Acceptance Auto Loan Trust, Class A, Series 2021-2A, 0.96%, 2/15/30, Callable 12/15/24 @ 100(a) | 3490799 |
| 3400000 | Credit Acceptance Auto Loan Trust, Class A, Series 2021-4, 1.26%, 10/15/30, Callable 4/15/25 @ 100(a) | 3174621 |
| 1880000 | Credit Acceptance Auto Loan Trust, Class A, Series 2021-3A, 1.00%, 5/15/30, Callable 11/15/24 @ 100(a) | 1792471 |
| 432415 | EDvestinU Private Education Loan Issue No 3 LLC, Class A, Series 2021-A, 1.80%, 11/25/45(a) | 362423 |
| 773000 | Enterprise Fleet Financing LLC, Class A3, Series 2022-3, 4.29%, 7/20/29, Callable 5/20/26 @ 100(a) | 733312 |
| 3383526 | Ford Credit Auto Lease Trust, Class A2A, Series 2022-A, 2.78%, 10/15/24, Callable 10/15/24 @ 100 | 3344608 |
| 737000 | Ford Credit Auto Owner Trust, Class A3, Series 2022-D, 5.27%, 5/17/27, Callable 2/15/26 @ 100 | 745146 |
| 434254 | Goodleap Sustainable Home Solutions Trust, Class A, Series 2022-1GS, 2.70%, 1/20/49, Callable 6/20/36 @ 100(a) | 332627 |
| 1669873 | GoodLeap Sustainable Home Solutions Trust, Class A, Series 2021-4GS, 1.93%, 7/20/48, Callable 7/20/36 @ 100(a) | 1301743 |
| 911493 | GoodLeap Sustainable Home Solutions Trust, Class A, Series 2021-5CS, 2.31%, 10/20/48, Callable 8/20/36 @ 100(a) | 651871 |
| 1897058 | GoodLeap Sustainable Home Solutions Trust, Class A, Series 2022-3CS, 4.95%, 7/20/49, Callable 11/20/36 @ 100(a) | 1738573 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Asset Backed Securities, continued** | **Asset Backed Securities, continued** | |
| $2960000 | GPMT, Ltd., Class A, Series 2021-FL4, 5.71%(US0001M+135bps), 11/15/36, Callable 11/20/23 @ 100(a) | $2823379 |
| 1358000 | Hyundai Auto Receivables Trust, Class A3, Series 2022-C, 5.39%, 6/15/27, Callable 3/15/25 @ 100 | 1374965 |
| 1390000 | Lendmark Funding Trust, Class A, Series 2021-1A, 1.90%, 11/20/31, Callable 5/20/26 @ 100(a) | 1182176 |
| 1200000 | Mariner Finance Issuance Trust, Class A, Series 2021-AA, 1.86%, 3/20/36, Callable 3/20/26 @ 100(a) | 1029995 |
| 1569734 | Mosaic Solar Loan Trust, Class A, Series 2022-1A, 2.64%, 1/20/53, Callable 3/20/36 @ 100(a) | 1304376 |
| 947292 | Mosaic Solar Loan Trust, Class A, Series 2022-2A, 4.38%, 1/21/53, Callable 12/20/36 @ 100(a) | 863430 |
| 1006000 | Mosaic Solar Loan Trust, Class A, Series 2022-D, 6.16%, 6/20/53, Callable 6/20/37 @ 100(a) | 1003086 |
| 1044651 | Navient Private Education Loan Trust, Class A1B, Series 2020-lA, 5.32%(US0001M+100bps), 4/15/69, Callable 7/15/31 @ 100(a) | 1016249 |
| 2110400 | Navient Private Education Refi Loan Trust, Class A, Series 20-FA, 1.22%, 7/15/69, Callable 1/15/27 @ 100(a) | 1927900 |
| 4305093 | Navient Private Education Refi Loan Trust, Class A, Series 2022-BA, 4.16%, 10/15/70, Callable 6/15/29 @ 100(a) | 3986016 |
| 2235496 | Navient Private Education Refi Loan Trust, Class A, Series 2021-DA, 5.01%(PRIME-(199)bps), 4/15/60, Callable 5/15/32 @ 100(a) | 2058585 |
| 452651 | Navient Private Education Refi Loan Trust, Class A, Series 2021-A, 0.84%, 5/15/69, Callable 1/15/28 @ 100(a) | 390699 |
| 6534166 | Navient Private Education Refi Loan Trust, Class A, Series 2021-EA, 0.97%, 12/16/69, Callable 6/15/29 @ 100(a) | 5524374 |
| 130250 | Navient Student Loan Trust, Class A2, Series 2018-EA, 4.00%, 12/15/59, Callable 4/15/25 @ 100(a) | 126095 |
| 874323 | Navient Student Loan Trust, Class A2B, Series 2020-CA, 5.92%(US0001M+160bps), 11/15/68, Callable 3/15/31 @ 100(a) | 852748 |
| 1682585 | Navient Student Loan Trust, Class A2B, Series 2019-D, 5.37%(US0001M+105bps), 12/15/59, Callable 6/15/31 @ 100(a) | 1632753 |
| 3719000 | Nelnet Student Loan Trust, Class AFL, Series 2021-CA, 5.09%(US0001M+74bps), 4/20/62, Callable 5/20/31 @ 100(a) | 3573153 |
| 3182955 | Nelnet Student Loan Trust, Class APT2, Series 2021-A, 1.36%, 4/20/62, Callable 9/20/29 @ 100(a) | 2806127 |
| 2626243 | Nelnet Student Loan Trust, Class AFX, Series 2021-DA, 1.63%, 4/20/62, Callable 8/20/31 @ 100(a) | 2364547 |
| 6079851 | Nelnet Student Loan Trust, Class AFL, Series 2021-BA, 5.13%(US0001M+78bps), 4/20/62, Callable 7/20/29 @ 100(a) | 5914118 |
| 1400000 | PFS Financing Corp., Class A, Series 2021-A, 0.71%, 4/15/26(a) | 1320240 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Asset Backed Securities, continued** | **Asset Backed Securities, continued** | **Asset Backed Securities, continued** | |
| $| 579907 | Prodigy Finance CM2021-1 DAC, Class A, Series 2021-1A, 5.64%(US0001M+125bps), 7/25/51, Callable 2/25/27 @ 100(a) | $558581 |
|  | 2009000 | Regional Management Issuance Trust, Class A, Series 2021-2, 1.90%, 8/15/33, Callable 8/15/26 @ 100(a) | 1707856 |
|  | 1210570 | SMB Private Education Loan Trust, Class APT1, Series 2021-C, 1.39%, 1/15/53(a) | 1039018 |
|  | 339278 | SMB Private Education Loan Trust, Class A2B, Series 2017-B, 5.07%(US0001M+75bps), 10/15/35(a) | 335141 |
|  | 3107843 | SMB Private Education Loan Trust, Class APT, Series 2022-A, 2.85%, 11/16/54(a) | 2814347 |
|  | 283747 | SMB Private Education Loan Trust, Class A2B, Series 2020-A, 5.15%(US0001M+83bps), 9/15/37(a) | 269833 |
|  | 3677885 | SMB Private Education Loan Trust, Class A2A1, Series 2021-A, 5.05%(US0001M+73bps), 1/15/53(a) | 3481905 |
|  | 490000 | SMB Private Education Loan Trust, Class B, Series 2021-A, 2.31%, 1/15/53(a) | 411754 |
|  | 1956323 | SMB Private Education Loan Trust, Class A1B, Series 2022-C, 5.66%(SOFR30A+185bps), 5/16/50(a) | 1944691 |
|  | 1721362 | SMB Private Education Loan Trust, Class A1A, Series BA, 1.29%, 7/15/53(a) | 1554606 |
|  | 469525 | SoFi Professional Loan Program, Class A2FX, Series 2019-B, 3.09%, 8/17/48, Callable 5/15/26 @ 100(a) | 441805 |
|  | 1173484 | SoFi Professional Loan Program, Class A2FX, Series 2020-A, 2.54%, 5/15/46, Callable 6/15/27 @ 100(a) | 1042780 |
|  | 585420 | SoFi Professional Loan Program, Class AFX, Series 2020-C, 1.95%, 2/15/46, Callable 4/15/28 @ 100(a) | 532018 |
|  | 9374 | SoFi Professional Loan Program, Class A2B, Series 2016-D, 2.34%, 4/25/33, Callable 11/25/23 @ 100(a) | 9124 |
|  | 1235234 | SoFi Professional Loan Program, Class A2FX, Series 2017-F, 2.84%, 1/25/41, Callable 5/25/25 @ 100(a) | 1187605 |
|  | Total Asset Backed Securities (Cost $109,347,988) | Total Asset Backed Securities (Cost $109,347,988) | 102239263 |
| **Collateralized Mortgage Obligations (8.0%):** | **Collateralized Mortgage Obligations (8.0%):** | **Collateralized Mortgage Obligations (8.0%):** |  |
|  | 1930000 | ACRES Commercial Realty, Ltd., Class A, Series 2021-FL2, 5.73%(US0001M+140bps), 1/15/37, Callable 12/15/23 @ 100(a) | 1842898 |
|  | 2000000 | AIMCO CLO, Class AR, Series 2017-AA, 5.29%(US0003M+105bps), 4/20/34, Callable 4/20/23 @ 100(a) | 1944258 |
|  | 2810000 | Alen Mortgage Trust, Class A, Series 2021-ACEN, 5.47%(US0001M+115bps), 4/15/38(a) | 2722037 |
|  | 1000000 | Anchorage Capital CLO 7, Ltd., Class AR2, Series 2015-7A, 5.46%(US0003M+109bps), 1/28/31, Callable 1/28/23 @ 100(a) | 984531 |
|  | 2008848 | Angel Oak Mortgage Trust, Class A1, Series 2022-1, 2.88%, 12/25/66, Callable 1/25/25 @ 100(a)(b) | 1779332 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $1170000 | Apidos CLO XX, Class A1RA, Series 2015-20A, 5.89%(US0003M+110bps), 7/16/31, Callable 1/16/23 @ 100(a) | $1144716 |
| 4240000 | Arbor Realty Commercial Real Estate Notes, Ltd., Class A, Series 2021-FL4, 5.67%(US0001M+135bps), 11/15/36, Callable 6/15/24 @ 100(a) | 4098301 |
| 500894 | Ares XL CLO, Ltd., Class A1RA, Series 2016-40A, 5.66%(US0003M+87bps), 1/15/29, Callable 1/15/23 @ 100(a) | 494102 |
| 500000 | Ares XXXIIR CLO, Ltd., Class A1A, Series 2014-32RA, 5.55%(US0003M+94bps), 5/15/30, Callable 2/15/23 @ 100(a) | 489912 |
| 1635178 | Arroyo Mortgage Trust, Class A1, Series 2022-2, 4.95%, 7/25/57, Callable 7/25/25 @ 100(a) | 1591800 |
| 1330000 | BANK, Class A5, Series 2021-BN38, 2.52%, 12/15/64, Callable 12/15/31 @ 100 | 1081181 |
| 3850000 | Barclays Commercial Mortgage Trust, Class A, Series 2018-TALL, 5.04%(US0001M+72bps), 3/15/37(a) | 3654183 |
| 1232856 | Battalion CLO VIII, Ltd., Class A1R2, Series 2015-8A, 5.26%(US0003M+107bps), 7/18/30, Callable 1/18/23 @ 100(a) | 1211304 |
| 2290000 | Battalion CLO X, Ltd., Class A1R2, Series 2016-10A, 5.49%(US0003M+117bps), 1/25/35, Callable 1/24/23 @ 100(a) | 2227783 |
| 4580000 | BDS, Ltd., Class A, Series 2021-FL10, 5.69%(US0001M+135bps), 12/18/36, Callable 12/16/23 @ 100(a) | 4422640 |
| 1040000 | Benchmark Mortgage Trust, Class B, Series 2019-B15, 3.56%, 12/15/72, Callable 12/15/29 @ 100 | 822035 |
| 1540000 | BSPRT Issuer, Ltd., Class A, Series 2021-FL7, 5.64%(US0001M+132bps), 12/15/38, Callable 12/15/23 @ 100(a) | 1471252 |
| 1120000 | BX, Class A, Series 2021-MFM1, 5.02%(US0001M+70bps), 1/15/34(a) | 1084047 |
| 1810898 | BX Commercial Mortgage Trust, Class A, Series 2019-XL, 5.37%(US0001M+92bps), 10/15/36(a) | 1786262 |
| 3350000 | BX Commercial Mortgage Trust, Class A, Series 2020-ViV4, 2.84%, 3/9/44, Callable 3/9/30 @ 100(a) | 2658577 |
| 2506764 | BX Commercial Mortgage Trust, Class A, Series 2021-XL2, 5.01%(US0001M+69bps), 10/15/36(a) | 2409955 |
| 2110000 | BX Commercial Mortgage Trust, Class A, Series 2021-CIP, 5.24%(US0001M+92bps), 12/15/28(a) | 2036210 |
| 4800000 | BX Trust, Class A, Series 2021-ARIA, 5.22%(US0001M+90bps), 10/15/36(a) | 4566216 |
| 551000 | BX Trust, Class D, Series 2019-OC11, 4.08%, 12/9/41, Callable 12/9/29 @ 100(a) | 438645 |
| 603000 | Cantor Commercial Real Estate Lending, Class B, Series 2019-CF3, 3.50%, 1/15/53, Callable 12/15/29 @ 100(b) | 496172 |
| 615000 | Cantor Commercial Real Estate Lending, Class A4, Series 2019-CF2, 2.62%, 11/15/52, Callable 10/15/29 @ 100 | 520639 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $400000 | CARLYLE US CLO, Ltd., Class A1, Series 2021-5A, 5.36%(US0003M+112bps), 7/20/34, Callable 7/20/23 @ 100(a) | $386605 |
| 2235000 | Cedar Funding VI CLO, Ltd., Class AAA, Series 2016-6A, 5.29%(US0003M+105bps), 4/20/34, Callable 4/20/23 @ 100(a) | 2161766 |
| 1950000 | CEDR Commercial Mortgage Trust, Class A, Series 2022-SNAI, 5.32%(TSFR1M+99bps), 2/15/39(a) | 1832955 |
| 250677 | Chase Home Lending Mortgage Trust, Class A11, Series 2019-ATR2, 4.94%(US0001M+90bps), 7/25/49, Callable 6/25/36 @ 100(a) | 242403 |
| 1250000 | CIFC Funding, Ltd., Class A1, Series 2013-3RA, 5.30%(US0003M+98bps), 4/24/31, Callable 1/24/23 @ 100(a) | 1229288 |
| 731573 | CIM Trust, Class A11, Series 2019-INV3, 4.97%(US0001M+100bps), 8/25/49, Callable 10/25/41 @ 100(a) | 672806 |
| 667000 | Commercial Mortgage Loan Trust, Class A5, Series 2015-CR24, 3.70%, 8/10/48, Callable 6/10/26 @ 100 | 633634 |
| 1279058 | Commercial Mortgage Loan Trust, Class AM, Series 2013-CR7, 3.31%, 3/10/46, Callable 4/10/23 @ 100(a) | 1268796 |
| 3075000 | Commercial Mortgage Loan Trust, Class A4, Series 2015-CCRE26, 3.63%, 10/10/48, Callable 9/10/25 @ 100 | 2911635 |
| 2253698 | Credit Suisse Mortgage Capital Certificates, Class A, Series 2020-NET, 2.26%, 8/15/37(a) | 2018067 |
| 210000 | CSAIL Commercial Mortgage Trust, Class A5, Series 2018-CX11, 4.03%, 4/15/51, Callable 4/15/28 @ 100(b) | 195552 |
| 1195000 | CSAIL Commercial Mortgage Trust, Class B, Series 2019-C15, 4.48%, 3/15/52, Callable 2/15/29 @ 100 | 1054113 |
| 1727569 | CSMC, Class A1, Series 2021-NQM8, 1.84%, 10/25/66, Callable 11/25/24 @ 100(a)(b) | 1447871 |
| 2335000 | CSMC, Class B, Series 2021-BHAR, 5.82%(US0001M+150bps), 11/15/38(a) | 2190660 |
| 2000000 | Dewolf Park CLO, Ltd., Class AR, Series 2017-1A, 5.00%(US0003M+92bps), 10/15/30, Callable 1/15/23 @ 100(a) | 1973324 |
| 1440000 | Diameter Capital CLO 1, Ltd., Class A1A, Series 2021-1A, 5.32%(US0003M+124bps), 7/15/36, Callable 10/15/23 @ 100(a) | 1387069 |
| 2000000 | Dryden 37 Senior Loan Fund, Class AR, Series 2015-37A, 5.18%(US0003M+110bps), 1/15/31, Callable 1/15/23 @ 100(a) | 1973604 |
| 2095000 | Dryden 43 Senior Loan Fund, Class AR2, Series 2016-43A, 5.28%(US0003M+104bps), 4/20/34, Callable 4/20/23 @ 100(a) | 2030968 |
| 800000 | Dryden 75 CLO, Ltd., Class AR2, Series 2019-75A, 5.12%(US0003M+104bps), 4/15/34, Callable 4/15/23 @ 100(a) | 772197 |
| 4750000 | Elmwood CLO II, Ltd., Class AR, Series 2019-2A, 5.39%(US0003M+115bps), 4/20/34, Callable 4/20/23 @ 100(a) | 4637634 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $5281200 | Extended Stay America Trust, Class A, Series 2021-ESH, 5.40%(US0001M+108bps), 7/15/38(a) | $5129205 |
| 515126 | Flagstar Mortgage Trust, Class A11, Series 2019-1, 4.97%(US0001M+95bps), 10/25/49, Callable 3/25/36 @ 100(a) | 474127 |
| 1050000 | Flatiron CLO 18, Ltd., Class A, Series 2018-1A, 5.87%(TSFR3M+121bps), 4/17/31, Callable 1/17/23 @ 100(a) | 1034401 |
| 1045467 | FRESB Multifamily Mortgage Pass Through, Class A10H, Series 2019-SB60, 3.50%(US0001M+350bps), 1/25/39, Callable 12/25/28 @ 100 | 968377 |
| 1230000 | FS RIALTO, Class A, Series 2021-FL2, 5.55%(US0001M+122bps), 4/16/26, Callable 4/16/23 @ 100(a) | 1168041 |
| 2720000 | FS Rialto Issuer LLC, Class A, Series 2022-FL4, 5.71%(SOFR30A+190bps), 1/19/39, Callable 4/17/24 @ 100(a) | 2598040 |
| 1122000 | Galaxy XXVII CLO, Ltd., Class A, Series 2018-27A, 5.66%(US0003M+102bps), 5/16/31, Callable 2/16/23 @ 100(a) | 1098313 |
| 3027534 | GCAT Trust, Class A1, Series 2021-NQM7, 1.92%, 8/25/66, Callable 3/25/40 @ 100(a)(b) | 2607810 |
| 3664911 | GS Mortgage Backed Securities Corp. Trust, Class A4, Series 2022-PJ2, 2.50%, 6/25/52, Callable 1/25/46 @ 100(a)(b) | 2947105 |
| 2820000 | GS Mortgage Securities Corp. Trust, Class A, Series 2022-SHIP, 5.07%(TSFR1M+73bps), 8/15/24 | 2780101 |
| 1666642 | GS Mortgage-Backed Securities Trust, Class A2, Series 2021-PJ6, 2.50%, 11/25/51, Callable 11/25/48 @ 100(a)(b) | 1329407 |
| 1040221 | Homeward Opportunities Fund Trust, Class A1, Series 2022-1, 5.08%, 7/25/67, Callable 8/25/25 @ 100(a)(b) | 1033817 |
| 1525000 | IMT Trust, Class BFX, Series 2017-APTS, 3.50%, 6/15/34(a)(b) | 1443962 |
| 270000 | J.P. Morgan Chase Commercial Mortgage Securities Trust, Class D, Series 2022-OPO, 3.45%, 1/5/39(a)(b) | 199043 |
| 2403353 | J.P. Morgan Mortgage Trust, Class A3B, Series 2022-INV3, 3.00%, 9/25/52, Callable 2/25/41 @ 100(a)(b) | 2010179 |
| 585836 | JP Morgan Chase Commercial Mortgage Securities Corp., Class A, Series 2021-MHC, 5.12%(US0001M+80bps), 4/15/38(a) | 570476 |
| 3660000 | JP Morgan Chase Commercial Mortgage Securities Trust, Class A, Series 2021-NYAH, 5.08%(US0001M+76bps), 6/15/38 | 3545757 |
| 461169 | JP Morgan Mortgage Trust, Class A11, Series 2019-INV2, 4.94%(US0001M+90bps), 2/25/50, Callable 5/25/32 @ 100(a) | 426661 |
| 421148 | JP Morgan Mortgage Trust, Class A11, Series 2019-INV3, 5.04%(US0001M+100bps), 5/25/50, Callable 3/25/43 @ 100(a) | 385201 |
| 93896 | JP Morgan Mortgage Trust, Class A11, Series 2019-LTV3, 4.89%(US0001M+85bps), 2/25/50, Callable 3/25/33 @ 100(a) | 90369 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $125568 | JP Morgan Mortgage Trust, Class A5, Series 2019-LTV3, 3.50%, 2/25/50, Callable 3/25/33 @ 100(a)(b) | $120876 |
| 168803 | JP Morgan Mortgage Trust, Class A11, Series 2019-7, 4.94%(US0001M+90bps), 2/25/50, Callable 12/25/26 @ 100(a) | 154760 |
| 94397 | JP Morgan Mortgage Trust, Class A11, Series 2020-LTV1, 5.04%(US0001M+100bps), 6/25/50, Callable 6/25/28 @ 100(a) | 92087 |
| 700000 | JPMDB Commercial Mortgage Securities Trust, Class A5, Series 2017-C5, 3.69%, 3/15/50, Callable 4/15/27 @ 100 | 652812 |
| 2904000 | KNDL Mortgage Trust, Class A, Series 2019-KNSQ, 5.12%(US0001M+80bps), 5/15/36(a) | 2870705 |
| 1000000 | LCM XVIII, LP, Class A1R, Series 18A, 5.26%(US0003M+102bps), 4/20/31, Callable 1/20/23 @ 100(a) | 978332 |
| 1503944 | Life Mortgage Trust, Class A, Series 2021-BMR, 5.02%(US0001M+70bps), 3/15/38(a) | 1456776 |
| 1875000 | LoanCore Issuer, Ltd., Class A, Series 2021-CRE6, 5.62%(US0001M+130bps), 11/15/38, Callable 11/15/23 @ 100(a) | 1791307 |
| 1120000 | Madison Park Funding LXII, Ltd., Class A1, Series 2022-62A, 4.76%(TSFR3M+225bps), 7/17/33, Callable 7/17/23 @ 100(a) | 1115931 |
| 1000000 | Madison Park Funding XVII, Ltd., Class ARR, Series 2015-18A, 5.22%(US0003M+94bps), 10/21/30, Callable 1/21/23 @ 100(a) | 986000 |
| 1000000 | Madison Park Funding XXXV, Ltd., Class A1R, Series 2019-35A, 5.23%(US0003M+99bps), 4/20/32, Callable 1/20/23 @ 100(a) | 972106 |
| 2975689 | Mello Mortgage Capital Acceptance, Class A3, Series 2022-INV2, 3.00%, 4/25/52, Callable 7/25/46 @ 100(a)(b) | 2479585 |
| 630000 | MF1, Class A, Series 2021-W10, 5.41%(SOFR30A+107bps), 12/15/24(a) | 598076 |
| 3570000 | MHP, Class A, Series 2021-STOR, 5.02%(US0001M+70bps), 7/15/38(a) | 3444571 |
| 1109959 | Morgan Stanley Bank of America Merrill Lynch Trust, Class A3, Series 2015-C24, 3.48%, 5/15/48, Callable 8/15/25 @ 100 | 1053944 |
| 1540000 | Morgan Stanley Capital I Trust, Class A4, Series 2016-BNK2, 3.05%, 11/15/49, Callable 11/15/26 @ 100 | 1405427 |
| 2545000 | MTN Commercial Mortgage Trust, Class A, Series 2022-LPFL, 5.73%(TSFR1M+140bps), 3/15/39(a) | 2473841 |
| 800000 | Neuberger Berman Loan Advisers CLO 32, Ltd., Class AR, Series 2019-32A, 5.79%(US0003M+99bps), 1/20/32, Callable 1/19/23 @ 100(a) | 782532 |
| 1510519 | OBX Trust, Class A1, Series 2022-INV3, 3.00%, 2/25/52, Callable 2/25/48 @ 100(a)(b) | 1254911 |
| 1905000 | Octagon 66, Ltd., Class A, Series 2022-1A, 4.59%(TSFR3M+194bps), 8/16/33, Callable 8/16/23 @ 100(a) | 1880349 |
| 360000 | Octagon Investment Partners 30, Ltd., Class A1R, Series 2017-1A, 5.24%(US0003M+100bps), 3/17/30, Callable 1/20/23 @ 100(a) | 353318 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $1000000 | Octagon Investment Partners XVI, Ltd., Class A1R, Series 2013-1A, 5.10%(US0003M+102bps), 7/17/30, Callable 1/17/23 @ 100(a) | $984949 |
| 1200000 | Octagon Investment Partners XVII, Ltd., Class A2R2, Series 2013-1A, 5.46%(US0003M+110bps), 1/25/31, Callable 1/25/23 @ 100(a) | 1161458 |
| 2487884 | One Lincoln Street Commercial Mortgage, Class A1, Series 2004-C3, 5.72%, 10/15/30, Callable 10/15/23 @ 100(a)(b) | 2490770 |
| 1510000 | One New York Plaza Trust, Class A, Series 2020-1NYP, 5.27%(US0001M+95bps), 1/15/26(a) | 1427102 |
| 2700000 | Palmer Square CLO, Ltd., Class A1A, Series 2022-4A, 6.22%(TSFR3M+215bps), 10/20/35, Callable 1/20/25 @ 100(a) | 2689288 |
| 2260144 | PRKCM Trust, Class A1, Series 2021-AFC2, 2.07%, 11/25/56, Callable 9/25/42 @ 100(a)(b) | 1837356 |
| 1250000 | RR 3, Ltd., Class A1R2, Series 2018-3A, 5.17%(US0003M+109bps), 1/15/30, Callable 1/15/23 @ 100(a) | 1233033 |
| 588364 | Seasoned Credit Risk Transfer Trust, Class MA, Series 2018-2, 3.50%, 11/25/57, Callable 8/25/43 @ 100 | 563225 |
| 1498975 | Seasoned Credit Risk Transfer Trust, Class MA, Series 2019-2, 3.50%, 8/25/58, Callable 7/25/53 @ 100 | 1418607 |
| 125000 | SG Commercial Mortgage Securities Trust, Class A4, Series 2016-C5, 3.06%, 10/10/48, Callable 7/10/26 @ 100 | 113327 |
| 870344 | SG Residential Mortgage Trust, Class A1, Series 2022-2, 5.35%, 9/25/67, Callable 8/25/25 @ 100(a)(b) | 881885 |
| 1000000 | Signal Peak CLO 5, Ltd., Class A, Series 2018-5A, 5.47%(US0003M+111bps), 4/25/31, Callable 1/25/23 @ 100(a) | 981700 |
| 1000000 | Signal Peak CLO 8, Ltd., Class A, Series 2020-8A, 5.51%(US0003M+127bps), 4/20/33, Callable 1/20/23 @ 100(a) | 972585 |
| 2300000 | Taubman Centers Commercial Mortgage Trust, Class A, Series 2022-DPM, 6.52%(TSFR1M+219bps), 5/15/37(a) | 2230349 |
| 388839 | Tharaldson Hotel Portfolio Trust, Class A, Series 2018-THL, 5.27%(US0001M+75bps), 11/11/34(a) | 379354 |
| 2788916 | Verus Securitization Trust, Class A1, Series 2022-3, 4.13%, 2/25/67, Callable 3/25/25 @ 100(a) | 2611504 |
| 725000 | Voya CLO, Ltd., Class AR, Series 2019-1A, 5.14%(US0003M+106bps), 4/15/31, Callable 1/15/23 @ 100(a) | 713554 |
| 1000000 | Voya CLO, Ltd., Class A1R, Series 2017-3A, 5.28%(US0003M+104bps), 4/20/34, Callable 4/20/23 @ 100(a) | 969634 |
| 8673210 | Wells Fargo Commercial Mortgage Trust, Class XA, Series 2016-LC25, 0.83%, 12/15/59, Callable 9/15/26 @ 100(b) | 223747 |
| 775000 | Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-C28, 3.54%, 5/15/48, Callable 5/15/25 @ 100 | 736535 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $| 1015000 | Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-NXS4, 3.72%, 12/15/48, Callable 11/15/25 @ 100 | $963721 |
|  | 1250000 | Wells Fargo Commercial Mortgage Trust, Class AS, Series 2015-NXS1, 3.41%, 5/15/48, Callable 4/15/25 @ 100 | 1162966 |
|  | 1500000 | Whitebox CLO III, Ltd., Class A1, Series 2021-3A, 5.30%(US0003M+122bps), 10/15/34, Callable 10/15/23 @ 100(a) | 1460586 |
|  | Total Collateralized Mortgage Obligations (Cost $176,026,489) | Total Collateralized Mortgage Obligations (Cost $176,026,489) | 165965808 |
| **Corporate Bonds (24.9%):** | **Corporate Bonds (24.9%):** | **Corporate Bonds (24.9%):** |  |
| **Aerospace & Defense (1.2%):** | **Aerospace & Defense (1.2%):** | **Aerospace & Defense (1.2%):** |  |
|  | 3133000 | BAE Systems Holdings, Inc., 3.80%, 10/7/24(a) | 3046868 |
|  | 647000 | BAE Systems Holdings, Inc., 3.85%, 12/15/25, Callable 9/15/25 @ 100(a) | 622116 |
|  | 903000 | Boeing Co. (The), 5.93%, 5/1/60, Callable 11/1/59 @ 100 | 834171 |
|  | 796000 | General Dynamics Corp., 3.75%, 5/15/28, Callable 2/15/28 @ 100 | 760561 |
|  | 1249000 | Harris Corp., 4.40%, 6/15/28, Callable 3/15/28 @ 100 | 1204043 |
|  | 1192000 | Huntington Ingalls Industries, Inc., 3.48%, 12/1/27, Callable 9/1/27 @ 100 | 1075780 |
|  | 1518000 | Huntington Ingalls Industries, Inc., 2.04%, 8/16/28, Callable 6/16/28 @ 100 | 1254161 |
|  | 360000 | Huntington Ingalls Industries, Inc., 4.20%, 5/1/30, Callable 2/1/30 @ 100 | 326272 |
|  | 1315000 | L3Harris Technologies, Inc., 3.85%, 12/15/26, Callable 9/15/26 @ 100 | 1255166 |
|  | 1383000 | L3Harris Technologies, Inc., 4.40%, 6/15/28, Callable 3/15/28 @ 100 | 1334493 |
|  | 305000 | Lockheed Martin Corp., 3.90%, 6/15/32, Callable 3/15/32 @ 100 | 288007 |
|  | 188000 | Lockheed Martin Corp., Series B, 6.15%, 9/1/36 | 205589 |
|  | 1051000 | Lockheed Martin Corp., 3.80%, 3/1/45, Callable 9/1/44 @ 100 | 867650 |
|  | 259000 | Lockheed Martin Corp., 4.15%, 6/15/53, Callable 12/15/52 @ 100 | 221585 |
|  | 229000 | Lockheed Martin Corp., 4.30%, 6/15/62, Callable 12/15/61 @ 100 | 194320 |
|  | 610000 | Lockheed Martin Corp., 5.90%, 11/15/63, Callable 5/15/63 @ 100 | 661807 |
|  | 217000 | Northrop Grumman Corp., 3.85%, 4/15/45, Callable 10/15/44 @ 100 | 174236 |
|  | 1655000 | Northrop Grumman Corp., 4.03%, 10/15/47, Callable 4/15/47 @ 100 | 1378507 |
|  | 115000 | Raytheon Technologies Corp., 7.00%, 11/1/28 | 123642 |
|  | 2427000 | Raytheon Technologies Corp., 4.13%, 11/16/28, Callable 8/16/28 @ 100 | 2331107 |
|  | 533000 | Raytheon Technologies Corp., 2.25%, 7/1/30, Callable 4/1/30 @ 100 | 444786 |
|  | 852000 | Raytheon Technologies Corp., 2.38%, 3/15/32, Callable 12/15/31 @ 100 | 693061 |
|  | 168000 | Raytheon Technologies Corp., 4.50%, 6/1/42 | 152364 |
|  | 415000 | Raytheon Technologies Corp., 4.20%, 12/15/44, Callable 6/15/44 @ 100 | 329243 |
|  | 709000 | Raytheon Technologies Corp., 4.35%, 4/15/47, Callable 10/15/46 @ 100 | 609090 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Aerospace & Defense, continued** | **Aerospace & Defense, continued** | **Aerospace & Defense, continued** | |
| $| 469000 | Raytheon Technologies Corp., 4.05%, 5/4/47, Callable 11/4/46 @ 100 | $387059 |
|  | 1426000 | Raytheon Technologies Corp., 4.63%, 11/16/48, Callable 5/16/48 @ 100 | 1304838 |
|  | 405000 | Raytheon Technologies Corp., 2.82%, 9/1/51, Callable 3/1/51 @ 100 | 266226 |
|  | 875000 | Raytheon Technologies Corp., 3.03%, 3/15/52, Callable 9/15/51 @ 100 | 600510 |
|  | 264000 | Textron, Inc., 3.65%, 3/15/27, Callable 12/15/26 @ 100 | 246794 |
|  | 1098000 | Textron, Inc., 3.90%, 9/17/29, Callable 6/17/29 @ 100 | 996293 |
|  | 661000 | The Boeing Co., 3.95%, 8/1/59, Callable 2/1/59 @ 100 | 449044 |
|  |  |  | 24639389 |
| **Air Freight & Logistics (0.0%<sup>†</sup>):** | **Air Freight & Logistics (0.0%<sup>†</sup>):** | **Air Freight & Logistics (0.0%<sup>†</sup>):** |  |
|  | 695000 | United Parcel Service, Inc., 0.38%, 11/15/23, Callable 8/15/23 @ 100 | 729054 |
|  |  |  | 729054 |
| **Airlines (0.2%):** | **Airlines (0.2%):** | **Airlines (0.2%):** |  |
|  | 801857 | American Airlines Pass Through Trust, Series 2015-2, Class B, 4.40%, 3/22/25 | 781105 |
|  | 458859 | American Airlines Pass Through Trust, Series 2015-2, Class AA, 3.60%, 3/22/29 | 407578 |
|  | 194985 | American Airlines Pass Through Trust, Series 2016-2, Class AA, 3.20%, 12/15/29 | 169135 |
|  | 384907 | American Airlines Pass Through Trust, Series 2016-3, Class AA, 3.00%, 4/15/30 | 329820 |
|  | 159224 | American Airlines Pass Through Trust, Series 2017-1, Class AA, 3.65%, 8/15/30 | 140871 |
|  | 635355 | American Airlines Pass Through Trust, Series 2019-1, 3.15%, 8/15/33 | 527749 |
|  | 420000 | Delta Airlines Pass Through Trust, Series 2019-1, Class AA, 3.20%, 10/25/25 | 407032 |
|  | 5718 | United Airlines Pass Through Trust, Series 2016-2, Class B, 3.65%, 4/7/27 | 5043 |
|  | 234123 | United Airlines Pass Through Trust, Series 2018-1, Class B, 4.60%, 9/1/27 | 213539 |
|  | 1027498 | United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 4/15/29 | 1008233 |
|  | 10286 | United Airlines Pass Through Trust, Series 2015-1, Class AA, 3.45%, 6/1/29 | 9145 |
|  | 330416 | United Airlines Pass Through Trust, Series 2019-2, Class B, 3.50%, 11/1/29 | 279561 |
|  | 42698 | United Airlines Pass Through Trust, Series 2016-2, Class AA, 3.10%, 1/7/30 | 37485 |
|  | 165530 | United Airlines Pass Through Trust, Series 2019-2, Class AA, 2.88%, 4/7/30 | 140384 |
|  | 202278 | United Airlines Pass Through Trust, Series 2018-1, Class AA, 3.50%, 9/1/31 | 171809 |
|  | 324747 | United Airlines Pass Through Trust, Series 2016-1, Class AA, 4.15%, 2/25/33 | 289095 |
|  | 446685 | United Airlines Pass Through Trust, Series 2019-2, Class AA, 2.70%, 11/1/33 | 362013 |
|  |  |  | 5279597 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Automobiles (0.1%):** | **Automobiles (0.1%):** | |
| $1237000 | General Motors Co., 5.40%, 10/15/29, Callable 8/15/29 @ 100 | $1183536 |
| **Banks (4.0%):** | **Banks (4.0%):** |  |
| 418000 | Bank of America Corp., 3.55% (US0003M+78 bps), 3/5/24, Callable 3/5/23 @ 100 | 416598 |
| 218000 | Bank of America Corp., 0.98% (SOFR+69 bps), 4/22/25, Callable 4/22/24 @ 100 | 203610 |
| 77000 | Bank of America Corp., 0.98% (SOFR+91 bps), 9/25/25, Callable 9/25/24 @ 100, MTN | 70729 |
| 6244000 | Bank of America Corp., 1.32% (SOFR+115 bps), 6/19/26, Callable 6/19/25 @ 100, MTN | 5625469 |
| 5787000 | Bank of America Corp., 1.20% (SOFR+101 bps), 10/24/26, Callable 10/24/25 @ 100, MTN | 5163306 |
| 3133000 | Bank of America Corp., 3.56% (US0003M+106 bps), 4/23/27, Callable 4/23/26 @ 100, MTN | 2936270 |
| 1338000 | Bank of America Corp., 1.73% (SOFR+96 bps), 7/22/27, Callable 7/22/26 @ 100 | 1177346 |
| 2767000 | Bank of America Corp., 3.82% (US0003M+158 bps), 1/20/28, Callable 1/20/27 @ 100, MTN | 2583028 |
| 1925000 | Bank of America Corp., 2.55% (SOFR+105 bps), 2/4/28, Callable 2/4/27 @ 100 | 1713281 |
| 730000 | Bank of America Corp., 6.20% (SOFR+199 bps), 11/10/28, Callable 11/10/27 @ 100 | 741421 |
| 3800000 | Bank of America Corp., 3.42% (US0003M+104 bps), 12/20/28, Callable 12/20/27 @ 100 | 3440265 |
| 821000 | Bank of America Corp., 3.97% (US0003M+107 bps), 3/5/29, Callable 3/5/28 @ 100, MTN | 759944 |
| 1535000 | Bank of America Corp., 4.27% (US0003M+131 bps), 7/23/29, Callable 7/23/28 @ 100 | 1435274 |
| 938000 | Bank of America Corp., 3.97% (US0003M+121 bps), 2/7/30, Callable 2/7/29 @ 100, MTN | 851444 |
| 1510000 | Bank of America Corp., 3.19% (US0003M+118 bps), 7/23/30, Callable 7/23/29 @ 100, MTN | 1301904 |
| 2592000 | Bank of America Corp., 2.88% (US0003M+119 bps), 10/22/30, Callable 10/22/29 @ 100, MTN | 2175932 |
| 4778000 | Bank of America Corp., 2.50% (US0003M+99 bps), 2/13/31, Callable 2/13/30 @ 100, MTN | 3891385 |
| 793000 | Bank of America Corp., 2.59% (SOFR+215 bps), 4/29/31, Callable 4/29/30 @ 100 | 648492 |
| 295000 | Bank of America Corp., 1.90% (SOFR+153 bps), 7/23/31, Callable 7/23/30 @ 100, MTN | 227404 |
| 1134000 | Bank of America Corp., 1.92% (SOFR+137 bps), 10/24/31, Callable 10/24/30 @ 100, MTN | 868116 |
| 111000 | Bank of America Corp., 2.69% (SOFR+132 bps), 4/22/32, Callable 4/22/31 @ 100 | 88864 |
| 1197000 | Bank of America Corp., 2.57% (SOFR+121 bps), 10/20/32, Callable 10/20/31 @ 100 | 939746 |
| 2442000 | Bank of America Corp., 2.97% (SOFR+133 bps), 2/4/33, Callable 2/4/32 @ 100 | 1971480 |
| 4316000 | Bank of America Corp., 4.57% (SOFR+183 bps), 4/27/33, Callable 4/27/32 @ 100 | 3981329 |
| 591000 | Bank of America Corp., 5.87% (US0003M+293 bps), 12/31/99, Callable 3/15/28 @ 100 | 518603 |
| 2898000 | Citigroup, Inc., 3.07% (SOFR+128 bps), 2/24/28, Callable 2/24/27 @ 100 | 2612593 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Banks, continued** | **Banks, continued** | **Banks, continued** | |
| $| 3659000 | Citigroup, Inc., 3.98% (US0003M+134 bps), 3/20/30, Callable 3/20/29 @ 100 | $3298497 |
|  | 4621000 | Citigroup, Inc., 2.98% (SOFR+142 bps), 11/5/30, Callable 11/5/29 @ 100 | 3898807 |
|  | 479000 | Citigroup, Inc., 2.57% (SOFR+211 bps), 6/3/31, Callable 6/3/30 @ 100 | 386211 |
|  | 412000 | Citigroup, Inc., 3.79% (SOFR+194 bps), 3/17/33, Callable 3/17/32 @ 100 | 353483 |
|  | 525000 | Citigroup, Inc., 6.27% (SOFR+234 bps), 11/17/33, Callable 11/17/32 @ 100 | 545239 |
|  | 1633000 | JPMorgan Chase & Co., 3.56% (US0003M+73 bps), 4/23/24, Callable 4/23/23 @ 100 | 1621643 |
|  | 1702000 | JPMorgan Chase & Co., 5.55% (SOFR+107 bps), 12/15/25, Callable 12/15/24 @ 100 | 1702819 |
|  | 1398000 | JPMorgan Chase & Co., 2.60% (SOFR+92 bps), 2/24/26, Callable 2/24/25 @ 100 | 1317184 |
|  | 956000 | JPMorgan Chase & Co., 2.00% (SOFR+159 bps), 3/13/26, Callable 3/13/25 @ 100 | 884203 |
|  | 2000 | JPMorgan Chase & Co., 3.20%, 6/15/26, Callable 3/15/26 @ 100 | 1889 |
|  | 1962000 | JPMorgan Chase & Co., 3.96% (US0003M+125 bps), 1/29/27, Callable 1/29/26 @ 100 | 1868936 |
|  | 4797000 | JPMorgan Chase & Co., 3.78% (US0003M+134 bps), 2/1/28, Callable 2/1/27 @ 100 | 4497859 |
|  | 1801000 | JPMorgan Chase & Co., 2.95% (SOFR+117 bps), 2/24/28, Callable 2/24/27 @ 100 | 1633303 |
|  | 2224000 | JPMorgan Chase & Co., 2.18% (SOFR+189 bps), 6/1/28, Callable 6/1/27 @ 100 | 1947314 |
|  | 1750000 | JPMorgan Chase & Co., 4.01% (US0003M+112 bps), 4/23/29, Callable 4/23/28 @ 100 | 1620537 |
|  | 1318000 | JPMorgan Chase & Co., 3.70% (US0003M+116 bps), 5/6/30, Callable 5/6/29 @ 100 | 1189730 |
|  | 526000 | JPMorgan Chase & Co., 1.76% (TSFR3M+111 bps), 11/19/31, Callable 11/19/30 @ 100 | 400442 |
|  | 1797000 | JPMorgan Chase & Co., 2.96% (SOFR+126 bps), 1/25/33, Callable 1/25/32 @ 100 | 1469558 |
|  | 1878000 | JPMorgan Chase & Co., 4.59% (SOFR+180 bps), 4/26/33, Callable 4/26/32 @ 100 | 1737240 |
|  | 3145000 | JPMorgan Chase & Co., 4.91% (SOFR+208 bps), 7/25/33, Callable 7/25/32 @ 100^ | 3002330 |
|  | 1039000 | Wells Fargo & Co., 2.16% (US0003M+75 bps), 2/11/26, Callable 2/11/25 @ 100, MTN | 970611 |
|  | 3030000 | Wells Fargo & Co., 3.53% (SOFR+151 bps), 3/24/28, Callable 3/24/27 @ 100 | 2819173 |
|  | 798000 | Wells Fargo & Co., 3.58% (US0003M+131 bps), 5/22/28, Callable 5/22/27 @ 100, MTN | 740864 |
|  |  |  | 84251705 |
| **Beverages (0.0%<sup>†</sup>):** | **Beverages (0.0%<sup>†</sup>):** | **Beverages (0.0%<sup>†</sup>):** |  |
|  | 556000 | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36, Callable 8/1/35 @ 100 | 525865 |
| **Biotechnology (0.4%):** | **Biotechnology (0.4%):** | **Biotechnology (0.4%):** |  |
|  | 2680000 | AbbVie, Inc., 4.55%, 3/15/35, Callable 9/15/34 @ 100 | 2507521 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Biotechnology, continued** | **Biotechnology, continued** | **Biotechnology, continued** | |
| $| 1789000 | AbbVie, Inc., 4.50%, 5/14/35, Callable 11/14/34 @ 100 | $1667811 |
|  | 520000 | AbbVie, Inc., 4.40%, 11/6/42 | 454370 |
|  | 992000 | Amgen, Inc., 2.45%, 2/21/30, Callable 11/21/29 @ 100 | 840227 |
|  | 527000 | Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100 | 445566 |
|  | 612000 | Amgen, Inc., 4.56%, 6/15/48, Callable 12/15/47 @ 100 | 524130 |
|  | 307000 | Gilead Sciences, Inc., 2.60%, 10/1/40, Callable 4/1/40 @ 100 | 216480 |
|  | 1178000 | Gilead Sciences, Inc., 4.80%, 4/1/44, Callable 10/1/43 @ 100 | 1091444 |
|  |  |  | 7747549 |
| **Building Products (0.0%<sup>†</sup>):** | **Building Products (0.0%<sup>†</sup>):** | **Building Products (0.0%<sup>†</sup>):** |  |
|  | 566000 | Owens Corning, 4.40%, 1/30/48, Callable 7/30/47 @ 100 | 442625 |
| **Capital Markets (2.5%):** | **Capital Markets (2.5%):** | **Capital Markets (2.5%):** |  |
|  | 622000 | Ares Capital Corp., 3.88%, 1/15/26, Callable 12/15/25 @ 100 | 571497 |
|  | 704000 | Ares Capital Corp., 2.15%, 7/15/26, Callable 6/15/26 @ 100 | 596677 |
|  | 215000 | Bank of New York Mellon Corp. (The), 4.62% (US0003M+313 bps), 12/29/49, Callable 9/20/26 @ 100 | 182750 |
|  | 1291000 | FactSet Research Systems, 3.45%, 3/1/32, Callable 12/1/31 @ 100 | 1094663 |
|  | 1234000 | Goldman Sachs Group, Inc. (The), 5.78% (US0003M+117 bps), 5/15/26, Callable 5/15/25 @ 100 | 1221965 |
|  | 1623000 | Goldman Sachs Group, Inc. (The), 4.48% (SOFR+173 bps), 8/23/28, Callable 8/23/27 @ 100 | 1557264 |
|  | 366000 | Goldman Sachs Group, Inc. (The), 1.99% (SOFR+1 bps), 1/27/32, Callable 1/27/31 @ 100 | 279489 |
|  | 9381000 | Goldman Sachs Group, Inc. (The), 3.10% (SOFR+141 bps), 2/24/33, Callable 2/24/32 @ 100 | 7674924 |
|  | 1580000 | Goldman Sachs Group, Inc. The, 0.66% (SOFR+51 bps), 9/10/24, Callable 9/10/23 @ 100 | 1520862 |
|  | 9080000 | Goldman Sachs Group, Inc. The, 2.64% (SOFR+111 bps), 2/24/28, Callable 2/24/27 @ 100 | 8086357 |
|  | 331000 | Goldman Sachs Group, Inc. The, 2.62% (SOFR+128 bps), 4/22/32, Callable 4/22/31 @ 100 | 264729 |
|  | 267000 | Moody's Corp., 2.00%, 8/19/31, Callable 5/19/31 @ 100 | 211360 |
|  | 1203000 | Moody's Corp., 4.25%, 8/8/32, Callable 5/8/32 @ 100 | 1129793 |
|  | 683000 | Moody's Corp., 3.10%, 11/29/61, Callable 5/29/61 @ 100 | 433506 |
|  | 520000 | Morgan Stanley, 0.73% (SOFR+62 bps), 4/5/24, Callable 4/5/23 @ 100 | 512275 |
|  | 740000 | Morgan Stanley, 3.63%, 1/20/27 | 697685 |
|  | 9921000 | Morgan Stanley, 1.59% (SOFR+88 bps), 5/4/27, Callable 5/4/26 @ 100 | 8697026 |
|  | 4092000 | Morgan Stanley, 3.59% (US0003M+134 bps), 7/22/28, Callable 7/22/27 @ 100 | 3761424 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Capital Markets, continued** | **Capital Markets, continued** | **Capital Markets, continued** | |
| $| 287000 | Morgan Stanley, 6.30% (SOFR+224 bps), 10/18/28, Callable 10/18/27 @ 100 | $295820 |
|  | 1102000 | Morgan Stanley, 3.77% (US0003M+114 bps), 1/24/29, Callable 1/24/28 @ 100 | 1008378 |
|  | 6959000 | Morgan Stanley, 2.70% (SOFR+114 bps), 1/22/31, Callable 1/22/30 @ 100, MTN | 5784147 |
|  | 884000 | Morgan Stanley, 1.79% (SOFR+1 bps), 2/13/32, Callable 2/13/31 @ 100, MTN | 665424 |
|  | 210000 | Morgan Stanley, 1.93% (SOFR+102 bps), 4/28/32, Callable 4/28/31 @ 100, MTN | 159300 |
|  | 478000 | Morgan Stanley, 2.24% (SOFR+118 bps), 7/21/32, Callable 7/21/31 @ 100, MTN | 367143 |
|  | 611000 | Morgan Stanley, 2.51% (SOFR+120 bps), 10/20/32, Callable 10/20/31 @ 100, MTN | 478695 |
|  | 806000 | Morgan Stanley, 2.94% (SOFR+129 bps), 1/21/33, Callable 1/21/32 @ 100 | 655115 |
|  | 1500000 | Morgan Stanley, 6.34% (SOFR+256 bps), 10/18/33, Callable 10/18/32 @ 100 | 1576104 |
|  | 162000 | S P Global, Inc., 3.90%, 3/1/62, Callable 9/1/61 @ 100(a) | 126737 |
|  | 661000 | State Street Corp., Series F, 8.37% (US0003M+360 bps), Callable 3/15/23 @ 100 | 660174 |
|  | 1415000 | State Street Corp., Series H, 5.63% (US0003M+254 bps), 12/31/99, Callable 12/15/23 @ 100^ | 1315950 |
|  |  |  | 51587233 |
| **Chemicals (0.1%):** | **Chemicals (0.1%):** | **Chemicals (0.1%):** |  |
|  | 1150000 | DowDuPont, Inc., 4.49%, 11/15/25, Callable 9/15/25 @ 100 | 1132443 |
|  | 525000 | Ecolab, Inc., 2.75%, 8/18/55, Callable 2/18/55 @ 100 | 318913 |
|  | 493000 | Westlake Chemical Corp., 3.38%, 8/15/61, Callable 2/15/61 @ 100 | 295935 |
|  |  |  | 1747291 |
| **Commercial Services & Supplies (0.0%<sup>†</sup>):** | **Commercial Services & Supplies (0.0%<sup>†</sup>):** | **Commercial Services & Supplies (0.0%<sup>†</sup>):** |  |
|  | 258000 | Republic Services, Inc., 2.38%, 3/15/33, Callable 12/15/32 @ 100 | 206730 |
|  | 107000 | Waste Management, Inc., 2.95%, 6/1/41, Callable 12/1/40 @ 100 | 79874 |
|  |  |  | 286604 |
| **Communications Equipment (0.3%):** | **Communications Equipment (0.3%):** | **Communications Equipment (0.3%):** |  |
|  | 1085000 | Motorola Solutions, Inc., 4.60%, 2/23/28, Callable 11/23/27 @ 100 | 1051057 |
|  | 1662000 | Motorola Solutions, Inc., 4.60%, 5/23/29, Callable 2/23/29 @ 100 | 1585325 |
|  | 1835000 | Motorola Solutions, Inc., 2.30%, 11/15/30, Callable 8/15/30 @ 100 | 1437055 |
|  | 1822000 | Motorola Solutions, Inc., 2.75%, 5/24/31, Callable 2/24/31 @ 100 | 1465491 |
|  | 1115000 | Motorola Solutions, Inc., 5.60%, 6/1/32, Callable 3/1/32 @ 100 | 1091048 |
|  | 112000 | Motorola Solutions, Inc., 5.50%, 9/1/44 | 101918 |
|  |  |  | 6731894 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Consumer Discretionary Products (0.0%<sup>†</sup>):** | **Consumer Discretionary Products (0.0%<sup>†</sup>):** | |
| $347000 | General Motors Financial Co., Inc., 4.30%, 4/6/29, Callable 2/6/29 @ 100 | $311225 |
| **Consumer Finance (0.4%):** | **Consumer Finance (0.4%):** |  |
| 1731000 | Capital One Financial Corp., 3.27% (SOFR+179 bps), 3/1/30, Callable 3/1/29 @ 100 | 1485987 |
| 2321000 | General Motors Financial Co., Inc., 4.35%, 4/9/25, Callable 2/9/25 @ 100 | 2257725 |
| 632000 | General Motors Financial Co., Inc., 3.60%, 6/21/30, Callable 3/21/30 @ 100 | 532665 |
| 494000 | General Motors Financial Co., Inc., 2.35%, 1/8/31, Callable 10/8/30 @ 100 | 373466 |
| 1317000 | General Motors Financial Co., Inc., 3.10%, 1/12/32, Callable 10/12/31 @ 100 | 1035855 |
| 2065000 | Hyundai Capital America, 2.38%, 2/10/23(a) | 2056484 |
|  |  | 7742182 |
| **Containers & Packaging (0.1%):** | **Containers & Packaging (0.1%):** |  |
| 1876000 | Amcor Flexibles North America, Inc., 2.69%, 5/25/31, Callable 2/25/31 @ 100^ | 1537774 |
| 349000 | International Paper Co., 4.80%, 6/15/44, Callable 12/15/43 @ 100 | 305666 |
|  |  | 1843440 |
| **Diversified Consumer Services (0.0%<sup>†</sup>):** | **Diversified Consumer Services (0.0%<sup>†</sup>):** |  |
| 145000 | California Institute of Technology, 4.32%, 8/1/45 | 128284 |
| 360000 | Massachusetts Institute of Technology, 4.68%, 7/1/14 | 313037 |
|  |  | 441321 |
| **Diversified Financial Services (0.2%):** | **Diversified Financial Services (0.2%):** |  |
| 355000 | Berkshire Hathaway Finance Corp., 2.50%, 1/15/51, Callable 7/15/50 @ 100 | 223542 |
| 2727000 | Glencore Funding LLC, 1.63%, 4/27/26, Callable 3/27/26 @ 100(a) | 2412951 |
| 1032000 | Glencore Funding LLC, 2.50%, 9/1/30, Callable 6/1/30 @ 100(a) | 835642 |
| 536000 | Glencore Funding LLC, 2.85%, 4/27/31, Callable 1/27/31 @ 100(a) | 437770 |
| 316000 | Glencore Funding LLC, 2.63%, 9/23/31, Callable 6/23/31 @ 100(a) | 251860 |
| 331000 | Glencore Funding LLC, 3.38%, 9/23/51, Callable 3/23/51 @ 100(a) | 215758 |
|  |  | 4377523 |
| **Diversified Telecommunication Services (1.3%):** | **Diversified Telecommunication Services (1.3%):** |  |
| 435000 | AT&T, Inc., 1.65%, 2/1/28, Callable 12/1/27 @ 100 | 368533 |
| 375000 | AT&T, Inc., 4.10%, 2/15/28, Callable 11/15/27 @ 100 | 357064 |
| 1173000 | AT&T, Inc., 4.35%, 3/1/29, Callable 12/1/28 @ 100 | 1116135 |
| 2753000 | AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100 | 2599421 |
| 1859000 | AT&T, Inc., 2.55%, 12/1/33, Callable 9/1/33 @ 100 | 1434338 |
| 935000 | AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100 | 853721 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Diversified Telecommunication Services, continued** | **Diversified Telecommunication Services, continued** | **Diversified Telecommunication Services, continued** | |
| $| 490000 | AT&T, Inc., 2.60%, 5/19/38, Callable 11/19/37 @ 100 | $412613 |
|  | 498000 | AT&T, Inc., 3.50%, 6/1/41, Callable 12/1/40 @ 100 | 374910 |
|  | 806000 | AT&T, Inc., 4.75%, 5/15/46, Callable 11/15/45 @ 100 | 688685 |
|  | 786000 | AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100 | 547503 |
|  | 585000 | AT&T, Inc., 3.65%, 9/15/59, Callable 3/15/59 @ 100 | 398122 |
|  | 190000 | AT&T, Inc., 3.85%, 6/1/60, Callable 12/1/59 @ 100 | 133242 |
|  | 849000 | AT&T, Inc., 3.50%, 2/1/61, Callable 8/1/60 @ 100 | 561935 |
|  | 807000 | Verizon Communications, Inc., 4.33%, 9/21/28 | 779914 |
|  | 2123000 | Verizon Communications, Inc., 4.02%, 12/3/29, Callable 9/3/29 @ 100 | 1994312 |
|  | 5577000 | Verizon Communications, Inc., 3.15%, 3/22/30, Callable 12/22/29 @ 100 | 4937313 |
|  | 466000 | Verizon Communications, Inc., 1.50%, 9/18/30, Callable 6/18/30 @ 100 | 361946 |
|  | 1836000 | Verizon Communications, Inc., 1.68%, 10/30/30, Callable 7/30/30 @ 100 | 1430881 |
|  | 2604000 | Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100 | 2145605 |
|  | 3194000 | Verizon Communications, Inc., 2.36%, 3/15/32, Callable 12/15/31 @ 100 | 2539735 |
|  | 2288000 | Verizon Communications, Inc., 2.65%, 11/20/40, Callable 5/20/40 @ 100 | 1557062 |
|  | 760000 | Verizon Communications, Inc., 2.88%, 11/20/50, Callable 5/20/50 @ 100 | 479669 |
|  | 1224000 | Verizon Communications, Inc., 3.00%, 11/20/60, Callable 5/20/60 @ 100 | 735153 |
|  |  |  | 26807812 |
| **Electric Utilities (1.9%):** | **Electric Utilities (1.9%):** | **Electric Utilities (1.9%):** |  |
|  | 527000 | AEP Texas, Inc., Series H, 3.45%, 1/15/50, Callable 7/15/49 @ 100 | 375014 |
|  | 901000 | AEP Texas, Inc., 3.45%, 5/15/51, Callable 11/15/50 @ 100 | 634387 |
|  | 221000 | AEP Transmission Co. LLC, 3.75%, 12/1/47, Callable 6/1/47 @ 100 | 172691 |
|  | 565000 | AEP Transmission Co. LLC, 3.15%, 9/15/49, Callable 3/15/49 @ 100 | 394330 |
|  | 269000 | AEP Transmission Co. LLC, 3.65%, 4/1/50, Callable 10/1/49 @ 100 | 204488 |
|  | 557000 | AEP Transmission Co. LLC, 2.75%, 8/15/51, Callable 2/15/51 @ 100 | 356286 |
|  | 1044000 | Alabama Power Co., 3.45%, 10/1/49, Callable 4/1/49 @ 100 | 752006 |
|  | 819000 | American Transmission Systems, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100(a) | 672702 |
|  | 1216000 | Baltimore Gas & Electric Co., 3.75%, 8/15/47, Callable 2/15/47 @ 100 | 947530 |
|  | 335000 | Baltimore Gas & Electric Co., 3.20%, 9/15/49, Callable 3/15/49 @ 100 | 236192 |
|  | 750000 | Commonwealth Edison Co., 3.13%, 3/15/51, Callable 9/15/50 @ 100 | 519517 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Electric Utilities, continued** | **Electric Utilities, continued** | |
| $119000 | DTE Electric Co., Series A, 4.05%, 5/15/48, Callable 11/15/47 @ 100 | $98624 |
| 1088000 | DTE Electric Co., 3.95%, 3/1/49, Callable 9/1/48 @ 100 | 889376 |
| 118000 | Duke Energy Carolinas LLC, 3.75%, 6/1/45, Callable 12/1/44 @ 100 | 92944 |
| 718000 | Duke Energy Carolinas LLC, 3.88%, 3/15/46, Callable 9/15/45 @ 100 | 569421 |
| 287000 | Duke Energy Carolinas LLC, 3.95%, 3/15/48, Callable 9/15/47 @ 100 | 232914 |
| 259000 | Duke Energy Carolinas LLC, 3.45%, 4/15/51, Callable 10/15/50 @ 100^ | 189838 |
| 160000 | Duke Energy Corp., 5.00%, 12/8/25 | 159618 |
| 2310000 | Duke Energy Corp., 4.30%, 3/15/28, Callable 2/15/28 @ 100 | 2230869 |
| 2718000 | Duke Energy Florida LLC, 2.50%, 12/1/29, Callable 9/1/29 @ 100 | 2325744 |
| 955000 | Duke Energy Florida LLC, 1.75%, 6/15/30, Callable 3/15/30 @ 100 | 763384 |
| 397000 | Duke Energy Florida LLC, 3.40%, 10/1/46, Callable 4/1/46 @ 100 | 286023 |
| 393000 | Duke Energy Florida LLC, 5.95%, 11/15/52, Callable 5/15/52 @ 100 | 421289 |
| 223000 | Duke Energy Ohio, Inc., 3.65%, 2/1/29, Callable 11/1/28 @ 100 | 206581 |
| 95000 | Duke Energy Progress LLC, 3.45%, 3/15/29, Callable 12/15/28 @ 100 | 87044 |
| 337000 | Duke Energy Progress LLC, 4.20%, 8/15/45, Callable 2/15/45 @ 100 | 281893 |
| 315000 | Duke Energy Progress LLC, 2.90%, 8/15/51, Callable 2/15/51 @ 100 | 209179 |
| 220000 | Duke Energy Progress, Inc., 5.70%, 4/1/35 | 219379 |
| 471000 | Duke Energy Progress, Inc., 4.10%, 5/15/42, Callable 11/15/41 @ 100 | 394800 |
| 258000 | Edison International, 4.95%, 4/15/25, Callable 3/15/25 @ 100 | 254365 |
| 1210000 | Edison International, 6.95%, 11/15/29, Callable 9/15/29 @ 100 | 1270525 |
| 258000 | Entergy Arkansas LLC, 3.35%, 6/15/52, Callable 12/15/51 @ 100 | 182966 |
| 754000 | Entergy Louisiana LLC, 1.60%, 12/15/30, Callable 9/15/30 @ 100 | 581165 |
| 386000 | Entergy Louisiana LLC, 2.35%, 6/15/32, Callable 3/15/32 @ 100 | 306663 |
| 511000 | Entergy Louisiana LLC, 2.90%, 3/15/51, Callable 9/15/50 @ 100 | 329334 |
| 450000 | Entergy Mississippi LLC, 3.85%, 6/1/49, Callable 12/1/48 @ 100 | 349522 |
| 180000 | Exelon Corp., 2.75%, 3/15/27, Callable 2/15/27 @ 100(a) | 165629 |
| 382000 | Exelon Corp., 5.63%, 6/15/35 | 386194 |
| 898000 | Exelon Corp., 4.70%, 4/15/50, Callable 10/15/49 @ 100 | 794622 |
| 193000 | FirstEnergy Corp., 2.05%, 3/1/25, Callable 2/1/25 @ 100 | 178460 |
| 636000 | FirstEnergy Corp., Series C, 3.40%, 3/1/50, Callable 9/1/49 @ 100 | 420876 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Electric Utilities, continued** | **Electric Utilities, continued** | |
| $505000 | FirstEnergy Transmission LLC, 4.35%, 1/15/25, Callable 10/15/24 @ 100(a) | $494045 |
| 637000 | FirstEnergy Transmission LLC, 4.55%, 4/1/49, Callable 10/1/48 @ 100(a) | 519373 |
| 557000 | Florida Power & Light Co., 3.70%, 12/1/47, Callable 6/1/47 @ 100 | 449699 |
| 449000 | Florida Power & Light Co., 3.99%, 3/1/49, Callable 9/1/48 @ 100 | 374695 |
| 1120000 | Florida Power & Light Co., 3.15%, 10/1/49, Callable 4/1/49 @ 100 | 817757 |
| 658000 | MidAmerican Energy Co., 3.10%, 5/1/27, Callable 2/1/27 @ 100 | 614373 |
| 1639000 | MidAmerican Energy Co., 3.65%, 4/15/29, Callable 1/15/29 @ 100 | 1535323 |
| 399000 | MidAmerican Energy Co., 3.15%, 4/15/50, Callable 10/15/49 @ 100 | 283608 |
| 705000 | Northern States Power Co., 2.90%, 3/1/50, Callable 9/1/49 @ 100 | 489720 |
| 1070000 | Northern States Power Co., 2.60%, 6/1/51, Callable 12/1/50 @ 100 | 690073 |
| 174000 | Northern States Power Co., 3.20%, 4/1/52, Callable 10/1/51 @ 100 | 127019 |
| 1676000 | NRG Energy, Inc., 4.45%, 6/15/29, Callable 3/15/29 @ 100(a) | 1479070 |
| 362000 | Ohio Power Co., 4.00%, 6/1/49, Callable 12/1/48 @ 100 | 285740 |
| 301000 | Ohio Power Co., 2.90%, 10/1/51, Callable 4/1/51 @ 100 | 197076 |
| 1406000 | Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28, Callable 8/15/28 @ 100 | 1319105 |
| 10000 | Oncor Electric Delivery Co. LLC, 5.75%, 3/15/29, Callable 12/15/28 @ 100 | 10362 |
| 355000 | Oncor Electric Delivery Co. LLC, 4.55%, 9/15/32, Callable 6/15/32 @ 100(a) | 348302 |
| 271000 | Oncor Electric Delivery Co. LLC, 3.80%, 9/30/47, Callable 3/30/47 @ 100 | 224001 |
| 383000 | Oncor Electric Delivery Co. LLC, 4.10%, 11/15/48, Callable 5/15/48 @ 100 | 326435 |
| 614000 | PECO Energy Co., 3.05%, 3/15/51, Callable 9/15/50 @ 100 | 421329 |
| 535000 | Public Service Electric & Gas Co., 3.65%, 9/1/28, Callable 6/1/28 @ 100 | 502990 |
| 340000 | Public Service Electric & Gas Co., 2.05%, 8/1/50, Callable 2/1/50 @ 100, MTN | 187101 |
| 705000 | Public Service Electric and Gas Co., 2.45%, 1/15/30, Callable 10/15/29 @ 100, MTN | 602447 |
| 355000 | Public Service Electric and Gas Co., 4.90%, 12/15/32, Callable 9/15/32 @ 100^ | 356609 |
| 2928000 | Southern California Edison Co., Series E, 3.70%, 8/1/25, Callable 6/1/25 @ 100 | 2827918 |
| 1131000 | Southern California Edison Co., 5.95%, 11/1/32, Callable 8/1/32 @ 100 | 1201691 |
| 869000 | Southwestern Public Service Co., 3.15%, 5/1/50, Callable 11/1/49 @ 100 | 600077 |
| 215000 | Tampa Electric Co., 4.20%, 5/15/45, Callable 11/15/44 @ 100 | 166713 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Electric Utilities, continued** | **Electric Utilities, continued** | **Electric Utilities, continued** | |
| $| 3000 | Tampa Electric Co., 4.45%, 6/15/49, Callable 12/15/48 @ 100 | $2531 |
|  | 540000 | Tampa Electric Co., 3.63%, 6/15/50, Callable 12/15/49 @ 100 | 395091 |
|  | 381000 | Virginia Electric & Power Co., Series A, 6.00%, 5/15/37 | 393823 |
|  | 451000 | Virginia Electric & Power Co., Series D, 4.65%, 8/15/43, Callable 2/15/43 @ 100 | 398393 |
|  | 715000 | Virginia Electric and Power Co., Series B, 4.20%, 5/15/45, Callable 11/15/44 @ 100 | 585508 |
|  |  |  | 39372381 |
| **Entertainment (0.0%<sup>†</sup>):** | **Entertainment (0.0%<sup>†</sup>):** | **Entertainment (0.0%<sup>†</sup>):** |  |
|  | 293000 | Electronic Arts, Inc., 1.85%, 2/15/31, Callable 11/15/30 @ 100 | 230911 |
| **Equity Real Estate Investment Trusts (REITs) (1.6%):** | **Equity Real Estate Investment Trusts (REITs) (1.6%):** | **Equity Real Estate Investment Trusts (REITs) (1.6%):** |  |
|  | 914000 | Alexandria Real Estate Equities, Inc., 1.88%, 2/1/33, Callable 11/1/32 @ 100 | 679962 |
|  | 2584000 | Alexandria Real Estate Equities, Inc., 2.95%, 3/15/34, Callable 12/15/33 @ 100 | 2105167 |
|  | 2748000 | American Tower Corp., 2.95%, 1/15/25, Callable 12/15/24 @ 100 | 2620548 |
|  | 3000000 | American Tower Corp., 0.45%, 1/15/27, Callable 11/15/26 @ 100 | 2745697 |
|  | 810000 | American Tower Corp., 0.40%, 2/15/27, Callable 12/15/26 @ 100 | 739102 |
|  | 244000 | American Tower Corp., 3.65%, 3/15/27, Callable 2/15/27 @ 100 | 228263 |
|  | 861000 | American Tower Corp., 1.50%, 1/31/28, Callable 11/30/27 @ 100^ | 712712 |
|  | 1738000 | American Tower Corp., 2.10%, 6/15/30, Callable 3/15/30 @ 100 | 1379094 |
|  | 2165000 | American Tower Corp., 2.30%, 9/15/31, Callable 6/15/31 @ 100 | 1689932 |
|  | 232000 | Crown Castle International Corp., 3.15%, 7/15/23, Callable 6/15/23 @ 100 | 229394 |
|  | 430000 | Crown Castle International Corp., 3.70%, 6/15/26, Callable 3/15/26 @ 100 | 408387 |
|  | 592000 | Crown Castle International Corp., 2.90%, 3/15/27, Callable 2/15/27 @ 100 | 539224 |
|  | 829000 | Crown Castle International Corp., 3.10%, 11/15/29, Callable 8/15/29 @ 100 | 724002 |
|  | 1703000 | Crown Castle International Corp., 2.25%, 1/15/31, Callable 10/15/30 @ 100 | 1362913 |
|  | 3819000 | Crown Castle International Corp., 2.50%, 7/15/31, Callable 4/15/31 @ 100 | 3084847 |
|  | 342000 | Crown Castle International Corp., 5.20%, 2/15/49, Callable 8/15/48 @ 100 | 310447 |
|  | 2070000 | Equinix, Inc., 2.00%, 5/15/28, Callable 3/15/28 @ 100 | 1738380 |
|  | 2299000 | Equinix, Inc., 3.20%, 11/18/29, Callable 8/18/29 @ 100 | 2001916 |
|  | 278000 | Equinix, Inc., 2.15%, 7/15/30, Callable 4/15/30 @ 100 | 222628 |
|  | 2242000 | Equinix, Inc., 3.90%, 4/15/32, Callable 1/15/32 @ 100 | 1998709 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Equity Real Estate Investment Trusts (REITs), continued** | **Equity Real Estate Investment Trusts (REITs), continued** | **Equity Real Estate Investment Trusts (REITs), continued** | |
| $| 329000 | Invitation Homes Operating Partnership LP, 2.30%, 11/15/28, Callable 9/15/28 @ 100 | $272620 |
|  | 265000 | Kimco Realty Corp., 4.60%, 2/1/33, Callable 11/1/32 @ 100^ | 243532 |
|  | 534000 | Kimco Realty OP LLC, 2.25%, 12/1/31, Callable 9/1/31 @ 100 | 410739 |
|  | 593000 | National Retail Properties, Inc., 3.10%, 4/15/50, Callable 10/15/49 @ 100 | 366409 |
|  | 1548000 | National Retail Properties, Inc., 3.50%, 4/15/51, Callable 10/15/50 @ 100 | 1037555 |
|  | 402000 | National Retail Properties, Inc., 3.00%, 4/15/52, Callable 10/15/51 @ 100 | 240091 |
|  | 362000 | Prologis LP, 4.00%, 9/15/28, Callable 6/15/28 @ 100 | 344865 |
|  | 403000 | Prologis LP, 2.25%, 4/15/30, Callable 1/15/30 @ 100 | 337264 |
|  | 722000 | Prologis LP, 1.25%, 10/15/30, Callable 7/15/30 @ 100 | 549290 |
|  | 1892000 | Prologis LP, 1.75%, 2/1/31, Callable 11/1/30 @ 100 | 1471370 |
|  | 274000 | Prologis LP, 1.63%, 3/15/31, Callable 12/15/30 @ 100 | 211401 |
|  | 1150000 | Prologis LP, 4.63%, 1/15/33, Callable 10/15/32 @ 100 | 1116658 |
|  | 1081000 | Realty Income Corp., 3.25%, 1/15/31, Callable 10/15/30 @ 100 | 939119 |
|  | 350000 | WP Carey, Inc., 2.40%, 2/1/31, Callable 11/1/30 @ 100 | 279240 |
|  |  |  | 33341477 |
| **Financial Services (0.0%<sup>†</sup>):** | **Financial Services (0.0%<sup>†</sup>):** | **Financial Services (0.0%<sup>†</sup>):** |  |
|  | 295000 | Franciscan Missionaries of Our Lady Health System, Inc., Series B, 3.91%, 7/1/49, Callable 1/1/49 @ 100 | 224542 |
|  | 281000 | GE Capital Funding LLC, 4.55%, 5/15/32, Callable 2/15/32 @ 100 | 267414 |
|  |  |  | 491956 |
| **Financials (0.1%):** | **Financials (0.1%):** | **Financials (0.1%):** |  |
|  | 942000 | Blackstone Private Credit Fund, 3.25%, 3/15/27, Callable 2/15/27 @ 100 | 792760 |
|  | 1152000 | Blackstone Private Credit Fund, 4.00%, 1/15/29, Callable 11/15/28 @ 100 | 953125 |
|  |  |  | 1745885 |
| **Food Products (0.0%<sup>†</sup>):** | **Food Products (0.0%<sup>†</sup>):** | **Food Products (0.0%<sup>†</sup>):** |  |
|  | 420000 | General Mills, Inc., 0.45%, 1/15/26, Callable 10/15/25 @ 100 | 408825 |
| **Gas Utilities (0.0%<sup>†</sup>):** | **Gas Utilities (0.0%<sup>†</sup>):** | **Gas Utilities (0.0%<sup>†</sup>):** |  |
|  | 262000 | Atmos Energy Corp., 4.13%, 10/15/44, Callable 4/15/44 @ 100 | 216750 |
|  | 500000 | Piedmont Natural Gas Co., Inc., 2.50%, 3/15/31, Callable 12/15/30 @ 100 | 408313 |
|  |  |  | 625063 |
| **Health Care (0.2%):** | **Health Care (0.2%):** | **Health Care (0.2%):** |  |
|  | 965000 | BHSH System Obligated Group, Series 2019-A, 3.49%, 7/15/49, Callable 1/15/49 @ 100 | 701586 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Health Care, continued** | **Health Care, continued** | **Health Care, continued** | |
| $| 610000 | City of Hope, Series 2013, 5.62%, 11/15/43 | $590721 |
|  | 197000 | Hoag Memorial Hospital Presbyterian, 3.80%, 7/15/52, Callable 1/15/52 @ 100 | 156355 |
|  | 410000 | Mount Nittany Medical Center Obligated Group, Series 2022, 3.80%, 11/15/52 | 312486 |
|  | 462000 | Nationwide Children's Hospital, Inc., 4.56%, 11/1/52, Callable 5/1/52 @ 100 | 417211 |
|  | 430000 | Presbyterian Healthcare Services, 4.88%, 8/1/52, Callable 2/1/52 @ 100 | 406637 |
|  | 520000 | Queen's Health Systems (The), 4.81%, 7/1/52, Callable 1/1/52 @ 100 | 481613 |
|  | 300000 | Seattle Children's Hospital, Series 2021, 2.72%, 10/1/50, Callable 10/1/49 @ 100 | 188814 |
|  |  |  | 3255423 |
| **Health Care Equipment & Supplies (0.1%):** | **Health Care Equipment & Supplies (0.1%):** | **Health Care Equipment & Supplies (0.1%):** |  |
|  | 259000 | Baxter International, Inc., 2.54%, 2/1/32, Callable 11/1/31 @ 100 | 206319 |
|  | 525000 | Becton Dickinson & Co., 1.40%, 5/24/23, Callable 4/24/23 @ 100 | 558765 |
|  | 510000 | Becton Dickinson & Co., 0.03%, 8/13/25, Callable 7/13/25 @ 100 | 495606 |
|  | 333000 | Boston Scientific Corp., 2.65%, 6/1/30, Callable 3/1/30 @ 100 | 285274 |
|  |  |  | 1545964 |
| **Health Care Providers & Services (1.2%):** | **Health Care Providers & Services (1.2%):** | **Health Care Providers & Services (1.2%):** |  |
|  | 410000 | Aetna, Inc., 4.75%, 3/15/44, Callable 9/15/43 @ 100 | 362630 |
|  | 275000 | AHS Hospital Corp., 2.78%, 7/1/51, Callable 1/1/51 @ 100 | 171936 |
|  | 448000 | Anthem, Inc., 4.55%, 3/1/48, Callable 9/1/47 @ 100 | 391944 |
|  | 350000 | CommonSpirit Health, 2.78%, 10/1/30, Callable 4/1/30 @ 100 | 289258 |
|  | 825000 | CommonSpirit Health, 3.82%, 10/1/49, Callable 4/1/49 @ 100 | 620401 |
|  | 498000 | CVS Health Corp., 5.00%, 12/1/24, Callable 9/1/24 @ 100 | 494949 |
|  | 1470000 | CVS Health Corp., 3.63%, 4/1/27, Callable 2/1/27 @ 100 | 1396331 |
|  | 2293000 | CVS Health Corp., 4.30%, 3/25/28, Callable 12/25/27 @ 100 | 2215393 |
|  | 1817000 | CVS Health Corp., 5.13%, 7/20/45, Callable 1/20/45 @ 100 | 1670699 |
|  | 1240000 | Duke University Health, 3.92%, 6/1/47, Callable 12/1/46 @ 100 | 1004440 |
|  | 752000 | Elevance Health, Inc., 6.10%, 10/15/52, Callable 4/15/52 @ 100 | 811959 |
|  | 4474000 | HCA, Inc., 5.25%, 4/15/25 | 4462815 |
|  | 3927000 | HCA, Inc., 5.25%, 6/15/26, Callable 12/15/25 @ 100 | 3868095 |
|  | 260000 | HCA, Inc., 5.38%, 9/1/26, Callable 3/1/26 @ 100 | 256750 |
|  | 1461000 | HCA, Inc., 3.63%, 3/15/32, Callable 12/15/31 @ 100(a) | 1240339 |
|  | 2871000 | HCA, Inc., 3.50%, 7/15/51, Callable 1/15/51 @ 100 | 1864482 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Health Care Providers & Services, continued** | **Health Care Providers & Services, continued** | **Health Care Providers & Services, continued** | |
| $| 221000 | UnitedHealth Group, Inc., 4.75%, 7/15/45 | $208736 |
|  | 957000 | UnitedHealth Group, Inc., 4.20%, 1/15/47, Callable 7/15/46 @ 100 | 829160 |
|  | 530000 | UnitedHealth Group, Inc., 3.75%, 10/15/47, Callable 4/15/47 @ 100 | 427940 |
|  | 1099000 | UnitedHealth Group, Inc., 2.90%, 5/15/50, Callable 11/15/49 @ 100 | 752532 |
|  | 996000 | UnitedHealth Group, Inc., 6.05%, 2/15/63, Callable 8/15/62 @ 100 | 1097798 |
|  |  |  | 24438587 |
| **Health Care Technology (0.0%<sup>†</sup>):** | **Health Care Technology (0.0%<sup>†</sup>):** | **Health Care Technology (0.0%<sup>†</sup>):** |  |
|  | 744000 | GE HealthCare Technologies, Inc., 5.60%, 11/15/25, Callable 10/15/25 @ 100(a) | 749382 |
| **Hotels, Restaurants & Leisure (0.1%):** | **Hotels, Restaurants & Leisure (0.1%):** | **Hotels, Restaurants & Leisure (0.1%):** |  |
|  | 1200000 | McDonald's Corp., Series G, 1.00%, 11/15/23, MTN(a) | 1265566 |
| **Industrial Conglomerates (0.0%<sup>†</sup>):** | **Industrial Conglomerates (0.0%<sup>†</sup>):** | **Industrial Conglomerates (0.0%<sup>†</sup>):** |  |
|  | 785000 | 3M Co., Series E, 0.95%, 5/15/23 | 835782 |
| **Insurance (0.2%):** | **Insurance (0.2%):** | **Insurance (0.2%):** |  |
|  | 348000 | American International Group, Inc., 4.80%, 7/10/45, Callable 1/10/45 @ 100 | 312412 |
|  | 330000 | American International Group, Inc., 4.38%, 6/30/50, Callable 12/30/49 @ 100 | 284477 |
|  | 572000 | Aon Corp., 4.50%, 12/15/28, Callable 9/15/28 @ 100 | 552503 |
|  | 1350000 | Aon Corp., 2.80%, 5/15/30, Callable 2/15/30 @ 100 | 1154419 |
|  | 378000 | Hartford Financial Services Group, Inc. (The), 4.30%, 4/15/43 | 303842 |
|  | 480000 | Marsh & McLennan Cos., Inc., 1.35%, 9/21/26, Callable 6/21/26 @ 100 | 465220 |
|  | 433000 | Marsh & McLennan Cos., Inc., 4.38%, 3/15/29, Callable 12/15/28 @ 100 | 419814 |
|  | 833000 | Marsh & McLennan Cos., Inc., 2.25%, 11/15/30, Callable 8/15/30 @ 100^ | 681905 |
|  | 843000 | Marsh McLennan Cos., Inc., 2.38%, 12/15/31, Callable 9/15/31 @ 100 | 683806 |
|  |  |  | 4858398 |
| **Interactive Media & Services (0.1%):** | **Interactive Media & Services (0.1%):** | **Interactive Media & Services (0.1%):** |  |
|  | 2431000 | Meta Platforms, Inc., 4.45%, 8/15/52, Callable 2/15/52 @ 100 | 1944119 |
| **Internet & Direct Marketing Retail (0.2%):** | **Internet & Direct Marketing Retail (0.2%):** | **Internet & Direct Marketing Retail (0.2%):** |  |
|  | 1117000 | Amazon.com, Inc., 4.70%, 12/1/32, Callable 9/1/32 @ 100 | 1113505 |
|  | 1205000 | Amazon.com, Inc., 4.95%, 12/5/44, Callable 6/5/44 @ 100 | 1195412 |
|  | 657000 | Amazon.com, Inc., 4.25%, 8/22/57, Callable 2/22/57 @ 100 | 568696 |
|  | 256000 | eBay, Inc., 2.60%, 5/10/31, Callable 2/10/31 @ 100 | 208654 |
|  | 1325000 | eBay, Inc., 6.30%, 11/22/32, Callable 8/22/32 @ 100 | 1380262 |
|  |  |  | 4466529 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **IT Services (0.3%):** | **IT Services (0.3%):** | |
| $1661000 | Global Payments, Inc., 4.95%, 8/15/27, Callable 7/15/27 @ 100 | $1615102 |
| 2838000 | Global Payments, Inc., 3.20%, 8/15/29, Callable 5/15/29 @ 100 | 2427628 |
| 1898000 | Global Payments, Inc., 2.90%, 5/15/30, Callable 2/15/30 @ 100 | 1563785 |
| 461000 | Global Payments, Inc., 5.95%, 8/15/52, Callable 2/15/52 @ 100 | 421520 |
|  |  | 6028035 |
| **Life Sciences Tools & Services (0.1%):** | **Life Sciences Tools & Services (0.1%):** |  |
| 958000 | Agilent Technologies, Inc., 2.30%, 3/12/31, Callable 12/12/30 @ 100 | 775596 |
| 833000 | Thermo Fisher Scientific, Inc., 2.00%, 10/15/31, Callable 7/15/31 @ 100 | 677849 |
|  |  | 1453445 |
| **Media (0.6%):** | **Media (0.6%):** |  |
| 2976000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.95%, 6/30/62, Callable 12/30/61 @ 100 | 1760855 |
| 3978000 | Comcast Corp., 2.65%, 2/1/30, Callable 11/1/29 @ 100 | 3452263 |
| 999000 | Comcast Corp., 1.95%, 1/15/31, Callable 10/15/30 @ 100 | 807575 |
| 1868000 | Comcast Corp., 5.50%, 11/15/32, Callable 8/15/32 @ 100 | 1952562 |
| 492000 | Comcast Corp., 3.25%, 11/1/39, Callable 5/1/39 @ 100 | 384279 |
| 937000 | Comcast Corp., 3.40%, 7/15/46, Callable 1/15/46 @ 100 | 690705 |
| 275000 | Comcast Corp., 3.97%, 11/1/47, Callable 5/1/47 @ 100 | 219551 |
| 1944000 | Comcast Corp., 2.94%, 11/1/56, Callable 5/1/56 @ 100 | 1225328 |
| 799000 | Cox Communications, Inc., 3.60%, 6/15/51, Callable 12/15/50 @ 100(a) | 549453 |
| 1153000 | Discovery Communications LLC, 1.90%, 3/19/27, Callable 12/19/26 @ 100 | 1110598 |
| 301000 | NBCUniversal Media LLC, 4.45%, 1/15/43 | 266212 |
| 844000 | Paramount Global, 4.85%, 7/1/42, Callable 1/1/42 @ 100 | 633420 |
|  |  | 13052801 |
| **Metals & Mining (0.0%<sup>†</sup>):** | **Metals & Mining (0.0%<sup>†</sup>):** |  |
| 203000 | Newmont Corp., 5.88%, 4/1/35 | 208130 |
| 367000 | Nucor Corp., 4.30%, 5/23/27, Callable 4/23/27 @ 100 | 356183 |
|  |  | 564313 |
| **Multi-Utilities (0.2%):** | **Multi-Utilities (0.2%):** |  |
| 762000 | Ameren Illinois Co., 3.25%, 3/15/50, Callable 9/15/49 @ 100 | 545366 |
| 176000 | CenterPoint Energy Houston Electric LLC, 3.95%, 3/1/48, Callable 9/1/47 @ 100 | 143646 |
| 695000 | CenterPoint Energy Houston Electric LLC, 3.35%, 4/1/51, Callable 10/1/50 @ 100 | 510822 |
| 1542000 | CenterPoint Energy Resources Corp., 1.75%, 10/1/30, Callable 7/1/30 @ 100 | 1203933 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Multi-Utilities, continued** | **Multi-Utilities, continued** | **Multi-Utilities, continued** | |
| $| 301000 | Consumers Energy Co., 3.80%, 11/15/28, Callable 8/15/28 @ 100 | $283621 |
|  | 430000 | Consumers Energy Co., 4.05%, 5/15/48, Callable 11/15/47 @ 100 | 361666 |
|  | 531000 | Consumers Energy Co., 3.75%, 2/15/50, Callable 8/15/49 @ 100 | 414962 |
|  | 778000 | Consumers Energy Co., 3.10%, 8/15/50, Callable 2/15/50 @ 100 | 539433 |
|  | 180000 | Consumers Energy Co., 3.50%, 8/1/51, Callable 2/1/51 @ 100 | 137852 |
|  | 337000 | Consumers Energy Co., 4.20%, 9/1/52, Callable 3/1/52 @ 100 | 290948 |
|  |  |  | 4432249 |
| **National (0.1%):** | **National (0.1%):** | **National (0.1%):** |  |
|  | 625000 | Federal Farm Credit Banks Funding Corp., 3.50%, 9/1/32 | 578238 |
|  | 1045000 | Federal Farm Credit Banks Funding Corp., 3.88%, 9/20/32 | 997079 |
|  |  |  | 1575317 |
| **Oil, Gas & Consumable Fuels (2.8%):** | **Oil, Gas & Consumable Fuels (2.8%):** | **Oil, Gas & Consumable Fuels (2.8%):** |  |
|  | 762000 | Cameron LNG LLC, 2.90%, 7/15/31, Callable 4/15/31 @ 100(a) | 644731 |
|  | 1695000 | Cameron LNG LLC, 3.30%, 1/15/35, Callable 9/15/34 @ 100(a) | 1380654 |
|  | 1037000 | Cameron LNG LLC, 3.40%, 1/15/38, Callable 7/15/37 @ 100(a) | 841253 |
|  | 4397000 | Cheniere Corpus Christi Holdings LLC, 5.13%, 6/30/27, Callable 1/1/27 @ 100 | 4342037 |
|  | 1380000 | Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29, Callable 5/18/29 @ 100 | 1250625 |
|  | 196000 | Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39, Callable 7/4/39 @ 100 | 152520 |
|  | 469000 | Devon Energy Corp., 8.25%, 8/1/23, Callable 6/1/23 @ 100 | 475742 |
|  | 338000 | Devon Energy Corp., 5.25%, 10/15/27, Callable 1/17/23 @ 102.63 | 333500 |
|  | 78000 | Devon Energy Corp., 5.88%, 6/15/28, Callable 6/15/23 @ 102.94 | 77350 |
|  | 3600000 | Devon Energy Corp., 4.50%, 1/15/30, Callable 1/15/25 @ 102.25 | 3368275 |
|  | 854000 | Devon Energy Corp., 5.60%, 7/15/41, Callable 1/15/41 @ 100 | 800366 |
|  | 619000 | Devon Energy Corp., 4.75%, 5/15/42, Callable 11/15/41 @ 100 | 526376 |
|  | 4555000 | Diamondback Energy, Inc., 3.25%, 12/1/26, Callable 10/1/26 @ 100 | 4230456 |
|  | 6164000 | Diamondback Energy, Inc., 3.50%, 12/1/29, Callable 9/1/29 @ 100 | 5422304 |
|  | 530000 | Diamondback Energy, Inc., 4.40%, 3/24/51, Callable 9/24/50 @ 100 | 402673 |
|  | 711000 | Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100 | 693695 |
|  | 1007000 | Energy Transfer LP, 5.88%, 1/15/24, Callable 10/15/23 @ 100 | 1009943 |
|  | 1064000 | Energy Transfer LP, 5.95%, 12/1/25, Callable 9/1/25 @ 100 | 1072624 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| $270000 | Energy Transfer LP, 4.40%, 3/15/27, Callable 12/15/26 @ 100 | $256794 |
| 2400000 | Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100 | 2313816 |
| 1725000 | Energy Transfer LP, 5.25%, 4/15/29, Callable 1/15/29 @ 100 | 1673057 |
| 236000 | Energy Transfer LP, 8.25%, 11/15/29, Callable 8/15/29 @ 100 | 259814 |
| 497000 | Energy Transfer LP, 3.75%, 5/15/30, Callable 2/15/30 @ 100 | 438337 |
| 1775000 | Energy Transfer LP, 5.00%, 5/15/50, Callable 11/15/49 @ 100 | 1434186 |
| 266000 | Energy Transfer Operating LP, 4.50%, 4/15/24, Callable 3/15/24 @ 100 | 262551 |
| 269000 | Energy Transfer Operating LP, 4.05%, 3/15/25, Callable 12/15/24 @ 100 | 260906 |
| 670000 | Energy Transfer Partners LP, 3.60%, 2/1/23 | 668886 |
| 675000 | Energy Transfer, LP, 6.25%, 4/15/49, Callable 10/15/48 @ 100 | 633292 |
| 251000 | Enterprise Products Operating LLC, 4.80%, 2/1/49, Callable 8/1/48 @ 100 | 216586 |
| 515000 | Enterprise Products Operating LLC, 4.20%, 1/31/50, Callable 7/31/49 @ 100 | 407532 |
| 221000 | Enterprise Products Operating LLC, 3.20%, 2/15/52, Callable 8/15/51 @ 100 | 147460 |
| 240000 | EQT Corp., 5.70%, 4/1/28, Callable 3/1/28 @ 100 | 239100 |
| 1090000 | Exxon Mobil Corp., 1.41%, 6/26/39, Callable 12/26/38 @ 100 | 755809 |
| 228000 | Kinder Morgan Energy Partners LP, SERIES MTN, 6.95%, 1/15/38, MTN | 241299 |
| 37000 | Kinder Morgan Energy Partners LP, 7.50%, 11/15/40 | 40814 |
| 639000 | Kinder Morgan, Inc., 3.60%, 2/15/51, Callable 8/15/50 @ 100 | 444683 |
| 675000 | Kinder Morgan, Inc., Series MTN, 5.45%, 8/1/52, Callable 2/1/52 @ 100 | 610109 |
| 1313000 | NGPL PipeCo LLC, 3.25%, 7/15/31, Callable 4/15/31 @ 100(a) | 1069481 |
| 1292000 | NGPL PipeCo. LLC, 4.88%, 8/15/27, Callable 2/15/27 @ 100(a) | 1229015 |
| 770000 | Northern Natural Gas Co., 4.30%, 1/15/49, Callable 7/15/48 @ 100(a) | 612484 |
| 596000 | Northern Natural Gas Co., 3.40%, 10/16/51, Callable 4/16/51 @ 100(a) | 406486 |
| 2523000 | Northwest Pipeline LLC, 4.00%, 4/1/27, Callable 1/1/27 @ 100 | 2386041 |
| 2296000 | Sabine Pass Liquefaction LLC, 5.00%, 3/15/27, Callable 9/15/26 @ 100 | 2252950 |
| 228000 | Sabine Pass Liquefaction LLC, 4.20%, 3/15/28, Callable 9/15/27 @ 100 | 214605 |
| 470000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp, 5.00%, 1/15/28, Callable 2/6/23 @ 102.5 | 452375 |
| 1130000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75 | 1063613 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| $| 1110000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.88%, 2/1/31, Callable 2/1/26 @ 102.44 | $1000387 |
|  | 1373000 | Texas Eastern Transmission LP, 3.50%, 1/15/28, Callable 10/15/27 @ 100(a) | 1240489 |
|  | 1702000 | Texas Eastern Transmission LP, 4.15%, 1/15/48, Callable 7/15/47 @ 100(a) | 1358606 |
|  | 2610000 | Transcontinental Gas Pipe Line Co. LLC, 7.85%, 2/1/26, Callable 11/1/25 @ 100 | 2784353 |
|  | 2198000 | Transcontinental Gas Pipe Line Co. LLC, 4.00%, 3/15/28, Callable 12/15/27 @ 100 | 2065199 |
|  | 772000 | Transcontinental Gas Pipe Line Co. LLC, 3.95%, 5/15/50, Callable 11/15/49 @ 100 | 603733 |
|  | 240000 | Williams Cos., Inc., Series A, 7.50%, 1/15/31 | 262331 |
|  | 911000 | Williams Cos., Inc. (The), 2.60%, 3/15/31, Callable 12/15/30 @ 100 | 740553 |
|  |  |  | 58072856 |
| **Pharmaceuticals (0.1%):** | **Pharmaceuticals (0.1%):** | **Pharmaceuticals (0.1%):** |  |
|  | 858000 | Bristol-Myers Squibb Co., 2.95%, 3/15/32, Callable 12/15/31 @ 100 | 750833 |
|  | 312000 | Bristol-Myers Squibb Co., 3.25%, 8/1/42 | 239593 |
|  | 442000 | Bristol-Myers Squibb Co., 4.63%, 5/15/44, Callable 11/15/43 @ 100 | 407542 |
|  |  |  | 1397968 |
| **Power (0.1%):** | **Power (0.1%):** | **Power (0.1%):** |  |
|  | 1783000 | Texas Electric Market Stabilization Funding N LLC, 4.26%, 8/1/36(a) | 1687057 |
| **Professional Services (0.4%):** | **Professional Services (0.4%):** | **Professional Services (0.4%):** |  |
|  | 2555000 | Leidos, Inc., 4.38%, 5/15/30, Callable 2/15/30 @ 100 | 2309081 |
|  | 3657000 | RELX Capital, Inc., 3.50%, 3/16/23, Callable 2/16/23 @ 100 | 3643663 |
|  | 1797000 | RELX Capital, Inc., 3.00%, 5/22/30, Callable 2/22/30 @ 100 | 1540013 |
|  |  |  | 7492757 |
| **Real Estate Management & Development (0.0%<sup>†</sup>):** | **Real Estate Management & Development (0.0%<sup>†</sup>):** | **Real Estate Management & Development (0.0%<sup>†</sup>):** |  |
|  | 915000 | Northwest Florida Timber Finance LLC, 4.75%, 3/4/29(a) | 813601 |
| **Road & Rail (0.7%):** | **Road & Rail (0.7%):** | **Road & Rail (0.7%):** |  |
|  | 1369000 | Burlington Northern Santa Fe LLC, 4.15%, 12/15/48, Callable 6/15/48 @ 100 | 1171913 |
|  | 313000 | Burlington Northern Santa Fe LLC, 2.88%, 6/15/52, Callable 12/15/51 @ 100 | 210862 |
|  | 1849000 | CSX Corp., 3.25%, 6/1/27, Callable 3/1/27 @ 100 | 1731927 |
|  | 293000 | CSX Corp., 4.10%, 3/15/44, Callable 9/15/43 @ 100 | 247014 |
|  | 504000 | CSX Corp., 4.50%, 11/15/52, Callable 5/15/52 @ 100 | 442271 |
|  | 145000 | Norfolk Southern Corp., 2.90%, 6/15/26, Callable 3/15/26 @ 100 | 136093 |
|  | 1356000 | Norfolk Southern Corp., 2.55%, 11/1/29, Callable 8/1/29 @ 100 | 1163321 |
|  | 1101000 | Norfolk Southern Corp., 3.00%, 3/15/32, Callable 12/15/31 @ 100 | 945425 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Road & Rail, continued** | **Road & Rail, continued** | **Road & Rail, continued** | |
| $| 243000 | Norfolk Southern Corp., 3.40%, 11/1/49, Callable 5/1/49 @ 100 | $175153 |
|  | 340000 | Norfolk Southern Corp., 4.55%, 6/1/53, Callable 12/1/52 @ 100 | 299951 |
|  | 478000 | Penske Truck Leasing Co. LP / PTL Finance Corp., 3.95%, 3/10/25, Callable 1/10/25 @ 100(a) | 461077 |
|  | 1490000 | Penske Truck Leasing Co. LP / PTL Finance Corp., 1.20%, 11/15/25, Callable 10/15/25 @ 100(a) | 1314968 |
|  | 397000 | Penske Truck Leasing Co. LP / PTL Finance Corp., 4.45%, 1/29/26, Callable 11/29/25 @ 100(a) | 383523 |
|  | 870000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 3.90%, 2/1/24, Callable 1/1/24 @ 100(a) | 852685 |
|  | 982000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 5.88%, 11/15/27, Callable 10/15/27 @ 100(a) | 992775 |
|  | 349000 | Ryder System, Inc., 2.90%, 12/1/26, Callable 10/1/26 @ 100 | 317937 |
|  | 3066000 | Union Pacific Corp., 2.80%, 2/14/32, Callable 12/15/31 @ 100 | 2657820 |
|  | 269000 | Union Pacific Corp., 2.89%, 4/6/36, Callable 1/6/36 @ 100 | 214874 |
|  | 2000 | Union Pacific Corp., 4.50%, 9/10/48, Callable 3/10/48 @ 100 | 1774 |
|  | 299000 | Union Pacific Corp., 3.25%, 2/5/50, Callable 8/5/49 @ 100 | 219168 |
|  | 366025 | Union Pacific Railroad Co., Series 2014-1, 3.23%, 5/14/26 | 351112 |
|  |  |  | 14291643 |
| **Semiconductors & Semiconductor Equipment (0.7%):** | **Semiconductors & Semiconductor Equipment (0.7%):** | **Semiconductors & Semiconductor Equipment (0.7%):** |  |
|  | 519000 | Broadcom Corp/Broadcom Cayman Finance, Ltd., 3.50%, 1/15/28, Callable 10/15/27 @ 100 | 473903 |
|  | 195000 | Broadcom, Inc., 3.46%, 9/15/26, Callable 7/15/26 @ 100 | 183920 |
|  | 859000 | Broadcom, Inc., 4.15%, 11/15/30, Callable 8/15/30 @ 100 | 772482 |
|  | 5000 | Broadcom, Inc., 2.45%, 2/15/31, Callable 11/15/30 @ 100(a) | 3950 |
|  | 850000 | Broadcom, Inc., 4.15%, 4/15/32, Callable 1/15/32 @ 100(a) | 750647 |
|  | 569000 | Broadcom, Inc., 3.42%, 4/15/33, Callable 1/15/33 @ 100(a) | 458790 |
|  | 1493000 | Broadcom, Inc., 3.47%, 4/15/34, Callable 1/15/34 @ 100(a) | 1187447 |
|  | 2265000 | Broadcom, Inc., 4.93%, 5/15/37, Callable 2/15/37 @ 100(a) | 1986396 |
|  | 5000 | KLA Corp., 4.65%, 11/1/24, Callable 8/1/24 @ 100 | 4994 |
|  | 925000 | KLA Corp., 3.30%, 3/1/50, Callable 8/28/49 @ 100 | 672850 |
|  | 1038000 | KLA Corp., 5.25%, 7/15/62, Callable 1/15/62 @ 100 | 1013632 |
|  | 1426000 | KLA-Tencor Corp., 4.10%, 3/15/29, Callable 12/15/28 @ 100 | 1381838 |
|  | 303000 | Lam Research Corp., 4.88%, 3/15/49, Callable 9/15/48 @ 100 | 290693 |
|  | 627000 | Lam Research Corp., 2.88%, 6/15/50, Callable 12/15/49 @ 100 | 427055 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Semiconductors & Semiconductor Equipment, continued** | **Semiconductors & Semiconductor Equipment, continued** | **Semiconductors & Semiconductor Equipment, continued** | |
| $| 689000 | NVIDIA Corp., 3.50%, 4/1/50, Callable 10/1/49 @ 100 | $524990 |
|  | 2209000 | QUALCOMM, Inc., 5.40%, 5/20/33, Callable 2/20/33 @ 100^ | 2306189 |
|  | 1205000 | QUALCOMM, Inc., 4.65%, 5/20/35, Callable 11/20/34 @ 100 | 1168545 |
|  | 470000 | QUALCOMM, Inc., 6.00%, 5/20/53, Callable 11/20/52 @ 100 | 503504 |
|  | 494000 | TSMC Arizona Corp., 4.25%, 4/22/32, Callable 1/22/32 @ 100 | 477398 |
|  |  |  | 14589223 |
| **Software (0.7%):** | **Software (0.7%):** | **Software (0.7%):** |  |
|  | 1438000 | Autodesk, Inc., 2.85%, 1/15/30, Callable 10/15/29 @ 100 | 1239357 |
|  | 1021000 | Oracle Corp., 4.30%, 7/8/34, Callable 1/8/34 @ 100 | 897494 |
|  | 1560000 | Oracle Corp., 3.85%, 7/15/36, Callable 1/15/36 @ 100 | 1261063 |
|  | 3324000 | Oracle Corp., 3.80%, 11/15/37, Callable 5/15/37 @ 100 | 2643574 |
|  | 591000 | Oracle Corp., 6.13%, 7/8/39 | 592679 |
|  | 1611000 | Oracle Corp., 3.60%, 4/1/40, Callable 10/1/39 @ 100 | 1198834 |
|  | 1375000 | Oracle Corp., 5.38%, 7/15/40 | 1271992 |
|  | 962000 | Oracle Corp., 3.65%, 3/25/41, Callable 9/25/40 @ 100 | 717888 |
|  | 1147000 | Oracle Corp., 4.00%, 11/15/47, Callable 5/15/47 @ 100 | 839756 |
|  | 1612000 | Oracle Corp., 3.60%, 4/1/50, Callable 10/1/49 @ 100 | 1099421 |
|  | 744000 | salesforce.com, Inc., 3.05%, 7/15/61, Callable 1/15/61 @ 100 | 479105 |
|  | 1419000 | ServiceNow, Inc., 1.40%, 9/1/30, Callable 6/1/30 @ 100 | 1088593 |
|  | 281000 | Vmware, Inc., 4.65%, 5/15/27, Callable 3/15/27 @ 100 | 271778 |
|  | 427000 | Vmware, Inc., 3.90%, 8/21/27, Callable 5/21/27 @ 100 | 399448 |
|  | 361000 | Vmware, Inc., 1.80%, 8/15/28, Callable 6/15/28 @ 100 | 295065 |
|  | 1164000 | Vmware, Inc., 2.20%, 8/15/31, Callable 5/15/31 @ 100 | 888499 |
|  | 545000 | Workday, Inc., 3.80%, 4/1/32, Callable 1/1/32 @ 100 | 483586 |
|  |  |  | 15668132 |
| **Specialty Retail (0.1%):** | **Specialty Retail (0.1%):** | **Specialty Retail (0.1%):** |  |
|  | 861000 | Lowe's Cos., Inc., 3.65%, 4/5/29, Callable 1/5/29 @ 100 | 797735 |
|  | 1307000 | Lowe's Cos., Inc., 2.80%, 9/15/41, Callable 3/15/41 @ 100 | 896299 |
|  |  |  | 1694034 |
| **Technology Hardware, Storage & Peripherals (0.1%):** | **Technology Hardware, Storage & Peripherals (0.1%):** | **Technology Hardware, Storage & Peripherals (0.1%):** |  |
|  | 592000 | Apple, Inc., 4.10%, 8/8/62, Callable 2/8/62 @ 100 | 501294 |
|  | 98000 | Dell International LLC/EMC Corp., 8.35%, 7/15/46, Callable 1/15/46 @ 100 | 112365 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Technology Hardware, Storage & Peripherals, continued** | **Technology Hardware, Storage & Peripherals, continued** | |
| 541000 | Dell International LLC/EMC Corp., 3.45%, 12/15/51, Callable 6/15/51 @ 100(a) | $332706 |
| 344000 | Hp, Inc., 2.65%, 6/17/31, Callable 3/17/31 @ 100 | 269929 |
|  |  | 1216294 |
| **Thrifts & Mortgage Finance (0.1%):** | **Thrifts & Mortgage Finance (0.1%):** |  |
| 1708000 | Federal National Mortgage Association, 1.55%, 8/24/35, Callable 8/24/23 @ 100 | 1171464 |
| **Tobacco (0.5%):** | **Tobacco (0.5%):** |  |
| 415000 | Altria Group, Inc., 2.20%, 6/15/27, Callable 4/15/27 @ 100 | 398006 |
| 1448000 | Altria Group, Inc., 2.45%, 2/4/32, Callable 11/4/31 @ 100 | 1097594 |
| 3327000 | Altria Group, Inc., 5.80%, 2/14/39, Callable 8/14/38 @ 100 | 3055091 |
| 84000 | Altria Group, Inc., 6.20%, 2/14/59, Callable 8/14/58 @ 100 | 78432 |
| 562000 | BAT Capital Corp., 2.26%, 3/25/28, Callable 1/25/28 @ 100 | 467506 |
| 567000 | BAT Capital Corp., 4.76%, 9/6/49, Callable 3/6/49 @ 100 | 417246 |
| 3745000 | Philip Morris International, Inc., 5.13%, 11/17/27, Callable 10/17/27 @ 100 | 3781207 |
| 1000000 | Philip Morris International, Inc., 1.88%, 11/6/37, Callable 8/6/37 @ 100 | 665907 |
| 1732000 | Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/15/45 @ 100 | 1487720 |
|  |  | 11448709 |
| **Utilities (0.2%):** | **Utilities (0.2%):** |  |
| 470000 | CenterPoint Ener Houston, 3.60%, 3/1/52, Callable 9/1/51 @ 100 | 363884 |
| 919000 | Consolidated Edison Co. of New York, Inc., 6.15%, 11/15/52, Callable 5/15/52 @ 100 | 996337 |
| 240000 | PECO Energy Co., 4.38%, 8/15/52, Callable 2/15/52 @ 100 | 210493 |
| 3266000 | Vistra Operations Co. LLC, 5.13%, 5/13/25(a) | 3199373 |
|  |  | 4770087 |
| **Wireless Telecommunication Services (0.6%):** | **Wireless Telecommunication Services (0.6%):** |  |
| 11257000 | T-Mobile USA, Inc., 3.75%, 4/15/27, Callable 2/15/27 @ 100 | 10637696 |
| 2779000 | T-Mobile USA, Inc., 3.30%, 2/15/51, Callable 8/15/50 @ 100 | 1874038 |
|  |  | 12511734 |
| Total Corporate Bonds (Cost $592,714,177) | Total Corporate Bonds (Cost $592,714,177) | 520183812 |
| **Foreign Bonds (0.9%):** | **Foreign Bonds (0.9%):** |  |
| **Aerospace & Defense (0.0%<sup>†</sup>):** | **Aerospace & Defense (0.0%<sup>†</sup>):** |  |
| 410000 | Airbus SE, 2.38%, 6/9/40, Callable 3/9/40 @ 100, MTN+(a) | 328594 |
| **Automobiles (0.0%<sup>†</sup>):** | **Automobiles (0.0%<sup>†</sup>):** |  |
| 300000 | Volkswagen International Finance NV, 4.13%, 11/16/38+(a) | 290717 |
| **Banks (0.3%):** | **Banks (0.3%):** |  |
| 900000 | Banco de Sabadell SA, 1.12%(EUSA1+155bps), 3/11/27, Callable 3/11/26 @ 100+(a) | 859128 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Foreign Bonds, continued** | **Foreign Bonds, continued** | |
| **Banks, continued** | **Banks, continued** | |
| 2000000 | BNP Paribas SA, 0.25%(EUR003M+70bps), 4/13/27, Callable 4/13/26 @ 100, MTN+(a) | $1867155 |
| 800000 | BNP Paribas SA, 0.50%(EUR0003M+83bps), 1/19/30, Callable 1/19/29 @ 100, MTN+(a) | 673534 |
| 500000 | BPCE SA, 0.25%, 1/15/26+(a) | 482972 |
| 300000 | de Volksbank NV, 1.75%(EUSA5+2.1bps), 10/22/30, Callable 10/22/25 @ 100, MTN+(a) | 290509 |
| 1013000 | Lloyds Banking Group plc, 4.50%(EUR003M+172.2bps), 3/18/30, Callable 3/18/25 @ 100, MTN+(a) | 1041124 |
| 1000000 | Toronto-Dominion Bank (The), Series E, 0.38%, 4/25/24, MTN+(a) | 1029144 |
|  |  | 6243566 |
| **Beverages (0.0%<sup>†</sup>):** | **Beverages (0.0%<sup>†</sup>):** |  |
| 600000 | Pernod Ricard SA, 3.00%, 10/24/23, Callable 9/24/23 @ 100+(a) | 626894 |
| **Capital Markets (0.2%):** | **Capital Markets (0.2%):** |  |
| 700000 | Deutsche Bank AG, 1.00%(EUR003M+1.6bps), 11/19/25, Callable 11/19/24 @ 100+(a) | 698719 |
| 1200000 | Deutsche Bank AG, 1.88%(EUR003M+138bps), 2/23/28, Callable 2/23/27 @ 100, MTN+(a) | 1121140 |
| 670000 | SELP Finance Sarl, 0.88%, 5/27/29, Callable 2/27/29 @ 100+(a) | 536562 |
| 1140000 | Viterra Finance BV, 0.38%, 9/24/25, Callable 8/24/25 @ 100, MTN+(a) | 1082190 |
|  |  | 3438611 |
| **Chemicals (0.0%<sup>†</sup>):** | **Chemicals (0.0%<sup>†</sup>):** |  |
| 390000 | Covestro AG, 0.88%, 2/3/26, Callable 11/3/25 @ 100, MTN+(a) | 381076 |
| **Diversified Financial Services (0.0%<sup>†</sup>):** | **Diversified Financial Services (0.0%<sup>†</sup>):** |  |
| 515000 | BAT International Finance plc, 1.25%, 3/13/27, Callable 12/13/26 @ 100, MTN+(a) | 486696 |
| 400000 | Total Capital International SA, Series E, 2.13%, 3/15/23, MTN+(a) | 427875 |
|  |  | 914571 |
| **Health Care Equipment & Supplies (0.0%<sup>†</sup>):** | **Health Care Equipment & Supplies (0.0%<sup>†</sup>):** |  |
| 200000 | DH Europe Finance II Sarl, 1.35%, 9/18/39, Callable 3/18/39 @ 100+ | 144238 |
| **Health Care Providers & Services (0.0%<sup>†</sup>):** | **Health Care Providers & Services (0.0%<sup>†</sup>):** |  |
| 390000 | Fresenius Finance Ireland plc, 0.88%, 10/1/31, Callable 7/1/31 @ 100, MTN+(a) | 288259 |
| **Media (0.1%):** | **Media (0.1%):** |  |
| 870000 | Informa plc, 2.13%, 10/6/25, Callable 7/6/25 @ 100, MTN+(a) | 882319 |
| 160000 | WPP Finance SA, 2.38%, 5/19/27, MTN^+(a) | 159749 |
|  |  | 1042068 |
| **Oil, Gas & Consumable Fuels (0.1%):** | **Oil, Gas & Consumable Fuels (0.1%):** |  |
| 330000 | Aker BP ASA, 1.13%, 5/12/29, Callable 2/12/29 @ 100, MTN+(a) | 284716 |
| 600000 | Digital Dutch Finco BV, 1.00%, 1/15/32, Callable 10/15/31 @ 100+(a) | 443681 |
| 1100000 | TotalEnergies SE, 1.75%(EUSA5+176.5bps), 12/31/99, Callable 4/4/24 @ 100, MTN+(a) | 1108265 |
|  |  | 1836662 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Foreign Bonds, continued** | **Foreign Bonds, continued** | |
| **Pharmaceuticals (0.1%):** | **Pharmaceuticals (0.1%):** | |
| $375000 | Takeda Pharmaceutical Co., Ltd., 2.00%, 7/9/40, Callable 1/9/40 @ 100+ | $281113 |
| 840000 | Upjohn Finance BV, 1.02%, 6/23/24, Callable 5/23/24 @ 100+(a) | 859159 |
|  |  | 1140272 |
| **Professional Services (0.0%<sup>†</sup>):** | **Professional Services (0.0%<sup>†</sup>):** |  |
| 520000 | RELX Finance BV, 3.39%, 3/18/24, Callable 2/18/24 @ 100+(a) | 534515 |
| **Sovereign Bond (0.1%):** | **Sovereign Bond (0.1%):** |  |
| 1650000 | Mexico Government International Bond, 1.45%, 10/25/33, Callable 7/25/33 @ 100, MTN+ | 1236317 |
| 714000 | Mexico Government International Bond, 2.13%, 10/25/51, Callable 4/25/51 @ 100+ | 415568 |
| 57000 | Romanian Government International Bond, 2.88%, 3/11/29, MTN+(a) | 50172 |
| 60000 | Romanian Government International Bond, Registered Shares, 2.50%, 2/8/30, MTN+(a) | 49361 |
|  |  | 1751418 |
| **Tobacco (0.0%<sup>†</sup>):** | **Tobacco (0.0%<sup>†</sup>):** |  |
| 410000 | Imperial Brands Finance Netherlands BV, 1.75%, 3/18/33, Callable 12/18/32 @ 100, MTN+(a) | 302230 |
| Total Foreign Bonds (Cost $23,840,619) | Total Foreign Bonds (Cost $23,840,619) | 19263691 |
| **Yankee Debt Obligations (3.7%):** | **Yankee Debt Obligations (3.7%):** |  |
| **Airlines (0.0%<sup>†</sup>):** | **Airlines (0.0%<sup>†</sup>):** |  |
| 266392 | Air Canada Pass Through Trust, Series 2017-1, Class A, 3.30%, 7/15/31(a) | 225622 |
| **Automobiles (0.1%):** | **Automobiles (0.1%):** |  |
| 1122000 | Nissan Motor Co., Ltd., 4.81%, 9/17/30, Callable 6/17/30 @ 100(a) | 956395 |
| **Banks (0.4%):** | **Banks (0.4%):** |  |
| 278000 | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.13%, 6/6/24(a) | 272269 |
| 200000 | Banco Santander SA, 2.71%, 6/27/24 | 191686 |
| 302000 | Barclays plc, 2.89% (H15T1Y+130 bps), 11/24/32, Callable 11/24/31 @ 100 | 231030 |
| 1880000 | Barclays plc, 5.75% (H15T1Y+300 bps), 8/9/33, Callable 8/9/32 @ 100 | 1791251 |
| 1076000 | HSBC Holdings plc, 2.25% (SOFR+110 bps), 11/22/27, Callable 11/22/26 @ 100 | 934147 |
| 726000 | HSBC Holdings plc, 5.21% (SOFR+261 bps), 8/11/28, Callable 8/11/27 @ 100 | 700770 |
| 628000 | HSBC Holdings plc, 4.58% (US0003M+153 bps), 6/19/29, Callable 6/19/28 @ 100 | 579223 |
| 278000 | HSBC Holdings plc, 2.21% (SOFR+129 bps), 8/17/29, Callable 8/17/28 @ 100 | 225683 |
| 2195000 | HSBC Holdings plc, 5.40% (SOFR+287 bps), 8/11/33, Callable 8/11/32 @ 100 | 2046761 |
| 348000 | Intercorp Peru, Ltd., 3.88%, 8/15/29, Callable 5/15/29 @ 100(a) | 290346 |
| 811000 | Mizuho Financial Group, Inc., 2.26% (H15T1Y+90 bps), 7/9/32, Callable 7/9/31 @ 100 | 621393 |
| 965000 | Standard Chartered PLC, 2.61% (H15T1Y+118 bps), 1/12/28, Callable 1/12/27 @ 100(a) | 839642 |
|  |  | 8724201 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | |
| **Beverages (0.1%):** | **Beverages (0.1%):** | |
| $1457000 | Suntory Holdings, Ltd., 2.25%, 10/16/24, Callable 9/16/24 @ 100(a) | $1367587 |
| **Biotechnology (0.2%):** | **Biotechnology (0.2%):** |  |
| 3546000 | Shire Acquisitions Investments, 3.20%, 9/23/26, Callable 6/23/26 @ 100 | 3331460 |
| **Capital Markets (0.1%):** | **Capital Markets (0.1%):** |  |
| 2000 | Macquarie Group, Ltd., 4.65% (US0003M+173 bps), 3/27/29, Callable 3/27/28 @ 100(a) | 1890 |
| 958000 | Nomura Holdings, Inc., 2.68%, 7/16/30 | 762827 |
| 475000 | Nomura Holdings, Inc., 2.61%, 7/14/31 | 367010 |
| 650000 | SA Global Sukuk, Ltd., 2.69%, 6/17/31, Callable 3/17/31 @ 100(a) | 557638 |
|  |  | 1689365 |
| **Chemicals (0.0%<sup>†</sup>):** | **Chemicals (0.0%<sup>†</sup>):** |  |
| 330000 | Nutrien, Ltd., 5.90%, 11/7/24 | 333892 |
| 255000 | Sociedad Quimica y Minera de Chile SA, 4.25%, 1/22/50, Callable 7/22/49 @ 100(a) | 216113 |
|  |  | 550005 |
| **Consumer Finance (0.1%):** | **Consumer Finance (0.1%):** |  |
| 1390000 | Hyundai Capital Services, Inc., 3.75%, 3/5/23(a) | 1385524 |
| **Diversified Financial Services (0.0%<sup>†</sup>):** | **Diversified Financial Services (0.0%<sup>†</sup>):** |  |
| 270000 | Banco Latinoamericano de Comercio Exterior SA, 2.38%, 9/14/25, Callable 8/15/25 @ 100(a) | 246264 |
| 570000 | ORIX Corp., 5.20%, 9/13/32 | 556769 |
|  |  | 803033 |
| **Diversified Telecommunication Services (0.0%<sup>†</sup>):** | **Diversified Telecommunication Services (0.0%<sup>†</sup>):** |  |
| 389000 | Deutsche Telekom International Finance BV, 2.49%, 9/19/23, Callable 7/19/23 @ 100(a) | 381687 |
| **Energy Production (0.0%<sup>†</sup>):** | **Energy Production (0.0%<sup>†</sup>):** |  |
| 327000 | Kallpa Generacion SA, 4.13%, 8/16/27, Callable 5/16/27 @ 100(a) | 301814 |
| **Equity Real Estate Investment Trusts (REITs) (0.0%<sup>†</sup>):** | **Equity Real Estate Investment Trusts (REITs) (0.0%<sup>†</sup>):** |  |
| 269000 | Trust Fibra Uno, 5.25%, 12/15/24, Callable 9/15/24 @ 100(a) | 266646 |
| 253000 | Trust Fibra Uno, 6.39%, 1/15/50, Callable 7/15/49 @ 100(a) | 208089 |
|  |  | 474735 |
| **Financial Services (0.0%<sup>†</sup>):** | **Financial Services (0.0%<sup>†</sup>):** |  |
| 344000 | Eig Pearl Holdings Sarl, 4.39%, 11/30/46(a) | 265310 |
| **Food & Staples Retailing (0.0%<sup>†</sup>):** | **Food & Staples Retailing (0.0%<sup>†</sup>):** |  |
| 250000 | Cencosud SA, 5.15%, 2/12/25, Callable 11/12/24 @ 100(a) | 248455 |
| **Independent Power and Renewable Electricity<br>Producers (0.0%<sup>†</sup>):** | **Independent Power and Renewable Electricity<br>Producers (0.0%<sup>†</sup>):** |  |
| 270000 | AES Panama Generation Holdings SRL, 4.38%, 5/31/30, Callable 2/28/30 @ 100(a) | 233550 |
| 210000 | Colbun SA, 3.15%, 1/19/32, Callable 10/19/31 @ 100(a) | 179648 |
|  |  | 413198 |
| **Interactive Media & Services (0.2%):** | **Interactive Media & Services (0.2%):** |  |
| 490000 | Baidu, Inc., 4.38%, 5/14/24, Callable 4/14/24 @ 100 | 482037 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | |
| **Interactive Media & Services, continued** | **Interactive Media & Services, continued** | **Interactive Media & Services, continued** | |
| $| 475000 | Baidu, Inc., 4.38%, 3/29/28, Callable 12/29/27 @ 100 | $448964 |
|  | 1511000 | Tencent Holdings, Ltd., 2.99%, 1/19/23^(a) | 1508682 |
|  | 515000 | Tencent Holdings, Ltd., 3.60%, 1/19/28, Callable 10/19/27 @ 100(a) | 474535 |
|  |  |  | 2914218 |
| **Internet & Direct Marketing Retail (0.0%<sup>†</sup>):** | **Internet & Direct Marketing Retail (0.0%<sup>†</sup>):** | **Internet & Direct Marketing Retail (0.0%<sup>†</sup>):** |  |
|  | 320000 | Alibaba Group Holding, Ltd., 2.80%, 6/6/23, Callable 5/6/23 @ 100^ | 316372 |
| **Machinery (0.1%):** | **Machinery (0.1%):** | **Machinery (0.1%):** |  |
|  | 1119000 | CNH Industrial N.V., 3.85%, 11/15/27, Callable 8/15/27 @ 100, MTN | 1052019 |
|  | 670000 | Trane Technologies Luxembourg Finance SA, 3.50%, 3/21/26, Callable 1/21/26 @ 100 | 632811 |
|  |  |  | 1684830 |
| **Materials (0.1%):** | **Materials (0.1%):** | **Materials (0.1%):** |  |
|  | 260000 | Celulosa Arauco y Constitucion SA, 4.20%, 1/29/30, Callable 10/29/29 @ 100(a) | 244313 |
|  | 366000 | Equate Petrochemical BV, 4.25%, 11/3/26(a) | 349814 |
|  | 137000 | Fibria Overseas Finance, Ltd., 5.50%, 1/17/27 | 136829 |
|  | 200000 | Freeport Indonesia PT, Registered Shares, 4.76%, 4/14/27, Callable 3/14/27 @ 100(a) | 191966 |
|  | 240000 | SABIC Capital II BV, 4.50%, 10/10/28(a) | 236567 |
|  |  |  | 1159489 |
| **Metals & Mining (0.3%):** | **Metals & Mining (0.3%):** | **Metals & Mining (0.3%):** |  |
|  | 2171000 | Anglo American Capital plc, 4.75%, 4/10/27(a) | 2110012 |
|  | 807000 | Anglo American Capital plc, 4.00%, 9/11/27(a) | 758317 |
|  | 1332000 | Anglo American Capital plc, 4.50%, 3/15/28, Callable 12/15/27 @ 100(a) | 1265261 |
|  | 1074000 | Anglo American Capital plc, 2.25%, 3/17/28, Callable 1/17/28 @ 100(a) | 904594 |
|  | 404000 | Corp. Nacional del Cobre de Chile, Registered Shares, 3.63%, 8/1/27, Callable 5/1/27 @ 100(a) | 381025 |
|  |  |  | 5419209 |
| **National (0.0%<sup>†</sup>):** | **National (0.0%<sup>†</sup>):** | **National (0.0%<sup>†</sup>):** |  |
|  | 200000 | Perusahaan Penerbit SBSN Indonesia III, 4.40%, 6/6/27(a) | 198000 |
| **Oil, Gas & Consumable Fuels (0.1%):** | **Oil, Gas & Consumable Fuels (0.1%):** | **Oil, Gas & Consumable Fuels (0.1%):** |  |
|  | 1022000 | Cenovus Energy, Inc., 3.75%, 2/15/52, Callable 8/15/51 @ 100^ | 725254 |
|  | 555000 | Ecopetrol SA, 4.13%, 1/16/25 | 530025 |
|  | 222302 | Galaxy Pipeline Assets Bidco, Ltd., 2.94%, 9/30/40(a) | 178647 |
|  | 270000 | KazMunayGas National Co. JSC, 3.50%, 4/14/33, Callable 10/14/32 @ 100(a) | 200070 |
|  | 270000 | Pertamina Persero PT, 3.10%, 1/21/30, Callable 10/21/29 @ 100(a) | 234900 |
|  | 275000 | Qatar Energy, 2.25%, 7/12/31, Callable 4/12/31 @ 100(a) | 228715 |
|  | 290000 | Saudi Arabian Oil Co., 3.25%, 11/24/50, Callable 5/24/50 @ 100(a) | 204861 |
|  | 290000 | Saudi Arabian Oil Co., 3.50%, 11/24/70, Callable 5/24/70 @ 100(a) | 197416 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| $| 298000 | Suncor Energy, Inc., 6.80%, 5/15/38 | $312974 |
|  |  |  | 2812862 |
| **Paper & Forest Products (0.0%<sup>†</sup>):** | **Paper & Forest Products (0.0%<sup>†</sup>):** | **Paper & Forest Products (0.0%<sup>†</sup>):** |  |
|  | 240000 | Suzano Austria GmbH, 5.75%, 7/14/26(a) | 241068 |
|  | 156000 | Suzano Austria GmbH, 3.75%, 1/15/31, Callable 10/15/30 @ 100 | 130784 |
|  |  |  | 371852 |
| **Real Estate Management & Development (0.0%<sup>†</sup>):** | **Real Estate Management & Development (0.0%<sup>†</sup>):** | **Real Estate Management & Development (0.0%<sup>†</sup>):** |  |
|  | 250000 | Mitsui Fudosan Co., Ltd., 2.95%, 1/23/23(a) | 249576 |
| **Sovereign Bond (1.3%):** | **Sovereign Bond (1.3%):** | **Sovereign Bond (1.3%):** |  |
|  | 200000 | Abu Dhabi Government International Bond, 3.88%, 4/16/50(a) | 170173 |
|  | 200000 | Chile Government International Bond, 3.24%, 2/6/28, Callable 11/6/27 @ 100 | 186026 |
|  | 1560000 | Chile Government International Bond, 2.55%, 1/27/32, Callable 10/27/31 @ 100^ | 1283426 |
|  | 200000 | Chile Government International Bond, 3.86%, 6/21/47 | 157587 |
|  | 1905000 | Colombia Government International Bond, 3.13%, 4/15/31, Callable 1/15/31 @ 100 | 1418804 |
|  | 860000 | Colombia Government International Bond, 3.25%, 4/22/32, Callable 1/22/32 @ 100 | 627773 |
|  | 114000 | Hungary Government International Bond, 5.38%, 3/25/24 | 113858 |
|  | 200000 | Hungary Government International Bond, 5.25%, 6/16/29(a) | 190998 |
|  | 236000 | Indonesia Government International Bond, 7.75%, 1/17/38(a) | 283502 |
|  | 200000 | Indonesia Government International Bond, 6.75%, 1/15/44(a) | 224745 |
|  | 210000 | Mexico Government International Bond, 3.75%, 1/11/28 | 198786 |
|  | 90000 | Mexico Government International Bond, 4.75%, 4/27/32, Callable 1/27/32 @ 100^ | 84616 |
|  | 108000 | Mexico Government International Bond, 5.75%, 10/12/10 | 92061 |
|  | 393041 | Oriental Republic of Uruguay, 4.50%, 8/14/24^ | 392635 |
|  | 2265000 | Oriental Republic of Uruguay, 4.38%, 10/27/27 | 2290481 |
|  | 655000 | Panama Government International Bond, 3.16%, 1/23/30, Callable 10/23/29 @ 100 | 564119 |
|  | 1550000 | Panama Government International Bond, 4.50%, 4/1/56, Callable 10/1/55 @ 100 | 1143125 |
|  | 245000 | Peruvian Government International Bond, 2.78%, 1/23/31, Callable 10/23/30 @ 100 | 203859 |
|  | 129000 | Peruvian Government International Bond, 1.86%, 12/1/32, Callable 9/1/32 @ 100 | 94884 |
|  | 30000 | Peruvian Government International Bond, 3.00%, 1/15/34, Callable 10/15/33 @ 100 | 23736 |
|  | 230000 | Philippine Government International Bond, 1.65%, 6/10/31 | 184085 |
|  | 1725000 | Philippine Government International Bond, 1.95%, 1/6/32^ | 1408870 |
|  | 689000 | Province of Manitoba, 3.05%, 5/14/24 | 673704 |
|  | 200000 | Qatar Government International Bond, 4.00%, 3/14/29(a) | 196891 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | |
| **Sovereign Bond, continued** | **Sovereign Bond, continued** | **Sovereign Bond, continued** | |
| $| 200000 | Qatar Government International Bond, 3.75%, 4/16/30(a) | $194256 |
|  | 3516000 | Republic of Colombia, 3.88%, 4/25/27, Callable 1/25/27 @ 100 | 3115327 |
|  | 275000 | Republic of Colombia, 4.50%, 3/15/29, Callable 12/15/28 @ 100 | 237996 |
|  | 567000 | Republic of Colombia, 3.00%, 1/30/30, Callable 10/30/29 @ 100 | 435709 |
|  | 581000 | Republic of Indonesia, 4.10%, 4/24/28 | 568659 |
|  | 2840000 | Republic of Indonesia, 2.85%, 2/14/30 | 2541854 |
|  | 820000 | Republic of Panama, 3.88%, 3/17/28, Callable 12/17/27 @ 100 | 770800 |
|  | 1091000 | Republic of Peru, 4.13%, 8/25/27 | 1049157 |
|  | 1031000 | Republic of Peru, 5.63%, 11/18/50 | 1035827 |
|  | 3200000 | Republic of Philippines, 3.00%, 2/1/28 | 2978611 |
|  | 124000 | Romanian Government International Bond, 5.25%, 11/25/27(a) | 119260 |
|  | 236000 | Romanian Government International Bond, 4.00%, 2/14/51(a) | 156496 |
|  | 212000 | Saudi Government International Bond, 2.75%, 2/3/32(a) | 185294 |
|  | 200000 | Saudi Government International Bond, 5.00%, 4/17/49(a) | 188604 |
|  | 200000 | Saudi Government International Bond, 3.25%, 11/17/51, MTN(a) | 144441 |
|  | 1034264 | Uruguay Government International Bond, 4.38%, 1/23/31, Callable 10/23/30 @ 100 | 1027800 |
|  | 209820 | Uruguay Government International Bond, 5.75%, 10/28/34, Callable 7/28/34 @ 100^ | 232376 |
|  |  |  | 27191211 |
| **Technology Hardware & Semiconductors (0.4%):** | **Technology Hardware & Semiconductors (0.4%):** | **Technology Hardware & Semiconductors (0.4%):** |  |
|  | 1077000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 3.15%, 5/1/27, Callable 3/1/27 @ 100 | 983983 |
|  | 4280000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 4.30%, 6/18/29, Callable 3/18/29 @ 100 | 3979454 |
|  | 1174000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, 5/1/30, Callable 2/1/30 @ 100 | 1015270 |
|  | 2838000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 2.50%, 5/11/31, Callable 2/11/31 @ 100 | 2242403 |
|  |  |  | 8221110 |
| **Telecommunications (0.0%<sup>†</sup>):** | **Telecommunications (0.0%<sup>†</sup>):** | **Telecommunications (0.0%<sup>†</sup>):** |  |
|  | 330000 | NTT Finance Corp., 4.14%, 7/26/24(a) | 324882 |
| **Transportation Infrastructure (0.0%<sup>†</sup>):** | **Transportation Infrastructure (0.0%<sup>†</sup>):** | **Transportation Infrastructure (0.0%<sup>†</sup>):** |  |
|  | 270000 | Adani Ports & Special Economic Zone, Ltd., 3.38%, 7/24/24(a) | 255825 |
| **Utilities (0.0%<sup>†</sup>):** | **Utilities (0.0%<sup>†</sup>):** | **Utilities (0.0%<sup>†</sup>):** |  |
|  | 200000 | Comision Federal de Electricidad, 4.88%, 1/15/24^(a) | 198216 |
|  | 285000 | Israel Electric Corp., Ltd., 4.25%, 8/14/28, MTN(a) | 268740 |
|  |  |  | 466956 |
| **Wireless Telecommunication Services (0.2%):** | **Wireless Telecommunication Services (0.2%):** | **Wireless Telecommunication Services (0.2%):** |  |
|  | 280000 | Bharti Airtel, Ltd., 3.25%, 6/3/31, Callable 3/5/31 @ 100(a) | 237311 |
|  | 200000 | Empresa Nacional del Petroleo, 4.38%, 10/30/24(a) | 194250 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | | |
| **Wireless Telecommunication Services, continued** | **Wireless Telecommunication Services, continued** | **Wireless Telecommunication Services, continued** | | |
| $| 235000 | Empresa Nacional del Petroleo, 3.75%, 8/5/26, Callable 5/5/26 @ 100(a) | $| 221543 |
|  | 3243000 | Rogers Communications, Inc., 3.80%, 3/15/32, Callable 12/15/31 @ 100(a) |  | 2795365 |
|  | 209000 | Rogers Communications, Inc., 4.55%, 3/15/52, Callable 9/15/51 @ 100(a) |  | 161835 |
|  |  |  |  | 3610304 |
|  | Total Yankee Debt Obligations (Cost $86,167,174) | Total Yankee Debt Obligations (Cost $86,167,174) |  | 76315087 |
| **Municipal Bonds (0.6%):** | **Municipal Bonds (0.6%):** | **Municipal Bonds (0.6%):** |  |  |
| **California (0.3%):** | **California (0.3%):** | **California (0.3%):** | **California (0.3%):** | **California (0.3%):** |
|  | 905000 | California State University Revenue, Series B, 2.72%, 11/1/52 |  | 584078 |
|  | 435000 | California State, Build America Bonds, GO, 7.50%, 4/1/34 |  | 530852 |
|  | 600000 | California State, Build America Bonds, GO, 7.55%, 4/1/39 |  | 760956 |
|  | 2545000 | City of San Francisco CA Public Utilities Commission Water Revenue, 2.83%, 11/1/41, Continuously Callable @100 |  | 1793360 |
|  | 1240000 | Los Angeles Department of Water & Power Power System Revenue, 6.57%, 7/1/45 |  | 1454309 |
|  | 645000 | Regents of the University of California Medical Center Pooled Revenue, 4.13%, 5/15/32, Continuously Callable @100 |  | 596760 |
|  | 440000 | University of California Revenue, Series BF, 2.65%, 5/15/50, Continuously Callable @100 |  | 277314 |
|  | 347000 | University of California Revenue, 4.77%, 5/15/15 |  | 287323 |
|  | 50000 | University of California Revenue, 4.86%, 5/15/12 |  | 42712 |
|  |  |  |  | 6327664 |
| **Michigan (0.0%<sup>†</sup>):** | **Michigan (0.0%<sup>†</sup>):** | **Michigan (0.0%<sup>†</sup>):** | **Michigan (0.0%<sup>†</sup>):** | **Michigan (0.0%<sup>†</sup>):** |
|  | 801000 | University of Michigan Revenue, 3.50%, 4/1/52, Continuously Callable @100 |  | 633511 |
| **Minnesota (0.0%<sup>†</sup>):** | **Minnesota (0.0%<sup>†</sup>):** | **Minnesota (0.0%<sup>†</sup>):** | **Minnesota (0.0%<sup>†</sup>):** | **Minnesota (0.0%<sup>†</sup>):** |
|  | 406000 | University of Minnesota Revenue, 4.05%, 4/1/52 |  | 349533 |
| **New Jersey (0.1%):** | **New Jersey (0.1%):** | **New Jersey (0.1%):** | **New Jersey (0.1%):** | **New Jersey (0.1%):** |
|  | 575000 | New Jersey State Transportation Authority Revenue, Build America Bonds, GO, 6.56%, 12/15/40 |  | 617768 |
|  | 270000 | New Jersey Transportation Trust Fund Authority Revenue, 4.13%, 6/15/42 |  | 214345 |
|  | 165000 | New Jersey Turnpike Authority Revenue, Series B, 2.78%, 1/1/40, Continuously Callable @100 |  | 117990 |
|  |  |  |  | 950103 |
| **New York (0.2%):** | **New York (0.2%):** | **New York (0.2%):** | **New York (0.2%):** | **New York (0.2%):** |
|  | 1420000 | New York State Dormitory Authority Revenue, 2.15%, 3/15/31 |  | 1127892 |
|  | 1045000 | New York State Dormitory Authority Revenue, 2.05%, 3/15/30 |  | 854026 |
|  | 1160000 | New York State Dormitory Authority Revenue, 5.00%, 2/15/31, Continuously Callable @100 |  | 1319848 |
|  |  |  |  | 3301766 |
| **Oklahoma (0.0%<sup>†</sup>):** | **Oklahoma (0.0%<sup>†</sup>):** | **Oklahoma (0.0%<sup>†</sup>):** | **Oklahoma (0.0%<sup>†</sup>):** | **Oklahoma (0.0%<sup>†</sup>):** |
|  | 255000 | Oklahoma Development Finance Authority Revenue, Series A2, 4.62%, 6/1/44 |  | 236599 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Municipal Bonds, continued** | **Municipal Bonds, continued** | |
| **Texas (0.0%<sup>†</sup>):** | **Texas (0.0%<sup>†</sup>):** | **Texas (0.0%<sup>†</sup>):** |
| $710000 | City of Houston TX, GO, 3.96%, 3/1/47 | $604778 |
| 430000 | State of Texas, GO, Series B, 2.75%, 10/1/41, Continuously Callable @100 | 304092 |
|  |  | 908870 |
| Total Municipal Bonds (Cost $15,459,386) | Total Municipal Bonds (Cost $15,459,386) | 12708046 |
| **U.S. Government Agency Mortgages (32.0%):** | **U.S. Government Agency Mortgages (32.0%):** |  |
| **Federal National Mortgage Association (16.5%):** | **Federal National Mortgage Association (16.5%):** | **Federal National Mortgage Association (16.5%):** |
| 40650 | 2.50%, 9/1/27, Pool #AP5205 | 38039 |
| 61385 | 2.50%, 9/1/27, Pool #AB6194 | 56970 |
| 15752 | 2.50%, 2/1/28, Pool #AB8446 | 14889 |
| 36291 | 2.50%, 4/1/28, Pool #AB8870 | 33965 |
| 23912 | 3.00%, 4/1/28, Pool #AT3121 | 23144 |
| 28094 | 3.00%, 5/1/28, Pool #AT6033 | 27190 |
| 106966 | 2.50%, 8/1/28, Pool #AS0190 | 100090 |
| 123951 | 3.50%, 10/1/28, Pool #AV0198 | 121259 |
| 63867 | 3.00%, 10/1/28, Pool #AU8774 | 61817 |
| 5703 | 3.00%, 10/1/28, Pool #AQ4132 | 5406 |
| 241117 | 3.50%, 11/1/28, Pool #AV1360 | 235872 |
| 7033 | 3.00%, 11/1/28, Pool #AV0298 | 6666 |
| 153185 | 3.00%, 4/1/29, Pool #AW0937 | 147595 |
| 141086 | 3.00%, 5/1/29, Pool #AW2544 | 135583 |
| 226012 | 3.00%, 6/1/29, Pool #AS2676 | 217746 |
| 53420 | 3.00%, 7/1/29, Pool #AW1281 | 51053 |
| 312520 | 3.00%, 7/1/29, Pool #AW4229 | 300376 |
| 143335 | 3.00%, 9/1/29, Pool #AS3220 | 138101 |
| 52462 | 3.50%, 9/1/29, Pool #AX0105 | 50846 |
| 446842 | 3.00%, 9/1/29, Pool #AL6897 | 429406 |
| 86254 | 3.00%, 10/1/29, Pool #AS3594 | 82903 |
| 18313 | 3.50%, 10/1/29, Pool #AX2741 | 17748 |
| 320888 | 3.00%, 1/1/30, Pool #AL6144 | 309169 |
| 2605000 | 4.99%, 1/15/30(c) | 1920552 |
| 11350 | 2.50%, 2/1/30, Pool #AS4485 | 10800 |
| 12669 | 2.50%, 2/1/30, Pool #AS4488 | 11833 |
| 40511 | 2.50%, 2/1/30, Pool #BM3403 | 38045 |
| 86581 | 2.50%, 3/1/30, Pool #AS4688 | 79447 |
| 66971 | 3.00%, 3/1/30, Pool #AL6583 | 64504 |
| 33275 | 2.50%, 4/1/30, Pool #AY3416 | 30540 |
| 54713 | 3.00%, 4/1/30, Pool #AL6584 | 51848 |
| 18459 | 2.50%, 5/1/30, Pool #AY0828 | 17215 |
| 31444 | 3.00%, 5/1/30, Pool #AL6761 | 30216 |
| 3901000 | 5.04%, 5/15/30(c) | 2832746 |
| 169525 | 3.00%, 6/1/30, Pool #AL9381 | 163015 |
| 59868 | 3.00%, 7/1/30, Pool #AX9701 | 56729 |
| 70672 | 2.50%, 7/1/30, Pool #AS5403 | 66057 |
| 12019 | 3.00%, 7/1/30, Pool #AX9700 | 11575 |
| 45869 | 3.00%, 7/1/30, Pool #AL7139 | 43466 |
| 8293 | 3.00%, 7/1/30, Pool #AZ2297 | 7987 |
| 12508 | 2.50%, 7/1/30, Pool #AS5405 | 11666 |
| 21885 | 2.50%, 7/1/30, Pool #AZ2170 | 20078 |
| 55182 | 3.00%, 8/1/30, Pool #AS5622 | 52295 |
| 11260 | 3.00%, 8/1/30, Pool #AZ7833 | 10845 |
| 59285 | 3.00%, 8/1/30, Pool #AS5623 | 56443 |
| 11291 | 3.00%, 8/1/30, Pool #AX3298 | 10877 |
| 80143 | 3.00%, 8/1/30, Pool #AL7225 | 75952 |
| 71057 | 2.50%, 8/1/30, Pool #AS5616 | 67622 |
| 44200 | 2.50%, 8/1/30, Pool #AS5614 | 40563 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | |
| **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** |
| $121813 | 2.50%, 8/1/30, Pool #BM3552 | $113601 |
| 46360 | 3.50%, 8/1/30, Pool #AS5708 | 45252 |
| 65398 | 3.00%, 8/1/30, Pool #AL7227 | 62268 |
| 31955 | 2.50%, 8/1/30, Pool #AS5548 | 29868 |
| 4567 | 3.00%, 8/1/30, Pool #AZ8597 | 4399 |
| 48684 | 3.00%, 9/1/30, Pool #AS5714 | 46138 |
| 57034 | 2.50%, 9/1/30, Pool #AS5872 | 52322 |
| 14972 | 3.00%, 9/1/30, Pool #AL7320 | 14392 |
| 57587 | 3.00%, 9/1/30, Pool #AS5728 | 55468 |
| 43238 | 2.50%, 9/1/30, Pool #AS5786 | 40419 |
| 23998 | 3.00%, 9/1/30, Pool #AZ5719 | 23114 |
| 47140 | 2.50%, 11/1/30, Pool #AS6115 | 44858 |
| 41359 | 2.50%, 11/1/30, Pool #AS6116 | 38584 |
| 55168 | 2.50%, 11/1/30, Pool #AS6141 | 50609 |
| 44984 | 2.50%, 11/1/30, Pool #AS6142 | 42048 |
| 7031 | 2.50%, 11/1/30, Pool #AL7800 | 6691 |
| 779719 | 3.00%, 1/1/31, Pool #BM3537 | 741215 |
| 65868 | 2.50%, 3/1/31, Pool #BM1595 | 61570 |
| 84146 | 2.50%, 6/1/31, Pool #AS7320 | 77194 |
| 141139 | 2.50%, 7/1/31, Pool #AS7617 | 129501 |
| 136257 | 2.50%, 7/1/31, Pool #AS7605 | 125017 |
| 5351 | 2.50%, 8/1/31, Pool #BC2777 | 4910 |
| 15783 | 4.00%, 8/1/31, Pool #AY4688 | 15573 |
| 22957 | 4.00%, 8/1/31, Pool #AY4707 | 22809 |
| 957641 | 3.00%, 8/1/31, Pool #AL9376 | 907558 |
| 94737 | 3.00%, 9/1/31, Pool #AL9378 | 90818 |
| 241736 | 2.50%, 10/1/31, Pool #AS8193 | 227434 |
| 584658 | 2.50%, 10/1/31, Pool #AS8195 | 547595 |
| 47883 | 2.00%, 10/1/31, Pool #MA2774 | 44367 |
| 339984 | 2.50%, 10/1/31, Pool #AS8208 | 311912 |
| 1141839 | 2.50%, 10/1/31, Pool #BC4773 | 1069369 |
| 182794 | 2.50%, 10/1/31, Pool #AS8009 | 171995 |
| 179421 | 2.50%, 11/1/31, Pool #BC2631 | 167512 |
| 115972 | 2.50%, 11/1/31, Pool #BC2628 | 108617 |
| 97457 | 2.50%, 11/1/31, Pool #AS8245 | 91280 |
| 85712 | 2.50%, 11/1/31, Pool #BC2629 | 78618 |
| 128127 | 2.50%, 11/1/31, Pool #AS8241 | 120552 |
| 80515 | 2.00%, 11/1/31, Pool #BC9040 | 74600 |
| 241289 | 2.00%, 11/1/31, Pool #AS8251 | 223556 |
| 14774 | 2.00%, 11/1/31, Pool #AS8291 | 13688 |
| 280288 | 2.00%, 11/1/31, Pool #BM3054 | 259687 |
| 203956 | 2.50%, 11/1/31, Pool #AS8240 | 187105 |
| 66423 | 2.00%, 12/1/31, Pool #MA2845 | 61542 |
| 10886 | 3.00%, 2/1/32, Pool #BE5670 | 10369 |
| 17827 | 2.50%, 2/1/32, Pool #BM1036 | 16633 |
| 182269 | 2.50%, 3/1/32, Pool #AS9317 | 169603 |
| 323816 | 2.50%, 3/1/32, Pool #AS9321 | 304500 |
| 196311 | 2.50%, 3/1/32, Pool #AS9316 | 180083 |
| 315403 | 2.50%, 3/1/32, Pool #AS9318 | 297731 |
| 269442 | 3.00%, 3/1/32, Pool #AS9327 | 256648 |
| 352327 | 2.50%, 3/1/32, Pool #AS9319 | 330985 |
| 436777 | 2.00%, 3/1/32, Pool #BM3061 | 404709 |
| 1353286 | 3.50%, 4/1/32, Pool #BM3503 | 1313639 |
| 2060000 | Class A2 , Series 2022-M1S2.08%, 4/25/32 | 1702280 |
| 985589 | 3.50%, 5/1/32, Pool #BM1602 | 960681 |
| 1401156 | 3.00%, 6/1/32, Pool #BM1791 | 1337458 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | |
| **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** |
| $424782 | 2.50%, 8/1/32, Pool #BM3578 | $401299 |
| 162107 | 3.00%, 9/1/32, Pool #BM3240 | 155475 |
| 55340 | 3.50%, 11/1/32, Pool #BJ2054 | 53716 |
| 34173 | 3.50%, 1/1/33, Pool #BJ2096 | 33232 |
| 58230 | 5.50%, 1/1/33, Pool #676661 | 59349 |
| 816495 | 2.50%, 2/1/33, Pool #BM3793 | 749129 |
| 1833510 | 3.00%, 5/1/33, Pool #FM1880 | 1741412 |
| 39469 | 5.50%, 5/1/33, Pool #555424 | 40313 |
| 50797 | 4.00%, 9/1/33, Pool #BK7642 | 50072 |
| 162129 | 4.00%, 10/1/33, Pool #CA2527 | 159324 |
| 156966 | 4.00%, 11/1/33, Pool #CA2555 | 156268 |
| 299727 | 2.50%, 12/1/33, Pool #FM1680 | 277596 |
| 3430000 | Class A3 , Series 2022-M52.37%, 1/1/34 | 2762918 |
| 290281 | 5.00%, 2/1/35, Pool #735226 | 296266 |
| 96884 | 5.50%, 2/1/35, Pool #735989 | 98956 |
| 23334 | 5.00%, 3/1/35, Pool #735288 | 23591 |
| 9092 | 6.00%, 4/1/35, Pool #735504 | 9200 |
| 171681 | 3.00%, 8/1/35, Pool #CA6849 | 161755 |
| 167476 | 3.00%, 8/1/35, Pool #CA6876 | 158125 |
| 44918 | 5.00%, 9/1/35, Pool #889974 | 45710 |
| 51992 | 3.00%, 12/1/35, Pool #CA8391 | 49135 |
| 103179 | 3.00%, 12/1/35, Pool #CA8389 | 97436 |
| 943372 | 2.50%, 12/1/35, Pool #CA8387 | 872131 |
| 1068430 | 2.50%, 12/1/35, Pool #CA8388 | 986063 |
| 108521 | 4.00%, 1/1/36, Pool #AB0686 | 107719 |
| 649234 | 3.50%, 1/25/36, TBA | 621844 |
| 222855 | 5.50%, 9/1/36, Pool #995113 | 227960 |
| 24704 | 3.00%, 10/1/36, Pool #AL9227 | 22464 |
| 200161 | 3.00%, 11/1/36, Pool #AS8348 | 178658 |
| 81582 | 3.00%, 11/1/36, Pool #AS8349 | 74312 |
| 263315 | 3.00%, 12/1/36, Pool #AS8553 | 239858 |
| 192292 | 3.00%, 12/1/36, Pool #BE1896 | 174843 |
| 7376000 | 1.50%, 1/25/37, TBA | 6403290 |
| 19981400 | 2.00%, 1/25/37, TBA | 17814667 |
| 1574089 | 2.00%, 3/1/37, Pool #FS1331 | 1404670 |
| 10869 | 5.50%, 2/1/38, Pool #961545 | 11093 |
| 7971 | 6.00%, 3/1/38, Pool #889529 | 8109 |
| 22616 | 6.00%, 5/1/38, Pool #889466 | 23005 |
| 46076 | 5.50%, 5/1/38, Pool #889441 | 46265 |
| 50434 | 5.50%, 5/1/38, Pool #889692 | 51742 |
| 33836 | 5.50%, 6/1/38, Pool #995018 | 35207 |
| 9749 | 5.50%, 9/1/38, Pool #889995 | 9981 |
| 23577 | 6.00%, 10/1/38, Pool #889983 | 25000 |
| 136429 | 5.50%, 1/1/39, Pool #AB0200 | 139231 |
| 42964 | 4.50%, 4/1/39, Pool #930922 | 42719 |
| 35788 | 3.50%, 5/1/39, Pool #MA3660 | 33333 |
| 54751 | 4.50%, 5/1/39, Pool #AL1472 | 54391 |
| 539221 | 5.00%, 6/1/39, Pool #AL7521 | 548737 |
| 360228 | 6.00%, 7/1/39, Pool #BF0056 | 379334 |
| 25362 | 5.50%, 10/1/39, Pool #AD0362 | 25882 |
| 185292 | 5.50%, 12/1/39, Pool #AC6680 | 189078 |
| 25783 | 5.50%, 12/1/39, Pool #AD0571 | 27592 |
| 151374 | 3.50%, 12/1/39, Pool #MA3869 | 140998 |
| 66147 | 3.50%, 1/1/40, Pool #MA3891 | 61613 |
| 2458012 | 4.50%, 1/1/40, Pool #AC8568 | 2434501 |
| 113725 | 3.50%, 2/1/40, Pool #MA3935 | 104480 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | |
| **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** |
| $19808 | 5.50%, 3/1/40, Pool #AL5304 | $21343 |
| 18289 | 4.50%, 4/1/40, Pool #AD4038 | 18120 |
| 156259 | 6.00%, 4/1/40, Pool #AL4141 | 165943 |
| 29536 | 6.50%, 5/1/40, Pool #AL1704 | 31261 |
| 33760 | 4.50%, 7/1/40, Pool #AB1226 | 33436 |
| 43943 | 4.50%, 7/1/40, Pool #AD7127 | 42948 |
| 17407 | 6.00%, 9/1/40, Pool #AE0823 | 18109 |
| 2680000 | Class CY , Series 2010-1364.00%, 12/25/40 | 2553223 |
| 18703 | 4.00%, 1/1/41, Pool #AL7167 | 17929 |
| 2789593 | Class ZA , Series 2011-84.00%, 2/25/41 | 2671913 |
| 39443 | 6.00%, 6/1/41, Pool #AL4142 | 41876 |
| 14666 | 4.50%, 7/1/41, Pool #AB3314 | 14531 |
| 257792 | 5.00%, 7/1/41, Pool #AL7524 | 265182 |
| 464210 | 5.50%, 9/1/41, Pool #AL8430 | 480842 |
| 26703 | 4.50%, 9/1/41, Pool #AI8961 | 26468 |
| 14811736 | 1.50%, 11/1/41, Pool #FS0316 | 12034710 |
| 2371809 | 2.00%, 12/1/41, Pool #MA4501 | 1995769 |
| 7534020 | 1.50%, 12/1/41, Pool #MA4500 | 6121392 |
| 136019 | 3.50%, 1/1/42, Pool #AW8154 | 125697 |
| 581329 | 4.00%, 1/1/42, Pool #AB4307 | 563714 |
| 599272 | 2.00%, 2/1/42, Pool #MA4540 | 508153 |
| 5783853 | 2.00%, 3/1/42, Pool #MA4570 | 4904065 |
| 892580 | 2.00%, 3/1/42, Pool #MA4586 | 756779 |
| 23232 | 3.50%, 4/1/42, Pool #AK7510 | 22145 |
| 54842 | 3.50%, 4/1/42, Pool #AO0777 | 49928 |
| 10037 | 3.50%, 5/1/42, Pool #AO2881 | 9567 |
| 117402 | 4.00%, 5/1/42, Pool #AO2961 | 113401 |
| 30588 | 4.00%, 5/1/42, Pool #A02114 | 29553 |
| 9248 | 3.50%, 6/1/42, Pool #AO3048 | 8816 |
| 11345 | 3.50%, 6/1/42, Pool #AK9225 | 10817 |
| 25034 | 3.50%, 7/1/42, Pool #AO9707 | 23866 |
| 117539 | 4.50%, 9/1/42, Pool #AL2482 | 115857 |
| 695318 | 4.50%, 1/1/43, Pool #AL8206 | 686453 |
| 64547 | 3.00%, 3/1/43, Pool #AR9218 | 56877 |
| 43697 | 3.00%, 3/1/43, Pool #AR7568 | 39409 |
| 55059 | 3.00%, 3/1/43, Pool #AR7576 | 48462 |
| 22688 | 3.00%, 4/1/43, Pool #AT2037 | 20460 |
| 87592 | 3.00%, 4/1/43, Pool #AT2040 | 77195 |
| 58741 | 3.00%, 4/1/43, Pool #AT2043 | 51719 |
| 57665 | 3.00%, 4/1/43, Pool #AB8923 | 50830 |
| 52004 | 3.00%, 4/1/43, Pool #AB8924 | 45797 |
| 66789 | 3.00%, 4/1/43, Pool #AR8630 | 58848 |
| 646 | 3.50%, 4/1/43, Pool #CA1530 | 599 |
| 7449 | 3.00%, 6/1/43, Pool #AB9564 | 6826 |
| 468108 | 5.00%, 12/1/43, Pool #AL7777 | 477901 |
| 240889 | 5.00%, 11/1/44, Pool #AL8878 | 242990 |
| 603355 | 3.50%, 2/1/45, Pool #FM5294 | 561097 |
| 195309 | 3.50%, 2/1/45, Pool #BM1100 | 183772 |
| 140189 | 5.00%, 6/1/45, Pool #BM3784 | 142698 |
| 98095 | 4.50%, 9/1/45, Pool #AL7936 | 98631 |
| 2679612 | 3.50%, 9/1/45, Pool #FM3224 | 2496621 |
| 56861 | 4.50%, 11/1/45, Pool #AL9501 | 57841 |
| 2989 | 4.50%, 11/1/45, Pool #AS6233 | 2914 |
| 5676987 | 3.50%, 11/1/45, Pool #FM6411 | 5299290 |
| 135088 | 4.50%, 12/1/45, Pool #BM1756 | 131825 |
| 14447 | 3.00%, 6/1/46, Pool #AS7365 | 12916 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | |
| **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** |
| $966238 | 3.50%, 7/1/46, Pool #BA7748 | $902307 |
| 321254 | 4.50%, 7/1/46, Pool #BM3053 | 329146 |
| 409037 | 4.50%, 7/1/46, Pool #BM1920 | 413287 |
| 18178 | 3.00%, 8/1/46, Pool #AL9031 | 16420 |
| 582578 | Class UF , Series 2016-484.79%(US0001M+40bps), 8/25/46 | 577786 |
| 974472 | 3.00%, 9/1/46, Pool #BD1469 | 863955 |
| 114399 | 3.00%, 11/1/46, Pool #BD9643 | 103039 |
| 147940 | 3.00%, 11/1/46, Pool #BD9645 | 130610 |
| 287244 | 3.00%, 11/1/46, Pool #BD9644 | 258717 |
| 958347 | 3.00%, 12/1/46, Pool #AS8486 | 849756 |
| 232035 | 3.50%, 12/1/46, Pool #BE2103 | 215055 |
| 366096 | 3.50%, 2/1/47, Pool #BE1534 | 336587 |
| 836281 | 3.50%, 2/1/47, Pool #AL9920 | 775221 |
| 72057 | 3.50%, 3/1/47, Pool #BH0158 | 66245 |
| 356691 | 3.50%, 5/1/47, Pool #BM1174 | 335827 |
| 500298 | 3.50%, 5/1/47, Pool #BD2417 | 460113 |
| 285263 | 4.00%, 5/1/47, Pool #BH0398 | 274761 |
| 179081 | 3.50%, 5/1/47, Pool #BE9375 | 164638 |
| 134694 | 3.50%, 6/1/47, Pool #BH0567 | 123850 |
| 223473 | 4.00%, 7/1/47, Pool #BH3401 | 215200 |
| 318430 | 4.00%, 8/1/47, Pool #BM1619 | 306637 |
| 21252 | 4.00%, 9/1/47, Pool #MA3121 | 20349 |
| 160100 | 4.50%, 10/1/47, Pool #BM3052 | 159297 |
| 662832 | 3.50%, 11/1/47, Pool #MA3182 | 615259 |
| 194606 | 4.50%, 12/1/47, Pool #BH7067 | 192072 |
| 399918 | 3.50%, 1/1/48, Pool #MA3238 | 371207 |
| 1410997 | 3.50%, 1/1/48, Pool #FM5293 | 1317740 |
| 68791 | 4.00%, 2/1/48, Pool #BJ9057 | 66134 |
| 305707 | 3.50%, 2/1/48, Pool #BH9277 | 283350 |
| 76852 | 4.00%, 2/1/48, Pool #BJ9058 | 74228 |
| 393345 | 3.50%, 3/1/48, Pool #BJ4916 | 364491 |
| 203117 | 3.50%, 3/1/48, Pool #BJ0648 | 188268 |
| 129468 | 3.50%, 3/1/48, Pool #BK1958 | 120002 |
| 38345 | 4.00%, 4/1/48, Pool # MA3333 | 36639 |
| 239405 | 3.50%, 4/1/48, Pool #FM5295 | 225431 |
| 3619821 | 4.50%, 4/1/48, Pool #FM7783 | 3515563 |
| 155055 | 4.50%, 4/1/48, Pool #BM3846 | 154130 |
| 13858 | 3.50%, 5/1/48, Pool #MA3356 | 12843 |
| 43161 | 4.00%, 5/1/48, Pool #CA2708 | 41242 |
| 2102125 | 4.50%, 5/1/48, Pool #CA1704 | 2070986 |
| 31508 | 4.00%, 6/1/48, Pool # MA3384 | 30107 |
| 171308 | 5.00%, 6/1/48, Pool #CA2317 | 170665 |
| 31707 | 4.00%, 7/1/48, Pool #MA3415 | 30296 |
| 14680 | 4.50%, 7/1/48, Pool #BK4471 | 14461 |
| 75267 | 4.50%, 7/1/48, Pool #BK6113 | 74816 |
| 706214 | 5.00%, 9/1/48, Pool #MA3472 | 703566 |
| 134686 | 5.00%, 10/1/48, Pool #BK7881 | 134181 |
| 92336 | 4.00%, 10/1/48, Pool #CA2469 | 87921 |
| 51866 | 5.00%, 10/1/48, Pool #MA3501 | 51671 |
| 9095 | 3.50%, 11/1/48, Pool #FM1543 | 8450 |
| 93572 | 5.00%, 11/1/48, Pool #MA3527 | 93222 |
| 30541 | 5.00%, 12/1/48, Pool #BN4404 | 30498 |
| 99282 | 5.00%, 1/1/49, Pool #BN3949 | 98910 |
| 1314637 | 4.00%, 1/1/49, Pool #FM5296 | 1272926 |
| 28531 | 5.00%, 1/1/49, Pool #BN4430 | 28490 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | |
| **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** |
| $282580 | 3.50%, 6/1/49, Pool #FM5315 | $262569 |
| 837258 | 4.00%, 9/1/49, Pool #FM3665 | 797280 |
| 665041 | 3.50%, 12/1/49, Pool #MA3210 | 617301 |
| 4948704 | 3.00%, 3/1/50, Pool #FM5290 | 4444982 |
| 386175 | 4.00%, 3/1/50, Pool #CA5368 | 366203 |
| 346078 | 4.00%, 5/1/50, Pool #FM7973 | 330639 |
| 479171 | 4.00%, 6/1/50, Pool #CA6106 | 456169 |
| 3086808 | 2.50%, 7/1/50, Pool #CA6343 | 2667534 |
| 3068533 | 2.50%, 7/1/50, Pool #CA6341 | 2651802 |
| 3027317 | 2.50%, 7/1/50, Pool #CA6342 | 2616324 |
| 1792627 | 2.50%, 7/1/50, Pool #CA6359 | 1563546 |
| 1849252 | 3.00%, 8/1/50, Pool #FM5292 | 1653908 |
| 286902 | 4.00%, 8/1/50, Pool #FM7703 | 273661 |
| 3575934 | 2.50%, 8/1/50, Pool #CA6577 | 3090317 |
| 2926358 | 2.50%, 8/1/50, Pool #CA6636 | 2529271 |
| 907777 | 2.50%, 8/1/50, Pool #CA6711 | 784309 |
| 1268541 | 2.00%, 9/1/50, Pool #MA4119 | 1040341 |
| 394372 | 2.00%, 9/1/50, Pool #BQ0697 | 323424 |
| 2283198 | 2.00%, 10/1/50, Pool #MA4158 | 1872419 |
| 2060755 | 1.50%, 10/1/50, Pool #MA4157 | 1582344 |
| 585803 | 2.50%, 11/1/50, Pool #FM4874 | 510972 |
| 328427 | 2.00%, 11/1/50, Pool #BQ6334 | 270287 |
| 2052448 | 2.50%, 11/1/50, Pool #CA7597 | 1789977 |
| 1787256 | 1.50%, 11/1/50, Pool #MA4181 | 1372338 |
| 445622 | 2.00%, 12/1/50, Pool #FM5305 | 370319 |
| 1398534 | 2.00%, 12/1/50, Pool #FM5176 | 1157049 |
| 528984 | 2.50%, 1/1/51, Pool #CA8592 | 457062 |
| 1747854 | 4.00%, 1/1/51, Pool #FM7031 | 1664041 |
| 15091064 | 3.50%, 1/1/51, Pool #FM7599 | 13845487 |
| 2801276 | 2.00%, 2/1/51, Pool #BR1615 | 2292636 |
| 1483428 | 2.50%, 2/1/51, Pool #CA9038 | 1270417 |
| 182971 | 2.50%, 3/1/51, Pool #BR4654 | 156682 |
| 1927881 | 4.00%, 3/1/51, Pool #FM7460 | 1830621 |
| 2387801 | 1.50%, 3/1/51, Pool #MA4280 | 1833262 |
| 509683 | 2.00%, 3/1/51, Pool #BN9004 | 422023 |
| 908112 | 2.00%, 3/1/51, Pool #BN8997 | 752293 |
| 229838 | 2.50%, 4/1/51, Pool #BR8896 | 196851 |
| 849130 | 2.00%, 4/1/51, Pool #BR7802 | 703424 |
| 323632 | 2.00%, 4/1/51, Pool #FS0599 | 268913 |
| 1292806 | 2.00%, 4/1/51, Pool #FM6863 | 1074692 |
| 133430 | 2.50%, 4/1/51, Pool #BR8283 | 114279 |
| 690283 | 2.00%, 4/1/51, Pool #BR7241 | 571777 |
| 72391 | 2.50%, 5/1/51, Pool #BR8296 | 61969 |
| 123205 | 2.50%, 5/1/51, Pool #BR8915 | 105463 |
| 2196830 | 2.50%, 5/1/51, Pool #CB0383 | 1883424 |
| 4752989 | 4.00%, 5/1/51, Pool #FS1463 | 4533499 |
| 6432895 | 3.00%, 6/1/51, Pool #CB0848 | 5691819 |
| 205157 | 2.50%, 7/1/51, Pool #BP3574 | 175662 |
| 9060657 | 2.00%, 8/1/51, Pool #CB1310 | 7414790 |
| 10734729 | 2.00%, 8/1/51, Pool #CB1309 | 8784973 |
| 472620 | 2.00%, 10/1/51, Pool #MA4465 | 386795 |
| 71593 | 2.50%, 10/1/51, Pool #BT8452 | 60837 |
| 743584 | 2.50%, 10/1/51, Pool #CB1806 | 638860 |
| 1104473 | 2.00%, 11/1/51, Pool #FM9452 | 910745 |
| 2704526 | 3.00%, 11/1/51, Pool #CB2165 | 2402008 |
| 3142048 | 2.00%, 11/1/51, Pool #FS1334 | 2571270 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | |
| **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** |
| $2278273 | 2.00%, 11/1/51, Pool #FM9538 | $1879548 |
| 1255101 | 2.00%, 11/1/51, Pool #CB2139 | 1036973 |
| 2568248 | 2.00%, 11/1/51, Pool #CB2054 | 2121705 |
| 991530 | 2.50%, 11/1/51, Pool #FS0026 | 854026 |
| 2377260 | 2.00%, 11/1/51, Pool #CB2079 | 1941748 |
| 6747469 | 2.00%, 12/1/51, Pool #MA4492 | 5522173 |
| 1210979 | 3.00%, 12/1/51, Pool #CB2418 | 1078739 |
| 319226 | 2.00%, 12/1/51, Pool #FS0598 | 264338 |
| 1628524 | 2.00%, 12/1/51, Pool #FS0211 | 1336957 |
| 1622542 | 2.00%, 12/1/51, Pool #FS0212 | 1336524 |
| 566771 | 2.50%, 12/1/51, Pool #CB2372 | 486957 |
| 720686 | 2.00%, 12/1/51, Pool #FM9730 | 595209 |
| 1076708 | 2.00%, 12/1/51, Pool #FM9925 | 890505 |
| 1990673 | 2.00%, 1/1/52, Pool #FS0497 | 1641630 |
| 1291734 | 2.00%, 1/1/52, Pool #FS0290 | 1065589 |
| 2734520 | 2.50%, 1/1/52, Pool #FS0378 | 2384147 |
| 1864697 | 2.50%, 1/1/52, Pool #FS0193 | 1597566 |
| 3678931 | 2.50%, 1/1/52, Pool #CB2622 | 3159650 |
| 1144129 | 2.50%, 1/1/52, Pool #CB2633 | 986274 |
| 2436652 | 2.50%, 1/1/52, Pool #CB2621 | 2094248 |
| 823358 | 2.00%, 1/1/52, Pool #FS1406 | 673689 |
| 2008324 | 2.50%, 1/1/52, Pool #CB2620 | 1727924 |
| 2437868 | 2.50%, 1/1/52, Pool #FS0208 | 2093799 |
| 1485411 | 2.00%, 1/1/52, Pool #CB2601 | 1225266 |
| 3040166 | 2.50%, 1/1/52, Pool #FS0209 | 2606256 |
| 1745633 | 2.00%, 2/1/52, Pool #CB2837 | 1428448 |
| 766308 | 2.00%, 2/1/52, Pool #CB2836 | 627579 |
| 33463207 | 2.00%, 2/1/52, Pool #FS2040 | 27370695 |
| 2467149 | 2.50%, 2/1/52, Pool #CB2856 | 2106496 |
| 405958 | 2.50%, 2/1/52, Pool #CB2863 | 347925 |
| 3876005 | 2.00%, 2/1/52, Pool #CB2838 | 3169268 |
| 919253 | 2.00%, 2/1/52, Pool #FS0646 | 752169 |
| 582718 | 2.50%, 2/1/52, Pool #CB2854 | 498664 |
| 2077892 | 2.50%, 2/1/52, Pool #CB2855 | 1776167 |
| 2373772 | 2.00%, 3/1/52, Pool #CB3101 | 1941054 |
| 1653767 | 2.00%, 3/1/52, Pool #CB3105 | 1353295 |
| 304544 | 3.00%, 3/1/52, Pool #CB3115 | 269069 |
| 950115 | 2.50%, 3/1/52, Pool #FS1661 | 822910 |
| 4352773 | 2.00%, 3/1/52, Pool #CB3102 | 3557877 |
| 870453 | 3.00%, 4/1/52, Pool #FS1520 | 769971 |
| 866846 | 4.00%, 4/1/52, Pool #FS1267 | 822347 |
| 650665 | 3.50%, 5/1/52, Pool #BV8545 | 597933 |
| 4662972 | 4.00%, 5/1/52, Pool #FS1133 | 4439263 |
| 1380489 | 3.00%, 5/1/52, Pool #FS1522 | 1218898 |
| 648267 | 3.50%, 7/1/52, Pool #FS2812 | 594873 |
| 498854 | 4.50%, 7/1/52, Pool #MA4656 | 481881 |
| 468736 | 3.50%, 8/1/52, Pool #CB4324 | 430733 |
| 487961 | 3.50%, 9/1/52, Pool #CB4661 | 444989 |
| 393611 | 3.50%, 9/1/52, Pool #CB4660 | 359581 |
| 299827 | 3.50%, 9/1/52, Pool #CB4658 | 276386 |
| 102082 | 3.50%, 9/1/52, Pool #CB4657 | 94224 |
| 2713000 | 2.50%, 1/25/53, TBA | 2487482 |
| 10150000 | 5.00%, 1/25/53, TBA | 10008852 |
| 5700000 | 4.50%, 2/25/53, TBA | 5501613 |
| 2500000 | 5.00%, 2/25/53, TBA | 2463672 |
|  |  | 344496245 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | |
| **Government National Mortgage Association (6.1%):** | **Government National Mortgage Association (6.1%):** | **Government National Mortgage Association (6.1%):** |
| $9025 | 4.50%, 9/15/33, Pool #615516 | $9072 |
| 32373 | 5.00%, 12/15/33, Pool #783571 | 33344 |
| 10169 | 6.50%, 8/20/38, Pool #4223 | 10973 |
| 7802 | 6.50%, 10/15/38, Pool #673213 | 7865 |
| 5799 | 6.50%, 11/20/38, Pool #4292 | 6257 |
| 10527 | 6.50%, 12/15/38, Pool #782510 | 10824 |
| 112602 | 5.00%, 1/15/39, Pool #782557 | 114774 |
| 70309 | 5.00%, 4/15/39, Pool #782619 | 72425 |
| 53408 | 5.00%, 4/15/39, Pool #711939 | 55018 |
| 6895 | 4.00%, 4/20/39, Pool #4422 | 6754 |
| 6719 | 5.00%, 6/15/39, Pool #782696 | 6921 |
| 23441 | 4.00%, 7/20/39, Pool #4494 | 22959 |
| 40491 | 5.00%, 10/20/39, Pool #4559 | 41882 |
| 4490 | 4.50%, 12/20/39, Pool #G24598 | 4509 |
| 11442 | 4.50%, 1/15/40, Pool #728627 | 11519 |
| 5490 | 4.50%, 1/20/40, Pool #4617 | 5512 |
| 4492 | 4.50%, 2/20/40, Pool #G24636 | 4615 |
| 31687 | 5.00%, 5/15/40, Pool #782958 | 32637 |
| 287 | 4.50%, 5/20/40, Pool #G24696 | 287 |
| 19591 | 5.00%, 6/15/40, Pool #697862 | 20553 |
| 206536 | 4.50%, 7/15/40, Pool #733795 | 207920 |
| 27388 | 4.50%, 7/15/40, Pool #745793 | 27442 |
| 11163 | 4.50%, 7/20/40, Pool #4746 | 11164 |
| 20422 | 4.50%, 8/20/40, Pool #4771 | 20425 |
| 13154 | 4.50%, 9/20/40, Pool #748948 | 13223 |
| 6143 | 4.00%, 9/20/40, Pool #G24800 | 5975 |
| 45347 | 4.50%, 10/15/40, Pool #783609 | 45304 |
| 20663 | 4.50%, 10/20/40, Pool #4834 | 20666 |
| 161372 | 4.00%, 10/20/40, Pool #G24833 | 156961 |
| 300721 | 4.00%, 11/20/40, Pool #4853 | 298068 |
| 147862 | 4.00%, 12/20/40, Pool #G24882 | 143820 |
| 80758 | 4.00%, 1/15/41, Pool #759138 | 78447 |
| 132891 | 4.00%, 1/20/41, Pool #4922 | 129258 |
| 12876 | 4.50%, 2/15/41, Pool #738019 | 12887 |
| 569439 | 4.00%, 2/20/41, Pool #742887 | 545347 |
| 2281 | 4.00%, 2/20/41, Pool #4945 | 2219 |
| 44647 | 4.00%, 3/15/41, Pool #762838 | 43369 |
| 3340 | 5.00%, 4/20/41, Pool #5018 | 3410 |
| 52565 | 4.50%, 6/20/41, Pool #783590 | 52215 |
| 7219 | 5.00%, 6/20/41, Pool #5083 | 7371 |
| 3842 | 5.00%, 7/20/41, Pool #5116 | 3923 |
| 124513 | 4.00%, 7/20/41, Pool #742895 | 119231 |
| 123387 | 4.50%, 7/20/41, Pool #5115 | 127955 |
| 36611 | 4.50%, 7/20/41, Pool #783584 | 36367 |
| 16065 | 4.50%, 7/20/41, Pool #754367 | 16173 |
| 37588 | 4.50%, 11/15/41, Pool #783610 | 37842 |
| 106736 | 3.50%, 1/15/42, Pool #553461 | 101298 |
| 146598 | 4.00%, 4/20/42, Pool #MA0023 | 142592 |
| 63935 | 5.00%, 7/20/42, Pool #MA0223 | 65913 |
| 149289 | 3.50%, 4/15/43, Pool #AD2334 | 145520 |
| 281035 | 3.50%, 4/20/43, Pool #MA0934 | 268021 |
| 158947 | 3.50%, 5/20/43, Pool #MA1012 | 151587 |
| 13671 | 4.00%, 7/20/43, Pool #MA1158 | 13297 |
| 545397 | 4.50%, 6/20/44, Pool #MA1997 | 547649 |
| 804 | 4.00%, 8/20/44, Pool #AI4166 | 765 |
| 10085 | 4.00%, 8/20/44, Pool #AJ2723 | 9577 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | |
| **Government National Mortgage Association, continued** | **Government National Mortgage Association, continued** | **Government National Mortgage Association, continued** |
| $442055 | 4.00%, 8/20/44, Pool #MA2149 | $429980 |
| 14672 | 4.00%, 8/20/44, Pool #AI4167 | 13929 |
| 10916 | 4.00%, 8/20/44, Pool #AJ4687 | 10365 |
| 257804 | 5.00%, 12/20/44, Pool #MA2448 | 263269 |
| 21296 | 3.00%, 12/20/44, Pool #MA2444 | 19515 |
| 250039 | 3.00%, 2/15/45, Pool #784439 | 222271 |
| 1127156 | 3.50%, 5/20/45, Pool #MA2826 | 1057312 |
| 153084 | 5.00%, 12/20/45, Pool #MA3313 | 155699 |
| 5695262 | 3.50%, 3/20/46, Pool #MA3521 | 5325957 |
| 1093192 | 3.50%, 5/20/46, Pool #MA3663 | 1022283 |
| 365467 | 3.50%, 7/20/46, Pool #MA3803 | 341764 |
| 1482360 | 3.50%, 9/20/46, Pool #MA3937 | 1386237 |
| 96390 | 3.50%, 10/20/46, Pool #AX4345 | 91858 |
| 146060 | 3.50%, 10/20/46, Pool #AX4344 | 137391 |
| 10054 | 4.00%, 10/20/46, Pool #AQ0542 | 9747 |
| 72454 | 3.50%, 10/20/46, Pool #AX4342 | 67895 |
| 56237 | 3.50%, 10/20/46, Pool #AX4343 | 52103 |
| 65525 | 3.50%, 10/20/46, Pool #AX4341 | 61283 |
| 79517 | 4.50%, 3/15/47, Pool #AZ8560 | 80229 |
| 64044 | 4.50%, 4/15/47, Pool #AZ8597 | 64614 |
| 116567 | 4.50%, 4/15/47, Pool #AZ8596 | 115094 |
| 65770 | 4.50%, 5/15/47, Pool #BA7888 | 64941 |
| 1416161 | 4.00%, 6/20/47, Pool #MA4511 | 1366635 |
| 15370 | 4.00%, 9/15/47, Pool #BC5919 | 14787 |
| 17470 | 4.00%, 10/15/47, Pool #BE1031 | 16805 |
| 15903 | 4.00%, 10/15/47, Pool #BD3187 | 15300 |
| 16968 | 4.00%, 11/15/47, Pool #BE1030 | 16323 |
| 1101904 | 4.00%, 11/20/47, Pool #MA4838 | 1063394 |
| 20267 | 4.00%, 12/15/47, Pool #BE4664 | 19494 |
| 539365 | 4.00%, 12/20/47, Pool #MA4901 | 520509 |
| 17529 | 4.00%, 1/15/48, Pool #BE0204 | 16680 |
| 22898 | 4.00%, 1/15/48, Pool #BE0143 | 22028 |
| 247709 | 4.50%, 9/20/48, Pool #BD0560 | 245361 |
| 451948 | 4.50%, 3/20/49, Pool #MA5818 | 445485 |
| 19155 | 4.50%, 4/20/49, Pool #MA5877 | 18881 |
| 203983 | 4.50%, 5/20/49, Pool #MA5932 | 201065 |
| 376204 | 4.50%, 4/20/50, Pool #MA6602 | 367110 |
| 627831 | 3.00%, 4/20/50, Pool #MA6599 | 563488 |
| 288393 | 4.00%, 5/20/50, Pool #MA6658 | 277615 |
| 80288 | 3.00%, 5/20/50, Pool #MA6656 | 72402 |
| 6039786 | 2.00%, 8/20/50, Pool #MA6818 | 5065891 |
| 1452323 | 3.00%, 10/20/50, Pool #MA6932 | 1303467 |
| 5627695 | 2.00%, 11/20/50, Pool #MA6994 | 4751383 |
| 5662000 | 5.00%, 1/20/51, TBA | 5609803 |
| 3124700 | 3.00%, 1/20/51, TBA | 2785377 |
| 1316427 | 3.00%, 1/20/51, Pool #MA7137 | 1177721 |
| 13235188 | 2.00%, 1/20/51, Pool #MA7135 | 11100145 |
| 2007281 | 2.00%, 2/20/51, Pool #MA7192 | 1683489 |
| 6001403 | 2.50%, 4/20/51, Pool #MA7312 | 5233790 |
| 6847591 | 3.00%, 6/20/51, Pool #MA7419 | 6107155 |
| 8802401 | 3.00%, 8/20/51, Pool #MA7535 | 7875637 |
| 6201983 | 2.50%, 10/20/51, Pool #MA7649 | 5388975 |
| 2206833 | 3.00%, 12/20/51, Pool #MA7768 | 1974248 |
| 11761318 | 2.50%, 12/20/51, Pool #MA7767 | 10224296 |
| 92430 | 3.00%, 1/20/52, Pool #MA7828 | 82419 |
| 2396005 | 2.50%, 5/20/52, Pool #MA8042 | 2080286 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | | |
| **Government National Mortgage Association, continued** | **Government National Mortgage Association, continued** | **Government National Mortgage Association, continued** | **Government National Mortgage Association, continued** | **Government National Mortgage Association, continued** |
| $| 7994297 | 2.50%, 6/20/52, Pool #MA8097 | $| 6941255 |
|  | 4507308 | 2.50%, 7/20/52, Pool #MA8147 |  | 3910446 |
|  | 249025 | 2.50%, 8/20/52, Pool #MA8197 |  | 216239 |
|  | 6632300 | 2.00%, 1/20/53, TBA |  | 5561805 |
|  | 5618000 | 4.50%, 1/20/53, TBA |  | 5457360 |
|  | 6501000 | 4.00%, 1/20/53, TBA |  | 6160713 |
|  | 7974797 | 3.50%, 1/20/53, TBA |  | 7331829 |
|  |  |  |  | 128372728 |
| **Federal Home Loan Mortgage Corporation (9.1%):** | **Federal Home Loan Mortgage Corporation (9.1%):** | **Federal Home Loan Mortgage Corporation (9.1%):** | **Federal Home Loan Mortgage Corporation (9.1%):** | **Federal Home Loan Mortgage Corporation (9.1%):** |
|  | 3339862 | Class A2 , Series KC023.37%, 7/25/25, Callable 8/25/25 @ 100.00 |  | 3227551 |
|  | 78664 | 3.00%, 9/1/27, Pool #U70060 |  | 75075 |
|  | 44007 | 3.00%, 7/1/28, Pool #U79018 |  | 41501 |
|  | 591000 | 4.93%, 9/15/29(c) |  | 442639 |
|  | 4510000 | Class XFX , Series KL061.36%, 12/25/29, Callable 9/25/29 @ 100.00 |  | 335484 |
|  | 19975 | 3.00%, 1/1/30, Pool #V60696 |  | 18956 |
|  | 24475 | 3.00%, 1/1/30, Pool #V60724 |  | 23306 |
|  | 42869 | 2.50%, 3/1/30, Pool #V60770 |  | 40076 |
|  | 100931 | 2.50%, 5/1/30, Pool #J31728 |  | 94474 |
|  | 88482 | 3.00%, 5/1/30, Pool #J31689 |  | 85415 |
|  | 48564 | 2.50%, 5/1/30, Pool #J31418 |  | 46285 |
|  | 64932 | 2.50%, 5/1/30, Pool #V60796 |  | 60689 |
|  | 174705 | 3.00%, 6/1/30, Pool #V60840 |  | 166255 |
|  | 83732 | 3.00%, 7/1/30, Pool #G15520 |  | 78956 |
|  | 16504 | 2.50%, 7/1/30, Pool #J32204 |  | 15421 |
|  | 3815 | 2.50%, 7/1/30, Pool #J32491 |  | 3573 |
|  | 4715 | 2.50%, 7/1/30, Pool #V60905 |  | 4406 |
|  | 15251 | 2.50%, 7/1/30, Pool #J32209 |  | 14540 |
|  | 11706 | 3.00%, 7/1/30, Pool #J32181 |  | 11299 |
|  | 10867 | 3.00%, 8/1/30, Pool #J32436 |  | 10252 |
|  | 60498 | 2.50%, 8/1/30, Pool #V60902 |  | 57606 |
|  | 18364 | 3.00%, 8/1/30, Pool #V60909 |  | 17477 |
|  | 71902 | 2.50%, 8/1/30, Pool #V60886 |  | 68456 |
|  | 57272 | 2.50%, 9/1/30, Pool #V60903 |  | 53538 |
|  | 181423 | 2.50%, 9/1/30, Pool #V60904 |  | 169546 |
|  | 7227133 | Class X1 , Series K1211.02%, 10/25/30, Callable 12/25/30 @ 100.00 |  | 419444 |
|  | 197000 | 5.21%, 3/15/31(c) |  | 137415 |
|  | 190000 | 6.75%, 3/15/31 |  | 222421 |
|  | 316486 | 2.50%, 4/1/31, Pool #G16186 |  | 294440 |
|  | 570000 | Class A2 , Series K1422.40%, 3/25/32, Callable 3/25/32 @ 100.00 |  | 479424 |
|  | 2300000 | Class A2 , Series K1442.45%, 4/25/32, Callable 5/25/32 @ 100.00 |  | 1939997 |
|  | 5130000 | Class A2 , Series K1452.58%, 5/25/32, Callable 6/25/32 @ 100.00 |  | 4372012 |
|  | 1740000 | Class A2 , Series K1462.92%, 6/25/32, Callable 7/25/32 @ 100.00 |  | 1525432 |
|  | 6407 | 3.00%, 10/1/32, Pool #J37706 |  | 6054 |
|  | 8652 | 3.00%, 11/1/32, Pool #J37835 |  | 8177 |
|  | 1480000 | Class A2 , Series K-1523.78%, 11/25/32, Callable 11/25/32 @ 100.00 |  | 1395049 |
|  | 6202 | 3.00%, 12/1/32, Pool #J38060 |  | 5862 |
|  | 2164746 | 2.50%, 4/1/33, Pool #ZS8087 |  | 2001106 |
|  | 105938 | 3.50%, 1/1/34, Pool #ZS9068 |  | 96607 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | |
| **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** |
| $64982 | 5.50%, 2/1/35, Pool #G04692 | $65601 |
| 398474 | 3.50%, 5/1/35, Pool #SC0063 | 378686 |
| 1550000 | 1.46%, 8/17/35, Callable 8/17/23 @ 100.00 | 1051887 |
| 1226397 | 2.00%, 2/1/36, Pool #SB8507 | 1100210 |
| 3155000 | 1.72%, 9/22/36, Callable 3/22/23 @ 100.00 | 2146706 |
| 45069 | 3.00%, 9/1/37, Pool #ZA2471 | 41118 |
| 928560 | 3.00%, 6/1/38, Pool #SC0111 | 858277 |
| 104284 | 6.00%, 4/1/39, Pool #G07613 | 113309 |
| 15253 | 4.50%, 12/1/39, Pool #A90196 | 15159 |
| 469399 | 3.50%, 1/1/40, Pool #RB5028 | 437164 |
| 59023 | 3.50%, 2/1/40, Pool #RB5034 | 54222 |
| 15579 | 4.50%, 7/1/40, Pool #A93010 | 15430 |
| 16686 | 4.00%, 8/1/40, Pool #A93534 | 16216 |
| 321521 | 4.50%, 9/1/40, Pool #A93700 | 319977 |
| 113310 | 4.00%, 9/1/40, Pool #A93851 | 108466 |
| 22737 | 4.00%, 10/1/40, Pool #A95923 | 22107 |
| 15263 | 4.00%, 11/1/40, Pool #A95144 | 14838 |
| 15994 | 4.00%, 11/1/40, Pool #A94977 | 15548 |
| 16140 | 4.00%, 11/1/40, Pool #A94779 | 15690 |
| 1045 | 4.00%, 4/1/41, Pool #Q00093 | 1017 |
| 40832 | 4.50%, 5/1/41, Pool #Q00959 | 40518 |
| 34665 | 4.50%, 5/1/41, Pool #Q00804 | 34398 |
| 229068 | Class FL , Series 42484.77%(US0001M+45bps), 5/15/41 | 228130 |
| 254181 | 5.50%, 6/1/41, Pool #G07553 | 257731 |
| 18259 | 4.00%, 10/1/41, Pool #Q03841 | 17734 |
| 26187 | 4.00%, 10/1/41, Pool #Q04022 | 25436 |
| 53785 | 5.00%, 10/1/41, Pool #G07642 | 54478 |
| 365831 | 2.00%, 2/1/42, Pool #RB5145 | 310192 |
| 1916531 | 2.00%, 3/1/42, Pool #RB5148 | 1625021 |
| 125067 | 3.50%, 4/1/42, Pool #Q07417 | 117188 |
| 380587 | 2.00%, 4/1/42, Pool #RB5153 | 322698 |
| 138873 | 3.50%, 4/1/42, Pool #C03811 | 130782 |
| 11968 | 3.50%, 5/1/42, Pool #Q08239 | 11281 |
| 4075 | 3.50%, 5/1/42, Pool #Q08306 | 3841 |
| 17699 | 3.50%, 8/1/42, Pool #Q12162 | 16582 |
| 108158 | 3.50%, 8/1/42, Pool #G07106 | 101359 |
| 6910 | 3.50%, 10/1/42, Pool #Q11909 | 6473 |
| 168400 | 3.00%, 1/1/43, Pool #Q14866 | 156076 |
| 66635 | 3.00%, 3/1/43, Pool #Q16403 | 60035 |
| 130005 | 3.00%, 3/1/43, Pool #Q16673 | 117084 |
| 73545 | 3.50%, 6/1/43, Pool #Q18718 | 68091 |
| 119241 | 3.50%, 7/1/43, Pool #Q20206 | 109327 |
| 49349 | 4.00%, 9/1/43, Pool #Q21579 | 47887 |
| 126922 | 4.50%, 12/1/43, Pool #Q23779 | 124472 |
| 95284 | 4.50%, 12/1/43, Pool #G60018 | 92930 |
| 13266 | 3.50%, 1/1/44, Pool #Q24368 | 12159 |
| 1029600 | Class XZ , Series 43164.50%, 3/15/44 | 1021802 |
| 55983 | 4.00%, 4/1/44, Pool #Q25643 | 53864 |
| 559789 | 3.50%, 4/1/44, Pool #G07848 | 520169 |
| 985954 | Class ZX , Series 43524.00%, 4/15/44 | 943883 |
| 13509 | 3.50%, 5/1/44, Pool #Q26218 | 12763 |
| 67339 | 3.50%, 6/1/44, Pool #Q28764 | 63093 |
| 1839886 | 3.00%, 6/1/44, Pool #SD0498 | 1688480 |
| 47292 | 4.00%, 7/1/44, Pool #G60901 | 45636 |
| 12483 | 3.50%, 7/1/44, Pool #Q27319 | 11792 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | |
| **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** |
| $20912 | 3.50%, 9/1/44, Pool #Q28604 | $19754 |
| 1908057 | 3.50%, 9/1/44, Pool #SD0481 | 1784928 |
| 2111597 | 4.00%, 1/1/45, Pool #SD0490 | 2046620 |
| 1850876 | 4.00%, 1/1/45, Pool #SD0478 | 1788893 |
| 15170 | 4.00%, 2/1/45, Pool #Q31338 | 14760 |
| 7016 | 4.00%, 2/1/45, Pool #Q31128 | 6825 |
| 2812449 | 4.00%, 9/1/45, Pool #SD0507 | 2742638 |
| 14510 | 3.50%, 9/1/45, Pool #Q36302 | 13779 |
| 20421 | 4.00%, 12/1/45, Pool #Q37955 | 19870 |
| 17132 | 4.00%, 12/1/45, Pool #Q37957 | 16650 |
| 1291607 | 3.50%, 3/1/46, Pool #SD0485 | 1208487 |
| 404148 | Class FB , Series 46064.82%(US0001M+50bps), 8/15/46 | 400242 |
| 230336 | 3.00%, 9/1/46, Pool #G60718 | 203144 |
| 572850 | 3.00%, 9/1/46, Pool #Q42979 | 506033 |
| 241615 | 3.50%, 9/1/46, Pool #SD0486 | 225696 |
| 246750 | 3.00%, 12/1/46, Pool #Q45064 | 217567 |
| 796234 | 3.00%, 12/1/46, Pool #V82781 | 720144 |
| 66634 | 3.00%, 12/1/46, Pool #Q45083 | 60271 |
| 136151 | 3.00%, 12/1/46, Pool #Q45080 | 120754 |
| 659442 | 3.00%, 2/1/47, Pool #SD0496 | 596985 |
| 380684 | 3.50%, 3/1/47, Pool #G60968 | 371067 |
| 681788 | 4.00%, 7/1/47, Pool #SD0504 | 656399 |
| 868462 | 4.50%, 7/1/47, Pool #G61047 | 856599 |
| 362367 | 3.50%, 10/1/47, Pool #G61178 | 341248 |
| 449898 | 3.50%, 12/1/47, Pool #G61208 | 423730 |
| 401642 | 3.50%, 1/1/48, Pool #ZS4751 | 372450 |
| 92795 | 3.50%, 1/1/48, Pool #Q53648 | 86996 |
| 60637 | 3.50%, 1/1/48, Pool #Q53630 | 57105 |
| 408368 | 3.50%, 2/1/48, Pool #ZT1353 | 379161 |
| 618843 | 4.00%, 4/1/48, Pool #SD0489 | 600226 |
| 2954573 | 4.00%, 8/1/48, Pool #SD0492 | 2862088 |
| 990702 | 4.50%, 8/1/48, Pool #G67715 | 988161 |
| 2317725 | 4.00%, 5/1/49, Pool #SD0488 | 2227251 |
| 13608 | 3.00%, 7/1/50, Pool #QB1488 | 12210 |
| 526424 | 2.50%, 7/1/50, Pool #QB1193 | 453159 |
| 12575 | 3.00%, 7/1/50, Pool #QB1158 | 11367 |
| 29641 | 3.00%, 7/1/50, Pool #QB1486 | 26605 |
| 108534 | 3.00%, 7/1/50, Pool #QB1479 | 97394 |
| 785748 | 1.50%, 8/1/50, Pool #RA3217 | 603417 |
| 821956 | 3.00%, 8/1/50, Pool #RA3313 | 725618 |
| 86732 | 3.00%, 8/1/50, Pool #QB2339 | 77863 |
| 842658 | 3.00%, 8/1/50, Pool #RA3282 | 745692 |
| 282906 | 2.00%, 8/1/50, Pool #QB2296 | 234170 |
| 5640416 | 3.00%, 9/1/50, Pool #SD0592 | 5085219 |
| 1967893 | 1.50%, 10/1/50, Pool #SD8082 | 1511105 |
| 630669 | 2.00%, 11/1/50, Pool #SD7528 | 524286 |
| 1089324 | 3.00%, 12/1/50, Pool #SD0519 | 974998 |
| 920830 | 4.00%, 12/1/50, Pool #SD0520 | 888293 |
| 3950614 | 2.50%, 2/1/51, Pool #SD7534 | 3445713 |
| 5483585 | 2.00%, 3/1/51, Pool #SD8134 | 4488286 |
| 2079084 | 2.00%, 4/1/51, Pool #SD7539 | 1721907 |
| 8773903 | 2.50%, 5/1/51, Pool #RA5077 | 7558839 |
| 2479092 | 2.50%, 5/1/51, Pool #SD0702 | 2140372 |
| 1128154 | 2.00%, 5/1/51, Pool #SD7541 | 934379 |
| 3636210 | 2.00%, 7/1/51, Pool #SD0716 | 3029538 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | | |
| **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** |
| $| 1206331 | 3.00%, 7/1/51, Pool #SD7544 | $| 1080346 |
|  | 785751 | 2.00%, 9/1/51, Pool #SD0730 |  | 646754 |
|  | 795830 | 2.00%, 9/1/51, Pool #SD8172 |  | 651312 |
|  | 1055720 | 2.00%, 9/1/51, Pool #SD0732 |  | 866672 |
|  | 1048070 | 3.00%, 10/1/51, Pool #RA6015 |  | 932856 |
|  | 3458422 | 2.00%, 10/1/51, Pool #RA6071 |  | 2824836 |
|  | 7685663 | 2.50%, 11/1/51, Pool #SD7548 |  | 6581718 |
|  | 2392001 | 2.50%, 11/1/51, Pool #RA6397 |  | 2070414 |
|  | 4679173 | 2.50%, 12/1/51, Pool #RA6388 |  | 4013246 |
|  | 5845455 | 2.00%, 12/1/51, Pool #SD8182 |  | 4783809 |
|  | 208472 | 2.00%, 12/1/51, Pool #SD0789 |  | 172094 |
|  | 424633 | 2.00%, 12/1/51, Pool #SD0783 |  | 350739 |
|  | 1096368 | 2.00%, 12/1/51, Pool #SD0785 |  | 910073 |
|  | 1137252 | 2.00%, 12/1/51, Pool #SD0786 |  | 938244 |
|  | 7303906 | 2.50%, 1/1/52, Pool #SD0923 |  | 6208928 |
|  | 1985206 | 2.00%, 1/1/52, Pool #SD0894 |  | 1653079 |
|  | 2684094 | 2.00%, 1/1/52, Pool #SD0892 |  | 2213836 |
|  | 24169820 | 2.50%, 1/1/52, Pool #SD7552 |  | 20816670 |
|  | 8293273 | 2.00%, 1/1/52, Pool #SD7549 |  | 6892585 |
|  | 889560 | 3.00%, 2/1/52, Pool #SD7550 |  | 796496 |
|  | 1392255 | 2.00%, 2/1/52, Pool #RA6768 |  | 1136200 |
|  | 24165896 | 3.00%, 3/1/52, Pool #SD7553 |  | 21563628 |
|  | 431819 | 3.50%, 6/1/52, Pool #SD1086 |  | 395301 |
|  | 1050761 | 3.50%, 6/1/52, Pool #SD1053 |  | 964291 |
|  | 1137656 | 3.50%, 6/1/52, Pool #SD1049 |  | 1041579 |
|  | 2948867 | 4.50%, 7/1/52, Pool #RA7506 |  | 2846270 |
|  | 469279 | 4.50%, 7/1/52, Pool #SD8231 |  | 453427 |
|  | 908632 | 4.50%, 8/1/52, Pool #QE8252 |  | 877377 |
|  | 3502689 | 3.00%, 8/1/52, Pool #SD7556 |  | 3107672 |
|  |  |  |  | 189328632 |
| **Federal Home Loan Bank (0.3%):** | **Federal Home Loan Bank (0.3%):** | **Federal Home Loan Bank (0.3%):** | **Federal Home Loan Bank (0.3%):** | **Federal Home Loan Bank (0.3%):** |
|  | 3020000 | 0.92%, 2/26/27, Callable 2/26/23 @ 100.00 |  | 2623915 |
|  | 4080000 | 3.56%, 5/16/33 |  | 3754852 |
|  |  |  |  | 6378767 |
|  | Total U.S. Government Agency Mortgages (Cost $731,059,346) | Total U.S. Government Agency Mortgages (Cost $731,059,346) |  | 668576372 |
| **U.S. Treasury Obligations (19.7%):** | **U.S. Treasury Obligations (19.7%):** | **U.S. Treasury Obligations (19.7%):** |  |  |
| **U.S. Treasury Bonds (11.2%):** | **U.S. Treasury Bonds (11.2%):** | **U.S. Treasury Bonds (11.2%):** | **U.S. Treasury Bonds (11.2%):** | **U.S. Treasury Bonds (11.2%):** |
|  | 2480000 | 5.38%, 2/15/31 |  | 2725287 |
|  | 14025000 | 4.75%, 2/15/37 |  | 15379289 |
|  | 10000000 | 5.00%, 5/15/37 |  | 11212500 |
|  | 12855000 | 1.13%, 8/15/40 |  | 8050444 |
|  | 35585000 | 1.88%, 2/15/41(d) |  | 25320952 |
|  | 30115000 | 1.75%, 8/15/41 |  | 20765234 |
|  | 2795000 | 2.00%, 11/15/41 |  | 2011090 |
|  | 29385000 | 3.13%, 11/15/41(d) |  | 25528219 |
|  | 5045000 | 2.38%, 2/15/42 |  | 3878344 |
|  | 2325000 | 4.00%, 11/15/42^ |  | 2292305 |
|  | 7022500 | 3.63%, 8/15/43 |  | 6498007 |
|  | 1205000 | 3.13%, 8/15/44 |  | 1023685 |
|  | 15000 | 2.50%, 2/15/45 |  | 11377 |
|  | 955000 | 3.00%, 5/15/45 |  | 791755 |
|  | 1770000 | 2.88%, 8/15/45 |  | 1434806 |
|  | 12235000 | 3.00%, 11/15/45 |  | 10128286 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** | **Value** |
| **U.S. Treasury Obligations, continued** | **U.S. Treasury Obligations, continued** | **U.S. Treasury Obligations, continued** | | |
| **U.S. Treasury Bonds, continued** | **U.S. Treasury Bonds, continued** | **U.S. Treasury Bonds, continued** | **U.S. Treasury Bonds, continued** | **U.S. Treasury Bonds, continued** |
| $| 22700000 | 2.25%, 8/15/46 | $| 16195031 |
|  | 6855000 | 2.88%, 11/15/46 |  | 5531128 |
|  | 3105000 | 2.75%, 11/15/47 |  | 2442277 |
|  | 5645000 | 3.00%, 2/15/48 |  | 4660653 |
|  | 30570000 | 3.13%, 5/15/48(d) |  | 25888969 |
|  | 4055000 | 3.38%, 11/15/48 |  | 3603248 |
|  | 8700000 | 3.00%, 2/15/49 |  | 7221000 |
|  | 125000 | 2.88%, 5/15/49 |  | 101328 |
|  | 10975000 | 1.25%, 5/15/50 |  | 5965941 |
|  | 8590000 | 1.38%, 8/15/50 |  | 4821137 |
|  | 5954000 | 1.63%, 11/15/50 |  | 3578912 |
|  | 1102000 | 1.88%, 11/15/51 |  | 704591 |
|  | 629000 | 2.25%, 2/15/52 |  | 441774 |
|  | 2633000 | 2.88%, 5/15/52 |  | 2129027 |
|  | 6737000 | 3.00%, 8/15/52 |  | 5610658 |
|  | 9073000 | 4.00%, 11/15/52 |  | 9170818 |
|  |  |  |  | 235118072 |
| **U.S. Treasury Notes (8.5%):** | **U.S. Treasury Notes (8.5%):** | **U.S. Treasury Notes (8.5%):** | **U.S. Treasury Notes (8.5%):** | **U.S. Treasury Notes (8.5%):** |
|  | 1595000 | 1.75%, 3/15/25 |  | 1507275 |
|  | 3164000 | 0.50%, 3/31/25 |  | 2906925 |
|  | 16246000 | 0.38%, 4/30/25 |  | 14834629 |
|  | 13710000 | 0.25%, 5/31/25 |  | 12446109 |
|  | 12997000 | 2.88%, 6/15/25 |  | 12566474 |
|  | 12640000 | 3.00%, 7/15/25 |  | 12250925 |
|  | 890000 | 3.00%, 10/31/25 |  | 860241 |
|  | 1550000 | 2.88%, 11/30/25 |  | 1492602 |
|  | 7810000 | 0.38%, 12/31/25 |  | 6982628 |
|  | 4310000 | 0.50%, 2/28/26 |  | 3843308 |
|  | 2435000 | 2.38%, 4/30/26 |  | 2302216 |
|  | 2033000 | 4.13%, 9/30/27 |  | 2043165 |
|  | 16540000 | 4.13%, 10/31/27 |  | 16622700 |
|  | 22114000 | 3.88%, 11/30/27 |  | 22024162 |
|  | 5585000 | 3.88%, 12/31/27 |  | 5563280 |
|  | 110000 | 1.25%, 6/30/28 |  | 95253 |
|  | 11165000 | 4.00%, 10/31/29 |  | 11199891 |
|  | 998000 | 3.88%, 11/30/29 |  | 993634 |
|  | 29630000 | 3.88%, 12/31/29 |  | 29542037 |
|  | 3120000 | 0.63%, 5/15/30 |  | 2475525 |
|  | 925000 | 0.63%, 8/15/30 |  | 730027 |
|  | 6599000 | 2.75%, 8/15/32 |  | 6025712 |
|  | 7411000 | 4.13%, 11/15/32 |  | 7588169 |
|  |  |  | 176896887 | 176896887 |
|  | Total U.S. Treasury Obligations (Cost $486,966,374) | Total U.S. Treasury Obligations (Cost $486,966,374) |  | 412014959 |
| **Certificate of Deposit (1.3%):** | **Certificate of Deposit (1.3%):** | **Certificate of Deposit (1.3%):** |  |  |
|  | 26335000 | MUFG Bank, Ltd., 4.58%, 1/27/23 |  | 26323676 |
|  | Total Certificate of Deposit (Cost $26,335,000) | Total Certificate of Deposit (Cost $26,335,000) |  | 26323676 |
| **Shares** | **Shares** |  | **Value** | **Value** |
| **Short-Term Security Held as Collateral for Securities on Loan (0.5%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.5%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.5%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.5%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.5%):** |
|  | 10944091 | BlackRock Liquidity FedFund, Institutional Class , 1.49%(c)(e) |  | 10944091 |
|  | Total Short-Term Security Held as Collateral for Securities on<br>Loan (Cost $10,944,091) | Total Short-Term Security Held as Collateral for Securities on<br>Loan (Cost $10,944,091) |  | 10944091 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Unaffiliated Investment Company (9.3%):** | **Unaffiliated Investment Company (9.3%):** | |
| **Money Markets (9.3%):** | **Money Markets (9.3%):** | |
| 194947943 | Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(c) | $194947943 |
| Total Unaffiliated Investment Company (Cost $194,947,943) | Total Unaffiliated Investment Company (Cost $194,947,943) | 194947943 |
| Total Investment Securities (Cost $2,453,808,587) — 105.8%(f) | Total Investment Securities (Cost $2,453,808,587) — 105.8%(f) | 2209482748 |
| Net other assets (liabilities) — (5.8)% | Net other assets (liabilities) — (5.8)% | (121613776) |
| Net Assets — 100.0% | Net Assets — 100.0% | $2087868972 |

---

EUR003M—3 Month EUR LIBOR

EUSA1—Euro 1 Year Swap Rate

EUSA5—Euro 5 Year Swap Rate

GO—General Obligation

H15T1Y—1 Year Treasury Constant Maturity Rate

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

SOFR—Secured Overnight Financing Rate

TBA—To Be Announced Security

US0001M—1 Month US Dollar LIBOR

US0003M—3 Month US Dollar LIBOR

---

| | |
|:---|:---|
| ^ | This security or a partial position of this security was on loan as of December 31, 2022. The total value of securities on loan as of December 31, 2022 was $10,596,798.  |

---

---

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

---

† Represents less than 0.05%.

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

(b) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets
underlying the security. The rate presented is the rate in effect at December 31, 2022.

(c) The rate represents the effective yield at December 31, 2022.

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

(e) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for
securities that were sold on or before December 31, 2022.

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

Percentages indicated are based on net assets as of December 31, 2022.

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 December 31, 2022:

---

| | |
|:---|:---|
| **Country** | **Percentage** |
|  Canada | 0.3% |
|  Cayman Islands | 2.3% |
|  Chile | 0.2% |
|  China | 0.4% |
|  Columbia | 0.3% |
|  France | 0.2% |
|  Indonesia | 0.2% |
|  Ireland | 0.2% |
|  Japan | 1.5% |
|  Netherlands | 0.3% |
|  Philippines | 0.2% |
|  United Kingdom | 0.6% |
|  United States | 92.2% |
|  Uruguay | 0.2% |
|  All other countries | 0.9% |
|  | 100.0% |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

**Securities Sold Short (-2.2%):** 

At December 31, 2022, the Fund's securities sold short were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Coupon<br>Rate** | **Maturity<br>Date** | **Par<br>Amount** | **Proceeds<br>Received** | **Fair Value** |
|  **U.S. Government Agency Mortgages** |  |  |  |  |  |
|  **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association, TBA | 4.00% | 1/25/53 | $(3491800) | $(3333116) | $(3281746) |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association, TBA | 4.50% | 1/25/51 | (414600) | (404446) | (400089) |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association, TBA | 3.00% | 1/25/53 | (4700768) | (4132520) | (4133738) |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association, TBA | 3.50% | 1/25/53 | (1960945) | (1784862) | (1784766) |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association, TBA | 3.00% | 1/25/36 | (454000) | (428924) | (425696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association, TBA | 3.50% | 2/25/51 | (700000) | (655156) | (637492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association, TBA | 4.00% | 2/25/53 | (1500000) | (1443516) | (1410176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association, TBA | 2.50% | 2/25/51 | (11975500) | (10324825) | (10180112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association, TBA | 2.50% | 1/25/53 | (457000) | (388271) | (388093) |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association, TBA | 2.00% | 2/25/53 | (22098512) | (18289108) | (18051722) |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association, TBA | 2.00% | 1/25/52 | (658000) | (536707) | (536887) |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association, TBA | 1.50% | 1/25/53 | (1448800) | (1123423) | (1111954) |
|  **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 2.50% | 7/20/53 | (5389400) | (4680923) | (4675304) |
|  |  |  |  | $(47525797) | $(47017775) |

---

**Futures Contracts** 

At December 31, 2022, the Fund's open futures contracts were as follows:

**Short Futures** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  30-Day Federal Funds December Futures (U.S. Dollar) | 1/2/23 | 24 | $(9590517) | $(1535) |
|  Euro Buxl 30-Year Bond March Futures (Euro) | 3/8/23 | 10 | (1447470) | 272585 |
|  Euro-Bobl March Futures (Euro) | 3/8/23 | 94 | (11645368) | 357368 |
|  Euro-Bund March Futures (Euro) | 3/8/23 | 53 | (7540554) | 464085 |
|  U.S. Treasury 10-Year Note March Futures (U.S. Dollar) | 3/22/23 | 9 | (1064531) | 31625 |
|  U.S. Treasury 30-Year Bond March Futures (U.S. Dollar) | 3/22/23 | 116 | (14539875) | 20697 |
|  Ultra Long Term U.S. Treasury Bond March Futures (U.S. Dollar) | 3/22/23 | 127 | (17057688) | 13946 |
|  |  |  |  | $1158771 |

---

**Long Futures** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Euro Schatz Index March Futures (Euro) | 3/8/23 | 36 | $4061906 | $(29124) |
|  U.S. Treasury 2-Year Note March Futures (U.S. Dollar) | 3/31/23 | 1144 | 234609375 | 261366 |
|  U.S. Treasury 5-Year Note March Futures (U.S. Dollar) | 3/31/23 | 1185 | 127896680 | (123434) |
|  |  |  |  | $108808 |
|  Total Net Futures Contracts |  |  |  | $1267579 |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

**Forward Currency Contracts** 

At December 31, 2022, the Fund's open forward currency contracts were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | | **Currency Sold** | | **Counterparty** | **Settlement<br>Date** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** |
|  European Euro | 3601000 | U.S. Dollar | 3846711 | Natwest Capital Markets, Ltd. | 3/15/23 | $26816 |
|  U.S. Dollar | 102459 | European Euro | 96700 | JP Morgan | 3/15/23 | (1559) |
|  U.S. Dollar | 31996514 | European Euro | 29975000 | UBS | 3/15/23 | (247023) |
|  |  |  |  |  |  | $(248582) |
|  Total Net Forward Currency Contracts | Total Net Forward Currency Contracts | Total Net Forward Currency Contracts | Total Net Forward Currency Contracts |  |  | $(221766) |

---

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

---

| | | |
|:---|:---|:---|
| | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  Forward currency contracts | $26816 | $(248582) |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment securities, at cost | $2453808587 |
|  Investment securities, at value(a) | $2209482748 |
|  Cash | 61453 |
|  Interest and dividends receivable | 13084272 |
|  Foreign currency, at value (cost $305,468) | 301481 |
|  Unrealized appreciation on forward currency contracts | 26816 |
|  Receivable for investments sold | 144261 |
|  Receivable for TBA investments sold | 149300034 |
|  Prepaid expenses | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2372401567 |
|  **Liabilities:** |  |
|  Unrealized depreciation on forward currency contracts | 248582 |
|  Payable for investments purchased | 43099507 |
|  Payable for TBA investments purchased | 181315939 |
|  Payable for capital shares redeemed | 178706 |
|  Payable for collateral received on loaned securities | 10944091 |
|  Securities sold short (Proceeds received $47,525,797) | 47017775 |
|  Payable for variation margin on futures contracts | 432371 |
|  Management fees payable | 630268 |
|  Administration fees payable | 111646 |
|  Distribution fees payable | 450193 |
|  Custodian fees payable | 15014 |
|  Administrative and compliance services fees payable | 6908 |
|  Transfer agent fees payable | 1286 |
|  Trustee fees payable | 17257 |
|  Other accrued liabilities | 63052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 284532595 |
|  **Net Assets** | $2087868972 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2428743966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | (340874994) |
|  **Net Assets** | $2087868972 |
|  Shares of beneficial interest (unlimited number of shares authorized, no par value) | 220217104 |
|  Net Asset Value (offering and redemption price per share) | $9.48 |

---

(a) Includes securities on loan of $10,596,798.

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Interest | $60066664 |
|  Dividends | 1313286 |
|  Income from securities lending | 70209 |
|  Foreign withholding tax | (263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 61449896 |
|  **Expenses:** |  |
|  Management fees | 8056848 |
|  Administration fees | 375376 |
|  Distribution fees | 5754904 |
|  Custodian fees | 79986 |
|  Administrative and compliance services fees | 32430 |
|  Transfer agent fees | 7875 |
|  Trustee fees | 129733 |
|  Professional fees | 100751 |
|  Shareholder reports | 32521 |
|  Other expenses | 62594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 14633018 |
|  **Net Investment Income/(Loss)** | 46816878 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities and foreign currencies | (144841769) |
|  Net realized gains/(losses) on forward currency contracts | 6086013 |
|  Net realized gains/(losses) on futures contracts | (3985123) |
|  Net realized gains/(losses) on securities held short | 3250619 |
|  Change in net unrealized appreciation/depreciation on securities and foreign currencies | (267671703) |
|  Change in net unrealized appreciation/depreciation on forward currency contracts | 475815 |
|  Change in net unrealized appreciation/depreciation on futures contracts | 1280812 |
|  Change in net unrealized appreciation/depreciation on securities held short | 507129 |
|  **Net realized and Change in net unrealized gains/losses on investments** | (404898207) |
|  **Change in Net Assets Resulting From Operations** | $(358081329) |

---

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $46816878 | $19502658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | (139490260) | 15203675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (265407947) | (74635557) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (358081329) | (39929224) |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions | (34867754) | (89324077) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (34867754) | (89324077) |
|  **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 6443530 | 711480744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 34867754 | 89324077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (250225785) | (63249445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | (208914501) | 737555376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (601863584) | 608302075 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2689732556 | 2081430481 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2087868972 | $2689732556 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 632822 | 61577341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 3733164 | 7989631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (24963335) | (5508649) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | (20597349) | 64058323 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $11.17 | $11.78 | $11.21 | $10.59 | $10.89 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.20 (a) | 0.09 (a) | 0.17 (a) | 0.25 (a) | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (1.73) | (0.32) | 0.67 | 0.64 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (1.53) | (0.23) | 0.84 | 0.89 | (0.07) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.15) | (0.09) | (0.27) | (0.27) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.01) | (0.29) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (0.16) | (0.38) | (0.27) | (0.27) | (0.23) |
|  **Net Asset Value, End of Period** | $9.48 | $11.17 | $11.78 | $11.21 | $10.59 |
|  **Total Return**(b) | (13.68)% | (1.94)% | 7.53% | 8.38% | (0.58)% |
|  Ratios to Average Net Assets/Supplemental Data: |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $2087869 | $2689733 | $2081430 | $2239557 | $1936318 |
|  Net Investment Income/(Loss) | 2.03% | 0.80% | 1.45% | 2.28% | 2.41% |
|  Expenses Before Reductions(c) | 0.64% | 0.66% | 0.66% | 0.65% | 0.65% |
|  Expenses Net of Reductions | 0.64% | 0.66% | 0.66% | 0.65% | 0.65% |
|  Portfolio Turnover Rate | 133% | 137% | 140% | 119% | 144% |

---

(a) Calculated using the average shares method.

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

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

See accompanying notes to the financial statements.

------

**AZL Enhanced Bond Index Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

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.

On December 13, 2022, the Board unanimously approved a reorganization whereby the Fund will acquire all of the assets and liabilities of the AZL DFA Five-Year Global Fixed Income Fund and costs related to the reorganization will be paid by the Manager.

**2. Significant Accounting Policies** 

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

**Security Valuation** 

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

**Investment Transactions and Investment Income** 

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

**Real Estate Investment Trusts** 

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

**Foreign Currency Translation and Withholding Taxes** 

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

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

**Securities Purchased on a When-Issued Basis** 

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

------

**AZL Enhanced Bond Index Fund** 

Notes to the Financial Statements

December 31, 2022

**Short Sales** 

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

**Distributions to Shareholders** 

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

**Expense Allocation** 

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

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

**Securities Lending** 

To generate additional income, the Fund may lend up to 33<sup>1</sup>⁄<sub>3</sub>% 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 December 31, 2022 are presented on the Fund's Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $7,062 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund had securities lending transactions of $10,944,091 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, 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 December 31, 2022, no collateral had been posted by the Fund to counterparties for TBAs.

------

**AZL Enhanced Bond Index Fund** 

Notes to the Financial Statements

December 31, 2022

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund participated in the following cross-trade transactions:

---

| | | | |
|:---|:---|:---|:---|
| | **Purchases** | **Sales** | **Realized<br>Gains/(Losses)** |
|  AZL Enhanced Bond Index Fund | $1026981 | $– | $— |

---

**Derivative Instruments** 

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

***Forward Currency Contracts***

During the year ended December 31, 2022, the Fund entered into forward currency contracts in connections with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund's maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. For the year ended December 31, 2022, the monthly average notional amount for long contracts was $9.8 million and the monthly average notional amount for short contracts was $65.7 million. Realized gains and losses are reported as "Net realized gains/(losses) on forward currency contracts" on the Statement of Operations.

***Futures Contracts***

During the year ended December 31, 2022, the Fund used futures contracts to provide market exposure on the Fund's cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value ("variation margin"), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the year ended December 31, 2022, the monthly average notional amount for long contracts was $313.5 million, and the monthly average notional amount for short contracts was $110.2 million. Realized gains and losses are reported as "Net realized gains/(losses) on futures contracts" on the Statement of Operations.

**Summary of Derivative Instruments** 

The following is a summary of the values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Primary Risk Exposure** | **Statement of Assets and Liabilities Location** | **Total<br>Value** | **Statement of Assets and Liabilities Location** | **Total<br>Value** |
|  **Interest Rate Risk** | **Interest Rate Risk** |  |  |  |
| Futures Contracts | Receivable for variation margin on futures contracts\* | $1421672 | Payable for variation margin on futures contracts\* | $154093 |
|  **Foreign Exchange Risk** |  |  |  |  |
| Forward Currency Contracts | Unrealized appreciation on forward currency contracts | 26816 | Unrealized depreciation on forward currency contracts | 248582 |

---

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

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Primary Risk Exposure** | **Location of Gains/(Losses)<br>on Derivatives<br>Recognized** | **Realized Gains/(Losses)<br>on Derivatives<br>Recognized** | **Change in Net Unrealized<br>Appreciation/Depreciation on<br>Derivatives Recognized** |
|  **Interest Rate Risk** | **Interest Rate Risk** |  |  |
| Futures Contracts | Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts | $(3985123) | $1280812 |
|  **Foreign Exchange Risk** |  |  |  |
| Forward Currency Contracts | Net realized gains/(losses) on forward currency contracts/ Change in net unrealized appreciation/depreciation on forward currency contracts | 6086013 | 475815 |

---

------

**AZL Enhanced Bond Index Fund** 

Notes to the Financial Statements

December 31, 2022

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund's ability to transact net amounts in accordance with the master netting agreements at December 31, 2022. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022.

As of December 31, 2022, the Fund's derivative assets and liabilities by type were as follows:

---

| | | |
|:---|:---|:---|
| | **Assets** | **Liabilities** |
|  Derivative Financial Instruments: |  |  |
|  Forward currency contracts | $26816 | $248582 |
|  Futures contracts |  | 432371 |
|  Total derivative assets and liabilities in the Statement of Assets and Liabilities | 26816 | 680953 |
|  Derivatives not subject to a master netting agreement or similar agreement ("MNA") |  | (432371) |
|  Total assets and liabilities subject to a MNA | $26816 | $248582 |

---

The following table presents the Fund's derivative assets by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>Subject to a MNA<br>by Counterparty** | **Derivatives<br>Available<br>for Offset** | **Non-cash<br>Collateral<br>Received\*** | **Cash<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Natwest Capital Markets, Ltd. | $26816 | $– | $– | $– | $26816 |
|  Total | $26816 | $– | $– | $– | $26816 |

---

The following table presents the Fund's derivative liabilities by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>Subject to a MNA**<br> **by Counterparty** | **Derivatives**<br> **Available**<br> **for Offset** | **Non-cash<br>Collateral<br>Pledged\*** | **Cash<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  JP Morgan | $1559 | $– | $– | $– | $1559 |
|  UBS | 247023 | – | – | – | 247023 |
|  Total | $248582 | $– | $– | $– | $248582 |

---

\* 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 "Management fees." For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund's business, based on the daily net assets of the Fund, through April 30, 2024.

For the year ended December 31, 2022, 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 waived or reimbursed by the Manager with respect to the annual expense limit in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable. During the year ended December 31, 2022, there were no such waivers.

------

**AZL Enhanced Bond Index Fund** 

Notes to the Financial Statements

December 31, 2022

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

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

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

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

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

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

**4. Investment Valuation Summary** 

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

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

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

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

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

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

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

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

------

**AZL Enhanced Bond Index Fund** 

Notes to the Financial Statements

December 31, 2022

The following is a summary of the valuation inputs used as of December 31, 2022 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 | $— | $102239263 | $— | $102239263 |
|  Collateralized Mortgage Obligations |  | 165965808 |  | 165965808 |
|  Corporate Bonds+ |  | 520183812 |  | 520183812 |
|  Foreign Bonds+ |  | 19263691 |  | 19263691 |
|  Yankee Debt Obligations+ |  | 76315087 |  | 76315087 |
|  Municipal Bonds |  | 12708046 |  | 12708046 |
|  U.S. Government Agency Mortgages |  | 668576372 |  | 668576372 |
|  U.S. Treasury Obligations |  | 412014959 |  | 412014959 |
|  Certificate of Deposit |  | 26323676 |  | 26323676 |
|  Short-Term Security Held as Collateral for Securities on Loan | 10944091 |  |  | 10944091 |
|  Unaffiliated Investment Company | 194947943 |  |  | 194947943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | 205892034 | 2003590714 |  | 2209482748 |
|  Securities Sold Short |  | (47017775) |  | (47017775) |
|  Other Financial Instruments:\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 1267579 |  |  | 1267579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  | (221766) |  | (221766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207159613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956351173 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163510786 |

---

+ 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 for forward currency contracts.

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, 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 | $2941214275 | $2749108441 |

---

For the year ended December 31, 2022, purchases and sales of long-term U.S. government securities were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
|  AZL Enhanced Bond Index Fund | $2358281654 | $2093182411 |

---

**6. Investment Risks**

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

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

*Foreign Securities Risk:* Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

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

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

------

**AZL Enhanced Bond Index Fund** 

Notes to the Financial Statements

December 31, 2022

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

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

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

**7. Coronavirus (COVID-19) Pandemic** 

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

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

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

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

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

---

| | |
|:---|:---|
|  Unrealized appreciation | $2965741 |
|  Unrealized (depreciation) | (250943827) |
|  Net unrealized appreciation/(depreciation) | $(247978086) |

---

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

------

**AZL Enhanced Bond Index Fund** 

Notes to the Financial Statements

December 31, 2022

CLCFs not subject to expiration:

---

| | | | |
|:---|:---|:---|:---|
| | **Short-Term<br>Amount** | **Long-Term<br>Amount** | **Total<br>Amount** |
|  AZL Enhanced Bond Index Fund | $51350351 | $89856106 | $141206457 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net<br>Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Enhanced Bond Index Fund | $33654146 | $1213608 | $34867754 |

---

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

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Enhanced Bond Index Fund | $74372219 | $14951858 | $89324077 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized<br>Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated<br>Earnings/<br>(Deficit)** |
|  AZL Enhanced Bond Index Fund | $49043424 | $– | $(141206457) | $(248193827) | $(340356860) |

---

(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, foreign currency gains or losses, straddles 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 December 31, 2022, 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 this shareholder could have a material impact to the Fund.

**11. Subsequent Events** 

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

The reorganization, as discussed in Note 1, whereby the Fund will acquire all of the assets and liabilities of the AZL DFA Five-Year Global Fixed Income Fund, is expected to be completed on or about March 10, 2023.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL Enhanced Bond Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Enhanced Bond Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

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

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**Other Federal Income Tax Information (Unaudited)** 

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $1,213,608.

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**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.

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**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

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

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

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

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

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

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

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

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

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

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

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

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

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

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

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

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

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

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

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

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

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

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**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/Length<br>of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14 (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and<br> Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

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**Interested Trustee<sup>(4)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/Length<br>of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM<br>Complex During<br>Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment<br> Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

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(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

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**Officers** 

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| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions**<br> **Held with<br>AIM Complex** | **Term of<br>Office<sup>(1)</sup>/Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963) <br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 <br>to present. |

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(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

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![LOGO](g343867g71x52.jpg)

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|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

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## AZL<sup>®</sup> Fidelity Institutional Asset Management Multi-Strategy Fund

## Annual Report

## December 31, 2022
![LOGO](g351847g71x52.jpg)

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**Table of Contents** 

---

| |
|:---|
| [Management Discussion and Analysis](#toc351857_1)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc351857_2)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc351857_3)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc351857_4)<br> Page 33 |
| [Statement of Operations](#toc351857_5)<br> Page 33 |
| [Statements of Changes in Net Assets](#toc351857_6)<br> Page 34 |
| [Financial Highlights](#toc351857_7)<br> Page 35 |
| [Notes to the Financial Statements](#toc351857_8)<br> Page 36 |
| [Report of Independent Registered Public Accounting Firm](#toc351857_9)<br> Page 44 |
| [Other Federal Income Tax Information](#toc351857_13)<br> Page 45 |
| [Other Information](#toc351857_10)<br> Page 46 |
| [Approval of Investment Advisory and Subadvisory Agreements](#toc351857_11)<br> Page 47 |
| [Information about the Board of Trustees and Officers](#toc351857_12)<br> Page 50 |

---

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<sup>®</sup> Fidelity Institutional Asset Management<sup>®</sup> Multi-Strategy Fund Review (Unaudited)**<br>

Allianz Investment Management LLC serves as the Manager for the AZL<sup>®</sup> Fidelity Institutional Asset Management<sup>®</sup> Multi-Strategy Fund. FIAM LLC serves as Subadviser to the Fund.

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

For the year ended December 31, 2022, the AZL<sup>®</sup> Fidelity Institutional Asset Management<sup>®</sup> Multi-Strategy Fund (Class 2 Shares) (the "Fund") returned (14.56)%. That compared to a (18.11)%, (13.01)% and a (14.89)% total return for its benchmarks, the S&P 500 Index, the Bloomberg U.S. Aggregate Bond Index, and the Income and Growth Composite Index, respectively.<sup>1</sup>

The Fund's investments are managed by its subadviser, FIAM LLC. Approximately 60% of the Fund's underlying assets are invested primarily in investment-grade fixed income securities, and approximately 40% of the Fund's underlying assets are invested primarily in large-cap common stocks.

U.S. equity markets declined in 2022, reacting in large part to a slowing economy and a shift away from COVID-era monetary easing. Persistent inflation led to the U.S. Federal Reserve tightening monetary policy. This move, combined with a deceleration in both global manufacturing and profit margins, drove stock prices lower. Eight of 11 sectors posted negative contributions to returns, with communication services and consumer discretionary the largest detractors to the Fund's absolute performance. The positive contributions from the energy sector only partially offset this negative impact.

Meanwhile, the U.S. bond market posted negative returns in 2022 as the U.S. Federal Reserve took aggressive steps to reign in inflation, which remained elevated due to supply chain challenges and spikes in food and energy prices due to Russia's invasion of Ukraine, among other factors. This notable strategic shift began in late 2021 when the Fed indicated that it was planning to stop bond purchases as part of its quantitative easing program. The trend continued in 2022 as the Fed made a series of increases to its federal funds target rate, starting in March and continuing through December.

The Fund outperformed its composite benchmark during the period under review, and the Fund's equity component outperformed its equity benchmark, the S&P 500 Index. The Fund's investment process looks at multiple viewpoints in determining the attractiveness of a security, which helped

deliver positive relative results during a period of low market performance. In this low-risk market investing environment, the Fund's defensively postured factors boosted relative returns, with companies exhibiting stable financials and high-quality earnings performing well compared to their peers. The shift to a risk-averse environment was also well captured by the Fund's momentum factors. Stock selection within health care and information technology contributed to relative returns, as did an overweight position in energy. Meanwhile, stock selection in utilities detracted from the Fund's performance relative to its equity benchmark, as did modest exposure to growth-oriented companies and economically sensitive cyclical value factors.

The Fund's fixed income component underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index. The fixed income component's relative return was hurt by an overweight allocation to high-yield corporate bonds, as spreads widened amid growing market concern over the possibility of a recession. The Fund's fixed income relative performance benefitted from its modestly shorter duration compared to that of the benchmark throughout the period, as bond yields rose materially during the year. An underweight position in mortgage-backed securities also contributed to relative returns as spreads widened considerably.

The Fund held futures to equitize its cash positions during the period. Exposure to this form of derivative did not materially impact the Fund's performance.

------

***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that a ny sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmarks please refer to page 2 of this report.* 

------

 **AZL<sup>®</sup> Fidelity Institutional Asset Management<sup>®</sup> Multi-Strategy Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to seek a high level of current income while maintaining prospects for capital appreciation. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing in a combination of subportfolios or strategies.* 

**Investment Concerns** 

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

*Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.* 

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

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

*Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund's performance may be more volatile than if it did not hold these securities.* 

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

*High-yield bonds have a higher risk of default or other adverse credit events, but have the potential to pay higher earnings over investment-grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high-yield bonds.* 

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

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

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

**Growth of $10,000 Investment**![LOGO](g351847g71r85.jpg)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **Inception<br>Date** | **1**<br> **Year** | **3**<br> **Year** | **5**<br> **Year** | **10**<br> **Year** | **Since<br>Inception** |
| &nbsp;&nbsp; AZL<sup>®</sup> Fidelity Institutional Asset Management<sup>®</sup> Multi-Strategy Fund (Class 1 Shares) | 6/21/2021 | (14.40)% |  |  |  | (6.11)% |
| &nbsp;&nbsp; AZL<sup>®</sup> Fidelity Institutional Asset Management<sup>®</sup> Multi-Strategy Fund (Class 2 Shares) | 10/23/2009 | (14.56)% | 2.68% | 4.46% | 5.32% | 5.91% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | 10/23/2009 | (18.11)% | 7.66% | 9.42% | 12.56% | 12.30% |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 10/23/2009 | (13.01)% | (2.71)% | 0.02% | 1.06% | 2.20% |
| &nbsp;&nbsp; Income & Growth Composite Index | 10/23/2009 | (14.89)% | 1.91% | 4.18% | 5.83% | 6.48% |

---

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

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| | |
|:---|:---|
| **Expense Ratios** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> Fidelity Institutional Asset Management<sup>®</sup> Multi-Strategy Fund (Class 1 Shares) | 0.51% |
| &nbsp;&nbsp; AZL<sup>®</sup> Fidelity Institutional Asset Management<sup>®</sup> Multi-Strategy Fund (Class 2 Shares) | 0.76% |

---

***The above expense ratios are based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense and acquired fund fees and expenses), to 0.46% for Class 1 Shares and 0.71% for Class 2 Shares through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratios can be found in the Financial Highlights.***

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

*The Fund's performance is measured against the Standard and Poor's 500 Index ("S&P 500<sup>®</sup>"), the Bloomberg U.S. Aggregate Bond Index and the Income & Growth Composite Index ("Composite"). The S&P 500<sup>®</sup> is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. The Bloomberg U.S. Aggregate Bond Index is a market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. The Composite is a blended index comprised of (40%) S&P 500<sup>®</sup> and (60%) Bloomberg U.S. Aggregate Bond Index. These indexes are unmanaged and do not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.* 

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**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

**Expense Examples** 

(Unaudited)

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 1 | $1000.00 | $993.10 | $2.31 | 0.46% |
|  AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 2 | $1000.00 | $992.50 | $3.57 | 0.71% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 1 | $1000.00 | $1022.89 | $2.35 | 0.46% |
|  AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 2 | $1000.00 | $1021.63 | $3.62 | 0.71% |

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

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  Common Stocks | 38.7 |
|  Corporate Bonds | 21.5 |
|  U.S. Treasury Obligations | 14.9 |
|  U.S. Government Agency Mortgages | 12.2 |
|  Collateralized Mortgage Obligations | 6.0 |
|  Yankee Debt Obligations | 5.6 |
|  Unaffiliated Investment Company | 5.1 |
|  Asset Backed Securities | 0.6 |
|  Short-Term Security Held as Collateral for Securities on Loan | 0.4 |
|  Municipal Bonds | 0.3 |
|  Convertible Bonds | 0.2 |
|  Bank Loans |  |
|  Preferred Stock |  |
|  Warrants |  |
|  Total Investment Securities | 105.5 |
|  Net other assets (liabilities) | (5.5) |
|  Net Assets | 100.0 |

---

† Represents less than 0.05%.

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**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

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| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks (38.7%):** | **Common Stocks (38.7%):** | |
| **Aerospace & Defense (1.1%):** | **Aerospace & Defense (1.1%):** | **Aerospace & Defense (1.1%):** |
| 10477 | General Dynamics Corp. | $2599448 |
| 8971 | Huntington Ingalls Industries, Inc. | 2069430 |
| 9225 | Lockheed Martin Corp. | 4487870 |
| 5408 | Northrop Grumman Corp. | 2950659 |
| 26416 | Parsons Corp.\* | 1221740 |
| 33942 | Textron, Inc. | 2403094 |
|  |  | 15732241 |
| **Air Freight & Logistics (0.2%):** | **Air Freight & Logistics (0.2%):** | **Air Freight & Logistics (0.2%):** |
| 12084 | United Parcel Service, Inc., Class B | 2100683 |
| 9300 | XPO Logistics, Inc.\* | 309597 |
|  |  | 2410280 |
| **Airlines (0.0%<sup>†</sup>):** | **Airlines (0.0%<sup>†</sup>):** | **Airlines (0.0%<sup>†</sup>):** |
| 4395 | Alaska Air Group, Inc.\* | 188721 |
| **Auto Components (0.0%<sup>†</sup>):** | **Auto Components (0.0%<sup>†</sup>):** | **Auto Components (0.0%<sup>†</sup>):** |
| 4000 | Gentex Corp. | 109080 |
| 700 | Visteon Corp.\* | 91581 |
|  |  | 200661 |
| **Automobiles (0.4%):** | **Automobiles (0.4%):** | **Automobiles (0.4%):** |
| 27179 | Harley-Davidson, Inc. | 1130646 |
| 40170 | Tesla, Inc.\* | 4948141 |
|  |  | 6078787 |
| **Banks (1.4%):** | **Banks (1.4%):** | **Banks (1.4%):** |
| 156824 | Bank of America Corp. | 5194011 |
| 204 | Citigroup, Inc. | 9227 |
| 3924 | Citizens Financial Group, Inc. | 154488 |
| 1014 | Community Bank System, Inc. | 63831 |
| 2300 | East West Bancorp, Inc. | 151570 |
| 20384 | Fifth Third Bancorp | 668799 |
| 8450 | First Republic Bank | 1029970 |
| 60737 | JPMorgan Chase & Co. | 8144832 |
| 7261 | PNC Financial Services Group, Inc. (The) | 1146802 |
| 27053 | U.S. Bancorp | 1179781 |
| 32657 | Wells Fargo & Co. | 1348408 |
|  |  | 19091719 |
| **Beverages (0.9%):** | **Beverages (0.9%):** | **Beverages (0.9%):** |
| 109199 | Coca-Cola Co. (The) | 6946148 |
| 284 | Coca-Cola Consolidated, Inc. | 145510 |
| 7091 | Constellation Brands, Inc., Class A | 1643339 |
| 21940 | PepsiCo, Inc. | 3963681 |
|  |  | 12698678 |
| **Biotechnology (0.9%):** | **Biotechnology (0.9%):** | **Biotechnology (0.9%):** |
| 10957 | AbbVie, Inc. | 1770761 |
| 10679 | Amgen, Inc. | 2804733 |
| 3620 | Biogen, Inc.\* | 1002450 |
| 53611 | Gilead Sciences, Inc. | 4602504 |
| 375 | Sarepta Therapeutics, Inc.\* | 48593 |
| 4692 | Ultragenyx Pharmaceutical, Inc.\* | 217380 |
| 5722 | United Therapeutics Corp.\* | 1591231 |
| 1754 | Vir Biotechnology, Inc.\* | 44394 |
|  |  | 12082046 |
| **Building Products (0.1%):** | **Building Products (0.1%):** | **Building Products (0.1%):** |
| 3282 | Allegion plc | 345463 |
| 25478 | Carrier Global Corp. | 1050968 |
|  |  | 1396431 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Capital Markets (0.6%):** | **Capital Markets (0.6%):** | **Capital Markets (0.6%):** |
| 4190 | Carlyle Group, Inc. (The) | $125030 |
| 4303 | Cboe Global Markets, Inc. | 539897 |
| 9484 | Charles Schwab Corp. (The) | 789638 |
| 252 | FactSet Research Systems, Inc. | 101105 |
| 7500 | Goldman Sachs Group, Inc. (The) | 2575350 |
| 6012 | Intercontinental Exchange, Inc. | 616771 |
| 12448 | LPL Financial Holdings, Inc. | 2690884 |
| 578 | MarketAxess Holdings, Inc. | 161198 |
| 85 | MSCI, Inc. | 39540 |
| 6772 | Nasdaq, Inc. | 415462 |
| 5025 | Stifel Financial Corp. | 293309 |
| 8407 | Tradeweb Markets, Inc., Class A | 545867 |
|  |  | 8894051 |
| **Chemicals (0.5%):** | **Chemicals (0.5%):** |  |
| 23103 | CF Industries Holdings, Inc. | 1968376 |
| 886 | Chemours Co. (The) | 27129 |
| 4966 | Eastman Chemical Co. | 404431 |
| 1727 | Ecolab, Inc. | 251382 |
| 61583 | Ginkgo Bioworks Holdings, Inc.\* | 104075 |
| 4736 | Linde plc | 1544789 |
| 19427 | Olin Corp. | 1028466 |
| 4306 | Sherwin-Williams Co. (The) | 1021943 |
| 11395 | Westlake Corp. | 1168443 |
|  |  | 7519034 |
| **Commercial Services & Supplies (0.3%):** | **Commercial Services & Supplies (0.3%):** |  |
| 5418 | Cintas Corp. | 2446877 |
| 5256 | Republic Services, Inc. | 677971 |
| 3283 | Rollins, Inc. | 119961 |
| 2083 | Waste Management, Inc. | 326781 |
|  |  | 3571590 |
| **Communications Equipment (0.7%):** | **Communications Equipment (0.7%):** |  |
| 26244 | Arista Networks, Inc.\* | 3184710 |
| 130085 | Cisco Systems, Inc. | 6197249 |
| 5559 | F5, Inc.\* | 797772 |
|  |  | 10179731 |
| **Construction & Engineering (0.1%):** | **Construction & Engineering (0.1%):** |  |
| 6005 | AECOM | 510005 |
| 1073 | EMCOR Group, Inc. | 158922 |
|  |  | 668927 |
| **Construction Materials (0.1%):** | **Construction Materials (0.1%):** |  |
| 7840 | Eagle Materials, Inc. | 1041544 |
| **Consumer Finance (0.1%):** | **Consumer Finance (0.1%):** |  |
| 8237 | Capital One Financial Corp. | 765711 |
| 2367 | Synchrony Financial | 77780 |
|  |  | 843491 |
| **Containers & Packaging (0.2%):** | **Containers & Packaging (0.2%):** |  |
| 421 | Avery Dennison Corp. | 76201 |
| 35774 | Sealed Air Corp. | 1784407 |
| 36731 | Westrock Co. | 1291462 |
|  |  | 3152070 |
| **Distributors (0.1%):** | **Distributors (0.1%):** |  |
| 23203 | LKQ Corp. | 1239272 |
| **Diversified Consumer Services (0.2%):** | **Diversified Consumer Services (0.2%):** |  |
| 37634 | Service Corp. International | 2602015 |

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See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | | |
| **Diversified Financial Services (0.9%):** | **Diversified Financial Services (0.9%):** | | |
| 39802 | Berkshire Hathaway, Inc., Class B\* | $| 12294838 |
| **Diversified Telecommunication Services (0.4%):** | **Diversified Telecommunication Services (0.4%):** |  |  |
| 1791 | Frontier Communications Parent, Inc.\* |  | 45635 |
| 133529 | Verizon Communications, Inc. |  | 5261042 |
|  |  |  | 5306677 |
| **Electric Utilities (0.7%):** | **Electric Utilities (0.7%):** |  |  |
| 36829 | Duke Energy Corp. |  | 3793019 |
| 22542 | FirstEnergy Corp. |  | 945411 |
| 38553 | Hawaiian Electric Industries, Inc. |  | 1613443 |
| 2320 | NextEra Energy, Inc. |  | 193952 |
| 41097 | Xcel Energy, Inc. |  | 2881311 |
|  |  |  | 9427136 |
| **Electrical Equipment (0.2%):** | **Electrical Equipment (0.2%):** | **Electrical Equipment (0.2%):** | **Electrical Equipment (0.2%):** |
| 3202 | Acuity Brands, Inc. |  | 530284 |
| 7743 | AMETEK, Inc. |  | 1081852 |
| 2029 | Atkore, Inc.\* |  | 230129 |
| 6303 | Emerson Electric Co. |  | 605466 |
|  |  |  | 2447731 |
| **Electronic Equipment, Instruments & Components (0.2%):** | **Electronic Equipment, Instruments & Components (0.2%):** | **Electronic Equipment, Instruments & Components (0.2%):** | **Electronic Equipment, Instruments & Components (0.2%):** |
| 9946 | CDW Corp. |  | 1776157 |
| 368 | Keysight Technologies, Inc.\* |  | 62954 |
| 262 | Littelfuse, Inc. |  | 57692 |
| 41734 | Vontier Corp. |  | 806718 |
|  |  |  | 2703521 |
| **Energy Equipment & Services (0.3%):** | **Energy Equipment & Services (0.3%):** | **Energy Equipment & Services (0.3%):** | **Energy Equipment & Services (0.3%):** |
| 14219 | Baker Hughes Co. |  | 419887 |
| 6015 | Halliburton Co. |  | 236690 |
| 59406 | Schlumberger, Ltd. |  | 3175845 |
|  |  |  | 3832422 |
| **Entertainment (0.1%):** | **Entertainment (0.1%):** | **Entertainment (0.1%):** | **Entertainment (0.1%):** |
| 3623 | Activision Blizzard, Inc. |  | 277341 |
| 7879 | Electronic Arts, Inc. |  | 962656 |
| 9832 | Spotify Technology SA\* |  | 776236 |
|  |  |  | 2016233 |
| **Equity Real Estate Investment Trusts (REITs) (0.5%):** | **Equity Real Estate Investment Trusts (REITs) (0.5%):** | **Equity Real Estate Investment Trusts (REITs) (0.5%):** | **Equity Real Estate Investment Trusts (REITs) (0.5%):** |
| 561 | AvalonBay Communities, Inc. |  | 90613 |
| 1914 | Crown Castle, Inc. |  | 259615 |
| 2421 | Kilroy Realty Corp. |  | 93620 |
| 4034 | National Retail Properties, Inc. |  | 184596 |
| 8368 | National Storage Affiliates Trust |  | 302252 |
| 9197 | Public Storage |  | 2576908 |
| 29376 | Realty Income Corp. |  | 1863320 |
| 1249 | SBA Communications Corp. |  | 350107 |
| 26584 | Ventas, Inc. |  | 1197609 |
|  |  |  | 6918640 |
| **Food & Staples Retailing (0.7%):** | **Food & Staples Retailing (0.7%):** | **Food & Staples Retailing (0.7%):** | **Food & Staples Retailing (0.7%):** |
| 6671 | Costco Wholesale Corp. |  | 3045311 |
| 14303 | Kroger Co. (The) |  | 637628 |
| 1526 | Sprouts Farmers Market, Inc.\* |  | 49397 |
| 44294 | Walmart, Inc. |  | 6280446 |
|  |  |  | 10012782 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Food Products (0.7%):** | **Food Products (0.7%):** | **Food Products (0.7%):** |
| 12725 | Archer-Daniels-Midland Co. | $1181516 |
| 28199 | Conagra Brands, Inc. | 1091301 |
| 221 | Hershey Co. (The) | 51177 |
| 56503 | Kraft Heinz Co. (The) | 2300237 |
| 3804 | Lamb Weston Holdings, Inc. | 339926 |
| 67337 | Mondelez International, Inc., Class A | 4488011 |
|  |  | 9452168 |
| **Health Care Equipment & Supplies (0.8%):** | **Health Care Equipment & Supplies (0.8%):** | **Health Care Equipment & Supplies (0.8%):** |
| 52342 | Abbott Laboratories | 5746628 |
| 1030 | Becton Dickinson and Co. | 261929 |
| 7352 | Danaher Corp. | 1951368 |
| 1503 | Intuitive Surgical, Inc.\* | 398821 |
| 11460 | Medtronic plc | 890671 |
| 561 | Shockwave Medical, Inc.\* | 115347 |
| 2173 | Stryker Corp. | 531277 |
| 2213 | Teleflex, Inc. | 552431 |
| 980 | Zimmer Biomet Holdings, Inc. | 124950 |
| 3144 | Zimvie, Inc.\* | 29365 |
|  |  | 10602787 |
| **Health Care Providers & Services (1.8%):** | **Health Care Providers & Services (1.8%):** | **Health Care Providers & Services (1.8%):** |
| 9856 | AmerisourceBergen Corp. | 1633238 |
| 4700 | Cigna Corp. | 1557298 |
| 32931 | CVS Health Corp. | 3068840 |
| 9783 | Elevance Health, Inc. | 5018385 |
| 576 | Humana, Inc. | 295021 |
| 3800 | McKesson Corp. | 1425456 |
| 5186 | Quest Diagnostics, Inc. | 811298 |
| 21044 | UnitedHealth Group, Inc. | 11157108 |
|  |  | 24966644 |
| **Health Care Technology (0.0%<sup>†</sup>):** | **Health Care Technology (0.0%<sup>†</sup>):** | **Health Care Technology (0.0%<sup>†</sup>):** |
| 1638 | Veeva Systems, Inc., Class A\* | 264340 |
| **Hotels, Restaurants & Leisure (1.3%):** | **Hotels, Restaurants & Leisure (1.3%):** | **Hotels, Restaurants & Leisure (1.3%):** |
| 31403 | Airbnb, Inc., Class A\* | 2684956 |
| 2012 | Booking Holdings, Inc.\* | 4054743 |
| 3435 | Caesars Entertainment, Inc.\* | 142896 |
| 1034 | Chipotle Mexican Grill, Inc.\* | 1434665 |
| 5418 | Expedia Group, Inc.\* | 474617 |
| 8166 | Hyatt Hotels Corp., Class A\* | 738615 |
| 16139 | McDonald's Corp. | 4253111 |
| 40637 | Starbucks Corp. | 4031190 |
| 4725 | Yum! Brands, Inc. | 605178 |
|  |  | 18419971 |
| **Household Durables (0.1%):** | **Household Durables (0.1%):** | **Household Durables (0.1%):** |
| 5146 | Toll Brothers, Inc. | 256888 |
| 1749 | TopBuild Corp.\* | 273701 |
| 2651 | Whirlpool Corp. | 375011 |
|  |  | 905600 |
| **Household Products (0.5%):** | **Household Products (0.5%):** | **Household Products (0.5%):** |
| 11890 | Church & Dwight Co., Inc. | 958453 |
| 18243 | Colgate-Palmolive Co. | 1437366 |
| 29504 | Procter & Gamble Co. (The) | 4471626 |
|  |  | 6867445 |
| **Industrial Conglomerates (0.2%):** | **Industrial Conglomerates (0.2%):** | **Industrial Conglomerates (0.2%):** |
| 25646 | 3M Co. | 3075468 |
| 1572 | Honeywell International, Inc. | 336880 |
|  |  | 3412348 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Insurance (0.6%):** | **Insurance (0.6%):** | **Insurance (0.6%):** |
| 4421 | Aon plc, Class A | $1326919 |
| 15613 | First American Financial Corp. | 817184 |
| 9536 | Hartford Financial Services Group, Inc. (The) | 723115 |
| 118 | Kinsale Capital Group, Inc. | 30859 |
| 4457 | Loews Corp. | 259977 |
| 4037 | Marsh & McLennan Cos., Inc. | 668043 |
| 10297 | Progressive Corp. (The) | 1335624 |
| 12712 | Ryan Specialty Holdings, Inc.\* | 527675 |
| 7199 | Travelers Cos., Inc. (The) | 1349741 |
| 10393 | WR Berkley Corp. | 754220 |
|  |  | 7793357 |
| **Interactive Media & Services (1.7%):** | **Interactive Media & Services (1.7%):** | **Interactive Media & Services (1.7%):** |
| 103269 | Alphabet, Inc., Class A\* | 9111424 |
| 85667 | Alphabet, Inc., Class C\* | 7601233 |
| 62975 | Meta Platforms, Inc., Class A\* | 7578411 |
|  |  | 24291068 |
| **Internet & Direct Marketing Retail (1.1%):** | **Internet & Direct Marketing Retail (1.1%):** | **Internet & Direct Marketing Retail (1.1%):** |
| 151320 | Amazon.com, Inc.\* | 12710880 |
| 62606 | eBay, Inc. | 2596271 |
|  |  | 15307151 |
| **IT Services (1.2%):** | **IT Services (1.2%):** | **IT Services (1.2%):** |
| 4871 | Accenture plc, Class A | 1299778 |
| 1021 | Automatic Data Processing, Inc. | 243876 |
| 4008 | FleetCor Technologies, Inc.\* | 736190 |
| 1774 | Gartner, Inc.\* | 596312 |
| 12600 | GoDaddy, Inc., Class A\* | 942732 |
| 17999 | Mastercard, Inc., Class A | 6258792 |
| 2313 | Paychex, Inc. | 267290 |
| 20460 | PayPal Holdings, Inc.\* | 1457161 |
| 987 | Teradata Corp.\* | 33222 |
| 10374 | VeriSign, Inc.\* | 2131235 |
| 13902 | Visa, Inc., Class A | 2888280 |
|  |  | 16854868 |
| **Leisure Products (0.0%<sup>†</sup>):** | **Leisure Products (0.0%<sup>†</sup>):** | **Leisure Products (0.0%<sup>†</sup>):** |
| 4388 | Brunswick Corp. | 316287 |
| **Life Sciences Tools & Services (0.3%):** | **Life Sciences Tools & Services (0.3%):** | **Life Sciences Tools & Services (0.3%):** |
| 7864 | 10X Genomics, Inc., Class A\* | 286564 |
| 4778 | Bio-Rad Laboratories, Inc., Class A\* | 2009101 |
| 274 | IQVIA Holdings, Inc.\* | 56140 |
| 3892 | Medpace Holdings, Inc.\* | 826700 |
| 14160 | Sotera Health Co.\* | 117953 |
| 2222 | Thermo Fisher Scientific, Inc. | 1223633 |
|  |  | 4520091 |
| **Machinery (0.8%):** | **Machinery (0.8%):** | **Machinery (0.8%):** |
| 3999 | AGCO Corp. | 554621 |
| 17406 | Allison Transmission Holdings, Inc. | 724090 |
| 10321 | Caterpillar, Inc. | 2472499 |
| 4965 | Deere & Co. | 2128793 |
| 31547 | Fortive Corp. | 2026895 |
| 7461 | Otis Worldwide Corp. | 584271 |
| 6423 | Parker-Hannifin Corp. | 1869093 |
| 6612 | Pentair PLC | 297408 |
|  |  | 10657670 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Media (0.3%):** | **Media (0.3%):** | **Media (0.3%):** |
| 5200 | Altice USA, Inc., Class A\* | $23920 |
| 118938 | Comcast Corp., Class A | 4159262 |
| 1899 | New York Times Co. (The), Class A | 61641 |
|  |  | 4244823 |
| **Metals & Mining (0.1%):** | **Metals & Mining (0.1%):** | **Metals & Mining (0.1%):** |
| 14371 | Newmont Corp. | 678311 |
| 8552 | Nucor Corp. | 1127239 |
|  |  | 1805550 |
| **Multiline Retail (0.2%):** | **Multiline Retail (0.2%):** | **Multiline Retail (0.2%):** |
| 12330 | Dollar General Corp. | 3036263 |
| **Multi-Utilities (0.6%):** | **Multi-Utilities (0.6%):** | **Multi-Utilities (0.6%):** |
| 30423 | Consolidated Edison, Inc. | 2899616 |
| 15493 | Public Service Enterprise Group, Inc. | 949256 |
| 11274 | Sempra Energy | 1742284 |
| 27308 | WEC Energy Group, Inc. | 2560398 |
|  |  | 8151554 |
| **Oil, Gas & Consumable Fuels (2.3%):** | **Oil, Gas & Consumable Fuels (2.3%):** | **Oil, Gas & Consumable Fuels (2.3%):** |
| 11252 | APA Corp. | 525243 |
| 816 | Cheniere Energy, Inc. | 122367 |
| 1201 | Chesapeake Energy Corp. | 113338 |
| 36157 | Chevron Corp. | 6489820 |
| 22119 | ConocoPhillips | 2610042 |
| 10306 | Coterra Energy, Inc. | 253218 |
| 5526 | Denbury, Inc.\* | 480873 |
| 4053 | Devon Energy Corp. | 249300 |
| 1326 | Diamondback Energy, Inc. | 181370 |
| 13925 | DT Midstream, Inc. | 769496 |
| 16173 | EOG Resources, Inc. | 2094727 |
| 11434 | EQT Corp. | 386812 |
| 75514 | Exxon Mobil Corp. | 8329194 |
| 4666 | Hess Corp. | 661732 |
| 35455 | Kinder Morgan, Inc. | 641026 |
| 25807 | Marathon Oil Corp. | 698596 |
| 16744 | Marathon Petroleum Corp. | 1948834 |
| 7772 | Murphy Oil Corp. | 334274 |
| 22161 | Occidental Petroleum Corp. | 1395921 |
| 14571 | Phillips 66 | 1516550 |
| 2402 | Pioneer Natural Resources Co. | 548593 |
| 4011 | Sanchez Energy Corp.\*(a) | 238990 |
| 9145 | Targa Resources Corp. | 672158 |
| 5741 | Valero Energy Corp. | 728303 |
|  |  | 31990777 |
| **Pharmaceuticals (2.4%):** | **Pharmaceuticals (2.4%):** | **Pharmaceuticals (2.4%):** |
| 62926 | Bristol-Myers Squibb Co. | 4527525 |
| 15013 | Eli Lilly & Co. | 5492356 |
| 56783 | Johnson & Johnson | 10030717 |
| 54717 | Merck & Co., Inc. | 6070851 |
| 151699 | Pfizer, Inc. | 7773057 |
|  |  | 33894506 |
| **Professional Services (0.2%):** | **Professional Services (0.2%):** | **Professional Services (0.2%):** |
| 16743 | CoStar Group, Inc.\* | 1293899 |
| 7665 | Leidos Holdings, Inc. | 806281 |
| 7338 | TriNet Group, Inc.\* | 497517 |
|  |  | 2597697 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Road & Rail (0.5%):** | **Road & Rail (0.5%):** | **Road & Rail (0.5%):** |
| 73965 | CSX Corp. | $2291436 |
| 2488 | Norfolk Southern Corp. | 613093 |
| 7186 | RXO, Inc.\* | 123599 |
| 16009 | Union Pacific Corp. | 3314984 |
|  |  | 6343112 |
| **Semiconductors & Semiconductor Equipment (1.7%):** | **Semiconductors & Semiconductor Equipment (1.7%):** | **Semiconductors & Semiconductor Equipment (1.7%):** |
| 2735 | Advanced Micro Devices, Inc.\* | 177146 |
| 3081 | Applied Materials, Inc. | 300028 |
| 12277 | Broadcom, Inc. | 6864439 |
| 161 | Enphase Energy, Inc.\* | 42658 |
| 2920 | Impinj, Inc.\* | 318806 |
| 133962 | Intel Corp. | 3540616 |
| 30445 | Microchip Technology, Inc. | 2138761 |
| 436 | Micron Technology, Inc. | 21791 |
| 28771 | NVIDIA Corp. | 4204594 |
| 4320 | NXP Semiconductors NV | 682690 |
| 13494 | Qorvo, Inc.\* | 1223096 |
| 42859 | Qualcomm, Inc. | 4711918 |
|  |  | 24226543 |
| **Software (3.1%):** | **Software (3.1%):** | **Software (3.1%):** |
| 16589 | Adobe, Inc.\* | 5582696 |
| 11425 | Box, Inc.\* | 355660 |
| 97452 | Dropbox, Inc., Class A\* | 2180976 |
| 732 | Manhattan Associates, Inc.\* | 88865 |
| 123104 | Microsoft Corp. | 29522801 |
| 7784 | New Relic, Inc.\* | 439407 |
| 2919 | Palo Alto Networks, Inc.\* | 407317 |
| 11435 | Salesforce, Inc.\* | 1516167 |
| 11322 | Splunk, Inc.\* | 974711 |
| 5978 | Synopsys, Inc.\* | 1908716 |
| 576 | Workday, Inc., Class A\* | 96382 |
|  |  | 43073698 |
| **Specialty Retail (1.2%):** | **Specialty Retail (1.2%):** | **Specialty Retail (1.2%):** |
| 498 | AutoZone, Inc.\* | 1228158 |
| 19139 | Home Depot, Inc. (The) | 6045244 |
| 11766 | Lowe's Cos., Inc. | 2344258 |
| 2447 | O'Reilly Automotive, Inc.\* | 2065341 |
| 48122 | TJX Cos., Inc. (The) | 3830511 |
| 3139 | Ulta Beauty, Inc.\* | 1472411 |
| 2574 | Williams-Sonoma, Inc. | 295804 |
|  |  | 17281727 |
| **Technology Hardware, Storage & Peripherals (2.7%):** | **Technology Hardware, Storage & Peripherals (2.7%):** | **Technology Hardware, Storage & Peripherals (2.7%):** |
| 254440 | Apple, Inc. | 33059389 |
| 7555 | Dell Technologies, Inc., Class C | 303862 |
| 22231 | NetApp, Inc. | 1335194 |
| 94436 | Pure Storage, Inc., Class A\* | 2527108 |
|  |  | 37225553 |
| **Thrifts & Mortgage Finance (0.0%<sup>†</sup>):** | **Thrifts & Mortgage Finance (0.0%<sup>†</sup>):** | **Thrifts & Mortgage Finance (0.0%<sup>†</sup>):** |
| 9502 | TFS Financial Corp. | 136924 |
| **Tobacco (0.2%):** | **Tobacco (0.2%):** | **Tobacco (0.2%):** |
| 34288 | Altria Group, Inc. | 1567304 |
| 18019 | Philip Morris International, Inc. | 1823703 |
|  |  | 3391007 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Trading Companies & Distributors (0.1%):** | **Trading Companies & Distributors (0.1%):** | **Trading Companies & Distributors (0.1%):** |
| 11937 | Fastenal Co. | $564859 |
| 8333 | MSC Industrial Direct Co., Inc. | 680806 |
| 8372 | Univar Solutions, Inc.\* | 266230 |
|  |  | 1511895 |
| **Water Utilities (0.1%):** | **Water Utilities (0.1%):** | **Water Utilities (0.1%):** |
| 5324 | American Water Works Co., Inc. | 811484 |
| **Wireless Telecommunication Services (0.0%<sup>†</sup>):** | **Wireless Telecommunication Services (0.0%<sup>†</sup>):** | **Wireless Telecommunication Services (0.0%<sup>†</sup>):** |
| 4502 | T-Mobile US, Inc.\* | 630280 |
| Total Common Stocks (Cost $552,305,235) | Total Common Stocks (Cost $552,305,235) | 539536457 |
| **Preferred Stock (0.0%<sup>†</sup>):** | **Preferred Stock (0.0%<sup>†</sup>):** | **Preferred Stock (0.0%<sup>†</sup>):** |
| **Electric Utilities (0.0%<sup>†</sup>):** | **Electric Utilities (0.0%<sup>†</sup>):** |  |
| 1000 | PG&E Corp., 8/16/23 | 144240 |
| Total Preferred Stock (Cost $117,395) | Total Preferred Stock (Cost $117,395) | 144240 |
| **Contracts** |  | **Value** |
| **Warrants (0.0%<sup>†</sup>):** | **Warrants (0.0%<sup>†</sup>):** | **Warrants (0.0%<sup>†</sup>):** |
| **Oil, Gas & Consumable Fuels (0.0%<sup>†</sup>):** | **Oil, Gas & Consumable Fuels (0.0%<sup>†</sup>):** |  |
| 63 | California Resources Corp., 10/27/24\* | 794 |
| 2121 | Occidental Petroleum Corp., 8/3/27 | 87449 |
|  |  | 88243 |
| Total Warrants (Cost $20,366) | Total Warrants (Cost $20,366) | 88243 |
| **Principal<br>Amount** |  | **Value** |
| **Asset Backed Securities (0.6%):** | **Asset Backed Securities (0.6%):** | **Asset Backed Securities (0.6%):** |
| $619862 | Aaset Trust, Class A, Series 2017-1A, 3.97%, 5/16/42(b) | 480707 |
| 683761 | Aaset Trust, Class A, Series 2021-1A, 2.95%, 11/16/41(b) | 537841 |
| 1386194 | Aaset Trust, Class A, Series 2021-2A, 2.80%, 1/15/47(b) | 1115478 |
| 189708 | Aaset Trust, Class A, Series 2018-1A, 3.84%, 1/16/38(b) | 114947 |
| 124544 | Aaset Trust, Class A, Series 2020-1A, 3.35%, 1/16/40(b) | 98117 |
| 138939 | Aaset Trust, Class A, Series 2020-1A, 4.34%, 1/16/40(b) | 59870 |
| 240761 | Aaset Trust, Class A, Series 2019-2, 3.38%, 10/16/39(b) | 178170 |
| 106581 | Aaset Trust, Class A, Series 2019-1, 3.84%, 5/15/39(b) | 69546 |
| 59947 | Blackbird Capital Aircraft, Class AA, Series 2016-1A, 2.49%, 12/16/41, Callable 12/15/24 @ 100(b)(c) | 55965 |
| 498768 | Blackbird Capital Aircraft, Class A, Series 2016-1A, 4.21%, 12/16/41, Callable 12/15/24 @ 100(b)(c) | 412620 |
| 1002519 | Blackbird Capital Aircraft, Class A, Series 2021-1A, 2.44%, 7/15/46, Callable 7/15/28 @ 100(b) | 834140 |
| 141603 | Castlelake Aircraft Structured Trust, Class A, Series 2018-1A, 4.13%, 6/15/43(b) | 124114 |
| 186315 | Castlelake Aircraft Structured Trust, Class B, Series 2019-1, 5.10%, 4/15/39(b) | 138092 |
| 208292 | Castlelake Aircraft Structured Trust, Class A, Series 2019-1, 3.97%, 4/15/39(b) | 176035 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Asset Backed Securities, continued** | **Asset Backed Securities, continued** | **Asset Backed Securities, continued** | **Asset Backed Securities, continued** |
| $| 188188 | Castlelake Aircraft Structured Trust, Class A, Series 2021-1A, 3.47%, 1/15/46(b) | $157503 |
|  | 362606 | CF Hippolyta LLC, Class A1, Series 2021-A, 1.53%, 3/15/61, Callable 3/15/24 @ 100(b) | 312842 |
|  | 350520 | DB Master Finance LLC, Class A2II, Series 2017-1A, 4.03%, 11/20/47, Callable 11/20/23 @ 100(b) | 314234 |
|  | 198362 | Horizon Aircraft Finance, Ltd., Class A, Series 2019-1, 3.72%, 7/15/39(b) | 156038 |
|  | 197562 | Horizon Aircraft Finance, Ltd., Class A, Series 2018-1, 4.46%, 12/15/38(b) | 162097 |
|  | 213400 | Planet Fitness Master Issuer LLC, Class A2, Series 1A, 3.86%, 12/5/49, Callable 12/5/25 @ 100(b) | 175191 |
|  | 614358 | Planet Fitness Master Issuer LLC, Class A2I, Series 2022-1A, 3.25%, 12/5/51, Callable 12/5/24 @ 100(b) | 532675 |
|  | 551830 | Planet Fitness Master Issuer LLC, Class A2II, Series 2022-1A, 4.01%, 12/5/51, Callable 12/5/27 @ 100(b) | 431180 |
|  | 221745 | Project Silver, Class A, Series 2019-1, 3.97%, 7/15/44(b) | 174792 |
|  | 233783 | Sapphire Aviation Finance, Ltd., Class B, Series 2020-1A, 4.34%, 3/15/40(b) | 136884 |
|  | 216523 | Sapphire Aviation Finance, Ltd., Class A, Series 2020-1A, 3.23%, 3/15/40(b) | 163870 |
|  | 323003 | Thunderbolt Aircraft Lease, Ltd., Class A, Series 2019-1, 3.67%, 11/15/39(b) | 253642 |
|  | 207734 | Thunderbolt Aircraft Lease, Ltd., Class A, Series 2017-A, 4.21%, 5/17/32, Callable 4/15/24 @ 100(b)(c) | 178720 |
|  | 287010 | Thunderbolt II Aircraft Lease, Ltd., Class A, Series 2018, 4.15%, 9/15/38, Callable 7/15/2022 @ 100(b)(c) | 217419 |
|  | Total Asset Backed Securities (Cost $9,727,162) | Total Asset Backed Securities (Cost $9,727,162) | 7762729 |
| **Collateralized Mortgage Obligations (6.0%):** | **Collateralized Mortgage Obligations (6.0%):** | **Collateralized Mortgage Obligations (6.0%):** |  |
|  | 250000 | Aimco CLO, Class AR, Series 2018-BA, 5.18%(US0003M+110bps), 1/15/32, Callable 1/15/23 @ 100(b) | 245514 |
|  | 523000 | Aimco CLO 11, Ltd., Class AR, Series 2020-11A, 5.21%(US0003M+113bps), 10/17/34, Callable 10/17/23 @ 100(b) | 509093 |
|  | 387000 | Aimco CLO 14, Ltd., Class A, Series 2021-14A, 5.23%(US0003M+99bps), 4/20/34, Callable 4/20/23 @ 100(b) | 373093 |
|  | 250000 | Allegro CLO XIII, Ltd., Class A, Series 2021-1A, 5.38%(US0003M+114bps), 7/20/34, Callable 7/20/23 @ 100(b) | 242971 |
|  | 2812000 | Allegro CLO XIV, Ltd., Class A1, Series 2021-2A, 5.24%(US0003M+116bps), 10/15/34, Callable 10/15/23 @ 100(b) | 2737558 |
|  | 624000 | Allegro CLO XV, Ltd., Class A, Series 2022-1A, 3.18%(TSFR3M+150bps), 7/20/35, Callable 7/20/24 @ 100(b) | 607024 |
|  | 256000 | Ares CLO, Ltd., Class A, Series 2019-54A, 5.40%(US0003M+132bps), 10/15/32, Callable 1/15/23 @ 100(b) | 251094 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $853000 | Ares LV CLO, Ltd., Class A1R, Series 2020-55A, 5.21%(US0003M+113bps), 7/15/34, Callable 7/15/23 @ 100(b) | $833610 |
| 273000 | Ares XLI CLO, Ltd., Class AR2, Series 2016-41A, 5.15%(US0003M+107bps), 4/15/34, Callable 4/15/23 @ 100(b) | 264945 |
| 177000 | BAMLL Commercial Mortgage Securities Trust, Class ANM, Series 2019-BPR, 3.11%, 11/5/32(b) | 163924 |
| 100000 | BAMLL Commercial Mortgage Securities Trust, Class C, Series 2022-DKLX, 6.49%(TSFR1M+215bps), 1/15/39(b) | 94870 |
| 105000 | BAMLL Commercial Mortgage Securities Trust, Class B, Series 2022-DKLX, 5.89%(TSFR1M+155bps), 1/15/39(b) | 100527 |
| 555000 | BAMLL Commercial Mortgage Securities Trust, Class A, Series 2022-DKLX, 5.49%(TSFR1M+115bps), 1/15/39(b) | 537018 |
| 30000 | Bank, Class A5, Series 2019-BN21, 2.85%, 10/15/52, Callable 10/15/29 @ 100 | 25881 |
| 310000 | Barings CLO, Ltd., Class A, Series 2020-4A, 5.46%(US0003M+122bps), 1/20/32, Callable 1/20/23 @ 100(b) | 305068 |
| 536000 | Barings CLO, Ltd., Class AR, Series 2020-1A, 5.23%(US0003M+115bps), 10/15/36, Callable 10/15/23 @ 100(b) | 521535 |
| 34000 | Benchmark Mortgage Trust, Class A5, Series 2018-B4, 4.12%, 7/15/51, Callable 7/15/28 @ 100(c) | 32296 |
| 808000 | Bethpage Park CLO, Ltd., Class A, Series 2021-1A, 5.21%(US0003M+113bps), 1/15/35, Callable 10/15/23 @ 100(b) | 784131 |
| 139000 | BFLD Trust, Class A, Series 2020-OBRK, 6.37%(US0001M+205bps), 11/15/28(b) | 137961 |
| 1835000 | BPR Trust, Class A, Series 2022-OANA, 6.23%(TSFR1M+190bps), 4/15/37(b) | 1806979 |
| 488000 | BPR Trust, Class B, Series 2022-OANA, 6.78%(TSFR1M+245bps), 4/15/37(b) | 458075 |
| 296390 | Bristol Park CLO, Ltd., Class AR, Series 2016-1A, 5.07%(US0003M+99bps), 4/15/29, Callable 1/15/23 @ 100(b) | 292268 |
| 169348 | BX Commercial Mortgage Trust, Class A, Series 2019-XL, 5.37%(US0001M+92bps), 10/15/36(b) | 167044 |
| 124100 | BX Commercial Mortgage Trust, Class B, Series 2019-XL, 5.53%(US0001M+108bps), 10/15/36(b) | 121934 |
| 155550 | BX Commercial Mortgage Trust, Class C, Series 2019-XL, 5.70%(US0001M+125bps), 10/15/36(b) | 151698 |
| 76300 | BX Commercial Mortgage Trust, Class D, Series 2018-EXCL, 6.94%(US0001M+263bps), 9/15/37(b) | 68036 |
| 390852 | BX Commercial Mortgage Trust, Class B, Series 2022-LP2, 5.65%(TSFR1M+131bps), 2/15/39(b) | 372367 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $5017000 | BX Commercial Mortgage Trust, Class A, Series 2019-IMC, 5.32%(US0001M+100bps), 4/15/34(b) | $4899694 |
| 390852 | BX Commercial Mortgage Trust, Class C, Series 2022-LP2, 5.90%(TSFR1M+156bps), 2/15/39(b) | 370327 |
| 172000 | BX Commercial Mortgage Trust, Class B, Series 2019-IMC, 5.62%(US0001M+130bps), 4/15/34(b) | 165956 |
| 390852 | BX Commercial Mortgage Trust, Class D, Series 2022-LP2, 6.30%(TSFR1M+196bps), 2/15/39(b) | 365897 |
| 113000 | BX Commercial Mortgage Trust, Class C, Series 2019-IMC, 5.92%(US0001M+160bps), 4/15/34(b) | 108128 |
| 119000 | BX Commercial Mortgage Trust, Class D, Series 2019-IMC, 6.22%(US0001M+190bps), 4/15/34(b) | 114072 |
| 220150 | BX Commercial Mortgage Trust, Class D, Series 2019-XL, 5.90%(US0001M+145bps), 10/15/36(b) | 213252 |
| 309400 | BX Commercial Mortgage Trust, Class E, Series 2019-XL, 6.25%(US0001M+180bps), 10/15/36(b) | 298723 |
| 1297889 | BX Commercial Mortgage Trust, Class A, Series 2022-LP2, 5.35%(TSFR1M+101bps), 2/15/39(b) | 1241644 |
| 162000 | BX Mortgage Trust, Class B, Series 2021-PAC, 5.22%(US0001M+90bps), 10/15/36(b) | 153300 |
| 216000 | BX Mortgage Trust, Class C, Series 2021-PAC, 5.42%(US0001M+110bps), 10/15/36(b) | 203052 |
| 730000 | BX Mortgage Trust, Class E, Series 2021-PAC, 6.27%(US0001M+195bps), 10/15/36(b) | 682138 |
| 1081000 | BX Mortgage Trust, Class A, Series 2021-PAC, 5.01%(US0001M+69bps), 10/15/36(b) | 1037799 |
| 210000 | BX Mortgage Trust, Class D, Series 2021-PAC, 5.62%(US0001M+130bps), 10/15/36(b) | 195460 |
| 472000 | BX Trust, Class A, Series 2022-GPA, 6.50%(TSFR1M+217bps), 10/15/39(b) | 467027 |
| 106429 | BX Trust, Class C, Series 2022-IND, 6.62%(TSFR1M+229bps), 4/15/24(b) | 101640 |
| 88691 | BX Trust, Class D, Series 2022-IND, 7.16%(TSFR1M+284bps), 4/15/24(b) | 83678 |
| 4962409 | BX Trust, Class A, Series 2021-SOAR, 4.99%(US0001M+67bps), 6/15/38(b) | 4777185 |
| 922384 | BX Trust, Class A, Series 2022-IND A, 5.82%(TSFR1M+149bps), 4/15/24(b) | 901729 |
| 470528 | BX Trust, Class B, Series 2022-IND, 6.27%(TSFR1M+194bps), 4/15/24(b) | 454438 |
| 445693 | Cascade Funding Mortgage Trust, Class A, Series 2021-HB6, 0.90%, 6/25/36, Callable 1/25/23 @ 100(b)(c) | 421653 |
| 17105000 | Cedar Funding V CLO, Ltd., Class A1R, Series 2016-5A, 5.18%(US0003M+110bps), 7/17/31, Callable 1/17/23 @ 100(b) | 16838986 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $235000 | Cedar Funding VI CLO, Ltd., Class AAA, Series 2016-6A, 5.29%(US0003M+105bps), 4/20/34, Callable 4/20/23 @ 100(b) | $227300 |
| 643000 | Cedar Funding X CLO, Ltd., Class AR, Series 2019-10A, 5.34%(US0003M+110bps), 10/20/32, Callable 1/20/23 @ 100(b) | 627439 |
| 485000 | Cedar Funding XII CLO, Ltd., Class A1R, Series 2020-12A, 5.49%(US0003M+113bps), 10/25/34, Callable 10/25/23 @ 100(b) | 470785 |
| 942000 | Cedar Funding XV CLO, Ltd., Class A, Series 2022-15A, 5.28%(TSFR3M+132bps), 4/20/35, Callable 4/20/24 @ 100(b) | 907238 |
| 99251 | CHC Commercial Mortgage Trust, Class C, Series 2019-CHC, 6.07%(US0001M+175bps), 6/15/34(b) | 92112 |
| 402957 | CHC Commercial Mortgage Trust, Class A, Series 2019-CHC, 5.44%(US0001M+112bps), 6/15/34(b) | 393224 |
| 99251 | CHC Commercial Mortgage Trust, Class B, Series 2019-CHC, 5.82%(US0001M+150bps), 6/15/34(b) | 97234 |
| 153000 | CIM Retail Portfolio Trust, Class D, Series 2021-RETL, 7.37%(US0001M+305bps), 8/15/36(b) | 147790 |
| 11091 | CIM Retail Portfolio Trust, Class C, Series 2021-RETL, 6.62%(US0001M+230bps), 8/15/36(b) | 10639 |
| 791000 | Columbia Cent CLO 29, Ltd., Class AR, Series 2020-29A, 5.41%(US0003M+117bps), 10/20/34, Callable 10/20/23 @ 100(b) | 767295 |
| 410000 | Columbia Cent CLO 30, Ltd., Class A1, Series 2020-30A, 5.55%(US0003M+131bps), 1/20/34, Callable 4/20/23 @ 100(b) | 401403 |
| 310000 | Columbia Cent CLO 31, Ltd., Class A1, Series 2021-31A, 5.44%(US0003M+120bps), 4/20/34, Callable 7/20/23 @ 100(b) | 301065 |
| 920000 | Columbia Cent CLO 32, Ltd., Class A1, Series 2022-32A, 4.20%(TSFR3M+170bps), 7/20/34, Callable 1/24/24 @ 100(b) | 883658 |
| 57000 | Commercial Mortgage Trust, Class A5, Series 2014-CR18, 3.83%, 7/15/47, Callable 7/15/24 @ 100 | 55198 |
| 3680584 | Credit Suisse Mortgage Capital Certificates, Class A, Series 2020-NET, 2.26%, 8/15/37(b) | 3295767 |
| 243000 | Credit Suisse Mortgage Capital Certificates, Class B, Series 2019-ICE4, 5.55%(US0001M+123bps), 5/15/36(b) | 238801 |
| 205000 | CSMC Trust, Class A, Series 2018, 4.28%, 4/15/36(b) | 196566 |
| 100000 | CSMC Trust, Class B, Series 2018, 4.53%, 4/15/36(b) | 96320 |
| 100000 | CSMC Trust, Class C, Series 2018, 4.78%, 4/15/36(b) | 95949 |
| 860000 | CSMC Trust, Class D, Series 2017-PFHP, 6.57%(US0001M+225bps), 12/15/30(b) | 813162 |
| 100000 | CSMC Trust, Class D, Series 2018, 4.78%, 4/15/36(b) | 92157 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $527000 | Dryden 76 CLO, Ltd., Class A1R, Series 2019-76A, 5.39%(US0003M+115bps), 10/20/34, Callable 10/20/23 @ 100(b) | $512406 |
| 577000 | Dryden 83 CLO, Ltd., Class A, Series 2020-83A, 5.41%(US0003M+122bps), 1/18/32, Callable 1/18/23 @ 100(b) | 567601 |
| 723000 | Dryden 85 CLO, Ltd., Class AR, Series 2020-85A, 5.23%(US0003M+115bps), 10/15/35, Callable 10/15/23 @ 100(b) | 702261 |
| 420000 | Dryden 90 CLO, Ltd., Class A1A, Series 2021-90A, 5.81%(US0003M+113bps), 2/20/35, Callable 2/20/24 @ 100(b) | 407338 |
| 250000 | Dryden CLO, Ltd., Class A, Series 2020-78A, 5.26%(US0003M+118bps), 4/17/33, Callable 1/17/23 @ 100(b) | 244676 |
| 250000 | Eaton Vance CLO, Ltd., Class A13R, Series 2013-1A, 5.33%(US0003M+125bps), 1/15/34, Callable 1/15/23 @ 100(b) | 243866 |
| 363000 | Eaton Vance CLO, Ltd., Class AR, Series 2019-1A, 5.18%(US0003M+110bps), 4/15/31, Callable 1/15/23 @ 100(b) | 356123 |
| 930000 | Eaton Vance CLO, Ltd., Class AR, Series 2020-2A, 5.23%(US0003M+115bps), 1/15/35, Callable 1/15/24 @ 100(b) | 907499 |
| 1469000 | ELP Commercial Mortgage Trust, Class A, Series 2021-ELP, 5.02%(US0001M+70bps), 11/15/36(b) | 1406766 |
| 522263 | Extended Stay America Trust, Class A, Series 2021-ESH, 5.40%(US0001M+108bps), 7/15/38(b) | 507232 |
| 439287 | Extended Stay America Trust, Class D, Series 2021-ESH, 6.57%(US0001M+225bps), 7/15/38(b) | 420719 |
| 297739 | Extended Stay America Trust, Class B, Series 2021-ESH, 5.70%(US0001M+138bps), 7/15/38(b) | 286213 |
| 219643 | Extended Stay America Trust, Class C, Series 2021-ESH, 6.02%(US0001M+170bps), 7/15/38(b) | 210866 |
| 508000 | Flatiron CLO 20, Ltd., Class A, Series 2020-1A, 5.98%(US0003M+130bps), 11/20/33, Callable 2/20/23 @ 100(b) | 496469 |
| 250000 | Flatiron CLO 21, Ltd., Class A1, Series 2021-1A, 5.34%(US0003M+111bps), 7/19/34, Callable 7/19/23 @ 100(b) | 243887 |
| 643000 | GS Mortgage Securities Corp. Trust, Class A, Series 2021-IP, 5.27%(US0001M+95bps), 10/15/36(b) | 599474 |
| 100000 | GS Mortgage Securities Corp. Trust, Class B, Series 2021-IP, 5.47%(US0001M+115bps), 10/15/36(b) | 92449 |
| 100000 | GS Mortgage Securities Corp. Trust, Class C, Series 2021-IP, 5.87%(US0001M+155bps), 10/15/36(b) | 92379 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $800000 | INTOWN STAY Mortgage Trust, Class A, Series 2022, 6.82%(TSFR1M+249bps), 8/15/37, Callable 8/15/24 @ 100(b) | $790463 |
| 556000 | Invesco CLO, Ltd., Class A, Series 2021-3A, 5.45%(US0003M+113bps), 10/22/34, Callable 10/22/23 @ 100(b) | 539393 |
| 41000 | J.P. Morgan Chase Commercial Mortgage Securities Trust, Class CFX, Series 2018-WPT, 4.95%, 7/5/23, Callable 7/5/23 @ 100(b) | 40304 |
| 64000 | J.P. Morgan Chase Commercial Mortgage Securities Trust, Class DFX, Series 2018-WPT, 5.35%, 7/5/23, Callable 7/5/23 @ 100(b) | 62913 |
| 87000 | J.P. Morgan Chase Commercial Mortgage Securities Trust, Class EFX, Series 2018-WPT, 5.54%, 7/5/23, Callable 7/5/23 @ 100(b) | 85228 |
| 280147 | Life Mortgage Trust, Class A, Series 2021-BMR, 5.02%(US0001M+70bps), 3/15/38(b) | 271360 |
| 426000 | Life Mortgage Trust, Class D, Series 2022-BMR2, 6.88%(TSFR1M+254bps), 5/15/39, Callable 5/15/24 @ 100(b) | 408022 |
| 98297 | Life Mortgage Trust, Class B, Series 2021-BMR, 5.20%(US0001M+88bps), 3/15/38(b) | 93962 |
| 855000 | Life Mortgage Trust, Class B, Series 2022-BMR2, 6.13%(TSFR1M+179bps), 5/15/39, Callable 5/15/24 @ 100(b) | 828301 |
| 1420000 | Life Mortgage Trust, Class A1, Series 2022-BMR2, 5.63%(TSFR1M+130bps), 5/15/39, Callable 5/15/24 @ 100(b) | 1384526 |
| 98297 | Life Mortgage Trust, Class E, Series 2021-BMR, 6.07%(US0001M+175bps), 3/15/38(b) | 93039 |
| 98297 | Life Mortgage Trust, Class D, Series 2021-BMR, 5.72%(US0001M+140bps), 3/15/38(b) | 93173 |
| 98297 | Life Mortgage Trust, Class C, Series 2021-BMR, 5.42%(US0001M+110bps), 3/15/38(b) | 93451 |
| 479000 | Life Mortgage Trust, Class C, Series 2022-BMR2, 6.43%(TSFR1M+209bps), 5/15/39, Callable 5/15/24 @ 100(b) | 463445 |
| 250000 | Lucali CLO, Ltd., Class A, Series 2020-1A, 5.29%(US0003M+121bps), 1/15/32, Callable 1/15/23 @ 100(b) | 246595 |
| 320000 | Madison Park Funding L, Ltd., Class A, Series 2021-50A, 5.37%(US0003M+114bps), 4/19/34, Callable 4/19/23 @ 100(b) | 313016 |
| 910000 | Madison Park Funding LII, Ltd., Class A, Series 2021-52A, 5.42%(US0003M+110bps), 1/22/35, Callable 1/22/24 @ 100(b) | 880862 |
| 250000 | Madison Park Funding XLV, Ltd., Class AR, Series 2020-45A, 5.20%(US0003M+112bps), 7/15/34, Callable 7/15/23 @ 100(b) | 243722 |
| 229458 | Madison Park Funding, Ltd., Class A1R2, Series 2015-19A, 5.24%(US0003M+92bps), 1/22/28, Callable 1/22/23 @ 100(b) | 226917 |
| 250000 | Magnetite XXI, Ltd., Class AR, Series 2019-21A, 5.26%(US0003M+102bps), 4/20/34, Callable 1/20/23 @ 100(b) | 242883 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $280000 | Magnetite XXIX, Ltd., Class A, Series 2021-29A, 5.07%(US0003M+99bps), 1/15/34, Callable 1/15/23 @ 100(b) | $274626 |
| 250000 | Magnetite XXVII, Ltd., Class AR, Series 2020-27A, 5.38%(US0003M+114bps), 10/20/34, Callable 10/20/23 @ 100(b) | 243340 |
| 968000 | Magnetite XXX, Ltd., Class A, Series 2021-30A, 5.49%(US0003M+113bps), 10/25/34, Callable 10/25/23 @ 100(b) | 942522 |
| 260000 | MHC Commercial Mortgage Trust, Class A, Series 2021-MHC, 5.12%(US0001M+80bps), 4/15/38(b) | 251975 |
| 315000 | Milos CLO, Ltd., Class AR, Series 2017-1A, 5.31%(US0003M+107bps), 10/20/30, Callable 1/20/23 @ 100(b) | 310496 |
| 56000 | Morgan Stanley Capital I Trust, Class B, Series 2019-Mead, 3.18%, 11/10/36, Callable 11/10/24 @ 100(b) | 51953 |
| 196000 | Morgan Stanley Capital I Trust, Class B, Series 2018-BOP, 5.57%(US0001M+125bps), 6/15/35(b) | 194107 |
| 385000 | Morgan Stanley Capital I Trust, Class A, Series 2019-Mead, 3.17%, 11/10/36, Callable 11/10/24 @ 100(b) | 358332 |
| 132000 | Morgan Stanley Capital I Trust, Class A4, Series 2018-H4, 4.31%, 12/15/51, Callable 1/15/29 @ 100 | 124875 |
| 53000 | Morgan Stanley Capital I Trust, Class C, Series 2019-Mead, 3.18%, 11/10/36, Callable 11/10/24 @ 100(b)(c) | 48327 |
| 471200 | Morgan Stanley Capital I Trust, Class C, Series 2018-BOP, 5.82%(US0001M+150bps), 6/15/35(b) | 438953 |
| 326000 | Peace Park CLO, Ltd., Class A, Series 2021-1A, 5.37%(US0003M+113bps), 10/20/34, Callable 10/20/23 @ 100(b) | 317419 |
| 17385 | Prima Capital CRE Securitization, Class A, Series 2021-9A, 5.39%(US0001M+145bps), 12/15/37, Callable 10/25/23 @ 100(b) | 17169 |
| 333000 | Rockland Park CLO, Ltd., Class A, Series 2021-1A, 5.36%(US0003M+112bps), 4/20/34, Callable 4/20/23 @ 100(b) | 324962 |
| 130000 | SPGN Mortgage Trust, Class C, Series 2022-TFLM, 6.99%(TSFR1M+265bps), 2/15/39, Callable 2/15/24 @ 100(b) | 121692 |
| 250000 | SPGN Mortgage Trust, Class B, Series 2022-TFLM, 6.34%(TSFR1M+200bps), 2/15/39, Callable 2/15/24 @ 100(b) | 235257 |
| 1013000 | SREIT Trust, Class A, Series 2021-MFP, 5.05%(US0001M+73bps), 11/15/38(b) | 974139 |
| 360000 | SREIT Trust, Class C, Series 2021-MFP, 5.65%(US0001M+133bps), 11/15/38(b) | 341905 |
| 237000 | SREIT Trust, Class D, Series 2021-MFP, 5.90%(US0001M+158bps), 11/15/38(b) | 223620 |
| 580000 | SREIT Trust, Class B, Series 2021-MFP, 5.40%(US0001M+108bps), 11/15/38(b) | 552278 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $| 248046 | Stratus CLO, Ltd., Class A, Series 2022-1A, 5.71%(TSFR3M+175bps), 7/20/30, Callable 7/20/23 @ 100(b) | $244671 |
|  | 403000 | Symphony CLO XIX, Ltd., Class A, Series 2018-19A, 5.04%(US0003M+96bps), 4/16/31, Callable 1/16/23 @ 100(b) | 394444 |
|  | 500000 | Symphony CLO XXVI, Ltd., Class AR, Series 2021-26A, 5.32%(US0003M+108bps), 4/20/33, Callable 1/20/23 @ 100(b) | 485649 |
|  | 1054000 | Symphony CLO XXXII, Ltd., Class A1, Series 2022-32A, 5.36%(TSFR3M+132bps), 4/23/35, Callable 4/23/24 @ 100(b) | 1029810 |
|  | 285000 | VLS Commercial Mortgage Trust, Class A, Series 2020-LAB, 2.13%, 10/10/42(b) | 218865 |
|  | 20000 | VLS Commercial Mortgage Trust, Class B, Series 2020-LAB, 2.45%, 10/10/42(b) | 15134 |
|  | 551000 | Voya CLO, Ltd., Class A1R, Series 2020-2A, 5.39%(US0003M+116bps), 7/19/34, Callable 7/19/23 @ 100(b) | 539186 |
|  | 564000 | Voya CLO, Ltd., Class AR, Series 2020-1A, 5.23%(US0003M+115bps), 7/16/34, Callable 7/16/23 @ 100(b) | 549719 |
|  | 335000 | Voya CLO, Ltd., Class A, Series 2019-2, 5.51%(US0003M+127bps), 7/20/32, Callable 1/20/23 @ 100(b) | 329104 |
|  | 1073000 | Voya CLO, Ltd., Class AR, Series 2020-3A, 5.39%(US0003M+115bps), 10/20/34, Callable 10/20/23 @ 100(b) | 1043940 |
|  | 155000 | Wells Fargo Commercial Mortgage Trust, Class A5, Series 2018-C48, 4.30%, 1/15/52, Callable 12/15/28 @ 100 | 146714 |
|  | 185000 | Wells Fargo Commercial Mortgage Trust, Class A, Series 2021-FCMT, 5.52%(US0001M+120bps), 5/15/31(b) | 176121 |
|  | Total Collateralized Mortgage Obligations (Cost $86,698,745) | Total Collateralized Mortgage Obligations (Cost $86,698,745) | 83734497 |
| **Convertible Bonds (0.2%):** | **Convertible Bonds (0.2%):** | **Convertible Bonds (0.2%):** |  |
| **Entertainment (0.0%<sup>†</sup>):** | **Entertainment (0.0%<sup>†</sup>):** | **Entertainment (0.0%<sup>†</sup>):** |  |
|  | 25000 | Live Nation Entertainment, Inc., 2.00%, 2/15/25 | 24634 |
| **Hotels, Restaurants & Leisure (0.0%<sup>†</sup>):** | **Hotels, Restaurants & Leisure (0.0%<sup>†</sup>):** | **Hotels, Restaurants & Leisure (0.0%<sup>†</sup>):** |  |
|  | 37000 | Booking Holdings, Inc., 0.75%, 5/1/25 | 49515 |
|  | 27000 | Vail Resorts, Inc., 2.55%, 1/1/26 | 25033 |
|  |  |  | 74548 |
| **Leisure Products (0.0%<sup>†</sup>):** | **Leisure Products (0.0%<sup>†</sup>):** | **Leisure Products (0.0%<sup>†</sup>):** |  |
|  | 19000 | Callaway Golf Co., 2.75%, 5/1/26 | 24594 |
| **Media (0.1%):** | **Media (0.1%):** | **Media (0.1%):** |  |
|  | 54000 | DISH Network Corp., 2.38%, 3/15/24 | 48843 |
|  | 846000 | DISH Network Corp., 3.38%, 8/15/26 | 531210 |
|  |  |  | 580053 |
| **Oil, Gas & Consumable Fuels (0.1%):** | **Oil, Gas & Consumable Fuels (0.1%):** | **Oil, Gas & Consumable Fuels (0.1%):** |  |
|  | 31702 | Mesquite Energy, Inc., 15.00%, 7/15/23(a)(b) | 202024 |
|  | 54850 | Mesquite Energy, Inc., 15.00%, 7/15/23(a)(b) | 349537 |
|  |  |  | 551561 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Convertible Bonds, continued** | **Convertible Bonds, continued** | |
| **Professional Services (0.0%<sup>†</sup>):** | **Professional Services (0.0%<sup>†</sup>):** | |
| $16000 | FTI Consulting, Inc., 2.00%, 8/15/23 | $25192 |
| 23000 | KBR, Inc., 2.50%, 11/1/23 | 47738 |
|  |  | 72930 |
| **Semiconductors & Semiconductor Equipment (0.0%<sup>†</sup>):** | **Semiconductors & Semiconductor Equipment (0.0%<sup>†</sup>):** |  |
| 8000 | ON Semiconductor Corp., 1.63%, 10/15/23 | 23988 |
| Total Convertible Bonds (Cost $1,082,922) | Total Convertible Bonds (Cost $1,082,922) | 1352308 |
| **Bank Loans (0.0%<sup>†</sup>):** | **Bank Loans (0.0%<sup>†</sup>):** |  |
| **Chemicals (0.0%<sup>†</sup>):** | **Chemicals (0.0%<sup>†</sup>):** |  |
| 14813 | Consolidated Energy Term Incr B 1Ln, 7.82% (LIBOR+350bps), 5/7/25 | 14109 |
| 19850 | Diamond (BC) B.V. Term B 1Ln, 7.07% (LIBOR+275bps), 9/29/28 | 19155 |
|  |  | 33264 |
| **Construction & Engineering (0.0%<sup>†</sup>):** | **Construction & Engineering (0.0%<sup>†</sup>):** |  |
| 35000 | DG Investment Intermediate Holdings Term 2Ln, 11.07% (LIBOR+675bps), 3/31/29 | 30742 |
| 4938 | DG Investment Intermediate Holdings Term B 1Ln, 8.07% (LIBOR+375bps), 3/31/28 | 4715 |
|  |  | 35457 |
| **Diversified Consumer Services (0.0%<sup>†</sup>):** | **Diversified Consumer Services (0.0%<sup>†</sup>):** |  |
| 15000 | Ascend Learning Term 2Ln, 10.07% (LIBOR+575bps), 12/10/29 | 12806 |
| 163763 | Ascend Learning Term B 1Ln, 7.82% (LIBOR+350bps), 12/10/28 | 154551 |
|  |  | 167357 |
| **Hotels, Restaurants & Leisure (0.0%<sup>†</sup>):** | **Hotels, Restaurants & Leisure (0.0%<sup>†</sup>):** |  |
| 248125 | City Football Group Term B 1Ln, 7.32% (LIBOR+300bps), 7/21/28 | 231377 |
| 172804 | Diamond Sports Group Term 2Ln, 7.71% (Term SOFR+335bps), 8/24/26 | 19008 |
| 104275 | Golden Entertainment Term B 1Ln, 7.32% (LIBOR+300bps), 10/20/24 | 103884 |
|  |  | 354269 |
| **Industrial Products (0.0%<sup>†</sup>):** | **Industrial Products (0.0%<sup>†</sup>):** |  |
| 120000 | Brookfield WEC Holding Inc. Term 1Ln, 8.11% (Term SOFR+375bps), 8/1/25 | 119363 |
| **Media (0.0%<sup>†</sup>):** | **Media (0.0%<sup>†</sup>):** |  |
| 44887 | ABG Intermediate Holdings 2 LLC Term B1 1LN, 7.86% (Term SOFR+350bps), 12/21/28 | 43373 |
| **Software (0.0%<sup>†</sup>):** | **Software (0.0%<sup>†</sup>):** |  |
| 3385 | Acuris Finance US Inc. Term 1Ln, 8.36% (Term SOFR+400bps), 2/16/28 | 3322 |
| **Software & Tech Services (0.0%<sup>†</sup>):** | **Software & Tech Services (0.0%<sup>†</sup>):** |  |
| 106617 | Athenahealth Term B 1Ln, 7.86% (Term SOFR+350bps), 2/15/29 | 95993 |
| 18116 | Athenahealth Term DD 1Ln, 7.82% (LIBOR+350bps), 2/15/29+ | 16311 |
| 300000 | Nielsen Holdings Term B 1Ln, 4.36% (Term SOFR+0bps), 4/11/29 | 267189 |
|  |  | 379493 |
| Total Bank Loans (Cost $1,268,042) | Total Bank Loans (Cost $1,268,042) | 1135898 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds (21.5%):** | **Corporate Bonds (21.5%):** | |
| **Aerospace & Defense (0.5%):** | **Aerospace & Defense (0.5%):** | |
| $1145000 | Boeing Co. (The), 5.04%, 5/1/27, Callable 3/1/27 @ 100 | $1134022 |
| 145000 | Boeing Co. (The), 5.15%, 5/1/30, Callable 2/1/30 @ 100 | 141841 |
| 1100000 | Boeing Co. (The), 5.71%, 5/1/40, Callable 11/1/39 @ 100 | 1055568 |
| 100000 | Boeing Co. (The), 5.81%, 5/1/50, Callable 11/1/49 @ 100 | 93944 |
| 1150000 | Boeing Co. (The), 5.93%, 5/1/60, Callable 11/1/59 @ 100 | 1062345 |
| 310000 | BWX Technologies, Inc., 4.13%, 6/30/28, Callable 6/30/23 @ 102.06(b) | 276287 |
| 445000 | BWX Technologies, Inc., 4.13%, 4/15/29, Callable 4/15/24 @ 102.06(b) | 389375 |
| 5000 | Howmet Aerospace, Inc., 5.95%, 2/1/37 | 4844 |
| 145000 | Moog, Inc., 4.25%, 12/15/27, Callable 2/6/23 @ 103.19(b) | 133400 |
| 40000 | TransDigm UK Holdings plc, 6.88%, 5/15/26, Callable 2/6/23 @ 103.44 | 39300 |
| 40000 | TransDigm, Inc., 6.38%, 6/15/26, Callable 2/6/23 @ 101.59 | 38950 |
| 35000 | TransDigm, Inc., 7.50%, 3/15/27, Callable 2/6/23 @ 103.75 | 34606 |
| 1655000 | TransDigm, Inc., 5.50%, 11/15/27, Callable 2/6/23 @ 102.75 | 1539150 |
| 310000 | TransDigm, Inc., 4.88%, 5/1/29, Callable 5/1/24 @ 102.44 | 269700 |
|  |  | 6213332 |
| **Air Freight & Logistics (0.0%<sup>†</sup>):** | **Air Freight & Logistics (0.0%<sup>†</sup>):** |  |
| 255000 | Cargo Aircraft Management, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38(b) | 229500 |
| 237000 | XPO Logistics, Inc., 6.25%, 5/1/25, Callable 2/6/23 @ 103.13(b) | 239370 |
|  |  | 468870 |
| **Auto Components (0.0%<sup>†</sup>):** | **Auto Components (0.0%<sup>†</sup>):** |  |
| 125000 | Dana, Inc., 4.50%, 2/15/32, Callable 2/15/27 @ 102.25 | 101406 |
| **Automobiles (0.2%):** | **Automobiles (0.2%):** |  |
| 485000 | Magallanes, Inc., 3.43%, 3/15/24(b) | 470465 |
| 265000 | Magallanes, Inc., 3.64%, 3/15/25(b) | 252195 |
| 519000 | Magallanes, Inc., 3.76%, 3/15/27, Callable 2/15/27 @ 100(b) | 468676 |
| 180000 | Magallanes, Inc., 4.05%, 3/15/29, Callable 1/15/29 @ 100(b) | 156306 |
| 753000 | Magallanes, Inc., 4.28%, 3/15/32, Callable 12/15/31 @ 100(b) | 621853 |
| 391000 | Magallanes, Inc., 5.05%, 3/15/42, Callable 9/15/41 @ 100(b) | 301414 |
| 576000 | Magallanes, Inc., 5.14%, 3/15/52, Callable 9/15/51 @ 100(b) | 423909 |
| 40000 | Magic Mergeco, Inc., 5.25%, 5/1/28, Callable 11/1/23 @ 102.63(b) | 32000 |
| 270000 | Michaels Cos., Inc. (The), 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(b) | 179550 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Automobiles, continued** | **Automobiles, continued** | **Automobiles, continued** | |
| $| 165000 | Thor Industries, Inc., 4.00%, 10/15/29, Callable 10/15/24 @ 102(b) | $129525 |
|  | 209000 | Volkswagen Group of America Finance LLC, 3.13%, 5/12/23(b) | 207219 |
|  |  |  | 3243112 |
| **Banks (2.4%):** | **Banks (2.4%):** | **Banks (2.4%):** |  |
|  | 410000 | Bank of America Corp., Series L, 3.95%, 4/21/25 | 398850 |
|  | 151000 | Bank of America Corp., Series G, 4.45%, 3/3/26 | 148118 |
|  | 1300000 | Bank of America Corp., 3.42% (US0003M+104 bps), 12/20/28, Callable 12/20/27 @ 100 | 1176933 |
|  | 980000 | Bank of America Corp., 2.30% (SOFR+122 bps), 7/21/32, Callable 7/21/31 @ 100 | 756607 |
|  | 6359000 | Bank of America Corp., 5.02% (SOFR+216 bps), 7/22/33, Callable 7/22/32 @ 100 | 6069933 |
|  | 70000 | CIT Group, Inc., 3.93% (SOFR+4 bps), 6/19/24, Callable 6/19/23 @ 100 | 69212 |
|  | 165000 | CIT Group, Inc., 6.13%, 3/9/28 | 168506 |
|  | 2455000 | Citigroup, Inc., 3.35% (US0003M+90 bps), 4/24/25, Callable 4/24/24 @ 100 | 2380977 |
|  | 1098000 | Citigroup, Inc., 4.30%, 11/20/26 | 1063292 |
|  | 1156000 | Citigroup, Inc., 4.41% (SOFR+391 bps), 3/31/31, Callable 3/31/30 @ 100 | 1064330 |
|  | 2635000 | Citigroup, Inc., 4.91% (SOFR+209 bps), 5/24/33, Callable 5/24/32 @ 100 | 2480752 |
|  | 2500000 | JPMorgan Chase & Co., 4.49% (SOFR+379 bps), 3/24/31, Callable 3/24/30 @ 100 | 2348908 |
|  | 181000 | JPMorgan Chase & Co., 2.96% (SOFR+252 bps), 5/13/31, Callable 5/13/30 @ 100 | 149686 |
|  | 5828000 | JPMorgan Chase & Co., 4.59% (SOFR+180 bps), 4/26/33, Callable 4/26/32 @ 100 | 5391180 |
|  | 937000 | JPMorgan Chase & Co., 4.91% (SOFR+208 bps), 7/25/33, Callable 7/25/32 @ 100 | 894494 |
|  | 3705000 | Wells Fargo & Co., 2.41% (US0003M+83 bps), 10/30/25, Callable 10/30/24 @ 100, MTN | 3509976 |
|  | 1099000 | Wells Fargo & Co., 3.53% (SOFR+151 bps), 3/24/28, Callable 3/24/27 @ 100 | 1022532 |
|  | 2645000 | Wells Fargo & Co., 4.48% (US0003M+4 bps), 4/4/31, Callable 4/4/30 @ 100, MTN | 2478138 |
|  | 1800000 | Wells Fargo & Co., 5.01% (US0003M+424 bps), 4/4/51, Callable 4/4/50 @ 100, MTN | 1627096 |
|  |  |  | 33199520 |
| **Beverages (0.6%):** | **Beverages (0.6%):** | **Beverages (0.6%):** |  |
|  | 2400000 | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36, Callable 8/1/35 @ 100 | 2269922 |
|  | 3100000 | Anheuser-Busch InBev Worldwide, Inc., 3.50%, 6/1/30, Callable 3/1/30 @ 100 | 2836906 |
|  | 150000 | Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/40, Callable 12/1/39 @ 100 | 133346 |
|  | 333000 | Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/58, Callable 10/15/57 @ 100 | 294398 |
|  | 2445000 | Anheuser-Busch InBev Worldwide, Inc., 5.80%, 1/23/59, Callable 7/23/58 @ 100 | 2553067 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Beverages, continued** | **Beverages, continued** | **Beverages, continued** | |
| $| 285000 | Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(b) | $228712 |
|  |  |  | 8316351 |
| **Biotechnology (0.0%<sup>†</sup>):** | **Biotechnology (0.0%<sup>†</sup>):** | **Biotechnology (0.0%<sup>†</sup>):** |  |
|  | 555000 | Emergent BioSolutions, Inc., 3.88%, 8/15/28, Callable 8/15/23 @ 101.94(b) | 269175 |
| **Building Products (0.1%):** | **Building Products (0.1%):** | **Building Products (0.1%):** |  |
|  | 795000 | Advanced Drainage Systems, Inc., 5.00%, 9/30/27, Callable 1/23/23 @ 102.5(b) | 743325 |
|  | 120000 | Builders FirstSource, Inc., 4.25%, 2/1/32, Callable 8/1/26 @ 102.13(b) | 97350 |
|  | 35000 | Roller Bearing Co. of America, Inc., 4.38%, 10/15/29, Callable 10/15/24 @ 102.19(b) | 30800 |
|  |  |  | 871475 |
| **Capital Markets (2.1%):** | **Capital Markets (2.1%):** | **Capital Markets (2.1%):** |  |
|  | 457000 | Ares Capital Corp., 4.20%, 6/10/24, Callable 5/10/24 @ 100 | 442874 |
|  | 2707000 | Ares Capital Corp., 3.88%, 1/15/26, Callable 12/15/25 @ 100 | 2487208 |
|  | 888000 | Blackstone Private Credit Fund, 7.05%, 9/29/25(b) | 878983 |
|  | 315000 | Coinbase Global, Inc., 3.38%, 10/1/28, Callable 10/1/24 @ 101.69(b) | 165375 |
|  | 380000 | Coinbase Global, Inc., 3.63%, 10/1/31, Callable 10/1/26 @ 101.81(b) | 181450 |
|  | 2880000 | Goldman Sachs Group, Inc. (The), 3.80%, 3/15/30, Callable 12/15/29 @ 100 | 2597256 |
|  | 1263000 | Goldman Sachs Group, Inc. (The), 2.38% (SOFR+125 bps), 7/21/32, Callable 7/21/31 @ 100 | 983445 |
|  | 3062000 | Goldman Sachs Group, Inc. (The), 3.10% (SOFR+141 bps), 2/24/33, Callable 2/24/32 @ 100 | 2505130 |
|  | 128000 | Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37 | 136977 |
|  | 50000 | HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 6/15/26, Callable 3/15/26 @ 100(b) | 43250 |
|  | 55000 | LCM Investments Holdings II LLC, 4.88%, 5/1/29, Callable 5/1/24 @ 102.44(b) | 45100 |
|  | 380000 | Medline Borrower, LP, 3.88%, 4/1/29, Callable 10/1/24 @ 101.94(b) | 304000 |
|  | 55000 | ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5(b) | 45925 |
|  | 1100000 | Moody's Corp., 3.75%, 3/24/25, Callable 2/24/25 @ 100 | 1071457 |
|  | 1100000 | Moody's Corp., 3.25%, 1/15/28, Callable 10/15/27 @ 100 | 1018328 |
|  | 6619000 | Morgan Stanley, 3.74% (US0003M+85 bps), 4/24/24, Callable 4/24/23 @ 100 | 6585349 |
|  | 2534000 | Morgan Stanley, 3.62% (SOFR+312 bps), 4/1/31, Callable 4/1/30 @ 100 | 2219713 |
|  | 2236000 | Morgan Stanley, 4.89% (SOFR+208 bps), 7/20/33, Callable 7/20/32 @ 100 | 2111582 |
|  | 1700000 | Morgan Stanley, 6.34% (SOFR+256 bps), 10/18/33, Callable 10/18/32 @ 100 | 1786251 |
|  | 150000 | Mozart Debt Merger Sub, Inc., 5.25%, 10/1/29, Callable 10/1/24 @ 102.63(b) | 118875 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Capital Markets, continued** | **Capital Markets, continued** | **Capital Markets, continued** | |
| $| 100000 | MSCI, Inc., 3.25%, 8/15/33, Callable 8/15/27 @ 101.63(b) | $77250 |
|  | 485000 | Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 10.75%, 7/1/25, Callable 2/6/23 @ 108.06(b) | 460750 |
|  | 2296000 | Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100(b) | 2125215 |
|  | 300000 | Pine Street Trust II, 5.57%, 2/15/49, Callable 8/15/48 @ 100(b) | 264637 |
|  | 15000 | Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29, Callable 2/1/24 @ 103.13(b) | 10425 |
|  | 35000 | US Renal Care, Inc., 10.63%, 7/15/27, Callable 2/6/23 @ 105.31(b) | 7350 |
|  | 55000 | Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(b) | 30250 |
|  |  |  | 28704405 |
| **Chemicals (0.2%):** | **Chemicals (0.2%):** | **Chemicals (0.2%):** |  |
|  | 15000 | CF Industries, Inc., 4.95%, 6/1/43 | 12806 |
|  | 510000 | Chemours Co. (The), 5.38%, 5/15/27, Callable 2/15/27 @ 100 | 467287 |
|  | 915000 | Chemours Co. (The), 5.75%, 11/15/28, Callable 11/15/23 @ 102.88(b) | 816638 |
|  | 60000 | Diamond BC BV, 4.63%, 10/1/29, Callable 10/1/24 @ 102.31(b) | 48150 |
|  | 555000 | LSB Industries, Inc., 6.25%, 10/15/28, Callable 10/15/24 @ 103.13(b) | 499500 |
|  | 375000 | Olin Corp., 5.00%, 2/1/30, Callable 2/1/24 @ 102.5 | 342187 |
|  | 650000 | Olympus Water US Holding Corp., 4.25%, 10/1/28, Callable 10/1/24 @ 102.13(b) | 536250 |
|  | 135000 | Scotts Miracle-Gro Co. (The), 4.38%, 2/1/32, Callable 8/1/26 @ 102.19 | 102263 |
|  | 25000 | Valvoline, Inc., 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(b) | 24375 |
|  | 350000 | Valvoline, Inc., 3.63%, 6/15/31, Callable 6/15/26 @ 101.81(b) | 280000 |
|  | 350000 | WR Grace Holdings LLC, 5.63%, 10/1/24(b) | 345625 |
|  | 50000 | WR Grace Holdings LLC, 4.88%, 6/15/27, Callable 6/15/23 @ 102.44(b) | 44295 |
|  | 125000 | WR Grace Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81(b) | 100781 |
|  |  |  | 3620157 |
| **Commercial Services & Supplies (0.1%):** | **Commercial Services & Supplies (0.1%):** | **Commercial Services & Supplies (0.1%):** |  |
|  | 125000 | ADT Security Corp. (The), 4.13%, 8/1/29, Callable 8/1/28 @ 100(b) | 105938 |
|  | 430000 | Aramark Services, Inc., 5.00%, 2/1/28, Callable 2/6/23 @ 102.5(b) | 400437 |
|  | 615000 | CoreCivic, Inc., 8.25%, 4/15/26, Callable 4/15/24 @ 104.13 | 627300 |
|  | 41000 | GEO Group, Inc. (The), 10.50%, 6/30/28, Callable 1/17/23 @ 103 | 41461 |
|  | 85000 | GEO Group, Inc. (The), 9.50%, 12/31/28, Callable 1/17/23 @ 103(b) | 81388 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Commercial Services & Supplies, continued** | **Commercial Services & Supplies, continued** | **Commercial Services & Supplies, continued** | |
| $| 25000 | Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.00%, 2/1/26, Callable 2/6/23 @ 102.5(b) | $22156 |
|  | 25000 | Pitney Bowes, Inc., 6.88%, 3/15/27, Callable 3/15/24 @ 103.44(b) | 21344 |
|  | 45000 | Pitney Bowes, Inc., 7.25%, 3/15/29, Callable 3/15/24 @ 103.63(b) | 35156 |
|  | 270000 | Stericycle, Inc., 3.88%, 1/15/29, Callable 11/15/23 @ 101.94(b) | 235575 |
|  |  |  | 1570755 |
| **Communications Equipment (0.1%):** | **Communications Equipment (0.1%):** | **Communications Equipment (0.1%):** |  |
|  | 405000 | CommScope, Inc., 6.00%, 3/1/26, Callable 2/6/23 @ 103(b) | 373613 |
|  | 205000 | CommScope, Inc., 7.13%, 7/1/28, Callable 7/1/23 @ 103.56(b) | 146575 |
|  | 200000 | CommScope, Inc., 4.75%, 9/1/29, Callable 9/1/24 @ 102.38(b) | 161250 |
|  | 250000 | Viavi Solutions, Inc., 3.75%, 10/1/29, Callable 10/1/24 @ 101.88(b) | 207500 |
|  |  |  | 888938 |
| **Construction & Engineering (0.1%):** | **Construction & Engineering (0.1%):** | **Construction & Engineering (0.1%):** |  |
|  | 25000 | Arcosa, Inc., 4.38%, 4/15/29, Callable 4/15/24 @ 102.19(b) | 21625 |
|  | 845000 | Brand Industrial Services, Inc., 8.50%, 7/15/25, Callable 2/6/23 @ 102.13(b) | 673887 |
|  | 270000 | Dycom Industries, Inc., 4.50%, 4/15/29, Callable 4/15/24 @ 102.25(b) | 235575 |
|  | 55000 | Global Infrastructure Solutions, Inc., 5.63%, 6/1/29, Callable 6/1/24 @ 102.81(b) | 42763 |
|  | 25000 | Great Lakes Dredge & Dock Corp., 5.25%, 6/1/29, Callable 6/1/24 @ 102.63(b) | 19156 |
|  | 785000 | Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(b) | 681969 |
|  |  |  | 1674975 |
| **Consumer Discretionary Products (0.1%):** | **Consumer Discretionary Products (0.1%):** | **Consumer Discretionary Products (0.1%):** |  |
|  | 275000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.63%, 1/15/29, Callable 1/15/25 @ 102.31(b) | 232375 |
|  | 160000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.75%, 1/15/30, Callable 1/15/25 @ 103.38(b) | 128800 |
|  | 900000 | NCL Corp., Ltd., 5.88%, 3/15/26, Callable 12/15/25 @ 100(b) | 711000 |
|  |  |  | 1072175 |
| **Consumer Finance (1.7%):** | **Consumer Finance (1.7%):** | **Consumer Finance (1.7%):** |  |
|  | 2090000 | Ally Financial, Inc., 3.05%, 6/5/23, Callable 5/5/23 @ 100 | 2071995 |
|  | 90000 | Ally Financial, Inc., 1.45%, 10/2/23, Callable 9/2/23 @ 100 | 87104 |
|  | 100000 | Ally Financial, Inc., 5.13%, 9/30/24 | 98940 |
|  | 224000 | Ally Financial, Inc., 5.80%, 5/1/25, Callable 4/1/25 @ 100 | 222960 |
|  | 1500000 | Ally Financial, Inc., 5.75%, 11/20/25, Callable 10/21/25 @ 100 | 1451806 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Consumer Finance, continued** | **Consumer Finance, continued** | **Consumer Finance, continued** | |
| $| 1000000 | Ally Financial, Inc., 7.10%, 11/15/27, Callable 10/15/27 @ 100^ | $1020833 |
|  | 590000 | Ally Financial, Inc., 4.70% (H15T5Y+387 bps), 12/31/99, Callable 5/15/26 @ 100 | 400844 |
|  | 577000 | Capital One Financial Corp., 2.64% (SOFR+129 bps), 3/3/26, Callable 3/3/25 @ 100 | 540205 |
|  | 740000 | Capital One Financial Corp., 4.99% (SOFR+216 bps), 7/24/26, Callable 7/24/25 @ 100 | 725466 |
|  | 2665000 | Capital One Financial Corp., 3.65%, 5/11/27, Callable 4/11/27 @ 100 | 2515573 |
|  | 343000 | Capital One Financial Corp., 3.80%, 1/31/28, Callable 12/31/27 @ 100 | 320410 |
|  | 738000 | Capital One Financial Corp., 3.27% (SOFR+179 bps), 3/1/30, Callable 3/1/29 @ 100 | 633541 |
|  | 1100000 | Capital One Financial Corp., 5.25% (SOFR+260 bps), 7/26/30, Callable 7/26/29 @ 100 | 1054297 |
|  | 250000 | Discover Bank, Series B, 4.68% (USSW5+173 bps), 8/9/28, Callable 8/9/23 @ 100 | 240719 |
|  | 2253000 | Discover Financial Services, 4.50%, 1/30/26, Callable 11/30/25 @ 100 | 2168569 |
|  | 174000 | Discover Financial Services, 6.70%, 11/29/32, Callable 8/29/32 @ 100 | 177359 |
|  | 295000 | Ford Motor Credit Co LLC, 4.13%, 8/17/27, Callable 6/17/27 @ 100 | 264642 |
|  | 550000 | Ford Motor Credit Co LLC, 4.00%, 11/13/30, Callable 8/13/30 @ 100 | 453683 |
|  | 329000 | Ford Motor Credit Co. LLC, 5.58%, 3/18/24, Callable 2/18/24 @ 100 | 325333 |
|  | 968000 | Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100 | 932572 |
|  | 55000 | Ford Motor Credit Co. LLC, 5.13%, 6/16/25, Callable 5/16/25 @ 100 | 52848 |
|  | 620000 | Ford Motor Credit Co. LLC, 5.11%, 5/3/29, Callable 2/3/29 @ 100 | 556594 |
|  | 2100000 | General Motors Financial Co., Inc., 4.00%, 1/15/25, Callable 10/15/24 @ 100 | 2038483 |
|  | 445000 | OneMain Finance Corp., 6.88%, 3/15/25 | 427756 |
|  | 295000 | OneMain Finance Corp., 3.50%, 1/15/27, Callable 1/15/24 @ 101.75 | 243744 |
|  | 155000 | OneMain Finance Corp., 3.88%, 9/15/28, Callable 9/15/24 @ 101.94 | 122837 |
|  | 430000 | OneMain Finance Corp., 4.00%, 9/15/30, Callable 9/15/25 @ 102 | 322500 |
|  | 244000 | Synchrony Financial, 4.38%, 3/19/24, Callable 2/19/24 @ 100 | 239729 |
|  | 797000 | Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100 | 779267 |
|  | 3605000 | Synchrony Financial, 3.95%, 12/1/27, Callable 9/1/27 @ 100 | 3217495 |
|  |  |  | 23708104 |
| **Consumer Staple Products (0.1%):** | **Consumer Staple Products (0.1%):** | **Consumer Staple Products (0.1%):** |  |
|  | 475000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.13%, 2/1/28, Callable 1/1/28 @ 100(b) | 449469 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Consumer Staple Products, continued** | **Consumer Staple Products, continued** | **Consumer Staple Products, continued** | |
| $| 975000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.75%, 4/1/33, Callable 1/1/33 @ 100(b) | $926250 |
|  |  |  | 1375719 |
| **Containers & Packaging (0.0%<sup>†</sup>):** | **Containers & Packaging (0.0%<sup>†</sup>):** | **Containers & Packaging (0.0%<sup>†</sup>):** |  |
|  | 5000 | Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.13%, 8/15/26, Callable 1/17/23 @ 102.06(b) | 4338 |
|  | 190000 | Ball Corp., 3.13%, 9/15/31, Callable 6/15/31 @ 100 | 152475 |
|  | 65000 | Graphic Packaging International LLC, 3.75%, 2/1/30, Callable 8/1/29 @ 100(b) | 54762 |
|  |  |  | 211575 |
| **Diversified Consumer Services (0.0%<sup>†</sup>):** | **Diversified Consumer Services (0.0%<sup>†</sup>):** | **Diversified Consumer Services (0.0%<sup>†</sup>):** |  |
|  | 232000 | Adtalem Global Education, Inc., 5.50%, 3/1/28, Callable 3/1/24 @ 102.75(b) | 211990 |
|  | 22000 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 6/1/28, Callable 6/1/24 @ 102.31(b) | 18040 |
|  | 350000 | APX Group, Inc., 6.75%, 2/15/27, Callable 2/15/23 @ 103.38(b) | 335562 |
|  |  |  | 565592 |
| **Diversified Financial Services (0.2%):** | **Diversified Financial Services (0.2%):** | **Diversified Financial Services (0.2%):** |  |
|  | 185000 | Acrisure LLC / Acrisure Finance, Inc., 6.00%, 8/1/29, Callable 8/1/24 @ 103(b) | 147306 |
|  | 38000 | AXA Equitable Holdings, Inc., 3.90%, 4/20/23, Callable 3/20/23 @ 100 | 37852 |
|  | 358000 | Jackson Financial, Inc., 5.17%, 6/8/27, Callable 5/8/27 @ 100^ | 352046 |
|  | 452000 | Jackson Financial, Inc., 5.67%, 6/8/32, Callable 3/8/32 @ 100 | 426283 |
|  | 1530000 | Level 3 Financing, Inc., 4.25%, 7/1/28, Callable 7/1/23 @ 102.13(b) | 1204875 |
|  | 15000 | Level 3 Financing, Inc., 3.63%, 1/15/29, Callable 1/15/24 @ 101.81(b) | 10913 |
|  | 130000 | OI European Group BV, 4.75%, 2/15/30, Callable 11/15/24 @ 102.38(b) | 114400 |
|  | 500000 | Peachtree Funding Trust, 3.98%, 2/15/25(b) | 481615 |
|  | 155000 | Venture Global Calcasieu Pass LLC, 3.88%, 8/15/29, Callable 2/15/29 @ 100(b) | 134850 |
|  | 150000 | Venture Global Calcasieu Pass LLC, 4.13%, 8/15/31, Callable 2/15/31 @ 100(b) | 127125 |
|  | 125000 | Venture Global Calcasieu Pass LLC, 3.88%, 11/1/33, Callable 5/1/33 @ 100(b) | 101719 |
|  |  |  | 3138984 |
| **Diversified Telecommunication Services (0.5%):** | **Diversified Telecommunication Services (0.5%):** | **Diversified Telecommunication Services (0.5%):** |  |
|  | 138000 | AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100 | 130301 |
|  | 400000 | AT&T, Inc., 5.15%, 11/15/46, Callable 5/15/46 @ 100 | 359103 |
|  | 1200000 | AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100 | 835883 |
|  | 55000 | Cogent Communications Group, Inc., 3.50%, 5/1/26, Callable 2/1/26 @ 100(b) | 49844 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Diversified Telecommunication Services, continued** | **Diversified Telecommunication Services, continued** | **Diversified Telecommunication Services, continued** | |
| $| 25000 | Consolidated Communications, Inc., 5.00%, 10/1/28, Callable 10/1/23 @ 103.75(b) | $18375 |
|  | 185000 | Front Range BidCo, Inc., 6.13%, 3/1/28, Callable 3/1/23 @ 103.06(b) | 105219 |
|  | 640000 | Frontier Communications Corp., 5.88%, 10/15/27, Callable 10/15/23 @ 102.94(b) | 594400 |
|  | 45000 | Frontier Communications Corp., 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(b) | 39094 |
|  | 45000 | Frontier Communications Corp., 6.75%, 5/1/29, Callable 5/1/24 @ 103.38(b) | 37069 |
|  | 5496 | Frontier Communications Holdings LLC, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94 | 4245 |
|  | 155000 | Frontier Communications Holdings LLC, 6.00%, 1/15/30, Callable 10/15/24 @ 103(b) | 122256 |
|  | 3725000 | Verizon Communications, Inc., 2.10%, 3/22/28, Callable 1/22/28 @ 100 | 3235639 |
|  | 209000 | Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100 | 172209 |
|  | 1250000 | Verizon Communications, Inc., 2.99%, 10/30/56, Callable 4/30/56 @ 100 | 772899 |
|  | 555000 | Windstream Escrow LLC / Windstream Escrow Finance Corp., 7.75%, 8/15/28, Callable 8/15/23 @ 103.88(b) | 449550 |
|  | 55000 | Zayo Group Holdings, Inc., 4.00%, 3/1/27, Callable 2/6/23 @ 100(b) | 40494 |
|  |  |  | 6966580 |
| **Electric Utilities (0.7%):** | **Electric Utilities (0.7%):** | **Electric Utilities (0.7%):** |  |
|  | 941000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.75%, 10/15/27, Callable 2/6/23 @ 103.38(b) | 845724 |
|  | 10000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, 10/15/27, Callable 10/15/23 @ 102.13(b) | 8975 |
|  | 155000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94(b) | 127100 |
|  | 165000 | Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/15/29 @ 100 | 141873 |
|  | 54000 | Duquesne Light Holdings, Inc., 2.53%, 10/1/30, Callable 7/1/30 @ 100(b) | 42879 |
|  | 587000 | Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100(b) | 462032 |
|  | 1000000 | Emera US Finance LP, 3.55%, 6/15/26, Callable 3/15/26 @ 100 | 937788 |
|  | 173000 | Exelon Corp., 2.75%, 3/15/27, Callable 2/15/27 @ 100 | 159188 |
|  | 1075000 | Exelon Corp., 4.05%, 4/15/30, Callable 1/15/30 @ 100 | 1001335 |
|  | 210000 | Exelon Corp., 3.35%, 3/15/32, Callable 12/15/31 @ 100 | 183259 |
|  | 1278000 | FirstEnergy Corp., 7.38%, 11/15/31 | 1423967 |
|  | 255000 | Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27, Callable 1/15/24 @ 104 | 239700 |
|  | 136000 | IPALCO Enterprises, Inc., 3.70%, 9/1/24, Callable 7/1/24 @ 100 | 131920 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Electric Utilities, continued** | **Electric Utilities, continued** | **Electric Utilities, continued** | |
| $| 17000 | NextEra Energy Operating Partners LP, 4.25%, 9/15/24, Callable 7/15/24 @ 100(b) | $15682 |
|  | 430000 | NRG Energy, Inc., 5.75%, 1/15/28, Callable 1/23/23 @ 102.88 | 402587 |
|  | 20000 | NRG Energy, Inc., 3.38%, 2/15/29, Callable 2/15/24 @ 101.69(b) | 16025 |
|  | 40000 | NRG Energy, Inc., 3.63%, 2/15/31, Callable 2/15/26 @ 101.81(b) | 30350 |
|  | 202282 | NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25(b) | 195708 |
|  | 795000 | Pacific Gas and Electric Co., 4.95%, 7/1/50, Callable 1/1/50 @ 100 | 625620 |
|  | 1370000 | PG&E Corp., 5.00%, 7/1/28, Callable 7/1/23 @ 102.5 | 1253550 |
|  | 311000 | PG&E Corp., 5.25%, 7/1/30, Callable 7/1/25 @ 102.63 | 283010 |
|  | 605000 | Vistra Operations Co. LLC, 5.00%, 7/31/27, Callable 1/17/23 @ 102.5(b) | 561138 |
|  |  |  | 9089410 |
| **Electrical Equipment (0.0%<sup>†</sup>):** | **Electrical Equipment (0.0%<sup>†</sup>):** | **Electrical Equipment (0.0%<sup>†</sup>):** |  |
|  | 55000 | Artera Services LLC, 9.03%, 12/4/25, Callable 2/6/23 @ 104.52(b) | 45650 |
|  | 65000 | Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(b) | 56062 |
|  | 310000 | Vertiv Group Corp., 4.13%, 11/15/28, Callable 11/15/24 @ 102.06(b) | 264275 |
|  |  |  | 365987 |
| **Electronic Equipment, Instruments & Components (0.0%<sup>†</sup>):** | **Electronic Equipment, Instruments & Components (0.0%<sup>†</sup>):** | **Electronic Equipment, Instruments & Components (0.0%<sup>†</sup>):** |  |
|  | 565000 | II-VI, Inc., 5.00%, 12/15/29, Callable 12/14/24 @ 102.5(b) | 497200 |
| **Energy Equipment & Services (0.0%<sup>†</sup>):** | **Energy Equipment & Services (0.0%<sup>†</sup>):** | **Energy Equipment & Services (0.0%<sup>†</sup>):** |  |
|  | 400000 | Transocean, Inc., 11.50%, 1/30/27, Callable 7/30/23 @ 105.75(b) | 400000 |
| **Entertainment (0.0%<sup>†</sup>):** | **Entertainment (0.0%<sup>†</sup>):** | **Entertainment (0.0%<sup>†</sup>):** |  |
|  | 310000 | ROBLOX Corp., 3.88%, 5/1/30, Callable 11/1/24 @ 101.94(b) | 241800 |
| **Equity Real Estate Investment Trusts (REITs) (1.6%):** | **Equity Real Estate Investment Trusts (REITs) (1.6%):** | **Equity Real Estate Investment Trusts (REITs) (1.6%):** |  |
|  | 371000 | American Homes 4 Rent LP, 3.63%, 4/15/32, Callable 1/15/32 @ 100 | 311315 |
|  | 536000 | Boston Properties LP, 6.75%, 12/1/27, Callable 11/1/27 @ 100 | 553382 |
|  | 1039000 | Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100 | 991796 |
|  | 1265000 | Brandywine Operating Partners LP, 3.95%, 11/15/27, Callable 8/15/27 @ 100 | 1063150 |
|  | 62000 | Brandywine Operating Partners LP, 4.55%, 10/1/29, Callable 7/1/29 @ 100 | 52046 |
|  | 719000 | Brandywine Operating Partnership LP, 7.55%, 3/15/28, Callable 2/15/28 @ 100 | 706840 |
|  | 355000 | Brixmor Operating Partners LP, 3.85%, 2/1/25, Callable 11/1/24 @ 100 | 340121 |
|  | 68000 | Corporate Office Properties LP, 2.25%, 3/15/26, Callable 2/15/26 @ 100 | 59656 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Equity Real Estate Investment Trusts (REITs), continued** | **Equity Real Estate Investment Trusts (REITs), continued** | |
| $93000 | Corporate Office Properties LP, 2.75%, 4/15/31, Callable 1/15/31 @ 100 | $69776 |
| 10000 | Corrections Corp. of America, 4.63%, 5/1/23, Callable 2/1/23 @ 100 | 9988 |
| 45000 | CTR Partnership LP / CareTrust Capital Corp., 3.88%, 6/30/28, Callable 3/30/28 @ 100(b) | 37969 |
| 430000 | Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/27, Callable 9/15/27 @ 100(b) | 359461 |
| 66000 | Healthcare Trust of America Holdings LP, 3.50%, 8/1/26, Callable 5/1/26 @ 100 | 61721 |
| 63000 | Healthcare Trust of America Holdings LP, 3.10%, 2/15/30, Callable 11/15/29 @ 100 | 52967 |
| 400000 | Hudson Pacific Properties LP, 4.65%, 4/1/29, Callable 1/1/29 @ 100 | 343588 |
| 735000 | Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100 | 715088 |
| 535000 | MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 8/1/26, Callable 2/6/23 @ 101.75^ | 486850 |
| 335000 | MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27, Callable 2/6/23 @ 102.5 | 281400 |
| 114000 | Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100 | 112497 |
| 101000 | Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100 | 97790 |
| 1278000 | Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100 | 1189689 |
| 2482000 | Omega Healthcare Investors, Inc., 3.63%, 10/1/29, Callable 7/1/29 @ 100 | 2082884 |
| 133000 | Omega Healthcare Investors, Inc., 3.38%, 2/1/31, Callable 11/1/30 @ 100 | 102327 |
| 189000 | Piedmont Operating Partnership LP, 2.75%, 4/1/32, Callable 1/1/32 @ 100 | 132408 |
| 15000 | Retail Properties of America, Inc., 4.75%, 9/15/30, Callable 6/15/30 @ 100 | 13203 |
| 1214000 | Sabra Health Care LP, 3.20%, 12/1/31, Callable 9/1/31 @ 100 | 906533 |
| 297000 | SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100(b) | 279694 |
| 97000 | SBA Tower Trust, 1.88%, 7/15/50, Callable 1/15/25 @ 100(b) | 86047 |
| 74000 | SBA Tower Trust, 2.33%, 7/15/52, Callable 7/15/26 @ 100(b) | 61687 |
| 40000 | Service Properties Trust, 4.95%, 2/15/27, Callable 8/15/26 @ 100 | 31500 |
| 40000 | Service Properties Trust, 5.50%, 12/15/27, Callable 9/15/27 @ 100 | 34450 |
| 45000 | Service Properties Trust, 4.95%, 10/1/29, Callable 7/1/29 @ 100 | 31444 |
| 310000 | Service Properties Trust, 4.38%, 2/15/30, Callable 8/15/29 @ 100 | 206150 |
| 96000 | STORE Capital Corp., 4.63%, 3/15/29, Callable 12/15/28 @ 100 | 86291 |
| 1277000 | STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100 | 977794 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Equity Real Estate Investment Trusts (REITs), continued** | **Equity Real Estate Investment Trusts (REITs), continued** | **Equity Real Estate Investment Trusts (REITs), continued** | |
| $| 212000 | Sun Communities Operating LP, 2.30%, 11/1/28, Callable 9/1/28 @ 100 | $175400 |
|  | 272000 | Sun Communities Operating LP, 2.70%, 7/15/31, Callable 4/15/31 @ 100 | 214869 |
|  | 2200000 | Tanger Properties LP, 3.13%, 9/1/26, Callable 6/1/26 @ 100 | 1979210 |
|  | 581000 | Tanger Properties LP, 2.75%, 9/1/31, Callable 6/1/31 @ 100 | 422025 |
|  | 780000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 2/15/25, Callable 2/6/23 @ 103.94(b) | 754650 |
|  | 355000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30, Callable 1/15/25 @ 103(b) | 224538 |
|  | 131000 | Ventas Realty LP, 4.00%, 3/1/28, Callable 12/1/27 @ 100 | 120964 |
|  | 367000 | Ventas Realty LP, 3.00%, 1/15/30, Callable 10/15/29 @ 100 | 309439 |
|  | 1430000 | Ventas Realty LP, 4.75%, 11/15/30, Callable 8/15/30 @ 100 | 1341677 |
|  | 60000 | Vici Properties, 3.50%, 2/15/25, Callable 2/6/23 @ 101.75(b) | 56550 |
|  | 335000 | Vici Properties, 4.25%, 12/1/26, Callable 2/6/23 @ 102.13(b) | 312806 |
|  | 93000 | VICI Properties LP, 4.38%, 5/15/25 | 90094 |
|  | 249000 | VICI Properties LP, 5.13%, 5/15/32, Callable 2/15/32 @ 100 | 230325 |
|  | 72000 | Vornado Realty LP, 2.15%, 6/1/26, Callable 5/1/26 @ 100 | 60635 |
|  | 400000 | WP Carey, Inc., 4.60%, 4/1/24, Callable 1/1/24 @ 100 | 394861 |
|  | 3000000 | WP Carey, Inc., 4.25%, 10/1/26, Callable 7/1/26 @ 100 | 2889762 |
|  | 66000 | WP Carey, Inc., 3.85%, 7/15/29, Callable 4/15/29 @ 100 | 59507 |
|  |  |  | 22566814 |
| **Financial Services (0.1%):** | **Financial Services (0.1%):** | **Financial Services (0.1%):** |  |
|  | 70000 | Clydesdale Acquisition Holdings, Inc., 6.63%, 4/15/29, Callable 4/15/25 @ 103.31(b) | 66675 |
|  | 120000 | Cobra AcquisitionCo LLC, 6.38%, 11/1/29, Callable 11/1/24 @ 103.25(b) | 69600 |
|  | 640000 | Hightower Holding LLC, 6.75%, 4/15/29, Callable 4/15/24 @ 103.38(b) | 535200 |
|  | 70000 | Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29, Callable 11/15/24 @ 102.25(b) | 61075 |
|  |  |  | 732550 |
| **Financials (0.1%):** | **Financials (0.1%):** | **Financials (0.1%):** |  |
|  | 2052000 | Blackstone Private Credit Fund, 4.70%, 3/24/25^ | 1969356 |
|  |  |  | 1969356 |
| **Food & Staples Retailing (0.1%):** | **Food & Staples Retailing (0.1%):** | **Food & Staples Retailing (0.1%):** |  |
|  | 25000 | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.63%, 1/15/27, Callable 2/6/23 @ 103.47(b) | 23125 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Food & Staples Retailing, continued** | **Food & Staples Retailing, continued** | **Food & Staples Retailing, continued** | |
| $| 50000 | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29, Callable 9/15/23 @ 101.75(b) | $41938 |
|  | 605000 | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 2/15/30, Callable 2/15/25 @ 103.66(b) | 539962 |
|  | 445000 | Performance Food Group, Inc., 6.88%, 5/1/25, Callable 3/13/23 @ 103.44(b) | 445000 |
|  | 335000 | Performance Food Group, Inc., 5.50%, 10/15/27, Callable 2/6/23 @ 102.75(b) | 317831 |
|  | 70000 | Performance Food Group, Inc., 4.25%, 8/1/29, Callable 8/1/24 @ 102.13(b) | 60463 |
|  | 93000 | Sysco Corp., 5.95%, 4/1/30, Callable 1/1/30 @ 100 | 96668 |
|  | 140000 | Sysco Corp., 6.60%, 4/1/50, Callable 10/1/49 @ 100 | 154046 |
|  | 45000 | United Natural Foods, Inc., 6.75%, 10/15/28, Callable 10/15/23 @ 103.38(b) | 43031 |
|  | 160000 | US Foods, Inc., 4.75%, 2/15/29, Callable 2/15/24 @ 102.38(b) | 141400 |
|  | 60000 | US Foods, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(b) | 52800 |
|  |  |  | 1916264 |
| **Food Products (0.2%):** | **Food Products (0.2%):** | **Food Products (0.2%):** |  |
|  | 110000 | C&S Group Enterprises LLC, 5.00%, 12/15/28, Callable 12/15/23 @ 102.5(b) | 83050 |
|  | 154000 | JBS Finance Luxembourg Sarl, 3.63%, 1/15/32, Callable 1/15/27 @ 101.81(b) | 125125 |
|  | 880000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(b) | 837100 |
|  | 1375000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 3.00%, 5/15/32, Callable 2/15/32 @ 100(b) | 1055313 |
|  | 350000 | Pilgrim's Pride Corp., 4.25%, 4/15/31, Callable 4/15/26 @ 102.13(b) | 296625 |
|  | 45000 | Post Holdings, Inc., 5.63%, 1/15/28, Callable 1/23/23 @ 102.81(b) | 42356 |
|  | 69000 | Post Holdings, Inc., 4.50%, 9/15/31, Callable 9/15/26 @ 102.25(b) | 58305 |
|  | 270000 | TreeHouse Foods, Inc., 4.00%, 9/1/28, Callable 9/1/23 @ 102 | 229500 |
|  |  |  | 2727374 |
| **Health Care (0.0%<sup>†</sup>):** | **Health Care (0.0%<sup>†</sup>):** | **Health Care (0.0%<sup>†</sup>):** |  |
|  | 200000 | 180 Medical, Inc., 3.88%, 10/15/29, Callable 10/7/24 @ 101.94(b) | 171940 |
| **Health Care Equipment & Supplies (0.1%):** | **Health Care Equipment & Supplies (0.1%):** | **Health Care Equipment & Supplies (0.1%):** |  |
|  | 400000 | Hologic, Inc., 4.63%, 2/1/28, Callable 2/6/23 @ 102.31(b) | 372000 |
|  | 350000 | Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63(b) | 301000 |
|  |  |  | 673000 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Health Care Providers & Services (1.4%):** | **Health Care Providers & Services (1.4%):** | |
| $140000 | AHP Health Partners, Inc., 5.75%, 7/15/29, Callable 7/15/24 @ 102.88(b) | $110600 |
| 35000 | Cano Health LLC, 6.25%, 10/1/28, Callable 10/1/24 @ 103.13(b) | 19950 |
| 3765000 | Centene Corp., 4.25%, 12/15/27, Callable 1/23/23 @ 102.13 | 3539100 |
| 1485000 | Centene Corp., 2.45%, 7/15/28, Callable 5/15/28 @ 100 | 1247400 |
| 1190000 | Centene Corp., 4.63%, 12/15/29, Callable 12/15/24 @ 102.31 | 1082900 |
| 245000 | Centene Corp., 3.38%, 2/15/30, Callable 2/15/25 @ 101.69 | 206413 |
| 610000 | Centene Corp., 2.63%, 8/1/31, Callable 5/1/31 @ 100 | 477325 |
| 255000 | CHS/Community Health Systems, Inc., 5.63%, 3/15/27, Callable 12/15/23 @ 102.81(b) | 218025 |
| 255000 | CHS/Community Health Systems, Inc., 6.00%, 1/15/29, Callable 1/15/24 @ 103(b) | 212287 |
| 385000 | CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(b) | 188650 |
| 285000 | CHS/Community Health Systems, Inc., 5.25%, 5/15/30, Callable 5/15/25 @ 102.63(b) | 215175 |
| 45000 | CHS/Community Health Systems, Inc., 4.75%, 2/15/31, Callable 2/15/26 @ 102.38(b) | 32625 |
| 4341000 | Cigna Corp., 4.38%, 10/15/28, Callable 7/15/28 @ 100 | 4200030 |
| 605000 | Community Health Systems, Inc., 8.00%, 3/15/26, Callable 2/6/23 @ 104(b) | 547525 |
| 780000 | DaVita, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(b) | 627900 |
| 55000 | Garden Spinco Corp., 8.63%, 7/20/30, Callable 7/20/27 @ 102.16(b) | 57475 |
| 780000 | HCA, Inc., 5.38%, 2/1/25 | 780000 |
| 534000 | HCA, Inc., 5.63%, 9/1/28, Callable 3/1/28 @ 100 | 531998 |
| 503000 | HCA, Inc., 5.88%, 2/1/29, Callable 8/1/28 @ 100 | 501742 |
| 1170000 | HCA, Inc., 3.50%, 9/1/30, Callable 3/1/30 @ 100 | 1007663 |
| 99000 | HCA, Inc., 3.63%, 3/15/32, Callable 12/15/31 @ 100(b) | 84048 |
| 50000 | HealthEquity, Inc., 4.50%, 10/1/29, Callable 10/1/24 @ 102.25(b) | 44250 |
| 314000 | Humana, Inc., 3.70%, 3/23/29, Callable 2/23/29 @ 100 | 288989 |
| 40000 | Molina Healthcare, Inc., 3.88%, 11/15/30, Callable 8/17/30 @ 100(b) | 34200 |
| 170000 | Molina Healthcare, Inc., 3.88%, 5/15/32, Callable 2/15/32 @ 100(b) | 144075 |
| 25000 | Owens & Minor, Inc., 4.50%, 3/31/29, Callable 3/31/24 @ 102.25(b) | 19625 |
| 255000 | Surgery Center Holdings, Inc., 6.75%, 7/1/25, Callable 2/6/23 @ 100(b) | 251175 |
| 600000 | Tenet Healthcare Corp., 4.88%, 1/1/26, Callable 2/6/23 @ 102.44(b) | 567000 |
| 590000 | Tenet Healthcare Corp., 6.25%, 2/1/27, Callable 2/6/23 @ 101.56(b) | 567875 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Health Care Providers & Services, continued** | **Health Care Providers & Services, continued** | **Health Care Providers & Services, continued** | |
| $| 510000 | Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06(b) | $456450 |
|  | 295000 | Tenet Healthcare Corp., 4.25%, 6/1/29, Callable 6/1/24 @ 102.13(b) | 255175 |
|  | 140000 | Tenet Healthcare Corp., 4.38%, 1/15/30, Callable 12/1/24 @ 102.19(b) | 121275 |
|  | 117000 | Toledo Hospital (The), Series B, 5.33%, 11/15/28 | 91014 |
|  |  |  | 18729934 |
| **Hotels, Restaurants & Leisure (0.4%):** | **Hotels, Restaurants & Leisure (0.4%):** | **Hotels, Restaurants & Leisure (0.4%):** |  |
|  | 15000 | Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(b) | 12713 |
|  | 445000 | Boyd Gaming Corp., 4.75%, 12/1/27, Callable 1/17/23 @ 102.38^ | 413850 |
|  | 145000 | Caesars Entertainment, Inc., 4.63%, 10/15/29, Callable 10/15/24 @ 102.31(b) | 117994 |
|  | 350000 | Carnival Corp., 10.50%, 2/1/26, Callable 8/1/23 @ 105.25(b) | 351312 |
|  | 565000 | Carnival Corp., 7.63%, 3/1/26, Callable 3/1/24 @ 101.91(b) | 453412 |
|  | 245000 | Carnival Corp., 10.50%, 6/1/30, Callable 6/1/25 @ 105.25^(b) | 199675 |
|  | 125000 | Carrols Restaurant Group, Inc., 5.88%, 7/1/29, Callable 7/1/24 @ 102.94^(b) | 87187 |
|  | 765000 | Golden Entertainment, Inc., 7.63%, 4/15/26, Callable 2/6/23 @ 103.81(b) | 751612 |
|  | 40000 | Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29, Callable 6/1/24 @ 102.5(b) | 34700 |
|  | 75000 | Jacobs Entertainment, Inc., 6.75%, 2/15/29, Callable 2/15/25 @ 103.38(b) | 67313 |
|  | 45000 | Life Time, Inc., 5.75%, 1/15/26, Callable 2/6/23 @ 102.88(b) | 41625 |
|  | 40000 | Marriott Ownership Resorts, Inc., 4.50%, 6/15/29, Callable 6/15/24 @ 102.25(b) | 33100 |
|  | 170000 | NCL Corp., Ltd., 5.88%, 2/15/27, Callable 2/15/24 @ 102.94(b) | 147145 |
|  | 20000 | NCL Finance, Ltd., 6.13%, 3/15/28, Callable 12/15/27 @ 100(b) | 14900 |
|  | 280000 | Royal Caribbean Cruises, Ltd., 11.50%, 6/1/25, Callable 1/17/23 @ 108.63(b) | 300300 |
|  | 310000 | Royal Caribbean Cruises, Ltd., 5.50%, 8/31/26, Callable 2/28/26 @ 100(b) | 261175 |
|  | 115000 | Royal Caribbean Cruises, Ltd., 5.38%, 7/15/27, Callable 10/15/26 @ 100(b) | 93438 |
|  | 510000 | Station Casinos LLC, 4.50%, 2/15/28, Callable 2/15/23 @ 102.25(b) | 443700 |
|  | 255000 | Viking Cruises, Ltd., 13.00%, 5/15/25, Callable 1/23/23 @ 109.75(b) | 270300 |
|  | 255000 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25, Callable 12/1/24 @ 100(b) | 241613 |
|  | 390000 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27, Callable 2/15/27 @ 100^(b) | 351000 |
|  | 350000 | Yum! Brands, Inc., 4.63%, 1/31/32, Callable 10/1/26 @ 102.31 | 309750 |
|  |  |  | 4997814 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | | **Value** | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | | |
| **Household Durables (0.1%):** | **Household Durables (0.1%):** | | |
| $65000 | Ambience Merger Sub, Inc., 4.88%, 7/15/28, Callable 7/15/23 @ 102.44(b) | $| 46150 |
| 70000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 4.63%, 4/1/30, Callable 4/1/25 @ 102.31(b) |  | 55913 |
| 150000 | Century Communities, Inc., 3.88%, 8/15/29, Callable 2/15/29 @ 100(b) |  | 117937 |
| 295000 | LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(b) |  | 187325 |
| 10000 | Newell Brands, Inc., 5.38%, 4/1/36, Callable 10/1/35 @ 100 |  | 8650 |
| 90000 | Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 4.75%, 4/30/27, Callable 10/15/23 @ 102.38(b) |  | 79200 |
| 15000 | Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103(b) |  | 11625 |
| 510000 | Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 10.75%, 6/1/28, Callable 6/1/23 @ 105.38(b) |  | 471750 |
| 130000 | Tempur Sealy International, Inc., 3.88%, 10/15/31, Callable 10/15/26 @ 101.94(b) |  | 102050 |
| 265000 | TopBuild Corp., 4.13%, 2/15/32, Callable 10/15/26 @ 102.06(b) |  | 214319 |
|  |  |  | 1294919 |
| **Household Products (0.0%<sup>†</sup>):** | **Household Products (0.0%<sup>†</sup>):** |  |  |
| 55000 | Central Garden & Pet Co., 4.13%, 4/30/31, Callable 4/30/26 @ 102.06(b) |  | 45100 |
| **Independent Power and Renewable Electricity Producers (0.2%):** | **Independent Power and Renewable Electricity Producers (0.2%):** | **Independent Power and Renewable Electricity Producers (0.2%):** | **Independent Power and Renewable Electricity Producers (0.2%):** |
| 1457000 | AES Corp. (The), 3.30%, 7/15/25, Callable 6/15/25 @ 100(b) |  | 1376869 |
| 1412000 | AES Corp. (The), 3.95%, 7/15/30, Callable 4/15/30 @ 100(b) |  | 1246769 |
| 218000 | AES Corp. (The), 2.45%, 1/15/31, Callable 10/15/30 @ 100 |  | 173443 |
| 30000 | Clearway Energy Operating LLC, 4.75%, 3/15/28, Callable 3/15/23 @ 103.56(b) |  | 27713 |
| 35000 | Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28, Callable 8/15/23 @ 103.38(b) |  | 31413 |
| 85000 | Sunnova Energy Corp., 5.88%, 9/1/26, Callable 9/1/23 @ 102.94^(b) |  | 75650 |
| 15000 | TerraForm Power Operating LLC, 5.00%, 1/31/28, Callable 7/31/27 @ 100(b) |  | 13500 |
|  |  |  | 2945357 |
| **Industrial Conglomerates (0.2%):** | **Industrial Conglomerates (0.2%):** |  |  |
| 1750000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26, Callable 2/6/23 @ 103.13 |  | 1680000 |
| 1165000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27, Callable 11/15/26 @ 100 |  | 1067431 |
|  |  |  | 2747431 |
| **Industrial Services (0.0%<sup>†</sup>):** | **Industrial Services (0.0%<sup>†</sup>):** |  |  |
| 465000 | Minerva Merger Sub, Inc., 6.50%, 2/15/30, Callable 2/15/25 @ 103.25(b) |  | 344100 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Industrial Services, continued** | **Industrial Services, continued** | **Industrial Services, continued** | |
| $| 190000 | Railworks Holdings LP/Railworks Rally, Inc., 8.25%, 11/15/28, Callable 11/15/24 @ 104.13(b) | $178125 |
|  |  |  | 522225 |
| **Insurance (0.6%):** | **Insurance (0.6%):** | **Insurance (0.6%):** |  |
|  | 395000 | Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/29, Callable 2/15/24 @ 102.13(b) | 325875 |
|  | 400000 | American International Group, Inc., 2.50%, 6/30/25, Callable 5/30/25 @ 100 | 376370 |
|  | 70000 | AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(b) | 59938 |
|  | 40000 | AssuredPartners, Inc., 5.63%, 1/15/29, Callable 12/15/23 @ 102.81(b) | 32600 |
|  | 70000 | BroadStreet Partners, Inc., 5.88%, 4/15/29, Callable 4/15/24 @ 102.94(b) | 59850 |
|  | 242000 | Corebridge Financial, Inc., 3.50%, 4/4/25, Callable 3/4/25 @ 100(b) | 232123 |
|  | 824000 | Corebridge Financial, Inc., 3.65%, 4/5/27, Callable 3/5/27 @ 100(b) | 769073 |
|  | 339000 | Corebridge Financial, Inc., 3.85%, 4/5/29, Callable 2/5/29 @ 100(b) | 310911 |
|  | 404000 | Corebridge Financial, Inc., 3.90%, 4/5/32, Callable 1/5/32 @ 100(b) | 354901 |
|  | 92000 | Corebridge Financial, Inc., 4.35%, 4/5/42, Callable 10/5/41 @ 100(b) | 75924 |
|  | 271000 | Corebridge Financial, Inc., 4.40%, 4/5/52, Callable 10/5/51 @ 100(b) | 217583 |
|  | 2771000 | Five Corners Funding Trust II, 2.85%, 5/15/30, Callable 2/15/30 @ 100(b) | 2324176 |
|  | 115000 | HUB International, Ltd., 7.00%, 5/1/26, Callable 1/17/23 @ 101.75(b) | 112556 |
|  | 105000 | HUB International, Ltd., 5.63%, 12/1/29, Callable 12/1/24 @ 102.81(b) | 91875 |
|  | 436000 | Pacific Lifecorp, 5.13%, 1/30/43(b) | 400735 |
|  | 185000 | Ryan Specialty Group LLC, 4.38%, 2/1/30, Callable 2/1/25 @ 102.19(b) | 160719 |
|  | 227000 | Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100 | 205898 |
|  | 1000000 | Unum Group, 5.75%, 8/15/42 | 900987 |
|  | 685000 | USI, Inc., 6.88%, 5/1/25, Callable 2/6/23 @ 100(b) | 670444 |
|  |  |  | 7682538 |
| **Interactive Media & Services (0.0%<sup>†</sup>):** | **Interactive Media & Services (0.0%<sup>†</sup>):** | **Interactive Media & Services (0.0%<sup>†</sup>):** |  |
|  | 190000 | Match Group Holdings II LLC, 3.63%, 10/1/31, Callable 10/1/26 @ 101.81(b) | 145588 |
|  | 25000 | Match Group, Inc., 4.13%, 8/1/30, Callable 5/1/25 @ 102.06(b) | 20312 |
|  |  |  | 165900 |
| **IT Services (0.1%):** | **IT Services (0.1%):** | **IT Services (0.1%):** |  |
|  | 25000 | Arches Buyer, Inc., 4.25%, 6/1/28, Callable 12/1/23 @ 102.13(b) | 19500 |
|  | 10000 | Arches Buyer, Inc., 6.13%, 12/1/28, Callable 12/1/23 @ 103.06(b) | 7900 |
|  | 470000 | Black Knight InfoServ LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81(b) | 407725 |
|  | 40000 | Block, Inc., 2.75%, 6/1/26, Callable 5/1/26 @ 100 | 35635 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **IT Services, continued** | **IT Services, continued** | **IT Services, continued** | |
| $| 40000 | Block, Inc., 3.50%, 6/1/31, Callable 3/1/31 @ 100 | $31780 |
|  | 15000 | Booz Allen Hamilton, Inc., 4.00%, 7/1/29, Callable 7/1/24 @ 102(b) | 13219 |
|  | 550000 | Colt Merger Sub, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(b) | 539687 |
|  | 255000 | Gartner, Inc., 4.50%, 7/1/28, Callable 7/1/23 @ 102.25(b) | 237150 |
|  | 45000 | Gartner, Inc., 3.75%, 10/1/30, Callable 10/1/25 @ 101.88(b) | 38756 |
|  | 35000 | Twilio, Inc., 3.63%, 3/15/29, Callable 3/15/24 @ 101.81 | 28394 |
|  | 35000 | Twilio, Inc., 3.88%, 3/15/31, Callable 3/15/26 @ 101.94 | 27650 |
|  |  |  | 1387396 |
| **Leisure Products (0.0%<sup>†</sup>):** | **Leisure Products (0.0%<sup>†</sup>):** | **Leisure Products (0.0%<sup>†</sup>):** |  |
|  | 202000 | Hasbro, Inc., 3.00%, 11/19/24, Callable 10/19/24 @ 100 | 194185 |
|  | 5000 | Mattel, Inc., 5.88%, 12/15/27, Callable 2/6/23 @ 104.41(b) | 4888 |
|  |  |  | 199073 |
| **Life Sciences Tools & Services (0.0%<sup>†</sup>):** | **Life Sciences Tools & Services (0.0%<sup>†</sup>):** | **Life Sciences Tools & Services (0.0%<sup>†</sup>):** |  |
|  | 510000 | Avantor Funding, Inc., 4.63%, 7/15/28, Callable 7/15/23 @ 102.31(b) | 463463 |
|  | 15000 | Charles River Laboratories International, Inc., 4.25%, 5/1/28, Callable 5/1/23 @ 102.13(b) | 13725 |
|  | 30000 | Charles River Laboratories International, Inc., 3.75%, 3/15/29, Callable 3/15/24 @ 101.88(b) | 26400 |
|  |  |  | 503588 |
| **Machinery (0.1%):** | **Machinery (0.1%):** | **Machinery (0.1%):** |  |
|  | 55000 | GrafTech Finance, Inc., 4.63%, 12/15/28, Callable 12/15/23 @ 102.31(b) | 44000 |
|  | 170000 | ITT Holdings LLC, 6.50%, 8/1/29, Callable 8/1/24 @ 103.25(b) | 143012 |
|  | 230000 | Madison IAQ LLC, 4.13%, 6/30/28, Callable 6/30/24 @ 102.06(b) | 192050 |
|  | 650000 | Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(b) | 448500 |
|  | 45000 | Mueller Water Products, Inc., 4.00%, 6/15/29, Callable 6/15/24 @ 102(b) | 39544 |
|  |  |  | 867106 |
| **Materials (0.0%<sup>†</sup>):** | **Materials (0.0%<sup>†</sup>):** | **Materials (0.0%<sup>†</sup>):** |  |
|  | 200000 | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 6.00%, 6/15/27, Callable 6/15/24 @ 103(b) | 194750 |
| **Media (1.3%):** | **Media (1.3%):** | **Media (1.3%):** |  |
|  | 615000 | Advantage Sales & Marketing, Inc., 6.50%, 11/15/28, Callable 11/15/23 @ 103.25(b) | 458944 |
|  | 255000 | Allen Media LLC / Allen Media Co-Issuer, Inc., 10.50%, 2/15/28, Callable 2/15/23 @ 113(b) | 104550 |
|  | 25000 | Austin BidCo, Inc., 7.13%, 12/15/28, Callable 12/15/23 @ 103.56(b) | 19000 |
|  | 20000 | Cablevision Lightpath LLC, 3.88%, 9/15/27, Callable 9/15/23 @ 101.94(b) | 16600 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Media, continued** | **Media, continued** | |
| $15000 | Cablevision Lightpath LLC, 5.63%, 9/15/28, Callable 9/15/23 @ 102.81(b) | $11138 |
| 1250000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30, Callable 9/1/24 @ 102.38(b) | 1053125 |
| 1460000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30, Callable 2/15/25 @ 102.25(b) | 1204500 |
| 390000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32, Callable 5/1/26 @ 102.25 | 310050 |
| 270000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33, Callable 6/1/27 @ 102.25(b) | 206550 |
| 1500000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 7/23/25, Callable 4/23/25 @ 100 | 1472743 |
| 813000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.40%, 4/1/33, Callable 1/1/33 @ 100 | 698886 |
| 1000000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.38%, 5/1/47, Callable 11/1/46 @ 100 | 803208 |
| 1064000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.25%, 4/1/53, Callable 10/1/52 @ 100 | 828787 |
| 1064000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.50%, 4/1/63, Callable 10/1/62 @ 100 | 814081 |
| 1130000 | CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(b) | 641275 |
| 335000 | CSC Holdings LLC, 4.13%, 12/1/30, Callable 12/1/25 @ 102.06(b) | 234500 |
| 845000 | CSC Holdings LLC, 4.63%, 12/1/30, Callable 12/1/25 @ 102.31(b) | 464750 |
| 680000 | Diamond Sports Group LLC / Diamond Sports Finance Co., 5.38%, 8/15/26, Callable 1/23/23 @ 102.69(b) | 74800 |
| 2346000 | Discovery Communications LLC, 3.63%, 5/15/30, Callable 2/15/30 @ 100 | 1945519 |
| 392000 | Discovery Communications LLC, 4.65%, 5/15/50, Callable 11/15/49 @ 100 | 271431 |
| 605000 | DISH DBS Corp., 7.75%, 7/1/26 | 488537 |
| 605000 | DISH Network Corp., 11.75%, 11/15/27, Callable 5/15/25 @ 105.88(b) | 620125 |
| 65000 | Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100 | 64167 |
| 1094000 | Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100 | 1059935 |
| 93000 | Fox Corp., 5.48%, 1/25/39, Callable 7/25/38 @ 100 | 85765 |
| 140000 | Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38(b) | 99400 |
| 430000 | Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 9/15/26, Callable 9/15/23 @ 102.25(b) | 311213 |
| 525000 | Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 9/15/28, Callable 9/15/23 @ 103.25(b) | 215250 |
| 95000 | Sirius XM Radio, Inc., 3.13%, 9/1/26, Callable 9/1/23 @ 101.56(b) | 84075 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Media, continued** | **Media, continued** | **Media, continued** | |
| $| 270000 | Sirius XM Radio, Inc., 5.00%, 8/1/27, Callable 2/6/23 @ 102.5(b) | $249412 |
|  | 30000 | Sirius XM Radio, Inc., 5.50%, 7/1/29, Callable 7/1/24 @ 102.75(b) | 27375 |
|  | 25000 | Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06(b) | 20625 |
|  | 185000 | Sirius XM Radio, Inc., 3.88%, 9/1/31, Callable 9/1/26 @ 101.94(b) | 144300 |
|  | 350000 | TEGNA, Inc., 4.75%, 3/15/26, Callable 3/15/23 @ 102.38(b) | 339063 |
|  | 230000 | Terrier Media Buyer, Inc., 8.88%, 12/15/27, Callable 1/17/23 @ 104.44(b) | 171925 |
|  | 69000 | Time Warner Cable LLC, 5.50%, 9/1/41, Callable 3/1/41 @ 100 | 57543 |
|  | 1620000 | Time Warner Cable, Inc., 6.55%, 5/1/37 | 1540380 |
|  | 280000 | Time Warner Cable, Inc., 7.30%, 7/1/38 | 277985 |
|  | 435000 | Univision Communications, Inc., 6.63%, 6/1/27, Callable 6/1/23 @ 103.31(b) | 419775 |
|  | 245000 | Univision Communications, Inc., 4.50%, 5/1/29, Callable 5/1/24 @ 102.25(b) | 203656 |
|  |  |  | 18114943 |
| **Metals & Mining (0.1%):** | **Metals & Mining (0.1%):** | **Metals & Mining (0.1%):** |  |
|  | 45000 | Alcoa Nederland Holding BV, 4.13%, 3/31/29, Callable 3/31/24 @ 102.06(b) | 39544 |
|  | 686000 | Allegheny Technologies, Inc., 5.88%, 12/1/27, Callable 2/6/23 @ 102.94 | 655130 |
|  | 60000 | Allegheny Technologies, Inc., 4.88%, 10/1/29, Callable 10/1/24 @ 102.44 | 53024 |
|  | 45000 | Allegheny Technologies, Inc., 5.13%, 10/1/31, Callable 10/1/26 @ 102.56 | 39206 |
|  | 45000 | Cleveland-Cliffs, Inc., 4.63%, 3/1/29, Callable 3/1/24 @ 102.31(b) | 39825 |
|  | 45000 | Cleveland-Cliffs, Inc., 4.88%, 3/1/31, Callable 3/1/26 @ 102.44^(b) | 39600 |
|  | 60000 | Commercial Metals Co., 4.13%, 1/15/30, Callable 1/15/25 @ 102.06 | 52800 |
|  | 60000 | Commercial Metals Co., 4.38%, 3/15/32, Callable 3/15/27 @ 102.19 | 51900 |
|  | 485000 | Kaiser Aluminun Corp., 4.63%, 3/1/28, Callable 3/1/23 @ 102.31(b) | 423769 |
|  | 125000 | Novelis Corp., 3.88%, 8/15/31, Callable 8/15/26 @ 101.94(b) | 101250 |
|  |  |  | 1496048 |
| **Mortgage Real Estate Investment Trusts (REITs) (0.0%<sup>†</sup>):** | **Mortgage Real Estate Investment Trusts (REITs) (0.0%<sup>†</sup>):** | **Mortgage Real Estate Investment Trusts (REITs) (0.0%<sup>†</sup>):** |  |
|  | 40000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 4.75%, 6/15/29, Callable 6/15/24 @ 102.38(b) | 32250 |
|  | 45000 | Starwood Property Trust, Inc., 4.75%, 3/15/25, Callable 9/15/24 @ 100 | 43031 |
|  |  |  | 75281 |
| **Multi-Utilities (0.2%):** | **Multi-Utilities (0.2%):** | **Multi-Utilities (0.2%):** |  |
|  | 1100000 | NiSource, Inc., 2.95%, 9/1/29, Callable 6/1/29 @ 100 | 954780 |
|  | 1000000 | NiSource, Inc., 5.25%, 2/15/43, Callable 8/15/42 @ 100 | 938541 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Multi-Utilities, continued** | **Multi-Utilities, continued** | **Multi-Utilities, continued** | |
| $| 140000 | Puget Energy, Inc., 4.10%, 6/15/30, Callable 3/15/30 @ 100 | $125209 |
|  | 714000 | Puget Energy, Inc., 4.22%, 3/15/32, Callable 12/15/31 @ 100 | 634010 |
|  |  |  | 2652540 |
| **Oil, Gas & Consumable Fuels (2.4%):** | **Oil, Gas & Consumable Fuels (2.4%):** | **Oil, Gas & Consumable Fuels (2.4%):** |  |
|  | 45000 | Apache Corp., 5.10%, 9/1/40, Callable 3/1/40 @ 100 | 37350 |
|  | 10000 | Apache Corp., 7.38%, 8/15/47 | 9925 |
|  | 145000 | Cheniere Energy Partners LP, 4.00%, 3/1/31, Callable 3/1/26 @ 102 | 123069 |
|  | 125000 | Cheniere Energy Partners, LP, 3.25%, 1/31/32, Callable 1/31/27 @ 101.63 | 99219 |
|  | 247000 | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 5.13%, 4/1/25, Callable 3/1/25 @ 100(b) | 246329 |
|  | 375000 | CITGO Petroleum Corp., 6.38%, 6/15/26, Callable 6/15/23 @ 103.19(b) | 359531 |
|  | 50000 | Cnx Midstream Partners LP, 4.75%, 4/15/30, Callable 4/15/25 @ 102.38(b) | 41250 |
|  | 20000 | CNX Resources Corp., 6.00%, 1/15/29, Callable 1/15/24 @ 104.5(b) | 18450 |
|  | 65000 | Colgate Energy Partners III LLC, 5.88%, 7/1/29, Callable 7/1/24 @ 102.94(b) | 55819 |
|  | 305000 | Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(b) | 274500 |
|  | 25000 | Comstock Resources, Inc., 5.88%, 1/15/30, Callable 1/15/25 @ 102.94(b) | 21562 |
|  | 485000 | Continental Resources, Inc., 5.75%, 1/15/31, Callable 7/15/30 @ 100(b) | 449837 |
|  | 42000 | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25, Callable 2/6/23 @ 101.44 | 40845 |
|  | 795000 | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29, Callable 2/1/24 @ 103(b) | 733388 |
|  | 605000 | CVR Energy, Inc., 5.25%, 2/15/25, Callable 1/23/23 @ 102.63(b) | 556600 |
|  | 20000 | CVR Energy, Inc., 5.75%, 2/15/28, Callable 2/15/23 @ 102.88(b) | 17200 |
|  | 230000 | DCP Midstream Operating LP, 5.38%, 7/15/25, Callable 4/15/25 @ 100 | 227412 |
|  | 2905000 | DCP Midstream Operating LP, 5.63%, 7/15/27, Callable 4/15/27 @ 100 | 2890475 |
|  | 700000 | DCP Midstream Operating LP, 5.85% (US0003M+385 bps), 5/21/43, Callable 5/21/23 @ 100(b) | 680750 |
|  | 25000 | Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.13%, 6/1/28, Callable 6/1/24 @ 103.56(b) | 22344 |
|  | 26000 | Devon Energy Corp., 5.25%, 10/15/27, Callable 1/17/23 @ 102.63 | 25654 |
|  | 40000 | DT Midstream, Inc., 4.13%, 6/15/29, Callable 6/15/24 @ 102.06(b) | 34000 |
|  | 124000 | Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100 | 120982 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| $295000 | Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 1/30/28, Callable 2/6/23 @ 102.88(b) | $281725 |
| 2229000 | Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100 | 2148957 |
| 106000 | Energy Transfer LP, 5.25%, 4/15/29, Callable 1/15/29 @ 100 | 102808 |
| 109000 | Energy Transfer LP, 3.75%, 5/15/30, Callable 2/15/30 @ 100 | 96134 |
| 1908000 | Energy Transfer LP, 5.00%, 5/15/50, Callable 11/15/49 @ 100 | 1541649 |
| 52000 | Energy Transfer Operating LP, 4.25%, 3/15/23, Callable 1/23/23 @ 100 | 51873 |
| 65000 | Energy Transfer Operating LP, 4.50%, 4/15/24, Callable 3/15/24 @ 100 | 64157 |
| 67000 | Energy Transfer Partners LP, 4.20%, 9/15/23, Callable 8/15/23 @ 100 | 66312 |
| 128000 | Energy Transfer Partners LP, 5.80%, 6/15/38, Callable 12/15/37 @ 100 | 118002 |
| 83000 | Energy Transfer Partners LP, 6.00%, 6/15/48, Callable 12/15/47 @ 100 | 75427 |
| 73000 | Energy Transfer, LP, 6.25%, 4/15/49, Callable 10/15/48 @ 100 | 68489 |
| 350000 | EnLink Midstream LLC, 5.63%, 1/15/28, Callable 7/15/27 @ 100(b) | 333813 |
| 255000 | EQM Midstream Partners LP, 7.50%, 6/1/27, Callable 6/1/24 @ 103.75(b) | 248944 |
| 50000 | EQM Midstream Partners LP, 6.50%, 7/1/27, Callable 1/1/27 @ 100(b) | 47687 |
| 45000 | EQM Midstream Partners LP, 4.50%, 1/15/29, Callable 7/15/28 @ 100(b) | 38081 |
| 295000 | EQT Corp., 3.90%, 10/1/27, Callable 7/1/27 @ 100 | 272875 |
| 30000 | EQT Corp., 5.00%, 1/15/29, Callable 7/15/28 @ 100 | 28275 |
| 650000 | Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100 | 621606 |
| 71000 | Hess Corp., 7.30%, 8/15/31 | 77348 |
| 50000 | Hess Corp., 7.13%, 3/15/33 | 54122 |
| 2002000 | Hess Corp., 5.60%, 2/15/41 | 1888399 |
| 1166000 | Hess Corp., 5.80%, 4/1/47, Callable 10/1/46 @ 100 | 1120414 |
| 405000 | Hess Midstream Operations LP, 5.63%, 2/15/26, Callable 2/6/23 @ 102.81(b) | 392850 |
| 80000 | Hess Midstream Operations LP, 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(b) | 68400 |
| 110000 | Holly Energy Partners LP / Holly Energy Finance Corp., 6.38%, 4/15/27, Callable 4/15/24 @ 103.19(b) | 108213 |
| 97000 | Kinder Morgan Energy Partners LP, 3.45%, 2/15/23, Callable 2/6/23 @ 100 | 96738 |
| 125000 | Kinetik Holdings LP, 5.88%, 6/15/30, Callable 6/15/25 @ 102.94(b) | 117567 |
| 125000 | Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29, Callable 7/1/24 @ 102.13(b) | 106250 |
| 113000 | MPLX LP, 4.50%, 7/15/23, Callable 4/15/23 @ 100 | 112539 |
| 159000 | MPLX LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100 | 157801 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| $722000 | MPLX, LP, 4.95%, 9/1/32, Callable 6/1/32 @ 100 | $680398 |
| 390000 | Murphy Oil Corp., 5.88%, 12/1/27, Callable 2/6/23 @ 102.94 | 373425 |
| 400000 | New Fortress Energy, Inc., 6.75%, 9/15/25, Callable 1/27/23 @ 103.38(b) | 382500 |
| 250000 | New Fortress Energy, Inc., 6.50%, 9/30/26, Callable 3/31/23 @ 103.25(b) | 232188 |
| 375000 | NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26, Callable 2/6/23 @ 103.75(b) | 332812 |
| 1506000 | Occidental Petroleum Corp., 5.55%, 3/15/26, Callable 12/15/25 @ 100 | 1500352 |
| 310000 | Occidental Petroleum Corp., 3.50%, 8/15/29, Callable 5/15/29 @ 100 | 279000 |
| 255000 | Occidental Petroleum Corp., 8.88%, 7/15/30, Callable 1/15/30 @ 100 | 285600 |
| 1464000 | Occidental Petroleum Corp., 7.50%, 5/1/31 | 1566480 |
| 16000 | Occidental Petroleum Corp., 7.88%, 9/15/31 | 17460 |
| 78000 | Occidental Petroleum Corp., 6.45%, 9/15/36 | 79560 |
| 30000 | Occidental Petroleum Corp., 4.30%, 8/15/39, Callable 2/15/39 @ 100 | 23925 |
| 25000 | Occidental Petroleum Corp., 6.20%, 3/15/40 | 24250 |
| 410000 | Occidental Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100 | 421275 |
| 295000 | Occidental Petroleum Corp., 4.40%, 4/15/46, Callable 10/15/45 @ 100 | 235262 |
| 430000 | Occidental Petroleum Corp., 4.10%, 2/15/47, Callable 8/15/46 @ 100 | 331100 |
| 55000 | Occidental Petroleum Corp., 4.20%, 3/15/48, Callable 9/15/47 @ 100 | 42487 |
| 65000 | Occidental Petroleum Corp., 4.40%, 8/15/49, Callable 2/15/49 @ 100 | 51350 |
| 80000 | PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28, Callable 2/15/23 @ 103 | 71400 |
| 20000 | PDC Energy, Inc., 5.75%, 5/15/26, Callable 2/6/23 @ 102.88 | 18900 |
| 26000 | Phillips 66, 3.85%, 4/9/25, Callable 3/9/25 @ 100 | 25327 |
| 1172000 | Plains All Amer Pipeline, 3.60%, 11/1/24, Callable 8/1/24 @ 100 | 1130251 |
| 270000 | Range Resources Corp., 4.88%, 5/15/25, Callable 2/15/25 @ 100 | 257175 |
| 335000 | Sabine Pass Liquefaction LLC, 4.50%, 5/15/30, Callable 11/15/29 @ 100 | 310713 |
| 278000 | Sanchez Energy Corp., 7.25%, 2/15/23, Callable 1/17/23 @ 100(a)(b) |  |
| 10000 | SM Energy Co., 5.63%, 6/1/25, Callable 2/6/23 @ 100.94 | 9550 |
| 50000 | SM Energy Co., 6.75%, 9/15/26, Callable 2/6/23 @ 102.25 | 48750 |
| 130000 | Southwestern Energy Co., 4.75%, 2/1/32, Callable 2/1/27 @ 102.38 | 110013 |
| 5000 | Sunoco LP/Sunoco Finance Corp., 6.00%, 4/15/27, Callable 2/6/23 @ 103 | 4912 |
| 242000 | Sunoco LP/Sunoco Finance Corp., 5.88%, 3/15/28, Callable 3/15/23 @ 102.94 | 228690 |
| 430000 | Sunoco LP/Sunoco Finance Corp., 4.50%, 5/15/29, Callable 5/15/24 @ 102.25 | 375175 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| $| 1200000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.50%, 10/1/25, Callable 2/6/23 @ 105.63(b) | $1210500 |
|  | 350000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30, Callable 12/31/25 @ 103(b) | 303187 |
|  | 45000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 1/15/32, Callable 7/15/26 @ 102 | 37856 |
|  | 25000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75 | 23531 |
|  | 445000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.88%, 2/1/31, Callable 2/1/26 @ 102.44 | 401056 |
|  | 43000 | Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30, Callable 2/15/30 @ 100 | 37487 |
|  | 40000 | Western Gas Partners LP, 3.95%, 6/1/25, Callable 3/1/25 @ 100 | 37800 |
|  | 137000 | Western Gas Partners LP, 4.65%, 7/1/26, Callable 4/1/26 @ 100 | 129808 |
|  | 1000000 | Western Gas Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100 | 915000 |
|  | 66000 | Western Gas Partners LP, 4.75%, 8/15/28, Callable 5/15/28 @ 100 | 60555 |
|  | 1000000 | Western Midstream Operating LP, 4.35%, 2/1/25, Callable 1/1/25 @ 100 | 945000 |
|  | 525000 | Western Midstream Operating LP, 5.30%, 2/1/30, Callable 11/1/29 @ 100 | 462000 |
|  | 755000 | Williams Cos., Inc. (The), 4.65%, 8/15/32, Callable 5/15/32 @ 100 | 705963 |
|  | 171000 | Williams Cos., Inc. (The), 5.30%, 8/15/52, Callable 2/15/52 @ 100 | 154671 |
|  | 162000 | Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100 | 160780 |
|  | 285000 | Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100 | 280830 |
|  |  |  | 32910250 |
| **Paper & Forest Products (0.0%<sup>†</sup>):** | **Paper & Forest Products (0.0%<sup>†</sup>):** | **Paper & Forest Products (0.0%<sup>†</sup>):** |  |
|  | 100000 | Glatfelter Corp., 4.75%, 11/15/29, Callable 11/1/24 @ 102.38(b) | 60000 |
|  | 45000 | Mercer International, Inc., 5.13%, 2/1/29, Callable 2/1/24 @ 102.56 | 37462 |
|  |  |  | 97462 |
| **Personal Products (0.0%<sup>†</sup>):** | **Personal Products (0.0%<sup>†</sup>):** | **Personal Products (0.0%<sup>†</sup>):** |  |
|  | 125000 | BellRing Brands, Inc., 7.00%, 3/15/30, Callable 3/15/27 @ 101.75(b) | 120937 |
| **Pharmaceuticals (0.3%):** | **Pharmaceuticals (0.3%):** | **Pharmaceuticals (0.3%):** |  |
|  | 97000 | Bausch Health Cos., Inc., 11.00%, 9/30/28(b) | 75660 |
|  | 19000 | Bausch Health Cos., Inc., 14.00%, 10/15/30, Callable 10/15/25 @ 106(b) | 11305 |
|  | 1000000 | Bayer US Finance II LLC, 4.25%, 12/15/25, Callable 10/15/25 @ 100(b) | 970533 |
|  | 445000 | Catalent Pharma Solutions, Inc., 3.13%, 2/15/29, Callable 2/15/24 @ 101.56(b) | 352662 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Pharmaceuticals, continued** | **Pharmaceuticals, continued** | **Pharmaceuticals, continued** | |
| $| 115000 | Catalent Pharma Solutions, Inc., 3.50%, 4/1/30, Callable 4/1/25 @ 101.75^(b) | $90706 |
|  | 180000 | Elanco Animal Health, Inc., 5.27%, 8/28/23, Callable 7/28/23 @ 100 | 178841 |
|  | 76000 | Elanco Animal Health, Inc., 5.90%, 8/28/28, Callable 5/28/28 @ 100 | 71820 |
|  | 30000 | Jazz Securities DAC, 4.38%, 1/15/29, Callable 7/15/24 @ 102.19(b) | 26625 |
|  | 315000 | Organon & Co. / Organon Foreign Debt Co-Issuer BV, 4.13%, 4/30/28, Callable 4/30/24 @ 102.06(b) | 280350 |
|  | 540000 | Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.13%, 4/30/31, Callable 4/30/26 @ 102.56(b) | 469800 |
|  | 40000 | Viatris, Inc., 1.65%, 6/22/25, Callable 5/22/25 @ 100 | 36284 |
|  | 1406000 | Viatris, Inc., 2.70%, 6/22/30, Callable 3/22/30 @ 100 | 1107547 |
|  | 90000 | Viatris, Inc., 3.85%, 6/22/40, Callable 12/22/39 @ 100 | 60648 |
|  |  |  | 3732781 |
| **Professional Services (0.0%<sup>†</sup>):** | **Professional Services (0.0%<sup>†</sup>):** | **Professional Services (0.0%<sup>†</sup>):** |  |
|  | 140000 | Asgn, Inc., 4.63%, 5/15/28, Callable 5/15/23 @ 102.31(b) | 126700 |
| **Real Estate (0.2%):** | **Real Estate (0.2%):** | **Real Estate (0.2%):** |  |
|  | 68000 | Corporate Office Properties, LP, 2.00%, 1/15/29, Callable 11/15/28 @ 100 | 52295 |
|  | 550000 | Invitation Homes Operating Partnership LP, 4.15%, 4/15/32, Callable 1/15/32 @ 100 | 483363 |
|  | 250000 | Realogy Group LLC / Realogy Co-Issuer Corp., 5.25%, 4/15/30, Callable 4/15/25 @ 102.63(b) | 182187 |
|  | 731000 | VICI Properties LP, 4.75%, 2/15/28, Callable 1/15/28 @ 100 | 692623 |
|  | 1082000 | VICI Properties LP, 4.95%, 2/15/30, Callable 12/15/29 @ 100 | 1021137 |
|  | 25000 | VICI Properties LP / VICI Note Co., Inc., 4.63%, 6/15/25, Callable 3/15/25 @ 100(b) | 23906 |
|  | 765000 | VICI Properties LP / VICI Note Co., Inc., 4.50%, 9/1/26, Callable 6/1/26 @ 100(b) | 717188 |
|  |  |  | 3172699 |
| **Real Estate Management & Development (0.1%):** | **Real Estate Management & Development (0.1%):** | **Real Estate Management & Development (0.1%):** |  |
|  | 210000 | CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100 | 166030 |
|  | 175000 | Kennedy-Wilson, Inc., 4.75%, 2/1/30, Callable 9/1/24 @ 102.38 | 132344 |
|  | 145000 | Realogy Group LLC / Realogy Co-Issuer Corp., 5.75%, 1/15/29, Callable 1/15/24 @ 102.88(b) | 109475 |
|  | 725000 | TK Elevator US Newco, Inc., 5.25%, 7/15/27, Callable 7/15/23 @ 102.63(b) | 645250 |
|  |  |  | 1053099 |
| **Retail & Wholesale —Discretionary (0.0%<sup>†</sup>):** | **Retail & Wholesale —Discretionary (0.0%<sup>†</sup>):** | **Retail & Wholesale —Discretionary (0.0%<sup>†</sup>):** |  |
|  | 35000 | MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 2/1/30, Callable 2/1/25 @ 102.75(b) | 28087 |
| **Road & Rail (0.0%<sup>†</sup>):** | **Road & Rail (0.0%<sup>†</sup>):** | **Road & Rail (0.0%<sup>†</sup>):** |  |
|  | 135000 | Uber Technologies, Inc., 4.50%, 8/15/29, Callable 8/15/24 @ 102.25(b) | 117281 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Semiconductors & Semiconductor Equipment (0.4%):** | **Semiconductors & Semiconductor Equipment (0.4%):** | |
| $65000 | Broadcom, Inc., 1.95%, 2/15/28, Callable 12/15/27 @ 100(b) | $55138 |
| 4136000 | Broadcom, Inc., 2.45%, 2/15/31, Callable 11/15/30 @ 100(b) | 3267440 |
| 564000 | Broadcom, Inc., 2.60%, 2/15/33, Callable 11/15/32 @ 100(b) | 424840 |
| 1648000 | Broadcom, Inc., 3.50%, 2/15/41, Callable 8/15/40 @ 100(b) | 1190734 |
| 210000 | Broadcom, Inc., 3.75%, 2/15/51, Callable 8/15/50 @ 100(b) | 147719 |
| 310000 | Entegris, Inc., 4.38%, 4/15/28, Callable 4/15/23 @ 102.19(b) | 274350 |
| 375000 | Entegris, Inc., 3.63%, 5/1/29, Callable 5/1/24 @ 102.72^(b) | 302813 |
| 50000 | ON Semiconductor Corp., 3.88%, 9/1/28, Callable 9/1/23 @ 101.94(b) | 43625 |
|  |  | 5706659 |
| **Software (0.4%):** | **Software (0.4%):** |  |
| 40000 | Acuris Finance US, Inc. / Acuris Finance SARL, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(b) | 31650 |
| 35000 | Boxer Parent Co., Inc., 7.13%, 10/2/25, Callable 2/6/23 @ 103.56(b) | 34038 |
| 25000 | Clarivate Science Holdings Corp., 3.88%, 7/1/28, Callable 6/30/24 @ 101.94(b) | 21312 |
| 25000 | Clarivate Science Holdings Corp., 4.88%, 7/1/29, Callable 6/30/24 @ 102.44(b) | 21187 |
| 65000 | Elastic NV, 4.13%, 7/15/29, Callable 7/15/24 @ 102.06(b) | 52000 |
| 150000 | Fair Isaac Corp., 4.00%, 6/15/28, Callable 1/23/23 @ 102(b) | 136125 |
| 220000 | MicroStrategy, Inc., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06^(b) | 157300 |
| 253000 | Oracle Corp., 1.65%, 3/25/26, Callable 2/25/26 @ 100 | 227198 |
| 2200000 | Oracle Corp., 2.80%, 4/1/27, Callable 2/1/27 @ 100 | 2009951 |
| 400000 | Oracle Corp., 2.30%, 3/25/28, Callable 1/25/28 @ 100 | 347278 |
| 2990000 | Oracle Corp., 2.88%, 3/25/31, Callable 12/25/30 @ 100 | 2492494 |
|  |  | 5530533 |
| **Specialty Retail (0.3%):** | **Specialty Retail (0.3%):** |  |
| 80000 | Asbury Automotive Group, Inc., 4.63%, 11/15/29, Callable 11/15/24 @ 102.31(b) | 67200 |
| 85000 | Asbury Automotive Group, Inc., 5.00%, 2/15/32, Callable 11/15/26 @ 102.5(b) | 71081 |
| 32000 | AutoNation, Inc., 4.75%, 6/1/30, Callable 3/1/30 @ 100 | 28624 |
| 49000 | AutoZone, Inc., 3.63%, 4/15/25, Callable 3/15/25 @ 100 | 47416 |
| 1229000 | AutoZone, Inc., 4.00%, 4/15/30, Callable 1/15/30 @ 100 | 1137405 |
| 150000 | Carvana Co., 5.88%, 10/1/28, Callable 10/1/23 @ 104.41(b) | 58500 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Specialty Retail, continued** | **Specialty Retail, continued** | **Specialty Retail, continued** | |
| $| 20000 | Carvana Co., 4.88%, 9/1/29, Callable 9/1/24 @ 102.44(b) | $7700 |
|  | 125000 | Carvana Co., 10.25%, 5/1/30, Callable 5/1/27 @ 105.13(b) | 59688 |
|  | 65000 | Foot Locker, Inc., 4.00%, 10/1/29, Callable 10/1/24 @ 102(b) | 52813 |
|  | 125000 | Gap, Inc. (The), 3.88%, 10/1/31, Callable 10/1/26 @ 101.94(b) | 87813 |
|  | 565000 | L Brands, Inc., 6.63%, 10/1/30, Callable 10/1/25 @ 103.31(b) | 528981 |
|  | 80000 | Lowe's Cos., Inc., 3.35%, 4/1/27, Callable 3/1/27 @ 100 | 75246 |
|  | 1003000 | Lowe's Cos., Inc., 4.25%, 4/1/52, Callable 10/1/51 @ 100 | 805750 |
|  | 1138000 | Lowe's Cos., Inc., 4.45%, 4/1/62, Callable 10/1/61 @ 100 | 892754 |
|  | 20000 | Party City Holdings, Inc., 8.75%, 2/15/26, Callable 8/15/23 @ 104.38(b) | 5850 |
|  | 15000 | Rent-A-Center, Inc., 6.38%, 2/15/29, Callable 2/15/24 @ 103.19(b) | 12019 |
|  | 85000 | Victoria's Secret & Co., 4.63%, 7/15/29, Callable 7/15/24 @ 102.31(b) | 66725 |
|  |  |  | 4005565 |
| **Technology Hardware, Storage & Peripherals (0.1%):** | **Technology Hardware, Storage & Peripherals (0.1%):** | **Technology Hardware, Storage & Peripherals (0.1%):** |  |
|  | 320000 | Dell International LLC/EMC Corp., 5.45%, 6/15/23, Callable 4/15/23 @ 100 | 320048 |
|  | 55000 | Dell International LLC/EMC Corp., 5.85%, 7/15/25, Callable 6/15/25 @ 100 | 55434 |
|  | 83000 | Dell International LLC/EMC Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100 | 84812 |
|  | 101000 | Dell International LLC/EMC Corp., 6.10%, 7/15/27, Callable 5/15/27 @ 100 | 103901 |
|  | 87000 | Dell International LLC/EMC Corp., 6.20%, 7/15/30, Callable 4/15/30 @ 100 | 88722 |
|  |  |  | 652917 |
| **Telecommunications (0.0%<sup>†</sup>):** | **Telecommunications (0.0%<sup>†</sup>):** | **Telecommunications (0.0%<sup>†</sup>):** |  |
|  | 305000 | Cogent Communications Group, Inc., 7.00%, 6/15/27, Callable 6/15/24 @ 103.5(b) | 298900 |
|  | 145000 | Frontier Communications Holdings LLC, 8.75%, 5/15/30, Callable 5/15/25 @ 104.38(b) | 147538 |
|  |  |  | 446438 |
| **Textiles, Apparel & Luxury Goods (0.0%<sup>†</sup>):** | **Textiles, Apparel & Luxury Goods (0.0%<sup>†</sup>):** | **Textiles, Apparel & Luxury Goods (0.0%<sup>†</sup>):** |  |
|  | 130000 | Crocs, Inc., 4.13%, 8/15/31, Callable 8/15/26 @ 102.06(b) | 105787 |
|  | 40000 | Kontoor Brands, Inc., 4.13%, 11/15/29, Callable 11/15/24 @ 102.06(b) | 32550 |
|  | 45000 | Levi Strauss & Co., 3.50%, 3/1/31, Callable 3/1/26 @ 101.75(b) | 35494 |
|  | 235000 | Wolverine World Wide, Inc., 4.00%, 8/15/29, Callable 8/15/24 @ 102(b) | 174781 |
|  |  |  | 348612 |
| **Tobacco (0.1%):** | **Tobacco (0.1%):** | **Tobacco (0.1%):** |  |
|  | 294000 | Altria Group, Inc., 4.25%, 8/9/42 | 218400 |
|  | 191000 | Altria Group, Inc., 4.50%, 5/2/43 | 144744 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Tobacco, continued** | **Tobacco, continued** | **Tobacco, continued** | |
| $| 175000 | Altria Group, Inc., 5.38%, 1/31/44 | $155515 |
|  | 72000 | Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100 | 64058 |
|  | 232000 | Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100 | 227319 |
|  | 120000 | Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100 | 108881 |
|  | 45000 | Turning Point Brands, Inc., 5.63%, 2/15/26, Callable 2/15/23 @ 102.81(b) | 38925 |
|  |  |  | 957842 |
| **Trading Companies & Distributors (0.2%):** | **Trading Companies & Distributors (0.2%):** | **Trading Companies & Distributors (0.2%):** |  |
|  | 295000 | Air Lease Corp., 4.25%, 2/1/24, Callable 1/1/24 @ 100 | 290408 |
|  | 2465000 | Air Lease Corp., 3.38%, 7/1/25, Callable 6/1/25 @ 100 | 2326238 |
|  | 30000 | Foundation Building Materials, Inc., 6.00%, 3/1/29, Callable 3/1/24 @ 103(b) | 22463 |
|  | 30000 | SRS Distribution, Inc., 4.63%, 7/1/28, Callable 7/1/24 @ 102.31(b) | 26587 |
|  | 15000 | SRS Distribution, Inc., 6.13%, 7/1/29, Callable 7/1/24 @ 103.06(b) | 12112 |
|  | 90000 | SRS Distribution, Inc., 6.00%, 12/1/29, Callable 12/1/24 @ 103(b) | 71550 |
|  |  |  | 2749358 |
| **Wireless Telecommunication Services (0.4%):** | **Wireless Telecommunication Services (0.4%):** | **Wireless Telecommunication Services (0.4%):** |  |
|  | 1155000 | Sprint Capital Corp., 8.75%, 3/15/32 | 1374450 |
|  | 1265000 | Sprint Communications, Inc., 6.88%, 11/15/28 | 1312437 |
|  | 2860000 | T-Mobile USA, Inc., 3.75%, 4/15/27, Callable 2/15/27 @ 100 | 2702657 |
|  | 40000 | T-Mobile USA, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38 | 39000 |
|  | 45000 | T-Mobile USA, Inc., 3.38%, 4/15/29, Callable 4/15/24 @ 101.69 | 39738 |
|  | 430000 | T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100 | 389847 |
|  | 56000 | T-Mobile USA, Inc., 4.38%, 4/15/40, Callable 10/15/39 @ 100 | 48165 |
|  | 110000 | T-Mobile USA, Inc., 4.50%, 4/15/50, Callable 10/15/49 @ 100 | 91291 |
|  |  |  | 5997585 |
|  | Total Corporate Bonds (Cost $347,482,145) | Total Corporate Bonds (Cost $347,482,145) | 299909643 |
| **Yankee Debt Obligations (5.6%):** | **Yankee Debt Obligations (5.6%):** | **Yankee Debt Obligations (5.6%):** |  |
| **Aerospace & Defense (0.2%):** | **Aerospace & Defense (0.2%):** | **Aerospace & Defense (0.2%):** |  |
|  | 2000000 | Avolon Holdings Funding, Ltd., 2.88%, 2/15/25, Callable 1/15/25 @ 100(b) | 1842500 |
|  | 23000 | Bombardier, Inc., 7.50%, 3/15/25, Callable 2/6/23 @ 101.25(b) | 22799 |
|  | 35000 | Bombardier, Inc., 7.13%, 6/15/26, Callable 6/15/23 @ 103.56(b) | 34037 |
|  | 620000 | Bombardier, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103(b) | 572725 |
|  |  |  | 2472061 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | |
| **Airlines (0.0%<sup>†</sup>):** | **Airlines (0.0%<sup>†</sup>):** | |
| $240000 | VistaJet Malta Finance PLC / XO Management Holding, Inc., 7.88%, 5/1/27, Callable 5/1/24 @ 103.94(b) | $216000 |
| 215000 | VistaJet Malta Finance PLC / XO Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19(b) | 170119 |
|  |  | 386119 |
| **Banks (1.5%):** | **Banks (1.5%):** |  |
| 585000 | Barclays plc, 4.38%, 1/12/26 | 565564 |
| 2543000 | Barclays plc, 2.85% (US0003M+245 bps), 5/7/26, Callable 5/7/25 @ 100 | 2359787 |
| 2377000 | Barclays plc, 5.09% (US0003M+305 bps), 6/20/30, Callable 6/20/29 @ 100 | 2189017 |
| 200000 | Commonwealth Bank of Australia, 3.61%, 9/12/34, Callable 9/12/29 @ 100(b) | 165176 |
| 530000 | Cooperatieve Rabobank UA, 4.38%, 8/4/25 | 515621 |
| 205000 | HSBC Holdings plc, 4.25%, 3/14/24 | 201196 |
| 1000000 | HSBC Holdings plc, 4.95%, 3/31/30 | 951613 |
| 200000 | Intesa Sanpaolo SpA, 5.02%, 6/26/24(b) | 192679 |
| 6069000 | Intesa Sanpaolo SpA, 5.71%, 1/15/26(b) | 5827514 |
| 3200000 | Natwest Group plc, 5.13%, 5/28/24 | 3172080 |
| 680000 | Societe Generale SA, 1.04% (H15T1Y+75 bps), 6/18/25, Callable 6/18/24 @ 100(b) | 629749 |
| 3863000 | Societe Generale SA, 1.49% (H15T1Y+110 bps), 12/14/26, Callable 12/14/25 @ 100(b) | 3356928 |
| 186000 | Westpac Banking Corp., 4.11% (H15T5Y+200 bps), 7/24/34, Callable 7/24/29 @ 100 | 159305 |
|  |  | 20286229 |
| **Biotechnology (0.0%<sup>†</sup>):** | **Biotechnology (0.0%<sup>†</sup>):** |  |
| 200000 | Grifols Escrow Issuer SA, 4.75%, 10/15/28, Callable 10/15/24 @ 102.38(b) | 173250 |
| **Capital Markets (0.8%):** | **Capital Markets (0.8%):** |  |
| 787000 | Credit Suisse Group AG, 3.80%, 6/9/23 | 768398 |
| 4009000 | Credit Suisse Group AG, 2.59% (SOFR+156 bps), 9/11/25, Callable 9/11/24 @ 100(b) | 3578129 |
| 2514000 | Credit Suisse Group AG, 4.19% (SOFR+373 bps), 4/1/31, Callable 4/1/30 @ 100(b) | 1951955 |
| 470000 | Credit Suisse Group Funding Guernsey, Ltd., 3.75%, 3/26/25 | 423705 |
| 4610000 | Deutsche Bank AG, 4.50%, 4/1/25 | 4384175 |
| 774000 | UBS Group AG, 1.49% (H15T1Y+85 bps), 8/10/27, Callable 8/10/26 @ 100(b) | 666738 |
|  |  | 11773100 |
| **Chemicals (0.1%):** | **Chemicals (0.1%):** |  |
| 510000 | Methanex Corp., 5.13%, 10/15/27, Callable 4/15/27 @ 100 | 473025 |
| 230000 | Methanex Corp., 5.25%, 12/15/29, Callable 9/15/29 @ 100 | 204125 |
| 255000 | Methanex Corp., 5.65%, 12/1/44, Callable 6/1/44 @ 100 | 196740 |
| 125000 | SPCM SA, 3.13%, 3/15/27, Callable 3/15/24 @ 101.56(b) | 107812 |
|  |  | 981702 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | |
| **Consumer Discretionary Services (0.0%<sup>†</sup>):** | **Consumer Discretionary Services (0.0%<sup>†</sup>):** | |
| $115000 | Studio City Co., Ltd., 7.00%, 2/15/27, Callable 2/15/24 @ 103.5(b) | $107525 |
| **Consumer Staple Products (0.1%):** | **Consumer Staple Products (0.1%):** |  |
| 390000 | Imperial Brands Finance plc, 6.13%, 7/27/27, Callable 6/27/27 @ 100(b) | 385613 |
| 1380000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 2.50%, 1/15/27, Callable 12/15/26 @ 100(b) | 1200630 |
|  |  | 1586243 |
| **Containers & Packaging (0.1%):** | **Containers & Packaging (0.1%):** |  |
| 15000 | Intelligent Packaging, Ltd. Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer LLC, 6.00%, 9/15/28, Callable 2/6/23 @ 103(b) | 12150 |
| 740000 | Trivium Packaging Finance BV, 5.50%, 8/15/26, Callable 2/6/23 @ 102.75(b) | 689125 |
|  |  | 701275 |
| **Diversified Consumer Services (0.1%):** | **Diversified Consumer Services (0.1%):** |  |
| 33000 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 6/1/28, Callable 6/1/24 @ 102.31(b) | 27225 |
| 980000 | GEMS MENASA Cayman, Ltd. / GEMS Education Delaware LLC, 7.13%, 7/31/26, Callable 2/6/23 @ 103.56(b) | 940800 |
|  |  | 968025 |
| **Diversified Financial Services (0.3%):** | **Diversified Financial Services (0.3%):** |  |
| 1245000 | Altice Financing SA, 5.00%, 1/15/28, Callable 2/6/23 @ 102.5(b) | 1006894 |
| 711000 | C&W Senior Financing Dac, 6.88%, 9/15/27, Callable 1/17/23 @ 103.44(b) | 663008 |
| 430000 | Dolya Holdco 18 DAC, 5.00%, 7/15/28, Callable 7/15/23 @ 102.5(b) | 375712 |
| 250000 | Intelsat Jackson Holdings SA, 6.50%, 3/15/30, Callable 3/15/25 @ 102(b) | 224263 |
| 1355000 | Park Aerospace Holdings, 5.50%, 2/15/24(b) | 1338062 |
| 780000 | Vmed O2 UK Financing I plc, 4.25%, 1/31/31, Callable 1/31/26 @ 102.13(b) | 624000 |
|  |  | 4231939 |
| **Diversified Telecommunication Services (0.0%<sup>†</sup>):** | **Diversified Telecommunication Services (0.0%<sup>†</sup>):** |  |
| 365000 | Altice France SA, 6.00%, 2/15/28, Callable 2/15/23 @ 103^(b) | 215350 |
| 470000 | Altice France SA, 5.13%, 1/15/29, Callable 9/15/23 @ 102.56(b) | 373063 |
| 55000 | Telecom Italia SpA, 6.00%, 9/30/34 | 42281 |
|  |  | 630694 |
| **Energy Equipment & Services (0.0%<sup>†</sup>):** | **Energy Equipment & Services (0.0%<sup>†</sup>):** |  |
| 354375 | Transocean Poseidon, Ltd., 6.88%, 2/1/27, Callable 2/6/23 @ 103.44(b) | 345516 |
| **Hotels, Restaurants & Leisure (0.0%<sup>†</sup>):** | **Hotels, Restaurants & Leisure (0.0%<sup>†</sup>):** |  |
| 35000 | 1011778 BC ULC / New Red Finance, Inc., 5.75%, 4/15/25, Callable 2/6/23 @ 102.88(b) | 34737 |
| 525000 | 1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30, Callable 10/15/25 @ 102(b) | 427875 |
| 45000 | Melco Resorts Finance, Ltd., 5.75%, 7/21/28, Callable 7/21/23 @ 102.88(b) | 37519 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | |
| **Hotels, Restaurants & Leisure, continued** | **Hotels, Restaurants & Leisure, continued** | **Hotels, Restaurants & Leisure, continued** | |
| $| 40000 | Melco Resorts Finance, Ltd., 5.38%, 12/4/29, Callable 12/4/24 @ 102.69(b) | $32000 |
|  |  |  | 532131 |
| **Industrial Services (0.0%<sup>†</sup>):** | **Industrial Services (0.0%<sup>†</sup>):** | **Industrial Services (0.0%<sup>†</sup>):** |  |
|  | 54000 | 1375209 BC, Ltd., 9.00%, 1/30/28, Callable 1/17/23 @ 103(b) | 52448 |
| **Insurance (0.2%):** | **Insurance (0.2%):** | **Insurance (0.2%):** |  |
|  | 1414000 | AIA Group, Ltd., 3.38%, 4/7/30, Callable 1/7/30 @ 100(b) | 1254721 |
|  | 1200000 | AIA Group, Ltd., 3.20%, 9/16/40, Callable 3/16/40 @ 100(b) | 863526 |
|  | 200000 | Swiss Re Finance Luxembourg SA, 5.00% (H15T5Y+358 bps), 4/2/49, Callable 4/2/29 @ 100(b) | 181300 |
|  |  |  | 2299547 |
| **Materials (0.1%):** | **Materials (0.1%):** | **Materials (0.1%):** |  |
|  | 125000 | Cerdia Finanz GmbH, 10.50%, 2/15/27, Callable 2/15/24 @ 105.25(b) | 105625 |
|  | 530000 | NOVA Chemicals Corp., 5.25%, 6/1/27, Callable 3/3/27 @ 100(b) | 472362 |
|  | 500000 | Nufarm Australia, Ltd. / Nufarm Americas, Inc., 5.00%, 1/27/30, Callable 1/27/25 @ 102.5(b) | 437500 |
|  |  |  | 1015487 |
| **Media (0.1%):** | **Media (0.1%):** | **Media (0.1%):** |  |
|  | 565000 | VZ Secured Financing BV, 5.00%, 1/15/32, Callable 1/15/27 @ 102.5(b) | 452706 |
|  | 335000 | Ziggo BV, 5.13%, 2/28/30, Callable 2/15/25 @ 102.56(b) | 275538 |
|  |  |  | 728244 |
| **Metals & Mining (0.1%):** | **Metals & Mining (0.1%):** | **Metals & Mining (0.1%):** |  |
|  | 695000 | ERO Copper Corp., 6.50%, 2/15/30, Callable 2/15/25 @ 103.25(b) | 557737 |
|  | 370000 | First Quantum Minerals, Ltd., 6.88%, 3/1/26, Callable 1/17/23 @ 103.44(b) | 350575 |
|  | 35000 | First Quantum Minerals, Ltd., 6.88%, 10/15/27, Callable 10/15/23 @ 103.44(b) | 32594 |
|  | 5000 | FMG Resources Pty, Ltd., 4.50%, 9/15/27, Callable 6/15/27 @ 100(b) | 4569 |
|  | 85000 | Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24, Callable 2/6/23 @ 106(b) | 82450 |
|  | 180000 | Mineral Resources, Ltd., 8.00%, 11/1/27, Callable 11/1/24 @ 104(b) | 183375 |
|  |  |  | 1211300 |
| **Multi-Utilities (0.1%):** | **Multi-Utilities (0.1%):** | **Multi-Utilities (0.1%):** |  |
|  | 1373000 | InterGen NV, 7.00%, 6/30/23, Callable 2/6/23 @ 100(b) | 1345540 |
| **Oil, Gas & Consumable Fuels (0.9%):** | **Oil, Gas & Consumable Fuels (0.9%):** | **Oil, Gas & Consumable Fuels (0.9%):** |  |
|  | 335000 | eG Global Finance plc, 6.75%, 2/7/25, Callable 1/17/23 @ 101.69(b) | 289775 |
|  | 510000 | eG Global Finance plc, 8.50%, 10/30/25, Callable 2/6/23 @ 102.13(b) | 477488 |
|  | 145000 | Enbridge, Inc., 4.00%, 10/1/23, Callable 7/1/23 @ 100 | 143493 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| $| 565000 | Meg Energy Corp., 7.13%, 2/1/27, Callable 2/6/23 @ 103.56(b) | $577006 |
|  | 2500000 | Petroleos Mexicanos, 4.50%, 1/23/26^ | 2265345 |
|  | 916000 | Petroleos Mexicanos, 6.84%, 1/23/30, Callable 10/23/29 @ 100 | 758071 |
|  | 4780000 | Petroleos Mexicanos, 5.95%, 1/28/31, Callable 10/28/30 @ 100 | 3641533 |
|  | 2228000 | Petroleos Mexicanos, 6.75%, 9/21/47 | 1429616 |
|  | 5000000 | Petroleos Mexicanos, 6.35%, 2/12/48 | 3069685 |
|  | 336000 | Petroleos Mexicanos, 6.95%, 1/28/60, Callable 7/28/59 @ 100 | 212012 |
|  | 45000 | Teine Energy, Ltd., 6.88%, 4/15/29, Callable 4/15/24 @ 103.44(b) | 40500 |
|  |  |  | 12904524 |
| **Pharmaceuticals (0.0%<sup>†</sup>):** | **Pharmaceuticals (0.0%<sup>†</sup>):** | **Pharmaceuticals (0.0%<sup>†</sup>):** |  |
|  | 295000 | Bausch Health Cos., Inc., 5.50%, 11/1/25, Callable 2/6/23 @ 100(b) | 250750 |
| **Software (0.0%<sup>†</sup>):** | **Software (0.0%<sup>†</sup>):** | **Software (0.0%<sup>†</sup>):** |  |
|  | 60000 | Open Text Corp., 3.88%, 2/15/28, Callable 2/15/23 @ 101.94(b) | 51375 |
|  | 460000 | Open Text Corp., 3.88%, 12/1/29, Callable 12/1/24 @ 101.94(b) | 370300 |
|  |  |  | 421675 |
| **Sovereign Bond (0.4%):** | **Sovereign Bond (0.4%):** | **Sovereign Bond (0.4%):** |  |
|  | 300000 | Abu Dhabi Government International Bond, 3.88%, 4/16/50(b) | 255260 |
|  | 37622 | Argentine Republic Government International Bond, 1.00%, 7/9/29, Callable 2/6/23 @ 100 | 10111 |
|  | 342505 | Argentine Republic Government International Bond, 0.50%, 7/9/30, Callable 2/6/23 @ 100 | 94189 |
|  | 627494 | Argentine Republic Government International Bond, 1.50%, 7/9/35, Callable 2/6/23 @ 100 | 164717 |
|  | 300000 | Corp. Andina de Fomento, 2.38%, 5/12/23 | 297005 |
|  | 900000 | Dominican Republic, 5.50%, 1/27/25(b) | 893250 |
|  | 3150000 | Dominican Republic, 6.00%, 7/19/28(b) | 3024000 |
|  | 375000 | Indonesia Government International Bond, 4.20%, 10/15/50 | 308415 |
|  | 350000 | Qatar Government International Bond, 4.40%, 4/16/50(b) | 320949 |
|  | 200000 | Saudi Government International Bond, 3.25%, 10/22/30(b) | 182570 |
|  | 200000 | Saudi Government International Bond, 4.50%, 4/22/60(b) | 177987 |
|  |  |  | 5728453 |
| **Trading Companies & Distributors (0.4%):** | **Trading Companies & Distributors (0.4%):** | **Trading Companies & Distributors (0.4%):** |  |
|  | 2200000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.88%, 8/14/24, Callable 7/14/24 @ 100 | 2083600 |
|  | 320000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 1/16/24, Callable 12/16/23 @ 100 | 316877 |
|  | 1379000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/24, Callable 9/29/24 @ 100 | 1273729 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | | |
| **Trading Companies & Distributors, continued** | **Trading Companies & Distributors, continued** | **Trading Companies & Distributors, continued** | | |
| $| 151000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100 | $| 152898 |
|  | 163000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/3/26, Callable 2/3/26 @ 100 |  | 155131 |
|  | 503000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26, Callable 9/29/26 @ 100 |  | 439322 |
|  | 527000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28, Callable 8/29/28 @ 100 |  | 441276 |
|  | 564000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32, Callable 10/30/31 @ 100 |  | 439699 |
|  |  |  |  | 5302532 |
| **Wireless Telecommunication Services (0.1%):** | **Wireless Telecommunication Services (0.1%):** | **Wireless Telecommunication Services (0.1%):** |  |  |
|  | 330000 | Empresa Nacional del Pet, 4.38%, 10/30/24(b) |  | 320513 |
|  | 450000 | Millicom International Cellular SA, 6.25%, 3/25/29, Callable 3/25/24 @ 103.13(b) |  | 429750 |
|  | 295000 | Millicom International Cellular SA, 4.50%, 4/27/31, Callable 4/27/26 @ 102.25(b) |  | 248906 |
|  | 562000 | Rogers Communications, Inc., 3.20%, 3/15/27, Callable 2/15/27 @ 100(b) |  | 520468 |
|  | 490000 | Rogers Communications, Inc., 3.80%, 3/15/32, Callable 12/15/31 @ 100(b) |  | 422365 |
|  |  |  |  | 1942002 |
|  | Total Yankee Debt Obligations (Cost $91,631,185) | Total Yankee Debt Obligations (Cost $91,631,185) |  | 78378311 |
| **Municipal Bonds (0.3%):** | **Municipal Bonds (0.3%):** | **Municipal Bonds (0.3%):** |  |  |
| **California (0.0%<sup>†</sup>):** | **California (0.0%<sup>†</sup>):** | **California (0.0%<sup>†</sup>):** | **California (0.0%<sup>†</sup>):** | **California (0.0%<sup>†</sup>):** |
|  | 10000 | California State, Build America Bonds, GO, 7.35%, 11/1/39 |  | 12222 |
|  | 140000 | California State, Build America Bonds, GO, 7.55%, 4/1/39 |  | 177556 |
|  |  |  |  | 189778 |
| **Illinois (0.2%):** | **Illinois (0.2%):** | **Illinois (0.2%):** | **Illinois (0.2%):** | **Illinois (0.2%):** |
|  | 34091 | Illinois State, GO, 4.95%, 6/1/23 |  | 34017 |
|  | 3235000 | Illinois State, GO, 5.10%, 6/1/33 |  | 3120643 |
|  |  |  |  | 3154660 |
| **New Jersey (0.1%):** | **New Jersey (0.1%):** | **New Jersey (0.1%):** | **New Jersey (0.1%):** | **New Jersey (0.1%):** |
|  | 339000 | New Jersey Economic Development Authority Revenue, GO, Series A, 7.43%, 2/15/29 |  | 366283 |
|  | Total Municipal Bonds (Cost $3,768,913) | Total Municipal Bonds (Cost $3,768,913) |  | 3710721 |
| **U.S. Government Agency Mortgages (12.2%):** | **U.S. Government Agency Mortgages (12.2%):** | **U.S. Government Agency Mortgages (12.2%):** |  |  |
| **Federal Home Loan Mortgage Corporation (2.1%):** | **Federal Home Loan Mortgage Corporation (2.1%):** | **Federal Home Loan Mortgage Corporation (2.1%):** | **Federal Home Loan Mortgage Corporation (2.1%):** | **Federal Home Loan Mortgage Corporation (2.1%):** |
|  | 29251 | 2.50%, 6/1/31, Pool #J34501 |  | 27218 |
|  | 20620 | 2.50%, 6/1/31, Pool #G18604 |  | 19332 |
|  | 36387 | 2.50%, 7/1/31, Pool #V61246 |  | 33852 |
|  | 61448 | 2.50%, 8/1/31, Pool #V61273 |  | 58203 |
|  | 161298 | 3.50%, 3/1/32, Pool #C91403 |  | 154807 |
|  | 484615 | 3.50%, 7/1/32, Pool #C91467 |  | 465112 |
|  | 125328 | 2.50%, 12/1/32, Pool #G18669 |  | 115595 |
|  | 28281 | 2.50%, 3/1/33, Pool #G18680 |  | 26457 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | |
| **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** |
| $114760 | 3.00%, 4/1/33, Pool #G18684 | $108323 |
| 36919 | 3.00%, 5/1/33, Pool #G16550 | 34871 |
| 95007 | 2.50%, 7/1/33, Pool #G16661 | 87970 |
| 26731 | 3.00%, 4/1/34, Pool #G16829 | 25689 |
| 138159 | 3.50%, 10/1/34, Pool #C91793 | 133411 |
| 379109 | 4.00%, 5/1/37, Pool #C91938 | 367444 |
| 166427 | 4.00%, 11/1/40, Pool #A95150 | 159066 |
| 33614 | 1.50%, 12/1/40, Pool #RB5089 | 27021 |
| 55617 | 1.50%, 2/1/41, Pool #RB5099 | 45175 |
| 56516 | 1.50%, 3/1/41, Pool #RB5104 | 45905 |
| 56181 | 1.50%, 4/1/41, Pool #RB5107 | 45629 |
| 20742 | 2.00%, 4/1/41, Pool #RB5108 | 17673 |
| 21568 | 2.00%, 7/1/41, Pool #RB5118 | 18375 |
| 22594 | 2.00%, 10/1/41, Pool #RB5131 | 18999 |
| 236811 | 3.50%, 1/1/44, Pool #G60271 | 216248 |
| 472493 | 3.50%, 1/1/44, Pool #G07922 | 440157 |
| 59291 | 4.00%, 2/1/45, Pool #G07949 | 57766 |
| 54652 | 3.50%, 11/1/45, Pool #Q37467 | 51430 |
| 13652 | 4.00%, 4/1/46, Pool #V82292 | 13135 |
| 6013 | 4.00%, 4/1/46, Pool #Q39975 | 5775 |
| 111069 | 3.50%, 9/1/46, Pool #Q43257 | 103942 |
| 5777 | 4.50%, 12/1/46, Pool #Q45028 | 5706 |
| 175528 | 3.00%, 12/1/46, Pool #G60989 | 154440 |
| 5862 | 4.50%, 1/1/47, Pool #Q45635 | 5789 |
| 10606 | 4.50%, 2/1/47, Pool #Q46222 | 10475 |
| 8926 | 4.50%, 5/1/47, Pool #Q47942 | 8815 |
| 17648 | 4.50%, 5/1/47, Pool #Q47935 | 17431 |
| 27936 | 4.50%, 5/1/47, Pool #Q48095 | 27590 |
| 222469 | 4.00%, 6/1/47, Pool #Q48877 | 214447 |
| 36313 | 4.50%, 6/1/47, Pool #Q48759 | 35862 |
| 18969 | 4.50%, 7/1/47, Pool #Q49393 | 18734 |
| 85620 | 4.50%, 12/1/47, Pool #Q53017 | 83428 |
| 11657 | 4.00%, 2/1/48, Pool #Q54499 | 11228 |
| 26379 | 4.00%, 2/1/48, Pool #G61343 | 25073 |
| 20379 | 4.50%, 4/1/48, Pool #Q55724 | 19954 |
| 48457 | 4.50%, 4/1/48, Pool #Q55660 | 47444 |
| 34009 | 4.50%, 4/1/48, Pool #Q55500 | 33298 |
| 26953 | 4.50%, 5/1/48, Pool #Q55839 | 26396 |
| 101079 | 4.00%, 5/1/48, Pool #Q55992 | 97381 |
| 144677 | 4.00%, 6/1/48, Pool #G67713 | 139430 |
| 45782 | 4.00%, 7/1/48, Pool #Q59935 | 44232 |
| 24849 | 4.50%, 10/1/48, Pool #G67716 | 24517 |
| 147153 | 3.00%, 6/1/49, Pool #ZT2090 | 130877 |
| 702934 | 4.50%, 7/1/49, Pool #RA1171 | 699745 |
| 5969 | 3.00%, 10/1/49, Pool #QA3907 | 5319 |
| 8819 | 3.00%, 11/1/49, Pool #QA4483 | 7858 |
| 9562 | 3.00%, 12/1/49, Pool #QA5521 | 8523 |
| 24316 | 3.00%, 12/1/49, Pool #QA5154 | 21671 |
| 146379 | 3.00%, 4/1/50, Pool #QA9049 | 130291 |
| 339335 | 2.00%, 6/1/50, Pool #RA2677 | 280725 |
| 437306 | 2.50%, 11/1/50, Pool #SD7530 | 374949 |
| 2221001 | 2.50%, 2/1/51, Pool #SD7535 | 1909690 |
| 1323106 | 2.00%, 5/1/51, Pool #SD7541 | 1095845 |
| 2154036 | 2.50%, 5/1/51, Pool #SD7540 | 1846690 |
| 45612 | 2.00%, 5/1/51, Pool #QC1514 | 37772 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | | |
| **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** |
| $| 27343 | 2.00%, 7/1/51, Pool #QC4163 | $| 22643 |
|  | 354748 | 2.50%, 7/1/51, Pool #RA5574 |  | 305491 |
|  | 470293 | 3.00%, 9/1/51, Pool #QC7496 |  | 416017 |
|  | 388150 | 3.00%, 9/1/51, Pool #QC6608 |  | 343008 |
|  | 693376 | 2.00%, 10/1/51, Pool #RA6076 |  | 569337 |
|  | 442515 | 3.00%, 10/1/51, Pool #QC9077 |  | 391588 |
|  | 463608 | 3.00%, 11/1/51, Pool #QD1240 |  | 410113 |
|  | 419731 | 2.00%, 11/1/51, Pool #RA6302 |  | 343519 |
|  | 1213101 | 2.00%, 11/1/51, Pool #RA6241 |  | 995794 |
|  | 440937 | 3.00%, 12/1/51, Pool #QD3200 |  | 388229 |
|  | 2132877 | 2.50%, 12/1/51, Pool #RA6435 |  | 1830578 |
|  | 470516 | 2.00%, 12/1/51, Pool #RA6510 |  | 387287 |
|  | 282706 | 2.50%, 12/1/51, Pool #RA6496 |  | 241369 |
|  | 652712 | 2.50%, 12/1/51, Pool #RA6434 |  | 560096 |
|  | 804167 | 2.50%, 1/1/52, Pool #RA6622 |  | 687984 |
|  | 401376 | 3.00%, 1/1/52, Pool #RA6604 |  | 353257 |
|  | 248710 | 3.00%, 1/1/52, Pool #QD5561 |  | 218772 |
|  | 1045831 | 2.00%, 2/1/52, Pool #RA6823 |  | 854105 |
|  | 1037760 | 2.00%, 2/1/52, Pool #RA6824 |  | 848269 |
|  | 688227 | 3.50%, 3/1/52, Pool #RA6949 |  | 630184 |
|  | 423529 | 3.00%, 3/1/52, Pool #RA6989 |  | 372526 |
|  | 724248 | 3.50%, 3/1/52, Pool #RA6950 |  | 661728 |
|  | 1235114 | 3.50%, 3/1/52, Pool #RA6987 |  | 1130510 |
|  | 2380609 | 3.00%, 3/1/52, Pool #RA6988 |  | 2095297 |
|  | 197018 | 3.50%, 4/1/52, Pool #SD0927 |  | 181279 |
|  | 1549999 | 3.00%, 5/1/52, Pool #QE8223 |  | 1362973 |
|  | 251431 | 2.50%, 8/1/52, Pool #QE8026 |  | 213498 |
|  | 197649 | 5.00%, 9/1/52, Pool #SD1572 |  | 197514 |
|  | 59826 | 3.00%, 9/1/52, Pool #QF0179 |  | 52623 |
|  | 297753 | 5.00%, 11/1/52, Pool # SD1862 |  | 301898 |
|  | 698276 | 5.00%, 12/1/52, Pool # SD1924 |  | 697800 |
|  | 893048 | 3.00%, 1/1/53, Pool #SD8284 |  | 787421 |
|  |  |  |  | 29378912 |
| **Federal National Mortgage Association (7.7%):** | **Federal National Mortgage Association (7.7%):** | **Federal National Mortgage Association (7.7%):** | **Federal National Mortgage Association (7.7%):** | **Federal National Mortgage Association (7.7%):** |
|  | 31997 | 2.50%, 5/1/31, Pool #BC0919 |  | 29928 |
|  | 46091 | 2.50%, 8/1/31, Pool #BC2778 |  | 43110 |
|  | 32085 | 2.50%, 10/1/31, Pool #AS8010 |  | 29947 |
|  | 204301 | 2.50%, 1/1/32, Pool #BE3032 |  | 191549 |
|  | 35857 | 2.50%, 9/1/32, Pool #MA3124 |  | 33206 |
|  | 19054 | 3.00%, 3/1/33, Pool #BM4614 |  | 18193 |
|  | 620354 | 2.00%, 10/1/35, Pool # BK5705 |  | 553004 |
|  | 450000 | 3.00%, 1/25/36, TBA |  | 421945 |
|  | 324061 | 6.00%, 5/1/36, Pool #745512 |  | 342930 |
|  | 124345 | 2.00%, 12/1/36, Pool #BU1384 |  | 110846 |
|  | 1400000 | 2.00%, 1/25/37, TBA |  | 1248187 |
|  | 2100000 | 1.50%, 1/25/37, TBA |  | 1823062 |
|  | 5600000 | 1.50%, 2/25/38 |  | 4865000 |
|  | 7200000 | 2.00%, 2/25/38 |  | 6427688 |
|  | 482584 | 2.00%, 10/1/40, Pool #MA4176 |  | 410726 |
|  | 51590 | 1.50%, 11/1/40, Pool #MA4175 |  | 41475 |
|  | 51616 | 1.50%, 12/1/40, Pool #MA4202 |  | 41492 |
|  | 12590 | 3.50%, 12/1/40, Pool #AH1556 |  | 11782 |
|  | 18661 | 2.00%, 12/1/40, Pool #MA4204 |  | 15941 |
|  | 55495 | 1.50%, 1/1/41, Pool #MA4266 |  | 45075 |
|  | 54421 | 1.50%, 1/1/41, Pool #MA4231 |  | 43750 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | |
| **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** |
| $56618 | 1.50%, 2/1/41, Pool #MA4286 | $45985 |
| 19980 | 2.00%, 2/1/41, Pool #MA4268 | 17022 |
| 20409 | 2.00%, 3/1/41, Pool #MA4287 | 17388 |
| 21002 | 2.00%, 4/1/41, Pool #MA4311 | 17893 |
| 326639 | 2.00%, 5/1/41, Pool #MA4333 | 278284 |
| 21577 | 2.00%, 6/1/41, Pool #MA4364 | 18383 |
| 22367 | 2.00%, 10/1/41, Pool #MA4446 | 18812 |
| 351422 | 2.00%, 2/1/42, Pool #MA4540 | 297989 |
| 33444 | 4.00%, 10/1/43, Pool #BM1167 | 32170 |
| 254446 | 4.50%, 3/1/44, Pool #AV0957 | 250961 |
| 133731 | 4.50%, 7/1/44, Pool #AS3062 | 133303 |
| 151147 | 4.50%, 12/1/44, Pool #AS4176 | 147990 |
| 82657 | 4.00%, 5/1/45, Pool #AZ1207 | 77795 |
| 58410 | 4.00%, 6/1/45, Pool #AY8126 | 56576 |
| 124793 | 4.00%, 6/1/45, Pool #AY8096 | 117382 |
| 22611 | 4.00%, 12/1/45, Pool #AS6352 | 21904 |
| 7033 | 4.50%, 1/1/46, Pool #AY3890 | 7013 |
| 59504 | 4.00%, 2/1/46, Pool #BC1578 | 56018 |
| 2962 | 4.50%, 3/1/46, Pool #BC0287 | 2915 |
| 19646 | 4.00%, 4/1/46, Pool #AS7024 | 18669 |
| 226835 | 4.00%, 4/1/46, Pool #AL8468 | 215268 |
| 22976 | 4.50%, 6/1/46, Pool #BD1238 | 22677 |
| 152470 | 4.00%, 6/1/46, Pool #AL9282 | 143565 |
| 87416 | 4.00%, 7/1/46, Pool #BC1443 | 84255 |
| 96408 | 4.00%, 9/1/46, Pool #BC2843 | 92913 |
| 26115 | 4.00%, 9/1/46, Pool #BD1489 | 24581 |
| 39307 | 4.50%, 10/1/46, Pool #BE1671 | 38715 |
| 90084 | 4.00%, 10/1/46, Pool #BC4754 | 86818 |
| 17364 | 4.00%, 10/1/46, Pool #BD7599 | 16345 |
| 50449 | 4.50%, 11/1/46, Pool #BE2386 | 49640 |
| 241424 | 3.50%, 12/1/46, Pool #BC9077 | 225522 |
| 4671 | 4.50%, 12/1/46, Pool #BC9079 | 4597 |
| 100428 | 4.50%, 12/1/46, Pool #BE4488 | 98815 |
| 18061 | 4.50%, 1/1/47, Pool #BE7087 | 17771 |
| 29860 | 4.50%, 1/1/47, Pool #BE6506 | 29471 |
| 347439 | 4.00%, 2/1/47, Pool #AL9779 | 336415 |
| 47278 | 4.50%, 2/1/47, Pool #BE8498 | 46661 |
| 45233 | 4.00%, 5/1/47, Pool #BM1277 | 43564 |
| 5261 | 4.00%, 6/1/47, Pool #BH4269 | 5066 |
| 19028 | 4.50%, 6/1/47, Pool #BH0561 | 18739 |
| 50655 | 4.50%, 6/1/47, Pool #BE3663 | 49845 |
| 8548 | 4.50%, 6/1/47, Pool #BE9387 | 8411 |
| 42543 | 4.50%, 7/1/47, Pool #BE3749 | 41863 |
| 24805 | 4.00%, 7/1/47, Pool #AS9968 | 23890 |
| 19153 | 4.50%, 4/1/48, Pool #BJ5454 | 18753 |
| 47616 | 4.00%, 4/1/48, Pool #BM3700 | 45859 |
| 6065 | 4.50%, 5/1/48, Pool #BJ5507 | 5938 |
| 250604 | 4.50%, 10/1/48, Pool #CA2432 | 244564 |
| 63450 | 4.50%, 10/25/48, Pool #BM4548 | 62817 |
| 293352 | 4.50%, 12/1/48, Pool #CA2797 | 289009 |
| 167205 | 4.50%, 9/1/49, Pool #FM1534 | 168429 |
| 39344 | 3.50%, 11/1/49, Pool #CA4557 | 36301 |
| 9073 | 3.00%, 11/1/49, Pool #BO8254 | 8087 |
| 235652 | 4.00%, 11/1/49, Pool #CA4628 | 225973 |
| 127203 | 3.00%, 1/1/50, Pool #CA5019 | 113318 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | |
| **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** |
| $170073 | 3.00%, 1/1/50, Pool #MA3905 | $151397 |
| 509931 | 4.00%, 3/1/50, Pool #FM3663 | 485940 |
| 128457 | 3.00%, 4/1/50, Pool #MA3991 | 114054 |
| 124662 | 2.00%, 7/1/50, Pool #CA6275 | 102730 |
| 88256 | 2.00%, 7/1/50, Pool #FM3897 | 73022 |
| 339725 | 2.50%, 8/1/50, Pool #SD0430 | 291866 |
| 2573230 | 3.50%, 8/1/50, Pool #FM7147 | 2371167 |
| 571168 | 3.00%, 8/1/50, Pool #FM6118 | 504232 |
| 51356 | 3.00%, 9/1/50, Pool #FM4317 | 45505 |
| 132483 | 3.00%, 9/1/50, Pool #CA6998 | 117425 |
| 131561 | 2.00%, 10/1/50, Pool #CA7323 | 108925 |
| 156803 | 2.50%, 10/1/50, Pool #CA7229 | 135505 |
| 87095 | 2.00%, 11/1/50, Pool #C47616 | 71796 |
| 145736 | 3.00%, 12/1/50, Pool #FM7827 | 129578 |
| 1250000 | 4.50%, 1/25/51, TBA | 1206250 |
| 8500000 | 2.50%, 2/25/51, TBA | 7225664 |
| 7350000 | 3.50%, 2/25/51, TBA | 6693668 |
| 2123852 | 2.00%, 3/1/51, Pool #MA4281 | 1738392 |
| 2066862 | 2.00%, 4/1/51, Pool #MA4305 | 1691660 |
| 1053617 | 2.50%, 4/1/51, Pool #FM6540 | 918795 |
| 4274661 | 3.00%, 4/1/51, Pool #BR9775 | 3782779 |
| 579263 | 3.00%, 5/1/51, Pool #CB0531 | 511191 |
| 1338482 | 3.00%, 6/1/51, Pool #CB0850 | 1185603 |
| 501096 | 3.00%, 7/1/51, Pool #FM8077 | 443446 |
| 20087 | 2.00%, 7/1/51, Pool #BT1461 | 16630 |
| 44218 | 2.00%, 7/1/51, Pool #BQ1010 | 36346 |
| 500616 | 2.50%, 8/1/51, Pool #CB1384 | 429649 |
| 367807 | 2.50%, 9/1/51, Pool #CB1549 | 312662 |
| 489310 | 2.00%, 10/1/51, Pool #CB1799 | 403590 |
| 645550 | 2.00%, 10/1/51, Pool #CB1801 | 531413 |
| 47125 | 3.00%, 10/1/51, Pool #CB1878 | 41539 |
| 824433 | 2.00%, 11/1/51, Pool #FM9568 | 680972 |
| 522038 | 2.00%, 11/1/51, Pool #FM9539 | 429806 |
| 1294087 | 2.50%, 11/1/51, Pool #FM9501 | 1100083 |
| 887471 | 2.50%, 12/1/51, Pool #CB2289 | 761627 |
| 422502 | 3.00%, 12/1/51, Pool #BT9503 | 371942 |
| 373394 | 2.50%, 12/1/51, Pool #CB2320 | 317400 |
| 1576882 | 2.50%, 12/1/51, Pool #FM9865 | 1340544 |
| 372626 | 2.00%, 12/1/51, Pool #CB2350 | 305923 |
| 1042714 | 2.00%, 12/1/51, Pool #CB2349 | 858218 |
| 279837 | 2.00%, 12/1/51, Pool #CB2348 | 230356 |
| 282653 | 2.00%, 12/1/51, Pool #CB2347 | 233465 |
| 396505 | 2.50%, 12/1/51, Pool #CB2321 | 340237 |
| 348923 | 2.50%, 12/1/51, Pool #CB2376 | 299447 |
| 274106 | 3.00%, 1/1/52, Pool #CB2662 | 241957 |
| 685938 | 2.00%, 1/1/52, Pool #FS0288 | 561236 |
| 1581461 | 2.00%, 1/1/52, Pool #FS0286 | 1292561 |
| 349304 | 3.50%, 1/1/52, Pool #MA4514 | 318194 |
| 9275000 | 2.00%, 1/25/52, TBA | 7567820 |
| 988550 | 2.50%, 2/1/52, Pool #FS0605 | 846134 |
| 1621390 | 2.00%, 2/1/52, Pool #CB2842 | 1323098 |
| 935897 | 3.00%, 2/1/52, Pool #FS0631 | 826035 |
| 1676469 | 3.00%, 3/1/52, Pool #CB3169 | 1474192 |
| 646953 | 3.00%, 3/1/52, Pool #BV0350 | 569484 |
| 446609 | 3.50%, 3/1/52, Pool #CB3174 | 406731 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | | |
| **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** |
| $| 407388 | 2.50%, 3/1/52, Pool #BV4139 | $| 346986 |
|  | 2224134 | 2.50%, 4/1/52, Pool #BV4656 |  | 1890906 |
|  | 684676 | 4.50%, 7/1/52, Pool #CB4064 |  | 670583 |
|  | 1633533 | 4.00%, 9/1/52, Pool #FS3083 |  | 1539915 |
|  | 640840 | 5.00%, 9/1/52, Pool #CB4682 |  | 640403 |
|  | 391814 | 5.50%, 10/1/52, Pool #CB4843 |  | 394168 |
|  | 1099998 | 4.00%, 10/1/52, Pool #MA4783 |  | 1033868 |
|  | 49813 | 5.00%, 10/1/52, Pool #CB4893 |  | 49779 |
|  | 497712 | 5.00%, 11/1/52, Pool #CB5128 |  | 498454 |
|  | 149066 | 5.00%, 11/1/52, Pool #FS3295 |  | 148454 |
|  | 1524998 | 4.50%, 11/1/52, Pool #BX1765 |  | 1472283 |
|  | 299112 | 5.00%, 11/1/52, Pool #FS3248 |  | 298908 |
|  | 49995 | 5.00%, 12/1/52, Pool #BX1076 |  | 49317 |
|  | 149911 | 5.00%, 12/1/52, Pool #CB5273 |  | 149809 |
|  | 3000000 | 4.00%, 1/1/53, Pool #MA4866 |  | 2819542 |
|  | 266734 | 2.50%, 1/1/53, Pool #MA4910 |  | 226492 |
|  | 2050000 | 4.00%, 1/25/53, TBA |  | 1926680 |
|  | 300000 | 5.00%, 1/25/53, TBA |  | 295828 |
|  | 1100000 | 3.00%, 1/25/53, TBA |  | 967312 |
|  | 1700000 | 2.50%, 1/25/53, TBA |  | 1443672 |
|  | 4900000 | 1.50%, 1/25/53, TBA |  | 3760750 |
|  | 12950000 | 2.00%, 2/25/53, TBA |  | 10578531 |
|  |  |  |  | 107100264 |
| **Government National Mortgage Association (2.4%):** | **Government National Mortgage Association (2.4%):** | **Government National Mortgage Association (2.4%):** | **Government National Mortgage Association (2.4%):** | **Government National Mortgage Association (2.4%):** |
|  | 17195 | 4.00%, 10/20/40, Pool #G24833 |  | 16724 |
|  | 51655 | 4.00%, 1/20/41, Pool #4922 |  | 50243 |
|  | 55835 | 4.00%, 8/15/41, Pool #430354 |  | 53418 |
|  | 588996 | 4.00%, 1/20/42, Pool #5280 |  | 572895 |
|  | 78317 | 4.00%, 11/20/42, Pool #MA0535 |  | 76178 |
|  | 191960 | 3.00%, 12/20/42, Pool #AA5872 |  | 172049 |
|  | 23834 | 3.50%, 3/20/43, Pool #AD8884 |  | 22144 |
|  | 124940 | 3.00%, 3/20/43, Pool #AA6146 |  | 117974 |
|  | 53856 | 3.00%, 3/20/43, Pool #AD8812 |  | 49691 |
|  | 8868 | 3.50%, 4/20/43, Pool #AB9891 |  | 8240 |
|  | 24311 | 3.50%, 4/20/43, Pool #AD9075 |  | 22585 |
|  | 50663 | 4.00%, 5/20/46, Pool #MA3664 |  | 49281 |
|  | 253857 | 3.00%, 12/20/46, Pool #MA4126 |  | 231157 |
|  | 42259 | 4.00%, 1/15/47, Pool #AX5857 |  | 40692 |
|  | 36997 | 4.00%, 1/15/47, Pool #AX5831 |  | 35584 |
|  | 360725 | 3.00%, 1/20/47, Pool #MA4195 |  | 328467 |
|  | 151301 | 4.00%, 3/20/47, Pool #MA4322 |  | 146013 |
|  | 25711 | 4.00%, 4/20/47, Pool #MA4383 |  | 24813 |
|  | 85915 | 4.00%, 4/20/47, Pool #784304 |  | 81228 |
|  | 84790 | 4.00%, 4/20/47, Pool #784303 |  | 80147 |
|  | 27971 | 4.00%, 5/20/47, Pool #MA4452 |  | 26993 |
|  | 18150 | 3.50%, 2/20/48, Pool #MA5019 |  | 16792 |
|  | 16610 | 4.00%, 4/20/48, Pool #BG3507 |  | 15842 |
|  | 14198 | 4.00%, 4/20/48, Pool #BG7744 |  | 13538 |
|  | 2809 | 3.50%, 12/20/49, Pool #BR8984 |  | 2596 |
|  | 7071 | 3.50%, 12/20/49, Pool #BR8985 |  | 6591 |
|  | 3360 | 3.50%, 12/20/49, Pool #BR8987 |  | 3170 |
|  | 3700000 | 3.00%, 2/20/50, TBA |  | 3300516 |
|  | 425000 | 3.00%, 1/20/51, TBA |  | 378848 |
|  | 578969 | 2.00%, 2/20/51, Pool #MA7192 |  | 485576 |
|  | 6900000 | 2.00%, 2/20/51, TBA |  | 5789531 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | | |
| **Government National Mortgage Association, continued** | **Government National Mortgage Association, continued** | **Government National Mortgage Association, continued** | **Government National Mortgage Association, continued** | **Government National Mortgage Association, continued** |
| $| 2700000 | 3.50%, 2/20/51, TBA | $| 2484105 |
|  | 4000000 | 2.50%, 2/20/51, TBA |  | 3473437 |
|  | 1132825 | 2.50%, 7/20/51, Pool #MA7472 |  | 986457 |
|  | 69253 | 2.50%, 12/20/51, Pool #MA7767 |  | 60203 |
|  | 850000 | 2.00%, 3/20/52 |  | 713602 |
|  | 3200000 | 4.50%, 1/20/53, TBA |  | 3108500 |
|  | 3750000 | 2.00%, 1/20/53, TBA |  | 3144727 |
|  | 1200000 | 4.00%, 1/20/53, TBA |  | 1137187 |
|  | 2400000 | 3.50%, 1/20/53, TBA |  | 2206500 |
|  | 4675000 | 2.50%, 7/20/53, TBA |  | 4055562 |
|  |  |  |  | 33589796 |
|  | Total U.S. Government Agency Mortgages (Cost $181,514,024) | Total U.S. Government Agency Mortgages (Cost $181,514,024) |  | 170068972 |
| **U.S. Treasury Obligations (14.9%):** | **U.S. Treasury Obligations (14.9%):** | **U.S. Treasury Obligations (14.9%):** |  |  |
| **U.S. Treasury Bonds (6.0%):** | **U.S. Treasury Bonds (6.0%):** | **U.S. Treasury Bonds (6.0%):** | **U.S. Treasury Bonds (6.0%):** | **U.S. Treasury Bonds (6.0%):** |
|  | 32428000 | 1.75%, 8/15/41 |  | 22360120 |
|  | 3796700 | 3.38%, 8/15/42 |  | 3415844 |
|  | 1605300 | 3.00%, 2/15/47 |  | 1323118 |
|  | 66722000 | 2.00%, 8/15/51 |  | 44078221 |
|  | 6906000 | 1.88%, 11/15/51 |  | 4415524 |
|  | 7300000 | 2.25%, 2/15/52 |  | 5127109 |
|  | 3500000 | 2.88%, 5/15/52 |  | 2830078 |
|  |  |  |  | 83550014 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Treasury Obligations, continued** | **U.S. Treasury Obligations, continued** | |
| **U.S. Treasury Notes (8.9%):** | **U.S. Treasury Notes (8.9%):** | **U.S. Treasury Notes (8.9%):** |
| $74500000 | 0.75%, 5/31/26 | $66502891 |
| 18472000 | 1.25%, 12/31/26 | 16558416 |
| 5255200 | 1.25%, 5/31/28 | 4557244 |
| 17310000 | 1.25%, 9/30/28 | 14894714 |
| 23500000 | 2.88%, 5/15/32 | 21730156 |
|  |  | 124243421 |
| Total U.S. Treasury Obligations (Cost $260,588,509) | Total U.S. Treasury Obligations (Cost $260,588,509) | 207793435 |
| **Shares** |  | **Value** |
| **Short-Term Security Held as Collateral for Securities on Loan (0.4%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.4%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.4%):** |
| 6021821 | BlackRock Liquidity FedFund, Institutional Class , 1.49%(d)(e) | 6021821 |
| Total Short-Term Security Held as Collateral for Securities on<br>Loan (Cost $6,021,821) | Total Short-Term Security Held as Collateral for Securities on<br>Loan (Cost $6,021,821) | 6021821 |
| **Unaffiliated Investment Company (5.1%):** | **Unaffiliated Investment Company (5.1%):** |  |
| **Money Markets (5.1%):** | **Money Markets (5.1%):** |  |
| 71683826 | Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(e) | 71683826 |
| Total Unaffiliated Investment Company (Cost $71,683,826) | Total Unaffiliated Investment Company (Cost $71,683,826) | 71683826 |
| Total Investment Securities (Cost $1,613,910,290) — 105.5%(f) | Total Investment Securities (Cost $1,613,910,290) — 105.5%(f) | 1471321101 |
| Net other assets (liabilities) — (5.5)% | Net other assets (liabilities) — (5.5)% | (76221924) |
| Net Assets — 100.0% | Net Assets — 100.0% | $1395099177 |

---

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 December 31, 2022. The total value of securities on loan as of December 31, 2022 was $5,795,158.  |

---

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

† Represents less than 0.05%.

(a) Security was valued using significant unobservable inputs as of December 31, 2022.

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

(c) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets
underlying the security. The rate presented is the rate in effect at December 31, 2022.

(d) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for
securities that were sold on or before December 31, 2022.

(e) The rate represents the effective yield at December 31, 2022.

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

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

Percentages indicated are based on net assets as of December 31, 2022.

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

**Futures Contracts** 

At December 31, 2022, the Fund's open futures contracts were as follows:

**Long Futures** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  S&P 500 Index E-Mini March Futures (U.S. Dollar) | 3/17/23 | 110 | $21235500 | $(478780) |
|  |  |  |  | $(478780) |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment securities, at cost | $1613910290 |
|  Investment securities, at value(a) | $1471321101 |
|  Cash | 433611 |
|  Deposit at broker for futures contracts collateral | 1166000 |
|  Interest and dividends receivable | 8430417 |
|  Foreign currency, at value (cost $1) | 1 |
|  Receivable for capital shares issued | 16395 |
|  Receivable for investments sold | 8060357 |
|  Receivable for TBA investments sold | 86575825 |
|  Reclaims receivable | 6405 |
|  Prepaid expenses | 11084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1576021196 |
|  **Liabilities:** |  |
|  Payable for capital shares redeemed | 243974 |
|  Payable for investments purchased | 829146 |
|  Payable for TBA investments purchased | 172816827 |
|  Payable for collateral received on loaned securities | 6021821 |
|  Payable for variation margin on futures contracts | 62719 |
|  Management fees payable | 465856 |
|  Administration fees payable | 139677 |
|  Distribution fees payable | 283307 |
|  Custodian fees payable | 10067 |
|  Administrative and compliance services fees payable | 3383 |
|  Transfer agent fees payable | 1663 |
|  Trustee fees payable | 8452 |
|  Other accrued liabilities | 35127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 180922019 |
|  **Net Assets** | $1395099177 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1555585319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | (160486142) |
|  **Net Assets** | $1395099177 |
|  **Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $85004154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 11051223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $7.69 |
|  **Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $1310095023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 105770684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $12.39 |

---

(a) Includes securities on loan of $5,795,158.

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Interest | $26454673 |
|  Dividends | 11130433 |
|  Income from securities lending | 48974 |
|  Foreign withholding tax | (34517) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 37599563 |
|  **Expenses:** |  |
|  Management fees | 6723693 |
|  Administration fees | 282790 |
|  Distribution fees — Class 2 | 3670925 |
|  Custodian fees | 64815 |
|  Administrative and compliance services fees | 23449 |
|  Transfer agent fees | 14445 |
|  Trustee fees | 95048 |
|  Professional fees | 71377 |
|  Shareholder reports | 35306 |
|  Other expenses | 45515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reductions | 11027363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less expense contractually waived/reimbursed by the Manager | (228020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 10799343 |
|  **Net Investment Income/(Loss)** | 26800220 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities and foreign currencies | (37348427) |
|  Net realized gains/(losses) on futures contracts | (4309208) |
|  Net realized gains/(losses) on securities held short | (2355) |
|  Change in net unrealized appreciation/depreciation on securities and foreign currencies | (247101165) |
|  Change in net unrealized appreciation/depreciation on futures contracts | (460540) |
|  Change in net unrealized appreciation/depreciation on securities held short | 219 |
|  **Net realized and Change in net unrealized gains/losses on investments** | (289221476) |
|  **Change in Net Assets Resulting From Operations** | $(262421256) |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021^** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $26800220 | $15670060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | (41659990) | 104247562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (247561486) | 19318995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (262421256) | 139236617 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (10958966) | (3330348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (109130381) | (34061423) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (120089347) | (37391771) |
|  **Capital Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 213171 | 116811345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 10958966 | 3330348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (12968837) | (9762492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | (1796700) | 110379201 |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 5307519 | 1259772914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 109130381 | 34061423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (202741466) | (196875194) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | (88303566) | 1096959143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | (90100266) | 1207338344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (472610869) | 1309183190 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1867710046 | 558526856 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1395099177 | $1867710046 |
|  **Share Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 25660 | 11643238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 1451519 | 336739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1449051) | (956882) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | 28128 | 11023095 |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 382308 | 82739673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 8967163 | 2240883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (14515051) | (12725870) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | (5165580) | 72254686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | (5137452) | 83277781 |

---

^ Class 1 activity is for the period June 21, 2021 (commencement of operations) to December 31, 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. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021^** | **2020** | **2019** | **2018** |
|  **Class 1** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $10.29 | $10.00 |  |  |  |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.17 (a) | 0.07 (a) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (1.67) | 0.52 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (1.50) | 0.59 |  |  |  |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.14) | (0.08) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.96) | (0.22) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (1.10) | (0.30) |  |  |  |
|  **Net Asset Value, End of Period** | $7.69 | $10.29 |  |  |  |
|  **Total Return**(b) | (14.40)% | 6.03 %(c) |  |  |  |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $85004 | $113445 |  |  |  |
|  Net Investment Income/(Loss)(d) | 1.95% | 1.35% |  |  |  |
|  Expenses Before Reductions(d)(e) | 0.47% | 0.51% |  |  |  |
|  Expenses Net of Reductions(d) | 0.46% | 0.46% |  |  |  |
|  Portfolio Turnover Rate(f) | 72% | 115% |  |  |  |
|  **Class 2** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $15.81 | $14.44 | $13.45 | $12.26 | $13.35 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.24 (a) | 0.19 (a) | 0.26 (a) | 0.31 (a) | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (2.56) | 1.48 | 1.51 | 1.76 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (2.32) | 1.67 | 1.77 | 2.07 | (0.24) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.14) | (0.08) | (0.35) | (0.33) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.96) | (0.22) | (0.43) | (0.55) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (1.10) | (0.30) | (0.78) | (0.88) | (0.85) |
|  **Net Asset Value, End of Period** | $12.39 | $15.81 | $14.44 | $13.45 | $12.26 |
|  **Total Return**(b) | (14.56)% | 11.65% | 13.47% | 17.27% | (2.02)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $1310095 | $1754265 | $558527 | $559027 | $539355 |
|  Net Investment Income/(Loss) | 1.70% | 1.22% | 1.92% | 2.35% | 2.24% |
|  Expenses Before Reductions(c) | 0.72% | 0.80% | 1.03% | 1.02% | 1.01% |
|  Expenses Net of Reductions | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
|  Portfolio Turnover Rate | 72% | 115% | 77% | 77% | 66% |

---

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

(a) Calculated using the average shares method.

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

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

(d) Annualized for periods less than one year

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

(f) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares
issued.

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

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.

On December 13, 2022, the Board unanimously approved a reorganization whereby the Fund will acquire all of the assets and liabilities of the AZL Gateway Fund and costs related to the reorganization will be paid by the Manager.

**2. Significant Accounting Policies** 

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

**Security Valuation** 

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

**Investment Transactions and Investment Income** 

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

**Real Estate Investment Trusts** 

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

**Foreign Currency Translation and Withholding Taxes** 

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

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

**Structured Notes** 

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

**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

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Notes to the Financial Statements

December 31, 2022

or liquid assets equal to the amount of the commitment. Securities purchased on a when-issued basis are recorded as an asset and are subject to changes in the value based upon changes in the general level of interest rates. The Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

**Short Sales** 

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

**Distributions to Shareholders** 

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

**Expense Allocation** 

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

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

**Class Allocation** 

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

**Bank Loans** 

The Fund may invest in bank loans, which generally have interest rates which are reset periodically by reference to a base lending rate plus a premium. 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 Fund reflects both the funded portion of a bank loan, as well as its unfunded commitment in the Schedule of Portfolio Investments. The portfolio is obligated to fund any commitments at the borrower's discretion. Therefore, the portfolio must have funds sufficient to cover its contractual obligation.

**Securities Lending** 

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day's fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at December 31, 2022 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 $4,852 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund had securities lending transactions of $6,021,821 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Notes to the Financial Statements

December 31, 2022

**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, 2022, no collateral had been posted by the Fund to counterparties for TBAs.

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

**Derivative Instruments** 

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

***Futures Contracts***

During the year ended December 31, 2022, the Fund used futures contracts to provide market exposure on the Fund's cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value ("variation margin"), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the year ended December 31, 2022, the monthly average notional amount for long contracts was $17.9 million. There was no short contract activity during the period. Realized gains and losses are reported as "Net realized gains/(losses) on futures contracts" on the Statement of Operations.

**Summary of Derivative Instruments** 

The following is a summary of the values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Primary Risk Exposure** | **Statement of Assets and Liabilities Location** | **Total<br>Value** | **Statement of Assets and Liabilities Location** | **Total<br>Value** |
|  **Equity Risk** | **Equity Risk** |  |  |  |
| Futures Contracts | Receivable for variation margin on futures contracts\* | $— | Payable for variation margin on futures contracts\* | $478780 |

---

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

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Primary Risk Exposure** | **Location of Gains/(Losses)<br>on Derivatives<br>Recognized** | **Realized Gains/(Losses)<br>on Derivatives<br>Recognized** | **Change in Net Unrealized<br>Appreciation/Depreciation on<br>Derivatives Recognized** |
|  **Equity Risk** | **Equity Risk** |  |  |
| Futures Contracts | Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts | $(4309208) | $(460540) |

---

**3. Fees and Transactions with Affiliates and Other Parties**

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization, FIAM LLC ("FIAM") to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with the Manager, FIAM provides investment advisory services as the subadviser for the

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Notes to the Financial Statements

December 31, 2022

Fund subject to the general supervision of the Trustees and the Manager. Prior to March 18, 2022, pursuant to a separate sub-subadvisory agreement with FIAM, Geode Capital Management, LLC ("Geode") acted as sub-subadviser, made investment decisions with respect to certain designated assets of the Fund, and was paid a fee by FIAM, not the Fund. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as "Management fees." For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund's business, based on the daily net assets of the Fund, through April 30, 2024.

For the year ended December 31, 2022, the annual rate due to the Manager and the annual expense limit were as follows:

---

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

---

\* The annual rate due to the Manager is 0.43% of the first $20 billion of the Fund's net assets and 0.40% of the Fund's net assets over $20 billion. 

Any amounts waived or reimbursed by the Manager with respect to the annual expense limit in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager."

At December 31, 2022, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Expires<br>12/31/2023** | **Expires<br>12/31/2024** | **Expires<br>12/31/2025** | **Total** |
|  AZL Fidelity Institutional Asset Management Multi-Strategy Fund | $353628 | $564106 | $228020 | $1145754 |

---

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable. During the year ended December 31, 2022, there were no such waivers.

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

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

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

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

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

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

**4. Investment Valuation Summary** 

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

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

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Notes to the Financial Statements

December 31, 2022

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

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

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

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

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

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Level 3** | **Total** |
|  Common Stocks+ | $539297467 | $— | $238990 |  | $539536457 |
|  Preferred Stock+ | 144240 |  |  |  | 144240 |
|  Warrants<sup>+</sup> | 88243 |  |  |  | 88243 |
|  Asset Backed Securities |  | 7762729 |  |  | 7762729 |
|  Collateralized Mortgage Obligations |  | 83734497 |  |  | 83734497 |
|  Convertible Bonds+ |  | 800747 | 551561 |  | 1352308 |
|  Bank Loans |  | 1135898 |  |  | 1135898 |
|  Corporate Bonds+ |  | 299909643 |  | # | 299909643 |
|  Yankee Debt Obligations+ |  | 78378311 |  |  | 78378311 |
|  Municipal Bonds |  | 3710721 |  |  | 3710721 |
|  U.S. Government Agency Mortgages |  | 170068972 |  |  | 170068972 |
|  U.S. Treasury Obligations |  | 207793435 |  |  | 207793435 |
|  Short-Term Security Held as Collateral for Securities on Loan | 6021821 |  |  |  | 6021821 |
|  Unaffiliated Investment Companies | 71683826 |  |  |  | 71683826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | 617235597 | 853294953 | 790551 |  | 1471321101 |
|  Other Financial Instruments:\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (478780) |  |  |  | (478780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $616756817 | $853294953 | $790551 |  | $1470842321 |

---

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

# Represents the interest in securities that were determined to have a value of zero at December 31, 2022.

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

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, 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 | $1078844483 | $1290542050 |

---

For the year ended December 31, 2022, purchases and sales of long-term U.S. government securities were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
|  AZL Fidelity Institutional Asset Management Multi-Strategy Fund | $140117868 | $262420011 |

---

------

**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Notes to the Financial Statements

December 31, 2022

**6. Restricted Securities** 

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the "1933 Act") or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of December 31, 2022 are identified below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security** | **Acquisition<br>Date(a)** | **Acquisition<br>Cost** | **Shares or<br>Principal<br>Amount** | **Value** | **Percentage of<br>Net Assets** |
|  Mesquite Energy, Inc., 15.00%, 7/15/23 | 7/10/20 | $26314 | 31702 | $202024 | 0.01% |
|  Mesquite Energy, Inc., 15.00%, 7/15/23 | 11/5/20 | 46000 | 54850 | 349537 | 0.03% |
|  Sanchez Energy Corp., 7.25%, 2/15/23, Callable 1/7/23 @ 100 | 10/30/18 | 256808 | 278000 |  | 0.00% |

---

(a) Acquisition date represents the initial purchase date of the security.

**7. Investment Risks**

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

*Bank Loan Risk:* There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair the Fund's ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund's returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates.

*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.

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

*Foreign Securities Risk:* Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

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

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

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

*Mortgage-Related and Other Asset-Backed Securities Risk:* The Fund may invest in a variety of mortgage-related and other asset-backed securities, which are subject to certain additional risks. Generally, rising interest rates tend to extend the duration of fixed rate mortgage related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, investments in mortgage-related securities may cause the fund to exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-related securities are subject to call risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. If the Fund purchases mortgage-backed or asset-backed securities that are subordinated to other interests in the same mortgage pool, the Fund may receive payments only after the pool's obligations to other investors have been

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**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Notes to the Financial Statements

December 31, 2022

satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool's ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless. An unexpectedly high or low rate of prepayments on a pool's underlying mortgages may have a similar effect on subordinated securities. A mortgage pool may issue securities subject to various levels of subordination. The risk of non-payment affects securities at each level, although the risk is greater in the case of more highly subordinated securities. The Fund's investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

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

**8. Coronavirus (COVID-19) Pandemic** 

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

**9. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**10. Federal Tax Information** 

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

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

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $1,640,453,507. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

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| | |
|:---|:---|
|  Unrealized appreciation | $7775519 |
|  Unrealized (depreciation) | (176907925) |
|  Net unrealized appreciation/(depreciation) | $(169132406) |

---

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

CLCFs not subject to expiration:

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| | | | |
|:---|:---|:---|:---|
| | **Short-Term<br>Amount** | **Long-Term<br>Amount** | **Total<br>Amount** |
|  AZL Fidelity Institutional Asset Management Multi-Strategy Fund | $17799083 | $– | $17799083 |

---

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

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Fidelity Institutional Asset Management Multi-Strategy Fund | $42108022 | $77981325 | $120089347 |

---

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

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**AZL Fidelity Institutional Asset Management Multi-Strategy Fund** 

Notes to the Financial Statements

December 31, 2022

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Fidelity Institutional Asset Management Multi-Strategy Fund | $14482331 | $22909440 | $37391771 |

---

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized<br>Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated<br>Earnings/<br>(Deficit)** |
|  AZL Fidelity Institutional Asset Management Multi-Strategy Fund | $26438940 | $– | $(17799083) | $(169125999) | $(160486142) |

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(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, foreign currency gains or losses, investments in real estate investment trusts and other miscellaneous differences.

**11. Ownership and Principal Holders** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2022, 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 this shareholder could have a material impact to the Fund.

**12. Subsequent Events** 

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

The reorganization, as discussed in Note 1, whereby the Fund will acquire all of the assets and liabilities of the AZL Gateway Fund, is expected to be completed on or about March 10, 2023.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Fidelity Institutional Asset Management Multi-Strategy Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

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

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**Other Federal Income Tax Information (Unaudited)** 

For the year ended December 31, 2022, 15.38% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2022, the Fund declared net short-term capital gain distributions of $27,144,505.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $77,981,325.

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**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.

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**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

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

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

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

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

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

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

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

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

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

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the

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Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

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

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

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

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

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

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

------

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

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

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

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

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

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

------

**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(2)</sup>/ Length**<br> **of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Portfolios**<br> **Overseen for the**<br> **AIM Complex** | **Other**<br> **Directorships**<br> **Held Outside the<br>AIM Complex<br>During Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14<br> (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 1/22<br> (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

---

**Interested Trustee<sup>(4)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(2)</sup>/ Length**<br> **of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Portfolios**<br> **Overseen for the**<br> **AIM Complex** | **Other**<br> **Directorships**<br> **Held Outside the<br>AIM Complex<br>During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

---

(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

------

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(1)</sup>/Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963) <br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 to present. |

---

(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

------

![LOGO](g351847g71x52.jpg)

---

| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

---

------

## AZL<sup>®</sup> Fidelity Institutional Asset Management

## Total Bond Fund

## Annual Report

## December 31, 2022
![LOGO](g369376g71x52.jpg)

------

**Table of Contents** 

---

| |
|:---|
| [Management Discussion and Analysis](#t2432toc369376_1a)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#t2432toc369376_1)<br> Page 3 |
| [Schedule of Portfolio Investments](#t2432toc369376_2)<br> Page 4 |
| [Statement of Assets and Liabilities](#t2432toc369376_3)<br> Page 28 |
| [Statement of Operations](#t2432toc369376_4)<br> Page 28 |
| [Statements of Changes in Net Assets](#t2432toc369376_5)<br> Page 29 |
| [Financial Highlights](#t2432toc369376_6)<br> Page 30 |
| [Notes to the Financial Statements](#t2432toc369376_7)<br> Page 31 |
| [Report of Independent Registered Public Accounting Firm](#t2432toc369376_7a)<br> Page 38 |
| [Other Federal Income Tax Information](#t2432toc369376_8a)<br> Page 39 |
| [Other Information](#t2432toc369376_8)<br> Page 40 |
| [Approval of Investment Advisory and Subadvisory Agreements](#t2432toc369376_9)<br> Page 41 |
| [Information about the Board of Trustees and Officers](#t2432toc369376_10)<br> Page 44 |

---

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

------

 **AZL<sup>®</sup> Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund Review (Unaudited)**<br>

Allianz Investment Management LLC serves as the Manager for the AZL<sup>®</sup> Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund and FIAM LLC serves as Subadviser to the Fund.

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

For the year ended December 31, 2022, the AZL<sup>®</sup> Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund (Class 2 shares) (the "Fund") returned (13.37)%. That compared to a (13.01)% total return for its benchmark, the Bloomberg U.S. Aggregate Bond Index.<sup>1</sup>

The U.S. bond market posted negative returns in 2022 as the U.S. Federal Reserve took aggressive steps to reign in inflation, which persisted at high levels due to supply chain challenges and spikes in food and energy prices due to Russia's invasion of Ukraine, among other factors. This notable strategic shift began in late 2021 when the Fed indicated that it was planning to stop bond purchases as part of its quantitative easing program. The trend continued in 2022 as the Fed made a series of increases to its federal funds target rate, starting in March and continuing through December.

The Fund underperformed its benchmark for the period. An overweight allocation to high-yield corporate bonds hurt relative returns, as spreads widened amid growing market concern over the possibility of a recession.

The Fund's relative performance was helped by its modestly shorter duration compared to that of the benchmark throughout the period, as bond yields rose materially during the year. An underweight position in mortgage-backed securities also contributed to relative returns as spreads widened considerably.

The Fund did not hold derivatives during the period under review.

------

***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmark please refer to page 2 of this report.* 

------

 **AZL<sup>®</sup> Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to seek a high level of current income. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities.* 

**Investment Concerns** 

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

*Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.* 

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

*Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund's performance may be more volatile than if it did not hold these securities.* 

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

*High-yield bonds have a higher risk of default or other adverse credit events, but have the potential to pay higher earnings over investment-grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high-yield bonds. Debt securities held by the Fund may decline in value due to rising interest rates.* 

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

**Growth of $10,000 Investment**![LOGO](g369376g10a02.jpg)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **Inception<br>Date** | **1<br>Year** | **3<br>Year** | **5<br>Year** | **10<br>Year** | **Since<br>Inception** |
| &nbsp;&nbsp; AZL<sup>®</sup> Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund (Class 1 Shares) | 10/28/2016 | (13.20)% | (1.60)% | 0.85% |  | 1.03% |
| &nbsp;&nbsp; AZL<sup>®</sup> Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund (Class 2 Shares) | 9/5/2012 | (13.37)% | (1.84)% | 0.59% | 1.47% | 1.49% |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 9/5/2012 | (13.01)% | (2.71)% | 0.02% | 1.06% | 1.06% |

---

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

---

| | |
|:---|:---|
| **Expense Ratios** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund (Class 1 Shares) | 0.57% |
| &nbsp;&nbsp; AZL<sup>®</sup> Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund (Class 2 Shares) | 0.82% |

---

***The above expense ratios are based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.70% for Class 1 Shares and 0.95% for Class 2 Shares through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratios can be found in the Financial Highlights.***

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

*The Fund's performance is measured against the Bloomberg U.S. Aggregate Bond Index, which is an unmanaged market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.* 

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

**Expense Examples** 

(Unaudited)

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Fidelity Institutional Asset Management Total Bond Fund, Class 1 | $1000.00 | $979.60 | $2.84 | 0.57% |
|  AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2 | $1000.00 | $978.00 | $4.09 | 0.82% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Fidelity Institutional Asset Management Total Bond Fund, Class 1 | $1000.00 | $1022.33 | $2.91 | 0.57% |
|  AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2 | $1000.00 | $1021.07 | $4.18 | 0.82% |

---

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

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  Corporate Bonds | 37.1 |
|  U.S. Treasury Obligations | 21.4 |
|  U.S. Government Agency Mortgages | 20.3 |
|  Collateralized Mortgage Obligations | 10.8 |
|  Yankee Debt Obligations | 9.4 |
|  Unaffiliated Investment Company | 4.5 |
|  Asset Backed Securities | 2.1 |
|  Municipal Bonds | 0.7 |
|  Short-Term Security Held as Collateral for Securities on Loan | 0.7 |
|  Convertible Bonds | 0.4 |
|  Common Stocks | 0.2 |
|  Bank Loans | 0.2 |
|  Preferred Stock |  |
|  Warrant |  |
|  Total Investment Securities | 107.8 |
|  Net other assets (liabilities) | (7.8) |
|  Net Assets | 100.0 |

---

† Represents less than 0.05%.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks (0.2%):** | **Common Stocks (0.2%):** | |
| **Diversified Telecommunication Services (0.0%<sup>†</sup>):** | **Diversified Telecommunication Services (0.0%<sup>†</sup>):** | |
| 1287 | Frontier Communications Parent, Inc.\* | $32793 |
| **Hotels, Restaurants & Leisure (0.0%<sup>†</sup>):** | **Hotels, Restaurants & Leisure (0.0%<sup>†</sup>):** |  |
| 1100 | Caesars Entertainment, Inc.\* | 45760 |
| **Media (0.0%<sup>†</sup>):** | **Media (0.0%<sup>†</sup>):** |  |
| 2400 | Altice USA, Inc., Class A\* | 11040 |
| **Oil, Gas & Consumable Fuels (0.2%):** | **Oil, Gas & Consumable Fuels (0.2%):** |  |
| 22 | Amplify Energy Corp.\* | 193 |
| 2649 | Denbury, Inc.\* | 230516 |
| 1400 | EQT Corp. | 47362 |
| 5889 | Sanchez Energy Corp.\*(a) | 350845 |
|  |  | 628916 |
| **Semiconductors & Semiconductor Equipment (0.0%<sup>†</sup>):** | **Semiconductors & Semiconductor Equipment (0.0%<sup>†</sup>):** |  |
| 698 | Micron Technology, Inc. | 34886 |
| Total Common Stocks (Cost $355,578) | Total Common Stocks (Cost $355,578) | 753395 |
| **Preferred Stock (0.0%<sup>†</sup>):** | **Preferred Stock (0.0%<sup>†</sup>):** |  |
| **Electric Utilities (0.0%<sup>†</sup>):** | **Electric Utilities (0.0%<sup>†</sup>):** |  |
| 600 | PG&E Corp., 8/16/23 | 86544 |
| Total Preferred Stock (Cost $70,437) | Total Preferred Stock (Cost $70,437) | 86544 |
| **Contracts** |  | **Value** |
| **Warrant (0.0%<sup>†</sup>):** | **Warrant (0.0%<sup>†</sup>):** |  |
| **Oil, Gas & Consumable Fuels (0.0%<sup>†</sup>):** | **Oil, Gas & Consumable Fuels (0.0%<sup>†</sup>):** |  |
| 95 | California Resources Corp., 10/27/24\* | 1197 |
| Total Warrant (Cost $–) | Total Warrant (Cost $–) | 1197 |
| **Principal<br>Amount** |  | **Value** |
| **Asset Backed Securities (2.1%):** | **Asset Backed Securities (2.1%):** |  |
| $561996 | Aaset Trust, Class A, Series 2021-2A, 2.80%, 1/15/47(b) | 452241 |
| 921568 | Aaset Trust, Class A, Series 2017-1A, 3.97%, 5/16/42(b) | 714681 |
| 209785 | Aaset Trust, Class A, Series 2018-1A, 3.84%, 1/16/38(b) | 127112 |
| 138939 | Aaset Trust, Class A, Series 2020-1A, 4.34%, 1/16/40(b) | 59870 |
| 124544 | Aaset Trust, Class A, Series 2020-1A, 3.35%, 1/16/40(b) | 98117 |
| 164232 | Aaset Trust, Class A, Series 2019-1,<br>3.84%, 5/15/39(b) | 107164 |
| 369987 | Aaset Trust, Class A, Series 2019-2, 3.38%, 10/16/39(b) | 273801 |
| 285174 | Aaset Trust, Class A, Series 2021-1A, 2.95%, 11/16/41(b) | 224316 |
| 425027 | Blackbird Capital Aircraft, Class A, Series 2021-1A, 2.44%, 7/15/46, Callable 7/15/28 @ 100(b) | 353642 |
| 521264 | Blackbird Capital Aircraft, Class A, Series 2016-1A, 4.21%, 12/16/41, Callable 12/15/24 @ 100(b)(c) | 431231 |
| 59947 | Blackbird Capital Aircraft, Class AA, Series 2016-1A, 2.49%, 12/16/41, Callable 12/15/24 @ 100(b)(c) | 55965 |
| 321244 | Castlelake Aircraft Structured Trust, Class A, Series 2019-1, 3.97%, 4/15/39(b) | 271494 |
| 186315 | Castlelake Aircraft Structured Trust, Class B, Series 2019-1, 5.10%, 4/15/39(b) | 138092 |
| 170236 | Castlelake Aircraft Structured Trust, Class A, Series 2021-1A, 3.47%, 1/15/46(b) | 142478 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Asset Backed Securities, continued** | **Asset Backed Securities, continued** | **Asset Backed Securities, continued** | |
| $| 215893 | Castlelake Aircraft Structured Trust, Class A, Series 2018-1A, 4.13%, 6/15/43(b) | $189227 |
|  | 519639 | CF Hippolyta LLC, Class A1, Series 2021-A, 1.53%, 3/15/61, Callable 3/15/24 @ 100(b) | 448325 |
|  | 545783 | DB Master Finance LLC, Class A2II, Series 2017-1A, 4.03%, 11/20/47, Callable 11/20/23 @ 100(b) | 489282 |
|  | 202303 | Horizon Aircraft Finance, Ltd., Class A,<br>Series 2018-1, 4.46%, 12/15/38(b) | 165988 |
|  | 198362 | Horizon Aircraft Finance, Ltd., Class A,<br>Series 2019-1, 3.72%, 7/15/39(b) | 156038 |
|  | 252095 | Planet Fitness Master Issuer LLC, Class A2I, Series 2022-1A, 3.25%, 12/5/51, Callable 12/5/24 @ 100(b) | 218577 |
|  | 215373 | Planet Fitness Master Issuer LLC, Class A2II, Series 2022-1A, 4.01%, 12/5/51, Callable 12/5/27 @ 100(b) | 168284 |
|  | 326890 | Planet Fitness Master Issuer LLC, Class A2, Series 1A, 3.86%, 12/5/49, Callable 12/5/25 @ 100(b) | 268361 |
|  | 342922 | Project Silver, Class A, Series 2019-1, 3.97%, 7/15/44(b) | 270310 |
|  | 321051 | Sapphire Aviation Finance, Ltd., Class A, Series 2020-1A, 3.23%, 3/15/40(b) | 242980 |
|  | 233783 | Sapphire Aviation Finance, Ltd., Class B, Series 2020-1A, 4.34%, 3/15/40(b) | 136884 |
|  | 314611 | Thunderbolt Aircraft Lease, Ltd., Class A, Series 2017-A, 4.21%, 5/17/32, Callable 4/15/24 @ 100(b)(c) | 270670 |
|  | 495272 | Thunderbolt Aircraft Lease, Ltd., Class A, Series 2019-1, 3.67%, 11/15/39(b) | 388919 |
|  | 437655 | Thunderbolt II Aircraft Lease, Ltd., Class A, Series 2018, 4.15%, 9/15/38, Callable 7/15/2022 @ 100(b)(c) | 331537 |
|  | Total Asset Backed Securities (Cost $9,058,147) | Total Asset Backed Securities (Cost $9,058,147) | 7195586 |
| **Collateralized Mortgage Obligations (10.8%):** | **Collateralized Mortgage Obligations (10.8%):** | **Collateralized Mortgage Obligations (10.8%):** |  |
|  | 250000 | Aimco CLO 11, Ltd., Class AR, Series 2020-11A, 5.21%(US0003M+113bps), 10/17/34, Callable 10/17/23 @ 100(b) | 243352 |
|  | 460000 | Aimco CLO 14, Ltd., Class A, Series 2021-14A, 5.23%(US0003M+99bps), 4/20/34, Callable 4/20/23 @ 100(b) | 443470 |
|  | 273000 | Allegro CLO XIII, Ltd., Class A, Series 2021-1A, 5.38%(US0003M+114bps), 7/20/34, Callable 7/20/23 @ 100(b) | 265325 |
|  | 254000 | Allegro CLO XV, Ltd., Class A, Series 2022-1A, 3.18%(TSFR3M+150bps), 7/20/35, Callable 7/20/24 @ 100(b) | 247090 |
|  | 250000 | Ares CLO, Ltd., Class AR2, Series 2015-2A, 5.33%(US0003M+125bps), 4/17/33, Callable 1/17/23 @ 100(b) | 244911 |
|  | 393000 | Ares CLO, Ltd., Class A, Series 2019-54A, 5.40%(US0003M+132bps), 10/15/32, Callable 1/15/23 @ 100(b) | 385469 |
|  | 342000 | Ares LV CLO, Ltd., Class A1R, Series 2020-55A, 5.21%(US0003M+113bps), 7/15/34, Callable 7/15/23 @ 100(b) | 334226 |
|  | 408000 | Ares LVIII CLO, Ltd., Class AR, Series 2020-58A, 5.19%(TSFR3M+133bps), 1/15/35, Callable 1/15/24 @ 100(b) | 391582 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $387000 | Ares XLI CLO, Ltd., Class AR2, Series 2016-41A, 5.15%(US0003M+107bps), 4/15/34, Callable 4/15/23 @ 100(b) | $375582 |
| 273000 | BAMLL Commercial Mortgage Securities Trust, Class ANM, Series 2019-BPR, 3.11%, 11/5/32(b) | 252833 |
| 100000 | BAMLL Commercial Mortgage Securities Trust, Class BNM, Series 2019-BPR, 3.47%, 11/5/32(b) | 93181 |
| 227000 | BAMLL Commercial Mortgage Securities Trust, Class A, Series 2022-DKLX, 5.49%(TSFR1M+115bps), 1/15/39(b) | 219645 |
| 100000 | BAMLL Commercial Mortgage Securities Trust, Class C, Series 2022-DKLX, 6.49%(TSFR1M+215bps), 1/15/39(b) | 94870 |
| 43000 | Bank, Class A5, Series 2019-BN21, 2.85%, 10/15/52, Callable 10/15/29 @ 100 | 37096 |
| 250000 | Barings CLO, Ltd., Class AR, Series 2020-1A, 5.23%(US0003M+115bps), 10/15/36, Callable 10/15/23 @ 100(b) | 243253 |
| 440000 | Barings CLO, Ltd., Class A, Series 2020-4A, 5.46%(US0003M+122bps), 1/20/32, Callable 1/20/23 @ 100(b) | 433000 |
| 417000 | Beechwood Park CLO, Ltd., Class A1R, Series 2019-1A, 5.16%(TSFR3M+130bps), 1/17/35, Callable 1/17/24 @ 100(b) | 410348 |
| 49000 | Benchmark Mortgage Trust, Class A5, Series 2018-B4, 4.12%, 7/15/51, Callable 7/15/28 @ 100(c) | 46544 |
| 331000 | Bethpage Park CLO, Ltd., Class A, Series 2021-1A, 5.21%(US0003M+113bps), 1/15/35, Callable 10/15/23 @ 100(b) | 321222 |
| 201000 | BFLD Trust, Class A, Series 2020-OBRK, 6.37%(US0001M+205bps), 11/15/28(b) | 199498 |
| 743000 | BPR Trust, Class A, Series 2022-OANA, 6.23%(TSFR1M+190bps), 4/15/37(b) | 731654 |
| 197000 | BPR Trust, Class B, Series 2022-OANA, 6.78%(TSFR1M+245bps), 4/15/37(b) | 184920 |
| 442187 | Bristol Park CLO, Ltd., Class AR, Series 2016-1A, 5.07%(US0003M+99bps), 4/15/29, Callable 1/15/23 @ 100(b) | 436038 |
| 238850 | BX Commercial Mortgage Trust, Class C, Series 2019-XL, 5.70%(US0001M+125bps), 10/15/36(b) | 232935 |
| 339150 | BX Commercial Mortgage Trust, Class D, Series 2019-XL, 5.90%(US0001M+145bps), 10/15/36(b) | 328524 |
| 160611 | BX Commercial Mortgage Trust, Class C, Series 2022-LP2, 5.90%(TSFR1M+156bps), 2/15/39(b) | 152177 |
| 476000 | BX Commercial Mortgage Trust, Class E, Series 2019-XL, 6.25%(US0001M+180bps), 10/15/36(b) | 459574 |
| 160611 | BX Commercial Mortgage Trust, Class B, Series 2022-LP2, 5.65%(TSFR1M+131bps), 2/15/39(b) | 153016 |
| 532896 | BX Commercial Mortgage Trust, Class A, Series 2022-LP2, 5.35%(TSFR1M+101bps), 2/15/39(b) | 509802 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $190400 | BX Commercial Mortgage Trust, Class B, Series 2019-XL, 5.53%(US0001M+108bps), 10/15/36(b) | $187077 |
| 119000 | BX Commercial Mortgage Trust, Class D, Series 2018-EXCL, 6.94%(US0001M+263bps), 9/15/37(b) | 106111 |
| 160611 | BX Commercial Mortgage Trust, Class D, Series 2022-LP2, 6.30%(TSFR1M+196bps), 2/15/39(b) | 150357 |
| 185000 | BX Commercial Mortgage Trust, Class D, Series 2019-IMC, 6.22%(US0001M+190bps), 4/15/34(b) | 177339 |
| 75266 | BX Commercial Mortgage Trust, Class A, Series 2019-XL, 5.37%(US0001M+92bps), 10/15/36(b) | 74242 |
| 266000 | BX Commercial Mortgage Trust, Class B, Series 2019-IMC, 5.62%(US0001M+130bps), 4/15/34(b) | 256653 |
| 400000 | BX Commercial Mortgage Trust, Class A, Series 2019-IMC, 5.32%(US0001M+100bps), 4/15/34(b) | 390647 |
| 176000 | BX Commercial Mortgage Trust, Class C, Series 2019-IMC, 5.92%(US0001M+160bps), 4/15/34(b) | 168411 |
| 447000 | BX Mortgage Trust, Class A, Series 2021-PAC, 5.01%(US0001M+69bps), 10/15/36(b) | 429136 |
| 100000 | BX Mortgage Trust, Class D, Series 2021-PAC, 5.62%(US0001M+130bps), 10/15/36(b) | 93076 |
| 302000 | BX Mortgage Trust, Class E, Series 2021-PAC, 6.27%(US0001M+195bps), 10/15/36(b) | 282200 |
| 100000 | BX Mortgage Trust, Class C, Series 2021-PAC, 5.42%(US0001M+110bps), 10/15/36(b) | 94006 |
| 100000 | BX Mortgage Trust, Class B, Series 2021-PAC, 5.22%(US0001M+90bps), 10/15/36(b) | 94630 |
| 373434 | BX Trust, Class A, Series 2022-IND A, 5.82%(TSFR1M+149bps), 4/15/24(b) | 365072 |
| 190452 | BX Trust, Class B, Series 2022-IND, 6.27%(TSFR1M+194bps), 4/15/24(b) | 183939 |
| 42945 | BX Trust, Class C, Series 2022-IND, 6.62%(TSFR1M+229bps), 4/15/24(b) | 41012 |
| 36410 | BX Trust, Class D, Series 2022-IND, 7.16%(TSFR1M+284bps), 4/15/24(b) | 34352 |
| 187000 | BX Trust, Class A, Series 2022-GPA, 6.50%(TSFR1M+217bps), 10/15/39(b) | 185030 |
| 189101 | Cascade Funding Mortgage Trust, Class A, Series 2021-HB6, 0.90%, 6/25/36, Callable 1/25/23 @ 100(b)(c) | 178901 |
| 336000 | Cedar Funding VI CLO, Ltd., Class AAA, Series 2016-6A, 5.29%(US0003M+105bps), 4/20/34, Callable 4/20/23 @ 100(b) | 324990 |
| 264000 | Cedar Funding X CLO, Ltd., Class AR, Series 2019-10A, 5.34%(US0003M+110bps), 10/20/32, Callable 1/20/23 @ 100(b) | 257611 |
| 250000 | Cedar Funding XII CLO, Ltd., Class A1R, Series 2020-12A, 5.49%(US0003M+113bps), 10/25/34, Callable 10/25/23 @ 100(b) | 242673 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $387000 | Cedar Funding XV CLO, Ltd., Class A, Series 2022-15A, 5.28%(TSFR3M+132bps), 4/20/35, Callable 4/20/24 @ 100(b) | $372719 |
| 137958 | CHC Commercial Mortgage Trust, Class C, Series 2019-CHC, 6.07%(US0001M+175bps), 6/15/34(b) | 128035 |
| 122078 | CHC Commercial Mortgage Trust, Class B, Series 2019-CHC, 5.82%(US0001M+150bps), 6/15/34(b) | 119598 |
| 622301 | CHC Commercial Mortgage Trust, Class A, Series 2019-CHC, 5.44%(US0001M+112bps), 6/15/34(b) | 607270 |
| 75000 | CIM Retail Portfolio Trust, Class D, Series 2021-RETL, 7.37%(US0001M+305bps), 8/15/36(b) | 72446 |
| 6722 | CIM Retail Portfolio Trust, Class C, Series 2021-RETL, 6.62%(US0001M+230bps), 8/15/36(b) | 6448 |
| 328000 | Columbia Cent CLO 29, Ltd., Class AR, Series 2020-29A, 5.41%(US0003M+117bps), 10/20/34, Callable 10/20/23 @ 100(b) | 318170 |
| 580000 | Columbia Cent CLO 30, Ltd., Class A1, Series 2020-30A, 5.55%(US0003M+131bps), 1/20/34, Callable 4/20/23 @ 100(b) | 567838 |
| 440000 | Columbia Cent CLO 31, Ltd., Class A1, Series 2021-31A, 5.44%(US0003M+120bps), 4/20/34, Callable 7/20/23 @ 100(b) | 427317 |
| 83000 | Commercial Mortgage Trust, Class A5, Series 2014-CR18, 3.83%, 7/15/47, Callable 7/15/24 @ 100 | 80376 |
| 205000 | Credit Suisse Mortgage Capital Certificates, Class B, Series 2019-ICE4, 5.55%(US0001M+123bps), 5/15/36(b) | 201457 |
| 116301 | Credit Suisse Mortgage Capital Certificates, Class A, Series 2020-NET, 2.26%, 8/15/37(b) | 104141 |
| 128000 | CSMC Trust, Class D, Series 2018, 4.78%, 4/15/36(b) | 117960 |
| 1384000 | CSMC Trust, Class D, Series 2017-PFHP, 6.57%(US0001M+225bps), 12/15/30(b) | 1308624 |
| 309000 | CSMC Trust, Class A, Series 2018, 4.28%, 4/15/36(b) | 296288 |
| 100000 | CSMC Trust, Class B, Series 2018, 4.53%, 4/15/36(b) | 96320 |
| 100000 | CSMC Trust, Class C, Series 2018, 4.78%, 4/15/36(b) | 95949 |
| 250000 | Dryden 76 CLO, Ltd., Class A1R, Series 2019-76A, 5.39%(US0003M+115bps), 10/20/34, Callable 10/20/23 @ 100(b) | 243077 |
| 382000 | Dryden 83 CLO, Ltd., Class A, Series 2020-83A, 5.41%(US0003M+122bps), 1/18/32, Callable 1/18/23 @ 100(b) | 375778 |
| 296000 | Dryden 85 CLO, Ltd., Class AR, Series 2020-85A, 5.23%(US0003M+115bps), 10/15/35, Callable 10/15/23 @ 100(b) | 287509 |
| 250000 | Dryden 90 CLO, Ltd., Class A1A, Series 2021-90A, 5.81%(US0003M+113bps), 2/20/35, Callable 2/20/24 @ 100(b) | 242463 |
| 250000 | Dryden 98 CLO, Ltd., Class A, Series 2022-98A, 5.26%(TSFR3M+130bps), 4/20/35, Callable 4/20/24 @ 100(b) | 241406 |
| 300000 | Dryden CLO, Ltd., Class A, Series 2020-78A, 5.26%(US0003M+118bps), 4/17/33, Callable 1/17/23 @ 100(b) | 293611 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $250000 | Eaton Vance CLO, Ltd., Class A13R, Series 2013-1A, 5.33%(US0003M+125bps), 1/15/34, Callable 1/15/23 @ 100(b) | $243866 |
| 378000 | Eaton Vance CLO, Ltd., Class AR, Series 2020-2A, 5.23%(US0003M+115bps), 1/15/35, Callable 1/15/24 @ 100(b) | 368854 |
| 612000 | ELP Commercial Mortgage Trust, Class A, Series 2021-ELP, 5.02%(US0001M+70bps), 11/15/36(b) | 586073 |
| 131786 | Extended Stay America Trust, Class D, Series 2021-ESH, 6.57%(US0001M+225bps), 7/15/38(b) | 126216 |
| 97619 | Extended Stay America Trust, Class C, Series 2021-ESH, 6.02%(US0001M+170bps), 7/15/38(b) | 93718 |
| 119095 | Extended Stay America Trust, Class B, Series 2021-ESH, 5.70%(US0001M+138bps), 7/15/38(b) | 114485 |
| 209881 | Extended Stay America Trust, Class A, Series 2021-ESH, 5.40%(US0001M+108bps), 7/15/38(b) | 203841 |
| 250000 | Flatiron CLO 19, Ltd., Class AR, Series 2019-1A, 5.72%(US0003M+108bps), 11/16/34, Callable 2/16/23 @ 100(b) | 243929 |
| 430000 | Flatiron CLO 20, Ltd., Class A, Series 2020-1A, 5.98%(US0003M+130bps), 11/20/33, Callable 2/20/23 @ 100(b) | 420240 |
| 250000 | Flatiron CLO 21, Ltd., Class A1, Series 2021-1A, 5.34%(US0003M+111bps), 7/19/34, Callable 7/19/23 @ 100(b) | 243887 |
| 264000 | GS Mortgage Securities Corp. Trust, Class A, Series 2021-IP, 5.27%(US0001M+95bps), 10/15/36(b) | 246129 |
| 100000 | GS Mortgage Securities Corp. Trust, Class B, Series 2021-IP, 5.47%(US0001M+115bps), 10/15/36(b) | 92449 |
| 319000 | INTOWN STAY Mortgage Trust, Class A, Series 2022, 6.82%(TSFR1M+249bps), 8/15/37, Callable 8/15/24 @ 100(b) | 315197 |
| 250000 | Invesco CLO, Ltd., Class A, Series 2021-3A, 5.45%(US0003M+113bps), 10/22/34, Callable 10/22/23 @ 100(b) | 242533 |
| 63000 | J.P. Morgan Chase Commercial Mortgage Securities Trust, Class CFX, Series 2018-WPT, 4.95%, 7/5/23, Callable 7/5/23 @ 100(b) | 61930 |
| 97000 | J.P. Morgan Chase Commercial Mortgage Securities Trust, Class DFX, Series 2018-WPT, 5.35%, 7/5/23, Callable 7/5/23 @ 100(b) | 95352 |
| 133000 | J.P. Morgan Chase Commercial Mortgage Securities Trust, Class EFX, Series 2018-WPT, 5.54%, 7/5/23, Callable 7/5/23 @ 100(b) | 130291 |
| 506000 | KKR CLO 41, Ltd., Class A1, Series 2022-41A, 5.19%(TSFR3M+133bps), 4/15/35, Callable 4/15/24 @ 100(b) | 487365 |
| 388273 | Life Mortgage Trust, Class A, Series 2021-BMR, 5.02%(US0001M+70bps), 3/15/38(b) | 376096 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $173000 | Life Mortgage Trust, Class D, Series 2022-BMR2, 6.88%(TSFR1M+254bps), 5/15/39, Callable 5/15/24 @ 100(b) | $165699 |
| 98297 | Life Mortgage Trust, Class D, Series 2021-BMR, 5.72%(US0001M+140bps), 3/15/38(b) | 93173 |
| 580000 | Life Mortgage Trust, Class A1, Series 2022-BMR2, 5.63%(TSFR1M+130bps), 5/15/39, Callable 5/15/24 @ 100(b) | 565511 |
| 98297 | Life Mortgage Trust, Class E, Series 2021-BMR, 6.07%(US0001M+175bps), 3/15/38(b) | 93039 |
| 98297 | Life Mortgage Trust, Class C, Series 2021-BMR, 5.42%(US0001M+110bps), 3/15/38(b) | 93451 |
| 194000 | Life Mortgage Trust, Class C, Series 2022-BMR2, 6.43%(TSFR1M+209bps), 5/15/39, Callable 5/15/24 @ 100(b) | 187700 |
| 98297 | Life Mortgage Trust, Class B, Series 2021-BMR, 5.20%(US0001M+88bps), 3/15/38(b) | 93962 |
| 347000 | Life Mortgage Trust, Class B, Series 2022-BMR2, 6.13%(TSFR1M+179bps), 5/15/39, Callable 5/15/24 @ 100(b) | 336164 |
| 250000 | Lucali CLO, Ltd., Class A, Series 2020-1A, 5.29%(US0003M+121bps), 1/15/32, Callable 1/15/23 @ 100(b) | 246595 |
| 460000 | Madison Park Funding L, Ltd., Class A, Series 2021-50A, 5.37%(US0003M+114bps), 4/19/34, Callable 4/19/23 @ 100(b) | 449960 |
| 369000 | Madison Park Funding LII, Ltd., Class A, Series 2021-52A, 5.42%(US0003M+110bps), 1/22/35, Callable 1/22/24 @ 100(b) | 357185 |
| 250000 | Madison Park Funding XLV, Ltd., Class AR, Series 2020-45A, 5.20%(US0003M+112bps), 7/15/34, Callable 7/15/23 @ 100(b) | 243722 |
| 270761 | Madison Park Funding, Ltd., Class A1R2, Series 2015-19A, 5.24%(US0003M+92bps), 1/22/28, Callable 1/22/23 @ 100(b) | 267762 |
| 325000 | Magnetite XXI, Ltd., Class AR, Series 2019-21A, 5.26%(US0003M+102bps), 4/20/34, Callable 1/20/23 @ 100(b) | 315748 |
| 271000 | Magnetite XXIII, Ltd., Class AR, Series 2019-23A, 5.49%(US0003M+113bps), 1/25/35, Callable 1/25/24 @ 100(b) | 263316 |
| 400000 | Magnetite XXIX, Ltd., Class A, Series 2021-29A, 5.07%(US0003M+99bps), 1/15/34, Callable 1/15/23 @ 100(b) | 392322 |
| 250000 | Magnetite XXVII, Ltd., Class AR, Series 2020-27A, 5.38%(US0003M+114bps), 10/20/34, Callable 10/20/23 @ 100(b) | 243340 |
| 400000 | Magnetite XXX, Ltd., Class A, Series 2021-30A, 5.49%(US0003M+113bps), 10/25/34, Callable 10/25/23 @ 100(b) | 389472 |
| 464000 | Milos CLO, Ltd., Class AR, Series 2017-1A, 5.31%(US0003M+107bps), 10/20/30, Callable 1/20/23 @ 100(b) | 457366 |
| 82000 | Morgan Stanley Capital I Trust, Class C, Series 2019-Mead, 3.18%, 11/10/36, Callable 11/10/24 @ 100(b)(c) | 74770 |
| 86000 | Morgan Stanley Capital I Trust, Class B, Series 2019-Mead, 3.18%, 11/10/36, Callable 11/10/24 @ 100(b) | 79784 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $593000 | Morgan Stanley Capital I Trust, Class A, Series 2019-Mead, 3.17%, 11/10/36, Callable 11/10/24 @ 100(b) | $551924 |
| 200000 | Morgan Stanley Capital I Trust, Class A4, Series 2018-H4, 4.31%, 12/15/51, Callable 1/15/29 @ 100 | 189205 |
| 723200 | Morgan Stanley Capital I Trust, Class C, Series 2018-BOP, 5.82%(US0001M+150bps), 6/15/35(b) | 673708 |
| 300000 | Morgan Stanley Capital I Trust, Class B, Series 2018-BOP, 5.57%(US0001M+125bps), 6/15/35(b) | 297103 |
| 250000 | Peace Park CLO, Ltd., Class A, Series 2021-1A, 5.37%(US0003M+113bps), 10/20/34, Callable 10/20/23 @ 100(b) | 243419 |
| 24835 | Prima Capital CRE Securitization, Class A, Series 2021-9A, 5.39%(US0001M+145bps), 12/15/37, Callable 10/25/23 @ 100(b) | 24527 |
| 470000 | Rockland Park CLO, Ltd., Class A, Series 2021-1A, 5.36%(US0003M+112bps), 4/20/34, Callable 4/20/23 @ 100(b) | 458655 |
| 420000 | RR 7, Ltd., Class A1AB, Series 2019-7A, 5.20%(TSFR3M+134bps), 1/15/37, Callable 1/15/23 @ 100(b) | 409589 |
| 103000 | SPGN Mortgage Trust, Class B, Series 2022-TFLM, 6.34%(TSFR1M+200bps), 2/15/39, Callable 2/15/24 @ 100(b) | 96926 |
| 53000 | SPGN Mortgage Trust, Class C, Series 2022-TFLM, 6.99%(TSFR1M+265bps), 2/15/39, Callable 2/15/24 @ 100(b) | 49613 |
| 146000 | SREIT Trust, Class C, Series 2021-MFP, 5.65%(US0001M+133bps), 11/15/38(b) | 138662 |
| 235000 | SREIT Trust, Class B, Series 2021-MFP, 5.40%(US0001M+108bps), 11/15/38(b) | 223768 |
| 410000 | SREIT Trust, Class A, Series 2021-MFP, 5.05%(US0001M+73bps), 11/15/38(b) | 394271 |
| 100000 | SREIT Trust, Class D, Series 2021-MFP, 5.90%(US0001M+158bps), 11/15/38(b) | 94354 |
| 350000 | Symphony CLO XXVI, Ltd., Class AR, Series 2021-26A, 5.32%(US0003M+108bps), 4/20/33, Callable 1/20/23 @ 100(b) | 339955 |
| 434000 | Symphony CLO XXXII, Ltd., Class A1, Series 2022-32A, 5.36%(TSFR3M+132bps), 4/23/35, Callable 4/23/24 @ 100(b) | 424039 |
| 370000 | VLS Commercial Mortgage Trust, Class A, Series 2020-LAB, 2.13%, 10/10/42(b) | 284140 |
| 20000 | VLS Commercial Mortgage Trust, Class B, Series 2020-LAB, 2.45%, 10/10/42(b) | 15134 |
| 250000 | Voya CLO, Ltd., Class A1R, Series 2020-2A, 5.39%(US0003M+116bps), 7/19/34, Callable 7/19/23 @ 100(b) | 244640 |
| 250000 | Voya CLO, Ltd., Class AR, Series 2020-1A, 5.23%(US0003M+115bps), 7/16/34, Callable 7/16/23 @ 100(b) | 243670 |
| 516000 | Voya CLO, Ltd., Class A, Series 2019-2, 5.51%(US0003M+127bps), 7/20/32, Callable 1/20/23 @ 100(b) | 506919 |
| 444000 | Voya CLO, Ltd., Class AR, Series 2020-3A, 5.39%(US0003M+115bps), 10/20/34, Callable 10/20/23 @ 100(b) | 431975 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| 261000 | Wells Fargo Commercial Mortgage Trust, Class A, Series 2021-FCMT, 5.52%(US0001M+120bps), 5/15/31(b) | $248473 |
| 234000 | Wells Fargo Commercial Mortgage Trust, Class A5, Series 2018-C48, 4.30%, 1/15/52, Callable 12/15/28 @ 100 | 221491 |
| Total Collateralized Mortgage Obligations (Cost $37,681,612) | Total Collateralized Mortgage Obligations (Cost $37,681,612) | 36302054 |
| **Convertible Bonds (0.4%):** | **Convertible Bonds (0.4%):** |  |
| **Entertainment (0.0%<sup>†</sup>):** | **Entertainment (0.0%<sup>†</sup>):** |  |
| 37000 | Live Nation Entertainment, Inc., 2.00%, 2/15/25 | 36458 |
| **Hotels, Restaurants & Leisure (0.0%<sup>†</sup>):** | **Hotels, Restaurants & Leisure (0.0%<sup>†</sup>):** |  |
| 38000 | Booking Holdings, Inc., 0.75%, 5/1/25 | 50854 |
| 40000 | Vail Resorts, Inc., 2.55%, 1/1/26 | 37085 |
|  |  | 87939 |
| **Leisure Products (0.0%<sup>†</sup>):** | **Leisure Products (0.0%<sup>†</sup>):** |  |
| 28000 | Callaway Golf Co., 2.75%, 5/1/26 | 36244 |
| **Media (0.1%):** | **Media (0.1%):** |  |
| 85000 | DISH Network Corp., 2.38%, 3/15/24 | 76882 |
| 209000 | DISH Network Corp., 3.38%, 8/15/26 | 131233 |
|  |  | 208115 |
| **Oil, Gas & Consumable Fuels (0.2%):** | **Oil, Gas & Consumable Fuels (0.2%):** |  |
| 46865 | Mesquite Energy, Inc., 15.00%, 7/15/23(a)(b) | 298652 |
| 79890 | Mesquite Energy, Inc., 15.00%, 7/15/23(a)(b) | 509107 |
|  |  | 807759 |
| **Professional Services (0.1%):** | **Professional Services (0.1%):** |  |
| 23000 | FTI Consulting, Inc., 2.00%, 8/15/23 | 36214 |
| 33000 | KBR, Inc., 2.50%, 11/1/23 | 68493 |
|  |  | 104707 |
| **Semiconductors & Semiconductor Equipment (0.0%<sup>†</sup>):** | **Semiconductors & Semiconductor Equipment (0.0%<sup>†</sup>):** |  |
| 13000 | ON Semiconductor Corp., 1.63%, 10/15/23 | 38981 |
|  |  | 38981 |
| Total Convertible Bonds (Cost $626,832) | Total Convertible Bonds (Cost $626,832) | 1320203 |
| **Bank Loans (0.2%):** | **Bank Loans (0.2%):** |  |
| **Chemicals (0.0%<sup>†</sup>):** | **Chemicals (0.0%<sup>†</sup>):** |  |
| 24688 | Consolidated Energy Term Incr B 1Ln, 7.82% (LIBOR+350bps), 5/7/25 | 23515 |
| 9925 | Diamond (BC) B.V. Term B 1Ln, 7.07% (LIBOR+275bps), 9/29/28 | 9577 |
|  |  | 33092 |
| **Construction & Engineering (0.0%<sup>†</sup>):** | **Construction & Engineering (0.0%<sup>†</sup>):** |  |
| 50000 | DG Investment Intermediate Holdings Term 2Ln, 11.07% (LIBOR+675bps), 3/31/29 | 43916 |
| 9875 | DG Investment Intermediate Holdings Term B 1Ln, 8.07% (LIBOR+375bps), 3/31/28 | 9431 |
|  |  | 53347 |
| **Diversified Consumer Services (0.0%<sup>†</sup>):** | **Diversified Consumer Services (0.0%<sup>†</sup>):** |  |
| 5000 | Ascend Learning Term 2Ln, 10.07% (LIBOR+575bps), 12/10/29 | 4269 |
| 74438 | Ascend Learning Term B 1Ln, 7.82% (LIBOR+350bps), 12/10/28 | 70250 |
|  |  | 74519 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Bank Loans, continued** | **Bank Loans, continued** | |
| **Hotels, Restaurants & Leisure (0.1%):** | **Hotels, Restaurants & Leisure (0.1%):** | |
| $109175 | City Football Group Term B 1Ln, 7.32% (LIBOR+300bps), 7/21/28 | $101806 |
| 75285 | Diamond Sports Group Term 2Ln, 7.71% (Term SOFR+335bps), 8/24/26 | 8281 |
| 156412 | Golden Entertainment Term B 1Ln, 7.32% (LIBOR+300bps), 10/20/24 | 155825 |
|  |  | 265912 |
| **Industrial Products (0.0%<sup>†</sup>):** | **Industrial Products (0.0%<sup>†</sup>):** |  |
| 50000 | Brookfield WEC Holding Inc. Term 1Ln, 8.11% (Term SOFR+375bps), 8/1/25 | 49735 |
| **Media (0.0%<sup>†</sup>):** | **Media (0.0%<sup>†</sup>):** |  |
| 19950 | ABG Intermediate Holdings 2 LLC Term B1 1LN, 7.86% (Term SOFR+350bps), 12/21/28 | 19277 |
| **Software (0.0%<sup>†</sup>):** | **Software (0.0%<sup>†</sup>):** |  |
| 6771 | Acuris Finance US Inc. Term 1Ln, 8.36% (Term SOFR+400bps), 2/16/28 | 6644 |
| **Software & Tech Services (0.1%):** | **Software & Tech Services (0.1%):** |  |
| 46911 | Athenahealth Term B 1Ln, 7.86% (Term SOFR+350bps), 2/15/29 | 42237 |
| 7971 | Athenahealth Term DD 1Ln, 7.82% (LIBOR+350bps), 2/15/29+ | 7177 |
| 125000 | Nielsen Holdings Term B 1Ln, 4.36% (Term SOFR+0bps), 4/11/29 | 111329 |
|  |  | 160743 |
| Total Bank Loans (Cost $725,499) | Total Bank Loans (Cost $725,499) | 663269 |
| **Corporate Bonds (37.1%):** | **Corporate Bonds (37.1%):** |  |
| **Aerospace & Defense (0.6%):** | **Aerospace & Defense (0.6%):** |  |
| 214000 | Boeing Co. (The), 5.04%, 5/1/27, Callable 3/1/27 @ 100 | 211948 |
| 214000 | Boeing Co. (The), 5.15%, 5/1/30, Callable 2/1/30 @ 100 | 209339 |
| 200000 | Boeing Co. (The), 5.71%, 5/1/40, Callable 11/1/39 @ 100 | 191922 |
| 200000 | Boeing Co. (The), 5.81%, 5/1/50, Callable 11/1/49 @ 100 | 187888 |
| 210000 | Boeing Co. (The), 5.93%, 5/1/60, Callable 11/1/59 @ 100 | 193993 |
| 125000 | BWX Technologies, Inc., 4.13%, 6/30/28, Callable 6/30/23 @ 102.06(b) | 111406 |
| 170000 | BWX Technologies, Inc., 4.13%, 4/15/29, Callable 4/15/24 @ 102.06(b) | 148750 |
| 5000 | Howmet Aerospace, Inc., 5.95%, 2/1/37 | 4844 |
| 65000 | Moog, Inc., 4.25%, 12/15/27, Callable 2/6/23 @ 103.19(b) | 59800 |
| 60000 | TransDigm UK Holdings plc, 6.88%, 5/15/26, Callable 2/6/23 @ 103.44 | 58950 |
| 60000 | TransDigm, Inc., 6.38%, 6/15/26, Callable 2/6/23 @ 101.59 | 58425 |
| 55000 | TransDigm, Inc., 7.50%, 3/15/27, Callable 2/6/23 @ 103.75 | 54381 |
| 610000 | TransDigm, Inc., 5.50%, 11/15/27, Callable 2/6/23 @ 102.75 | 567300 |
| 115000 | TransDigm, Inc., 4.88%, 5/1/29, Callable 5/1/24 @ 102.44 | 100050 |
|  |  | 2158996 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Air Freight & Logistics (0.1%):** | **Air Freight & Logistics (0.1%):** | |
| $100000 | Cargo Aircraft Management, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38(b) | $90000 |
| 93000 | XPO Logistics, Inc., 6.25%, 5/1/25, Callable 2/6/23 @ 103.13(b) | 93930 |
|  |  | 183930 |
| **Auto Components (0.0%<sup>†</sup>):** | **Auto Components (0.0%<sup>†</sup>):** |  |
| 55000 | Dana, Inc., 4.50%, 2/15/32, Callable 2/15/27 @ 102.25 | 44619 |
| **Automobiles (0.5%):** | **Automobiles (0.5%):** |  |
| 199000 | Magallanes, Inc., 3.43%, 3/15/24(b) | 193036 |
| 109000 | Magallanes, Inc., 3.64%, 3/15/25(b) | 103733 |
| 213000 | Magallanes, Inc., 3.76%, 3/15/27, Callable 2/15/27 @ 100(b) | 192347 |
| 74000 | Magallanes, Inc., 4.05%, 3/15/29, Callable 1/15/29 @ 100(b) | 64259 |
| 310000 | Magallanes, Inc., 4.28%, 3/15/32, Callable 12/15/31 @ 100(b) | 256009 |
| 155000 | Magallanes, Inc., 5.05%, 3/15/42, Callable 9/15/41 @ 100(b) | 119487 |
| 234000 | Magallanes, Inc., 5.14%, 3/15/52, Callable 9/15/51 @ 100(b) | 172213 |
| 55000 | Magic Mergeco, Inc., 5.25%, 5/1/28, Callable 11/1/23 @ 102.63(b) | 44000 |
| 105000 | Michaels Cos., Inc. (The), 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(b) | 69825 |
| 75000 | Thor Industries, Inc., 4.00%, 10/15/29, Callable 10/15/24 @ 102(b) | 58875 |
| 309000 | Volkswagen Group of America Finance LLC, 3.13%, 5/12/23(b) | 306366 |
|  |  | 1580150 |
| **Banks (4.0%):** | **Banks (4.0%):** |  |
| 612000 | Bank of America Corp., Series L, 3.95%, 4/21/25 | 595357 |
| 128000 | Bank of America Corp., Series G, 4.45%, 3/3/26 | 125557 |
| 930000 | Bank of America Corp., 2.30% (SOFR+122 bps), 7/21/32, Callable 7/21/31 @ 100 | 718005 |
| 2462000 | Bank of America Corp., 5.02% (SOFR+216 bps), 7/22/33, Callable 7/22/32 @ 100 | 2350082 |
| 100000 | CIT Group, Inc., 3.93% (SOFR+4 bps), 6/19/24, Callable 6/19/23 @ 100 | 98875 |
| 245000 | CIT Group, Inc., 6.13%, 3/9/28 | 250206 |
| 393000 | Citigroup, Inc., 3.35% (US0003M+90 bps), 4/24/25, Callable 4/24/24 @ 100 | 381150 |
| 1642000 | Citigroup, Inc., 4.30%, 11/20/26 | 1590096 |
| 954000 | Citigroup, Inc., 4.91% (SOFR+209 bps), 5/24/33, Callable 5/24/32 @ 100 | 898155 |
| 200000 | Citizens Financial Group, Inc., 2.64%, 9/30/32, Callable 7/2/32 @ 100 | 149519 |
| 267000 | JPMorgan Chase & Co., 2.96% (SOFR+252 bps), 5/13/31, Callable 5/13/30 @ 100 | 220807 |
| 2747000 | JPMorgan Chase & Co., 4.59% (SOFR+180 bps), 4/26/33, Callable 4/26/32 @ 100 | 2541107 |
| 374000 | JPMorgan Chase & Co., 4.91% (SOFR+208 bps), 7/25/33, Callable 7/25/32 @ 100 | 357034 |
| 296000 | Wells Fargo & Co., 2.41% (US0003M+83 bps), 10/30/25, Callable 10/30/24 @ 100, MTN | 280419 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Banks, continued** | **Banks, continued** | **Banks, continued** | |
| $| 449000 | Wells Fargo & Co., 3.53% (SOFR+151 bps), 3/24/28, Callable 3/24/27 @ 100 | $417759 |
|  | 938000 | Wells Fargo & Co., 4.48% (US0003M+4 bps), 4/4/31, Callable 4/4/30 @ 100, MTN | 878825 |
|  | 1677000 | Wells Fargo & Co., 4.90% (SOFR+210 bps), 7/25/33, Callable 7/25/32 @ 100 | 1596692 |
|  |  |  | 13449645 |
| **Beverages (0.5%):** | **Beverages (0.5%):** | **Beverages (0.5%):** |  |
|  | 500000 | Anheuser-Busch InBev Worldwide, Inc., 3.50%, 6/1/30, Callable 3/1/30 @ 100 | 457566 |
|  | 220000 | Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/40, Callable 12/1/39 @ 100 | 195573 |
|  | 509000 | Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/58, Callable 10/15/57 @ 100 | 449996 |
|  | 523000 | Anheuser-Busch InBev Worldwide, Inc., 5.80%, 1/23/59, Callable 7/23/58 @ 100 | 546116 |
|  | 150000 | Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(b) | 120375 |
|  |  |  | 1769626 |
| **Biotechnology (0.0%<sup>†</sup>):** | **Biotechnology (0.0%<sup>†</sup>):** | **Biotechnology (0.0%<sup>†</sup>):** |  |
|  | 245000 | Emergent BioSolutions, Inc., 3.88%, 8/15/28, Callable 8/15/23 @ 101.94(b) | 118825 |
| **Building Products (0.1%):** | **Building Products (0.1%):** | **Building Products (0.1%):** |  |
|  | 255000 | Advanced Drainage Systems, Inc., 5.00%, 9/30/27, Callable 1/23/23 @ 102.5(b) | 238425 |
|  | 55000 | Builders FirstSource, Inc., 4.25%, 2/1/32, Callable 8/1/26 @ 102.13(b) | 44619 |
|  | 15000 | Roller Bearing Co. of America, Inc., 4.38%, 10/15/29, Callable 10/15/24 @ 102.19(b) | 13200 |
|  |  |  | 296244 |
| **Capital Markets (3.6%):** | **Capital Markets (3.6%):** | **Capital Markets (3.6%):** |  |
|  | 282000 | Affiliated Managers Group, Inc., 4.25%, 2/15/24 | 279684 |
|  | 572000 | Affiliated Managers Group, Inc., 3.50%, 8/1/25 | 548877 |
|  | 706000 | Ares Capital Corp., 4.20%, 6/10/24, Callable 5/10/24 @ 100 | 684178 |
|  | 751000 | Ares Capital Corp., 3.88%, 1/15/26, Callable 12/15/25 @ 100 | 690023 |
|  | 353000 | Blackstone Private Credit Fund, 7.05%, 9/29/25(b) | 349416 |
|  | 140000 | Coinbase Global, Inc., 3.38%, 10/1/28, Callable 10/1/24 @ 101.69(b) | 73500 |
|  | 145000 | Coinbase Global, Inc., 3.63%, 10/1/31, Callable 10/1/26 @ 101.81(b) | 69237 |
|  | 1140000 | Goldman Sachs Group, Inc. (The), 3.80%, 3/15/30, Callable 12/15/29 @ 100 | 1028080 |
|  | 510000 | Goldman Sachs Group, Inc. (The), 2.38% (SOFR+125 bps), 7/21/32, Callable 7/21/31 @ 100 | 397116 |
|  | 1009000 | Goldman Sachs Group, Inc. (The), 3.10% (SOFR+141 bps), 2/24/33, Callable 2/24/32 @ 100 | 825498 |
|  | 194000 | Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37 | 207606 |
|  | 70000 | HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 6/15/26, Callable 3/15/26 @ 100(b) | 60550 |
|  | 25000 | LCM Investments Holdings II LLC, 4.88%, 5/1/29, Callable 5/1/24 @ 102.44(b) | 20500 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Capital Markets, continued** | **Capital Markets, continued** | **Capital Markets, continued** | |
| $| 170000 | Medline Borrower, LP, 3.88%, 4/1/29, Callable 10/1/24 @ 101.94(b) | $136000 |
|  | 25000 | ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5(b) | 20875 |
|  | 2124000 | Morgan Stanley, 3.74% (US0003M+85 bps), 4/24/24, Callable 4/24/23 @ 100 | 2113202 |
|  | 632000 | Morgan Stanley, 3.62% (SOFR+312 bps), 4/1/31, Callable 4/1/30 @ 100 | 553614 |
|  | 891000 | Morgan Stanley, 4.89% (SOFR+208 bps), 7/20/33, Callable 7/20/32 @ 100 | 841422 |
|  | 1600000 | Morgan Stanley, 6.34% (SOFR+256 bps), 10/18/33, Callable 10/18/32 @ 100 | 1681178 |
|  | 70000 | Mozart Debt Merger Sub, Inc., 5.25%, 10/1/29, Callable 10/1/24 @ 102.63(b) | 55475 |
|  | 45000 | MSCI, Inc., 3.25%, 8/15/33, Callable 8/15/27 @ 101.63(b) | 34762 |
|  | 190000 | Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 10.75%, 7/1/25, Callable 2/6/23 @ 108.06(b) | 180500 |
|  | 457000 | Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100(b) | 423007 |
|  | 500000 | Pine Street Trust II, 5.57%, 2/15/49, Callable 8/15/48 @ 100(b) | 441062 |
|  | 20000 | Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29, Callable 2/1/24 @ 103.13(b) | 13900 |
|  | 50000 | US Renal Care, Inc., 10.63%, 7/15/27, Callable 2/6/23 @ 105.31(b) | 10500 |
|  | 80000 | Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(b) | 44000 |
|  |  |  | 11783762 |
| **Chemicals (0.3%):** | **Chemicals (0.3%):** | **Chemicals (0.3%):** |  |
|  | 16000 | CF Industries, Inc., 4.95%, 6/1/43 | 13660 |
|  | 170000 | Chemours Co. (The), 5.38%, 5/15/27, Callable 2/15/27 @ 100^ | 155762 |
|  | 355000 | Chemours Co. (The), 5.75%, 11/15/28, Callable 11/15/23 @ 102.88(b) | 316838 |
|  | 25000 | Diamond BC BV, 4.63%, 10/1/29, Callable 10/1/24 @ 102.31(b) | 20063 |
|  | 115000 | LSB Industries, Inc., 6.25%, 10/15/28, Callable 10/15/24 @ 103.13(b) | 103500 |
|  | 125000 | Olin Corp., 5.00%, 2/1/30, Callable 2/1/24 @ 102.5 | 114062 |
|  | 200000 | Olympus Water US Holding Corp., 4.25%, 10/1/28, Callable 10/1/24 @ 102.13(b) | 165000 |
|  | 60000 | Scotts Miracle-Gro Co. (The), 4.38%, 2/1/32, Callable 8/1/26 @ 102.19 | 45450 |
|  | 35000 | Valvoline, Inc., 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(b) | 34125 |
|  | 135000 | Valvoline, Inc., 3.63%, 6/15/31, Callable 6/15/26 @ 101.81(b) | 108000 |
|  | 80000 | WR Grace Holdings LLC, 4.88%, 6/15/27, Callable 6/15/23 @ 102.44(b) | 70871 |
|  | 55000 | WR Grace Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81(b) | 44344 |
|  |  |  | 1191675 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Commercial Services & Supplies (0.3%):** | **Commercial Services & Supplies (0.3%):** | |
| $55000 | ADT Security Corp. (The), 4.13%, 8/1/29, Callable 8/1/28 @ 100(b) | $46612 |
| 165000 | Aramark Services, Inc., 5.00%, 2/1/28, Callable 2/6/23 @ 102.5(b) | 153656 |
| 255000 | CoreCivic, Inc., 8.25%, 4/15/26, Callable 4/15/24 @ 104.13 | 260100 |
| 56000 | GEO Group, Inc. (The), 10.50%, 6/30/28, Callable 1/17/23 @ 103 | 56630 |
| 95000 | GEO Group, Inc. (The), 9.50%, 12/31/28, Callable 1/17/23 @ 103(b) | 90963 |
| 35000 | Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.00%, 2/1/26, Callable 2/6/23 @ 102.5(b) | 31019 |
| 35000 | Pitney Bowes, Inc., 6.88%, 3/15/27, Callable 3/15/24 @ 103.44(b) | 29881 |
| 70000 | Pitney Bowes, Inc., 7.25%, 3/15/29, Callable 3/15/24 @ 103.63(b) | 54688 |
| 120000 | Stericycle, Inc., 3.88%, 1/15/29, Callable 11/15/23 @ 101.94(b) | 104700 |
|  |  | 828249 |
| **Communications Equipment (0.1%):** | **Communications Equipment (0.1%):** |  |
| 170000 | CommScope, Inc., 6.00%, 3/1/26, Callable 2/6/23 @ 103(b) | 156825 |
| 90000 | CommScope, Inc., 7.13%, 7/1/28, Callable 7/1/23 @ 103.56(b) | 64350 |
| 90000 | CommScope, Inc., 4.75%, 9/1/29, Callable 9/1/24 @ 102.38(b) | 72562 |
| 115000 | Viavi Solutions, Inc., 3.75%, 10/1/29, Callable 10/1/24 @ 101.88(b) | 95450 |
|  |  | 389187 |
| **Construction & Engineering (0.2%):** | **Construction & Engineering (0.2%):** |  |
| 40000 | Arcosa, Inc., 4.38%, 4/15/29, Callable 4/15/24 @ 102.19(b) | 34600 |
| 330000 | Brand Industrial Services, Inc., 8.50%, 7/15/25, Callable 2/6/23 @ 102.13(b) | 263175 |
| 105000 | Dycom Industries, Inc., 4.50%, 4/15/29, Callable 4/15/24 @ 102.25(b) | 91612 |
| 80000 | Global Infrastructure Solutions, Inc., 5.63%, 6/1/29, Callable 6/1/24 @ 102.81(b) | 62200 |
| 35000 | Great Lakes Dredge & Dock Corp., 5.25%, 6/1/29, Callable 6/1/24 @ 102.63(b) | 26819 |
| 350000 | Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(b) | 304063 |
|  |  | 782469 |
| **Consumer Discretionary Products (0.1%):** | **Consumer Discretionary Products (0.1%):** |  |
| 125000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.63%, 1/15/29, Callable 1/15/25 @ 102.31(b) | 105625 |
| 70000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.75%, 1/15/30, Callable 1/15/25 @ 103.38(b) | 56350 |
|  |  | 161975 |
| **Consumer Finance (2.9%):** | **Consumer Finance (2.9%):** |  |
| 578000 | Ally Financial, Inc., 3.05%, 6/5/23, Callable 5/5/23 @ 100 | 573021 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Consumer Finance, continued** | **Consumer Finance, continued** | |
| $130000 | Ally Financial, Inc., 1.45%, 10/2/23, Callable 9/2/23 @ 100 | $125816 |
| 148000 | Ally Financial, Inc., 5.13%, 9/30/24 | 146431 |
| 330000 | Ally Financial, Inc., 5.80%, 5/1/25, Callable 4/1/25 @ 100 | 328468 |
| 370000 | Ally Financial, Inc., 7.10%, 11/15/27, Callable 10/15/27 @ 100^ | 377708 |
| 200000 | Ally Financial, Inc., 4.70% (H15T5Y+387 bps), 12/31/99, Callable 5/15/26 @ 100 | 135879 |
| 237000 | Capital One Financial Corp., 2.64% (SOFR+129 bps), 3/3/26, Callable 3/3/25 @ 100 | 221887 |
| 295000 | Capital One Financial Corp., 4.99% (SOFR+216 bps), 7/24/26, Callable 7/24/25 @ 100 | 289206 |
| 833000 | Capital One Financial Corp., 3.65%, 5/11/27, Callable 4/11/27 @ 100 | 786294 |
| 636000 | Capital One Financial Corp., 3.80%, 1/31/28, Callable 12/31/27 @ 100 | 594114 |
| 303000 | Capital One Financial Corp., 3.27% (SOFR+179 bps), 3/1/30, Callable 3/1/29 @ 100 | 260112 |
| 440000 | Capital One Financial Corp., 5.25% (SOFR+260 bps), 7/26/30, Callable 7/26/29 @ 100 | 421719 |
| 250000 | Discover Bank, Series B, 4.68% (USSW5+173 bps), 8/9/28, Callable 8/9/23 @ 100 | 240719 |
| 383000 | Discover Financial Services, 4.50%, 1/30/26, Callable 11/30/25 @ 100 | 368647 |
| 355000 | Discover Financial Services, 4.10%, 2/9/27, Callable 11/9/26 @ 100 | 335418 |
| 69000 | Discover Financial Services, 6.70%, 11/29/32, Callable 8/29/32 @ 100 | 70332 |
| 110000 | Ford Motor Credit Co LLC, 4.13%, 8/17/27, Callable 6/17/27 @ 100 | 98680 |
| 215000 | Ford Motor Credit Co LLC, 4.00%, 11/13/30, Callable 8/13/30 @ 100 | 177349 |
| 504000 | Ford Motor Credit Co. LLC, 5.58%, 3/18/24, Callable 2/18/24 @ 100 | 498382 |
| 1490000 | Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100 | 1435467 |
| 80000 | Ford Motor Credit Co. LLC, 5.13%, 6/16/25, Callable 5/16/25 @ 100 | 76869 |
| 240000 | Ford Motor Credit Co. LLC, 5.11%, 5/3/29, Callable 2/3/29 @ 100 | 215456 |
| 175000 | OneMain Finance Corp., 6.88%, 3/15/25 | 168219 |
| 110000 | OneMain Finance Corp., 3.50%, 1/15/27, Callable 1/15/24 @ 101.75 | 90887 |
| 100000 | OneMain Finance Corp., 3.88%, 9/15/28, Callable 9/15/24 @ 101.94 | 79250 |
| 170000 | OneMain Finance Corp., 4.00%, 9/15/30, Callable 9/15/25 @ 102 | 127500 |
| 381000 | Synchrony Financial, 4.38%, 3/19/24, Callable 2/19/24 @ 100 | 374331 |
| 577000 | Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100 | 564162 |
| 663000 | Synchrony Financial, 3.95%, 12/1/27, Callable 9/1/27 @ 100 | 591733 |
|  |  | 9774056 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Consumer Staple Products (0.2%):** | **Consumer Staple Products (0.2%):** | |
| $190000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.13%, 2/1/28, Callable 1/1/28 @ 100(b) | $179788 |
| 395000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.75%, 4/1/33, Callable 1/1/33 @ 100(b) | 375250 |
|  |  | 555038 |
| **Containers & Packaging (0.0%<sup>†</sup>):** | **Containers & Packaging (0.0%<sup>†</sup>):** |  |
| 5000 | Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.13%, 8/15/26, Callable 1/17/23 @ 102.06(b) | 4337 |
| 85000 | Ball Corp., 3.13%, 9/15/31, Callable 6/15/31 @ 100 | 68213 |
| 30000 | Graphic Packaging International LLC, 3.75%, 2/1/30, Callable 8/1/29 @ 100(b) | 25275 |
|  |  | 97825 |
| **Diversified Consumer Services (0.1%):** | **Diversified Consumer Services (0.1%):** |  |
| 89000 | Adtalem Global Education, Inc., 5.50%, 3/1/28, Callable 3/1/24 @ 102.75(b) | 81323 |
| 32000 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 6/1/28, Callable 6/1/24 @ 102.31(b) | 26240 |
| 141000 | APX Group, Inc., 6.75%, 2/15/27, Callable 2/15/23 @ 103.38(b) | 135184 |
|  |  | 242747 |
| **Diversified Financial Services (0.5%):** | **Diversified Financial Services (0.5%):** |  |
| 85000 | Acrisure LLC / Acrisure Finance, Inc., 6.00%, 8/1/29, Callable 8/1/24 @ 103(b) | 67681 |
| 59000 | AXA Equitable Holdings, Inc., 3.90%, 4/20/23, Callable 3/20/23 @ 100 | 58770 |
| 144000 | Jackson Financial, Inc., 5.17%, 6/8/27, Callable 5/8/27 @ 100^ | 141605 |
| 182000 | Jackson Financial, Inc., 5.67%, 6/8/32, Callable 3/8/32 @ 100 | 171645 |
| 635000 | Level 3 Financing, Inc., 4.25%, 7/1/28, Callable 7/1/23 @ 102.13(b) | 500063 |
| 20000 | Level 3 Financing, Inc., 3.63%, 1/15/29, Callable 1/15/24 @ 101.81(b) | 14550 |
| 55000 | OI European Group BV, 4.75%, 2/15/30, Callable 11/15/24 @ 102.38(b) | 48400 |
| 500000 | Peachtree Funding Trust, 3.98%, 2/15/25(b) | 481615 |
| 70000 | Venture Global Calcasieu Pass LLC, 3.88%, 8/15/29, Callable 2/15/29 @ 100(b) | 60900 |
| 65000 | Venture Global Calcasieu Pass LLC, 4.13%, 8/15/31, Callable 2/15/31 @ 100(b) | 55088 |
| 55000 | Venture Global Calcasieu Pass LLC, 3.88%, 11/1/33, Callable 5/1/33 @ 100(b) | 44756 |
|  |  | 1645073 |
| **Diversified Telecommunication Services (0.6%):** | **Diversified Telecommunication Services (0.6%):** |  |
| 215000 | AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100 | 203006 |
| 500000 | AT&T, Inc., 5.15%, 11/15/46, Callable 5/15/46 @ 100 | 448880 |
| 351000 | AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100 | 244496 |
| 80000 | Cogent Communications Group, Inc., 3.50%, 5/1/26, Callable 2/1/26 @ 100(b) | 72500 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Diversified Telecommunication Services, continued** | **Diversified Telecommunication Services, continued** | **Diversified Telecommunication Services, continued** | |
| $| 40000 | Consolidated Communications, Inc., 5.00%, 10/1/28, Callable 10/1/23 @ 103.75(b) | $29400 |
|  | 30000 | Front Range BidCo, Inc., 6.13%, 3/1/28, Callable 3/1/23 @ 103.06(b) | 17062 |
|  | 60000 | Frontier Communications Corp., 5.88%, 10/15/27, Callable 10/15/23 @ 102.94(b) | 55725 |
|  | 65000 | Frontier Communications Corp., 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(b) | 56469 |
|  | 70000 | Frontier Communications Corp., 6.75%, 5/1/29, Callable 5/1/24 @ 103.38(b) | 57662 |
|  | 8244 | Frontier Communications Holdings LLC, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94 | 6368 |
|  | 70000 | Frontier Communications Holdings LLC, 6.00%, 1/15/30, Callable 10/15/24 @ 103(b) | 55213 |
|  | 323000 | Verizon Communications, Inc., 2.10%, 3/22/28, Callable 1/22/28 @ 100 | 280567 |
|  | 299000 | Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100 | 246366 |
|  | 250000 | Windstream Escrow LLC / Windstream Escrow Finance Corp., 7.75%, 8/15/28, Callable 8/15/23 @ 103.88(b) | 202500 |
|  | 85000 | Zayo Group Holdings, Inc., 4.00%, 3/1/27, Callable 2/6/23 @ 100(b) | 62581 |
|  |  |  | 2038795 |
| **Electric Utilities (0.8%):** | **Electric Utilities (0.8%):** | **Electric Utilities (0.8%):** |  |
|  | 326000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.75%, 10/15/27, Callable 2/6/23 @ 103.38(b) | 292993 |
|  | 20000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, 10/15/27, Callable 10/15/23 @ 102.13(b) | 17950 |
|  | 70000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94(b) | 57400 |
|  | 255000 | Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/15/29 @ 100 | 219258 |
|  | 78000 | Duquesne Light Holdings, Inc., 2.53%, 10/1/30, Callable 7/1/30 @ 100(b) | 61936 |
|  | 249000 | Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100(b) | 195990 |
|  | 71000 | Exelon Corp., 2.75%, 3/15/27, Callable 2/15/27 @ 100 | 65331 |
|  | 110000 | Exelon Corp., 4.05%, 4/15/30, Callable 1/15/30 @ 100 | 102462 |
|  | 86000 | Exelon Corp., 3.35%, 3/15/32, Callable 12/15/31 @ 100 | 75049 |
|  | 100000 | Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27, Callable 1/15/24 @ 104 | 94000 |
|  | 211000 | IPALCO Enterprises, Inc., 3.70%, 9/1/24, Callable 7/1/24 @ 100 | 204670 |
|  | 29000 | NextEra Energy Operating Partners LP, 4.25%, 9/15/24, Callable 7/15/24 @ 100(b) | 26752 |
|  | 140000 | NRG Energy, Inc., 5.75%, 1/15/28, Callable 1/23/23 @ 102.88 | 131075 |
|  | 30000 | NRG Energy, Inc., 3.38%, 2/15/29, Callable 2/15/24 @ 101.69(b) | 24038 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Electric Utilities, continued** | **Electric Utilities, continued** | **Electric Utilities, continued** | |
| $| 55000 | NRG Energy, Inc., 3.63%, 2/15/31, Callable 2/15/26 @ 101.81(b) | $41731 |
|  | 77445 | NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25(b) | 74928 |
|  | 310000 | Pacific Gas and Electric Co., 4.95%, 7/1/50, Callable 1/1/50 @ 100 | 243953 |
|  | 575000 | PG&E Corp., 5.00%, 7/1/28, Callable 7/1/23 @ 102.5 | 526125 |
|  | 140000 | PG&E Corp., 5.25%, 7/1/30, Callable 7/1/25 @ 102.63 | 127400 |
|  | 260000 | Vistra Operations Co. LLC, 5.00%, 7/31/27, Callable 1/17/23 @ 102.5(b) | 241150 |
|  |  |  | 2824191 |
| **Electrical Equipment (0.1%):** | **Electrical Equipment (0.1%):** | **Electrical Equipment (0.1%):** |  |
|  | 85000 | Artera Services LLC, 9.03%, 12/4/25, Callable 2/6/23 @ 104.52(b) | 70550 |
|  | 105000 | Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(b) | 90562 |
|  | 140000 | Vertiv Group Corp., 4.13%, 11/15/28, Callable 11/15/24 @ 102.06(b) | 119350 |
|  |  |  | 280462 |
| **Electronic Equipment, Instruments & Components (0.1%):** | **Electronic Equipment, Instruments & Components (0.1%):** | **Electronic Equipment, Instruments & Components (0.1%):** |  |
|  | 255000 | II-VI, Inc., 5.00%, 12/15/29, Callable 12/14/24 @ 102.5(b) | 224400 |
| **Entertainment (0.0%<sup>†</sup>):** | **Entertainment (0.0%<sup>†</sup>):** | **Entertainment (0.0%<sup>†</sup>):** |  |
|  | 140000 | ROBLOX Corp., 3.88%, 5/1/30, Callable 11/1/24 @ 101.94(b) | 109200 |
| **Equity Real Estate Investment Trusts (REITs) (3.4%):** | **Equity Real Estate Investment Trusts (REITs) (3.4%):** | **Equity Real Estate Investment Trusts (REITs) (3.4%):** |  |
|  | 150000 | American Homes 4 Rent LP, 3.63%, 4/15/32, Callable 1/15/32 @ 100 | 125869 |
|  | 213000 | Boston Properties LP, 6.75%, 12/1/27, Callable 11/1/27 @ 100 | 219907 |
|  | 454000 | Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100 | 433374 |
|  | 421000 | Brandywine Operating Partners LP, 3.95%, 11/15/27, Callable 8/15/27 @ 100 | 353823 |
|  | 522000 | Brandywine Operating Partners LP, 4.55%, 10/1/29, Callable 7/1/29 @ 100 | 438198 |
|  | 288000 | Brandywine Operating Partnership LP, 7.55%, 3/15/28, Callable 2/15/28 @ 100 | 283129 |
|  | 98000 | Corporate Office Properties LP, 2.25%, 3/15/26, Callable 2/15/26 @ 100 | 85976 |
|  | 85000 | Corporate Office Properties LP, 2.75%, 4/15/31, Callable 1/15/31 @ 100 | 63774 |
|  | 35000 | Corrections Corp. of America, 4.63%, 5/1/23, Callable 2/1/23 @ 100 | 34956 |
|  | 65000 | CTR Partnership LP / CareTrust Capital Corp., 3.88%, 6/30/28, Callable 3/30/28 @ 100(b) | 54844 |
|  | 170000 | Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/27, Callable 9/15/27 @ 100(b) | 142113 |
|  | 102000 | Healthcare Trust of America Holdings LP, 3.50%, 8/1/26, Callable 5/1/26 @ 100 | 95387 |
|  | 98000 | Healthcare Trust of America Holdings LP, 3.10%, 2/15/30, Callable 11/15/29 @ 100 | 82393 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Equity Real Estate Investment Trusts (REITs), continued** | **Equity Real Estate Investment Trusts (REITs), continued** | |
| $615000 | Hudson Pacific Properties LP, 4.65%, 4/1/29, Callable 1/1/29 @ 100 | $528266 |
| 135000 | Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100 | 131343 |
| 220000 | MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 8/1/26, Callable 2/6/23 @ 101.75^ | 200200 |
| 140000 | MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27, Callable 2/6/23 @ 102.5 | 117600 |
| 169000 | Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100 | 166772 |
| 126000 | Omega Healthcare Investors, Inc., 4.95%, 4/1/24, Callable 1/1/24 @ 100 | 124355 |
| 281000 | Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100 | 272070 |
| 1931000 | Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100 | 1797566 |
| 435000 | Omega Healthcare Investors, Inc., 3.63%, 10/1/29, Callable 7/1/29 @ 100 | 365050 |
| 194000 | Omega Healthcare Investors, Inc., 3.38%, 2/1/31, Callable 11/1/30 @ 100 | 149258 |
| 78000 | Piedmont Operating Partnership LP, 2.75%, 4/1/32, Callable 1/1/32 @ 100 | 54645 |
| 68000 | Retail Opportunity Investments Corp., 5.00%, 12/15/23, Callable 9/15/23 @ 100 | 67224 |
| 104000 | Retail Opportunity Investments Corp., 4.00%, 12/15/24, Callable 9/15/24 @ 100 | 99493 |
| 22000 | Retail Properties of America, Inc., 4.75%, 9/15/30, Callable 6/15/30 @ 100 | 19364 |
| 498000 | Sabra Health Care LP, 3.20%, 12/1/31, Callable 9/1/31 @ 100 | 371873 |
| 458000 | SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100(b) | 431313 |
| 146000 | SBA Tower Trust, 1.88%, 7/15/50, Callable 1/15/25 @ 100(b) | 129515 |
| 111000 | SBA Tower Trust, 2.33%, 7/15/52, Callable 7/15/26 @ 100(b) | 92531 |
| 65000 | Service Properties Trust, 4.95%, 2/15/27, Callable 8/15/26 @ 100 | 51187 |
| 55000 | Service Properties Trust, 5.50%, 12/15/27, Callable 9/15/27 @ 100 | 47369 |
| 60000 | Service Properties Trust, 4.95%, 10/1/29, Callable 7/1/29 @ 100 | 41925 |
| 125000 | Service Properties Trust, 4.38%, 2/15/30, Callable 8/15/29 @ 100 | 83125 |
| 147000 | STORE Capital Corp., 4.63%, 3/15/29, Callable 12/15/28 @ 100 | 132134 |
| 112000 | STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100 | 85758 |
| 87000 | Sun Communities Operating LP, 2.30%, 11/1/28, Callable 9/1/28 @ 100 | 71980 |
| 232000 | Sun Communities Operating LP, 2.70%, 7/15/31, Callable 4/15/31 @ 100 | 183270 |
| 387000 | Tanger Properties LP, 3.13%, 9/1/26, Callable 6/1/26 @ 100 | 348161 |
| 237000 | Tanger Properties LP, 2.75%, 9/1/31, Callable 6/1/31 @ 100 | 172151 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Equity Real Estate Investment Trusts (REITs), continued** | **Equity Real Estate Investment Trusts (REITs), continued** | **Equity Real Estate Investment Trusts (REITs), continued** | |
| $| 300000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 2/15/25, Callable 2/6/23 @ 103.94(b) | $290250 |
|  | 160000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30, Callable 1/15/25 @ 103(b) | 101200 |
|  | 199000 | Ventas Realty LP, 4.00%, 3/1/28, Callable 12/1/27 @ 100 | 183754 |
|  | 569000 | Ventas Realty LP, 3.00%, 1/15/30, Callable 10/15/29 @ 100 | 479757 |
|  | 631000 | Ventas Realty LP, 4.75%, 11/15/30, Callable 8/15/30 @ 100 | 592027 |
|  | 38000 | VICI Properties LP, 4.38%, 5/15/25 | 36812 |
|  | 100000 | VICI Properties LP, 5.13%, 5/15/32, Callable 2/15/32 @ 100 | 92500 |
|  | 103000 | Vornado Realty LP, 2.15%, 6/1/26, Callable 5/1/26 @ 100 | 86741 |
|  | 814000 | WP Carey, Inc., 4.00%, 2/1/25, Callable 11/1/24 @ 100 | 792081 |
|  | 101000 | WP Carey, Inc., 3.85%, 7/15/29, Callable 4/15/29 @ 100 | 91064 |
|  |  |  | 11495427 |
| **Financial Services (0.1%):** | **Financial Services (0.1%):** | **Financial Services (0.1%):** |  |
|  | 30000 | Clydesdale Acquisition Holdings, Inc., 6.63%, 4/15/29, Callable 4/15/25 @ 103.31(b) | 28575 |
|  | 60000 | Cobra AcquisitionCo LLC, 6.38%, 11/1/29, Callable 11/1/24 @ 103.25(b) | 34800 |
|  | 175000 | Hightower Holding LLC, 6.75%, 4/15/29, Callable 4/15/24 @ 103.38(b) | 146344 |
|  | 30000 | Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29, Callable 11/15/24 @ 102.25(b) | 26175 |
|  |  |  | 235894 |
| **Financials (0.2%):** | **Financials (0.2%):** | **Financials (0.2%):** |  |
|  | 843000 | Blackstone Private Credit Fund, 4.70%, 3/24/25^ | 809048 |
| **Food & Staples Retailing (0.4%):** | **Food & Staples Retailing (0.4%):** | **Food & Staples Retailing (0.4%):** |  |
|  | 35000 | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.63%, 1/15/27, Callable 2/6/23 @ 103.47(b) | 32375 |
|  | 80000 | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29, Callable 9/15/23 @ 101.75(b) | 67100 |
|  | 240000 | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 2/15/30, Callable 2/15/25 @ 103.66(b) | 214200 |
|  | 165000 | Performance Food Group, Inc., 6.88%, 5/1/25, Callable 3/13/23 @ 103.44(b) | 165000 |
|  | 125000 | Performance Food Group, Inc., 5.50%, 10/15/27, Callable 2/6/23 @ 102.75(b) | 118594 |
|  | 30000 | Performance Food Group, Inc., 4.25%, 8/1/29, Callable 8/1/24 @ 102.13(b) | 25912 |
|  | 140000 | Sysco Corp., 5.95%, 4/1/30, Callable 1/1/30 @ 100 | 145521 |
|  | 210000 | Sysco Corp., 6.60%, 4/1/50, Callable 10/1/49 @ 100 | 231069 |
|  | 65000 | United Natural Foods, Inc., 6.75%, 10/15/28, Callable 10/15/23 @ 103.38(b) | 62156 |
|  | 90000 | US Foods, Inc., 4.75%, 2/15/29, Callable 2/15/24 @ 102.38(b) | 79538 |
|  | 25000 | US Foods, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(b) | 22000 |
|  |  |  | 1163465 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Food Products (0.3%):** | **Food Products (0.3%):** | |
| $170000 | C&S Group Enterprises LLC, 5.00%, 12/15/28, Callable 12/15/23 @ 102.5(b) | $128350 |
| 50000 | JBS Finance Luxembourg Sarl, 3.63%, 1/15/32, Callable 1/15/27 @ 101.81(b) | 40625 |
| 300000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(b) | 285375 |
| 550000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 3.00%, 5/15/32, Callable 2/15/32 @ 100(b) | 422125 |
| 135000 | Pilgrim's Pride Corp., 4.25%, 4/15/31, Callable 4/15/26 @ 102.13(b) | 114412 |
| 55000 | Post Holdings, Inc., 5.63%, 1/15/28, Callable 1/23/23 @ 102.81(b) | 51769 |
| 28000 | Post Holdings, Inc., 4.50%, 9/15/31, Callable 9/15/26 @ 102.25(b) | 23660 |
| 95000 | TreeHouse Foods, Inc., 4.00%, 9/1/28, Callable 9/1/23 @ 102 | 80750 |
|  |  | 1147066 |
| **Health Care Equipment & Supplies (0.0%<sup>†</sup>):** | **Health Care Equipment & Supplies (0.0%<sup>†</sup>):** |  |
| 140000 | Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63(b) | 120400 |
| **Health Care Providers & Services (1.9%):** | **Health Care Providers & Services (1.9%):** |  |
| 65000 | AHP Health Partners, Inc., 5.75%, 7/15/29, Callable 7/15/24 @ 102.88(b) | 51350 |
| 15000 | Cano Health LLC, 6.25%, 10/1/28, Callable 10/1/24 @ 103.13(b) | 8550 |
| 405000 | Centene Corp., 4.25%, 12/15/27, Callable 1/23/23 @ 102.13 | 380700 |
| 600000 | Centene Corp., 2.45%, 7/15/28, Callable 5/15/28 @ 100 | 504000 |
| 985000 | Centene Corp., 4.63%, 12/15/29, Callable 12/15/24 @ 102.31 | 896350 |
| 360000 | Centene Corp., 3.38%, 2/15/30, Callable 2/15/25 @ 101.69 | 303300 |
| 245000 | Centene Corp., 2.63%, 8/1/31, Callable 5/1/31 @ 100 | 191713 |
| 100000 | CHS/Community Health Systems, Inc., 5.63%, 3/15/27, Callable 12/15/23 @ 102.81(b) | 85500 |
| 100000 | CHS/Community Health Systems, Inc., 6.00%, 1/15/29, Callable 1/15/24 @ 103(b) | 83250 |
| 240000 | CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(b) | 117600 |
| 130000 | CHS/Community Health Systems, Inc., 5.25%, 5/15/30, Callable 5/15/25 @ 102.63(b) | 98150 |
| 70000 | CHS/Community Health Systems, Inc., 4.75%, 2/15/31, Callable 2/15/26 @ 102.38(b) | 50750 |
| 526000 | Cigna Corp., 4.38%, 10/15/28, Callable 7/15/28 @ 100 | 508919 |
| 315000 | Community Health Systems, Inc., 8.00%, 3/15/26, Callable 2/6/23 @ 104(b) | 285075 |
| 114000 | CVS Health Corp., 3.63%, 4/1/27, Callable 2/1/27 @ 100 | 108287 |
| 260000 | CVS Health Corp., 4.78%, 3/25/38, Callable 9/25/37 @ 100 | 238796 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Health Care Providers & Services, continued** | **Health Care Providers & Services, continued** | **Health Care Providers & Services, continued** | |
| $| 310000 | DaVita, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(b) | $249550 |
|  | 25000 | Garden Spinco Corp., 8.63%, 7/20/30, Callable 7/20/27 @ 102.16(b) | 26125 |
|  | 235000 | HCA, Inc., 5.38%, 2/1/25 | 235000 |
|  | 217000 | HCA, Inc., 5.63%, 9/1/28, Callable 3/1/28 @ 100 | 216186 |
|  | 203000 | HCA, Inc., 5.88%, 2/1/29, Callable 8/1/28 @ 100 | 202492 |
|  | 470000 | HCA, Inc., 3.50%, 9/1/30, Callable 3/1/30 @ 100 | 404787 |
|  | 40000 | HCA, Inc., 3.63%, 3/15/32, Callable 12/15/31 @ 100(b) | 33959 |
|  | 25000 | HealthEquity, Inc., 4.50%, 10/1/29, Callable 10/1/24 @ 102.25(b) | 22125 |
|  | 128000 | Humana, Inc., 3.70%, 3/23/29, Callable 2/23/29 @ 100 | 117805 |
|  | 60000 | Molina Healthcare, Inc., 3.88%, 11/15/30, Callable 8/17/30 @ 100(b) | 51300 |
|  | 75000 | Molina Healthcare, Inc., 3.88%, 5/15/32, Callable 2/15/32 @ 100(b) | 63563 |
|  | 40000 | Owens & Minor, Inc., 4.50%, 3/31/29, Callable 3/31/24 @ 102.25(b) | 31400 |
|  | 105000 | Surgery Center Holdings, Inc., 6.75%, 7/1/25, Callable 2/6/23 @ 100(b) | 103425 |
|  | 215000 | Tenet Healthcare Corp., 6.25%, 2/1/27, Callable 2/6/23 @ 101.56(b) | 206937 |
|  | 195000 | Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06(b) | 174525 |
|  | 110000 | Tenet Healthcare Corp., 4.25%, 6/1/29, Callable 6/1/24 @ 102.13(b) | 95150 |
|  | 65000 | Tenet Healthcare Corp., 4.38%, 1/15/30, Callable 12/1/24 @ 102.19(b) | 56306 |
|  | 181000 | Toledo Hospital (The), Series B, 5.33%, 11/15/28 | 140800 |
|  |  |  | 6343725 |
| **Hotels, Restaurants & Leisure (0.7%):** | **Hotels, Restaurants & Leisure (0.7%):** | **Hotels, Restaurants & Leisure (0.7%):** |  |
|  | 25000 | Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(b) | 21187 |
|  | 175000 | Boyd Gaming Corp., 4.75%, 12/1/27, Callable 1/17/23 @ 102.38 | 162750 |
|  | 65000 | Caesars Entertainment, Inc., 4.63%, 10/15/29, Callable 10/15/24 @ 102.31(b) | 52894 |
|  | 130000 | Carnival Corp., 10.50%, 2/1/26, Callable 8/1/23 @ 105.25(b) | 130487 |
|  | 220000 | Carnival Corp., 7.63%, 3/1/26, Callable 3/1/24 @ 101.91(b) | 176550 |
|  | 100000 | Carnival Corp., 10.50%, 6/1/30, Callable 6/1/25 @ 105.25^(b) | 81500 |
|  | 55000 | Carrols Restaurant Group, Inc., 5.88%, 7/1/29, Callable 7/1/24 @ 102.94^(b) | 38363 |
|  | 100000 | Golden Entertainment, Inc., 7.63%, 4/15/26, Callable 2/6/23 @ 103.81(b) | 98250 |
|  | 55000 | Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29, Callable 6/1/24 @ 102.5(b) | 47712 |
|  | 30000 | Jacobs Entertainment, Inc., 6.75%, 2/15/29, Callable 2/15/25 @ 103.38(b) | 26925 |
|  | 70000 | Life Time, Inc., 5.75%, 1/15/26, Callable 2/6/23 @ 102.88(b) | 64750 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | | |
| **Hotels, Restaurants & Leisure, continued** | **Hotels, Restaurants & Leisure, continued** | **Hotels, Restaurants & Leisure, continued** | | |
| $| 55000 | Marriott Ownership Resorts, Inc., 4.50%, 6/15/29, Callable 6/15/24 @ 102.25(b) | $| 45512 |
|  | 250000 | MGM Resorts International, 5.75%, 6/15/25, Callable 3/15/25 @ 100 |  | 242188 |
|  | 285000 | NCL Corp., Ltd., 3.63%, 12/15/24, Callable 1/17/23 @ 100.91(b) |  | 243675 |
|  | 75000 | NCL Corp., Ltd., 5.88%, 2/15/27, Callable 2/15/24 @ 102.94(b) |  | 64917 |
|  | 25000 | NCL Finance, Ltd., 6.13%, 3/15/28, Callable 12/15/27 @ 100(b) |  | 18625 |
|  | 117000 | Royal Caribbean Cruises, Ltd., 11.50%, 6/1/25, Callable 1/17/23 @ 108.63(b) |  | 125483 |
|  | 140000 | Royal Caribbean Cruises, Ltd., 5.50%, 8/31/26, Callable 2/28/26 @ 100(b) |  | 117950 |
|  | 50000 | Royal Caribbean Cruises, Ltd., 5.38%, 7/15/27, Callable 10/15/26 @ 100(b) |  | 40625 |
|  | 200000 | Station Casinos LLC, 4.50%, 2/15/28, Callable 2/15/23 @ 102.25(b) |  | 174000 |
|  | 100000 | Viking Cruises, Ltd., 13.00%, 5/15/25, Callable 1/23/23 @ 109.75(b) |  | 106000 |
|  | 100000 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25, Callable 12/1/24 @ 100(b) |  | 94750 |
|  | 150000 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27, Callable 2/15/27 @ 100(b) |  | 135000 |
|  | 135000 | Yum! Brands, Inc., 4.63%, 1/31/32, Callable 10/1/26 @ 102.31 |  | 119475 |
|  |  |  |  | 2429568 |
| **Household Durables (0.2%):** | **Household Durables (0.2%):** | **Household Durables (0.2%):** |  |  |
|  | 30000 | Ambience Merger Sub, Inc., 4.88%, 7/15/28, Callable 7/15/23 @ 102.44(b) |  | 21300 |
|  | 35000 | Ashton Woods USA LLC / Ashton Woods Finance Co., 4.63%, 4/1/30, Callable 4/1/25 @ 102.31(b) |  | 27956 |
|  | 65000 | Century Communities, Inc., 3.88%, 8/15/29, Callable 2/15/29 @ 100(b) |  | 51106 |
|  | 150000 | LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(b) |  | 95250 |
|  | 15000 | Newell Brands, Inc., 5.38%, 4/1/36, Callable 10/1/35 @ 100 |  | 12975 |
|  | 40000 | Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 4.75%, 4/30/27, Callable 10/15/23 @ 102.38(b) |  | 35200 |
|  | 25000 | Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103(b) |  | 19375 |
|  | 195000 | Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 10.75%, 6/1/28, Callable 6/1/23 @ 105.38(b) |  | 180375 |
|  | 60000 | Tempur Sealy International, Inc., 3.88%, 10/15/31, Callable 10/15/26 @ 101.94(b) |  | 47100 |
|  | 120000 | TopBuild Corp., 4.13%, 2/15/32, Callable 10/15/26 @ 102.06(b) |  | 97050 |
|  |  |  |  | 587687 |
| **Household Products (0.0%<sup>†</sup>):** | **Household Products (0.0%<sup>†</sup>):** | **Household Products (0.0%<sup>†</sup>):** |  |  |
|  | 80000 | Central Garden & Pet Co., 4.13%, 4/30/31, Callable 4/30/26 @ 102.06(b) |  | 65600 |
| **Independent Power and Renewable Electricity Producers (0.3%):** | **Independent Power and Renewable Electricity Producers (0.3%):** | **Independent Power and Renewable Electricity Producers (0.3%):** | **Independent Power and Renewable Electricity Producers (0.3%):** | **Independent Power and Renewable Electricity Producers (0.3%):** |
|  | 528000 | AES Corp. (The), 3.30%, 7/15/25, Callable 6/15/25 @ 100(b) |  | 498962 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Independent Power and Renewable Electricity Producers, continued** | **Independent Power and Renewable Electricity Producers, continued** | **Independent Power and Renewable Electricity Producers, continued** | **Independent Power and Renewable Electricity Producers, continued** |
| $| 461000 | AES Corp. (The), 3.95%, 7/15/30, Callable 4/15/30 @ 100(b) | $407054 |
|  | 87000 | AES Corp. (The), 2.45%, 1/15/31, Callable 10/15/30 @ 100(b) | 69218 |
|  | 45000 | Clearway Energy Operating LLC, 4.75%, 3/15/28, Callable 3/15/23 @ 103.56(b) | 41569 |
|  | 50000 | Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28, Callable 8/15/23 @ 103.38(b) | 44875 |
|  | 40000 | Sunnova Energy Corp., 5.88%, 9/1/26, Callable 9/1/23 @ 102.94^(b) | 35600 |
|  | 40000 | TerraForm Power Operating LLC, 5.00%, 1/31/28, Callable 7/31/27 @ 100(b) | 36000 |
|  |  |  | 1133278 |
| **Industrial Conglomerates (0.2%):** | **Industrial Conglomerates (0.2%):** | **Industrial Conglomerates (0.2%):** |  |
|  | 205000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26, Callable 2/6/23 @ 103.13 | 196800 |
|  | 510000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27, Callable 11/15/26 @ 100 | 467288 |
|  |  |  | 664088 |
| **Industrial Services (0.1%):** | **Industrial Services (0.1%):** | **Industrial Services (0.1%):** |  |
|  | 210000 | Minerva Merger Sub, Inc., 6.50%, 2/15/30, Callable 2/15/25 @ 103.25(b) | 155400 |
|  | 85000 | Railworks Holdings LP/Railworks Rally, Inc., 8.25%, 11/15/28, Callable 11/15/24 @ 104.13(b) | 79688 |
|  |  |  | 235088 |
| **Insurance (1.2%):** | **Insurance (1.2%):** | **Insurance (1.2%):** |  |
|  | 175000 | Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/29, Callable 2/15/24 @ 102.13(b) | 144375 |
|  | 600000 | American International Group, Inc., 2.50%, 6/30/25, Callable 5/30/25 @ 100 | 564556 |
|  | 35000 | AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(b) | 29969 |
|  | 55000 | AssuredPartners, Inc., 5.63%, 1/15/29, Callable 12/15/23 @ 102.81(b) | 44825 |
|  | 30000 | BroadStreet Partners, Inc., 5.88%, 4/15/29, Callable 4/15/24 @ 102.94(b) | 25650 |
|  | 98000 | Corebridge Financial, Inc., 3.50%, 4/4/25, Callable 3/4/25 @ 100(b) | 94000 |
|  | 334000 | Corebridge Financial, Inc., 3.65%, 4/5/27, Callable 3/5/27 @ 100(b) | 311736 |
|  | 137000 | Corebridge Financial, Inc., 3.85%, 4/5/29, Callable 2/5/29 @ 100(b) | 125649 |
|  | 163000 | Corebridge Financial, Inc., 3.90%, 4/5/32, Callable 1/5/32 @ 100(b) | 143190 |
|  | 37000 | Corebridge Financial, Inc., 4.35%, 4/5/42, Callable 10/5/41 @ 100(b) | 30534 |
|  | 110000 | Corebridge Financial, Inc., 4.40%, 4/5/52, Callable 10/5/51 @ 100(b) | 88318 |
|  | 686000 | Five Corners Funding Trust II, 2.85%, 5/15/30, Callable 2/15/30 @ 100(b) | 575382 |
|  | 55000 | HUB International, Ltd., 7.00%, 5/1/26, Callable 1/17/23 @ 101.75(b) | 53831 |
|  | 50000 | HUB International, Ltd., 5.63%, 12/1/29, Callable 12/1/24 @ 102.81(b) | 43750 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Insurance, continued** | **Insurance, continued** | **Insurance, continued** | |
| $| 40000 | Liberty Mutual Group, Inc., 4.25%, 6/15/23(b) | $39703 |
|  | 140000 | Liberty Mutual Group, Inc., 4.57%, 2/1/29 | 131460 |
|  | 651000 | Pacific Lifecorp, 5.13%, 1/30/43(b) | 598345 |
|  | 85000 | Ryan Specialty Group LLC, 4.38%, 2/1/30, Callable 2/1/25 @ 102.19(b) | 73844 |
|  | 463000 | Unum Group, 3.88%, 11/5/25 | 442904 |
|  | 349000 | Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100 | 316557 |
|  | 260000 | USI, Inc., 6.88%, 5/1/25, Callable 2/6/23 @ 100(b) | 254475 |
|  |  |  | 4133053 |
| **Interactive Media & Services (0.0%<sup>†</sup>):** | **Interactive Media & Services (0.0%<sup>†</sup>):** | **Interactive Media & Services (0.0%<sup>†</sup>):** |  |
|  | 85000 | Match Group Holdings II LLC, 3.63%, 10/1/31, Callable 10/1/26 @ 101.81(b) | 65131 |
|  | 40000 | Match Group, Inc., 4.13%, 8/1/30, Callable 5/1/25 @ 102.06(b) | 32500 |
|  |  |  | 97631 |
| **IT Services (0.2%):** | **IT Services (0.2%):** | **IT Services (0.2%):** |  |
|  | 40000 | Arches Buyer, Inc., 4.25%, 6/1/28, Callable 12/1/23 @ 102.13(b) | 31200 |
|  | 15000 | Arches Buyer, Inc., 6.13%, 12/1/28, Callable 12/1/23 @ 103.06(b) | 11850 |
|  | 175000 | Black Knight InfoServ LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81(b) | 151812 |
|  | 55000 | Block, Inc., 2.75%, 6/1/26, Callable 5/1/26 @ 100 | 48998 |
|  | 55000 | Block, Inc., 3.50%, 6/1/31, Callable 3/1/31 @ 100 | 43698 |
|  | 20000 | Booz Allen Hamilton, Inc., 4.00%, 7/1/29, Callable 7/1/24 @ 102(b) | 17625 |
|  | 215000 | Colt Merger Sub, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(b) | 210969 |
|  | 100000 | Gartner, Inc., 4.50%, 7/1/28, Callable 7/1/23 @ 102.25(b) | 93000 |
|  | 65000 | Gartner, Inc., 3.75%, 10/1/30, Callable 10/1/25 @ 101.88(b) | 55981 |
|  | 50000 | Twilio, Inc., 3.63%, 3/15/29, Callable 3/15/24 @ 101.81 | 40562 |
|  | 50000 | Twilio, Inc., 3.88%, 3/15/31, Callable 3/15/26 @ 101.94 | 39500 |
|  |  |  | 745195 |
| **Leisure Products (0.1%):** | **Leisure Products (0.1%):** | **Leisure Products (0.1%):** |  |
|  | 311000 | Hasbro, Inc., 3.00%, 11/19/24, Callable 10/19/24 @ 100 | 298969 |
|  | 5000 | Mattel, Inc., 5.88%, 12/15/27, Callable 2/6/23 @ 104.41(b) | 4887 |
|  |  |  | 303856 |
| **Life Sciences Tools & Services (0.1%):** | **Life Sciences Tools & Services (0.1%):** | **Life Sciences Tools & Services (0.1%):** |  |
|  | 195000 | Avantor Funding, Inc., 4.63%, 7/15/28, Callable 7/15/23 @ 102.31(b) | 177206 |
|  | 20000 | Charles River Laboratories International, Inc., 4.25%, 5/1/28, Callable 5/1/23 @ 102.13(b) | 18300 |
|  | 45000 | Charles River Laboratories International, Inc., 3.75%, 3/15/29, Callable 3/15/24 @ 101.88(b) | 39600 |
|  |  |  | 235106 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Machinery (0.1%):** | **Machinery (0.1%):** | |
| $80000 | GrafTech Finance, Inc., 4.63%, 12/15/28, Callable 12/15/23 @ 102.31(b) | $64000 |
| 75000 | ITT Holdings LLC, 6.50%, 8/1/29, Callable 8/1/24 @ 103.25(b) | 63094 |
| 40000 | Madison IAQ LLC, 4.13%, 6/30/28, Callable 6/30/24 @ 102.06(b) | 33400 |
| 335000 | Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(b) | 231150 |
| 60000 | Mueller Water Products, Inc., 4.00%, 6/15/29, Callable 6/15/24 @ 102(b) | 52725 |
|  |  | 444369 |
| **Media (2.1%):** | **Media (2.1%):** |  |
| 275000 | Advantage Sales & Marketing, Inc., 6.50%, 11/15/28, Callable 11/15/23 @ 103.25(b) | 205219 |
| 100000 | Allen Media LLC / Allen Media Co-Issuer, Inc., 10.50%, 2/15/28, Callable 2/15/23 @ 113(b) | 41000 |
| 35000 | Austin BidCo, Inc., 7.13%, 12/15/28, Callable 12/15/23 @ 103.56(b) | 26600 |
| 30000 | Cablevision Lightpath LLC, 3.88%, 9/15/27, Callable 9/15/23 @ 101.94(b) | 24900 |
| 25000 | Cablevision Lightpath LLC, 5.63%, 9/15/28, Callable 9/15/23 @ 102.81(b) | 18563 |
| 105000 | CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 2/1/28, Callable 1/23/23 @ 102.5(b) | 94500 |
| 395000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30, Callable 9/1/24 @ 102.38(b) | 332787 |
| 585000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30, Callable 2/15/25 @ 102.25(b) | 482625 |
| 155000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32, Callable 5/1/26 @ 102.25 | 123225 |
| 105000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33, Callable 6/1/27 @ 102.25(b) | 80325 |
| 332000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.40%, 4/1/33, Callable 1/1/33 @ 100 | 285400 |
| 332000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.25%, 4/1/53, Callable 10/1/52 @ 100 | 258606 |
| 332000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.50%, 4/1/63, Callable 10/1/62 @ 100 | 254018 |
| 440000 | CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(b) | 249700 |
| 130000 | CSC Holdings LLC, 4.13%, 12/1/30, Callable 12/1/25 @ 102.06(b) | 91000 |
| 360000 | CSC Holdings LLC, 4.63%, 12/1/30, Callable 12/1/25 @ 102.31(b) | 198000 |
| 280000 | Diamond Sports Group LLC / Diamond Sports Finance Co., 5.38%, 8/15/26, Callable 1/23/23 @ 102.69(b) | 30800 |
| 215000 | Discovery Communications LLC, 3.63%, 5/15/30, Callable 2/15/30 @ 100 | 178298 |
| 580000 | Discovery Communications LLC, 4.65%, 5/15/50, Callable 11/15/49 @ 100 | 401607 |
| 230000 | DISH DBS Corp., 7.75%, 7/1/26 | 185725 |
| 250000 | DISH Network Corp., 11.75%, 11/15/27, Callable 5/15/25 @ 105.88(b) | 256250 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Media, continued** | **Media, continued** | **Media, continued** | |
| $| 103000 | Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100 | $101680 |
|  | 149000 | Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100 | 144360 |
|  | 147000 | Fox Corp., 5.48%, 1/25/39, Callable 7/25/38 @ 100 | 135565 |
|  | 65000 | Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38(b) | 46150 |
|  | 165000 | Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 9/15/26, Callable 9/15/23 @ 102.25(b) | 119419 |
|  | 200000 | Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 9/15/28, Callable 9/15/23 @ 103.25(b) | 82000 |
|  | 45000 | Sirius XM Radio, Inc., 3.13%, 9/1/26, Callable 9/1/23 @ 101.56(b) | 39825 |
|  | 105000 | Sirius XM Radio, Inc., 5.00%, 8/1/27, Callable 2/6/23 @ 102.5(b) | 96994 |
|  | 45000 | Sirius XM Radio, Inc., 5.50%, 7/1/29, Callable 7/1/24 @ 102.75(b) | 41062 |
|  | 40000 | Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06(b) | 33000 |
|  | 85000 | Sirius XM Radio, Inc., 3.88%, 9/1/31, Callable 9/1/26 @ 101.94(b) | 66300 |
|  | 140000 | TEGNA, Inc., 4.75%, 3/15/26, Callable 3/15/23 @ 102.38(b) | 135625 |
|  | 80000 | Terrier Media Buyer, Inc., 8.88%, 12/15/27, Callable 1/17/23 @ 104.44(b) | 59800 |
|  | 103000 | Time Warner Cable LLC, 5.50%, 9/1/41, Callable 3/1/41 @ 100 | 85897 |
|  | 359000 | Time Warner Cable, Inc., 6.55%, 5/1/37 | 341356 |
|  | 418000 | Time Warner Cable, Inc., 7.30%, 7/1/38 | 414992 |
|  | 1100000 | Time Warner Cable, Inc., 6.75%, 6/15/39 | 1045505 |
|  | 55000 | Univision Communications, Inc., 6.63%, 6/1/27, Callable 6/1/23 @ 103.31(b) | 53075 |
|  | 65000 | Univision Communications, Inc., 4.50%, 5/1/29, Callable 5/1/24 @ 102.25(b) | 54031 |
|  |  |  | 6915784 |
| **Metals & Mining (0.2%):** | **Metals & Mining (0.2%):** | **Metals & Mining (0.2%):** |  |
|  | 70000 | Alcoa Nederland Holding BV, 4.13%, 3/31/29, Callable 3/31/24 @ 102.06(b) | 61512 |
|  | 265000 | Allegheny Technologies, Inc., 5.88%, 12/1/27, Callable 2/6/23 @ 102.94 | 253075 |
|  | 30000 | Allegheny Technologies, Inc., 4.88%, 10/1/29, Callable 10/1/24 @ 102.44 | 26512 |
|  | 20000 | Allegheny Technologies, Inc., 5.13%, 10/1/31, Callable 10/1/26 @ 102.56 | 17425 |
|  | 70000 | Cleveland-Cliffs, Inc., 4.63%, 3/1/29, Callable 3/1/24 @ 102.31(b) | 61950 |
|  | 70000 | Cleveland-Cliffs, Inc., 4.88%, 3/1/31, Callable 3/1/26 @ 102.44^(b) | 61600 |
|  | 25000 | Commercial Metals Co., 4.13%, 1/15/30, Callable 1/15/25 @ 102.06 | 22000 |
|  | 25000 | Commercial Metals Co., 4.38%, 3/15/32, Callable 3/15/27 @ 102.19 | 21625 |
|  | 185000 | Kaiser Aluminun Corp., 4.63%, 3/1/28, Callable 3/1/23 @ 102.31(b) | 161644 |
|  | 55000 | Novelis Corp., 3.88%, 8/15/31, Callable 8/15/26 @ 101.94(b) | 44550 |
|  |  |  | 731893 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Mortgage Real Estate Investment Trusts (REITs) (0.0%<sup>†</sup>):** | **Mortgage Real Estate Investment Trusts (REITs) (0.0%<sup>†</sup>):** | |
| $55000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 4.75%, 6/15/29, Callable 6/15/24 @ 102.38(b) | $44344 |
| 65000 | Starwood Property Trust, Inc., 4.75%, 3/15/25, Callable 9/15/24 @ 100 | 62156 |
|  |  | 106500 |
| **Multi-Utilities (0.2%):** | **Multi-Utilities (0.2%):** |  |
| 207000 | Puget Energy, Inc., 4.10%, 6/15/30, Callable 3/15/30 @ 100 | 185131 |
| 292000 | Puget Energy, Inc., 4.22%, 3/15/32, Callable 12/15/31 @ 100 | 259287 |
| 110000 | Sempra Energy, 6.00%, 10/15/39 | 111338 |
|  |  | 555756 |
| **Oil, Gas & Consumable Fuels (5.0%):** | **Oil, Gas & Consumable Fuels (5.0%):** |  |
| 55000 | Apache Corp., 5.10%, 9/1/40, Callable 3/1/40 @ 100 | 45650 |
| 25000 | Apache Corp., 7.38%, 8/15/47 | 24813 |
| 70000 | Cheniere Energy Partners LP, 4.00%, 3/1/31, Callable 3/1/26 @ 102 | 59413 |
| 55000 | Cheniere Energy Partners, LP, 3.25%, 1/31/32, Callable 1/31/27 @ 101.63 | 43656 |
| 361000 | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 5.13%, 4/1/25, Callable 3/1/25 @ 100(b) | 360019 |
| 145000 | CITGO Petroleum Corp., 6.38%, 6/15/26, Callable 6/15/23 @ 103.19(b) | 139019 |
| 25000 | Cnx Midstream Partners LP, 4.75%, 4/15/30, Callable 4/15/25 @ 102.38(b) | 20625 |
| 30000 | CNX Resources Corp., 6.00%, 1/15/29, Callable 1/15/24 @ 104.5(b) | 27675 |
| 30000 | Colgate Energy Partners III LLC, 5.88%, 7/1/29, Callable 7/1/24 @ 102.94(b) | 25763 |
| 80000 | Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(b) | 72000 |
| 40000 | Comstock Resources, Inc., 5.88%, 1/15/30, Callable 1/15/25 @ 102.94(b) | 34500 |
| 195000 | Continental Resources, Inc., 5.75%, 1/15/31, Callable 7/15/30 @ 100(b) | 180863 |
| 167000 | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25, Callable 2/6/23 @ 101.44 | 162407 |
| 305000 | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29, Callable 2/1/24 @ 103(b) | 281363 |
| 230000 | CVR Energy, Inc., 5.25%, 2/15/25, Callable 1/23/23 @ 102.63(b) | 211600 |
| 25000 | CVR Energy, Inc., 5.75%, 2/15/28, Callable 2/15/23 @ 102.88(b) | 21500 |
| 163000 | DCP Midstream Operating LP, 3.88%, 3/15/23, Callable 2/6/23 @ 100 | 161777 |
| 105000 | DCP Midstream Operating LP, 5.38%, 7/15/25, Callable 4/15/25 @ 100 | 103819 |
| 160000 | DCP Midstream Operating LP, 5.63%, 7/15/27, Callable 4/15/27 @ 100 | 159200 |
| 750000 | DCP Midstream Operating LP, 5.85% (US0003M+385 bps), 5/21/43, Callable 5/21/23 @ 100(b) | 729375 |
| 185000 | DCP Midstream Operating LP, 5.60%, 4/1/44, Callable 10/1/43 @ 100 | 172975 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| $35000 | Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.13%, 6/1/28, Callable 6/1/24 @ 103.56(b) | $31281 |
| 43000 | Devon Energy Corp., 5.25%, 10/15/27, Callable 1/17/23 @ 102.63 | 42428 |
| 55000 | DT Midstream, Inc., 4.13%, 6/15/29, Callable 6/15/24 @ 102.06(b) | 46750 |
| 124000 | Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100 | 120982 |
| 110000 | Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 1/30/28, Callable 2/6/23 @ 102.88(b) | 105050 |
| 350000 | Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100 | 337432 |
| 167000 | Energy Transfer LP, 5.25%, 4/15/29, Callable 1/15/29 @ 100 | 161971 |
| 161000 | Energy Transfer LP, 3.75%, 5/15/30, Callable 2/15/30 @ 100 | 141996 |
| 427000 | Energy Transfer LP, 5.00%, 5/15/50, Callable 11/15/49 @ 100 | 345013 |
| 81000 | Energy Transfer Operating LP, 4.25%, 3/15/23, Callable 1/23/23 @ 100 | 80802 |
| 103000 | Energy Transfer Operating LP, 4.50%, 4/15/24, Callable 3/15/24 @ 100 | 101664 |
| 103000 | Energy Transfer Partners LP, 4.20%, 9/15/23, Callable 8/15/23 @ 100 | 101943 |
| 195000 | Energy Transfer Partners LP, 5.80%, 6/15/38, Callable 12/15/37 @ 100 | 179769 |
| 127000 | Energy Transfer Partners LP, 6.00%, 6/15/48, Callable 12/15/47 @ 100 | 115412 |
| 115000 | Energy Transfer, LP, 6.25%, 4/15/49, Callable 10/15/48 @ 100 | 107894 |
| 135000 | EnLink Midstream LLC, 5.63%, 1/15/28, Callable 7/15/27 @ 100(b) | 128756 |
| 105000 | EQM Midstream Partners LP, 7.50%, 6/1/27, Callable 6/1/24 @ 103.75(b) | 102506 |
| 80000 | EQM Midstream Partners LP, 6.50%, 7/1/27, Callable 1/1/27 @ 100(b) | 76300 |
| 70000 | EQM Midstream Partners LP, 4.50%, 1/15/29, Callable 7/15/28 @ 100(b) | 59237 |
| 115000 | EQT Corp., 3.90%, 10/1/27, Callable 7/1/27 @ 100 | 106375 |
| 45000 | EQT Corp., 5.00%, 1/15/29, Callable 7/15/28 @ 100 | 42413 |
| 311000 | Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100 | 297415 |
| 109000 | Hess Corp., 7.30%, 8/15/31 | 118746 |
| 78000 | Hess Corp., 7.13%, 3/15/33 | 84430 |
| 900000 | Hess Corp., 5.60%, 2/15/41 | 848930 |
| 302000 | Hess Corp., 5.80%, 4/1/47, Callable 10/1/46 @ 100 | 290193 |
| 190000 | Hess Midstream Operations LP, 5.63%, 2/15/26, Callable 2/6/23 @ 102.81(b) | 184300 |
| 35000 | Hess Midstream Operations LP, 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(b) | 29925 |
| 45000 | Holly Energy Partners LP / Holly Energy Finance Corp., 6.38%, 4/15/27, Callable 4/15/24 @ 103.19(b) | 44269 |
| 150000 | Kinder Morgan Energy Partners LP, 3.45%, 2/15/23, Callable 2/6/23 @ 100 | 149594 |
| 63000 | Kinder Morgan Energy Partners LP, 6.55%, 9/15/40 | 63032 |
| 50000 | Kinetik Holdings LP, 5.88%, 6/15/30, Callable 6/15/25 @ 102.94(b) | 47027 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| $55000 | Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29, Callable 7/1/24 @ 102.13(b) | $46750 |
| 172000 | MPLX LP, 4.50%, 7/15/23, Callable 4/15/23 @ 100 | 171298 |
| 242000 | MPLX LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100 | 240174 |
| 70000 | MPLX LP, 5.50%, 2/15/49, Callable 8/15/48 @ 100 | 62356 |
| 289000 | MPLX, LP, 4.95%, 9/1/32, Callable 6/1/32 @ 100 | 272348 |
| 150000 | Murphy Oil Corp., 5.88%, 12/1/27, Callable 2/6/23 @ 102.94 | 143625 |
| 135000 | NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26, Callable 2/6/23 @ 103.75(b) | 119813 |
| 609000 | Occidental Petroleum Corp., 5.55%, 3/15/26, Callable 12/15/25 @ 100 | 606716 |
| 120000 | Occidental Petroleum Corp., 3.50%, 8/15/29, Callable 5/15/29 @ 100 | 108000 |
| 85000 | Occidental Petroleum Corp., 8.88%, 7/15/30, Callable 1/15/30 @ 100 | 95200 |
| 1047000 | Occidental Petroleum Corp., 7.50%, 5/1/31 | 1120290 |
| 25000 | Occidental Petroleum Corp., 7.88%, 9/15/31 | 27281 |
| 422000 | Occidental Petroleum Corp., 6.45%, 9/15/36 | 430440 |
| 40000 | Occidental Petroleum Corp., 4.30%, 8/15/39, Callable 2/15/39 @ 100 | 31900 |
| 40000 | Occidental Petroleum Corp., 6.20%, 3/15/40 | 38800 |
| 712000 | Occidental Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100 | 731580 |
| 120000 | Occidental Petroleum Corp., 4.40%, 4/15/46, Callable 10/15/45 @ 100 | 95700 |
| 165000 | Occidental Petroleum Corp., 4.10%, 2/15/47, Callable 8/15/46 @ 100 | 127050 |
| 80000 | Occidental Petroleum Corp., 4.20%, 3/15/48, Callable 9/15/47 @ 100 | 61800 |
| 95000 | Occidental Petroleum Corp., 4.40%, 8/15/49, Callable 2/15/49 @ 100 | 75050 |
| 120000 | PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28, Callable 2/15/23 @ 103 | 107100 |
| 35000 | PDC Energy, Inc., 5.75%, 5/15/26, Callable 2/6/23 @ 102.88 | 33075 |
| 39000 | Phillips 66, 3.85%, 4/9/25, Callable 3/9/25 @ 100 | 37991 |
| 110000 | Plains All Amer Pipeline, 3.60%, 11/1/24, Callable 8/1/24 @ 100 | 106082 |
| 110000 | Range Resources Corp., 4.88%, 5/15/25, Callable 2/15/25 @ 100 | 104775 |
| 493000 | Sabine Pass Liquefaction LLC, 4.50%, 5/15/30, Callable 11/15/29 @ 100 | 457258 |
| 408000 | Sanchez Energy Corp., 7.25%, 2/15/23, Callable 1/17/23 @ 100(a)(b) |  |
| 20000 | SM Energy Co., 5.63%, 6/1/25, Callable 2/6/23 @ 100.94 | 19100 |
| 75000 | SM Energy Co., 6.75%, 9/15/26, Callable 2/6/23 @ 102.25 | 73125 |
| 346000 | Southeast Supply Header LLC, 4.25%, 6/15/24, Callable 3/15/24 @ 100(b) | 319185 |
| 55000 | Southwestern Energy Co., 4.75%, 2/1/32, Callable 2/1/27 @ 102.38 | 46544 |
| 5000 | Sunoco LP/Sunoco Finance Corp., 6.00%, 4/15/27, Callable 2/6/23 @ 103 | 4912 |
| 95000 | Sunoco LP/Sunoco Finance Corp., 5.88%, 3/15/28, Callable 3/15/23 @ 102.94 | 89775 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| $| 165000 | Sunoco LP/Sunoco Finance Corp., 4.50%, 5/15/29, Callable 5/15/24 @ 102.25 | $143962 |
|  | 135000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30, Callable 12/31/25 @ 103(b) | 116944 |
|  | 70000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 1/15/32, Callable 7/15/26 @ 102 | 58888 |
|  | 30000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75 | 28237 |
|  | 185000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.88%, 2/1/31, Callable 2/1/26 @ 102.44 | 166731 |
|  | 62000 | Western Gas Partners LP, 3.95%, 6/1/25, Callable 3/1/25 @ 100 | 58590 |
|  | 205000 | Western Gas Partners LP, 4.65%, 7/1/26, Callable 4/1/26 @ 100 | 194237 |
|  | 900000 | Western Gas Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100 | 823500 |
|  | 101000 | Western Gas Partners LP, 4.75%, 8/15/28, Callable 5/15/28 @ 100 | 92667 |
|  | 205000 | Western Midstream Operating LP, 5.30%, 2/1/30, Callable 11/1/29 @ 100 | 180400 |
|  | 301000 | Williams Cos., Inc. (The), 4.65%, 8/15/32, Callable 5/15/32 @ 100 | 281450 |
|  | 68000 | Williams Cos., Inc. (The), 5.30%, 8/15/52, Callable 2/15/52 @ 100 | 61507 |
|  | 242000 | Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100 | 240177 |
|  | 426000 | Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100 | 419767 |
|  |  |  | 16603997 |
| **Paper & Forest Products (0.0%<sup>†</sup>):** | **Paper & Forest Products (0.0%<sup>†</sup>):** | **Paper & Forest Products (0.0%<sup>†</sup>):** |  |
|  | 45000 | Glatfelter Corp., 4.75%, 11/15/29, Callable 11/1/24 @ 102.38(b) | 27000 |
|  | 70000 | Mercer International, Inc., 5.13%, 2/1/29, Callable 2/1/24 @ 102.56 | 58275 |
|  |  |  | 85275 |
| **Personal Products (0.0%<sup>†</sup>):** | **Personal Products (0.0%<sup>†</sup>):** | **Personal Products (0.0%<sup>†</sup>):** |  |
|  | 55000 | BellRing Brands, Inc., 7.00%, 3/15/30, Callable 3/15/27 @ 101.75(b) | 53212 |
| **Pharmaceuticals (0.4%):** | **Pharmaceuticals (0.4%):** | **Pharmaceuticals (0.4%):** |  |
|  | 37000 | Bausch Health Cos., Inc., 11.00%, 9/30/28(b) | 28860 |
|  | 7000 | Bausch Health Cos., Inc., 14.00%, 10/15/30, Callable 10/15/25 @ 106(b) | 4165 |
|  | 170000 | Catalent Pharma Solutions, Inc., 3.13%, 2/15/29, Callable 2/15/24 @ 101.56(b) | 134725 |
|  | 50000 | Catalent Pharma Solutions, Inc., 3.50%, 4/1/30, Callable 4/1/25 @ 101.75^(b) | 39438 |
|  | 275000 | Elanco Animal Health, Inc., 5.27%, 8/28/23, Callable 7/28/23 @ 100 | 273229 |
|  | 116000 | Elanco Animal Health, Inc., 5.90%, 8/28/28, Callable 5/28/28 @ 100 | 109620 |
|  | 45000 | Jazz Securities DAC, 4.38%, 1/15/29, Callable 7/15/24 @ 102.19(b) | 39937 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Pharmaceuticals, continued** | **Pharmaceuticals, continued** | **Pharmaceuticals, continued** | |
| $| 160000 | Organon & Co. / Organon Foreign Debt Co-Issuer BV, 4.13%, 4/30/28, Callable 4/30/24 @ 102.06(b) | $142400 |
|  | 215000 | Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.13%, 4/30/31, Callable 4/30/26 @ 102.56(b) | 187050 |
|  | 60000 | Viatris, Inc., 1.65%, 6/22/25, Callable 5/22/25 @ 100 | 54425 |
|  | 305000 | Viatris, Inc., 2.70%, 6/22/30, Callable 3/22/30 @ 100 | 240257 |
|  | 133000 | Viatris, Inc., 3.85%, 6/22/40, Callable 12/22/39 @ 100 | 89624 |
|  |  |  | 1343730 |
| **Professional Services (0.0%<sup>†</sup>):** | **Professional Services (0.0%<sup>†</sup>):** | **Professional Services (0.0%<sup>†</sup>):** |  |
|  | 60000 | Asgn, Inc., 4.63%, 5/15/28, Callable 5/15/23 @ 102.31(b) | 54300 |
| **Real Estate (0.3%):** | **Real Estate (0.3%):** | **Real Estate (0.3%):** |  |
|  | 27000 | Corporate Office Properties, LP, 2.00%, 1/15/29, Callable 11/15/28 @ 100 | 20764 |
|  | 225000 | Invitation Homes Operating Partnership LP, 4.15%, 4/15/32, Callable 1/15/32 @ 100 | 197739 |
|  | 115000 | Realogy Group LLC / Realogy Co-Issuer Corp., 5.25%, 4/15/30, Callable 4/15/25 @ 102.63(b) | 83806 |
|  | 297000 | VICI Properties LP, 4.75%, 2/15/28, Callable 1/15/28 @ 100 | 281408 |
|  | 441000 | VICI Properties LP, 4.95%, 2/15/30, Callable 12/15/29 @ 100 | 416194 |
|  | 40000 | VICI Properties LP / VICI Note Co., Inc., 4.63%, 6/15/25, Callable 3/15/25 @ 100(b) | 38250 |
|  |  |  | 1038161 |
| **Real Estate Management & Development (0.2%):** | **Real Estate Management & Development (0.2%):** | **Real Estate Management & Development (0.2%):** |  |
|  | 301000 | CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100 | 237976 |
|  | 85000 | Kennedy-Wilson, Inc., 4.75%, 2/1/30, Callable 9/1/24 @ 102.38 | 64281 |
|  | 70000 | Realogy Group LLC / Realogy Co-Issuer Corp., 5.75%, 1/15/29, Callable 1/15/24 @ 102.88(b) | 52850 |
|  | 275000 | TK Elevator US Newco, Inc., 5.25%, 7/15/27, Callable 7/15/23 @ 102.63(b) | 244750 |
|  |  |  | 599857 |
| **Retail & Wholesale — Discretionary (0.0%<sup>†</sup>):** | **Retail & Wholesale — Discretionary (0.0%<sup>†</sup>):** | **Retail & Wholesale — Discretionary (0.0%<sup>†</sup>):** |  |
|  | 15000 | MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 2/1/30, Callable 2/1/25 @ 102.75(b) | 12038 |
| **Road & Rail (0.0%<sup>†</sup>):** | **Road & Rail (0.0%<sup>†</sup>):** | **Road & Rail (0.0%<sup>†</sup>):** |  |
|  | 60000 | Uber Technologies, Inc., 4.50%, 8/15/29, Callable 8/15/24 @ 102.25(b) | 52125 |
| **Semiconductors & Semiconductor Equipment (0.7%):** | **Semiconductors & Semiconductor Equipment (0.7%):** | **Semiconductors & Semiconductor Equipment (0.7%):** |  |
|  | 92000 | Broadcom, Inc., 1.95%, 2/15/28, Callable 12/15/27 @ 100(b) | 78042 |
|  | 899000 | Broadcom, Inc., 2.45%, 2/15/31, Callable 11/15/30 @ 100(b) | 710210 |
|  | 797000 | Broadcom, Inc., 2.60%, 2/15/33, Callable 11/15/32 @ 100(b) | 600351 |
|  | 633000 | Broadcom, Inc., 3.50%, 2/15/41, Callable 8/15/40 @ 100(b) | 457363 |
|  | 297000 | Broadcom, Inc., 3.75%, 2/15/51, Callable 8/15/50 @ 100(b) | 208916 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Semiconductors & Semiconductor Equipment, continued** | **Semiconductors & Semiconductor Equipment, continued** | **Semiconductors & Semiconductor Equipment, continued** | |
| $| 135000 | Entegris, Inc., 3.63%, 5/1/29, Callable 5/1/24 @ 102.72^(b) | $109012 |
|  | 75000 | ON Semiconductor Corp., 3.88%, 9/1/28, Callable 9/1/23 @ 101.94(b) | 65438 |
|  |  |  | 2229332 |
| **Software (0.5%):** | **Software (0.5%):** | **Software (0.5%):** |  |
|  | 55000 | Acuris Finance US, Inc. / Acuris Finance SARL, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(b) | 43519 |
|  | 60000 | Boxer Parent Co., Inc., 7.13%, 10/2/25, Callable 2/6/23 @ 103.56(b) | 58350 |
|  | 40000 | Clarivate Science Holdings Corp., 3.88%, 7/1/28, Callable 6/30/24 @ 101.94(b) | 34100 |
|  | 40000 | Clarivate Science Holdings Corp., 4.88%, 7/1/29, Callable 6/30/24 @ 102.44(b) | 33900 |
|  | 30000 | Elastic NV, 4.13%, 7/15/29, Callable 7/15/24 @ 102.06(b) | 24000 |
|  | 70000 | Fair Isaac Corp., 4.00%, 6/15/28, Callable 1/23/23 @ 102(b) | 63525 |
|  | 125000 | MicroStrategy, Inc., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06^(b) | 89375 |
|  | 351000 | Oracle Corp., 1.65%, 3/25/26, Callable 2/25/26 @ 100 | 315203 |
|  | 555000 | Oracle Corp., 2.30%, 3/25/28, Callable 1/25/28 @ 100 | 481848 |
|  | 690000 | Oracle Corp., 2.88%, 3/25/31, Callable 12/25/30 @ 100 | 575191 |
|  |  |  | 1719011 |
| **Specialty Retail (0.5%):** | **Specialty Retail (0.5%):** | **Specialty Retail (0.5%):** |  |
|  | 35000 | Asbury Automotive Group, Inc., 4.63%, 11/15/29, Callable 11/15/24 @ 102.31(b) | 29400 |
|  | 40000 | Asbury Automotive Group, Inc., 5.00%, 2/15/32, Callable 11/15/26 @ 102.5(b) | 33450 |
|  | 47000 | AutoNation, Inc., 4.75%, 6/1/30, Callable 3/1/30 @ 100 | 42042 |
|  | 72000 | AutoZone, Inc., 3.63%, 4/15/25, Callable 3/15/25 @ 100 | 69673 |
|  | 333000 | AutoZone, Inc., 4.00%, 4/15/30, Callable 1/15/30 @ 100 | 308182 |
|  | 66000 | Carvana Co., 5.88%, 10/1/28, Callable 10/1/23 @ 104.41(b) | 25740 |
|  | 10000 | Carvana Co., 4.88%, 9/1/29, Callable 9/1/24 @ 102.44(b) | 3850 |
|  | 55000 | Carvana Co., 10.25%, 5/1/30, Callable 5/1/27 @ 105.13(b) | 26263 |
|  | 30000 | Foot Locker, Inc., 4.00%, 10/1/29, Callable 10/1/24 @ 102(b) | 24375 |
|  | 55000 | Gap, Inc. (The), 3.88%, 10/1/31, Callable 10/1/26 @ 101.94(b) | 38638 |
|  | 220000 | L Brands, Inc., 6.63%, 10/1/30, Callable 10/1/25 @ 103.31(b) | 205975 |
|  | 33000 | Lowe's Cos., Inc., 3.35%, 4/1/27, Callable 3/1/27 @ 100 | 31039 |
|  | 410000 | Lowe's Cos., Inc., 4.25%, 4/1/52, Callable 10/1/51 @ 100 | 329369 |
|  | 464000 | Lowe's Cos., Inc., 4.45%, 4/1/62, Callable 10/1/61 @ 100 | 364005 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Specialty Retail, continued** | **Specialty Retail, continued** | **Specialty Retail, continued** | |
| $| 74000 | O'Reilly Automotive, Inc., 4.20%, 4/1/30, Callable 1/1/30 @ 100 | $69885 |
|  | 30000 | Party City Holdings, Inc., 8.75%, 2/15/26, Callable 8/15/23 @ 104.38(b) | 8775 |
|  | 20000 | Rent-A-Center, Inc., 6.38%, 2/15/29, Callable 2/15/24 @ 103.19(b) | 16025 |
|  | 40000 | Victoria's Secret & Co., 4.63%, 7/15/29, Callable 7/15/24 @ 102.31(b) | 31400 |
|  |  |  | 1658086 |
| **Technology Hardware, Storage & Peripherals (0.2%):** | **Technology Hardware, Storage & Peripherals (0.2%):** | **Technology Hardware, Storage & Peripherals (0.2%):** |  |
|  | 106000 | Dell International LLC/EMC Corp., 5.45%, 6/15/23, Callable 4/15/23 @ 100 | 106016 |
|  | 81000 | Dell International LLC/EMC Corp., 5.85%, 7/15/25, Callable 6/15/25 @ 100 | 81640 |
|  | 129000 | Dell International LLC/EMC Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100 | 131817 |
|  | 148000 | Dell International LLC/EMC Corp., 6.10%, 7/15/27, Callable 5/15/27 @ 100 | 152250 |
|  | 128000 | Dell International LLC/EMC Corp., 6.20%, 7/15/30, Callable 4/15/30 @ 100 | 130534 |
|  |  |  | 602257 |
| **Telecommunications (0.1%):** | **Telecommunications (0.1%):** | **Telecommunications (0.1%):** |  |
|  | 130000 | Cogent Communications Group, Inc., 7.00%, 6/15/27, Callable 6/15/24 @ 103.5(b) | 127400 |
|  | 60000 | Frontier Communications Holdings LLC, 8.75%, 5/15/30, Callable 5/15/25 @ 104.38(b) | 61050 |
|  |  |  | 188450 |
| **Textiles, Apparel & Luxury Goods (0.1%):** | **Textiles, Apparel & Luxury Goods (0.1%):** | **Textiles, Apparel & Luxury Goods (0.1%):** |  |
|  | 60000 | Crocs, Inc., 4.13%, 8/15/31, Callable 8/15/26 @ 102.06(b) | 48825 |
|  | 20000 | Kontoor Brands, Inc., 4.13%, 11/15/29, Callable 11/15/24 @ 102.06(b) | 16275 |
|  | 70000 | Levi Strauss & Co., 3.50%, 3/1/31, Callable 3/1/26 @ 101.75(b) | 55212 |
|  | 105000 | Wolverine World Wide, Inc., 4.00%, 8/15/29, Callable 8/15/24 @ 102(b) | 78094 |
|  |  |  | 198406 |
| **Tobacco (0.5%):** | **Tobacco (0.5%):** | **Tobacco (0.5%):** |  |
|  | 452000 | Altria Group, Inc., 4.25%, 8/9/42 | 335771 |
|  | 302000 | Altria Group, Inc., 4.50%, 5/2/43 | 228862 |
|  | 262000 | Altria Group, Inc., 5.38%, 1/31/44 | 232828 |
|  | 108000 | Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100 | 96087 |
|  | 179000 | Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100 | 162414 |
|  | 600000 | Reynolds American, Inc., 7.25%, 6/15/37 | 612471 |
|  | 70000 | Turning Point Brands, Inc., 5.63%, 2/15/26, Callable 2/15/23 @ 102.81(b) | 60550 |
|  |  |  | 1728983 |
| **Trading Companies & Distributors (0.3%):** | **Trading Companies & Distributors (0.3%):** | **Trading Companies & Distributors (0.3%):** |  |
|  | 467000 | Air Lease Corp., 4.25%, 2/1/24, Callable 1/1/24 @ 100 | 459730 |
|  | 393000 | Air Lease Corp., 3.38%, 7/1/25, Callable 6/1/25 @ 100 | 370877 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Trading Companies & Distributors, continued** | **Trading Companies & Distributors, continued** | **Trading Companies & Distributors, continued** | |
| $| 40000 | Foundation Building Materials, Inc., 6.00%, 3/1/29, Callable 3/1/24 @ 103(b) | $29950 |
|  | 45000 | SRS Distribution, Inc., 4.63%, 7/1/28, Callable 7/1/24 @ 102.31(b) | 39881 |
|  | 25000 | SRS Distribution, Inc., 6.13%, 7/1/29, Callable 7/1/24 @ 103.06(b) | 20188 |
|  | 40000 | SRS Distribution, Inc., 6.00%, 12/1/29, Callable 12/1/24 @ 103(b) | 31800 |
|  |  |  | 952426 |
| **Wireless Telecommunication Services (0.6%):** | **Wireless Telecommunication Services (0.6%):** | **Wireless Telecommunication Services (0.6%):** |  |
|  | 445000 | Sprint Capital Corp., 8.75%, 3/15/32 | 529550 |
|  | 300000 | Sprint Communications, Inc., 6.88%, 11/15/28 | 311250 |
|  | 380000 | T-Mobile USA, Inc., 3.75%, 4/15/27, Callable 2/15/27 @ 100 | 359094 |
|  | 65000 | T-Mobile USA, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38 | 63375 |
|  | 70000 | T-Mobile USA, Inc., 3.38%, 4/15/29, Callable 4/15/24 @ 101.69 | 61815 |
|  | 630000 | T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100 | 571172 |
|  | 82000 | T-Mobile USA, Inc., 4.38%, 4/15/40, Callable 10/15/39 @ 100 | 70527 |
|  | 161000 | T-Mobile USA, Inc., 4.50%, 4/15/50, Callable 10/15/49 @ 100 | 133616 |
|  |  |  | 2100399 |
|  | Total Corporate Bonds (Cost $138,988,661) | Total Corporate Bonds (Cost $138,988,661) | 124450661 |
| **Yankee Debt Obligations (9.4%):** | **Yankee Debt Obligations (9.4%):** | **Yankee Debt Obligations (9.4%):** |  |
| **Aerospace & Defense (0.1%):** | **Aerospace & Defense (0.1%):** | **Aerospace & Defense (0.1%):** |  |
|  | 38000 | Bombardier, Inc., 7.50%, 3/15/25, Callable 2/6/23 @ 101.25(b) | 37667 |
|  | 55000 | Bombardier, Inc., 7.13%, 6/15/26, Callable 6/15/23 @ 103.56(b) | 53488 |
|  | 170000 | Bombardier, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103(b) | 157037 |
|  |  |  | 248192 |
| **Airlines (0.0%<sup>†</sup>):** | **Airlines (0.0%<sup>†</sup>):** | **Airlines (0.0%<sup>†</sup>):** |  |
|  | 100000 | VistaJet Malta Finance PLC / XO Management Holding, Inc., 7.88%, 5/1/27, Callable 5/1/24 @ 103.94(b) | 90000 |
|  | 95000 | VistaJet Malta Finance PLC / XO Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19(b) | 75169 |
|  |  |  | 165169 |
| **Banks (1.9%):** | **Banks (1.9%):** | **Banks (1.9%):** |  |
|  | 874000 | Barclays plc, 4.38%, 1/12/26 | 844962 |
|  | 503000 | Barclays plc, 2.85% (US0003M+245 bps), 5/7/26, Callable 5/7/25 @ 100 | 466761 |
|  | 580000 | Barclays plc, 5.09% (US0003M+305 bps), 6/20/30, Callable 6/20/29 @ 100 | 534131 |
|  | 200000 | Commonwealth Bank of Australia, 3.61%, 9/12/34, Callable 9/12/29 @ 100(b) | 165176 |
|  | 791000 | Cooperatieve Rabobank UA, 4.38%, 8/4/25 | 769539 |
|  | 205000 | HSBC Holdings plc, 4.25%, 3/14/24 | 201196 |
|  | 200000 | Intesa Sanpaolo SpA, 5.02%, 6/26/24(b) | 192679 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | |
| **Banks, continued** | **Banks, continued** | **Banks, continued** | |
| $| 1432000 | Intesa Sanpaolo SpA, 5.71%, 1/15/26(b) | $1375021 |
|  | 286000 | Royal Bank of Scotland Group plc, 3.07% (H15T1Y+255 bps), 5/22/28, Callable 5/22/27 @ 100 | 256227 |
|  | 980000 | Societe Generale SA, 1.04% (H15T1Y+75 bps), 6/18/25, Callable 6/18/24 @ 100(b) | 907580 |
|  | 513000 | Societe Generale SA, 1.49% (H15T1Y+110 bps), 12/14/26, Callable 12/14/25 @ 100(b) | 445795 |
|  | 289000 | Westpac Banking Corp., 4.11% (H15T5Y+200 bps), 7/24/34, Callable 7/24/29 @ 100 | 247522 |
|  |  |  | 6406589 |
| **Biotechnology (0.1%):** | **Biotechnology (0.1%):** | **Biotechnology (0.1%):** |  |
|  | 200000 | Grifols Escrow Issuer SA, 4.75%, 10/15/28, Callable 10/15/24 @ 102.38(b) | 173250 |
| **Capital Markets (1.4%):** | **Capital Markets (1.4%):** | **Capital Markets (1.4%):** |  |
|  | 1175000 | Credit Suisse Group AG, 3.80%, 6/9/23 | 1147228 |
|  | 788000 | Credit Suisse Group AG, 2.59% (SOFR+156 bps), 9/11/25, Callable 9/11/24 @ 100(b) | 703309 |
|  | 602000 | Credit Suisse Group AG, 4.19% (SOFR+373 bps), 4/1/31, Callable 4/1/30 @ 100(b) | 467413 |
|  | 720000 | Credit Suisse Group Funding Guernsey, Ltd., 3.75%, 3/26/25 | 649080 |
|  | 1462000 | Deutsche Bank AG, 4.50%, 4/1/25 | 1390382 |
|  | 314000 | UBS Group AG, 1.49% (H15T1Y+85 bps), 8/10/27, Callable 8/10/26 @ 100(b) | 270486 |
|  |  |  | 4627898 |
| **Chemicals (0.1%):** | **Chemicals (0.1%):** | **Chemicals (0.1%):** |  |
|  | 130000 | Consolidated Energy Finance SA, 6.50%, 5/15/26, Callable 1/17/23 @ 103.25(b) | 120575 |
|  | 195000 | Methanex Corp., 5.13%, 10/15/27, Callable 4/15/27 @ 100 | 180863 |
|  | 95000 | Methanex Corp., 5.25%, 12/15/29, Callable 9/15/29 @ 100 | 84312 |
|  | 55000 | SPCM SA, 3.13%, 3/15/27, Callable 3/15/24 @ 101.56(b) | 47437 |
|  |  |  | 433187 |
| **Consumer Discretionary Services (0.0%<sup>†</sup>):** | **Consumer Discretionary Services (0.0%<sup>†</sup>):** | **Consumer Discretionary Services (0.0%<sup>†</sup>):** |  |
|  | 55000 | Studio City Co., Ltd., 7.00%, 2/15/27, Callable 2/15/24 @ 103.5(b) | 51425 |
| **Consumer Staple Products (0.2%):** | **Consumer Staple Products (0.2%):** | **Consumer Staple Products (0.2%):** |  |
|  | 200000 | Imperial Brands Finance plc, 6.13%, 7/27/27, Callable 6/27/27 @ 100(b) | 197750 |
|  | 555000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 2.50%, 1/15/27, Callable 12/15/26 @ 100(b) | 482862 |
|  |  |  | 680612 |
| **Containers & Packaging (0.1%):** | **Containers & Packaging (0.1%):** | **Containers & Packaging (0.1%):** |  |
|  | 25000 | Intelligent Packaging, Ltd. Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer LLC, 6.00%, 9/15/28, Callable 2/6/23 @ 103(b) | 20250 |
|  | 255000 | Trivium Packaging Finance BV, 5.50%, 8/15/26, Callable 2/6/23 @ 102.75(b) | 237469 |
|  |  |  | 257719 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | |
| **Diversified Consumer Services (0.1%):** | **Diversified Consumer Services (0.1%):** | |
| $48000 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 6/1/28, Callable 6/1/24 @ 102.31(b) | $39600 |
| 225000 | GEMS MENASA Cayman, Ltd. / GEMS Education Delaware LLC, 7.13%, 7/31/26, Callable 2/6/23 @ 103.56(b) | 216000 |
|  |  | 255600 |
| **Diversified Financial Services (0.9%):** | **Diversified Financial Services (0.9%):** |  |
| 395000 | Altice Financing SA, 5.00%, 1/15/28, Callable 2/6/23 @ 102.5(b) | 319456 |
| 300000 | C&W Senior Financing Dac, 6.88%, 9/15/27, Callable 1/17/23 @ 103.44(b) | 279750 |
| 110000 | Intelsat Jackson Holdings SA, 6.50%, 3/15/30, Callable 3/15/25 @ 102(b) | 98676 |
| 2052000 | Park Aerospace Holdings, 5.50%, 2/15/24(b) | 2026350 |
| 305000 | Vmed O2 UK Financing I plc, 4.25%, 1/31/31, Callable 1/31/26 @ 102.13(b) | 244000 |
|  |  | 2968232 |
| **Diversified Telecommunication Services (0.1%):** | **Diversified Telecommunication Services (0.1%):** |  |
| 270000 | Altice France SA, 6.00%, 2/15/28, Callable 2/15/23 @ 103^(b) | 159300 |
| 185000 | Altice France SA, 5.13%, 1/15/29, Callable 9/15/23 @ 102.56(b) | 146844 |
| 80000 | Telecom Italia SpA, 6.00%, 9/30/34 | 61500 |
|  |  | 367644 |
| **Energy Equipment & Services (0.0%<sup>†</sup>):** | **Energy Equipment & Services (0.0%<sup>†</sup>):** |  |
| 140000 | Transocean Poseidon, Ltd., 6.88%, 2/1/27, Callable 2/6/23 @ 103.44(b) | 136500 |
| **Hotels, Restaurants & Leisure (0.1%):** | **Hotels, Restaurants & Leisure (0.1%):** |  |
| 55000 | 1011778 BC ULC / New Red Finance, Inc., 5.75%, 4/15/25, Callable 2/6/23 @ 102.88(b) | 54588 |
| 210000 | 1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30, Callable 10/15/25 @ 102(b) | 171150 |
| 75000 | Melco Resorts Finance, Ltd., 5.75%, 7/21/28, Callable 7/21/23 @ 102.88(b) | 62531 |
| 65000 | Melco Resorts Finance, Ltd., 5.38%, 12/4/29, Callable 12/4/24 @ 102.69(b) | 52000 |
|  |  | 340269 |
| **Industrial Services (0.0%<sup>†</sup>):** | **Industrial Services (0.0%<sup>†</sup>):** |  |
| 21000 | 1375209 BC, Ltd., 9.00%, 1/30/28, Callable 1/17/23 @ 103(b) | 20396 |
| **Insurance (0.2%):** | **Insurance (0.2%):** |  |
| 465000 | AIA Group, Ltd., 3.38%, 4/7/30, Callable 1/7/30 @ 100(b) | 412620 |
| 200000 | Swiss Re Finance Luxembourg SA, 5.00% (H15T5Y+358 bps), 4/2/49, Callable 4/2/29 @ 100(b) | 181300 |
|  |  | 593920 |
| **Marine (0.0%<sup>†</sup>):** | **Marine (0.0%<sup>†</sup>):** |  |
| 85000 | Seaspan Corp., 5.50%, 8/1/29, Callable 8/1/24 @ 102.75(b) | 64069 |
| **Materials (0.1%):** | **Materials (0.1%):** |  |
| 55000 | Cerdia Finanz GmbH, 10.50%, 2/15/27, Callable 2/15/24 @ 105.25(b) | 46475 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | |
| **Materials, continued** | **Materials, continued** | **Materials, continued** | |
| $| 220000 | NOVA Chemicals Corp., 5.25%, 6/1/27, Callable 3/3/27 @ 100(b) | $196075 |
|  | 225000 | Nufarm Australia, Ltd. / Nufarm Americas, Inc., 5.00%, 1/27/30, Callable 1/27/25 @ 102.5(b) | 196875 |
|  |  |  | 439425 |
| **Media (0.1%):** | **Media (0.1%):** | **Media (0.1%):** |  |
|  | 255000 | VZ Secured Financing BV, 5.00%, 1/15/32, Callable 1/15/27 @ 102.5(b) | 204319 |
|  | 120000 | Ziggo BV, 5.13%, 2/28/30, Callable 2/15/25 @ 102.56(b) | 98700 |
|  |  |  | 303019 |
| **Metals & Mining (0.1%):** | **Metals & Mining (0.1%):** | **Metals & Mining (0.1%):** |  |
|  | 200000 | ERO Copper Corp., 6.50%, 2/15/30, Callable 2/15/25 @ 103.25(b) | 160500 |
|  | 115000 | First Quantum Minerals, Ltd., 6.88%, 3/1/26, Callable 1/17/23 @ 103.44(b) | 108962 |
|  | 55000 | First Quantum Minerals, Ltd., 6.88%, 10/15/27, Callable 10/15/23 @ 103.44(b) | 51219 |
|  | 5000 | FMG Resources Pty, Ltd., 4.50%, 9/15/27, Callable 6/15/27 @ 100(b) | 4569 |
|  | 105000 | Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24, Callable 2/6/23 @ 106(b) | 101850 |
|  | 75000 | Mineral Resources, Ltd., 8.00%, 11/1/27, Callable 11/1/24 @ 104(b) | 76406 |
|  |  |  | 503506 |
| **Multi-Utilities (0.2%):** | **Multi-Utilities (0.2%):** | **Multi-Utilities (0.2%):** |  |
|  | 525000 | InterGen NV, 7.00%, 6/30/23, Callable 2/6/23 @ 100(b) | 514500 |
| **Oil, Gas & Consumable Fuels (1.3%):** | **Oil, Gas & Consumable Fuels (1.3%):** | **Oil, Gas & Consumable Fuels (1.3%):** |  |
|  | 115000 | eG Global Finance plc, 6.75%, 2/7/25, Callable 1/17/23 @ 101.69(b) | 99475 |
|  | 205000 | eG Global Finance plc, 8.50%, 10/30/25, Callable 2/6/23 @ 102.13(b) | 191931 |
|  | 223000 | Enbridge, Inc., 4.00%, 10/1/23, Callable 7/1/23 @ 100 | 220683 |
|  | 235000 | Meg Energy Corp., 7.13%, 2/1/27, Callable 2/6/23 @ 103.56(b) | 239994 |
|  | 1385000 | Petroleos Mexicanos, 6.84%, 1/23/30, Callable 10/23/29 @ 100 | 1146210 |
|  | 120000 | Petroleos Mexicanos, 5.95%, 1/28/31, Callable 10/28/30 @ 100 | 91419 |
|  | 295000 | Petroleos Mexicanos, 6.70%, 2/16/32, Callable 11/16/31 @ 100 | 232930 |
|  | 2762000 | Petroleos Mexicanos, 6.75%, 9/21/47 | 1772262 |
|  | 502000 | Petroleos Mexicanos, 6.95%, 1/28/60, Callable 7/28/59 @ 100 | 316756 |
|  | 70000 | Teine Energy, Ltd., 6.88%, 4/15/29, Callable 4/15/24 @ 103.44(b) | 63000 |
|  |  |  | 4374660 |
| **Pharmaceuticals (0.0%<sup>†</sup>):** | **Pharmaceuticals (0.0%<sup>†</sup>):** | **Pharmaceuticals (0.0%<sup>†</sup>):** |  |
|  | 115000 | Bausch Health Cos., Inc., 5.50%, 11/1/25, Callable 2/6/23 @ 100(b) | 97750 |
| **Software (0.1%):** | **Software (0.1%):** | **Software (0.1%):** |  |
|  | 95000 | Open Text Corp., 3.88%, 2/15/28, Callable 2/15/23 @ 101.94(b) | 81344 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | |
| **Software, continued** | **Software, continued** | **Software, continued** | |
| $| 115000 | Open Text Corp., 3.88%, 12/1/29, Callable 12/1/24 @ 101.94(b) | $92575 |
|  |  |  | 173919 |
| **Sovereign Bond (1.2%):** | **Sovereign Bond (1.2%):** | **Sovereign Bond (1.2%):** |  |
|  | 355000 | Abu Dhabi Government International Bond, 3.88%, 4/16/50(b) | 302057 |
|  | 56434 | Argentine Republic Government International Bond, 1.00%, 7/9/29, Callable 2/6/23 @ 100 | 15167 |
|  | 513757 | Argentine Republic Government International Bond, 0.50%, 7/9/30, Callable 2/6/23 @ 100 | 141283 |
|  | 941242 | Argentine Republic Government International Bond, 1.50%, 7/9/35, Callable 2/6/23 @ 100 | 247076 |
|  | 400000 | Corp. Andina de Fomento, 2.38%, 5/12/23 | 396006 |
|  | 1344000 | Dominican Republic, 5.50%, 1/27/25^(b) | 1333920 |
|  | 250000 | Dominican Republic, 6.00%, 7/19/28(b) | 240000 |
|  | 600000 | Indonesia Government International Bond, 4.20%, 10/15/50 | 493464 |
|  | 470000 | Qatar Government International Bond, 4.40%, 4/16/50(b) | 430989 |
|  | 230000 | Saudi Government International Bond, 3.25%, 10/22/30(b) | 209956 |
|  | 200000 | Saudi Government International Bond, 4.50%, 4/22/60(b) | 177987 |
|  |  |  | 3987905 |
| **Trading Companies & Distributors (0.6%):** | **Trading Companies & Distributors (0.6%):** | **Trading Companies & Distributors (0.6%):** |  |
|  | 412000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 1/16/24, Callable 12/16/23 @ 100 | 407979 |
|  | 637000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/24, Callable 9/29/24 @ 100 | 588372 |
|  | 217000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100 | 219728 |
|  | 251000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/3/26, Callable 2/3/26 @ 100 | 238884 |
|  | 209000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26, Callable 9/29/26 @ 100 | 182542 |
|  | 219000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28, Callable 8/29/28 @ 100 | 183376 |
|  | 234000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32, Callable 10/30/31 @ 100 | 182428 |
|  |  |  | 2003309 |
| **Wireless Telecommunication Services (0.4%):** | **Wireless Telecommunication Services (0.4%):** | **Wireless Telecommunication Services (0.4%):** |  |
|  | 330000 | Empresa Nacional del Pet, 4.38%, 10/30/24(b) | 320512 |
|  | 630000 | Millicom International Cellular SA, 6.25%, 3/25/29, Callable 3/25/24 @ 103.13(b) | 601650 |
|  | 135000 | Millicom International Cellular SA, 4.50%, 4/27/31, Callable 4/27/26 @ 102.25(b) | 113906 |
|  | 230000 | Rogers Communications, Inc., 3.20%, 3/15/27, Callable 2/15/27 @ 100(b) | 213003 |
|  | 201000 | Rogers Communications, Inc., 3.80%, 3/15/32, Callable 12/15/31 @ 100(b) | 173256 |
|  |  |  | 1422327 |
|  | Total Yankee Debt Obligations (Cost $36,578,822) | Total Yankee Debt Obligations (Cost $36,578,822) | 31610991 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Municipal Bonds (0.7%):** | **Municipal Bonds (0.7%):** | **Municipal Bonds (0.7%):** |
| **California (0.2%):** | **California (0.2%):** | **California (0.2%):** |
| $10000 | California State, Build America Bonds, GO, 7.35%, 11/1/39 | $12222 |
| 460000 | California State, Build America Bonds, GO, 7.30%, 10/1/39 | 559314 |
|  |  | 571536 |
| **Illinois (0.4%):** | **Illinois (0.4%):** | **Illinois (0.4%):** |
| 310000 | Chicago Illinois, Taxable Project, GO, Series C1, 7.78%, 1/1/35 | 326594 |
| 315000 | Illinois State, Build America Bonds, GO, 6.63%, 2/1/35 | 321300 |
| 425000 | Illinois State, Build America Bonds, GO, Series 3, 6.73%, 4/1/35 | 433220 |
| 295000 | Illinois State, GO, 5.10%, 6/1/33 | 284572 |
| 34091 | Illinois State, GO, 4.95%, 6/1/23 | 34017 |
|  |  | 1399703 |
| **New Jersey (0.1%):** | **New Jersey (0.1%):** | **New Jersey (0.1%):** |
| 504000 | New Jersey Economic Development Authority Revenue, GO, Series A, 7.43%, 2/15/29 | 544562 |
| Total Municipal Bonds (Cost $2,652,682) | Total Municipal Bonds (Cost $2,652,682) | 2515801 |
| **U.S. Government Agency Mortgages (20.3%):** | **U.S. Government Agency Mortgages (20.3%):** | **U.S. Government Agency Mortgages (20.3%):** |
| **Federal National Mortgage Association (11.6%):** | **Federal National Mortgage Association (11.6%):** | **Federal National Mortgage Association (11.6%):** |
| 92143 | 2.50%, 6/1/29, Pool #MA3734 | 84816 |
| 52473 | 2.50%, 9/1/31, Pool #AS8012 | 49288 |
| 300333 | 3.00%, 4/1/32, Pool #BD9809 | 282832 |
| 343347 | 3.00%, 12/1/32, Pool #BM5345 | 327711 |
| 218661 | 2.50%, 12/1/32, Pool #CA3748 | 202680 |
| 19054 | 3.00%, 3/1/33, Pool #BM4614 | 18193 |
| 2513 | 4.50%, 7/1/33, Pool #729327 | 2464 |
| 1055 | 4.50%, 7/1/33, Pool #720240 | 1043 |
| 2959 | 4.50%, 8/1/33, Pool #729713 | 2924 |
| 14628 | 4.50%, 8/1/33, Pool #729380 | 14466 |
| 2735 | 4.50%, 8/1/33, Pool #727160 | 2703 |
| 2236 | 4.50%, 8/1/33, Pool #727029 | 2209 |
| 7362 | 4.50%, 8/1/33, Pool #726956 | 7282 |
| 3722 | 4.50%, 8/1/33, Pool #723124 | 3681 |
| 9371 | 4.50%, 8/1/33, Pool #726928 | 9267 |
| 5501 | 4.50%, 9/1/33, Pool #734922 | 5723 |
| 13746 | 4.50%, 9/1/33, Pool #727147 | 14299 |
| 22537 | 4.50%, 12/1/33, Pool #AL5321 | 23445 |
| 392818 | 2.50%, 6/1/34, Pool #BN7572 | 362329 |
| 17393 | 6.00%, 10/1/34, Pool #AL2130 | 18334 |
| 34455 | 4.50%, 9/1/35, Pool #AB8198 | 35847 |
| 190878 | 2.00%, 10/1/35, Pool # BK5705 | 170155 |
| 324061 | 6.00%, 5/1/36, Pool #745512 | 342930 |
| 165186 | 6.00%, 1/1/37, Pool #932030 | 174921 |
| 450000 | 1.50%, 1/25/37, TBA | 390656 |
| 500000 | 2.00%, 1/25/37, TBA | 445781 |
| 29116 | 6.00%, 3/1/37, Pool #889506 | 30604 |
| 42211 | 6.00%, 1/1/38, Pool #889371 | 44234 |
| 1150000 | 1.50%, 2/25/38 | 999063 |
| 2500000 | 2.00%, 2/25/38 | 2231836 |
| 15554 | 6.00%, 3/1/38, Pool #889219 | 15826 |
| 7279 | 6.00%, 7/1/38, Pool #889733 | 7404 |
| 45801 | 4.50%, 3/1/39, Pool #AB0051 | 47647 |
| 232401 | 4.50%, 4/1/39, Pool #AB0043 | 241757 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** |
| **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** |
| $143038 | 2.50%, 8/1/39, Pool #MA3761 | $127623 |
| 18587 | 4.50%, 11/1/39, Pool #AC5442 | 18473 |
| 60840 | 6.00%, 5/1/40, Pool #AL2129 | 61909 |
| 18132 | 2.00%, 10/1/40, Pool #MA4176 | 15432 |
| 23063 | 4.00%, 12/1/40, Pool #AA4757 | 22413 |
| 18660 | 2.00%, 12/1/40, Pool #MA4204 | 15940 |
| 28401 | 4.50%, 2/1/41, Pool #AH5580 | 28152 |
| 19980 | 2.00%, 2/1/41, Pool #MA4268 | 17022 |
| 20409 | 2.00%, 3/1/41, Pool #MA4287 | 17388 |
| 21002 | 2.00%, 4/1/41, Pool #MA4311 | 17893 |
| 21295 | 2.00%, 5/1/41, Pool #MA4333 | 18143 |
| 21577 | 2.00%, 6/1/41, Pool #MA4364 | 18383 |
| 168260 | 2.00%, 10/1/41, Pool #MA4446 | 141516 |
| 460682 | 1.50%, 11/1/41, Pool #MA4473 | 374308 |
| 4484 | 6.00%, 1/1/42, Pool #AL2128 | 4486 |
| 138130 | 2.50%, 2/1/43, Pool #AB8465 | 118458 |
| 33444 | 4.00%, 10/1/43, Pool #BM1167 | 32170 |
| 142538 | 4.50%, 3/1/44, Pool #AL5082 | 137767 |
| 70517 | 4.00%, 12/1/44, Pool #AX8459 | 66917 |
| 7337 | 4.00%, 12/1/44, Pool #AY0045 | 7043 |
| 107235 | 4.00%, 3/1/45, Pool #AL6541 | 101758 |
| 45067 | 3.00%, 5/1/45, Pool #AS4972 | 40274 |
| 67779 | 4.00%, 5/1/45, Pool #AZ1207 | 63791 |
| 47897 | 4.00%, 6/1/45, Pool #AY8126 | 46393 |
| 102330 | 4.00%, 6/1/45, Pool #AY8096 | 96253 |
| 28569 | 4.00%, 6/1/45, Pool #AZ3341 | 26884 |
| 22027 | 4.00%, 6/1/45, Pool #AZ2719 | 20726 |
| 24043 | 5.00%, 6/1/45, Pool #AZ3448 | 24505 |
| 113495 | 4.00%, 7/1/45, Pool #AZ0833 | 106810 |
| 95970 | 3.00%, 8/1/45, Pool #AS5634 | 85786 |
| 15395 | 3.00%, 8/1/45, Pool #AZ3728 | 13754 |
| 36424 | 3.00%, 8/1/45, Pool #AZ8288 | 32570 |
| 273543 | 4.00%, 10/1/45, Pool #AL7593 | 265690 |
| 50758 | 4.00%, 10/1/45, Pool #AL7413 | 49293 |
| 14067 | 4.00%, 11/1/45, Pool #AZ0560 | 13231 |
| 17921 | 4.00%, 12/1/45, Pool #AS6350 | 17403 |
| 42084 | 4.00%, 12/1/45, Pool #BA6404 | 39580 |
| 32595 | 4.50%, 2/1/46, Pool #BM5199 | 32229 |
| 8021 | 4.00%, 5/1/46, Pool #BC2276 | 7719 |
| 241164 | 3.50%, 5/1/46, Pool #BC0880 | 225219 |
| 93722 | 4.00%, 7/1/46, Pool #BC1443 | 90333 |
| 29400 | 4.50%, 8/1/46, Pool #AL9111 | 28852 |
| 103351 | 4.00%, 9/1/46, Pool #BC2843 | 99604 |
| 320501 | 3.50%, 12/1/46, Pool #BC9077 | 299390 |
| 48617 | 3.50%, 2/1/47, Pool #BE5696 | 44981 |
| 399519 | 4.50%, 2/1/47, Pool #AL9846 | 393187 |
| 1071271 | 4.00%, 2/1/47, Pool #AL9779 | 1037280 |
| 5261 | 4.00%, 6/1/47, Pool #BH4269 | 5066 |
| 29049 | 3.00%, 5/1/49, Pool #MA3670 | 25863 |
| 297132 | 4.50%, 9/1/49, Pool #FM1534 | 299306 |
| 364189 | 4.00%, 11/1/49, Pool #CA4628 | 349231 |
| 78689 | 3.50%, 11/1/49, Pool #CA4557 | 72601 |
| 305752 | 2.50%, 8/1/50, Pool #SD0430 | 262679 |
| 400000 | 4.50%, 1/25/51, TBA | 386000 |
| 629333 | 3.50%, 2/1/51, Pool #CA9319 | 586599 |
| 3050000 | 2.50%, 2/25/51, TBA | 2592738 |
| 825000 | 3.50%, 2/25/51, TBA | 751330 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** |
| **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** |
| $442500 | 2.00%, 3/1/51, Pool #MA4281 | $362191 |
| 263404 | 2.50%, 4/1/51, Pool #FM6540 | 229699 |
| 441185 | 2.00%, 4/1/51, Pool #MA4305 | 361095 |
| 535393 | 3.00%, 6/1/51, Pool #CB0850 | 474241 |
| 10043 | 2.00%, 7/1/51, Pool #BT1461 | 8315 |
| 45511 | 2.50%, 8/1/51, Pool #CB1384 | 39060 |
| 87995 | 3.00%, 8/1/51, Pool #FM9973 | 78423 |
| 183904 | 2.50%, 9/1/51, Pool #CB1549 | 156331 |
| 322775 | 2.00%, 10/1/51, Pool #CB1801 | 265707 |
| 244655 | 2.00%, 10/1/51, Pool #CB1799 | 201795 |
| 739473 | 2.50%, 11/1/51, Pool #FM9501 | 628614 |
| 341145 | 2.00%, 11/1/51, Pool #FM9568 | 281782 |
| 183585 | 3.00%, 11/1/51, Pool #FM9633 | 163205 |
| 216016 | 2.00%, 11/1/51, Pool #FM9539 | 177851 |
| 197828 | 3.00%, 11/1/51, Pool #CB2164 | 176085 |
| 147565 | 3.00%, 11/1/51, Pool #FM9632 | 131275 |
| 141327 | 2.00%, 12/1/51, Pool #CB2347 | 116732 |
| 186697 | 2.50%, 12/1/51, Pool #CB2320 | 158700 |
| 513799 | 2.50%, 12/1/51, Pool #CB2289 | 440942 |
| 148689 | 2.50%, 12/1/51, Pool #CB2321 | 127589 |
| 521356 | 2.00%, 12/1/51, Pool #CB2349 | 429108 |
| 139735 | 2.00%, 12/1/51, Pool #CB2350 | 114721 |
| 130846 | 2.50%, 12/1/51, Pool #CB2376 | 112293 |
| 62279 | 3.00%, 12/1/51, Pool #CB2420 | 55427 |
| 1113093 | 2.50%, 12/1/51, Pool #FM9865 | 946266 |
| 93279 | 2.00%, 12/1/51, Pool #CB2348 | 76786 |
| 93889 | 3.00%, 12/1/51, Pool #BT9503 | 82654 |
| 856625 | 2.00%, 1/1/52, Pool #FS0286 | 700138 |
| 371550 | 2.00%, 1/1/52, Pool #FS0288 | 304003 |
| 3775000 | 2.00%, 1/25/52, TBA | 3080164 |
| 870700 | 3.00%, 2/1/52, Pool #FS0671 | 765773 |
| 906071 | 2.00%, 2/1/52, Pool #CB2842 | 739379 |
| 376590 | 2.50%, 2/1/52, Pool #FS0605 | 322337 |
| 233974 | 3.00%, 2/1/52, Pool #FS0631 | 206509 |
| 36457 | 3.50%, 3/1/52, Pool #CB3174 | 33202 |
| 385630 | 3.00%, 4/1/52, Pool # BU8933 | 339087 |
| 29858 | 3.00%, 4/1/52, Pool #CB3242 | 26259 |
| 934512 | 3.00%, 4/1/52, Pool # BV6599 | 822738 |
| 449999 | 4.50%, 7/1/52, Pool #MA4656 | 434689 |
| 69844 | 2.50%, 8/1/52, Pool #MA4743 | 59369 |
| 99001 | 4.00%, 9/1/52, Pool #FS3083 | 93327 |
| 195907 | 5.50%, 10/1/52, Pool #CB4843 | 197084 |
| 49812 | 5.00%, 10/1/52, Pool #CB4893 | 49778 |
| 49688 | 5.00%, 11/1/52, Pool #FS3295 | 49484 |
| 99704 | 5.00%, 11/1/52, Pool #FS3248 | 99636 |
| 199085 | 5.00%, 11/1/52, Pool #CB5128 | 199381 |
| 49970 | 5.00%, 12/1/52, Pool #CB5273 | 49936 |
| 600000 | 2.50%, 1/25/53, TBA | 509531 |
| 150000 | 5.00%, 1/25/53, TBA | 147914 |
| 2500000 | 1.50%, 1/25/53, TBA | 1918750 |
| 450000 | 3.00%, 1/25/53, TBA | 395719 |
| 150000 | 3.50%, 1/25/53, TBA | 136523 |
| 100000 | 4.00%, 1/25/53, TBA | 93984 |
| 4900000 | 2.00%, 2/25/53, TBA | 4002688 |
|  |  | 38684963 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** |
| **Government National Mortgage Association (4.2%):** | **Government National Mortgage Association (4.2%):** | **Government National Mortgage Association (4.2%):** |
| $4017 | 5.00%, 6/15/34, Pool #629493 | $4043 |
| 2468 | 5.00%, 3/15/38, Pool #676766 | 2541 |
| 1577 | 5.00%, 4/15/38, Pool #672672 | 1625 |
| 5533 | 5.00%, 8/15/38, Pool #687818 | 5700 |
| 48471 | 5.00%, 1/15/39, Pool #705997 | 49925 |
| 97196 | 5.00%, 3/15/39, Pool #646746 | 100121 |
| 599 | 5.00%, 3/15/39, Pool #697946 | 602 |
| 92926 | 4.00%, 10/15/40, Pool #783143 | 90387 |
| 25792 | 4.00%, 10/20/40, Pool #G24833 | 25087 |
| 77482 | 4.00%, 1/20/41, Pool #4922 | 75364 |
| 213819 | 4.50%, 3/20/41, Pool #4978 | 213846 |
| 157019 | 4.00%, 5/20/41, Pool #5054 | 152731 |
| 74204 | 4.50%, 5/20/41, Pool #005055 | 74213 |
| 73084 | 4.50%, 6/15/41, Pool #366975 | 73487 |
| 49466 | 4.50%, 6/20/41, Pool #005082 | 49473 |
| 176732 | 4.00%, 10/20/41, Pool #5203 | 171902 |
| 199804 | 3.50%, 12/20/41, Pool #5258 | 188995 |
| 348045 | 4.00%, 1/20/42, Pool #5280 | 338530 |
| 123478 | 3.00%, 12/20/42, Pool #MA0624 | 112967 |
| 191960 | 3.00%, 12/20/42, Pool #AA5872 | 172049 |
| 21576 | 3.00%, 1/20/43, Pool #MA0698 | 19240 |
| 267281 | 3.50%, 2/20/43, Pool #MA0783 | 254900 |
| 35750 | 3.50%, 3/20/43, Pool #AD8884 | 33216 |
| 53856 | 3.00%, 3/20/43, Pool #AD8812 | 49691 |
| 124941 | 3.00%, 3/20/43, Pool #AA6146 | 117974 |
| 13302 | 3.50%, 4/20/43, Pool #AB9891 | 12360 |
| 36467 | 3.50%, 4/20/43, Pool #AD9075 | 33877 |
| 3097 | 4.00%, 7/20/44, Pool #MA2074 | 3012 |
| 45328 | 4.00%, 5/20/45, Pool #MA2893 | 44090 |
| 64830 | 4.00%, 8/20/45, Pool #MA3035 | 63062 |
| 2455 | 4.00%, 9/20/45, Pool #MA3106 | 2388 |
| 2605 | 4.00%, 10/20/45, Pool #MA3174 | 2534 |
| 3024 | 4.00%, 12/20/45, Pool #MA3311 | 2941 |
| 2937 | 4.00%, 1/20/46, Pool #MA3377 | 2857 |
| 133222 | 4.00%, 4/15/46, Pool #784232 | 132272 |
| 177321 | 4.00%, 5/20/46, Pool #MA3664 | 172484 |
| 20419 | 3.50%, 7/20/46, Pool #784391 | 19127 |
| 11298 | 3.00%, 10/20/46, Pool #MA4003 | 10288 |
| 588986 | 3.00%, 12/20/46, Pool #MA4126 | 536319 |
| 58106 | 4.00%, 1/15/47, Pool #AX5857 | 55952 |
| 50871 | 4.00%, 1/15/47, Pool #AX5831 | 48928 |
| 185661 | 3.00%, 1/20/47, Pool #MA4195 | 169058 |
| 111732 | 3.00%, 2/20/47, Pool #MA4261 | 101560 |
| 21614 | 4.00%, 3/20/47, Pool #MA4322 | 20859 |
| 186540 | 4.00%, 4/20/47, Pool #784303 | 176325 |
| 21557 | 4.00%, 4/20/47, Pool #MA4383 | 20803 |
| 189012 | 4.00%, 4/20/47, Pool #784304 | 178702 |
| 13986 | 4.00%, 5/20/47, Pool #MA4452 | 13497 |
| 59797 | 4.00%, 6/20/47, Pool #MA4511 | 57706 |
| 66439 | 4.00%, 4/20/48, Pool #BG3507 | 63367 |
| 56792 | 4.00%, 4/20/48, Pool #BG7744 | 54151 |
| 800000 | 3.00%, 2/20/50, TBA | 713625 |
| 100000 | 3.00%, 1/20/51, TBA | 89141 |
| 192731 | 2.00%, 2/20/51, Pool #MA7192 | 161641 |
| 2850000 | 2.00%, 2/20/51, TBA | 2391328 |
| 800000 | 3.50%, 2/20/51, TBA | 736031 |
| 1700000 | 2.50%, 2/20/51, TBA | 1476211 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** |
| **Government National Mortgage Association, continued** | **Government National Mortgage Association, continued** | **Government National Mortgage Association, continued** | **Government National Mortgage Association, continued** | **Government National Mortgage Association, continued** |
| $| 350000 | 2.00%, 3/20/52 | $| 293836 |
|  | 1250000 | 2.00%, 1/20/53, TBA |  | 1048242 |
|  | 700000 | 4.50%, 1/20/53, TBA |  | 679984 |
|  | 750000 | 3.50%, 1/20/53, TBA |  | 689531 |
|  | 1925000 | 2.50%, 7/20/53, TBA |  | 1669937 |
|  |  |  |  | 14326635 |
| **Federal Home Loan Mortgage Corporation (4.5%):** | **Federal Home Loan Mortgage Corporation (4.5%):** | **Federal Home Loan Mortgage Corporation (4.5%):** | **Federal Home Loan Mortgage Corporation (4.5%):** | **Federal Home Loan Mortgage Corporation (4.5%):** |
|  | 20620 | 2.50%, 6/1/31, Pool #G18604 |  | 19332 |
|  | 36387 | 2.50%, 7/1/31, Pool #V61246 |  | 33853 |
|  | 61448 | 2.50%, 8/1/31, Pool #V61273 |  | 58203 |
|  | 219951 | 3.50%, 3/1/32, Pool #C91403 |  | 211100 |
|  | 660839 | 3.50%, 7/1/32, Pool #C91467 |  | 634243 |
|  | 5751 | 2.50%, 8/1/32, Pool #G18654 |  | 5327 |
|  | 6175 | 2.50%, 11/1/32, Pool #G18665 |  | 5718 |
|  | 187992 | 2.50%, 12/1/32, Pool #G18669 |  | 173393 |
|  | 28281 | 2.50%, 3/1/33, Pool #G18680 |  | 26457 |
|  | 11472 | 2.50%, 4/1/33, Pool #G18683 |  | 10732 |
|  | 67833 | 3.00%, 4/1/33, Pool #G18684 |  | 64029 |
|  | 5914 | 2.50%, 5/1/33, Pool #G18687 |  | 5533 |
|  | 126676 | 2.50%, 7/1/33, Pool #G16661 |  | 117293 |
|  | 26731 | 3.00%, 4/1/34, Pool #G16829 |  | 25689 |
|  | 241778 | 3.50%, 10/1/34, Pool #C91793 |  | 233470 |
|  | 473886 | 4.00%, 5/1/37, Pool #C91938 |  | 459305 |
|  | 19147 | 3.50%, 4/1/40, Pool #V81744 |  | 17884 |
|  | 39126 | 3.50%, 5/1/40, Pool #V81750 |  | 36522 |
|  | 43933 | 3.50%, 6/1/40, Pool #V81792 |  | 41020 |
|  | 23761 | 3.50%, 8/1/40, Pool #V81886 |  | 22180 |
|  | 16173 | 3.50%, 9/1/40, Pool #V81958 |  | 15098 |
|  | 27862 | 4.50%, 1/1/41, Pool #A96051 |  | 27233 |
|  | 25844 | 4.50%, 3/1/41, Pool #A97673 |  | 25645 |
|  | 40948 | 4.50%, 4/1/41, Pool #A97942 |  | 40632 |
|  | 20742 | 2.00%, 4/1/41, Pool #RB5108 |  | 17673 |
|  | 151423 | 5.00%, 6/1/41, Pool #G06596 |  | 154776 |
|  | 21568 | 2.00%, 7/1/41, Pool #RB5118 |  | 18376 |
|  | 22594 | 2.00%, 10/1/41, Pool #RB5131 |  | 18999 |
|  | 536548 | 4.50%, 1/1/42, Pool #G60517 |  | 532187 |
|  | 74633 | 3.00%, 12/1/42, Pool #C04320 |  | 68609 |
|  | 25940 | 4.00%, 5/1/43, Pool #Q18481 |  | 24434 |
|  | 25813 | 4.00%, 7/1/43, Pool #Q19597 |  | 24314 |
|  | 23307 | 4.00%, 10/1/43, Pool #Q22499 |  | 21959 |
|  | 28010 | 4.00%, 1/1/44, Pool #V80950 |  | 26416 |
|  | 88803 | 3.50%, 1/1/44, Pool #G60271 |  | 81092 |
|  | 177186 | 3.50%, 1/1/44, Pool #G07922 |  | 165060 |
|  | 106890 | 4.00%, 1/1/45, Pool #Q30720 |  | 102990 |
|  | 88937 | 4.00%, 2/1/45, Pool #G07949 |  | 86649 |
|  | 26779 | 3.50%, 3/1/45, Pool #Q31974 |  | 25192 |
|  | 44285 | 3.50%, 3/1/45, Pool #Q32008 |  | 41666 |
|  | 24140 | 3.50%, 3/1/45, Pool #Q32328 |  | 22722 |
|  | 104188 | 3.50%, 5/1/45, Pool #Q33547 |  | 95592 |
|  | 16124 | 3.00%, 5/1/45, Pool #Q33468 |  | 14652 |
|  | 142566 | 3.50%, 6/1/45, Pool #Q34164 |  | 130771 |
|  | 22188 | 3.50%, 6/1/45, Pool #Q33791 |  | 20359 |
|  | 116908 | 3.00%, 6/1/45, Pool #Q34156 |  | 106224 |
|  | 33528 | 3.00%, 7/1/45, Pool #Q34759 |  | 30313 |
|  | 10040 | 3.00%, 7/1/45, Pool #Q34979 |  | 9089 |
|  | 46650 | 4.00%, 8/1/45, Pool #Q35845 |  | 44290 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** |
| **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** |
| $9150 | 4.00%, 9/1/45, Pool #Q37853 | $8766 |
| 4190 | 4.00%, 11/1/45, Pool #Q38812 | 3989 |
| 163945 | 3.50%, 11/1/45, Pool #Q37467 | 154279 |
| 1755 | 4.00%, 2/1/46, Pool #Q38879 | 1686 |
| 10275 | 4.00%, 2/1/46, Pool #Q38782 | 9867 |
| 11554 | 4.00%, 2/1/46, Pool #Q38783 | 11094 |
| 6013 | 4.00%, 4/1/46, Pool #Q39975 | 5775 |
| 25561 | 4.00%, 4/1/46, Pool #V82292 | 24593 |
| 63129 | 3.50%, 5/1/46, Pool #G60603 | 59079 |
| 187655 | 3.50%, 5/1/46, Pool #G60553 | 175466 |
| 53368 | 3.50%, 5/1/46, Pool #Q40647 | 48996 |
| 166603 | 3.50%, 9/1/46, Pool #Q43257 | 155912 |
| 8094 | 4.00%, 9/1/47, Pool #Q50433 | 7792 |
| 14628 | 4.00%, 10/1/47, Pool #Q51189 | 14081 |
| 11026 | 4.00%, 2/1/48, Pool #Q54192 | 10621 |
| 124477 | 4.00%, 5/1/48, Pool #Q55992 | 119923 |
| 376161 | 4.00%, 6/1/48, Pool #G67713 | 362517 |
| 45782 | 4.00%, 7/1/48, Pool #Q59935 | 44232 |
| 355059 | 2.50%, 10/1/50, Pool #SD7525 | 305215 |
| 510190 | 2.50%, 11/1/50, Pool #SD7530 | 437440 |
| 40382 | 2.50%, 2/1/51, Pool #SD7535 | 34722 |
| 132112 | 2.00%, 5/1/51, Pool #SD7541 | 109420 |
| 597424 | 3.00%, 5/1/51, Pool #QC1881 | 535925 |
| 13672 | 2.00%, 7/1/51, Pool #QC4163 | 11322 |
| 141088 | 3.00%, 9/1/51, Pool #QC7496 | 124805 |
| 323575 | 2.00%, 10/1/51, Pool #RA6076 | 265690 |
| 139082 | 3.00%, 11/1/51, Pool #QD1240 | 123034 |
| 466578 | 2.00%, 11/1/51, Pool #RA6241 | 382998 |
| 186547 | 2.00%, 11/1/51, Pool #RA6302 | 152675 |
| 1912671 | 3.00%, 12/1/51, Pool #SD8184 | 1692349 |
| 372978 | 2.50%, 12/1/51, Pool #RA6434 | 320055 |
| 94235 | 2.50%, 12/1/51, Pool #RA6496 | 80456 |
| 188206 | 2.00%, 12/1/51, Pool #RA6510 | 154915 |
| 1112805 | 2.50%, 12/1/51, Pool #RA6435 | 955084 |
| 331128 | 2.50%, 1/1/52, Pool #RA6622 | 283288 |
| 285227 | 2.00%, 2/1/52, Pool #RA6823 | 232938 |
| 570608 | 2.00%, 2/1/52, Pool #RA6820 | 465717 |
| 241416 | 3.50%, 3/1/52, Pool #RA6950 | 220576 |
| 173094 | 3.50%, 3/1/52, Pool #SD8202 | 157565 |
| 618958 | 3.00%, 3/1/52, Pool #RA6988 | 544777 |
| 229409 | 3.50%, 3/1/52, Pool #RA6949 | 210061 |
| 1055044 | 2.50%, 4/1/52, Pool #QD9578 | 896859 |
| 200000 | 4.00%, 7/1/52, Pool #QE5611 | 188444 |
| 399999 | 3.00%, 7/1/52, Pool #QE5364 | 351842 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** |
| **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** | **Federal Home Loan Mortgage Corporation, continued** |
| 99251 | 5.00%, 11/1/52, Pool # SD1862 | $100632 |
| 299261 | 5.00%, 12/1/52, Pool # SD1924 | 299058 |
|  |  | 15050825 |
| Total U.S. Government Agency Mortgages (Cost $73,053,036) | Total U.S. Government Agency Mortgages (Cost $73,053,036) | 68062423 |
| **U.S. Treasury Obligations (21.4%):** | **U.S. Treasury Obligations (21.4%):** |  |
| **U.S. Treasury Bills (0.7%):** | **U.S. Treasury Bills (0.7%):** | **U.S. Treasury Bills (0.7%):** |
| 2501800 | 3.38%, 8/15/42 | 2250838 |
| **U.S. Treasury Bonds (9.9%):** | **U.S. Treasury Bonds (9.9%):** | **U.S. Treasury Bonds (9.9%):** |
| 2566000 | 1.13%, 5/15/40 | 1618184 |
| 7103000 | 1.75%, 8/15/41 | 4897741 |
| 1600000 | 2.00%, 11/15/41 | 1151250 |
| 11313000 | 3.00%, 2/15/47 | 9324387 |
| 18386000 | 2.00%, 8/15/51 | 12146251 |
| 3222000 | 1.88%, 11/15/51 | 2060066 |
| 2100000 | 2.25%, 2/15/52 | 1474922 |
| 600000 | 2.88%, 5/15/52 | 485156 |
|  |  | 33157957 |
| **U.S. Treasury Notes (10.8%):** | **U.S. Treasury Notes (10.8%):** | **U.S. Treasury Notes (10.8%):** |
| 4700000 | 0.38%, 1/31/26 | 4184469 |
| 9253000 | 0.75%, 3/31/26 | 8301676 |
| 3457000 | 1.25%, 12/31/26 | 3098876 |
| 4965000 | 1.25%, 5/31/28 | 4305586 |
| 6946000 | 1.13%, 8/31/28 | 5945342 |
| 1460000 | 1.25%, 9/30/28 | 1256284 |
| 10012000 | 2.88%, 5/15/32 | 9257971 |
|  |  | 36350204 |
| Total U.S. Treasury Obligations (Cost $94,198,659) | Total U.S. Treasury Obligations (Cost $94,198,659) | 71758999 |
| **Shares** |  | **Value** |
| **Short-Term Security Held as Collateral for Securities on Loan (0.7%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.7%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.7%):** |
| 2283733 | BlackRock Liquidity FedFund, Institutional Class , 1.49%(d)(e) | 2283733 |
| Total Short-Term Security Held as Collateral for Securities on Loan<br>(Cost $2,283,733) | Total Short-Term Security Held as Collateral for Securities on Loan<br>(Cost $2,283,733) | 2283733 |
| **Unaffiliated Investment Company (4.5%):** | **Unaffiliated Investment Company (4.5%):** | **Unaffiliated Investment Company (4.5%):** |
| **Money Markets (4.5%):** | **Money Markets (4.5%):** | **Money Markets (4.5%):** |
| 15095928 | Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(e) | 15095928 |
| Total Unaffiliated Investment Company (Cost $15,095,928) | Total Unaffiliated Investment Company (Cost $15,095,928) | 15095928 |
| Total Investment Securities (Cost $411,369,626) — 107.8%(f) | Total Investment Securities (Cost $411,369,626) — 107.8%(f) | 362100784 |
| Net other assets (liabilities) — (7.8)% | Net other assets (liabilities) — (7.8)% | (26316943) |
| Net Assets — 100.0% | Net Assets — 100.0% | $335783841 |

---

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

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

\* Non-income producing security.

---

| | |
|:---|:---|
| ^ | This security or a partial position of this security was on loan as of December 31, 2022. The total value of securities on loan as of December 31, 2022 was $2,190,133.  |

---

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

† Represents less than 0.05%.

(a) Security was valued using significant unobservable inputs as of December 31, 2022.

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

(c) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets
underlying the security. The rate presented is the rate in effect at December 31, 2022.

(d) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for
securities that were sold on or before December 31, 2022.

(e) The rate represents the effective yield at December 31, 2022.

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

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

Percentages indicated are based on net assets as of December 31, 2022.

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 December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Country** | **Percentage** | |
|  Argentina | 0.1 | % |
|  Australia | 0.2 | % |
|  Brazil |  | %<sup>†</sup> |
|  Canada | 0.6 | % |
|  Cayman Islands | 3.7 | % |
|  Chile | 0.1 | % |
|  Colombia |  | %<sup>†</sup> |
|  Dominican Republic | 0.4 | % |
|  France | 0.4 | % |
|  Germany | 0.4 | % |
|  Guernsey | 0.5 | % |
|  Hong Kong | 0.2 | % |
|  Indonesia | 0.1 | % |
|  Ireland | 0.6 | % |
|  Italy | 0.4 | % |
|  Jersey | 0.1 | % |

---

---

| | | |
|:---|:---|:---|
| **Country** | **Percentage** | |
|  Luxembourg | 0.6 | % |
|  Macau |  | %<sup>†</sup> |
|  Mexico | 1.1 | % |
|  Netherlands | 0.5 | % |
|  Qatar | 0.1 | % |
|  Saudi Arabia | 0.1 | % |
|  Spain |  | % |
|  Supranational | 0.1 | % |
|  Switzerland | 0.4 | % |
|  United Arab Emirates | 0.1 | % |
|  United Kingdom | 0.9 | % |
|  United States | 88.3 | % |
|  Zambia |  | %<sup>†</sup> |
|  | 100.0 | % |

---

† Represents less than 0.05%.

**Securities Sold Short (0.0%):** 

At December 31, 2022, the Fund's securities sold short were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Coupon<br>Rate** | **Maturity<br>Date** | **Par<br>Amount** | **Proceeds<br>Received** | **Fair<br>Value** |
|  **U.S. Government Agency Mortgage** |  |  |  |  |  |
|  **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association, TBA | 3.50% | 1/25/53 | $(150000) | $(138035) | $(136523) |
|  |  |  |  | $(138035) | $(136523) |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment securities, at cost | $411369626 |
|  Investment securities, at value(a) | $362100784 |
|  Cash | 339 |
|  Interest and dividends receivable | 3390555 |
|  Receivable for capital shares issued | 38101 |
|  Receivable for investments sold | 856495 |
|  Receivable for TBA investments sold | 25998582 |
|  Prepaid expenses | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 392386222 |
|  **Liabilities:** |  |
|  Payable for investments purchased | 244835 |
|  Payable for TBA investments purchased | 53677509 |
|  Payable for capital shares redeemed | 1996 |
|  Payable for collateral received on loaned securities | 2283733 |
|  Securities sold short (Proceeds received $138,035) | 136523 |
|  Management fees payable | 145007 |
|  Administration fees payable | 23513 |
|  Distribution fees payable | 68927 |
|  Custodian fees payable | 1732 |
|  Administrative and compliance services fees payable | 938 |
|  Transfer agent fees payable | 1639 |
|  Trustee fees payable | 2342 |
|  Other accrued liabilities | 13687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 56602381 |
|  **Net Assets** | $335783841 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $385147792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | (49363951) |
|  **Net Assets** | $335783841 |
|  **Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $16552849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 1972947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $8.39 |
|  **Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $319230992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 36730154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $8.69 |

---

(a) Includes securities on loan of $2,190,133.

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Interest | $12716102 |
|  Dividends | 200073 |
|  Income from securities lending | 20560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 12936735 |
|  **Expenses:** |  |
|  Management fees | 1877415 |
|  Administration fees | 135276 |
|  Distribution fees — Class 2 | 893284 |
|  Custodian fees | 10248 |
|  Administrative and compliance services fees | 5295 |
|  Transfer agent fees | 12053 |
|  Trustee fees | 21193 |
|  Professional fees | 16350 |
|  Shareholder reports | 17964 |
|  Other expenses | 10402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2999480 |
|  **Net Investment Income/(Loss)** | 9937255 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities | (10019415) |
|  Net realized gains/(losses) on securities sold short | (1570) |
|  Change in net unrealized appreciation/depreciation on securities | (57360055) |
|  Change in net unrealized appreciation/depreciation on securities sold short | 1512 |
|  **Net realized and Change in net unrealized gains/losses on investments** | (67379528) |
|  **Change in Net Assets Resulting From Operations** | $(57442273) |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $9937255 | $9068641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | (10020985) | 9167385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (57358543) | (16702827) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (57442273) | 1533199 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (974029) | (1066245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (17125298) | (19280232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (18099327) | (20346477) |
|  **Capital Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 253242 | 1261069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 974029 | 1066245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (2198278) | (2670478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | (971007) | (343164) |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 5486206 | 23765497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 17125298 | 19280232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (56817482) | (36684713) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | (34205978) | 6361016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | (35176985) | 6017852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (110718585) | (12795426) |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 446502426 | 459297852 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $335783841 | $446502426 |
|  **Share Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 27965 | 118697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 118064 | 104227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (238277) | (254331) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | (92248) | (31407) |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 589079 | 2167150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 2002959 | 1822328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5969228) | (3362418) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | (3377190) | 627060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | (3469438) | 595653 |

---

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Class 1** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $10.27 | $10.73 | $10.20 | $9.54 | $9.96 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.27 (a) | 0.23 (a) | 0.29 (a) | 0.32 (a) | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (1.64) | (0.17) | 0.63 | 0.69 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (1.37) | 0.06 | 0.92 | 1.01 | (0.10) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.27) | (0.31) | (0.39) | (0.35) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.24) | (0.21) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (0.51) | (0.52) | (0.39) | (0.35) | (0.32) |
|  **Net Asset Value, End of Period** | $8.39 | $10.27 | $10.73 | $10.20 | $9.54 |
|  **Total Return**(b) | (13.20)% | 0.59% | 9.12% | 10.57% | (1.00)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $16553 | $21203 | $22495 | $22823 | $21476 |
|  Net Investment Income/(Loss) | 2.89% | 2.21% | 2.78% | 3.17% | 2.96% |
|  Expenses Before Reductions(c) | 0.56% | 0.57% | 0.58% | 0.57% | 0.56% |
|  Expenses Net of Reductions | 0.56% | 0.57% | 0.58% | 0.57% | 0.56% |
|  Portfolio Turnover Rate(d) | 24% | 76% | 71% | 68% | 38% |
|  **Class 2** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $10.60 | $11.06 | $10.50 | $9.81 | $10.23 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.25 (a) | 0.21 (a) | 0.27 (a) | 0.30 (a) | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (1.68) | (0.18) | 0.65 | 0.71 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (1.43) | 0.03 | 0.92 | 1.01 | (0.13) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.24) | (0.28) | (0.36) | (0.32) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.24) | (0.21) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (0.48) | (0.49) | (0.36) | (0.32) | (0.29) |
|  **Net Asset Value, End of Period** | $8.69 | $10.60 | $11.06 | $10.50 | $9.81 |
|  **Total Return**(b) | (13.37)% | 0.31% | 8.84% | 10.28% | (1.25)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $319231 | $425299 | $436803 | $470864 | $478991 |
|  Net Investment Income/(Loss) | 2.64% | 1.96% | 2.53% | 2.92% | 2.71% |
|  Expenses Before Reductions(c) | 0.81% | 0.82% | 0.83% | 0.82% | 0.81% |
|  Expenses Net of Reductions | 0.81% | 0.82% | 0.83% | 0.82% | 0.81% |
|  Portfolio Turnover Rate(d) | 24% | 76% | 71% | 68% | 38% |

---

(a) Calculated using the average shares method.

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

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

(d) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares
issued.

See accompanying notes to the financial statements.

------

**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

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.

On December 13, 2022, the Board unanimously approved a reorganization whereby the Fund will acquire all of the assets and liabilities of the AZL MetWest Total Return Bond Fund and costs related to the reorganization will be paid by the Manager.

**2. Significant Accounting Policies** 

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

**Security Valuation** 

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

**Investment Transactions and Investment Income** 

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

**Real Estate Investment Trusts** 

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

**Securities Purchased on a When-Issued Basis** 

The Fund may purchase securities on a when-issued basis. When-issued securities are securities purchased for delivery beyond the normal settlement date at a stated price and yield and thereby involve risk that the yield obtained in the transaction will be less than that available in the market when the delivery takes place. The Fund will not pay for such securities or start earning interest on them until they are received. When 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. The Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

**Short Sales** 

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

**Distributions to Shareholders** 

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

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**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Notes to the Financial Statements

December 31, 2022

**Expense Allocation** 

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

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

**Class Allocation** 

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

**Bank Loans** 

The Fund may invest in bank loans, which generally have interest rates which are reset periodically by reference to a base lending rate plus a premium. 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 Fund reflects both the funded portion of a bank loan, as well as its unfunded commitment in the Schedule of Portfolio Investments. The portfolio is obligated to fund any commitments at the borrower's discretion. Therefore, the portfolio must have funds sufficient to cover its contractual obligation.

**Securities Lending** 

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day's fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at December 31, 2022 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 $2,045 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund had securities lending transactions of $2,283,733 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, 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 December 31, 2022, no collateral had been posted by the Fund to counterparties for TBAs.

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

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**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Notes to the Financial Statements

December 31, 2022

**3. Fees and Transactions with Affiliates and Other Parties**

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

For the year ended December 31, 2022, the annual rate due to the Manager and the annual expense limit were as follows:

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| | | |
|:---|:---|:---|
| | **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% |

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\* 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.

Any amounts waived or reimbursed by the Manager with respect to the annual expense limit in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable. During the year ended December 31, 2022, there were no such waivers.

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

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

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

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

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

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

**4. Investment Valuation Summary** 

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

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

Security prices are determined pursuant to valuation procedures approved by the Trust's Board of Trustees (the "Board" or "Trustees") as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as

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**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Notes to the Financial Statements

December 31, 2022

a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

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

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

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

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

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Level 3** | **Total** |
|  Common Stocks+ | $402550 | $— | $350845 |  | $753395 |
|  Preferred Stock+ | 86544 |  |  |  | 86544 |
|  Warrant+ | 1197 |  |  |  | 1197 |
|  Asset Backed Securities |  | 7195586 |  |  | 7195586 |
|  Collateralized Mortgage Obligations |  | 36302054 |  |  | 36302054 |
|  Convertible Bonds+ |  | 512444 | 807759 |  | 1320203 |
|  Bank Loans |  | 663269 |  |  | 663269 |
|  Corporate Bonds+ |  | 124450661 |  | # | 124450661 |
|  Yankee Debt Obligations+ |  | 31610991 |  |  | 31610991 |
|  Municipal Bonds |  | 2515801 |  |  | 2515801 |
|  U.S. Government Agency Mortgages |  | 68062423 |  |  | 68062423 |
|  U.S. Treasury Obligations |  | 71758999 |  |  | 71758999 |
|  Short-Term Security Held as Collateral for Securities on Loan | 2283733 |  |  |  | 2283733 |
|  Unaffiliated Investment Company | 15095928 |  |  |  | 15095928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | 17869952 | 343072228 | 1158604 |  | 362100784 |
|  Securities Sold Short |  | (136523) |  |  | (136523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $17869952 | $342935705 | $1158604 |  | $361964261 |

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

# Represents the interest in securities that were determined to have a value of zero at December 31, 2022.

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

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| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
|  AZL Fidelity Institutional Asset Management Total Bond Fund | $85589900 | $126210546 |

---

For the year ended December 31, 2022, purchases and sales of long-term U.S. government securities were as follows:

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| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
|  AZL Fidelity Institutional Asset Management Total Bond Fund | $42551133 | $84056202 |

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**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.

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**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Notes to the Financial Statements

December 31, 2022

Whether a restricted security is illiquid is determined pursuant to guidelines established by the Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of December 31, 2022 are identified below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security** | **Acquisition<br>Date(a)** | **Acquisition**<br> **Cost** | **Shares**<br> **or**<br> **Principal**<br> **Amount** | **Value** | **Percentage of**<br> **Net Assets** |
|  Mesquite Energy, Inc., 15.00%, 7/15/23 | 7/10/20 | $38899 | 46865 | $298652 | 0.09% |
|  Mesquite Energy, Inc., 15.00%, 7/15/23 | 11/5/20 | 67000 | 79890 | 509107 | 0.15% |
|  Sanchez Energy Corp., 7.25%, 2/15/23, Callable 1/7/23 @ 100 | 10/30/18 | 376933 | 408000 |  | 0.00% |

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(a) Acquisition date represents the initial purchase date of the security.

**7. Investment Risks**

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

*Bank Loan Risk:* There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair the Fund's ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund's returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates.

*Foreign Securities Risk:* Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

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

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

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

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

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

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**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Notes to the Financial Statements

December 31, 2022

**7. Coronavirus (COVID-19) Pandemic** 

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

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

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

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

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $411,273,278. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

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| | |
|:---|:---|
|  Unrealized appreciation | $1746827 |
|  Unrealized (depreciation) | (51055844) |
|  Net unrealized appreciation/(depreciation) | $(49309017) |

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

CLCFs not subject to expiration:

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| | | | |
|:---|:---|:---|:---|
| | **Short-Term**<br> **Amount** | **Long-Term**<br> **Amount** | **Total**<br> **Amount** |
|  AZL Fidelity Institutional Asset Management Total Bond Fund | $5836668 | $4156354 | $9993022 |

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

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Fidelity Institutional Asset Management Total Bond Fund | $9225806 | $8873521 | $18099327 |

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

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Fidelity Institutional Asset Management Total Bond Fund | $13753916 | $6592561 | $20346477 |

---

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

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**AZL Fidelity Institutional Asset Management Total Bond Fund** 

Notes to the Financial Statements

December 31, 2022

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized**<br> **Appreciation/<br>Depreciation(a)** | **Total**<br> **Accumulated**<br> **Earnings/<br>(Deficit)** |
|  AZL Fidelity Institutional Asset Management Total Bond Fund | $9938088 | $– | $(9993022) | $(49309017) | $(49363951) |

---

(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales 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 December 31, 2022, 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.

**11. Subsequent Events** 

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

The reorganization, as discussed in Note 1, whereby the Fund will acquire all of the assets and liabilities of the AZL MetWest Total Return Bond Fund, is expected to be completed on or about March 10, 2023.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL Fidelity Institutional Asset Management Total Bond Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Fidelity Institutional Asset Management Total Bond Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

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

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**Other Federal Income Tax Information (Unaudited)** 

For the year ended December 31, 2022, 0.05% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2022, the Fund declared net short-term capital gain distributions of $156,968.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $8,873,521.

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**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.

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**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

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

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

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

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

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

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

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

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

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

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

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

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

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

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

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

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

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

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

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

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

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

------

**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(2)</sup>/ Length**<br> **of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships**<br> **Held Outside the<br>AIM Complex<br>During Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14 (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

---

**Interested Trustee<sup>(4)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(2)</sup>/ Length**<br> **of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships**<br> **Held Outside the**<br> **AIM Complex<br>During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment<br> Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

---

(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

------

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions**<br> **Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(1)</sup>/ Length**<br> **of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963)<br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 <br>to present. |

---

(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

------

![LOGO](g369376g71x52.jpg)

---

| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

---

------

## AZL<sup>®</sup> Gateway Fund

## Annual Report

## December 31, 2022
![LOGO](g419555g71x52.jpg)

------

**[**Table of Contents**](#toc)** 

---

| |
|:---|
| [Management Discussion and Analysis](#toc419555_1a)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc419555_1)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc419555_2)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc419555_3)<br> Page 9 |
| [Statement of Operations](#toc419555_4)<br> Page 9 |
| [Statements of Changes in Net Assets](#toc419555_5)<br> Page 10 |
| [Financial Highlights](#toc419555_6)<br> Page 11 |
| [Notes to the Financial Statements](#toc419555_7)<br> Page 12 |
| [Report of Independent Registered Public Accounting Firm](#toc419555_7a)<br> Page 17 |
| [Other Federal Income Tax Information](#toc419555_100)<br> Page 18 |
| [Other Information](#toc419555_8)<br> Page 19 |
| [Approval of Investment Advisory and Subadvisory Agreements](#toc419555_8a)<br> Page 20 |
| [Information about the Board of Trustees and Officers](#toc419555_8b)<br> Page 23 |

---

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

------

 **AZL<sup>®</sup> Gateway Fund Review (Unaudited)**<br>

Allianz Investment Management LLC serves as the Manager for the AZL<sup>®</sup> Gateway Fund and Gateway Investment Advisers, LLC serves as Subadviser to the Fund.

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

The Fund's total return for the year was (12.34)%. That compares to a (18.11)% total return for the S&P 500 Index, the Fund's primary benchmark. The Fund's performance reflects its low-volatility equity strategy, which seeks to reduce fluctuations in the portfolio's value that may be caused by equity market volatility. In achieving its low-volatility objective, the Fund's annualized standard deviation of daily returns for the year was 12.99% compared to 24.18% for the S&P 500 Index.<sup>1</sup>

The Fund seeks to capture a majority of long-term returns expected with equity market investments while also providing less risk as compared to the broad equity markets. To accomplish this goal, the Fund invests in a diversified portfolio of common stocks. In addition, the Fund sells index call options to lower volatility and generate cash flow; the Fund then uses a portion of this cash flow to purchase index put options, which helps mitigate any sharp, sudden price declines in the equity portfolio.

Investor worries over high inflation, the war in Ukraine, and rising interest rates pressured equity markets in 2022. As a result, the S&P 500 Index posted its fourth worst annual return of the last 85 years. The year also ranks as one of the most volatile on record. Realized volatility, as measured by the standard deviation<sup>2</sup> of daily returns for the S&P 500 Index, was the eighth highest in the last 85 years. The U.S. Federal Reserve raised interest rates seven times during 2022, leaving the federal funds rate target at between 4.25% and 4.5% by the end of the year.

The Fund outperformed its primary benchmark for 2022 and achieved its risk objective by exhibiting significantly less risk than the equity market as measured by standard deviation of daily returns. The Fund's downside risk-reducing options strategy generated gains that contributed to returns as markets experienced losses during the majority of the year.

Higher-than-normal implied volatility helped support the Fund's relative returns as Fund managers took advantage of higher volatility priced into longer-dated call option contracts in deteriorating market conditions. Throughout 2022, the Fund's two-part options strategy delivered equity market participation during the periods in which the equity market advanced and significant downside protection during market declines.

The Fund employs equity index options as part of its low-volatility strategy. These derivatives, along with the Fund's overall strategy, worked as designed. Consistent with its investment objective, the measured risk of the Fund was lower than the U.S. equity market. In mitigating downside risk, the derivatives had an overall positive impact on the Fund's return relative to its benchmark.

------

***Past performance does not guarantee future results.***

*<sup>\*</sup>* *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmark please refer to page 2 of this report.* 

*<sup>2</sup>* *Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.* 

------

 **AZL<sup>®</sup> Gateway Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to seek to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing in a broadly diversified portfolio of common stocks, while also selling index call options.* 

**Investment Concerns** 

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

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

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

*Investing in a single industry or sector, or concentrating investments in a limited number of industries or sectors, tends to increase the risk that economic, political, or regulatory developments affecting certain industries or sectors will have a large impact on the value of the portfolio.* 

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

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

**Growth of $10,000 Investment**![LOGO](g419555g12m14.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **1<br>Year** | **3<br>Year** | **5<br>Year** | **10<br>Year** |
| &nbsp;&nbsp; AZL<sup>®</sup> Gateway Fund | (12.34)% | 1.48% | 2.01% | 3.75% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11)% | 7.66% | 9.42% | 12.56% |

---

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

---

| | |
|:---|:---|
| **Expense Ratio** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> Gateway Fund | 1.12% |

---

***The above expense ratio is based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 1.25% through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratio can be found in the Financial Highlights.***

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

*The Fund's performance is measured against the Standard & Poor's 500 Index, an unmanaged index that is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, which is a measure of the U.S. Stock market as a whole. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.* 

------

**AZL Gateway Fund** 

**Expense Examples** 

(Unaudited)

As a shareholder of the AZL Gateway Fund (the "Fund"), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount 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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Gateway Fund | $1000.00 | $1002.80 | $5.60 | 1.11% |

---

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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Gateway Fund | $1000.00 | $1019.61 | $5.65 | 1.11% |

---

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

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  Information Technology | 25.6% |
|  Health Care | 15.5 |
|  Financials | 11.1 |
|  Consumer Discretionary | 9.6 |
|  Industrials | 9 |
|  Consumer Staples | 7 |
|  Communication Services | 6.7 |
|  Energy | 5.2 |
|  Utilities | 3.2 |
|  Materials | 2.5 |
|  Real Estate | 2.3 |
|  Total Common Stocks | 97.7 |
|  Unaffiliated Investment Company | 2.7 |
|  Purchased Put Options | 1 |
|  Total Investment Securities | 101.4 |
|  Net other assets (liabilities) | (1.4) |
|  Net Assets | 100.0% |

---

------

**AZL Gateway Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks (97.7%):** | **Common Stocks (97.7%):** | |
| **Aerospace & Defense+ (1.7%):** | **Aerospace & Defense+ (1.7%):** | |
| 2605 | Boeing Co. (The)\* | $496226 |
| 704 | HEICO Corp. | 108163 |
| 1640 | L3harris Technologies, Inc. | 341464 |
| 9028 | Raytheon Technologies Corp. | 911106 |
|  |  | 1856959 |
| **Air Freight & Logistics+ (0.7%):** | **Air Freight & Logistics+ (0.7%):** |  |
| 555 | FedEx Corp. | 96126 |
| 568 | GXO Logistics, Inc.\* | 24248 |
| 3591 | United Parcel Service, Inc., Class B | 624260 |
| 629 | XPO Logistics, Inc.\* | 20939 |
|  |  | 765573 |
| **Airlines+ (0.3%):** | **Airlines+ (0.3%):** |  |
| 2713 | Alaska Air Group, Inc.\* | 116496 |
| 11608 | JetBlue Airways Corp.\* | 75220 |
| 2475 | United Airlines Holdings, Inc.\* | 93308 |
|  |  | 285024 |
| **Auto Components+ (0.1%):** | **Auto Components+ (0.1%):** |  |
| 659 | Autoliv, Inc. | 50466 |
| 1865 | Goodyear Tire & Rubber Co. (The)\* | 18930 |
|  |  | 69396 |
| **Automobiles+ (1.3%):** | **Automobiles+ (1.3%):** |  |
| 19487 | Ford Motor Co. | 226634 |
| 6475 | General Motors Co. | 217819 |
| 8451 | Tesla, Inc.\* | 1040994 |
|  |  | 1485447 |
| **Banks+ (3.5%):** | **Banks+ (3.5%):** |  |
| 4184 | Associated Banc-Corp. | 96609 |
| 34939 | Bank of America Corp. | 1157180 |
| 12799 | JPMorgan Chase & Co. | 1716346 |
| 410 | Signature Bank | 47240 |
| 21166 | Wells Fargo & Co. | 873944 |
|  |  | 3891319 |
| **Beverages+ (1.8%):** | **Beverages+ (1.8%):** |  |
| 11429 | Keurig Dr Pepper, Inc. | 407558 |
| 3501 | Monster Beverage Corp.\* | 355457 |
| 6985 | PepsiCo, Inc. | 1261910 |
|  |  | 2024925 |
| **Biotechnology+ (2.3%):** | **Biotechnology+ (2.3%):** |  |
| 6582 | AbbVie, Inc. | 1063717 |
| 129 | Alnylam Pharmaceuticals, Inc.\* | 30657 |
| 2225 | Amgen, Inc. | 584374 |
| 692 | Biogen, Inc.\* | 191629 |
| 426 | BioMarin Pharmaceutical, Inc.\* | 44087 |
| 294 | Exact Sciences Corp.\* | 14556 |
| 844 | Ionis Pharmaceuticals, Inc.\* | 31878 |
| 1259 | Moderna, Inc.\* | 226141 |
| 451 | Seagen, Inc.\* | 57958 |
| 1213 | Vertex Pharmaceuticals, Inc.\* | 350290 |
|  |  | 2595287 |
| **Building Products+ (0.3%):** | **Building Products+ (0.3%):** |  |
| 235 | Carlisle Cos., Inc. | 55378 |
| 5718 | Carrier Global Corp. | 235867 |
| 357 | Lennox International, Inc. | 85405 |
|  |  | 376650 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Capital Markets+ (2.6%):** | **Capital Markets+ (2.6%):** | |
| 682 | Blackstone, Inc., Class A | $50597 |
| 6947 | Charles Schwab Corp. (The) | 578407 |
| 481 | FactSet Research Systems, Inc. | 192982 |
| 4074 | Intercontinental Exchange, Inc. | 417952 |
| 1390 | KKR & Co., Inc., Class A | 64524 |
| 293 | LPL Financial Holdings, Inc. | 63338 |
| 7751 | Morgan Stanley | 658990 |
| 688 | MSCI, Inc. | 320037 |
| 1570 | S&P Global, Inc. | 525856 |
|  |  | 2872683 |
| **Chemicals+ (1.6%):** | **Chemicals+ (1.6%):** |  |
| 1367 | Ashland, Inc. | 146994 |
| 1171 | Celanese Corp. | 119723 |
| 5563 | Corteva, Inc. | 326993 |
| 4853 | Dow, Inc. | 244543 |
| 2128 | Eastman Chemical Co. | 173304 |
| 898 | Ingevity Corp.\* | 63255 |
| 2694 | LyondellBasell Industries NV, Class A | 223683 |
| 2112 | Mosaic Co. (The) | 92653 |
| 609 | Nutrien, Ltd. | 44475 |
| 1087 | Olin Corp. | 57546 |
| 1577 | RPM International, Inc. | 153679 |
| 3199 | Valvoline, Inc. | 104447 |
|  |  | 1751295 |
| **Commercial Services & Supplies+ (0.8%):** | **Commercial Services & Supplies+ (0.8%):** |  |
| 3976 | Copart, Inc.\* | 242098 |
| 1178 | Waste Connections, Inc. | 156156 |
| 3368 | Waste Management, Inc. | 528372 |
|  |  | 926626 |
| **Communications Equipment+ (0.9%):** | **Communications Equipment+ (0.9%):** |  |
| 465 | Ciena Corp.\* | 23705 |
| 20334 | Cisco Systems, Inc. | 968712 |
|  |  | 992417 |
| **Construction Materials+ (0.2%):** | **Construction Materials+ (0.2%):** |  |
| 782 | Martin Marietta Materials, Inc. | 264293 |
| **Consumer Finance+ (0.5%):** | **Consumer Finance+ (0.5%):** |  |
| 2123 | Ally Financial, Inc. | 51907 |
| 3031 | Discover Financial Services | 296523 |
| 7415 | Synchrony Financial | 243657 |
|  |  | 592087 |
| **Containers & Packaging+ (0.4%):** | **Containers & Packaging+ (0.4%):** |  |
| 876 | Avery Dennison Corp. | 158556 |
| 1000 | Crown Holdings, Inc. | 82210 |
| 2073 | Sonoco Products Co. | 125852 |
| 2157 | Westrock Co. | 75840 |
|  |  | 442458 |
| **Distributors+ (0.3%):** | **Distributors+ (0.3%):** |  |
| 1753 | Genuine Parts Co. | 304163 |
| **Diversified Consumer Services+ (0.1%):** | **Diversified Consumer Services+ (0.1%):** |  |
| 1149 | Service Corp. International | 79442 |
| **Diversified Financial Services+ (2.1%):** | **Diversified Financial Services+ (2.1%):** |  |
| 7098 | Berkshire Hathaway, Inc., Class B\* | 2192572 |
| 2150 | Voya Financial, Inc. | 132204 |
|  |  | 2324776 |

---

See accompanying notes to the financial statements.

------

**AZL Gateway Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Diversified Telecommunication Services+ (0.9%):** | **Diversified Telecommunication Services+ (0.9%):** | |
| 5251 | Liberty Global plc, Class C\* | $102027 |
| 11761 | Lumen Technologies, Inc. | 61392 |
| 19937 | Verizon Communications, Inc. | 785518 |
|  |  | 948937 |
| **Electric Utilities+ (1.5%):** | **Electric Utilities+ (1.5%):** |  |
| 5329 | Alliant Energy Corp. | 294214 |
| 6782 | American Electric Power Co., Inc. | 643951 |
| 1537 | Constellation Energy Corp. | 132505 |
| 2195 | Evergy, Inc. | 138131 |
| 5905 | FirstEnergy Corp. | 247656 |
| 2651 | OGE Energy Corp. | 104847 |
| 8112 | PG&E Corp.\* | 131901 |
|  |  | 1693205 |
| **Electrical Equipment+ (0.6%):** | **Electrical Equipment+ (0.6%):** |  |
| 2943 | Eaton Corp. plc | 461904 |
| 237 | Generac Holdings, Inc.\* | 23856 |
| 850 | Hubbell, Inc. | 199478 |
|  |  | 685238 |
| **Electronic Equipment, Instruments & Components+ (0.7%):** | **Electronic Equipment, Instruments & Components+ (0.7%):** |  |
| 1598 | CDW Corp. | 285371 |
| 6358 | Corning, Inc. | 203075 |
| 440 | Teledyne Technologies, Inc.\* | 175960 |
| 547 | Zebra Technologies Corp., Class A\* | 140256 |
|  |  | 804662 |
| **Energy Equipment & Services+ (0.5%):** | **Energy Equipment & Services+ (0.5%):** |  |
| 11765 | Halliburton Co. | 462953 |
| 1692 | Helmerich & Payne, Inc. | 83872 |
|  |  | 546825 |
| **Entertainment+ (1.2%):** | **Entertainment+ (1.2%):** |  |
| 1339 | Live Nation Entertainment, Inc.\* | 93382 |
| 1836 | Netflix, Inc.\* | 541400 |
| 111 | Roku, Inc.\* | 4518 |
| 7773 | Walt Disney Co. (The)\* | 675318 |
|  |  | 1314618 |
| **Equity Real Estate Investment Trusts+ (2.3%):** | **Equity Real Estate Investment Trusts+ (2.3%):** |  |
| 2277 | American Tower Corp. | 482405 |
| 3862 | American Homes 4 Rent, Class A | 116401 |
| 1436 | Camden Property Trust | 160660 |
| 2565 | CubeSmart | 103241 |
| 2981 | Douglas Emmett, Inc. | 46742 |
| 2308 | Equity Lifestyle Properties, Inc. | 149097 |
| 4178 | Healthcare Realty Trust, Inc. | 80510 |
| 6940 | Invitation Homes, Inc. | 205701 |
| 1058 | Kilroy Realty Corp. | 40913 |
| 7335 | Medical Properties Trust, Inc. | 81712 |
| 3442 | National Retail Properties, Inc. | 157506 |
| 2875 | Prologis, Inc. | 324099 |
| 7189 | Sabra Health Care REIT, Inc. | 89359 |
| 1102 | Sun Communities, Inc. | 157586 |
| 4534 | UDR, Inc. | 175602 |
| 1711 | WP Carey, Inc. | 133715 |
|  |  | 2505249 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Food & Staples Retailing+ (1.8%):** | **Food & Staples Retailing+ (1.8%):** | |
| 418 | Casey's General Stores, Inc. | $93778 |
| 1779 | Costco Wholesale Corp. | 812113 |
| 4575 | Kroger Co. (The) | 203954 |
| 1996 | US Foods Holding Corp.\* | 67904 |
| 5571 | Walmart, Inc. | 789912 |
|  |  | 1967661 |
| **Food Products+ (1.2%):** | **Food Products+ (1.2%):** |  |
| 1028 | Bunge, Ltd. | 102564 |
| 4697 | Hormel Foods Corp. | 213948 |
| 1292 | Lamb Weston Holdings, Inc. | 115453 |
| 11503 | Mondelez International, Inc., Class A | 766675 |
| 905 | Post Holdings, Inc.\* | 81685 |
|  |  | 1280325 |
| **Gas Utilities+ (0.0%<sup>†</sup>):** | **Gas Utilities+ (0.0%<sup>†</sup>):** |  |
| 1211 | UGI Corp. | 44892 |
| **Health Care Equipment & Supplies+ (3.2%):** | **Health Care Equipment & Supplies+ (3.2%):** |  |
| 7535 | Abbott Laboratories | 827268 |
| 3051 | Baxter International, Inc. | 155510 |
| 9195 | Boston Scientific Corp.\* | 425453 |
| 2451 | Danaher Corp. | 650544 |
| 3594 | Edwards Lifesciences Corp.\* | 268148 |
| 55 | Insulet Corp.\* | 16191 |
| 1792 | Intuitive Surgical, Inc.\* | 475507 |
| 5987 | Medtronic plc | 465310 |
| 904 | STERIS plc | 166960 |
| 405 | Teleflex, Inc. | 101100 |
|  |  | 3551991 |
| **Health Care Providers & Services+ (3.5%):** | **Health Care Providers & Services+ (3.5%):** |  |
| 6570 | CVS Health Corp. | 612258 |
| 1381 | Elevance Health, Inc. | 708412 |
| 1456 | HCA Healthcare, Inc. | 349382 |
| 268 | Molina Healthcare, Inc.\* | 88499 |
| 3723 | UnitedHealth Group, Inc. | 1973860 |
| 1059 | Universal Health Services, Inc., Class B | 149202 |
|  |  | 3881613 |
| **Health Care Technology+ (0.1%):** | **Health Care Technology+ (0.1%):** |  |
| 568 | Veeva Systems, Inc., Class A\* | 91664 |
| **Hotels, Restaurants & Leisure+ (1.8%):** | **Hotels, Restaurants & Leisure+ (1.8%):** |  |
| 211 | Booking Holdings, Inc.\* | 425224 |
| 2798 | Hilton Grand Vacations, Inc.\* | 107835 |
| 3120 | Hilton Worldwide Holdings, Inc. | 394243 |
| 3323 | McDonald's Corp. | 875710 |
| 2975 | Melco Resorts & Entertainment, Ltd., ADR\* | 34213 |
| 251 | Vail Resorts, Inc. | 59826 |
| 4006 | Wendy's Co. (The) | 90656 |
|  |  | 1987707 |
| **Household Durables+ (0.3%):** | **Household Durables+ (0.3%):** |  |
| 41 | NVR, Inc.\* | 189116 |
| 2068 | Toll Brothers, Inc. | 103234 |
|  |  | 292350 |
| **Household Products+ (1.6%):** | **Household Products+ (1.6%):** |  |
| 1225 | Clorox Co. (The) | 171904 |
| 10789 | Procter & Gamble Co. (The) | 1635181 |
|  |  | 1807085 |

---

See accompanying notes to the financial statements.

------

**AZL Gateway Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Industrial Conglomerates+ (1.3%):** | **Industrial Conglomerates+ (1.3%):** | |
| 3306 | 3M Co. | $396455 |
| 3497 | General Electric Co. | 293014 |
| 3546 | Honeywell International, Inc. | 759908 |
|  |  | 1449377 |
| **Insurance (2.3%):** | **Insurance (2.3%):** |  |
| 9635 | Aflac, Inc.+ | 693142 |
| 1031 | American Financial Group, Inc.+ | 141536 |
| 1688 | Aon plc, Class A+ | 506636 |
| 3886 | Arch Capital Group, Ltd.\*+ | 243963 |
| 3063 | Arthur J. Gallagher & Co.+ | 577498 |
| 84 | F&G Annuities & Life, Inc.\* | 1681 |
| 1245 | Fidelity National Financial, Inc.+ | 46837 |
| 2562 | Lincoln National Corp.+ | 78705 |
| 50 | Markel Corp.\*+ | 65874 |
| 441 | RenaissanceRe Holdings, Ltd.+ | 81245 |
| 3962 | Unum Group+ | 162561 |
|  |  | 2599678 |
| **Interactive Media & Services+ (4.0%):** | **Interactive Media & Services+ (4.0%):** |  |
| 9322 | Alphabet, Inc., Class A\* | 822480 |
| 29397 | Alphabet, Inc., Class C\* | 2608396 |
| 810 | Match Group, Inc.\* | 33607 |
| 7997 | Meta Platforms, Inc., Class A\* | 962359 |
| 670 | ZoomInfo Technologies, Inc.\* | 20173 |
|  |  | 4447015 |
| **Internet & Direct Marketing Retail+ (2.4%):** | **Internet & Direct Marketing Retail+ (2.4%):** |  |
| 29736 | Amazon.com, Inc.\* | 2497824 |
| 746 | Etsy, Inc.\* | 89356 |
| 58 | MercadoLibre, Inc.\* | 49082 |
|  |  | 2636262 |
| **IT Services+ (4.7%):** | **IT Services+ (4.7%):** |  |
| 2482 | Accenture plc, Class A | 662297 |
| 2332 | Automatic Data Processing, Inc. | 557021 |
| 525 | Black Knight, Inc.\* | 32419 |
| 772 | Block, Inc.\* | 48512 |
| 1984 | DXC Technology Co.\* | 52576 |
| 267 | EPAM Systems, Inc.\* | 87507 |
| 3223 | Fidelity National Information Services, Inc. | 218680 |
| 634 | Gartner, Inc.\* | 213113 |
| 3221 | Mastercard, Inc., Class A | 1120038 |
| 2660 | Paychex, Inc. | 307390 |
| 4953 | PayPal Holdings, Inc.\* | 352753 |
| 1201 | Shopify, Inc., Class A\* | 41687 |
| 156 | Twilio, Inc., Class A\* | 7638 |
| 1176 | VeriSign, Inc.\* | 241597 |
| 6174 | Visa, Inc., Class A | 1282710 |
|  |  | 5225938 |
| **Leisure Products+ (0.0%<sup>†</sup>):** | **Leisure Products+ (0.0%<sup>†</sup>):** |  |
| 331 | Polaris, Inc. | 33431 |
| **Life Sciences Tools & Services+ (1.1%):** | **Life Sciences Tools & Services+ (1.1%):** |  |
| 2514 | Avantor, Inc.\* | 53020 |
| 499 | ICON plc\* | 96931 |
| 868 | Illumina, Inc.\* | 175510 |
| 1658 | Thermo Fisher Scientific, Inc. | 913044 |
|  |  | 1238505 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Machinery+ (2.0%):** | **Machinery+ (2.0%):** | |
| 2720 | Caterpillar, Inc. | $651603 |
| 1462 | Cummins, Inc. | 354228 |
| 1299 | Deere & Co. | 556959 |
| 1507 | Parker-Hannifin Corp. | 438537 |
| 1935 | Pentair PLC | 87036 |
| 1101 | Timken Co. | 77808 |
|  |  | 2166171 |
| **Media+ (0.7%):** | **Media+ (0.7%):** |  |
| 18347 | Comcast Corp., Class A | 641595 |
| 582 | Liberty Broadband Corp., Class C\* | 44389 |
| 8669 | Sirius XM Holdings, Inc. | 50627 |
|  |  | 736611 |
| **Metals & Mining+ (0.3%):** | **Metals & Mining+ (0.3%):** |  |
| 491 | Alcoa Corp. | 22326 |
| 2982 | Newmont Corp. | 140750 |
| 1912 | Southern Copper Corp. | 115466 |
| 794 | Steel Dynamics, Inc. | 77574 |
|  |  | 356116 |
| **Mortgage Real Estate Investment Trusts (REITs)+ (0.0%<sup>†</sup>):** | **Mortgage Real Estate Investment Trusts (REITs)+ (0.0%<sup>†</sup>):** |  |
| 2365 | Annaly Capital Management, Inc. | 49854 |
| **Multiline Retail+ (0.4%):** | **Multiline Retail+ (0.4%):** |  |
| 1768 | Nordstrom, Inc. | 28536 |
| 2484 | Target Corp. | 370215 |
|  |  | 398751 |
| **Multi-Utilities+ (1.7%):** | **Multi-Utilities+ (1.7%):** |  |
| 5247 | Ameren Corp. | 466563 |
| 5781 | Consolidated Edison, Inc. | 550987 |
| 5693 | Public Service Enterprise Group, Inc. | 348810 |
| 5050 | WEC Energy Group, Inc. | 473488 |
|  |  | 1839848 |
| **Oil, Gas & Consumable Fuels+ (4.7%):** | **Oil, Gas & Consumable Fuels+ (4.7%):** |  |
| 5525 | Cenovus Energy, Inc. | 107240 |
| 817 | Cheniere Energy, Inc. | 122517 |
| 7078 | Chevron Corp. | 1270430 |
| 7217 | ConocoPhillips | 851606 |
| 652 | Enbridge, Inc. | 25493 |
| 2045 | EQT Corp. | 69182 |
| 15763 | Exxon Mobil Corp. | 1738659 |
| 978 | HF Sinclair Corp. | 50749 |
| 3613 | Occidental Petroleum Corp. | 227583 |
| 4110 | ONEOK, Inc. | 270027 |
| 2069 | Suncor Energy, Inc. | 65650 |
| 1826 | Targa Resources Corp. | 134211 |
| 1744 | Valero Energy Corp. | 221244 |
|  |  | 5154591 |
| **Personal Products+ (0.0%<sup>†</sup>):** | **Personal Products+ (0.0%<sup>†</sup>):** |  |
| 2072 | Herbalife Nutrition, Ltd.\* | 30831 |
| **Pharmaceuticals+ (5.2%):** | **Pharmaceuticals+ (5.2%):** |  |
| 9549 | Bristol-Myers Squibb Co. | 687051 |
| 3078 | Eli Lilly & Co. | 1126055 |
| 444 | Horizon Therapeutics plc\* | 50527 |
| 248 | Jazz Pharmaceuticals plc\* | 39509 |
| 9538 | Johnson & Johnson | 1684888 |
| 9791 | Merck & Co., Inc. | 1086311 |

---

See accompanying notes to the financial statements.

------

**AZL Gateway Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Pharmaceuticals, continued** | **Pharmaceuticals, continued** | |
| 20613 | Pfizer, Inc. | $1056210 |
|  |  | 5730551 |
| **Professional Services+ (0.3%):** | **Professional Services+ (0.3%):** |  |
| 820 | Booz Allen Hamilton Holding Corp. | 85706 |
| 1659 | CoStar Group, Inc.\* | 128208 |
| 1006 | ManpowerGroup, Inc. | 83709 |
| 817 | TransUnion | 46365 |
|  |  | 343988 |
| **Real Estate Management & Development+ (0.0%<sup>†</sup>):** | **Real Estate Management & Development+ (0.0%<sup>†</sup>):** |  |
| 865 | Zillow Group, Inc., Class C\* | 27862 |
| **Road & Rail (0.9%):** | **Road & Rail (0.9%):** |  |
| 1878 | Canadian Pacific Railway, Ltd.+ | 140080 |
| 13934 | CSX Corp.+ | 431675 |
| 789 | JB Hunt Transport Services, Inc.+ | 137570 |
| 809 | Lyft, Inc., Class A\*+ | 8915 |
| 701 | Old Dominion Freight Line, Inc.+ | 198930 |
| 629 | RXO, Inc.\* | 10819 |
| 1740 | Uber Technologies, Inc.\*+ | 43030 |
|  |  | 971019 |
| **Semiconductors & Semiconductor Equipment+ (4.9%):** | **Semiconductors & Semiconductor Equipment+ (4.9%):** |  |
| 6462 | Advanced Micro Devices, Inc.\* | 418544 |
| 2821 | Analog Devices, Inc. | 462729 |
| 2601 | Applied Materials, Inc. | 253285 |
| 1642 | Broadcom, Inc. | 918091 |
| 258 | First Solar, Inc.\* | 38646 |
| 15805 | Intel Corp. | 417726 |
| 2546 | Marvell Technology, Inc. | 94304 |
| 5019 | Micron Technology, Inc. | 250850 |
| 8617 | NVIDIA Corp. | 1259288 |
| 4387 | Qualcomm, Inc. | 482307 |
| 1753 | Teradyne, Inc. | 153124 |
| 4241 | Texas Instruments, Inc. | 700698 |
|  |  | 5449592 |
| **Software+ (8.2%):** | **Software+ (8.2%):** |  |
| 1990 | Adobe, Inc.\* | 669695 |
| 230 | Aspen Technology, Inc.\* | 47242 |
| 2250 | Cadence Design Systems, Inc.\* | 361440 |
| 1350 | Ceridian HCM Holding, Inc.\* | 86602 |
| 25832 | Microsoft Corp. | 6195030 |
| 6835 | Oracle Corp. | 558693 |
| 666 | Palo Alto Networks, Inc.\* | 92934 |
| 3508 | Salesforce, Inc.\* | 465126 |
| 876 | ServiceNow, Inc.\* | 340125 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Software, continued** | **Software, continued** | |
| 366 | SS&C Technologies Holdings, Inc. | $19054 |
| 794 | VMware, Inc., Class A\* | 97471 |
| 458 | Workday, Inc., Class A\* | 76637 |
| 450 | Zoom Video Communications, Inc., Class A\* | 30483 |
|  |  | 9040532 |
| **Specialty Retail+ (2.4%):** | **Specialty Retail+ (2.4%):** |  |
| 2912 | American Eagle Outfitters, Inc. | 40651 |
| 301 | Burlington Stores, Inc.\* | 61031 |
| 326 | Dick's Sporting Goods, Inc. | 39215 |
| 1818 | Foot Locker, Inc. | 68702 |
| 4200 | Home Depot, Inc. (The) | 1326612 |
| 3445 | Lowe's Cos., Inc. | 686382 |
| 447 | O'Reilly Automotive, Inc.\* | 377281 |
| 287 | Williams-Sonoma, Inc. | 32982 |
|  |  | 2632856 |
| **Technology Hardware, Storage & Peripherals+ (6.2%):** | **Technology Hardware, Storage & Peripherals+ (6.2%):** |  |
| 52380 | Apple, Inc. | 6805733 |
| 1086 | Dell Technologies, Inc., Class C | 43679 |
|  |  | 6849412 |
| **Textiles, Apparel & Luxury Goods+ (0.6%):** | **Textiles, Apparel & Luxury Goods+ (0.6%):** |  |
| 257 | Lululemon Athletica, Inc.\* | 82338 |
| 5342 | NIKE, Inc., Class B | 625067 |
|  |  | 707405 |
| **Tobacco+ (0.6%):** | **Tobacco+ (0.6%):** |  |
| 13489 | Altria Group, Inc. | 616582 |
| **Trading Companies & Distributors+ (0.1%):** | **Trading Companies & Distributors+ (0.1%):** |  |
| 679 | GATX Corp. | 72205 |
| Total Common Stocks (Cost $53,298,053) | Total Common Stocks (Cost $53,298,053) | 108109825 |
| **Contracts** |  | **Value** |
| **Purchased Options (1.0%)^:** | **Purchased Options (1.0%)^:** |  |
| Total Purchased Options (Cost $1,632,278) | Total Purchased Options (Cost $1,632,278) | 1069165 |
| **Shares** |  | **Value** |
| **Unaffiliated Investment Company (2.7%):** | **Unaffiliated Investment Company (2.7%):** |  |
| **Money Markets (2.7%):** | **Money Markets (2.7%):** |  |
| 2983491 | Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(a) | 2983491 |
| Total Unaffiliated Investment Company (Cost $2,983,491) | Total Unaffiliated Investment Company (Cost $2,983,491) | 2983491 |
| Total Investment Securities (Cost $57,913,822) — 101.4%(b) | Total Investment Securities (Cost $57,913,822) — 101.4%(b) | 112162481 |
| Net other assets (liabilities) — (1.4)% | Net other assets (liabilities) — (1.4)% | (1517249) |
| Net Assets — 100.0% | Net Assets — 100.0% | $110645232 |

---

Percentages indicated are based on net assets as of December 31, 2022.

ADR—American Depository Receipt

REIT—Real Estate Investment Trust

\* Non-income producing security.

^ See Options table below for more details.

+ All or a portion of this security has been pledged as collateral for outstanding call options written.

† Represents less than 0.05%.

(a) The rate represents the effective yield at December 31, 2022.

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

See accompanying notes to the financial statements.

------

**AZL Gateway Fund** 

Schedule of Portfolio Investments

December 31, 2022

**Options Contracts** 

At December 31, 2022, the Fund's exchange traded options purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Put/Call** | **Strike<br>Price** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount(a)** | **Fair<br>Value** |
|  S&P 500 Index | Put | 3425.00 USD | 2/20/23 | 40 | $137000 | $63800 |
|  S&P 500 Index | Put | 3500.00 USD | 2/20/23 | 40 | 140000 | 95200 |
|  S&P 500 Index | Put | 3400.00 USD | 3/17/23 | 40 | 136000 | 124000 |
|  S&P 500 Index | Put | 3425.00 USD | 3/17/23 | 38 | 130150 | 130150 |
|  S&P 500 Index | Put | 3500.00 USD | 3/17/23 | 41 | 143500 | 187575 |
|  S&P 500 Index | Put | 3550.00 USD | 3/17/23 | 40 | 142000 | 220800 |
|  S&P 500 Index | Put | 3575.00 USD | 3/17/23 | 41 | 146575 | 247640 |
|  Total (Cost $1,632,278) | Total (Cost $1,632,278) |  |  |  |  | $1069165 |

---

At December 31, 2022, the Fund's exchange traded options written were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount(a)** | **Fair Value** |
|  S&P 500 Index<br> Call | 3850.00 USD | 1/20/23 | 31 | $119350 | $(233430) |
|  S&P 500 Index<br> Call | 4075.00 USD | 1/20/23 | 32 | 130400 | (21120) |
|  S&P 500 Index<br> Call | 4100.00 USD | 1/20/23 | 31 | 127100 | (14415) |
|  S&P 500 Index<br> Call | 3925.00 USD | 1/31/23 | 31 | 121675 | (173445) |
|  S&P 500 Index<br> Call | 3825.00 USD | 2/20/23 | 31 | 118575 | (433380) |
|  S&P 500 Index<br> Call | 3900.00 USD | 2/20/23 | 31 | 120900 | (306435) |
|  S&P 500 Index<br> Call | 3950.00 USD | 2/20/23 | 31 | 122450 | (234825) |
|  S&P 500 Index<br> Call | 3975.00 USD | 2/20/23 | 31 | 123225 | (203050) |
|  S&P 500 Index<br> Call | 3900.00 USD | 3/17/23 | 31 | 120900 | (419430) |
|  Total (Premiums $3,267,549) |  |  |  |  | $(2039530) |

---

(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 | $(2039530) |

---

See accompanying notes to the financial statements.

------

**AZL Gateway Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment securities, at cost | $57913822.0 |
|  Investment securities, at value | 112162481.0 |
|  Interest and dividends receivable | 81550.0 |
|  Receivable for investments sold | 561255.0 |
|  Reclaims receivable | 1747.0 |
|  Prepaid expenses | 1039.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 112808072.0 |
|  **Liabilities:** |  |
|  Payable for capital shares redeemed | 20545.0 |
|  Written Options (Premiums received $3,267,549) | 2039530.0 |
|  Management fees payable | 76127.0 |
|  Administration fees payable | 2848.0 |
|  Distribution fees payable | 23790.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 2162840.0 |
|  **Net Assets** | $110645232.0 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $58145169.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 52500063.0 |
|  **Net Assets** | $110645232.0 |
|  Shares of beneficial interest (unlimited number of shares authorized, no par value) | 7851175.0 |
|  Net Asset Value (offering and redemption price per share) | $14.09 |

---

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Dividends  | $1906367 |
|  Interest | 333 |
|  Foreign withholding tax | (1699) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 1905001 |
|  **Expenses:** |  |
|  Management fees | 977673 |
|  Administration fees | 33683 |
|  Distribution fees | 305522 |
|  Custodian fees | 5117 |
|  Administrative and compliance services fees | 1757 |
|  Transfer agent fees | 6147 |
|  Trustee fees | 7021 |
|  Professional fees | 5462 |
|  Shareholder reports | 3892 |
|  Other expenses | 3820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1350094 |
|  **Net Investment Income/(Loss)** | 554907 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities and foreign currencies | 9374155 |
|  Net realized gains/(losses) on written options contracts | 7539629 |
|  Change in net unrealized appreciation/depreciation on securities and foreign currencies | (35750491) |
|  Change in net unrealized appreciation/depreciation on written options contracts | 1396504 |
|  **Net realized and Change in net unrealized gains/losses on investments** | (17440203) |
|  **Change in Net Assets Resulting From Operations** | $(16885296) |

---

See accompanying notes to the financial statements.

------

**AZL Gateway Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $554907 | $401273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | 16913784 | (180532) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (34353987) | 15292644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (16885296) | 15513385 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions | (392433) | (927444) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (392433) | (927444) |
|  **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 4738589 | 7578785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 392433 | 927444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (19618083) | (25065408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | (14487061) | (16559179) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (31764790) | (1973238) |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 142410022 | 144383260 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $110645232 | $142410022 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 314037 | 501529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 28152 | 59490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1318473) | (1614036) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | (976284) | (1053017) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $16.13 | $14.61 | $13.76 | $12.54 | $13.32 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.07 (a) | 0.04 (a) | 0.09 (a) | 0.13 (a) | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (2.06) | 1.58 | 0.91 | 1.22 | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (1.99) | 1.62 | 1.00 | 1.35 | (0.61) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.05) | (0.10) | (0.15) | (0.13) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (0.05) | (0.10) | (0.15) | (0.13) | (0.17) |
|  **Net Asset Value, End of Period** | $14.09 | $16.13 | $14.61 | $13.76 | $12.54 |
|  **Total Return**(b) | (12.34)% | 11.13% | 7.30% | 10.82% | (4.65)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $110645 | $142410 | $144383 | $150961 | $147792 |
|  Net Investment Income/(Loss) | 0.45% | 0.27% | 0.67% | 1.01% | 0.93% |
|  Expenses Before Reductions(c) | 1.11% | 1.12% | 1.12% | 1.11% | 1.10% |
|  Expenses Net of Reductions | 1.11% | 1.12% | 1.12% | 1.11% | 1.10% |
|  Portfolio Turnover Rate | 14% | 11% | 30% | 19% | 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) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

See accompanying notes to the financial statements.

------

**AZL Gateway Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

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.

On December 13, 2022, the Board unanimously approved a reorganization whereby the AZL Fidelity Institutional Asset Management Multi-Strategy Fund will acquire all of the assets and liabilities of the Fund and costs related to the reorganization will be paid by the Manager.

**2. Significant Accounting Policies** 

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

**Security Valuation** 

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

**Investment Transactions and Investment Income** 

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

**Real Estate Investment Trusts** 

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

**Foreign Currency Translation and Withholding Taxes** 

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

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

**Distributions to Shareholders** 

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

**Expense Allocation** 

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

------

**AZL Gateway Fund** 

Notes to the Financial Statements

December 31, 2022

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

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

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

**Derivative Instruments** 

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

***Options Contracts***

The Fund may purchase or write put and call options on a security or an index of securities. During the year ended December 31, 2022, 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. 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. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and is required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value. For the year ended December 31, 2022, the monthly average notional amount for written options contracts was $1.2 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 values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Primary Risk Exposure** | **Statement of Assets and Liabilities Location** | **Total<br>Value** | **Statement of Assets and Liabilities Location** | **Total<br>Value** |
|  **Equity Risk** |  |  |  |  |
| Options Contracts | Purchased Options Contracts | $1069165 | Written Options Contracts | $2039530 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Primary Risk Exposure** | **Location of Gains/(Losses)**<br> **on Derivatives**<br> **Recognized** | **Realized Gains/(Losses)<br>on Derivatives<br>Recognized** | **Change in Net Unrealized<br>Appreciation/Depreciation<br>on Derivatives Recognized** |
|  **Equity Risk** | **Equity Risk** |  |  |
| Purchased Options Contracts | Net realized gains/(losses) on securities and foreign currencies/ Change in net unrealized appreciation/depreciation on securities and foreign currencies | $(10883) | $18361 |
| Written Options Contracts | Net realized gains/(losses) on written options contracts/<br> Change in net unrealized appreciation/depreciation on written options contracts | 7539629 | 1396504 |

---

**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 "Management fees." For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund's business, based on the daily net assets of the Fund, through April 30, 2024.

------

**AZL Gateway Fund** 

Notes to the Financial Statements

December 31, 2022

For the year ended December 31, 2022, 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% |

---

Any amounts waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to be repayment by the Fund in subsequent years.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable. During the year ended December 31, 2022, there were no such waivers.

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

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

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

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

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

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

**4. Investment Valuation Summary** 

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

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

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

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.

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

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

------

**AZL Gateway Fund** 

Notes to the Financial Statements

December 31, 2022

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

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks<sup>+</sup> | $108109825 | $— | $— | $108109825 |
|  Purchased Options | 1069165 |  |  | 1069165 |
|  Unaffiliated Investment Company | 2983491 |  |  | 2983491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | 112162481 |  |  | 112162481 |
|  Other Financial Instruments:<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | (2039530) |  |  | (2039530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $110122951 | $— | $— | $110122951 |

---

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

\* Other Financial Instruments would include any derivative instruments, such as written options.

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, 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 | $17015699 | $23413323 |

---

**6. Investment Risks**

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

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

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

**7. Coronavirus (COVID-19) Pandemic** 

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

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

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

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

------

**AZL Gateway Fund** 

Notes to the Financial Statements

December 31, 2022

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $55,221,346. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

---

| | |
|:---|:---|
|  Unrealized appreciation | $59090553 |
|  Unrealized (depreciation) | (4188948) |
|  Net unrealized appreciation/(depreciation) | $54901605 |

---

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

CLCFs not subject to expiration:

---

| | | | |
|:---|:---|:---|:---|
| | **Short-Term<br>Amount** | **Long-Term<br>Amount** | **Total Amount** |
|  AZL Gateway Fund | $2304939 | $– | $2304939 |

---

During the year ended December 31, 2022, the Fund utilized $18,387,137 in CLCFs to offset capital gains.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Gateway Fund | $392433 | $– | $392433 |

---

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

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Gateway Fund | $927444 | $– | $927444 |

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized<br>Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated<br>Earnings/<br>(Deficit)** |
|  AZL Gateway Fund | $568316 | $– | $(2304939) | $54236686 | $52500063 |

---

(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales, foreign currency gains or losses, mark-to-market of options 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 December 31, 2022, 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.

**11. Subsequent Events** 

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

The reorganization, as discussed in Note 1, whereby the AZL Fidelity Institutional Asset Management Multi-Strategy Fund will acquire all of the assets and liabilities of the Fund, is expected to be completed on or about March 10, 2023.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL Gateway Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Gateway Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

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

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**Other Federal Income Tax Information (Unaudited)** 

For the year ended December 31, 2022, 100.00% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

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**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.

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**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

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

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

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

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

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

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

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

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

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

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

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

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

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

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

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

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

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The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

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

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

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

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

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

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**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(2)</sup>/Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14 (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019-2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and<br> Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

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**Interested Trustee<sup>(4)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(2)</sup>/Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM<br>Complex During<br>Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

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(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

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**Officers** 

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| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions**<br> **Held with<br>AIM Complex** | **Term of<br>Office<sup>(1)</sup>/Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963)<br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 <br>to present. |

---

(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

------

![LOGO](g419555g71x52.jpg)

---

| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

---

------

## AZL<sup>®</sup> Government Money Market Fund

## Annual Report

## December 31, 2022
![LOGO](g411668g71x52.jpg)

------

**Table of Contents** 

---

| |
|:---|
| [Management Discussion and Analysis](#toc411668_12)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc411668_1)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc411668_2)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc411668_3)<br> Page 6 |
| [Statement of Operations](#toc411668_4)<br> Page 6 |
| [Statements of Changes in Net Assets](#toc411668_5)<br> Page 7 |
| [Financial Highlights](#toc411668_6)<br> Page 8 |
| [Notes to the Financial Statements](#toc411668_7)<br> Page 9 |
| [Report of Independent Registered Public Accounting Firm](#toc411668_9)<br> Page 13 |
| [Other Federal Income Tax Information](#toc411668_13)<br> Page 14 |
| [Other Information](#toc411668_8)<br> Page 15 |
| [Approval of Investment Advisory and Subadvisory Agreements](#toc411668_10)<br> Page 16 |
| [Information about the Board of Trustees and Officers](#toc411668_11)<br> Page 19 |

---

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<sup>®</sup> Government Money Market Fund Review (Unaudited)**<br>

Allianz Investment Management LLC serves as the Manager for the AZL<sup>®</sup> Government Money Market Fund and BlackRock Advisors, LLC serves as Subadviser to the Fund.

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

For the year ended December 31, 2022, the AZL<sup>®</sup> Government Money Market Fund (the "Fund") returned 0.77%. That compared to a 2.01% total return for its benchmark, the Three-Month U.S. Treasury Bill Index.<sup>1</sup>

The year under review began with a shift by the Federal Open Market Committee (FOMC) to a less accommodative interest rate policy as it sought to cool rising inflation. Consumer prices continued to rise as the year began, driven in part by ongoing supply chain issues and Russia's invasion of Ukraine in late February.

Despite growing concerns of an economic recession and declining GDP growth in the U.S., the FOMC opted to raise short-term interest rates by 25 basis points at its March 2022 meeting. It was the first such increase since 2018.

Throughout the year, the FOMC remained focused on the consumer price appreciation present across all sectors of the U.S. economy. It announced another rate increase, this time of 50 basis points, at its May meeting. Inflation remained on the rise, however, peaking above 9% in June. The persistently high inflation ushered in a series of 75-basis-point increases throughout the summer and into the fall, with large rate hikes announced at the FOMC's June, August, September, and November meetings. The FOMC closed out the year with a 50-basis-point increase at its December meeting.

In all, the FOMC raised interest rates by 425 basis points for the year under review, ending 2022 with the federal funds target rate set within a range of 4.25% and 4.50%.

The shift in monetary policy dominated the year for investors, as did concerns about the FOMC's ability to avoid causing a recession as it sought to bring inflation under control. Against this policy backdrop during the first half of the year, the Fund selectively added longer-term securities that, at the time, we believed fairly compensated for expected additional rate hikes. Those select positions ultimately dragged on relative results, however, as the Fed's unexpectedly aggressive rate hikes, which began in June, drove yields higher at a faster-than-expected pace.

In the latter half of the year, the Fund repositioned itself to target investments in overnight repurchase agreements and short-dated securities to fully capture the increase in yields that typically followed each FOMC meeting. This positioning added to relative results as the markets underpriced FOMC rate action.

The Fund did not hold derivatives during the period under review.

------

***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmark please refer to page 2 of this report.* 

------

 **AZL<sup>®</sup> Government Money Market Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to seek current income consistent with stability of principal. The Fund seeks to achieve its objective by investing at least 99.5% of its total assets in cash, government securities (including U.S. Treasury bills, notes, and other obligations guaranteed as to principal and interest by the U.S. Government, its agencies, or instrumentalities), or repurchase agreements that are collateralized fully by cash or government securities.* 

**Investment Concerns** 

*You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Past performance is not predictive of future performance as yields on money market funds fluctuate daily.* 

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

**Growth of $10,000 Investment**![LOGO](g411668g00v00.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **1<br>Year** | **3<br>Year** | **5<br>Year** | **10<br>Year** |
| &nbsp;&nbsp; AZL<sup>®</sup> Government Money Market Fund | 0.77% | 0.32% | 0.67% | 0.34% |
| &nbsp;&nbsp; Three-Month U.S. Treasury Bill Index | 2.01% | 0.80% | 1.28% | 0.78% |

---

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

---

| | |
|:---|:---|
| **Expense Ratio** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> Government Money Market Fund | 0.65% |

---

***The above expense ratio is based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.34% through at least April 30, 2024. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.87% through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratio can be found in the Financial Highlights.***

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

---

| | | | |
|:---|:---|:---|:---|
| **Yield as of December 31, 2022** | **Yield as of December 31, 2022** | **Yield as of December 31, 2022** | **Yield as of December 31, 2022** |
| | **7 Day<br>Average** | **7 Day<br>Effective** | **30 Day<br>Average** |
| &nbsp;&nbsp; AZL<sup>®</sup> Government Money Market Fund | 3.28% | 3.34% | 3.07% |

---

*The Manager, the Distributor and the Fund have entered into a written agreement to waive, reimburse, or pay Fund expenses to the extent necessary in order to maintain a minimum daily net investment income for the Fund of 0.00%. The Distributor is also permitted to waive its Rule 12b-1 fees during such periods under this agreement. There is no guarantee the Fund will be able to avoid a negative yield. Such amounts waived, reimbursed or paid by the Manager and/ or the Distributor are subject to repayment to the Manager and/or the Distributor, subject to certain limitations as further described in Note 3 of the Notes to Financial Statements.* 

*The 7-day yield quotation is as of December 31, 2022 and more closely reflects the current earnings of the Fund than the total return quotation.* 

*The Fund's performance is measured against the Three-Month U.S. Treasury Bill Index, which is an unmanaged index and does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.* 

------

**AZL Government Money Market Fund** 

**Expense Examples** 

(Unaudited)

As a shareholder of the AZL Government Money Market Fund (the "Fund"), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount 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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Government Money Market Fund | $1000.00 | $1007.60 | $6.58 | 1.30% |

---

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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Government Money Market Fund | $1000.00 | $1018.65 | $6.61 | 1.30% |

---

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

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  Repurchase Agreements | 49.2% |
|  U.S. Government Agency Mortgages | 36.4 |
|  U.S. Treasury Obligations | 9.6 |
|  Total Investment Securities | 95.2 |
|  Net other assets (liabilities) | 4.8 |
|  Net Assets | 100.0% |

---

------

**AZL Government Money Market Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages (36.4%):** | **U.S. Government Agency Mortgages (36.4%):** | |
| **Federal Farm Credit Bank (7.7%)** | **Federal Farm Credit Bank (7.7%)** | **Federal Farm Credit Bank (7.7%)** |
| $4150000 | 4.33%(SOFR+3bps), 1/12/23 | $4149994 |
| 1070000 | 4.36%(SOFR+6bps), 1/20/23 | 1070000 |
| 1290000 | 4.32%(SOFR+4bps), 3/10/23 | 1290036 |
| 1480000 | 4.38%, 3/16/23(a) | 1466858 |
| 3240000 | 4.32%(SOFR+2bps), 5/16/23 | 3239971 |
| 710000 | 2.26%, 6/7/23 | 709975 |
| 370000 | 4.34%(SOFR+4bps), 7/12/23 | 369990 |
| 1420000 | 4.33%(SOFR+3bps), 7/25/23 | 1419976 |
| 2740000 | 4.35%(SOFR+5bps), 8/22/23 | 2740000 |
| 1870000 | 4.35%(SOFR+5bps), 9/28/23 | 1870000 |
| 2955000 | 4.34%(SOFR+5bps), 10/16/23 | 2955000 |
| 3435000 | 4.36%(SOFR+6bps), 11/22/23 | 3435000 |
| 580000 | 4.36%(SOFR+6bps), 1/10/24 | 580000 |
| 3825000 | 4.34%(SOFR+5bps), 2/20/24 | 3825000 |
| 2425000 | 4.35%(SOFR+5bps), 5/9/24 | 2425000 |
| 1040000 | 4.40%(SOFR+10bps), 8/1/24 | 1040000 |
| 4180000 | 4.39%(SOFR+9bps), 8/26/24 | 4180000 |
| 2885000 | 4.44%(SOFR+14bps), 11/7/24 | 2885000 |
|  |  | 39651800 |
| **Federal Home Loan Bank (28.7%)** | **Federal Home Loan Bank (28.7%)** | **Federal Home Loan Bank (28.7%)** |
| 10100000 | 4.31%(SOFR+1bps), 1/4/23 | 10100000 |
| 5895000 | 3.27%, 1/9/23 | 5894972 |
| 10220000 | 4.31%(SOFR+1bps), 1/17/23 | 10220000 |
| 16575000 | 4.31%(SOFR+1bps), 1/25/23 | 16575000 |
| 12500000 | 4.33%(SOFR+3bps), 2/3/23 | 12500000 |
| 5000000 | 4.36%(SOFR+6bps), 2/3/23 | 5000000 |
| 7430000 | 4.27%, 2/10/23(a) | 7394996 |
| 2410000 | 3.46%, 2/10/23 | 2409874 |
| 3835000 | 2.08%, 2/13/23, Callable 1/13/23 @ 100.00 | 3835000 |
| 8035000 | 4.34%(SOFR+4bps), 2/13/23 | 8035000 |
| 5080000 | 4.34%(SOFR+4bps), 2/17/23 | 5080000 |
| 7820000 | 4.32%(SOFR+2bps), 3/2/23 | 7820000 |
| 7200000 | 4.33%(SOFR+3bps), 3/2/23 | 7200000 |
| 3215000 | 4.36%(SOFR+6bps), 3/10/23 | 3215000 |
| 9100000 | 4.32%(SOFR+2bps), 3/13/23 | 9100000 |
| 3465000 | 4.48%, 3/15/23(a) | 3433874 |
| 5915000 | 4.31%(SOFR+1bps), 3/23/23 | 5915000 |
| 2210000 | 4.37%(SOFR+7bps), 3/27/23 | 2210000 |
| 785000 | 4.37%(SOFR+7bps), 3/28/23 | 785000 |
| 4660000 | 4.36%(SOFR+6bps), 4/10/23 | 4660000 |
| 10400000 | 4.36%(SOFR+6bps), 4/18/23 | 10400000 |
| 800000 | 4.32%(SOFR+2bps), 5/2/23 | 800000 |
| 3040000 | 4.39%(SOFR+9bps), 5/23/23 | 3040000 |
| 3210000 | 3.60%, 9/1/23 | 3205376 |
|  |  | 148829092 |
| Total U.S. Government Agency Mortgages (Cost $188,480,892) | Total U.S. Government Agency Mortgages (Cost $188,480,892) | 188480892 |
| **U.S. Treasury Obligations (9.6%):** | **U.S. Treasury Obligations (9.6%):** |  |
| **U.S. Treasury Bills (4.7%)** | **U.S. Treasury Bills (4.7%)** | **U.S. Treasury Bills (4.7%)** |
| 7960000 | 2.75%, 1/12/23(a) | 7953494 |
| 2345000 | 0.64%, 1/26/23(a) | 2343974 |
| 5760000 | 4.32%, 2/23/23(a) | 5733427 |
| 6825000 | 3.58%, 3/16/23(a) | 6776389 |
| 575000 | 2.16%, 5/18/23(a) | 570405 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** | **Value** |
| **U.S. Treasury Obligations, continued** | **U.S. Treasury Obligations, continued** | **U.S. Treasury Obligations, continued** | | |
| **U.S. Treasury Bills, continued** | **U.S. Treasury Bills, continued** | **U.S. Treasury Bills, continued** | **U.S. Treasury Bills, continued** | **U.S. Treasury Bills, continued** |
| $| 1080000 | 4.57%, 11/30/23(a) | $| 1036368 |
|  |  |  |  | 24414057 |
| **U.S. Treasury Notes (4.9%)** | **U.S. Treasury Notes (4.9%)** | **U.S. Treasury Notes (4.9%)** | **U.S. Treasury Notes (4.9%)** | **U.S. Treasury Notes (4.9%)** |
|  | 5000000 | 4.44%(USBMMY3M+5bps), 1/31/23 |  | 5000027 |
|  | 4260000 | 1.31%, 2/28/23(a) |  | 4268789 |
|  | 9565000 | 2.02%, 2/28/23(a) |  | 9536560 |
|  | 635000 | 2.12%, 4/30/23(a) |  | 630918 |
|  | 1260000 | 2.19%, 5/15/23(a) |  | 1257972 |
|  | 4660000 | 4.43%(USBMMY3M+4bps), 10/31/23 |  | 4660000 |
|  |  |  |  | 25354266 |
|  | Total U.S. Treasury Obligations (Cost $49,768,323) | Total U.S. Treasury Obligations (Cost $49,768,323) |  | 49768323 |
| **Repurchase Agreements (49.2%):** | **Repurchase Agreements (49.2%):** | **Repurchase Agreements (49.2%):** |  |  |
|  | 25000000 | Bank of Montreal, 4.25%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $25,011,806, Collateralized by U.S. Treasury Notes, 1.63% — 2.25%, 12/31/24 — 5/15/26, fair value of $25,500,087) |  | 25000000 |
|  | 25000000 | Bank of Nova Scotia, 4.25%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $25,011,806, Collateralized by U.S. Treasury Obligations, 0.88% — 3.38%, 5/31/23 — 11/15/48, fair value of $25,512,062) |  | 25000000 |
|  | 32000000 | BNP Paribas, 4.30%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $32,015,289, Collateralized by U.S. Government Agency Obligations, 0.38% — 6.50%, 7/15/27 — 12/20/52, fair value of $32,800,799) |  | 32000000 |
|  | 30000000 | Citigroup Global Markets, 4.30%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $30,014,333, Collateralized by U.S. Treasury Notes, 0.25% — 2.88%, 5/15/24 — 5/15/32, fair value of $30,600,042) |  | 30000000 |
|  | 38000000 | Mitsubishi UFJ Securities USA, Inc., 4.25%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $38,017,944, Collateralized by U.S. Treasury Obligations, 0.00% — 0.50%, 7/15/27 — 11/15/44, fair value of $38,760,003) |  | 38000000 |
|  | 38000000 | Morgan Stanley & Co., 4.30%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $38,018,156, Collateralized by U.S. Government Agency Obligations, 0.00% — 6.00%, 2/23/23 — 12/1/52, fair value of $38,903,789) |  | 38000000 |
|  | 30000000 | Natixis, 4.25%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $30,014,167, Collateralized by U.S. Treasury Notes, 1.50% — 2.50%, 8/15/23 — 1/31/27, fair value of $30,600,061) |  | 30000000 |
|  | 22000000 | Toronto Dominion Bank NY, 4.30%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $22,010,511, Collateralized by U.S. Government Agency Obligation, 4.50%, 9/20/52, fair value of $22,440,000) |  | 22000000 |

---

See accompanying notes to the financial statements.

------

**AZL Government Money Market Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Repurchase Agreements, continued** | **Repurchase Agreements, continued** | |
| $14000000 | Toronto Dominion Bank NY, 4.27%, 1/3/23, (Purchased on 12/30/22, proceeds at maturity $14,006,642, Collateralized by U.S. Treasury Notes, 0.25% — 2.88%, 1/31/23 — 4/30/29, fair value of $14,280,060) | $14000000 |
| Total Repurchase Agreements (Cost $254,000,000) | Total Repurchase Agreements (Cost $254,000,000) | 254000000 |
| Total Investment Securities (Cost $492,249,215) —<br>95.2%(b) | Total Investment Securities (Cost $492,249,215) —<br>95.2%(b) | 492249215 |
| Net other assets (liabilities) — 4.8% | Net other assets (liabilities) — 4.8% | 24960379 |
| Net Assets — 100.0% | Net Assets — 100.0% | $517209594 |

---

Percentages indicated are based on net assets as of December 31, 2022.

SOFR—Secured Overnight Financing Rate

USBMMY3M—3 Month Treasury Bill Rate

(a) The rate represents the effective yield at December 31, 2022.

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

See accompanying notes to the financial statements.

------

**AZL Government Money Market Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment securities, at cost | $238249215.0 |
|  Investment securities, at value | $238249215.0 |
|  Repurchase agreements, at value/cost | 254000000.0 |
|  Cash | 582422.0 |
|  Interest and dividends receivable | 1172237.0 |
|  Receivable for capital shares issued | 23565791.0 |
|  Prepaid expenses | 4638.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 517574303.0 |
|  **Liabilities:** |  |
|  Management fees payable | 239907.0 |
|  Distribution fees payable | 101512.0 |
|  Custodian fees payable | 861.0 |
|  Administrative and compliance services fees payable | 1440.0 |
|  Transfer agent fees payable | 948.0 |
|  Trustee fees payable | 3598.0 |
|  Other accrued liabilities | 16443.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 364709.0 |
|  **Net Assets** | $517209594.0 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $517193301.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 16293.0 |
|  **Net Assets** | $517209594.0 |
|  Shares of beneficial interest (unlimited number of shares authorized, no par value) | 517193423.0 |
|  Net Asset Value (offering and redemption price per share) | $1.0 |

---

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Interest | $7953070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 7953070 |
|  **Expenses:** |  |
|  Management fees | 1704916 |
|  Administration fees | 54621 |
|  Distribution fees | 1217800 |
|  Custodian fees | 7031 |
|  Administrative and compliance services fees | 7029 |
|  Transfer agent fees | 6566 |
|  Trustee fees | 28372 |
|  Professional fees | 22898 |
|  Shareholder reports | 17431 |
|  Recoupment of prior expenses reimbursed by the Manager | 1189766 |
|  Other expenses | 13633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reductions | 4270063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less Management fees contractually waived | (48718) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4221345 |
|  **Net Investment Income/(Loss)** | 3731725 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities | 7260 |
|  **Net realized and Change in net unrealized gains/losses on investments** | 7260 |
|  **Change in Net Assets Resulting From Operations** | $3738985 |

---

See accompanying notes to the financial statements.

------

**AZL Government Money Market Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $3731725 | $267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | 7260 | 8732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 3738985 | 8999 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions | (3731691) | (4913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (3731691) | (4913) |
|  **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 777345401 | 890444096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 3731690 | 4913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (803770501) | (958627851) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | (22693410) | (68178842) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (22686116) | (68174756) |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 539895710 | 608070466 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $517209594 | $539895710 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 777345400 | 890444096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 3731690 | 4913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (803770501) | (958627850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | (22693411) | (68178841) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.01 (a) | — (a)(b) | — (a) | 0.01 (a) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | — (b) | — (b) | — (b) | — (b) | — (b) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | 0.01 | — (b) |  | 0.01 | 0.01 |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.01) | — (b) | — (b) | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (0.01) | — (b) | — (b) | (0.01) | (0.01) |
|  **Net Asset Value, End of Period** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return**(c) | 0.77% | 0.00% | 0.21% | 1.39% | 1.01% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $517210 | $539896 | $608070 | $481524 | $453175 |
|  Net Investment Income/(Loss) | 0.77% | 0.00 %(b) | 0.18% | 1.37% | 1.00% |
|  Expenses Before Reductions(d) | 0.88% | 0.65% | 0.66% | 0.88% | 0.87% |
|  Expenses Net of Reductions | 0.87% | 0.08 %(e) | 0.35 %(e) | 0.87% | 0.87% |

---

(a) Calculated using the average shares method.

(b) Represents less than $.005 or 0.005%.

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

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

(e) The expense ratio for the period reflects the reduction of certain expenses to maintain a certain minimum yield.

See accompanying notes to the financial statements.

------

**AZL Government Money Market Fund** 

Notes to the Financial Statements

December 31, 2022

**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 Government Money Market 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.

**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** 

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

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

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

------

**AZL Government Money Market Fund** 

Notes to the Financial Statements

December 31, 2022

**3. Fees and Transactions with Affiliates and Other Parties**

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

For the year ended December 31, 2022, 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 the management fee to 0.34% on all assets in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. 

The Manager, the Distributor and the Fund have entered into a written agreement to waive, reimburse, or pay Fund expenses to the extent necessary in order to maintain a minimum daily yield for the Fund of 0.00%. The Distributor may waive its Rule 12b-1 fees under this agreement. There is no guarantee the Fund will avoid a negative yield. Such amounts waived, reimbursed, or paid by the Manager and/or the Distributor will be repaid to the Manager and/or the Distributor subject to the following limitations:

1. The repayments will not cause the Fund's net investment income to fall below 0.00%.

2. The repayments must be made no later than three years after the end of the fiscal year in which the waiver, reimbursement,
or payment took place.

3. Any expense recovery paid by the Fund will not cause its expense ratio to exceed 0.87%.

The ability of the Manager and/or Distributor to receive such payments could negatively affect the Fund's future yield. Amounts waived under this agreement during the year ended December 31, 2022 are reflected on the Statement of Operations as "Expenses waived/reimbursed by the Manager for minimum daily yield."

At December 31, 2022, the reimbursements of voluntary minimum daily yield waivers subject to repayment by the Fund in subsequent years were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Expires<br>12/31/2023** | **Expires<br>12/31/2024** | **Total** |
|  AZL Government Money Market Fund | $309380 | $2758972 | $3068352 |

---

Any amounts contractually waived or reimbursed by the Manager with respect to the annual expense limit in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager."

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

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

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

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

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

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

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

------

**AZL Government Money Market Fund** 

Notes to the Financial Statements

December 31, 2022

**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:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

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

The Fund, which operates as a government money market fund, is eligible and has elected to use the amortized cost method of valuation pursuant to Rule 2a-7 under the 1940 Act. This involves valuing an instrument at its cost initially and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively, regardless of the impact of fluctuating interest rates on the market value of the instrument. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the investment.

The following is a summary of the valuation inputs used as of December 31, 2022 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 | $– | $188480892 | $– | $188480892 |
|  U.S. Treasury Obligations | – | 49768323 | – | 49768323 |
|  Repurchase Agreements | – | 254000000 | – | 254000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | $– | $492249215 | $– | $492249215 |

---

**5. Investment Risks**

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

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

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

*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** 

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

**7. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**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.

------

**AZL Government Money Market Fund** 

Notes to the Financial Statements

December 31, 2022

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $492,249,215. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

---

| | |
|:---|:---|
|  Unrealized appreciation | $|
|  Unrealized (depreciation) |  |
|  Net unrealized appreciation/(depreciation) | $|

---

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

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Government Money Market Fund | $3731691 | $– | $3731691 |

---

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

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Government Money Market Fund | $4913 | $– | $4913 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized<br>Appreciation/<br>Depreciation** | **Total<br>Accumulated<br>Earnings/<br>(Deficit)** |
|  AZL Government Money Market Fund | $16293 | $— | $— | $— | $16293 |

---

**9. Ownership and Principal Holders** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2022, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 90% of the Fund. Investment activities of this shareholder could have a material impact to the Fund.

**10. Subsequent Events** 

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

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL Government Money Market Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Government Money Market Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

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

------

**Other Federal Income Tax Information (Unaudited)** 

During the year ended December 31, 2022, the Fund declared net short-term capital gain distributions of $8,999.

------

**Other Information (Unaudited)** 

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

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

The Fund files complete Schedules of Portfolio Holdings with the Commission each month on Form N-MFP. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission's website at http://www.sec.gov. The Fund makes portfolio holdings information available to shareholders on its website.

------

**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

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

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

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

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

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

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

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

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

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

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

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

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

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

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

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

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

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

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

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

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

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

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**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14<br> (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

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**Interested Trustee<sup>(4)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

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(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

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**Officers** 

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| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions**<br> **Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(1)</sup>/ Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963)<br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 to present. |

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(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

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![LOGO](g411668g71x52.jpg)

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| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

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## AZL<sup>®</sup> International Index Fund

## Annual Report

## December 31, 2022
![LOGO](g447360g71x52.jpg)

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**[**Table of Contents**](#toc)** 

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| |
|:---|
| [Management Discussion and Analysis](#toc_447360_1)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc_447360_2)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc_447360_3)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc_447360_4)<br> Page 14 |
| [Statement of Operations](#toc_447360_5)<br> Page 14 |
| [Statements of Changes in Net Assets](#toc_447360_6)<br> Page 15 |
| [Financial Highlights](#toc_447360_7)<br> Page 16 |
| [Notes to the Financial Statements](#toc_447360_8)<br> Page 17 |
| [Report of Independent Registered Public Accounting Firm](#toc_447360_9)<br> Page 23 |
| [Other Federal Income Tax Information](#toc_447360_10)<br> Page 24 |
| [Other Information](#toc_447360_11)<br> Page 25 |
| [Approval of Investment Advisory and Subadvisory Agreements](#toc_447360_12)<br> Page 26 |
| [Information about the Board of Trustees and Officers](#toc_447360_13)<br> Page 29 |

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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.

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 **AZL<sup>®</sup> International Index Fund Review (Unaudited)**<br>

Allianz Investment Management LLC serves as the Manager for the AZL<sup>®</sup> International Index Fund and BlackRock Investment Management, LLC serves as Subadviser to the Fund.

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

For the year ended December 31, 2022, the AZL<sup>®</sup> International Index Fund (the "Fund") returned (14.52)%. That compared to a (14.45)% total return for its benchmark, the MSCI EAFE Index (net of withholding taxes).<sup>1</sup>

The Fund seeks investment results, before fees, expenses, and fair value adjustments to its portfolio at the close of the New York Stock Exchange, that correspond to the performance of the MSCI EAFE Index (the "Index"). The Fund takes positions in securities that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of international equity markets. It is an unmanaged, market capitalization-weighted index comprising stocks of large- and mid-cap stocks across developed markets in Europe, Australasia, and the Far East.

The year under review began with concern over rising inflation, a spike in commodity prices, and the financial and economic implications of the Russian invasion of Ukraine. Investor sentiment declined in the face of these challenges while global central banks focused on bringing inflation under control. The European Central Bank (ECB) announced it planned to end bond repurchasing by September 2022, while the Bank of England (BoE) raised rates 50 basis points in the first quarter of 2022.

Inflation continued to rise in the second quarter, along with growing fears of a recession. These fears weighed on developed market performance, with European countries directly affected by the reduced gas supply from Russia due to the war, which caused energy prices to spike. The BoE raised rates again in June 2022, while the ECB announced its first rate hike for 2022 in July. It also reaffirmed its commitment to end its asset purchasing efforts in the third quarter. For its part, the Bank of Japan (BoJ) maintained its accommodative monetary policies in the face of ongoing weakness in the yen.

In the third quarter, fears of a recession put pressure on developed equity markets, as did the hawkish tone from most central banks. In the eurozone, the intensifying energy crisis added fuel to geopolitical tensions and further weakened the euro. Inflation continued to rise, however, pushing the BoE and the ECB to raise rates again, although the latter chose not to

end its bond repurchasing policy as planned. The BoJ left its interest rates unchanged once again.

Equity markets rallied at the start of the fourth quarter on the hopes that inflation had finally peaked and that central banks would ease their tightening policies. But in December, central banks reiterated their plans for further tightening, pushing markets lower. Both the ECB and BoE raised interest rates over the quarter, while the BoJ surprised markets with its own interest rate increase of 25 basis points. Japanese companies had reported strong earnings thanks to a weaker yen, and the country was dealing with its highest inflation in 40 years.

The energy sector was the only sector in the Index to post a positive performance during the reporting period. The information technology, consumer discretionary, and real estate sectors were the worst performing sectors.

The Fund underperformed its benchmark primarily due to the impacts of fair value adjustments and expenses incurred by the Fund.

The Fund uses exchange traded equity index futures for the purpose of efficient portfolio management, and these derivatives did not have a significant impact on the Fund's return in 2022. Futures are not used for speculative or leveraged positions in the portfolio. Futures contracts are purchased to provide immediate market exposure proportionate to cash accruals and investable cash within the portfolio. Successful implementation of cash management and cash equitization techniques is critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.

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***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmark please refer to page 2 of this report.* 

------

 **AZL<sup>®</sup> International Index Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to seek to match the performance of the Morgan Stanley Capital International Europe, Australasia and Far East Index ("MSCI EAFE<sup>®</sup> Index") as closely as possible. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in a statistically selected sampling of equity securities of companies included in the MSCI EAFE Index and in derivative instruments linked to the MSCI EAFE Index, primarily futures contracts.* 

**Investment Concerns** 

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

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

*The performance of the Fund is expected to be lower than that of the Index because of Fund fees and expenses. Securities in which the Fund will invest may involve substantial risk and may be subject to sudden severe price declines.* 

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

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

**Growth of $10,000 Investment**![LOGO](g447360g10a03.jpg)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **Inception<br>Date** | **1**<br> **Year** | **3**<br> **Year** | **5**<br> **Year** | **10<br>Years** | **Since<br>Inception** |
| &nbsp;&nbsp; AZL<sup>®</sup> International Index Fund (Class 1 Shares) | 10/17/2016 | (14.25)% | 0.76% | 1.42% |  | 4.97% |
| &nbsp;&nbsp; AZL<sup>®</sup> International Index Fund (Class 2 Shares) | 5/1/2009 | (14.52)% | 0.49% | 1.16% | 4.07% | 5.89% |
| &nbsp;&nbsp; MSCI EAFE Index (gross of withholding taxes) | 5/1/2009 | (14.01)% | 1.34% | 2.03% | 5.16% | 7.04% |
| &nbsp;&nbsp; MSCI EAFE Index (net of withholding taxes) | 5/1/2009 | (14.45)% | 0.87% | 1.54% | 4.67% | 6.55% |

---

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

---

| | |
|:---|:---|
| **Expense Ratios** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> International Index Fund (Class 1 Shares) | 0.45% |
| &nbsp;&nbsp; AZL<sup>®</sup> International Index Fund (Class 2 Shares) | 0.70% |

---

***The above expense ratios are based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.52% for Class 1 Shares and 0.77% for Class 2 Shares through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratios can be found in the Financial Highlights.***

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

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

------

**AZL International Index Fund** 

**Expense Examples** 

(Unaudited)

As a shareholder of the AZL International Index Fund (the "Fund"), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount 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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL International Index Fund, Class 1 | $1000.00 | $1059.50 | $2.28 | 0.44% |
|  AZL International Index Fund, Class 2 | $1000.00 | $1058.40 | $3.58 | 0.69% |

---

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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL International Index Fund, Class 1 | $1000.00 | $1022.99 | $2.24 | 0.44% |
|  AZL International Index Fund, Class 2 | $1000.00 | $1021.73 | $3.52 | 0.69% |

---

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

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  Financials | 18.5% |
|  Industrials | 14.9 |
|  Health Care | 13.5 |
|  Consumer Discretionary | 10.9 |
|  Consumer Staples | 10.4 |
|  Information Technology | 7.8 |
|  Materials | 7.7 |
|  Energy | 4.9 |
|  Communication Services | 4.5 |
|  Utilities | 3.4 |
|  Real Estate | 2.6 |
|  Total Common Stocks and Preferred Stocks | 99.1 |
|  Short-Term Security Held as Collateral for Securities on Loan | 1.3 |
|  Total Investment Securities | 100.4 |
|  Net other assets (liabilities) | (0.4) |
|  Net Assets | 100.0% |

---

------

**AZL International Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks (98.8%):** | **Common Stocks (98.8%):** | |
| **Aerospace & Defense (1.4%):** | **Aerospace & Defense (1.4%):** | |
| 53134 | Airbus SE | $6316854 |
| 282993 | BAE Systems plc | 2924164 |
| 2166 | Dassault Aviation SA | 367450 |
| 2303 | Elbit Systems, Ltd. | 375301 |
| 8611 | Kongsberg Gruppen ASA | 365917 |
| 4822 | MTU Aero Engines AG | 1043527 |
| 750647 | Rolls-Royce Holdings plc\* | 840239 |
| 30541 | Safran SA | 3815958 |
| 151200 | Singapore Technologies Engineering, Ltd. | 378505 |
| 9590 | Thales SA | 1225777 |
|  |  | 17653692 |
| **Air Freight & Logistics (0.3%):** | **Air Freight & Logistics (0.3%):** |  |
| 89568 | Deutsche Post AG | 3371024 |
| 25000 | SG Holdings Co., Ltd. | 348552 |
| 26400 | Yamato Holdings Co., Ltd. | 419752 |
|  |  | 4139328 |
| **Airlines (0.1%):** | **Airlines (0.1%):** |  |
| 15100 | ANA Holdings, Inc.\* | 321738 |
| 54268 | Deutsche Lufthansa AG\* | 450915 |
| 12270 | Japan Airlines Co., Ltd.\* | 251742 |
| 83673 | Qantas Airways, Ltd.\* | 336814 |
| 115850 | Singapore Airlines, Ltd.^ | 477528 |
|  |  | 1838737 |
| **Auto Components (0.7%):** | **Auto Components (0.7%):** |  |
| 12900 | Aisin Sieki Co., Ltd. | 343651 |
| 51900 | Bridgestone Corp. | 1848010 |
| 61728 | Cie Generale des Etablissements Michelin SCA | 1716220 |
| 9545 | Continental AG | 570193 |
| 38900 | Denso Corp. | 1907231 |
| 20600 | Koito Manufacturing Co., Ltd. | 306900 |
| 65900 | Sumitomo Electric Industries, Ltd. | 747663 |
| 13000 | Toyota Industries Corp. | 708880 |
| 17882 | Valeo SA | 318697 |
|  |  | 8467445 |
| **Automobiles (2.7%):** | **Automobiles (2.7%):** |  |
| 29605 | Bayerische Motoren Werke AG (BMW) | 2642023 |
| 72250 | Daimler AG, Registered Shares | 4740625 |
| 10242 | Dr Ing hc F Porsche AG\* | 1038967 |
| 11365 | Ferrari NV | 2431263 |
| 147200 | Honda Motor Co., Ltd. | 3366117 |
| 52100 | Isuzu Motors, Ltd. | 608617 |
| 46700 | Mazda Motor Corp. | 353060 |
| 206900 | Nissan Motor Co., Ltd. | 651057 |
| 17987 | Renault SA\* | 599208 |
| 197452 | Stellantis NV | 2798810 |
| 55400 | Subaru Corp. | 850215 |
| 32200 | Suzuki Motor Corp. | 1036133 |
| 951530 | Toyota Motor Corp. | 13006675 |
| 2783 | Volkswagen AG | 439899 |
| 57386 | Volvo Car AB, Class B\*^ | 262323 |
| 26300 | Yamaha Motor Co., Ltd. | 597759 |
|  |  | 35422751 |
| **Banks (9.7%):** | **Banks (9.7%):** |  |
| 34118 | ABN AMRO Group NV | 471161 |
| 99531 | AIB Group plc | 383605 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Banks, continued** | **Banks, continued** | |
| 266879 | ANZ Group Holdings, Ltd.\* | $4298171 |
| 542641 | Banco Bilbao Vizcaya Argentaria SA | 3276421 |
| 1510037 | Banco Santander SA | 4521668 |
| 114094 | Bank Hapoalim BM | 1030747 |
| 135795 | Bank Leumi Le-Israel BM | 1133570 |
| 92631 | Bank of Ireland Group plc | 878174 |
| 2804 | Banque Cantonale Vaudoise | 269379 |
| 1428562 | Barclays plc | 2745951 |
| 99079 | BNP Paribas SA | 5637518 |
| 336000 | BOC Hong Kong Holdings, Ltd. | 1142234 |
| 396973 | CaixaBank SA | 1558009 |
| 50300 | Chiba Bank, Ltd. (The) | 368697 |
| 94893 | Commerzbank AG\* | 897175 |
| 152674 | Commonwealth Bank of Australia | 10654432 |
| 93800 | Concordia Financial Group, Ltd. | 392544 |
| 105605 | Credit Agricole SA | 1113028 |
| 63093 | Danske Bank A/S | 1243183 |
| 161600 | DBS Group Holdings, Ltd. | 4092049 |
| 82278 | DNB Bank ASA | 1630982 |
| 31508 | Erste Group Bank AG | 1004571 |
| 54182 | Finecobank Banca Fineco SpA | 902844 |
| 70200 | Hang Seng Bank, Ltd. | 1162415 |
| 1791676 | HSBC Holdings plc | 11171356 |
| 339542 | ING Groep NV | 4141962 |
| 1505796 | Intesa Sanpaolo SpA | 3358937 |
| 117795 | Isreal Discount Bank | 619974 |
| 39400 | Japan Post Bank Co., Ltd. | 338584 |
| 22777 | KBC Group NV | 1462241 |
| 6084772 | Lloyds Banking Group plc | 3340638 |
| 50767 | Mediobanca SpA | 487716 |
| 1075600 | Mitsubishi UFJ Financial Group, Inc. | 7257135 |
| 14664 | Mizrahi Tefahot Bank, Ltd. | 475721 |
| 215663 | Mizuho Financial Group, Inc. | 3048587 |
| 283777 | National Australia Bank, Ltd. | 5749209 |
| 482703 | NatWest Group PLC | 1540527 |
| 299061 | Nordea Bank AB | 3200080 |
| 306299 | Oversea-Chinese Banking Corp., Ltd. | 2779927 |
| 198987 | Resona Holdings, Inc. | 1093307 |
| 40300 | Shizuoka Financial Group, Inc. | 323962 |
| 144896 | Skandinaviska Enskilda Banken AB, Class A | 1668419 |
| 71320 | Societe Generale | 1789174 |
| 226511 | Standard Chartered plc | 1699767 |
| 117469 | Sumitomo Mitsui Financial Group, Inc. | 4734049 |
| 30203 | Sumitomo Mitsui Trust Holdings, Inc. | 1054017 |
| 129741 | Svenska Handelsbanken AB, Class A | 1306211 |
| 80939 | Swedbank AB, Class A | 1375809 |
| 173714 | Unicredit SpA | 2469904 |
| 108073 | United Overseas Bank, Ltd. | 2479067 |
| 312463 | Westpac Banking Corp. | 4913325 |
|  |  | 124688133 |
| **Beverages (2.1%):** | **Beverages (2.1%):** |  |
| 78366 | Anheuser-Busch InBev NV | 4710551 |
| 41500 | Asahi Breweries, Ltd. | 1292407 |
| 159300 | Budweiser Brewing Co. APAC, Ltd. | 501159 |
| 8680 | Carlsberg A/S, Class B | 1149226 |
| 18470 | Coca-Cola European Partners plc | 1014606 |
| 18675 | Coca-Cola HBC AG | 445661 |

---

See accompanying notes to the financial statements.

------

**AZL International Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Beverages, continued** | **Beverages, continued** | |
| 47617 | David Campari-Milano NV | $482540 |
| 204309 | Diageo plc | 9020221 |
| 8848 | Heineken Holding NV | 681194 |
| 23243 | Heineken NV | 2183405 |
| 4600 | ITO EN, Ltd. | 167861 |
| 72100 | Kirin Holdings Co., Ltd. | 1104759 |
| 18452 | Pernod Ricard SA | 3626401 |
| 2253 | Remy Cointreau SA | 379817 |
| 12700 | Suntory Beverage & Food, Ltd. | 433403 |
| 61908 | Treasury Wine Estates, Ltd. | 571919 |
|  |  | 27765130 |
| **Biotechnology (1.0%):** | **Biotechnology (1.0%):** |  |
| 4897 | Argenx SE\* | 1845040 |
| 43222 | CSL, Ltd. | 8426011 |
| 5897 | Genmab A/S\* | 2498269 |
| 26848 | Grifols SA\* | 311290 |
| 16266 | Swedish Orphan Biovitrum AB\* | 336255 |
|  |  | 13416865 |
| **Building Products (1.0%):** | **Building Products (1.0%):** |  |
| 16700 | AGC, Inc. | 553308 |
| 89572 | ASSA Abloy AB, Class B | 1928286 |
| 44929 | Cie de Saint-Gobain | 2205421 |
| 22200 | Daikin Industries, Ltd. | 3415536 |
| 3222 | Geberit AG, Registered Shares | 1526160 |
| 13496 | Kingspan Group plc | 726565 |
| 24300 | Lixil Corp. | 370376 |
| 138888 | Nibe Industrier AB, Class B | 1299460 |
| 817 | ROCKWOOL A/S, Class B | 192763 |
| 12900 | TOTO, Ltd. | 436610 |
| 160000 | Xinyi Glass Holdings, Ltd. | 297479 |
|  |  | 12951964 |
| **Capital Markets (2.6%):** | **Capital Markets (2.6%):** |  |
| 87482 | 3i Group plc | 1420115 |
| 4937 | Amundi SA | 280483 |
| 17465 | ASX, Ltd. | 800742 |
| 318467 | Credit Suisse Group AG | 957081 |
| 121000 | Daiwa Securities Group, Inc. | 536491 |
| 183236 | Deutsche Bank AG | 2076594 |
| 17165 | Deutsche Boerse AG | 2961241 |
| 28000 | EQT AB | 597075 |
| 7706 | Euronext NV | 571123 |
| 5295 | Futu Holdings, Ltd., ADR\* | 215242 |
| 32892 | Hargreaves Lansdown plc | 340820 |
| 108493 | Hong Kong Exchanges & Clearing, Ltd. | 4688811 |
| 44400 | Japan Exchange Group, Inc. | 641784 |
| 19344 | Julius Baer Group, Ltd. | 1124693 |
| 29832 | London Stock Exchange Group plc | 2573478 |
| 32851 | Macquarie Group, Ltd. | 3728586 |
| 262100 | Nomura Holdings, Inc. | 975707 |
| 2055 | Partners Group Holding AG | 1827163 |
| 21790 | SBI Holdings, Inc. | 417835 |
| 63588 | Schroders PLC | 334190 |
| 73500 | Singapore Exchange, Ltd. | 491630 |
| 47487 | St. James Place plc | 628694 |
| 300650 | UBS Group AG | 5605507 |
|  |  | 33795085 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Chemicals (3.0%):** | **Chemicals (3.0%):** | |
| 46995 | Air Liquide SA | $6683584 |
| 16362 | Akzo Nobel NV | 1091616 |
| 5093 | Arkema SA | 459325 |
| 112400 | Asahi Kasei Corp. | 798836 |
| 82947 | BASF SE | 4117251 |
| 9119 | Christian Hansen Holding A/S | 657527 |
| 21010 | Clariant AG | 334430 |
| 17037 | Covestro AG | 666447 |
| 12204 | Croda International plc | 975117 |
| 671 | EMS-Chemie Holding AG | 453642 |
| 19386 | Evonik Industries AG | 372152 |
| 826 | Givaudan SA, Registered Shares | 2518934 |
| 64507 | ICL Group, Ltd. | 465843 |
| 15179 | Johnson Matthey plc | 390674 |
| 17200 | JSR Corp. | 339035 |
| 15561 | Koninklijke DSM NV | 1907437 |
| 109400 | Mitsubishi Chemical Holdings Corp. | 565313 |
| 16300 | Mitsui Chemicals, Inc. | 365581 |
| 74000 | Nippon Paint Holdings Co., Ltd. | 585634 |
| 13900 | Nippon Sanso Holdings Corp. | 200244 |
| 10600 | Nissan Chemical Corp. | 466667 |
| 13300 | Nitto Denko Corp. | 765193 |
| 18280 | Novozymes A/S, Class B | 928466 |
| 10146 | OCI NV | 362004 |
| 40418 | Orica, Ltd. | 412919 |
| 33700 | Shin-Etsu Chemical Co., Ltd. | 4106482 |
| 13266 | Sika AG | 3201811 |
| 6323 | Solvay SA | 640811 |
| 138500 | Sumitomo Chemical Co., Ltd. | 495991 |
| 11605 | Symrise AG | 1262357 |
| 120500 | Toray Industries, Inc. | 669021 |
| 23300 | Tosoh Corp. | 276504 |
| 19106 | Umicore SA | 704779 |
| 15521 | Yara International ASA | 683278 |
|  |  | 38924905 |
| **Commercial Services & Supplies (0.4%):** | **Commercial Services & Supplies (0.4%):** |  |
| 125286 | Brambles, Ltd. | 1028733 |
| 18700 | Dai Nippon Printing Co., Ltd. | 374949 |
| 221969 | Rentokil Initial plc | 1363995 |
| 19500 | Secom Co., Ltd. | 1112555 |
| 43693 | Securitas AB, Class B | 363925 |
| 21700 | TOPPAN, INC. | 320406 |
|  |  | 4564563 |
| **Communications Equipment (0.3%):** | **Communications Equipment (0.3%):** |  |
| 489315 | Nokia OYJ | 2273229 |
| 262625 | Telefonaktiebolaget LM Ericsson, Class B | 1538877 |
|  |  | 3812106 |
| **Construction & Engineering (0.8%):** | **Construction & Engineering (0.8%):** |  |
| 20051 | ACS Actividades de Construccion y Servicios SA | 574428 |
| 21607 | Bouygues SA | 648117 |
| 7273 | Eiffage SA | 717057 |
| 43699 | Ferrovial SA | 1142975 |
| 36400 | Kajima Corp. | 423491 |
| 58500 | Obayashi Corp. | 442340 |
| 49500 | Shimizu Corp. | 263751 |
| 32096 | Skanska AB, Class B | 509751 |

---

See accompanying notes to the financial statements.

------

**AZL International Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Construction & Engineering, continued** | **Construction & Engineering, continued** | |
| 15600 | Taisei Corp. | $502629 |
| 48123 | Vinci SA | 4805601 |
|  |  | 10030140 |
| **Construction Materials (0.5%):** | **Construction Materials (0.5%):** |  |
| 68093 | CRH plc | 2695596 |
| 13132 | HeidelbergCement AG | 748855 |
| 49543 | Holcim, Ltd. | 2555483 |
| 40937 | James Hardie Industries SE | 733047 |
|  |  | 6732981 |
| **Consumer Finance (0.0%<sup>†</sup>):** | **Consumer Finance (0.0%<sup>†</sup>):** |  |
|  | Isracard, Ltd. | 1 |
| **Containers & Packaging (0.1%):** | **Containers & Packaging (0.1%):** |  |
| 26202 | SIG Group AB | 574421 |
| 22201 | Smurfit Kappa Group plc | 822438 |
|  |  | 1396859 |
| **Distributors (0.0%<sup>†</sup>):** | **Distributors (0.0%<sup>†</sup>):** |  |
| 2056 | D'ieteren Group | 395765 |
| **Diversified Consumer Services (0.0%<sup>†</sup>):** | **Diversified Consumer Services (0.0%<sup>†</sup>):** |  |
| 17801 | IDP Education, Ltd. | 328889 |
| **Diversified Financial Services (0.8%):** | **Diversified Financial Services (0.8%):** |  |
| 3632 | Eurazeo SE | 226672 |
| 9456 | EXOR NV\* | 690161 |
| 9157 | Groupe Bruxelles Lambert SA | 733397 |
| 10704 | Industrivarden AB, Class A | 261055 |
| 13871 | Industrivarden AB, Class C | 337684 |
| 43417 | Investor AB | 809984 |
| 163487 | Investor AB, Class B | 2966844 |
| 23067 | Kinnevik AB, Class B\* | 318605 |
| 6442 | L E Lundbergforetagen AB | 274756 |
| 213077 | M&G plc | 484229 |
| 63300 | Mitsubishi HC Capital, Inc. | 311881 |
| 106100 | ORIX Corp. | 1711103 |
| 1465 | Sofina SA | 324131 |
| 202311 | Standard Life Aberdeen plc | 460717 |
| 2640 | Wendel | 247389 |
|  |  | 10158608 |
| **Diversified Telecommunication Services (1.8%):** | **Diversified Telecommunication Services (1.8%):** |  |
| 197570 | Bezeq The Israeli Telecommunication Corp., Ltd. | 341334 |
| 624234 | BT Group plc | 847431 |
| 48630 | Cellnex Telecom SAU | 1616990 |
| 290782 | Deutsche Telekom AG | 5799249 |
| 13416 | Elisa OYJ | 711022 |
| 345525 | HKT Trust & HKT, Ltd. | 422356 |
| 28351 | Infrastrutture Wireless Italiane SpA | 286345 |
| 305489 | Koninklijke KPN NV | 945037 |
| 106504 | Nippon Telegraph & Telephone Corp. | 3040522 |
| 180605 | Orange SA | 1795571 |
| 739400 | Singapore Telecommunications, Ltd. | 1419858 |
| 171151 | Spark New Zealand, Ltd. | 586466 |
| 2289 | Swisscom AG | 1253156 |
| 761503 | Telecom Italia SpA\* | 176910 |
| 87057 | Telefonica Deutschland Holding AG | 214468 |
| 459423 | Telefonica SA | 1663644 |
| 60426 | Telenor ASA | 565611 |
| 231763 | Telia Co AB | 593480 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Diversified Telecommunication Services, continued** | **Diversified Telecommunication Services, continued** | |
| 355083 | Telstra Corp., Ltd. | $964026 |
| 9884 | United Internet AG, Registered Shares | 199806 |
|  |  | 23443282 |
| **Electric Utilities (1.9%):** | **Electric Utilities (1.9%):** |  |
| 2377 | Acciona SA | 437125 |
| 1966 | BKW AG | 268328 |
| 55400 | Chubu Electric Power Co., Inc. | 573382 |
| 52070 | CK Infrastructure Holdings, Ltd. | 272566 |
| 146000 | CLP Holdings, Ltd. | 1065393 |
| 243578 | EDP — Energias de Portugal SA | 1213283 |
| 50960 | Electricite de France | 654532 |
| 2922 | Elia Group SA/NV | 415148 |
| 29444 | Endesa SA | 555513 |
| 729162 | Enel SpA | 3921085 |
| 39135 | Fortum OYJ | 651811 |
| 199000 | HK Electric Investments, Ltd. | 131339 |
| 543373 | Iberdrola SA | 6355199 |
| 60300 | Kansai Electric Power Co., Inc. (The) | 585427 |
| 61309 | Mercury NZ, Ltd. | 216315 |
| 152435 | Origin Energy, Ltd. | 800129 |
| 16915 | Orsted A/S | 1534909 |
| 131500 | Power Assets Holdings, Ltd. | 720326 |
| 37548 | Red Electrica Corp SA | 652147 |
| 97449 | Scottish & Southern Energy plc | 2009546 |
| 126382 | Terna SpA | 935317 |
| 141400 | Tokyo Electric Power Co. Holdings, Inc.\* | 510593 |
| 5869 | Verbund AG, Class A | 494925 |
|  |  | 24974338 |
| **Electrical Equipment (1.7%):** | **Electrical Equipment (1.7%):** |  |
| 139962 | ABB, Ltd. | 4264084 |
| 11800 | Fuji Electric Co., Ltd. | 449418 |
| 23792 | Legrand SA | 1915398 |
| 172600 | Mitsubishi Electric Corp. | 1708843 |
| 40700 | Nidec Corp. | 2119856 |
| 23019 | Prysmian SpA | 852022 |
| 48821 | Schneider Electric SA | 6865181 |
| 38201 | Siemens Energy AG | 718653 |
| 91692 | Vestas Wind Systems A/S | 2679350 |
|  |  | 21572805 |
| **Electronic Equipment, Instruments & Components (1.4%):** | **Electronic Equipment, Instruments & Components (1.4%):** |  |
| 10300 | Azbil Corp. | 260861 |
| 34714 | Halma plc | 829302 |
| 12900 | Hamamatsu Photonics KK | 620636 |
| 176245 | Hexagon AB, Class B | 1853667 |
| 2714 | Hirose Electric Co., Ltd. | 339541 |
| 9300 | Ibiden Co., Ltd. | 338853 |
| 17480 | Keyence Corp. | 6844545 |
| 29200 | Kyocera Corp. | 1457429 |
| 51200 | Murata Manufacturing Co., Ltd. | 2569059 |
| 17100 | Omron Corp. | 834153 |
| 20600 | Shimadzu Corp. | 587649 |
| 34200 | TDK Corp. | 1110677 |
| 22100 | Venture Corp., Ltd. | 281817 |
| 21900 | Yokogawa Electric Corp. | 347019 |
|  |  | 18275208 |

---

See accompanying notes to the financial statements.

------

**AZL International Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Energy Equipment & Services (0.1%):** | **Energy Equipment & Services (0.1%):** | |
| 44339 | Tenaris SA | $778017 |
| **Entertainment (0.9%):** | **Entertainment (0.9%):** |  |
| 82040 | Bollore, Inc. | 459688 |
| 15700 | Capcom Co., Ltd. | 503597 |
| 61516 | Embracer Group AB\*^ | 278230 |
| 11960 | Koei Tecmo Holdings Co., Ltd. | 215593 |
| 8600 | Konami Holdings Corp. | 391123 |
| 43700 | Nexon Co., Ltd. | 974944 |
| 99600 | Nintendo Co., Ltd. | 4171446 |
| 32359 | Sea, Ltd., ADR\* | 1683639 |
| 8000 | Square Enix Holdings Co., Ltd. | 371490 |
| 9200 | Toho Co., Ltd. | 356060 |
| 8761 | UbiSoft Entertainment SA\* | 248645 |
| 65325 | Universal Music Group NV | 1576667 |
| 65985 | Vivendi Universal SA | 631326 |
|  |  | 11862448 |
| **Equity Real Estate Investment Trusts (REITs) (1.2%):** | **Equity Real Estate Investment Trusts (REITs) (1.2%):** |  |
| 71275 | British Land Co. plc | 340736 |
| 301983 | CapitaLand Ascendas REIT | 618415 |
| 481113 | CapitaLand Mall Trust | 733756 |
| 4592 | Covivio | 273384 |
| 206 | Daiwahouse Residential Investment Corp. | 459849 |
| 90412 | Dexus | 475171 |
| 4333 | Gecina SA | 441403 |
| 394 | GLP J-REIT | 453369 |
| 152036 | Goodman Group | 1785814 |
| 181051 | GPT Group | 517002 |
| 588 | Japan Metropolitan Fund Invest | 467396 |
| 116 | Japan Real Estate Investment Corp. | 508127 |
| 20015 | Klepierre | 462890 |
| 67234 | Land Securities Group plc | 505551 |
| 188100 | Link REIT (The) | 1381208 |
| 323434 | Mapletree Logistics Trust | 384432 |
| 182400 | Mapletree Pan Asia Commercial Trust | 227676 |
| 333781 | Mirvac Group | 483420 |
| 141 | Nippon Building Fund, Inc. | 629765 |
| 184 | Nippon Prologis REIT, Inc. | 430989 |
| 387 | Nomura Real Estate Master Fund, Inc. | 480681 |
| 467335 | Scentre Group | 908510 |
| 107502 | Segro plc | 993593 |
| 223911 | Stockland | 552764 |
| 10831 | Unibail-Rodamco-Westfield\*^ | 565073 |
| 351082 | Vicinity Centres | 477582 |
| 14324 | Warehouses De Pauw CVA | 409531 |
|  |  | 15968087 |
| **Food & Staples Retailing (1.3%):** | **Food & Staples Retailing (1.3%):** |  |
| 58000 | AEON Co., Ltd. | 1221069 |
| 52159 | Carrefour SA | 872605 |
| 120704 | Coles Group, Ltd. | 1366641 |
| 117755 | Endeavour Group, Ltd. | 511274 |
| 13849 | HelloFresh SE\* | 303574 |
| 155527 | J Sainsbury plc | 408173 |
| 26690 | Jeronimo Martins SGPS SA | 577035 |
| 25562 | Kesko Oyj, Class B | 565568 |
| 13900 | Kobe Bussan Co., Ltd. | 401296 |
| 94206 | Koninklijke Ahold Delhaize NV | 2706519 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Food & Staples Retailing, continued** | **Food & Staples Retailing, continued** | |
| 54985 | Ocado Group plc\* | $413684 |
| 67700 | Seven & I Holdings Co., Ltd. | 2896537 |
| 667295 | Tesco plc | 1808829 |
| 9400 | Welcia Holdings Co., Ltd. | 218993 |
| 109158 | Woolworths Group, Ltd. | 2492184 |
|  |  | 16763981 |
| **Food Products (3.3%):** | **Food Products (3.3%):** |  |
| 41100 | Ajinomoto Co., Inc. | 1253381 |
| 33925 | Associated British Foods plc | 646185 |
| 309 | Barry Callebaut AG, Registered Shares | 612370 |
| 9 | Chocoladefabriken Lindt & Spruengli AG | 927177 |
| 57380 | Danone SA | 3022572 |
| 7602 | JDE Peet's NV | 219698 |
| 14563 | Kerry Group plc, Class A | 1313939 |
| 12700 | Kikkoman Corp. | 671414 |
| 92 | Lindt & Spruengli AG | 937782 |
| 10252 | Meiji Holdings Co., Ltd. | 526526 |
| 35726 | Mowi ASA | 610726 |
| 246750 | Nestle SA | 28503750 |
| 19545 | Nisshin Seifun Group, Inc. | 245065 |
| 5900 | Nissin Foods Holdings Co., Ltd. | 467201 |
| 70114 | Orkla ASA, Class A | 507201 |
| 5672 | Salmar ASA | 223314 |
| 769797 | WH Group, Ltd. | 447875 |
| 174600 | Wilmar International, Ltd. | 544087 |
| 11100 | Yakult Honsha Co., Ltd. | 723969 |
|  |  | 42404232 |
| **Gas Utilities (0.4%):** | **Gas Utilities (0.4%):** |  |
| 103955 | APA Group | 760951 |
| 22895 | Enagas SA | 380601 |
| 993135 | Hong Kong & China Gas Co., Ltd. | 944264 |
| 11581 | Naturgy Energy Group SA | 301202 |
| 34500 | Osaka Gas Co., Ltd. | 558094 |
| 182141 | Snam SpA | 884205 |
| 34900 | Tokyo Gas Co., Ltd. | 686198 |
|  |  | 4515515 |
| **Health Care Equipment & Supplies (2.1%):** | **Health Care Equipment & Supplies (2.1%):** |  |
| 44909 | Alcon, Inc. | 3085386 |
| 17500 | Asahi Intecc Co., Ltd. | 288440 |
| 3676 | BioMerieux | 386517 |
| 3661 | Carl Zeiss Meditec AG | 462004 |
| 5789 | Cochlear, Ltd. | 803595 |
| 10731 | Coloplast A/S, Class B | 1257554 |
| 7748 | Demant A/S\* | 215487 |
| 2417 | DiaSorin SpA | 338641 |
| 26030 | EssilorLuxottica SA | 4739287 |
| 51659 | Fisher & Paykel Healthcare Corp., Ltd. | 735069 |
| 20226 | Getinge AB, Class B | 421399 |
| 32700 | Hoya Corp. | 3164377 |
| 80756 | Koninklijke Philips NV | 1211914 |
| 109000 | Olympus Corp. | 1926945 |
| 2202 | Sartorius AG | 870669 |
| 25339 | Siemens Healthineers AG | 1267427 |
| 76825 | Smith & Nephew plc | 1026146 |
| 4807 | Sonova Holding AG | 1144073 |
| 10175 | Straumann Holding AG, Class R | 1152561 |

---

See accompanying notes to the financial statements.

------

**AZL International Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | | |
| **Health Care Equipment & Supplies, continued** | **Health Care Equipment & Supplies, continued** | | |
| 15500 | Sysmex Corp. | $| 944254 |
| 58100 | Terumo Corp. |  | 1643251 |
|  |  |  | 27084996 |
| **Health Care Providers & Services (0.3%):** | **Health Care Providers & Services (0.3%):** |  |  |
| 10391 | Amplifon SpA |  | 310366 |
| 17827 | Fresenius Medical Care AG & Co., KGaA |  | 583005 |
| 37425 | Fresenius SE & Co. KGaA |  | 1052798 |
| 17176 | Ramsay Health Care, Ltd. |  | 759025 |
| 41271 | Sonic Healthcare, Ltd. |  | 841294 |
|  |  |  | 3546488 |
| **Health Care Technology (0.1%):** | **Health Care Technology (0.1%):** |  |  |
| 40200 | M3, Inc. |  | 1095261 |
| **Hotels, Restaurants & Leisure (1.4%):** | **Hotels, Restaurants & Leisure (1.4%):** |  |  |
| 14861 | Accor SA\* |  | 369176 |
| 54303 | Aristocrat Leisure, Ltd. |  | 1121176 |
| 158765 | Compass Group plc |  | 3667794 |
| 52885 | Entain plc |  | 847761 |
| 16267 | Evolution AB |  | 1589573 |
| 14886 | Flutter Entertainment plc\* |  | 2039456 |
| 197000 | Galaxy Entertainment Group, Ltd. |  | 1304511 |
| 516457 | Genting Singapore, Ltd. |  | 368644 |
| 16565 | InterContinental Hotels Group plc |  | 953257 |
| 9051 | La Francaise des Jeux SAEM |  | 363573 |
| 196452 | Lottery Corp., Ltd. (The)\* |  | 598617 |
| 7029 | McDonald's Holdings Co., Ltd. |  | 267488 |
| 18200 | Oriental Land Co., Ltd. |  | 2651912 |
| 212332 | Sands China, Ltd.\* |  | 703490 |
| 7642 | Sodexo SA |  | 730951 |
| 19102 | Whitbread plc |  | 594121 |
|  |  |  | 18171500 |
| **Household Durables (1.1%):** | **Household Durables (1.1%):** |  |  |
| 94382 | Barratt Developments plc |  | 453115 |
| 9461 | Berkeley Group Holdings plc |  | 430681 |
| 18646 | Electrolux AB, Class B^ |  | 252500 |
| 11900 | Iida Group Holdings Co., Ltd. |  | 179899 |
| 6700 | Open House Co., Ltd. |  | 243062 |
| 199600 | Panasonic Holdings Corp. |  | 1671756 |
| 26735 | Persimmon plc |  | 394555 |
| 2415 | SEB SA |  | 202965 |
| 34500 | Sekisui Chemical Co., Ltd. |  | 480144 |
| 56100 | Sekisui House, Ltd. |  | 992334 |
| 16000 | Sharp Corp.^ |  | 115180 |
| 113600 | Sony Group Corp. |  | 8663991 |
| 299279 | Taylor Wimpey plc |  | 368850 |
|  |  |  | 14449032 |
| **Household Products (0.6%):** | **Household Products (0.6%):** |  |  |
| 54943 | Essity AB, Class B |  | 1442936 |
| 9738 | Henkel AG & Co. KGaA |  | 627959 |
| 64295 | Reckitt Benckiser Group plc |  | 4471990 |
| 36000 | Unicharm Corp. |  | 1380714 |
|  |  |  | 7923599 |
| **Independent Power and Renewable Electricity Producers (0.1%):** | **Independent Power and Renewable Electricity Producers (0.1%):** | **Independent Power and Renewable Electricity Producers (0.1%):** | **Independent Power and Renewable Electricity Producers (0.1%):** |
| 6129 | Corp ACCIONA Energias Renovables SA |  | 236838 |
| 24696 | EDP Renovaveis SA |  | 545850 |
| 123351 | Meridian Energy, Ltd. |  | 407556 |
|  |  |  | 1190244 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Industrial Conglomerates (1.6%):** | **Industrial Conglomerates (1.6%):** | |
| 244744 | CK Hutchison Holdings, Ltd. | $1469365 |
| 9292 | DCC plc | 458615 |
| 86620 | Hitachi, Ltd. | 4359803 |
| 12438 | Investment AB Latour, Class B | 236255 |
| 9200 | Jardine Cycle & Carriage, Ltd. | 196607 |
| 13800 | Jardine Matheson Holdings, Ltd. | 701699 |
| 136400 | Keppel Corp., Ltd. | 740081 |
| 19705 | Lifco AB, Class B | 328178 |
| 375201 | Melrose Industries plc | 609839 |
| 3869 | Rheinmetall AG | 770536 |
| 68488 | Siemens AG | 9504277 |
| 33896 | Smiths Group plc | 653356 |
| 34300 | Toshiba Corp. | 1202493 |
|  |  | 21231104 |
| **Insurance (5.4%):** | **Insurance (5.4%):** |  |
| 15361 | Admiral Group plc | 396926 |
| 157912 | Aegon NV | 800949 |
| 14998 | Ageas NV | 667196 |
| 1075400 | AIA Group, Ltd. | 11848369 |
| 36791 | Allianz SE+ | 7909903 |
| 99499 | Assicurazioni Generali SpA | 1766788 |
| 252412 | Aviva plc | 1345106 |
| 168666 | AXA SA | 4700176 |
| 3908 | Baloise Holding AG | 603828 |
| 87100 | Dai-ichi Life Holdings, Inc. | 1978212 |
| 19206 | Gjensidige Forsikring ASA | 377363 |
| 5479 | Hannover Rueck SE | 1089011 |
| 229877 | Insurance Australia Group, Ltd. | 742786 |
| 211600 | Japan Post Holdings Co., Ltd. | 1784178 |
| 19500 | Japan Post Insurance Co., Ltd. | 343231 |
| 530811 | Legal & General Group plc | 1602786 |
| 233167 | Medibank Private, Ltd. | 464816 |
| 39311 | MS&AD Insurance Group Holdings, Inc. | 1258380 |
| 12526 | Muenchener Rueckversicherungs-Gesellschaft AG | 4072422 |
| 24342 | NN Group NV | 994018 |
| 65334 | Phoenix Group Holdings plc | 481045 |
| 49390 | Poste Italiane SpA | 481581 |
| 245435 | Prudential PLC | 3320675 |
| 135506 | QBE Insurance Group, Ltd. | 1237532 |
| 42823 | Sampo Oyj, Class A | 2238823 |
| 27725 | Sompo Holdings, Inc. | 1231254 |
| 115102 | Suncorp Group, Ltd. | 943643 |
| 2780 | Swiss Life Holding AG | 1435460 |
| 27279 | Swiss Re AG | 2559730 |
| 45336 | T&D Holdings, Inc. | 652605 |
| 165200 | Tokio Marine Holdings, Inc. | 3536905 |
| 31291 | Tryg A/S | 742306 |
| 13500 | Zurich Insurance Group AG | 6453062 |
|  |  | 70061065 |
| **Interactive Media & Services (0.2%):** | **Interactive Media & Services (0.2%):** |  |
| 25768 | Adevinta ASA\* | 170409 |
| 82344 | Auto Trader Group plc | 513740 |
| 13000 | Kakaku.com, Inc. | 209123 |
| 4710 | REA Group, Ltd. | 354601 |
| 7342 | Scout24 AG | 368831 |
| 28451 | Seek, Ltd. | 404947 |
| 234400 | Z Holdings Corp. | 592673 |
|  |  | 2614324 |

---

See accompanying notes to the financial statements.

------

**AZL International Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Internet & Direct Marketing Retail (0.6%):** | **Internet & Direct Marketing Retail (0.6%):** | |
| 14920 | Delivery Hero SE\* | $714677 |
| 17726 | Just Eat Takeaway\* | 377409 |
| 74327 | Prosus NV | 5102227 |
| 80900 | Rakuten, Inc. | 367240 |
| 19666 | Zalando SE\* | 697081 |
| 10300 | ZOZO, Inc. | 255770 |
|  |  | 7514404 |
| **IT Services (1.4%):** | **IT Services (1.4%):** |  |
| 1948 | Adyen NV\* | 2695290 |
| 40587 | Amadeus IT Group SA\* | 2092776 |
| 6832 | Bechtle AG | 241719 |
| 14843 | Capgemini SA | 2489022 |
| 48959 | Computershare, Ltd. | 873228 |
| 22817 | Edenred | 1241391 |
| 17700 | Fujitsu, Ltd. | 2344334 |
| 3900 | GMO Payment Gateway, Inc. | 324331 |
| 9500 | Itochu Techno-Solutions Corp. | 222539 |
| 54936 | Nexi SpA\* | 431772 |
| 32038 | Nomura Research Institute, Ltd. | 761739 |
| 56900 | NTT Data Corp. | 837379 |
| 6300 | Obic Co., Ltd. | 931541 |
| 10700 | Otsuka Corp. | 338671 |
| 13500 | SCSK Corp. | 203798 |
| 20800 | TIS, Inc. | 551416 |
| 5014 | Wix.com, Ltd.\* | 385226 |
| 21734 | Worldline SA\* | 847947 |
|  |  | 17814119 |
| **Leisure Products (0.2%):** | **Leisure Products (0.2%):** |  |
| 17500 | Bandai Namco Holdings, Inc. | 1097619 |
| 6600 | Shimano, Inc. | 1051724 |
| 12200 | Yamaha Corp. | 450166 |
|  |  | 2599509 |
| **Life Sciences Tools & Services (0.5%):** | **Life Sciences Tools & Services (0.5%):** |  |
| 3125 | Bachem Holding AG, Registered B | 272628 |
| 11542 | Eurofins Scientific SE | 831044 |
| 6665 | Lonza Group AG | 3281253 |
| 20949 | Qiagen NV\* | 1054182 |
| 2518 | Sartorius Stedim Biotech | 820233 |
|  |  | 6259340 |
| **Machinery (2.7%):** | **Machinery (2.7%):** |  |
| 25765 | Alfa Laval AB | 745967 |
| 29752 | Alstom SA | 730378 |
| 240464 | Atlas Copco AB, Class A\* | 2848509 |
| 143529 | Atlas Copco AB, Class B | 1534360 |
| 92390 | CNH Industrial NV | 1483587 |
| 9400 | Daifuku Co., Ltd. | 442445 |
| 41344 | Daimler Truck Holding AG\* | 1280790 |
| 58182 | Epiroc AB, Class A | 1063823 |
| 33372 | Epiroc AB, Class B | 538211 |
| 17100 | FANUC Corp. | 2552426 |
| 12683 | GEA Group AG | 518005 |
| 10100 | Hitachi Construction Machinery Co., Ltd. | 227642 |
| 9300 | Hoshizaki Corp. | 327501 |
| 41082 | Husqvarna AB, Class B | 289619 |
| 6939 | Knorr-Bremse AG | 379126 |
| 83000 | Komatsu, Ltd. | 1800974 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Machinery, continued** | **Machinery, continued** | |
| 30132 | Kone Oyj, Class B | $1560507 |
| 89500 | Kubota Corp. | 1233080 |
| 9900 | Kurita Water Industries, Ltd. | 411035 |
| 20900 | Makita Corp. | 489423 |
| 30400 | MINEBEA MITSUMI, Inc. | 456321 |
| 25000 | Misumi Group, Inc. | 548099 |
| 28600 | Mitsubishi Heavy Industries, Ltd. | 1131968 |
| 20700 | NGK Insulators, Ltd. | 264040 |
| 423 | Rational AG | 250667 |
| 95453 | Sandvik AB | 1724376 |
| 3563 | Schindler Holding AG | 669202 |
| 2261 | Schindler Holding AG, Registered Shares | 406222 |
| 36282 | SKF AB, Class B | 555536 |
| 5200 | SMC Corp. | 2201129 |
| 6679 | Spirax-Sarco Engineering plc | 858006 |
| 122500 | Techtronic Industries Co., Ltd. | 1364118 |
| 2473 | VAT Group AG | 681288 |
| 18388 | Volvo AB, Class A | 350240 |
| 134149 | Volvo AB, Class B | 2430329 |
| 44492 | Wartsila Oyj Abp, Class B | 375924 |
| 21200 | Yaskawa Electric Corp. | 682164 |
|  |  | 35407037 |
| **Marine (0.4%):** | **Marine (0.4%):** |  |
| 270 | A.P. Moeller — Maersk A/S, Class A | 599129 |
| 448 | A.P. Moeller — Maersk A/S, Class B | 1006411 |
| 4755 | Kuehne & Nagel International AG | 1105284 |
| 30500 | Mitsui O.S.K. Lines, Ltd. | 764454 |
| 44700 | Nippon Yusen KK | 1059120 |
| 104000 | SITC International Holdings Co., Ltd. | 229577 |
| 8076 | ZIM Integrated Shipping Services, Ltd.^ | 138826 |
|  |  | 4902801 |
| **Media (0.4%):** | **Media (0.4%):** |  |
| 42100 | Cyberagent, Inc. | 374519 |
| 18577 | Dentsu Group, Inc. | 586563 |
| 22700 | Hakuhodo DY Holdings, Inc. | 229952 |
| 134484 | Informa plc | 1008055 |
| 57836 | Pearson plc | 655430 |
| 19949 | Publicis Groupe SA | 1266598 |
| 95596 | WPP plc | 948861 |
|  |  | 5069978 |
| **Metals & Mining (3.7%):** | **Metals & Mining (3.7%):** |  |
| 113580 | Anglo American plc | 4441474 |
| 33818 | Antofagasta plc | 627703 |
| 47646 | ArcelorMittal SA | 1245571 |
| 453886 | BHP Group, Ltd. | 14049727 |
| 40958 | BlueScope Steel, Ltd. | 466753 |
| 24593 | Boliden AB | 925320 |
| 150854 | Fortescue Metals Group, Ltd. | 2102630 |
| 875149 | Glencore plc | 5850680 |
| 63434 | IGO, Ltd. | 576382 |
| 41800 | JFE Holdings, Inc. | 485422 |
| 15315 | Mineral Resources, Ltd. | 805446 |
| 81817 | Newcrest Mining, Ltd. | 1140440 |
| 73348 | Nippon Steel Corp. | 1277254 |
| 120439 | Norsk Hydro ASA | 903155 |
| 107364 | Northern Star Resources, Ltd. | 786012 |

---

See accompanying notes to the financial statements.

------

**AZL International Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Metals & Mining, continued** | **Metals & Mining, continued** | |
| 236133 | Pilbara Minerals, Ltd.\* | $601581 |
| 101204 | Rio Tinto plc | 7099591 |
| 33649 | Rio Tinto, Ltd. | 2651295 |
| 412447 | South32, Ltd. | 1116211 |
| 21800 | Sumitomo Metal & Mining Co., Ltd. | 775650 |
| 11188 | Voestalpine AG | 295274 |
|  |  | 48223571 |
| **Multiline Retail (0.4%):** | **Multiline Retail (0.4%):** |  |
| 12058 | Next plc | 848831 |
| 35600 | Pan Pacific International Holdings Corp. | 660961 |
| 101115 | Wesfarmers, Ltd. | 3156691 |
|  |  | 4666483 |
| **Multi-Utilities (1.0%):** | **Multi-Utilities (1.0%):** |  |
| 199977 | E.ON SE | 1995572 |
| 164058 | Engie Group | 2349639 |
| 329549 | National Grid plc | 3957496 |
| 57907 | RWE AG | 2574572 |
| 59255 | Veolia Environnement SA | 1522074 |
|  |  | 12399353 |
| **Oil, Gas & Consumable Fuels (4.9%):** | **Oil, Gas & Consumable Fuels (4.9%):** |  |
| 28296 | Aker BP ASA | 883117 |
| 21748 | Ampol, Ltd. | 417362 |
| 1683407 | BP plc | 9787324 |
| 276620 | ENEOS Holdings, Inc. | 942004 |
| 225291 | ENI SpA | 3217653 |
| 84643 | Equinor ASA | 3039794 |
| 46470 | Galp Energia SGPS SA | 628717 |
| 17787 | Idemitsu Kosan Co., Ltd. | 416298 |
| 91700 | INPEX Corp. | 978642 |
| 37846 | Neste Oyj | 1747783 |
| 12793 | OMV AG | 660488 |
| 123496 | Repsol SA | 1968407 |
| 287421 | Santos, Ltd. | 1409044 |
| 651811 | Shell plc | 18519041 |
| 222860 | TotalEnergies SE^ | 13907861 |
| 18540 | Washington H. Soul Pattinson & Co., Ltd. | 348770 |
| 171980 | Woodside Energy Group, Ltd. | 4149548 |
|  |  | 63021853 |
| **Paper & Forest Products (0.4%):** | **Paper & Forest Products (0.4%):** |  |
| 9034 | Holmen AB, B Shares | 359603 |
| 43762 | Mondi plc | 743073 |
| 79100 | Oji Holdings Corp. | 320023 |
| 48220 | Stora Enso Oyj, Class R | 681134 |
| 53376 | Svenska Cellulosa AB SCA, Class B | 675276 |
| 47348 | UPM-Kymmene Oyj | 1774632 |
|  |  | 4553741 |
| **Personal Products (2.0%):** | **Personal Products (2.0%):** |  |
| 9098 | Beiersdorf AG | 1043862 |
| 449652 | Haleon PLC\* | 1798173 |
| 43500 | Kao Corp. | 1741595 |
| 5200 | Kobayashi Pharmaceutical Co., Ltd. | 357754 |
| 3000 | Kose Corp. | 325964 |
| 21684 | L'Oreal SA | 7777872 |
| 35300 | Shiseido Co., Ltd. | 1739871 |
| 228627 | Unilever plc | 11531547 |
|  |  | 26316638 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Pharmaceuticals (9.5%):** | **Pharmaceuticals (9.5%):** | |
| 164900 | Astellas Pharma, Inc. | $2502094 |
| 139031 | AstraZeneca plc | 18864629 |
| 88858 | Bayer AG, Registered Shares | 4587306 |
| 59500 | Chugai Pharmaceutical Co., Ltd. | 1512133 |
| 156400 | Daiichi Sankyo Co., Ltd. | 5012999 |
| 22200 | Eisai Co., Ltd. | 1454296 |
| 365743 | GSK PLC | 6358848 |
| 15559 | Hikma Pharmaceuticals plc | 292103 |
| 3643 | Ipsen SA | 392545 |
| 24800 | Kyowa Kirin Co., Ltd. | 570590 |
| 11623 | Merck KGaA | 2250592 |
| 4100 | Nippon Shinyaku Co., Ltd. | 233634 |
| 194111 | Novartis AG, Registered Shares | 17587584 |
| 148538 | Novo Nordisk A/S, Class B | 20115513 |
| 32700 | Ono Pharmaceutical Co., Ltd. | 765058 |
| 10166 | Orion Oyj, Class B | 557152 |
| 34300 | Otsuka Holdings Co., Ltd. | 1116843 |
| 8891 | Recordati SpA | 369522 |
| 2402 | Roche Holding AG | 931197 |
| 63039 | Roche Holding AG | 19816110 |
| 102250 | Sanofi | 9892365 |
| 23600 | Shionogi & Co., Ltd. | 1174242 |
| 135373 | Takeda Pharmacuetical Co., Ltd. | 4228899 |
| 97906 | Teva Pharmaceutical Industries, Ltd., ADR\* | 892903 |
| 11480 | UCB SA | 904091 |
|  |  | 122383248 |
| **Professional Services (1.5%):** | **Professional Services (1.5%):** |  |
| 14494 | Adecco Group AG | 476756 |
| 25993 | Bureau Veritas SA | 683994 |
| 81578 | Experian plc | 2776616 |
| 14328 | Intertek Group plc | 699170 |
| 24900 | Nihon M&A Center, Inc. | 308904 |
| 16700 | Persol Holdings Co., Ltd. | 354708 |
| 11087 | Randstad NV | 676952 |
| 130500 | Recruit Holdings Co., Ltd. | 4151036 |
| 172462 | RELX plc | 4777178 |
| 558 | SGS SA, Registered Shares | 1292298 |
| 5179 | Teleperformance | 1235662 |
| 23595 | Wolters Kluwer NV | 2464361 |
|  |  | 19897635 |
| **Real Estate Management & Development (1.4%):** | **Real Estate Management & Development (1.4%):** |  |
| 90617 | Aroundtown SA | 211512 |
| 3664 | Azrieli Group | 243779 |
| 243900 | Capitaland Investment, Ltd. | 674653 |
| 33900 | City Developments, Ltd. | 207637 |
| 182244 | CK Asset Holdings, Ltd. | 1122105 |
| 5500 | Daito Trust Construction Co., Ltd. | 565352 |
| 53200 | Daiwa House Industry Co., Ltd. | 1220907 |
| 196400 | ESR Cayman, Ltd. | 412262 |
| 61620 | Fastighets AB Balder, B Shares\* | 288516 |
| 170000 | Hang Lung Properties, Ltd. | 330087 |
| 132956 | Henderson Land Development Co., Ltd. | 464256 |
| 95400 | Hongkong Land Holdings, Ltd. | 437516 |
| 38200 | Hulic Co., Ltd. | 300686 |
| 6876 | LEG Immobilien SE | 448020 |
| 61935 | Lend Lease Group | 330105 |

---

See accompanying notes to the financial statements.

------

**AZL International Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Real Estate Management & Development, continued** | **Real Estate Management & Development, continued** | |
| 107600 | Mitsubishi Estate Co., Ltd. | $1392631 |
| 81300 | Mitsui Fudosan Co., Ltd. | 1485491 |
| 138655 | New World Development Co., Ltd. | 390917 |
| 9400 | Nomura Real Estate Holdings, Inc. | 200990 |
| 16235 | Sagax AB, Class B | 369967 |
| 298601 | Sino Land Co., Ltd. | 371927 |
| 26700 | Sumitomo Realty & Development Co., Ltd. | 628777 |
| 128500 | Sun Hung Kai Properties, Ltd. | 1758575 |
| 41964 | Swire Pacific, Ltd., Class A | 368064 |
| 96400 | Swire Properties, Ltd. | 243890 |
| 6556 | Swiss Prime Site AG | 569418 |
| 36896 | UOL Group, Ltd. | 185328 |
| 64649 | Vonovia SE | 1523389 |
| 158300 | Wharf Real Estate Investment Co., Ltd. | 922962 |
|  |  | 17669719 |
| **Road & Rail (0.9%):** | **Road & Rail (0.9%):** |  |
| 165259 | Aurizon Holdings, Ltd. | 416735 |
| 13100 | Central Japan Railway Co. | 1611841 |
| 16756 | DSV A/S | 2658063 |
| 27513 | East Japan Railway Co. | 1570047 |
| 105487 | Grab Holdings, Ltd.\* | 339668 |
| 21100 | Hankyu Hanshin Holdings, Inc. | 627392 |
| 10000 | Keio Corp. | 367727 |
| 10500 | Keisei Electric Railway Co., Ltd. | 300395 |
| 14600 | Kintetsu Group Holdings Co., Ltd. | 484007 |
| 135494 | MTR Corp., Ltd. | 717930 |
| 6800 | Nippon Express Holdings Co., Ltd. | 387845 |
| 28800 | Odakyu Electric Railway Co., Ltd. | 375432 |
| 16900 | Tobu Railway Co., Ltd. | 395758 |
| 46600 | Tokyu Corp. | 587006 |
| 20400 | West Japan Railway Co. | 890532 |
|  |  | 11730378 |
| **Semiconductors & Semiconductor Equipment (2.8%):** | **Semiconductors & Semiconductor Equipment (2.8%):** |  |
| 16600 | Advantest Corp. | 1071861 |
| 4226 | ASM International NV | 1069705 |
| 36472 | ASML Holding NV | 19739590 |
| 2700 | Disco Corp. | 776281 |
| 116990 | Infineon Technologies AG | 3562737 |
| 6900 | Lasertec Corp. | 1146281 |
| 107000 | Renesas Electronics Corp.\* | 967161 |
| 7500 | ROHM Co., Ltd. | 535295 |
| 61754 | STMicroelectronics NV | 2195041 |
| 33500 | SUMCO Corp. | 448318 |
| 13200 | Tokyo Electron, Ltd. | 3921835 |
| 10504 | Tower Semiconductor, Ltd.\* | 459013 |
|  |  | 35893118 |
| **Software (1.4%):** | **Software (1.4%):** |  |
| 10767 | AVEVA Group plc | 418106 |
| 9179 | Check Point Software Technologies, Ltd.\* | 1158023 |
| 3816 | CyberArk Software, Ltd.\* | 494744 |
| 60410 | Dassault Systemes SE | 2178502 |
| 5434 | Nemetschek SE | 277508 |
| 5619 | Nice, Ltd.\* | 1090811 |
| 3700 | Oracle Corp. | 240774 |
| 89961 | Sage Group plc (The) | 807756 |
| 93465 | SAP SE | 9644159 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Software, continued** | **Software, continued** | |
| 5103 | Temenos AG | $281966 |
| 12600 | Trend Micro, Inc. | 589295 |
| 12712 | WiseTech Global, Ltd. | 438261 |
| 11459 | Xero, Ltd.\* | 546879 |
|  |  | 18166784 |
| **Specialty Retail (0.7%):** | **Specialty Retail (0.7%):** |  |
| 5100 | Fast Retailing Co., Ltd. | 3091093 |
| 66596 | Hennes & Mauritz AB, Class B^ | 719274 |
| 2000 | Hikari Tsushin, Inc. | 281395 |
| 97663 | Industria de Diseno Textil SA | 2600215 |
| 250320 | JD Sports Fashion plc | 382024 |
| 178428 | Kingfisher plc | 510539 |
| 7100 | Nitori Co., Ltd. | 920955 |
| 16600 | USS Co., Ltd. | 263111 |
|  |  | 8768606 |
| **Technology Hardware, Storage & Peripherals (0.5%):** | **Technology Hardware, Storage & Peripherals (0.5%):** |  |
| 22600 | Brother Industries, Ltd. | 342038 |
| 91100 | Canon, Inc. | 1970153 |
| 32400 | FUJIFILM Holdings Corp. | 1634932 |
| 15826 | Logitech International SA, Class R | 982541 |
| 21500 | NEC Corp. | 752345 |
| 52700 | Ricoh Co., Ltd. | 404285 |
| 23500 | Seiko Epson Corp. | 341158 |
|  |  | 6427452 |
| **Textiles, Apparel & Luxury Goods (2.9%):** | **Textiles, Apparel & Luxury Goods (2.9%):** |  |
| 15613 | Adidas AG | 2131030 |
| 36012 | Burberry Group plc | 879767 |
| 46908 | Cie Financiere Richemont SA | 6071801 |
| 2833 | Hermes International SA | 4371093 |
| 6762 | Kering | 3460180 |
| 24836 | LVMH Moet Hennessy Louis Vuitton SA | 18039417 |
| 18768 | Moncler SpA | 998891 |
| 7916 | Pandora A/S | 558594 |
| 9076 | Puma SE | 550672 |
| 4961 | Swatch Group AG (The) | 258834 |
| 2728 | Swatch Group AG (The), Class B | 774677 |
|  |  | 38094956 |
| **Tobacco (0.9%):** | **Tobacco (0.9%):** |  |
| 190909 | British American Tobacco plc | 7572648 |
| 81764 | Imperial Brands plc, Class A | 2042405 |
| 109200 | Japan Tobacco, Inc. | 2208368 |
|  |  | 11823421 |
| **Trading Companies & Distributors (1.7%):** | **Trading Companies & Distributors (1.7%):** |  |
| 11992 | AerCap Holdings NV\* | 699373 |
| 39747 | Ashtead Group plc | 2270132 |
| 14171 | Brenntag AG | 905905 |
| 30751 | Bunzl plc | 1026167 |
| 5255 | IMCD NV | 750495 |
| 23244 | Indutrade AB | 472599 |
| 106400 | Itochu Corp. | 3327307 |
| 139600 | Marubeni Corp. | 1595561 |
| 112600 | Mitsubishi Corp. | 3643360 |
| 128900 | Mitsui & Co., Ltd. | 3748634 |
| 22800 | MonotaRo Co., Ltd. | 322464 |
| 20849 | Reece, Ltd. | 200457 |

---

See accompanying notes to the financial statements.

------

**AZL International Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Trading Companies & Distributors, continued** | **Trading Companies & Distributors, continued** | |
| 102700 | Sumitomo Corp. | $1703244 |
| 18300 | Toyota Tsushu Corp. | 670929 |
|  |  | 21336627 |
| **Transportation Infrastructure (0.4%):** | **Transportation Infrastructure (0.4%):** |  |
| 6729 | Aena SME SA\* | 847333 |
| 2693 | Aeroports de Paris\* | 362110 |
| 118376 | Auckland International Airport, Ltd.\* | 587910 |
| 38510 | Getlink SE | 617028 |
| 277021 | Transurban Group | 2445607 |
|  |  | 4859988 |
| **Water Utilities (0.1%):** | **Water Utilities (0.1%):** |  |
| 21868 | Severn Trent plc | 701150 |
| 59837 | United Utilities Group plc | 717380 |
|  |  | 1418530 |
| **Wireless Telecommunication Services (1.1%):** | **Wireless Telecommunication Services (1.1%):** |  |
| 145500 | KDDI Corp. | 4398280 |
| 254800 | Softbank Corp. | 2881398 |
| 107800 | SoftBank Group Corp. | 4565817 |
| 54662 | Tele2 AB | 445638 |
| 2376863 | Vodafone Group plc | 2408844 |
|  |  | 14699977 |
| Total Common Stocks (Cost $978,537,534) | Total Common Stocks (Cost $978,537,534) | 1276328739 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Preferred Stocks (0.3%):** | **Preferred Stocks (0.3%):** | |
| **Automobiles (0.2%):** | **Automobiles (0.2%):** | |
| 5192 | Bayerische Motoren Werke AG (BMW), 7.32%, 5/15/20 | $442125 |
| 14102 | Porsche Automobil Holding SE, 5.00%, 5/20/20 | 773547 |
| 16779 | Volkswagen AG, 6.49%, 5/8/20 | 2091017 |
|  |  | 3306689 |
| **Household Products (0.1%):** | **Household Products (0.1%):** |  |
| 15577 | Henkel AG & Co. KGaA, 2.84%, 4/21/20 | 1084222 |
| Total Preferred Stocks (Cost $4,681,457) | Total Preferred Stocks (Cost $4,681,457) | 4390911 |
| **Shares** |  | **Value** |
| **Short-Term Security Held as Collateral for Securities on<br>Loan (1.3%):** | **Short-Term Security Held as Collateral for Securities on<br>Loan (1.3%):** |  |
| 16632606 | BlackRock Liquidity FedFund, Institutional Class, 1.49%(a)(b) | 16632606 |
| Total Short-Term Security Held as Collateral for Securities on<br>Loan (Cost $16,632,606) | Total Short-Term Security Held as Collateral for Securities on<br>Loan (Cost $16,632,606) | 16632606 |
| Total Investment Securities (Cost $999,851,597) — 100.4%(c) | Total Investment Securities (Cost $999,851,597) — 100.4%(c) | 1297352256 |
| Net other assets (liabilities) — (0.4)% | Net other assets (liabilities) — (0.4)% | (5225299) |
| Net Assets — 100.0% | Net Assets — 100.0% | $1292126957 |

---

Percentages indicated are based on net assets as of December 31, 2022.

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 December 31, 2022. The total value of securities on loan as of December 31, 2022 was $15,603,963.  |

---

+ Affiliated Securities

† Represents less than 0.05%.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for
securities that were sold on or before December 31, 2022.

(b) The rate represents the effective yield at December 31, 2022.

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

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

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total value of investments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Country** | **Percentage** | |
|  Australia | 7.7 | % |
|  Austria | 0.2 | % |
|  Belgium | 0.9 | % |
|  Bermuda | 0.1 | % |
|  China |  | %<sup>†</sup> |
|  Denmark | 2.9 | % |
|  Finland | 1.3 | % |
|  France | 10.8 | % |
|  Germany | 8.0 | % |
|  Hong Kong | 2.8 | % |
|  Ireland | 1.1 | % |
|  Isle of Man | 0.1 | % |
|  Israel | 0.7 | % |

---

---

| | |
|:---|:---|
| **Country** | **Percentage** |
|  Italy | 1.9% |
|  Japan | 21.7% |
|  Luxembourg | 0.2% |
|  Netherlands | 6.6% |
|  New Zealand | 0.2% |
|  Norway | 0.8% |
|  Portugal | 0.2% |
|  Singapore | 1.5% |
|  Spain | 2.4% |
|  Sweden | 3.0% |
|  Switzerland | 10.5% |
|  United Kingdom | 13.1% |
|  United States | 1.3% |
|  | 100.0% |

---

† Represents less than 0.05%.

See accompanying notes to the financial statements.

------

**AZL International Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

**Futures Contracts** 

At December 31, 2022, the Fund's open futures contracts were as follows:

**Long Futures** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  ASX SPI 200 Index March Futures (Australian Dollar) | 3/16/23 | 9 | $1070874 | $(2761) |
|  DJ EURO STOXX 50 March Futures (Euro) | 3/17/23 | 59 | 2390134 | (5044) |
|  FTSE 100 Index March Futures (British Pounds) | 3/17/23 | 23 | 2075543 | 12291 |
|  SGX NIKKEI 225 Index March Futures (Japanese Yen) | 3/9/23 | 19 | 1881973 | (4140) |
|  |  |  |  | $346 |

---

See accompanying notes to the financial statements.

------

**AZL International Index Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment in non-affiliates, at cost | $994700665.0 |
|  Investments in affiliates, at cost | 5150932.0 |
|  Investments in non-affiliates, at value(a) | $1289442353.0 |
|  Investments in affiliates, at value | 7909903.0 |
|  Deposit at broker for futures contracts collateral | 413513.0 |
|  Interest and dividends receivable | 1355517.0 |
|  Foreign currency, at value (cost $1,637,324) | 1646865.0 |
|  Receivable for investments sold | 5454840.0 |
|  Reclaims receivable | 6154572.0 |
|  Prepaid expenses | 3223.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1312380786.0 |
|  **Liabilities:** |  |
|  Cash overdraft | 872871.0 |
|  Payable for investments purchased | 157926.0 |
|  Payable for capital shares redeemed | 1581495.0 |
|  Payable for collateral received on loaned securities | 16632606.0 |
|  Payable for variation margin on futures contracts | 26584.0 |
|  Management fees payable | 392767.0 |
|  Administration fees payable | 59698.0 |
|  Distribution fees payable | 264167.0 |
|  Custodian fees payable | 44300.0 |
|  Administrative and compliance services fees payable | 5446.0 |
|  Transfer agent fees payable | 2687.0 |
|  Trustee fees payable | 13607.0 |
|  Other accrued liabilities | 199675.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 20253829.0 |
|  **Net Assets** | $1292126957.0 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1021525693.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 270601264.0 |
|  **Net Assets** | $1292126957.0 |
|  **Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $76241033.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 7724401.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $9.87 |
|  **Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $1215885924.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 79662507.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $15.26 |

---

(a) Includes securities on loan of $15,603,963.

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Dividends from non-affiliates | $47962830 |
|  Dividends from affiliates | 452207 |
|  Income from securities lending | 205697 |
|  Foreign withholding tax | (4041958) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 44578776 |
|  **Expenses:** |  |
|  Management fees | 4951310 |
|  Administration fees | 198567 |
|  Distribution fees — Class 2 | 3334426 |
|  Custodian fees | 223246 |
|  Administrative and compliance services fees | 20078 |
|  Transfer agent fees | 12917 |
|  Trustee fees | 79614 |
|  Professional fees | 61995 |
|  Licensing fees | 485035 |
|  Shareholder reports | 41124 |
|  Other expenses | 39035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9447347 |
|  **Net Investment Income/(Loss)** | 35131429 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities and foreign currencies | (10297251) |
|  Net realized gains/(losses) on affiliated transactions | 79767 |
|  Net realized gains/(losses) on futures contracts | 40706 |
|  Change in net unrealized appreciation/depreciation on securities and foreign currencies | (271155720) |
|  Change in net unrealized appreciation/depreciation on affiliated transactions | (939715) |
|  Change in net unrealized appreciation/depreciation on futures contracts | (77365) |
|  **Net realized and Change in net unrealized gains/losses on investments** | (282349578) |
|  **Change in Net Assets Resulting From Operations** | $(247218149) |

---

See accompanying notes to the financial statements.

------

**AZL International Index Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $35131429 | $31730879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | (10176778) | 39607132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (272172800) | 93451593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (247218149) | 164789604 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (6471396) | (2576720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (68421061) | (24890149) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (74892457) | (27466869) |
|  **Capital Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 128793 | 483730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 6471396 | 2576719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (9090033) | (12651416) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | (2489844) | (9590967) |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 5011709 | 209571173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 68421061 | 24890149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (206126900) | (210685832) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | (132694130) | 23775490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | (135183974) | 14184523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (457294580) | 151507258 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1749421537 | 1597914279 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1292126957 | $1749421537 |
|  **Share Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 12242 | 38580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 737061 | 210688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (847600) | (1008121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | (98297) | (758853) |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 330418 | 10982020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 5038369 | 1360861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (12702582) | (11251145) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | (7333795) | 1091736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | (7432092) | 332883 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Class 1** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $12.69 | $11.76 | $11.53 | $9.94 | $12.30 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.29 (a) | 0.27 (a) | 0.20 (a) | 0.32 (a) | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (2.21) | 0.99 | 0.61 | 1.79 | (2.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (1.92) | 1.26 | 0.81 | 2.11 | (1.64) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.51) | (0.33) | (0.55) | (0.42) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.39) |  | (0.03) | (0.10) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (0.90) | (0.33) | (0.58) | (0.52) | (0.72) |
|  **Net Asset Value, End of Period** | $9.87 | $12.69 | $11.76 | $11.53 | $9.94 |
|  **Total Return(b)** | (14.25)% | 10.80% | 7.66% | 21.67% | (13.80)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $76241 | $99304 | $100924 | $106657 | $98902 |
|  Net Investment Income/(Loss) | 2.72% | 2.13% | 1.93% | 2.89% | 2.62% |
|  Expenses Before Reductions(c) | 0.43% | 0.45% | 0.46% | 0.44% | 0.45% |
|  Expenses Net of Reductions | 0.43% | 0.45% | 0.46% | 0.44% | 0.45% |
|  Portfolio Turnover Rate(d) | 2% | 14% | 9% | 4% | 2% |
|  **Class 2** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $18.97 | $17.43 | $16.79 | $14.25 | $17.30 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.40 (a) | 0.35 (a) | 0.26 (a) | 0.42 (a) | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (3.26) | 1.48 | 0.91 | 2.60 | (2.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (2.86) | 1.83 | 1.17 | 3.02 | (2.38) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.46) | (0.29) | (0.50) | (0.38) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.39) |  | (0.03) | (0.10) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (0.85) | (0.29) | (0.53) | (0.48) | (0.67) |
|  **Net Asset Value, End of Period** | $15.26 | $18.97 | $17.43 | $16.79 | $14.25 |
|  **Total Return(b)** | (14.52)% | 10.55% | 7.40% | 21.44% | (14.04)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $1215886 | $1650118 | $1496990 | $1591233 | $1422711 |
|  Net Investment Income/(Loss) | 2.47% | 1.85% | 1.69% | 2.64% | 2.36% |
|  Expenses Before Reductions(c) | 0.68% | 0.70% | 0.71% | 0.69% | 0.70% |
|  Expenses Net of Reductions | 0.68% | 0.70% | 0.71% | 0.69% | 0.70% |
|  Portfolio Turnover Rate(d) | 2% | 14% | 9% | 4% | 2% |

---

(a) Calculated using the average shares method.

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

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

(d) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares
issued.

See accompanying notes to the financial statements.

------

**AZL International Index Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

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.

On December 13, 2022, the Board unanimously approved a reorganization whereby the Fund will acquire all of the assets and liabilities of the AZL MSCI Emerging Markets Equity Index Fund and costs related to the reorganization will be paid by the Manager.

**2. Significant Accounting Policies** 

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

**Security Valuation** 

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

**Investment Transactions and Investment Income** 

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

**Real Estate Investment Trusts** 

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

**Foreign Currency Translation and Withholding Taxes** 

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

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

**Distributions to Shareholders** 

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

**Expense Allocation** 

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

------

**AZL International Index Fund** 

Notes to the Financial Statements

December 31, 2022

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

**Class Allocation** 

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

**Securities Lending** 

To generate additional income, the Fund may lend up to 33 <sup>1</sup>⁄<sub>3</sub>% 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 December 31, 2022 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 $19,962 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund had securities lending transactions of $16,632,606 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

**Derivative Instruments** 

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

***Futures Contracts***

During the year ended December 31, 2022, the Fund used futures contracts to provide market exposure on the Fund's cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value ("variation margin"), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the year ended December 31, 2022, the monthly average notional amount for long contracts was $8.8 million. There was no short contract activity during the period. Realized gains and losses are reported as "Net realized gains/(losses) on futures contracts" on the Statement of Operations.

**Summary of Derivative Instruments** 

The following is a summary of the values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Primary Risk Exposure** | **Statement of Assets and Liabilities Location** | **Total<br>Value** | **Statement of Assets and Liabilities Location** | **Total<br>Value** |
|  **Equity Risk** | **Equity Risk** |  |  |  |
| Futures Contracts | Receivable for variation margin on futures contracts\* | $12291 | Payable for variation margin on futures contracts\* | $11945 |

---

\* 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. 

------

**AZL International Index Fund** 

Notes to the Financial Statements

December 31, 2022

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Primary Risk Exposure** | **Location of Gains/(Losses) on Derivatives Recognized** | **Realized Gains/(Losses)<br>on Derivatives<br>Recognized** | **Change in Net Unrealized<br>Appreciation/Depreciation<br>on Derivatives Recognized** |
|  **Equity Risk** | **Equity Risk** |  |  |
| Futures Contracts | Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts | $40706 | $(77365) |

---

**3. Fees and Transactions with Affiliates and Other Parties**

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

For the year ended December 31, 2022, 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% |

---

Any amounts waived or reimbursed by the Manager with respect to the annual expense limits in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable. During the year ended December 31, 2022, there were no such waivers.

At December 31, 2022, the following investments are noted as Affiliated Securities in the Fund's Schedule of Portfolio Investments.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gains(Losses)** | **Change in<br>Net Unrealized<br>Appreciation/<br>Depreciation** | **Value<br>12/31/2022** | **Shares as of<br>12/31/2022** | **Dividend<br>Income** | **Capital Gains<br>Distributions** |
|  Allianz SE, Registered Shares | $9823501 | $– | $(1053650) | $79767 | $(939715) | $7909903 | 36791 | $452207 | $— |
|  | $9823501 | $– | $(1053650) | $79767 | $(939715) | $7909903 | 36791 | $452207 | $— |

---

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

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

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

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

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

------

**AZL International Index Fund** 

Notes to the Financial Statements

December 31, 2022

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

**4. Investment Valuation Summary** 

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

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

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

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

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

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

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks+ | $10305815 | $1266022924 | $— | $1276328739 |
|  Preferred Stocks+ |  | 4390911 |  | 4390911 |
|  Short-Term Security Held as Collateral for Securities on Loan | 16632606 |  |  | 16632606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | 26938421 | 1270413835 |  | 1297352256 |
|  Other Financial Instruments:\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 346 |  |  | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $26938767 | $1270413835 | $— | $1297352602 |

---

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

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

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, 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 | $25084757 | $205887104 |

---

**6. Investment Risks**

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

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

------

**AZL International Index Fund** 

Notes to the Financial Statements

December 31, 2022

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

*Foreign Securities Risk:* Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

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

**7. Coronavirus (COVID-19) Pandemic** 

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

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

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

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

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $1,043,866,512. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

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| | |
|:---|:---|
|  Unrealized appreciation | $345703798 |
|  Unrealized (depreciation) | (92218054) |
|  Net unrealized appreciation/(depreciation) | $253485744 |

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

CLCFs not subject to expiration:

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| | | | |
|:---|:---|:---|:---|
| | **Short-Term<br>Amount** | **Long-Term<br>Amount** | **Total Amount** |
|  AZL International Index Fund | $2628421 | $9717567 | $12345988 |

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

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL International Index Fund | $42815668 | $32076789 | $74892457 |

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

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**AZL International Index Fund** 

Notes to the Financial Statements

December 31, 2022

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL International Index Fund | $27466869 | $– | $27466869 |

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized<br>Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated<br>Earnings/<br>(Deficit)** |
|  AZL International Index Fund | $29669843 | $– | $(12345988) | $253277409 | $270601264 |

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(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, foreign currency gains or losses, mark-to-market of passive foreign
investment companies, 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 December 31, 2022, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 55% of the Fund. Investment activities of this shareholder could have a material impact to the Fund.

**11. Subsequent Events** 

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

The reorganization, as discussed in Note 1, whereby the Fund will acquire all of the assets and liabilities of the AZL MSCI Emerging Markets Equity Index Fund, is expected to be completed on or about March 10, 2023.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL International Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL International Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

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

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**Other Federal Income Tax Information (Unaudited)** 

During the year ended December 31, 2022, the Fund declared net short-term capital gain distributions of $2,222,082.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $32,076,789.

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**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.

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**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

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

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

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

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

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

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

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

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

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

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

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

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

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

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

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

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

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

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

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

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

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

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**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14<br>(Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and<br> Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

---

**Interested Trustee<sup>(4)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM<br>Complex During<br>Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

---

(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

------

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(1)</sup>/ Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963) <br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to<br>present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 <br>to present. |

---

(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

------

![LOGO](g447360g71x52.jpg)

---

| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

---

------

## AZL<sup>®</sup> MetWest Total Return Bond Fund

## Annual Report

## December 31, 2022
![LOGO](g293130g71x52.jpg)

------

**Table of Contents** 

---

| |
|:---|
| [Management Discussion and Analysis](#toc293130_1)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc293130_2)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc293130_3)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc293130_4)<br> Page 16 |
| [Statement of Operations](#toc293130_5)<br> Page 16 |
| [Statements of Changes in Net Assets](#toc293130_6)<br> Page 17 |
| [Financial Highlights](#toc293130_7)<br> Page 18 |
| [Notes to the Financial Statements](#toc293130_8)<br> Page 19 |
| [Report of Independent Registered Public Accounting Firm](#toc293130_9)<br> Page 28 |
| [Other Federal Income Tax Information](#toc293130_9a)<br> Page 29 |
| [Other Information](#toc293130_10)<br> Page 30 |
| [Approval of Investment Advisory and Subadvisory Agreements](#toc293130_11)<br> Page 31 |
| [Information about the Board of Trustees and Officers](#toc293130_12)<br> Page 34 |

---

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<sup>®</sup> MetWest Total Return Bond Fund Review (Unaudited)**<br>

Allianz Investment Management LLC serves as the Manager for the AZL<sup>®</sup> MetWest Total Return Bond Fund and Metropolitan West Asset Management, LLC serves as Subadviser to the Fund.

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

During the 12-month period, the AZL MetWest Total Return Bond Fund returned (14.76)% (net of fees). That compares to a return of (13.01)% for the Bloomberg U.S. Aggregate Bond Index, the Fund's primary benchmark.<sup>1</sup>

High inflation and the Federal Reserve's response in the form of a series of interest rate hikes were major factors affecting Fund performance during the period. 10-Year yields reached 4.24% in October but stabilized to end 2022 slightly lower at 3.89%. This rise of nearly 240 basis points during the period hurt absolute performance, as bond prices move in the opposite direction of rates. As the rate of rate hikes decreased, reduced rate volatility offset some of this negative impact.

Credit spreads widened in investment-grade and high-yield markets. Non-agency mortgage-backed securities (MBS) outperformed agency MBS, though both ended the year with deeply negative returns.

The Fund underperformed its benchmark for the year. The Fund's overweight position in agency MBS holdings hurt relative performance as agency MBS underperformed

duration-matched Treasuries during the period. Among corporate bonds, the Fund's overweight position in communications detracted from relative performance, as communications was one of the worst performing sectors during the period. The Fund's longer-than-index duration position and bias toward a steepening yield curve also hurt relative performance as Treasury yields continued to rise.

Despite meaningful underperformance for the corporate sector for the year, the Fund's underweight position early in the year combined with opportunistic additions in the middle of the year provided a boost to the Fund's relative performance.

The Fund held derivatives in the form of futures and interest rate swaps during the period under review. Neither of these holdings materially impacted performance.

------

***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmark please refer to page 2 of this report.* 

------

 **AZL<sup>®</sup> MetWest Total Return Bond Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to maximize long-term total return. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in investment-grade fixed income securities or unrated securities that are determined by the Subadvisor to be of similar quality.* 

**Investment Concerns** 

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

*Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.* 

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

*Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund's performance may be more volatile than if it did not hold these securities.* 

*High-yield bonds have a higher risk of default or other adverse credit events, but have the potential to pay higher earnings over investment-grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high-yield bonds.* 

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

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

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

**Growth of $10,000 Investment**![LOGO](g293130g12m09.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **1**<br> **Year** | **3**<br> **Year** | **5**<br> **Year** | **Since**<br> **Inception**<br> **(11/17/14)** |
| &nbsp;&nbsp; AZL<sup>®</sup> MetWest Total Return Bond Fund | (14.76)% | (2.98)% | (0.23)% | 0.58% |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | (13.01)% | (2.71)% | 0.02% | 0.93% |

---

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

---

| | |
|:---|:---|
| **Expense Ratio** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> MetWest Total Return Bond Fund | 0.91% |

---

***The above expense ratio is based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.50% through at least April 30, 2024. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.91% through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratio can be found in the Financial Highlights.***

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

*The Fund's performance is measured against the Bloomberg U.S. Aggregate Bond Index, which is an unmanaged market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.* 

------

**AZL 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.

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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL MetWest Total Return Bond Fund | $1000.00 | $963.10 | $4.01 | 0.81% |

---

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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL MetWest Total Return Bond Fund | $1000.00 | $1021.12 | $4.13 | 0.81% |

---

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

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  U.S. Government Agency Mortgages | 36.8 |
|  U.S. Treasury Obligations | 27.4 |
|  Corporate Bonds | 23.1 |
|  Collateralized Mortgage Obligations | 11.9 |
|  Unaffiliated Investment Company | 9.6 |
|  Yankee Debt Obligations | 8.1 |
|  Asset Backed Securities | 6.1 |
|  Municipal Bonds | 0.6 |
|  Short-Term Security Held as Collateral for Securities on Loan | 0.2 |
|  Foreign Bonds | 0.2 |
|  Rights |  |
|  Total Investment Securities | 124.0 |
|  Net other assets (liabilities) | (24.0) |
|  Net Assets | 100.0 |

---

† Represents less than 0.05%.

------

**AZL MetWest Total Return Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Asset Backed Securities (6.1%):** | **Asset Backed Securities (6.1%):** | |
| $666733 | Ajax Mortgage Loan Trust, Class A1, Series 2019-F, 2.86%, 7/25/59, Callable 1/25/23 @ 100(b)(c) | $627080 |
| 505000 | AMSR Trust, Class B, Series 2022-SFR3, 4.00%, 10/17/39, Callable 10/17/27 @ 100(b) | 454314 |
| 1288000 | CWABS Asset-Backed Certificates Trust, Class MV5, Series 2005-7, 5.51%(US0001M+113bps), 11/25/35, Callable 1/25/23 @ 100 | 1235516 |
| 1354568 | CWABS Asset-Backed Certificates Trust, Class MV4, Series 2004-10, 3.78%(US0001M+158bps), 12/25/34, Callable 1/25/23 @ 100 | 1217522 |
| 582542 | Firstkey Homes 2020 Sfr1 Trust, Class A, Series 2020-SFR1, 1.34%, 8/17/37(b) | 520568 |
| 858833 | Navient Student Loan Trust, Class A3, Series 2016-2, 5.89%(US0001M+150bps), 6/25/65, Callable 2/25/35 @ 100(b) | 832319 |
| 1352078 | Park Place Securities, Inc. Pass-Through Certificates, Class M5, Series 2004-WWF1, 6.19%(US0001M+180bps), 12/25/34, Callable 1/25/23 @ 100 | 1286089 |
| 330000 | Progress Residential, Class G, Series 2021-SFR1, 3.86%, 4/17/38(b) | 282231 |
| 270000 | Progress Residential Trust, Class F, Series 2020-SFR3, 2.80%, 10/17/27(b) | 236756 |
| 513590 | SLC Student Loan Trust, Class 2A3, Series 2008-1, 6.37%(US0003M+160bps), 12/15/32, Callable 3/15/28 @ 100 | 507910 |
| 392315 | SLM Student Loan Trust, Class 2A3, Series 2003-7, 5.34%(US0003M+57bps), 9/15/39, Callable 3/15/29 @ 100 | 364360 |
| 452622 | SLM Student Loan Trust, Class A4, Series 2007-7, 4.69%(US0003M+33bps), 1/25/22, Callable 10/25/24 @ 100 | 446062 |
| 728796 | SLM Student Loan Trust, Class A4, Series 2008-6, 5.46%(US0003M+110bps), 7/25/23, Callable 1/25/26 @ 100 | 705745 |
| 499280 | SLM Student Loan Trust, Class A3, Series 2012-1, 5.34%(US0001M+95bps), 9/25/28, Callable 4/25/30 @ 100 | 483946 |
| 47088 | SLM Student Loan Trust, Class A, Series 2009-3, 5.14%(US0001M+75bps), 1/25/45, Callable 10/25/36 @ 100(b) | 44616 |
| 240000 | SLM Student Loan Trust, Class 2A3, Series 2008-9, 6.61%(US0003M+225bps), 10/25/83, Callable 7/25/23 @ 100 | 229780 |
| 1220000 | SLM Student Loan Trust, Class 2A3, Series 2008-5, 6.21%(US0003M+185bps), 7/25/73, Callable 4/25/23 @ 100 | 1147828 |
| 251393 | SLM Student Loan Trust, Class A, Series 2008-9, 5.86%(US0003M+150bps), 4/25/23, Callable 7/25/23 @ 100 | 247350 |
| 1403612 | VOLT XCIX LLC, Class A1, Series 2021-NPL8, 2.12%, 4/25/51, Callable 1/25/23 @ 100(b)(c) | 1244029 |
| 1053574 | Wachovia Student Loan Trust, Class 2A3, Series 2006-1, 4.53%(US0003M+17bps), 4/25/40, Callable 10/25/25 @ 100(b) | 1005865 |
| Total Asset Backed Securities (Cost $13,813,063) | Total Asset Backed Securities (Cost $13,813,063) | 13119886 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations (11.9%):** | **Collateralized Mortgage Obligations (11.9%):** | |
| $750000 | AGL CLO 7, Ltd., Class BR, Series 2020-7A, 5.78%(US0003M+170bps), 7/15/34, Callable 7/15/23 @ 100(b) | $716875 |
| 725000 | AIG CLO, Ltd., Class BR, Series 2019-2A, 5.96%(US0003M+160bps), 10/25/33, Callable 1/25/23 @ 100(b) | 696898 |
| 850000 | AIMCO CLO, Class AR2, Series 2015-AA, 5.22%(US0003M+114bps), 10/17/34, Callable 10/17/23 @ 100(b) | 824916 |
| 893935 | Alternative Loan Trust, Class 4A1, Series 2005-56, 5.01%(US0001M+31bps), 11/25/35, Callable 1/25/23 @ 100 | 787130 |
| 270094 | America Home Mortgage Investment Trust, Class 6A, Series 2005-1, 7.16%(US0006M+200bps), 6/25/45, Callable 1/25/23 @ 100 | 263059 |
| 652090 | Angel Oak Mortgage Trust, Class A1, Series 2022-6, 4.30%, 7/25/67, Callable 9/25/24 @ 100(b)(c) | 613488 |
| 166163 | Angel Oak Mortgage Trust, Class A1, Series 2021-7, 1.98%, 10/25/66, Callable 12/25/23 @ 100(b)(c) | 129460 |
| 515000 | BAMLL Commercial Mortgage Securities Trust, Class A, Series 2018-PARK, 4.09%, 8/10/38(b)(c) | 459553 |
| 140565 | Banc of America Mortgage Trust, Class 2A3, Series 2005-F, 3.94%, 7/25/35, Callable 1/25/23 @ 100(c) | 126463 |
| 525000 | Bx Commercial Mortgage Trust, Class A, Series 2022-CSMO, 6.45%(TSFR1M+211bps), 6/15/27(b) | 520988 |
| 769970 | BX Commercial Mortgage Trust, Class A, Series 2019-XL, 5.37%(US0001M+92bps), 10/15/36(b) | 759495 |
| 155000 | BX Trust, Class A, Series 2019-OC11, 3.20%, 12/9/41, Callable 12/9/29 @ 100(b) | 129518 |
| 355000 | CALI Mortgage Trust, Class A, Series 2019-101C, 3.96%, 3/10/39(b) | 305707 |
| 703652 | C-BASS Mortgage Loan Trust, Class A2E, Series 2007-CB2, 3.55%, 2/25/37, Callable 7/25/23 @ 100(c) | 474996 |
| 300000 | Century Plaza Towers, Class A, Series 2019-CPT, 2.87%, 11/13/39, Callable 11/13/29 @ 100(b) | 238851 |
| 700000 | CIFC Funding VII, Ltd., Class A1, Series 2021-7A, 5.45%(US0003M+113bps), 1/23/35, Callable 1/23/24 @ 100(b) | 678220 |
| 501863 | Citigroup Mortgage Loan Trust, Inc., Class 1A1A, Series 2007-AR5, 3.54%, 4/25/37, Callable 12/25/35 @ 100(c) | 424492 |
| 595296 | Colt 2021 6 Mortgage Loan Trust, Class A1, Series 2021-6, 1.91%, 12/25/66, Callable 12/25/23 @ 100(b)(c) | 481720 |
| 837608 | COMM Mortgage Trust, Class A3, Series 2015-CR27, 3.35%, 10/10/48, Callable 10/10/25 @ 100 | 787862 |
| 850000 | Connecticut Avenue Securities Trust, Class 1M2, Series 2021-R03, 5.58%(SOFR30A+165bps), 12/25/41, Callable 12/25/26 @ 100(b) | 801688 |
| 325000 | DC Office Trust, Class A, Series 2019-MTC, 2.97%, 9/15/45(b) | 254989 |
| 407850 | First Horizon Alternative Mortgage Securities Trust, Class 1A1, Series 2006-AA1, 3.86%, 3/25/36, Callable 1/25/23 @ 100(c) | 305523 |

---

See accompanying notes to the financial statements.

------

**AZL MetWest Total Return Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $299830 | First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2006-AA1, 3.94%, 4/25/36, Callable 1/25/23 @ 100(c) | $259305 |
| 334981 | First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2005-AA12, 4.03%, 2/25/36, Callable 1/25/23 @ 100(c) | 251531 |
| 186811 | First Horizon Mortgage Pass-Through Trust, Class 2A1, Series 2005-AR3, 3.87%, 8/25/35, Callable 1/25/23 @ 100(c) | 127966 |
| 460980 | GMAC Mortgage Corp. Loan Trust, Class 1A1, Series 2006-AR1, 2.98%, 4/19/36, Callable 1/19/23 @ 100(c) | 345430 |
| 307179 | GMAC Mortgage Corp. Loan Trust, Class 3A1, Series 2005-AR5, 3.88%, 9/19/35, Callable 1/19/23 @ 100(c) | 258999 |
| 801154 | GoldenTree Loan Opportunities IX, Ltd., Class AR2, Series 2014-9A, 5.52%(US0003M+111bps), 10/29/29, Callable 1/29/23 @ 100(b) | 792808 |
| 736269 | GreenPoint Mortgage Funding Trust, Class A1A, Series 2006-AR1, 4.97%(US0001M+58bps), 2/25/36, Callable 1/25/23 @ 100 | 618476 |
| 1135000 | GS Mortgage Securities Corp. II, Class A, Series 2021-ARDN, 5.57%(US0001M+125bps), 11/15/26(b) | 1095853 |
| 1287216 | GS Mortgage-Backed Securities Trust, Class A4, Series 2022-PJ6, 3.00%, 11/25/52, Callable 1/25/50 @ 100(b)(c) | 1078340 |
| 1043615 | HarborView Mortgage Loan Trust, Class 1A1A, Series 2006-10, 4.54%(US0001M+20bps), 11/19/36, Callable 3/19/24 @ 100 | 818316 |
| 200000 | Hudson Yards Mortgage Trust, Class A, Series 2019-55HY, 3.04%, 12/10/41(b)(c) | 167365 |
| 330000 | Hudson Yards Mortgage Trust, Class A, Series 2019-30HY, 3.23%, 6/10/37(b) | 283414 |
| 701000 | J.P. Morgan Chase Commercial Mortgage Securities Trust, Class A, Series 2021-HTL5, 5.43%(US0001M+112bps), 11/15/38(b) | 670361 |
| 325000 | J.P. Morgan Chase Commercial Mortgage Securities Trust, Class A, Series 2019-OSB, 3.40%, 6/5/39, Callable 6/5/29 @ 100(b) | 281941 |
| 634001 | Merrill Lynch First Franklin Mortgage Loan Trust, Class 2A2, Series 2007-4, 4.51%(US0001M+12bps), 7/25/37, Callable 10/25/23 @ 100 | 306390 |
| 220000 | MKT Mortgage Trust, Class A, Series 2020-525M, 2.69%, 2/12/40(b) | 171749 |
| 123359 | MortgageIT Trust, Class 2A3, Series 2005-2, 5.77%(US0001M+165bps), 5/25/35, Callable 1/25/23 @ 100 | 115646 |
| 168152 | Nomura Asset Acceptance Corp., Class 3A1, Series 2005-AR3, 5.69%, 7/25/35, Callable 1/25/23 @ 100(c) | 161052 |
| 415000 | One Bryant Park Trust, Class A, Series 2019-OBP, 2.52%, 9/13/49(b) | 338579 |
| 750000 | Palmer Square CLO, Ltd., Class A, Series 2022-1A, 5.28%(TSFR3M+132bps), 4/20/35, Callable 4/20/24 @ 100(b) | 730189 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | **Collateralized Mortgage Obligations, continued** | |
| $| 750000 | Park Avenue Institutional Advisers CLO, Ltd., Class A1A, Series 2021-1A, 5.63%(US0003M+139bps), 1/20/34, Callable 1/20/23 @ 100(b) | $732826 |
|  | 560000 | RBS Commercial Funding, Inc. Trust, Class A, Series 2013-GSP, 3.83%, 1/13/32(b)(c) | 539851 |
|  | 800000 | Recette CLO, Ltd., Class ARR, Series 2015-1A, 5.32%(US0003M+108bps), 1/20/33, Callable 4/20/23 @ 100(b) | 774838 |
|  | 653790 | Residential Accredit Loans, Inc., Class A2, Series 2006-QA10, 4.75%(US0001M+18bps), 12/25/36, Callable 1/25/23 @ 100 | 519675 |
|  | 800000 | Rockford Tower CLO, Ltd., Class A1, Series 2021-1A, 5.41%(US0003M+117bps), 7/20/34, Callable 7/20/23 @ 100(b) | 779195 |
|  | 685417 | Structured Asset Mortgage Investments II Trust, Class 3A1, Series 2006-AR1, 4.85%(US0001M+23bps), 2/25/36, Callable 2/25/23 @ 100 | 561997 |
|  | 571895 | Toorak Mortgage Corp. 2018 1, Ltd., Class A1, Series 2022-INV2, 4.35%, 6/25/57, Callable 5/25/25 @ 100(b)(c) | 555064 |
|  | 294205 | WaMu Mortgage Pass-Through Certificates Trust, Class 2A1A, Series 2005-AR6, 4.85%(US0001M+23bps), 4/25/45, Callable 1/25/23 @ 100 | 290516 |
|  | 122579 | WaMu Mortgage Pass-Through Certificates Trust, Class A1A, Series 2004-AR10, 5.27%(US0001M+44bps), 7/25/44, Callable 1/25/23 @ 100 | 117176 |
|  | 259894 | WaMu Mortgage Pass-Through Certificates Trust, Class A2, Series 2005-AR3, 2.87%, 3/25/35, Callable 1/25/23 @ 100(c) | 242954 |
|  | 898706 | WaMu Mortgage Pass-Through Certificates Trust, Class 2A1A, Series 2005-AR8, 4.97%(US0001M+29bps), 7/25/45, Callable 1/25/23 @ 100 | 818240 |
|  | 190700 | Wells Fargo Mortgage Backed Securities Trust, Class 1A1, Series 2006-AR12, 4.09%, 9/25/36, Callable 1/25/23 @ 100(c) | 167578 |
|  | Total Collateralized Mortgage Obligations (Cost $27,685,411) | Total Collateralized Mortgage Obligations (Cost $27,685,411) | 25755511 |
| **Corporate Bonds (23.1%):** | **Corporate Bonds (23.1%):** | **Corporate Bonds (23.1%):** |  |
| **Aerospace & Defense (0.3%):** | **Aerospace & Defense (0.3%):** | **Aerospace & Defense (0.3%):** |  |
|  | 605000 | Boeing Co. (The), 1.17%, 2/4/23 | 602157 |
| **Airlines (0.2%):** | **Airlines (0.2%):** | **Airlines (0.2%):** |  |
|  | 360596 | U.S. Airways Pass Through Trust, Series 2010-1A, 6.25%, 10/22/24 | 353385 |
| **Automobiles (0.5%):** | **Automobiles (0.5%):** | **Automobiles (0.5%):** |  |
|  | 5000 | Magallanes, Inc., 4.28%, 3/15/32, Callable 12/15/31 @ 100(b) | 4129 |
|  | 585000 | Magallanes, Inc., 5.05%, 3/15/42, Callable 9/15/41 @ 100(b) | 450966 |
|  | 733000 | Magallanes, Inc., 5.14%, 3/15/52, Callable 9/15/51 @ 100(b) | 539454 |
|  | 290000 | Michaels Cos., Inc. (The), 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(b) | 192850 |
|  |  |  | 1187399 |

---

See accompanying notes to the financial statements.

------

**AZL MetWest Total Return Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Banks (5.2%):** | **Banks (5.2%):** | |
| $665000 | Bank of America Corp., 1.66% (SOFR+91 bps), 3/11/27, Callable 3/11/26 @ 100 | $588054 |
| 415000 | Bank of America Corp., 3.42% (US0003M+104 bps), 12/20/28, Callable 12/20/27 @ 100 | 375713 |
| 470000 | Bank of America Corp., 3.97% (US0003M+107 bps), 3/5/29, Callable 3/5/28 @ 100, MTN | 435047 |
| 760000 | Bank of America Corp., 2.09% (SOFR+106 bps), 6/14/29, Callable 6/14/28 @ 100 | 641554 |
| 100000 | Bank of America Corp., 2.59% (SOFR+215 bps), 4/29/31, Callable 4/29/30 @ 100 | 81777 |
| 295000 | Bank of America Corp., 1.92% (SOFR+137 bps), 10/24/31, Callable 10/24/30 @ 100, MTN | 225833 |
| 85000 | Bank of America Corp., 2.69% (SOFR+132 bps), 4/22/32, Callable 4/22/31 @ 100 | 68049 |
| 170000 | Bank of America Corp., 2.30% (SOFR+122 bps), 7/21/32, Callable 7/21/31 @ 100 | 131248 |
| 250000 | Bank of America Corp., 2.57% (SOFR+121 bps), 10/20/32, Callable 10/20/31 @ 100 | 196271 |
| 150000 | Bank of America Corp., 2.97% (SOFR+133 bps), 2/4/33, Callable 2/4/32 @ 100 | 121098 |
| 135000 | Citigroup, Inc., 3.07% (SOFR+128 bps), 2/24/28, Callable 2/24/27 @ 100 | 121705 |
| 165000 | Citigroup, Inc., 2.98% (SOFR+142 bps), 11/5/30, Callable 11/5/29 @ 100 | 139213 |
| 140000 | Citigroup, Inc., 2.67% (SOFR+115 bps), 1/29/31, Callable 1/29/30 @ 100 | 115022 |
| 630000 | Citigroup, Inc., 4.41% (SOFR+391 bps), 3/31/31, Callable 3/31/30 @ 100 | 580042 |
| 350000 | Citigroup, Inc., 2.57% (SOFR+211 bps), 6/3/31, Callable 6/3/30 @ 100 | 282200 |
| 330000 | Citigroup, Inc., 2.56% (SOFR+117 bps), 5/1/32, Callable 5/1/31 @ 100 | 261777 |
| 645000 | Citigroup, Inc., 3.06% (SOFR+135 bps), 1/25/33, Callable 1/25/32 @ 100 | 521518 |
| 145000 | JPMorgan Chase & Co., 0.70% (SOFR+58 bps), 3/16/24, Callable 3/16/23 @ 100 | 143428 |
| 1210000 | JPMorgan Chase & Co., 0.97% (SOFR+58 bps), 6/23/25, Callable 6/23/24 @ 100 | 1128521 |
| 455000 | JPMorgan Chase & Co., 1.56% (SOFR+61 bps), 12/10/25, Callable 12/10/24 @ 100 | 422140 |
| 220000 | JPMorgan Chase & Co., 3.96% (US0003M+125 bps), 1/29/27, Callable 1/29/26 @ 100 | 209565 |
| 445000 | JPMorgan Chase & Co., 1.58% (SOFR+89 bps), 4/22/27, Callable 4/22/26 @ 100 | 390828 |
| 180000 | JPMorgan Chase & Co., 2.95% (SOFR+117 bps), 2/24/28, Callable 2/24/27 @ 100 | 163240 |
| 170000 | JPMorgan Chase & Co., 2.74% (SOFR+151 bps), 10/15/30, Callable 10/15/29 @ 100 | 142811 |
| 445000 | JPMorgan Chase & Co., 2.58% (SOFR+125 bps), 4/22/32, Callable 4/22/31 @ 100 | 358215 |
| 275000 | JPMorgan Chase & Co., 2.55% (SOFR+118 bps), 11/8/32, Callable 11/8/31 @ 100 | 217727 |
| 210000 | PNC Financial Services Group, Inc. (The), 6.04% (SOFRINDX+ bps), 10/28/33, Callable 10/28/32 @ 100 | 220396 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Banks, continued** | **Banks, continued** | **Banks, continued** | |
| $| 210000 | US Bancorp, 5.85% (SOFR+209 bps), 10/21/33, Callable 10/21/32 @ 100 | $219691 |
|  | 790000 | Wells Fargo & Co., 3.53% (SOFR+151 bps), 3/24/28, Callable 3/24/27 @ 100 | 735032 |
|  | 410000 | Wells Fargo & Co., 3.58% (US0003M+131 bps), 5/22/28, Callable 5/22/27 @ 100, MTN | 380644 |
|  | 185000 | Wells Fargo & Co., 2.39% (SOFR+210 bps), 6/2/28, Callable 6/2/27 @ 100, MTN | 163663 |
|  | 200000 | Wells Fargo & Co., 2.88% (US0003M+117 bps), 10/30/30, Callable 10/30/29 @ 100, MTN | 170592 |
|  | 1260000 | Wells Fargo & Co., 3.35% (SOFR+150 bps), 3/2/33, Callable 3/2/32 @ 100, MTN | 1066110 |
|  | 300000 | Wells Fargo & Co., 4.90% (SOFR+210 bps), 7/25/33, Callable 7/25/32 @ 100 | 285634 |
|  |  |  | 11304358 |
| **Beverages (0.2%):** | **Beverages (0.2%):** | **Beverages (0.2%):** |  |
|  | 350000 | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36, Callable 8/1/35 @ 100 | 331030 |
| **Biotechnology (0.0%<sup>†</sup>):** | **Biotechnology (0.0%<sup>†</sup>):** | **Biotechnology (0.0%<sup>†</sup>):** |  |
|  | 35000 | AbbVie, Inc., 4.45%, 5/14/46, Callable 11/14/45 @ 100 | 30392 |
| **Capital Markets (2.7%):** | **Capital Markets (2.7%):** | **Capital Markets (2.7%):** |  |
|  | 735000 | Goldman Sachs Group, Inc. (The), 1.22%, 12/6/23, Callable 1/12/23 @ 100 | 709679 |
|  | 180000 | Goldman Sachs Group, Inc. (The), 1.09% (SOFR+79 bps), 12/9/26, Callable 12/9/25 @ 100 | 159050 |
|  | 885000 | Goldman Sachs Group, Inc. (The), 1.43% (SOFR+80 bps), 3/9/27, Callable 3/9/26 @ 100 | 776297 |
|  | 450000 | Goldman Sachs Group, Inc. (The), 1.54% (SOFR+82 bps), 9/10/27, Callable 9/10/26 @ 100 | 388476 |
|  | 570000 | Goldman Sachs Group, Inc. (The), 1.95% (SOFR+91 bps), 10/21/27, Callable 10/21/26 @ 100 | 497668 |
|  | 115000 | Goldman Sachs Group, Inc. (The), 1.99% (SOFFRATE+1 bps), 1/27/32, Callable 1/27/31 @ 100 | 87818 |
|  | 345000 | Goldman Sachs Group, Inc. (The), 2.38% (SOFR+125 bps), 7/21/32, Callable 7/21/31 @ 100 | 268637 |
|  | 170000 | Goldman Sachs Group, Inc. The, 2.65% (SOFR+126 bps), 10/21/32, Callable 10/21/31 @ 100 | 134732 |
|  | 835000 | Morgan Stanley, 0.79% (SOFR+53 bps), 5/30/25, Callable 5/30/24 @ 100 | 778023 |
|  | 195000 | Morgan Stanley, 1.16% (SOFR+56 bps), 10/21/25, Callable 10/21/24 @ 100, MTN | 179593 |
|  | 445000 | Morgan Stanley, 1.59% (SOFR+88 bps), 5/4/27, Callable 5/4/26 @ 100 | 390100 |
|  | 330000 | Morgan Stanley, 1.93% (SOFR+102 bps), 4/28/32, Callable 4/28/31 @ 100, MTN | 250328 |
|  | 115000 | Morgan Stanley, 2.24% (SOFR+118 bps), 7/21/32, Callable 7/21/31 @ 100, MTN | 88329 |
|  | 195000 | Morgan Stanley, 2.51% (SOFR+120 bps), 10/20/32, Callable 10/20/31 @ 100, MTN | 152775 |
|  | 165000 | Morgan Stanley, 2.94% (SOFR+129 bps), 1/21/33, Callable 1/21/32 @ 100 | 134112 |
|  | 320000 | Morgan Stanley, 2.48% (SOFR+136 bps), 9/16/36, Callable 9/16/31 @ 100 | 233817 |

---

See accompanying notes to the financial statements.

------

**AZL MetWest Total Return Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Capital Markets, continued** | **Capital Markets, continued** | |
| 255000 | Raymond James Financial, 4.95%, 7/15/46 | $232748 |
| 295000 | S&P Global, Inc., 4.75%, 8/1/28, Callable 5/1/28 @ 100(b) | 292098 |
|  |  | 5754280 |
| **Chemicals (0.1%):** | **Chemicals (0.1%):** |  |
| 312000 | International Flavors & Fragrances, Inc., 2.30%, 11/1/30, Callable 8/1/30 @ 100(b) | 246839 |
| 60000 | Valvoline, Inc., 3.63%, 6/15/31, Callable 6/15/26 @ 101.81(b) | 48000 |
|  |  | 294839 |
| **Commercial Services & Supplies (0.1%):** | **Commercial Services & Supplies (0.1%):** |  |
| 150000 | Waste Pro USA, Inc., 5.50%, 2/15/26, Callable 2/6/23 @ 102.75(b) | 132188 |
| **Communications Equipment (0.1%):** | **Communications Equipment (0.1%):** |  |
| 275000 | CommScope, Inc., 4.75%, 9/1/29, Callable 9/1/24 @ 102.38(b) | 221719 |
| **Consumer Discretionary Services (0.0%<sup>†</sup>):** | **Consumer Discretionary Services (0.0%<sup>†</sup>):** |  |
| 30000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.75%, 1/15/30, Callable 1/15/25 @ 103.38(b) | 24150 |
| **Consumer Finance (0.2%):** | **Consumer Finance (0.2%):** |  |
| 385000 | Capital One Financial Corp., 3.27% (SOFR+179 bps), 3/1/30, Callable 3/1/29 @ 100 | 330506 |
| 145000 | FirstCash, Inc., 5.63%, 1/1/30, Callable 1/1/25 @ 102.81(b) | 129050 |
|  |  | 459556 |
| **Consumer Staple Products (0.2%):** | **Consumer Staple Products (0.2%):** |  |
| 100000 | Chobani LLC / Chobani Finance Corp., Inc., 4.63%, 11/15/28, Callable 11/15/23 @ 102.31(b) | 86375 |
| 255000 | Jbs USA Lux SA Jbs USA Food Co., 6.50%, 12/1/52, Callable 6/1/52 @ 100(b) | 243525 |
|  |  | 329900 |
| **Containers & Packaging (0.5%):** | **Containers & Packaging (0.5%):** |  |
| 135000 | Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 5.25%, 8/15/27, Callable 2/6/23 @ 102.63(b) | 101925 |
| 135000 | Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 5.25%, 8/15/27, Callable 2/6/23 @ 102.63(b) | 101925 |
| 200000 | Ball Corp., 4.00%, 11/15/23 | 196500 |
| 500000 | Berry Global, Inc., 1.57%, 1/15/26, Callable 12/15/25 @ 100 | 445000 |
| 90000 | Berry Global, Inc., 4.88%, 7/15/26, Callable 2/6/23 @ 102.44(b) | 86580 |
| 110000 | Graphic Packaging International LLC, 4.75%, 7/15/27, Callable 4/15/27 @ 100(b) | 103537 |
| 25000 | Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24, Callable 2/6/23 @ 100(b) | 24188 |
|  |  | 1059655 |
| **Diversified Financial Services (0.7%):** | **Diversified Financial Services (0.7%):** |  |
| 600000 | Amcor Finance USA, Inc., 3.63%, 4/28/26, Callable 1/28/26 @ 100 | 569734 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Diversified Financial Services, continued** | **Diversified Financial Services, continued** | **Diversified Financial Services, continued** | |
| $| 32000 | Level 3 Financing, Inc., 3.40%, 3/1/27, Callable 1/1/27 @ 100(b) | $27000 |
|  | 300000 | Level 3 Financing, Inc., 3.63%, 1/15/29, Callable 1/15/24 @ 101.81(b) | 218250 |
|  | 425000 | Level 3 Financing, Inc., 3.88%, 11/15/29, Callable 8/15/29 @ 100(b) | 334156 |
|  | 300000 | Venture Global Calcasieu Pass LLC, 3.88%, 8/15/29, Callable 2/15/29 @ 100(b) | 261000 |
|  |  |  | 1410140 |
| **Diversified Telecommunication Services (0.7%):** | **Diversified Telecommunication Services (0.7%):** | **Diversified Telecommunication Services (0.7%):** |  |
|  | 290000 | AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100 | 264790 |
|  | 125000 | AT&T, Inc., 4.30%, 12/15/42, Callable 6/15/42 @ 100 | 103098 |
|  | 125000 | AT&T, Inc., 4.75%, 5/15/46, Callable 11/15/45 @ 100 | 106806 |
|  | 510000 | AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100 | 355250 |
|  | 50000 | Lumen Technologies, Inc., 4.00%, 2/15/27, Callable 2/15/23 @ 102(b) | 42313 |
|  | 175000 | Qwest Corp., 7.25%, 9/15/25 | 178639 |
|  | 305000 | Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100 | 251309 |
|  | 147000 | Zayo Group Holdings, Inc., 4.00%, 3/1/27, Callable 2/6/23 @ 100(b) | 108229 |
|  |  |  | 1410434 |
| **Electric Utilities (1.2%):** | **Electric Utilities (1.2%):** | **Electric Utilities (1.2%):** |  |
|  | 25000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.75%, 10/15/27, Callable 2/6/23 @ 103.38(b) | 22469 |
|  | 280000 | American Transmission Systems, Inc., 5.00%, 9/1/44, Callable 3/1/44 @ 100(b) | 251146 |
|  | 500000 | Appalachian Power Co., Series H, 5.95%, 5/15/33 | 512740 |
|  | 1000000 | Duke Energy Progress, Inc., 4.15%, 12/1/44, Callable 6/1/44 @ 100 | 842338 |
|  | 355000 | Florida Power & Light Co., 3.99%, 3/1/49, Callable 9/1/48 @ 100 | 296251 |
|  | 750000 | Jersey Central Power & Light Co., 6.40%, 5/15/36 | 745194 |
|  |  |  | 2670138 |
| **Electrical Equipment (0.0%<sup>†</sup>):** | **Electrical Equipment (0.0%<sup>†</sup>):** | **Electrical Equipment (0.0%<sup>†</sup>):** |  |
|  | 82000 | Artera Services LLC, 9.03%, 12/4/25, Callable 2/6/23 @ 104.52(b) | 68060 |
| **Entertainment (0.1%):** | **Entertainment (0.1%):** | **Entertainment (0.1%):** |  |
|  | 260000 | Take Two Interactive Software, Inc., 4.00%, 4/14/32, Callable 1/14/32 @ 100 | 231358 |
| **Equity Real Estate Investment Trusts (REITs) (1.0%):** | **Equity Real Estate Investment Trusts (REITs) (1.0%):** | **Equity Real Estate Investment Trusts (REITs) (1.0%):** |  |
|  | 47000 | Extra Space Storage LP, 3.90%, 4/1/29, Callable 2/1/29 @ 100 | 42396 |
|  | 285000 | Extra Space Storage LP, 2.55%, 6/1/31, Callable 3/1/31 @ 100 | 223856 |
|  | 55000 | Extra Space Storage LP, 2.35%, 3/15/32, Callable 12/15/31 @ 100 | 41676 |
|  | 180000 | GLP Capital LP / GLP Financing II, Inc., 5.25%, 6/1/25, Callable 3/1/25 @ 100 | 176952 |

---

See accompanying notes to the financial statements.

------

**AZL MetWest Total Return Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Equity Real Estate Investment Trusts (REITs), continued** | **Equity Real Estate Investment Trusts (REITs), continued** | **Equity Real Estate Investment Trusts (REITs), continued** | |
| $| 460000 | GLP Capital LP / GLP Financing II, Inc., 5.38%, 4/15/26, Callable 1/15/26 @ 100 | $452502 |
|  | 105000 | GLP Capital LP / GLP Financing II, Inc., 5.75%, 6/1/28, Callable 3/3/28 @ 100 | 102714 |
|  | 290000 | GLP Capital LP / GLP Financing II, Inc., 5.30%, 1/15/29, Callable 10/15/28 @ 100 | 274824 |
|  | 5000 | GLP Capital LP / GLP Financing II, Inc., 4.00%, 1/15/30, Callable 10/15/29 @ 100 | 4385 |
|  | 145000 | Healthcare Trust of America Holdings LP, 3.10%, 2/15/30, Callable 11/15/29 @ 100 | 121908 |
|  | 200000 | Hudson Pacific Properties, LP, 5.95%, 2/15/28, Callable 1/15/28 @ 100 | 187802 |
|  | 70000 | Hudson Pacific Properties, LP, 3.25%, 1/15/30, Callable 10/15/29 @ 100 | 53704 |
|  | 5000 | Invitation Homes Operating Partnership LP, 2.70%, 1/15/34, Callable 10/15/33 @ 100 | 3659 |
|  | 170000 | Physicians Realty LP, 2.63%, 11/1/31, Callable 8/1/31 @ 100 | 132671 |
|  | 265000 | VICI Properties LP, 5.13%, 5/15/32, Callable 2/15/32 @ 100 | 245125 |
|  |  |  | 2064174 |
| **Food Products (0.6%):** | **Food Products (0.6%):** | **Food Products (0.6%):** |  |
|  | 265000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 3.00%, 2/2/29, Callable 12/2/28 @ 100(b) | 219950 |
|  | 30000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(b) | 28537 |
|  | 130000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 3.75%, 12/1/31, Callable 12/1/26 @ 101.88(b) | 105138 |
|  | 545000 | Kraft Heinz Foods Co., 4.88%, 10/1/49, Callable 4/1/49 @ 100 | 478422 |
|  | 25000 | Pilgrim's Pride Corp., 5.88%, 9/30/27, Callable 2/6/23 @ 102.94(b) | 24312 |
|  | 367000 | Post Holdings, Inc., 5.75%, 3/1/27, Callable 1/23/23 @ 102.88(b) | 354614 |
|  | 135000 | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed, 4.63%, 3/1/29, Callable 3/1/24 @ 102.31(b) | 110869 |
|  |  |  | 1321842 |
| **Health Care Equipment & Supplies (0.3%):** | **Health Care Equipment & Supplies (0.3%):** | **Health Care Equipment & Supplies (0.3%):** |  |
|  | 455000 | Becton Dickinson And Co., 1.96%, 2/11/31, Callable 11/11/30 @ 100 | 361403 |
|  | 280000 | Embecta Corp., 5.00%, 2/15/30, Callable 2/15/27 @ 101.25(b) | 238000 |
|  |  |  | 599403 |
| **Health Care Providers & Services (1.9%):** | **Health Care Providers & Services (1.9%):** | **Health Care Providers & Services (1.9%):** |  |
|  | 200000 | Aetna, Inc., 3.50%, 11/15/24, Callable 8/15/24 @ 100 | 194134 |
|  | 190000 | Centene Corp., 4.25%, 12/15/27, Callable 1/23/23 @ 102.13 | 178600 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Health Care Providers & Services, continued** | **Health Care Providers & Services, continued** | **Health Care Providers & Services, continued** | |
| $| 83000 | Centene Corp., 2.45%, 7/15/28, Callable 5/15/28 @ 100 | $69720 |
|  | 569000 | Centene Corp., 3.00%, 10/15/30, Callable 7/15/30 @ 100 | 466580 |
|  | 290000 | CommonSpirit Health, 2.78%, 10/1/30, Callable 4/1/30 @ 100 | 239671 |
|  | 400000 | CVS Health Corp., 4.88%, 7/20/35, Callable 1/20/35 @ 100 | 382287 |
|  | 525000 | CVS Health Corp., 5.05%, 3/25/48, Callable 9/25/47 @ 100 | 472918 |
|  | 93000 | HCA, Inc., 5.25%, 4/15/25 | 92767 |
|  | 110000 | HCA, Inc., 5.25%, 6/15/26, Callable 12/15/25 @ 100 | 108350 |
|  | 640000 | HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100 | 588800 |
|  | 90000 | HCA, Inc., 2.38%, 7/15/31, Callable 4/15/31 @ 100 | 70127 |
|  | 225000 | HCA, Inc., 3.63%, 3/15/32, Callable 12/15/31 @ 100(b) | 191017 |
|  | 345000 | HCA, Inc., 5.50%, 6/15/47, Callable 12/15/46 @ 100 | 307050 |
|  | 145000 | HCA, Inc., 5.25%, 6/15/49, Callable 12/15/48 @ 100 | 127600 |
|  | 215000 | HCA, Inc., 4.63%, 3/15/52, Callable 9/15/51 @ 100(b) | 169113 |
|  | 75000 | Humana, Inc., 4.95%, 10/1/44, Callable 4/1/44 @ 100 | 68436 |
|  | 409000 | Molina Healthcare, Inc., 3.88%, 11/15/30, Callable 8/17/30 @ 100(b) | 349695 |
|  | 150000 | Option Care Health, Inc., 4.38%, 10/31/29, Callable 10/31/24 @ 102.19(b) | 131625 |
|  |  |  | 4208490 |
| **Hotels, Restaurants & Leisure (0.0%<sup>†</sup>):** | **Hotels, Restaurants & Leisure (0.0%<sup>†</sup>):** | **Hotels, Restaurants & Leisure (0.0%<sup>†</sup>):** |  |
|  | 125000 | Papa John S International, 3.88%, 9/15/29, Callable 9/15/24 @ 101.94(b) | 104375 |
| **Household Products (0.1%):** | **Household Products (0.1%):** | **Household Products (0.1%):** |  |
|  | 135000 | Spectrum Brands, Inc., 5.50%, 7/15/30, Callable 7/15/25 @ 102.75(b) | 119306 |
| **Industrial Services (0.0%<sup>†</sup>):** | **Industrial Services (0.0%<sup>†</sup>):** | **Industrial Services (0.0%<sup>†</sup>):** |  |
|  | 30000 | WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26, Callable 4/15/23 @ 102.88(b) | 28125 |
| **Insurance (1.0%):** | **Insurance (1.0%):** | **Insurance (1.0%):** |  |
|  | 125000 | Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/29, Callable 2/15/24 @ 102.13(b) | 103125 |
|  | 135000 | Aon Corp. / Aon Global Holdings plc, 3.90%, 2/28/52, Callable 8/28/51 @ 100 | 105099 |
|  | 25000 | AssuredPartners, Inc., 5.63%, 1/15/29, Callable 12/15/23 @ 102.81(b) | 20375 |
|  | 225000 | Athene Global Funding, 3.64% (SOFR+70 bps), 5/24/24(b) | 220555 |
|  | 125000 | Athene Global Funding, 3.21%, 3/8/27(b) | 111721 |
|  | 375000 | Athene Global Funding, 1.99%, 8/19/28(b) | 302403 |
|  | 130000 | Athene Global Funding, 2.72%, 1/7/29(b) | 107952 |
|  | 700000 | Farmers Exchange Capital III, 5.45% (US0003M+345 bps), 10/15/54, Callable 10/15/34 @ 100(b) | 617599 |

---

See accompanying notes to the financial statements.

------

**AZL MetWest Total Return Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Insurance, continued** | **Insurance, continued** | **Insurance, continued** | |
| $| 670000 | Farmers Insurance Exchange, 4.75% (US0003M+323 bps), 11/1/57, Callable 11/1/37 @ 100(b) | $532188 |
|  |  |  | 2121017 |
| **IT Services (0.1%):** | **IT Services (0.1%):** | **IT Services (0.1%):** |  |
|  | 80000 | Colt Merger Sub, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(b) | 78500 |
|  | 115000 | Global Payments, Inc., 5.40%, 8/15/32, Callable 5/15/32 @ 100 | 110110 |
|  | 146000 | Global Payments, Inc., 5.95%, 8/15/52, Callable 2/15/52 @ 100 | 133497 |
|  |  |  | 322107 |
| **Media (0.7%):** | **Media (0.7%):** | **Media (0.7%):** |  |
|  | 345000 | Cable One, Inc., 4.00%, 11/15/30, Callable 11/15/25 @ 102(b) | 271687 |
|  | 499000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.75%, 4/1/48, Callable 10/1/47 @ 100 | 412067 |
|  | 35000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.80%, 3/1/50, Callable 9/1/49 @ 100 | 25685 |
|  | 380000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.25%, 4/1/53, Callable 10/1/52 @ 100 | 295995 |
|  | 100000 | CSC Holdings LLC, 5.38%, 2/1/28, Callable 2/6/23 @ 102.69(b) | 80625 |
|  | 25000 | CSC Holdings LLC, 7.50%, 4/1/28, Callable 4/1/23 @ 103.75(b) | 16875 |
|  | 276000 | CSC Holdings LLC, 6.50%, 2/1/29, Callable 2/1/24 @ 103.25(b) | 226320 |
|  | 465000 | Diamond Sports Group LLC / Diamond Sports Finance Co., 5.38%, 8/15/26, Callable 1/23/23 @ 102.69(b) | 51150 |
|  | 30000 | OT Merger Corp., 7.88%, 10/15/29, Callable 10/15/24 @ 103.94(b) | 15900 |
|  | 120000 | Time Warner Cable LLC, 5.88%, 11/15/40, Callable 5/15/40 @ 100 | 105687 |
|  | 125000 | Time Warner Cable LLC, 5.50%, 9/1/41, Callable 3/1/41 @ 100 | 104244 |
|  |  |  | 1606235 |
| **Oil, Gas & Consumable Fuels (0.8%):** | **Oil, Gas & Consumable Fuels (0.8%):** | **Oil, Gas & Consumable Fuels (0.8%):** |  |
|  | 210000 | Energy Transfer LP, 5.50%, 6/1/27, Callable 3/1/27 @ 100 | 208537 |
|  | 209000 | Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100 | 201495 |
|  | 670000 | Energy Transfer LP, 5.40%, 10/1/47, Callable 4/1/47 @ 100 | 569012 |
|  | 70000 | Energy Transfer, LP, 6.25%, 4/15/49, Callable 10/15/48 @ 100 | 65675 |
|  | 55000 | Enterprise Products Operating LLC, 5.10%, 2/15/45, Callable 8/15/44 @ 100 | 49709 |
|  | 37000 | Occidental Petroleum Corp., 7.23%, 10/10/36(d) | 18407 |
|  | 200000 | Occidental Petroleum Corp., 4.50%, 7/15/44, Callable 1/15/44 @ 100 | 161000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| $| 250000 | Rockies Express Pipeline LLC, 4.95%, 7/15/29, Callable 4/15/29 @ 100(b) | $226250 |
|  | 250000 | Rockies Express Pipeline LLC, 4.80%, 5/15/30, Callable 2/15/30 @ 100(b) | 218750 |
|  | 89000 | Sunoco, LP / Sunoco Finance Corp., 4.50%, 4/30/30, Callable 4/30/25 @ 102.25 | 77207 |
|  |  |  | 1796042 |
| **Pharmaceuticals (0.8%):** | **Pharmaceuticals (0.8%):** | **Pharmaceuticals (0.8%):** |  |
|  | 1006000 | Bayer US Finance II LLC, 4.38%, 12/15/28, Callable 9/15/28 @ 100(b) | 947974 |
|  | 490000 | Bayer US Finance II LLC, 4.63%, 6/25/38, Callable 12/25/37 @ 100(b) | 429328 |
|  | 160000 | Bayer US Finance II LLC, 4.88%, 6/25/48, Callable 12/25/47 @ 100(b) | 138503 |
|  | 275000 | Prestige Brands, Inc., 3.75%, 4/1/31, Callable 4/1/26 @ 101.88(b) | 226531 |
|  |  |  | 1742336 |
| **Real Estate (0.4%):** | **Real Estate (0.4%):** | **Real Estate (0.4%):** |  |
|  | 22000 | Healthcare Realty Holdings LP, 2.05%, 3/15/31, Callable 12/15/30 @ 100 | 15974 |
|  | 135000 | Healthcare Realty Holdings, LP, 2.40%, 3/15/30, Callable 12/15/29 @ 100 | 105454 |
|  | 160000 | Healthcare Trust of America Holdings, LP, 2.00%, 3/15/31, Callable 12/15/30 @ 100 | 121522 |
|  | 115000 | Invitation Homes Operating Partnership LP, 2.00%, 8/15/31, Callable 5/15/31 @ 100 | 85037 |
|  | 20000 | VICI Properties LP / VICI Note Co., Inc., 4.63%, 6/15/25, Callable 3/15/25 @ 100(b) | 19125 |
|  | 75000 | VICI Properties LP / VICI Note Co., Inc., 4.50%, 9/1/26, Callable 6/1/26 @ 100(b) | 70312 |
|  | 15000 | Vici Properties Vici Note, 3.75%, 2/15/27, Callable 2/15/23 @ 101.88(b) | 13575 |
|  | 132000 | Vici Properties, LP, 5.63%, 5/15/52, Callable 11/15/51 @ 100 | 116160 |
|  | 90000 | Vici Properties, LP Vici Note Co., Inc., 5.75%, 2/1/27, Callable 11/1/26 @ 100(b) | 87750 |
|  | 45000 | Vici Properties, LP Vici Note Co., Inc., 4.50%, 1/15/28, Callable 10/15/27 @ 100(b) | 41119 |
|  | 130000 | Vici Properties, LP Vici Note Co., Inc., 3.88%, 2/15/29, Callable 11/15/28 @ 100(b) | 113912 |
|  |  |  | 789940 |
| **Semiconductors & Semiconductor Equipment (0.2%):** | **Semiconductors & Semiconductor Equipment (0.2%):** | **Semiconductors & Semiconductor Equipment (0.2%):** |  |
|  | 284000 | Broadcom, Inc., 2.60%, 2/15/33, Callable 11/15/32 @ 100(b) | 213927 |
|  | 140000 | Broadcom, Inc., 3.42%, 4/15/33, Callable 1/15/33 @ 100(b) | 112883 |
|  |  |  | 326810 |
| **Software (0.4%):** | **Software (0.4%):** | **Software (0.4%):** |  |
|  | 75000 | NCR Corp., 5.00%, 10/1/28, Callable 10/1/23 @ 102.5(b) | 63937 |
|  | 50000 | NCR Corp., 5.13%, 4/15/29, Callable 4/15/24 @ 102.56(b) | 41500 |
|  | 70000 | Oracle Corp., 2.88%, 3/25/31, Callable 12/25/30 @ 100 | 58353 |

---

See accompanying notes to the financial statements.

------

**AZL MetWest Total Return Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Software, continued** | **Software, continued** | |
| 70000 | Oracle Corp., 3.80%, 11/15/37, Callable 5/15/37 @ 100 | $55671 |
| 565000 | Oracle Corp., 3.95%, 3/25/51, Callable 9/25/50 @ 100 | 407876 |
| 210000 | Oracle Corp., 6.90%, 11/9/52, Callable 5/9/52 @ 100 | 228242 |
|  |  | 855579 |
| **Specialty Retail (0.0%<sup>†</sup>):** | **Specialty Retail (0.0%<sup>†</sup>):** |  |
| 30000 | Rent-A-Center, Inc., 6.38%, 2/15/29, Callable 2/15/24 @ 103.19(b) | 24038 |
| **Technology Hardware, Storage & Peripherals (0.0%<sup>†</sup>):** | **Technology Hardware, Storage & Peripherals (0.0%<sup>†</sup>):** |  |
| 25000 | NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63(b) | 20625 |
| **Textiles, Apparel & Luxury Goods (0.1%):** | **Textiles, Apparel & Luxury Goods (0.1%):** |  |
| 125000 | USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 4/1/26, Callable 2/6/23 @ 103.44 | 119844 |
| **Tobacco (0.5%):** | **Tobacco (0.5%):** |  |
| 625000 | BAT Capital Corp., 4.54%, 8/15/47, Callable 2/15/47 @ 100 | 447114 |
| 130000 | BAT Capital Corp., 5.65%, 3/16/52, Callable 9/16/51 @ 100 | 109840 |
| 610000 | Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/15/45 @ 100 | 523966 |
|  |  | 1080920 |
| **Trading Companies & Distributors (0.1%):** | **Trading Companies & Distributors (0.1%):** |  |
| 265000 | Air Lease Corp., 5.85%, 12/15/27, Callable 11/15/27 @ 100 | 266498 |
| **Utilities (0.1%):** | **Utilities (0.1%):** |  |
| 265000 | NextEra Energy Capital Holdings, Inc., 4.63%, 7/15/27, Callable 6/15/27 @ 100 | 261374 |
| **Wireless Telecommunication Services (1.0%):** | **Wireless Telecommunication Services (1.0%):** |  |
| 27000 | Sprint Corp., 7.88%, 9/15/23 | 27405 |
| 691875 | Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 4.74%, 3/20/25, Callable 3/20/24 @ 100(b) | 683741 |
| 235000 | T-Mobile USA, Inc., 2.25%, 2/15/26, Callable 2/15/23 @ 101.13 | 214317 |
| 444000 | T-Mobile USA, Inc., 2.63%, 4/15/26, Callable 4/15/23 @ 101.31 | 406694 |
| 418000 | T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100 | 378968 |
| 459000 | T-Mobile USA, Inc., 2.55%, 2/15/31, Callable 11/15/30 @ 100 | 376150 |
| 135000 | T-Mobile USA, Inc., 4.38%, 4/15/40, Callable 10/15/39 @ 100 | 116112 |
|  |  | 2203387 |
| Total Corporate Bonds (Cost $56,881,198) | Total Corporate Bonds (Cost $56,881,198) | 49857605 |
| **Foreign Bonds (0.2%):** | **Foreign Bonds (0.2%):** |  |
| **Entertainment (0.1%):** | **Entertainment (0.1%):** |  |
| 115000 | Netflix, Inc., 4.63%, 5/15/29+ | 119850 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Foreign Bonds, continued** | **Foreign Bonds, continued** | |
| **Equity Real Estate Investment Trusts (REITs) (0.1%):** | **Equity Real Estate Investment Trusts (REITs) (0.1%):** | |
| $140000 | CapitaLand Ascendas REIT, 0.75%, 6/23/28, Callable 3/23/28 @ 100, MTN+ | $115448 |
| **Industrial Services (0.0%<sup>†</sup>):** | **Industrial Services (0.0%<sup>†</sup>):** |  |
| 145000 | Heathrow Funding, Ltd., 1.88%, 3/14/36, MTN+ | 111314 |
| Total Foreign Bonds (Cost $364,361) | Total Foreign Bonds (Cost $364,361) | 346612 |
| **Yankee Debt Obligations (8.1%):** | **Yankee Debt Obligations (8.1%):** |  |
| **Aerospace & Defense (0.3%):** | **Aerospace & Defense (0.3%):** |  |
| 345000 | Avolon Holdings Funding, Ltd., 2.88%, 2/15/25, Callable 1/15/25 @ 100(b) | 317831 |
| 355000 | Avolon Holdings Funding, Ltd., 2.53%, 11/18/27, Callable 10/18/27 @ 100(b) | 286219 |
|  |  | 604050 |
| **Banks (2.4%):** | **Banks (2.4%):** |  |
| 450000 | DNB Bank ASA, 1.60% (H15T1Y+68 bps), 3/30/28, Callable 3/30/27 @ 100(b) | 381220 |
| 450000 | HSBC Holdings plc, 2.10% (SOFR+193 bps), 6/4/26, Callable 6/4/25 @ 100 | 410825 |
| 440000 | HSBC Holdings plc, 2.01% (SOFR+173 bps), 9/22/28, Callable 9/22/27 @ 100 | 368266 |
| 410000 | HSBC Holdings plc, 2.21% (SOFR+129 bps), 8/17/29, Callable 8/17/28 @ 100 | 332843 |
| 545000 | HSBC Holdings plc, 2.80% (SOFR+119 bps), 5/24/32, Callable 5/24/31 @ 100 | 421345 |
| 295000 | HSBC Holdings PLC, 4.76% (SOFR+211 bps), 6/9/28, Callable 6/9/27 @ 100 | 279506 |
| 145000 | Lloyds Banking Group plc, 3.87% (H15T1Y+4 bps), 7/9/25, Callable 7/9/24 @ 100 | 140835 |
| 450000 | Lloyds Banking Group plc, 1.63% (H15T1Y+85 bps), 5/11/27, Callable 5/11/26 @ 100 | 389836 |
| 200000 | Lloyds Banking Group PLC, 3.57% (US0003M+121 bps), 11/7/28, Callable 11/7/27 @ 100 | 180208 |
| 325000 | Lloyds Banking Group PLC, 4.98% (H15T1Y+230 bps), 8/11/33, Callable 8/11/32 @ 100 | 299364 |
| 545000 | NatWest Group plc, 4.27% (US0003M+176 bps), 3/22/25, Callable 3/22/24 @ 100 | 531457 |
| 390000 | Santander UK Group Holdings plc, 4.80% (US0003M+157 bps), 11/15/24, Callable 11/15/23 @ 100 | 383419 |
| 590000 | Santander UK Group Holdings plc, 1.09% (SOFR+79 bps), 3/15/25, Callable 3/15/24 @ 100 | 551655 |
| 45000 | Santander UK Group Holdings plc, 1.53% (H15T1Y+125 bps), 8/21/26, Callable 8/21/25 @ 100 | 39719 |
| 30000 | Santander UK Group Holdings plc, 1.67% (SOFR+99 bps), 6/14/27, Callable 6/14/26 @ 100 | 25481 |
| 410000 | Santander UK plc, 5.00%, 11/7/23(b) | 404801 |
|  |  | 5140780 |
| **Beverages (0.1%):** | **Beverages (0.1%):** |  |
| 275000 | Bacardi, Ltd., 4.45%, 5/15/25, Callable 3/15/25 @ 100(b) | 267523 |
| **Biotechnology (0.1%):** | **Biotechnology (0.1%):** |  |
| 275000 | Grifols Escrow Issuer SA, 4.75%, 10/15/28, Callable 10/15/24 @ 102.38(b) | 238219 |

---

See accompanying notes to the financial statements.

------

**AZL MetWest Total Return Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | |
| **Capital Markets (1.5%):** | **Capital Markets (1.5%):** | |
| $185000 | Credit Suisse Group AG, 1.31% (SOFR+98 bps), 2/2/27, Callable 2/2/26 @ 100(b) | $147730 |
| 660000 | Credit Suisse Group AG, 3.09% (SOFR+173 bps), 5/14/32, Callable 5/14/31 @ 100(b) | 457141 |
| 1615000 | Credit Suisse Group AG, 6.54% (SOFR+392 bps), 8/12/33, Callable 8/12/32 @ 100(b) | 1425694 |
| 260000 | Credit Suisse Group AG, 9.02% (SOFR+502 bps), 11/15/33, Callable 11/15/32 @ 100(b) | 267894 |
| 165000 | Macquarie Group, Ltd., 2.69% (SOFR+144 bps), 6/23/32, Callable 6/23/31 @ 100(b) | 126636 |
| 570000 | Macquarie Group, Ltd., 2.87% (SOFR+153 bps), 1/14/33, Callable 1/14/32 @ 100(b) | 438258 |
| 170000 | Macquarie Group, Ltd., 4.44% (SOFR+241 bps), 6/21/33, Callable 6/21/32 @ 100(b) | 148162 |
| 200000 | UBS Group AG, 4.49% (H15T1Y+155 bps), 5/12/26, Callable 5/12/25 @ 100(b) | 195219 |
|  |  | 3206734 |
| **Consumer Staple Products (0.0%<sup>†</sup>):** | **Consumer Staple Products (0.0%<sup>†</sup>):** |  |
| 80000 | Imperial Brands Finance plc, 6.13%, 7/27/27, Callable 6/27/27 @ 100(b) | 79100 |
| **Consumer Staples Products (0.0%<sup>†</sup>):** | **Consumer Staples Products (0.0%<sup>†</sup>):** |  |
| 15000 | Imperial Brands Finance PLC, 3.88%, 7/26/29, Callable 4/26/29 @ 100(b) | 12836 |
| **Containers & Packaging (0.1%):** | **Containers & Packaging (0.1%):** |  |
| 200000 | Trivium Packaging Finance BV, 5.50%, 8/15/26, Callable 2/6/23 @ 102.75(b) | 186250 |
| **Diversified Financial Services (0.4%):** | **Diversified Financial Services (0.4%):** |  |
| 465000 | Intelsat Jackson Holdings SA, 6.50%, 3/15/30, Callable 3/15/25 @ 102(b) | 417128 |
| 285000 | Park Aerospace Holdings, 4.50%, 3/15/23, Callable 2/15/23 @ 100(b) | 283932 |
| 72000 | Park Aerospace Holdings, 5.50%, 2/15/24(b) | 71100 |
|  |  | 772160 |
| **Energy Equipment & Services (0.1%):** | **Energy Equipment & Services (0.1%):** |  |
| 98800 | Transocean Phoenix 2, Ltd., 7.75%, 10/15/24, Callable 2/6/23 @ 101.29(b) | 97812 |
| 105875 | Transocean Poseidon, Ltd., 6.88%, 2/1/27, Callable 2/6/23 @ 103.44(b) | 103228 |
| 27600 | Transocean Proteus, Ltd., 6.25%, 12/1/24, Callable 2/6/23 @ 101.04(b) | 27324 |
|  |  | 228364 |
| **Food & Staples Retailing (0.2%):** | **Food & Staples Retailing (0.2%):** |  |
| 415000 | Alimentation Couche-Tard, Inc., 3.55%, 7/26/27, Callable 4/26/27 @ 100(b) | 382838 |
| **Industrial Services (0.0%<sup>†</sup>):** | **Industrial Services (0.0%<sup>†</sup>):** |  |
| 25000 | SK Invictus Intermediate II Sarl, 5.00%, 10/30/29, Callable 10/30/24 @ 102.5(b) | 20031 |
| **Interactive Media & Services (0.1%):** | **Interactive Media & Services (0.1%):** |  |
| 295000 | Tencent Holdings, Ltd., 3.68%, 4/22/41, Callable 10/22/40 @ 100(b) | 219742 |
| **National (0.1%):** | **National (0.1%):** |  |
| 200000 | Republic of South Africa Government International, 5.88%, 4/20/32 | 180246 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | |
| **Oil, Gas & Consumable Fuels (0.4%):** | **Oil, Gas & Consumable Fuels (0.4%):** | |
| $200000 | KazMunayGas National Co. JSC, 5.38%, 4/24/30 | $181250 |
| 630000 | Petroleos Mexicanos, 6.75%, 9/21/47 | 404245 |
| 120000 | Petroleos Mexicanos, 7.69%, 1/23/50, Callable 7/23/49 @ 100 | 83489 |
| 85000 | Petroleos Mexicanos, 6.95%, 1/28/60, Callable 7/28/59 @ 100 | 53634 |
| 200000 | Petronas Capital, Ltd., 3.50%, 4/21/30, Callable 1/21/30 @ 100(b) | 182753 |
|  |  | 905371 |
| **Software (0.0%<sup>†</sup>):** | **Software (0.0%<sup>†</sup>):** |  |
| 60000 | Open Text Corp., 6.90%, 12/1/27, Callable 11/1/27 @ 100(b) | 60075 |
| **Sovereign Bond (1.2%):** | **Sovereign Bond (1.2%):** |  |
| 400000 | Abu Dhabi Government International, 2.50%, 9/30/29 | 358348 |
| 200000 | Arab Republic of Egypt, 7.60%, 3/1/29(b) | 162497 |
| 200000 | Brazilian Government International Bond, 3.88%, 6/12/30^ | 173685 |
| 224000 | Chile Government International Bond, 2.55%, 1/27/32, Callable 10/27/31 @ 100^ | 184287 |
| 200000 | Colombia Government International Bond, 8.00%, 4/20/33, Callable 1/20/33 @ 100 | 198752 |
| 200000 | Dominican Republic International Bond, 4.50%, 1/30/30(b) | 170500 |
| 225000 | Mexico Government International Bond, 3.75%, 1/11/28 | 212984 |
| 200000 | Panama Government International Bond, 3.16%, 1/23/30, Callable 10/23/29 @ 100 | 172250 |
| 200000 | Paraguay Government International Bond, 4.70%, 3/27/27 | 196750 |
| 200000 | Peruvian Government International Bond, 2.84%, 6/20/30 | 169703 |
| 200000 | Qatar Government International Bond, 4.50%, 4/23/28 | 201667 |
| 200000 | Republic of Colombia, 3.00%, 1/30/30, Callable 10/30/29 @ 100 | 153689 |
| 20000 | Republic of Peru, 4.13%, 8/25/27 | 19233 |
| 13000 | Republic of Poland Government International Bond, 5.75%, 11/16/32, Callable 8/16/32 @ 100 | 13823 |
| 200000 | Saudi Government International Bond, 3.63%, 3/4/28 | 190924 |
|  |  | 2579092 |
| **Telecommunications (0.1%):** | **Telecommunications (0.1%):** |  |
| 6202 | Intelsat, 0.00% | 139545 |
| 540000 | Intelsat, 9.75%, 7/15/25(a) |  |
| 111000 | Intelsat, 8.50%, 10/15/24(a) |  |
|  |  | 139545 |
| **Thrifts & Mortgage Finance (0.3%):** | **Thrifts & Mortgage Finance (0.3%):** |  |
| 330000 | Nationwide Building Society, 3.77% (US0003M+106 bps), 3/8/24, Callable 3/8/23 @ 100(b) | 328035 |
| 140000 | Nationwide Building Society, 4.36% (US0003M+139 bps), 8/1/24, Callable 8/1/23 @ 100(b) | 138317 |

---

See accompanying notes to the financial statements.

------

**AZL MetWest Total Return Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | | **Value** | **Value** |
| **Yankee Debt Obligations, continued** | **Yankee Debt Obligations, continued** | | |
| **Thrifts & Mortgage Finance, continued** | **Thrifts & Mortgage Finance, continued** | | |
| 245000 | Nationwide Building Society, 2.97% (SOFR+129 bps), 2/16/28, Callable 2/16/27 @ 100(b) | $| 216187 |
|  |  |  | 682539 |
| **Tobacco (0.1%):** | **Tobacco (0.1%):** |  |  |
| 280000 | Imperial Brands Finance plc, 3.13%, 7/26/24, Callable 6/26/24 @ 100(b) |  | 267737 |
| **Trading Companies & Distributors (0.3%):** | **Trading Companies & Distributors (0.3%):** |  |  |
| 140000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26, Callable 9/29/26 @ 100 |  | 122276 |
| 580000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32, Callable 10/30/31 @ 100 |  | 452173 |
|  |  |  | 574449 |
| **Wireless Telecommunication Services (0.3%):** | **Wireless Telecommunication Services (0.3%):** |  |  |
| 345000 | Vodafone Group plc, 5.25%, 5/30/48 |  | 308492 |
| 468000 | Vodafone Group plc, 4.88%, 6/19/49 |  | 396280 |
|  |  |  | 704772 |
| Total Yankee Debt Obligations (Cost $19,641,632) | Total Yankee Debt Obligations (Cost $19,641,632) |  | 17452453 |
| **Municipal Bonds (0.6%):** | **Municipal Bonds (0.6%):** |  |  |
| **California (0.5%):** | **California (0.5%):** | **California (0.5%):** | **California (0.5%):** |
| 700000 | Los Angeles Unified School District, Build America Bonds, GO, 5.76%, 7/1/29 |  | 724402 |
| 570000 | Regents of the University of California Medical Center Pooled Revenue, Series N, 3.26%, 5/15/60, Continuously Callable @100 |  | 371612 |
|  |  |  | 1096014 |
| **New York (0.1%):** | **New York (0.1%):** | **New York (0.1%):** | **New York (0.1%):** |
| 420000 | City of New York NY, GO, Series A, 3.00%, 8/1/34, Continuously Callable @100 |  | 328188 |
| Total Municipal Bonds (Cost $1,814,637) | Total Municipal Bonds (Cost $1,814,637) |  | 1424202 |
| **U.S. Government Agency Mortgages (36.8%):** | **U.S. Government Agency Mortgages (36.8%):** |  |  |
| **Federal National Mortgage Association (26.1%):** | **Federal National Mortgage Association (26.1%):** | **Federal National Mortgage Association (26.1%):** | **Federal National Mortgage Association (26.1%):** |
| 365071 | 3.50%, 1/1/32, Pool #AB4262 |  | 337162 |
| 45475 | 3.00%, 7/1/32, Pool #MA3060 |  | 43345 |
| 263995 | 3.00%, 10/1/33, Pool #MA1676 |  | 247534 |
| 485000 | 2.46%, 4/1/40, Pool #BL6060 |  | 342915 |
| 923053 | 2.00%, 9/1/40, Pool #MA4152 |  | 788495 |
| 1138706 | 2.00%, 10/1/40, Pool #MA4176 |  | 969149 |
| 212951 | 2.00%, 5/1/41, Pool #MA4333 |  | 181426 |
| 22866 | 4.00%, 8/1/42, Pool #MA1146 |  | 21842 |
| 479742 | 3.50%, 4/1/43, Pool #MA1404 |  | 450546 |
| 215372 | 4.50%, 2/1/46, Pool #AL9106 |  | 209704 |
| 40324 | Class QA , Series 2018-57, 3.50%, 5/25/46 |  | 38933 |
| 177535 | Class PA , Series 2018-55, 3.50%, 1/25/47 |  | 170189 |
| 111026 | 4.00%, 6/1/47, Pool #AS9830 |  | 105891 |
| 108033 | 4.00%, 7/1/47, Pool #AS9972 |  | 103019 |
| 8027 | 4.00%, 8/1/47, Pool #MA3088 |  | 7687 |
| 31400 | 3.50%, 1/1/48, Pool #MA3238 |  | 29146 |
| 676773 | 3.50%, 1/1/48, Pool #CA0996 |  | 627149 |
| 368402 | 4.50%, 5/1/48, Pool #CA1710 |  | 359583 |
| 33413 | 4.50%, 5/1/48, Pool #CA1711 |  | 32612 |
| 276123 | Class CT , Series 2018-43, 3.00%, 6/25/48 |  | 244862 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | | |
| **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** | **Federal National Mortgage Association, continued** |
| $| 221361 | 4.50%, 8/1/48, Pool #CA2208 | $| 213888 |
|  | 729702 | 3.50%, 6/1/49, Pool #CA3633 |  | 678378 |
|  | 592258 | 3.00%, 9/1/49, Pool #BN7755 |  | 530651 |
|  | 176785 | 3.00%, 10/1/49, Pool #MA3811 |  | 154162 |
|  | 7100000 | 4.50%, 1/25/51, TBA |  | 6851500 |
|  | 1753712 | 2.00%, 12/1/51, Pool #BQ6913 |  | 1435233 |
|  | 1339595 | 2.00%, 12/1/51, Pool #MA4492 |  | 1096333 |
|  | 1374341 | 2.00%, 12/1/51, Pool #BU7089 |  | 1124747 |
|  | 1349627 | 2.00%, 1/1/52, Pool #CB2767 |  | 1101187 |
|  | 1311039 | 2.50%, 1/1/52, Pool #MA4512 |  | 1113537 |
|  | 9050000 | 2.00%, 1/25/52, TBA |  | 7384234 |
|  | 1228071 | 2.50%, 2/1/52, Pool #MA4548 |  | 1043001 |
|  | 1284111 | 2.50%, 3/1/52, Pool #MA4563 |  | 1090588 |
|  | 1473066 | 2.00%, 4/1/52, Pool #FS1598 |  | 1201990 |
|  | 2925000 | 4.00%, 1/25/53, TBA |  | 2749043 |
|  | 8525000 | 2.50%, 1/25/53, TBA |  | 7239590 |
|  | 9850000 | 5.00%, 1/25/53, TBA |  | 9713023 |
|  | 5225000 | 3.00%, 1/25/53, TBA |  | 4594734 |
|  | 1675000 | 3.50%, 1/25/53, TBA |  | 1524512 |
|  |  |  |  | 56151520 |
| **Federal Home Loan Mortgage Corporation (7.2%):** | **Federal Home Loan Mortgage Corporation (7.2%):** | **Federal Home Loan Mortgage Corporation (7.2%):** | **Federal Home Loan Mortgage Corporation (7.2%):** | **Federal Home Loan Mortgage Corporation (7.2%):** |
|  | 168239 | 3.00%, 3/1/31, Pool #G18592 |  | 159454 |
|  | 390894 | 3.50%, 1/1/34, Pool #G16756 |  | 379509 |
|  | 891857 | 3.50%, 4/1/44, Pool #G07848 |  | 828734 |
|  | 1144771 | 3.50%, 4/1/45, Pool #G60023 |  | 1061279 |
|  | 848283 | 4.00%, 12/1/45, Pool #G60344 |  | 822761 |
|  | 508023 | 3.50%, 6/1/46, Pool #G08711 |  | 473127 |
|  | 326559 | 3.00%, 8/1/46, Pool #G08715 |  | 293385 |
|  | 345510 | 3.50%, 8/1/46, Pool #G08716 |  | 321801 |
|  | 87254 | 3.00%, 9/1/46, Pool #G08721 |  | 78390 |
|  | 140461 | 3.50%, 9/1/46, Pool #G08722 |  | 130816 |
|  | 431727 | 3.00%, 10/1/46, Pool #G08726 |  | 387880 |
|  | 486979 | 3.00%, 11/1/46, Pool #G08732 |  | 437489 |
|  | 615286 | 3.00%, 1/1/47, Pool #G08741 |  | 552782 |
|  | 584701 | 3.50%, 4/1/47, Pool #G67703 |  | 546728 |
|  | 48388 | Class PA , Series 4846, 4.00%, 6/15/47 |  | 46865 |
|  | 233983 | 3.50%, 12/1/47, Pool #G08792 |  | 217180 |
|  | 767365 | 3.50%, 12/1/47, Pool #G67706 |  | 715413 |
|  | 1481396 | 3.50%, 1/1/48, Pool #G67707 |  | 1393159 |
|  | 266436 | 3.50%, 2/1/48, Pool #G08800 |  | 246949 |
|  | 723328 | 4.00%, 3/1/48, Pool #G67711 |  | 699554 |
|  | 357422 | 3.50%, 3/1/48, Pool #G67710 |  | 331487 |
|  | 63806 | Class CA , Series 4818, 3.00%, 4/15/48 |  | 56438 |
|  | 249422 | 3.50%, 6/1/48, Pool #G08816 |  | 231188 |
|  | 2693 | 4.00%, 6/1/48, Pool #G67713 |  | 2595 |
|  | 74360 | 5.00%, 7/1/48, Pool #G08833 |  | 73543 |
|  | 178510 | 4.50%, 10/1/48, Pool #G08843 |  | 175023 |
|  | 1225619 | 2.50%, 2/1/52, Pool #SD8194 |  | 1040918 |
|  | 1321517 | 2.50%, 4/1/52, Pool #SD8205 |  | 1123343 |
|  | 673958 | 2.00%, 4/1/52, Pool #QE0312 |  | 549995 |
|  | 1258029 | 2.50%, 5/1/52, Pool #SD8212 |  | 1069380 |
|  | 1388972 | Class HZ , Series 4639, 3.25%, 4/15/53 |  | 1136789 |
|  |  |  |  | 15583954 |

---

See accompanying notes to the financial statements.

------

**AZL MetWest Total Return Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **U.S. Government Agency Mortgages, continued** | **U.S. Government Agency Mortgages, continued** | |
| **Government National Mortgage Association (3.5%):** | **Government National Mortgage Association (3.5%):** | **Government National Mortgage Association (3.5%):** |
| $230871 | 3.50%, 3/20/46, Pool #MA3521 | $215900 |
| 240362 | 3.50%, 4/20/46, Pool #MA3597 | 224773 |
| 45550 | 3.50%, 5/20/46, Pool #MA3663 | 42595 |
| 97693 | 3.50%, 9/20/46, Pool #MA3937 | 91358 |
| 535032 | 3.00%, 12/20/46, Pool #MA4126 | 487189 |
| 394810 | 3.50%, 1/20/47, Pool #MA4196 | 369200 |
| 69712 | 5.00%, 3/20/47, Pool #MA4324 | 71185 |
| 170558 | 5.00%, 6/20/47, Pool #MA4513 | 168884 |
| 76142 | 3.50%, 6/20/47, Pool #MA4510 | 71099 |
| 205478 | 4.00%, 9/20/47, Pool #MA4720 | 198296 |
| 108642 | 5.00%, 9/20/47, Pool #MA4722 | 110627 |
| 247540 | 3.00%, 11/20/47, Pool #MA4836 | 225021 |
| 142315 | 4.00%, 11/20/47, Pool #MA4838 | 137341 |
| 89076 | 3.50%, 11/20/47, Pool #MA4837 | 82574 |
| 734929 | 3.50%, 12/20/47, Pool #MA4900 | 686270 |
| 67440 | 4.00%, 12/20/47, Pool #MA4901 | 65082 |
| 216290 | 4.00%, 3/20/48, Pool #MA5078 | 208731 |
| 424006 | 4.50%, 8/20/48, Pool #MA5399 | 417938 |
| 120949 | 4.00%, 9/20/48, Pool #MA5466 | 116888 |
| 217684 | Class NW , Series 2018-1243.50%, 9/20/48 | 197213 |
| 159267 | 3.00%, 10/20/49, Pool #MA6209 | 136839 |
| 3775000 | 2.50%, 7/20/53, TBA | 3274812 |
|  |  | 7599815 |
| Total U.S. Government Agency Mortgages (Cost $83,397,873) | Total U.S. Government Agency Mortgages (Cost $83,397,873) | 79335289 |
| **U.S. Treasury Obligations (27.4%):** | **U.S. Treasury Obligations (27.4%):** |  |
| **U.S. Treasury Bills (1.8%):** | **U.S. Treasury Bills (1.8%):** | **U.S. Treasury Bills (1.8%):** |
| 3960000 | 0.00%, 5/25/23(d) | 3889241 |
| **U.S. Treasury Bonds (8.7%):** | **U.S. Treasury Bonds (8.7%):** | **U.S. Treasury Bonds (8.7%):** |
| 14692000 | 2.00%, 11/15/41 | 10571353 |
| 5610000 | 2.38%, 2/15/42 | 4312687 |
| 3920000 | 4.00%, 11/15/52 | 3962263 |
|  |  | 18846303 |
| **U.S. Treasury Inflation Index Bonds (0.1%):** | **U.S. Treasury Inflation Index Bonds (0.1%):** | **U.S. Treasury Inflation Index Bonds (0.1%):** |
| 297410 | 0.63%, 7/15/32 | 273282 |
| **U.S. Treasury Notes (16.8%):** | **U.S. Treasury Notes (16.8%):** | **U.S. Treasury Notes (16.8%):** |
| 11665000 | 4.50%, 11/30/24 | 11672291 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **U.S. Treasury Obligations, continued** | **U.S. Treasury Obligations, continued** | **U.S. Treasury Obligations, continued** | |
| **U.S. Treasury Notes, continued** | **U.S. Treasury Notes, continued** | **U.S. Treasury Notes, continued** | **U.S. Treasury Notes, continued** |
| $| 935000 | 4.25%, 12/31/24 | $932224 |
|  | 8080000 | 4.00%, 12/15/25 | 8037075 |
|  | 250000 | 4.13%, 10/31/27 | 251250 |
|  | 5345000 | 3.88%, 11/30/27 | 5323286 |
|  | 7895000 | 3.88%, 12/31/27 | 7864296 |
|  | 1980000 | 4.13%, 11/15/32 | 2027335 |
|  |  |  | 36107757 |
|  | Total U.S. Treasury Obligations (Cost $62,199,463) | Total U.S. Treasury Obligations (Cost $62,199,463) | 59116583 |
| **Shares** | **Shares** |  | **Value** |
| **Rights (0.0%<sup>†</sup>):** | **Rights (0.0%<sup>†</sup>):** | **Rights (0.0%<sup>†</sup>):** |  |
| **Diversified Financial Services (0.0%<sup>†</sup>):** | **Diversified Financial Services (0.0%<sup>†</sup>):** | **Diversified Financial Services (0.0%<sup>†</sup>):** |  |
|  | 649 | Intelsat Jackson Holdings SA, Series A CVR, Expires on 1/2/23\*(a) |  |
|  | 649 | Intelsat Jackson Holdings SA, Series B CVR, Expires on 1/2/23\*(a) |  |
|  | Total Rights (Cost $–) | Total Rights (Cost $–) |  |
| **Short-Term Security Held as Collateral for Securities on Loan (0.2%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.2%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.2%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.2%):** |
|  | 348696 | BlackRock Liquidity FedFund, Institutional Class , 1.49%(d)(e) | 348696 |
|  | Total Short-Term Security Held as Collateral for Securities on<br>Loan (Cost $348,696) | Total Short-Term Security Held as Collateral for Securities on<br>Loan (Cost $348,696) | 348696 |
| **Unaffiliated Investment Company (9.6%):** | **Unaffiliated Investment Company (9.6%):** | **Unaffiliated Investment Company (9.6%):** |  |
| **Money Markets (9.6%):** | **Money Markets (9.6%):** | **Money Markets (9.6%):** |  |
|  | 20675476 | Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(d) | 20675476 |
|  | Total Unaffiliated Investment Company (Cost $20,675,476) | Total Unaffiliated Investment Company (Cost $20,675,476) | 20675476 |
|  | Total Investment Securities (Cost $286,821,810) — 124.0%(f) | Total Investment Securities (Cost $286,821,810) — 124.0%(f) | 267432313 |
|  | Net other assets (liabilities) — (24.0)% | Net other assets (liabilities) — (24.0)% | (51708324) |
|  | Net Assets — 100.0% | Net Assets — 100.0% | $215723989 |

---

CVR—Contingent Value Rights

GO—General Obligation

H15T1Y—1 Year Treasury Constant Maturity Rate

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

REIT—Real Estate Investment Trust

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

See accompanying notes to the financial statements.

------

**AZL MetWest Total Return Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

\* Non-income producing security.

---

| | |
|:---|:---|
| ^ | This security or a partial position of this security was on loan as of December 31, 2022. The total value of securities on loan as of December 31, 2022 was $338,761.  |

---

---

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

---

† Represents less than 0.05%.

(a) Security was valued using significant unobservable inputs as of December 31, 2022.

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

(c) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets
underlying the security. The rate presented is the rate in effect at December 31, 2022.

(d) The rate represents the effective yield at December 31, 2022.

(e) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for
securities that were sold on or before December 31, 2022.

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

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

Percentages indicated are based on net assets as of December 31, 2022.

**Futures Contracts** 

At December 31, 2022, the Fund's open futures contracts were as follows:

**Short Futures** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Euro-Bobl March Futures (Euro) | 3/8/23 | 2 | $(247774) | $7318 |
|  Euro-Bund March Futures (Euro) | 3/8/23 | 1 | (142275) | 8464 |
|  U.S. Treasury 10-Year Note March Futures (U.S. Dollar) | 3/22/23 | 21 | (2483906) | 6606 |
|  |  |  |  | $22388 |

---

**Long Futures** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  U.S. Treasury 2-Year Note March Futures (U.S. Dollar) | 3/31/23 | 213 | $43681641 | $38586 |
|  U.S. Treasury 5-Year Note March Futures (U.S. Dollar) | 3/31/23 | 62 | 6691641 | (4439) |
|  Ultra Long Term U.S. Treasury Bond March Futures (U.S. Dollar) | 3/22/23 | 2 | 268625 | (10855) |
|  |  |  |  | $23292 |
|  Total Net Futures Contracts |  |  |  | $45680 |

---

**Forward Currency Contracts** 

At December 31, 2022, the Fund's open forward currency contracts were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | | **Currency Sold** | | **Counterparty** | **Settlement<br>Date** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** |
|  U.S. Dollar | 321887 | European Euro | 325000 | Citigroup | 1/13/23 | $(26282) |
|  U.S. Dollar | 19006 | European Euro | 18000 | Citigroup | 1/13/23 | (277) |
|  Total Net Forward Currency Contracts | Total Net Forward Currency Contracts | Total Net Forward Currency Contracts | Total Net Forward Currency Contracts |  |  | $(26559) |

---

See accompanying notes to the financial statements.

------

**AZL MetWest Total Return Bond Fund** 

Schedule of Portfolio Investments

December 31, 2022

**Swap Agreements** 

At December 31, 2022, the Fund's centrally-cleared swap agreements were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Paid by the Fund** | **Paid by the Fund** | **Received by the Fund** | **Received by the Fund** | | | | | | |
| **Rate** | **Frequency** | **Rate** | **Frequency** |<br>**Expiration<br>Date** |<br>**Notional<br>Amount** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Value** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3-Month U.S. Dollar LIBOR | Quarterly | 1.0335% | Semi-annually | 7/24/25 | 5065000 | USD | $— | $(306262) | $(306262) |
|  3-Month U.S. Dollar LIBOR | Quarterly | 1.0255% | Semi-annually | 7/24/25 | 6840000 | USD |  | (414600) | (414600) |
|  3-Month U.S. Dollar LIBOR | Quarterly | 1.0725% | Semi-annually | 7/24/25 | 3420000 | USD |  | (204334) | (204334) |
|  3-Month U.S. Dollar LIBOR | Quarterly | 1.39% | Semi-annually | 9/28/25 | 7585000 | USD |  | (383093) | (383093) |
|  1.785% | Semi-annually | 3-Month U.S. Dollar LIBOR | Quarterly | 7/24/53 | 425000 | USD |  | 128156 | 128156 |
|  1.7725% | Semi-annually | 3-Month U.S. Dollar LIBOR | Quarterly | 7/24/53 | 570000 | USD |  | 173185 | 173185 |
|  1.8075% | Semi-annually | 3-Month U.S. Dollar LIBOR | Quarterly | 7/24/53 | 285000 | USD |  | 84765 | 84765 |
|  1.87% | Semi-annually | 3-Month U.S. Dollar LIBOR | Quarterly | 9/28/53 | 645000 | USD |  | 180824 | 180824 |
|  |  |  |  |  |  |  |  | $(741359) | $(741359) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Swap<br>Premiums<br>Paid** | **Swap<br>Premiums<br>Received** | **Receivable<br>for Variation<br>Margin** | **Payable for<br>Variation<br>Margin** |
|  Centrally cleared swap agreements | $— | $— | $— | $(110378) |
|  |  |  | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  Forward currency contracts | $— | $— | $— | $(26559) |

---

See accompanying notes to the financial statements.

------

**AZL MetWest Total Return Bond Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment securities, at cost | $286821810 |
|  Investment securities, at value(a) | $267432313 |
|  Deposit at broker for futures contracts collateral | 1029000 |
|  Deposit at broker for swaps agreements collateral | 328721 |
|  Interest and dividends receivable | 1274133 |
|  Receivable for capital shares issued | 743 |
|  Receivable for investments sold | 243296 |
|  Receivable for TBA investments sold | 2793109 |
|  Prepaid expenses | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 273101567 |
|  **Liabilities:** |  |
|  Cash overdraft | 16461 |
|  Unrealized depreciation on forward currency | 26559 |
|  Payable for investments purchased | 9662983 |
|  Payable for TBA investments purchased | 46473483 |
|  Payable to Broker | 550000 |
|  Payable for collateral received on loaned securities | 348696 |
|  Payable for variation margin on futures contracts | 36092 |
|  Payable for variation margin on swap agreements | 110378 |
|  Management fees payable | 93350 |
|  Administration fees payable | 9000 |
|  Distribution fees payable | 46675 |
|  Custodian fees payable | 904 |
|  Administrative and compliance services fees payable | 209 |
|  Transfer agent fees payable | 286 |
|  Trustee fees payable | 521 |
|  Other accrued liabilities | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 57377578 |
|  **Net Assets** | $215723989 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $252972872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | (37248883) |
|  **Net Assets** | $215723989 |
|  Shares of beneficial interest (unlimited number of shares authorized, no par value) | 25418949 |
|  Net Asset Value (offering and redemption price per share) | $8.49 |

---

(a) Includes securities on loan of $338,761.

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Interest | $7370686 |
|  Dividends  | 114525 |
|  Income from securities lending | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 7486365 |
|  **Expenses:** |  |
|  Management fees | 1453479 |
|  Administration fees | 70327 |
|  Distribution fees | 605613 |
|  Custodian fees | 15867 |
|  Administrative and compliance services fees | 3432 |
|  Transfer agent fees | 6104 |
|  Trustee fees | 13738 |
|  Professional fees | 10578 |
|  Shareholder reports | 3970 |
|  Other expenses | 6907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reductions | 2190015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less Management fees contractually waived | (242243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1947772 |
|  **Net Investment Income/(Loss)** | 5538593 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities | (21015003) |
|  Net realized gains/(losses) on forward currency contracts | 46485 |
|  Net realized gains/(losses) on futures contracts | (974698) |
|  Net realized gains/(losses) on swap agreements | (7610) |
|  Net realized gains/(losses) on written options contracts | (562907) |
|  Change in net unrealized appreciation/depreciation on securities | (23504590) |
|  Change in net unrealized appreciation/depreciation on forward currency contracts | (51184) |
|  Change in net unrealized appreciation/depreciation on futures contracts | 40130 |
|  Change in net unrealized appreciation/depreciation on written options contracts | (13425) |
|  Change in net unrealized appreciation/depreciation on swap agreements | (528374) |
|  **Net realized and Change in net unrealized gains/losses on investments** | (46571176) |
|  **Change in Net Assets Resulting From Operations** | $(41032583) |

---

See accompanying notes to the financial statements.

------

**AZL MetWest Total Return Bond Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $5538593 | $2612736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | (22513733) | 49078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (24057443) | (6538739) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (41032583) | (3876925) |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions | (2782408) | (19638536) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (2782408) | (19638536) |
|  **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 1996198 | 17585557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 2782407 | 19638536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (33735053) | (20998964) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | (28956448) | 16225129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (72771439) | (7290332) |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 288495428 | 295785760 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $215723989 | $288495428 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 222107 | 1632332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 332029 | 1942486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3721079) | (1973539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | (3166943) | 1601279 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $10.09 | $10.96 | $10.55 | $9.97 | $10.20 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.21 (a) | 0.09 (a) | 0.16 (a) | 0.25 (a) | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (1.70) | (0.23) | 0.74 | 0.60 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (1.49) | (0.14) | 0.90 | 0.85 | (0.03) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.10) | (0.16) | (0.30) | (0.27) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.01) | (0.57) | (0.19) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (0.11) | (0.73) | (0.49) | (0.27) | (0.20) |
|  **Net Asset Value, End of Period** | $8.49 | $10.09 | $10.96 | $10.55 | $9.97 |
|  **Total Return** (b) | (14.76)% | (1.33)% | 8.58% | 8.49% | (0.21)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $215724 | $288495 | $295786 | $318407 | $321344 |
|  Net Investment Income/(Loss) | 2.29% | 0.88% | 1.47% | 2.37% | 2.25% |
|  Expenses Before Reductions(c) | 0.90% | 0.91% | 0.92% | 0.91% | 0.91% |
|  Expenses Net of Reductions | 0.80% | 0.81% | 0.82% | 0.81% | 0.85% |
|  Portfolio Turnover Rate | 277% | 258% | 211% | 203% | 184% |

---

(a) Calculated using the average shares method.

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

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

See accompanying notes to the financial statements.

------

**AZL MetWest Total Return Bond Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

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.

On December 13, 2022, the Board unanimously approved a reorganization whereby the AZL Fidelity Institutional Asset Management Total Bond Fund will acquire all of the assets and liabilities of the Fund and costs related to the reorganization will be paid by the Manager.

**2. Significant Accounting Policies** 

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

**Security Valuation** 

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

**Investment Transactions and Investment Income** 

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

**Real Estate Investment Trusts** 

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

**Foreign Currency Translation** 

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

**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.

**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.

------

**AZL MetWest Total Return Bond Fund** 

Notes to the Financial Statements

December 31, 2022

**Expense Allocation** 

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

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

**Securities Lending** 

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day's fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at December 31, 2022 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 $145 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund had securities lending transactions of $348,696 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, 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 December 31, 2022, no collateral had been posted by the Fund to counterparties for TBAs.

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

**Derivative Instruments** 

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

***Forward Currency Contracts***

During the year ended December 31, 2022, 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

------

**AZL MetWest Total Return Bond Fund** 

Notes to the Financial Statements

December 31, 2022

forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. For the year ended December 31, 2022, the monthly average notional for long contracts was $0.01 million, and the monthly average notional amount for short contracts was $0.4 million. Realized gains and losses are reported as "Net realized gains/(losses) on forward currency contracts" on the Statement of Operations.

***Futures Contracts***

During the year ended December 31, 2022, the Fund used futures contracts to provide market exposure on the Fund's cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value ("variation margin"), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the year ended December 31, 2022, the monthly average notional amount for long contracts was $26.9 million, and the monthly average notional amount for short contracts was $4.6 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, 2022, the Fund purchased and wrote call and put options to increase or decrease its exposure to risk associated with underlying instruments (including equity risk, interest rate risk and/or foreign currency exchange rate risk) and/or, in the case of options written, to generate gains from options premiums.

*Purchased Options Contracts* — The Fund pays a premium which is included in "Investments, at value" on the Statement of Assets and Liabilities and marked to market to reflect the current value of the option when purchasing options. Premiums paid for purchasing options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract.

*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. 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. At December 31, 2022, there were no open written options contracts. The monthly average gross notional amount for written options was $0.02 million for the year ended December 31, 2022. 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 pursuant to valuation procedures 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.

------

**AZL MetWest Total Return Bond Fund** 

Notes to the Financial Statements

December 31, 2022

Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional amount and are subject to interest rate risk exposure. Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund's risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive. As of December 31, 2022, the Fund entered into OTC and centrally cleared interest rate swap agreements to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk). The monthly average gross notional amount for interest rate swaps was $29.1 million for the year ended December 31, 2022.

**Summary of Derivative Instruments** 

The following is a summary of the values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Primary Risk Exposure** | **Statement of Assets and Liabilities Location** | **Total<br>Value** | **Statement of Assets and Liabilities Location** | **Total<br>Value** |
|  **Interest Rate Risk** |  |  |  |  |
| Futures Contracts | Receivable for variation margin on futures contracts\* | $60974 | Payable for variation margin on futures contracts\* | $15294 |
| Interest Rate Swap Agreements | Receivable for variation margin on swap contracts\* | 566930 | Payable for variation margin on swap contracts\* | 1308289 |
|  **Foreign Exchange Risk** |  |  |  |  |
| Forward Currency Contracts | Unrealized appreciation on forward currency contracts |  | Unrealized depreciation on forward currency contracts | 26559 |

---

\* For futures contracts and centrally-cleared swap agreements, the amounts represent the cumulative appreciation/depreciation of these futures contracts and centrally-cleared swap agreements 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 and centrally-cleared swap agreements. 

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Primary Risk Exposure** | **Location of Gains/(Losses)**<br> **on Derivatives**<br> **Recognized** | **Realized Gains/(Losses)<br>on Derivatives<br>Recognized** | **Change in Net Unrealized<br>Appreciation/Depreciation on<br>Derivatives Recognized** |
|  **Currency Risk** | **Currency Risk** |  |  |
| Purchased Options Contracts | Net realized gains/(losses) on securities/ Change in net unrealized appreciation/depreciation on securities | $(100476) | $30994 |
| Written Options Contracts | Net realized gains/(losses) on written options contracts/ Change in net unrealized appreciation/depreciation on written options contracts | (562907) | (13425) |
|  **Interest Rate Risk** | **Interest Rate Risk** |  |  |
| Futures Contracts | Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts | (974698) | 40130 |
| Interest Rate Swap Agreements | Net realized gains/(losses) on swap agreements/ Change in net unrealized appreciation/depreciation on swap agreements | (7610) | (528374) |
| Purchased Swaptions Contracts | Net realized gains/(losses) on securities/ Change in net unrealized appreciation/depreciation on securities | (35990) | 5397 |
|  **Foreign Exchange Risk** |  |  |  |
| Forward Currency Contracts | Net realized gains/(losses) on forward currency contracts/ Change in net unrealized appreciation/depreciation on forward currency contracts | 46485 | (51184) |

---

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund's ability to transact net amounts in accordance with the master netting agreements at December 31, 2022. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022.

------

**AZL MetWest Total Return Bond Fund** 

Notes to the Financial Statements

December 31, 2022

As of December 31, 2022, the Fund's derivative assets and liabilities by type were as follows:

---

| | | |
|:---|:---|:---|
| | **Assets** | **Liabilities** |
|  Derivative Financial Instruments: |  |  |
|  Forward currency contracts | $— | $26559 |
|  Futures contracts |  | 36092 |
|  Written option contracts |  |  |
|  Swap agreements |  | 110378 |
|  Total derivative assets and liabilities in the Statement of Assets and Liabilities |  | 173029 |
|  Derivatives not subject to a master netting agreement or similar agreement ("MNA") |  | (146470) |
|  Total assets and liabilities subject to a MNA | $— | $26559 |

---

The following table presents the Fund's derivative liabilities by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>Subject to a MNA<br>by Counterparty** | **Derivatives<br>Available<br>for Offset** | **Non-cash<br>Collateral**<br> **Pledged\*** | **Cash<br>Collateral**<br> **Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  Citigroup | $26559 | $– | $– | $– | $26559 |
|  Total | $26559 | $– | $– | $– | $26559 |

---

\* 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 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 "Management fees." For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund's business, based on the daily net assets of the Fund, through April 30, 2024.

For the year ended December 31, 2022, 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 in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024.

Any amounts waived or reimbursed by the Manager with respect to the annual expense limit in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

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

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

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

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

------

**AZL MetWest Total Return Bond Fund** 

Notes to the Financial Statements

December 31, 2022

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

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

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

**4. Investment Valuation Summary** 

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

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

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

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

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

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

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

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

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

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

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

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Level 3** | **Total** |
|  Asset Backed Securities | $— | $13119886 | $— |  | $13119886 |
|  Collateralized Mortgage Obligations |  | 25755511 |  |  | 25755511 |
|  Corporate Bonds<sup>+</sup> |  | 49857605 |  |  | 49857605 |
|  Foreign Bonds<sup>+</sup> |  | 346612 |  |  | 346612 |
|  Yankee Debt Obligations<sup>+</sup> |  | 17452453 |  | # | 17452453 |
|  Municipal Bonds |  | 1424202 |  |  | 1424202 |
|  U.S. Government Agency Mortgages |  | 79335289 |  |  | 79335289 |
|  U.S. Treasury Obligations |  | 59116583 |  |  | 59116583 |
|  Rights<sup>+</sup> |  |  |  | # |  |
|  Short-Term Security Held as Collateral for Securities on Loan | 348696 |  |  |  | 348696 |
|  Unaffiliated Investment Company | 20675476 |  |  |  | 20675476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | 21024172 | 246408141 |  |  | 267432313 |
|  Other Financial Instruments:<sup>\*</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 45680 |  |  |  | 45680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  | (26559) |  |  | (26559) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps |  | (741359) |  |  | (741359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $21069852 | $245640223 | $— |  | $266710075 |

---

------

**AZL MetWest Total Return Bond Fund** 

Notes to the Financial Statements

December 31, 2022

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

# Represents the interest in securities that were determined to have a value of zero at December 31, 2022.

\* Other Financial Instruments would include any derivative instruments, such as futures contracts, forward currency contracts and interest rate swaps. Futures contracts and interest rate swaps are generally presented in the financial statements at variation margin. Forward currency contracts are generally presented in the financial statements at the unrealized gain or loss on the investments. 

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, 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 | $634199989 | $659484057 |

---

For the year ended December 31, 2022, purchases and sales of long-term U.S. government securities were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
|  AZL MetWest Total Return Bond Fund | $581308990 | $621349349 |

---

**6. Investment Risks**

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

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

*Foreign Securities Risk:* Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

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

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

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

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

**7. Coronavirus (COVID-19) Pandemic** 

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

------

**AZL MetWest Total Return Bond Fund** 

Notes to the Financial Statements

December 31, 2022

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

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

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

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $287,301,905. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

---

| | |
|:---|:---|
|  Unrealized appreciation | $65676 |
|  Unrealized (depreciation) | (19935268) |
|  Net unrealized appreciation/(depreciation) | $(19869592) |

---

As of the end of its tax year ended December 31, 2022, the Fund had capital loss carry forwards ("CLCFs") as summarized in the table below. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset.

CLCFs not subject to expiration:

---

| | | | |
|:---|:---|:---|:---|
| | **Short-Term**<br> **Amount** | **Long-Term**<br> **Amount** | **Total**<br> **Amount** |
|  AZL MetWest Total Return Bond Fund | $18490686 | $3674542 | $22165228 |

---

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary**<br> **Income** | **Net**<br> **Long-Term**<br> **Capital Gains** | **Total<br>Distributions(a)** |
|  AZL MetWest Total Return Bond Fund | $2625962 | $156446 | $2782408 |

---

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL MetWest Total Return Bond Fund | $15196680 | $4441856 | $19638536 |

---

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed**<br> **Ordinary**<br> **Income** | **Undistributed**<br> **Long-Term**<br> **Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized<br>Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated<br>Earnings/<br>(Deficit)** |
|  AZL MetWest Total Return Bond Fund | $5528955 | $– | $(22165228) | $(19869398) | $(36505671) |

---

(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, foreign currency gains or losses, straddles and other miscellaneous differences.

------

**AZL MetWest Total Return Bond Fund** 

Notes to the Financial Statements

December 31, 2022

**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 December 31, 2022, 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.

**11. Subsequent Events** 

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund's financial statements, except as noted below.

The reorganization, as discussed in Note 1, whereby the AZL Fidelity Institutional Asset Management Total Bond Fund will acquire all of the assets and liabilities of the Fund, is expected to be completed on or about March 10, 2023.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL MetWest Total Return Bond Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL MetWest Total Return Bond Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

------

**Other Federal Income Tax Information (Unaudited)** 

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $156,446.

------

**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.

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**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

Each Fund is a manager-of-managers fund. That means that the Manager is responsible for monitoring the various Subadvisers that have day-to-day responsibility for the investment decisions made for each Fund. The Manager also is responsible for determining, in the first instance, which investment advisers to consider recommending for selection as a Subadviser.

In reviewing the services provided by the Manager and the terms of the Management Agreement, the Board receives and reviews information related to the Manager's experience and expertise in the

variable insurance marketplace. In addition, the Board receives information regarding the Manager's expertise with regard to portfolio diversification and asset allocation requirements within variable insurance products issued by Allianz Life Insurance Company of North America ("Allianz Life") and its subsidiary, Allianz Life Insurance Company of New York ("Allianz of New York"). Currently, the Funds are offered only through Allianz Life and Allianz of New York variable products, and not in the retail fund market.

The Manager has adopted policies and procedures to assist it in the process of analyzing each potential Subadviser with expertise in particular asset classes for purposes of making the recommendation that a specific investment adviser be selected. The Board reviews and considers the information provided by the Manager in deciding which investment advisers to select as a Subadviser. After an investment adviser becomes a Subadviser, a similarly rigorous process is instituted by the Manager to monitor the investment performance and other responsibilities of the Subadviser. The Manager reports to the Board on its analysis at the regular meetings of the Board, which are held at least quarterly. Where warranted, the Manager will add or remove a particular Subadviser from a "watch" list that it maintains. Watch list criteria include, for example: (a) Fund performance over various time periods; (b) Fund risk issues, such as changes in key personnel involved with Fund management, changes in investment philosophy or process, or "capacity" concerns; and (c) organizational risk issues, such as regulatory, compliance or legal concerns, or changes in the ownership of the Subadviser. The Manager may place a Fund on the watch list for other reasons, and if so, will explain its rationale to the Board. Funds which are on the watch list are subject to additional scrutiny by the Manager and the Board. Funds may be removed from such watch list, if for example, performance improves or regulatory matters are satisfactorily resolved. However, in some situations where Funds have been on the watch list, the Manager has recommended the retention of a new Subadviser, and the Board has subsequently considered and approved retention of the new Subadviser.

As required by the Investment Company Act of 1940 (the "1940 Act"), the Board has reviewed and approved the Management Agreement with the Manager and the portfolio management agreements (the "Subadvisory Agreements"; and together with the Management Agreement, the "Advisory Contracts") with the Subadvisers. The Board's decision to approve these contracts reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of these contracts, the Board considered many factors, among the most material of which are: the Fund's investment objectives and long-term performance; the Manager's and Subadvisers' (collectively, the "Advisory Organizations") management philosophy, personnel, processes and investment performance, including their compliance history and the adequacy of their compliance processes; the preferences and expectations of Fund shareholders (and underlying contract owners) and their relative sophistication; the continuing state of competition in the mutual fund industry; and comparable fees in the mutual fund industry.

The Board also considered the compensation and benefits received by the Advisory Organizations. This includes fees received for services provided to the Fund by affiliated persons of the Advisory Organizations and research services received by the Advisory Organizations from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Services Agreement and a Compliance Services Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and received (along with its affiliated persons) any payments made by the Funds pursuant to Rule 12b-1.

The Board is aware that various courts have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an adviser's compensation: the nature, extent and quality of the services provided by the adviser, including the performance of the fund; the adviser's cost of providing the services; the extent to which the adviser may realize "economies of scale" as the fund grows larger; any indirect benefits that may accrue to the adviser and its affiliates as a result of the adviser's relationship with the fund; performance and expenses of comparable funds; the profitability of acting as adviser to the fund; and the extent to which the independent Board members, who are not "interested persons" of a fund as defined by the 1940 Act ("Independent Trustees"), are fully informed about all facts bearing on the adviser's services and fees. The Board is aware of these factors and takes them into account in its review of the Advisory Contracts.

Each member of the Board considered and weighed these factors in light of his or her experience in governing the Trust and working with the Advisory Organizations on matters relating to the Funds. The Board is assisted in its deliberations by the advice of independent legal counsel to the Independent Trustees ("Independent Trustee Counsel"). In this regard, the Board requests and receives a significant amount of information about the Funds and the Advisory Organizations. Some of this information is provided at each regular meeting of the Board; additional information is provided in connection with the particular meetings at which the Board's formal review of the Advisory Contracts occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board's evaluation of Advisory Contracts is informed by reports covering such matters as: an Advisory Organization's investment philosophy, personnel, and processes; the Fund's investment performance (in absolute terms as well as in relationship to its benchmark(s) and certain competitor or "peer group" funds), and comments on the reasons for performance; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to peer group and/or competing funds, with due regard for the Expense Limitation Agreement and additional voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities; the nature, extent and quality of the advisory and other services provided to the Fund by the Advisory Organizations and their affiliates; compliance and audit reports concerning the Funds and the companies that service them; and relevant developments in the mutual fund industry and how the Funds and/or Advisory Organizations are responding to them.

The Board also receives financial information about the Advisory Organizations, including reports on the compensation and benefits the Advisory Organizations derive from their relationships with the Funds. These reports cover not only the fees under the Advisory Contracts, but also the fees, if any, received for providing other services to the Funds. The reports also discuss any indirect or "fall-out" benefits an Advisory Organization may derive from its relationship with the Funds.

In assessing the Advisory Organizations' performance of their obligations, the Board may also consider whether there has occurred a circumstance or event that would constitute a reason for it to not renew an Advisory Contract. In this regard, the Board is mindful of the potential disruption of a Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew a contract.

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

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In connection with such meetings, the Board requested and evaluated extensive materials from the Advisory Organizations, including performance and expense information for other investment companies with similar investment objectives derived from data compiled by an independent third-party provider and other sources believed to be reliable by the Manager and the Trustees. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Contracts with management and with Independent Trustee Counsel and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approval. The Independent Trustees also discussed the proposed approval in private sessions with Independent Trustee Counsel at which no representatives of the Manager or Subadvisers were present. In reaching their determinations relating to the approval of the Advisory Contracts, in respect of each Fund, each member of the Board considered all factors he or she believed relevant. The Board based its decision to approve the Advisory Contracts on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

*(1) The nature, extent and quality of services provided by the Manager and Subadvisers.* The Trustees noted that the Manager, subject to the oversight of the Board, administers each Fund's business and other affairs. Under the Management Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for others to provide, the management of the Funds' assets and the placement of orders for the purchase and sale of the securities of the Funds. As each Fund is a manager of managers fund, the Manager is authorized, under the Management Agreement, to retain one or more Subadvisers for each Fund to handle day-to-day management of the Funds' investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board for selection as a Subadviser. The Board was aware that, notwithstanding the retention of the Subadvisers to handle day-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Board regarding the Funds' portfolio investments and to make available to the Funds' administrator such information as is necessary for the conduct of its duties.

The Board also noted that the Manager provides the Trust and each Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any other service providers retained by the Trust on behalf of the Funds) and executive and other personnel as are necessary for the operation of the Trust and the Funds. Except for the Trust's Chief Compliance Officer and certain compliance staff, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

The Board considered the scope and quality of services provided by the Manager and the Subadvisers and noted that the scope of the services provided has continued to expand as a result of regulatory and other developments. The Board noted that, for example, the Manager and Subadvisers are responsible for maintaining and monitoring their own compliance programs, and these compliance programs are continuously refined and enhanced in light of new regulatory requirements. The Board considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and its Funds. The quality of administrative and other services, including the Manager's role in coordinating the activities of the Trust's other service providers, also were considered. The Board members concluded that, overall, they were satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Trust and to each of the Funds under the Advisory Contracts.

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

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The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

The Board noted that the Manager has agreed to temporarily limit Fund expenses under the Expense Limitation Agreement, which has the effect of reducing expenses similar to implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of expense limits and/or advisory fee breakpoints as Fund assets change. The Board receives quarterly reports on the level of Fund assets. The Board expects to continue to consider: (a) the extent to which economies of scale have been realized, and (b) whether the advisory fee should be modified, either in connection with the next renewal of the Advisory Contracts or by modifying the Expense Limitation Agreement, to reflect such economies of scale, if any.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds' advisory fee rate schedules was acceptable under each Fund's circumstances.

In conclusion, after full consideration of the above factors, as well as such other factors as each member of the Board considered instructive in evaluating the Advisory Contracts, the Board concluded that the advisory fees were reasonable, and that the continuation of the Advisory Contracts was in the best interest of the Funds.

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**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14<br> (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds<br> (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds);<br> Esoterica<br> Thematic Trust<br> (2019-2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

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**Interested Trustee<sup>(4)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other**<br> **Directorships Held<br>Outside the AIM<br>Complex During**<br> **Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

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(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

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**Officers** 

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| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(1)</sup>/ Length**<br> **of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963) <br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer<br>and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-<br>Money Laundering Compliance<br>Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 to present. |

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(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

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![LOGO](g293130g71x52.jpg)

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| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

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## AZL<sup>®</sup> Mid Cap Index Fund

## Annual Report

## December 31, 2022
![LOGO](g415335g71x52.jpg)

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**Table of Contents** 

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|:---|
| [Management Discussion and Analysis](#toc415335_1a)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc415335_1)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc415335_2)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc415335_3)<br> Page 10 |
| [Statement of Operations](#toc415335_4)<br> Page 10 |
| [Statements of Changes in Net Assets](#toc415335_5)<br> Page 11 |
| [Financial Highlights](#toc415335_6)<br> Page 12 |
| [Notes to the Financial Statements](#toc415335_7)<br> Page 13 |
| [Report of Independent Registered Public Accounting Firm](#toc415335_7a)<br> Page 19 |
| [Other Federal Income Tax Information](#toc415335_9)<br> Page 20 |
| [Other Information](#toc415335_8)<br> Page 21 |
| [Approval of Investment Advisory and Subadvisory Agreements](#toc415335_8a)<br> Page 22 |
| [Information about the Board of Trustees and Officers](#toc415335_8b)<br> Page 25 |

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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.

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 **AZL<sup>®</sup> Mid Cap Index Fund Review (Unaudited)**<br>

Allianz Investment Management LLC serves as the Manager for the AZL<sup>®</sup> Mid Cap Index Fund and BlackRock Investment Management, LLC serves as Subadviser to the Fund.

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

For the year ended December 31, 2022, the AZL<sup>®</sup> Mid Cap Index Fund (Class 2 Shares) (the "Fund") returned (13.55)%. That compared to a (13.06)% return for its benchmark, the S&P MidCap 400<sup>®</sup> Index.<sup>1</sup>

The Fund seeks investment results, before fees and expenses, that correspond to the performance of the S&P MidCap 400® Index (the "Index"). The Fund takes positions in securities that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of mid-cap stock performance. It is an unmanaged, market capitalization-weighted index composed of mid-capitalization U.S. equities.

In the first quarter of 2022, the Russian invasion of Ukraine added fuel to existing concerns over rising inflation, interest rate hikes, and rising commodity prices. U.S. economic data, including employment numbers and corporate earnings, remained strong, however. This dynamic complicated matters for the Federal Reserve (the Fed) as it announced a 25-basis-point increase in short-term rates in March to attempt to combat inflation. The Fed also signaled additional rate increases throughout the rest of the year.

During the second quarter, inflation continued to rise, and investors grew increasingly concerned the Fed would not be able to avoid a recession as it sought to check rising consumer prices. Consumer sentiment fell as both prices and the cost of borrowing rose, putting downward pressure on domestic equity market valuations. The Fed added to that pressure with an increasingly hawkish tone, indicating it was willing to accept higher unemployment rates if that was required to rein in inflation.

Equity markets staged a rally in the third quarter as the Fed initially softened its tone in recognition of the many obstacles that threatened economic growth. In support of this shift, data indicated that GDP growth had declined over the first two quarters of 2022. Other data, including employment and wage growth figures, indicated the economy remained resilient, but investors appeared to take the slowdown in GDP growth as a sign the Fed would ease its current policy-tightening trend. By the end of the quarter, however, the Fed's tone shifted once again, this time toward a more hawkish stance. Inflation data remained stubbornly high during the summer, and Fed Chair Jerome

Powell reaffirmed the Fed's commitment to fighting inflation. The announcement pushed equity markets lower, erasing the gains from earlier in the quarter.

In the fourth quarter, stocks once again staged a rally despite tighter monetary policies. Markets posted gains in both October and November before giving up those gains during December. The Fed raised interest rates at its December meeting, bringing the total rate increase to 450 basis points for the year, and reiterated its plan to continue tightening into 2023. Equity markets fell in response, closing out the year posting their worst annual returns in over a decade.

The sectors within the Index posted mixed returns over the year, with the energy, utilities, and consumer staples sectors among the best performers, while the health care, consumer discretionary, and real estate sectors lagged.

The Fund uses exchange-traded futures for the purpose of efficient portfolio management, and these derivatives did not have a significant impact on the Fund's return in 2022. Futures are not used for speculative or leveraged positions in the portfolio and we hold cash to fully cover all outstanding futures positions. The Fund's use of futures contracts provides immediate market exposure proportionate to cash accruals and investable cash within the portfolio. Skillful cash management and cash equitization are critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.

------

***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmark please refer to page 2 of this report.* 

------

 **AZL<sup>®</sup> Mid Cap Index Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to seek to match the performance of the Standard & Poor's MidCap 400 Index ("S&P 400") as closely as possible. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in a statistically selected sampling of equity securities of companies included in the S&P 400 and in derivative instruments linked to the S&P 400, primarily futures contracts.* 

**Investment Concerns** 

*Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.* 

*Small- to mid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.* 

*The performance of the Fund is expected to be lower than that of the Index because of Fund fees and expenses. Securities in which the Fund will invest may involve substantial risk and may be subject to sudden severe price declines.* 

*Investing in derivative instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.* 

*For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund's prospectus.* 

**Growth of $10,000 Investment**![LOGO](g415335g11v11.jpg)

*The chart above represents a comparison of a hypothetical investment in the Fund versus a similar investment in the Fund's benchmarks and represents the reinvestment of dividends and capital gains in the Fund.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **Inception<br>Date** | **1<br>Year** | **3<br>Year** | **5<br>Year** | **10<br>Years** | **Since<br>Inception** |
| &nbsp;&nbsp; AZL<sup>®</sup> Mid Cap Index Fund (Class 1 Shares) | 10/14/2016 | (13.34)% | 7.26% | 6.62% |  | 9.36% |
| &nbsp;&nbsp; AZL<sup>®</sup> Mid Cap Index Fund (Class 2 Shares) | 5/1/2009 | (13.55)% | 6.98% | 6.34% | 10.26% | 12.43% |
| &nbsp;&nbsp; S&P MidCap 400 Index | 5/1/2009 | (13.06)% | 7.23% | 6.71% | 10.78% | 13.08% |

---

***Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.Allianzlife.com.***

---

| | |
|:---|:---|
| **Expense Ratios** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> Mid Cap Index Fund (Class 1 Shares) | 0.32% |
| &nbsp;&nbsp; AZL<sup>®</sup> Mid Cap Index Fund (Class 2 Shares) | 0.57% |

---

***The above expense ratios are based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.46% for Class 1 Shares and 0.71% for Class 2 Shares through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratios can be found in the Financial Highlights.***

*The total return of the Fund does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Such charges, fees and tax payments would reduce the performance quoted.* 

*The Fund's performance is measured against the Standard & Poor's MidCap 400 Index ("S&P 400"), which is a widely used index for mid-sized companies. The S&P 400 covers 7% of the U.S. equities market, and is part of a series of S&P U.S. indexes that can be used as building blocks for portfolio composition. The index is unmanaged and does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.* 

------

**AZL Mid Cap Index Fund** 

**Expense Examples** 

(Unaudited)

As a shareholder of the AZL Mid Cap Index Fund (the "Fund"), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount 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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Mid Cap Index Fund, Class 1 | $1000.00 | $1078.70 | $1.62 | 0.31% |
|  AZL Mid Cap Index Fund, Class 2 | $1000.00 | $1077.70 | $2.93 | 0.56% |

---

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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Mid Cap Index Fund, Class 1 | $1000.00 | $1023.64 | $1.58 | 0.31% |
|  AZL Mid Cap Index Fund, Class 2 | $1000.00 | $1022.38 | $2.85 | 0.56% |

---

\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  Industrials | 19.5% |
|  Financials | 15 |
|  Consumer Discretionary | 13.9 |
|  Information Technology | 12 |
|  Health Care | 10.1 |
|  Real Estate | 8 |
|  Materials | 6.5 |
|  Utilities | 4 |
|  Consumer Staples | 4 |
|  Energy | 3.9 |
|  Communication Services | 2 |
|  Total Common Stocks | 98.9 |
|  Unaffiliated Investment Company | 1 |
|  Short-Term Security Held as Collateral for Securities on Loan | 0.2 |
|  Total Investment Securities | 100.1 |
|  Net other assets (liabilities) | (0.1) |
|  Net Assets | 100.0% |

---

------

**AZL Mid Cap Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks (98.9%):** | **Common Stocks (98.9%):** | |
| **Aerospace & Defense (1.2%):** | **Aerospace & Defense (1.2%):** | |
| 27315 | Axon Enterprise, Inc.\* | $4532378 |
| 15563 | Curtiss-Wright Corp. | 2598865 |
| 34275 | Hexcel Corp. | 2017084 |
| 23187 | Mercury Systems, Inc.\* | 1037386 |
|  |  | 10185713 |
| **Air Freight & Logistics (0.4%):** | **Air Freight & Logistics (0.4%):** |  |
| 48300 | GXO Logistics, Inc.\* | 2061927 |
| 46179 | XPO Logistics, Inc.\* | 1537299 |
|  |  | 3599226 |
| **Airlines (0.1%):** | **Airlines (0.1%):** |  |
| 131062 | JetBlue Airways Corp.\* | 849282 |
| **Auto Components (1.4%):** | **Auto Components (1.4%):** |  |
| 38129 | Adient plc\* | 1322695 |
| 52184 | Dana, Inc. | 789544 |
| 17131 | Fox Factory Holding Corp.\* | 1562861 |
| 95117 | Gentex Corp. | 2593840 |
| 113679 | Goodyear Tire & Rubber Co. (The)\* | 1153842 |
| 23984 | Lear Corp. | 2974496 |
| 11393 | Visteon Corp.\* | 1490546 |
|  |  | 11887824 |
| **Automobiles (0.5%):** | **Automobiles (0.5%):** |  |
| 53805 | Harley-Davidson, Inc. | 2238288 |
| 21753 | Thor Industries, Inc. | 1642134 |
|  |  | 3880422 |
| **Banks (7.0%):** | **Banks (7.0%):** |  |
| 61028 | Associated Banc-Corp. | 1409137 |
| 16110 | Bank of Hawaii Corp. | 1249492 |
| 44752 | Bank OZK | 1792765 |
| 74360 | Cadence Bank | 1833718 |
| 30376 | Cathay General Bancorp | 1239037 |
| 46202 | Commerce Bancshares, Inc. | 3144970 |
| 25942 | Cullen/Frost Bankers, Inc. | 3468445 |
| 57005 | East West Bancorp, Inc. | 3756629 |
| 141832 | F.N.B. Corp. | 1850908 |
| 52137 | First Financial Bankshares, Inc. | 1793513 |
| 217074 | First Horizon Corp. | 5318313 |
| 67743 | Fulton Financial Corp. | 1140115 |
| 44808 | Glacier Bancorp, Inc. | 2214411 |
| 34844 | Hancock Whitney Corp. | 1686101 |
| 77148 | Home Bancshares, Inc. | 1758203 |
| 21593 | International Bancshares Corp. | 988096 |
| 118339 | Old National Bancorp | 2127735 |
| 47341 | PacWest Bancorp | 1086476 |
| 30967 | Pinnacle Financial Partners, Inc. | 2272978 |
| 36987 | Prosperity Bancshares, Inc. | 2688215 |
| 58806 | Synovus Financial Corp. | 2208165 |
| 20314 | Texas Capital Bancshares, Inc.\* | 1225137 |
| 17597 | UMB Financial Corp. | 1469701 |
| 88426 | Umpqua Holdings Corp. | 1578404 |
| 54404 | United Bankshares, Inc. | 2202818 |
| 169481 | Valley National Bancorp | 1916830 |
| 71130 | Webster Financial Corp. | 3367294 |
| 24726 | Wintrust Financial Corp. | 2089842 |
|  |  | 58877448 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Beverages (0.5%):** | **Beverages (0.5%):** | |
| 3836 | Boston Beer Co., Inc. (The), Class A\* | $1264039 |
| 16203 | Celsius Holdings, Inc.\* | 1685760 |
| 1884 | Coca-Cola Consolidated, Inc. | 965286 |
|  |  | 3915085 |
| **Biotechnology (2.0%):** | **Biotechnology (2.0%):** |  |
| 42861 | Arrowhead Pharmaceuticals, Inc.\* | 1738442 |
| 129568 | Exelixis, Inc.\* | 2078271 |
| 54791 | Halozyme Therapeutics, Inc.\* | 3117608 |
| 38689 | Neurocrine Biosciences, Inc.\* | 4621014 |
| 18412 | United Therapeutics Corp.\* | 5120193 |
|  |  | 16675528 |
| **Building Products (2.6%):** | **Building Products (2.6%):** |  |
| 59638 | Builders FirstSource, Inc.\* | 3869313 |
| 20924 | Carlisle Cos., Inc. | 4930741 |
| 51801 | Fortune Brands Innovations, Inc. | 2958355 |
| 13021 | Lennox International, Inc. | 3115014 |
| 37870 | Owens Corning | 3230311 |
| 17428 | Simpson Manufacturing Co., Inc. | 1545166 |
| 44936 | Trex Co., Inc.\* | 1902141 |
|  |  | 21551041 |
| **Capital Markets (1.7%):** | **Capital Markets (1.7%):** |  |
| 15413 | Affiliated Managers Group, Inc. | 2441882 |
| 14506 | Evercore, Inc., Class A | 1582314 |
| 34381 | Federated Hermes, Inc., Class B | 1248374 |
| 41495 | Interactive Brokers Group, Inc., Class A | 3002163 |
| 53791 | Janus Henderson Group plc | 1265164 |
| 41655 | SEI Investments Co. | 2428487 |
| 42843 | Stifel Financial Corp. | 2500746 |
|  |  | 14469130 |
| **Chemicals (2.6%):** | **Chemicals (2.6%):** |  |
| 20062 | Ashland, Inc. | 2157267 |
| 34538 | Avient Corp. | 1166003 |
| 22901 | Cabot Corp. | 1530703 |
| 61155 | Chemours Co. (The) | 1872566 |
| 14431 | Ingevity Corp.\* | 1016520 |
| 2807 | NewMarket Corp. | 873286 |
| 51614 | Olin Corp. | 2732445 |
| 52188 | RPM International, Inc. | 5085721 |
| 16240 | Scotts Miracle-Gro Co. (The) | 789102 |
| 17118 | Sensient Technologies Corp. | 1248244 |
| 71834 | Valvoline, Inc. | 2345380 |
| 13925 | Westlake Corp. | 1427869 |
|  |  | 22245106 |
| **Commercial Services & Supplies (1.5%):** | **Commercial Services & Supplies (1.5%):** |  |
| 19258 | Brink's Co. (The) | 1034347 |
| 20279 | Clean Harbors, Inc.\* | 2314240 |
| 54447 | IAA, Inc.\* | 2177880 |
| 14989 | MSA Safety, Inc. | 2161264 |
| 37065 | Stericycle, Inc.\* | 1849173 |
| 21502 | Tetra Tech, Inc. | 3121875 |
|  |  | 12658779 |
| **Communications Equipment (0.8%):** | **Communications Equipment (0.8%):** |  |
| 23060 | Calix, Inc.\* | 1577996 |
| 60706 | Ciena Corp.\* | 3094792 |

---

See accompanying notes to the financial statements.

------

**AZL Mid Cap Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Communications Equipment, continued** | **Communications Equipment, continued** | |
| 27791 | Lumentum Holdings, Inc.\* | $1449856 |
| 30414 | ViaSat, Inc.\* | 962603 |
|  |  | 7085247 |
| **Construction & Engineering (2.2%):** | **Construction & Engineering (2.2%):** |  |
| 56492 | AECOM | 4797865 |
| 11969 | Dycom Industries, Inc.\* | 1120298 |
| 19311 | EMCOR Group, Inc. | 2860152 |
| 57662 | Fluor Corp.\* | 1998565 |
| 23726 | MasTec, Inc.\* | 2024540 |
| 82261 | MDU Resources Group, Inc. | 2495799 |
| 8637 | Valmont Industries, Inc. | 2855997 |
|  |  | 18153216 |
| **Construction Materials (0.2%):** | **Construction Materials (0.2%):** |  |
| 14930 | Eagle Materials, Inc. | 1983451 |
| **Consumer Finance (0.4%):** | **Consumer Finance (0.4%):** |  |
| 15282 | FirstCash Holdings, Inc. | 1328159 |
| 42863 | Navient Corp. | 705096 |
| 101645 | SLM Corp. | 1687307 |
|  |  | 3720562 |
| **Containers & Packaging (0.9%):** | **Containers & Packaging (0.9%):** |  |
| 26431 | AptarGroup, Inc. | 2906881 |
| 10728 | Greif, Inc., Class A | 719420 |
| 34078 | Silgan Holdings, Inc. | 1766603 |
| 39418 | Sonoco Products Co. | 2393067 |
|  |  | 7785971 |
| **Diversified Consumer Services (1.1%):** | **Diversified Consumer Services (1.1%):** |  |
| 1591 | Graham Holdings Co., Class B | 961298 |
| 12428 | Grand Canyon Education, Inc.\* | 1313142 |
| 62998 | H&R Block, Inc. | 2300057 |
| 62325 | Service Corp. International | 4309151 |
|  |  | 8883648 |
| **Diversified Financial Services (0.6%):** | **Diversified Financial Services (0.6%):** |  |
| 75227 | Jefferies Financial Group, Inc. | 2578782 |
| 39906 | Voya Financial, Inc. | 2453820 |
|  |  | 5032602 |
| **Diversified Telecommunication Services (0.6%):** | **Diversified Telecommunication Services (0.6%):** |  |
| 89808 | Frontier Communications Parent, Inc.\* | 2288308 |
| 51365 | Iridium Communications, Inc.\* | 2640161 |
|  |  | 4928469 |
| **Electric Utilities (1.5%):** | **Electric Utilities (1.5%):** |  |
| 23146 | ALLETE, Inc. | 1493148 |
| 44278 | Hawaiian Electric Industries, Inc. | 1853034 |
| 20394 | IDACORP, Inc. | 2199493 |
| 81363 | OGE Energy Corp. | 3217907 |
| 34915 | PNM Resources, Inc. | 1703503 |
| 36242 | Portland General Electric Co. | 1775858 |
|  |  | 12242943 |
| **Electrical Equipment (2.0%):** | **Electrical Equipment (2.0%):** |  |
| 13233 | Acuity Brands, Inc. | 2191517 |
| 16462 | EnerSys | 1215554 |
| 21714 | Hubbell, Inc. | 5095842 |
| 67187 | nVent Electric plc | 2584684 |
| 26855 | Regal Rexnord Corp. | 3222063 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Electrical Equipment, continued** | **Electrical Equipment, continued** | |
| 85746 | Sunrun, Inc.\* | $2059619 |
| 9299 | Vicor Corp.\* | 499821 |
|  |  | 16869100 |
| **Electronic Equipment, Instruments & Components (3.1%):** | **Electronic Equipment, Instruments & Components (3.1%):** |  |
| 24924 | Arrow Electronics, Inc.\* | 2606303 |
| 37084 | Avnet, Inc. | 1541953 |
| 17654 | Belden, Inc. | 1269323 |
| 70050 | Cognex Corp. | 3300055 |
| 56200 | Coherent Corp.\* | 1972620 |
| 13028 | IPG Photonics Corp. | 1233361 |
| 54558 | Jabil, Inc. | 3720855 |
| 9978 | Littelfuse, Inc. | 2197156 |
| 53359 | National Instruments Corp. | 1968947 |
| 14504 | Novanta, Inc.\* | 1970658 |
| 17031 | TD SYNNEX Corp. | 1613006 |
| 53493 | Vishay Intertechnology, Inc. | 1153844 |
| 63990 | Vontier Corp. | 1236927 |
|  |  | 25785008 |
| **Energy Equipment & Services (0.7%):** | **Energy Equipment & Services (0.7%):** |  |
| 81847 | ChampionX Corp. | 2372745 |
| 158899 | NOV, Inc. | 3319400 |
|  |  | 5692145 |
| **Entertainment (0.1%):** | **Entertainment (0.1%):** |  |
| 17480 | World Wrestling Entertainment, Inc., Class A | 1197730 |
| **Equity Real Estate Investment Trusts (7.7%):** | **Equity Real Estate Investment Trusts (7.7%):** |  |
| 60753 | Apartment Income REIT Corp. | 2084435 |
| 121224 | Brixmor Property Group, Inc. | 2748148 |
| 45132 | Corporate Office Properties Trust | 1170724 |
| 61259 | Cousins Properties, Inc. | 1549240 |
| 91002 | CubeSmart | 3662830 |
| 71157 | Douglas Emmett, Inc. | 1115742 |
| 17583 | EastGroup Properties, Inc. | 2603339 |
| 30502 | EPR Properties | 1150535 |
| 53426 | First Industrial Realty Trust, Inc. | 2578339 |
| 154653 | Healthcare Realty Trust, Inc. | 2980163 |
| 42854 | Highwoods Properties, Inc. | 1199055 |
| 89998 | Independence Realty Trust, Inc. | 1517366 |
| 40879 | JBG SMITH Properties | 775883 |
| 42240 | Kilroy Realty Corp. | 1633421 |
| 88898 | Kite Realty Group Trust | 1871303 |
| 35169 | Lamar Advertising Co., Class A | 3319954 |
| 34124 | Life Storage, Inc. | 3361214 |
| 242312 | Medical Properties Trust, Inc. | 2699356 |
| 72426 | National Retail Properties, Inc. | 3314214 |
| 34546 | National Storage Affiliates Trust | 1247802 |
| 95103 | Omega Healthcare Investors, Inc. | 2658129 |
| 91125 | Park Hotels & Resorts, Inc. | 1074364 |
| 52827 | Pebblebrook Hotel Trust | 707354 |
| 91725 | Physicians Realty Trust | 1327261 |
| 32666 | PotlatchDeltic Corp. | 1436977 |
| 59028 | Rayonier, Inc. | 1945563 |
| 74354 | Rexford Industrial Realty, Inc. | 4062703 |
| 93456 | Sabra Health Care REIT, Inc. | 1161658 |
| 25809 | SL Green Realty Corp. | 870279 |
| 56593 | Spirit Realty Capital, Inc. | 2259758 |

---

See accompanying notes to the financial statements.

------

**AZL Mid Cap Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Equity Real Estate Investment Trusts, continued** | **Equity Real Estate Investment Trusts, continued** | |
| 107352 | STORE Capital Corp. | $3441705 |
| 86134 | The Macerich Co. | 969869 |
|  |  | 64498683 |
| **Food & Staples Retailing (1.6%):** | **Food & Staples Retailing (1.6%):** |  |
| 54685 | BJ's Wholesale Club Holdings, Inc.\* | 3617960 |
| 15059 | Casey's General Stores, Inc. | 3378487 |
| 35581 | Grocery Outlet Holding Corp.\* | 1038609 |
| 62653 | Performance Food Group Co.\* | 3658309 |
| 43736 | Sprouts Farmers Market, Inc.\* | 1415734 |
|  |  | 13109099 |
| **Food Products (1.5%):** | **Food Products (1.5%):** |  |
| 64875 | Darling Ingredients, Inc.\* | 4060526 |
| 77959 | Flowers Foods, Inc. | 2240542 |
| 26505 | Ingredion, Inc. | 2595634 |
| 8066 | Lancaster Colony Corp. | 1591422 |
| 18208 | Pilgrim's Pride Corp.\* | 432076 |
| 22149 | Post Holdings, Inc.\* | 1999169 |
|  |  | 12919369 |
| **Gas Utilities (1.4%):** | **Gas Utilities (1.4%):** |  |
| 36876 | National Fuel Gas Co. | 2334251 |
| 38653 | New Jersey Resources Corp. | 1917962 |
| 21739 | ONE Gas, Inc. | 1646077 |
| 25022 | Southwest Gas Holdings, Inc. | 1548361 |
| 21309 | Spire, Inc. | 1467338 |
| 85101 | UGI Corp. | 3154694 |
|  |  | 12068683 |
| **Health Care Equipment & Supplies (3.4%):** | **Health Care Equipment & Supplies (3.4%):** |  |
| 19538 | Enovis Corp.\* | 1045674 |
| 65859 | Envista Holdings Corp.\* | 2217473 |
| 31063 | Globus Medical, Inc.\* | 2307049 |
| 20827 | Haemonetics Corp.\* | 1638044 |
| 8199 | ICU Medical, Inc.\* | 1291179 |
| 19288 | Inari Medical, Inc.\* | 1225945 |
| 29278 | Integra LifeSciences Holdings Corp.\* | 1641617 |
| 27941 | Lantheus Holdings, Inc.\* | 1423873 |
| 21634 | LivaNova plc\* | 1201552 |
| 19550 | Masimo Corp.\* | 2892423 |
| 87476 | Neogen Corp.\* | 1332259 |
| 15327 | Penumbra, Inc.\* | 3409644 |
| 22052 | QuidelOrtho Corp.\* | 1889195 |
| 14533 | Shockwave Medical, Inc.\* | 2988130 |
| 19327 | STAAR Surgical Co.\* | 938133 |
| 26356 | Tandem Diabetes Care, Inc.\* | 1184702 |
|  |  | 28626892 |
| **Health Care Providers & Services (2.4%):** | **Health Care Providers & Services (2.4%):** |  |
| 36891 | Acadia Healthcare Co., Inc.\* | 3036867 |
| 13119 | Amedisys, Inc.\* | 1095961 |
| 6053 | Chemed Corp. | 3089633 |
| 40202 | Encompass Health Corp. | 2404482 |
| 34111 | HealthEquity, Inc.\* | 2102602 |
| 12578 | LHC Group, Inc.\* | 2033737 |
| 62179 | Option Care Health, Inc.\* | 1870966 |
| 35442 | Patterson Cos., Inc. | 993439 |
| 30565 | Progyny, Inc.\* | 952100 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | | |
| **Health Care Providers & Services, continued** | **Health Care Providers & Services, continued** | | |
| 57184 | R1 RCM, Inc.\* | $| 626165 |
| 43381 | Tenet Healthcare Corp.\* |  | 2116559 |
|  |  |  | 20322511 |
| **Health Care Technology (0.1%):** | **Health Care Technology (0.1%):** |  |  |
| 17951 | Omnicell, Inc.\* |  | 905089 |
| **Hotels, Restaurants & Leisure (2.8%):** | **Hotels, Restaurants & Leisure (2.8%):** |  |  |
| 32144 | Boyd Gaming Corp. |  | 1752812 |
| 11231 | Choice Hotels International, Inc. |  | 1265060 |
| 13420 | Churchill Downs, Inc. |  | 2837391 |
| 9180 | Cracker Barrel Old Country Store, Inc. |  | 869713 |
| 38038 | Light & Wonder, Inc., Class A\* |  | 2229027 |
| 15528 | Marriott Vacations Worldwide Corp. |  | 2089914 |
| 12987 | Papa John's International, Inc. |  | 1068960 |
| 63853 | Penn Entertainment, Inc.\* |  | 1896434 |
| 27091 | Texas Roadhouse, Inc., Class A |  | 2463926 |
| 32936 | Travel + Leisure Co. |  | 1198870 |
| 68443 | Wendy's Co. (The) |  | 1548865 |
| 12072 | Wingstop, Inc. |  | 1661349 |
| 35790 | Wyndham Hotels & Resorts, Inc. |  | 2552185 |
|  |  |  | 23434506 |
| **Household Durables (1.4%):** | **Household Durables (1.4%):** |  |  |
| 9734 | Helen of Troy, Ltd.\* |  | 1079598 |
| 34063 | KB Home |  | 1084907 |
| 53269 | Leggett & Platt, Inc. |  | 1716860 |
| 43904 | Taylor Morrison Home Corp., Class A\* |  | 1332486 |
| 69367 | Tempur Sealy International, Inc. |  | 2381369 |
| 42709 | Toll Brothers, Inc. |  | 2132033 |
| 13032 | TopBuild Corp.\* |  | 2039378 |
|  |  |  | 11766631 |
| **Household Products (0.1%):** | **Household Products (0.1%):** |  |  |
| 26976 | Energizer Holdings, Inc. |  | 905045 |
| **Independent Power and Renewable Electricity Producers (0.2%):** | **Independent Power and Renewable Electricity Producers (0.2%):** | **Independent Power and Renewable Electricity Producers (0.2%):** | **Independent Power and Renewable Electricity Producers (0.2%):** |
| 19828 | Ormat Technologies, Inc. |  | 1714725 |
| **Insurance (4.0%):** | **Insurance (4.0%):** |  |  |
| 28250 | American Financial Group, Inc. |  | 3878160 |
| 28013 | Brighthouse Financial, Inc.\* |  | 1436227 |
| 46835 | CNO Financial Group, Inc. |  | 1070180 |
| 41963 | First American Financial Corp. |  | 2196343 |
| 14364 | Hanover Insurance Group, Inc. (The) |  | 1941007 |
| 25581 | Kemper Corp. |  | 1258585 |
| 8687 | Kinsale Capital Group, Inc. |  | 2271824 |
| 114677 | Old Republic International Corp. |  | 2769450 |
| 15084 | Primerica, Inc. |  | 2139213 |
| 27106 | Reinsurance Group of America, Inc. |  | 3851492 |
| 17628 | RenaissanceRe Holdings, Ltd. |  | 3247606 |
| 16456 | RLI Corp. |  | 2160179 |
| 24380 | Selective Insurance Group, Inc. |  | 2160312 |
| 75843 | Unum Group |  | 3111838 |
|  |  |  | 33492416 |
| **Interactive Media & Services (0.3%):** | **Interactive Media & Services (0.3%):** |  |  |
| 42028 | TripAdvisor, Inc.\* |  | 755663 |
| 19018 | Ziff Davis, Inc.\* |  | 1504324 |
|  |  |  | 2259987 |

---

See accompanying notes to the financial statements.

------

**AZL Mid Cap Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **IT Services (2.2%):** | **IT Services (2.2%):** | |
| 17195 | Concentrix Corp. | $2289686 |
| 19043 | Euronet Worldwide, Inc.\* | 1797278 |
| 13375 | ExlService Holdings, Inc.\* | 2266126 |
| 68212 | Genpact, Ltd. | 3159580 |
| 83773 | Kyndryl Holdings, Inc.\* | 931556 |
| 24418 | Maximus, Inc. | 1790572 |
| 41931 | Teradata Corp.\* | 1411398 |
| 155636 | Western Union Co. (The.) | 2143108 |
| 17665 | WEX, Inc.\* | 2890877 |
|  |  | 18680181 |
| **Leisure Products (1.1%):** | **Leisure Products (1.1%):** |  |
| 29381 | Brunswick Corp. | 2117782 |
| 142901 | Mattel, Inc.\* | 2549354 |
| 22077 | Polaris, Inc. | 2229777 |
| 56038 | Topgolf Callaway Brands Corp.\* | 1106750 |
| 34860 | YETI Holdings, Inc.\* | 1440067 |
|  |  | 9443730 |
| **Life Sciences Tools & Services (1.4%):** | **Life Sciences Tools & Services (1.4%):** |  |
| 30348 | Azenta, Inc.\* | 1766861 |
| 40651 | Bruker Corp. | 2778496 |
| 10215 | Medpace Holdings, Inc.\* | 2169768 |
| 20875 | Repligen Corp.\* | 3534346 |
| 39918 | Sotera Health Co.\* | 332517 |
| 41655 | Syneos Health, Inc.\* | 1527905 |
|  |  | 12109893 |
| **Machinery (4.9%):** | **Machinery (4.9%):** |  |
| 25047 | AGCO Corp. | 3473769 |
| 16908 | Chart Industries, Inc.\* | 1948309 |
| 19182 | Crane Holdings Co. | 1926832 |
| 50185 | Donaldson Co., Inc. | 2954391 |
| 21041 | Esab Corp. | 987244 |
| 53071 | Flowserve Corp. | 1628218 |
| 68412 | Graco, Inc. | 4601391 |
| 33454 | ITT, Inc. | 2713119 |
| 32812 | Kennametal, Inc. | 789457 |
| 23396 | Lincoln Electric Holdings, Inc. | 3380488 |
| 21710 | Middleby Corp. (The)\* | 2906969 |
| 26438 | Oshkosh Corp. | 2331567 |
| 27233 | Terex Corp. | 1163394 |
| 27212 | Timken Co. | 1923072 |
| 42302 | Toro Co. (The) | 4788586 |
| 11109 | Watts Water Technologies, Inc., Class A | 1624469 |
| 24318 | Woodward, Inc. | 2349362 |
|  |  | 41490637 |
| **Marine (0.2%):** | **Marine (0.2%):** |  |
| 24261 | Kirby Corp.\* | 1561195 |
| **Media (1.1%):** | **Media (1.1%):** |  |
| 1961 | Cable One, Inc. | 1395958 |
| 17337 | John Wiley & Sons, Inc., Class A | 694520 |
| 66894 | New York Times Co. (The), Class A | 2171379 |
| 15280 | Nexstar Media Group, Inc. | 2674458 |
| 90813 | TEGNA, Inc. | 1924328 |
|  |  | 8860643 |
| **Metals & Mining (2.5%):** | **Metals & Mining (2.5%):** |  |
| 71698 | Alcoa Corp. | 3260108 |
| 210198 | Cleveland-Cliffs, Inc.\* | 3386290 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Metals & Mining, continued** | **Metals & Mining, continued** | |
| 47549 | Commercial Metals Co. | $2296617 |
| 37404 | MP Materials Corp.\* | 908169 |
| 23783 | Reliance Steel & Aluminum Co. | 4814631 |
| 26553 | Royal Gold, Inc. | 2993054 |
| 95663 | United States Steel Corp. | 2396358 |
| 12319 | Worthington Industries, Inc. | 612377 |
|  |  | 20667604 |
| **Mortgage Real Estate Investment Trusts (REITs) (0.5%):** | **Mortgage Real Estate Investment Trusts (REITs) (0.5%):** |  |
| 189587 | Annaly Capital Management, Inc. | 3996494 |
| **Multiline Retail (0.6%):** | **Multiline Retail (0.6%):** |  |
| 47264 | Kohl's Corp. | 1193416 |
| 108814 | Macy's, Inc. | 2247009 |
| 45465 | Nordstrom, Inc. | 733805 |
| 23561 | Ollie's Bargain Outlet Holdings, Inc.\* | 1103597 |
|  |  | 5277827 |
| **Multi-Utilities (0.4%):** | **Multi-Utilities (0.4%):** |  |
| 26501 | Black Hills Corp. | 1864080 |
| 23413 | NorthWestern Corp. | 1389328 |
|  |  | 3253408 |
| **Oil, Gas & Consumable Fuels (3.2%):** | **Oil, Gas & Consumable Fuels (3.2%):** |  |
| 135137 | Antero Midstream Corp. | 1458128 |
| 111891 | Antero Resources Corp.\* | 3467502 |
| 73132 | CNX Resources Corp.\* | 1231543 |
| 39109 | DT Midstream, Inc. | 2161163 |
| 174172 | Equitrans Midstream Corp. | 1166952 |
| 54498 | HF Sinclair Corp. | 2827901 |
| 45244 | Matador Resources Co. | 2589767 |
| 59343 | Murphy Oil Corp. | 2552343 |
| 46300 | PBF Energy, Inc., Class A | 1888114 |
| 37339 | PDC Energy, Inc. | 2370280 |
| 97915 | Range Resources Corp. | 2449833 |
| 449328 | Southwestern Energy Co.\* | 2628569 |
|  |  | 26792095 |
| **Paper & Forest Products (0.2%):** | **Paper & Forest Products (0.2%):** |  |
| 29052 | Louisiana-Pacific Corp. | 1719878 |
| **Personal Products (0.3%):** | **Personal Products (0.3%):** |  |
| 55263 | BellRing Brands, Inc.\* | 1416943 |
| 145244 | Coty, Inc., Class A\* | 1243289 |
|  |  | 2660232 |
| **Pharmaceuticals (0.7%):** | **Pharmaceuticals (0.7%):** |  |
| 25356 | Jazz Pharmaceuticals plc\* | 4039464 |
| 54864 | Perrigo Co. plc | 1870314 |
|  |  | 5909778 |
| **Professional Services (1.8%):** | **Professional Services (1.8%):** |  |
| 20443 | ASGN, Inc.\* | 1665696 |
| 9500 | CACI International, Inc., Class A\* | 2855605 |
| 13922 | FTI Consulting, Inc.\* | 2210814 |
| 14515 | Insperity, Inc. | 1648904 |
| 56247 | KBR, Inc. | 2969842 |
| 20487 | ManpowerGroup, Inc. | 1704723 |
| 22537 | Science Applications International Corp. | 2500029 |
|  |  | 15555613 |
| **Real Estate Management & Development (0.4%):** | **Real Estate Management & Development (0.4%):** |  |
| 19470 | Jones Lang LaSalle, Inc.\* | 3102934 |

---

See accompanying notes to the financial statements.

------

**AZL Mid Cap Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Road & Rail (1.6%):** | **Road & Rail (1.6%):** | |
| 10082 | Avis Budget Group, Inc.\* | $1652742 |
| 64903 | Knight-Swift Transportation Holdings, Inc. | 3401566 |
| 14736 | Landstar System, Inc. | 2400495 |
| 46106 | RXO, Inc.\* | 793023 |
| 20759 | Ryder System, Inc. | 1734830 |
| 10684 | Saia, Inc.\* | 2240221 |
| 24062 | Werner Enterprises, Inc. | 968736 |
|  |  | 13191613 |
| **Semiconductors & Semiconductor Equipment (2.6%):** | **Semiconductors & Semiconductor Equipment (2.6%):** |  |
| 26357 | Allegro MicroSystems, Inc.\* | 791237 |
| 41049 | Amkor Technology, Inc. | 984355 |
| 22602 | Cirrus Logic, Inc.\* | 1683397 |
| 55439 | Lattice Semiconductor Corp.\* | 3596882 |
| 20821 | MACOM Technology Solutions Holdings, Inc.\* | 1311307 |
| 23121 | MKS Instruments, Inc. | 1959043 |
| 23131 | Power Integrations, Inc. | 1658955 |
| 13487 | Silicon Laboratories, Inc.\* | 1829781 |
| 6544 | SiTime Corp.\* | 665001 |
| 34442 | SunPower Corp.\* | 620989 |
| 16119 | Synaptics, Inc.\* | 1533884 |
| 17464 | Universal Display Corp. | 1886811 |
| 50014 | Wolfspeed, Inc.\* | 3452967 |
|  |  | 21974609 |
| **Software (2.8%):** | **Software (2.8%):** |  |
| 46854 | ACI Worldwide, Inc.\* | 1077642 |
| 11673 | Aspen Technology, Inc.\* | 2397634 |
| 17960 | Blackbaud, Inc.\* | 1057126 |
| 18010 | CommVault Systems, Inc.\* | 1131748 |
| 81366 | Dynatrace, Inc.\* | 3116318 |
| 18183 | Envestnet, Inc.\* | 1121891 |
| 10121 | Fair Isaac Corp.\* | 6058228 |
| 25372 | Manhattan Associates, Inc.\* | 3080161 |
| 16528 | Paylocity Holding Corp.\* | 3210729 |
| 14244 | Qualys, Inc.\* | 1598604 |
|  |  | 23850081 |
| **Specialty Retail (2.8%):** | **Specialty Retail (2.8%):** |  |
| 13860 | AutoNation, Inc.\* | 1487178 |
| 22531 | Dick's Sporting Goods, Inc. | 2710254 |
| 22423 | Five Below, Inc.\* | 3965956 |
| 32497 | Foot Locker, Inc. | 1228062 |
| 102425 | GameStop Corp., Class A\*^ | 1890765 |
| 86878 | Gap, Inc. (The) | 979984 |
| 11135 | Lithia Motors, Inc. | 2279780 |
| 8423 | Murphy U.S.A., Inc. | 2354565 |
| 7787 | RH\* | 2080609 |
| 33860 | Victoria's Secret & Co.\* | 1211511 |
| 27032 | Williams-Sonoma, Inc. | 3106517 |
|  |  | 23295181 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Technology Hardware, Storage & Peripherals (0.4%):** | **Technology Hardware, Storage & Peripherals (0.4%):** | |
| 55237 | NCR Corp.\* | $1293098 |
| 18781 | Super Micro Computer, Inc.\* | 1541920 |
| 45813 | Xerox Holdings Corp. | 668870 |
|  |  | 3503888 |
| **Textiles, Apparel & Luxury Goods (2.3%):** | **Textiles, Apparel & Luxury Goods (2.3%):** |  |
| 52189 | Capri Holdings, Ltd.\* | 2991473 |
| 15464 | Carter's, Inc. | 1153769 |
| 14213 | Columbia Sportswear Co. | 1244775 |
| 24857 | Crocs, Inc.\* | 2695245 |
| 10733 | Deckers Outdoor Corp.\* | 4284184 |
| 140197 | Hanesbrands, Inc. | 891653 |
| 26977 | PVH Corp. | 1904306 |
| 54380 | Skechers U.S.A., Inc., Class A\* | 2281241 |
| 76353 | Under Armour, Inc., Class A\* | 775747 |
| 81470 | Under Armour, Inc., Class C\* | 726712 |
|  |  | 18949105 |
| **Thrifts & Mortgage Finance (0.8%):** | **Thrifts & Mortgage Finance (0.8%):** |  |
| 43787 | Essent Group, Ltd. | 1702438 |
| 122877 | MGIC Investment Corp. | 1597401 |
| 278185 | New York Community Bancorp, Inc. | 2392391 |
| 26572 | Washington Federal, Inc. | 891491 |
|  |  | 6583721 |
| **Trading Companies & Distributors (1.0%):** | **Trading Companies & Distributors (1.0%):** |  |
| 14345 | GATX Corp. | 1525447 |
| 19113 | MSC Industrial Direct Co., Inc. | 1561532 |
| 66118 | Univar Solutions, Inc.\* | 2102553 |
| 13432 | Watsco, Inc. | 3349941 |
|  |  | 8539473 |
| **Water Utilities (0.5%):** | **Water Utilities (0.5%):** |  |
| 96473 | Essential Utilities, Inc. | 4604656 |
| Total Common Stocks (Cost $647,296,246) | Total Common Stocks (Cost $647,296,246) | 831752781 |
| **Short-Term Security Held as Collateral for Securities on Loan (0.2%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.2%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.2%):** |
| 1882051 | BlackRock Liquidity FedFund, Institutional Class, 1.49%(a)(b) | 1882051 |
| Total Short-Term Security Held as Collateral for Securities on Loan<br>(Cost $1,882,051) | Total Short-Term Security Held as Collateral for Securities on Loan<br>(Cost $1,882,051) | 1882051 |
| **Unaffiliated Investment Company (1.0%):** | **Unaffiliated Investment Company (1.0%):** |  |
| **Money Markets (1.0%):** | **Money Markets (1.0%):** |  |
| 8780122 | Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(b) | 8780122 |
| Total Unaffiliated Investment Company (Cost $8,780,122) | Total Unaffiliated Investment Company (Cost $8,780,122) | 8780122 |
| Total Investment Securities (Cost $657,958,419) — 100.1%(c) | Total Investment Securities (Cost $657,958,419) — 100.1%(c) | 842414954 |
| Net other assets (liabilities) — (0.1)% | Net other assets (liabilities) — (0.1)% | (1232019) |
| Net Assets — 100.0% | Net Assets — 100.0% | $841182935 |

---

Percentages indicated are based on net assets as of December 31, 2022.

REIT — Real Estate Investment Trust

\* Non-income producing security.

---

| | |
|:---|:---|
| ^ | This security or a partial position of this security was on loan as of December 31, 2022. The total value of securities on loan as of December 31, 2022 was $1,852,941.  |

---

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for
securities that were sold on or before December 31, 2022.

(b) The rate represents the effective yield at December 31, 2022.

(c) See Federal Tax Information listed in the Notes to the Financial Statements.

See accompanying notes to the financial statements.

------

**AZL Mid Cap Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

**Futures Contracts** 

At December 31, 2022, the Fund's open futures contracts were as follows:

**Long Futures** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  S&P Midcap 400 E-Mini March Futures (U.S. Dollar) | 3/17/23 | 42 | $10258920 | $(21765) |
|  |  |  |  | $(21765) |

---

See accompanying notes to the financial statements.

------

**AZL Mid Cap Index Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment securities, at cost | $657958419.0 |
|  Investment securities, at value(a) | $842414954.0 |
|  Deposit at broker for futures contracts collateral | 573000.0 |
|  Interest and dividends receivable | 1092162.0 |
|  Prepaid expenses | 3170.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 844083286.0 |
|  **Liabilities:** |  |
|  Payable for capital shares redeemed | 476258.0 |
|  Payable for collateral received on loaned securities | 1882051.0 |
|  Payable for variation margin on futures contracts | 56280.0 |
|  Management fees payable | 182236.0 |
|  Administration fees payable | 39912.0 |
|  Distribution fees payable | 172554.0 |
|  Custodian fees payable | 4519.0 |
|  Administrative and compliance services fees payable | 2816.0 |
|  Transfer agent fees payable | 2077.0 |
|  Trustee fees payable | 7035.0 |
|  Other accrued liabilities | 74613.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 2900351.0 |
|  **Net Assets** | $841182935.0 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $623998405.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 217184530.0 |
|  **Net Assets** | $841182935.0 |
|  **Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $44715862.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 19193421.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $2.33 |
|  **Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $796467073.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 41540361.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $19.17 |

---

(a) Includes securities on loan of $1,852,941.

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Dividends | $13289880 |
|  Interest | 3495 |
|  Income from securities lending | 290899 |
|  Foreign withholding tax | (2083) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 13582191 |
|  **Expenses:** |  |
|  Management fees | 2358742 |
|  Administration fees | 127610 |
|  Distribution fees — Class 2 | 2238108 |
|  Custodian fees | 26784 |
|  Administrative and compliance services fees | 13427 |
|  Transfer agent fees | 12868 |
|  Trustee fees | 53525 |
|  Professional fees | 41620 |
|  Licensing fees | 196390 |
|  Shareholder reports | 28193 |
|  Other expenses | 26881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 5124148 |
|  **Net Investment Income/(Loss)** | 8458043 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities and foreign currencies | 38051390 |
|  Net realized gains/(losses) on futures contracts | 1252226 |
|  Change in net unrealized appreciation/depreciation on securities and foreign currencies | (201120616) |
|  Change in net unrealized appreciation/depreciation on futures contracts | (223832) |
|  **Net realized and Change in net unrealized gains/losses on investments** | (162040832) |
|  **Change in Net Assets Resulting From Operations** | $(153582789) |

---

See accompanying notes to the financial statements.

------

**AZL Mid Cap Index Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $8458043 | $9030612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | 39303616 | 196868595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (201344448) | 40749630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (153582789) | 246648837 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (30765163) | (8374201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (173154510) | (56973657) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (203919673) | (65347858) |
|  **Capital Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 99647 | 101292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 30765163 | 8374200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (5812935) | (5965875) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | 25051875 | 2509617 |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 1689684 | 122905502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 173154510 | 56973658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (166491923) | (302432797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | 8352271 | (122553637) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | 33404146 | (120044020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (324098316) | 61256959 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1165281251 | 1104024292 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $841182935 | $1165281251 |
|  **Share Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 12192 | 11257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 13734448 | 1011377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1115941) | (636312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | 12630699 | 386322 |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 77998 | 4407636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 9390158 | 2153199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7115501) | (11112033) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | 2352655 | (4551198) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | 14983354 | (4164876) |

---

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. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Class 1** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $8.85 | $8.40 | $8.28 | $8.16 | $11.25 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.06 (a) | 0.09 (a) | 0.09 (a) | 0.12 (a) | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (1.45) | 1.83 | 0.97 | 1.79 | (1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (1.39) | 1.92 | 1.06 | 1.91 | (0.98) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.26) | (0.26) | (0.31) | (0.30) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (4.87) | (1.21) | (0.63) | (1.49) | (1.83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (5.13) | (1.47) | (0.94) | (1.79) | (2.11) |
|  **Net Asset Value, End of Period** | $2.33 | $8.85 | $8.40 | $8.28 | $8.16 |
|  **Total Return**(b) | (13.34)% | 24.03% | 14.82% | 25.47% | (11.01)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $44716 | $58070 | $51879 | $50096 | $44788 |
|  Net Investment Income/(Loss) | 1.14% | 1.01% | 1.21% | 1.31% | 1.32% |
|  Expenses Before Reductions(c) | 0.31% | 0.32% | 0.33% | 0.32% | 0.31% |
|  Expenses Net of Reductions | 0.31% | 0.32% | 0.33% | 0.32% | 0.31% |
|  Portfolio Turnover Rate(d) | 11% | 30% | 22% | 14% | 18% |
|  **Class 2** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $28.25 | $24.06 | $21.91 | $19.00 | $23.45 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.21 (a) | 0.21 (a) | 0.19 (a) | 0.23 (a) | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (4.24) | 5.39 | 2.84 | 4.41 | (2.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (4.03) | 5.60 | 3.03 | 4.64 | (2.40) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.18) | (0.20) | (0.25) | (0.24) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (4.87) | (1.21) | (0.63) | (1.49) | (1.83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (5.05) | (1.41) | (0.88) | (1.73) | (2.05) |
|  **Net Asset Value, End of Period** | $19.17 | $28.25 | $24.06 | $21.91 | $19.00 |
|  **Total Return**(b) | (13.55)% | 23.66% | 14.53% | 25.28% | (11.35)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $796467 | $1107212 | $1052145 | $1150058 | $1020140 |
|  Net Investment Income/(Loss) | 0.88% | 0.76% | 0.96% | 1.06% | 1.08% |
|  Expenses Before Reductions(c) | 0.56% | 0.57% | 0.58% | 0.57% | 0.56% |
|  Expenses Net of Reductions | 0.56% | 0.57% | 0.58% | 0.57% | 0.56% |
|  Portfolio Turnover Rate(d) | 11% | 30% | 22% | 14% | 18% |

---

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these
charges were included, the returns would have been lower.

(c) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares
issued.

See accompanying notes to the financial statements.

------

**AZL Mid Cap Index Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund may enter into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles ("U.S. GAAP"). The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Security Valuation** 

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

**Investment Transactions and Investment Income** 

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

**Real Estate Investment Trusts** 

The Fund may own shares of real estate investment trusts ("REITs") which report information on the source of their distributions annually. Certain distributions received from REITs during the year, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

**Private Placements** 

The Fund may invest in private placement securities which are securities issued by corporations without registration under the Securities Act of 1933, as amended (the "1933 Act"), in reliance on a "private placement" exemption. These unregistered securities may be restricted and generally are sold to institutional investors, such as the Fund, who agree that they are purchasing the securities for investment and not with a view to public distribution. Unregistered securities are normally resold to other institutional investors through or with the assistance of the issuer or investment dealers who make a market in such securities.

**Foreign Currency Translation and Withholding Taxes** 

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

**Distributions to Shareholders** 

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These "book/tax" differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating

------

**AZL Mid Cap Index Fund** 

Notes to the Financial Statements

December 31, 2022

loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

**Expense Allocation** 

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the "Manager"), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

**Class Allocation** 

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

**Securities Lending** 

To generate additional income, the Fund may lend up to 33<sup>1</sup>⁄<sub>3</sub>% 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 December 31, 2022 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 $28,848 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund had securities lending transactions of $1,882,051 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

**Derivative Instruments** 

All open derivative positions at period end are reflected on the Fund's Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

***Futures Contracts***

During the year ended December 31, 2022, the Fund used futures contracts to provide market exposure on the Fund's cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value ("variation margin"), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the year ended December 31, 2022, the monthly average notional amount for long contracts was $6.5 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.

------

**AZL Mid Cap Index Fund** 

Notes to the Financial Statements

December 31, 2022

**Summary of Derivative Instruments** 

The following is a summary of the values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Primary Risk Exposure** | **Statement of Assets and Liabilities Location** | **Total<br>Value** | **Statement of Assets and Liabilities Location** | **Total<br>Value** |
|  **Equity Risk** |  |  |  |  |
| Futures Contracts | Receivable for variation margin on futures contracts\* | $— | Payable for variation margin on futures contracts\* | $21765 |

---

\* For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities as variation margin on futures contracts. 

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Primary Risk Exposure** | **Location of Gains/(Losses)<br>on Derivatives<br>Recognized** | **Realized Gains/(Losses)<br>on Derivatives<br>Recognized** | **Change in Net Unrealized<br>Appreciation/Depreciation<br>on Derivatives Recognized** |
|  **Equity Risk** |  |  |  |
| Futures Contracts | Net realized gains/(losses) on futures contracts/<br> Change in net unrealized appreciation/depreciation on futures contracts | $1252226 | $(223832) |

---

**3. Fees and Transactions with Affiliates and Other Parties**

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the "Subadviser"), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC ("BlackRock Investment"), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as "Management fees." For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund's business, based on the daily net assets of the Fund, through April 30, 2024.

For the year ended December 31, 2022, 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% |

---

Any amounts waived or reimbursed by the Manager with respect to the annual expense limits in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable. During the year ended December 31, 2022, there were no such waivers.

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer ("CCO") and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administrative and compliance services fees."

Citi Fund Services Ohio, Inc. ("Citi" or the "Administrator"), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust's administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund's compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administration fees."

FIS Investor Services LLC ("FIS") serves as the Fund's transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon ("BNY Mellon" or the "Custodian") serves as the Trust's custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

------

**AZL Mid Cap Index Fund** 

Notes to the Financial Statements

December 31, 2022

Allianz Life Financial Services, LLC ("ALFS"), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust's CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

**4. Investment Valuation Summary** 

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates,
prepayments speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust's Board of Trustees (the "Board" or "Trustees") as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund's net asset value is calculated. These procedures include the Fund's use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund's fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund's NAV will be subject to the judgment of the Manager. The Manager's fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks+ | $831752781 | $— | $— | $831752781 |
|  Short-Term Security Held as Collateral for Securities on Loan | 1882051 |  |  | $1882051 |
|  Unaffiliated Investment Company | 8780122 |  |  | 8780122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | 842414954 |  |  | 842414954 |
|  Other Financial Instruments:\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (21765) |  |  | (21765) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $842393189 | $— | $— | $842393189 |

---

+ For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

\* Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, 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 | $107307555 | $262944420 |

---

**6. Investment Risks**

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

*Derivatives Risk:* The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives

------

**AZL Mid Cap Index Fund** 

Notes to the Financial Statements

December 31, 2022

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.

*Market Risk*: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

**7. Coronavirus (COVID-19) Pandemic** 

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $672,331,702. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

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| | |
|:---|:---|
|  Unrealized appreciation | $228556803 |
|  Unrealized (depreciation) | (58473551) |
|  Net unrealized appreciation/(depreciation) | $170083252 |

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The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary**<br> **Income** | **Net**<br> **Long-Term**<br> **Capital Gains** | **Total**<br> **Distributions(a)** |
|  AZL Mid Cap Index Fund | $30037653 | $173882020 | $203919673 |

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(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary**<br> **Income** | **Net**<br> **Long-Term**<br> **Capital Gains** | **Total**<br> **Distributions(a)** |
|  AZL Mid Cap Index Fund | $17708187 | $47639671 | $65347858 |

---

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized<br>Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated<br>Earnings/<br>(Deficit)** |
|  AZL Mid Cap Index Fund | $9881740 | $37219538 | $– | $170083252 | $217184530 |

---

(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, investments in real estate
investment trusts and other miscellaneous differences.

------

**AZL Mid Cap Index Fund** 

Notes to the Financial Statements

December 31, 2022

**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 December 31, 2022, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 50% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

**11. Subsequent Events** 

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund's financial statements.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL Mid Cap Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Mid Cap Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

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**Other Federal Income Tax Information (Unaudited)** 

For the year ended December 31, 2022, 39.99% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2022, the Fund declared net short-term capital gain distributions of $22,274,568.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $173,882,020.

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**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.

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**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

Each Fund is a manager-of-managers fund. That means that the Manager is responsible for monitoring the various Subadvisers that have day-to-day responsibility for the investment decisions made for each Fund. The Manager also is responsible for determining, in the first instance, which investment advisers to consider recommending for selection as a Subadviser.

In reviewing the services provided by the Manager and the terms of the Management Agreement, the Board receives and reviews information related to the Manager's experience and expertise in the variable insurance marketplace. In addition, the Board receives information regarding the Manager's expertise with regard to portfolio diversification and asset allocation requirements within variable insurance products issued by Allianz Life Insurance Company of North America ("Allianz Life") and its subsidiary, Allianz Life Insurance Company of New York ("Allianz of New York"). Currently, the Funds are offered only through Allianz Life and Allianz of New York variable products, and not in the retail fund market.

The Manager has adopted policies and procedures to assist it in the process of analyzing each potential Subadviser with expertise in particular asset classes for purposes of making the recommendation that a specific investment adviser be selected. The Board reviews and considers the information provided by the Manager in deciding which investment advisers to select as a Subadviser. After an investment adviser becomes a Subadviser, a similarly rigorous process is instituted by the Manager to monitor the investment performance and other responsibilities of the Subadviser. The Manager reports to the Board on its analysis at the regular meetings of the Board, which are held at least quarterly. Where warranted, the Manager will add or remove a particular Subadviser from a "watch" list that it maintains. Watch list criteria include, for example: (a) Fund performance over various time periods; (b) Fund risk issues, such as changes in key personnel involved with Fund management, changes in investment philosophy or process, or "capacity" concerns; and (c) organizational risk issues, such as regulatory, compliance or legal concerns, or changes in the ownership of the Subadviser. The Manager may place a Fund on the watch list for other reasons, and if so, will explain its rationale to the Board. Funds which are on the watch list are subject to additional scrutiny by the Manager and the Board. Funds may be removed from such watch list, if for example, performance improves or regulatory matters are satisfactorily resolved. However, in some situations where Funds have been on the watch list, the Manager has recommended the retention of a new Subadviser, and the Board has subsequently considered and approved retention of the new Subadviser.

As required by the Investment Company Act of 1940 (the "1940 Act"), the Board has reviewed and approved the Management Agreement with the Manager and the portfolio management agreements (the "Subadvisory Agreements"; and together with the Management Agreement, the "Advisory Contracts") with the Subadvisers. The Board's decision to approve these contracts reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of these contracts, the Board considered many factors, among the most material of which are: the Fund's investment objectives and long-term performance; the Manager's and Subadvisers' (collectively, the "Advisory Organizations") management philosophy, personnel, processes and investment performance, including their compliance history and the adequacy of their compliance processes; the preferences and expectations of Fund shareholders (and underlying contract owners) and their relative sophistication; the continuing state of competition in the mutual fund industry; and comparable fees in the mutual fund industry.

The Board also considered the compensation and benefits received by the Advisory Organizations. This includes fees received for services provided to the Fund by affiliated persons of the Advisory Organizations and research services received by the Advisory Organizations from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Services Agreement and a Compliance Services Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and received (along with its affiliated persons) any payments made by the Funds pursuant to Rule 12b-1.

The Board is aware that various courts have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an adviser's compensation: the nature, extent and quality of the services provided by the adviser, including the performance of the fund; the adviser's cost of providing the services; the extent to which the adviser may realize "economies of scale" as the fund grows larger; any indirect benefits that may accrue to the adviser and its affiliates as a result of the adviser's relationship with the fund; performance and expenses of comparable funds; the profitability of acting as adviser to the fund; and the extent to which the independent Board members, who are not "interested persons" of a fund as defined by the 1940 Act ("Independent Trustees"), are fully informed about all facts bearing on the adviser's services and fees. The Board is aware of these factors and takes them into account in its review of the Advisory Contracts.

Each member of the Board considered and weighed these factors in light of his or her experience in governing the Trust and working with the Advisory Organizations on matters relating to the Funds. The Board is assisted in its deliberations by the advice of independent legal counsel to the Independent Trustees ("Independent Trustee Counsel"). In this regard, the Board requests and receives a significant amount of information about the Funds and the Advisory Organizations. Some of this information is provided at each regular meeting of the Board; additional information is provided in connection with the particular meetings at which the Board's formal review of the Advisory Contracts occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board's evaluation of Advisory Contracts is informed by reports covering such matters as: an Advisory Organization's investment philosophy, personnel, and processes; the Fund's investment performance (in absolute terms as well as in relationship to its benchmark(s) and certain competitor or "peer group" funds), and comments on the reasons for performance; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to peer group and/or competing funds, with due regard for the Expense Limitation Agreement and additional voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities; the nature, extent and quality of the advisory and other services provided to the Fund by the Advisory Organizations and their affiliates; compliance and audit reports concerning the Funds and the companies that service them; and relevant developments in the mutual fund industry and how the Funds and/or Advisory Organizations are responding to them.

The Board also receives financial information about the Advisory Organizations, including reports on the compensation and benefits the Advisory Organizations derive from their relationships with the Funds. These reports cover not only the fees under the Advisory Contracts, but also the fees, if any, received for providing other services to the Funds. The reports also discuss any indirect or "fall-out" benefits an Advisory Organization may derive from its relationship with the Funds.

In assessing the Advisory Organizations' performance of their obligations, the Board may also consider whether there has occurred a circumstance or event that would constitute a reason for it to not renew an Advisory Contract. In this regard, the Board is mindful of the potential disruption of a Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew a contract.

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory

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Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

In connection with such meetings, the Board requested and evaluated extensive materials from the Advisory Organizations, including performance and expense information for other investment companies with similar investment objectives derived from data compiled by an independent third-party provider and other sources believed to be reliable by the Manager and the Trustees. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Contracts with management and with Independent Trustee Counsel and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approval. The Independent Trustees also discussed the proposed approval in private sessions with Independent Trustee Counsel at which no representatives of the Manager or Subadvisers were present. In reaching their determinations relating to the approval of the Advisory Contracts, in respect of each Fund, each member of the Board considered all factors he or she believed relevant. The Board based its decision to approve the Advisory Contracts on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

*(1) The nature, extent and quality of services provided by the Manager and Subadvisers.* The Trustees noted that the Manager, subject to the oversight of the Board, administers each Fund's business and other affairs. Under the Management Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for others to provide, the management of the Funds' assets and the placement of orders for the purchase and sale of the securities of the Funds. As each Fund is a manager of managers fund, the Manager is authorized, under the Management Agreement, to retain one or more Subadvisers for each Fund to handle day-to-day management of the Funds' investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board for selection as a Subadviser. The Board was aware that, notwithstanding the retention of the Subadvisers to handle day-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Board regarding the Funds' portfolio investments and to make available to the Funds' administrator such information as is necessary for the conduct of its duties.

The Board also noted that the Manager provides the Trust and each Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any other service providers retained by the Trust on behalf of the Funds) and executive and other personnel as are necessary for the operation of the Trust and the Funds. Except for the Trust's Chief Compliance Officer and certain compliance staff, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

The Board considered the scope and quality of services provided by the Manager and the Subadvisers and noted that the scope of the services provided has continued to expand as a result of regulatory and other developments. The Board noted that, for example, the Manager and Subadvisers are responsible for maintaining and monitoring their own compliance programs, and these compliance programs are continuously refined and enhanced in light of new regulatory requirements. The Board considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and its Funds. The quality of administrative and other services, including the Manager's role in coordinating the activities of the Trust's other service providers, also were considered. The Board members concluded that, overall, they were satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Trust and to each of the Funds under the Advisory Contracts.

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

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Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

The Board noted that the Manager has agreed to temporarily limit Fund expenses under the Expense Limitation Agreement, which has the effect of reducing expenses similar to implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of expense limits and/or advisory fee breakpoints as Fund assets change. The Board receives quarterly reports on the level of Fund assets. The Board expects to continue to consider: (a) the extent to which economies of scale have been realized, and (b) whether the advisory fee should be modified, either in connection with the next renewal of the Advisory Contracts or by modifying the Expense Limitation Agreement, to reflect such economies of scale, if any.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds' advisory fee rate schedules was acceptable under each Fund's circumstances.

In conclusion, after full consideration of the above factors, as well as such other factors as each member of the Board considered instructive in evaluating the Advisory Contracts, the Board concluded that the advisory fees were reasonable, and that the continuation of the Advisory Contracts was in the best interest of the Funds.

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**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Lead Independent Trustee | Since 10/14 (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and<br> Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

---

**Interested Trustee<sup>(4)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment<br> Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

---

(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

------

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(1)</sup>/ Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963) <br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 <br>to present. |

---

(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

------

![LOGO](g415335g71x52.jpg)

---

| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

---

------

## AZL<sup>®</sup> Moderate Index Strategy Fund

## Annual Report

## December 31, 2022
![LOGO](g415339g71x52.jpg)

------

**Table of Contents** 

---

| |
|:---|
| [Management Discussion and Analysis](#toc415339_1a)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc415339_1)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc415339_2)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc415339_3)<br> Page 5 |
| [Statement of Operations](#toc415339_4)<br> Page 5 |
| [Statements of Changes in Net Assets](#toc415339_5)<br> Page 6 |
| [Financial Highlights](#toc415339_6)<br> Page 7 |
| [Notes to the Financial Statements](#toc415339_7)<br> Page 8 |
| [Report of Independent Registered Public Accounting Firm](#toc415339_7a)<br> Page 12 |
| Other Federal Income Tax Information<br> Page 13 |
| [Other Information](#toc415339_8)<br> Page 14 |
| [Approval of Investment Advisory Agreement](#toc415339_8a)<br> Page 15 |
| [Information about the Board of Trustees and Officers](#toc415339_8b)<br> Page 17 |

---

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<sup>®</sup> Moderate Index Strategy Fund Review (Unaudited)**<br>

Allianz Investment Management LLC serves as the Manager for the AZL<sup>®</sup> Moderate Index Strategy Fund.

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

For the year ended December 31, 2022, the AZL<sup>®</sup> Moderate Index Strategy Fund (the "Fund") returned (15.37)%. That compared to a (18.11)%, (13.01)% and (15.91)% total return for its benchmarks, the S&P 500 Index, the Bloomberg U.S. Aggregate Bond Index, and the Moderate Composite Index, respectively.<sup>1</sup>

The Fund is a fund of funds that pursues broad diversification across four underlying equity sub-portfolios and one fixed income sub-portfolio. The four equity sub-portfolios pursue passive strategies that aim to achieve, before fees, returns similar to the S&P 500 Index (S&P 500), the S&P MidCap 400 Index<sup>2</sup>, the S&P SmallCap 600 Index<sup>3</sup> and the MSCI EAFE Index<sup>4</sup>. The fixed-income sub-portfolio is an enhanced bond index strategy that seeks to achieve a return that exceeds that of the Bloomberg U.S. Aggregate Bond Index. Generally, the Fund allocates 50% to 70% of its assets to the underlying equity index funds and 30% to 50% of its assets to the underlying AZL Enhanced Bond Index Fund.

Domestic equities began the year at near all-time highs, but began to decline early in 2022 due to a combination of rising inflation and geopolitical uncertainties. The Federal Reserve (the Fed) shifted to a more hawkish policy approach in an attempt to bring inflation under control, as did many global central banks. The Fed increased the federal funds rate multiple times throughout the year for a combined total of 425 basis points. Russia's invasion of Ukraine also weighed on global markets, although European countries were particularly hard hit due to their geographic proximity to the conflict and reliance on Russian commodities such as energy and wheat.

Despite strong labor rates throughout developed markets, high inflation and an anticipated economic slowdown had a negative effect on investor sentiment for the year under review. The S&P 500 declined as company valuations struggled under the higher interest rate environment. Investors grew risk averse as fears of an economic recession loomed, selling off equity positions to avoid the volatility in equity markets. By the end of the period under review, U.S. equities had experienced their worst year since the Great Financial Crisis of 2008, and international equities performed only slightly better.

The Fed's actions made short-term financing more expensive, and the U.S. Treasury yield curve ultimately inverted with 2-year Treasuries yielding more than 10-year Treasuries by 0.55% at the end of 2022. The monetary tightening generated headwinds for domestic fixed income markets as investors demanded higher yields to account for rising rates. Widening credit spreads further weighed on prices on lower-quality bonds as investors demanded to be compensated for rising credit risks. Nearly all fixed income sectors finished the year with negative performance.

The Fund, which invests in both U.S. and international markets, outperformed its blended benchmark during the 12-month period. Its off-benchmark allocation to developed market non-U.S. equities contributed, as these outpaced U.S. equities. In addition, the Fund's performance relative to its blended benchmark was positively affected by its allocation to mid- and small-cap U.S. equities, which outpaced their large-cap counterparts.

The Fund's fixed income allocation detracted slightly from the Fund's performance relative to its fixed income benchmark largely due to the underlying fund's fees. The Fund's fixed income allocation benefited from security selection, particularly in mortgage-backed securities and investment-grade credit. Allocation to Treasury Inflation Protected Securities (TIPS) also contributed positively to the Fund's performance.

------

***Past performance does not guarantee future results.***

---

| | |
|:---|:---|
| *\*The* | *Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.*  |

---

*<sup>1</sup>* *For a complete description of the Fund's performance benchmarks please refer to page 2 of this report.* 

*<sup>2</sup>* *The Standard & Poor's MidCap 400 Index (S&P 400) is a widely used index for mid-sized companies. The S&P 400 covers 7% of the U.S. equities market, and is part of a series of S&P U.S. indexes that can be used as building blocks for portfolio composition.* 

*<sup>3</sup>* *The Standard & Poor's SmallCap 600 Index (S&P 600) covers approximately 3% of the domestic equities market. Measuring the small-cap segment of the market that is typically renowned for poor trading liquidity and financial instability, the index is designed to be an efficient portfolio of companies that meet specific inclusion criteria to ensure that they are investable and financially viable.* 

*<sup>4</sup>* *MSCI EAFE Index (MSCI EAFE) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.* 

*The indexes defined above are unmanaged. Investors cannot invest directly in an index.* 

------

 **AZL<sup>®</sup> Moderate Index Strategy Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to seek long-term capital appreciation. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing primarily in a combination of five underlying index funds (the "Index Strategy Underlying Funds"), allocating 50%-70% of its assets in the underlying equity index funds and 30%-50% of its assets in the underlying bond index fund.* 

**Investment Concerns** 

*The Fund invests in underlying funds, so its investment performance is directly related to the performance of those underlying funds. Before investing, investors should assess the risks associated with and types of investments made by each of the underlying funds in which the Fund invests.* 

*International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.* 

*Stocks are more volatile and carry more risk and return potential than other forms of investments.* 

*Small- to mid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.* 

*The performance of the underlying funds is expected to be lower than that of the Indexes because of fees and expenses. Securities in which the underlying funds will invest may involve substantial risk and may be subject to sudden severe price declines.* 

*Investing in a single industry or sector, or concentrating investments in a limited number of industries or sectors, tends to increase the risk that economic, political, or regulatory developments affecting certain industries or sectors will have a large impact on the value of the portfolio.* 

*Debt securities held by an underlying fund may decline in value due to rising interest rates.* 

*Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, an underlying fund's performance may be more volatile than if it did not hold these securities.* 

*Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss.* 

*For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund's prospectus.* 

**Growth of $10,000 Investment**![LOGO](g415339g14m70.jpg)

*The chart above represents a comparison of a hypothetical investment in the Fund versus a similar investment in the Fund's benchmarks and represents the reinvestment of dividends and capital gains in the Fund.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **1<br>Year** | **3<br>Year** | **5<br>Year** | **10<br>Year** |
| &nbsp;&nbsp; AZL<sup>®</sup> Moderate Index Strategy Fund | (15.37)% | 2.28% | 3.90% | 7.02% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11)% | 7.66% | 9.42% | 12.56% |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | (13.01)% | (2.71)% | 0.02% | 1.06% |
| &nbsp;&nbsp; Moderate Composite Index | (15.91)% | 4.00% | 6.07% | 8.14% |

---

***Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.Allianzlife.com.***

---

| | |
|:---|:---|
| **Expense Ratio** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> Moderate Index Strategy Fund | 0.82% |

---

***The above expense ratio is based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.50% through at least April 30, 2024. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense and acquired fund fees and expenses), to 0.20% through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratio can be found in the Financial Highlights.***

*The total return of the Fund does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Such charges, fees and tax payments would reduce the performance quoted.* 

*Acquired fund fees and expenses are incurred indirectly by the Fund through the valuation of the Fund's investments in the Permitted Underlying Funds. Accordingly, acquired fund fees and expenses affect the Fund's total returns. Because these fees and expenses are not included in the Fund's financial highlights, the Fund's total annual fund operating expenses, as shown in the prospectus, do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights. Without acquired fund fees and expenses the Fund's gross expense ratio would be 0.22%.* 

*The Fund's performance is measured against the Standard and Poor's 500 Index ("S&P 500<sup>®</sup>"), the Bloomberg U.S. Aggregate Bond Index and the Moderate Composite Index ("Composite"). The S&P 500<sup>®</sup> is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. The Bloomberg U.S. Aggregate Bond Index is a market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. The Composite is a blended index comprised of (60%) of the S&P 500<sup>®</sup> and (40%) of the Bloomberg U.S. Aggregate Bond Index. These indexes are unmanaged and do not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.* 

------

**AZL Moderate Index Strategy Fund** 

**Expense Examples** 

(Unaudited)

As a shareholder of the AZL Moderate Index Strategy Fund (the "Fund"), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount 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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Moderate Index Strategy Fund | $1000.00 | $1011.30 | $0.41 | 0.08% |

---

The **Hypothetical Expense** table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Moderate Index Strategy Fund | $1000.00 | $1024.80 | $0.41 | 0.08% |

---

\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

**Portfolio Composition** 

(Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Percent of Net Assets** | **Percent of Net Assets** |
|  Domestic Equity Funds | 45.1 | % |
|  Fixed Income Fund | 39.8 |  |
|  International Equity Fund | 15.1 |  |
|  Total Investment Securities | 100.0 |  |
|  Net other assets (liabilities) |  | <sup>†</sup> |
|  Net Assets | 100.0 | % |

---

† Represents less than 0.05%.

------

**AZL Moderate Index Strategy Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Affiliated Investment Companies (100.0%):** | **Affiliated Investment Companies (100.0%):** | **Affiliated Investment Companies (100.0%):** |
| **Domestic Equity Funds (45.1%):** | **Domestic Equity Funds (45.1%):** | **Domestic Equity Funds (45.1%):** |
| 6825616 | AZL Mid Cap Index Fund, Class 2 | $130847055 |
| 26556010 | AZL S&P 500 Index Fund, Class 2 | 449858814 |
| 5756890 | AZL Small Cap Stock Index Fund, Class 2 | 65801250 |
|  |  | 646507119 |
| **Fixed Income Fund (39.8%):** | **Fixed Income Fund (39.8%):** | **Fixed Income Fund (39.8%):** |
| 60198702 | AZL Enhanced Bond Index Fund | 570683693 |
| **International Equity Fund (15.1%):** | **International Equity Fund (15.1%):** | **International Equity Fund (15.1%):** |
| 14173667 | AZL International Index Fund, Class 2 | 216290154 |
| Total Affiliated Investment Companies (Cost $1,722,909,317) | Total Affiliated Investment Companies (Cost $1,722,909,317) | 1433480966 |
| Total Investment Securities (Cost $1,722,909,317) — 100.0%(a) | Total Investment Securities (Cost $1,722,909,317) — 100.0%(a) | 1433480966 |
| Net other assets (liabilities) — 0.0% <sup>†</sup> | Net other assets (liabilities) — 0.0% <sup>†</sup> | (257260) |
| Net Assets — 100.0% | Net Assets — 100.0% | $1433223706 |

---

Percentages indicated are based on net assets as of December 31, 2022.

† Represents less than 0.05%.

(a) See Federal Tax Information listed in the Notes to the Financial Statements.

See accompanying notes to the financial statements.

------

**AZL Moderate Index Strategy Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in affiliates, at cost | $1722909317 |
|  Investments in affiliates, at value | $1433480966 |
|  Interest and dividends receivable | 106 |
|  Foreign currency, at value (cost $105,636) | 105955 |
|  Receivable for investments sold | 714807 |
|  Prepaid expenses | 13015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1434314849 |
|  **Liabilities:** |  |
|  Cash overdraft | 714807 |
|  Payable for capital shares redeemed | 254484 |
|  Management fees payable | 62074 |
|  Administration fees payable | 8808 |
|  Custodian fees payable | 1316 |
|  Administrative and compliance services fees payable | 3602 |
|  Transfer agent fees payable | 901 |
|  Trustee fees payable | 8998 |
|  Other accrued liabilities | 36153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 1091143 |
|  **Net Assets** | $1433223706 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1600736435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | (167512729) |
|  **Net Assets** | $1433223706 |
|  Shares of beneficial interest (unlimited number of shares authorized, no par value) | 119651266 |
|  Net Asset Value (offering and redemption price per share) | $11.98 |

---

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Dividends from affiliates | $22612596 |
|  Dividends from non-affiliates | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 22612613 |
|  **Expenses:** |  |
|  Management fees | 3187647 |
|  Administration fees | 73058 |
|  Custodian fees | 6660 |
|  Administrative and compliance services fees | 22730 |
|  Transfer agent fees | 7391 |
|  Trustee fees | 90870 |
|  Professional fees | 70450 |
|  Shareholder reports | 31860 |
|  Other expenses | 44874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reductions | 3535540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less Management fees contractually waived | (2390721) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1144819 |
|  **Net Investment Income/(Loss)** | 21467794 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities and foreign currencies | 47905 |
|  Net realized gains/(losses) on affiliated underlying funds | (4916534) |
|  Net realized gains distributions from affiliated underlying funds | 105940985 |
|  Change in net unrealized appreciation/depreciation on securities and foreign currencies | (3637) |
|  Change in net unrealized appreciation/depreciation on affiliated underlying funds | (409825537) |
|  **Net realized and Change in net unrealized gains/losses on investments** | (308756818) |
|  **Change in Net Assets Resulting From Operations** | $(287289024) |

---

See accompanying notes to the financial statements.

------

**AZL Moderate Index Strategy Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $21467794 | $17259651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | 101072356 | 116951336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (409829174) | 4889597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (287289024) | 139100584 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions | (134314453) | (33935061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (134314453) | (33935061) |
|  **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 1308760 | 1359198190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 134314453 | 33935061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (208394291) | (181979760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | (72771078) | 1211153491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (494374555) | 1316319014 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1927598261 | 611279247 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1433223706 | $1927598261 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 108134 | 89961204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 11598830 | 2263847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (15415962) | (11902446) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | (3708998) | 80322605 |

---

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. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $15.63 | $14.20 | $13.32 | $11.98 | $13.30 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.18 (a) | 0.20 (a) | 0.26 (a) | 0.23 (a) | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (2.63) | 1.50 | 1.39 | 2.03 | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (2.45) | 1.70 | 1.65 | 2.26 | (0.66) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.31) | (0.09) | (0.27) | (0.32) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.89) | (0.18) | (0.50) | (0.60) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (1.20) | (0.27) | (0.77) | (0.92) | (0.66) |
|  **Net Asset Value, End of Period** | $11.98 | $15.63 | $14.20 | $13.32 | $11.98 |
|  **Total Return**(b) | (15.37)% | 12.06% | 12.84% | 19.33% | (5.17)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $1433224 | $1927598 | $611279 | $611984 | $590092 |
|  Net Investment Income/(Loss) | 1.35% | 1.30% | 1.95% | 1.78% | 1.75% |
|  Expenses Before Reductions\*(c) | 0.22% | 0.26% | 0.43% | 0.43% | 0.42% |
|  Expenses Net of Reductions\* | 0.07% | 0.07% | 0.08% | 0.08% | 0.07% |
|  Portfolio Turnover Rate | 8% | 14% | 15% | 5% | 4% |

---

\* The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these
charges were included, the returns would have been lower.

(c) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

See accompanying notes to the financial statements.

------

**AZL Moderate Index Strategy Fund** 

Notes to the Financial Statements

December 31, 2022

**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 stocks, bonds, and other securities and reflect varying amounts of potential investment risk and reward. The Underlying Funds record their investments at fair value. Periodically, the Fund will adjust its asset allocation as it seeks to achieve its investment objective.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund may enter into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles ("U.S. GAAP"). The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Security Valuation** 

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

**Investment Transactions and Investment Income** 

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

**Foreign Currency Translation and Withholding Taxes** 

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

**Distributions to Shareholders** 

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These "book/tax" differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

**Expense Allocation** 

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the "Manager"), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

------

**AZL Moderate Index Strategy Fund** 

Notes to the Financial Statements

December 31, 2022

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

**3. Fees and Transactions with Affiliates and Other Parties**

The Manager provides investment advisory and management services for the Fund. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund's business, based on the daily net assets of the Fund, through April 30, 2024. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as "Management fees."

For the year ended December 31, 2022, the annual rate due to the Manager and the annual expense limit were as follows:

---

| | | |
|:---|:---|:---|
| | **Annual Rate\*** | **Annual Expense Limit** |
|  AZL Moderate Index Strategy Fund | 0.20% | 0.20% |

---

\* The Manager waived, prior to any application of expense limit, the management fee to 0.05% on all assets in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. 

Any amounts waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the period can be found on the Statement of Operations, as applicable.

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At December 31, 2022, these underlying funds are noted as Affiliated Investment Companies in the Fund's Schedule of Portfolio Investments. Additional information, including financial statements, about these Funds is available at www.allianzlife.com. The Manager or an affiliate of the Manager is paid a separate fee from the underlying funds for such services. A summary of the Fund's investments in affiliated investment companies for the year ended December 31, 2022 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds from<br>Sales** | **Net**<br> **Realized<br>Gains (Losses)** | **Change in<br>Net<br>Unrealized<br>Appreciation/<br>Depreciation** | **Value<br>12/31/2022** | **Shares as of<br>12/31/2022** | **Dividend<br>Income** | **Net Realized<br>Gains<br>Distributions<br>from<br>Affiliated<br>Underlying<br>Funds** |
|  AZL Enhanced Bond Index Fund | $758516926 | $9722111 | $(88352862) | $(10616244) | $(98586238) | $570683693 | 60198702 | $9183067 | $331222 |
|  AZL International Index Fund, Class 2 | 291329601 | 12437771 | (34325612) | (1827757) | (51323849) | 216290154 | 14173667 | 6673431 | 5688516 |
|  AZL Mid Cap Index Fund, Class 2 | 178097959 | 28044542 | (23912592) | 326446 | (51709300) | 130847055 | 6825616 | 1002769 | 27041775 |
|  AZL S&P 500 Index Fund, Class 2 | 610886701 | 66602679 | (53115475) | 7381322 | (181896413) | 449858814 | 26556010 | 5188006 | 61398488 |
|  AZL Small Cap Stock Index Fund, Class 2 | 89228105 | 12046307 | (8983124) | (180301) | (26309737) | 65801250 | 5756890 | 565323 | 11480984 |
|  | $1928059292 | $128853410 | $(208689665) | $(4916534) | $(409825537) | $1433480966 | 113510885 | $22612596 | $105940985 |

---

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 fees accrued daily and paid monthly. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund's compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administration fees."

FIS Investor Services LLC ("FIS") serves as the Fund's transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

------

**AZL Moderate Index Strategy Fund** 

Notes to the Financial Statements

December 31, 2022

The Bank of New York Mellon ("BNY Mellon" or the "Custodian") serves as the Trust's custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC ("ALFS"), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the Fund's average daily net assets, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust's CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

**4. Investment Valuation Summary** 

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates,
prepayments speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Investments in other investment companies are valued at their published net asset value ("NAV"). Security prices are generally provided by an independent third party pricing service approved by the Trust's Board of Trustees (the "Board" or "Trustees") as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 pm Eastern Time). The investments utilizing Level 1 valuations represent investments in open-end investment companies.

The Board has designated the Manager to perform the Fund's fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund's NAV will be subject to the judgment of the Manager. The Manager's fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of December 31, 2022 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+ | $1433480966 | $– | $– | $1433480966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | $1433480966 | $– | $– | $1433480966 |

---

+ For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, 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 | $128853410 | $208689665 |

---

**6. Investment Risks**

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

*Derivatives Risk*: The Fund may invest directly or through affiliated or unaffiliated mutual funds 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.

*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. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

*Fund of Fund Risk*: The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund's actual allocations to the underlying funds and any futures and cash held in the Fund's portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds. In addition, the Fund maintains indirect exposure to various types of risk which may exist in the underlying Funds, such as foreign securities risk, fixed income securities risk and other risks.

*Interest Rate Risk*: Debt securities held by an underlying Fund may decline in value due to rising interest rates.

*Market Risk*: The market price of securities owned by the underlying funds may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

------

**AZL Moderate Index Strategy Fund** 

Notes to the Financial Statements

December 31, 2022

**7. Coronavirus (COVID-19) Pandemic** 

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $1,731,614,065. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

---

| | |
|:---|:---|
|  Unrealized appreciation | $— |
|  Unrealized (depreciation) | (298133099) |
|  Net unrealized appreciation/(depreciation) | $(298133099) |

---

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary**<br> **Income** | **Net**<br> **Long-Term**<br> **Capital Gains** | **Total**<br> **Distributions(a)** |
| AZL Moderate Index Strategy Fund | $34672494 | $99641959 | $134314453 |

---

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Moderate Index Strategy Fund | $11539987 | $22395074 | $33935061 |

---

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed**<br> **Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized<br>Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated<br>Earnings/<br>(Deficit)** |
| AZL Moderate Index Strategy Fund | $27153503 | $103466549 | $— | $(298132781) | $(167512729) |

---

(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, foreign currency gains or losses, 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 December 31, 2022, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 90% of the Fund. Investment activities of this shareholder could have a material impact to the Fund.

**11. Subsequent Events** 

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund's financial statements.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL Moderate Index Strategy Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Moderate Index Strategy Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

------

**Other Federal Income Tax Information (Unaudited)** 

For the year ended December 31, 2022, 23.23% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2022, the Fund declared net short-term capital gain distributions of $334.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $99,641,959.

------

**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.

------

**Approval of Investment Advisory Agreement (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of the Fund, which is a series of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Fund by Allianz Investment Management LLC (the "Manager"). The Manager manages the Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of the Fund. For management services, the Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of the Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

In reviewing the services provided by the Manager and the terms of the Management Agreement, the Board receives and reviews information related to the Manager's experience and expertise in the variable insurance marketplace. In addition, the Board receives information regarding the Manager's expertise with regard to portfolio diversification and asset allocation requirements within variable insurance products issued by Allianz Life Insurance Company of North America ("Allianz Life") and its subsidiary, Allianz Life Insurance Company of New York ("Allianz of New York"). Currently, the Fund is offered only through Allianz Life and Allianz of New York variable products, and not in the retail fund market.

As required by the Investment Company Act of 1940 (the "1940 Act"), the Board has reviewed and approved the Management Agreement with the Manager. The Board's decision to approve this contract reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of the contract, the Board considered many factors, among the most material of which are: the Fund's investment objectives and long-term performance; the Manager's management philosophy, personnel, processes and investment performance, including its compliance history and the adequacy of its compliance processes; the preferences and expectations of Fund shareholders (and underlying contract owners) and their relative sophistication; the continuing state of competition in the mutual fund industry; and comparable fees in the mutual fund industry.

The Board also considered the compensation and benefits received by the Manager. This includes fees received for services provided to the Fund by employees of the Manager or of affiliates of the Manager and research services received by the Manager from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Services Agreement and a Compliance Services Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and received (along with its affiliated persons) payments made by the underlying funds pursuant to Rule 12b-1.

The Board is aware that various courts have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an adviser's compensation: the nature, extent and quality of the services provided by the adviser, including the performance of the fund; the adviser's cost of providing the services; the extent to which the adviser may realize "economies of scale" as the fund grows larger; any indirect benefits that may accrue to the adviser and its affiliates as a result of the adviser's relationship with the fund; performance and expenses of comparable funds; the profitability of acting as adviser to the fund; and the extent to which the independent Board members, who are not "interested persons" of a fund as defined by the 1940 Act ("Independent Trustees"), are fully informed about all facts bearing on the adviser's services and fees. The Board is aware of these factors and takes them into account in its review of the Management Agreement for the Fund.

Each member of the Board considered and weighed these factors in light of his or her experience in governing the Trust. The Board is assisted in its deliberations by the advice of independent legal counsel to the Independent Trustees ("Independent Trustee Counsel"). In this regard, the Board requests and receives a significant amount of information about the Fund and the Manager. Some of this information is provided at each regular meeting of the Board; additional information is provided in connection with the particular meetings at which the Board's formal review of the Management Agreement occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board's evaluation of the Management Agreement is informed by reports covering such matters as: the Manager's investment philosophy, personnel and processes, and the Fund's investment performance (in absolute terms as well as in relationship to its benchmark and certain competitor or "peer group" funds). In connection with comparing the performance of the Fund versus its benchmark, the Board receives reports on the extent to which the Fund's performance may be attributed to various applicable factors, such as asset class allocation decisions, the performance of the underlying funds, rebalancing decisions, and the impact of cash positions and Fund fees and expenses. The Board also receives reports on the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to peer group and/or competing funds, with due regard for the Expense Limitation Agreement and additional voluntary expense limitations); the use and allocation of any brokerage commissions derived from trading the Fund's portfolio securities; the nature, extent and quality of the advisory and other services provided to the Fund by the Manager and its affiliates; compliance and audit reports concerning the Fund and the companies that service them; and relevant developments in the mutual fund industry and how the Fund and/or the Manager are responding to them.

The Board also receives financial information about the Manager, including reports on the compensation and benefits the Manager derives from its relationships with the Fund. These reports cover not only the fees under the Management Agreement, but also the fees, if any, received for providing other services to the Fund. The reports also discuss any indirect or "fall-out" benefits the Manager or its affiliates may derive from their relationships with the Fund.

The Management Agreement was most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of the Management Agreement was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as at various other meetings preceding those meetings. Accordingly, the Management Agreement was approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024.

In connection with such meetings, the Board requested and evaluated extensive materials from the Manager, including performance and expense information for other investment companies with similar investment objectives derived from data compiled by an independent third-party provider and other sources believed to be reliable by the Manager and the Trustees. Prior to voting, the Trustees reviewed the proposed approval of the Management Agreement with management and with Independent Trustee Counsel and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approval. The Independent Trustees also discussed the proposed approval in private sessions with Independent Trustee Counsel at which no representatives of the Manager were present. In reaching their determinations relating to the approval of the Management Agreement, in respect of the Fund, each member of the Board considered all factors he or she believed relevant. The Board based its decision to approve the Management Agreement on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to the Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

Shareholder reports must include a discussion of certain factors relating to the selection of the investment adviser and the approval of the advisory fee. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

*(1) The nature, extent and quality of services provided by the Manager.* The Trustees noted that the Manager, subject to the oversight of the Board, administers the Fund's business and other affairs. The Trustees noted that the Manager also provides the Trust and the Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any other service providers retained by the Trust on behalf of the Fund) and executive and other personnel as are necessary for the operation of the Trust and the Fund. Except for the Trust's Chief Compliance Officer and certain compliance staff, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

------

The Board considered the scope and quality of services provided by the Manager and noted that the scope of the services provided has continued to expand as a result of regulatory and other developments. The Board noted, for example, that the Manager is responsible for maintaining and monitoring its own compliance program, and this compliance program has been continuously refined and enhanced in light of new regulatory requirements. The Board considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and the Fund. The quality of administrative and other services, including the Manager's role in coordinating the activities of the Trust's other service providers, also were considered. The Board concluded that, overall, they were satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Trust and to the Fund under the Management Agreement.

*(2) The investment performance of the Fund and the Manager.* In connection with every quarterly Board meeting and the summer and fall 2022 contract review process, Trustees received extensive information on the performance results of the Fund. However, the Board also considered the fact that prior to October 14, 2016, the Fund was subadvised by Invesco Advisers, Inc., and managed pursuant to a different strategy. Accordingly, the investment performance of the Fund during the period prior to October 14, 2016, was not deemed relevant to the Board's assessment of the approval of the Management Agreement in 2022. The performance information considered included performance information on absolute total return, performance versus the appropriate benchmark(s) and performance versus peer groups as reported by Lipper, the contribution to performance of the Manager's asset class allocation decisions, the performance of the underlying funds, and the impact on performance of rebalancing decisions, cash and Fund fees. This included Lipper performance information on the Fund for the one-, three-, and five-year periods ended December 31, 2021, for which periods the Fund ranked in the top 40% of its Lipper peer group.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Fund, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

At the Board meeting held September 13, 2022, the Trustees determined that the investment performance of the Fund was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and its affiliates from the relationship with the Fund*. The Board considered that the Manager receives an advisory fee from the Fund. The Manager reported that the advisory fee paid by the Fund put it in the 7<sup>th</sup> percentile of its customized peer group. (A lower percentile reflects lower fund fees and is better for fund shareholders.) Trustees were provided with information on the total expense ratios of the Fund and other funds in the customized peer group, and the Manager reported upon the challenges in making peer group comparisons for the Fund. The Board considered and found that the advisory fee paid to the Manager with respect to the Fund was based on services provided to the Fund that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying funds in which the Fund invests.

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Fund before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to the Fund.

*(4) and (5) The extent to which economies of scale would be realized as the Fund grows, and whether fee levels reflect these economies of scale.* The Board noted that the advisory fee schedule for the Fund does not contain breakpoints that reduce the fee rate on assets above specified levels. The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with funds that have substantial assets. The Board found there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the Fund. The Board noted that the total assets in the Fund, as of June 30, 2022, were approximately $1.5 billion.

The Board noted that the Manager has agreed to temporarily limit Fund expenses under the Expense Limitation Agreement, which has the effect of reducing expenses similar to implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of expense limits and/or advisory fee breakpoints as Fund assets change. The Board receives quarterly reports on the level of Fund assets. The Board expects to continue to consider: (a) the extent to which economies of scale have been realized, and (b) whether the advisory fee should be modified, either in connection with the next renewal of the Management Agreement or by modifying the Expense Limitation Agreement, to reflect such economies of scale, if any.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Fund's advisory fee rate schedule was acceptable under the Fund's circumstances.

In conclusion, after full consideration of the above factors, as well as such other factors as each member of the Board considered instructive in evaluating the Management Agreement, the Board concluded that the advisory fees were reasonable, and that the continuation of the Management Agreement was in the best interest of the Fund.

------

**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14 (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and<br> Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

---

**Interested Trustee<sup>(4)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM<br>Complex During<br>Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

---

(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

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**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions**<br> **Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(1)</sup>/Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963) <br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 <br>to present. |

---

(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

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![LOGO](g415339g71x52.jpg)

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| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

---

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## AZL<sup>®</sup> MSCI Emerging Markets Equity Index Fund

## Annual Report

## December 31, 2022
![LOGO](g415347g71x52.jpg)

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**Table of Contents** 

---

| |
|:---|
| [Management Discussion and Analysis](#toc415347_1)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc415347_1a)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc415347_2)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc415347_3)<br> Page 18 |
| [Statement of Operations](#toc415347_4)<br> Page 18 |
| [Statements of Changes in Net Assets](#toc415347_5)<br> Page 19 |
| [Financial Highlights](#toc415347_6)<br> Page 20 |
| [Notes to the Financial Statements](#toc415347_7)<br> Page 21 |
| [Report of Independent Registered Public Accounting Firm](#toc415347_8)<br> Page 27 |
| [Other Federal Income Tax Information](#toc415347_8a)<br> Page 28 |
| [Other Information](#toc415347_9)<br> Page 29 |
| [Approval of Investment Advisory and Subadvisory Agreements](#toc415347_10)<br> Page 30 |
| [Information about the Board of Trustees and Officers](#toc415347_11)<br> Page 33 |

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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<sup>®</sup> MSCI Emerging Markets Equity Index Fund Review (Unaudited)**<br>

Allianz Investment Management LLC serves as the Manager for the AZL<sup>®</sup> MSCI Emerging Markets Equity Index Fund and BlackRock Investment Management, LLC serves as Subadviser to the Fund.

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

For the year ended December 31, 2022, the AZL<sup>®</sup> MSCI Emerging Markets Equity Index Fund (Class 2 Shares) (the "Fund") returned (20.78)%. That compared to a (19.74)% total return for its benchmark, the MSCI Emerging Markets Index (gross of withholding taxes).<sup>1</sup>

The Fund seeks investment results, before fees, expenses, and fair value adjustments to its portfolio at the close of the New York Stock Exchange, that correspond to the performance of the MSCI Emerging Markets Index. The Index is designed to provide a comprehensive measure of emerging markets equities. The Fund takes positions in securities that, in combination, should have similar return characteristics as the Index.

The year under review began with concern over rising inflation, a spike in commodity prices, and the financial and economic implications of the Russian invasion of Ukraine. Western sanctions against Russia pushed commodity prices higher and weighed on the value of the ruble, as well as on Russian equity markets in general. In March, Russian securities were removed from major emerging market indices. Chinese equities also declined as the nation experienced a resurgence of COVID-19 cases. Lockdowns in major cities, including Shanghai, further depressed equity valuations. One bright spot for the quarter was among net oil-exporting countries, which benefited from the spike in energy prices.

Geopolitical tension, rising inflation, and a strengthening U.S. dollar weighed on emerging markets' performance over the second quarter. Chinese equities were the only market to finish the quarter with a positive return as the government lifted COVID-related lockdowns and officials vowed to support economic growth. However, a souring outlook on global trade weighed on other Asian countries, including Taiwan and South Korean markets, while European emerging markets fell due to the economic effects of a shortage of Russian gas supplies. Elsewhere, political uncertainties and growing recession fears weighed on Latin American markets, most notably Peru, Colombia, and Brazil.

These themes continued into the third quarter, with fears of a global recession, high inflation, and a strong dollar driving most emerging markets lower. One notable shift was the poor performance of Chinese equities, which were among

the worst performers for the quarter within emerging markets. The nation's zero-COVID policy continued to generate economic headwinds despite new accommodative policies from the People's Bank of China. By comparison, Turkey was one of the best-performing markets among its peers, as its central bank announced a surprise rate cut in August despite elevated inflation.

Emerging markets equities rallied over the fourth quarter, supported by a weaker dollar and by China's relaxation of its zero-COVID policy. Hopes that the Federal Reserve would slow its monetary tightening helped buoy optimism among emerging markets investors in October and November 2022. Meanwhile, the meeting between U.S. and Chinese presidents during the G20 summit signaled easing geopolitical tensions and helped boost market sentiment. Net oil exporters lagged their peers for the final quarter of 2022 as energy prices eased.

All sectors of the Index posted negative returns for the year under review. The utilities, financials, and industrials sectors were among the best performers, while the energy, consumer services, and information technology sectors were among the worst performers.

The Fund underperformed its benchmark primarily due to the impacts of fair value adjustments and expenses incurred by the Fund.

The Fund uses exchange traded equity index futures for the purpose of efficient portfolio management, and these derivatives did not have a significant impact on the Fund's return in 2022. Futures contracts are purchased to provide immediate market exposure proportionate to cash accruals and investable cash within the portfolio.

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***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmark please refer to page 2 of this report.* 

------

 **AZL<sup>®</sup> MSCI Emerging Markets Equity Index Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to seek to match the performance of the MSCI Emerging Markets Index as closely as possible. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 90% of its assets in the securities of the MSCI Emerging Markets Index (the "Underlying Index") and in depositary receipts representing securities in its Underlying Index.* 

**Investment Concerns** 

*Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.* 

*Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.* 

*International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.* 

*The performance of the Fund is expected to be lower than that of the Index because of Fund fees and expenses. Securities in which the Fund will invest may involve substantial risk and may be subject to sudden severe price declines.* 

*Investing in a single industry or sector, or concentrating investments in a limited number of industries or sectors, tends to increase the risk that economic, political, or regulatory developments affecting certain industries or sectors will have a large impact on the value of the portfolio.* 

*Investing in derivative instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.* 

*For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund's prospectus.* 

**Growth of $10,000 Investment**![LOGO](g415347g59m49.jpg)

*The chart above represents a comparison of a hypothetical investment in the Fund versus a similar investment in the Fund's benchmark and represents the reinvestment of dividends and capital gains in the Fund.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **1**<br> **Year** | **3**<br> **Year** | **5**<br> **Year** | **10<br>Year** |
| &nbsp;&nbsp; AZL<sup>®</sup> MSCI Emerging Markets Equity Index Fund (Class 1 Shares) | (20.50)% | (3.53)% | (2.22)% | 0.94% |
| &nbsp;&nbsp; AZL<sup>®</sup> MSCI Emerging Markets Equity Index Fund (Class 2 Shares) | (20.78)% | (3.78)% | (2.47)% | 0.69% |
| &nbsp;&nbsp; MSCI Emerging Markets Index (gross of withholding taxes) | (19.74)% | (2.34)% | (1.03)% | 1.81% |
| &nbsp;&nbsp; MSCI Emerging Markets Index (net of withholding taxes) | (20.09)% | (2.69)% | (1.40)% | 1.44% |

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***Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.Allianzlife.com.***

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| | |
|:---|:---|
| **Expense Ratios** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> MSCI Emerging Markets Equity Index Fund (Class 1 Shares)  | 1.09% |
| &nbsp;&nbsp; AZL<sup>®</sup> MSCI Emerging Markets Equity Index Fund (Class 2 Shares)  | 1.34% |

---

***The above expense ratios are based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.45% through at least April 30, 2024. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.85% for Class 1 Shares and 1.10% for Class 2 Shares through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratios can be found in the Financial Highlights.***

*The total return of the Fund does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Such charges, fees and tax payments would reduce the performance quoted.* 

*The Fund's performance is measured against the Morgan Stanley Capital International ("MSCI") Emerging Markets Index, an unmanaged free float-adjusted market capitalization index that is designed to measure equity performance of emerging markets. The Index returns shown do not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Index noted as "gross of withholding taxes" reflects the maximum possible reinvestment of dividends with no adjustment for withholding tax deductions or tax credits. The Index noted as "net of withholding taxes" reflects the reinvestment of dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The Fund's performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.* 

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**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.

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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL MSCI Emerging Markets Equity Index Fund, Class 1 | $1000.00 | $962.20 | $3.02 | 0.61% |
|  AZL MSCI Emerging Markets Equity Index Fund, Class 2 | $1000.00 | $960.10 | $4.25 | 0.86% |

---

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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL MSCI Emerging Markets Equity Index Fund, Class 1 | $1000.00 | $1022.13 | $3.11 | 0.61% |
|  AZL MSCI Emerging Markets Equity Index Fund, Class 2 | $1000.00 | $1020.87 | $4.38 | 0.86% |

---

\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  Financials | 22.0 |
|  Information Technology | 18.6 |
|  Consumer Discretionary | 13.6 |
|  Communication Services | 10.4 |
|  Materials | 8.8 |
|  Consumer Staples | 6.5 |
|  Industrials | 6.0 |
|  Energy | 4.9 |
|  Health Care | 4.0 |
|  Utilities | 3.0 |
|  Real Estate | 1.9 |
|  Total Common Stocks and Preferred Stocks | 99.7 |
|  Rights |  |
|  Unaffiliated Investment Company | 0.4 |
|  Short-Term Security Held as Collateral for Securities on Loan | 0.2 |
|  Total Investment Securities | 100.3 |
|  Net other assets (liabilities) | (0.3) |
|  Net Assets | 100.0 |

---

† Represents less than 0.05%.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks (98.4%):** | **Common Stocks (98.4%):** | |
| **Aerospace & Defense (0.2%):** | **Aerospace & Defense (0.2%):** | |
| 5099 | Aecc Aviation Power Co., Ltd. | $31004 |
| 18981 | Aselsan Elektronik Sanayi Ve Ticaret AS | 62793 |
| 83000 | AviChina Industry & Technology Co., Ltd., Class H | 37313 |
| 106710 | Bharat Electronics, Ltd. | 128883 |
| 2026 | Korea Aerospace Industries, Ltd. | 82043 |
| 7300 | Kuang-Chi Technologies Co., Ltd., Class A | 17880 |
|  |  | 359916 |
| **Air Freight & Logistics (0.3%):** | **Air Freight & Logistics (0.3%):** |  |
| 44036 | Agility Public Warehousing Co. KSC | 104091 |
| 572 | Hyundai Glovis Co., Ltd. | 74383 |
| 9300 | SF Holding Co., Ltd., Class A | 77307 |
| 7800 | YTO Express Group Co., Ltd., Class A | 22549 |
| 3900 | Yunda Holding Co., Ltd., Class A | 8052 |
| 11913 | ZTO Express Cayman, Inc., ADR | 320102 |
|  |  | 606484 |
| **Airlines (0.3%):** | **Airlines (0.3%):** |  |
| 66000 | Air China, Ltd.\* | 58780 |
| 69000 | China Airlines, Ltd. | 42627 |
| 39299 | China Eastern Airlines Corp., Ltd.\* | 31204 |
| 38000 | China Southern Airlines Co., Ltd.\* | 41450 |
| 28000 | China Southern Airlines Co., Ltd., Class H\* | 18227 |
| 64000 | Eva Airways Corp. | 58580 |
| 2989 | InterGlobe Aviation, Ltd.\* | 72383 |
| 4761 | Korean Air Lines Co., Ltd.\* | 87111 |
| 13203 | Turk Hava Yollari AO\* | 99452 |
|  |  | 509814 |
| **Auto Components (0.5%):** | **Auto Components (0.5%):** |  |
| 2213 | Balkrishna Industries, Ltd. | 56859 |
| 6982 | Bharat Forge, Ltd. | 74084 |
| 900 | Changzhou Xingyu Automotive Lighting Systems Co., Ltd., Class A | 16508 |
| 47000 | Cheng Shin Rubber Industry Co., Ltd. | 51821 |
| 6500 | Fuyao Glass Industry Group Co., Ltd. | 32801 |
| 12800 | Fuyao Glass Industry Group Co., Ltd., Class H | 53721 |
| 2479 | Hankook Tire & Technology Co., Ltd. | 61453 |
| 5302 | Hanon Systems | 34150 |
| 4200 | Huayu Automotive Systems Co., Ltd. | 10474 |
| 1000 | Huizhou Desay Sv Automotive Co., Ltd., Class A | 15157 |
| 1665 | Hyundai Mobis Co., Ltd. | 265455 |
| 24000 | Minth Group, Ltd. | 64683 |
| 53980 | Motherson Sumi Systems, Ltd. | 48174 |
| 62 | MRF, Ltd. | 66246 |
| 1500 | Ningbo Joyson Electronic Corp.\* | 3026 |
| 2300 | Ningbo Tuopu Group Co., Ltd., Class A | 19391 |
| 3600 | Shandong Linglong Tyre Co., Ltd., Class A | 10609 |
| 2876 | Tube Investments of India, Ltd. | 96518 |
|  |  | 981130 |
| **Automobiles (2.6%):** | **Automobiles (2.6%):** |  |
| 564400 | Astra International Tbk PT | 205655 |
| 1747 | Bajaj Auto, Ltd. | 76219 |
| 3133 | BYD Co., Ltd. | 115894 |
| 23500 | BYD Co., Ltd., Class H | 577929 |
| 14924 | Chongqing Changan Automobile Co., Ltd., Class A | 26446 |
| 84000 | Dongfeng Motor Group Co., Ltd., Class H | 48223 |
| 4135 | Eicher Motors, Ltd. | 160734 |
| 2009 | Ford Otomotiv Sanayi AS | 56478 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Automobiles, continued** | **Automobiles, continued** | |
| 177000 | Geely Automobile Holdings, Ltd. | $256033 |
| 4500 | Great Wall Motor Co., Ltd., Class A | 19186 |
| 92500 | Great Wall Motor Co., Ltd., Class H | 120459 |
| 99200 | Guangzhou Automobile Group Co., Ltd. | 66396 |
| 3348 | Hero MotoCorp, Ltd. | 110863 |
| 732 | Hyundai Motor Co., Ltd. | 42996 |
| 3891 | Hyundai Motor Co., Ltd. | 467694 |
| 7403 | Kia Corp. | 349191 |
| 30994 | Li Auto, Inc., Class A\* | 316074 |
| 24997 | Mahindra & Mahindra, Ltd. | 376229 |
| 3371 | Maruti Suzuki India, Ltd. | 340958 |
| 38293 | NIO, Inc., ADR\* | 373357 |
| 19100 | SAIC Motor Corp., Ltd. | 39628 |
| 47846 | Tata Motors, Ltd.\* | 223221 |
| 5185 | TVS Motor Co., Ltd. | 68049 |
| 23258 | XPeng, Inc.\* | 115612 |
| 36000 | Yadea Group Holdings, Ltd. | 59964 |
|  |  | 4613488 |
| **Banks (15.4%):** | **Banks (15.4%):** |  |
| 21458 | Absa Group, Ltd. | 245086 |
| 87807 | Abu Dhabi Commercial Bank | 215024 |
| 42766 | Abu Dhabi Islamic Bank Pjsc | 105971 |
| 143000 | Agricultural Bank of China, Ltd. | 59847 |
| 724000 | Agricultural Bank of China, Ltd., Class A | 248623 |
| 87522 | Akbank T.A.S. | 91528 |
| 54967 | Al Rajhi Bank\* | 1102910 |
| 28624 | Alinma Bank | 248490 |
| 49791 | Alpha Services and Holdings SA | 53119 |
| 53900 | AMMB Holdings Berhad | 50742 |
| 16034 | Arab National Bank | 136933 |
| 2564 | AU Small Finance Bank, Ltd. | 20193 |
| 62674 | Axis Bank, Ltd. | 704489 |
| 43571 | Banco Bradesco SA | 111172 |
| 1298706 | Banco de Chile | 134803 |
| 2143 | Banco de Credito e Inversiones | 61651 |
| 21062 | Banco del Bajio SA | 66541 |
| 24879 | Banco do Brasil SA | 163670 |
| 11234 | Banco Santander Brasil SA | 59988 |
| 2238136 | Banco Santander Chile | 89626 |
| 7060 | Bancolombia SA | 61904 |
| 10347 | Bancolombia SA | 71620 |
| 20207 | Bandhan Bank, Ltd.\* | 56989 |
| 15757 | Bank AlBilad\* | 186902 |
| 11736 | Bank Al-Jazira | 59742 |
| 102800 | Bank Jago TBK PT\* | 24475 |
| 37500 | Bank of Beijing Co., Ltd., Class A | 23254 |
| 2247000 | Bank of China, Ltd. | 817676 |
| 72500 | Bank of China, Ltd., Class A | 32947 |
| 75999 | Bank of Communications Co., Ltd., Class A | 51827 |
| 249000 | Bank of Communications Co., Ltd., Class H | 142665 |
| 10200 | Bank of Hangzhou Co., Ltd. | 19197 |
| 36920 | Bank of Jiangsu Co., Ltd. | 38729 |
| 18200 | Bank of Nanjing Co., Ltd. | 27285 |
| 13970 | Bank of Ningbo Co., Ltd. | 65234 |
| 34470 | Bank of Shanghai Co., Ltd., Class A | 29309 |
| 62666 | Bank of the Philippine Islands | 114842 |
| 5661 | Bank Pekao SA | 112410 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Banks, continued** | **Banks, continued** | |
| 17575 | Banque Saudi Fransi | $190260 |
| 68801 | BDO Unibank, Inc. | 129970 |
| 36846 | Boubyan Bank KSCP | 96290 |
| 2330 | Capitec Bank Holdings, Ltd. | 255025 |
| 136746 | Chang Hwa Commercial Bank | 76286 |
| 257000 | China Citic Bank Co., Ltd. | 113937 |
| 2647000 | China Construction Bank | 1658600 |
| 32600 | China Construction Bank Corp. | 26386 |
| 430795 | China Development Financial Holding Corp. | 176523 |
| 72500 | China Everbright Bank Co., Ltd. | 31995 |
| 52000 | China Everbright Bank Co., Ltd., Class H | 15857 |
| 109500 | China Merchants Bank Co., Ltd. | 607038 |
| 36144 | China Merchants Bank Co., Ltd. | 193817 |
| 69700 | China Minsheng Banking Corp., Ltd., Class A | 34597 |
| 113300 | China Minsheng Banking Corp., Ltd., Class H | 39196 |
| 197400 | CIMB Group Holdings Berhad | 260316 |
| 75212 | Commercial Bank of Qatar Qsc (The) | 103249 |
| 71388 | Commercial International Bank Egypt SAE | 119692 |
| 1875 | Credicorp, Ltd. | 254362 |
| 505000 | CTBC Financial Holding Co., Ltd. | 362997 |
| 66215 | Dubai Islamic Bank | 102789 |
| 385097 | E.Sun Financial Holding Co., Ltd. | 301271 |
| 56719 | Emirates NBD Bank PJSC | 200471 |
| 70569 | Eurobank Ergasias Services and Holdings SA\* | 79651 |
| 130178 | First Abu Dhabi Bank PJSC | 605498 |
| 318999 | First Financial Holdings Co., Ltd. | 274970 |
| 73601 | Grupo Financiero Banorte SAB de C.V. | 528563 |
| 58223 | Grupo Financiero Inbursa SAB de C.V., Class O\* | 98144 |
| 24941 | Gulf Bank KSCP | 25556 |
| 8661 | Hana Financial Holdings Group, Inc. | 289827 |
| 19300 | Hong Leong Bank Berhad | 90047 |
| 6400 | Hong Leong Financial Group Berhad | 27050 |
| 251375 | Hua Nan Financial Holdings Co., Ltd. | 183558 |
| 26900 | Huaxia Bank Co., Ltd., Class A | 20087 |
| 146247 | ICICI Bank, Ltd. | 1567643 |
| 108800 | Industrial & Commercial Bank of China, Ltd., Class A | 67935 |
| 1600000 | Industrial & Commercial Bank of China, Ltd., Class H | 824181 |
| 39400 | Industrial Bank Co., Ltd. | 99734 |
| 8902 | Industrial Bank of Korea (IBK) | 68818 |
| 146045 | Itausa — Investimentos Itau S.A. | 235423 |
| 3929 | KakaoBank Corp.\* | 76568 |
| 11100 | Kasikornbank PCL | 47151 |
| 10140 | KB Financial Group, Inc. | 386253 |
| 2004 | Komercni Banka AS^ | 58075 |
| 16130 | Kotak Mahindra Bank, Ltd. | 354916 |
| 43000 | Krung Thai Bank | 21934 |
| 209453 | Kuwait Finance House KSCP | 565721 |
| 102501 | Malayan Banking Bhd | 202353 |
| 128199 | Masraf Al Rayan | 111818 |
| 371 | mBank SA\* | 25141 |
| 317125 | Mega Financial Holdings Co., Ltd. | 313075 |
| 46592 | Metropolitan Bank & Trust | 45179 |
| 10951 | Moneta Money Bank AS | 36917 |
| 10393 | National Bank of Greece SA\* | 41559 |
| 203432 | National Bank of Kuwait SAKP | 718300 |
| 64205 | National Commercial Bank | 864546 |
| 13995 | Nedcor, Ltd. | 175213 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Banks, continued** | **Banks, continued** | |
| 5651 | OTP Bank Nyrt | $153147 |
| 33100 | Ping An Bank Co., Ltd., Class A | 62692 |
| 38900 | Postal Savings Bank of China Co., Ltd., Class A | 25861 |
| 231000 | Postal Savings Bank of China Co., Ltd., Class H | 142711 |
| 22657 | Powszechna Kasa Oszczednosci Bank Polski SA | 157504 |
| 1554500 | PT Bank Central Asia Tbk | 852392 |
| 533300 | PT Bank Mandiri Persero Tbk | 338968 |
| 191700 | PT Bank Negara Indonesia Tbk | 113187 |
| 1819942 | PT Bank Rakyat Indonesia Tbk | 577034 |
| 421800 | Public Bank Berhad | 413642 |
| 27221 | Qatar International Islamic Bank QSC | 77851 |
| 43180 | Qatar Islamic Bank | 220255 |
| 129909 | Qatar National Bank | 642202 |
| 59900 | RHB Bank Bhd | 78758 |
| 41240 | Riyad Bank | 349796 |
| 1058 | Santander Bank Polska SA | 62550 |
| 11462 | Saudi Investment Bank/The | 53000 |
| 317881 | Sberbank of Russia\*(a) | 4 |
| 28200 | SCB X pcl | 86778 |
| 113474 | Shanghai Commercial & Savings Bank, Ltd. (The) | 162300 |
| 70100 | Shanghai Pudong Development Bank Co., Ltd. | 73427 |
| 12719 | Shinhan Financial Group Co., Ltd. | 354446 |
| 298758 | SinoPac Financial Holdings Co., Ltd. | 161717 |
| 35548 | Standard Bank Group, Ltd. | 351287 |
| 47953 | State Bank of India | 354350 |
| 331001 | Taishin Financial Holding Co., Ltd. | 162555 |
| 118000 | Taiwan Business Bank | 49705 |
| 288654 | Taiwan Cooperative Financial Holding Co., Ltd. | 244112 |
| 3719 | TCS Group Holding plc, GDR\*(a) |  |
| 23255 | The Saudi British Bank | 241607 |
| 102709 | Turkiye Is Bankasi AS, Class C | 70244 |
| 97280589 | VTB Bank PJSC\*(a) | 1342 |
| 15903 | Woori Financial Group, Inc. | 146101 |
| 83021 | Yapi ve Kredi Bankasi AS | 52088 |
| 316254 | Yes Bank, Ltd.\* | 78555 |
|  |  | 27301909 |
| **Beverages (1.8%):** | **Beverages (1.8%):** |  |
| 138132 | Ambev SA Com Npv | 379921 |
| 1100 | Anhui Gujing Distillery Co., Ltd., Class A | 42215 |
| 3000 | Anhui Gujing Distillery Co., Ltd., Class B | 47991 |
| 1300 | Anhui Kouzi Distillery Co., Ltd. | 10791 |
| 10480 | Arca Continental SAB de C.V. | 85122 |
| 8700 | Carabao Group pcl | 24221 |
| 42000 | China Resources Beer Holdings Co., Ltd. | 293598 |
| 1400 | Chongqing Brewery Co., Ltd., Class A | 25668 |
| 15966 | Coca-Cola Femsa S.A.B de C.V. | 108046 |
| 3027 | Compania Cervecerias Unidas SA | 20226 |
| 54785 | Fomento Economico Mexicano S.A.B. de C.V. | 426394 |
| 2800 | Jiangsu King's Luck Brewery JSC, Ltd., Class A | 20495 |
| 3200 | Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A | 73671 |
| 1100 | JiuGui Liquor Co., Ltd., Class A | 21840 |
| 2172 | Kweichow Moutai Co., Ltd. | 537512 |
| 2400 | Luzhou Laojiao Co., Ltd. | 77130 |
| 51000 | Nongfu Spring Co., Ltd., Class H | 288216 |
| 23700 | Osotspa pcl | 19338 |
| 2744 | Shanghai Bairun Investment Holding Group Co., Ltd., Class A | 14754 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Beverages, continued** | **Beverages, continued** | |
| 2160 | Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A | $88584 |
| 1400 | Sichuan Swellfun Co., Ltd., Class A | 16973 |
| 2600 | Tsingtao Brewery Co., Ltd., Class A | 40225 |
| 14000 | Tsingtao Brewery Co., Ltd., Class H | 138325 |
| 7920 | United Spirits, Ltd.\* | 84034 |
| 5817 | Varun Beverages, Ltd. | 92621 |
| 6800 | Wuliangye Yibin Co., Ltd., Class A | 176082 |
|  |  | 3153993 |
| **Biotechnology (0.7%):** | **Biotechnology (0.7%):** |  |
| 51000 | 3SBio, Inc. | 54085 |
| 18460 | BeiGene, Ltd.\* | 315352 |
| 1015 | Beijing Wantai Biological Pharmacy Enterprise Co., Ltd., Class A | 18462 |
| 600 | BGI Genomics Co., Ltd. | 4463 |
| 10203 | Biocon, Ltd. | 32286 |
| 2862 | Celltrion, Inc. | 366188 |
| 3200 | Chongqing Zhifei Biological Products Co., Ltd., Class A | 40445 |
| 3270 | Hualan Biological Engineering, Inc., Class A | 10648 |
| 300 | Imeik Technology Development Co., Ltd., Class A | 24453 |
| 28000 | Innovent Biologics, Inc.\* | 120220 |
| 1366 | Legend Biotech Corp., ADR\* | 68191 |
| 6000 | PharmaEssentia Corp.\* | 93079 |
| 1000 | Shanghai Junshi Biosciences Co., Ltd., Class A\* | 9008 |
| 21600 | Shanghai Raas Blood Products Co., Ltd. | 19704 |
| 2560 | Shenzhen Kangtai Biological Products Co., Ltd., Class A | 11616 |
| 644 | SK Bioscience Co., Ltd.\* | 37811 |
| 4000 | Walvax Biotechnology Co., Ltd., Class A | 23137 |
| 2417 | Zai Lab, Ltd., ADR\* | 74202 |
|  |  | 1323350 |
| **Building Products (0.0%<sup>†</sup>):** | **Building Products (0.0%<sup>†</sup>):** |  |
| 3000 | Beijing New Building Materials plc | 11152 |
| 35000 | China Lesso Group Holdings, Ltd. | 36477 |
| 6500 | Zhuzhou Kibing Group Co., Ltd., Class A | 10655 |
|  |  | 58284 |
| **Capital Markets (1.2%):** | **Capital Markets (1.2%):** |  |
| 173524 | B3 SA- Brasil Bolsa Balcao | 434204 |
| 34376 | Banco BTG Pactual SA | 155888 |
| 23140 | Caitong Securities Co., Ltd. | 23709 |
| 193000 | China Cinda Asset Management Co., Ltd., Class H | 26711 |
| 120000 | China Galaxy Securities Co. | 58588 |
| 44400 | China International Capital Corp., Ltd. | 84781 |
| 14140 | China Merchants Securities Co., Ltd. | 27061 |
| 21465 | Citic Securities Co., Ltd., Class A | 61504 |
| 67850 | Citic Securities Co., Ltd., Class A | 137205 |
| 5300 | CSC Financial Co., Ltd., Class A | 18116 |
| 27993 | East Money Information Co., Ltd., Class A | 78168 |
| 6600 | Everbright Securities Co., Ltd. | 14125 |
| 30400 | GF Securities Co., Ltd. | 43429 |
| 15400 | GF Securities Co., Ltd., Class A | 34331 |
| 12599 | Guosen Securities Co., Ltd., Class A | 16099 |
| 14600 | Guotai Junan Securities Co., Ltd. | 28551 |
| 28600 | Haitong Securities Co., Ltd. | 35762 |
| 78800 | Haitong Securities Co., Ltd. | 48168 |
| 1000 | Hithink RoyalFlush Information Network Co., Ltd., Class A | 14194 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Capital Markets, continued** | **Capital Markets, continued** | |
| 12900 | Huatai Securities Co., Ltd., Class A | $23649 |
| 44600 | Huatai Securities Co., Ltd., Class H | 50708 |
| 31590 | Industrial Securities Co., Ltd. | 26094 |
| 1242 | Korea Investment Holdings Co., Ltd. | 52778 |
| 10139 | Meritz Securities Co., Ltd. | 50561 |
| 9168 | Mirae Asset Securities Co., Ltd. | 44345 |
| 2777 | NH Investment & Securities Co., Ltd. | 19348 |
| 26240 | Orient Securities Co., Ltd./China | 33761 |
| 3779 | Reinet Investments SCA | 73144 |
| 1516 | Samsung Securities Co., Ltd. | 37956 |
| 1027 | Saudi Tadawul Group Holding Co. | 49326 |
| 69900 | Shenwan Hongyuan Group Co., Ltd. | 40031 |
| 45462 | The Moscow Exchange\*(a) | 45 |
| 283820 | Yuanta Financial Holding Co., Ltd. | 200336 |
| 5300 | Zheshang Securities Co., Ltd. | 7574 |
|  |  | 2050250 |
| **Chemicals (3.2%):** | **Chemicals (3.2%):** |  |
| 5052 | Advanced Petrochemical Co. | 57250 |
| 11215 | Asian Paints, Ltd. | 418713 |
| 9301 | Berger Paints India, Ltd. | 65182 |
| 42000 | Dongyue Group, Ltd. | 46235 |
| 88000 | Formosa Chemicals & Fibre Corp. | 201309 |
| 112000 | Formosa Plastics Corp. | 316229 |
| 4600 | Guangzhou Tinci Materials Technology Co., Ltd., Class A | 28971 |
| 3276 | Hanwha Chemical Corp.\* | 111739 |
| 31971 | Hektas Ticaret TAS\* | 64359 |
| 13400 | Hengli Petrochemical Co., Ltd. | 29916 |
| 10092 | Hengyi Petrochemical Co., Ltd., Class A | 10209 |
| 1300 | Hoshine Silicon Industry Co., Ltd. | 15519 |
| 60600 | Indorama Ventures pcl | 71095 |
| 9200 | Jiangsu Eastern Shenghong Co., Ltd., Class A | 17208 |
| 533 | Kumho Petrochemical Co., Ltd. | 53453 |
| 1357 | LG Chem, Ltd. | 649200 |
| 226 | LG Chem, Ltd. | 49926 |
| 3900 | Lomon Billions Group Co., Ltd., Class A | 10619 |
| 540 | Lotte Chemical Corp. | 75697 |
| 135824 | Mesaieed Petrochemical Holding Co. | 79107 |
| 133000 | Nan Ya Plastics Corp. | 307130 |
| 9868 | National Industrialization Co.\* | 32551 |
| 14000 | Ningxia Baofeng Energy Group Co., Ltd., Class A | 24281 |
| 29450 | Orbia Advance Corp SAB de CV | 52152 |
| 73300 | Petronas Chemicals Group Berhad | 143323 |
| 1447 | PhosAgro PJSC(a) |  |
| 27 | Phosagro Public Joint Stock Co., GDR\*(a) |  |
| 2276 | PI Industries, Ltd. | 93902 |
| 4453 | Pidilite Industries, Ltd. | 136903 |
| 836106 | PT Barito Pacific Tbk | 40559 |
| 53800 | PTT Global Chemical Public Co., Ltd. | 73428 |
| 6900 | Qinghai Salt Lake Industry Co., Ltd., Class A\* | 22492 |
| 19350 | Rongsheng Petro Chemical Co., Ltd., Class A | 34249 |
| 6039 | SABIK Agri-Nutrients Co. | 234971 |
| 8631 | Sahara International Petrochemical Co. | 78209 |
| 12572 | Sasa Polyester Sanayi AS\* | 73910 |
| 16339 | Sasol, Ltd. | 258599 |
| 26296 | Saudi Basic Industries Corp. | 625807 |
| 8430 | Saudi Industrial Investment Group | 49317 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Chemicals, continued** | **Chemicals, continued** | |
| 21544 | Saudi Kayan Petrochemical Co.\* | $78497 |
| 4940 | Shandong Hualu Hengsheng Chemical Co., Ltd., Class A | 23543 |
| 3600 | Shanghai Putailai New Energy Technology Co., Ltd., Class A | 26831 |
| 264 | Shenzhen Dynanonic Co., Ltd., Class A | 8724 |
| 591 | SK IE Technology Co., Ltd.\* | 25053 |
| 649 | SKC Co., Ltd. | 45831 |
| 1120 | Skshu Paint Co., Ltd., Class A\* | 18346 |
| 4172 | Sociedad Quimica y Minera de Chile SA | 337579 |
| 3359 | SRF, Ltd. | 92643 |
| 1900 | Tianqi Lithium Corp., Class A\* | 21548 |
| 14118 | UPL, Ltd. | 122239 |
| 5900 | Wanhua Chemical Group Co., Ltd. | 78598 |
| 7713 | Yanbu National Petrochemical Co. | 85530 |
|  |  | 5618681 |
| **Commercial Services & Supplies (0.1%):** | **Commercial Services & Supplies (0.1%):** |  |
| 108222 | China Everbright International, Ltd. | 48096 |
| 6265 | Indian Railway Catering & Tourism Corp., Ltd. | 48305 |
| 588 | S1 Corp. | 27652 |
| 2200 | Shanghai M&G Stationery, Inc., Class A | 17406 |
|  |  | 141459 |
| **Communications Equipment (0.2%):** | **Communications Equipment (0.2%):** |  |
| 15000 | Accton Technology Corp. | 114333 |
| 20500 | BYD Electronic International Co., Ltd. | 65946 |
| 1300 | China Zhenhua Group Science & Technology Co., Ltd., Class A | 21368 |
| 1800 | Yealink Network Technology Corp., Ltd., Class A | 15693 |
| 900 | Zhongji Innolight Co., Ltd., Class A | 3497 |
| 8300 | ZTE Corp. | 30886 |
| 23800 | ZTE Corp., Class H | 52456 |
|  |  | 304179 |
| **Construction & Engineering (0.5%):** | **Construction & Engineering (0.5%):** |  |
| 98000 | China Communications Services Corp., Ltd. | 35582 |
| 118000 | China Railway Group, Ltd. | 62296 |
| 53400 | China Railway Group, Ltd., Class A | 42628 |
| 80500 | China State Construction Engineering Corp., Ltd. | 62746 |
| 44000 | China State Construction International Holdings, Ltd. | 49230 |
| 2127 | Hyundai Engineering & Construction Co., Ltd. | 59190 |
| 19005 | Larsen & Toubro, Ltd. | 477983 |
| 35600 | Metallurgical Corp. of China, Ltd. | 16261 |
| 38400 | Power Construction Corp. of China, Ltd. | 39062 |
| 4331 | Samsung Engineering Co., Ltd.\* | 76706 |
|  |  | 921684 |
| **Construction Materials (1.0%):** | **Construction Materials (1.0%):** |  |
| 1353 | ACC, Ltd. | 39828 |
| 16769 | Ambuja Cements, Ltd. | 106268 |
| 7700 | Anhui Conch Cement Co., Ltd., Class A | 30339 |
| 33000 | Anhui Conch Cement Co., Ltd., Class H | 114436 |
| 72000 | Asia Cement Corp. | 96021 |
| 25400 | BBMG Corp. | 9269 |
| 437937 | Cemex SAB de C.V.\* | 177134 |
| 8458 | China Jushi Co., Ltd., Class A | 16686 |
| 122000 | China National Buildings Material Co., Ltd. | 100222 |
| 78000 | China Resources Cement Holdings, Ltd. | 40957 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Construction Materials, continued** | **Construction Materials, continued** | |
| 7494 | Grasim Industries, Ltd. | $155619 |
| 900 | Huaxin Cement Co., Ltd. | 1919 |
| 827 | POSCO Chemical Co., Ltd. | 118735 |
| 78729 | PT Semen Indonesia (Persero) Tbk | 33260 |
| 298 | Shree Cement, Ltd. | 83728 |
| 178599 | Taiwan Cement Corp. | 195484 |
| 19200 | The Siam Cement Public Co., Ltd. | 189431 |
| 3087 | Ultra Tech Cement, Ltd. | 259105 |
|  |  | 1768441 |
| **Consumer Finance (0.6%):** | **Consumer Finance (0.6%):** |  |
| 2667 | 360 DigiTech, Inc., ADR | 54300 |
| 7516 | Bajaj Finance, Ltd. | 594904 |
| 12258 | Cholamandalam Investment and Finance Co., Ltd. | 106738 |
| 15500 | JMT Network Services pcl | 30894 |
| 29000 | Krungthai Card pcl | 49458 |
| 17481 | Lufax Holding, Ltd., ADR | 33913 |
| 28300 | Muangthai Capital pcl, Class R | 31068 |
| 4134 | Muthoot Finance, Ltd. | 53002 |
| 4769 | SBI Cards & Payment Services, Ltd. | 45761 |
| 4836 | Shriram Transport Finance | 80347 |
| 27700 | Srisawad Corp pcl | 39011 |
|  |  | 1119396 |
| **Containers & Packaging (0.1%):** | **Containers & Packaging (0.1%):** |  |
| 21248 | Klabin SA | 80376 |
| 38400 | SCG Packaging pcl | 63070 |
| 1500 | Yunnan Energy New Material Co., Ltd. | 28342 |
|  |  | 171788 |
| **Diversified Consumer Services (0.2%):** | **Diversified Consumer Services (0.2%):** |  |
| 11500 | Koolearn Technology Holding, Ltd.\* | 76997 |
| 47790 | New Oriental Education & Technology Group, Inc.\* | 168863 |
| 12817 | TAL Education Group, ADR\* | 90360 |
|  |  | 336220 |
| **Diversified Financial Services (0.9%):** | **Diversified Financial Services (0.9%):** |  |
| 10739 | Bajaj Finserv, Ltd. | 200121 |
| 654 | Bajaj Holdings & Investment, Ltd. | 45285 |
| 41082 | Chailease Holding Co., Ltd. | 289822 |
| 58000 | Far East Horizon, Ltd. | 45334 |
| 145699 | FirstRand, Ltd. | 532491 |
| 213189 | Fubon Financial Holdings Co., Ltd. | 390357 |
| 22368 | Haci Omer Sabanci Holding AS | 53982 |
| 16878 | Remgro, Ltd. | 132137 |
|  |  | 1689529 |
| **Diversified Telecommunication Services (1.4%):** | **Diversified Telecommunication Services (1.4%):** |  |
| 1192000 | China Tower Corp., Ltd., Class H | 128305 |
| 104000 | Chunghwa Telecom Co., Ltd. | 382310 |
| 100092 | Emirates Telecommunications Group Co. PJSC | 622399 |
| 6670 | Hellenic Telecommunications Organization SA (OTE) | 104156 |
| 18250 | Indus Towers, Ltd. | 41917 |
| 6438 | LG Uplus Corp. | 56461 |
| 34613 | Ooredoo Qsc | 87435 |
| 34010 | Operadora de Sites Mexicanos SA de CV | 33465 |
| 1422900 | PT Telekomunikasi Indonesia Tbk | 342845 |
| 497700 | Sarana Menara Nusantara Tbk PT | 35135 |
| 43150 | Saudi Telecom Co. | 421101 |
| 12522 | Telefonica Brasil SA | 90964 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Diversified Telecommunication Services, continued** | **Diversified Telecommunication Services, continued** | |
| 37500 | Telekom Malaysia Berhad | $46048 |
| 285600 | True Corp. pcl | 39869 |
|  |  | 2432410 |
| **Electric Utilities (1.2%):** | **Electric Utilities (1.2%):** |  |
| 7799 | Adani Transmission, Ltd.\* | 242897 |
| 7912 | Centrais Eletricas Brasileiras S.A | 64789 |
| 32586 | Centrais Eletricas Brasileiras S.A | 259987 |
| 4545 | CEZ AS | 155112 |
| 46508 | Companhia Energetica de Minas Gerais | 98140 |
| 657720 | ENEL Americas SA | 88053 |
| 1011183 | ENEL Chile SA | 46504 |
| 6011 | Energisa SA | 50338 |
| 27877 | Equatorial Energia SA | 142680 |
| 952130 | Inter Rao Ues PJSC(a) | 13 |
| 15365 | Interconexion Electrica SA ESP | 66570 |
| 7164 | Korea Electric Power Corp., Ltd.\* | 124029 |
| 25730 | PGE SA\* | 40415 |
| 93408 | Power Grid Corp. of India, Ltd. | 240466 |
| 4801 | Public Power Corp. SA\* | 33620 |
| 25045 | Saudi Electricity Co. | 153905 |
| 42224 | Tata Power Co., Ltd. (The) | 105606 |
| 61000 | Tenega Nasional Berhad | 133491 |
|  |  | 2046615 |
| **Electrical Equipment (0.9%):** | **Electrical Equipment (0.9%):** |  |
| 1351 | ABB India, Ltd. | 43824 |
| 4200 | Contemporary Amperex Technology Co., Ltd., Class A | 237827 |
| 7300 | Dongfang Electric Corp., Ltd., Class A | 22081 |
| 11375 | Doosan Heavy Industries & Construction Co., Ltd.\* | 139834 |
| 1384 | Ecopro BM Co., Ltd. | 101818 |
| 3801 | Eve Energy Co., Ltd., Class A | 48091 |
| 1050 | Ginlong Technologies Co., Ltd., Class A\* | 27212 |
| 7790 | Havells India, Ltd. | 103602 |
| 12500 | Jiangsu Zhongtian Technology Co., Ltd., Class A | 29009 |
| 983 | LG Energy Solution\* | 340626 |
| 4200 | Ming Yang Smart Energy Group, Ltd., Class A | 15271 |
| 13176 | Nari Technology Co., Ltd. | 46084 |
| 1600 | Ningbo Orient Wires & Cables Co., Ltd., Class A | 15619 |
| 1200 | Ningbo Ronbay New Energy Technology Co., Ltd., Class A | 11874 |
| 2900 | Sungrow Power Supply Co., Ltd., Class A | 46673 |
| 3200 | Sunwoda Electronic Co., Ltd., Class A | 9741 |
| 400 | Suzhou Maxwell Technologies Co., Ltd., Class A | 23705 |
| 7200 | TBEA Co., Ltd., Class A | 20807 |
| 2000 | Voltronic Power Technology Corp. | 100369 |
| 70616 | Walsin Lihwa Corp. | 108352 |
| 12400 | Xinjiang Goldwind Science & Technology Co., Ltd. | 11043 |
| 16541 | Xinjiang Goldwind Science & Technology Co., Ltd. | 26168 |
| 3500 | Zhejiang Chint Electrics Co., Ltd., Class A | 13943 |
| 15800 | Zhuzhou CRRC Times Electric Co., Ltd., Class H | 78458 |
|  |  | 1622031 |
| **Electronic Equipment, Instruments & Components (2.7%):** | **Electronic Equipment, Instruments & Components (2.7%):** |  |
| 18500 | AAC Technologies Holdings, Inc.\* | 42301 |
| 177600 | AU Optronics Corp. | 86628 |
| 4200 | Chaozhou Three-Circle Group Co., Ltd., Class A | 18560 |
| 8500 | Delta Electronics Thailand pcl | 203811 |
| 57000 | Delta Electronics, Inc. | 531061 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Electronic Equipment, Instruments & Components, continued** | **Electronic Equipment, Instruments & Components, continued** | |
| 24000 | E Ink Holdings, Inc. | $125608 |
| 9699 | Foxconn Industrial Internet Co., Ltd., Class A | 12790 |
| 8100 | GoerTek, Inc., Class A | 19560 |
| 2100 | Guangzhou Shiyuan Electronic Technology Co., Ltd., Class A | 17810 |
| 354000 | Hon Hai Precision Industry Co., Ltd. | 1150234 |
| 606 | Iljin Materials Co., Ltd. | 25081 |
| 48600 | Inari Amertron Berhad | 28873 |
| 240730 | Innolux Corp. | 86501 |
| 19500 | Kingboard Holdings, Ltd. | 62095 |
| 37500 | Kingboard Laminates Holdings, Ltd. | 41229 |
| 659 | L&F Co., Ltd.\* | 91427 |
| 3000 | Largan Precision Co., Ltd. | 198983 |
| 11400 | Lens Technology Co., Ltd., Class A | 17276 |
| 6031 | LG Display Co., Ltd. | 59892 |
| 404 | LG Innotek Co., Ltd. | 81655 |
| 4700 | Lingyi iTech Guangdong Co., Class A\* | 3071 |
| 14559 | Luxshare Precision Industry Co., Ltd. | 66548 |
| 864 | Maxscend Microelectronics Co., Ltd., Class A | 14222 |
| 7000 | Nan Ya Printed Circuit Board Corp. | 51626 |
| 1200 | NAURA Technology Group Co., Ltd., Class A | 38911 |
| 4200 | OFILM Group Co., Ltd., Class A\* | 2841 |
| 1281 | Raytron Technology Co., Ltd., Class A | 6856 |
| 1474 | Samsung Electro-Mechanics Co., Ltd., Series L | 153614 |
| 1571 | Samsung SDI Co., Ltd. | 740319 |
| 3800 | Shengyi Technology Co., Ltd., Class A | 7880 |
| 1820 | Shennan Circuits Co., Ltd., Class A | 18902 |
| 20800 | Sunny Optical Technology Group Co., Ltd. | 247542 |
| 7000 | Suzhou Dongshan Precision Manufacturing Co., Ltd. | 24926 |
| 41000 | Synnex Technology International Corp. | 78947 |
| 14000 | Tianma Microelectronics Co., Ltd., Class A | 17445 |
| 35000 | Unimicron Technology Corp. | 136465 |
| 6300 | Unisplendour Corp., Ltd., Class A | 17706 |
| 1700 | Wingtech Technology Co., Ltd. | 12866 |
| 47960 | WPG Holdings, Ltd. | 75041 |
| 6350 | Wuhan Guide Infrared Co., Ltd. | 10027 |
| 1650 | WUS Printed Circuit Kunshan Co., Ltd., Class A | 2826 |
| 9851 | Yageo Corp. | 144420 |
| 9200 | Zhejiang Dahua Technology Co., Ltd., Class A | 14972 |
| 19000 | Zhen Ding Technology Holding, Ltd. | 64869 |
|  |  | 4854217 |
| **Energy Equipment & Services (0.1%):** | **Energy Equipment & Services (0.1%):** |  |
| 48000 | China Oilfield Services, Ltd. | 58209 |
| 126200 | Dialog Group Berhad | 70334 |
|  |  | 128543 |
| **Entertainment (1.0%):** | **Entertainment (1.0%):** |  |
| 4913 | Bilibili, Inc., ADR\* | 116389 |
| 2170 | CD Projekt SA | 64306 |
| 400 | G-Bits Network Technology Xiamen Co., Ltd. | 17963 |
| 455 | HYBE Co., Ltd.\* | 63143 |
| 9347 | IQIYI, Inc., ADR\* | 49539 |
| 870 | Kakao Games Corp.\* | 31186 |
| 28000 | Kingsoft Corp., Ltd. | 93659 |
| 758 | Krafton, Inc.\* | 101841 |
| 4000 | Mango Excellent Media Co., Ltd., Class A | 17282 |
| 483 | Ncsoft Corp. | 172723 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Entertainment, continued** | **Entertainment, continued** | |
| 54975 | NetEase, Inc. | $801392 |
| 657 | Netmarble Corp. | 31661 |
| 810 | Pearl Abyss Corp.\* | 27159 |
| 7050 | Perfect World Co., Ltd., Class A | 12906 |
| 20844 | Tencent Music Entertainment Group, ADR\* | 172588 |
| 4800 | Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., Class A | 12471 |
| 15360 | Zhejiang Century Huatong Group Co., Ltd., Class A\* | 8421 |
|  |  | 1794629 |
| **Equity Real Estate Investment Trusts (REITs) (0.1%):** | **Equity Real Estate Investment Trusts (REITs) (0.1%):** |  |
| 79843 | Fibra UNO Amdinistracion SA | 94096 |
| 89688 | Growthpoint Properties, Ltd. | 76284 |
|  |  | 170380 |
| **Food & Staples Retailing (1.4%):** | **Food & Staples Retailing (1.4%):** |  |
| 13933 | Atacadao Distribuicao Comercio e Industria, Ltd. | 39008 |
| 4988 | Avenue Supermarts, Ltd.\* | 244476 |
| 27700 | Berli Jucker pcl | 28204 |
| 157 | BGF Retail Co., Ltd. | 26186 |
| 10042 | Bid Corp., Ltd. | 194969 |
| 12876 | BIM Birlesik Magazalar AS | 94346 |
| 41302 | Cencosud SA | 67960 |
| 7085 | Clicks Group, Ltd. | 112691 |
| 166700 | CP All pcl | 328675 |
| 1473 | Dino Polska SA\* | 126601 |
| 631 | E-Mart Co., Ltd. | 49166 |
| 2004 | Magnit PJSC\*(a) |  |
| 704 | Nahdi Medical Co.\* | 31401 |
| 16000 | President Chain Store Corp. | 141388 |
| 32016 | Raia Drogasil SA | 143851 |
| 20211 | Sendas Distribuidora SA | 74539 |
| 14686 | Shoprite Holdings, Ltd. | 195500 |
| 414900 | Sumber Alfaria Trijaya Tbk PT | 70641 |
| 5844 | The Spar Group, Ltd. | 39066 |
| 141551 | Wal-Mart de Mexico SAB de C.V. | 498354 |
| 3565 | X5 Retail Group NV, GDR\*(a) | 4 |
| 1456 | Yifeng Pharmacy Chain Co., Ltd., Class A | 13376 |
|  |  | 2520402 |
| **Food Products (2.0%):** | **Food Products (2.0%):** |  |
| 4930 | Almarai Co. JSC | 70302 |
| 7000 | Beijing Dabeinong Technology Group Co., Ltd.\* | 8944 |
| 15625 | BRF SA\* | 24507 |
| 2902 | Britannia Industries, Ltd. | 150891 |
| 107900 | Charoen Pokphand Foods Public Co., Ltd. | 77208 |
| 110000 | China Feihe, Ltd. | 92658 |
| 274400 | China Huishan Dairy Holdings Co., Ltd.\*^ |  |
| 86000 | China Mengniu Dairy Co., Ltd. | 386851 |
| 245 | CJ CheilJedang Corp. | 73946 |
| 75500 | Dali Foods Group Co., Ltd. | 34340 |
| 7950 | Foshan Haitian Flavouring & Food Co., Ltd. | 91016 |
| 700 | Fu Jian Anjoy Foods Co., Ltd., Class A | 16308 |
| 5255 | Gruma, SAB de C.V., Class B | 70331 |
| 38987 | Grupo Bimbo SAB de C.V., Series A, Class A | 164816 |
| 3800 | Guangdong Haid Group Co., Ltd., Class A | 33752 |
| 5400 | Henan Shuanghui Investment & Development Co., Ltd. | 20147 |
| 10200 | Inner Mongolia Yili Indsutrial Group Co., Ltd. | 45359 |
| 90500 | IOI Corp. Berhad | 83301 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Food Products, continued** | **Food Products, continued** | |
| 22213 | JBS SA | $92526 |
| 1500 | Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd. | 7924 |
| 700 | Juewei Food Co., Ltd., Class A | 6155 |
| 12600 | Kuala Lumpur Kepong Berhad | 64001 |
| 16791 | Marico, Ltd. | 103497 |
| 179400 | Monde Nissin Corp. | 35802 |
| 9772 | Muyuan Foodstuff Co., Ltd. | 68339 |
| 955 | Nestle India, Ltd. | 225862 |
| 2000 | Nestle Malaysia Bhd | 63631 |
| 10600 | New Hope Liuhe Co., Ltd., Class A\* | 19632 |
| 721 | Orion Corp./ Republic of Korea | 73238 |
| 20980 | PPB Group Berhad | 83122 |
| 213700 | PT Charoen Pokphand Indonesia Tbk | 77559 |
| 76600 | PT Indofood CBP Sukses Makmur Tbk | 49161 |
| 127500 | PT Indofood Sukses Makmur Tbk | 55090 |
| 32650 | QL Resources Berhad | 40881 |
| 59200 | Sime Darby Plantation Bhd | 62581 |
| 18076 | Tata Consumer Products, Ltd. | 167203 |
| 56100 | Thai Union Frozen Products pcl | 27384 |
| 9830 | The Savola Group | 71908 |
| 58000 | Tingyi (Caymen Is) Holding Corp. | 102155 |
| 6800 | Tongwei Co., Ltd., Class A | 37758 |
| 43000 | Uni-President China Holdings, Ltd. | 42847 |
| 137000 | Uni-President Enterprises Corp. | 296799 |
| 32810 | Universal Robina Corp. | 80307 |
| 139000 | Want Want China Holdings, Ltd. | 92824 |
| 13060 | Wens Foodstuffs Group Co., Ltd. | 36696 |
| 16000 | Yihai International Holding, Ltd. | 55893 |
| 2600 | Yihai Kerry Arawana Holdings Co., Ltd., Class A | 16258 |
|  |  | 3601710 |
| **Gas Utilities (0.7%):** | **Gas Utilities (0.7%):** |  |
| 7970 | Adani Total Gas, Ltd. | 354818 |
| 18500 | Beijing Enterprises Holdings, Ltd. | 59263 |
| 77800 | China Gas Holdings, Ltd. | 112287 |
| 26000 | China Resources Gas Group, Ltd. | 96836 |
| 23200 | ENN Energy Holdings, Ltd. | 323678 |
| 60454 | GAIL India, Ltd. | 70056 |
| 8251 | Indraprastha Gas, Ltd. | 41218 |
| 124000 | Kunlun Energy Co., Ltd. | 87951 |
| 25200 | Petronas Gas Berhad | 97963 |
|  |  | 1244070 |
| **Health Care Equipment & Supplies (0.2%):** | **Health Care Equipment & Supplies (0.2%):** |  |
| 54400 | Hartalega Holdings Berhad | 21034 |
| 2280 | Jafron Biomedical Co., Ltd., Class A | 10159 |
| 900 | Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. | 4126 |
| 7700 | Lepu Medical Technology Beijing Co., Ltd., Class A | 25409 |
| 20000 | Microport Scientific Corp.\* | 52676 |
| 1680 | Ovctek China, Inc., Class A | 8631 |
| 548 | SD Biosensor, Inc. | 13158 |
| 72000 | Shandong Weigao Group Medical Polymer Co., Ltd., Class H | 117931 |
| 2100 | Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 95325 |
| 155200 | Top Glove Corp. Berhad\* | 31951 |
|  |  | 380400 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Health Care Providers & Services (0.8%):** | **Health Care Providers & Services (0.8%):** | |
| 11515 | Aier Eye Hospital Group Co., Ltd., Class A | $51489 |
| 3000 | Apollo Hospitals Enterprise, Ltd. | 161959 |
| 301500 | Bangkok Dusit Medical Services Public Co., Ltd. | 252549 |
| 13700 | Bumrungrad Hospital pcl | 83670 |
| 2746 | Celltrion Healthcare Co., Ltd. | 127011 |
| 1074 | Dallah Healthcare Co. | 42339 |
| 2203 | Dr Sulaiman Al Habib Medical Services Group Co. | 129346 |
| 1400 | Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A | 15710 |
| 125780 | Hapvida Participacoes e Investimentos SA\* | 121034 |
| 3300 | Huadong Medicine Co., Ltd., Class A | 22223 |
| 9200 | Hygeia Healthcare Holdings Co., Ltd.\*^ | 66025 |
| 60100 | IHH Healthcare Berhad | 84773 |
| 600 | Jointown Pharmaceutical Group Co., Ltd. | 1125 |
| 15300 | Meinian Onehealth Healthcare Holdings Co., Ltd., Class A\* | 13498 |
| 1233 | Mouwasat Medical Services Co. | 68662 |
| 9527 | Rede D'Or Sao Luiz SA | 53381 |
| 25500 | Shanghai Pharmaceuticals Holding Co., Ltd. | 42414 |
| 1900 | Shanghai Pharmaceuticals Holding Co., Ltd. | 4875 |
| 34400 | Sinopharm Group Co., Series H | 87244 |
| 700 | Topchoice Medical Corp., Class A\* | 15414 |
|  |  | 1444741 |
| **Hotels, Restaurants & Leisure (1.0%):** | **Hotels, Restaurants & Leisure (1.0%):** |  |
| 231900 | Asset World Corp. pcl | 42016 |
| 3600 | China International Travel Service Corp., Ltd., Class A | 111949 |
| 67600 | Genting Berhard | 68852 |
| 86800 | Genting Malaysia Berhad | 53076 |
| 92000 | Haichang Ocean Park Holdings, Ltd.\* | 18808 |
| 33000 | Haidilao International Holding, Ltd.\* | 94743 |
| 5524 | Huazhu Group, Ltd., ADR | 234328 |
| 19964 | Indian Hotels Co., Ltd. | 76621 |
| 20000 | Jiumaojiu International Holdings, Ltd. | 52767 |
| 15230 | Jollibee Foods Corp. | 63034 |
| 11750 | Jubilant Foodworks, Ltd. | 72321 |
| 2483 | Kangwon Land, Inc.\* | 45787 |
| 101900 | Minor International pcl\* | 94928 |
| 7104 | OPAP SA | 100699 |
| 25400 | Shenzhen Overseas Chinese Town Co., Ltd., Class A | 19412 |
| 6660 | Songcheng Performance Development Co., Ltd., Class A | 13994 |
| 300 | Super Hi International Holding, Ltd.\* | 382 |
| 11781 | Yum China Holdings, Inc. | 643832 |
|  |  | 1807549 |
| **Household Durables (0.4%):** | **Household Durables (0.4%):** |  |
| 700 | Ecovacs Robotics Co., Ltd., Class A | 7352 |
| 66800 | Haier Smart Home Co., Ltd., Class H | 227734 |
| 2982 | LG Electronics, Inc. | 205847 |
| 5000 | Nien Made Enterprise Co., Ltd. | 47889 |
| 1400 | Oppein Home Group, Inc., Class A | 24502 |
| 11900 | Qingdao Haier Co., Ltd. | 41900 |
| 28400 | TCL Corp., Class A | 15203 |
| 1515 | Woongjin Coway Co., Ltd. | 67277 |
| 1600 | Zhejiang Supor Co., Ltd., Class A | 11386 |
|  |  | 649090 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Household Products (0.5%):** | **Household Products (0.5%):** | |
| 23740 | Hindustan Unilever, Ltd. | $733114 |
| 38309 | Kimberl- Clark de Mexico SAB de C.V. | 65028 |
| 189400 | PT Unilever Indonesia Tbk | 57131 |
| 15000 | Vinda International Holdings, Ltd. | 44048 |
|  |  | 899321 |
| **Independent Power and Renewable Electricity Producers (1.0%):** | **Independent Power and Renewable Electricity Producers (1.0%):** |  |
| 211560 | AC Energy Corp. | 29041 |
| 2070 | ACWA Power Co. | 83907 |
| 9102 | Adani Green Energy, Ltd.\* | 211450 |
| 21119 | Adani Power, Ltd.\* | 76225 |
| 26100 | B Grimm Power pcl | 29969 |
| 213000 | Cgn Power Co., Ltd., Class H | 50587 |
| 96000 | China Longyuan Power Group Corp. | 117449 |
| 41500 | China National Nuclear Power Co., Ltd. | 35829 |
| 136000 | China Power International Develpoment, Ltd. | 57184 |
| 58000 | China Resources Power Holdings Co. | 118620 |
| 38500 | China Three Gorges Renewables Group Co., Ltd. | 31299 |
| 40400 | China Yangtze Power Co., Ltd. | 121868 |
| 2400 | Electricity Genera pcl | 11957 |
| 43600 | Energy Absolute Public Co., Ltd. | 121822 |
| 7616 | Engie Brasil Energia SA | 54647 |
| 47300 | GD Power Development Co., Ltd., Class A\* | 29024 |
| 25400 | Global Power Synergy pcl | 53560 |
| 87800 | Gulf Energy Development pcl, Class R | 139648 |
| 13900 | Huadian Power International Corp, Ltd., Class A | 11760 |
| 126000 | Huaneng Power International, Inc., Class H\* | 59578 |
| 114179 | NTPC, Ltd. | 229185 |
| 16900 | Ratch Group pcl | 20867 |
| 10900 | Sichuan Chuantou Energy Co., Ltd., Class A | 19181 |
| 1886 | Terna Energy SA | 41078 |
|  |  | 1755735 |
| **Industrial Conglomerates (1.2%):** | **Industrial Conglomerates (1.2%):** |  |
| 58230 | Aboitiz Equity Ventures, Inc. | 60496 |
| 88657 | Alfa SAB de CV, Class A | 56474 |
| 4280 | Ayala Corp. | 53725 |
| 7824 | Bidvest Group, Ltd. | 98668 |
| 158000 | Citic, Ltd. | 166828 |
| 403 | CJ Corp. | 26923 |
| 68000 | Far Eastern New Century Corp. | 70557 |
| 86500 | Fosun International, Ltd. | 70492 |
| 15971 | Grupo Carso SAB de C.V. | 67033 |
| 1948 | GS Holdings | 67776 |
| 15300 | Hap Seng Consolidated Berhad | 22232 |
| 44815 | Industries Qatar Q.S.C. | 157847 |
| 101484 | JG Summit Holdings, Inc. | 91999 |
| 20331 | KOC Holdings AS | 91063 |
| 2559 | LG Corp. | 158939 |
| 92339 | Multiply Group PJSC\* | 116245 |
| 1863 | Mytilineos SA | 40426 |
| 54807 | Q Holding PJSC\* | 59706 |
| 2613 | Samsung C&T Corp. | 236016 |
| 2019 | Siemens, Ltd. | 69008 |
| 62100 | Sime Darby Berhad | 32392 |
| 967 | SK, Inc. | 145573 |
| 7815 | SM Investments Corp. | 126860 |
| 31448 | Turkiye Sise ve Cam Fabrikalari AS | 72285 |
|  |  | 2159563 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Insurance (2.4%):** | **Insurance (2.4%):** | |
| 17305 | BB Seguridade Participacoes SA | $110500 |
| 2107 | Bupa Arabia For Cooperative Insurance Co. | 80551 |
| 242426 | Cathay Financial Holding Co., Ltd. | 315359 |
| 6100 | China Life Insurance Co., Ltd. | 32583 |
| 204000 | China Life Insurance Co., Ltd. | 350309 |
| 13000 | China Pacific Insurance Group Co., Ltd., Class A | 45871 |
| 75600 | China Pacific Insurance Group Co., Ltd., Class H | 166953 |
| 49200 | China Taiping Insurance Holdings Co., Ltd. | 61282 |
| 1303 | DB Insurance Co., Ltd. | 67584 |
| 14555 | Discovery, Ltd.\* | 105750 |
| 22395 | HDFC Life Insurance Co., Ltd. | 152860 |
| 6280 | ICICI Lombard General Insurance Co., Ltd. | 93699 |
| 9176 | ICICI Prudential Life Insurance Co., Ltd. | 49921 |
| 887 | Meritz Fire & Marine Insurance Co., Ltd. | 35108 |
| 27000 | New China Life Insurance Co., Ltd. | 65583 |
| 4500 | New China Life Insurance Co., Ltd., Class A | 19478 |
| 145915 | Old Mutual, Ltd. | 89752 |
| 28100 | People's Insurance Co. Group of China, Ltd. (The) | 21105 |
| 178000 | People's Insurance Co. Group of China, Ltd. (The) | 59074 |
| 202000 | Picc Property & Casuality Co., Ltd., Class H | 191210 |
| 20800 | Ping An Insurance Group Co. of China, Ltd. | 140687 |
| 174500 | Ping An Insurance Group Co. of China, Ltd. | 1151800 |
| 17119 | Powszechny Zaklad Ubezpieczen SA | 138991 |
| 846 | Samsung Fire & Marine Insurance Co., Ltd. | 134128 |
| 1838 | Samsung Life Insurance Co., Ltd. | 103567 |
| 52992 | Sanlam, Ltd. | 151922 |
| 12904 | SBI Life Insurance Co., Ltd. | 192106 |
| 320614 | Shin Kong Financial Holdings Co., Ltd. | 91457 |
| 16500 | Zhongan Online P&c Insurance Co., Ltd.\* | 44826 |
|  |  | 4264016 |
| **Interactive Media & Services (5.4%):** | **Interactive Media & Services (5.4%):** |  |
| 1931 | Autohome, Inc., ADR | 59089 |
| 62516 | Baidu, Inc., Class A\* | 898614 |
| 2379 | Info Edge India, Ltd. | 113113 |
| 1413 | JOYY, Inc., ADR | 44637 |
| 9048 | Kakao Corp. | 385057 |
| 4751 | Kanzhun, Ltd., ADR\* | 96778 |
| 3651 | NAVER Corp. | 518588 |
| 175200 | Tencent Holdings, Ltd. | 7446816 |
| 3760 | VK Co., Ltd., GDR\*(a) |  |
| 1711 | Weibo Corp., ADR\* | 32714 |
| 9068 | Yandex NV, Class A\*(a) |  |
|  |  | 9595406 |
| **Internet & Direct Marketing Retail (6.5%):** | **Internet & Direct Marketing Retail (6.5%):** |  |
| 415372 | Alibaba Group Holding, Ltd.\* | 4586455 |
| 130000 | Alibaba Health Information Technology, Ltd.\* | 109215 |
| 10438 | Allegro.eu SA\* | 60265 |
| 13210 | Americanas SA | 24147 |
| 88000 | HengTen Networks Group, Ltd.\*^ | 21743 |
| 60200 | JD Com, Inc. | 1692340 |
| 31600 | JD Health International, Inc.\* | 289006 |
| 124200 | Meituan\* | 2746392 |
| 2200 | momo.com, Inc. | 45914 |
| 321 | Ozon Holdings plc, ADR\*(a) |  |
| 965 | Ozon Holdings plc, ADR\*(a) |  |
| 14174 | Pinduoduo, Inc., ADR\* | 1155890 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Internet & Direct Marketing Retail, continued** | **Internet & Direct Marketing Retail, continued** | |
| 14300 | Ping An Healthcare and Technology Co., Ltd.\* | $38692 |
| 31200 | Tongcheng Travel Holdings, Ltd.\* | 75092 |
| 14928 | Trip.com Group, Ltd., ADR\* | 513523 |
| 12115 | Vipshop Holdings, Ltd., ADR\* | 165249 |
| 75297 | Zomato, Ltd.\* | 53711 |
|  |  | 11577634 |
| **IT Services (2.3%):** | **IT Services (2.3%):** |  |
| 580 | Arabian Internet & Co.mmunications Services Co. | 37523 |
| 68000 | Chinasoft International, Ltd. | 59170 |
| 9100 | DHC Software Co., Ltd., Class A | 7389 |
| 533 | Elm Co. | 47149 |
| 22296 | GDS Holdings, Ltd., Class A\* | 57759 |
| 30764 | HCL Technologies, Ltd. | 384879 |
| 93637 | Infosys, Ltd. | 1696442 |
| 2338 | Larsen & Toubro Infotech, Ltd. | 122784 |
| 2194 | Mphasis Ltd. | 52338 |
| 1016 | Samsung SDS Co., Ltd. | 99372 |
| 25961 | Tata Consultancy Services, Ltd. | 1022288 |
| 16690 | Tech Mahindra, Ltd. | 203949 |
| 25000 | Travelsky Technology, Ltd., Series H | 52355 |
| 39340 | Wipro, Ltd. | 186830 |
|  |  | 4030227 |
| **Leisure Products (0.1%):** | **Leisure Products (0.1%):** |  |
| 8290 | Giant Manufacturing Co., Ltd. | 54054 |
| 3090 | HLB, Inc.\* | 70060 |
|  |  | 124114 |
| **Life Sciences Tools & Services (1.0%):** | **Life Sciences Tools & Services (1.0%):** |  |
| 4021 | Divi's Laboratories, Ltd. | 165521 |
| 36000 | Genscript Biotech Corp.\* | 114656 |
| 1800 | Hangzhou Tigermed Consulting Co., Ltd., Class A | 27152 |
| 3100 | Hangzhou Tigermed Consulting Co., Ltd., Class H | 35573 |
| 1680 | Joinn Laboratories China Co., Ltd., Class A | 14124 |
| 3150 | Pharmaron Beijing Co., Ltd., Class A | 30831 |
| 4800 | Pharmaron Beijing Co., Ltd., Class H | 32858 |
| 520 | Samsung Biologics Co., Ltd.\* | 335433 |
| 5208 | WuXi AppTec Co., Ltd., Class A | 60287 |
| 9036 | WuXi AppTec Co., Ltd., Class H | 95486 |
| 102000 | Wuxi Biologics Cayman, Inc.\* | 783106 |
|  |  | 1695027 |
| **Machinery (0.7%):** | **Machinery (0.7%):** |  |
| 4185 | AirTac International Group | 126683 |
| 51000 | China Conch Venture Holdings, Ltd. | 110043 |
| 7100 | China CSSC Holdings, Ltd., Class A | 22740 |
| 45100 | CRRC Corp., Ltd., Class A | 33160 |
| 1481 | Doosan Bobcat, Inc. | 40840 |
| 23000 | Haitian International Holdings, Ltd. | 61518 |
| 378 | Hyundai Heavy Industries Co., Ltd.\* | 34956 |
| 682 | Hyundai Mipo Dockyard Co., Ltd.\* | 45904 |
| 3108 | Jiangsu Hengli Hydraulic Co., Ltd., Class A | 28242 |
| 1191 | Korea Shipbuilding & Offshore\* | 67023 |
| 500 | Ningbo Deye Technology Co., Ltd., Class A | 23831 |
| 4400 | Riyue Heavy Industry Co., Ltd., Class A | 12854 |
| 19664 | Samsung Heavy Industries Co., Ltd., Class R\* | 79948 |
| 36000 | Sany Heavy Equipment International Holdings Co., Ltd. | 36812 |
| 15600 | Sany Heavy Industry Co., Ltd. | 35469 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Machinery, continued** | **Machinery, continued** | |
| 4050 | Shenzhen Inovance Technology Co., Ltd. | $40508 |
| 47208 | WEG SA | 344367 |
| 15600 | Weichai Power Co., Ltd., Class A | 22840 |
| 58000 | Weichai Power Co., Ltd., Class H | 77289 |
| 1000 | Wuxi Shangji Automation Co., Ltd., Class A | 15151 |
| 30200 | XCMG Construction Machinery Co., Ltd. | 22031 |
| 1400 | Zhejiang Dingli Machinery Co., Ltd., Class A | 9632 |
| 14800 | Zoomlion Heavy Industry Science and Technology Co., Ltd., Class A | 11585 |
|  |  | 1303426 |
| **Marine (0.4%):** | **Marine (0.4%):** |  |
| 351274 | Cia Sud Americana de Vapores SA | 27760 |
| 92950 | COSCO SHIPPING Holdings Co., Ltd. | 94814 |
| 26260 | COSCO SHIPPING Holdings Co., Ltd., Class A | 38840 |
| 28734 | Evergreen Marine Corp., Ltd. | 149907 |
| 8078 | HMM Co., Ltd. | 125985 |
| 36500 | MISC Berhad | 62237 |
| 3500 | Orient Overseas International, Ltd. | 63119 |
| 6819 | Pan Ocean Co., Ltd. | 31148 |
| 21505 | Wan Hai Lines, Ltd. | 55999 |
| 49000 | Yang Ming Marine Transport Corp. | 104338 |
|  |  | 754147 |
| **Media (1.0%):** | **Media (1.0%):** |  |
| 2304 | Cheil Worldwide, Inc. | 42160 |
| 12600 | China Literature, Ltd.\* | 48382 |
| 6903 | Cyfrowy Polsat SA | 27809 |
| 37199 | Focus Media Information Technology Co., Ltd., Class A | 35759 |
| 63219 | Grupo Televisa SAB | 57501 |
| 49000 | Kuaishou Technology\* | 439415 |
| 11118 | MultiChoice Group, Ltd. | 76664 |
| 6070 | Naspers, Ltd. | 1001265 |
| 806 | Saudi Research Media Group\* | 39158 |
|  |  | 1768113 |
| **Metals & Mining (4.2%):** | **Metals & Mining (4.2%):** |  |
| 3562 | African Rainbow Minerals, Ltd. | 60408 |
| 77337 | Alrosa PAO\*(a) | 1 |
| 116000 | Aluminum Corp. of China, Ltd. | 48984 |
| 27600 | Aluminum Corp. of China, Ltd., Class A | 17757 |
| 271200 | Aneka Tambang Tbk | 34594 |
| 1515 | Anglo American Platinum, Ltd. | 127177 |
| 11940 | AngloGold Ashanti, Ltd. | 232210 |
| 30300 | Baoshan Iron & Steel Co., Ltd., Class A | 24371 |
| 72000 | China Hongqiao Group, Ltd. | 67417 |
| 58500 | China Molybdenum Co., Ltd., Class A | 38238 |
| 87000 | China Molybdenum Co., Ltd., Class H | 40138 |
| 7200 | China Northern Rare Earth Group High-Tech Co., Ltd., Class A | 25956 |
| 323000 | China Steel Corp. | 313079 |
| 6579 | Cia de Minas Buenaventura SA, ADR | 49014 |
| 22695 | Companhia Siderurgica Nacional SA (CSN) | 62550 |
| 41694 | Eregli Demir ve Celik Fabrikalari T.A.S. | 92108 |
| 2800 | Ganfeng Lithium Co., Ltd. | 28018 |
| 10920 | Ganfeng Lithium Co., Ltd., Class H | 81590 |
| 13600 | GEM Co., Ltd., Class A | 14542 |
| 24663 | Gold Fields | 255414 |
| 84870 | Grupo Mexico SAB de C.V., Series B, Class B | 298015 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Metals & Mining, continued** | **Metals & Mining, continued** | |
| 17328 | Harmony Gold Mining Co., Ltd. | $59791 |
| 38889 | Hindalco Industries, Ltd. | 221319 |
| 2404 | Hyundai Steel Co. | 58687 |
| 24831 | Impala Platinum Holdings, Ltd. | 310649 |
| 4401 | Industrias Penoles SAB de C.V.\* | 54139 |
| 88300 | Inner Mongolia Baotou Steel Union Co., Ltd. | 24396 |
| 34000 | Jiangxi Copper Co., Ltd. | 50063 |
| 6400 | Jiangxi Copper Co., Ltd., Class A | 16017 |
| 7560 | Jindal Steel & Power, Ltd. | 52849 |
| 20924 | JSW Steel, Ltd. | 193708 |
| 3845 | KGHM Polska Miedz SA | 112039 |
| 245 | Korea Zinc Co. | 109925 |
| 1769 | Kumba Iron Ore, Ltd. | 50885 |
| 326684 | Merdeka Copper Gold Tbk PT\* | 86490 |
| 1857 | MMC Norilsk Nickel PJSC(a) |  |
| 10071 | Northam Platinum Holdings, Ltd.\* | 110961 |
| 42350 | Novolipetsk Steel PJSC\*(a) | 1 |
| 10301 | Polymetal International plc\*(a) |  |
| 1026 | Polyus PJSC\*(a) |  |
| 2151 | POSCO | 473494 |
| 92000 | Press Metal Aluminium Holdings Bhd | 102118 |
| 25101 | Saudi Arabian Mining Co.\* | 433472 |
| 6613 | Severstal\*(a) | 7 |
| 8120 | Shandong Gold Mining Co., Ltd. | 22294 |
| 14000 | Shandong Gold Mining Co., Ltd., Class H | 25866 |
| 39100 | Shandong Nanshan Aluminum Co., Ltd., Class A | 18371 |
| 14400 | Shanxi Meijin Energy Co., Ltd., Class A | 18692 |
| 6600 | Shenghe Resources Holding Co., Ltd., Class A | 13277 |
| 77036 | Sibanye Stillwater, Ltd. | 204661 |
| 1400 | Sinomine Resource Group Co., Ltd., Class A | 13363 |
| 2541 | Southern Copper Corp. | 153451 |
| 196450 | Tata Steel, Ltd. | 266513 |
| 32700 | Tongling Nonferrous Metals Group Co., Ltd., Class A | 14647 |
| 84297 | United Co. RUSAL International PJSC(a) | 1 |
| 52400 | Vale Indonesia Tbk PT\* | 23838 |
| 107119 | Vale SA | 1803443 |
| 21274 | Vedanta, Ltd. | 78965 |
| 5040 | Yintai Gold Co., Ltd. | 7974 |
| 1200 | YongXing Special Materials Technology Co., Ltd., Class A | 15919 |
| 24000 | Zhaojin Mining Industry Co., Ltd., Class H\* | 26499 |
| 3380 | Zhejiang Huayou Cobalt Co., Ltd., Class A | 27062 |
| 172000 | Zijin Mining Group Co., Ltd. | 231500 |
| 38700 | Zijin Mining Group Co., Ltd. | 55373 |
|  |  | 7454300 |
| **Multiline Retail (0.3%):** | **Multiline Retail (0.3%):** |  |
| 72375 | Central Retail Corp. pcl | 96193 |
| 28913 | Lojas Renner SA | 112164 |
| 218 | Lotte Shopping Co., Ltd. | 15574 |
| 84931 | Magazine Luiza SA\* | 44081 |
| 2007 | Pepco Group NV\* | 18019 |
| 22077 | S.A.C.I. Falabella | 42967 |
| 6235 | Trent, Ltd. | 101585 |
| 30415 | Woolworths Holdings, Ltd. | 118819 |
|  |  | 549402 |
| **Multi-Utilities (0.0%<sup>†</sup>):** | **Multi-Utilities (0.0%<sup>†</sup>):** |  |
| 16879 | Qatar Electricity & Water Co. | 81911 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Oil, Gas & Consumable Fuels (4.8%):** | **Oil, Gas & Consumable Fuels (4.8%):** | |
| 24317 | Bharat Pertoleum Corp., Ltd. | $96981 |
| 45000 | China Coal Energy Co., Ltd., Class H | 36425 |
| 19100 | China Merchants Energy Shipping Co., Ltd., Class A | 15337 |
| 34000 | China Petroleum & Chemical Corp., Class A | 21339 |
| 708000 | China Petroleum & Chemical Corp., Class H | 342192 |
| 10100 | China Shenhua Energy Co., Ltd. | 40001 |
| 97500 | China Shenhua Energy Co., Ltd. | 280692 |
| 38180 | Coal India, Ltd. | 103559 |
| 30707 | Cosan sa industria e Comercio | 99580 |
| 8500 | COSCO SHIPPING Energy Transportation Co., Ltd., Class A\* | 14729 |
| 9515 | Empresas Copec SA | 71031 |
| 7210 | Exxaro Resources, Ltd. | 91969 |
| 31000 | Formosa Petrochemical Corp. | 80970 |
| 354974 | Gazprom PJSC(a) | 5 |
| 14700 | Guanghui Energy Co., Ltd., Class A | 19089 |
| 16415 | Hindustan Petroleum Corp., Ltd. | 46541 |
| 1660 | Hyundai Heavy Industries Holdings Co., Ltd. | 75301 |
| 74352 | Indian Oil Corp., Ltd. | 68605 |
| 22700 | Inner Mongolia Yitai Coal Co., Ltd., Class B | 30009 |
| 12219 | LUKOIL PJSC(a) |  |
| 13557 | MOL Hungarian Oil And Gas plc | 94911 |
| 27220 | Novatek PJSC(a) |  |
| 75771 | Oil & Natural Gas Corp., Ltd. | 134006 |
| 20015 | Petro Rio SA\* | 141074 |
| 45900 | PetroChina Co., Ltd., Class A | 32826 |
| 614000 | PetroChina Co., Ltd., Class H | 281089 |
| 107298 | Petroleo Brasileiro SA | 569904 |
| 133421 | Petroleo Brasileiro SA | 619188 |
| 11400 | Petronas Dagangan Berhad | 59584 |
| 21431 | Petronet LNG, Ltd. | 55694 |
| 16784 | Polski Koncern Naftowy Orlen SA | 246042 |
| 427800 | PT Adaro Energy Tbk | 105546 |
| 47400 | PT United Tractors Tbk | 79382 |
| 40500 | PTT Exploration & Production pcl | 206621 |
| 290200 | PTT pcl | 278921 |
| 14235 | Qatar Fuel QSC | 70303 |
| 46623 | Qatar Gas Transport Co., Ltd. | 46905 |
| 13408 | Rabigh Refining & Petrochemical Co.\* | 38204 |
| 85510 | Reliance Industries, Ltd. | 2623275 |
| 34912 | Rosneft Oil Co. PJSC(a) | 1 |
| 66559 | Saudi Arabian Oil Co. | 569090 |
| 19600 | Shaanxi Coal Industry Co., Ltd. | 52408 |
| 10600 | Shanxi Coking Coal Energy Group Co., Ltd., Class A | 17773 |
| 7400 | Shanxi Lu'an Environmental Energy Development Co., Ltd., Class A | 17943 |
| 1502 | SK Innovation Co., Ltd.\* | 184719 |
| 1367 | S-Oil Corp. | 91066 |
| 171452 | Surgutneftegas PJSC(a) | 2 |
| 199091 | Surgutneftegas Prefernce(a) | 3 |
| 43241 | Tatneft PJSC(a) | 1 |
| 34500 | Thai Oil Public Co., Ltd. | 56140 |
| 4521 | Tupras-Turkiye Petrol Rafine\* | 128250 |
| 21910 | Ultrapar Participacoes SA | 52335 |
| 50000 | Yankuang Energy Group Co., Ltd. | 151580 |
|  |  | 8539141 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Paper & Forest Products (0.2%):** | **Paper & Forest Products (0.2%):** | |
| 2300 | Chengxin Lithium Group Co., Ltd., Class A | $12384 |
| 33569 | Empresas CMPC SA | 56063 |
| 49000 | Nine Dragons Paper Holdings, Ltd. | 44706 |
| 85700 | PT Indah Kiat Pulp & Paper Corp Tbk | 48044 |
| 21464 | Suzano SA | 196133 |
|  |  | 357330 |
| **Personal Products (0.4%):** | **Personal Products (0.4%):** |  |
| 819 | Amorepacific Corp. | 89816 |
| 2798 | Colgate-Palmolive India, Ltd. | 51844 |
| 16996 | Dabur India, Ltd. | 115098 |
| 11217 | Godrej Consumer Products, Ltd.\* | 118368 |
| 18000 | Hengan International Group Co., Ltd. | 95393 |
| 273 | LG Household & Health Care, Ltd. | 157097 |
| 24589 | Natura & Co. Holding SA | 54076 |
|  |  | 681692 |
| **Pharmaceuticals (1.3%):** | **Pharmaceuticals (1.3%):** |  |
| 10803 | Aspen Pharmacare Holdings, Ltd. | 86831 |
| 700 | Asymchem Laboratories Tianjin Co., Ltd., Class A | 14912 |
| 5586 | Aurobindo Pharma, Ltd. | 29540 |
| 4000 | Beijing Tongrentang Co., Ltd., Class A | 25683 |
| 900 | Betta Pharmaceuticals Co., Ltd. | 6371 |
| 560 | Celltrion Pharm, Inc.\* | 29853 |
| 800 | Changchun High & New Technology Industry Group, Inc., Class A | 19163 |
| 43000 | China Medical System Holdings, Ltd. | 67666 |
| 252000 | China Pharmaceutical Enterprise & Investment Corp. | 264807 |
| 44000 | China Resources Pharmaceutical Group, Ltd. | 35633 |
| 2600 | China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A | 17464 |
| 54000 | China Traditional Chinese Medicine Holdings Co., Ltd. | 24563 |
| 14918 | Cipla, Ltd. | 194053 |
| 3142 | Dr Reddy's Laboratories, Ltd. | 160644 |
| 2900 | Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class A | 12418 |
| 189 | Hanmi Pharm Co., Ltd. | 44300 |
| 36000 | Hansoh Pharmaceutical Group Co., Ltd. | 67993 |
| 10611 | Hypera SA | 90850 |
| 10927 | Jiangsu Hengrui Medicine Co., Ltd. | 60585 |
| 2556 | Kangmei Pharmaceutical Co. A\*(a) |  |
| 5585 | Lupin, Ltd. | 49445 |
| 3515 | Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd. | 9098 |
| 658200 | PT Kalbe Farma Tbk | 88386 |
| 3821 | Richter Gedeon Nyrt | 85085 |
| 17000 | Shanghai Fosun Pharmaceutical Group Co., Ltd. | 54467 |
| 3300 | Shanghai Fosun Pharmaceutical Group Co., Ltd. | 16741 |
| 3620 | Shijiazhuang Yiling Pharmaceutical Co., Ltd., Class A | 15574 |
| 282750 | Sino Biopharmaceutical, Ltd. | 165588 |
| 798 | SK Biopharmaceuticals Co., Ltd.\* | 45789 |
| 23631 | Sun Pharmaceutical Industries, Ltd. | 286102 |
| 2428 | Torrent Pharmaceuticals, Ltd. | 45399 |
| 1750 | Yuhan Corp. | 79468 |
| 3080 | Yunnan Baiyao Group Co., Ltd. | 24090 |
| 1300 | Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. | 53960 |
| 6380 | Zhejiang Huahai Pharmaceutical Co., Ltd. | 20067 |
| 5184 | Zhejiang NHU Co., Ltd., Class A | 13972 |
| 500 | Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. | 3964 |
|  |  | 2310524 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Real Estate Management & Development (1.8%):** | **Real Estate Management & Development (1.8%):** | |
| 112361 | Aldar Properties PJSC | $135201 |
| 182900 | Ayala Land, Inc. | 101837 |
| 78422 | Barwa Real Estate Co. | 61963 |
| 18000 | C&D International Investment Group, Ltd. | 52477 |
| 58200 | Central Pattana pcl | 119193 |
| 60000 | China Everbright Environment Group, Ltd.\* | 7662 |
| 166000 | China Jinmao Holdings Group, Ltd. | 35374 |
| 13300 | China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A | 24108 |
| 108500 | China Overseas Land & Investment, Ltd. | 286416 |
| 55000 | China Overseas Property Holdings, Ltd. | 57165 |
| 88000 | China Resources Land, Ltd. | 399718 |
| 14200 | China Resources Mixc Lifestyle Services, Ltd. | 72147 |
| 18800 | China Vanke Co., Ltd., Class A | 49041 |
| 50600 | China Vanke Co., Ltd., Class H | 101425 |
| 231000 | Country Garden Holdings Co., Ltd.^ | 78031 |
| 55000 | Country Garden Services Holdings Co., Ltd. | 136211 |
| 14300 | Dar Al Arkan Real Estate Development Co.\* | 44279 |
| 17411 | DLF, Ltd. | 78944 |
| 9596 | Emaar Economic City\* | 21330 |
| 115979 | Emaar Properties PJSC | 184620 |
| 6000 | Future Land Holdings Co., Ltd.\* | 17601 |
| 10300 | Gemdale Corp., Class A | 15099 |
| 3334 | Godrej Properties, Ltd.\* | 49164 |
| 22000 | Greentown China Holdings, Ltd. | 31801 |
| 44000 | Greentown Service Group Co., Ltd. | 28859 |
| 18264 | KE Holdings, Inc., ADR\* | 254965 |
| 227100 | Land & Houses Public Co., Ltd. | 64786 |
| 51000 | Longfor Group Holdings, Ltd. | 156308 |
| 15107 | Mabanee Co KPSC | 41784 |
| 13626 | NEPI Rockcastle NV | 82982 |
| 21800 | Poly Real Estate Group Co., Ltd., Class A | 47456 |
| 46476 | Ruentex Development Co., Ltd. | 65361 |
| 44500 | Shanghai Lujiazue | 35914 |
| 42000 | Shimao Property Holdings, Ltd.\*^ | 9631 |
| 294200 | SM Prime Holdings, Inc. | 186494 |
| 81000 | Sunac China Holdings, Ltd.\* | 16510 |
| 37600 | Yuexiu Property Co., Ltd. | 45149 |
|  |  | 3197006 |
| **Road & Rail (0.2%):** | **Road & Rail (0.2%):** |  |
| 303300 | BTS Group Holdings pcl | 73552 |
| 7427 | Container Corp. of India, Ltd. | 66122 |
| 17636 | Localiza Rent a Car SA | 177723 |
| 36591 | Rumo SA | 128989 |
|  |  | 446386 |
| **Semiconductors & Semiconductor Equipment (8.2%):** | **Semiconductors & Semiconductor Equipment (8.2%):** |  |
| 885 | Advanced Micro-Fabrication Equipment, Inc., Class A\* | 12475 |
| 91465 | ASE Technology Holding Co., Ltd. | 279215 |
| 339 | Daqo New Energy Corp., ADR\* | 13081 |
| 2000 | eMemory Technology, Inc. | 86740 |
| 17000 | Flat Glass Group Co., Ltd., Class H | 40870 |
| 36500 | GCL System Integration Technology Co., Ltd.\* | 15236 |
| 571000 | GCL Technology Holdings, Ltd. | 144892 |
| 756 | Gigadevice Semiconductor Beijing, Inc., Class A | 11150 |
| 6000 | Globalwafers Co., Ltd. | 83360 |
| 3192 | Hangzhou First Applied Material Co., Ltd., Class A | 30519 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Semiconductors & Semiconductor Equipment, continued** | **Semiconductors & Semiconductor Equipment, continued** | |
| 2000 | Hangzhou Silan Microelectronics Co., Ltd., Class A | $9438 |
| 14000 | Hua Hong Semiconductor, Ltd.\* | 48896 |
| 1000 | Ingenic Semiconductor Co., Ltd., Class A | 10142 |
| 4200 | JA Solar Technology Co., Ltd., Class A | 36320 |
| 5300 | JCET Group Co., Ltd., Class A | 17580 |
| 15288 | Longi Green Energy Technology Co., Ltd. | 92987 |
| 43000 | MediaTek, Inc. | 873519 |
| 2000 | Montage Technology Co., Ltd., Class A | 18016 |
| 38000 | Nanya Technology Corp. | 63257 |
| 16000 | Novatek Microelectronics Corp. | 164113 |
| 2000 | Parade Technologies, Ltd. | 50250 |
| 68000 | Powerchip Semiconductor Manufacturing Corp. | 70399 |
| 12000 | Realtek Semiconductor Corp. | 109630 |
| 900 | SG Micro Corp., Class A | 22350 |
| 1579 | Shanghai Fudan Microelectronics Group Co., Ltd., Class A | 15821 |
| 7000 | Shanghai Fudan Microelectronics Group Co., Ltd., Class H | 26518 |
| 800 | Shenzhen SC New Energy Technology Corp., Class A | 13128 |
| 9000 | Silergy Corp. | 127637 |
| 15295 | SK Hynix, Inc. | 920708 |
| 2914 | SK Square Co., Ltd.\* | 77898 |
| 400 | StarPower Semiconductor, Ltd., Class A | 18957 |
| 690000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 10057653 |
| 7000 | Tianjin Zhonghuan Semiconductor Co., Ltd. | 37753 |
| 10600 | Tianshui Huatian Technology Co., Ltd., Class A | 12646 |
| 4078 | Trina Solar Co., Ltd. | 37421 |
| 1679 | Unigroup Guoxin Microelectronics Co., Ltd., Class A | 31851 |
| 323000 | United Microelectronics Corp. | 424407 |
| 28000 | Vanguard International Semiconductor Corp. | 70533 |
| 2565 | Will Semiconductor, Ltd., Class A | 28460 |
| 10000 | Win Semiconductors Corp. | 44366 |
| 84000 | Winbond Electronics Corp. | 53522 |
| 136000 | Xinyi Solar Holdings, Ltd. | 150175 |
| 2500 | Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., Class A | 22869 |
|  |  | 14476758 |
| **Software (0.3%):** | **Software (0.3%):** |  |
| 8800 | 360 Security Technology, Inc., Class A | 8282 |
| 476 | Beijing Kingsoft Office Software, Inc., Class A | 18068 |
| 1960 | Beijing Shiji Information Technology Co., Ltd., Class A | 4230 |
| 3549 | Hundsun Technologies, Inc. | 20664 |
| 4600 | Iflytek Co., Ltd. | 21730 |
| 75000 | Kingdee International Software Group Co., Ltd.\* | 159670 |
| 13100 | NavInfo Co., Ltd. | 20751 |
| 700 | Sangfor Technologies, Inc., Class A | 11338 |
| 5746 | Shanghai Baosight Software Co., Ltd. | 37040 |
| 16250 | Shanghai Baosight Software Co., Ltd., Class B | 50318 |
| 920 | Tata Elxsi, Ltd. | 69665 |
| 15698 | TOTVS SA | 82130 |
| 7150 | Yonyou Network Technology Co., Ltd. | 24870 |
|  |  | 528756 |
| **Specialty Retail (0.6%):** | **Specialty Retail (0.6%):** |  |
| 69603 | Abu Dhabi National Oil Co. for Distribution PJSC | 83494 |
| 18000 | China Meidong Auto Holdings, Ltd.^ | 36856 |
| 1000 | China Tourism Group Duty Free Corp., Ltd., Class H\* | 29474 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Specialty Retail, continued** | **Specialty Retail, continued** | |
| 51000 | Chow Tai Fook Jewellery Group, Ltd. | $104046 |
| 2316 | FF Group\* |  |
| 172900 | Home Product Center Public Co., Ltd. | 77412 |
| 9000 | Hotai Motor Co., Ltd. | 172099 |
| 919 | Hotel Shilla Co., Ltd. | 60787 |
| 1757 | Jarir Marketing Co. | 70231 |
| 3482 | Jumbo SA | 59432 |
| 7531 | Mr Price Group, Ltd. | 70536 |
| 47563 | Pepkor Holdings, Ltd. | 55977 |
| 12600 | Pop Mart International Group, Ltd.^ | 31530 |
| 80700 | PTT Oil & Retail Business pcl, Class R | 55404 |
| 7121 | The Foschini Group, Ltd. | 42497 |
| 45000 | Topsports International Holdings, Ltd. | 35312 |
| 27899 | Vibra Energia SA | 82177 |
| 15500 | Zhongsheng Group Holdings, Ltd. | 79011 |
|  |  | 1146275 |
| **Technology Hardware, Storage & Peripherals (4.5%):** | **Technology Hardware, Storage & Peripherals (4.5%):** |  |
| 77000 | Acer, Inc. | 58979 |
| 11616 | Advantech Co., Ltd. | 124961 |
| 16000 | Asustek Computer, Inc. | 139700 |
| 80300 | BOE Technology Group Co., Ltd., Class A | 38925 |
| 19000 | Catcher Technology Co., Ltd. | 104447 |
| 2600 | China Greatwall Technology Group Co., Ltd., Class A | 3817 |
| 113000 | Compal Electronics, Inc. | 84759 |
| 11400 | GRG Banking Equipment Co., Ltd., Class A | 16305 |
| 3156 | Inspur Electronic Information Industry Co., Ltd., Class A | 9779 |
| 70000 | Inventec Corp. | 59797 |
| 206000 | Lenovo Group, Ltd. | 169223 |
| 60000 | Lite-On Technology Corp. | 124510 |
| 18000 | Micro-Star International Co., Ltd. | 69943 |
| 5000 | Ninestar Corp. | 37155 |
| 57000 | Pegatron Corp. | 117718 |
| 80000 | Quanta Computer, Inc. | 188124 |
| 133896 | Samsung Electronics Co., Ltd. | 5905024 |
| 943 | Shenzhen Transsion Holdings Co., Ltd., Class A | 10793 |
| 2000 | Wiwynn Corp. | 51829 |
| 428000 | Xiaomi Corp., Class B\* | 595703 |
|  |  | 7911491 |
| **Textiles, Apparel & Luxury Goods (1.2%):** | **Textiles, Apparel & Luxury Goods (1.2%):** |  |
| 33200 | Anta Sports Products, Ltd. | 435298 |
| 116000 | Bosideng International Holdings, Ltd. | 55155 |
| 6220 | Eclat Textile Co., Ltd. | 100206 |
| 380 | F&F Co., Ltd. | 43784 |
| 15000 | Feng Tay Enterprise Co., Ltd. | 100702 |
| 68000 | Li Ning Co., Ltd. | 583559 |
| 32 | LPP SA | 78164 |
| 167 | Page Industries, Ltd. | 86281 |
| 63000 | Pou Chen Corp. | 70072 |
| 23000 | Shenzhou International Group | 258830 |
| 10688 | Titan Co., Ltd. | 334530 |
| 34500 | Xtep International Holdings, Ltd. | 38423 |
|  |  | 2185004 |
| **Thrifts & Mortgage Finance (0.9%):** | **Thrifts & Mortgage Finance (0.9%):** |  |
| 48558 | Housing Development Finance Corp., Ltd. | 1546222 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Tobacco (0.4%):** | **Tobacco (0.4%):** | |
| 43949 | Eastern Co. SAE | $25421 |
| 84526 | ITC, Ltd. | 338829 |
| 2988 | KT&G Corp. | 216074 |
| 52000 | Smoore International Holdings, Ltd.^ | 79650 |
|  |  | 659974 |
| **Trading Companies & Distributors (0.3%):** | **Trading Companies & Distributors (0.3%):** |  |
| 8010 | Adani Enterprises, Ltd. | 372440 |
| 1900 | Beijing United Information Technology Co., Ltd., Class A | 24146 |
| 7500 | BOC Aviation, Ltd. | 62347 |
|  |  | 458933 |
| **Transportation Infrastructure (0.8%):** | **Transportation Infrastructure (0.8%):** |  |
| 13889 | Adani Ports & Special Economic Zone, Ltd. | 136842 |
| 127300 | Airports of Thailand Public Co., Ltd.\* | 275723 |
| 169500 | Bangkok Expressway & Metro | 47977 |
| 74000 | Beijing Capital International Airport Co., Ltd.\* | 54143 |
| 31993 | CCR SA | 65571 |
| 47228 | China Merchants Port Holdings Co., Ltd. | 68843 |
| 38000 | COSCO SHIPPING Ports, Ltd. | 30189 |
| 5725 | Grupo Aeroportuario de Sur | 133606 |
| 10726 | Grupo Aeroporturaio del Pacifico SAB de C.V. | 153688 |
| 29770 | International Container Terminal Services, Inc. | 107218 |
| 36000 | Jiangsu Expressway Co., Ltd., Series H, Class H | 32779 |
| 28300 | Malaysia Airports Holdings Berhad\* | 42143 |
| 6504 | Promotora Y Operadora de Infraestructura SAB de CV | 53268 |
| 3000 | Shanghai International Air\* | 24915 |
| 35399 | Shanghai International Port Group Co., Ltd. | 27200 |
| 35000 | Shenzhen International Holdings, Ltd. | 34159 |
| 54000 | Taiwan High Speed Rail Corp. | 50503 |
| 42000 | Zhejiang Expressway Co., Ltd. | 32279 |
|  |  | 1371046 |
| **Water Utilities (0.1%):** | **Water Utilities (0.1%):** |  |
| 94000 | Beijing Enterprises Water Group, Ltd. | 24089 |
| 10225 | Cia Saneamento Basico Do Estado de Sao Paulo | 110710 |
| 92000 | Guangdong Investment, Ltd. | 94192 |
|  |  | 228991 |
| **Wireless Telecommunication Services (1.7%):** | **Wireless Telecommunication Services (1.7%):** |  |
| 35300 | Advanced Info Service Public Co., Ltd. | 198562 |
| 755432 | America Movil SAB de C.V., Series L | 685554 |
| 91800 | Axiata Group Berhad | 64513 |
| 63135 | Bharti Airtel, Ltd. | 613758 |
| 57500 | China United Network Communications, Ltd., Class A | 37038 |
| 100300 | DIGI.com Berhad | 91221 |
| 12139 | Etihad Etisalat Co. | 112437 |
| 45000 | Far EasTone Telecommunications Co., Ltd. | 96472 |
| 1080 | Globe Telecom, Inc. | 42386 |
| 29450 | Intouch Holdings Public Co., Ltd. | 65636 |
| 66900 | Maxis Berhad | 58404 |
| 32110 | Mobile Telecommunications Co KSCP | 59183 |
| 29884 | Mobile TeleSystems PJSC(a) |  |
| 48659 | MTN Group, Ltd. | 364716 |
| 2760 | PLDT, Inc. | 65464 |
| 49000 | Taiwan Mobile Co., Ltd. | 150966 |
| 27636 | TIM SA | 64913 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Wireless Telecommunication Services, continued** | **Wireless Telecommunication Services, continued** | |
| 40565 | Turkcell Iletisim Hizmetleri AS | $82302 |
| 16855 | Vodacom Group, Ltd. | 120987 |
|  |  | 2974512 |
| Total Common Stocks (Cost $141,593,926) | Total Common Stocks (Cost $141,593,926) | 174759165 |
| **Preferred Stocks (1.3%):** | **Preferred Stocks (1.3%):** |  |
| **Automobiles (0.1%):** | **Automobiles (0.1%):** |  |
| 986 | Hyundai Motor Co., 6/29/20 | 57883 |
| **Banks (0.6%):** | **Banks (0.6%):** |  |
| 155550 | Banco Bradesco SA, 1.30%, 1/3/20 | 446390 |
| 142087 | Itau Unibanco Holding SA, 0.06%, 1/5/21 | 672863 |
|  |  | 1119253 |
| **Chemicals (0.0%<sup>†</sup>):** | **Chemicals (0.0%<sup>†</sup>):** |  |
| 5513 | Braskem SA, Class A, 7.14%, 10/7/20 | 24812 |
| **Metals & Mining (0.1%):** | **Metals & Mining (0.1%):** |  |
| 32282 | Gerdau SA, 13.82%, 3/6/20 | 179596 |
| **Technology Hardware, Storage & Peripherals (0.5%):** | **Technology Hardware, Storage & Peripherals (0.5%):** |  |
| 22654 | Samsung Electronics Co., Ltd., 3/30/20 | 911621 |
| Total Preferred Stocks (Cost $2,560,238) | Total Preferred Stocks (Cost $2,560,238) | 2293165 |
| **Rights (0.0%<sup>†</sup>):** | **Rights (0.0%<sup>†</sup>):** |  |
| **Chemicals (0.0%<sup>†</sup>):** | **Chemicals (0.0%<sup>†</sup>):** |  |
| 108 | Lotte Chemical Corp., Expires on 1/23/23\* | 3032 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Rights, continued** | **Rights, continued** | |
| **Road & Rail (0.0%<sup>†</sup>):** | **Road & Rail (0.0%<sup>†</sup>):** | |
| 77 | Localiza Rent a Car SA, Expires on 2/1/23\* | $157 |
| Total Rights (Cost $—) | Total Rights (Cost $—) | 3189 |
| **Short-Term Security Held as Collateral for Securities on Loan (0.2%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.2%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.2%):** |
| 422943 | BlackRock Liquidity FedFund, Institutional Class , 1.49%(b)(c) | 422943 |
| Total Short-Term Security Held as Collateral for Securities on Loan<br>(Cost $422,943) | Total Short-Term Security Held as Collateral for Securities on Loan<br>(Cost $422,943) | 422943 |
| **Unaffiliated Investment Company (0.4%):** | **Unaffiliated Investment Company (0.4%):** |  |
| **Money Markets (0.4%):** | **Money Markets (0.4%):** |  |
| 626386 | Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(c) | 626386 |
| Total Unaffiliated Investment Company (Cost $626,386) | Total Unaffiliated Investment Company (Cost $626,386) | 626386 |
| Total Investment Securities (Cost $145,203,493) — 100.3%(d) | Total Investment Securities (Cost $145,203,493) — 100.3%(d) | 178104848 |
| Net other assets (liabilities) — (0.3)% | Net other assets (liabilities) — (0.3)% | (548719) |
| Net Assets — 100.0% | Net Assets — 100.0% | $177556129 |

---

Percentages indicated are based on net assets as of December 31, 2022.

ADR—American Depository Receipt

GDR—Global Depositary Receipt

\* Non-income producing security.

---

| | |
|:---|:---|
| ^ | This security or a partial position of this security was on loan as of December 31, 2022. The total value of securities on loan as of December 31, 2022 was $341,259.  |

---

† Represents less than 0.05%.

(a) Security was valued using significant unobservable inputs as of December 31, 2022.

(b) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for
securities that were sold on or before December 31, 2022.

(c) The rate represents the effective yield at December 31, 2022.

(d) See Federal Tax Information listed in the Notes to the Financial Statements.

Amounts shown as "—" are either 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

December 31, 2022

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 December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Country** | **Percentage** | |
|  Bermuda | 0.1 | % |
|  Brazil | 5.2 | % |
|  Cayman Islands | 0.2 | % |
|  Chile | 0.6 | % |
|  China | 28.7 | % |
|  Colombia | 0.1 | % |
|  Cyprus |  | %<sup>†</sup> |
|  Czech Republic | 0.1 | % |
|  Egypt | 0.1 | % |
|  Greece | 0.3 | % |
|  Hong Kong | 2.9 | % |
|  Hungary | 0.2 | % |
|  India | 14.3 | % |
|  Indonesia | 1.9 | % |
|  Kuwait | 0.9 | % |
|  Luxembourg |  | %<sup>†</sup> |
|  Malaysia | 1.6 | % |
|  Mexico | 2.3 | % |

---

---

| | | |
|:---|:---|:---|
| **Country** | **Percentage** | |
|  Peru |  | %<sup>†</sup> |
|  Philippines | 0.7 | % |
|  Poland | 0.7 | % |
|  Qatar | 1 | % |
|  Republic of Korea (South) | 11.4 | % |
|  Romania |  | %<sup>†</sup> |
|  Russian Federation |  | %<sup>†</sup> |
|  Saudi Arabia | 4.1 | % |
|  Singapore |  | %<sup>†</sup> |
|  South Africa | 3.6 | % |
|  Switzerland | 0.1 | % |
|  Taiwan, Province Of China | 13.5 | % |
|  Thailand | 2.2 | % |
|  Turkey | 0.7 | % |
|  United Arab Emirates | 1.4 | % |
|  United Kingdom |  | %<sup>†</sup> |
|  United States | 1.1 | % |
|  | 100 | % |

---

† Represents less than 0.05%.

**Futures Contracts** 

At December 31, 2022, the Fund's open futures contracts were as follows:

**Long Futures** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Mini MSCI Emerging Markets Index March Futures (U.S. Dollar) | 3/17/23 | 36 | $1726920 | $(41130) |
|  |  |  |  | $(41130) |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment securities, at cost | $145203493.0 |
|  Investment securities, at value(a) | $178104848.0 |
|  Cash | 134.0 |
|  Deposit at broker for futures contracts collateral | 80000.0 |
|  Interest and dividends receivable | 439167.0 |
|  Foreign currency, at value (cost $620,448) | 625878.0 |
|  Receivable for investments sold | 4036.0 |
|  Reclaims receivable | 42883.0 |
|  Prepaid expenses | 673.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 179297619.0 |
|  **Liabilities:** |  |
|  Payable for capital shares redeemed | 33758.0 |
|  Payable for collateral received on loaned securities | 422943.0 |
|  Payable for variation margin on futures contracts | 27672.0 |
|  Accrued foreign taxes | 998781.0 |
|  Management fees payable | 68558.0 |
|  Administration fees payable | 17595.0 |
|  Distribution fees payable | 35679.0 |
|  Custodian fees payable | 58093.0 |
|  Administrative and compliance services fees payable | 905.0 |
|  Transfer agent fees payable | 2975.0 |
|  Trustee fees payable | 2260.0 |
|  Other accrued liabilities | 72271.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 1741490.0 |
|  **Net Assets** | $177556129.0 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $150102703.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 27453426.0 |
|  **Net Assets** | $177556129.0 |
|  **Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $11226941.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 1862094.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $6.03 |
|  **Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $166329188.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 27527725.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $6.04 |

---

(a) Includes securities on loan of $341,259.

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Dividends  | $6530944 |
|  Income from securities lending | 14524 |
|  Foreign withholding tax | (744706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 5800762 |
|  **Expenses:** |  |
|  Management fees | 1652456 |
|  Administration fees | 48365 |
|  Distribution fees — Class 2 | 454746 |
|  Custodian fees | 111987 |
|  Administrative and compliance services fees | 1833 |
|  Transfer agent fees | 7735 |
|  Trustee fees | 7151 |
|  Professional fees | 10723 |
|  Licensing fees | 37754 |
|  Shareholder reports | 9435 |
|  Other expenses | 33163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reductions | 2375348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less Management fees contractually waived | (777625) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1597723 |
|  **Net Investment Income/(Loss)** | 4203039 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities and foreign currencies | (2476736) |
|  Net realized gains/(losses) on futures contracts | (606399) |
|  Net realized gains/(losses) on foreign taxes | (35639) |
|  Change in net unrealized appreciation/depreciation on securities and foreign currencies | (49117176) |
|  Change in net unrealized appreciation/depreciation on futures contracts | (41045) |
|  Change in net unrealized appreciation/depreciation on foreign taxes | 82603 |
|  **Net realized and Change in net unrealized gains/losses on investments** | (52194392) |
|  **Change in Net Assets Resulting From Operations** | $(47991353) |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $4203039 | $3310055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | (3118774) | 6098120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (49075618) | (17502996) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (47991353) | (8094821) |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (486568) | (553353) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (6491526) | (7183163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (6978094) | (7736516) |
|  **Capital Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 51683 | 20268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 486569 | 553353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (1129468) | (1782790) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | (591216) | (1209169) |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 2279129 | 2832734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 6491525 | 7183163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (12333442) | (33445770) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | (3562788) | (23429873) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | (4154004) | (24639042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (59123451) | (40470379) |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 236679580 | 277149959 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $177556129 | $236679580 |
|  **Share Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 7722 | 2395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 84768 | 69604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (167823) | (207387) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | (75333) | (135388) |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 369755 | 330575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 1128961 | 902407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1803081) | (3764888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | (304365) | (2531906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | (379698) | (2667294) |

---

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. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Class 1** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $7.94 | $8.54 | $7.85 | $6.99 | $8.78 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.16 (a) | 0.13 (a) | 0.10 (a) | 0.15 (a) | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (1.80) | (0.44) | 1.17 | 1.04 | (1.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (1.64) | (0.31) | 1.27 | 1.19 | (1.34) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.12) | (0.14) | (0.29) | (0.15) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.15) | (0.15) | (0.29) | (0.18) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (0.27) | (0.29) | (0.58) | (0.33) | (0.45) |
|  **Net Asset Value, End of Period** | $6.03 | $7.94 | $8.54 | $7.85 | $6.99 |
|  **Total Return**(b) | (20.50)% | (3.68)% | 17.26% | 17.55% | (15.31)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $11227 | $15392 | $17703 | $17995 | $17072 |
|  Net Investment Income/(Loss) | 2.39% | 1.51% | 1.32% | 1.97% | 1.89% |
|  Expenses Before Reductions(c) | 0.99% | 1.09% | 1.17% | 1.10% | 1.03% |
|  Expenses Net of Reductions | 0.59% | 0.69% | 0.77% | 0.70% | 0.63% |
|  Portfolio Turnover Rate(d) | 5% | 7% | 12% | 25% | 20% |
|  **Class 2** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $7.95 | $8.54 | $7.85 | $6.99 | $8.77 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.14 (a) | 0.11 (a) | 0.08 (a) | 0.12 (a) | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (1.81) | (0.44) | 1.16 | 1.05 | (1.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (1.67) | (0.33) | 1.24 | 1.17 | (1.35) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.09) | (0.11) | (0.26) | (0.13) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.15) | (0.15) | (0.29) | (0.18) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (0.24) | (0.26) | (0.55) | (0.31) | (0.43) |
|  **Net Asset Value, End of Period** | $6.04 | $7.95 | $8.54 | $7.85 | $6.99 |
|  **Total Return**(b) | (20.78)% | (3.83)% | 16.92% | 17.18% | (15.46)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $166329 | $221288 | $259447 | $308248 | $297839 |
|  Net Investment Income/(Loss) | 2.15% | 1.26% | 1.06% | 1.65% | 1.61% |
|  Expenses Before Reductions(c) | 1.24% | 1.34% | 1.42% | 1.35% | 1.28% |
|  Expenses Net of Reductions | 0.84% | 0.94% | 1.02% | 0.95% | 0.88% |
|  Portfolio Turnover Rate(d) | 5% | 7% | 12% | 25% | 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) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares
issued.

See accompanying notes to the financial statements.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

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.

On December 13, 2022, the Board unanimously approved a reorganization whereby the AZL International Index Fund will acquire all of the assets and liabilities of the Fund and costs related to the reorganization will be paid by the Manager.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles ("U.S. GAAP"). The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Security Valuation** 

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

**Investment Transactions and Investment Income** 

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

**Real Estate Investment Trusts** 

The Fund may own shares of real estate investment trusts ("REITs") which report information on the source of their distributions annually. Certain distributions received from REITs during the year, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

**Foreign Currency Translation and Withholding Taxes** 

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

**Distributions to Shareholders** 

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These "book/tax" differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

**Expense Allocation** 

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. 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

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Notes to the Financial Statements

December 31, 2022

Products Trust, Allianz Variable Insurance Products Fund of Funds Trust, and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the "Manager"), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

**Class Allocation** 

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

**Securities Lending** 

To generate additional income, the Fund may lend up to 33 <sup>1</sup>⁄<sub>3</sub>% 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 December 31, 2022 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 $1,435 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund had securities lending transactions of $422,943 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

**Derivative Instruments** 

All open derivative positions at period end are reflected on the Fund's Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

***Futures Contracts***

During the year ended December 31, 2022, the Fund used futures contracts to provide market exposure on the Fund's cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value ("variation margin"), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the year ended December 31, 2022, 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 Emerging Markets Equity Index Fund** 

Notes to the Financial Statements

December 31, 2022

**Summary of Derivative Instruments** 

The following is a summary of the values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Primary Risk Exposure** | **Statement of**<br> **Assets and Liabilities Location** | **Total<br>Value** | **Statement of**<br> **Assets and Liabilities Location** | **Total<br>Value** |
|  **Equity Risk** | **Equity Risk** |  |  |  |
| Futures Contracts | Receivable for variation margin on futures contracts\* | $— | Payable for variation margin on futures contracts\* | $41130 |

---

\* For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities as "Variation margin on futures contracts". 

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Primary Risk Exposure** | **Location of Gains/(Losses)**<br> **on Derivatives**<br> **Recognized** | **Realized Gains/(Losses)<br>on Derivatives<br>Recognized** | **Change in Net Unrealized<br>Appreciation/Depreciation on<br>Derivatives Recognized** |
|  **Equity Risk** | **Equity Risk** |  |  |
| Futures Contracts | Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts | $(606399) | $(41045) |

---

**3. Fees and Transactions with Affiliates and Other Parties**

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the "Subadviser"), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC ("BlackRock Investment"), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as "Management fees." For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund's business, based on the daily net assets of the Fund, through April 30, 2024.

For the year ended December 31, 2022, 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 in order to maintain more competitive expense ratios. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. 

Any amounts waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager. At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the period can be found on the Statement of Operations, as applicable.

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer ("CCO") and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administrative and compliance services fees."

Citi Fund Services Ohio, Inc. ("Citi" or the "Administrator"), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust's administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund's compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administration fees."

FIS Investor Services LLC ("FIS") serves as the Fund's transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Notes to the Financial Statements

December 31, 2022

The Bank of New York Mellon ("BNY Mellon" or the "Custodian") serves as the Trust's custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC ("ALFS"), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust's CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

**4. Investment Valuation Summary** 

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates,
prepayments speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust's Board of Trustees (the "Board" or "Trustees") as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund's net asset value is calculated. 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 Board has designated the Manager to perform the Fund's fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund's NAV will be subject to the judgment of the Manager. The Manager's fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks<sup>+</sup> | $18383347 | $156374388 | $1430 | $174759165 |
|  Preferred Stocks<sup>+</sup> | 1323661 | 969504 |  | 2293165 |
|  Rights<sup>+</sup> | 157 | 3032 |  | 3189 |
|  Short-Term Security Held as Collateral for Securities on Loan | 422943 |  |  | 422943 |
|  Unaffiliated Investment Company | 626386 |  |  | 626386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | 20756494 | 157346924 | 1430 | 178104848 |
|  Other Financial Instruments:<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (41130) |  |  | (41130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $20715364 | $157346924 | $1430 | $178063718 |

---

+ For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

\* Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, 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 | $8858794 | $16497443 |

---

------

**AZL MSCI Emerging Markets Equity Index Fund** 

Notes to the Financial Statements

December 31, 2022

**6. Investment Risks**

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

*Derivatives Risk:* The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The counterparty to a derivatives contract could default.

*Emerging Markets Risk:* Emerging markets may have less developed trading markets and exchanges which may make it more difficult to sell securities at an acceptable price and their prices may be more volatile than securities of companies in more developed markets. Settlements of trades may be subject to greater delays so that the Fund may not receive the proceeds of a sale of a security on a timely basis. Emerging countries may also have less developed legal and accounting systems and investments may be subject to greater risks of government restrictions, nationalization, or confiscation.

*Foreign Securities Risk:* Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

*Market Risk*: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

**7. Coronavirus (COVID-19) Pandemic** 

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

**8. Recent Regulatory Pronouncements**

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022- 06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $151,810,625. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

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| | |
|:---|:---|
|  Unrealized appreciation | $52298485 |
|  Unrealized (depreciation) | (26004262) |
|  Net unrealized appreciation/(depreciation) | $26294223 |

---

As of the end of its tax year ended December 31, 2022, the Fund had capital loss carry forwards ("CLCFs") as summarized in the table below. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset.

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**AZL MSCI Emerging Markets Equity Index Fund** 

Notes to the Financial Statements

December 31, 2022

CLCFs not subject to expiration:

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| | | | |
|:---|:---|:---|:---|
| | **Short-Term<br>Amount** | **Long-Term<br>Amount** | **Total<br>Amount** |
|  AZL MSCI Emerging Markets Equity Index Fund | $420106 | $3032247 | $3452353 |

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The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL MSCI Emerging Markets Equity Index Fund | $2688007 | $4290087 | $6978094 |

---

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL MSCI Emerging Markets Equity Index Fund | $3376812 | $4359704 | $7736516 |

---

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized**<br> **Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated<br>Earnings/<br>(Deficit)** |
|  AZL MSCI Emerging Markets Equity Index Fund | $5604981 | $– | $(3452353) | $25300798 | $27453426 |

---

(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, foreign currency gains or losses, mark-to-market of passive foreign
investment companies, 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 December 31, 2022, 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.

**11. Subsequent Events** 

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund's financial statements, except as noted below.

The reorganization, as discussed in Note 1, whereby the AZL International Index Fund will acquire all of the assets and liabilities of the Fund, is expected to be completed on or about March 10, 2023.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL MSCI Emerging Markets Equity Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL MSCI Emerging Markets Equity Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

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**Other Federal Income Tax Information (Unaudited)** 

For the year ended December 31, 2022, 0.43% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $4,290,087.

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**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.

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**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

Each Fund is a manager-of-managers fund. That means that the Manager is responsible for monitoring the various Subadvisers that have day-to-day responsibility for the investment decisions made for each Fund. The Manager also is responsible for determining, in the first instance, which investment advisers to consider recommending for selection as a Subadviser.

In reviewing the services provided by the Manager and the terms of the Management Agreement, the Board receives and reviews information related to the Manager's experience and expertise in the variable insurance marketplace. In addition, the Board receives information regarding the Manager's expertise with regard to portfolio diversification and asset allocation requirements within variable insurance products issued by Allianz Life Insurance Company of North America ("Allianz Life") and its subsidiary, Allianz Life Insurance Company of New York ("Allianz of New York"). Currently, the Funds are offered only through Allianz Life and Allianz of New York variable products, and not in the retail fund market.

The Manager has adopted policies and procedures to assist it in the process of analyzing each potential Subadviser with expertise in particular asset classes for purposes of making the recommendation that a specific investment adviser be selected. The Board reviews and considers the information provided by the Manager in deciding which investment advisers to select as a Subadviser. After an investment adviser becomes a Subadviser, a similarly rigorous process is instituted by the Manager to monitor the investment performance and other responsibilities of the Subadviser. The Manager reports to the Board on its analysis at the regular meetings of the Board, which are held at least quarterly. Where warranted, the Manager will add or remove a particular Subadviser from a "watch" list that it maintains. Watch list criteria include, for example: (a) Fund performance over various time periods; (b) Fund risk issues, such as changes in key personnel involved with Fund management, changes in investment philosophy or process, or "capacity" concerns; and (c) organizational risk issues, such as regulatory, compliance or legal concerns, or changes in the ownership of the Subadviser. The Manager may place a Fund on the watch list for other reasons, and if so, will explain its rationale to the Board. Funds which are on the watch list are subject to additional scrutiny by the Manager and the Board. Funds may be removed from such watch list, if for example, performance improves or regulatory matters are satisfactorily resolved. However, in some situations where Funds have been on the watch list, the Manager has recommended the retention of a new Subadviser, and the Board has subsequently considered and approved retention of the new Subadviser.

As required by the Investment Company Act of 1940 (the "1940 Act"), the Board has reviewed and approved the Management Agreement with the Manager and the portfolio management agreements (the "Subadvisory Agreements"; and together with the Management Agreement, the "Advisory Contracts") with the Subadvisers. The Board's decision to approve these contracts reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of these contracts, the Board considered many factors, among the most material of which are: the Fund's investment objectives and long-term performance; the Manager's and Subadvisers' (collectively, the "Advisory Organizations") management philosophy, personnel, processes and investment performance, including their compliance history and the adequacy of their compliance processes; the preferences and expectations of Fund shareholders (and underlying contract owners) and their relative sophistication; the continuing state of competition in the mutual fund industry; and comparable fees in the mutual fund industry.

The Board also considered the compensation and benefits received by the Advisory Organizations. This includes fees received for services provided to the Fund by affiliated persons of the Advisory Organizations and research services received by the Advisory Organizations from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Services Agreement and a Compliance Services Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and received (along with its affiliated persons) any payments made by the Funds pursuant to Rule 12b-1.

The Board is aware that various courts have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an adviser's compensation: the nature, extent and quality of the services provided by the adviser, including the performance of the fund; the adviser's cost of providing the services; the extent to which the adviser may realize "economies of scale" as the fund grows larger; any indirect benefits that may accrue to the adviser and its affiliates as a result of the adviser's relationship with the fund; performance and expenses of comparable funds; the profitability of acting as adviser to the fund; and the extent to which the independent Board members, who are not "interested persons" of a fund as defined by the 1940 Act ("Independent Trustees"), are fully informed about all facts bearing on the adviser's services and fees. The Board is aware of these factors and takes them into account in its review of the Advisory Contracts.

Each member of the Board considered and weighed these factors in light of his or her experience in governing the Trust and working with the Advisory Organizations on matters relating to the Funds. The Board is assisted in its deliberations by the advice of independent legal counsel to the Independent Trustees ("Independent Trustee Counsel"). In this regard, the Board requests and receives a significant amount of information about the Funds and the Advisory Organizations. Some of this information is provided at each regular meeting of the Board; additional information is provided in connection with the particular meetings at which the Board's formal review of the Advisory Contracts occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board's evaluation of Advisory Contracts is informed by reports covering such matters as: an Advisory Organization's investment philosophy, personnel, and processes; the Fund's investment performance (in absolute terms as well as in relationship to its benchmark(s) and certain competitor or "peer group" funds), and comments on the reasons for performance; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to peer group and/or competing funds, with due regard for the Expense Limitation Agreement and additional voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities; the nature, extent and quality of the advisory and other services provided to the Fund by the Advisory Organizations and their affiliates; compliance and audit reports concerning the Funds and the companies that service them; and relevant developments in the mutual fund industry and how the Funds and/or Advisory Organizations are responding to them.

The Board also receives financial information about the Advisory Organizations, including reports on the compensation and benefits the Advisory Organizations derive from their relationships with the Funds. These reports cover not only the fees under the Advisory Contracts, but also the fees, if any, received for providing other services to the Funds. The reports also discuss any indirect or "fall-out" benefits an Advisory Organization may derive from its relationship with the Funds.

In assessing the Advisory Organizations' performance of their obligations, the Board may also consider whether there has occurred a circumstance or event that would constitute a reason for it to not renew an Advisory Contract. In this regard, the Board is mindful of the potential disruption of a Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew a contract.

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

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In connection with such meetings, the Board requested and evaluated extensive materials from the Advisory Organizations, including performance and expense information for other investment companies with similar investment objectives derived from data compiled by an independent third-party provider and other sources believed to be reliable by the Manager and the Trustees. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Contracts with management and with Independent Trustee Counsel and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approval. The Independent Trustees also discussed the proposed approval in private sessions with Independent Trustee Counsel at which no representatives of the Manager or Subadvisers were present. In reaching their determinations relating to the approval of the Advisory Contracts, in respect of each Fund, each member of the Board considered all factors he or she believed relevant. The Board based its decision to approve the Advisory Contracts on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

*(1) The nature, extent and quality of services provided by the Manager and Subadvisers.* The Trustees noted that the Manager, subject to the oversight of the Board, administers each Fund's business and other affairs. Under the Management Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for others to provide, the management of the Funds' assets and the placement of orders for the purchase and sale of the securities of the Funds. As each Fund is a manager of managers fund, the Manager is authorized, under the Management Agreement, to retain one or more Subadvisers for each Fund to handle day-to-day management of the Funds' investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board for selection as a Subadviser. The Board was aware that, notwithstanding the retention of the Subadvisers to handle day-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Board regarding the Funds' portfolio investments and to make available to the Funds' administrator such information as is necessary for the conduct of its duties.

The Board also noted that the Manager provides the Trust and each Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any other service providers retained by the Trust on behalf of the Funds) and executive and other personnel as are necessary for the operation of the Trust and the Funds. Except for the Trust's Chief Compliance Officer and certain compliance staff, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

The Board considered the scope and quality of services provided by the Manager and the Subadvisers and noted that the scope of the services provided has continued to expand as a result of regulatory and other developments. The Board noted that, for example, the Manager and Subadvisers are responsible for maintaining and monitoring their own compliance programs, and these compliance programs are continuously refined and enhanced in light of new regulatory requirements. The Board considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and its Funds. The quality of administrative and other services, including the Manager's role in coordinating the activities of the Trust's other service providers, also were considered. The Board members concluded that, overall, they were satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Trust and to each of the Funds under the Advisory Contracts.

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

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The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

The Board noted that the Manager has agreed to temporarily limit Fund expenses under the Expense Limitation Agreement, which has the effect of reducing expenses similar to implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of expense limits and/or advisory fee breakpoints as Fund assets change. The Board receives quarterly reports on the level of Fund assets. The Board expects to continue to consider: (a) the extent to which economies of scale have been realized, and (b) whether the advisory fee should be modified, either in connection with the next renewal of the Advisory Contracts or by modifying the Expense Limitation Agreement, to reflect such economies of scale, if any.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds' advisory fee rate schedules was acceptable under each Fund's circumstances.

In conclusion, after full consideration of the above factors, as well as such other factors as each member of the Board considered instructive in evaluating the Advisory Contracts, the Board concluded that the advisory fees were reasonable, and that the continuation of the Advisory Contracts was in the best interest of the Funds.

------

**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14 (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds<br> (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and<br> Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

---

**Interested Trustee<sup>(4)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM<br>Complex During<br>Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment Management LLC, 2010 to present;<br> Vice President, Allianz Life, 2011 to present | 50 |  |

---

(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

------

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(1)</sup>/ Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963) <br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 <br>to present. |

---

(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

------

![LOGO](g415347g71x52.jpg)

---

| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

---

------

## AZL<sup>®</sup> MSCI Global Equity Index Fund

## Annual Report

## December 31, 2022
![LOGO](g415375g71x52.jpg)

------

**Table of Contents** 

---

| |
|:---|
| [Management Discussion and Analysis](#toc415375_1)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc415375_2)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc415375_3)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc415375_4)<br> Page 20 |
| [Statement of Operations](#toc415375_5)<br> Page 20 |
| [Statements of Changes in Net Assets](#toc415375_6)<br> Page 21 |
| [Financial Highlights](#toc415375_7)<br> Page 22 |
| [Notes to the Financial Statements](#toc415375_8)<br> Page 23 |
| [Report of Independent Registered Public Accounting Firm](#toc415375_9)<br> Page 29 |
| Other Federal Income Tax Information<br> Page 30 |
| [Other Information](#toc415375_11)<br> Page 31 |
| [Approval of Investment Advisory and Subadvisory Agreements](#toc415375_12)<br> Page 32 |
| [Information about the Board of Trustees and Officers](#toc415375_13)<br> Page 35 |

---

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<sup>®</sup> MSCI Global Equity Index Fund Review (Unaudited)**<br>

Allianz Investment Management LLC serves as the Manager for the AZL<sup>®</sup> MSCI Global Equity Index Fund and BlackRock Investment Management, LLC serves as Subadviser to the Fund.

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

For the year ended December 31, 2022, the AZL<sup>®</sup> MSCI Global Equity Index Fund (the "Fund") returned (18.23)%. That compared to a (18.14)% total return for its benchmark, the MSCI World Index (net of withholding taxes).<sup>1</sup>

The Fund seeks investment results, before fees, expenses, and fair value adjustments to its portfolio at the close of the New York Stock Exchange, that correspond to the performance of the MSCI World Index. The Index is designed to provide a comprehensive measure of international equity markets. The Fund takes positions in securities that, in combination, should have similar return characteristics as the Index.

The year under review began with concern over rising inflation, a spike in commodity prices, and the financial and economic implications of the Russian invasion of Ukraine. Investor sentiment declined in the face of these challenges while global central banks shifted their focus toward bringing inflation under control. The Federal Reserve (the Fed) raised interest rates by 25 basis points in March and signaled its intent to raise rates throughout 2022. European markets declined for the quarter due to inflation concerns and the region's dependence on Russian gas, while UK equity markets outperformed on their relatively higher exposure to the strongly performing energy and materials sectors.

Inflation and global growth concerns dominated the second quarter. Global geopolitical tensions intensified as the war in Ukraine continued with no sign of a resolution. Reduced gas supplies and higher gas prices pressured European countries, while fears of a recession increased due in part to the hawkish tone of central banks across developed markets. The Fed announced it would raise rates beyond neutral to manage inflation even at the expense of triggering higher unemployment and then proceeded raise rates by 75 basis points in June. The Bank of England (BoE) raised rates as well, while the European Central Bank (ECB) announced its first rate hike for 2022 in July. It also reaffirmed a plan to end its asset repurchasing in the third quarter. For its part, the Bank of Japan (BoJ) maintained its accommodative monetary policies in the face of ongoing weakness in the yen.

In the third quarter, fears of a recession continued to hinder performance in global equity markets, as did the hawkish tone from most central banks. In the eurozone, the intensifying energy crisis added fuel to geopolitical tensions

and further weakened the euro. Inflation continued to rise, however, pushing the BoE and the ECB to raise rates again, although the latter chose not to end its bond repurchasing policy as originally planned. The BoJ left its interest rates unchanged once again. In the U.S., equity markets fared poorly as markets braced for continued monetary tightening, which was underscored by the Fed chair's August comments at the Jackson Hole Economic Symposium.

Equity markets rallied at the start of the fourth quarter on hopes inflation had finally peaked, and that central banks would ease their tightening. But in December, central banks reiterated their plans for further tightening, pushing markets lower. Both the ECB and BoE raised interest rates over the quarter, as did the Fed. The BoJ surprised markets with an interest rate increase of 25 basis points. Japanese companies had reported strong earnings thanks to a weaker yen, and the country was dealing with its highest inflation in 40 years.

Sectors in the index posted mixed results for the year under review, with energy, utilities, and health care sectors outperforming and information technology, consumer discretionary, and consumer services lagging.

The Fund underperformed its benchmark primarily due to the impacts of fair value adjustments and expenses incurred by the Fund.

The Fund uses exchange traded equity index futures for the purpose of efficient portfolio management, and these derivatives did not have a significant impact on the Fund's return in 2022. Futures contracts are purchased to provide immediate market exposure proportionate to cash accruals and investable cash within the portfolio.

------

***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022. Investors cannot invest directly in an index.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmarks please refer to page 2 of this report.* 

------

 **AZL<sup>®</sup> MSCI Global Equity Index Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to seek to match the performance of the MSCI World Index as closely as possible. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the MSCI World Index (the "Underlying Index") and in depositary receipts representing securities of the Underlying Index.* 

**Investment Concerns** 

*Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.* 

*International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.* 

*Small- to mid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.* 

*The performance of the Fund is expected to be lower than that of the Index because of Fund fees and expenses. Securities in which the Fund will invest may involve substantial risk and may be subject to sudden severe price declines.* 

*Investing in derivative instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.* 

*Investing in a single industry or sector, or concentrating investments in a limited number of industries or sectors, tends to increase the risk that economic, political, or regulatory developments affecting certain industries or sectors will have a large impact on the value of the portfolio.* 

*For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund's prospectus.* 

**Growth of $10,000 Investment**![LOGO](g415375g01m02.jpg)

*The chart above represents a comparison of a hypothetical investment in the Fund versus a similar investment in the Fund's benchmark and represents the reinvestment of dividends and capital gains in the Fund.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **Inception<br>Date** | **1**<br> **Year** | **3**<br> **Year** | **5**<br> **Year** | **10**<br> **Year** | **Since<br>Inception** |
| &nbsp;&nbsp; AZL<sup>®</sup> MSCI Global Equity Index Fund (Class 1 Shares) | 6/21/2021 | (18.08)% |  |  |  | (6.55)% |
| &nbsp;&nbsp; AZL<sup>®</sup> MSCI Global Equity Index Fund (Class 2 Shares) | 5/1/2009 | (18.23)% | 4.56% | 5.78% | 4.02% | 6.59% |
| &nbsp;&nbsp; MSCI World Index (gross of withholding taxes) | 5/1/2009 | (17.73)% | 5.45% | 6.69% | 9.44% | 10.81% |
| &nbsp;&nbsp; MSCI World Index (net of withholding taxes) | 5/1/2009 | (18.14)% | 4.94% | 6.14% | 8.85% | 10.21% |

---

***Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.Allianzlife.com.***

---

| | |
|:---|:---|
| **Expense Ratios** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> MSCI Global Equity Index Fund (Class 1 Shares) | 0.84% |
| &nbsp;&nbsp; AZL<sup>®</sup> MSCI Global Equity Index Fund (Class 2 Shares) | 1.09% |

---

***The above expense ratios are based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.31% through at least April 30, 2024. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.55% for Class 1 Shares and to 0.80% for Class 2 Shares through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratio can be found in the Financial Highlights.***

*The total return of the Fund does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Such charges, fees and tax payments would reduce the performance quoted.* 

*The Fund's performance is measured against the Morgan Stanley Capital International World Index ("MSCI World Index"), an unmanaged broad equity benchmark that represents large- and mid-cap equity performance across 23 developed markets countries. The Index noted as "gross of withholding taxes" reflects the maximum possible reinvestment of dividends with no adjustment for withholding tax deductions or tax credits. The Index noted as "net of withholding taxes" reflects the reinvestment of dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.* 

------

**AZL MSCI Global Equity Index Fund** 

**Expense Examples** 

(Unaudited)

As a shareholder of the AZL MSCI Global Equity Index Fund (the "Fund"), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The **Actual Expense** table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL MSCI Global Equity Index Fund, Class 1 | $1000.00 | $1029.40 | $1.94 | 0.38% |
|  AZL MSCI Global Equity Index Fund, Class 2 | $1000.00 | $1027.90 | $3.22 | 0.63% |

---

The **Hypothetical Expense** table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL MSCI Global Equity Index Fund, Class 1 | $1000.00 | $1023.29 | $1.94 | 0.38% |
|  AZL MSCI Global Equity Index Fund, Class 2 | $1000.00 | $1022.03 | $3.21 | 0.63% |

---

\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  Information Technology | 20.1% |
|  Health Care | 14.5 |
|  Financials | 14.2 |
|  Industrials | 10.6 |
|  Consumer Discretionary | 9.9 |
|  Consumer Staples | 7.8 |
|  Communication Services | 6.3 |
|  Energy | 5.6 |
|  Materials | 4.5 |
|  Utilities | 3.2 |
|  Real Estate | 2.7 |
|  Total Common Stocks and Preferred Stocks | 99.4 |
|  Short-Term Security Held as Collateral for Securities on Loan | 0.6 |
|  Unaffiliated Investment Company | 0.3 |
|  Total Investment Securities | 100.3 |
|  Net other assets (liabilities) | (0.3) |
|  Net Assets | 100.0% |

---

------

**AZL MSCI Global Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks (99.3%):** | **Common Stocks (99.3%):** | |
| **Aerospace & Defense (1.7%):** | **Aerospace & Defense (1.7%):** | |
| 4439 | Airbus SE | $527732 |
| 23205 | BAE Systems plc | 239777 |
| 4143 | Boeing Co. (The)\* | 789200 |
| 2614 | CAE, Inc.\* | 50569 |
| 196 | Dassault Aviation SA | 33250 |
| 169 | Elbit Systems, Ltd. | 27541 |
| 1704 | General Dynamics Corp. | 422780 |
| 277 | HEICO Corp. | 42558 |
| 499 | HEICO Corp., Class A | 59805 |
| 2863 | Howmet Aerospace, Inc. | 112831 |
| 271 | Huntington Ingalls Industries, Inc. | 62514 |
| 700 | Kongsberg Gruppen ASA | 29746 |
| 1429 | L3harris Technologies, Inc. | 297532 |
| 1788 | Lockheed Martin Corp. | 869844 |
| 368 | MTU Aero Engines AG | 79639 |
| 1072 | Northrop Grumman Corp. | 584894 |
| 10952 | Raytheon Technologies Corp. | 1105276 |
| 61901 | Rolls-Royce Holdings plc\* | 69289 |
| 2562 | Safran SA | 320110 |
| 10000 | Singapore Technologies Engineering, Ltd. | 25033 |
| 1476 | Textron, Inc. | 104501 |
| 795 | Thales SA | 101616 |
| 382 | TransDigm Group, Inc. | 240526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6196563 |
| **Air Freight & Logistics (0.5%):** | **Air Freight & Logistics (0.5%):** |  |
| 964 | C.H. Robinson Worldwide, Inc. | 88264 |
| 7478 | Deutsche Post AG | 281446 |
| 1183 | Expeditors International of Washington, Inc. | 122937 |
| 1859 | FedEx Corp. | 321979 |
| 1800 | SG Holdings Co., Ltd. | 25096 |
| 5379 | United Parcel Service, Inc., Class B | 935085 |
| 2800 | Yamato Holdings Co., Ltd. | 44519 |
|  |  | 1819326 |
| **Airlines (0.1%):** | **Airlines (0.1%):** |  |
| 990 | Air Canada\* | 14179 |
| 1000 | ANA Holdings, Inc.\* | 21307 |
| 1475 | Delta Air Lines, Inc.\* | 48469 |
| 2412 | Deutsche Lufthansa AG\* | 20041 |
| 1000 | Japan Airlines Co., Ltd.\* | 20517 |
| 5489 | Qantas Airways, Ltd.\* | 22095 |
| 8850 | Singapore Airlines, Ltd.^ | 36479 |
| 1365 | Southwest Airlines Co.\* | 45960 |
|  |  | 229047 |
| **Auto Components (0.3%):** | **Auto Components (0.3%):** |  |
| 800 | Aisin Sieki Co., Ltd. | 21312 |
| 1981 | Aptiv plc\* | 184491 |
| 1648 | BorgWarner, Inc. | 66332 |
| 4100 | Bridgestone Corp. | 145989 |
| 4891 | Cie Generale des Etablissements Michelin SCA | 135984 |
| 819 | Continental AG | 48925 |
| 3200 | Denso Corp. | 156893 |
| 2000 | Koito Manufacturing Co., Ltd. | 29796 |
| 419 | Lear Corp. | 51964 |
| 1989 | Magna Internationl, Inc. | 111747 |
| 5200 | Sumitomo Electric Industries, Ltd. | 58996 |
| 1100 | Toyota Industries Corp. | 59982 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Auto Components, continued** | **Auto Components, continued** | |
| 2122 | Valeo SA | $37819 |
|  |  | 1110230 |
| **Automobiles (1.6%):** | **Automobiles (1.6%):** |  |
| 2407 | Bayerische Motoren Werke AG (BMW) | 214807 |
| 5911 | Daimler AG, Registered Shares | 387845 |
| 861 | Dr Ing hc F Porsche AG\* | 87341 |
| 943 | Ferrari NV | 201732 |
| 28847 | Ford Motor Co. | 335491 |
| 10328 | General Motors Co. | 347434 |
| 12400 | Honda Motor Co., Ltd. | 283559 |
| 5100 | Isuzu Motors, Ltd. | 59577 |
| 3397 | Lucid Group, Inc.\*^ | 23201 |
| 3600 | Mazda Motor Corp. | 27217 |
| 16900 | Nissan Motor Co., Ltd. | 53180 |
| 1243 | Renault SA\* | 41408 |
| 2401 | Rivian Automotive, Inc.\* | 44250 |
| 16003 | Stellantis NV | 226837 |
| 4300 | Subaru Corp. | 65991 |
| 2700 | Suzuki Motor Corp. | 86881 |
| 19687 | Tesla, Inc.\* | 2425045 |
| 78200 | Toyota Motor Corp. | 1068933 |
| 201 | Volkswagen AG | 31771 |
| 4663 | Volvo Car AB, Class B\* | 21315 |
| 2600 | Yamaha Motor Co., Ltd. | 59094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6092909 |
| **Banks (6.1%):** | **Banks (6.1%):** |  |
| 2602 | ABN AMRO Group NV | 35933 |
| 22179 | ANZ Group Holdings, Ltd.\* | 357200 |
| 45320 | Banco Bilbao Vizcaya Argentaria SA | 273638 |
| 125328 | Banco Santander SA | 375283 |
| 8532 | Bank Hapoalim BM | 77080 |
| 10762 | Bank Leumi Le-Israel BM | 89838 |
| 53406 | Bank of America Corp. | 1768807 |
| 7994 | Bank of Ireland Group plc | 75786 |
| 4966 | Bank of Montreal | 449941 |
| 8971 | Bank of Nova Scotia^ | 439604 |
| 121567 | Barclays plc | 233673 |
| 8290 | BNP Paribas SA | 471695 |
| 27500 | BOC Hong Kong Holdings, Ltd. | 93486 |
| 33536 | CaixaBank SA | 131620 |
| 6576 | Canadian Imperial Bank of Commerce | 266042 |
| 2800 | Chiba Bank, Ltd. (The) | 20524 |
| 14516 | Citigroup, Inc. | 656559 |
| 3404 | Citizens Financial Group, Inc. | 134016 |
| 9260 | Commerzbank AG\* | 87550 |
| 12623 | Commonwealth Bank of Australia | 880902 |
| 8400 | Concordia Financial Group, Ltd. | 35153 |
| 8923 | Credit Agricole SA | 94044 |
| 5146 | Danske Bank A/S | 101397 |
| 14200 | DBS Group Holdings, Ltd. | 359574 |
| 6459 | DNB Bank ASA | 128036 |
| 2582 | Erste Group Bank AG | 82322 |
| 4869 | Fifth Third Bancorp | 159752 |
| 4171 | Finecobank Banca Fineco SpA | 69502 |
| 97 | First Citizens BancShares, Inc., Class A | 73561 |
| 4008 | First Horizon Corp. | 98196 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Banks, continued** | **Banks, continued** | |
| 1332 | First Republic Bank | $162358 |
| 5700 | Hang Seng Bank, Ltd. | 94384 |
| 146495 | HSBC Holdings plc | 913417 |
| 10443 | Huntington Bancshares, Inc. | 147246 |
| 27538 | ING Groep NV | 335927 |
| 122214 | Intesa Sanpaolo SpA | 272619 |
| 7605 | Isreal Discount Bank | 40026 |
| 1600 | Japan Post Bank Co., Ltd. | 13750 |
| 21784 | JPMorgan Chase & Co. | 2921234 |
| 1998 | KBC Group NV | 128268 |
| 6790 | KeyCorp | 118282 |
| 501430 | Lloyds Banking Group plc | 275293 |
| 1325 | M&T Bank Corp. | 192205 |
| 3850 | Mediobanca SpA | 36987 |
| 88200 | Mitsubishi UFJ Financial Group, Inc. | 595090 |
| 1433 | Mizrahi Tefahot Bank, Ltd. | 46489 |
| 18650 | Mizuho Financial Group, Inc. | 263634 |
| 23726 | National Australia Bank, Ltd. | 480679 |
| 2466 | National Bank of Canada | 166179 |
| 41793 | NatWest Group PLC | 133381 |
| 25524 | Nordea Bank AB | 273118 |
| 25500 | Oversea-Chinese Banking Corp., Ltd. | 231434 |
| 3027 | PNC Financial Services Group, Inc. (The) | 478084 |
| 6770 | Regions Financial Corp. | 145961 |
| 14500 | Resona Holdings, Inc. | 79668 |
| 10317 | Royal Bank of Canada | 970124 |
| 4800 | Shizuoka Financial Group, Inc. | 38586 |
| 509 | Signature Bank | 58647 |
| 13057 | Skandinaviska Enskilda Banken AB, Class A | 150346 |
| 5883 | Societe Generale | 147584 |
| 17670 | Standard Chartered plc | 132598 |
| 10000 | Sumitomo Mitsui Financial Group, Inc. | 403004 |
| 2300 | Sumitomo Mitsui Trust Holdings, Inc. | 80265 |
| 432 | SVB Financial Group\* | 99421 |
| 11088 | Svenska Handelsbanken AB, Class A | 111632 |
| 7027 | Swedbank AB, Class A | 119446 |
| 13451 | Toronto-Dominion Bank (The) | 871066 |
| 9882 | Truist Financial Corp. | 425222 |
| 10544 | U.S. Bancorp | 459824 |
| 14061 | Unicredit SpA | 199922 |
| 9604 | United Overseas Bank, Ltd. | 220304 |
| 1465 | Webster Financial Corp. | 69353 |
| 28035 | Wells Fargo & Co. | 1157565 |
| 25861 | Westpac Banking Corp. | 406651 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22787987 |
| **Beverages (1.9%):** | **Beverages (1.9%):** |  |
| 6327 | Anheuser-Busch InBev NV | 380314 |
| 3500 | Asahi Breweries, Ltd. | 108998 |
| 2234 | Brown-Forman Corp., Class B | 146729 |
| 11900 | Budweiser Brewing Co. APAC, Ltd. | 37437 |
| 797 | Carlsberg A/S, Class B | 105522 |
| 30502 | Coca-Cola Co. (The) | 1940232 |
| 1428 | Coca-Cola European Partners plc | 78444 |
| 1283 | Coca-Cola HBC AG | 30617 |
| 1177 | Constellation Brands, Inc., Class A | 272770 |
| 4937 | David Campari-Milano NV | 50030 |
| 16943 | Diageo plc | 748032 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Beverages, continued** | **Beverages, continued** | |
| 771 | Heineken Holding NV | $59358 |
| 1959 | Heineken NV | 184025 |
| 400 | ITO EN, Ltd. | 14597 |
| 5741 | Keurig Dr Pepper, Inc. | 204724 |
| 6100 | Kirin Holdings Co., Ltd. | 93468 |
| 1309 | Molson Coors Brewing Co., Class B | 67440 |
| 2913 | Monster Beverage Corp.\* | 295757 |
| 10264 | PepsiCo, Inc. | 1854294 |
| 1500 | Pernod Ricard SA | 294797 |
| 125 | Remy Cointreau SA | 21073 |
| 800 | Suntory Beverage & Food, Ltd. | 27301 |
| 4549 | Treasury Wine Estates, Ltd. | 42025 |
|  |  | 7057984 |
| **Biotechnology (2.1%):** | **Biotechnology (2.1%):** |  |
| 13047 | AbbVie, Inc. | 2108526 |
| 863 | Alnylam Pharmaceuticals, Inc.\* | 205092 |
| 3958 | Amgen, Inc. | 1039529 |
| 423 | Argenx SE\* | 159373 |
| 1054 | Biogen, Inc.\* | 291874 |
| 1349 | BioMarin Pharmaceutical, Inc.\* | 139608 |
| 3536 | CSL, Ltd. | 689334 |
| 1266 | Exact Sciences Corp.\* | 62680 |
| 491 | Genmab A/S\* | 208012 |
| 9249 | Gilead Sciences, Inc. | 794027 |
| 2757 | Grifols SA\* | 31966 |
| 1359 | Incyte Corp.\* | 109155 |
| 2501 | Moderna, Inc.\* | 449230 |
| 660 | Neurocrine Biosciences, Inc.\* | 78830 |
| 804 | Regeneron Pharmaceuticals, Inc.\* | 580078 |
| 1099 | Seagen, Inc.\* | 141232 |
| 1322 | Swedish Orphan Biovitrum AB\* | 27329 |
| 1889 | Vertex Pharmaceuticals, Inc.\* | 545505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7661380 |
| **Building Products (0.6%):** | **Building Products (0.6%):** |  |
| 953 | A O Smith Corp. | 54550 |
| 1800 | AGC, Inc. | 59638 |
| 644 | Allegion plc | 67787 |
| 7028 | ASSA Abloy AB, Class B | 151297 |
| 397 | Carlisle Cos., Inc. | 93553 |
| 6186 | Carrier Global Corp. | 255173 |
| 3568 | Cie de Saint-Gobain | 175142 |
| 1900 | Daikin Industries, Ltd. | 292321 |
| 1013 | Fortune Brands Innovations, Inc. | 57852 |
| 269 | Geberit AG, Registered Shares | 127417 |
| 5204 | Johnson Controls International plc | 333056 |
| 1045 | Kingspan Group plc | 56258 |
| 223 | Lennox International, Inc. | 53348 |
| 2500 | Lixil Corp. | 38105 |
| 1532 | Masco Corp. | 71498 |
| 11325 | Nibe Industrier AB, Class B | 105959 |
| 729 | Owens Corning | 62184 |
| 52 | ROCKWOOL A/S, Class B | 12269 |
| 1300 | TOTO, Ltd. | 43999 |
| 1679 | Trane Technologies plc | 282223 |
| 13000 | Xinyi Glass Holdings, Ltd. | 24170 |
|  |  | 2417799 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Capital Markets (3.1%):** | **Capital Markets (3.1%):** | |
| 7666 | 3i Group plc | $124444 |
| 820 | Ameriprise Financial, Inc. | 255323 |
| 375 | Amundi SA | 21305 |
| 1156 | Ares Management Corp., Class A | 79117 |
| 1391 | ASX, Ltd. | 63775 |
| 5446 | Bank of New York Mellon Corp. (The) | 247902 |
| 1103 | BlackRock, Inc., Class A+ | 781618 |
| 5282 | Blackstone, Inc., Class A | 391872 |
| 2652 | Brookfield Asset Managmt, Ltd.\* | 75948 |
| 10609 | Brookfield Corp. | 333676 |
| 1473 | Carlyle Group, Inc. (The) | 43954 |
| 867 | Cboe Global Markets, Inc. | 108783 |
| 10849 | Charles Schwab Corp. (The) | 903288 |
| 2665 | CME Group, Inc. | 448146 |
| 938 | Coinbase Global, Inc.\*^ | 33196 |
| 24183 | Credit Suisse Group AG | 72677 |
| 8900 | Daiwa Securities Group, Inc. | 39461 |
| 14723 | Deutsche Bank AG | 166854 |
| 1365 | Deutsche Boerse AG | 235485 |
| 2202 | EQT AB | 46956 |
| 719 | Euronext NV | 53288 |
| 295 | FactSet Research Systems, Inc. | 118357 |
| 1979 | Franklin Resources, Inc. | 52206 |
| 458 | Futu Holdings, Ltd., ADR\* | 18618 |
| 2511 | Goldman Sachs Group, Inc. (The) | 862228 |
| 3288 | Hargreaves Lansdown plc | 34070 |
| 9200 | Hong Kong Exchanges & Clearing, Ltd. | 397602 |
| 217 | IGM Financial, Inc. | 6059 |
| 4213 | Intercontinental Exchange, Inc. | 432212 |
| 2555 | Invesco, Ltd. | 45964 |
| 3400 | Japan Exchange Group, Inc. | 49146 |
| 1702 | Julius Baer Group, Ltd. | 98957 |
| 3976 | KKR & Co., Inc., Class A | 184566 |
| 2521 | London Stock Exchange Group plc | 217476 |
| 626 | LPL Financial Holdings, Inc. | 135322 |
| 2685 | Macquarie Group, Ltd. | 304747 |
| 287 | MarketAxess Holdings, Inc. | 80041 |
| 1213 | Moody's Corp. | 337966 |
| 9561 | Morgan Stanley | 812876 |
| 589 | MSCI, Inc. | 273985 |
| 2486 | Nasdaq, Inc. | 152516 |
| 23000 | Nomura Holdings, Inc. | 85621 |
| 1388 | Northern Trust Corp. | 122824 |
| 177 | Partners Group Holding AG | 157376 |
| 1455 | Raymond James Financial, Inc. | 155467 |
| 2544 | S&P Global, Inc. | 852087 |
| 2400 | SBI Holdings, Inc. | 46021 |
| 6758 | Schroders PLC | 35517 |
| 757 | SEI Investments Co. | 44133 |
| 3200 | Singapore Exchange, Ltd. | 21404 |
| 3801 | St. James Place plc | 50323 |
| 2692 | State Street Corp. | 208818 |
| 1699 | T. Rowe Price Group, Inc. | 185293 |
| 521 | TMX Group, Ltd. | 52154 |
| 641 | Tradeweb Markets, Inc., Class A | 41620 |
| 25011 | UBS Group AG | 466321 |
|  |  | 11666961 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Chemicals (2.2%):** | **Chemicals (2.2%):** | |
| 3931 | Air Liquide SA | $559063 |
| 1631 | Air Products and Chemicals, Inc. | 502772 |
| 1220 | Akzo Nobel NV | 81394 |
| 874 | Albemarle Corp. | 189536 |
| 413 | Arkema SA | 37247 |
| 9200 | Asahi Kasei Corp. | 65385 |
| 6672 | BASF SE | 331179 |
| 715 | Celanese Corp. | 73102 |
| 1430 | CF Industries Holdings, Inc. | 121836 |
| 801 | Christian Hansen Holding A/S | 57756 |
| 2080 | Clariant AG | 33109 |
| 5466 | Corteva, Inc. | 321291 |
| 1415 | Covestro AG | 55351 |
| 1096 | Croda International plc | 87572 |
| 5426 | Dow, Inc. | 273416 |
| 3678 | DuPont de Nemours, Inc. | 252421 |
| 797 | Eastman Chemical Co. | 64908 |
| 1885 | Ecolab, Inc. | 274381 |
| 62 | EMS-Chemie Holding AG | 41916 |
| 1938 | Evonik Industries AG | 37204 |
| 949 | FMC Corp. | 118435 |
| 66 | Givaudan SA, Registered Shares | 201271 |
| 6835 | ICL Group, Ltd. | 49360 |
| 1948 | International Flavors & Fragrances, Inc. | 204228 |
| 975 | Johnson Matthey plc | 25094 |
| 1200 | JSR Corp. | 23654 |
| 1339 | Koninklijke DSM NV | 164132 |
| 3698 | Linde plc | 1206214 |
| 2005 | LyondellBasell Industries NV, Class A | 166475 |
| 8000 | Mitsubishi Chemical Holdings Corp. | 41339 |
| 1700 | Mitsui Chemicals, Inc. | 38128 |
| 2710 | Mosaic Co. (The) | 118888 |
| 6600 | Nippon Paint Holdings Co., Ltd. | 52232 |
| 1100 | Nippon Sanso Holdings Corp. | 15847 |
| 800 | Nissan Chemical Corp. | 35220 |
| 1000 | Nitto Denko Corp. | 57533 |
| 1580 | Novozymes A/S, Class B | 80250 |
| 4105 | Nutrien, Ltd. | 299733 |
| 824 | OCI NV | 29400 |
| 2876 | Orica, Ltd. | 29382 |
| 1700 | PPG Industries, Inc. | 213758 |
| 942 | RPM International, Inc. | 91798 |
| 1845 | Sherwin-Williams Co. (The) | 437874 |
| 2700 | Shin-Etsu Chemical Co., Ltd. | 329006 |
| 1096 | Sika AG | 264525 |
| 451 | Solvay SA | 45707 |
| 13800 | Sumitomo Chemical Co., Ltd. | 49420 |
| 979 | Symrise AG | 106493 |
| 9200 | Toray Industries, Inc. | 51079 |
| 2700 | Tosoh Corp. | 32041 |
| 1822 | Umicore SA | 67210 |
| 301 | Westlake Corp. | 30864 |
| 1092 | Yara International ASA | 48073 |
|  |  | 8185502 |
| **Commercial Services & Supplies (0.5%):** | **Commercial Services & Supplies (0.5%):** |  |
| 10643 | Brambles, Ltd. | 87391 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Commercial Services & Supplies, continued** | **Commercial Services & Supplies, continued** | |
| 657 | Cintas Corp. | $296714 |
| 3198 | Copart, Inc.\* | 194726 |
| 1800 | Dai Nippon Printing Co., Ltd. | 36091 |
| 1558 | GFL Environmental, Inc. | 45504 |
| 18835 | Rentokil Initial plc | 115741 |
| 1681 | Republic Services, Inc. | 216832 |
| 1016 | Ritchie Bros Auctioneers, Inc. | 58695 |
| 1460 | Rollins, Inc. | 53348 |
| 1500 | Secom Co., Ltd. | 85581 |
| 2601 | Securitas AB, Class B | 21664 |
| 1600 | TOPPAN, INC. | 23625 |
| 1893 | Waste Connections, Inc. | 250936 |
| 3026 | Waste Management, Inc. | 474719 |
|  |  | 1961567 |
| **Communications Equipment (0.7%):** | **Communications Equipment (0.7%):** |  |
| 1856 | Arista Networks, Inc.\* | 225226 |
| 30799 | Cisco Systems, Inc. | 1467264 |
| 438 | F5, Inc.\* | 62857 |
| 2336 | Juniper Networks, Inc. | 74659 |
| 1261 | Motorola Solutions, Inc. | 324972 |
| 38601 | Nokia OYJ | 179330 |
| 22141 | Telefonaktiebolaget LM Ericsson, Class B | 129738 |
|  |  | 2464046 |
| **Construction & Engineering (0.3%):** | **Construction & Engineering (0.3%):** |  |
| 1642 | ACS Actividades de Construccion y Servicios SA | 47041 |
| 1522 | Bouygues SA | 45653 |
| 542 | Eiffage SA | 53437 |
| 3697 | Ferrovial SA | 96697 |
| 2700 | Kajima Corp. | 31413 |
| 4900 | Obayashi Corp. | 37051 |
| 1125 | Quanta Services, Inc. | 160312 |
| 5900 | Shimizu Corp. | 31437 |
| 3144 | Skanska AB, Class B | 49933 |
| 1100 | Taisei Corp. | 35442 |
| 4010 | Vinci SA | 400442 |
| 868 | WSP Global, Inc. | 100719 |
|  |  | 1089577 |
| **Construction Materials (0.2%):** | **Construction Materials (0.2%):** |  |
| 5591 | CRH plc | 221331 |
| 993 | HeidelbergCement AG | 56626 |
| 4174 | Holcim, Ltd. | 215300 |
| 3417 | James Hardie Industries SE | 61187 |
| 447 | Martin Marietta Materials, Inc. | 151073 |
| 966 | Vulcan Materials Co. | 169156 |
|  |  | 874673 |
| **Consumer Finance (0.4%):** | **Consumer Finance (0.4%):** |  |
| 2642 | Ally Financial, Inc. | 64597 |
| 4668 | American Express Co. | 689697 |
| 2786 | Capital One Financial Corp. | 258986 |
| 2037 | Discover Financial Services | 199280 |
| 1 | Isracard, Ltd. | 2 |
| 3567 | Synchrony Financial | 117212 |
|  |  | 1329774 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Containers & Packaging (0.2%):** | **Containers & Packaging (0.2%):** | |
| 10720 | Amcor plc | $127675 |
| 648 | Avery Dennison Corp. | 117288 |
| 2201 | Ball Corp. | 112559 |
| 1000 | CCL Industries, Inc. | 42724 |
| 998 | Crown Holdings, Inc. | 82046 |
| 2770 | International Paper Co. | 95925 |
| 682 | Packaging Corp. of America | 87235 |
| 1076 | Sealed Air Corp. | 53671 |
| 2350 | SIG Group AB | 51518 |
| 1807 | Smurfit Kappa Group plc | 66940 |
| 1935 | Westrock Co. | 68035 |
|  |  | 905616 |
| **Distributors (0.1%):** | **Distributors (0.1%):** |  |
| 195 | D'ieteren Group | 37536 |
| 1027 | Genuine Parts Co. | 178195 |
| 1796 | LKQ Corp. | 95924 |
| 321 | Pool Corp. | 97048 |
|  |  | 408703 |
| **Diversified Consumer Services (0.0%<sup>†</sup>):** | **Diversified Consumer Services (0.0%<sup>†</sup>):** |  |
| 1753 | IDP Education, Ltd. | 32388 |
| **Diversified Financial Services (1.1%):** | **Diversified Financial Services (1.1%):** |  |
| 2836 | Apollo Global Management, Inc. | 180908 |
| 9603 | Berkshire Hathaway, Inc., Class B\* | 2966367 |
| 2947 | Element Fleet Management Corp. | 40163 |
| 2830 | Equitable Holdings, Inc. | 81221 |
| 414 | Eurazeo SE | 25838 |
| 740 | EXOR NV\* | 54010 |
| 823 | Groupe Bruxelles Lambert SA | 65915 |
| 885 | Industrivarden AB, Class A | 21584 |
| 1476 | Industrivarden AB, Class C | 35933 |
| 3012 | Investor AB | 56192 |
| 13524 | Investor AB, Class B | 245424 |
| 2236 | Kinnevik AB, Class B\* | 30884 |
| 418 | L E Lundbergforetagen AB | 17828 |
| 15158 | M&G plc | 34447 |
| 4100 | Mitsubishi HC Capital, Inc. | 20201 |
| 353 | Onex Corp. | 17024 |
| 8600 | ORIX Corp. | 138694 |
| 142 | Sofina SA | 31417 |
| 20261 | Standard Life Aberdeen plc | 46140 |
| 122 | Wendel | 11432 |
|  |  | 4121622 |
| **Diversified Telecommunication Services (1.2%):** | **Diversified Telecommunication Services (1.2%):** |  |
| 52860 | AT&T, Inc. | 973153 |
| 692 | BCE, Inc.^ | 30408 |
| 15935 | Bezeq The Israeli Telecommunication Corp., Ltd. | 27530 |
| 54369 | BT Group plc | 73809 |
| 4277 | Cellnex Telecom SAU | 142214 |
| 23758 | Deutsche Telekom AG | 473821 |
| 937 | Elisa OYJ | 49659 |
| 36000 | HKT Trust & HKT, Ltd. | 44005 |
| 2027 | Infrastrutture Wireless Italiane SpA | 20473 |
| 24798 | Koninklijke KPN NV | 76713 |
| 2488 | Liberty Global plc, Class C\* | 48342 |
| 6467 | Lumen Technologies, Inc. | 33758 |
| 9200 | Nippon Telegraph & Telephone Corp. | 262645 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Diversified Telecommunication Services, continued** | **Diversified Telecommunication Services, continued** | |
| 14205 | Orange SA | $141226 |
| 62100 | Singapore Telecommunications, Ltd. | 119250 |
| 17116 | Spark New Zealand, Ltd. | 58650 |
| 191 | Swisscom AG | 104566 |
| 92093 | Telecom Italia SpA\* | 21395 |
| 3372 | Telefonica Deutschland Holding AG | 8307 |
| 41617 | Telefonica SA | 150702 |
| 5021 | Telenor ASA | 46999 |
| 18848 | Telia Co AB | 48264 |
| 29855 | Telstra Corp., Ltd. | 81054 |
| 3100 | TELUS Corp. | 59834 |
| 476 | United Internet AG, Registered Shares | 9622 |
| 31002 | Verizon Communications, Inc. | 1221479 |
|  |  | 4327878 |
| **Electric Utilities (1.9%):** | **Electric Utilities (1.9%):** |  |
| 193 | Acciona SA | 35492 |
| 1687 | Alliant Energy Corp. | 93139 |
| 3795 | American Electric Power Co., Inc. | 360335 |
| 6000 | Chubu Electric Power Co., Inc. | 62099 |
| 7000 | CK Infrastructure Holdings, Ltd. | 36642 |
| 12500 | CLP Holdings, Ltd. | 91215 |
| 2392 | Constellation Energy Corp. | 206214 |
| 5695 | Duke Energy Corp. | 586528 |
| 2781 | Edison International | 176927 |
| 20856 | EDP – Energias de Portugal SA | 103886 |
| 4958 | Electricite de France | 63681 |
| 240 | Elia Group SA/NV | 34098 |
| 1880 | Emera, Inc. | 71864 |
| 3072 | Endesa SA | 57959 |
| 59130 | Enel SpA | 317973 |
| 1457 | Entergy Corp. | 163912 |
| 1705 | Evergy, Inc. | 107296 |
| 2630 | Eversource Energy | 220499 |
| 7537 | Exelon Corp. | 325825 |
| 3881 | FirstEnergy Corp. | 162769 |
| 3796 | Fortis, Inc. | 151919 |
| 3188 | Fortum OYJ | 53098 |
| 7500 | HK Electric Investments, Ltd. | 4950 |
| 2288 | Hydro One, Ltd. | 61298 |
| 44010 | Iberdrola SA | 514734 |
| 6500 | Kansai Electric Power Co., Inc. (The) | 63106 |
| 4873 | Mercury NZ, Ltd. | 17193 |
| 14660 | NextEra Energy, Inc. | 1225576 |
| 1642 | NRG Energy, Inc. | 52248 |
| 12220 | Origin Energy, Ltd. | 64143 |
| 1522 | Orsted A/S | 138110 |
| 11217 | PG&E Corp.\* | 182388 |
| 10000 | Power Assets Holdings, Ltd. | 54778 |
| 5489 | PPL Corp. | 160389 |
| 1850 | Red Electrica Corp SA | 32131 |
| 7497 | Scottish & Southern Energy plc | 154600 |
| 8004 | Southern Co. (The) | 571566 |
| 10285 | Terna SpA | 76116 |
| 14900 | Tokyo Electric Power Co. Holdings, Inc.\* | 53804 |
| 453 | Verbund AG, Class A | 38201 |
| 3984 | Xcel Energy, Inc. | 279318 |
|  |  | 7228019 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Electrical Equipment (0.9%):** | **Electrical Equipment (0.9%):** | |
| 11741 | ABB, Ltd. | $357702 |
| 1759 | AMETEK, Inc. | 245768 |
| 2958 | Eaton Corp. plc | 464258 |
| 4354 | Emerson Electric Co. | 418245 |
| 1200 | Fuji Electric Co., Ltd. | 45704 |
| 515 | Generac Holdings, Inc.\* | 51840 |
| 401 | Hubbell, Inc. | 94107 |
| 1991 | Legrand SA | 160287 |
| 14900 | Mitsubishi Electric Corp. | 147519 |
| 3100 | Nidec Corp. | 161463 |
| 3798 | Plug Power, Inc.\*^ | 46981 |
| 1694 | Prysmian SpA | 62701 |
| 833 | Rockwell Automation, Inc. | 214556 |
| 4089 | Schneider Electric SA | 574993 |
| 977 | Sensata Technologies Holding plc | 39451 |
| 3694 | Siemens Energy AG | 69493 |
| 7084 | Vestas Wind Systems A/S | 207003 |
|  |  | 3362071 |
| **Electronic Equipment, Instruments & Components (0.8%):** | **Electronic Equipment, Instruments & Components (0.8%):** |  |
| 4344 | Amphenol Corp., Class A | 330752 |
| 499 | Arrow Electronics, Inc.\* | 52180 |
| 800 | Azbil Corp. | 20261 |
| 986 | CDW Corp. | 176080 |
| 1304 | Cognex Corp. | 61431 |
| 5855 | Corning, Inc. | 187009 |
| 2865 | Halma plc | 68444 |
| 1300 | Hamamatsu Photonics KK | 62545 |
| 14804 | Hexagon AB, Class B | 155702 |
| 205 | Hirose Electric Co., Ltd. | 25647 |
| 600 | Ibiden Co., Ltd. | 21861 |
| 1400 | Keyence Corp. | 548190 |
| 1314 | Keysight Technologies, Inc.\* | 224786 |
| 2500 | Kyocera Corp. | 124780 |
| 4200 | Murata Manufacturing Co., Ltd. | 210743 |
| 1300 | Omron Corp. | 63415 |
| 2200 | Shimadzu Corp. | 62759 |
| 2900 | TDK Corp. | 94180 |
| 2387 | TE Connectivity, Ltd. | 274028 |
| 370 | Teledyne Technologies, Inc.\* | 147967 |
| 2027 | Trimble, Inc.\* | 102485 |
| 1300 | Venture Corp., Ltd. | 16577 |
| 1000 | Yokogawa Electric Corp. | 15846 |
| 416 | Zebra Technologies Corp., Class A\* | 106667 |
|  |  | 3154335 |
| **Energy Equipment & Services (0.3%):** | **Energy Equipment & Services (0.3%):** |  |
| 7460 | Baker Hughes Co. | 220294 |
| 6654 | Halliburton Co. | 261835 |
| 10320 | Schlumberger, Ltd. | 551707 |
| 3045 | Tenaris SA | 53431 |
|  |  | 1087267 |
| **Entertainment (1.2%):** | **Entertainment (1.2%):** |  |
| 5728 | Activision Blizzard, Inc. | 438478 |
| 8533 | Bollore, Inc. | 47812 |
| 1200 | Capcom Co., Ltd. | 38491 |
| 2124 | Electronic Arts, Inc. | 259510 |
| 2754 | Embracer Group AB\* | 12456 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Entertainment, continued** | **Entertainment, continued** | |
| 780 | Koei Tecmo Holdings Co., Ltd. | $14060 |
| 900 | Konami Holdings Corp. | 40931 |
| 1414 | Liberty Media Corp-Liberty Formula One, Class C\* | 84529 |
| 1290 | Live Nation Entertainment, Inc.\* | 89965 |
| 3325 | Netflix, Inc.\* | 980476 |
| 3600 | Nexon Co., Ltd. | 80316 |
| 8000 | Nintendo Co., Ltd. | 335056 |
| 2750 | ROBLOX Corp., Class A\* | 78265 |
| 924 | Roku, Inc.\* | 37607 |
| 2586 | Sea, Ltd., ADR\* | 134550 |
| 400 | Square Enix Holdings Co., Ltd. | 18574 |
| 1181 | Take-Two Interactive Software, Inc.\* | 122978 |
| 600 | Toho Co., Ltd. | 23221 |
| 856 | UbiSoft Entertainment SA\* | 24294 |
| 5833 | Universal Music Group NV | 140784 |
| 5833 | Vivendi Universal SA | 55809 |
| 13485 | Walt Disney Co. (The)\* | 1171577 |
| 17412 | Warner Bros Discovery, Inc.\* | 165066 |
|  |  | 4394805 |
| **Equity Real Estate Investment Trusts (2.2%):** | **Equity Real Estate Investment Trusts (2.2%):** |  |
| 1112 | Alexandria Real Estate Equities, Inc. | 161985 |
| 2448 | American Homes 4 Rent, Class A | 73783 |
| 3432 | American Tower Corp. | 727104 |
| 1081 | AvalonBay Communities, Inc. | 174603 |
| 1147 | Boston Properties, Inc. | 77514 |
| 8137 | British Land Co. plc | 38899 |
| 739 | Camden Property Trust | 82679 |
| 815 | Canadian Apartment Properties REIT | 25694 |
| 29744 | CapitaLand Ascendas REIT | 60911 |
| 31506 | CapitaLand Mall Trust | 48050 |
| 316 | Covivio | 18813 |
| 3175 | Crown Castle, Inc. | 430657 |
| 18 | Daiwahouse Residential Investment Corp. | 40181 |
| 6460 | Dexus | 33951 |
| 2122 | Digital Realty Trust, Inc. | 212773 |
| 677 | Equinix, Inc. | 443455 |
| 1394 | Equity Lifestyle Properties, Inc. | 90053 |
| 2712 | Equity Residential | 160008 |
| 522 | Essex Property Trust, Inc. | 110622 |
| 984 | Extra Space Storage, Inc. | 144825 |
| 1963 | Gaming and Leisure Properties, Inc. | 102253 |
| 424 | Gecina SA | 43193 |
| 28 | GLP J-REIT | 32219 |
| 12389 | Goodman Group | 145521 |
| 11976 | GPT Group | 34198 |
| 2942 | Healthcare Realty Trust, Inc. | 56692 |
| 4227 | Healthpeak Properties, Inc. | 105971 |
| 5303 | Host Hotels & Resorts, Inc. | 85113 |
| 4453 | Invitation Homes, Inc. | 131987 |
| 2113 | Iron Mountain, Inc. | 105333 |
| 43 | Japan Metropolitan Fund Invest | 34180 |
| 12 | Japan Real Estate Investment Corp. | 52565 |
| 4981 | Kimco Realty Corp. | 105498 |
| 1908 | Klepierre | 44127 |
| 4161 | Land Securities Group plc | 31288 |
| 14300 | Link REIT (The) | 105004 |
| 21123 | Mapletree Logistics Trust | 25107 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Equity Real Estate Investment Trusts, continued** | **Equity Real Estate Investment Trusts, continued** | |
| 15100 | Mapletree Pan Asia Commercial Trust | $18848 |
| 4192 | Medical Properties Trust, Inc. | 46699 |
| 802 | Mid-America Apartment Communities, Inc. | 125906 |
| 36393 | Mirvac Group | 52708 |
| 10 | Nippon Building Fund, Inc. | 44664 |
| 20 | Nippon Prologis REIT, Inc. | 46847 |
| 39 | Nomura Real Estate Master Fund, Inc. | 48441 |
| 6918 | Prologis, Inc. | 779866 |
| 1168 | Public Storage | 327262 |
| 4569 | Realty Income Corp. | 289812 |
| 1170 | Regency Centers Corp. | 73125 |
| 480 | RioCan REIT | 7492 |
| 819 | SBA Communications Corp. | 229574 |
| 36788 | Scentre Group | 71517 |
| 9532 | Segro plc | 88100 |
| 2406 | Simon Property Group, Inc. | 282657 |
| 22062 | Stockland | 54464 |
| 871 | Sun Communities, Inc. | 124553 |
| 2260 | UDR, Inc. | 87530 |
| 812 | Unibail-Rodamco-Westfield\*^ | 42364 |
| 3011 | Ventas, Inc. | 135645 |
| 7034 | VICI Properties, Inc. | 227902 |
| 24703 | Vicinity Centres | 33604 |
| 1164 | Warehouses De Pauw CVA | 33279 |
| 3318 | Welltower, Inc. | 217495 |
| 5617 | Weyerhaeuser Co. | 174127 |
| 1287 | WP Carey, Inc. | 100579 |
|  |  | 8161869 |
| **Food & Staples Retailing (1.5%):** | **Food & Staples Retailing (1.5%):** |  |
| 4900 | AEON Co., Ltd. | 103159 |
| 6060 | Alimentation Couche-Tard, Inc. | 266339 |
| 4522 | Carrefour SA | 75652 |
| 10570 | Coles Group, Ltd. | 119676 |
| 3277 | Costco Wholesale Corp. | 1495951 |
| 848 | Empire Co., Ltd., Class A | 22337 |
| 11695 | Endeavour Group, Ltd. | 50778 |
| 528 | George Weston, Ltd. | 65518 |
| 1243 | HelloFresh SE\* | 27247 |
| 15420 | J Sainsbury plc | 40469 |
| 2416 | Jeronimo Martins SGPS SA | 52234 |
| 2524 | Kesko Oyj, Class B | 55845 |
| 1000 | Kobe Bussan Co., Ltd. | 28870 |
| 7534 | Koninklijke Ahold Delhaize NV | 216450 |
| 5167 | Kroger Co. (The) | 230345 |
| 1246 | Loblaw Cos., Ltd. | 110187 |
| 1796 | Metro, Inc. | 99458 |
| 3324 | Ocado Group plc\* | 25008 |
| 5400 | Seven & I Holdings Co., Ltd. | 231038 |
| 3825 | Sysco Corp. | 292421 |
| 57561 | Tesco plc | 156030 |
| 5277 | Walgreens Boots Alliance, Inc. | 197149 |
| 11142 | Walmart, Inc. | 1579824 |
| 500 | Welcia Holdings Co., Ltd. | 11649 |
| 9047 | Woolworths Group, Ltd. | 206552 |
|  |  | 5760186 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Food Products (1.8%):** | **Food Products (1.8%):** | |
| 3400 | Ajinomoto Co., Inc. | $103686 |
| 4175 | Archer-Daniels-Midland Co. | 387649 |
| 3293 | Associated British Foods plc | 62723 |
| 33 | Barry Callebaut AG, Registered Shares | 65399 |
| 1032 | Bunge, Ltd. | 102963 |
| 1351 | Campbell Soup Co. | 76669 |
| 3715 | Conagra Brands, Inc. | 143771 |
| 4903 | Danone SA | 258272 |
| 1198 | Darling Ingredients, Inc.\* | 74983 |
| 4341 | General Mills, Inc. | 363993 |
| 1108 | Hershey Co. (The) | 256580 |
| 2218 | Hormel Foods Corp. | 101030 |
| 476 | JDE Peet's NV | 13756 |
| 815 | JM Smucker Co. (The) | 129145 |
| 1968 | Kellogg Co. | 140200 |
| 1279 | Kerry Group plc, Class A | 115397 |
| 1300 | Kikkoman Corp. | 68727 |
| 5513 | Kraft Heinz Co. (The) | 224434 |
| 1074 | Lamb Weston Holdings, Inc. | 95973 |
| 7 | Lindt & Spruengli AG | 71353 |
| 1974 | McCormick & Co. | 163625 |
| 800 | Meiji Holdings Co., Ltd. | 41087 |
| 10099 | Mondelez International, Inc., Class A | 673098 |
| 3271 | Mowi ASA | 55917 |
| 20541 | Nestle SA | 2372829 |
| 700 | Nisshin Seifun Group, Inc. | 8777 |
| 300 | Nissin Foods Holdings Co., Ltd. | 23756 |
| 5748 | Orkla ASA, Class A | 41581 |
| 461 | Salmar ASA | 18150 |
| 2279 | Saputo, Inc. | 56428 |
| 2173 | Tyson Foods, Inc., Class A | 135269 |
| 68033 | WH Group, Ltd. | 39582 |
| 18000 | Wilmar International, Ltd. | 56091 |
| 900 | Yakult Honsha Co., Ltd. | 58700 |
|  |  | 6601593 |
| **Gas Utilities (0.1%):** | **Gas Utilities (0.1%):** |  |
| 1545 | AltaGas, Ltd. | 26682 |
| 8525 | APA Group | 62403 |
| 960 | Atmos Energy Corp. | 107587 |
| 595 | Enagas SA | 9891 |
| 83117 | Hong Kong & China Gas Co., Ltd. | 79027 |
| 985 | Naturgy Energy Group SA | 25618 |
| 3600 | Osaka Gas Co., Ltd. | 58236 |
| 14344 | Snam SpA | 69633 |
| 3500 | Tokyo Gas Co., Ltd. | 68816 |
| 1451 | UGI Corp. | 53789 |
|  |  | 561682 |
| **Health Care Equipment & Supplies (2.9%):** | **Health Care Equipment & Supplies (2.9%):** |  |
| 12962 | Abbott Laboratories | 1423098 |
| 3712 | Alcon, Inc. | 255026 |
| 536 | Align Technology, Inc.\* | 113042 |
| 1400 | Asahi Intecc Co., Ltd. | 23075 |
| 3685 | Baxter International, Inc. | 187824 |
| 2120 | Becton Dickinson and Co. | 539116 |
| 245 | BioMerieux | 25761 |
| 10614 | Boston Scientific Corp.\* | 491110 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Health Care Equipment & Supplies, continued** | **Health Care Equipment & Supplies, continued** | |
| 372 | Carl Zeiss Meditec AG | $46945 |
| 451 | Cochlear, Ltd. | 62605 |
| 934 | Coloplast A/S, Class B | 109454 |
| 393 | Cooper Cos., Inc. (The) | 129953 |
| 5103 | Danaher Corp. | 1354438 |
| 1001 | Demant A/S\* | 27840 |
| 1576 | DENTSPLY SIRONA, Inc. | 50180 |
| 2837 | Dexcom, Inc.\* | 321262 |
| 233 | DiaSorin SpA | 32645 |
| 4717 | Edwards Lifesciences Corp.\* | 351935 |
| 2119 | EssilorLuxottica SA | 385807 |
| 4138 | Fisher & Paykel Healthcare Corp., Ltd. | 58881 |
| 1920 | Getinge AB, Class B | 40002 |
| 1763 | Hologic, Inc.\* | 131890 |
| 2600 | Hoya Corp. | 251602 |
| 612 | IDEXX Laboratories, Inc.\* | 249672 |
| 494 | Insulet Corp.\* | 145429 |
| 2671 | Intuitive Surgical, Inc.\* | 708750 |
| 7129 | Koninklijke Philips NV | 106986 |
| 395 | Masimo Corp.\* | 58440 |
| 9868 | Medtronic plc | 766941 |
| 595 | Novocure, Ltd.\* | 43643 |
| 9700 | Olympus Corp. | 171480 |
| 1066 | ResMed, Inc. | 221867 |
| 198 | Sartorius AG | 78289 |
| 2110 | Siemens Healthineers AG | 105540 |
| 6641 | Smith & Nephew plc | 88703 |
| 367 | Sonova Holding AG | 87347 |
| 703 | STERIS plc | 129837 |
| 860 | Straumann Holding AG, Class R | 97415 |
| 2552 | Stryker Corp. | 623938 |
| 1100 | Sysmex Corp. | 67012 |
| 354 | Teleflex, Inc. | 88369 |
| 4800 | Terumo Corp. | 135759 |
| 551 | West Pharmaceutical Services, Inc. | 129678 |
| 1491 | Zimmer Biomet Holdings, Inc. | 190103 |
|  |  | 10708689 |
| **Health Care Providers & Services (2.4%):** | **Health Care Providers & Services (2.4%):** |  |
| 1101 | AmerisourceBergen Corp. | 182447 |
| 845 | Amplifon SpA | 25239 |
| 1945 | Cardinal Health, Inc. | 149512 |
| 4180 | Centene Corp.\* | 342802 |
| 2280 | Cigna Corp. | 755455 |
| 9681 | CVS Health Corp. | 902172 |
| 457 | DaVita, Inc.\* | 34124 |
| 1767 | Elevance Health, Inc. | 906418 |
| 1484 | Fresenius Medical Care AG & Co., KGaA | 48532 |
| 3378 | Fresenius SE & Co. KGaA | 95026 |
| 1683 | HCA Healthcare, Inc. | 403853 |
| 997 | Henry Schein, Inc.\* | 79630 |
| 943 | Humana, Inc. | 482995 |
| 647 | Laboratory Corp. of America Holdings | 152355 |
| 1060 | McKesson Corp. | 397627 |
| 453 | Molina Healthcare, Inc.\* | 149590 |
| 904 | Quest Diagnostics, Inc. | 141422 |
| 1328 | Ramsay Health Care, Ltd. | 58686 |
| 3322 | Sonic Healthcare, Ltd. | 67718 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Health Care Providers & Services, continued** | **Health Care Providers & Services, continued** | |
| 6915 | UnitedHealth Group, Inc. | $3666195 |
| 521 | Universal Health Services, Inc., Class B | 73404 |
|  |  | 9115202 |
| **Health Care Technology (0.1%):** | **Health Care Technology (0.1%):** |  |
| 3600 | M3, Inc. | 98083 |
| 1069 | Veeva Systems, Inc., Class A\* | 172515 |
|  |  | 270598 |
| **Hotels, Restaurants & Leisure (1.8%):** | **Hotels, Restaurants & Leisure (1.8%):** |  |
| 1592 | Accor SA\* | 39548 |
| 2885 | Airbnb, Inc., Class A\* | 246667 |
| 1529 | Aramark | 63209 |
| 4751 | Aristocrat Leisure, Ltd. | 98092 |
| 290 | Booking Holdings, Inc.\* | 584431 |
| 1690 | Caesars Entertainment, Inc.\* | 70304 |
| 6658 | Carnival Corp., Class A\* | 53663 |
| 200 | Chipotle Mexican Grill, Inc.\* | 277498 |
| 13191 | Compass Group plc | 304739 |
| 888 | Darden Restaurants, Inc. | 122837 |
| 260 | Domino's Pizza, Inc. | 90064 |
| 4276 | Entain plc | 68545 |
| 1406 | Evolution AB | 137391 |
| 1136 | Expedia Group, Inc.\* | 99514 |
| 1257 | Flutter Entertainment plc\* | 172215 |
| 16000 | Galaxy Entertainment Group, Ltd. | 105950 |
| 25500 | Genting Singapore, Ltd. | 18202 |
| 2003 | Hilton Worldwide Holdings, Inc. | 253099 |
| 1297 | InterContinental Hotels Group plc | 74638 |
| 883 | La Francaise des Jeux SAEM | 35470 |
| 2602 | Las Vegas Sands Corp.\* | 125078 |
| 14501 | Lottery Corp., Ltd. (The)\* | 44187 |
| 2035 | Marriott International, Inc., Class A | 302991 |
| 5445 | McDonald's Corp. | 1434921 |
| 300 | McDonald's Holdings Co., Ltd. | 11416 |
| 2452 | MGM Resorts International | 82216 |
| 1400 | Oriental Land Co., Ltd. | 203993 |
| 2135 | Restaurant Brands International, Inc. | 138070 |
| 1827 | Royal Caribbean Cruises, Ltd.\* | 90309 |
| 16000 | Sands China, Ltd.\* | 53011 |
| 597 | Sodexo SA | 57103 |
| 8516 | Starbucks Corp. | 844787 |
| 297 | Vail Resorts, Inc. | 70790 |
| 1244 | Whitbread plc | 38692 |
| 739 | Wynn Resorts, Ltd.\* | 60945 |
| 2057 | Yum! Brands, Inc. | 263461 |
|  |  | 6738046 |
| **Household Durables (0.5%):** | **Household Durables (0.5%):** |  |
| 6179 | Barratt Developments plc | 29665 |
| 618 | Berkeley Group Holdings plc | 28132 |
| 2337 | DR Horton, Inc. | 208320 |
| 2085 | Electrolux AB, Class B | 28235 |
| 1046 | Garmin, Ltd. | 96535 |
| 600 | Iida Group Holdings Co., Ltd. | 9071 |
| 1999 | Lennar Corp., Class A | 180909 |
| 380 | Mohawk Industries, Inc.\* | 38844 |
| 2638 | Newell Brands, Inc. | 34505 |
| 22 | NVR, Inc.\* | 101477 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Household Durables, continued** | **Household Durables, continued** | |
| 700 | Open House Co., Ltd. | $25394 |
| 15600 | Panasonic Holdings Corp. | 130658 |
| 2260 | Persimmon plc | 33353 |
| 1687 | PulteGroup, Inc. | 76809 |
| 256 | SEB SA | 21515 |
| 3500 | Sekisui Chemical Co., Ltd. | 48710 |
| 4500 | Sekisui House, Ltd. | 79599 |
| 1000 | Sharp Corp.^ | 7199 |
| 9400 | Sony Group Corp. | 716915 |
| 33694 | Taylor Wimpey plc | 41527 |
| 460 | Whirlpool Corp. | 65072 |
|  |  | 2002444 |
| **Household Products (1.2%):** | **Household Products (1.2%):** |  |
| 1709 | Church & Dwight Co., Inc. | 137763 |
| 872 | Clorox Co. (The) | 122368 |
| 5768 | Colgate-Palmolive Co. | 454461 |
| 4830 | Essity AB, Class B | 126847 |
| 644 | Henkel AG & Co. KGaA | 41529 |
| 2452 | Kimberly-Clark Corp. | 332859 |
| 17666 | Procter & Gamble Co. (The) | 2677459 |
| 5357 | Reckitt Benckiser Group plc | 372602 |
| 3000 | Unicharm Corp. | 115059 |
|  |  | 4380947 |
| **Independent Power and Renewable Electricity<br>Producers (0.1%):** | **Independent Power and Renewable Electricity<br>Producers (0.1%):** |  |
| 4828 | AES Corp. (The) | 138853 |
| 787 | Brookfield Renewable Corp., Class A | 21666 |
| 2012 | EDP Renovaveis SA | 44471 |
| 6904 | Meridian Energy, Ltd. | 22811 |
| 2059 | Northland Power, Inc. | 56471 |
| 3098 | Vistra Corp. | 71874 |
|  |  | 356146 |
| **Industrial Conglomerates (1.1%):** | **Industrial Conglomerates (1.1%):** |  |
| 4064 | 3M Co. | 487355 |
| 21000 | CK Hutchison Holdings, Ltd. | 126077 |
| 654 | DCC plc | 32279 |
| 8166 | General Electric Co. | 684229 |
| 7400 | Hitachi, Ltd. | 372461 |
| 5008 | Honeywell International, Inc. | 1073214 |
| 1007 | Investment AB Latour, Class B | 19128 |
| 1100 | Jardine Matheson Holdings, Ltd. | 55932 |
| 7500 | Keppel Corp., Ltd. | 40694 |
| 1957 | Lifco AB, Class B | 32593 |
| 29985 | Melrose Industries plc | 48737 |
| 340 | Rheinmetall AG | 67713 |
| 5633 | Siemens AG | 781708 |
| 2548 | Smiths Group plc | 49113 |
| 3100 | Toshiba Corp. | 108680 |
|  |  | 3979913 |
| **Insurance (3.5%):** | **Insurance (3.5%):** |  |
| 957 | Admiral Group plc | 24729 |
| 12269 | Aegon NV | 62230 |
| 4499 | Aflac, Inc. | 323658 |
| 1180 | Ageas NV | 52493 |
| 87800 | AIA Group, Ltd. | 967349 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Insurance, continued** | **Insurance, continued** | |
| 3061 | Allianz SE+ | $658102 |
| 2054 | Allstate Corp. (The) | 278522 |
| 506 | American Financial Group, Inc. | 69464 |
| 5619 | American International Group, Inc. | 355346 |
| 1535 | Aon plc, Class A | 460715 |
| 2711 | Arch Capital Group, Ltd.\* | 170197 |
| 1535 | Arthur J. Gallagher & Co. | 289409 |
| 8867 | Assicurazioni Generali SpA | 157450 |
| 407 | Assurant, Inc. | 50899 |
| 20405 | Aviva plc | 108738 |
| 13679 | AXA SA | 381189 |
| 296 | Baloise Holding AG | 45735 |
| 1810 | Brown & Brown, Inc. | 103116 |
| 3087 | Chubb, Ltd. | 680992 |
| 1198 | Cincinnati Financial Corp. | 122663 |
| 6900 | Dai-ichi Life Holdings, Inc. | 156713 |
| 116 | Erie Indemnity Co., Class A | 28851 |
| 281 | Everest Re Group, Ltd. | 93087 |
| 188 | Fairfax Financial Holdings, Ltd. | 111382 |
| 1917 | Fidelity National Financial, Inc. | 72118 |
| 1848 | Gjensidige Forsikring ASA | 36310 |
| 676 | Globe Life, Inc. | 81492 |
| 1806 | Great-West Lifeco, Inc. | 41755 |
| 437 | Hannover Rueck SE | 86858 |
| 2337 | Hartford Financial Services Group, Inc. (The) | 177215 |
| 648 | IA Financial Corp., Inc. | 37943 |
| 16579 | Insurance Australia Group, Ltd. | 53571 |
| 1266 | Intact Financial Corp. | 182269 |
| 18100 | Japan Post Holdings Co., Ltd. | 152616 |
| 1700 | Japan Post Insurance Co., Ltd. | 29923 |
| 41740 | Legal & General Group plc | 126034 |
| 1326 | Lincoln National Corp. | 40735 |
| 1606 | Loews Corp. | 93678 |
| 14122 | Manulife Financial Corp. | 251918 |
| 106 | Markel Corp.\* | 139654 |
| 3674 | Marsh & McLennan Cos., Inc. | 607973 |
| 25594 | Medibank Private, Ltd. | 51021 |
| 4938 | MetLife, Inc. | 357363 |
| 3200 | MS&AD Insurance Group Holdings, Inc. | 102435 |
| 1058 | Muenchener Rueckversicherungs-Gesellschaft AG | 343974 |
| 2086 | NN Group NV | 85183 |
| 6201 | Phoenix Group Holdings plc | 45657 |
| 4829 | Poste Italiane SpA | 47086 |
| 4218 | Power Corp. of Canada | 99234 |
| 1871 | Principal Financial Group, Inc. | 157014 |
| 4322 | Progressive Corp. (The) | 560607 |
| 2777 | Prudential Financial, Inc. | 276200 |
| 19927 | Prudential PLC | 269607 |
| 10467 | QBE Insurance Group, Ltd. | 95592 |
| 3651 | Sampo Oyj, Class A | 190877 |
| 2300 | Sompo Holdings, Inc. | 102142 |
| 4504 | Sun Life Financial, Inc. | 209098 |
| 9098 | Suncorp Group, Ltd. | 74588 |
| 244 | Swiss Life Holding AG | 125990 |
| 2253 | Swiss Re AG | 211411 |
| 3300 | T&D Holdings, Inc. | 47503 |
| 13500 | Tokio Marine Holdings, Inc. | 289033 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Insurance, continued** | **Insurance, continued** | |
| 1770 | Travelers Cos., Inc. (The) | $331857 |
| 2488 | Tryg A/S | 59022 |
| 797 | Willis Towers Watson plc | 194930 |
| 1540 | WR Berkley Corp. | 111758 |
| 1116 | Zurich Insurance Group AG | 533453 |
|  |  | 12937726 |
| **Interactive Media & Services (2.7%):** | **Interactive Media & Services (2.7%):** |  |
| 1569 | Adevinta ASA\* | 10376 |
| 44394 | Alphabet, Inc., Class A\* | 3916883 |
| 41030 | Alphabet, Inc., Class C\* | 3640592 |
| 6294 | Auto Trader Group plc | 39268 |
| 500 | Kakaku.com, Inc. | 8043 |
| 2194 | Match Group, Inc.\* | 91029 |
| 16947 | Meta Platforms, Inc., Class A\* | 2039402 |
| 3939 | Pinterest, Inc., Class A\* | 95639 |
| 488 | REA Group, Ltd. | 36740 |
| 483 | Scout24 AG | 24264 |
| 3100 | Seek, Ltd. | 44123 |
| 8297 | Snap, Inc., Class A\* | 74258 |
| 19800 | Z Holdings Corp. | 50064 |
| 1887 | ZoomInfo Technologies, Inc.\* | 56817 |
|  |  | 10127498 |
| **Internet & Direct Marketing Retail (1.9%):** | **Internet & Direct Marketing Retail (1.9%):** |  |
| 67901 | Amazon.com, Inc.\* | 5703684 |
| 819 | Chewy, Inc., Class A\* | 30369 |
| 933 | Delivery Hero SE\* | 44691 |
| 1488 | DoorDash, Inc., Class A\* | 72644 |
| 3877 | eBay, Inc. | 160779 |
| 883 | Etsy, Inc.\* | 105766 |
| 1296 | Just Eat Takeaway\* | 27593 |
| 341 | MercadoLibre, Inc.\* | 288568 |
| 6165 | Prosus NV | 423201 |
| 8000 | Rakuten, Inc. | 36316 |
| 1812 | Zalando SE\* | 64228 |
| 1200 | ZOZO, Inc. | 29798 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6987637 |
| **IT Services (3.6%):** | **IT Services (3.6%):** |  |
| 4702 | Accenture plc, Class A | 1254682 |
| 160 | Adyen NV\* | 221379 |
| 1478 | Affirm Holdings, Inc.\*^ | 14292 |
| 1286 | Akamai Technologies, Inc.\* | 108410 |
| 3441 | Amadeus IT Group SA\* | 177427 |
| 3109 | Automatic Data Processing, Inc. | 742616 |
| 589 | Bechtle AG | 20839 |
| 1147 | Black Knight, Inc.\* | 70827 |
| 3943 | Block, Inc.\* | 247778 |
| 921 | Broadridge Financial Solutions, Inc. | 123534 |
| 1256 | Capgemini SA | 210619 |
| 1553 | CGI, Inc.\* | 133883 |
| 3973 | Cognizant Technology Solutions Corp., Class A | 227216 |
| 3893 | Computershare, Ltd. | 69435 |
| 1792 | Edenred | 97496 |
| 412 | EPAM Systems, Inc.\* | 135029 |
| 4410 | Fidelity National Information Services, Inc. | 299218 |
| 4467 | Fiserv, Inc.\* | 451480 |
| 548 | FleetCor Technologies, Inc.\* | 100657 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **IT Services, continued** | **IT Services, continued** | |
| 1500 | Fujitsu, Ltd. | $198672 |
| 584 | Gartner, Inc.\* | 196306 |
| 1987 | Global Payments, Inc. | 197349 |
| 200 | GMO Payment Gateway, Inc. | 16632 |
| 1211 | GoDaddy, Inc., Class A\* | 90607 |
| 6667 | International Business Machines Corp. | 939314 |
| 800 | Itochu Techno-Solutions Corp. | 18740 |
| 546 | Jack Henry & Associates, Inc. | 95856 |
| 6412 | Mastercard, Inc., Class A | 2229645 |
| 523 | MongoDB, Inc.\* | 102947 |
| 4062 | Nexi SpA\* | 31925 |
| 2520 | Nomura Research Institute, Ltd. | 59916 |
| 4600 | NTT Data Corp. | 67697 |
| 340 | Nuvei Corp.\* | 8642 |
| 400 | Obic Co., Ltd. | 59145 |
| 1193 | Okta, Inc.\* | 81518 |
| 1100 | Otsuka Corp. | 34817 |
| 2420 | Paychex, Inc. | 279655 |
| 8255 | PayPal Holdings, Inc.\* | 587921 |
| 900 | SCSK Corp. | 13586 |
| 8478 | Shopify, Inc., Class A\* | 294394 |
| 1688 | Snowflake, Inc., Class A\* | 242295 |
| 1600 | TIS, Inc. | 42417 |
| 1365 | Twilio, Inc., Class A\* | 66830 |
| 709 | VeriSign, Inc.\* | 145657 |
| 12108 | Visa, Inc., Class A | 2515558 |
| 2632 | Western Union Co. (The.) | 36243 |
| 514 | Wix.com, Ltd.\* | 39491 |
| 1612 | Worldline SA\* | 62892 |
|  |  | 13463484 |
| **Leisure Products (0.1%):** | **Leisure Products (0.1%):** |  |
| 1400 | Bandai Namco Holdings, Inc. | 87809 |
| 298 | BRP, Inc. | 22723 |
| 961 | Hasbro, Inc. | 58631 |
| 600 | Shimano, Inc. | 95611 |
| 1200 | Yamaha Corp. | 44279 |
|  |  | 309053 |
| **Life Sciences Tools & Services (1.1%):** | **Life Sciences Tools & Services (1.1%):** |  |
| 2227 | Agilent Technologies, Inc. | 333270 |
| 4207 | Avantor, Inc.\* | 88726 |
| 260 | Bachem Holding AG, Registered B | 22683 |
| 171 | Bio-Rad Laboratories, Inc., Class A\* | 71904 |
| 1220 | Bio-Techne Corp. | 101113 |
| 403 | Charles River Laboratories International, Inc.\* | 87814 |
| 1012 | Eurofins Scientific SE | 72866 |
| 1164 | Illumina, Inc.\* | 235361 |
| 1388 | IQVIA Holdings, Inc.\* | 284387 |
| 567 | Lonza Group AG | 279140 |
| 170 | Mettler-Toledo International, Inc.\* | 245726 |
| 894 | PerkinElmer, Inc. | 125357 |
| 1659 | Qiagen NV\* | 83483 |
| 394 | Repligen Corp.\* | 66708 |
| 206 | Sartorius Stedim Biotech | 67104 |
| 2888 | Thermo Fisher Scientific, Inc. | 1590393 |
| 450 | Waters Corp.\* | 154161 |
|  |  | 3910196 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Machinery (2.0%):** | **Machinery (2.0%):** | |
| 2154 | Alfa Laval AB | $62364 |
| 2573 | Alstom SA | 63164 |
| 19923 | Atlas Copco AB, Class A\* | 236006 |
| 11256 | Atlas Copco AB, Class B | 120329 |
| 3868 | Caterpillar, Inc. | 926618 |
| 7981 | CNH Industrial NV | 128158 |
| 1049 | Cummins, Inc. | 254162 |
| 700 | Daifuku Co., Ltd. | 32948 |
| 3580 | Daimler Truck Holding AG\* | 110904 |
| 2143 | Deere & Co. | 918833 |
| 1024 | Dover Corp. | 138660 |
| 5056 | Epiroc AB, Class A | 92446 |
| 2200 | Epiroc AB, Class B | 35481 |
| 1400 | FANUC Corp. | 208971 |
| 2617 | Fortive Corp. | 168142 |
| 952 | GEA Group AG | 38882 |
| 800 | Hitachi Construction Machinery Co., Ltd. | 18031 |
| 600 | Hoshizaki Corp. | 21129 |
| 2525 | Husqvarna AB, Class B | 17801 |
| 593 | IDEX Corp. | 135400 |
| 2279 | Illinois Tool Works, Inc. | 502064 |
| 3004 | Ingersoll-Rand, Inc. | 156959 |
| 670 | Knorr-Bremse AG | 36607 |
| 7100 | Komatsu, Ltd. | 154059 |
| 2390 | Kone Oyj, Class B | 123776 |
| 7000 | Kubota Corp. | 96442 |
| 1000 | Kurita Water Industries, Ltd. | 41519 |
| 1500 | Makita Corp. | 35126 |
| 3400 | MINEBEA MITSUMI, Inc. | 51036 |
| 2600 | Misumi Group, Inc. | 57002 |
| 2300 | Mitsubishi Heavy Industries, Ltd. | 91032 |
| 1400 | NGK Insulators, Ltd. | 17858 |
| 411 | Nordson Corp. | 97703 |
| 3212 | Otis Worldwide Corp. | 251532 |
| 2625 | PACCAR, Inc. | 259796 |
| 982 | Parker-Hannifin Corp. | 285762 |
| 1194 | Pentair PLC | 53706 |
| 32 | Rational AG | 18963 |
| 8277 | Sandvik AB | 149526 |
| 275 | Schindler Holding AG | 51650 |
| 187 | Schindler Holding AG, Registered Shares | 33597 |
| 2306 | SKF AB, Class B | 35309 |
| 400 | SMC Corp. | 169318 |
| 388 | Snap-On, Inc. | 88654 |
| 556 | Spirax-Sarco Engineering plc | 71426 |
| 1129 | Stanley Black & Decker, Inc. | 84811 |
| 10500 | Techtronic Industries Co., Ltd. | 116924 |
| 227 | VAT Group AG | 62536 |
| 1851 | Volvo AB, Class A | 35256 |
| 11010 | Volvo AB, Class B | 199464 |
| 4375 | Wartsila Oyj Abp, Class B | 36965 |
| 1189 | Westinghouse Air Brake Technologies Corp. | 118674 |
| 1271 | Xylem, Inc. | 140534 |
| 1500 | Yaskawa Electric Corp. | 48266 |
|  |  | 7502281 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Marine (0.1%):** | **Marine (0.1%):** | |
| 20 | A.P. Moeller — Maersk A/S, Class A | $44380 |
| 39 | A.P. Moeller — Maersk A/S, Class B | 87611 |
| 408 | Kuehne & Nagel International AG | 94838 |
| 2700 | Mitsui O.S.K. Lines, Ltd. | 67673 |
| 3600 | Nippon Yusen KK | 85298 |
| 12000 | SITC International Holdings Co., Ltd. | 26490 |
| 656 | ZIM Integrated Shipping Services, Ltd.^ | 11277 |
|  |  | 417567 |
| **Media (0.7%):** | **Media (0.7%):** |  |
| 840 | Charter Communications, Inc., Class A\* | 284844 |
| 32350 | Comcast Corp., Class A | 1131279 |
| 3700 | Cyberagent, Inc. | 32915 |
| 2000 | Dentsu Group, Inc. | 63149 |
| 2260 | DISH Network Corp., Class A\* | 31730 |
| 2345 | Fox Corp., Class A | 71218 |
| 968 | Fox Corp., Class B | 27540 |
| 1700 | Hakuhodo DY Holdings, Inc. | 17221 |
| 10971 | Informa plc | 82236 |
| 2935 | Interpublic Group of Cos., Inc. (The) | 97765 |
| 991 | Liberty Broadband Corp., Class C\* | 75583 |
| 914 | Liberty Global plc, Class A\* | 17302 |
| 1069 | Liberty Media Corp.-Liberty SiriusXM, Class C\* | 41830 |
| 361 | Liberty Media Corp-Liberty SiriusXM, Class A\* | 14191 |
| 2449 | News Corp., Class A | 44572 |
| 1573 | Omnicom Group, Inc. | 128310 |
| 4613 | Paramount Global, Class B | 77867 |
| 4820 | Pearson plc | 54623 |
| 1673 | Publicis Groupe SA | 106222 |
| 675 | Quebecor, Inc., Class B | 15058 |
| 3346 | Shaw Communications, Inc., Class B | 96416 |
| 6283 | Sirius XM Holdings, Inc.^ | 36693 |
| 7439 | WPP plc | 73837 |
|  |  | 2622401 |
| **Metals & Mining (1.7%):** | **Metals & Mining (1.7%):** |  |
| 3422 | Agnico Eagle Mines, Ltd. | 177849 |
| 1443 | Alcoa Corp. | 65613 |
| 9258 | Anglo American plc | 362028 |
| 3645 | Antofagasta plc | 67656 |
| 3702 | ArcelorMittal SA | 96778 |
| 12771 | Barrick Gold Corp. | 218950 |
| 37510 | BHP Group, Ltd. | 1161096 |
| 2969 | BlueScope Steel, Ltd. | 33834 |
| 2098 | Boliden AB | 78938 |
| 4103 | Cleveland-Cliffs, Inc.\* | 66099 |
| 4279 | First Quantum Minerals, Ltd. | 89417 |
| 1429 | Franco-Nevada Corp. | 194822 |
| 12339 | Fortescue Metals Group, Ltd. | 171983 |
| 10614 | Freeport-McMoRan, Inc. | 403332 |
| 71702 | Glencore plc | 479353 |
| 5091 | IGO, Ltd. | 46259 |
| 4254 | Ivanhoe Mines, Ltd., Class A\* | 33622 |
| 3100 | JFE Holdings, Inc. | 36000 |
| 11630 | Kinross Gold Corp. | 47420 |
| 4089 | Lundin Mining Corp. | 25100 |
| 1374 | Mineral Resources, Ltd. | 72262 |
| 6151 | Newcrest Mining, Ltd. | 85738 |
| 5797 | Newmont Corp. | 273619 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Metals & Mining, continued** | **Metals & Mining, continued** | |
| 6300 | Nippon Steel Corp. | $109706 |
| 10117 | Norsk Hydro ASA | 75866 |
| 10215 | Northern Star Resources, Ltd. | 74784 |
| 2004 | Nucor Corp. | 264147 |
| 1988 | Pan American Silver Corp. | 32453 |
| 18950 | Pilbara Minerals, Ltd.\* | 48278 |
| 8309 | Rio Tinto plc | 582887 |
| 2683 | Rio Tinto, Ltd. | 211401 |
| 33569 | South32, Ltd. | 90848 |
| 1344 | Steel Dynamics, Inc. | 131309 |
| 1800 | Sumitomo Metal & Mining Co., Ltd. | 64045 |
| 3432 | Teck Cominco, Ltd., Class B | 129720 |
| 522 | Voestalpine AG | 13777 |
| 3566 | Wheaton Precious Metals Corp. | 139342 |
|  |  | 6256331 |
| **Mortgage Real Estate Investment Trusts (REITs) (0.0%<sup>†</sup>):** | **Mortgage Real Estate Investment Trusts (REITs) (0.0%<sup>†</sup>):** |  |
| 3231 | Annaly Capital Management, Inc. | 68109 |
| **Multiline Retail (0.5%):** | **Multiline Retail (0.5%):** |  |
| 380 | Canadian Tire Corp., Class A | 39718 |
| 1656 | Dollar General Corp. | 407790 |
| 1621 | Dollar Tree, Inc.\* | 229274 |
| 2154 | Dollarama, Inc. | 125997 |
| 1084 | Next plc | 76309 |
| 2700 | Pan Pacific International Holdings Corp. | 50129 |
| 3445 | Target Corp. | 513443 |
| 8710 | Wesfarmers, Ltd. | 271916 |
|  |  | 1714576 |
| **Multi-Utilities (0.9%):** | **Multi-Utilities (0.9%):** |  |
| 5519 | Algonquin Power & Utilities Corp. | 35956 |
| 1818 | Ameren Corp. | 161657 |
| 993 | Canadian Utilities, Ltd., Class A | 26883 |
| 4513 | CenterPoint Energy, Inc. | 135345 |
| 2272 | CMS Energy Corp. | 143886 |
| 2627 | Consolidated Edison, Inc. | 250379 |
| 5949 | Dominion Energy, Inc. | 364793 |
| 1419 | DTE Energy Co. | 166775 |
| 16775 | E.ON SE | 167398 |
| 13314 | Engie Group | 190683 |
| 27699 | National Grid plc | 332632 |
| 2801 | NiSource, Inc. | 76803 |
| 3719 | Public Service Enterprise Group, Inc. | 227863 |
| 4789 | RWE AG | 212921 |
| 2386 | Sempra Energy | 368733 |
| 5246 | Veolia Environnement SA | 134753 |
| 2413 | WEC Energy Group, Inc. | 226243 |
|  |  | 3223703 |
| **Oil, Gas & Consumable Fuels (5.4%):** | **Oil, Gas & Consumable Fuels (5.4%):** |  |
| 2453 | Aker BP ASA | 76558 |
| 2317 | Ampol, Ltd. | 44465 |
| 2300 | APA Corp. | 107364 |
| 5374 | ARC Resources, Ltd. | 72445 |
| 139588 | BP plc | 811564 |
| 2896 | Cameco Corp. | 65651 |
| 8377 | Canadian Natural Resources, Ltd. | 465258 |
| 10066 | Cenovus Energy, Inc. | 195327 |
| 1707 | Cheniere Energy, Inc. | 255982 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| 767 | Chesapeake Energy Corp. | $72382 |
| 13771 | Chevron Corp. | 2471757 |
| 9474 | ConocoPhillips | 1117932 |
| 5813 | Coterra Energy, Inc. | 142825 |
| 4680 | Devon Energy Corp. | 287867 |
| 1284 | Diamondback Energy, Inc. | 175626 |
| 14781 | Enbridge, Inc. | 577789 |
| 22150 | ENEOS Holdings, Inc. | 75430 |
| 18950 | ENI SpA | 270648 |
| 4358 | EOG Resources, Inc. | 564448 |
| 2651 | EQT Corp. | 89683 |
| 7020 | Equinor ASA | 252110 |
| 30766 | Exxon Mobil Corp. | 3393490 |
| 2889 | Galp Energia SGPS SA | 39087 |
| 2111 | Hess Corp. | 299382 |
| 1215 | HF Sinclair Corp. | 63046 |
| 1482 | Idemitsu Kosan Co., Ltd. | 34686 |
| 1615 | Imperial Oil, Ltd. | 78674 |
| 7500 | INPEX Corp. | 80042 |
| 2058 | Keyera Corp. | 44982 |
| 14817 | Kinder Morgan, Inc. | 267891 |
| 5059 | Marathon Oil Corp. | 136947 |
| 3724 | Marathon Petroleum Corp. | 433436 |
| 2993 | Neste Oyj | 138221 |
| 6920 | Occidental Petroleum Corp. | 435891 |
| 981 | OMV AG | 50648 |
| 3289 | ONEOK, Inc. | 216087 |
| 1899 | Ovintiv, Inc. | 96298 |
| 1471 | Parkland Corp. | 32282 |
| 4263 | Pembina Pipeline Corp. | 144724 |
| 3584 | Phillips 66 | 373023 |
| 1647 | Pioneer Natural Resources Co. | 376158 |
| 10226 | Repsol SA | 162993 |
| 24668 | Santos, Ltd. | 120932 |
| 53587 | Shell plc | 1522496 |
| 10007 | Suncor Energy, Inc. | 317477 |
| 1697 | Targa Resources Corp. | 124730 |
| 7383 | TC Energy Corp.^ | 294382 |
| 48 | Texas Pacific Land Corp. | 112523 |
| 18465 | TotalEnergies SE^ | 1152332 |
| 2246 | Tourmaline Oil Corp. | 113345 |
| 3011 | Valero Energy Corp. | 381975 |
| 1889 | Washington H. Soul Pattinson & Co., Ltd. | 35535 |
| 8886 | Williams Cos., Inc. | 292349 |
| 14440 | Woodside Energy Group, Ltd. | 348410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19907585 |
| **Paper & Forest Products (0.1%):** | **Paper & Forest Products (0.1%):** |  |
| 734 | Holmen AB, B Shares | 29217 |
| 3443 | Mondi plc | 58462 |
| 8500 | Oji Holdings Corp. | 34389 |
| 4244 | Stora Enso Oyj, Class R | 59949 |
| 4358 | Svenska Cellulosa AB SCA, Class B | 55134 |
| 3774 | UPM-Kymmene Oyj | 141452 |
| 391 | West Fraser Timber Co., Ltd. | 28238 |
|  |  | 406841 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Personal Products (0.7%):** | **Personal Products (0.7%):** | |
| 702 | Beiersdorf AG | $80544 |
| 1725 | Estee Lauder Cos., Inc. (The), Class A | 427990 |
| 39256 | Haleon PLC\* | 156986 |
| 3500 | Kao Corp. | 140128 |
| 200 | Kobayashi Pharmaceutical Co., Ltd. | 13760 |
| 300 | Kose Corp. | 32596 |
| 1774 | L'Oreal SA | 636319 |
| 3200 | Shiseido Co., Ltd. | 157722 |
| 18810 | Unilever plc | 948744 |
|  |  | 2594789 |
| **Pharmaceuticals (6.0%):** | **Pharmaceuticals (6.0%):** |  |
| 14300 | Astellas Pharma, Inc. | 216980 |
| 11474 | AstraZeneca plc | 1556867 |
| 7191 | Bayer AG, Registered Shares | 371236 |
| 15874 | Bristol-Myers Squibb Co. | 1142134 |
| 1386 | Catalent, Inc.\* | 62384 |
| 5400 | Chugai Pharmaceutical Co., Ltd. | 137235 |
| 12900 | Daiichi Sankyo Co., Ltd. | 413476 |
| 1700 | Eisai Co., Ltd. | 111365 |
| 3147 | Elanco Animal Health, Inc.\* | 38456 |
| 5963 | Eli Lilly & Co. | 2181504 |
| 30172 | GSK PLC | 524574 |
| 1106 | Hikma Pharmaceuticals plc | 20764 |
| 1722 | Horizon Therapeutics plc\* | 195964 |
| 283 | Ipsen SA | 30494 |
| 423 | Jazz Pharmaceuticals plc\* | 67388 |
| 19439 | Johnson & Johnson | 3433899 |
| 2500 | Kyowa Kirin Co., Ltd. | 57519 |
| 18777 | Merck & Co., Inc. | 2083308 |
| 999 | Merck KGaA | 193439 |
| 200 | Nippon Shinyaku Co., Ltd. | 11397 |
| 16021 | Novartis AG, Registered Shares | 1451596 |
| 12225 | Novo Nordisk A/S, Class B | 1655550 |
| 2500 | Ono Pharmaceutical Co., Ltd. | 58491 |
| 612 | Orion Oyj, Class B | 33541 |
| 2900 | Otsuka Holdings Co., Ltd. | 94427 |
| 41563 | Pfizer, Inc. | 2129688 |
| 990 | Recordati SpA | 41146 |
| 5247 | Roche Holding AG | 1649378 |
| 187 | Roche Holding AG | 72495 |
| 2394 | Royalty Pharma plc, Class A | 94611 |
| 8423 | Sanofi | 814899 |
| 2000 | Shionogi & Co., Ltd. | 99512 |
| 11050 | Takeda Pharmacuetical Co., Ltd. | 345189 |
| 5622 | Teva Pharmaceutical Industries, Ltd., ADR\* | 51273 |
| 950 | UCB SA | 74816 |
| 9546 | Viatris, Inc. | 106247 |
| 3531 | Zoetis, Inc. | 517468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22140710 |
| **Professional Services (0.8%):** | **Professional Services (0.8%):** |  |
| 1432 | Adecco Group AG | 47103 |
| 973 | Booz Allen Hamilton Holding Corp. | 101698 |
| 1956 | Bureau Veritas SA | 51471 |
| 3091 | Clarivate plc\* | 25779 |
| 2990 | CoStar Group, Inc.\* | 231067 |
| 922 | Equifax, Inc. | 179200 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Professional Services, continued** | **Professional Services, continued** | |
| 6700 | Experian plc | $228043 |
| 1287 | Intertek Group plc | 62802 |
| 867 | Jacobs Solutions, Inc. | 104101 |
| 995 | Leidos Holdings, Inc. | 104664 |
| 2800 | Nihon M&A Center, Inc. | 34736 |
| 1300 | Persol Holdings Co., Ltd. | 27612 |
| 710 | Randstad NV | 43351 |
| 10600 | Recruit Holdings Co., Ltd. | 337172 |
| 14545 | RELX plc | 402895 |
| 825 | Robert Half International, Inc. | 60910 |
| 47 | SGS SA, Registered Shares | 108850 |
| 412 | Teleperformance | 98300 |
| 1201 | Thomson Reuters Corp. | 137027 |
| 1541 | TransUnion | 87452 |
| 1122 | Verisk Analytics, Inc. | 197943 |
| 2011 | Wolters Kluwer NV | 210037 |
|  |  | 2882213 |
| **Real Estate Management & Development (0.5%):** | **Real Estate Management & Development (0.5%):** |  |
| 9234 | Aroundtown SA | 21553 |
| 116 | Azrieli Group | 7718 |
| 24400 | Capitaland Investment, Ltd. | 67493 |
| 2310 | CBRE Group, Inc., Class A\* | 177778 |
| 3700 | City Developments, Ltd. | 22662 |
| 14000 | CK Asset Holdings, Ltd. | 86200 |
| 200 | Daito Trust Construction Co., Ltd. | 20558 |
| 4200 | Daiwa House Industry Co., Ltd. | 96387 |
| 18800 | ESR Cayman, Ltd. | 39463 |
| 3858 | Fastighets AB Balder, B Shares\* | 18064 |
| 257 | FirstService Corp. | 31477 |
| 11000 | Hang Lung Properties, Ltd. | 21358 |
| 13324 | Henderson Land Development Co., Ltd. | 46525 |
| 6600 | Hongkong Land Holdings, Ltd. | 30268 |
| 2400 | Hulic Co., Ltd. | 18891 |
| 666 | LEG Immobilien SE | 43395 |
| 4109 | Lend Lease Group | 21900 |
| 9300 | Mitsubishi Estate Co., Ltd. | 120367 |
| 7400 | Mitsui Fudosan Co., Ltd. | 135211 |
| 8827 | New World Development Co., Ltd. | 24886 |
| 1000 | Nomura Real Estate Holdings, Inc. | 21382 |
| 1352 | Sagax AB, Class B | 30810 |
| 24117 | Sino Land Co., Ltd. | 30039 |
| 2100 | Sumitomo Realty & Development Co., Ltd. | 49454 |
| 10000 | Sun Hung Kai Properties, Ltd. | 136854 |
| 5000 | Swire Pacific, Ltd., Class A | 43855 |
| 9200 | Swire Properties, Ltd. | 23276 |
| 702 | Swiss Prime Site AG | 60972 |
| 1769 | UOL Group, Ltd. | 8886 |
| 5641 | Vonovia SE | 132925 |
| 15000 | Wharf Real Estate Investment Co., Ltd. | 87457 |
| 1442 | Zillow Group, Inc., Class C\* | 46447 |
|  |  | 1724511 |
| **Road & Rail (1.2%):** | **Road & Rail (1.2%):** |  |
| 11052 | Aurizon Holdings, Ltd. | 27870 |
| 4338 | Canadian National Railway Co. | 515382 |
| 6840 | Canadian Pacific Railway, Ltd. | 510196 |
| 1100 | Central Japan Railway Co. | 135345 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Road & Rail, continued** | **Road & Rail, continued** | |
| 15840 | CSX Corp. | $490723 |
| 1371 | DSV A/S | 217487 |
| 2300 | East Japan Railway Co. | 131251 |
| 8772 | Grab Holdings, Ltd.\* | 28246 |
| 2100 | Hankyu Hanshin Holdings, Inc. | 62442 |
| 653 | JB Hunt Transport Services, Inc. | 113857 |
| 1000 | Keio Corp. | 36773 |
| 900 | Keisei Electric Railway Co., Ltd. | 25748 |
| 1000 | Kintetsu Group Holdings Co., Ltd. | 33151 |
| 1035 | Knight-Swift Transportation Holdings, Inc. | 54244 |
| 10500 | MTR Corp., Ltd. | 55635 |
| 700 | Nippon Express Holdings Co., Ltd. | 39925 |
| 1774 | Norfolk Southern Corp. | 437149 |
| 2700 | Odakyu Electric Railway Co., Ltd. | 35197 |
| 673 | Old Dominion Freight Line, Inc. | 190984 |
| 703 | TFI International, Inc. | 70419 |
| 900 | Tobu Railway Co., Ltd. | 21076 |
| 4600 | Tokyu Corp. | 57945 |
| 11124 | Uber Technologies, Inc.\* | 275097 |
| 612 | U-Haul Holding Co. | 33648 |
| 4628 | Union Pacific Corp. | 958320 |
| 1500 | West Japan Railway Co. | 65480 |
|  |  | 4623590 |
| **Semiconductors & Semiconductor Equipment (4.2%):** | **Semiconductors & Semiconductor Equipment (4.2%):** |  |
| 12078 | Advanced Micro Devices, Inc.\* | 782292 |
| 1400 | Advantest Corp. | 90398 |
| 3849 | Analog Devices, Inc. | 631352 |
| 6450 | Applied Materials, Inc. | 628101 |
| 312 | ASM International NV | 78975 |
| 3024 | ASML Holding NV | 1636667 |
| 2977 | Broadcom, Inc. | 1664530 |
| 200 | Disco Corp. | 57502 |
| 975 | Enphase Energy, Inc.\* | 258336 |
| 1138 | Entegris, Inc. | 74641 |
| 717 | First Solar, Inc.\* | 107399 |
| 9771 | Infineon Technologies AG | 297560 |
| 30676 | Intel Corp. | 810767 |
| 1049 | KLA Corp. | 395505 |
| 1030 | Lam Research Corp. | 432909 |
| 500 | Lasertec Corp. | 83064 |
| 6392 | Marvell Technology, Inc. | 236760 |
| 4040 | Microchip Technology, Inc. | 283810 |
| 8041 | Micron Technology, Inc. | 401889 |
| 349 | Monolithic Power Systems, Inc. | 123410 |
| 18481 | NVIDIA Corp. | 2700813 |
| 1996 | NXP Semiconductors NV | 315428 |
| 3139 | ON Semiconductor Corp.\* | 195779 |
| 710 | Qorvo, Inc.\* | 64354 |
| 8315 | Qualcomm, Inc. | 914151 |
| 8700 | Renesas Electronics Corp.\* | 78638 |
| 800 | ROHM Co., Ltd. | 57098 |
| 1188 | Skyworks Solutions, Inc. | 108262 |
| 385 | SolarEdge Technologies, Inc.\* | 109059 |
| 5179 | STMicroelectronics NV | 184087 |
| 2600 | SUMCO Corp. | 34795 |
| 1093 | Teradyne, Inc. | 95474 |
| 6748 | Texas Instruments, Inc. | 1114905 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Semiconductors & Semiconductor Equipment, continued** | **Semiconductors & Semiconductor Equipment, continued** | |
| 1100 | Tokyo Electron, Ltd. | $326820 |
| 853 | Tower Semiconductor, Ltd.\* | 37275 |
| 928 | Wolfspeed, Inc.\* | 64069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15476874 |
| **Software (6.3%):** | **Software (6.3%):** |  |
| 3491 | Adobe, Inc.\* | 1174826 |
| 650 | ANSYS, Inc.\* | 157033 |
| 217 | Aspen Technology, Inc.\* | 44572 |
| 1651 | Autodesk, Inc.\* | 308522 |
| 1063 | AVEVA Group plc | 41279 |
| 1586 | Bentley Systems, Inc., Class B | 58619 |
| 627 | Bill.com Holdings, Inc.\* | 68318 |
| 2006 | Cadence Design Systems, Inc.\* | 322244 |
| 1003 | Ceridian HCM Holding, Inc.\* | 64342 |
| 748 | Check Point Software Technologies, Ltd.\* | 94368 |
| 1927 | Cloudflare, Inc., Class A\* | 87120 |
| 146 | Constellation Software, Inc. | 227979 |
| 1478 | Crowdstrike Holdings, Inc., Class A\* | 155619 |
| 382 | CyberArk Software, Ltd.\* | 49526 |
| 5166 | Dassault Systemes SE | 186296 |
| 1767 | Datadog, Inc., Class A\* | 129874 |
| 633 | Descartes Systems GRP The\* | 44134 |
| 1635 | DocuSign, Inc.\* | 90612 |
| 1999 | Dropbox, Inc., Class A\* | 44738 |
| 1323 | Dynatrace, Inc.\* | 50671 |
| 188 | Fair Isaac Corp.\* | 112533 |
| 4868 | Fortinet, Inc.\* | 237996 |
| 4346 | Gen Digital, Inc. | 93135 |
| 370 | HubSpot, Inc.\* | 106978 |
| 1968 | Intuit, Inc. | 765985 |
| 52469 | Microsoft Corp. | 12583116 |
| 423 | Nemetschek SE | 21602 |
| 487 | Nice, Ltd.\* | 94541 |
| 2016 | Open Text Corp. | 59744 |
| 11751 | Oracle Corp. | 960527 |
| 300 | Oracle Corp. | 19522 |
| 12569 | Palantir Technologies, Inc., Class A\* | 80693 |
| 2229 | Palo Alto Networks, Inc.\* | 311035 |
| 355 | Paycom Software, Inc.\* | 110160 |
| 310 | Paylocity Holding Corp.\* | 60221 |
| 818 | PTC, Inc.\* | 98193 |
| 767 | Roper Technologies, Inc. | 331413 |
| 7580 | Sage Group plc (The) | 68060 |
| 7465 | Salesforce, Inc.\* | 989784 |
| 7757 | SAP SE | 800404 |
| 1476 | ServiceNow, Inc.\* | 573086 |
| 1311 | Splunk, Inc.\* | 112864 |
| 1810 | SS&C Technologies Holdings, Inc. | 94229 |
| 1109 | Synopsys, Inc.\* | 354093 |
| 617 | Temenos AG | 34092 |
| 3431 | The Trade Desk, Inc., Class A\* | 153812 |
| 800 | Trend Micro, Inc. | 37415 |
| 326 | Tyler Technologies, Inc.\* | 105106 |
| 1496 | Unity Software, Inc.\*^ | 42771 |
| 1648 | VMware, Inc., Class A\* | 202308 |
| 656 | WiseTech Global, Ltd. | 22616 |
| 1476 | Workday, Inc., Class A\* | 246979 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Software, continued** | **Software, continued** | |
| 951 | Xero, Ltd.\* | $45386 |
| 1593 | Zoom Video Communications, Inc., Class A\* | 107910 |
| 663 | Zscaler, Inc.\* | 74190 |
|  |  | 23513191 |
| **Specialty Retail (1.8%):** | **Specialty Retail (1.8%):** |  |
| 492 | Advance Auto Parts, Inc. | 72339 |
| 145 | AutoZone, Inc.\* | 357596 |
| 1673 | Bath & Body Works, Inc. | 70500 |
| 1401 | Best Buy Co., Inc. | 112374 |
| 521 | Burlington Stores, Inc.\* | 105638 |
| 1320 | CarMax, Inc.\* | 80375 |
| 400 | Fast Retailing Co., Ltd. | 242439 |
| 5397 | Hennes & Mauritz AB, Class B | 58291 |
| 100 | Hikari Tsushin, Inc. | 14070 |
| 7577 | Home Depot, Inc. (The) | 2393271 |
| 8388 | Industria de Diseno Textil SA | 223325 |
| 17355 | JD Sports Fashion plc | 26486 |
| 12728 | Kingfisher plc | 36419 |
| 4636 | Lowe's Cos., Inc. | 923677 |
| 700 | Nitori Co., Ltd. | 90798 |
| 466 | O'Reilly Automotive, Inc.\* | 393318 |
| 2619 | Ross Stores, Inc. | 303987 |
| 8557 | TJX Cos., Inc. (The) | 681137 |
| 839 | Tractor Supply Co. | 188750 |
| 379 | Ulta Beauty, Inc.\* | 177777 |
| 1700 | USS Co., Ltd. | 26945 |
|  |  | 6579512 |
| **Technology Hardware, Storage & Peripherals (4.5%):** | **Technology Hardware, Storage & Peripherals (4.5%):** |  |
| 119014 | Apple, Inc. | 15463489 |
| 2300 | Brother Industries, Ltd. | 34809 |
| 7200 | Canon, Inc. | 155709 |
| 2057 | Dell Technologies, Inc., Class C | 82732 |
| 2500 | FUJIFILM Holdings Corp. | 126152 |
| 9133 | Hewlett Packard Enterprise Co. | 145763 |
| 7570 | HP, Inc. | 203406 |
| 1306 | Logitech International SA, Class R | 81082 |
| 1800 | NEC Corp. | 62987 |
| 1731 | NetApp, Inc. | 103964 |
| 3600 | Ricoh Co., Ltd. | 27617 |
| 1662 | Seagate Technology Holdings plc | 87438 |
| 2200 | Seiko Epson Corp. | 31938 |
| 2418 | Western Digital Corp.\* | 76288 |
|  |  | 16683374 |
| **Textiles, Apparel & Luxury Goods (1.2%):** | **Textiles, Apparel & Luxury Goods (1.2%):** |  |
| 1353 | Adidas AG | 184672 |
| 2664 | Burberry Group plc | 65081 |
| 3851 | Cie Financiere Richemont SA | 498476 |
| 1244 | Gildan Activewear, Inc. | 34073 |
| 229 | Hermes International SA | 353329 |
| 558 | Kering | 285534 |
| 888 | Lululemon Athletica, Inc.\* | 284497 |
| 2053 | LVMH Moet Hennessy Louis Vuitton SA | 1491179 |
| 1545 | Moncler SpA | 82230 |
| 9301 | NIKE, Inc., Class B | 1088310 |
| 733 | Pandora A/S | 51724 |
| 767 | Puma SE | 46536 |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Textiles, Apparel & Luxury Goods, continued** | **Textiles, Apparel & Luxury Goods, continued** | |
| 116 | Swatch Group AG (The) | $6052 |
| 267 | Swatch Group AG (The), Class B | 75821 |
| 2243 | VF Corp. | 61929 |
|  |  | 4609443 |
| **Tobacco (0.7%):** | **Tobacco (0.7%):** |  |
| 13296 | Altria Group, Inc. | 607760 |
| 15951 | British American Tobacco plc | 632717 |
| 6629 | Imperial Brands plc, Class A | 165588 |
| 8600 | Japan Tobacco, Inc. | 173919 |
| 11583 | Philip Morris International, Inc. | 1172315 |
|  |  | 2752299 |
| **Trading Companies & Distributors (0.7%):** | **Trading Companies & Distributors (0.7%):** |  |
| 1088 | AerCap Holdings NV\* | 63452 |
| 3135 | Ashtead Group plc | 179054 |
| 1133 | Brenntag AG | 72429 |
| 2452 | Bunzl plc | 81824 |
| 4413 | Fastenal Co. | 208823 |
| 1574 | Ferguson plc | 198822 |
| 478 | IMCD NV | 68266 |
| 2137 | Indutrade AB | 43450 |
| 8600 | Itochu Corp. | 268936 |
| 11600 | Marubeni Corp. | 132582 |
| 9600 | Mitsubishi Corp. | 310624 |
| 10200 | Mitsui & Co., Ltd. | 296633 |
| 1400 | MonotaRo Co., Ltd. | 19800 |
| 1239 | Reece, Ltd. | 11913 |
| 9000 | Sumitomo Corp. | 149262 |
| 731 | Toromont Industries, Ltd. | 52760 |
| 1400 | Toyota Tsushu Corp. | 51328 |
| 526 | United Rentals, Inc.\* | 186951 |
| 355 | W.W. Grainger, Inc. | 197469 |
|  |  | 2594378 |
| **Transportation Infrastructure (0.1%):** | **Transportation Infrastructure (0.1%):** |  |
| 546 | Aena SME SA\* | 68754 |
| 215 | Aeroports de Paris\* | 28910 |
| 8354 | Auckland International Airport, Ltd.\* | 41490 |
| 2993 | Getlink SE | 47955 |
| 23513 | Transurban Group | 207578 |
|  |  | 394687 |
| **Water Utilities (0.1%):** | **Water Utilities (0.1%):** |  |
| 1396 | American Water Works Co., Inc. | 212778 |
| 1666 | Essential Utilities, Inc. | 79518 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Water Utilities, continued** | **Water Utilities, continued** | |
| 2208 | Severn Trent plc | $70795 |
| 4770 | United Utilities Group plc | 57187 |
|  |  | 420278 |
| **Wireless Telecommunication Services (0.5%):** | **Wireless Telecommunication Services (0.5%):** |  |
| 11800 | KDDI Corp. | 356699 |
| 2761 | Rogers Communications, Inc., Class B | 129240 |
| 21500 | Softbank Corp. | 243132 |
| 9000 | SoftBank Group Corp. | 381191 |
| 4629 | Tele2 AB | 37738 |
| 4667 | T-Mobile US, Inc.\* | 653380 |
| 187324 | Vodafone Group plc | 189844 |
|  |  | 1991224 |
| Total Common Stocks (Cost $351,911,058) | Total Common Stocks (Cost $351,911,058) | 369441405 |
| **Preferred Stocks (0.1%):** | **Preferred Stocks (0.1%):** |  |
| **Automobiles (0.1%):** | **Automobiles (0.1%):** |  |
| 526 | Bayerische Motoren Werke AG (BMW), 7.32%, 5/15/20 | 44791 |
| 1151 | Porsche Automobil Holding SE, 5.00%, 5/20/20 | 63137 |
| 1330 | Volkswagen AG, 6.49%, 5/8/20 | 165746 |
|  |  | 273674 |
| **Household Products (0.0%<sup>†</sup>):** | **Household Products (0.0%<sup>†</sup>):** |  |
| 1314 | Henkel AG & Co. KGaA, 2.84%, 4/21/20 | 91460 |
| Total Preferred Stocks (Cost $551,377) | Total Preferred Stocks (Cost $551,377) | 365134 |
| **Short-Term Security Held as Collateral for Securities on Loan (0.6%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.6%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.6%):** |
| 2246682 | BlackRock Liquidity FedFund, Institutional Class, 1.49%(a)(b) | 2246682 |
| Total Short-Term Security Held as Collateral for Securities on<br>Loan (Cost $2,246,682) | Total Short-Term Security Held as Collateral for Securities on<br>Loan (Cost $2,246,682) | 2246682 |
| **Unaffiliated Investment Company (0.3%):** | **Unaffiliated Investment Company (0.3%):** |  |
| **Money Markets (0.3%):** | **Money Markets (0.3%):** |  |
| 1059186 | Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(b) | 1059186 |
| Total Unaffiliated Investment Company (Cost $1,059,186) | Total Unaffiliated Investment Company (Cost $1,059,186) | 1059186 |
| Total Investment Securities (Cost $355,768,303) — 100.3%(c) | Total Investment Securities (Cost $355,768,303) — 100.3%(c) | 373112407 |
| Net other assets (liabilities) — (0.3)% | Net other assets (liabilities) — (0.3)% | (1078286) |
| Net Assets — 100.0% | Net Assets — 100.0% | $372034121 |

---

Percentages indicated are based on net assets as of December 31, 2022.

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 December 31, 2022. The total value of securities on loan as of December 31, 2022 was $2,128,028.  |

---

+ Affiliated Securities

† Represents less than 0.05%.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for
securities that were sold on or before December 31, 2022.

(b) The rate represents the effective yield at December 31, 2022.

(c) See Federal Tax Information listed in the Notes to the Financial Statements.

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

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 December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Country** | **Percentage** | |
|  Argentina | 0.1 | % |
|  Australia | 2.2 | % |
|  Austria |  | %<sup>†</sup> |
|  Belgium | 0.3 | % |
|  Bermuda | 0.1 | % |
|  Canada | 3.6 | % |
|  China |  | %<sup>†</sup> |
|  Denmark | 0.8 | % |
|  Finland | 0.4 | % |
|  France | 3.1 | % |
|  Germany | 2.3 | % |
|  Hong Kong | 0.8 | % |
|  Ireland | 0.9 | % |
|  Isle of Man |  | %<sup>†</sup> |
|  Israel | 0.2 | % |
|  Italy | 0.6 | % |

---

---

| | | |
|:---|:---|:---|
| **Country** | **Percentage** | |
|  Japan | 6.2 | % |
|  Jersey |  | %<sup>†</sup> |
|  Liberia |  | %<sup>†</sup> |
|  Luxembourg | 0.1 | % |
|  Netherlands | 2.2 | % |
|  New Zealand | 0.1 | % |
|  Norway | 0.2 | % |
|  Panama |  | %<sup>†</sup> |
|  Portugal | 0.1 | % |
|  Singapore | 0.4 | % |
|  Spain | 0.7 | % |
|  Sweden | 0.9 | % |
|  Switzerland | 3.3 | % |
|  United Kingdom | 4.4 | % |
|  United States | 66.0 | % |
|  | 100.0 | % |

---

† Represents less than 0.05%.

**Futures Contracts** 

At December 31, 2022, the Fund's open futures contracts were as follows:

**Long Futures** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  DJ EURO STOXX 50 March Futures (Euro) | 3/17/23 | 6 | $243064 | $(2505) |
|  FTSE 100 Index March Futures (British Pounds) | 3/17/23 | 3 | 270723 | 2771 |
|  S&P 500 Index E-Mini March Futures (U.S. Dollar) | 3/17/23 | 9 | 1737450 | (22054) |
|  SGX NIKKEI 225 Index March Futures (Japanese Yen) | 3/9/23 | 2 | 198102 | (11904) |
|  |  |  |  | $(33692) |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in non-affiliates, at cost | $354376395.0 |
|  Investments in affiliates, at cost | 1391908.0 |
|  Investments in non-affiliates, at value(a) | $371672687.0 |
|  Investments in affiliates, at value | 1439720.0 |
|  Cash | 17385.0 |
|  Deposit at broker for futures contracts collateral | 152027.0 |
|  Interest and dividends receivable | 351616.0 |
|  Foreign currency, at value (cost $877,736) | 902781.0 |
|  Receivable for investments sold | 12844.0 |
|  Reclaims receivable | 259054.0 |
|  Prepaid expenses | 1240.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 374809354.0 |
|  **Liabilities:** |  |
|  Payable for capital shares redeemed | 292187.0 |
|  Payable for collateral received on loaned securities | 2246682.0 |
|  Payable for variation margin on futures contracts | 15262.0 |
|  Management fees payable | 100083.0 |
|  Administration fees payable | 32263.0 |
|  Distribution fees payable | 72075.0 |
|  Custodian fees payable | 3291.0 |
|  Administrative and compliance services fees payable | 448.0 |
|  Transfer agent fees payable | 806.0 |
|  Trustee fees payable | 1120.0 |
|  Other accrued liabilities | 11016.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 2775233.0 |
|  **Net Assets** | $372034121.0 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $351271568.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 20762553.0 |
|  **Net Assets** | $372034121.0 |
|  **Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $39839288.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 5456339.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $7.3 |
|  **Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $332194833.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 26553386.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $12.51 |

---

(a) Includes securities on loan of $2,128,028.

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Dividends from non-affiliates | $8929477 |
|  Dividends from affiliates | 60275 |
|  Income from securities lending | 33158 |
|  Foreign withholding tax | (508960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 8513950 |
|  **Expenses:** |  |
|  Management fees | 2922910 |
|  Administration fees | 93769 |
|  Distribution fees — Class 2 | 933419 |
|  Custodian fees | 49723 |
|  Administrative and compliance services fees | 6264 |
|  Transfer agent fees | 13620 |
|  Trustee fees | 25441 |
|  Professional fees | 18744 |
|  Licensing fees | 127049 |
|  Shareholder reports | 6158 |
|  Other expenses | 12133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reductions | 4209230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less Management fees contractually waived | (1628472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2580758 |
|  **Net Investment Income/(Loss)** | 5933192 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities and foreign currencies | 703914 |
|  Net realized gains/(losses) on affiliated transactions | (14690) |
|  Net realized gains/(losses) on futures contracts | (153739) |
|  Change in net unrealized appreciation/depreciation on securities and foreign currencies | (97479260) |
|  Change in net unrealized appreciation/depreciation on affiliated transactions | (325705) |
|  Change in net unrealized appreciation/depreciation on futures contracts | (72467) |
|  **Net realized and Change in net unrealized gains/losses on investments** | (97341947) |
|  **Change in Net Assets Resulting From Operations** | $(91408755) |

---

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $5933192 | $4432074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | 535485 | 30434123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (97877432) | 46241084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (91408755) | 81107281 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (5669928) | (2699791) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (29626829) | (14913892) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (35296757) | (17613683) |
|  **Capital Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 71634 | 292588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from in-kind shares issued(a) |  | 53013674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 5669928 | 2699791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (5131647) | (3968036) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | 609915 | 52038017 |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 5426058 | 1424827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from in-kind shares issued(a) |  | 162355745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 29626829 | 14, 913892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (54949045) | (97837065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | (19896158) | 80857399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | (19286243) | 132895416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (145991755) | 196389014 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 518025876 | 321636862 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $372034121 | $518025876 |
|  **Share Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 7887 | 28178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares from in-kind transactions(a) |  | 5301367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 809990 | 277471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (585641) | (382913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | 232236 | 5224103 |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 398125 | 80110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares from in-kind transactions(a) |  | 10251349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 2468902 | 949325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3868175) | (6140552) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | (1001148) | 5140232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | (768912) | 10364335 |

---

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 MSCI Global Equity Index Fund** 

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021^** | **2020** | **2019** | **2018** |
|  **Class 1** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $10.43 | $10.00 |  |  |  |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.14 (a) | 0.06 (a) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (2.07) | 0.91 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (1.93) | 0.97 |  |  |  |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.17) | (0.13) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (1.03) | (0.41) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (1.20) | (0.54) |  |  |  |
|  **Net Asset Value, End of Period** | $7.30 | $10.43 |  |  |  |
|  **Total Return(b)** | (18.08)% | 10.00 %(c) |  |  |  |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $39839 | $54468 |  |  |  |
|  Net Investment Income/(Loss)(d) | 1.65% | 1.06% |  |  |  |
|  Expenses Before Reductions(d)(e) | 0.79% | 0.83% |  |  |  |
|  Expenses Net of Reductions(d) | 0.39% | 0.44% |  |  |  |
|  Portfolio Turnover Rate(f) | 2% | 49 %(g) |  |  |  |
|  **Class 2** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $16.82 | $14.35 | $12.55 | $10.03 | $11.22 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.20 (a) | 0.16 (a) | 0.16 (a) | 0.19 (a) | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (3.31) | 2.85 | 1.75 | 2.52 | (1.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (3.11) | 3.01 | 1.91 | 2.71 | (0.98) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.17) | (0.13) | (0.11) | (0.19) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (1.03) | (0.41) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (1.20) | (0.54) | (0.11) | (0.19) | (0.21) |
|  **Net Asset Value, End of Period** | $12.51 | $16.82 | $14.35 | $12.55 | $10.03 |
|  **Total Return(b)** | (18.23)% | 21.18% | 15.36% | 27.25% | (8.94)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $332195 | $463557 | $321637 | $331138 | $127860 |
|  Net Investment Income/(Loss) | 1.40% | 1.03% | 1.32% | 1.68% | 1.67% |
|  Expenses Before Reductions(e) | 1.04% | 1.09% | 1.08% | 1.12% | 1.14% |
|  Expenses Net of Reductions | 0.65% | 0.70% | 0.07% | 0.73% | 0.75% |
|  Portfolio Turnover Rate(f) | 2% | 49 %(g) | 13% | 9% | 4% |

---

^ Class 1 activity is for the period June 21, 2021 (commencement of operations) to December 31, 2021.

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these
charges were included, the returns would have been lower.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares
issued.

(g) Excludes impact of in-kind transactions.

See accompanying notes to the financial statements.

------

**AZL MSCI Global Equity Index Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund may enter into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles ("U.S. GAAP"). The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Security Valuation** 

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

**Investment Transactions and Investment Income** 

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

**Real Estate Investment Trusts** 

The Fund may own shares of real estate investment trusts ("REITs") which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

**Foreign Currency Translation and Withholding Taxes** 

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

**Distributions to Shareholders** 

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These "book/tax" differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

**Expense Allocation** 

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the "Manager"), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

------

**AZL MSCI Global Equity Index Fund** 

Notes to the Financial Statements

December 31, 2022

**Class Allocation** 

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

**Securities Lending** 

To generate additional income, the Fund may lend up to 33<sup>1</sup>⁄<sub>3</sub>% 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 December 31, 2022 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 $2,844 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund had securities lending transactions of $2,246,682 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

**In-kind Subscriptions** 

During the period ended December 31, 2021, the 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 $22,088,755 in cash, and securities with a fair market value of $193,280,664, received from shareholders of the Templeton Growth VIP Fund. The Fund did not issue subscriptions in-kind for the year ended December 31, 2022.

**Derivative Instruments** 

All open derivative positions at period end are reflected on the Fund's Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

***Futures Contracts***

During the year ended December 31, 2022, the Fund used futures contracts to provide market exposure on the Fund's cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value ("variation margin"), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the year ended December 31, 2022, the monthly average notional amount for long contracts was $2.9 million. There was no short contract activity during the period. Realized gains and losses are reported as "Net realized gains/(losses) on futures contracts" on the Statement of Operations.

**Summary of Derivative Instruments** 

The following is a summary of the values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Primary Risk Exposure** | **Statement of Assets and Liabilities Location** | **Total**<br> **Value** | **Statement of Assets and Liabilities Location** | **Total**<br> **Value** |
| **Equity Risk** | **Equity Risk** | |  | |
| Futures Contracts | Receivable for variation margin on futures contracts\* | $2771 | Payable for variation margin on futures contracts\* | $36463 |

---

\* 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. 

------

**AZL MSCI Global Equity Index Fund** 

Notes to the Financial Statements

December 31, 2022

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Primary Risk Exposure** | **Location of Gains/(Losses)**<br> **on Derivatives**<br> **Recognized** | **Realized Gains/(Losses)**<br> **on Derivatives**<br> **Recognized** | **Change in Net Unrealized**<br> **Appreciation/Depreciation on<br>Derivatives Recognized** |
| **Equity Risk** | **Equity Risk** | | |
| Futures Contracts | Net realized gains/(losses) on futures contracts/Change in net unrealized appreciation/depreciation on futures contracts | $(153739) | $(72467) |

---

**3. Fees and Transactions with Affiliates and Other Parties**

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the "Subadviser"), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC ("BlackRock Investment"), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as "Management fees." For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund's business, based on the daily net assets of the Fund, through April 30, 2024.

For the year ended December 31, 2022, 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. For the year ended December 31, 2022, the Manager waived, prior to any application of expense limit, the management fee to 0.31% on all assets in order to maintain more competitive expense ratios. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024.

Any amounts waived or reimbursed by the Manager with respect to the annual expense limits in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable.

At December 31, 2022, the following investments are noted as Affiliated Securities in the Fund's Schedule of Portfolio Investments.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds from<br>Sales** | **Net**<br> **Realized<br>Gains(Losses)** | **Change in Net<br>Unrealized<br>Appreciation/<br>Depreciation** | **Value<br>12/31/2022** | **Shares as of<br>12/31/2022** | **Dividend<br>Income** | **Capital Gains<br>Distributions** |
|  Allianz SE, Registered Shares | $795478 | $– | $(61825) | $(11182) | $(64369) | $658102 | 3061 | $37276 | $— |
|  BlackRock Inc., Class A | 1158183 | – | (111721) | (3508) | (261336) | 781618 | 1103 | 22999 |  |
|  | $1953661 | $– | $(173546) | $(14690) | $(325705) | $1439720 | 4164 | $60275 | $— |

---

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer ("CCO") and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administrative and compliance services fees."

Citi Fund Services Ohio, Inc. ("Citi" or the "Administrator"), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust's administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund's compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administration fees."

FIS Investor Services LLC ("FIS") serves as the Fund's transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon ("BNY Mellon" or the "Custodian") serves as the Trust's custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

------

**AZL MSCI Global Equity Index Fund** 

Notes to the Financial Statements

December 31, 2022

Allianz Life Financial Services, LLC ("ALFS"), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust's CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

**4. Investment Valuation Summary** 

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates,
prepayments speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust's Board of Trustees (the "Board" or "Trustees") as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund's net asset value is calculated. These procedures include the Fund's use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund's fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund's NAV will be subject to the judgment of the Manager. The Manager's fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks+ | $264752210 | $104689195 | $— | $369441405 |
|  Preferred Stocks+ |  | 365134 |  | 365134 |
|  Short-Term Security Held as Collateral for Securities on Loan | 2246682 |  |  | 2246682 |
|  Unaffiliated Investment Company | 1059186 |  |  | 1059186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | 268058078 | 105054329 |  | 373112407 |
|  Other Financial Instruments:\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (33692) |  |  | (33692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $268024386 | $105054329 | $— | $373078715 |

---

+ For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

\* Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
|  AZL MSCI Global Equity Index Fund | $6929499 | $55140252 |

---

**6. Investment Risks**

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

------

**AZL MSCI Global Equity Index Fund** 

Notes to the Financial Statements

December 31, 2022

*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.

*Emerging Markets Risk:* Emerging markets may have less developed trading markets and exchanges which may make it more difficult to sell securities at an acceptable price and their prices may be more volatile than securities of companies in more developed markets. Settlements of trades may be subject to greater delays so that the Fund may not receive the proceeds of a sale of a security on a timely basis. Emerging countries may also have less developed legal and accounting systems and investments may be subject to greater risks of government restrictions, nationalization, or confiscation.

*Foreign Securities Risk:* Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

*Market Risk*: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

**7. Coronavirus (COVID-19) Pandemic** 

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $358,602,087. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

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| | |
|:---|:---|
|  Unrealized appreciation | $53152897 |
|  Unrealized (depreciation) | (38642577) |
|  Net unrealized appreciation/(depreciation) | $14510320 |

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL MSCI Global Equity Index Fund | $29139384 | $6157373 | $35296757 |

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(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL MSCI Global Equity Index Fund | $14428841 | $3184842 | $17613683 |

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(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

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**AZL MSCI Global Equity Index Fund** 

Notes to the Financial Statements

December 31, 2022

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized<br>Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated<br>Earnings/<br>(Deficit)** |
|  AZL MSCI Global Equity Index Fund | $6245628 | $– | $– | $14517547 | $20763175 |

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(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, foreign currency gains or losses, mark-to-market of passive foreign
investment companies, straddles 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 December 31, 2022, 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.

**11. Subsequent Events** 

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund's financial statements.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL MSCI Global Equity Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL MSCI Global Equity Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

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**Other Federal Income Tax Information (Unaudited)** 

For the year ended December 31, 2022, 12.03% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2022, the Fund declared net short-term capital gain distributions of $24,214,802.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $6,157,373.

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**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.

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**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

Each Fund is a manager-of-managers fund. That means that the Manager is responsible for monitoring the various Subadvisers that have day-to-day responsibility for the investment decisions made for each Fund. The Manager also is responsible for determining, in the first instance, which investment advisers to consider recommending for selection as a Subadviser.

In reviewing the services provided by the Manager and the terms of the Management Agreement, the Board receives and reviews information related to the Manager's experience and expertise in the variable insurance marketplace. In addition, the Board receives information regarding the Manager's expertise with regard to portfolio diversification and asset allocation requirements within variable insurance products issued by Allianz Life Insurance Company of North America ("Allianz Life") and its subsidiary, Allianz Life Insurance Company of New York ("Allianz of New York"). Currently, the Funds are offered only through Allianz Life and Allianz of New York variable products, and not in the retail fund market.

The Manager has adopted policies and procedures to assist it in the process of analyzing each potential Subadviser with expertise in particular asset classes for purposes of making the recommendation that a specific investment adviser be selected. The Board reviews and considers the information provided by the Manager in deciding which investment advisers to select as a Subadviser. After an investment adviser becomes a Subadviser, a similarly rigorous process is instituted by the Manager to monitor the investment performance and other responsibilities of the Subadviser. The Manager reports to the Board on its analysis at the regular meetings of the Board, which are held at least quarterly. Where warranted, the Manager will add or remove a particular Subadviser from a "watch" list that it maintains. Watch list criteria include, for example: (a) Fund performance over various time periods; (b) Fund risk issues, such as changes in key personnel involved with Fund management, changes in investment philosophy or process, or "capacity" concerns; and (c) organizational risk issues, such as regulatory, compliance or legal concerns, or changes in the ownership of the Subadviser. The Manager may place a Fund on the watch list for other reasons, and if so, will explain its rationale to the Board. Funds which are on the watch list are subject to additional scrutiny by the Manager and the Board. Funds may be removed from such watch list, if for example, performance improves or regulatory matters are satisfactorily resolved. However, in some situations where Funds have been on the watch list, the Manager has recommended the retention of a new Subadviser, and the Board has subsequently considered and approved retention of the new Subadviser.

As required by the Investment Company Act of 1940 (the "1940 Act"), the Board has reviewed and approved the Management Agreement with the Manager and the portfolio management agreements (the "Subadvisory Agreements"; and together with the Management Agreement, the "Advisory Contracts") with the Subadvisers. The Board's decision to approve these contracts reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of these contracts, the Board considered many factors, among the most material of which are: the Fund's investment objectives and long-term performance; the Manager's and Subadvisers' (collectively, the "Advisory Organizations") management philosophy, personnel, processes and investment performance, including their compliance history and the adequacy of their compliance processes; the preferences and expectations of Fund shareholders (and underlying contract owners) and their relative sophistication; the continuing state of competition in the mutual fund industry; and comparable fees in the mutual fund industry.

The Board also considered the compensation and benefits received by the Advisory Organizations. This includes fees received for services provided to the Fund by affiliated persons of the Advisory Organizations and research services received by the Advisory Organizations from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Services Agreement and a Compliance Services Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and received (along with its affiliated persons) any payments made by the Funds pursuant to Rule 12b-1.

The Board is aware that various courts have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an adviser's compensation: the nature, extent and quality of the services provided by the adviser, including the performance of the fund; the adviser's cost of providing the services; the extent to which the adviser may realize "economies of scale" as the fund grows larger; any indirect benefits that may accrue to the adviser and its affiliates as a result of the adviser's relationship with the fund; performance and expenses of comparable funds; the profitability of acting as adviser to the fund; and the extent to which the independent Board members, who are not "interested persons" of a fund as defined by the 1940 Act ("Independent Trustees"), are fully informed about all facts bearing on the adviser's services and fees. The Board is aware of these factors and takes them into account in its review of the Advisory Contracts.

Each member of the Board considered and weighed these factors in light of his or her experience in governing the Trust and working with the Advisory Organizations on matters relating to the Funds. The Board is assisted in its deliberations by the advice of independent legal counsel to the Independent Trustees ("Independent Trustee Counsel"). In this regard, the Board requests and receives a significant amount of information about the Funds and the Advisory Organizations. Some of this information is provided at each regular meeting of the Board; additional information is provided in connection with the particular meetings at which the Board's formal review of the Advisory Contracts occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board's evaluation of Advisory Contracts is informed by reports covering such matters as: an Advisory Organization's investment philosophy, personnel, and processes; the Fund's investment performance (in absolute terms as well as in relationship to its benchmark(s) and certain competitor or "peer group" funds), and comments on the reasons for performance; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to peer group and/or competing funds, with due regard for the Expense Limitation Agreement and additional voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities; the nature, extent and quality of the advisory and other services provided to the Fund by the Advisory Organizations and their affiliates; compliance and audit reports concerning the Funds and the companies that service them; and relevant developments in the mutual fund industry and how the Funds and/or Advisory Organizations are responding to them.

The Board also receives financial information about the Advisory Organizations, including reports on the compensation and benefits the Advisory Organizations derive from their relationships with the Funds. These reports cover not only the fees under the Advisory Contracts, but also the fees, if any, received for providing other services to the Funds. The reports also discuss any indirect or "fall-out" benefits an Advisory Organization may derive from its relationship with the Funds.

In assessing the Advisory Organizations' performance of their obligations, the Board may also consider whether there has occurred a circumstance or event that would constitute a reason for it to not renew an Advisory Contract. In this regard, the Board is mindful of the potential disruption of a Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew a contract.

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

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In connection with such meetings, the Board requested and evaluated extensive materials from the Advisory Organizations, including performance and expense information for other investment companies with similar investment objectives derived from data compiled by an independent third-party provider and other sources believed to be reliable by the Manager and the Trustees. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Contracts with management and with Independent Trustee Counsel and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approval. The Independent Trustees also discussed the proposed approval in private sessions with Independent Trustee Counsel at which no representatives of the Manager or Subadvisers were present. In reaching their determinations relating to the approval of the Advisory Contracts, in respect of each Fund, each member of the Board considered all factors he or she believed relevant. The Board based its decision to approve the Advisory Contracts on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

*(1) The nature, extent and quality of services provided by the Manager and Subadvisers.* The Trustees noted that the Manager, subject to the oversight of the Board, administers each Fund's business and other affairs. Under the Management Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for others to provide, the management of the Funds' assets and the placement of orders for the purchase and sale of the securities of the Funds. As each Fund is a manager of managers fund, the Manager is authorized, under the Management Agreement, to retain one or more Subadvisers for each Fund to handle day-to-day management of the Funds' investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board for selection as a Subadviser. The Board was aware that, notwithstanding the retention of the Subadvisers to handle day-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Board regarding the Funds' portfolio investments and to make available to the Funds' administrator such information as is necessary for the conduct of its duties.

The Board also noted that the Manager provides the Trust and each Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any other service providers retained by the Trust on behalf of the Funds) and executive and other personnel as are necessary for the operation of the Trust and the Funds. Except for the Trust's Chief Compliance Officer and certain compliance staff, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

The Board considered the scope and quality of services provided by the Manager and the Subadvisers and noted that the scope of the services provided has continued to expand as a result of regulatory and other developments. The Board noted that, for example, the Manager and Subadvisers are responsible for maintaining and monitoring their own compliance programs, and these compliance programs are continuously refined and enhanced in light of new regulatory requirements. The Board considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and its Funds. The quality of administrative and other services, including the Manager's role in coordinating the activities of the Trust's other service providers, also were considered. The Board members concluded that, overall, they were satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Trust and to each of the Funds under the Advisory Contracts.

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

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The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

The Board noted that the Manager has agreed to temporarily limit Fund expenses under the Expense Limitation Agreement, which has the effect of reducing expenses similar to implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of expense limits and/or advisory fee breakpoints as Fund assets change. The Board receives quarterly reports on the level of Fund assets. The Board expects to continue to consider: (a) the extent to which economies of scale have been realized, and (b) whether the advisory fee should be modified, either in connection with the next renewal of the Advisory Contracts or by modifying the Expense Limitation Agreement, to reflect such economies of scale, if any.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds' advisory fee rate schedules was acceptable under each Fund's circumstances.

In conclusion, after full consideration of the above factors, as well as such other factors as each member of the Board considered instructive in evaluating the Advisory Contracts, the Board concluded that the advisory fees were reasonable, and that the continuation of the Advisory Contracts was in the best interest of the Funds.

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**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14 (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds<br> (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and<br> Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

---

**Interested Trustee<sup>(4)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM<br>Complex During<br>Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment Management LLC, 2010 to present;<br> Vice President, Allianz Life, 2011 to present | 50 |  |

---

(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

------

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(1)</sup>/ Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963) <br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 <br>to present. |

---

(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

------

![LOGO](g415375g71x52.jpg)

---

| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

---

------

## AZL<sup>®</sup> Russell 1000 Growth Index Fund

## Annual Report

## December 31, 2022
![LOGO](g415379g71x52.jpg)

------

**Table of Contents** 

---

| |
|:---|
| [Management Discussion and Analysis](#toc415379_1a)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc415379_1)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc415379_2)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc415379_3)<br> Page 11 |
| [Statement of Operations](#toc415379_4)<br> Page 11 |
| [Statements of Changes in Net Assets](#toc415379_5)<br> Page 12 |
| [Financial Highlights](#toc415379_6)<br> Page 13 |
| [Notes to the Financial Statements](#toc415379_7)<br> Page 14 |
| [Report of Independent Registered Public Accounting Firm](#toc415379_7a)<br> Page 20 |
| [Other Federal Income Tax Information](#toc415379_7b)<br> Page 21 |
| [Other Information](#toc415379_8)<br> Page 22 |
| [Approval of Investment Advisory and Subadvisory Agreements](#toc415379_9)<br> Page 23 |
| [Information about the Board of Trustees and Officers](#toc415379_10)<br> Page 26 |

---

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<sup>®</sup> Russell 1000 Growth Index Fund Review (Unaudited)**<br>

Allianz Investment Management LLC

serves as the Manager for the AZL<sup>®</sup> Russell 1000 Growth Index Fund and BlackRock Investment Management, LLC serves as Subadviser to the Fund.

**What factors affected the Fund's performance during the 12-month period ended December 31, 2022?\*** 

For the year ended December 31, 2022, the AZL<sup>®</sup> Russell 1000 Growth Index Fund (Class 2 Shares) (the "Fund") returned (29.59)%. That compared to a (29.14)% total return for its benchmark, the Russell 1000<sup>®</sup> Growth Index.<sup>1</sup>

The Fund seeks investment results, before fees and expenses, that correspond to the performance of the Russell 1000<sup>®</sup> Growth Index ("Index"). The Fund takes positions in securities that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of large-cap stock performance. It is an unmanaged, market capitalization-weighted index composed of large-capitalization U.S. equities with growth characteristics.

In the first quarter of 2022, the Russian invasion of Ukraine added fuel to existing concerns over rising inflation, interest rate hikes, and rising commodity prices. U.S. economic data, including employment numbers and corporate earnings, remained strong, however. This dynamic complicated matters for the Federal Reserve (the Fed) as it announced a 25-basis-point increase in short-term rates in March to attempt to combat inflation. The Fed also signaled additional rate increases throughout the rest of the year.

During the second quarter, inflation continued to rise, and investors grew increasingly concerned the Fed would not be able to avoid a recession as it sought to check rising consumer prices. Consumer sentiment fell as both prices and the cost of borrowing rose, putting downward pressure on domestic equity market valuations. The Fed added to that pressure with an increasingly hawkish tone, indicating it was willing to accept higher unemployment rates if that was required to rein in inflation.

Equity markets staged a rally in the third quarter as the Fed initially softened its tone in recognition of the many obstacles that threatened economic growth. In support of this shift, data indicated that GDP growth had declined over the first two quarters of 2022. Other data, including employment and wage growth figures, indicated the economy remained resilient, but investors appeared to take the slowdown in GDP growth as a sign the Fed would ease its current policy-tightening trend. By the end of

the quarter, however, the Fed's tone shifted once again, this time toward a more hawkish stance. Inflation data remained stubbornly high during the summer, and Fed Chair Jerome Powell reaffirmed the Fed's commitment to fighting inflation. The announcement pushed equity markets lower, erasing the gains from earlier in the quarter.

In the fourth quarter, stocks once again staged a rally despite tighter monetary policies. Markets posted gains in both October and November before giving up those gains during December. The Fed raised interest rates at its December meeting, bringing the total rate increase to 450 basis points for the year, and reiterated its plan to continue tightening into 2023. Equity markets fell in response, closing out the year posting their worst annual returns in over a decade.

The sectors within the Index posted mixed returns over the year, with the energy, utilities, and consumer staples sectors among the best performers, while the information technology, consumer discretionary, and communication services sectors lagged.

The Fund uses exchange-traded futures for the purpose of efficient portfolio management, and these derivatives did not have a significant impact on the Fund's return in 2022. Futures are not used for speculative or leveraged positions in the portfolio and we hold cash to fully cover all outstanding futures positions. The Fund's use of futures contracts provides immediate market exposure proportionate to cash accruals and investable cash within the portfolio. Skillful cash management and cash equitization are critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.

------

***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmark please refer to page 2 of this report.* 

------

 **AZL<sup>®</sup> Russell 1000 Growth Index Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to match the total return of the Russell 1000<sup>®</sup> Growth Index. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing in all stocks in the Index in proportion to their weighting in the Index.* 

**Investment Concerns** 

*Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.* 

*Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be susceptible to rapid price savings or to adverse developments in certain sectors of the market.* 

*The performance of the Fund is expected to be lower than that of the Index because of Fund fees and expenses. Securities in which the Fund will invest may involve substantial risk and may be subject to sudden severe price declines.* 

*Investing in a single industry or sector, or concentrating investments in a limited number of industries or sectors, tends to increase the risk that economic, political, or regulatory developments affecting certain industries or sectors will have a large impact on the value of the portfolio.* 

*Investing in derivative instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.* 

*For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund's prospectus.* 

**Growth of $10,000 Investment**![LOGO](g415379g44m22.jpg)

*The chart above represents a comparison of a hypothetical investment in the Fund versus a similar investment in the Fund's benchmark and represents the reinvestment of dividends and capital gains in the Fund.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **Inception<br>Date** | **1<br>Year** | **3<br>Year** | **5<br>Year** | **10<br>Year** | **Since<br>Inception** |
| &nbsp;&nbsp; AZL<sup>®</sup> Russell 1000 Growth Index Fund (Class 1 Shares) | 10/17/2016 | (29.45)% | 7.64% | 10.65% |  | 13.55% |
| &nbsp;&nbsp; AZL<sup>®</sup> Russell 1000 Growth Index Fund (Class 2 Shares) | 4/30/2010 | (29.59)% | 7.37% | 10.38% | 13.36% | 12.55% |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Growth Index | 4/30/2010 | (29.14)% | 7.79% | 10.96% | 14.10% | 13.33% |

---

***Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.Allianzlife.com.***

---

| | |
|:---|:---|
| **Expense Ratios** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> Russell 1000 Growth Index Fund (Class 1 Shares) | 0.51% |
| &nbsp;&nbsp; AZL<sup>®</sup> Russell 1000 Growth Index Fund (Class 2 Shares) | 0.76% |

---

***The above expense ratios are based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.35% through at least April 30, 2024. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.59% for Class 1 Shares and 0.84% for Class 2 Shares through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratios can be found in the Financial Highlights.***

*The total return of the Fund does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Such charges, fees and tax payments would reduce the performance quoted.* 

*The Fund's performance is measured against the Russell 1000<sup>®</sup> Growth Index, an unmanaged index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.* 

------

**AZL Russell 1000 Growth Index Fund** 

**Expense Examples** 

(Unaudited)

As a shareholder of the AZL Russell 1000 Growth Index Fund (the "Fund"), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The **Actual Expense** table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Russell 1000 Growth Index Fund, Class 1 | $1000.00 | $982.80 | $2.05 | 0.41% |
|  AZL Russell 1000 Growth Index Fund, Class 2 | $1000.00 | $982.10 | $3.30 | 0.66% |

---

The **Hypothetical Expense** table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Russell 1000 Growth Index Fund, Class 1 | $1000.00 | $1023.14 | $2.09 | 0.41% |
|  AZL Russell 1000 Growth Index Fund, Class 2 | $1000.00 | $1021.88 | $3.36 | 0.66% |

---

\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  Information Technology | 43.3% |
|  Consumer Discretionary | 14.2 |
|  Health Care | 13.4 |
|  Industrials | 8.1 |
|  Communication Services | 6.6 |
|  Consumer Staples | 6.1 |
|  Financials | 3.2 |
|  Energy | 1.7 |
|  Real Estate | 1.6 |
|  Materials | 1.5 |
|  Utilities | 0.1 |
|  Total Common Stocks | 99.8 |
|  Unaffiliated Investment Company | 0.2 |
|  Short-Term Security Held as Collateral for Securities on Loan | 0.1 |
|  Total Investment Securities | 100.1 |
|  Net other assets (liabilities) | (0.1) |
|  Net Assets | 100.0% |

---

------

**AZL Russell 1000 Growth Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks (99.8%):** | **Common Stocks (99.8%):** | |
| **Aerospace & Defense (1.2%):** | **Aerospace & Defense (1.2%):** | |
| 2083 | Axon Enterprise, Inc.\* | $345632 |
| 6926 | Boeing Co. (The)\* | 1319334 |
| 1504 | BWX Technologies, Inc. | 87352 |
| 1779 | HEICO Corp. | 273326 |
| 2943 | HEICO Corp., Class A | 352719 |
| 1541 | Howmet Aerospace, Inc. | 60731 |
| 366 | Huntington Ingalls Industries, Inc. | 84429 |
| 9554 | Lockheed Martin Corp. | 4647925 |
| 681 | Northrop Grumman Corp. | 371560 |
| 4182 | Spirit AeroSystems Holdings, Inc., Class A | 123787 |
| 819 | TransDigm Group, Inc. | 515683 |
|  |  | 8182478 |
| **Air Freight & Logistics (0.7%):** | **Air Freight & Logistics (0.7%):** |  |
| 1426 | C.H. Robinson Worldwide, Inc. | 130565 |
| 1982 | Expeditors International of Washington, Inc. | 205969 |
| 486 | GXO Logistics, Inc.\* | 20747 |
| 26752 | United Parcel Service, Inc., Class B | 4650568 |
| 329 | XPO Logistics, Inc.\* | 10952 |
|  |  | 5018801 |
| **Airlines (0.1%):** | **Airlines (0.1%):** |  |
| 26272 | Delta Air Lines, Inc.\* | 863298 |
| **Auto Components (0.0%<sup>†</sup>):** | **Auto Components (0.0%<sup>†</sup>):** |  |
| 2867 | Aptiv plc\* | 267004 |
| **Automobiles (1.9%):** | **Automobiles (1.9%):** |  |
| 21083 | Lucid Group, Inc.\*^ | 143997 |
| 105640 | Tesla, Inc.\* | 13012735 |
|  |  | 13156732 |
| **Banks (0.1%):** | **Banks (0.1%):** |  |
| 127 | First Citizens BancShares, Inc., Class A | 96312 |
| 133 | Signature Bank | 15324 |
| 1522 | SVB Financial Group\* | 350273 |
| 2796 | Western Alliance Bancorp | 166530 |
|  |  | 628439 |
| **Beverages (2.6%):** | **Beverages (2.6%):** |  |
| 332 | Boston Beer Co., Inc. (The), Class A\* | 109401 |
| 1156 | Brown-Forman Corp., Class A | 76018 |
| 4558 | Brown-Forman Corp., Class B | 299369 |
| 119476 | Coca-Cola Co. (The) | 7599868 |
| 14011 | Monster Beverage Corp.\* | 1422537 |
| 47660 | PepsiCo, Inc. | 8610256 |
|  |  | 18117449 |
| **Biotechnology (3.4%):** | **Biotechnology (3.4%):** |  |
| 72242 | AbbVie, Inc. | 11675030 |
| 4969 | Alnylam Pharmaceuticals, Inc.\* | 1180883 |
| 18300 | Amgen, Inc. | 4806312 |
| 1336 | Exact Sciences Corp.\* | 66145 |
| 11269 | Exelixis, Inc.\* | 180755 |
| 6359 | Incyte Corp.\* | 510755 |
| 5346 | Ionis Pharmaceuticals, Inc.\* | 201918 |
| 871 | Moderna, Inc.\* | 156449 |
| 3097 | Natera, Inc.\* | 124407 |
| 3807 | Neurocrine Biosciences, Inc.\* | 454708 |
| 3179 | Novavax, Inc.\*^ | 32680 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Biotechnology, continued** | **Biotechnology, continued** | |
| 610 | Regeneron Pharmaceuticals, Inc.\* | $440109 |
| 3477 | Sarepta Therapeutics, Inc.\* | 450550 |
| 5581 | Seagen, Inc.\* | 717214 |
| 2197 | Ultragenyx Pharmaceutical, Inc.\* | 101787 |
| 9848 | Vertex Pharmaceuticals, Inc.\* | 2843905 |
|  |  | 23943607 |
| **Building Products (0.3%):** | **Building Products (0.3%):** |  |
| 1305 | A O Smith Corp. | 74698 |
| 2455 | Advanced Drainage Systems, Inc. | 201236 |
| 2859 | Allegion plc | 300938 |
| 1167 | Armstrong World Industries, Inc. | 80045 |
| 1752 | Carlisle Cos., Inc. | 412859 |
| 1908 | Fortune Brands Innovations, Inc. | 108966 |
| 518 | Masco Corp. | 24175 |
| 1908 | Masterbrand, Inc.\* | 14405 |
| 5450 | Trane Technologies plc | 916091 |
| 4638 | Trex Co., Inc.\* | 196327 |
|  |  | 2329740 |
| **Capital Markets (1.6%):** | **Capital Markets (1.6%):** |  |
| 2797 | Ameriprise Financial, Inc. | 870902 |
| 6082 | Ares Management Corp., Class A | 416252 |
| 28552 | Blackstone, Inc., Class A | 2118273 |
| 17018 | Blue Owl Capital, Inc.^ | 180391 |
| 34368 | Charles Schwab Corp. (The) | 2861480 |
| 1547 | FactSet Research Systems, Inc. | 620672 |
| 3262 | LPL Financial Holdings, Inc. | 705147 |
| 1478 | MarketAxess Holdings, Inc. | 412199 |
| 6126 | Moody's Corp. | 1706826 |
| 933 | Morningstar, Inc. | 202078 |
| 2413 | MSCI, Inc. | 1122455 |
| 660 | Raymond James Financial, Inc. | 70521 |
| 2874 | Tradeweb Markets, Inc., Class A | 186609 |
|  |  | 11473805 |
| **Chemicals (1.1%):** | **Chemicals (1.1%):** |  |
| 2464 | Albemarle Corp. | 534343 |
| 1922 | Axalta Coating Systems, Ltd.\* | 48953 |
| 8065 | CF Industries Holdings, Inc. | 687138 |
| 3496 | Chemours Co. (The) | 107047 |
| 8960 | Ecolab, Inc. | 1304218 |
| 1819 | FMC Corp. | 227011 |
| 9136 | Ginkgo Bioworks Holdings, Inc.\* | 15440 |
| 4301 | Linde plc | 1402900 |
| 1878 | Mosaic Co. (The) | 82388 |
| 5099 | PPG Industries, Inc. | 641148 |
| 275 | RPM International, Inc. | 26799 |
| 583 | Scotts Miracle-Gro Co. (The) | 28328 |
| 9709 | Sherwin-Williams Co. (The) | 2304237 |
| 7566 | Valvoline, Inc. | 247030 |
|  |  | 7656980 |
| **Commercial Services & Supplies (0.8%):** | **Commercial Services & Supplies (0.8%):** |  |
| 3286 | Cintas Corp. | 1484023 |
| 17264 | Copart, Inc.\* | 1051205 |
| 4686 | IAA, Inc.\* | 187440 |
| 510 | MSA Safety, Inc. | 73537 |
| 558 | Republic Services, Inc. | 71976 |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Growth Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Commercial Services & Supplies, continued** | **Commercial Services & Supplies, continued** | |
| 8640 | Rollins, Inc. | $315706 |
| 925 | Tetra Tech, Inc. | 134301 |
| 15829 | Waste Management, Inc. | 2483253 |
|  |  | 5801441 |
| **Communications Equipment (0.2%):** | **Communications Equipment (0.2%):** |  |
| 9973 | Arista Networks, Inc.\* | 1210223 |
| 73 | Ubiquiti, Inc. | 19968 |
|  |  | 1230191 |
| **Construction & Engineering (0.1%):** | **Construction & Engineering (0.1%):** |  |
| 349 | AECOM | 29641 |
| 3117 | Quanta Services, Inc. | 444172 |
| 123 | Valmont Industries, Inc. | 40672 |
| 4318 | WillScot Mobile Mini Holdings Corp.\* | 195044 |
|  |  | 709529 |
| **Construction Materials (0.1%):** | **Construction Materials (0.1%):** |  |
| 1206 | Eagle Materials, Inc. | 160217 |
| 231 | Martin Marietta Materials, Inc. | 78071 |
| 2589 | Vulcan Materials Co. | 453360 |
|  |  | 691648 |
| **Consumer Finance (0.0%<sup>†</sup>):** | **Consumer Finance (0.0%<sup>†</sup>):** |  |
| 1604 | American Express Co. | 236991 |
| 1 | Credit Acceptance Corp.\* | 475 |
| 592 | Upstart Holdings, Inc.\*^ | 7826 |
|  |  | 245292 |
| **Containers & Packaging (0.2%):** | **Containers & Packaging (0.2%):** |  |
| 1996 | Avery Dennison Corp. | 361276 |
| 4839 | Ball Corp. | 247466 |
| 2660 | Berry Global Group, Inc. | 160744 |
| 4151 | Crown Holdings, Inc. | 341254 |
| 9958 | Graphic Packaging Holding Co. | 221566 |
| 6156 | Sealed Air Corp. | 307061 |
|  |  | 1639367 |
| **Distributors (0.1%):** | **Distributors (0.1%):** |  |
| 475 | Genuine Parts Co. | 82417 |
| 1577 | Pool Corp. | 476775 |
|  |  | 559192 |
| **Diversified Consumer Services (0.0%<sup>†</sup>):** | **Diversified Consumer Services (0.0%<sup>†</sup>):** |  |
| 704 | Bright Horizons Family Solutions, Inc.\* | 44422 |
| 5459 | H&R Block, Inc. | 199308 |
| 1541 | Mister Car Wash, Inc.\* | 14224 |
|  |  | 257954 |
| **Diversified Financial Services (0.1%):** | **Diversified Financial Services (0.1%):** |  |
| 15048 | Apollo Global Management, Inc. | 959912 |
| **Electrical Equipment (0.3%):** | **Electrical Equipment (0.3%):** |  |
| 8388 | ChargePoint Holdings, Inc.\*^ | 79938 |
| 7675 | Emerson Electric Co. | 737260 |
| 2589 | Generac Holdings, Inc.\* | 260609 |
| 10902 | Plug Power, Inc.\*^ | 134858 |
| 3216 | Rockwell Automation, Inc. | 828345 |
| 2026 | Vertiv Holdings Co. | 27675 |
|  |  | 2068685 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Electronic Equipment, Instruments & Components (0.7%):** | **Electronic Equipment, Instruments & Components (0.7%):** | |
| 18130 | Amphenol Corp., Class A | $1380418 |
| 204 | Arrow Electronics, Inc.\* | 21332 |
| 5452 | CDW Corp. | 973618 |
| 6832 | Cognex Corp. | 321856 |
| 811 | Coherent Corp.\* | 28466 |
| 1882 | Corning, Inc. | 60111 |
| 4343 | Jabil, Inc. | 296193 |
| 6811 | Keysight Technologies, Inc.\* | 1165158 |
| 718 | National Instruments Corp. | 26494 |
| 3803 | Vontier Corp. | 73512 |
| 826 | Zebra Technologies Corp., Class A\* | 211795 |
|  |  | 4558953 |
| **Energy Equipment & Services (0.1%):** | **Energy Equipment & Services (0.1%):** |  |
| 16499 | Halliburton Co. | 649236 |
| **Entertainment (0.8%):** | **Entertainment (0.8%):** |  |
| 734 | Electronic Arts, Inc. | 89680 |
| 949 | Liberty Media Corp-Liberty Formula One, Class C\* | 56731 |
| 3253 | Live Nation Entertainment, Inc.\* | 226864 |
| 402 | Madison Square Garden Sports Corp., Class A | 73699 |
| 8055 | Netflix, Inc.\* | 2375258 |
| 3454 | Playtika Holding Corp.\* | 29393 |
| 17989 | ROBLOX Corp., Class A\* | 511967 |
| 1431 | Roku, Inc.\* | 58242 |
| 5888 | Spotify Technology SA\* | 464858 |
| 5343 | Take-Two Interactive Software, Inc.\* | 556367 |
| 4942 | Walt Disney Co. (The)\* | 429361 |
| 71285 | Warner Bros Discovery, Inc.\* | 675782 |
| 1818 | World Wrestling Entertainment, Inc., Class A | 124569 |
|  |  | 5672771 |
| **Equity Real Estate Investment Trusts (1.6%):** | **Equity Real Estate Investment Trusts (1.6%):** |  |
| 14511 | American Tower Corp. | 3074301 |
| 552 | Apartment Income REIT Corp. | 18939 |
| 368 | Camden Property Trust | 41172 |
| 17660 | Crown Castle, Inc. | 2395403 |
| 2846 | Equinix, Inc. | 1864215 |
| 4598 | Equity Lifestyle Properties, Inc. | 297031 |
| 666 | Extra Space Storage, Inc. | 98022 |
| 8839 | Iron Mountain, Inc. | 440624 |
| 3163 | Lamar Advertising Co., Class A | 298587 |
| 5023 | Public Storage | 1407394 |
| 1027 | SBA Communications Corp. | 287878 |
| 6437 | Simon Property Group, Inc. | 756219 |
|  |  | 10979785 |
| **Food & Staples Retailing (1.5%):** | **Food & Staples Retailing (1.5%):** |  |
| 3571 | BJ's Wholesale Club Holdings, Inc.\* | 236257 |
| 18064 | Costco Wholesale Corp. | 8246216 |
| 1984 | Performance Food Group Co.\* | 115846 |
| 20614 | Sysco Corp. | 1575940 |
|  |  | 10174259 |
| **Food Products (0.3%):** | **Food Products (0.3%):** |  |
| 451 | Darling Ingredients, Inc.\* | 28228 |
| 1073 | Freshpet, Inc.\* | 56622 |
| 5144 | Hershey Co. (The) | 1191196 |
| 5539 | Kellogg Co. | 394598 |
| 5810 | Lamb Weston Holdings, Inc. | 519182 |
| 1200 | Pilgrim's Pride Corp.\* | 28476 |
|  |  | 2218302 |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Growth Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Gas Utilities (0.0%<sup>†</sup>):** | **Gas Utilities (0.0%<sup>†</sup>):** | |
| 333 | National Fuel Gas Co. | $21079 |
| **Health Care Equipment & Supplies (2.3%):** | **Health Care Equipment & Supplies (2.3%):** |  |
| 9344 | Abbott Laboratories | 1025878 |
| 2388 | Align Technology, Inc.\* | 503629 |
| 3318 | Baxter International, Inc. | 169119 |
| 1779 | Danaher Corp. | 472182 |
| 15874 | Dexcom, Inc.\* | 1797572 |
| 25056 | Edwards Lifesciences Corp.\* | 1869428 |
| 93 | Globus Medical, Inc.\* | 6907 |
| 158 | ICU Medical, Inc.\* | 24882 |
| 3391 | IDEXX Laboratories, Inc.\* | 1383392 |
| 2823 | Insulet Corp.\* | 831063 |
| 13261 | Intuitive Surgical, Inc.\* | 3518806 |
| 1507 | Masimo Corp.\* | 222961 |
| 4203 | Novocure, Ltd.\* | 308290 |
| 1414 | Penumbra, Inc.\* | 314558 |
| 5898 | ResMed, Inc. | 1227551 |
| 7719 | Stryker Corp. | 1887218 |
| 2461 | Tandem Diabetes Care, Inc.\* | 110622 |
| 3048 | West Pharmaceutical Services, Inc. | 717347 |
|  |  | 16391405 |
| **Health Care Providers & Services (3.6%):** | **Health Care Providers & Services (3.6%):** |  |
| 7381 | agilon health, Inc.\* | 119129 |
| 6314 | AmerisourceBergen Corp. | 1046293 |
| 220 | Chemed Corp. | 112295 |
| 1981 | Cigna Corp. | 656384 |
| 2211 | DaVita, Inc.\* | 165095 |
| 2999 | Elevance Health, Inc. | 1538397 |
| 3850 | Guardant Health, Inc.\* | 104720 |
| 582 | HCA Healthcare, Inc. | 139657 |
| 3635 | Humana, Inc. | 1861811 |
| 1141 | McKesson Corp. | 428012 |
| 1828 | Molina Healthcare, Inc.\* | 603642 |
| 34728 | UnitedHealth Group, Inc. | 18412091 |
|  |  | 25187526 |
| **Health Care Technology (0.2%):** | **Health Care Technology (0.2%):** |  |
| 3583 | Certara, Inc.\* | 57579 |
| 1052 | Definitive Healthcare Corp.\* | 11561 |
| 1887 | Doximity, Inc., Class A\* | 63328 |
| 708 | Teladoc Health, Inc.\* | 16744 |
| 5650 | Veeva Systems, Inc., Class A\* | 911797 |
|  |  | 1061009 |
| **Hotels, Restaurants & Leisure (2.3%):** | **Hotels, Restaurants & Leisure (2.3%):** |  |
| 15332 | Airbnb, Inc., Class A\* | 1310886 |
| 1585 | Booking Holdings, Inc.\* | 3194219 |
| 5594 | Caesars Entertainment, Inc.\* | 232710 |
| 1129 | Chipotle Mexican Grill, Inc.\* | 1566476 |
| 1379 | Choice Hotels International, Inc. | 155331 |
| 1532 | Churchill Downs, Inc. | 323911 |
| 3638 | Darden Restaurants, Inc. | 503245 |
| 1047 | Domino's Pizza, Inc. | 362681 |
| 13465 | DraftKings, Inc.\*^ | 153366 |
| 6064 | Expedia Group, Inc.\* | 531206 |
| 8009 | Hilton Worldwide Holdings, Inc. | 1012017 |
| 5211 | Las Vegas Sands Corp.\* | 250493 |
| 10844 | Marriott International, Inc., Class A | 1614563 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | | |
| **Hotels, Restaurants & Leisure, continued** | **Hotels, Restaurants & Leisure, continued** | | |
| 7315 | McDonald's Corp. | $| 1927722 |
| 330 | Norwegian Cruise Line Holdings, Ltd.\* |  | 4039 |
| 2576 | Planet Fitness, Inc., Class A\* |  | 202989 |
| 1955 | Six Flags Entertainment Corp.\* |  | 45454 |
| 16917 | Starbucks Corp. |  | 1678166 |
| 2426 | Travel + Leisure Co. |  | 88306 |
| 1510 | Vail Resorts, Inc. |  | 359909 |
| 7225 | Wendy's Co. (The) |  | 163502 |
| 2617 | Wyndham Hotels & Resorts, Inc. |  | 186618 |
| 565 | Wynn Resorts, Ltd.\* |  | 46596 |
| 1391 | Yum! Brands, Inc. |  | 178159 |
|  |  |  | 16092564 |
| **Household Durables (0.2%):** | **Household Durables (0.2%):** |  |  |
| 6812 | DR Horton, Inc. |  | 607222 |
| 91 | NVR, Inc.\* |  | 419745 |
| 3417 | PulteGroup, Inc. |  | 155576 |
| 2437 | Toll Brothers, Inc. |  | 121655 |
| 1174 | TopBuild Corp.\* |  | 183719 |
|  |  |  | 1487917 |
| **Household Products (1.4%):** | **Household Products (1.4%):** |  |  |
| 4367 | Church & Dwight Co., Inc. |  | 352024 |
| 4240 | Clorox Co. (The) |  | 594999 |
| 20643 | Colgate-Palmolive Co. |  | 1626462 |
| 8076 | Kimberly-Clark Corp. |  | 1096317 |
| 41103 | Procter & Gamble Co. (The) |  | 6229571 |
|  |  |  | 9899373 |
| **Independent Power and Renewable Electricity Producers (0.1%):** | **Independent Power and Renewable Electricity Producers (0.1%):** | **Independent Power and Renewable Electricity Producers (0.1%):** | **Independent Power and Renewable Electricity Producers (0.1%):** |
| 5072 | AES Corp. (The) |  | 145871 |
| 9458 | Vistra Corp. |  | 219425 |
|  |  |  | 365296 |
| **Industrial Conglomerates (0.3%):** | **Industrial Conglomerates (0.3%):** |  |  |
| 2593 | General Electric Co. |  | 217268 |
| 8087 | Honeywell International, Inc. |  | 1733044 |
|  |  |  | 1950312 |
| **Insurance (1.4%):** | **Insurance (1.4%):** |  |  |
| 7888 | Aon plc, Class A |  | 2367504 |
| 4948 | Arch Capital Group, Ltd.\* |  | 310636 |
| 1002 | Arthur J. Gallagher & Co. |  | 188917 |
| 566 | Brown & Brown, Inc. |  | 32245 |
| 718 | Erie Indemnity Co., Class A |  | 178581 |
| 508 | Everest Re Group, Ltd. |  | 168285 |
| 1604 | Lincoln National Corp. |  | 49275 |
| 129 | Markel Corp.\* |  | 169956 |
| 18215 | Marsh & McLennan Cos., Inc. |  | 3014218 |
| 20685 | Progressive Corp. (The) |  | 2683051 |
| 902 | RenaissanceRe Holdings, Ltd. |  | 166176 |
| 3473 | Ryan Specialty Holdings, Inc.\* |  | 144164 |
|  |  |  | 9473008 |
| **Interactive Media & Services (5.6%):** | **Interactive Media & Services (5.6%):** |  |  |
| 213908 | Alphabet, Inc., Class A\* |  | 18873103 |
| 189698 | Alphabet, Inc., Class C\* |  | 16831903 |
| 10812 | Match Group, Inc.\* |  | 448590 |
| 19573 | Meta Platforms, Inc., Class A\* |  | 2355415 |
| 5117 | Pinterest, Inc., Class A\* |  | 124241 |
| 11132 | ZoomInfo Technologies, Inc.\* |  | 335184 |
|  |  |  | 38968436 |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Growth Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Internet & Direct Marketing Retail (4.5%):** | **Internet & Direct Marketing Retail (4.5%):** | |
| 363302 | Amazon.com, Inc.\* | $30517368 |
| 8914 | DoorDash, Inc., Class A\* | 435182 |
| 3076 | eBay, Inc. | 127562 |
| 5112 | Etsy, Inc.\* | 612315 |
| 1972 | Wayfair, Inc., Class A\* | 64859 |
|  |  | 31757286 |
| **IT Services (7.1%):** | **IT Services (7.1%):** |  |
| 25852 | Accenture plc, Class A | 6898348 |
| 15638 | Automatic Data Processing, Inc. | 3735293 |
| 607 | Black Knight, Inc.\* | 37482 |
| 4284 | Broadridge Financial Solutions, Inc. | 574613 |
| 2245 | EPAM Systems, Inc.\* | 735776 |
| 1424 | Euronet Worldwide, Inc.\* | 134397 |
| 2289 | Fiserv, Inc.\* | 231349 |
| 2919 | FleetCor Technologies, Inc.\* | 536162 |
| 3142 | Gartner, Inc.\* | 1056152 |
| 4026 | Genpact, Ltd. | 186484 |
| 943 | GoDaddy, Inc., Class A\* | 70555 |
| 24525 | International Business Machines Corp. | 3455327 |
| 2947 | Jack Henry & Associates, Inc. | 517375 |
| 34781 | Mastercard, Inc., Class A | 12094397 |
| 2655 | MongoDB, Inc.\* | 522610 |
| 713 | Okta, Inc.\* | 48719 |
| 13237 | Paychex, Inc. | 1529668 |
| 14581 | PayPal Holdings, Inc.\* | 1038459 |
| 2055 | Shift4 Payments, Inc., Class A\* | 114936 |
| 11781 | Snowflake, Inc., Class A\* | 1691045 |
| 2386 | Teradata Corp.\* | 80313 |
| 3595 | Thoughtworks Holding, Inc.\* | 36633 |
| 9547 | Toast, Inc., Class A\* | 172133 |
| 2739 | Twilio, Inc., Class A\* | 134102 |
| 433 | VeriSign, Inc.\* | 88956 |
| 67292 | Visa, Inc., Class A | 13980586 |
| 4426 | Western Union Co. (The.) | 60946 |
| 1271 | WEX, Inc.\* | 207999 |
| 1764 | Wix.com, Ltd.\* | 135528 |
|  |  | 50106343 |
| **Leisure Products (0.1%):** | **Leisure Products (0.1%):** |  |
| 529 | Brunswick Corp. | 38130 |
| 7155 | Mattel, Inc.\* | 127645 |
| 1627 | Polaris, Inc. | 164327 |
| 3789 | YETI Holdings, Inc.\* | 156524 |
|  |  | 486626 |
| **Life Sciences Tools & Services (1.2%):** | **Life Sciences Tools & Services (1.2%):** |  |
| 3558 | 10X Genomics, Inc., Class A\* | 129654 |
| 11025 | Agilent Technologies, Inc. | 1649891 |
| 22879 | Avantor, Inc.\* | 482518 |
| 6272 | Bio-Techne Corp. | 519823 |
| 4311 | Bruker Corp. | 294657 |
| 1884 | Charles River Laboratories International, Inc.\* | 410524 |
| 7596 | IQVIA Holdings, Inc.\* | 1556344 |
| 4214 | Maravai LifeSciences Holdings, Inc., Class A\* | 60302 |
| 909 | Mettler-Toledo International, Inc.\* | 1313914 |
| 1663 | Repligen Corp.\* | 281563 |
| 4272 | Sotera Health Co.\* | 35586 |
| 517 | Syneos Health, Inc.\* | 18964 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Life Sciences Tools & Services, continued** | **Life Sciences Tools & Services, continued** | |
| 1934 | Thermo Fisher Scientific, Inc. | $1065034 |
| 2468 | Waters Corp.\* | 845487 |
|  |  | 8664261 |
| **Machinery (2.0%):** | **Machinery (2.0%):** |  |
| 325 | AGCO Corp. | 45074 |
| 3283 | Allison Transmission Holdings, Inc. | 136573 |
| 18526 | Caterpillar, Inc. | 4438089 |
| 11272 | Deere & Co. | 4832983 |
| 840 | Donaldson Co., Inc. | 49451 |
| 4706 | Graco, Inc. | 316525 |
| 571 | IDEX Corp. | 130376 |
| 11326 | Illinois Tool Works, Inc. | 2495118 |
| 2366 | Lincoln Electric Holdings, Inc. | 341863 |
| 158 | Middleby Corp. (The)\* | 21156 |
| 572 | Nordson Corp. | 135976 |
| 2181 | Otis Worldwide Corp. | 170794 |
| 1150 | Parker-Hannifin Corp. | 334650 |
| 4302 | Toro Co. (The) | 486986 |
| 1059 | Xylem, Inc. | 117094 |
|  |  | 14052708 |
| **Media (0.3%):** | **Media (0.3%):** |  |
| 154 | Cable One, Inc. | 109626 |
| 4382 | Charter Communications, Inc., Class A\* | 1485936 |
| 409 | Liberty Broadband Corp., Class A\* | 31023 |
| 2287 | Liberty Broadband Corp., Class C\* | 174430 |
| 1817 | Liberty Media Corp.-Liberty SiriusXM, Class C\* | 71099 |
| 881 | Liberty Media Corp-Liberty SiriusXM, Class A\* | 34632 |
| 149 | Nexstar Media Group, Inc. | 26080 |
|  |  | 1932826 |
| **Metals & Mining (0.0%<sup>†</sup>):** | **Metals & Mining (0.0%<sup>†</sup>):** |  |
| 3832 | MP Materials Corp.\* | 93041 |
| 2374 | Southern Copper Corp. | 143366 |
|  |  | 236407 |
| **Multiline Retail (0.6%):** | **Multiline Retail (0.6%):** |  |
| 9210 | Dollar General Corp. | 2267963 |
| 2631 | Dollar Tree, Inc.\* | 372129 |
| 3923 | Nordstrom, Inc. | 63317 |
| 10360 | Target Corp. | 1544054 |
|  |  | 4247463 |
| **Oil, Gas & Consumable Fuels (1.6%):** | **Oil, Gas & Consumable Fuels (1.6%):** |  |
| 7427 | Antero Resources Corp.\* | 230163 |
| 5873 | Cheniere Energy, Inc. | 880715 |
| 5404 | Coterra Energy, Inc. | 132776 |
| 13245 | Devon Energy Corp. | 814700 |
| 4098 | Diamondback Energy, Inc. | 560524 |
| 1293 | Enviva, Inc. | 68490 |
| 17484 | EOG Resources, Inc. | 2264528 |
| 8954 | Hess Corp. | 1269856 |
| 2035 | New Fortress Energy, Inc. | 86325 |
| 26790 | Occidental Petroleum Corp. | 1687502 |
| 2122 | ONEOK, Inc. | 139415 |
| 7317 | Ovintiv, Inc. | 371045 |
| 2142 | PDC Energy, Inc. | 135974 |
| 5300 | Pioneer Natural Resources Co. | 1210467 |
| 6538 | Range Resources Corp. | 163581 |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Growth Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| 3337 | Southwestern Energy Co.\* | $19522 |
| 9206 | Targa Resources Corp. | 676641 |
| 231 | Texas Pacific Land Corp. | 541517 |
|  |  | 11253741 |
| **Paper & Forest Products (0.0%<sup>†</sup>):** | **Paper & Forest Products (0.0%<sup>†</sup>):** |  |
| 167 | Louisiana-Pacific Corp. | 9886 |
| **Personal Products (0.3%):** | **Personal Products (0.3%):** |  |
| 9319 | Estee Lauder Cos., Inc. (The), Class A | 2312137 |
| 5249 | Olaplex Holdings, Inc.\* | 27347 |
|  |  | 2339484 |
| **Pharmaceuticals (2.7%):** | **Pharmaceuticals (2.7%):** |  |
| 2300 | Catalent, Inc.\* | 103523 |
| 27983 | Eli Lilly & Co. | 10237301 |
| 8473 | Horizon Therapeutics plc\* | 964227 |
| 43245 | Merck & Co., Inc. | 4798033 |
| 19171 | Zoetis, Inc. | 2809510 |
|  |  | 18912594 |
| **Professional Services (0.5%):** | **Professional Services (0.5%):** |  |
| 5294 | Booz Allen Hamilton Holding Corp. | 553329 |
| 2374 | CoStar Group, Inc.\* | 183463 |
| 2442 | Equifax, Inc. | 474627 |
| 598 | FTI Consulting, Inc.\* | 94962 |
| 3794 | KBR, Inc. | 200323 |
| 3919 | Robert Half International, Inc. | 289340 |
| 5796 | TransUnion | 328923 |
| 6314 | Verisk Analytics, Inc. | 1113916 |
|  |  | 3238883 |
| **Real Estate Management & Development (0.1%):** | **Real Estate Management & Development (0.1%):** |  |
| 6501 | CBRE Group, Inc., Class A\* | 500317 |
| 3598 | Opendoor Technologies, Inc.\* | 4174 |
| 422 | Zillow Group, Inc., Class C\* | 13592 |
|  |  | 518083 |
| **Road & Rail (1.4%):** | **Road & Rail (1.4%):** |  |
| 21706 | CSX Corp. | 672452 |
| 2986 | JB Hunt Transport Services, Inc. | 520639 |
| 1305 | Landstar System, Inc. | 212585 |
| 10356 | Lyft, Inc., Class A\* | 114123 |
| 4128 | Old Dominion Freight Line, Inc. | 1171444 |
| 329 | RXO, Inc.\* | 5659 |
| 66762 | Uber Technologies, Inc.\* | 1651024 |
| 25120 | Union Pacific Corp. | 5201598 |
|  |  | 9549524 |
| **Semiconductors & Semiconductor Equipment (7.2%):** | **Semiconductors & Semiconductor Equipment (7.2%):** |  |
| 51927 | Advanced Micro Devices, Inc.\* | 3363312 |
| 1997 | Allegro MicroSystems, Inc.\* | 59950 |
| 4283 | Analog Devices, Inc. | 702540 |
| 35410 | Applied Materials, Inc. | 3448226 |
| 16114 | Broadcom, Inc. | 9009821 |
| 5357 | Enphase Energy, Inc.\* | 1419391 |
| 6169 | Entegris, Inc. | 404625 |
| 639 | GLOBALFOUNDRIES, Inc.\*^ | 34436 |
| 5763 | KLA Corp. | 2172824 |
| 5582 | Lam Research Corp. | 2346114 |
| 5417 | Lattice Semiconductor Corp.\* | 351455 |
| 18718 | Microchip Technology, Inc. | 1314939 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Semiconductors & Semiconductor Equipment, continued** | **Semiconductors & Semiconductor Equipment, continued** | |
| 8478 | Micron Technology, Inc. | $423730 |
| 1858 | Monolithic Power Systems, Inc. | 657007 |
| 98436 | NVIDIA Corp. | 14385437 |
| 11094 | ON Semiconductor Corp.\* | 691933 |
| 45716 | Qualcomm, Inc. | 5026017 |
| 5851 | Teradyne, Inc. | 511085 |
| 25408 | Texas Instruments, Inc. | 4197910 |
| 1740 | Universal Display Corp. | 187990 |
|  |  | 50708742 |
| **Software (16.5%):** | **Software (16.5%):** |  |
| 18978 | Adobe, Inc.\* | 6386666 |
| 2283 | Alteryx, Inc., Class A\* | 115680 |
| 1839 | ANSYS, Inc.\* | 444284 |
| 9501 | AppLovin Corp., Class A\* | 100046 |
| 1121 | Aspen Technology, Inc.\* | 230253 |
| 5679 | Atlassian Corp. plc, Class A\* | 730774 |
| 8852 | Autodesk, Inc.\* | 1654173 |
| 7120 | Bentley Systems, Inc., Class B | 263155 |
| 11121 | Cadence Design Systems, Inc.\* | 1786477 |
| 2771 | CCC Intelligent Solutions Holdings, Inc.\* | 24108 |
| 1098 | Ceridian HCM Holding, Inc.\* | 70437 |
| 11402 | Cloudflare, Inc., Class A\* | 515484 |
| 5245 | Confluent, Inc., Class A\* | 116649 |
| 1767 | Coupa Software, Inc.\* | 139893 |
| 8501 | Crowdstrike Holdings, Inc., Class A\* | 895070 |
| 10670 | Datadog, Inc., Class A\* | 784245 |
| 8164 | DocuSign, Inc.\* | 452449 |
| 2438 | DoubleVerify Holdings, Inc.\* | 53538 |
| 10063 | Dropbox, Inc., Class A\* | 225210 |
| 8070 | Dynatrace, Inc.\* | 309081 |
| 3037 | Elastic NV\* | 156406 |
| 1013 | Fair Isaac Corp.\* | 606362 |
| 2879 | Five9, Inc.\* | 195369 |
| 26380 | Fortinet, Inc.\* | 1289718 |
| 8536 | Gen Digital, Inc. | 182927 |
| 1680 | Globant SA\* | 282509 |
| 1844 | HubSpot, Inc.\* | 533156 |
| 11243 | Intuit, Inc. | 4376000 |
| 2228 | Jamf Holding Corp.\* | 47456 |
| 1616 | Manhattan Associates, Inc.\* | 196182 |
| 305844 | Microsoft Corp. | 73347508 |
| 471 | nCino, Inc.\* | 12453 |
| 1937 | New Relic, Inc.\* | 109344 |
| 4633 | Nutanix, Inc., Class A\* | 120690 |
| 42923 | Oracle Corp. | 3508526 |
| 73811 | Palantir Technologies, Inc., Class A\* | 473867 |
| 11989 | Palo Alto Networks, Inc.\* | 1672945 |
| 2085 | Paycom Software, Inc.\* | 646996 |
| 1616 | Paylocity Holding Corp.\* | 313924 |
| 1841 | Pegasystems, Inc. | 63036 |
| 2022 | Procore Technologies, Inc.\* | 95398 |
| 4256 | PTC, Inc.\* | 510890 |
| 3562 | RingCentral, Inc., Class A\* | 126095 |
| 8428 | Salesforce, Inc.\* | 1117469 |
| 5090 | SentinelOne, Inc., Class A\* | 74263 |
| 8168 | ServiceNow, Inc.\* | 3171389 |
| 5315 | Smartsheet, Inc., Class A\* | 209198 |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Growth Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Software, continued** | **Software, continued** | |
| 6527 | Splunk, Inc.\* | $561909 |
| 6230 | Synopsys, Inc.\* | 1989177 |
| 17719 | The Trade Desk, Inc., Class A\* | 794343 |
| 1451 | Tyler Technologies, Inc.\* | 467817 |
| 1450 | UiPath, Inc., Class A\* | 18430 |
| 6818 | Unity Software, Inc.\* | 194927 |
| 4105 | VMware, Inc., Class A\* | 503930 |
| 8086 | Workday, Inc., Class A\* | 1353030 |
| 5074 | Zoom Video Communications, Inc., Class A\* | 343713 |
| 3379 | Zscaler, Inc.\* | 378110 |
|  |  | 115343134 |
| **Specialty Retail (3.3%):** | **Specialty Retail (3.3%):** |  |
| 204 | Advance Auto Parts, Inc. | 29994 |
| 703 | AutoZone, Inc.\* | 1733725 |
| 2454 | Best Buy Co., Inc. | 196835 |
| 2489 | Burlington Stores, Inc.\* | 504670 |
| 792 | CarMax, Inc.\* | 48225 |
| 4510 | Carvana Co.\*^ | 21377 |
| 2224 | Five Below, Inc.\* | 393359 |
| 4083 | Floor & Decor Holdings, Inc., Class A\* | 284299 |
| 24451 | Home Depot, Inc. (The) | 7723093 |
| 5011 | Leslie's, Inc.\* | 61184 |
| 21905 | Lowe's Cos., Inc. | 4364352 |
| 1037 | O'Reilly Automotive, Inc.\* | 875259 |
| 275 | RH\* | 73477 |
| 5923 | Ross Stores, Inc. | 687483 |
| 47898 | TJX Cos., Inc. (The) | 3812681 |
| 4604 | Tractor Supply Co. | 1035762 |
| 2117 | Ulta Beauty, Inc.\* | 993021 |
| 2239 | Victoria's Secret & Co.\* | 80111 |
| 2292 | Williams-Sonoma, Inc. | 263397 |
|  |  | 23182304 |
| **Technology Hardware, Storage & Peripherals (11.6%):** | **Technology Hardware, Storage & Peripherals (11.6%):** |  |
| 614321 | Apple, Inc. | 79818728 |
| 1728 | Dell Technologies, Inc., Class C | 69500 |
| 19573 | HP, Inc. | 525926 |
| 279 | NCR Corp.\* | 6531 |
| 9062 | NetApp, Inc. | 544264 |
| 11777 | Pure Storage, Inc., Class A\* | 315153 |
|  |  | 81280102 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Textiles, Apparel & Luxury Goods (1.1%):** | **Textiles, Apparel & Luxury Goods (1.1%):** | |
| 938 | Deckers Outdoor Corp.\* | $374412 |
| 4576 | Lululemon Athletica, Inc.\* | 1466059 |
| 49991 | NIKE, Inc., Class B | 5849447 |
| 734 | Skechers U.S.A., Inc., Class A\* | 30791 |
| 1506 | Tapestry, Inc. | 57349 |
|  |  | 7778058 |
| **Thrifts & Mortgage Finance (0.0%<sup>†</sup>):** | **Thrifts & Mortgage Finance (0.0%<sup>†</sup>):** |  |
| 1773 | Rocket Cos., Inc., Class A^ | 12411 |
| 318 | UWM Holdings Corp.^ | 1053 |
|  |  | 13464 |
| **Trading Companies & Distributors (0.4%):** | **Trading Companies & Distributors (0.4%):** |  |
| 211 | Core & Main, Inc., Class A\* | 4075 |
| 23410 | Fastenal Co. | 1107761 |
| 1070 | SiteOne Landscape Supply, Inc.\* | 125532 |
| 1306 | United Rentals, Inc.\* | 464179 |
| 1845 | W.W. Grainger, Inc. | 1026281 |
| 736 | Watsco, Inc. | 183558 |
| 995 | WESCO International, Inc.\* | 124574 |
|  |  | 3035960 |
| Total Common Stocks (Cost $368,882,925) | Total Common Stocks (Cost $368,882,925) | 699600654 |
| **Short-Term Security Held as Collateral for Securities on Loan (0.1%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.1%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.1%):** |
| 704165 | BlackRock Liquidity FedFund, Institutional Class , 1.49%(a)(b) | 704165 |
| Total Short-Term Security Held as Collateral for Securities<br>on Loan (Cost $704,165) | Total Short-Term Security Held as Collateral for Securities<br>on Loan (Cost $704,165) | 704165 |
| **Unaffiliated Investment Company (0.2%):** | **Unaffiliated Investment Company (0.2%):** |  |
| **Money Markets (0.2%):** | **Money Markets (0.2%):** |  |
| 1548659 | Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(b) | 1548659 |
| Total Unaffiliated Investment Company (Cost $1,548,659) | Total Unaffiliated Investment Company (Cost $1,548,659) | 1548659 |
| Total Investment Securities (Cost $371,135,749) — 100.1%(c) | Total Investment Securities (Cost $371,135,749) — 100.1%(c) | 701853478 |
| Net other assets (liabilities) — (0.1)% | Net other assets (liabilities) — (0.1)% | (1028681) |
| Net Assets — 100.0% | Net Assets — 100.0% | $700824797 |

---

Percentages indicated are based on net assets as of December 31, 2022.

REIT—Real Estate Investment Trust

\* Non-income producing security.

---

| | |
|:---|:---|
| ^ | This security or a partial position of this security was on loan as of December 31, 2022. The total value of securities on loan as of December 31, 2022 was $697,431.  |

---

† Represents less than 0.05%.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for
securities that were sold on or before December 31, 2022.

(b) The rate represents the effective yield at December 31, 2022.

(c) See Federal Tax Information listed in the Notes to the Financial Statements.

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Growth Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

**Futures Contracts** 

At December 31, 2022, the Fund's open futures contracts were as follows:

**Long Futures** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  NASDAQ 100 E-Mini March Futures (U.S. Dollar) | 3/17/23 | 4 | $881780 | $(26072) |
|  S&P 500 Index E-Mini March Futures (U.S. Dollar) | 3/17/23 | 4 | 772200 | (418) |
|  |  |  |  | $(26490) |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Growth Index Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment securities, at cost | $371135749 |
|  Investment securities, at value(a) | 701853478 |
|  Deposit at broker for futures contracts collateral | 150200 |
|  Interest and dividends receivable | 257108 |
|  Reclaims receivable | 982 |
|  Receivable from Manager | 55682 |
|  Prepaid expenses | 4620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 702322070 |
|  **Liabilities:** |  |
|  Cash overdraft | 1 |
|  Payable for capital shares redeemed | 245408 |
|  Payable for collateral received on loaned securities | 704165 |
|  Payable for variation margin on futures contracts | 9442 |
|  Management fees payable | 272218 |
|  Administration fees payable | 39491 |
|  Distribution fees payable | 143516 |
|  Custodian fees payable | 6789 |
|  Administrative and compliance services fees payable | 3042 |
|  Transfer agent fees payable | 2654 |
|  Trustee fees payable | 7599 |
|  Other accrued liabilities | 62948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 1497273 |
|  **Net Assets** | $700824797 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $330933032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 369891765 |
|  **Net Assets** | $700824797 |
|  **Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $50561093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 6932779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $7.29 |
|  **Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $650263704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 49682862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $13.09 |

---

(a) Includes securities on loan of $697,431.

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Dividends  | $7885302 |
|  Interest | 2395 |
|  Income from securities lending | 35208 |
|  Foreign withholding tax | (1117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 7921788 |
|  **Expenses:** |  |
|  Management fees | 3689856 |
|  Administration fees | 122742 |
|  Distribution fees — Class 2 | 1945183 |
|  Custodian fees | 24821 |
|  Administrative and compliance services fees | 11671 |
|  Transfer agent fees | 12704 |
|  Trustee fees | 47035 |
|  Professional fees | 35483 |
|  Licensing fees | 173024 |
|  Shareholder reports | 26154 |
|  Other expenses | 23377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reductions | 6112050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less expense contractually waived/reimbursed by the Manager | (754757) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5357293 |
|  **Net Investment Income/(Loss)** | 2564495 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities and foreign currencies | 40388195 |
|  Net realized gains/(losses) on futures contracts | (1324429) |
|  Change in net unrealized appreciation/depreciation on securities and foreign currencies | (361725768) |
|  Change in net unrealized appreciation/depreciation on futures contracts | (34291) |
|  **Net realized and Change in net unrealized gains/losses on investments** | (322696293) |
|  **Change in Net Assets Resulting From Operations** | $(320131798) |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Growth Index Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $2564495 | $826724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | 39063766 | 161785915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (361760059) | 103078858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (320131798) | 265691497 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (17707517) | (13301296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (144665246) | (119314081) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (162372763) | (132615377) |
|  **Capital Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 347832 | 184490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 17707517 | 13301296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (7701896) | (8469958) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | 10353453 | 5015828 |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 7831397 | 52822423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 144665246 | 119314081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (97282257) | (258720459) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | 55214386 | (86583955) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | 65567839 | (81568127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (416936722) | 51507993 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1117761519 | 1066253526 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $700824797 | $1117761519 |
|  **Share Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 28219 | 12137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 2348477 | 956928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (704447) | (539566) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | 1672249 | 429499 |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 456011 | 2417820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 10684287 | 5601600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5461931) | (11158495) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | 5678367 | (3139075) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | 7350616 | (2709576) |

---

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. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Class 1** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $15.38 | $14.68 | $11.46 | $10.12 | $11.74 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.06 (a) | 0.05 (a) | 0.07 (a) | 0.10 (a) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (4.46) | 3.62 | 4.28 | 3.28 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (4.40) | 3.67 | 4.35 | 3.38 | (0.07) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.08) | (0.12) | (0.15) | (0.18) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (3.61) | (2.85) | (0.98) | (1.86) | (1.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (3.69) | (2.97) | (1.13) | (2.04) | (1.55) |
|  **Net Asset Value, End of Period** | $7.29 | $15.38 | $14.68 | $11.46 | $10.12 |
|  **Total Return**(b) | (29.45)% | 27.14% | 39.03% | 35.53% | (1.86)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $50561 | $80919 | $70903 | $57430 | $48665 |
|  Net Investment Income/(Loss) | 0.54% | 0.31% | 0.56% | 0.86% | 0.96% |
|  Expenses Before Reductions(c) | 0.50% | 0.51% | 0.52% | 0.51% | 0.50% |
|  Expenses Net of Reductions | 0.41% | 0.42% | 0.43% | 0.43% | 0.43% |
|  Portfolio Turnover Rate(d) | 12% | 18% | 22% | 15% | 17% |
|  **Class 2** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $23.56 | $21.11 | $16.10 | $13.53 | $15.21 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.05 (a) | 0.01 (a) | 0.06 (a) | 0.10 (a) | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (6.90) | 5.35 | 6.04 | 4.46 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (6.85) | 5.36 | 6.10 | 4.56 | (0.18) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.01) | (0.06) | (0.11) | (0.13) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (3.61) | (2.85) | (0.98) | (1.86) | (1.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (3.62) | (2.91) | (1.09) | (1.99) | (1.50) |
|  **Net Asset Value, End of Period** | $13.09 | $23.56 | $21.11 | $16.10 | $13.53 |
|  **Total Return**(b) | (29.59)% | 26.87% | 38.58% | 35.28% | (2.14)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $650264 | $1036843 | $995350 | $871046 | $775621 |
|  Net Investment Income/(Loss) | 0.29% | 0.06% | 0.31% | 0.61% | 0.71% |
|  Expenses Before Reductions(c) | 0.75% | 0.76% | 0.77% | 0.76% | 0.75% |
|  Expenses Net of Reductions | 0.66% | 0.67% | 0.68% | 0.68% | 0.68% |
|  Portfolio Turnover Rate(d) | 12% | 18% | 22% | 15% | 17% |

---

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these
charges were included, the returns would have been lower.

(c) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares
issued.

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Growth Index Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund may enter into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles ("U.S. GAAP"). The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Security Valuation** 

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

**Investment Transactions and Investment Income** 

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

**Real Estate Investment Trusts** 

The Fund may own shares of real estate investment trusts ("REITs") which report information on the source of their distributions annually. Certain distributions received from REITs during the year, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

**Private Placements** 

The Fund may invest in private placement securities which are securities issued by corporations without registration under the Securities Act of 1933, as amended (the "1933 Act"), in reliance on a "private placement" exemption. These unregistered securities may be restricted and generally are sold to institutional investors, such as the Fund, who agree that they are purchasing the securities for investment and not with a view to public distribution. Unregistered securities are normally resold to other institutional investors through or with the assistance of the issuer or investment dealers who make a market in such securities.

**Foreign Currency Translation and Withholding Taxes** 

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

**Distributions to Shareholders** 

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These "book/tax" differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

------

**AZL Russell 1000 Growth Index Fund** 

Notes to the Financial Statements

December 31, 2022

**Expense Allocation** 

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the "Manager"), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

**Class Allocation** 

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

**Securities Lending** 

To generate additional income, the Fund may lend up to 33<sup>1</sup>⁄<sub>3</sub>% 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 December 31, 2022 are presented on the Fund's Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $3,486 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund had securities lending transactions of $704,165 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

**Derivative Instruments** 

All open derivative positions at period end are reflected on the Fund's Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

***Futures Contracts***

During the year ended December 31, 2022, the Fund used futures contracts to provide market exposure on the Fund's cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value ("variation margin"), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the year ended December 31, 2022, the monthly average notional amount for long contracts was $4.8 million. There was no short contract activity during the period. Realized gains and losses are reported as "Net realized gains/(losses) on futures contracts" on the Statement of Operations.

------

**AZL Russell 1000 Growth Index Fund** 

Notes to the Financial Statements

December 31, 2022

**Summary of Derivative Instruments** 

The following is a summary of the values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Primary Risk Exposure** | **Statement of Assets and Liabilities Location** | **Total<br>Value** | **Statement of Assets and Liabilities Location** | **Total<br>Value** |
|  **Equity Risk** | **Equity Risk** |  |  |  |
| Futures Contracts | Receivable for variation margin on futures contracts\* | $— | Payable for variation margin on futures contracts\* | $26490 |

---

\* For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities as Variation margin on futures contracts. 

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Primary Risk Exposure** | **Location of Gains/(Losses)**<br> **on Derivatives**<br> **Recognized** | **Realized Gains/(Losses)<br>on Derivatives<br>Recognized** | **Change in Net Unrealized<br>Appreciation/Depreciation on**<br> **Derivatives Recognized** |
|  **Equity Risk** | **Equity Risk** |  |  |
| Futures Contracts | Net realized gains/(losses) on futures contracts/<br> Change in net unrealized appreciation/depreciation on futures contracts | $(1324429) | $(34291) |

---

**3. Fees and Transactions with Affiliates and Other Parties**

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the "Subadviser"), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC ("BlackRock Investment"), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as "Management fees." For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund's business, based on the daily net assets of the Fund, through April 30, 2024.

For the year ended December 31, 2022, the annual rate due to the Manager and the annual expense limit were as follows:

---

| | | |
|:---|:---|:---|
| | **Annual Rate\*** | **Annual Expense Limit** |
|  AZL Russell 1000 Growth Index Fund, Class 1 | 0.44% | 0.59% |
|  AZL Russell 1000 Growth Index Fund, Class 2 | 0.44% | 0.84% |

---

\* The Manager waived, prior to any application of expense limit, the management fee to 0.35% on all assets in order to maintain more competitive expense ratios. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. 

Any amounts contractually waived or reimbursed by the Manager with respect to annual expense limits in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable.

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer ("CCO") and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administrative and compliance services fees."

Citi Fund Services Ohio, Inc. ("Citi" or the "Administrator"), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust's administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund's compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administration fees."

FIS Investor Services LLC ("FIS") serves as the Fund's transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

------

**AZL Russell 1000 Growth Index Fund** 

Notes to the Financial Statements

December 31, 2022

The Bank of New York Mellon ("BNY Mellon" or the "Custodian") serves as the Trust's custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC ("ALFS"), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust's CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

**4. Investment Valuation Summary** 

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates,
prepayments speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust's Board of Trustees (the "Board" or "Trustees") as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund's net asset value is calculated. These procedures include the Fund's use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund's fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund's NAV will be subject to the judgment of the Manager. The Manager's fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks+ | $699600654 | $— | $— | $699600654 |
|  Short-Term Security Held as Collateral for Securities on Loan | 704165 |  |  | 704165 |
|  Unaffiliated Investment Company | 1548659 |  |  | 1548659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | 701853478 |  |  | 701853478 |
|  Other Financial Instruments:\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (26490) |  |  | (26490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $701826988 | $— | $— | $701826988 |

---

+ For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

\* Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, 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 | $101583609 | $191091286 |

---

**6. Investment Risks**

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

------

**AZL Russell 1000 Growth Index Fund** 

Notes to the Financial Statements

December 31, 2022

*Concentration Risk:* The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are concentrated in the securities of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.

*Derivatives Risk:* The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The 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.

*Market Risk:* The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

*Technology Sector Risk:* Technology companies, including information technology companies, may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights.

**7. Coronavirus (COVID-19) Pandemic** 

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $373,266,289. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

---

| | |
|:---|:---|
|  Unrealized appreciation | $352903743 |
|  Unrealized (depreciation) | (24316554) |
|  Net unrealized appreciation/(depreciation) | $328587189 |

---

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Russell 1000 Growth Index Fund | $4773902 | $157598861 | $162372763 |

---

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Russell 1000 Growth Index Fund | $3119928 | $129495449 | $132615377 |

---

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

------

**AZL Russell 1000 Growth Index Fund** 

Notes to the Financial Statements

December 31, 2022

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized**<br> **Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated**<br> **Earnings/<br>(Deficit)** |
|  AZL Russell 1000 Growth Index Fund | $2570698 | $38733878 | $– | $328587189 | $369891765 |

---

(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, investments in real estate investment trusts 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 December 31, 2022, 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 this shareholder could have a material impact to the Fund.

**11. Subsequent Events** 

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund's financial statements.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL Russell 1000 Growth Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Russell 1000 Growth Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

------

**Other Federal Income Tax Information (Unaudited)** 

For the year ended December 31, 2022, 100.00% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2022, the Fund declared net short-term capital gain distributions of $3,958,466.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $157,598,861.

------

**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.

------

**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

Each Fund is a manager-of-managers fund. That means that the Manager is responsible for monitoring the various Subadvisers that have day-to-day responsibility for the investment decisions made for each Fund. The Manager also is responsible for determining, in the first instance, which investment advisers to consider recommending for selection as a Subadviser.

In reviewing the services provided by the Manager and the terms of the Management Agreement, the Board receives and reviews information related to the Manager's experience and expertise in the variable insurance marketplace. In addition, the Board receives information regarding the Manager's expertise with regard to portfolio diversification and asset allocation requirements within variable insurance products issued by Allianz Life Insurance Company of North America ("Allianz Life") and its subsidiary, Allianz Life Insurance Company of New York ("Allianz of New York"). Currently, the Funds are offered only through Allianz Life and Allianz of New York variable products, and not in the retail fund market.

The Manager has adopted policies and procedures to assist it in the process of analyzing each potential Subadviser with expertise in particular asset classes for purposes of making the recommendation that a specific investment adviser be selected. The Board reviews and considers the information provided by the Manager in deciding which investment advisers to select as a Subadviser. After an investment adviser becomes a Subadviser, a similarly rigorous process is instituted by the Manager to monitor the investment performance and other responsibilities of the Subadviser. The Manager reports to the Board on its analysis at the regular meetings of the Board, which are held at least quarterly. Where warranted, the Manager will add or remove a particular Subadviser from a "watch" list that it maintains. Watch list criteria include, for example: (a) Fund performance over various time periods; (b) Fund risk issues, such as changes in key personnel involved with Fund management, changes in investment philosophy or process, or "capacity" concerns; and (c) organizational risk issues, such as regulatory, compliance or legal concerns, or changes in the ownership of the Subadviser. The Manager may place a Fund on the watch list for other reasons, and if so, will explain its rationale to the Board. Funds which are on the watch list are subject to additional scrutiny by the Manager and the Board. Funds may be removed from such watch list, if for example, performance improves or regulatory matters are satisfactorily resolved. However, in some situations where Funds have been on the watch list, the Manager has recommended the retention of a new Subadviser, and the Board has subsequently considered and approved retention of the new Subadviser.

As required by the Investment Company Act of 1940 (the "1940 Act"), the Board has reviewed and approved the Management Agreement with the Manager and the portfolio management agreements (the "Subadvisory Agreements"; and together with the Management Agreement, the "Advisory Contracts") with the Subadvisers. The Board's decision to approve these contracts reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of these contracts, the Board considered many factors, among the most material of which are: the Fund's investment objectives and long-term performance; the Manager's and Subadvisers' (collectively, the "Advisory Organizations") management philosophy, personnel, processes and investment performance, including their compliance history and the adequacy of their compliance processes; the preferences and expectations of Fund shareholders (and underlying contract owners) and their relative sophistication; the continuing state of competition in the mutual fund industry; and comparable fees in the mutual fund industry.

The Board also considered the compensation and benefits received by the Advisory Organizations. This includes fees received for services provided to the Fund by affiliated persons of the Advisory Organizations and research services received by the Advisory Organizations from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Services Agreement and a Compliance Services Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and received (along with its affiliated persons) any payments made by the Funds pursuant to Rule 12b-1.

The Board is aware that various courts have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an adviser's compensation: the nature, extent and quality of the services provided by the adviser, including the performance of the fund; the adviser's cost of providing the services; the extent to which the adviser may realize "economies of scale" as the fund grows larger; any indirect benefits that may accrue to the adviser and its affiliates as a result of the adviser's relationship with the fund; performance and expenses of comparable funds; the profitability of acting as adviser to the fund; and the extent to which the independent Board members, who are not "interested persons" of a fund as defined by the 1940 Act ("Independent Trustees"), are fully informed about all facts bearing on the adviser's services and fees. The Board is aware of these factors and takes them into account in its review of the Advisory Contracts.

Each member of the Board considered and weighed these factors in light of his or her experience in governing the Trust and working with the Advisory Organizations on matters relating to the Funds. The Board is assisted in its deliberations by the advice of independent legal counsel to the Independent Trustees ("Independent Trustee Counsel"). In this regard, the Board requests and receives a significant amount of information about the Funds and the Advisory Organizations. Some of this information is provided at each regular meeting of the Board; additional information is provided in connection with the particular meetings at which the Board's formal review of the Advisory Contracts occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board's evaluation of Advisory Contracts is informed by reports covering such matters as: an Advisory Organization's investment philosophy, personnel, and processes; the Fund's investment performance (in absolute terms as well as in relationship to its benchmark(s) and certain competitor or "peer group" funds), and comments on the reasons for performance; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to peer group and/or competing funds, with due regard for the Expense Limitation Agreement and additional voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities; the nature, extent and quality of the advisory and other services provided to the Fund by the Advisory Organizations and their affiliates; compliance and audit reports concerning the Funds and the companies that service them; and relevant developments in the mutual fund industry and how the Funds and/or Advisory Organizations are responding to them.

The Board also receives financial information about the Advisory Organizations, including reports on the compensation and benefits the Advisory Organizations derive from their relationships with the Funds. These reports cover not only the fees under the Advisory Contracts, but also the fees, if any, received for providing other services to the Funds. The reports also discuss any indirect or "fall-out" benefits an Advisory Organization may derive from its relationship with the Funds.

In assessing the Advisory Organizations' performance of their obligations, the Board may also consider whether there has occurred a circumstance or event that would constitute a reason for it to not renew an Advisory Contract. In this regard, the Board is mindful of the potential disruption of a Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew a contract.

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the

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Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

In connection with such meetings, the Board requested and evaluated extensive materials from the Advisory Organizations, including performance and expense information for other investment companies with similar investment objectives derived from data compiled by an independent third-party provider and other sources believed to be reliable by the Manager and the Trustees. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Contracts with management and with Independent Trustee Counsel and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approval. The Independent Trustees also discussed the proposed approval in private sessions with Independent Trustee Counsel at which no representatives of the Manager or Subadvisers were present. In reaching their determinations relating to the approval of the Advisory Contracts, in respect of each Fund, each member of the Board considered all factors he or she believed relevant. The Board based its decision to approve the Advisory Contracts on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

*(1) The nature, extent and quality of services provided by the Manager and Subadvisers.* The Trustees noted that the Manager, subject to the oversight of the Board, administers each Fund's business and other affairs. Under the Management Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for others to provide, the management of the Funds' assets and the placement of orders for the purchase and sale of the securities of the Funds. As each Fund is a manager of managers fund, the Manager is authorized, under the Management Agreement, to retain one or more Subadvisers for each Fund to handle day-to-day management of the Funds' investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board for selection as a Subadviser. The Board was aware that, notwithstanding the retention of the Subadvisers to handle day-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Board regarding the Funds' portfolio investments and to make available to the Funds' administrator such information as is necessary for the conduct of its duties.

The Board also noted that the Manager provides the Trust and each Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any other service providers retained by the Trust on behalf of the Funds) and executive and other personnel as are necessary for the operation of the Trust and the Funds. Except for the Trust's Chief Compliance Officer and certain compliance staff, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

The Board considered the scope and quality of services provided by the Manager and the Subadvisers and noted that the scope of the services provided has continued to expand as a result of regulatory and other developments. The Board noted that, for example, the Manager and Subadvisers are responsible for maintaining and monitoring their own compliance programs, and these compliance programs are continuously refined and enhanced in light of new regulatory requirements. The Board considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and its Funds. The quality of administrative and other services, including the Manager's role in coordinating the activities of the Trust's other service providers, also were considered. The Board members concluded that, overall, they were satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Trust and to each of the Funds under the Advisory Contracts.

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

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The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

The Board noted that the Manager has agreed to temporarily limit Fund expenses under the Expense Limitation Agreement, which has the effect of reducing expenses similar to implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of expense limits and/or advisory fee breakpoints as Fund assets change. The Board receives quarterly reports on the level of Fund assets. The Board expects to continue to consider: (a) the extent to which economies of scale have been realized, and (b) whether the advisory fee should be modified, either in connection with the next renewal of the Advisory Contracts or by modifying the Expense Limitation Agreement, to reflect such economies of scale, if any.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds' advisory fee rate schedules was acceptable under each Fund's circumstances.

In conclusion, after full consideration of the above factors, as well as such other factors as each member of the Board considered instructive in evaluating the Advisory Contracts, the Board concluded that the advisory fees were reasonable, and that the continuation of the Advisory Contracts was in the best interest of the Funds.

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**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14 (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and<br> Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

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**Interested Trustee<sup>(4)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM<br>Complex During<br>Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

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(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

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**Officers** 

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| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions**<br> **Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(1)</sup>/ Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963)<br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 to present. |

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(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

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![LOGO](g415379g71x52.jpg)

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| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

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## AZL<sup>®</sup> Russell 1000 Value Index Fund

## Annual Report

## December 31, 2022
![LOGO](g415395g71x52.jpg)

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**Table of Contents** 

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| |
|:---|
| [Management Discussion and Analysis](#toc_1)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc168256_2377_1)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc168256_2377_2)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc168256_2377_3)<br> Page 14 |
| [Statement of Operations](#toc168256_2377_4)<br> Page 14 |
| [Statements of Changes in Net Assets](#toc168256_2377_5)<br> Page 15 |
| [Financial Highlights](#toc168256_2377_6)<br> Page 16 |
| [Notes to the Financial Statements](#toc168256_2377_7)<br> Page 17 |
| [Report of Independent Registered Public Accounting Firm](#toc_2)<br> Page 23 |
| [Other Federal Income Tax Information](#toc168256_2377_10)<br> Page 24 |
| [Other Information](#toc168256_2377_8)<br> Page 25 |
| [Approval of Investment Advisory and Subadvisory Agreements](#toc_3)<br> Page 26 |
| [Information about the Board of Trustees and Officers](#toc_4)<br> Page 29 |

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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.

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 **AZL<sup>®</sup> Russell 1000 Value Index Fund Review (Unaudited)** <br>

Allianz Investment Management LLC serves as the Manager for the AZL<sup>®</sup> Russell 1000 Value Index Fund and BlackRock Investment Management, LLC serves as Subadviser to the Fund.

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

For the year ended December 31, 2022, the AZL<sup>®</sup> Russell 1000 Value Index Fund (Class 2 shares) (the "Fund") returned (8.18)%. That compared to a (7.54)% total return for its benchmark, the Russell 1000<sup>®</sup> Value Index.<sup>1</sup>

The Fund seeks investment results, before fees and expenses, that correspond to the performance of the Russell 1000<sup>®</sup> Value Index (the "Index"). The Fund takes positions in securities that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of large-cap stock performance. It is an unmanaged, market capitalization-weighted index composed of large-capitalization U.S. equities with value characteristics.

In the first quarter of 2022, the Russian invasion of Ukraine added fuel to existing concerns over rising inflation, interest rate hikes, and rising commodity prices. U.S. economic data, including employment numbers and corporate earnings, remained strong, however. This dynamic complicated matters for the Federal Reserve (the Fed) as it announced a 25-basis-point increase in short-term rates in March to attempt to combat inflation. The Fed also signaled additional rate increases throughout the rest of the year.

During the second quarter, inflation continued to rise, and investors grew increasingly concerned the Fed would not be able to avoid a recession as it sought to check rising consumer prices. Consumer sentiment fell as both prices and the cost of borrowing rose, putting downward pressure on domestic equity market valuations. The Fed added to that pressure with an increasingly hawkish tone, indicating it was willing to accept higher unemployment rates if that was required to rein in inflation.

Equity markets staged a rally in the third quarter as the Fed initially softened its tone in recognition of the many obstacles that threatened economic growth. In support of this shift, data indicated that GDP growth had declined over the first two quarters of 2022. Other data, including employment and wage growth figures, indicated the economy remained resilient, but investors appeared to take the slowdown in GDP growth as a sign the Fed would ease its current policy-tightening trend. By the end of the quarter, however, the Fed's tone shifted once again, this time toward a more hawkish stance. Inflation data remained stubbornly high during the summer, and Fed Chair Jerome

Powell reaffirmed the Fed's commitment to fighting

inflation. The announcement pushed equity markets lower, erasing the gains from earlier in the quarter.

In the fourth quarter, stocks once again staged a rally despite tighter monetary policies. Markets posted gains in both October and November before giving up those gains during December. The Fed raised interest rates at its December meeting, bringing the total rate increase to 450 basis points for the year, and reiterated its plan to continue tightening into 2023. Equity markets fell in response, closing out the year posting their worst annual returns in over a decade.

The sectors within the Index posted mixed returns over the year, with the energy, consumer staples, and utilities sectors among the best performers, while the information technology, communication services, and real estate sectors lagged.

The Fund uses exchange-traded futures for the purpose of efficient portfolio management, and these derivatives did not have a significant impact on the Fund's return in 2022. Futures are not used for speculative or leveraged positions in the portfolio and we hold cash to fully cover all outstanding futures positions. The Fund's use of futures contracts provides immediate market exposure proportionate to cash accruals and investable cash within the portfolio. Skillful cash management and cash equitization are critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.

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***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmark please refer to page 2 of this report.* 

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 **AZL<sup>®</sup> Russell 1000 Value Index Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to match the total return of the Russell 1000<sup>®</sup> Value Index. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing in all stocks in the Index in proportion to their weighting in the Index.* 

**Investment Concerns** 

*Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.* 

*Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.* 

*The performance of the Fund is expected to be lower than that of the Index because of Fund fees and expenses. Securities in which the Fund will invest may involve substantial risk and may be subject to sudden severe price declines.* 

*Investing in derivative instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.* 

*For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund's prospectus.* 

**Growth of $10,000 Investment**![LOGO](g415395g95g97.jpg)

*The chart above represents a comparison of a hypothetical investment in the Fund versus a similar investment in the Fund's benchmark and represents the reinvestment of dividends and capital gains in the Fund.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **Inception<br>Date** | **1<br>Year** | **3<br>Year** | **5<br>Year** | **10<br>Year** | **Since<br>Inception** |
| &nbsp;&nbsp; AZL<sup>®</sup> Russell 1000 Value Index Fund (Class 1 Shares) | 10/17/2016 | (7.88)% | 5.47% | 6.25% |  | 8.46% |
| &nbsp;&nbsp; AZL<sup>®</sup> Russell 1000 Value Index Fund (Class 2 Shares) | 4/30/2010 | (8.18)% | 5.19% | 5.98% | 9.53% | 9.14% |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Value Index | 4/30/2010 | (7.54)% | 5.96% | 6.67% | 10.29% | 9.91% |

---

***Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.Allianzlife.com.***

---

| | |
|:---|:---|
| **Expense Ratios** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> Russell 1000 Value Index Fund (Class 1 Shares) | 0.52% |
| &nbsp;&nbsp; AZL<sup>®</sup> Russell 1000 Value Index Fund (Class 2 Shares) | 0.77% |

---

***The above expense ratios are based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.35% through at least April 30, 2024. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.59% for Class 1 Shares and 0.84% for Class 2 Shares through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratios can be found in the Financial Highlights.***

*The total return of the Fund does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Such charges, fees and tax payments would reduce the performance quoted.* 

*The Fund's performance is measured against the Russell 1000<sup>®</sup> Value Index, an unmanaged index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.* 

------

**AZL Russell 1000 Value Index Fund** 

**Expense Examples** 

(Unaudited)

As a shareholder of the AZL Russell 1000 Value Index Fund (the "Fund"), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount 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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Russell 1000 Value Index Fund, Class 1 | $1000.00 | $1059.10 | $2.13 | 0.41% |
|  AZL Russell 1000 Value Index Fund, Class 2 | $1000.00 | $1057.30 | $3.42 | 0.66% |

---

The **Hypothetical Expense** table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Russell 1000 Value Index Fund, Class 1 | $1000.00 | $1023.14 | $2.09 | 0.41% |
|  AZL Russell 1000 Value Index Fund, Class 2 | $1000.00 | $1021.88 | $3.36 | 0.66% |

---

\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  Financials | 20.0% |
|  Health Care | 17.3 |
|  Industrials | 10.5 |
|  Energy | 8.4 |
|  Information Technology | 8.3 |
|  Consumer Staples | 7.3 |
|  Communication Services | 7.3 |
|  Consumer Discretionary | 6.0 |
|  Utilities | 5.8 |
|  Real Estate | 4.5 |
|  Materials | 4.3 |
|  Total Common Stocks | 99.7 |
|  Unaffiliated Investment Company | 0.2 |
|  Short-Term Security Held as Collateral for Securities on Loan | 0.2 |
|  Total Investment Securities | 100.1 |
|  Net other assets (liabilities) | (0.1) |
|  Net Assets | 100.0% |

---

------

**AZL Russell 1000 Value Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks (99.7%):** | **Common Stocks (99.7%):** | |
| **Aerospace & Defense (2.5%):** | **Aerospace & Defense (2.5%):** | |
| 814 | Axon Enterprise, Inc.\* | $135067 |
| 19024 | Boeing Co. (The)\* | 3623882 |
| 2970 | BWX Technologies, Inc. | 172497 |
| 1931 | Curtiss-Wright Corp. | 322458 |
| 12181 | General Dynamics Corp. | 3022228 |
| 151 | HEICO Corp. | 23199 |
| 266 | HEICO Corp., Class A | 31880 |
| 4128 | Hexcel Corp. | 242933 |
| 16609 | Howmet Aerospace, Inc. | 654561 |
| 1532 | Huntington Ingalls Industries, Inc. | 353402 |
| 9682 | L3harris Technologies, Inc. | 2015889 |
| 2886 | Mercury Systems, Inc.\* | 129120 |
| 6473 | Northrop Grumman Corp. | 3531733 |
| 74110 | Raytheon Technologies Corp. | 7479181 |
| 10740 | Textron, Inc. | 760392 |
| 1578 | TransDigm Group, Inc. | 993588 |
|  |  | 23492010 |
| **Air Freight & Logistics (0.4%):** | **Air Freight & Logistics (0.4%):** |  |
| 4629 | C.H. Robinson Worldwide, Inc. | 423831 |
| 5602 | Expeditors International of Washington, Inc. | 582160 |
| 12046 | FedEx Corp. | 2086367 |
| 5026 | GXO Logistics, Inc.\* | 214560 |
| 3931 | United Parcel Service, Inc., Class B | 683365 |
| 5051 | XPO Logistics, Inc.\* | 168148 |
|  |  | 4158431 |
| **Airlines (0.3%):** | **Airlines (0.3%):** |  |
| 6403 | Alaska Air Group, Inc.\* | 274945 |
| 31815 | American Airlines Group, Inc.\* | 404687 |
| 1589 | Copa Holdings SA, Class A\* | 132157 |
| 16728 | JetBlue Airways Corp.\* | 108397 |
| 29916 | Southwest Airlines Co.\* | 1007272 |
| 16275 | United Airlines Holdings, Inc.\* | 613567 |
|  |  | 2541025 |
| **Auto Components (0.2%):** | **Auto Components (0.2%):** |  |
| 10184 | Aptiv plc\* | 948436 |
| 11590 | BorgWarner, Inc. | 466498 |
| 11782 | Gentex Corp. | 321295 |
| 3080 | Lear Corp. | 381982 |
| 13005 | QuantumScape Corp.\*^ | 73738 |
|  |  | 2191949 |
| **Automobiles (0.6%):** | **Automobiles (0.6%):** |  |
| 197122 | Ford Motor Co. | 2292529 |
| 71423 | General Motors Co. | 2402670 |
| 6563 | Harley-Davidson, Inc. | 273021 |
| 1727 | Lucid Group, Inc.\*^ | 11795 |
| 26256 | Rivian Automotive, Inc.\* | 483898 |
| 2810 | Thor Industries, Inc. | 212127 |
|  |  | 5676040 |
| **Banks (7.2%):** | **Banks (7.2%):** |  |
| 354117 | Bank of America Corp. | 11728355 |
| 1905 | Bank of Hawaii Corp. | 147752 |
| 5830 | Bank OZK | 233550 |
| 1587 | BOK Financial Corp. | 164715 |
| 97146 | Citigroup, Inc. | 4393914 |
| 24625 | Citizens Financial Group, Inc. | 969486 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Banks, continued** | **Banks, continued** | |
| 6675 | Comerica, Inc. | $446224 |
| 5932 | Commerce Bancshares, Inc. | 403791 |
| 2927 | Cullen/Frost Bankers, Inc. | 391340 |
| 6993 | East West Bancorp, Inc. | 460839 |
| 18027 | F.N.B. Corp. | 235252 |
| 33876 | Fifth Third Bancorp | 1111472 |
| 458 | First Citizens BancShares, Inc., Class A | 347329 |
| 6558 | First Hawaiian, Inc. | 170770 |
| 26034 | First Horizon Corp. | 637833 |
| 9125 | First Republic Bank | 1112246 |
| 71792 | Huntington Bancshares, Inc. | 1012267 |
| 147064 | JPMorgan Chase & Co. | 19721282 |
| 47261 | KeyCorp | 823287 |
| 8797 | M&T Bank Corp. | 1276093 |
| 5445 | PacWest Bancorp | 124963 |
| 3811 | Pinnacle Financial Partners, Inc. | 279727 |
| 20295 | PNC Financial Services Group, Inc. (The) | 3205392 |
| 3613 | Popular, Inc. | 239614 |
| 4490 | Prosperity Bancshares, Inc. | 326333 |
| 46902 | Regions Financial Corp. | 1011207 |
| 2964 | Signature Bank | 341512 |
| 1059 | SVB Financial Group\* | 243718 |
| 6986 | Synovus Financial Corp. | 262324 |
| 66539 | Truist Financial Corp. | 2863173 |
| 67065 | U.S. Bancorp | 2924705 |
| 10460 | Umpqua Holdings Corp. | 186711 |
| 8682 | Webster Financial Corp. | 411006 |
| 191216 | Wells Fargo & Co. | 7895309 |
| 2187 | Western Alliance Bancorp | 130258 |
| 3120 | Wintrust Financial Corp. | 263702 |
| 7581 | Zions Bancorp | 372682 |
|  |  | 66870133 |
| **Beverages (1.0%):** | **Beverages (1.0%):** |  |
| 977 | Brown-Forman Corp., Class A | 64248 |
| 3622 | Brown-Forman Corp., Class B | 237893 |
| 48905 | Coca-Cola Co. (The) | 3110847 |
| 7662 | Constellation Brands, Inc., Class A | 1775668 |
| 42846 | Keurig Dr Pepper, Inc. | 1527888 |
| 8722 | Molson Coors Brewing Co., Class B | 449357 |
| 1273 | Monster Beverage Corp.\* | 129248 |
| 10821 | PepsiCo, Inc. | 1954922 |
|  |  | 9250071 |
| **Biotechnology (1.8%):** | **Biotechnology (1.8%):** |  |
| 4331 | Amgen, Inc. | 1137494 |
| 7286 | Biogen, Inc.\* | 2017639 |
| 9188 | BioMarin Pharmaceutical, Inc.\* | 950866 |
| 6971 | Exact Sciences Corp.\* | 345134 |
| 1631 | Exelixis, Inc.\* | 26161 |
| 62999 | Gilead Sciences, Inc. | 5408464 |
| 1234 | Incyte Corp.\* | 99115 |
| 498 | Ionis Pharmaceuticals, Inc.\* | 18810 |
| 2285 | Mirati Therapeutics, Inc.\* | 103533 |
| 15938 | Moderna, Inc.\* | 2862784 |
| 243 | Natera, Inc.\* | 9761 |
| 4428 | Regeneron Pharmaceuticals, Inc.\* | 3194758 |
| 1019 | Ultragenyx Pharmaceutical, Inc.\* | 47210 |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Value Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Biotechnology, continued** | **Biotechnology, continued** | |
| 2232 | United Therapeutics Corp.\* | $620697 |
| 766 | Vertex Pharmaceuticals, Inc.\* | 221206 |
|  |  | 17063632 |
| **Building Products (0.8%):** | **Building Products (0.8%):** |  |
| 4684 | A O Smith Corp. | 268112 |
| 1010 | Allegion plc | 106313 |
| 1116 | Armstrong World Industries, Inc. | 76546 |
| 6030 | AZEK Co., Inc. (The)\* | 122530 |
| 7602 | Builders FirstSource, Inc.\* | 493218 |
| 431 | Carlisle Cos., Inc. | 101565 |
| 42406 | Carrier Global Corp. | 1749247 |
| 4107 | Fortune Brands Innovations, Inc. | 234551 |
| 2751 | Hayward Holdings, Inc.\* | 25859 |
| 35129 | Johnson Controls International plc | 2248256 |
| 1593 | Lennox International, Inc. | 381093 |
| 10512 | Masco Corp. | 490595 |
| 4107 | Masterbrand, Inc.\* | 31008 |
| 4853 | Owens Corning | 413961 |
| 4873 | Trane Technologies plc | 819103 |
|  |  | 7561957 |
| **Capital Markets (4.8%):** | **Capital Markets (4.8%):** |  |
| 1848 | Affiliated Managers Group, Inc. | 292779 |
| 1936 | Ameriprise Financial, Inc. | 602812 |
| 36567 | Bank of New York Mellon Corp. (The) | 1664530 |
| 7531 | BlackRock, Inc., Class A+ | 5336693 |
| 9996 | Carlyle Group, Inc. (The) | 298281 |
| 5426 | Cboe Global Markets, Inc. | 680800 |
| 33828 | Charles Schwab Corp. (The) | 2816519 |
| 18074 | CME Group, Inc. | 3039324 |
| 7915 | Coinbase Global, Inc.\*^ | 280112 |
| 1943 | Evercore, Inc., Class A | 211942 |
| 14800 | Franklin Resources, Inc. | 390424 |
| 16536 | Goldman Sachs Group, Inc. (The) | 5678132 |
| 4568 | Interactive Brokers Group, Inc., Class A | 330495 |
| 27690 | Intercontinental Exchange, Inc. | 2840717 |
| 18155 | Invesco, Ltd. | 326608 |
| 7344 | Janus Henderson Group plc | 172731 |
| 28843 | KKR & Co., Inc., Class A | 1338892 |
| 4096 | Lazard, Ltd., Class A | 142008 |
| 469 | Moody's Corp. | 130673 |
| 62158 | Morgan Stanley | 5284673 |
| 49 | Morningstar, Inc. | 10613 |
| 974 | MSCI, Inc. | 453076 |
| 17448 | Nasdaq, Inc. | 1070435 |
| 10222 | Northern Trust Corp. | 904545 |
| 9013 | Raymond James Financial, Inc. | 963039 |
| 29677 | Robinhood Markets, Inc., Class A\* | 241571 |
| 16414 | S&P Global, Inc. | 5497705 |
| 4933 | SEI Investments Co. | 287594 |
| 18397 | State Street Corp. | 1427055 |
| 5047 | Stifel Financial Corp. | 294593 |
| 11220 | T. Rowe Price Group, Inc. | 1223653 |
| 2116 | Tradeweb Markets, Inc., Class A | 137392 |
| 4556 | Virtu Financial, Inc., Class A | 92988 |
|  |  | 44463404 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Chemicals (2.6%):** | **Chemicals (2.6%):** | |
| 11110 | Air Products and Chemicals, Inc. | $3424769 |
| 2829 | Albemarle Corp. | 613497 |
| 2596 | Ashland, Inc. | 279148 |
| 8158 | Axalta Coating Systems, Ltd.\* | 207784 |
| 5524 | Celanese Corp. | 564774 |
| 2946 | Chemours Co. (The) | 90207 |
| 36274 | Corteva, Inc. | 2132186 |
| 36273 | Dow, Inc. | 1827796 |
| 24976 | DuPont de Nemours, Inc. | 1714103 |
| 6012 | Eastman Chemical Co. | 489617 |
| 1518 | Ecolab, Inc. | 220960 |
| 10691 | Element Solutions, Inc. | 194469 |
| 4186 | FMC Corp. | 522413 |
| 34772 | Ginkgo Bioworks Holdings, Inc.\* | 58765 |
| 9566 | Huntsman Corp. | 262874 |
| 12745 | International Flavors & Fragrances, Inc. | 1336186 |
| 19679 | Linde plc | 6418896 |
| 12721 | Lyondellbasell Industries NV | 1056225 |
| 15251 | Mosaic Co. (The) | 669061 |
| 309 | NewMarket Corp. | 96133 |
| 6897 | Olin Corp. | 365127 |
| 5461 | PPG Industries, Inc. | 686666 |
| 6163 | RPM International, Inc. | 600584 |
| 1410 | Scotts Miracle-Gro Co. (The) | 68512 |
| 1756 | Westlake Corp. | 180060 |
|  |  | 24080812 |
| **Commercial Services & Supplies (0.3%):** | **Commercial Services & Supplies (0.3%):** |  |
| 262 | Cintas Corp. | 118325 |
| 2659 | Clean Harbors, Inc.\* | 303445 |
| 2242 | Driven Brands Holdings, Inc.\* | 61229 |
| 1218 | IAA, Inc.\* | 48720 |
| 1095 | MSA Safety, Inc. | 157888 |
| 9709 | Republic Services, Inc. | 1252364 |
| 722 | Rollins, Inc. | 26382 |
| 4811 | Stericycle, Inc.\* | 240021 |
| 1490 | Tetra Tech, Inc. | 216333 |
| 1398 | Waste Management, Inc. | 219318 |
|  |  | 2644025 |
| **Communications Equipment (1.5%):** | **Communications Equipment (1.5%):** |  |
| 7404 | Ciena Corp.\* | 377456 |
| 207201 | Cisco Systems, Inc. | 9871056 |
| 3001 | F5, Inc.\* | 430673 |
| 16064 | Juniper Networks, Inc. | 513405 |
| 3624 | Lumentum Holdings, Inc.\* | 189064 |
| 8304 | Motorola Solutions, Inc. | 2140024 |
| 226 | Ubiquiti, Inc. | 61818 |
| 3355 | ViaSat, Inc.\* | 106186 |
|  |  | 13689682 |
| **Construction & Engineering (0.2%):** | **Construction & Engineering (0.2%):** |  |
| 6123 | AECOM | 520026 |
| 3085 | MasTec, Inc.\* | 263243 |
| 10311 | MDU Resources Group, Inc. | 312836 |
| 3251 | Quanta Services, Inc. | 463268 |
| 872 | Valmont Industries, Inc. | 288344 |
| 4743 | WillScot Mobile Mini Holdings Corp.\* | 214241 |
|  |  | 2061958 |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Value Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Construction Materials (0.2%):** | **Construction Materials (0.2%):** | |
| 356 | Eagle Materials, Inc. | $47295 |
| 2857 | Martin Marietta Materials, Inc. | 965580 |
| 3452 | Vulcan Materials Co. | 604480 |
|  |  | 1617355 |
| **Consumer Finance (1.0%):** | **Consumer Finance (1.0%):** |  |
| 15960 | Ally Financial, Inc. | 390222 |
| 28311 | American Express Co. | 4182950 |
| 18965 | Capital One Financial Corp. | 1762986 |
| 271 | Credit Acceptance Corp.\*^ | 128562 |
| 13655 | Discover Financial Services | 1335869 |
| 5753 | OneMain Holdings, Inc. | 191633 |
| 12247 | SLM Corp. | 203300 |
| 42461 | SoFi Technologies, Inc.\*^ | 195745 |
| 22614 | Synchrony Financial | 743096 |
| 3152 | Upstart Holdings, Inc.\*^ | 41670 |
|  |  | 9176033 |
| **Containers & Packaging (0.5%):** | **Containers & Packaging (0.5%):** |  |
| 75436 | Amcor plc | 898443 |
| 3323 | AptarGroup, Inc. | 365464 |
| 3918 | Ardagh Metal Packaging SA | 18846 |
| 1510 | Avery Dennison Corp. | 273310 |
| 9087 | Ball Corp. | 464709 |
| 3041 | Berry Global Group, Inc. | 183768 |
| 750 | Crown Holdings, Inc. | 61657 |
| 3745 | Graphic Packaging Holding Co. | 83326 |
| 18318 | International Paper Co. | 634352 |
| 4620 | Packaging Corp. of America | 590944 |
| 4453 | Silgan Holdings, Inc. | 230843 |
| 4769 | Sonoco Products Co. | 289526 |
| 12986 | Westrock Co. | 456588 |
|  |  | 4551776 |
| **Distributors (0.2%):** | **Distributors (0.2%):** |  |
| 6462 | Genuine Parts Co. | 1121222 |
| 13105 | LKQ Corp. | 699938 |
|  |  | 1821160 |
| **Diversified Consumer Services (0.1%):** | **Diversified Consumer Services (0.1%):** |  |
| 11118 | ADT, Inc.^ | 100840 |
| 2253 | Bright Horizons Family Solutions, Inc.\* | 142165 |
| 1626 | Grand Canyon Education, Inc.\* | 171803 |
| 1320 | H&R Block, Inc. | 48193 |
| 490 | Mister Car Wash, Inc.\* | 4523 |
| 7893 | Service Corp. International | 545722 |
|  |  | 1013246 |
| **Diversified Financial Services (3.2%):** | **Diversified Financial Services (3.2%):** |  |
| 5323 | Apollo Global Management, Inc. | 339554 |
| 90963 | Berkshire Hathaway, Inc., Class B\* | 28098471 |
| 18493 | Equitable Holdings, Inc. | 530749 |
| 9977 | Jefferies Financial Group, Inc. | 342011 |
| 4777 | Voya Financial, Inc. | 293738 |
|  |  | 29604523 |
| **Diversified Telecommunication Services (1.7%):** | **Diversified Telecommunication Services (1.7%):** |  |
| 360988 | AT&T, Inc. | 6645789 |
| 11877 | Frontier Communications Parent, Inc.\* | 302626 |
| 53059 | Lumen Technologies, Inc. | 276968 |
| 211914 | Verizon Communications, Inc. | 8349412 |
|  |  | 15574795 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Electric Utilities (3.8%):** | **Electric Utilities (3.8%):** | |
| 12563 | Alliant Energy Corp. | $693603 |
| 25666 | American Electric Power Co., Inc. | 2436987 |
| 3771 | Avangrid, Inc. | 162078 |
| 16403 | Constellation Energy Corp. | 1414103 |
| 38909 | Duke Energy Corp. | 4007238 |
| 18753 | Edison International | 1193066 |
| 10097 | Entergy Corp. | 1135912 |
| 11122 | Evergy, Inc. | 699907 |
| 17334 | Eversource Energy | 1453283 |
| 49484 | Exelon Corp. | 2139193 |
| 27482 | FirstEnergy Corp. | 1152595 |
| 5803 | Hawaiian Electric Industries, Inc. | 242856 |
| 2399 | IDACORP, Inc. | 258732 |
| 100130 | NextEra Energy, Inc. | 8370868 |
| 11944 | NRG Energy, Inc. | 380058 |
| 10336 | OGE Energy Corp. | 408789 |
| 82938 | PG&E Corp.\* | 1348572 |
| 5734 | Pinnacle West Capital Corp. | 436013 |
| 36675 | PPL Corp. | 1071643 |
| 54822 | Southern Co. (The) | 3914839 |
| 27397 | Xcel Energy, Inc. | 1920804 |
|  |  | 34841139 |
| **Electrical Equipment (1.0%):** | **Electrical Equipment (1.0%):** |  |
| 1588 | Acuity Brands, Inc. | 262989 |
| 11611 | AMETEK, Inc. | 1622289 |
| 20002 | Eaton Corp. plc | 3139314 |
| 20177 | Emerson Electric Co. | 1938202 |
| 2709 | Hubbell, Inc. | 635748 |
| 8078 | nVent Electric plc | 310761 |
| 13954 | Plug Power, Inc.\*^ | 172611 |
| 3388 | Regal Rexnord Corp. | 406492 |
| 1907 | Rockwell Automation, Inc. | 491186 |
| 7726 | Sensata Technologies Holding plc | 311976 |
| 10183 | Sunrun, Inc.\* | 244596 |
| 13572 | Vertiv Holdings Co. | 185393 |
|  |  | 9721557 |
| **Electronic Equipment, Instruments & Components (0.6%):** | **Electronic Equipment, Instruments & Components (0.6%):** |  |
| 7327 | Amphenol Corp., Class A | 557878 |
| 3025 | Arrow Electronics, Inc.\* | 316324 |
| 4718 | Avnet, Inc. | 196174 |
| 655 | Cognex Corp. | 30857 |
| 4977 | Coherent Corp.\* | 174693 |
| 35420 | Corning, Inc. | 1131315 |
| 3162 | Dolby Laboratories, Inc., Class A | 223047 |
| 1770 | IPG Photonics Corp. | 167566 |
| 1291 | Jabil, Inc. | 88046 |
| 716 | Keysight Technologies, Inc.\* | 122486 |
| 1209 | Littelfuse, Inc. | 266222 |
| 5745 | National Instruments Corp. | 211991 |
| 2018 | TD SYNNEX Corp. | 191125 |
| 2334 | Teledyne Technologies, Inc.\* | 933390 |
| 12507 | Trimble, Inc.\* | 632354 |
| 3234 | Vontier Corp. | 62513 |
| 1552 | Zebra Technologies Corp., Class A\* | 397948 |
|  |  | 5703929 |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Value Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Energy Equipment & Services (0.7%):** | **Energy Equipment & Services (0.7%):** | |
| 48230 | Baker Hughes Co. | $1424232 |
| 24528 | Halliburton Co. | 965177 |
| 19680 | NOV, Inc. | 411115 |
| 70790 | Schlumberger, Ltd. | 3784433 |
|  |  | 6584957 |
| **Entertainment (1.9%):** | **Entertainment (1.9%):** |  |
| 38973 | Activision Blizzard, Inc. | 2983383 |
| 27602 | AMC Entertainment Holdings, Inc., Class A\*^ | 112340 |
| 13102 | Electronic Arts, Inc. | 1600802 |
| 941 | Liberty Media Corp-Liberty Formula One, Class A\* | 50278 |
| 9053 | Liberty Media Corp-Liberty Formula One, Class C\* | 541188 |
| 3744 | Live Nation Entertainment, Inc.\* | 261107 |
| 491 | Madison Square Garden Sports Corp., Class A | 90015 |
| 12117 | Netflix, Inc.\* | 3573061 |
| 4587 | Roku, Inc.\* | 186691 |
| 1455 | Take-Two Interactive Software, Inc.\* | 151509 |
| 85712 | Walt Disney Co. (The)\* | 7446659 |
| 31251 | Warner Bros Discovery, Inc.\* | 296259 |
|  |  | 17293292 |
| **Equity Real Estate Investment Trusts (1.4%):** | **Equity Real Estate Investment Trusts (1.4%):** |  |
| 5414 | American Tower Corp. | 1147010 |
| 6890 | Apartment Income REIT Corp. | 236396 |
| 14858 | Brixmor Property Group, Inc. | 336831 |
| 4786 | Camden Property Trust | 535458 |
| 7559 | Cousins Properties, Inc. | 191167 |
| 10988 | CubeSmart | 442267 |
| 8303 | Douglas Emmett, Inc. | 130191 |
| 2016 | EastGroup Properties, Inc. | 298489 |
| 4018 | EPR Properties | 151559 |
| 1111 | Equinix, Inc. | 727738 |
| 3232 | Equity Lifestyle Properties, Inc. | 208787 |
| 5940 | Extra Space Storage, Inc. | 874249 |
| 6663 | First Industrial Realty Trust, Inc. | 321556 |
| 19344 | Healthcare Realty Trust, Inc. | 372759 |
| 4971 | Highwoods Properties, Inc. | 139089 |
| 3781 | Iron Mountain, Inc. | 188483 |
| 5429 | JBG SMITH Properties | 103043 |
| 5910 | Kilroy Realty Corp. | 228540 |
| 436 | Lamar Advertising Co., Class A | 41158 |
| 4278 | Life Storage, Inc. | 421383 |
| 29182 | Medical Properties Trust, Inc. | 325088 |
| 9103 | National Retail Properties, Inc. | 416553 |
| 4516 | National Storage Affiliates Trust | 163118 |
| 11695 | Omega Healthcare Investors, Inc. | 326875 |
| 11750 | Park Hotels & Resorts, Inc. | 138533 |
| 1628 | Public Storage | 456149 |
| 7047 | Rayonier, Inc. | 232269 |
| 9249 | Rexford Industrial Realty, Inc. | 505365 |
| 4120 | SBA Communications Corp. | 1154877 |
| 8434 | Simon Property Group, Inc. | 990826 |
| 3538 | SL Green Realty Corp. | 119301 |
| 6493 | Spirit Realty Capital, Inc. | 259266 |
| 12618 | STORE Capital Corp. | 404533 |
|  |  | 12588906 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Equity Real Estate Investment Trusts (REITs) (2.9%):** | **Equity Real Estate Investment Trusts (REITs) (2.9%):** | |
| 8089 | Alexandria Real Estate Equities, Inc. | $1178325 |
| 15531 | American Homes 4 Rent, Class A | 468104 |
| 13743 | Americold Realty Trust | 389064 |
| 7007 | AvalonBay Communities, Inc. | 1131771 |
| 7997 | Boston Properties, Inc. | 540437 |
| 14171 | Digital Realty Trust, Inc. | 1420926 |
| 18530 | Equity Residential | 1093270 |
| 3222 | Essex Property Trust, Inc. | 682806 |
| 4092 | Federal Realty Investment Trust | 413456 |
| 12183 | Gaming and Leisure Properties, Inc. | 634612 |
| 26642 | Healthpeak Properties, Inc. | 667915 |
| 35572 | Host Hotels & Resorts, Inc. | 570931 |
| 8064 | Hudson Pacific Properties, Inc. | 78463 |
| 30970 | Invitation Homes, Inc. | 917951 |
| 30697 | Kimco Realty Corp. | 650162 |
| 5796 | Mid-America Apartment Communities, Inc. | 909914 |
| 46434 | Prologis, Inc. | 5234505 |
| 31616 | Realty Income Corp. | 2005403 |
| 8515 | Regency Centers Corp. | 532187 |
| 6016 | Sun Communities, Inc. | 860288 |
| 16300 | UDR, Inc. | 631299 |
| 20067 | Ventas, Inc. | 904018 |
| 48499 | VICI Properties, Inc. | 1571368 |
| 8458 | Vornado Realty Trust | 176011 |
| 23831 | Welltower, Inc. | 1562122 |
| 37051 | Weyerhaeuser Co. | 1148581 |
| 10385 | WP Carey, Inc. | 811588 |
|  |  | 27185477 |
| **Food & Staples Retailing (1.6%):** | **Food & Staples Retailing (1.6%):** |  |
| 8525 | Albertsons Cos., Inc., Class A | 176809 |
| 2625 | BJ's Wholesale Club Holdings, Inc.\* | 173670 |
| 1864 | Casey's General Stores, Inc. | 418188 |
| 4377 | Grocery Outlet Holding Corp.\* | 127765 |
| 32577 | Kroger Co. (The) | 1452283 |
| 5064 | Performance Food Group Co.\* | 295687 |
| 9709 | US Foods Holding Corp.\* | 330300 |
| 36064 | Walgreens Boots Alliance, Inc. | 1347351 |
| 71666 | Walmart, Inc. | 10161522 |
|  |  | 14483575 |
| **Food Products (2.0%):** | **Food Products (2.0%):** |  |
| 27554 | Archer-Daniels-Midland Co. | 2558389 |
| 7138 | Bunge, Ltd. | 712158 |
| 9796 | Campbell Soup Co. | 555923 |
| 23785 | Conagra Brands, Inc. | 920480 |
| 7561 | Darling Ingredients, Inc.\* | 473243 |
| 9106 | Flowers Foods, Inc. | 261706 |
| 1066 | Freshpet, Inc.\* | 56253 |
| 29881 | General Mills, Inc. | 2505522 |
| 938 | Hershey Co. (The) | 217213 |
| 14644 | Hormel Foods Corp. | 667034 |
| 3153 | Ingredion, Inc. | 308773 |
| 5091 | JM Smucker Co. (The) | 806720 |
| 5746 | Kellogg Co. | 409345 |
| 34927 | Kraft Heinz Co. (The) | 1421878 |
| 12642 | McCormick & Co. | 1047895 |
| 69340 | Mondelez International, Inc., Class A | 4621511 |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Value Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Food Products, continued** | **Food Products, continued** | |
| 925 | Pilgrim's Pride Corp.\* | $21950 |
| 2857 | Post Holdings, Inc.\* | 257873 |
| 7 | Seaboard Corp. | 26427 |
| 14387 | Tyson Foods, Inc., Class A | 895591 |
|  |  | 18745884 |
| **Gas Utilities (0.2%):** | **Gas Utilities (0.2%):** |  |
| 6852 | Atmos Energy Corp. | 767904 |
| 4002 | National Fuel Gas Co. | 253326 |
| 10625 | UGI Corp. | 393869 |
|  |  | 1415099 |
| **Health Care Equipment & Supplies (4.1%):** | **Health Care Equipment & Supplies (4.1%):** |  |
| 75044 | Abbott Laboratories | 8239081 |
| 1048 | Align Technology, Inc.\* | 221023 |
| 21182 | Baxter International, Inc. | 1079647 |
| 14318 | Becton Dickinson and Co. | 3641067 |
| 71605 | Boston Scientific Corp.\* | 3313163 |
| 2423 | Cooper Cos., Inc. (The) | 801213 |
| 30419 | Danaher Corp. | 8073811 |
| 10613 | DENTSPLY SIRONA, Inc. | 337918 |
| 2558 | Enovis Corp.\* | 136904 |
| 8576 | Envista Holdings Corp.\* | 288754 |
| 3460 | Globus Medical, Inc.\* | 256974 |
| 12296 | Hologic, Inc.\* | 919864 |
| 875 | ICU Medical, Inc.\* | 137795 |
| 3766 | Integra LifeSciences Holdings Corp.\* | 211160 |
| 1397 | Intuitive Surgical, Inc.\* | 370694 |
| 503 | Masimo Corp.\* | 74419 |
| 67079 | Medtronic plc | 5213380 |
| 2628 | QuidelOrtho Corp.\* | 225141 |
| 5035 | STERIS plc | 929914 |
| 8204 | Stryker Corp. | 2005796 |
| 139 | Tandem Diabetes Care, Inc.\* | 6248 |
| 2379 | Teleflex, Inc. | 593870 |
| 10470 | Zimmer Biomet Holdings, Inc. | 1334925 |
|  |  | 38412761 |
| **Health Care Providers & Services (3.3%):** | **Health Care Providers & Services (3.3%):** |  |
| 4501 | Acadia Healthcare Co., Inc.\* | 370522 |
| 1482 | Amedisys, Inc.\* | 123806 |
| 13777 | Cardinal Health, Inc. | 1059038 |
| 28611 | Centene Corp.\* | 2346388 |
| 446 | Chemed Corp. | 227652 |
| 12634 | Cigna Corp. | 4186150 |
| 65786 | CVS Health Corp. | 6130597 |
| 8420 | Elevance Health, Inc. | 4319207 |
| 4733 | Encompass Health Corp. | 283081 |
| 2615 | Enhabit, Inc.\* | 34413 |
| 10321 | HCA Healthcare, Inc. | 2476627 |
| 6859 | Henry Schein, Inc.\* | 547828 |
| 1876 | Humana, Inc. | 960869 |
| 4577 | Laboratory Corp. of America Holdings | 1077792 |
| 5851 | McKesson Corp. | 2194827 |
| 608 | Molina Healthcare, Inc.\* | 200774 |
| 6185 | Oak Street Health, Inc.\* | 133039 |
| 5791 | Premier, Inc., Class A | 202569 |
| 5881 | Quest Diagnostics, Inc. | 920024 |
| 3266 | Signify Health, Inc., Class A\* | 93604 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Health Care Providers & Services, continued** | **Health Care Providers & Services, continued** | |
| 5056 | Tenet Healthcare Corp.\* | $246682 |
| 4236 | UnitedHealth Group, Inc. | 2245843 |
| 3111 | Universal Health Services, Inc., Class B | 438309 |
|  |  | 30819641 |
| **Health Care Technology (0.0%<sup>†</sup>):** | **Health Care Technology (0.0%<sup>†</sup>):** |  |
| 2568 | Certara, Inc.\* | 41268 |
| 2719 | Doximity, Inc., Class A\* | 91250 |
| 7602 | Teladoc Health, Inc.\* | 179787 |
|  |  | 312305 |
| **Hotels, Restaurants & Leisure (1.9%):** | **Hotels, Restaurants & Leisure (1.9%):** |  |
| 11808 | Aramark | 488143 |
| 3766 | Boyd Gaming Corp. | 205360 |
| 3267 | Caesars Entertainment, Inc.\* | 135907 |
| 45596 | Carnival Corp., Class A\* | 367504 |
| 1592 | Darden Restaurants, Inc. | 220221 |
| 515 | Domino's Pizza, Inc. | 178396 |
| 3829 | Hilton Worldwide Holdings, Inc. | 483832 |
| 2578 | Hyatt Hotels Corp., Class A\* | 233180 |
| 10421 | Las Vegas Sands Corp.\* | 500938 |
| 1918 | Marriott Vacations Worldwide Corp. | 258144 |
| 28076 | McDonald's Corp. | 7398868 |
| 16278 | MGM Resorts International | 545801 |
| 20042 | Norwegian Cruise Line Holdings, Ltd.\* | 245314 |
| 7591 | Penn Entertainment, Inc.\* | 225453 |
| 1138 | Planet Fitness, Inc., Class A\* | 89674 |
| 11143 | Royal Caribbean Cruises, Ltd.\* | 550799 |
| 1620 | Six Flags Entertainment Corp.\* | 37665 |
| 37002 | Starbucks Corp. | 3670598 |
| 1043 | Travel + Leisure Co. | 37965 |
| 126 | Vail Resorts, Inc. | 30032 |
| 1192 | Wyndham Hotels & Resorts, Inc. | 85002 |
| 4570 | Wynn Resorts, Ltd.\* | 376888 |
| 12704 | Yum! Brands, Inc. | 1627128 |
|  |  | 17992812 |
| **Household Durables (0.5%):** | **Household Durables (0.5%):** |  |
| 7484 | DR Horton, Inc. | 667124 |
| 7905 | Garmin, Ltd. | 729552 |
| 6700 | Leggett & Platt, Inc. | 215941 |
| 12563 | Lennar Corp., Class A | 1136951 |
| 547 | Lennar Corp., Class B | 40905 |
| 2584 | Mohawk Industries, Inc.\* | 264136 |
| 19864 | Newell Brands, Inc. | 259821 |
| 43 | NVR, Inc.\* | 198341 |
| 6947 | PulteGroup, Inc. | 316297 |
| 8185 | Tempur Sealy International, Inc. | 280991 |
| 2824 | Toll Brothers, Inc. | 140974 |
| 242 | TopBuild Corp.\* | 37871 |
| 2580 | Whirlpool Corp. | 364967 |
|  |  | 4653871 |
| **Household Products (1.4%):** | **Household Products (1.4%):** |  |
| 6750 | Church & Dwight Co., Inc. | 544118 |
| 1044 | Clorox Co. (The) | 146505 |
| 15947 | Colgate-Palmolive Co. | 1256464 |
| 6866 | Kimberly-Clark Corp. | 932059 |
| 68315 | Procter & Gamble Co. (The) | 10353821 |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Value Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | | |
| **Household Products, continued** | **Household Products, continued** | | |
| 2358 | Reynolds Consumer Products, Inc. | $| 70693 |
| 1772 | Spectrum Brands Holdings, Inc. |  | 107950 |
|  |  |  | 13411610 |
| **Independent Power and Renewable Electricity Producers (0.1%):** | **Independent Power and Renewable Electricity Producers (0.1%):** | **Independent Power and Renewable Electricity Producers (0.1%):** | **Independent Power and Renewable Electricity Producers (0.1%):** |
| 27178 | AES Corp. (The) |  | 781639 |
| 6810 | Brookfield Renewable Corp., Class A |  | 187548 |
| 8491 | Vistra Corp. |  | 196991 |
|  |  |  | 1166178 |
| **Industrial Conglomerates (1.4%):** | **Industrial Conglomerates (1.4%):** |  |  |
| 27793 | 3M Co. |  | 3332936 |
| 51880 | General Electric Co. |  | 4347025 |
| 24012 | Honeywell International, Inc. |  | 5145772 |
|  |  |  | 12825733 |
| **Insurance (3.7%):** | **Insurance (3.7%):** |  |  |
| 31282 | Aflac, Inc. |  | 2250427 |
| 13598 | Allstate Corp. (The) |  | 1843889 |
| 3416 | American Financial Group, Inc. |  | 468949 |
| 38126 | American International Group, Inc. |  | 2411088 |
| 652 | Aon plc, Class A |  | 195691 |
| 11914 | Arch Capital Group, Ltd.\* |  | 747961 |
| 9224 | Arthur J. Gallagher & Co. |  | 1739093 |
| 2389 | Assurant, Inc. |  | 298768 |
| 2923 | Assured Guaranty, Ltd. |  | 181986 |
| 3671 | Axis Capital Holdings, Ltd. |  | 198858 |
| 3384 | Brighthouse Financial, Inc.\* |  | 173498 |
| 10892 | Brown & Brown, Inc. |  | 620517 |
| 20856 | Chubb, Ltd. |  | 4600834 |
| 7780 | Cincinnati Financial Corp. |  | 796594 |
| 1529 | CNA Financial Corp. |  | 64646 |
| 330 | Erie Indemnity Co., Class A |  | 82078 |
| 1337 | Everest Re Group, Ltd. |  | 442908 |
| 901 | F&G Annuities & Life, Inc.\* |  | 18029 |
| 13257 | Fidelity National Financial, Inc. |  | 498728 |
| 4907 | First American Financial Corp. |  | 256832 |
| 4546 | Globe Life, Inc. |  | 548020 |
| 1842 | Hanover Insurance Group, Inc. (The) |  | 248910 |
| 15997 | Hartford Financial Services Group, Inc. (The) |  | 1213053 |
| 3342 | Kemper Corp. |  | 164426 |
| 7096 | Lincoln National Corp. |  | 217989 |
| 10196 | Loews Corp. |  | 594733 |
| 524 | Markel Corp.\* |  | 690365 |
| 2694 | Marsh & McLennan Cos., Inc. |  | 445803 |
| 33795 | MetLife, Inc. |  | 2445744 |
| 13980 | Old Republic International Corp. |  | 337617 |
| 1957 | Primerica, Inc. |  | 277542 |
| 12387 | Principal Financial Group, Inc. |  | 1039517 |
| 3839 | Progressive Corp. (The) |  | 497957 |
| 18895 | Prudential Financial, Inc. |  | 1879297 |
| 3245 | Reinsurance Group of America, Inc. |  | 461082 |
| 892 | RenaissanceRe Holdings, Ltd. |  | 164333 |
| 11911 | Travelers Cos., Inc. (The) |  | 2233193 |
| 9978 | Unum Group |  | 409397 |
| 145 | White Mountains Insurance Group, Ltd. |  | 205078 |
| 5518 | Willis Towers Watson plc |  | 1349592 |
| 10463 | WR Berkley Corp. |  | 759300 |
|  |  |  | 34074322 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Interactive Media & Services (2.0%):** | **Interactive Media & Services (2.0%):** | |
| 39218 | Alphabet, Inc., Class A\* | $3460204 |
| 35158 | Alphabet, Inc., Class C\* | 3119569 |
| 4169 | IAC/InterActiveCorp.\* | 185104 |
| 957 | Match Group, Inc.\* | 39706 |
| 89206 | Meta Platforms, Inc., Class A\* | 10735050 |
| 23151 | Pinterest, Inc., Class A\* | 562106 |
| 4993 | TripAdvisor, Inc.\* | 89774 |
|  |  | 18191513 |
| **Internet & Direct Marketing Retail (0.1%):** | **Internet & Direct Marketing Retail (0.1%):** |  |
| 1530 | DoorDash, Inc., Class A\* | 74695 |
| 24045 | eBay, Inc. | 997146 |
| 1406 | Wayfair, Inc., Class A\* | 46243 |
|  |  | 1118084 |
| **IT Services (2.2%):** | **IT Services (2.2%):** |  |
| 9376 | Affirm Holdings, Inc.\*^ | 90666 |
| 7962 | Akamai Technologies, Inc.\* | 671197 |
| 6214 | Amdocs, Ltd. | 564853 |
| 1773 | Automatic Data Processing, Inc. | 423499 |
| 7078 | Black Knight, Inc.\* | 437066 |
| 27011 | Block, Inc.\* | 1697371 |
| 492 | Broadridge Financial Solutions, Inc. | 65992 |
| 26149 | Cognizant Technology Solutions Corp., Class A | 1495461 |
| 2170 | Concentrix Corp. | 288957 |
| 11264 | DXC Technology Co.\* | 298496 |
| 600 | Euronet Worldwide, Inc.\* | 56628 |
| 29875 | Fidelity National Information Services, Inc. | 2027019 |
| 26771 | Fiserv, Inc.\* | 2705745 |
| 4550 | Genpact, Ltd. | 210756 |
| 13780 | Global Payments, Inc. | 1368630 |
| 6665 | GoDaddy, Inc., Class A\* | 498675 |
| 14914 | International Business Machines Corp. | 2101233 |
| 10465 | Kyndryl Holdings, Inc.\* | 116371 |
| 6302 | Okta, Inc.\* | 430616 |
| 40067 | PayPal Holdings, Inc.\* | 2853572 |
| 1022 | Snowflake, Inc., Class A\* | 146698 |
| 2549 | Teradata Corp.\* | 85799 |
| 5330 | Twilio, Inc., Class A\* | 260957 |
| 4136 | VeriSign, Inc.\* | 849700 |
| 13034 | Western Union Co. (The.) | 179478 |
| 510 | WEX, Inc.\* | 83461 |
| 634 | Wix.com, Ltd.\* | 48710 |
|  |  | 20057606 |
| **Leisure Products (0.1%):** | **Leisure Products (0.1%):** |  |
| 2986 | Brunswick Corp. | 215231 |
| 6792 | Hasbro, Inc. | 414380 |
| 9725 | Mattel, Inc.\* | 173494 |
| 15815 | Peloton Interactive, Inc., Class A\* | 125571 |
| 796 | Polaris, Inc. | 80396 |
|  |  | 1009072 |
| **Life Sciences Tools & Services (1.5%):** | **Life Sciences Tools & Services (1.5%):** |  |
| 1442 | Agilent Technologies, Inc. | 215795 |
| 2309 | Avantor, Inc.\* | 48697 |
| 3478 | Azenta, Inc.\* | 202489 |
| 1097 | Bio-Rad Laboratories, Inc., Class A\* | 461278 |
| 212 | Charles River Laboratories International, Inc.\* | 46195 |
| 7861 | Illumina, Inc.\* | 1589494 |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Value Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Life Sciences Tools & Services, continued** | **Life Sciences Tools & Services, continued** | |
| 6344 | PerkinElmer, Inc. | $889556 |
| 11125 | Qiagen NV\* | 554804 |
| 846 | Repligen Corp.\* | 143236 |
| 4056 | Syneos Health, Inc.\* | 148774 |
| 17321 | Thermo Fisher Scientific, Inc. | 9538501 |
|  |  | 13838819 |
| **Machinery (2.0%):** | **Machinery (2.0%):** |  |
| 2644 | AGCO Corp. | 366696 |
| 799 | Allison Transmission Holdings, Inc. | 33238 |
| 3394 | Caterpillar, Inc. | 813067 |
| 2423 | Crane Holdings Co. | 243390 |
| 7094 | Cummins, Inc. | 1718805 |
| 4970 | Donaldson Co., Inc. | 292584 |
| 7271 | Dover Corp. | 984566 |
| 2557 | Esab Corp. | 119974 |
| 6325 | Flowserve Corp. | 194051 |
| 17859 | Fortive Corp. | 1147441 |
| 5779 | Gates Industrial Corp. plc\* | 65938 |
| 2810 | Graco, Inc. | 189001 |
| 3080 | IDEX Corp. | 703256 |
| 1508 | Illinois Tool Works, Inc. | 332212 |
| 20518 | Ingersoll-Rand, Inc. | 1072066 |
| 4047 | ITT, Inc. | 328212 |
| 2493 | Middleby Corp. (The)\* | 333813 |
| 2244 | Nordson Corp. | 533444 |
| 3431 | Oshkosh Corp. | 302580 |
| 18689 | Otis Worldwide Corp. | 1463536 |
| 17219 | PACCAR, Inc. | 1704164 |
| 4978 | Parker-Hannifin Corp. | 1448598 |
| 8267 | Pentair PLC | 371850 |
| 2679 | Snap-On, Inc. | 612125 |
| 7339 | Stanley Black & Decker, Inc. | 551306 |
| 3308 | Timken Co. | 233776 |
| 9175 | Westinghouse Air Brake Technologies Corp. | 915757 |
| 2985 | Woodward, Inc. | 288381 |
| 7672 | Xylem, Inc. | 848293 |
|  |  | 18212120 |
| **Marine (0.0%<sup>†</sup>):** | **Marine (0.0%<sup>†</sup>):** |  |
| 2938 | Kirby Corp.\* | 189060 |
| **Media (1.3%):** | **Media (1.3%):** |  |
| 11130 | Altice USA, Inc., Class A\* | 51198 |
| 111 | Cable One, Inc. | 79016 |
| 216293 | Comcast Corp., Class A | 7563766 |
| 13101 | DISH Network Corp., Class A\* | 183938 |
| 15210 | Fox Corp., Class A | 461928 |
| 7094 | Fox Corp., Class B | 201824 |
| 20026 | Interpublic Group of Cos., Inc. (The) | 667066 |
| 596 | Liberty Broadband Corp., Class A\* | 45207 |
| 3386 | Liberty Broadband Corp., Class C\* | 258250 |
| 5286 | Liberty Media Corp.-Liberty SiriusXM, Class C\* | 206841 |
| 2887 | Liberty Media Corp-Liberty SiriusXM, Class A\* | 113488 |
| 7975 | New York Times Co. (The), Class A | 258869 |
| 19819 | News Corp., Class A | 360706 |
| 6485 | News Corp., Class B | 119583 |
| 1659 | Nexstar Media Group, Inc. | 290375 |
| 10167 | Omnicom Group, Inc. | 829322 |
| 28261 | Paramount Global, Class B | 477046 |
| 33477 | Sirius XM Holdings, Inc.^ | 195506 |
|  |  | 12363929 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | | |
| **Metals & Mining (1.0%):** | **Metals & Mining (1.0%):** | | |
| 9216 | Alcoa Corp. | $| 419051 |
| 25950 | Cleveland-Cliffs, Inc.\* |  | 418054 |
| 71517 | Freeport-McMoRan, Inc. |  | 2717646 |
| 39971 | Newmont Corp. |  | 1886631 |
| 13194 | Nucor Corp. |  | 1739101 |
| 3061 | Reliance Steel & Aluminum Co. |  | 619669 |
| 3164 | Royal Gold, Inc. |  | 356646 |
| 1558 | Southern Copper Corp. |  | 94088 |
| 11322 | SSR Mining, Inc. |  | 177416 |
| 8554 | Steel Dynamics, Inc. |  | 835726 |
| 11453 | United States Steel Corp. |  | 286898 |
|  |  |  | 9550926 |
| **Mortgage Real Estate Investment Trusts (REITs) (0.1%):** | **Mortgage Real Estate Investment Trusts (REITs) (0.1%):** | **Mortgage Real Estate Investment Trusts (REITs) (0.1%):** | **Mortgage Real Estate Investment Trusts (REITs) (0.1%):** |
| 26999 | AGNC Investment Corp. |  | 279440 |
| 23539 | Annaly Capital Management, Inc. |  | 496202 |
| 20843 | New Residential Investment Corp. |  | 170287 |
| 14723 | Starwood Property Trust, Inc. |  | 269873 |
|  |  |  | 1215802 |
| **Multiline Retail (0.3%):** | **Multiline Retail (0.3%):** | **Multiline Retail (0.3%):** | **Multiline Retail (0.3%):** |
| 7268 | Dollar Tree, Inc.\* |  | 1027986 |
| 5875 | Kohl's Corp. |  | 148344 |
| 13526 | Macy's, Inc. |  | 279312 |
| 779 | Nordstrom, Inc. |  | 12573 |
| 3212 | Ollie's Bargain Outlet Holdings, Inc.\* |  | 150450 |
| 10400 | Target Corp. |  | 1550016 |
|  |  |  | 3168681 |
| **Multi-Utilities (1.6%):** | **Multi-Utilities (1.6%):** | **Multi-Utilities (1.6%):** | **Multi-Utilities (1.6%):** |
| 13059 | Ameren Corp. |  | 1161206 |
| 31604 | CenterPoint Energy, Inc. |  | 947804 |
| 14508 | CMS Energy Corp. |  | 918792 |
| 17690 | Consolidated Edison, Inc. |  | 1686034 |
| 41729 | Dominion Energy, Inc. |  | 2558822 |
| 9619 | DTE Energy Co. |  | 1130521 |
| 19859 | NiSource, Inc. |  | 544534 |
| 24998 | Public Service Enterprise Group, Inc. |  | 1531627 |
| 15725 | Sempra Energy |  | 2430142 |
| 15940 | WEC Energy Group, Inc. |  | 1494534 |
|  |  |  | 14404016 |
| **Oil, Gas & Consumable Fuels (7.7%):** | **Oil, Gas & Consumable Fuels (7.7%):** | **Oil, Gas & Consumable Fuels (7.7%):** | **Oil, Gas & Consumable Fuels (7.7%):** |
| 17501 | Antero Midstream Corp. |  | 188836 |
| 4717 | Antero Resources Corp.\* |  | 146180 |
| 16330 | APA Corp. |  | 762284 |
| 5392 | Cheniere Energy, Inc. |  | 808584 |
| 5953 | Chesapeake Energy Corp. |  | 561785 |
| 97513 | Chevron Corp. |  | 17502608 |
| 62844 | ConocoPhillips |  | 7415592 |
| 33283 | Coterra Energy, Inc. |  | 817763 |
| 16646 | Devon Energy Corp. |  | 1023895 |
| 3674 | Diamondback Energy, Inc. |  | 502530 |
| 4754 | DT Midstream, Inc. |  | 262706 |
| 7962 | EOG Resources, Inc. |  | 1031238 |
| 18399 | EQT Corp. |  | 622438 |
| 207779 | Exxon Mobil Corp. |  | 22918024 |
| 3061 | Hess Corp. |  | 434111 |
| 7258 | HF Sinclair Corp. |  | 376618 |
| 99740 | Kinder Morgan, Inc. |  | 1803299 |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Value Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** |
| 31886 | Marathon Oil Corp. | $| 863154 |
| 23586 | Marathon Petroleum Corp. |  | 2745174 |
| 7217 | Occidental Petroleum Corp. |  | 454599 |
| 19693 | ONEOK, Inc. |  | 1293830 |
| 3411 | Ovintiv, Inc. |  | 172972 |
| 2331 | PDC Energy, Inc. |  | 147972 |
| 24119 | Phillips 66 |  | 2510305 |
| 5320 | Pioneer Natural Resources Co. |  | 1215035 |
| 4747 | Range Resources Corp. |  | 118770 |
| 50903 | Southwestern Energy Co.\* |  | 297783 |
| 19780 | Valero Energy Corp. |  | 2509291 |
| 61343 | Williams Cos., Inc. |  | 2018185 |
|  |  |  | 71525561 |
| **Paper & Forest Products (0.0%<sup>†</sup>):** | **Paper & Forest Products (0.0%<sup>†</sup>):** |  |  |
| 3139 | Louisiana-Pacific Corp. |  | 185829 |
| **Personal Products (0.0%<sup>†</sup>):** | **Personal Products (0.0%<sup>†</sup>):** |  |  |
| 15558 | Coty, Inc., Class A\* |  | 133176 |
| **Pharmaceuticals (6.5%):** | **Pharmaceuticals (6.5%):** |  |  |
| 107379 | Bristol-Myers Squibb Co. |  | 7725919 |
| 5850 | Catalent, Inc.\* |  | 263308 |
| 23446 | Elanco Animal Health, Inc.\* |  | 286510 |
| 7844 | Eli Lilly & Co. |  | 2869649 |
| 840 | Horizon Therapeutics plc\* |  | 95592 |
| 3093 | Jazz Pharmaceuticals plc\* |  | 492746 |
| 132694 | Johnson & Johnson |  | 23440395 |
| 74105 | Merck & Co., Inc. |  | 8221950 |
| 12617 | Organon & Co. |  | 352393 |
| 6472 | Perrigo Co. plc |  | 220630 |
| 284969 | Pfizer, Inc. |  | 14601812 |
| 18275 | Royalty Pharma plc, Class A |  | 722228 |
| 60915 | Viatris, Inc. |  | 677984 |
|  |  |  | 59971116 |
| **Professional Services (0.6%):** | **Professional Services (0.6%):** |  |  |
| 1188 | CACI International, Inc., Class A\* |  | 357101 |
| 25108 | Clarivate plc\* |  | 209401 |
| 17412 | CoStar Group, Inc.\* |  | 1345599 |
| 13408 | Dun & Bradstreet Holdings, Inc. |  | 164382 |
| 3100 | Equifax, Inc. |  | 602516 |
| 1045 | FTI Consulting, Inc.\* |  | 165946 |
| 6321 | Jacobs Solutions, Inc. |  | 758962 |
| 2591 | KBR, Inc. |  | 136805 |
| 6691 | Leidos Holdings, Inc. |  | 703826 |
| 2532 | ManpowerGroup, Inc. |  | 210688 |
| 485 | Robert Half International, Inc. |  | 35808 |
| 2882 | Science Applications International Corp. |  | 319700 |
| 2720 | TransUnion |  | 154360 |
|  |  |  | 5165094 |
| **Real Estate (0.0%<sup>†</sup>):** | **Real Estate (0.0%<sup>†</sup>):** | **Real Estate (0.0%<sup>†</sup>):** | **Real Estate (0.0%<sup>†</sup>):** |
| 6914 | WeWork, Inc.\* |  | 9887 |
| **Real Estate Management & Development (0.2%):** | **Real Estate Management & Development (0.2%):** | **Real Estate Management & Development (0.2%):** | **Real Estate Management & Development (0.2%):** |
| 8281 | CBRE Group, Inc., Class A\* |  | 637306 |
| 1663 | Howard Hughes Corp. (The)\* |  | 127086 |
| 2375 | Jones Lang LaSalle, Inc.\* |  | 378504 |
| 14363 | Opendoor Technologies, Inc.\* |  | 16661 |
| 2902 | Zillow Group, Inc., Class A\* |  | 90571 |
| 7419 | Zillow Group, Inc., Class C\* |  | 238966 |
|  |  |  | 1489094 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Road & Rail (0.8%):** | **Road & Rail (0.8%):** | **Road & Rail (0.8%):** |
| 1469 | Avis Budget Group, Inc.\* | $240813 |
| 80539 | CSX Corp. | 2495098 |
| 10601 | Hertz Global Holdings, Inc.\* | 163150 |
| 423 | JB Hunt Transport Services, Inc. | 73754 |
| 7985 | Knight-Swift Transportation Holdings, Inc. | 418494 |
| 115 | Landstar System, Inc. | 18734 |
| 3261 | Lyft, Inc., Class A\* | 35936 |
| 11736 | Norfolk Southern Corp. | 2891985 |
| 5051 | RXO, Inc.\* | 86877 |
| 2460 | Ryder System, Inc. | 205582 |
| 3052 | Schneider National, Inc., Class B | 71417 |
| 12558 | Uber Technologies, Inc.\* | 310559 |
| 4212 | U-Haul Holding Co. | 231576 |
| 468 | U-Haul Holding Co. | 28169 |
|  |  | 7272144 |
| **Semiconductors & Semiconductor Equipment (2.2%):** | **Semiconductors & Semiconductor Equipment (2.2%):** | **Semiconductors & Semiconductor Equipment (2.2%):** |
| 17154 | Advanced Micro Devices, Inc.\* | 1111065 |
| 20931 | Analog Devices, Inc. | 3433312 |
| 2801 | Cirrus Logic, Inc.\* | 208618 |
| 5272 | First Solar, Inc.\* | 789693 |
| 2529 | GLOBALFOUNDRIES, Inc.\*^ | 136288 |
| 205375 | Intel Corp. | 5428061 |
| 42799 | Marvell Technology, Inc. | 1585275 |
| 3841 | Microchip Technology, Inc. | 269830 |
| 45020 | Micron Technology, Inc. | 2250100 |
| 2964 | MKS Instruments, Inc. | 251140 |
| 8312 | ON Semiconductor Corp.\* | 518419 |
| 5241 | Qorvo, Inc.\* | 475044 |
| 7984 | Skyworks Solutions, Inc. | 727582 |
| 794 | Teradyne, Inc. | 69356 |
| 14516 | Texas Instruments, Inc. | 2398334 |
| 6201 | Wolfspeed, Inc.\* | 428117 |
|  |  | 20080234 |
| **Software (1.5%):** | **Software (1.5%):** |  |
| 2085 | ANSYS, Inc.\* | 503715 |
| 5011 | Bill.com Holdings, Inc.\* | 545999 |
| 5505 | CCC Intelligent Solutions Holdings, Inc.\* | 47893 |
| 5476 | Ceridian HCM Holding, Inc.\* | 351285 |
| 1774 | Coupa Software, Inc.\* | 140448 |
| 18099 | Gen Digital, Inc. | 387862 |
| 3960 | Guidewire Software, Inc.\* | 247738 |
| 1601 | Informatica, Inc.\*^ | 26080 |
| 1282 | Manhattan Associates, Inc.\* | 155635 |
| 2409 | nCino, Inc.\* | 63694 |
| 5355 | Nutanix, Inc., Class A\* | 139498 |
| 23762 | Oracle Corp. | 1942306 |
| 2512 | Paycor HCM, Inc.\* | 61469 |
| 916 | Procore Technologies, Inc.\* | 43217 |
| 5293 | Roper Technologies, Inc. | 2287052 |
| 38175 | Salesforce, Inc.\* | 5061623 |
| 2715 | SentinelOne, Inc., Class A\* | 39612 |
| 11422 | SS&C Technologies Holdings, Inc. | 594629 |
| 271 | Tyler Technologies, Inc.\* | 87373 |
| 18095 | UiPath, Inc., Class A\* | 229987 |
| 3357 | Unity Software, Inc.\* | 95977 |
| 5475 | VMware, Inc., Class A\* | 672111 |
| 6407 | Zoom Video Communications, Inc., Class A\* | 434010 |
|  |  | 14159213 |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Value Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Specialty Retail (1.5%):** | **Specialty Retail (1.5%):** | |
| 2834 | Advance Auto Parts, Inc. | $416683 |
| 1848 | AutoNation, Inc.\* | 198290 |
| 85 | AutoZone, Inc.\* | 209625 |
| 11234 | Bath & Body Works, Inc. | 473401 |
| 6979 | Best Buy Co., Inc. | 559785 |
| 255 | Burlington Stores, Inc.\* | 51704 |
| 7101 | CarMax, Inc.\* | 432380 |
| 2669 | Dick's Sporting Goods, Inc. | 321054 |
| 13276 | GameStop Corp., Class A\*^ | 245075 |
| 9083 | Gap, Inc. (The) | 102456 |
| 21880 | Home Depot, Inc. (The) | 6911017 |
| 558 | Leslie's, Inc.\* | 6813 |
| 1300 | Lithia Motors, Inc. | 266162 |
| 4412 | Lowe's Cos., Inc. | 879047 |
| 1865 | O'Reilly Automotive, Inc.\* | 1574116 |
| 1362 | Penske Automotive Group, Inc. | 156535 |
| 4468 | Petco Health & Wellness Co., Inc.\* | 42357 |
| 578 | RH\* | 154436 |
| 10005 | Ross Stores, Inc. | 1161280 |
| 1388 | Victoria's Secret & Co.\* | 49663 |
| 695 | Williams-Sonoma, Inc. | 79869 |
|  |  | 14291748 |
| **Technology Hardware, Storage & Peripherals (0.3%):** | **Technology Hardware, Storage & Peripherals (0.3%):** |  |
| 10692 | Dell Technologies, Inc., Class C | 430032 |
| 65049 | Hewlett Packard Enterprise Co. | 1038182 |
| 28403 | HP, Inc. | 763189 |
| 6436 | NCR Corp.\* | 150667 |
| 15470 | Western Digital Corp.\* | 488078 |
|  |  | 2870148 |
| **Textiles, Apparel & Luxury Goods (0.3%):** | **Textiles, Apparel & Luxury Goods (0.3%):** |  |
| 6644 | Capri Holdings, Ltd.\* | 380834 |
| 1784 | Carter's, Inc. | 133104 |
| 1918 | Columbia Sportswear Co. | 167978 |
| 169 | Deckers Outdoor Corp.\* | 67458 |
| 18505 | Hanesbrands, Inc. | 117692 |
| 3459 | PVH Corp. | 244171 |
| 2058 | Ralph Lauren Corp. | 217469 |
| 5574 | Skechers U.S.A., Inc., Class A\* | 233829 |
| 11027 | Tapestry, Inc. | 419908 |
| 10245 | Under Armour, Inc., Class A\* | 104089 |
| 10506 | Under Armour, Inc., Class C\* | 93714 |
| 17023 | VF Corp. | 470005 |
|  |  | 2650251 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Thrifts & Mortgage Finance (0.1%):** | **Thrifts & Mortgage Finance (0.1%):** | |
| 15539 | MGIC Investment Corp. | $202007 |
| 32627 | New York Community Bancorp, Inc. | 280592 |
| 2177 | TFS Financial Corp. | 31371 |
|  |  | 513970 |
| **Tobacco (1.3%):** | **Tobacco (1.3%):** |  |
| 90896 | Altria Group, Inc. | 4154856 |
| 77768 | Philip Morris International, Inc. | 7870899 |
|  |  | 12025755 |
| **Trading Companies & Distributors (0.2%):** | **Trading Companies & Distributors (0.2%):** |  |
| 5441 | Air Lease Corp. | 209043 |
| 1012 | Core & Main, Inc., Class A\* | 19542 |
| 2453 | MSC Industrial Direct Co., Inc. | 200410 |
| 923 | SiteOne Landscape Supply, Inc.\* | 108287 |
| 1881 | United Rentals, Inc.\* | 668545 |
| 7884 | Univar Solutions, Inc.\* | 250711 |
| 828 | Watsco, Inc. | 206503 |
| 1114 | WESCO International, Inc.\* | 139473 |
|  |  | 1802514 |
| **Water Utilities (0.2%):** | **Water Utilities (0.2%):** |  |
| 9105 | American Water Works Co., Inc. | 1387784 |
| 11405 | Essential Utilities, Inc. | 544361 |
|  |  | 1932145 |
| **Wireless Telecommunication Services (0.5%):** | **Wireless Telecommunication Services (0.5%):** |  |
| 29898 | T-Mobile US, Inc.\* | 4185720 |
| Total Common Stocks (Cost $761,579,248) | Total Common Stocks (Cost $761,579,248) | 924920292 |
| **Short-Term Security Held as Collateral for Securities on Loan (0.2%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.2%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.2%):** |
| 1751399 | BlackRock Liquidity FedFund, Institutional Class, 1.49%(a)(b) | 1751399 |
| Total Short-Term Security Held as Collateral for Securities on Loan<br>(Cost $1,751,399) | Total Short-Term Security Held as Collateral for Securities on Loan<br>(Cost $1,751,399) | 1751399 |
| **Unaffiliated Investment Company (0.2%):** | **Unaffiliated Investment Company (0.2%):** | **Unaffiliated Investment Company (0.2%):** |
| **Money Markets (0.2%):** | **Money Markets (0.2%):** | **Money Markets (0.2%):** |
| 1988631 | Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(b) | 1988631 |
| Total Unaffiliated Investment Company (Cost $1,988,631) | Total Unaffiliated Investment Company (Cost $1,988,631) | 1988631 |
| Total Investment Securities (Cost $765,319,278) —100.1%(c) | Total Investment Securities (Cost $765,319,278) —100.1%(c) | 928660322 |
| Net other assets (liabilities) — (0.1)% | Net other assets (liabilities) — (0.1)% | (1101556) |
| Net Assets — 100.0% | Net Assets — 100.0% | $927558766 |

---

REIT—Real Estate Investment Trust

\* Non-income producing security.

---

| | |
|:---|:---|
| ^ | This security or a partial position of this security was on loan as of December 31, 2022. The total value of securities on loan as of December 31, 2022 was $1,715,781.  |

---

+ Affiliated Securities

† Represents less than 0.05%.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for
securities that were sold on or before December 31, 2022.

(b) The rate represents the effective yield at December 31, 2022.

(c) See Federal Tax Information listed in the Notes to the Financial Statements.

Percentages indicated are based on net assets as of December 31, 2022.

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Value Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

**Futures Contracts** 

At December 31, 2022, the Fund's open futures contracts were as follows:

**Long Futures** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  S&P 500 Index E-Mini March Futures (U.S. Dollar) | 3/17/23 | 12 | $2316600 | $(80251) |
|  S&P Midcap 400 E-Mini September Futures (U.S. Dollar) | 3/17/23 | 3 | 732780 | (13884) |
|  |  |  |  | $(94135) |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Value Index Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in non-affiliates, at cost | $761730988.0 |
|  Investments in affiliates, at cost | 3588290.0 |
|  Investments in non-affiliates, at value(a) | $923323629.0 |
|  Investments in affiliates, at value | 5336693.0 |
|  Cash | 70897.0 |
|  Deposit at broker for futures contracts collateral | 205200.0 |
|  Interest and dividends receivable | 1325121.0 |
|  Reclaims receivable | 17125.0 |
|  Receivable from Manager | 71995.0 |
|  Prepaid expenses | 6071.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 930356731.0 |
|  **Liabilities:** |  |
|  Payable for capital shares redeemed | 367647.0 |
|  Payable for collateral received on loaned securities | 1751399.0 |
|  Payable for variation margin on futures contracts | 9721.0 |
|  Management fees payable | 351968.0 |
|  Administration fees payable | 50036.0 |
|  Distribution fees payable | 161083.0 |
|  Custodian fees payable | 9412.0 |
|  Administrative and compliance services fees payable | 4085.0 |
|  Transfer agent fees payable | 2756.0 |
|  Trustee fees payable | 10206.0 |
|  Other accrued liabilities | 79652.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 2797965.0 |
|  **Net Assets** | $927558766.0 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $719311147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 208247619.0 |
|  **Net Assets** | $927558766.0 |
|  **Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $180771957.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 21524518.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $8.4 |
|  **Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $746786809.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 60396658.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $12.36 |

---

(a) Includes securities on loan of $1,715,781.

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Dividends from non-affiliates | $21908318 |
|  Dividends from affiliates | 151227 |
|  Interest | 3225 |
|  Income from securities lending | 85129 |
|  Foreign withholding tax | (3274) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 22144625 |
|  **Expenses:** |  |
|  Management fees | 4518710 |
|  Administration fees | 145842 |
|  Distribution fees — Class 2 | 2081504 |
|  Custodian fees | 37824 |
|  Administrative and compliance services fees | 15491 |
|  Transfer agent fees | 13627 |
|  Trustee fees | 61822 |
|  Professional fees | 48027 |
|  Licensing fees | 222502 |
|  Shareholder reports | 31788 |
|  Other expenses | 29793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reductions | 7206930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less Management fees contractually waived | (924299) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6282631 |
|  **Net Investment Income/(Loss)** | 15861994 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities and foreign currencies | 40463284 |
|  Net realized gains/(losses) on affiliated transactions | 62247 |
|  Net realized gains/(losses) on futures contracts | (596009) |
|  Change in net unrealized appreciation/depreciation on securities and foreign currencies | (149970800) |
|  Change in net unrealized appreciation/depreciation on affiliated transactions | (1740903) |
|  Change in net unrealized appreciation/depreciation on futures contracts | (122880) |
|  **Net realized and Change in net unrealized gains/losses on investments** | (111905061) |
|  **Change in Net Assets Resulting From Operations** | $(96043067) |

---

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Value Index Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $15861994 | $14241225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | 39929522 | 104726700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (151834583) | 107385792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (96043067) | 226353717 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (29777305) | (4881633) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (86902859) | (14354281) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (116680164) | (19235914) |
|  **Capital Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 14542 | 526725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from in-kind shares issued(a) |  | 59450043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 29777305 | 4881633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (23577132) | (24412101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | 6214715 | 40446300 |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 8911501 | 12882008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from in-kind shares issued(a) |  | 265078553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 86902859 | 14354271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (180794379) | (246954539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | (84980019) | 45360293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | (78765304) | 85806593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (291488535) | 292924396 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1219047301 | 926122905 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $927558766 | $1219047301 |
|  **Share Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 1397 | 50094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares from in-kind transactions(a) |  | 5794012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 3764514 | 470292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2428108) | (2360216) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | 1337803 | 3954182 |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 664830 | 863525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares from in-kind transactions(a) |  | 18696734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 7459473 | 993375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (12986670) | (17752163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | (4862367) | 2801471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | (3524564) | 6755653 |

---

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. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Class 1** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $10.98 | $9.02 | $9.75 | $8.55 | $10.65 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.17 (a) | 0.16 (a) | 0.18 (a) | 0.21 (a) | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (1.14) | 2.04 | (0.06) | 1.94 | (1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (0.97) | 2.20 | 0.12 | 2.15 | (0.78) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.22) | (0.20) | (0.27) | (0.30) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (1.39) | (0.04) | (0.58) | (0.65) | (1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (1.61) | (0.24) | (0.85) | (0.95) | (1.32) |
|  **Net Asset Value, End of Period** | $8.40 | $10.98 | $9.02 | $9.75 | $8.55 |
|  **Total Return**(b) | (7.88)% | 24.55% | 2.25% | 26.13% | (8.50)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $180772 | $221723 | $146474 | $165337 | $148796 |
|  Net Investment Income/(Loss) | 1.75% | 1.52% | 2.08% | 2.21% | 2.10% |
|  Expenses Before Reductions(c) | 0.50% | 0.52% | 0.52% | 0.51% | 0.50% |
|  Expenses Net of Reductions | 0.41% | 0.43% | 0.43% | 0.43% | 0.43% |
|  Portfolio Turnover Rate(d) | 12% | 38 %(e) | 27% | 15% | 22% |
|  **Class 2** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $15.28 | $12.48 | $13.13 | $11.22 | $13.56 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.21 (a) | 0.18 (a) | 0.21 (a) | 0.25 (a) | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (1.56) | 2.83 | (0.04) | 2.57 | (1.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (1.35) | 3.01 | 0.17 | 2.82 | (1.06) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.18) | (0.17) | (0.24) | (0.26) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (1.39) | (0.04) | (0.58) | (0.65) | (1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (1.57) | (0.21) | (0.82) | (0.91) | (1.28) |
|  **Net Asset Value, End of Period** | $12.36 | $15.28 | $12.48 | $13.13 | $11.22 |
|  **Total Return**(b) | (8.18)% | 24.25% | 2.01% | 25.86% | (8.72)% |
|  **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** |
|  Net Assets, End of Period (000's) | $746787 | $997324 | $779649 | $787403 | $720365 |
|  Net Investment Income/(Loss) | 1.50% | 1.27% | 1.83% | 1.96% | 1.85% |
|  Expenses Before Reductions(c) | 0.75% | 0.77% | 0.77% | 0.76% | 0.75% |
|  Expenses Net of Reductions | 0.66% | 0.68% | 0.68% | 0.68% | 0.68% |
|  Portfolio Turnover Rate(d) | 12% | 38 %(e) | 27% | 15% | 22% |

---

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these
charges were included, the returns would have been lower.

(c) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares
issued.

(e) Excludes impact of in-kind transactions.

See accompanying notes to the financial statements.

------

**AZL Russell 1000 Value Index Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund may enter into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles ("U.S. GAAP"). The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Security Valuation** 

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

**Investment Transactions and Investment Income** 

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

**Real Estate Investment Trusts** 

The Fund may own shares of real estate investment trusts ("REITs") which report information on the source of their distributions annually. Certain distributions received from REITs during the year, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

**Foreign Currency Translation and Withholding Taxes** 

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

**Distributions to Shareholders** 

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These "book/tax" differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

**Expense Allocation** 

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. 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

------

**AZL Russell 1000 Value Index Fund** 

Notes to the Financial Statements

December 31, 2022

Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the "Manager"), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

**Class Allocation** 

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

**Securities Lending** 

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day's fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at December 31, 2022 are presented on the Fund's Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $8,464 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund had securities lending transactions of $1,751,399 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

**In-kind Subscriptions** 

During the year ended December 31, 2021, the 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 $34,180,067 in cash, and securities with a fair market value of $290,348,529, received from shareholders of the Franklin Mutual Shares VIP Fund. The Fund did not issue subscriptions in-kind for the year ended December 31, 2022.

**Derivative Instruments** 

All open derivative positions at period end are reflected on the Fund's Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

***Futures Contracts***

During the year ended December 31, 2022, the Fund used futures contracts to provide market exposure on the Fund's cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value ("variation margin"), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the year ended December 31, 2022, the monthly average notional amount for long contracts was $5.7 million. There was no short contract activity during the period. Realized gains and losses are reported as "Net realized gains/(losses) on futures contracts" on the Statement of Operations.

------

**AZL Russell 1000 Value Index Fund** 

Notes to the Financial Statements

December 31, 2022

**Summary of Derivative Instruments** 

The following is a summary of the values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Primary Risk Exposure** | **Statement of Assets and Liabilities Location** | **Total<br>Value** | **Statement of Assets and Liabilities Location** | **Total<br>Value** |
|  **Equity Risk** | **Equity Risk** |  |  |  |
| Futures Contracts | Receivable for variation margin on futures contracts\* | $— | Payable for variation margin on futures contracts\* | $94135 |

---

\* For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities as variation margin on futures contracts. 

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Primary Risk Exposure** | **Location of Gains/(Losses)**<br> **on Derivatives**<br> **Recognized** | **Realized Gains/(Losses)<br>on Derivatives<br>Recognized** | **Change in Net Unrealized<br>Appreciation/Depreciation on**<br> **Derivatives Recognized** |
|  **Equity Risk** | **Equity Risk** |  |  |
| Futures Contracts | Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts | $(596009) | $(122880) |

---

**3. Fees and Transactions with Affiliates and Other Parties**

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the "Subadviser"), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC ("BlackRock Investment"), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as "Management fees." For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund's business, based on the daily net assets of the Fund, through April 30, 2024.

For the year ended December 31, 2022, the annual rate due to the Manager and the annual expense limit were as follows:

---

| | | |
|:---|:---|:---|
| | **Annual Rate\*** | **Annual Expense Limit** |
|  AZL Russell 1000 Value Index Fund, Class 1 | 0.44% | 0.59% |
|  AZL Russell 1000 Value Index Fund, Class 2 | 0.44% | 0.84% |

---

\* The Manager waived, prior to any application of expense limit, the management fee to 0.35% on all assets in order to maintain more competitive expense ratios. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. 

Any amounts waived or reimbursed by the Manager with respect to the annual expense limits in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Management fees, which the Manager waived in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations.

At December 31, 2022, the following investments are noted as Affiliated Securities in the Fund's Schedule of Portfolio Investments.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds**<br> **from Sales** | **Net**<br> **Realized<br>Gains (Losses)** | **Change in**<br> **Net Unrealized<br>Appreciation/<br>Depreciation** | **Value<br>12/31/2022** | **Shares as of<br>12/31/2022** | **Dividend<br>Income** | **Capital Gains<br>Distributions** |
|  BlackRock Inc., Class A | $7519494 | $356283 | $(860428) | $62247 | $(1740903) | $5336693 | 7531 | $151227 | $— |
|  | $7519494 | $356283 | $(860428) | $62247 | $(1740903) | $5336693 | 7531 | $151227 | $— |

---

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

------

**AZL Russell 1000 Value Index Fund** 

Notes to the Financial Statements

December 31, 2022

individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administrative and compliance services fees."

Citi Fund Services Ohio, Inc. ("Citi" or the "Administrator"), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust's administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund's compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administration fees."

FIS Investor Services LLC ("FIS") serves as the Fund's transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon ("BNY Mellon" or the "Custodian") serves as the Trust's custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC ("ALFS"), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust's CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

**4. Investment Valuation Summary** 

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates,
prepayments speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust's Board of Trustees (the "Board" or "Trustees") as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund's net asset value is calculated. These procedures include the Fund's use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund's fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund's NAV will be subject to the judgment of the Manager. The Manager's fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks+ | $924920292 | $— | $— | $924920292 |
|  Short-Term Security Held as Collateral for Securities on Loan | 1751399 |  |  | 1751399 |
|  Unaffiliated Investment Company | 1988631 |  |  | 1988631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | 928660322 |  |  | 928660322 |
|  Other Financial Instruments:\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (94135) |  |  | (94135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $928566187 | $— | $— | $928566187 |

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+ 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.

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**AZL Russell 1000 Value Index Fund** 

Notes to the Financial Statements

December 31, 2022

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

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| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
|  AZL Russell 1000 Value Index Fund | $119239060 | $294618895 |

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**6. Investment Risks**

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

*Concentration Risk:* The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are concentrated in the securities of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.

*Derivatives Risk:* The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The counterparty to a derivatives contract could default.

*Market Risk*: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

**7. Coronavirus (COVID-19) Pandemic** 

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $775,935,827. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

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| | |
|:---|:---|
|  Unrealized appreciation | $217654189 |
|  Unrealized (depreciation) | (64929694) |
|  Net unrealized appreciation/(depreciation) | $152724495 |

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The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Russell 1000 Value Index Fund | $33190347 | $83489817 | $116680164 |

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(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

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**AZL Russell 1000 Value Index Fund** 

Notes to the Financial Statements

December 31, 2022

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Russell 1000 Value Index Fund | $19235914 | $– | $19235914 |

---

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized**<br> **Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated**<br> **Earnings/**<br> **(Deficit)** |
|  AZL Russell 1000 Value Index Fund | $19135079 | $36388045 | $– | $152724495 | $208247619 |

---

(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales.

**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 December 31, 2022, 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.

**11. Subsequent Events** 

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund's financial statements.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL Russell 1000 Value Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Russell 1000 Value Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

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**Other Federal Income Tax Information (Unaudited)** 

For the year ended December 31, 2022, 56.60% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2022, the Fund declared net short-term capital gain distributions of $19,152,433.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $83,489,817.

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**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.

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**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

Each Fund is a manager-of-managers fund. That means that the Manager is responsible for monitoring the various Subadvisers that have day-to-day responsibility for the investment decisions made for each Fund. The Manager also is responsible for determining, in the first instance, which investment advisers to consider recommending for selection as a Subadviser.

In reviewing the services provided by the Manager and the terms of the Management Agreement, the Board receives and reviews information related to the Manager's experience and expertise in the variable insurance marketplace. In addition, the Board receives information regarding the Manager's expertise with regard to portfolio diversification and asset allocation requirements within variable insurance products issued by Allianz Life Insurance Company of North America ("Allianz Life") and its subsidiary, Allianz Life Insurance Company of New York ("Allianz of New York"). Currently, the Funds are offered only through Allianz Life and Allianz of New York variable products, and not in the retail fund market.

The Manager has adopted policies and procedures to assist it in the process of analyzing each potential Subadviser with expertise in particular asset classes for purposes of making the recommendation that a specific investment adviser be selected. The Board reviews and considers the information provided by the Manager in deciding which investment advisers to select as a Subadviser. After an investment adviser becomes a Subadviser, a similarly rigorous process is instituted by the Manager to monitor the investment performance and other responsibilities of the Subadviser. The Manager reports to the Board on its analysis at the regular meetings of the Board, which are held at least quarterly. Where warranted, the Manager will add or remove a particular Subadviser from a "watch" list that it maintains. Watch list criteria include, for example: (a) Fund performance over various time periods; (b) Fund risk issues, such as changes in key personnel involved with Fund management, changes in investment philosophy or process, or "capacity" concerns; and (c) organizational risk issues, such as regulatory, compliance or legal concerns, or changes in the ownership of the Subadviser. The Manager may place a Fund on the watch list for other reasons, and if so, will explain its rationale to the Board. Funds which are on the watch list are subject to additional scrutiny by the Manager and the Board. Funds may be removed from such watch list, if for example, performance improves or regulatory matters are satisfactorily resolved. However, in some situations where Funds have been on the watch list, the Manager has recommended the retention of a new Subadviser, and the Board has subsequently considered and approved retention of the new Subadviser.

As required by the Investment Company Act of 1940 (the "1940 Act"), the Board has reviewed and approved the Management Agreement with the Manager and the portfolio management agreements (the "Subadvisory Agreements"; and together with the Management Agreement, the "Advisory Contracts") with the Subadvisers. The Board's decision to approve these contracts reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of these contracts, the Board considered many factors, among the most material of which are: the Fund's investment objectives and long-term performance; the Manager's and Subadvisers' (collectively, the "Advisory Organizations") management philosophy, personnel, processes and investment performance, including their compliance history and the adequacy of their compliance processes; the preferences and expectations of Fund shareholders (and underlying contract owners) and their relative sophistication; the continuing state of competition in the mutual fund industry; and comparable fees in the mutual fund industry.

The Board also considered the compensation and benefits received by the Advisory Organizations. This includes fees received for services provided to the Fund by affiliated persons of the Advisory Organizations and research services received by the Advisory Organizations from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Services Agreement and a Compliance Services Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and received (along with its affiliated persons) any payments made by the Funds pursuant to Rule 12b-1.

The Board is aware that various courts have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an adviser's compensation: the nature, extent and quality of the services provided by the adviser, including the performance of the fund; the adviser's cost of providing the services; the extent to which the adviser may realize "economies of scale" as the fund grows larger; any indirect benefits that may accrue to the adviser and its affiliates as a result of the adviser's relationship with the fund; performance and expenses of comparable funds; the profitability of acting as adviser to the fund; and the extent to which the independent Board members, who are not "interested persons" of a fund as defined by the 1940 Act ("Independent Trustees"), are fully informed about all facts bearing on the adviser's services and fees. The Board is aware of these factors and takes them into account in its review of the Advisory Contracts.

Each member of the Board considered and weighed these factors in light of his or her experience in governing the Trust and working with the Advisory Organizations on matters relating to the Funds. The Board is assisted in its deliberations by the advice of independent legal counsel to the Independent Trustees ("Independent Trustee Counsel"). In this regard, the Board requests and receives a significant amount of information about the Funds and the Advisory Organizations. Some of this information is provided at each regular meeting of the Board; additional information is provided in connection with the particular meetings at which the Board's formal review of the Advisory Contracts occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board's evaluation of Advisory Contracts is informed by reports covering such matters as: an Advisory Organization's investment philosophy, personnel, and processes; the Fund's investment performance (in absolute terms as well as in relationship to its benchmark(s) and certain competitor or "peer group" funds), and comments on the reasons for performance; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to peer group and/or competing funds, with due regard for the Expense Limitation Agreement and additional voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities; the nature, extent and quality of the advisory and other services provided to the Fund by the Advisory Organizations and their affiliates; compliance and audit reports concerning the Funds and the companies that service them; and relevant developments in the mutual fund industry and how the Funds and/or Advisory Organizations are responding to them.

The Board also receives financial information about the Advisory Organizations, including reports on the compensation and benefits the Advisory Organizations derive from their relationships with the Funds. These reports cover not only the fees under the Advisory Contracts, but also the fees, if any, received for providing other services to the Funds. The reports also discuss any indirect or "fall-out" benefits an Advisory Organization may derive from its relationship with the Funds.

In assessing the Advisory Organizations' performance of their obligations, the Board may also consider whether there has occurred a circumstance or event that would constitute a reason for it to not renew an Advisory Contract. In this regard, the Board is mindful of the potential disruption of a Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew a contract.

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the

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Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

In connection with such meetings, the Board requested and evaluated extensive materials from the Advisory Organizations, including performance and expense information for other investment companies with similar investment objectives derived from data compiled by an independent third-party provider and other sources believed to be reliable by the Manager and the Trustees. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Contracts with management and with Independent Trustee Counsel and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approval. The Independent Trustees also discussed the proposed approval in private sessions with Independent Trustee Counsel at which no representatives of the Manager or Subadvisers were present. In reaching their determinations relating to the approval of the Advisory Contracts, in respect of each Fund, each member of the Board considered all factors he or she believed relevant. The Board based its decision to approve the Advisory Contracts on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

*(1) The nature, extent and quality of services provided by the Manager and Subadvisers.* The Trustees noted that the Manager, subject to the oversight of the Board, administers each Fund's business and other affairs. Under the Management Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for others to provide, the management of the Funds' assets and the placement of orders for the purchase and sale of the securities of the Funds. As each Fund is a manager of managers fund, the Manager is authorized, under the Management Agreement, to retain one or more Subadvisers for each Fund to handle day-to-day management of the Funds' investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board for selection as a Subadviser. The Board was aware that, notwithstanding the retention of the Subadvisers to handle day-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Board regarding the Funds' portfolio investments and to make available to the Funds' administrator such information as is necessary for the conduct of its duties.

The Board also noted that the Manager provides the Trust and each Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any other service providers retained by the Trust on behalf of the Funds) and executive and other personnel as are necessary for the operation of the Trust and the Funds. Except for the Trust's Chief Compliance Officer and certain compliance staff, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

The Board considered the scope and quality of services provided by the Manager and the Subadvisers and noted that the scope of the services provided has continued to expand as a result of regulatory and other developments. The Board noted that, for example, the Manager and Subadvisers are responsible for maintaining and monitoring their own compliance programs, and these compliance programs are continuously refined and enhanced in light of new regulatory requirements. The Board considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and its Funds. The quality of administrative and other services, including the Manager's role in coordinating the activities of the Trust's other service providers, also were considered. The Board members concluded that, overall, they were satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Trust and to each of the Funds under the Advisory Contracts.

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

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Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

The Board noted that the Manager has agreed to temporarily limit Fund expenses under the Expense Limitation Agreement, which has the effect of reducing expenses similar to implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of expense limits and/or advisory fee breakpoints as Fund assets change. The Board receives quarterly reports on the level of Fund assets. The Board expects to continue to consider: (a) the extent to which economies of scale have been realized, and (b) whether the advisory fee should be modified, either in connection with the next renewal of the Advisory Contracts or by modifying the Expense Limitation Agreement, to reflect such economies of scale, if any.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds' advisory fee rate schedules was acceptable under each Fund's circumstances.

In conclusion, after full consideration of the above factors, as well as such other factors as each member of the Board considered instructive in evaluating the Advisory Contracts, the Board concluded that the advisory fees were reasonable, and that the continuation of the Advisory Contracts was in the best interest of the Funds.

------

**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(2)</sup>/Length of<br>Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Lead Independent<br>Trustee | Since 10/14 (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |
| **Interested Trustee<sup>(4)</sup>** |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(2)</sup>/Length of<br>Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

---

(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

------

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions**<br> **Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(1)</sup>/Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963) <br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 <br>to present. |

---

(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

------

![LOGO](g415395g71x52.jpg)

---

| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

---

------

## AZL<sup>®</sup> S&P 500 Index Fund

## Annual Report

## December 31, 2022
![LOGO](g415401g71x52.jpg)

------

**[**Table of Contents**](#toc)** 

---

| |
|:---|
| [Management Discussion and Analysis](#toc415401_1)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc415401_2)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc415401_3)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc415401_4)<br> Page 11 |
| [Statement of Operations](#toc415401_5)<br> Page 11 |
| [Statements of Changes in Net Assets](#toc415401_6)<br> Page 12 |
| [Financial Highlights](#toc415401_7)<br> Page 13 |
| [Notes to the Financial Statements](#toc415401_8)<br> Page 14 |
| [Report of Independent Registered Public Accounting Firm](#toc415401_12)<br> Page 19 |
| [Other Federal Income Tax Information](#toc415401_12a)<br> Page 20 |
| [Other Information](#toc415401_9)<br> Page 21 |
| [Approval of Investment Advisory and Subadvisory Agreements](#toc415401_11)<br> Page 22 |
| [Information about the Board of Trustees and Officers](#toc415401_10)<br> Page 25 |

---

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

------

 **AZL<sup>®</sup> S&P 500 Index Fund Review (Unaudited)**<br>

Allianz Investment Management LLC serves as the Manager for the AZL<sup>®</sup> S&P 500 Index Fund and BlackRock Investment Management, LLC serves as Subadviser to the Fund.

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

For the year ended December 31, 2022, the AZL<sup>®</sup> S&P 500 Index Fund (Class 2 Shares) (the "Fund") returned (18.51)%. That compared to a (18.11)% return for its benchmark, the S&P 500<sup>®</sup> Index.<sup>1</sup>

The Fund seeks investment results, before fees and expenses, that correspond to the performance of the S&P 500<sup>®</sup> Index (the "Index"). The Fund takes positions in securities that, in combination, should have similar return characteristics as the Index. The Index is designed to provide a comprehensive measure of large-cap stock performance. It is an unmanaged, market capitalization-weighted index composed of large-capitalization U.S. equities.

In the first quarter of 2022, the Russian invasion of Ukraine added fuel to existing concerns over rising inflation, interest rate hikes, and rising commodity prices. U.S. economic data, including employment numbers and corporate earnings, remained strong, however. This dynamic complicated matters for the Federal Reserve (the Fed) as it announced a 25-basis-point increase in short-term rates in March to attempt to combat inflation. The Fed also signaled additional rate increases throughout the rest of the year.

During the second quarter, inflation continued to rise, and investors grew increasingly concerned the Fed would not be able to avoid a recession as it sought to check rising consumer prices. Consumer sentiment fell as both prices and the cost of borrowing rose, putting downward pressure on domestic equity market valuations. The Fed added to that pressure with an increasingly hawkish tone, indicating it was willing to accept higher unemployment rates if that was required to rein in inflation.

Equity markets staged a rally in the third quarter as the Fed initially softened its tone in recognition of the many obstacles that threatened economic growth. In support of this shift, data indicated that GDP growth had declined over the first two quarters of 2022. Other data, including employment and wage growth figures, indicated the economy remained resilient, but investors appeared to take the slowdown in GDP growth as a sign the Fed would ease its current policy-tightening trend. By the end of the quarter, however, the Fed's tone shifted once again, this time toward a more hawkish stance. Inflation data remained stubbornly high during the summer, and Fed Chair Jerome Powell reaffirmed the Fed's commitment to fighting inflation. The announcement pushed equity markets lower, erasing the gains from earlier in the quarter.

In the fourth quarter, stocks once again staged a rally despite tighter monetary policies. Markets posted gains in both October and November before giving up those gains during December. The Fed raised interest rates at its December meeting, bringing the total rate increase to 450 basis points for the year, and reiterated its plan to continue tightening into 2023. Equity markets fell in response, closing out the year posting their worst annual returns in over a decade.

The sectors within the Index posted mixed returns over the year, with the energy, utilities, and consumer staples sectors among the best performers, while the information technology, consumer discretionary, and communication services sectors lagged.

The Fund uses exchange-traded futures for the purpose of efficient portfolio management, and these derivatives did not have a significant impact on the Fund's return in 2022. Futures are not used for speculative or leveraged positions in the portfolio and we hold cash to fully cover all outstanding futures positions. The Fund's use of futures contracts provides immediate market exposure proportionate to cash accruals and investable cash within the portfolio. Successful implementation of cash management and cash equitization techniques is critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.

------

***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmark please refer to page 2 of this report.* 

------

 **AZL<sup>®</sup> S&P 500 Index Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to seek to match the total return of the Standard & Poor's 500<sup>®</sup> Index. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing in all 500 stocks in the Index in proportion to their weighting in the Index.* 

**Investment Concerns** 

*Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.* 

*The performance of the Fund is expected to be lower than that of the Index because of Fund fees and expenses. Securities in which the Fund will invest may involve substantial risk and may be subject to sudden severe price declines.* 

*Investing in a single industry or sector, or concentrating investments in a limited number of industries or sectors, tends to increase the risk that economic, political, or regulatory developments affecting certain industries or sectors will have a large impact on the value of the portfolio.* 

*Investing in derivative instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.* 

*For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund's prospectus.* 

**Growth of $10,000 Investment**![LOGO](g415401g10z17.jpg)

*The chart above represents a comparison of a hypothetical investment in the Fund versus a similar investment in the Fund's benchmark and represents the reinvestment of dividends and capital gains in the Fund.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **1<br>Year** | **3<br>Year** | **5<br>Year** | **10<br>Year** |
| &nbsp;&nbsp; AZL<sup>®</sup> S&P 500 Index Fund (Class 1 Shares) | (18.31)% | 7.32% | 9.13% | 12.29% |
| &nbsp;&nbsp; AZL<sup>®</sup> S&P 500 Index Fund (Class 2 Shares) | (18.51)% | 7.05% | 8.85% | 12.00% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11)% | 7.66% | 9.42% | 12.56% |

---

***Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.Allianzlife.com.***

---

| | |
|:---|:---|
| **Expense Ratios** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> S&P 500 Index Fund (Class 1 Shares) | 0.24% |
| &nbsp;&nbsp; AZL<sup>®</sup> S&P 500 Index Fund (Class 2 Shares) | 0.49% |

---

***The above expense ratios are based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.46% for Class 1 Shares and 0.71% for Class 2 Shares through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratios can be found in the Financial Highlights.***

*The total return of the Fund does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Such charges, fees and tax payments would reduce the performance quoted.* 

*The Fund's performance is measured against the Standard & Poor's 500<sup>®</sup> Index ("S&P 500<sup>®</sup>"), which is an unmanaged index that is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.* 

------

**AZL S&P 500 Index Fund** 

**Expense Examples** 

(Unaudited)

As a shareholder of the AZL S&P 500 Index Fund (the "Fund"), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount 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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL S&P 500 Index Fund, Class 1 | $1000.00 | $1021.80 | $1.12 | 0.22% |
|  AZL S&P 500 Index Fund, Class 2 | $1000.00 | $1020.70 | $2.39 | 0.47% |

---

The **Hypothetical Expense** table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL S&P 500 Index Fund, Class 1 | $1000.00 | $1024.10 | $1.12 | 0.22% |
|  AZL S&P 500 Index Fund, Class 2 | $1000.00 | $1022.84 | $2.40 | 0.47% |

---

\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  Information Technology | 25.6% |
|  Health Care | 15.7 |
|  Financials | 11.6 |
|  Consumer Discretionary | 9.7 |
|  Industrials | 8.6 |
|  Communication Services | 7.2 |
|  Consumer Staples | 7.2 |
|  Energy | 5.2 |
|  Utilities | 3.2 |
|  Materials | 2.7 |
|  Real Estate | 2.7 |
|  Total Common Stocks | 99.4 |
|  Unaffiliated Investment Company | 0.5 |
|  Total Investment Securities | 99.9 |
|  Net other assets (liabilities) | 0.1 |
|  Net Assets | 100.0% |

---

------

**AZL S&P 500 Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks (99.4%):** | **Common Stocks (99.4%):** | |
| **Aerospace & Defense (1.9%):** | **Aerospace & Defense (1.9%):** | |
| 41338 | Boeing Co. (The)\* | $7874476 |
| 16800 | General Dynamics Corp. | 4168248 |
| 27837 | Howmet Aerospace, Inc. | 1097056 |
| 2885 | Huntington Ingalls Industries, Inc. | 665512 |
| 14077 | L3harris Technologies, Inc. | 2930972 |
| 17339 | Lockheed Martin Corp. | 8435250 |
| 10796 | Northrop Grumman Corp. | 5890406 |
| 109094 | Raytheon Technologies Corp. | 11009766 |
| 15863 | Textron, Inc. | 1123100 |
| 3848 | TransDigm Group, Inc. | 2422893 |
|  |  | 45617679 |
| **Air Freight & Logistics (0.6%):** | **Air Freight & Logistics (0.6%):** |  |
| 8750 | C.H. Robinson Worldwide, Inc. | 801150 |
| 11888 | Expeditors International of Washington, Inc. | 1235401 |
| 17728 | FedEx Corp. | 3070490 |
| 54473 | United Parcel Service, Inc., Class B | 9469586 |
|  |  | 14576627 |
| **Airlines (0.2%):** | **Airlines (0.2%):** |  |
| 9806 | Alaska Air Group, Inc.\* | 421070 |
| 49139 | American Airlines Group, Inc.\* | 625048 |
| 47637 | Delta Air Lines, Inc.\* | 1565352 |
| 44615 | Southwest Airlines Co.\* | 1502187 |
| 24310 | United Airlines Holdings, Inc.\* | 916487 |
|  |  | 5030144 |
| **Auto Components (0.1%):** | **Auto Components (0.1%):** |  |
| 20452 | Aptiv plc\* | 1904695 |
| 17735 | BorgWarner, Inc. | 713834 |
|  |  | 2618529 |
| **Automobiles (1.3%):** | **Automobiles (1.3%):** |  |
| 294953 | Ford Motor Co. | 3430303 |
| 105609 | General Motors Co. | 3552687 |
| 199524 | Tesla, Inc.\* | 24577365 |
|  |  | 31560355 |
| **Banks (3.8%):** | **Banks (3.8%):** |  |
| 518038 | Bank of America Corp. | 17157418 |
| 144526 | Citigroup, Inc. | 6536911 |
| 36338 | Citizens Financial Group, Inc. | 1430627 |
| 9769 | Comerica, Inc. | 653058 |
| 51728 | Fifth Third Bancorp | 1697196 |
| 13850 | First Republic Bank | 1688176 |
| 105542 | Huntington Bancshares, Inc. | 1488142 |
| 218277 | JPMorgan Chase & Co. | 29270946 |
| 68556 | KeyCorp | 1194245 |
| 12687 | M&T Bank Corp. | 1840376 |
| 29981 | PNC Financial Services Group, Inc. (The) | 4735199 |
| 68809 | Regions Financial Corp. | 1483522 |
| 4642 | Signature Bank | 534851 |
| 4455 | SVB Financial Group\* | 1025274 |
| 98357 | Truist Financial Corp. | 4232302 |
| 100680 | U.S. Bancorp | 4390655 |
| 282324 | Wells Fargo & Co. | 11657158 |
| 10729 | Zions Bancorp | 527438 |
|  |  | 91543494 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Beverages (1.9%):** | **Beverages (1.9%):** | |
| 13127 | Brown-Forman Corp., Class B | $862181 |
| 289702 | Coca-Cola Co. (The) | 18427944 |
| 12065 | Constellation Brands, Inc., Class A | 2796064 |
| 62719 | Keurig Dr Pepper, Inc. | 2236560 |
| 13901 | Molson Coors Brewing Co., Class B | 716179 |
| 28358 | Monster Beverage Corp.\* | 2879188 |
| 102315 | PepsiCo, Inc. | 18484228 |
|  |  | 46402344 |
| **Biotechnology (2.5%):** | **Biotechnology (2.5%):** |  |
| 131603 | AbbVie, Inc. | 21268361 |
| 39723 | Amgen, Inc. | 10432849 |
| 10785 | Biogen, Inc.\* | 2986582 |
| 93030 | Gilead Sciences, Inc. | 7986626 |
| 13664 | Incyte Corp.\* | 1097492 |
| 24560 | Moderna, Inc.\* | 4411467 |
| 7969 | Regeneron Pharmaceuticals, Inc.\* | 5749554 |
| 19141 | Vertex Pharmaceuticals, Inc.\* | 5527538 |
|  |  | 59460469 |
| **Building Products (0.4%):** | **Building Products (0.4%):** |  |
| 9760 | A O Smith Corp. | 558662 |
| 6778 | Allegion plc | 713452 |
| 62712 | Carrier Global Corp. | 2586870 |
| 51739 | Johnson Controls International plc | 3311296 |
| 15974 | Masco Corp. | 745507 |
| 16891 | Trane Technologies plc | 2839208 |
|  |  | 10754995 |
| **Capital Markets (3.1%):** | **Capital Markets (3.1%):** |  |
| 7879 | Ameriprise Financial, Inc. | 2453284 |
| 54243 | Bank of New York Mellon Corp. (The) | 2469141 |
| 11223 | BlackRock, Inc., Class A+ | 7952955 |
| 7779 | Cboe Global Markets, Inc. | 976031 |
| 113546 | Charles Schwab Corp. (The) | 9453839 |
| 26950 | CME Group, Inc. | 4531912 |
| 2756 | FactSet Research Systems, Inc. | 1105735 |
| 22367 | Franklin Resources, Inc. | 590041 |
| 25173 | Goldman Sachs Group, Inc. (The) | 8643906 |
| 41537 | Intercontinental Exchange, Inc. | 4261281 |
| 34577 | Invesco, Ltd. | 622040 |
| 2754 | MarketAxess Holdings, Inc. | 768063 |
| 11703 | Moody's Corp. | 3260690 |
| 97996 | Morgan Stanley | 8331620 |
| 5944 | MSCI, Inc. | 2764970 |
| 24808 | Nasdaq, Inc. | 1521971 |
| 15155 | Northern Trust Corp. | 1341066 |
| 14474 | Raymond James Financial, Inc. | 1546547 |
| 24754 | S&P Global, Inc. | 8291105 |
| 26880 | State Street Corp. | 2085082 |
| 16607 | T. Rowe Price Group, Inc. | 1811159 |
|  |  | 74782438 |
| **Chemicals (1.9%):** | **Chemicals (1.9%):** |  |
| 16502 | Air Products and Chemicals, Inc. | 5086907 |
| 8781 | Albemarle Corp. | 1904248 |
| 7401 | Celanese Corp. | 756678 |
| 14411 | CF Industries Holdings, Inc. | 1227817 |

---

See accompanying notes to the financial statements.

------

**AZL S&P 500 Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Chemicals, continued** | **Chemicals, continued** | |
| 52887 | Corteva, Inc. | $3108698 |
| 52314 | Dow, Inc. | 2636102 |
| 36795 | DuPont de Nemours, Inc. | 2525241 |
| 9198 | Eastman Chemical Co. | 749085 |
| 18486 | Ecolab, Inc. | 2690822 |
| 9400 | FMC Corp. | 1173120 |
| 18857 | International Flavors & Fragrances, Inc. | 1976968 |
| 36750 | Linde plc | 11987115 |
| 19299 | Lyondellbasell Industries NV | 1602396 |
| 24649 | Mosaic Co. (The) | 1081352 |
| 17568 | PPG Industries, Inc. | 2209000 |
| 17602 | Sherwin-Williams Co. (The) | 4177483 |
|  |  | 44893032 |
| **Commercial Services & Supplies (0.5%):** | **Commercial Services & Supplies (0.5%):** |  |
| 6399 | Cintas Corp. | 2889916 |
| 31936 | Copart, Inc.\* | 1944583 |
| 15303 | Republic Services, Inc. | 1973934 |
| 17773 | Rollins, Inc. | 649426 |
| 27674 | Waste Management, Inc. | 4341497 |
|  |  | 11799356 |
| **Communications Equipment (0.9%):** | **Communications Equipment (0.9%):** |  |
| 18184 | Arista Networks, Inc.\* | 2206628 |
| 305221 | Cisco Systems, Inc. | 14540729 |
| 4606 | F5, Inc.\* | 661007 |
| 24540 | Juniper Networks, Inc. | 784299 |
| 12382 | Motorola Solutions, Inc. | 3190965 |
|  |  | 21383628 |
| **Construction & Engineering (0.1%):** | **Construction & Engineering (0.1%):** |  |
| 10719 | Quanta Services, Inc. | 1527457 |
| **Construction Materials (0.1%):** | **Construction Materials (0.1%):** |  |
| 4588 | Martin Marietta Materials, Inc. | 1550606 |
| 9791 | Vulcan Materials Co. | 1714502 |
|  |  | 3265108 |
| **Consumer Finance (0.5%):** | **Consumer Finance (0.5%):** |  |
| 44604 | American Express Co. | 6590241 |
| 28339 | Capital One Financial Corp. | 2634394 |
| 20070 | Discover Financial Services | 1963448 |
| 33120 | Synchrony Financial | 1088323 |
|  |  | 12276406 |
| **Containers & Packaging (0.3%):** | **Containers & Packaging (0.3%):** |  |
| 111169 | Amcor plc | 1324023 |
| 5932 | Avery Dennison Corp. | 1073692 |
| 23819 | Ball Corp. | 1218104 |
| 26957 | International Paper Co. | 933521 |
| 6763 | Packaging Corp. of America | 865055 |
| 11227 | Sealed Air Corp. | 560003 |
| 19064 | Westrock Co. | 670290 |
|  |  | 6644688 |
| **Distributors (0.2%):** | **Distributors (0.2%):** |  |
| 10268 | Genuine Parts Co. | 1781601 |
| 19000 | LKQ Corp. | 1014790 |
| 2902 | Pool Corp. | 877361 |
|  |  | 3673752 |
| **Diversified Financial Services (1.7%):** | **Diversified Financial Services (1.7%):** |  |
| 133932 | Berkshire Hathaway, Inc., Class B\* | 41371595 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | | |
| **Diversified Telecommunication Services (0.9%):** | **Diversified Telecommunication Services (0.9%):** | | |
| 529742 | AT&T, Inc. | $| 9752550 |
| 67685 | Lumen Technologies, Inc. |  | 353316 |
| 312593 | Verizon Communications, Inc. |  | 12316164 |
|  |  |  | 22422030 |
| **Electric Utilities (2.1%):** | **Electric Utilities (2.1%):** |  |  |
| 18652 | Alliant Energy Corp. |  | 1029777 |
| 38505 | American Electric Power Co., Inc. |  | 3656050 |
| 24361 | Constellation Energy Corp. |  | 2100162 |
| 57148 | Duke Energy Corp. |  | 5885673 |
| 28042 | Edison International |  | 1784032 |
| 15183 | Entergy Corp. |  | 1708087 |
| 17208 | Evergy, Inc. |  | 1082899 |
| 25609 | Eversource Energy |  | 2147059 |
| 74644 | Exelon Corp. |  | 3226860 |
| 39485 | FirstEnergy Corp. |  | 1656001 |
| 147717 | NextEra Energy, Inc. |  | 12349141 |
| 17584 | NRG Energy, Inc. |  | 559523 |
| 122354 | PG&E Corp.\* |  | 1989476 |
| 8160 | Pinnacle West Capital Corp. |  | 620486 |
| 55372 | PPL Corp. |  | 1617970 |
| 80927 | Southern Co. (The) |  | 5778997 |
| 40603 | Xcel Energy, Inc. |  | 2846676 |
|  |  |  | 50038869 |
| **Electrical Equipment (0.6%):** | **Electrical Equipment (0.6%):** |  |  |
| 17286 | AMETEK, Inc. |  | 2415200 |
| 29756 | Eaton Corp. plc |  | 4670204 |
| 43819 | Emerson Electric Co. |  | 4209253 |
| 4823 | Generac Holdings, Inc.\* |  | 485483 |
| 8534 | Rockwell Automation, Inc. |  | 2198103 |
|  |  |  | 13978243 |
| **Electronic Equipment, Instruments & Components (0.6%):** | **Electronic Equipment, Instruments & Components (0.6%):** | **Electronic Equipment, Instruments & Components (0.6%):** | **Electronic Equipment, Instruments & Components (0.6%):** |
| 44397 | Amphenol Corp., Class A |  | 3380388 |
| 10002 | CDW Corp. |  | 1786157 |
| 57057 | Corning, Inc. |  | 1822401 |
| 13368 | Keysight Technologies, Inc.\* |  | 2286864 |
| 23907 | TE Connectivity, Ltd. |  | 2744524 |
| 3450 | Teledyne Technologies, Inc.\* |  | 1379689 |
| 18577 | Trimble, Inc.\* |  | 939253 |
| 3733 | Zebra Technologies Corp., Class A\* |  | 957178 |
|  |  |  | 15296454 |
| **Energy Equipment & Services (0.4%):** | **Energy Equipment & Services (0.4%):** |  |  |
| 74351 | Baker Hughes Co. |  | 2195585 |
| 66776 | Halliburton Co. |  | 2627636 |
| 105276 | Schlumberger, Ltd. |  | 5628055 |
|  |  |  | 10451276 |
| **Entertainment (1.3%):** | **Entertainment (1.3%):** |  |  |
| 53180 | Activision Blizzard, Inc. |  | 4070929 |
| 19506 | Electronic Arts, Inc. |  | 2383243 |
| 10709 | Live Nation Entertainment, Inc.\* |  | 746846 |
| 33044 | Netflix, Inc.\* |  | 9744015 |
| 11751 | Take-Two Interactive Software, Inc.\* |  | 1223631 |
| 135694 | Walt Disney Co. (The)\* |  | 11789095 |
| 163263 | Warner Bros Discovery, Inc.\* |  | 1547733 |
|  |  |  | 31505492 |

---

See accompanying notes to the financial statements.

------

**AZL S&P 500 Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Equity Real Estate Investment Trusts (1.2%):** | **Equity Real Estate Investment Trusts (1.2%):** | |
| 34652 | American Tower Corp. | $7341373 |
| 8170 | Camden Property Trust | 914059 |
| 32104 | Crown Castle, Inc. | 4354586 |
| 6771 | Equinix, Inc. | 4435208 |
| 10061 | Extra Space Storage, Inc. | 1480778 |
| 21242 | Iron Mountain, Inc. | 1058914 |
| 11772 | Public Storage | 3298397 |
| 7964 | SBA Communications Corp. | 2232389 |
| 24513 | Simon Property Group, Inc. | 2879787 |
|  |  | 27995491 |
| **Equity Real Estate Investment Trusts (REITs) (1.4%):** | **Equity Real Estate Investment Trusts (REITs) (1.4%):** |  |
| 10819 | Alexandria Real Estate Equities, Inc. | 1576004 |
| 10549 | AvalonBay Communities, Inc. | 1703874 |
| 10624 | Boston Properties, Inc. | 717970 |
| 21637 | Digital Realty Trust, Inc. | 2169542 |
| 25262 | Equity Residential | 1490458 |
| 4856 | Essex Property Trust, Inc. | 1029084 |
| 5376 | Federal Realty Investment Trust | 543191 |
| 159 | Gaming and Leisure Properties, Inc. | 8282 |
| 38628 | Healthpeak Properties, Inc. | 968404 |
| 54807 | Host Hotels & Resorts, Inc. | 879652 |
| 44075 | Invitation Homes, Inc. | 1306383 |
| 46879 | Kimco Realty Corp. | 992897 |
| 8675 | Mid-America Apartment Communities, Inc. | 1361888 |
| 68356 | Prologis, Inc. | 7705772 |
| 45643 | Realty Income Corp. | 2895135 |
| 11891 | Regency Centers Corp. | 743188 |
| 22171 | UDR, Inc. | 858683 |
| 30195 | Ventas, Inc. | 1360285 |
| 72553 | VICI Properties, Inc. | 2350717 |
| 12354 | Vornado Realty Trust | 257087 |
| 34287 | Welltower, Inc. | 2247513 |
| 54475 | Weyerhaeuser Co. | 1688725 |
|  |  | 34854734 |
| **Food & Staples Retailing (1.5%):** | **Food & Staples Retailing (1.5%):** |  |
| 32971 | Costco Wholesale Corp. | 15051261 |
| 48882 | Kroger Co. (The) | 2179160 |
| 38024 | Sysco Corp. | 2906935 |
| 52844 | Walgreens Boots Alliance, Inc. | 1974252 |
| 104918 | Walmart, Inc. | 14876323 |
|  |  | 36987931 |
| **Food Products (1.2%):** | **Food Products (1.2%):** |  |
| 40403 | Archer-Daniels-Midland Co. | 3751419 |
| 14874 | Campbell Soup Co. | 844099 |
| 34386 | Conagra Brands, Inc. | 1330738 |
| 44377 | General Mills, Inc. | 3721011 |
| 10979 | Hershey Co. (The) | 2542407 |
| 22068 | Hormel Foods Corp. | 1005197 |
| 8067 | JM Smucker Co. (The) | 1278297 |
| 19298 | Kellogg Co. | 1374790 |
| 58593 | Kraft Heinz Co. (The) | 2385321 |
| 10903 | Lamb Weston Holdings, Inc. | 974292 |
| 18875 | McCormick & Co. | 1564549 |
| 101799 | Mondelez International, Inc., Class A | 6784903 |
| 21771 | Tyson Foods, Inc., Class A | 1355245 |
|  |  | 28912268 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Gas Utilities (0.0%<sup>†</sup>):** | **Gas Utilities (0.0%<sup>†</sup>):** | |
| 10367 | Atmos Energy Corp. | $1161830 |
| **Health Care Equipment & Supplies (3.4%):** | **Health Care Equipment & Supplies (3.4%):** |  |
| 129610 | Abbott Laboratories | 14229882 |
| 5479 | Align Technology, Inc.\* | 1155521 |
| 37034 | Baxter International, Inc. | 1887623 |
| 21206 | Becton Dickinson and Co. | 5392686 |
| 105995 | Boston Scientific Corp.\* | 4904389 |
| 3600 | Cooper Cos., Inc. (The) | 1190412 |
| 48731 | Danaher Corp. | 12934182 |
| 16949 | DENTSPLY SIRONA, Inc. | 539656 |
| 28713 | Dexcom, Inc.\* | 3251460 |
| 46404 | Edwards Lifesciences Corp.\* | 3462202 |
| 18808 | Hologic, Inc.\* | 1407026 |
| 6232 | IDEXX Laboratories, Inc.\* | 2542407 |
| 26269 | Intuitive Surgical, Inc.\* | 6970479 |
| 98373 | Medtronic plc | 7645550 |
| 10936 | ResMed, Inc. | 2276110 |
| 7436 | STERIS plc | 1373355 |
| 25082 | Stryker Corp. | 6132298 |
| 3465 | Teleflex, Inc. | 864968 |
| 5347 | West Pharmaceutical Services, Inc. | 1258416 |
| 15430 | Zimmer Biomet Holdings, Inc. | 1967325 |
|  |  | 81385947 |
| **Health Care Providers & Services (3.7%):** | **Health Care Providers & Services (3.7%):** |  |
| 11509 | AmerisourceBergen Corp. | 1907156 |
| 19411 | Cardinal Health, Inc. | 1492124 |
| 42520 | Centene Corp.\* | 3487065 |
| 22710 | Cigna Corp. | 7524731 |
| 98101 | CVS Health Corp. | 9142032 |
| 3967 | DaVita, Inc.\* | 296216 |
| 17821 | Elevance Health, Inc. | 9141638 |
| 15724 | HCA Healthcare, Inc. | 3773131 |
| 9732 | Henry Schein, Inc.\* | 777295 |
| 9350 | Humana, Inc. | 4788976 |
| 6719 | Laboratory Corp. of America Holdings | 1582190 |
| 10659 | McKesson Corp. | 3998404 |
| 4298 | Molina Healthcare, Inc.\* | 1419286 |
| 8349 | Quest Diagnostics, Inc. | 1306118 |
| 69456 | UnitedHealth Group, Inc. | 36824182 |
| 4567 | Universal Health Services, Inc., Class B | 643445 |
|  |  | 88103989 |
| **Hotels, Restaurants & Leisure (2.0%):** | **Hotels, Restaurants & Leisure (2.0%):** |  |
| 2883 | Booking Holdings, Inc.\* | 5810052 |
| 15488 | Caesars Entertainment, Inc.\* | 644301 |
| 64958 | Carnival Corp., Class A\* | 523562 |
| 2045 | Chipotle Mexican Grill, Inc.\* | 2837417 |
| 9274 | Darden Restaurants, Inc. | 1282872 |
| 2600 | Domino's Pizza, Inc. | 900640 |
| 11631 | Expedia Group, Inc.\* | 1018876 |
| 20039 | Hilton Worldwide Holdings, Inc. | 2532128 |
| 24406 | Las Vegas Sands Corp.\* | 1173196 |
| 20001 | Marriott International, Inc., Class A | 2977949 |
| 54445 | McDonald's Corp. | 14347891 |
| 24100 | MGM Resorts International | 808073 |
| 31090 | Norwegian Cruise Line Holdings, Ltd.\* | 380542 |
| 16010 | Royal Caribbean Cruises, Ltd.\* | 791374 |

---

See accompanying notes to the financial statements.

------

**AZL S&P 500 Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | | |
| **Hotels, Restaurants & Leisure, continued** | **Hotels, Restaurants & Leisure, continued** | | |
| 85724 | Starbucks Corp. | $| 8503821 |
| 7751 | Wynn Resorts, Ltd.\* |  | 639225 |
| 21054 | Yum! Brands, Inc. |  | 2696596 |
|  |  |  | 47868515 |
| **Household Durables (0.3%):** | **Household Durables (0.3%):** |  |  |
| 23740 | DR Horton, Inc. |  | 2116184 |
| 11032 | Garmin, Ltd. |  | 1018143 |
| 18993 | Lennar Corp., Class A |  | 1718866 |
| 3740 | Mohawk Industries, Inc.\* |  | 382303 |
| 27332 | Newell Brands, Inc. |  | 357502 |
| 222 | NVR, Inc.\* |  | 1023993 |
| 17083 | PulteGroup, Inc. |  | 777789 |
| 4058 | Whirlpool Corp. |  | 574045 |
|  |  |  | 7968825 |
| **Household Products (1.6%):** | **Household Products (1.6%):** |  |  |
| 17650 | Church & Dwight Co., Inc. |  | 1422767 |
| 9274 | Clorox Co. (The) |  | 1301420 |
| 61647 | Colgate-Palmolive Co. |  | 4857167 |
| 24962 | Kimberly-Clark Corp. |  | 3388592 |
| 176154 | Procter & Gamble Co. (The) |  | 26697900 |
|  |  |  | 37667846 |
| **Independent Power and Renewable Electricity Producers (0.1%):** | **Independent Power and Renewable Electricity Producers (0.1%):** | **Independent Power and Renewable Electricity Producers (0.1%):** | **Independent Power and Renewable Electricity Producers (0.1%):** |
| 49796 | AES Corp. (The) |  | 1432133 |
| **Industrial Conglomerates (0.9%):** | **Industrial Conglomerates (0.9%):** |  |  |
| 40857 | 3M Co. |  | 4899571 |
| 81298 | General Electric Co. |  | 6811959 |
| 50102 | Honeywell International, Inc. |  | 10736859 |
|  |  |  | 22448389 |
| **Insurance (2.4%):** | **Insurance (2.4%):** |  |  |
| 41599 | Aflac, Inc. |  | 2992632 |
| 19925 | Allstate Corp. (The) |  | 2701830 |
| 55230 | American International Group, Inc. |  | 3492745 |
| 15377 | Aon plc, Class A |  | 4615253 |
| 27865 | Arch Capital Group, Ltd.\* |  | 1749365 |
| 15627 | Arthur J. Gallagher & Co. |  | 2946315 |
| 4143 | Assurant, Inc. |  | 518123 |
| 17606 | Brown & Brown, Inc. |  | 1003014 |
| 30940 | Chubb, Ltd. |  | 6825364 |
| 11599 | Cincinnati Financial Corp. |  | 1187622 |
| 2813 | Everest Re Group, Ltd. |  | 931862 |
| 6907 | Globe Life, Inc. |  | 832639 |
| 23877 | Hartford Financial Services Group, Inc. (The) |  | 1810593 |
| 12289 | Lincoln National Corp. |  | 377518 |
| 14145 | Loews Corp. |  | 825078 |
| 36948 | Marsh & McLennan Cos., Inc. |  | 6114155 |
| 48895 | MetLife, Inc. |  | 3538531 |
| 17186 | Principal Financial Group, Inc. |  | 1442249 |
| 43688 | Progressive Corp. (The) |  | 5666770 |
| 27034 | Prudential Financial, Inc. |  | 2688802 |
| 17403 | Travelers Cos., Inc. (The) |  | 3262888 |
| 7998 | Willis Towers Watson plc |  | 1956151 |
| 15154 | WR Berkley Corp. |  | 1099726 |
|  |  |  | 58579225 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Interactive Media & Services (4.0%):** | **Interactive Media & Services (4.0%):** | |
| 444008 | Alphabet, Inc., Class A\* | $39174826 |
| 393595 | Alphabet, Inc., Class C\* | 34923684 |
| 20436 | Match Group, Inc.\* | 847890 |
| 167157 | Meta Platforms, Inc., Class A\* | 20115673 |
|  |  | 95062073 |
| **Internet & Direct Marketing Retail (2.4%):** | **Internet & Direct Marketing Retail (2.4%):** |  |
| 659704 | Amazon.com, Inc.\* | 55415136 |
| 40043 | eBay, Inc. | 1660583 |
| 9142 | Etsy, Inc.\* | 1095029 |
|  |  | 58170748 |
| **IT Services (4.4%):** | **IT Services (4.4%):** |  |
| 46828 | Accenture plc, Class A | 12495584 |
| 11781 | Akamai Technologies, Inc.\* | 993138 |
| 30760 | Automatic Data Processing, Inc. | 7347334 |
| 8527 | Broadridge Financial Solutions, Inc. | 1143727 |
| 38354 | Cognizant Technology Solutions Corp., Class A | 2193465 |
| 16463 | DXC Technology Co.\* | 436269 |
| 4379 | EPAM Systems, Inc.\* | 1435173 |
| 44109 | Fidelity National Information Services, Inc. | 2992796 |
| 47158 | Fiserv, Inc.\* | 4766259 |
| 5479 | FleetCor Technologies, Inc.\* | 1006383 |
| 5861 | Gartner, Inc.\* | 1970117 |
| 20100 | Global Payments, Inc. | 1996332 |
| 67107 | International Business Machines Corp. | 9454705 |
| 5364 | Jack Henry & Associates, Inc. | 941704 |
| 63103 | Mastercard, Inc., Class A | 21942806 |
| 23797 | Paychex, Inc. | 2749981 |
| 84745 | PayPal Holdings, Inc.\* | 6035539 |
| 6744 | VeriSign, Inc.\* | 1385487 |
| 121697 | Visa, Inc., Class A | 25283769 |
|  |  | 106570568 |
| **Leisure Products (0.0%<sup>†</sup>):** | **Leisure Products (0.0%<sup>†</sup>):** |  |
| 9779 | Hasbro, Inc. | 596617 |
| **Life Sciences Tools & Services (1.3%):** | **Life Sciences Tools & Services (1.3%):** |  |
| 21903 | Agilent Technologies, Inc. | 3277784 |
| 1594 | Bio-Rad Laboratories, Inc., Class A\* | 670261 |
| 11273 | Bio-Techne Corp. | 934306 |
| 3847 | Charles River Laboratories International, Inc.\* | 838261 |
| 11756 | Illumina, Inc.\* | 2377063 |
| 13797 | IQVIA Holdings, Inc.\* | 2826868 |
| 1654 | Mettler-Toledo International, Inc.\* | 2390774 |
| 9422 | PerkinElmer, Inc. | 1321153 |
| 29162 | Thermo Fisher Scientific, Inc. | 16059222 |
| 4427 | Waters Corp.\* | 1516602 |
|  |  | 32212294 |
| **Machinery (1.9%):** | **Machinery (1.9%):** |  |
| 38685 | Caterpillar, Inc. | 9267379 |
| 10577 | Cummins, Inc. | 2562701 |
| 20417 | Deere & Co. | 8753993 |
| 10372 | Dover Corp. | 1404473 |
| 26357 | Fortive Corp. | 1693437 |
| 5439 | IDEX Corp. | 1241887 |
| 20811 | Illinois Tool Works, Inc. | 4584663 |
| 30388 | Ingersoll-Rand, Inc. | 1587773 |

---

See accompanying notes to the financial statements.

------

**AZL S&P 500 Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Machinery, continued** | **Machinery, continued** | |
| 4010 | Nordson Corp. | $953257 |
| 30828 | Otis Worldwide Corp. | 2414141 |
| 26115 | PACCAR, Inc. | 2584602 |
| 9662 | Parker-Hannifin Corp. | 2811642 |
| 12489 | Pentair PLC | 561755 |
| 3803 | Snap-On, Inc. | 868947 |
| 10876 | Stanley Black & Decker, Inc. | 817005 |
| 13708 | Westinghouse Air Brake Technologies Corp. | 1368196 |
| 13495 | Xylem, Inc. | 1492142 |
|  |  | 44967993 |
| **Media (0.8%):** | **Media (0.8%):** |  |
| 7985 | Charter Communications, Inc., Class A\* | 2707714 |
| 320682 | Comcast Corp., Class A | 11214250 |
| 20778 | DISH Network Corp., Class A\* | 291723 |
| 23080 | Fox Corp., Class A | 700940 |
| 11105 | Fox Corp., Class B | 315937 |
| 28640 | Interpublic Group of Cos., Inc. (The) | 953998 |
| 27741 | News Corp., Class A | 504886 |
| 6686 | News Corp., Class B | 123290 |
| 15106 | Omnicom Group, Inc. | 1232196 |
| 38384 | Paramount Global, Class B | 647922 |
|  |  | 18692856 |
| **Metals & Mining (0.4%):** | **Metals & Mining (0.4%):** |  |
| 105567 | Freeport-McMoRan, Inc. | 4011546 |
| 58605 | Newmont Corp. | 2766156 |
| 19013 | Nucor Corp. | 2506104 |
| 12399 | Steel Dynamics, Inc. | 1211382 |
|  |  | 10495188 |
| **Multiline Retail (0.5%):** | **Multiline Retail (0.5%):** |  |
| 16851 | Dollar General Corp. | 4149559 |
| 15589 | Dollar Tree, Inc.\* | 2204908 |
| 34046 | Target Corp. | 5074216 |
|  |  | 11428683 |
| **Multi-Utilities (0.9%):** | **Multi-Utilities (0.9%):** |  |
| 19035 | Ameren Corp. | 1692592 |
| 47923 | CenterPoint Energy, Inc. | 1437211 |
| 21173 | CMS Energy Corp. | 1340886 |
| 26453 | Consolidated Edison, Inc. | 2521236 |
| 62060 | Dominion Energy, Inc. | 3805519 |
| 14210 | DTE Energy Co. | 1670101 |
| 29877 | NiSource, Inc. | 819227 |
| 37017 | Public Service Enterprise Group, Inc. | 2268032 |
| 23478 | Sempra Energy | 3628290 |
| 23465 | WEC Energy Group, Inc. | 2200078 |
|  |  | 21383172 |
| **Oil, Gas & Consumable Fuels (4.8%):** | **Oil, Gas & Consumable Fuels (4.8%):** |  |
| 24180 | APA Corp. | 1128722 |
| 132240 | Chevron Corp. | 23735758 |
| 92628 | ConocoPhillips | 10930104 |
| 57772 | Coterra Energy, Inc. | 1419458 |
| 48803 | Devon Energy Corp. | 3001873 |
| 12972 | Diamondback Energy, Inc. | 1774310 |
| 43797 | EOG Resources, Inc. | 5672587 |
| 28102 | EQT Corp. | 950691 |
| 306137 | Exxon Mobil Corp. | 33766911 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Oil, Gas & Consumable Fuels, continued** | **Oil, Gas & Consumable Fuels, continued** | |
| 20807 | Hess Corp. | $2950849 |
| 148185 | Kinder Morgan, Inc. | 2679185 |
| 47208 | Marathon Oil Corp. | 1277921 |
| 34838 | Marathon Petroleum Corp. | 4054795 |
| 54052 | Occidental Petroleum Corp. | 3404735 |
| 33724 | ONEOK, Inc. | 2215667 |
| 35044 | Phillips 66 | 3647380 |
| 17532 | Pioneer Natural Resources Co. | 4004133 |
| 17219 | Targa Resources Corp. | 1265596 |
| 28658 | Valero Energy Corp. | 3635554 |
| 90536 | Williams Cos., Inc. | 2978634 |
|  |  | 114494863 |
| **Personal Products (0.2%):** | **Personal Products (0.2%):** |  |
| 17273 | Estee Lauder Cos., Inc. (The), Class A | 4285604 |
| **Pharmaceuticals (4.9%):** | **Pharmaceuticals (4.9%):** |  |
| 157961 | Bristol-Myers Squibb Co. | 11365294 |
| 13617 | Catalent, Inc.\* | 612901 |
| 58700 | Eli Lilly & Co. | 21474808 |
| 194350 | Johnson & Johnson | 34331928 |
| 188557 | Merck & Co., Inc. | 20920399 |
| 18060 | Organon & Co. | 504416 |
| 417739 | Pfizer, Inc. | 21404946 |
| 90778 | Viatris, Inc. | 1010359 |
| 34594 | Zoetis, Inc. | 5069751 |
|  |  | 116694802 |
| **Professional Services (0.4%):** | **Professional Services (0.4%):** |  |
| 29176 | CoStar Group, Inc.\* | 2254721 |
| 9047 | Equifax, Inc. | 1758375 |
| 9408 | Jacobs Solutions, Inc. | 1129619 |
| 9849 | Leidos Holdings, Inc. | 1036016 |
| 8628 | Robert Half International, Inc. | 637005 |
| 11823 | Verisk Analytics, Inc. | 2085814 |
|  |  | 8901550 |
| **Real Estate Management & Development (0.1%):** | **Real Estate Management & Development (0.1%):** |  |
| 23168 | CBRE Group, Inc., Class A\* | 1783009 |
| **Road & Rail (0.9%):** | **Road & Rail (0.9%):** |  |
| 156284 | CSX Corp. | 4841678 |
| 6246 | JB Hunt Transport Services, Inc. | 1089053 |
| 17210 | Norfolk Southern Corp. | 4240888 |
| 6683 | Old Dominion Freight Line, Inc. | 1896502 |
| 45702 | Union Pacific Corp. | 9463513 |
|  |  | 21531634 |
| **Semiconductors & Semiconductor Equipment (5.1%):** | **Semiconductors & Semiconductor Equipment (5.1%):** |  |
| 119564 | Advanced Micro Devices, Inc.\* | 7744160 |
| 38234 | Analog Devices, Inc. | 6271523 |
| 63876 | Applied Materials, Inc. | 6220245 |
| 30057 | Broadcom, Inc. | 16805770 |
| 9989 | Enphase Energy, Inc.\* | 2646685 |
| 7370 | First Solar, Inc.\* | 1103952 |
| 305187 | Intel Corp. | 8066092 |
| 10549 | KLA Corp. | 3977290 |
| 10139 | Lam Research Corp. | 4261422 |
| 40900 | Microchip Technology, Inc. | 2873225 |
| 80816 | Micron Technology, Inc. | 4039184 |
| 3381 | Monolithic Power Systems, Inc. | 1195555 |
| 185096 | NVIDIA Corp. | 27049930 |

---

See accompanying notes to the financial statements.

------

**AZL S&P 500 Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Semiconductors & Semiconductor Equipment, continued** | **Semiconductors & Semiconductor Equipment, continued** | |
| 19519 | NXP Semiconductors NV | $3084588 |
| 32692 | ON Semiconductor Corp.\* | 2039000 |
| 7261 | Qorvo, Inc.\* | 658137 |
| 83438 | Qualcomm, Inc. | 9173174 |
| 12216 | Skyworks Solutions, Inc. | 1113244 |
| 4044 | SolarEdge Technologies, Inc.\* | 1145544 |
| 11598 | Teradyne, Inc. | 1013085 |
| 67465 | Texas Instruments, Inc. | 11146567 |
|  |  | 121628372 |
| **Software (8.3%):** | **Software (8.3%):** |  |
| 34559 | Adobe, Inc.\* | 11630140 |
| 6416 | ANSYS, Inc.\* | 1550041 |
| 15964 | Autodesk, Inc.\* | 2983193 |
| 20204 | Cadence Design Systems, Inc.\* | 3245571 |
| 10915 | Ceridian HCM Holding, Inc.\* | 700197 |
| 48166 | Fortinet, Inc.\* | 2354836 |
| 42980 | Gen Digital, Inc. | 921061 |
| 20916 | Intuit, Inc. | 8140926 |
| 554134 | Microsoft Corp. | 132892416 |
| 113063 | Oracle Corp. | 9241770 |
| 3595 | Paycom Software, Inc.\* | 1115564 |
| 8131 | PTC, Inc.\* | 976045 |
| 7875 | Roper Technologies, Inc. | 3402709 |
| 74056 | Salesforce, Inc.\* | 9819085 |
| 15131 | ServiceNow, Inc.\* | 5874913 |
| 11278 | Synopsys, Inc.\* | 3600953 |
| 3188 | Tyler Technologies, Inc.\* | 1027843 |
|  |  | 199477263 |
| **Specialty Retail (2.4%):** | **Specialty Retail (2.4%):** |  |
| 4392 | Advance Auto Parts, Inc. | 645756 |
| 1408 | AutoZone, Inc.\* | 3472381 |
| 16176 | Bath & Body Works, Inc. | 681657 |
| 14657 | Best Buy Co., Inc. | 1175638 |
| 12189 | CarMax, Inc.\* | 742188 |
| 76100 | Home Depot, Inc. (The) | 24036946 |
| 46140 | Lowe's Cos., Inc. | 9192933 |
| 4652 | O'Reilly Automotive, Inc.\* | 3926427 |
| 25895 | Ross Stores, Inc. | 3005633 |
| 86783 | TJX Cos., Inc. (The) | 6907927 |
| 8175 | Tractor Supply Co. | 1839130 |
| 3885 | Ulta Beauty, Inc.\* | 1822337 |
|  |  | 57448953 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Technology Hardware, Storage & Peripherals (6.3%):** | **Technology Hardware, Storage & Peripherals (6.3%):** | |
| 1111590 | Apple, Inc. | $144428889 |
| 96647 | Hewlett Packard Enterprise Co. | 1542486 |
| 66650 | HP, Inc. | 1790885 |
| 16376 | NetApp, Inc. | 983543 |
| 14002 | Seagate Technology Holdings plc | 736645 |
| 23790 | Western Digital Corp.\* | 750575 |
|  |  | 150233023 |
| **Textiles, Apparel & Luxury Goods (0.5%):** | **Textiles, Apparel & Luxury Goods (0.5%):** |  |
| 93850 | NIKE, Inc., Class B | 10981388 |
| 2861 | Ralph Lauren Corp. | 302322 |
| 18776 | Tapestry, Inc. | 714990 |
| 24457 | VF Corp. | 675258 |
|  |  | 12673958 |
| **Tobacco (0.7%):** | **Tobacco (0.7%):** |  |
| 132932 | Altria Group, Inc. | 6076322 |
| 115382 | Philip Morris International, Inc. | 11677812 |
|  |  | 17754134 |
| **Trading Companies & Distributors (0.2%):** | **Trading Companies & Distributors (0.2%):** |  |
| 43325 | Fastenal Co. | 2050139 |
| 5113 | United Rentals, Inc.\* | 1817263 |
| 3285 | W.W. Grainger, Inc. | 1827281 |
|  |  | 5694683 |
| **Water Utilities (0.1%):** | **Water Utilities (0.1%):** |  |
| 13464 | American Water Works Co., Inc. | 2052183 |
| **Wireless Telecommunication Services (0.3%):** | **Wireless Telecommunication Services (0.3%):** |  |
| 44221 | T-Mobile US, Inc.\* | 6190940 |
| Total Common Stocks (Cost $1,024,835,554) | Total Common Stocks (Cost $1,024,835,554) | 2388666746 |
| **Unaffiliated Investment Company (0.5%):** | **Unaffiliated Investment Company (0.5%):** |  |
| **Money Markets (0.5%):** | **Money Markets (0.5%):** |  |
| 12635733 | Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(a) | 12635733 |
| Total Unaffiliated Investment Company (Cost $12,635,733) | Total Unaffiliated Investment Company (Cost $12,635,733) | 12635733 |
| Total Investment Securities (Cost $1,037,471,287) — 99.9%(b) | Total Investment Securities (Cost $1,037,471,287) — 99.9%(b) | 2401302479 |
| Net other assets (liabilities) — 0.1% | Net other assets (liabilities) — 0.1% | 1726373 |
| Net Assets — 100.0% | Net Assets — 100.0% | $2403028852 |

---

Percentages indicated are based on net assets as of December 31, 2022.

\* Non-income producing security.

+ Affiliated Securities

† Represents less than 0.05%.

(a) The rate represents the effective yield at December 31, 2022.

(b) See Federal Tax Information listed in the Notes to the Financial Statements.

See accompanying notes to the financial statements.

------

**AZL S&P 500 Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

**Futures Contracts** 

At December 31, 2022, the Fund's open futures contracts were as follows:

**Long Futures** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  S&P 500 Index E-Mini March Futures (U.S. Dollar) | 3/17/23 | 76 | $14671800 | $(110428) |
|  |  |  |  | $(110428) |

---

See accompanying notes to the financial statements.

------

**AZL S&P 500 Index Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in non-affiliates, at cost | $1033964421.0 |
|  Investments in affiliates, at cost | 3506866.0 |
|  Investments in non-affiliates, at value | $2393349524.0 |
|  Investments in affiliates, at value | 7952955.0 |
|  Cash | 307.0 |
|  Deposit at broker for futures contracts collateral | 868000.0 |
|  Interest and dividends receivable | 2098886.0 |
|  Foreign currency, at value (cost $114,506) | 110286.0 |
|  Reclaims receivable | 58245.0 |
|  Prepaid expenses | 6552.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2404444755.0 |
|  **Liabilities:** |  |
|  Payable for capital shares redeemed | 103710.0 |
|  Payable for variation margin on futures contracts | 54468.0 |
|  Management fees payable | 355047.0 |
|  Administration fees payable | 160171.0 |
|  Distribution fees payable | 506573.0 |
|  Custodian fees payable | 8176.0 |
|  Administrative and compliance services fees payable | 7899.0 |
|  Transfer agent fees payable | 2304.0 |
|  Trustee fees payable | 19735.0 |
|  Other accrued liabilities | 197820.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 1415903.0 |
|  **Net Assets** | $2403028852.0 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $944184351.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 1458844501.0 |
|  **Net Assets** | $2403028852.0 |
|  **Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $71530320.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 4178180.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $17.12 |
|  **Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $2331498532.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 137624950.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $16.94 |

---

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Dividends from non-affiliates | $43043436 |
|  Dividends from affiliates | 218658 |
|  Interest | 12714 |
|  Income from securities lending | 1018 |
|  Foreign withholding tax | 20180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 43296006 |
|  **Expenses:** |  |
|  Management fees | 4612365 |
|  Administration fees | 342085 |
|  Distribution fees — Class 2 | 6582102 |
|  Custodian fees | 52492 |
|  Administrative and compliance services fees | 39497 |
|  Transfer agent fees | 14842 |
|  Trustee fees | 158206 |
|  Professional fees | 122134 |
|  Licensing fees | 566727 |
|  Shareholder reports | 53074 |
|  Other expenses | 76309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 12619833 |
|  **Net Investment Income/(Loss)** | 30676173 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities and foreign currencies | 101349114 |
|  Net realized gains/(losses) on affiliated transactions | 56612 |
|  Net realized gains/(losses) on futures contracts | (2946410) |
|  Change in net unrealized appreciation/depreciation on securities and foreign currencies | (717866987) |
|  Change in net unrealized appreciation/depreciation on affiliated transactions | (2441792) |
|  Change in net unrealized appreciation/depreciation on futures contracts | (226316) |
|  **Net realized and Change in net unrealized gains/losses on investments** | (622075779) |
|  **Change in Net Assets Resulting From Operations** | $(591399606) |

---

See accompanying notes to the financial statements.

------

**AZL S&P 500 Index Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $30676173 | $28291652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | 98459316 | 331563957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (720535095) | 415669129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (591399606) | 775524738 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (10776208) | (6066971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (347727512) | (202617986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (358503720) | (208684957) |
|  **Capital Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 78441 | 357240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 10776208 | 6066971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (10198242) | (10698137) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | 656407 | (4273926) |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 14544032 | 432554811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 347727512 | 202617985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (343033400) | (702400057) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | 19238144 | (67227261) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | 19894551 | (71501187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (930008775) | 495338594 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3333037627 | 2837699033 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2403028852 | $3333037627 |
|  **Share Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 3882 | 15874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 641059 | 269643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (490267) | (465681) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | 154674 | (180164) |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 743891 | 18802260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 20897086 | 9090084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (16545488) | (30537117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | 5095489 | (2644773) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | 5250163 | (2824937) |

---

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. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Class 1** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $24.64 | $20.53 | $18.39 | $14.72 | $16.25 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.28 (a) | 0.26 (a) | 0.28 (a) | 0.31 (a) | 0.29 (a) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (4.84) | 5.42 | 2.90 | 4.20 | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (4.56) | 5.68 | 3.18 | 4.51 | (0.67) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.29) | (0.29) | (0.35) | (0.31) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (2.67) | (1.28) | (0.69) | (0.53) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (2.96) | (1.57) | (1.04) | (0.84) | (0.86) |
|  **Net Asset Value, End of Period** | $17.12 | $24.64 | $20.53 | $18.39 | $14.72 |
|  **Total Return**(b) | (18.31)% | 28.42% | 17.82% | 31.27% | (4.63)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $71530 | $99137 | $86300 | $70738 | $62599 |
|  Net Investment Income/(Loss) | 1.37% | 1.15% | 1.53% | 1.81% | 1.74% |
|  Expenses Before Reductions(c) | 0.22% | 0.24% | 0.25% | 0.24% | 0.23% |
|  Expenses Net of Reductions | 0.22% | 0.24% | 0.25% | 0.24% | 0.23% |
|  Portfolio Turnover Rate(d) | 2% | 17% | 10% | 3% | 4% |
|  **Class 2** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $24.40 | $20.35 | $18.24 | $14.61 | $16.13 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.23 (a) | 0.20 (a) | 0.24 (a) | 0.26 (a) | 0.25 (a) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (4.79) | 5.37 | 2.86 | 4.17 | (0.95) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (4.56) | 5.57 | 3.10 | 4.43 | (0.70) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.23) | (0.24) | (0.30) | (0.27) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (2.67) | (1.28) | (0.69) | (0.53) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (2.90) | (1.52) | (0.99) | (0.80) | (0.82) |
|  **Net Asset Value, End of Period** | $16.94 | $24.40 | $20.35 | $18.24 | $14.61 |
|  **Total Return**(b) | (18.51)% | 28.12% | 17.50% | 30.89% | (4.84)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets, End of Period (000's) | $2331499 | $3233900 | $2751399 | $2719291 | $2370547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 1.12% | 0.89% | 1.31% | 1.56% | 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses Before Reductions(c) | 0.47% | 0.49% | 0.50% | 0.49% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses Net of Reductions | 0.47% | 0.49% | 0.50% | 0.49% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio Turnover Rate(d) | 2% | 17% | 10% | 3% | 4% |

---

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these
charges were included, the returns would have been lower.

(c) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares
issued.

See accompanying notes to the financial statements.

------

**AZL S&P 500 Index Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund may enter into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles ("U.S. GAAP"). The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Security Valuation** 

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

**Investment Transactions and Investment Income** 

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

**Real Estate Investment Trusts** 

The Fund may own shares of real estate investment trusts ("REITs") which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

**Foreign Currency Translation and Withholding Taxes** 

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

**Distributions to Shareholders** 

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These "book/tax" differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

**Expense Allocation** 

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the "Manager"), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

------

**AZL S&P 500 Index Fund** 

Notes to the Financial Statements

December 31, 2022

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

**Class Allocation** 

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

**Securities Lending** 

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day's fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at December 31, 2022 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 $1,076 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund did not have any securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

**Derivative Instruments** 

All open derivative positions at period end are reflected on the Fund's Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

***Futures Contracts***

During the year ended December 31, 2022, the Fund used futures contracts to provide market exposure on the Fund's cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value ("variation margin"), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the year ended December 31, 2022, the monthly average notional amount for long contracts was $11.9 million. There was no short contract activity during the period. Realized gains and losses are reported as "Net realized gains/(losses) on futures contracts" on the Statement of Operations.

The following is a summary of the values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Primary Risk Exposure** | **Statement of Assets and Liabilities Location** | **Total<br>Value** | **Statement of Assets and Liabilities Location** | **Total<br>Value** |
|  **Equity Risk** | **Equity Risk** |  |  |  |
| Futures Contracts | Receivable for variation margin on futures contracts\* | $— | Payable for variation margin on futures contracts\* | $110428 |

---

\* 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. 

------

**AZL S&P 500 Index Fund** 

Notes to the Financial Statements

December 31, 2022

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Primary Risk Exposure** | **Location of Gains/(Losses)**<br> **on Derivatives**<br> **Recognized** | **Realized Gains/(Losses)<br>on Derivatives<br>Recognized** | **Change in Net Unrealized<br>Appreciation/Depreciation on<br>Derivatives Recognized** |
|  **Equity Risk** | **Equity Risk** |  |  |
| Futures Contracts | Net realized gains/(losses) on futures contracts/<br> Change in net unrealized appreciation/depreciation on futures contracts | $(2946410) | $(226316) |

---

**3. Fees and Transactions with Affiliates and Other Parties**

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the "Subadviser"), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC ("BlackRock Investment"), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as "Management fees." For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund's business, based on the daily net assets of the Fund, through April 30, 2024.

For the year ended December 31, 2022, 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% |

---

Any amounts contractually waived or reimbursed by the Manager with respect to the annual expense limits in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable. During the year ended December 31, 2022, there were no such waivers.

At December 31, 2022, the following investments are noted as Affiliated Securities in the Fund's Schedule of Portfolio Investments.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds from<br>Sales** | **Net**<br> **Realized<br>Gains(Losses)** | **Change in<br>Net<br>Unrealized<br>Appreciation/<br>Depreciation** | **Value<br>12/31/2022** | **Shares as of<br>12/31/2022** | **Dividend<br>Income** | **Capital<br>Gains<br>Distributions** |
|  BlackRock Inc., Class A | $10740434 | $371663 | $(773962) | $56612 | $(2441792) | $7952955 | 11223 | $218658 | $— |
|  | $10740434 | $371663 | $(773962) | $56612 | $(2441792) | $7952955 | 11223 | $218658 | $— |

---

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer ("CCO") and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administrative and compliance services fees."

Citi Fund Services Ohio, Inc. ("Citi" or the "Administrator"), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust's administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund's compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administration fees."

FIS Investor Services LLC ("FIS") serves as the Fund's transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon ("BNY Mellon" or the "Custodian") serves as the Trust's custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

------

**AZL S&P 500 Index Fund** 

Notes to the Financial Statements

December 31, 2022

Allianz Life Financial Services, LLC ("ALFS"), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust's CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

**4. Investment Valuation Summary** 

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates,
prepayments speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust's Board of Trustees (the "Board" or "Trustees") as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund's net asset value is calculated. These procedures include the Fund's use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund's fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund's NAV will be subject to the judgment of the Manager. The Manager's fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks<sup>+</sup> | $2388666746 | $— | $— | $2388666746 |
|  Unaffiliated Investment Company | 12635733 |  |  | 12635733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | 2401302479 |  |  | 2401302479 |
|  Other Financial Instruments:\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (110428) |  |  | (110428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $2401192051 | $— | $— | $2401192051 |

---

+ For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

\* Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, 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 | $49582900 | $355707523 |

---

**6. Investment Risks**

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

*Derivatives Risk:* The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The counterparty to a derivatives contract could default.

------

**AZL S&P 500 Index Fund** 

Notes to the Financial Statements

December 31, 2022

*Market Risk:* The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

**7. Coronavirus (COVID-19) Pandemic** 

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $1,068,661,040. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

---

| | |
|:---|:---|
|  Unrealized appreciation | $1383592688 |
|  Unrealized (depreciation) | (50951249) |
|  Net unrealized appreciation/(depreciation) | $1332641439 |

---

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL S&P 500 Index Fund | $31749280 | $326754440 | $358503720 |

---

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL S&P 500 Index Fund | $37011304 | $171673653 | $208684957 |

---

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized**<br> **Appreciation/<br>Depreciation(a)** | **Total**<br> **Accumulated**<br> **Earnings/**<br> **(Deficit)** |
|  AZL S&P 500 Index Fund | $30893950 | $95314860 | $– | $1332635691 | $1458844501 |

---

(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, foreign currency gains or losses, mark-to-market of passive foreign
investment companies, 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 December 31, 2022, 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.

**11. Subsequent Events** 

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund's financial statements.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL S&P 500 Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL S&P 500 Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

------

**Other Federal Income Tax Information (Unaudited)** 

For the year ended December 31, 2022, 100.00% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2022, the Fund declared net short-term capital gain distributions of $3,603,972.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $326,754,440.

------

**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.

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**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement")

Each Fund is a manager-of-managers fund. That means that the Manager is responsible for monitoring the various Subadvisers that have day-to-day responsibility for the investment decisions made for each Fund. The Manager also is responsible for determining, in the first instance, which investment advisers to consider recommending for selection as a Subadviser.

In reviewing the services provided by the Manager and the terms of the Management Agreement, the Board receives and reviews information related to the Manager's experience and expertise in the variable insurance marketplace. In addition, the Board receives information regarding the Manager's expertise with regard to portfolio diversification and asset allocation requirements within variable insurance products issued by Allianz Life Insurance Company of North America ("Allianz Life") and its subsidiary, Allianz Life Insurance Company of New York ("Allianz of New York"). Currently, the Funds are offered only through Allianz Life and Allianz of New York variable products, and not in the retail fund market.

The Manager has adopted policies and procedures to assist it in the process of analyzing each potential Subadviser with expertise in particular asset classes for purposes of making the recommendation that a specific investment adviser be selected. The Board reviews and considers the information provided by the Manager in deciding which investment advisers to select as a Subadviser. After an investment adviser becomes a Subadviser, a similarly rigorous process is instituted by the Manager to monitor the investment performance and other responsibilities of the Subadviser. The Manager reports to the Board on its analysis at the regular meetings of the Board, which are held at least quarterly. Where warranted, the Manager will add or remove a particular Subadviser from a "watch" list that it maintains. Watch list criteria include, for example: (a) Fund performance over various time periods; (b) Fund risk issues, such as changes in key personnel involved with Fund management, changes in investment philosophy or process, or "capacity" concerns; and (c) organizational risk issues, such as regulatory, compliance or legal concerns, or changes in the ownership of the Subadviser. The Manager may place a Fund on the watch list for other reasons, and if so, will explain its rationale to the Board. Funds which are on the watch list are subject to additional scrutiny by the Manager and the Board. Funds may be removed from such watch list, if for example, performance improves or regulatory matters are satisfactorily resolved. However, in some situations where Funds have been on the watch list, the Manager has recommended the retention of a new Subadviser, and the Board has subsequently considered and approved retention of the new Subadviser.

As required by the Investment Company Act of 1940 (the "1940 Act"), the Board has reviewed and approved the Management Agreement with the Manager and the portfolio management agreements (the "Subadvisory Agreements"; and together with the Management Agreement, the "Advisory Contracts") with the Subadvisers. The Board's decision to approve these contracts reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of these contracts, the Board considered many factors, among the most material of which are: the Fund's investment objectives and long-term performance; the Manager's and Subadvisers' (collectively, the "Advisory Organizations") management philosophy, personnel, processes and investment performance, including their compliance history and the adequacy of their compliance processes; the preferences and expectations of Fund shareholders (and underlying contract owners) and their relative sophistication; the continuing state of competition in the mutual fund industry; and comparable fees in the mutual fund industry.

The Board also considered the compensation and benefits received by the Advisory Organizations. This includes fees received for services provided to the Fund by affiliated persons of the Advisory Organizations and research services received by the Advisory Organizations from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Services Agreement and a Compliance Services Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and received (along with its affiliated persons) any payments made by the Funds pursuant to Rule 12b-1.

The Board is aware that various courts have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an adviser's compensation: the nature, extent and quality of the services provided by the adviser, including the performance of the fund; the adviser's cost of providing the services; the extent to which the adviser may realize "economies of scale" as the fund grows larger; any indirect benefits that may accrue to the adviser and its affiliates as a result of the adviser's relationship with the fund; performance and expenses of comparable funds; the profitability of acting as adviser to the fund; and the extent to which the independent Board members, who are not "interested persons" of a fund as defined by the 1940 Act ("Independent Trustees"), are fully informed about all facts bearing on the adviser's services and fees. The Board is aware of these factors and takes them into account in its review of the Advisory Contracts.

Each member of the Board considered and weighed these factors in light of his or her experience in governing the Trust and working with the Advisory Organizations on matters relating to the Funds. The Board is assisted in its deliberations by the advice of independent legal counsel to the Independent Trustees ("Independent Trustee Counsel"). In this regard, the Board requests and receives a significant amount of information about the Funds and the Advisory Organizations. Some of this information is provided at each regular meeting of the Board; additional information is provided in connection with the particular meetings at which the Board's formal review of the Advisory Contracts occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board's evaluation of Advisory Contracts is informed by reports covering such matters as: an Advisory Organization's investment philosophy, personnel, and processes; the Fund's investment performance (in absolute terms as well as in relationship to its benchmark(s) and certain competitor or "peer group" funds), and comments on the reasons for performance; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to peer group and/or competing funds, with due regard for the Expense Limitation Agreement and additional voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities; the nature, extent and quality of the advisory and other services provided to the Fund by the Advisory Organizations and their affiliates; compliance and audit reports concerning the Funds and the companies that service them; and relevant developments in the mutual fund industry and how the Funds and/or Advisory Organizations are responding to them.

The Board also receives financial information about the Advisory Organizations, including reports on the compensation and benefits the Advisory Organizations derive from their relationships with the Funds. These reports cover not only the fees under the Advisory Contracts, but also the fees, if any, received for providing other services to the Funds. The reports also discuss any indirect or "fall-out" benefits an Advisory Organization may derive from its relationship with the Funds.

In assessing the Advisory Organizations' performance of their obligations, the Board may also consider whether there has occurred a circumstance or event that would constitute a reason for it to not renew an Advisory Contract. In this regard, the Board is mindful of the potential disruption of a Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew a contract.

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

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In connection with such meetings, the Board requested and evaluated extensive materials from the Advisory Organizations, including performance and expense information for other investment companies with similar investment objectives derived from data compiled by an independent third-party provider and other sources believed to be reliable by the Manager and the Trustees. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Contracts with management and with Independent Trustee Counsel and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approval. The Independent Trustees also discussed the proposed approval in private sessions with Independent Trustee Counsel at which no representatives of the Manager or Subadvisers were present. In reaching their determinations relating to the approval of the Advisory Contracts, in respect of each Fund, each member of the Board considered all factors he or she believed relevant. The Board based its decision to approve the Advisory Contracts on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

*(1) The nature, extent and quality of services provided by the Manager and Subadvisers.* The Trustees noted that the Manager, subject to the oversight of the Board, administers each Fund's business and other affairs. Under the Management Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for others to provide, the management of the Funds' assets and the placement of orders for the purchase and sale of the securities of the Funds. As each Fund is a manager of managers fund, the Manager is authorized, under the Management Agreement, to retain one or more Subadvisers for each Fund to handle day-to-day management of the Funds' investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board for selection as a Subadviser. The Board was aware that, notwithstanding the retention of the Subadvisers to handle day-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Board regarding the Funds' portfolio investments and to make available to the Funds' administrator such information as is necessary for the conduct of its duties.

The Board also noted that the Manager provides the Trust and each Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any other service providers retained by the Trust on behalf of the Funds) and executive and other personnel as are necessary for the operation of the Trust and the Funds. Except for the Trust's Chief Compliance Officer and certain compliance staff, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

The Board considered the scope and quality of services provided by the Manager and the Subadvisers and noted that the scope of the services provided has continued to expand as a result of regulatory and other developments. The Board noted that, for example, the Manager and Subadvisers are responsible for maintaining and monitoring their own compliance programs, and these compliance programs are continuously refined and enhanced in light of new regulatory requirements. The Board considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and its Funds. The quality of administrative and other services, including the Manager's role in coordinating the activities of the Trust's other service providers, also were considered. The Board members concluded that, overall, they were satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Trust and to each of the Funds under the Advisory Contracts.

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

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The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

The Board noted that the Manager has agreed to temporarily limit Fund expenses under the Expense Limitation Agreement, which has the effect of reducing expenses similar to implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of expense limits and/or advisory fee breakpoints as Fund assets change. The Board receives quarterly reports on the level of Fund assets. The Board expects to continue to consider: (a) the extent to which economies of scale have been realized, and (b) whether the advisory fee should be modified, either in connection with the next renewal of the Advisory Contracts or by modifying the Expense Limitation Agreement, to reflect such economies of scale, if any.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds' advisory fee rate schedules was acceptable under each Fund's circumstances.

In conclusion, after full consideration of the above factors, as well as such other factors as each member of the Board considered instructive in evaluating the Advisory Contracts, the Board concluded that the advisory fees were reasonable, and that the continuation of the Advisory Contracts was in the best interest of the Funds.

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**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(2)</sup>/Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other**<br> **Directorships<br>Held Outside the<br>AIM Complex<br>During Past 5 Years** |
| Peggy L. Ettestad (1957)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14<br> (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds<br> (10 funds) |
| Richard H. Forde (1953)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 1/22<br> (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust<br> (2 Funds); Esoterica<br> Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

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**Interested Trustee<sup>(4)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(2)</sup>/Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other**<br> **Directorships<br>Held Outside the<br>AIM Complex<br>During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment<br> Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

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(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, during
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

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**Officers** 

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| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(1)</sup>/Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963)<br> Citi Fund Services Ohio, Inc.<br> 4400 Easton Commons, Suite 200<br> Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 to present. |

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(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

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![LOGO](g415401g71x52.jpg)

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| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

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## AZL<sup>®</sup> Small Cap Stock Index Fund

## Annual Report

## December 31, 2022
![LOGO](g415405g71x52.jpg)

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**Table of Contents** 

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| |
|:---|
| [Management Discussion and Analysis](#toc415405_12)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#toc415405_1)<br> Page 3 |
| [Schedule of Portfolio Investments](#toc415405_2)<br> Page 4 |
| [Statement of Assets and Liabilities](#toc415405_3)<br> Page 12 |
| [Statement of Operations](#toc415405_4)<br> Page 12 |
| [Statements of Changes in Net Assets](#toc415405_5)<br> Page 13 |
| [Financial Highlights](#toc415405_6)<br> Page 14 |
| [Notes to the Financial Statements](#toc415405_7)<br> Page 15 |
| [Report of Independent Registered Public Accounting Firm](#toc415405_8)<br> Page 21 |
| [Other Federal Income Tax Information](#toc415405_8a)<br> Page 22 |
| [Other Information](#toc415405_9)<br> Page 23 |
| [Approval of Investment Advisory and Subadvisory Agreements](#toc415405_10)<br> Page 24 |
| [Information about the Board of Trustees and Officers](#toc415405_11)<br> Page 27 |

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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.

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 **AZL<sup>®</sup> Small Cap Stock Index Fund Review (Unaudited)**<br>

Allianz Investment Management LLC serves as the Manager for the AZL<sup>®</sup> Small Cap Stock Index Fund and BlackRock Investment Management, LLC serves as Subadviser to the Fund.

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

For the year ended December 31, 2022, the AZL<sup>®</sup> Small Cap Stock Index Fund (Class 2 Shares) (the "Fund") returned (16.65)%. That compared to a (16.10)% total return for its benchmark, the S&P SmallCap 600 Index.<sup>1</sup>

The Fund seeks investment results, before fees and expenses, that correspond to the performance of the S&P SmallCap 600 Index (the "Index"). The Fund takes positions in securities that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of small-cap stock performance. It is an unmanaged, market capitalization-weighted index composed of small capitalization U.S. equities.

In the first quarter of 2022, the Russian invasion of Ukraine added fuel to existing concerns over rising inflation, interest rate hikes, and rising commodity prices. U.S. economic data, including employment numbers and corporate earnings, remained strong, however. This dynamic complicated matters for the Federal Reserve (the Fed) as it announced a 25-basis-point increase in short-term rates in March to attempt to combat inflation. The Fed also signaled additional rate increases throughout the rest of the year.

During the second quarter, inflation continued to rise, and investors grew increasingly concerned the Fed would not be able to avoid a recession as it sought to check rising consumer prices. Consumer sentiment fell as both prices and the cost of borrowing rose, putting downward pressure on domestic equity market valuations. The Fed added to that pressure with an increasingly hawkish tone, indicating it was willing to accept higher unemployment rates if that was required to rein in inflation.

Equity markets staged a rally in the third quarter as the Fed initially softened its tone in recognition of the many obstacles that threatened economic growth. In support of this shift, data indicated that GDP growth had declined over the first two quarters of 2022. Other data, including employment and wage growth figures, indicated the economy remained resilient, but investors appeared to take the slowdown in GDP growth as a sign the Fed would ease its current policy-tightening trend. By the end of the quarter, however, the Fed's tone shifted once again, this time toward a more hawkish stance. Inflation data remained stubbornly high during the summer, and Fed Chair Jerome Powell

reaffirmed the Fed's commitment to fighting inflation. The announcement pushed equity markets lower, erasing the gains from earlier in the quarter.

In the fourth quarter, stocks once again staged a rally despite tighter monetary policies. Markets posted gains in both October and November before giving up those gains during December. The Fed raised interest rates at its December meeting, bringing the total rate increase to 450 basis points for the year, and reiterated its plan to continue tightening into 2023. Equity markets fell in response, closing out the year posting their worst annual returns in over a decade.

The sectors within the Index posted mixed returns over the year, with the energy, utilities, and materials sectors among the best performers, while the consumer discretionary, real estate, and communication services sectors lagged.

The Fund uses exchange-traded futures for the purpose of efficient portfolio management, and these derivatives did not have a significant impact on the Fund's return in 2022. Futures are not used for speculative or leveraged positions in the portfolio and we hold cash to fully cover all outstanding futures positions. The Fund's use of futures contracts provides immediate market exposure proportionate to cash accruals and investable cash within the portfolio. Successful implementation of cash management and cash equitization techniques is critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.

------

***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmark please refer to page 2 of this report.* 

------

 **AZL<sup>®</sup> Small Cap Stock Index Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to seek to match the performance of the Standard & Poor's SmallCap 600 Index ("S&P 600"). This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing in all of the stocks in the S&P 600 in proportion to their weighting in the Index.* 

**Investment Concerns** 

*Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.* 

*Small- to mid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.* 

*The performance of the Fund is expected to be lower than that of the Index because of Fund fees and expenses. Securities in which the Fund will invest may involve substantial risk and may be subject to sudden severe price declines.* 

*Investing in derivative instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.* 

*For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund's prospectus.* 

**Growth of $10,000 Investment**![LOGO](g415405g98a53.jpg)

*The chart above represents a comparison of a hypothetical investment in the Fund versus a similar investment in the Fund's benchmark and represents the reinvestment of dividends and capital gains in the Fund.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **Inception<br>Date** | **1**<br> **Year** | **3**<br> **Year** | **5**<br> **Year** | **10<br>Year** | **Since<br>Inception** |
| &nbsp;&nbsp; AZL<sup>®</sup> Small Cap Stock Index Fund (Class 1 Shares) | 10/17/2016 | (16.45)% | 5.43% | 5.57% |  | 8.76% |
| &nbsp;&nbsp; AZL<sup>®</sup> Small Cap Stock Index Fund (Class 2 Shares) | 5/1/2007 | (16.65)% | 5.17% | 5.30% | 10.22% | 7.56% |
| &nbsp;&nbsp; S&P SmallCap 600 Index | 5/1/2007 | (16.10)% | 5.80% | 5.88% | 10.82% | 8.07% |

---

***Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.Allianzlife.com.***

---

| | |
|:---|:---|
| **Expense Ratios** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> Small Cap Stock Index Fund (Class 1 Shares) | 0.33% |
| &nbsp;&nbsp; AZL<sup>®</sup> Small Cap Stock Index Fund (Class 2 Shares) | 0.58% |

---

***The above expense ratios are based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.46% for Class 1 Shares and 0.71% for Class 2 Shares through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratios can be found in the Financial Highlights.***

*The total return of the Fund does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Such charges, fees and tax payments would reduce the performance quoted.* 

*The Fund's performance is measured against the Standard & Poor's SmallCap 600 Index, an unmanaged index which covers approximately 3% of the domestic equities market. Measuring the small-cap segment of the market that is typically renowned for poor trading liquidity and financial instability, the index is designed to be an efficient portfolio of companies that meet specific inclusion criteria to ensure that they are investable and financially viable. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.* 

------

**AZL Small Cap Stock Index Fund** 

**Expense Examples** 

(Unaudited)

As a shareholder of the AZL Small Cap Stock Index Fund (the "Fund"), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount 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<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Small Cap Stock Index Fund, Class 1 | $1000.00 | $1033.40 | $1.64 | 0.32% |
|  AZL Small Cap Stock Index Fund, Class 2 | $1000.00 | $1032.40 | $2.92 | 0.57% |

---

The **Hypothetical Expense** table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL Small Cap Stock Index Fund, Class 1 | $1000.00 | $1023.59 | $1.63 | 0.32% |
|  AZL Small Cap Stock Index Fund, Class 2 | $1000.00 | $1022.33 | $2.91 | 0.57% |

---

\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  Financials | 18.0% |
|  Industrials | 16.7 |
|  Information Technology | 13.1 |
|  Consumer Discretionary | 12.7 |
|  Health Care | 11.1 |
|  Real Estate | 8.0 |
|  Materials | 5.6 |
|  Consumer Staples | 5.2 |
|  Energy | 4.6 |
|  Utilities | 2.6 |
|  Communication Services | 1.8 |
|  Total Common Stocks | 99.4 |
|  Unaffiliated Investment Company | 0.5 |
|  Short-Term Security Held as Collateral for Securities on Loan | 0.5 |
|  Total Investment Securities | 100.4 |
|  Net other assets (liabilities) | (0.4) |
|  Net Assets | 100.0% |

---

------

**AZL Small Cap Stock Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks (99.4%):** | **Common Stocks (99.4%):** | **Common Stocks (99.4%):** |
| **Aerospace & Defense (1.3%):** | **Aerospace & Defense (1.3%):** | **Aerospace & Defense (1.3%):** |
| 23623 | AAR Corp.\* | $1060673 |
| 53781 | Aerojet Rocketdyne Holdings, Inc.\* | 3007972 |
| 17673 | AeroVironment, Inc.\* | 1513869 |
| 20725 | Moog, Inc., Class A | 1818826 |
| 3515 | National Presto Industries, Inc. | 240637 |
| 12588 | Park Aerospace Corp., Class C | 168805 |
| 46466 | Triumph Group, Inc.\* | 488822 |
|  |  | 8299604 |
| **Air Freight & Logistics (0.9%):** | **Air Freight & Logistics (0.9%):** | **Air Freight & Logistics (0.9%):** |
| 18240 | Atlas Air Worldwide Holdings, Inc.\* | 1838592 |
| 19091 | Forward Air Corp. | 2002455 |
| 23462 | Hub Group, Inc., Class A\* | 1864994 |
|  |  | 5706041 |
| **Airlines (0.3%):** | **Airlines (0.3%):** |  |
| 11395 | Allegiant Travel Co.\* | 774746 |
| 36639 | Hawaiian Holdings, Inc.\* | 375916 |
| 36782 | SkyWest, Inc.\* | 607271 |
| 23220 | Sun Country Airlines Holdings, Inc.\* | 368269 |
|  |  | 2126202 |
| **Auto Components (1.3%):** | **Auto Components (1.3%):** |  |
| 80304 | American Axle & Manufacturing Holdings, Inc.\* | 627977 |
| 20029 | Dorman Products, Inc. | 1619745 |
| 23496 | Gentherm, Inc.\* | 1534054 |
| 18096 | LCI Industries | 1672975 |
| 13387 | Motorcar Parts of America, Inc.\* | 158770 |
| 15364 | Patrick Industries, Inc. | 931058 |
| 13187 | Standard Motor Products, Inc. | 458908 |
| 13735 | XPEL, Inc.\* | 824924 |
|  |  | 7828411 |
| **Automobiles (0.2%):** | **Automobiles (0.2%):** |  |
| 21525 | Winnebago Industries, Inc. | 1134367 |
| **Banks (10.2%):** | **Banks (10.2%):** |  |
| 46539 | Ameris Bancorp | 2193848 |
| 39473 | Banc of California, Inc. | 628805 |
| 12339 | BancFirst Corp. | 1088053 |
| 39535 | Bancorp, Inc. (The)\* | 1122003 |
| 55547 | BankUnited, Inc. | 1886931 |
| 24110 | Banner Corp. | 1523752 |
| 32063 | Berkshire Hills Bancorp, Inc. | 958684 |
| 53943 | Brookline Bancorp, Inc. | 763293 |
| 19182 | Central Pacific Financial Corp. | 389011 |
| 10347 | City Holding Co. | 963202 |
| 56641 | Columbia Banking System, Inc. | 1706593 |
| 38444 | Community Bank System, Inc. | 2420050 |
| 22248 | Customers Bancorp, Inc.\* | 630508 |
| 92753 | CVB Financial Corp. | 2388390 |
| 22536 | Dime Community Bancshares, Inc. | 717321 |
| 22895 | Eagle Bancorp, Inc. | 1008983 |
| 25141 | FB Financial Corp. | 908596 |
| 131199 | First BanCorp | 1668851 |
| 25113 | First Bancorp/Southern Pines NC | 1075841 |
| 65942 | First Commonwealth Financial Corp. | 921210 |
| 67843 | First Financial Bancorp | 1643836 |
| 91432 | First Hawaiian, Inc. | 2380889 |
| 21687 | Hanmi Financial Corp. | 536753 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | **Common Stocks, continued** |
| **Banks, continued** | **Banks, continued** | |
| 24268 | Heritage Financial Corp. | $743571 |
| 31298 | Hilltop Holdings, Inc. | 939253 |
| 85207 | Hope BanCorp, Inc. | 1091502 |
| 32553 | Independent Bank Corp. | 2748450 |
| 25459 | Independent Bank Group, Inc. | 1529577 |
| 18009 | Lakeland Financial Corp. | 1314117 |
| 24256 | National Bank Holdings Corp. | 1020450 |
| 30509 | NBT Bancorp, Inc. | 1324701 |
| 33957 | OFG Bancorp | 935855 |
| 68102 | Pacific Premier Bancorp, Inc. | 2149299 |
| 10336 | Park National Corp. | 1454792 |
| 7851 | Preferred Bank Los Angeles | 585842 |
| 39660 | Renasant Corp. | 1490819 |
| 27471 | S&T Bancorp, Inc. | 938959 |
| 43782 | Seacoast Banking Corp of Florida | 1365560 |
| 34723 | ServisFirst Bancshares, Inc. | 2392762 |
| 91310 | Simmons First National Corp., Class A | 1970470 |
| 21339 | Southside Bancshares, Inc. | 767991 |
| 31326 | Stellar Bancorp, Inc. | 922864 |
| 8907 | Tompkins Financial Corp. | 691005 |
| 16520 | Triumph Financial, Inc.\* | 807332 |
| 44021 | Trustmark Corp. | 1536773 |
| 75555 | United Community Banks, Inc. | 2553759 |
| 38723 | Veritex Holdings, Inc. | 1087342 |
| 18962 | Westamerica BanCorp | 1118948 |
|  |  | 63007396 |
| **Beverages (0.3%):** | **Beverages (0.3%):** |  |
| 10984 | MGP Ingredients, Inc. | 1168478 |
| 16620 | National Beverage Corp.\* | 773329 |
|  |  | 1941807 |
| **Biotechnology (2.7%):** | **Biotechnology (2.7%):** |  |
| 37069 | Arcus Biosciences, Inc.\* | 766587 |
| 43963 | Avid Bioservices, Inc.\* | 605370 |
| 31984 | Cara Therapeutics, Inc.\* | 343508 |
| 67319 | Catalyst Pharmaceuticals, Inc.\* | 1252133 |
| 46018 | Coherus Biosciences, Inc.\* | 364463 |
| 66834 | Cytokinetics, Inc.\* | 3062334 |
| 83529 | Dynavax Technologies Corp.\* | 888749 |
| 7258 | Eagle Pharmaceuticals, Inc.\* | 212151 |
| 31858 | Emergent BioSolutions, Inc.\* | 376243 |
| 13896 | Enanta Pharmaceuticals, Inc.\* | 646442 |
| 94777 | Ironwood Pharmaceuticals, Inc.\* | 1174287 |
| 17618 | iTeos Therapeutics, Inc.\* | 344080 |
| 11389 | Ligand Pharmaceuticals, Inc.\* | 760785 |
| 57628 | Myriad Genetics, Inc.\* | 836182 |
| 50846 | Organogenesis Holdings, Inc.\* | 136776 |
| 26907 | REGENXBIO, Inc.\* | 610251 |
| 29123 | Uniqure NV\* | 660218 |
| 40389 | Vanda Pharmaceuticals, Inc.\* | 298475 |
| 33398 | Vericel Corp.\* | 879703 |
| 53803 | Vir Biotechnology, Inc.\* | 1361754 |
| 42605 | Xencor, Inc.\* | 1109434 |
|  |  | 16689925 |
| **Building Products (2.1%):** | **Building Products (2.1%):** |  |
| 29729 | AAON, Inc. | 2239188 |
| 11708 | American Woodmark Corp.\* | 572053 |

---

See accompanying notes to the financial statements.

------

**AZL Small Cap Stock Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | **Common Stocks, continued** |
| **Building Products, continued** | **Building Products, continued** | |
| 15314 | Apogee Enterprises, Inc. | $680861 |
| 22086 | Gibraltar Industries, Inc.\* | 1013306 |
| 33327 | Griffon Corp. | 1192773 |
| 13848 | Insteel Industries, Inc. | 381097 |
| 87162 | Masterbrand, Inc.\* | 658073 |
| 41919 | PGT Innovations, Inc.\* | 752865 |
| 22856 | Quanex Building Products Corp. | 541230 |
| 103805 | Resideo Technologies, Inc.\* | 1707592 |
| 43693 | UFP Industries, Inc. | 3462670 |
|  |  | 13201708 |
| **Capital Markets (1.0%):** | **Capital Markets (1.0%):** |  |
| 11384 | B Riley Financial, Inc. | 389333 |
| 32969 | Blucora, Inc.\* | 841699 |
| 29713 | Brightsphere Investment Group, Inc. | 611493 |
| 17826 | Donnelley Financial Solutions, Inc.\* | 688975 |
| 10039 | Piper Sandler Cos. | 1306977 |
| 12064 | StoneX Group, Inc.\* | 1149699 |
| 4863 | Virtus Investment Partners, Inc. | 930973 |
| 78271 | WisdomTree, Inc. | 426577 |
|  |  | 6345726 |
| **Chemicals (2.9%):** | **Chemicals (2.9%):** |  |
| 19646 | AdvanSix, Inc. | 746941 |
| 19136 | American Vanguard Corp. | 415443 |
| 22819 | Balchem Corp. | 2786428 |
| 20399 | Futurefuel Corp. | 165844 |
| 38050 | H.B. Fuller Co. | 2725141 |
| 13116 | Hawkins, Inc. | 506278 |
| 17614 | Innospec, Inc. | 1811776 |
| 14703 | Koppers Holdings, Inc. | 414625 |
| 126742 | Livent Corp.\* | 2518363 |
| 22277 | Minerals Technologies, Inc. | 1352659 |
| 9677 | Quaker Chemical Corp. | 1615091 |
| 44999 | Rayonier Advanced Materials, Inc.\* | 431990 |
| 15054 | Stepan Co. | 1602649 |
| 17954 | Tredegar Corp. | 183490 |
| 22713 | Trinseo PLC | 515812 |
|  |  | 17792530 |
| **Commercial Services & Supplies (1.9%):** | **Commercial Services & Supplies (1.9%):** |  |
| 47124 | ABM Industries, Inc. | 2093248 |
| 32766 | Brady Corp., Class A | 1543279 |
| 30947 | Deluxe Corp. | 525480 |
| 53263 | Healthcare Services Group, Inc. | 639156 |
| 30130 | HNI Corp. | 856596 |
| 40442 | Interface, Inc. | 399163 |
| 77568 | KAR Auction Services, Inc.\* | 1012262 |
| 21871 | Matthews International Corp., Class A | 665753 |
| 53820 | MillerKnoll, Inc. | 1130758 |
| 101264 | Pitney Bowes, Inc. | 384803 |
| 10811 | UniFirst Corp. | 2086415 |
| 14938 | Viad Corp.\* | 364338 |
|  |  | 11701251 |
| **Communications Equipment (1.6%):** | **Communications Equipment (1.6%):** |  |
| 49902 | ADTRAN Holdings, Inc. | 937658 |
| 8050 | Clearfield, Inc.\* | 757827 |
| 20238 | Comtech Telecommunications Corp. | 245689 |
| 24536 | Digi International, Inc.\* | 896791 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | **Common Stocks, continued** |
| **Communications Equipment, continued** | **Communications Equipment, continued** | |
| 92680 | Extreme Networks, Inc.\* | $1696971 |
| 73866 | Harmonic, Inc.\* | 967645 |
| 19981 | InterDigital, Inc. | 988660 |
| 20934 | NETGEAR, Inc.\* | 379115 |
| 49078 | NetScout Systems, Inc.\* | 1595526 |
| 160748 | Viavi Solutions, Inc.\* | 1689461 |
|  |  | 10155343 |
| **Construction & Engineering (1.3%):** | **Construction & Engineering (1.3%):** |  |
| 34131 | Arcosa, Inc. | 1854678 |
| 25061 | Comfort Systems USA, Inc. | 2884020 |
| 30877 | Granite Construction, Inc. | 1082856 |
| 11665 | MYR Group, Inc.\* | 1073997 |
| 8741 | NV5 Global, Inc.\* | 1156609 |
|  |  | 8052160 |
| **Consumer Finance (0.7%):** | **Consumer Finance (0.7%):** |  |
| 16584 | Encore Capital Group, Inc.\* | 795037 |
| 22954 | Enova International, Inc.\* | 880745 |
| 38440 | EZCORP, Inc., Class A\* | 313286 |
| 33751 | Green Dot Corp., Class A\* | 533941 |
| 27674 | PRA Group, Inc.\* | 934827 |
| 35902 | PROG Holdings, Inc.\* | 606385 |
| 2401 | World Acceptance Corp.\* | 158322 |
|  |  | 4222543 |
| **Containers & Packaging (0.4%):** | **Containers & Packaging (0.4%):** |  |
| 25743 | Myers Industries, Inc. | 572267 |
| 109803 | O-I Glass, Inc.\* | 1819436 |
|  |  | 2391703 |
| **Diversified Consumer Services (0.9%):** | **Diversified Consumer Services (0.9%):** |  |
| 31732 | Adtalem Global Education, Inc.\* | 1126486 |
| 57912 | Frontdoor, Inc.\* | 1204569 |
| 57034 | Mister Car Wash, Inc.\* | 526424 |
| 47216 | Perdoceo Education Corp.\* | 656302 |
| 16019 | Strategic Education, Inc. | 1254608 |
| 28671 | Stride, Inc.\* | 896829 |
| 39588 | WW International, Inc.\* | 152810 |
|  |  | 5818028 |
| **Diversified Telecommunication Services (0.4%):** | **Diversified Telecommunication Services (0.4%):** |  |
| 7458 | ATN International, Inc. | 337922 |
| 30741 | Cogent Communications Holdings, Inc. | 1754696 |
| 51086 | Consolidated Communications Holdings, Inc.\* | 182888 |
|  |  | 2275506 |
| **Electrical Equipment (0.4%):** | **Electrical Equipment (0.4%):** |  |
| 17327 | AZZ, Inc. | 696545 |
| 12994 | Encore Wire Corp. | 1787455 |
| 6399 | Powell Industries, Inc. | 225117 |
|  |  | 2709117 |
| **Electronic Equipment, Instruments & Components (4.2%):** | **Electronic Equipment, Instruments & Components (4.2%):** |  |
| 26594 | Advanced Energy Industries, Inc. | 2281233 |
| 61922 | Arlo Technologies, Inc.\* | 217346 |
| 20830 | Badger Meter, Inc. | 2271095 |
| 25982 | Benchmark Electronics, Inc. | 693460 |
| 22539 | CTS Corp. | 888487 |
| 19424 | ePlus, Inc.\* | 860095 |
| 26024 | Fabrinet\* | 3336797 |

---

See accompanying notes to the financial statements.

------

**AZL Small Cap Stock Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | **Common Stocks, continued** |
| **Electronic Equipment, Instruments & Components, continued** | **Electronic Equipment, Instruments & Components, continued** | **Electronic Equipment, Instruments & Components, continued** |
| 13286 | FARO Technologies, Inc.\* | $390741 |
| 21737 | Insight Enterprises, Inc.\* | 2179569 |
| 32425 | Itron, Inc.\* | 1642326 |
| 65618 | Knowles Corp.\* | 1077448 |
| 26307 | Methode Electronics, Inc., Class A | 1167242 |
| 11343 | OSI Systems, Inc.\* | 901995 |
| 7036 | PC Connection, Inc. | 329988 |
| 19775 | Plexus Corp.\* | 2035441 |
| 13334 | Rogers Corp.\* | 1591280 |
| 41108 | Sanmina Corp.\* | 2355077 |
| 18409 | ScanSource, Inc.\* | 537911 |
| 74043 | TTM Technologies, Inc.\* | 1116569 |
|  |  | 25874100 |
| **Energy Equipment & Services (2.3%):** | **Energy Equipment & Services (2.3%):** |  |
| 95310 | Archrock, Inc. | 855884 |
| 16702 | Bristow Group, Inc.\* | 453125 |
| 32870 | Core Laboratories NV | 666275 |
| 13037 | DMC Global, Inc.\* | 253439 |
| 23892 | Dril-Quip, Inc.\* | 649146 |
| 100266 | Helix Energy Solutions Group, Inc.\* | 739963 |
| 74612 | Helmerich & Payne, Inc. | 3698517 |
| 6259 | Nabors Industries, Ltd.\* | 969331 |
| 70991 | Oceaneering International, Inc.\* | 1241632 |
| 44720 | Oil States International, Inc.\* | 333611 |
| 153051 | Patterson-UTI Energy, Inc. | 2577379 |
| 67178 | Propetro Holding Corp.\* | 696636 |
| 58220 | RPC, Inc. | 517576 |
| 53158 | U.S. Silica Holdings, Inc.\* | 664475 |
|  |  | 14316989 |
| **Entertainment (0.1%):** | **Entertainment (0.1%):** |  |
| 76416 | Cinemark Holdings, Inc.\* | 661763 |
| 18041 | Marcus Corp. | 259610 |
|  |  | 921373 |
| **Equity Real Estate Investment Trusts (REITs) (7.5%):** | **Equity Real Estate Investment Trusts (REITs) (7.5%):** |  |
| 68096 | Acadia Realty Trust | 977178 |
| 62555 | Agree Realty Corp. | 4437026 |
| 51216 | Alexander & Baldwin, Inc. | 959276 |
| 36684 | American Assets Trust, Inc. | 972126 |
| 46785 | Armada Hoffler Properties, Inc. | 538028 |
| 126740 | Brandywine Realty Trust | 779451 |
| 68912 | CareTrust REIT, Inc. | 1280385 |
| 10822 | Centerspace | 634927 |
| 33641 | Chatham Lodging Trust | 412775 |
| 16521 | Community Healthcare Trust, Inc. | 591452 |
| 81129 | CoreCivic, Inc.\* | 937851 |
| 147616 | DiamondRock Hospitality Co. | 1208975 |
| 63886 | Easterly Government Properties, Inc.^ | 911653 |
| 101591 | Essential Properties Realty Trust, Inc. | 2384341 |
| 59163 | Four Corners Property Trust, Inc. | 1534097 |
| 47896 | Franklin Street Properties Corp. | 130756 |
| 87679 | GEO Group, Inc. (The)\*^ | 960085 |
| 29536 | Getty Realty Corp. | 999794 |
| 72672 | Global Net Lease, Inc. | 913487 |
| 22058 | Hersha Hospitality Trust | 187934 |
| 93348 | Hudson Pacific Properties, Inc. | 908276 |
| 48991 | Industrial Logistics Properties Trust | 160201 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | **Common Stocks, continued** |
| **Equity Real Estate Investment Trusts (REITs), continued** | **Equity Real Estate Investment Trusts (REITs), continued** | **Equity Real Estate Investment Trusts (REITs), continued** |
| 19848 | Innovative Industrial Properties, Inc. | $2011595 |
| 63833 | iStar, Inc. | 487046 |
| 28369 | LTC Properties, Inc. | 1007951 |
| 197558 | LXP Industrial Trust | 1979531 |
| 16208 | NexPoint Residential Trust, Inc. | 705372 |
| 34831 | Office Properties Income Trust | 464994 |
| 40097 | Orion Office REIT, Inc. | 342428 |
| 81459 | Outfront Media, Inc. | 1350590 |
| 90078 | Retail Opportunity Investments Corp. | 1353872 |
| 60408 | Rpt Realty | 606496 |
| 17420 | Safehold, Inc. | 498560 |
| 9161 | Saul Centers, Inc. | 372669 |
| 116738 | Service Properties Trust | 851020 |
| 133047 | SITE Centers Corp. | 1817422 |
| 74081 | Summit Hotel Properties, Inc. | 534865 |
| 149594 | Sunstone Hotel Investors, Inc. | 1445078 |
| 73749 | Tanger Factory Outlet Centers, Inc. | 1323057 |
| 170161 | Uniti Group, Inc. | 940990 |
| 9374 | Universal Health Realty Income Trust | 447421 |
| 85116 | Urban Edge Properties | 1199284 |
| 20201 | Urstadt Biddle Properties, Inc., Class A | 382809 |
| 55850 | Veris Residential, Inc.\* | 889691 |
| 63103 | Washington Real Estate | 1123233 |
| 31678 | Whitestone REIT | 305376 |
| 80447 | Xenia Hotels & Resorts, Inc. | 1060291 |
|  |  | 46321715 |
| **Food & Staples Retailing (0.8%):** | **Food & Staples Retailing (0.8%):** |  |
| 17585 | PriceSmart, Inc. | 1068816 |
| 24539 | SpartanNash Co. | 742059 |
| 22081 | The Andersons, Inc. | 772614 |
| 23998 | The Chefs' Warehouse, Inc.\* | 798654 |
| 41333 | United Natural Foods, Inc.\* | 1600001 |
|  |  | 4982144 |
| **Food Products (2.1%):** | **Food Products (2.1%):** |  |
| 51534 | B&G Foods, Inc.^ | 574604 |
| 12704 | Calavo Growers, Inc. | 373498 |
| 26809 | Cal-Maine Foods, Inc. | 1459750 |
| 21908 | Fresh Del Monte Produce, Inc. | 573771 |
| 64375 | Hain Celestial Group, Inc. (The)\* | 1041588 |
| 94226 | Hostess Brands, Inc.\* | 2114431 |
| 10268 | J & J Snack Foods Corp. | 1537222 |
| 6407 | John B Sanfilippo & Son, Inc. | 521017 |
| 3655 | Seneca Foods Corp., Class A\* | 222772 |
| 59606 | Simply Good Foods Co. (The)\* | 2266816 |
| 12735 | Tootsie Roll Industries, Inc. | 542129 |
| 35834 | TreeHouse Foods, Inc.\* | 1769483 |
|  |  | 12997081 |
| **Gas Utilities (0.9%):** | **Gas Utilities (0.9%):** |  |
| 12538 | Chesapeake Utilities Corp. | 1481741 |
| 25269 | Northwest Natural Holding Co. | 1202552 |
| 86676 | South Jersey Industries, Inc. | 3079598 |
|  |  | 5763891 |
| **Health Care (0.0%<sup>†</sup>):** | **Health Care (0.0%<sup>†</sup>):** |  |
| 4420 | Omniab, Inc. – Vesting 12.5\*(a)(b) |  |
| 4420 | Omniab, Inc. – Vesting 15\*(a)(b) |  |

---

See accompanying notes to the financial statements.

------

**AZL Small Cap Stock Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | **Common Stocks, continued** |
| **Health Care Equipment & Supplies (3.0%):** | **Health Care Equipment & Supplies (3.0%):** | |
| 27559 | AngioDynamics, Inc.\* | $379487 |
| 10435 | Anika Therapeutics, Inc.\* | 308876 |
| 28610 | Artivion, Inc.\* | 346753 |
| 32936 | Avanos Medical, Inc.\* | 891248 |
| 24384 | BioLife Solutions, Inc.\* | 443789 |
| 29499 | Cardiovascular Systems, Inc.\* | 401776 |
| 21825 | CONMED Corp. | 1934568 |
| 12478 | Cutera, Inc.\* | 551777 |
| 41020 | Embecta Corp. | 1037396 |
| 33658 | Glaukos Corp.\* | 1470182 |
| 7240 | Heska Corp.\* | 450038 |
| 16528 | Inogen, Inc.\* | 325767 |
| 23537 | Integer Holdings Corp.\* | 1611343 |
| 13483 | LeMaitre Vascular, Inc. | 620488 |
| 30265 | Meridian Bioscience, Inc.\* | 1005101 |
| 40250 | Merit Medical Systems, Inc.\* | 2842455 |
| 3568 | Mesa Laboratories, Inc. | 593037 |
| 36643 | NuVasive, Inc.\* | 1511157 |
| 51875 | OraSure Technologies, Inc.\* | 250038 |
| 14229 | Orthofix Medical, Inc.\* | 292121 |
| 10010 | Surmodics, Inc.\* | 341541 |
| 27735 | Varex Imaging Corp.\* | 563021 |
| 14879 | Zimvie, Inc.\* | 138970 |
| 15020 | Zynex, Inc. | 208928 |
|  |  | 18519857 |
| **Health Care Providers & Services (3.1%):** | **Health Care Providers & Services (3.1%):** |  |
| 54113 | AdaptHealth Corp.\* | 1040052 |
| 11349 | Addus HomeCare Corp.\* | 1129112 |
| 23124 | Agiliti, Inc.\* | 377153 |
| 30605 | AMN Healthcare Services, Inc.\* | 3146806 |
| 28069 | Apollo Medical Holdings, Inc.\* | 830562 |
| 91485 | Community Health Systems, Inc. | 395215 |
| 6437 | CorVel Corp.\* | 935489 |
| 24897 | Cross Country Healthcare, Inc.\* | 661513 |
| 35209 | Enhabit, Inc.\* | 463350 |
| 39149 | Ensign Group, Inc. (The) | 3703887 |
| 14172 | Fulgent Genetics, Inc.\* | 422042 |
| 10257 | Joint Corp. (The)\* | 143393 |
| 8962 | ModivCare, Inc.\* | 804160 |
| 54060 | Owens & Minor, Inc.\* | 1055792 |
| 58306 | Pediatrix Medical Group, Inc.\* | 866427 |
| 34488 | RadNet, Inc.\* | 649409 |
| 74065 | Select Medical Holdings Corp. | 1839034 |
| 20217 | The Pennant Group, Inc.\* | 221983 |
| 9156 | U.S. Physical Therapy, Inc. | 741911 |
|  |  | 19427290 |
| **Health Care Technology (0.6%):** | **Health Care Technology (0.6%):** |  |
| 9776 | Computer Programs and Systems, Inc.\* | 266103 |
| 17360 | HealthStream, Inc.\* | 431222 |
| 39422 | NextGen Healthcare, Inc.\* | 740345 |
| 12582 | OptimizeRx Corp.\* | 211378 |
| 11278 | Simulations Plus, Inc. | 412436 |
| 77607 | Veradigm, Inc.\* | 1368988 |
|  |  | 3430472 |
| **Hotels, Restaurants & Leisure (1.8%):** | **Hotels, Restaurants & Leisure (1.8%):** |  |
| 16500 | BJ's Restaurants, Inc.\* | 435270 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | **Common Stocks, continued** |
| **Hotels, Restaurants & Leisure, continued** | **Hotels, Restaurants & Leisure, continued** | |
| 61735 | Bloomin' Brands, Inc. | $1242108 |
| 31284 | Brinker International, Inc.\* | 998272 |
| 33717 | Cheesecake Factory, Inc. (The) | 1069166 |
| 12477 | Chuy's Holdings, Inc.\* | 353099 |
| 29505 | Dave & Buster's Entertainment, Inc.\* | 1045657 |
| 10986 | Dine Brands Global, Inc. | 709696 |
| 12947 | El Pollo Loco Holdings, Inc. | 128952 |
| 15635 | Golden Entertainment, Inc.\* | 584749 |
| 14816 | Jack in the Box, Inc. | 1010896 |
| 9395 | Monarch Casino & Resort, Inc.\* | 722382 |
| 21212 | Ruth's Hospitality Group, Inc. | 328362 |
| 26649 | Shake Shack, Inc., Class A\* | 1106733 |
| 53268 | Six Flags Entertainment Corp.\* | 1238481 |
|  |  | 10973823 |
| **Household Durables (2.4%):** | **Household Durables (2.4%):** |  |
| 5821 | Cavco Industries, Inc.\* | 1317001 |
| 19917 | Century Communities, Inc. | 996049 |
| 15717 | Ethan Allen Interiors, Inc. | 415243 |
| 18169 | Green Brick Partners, Inc.\* | 440235 |
| 16663 | Installed Building Products, Inc. | 1426353 |
| 19251 | iRobot Corp.\* | 926551 |
| 30549 | La-Z-Boy, Inc. | 697128 |
| 14468 | LGI Homes, Inc.\* | 1339737 |
| 19007 | M/I Homes, Inc.\* | 877743 |
| 41130 | MDC Holdings, Inc. | 1299708 |
| 25884 | Meritage Homes Corp.\* | 2386505 |
| 90896 | Sonos, Inc.\* | 1536143 |
| 71346 | Tri Pointe Homes, Inc.\* | 1326322 |
| 8610 | Universal Electronics, Inc.\* | 179174 |
|  |  | 15163892 |
| **Household Products (0.5%):** | **Household Products (0.5%):** |  |
| 7070 | Central Garden & Pet Co.\* | 264772 |
| 29669 | Central Garden & Pet Co., Class A\* | 1062150 |
| 9305 | WD-40 Co. | 1500059 |
|  |  | 2826981 |
| **Insurance (2.7%):** | **Insurance (2.7%):** |  |
| 31445 | AMBAC Financial Group, Inc.\* | 548401 |
| 48886 | American Equity Investment Life Holding Co. | 2230179 |
| 13376 | Amerisafe, Inc. | 695151 |
| 42186 | Assured Guaranty, Ltd. | 2626500 |
| 19037 | Employers Holdings, Inc. | 821066 |
| 350206 | Genworth Financial, Inc., Class A\* | 1852590 |
| 4977 | HCI Group, Inc. | 197039 |
| 28804 | Horace Mann Educators Corp. | 1076405 |
| 26609 | James River Group Holdings | 556394 |
| 18957 | Mercury General Corp. | 648329 |
| 17734 | Palomar Holdings, Inc.\* | 800867 |
| 38016 | ProAssurance Corp. | 664140 |
| 10275 | Safety Insurance Group, Inc. | 865772 |
| 59093 | SiriusPoint, Ltd.\* | 348649 |
| 19469 | Stewart Information Services Corp. | 831910 |
| 24937 | Trupanion, Inc.\* | 1185256 |
| 15099 | United Fire Group, Inc. | 413109 |
| 19123 | Universal Insurance Holdings, Inc. | 202513 |
|  |  | 16564270 |

---

See accompanying notes to the financial statements.

------

**AZL Small Cap Stock Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | **Common Stocks, continued** |
| **Interactive Media & Services (0.4%):** | **Interactive Media & Services (0.4%):** | |
| 44010 | Cars.com, Inc.\* | $606018 |
| 35933 | QuinStreet, Inc.\* | 515638 |
| 49747 | Yelp, Inc.\* | 1360083 |
|  |  | 2481739 |
| **Internet & Direct Marketing Retail (0.2%):** | **Internet & Direct Marketing Retail (0.2%):** |  |
| 19380 | Liquidity Services, Inc.\* | 272483 |
| 15499 | PetMed Express, Inc.^ | 274332 |
| 17590 | Shutterstock, Inc. | 927345 |
|  |  | 1474160 |
| **IT Services (1.5%):** | **IT Services (1.5%):** |  |
| 17177 | Bread Financial Holdings, Inc. | 646886 |
| 21980 | CSG Systems International, Inc. | 1257256 |
| 46495 | Evertec, Inc. | 1505508 |
| 47951 | LiveRamp Holdings, Inc.\* | 1123971 |
| 142261 | Payoneer Global, Inc.\* | 778168 |
| 24825 | Perficient, Inc.\* | 1733530 |
| 235038 | Sabre Corp.\* | 1452535 |
| 12527 | TTEC Holdings, Inc. | 552816 |
| 50001 | Unisys Corp.\* | 255505 |
|  |  | 9306175 |
| **Leisure Products (0.7%):** | **Leisure Products (0.7%):** |  |
| 56335 | Academy Sports & Outdoors, Inc. | 2959841 |
| 12489 | Sturm, Ruger & Co., Inc. | 632193 |
| 40057 | Vista Outdoor, Inc.\* | 976189 |
|  |  | 4568223 |
| **Life Sciences Tools & Services (0.1%):** | **Life Sciences Tools & Services (0.1%):** |  |
| 89801 | Neogenomics, Inc.\* | 829761 |
| **Machinery (4.9%):** | **Machinery (4.9%):** |  |
| 7225 | Alamo Group, Inc. | 1023060 |
| 21967 | Albany International Corp., Class A | 2165727 |
| 16147 | Astec Industries, Inc. | 656537 |
| 36172 | Barnes Group, Inc. | 1477626 |
| 14430 | CIRCOR International, Inc.\* | 345743 |
| 39884 | Enerpac Tool Group Corp. | 1015048 |
| 14639 | EnPro Industries, Inc. | 1591113 |
| 17821 | ESCO Technologies, Inc. | 1560050 |
| 42676 | Federal Signal Corp. | 1983154 |
| 27542 | Franklin Electric Co., Inc. | 2196475 |
| 56963 | Harsco Corp.\* | 358297 |
| 49241 | Hillenbrand, Inc. | 2101113 |
| 22695 | John Bean Technologies Corp. | 2072734 |
| 7701 | Lindsay Corp. | 1254108 |
| 40230 | Mueller Industries, Inc. | 2373570 |
| 19326 | Proto Labs, Inc.\* | 493393 |
| 31782 | SPX Technologies, Inc.\* | 2086488 |
| 8358 | Standex International Corp. | 855943 |
| 13193 | Tennant Co. | 812293 |
| 23111 | The Greenbrier Cos., Inc. | 774912 |
| 35365 | Titan International, Inc.\* | 541792 |
| 57467 | Trinity Industries, Inc. | 1699299 |
| 33532 | Wabash National Corp. | 757823 |
|  |  | 30196298 |
| **Marine (0.3%):** | **Marine (0.3%):** |  |
| 26866 | Matson, Inc. | 1679394 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | **Common Stocks, continued** | **Common Stocks, continued** |
| **Media (0.5%):** | **Media (0.5%):** | | |
| 21160 | AMC Networks, Inc., Class A\* | $| 331577 |
| 41675 | E.W. Scripps Co. (The), Class A\* |  | 549693 |
| 105156 | Gannett Co, Inc.\* |  | 213467 |
| 21230 | Scholastic Corp. |  | 837736 |
| 19235 | TechTarget, Inc.\* |  | 847494 |
| 23477 | Thryv Holdings, Inc.\* |  | 446063 |
|  |  |  | 3226030 |
| **Metals & Mining (1.9%):** | **Metals & Mining (1.9%):** |  |  |
| 71877 | Arconic Corp.\* |  | 1520917 |
| 91113 | ATI, Inc.\* |  | 2720634 |
| 34610 | Carpenter Technology Corp. |  | 1278493 |
| 36930 | Century Aluminum Co.\* |  | 302088 |
| 24157 | Compass Minerals International, Inc. |  | 990437 |
| 8497 | Haynes International, Inc. |  | 388228 |
| 11304 | Kaiser Aluminum Corp. |  | 858652 |
| 14561 | Materion Corp. |  | 1274233 |
| 6567 | Olympic Steel, Inc. |  | 220520 |
| 60643 | SunCoke Energy, Inc. |  | 523349 |
| 27748 | TimkenSteel Corp.\* |  | 504181 |
| 36742 | Warrior Met Coal, Inc. |  | 1272743 |
|  |  |  | 11854475 |
| **Mortgage Real Estate Investment Trusts (REITs) (1.2%):** | **Mortgage Real Estate Investment Trusts (REITs) (1.2%):** | **Mortgage Real Estate Investment Trusts (REITs) (1.2%):** | **Mortgage Real Estate Investment Trusts (REITs) (1.2%):** |
| 91046 | Apollo Commercial Real Estate Finance, Inc. |  | 979655 |
| 95394 | Armour Residential REIT, Inc.^ |  | 537068 |
| 39757 | Ellington Financial, Inc. |  | 491794 |
| 57649 | Franklin BSP Realty Trust, Inc.^ |  | 743672 |
| 37073 | Granite Point Mortgage Trust, Inc. |  | 198712 |
| 24988 | Invesco Mortgage Capital, Inc. |  | 318097 |
| 39869 | KKR Real Estate Finance Trust, Inc. |  | 556571 |
| 264929 | New York Mortgage Trust, Inc. |  | 678218 |
| 62241 | Pennymac Mortgage Investment Trust |  | 771166 |
| 68170 | Ready Capital Corp. |  | 759414 |
| 81980 | Redwood Trust, Inc. |  | 554185 |
| 61054 | Two Harbors Investment Corp. |  | 962822 |
|  |  |  | 7551374 |
| **Multiline Retail (0.1%):** | **Multiline Retail (0.1%):** |  |  |
| 21067 | Big Lots, Inc. |  | 309685 |
| **Multi-Utilities (0.5%):** | **Multi-Utilities (0.5%):** |  |  |
| 52077 | Avista Corp. |  | 2309094 |
| 11286 | Unitil Corp. |  | 579649 |
|  |  |  | 2888743 |
| **Oil, Gas & Consumable Fuels (2.3%):** | **Oil, Gas & Consumable Fuels (2.3%):** |  |  |
| 36578 | Callon Petroleum Co.\* |  | 1356678 |
| 37004 | Civitas Resources, Inc. |  | 2143642 |
| 23221 | CONSOL Energy, Inc. |  | 1509365 |
| 21771 | Dorian LPG, Ltd. |  | 412560 |
| 35914 | Green Plains, Inc.\* |  | 1095377 |
| 11977 | Laredo Petroleum, Inc.\* |  | 615857 |
| 37326 | PAR Pacific Holdings, Inc.\* |  | 867830 |
| 13684 | Ranger Oil Corp. |  | 553244 |
| 11840 | REX American Resources Corp.\* |  | 377222 |
| 87331 | SM Energy Co. |  | 3041739 |
| 46342 | Talos Energy, Inc.\* |  | 874937 |
| 44855 | World Fuel Services Corp. |  | 1225887 |
|  |  |  | 14074338 |

---

See accompanying notes to the financial statements.

------

**AZL Small Cap Stock Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | **Common Stocks, continued** | **Common Stocks, continued** |
| **Paper & Forest Products (0.4%):** | **Paper & Forest Products (0.4%):** | | |
| 11887 | Clearwater Paper Corp.\* | $| 449448 |
| 38877 | Mativ Holdings, Inc. |  | 812529 |
| 29147 | Mercer International, Inc. |  | 339271 |
| 23387 | Sylvamo Corp. |  | 1136374 |
|  |  |  | 2737622 |
| **Personal Products (1.2%):** | **Personal Products (1.2%):** |  |  |
| 36923 | Edgewell Personal Care Co. |  | 1423013 |
| 35263 | elf Beauty, Inc.\* |  | 1950044 |
| 12736 | Inter Parfums, Inc. |  | 1229279 |
| 7321 | Medifast, Inc. |  | 844477 |
| 35708 | Nu Skin Enterprises, Inc., Class A |  | 1505449 |
| 8486 | Usana Health Sciences, Inc.\* |  | 451455 |
|  |  |  | 7403717 |
| **Pharmaceuticals (1.6%):** | **Pharmaceuticals (1.6%):** |  |  |
| 26375 | Amphastar Pharmaceuticals, Inc.\* |  | 739027 |
| 8622 | ANI Pharmaceuticals, Inc.\* |  | 346863 |
| 23582 | Collegium Pharmaceutical, Inc.\* |  | 547102 |
| 67747 | Corcept Therapeutics, Inc.\* |  | 1375942 |
| 20886 | Harmony Biosciences Holdings, Inc.\* |  | 1150819 |
| 44518 | Innoviva, Inc.\* |  | 589864 |
| 135137 | Nektar Therapeutics\* |  | 305410 |
| 32581 | Pacira BioSciences, Inc.\* |  | 1257952 |
| 14664 | Phibro Animal Health Corp., Class A |  | 196644 |
| 35268 | Prestige Consumer Healthcare, Inc.\* |  | 2207777 |
| 39821 | Supernus Pharmaceuticals, Inc.\* |  | 1420415 |
|  |  |  | 10137815 |
| **Professional Services (1.2%):** | **Professional Services (1.2%):** |  |  |
| 35981 | Exponent, Inc. |  | 3565357 |
| 8519 | Forrester Research, Inc.\* |  | 304639 |
| 14272 | Heidrick & Struggles International, Inc. |  | 399188 |
| 24644 | Kelly Services, Inc., Class A |  | 416484 |
| 38179 | Korn Ferry |  | 1932621 |
| 22681 | Resources Connection, Inc. |  | 416877 |
| 23189 | TrueBlue, Inc.\* |  | 454041 |
|  |  |  | 7489207 |
| **Real Estate Management & Development (0.6%):** | **Real Estate Management & Development (0.6%):** |  |  |
| 86101 | Cushman & Wakefield plc\* |  | 1072819 |
| 49301 | Douglas Elliman, Inc. |  | 200655 |
| 17701 | Marcus & Millichap, Inc. |  | 609799 |
| 13500 | RE/MAX Holdings, Inc., Class A |  | 251640 |
| 78936 | Realogy Holdings Corp.\* |  | 504401 |
| 24041 | The St Joe Co. |  | 929185 |
|  |  |  | 3568499 |
| **Road & Rail (0.4%):** | **Road & Rail (0.4%):** |  |  |
| 17561 | ArcBest Corp. |  | 1229972 |
| 33399 | Heartland Express, Inc. |  | 512341 |
| 40864 | Marten Transport, Ltd. |  | 808290 |
|  |  |  | 2550603 |
| **Semiconductors & Semiconductor Equipment (3.4%):** | **Semiconductors & Semiconductor Equipment (3.4%):** | **Semiconductors & Semiconductor Equipment (3.4%):** | **Semiconductors & Semiconductor Equipment (3.4%):** |
| 16577 | Alpha & Omega Semiconductor, Ltd.\* |  | 473605 |
| 23504 | Axcelis Technologies, Inc.\* |  | 1865277 |
| 17512 | CEVA, Inc.\* |  | 447957 |
| 34388 | Cohu, Inc.\* |  | 1102135 |
| 32501 | Diodes, Inc.\* |  | 2474626 |
| 55413 | FormFactor, Inc.\* |  | 1231831 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | **Common Stocks, continued** |
| **Semiconductors & Semiconductor Equipment, continued** | **Semiconductors & Semiconductor Equipment, continued** | **Semiconductors & Semiconductor Equipment, continued** |
| 21378 | Ichor Holdings, Ltd.\* | $573358 |
| 41703 | Kulicke & Soffa Industries, Inc. | 1845775 |
| 51911 | MaxLinear, Inc., Class A\* | 1762378 |
| 35395 | Onto Innovation, Inc.\* | 2410046 |
| 21580 | PDF Solutions, Inc.\* | 615462 |
| 44278 | Photronics, Inc.\* | 745199 |
| 76197 | Rambus, Inc.\* | 2729377 |
| 20317 | Semtech Corp.\* | 582895 |
| 35062 | SMART Global Holdings, Inc.\* | 521723 |
| 33016 | Ultra Clean Holdings, Inc.\* | 1094480 |
| 37994 | Veeco Instruments, Inc.\* | 705928 |
|  |  | 21182052 |
| **Software (2.1%):** | **Software (2.1%):** |  |
| 80578 | 8x8, Inc.\* | 348097 |
| 45629 | A10 Networks, Inc. | 758810 |
| 74151 | Adeia, Inc. | 702951 |
| 14031 | Agilysys, Inc.\* | 1110413 |
| 35771 | Alarm.com Holdings, Inc.\* | 1769949 |
| 25186 | Cerence, Inc.\* | 466697 |
| 12641 | Consensus Cloud Solutions, Inc.\* | 679580 |
| 64284 | Digital Turbine, Inc.\* | 979688 |
| 17081 | Ebix, Inc.^ | 340937 |
| 50441 | LivePerson, Inc.\* | 511472 |
| 25986 | OneSpan, Inc.\* | 290783 |
| 31008 | Progress Software Corp. | 1564354 |
| 25709 | SPS Commerce, Inc.\* | 3301807 |
| 30280 | Xperi, Inc.\* | 260711 |
|  |  | 13086249 |
| **Specialty Retail (4.2%):** | **Specialty Retail (4.2%):** |  |
| 22098 | Aaron's Co., Inc. (The) | 264071 |
| 35062 | Abercrombie & Fitch Co., Class A\* | 803270 |
| 123784 | American Eagle Outfitters, Inc. | 1728025 |
| 4152 | America's Car-Mart, Inc.\* | 300023 |
| 15622 | Asbury Automotive Group, Inc.\* | 2800243 |
| 55563 | Bed Bath & Beyond, Inc.\*^ | 139463 |
| 21153 | Boot Barn Holdings, Inc.\* | 1322486 |
| 25496 | Caleres, Inc. | 568051 |
| 86957 | Chico's FAS, Inc.\* | 427828 |
| 35381 | Designer Brands, Inc., Class A | 346026 |
| 8781 | Genesco, Inc.\* | 404102 |
| 10308 | Group 1 Automotive, Inc. | 1859254 |
| 21659 | Guess?, Inc. | 448125 |
| 9121 | Haverty Furniture Cos., Inc. | 272718 |
| 8983 | Hibbett, Inc. | 612820 |
| 105151 | Leslie's, Inc.\* | 1283894 |
| 15278 | MarineMax, Inc.\* | 476979 |
| 22130 | Monro, Inc. | 1000276 |
| 55897 | National Vision Holdings, Inc.\* | 2166568 |
| 28410 | ODP Corp. (The)\* | 1293791 |
| 35529 | Rent-A-Center, Inc. | 801179 |
| 75810 | Sally Beauty Holdings, Inc.\* | 949141 |
| 12029 | Shoe Carnival, Inc. | 287613 |
| 32732 | Signet Jewelers, Ltd. | 2225776 |
| 15921 | Sleep Number Corp.\* | 413628 |
| 11704 | Sonic Automotive, Inc., Class A | 576656 |
| 20816 | The Buckle, Inc. | 944006 |
| 9547 | The Children's Place, Inc.\* | 347702 |

---

See accompanying notes to the financial statements.

------

**AZL Small Cap Stock Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | **Common Stocks, continued** |
| **Specialty Retail, continued** | **Specialty Retail, continued** | |
| 42636 | Urban Outfitters, Inc.\* | $1016869 |
| 11556 | Zumiez, Inc.\* | 251227 |
|  |  | 26331810 |
| **Technology Hardware, Storage & Peripherals (0.3%):** | **Technology Hardware, Storage & Peripherals (0.3%):** |  |
| 96193 | 3D Systems Corp.\* | 711828 |
| 23855 | Avid Technology, Inc.\* | 634305 |
| 27891 | Corsair Gaming, Inc.\* | 378481 |
|  |  | 1724614 |
| **Textiles, Apparel & Luxury Goods (0.9%):** | **Textiles, Apparel & Luxury Goods (0.9%):** |  |
| 30274 | G-III Apparel Group, Ltd.\* | 415056 |
| 35123 | Kontoor Brands, Inc. | 1404569 |
| 11053 | Movado Group, Inc. | 356459 |
| 10537 | Oxford Industries, Inc. | 981838 |
| 52282 | Steven Madden, Ltd. | 1670933 |
| 55579 | Wolverine World Wide, Inc. | 607478 |
|  |  | 5436333 |
| **Thrifts & Mortgage Finance (2.3%):** | **Thrifts & Mortgage Finance (2.3%):** |  |
| 38481 | Axos Financial, Inc.\* | 1470744 |
| 90742 | Capitol Federal Financial, Inc. | 784918 |
| 12842 | HomeStreet, Inc. | 354182 |
| 8033 | LendingTree, Inc.\* | 171344 |
| 50111 | Mr Cooper Group, Inc.\* | 2010954 |
| 58910 | NMI Holdings, Inc., Class A\* | 1231219 |
| 29292 | Northfield Bancorp, Inc. | 460763 |
| 90295 | Northwest Bancshares, Inc. | 1262324 |
| 20556 | Pathward Financial, Inc. | 884936 |
| 54107 | Provident Financial Services, Inc. | 1155726 |
| 13295 | TrustCo Bank Corp. NY | 499759 |
| 21971 | Walker & Dunlop, Inc. | 1724284 |
| 44081 | WSFS Financial Corp. | 1998633 |
|  |  | 14009786 |
| **Tobacco (0.3%):** | **Tobacco (0.3%):** |  |
| 17307 | Universal Corp. | 913983 |
| 93906 | Vector Group, Ltd. | 1113725 |
|  |  | 2027708 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | **Common Stocks, continued** |
| **Trading Companies & Distributors (1.6%):** | **Trading Companies & Distributors (1.6%):** | |
| 27383 | Applied Industrial Technologies, Inc. | $3451080 |
| 28109 | Boise Cascade Co. | 1930245 |
| 10977 | DXP Enterprises, Inc.\* | 302416 |
| 29906 | GMS, Inc.\* | 1489319 |
| 19967 | Kaman Corp., Class A | 445264 |
| 77783 | NOW, Inc.\* | 987844 |
| 9604 | Veritiv Corp. | 1168903 |
|  |  | 9775071 |
| **Water Utilities (1.2%):** | **Water Utilities (1.2%):** |  |
| 26423 | American States Water Co. | 2445448 |
| 38714 | California Water Service Group | 2347617 |
| 12516 | Middlesex Water Co. | 984634 |
| 18699 | SJW Group | 1518172 |
|  |  | 7295871 |
| **Wireless Telecommunication Services (0.3%):** | **Wireless Telecommunication Services (0.3%):** |  |
| 45928 | Gogo, Inc.\* | 677897 |
| 36056 | Shenandoah Telecommunications Co. | 572569 |
| 70909 | Telephone and Data Systems, Inc. | 743836 |
|  |  | 1994302 |
| Total Common Stocks (Cost $491,491,648) | Total Common Stocks (Cost $491,491,648) | 616674900 |
| **Short-Term Security Held as Collateral for Securities on Loan (0.5%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.5%):** | **Short-Term Security Held as Collateral for Securities on Loan (0.5%):** |
| 3082307 | BlackRock Liquidity FedFund, Institutional Class, 1.49%(c)(d) | 3082307 |
| Total Short-Term Security Held as Collateral for Securities on<br>Loan (Cost $3,082,307) | Total Short-Term Security Held as Collateral for Securities on<br>Loan (Cost $3,082,307) | 3082307 |
| **Unaffiliated Investment Company (0.5%):** | **Unaffiliated Investment Company (0.5%):** |  |
| **Money Markets (0.5%):** | **Money Markets (0.5%):** |  |
| 2909879 | Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(d) | 2909879 |
| Total Unaffiliated Investment Company (Cost $2,909,879) | Total Unaffiliated Investment Company (Cost $2,909,879) | 2909879 |
| Total Investment Securities (Cost $497,483,834) — 100.4%(e) | Total Investment Securities (Cost $497,483,834) — 100.4%(e) | 622667086 |
| Net other assets (liabilities) — (0.4)% | Net other assets (liabilities) — (0.4)% | (2440761) |
| Net Assets — 100.0% | Net Assets — 100.0% | $620226325 |

---

Percentages indicated are based on net assets as of December 31, 2022.

REIT—Real Estate Investment Trust

\* Non-income producing security.

---

| | |
|:---|:---|
| ^ | This security or a partial position of this security was on loan as of December 31, 2022. The total value of securities on loan as of December 31, 2022 was $2,974,199.  |

---

† Represents less than 0.05%.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors.

(b) Security was valued using significant unobservable inputs as of December 31, 2022.

(c) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for
securities that were sold on or before December 31, 2022.

(d) The rate represents the effective yield at December 31, 2022.

(e) See Federal Tax Information listed in the Notes to the Financial Statements.

Amounts shown as "—" are either 0 or round to less than 1.

See accompanying notes to the financial statements.

------

**AZL Small Cap Stock Index Fund** 

Schedule of Portfolio Investments

December 31, 2022

**Futures Contracts** 

At December 31, 2022, the Fund's open futures contracts were as follows:

**Long Futures** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Russell 2000 Mini Index March Futures (U.S. Dollar) | 3/17/23 | 42 | $3718890 | $(38582) |
|  |  |  |  | $(38582) |

---

See accompanying notes to the financial statements.

------

**AZL Small Cap Stock Index Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment securities, at cost | $497483834.0 |
|  Investment securities, at value(a) | $622667086.0 |
|  Deposit at broker for futures contracts collateral | 281600.0 |
|  Interest and dividends receivable | 841044.0 |
|  Prepaid expenses | 3360.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 623793090.0 |
|  **Liabilities:** |  |
|  Payable for capital shares redeemed | 97736.0 |
|  Payable for collateral received on loaned securities | 3082307.0 |
|  Payable for variation margin on futures contracts | 18238.0 |
|  Management fees payable | 140526.0 |
|  Administration fees payable | 26214.0 |
|  Distribution fees payable | 127596.0 |
|  Custodian fees payable | 4381.0 |
|  Administrative and compliance services fees payable | 2171.0 |
|  Transfer agent fees payable | 2134.0 |
|  Trustee fees payable | 5423.0 |
|  Other accrued liabilities | 60039.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 3566765.0 |
|  **Net Assets** | $620226325.0 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $470531026.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 149695299.0 |
|  **Net Assets** | $620226325.0 |
|  **Class 1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $34524906.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 4782664.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $7.22 |
|  **Class 2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $585701419.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest (unlimited number of shares authorized, no par value) | 51255613.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (offering and redemption price per share) | $11.43 |

---

(a) Includes securities on loan of $2,974,199.

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Dividends | $9795767 |
|  Interest | 1847 |
|  Income from securities lending | 44257 |
|  Foreign withholding tax | (10616) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 9831255 |
|  **Expenses:** |  |
|  Management fees | 1837199 |
|  Administration fees | 106808 |
|  Distribution fees — Class 2 | 1670313 |
|  Custodian fees | 22097 |
|  Administrative and compliance services fees | 9886 |
|  Transfer agent fees | 12516 |
|  Trustee fees | 39617 |
|  Professional fees | 30531 |
|  Licensing fees | 145646 |
|  Shareholder reports | 26456 |
|  Other expenses | 19830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3920899 |
|  **Net Investment Income/(Loss)** | 5910356 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities  | 37688243 |
|  Net realized gains/(losses) on futures contracts | (457629) |
|  Change in net unrealized appreciation/depreciation on securities  | (182955042) |
|  Change in net unrealized appreciation/depreciation on futures contracts | (155603) |
|  **Net realized and Change in net unrealized gains/losses on investments** | (145880031) |
|  **Change in Net Assets Resulting From Operations** | $(139969675) |

---

See accompanying notes to the financial statements.

------

**AZL Small Cap Stock Index Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $5910356 | $6317869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | 37230614 | 112472960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (183110645) | 79486283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (139969675) | 198277112 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (9156857) | (2166192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (107893670) | (26155914) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (117050527) | (28322106) |
|  **Capital Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 47960 | 86410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 9156857 | 2166192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (4287362) | (7568265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | 4917455 | (5315663) |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 4742326 | 61823244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 107893670 | 26155914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (111921820) | (195522153) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | 714176 | (107542995) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | 5631631 | (112858658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (251388571) | 57096348 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 871614896 | 814518548 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $620226325 | $871614896 |
|  **Share Transactions:** |  |  |
|  **Class 1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 5161 | 7506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 1306256 | 192550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (458726) | (660924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 1 Shares | 852691 | (460868) |
|  **Class 2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 358773 | 3695251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 9720151 | 1627624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (8046992) | (12276692) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class 2 Shares | 2031932 | (6953817) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | 2884623 | (7414685) |

---

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. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Class 1** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $11.75 | $9.76 | $9.65 | $9.26 | $11.68 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.10 (a) | 0.11 (a) | 0.09 (a) | 0.12 (a) | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (2.11) | 2.44 | 0.80 | 1.78 | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (2.01) | 2.55 | 0.89 | 1.90 | (0.77) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.16) | (0.14) | (0.17) | (0.17) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (2.36) | (0.42) | (0.61) | (1.34) | (1.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (2.52) | (0.56) | (0.78) | (1.51) | (1.65) |
|  **Net Asset Value, End of Period** | $7.22 | $11.75 | $9.76 | $9.65 | $9.26 |
|  **Total Return**(b) | (16.45)% | 26.37% | 10.98% | 22.42% | (8.59)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $34525 | $46174 | $42848 | $44098 | $41285 |
|  Net Investment Income/(Loss) | 1.08% | 0.95% | 1.11% | 1.21% | 1.17% |
|  Expenses Before Reductions(c) | 0.32% | 0.33% | 0.34% | 0.33% | 0.33% |
|  Expenses Net of Reductions | 0.32% | 0.33% | 0.34% | 0.33% | 0.33% |
|  Portfolio Turnover Rate(d) | 12% | 20% | 21% | 14% | 19% |
|  **Class 2** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $16.77 | $13.74 | $13.23 | $12.17 | $14.88 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.12 (a) | 0.12 (a) | 0.10 (a) | 0.13 (a) | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (2.98) | 3.44 | 1.15 | 2.40 | (1.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (2.86) | 3.56 | 1.25 | 2.53 | (1.10) |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.12) | (0.11) | (0.13) | (0.13) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (2.36) | (0.42) | (0.61) | (1.34) | (1.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (2.48) | (0.53) | (0.74) | (1.47) | (1.61) |
|  **Net Asset Value, End of Period** | $11.43 | $16.77 | $13.74 | $13.23 | $12.17 |
|  **Total Return**(b) | (16.65)% | 26.04% | 10.71% | 22.19% | (8.93)% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $585701 | $825440 | $771671 | $803521 | $713258 |
|  Net Investment Income/(Loss) | 0.82% | 0.71% | 0.86% | 0.96% | 0.93% |
|  Expenses Before Reductions(c) | 0.57% | 0.58% | 0.59% | 0.58% | 0.58% |
|  Expenses Net of Reductions | 0.57% | 0.58% | 0.59% | 0.58% | 0.58% |
|  Portfolio Turnover Rate(d) | 12% | 20% | 21% | 14% | 19% |

---

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these
charges were included, the returns would have been lower.

(c) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares
issued.

See accompanying notes to the financial statements.

------

**AZL Small Cap Stock Index Fund** 

Notes to the Financial Statements

December 31, 2022

**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.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund may enter into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles ("U.S. GAAP"). The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Security Valuation** 

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

**Investment Transactions and Investment Income** 

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

**Real Estate Investment Trusts** 

The Fund may own shares of real estate investment trusts ("REITs") which report information on the source of their distributions annually. Certain distributions received from REITs during the year, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

**Foreign Currency Translation and Withholding Taxes** 

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

**Distributions to Shareholders** 

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These "book/tax" differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

**Expense Allocation** 

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears

------

**AZL Small Cap Stock Index Fund** 

Notes to the Financial Statements

December 31, 2022

expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the "Manager"), serves as the investment manager for the Trust and the Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

**Class Allocation** 

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

**Securities Lending** 

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day's fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at December 31, 2022 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 $4,377 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund had securities lending transactions of $3,082,307 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund did not engage in any Rule 17a-7 transactions.

**Derivative Instruments** 

All open derivative positions at period end are reflected on the Fund's Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

**Futures Contracts** 

During the year ended December 31, 2022, the Fund used futures contracts to provide market exposure on the Fund's cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value ("variation margin"), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the year ended December 31, 2022, the monthly average notional amount for long contracts was $5.2 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 Small Cap Stock Index Fund** 

Notes to the Financial Statements

December 31, 2022

**Summary of Derivative Instruments** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Primary Risk Exposure** | **Statement of Assets and Liabilities Location** | **Total<br>Value** | **Statement of Assets and Liabilities Location** | **Total<br>Value** |
|  **Equity Risk** | **Equity Risk** |  |  |  |
| Futures Contracts | Receivable for variation margin on futures contracts\* | $— | Payable for variation margin on futures contracts\* | $38582 |

---

\* For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities as Variation margin on futures contracts. 

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Primary Risk Exposure** | **Location of Gains/(Losses)<br>on Derivatives<br>Recognized** | **Realized Gains/(Losses)<br>on Derivatives<br>Recognized** | **Change in Net Unrealized<br>Appreciation/Depreciation on<br>Derivatives Recognized** |
|  **Equity Risk** | **Equity Risk** |  |  |
| Futures Contracts | Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts | $(457629) | $(155603) |

---

**3. Fees and Transactions with Affiliates and Other Parties** 

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the "Subadviser"), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC ("BlackRock Investment"), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as "Management fees." For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund's business, based on the daily net assets of the Fund, through April 30, 2024.

For the year ended December 31, 2022, 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% |

---

Any amounts waived or reimbursed by the Manager with respect to the annual expense limits in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable. During the year ended December 31, 2022, there were no such waivers.

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer ("CCO") and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administrative and compliance services fees."

Citi Fund Services Ohio, Inc. ("Citi" or the "Administrator"), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust's administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund's compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administration fees."

FIS Investor Services LLC ("FIS") serves as the Fund's transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon ("BNY Mellon" or the "Custodian") serves as the Trust's custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

------

**AZL Small Cap Stock Index Fund** 

Notes to the Financial Statements

December 31, 2022

Allianz Life Financial Services, LLC ("ALFS"), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust's CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

**4. Investment Valuation Summary** 

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates,
prepayments speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust's Board of Trustees (the "Board" or "Trustees") as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund's net asset value is calculated. These procedures include the Fund's use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund's fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund's NAV will be subject to the judgment of the Manager. The Manager's fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Level 3** | **Total** |
|  Common Stocks<sup>+</sup> | $616674900 | $— | $— | # | $616674900 |
|  Short-Term Security Held as Collateral for Securities on Loan | 3082307 |  |  |  | 3082307 |
|  Unaffiliated Investment Company | 2909879 |  |  |  | 2909879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | 622667086 |  |  |  | 622667086 |
|  Other Financial Instruments:<sup>\*</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (38582) |  |  |  | (38582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $622628504 | $— | $— |  | $622628504 |

---

+ For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

# Represents the interest in securities that were determined to have a value of zero at December 31, 2022.

\* Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, 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 | $85888927 | $187524954 |

---

------

**AZL Small Cap Stock Index Fund** 

Notes to the Financial Statements

December 31, 2022

**6. Investment Risks**

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

*Derivatives Risk:* The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The counterparty to a derivatives contract could default.

*Market Risk:* The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

**7. Coronavirus (COVID-19) Pandemic** 

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $514,256,269. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

---

| | |
|:---|:---|
|  Unrealized appreciation | $180095649 |
|  Unrealized (depreciation) | (71684832) |
|  Net unrealized appreciation/(depreciation) | $108410817 |

---

------

**AZL Small Cap Stock Index Fund** 

Notes to the Financial Statements

December 31, 2022

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Small Cap Stock Index Fund | $20947176 | $96103351 | $117050527 |

---

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL Small Cap Stock Index Fund | $10191642 | $18130464 | $28322106 |

---

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized<br>Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated<br>Earnings/<br>(Deficit)** |
|  AZL Small Cap Stock Index Fund | $7171306 | $34113176 | $– | $108410817 | $149695299 |

---

(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, mark-to-market of future contracts, investments in real estate
investment trusts 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 December 31, 2022, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 55% of the Fund. Investment activities of this shareholder could have a material impact to the Fund.

**11. Subsequent Events** 

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund's financial statements.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL Small Cap Stock Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Small Cap Stock Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

------

**Other Federal Income Tax Information (Unaudited)** 

For the year ended December 31, 2022, 42.05% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2022, the Fund declared net short-term capital gain distributions of $15,290,341.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $96,103,351.

------

**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.

------

**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

Each Fund is a manager-of-managers fund. That means that the Manager is responsible for monitoring the various Subadvisers that have day-to-day responsibility for the investment decisions made for each Fund. The Manager also is responsible for determining, in the first instance, which investment advisers to consider recommending for selection as a Subadviser.

In reviewing the services provided by the Manager and the terms of the Management Agreement, the Board receives and reviews information related to the Manager's experience and expertise in the variable insurance marketplace. In addition, the Board receives information regarding the Manager's expertise with regard to portfolio diversification and asset allocation requirements within variable insurance products issued by Allianz Life Insurance Company of North America ("Allianz Life") and its subsidiary, Allianz Life Insurance Company of New York ("Allianz of New York"). Currently, the Funds are offered only through Allianz Life and Allianz of New York variable products, and not in the retail fund market.

The Manager has adopted policies and procedures to assist it in the process of analyzing each potential Subadviser with expertise in particular asset classes for purposes of making the recommendation that a specific investment adviser be selected. The Board reviews and considers the information provided by the Manager in deciding which investment advisers to select as a Subadviser. After an investment adviser becomes a Subadviser, a similarly rigorous process is instituted by the Manager to monitor the investment performance and other responsibilities of the Subadviser. The Manager reports to the Board on its analysis at the regular meetings of the Board, which are held at least quarterly. Where warranted, the Manager will add or remove a particular Subadviser from a "watch" list that it maintains. Watch list criteria include, for example: (a) Fund performance over various time periods; (b) Fund risk issues, such as changes in key personnel involved with Fund management, changes in investment philosophy or process, or "capacity" concerns; and (c) organizational risk issues, such as regulatory, compliance or legal concerns, or changes in the ownership of the Subadviser. The Manager may place a Fund on the watch list for other reasons, and if so, will explain its rationale to the Board. Funds which are on the watch list are subject to additional scrutiny by the Manager and the Board. Funds may be removed from such watch list, if for example, performance improves or regulatory matters are satisfactorily resolved. However, in some situations where Funds have been on the watch list, the Manager has recommended the retention of a new Subadviser, and the Board has subsequently considered and approved retention of the new Subadviser.

As required by the Investment Company Act of 1940 (the "1940 Act"), the Board has reviewed and approved the Management Agreement with the Manager and the portfolio management agreements (the "Subadvisory Agreements"; and together with the Management Agreement, the "Advisory Contracts") with the Subadvisers. The Board's decision to approve these contracts reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of these contracts, the Board considered many factors, among the most material of which are: the Fund's investment objectives and long-term performance; the Manager's and Subadvisers' (collectively, the "Advisory Organizations") management philosophy, personnel, processes and investment performance, including their compliance history and the adequacy of their compliance processes; the preferences and expectations of Fund shareholders (and underlying contract owners) and their relative sophistication; the continuing state of competition in the mutual fund industry; and comparable fees in the mutual fund industry.

The Board also considered the compensation and benefits received by the Advisory Organizations. This includes fees received for services provided to the Fund by affiliated persons of the Advisory Organizations and research services received by the Advisory Organizations from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Services Agreement and a Compliance Services Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and received (along with its affiliated persons) any payments made by the Funds pursuant to Rule 12b-1.

The Board is aware that various courts have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an adviser's compensation: the nature, extent and quality of the services provided by the adviser, including the performance of the fund; the adviser's cost of providing the services; the extent to which the adviser may realize "economies of scale" as the fund grows larger; any indirect benefits that may accrue to the adviser and its affiliates as a result of the adviser's relationship with the fund; performance and expenses of comparable funds; the profitability of acting as adviser to the fund; and the extent to which the independent Board members, who are not "interested persons" of a fund as defined by the 1940 Act ("Independent Trustees"), are fully informed about all facts bearing on the adviser's services and fees. The Board is aware of these factors and takes them into account in its review of the Advisory Contracts.

Each member of the Board considered and weighed these factors in light of his or her experience in governing the Trust and working with the Advisory Organizations on matters relating to the Funds. The Board is assisted in its deliberations by the advice of independent legal counsel to the Independent Trustees ("Independent Trustee Counsel"). In this regard, the Board requests and receives a significant amount of information about the Funds and the Advisory Organizations. Some of this information is provided at each regular meeting of the Board; additional information is provided in connection with the particular meetings at which the Board's formal review of the Advisory Contracts occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board's evaluation of Advisory Contracts is informed by reports covering such matters as: an Advisory Organization's investment philosophy, personnel, and processes; the Fund's investment performance (in absolute terms as well as in relationship to its benchmark(s) and certain competitor or "peer group" funds), and comments on the reasons for performance; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to peer group and/or competing funds, with due regard for the Expense Limitation Agreement and additional voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities; the nature, extent and quality of the advisory and other services provided to the Fund by the Advisory Organizations and their affiliates; compliance and audit reports concerning the Funds and the companies that service them; and relevant developments in the mutual fund industry and how the Funds and/or Advisory Organizations are responding to them.

The Board also receives financial information about the Advisory Organizations, including reports on the compensation and benefits the Advisory Organizations derive from their relationships with the Funds. These reports cover not only the fees under the Advisory Contracts, but also the fees, if any, received for providing other services to the Funds. The reports also discuss any indirect or "fall-out" benefits an Advisory Organization may derive from its relationship with the Funds.

In assessing the Advisory Organizations' performance of their obligations, the Board may also consider whether there has occurred a circumstance or event that would constitute a reason for it to not renew an Advisory Contract. In this regard, the Board is mindful of the potential disruption of a Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew a contract.

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

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In connection with such meetings, the Board requested and evaluated extensive materials from the Advisory Organizations, including performance and expense information for other investment companies with similar investment objectives derived from data compiled by an independent third-party provider and other sources believed to be reliable by the Manager and the Trustees. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Contracts with management and with Independent Trustee Counsel and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approval. The Independent Trustees also discussed the proposed approval in private sessions with Independent Trustee Counsel at which no representatives of the Manager or Subadvisers were present. In reaching their determinations relating to the approval of the Advisory Contracts, in respect of each Fund, each member of the Board considered all factors he or she believed relevant. The Board based its decision to approve the Advisory Contracts on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

*(1) The nature, extent and quality of services provided by the Manager and Subadvisers.* The Trustees noted that the Manager, subject to the oversight of the Board, administers each Fund's business and other affairs. Under the Management Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for others to provide, the management of the Funds' assets and the placement of orders for the purchase and sale of the securities of the Funds. As each Fund is a manager of managers fund, the Manager is authorized, under the Management Agreement, to retain one or more Subadvisers for each Fund to handle day-to-day management of the Funds' investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board for selection as a Subadviser. The Board was aware that, notwithstanding the retention of the Subadvisers to handle day-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Board regarding the Funds' portfolio investments and to make available to the Funds' administrator such information as is necessary for the conduct of its duties.

The Board also noted that the Manager provides the Trust and each Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any other service providers retained by the Trust on behalf of the Funds) and executive and other personnel as are necessary for the operation of the Trust and the Funds. Except for the Trust's Chief Compliance Officer and certain compliance staff, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

The Board considered the scope and quality of services provided by the Manager and the Subadvisers and noted that the scope of the services provided has continued to expand as a result of regulatory and other developments. The Board noted that, for example, the Manager and Subadvisers are responsible for maintaining and monitoring their own compliance programs, and these compliance programs are continuously refined and enhanced in light of new regulatory requirements. The Board considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and its Funds. The quality of administrative and other services, including the Manager's role in coordinating the activities of the Trust's other service providers, also were considered. The Board members concluded that, overall, they were satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Trust and to each of the Funds under the Advisory Contracts.

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65<sup>th</sup> percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65<sup>th</sup> percentile (with 14 Funds at or below the 50<sup>th</sup> percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63<sup>rd</sup> percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

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The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

The Board noted that the Manager has agreed to temporarily limit Fund expenses under the Expense Limitation Agreement, which has the effect of reducing expenses similar to implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of expense limits and/or advisory fee breakpoints as Fund assets change. The Board receives quarterly reports on the level of Fund assets. The Board expects to continue to consider: (a) the extent to which economies of scale have been realized, and (b) whether the advisory fee should be modified, either in connection with the next renewal of the Advisory Contracts or by modifying the Expense Limitation Agreement, to reflect such economies of scale, if any.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds' advisory fee rate schedules was acceptable under each Fund's circumstances.

In conclusion, after full consideration of the above factors, as well as such other factors as each member of the Board considered instructive in evaluating the Advisory Contracts, the Board concluded that the advisory fees were reasonable, and that the continuation of the Advisory Contracts was in the best interest of the Funds.

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**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14 (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and<br> Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

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**Interested Trustee<sup>(4)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships Held<br>Outside the AIM**<br> **Complex During<br>Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment<br> Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

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(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, duing
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

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**Officers** 

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| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions**<br> **Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(1)</sup>/ Length**<br> **of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963) <br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 <br>to present. |

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(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

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![LOGO](g415405g71x52.jpg)

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| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

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## AZL<sup>®</sup> T. Rowe Price Capital Appreciation Fund

## Annual Report

## December 31, 2022
![LOGO](g415413g71x52.jpg)

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**Table of Contents** 

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| |
|:---|
| [Management Discussion and Analysis](#a2316toc415413_1)<br> Page 1 |
| [Expense Examples and Portfolio Composition](#a2316toc415413_2)<br> Page 3 |
| [Schedule of Portfolio Investments](#a2316toc415413_3)<br> Page 4 |
| [Statement of Assets and Liabilities](#a2316toc415413_4)<br> Page 11 |
| [Statement of Operations](#a2316toc415413_5)<br> Page 11 |
| [Statements of Changes in Net Assets](#a2316toc415413_6)<br> Page 12 |
| [Financial Highlights](#a2316toc415413_7)<br> Page 13 |
| [Notes to the Financial Statements](#a2316toc415413_8)<br> Page 14 |
| [Report of Independent Registered Public Accounting Firm](#a2316toc415413_9)<br> Page 21 |
| [Other Federal Income Tax Information](#a2316toc415413_10)<br> Page 22 |
| [Other Information](#a2316toc415413_11)<br> Page 23 |
| [Approval of Investment Advisory and Subadvisory Agreements](#a2316toc415413_12)<br> Page 24 |
| [Information about the Board of Trustees and Officers](#a2316toc415413_13)<br> Page 27 |

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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.

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 **AZL<sup>®</sup> T. Rowe Price Capital Appreciation Fund Review (Unaudited)**<br>

Allianz Investment Management LLC serves as the Manager for the AZL<sup>®</sup> T. Rowe Price Capital Appreciation Fund and T. Rowe Price Associates, Inc. serves as Subadviser to the Fund.

**What factors affected the Fund's performance during the year ended December 31, 2022?\*** 

For the year ended December 31, 2022, the AZL<sup>®</sup> T. Rowe Price Capital Appreciation Fund (the "Fund") returned (12.09)%. That compared to a (18.11)%, (13.01)% and a (15.91)% total return for its benchmarks, the S&P 500 Index, the Bloomberg U.S. Aggregate Bond Index, and the Moderate Composite Index, respectively.<sup>1</sup>

Major U.S. stock indexes fell sharply in 2022, the worst year for equities since the 2008 global financial crisis. Investors shunned riskier assets in response to Russia's invasion of Ukraine, elevated inflation exacerbated by rising commodity prices and global supply chain disruptions, surging U.S. Treasury yields and the Federal Reserve's short-term interest rate increases starting in mid-March.

Although many indexes finished the year above their lowest levels of 2022, many investors remained concerned that ongoing Fed rate hikes would hurt corporate earnings and push the economy into a recession in 2023.

The equity portion of the Fund modestly outperformed the S&P 500 Index. Meanwhile, its fixed income holdings posted a negative return during the one-year period but strongly outperformed the Bloomberg U.S. Aggregate Bond Index. Within equities, stock selection in consumer discretionary and information technology contributed the most to the Fund's relative performance. Conversely, energy detracted from the Fund's relative results due to sector allocation effects.

Within fixed income, the Fund's above-benchmark exposure to bank loans improved relative results, as the asset class was one of the best performing areas of the fixed income markets during the year.

Overall, the Fund's exposure to equities decreased during the period, as the Fund trimmed select stocks in the consumer discretionary and utilities sectors. In contrast, the Fund's overall weight in fixed income increased during the year, as the subadvisor started a position in U.S. Treasuries. The cash position declined compared to the beginning of the period as a result of these shifts.

During the year, the Fund maintained exposure to covered call options, a type of derivative that provides downside protection for the portfolio while offering the benefits of owning a stock, such as dividends and capital appreciation, so long as the stock remains below the option strike price. The Fund's covered call strategy made a moderately positive contribution to returns.

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***Past performance does not guarantee future results.***

*\** *The Fund's portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform as described or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund's holdings and weightings are as of December 31, 2022.* 

*<sup>1</sup>* *For a complete description of the Fund's performance benchmarks please refer to page 2 of this report.* 

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 **AZL<sup>®</sup> T. Rowe Price Capital Appreciation Fund Review (Unaudited)**<br>

**Fund Objective** 

*The Fund's investment objective is to seek long-term capital appreciation with preservation of capital as an important intermediate-term objective. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 50% of its net assets in the common stock of established U.S. Companies that have above-average potential for capital growth. The remaining assets are generally invested in convertible securities, corporate and government debt, bank loans, and foreign securities.* 

**Investment Concerns** 

*Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.* 

*International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.* 

*Small- to mid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.* 

*Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.* 

*Investing in a single industry or sector, or concentrating investments in a limited number of industries or sectors, tends to increase the risk that economic, political, or regulatory developments affecting certain industries or sectors will have a large impact on the value of the portfolio.* 

*Debt securities held by the Fund may decline in value due to rising interest rates.* 

*Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund's performance may be more volatile than if it did not hold these securities.* 

*High-yield bonds have a higher risk of default or other adverse credit events, but have the potential to pay higher earnings over investment-grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high-yield bonds.* 

*Investing in derivative instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.* 

*For a complete description of these and other risks associated with investing in the Fund, please refer to the Fund's prospectus.* 

**Growth of $10,000 Investment**![LOGO](g415413g10a04.jpg)

*The chart above represents a comparison of a hypothetical investment in the Fund versus a similar investment in the Fund's benchmarks and represents the reinvestment of dividends and capital gains in the Fund.* 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** | **Average Annual Total Returns as of December 31, 2022** |
| | **1<br>Year** | **3<br>Year** | **5<br>Year** | **10<br>Year** |
| &nbsp;&nbsp; AZL<sup>®</sup> T. Rowe Price Capital Appreciation Fund | (12.09)% | 6.85% | 8.78% | 11.17% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11)% | 7.66% | 9.42% | 12.56% |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | (13.01)% | (2.71)% | 0.02% | 1.06% |
| &nbsp;&nbsp; Moderate Composite Index | (15.91)% | 4.00% | 6.07% | 8.14% |

---

***Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.Allianzlife.com.***

---

| | |
|:---|:---|
| **Expense Ratio** | **Gross** |
| &nbsp;&nbsp; AZL<sup>®</sup> T. Rowe Price Capital Appreciation Fund | 1.05% |

---

***The above expense ratio is based on the current Fund prospectus dated April 29, 2022. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.70% through at least April 30, 2024. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses such as interest expense and acquired fund fees and expenses, to 1.20% through April 30, 2024. Additional information pertaining to the December 31, 2022 expense ratio can be found in the Financial Highlights.***

*The total return of the Fund does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Such charges, fees and tax payments would reduce the performance quoted.* 

*The Fund's performance is measured against the Standard and Poor's 500 Index ("S&P 500<sup>®</sup>"), the Bloomberg U.S. Aggregate Bond Index and the Moderate Composite Index ("Composite"). The S&P 500<sup>®</sup> is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. The Bloomberg U.S. Aggregate Bond Index is a market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. The Composite is a blended index comprised of (60%) of the S&P 500<sup>®</sup> and (40%) of the Bloomberg U.S. Aggregate Bond Index. These indexes are unmanaged and do not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.* 

------

**AZL T. Rowe Price Capital Appreciation Fund** 

**Expense Examples** 

(Unaudited)

As a shareholder of the AZL T. Rowe Price Capital Appreciation Fund (the "Fund"), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The **Actual Expense** table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL T. Rowe Price Capital Appreciation Fund | $1000.00 | $1029.20 | $5.01 | 0.98% |

---

The **Hypothetical Expense** table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account Value<br>12/31/22 | Expenses Paid<br>During Period<br>7/1/22 - 12/31/22\* | Annualized Expense<br>Ratio During Period<br>7/1/22 - 12/31/22 |
|  AZL T. Rowe Price Capital Appreciation Fund | $1000.00 | $1020.27 | $4.99 | 0.98% |

---

\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

**Portfolio Composition** 

(Unaudited)

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
|  Common Stocks | 61.9% |
|  Bank Loans | 14.5 |
|  U.S. Treasury Obligation | 8.9 |
|  Corporate Bonds | 8.5 |
|  Unaffiliated Investment Company | 5.4 |
|  Preferred Stocks | 0.5 |
|  Short-Term Security Held as Collateral for Securities on Loan | 0.3 |
|  Asset Backed Securities | 0.3 |
|  Yankee Debt Obligations | 0.2 |
|  Convertible Bond | 0.1 |
|  Total Investment Securities | 100.6 |
|  Net other assets (liabilities) | (0.6) |
|  Net Assets | 100.0% |

---

------

**AZL T. Rowe Price Capital Appreciation Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks (61.9%):** | **Common Stocks (61.9%):** | |
| **Auto Components (0.1%):** | **Auto Components (0.1%):** | |
| 18097 | Mobileye Global, Inc., Class A\*^ | $634481 |
| **Banks (2.9%):** | **Banks (2.9%):** |  |
| 196716 | PNC Financial Services Group, Inc. (The) | 31069325 |
| **Beverages (0.3%):** | **Beverages (0.3%):** |  |
| 101584 | Keurig Dr Pepper, Inc. | 3622485 |
| **Biotechnology (0.7%):** | **Biotechnology (0.7%):** |  |
| 49626 | AbbVie, Inc. | 8020058 |
| **Capital Markets (3.2%):** | **Capital Markets (3.2%):** |  |
| 196538 | Intercontinental Exchange, Inc. | 20162834 |
| 192946 | KKR & Co., Inc., Class A | 8956553 |
| 3102 | MSCI, Inc. | 1442957 |
| 10683 | S&P Global, Inc. | 3578164 |
|  |  | 34140508 |
| **Chemicals (1.0%):** | **Chemicals (1.0%):** |  |
| 32183 | Linde plc | 10497451 |
| **Commercial Services & Supplies (1.4%):** | **Commercial Services & Supplies (1.4%):** |  |
| 825132 | Aurora Innovation, Inc.\* | 998409 |
| 105062 | Waste Connections, Inc. | 13927019 |
|  |  | 14925428 |
| **Electric Utilities (1.4%):** | **Electric Utilities (1.4%):** |  |
| 145706 | Exelon Corp. | 6298870 |
| 123700 | Xcel Energy, Inc. | 8672607 |
|  |  | 14971477 |
| **Electronic Equipment, Instruments & Components (2.6%):** | **Electronic Equipment, Instruments & Components (2.6%):** |  |
| 138086 | TE Connectivity, Ltd. | 15852273 |
| 31338 | Teledyne Technologies, Inc.\* | 12532379 |
|  |  | 28384652 |
| **Entertainment (0.1%):** | **Entertainment (0.1%):** |  |
| 4927 | Madison Square Garden Sports Corp., Class A | 903267 |
| **Health Care Equipment & Supplies (6.1%):** | **Health Care Equipment & Supplies (6.1%):** |  |
| 162777 | Alcon, Inc. | 11183277 |
| 105600 | Baxter International, Inc. | 5382432 |
| 54161 | Becton Dickinson and Co. | 13773142 |
| 64135 | Danaher Corp. | 17022712 |
| 24335 | GE HealthCare Technologies, Inc.\* | 1420677 |
| 18875 | Stryker Corp. | 4614749 |
| 49122 | Teleflex, Inc. | 12262325 |
|  |  | 65659314 |
| **Health Care Providers & Services (2.0%):** | **Health Care Providers & Services (2.0%):** |  |
| 40244 | UnitedHealth Group, Inc. | 21336564 |
| **Hotels, Restaurants & Leisure (3.0%):** | **Hotels, Restaurants & Leisure (3.0%):** |  |
| 36900 | Hilton Worldwide Holdings, Inc.# | 4662684 |
| 60600 | Starbucks Corp.# | 6011520 |
| 165705 | Yum! Brands, Inc.# | 21223496 |
|  |  | 31897700 |
| **Industrial Conglomerates (1.7%):** | **Industrial Conglomerates (1.7%):** |  |
| 218394 | General Electric Co.# | 18299233 |
| **Insurance (0.7%):** | **Insurance (0.7%):** |  |
| 48476 | Marsh & McLennan Cos., Inc. | 8021808 |
| **Interactive Media & Services (1.8%):** | **Interactive Media & Services (1.8%):** |  |
| 174960 | Alphabet, Inc., Class A\*# | 15436721 |
| 33686 | Meta Platforms, Inc., Class A\* | 4053773 |
|  |  | 19490494 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks, continued** | **Common Stocks, continued** | |
| **Internet & Direct Marketing Retail (2.1%):** | **Internet & Direct Marketing Retail (2.1%):** | |
| 267466 | Amazon.com, Inc.\*# | $22467144 |
| **IT Services (1.9%):** | **IT Services (1.9%):** |  |
| 90895 | Black Knight, Inc.\* | 5612766 |
| 22800 | Mastercard, Inc., Class A | 7928244 |
| 32800 | Visa, Inc., Class A | 6814528 |
|  |  | 20355538 |
| **Life Sciences Tools & Services (4.9%):** | **Life Sciences Tools & Services (4.9%):** |  |
| 609276 | Avantor, Inc.\* | 12849631 |
| 138695 | PerkinElmer, Inc. | 19447813 |
| 36639 | Thermo Fisher Scientific, Inc. | 20176731 |
|  |  | 52474175 |
| **Machinery (3.5%):** | **Machinery (3.5%):** |  |
| 322067 | Fortive Corp. | 20692805 |
| 319903 | Ingersoll-Rand, Inc. | 16714932 |
|  |  | 37407737 |
| **Multi-Utilities (1.9%):** | **Multi-Utilities (1.9%):** |  |
| 177836 | Ameren Corp. | 15813177 |
| 68800 | Public Service Enterprise Group, Inc. | 4215376 |
|  |  | 20028553 |
| **Oil, Gas & Consumable Fuels (1.6%):** | **Oil, Gas & Consumable Fuels (1.6%):** |  |
| 23388 | ConocoPhillips | 2759784 |
| 76853 | EOG Resources, Inc. | 9954001 |
| 21000 | Pioneer Natural Resources Co. | 4796190 |
|  |  | 17509975 |
| **Pharmaceuticals (0.9%):** | **Pharmaceuticals (0.9%):** |  |
| 67372 | Catalent, Inc.\* | 3032414 |
| 18500 | Eli Lilly & Co. | 6768040 |
|  |  | 9800454 |
| **Professional Services (2.6%):** | **Professional Services (2.6%):** |  |
| 73574 | Equifax, Inc. | 14299843 |
| 241487 | TransUnion | 13704387 |
|  |  | 28004230 |
| **Semiconductors & Semiconductor Equipment (3.8%):** | **Semiconductors & Semiconductor Equipment (3.8%):** |  |
| 44600 | NVIDIA Corp. | 6517844 |
| 121980 | NXP Semiconductors NV | 19276500 |
| 93146 | Texas Instruments, Inc. | 15389582 |
|  |  | 41183926 |
| **Software (7.3%):** | **Software (7.3%):** |  |
| 235616 | Microsoft Corp. | 56505429 |
| 30521 | Roper Technologies, Inc. | 13187819 |
| 71632 | Salesforce, Inc.\* | 9497687 |
|  |  | 79190935 |
| **Technology Hardware, Storage & Peripherals (2.4%):** | **Technology Hardware, Storage & Peripherals (2.4%):** |  |
| 202292 | Apple, Inc. | 26283800 |
| Total Common Stocks (Cost $657,173,703) | Total Common Stocks (Cost $657,173,703) | 666580712 |
| **Preferred Stocks (0.5%):** | **Preferred Stocks (0.5%):** |  |
| **Capital Markets (0.0%<sup>†</sup>):** | **Capital Markets (0.0%<sup>†</sup>):** |  |
| 3600 | Charles Schwab Corp. (The), Series D, 25.22%, 11/14/19^ | 84924 |
| **Electric Utilities (0.1%):** | **Electric Utilities (0.1%):** |  |
| 65939 | SCE Trust IV, Series J, 4.07%, 12/31/49 | 1193496 |

---

See accompanying notes to the financial statements.

------

**AZL T. Rowe Price Capital Appreciation Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Preferred Stocks, continued** | **Preferred Stocks, continued** | |
| **Multi-Utilities (0.4%):** | **Multi-Utilities (0.4%):** | |
| 72280 | CMS Energy Corp., 2.07%, 10/15/78 | $1603170 |
| 89341 | CMS Energy Corp., 2.05%, 3/1/79 | 2001238 |
| 16144 | NiSource, Inc., Series B, 3.21%, 11/21/19 | 392138 |
|  |  | 3996546 |
| Total Preferred Stocks (Cost $6,182,600) | Total Preferred Stocks (Cost $6,182,600) | 5274966 |
| **Principal<br>Amount** |  | **Value** |
| **Asset Backed Securities (0.3%):** | **Asset Backed Securities (0.3%):** |  |
| $627263 | Domino's Pizza Master Issuer LLC, Class A2, Series 2019-1A, 3.67%, 10/25/49, Callable 10/25/26 @ 100(a) | 528863 |
| 1405890 | Domino's Pizza Master Issuer LLC, Class A23, Series 2018-1A, 4.12%, 7/25/47, Callable 7/25/24 @ 100(a) | 1286030 |
| 1334400 | Domino's Pizza Master Issuer LLC, Class A2I, Series 2018-1A, 4.12%, 7/25/48, Callable 1/25/23 @ 100(a) | 1257464 |
| Total Asset Backed Securities (Cost $3,353,697) | Total Asset Backed Securities (Cost $3,353,697) | 3072357 |
| **Convertible Bond (0.1%):** | **Convertible Bond (0.1%):** |  |
| **Media (0.1%):** | **Media (0.1%):** |  |
| 1144000 | Spotify USA, Inc., 7.00%, 3/15/26 | 921080 |
| Total Convertible Bond (Cost $1,026,258) | Total Convertible Bond (Cost $1,026,258) | 921080 |
| **Bank Loans (14.5%):** | **Bank Loans (14.5%):** |  |
| **Airlines (0.2%):** | **Airlines (0.2%):** |  |
| 1642982 | SkyMiles IP Ltd. Initial Term Loan, 8.07% (LIBOR+375bps), 10/20/27 | 1672556 |
| **Building Products (0.5%):** | **Building Products (0.5%):** |  |
| 1571767 | Filtration Group Corporation 2021 Incremental Term Loan, 4.36% (Term SOFR+0bps), 10/21/28 | 1540332 |
| 1987662 | Filtration Group Corporation Initial Dollar Term Loan, 7.32% (LIBOR+300bps), 3/31/25 | 1963651 |
| 1514598 | Filtration Group Corporation Initial Euro Term Loan, 7.82% (LIBOR+350bps), 3/31/25 | 1460330 |
|  |  | 4964313 |
| **Capital Markets (0.8%):** | **Capital Markets (0.8%):** |  |
| 8597157 | Medline Borrower, LP Initial Dollar Term Loan, 7.57% (LIBOR+325bps), 10/23/28 | 8158530 |
| 530550 | Woof Holdings, Inc. Initial Term Loan, 8.07% (LIBOR+375bps), 12/21/27 | 497831 |
|  |  | 8656361 |
| **Chemicals (0.8%):** | **Chemicals (0.8%):** |  |
| 5344045 | USI, Inc. 2021 New Term Loan, 7.57% (LIBOR+325bps), 12/2/26 | 5297285 |
| 3895426 | USI, Inc. 2022 New Term Loan, 8.11% (Term SOFR+375bps), 11/22/29 | 3850628 |
|  |  | 9147913 |
| **Diversified Consumer Services (0.7%):** | **Diversified Consumer Services (0.7%):** |  |
| 4656442 | Ascend Learning, LLC 2021 Initial Term Loan, 7.82% (LIBOR+350bps), 12/11/28 | 4394517 |
| 3621059 | Loire UK Midco 3 Limited Facility B, 7.32% (LIBOR+300bps), 4/21/27 | 3372111 |
| 158964 | Loire UK Midco 3 Limited Facility B2, 7.82% (LIBOR+350bps), 4/21/27 | 148101 |
|  |  | 7914729 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Bank Loans, continued** | **Bank Loans, continued** | |
| **Diversified Financial Services (0.1%):** | **Diversified Financial Services (0.1%):** | |
| $722700 | Acrisure, LLC 2021-1 Additional Term Loan, 8.07% (LIBOR+375bps), 2/15/27 | $684982 |
| **Electric Utilities (1.1%):** | **Electric Utilities (1.1%):** |  |
| 2096314 | Alliant Holdings I LLC 2019 New Term Loan, 7.57% (LIBOR+325bps), 5/9/25 | 2066735 |
| 5419965 | Alliant Holdings I LLC TLB-4 New Term Loan, 7.82% (LIBOR+350bps), 11/5/27 | 5290265 |
| 4297495 | Alliant Holdings Intermediate, LLC 2018 Initial Term Loan, 7.57% (LIBOR+325bps), 5/9/25 | 4236256 |
|  |  | 11593256 |
| **Health Care (0.0%<sup>†</sup>):** | **Health Care (0.0%<sup>†</sup>):** |  |
| 125760 | EyeCare Partners, LLC Amendment No. 1 Term Loan, 8.48% (LIBOR+375bps), 11/15/28 | 105450 |
| 272229 | EyeCare Partners, LLC Initial Term Loan, 8.07% (LIBOR+375bps), 2/18/27 | 216877 |
|  |  | 322327 |
| **Health Care Providers & Services (0.9%):** | **Health Care Providers & Services (0.9%):** |  |
| 1691417 | ADMI Corp. Amendment No. 4 Refinancing Term Loan, 7.69% (LIBOR+338bps), 12/23/27 | 1529887 |
| 3802617 | ADMI Corp. Amendment No. 5 Incremental Term Loan, 8.07% (LIBOR+350bps), 12/23/27 | 3453270 |
| 401169 | Aspen Dental Term B Loan, 4.32% (LIBOR+375bps), 4/30/25 | 376786 |
| 571018 | Heartland Dental, LLC 2021 Incremental Term Loan, 8.32% (LIBOR+400bps), 4/30/25 | 529619 |
| 4068408 | Heartland Dental, LLC Initial Term Loan, 8.07% (LIBOR+375bps), 4/30/25 | 3751073 |
|  |  | 9640635 |
| **Hotels, Restaurants & Leisure (0.5%):** | **Hotels, Restaurants & Leisure (0.5%):** |  |
| 39 | Four Seasons Holdings Inc. 2013 First Lein Term Ln, 6.32% (LIBOR+200bps), 11/30/23 | 39 |
| 494102 | Hilton Worldwide Refinanced Series B-2 Term Loan, 6.11% (Term SOFR+175bps), 6/22/26 | 492135 |
| 1983382 | IRB Holding Corp. 2020 Replacement Term B Loan, 7.07% (LIBOR+275bps), 2/5/25 | 1963231 |
| 1977933 | IRB Holding Corp. 2022 Replacement Term B Loan, 7.36% (Term SOFR+300bps), 12/15/27 | 1917111 |
| 604972 | Life Time, Inc. 2021 Refinancing Term Loan, 9.07% (LIBOR+475bps), 12/16/24 | 601003 |
| 165925 | Seaworld Parks & Entertainment, Inc. Term B Loan, 7.50% (PRIME+0bps), 8/25/28 | 162725 |
|  |  | 5136244 |
| **Insurance (3.7%):** | **Insurance (3.7%):** |  |
| 4604023 | Howden (Hyperion) 2021 Dollar Refinancing Term Loan, 7.57% (LIBOR+325bps), 11/12/27 | 4476583 |
| 1050612 | Hub International Limited 2022 Incremental Term Loan, 8.36% (Term SOFR+400bps), 11/10/29 | 1038068 |
| 20272186 | Hub International Limited Initial Term Loan, 7.32% (LIBOR+300bps), 4/25/25 | 20027298 |
| 13548190 | Hub International LTD B-3 Incremental Term Loan, 7.57% (LIBOR+325bps), 4/25/25 | 13409592 |
| 1126212 | Ryan Specialty Group, LLC Initial Term Loan, 7.36% (Term SOFR+300bps), 9/1/27 | 1116831 |
|  |  | 40068372 |

---

See accompanying notes to the financial statements.

------

**AZL T. Rowe Price Capital Appreciation Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Bank Loans, continued** | **Bank Loans, continued** | |
| **IT Services (0.0%<sup>†</sup>):** | **IT Services (0.0%<sup>†</sup>):** | |
| $200000 | CoreLogic, Inc. Initial Term Loan, 10.82% (LIBOR+650bps), 6/4/29 | $140100 |
| **Life Sciences Tools & Services (0.1%):** | **Life Sciences Tools & Services (0.1%):** |  |
| 943307 | Avantor Funding, Inc. 2021 Incremental B-5 Dollar Term Loan, 6.57% (LIBOR+225bps), 11/8/27 | 937544 |
| **Machinery (0.2%):** | **Machinery (0.2%):** |  |
| 1727729 | TK Elevator Midco GmbH Facility B1, 7.82% (LIBOR+350bps), 7/30/27 | 1659708 |
| **Media (0.0%<sup>†</sup>):** | **Media (0.0%<sup>†</sup>):** |  |
| 544528 | Charter Communications Operating, LLC Term B-1 Loan, 6.07% (LIBOR+175bps), 4/30/25 | 540868 |
| **Pharmaceuticals (0.3%):** | **Pharmaceuticals (0.3%):** |  |
| 3631212 | Sunshine Luxembourg VII S.a r.l. Facility B3, 8.48% (LIBOR+375bps), 10/1/26 | 3471838 |
| **Professional Services (0.1%):** | **Professional Services (0.1%):** |  |
| 703502 | Camelot U.S. Acquisition 1 Co. Amendment No. 2 Incremental Term Loan, 7.32% (LIBOR+300bps), 10/30/26 | 692070 |
| **Software (3.2%):** | **Software (3.2%):** |  |
| 1046961 | Applied Systems, Inc. 2021 Term Loan, 11.11% (Term SOFR+675bps), 9/19/25 | 1035183 |
| 6319340 | Applied Systems, Inc. 2026 Term Loan, 8.86% (Term SOFR+450bps), 9/18/26 | 6290536 |
| 1107148 | Azalea TopCo, Inc. 2021 Term Loan, 4.36% (Term SOFR+0bps), 7/24/26 | 1014890 |
| 662513 | Azalea TopCo, Inc. 2022 Incremental Term Loan, 8.11% (Term SOFR+375bps), 7/24/26 | 606200 |
| 4310667 | Azalea TopCo, Inc. Initial Term Loan, 8.11% (Term SOFR+375bps), 7/24/26 | 3938872 |
| 4452565 | RealPage, Inc. Initial First Lien Term Loan, 7.32% (LIBOR+300bps), 4/24/28 | 4225484 |
| 200000 | RealPage, Inc. Initial Second Lien Loan, 10.82% (LIBOR+650bps), 4/23/29 | 191500 |
| 412003 | Sophia, L.P. 2022 Incremental Term B-1 Loan, 8.30% (SOFR+400bps), 10/7/27 | 399642 |
| 987465 | Sophia, L.P. Term Loan B, 7.82% (LIBOR+350bps), 10/7/27 | 951057 |
| 885000 | UKG Inc. 2021 Incremental Term Loan, 9.57% (LIBOR+525bps), 5/3/27 | 810217 |
| 16370745 | UKG Inc. 2021-2 Incremental Term Loan, 7.00% (LIBOR+325bps), 5/4/26 | 15552208 |
|  |  | 35015789 |
| **Software & Tech Services (0.4%):** | **Software & Tech Services (0.4%):** |  |
| 4534750 | Athenahealth Group Inc. Initial Term Loan, 7.86% (Term SOFR+350bps), 2/15/29 | 4082907 |
| 554348 | Athenahealth Group Inc. Initial Term Loan DDTL,<br> 7.86% (Term SOFR+350bps), 2/15/29+ | 499113 |
| 272938 | Storable, Inc. Initial Term Loan, 7.86% (Term SOFR+350bps), 4/17/28 | 259291 |
|  |  | 4841311 |
| **Sovereign Bond (0.5%):** | **Sovereign Bond (0.5%):** |  |
| 5296035 | Mileage Plus Holdings LLC Initial Term Loan, 9.57% (LIBOR+525bps), 6/21/27 | 5440352 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **Bank Loans, continued** | **Bank Loans, continued** | |
| **Specialty Retail (0.4%):** | **Specialty Retail (0.4%):** | |
| $1418700 | PetVet Care Centers, LLC 2018 First Lien Term Loan, 7.57% (LIBOR+325bps), 2/14/25 | $1323378 |
| 2162472 | PetVet Care Centers, LLC 2021 First Lien Replacement Term Loan, 7.82% (LIBOR+350bps), 2/14/25 | 2026344 |
| 357825 | PetVet Care Centers, LLC Initial First Lien Term Loan, 7.07% (LIBOR+275bps), 2/14/25 | 333003 |
| 115000 | PetVet Care Centers, LLC Initial Second Lien Term Loan, 10.57% (LIBOR+625bps), 2/13/26 | 105704 |
|  |  | 3788429 |
| **Telecommunications (0.0%<sup>†</sup>):** | **Telecommunications (0.0%<sup>†</sup>):** |  |
| 249896 | SBA Communications Term Loan B, 6.07% (LIBOR+175bps), 4/11/25 | 248786 |
| Total Bank Loans (Cost $161,392,511) | Total Bank Loans (Cost $161,392,511) | 156578483 |
| **Corporate Bonds (8.5%):** | **Corporate Bonds (8.5%):** |  |
| **Aerospace & Defense (0.2%):** | **Aerospace & Defense (0.2%):** |  |
| 76000 | Howmet Aerospace, Inc., 5.90%, 2/1/27 | 76000 |
| 570000 | Howmet Aerospace, Inc., 3.00%, 1/15/29, Callable 11/15/28 @ 100 | 491625 |
| 250000 | TransDigm UK Holdings plc, 6.88%, 5/15/26, Callable 2/6/23 @ 103.44 | 245625 |
| 809000 | TransDigm, Inc., 6.25%, 3/15/26, Callable 2/6/23 @ 103.13(a) | 793831 |
| 160000 | TransDigm, Inc., 6.38%, 6/15/26, Callable 2/6/23 @ 101.59 | 155800 |
| 610000 | TransDigm, Inc., 5.50%, 11/15/27, Callable 2/6/23 @ 102.75 | 567300 |
|  |  | 2330181 |
| **Airlines (0.2%):** | **Airlines (0.2%):** |  |
| 1150000 | Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28(a) | 1081179 |
| 1187500 | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25(a) | 1174141 |
| 138057 | U.S. Airways Pass Through Trust, Series 2010-1A, 6.25%, 10/22/24 | 135296 |
|  |  | 2390616 |
| **Auto Components (0.3%):** | **Auto Components (0.3%):** |  |
| 467000 | Clarios Global LP, 6.75%, 5/15/25, Callable 2/6/23 @ 103.38(a) | 468751 |
| 643000 | Clarios Global LP / Clarios US Finance Co., 6.25%, 5/15/26, Callable 2/6/23 @ 103.13(a) | 628532 |
| 1735000 | Clarios Global LP / Clarios US Finance Co., 8.50%, 5/15/27, Callable 2/6/23 @ 104.25(a) | 1695963 |
|  |  | 2793246 |
| **Building Products (0.0%<sup>†</sup>):** | **Building Products (0.0%<sup>†</sup>):** |  |
| 280000 | Lennox International, Inc., 3.00%, 11/15/23, Callable 9/15/23 @ 100 | 274664 |
| **Capital Markets (0.4%):** | **Capital Markets (0.4%):** |  |
| 152000 | Intercontinental Exchange, Inc., 4.00%, 9/15/27, Callable 8/15/27 @ 100 | 146765 |
| 512000 | Intercontinental Exchange, Inc., 4.35%, 6/15/29, Callable 4/15/29 @ 100 | 496332 |

---

See accompanying notes to the financial statements.

------

**AZL T. Rowe Price Capital Appreciation Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Capital Markets, continued** | **Capital Markets, continued** | **Capital Markets, continued** | |
| $| 1020000 | Intercontinental Exchange, Inc., 5.20%, 6/15/62, Callable 12/15/61 @ 100 | $968040 |
|  | 772000 | MSCI, Inc., 4.00%, 11/15/29, Callable 11/15/24 @ 102(a) | 673570 |
|  | 1131000 | MSCI, Inc., 3.63%, 9/1/30, Callable 3/1/25 @ 101.81(a) | 938730 |
|  | 521000 | MSCI, Inc., 3.88%, 2/15/31, Callable 6/1/25 @ 101.94(a) | 431779 |
|  | 471000 | MSCI, Inc., 3.63%, 11/1/31, Callable 11/1/26 @ 101.81(a) | 390930 |
|  | 421000 | MSCI, Inc., 3.25%, 8/15/33, Callable 8/15/27 @ 101.63(a) | 325223 |
|  |  |  | 4371369 |
| **Diversified Consumer Services (0.0%<sup>†</sup>):** | **Diversified Consumer Services (0.0%<sup>†</sup>):** | **Diversified Consumer Services (0.0%<sup>†</sup>):** |  |
|  | 605000 | Service Corp International/US, 3.38%, 8/15/30, Callable 8/15/25 @ 101.69 | 491563 |
| **Diversified Financial Services (0.2%):** | **Diversified Financial Services (0.2%):** | **Diversified Financial Services (0.2%):** |  |
|  | 1750000 | Acrisure LLC / Acrisure Finance, Inc., 7.00%, 11/15/25, Callable 2/6/23 @ 100(a) | 1605625 |
| **Electric Utilities (0.2%):** | **Electric Utilities (0.2%):** | **Electric Utilities (0.2%):** |  |
|  | 1819000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.75%, 10/15/27, Callable 2/6/23 @ 103.38(a) | 1634826 |
|  | 385000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, 10/15/27, Callable 10/15/23 @ 102.13(a) | 345538 |
|  | 626000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94(a) | 513320 |
|  |  |  | 2493684 |
| **Electrical Equipment (0.1%):** | **Electrical Equipment (0.1%):** | **Electrical Equipment (0.1%):** |  |
|  | 1006000 | Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(a) | 867675 |
|  | 208000 | Sensata Technologies, Inc., 4.38%, 2/15/30, Callable 11/15/29 @ 100(a) | 181740 |
|  | 491000 | Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88(a) | 403847 |
|  |  |  | 1453262 |
| **Entertainment (0.0%<sup>†</sup>):** | **Entertainment (0.0%<sup>†</sup>):** | **Entertainment (0.0%<sup>†</sup>):** |  |
|  | 100000 | Live Nation Entertainment, Inc., 4.88%, 11/1/24, Callable 2/6/23 @ 100(a) | 96875 |
| **Equity Real Estate Investment Trusts (REITs) (0.2%):** | **Equity Real Estate Investment Trusts (REITs) (0.2%):** | **Equity Real Estate Investment Trusts (REITs) (0.2%):** |  |
|  | 885000 | SBA Communications Corp., 3.88%, 2/15/27, Callable 2/15/23 @ 101.94 | 803138 |
|  | 1165000 | SBA Communications Corp., 3.13%, 2/1/29, Callable 2/1/24 @ 101.56 | 968406 |
|  | 63000 | SBA Tower Trust, 6.60%, 1/15/28, Callable 1/15/27 @ 100(a) | 63200 |
|  |  |  | 1834744 |
| **Health Care Equipment & Supplies (0.1%):** | **Health Care Equipment & Supplies (0.1%):** | **Health Care Equipment & Supplies (0.1%):** |  |
|  | 574000 | Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63(a) | 493640 |
|  | 745000 | Teleflex, Inc., 4.63%, 11/15/27, Callable 1/23/23 @ 102.31 | 705887 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Health Care Equipment & Supplies, continued** | **Health Care Equipment & Supplies, continued** | **Health Care Equipment & Supplies, continued** | |
| $| 130000 | Teleflex, Inc., 4.25%, 6/1/28, Callable 6/1/23 @ 102.13(a) | $119600 |
|  |  |  | 1319127 |
| **Health Care Providers & Services (0.3%):** | **Health Care Providers & Services (0.3%):** | **Health Care Providers & Services (0.3%):** |  |
|  | 1775000 | Hadrian Merger Sub, Inc., 8.50%, 5/1/26, Callable 2/6/23 @ 102.13(a) | 1544250 |
|  | 1216000 | Surgery Center Holdings, Inc., 10.00%, 4/15/27, Callable 2/6/23 @ 105(a) | 1228160 |
|  |  |  | 2772410 |
| **Hotels, Restaurants & Leisure (2.7%):** | **Hotels, Restaurants & Leisure (2.7%):** | **Hotels, Restaurants & Leisure (2.7%):** |  |
|  | 2088000 | Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.38%, 4/15/27, Callable 2/6/23 @ 102.69 | 1986210 |
|  | 1301000 | Cedar Fair LP /Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.50%, 5/1/25, Callable 2/6/23 @ 102.75(a) | 1281485 |
|  | 188000 | Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28, Callable 5/1/23 @ 102.88(a) | 181890 |
|  | 491000 | Hilton Domestic Operating Co., Inc., 3.75%, 5/1/29, Callable 5/1/24 @ 101.88(a) | 424715 |
|  | 660000 | Hilton Domestic Operating Co., Inc., 4.88%, 1/15/30, Callable 1/15/25 @ 102.44 | 596475 |
|  | 737000 | Six Flags Theme Parks, Inc., 7.00%, 7/1/25, Callable 2/6/23 @ 103.5(a) | 740685 |
|  | 1838000 | Cedar Fair LP, 5.25%, 7/15/29, Callable 7/15/24 @ 102.63 | 1649605 |
|  | 1584000 | Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 6.50%, 10/1/28, Callable 10/1/23 @ 103.25 | 1518660 |
|  | 269000 | Hilton Domestic Operating Co., Inc., 5.38%, 5/1/25, Callable 1/17/23 @ 102.69(a) | 265638 |
|  | 670000 | Hilton Domestic Operating Co., Inc., 4.00%, 5/1/31, Callable 5/1/26 @ 102(a) | 562800 |
|  | 910000 | Hilton Domestic Operating Co., Inc., 3.63%, 2/15/32, Callable 8/15/26 @ 101.81(a) | 729137 |
|  | 349000 | Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.88%, 4/1/27, Callable 1/23/23 @ 102.44 | 331986 |
|  | 3236000 | KFC Holding Co. /Pizza Hut Holdings LLC /Taco Bell of America LLC, 4.75%, 6/1/27, Callable 2/6/23 @ 102.38(a) | 3106560 |
|  | 1273000 | Life Time, Inc., 5.75%, 1/15/26, Callable 2/6/23 @ 102.88(a) | 1177525 |
|  | 4419000 | Six Flags Entertainment Corp., 4.88%, 7/31/24, Callable 2/6/23 @ 100(a) | 4264335 |
|  | 2690000 | Six Flags Entertainment Corp., 5.50%, 4/15/27, Callable 2/6/23 @ 102.75^(a) | 2454625 |
|  | 253000 | Vail Resorts, Inc., 6.25%, 5/15/25, Callable 2/6/23 @ 103.13(a) | 253000 |
|  | 664000 | Yum! Brands, Inc., 4.75%, 1/15/30, Callable 10/15/29 @ 100(a) | 607560 |
|  | 858000 | Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100 | 716430 |
|  | 1755000 | Yum! Brands, Inc., 4.63%, 1/31/32, Callable 10/1/26 @ 102.31 | 1553175 |

---

See accompanying notes to the financial statements.

------

**AZL T. Rowe Price Capital Appreciation Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | **Corporate Bonds, continued** | |
| **Hotels, Restaurants & Leisure, continued** | **Hotels, Restaurants & Leisure, continued** | **Hotels, Restaurants & Leisure, continued** | |
| $| 1354000 | Yum! Brands, Inc., 5.38%, 4/1/32, Callable 4/1/27 @ 102.69 | $1252450 |
|  | 1120000 | Yum! Brands, Inc., 6.88%, 11/15/37 | 1134000 |
|  | 2080000 | Yum! Brands, Inc., 5.35%, 11/1/43, Callable 5/1/43 @ 100 | 1718600 |
|  |  |  | 28507546 |
| **Industrial Conglomerates (0.3%):** | **Industrial Conglomerates (0.3%):** | **Industrial Conglomerates (0.3%):** |  |
|  | 3602000 | General Electric Co., Series D, 8.10% (US0003M+333 bps), Callable 3/15/23 @ 100 | 3586689 |
| **Insurance (1.2%):** | **Insurance (1.2%):** | **Insurance (1.2%):** |  |
|  | 510000 | AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(a) | 436688 |
|  | 174000 | BroadStreet Partners, Inc., 5.88%, 4/15/29, Callable 4/15/24 @ 102.94(a) | 148770 |
|  | 8120000 | HUB International, Ltd., 7.00%, 5/1/26, Callable 1/17/23 @ 101.75(a) | 7947450 |
|  | 484000 | HUB International, Ltd., 5.63%, 12/1/29, Callable 12/1/24 @ 102.81(a) | 423500 |
|  | 80000 | Ryan Specialty Group LLC, 4.38%, 2/1/30, Callable 2/1/25 @ 102.19(a) | 69500 |
|  | 3463000 | USI, Inc., 6.88%, 5/1/25, Callable 2/6/23 @ 100(a) | 3389411 |
|  |  |  | 12415319 |
| **IT Services (0.2%):** | **IT Services (0.2%):** | **IT Services (0.2%):** |  |
|  | 5000 | Arches Buyer, Inc., 4.25%, 6/1/28, Callable 12/1/23 @ 102.13(a) | 3900 |
|  | 228000 | Black Knight InfoServ LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81(a) | 197790 |
|  | 291000 | Booz Allen Hamilton, Inc., 3.88%, 9/1/28, Callable 9/1/23 @ 101.94(a) | 257899 |
|  | 38000 | Booz Allen Hamilton, Inc., 4.00%, 7/1/29, Callable 7/1/24 @ 102(a) | 33487 |
|  | 180000 | Gartner, Inc., 4.50%, 7/1/28, Callable 7/1/23 @ 102.25(a) | 167400 |
|  | 724000 | Gartner, Inc., 3.63%, 6/15/29, Callable 6/15/24 @ 101.81(a) | 634405 |
|  | 341000 | Gartner, Inc., 3.75%, 10/1/30, Callable 10/1/25 @ 101.88(a) | 293686 |
|  | 35000 | Twilio, Inc., 3.63%, 3/15/29, Callable 3/15/24 @ 101.81 | 28394 |
|  |  |  | 1616961 |
| **Leisure Products (0.1%):** | **Leisure Products (0.1%):** | **Leisure Products (0.1%):** |  |
|  | 178000 | Mattel, Inc., 3.38%, 4/1/26, Callable 4/1/23 @ 101.69(a) | 163093 |
|  | 136000 | Mattel, Inc., 5.88%, 12/15/27, Callable 2/6/23 @ 104.41(a) | 132940 |
|  | 379000 | Mattel, Inc., 3.75%, 4/1/29, Callable 4/1/24 @ 101.88(a) | 331625 |
|  |  |  | 627658 |
| **Life Sciences Tools & Services (0.4%):** | **Life Sciences Tools & Services (0.4%):** | **Life Sciences Tools & Services (0.4%):** |  |
|  | 2219000 | Avantor Funding, Inc., 4.63%, 7/15/28, Callable 7/15/23 @ 102.31(a) | 2016516 |
|  | 1502000 | Avantor Funding, Inc., 3.88%, 11/1/29, Callable 11/1/24 @ 101.94(a) | 1259803 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | | **Value** | **Value** |
| **Corporate Bonds, continued** | **Corporate Bonds, continued** | | |
| **Life Sciences Tools & Services, continued** | **Life Sciences Tools & Services, continued** | | |
| 155000 | Charles River Laboratories International, Inc., 4.25%, 5/1/28, Callable 5/1/23 @ 102.13(a) | $| 141825 |
| 546000 | Charles River Laboratories International, Inc., 3.75%, 3/15/29, Callable 3/15/24 @ 101.88(a) |  | 480480 |
| 340000 | Charles River Laboratories International, Inc., 4.00%, 3/15/31, Callable 3/15/26 @ 102(a) |  | 294950 |
| 350000 | IQVIA, Inc., 5.00%, 5/15/27, Callable 2/6/23 @ 102.5(a) |  | 330750 |
|  |  |  | 4524324 |
| **Media (1.3%):** | **Media (1.3%):** |  |  |
| 350000 | CCO Holdings LLC / CCO Holdings Capital Corp., 5.50%, 5/1/26, Callable 2/6/23 @ 101.83(a) |  | 338625 |
| 7600000 | CCO Holdings LLC / CCO Holdings Capital Corp., 5.13%, 5/1/27, Callable 2/6/23 @ 102.56(a) |  | 7001500 |
| 6136000 | CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 2/1/28, Callable 1/23/23 @ 102.5(a) |  | 5522400 |
| 700000 | Lamar Media Corp., 3.75%, 2/15/28, Callable 2/15/23 @ 101.88 |  | 624750 |
| 120000 | Lamar Media Corp., 3.63%, 1/15/31, Callable 1/15/26 @ 101.81 |  | 98400 |
| 370000 | Sirius XM Radio, Inc., 5.00%, 8/1/27, Callable 2/6/23 @ 102.5(a) |  | 341787 |
|  |  |  | 13927462 |
| **Multi-Utilities (0.1%):** | **Multi-Utilities (0.1%):** |  |  |
| 768000 | NiSource, Inc., 5.65% (H15T5Y+284 bps), Callable 6/15/23 @ 100 |  | 716530 |
| **Professional Services (0.0%<sup>†</sup>):** | **Professional Services (0.0%<sup>†</sup>):** |  |  |
| 405000 | Korn Ferry, 4.63%, 12/15/27, Callable 2/6/23 @ 102.31(a) |  | 371588 |
| **Semiconductors & Semiconductor Equipment (0.0%<sup>†</sup>):** | **Semiconductors & Semiconductor Equipment (0.0%<sup>†</sup>):** |  |  |
| 415000 | Entegris Escrow Corp., 4.75%, 4/15/29, Callable 1/15/29 @ 100(a) |  | 376094 |
| **Software (0.0%<sup>†</sup>):** | **Software (0.0%<sup>†</sup>):** |  |  |
| 306000 | Clarivate Science Holdings Corp., 3.88%, 7/1/28, Callable 6/30/24 @ 101.94(a) |  | 260865 |
| 220000 | Clarivate Science Holdings Corp., 4.88%, 7/1/29, Callable 6/30/24 @ 102.44(a) |  | 186450 |
| 60000 | Crowdstrike Holdings, Inc., 3.00%, 2/15/29, Callable 2/15/24 @ 101.5 |  | 50550 |
|  |  |  | 497865 |
| Total Corporate Bonds (Cost $95,950,911) | Total Corporate Bonds (Cost $95,950,911) |  | 91395402 |
| **Yankee Debt Obligations (0.2%):** | **Yankee Debt Obligations (0.2%):** |  |  |
| **Diversified Telecommunication Services (0.1%):** | **Diversified Telecommunication Services (0.1%):** |  |  |
| 1325000 | Altice France Holding SA, 10.50%, 5/15/27, Callable 1/17/23 @ 105.25(a) |  | 1007000 |
| **Electrical Equipment (0.1%):** | **Electrical Equipment (0.1%):** |  |  |
| 260000 | Sensata Technologies BV, 5.63%, 11/1/24(a) |  | 256750 |
| 565000 | Sensata Technologies BV, 5.00%, 10/1/25(a) |  | 548050 |
|  |  |  | 804800 |
| Total Yankee Debt Obligations (Cost $2,201,844) | Total Yankee Debt Obligations (Cost $2,201,844) |  | 1811800 |
| **U.S. Treasury Obligation (8.9%):** | **U.S. Treasury Obligation (8.9%):** |  |  |
| **U.S. Treasury Notes (8.9%):** | **U.S. Treasury Notes (8.9%):** | **U.S. Treasury Notes (8.9%):** | **U.S. Treasury Notes (8.9%):** |
| 105732000 | 2.75%, 8/15/32 |  | 96546532 |
| Total U.S. Treasury Obligation (Cost $96,133,573) | Total U.S. Treasury Obligation (Cost $96,133,573) |  | 96546532 |

---

See accompanying notes to the financial statements.

------

**AZL T. Rowe Price Capital Appreciation Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Short-Term Security Held as Collateral for Securities on<br>Loan (0.3%):** | **Short-Term Security Held as Collateral for Securities on<br>Loan (0.3%):** | |
| 3186955 | BlackRock Liquidity FedFund, Institutional Class, 1.49%(b)(c) | $3186955 |
| Total Short-Term Security Held as Collateral for Securities on<br>Loan (Cost $3,186,955) | Total Short-Term Security Held as Collateral for Securities on<br>Loan (Cost $3,186,955) | 3186955 |
| **Unaffiliated Investment Company (5.4%):** | **Unaffiliated Investment Company (5.4%):** |  |
| **Money Markets (5.4%):** | **Money Markets (5.4%):** |  |
| 58240238 | Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 3.90%(c) | 58240238 |
| Total Unaffiliated Investment Company (Cost $58,240,238) | Total Unaffiliated Investment Company (Cost $58,240,238) | 58240238 |
| Total Investment Securities (Cost $1,084,842,290) — 100.6%(d) | Total Investment Securities (Cost $1,084,842,290) — 100.6%(d) | 1083608525 |
| Net other assets (liabilities) — (0.6)% | Net other assets (liabilities) — (0.6)% | (6731790) |
| Net Assets — 100.0% | Net Assets — 100.0% | $1076876735 |

---

H15T5Y—5 Year Treasury Constant Maturity Rate

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

US0003M—3 Month US Dollar LIBOR

\* Non-income producing security.

# All or a portion of this security has been pledged as collateral for outstanding call options written.

---

| | |
|:---|:---|
| ^ | This security or a partial position of this security was on loan as of December 31, 2022. The total value of securities on loan as of December 31, 2022 was $3,082,535.  |

---

+ This security, in part or entirely, represents an unfunded loan commitment.

† Represents less than 0.05%.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors.

(b) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for
securities that were sold on or before December 31, 2022.

(c) The rate represents the effective yield at December 31, 2022.

(d) See Federal Tax Information listed in the Notes to the Financial Statements.

Amounts shown as "—" are either 0 or round to less than 1.

Percentages indicated are based on net assets as of December 31, 2022.

**Options Contracts** 

At December 31, 2022, the Fund's over-the-counter options written were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Put/<br>Call** | **Strike<br>Price** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount(a)** | **Fair Value** |
|  Alphabet, Inc. | Goldman Sachs | Call | 160.00 USD | 1/20/23 | 60 | $9600 | $(1) |
|  Alphabet, Inc. | Goldman Sachs | Call | 165.00 USD | 1/20/23 | 60 | 9900 | (1) |
|  Alphabet, Inc. | Goldman Sachs | Call | 170.00 USD | 1/20/23 | 60 | 10200 |  |
|  Alphabet, Inc. | Goldman Sachs | Call | 175.00 USD | 1/20/23 | 80 | 14000 |  |
|  Alphabet, Inc. | Wells Fargo | Call | 120.00 USD | 1/19/24 | 276 | 33120 | (113792) |
|  Amazon.com, Inc. | Wells Fargo | Call | 175.00 USD | 1/20/23 | 220 | 38500 | (3) |
|  Amazon.com, Inc. | Goldman Sachs | Call | 180.00 USD | 1/20/23 | 60 | 10800 |  |
|  Amazon.com, Inc. | Goldman Sachs | Call | 185.00 USD | 1/20/23 | 40 | 7400 |  |
|  Amazon.com, Inc. | Goldman Sachs | Call | 190.00 USD | 1/20/23 | 40 | 7600 |  |
|  Amazon.com, Inc. | Wells Fargo | Call | 190.00 USD | 1/20/23 | 80 | 15200 |  |
|  Amazon.com, Inc. | Wells Fargo | Call | 195.00 USD | 1/20/23 | 80 | 15600 |  |
|  Amazon.com, Inc. | Goldman Sachs | Call | 200.00 USD | 1/20/23 | 40 | 8000 |  |
|  Amazon.com, Inc. | Wells Fargo | Call | 200.00 USD | 1/20/23 | 80 | 16000 |  |
|  Amazon.com, Inc. | Goldman Sachs | Call | 205.00 USD | 1/20/23 | 40 | 8200 |  |
|  Amazon.com, Inc. | Wells Fargo | Call | 205.00 USD | 1/20/23 | 80 | 16400 |  |
|  Amazon.com, Inc. | Goldman Sachs | Call | 210.00 USD | 1/20/23 | 40 | 8400 |  |
|  Amazon.com, Inc. | Wells Fargo | Call | 210.00 USD | 1/20/23 | 80 | 16800 |  |
|  Amazon.com, Inc. | Goldman Sachs | Call | 215.00 USD | 1/20/23 | 40 | 8600 |  |
|  Amazon.com, Inc. | Goldman Sachs | Call | 220.00 USD | 1/20/23 | 40 | 8800 |  |
|  Amazon.com, Inc. | Citigroup | Call | 225.00 USD | 1/20/23 | 40 | 9000 |  |
|  Amazon.com, Inc. | Goldman Sachs | Call | 225.00 USD | 1/20/23 | 20 | 4500 |  |

---

See accompanying notes to the financial statements.

------

**AZL T. Rowe Price Capital Appreciation Fund** 

Schedule of Portfolio Investments

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Put/<br>Call** | **Strike<br>Price** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount(a)** | **Fair Value** |
|  Amazon.com, Inc. | Citigroup | Call | 230.00 USD | 1/20/23 | 40 | $9200 | $— |
|  Amazon.com, Inc. | Citigroup | Call | 235.00 USD | 1/20/23 | 40 | 9400 |  |
|  Amazon.com, Inc. | Citigroup | Call | 240.00 USD | 1/20/23 | 40 | 9600 |  |
|  Amazon.com, Inc. | Citigroup | Call | 245.00 USD | 1/20/23 | 40 | 9800 |  |
|  Amazon.com, Inc. | Citigroup | Call | 250.00 USD | 1/20/23 | 40 | 10000 |  |
|  Amazon.com, Inc. | Citigroup | Call | 255.00 USD | 1/20/23 | 40 | 10200 |  |
|  Apple, Inc. | JPMorgan Chase | Call | 170.00 USD | 1/20/23 | 128 | 21760 | (41) |
|  Apple, Inc. | JPMorgan Chase | Call | 175.00 USD | 1/20/23 | 128 | 22400 | (18) |
|  Apple, Inc. | JPMorgan Chase | Call | 180.00 USD | 1/20/23 | 128 | 23040 | (8) |
|  General Electric Co. | Wells Fargo | Call | 85.00 USD | 1/20/23 | 181 | 15385 | (35390) |
|  General Electric Co. | Wells Fargo | Call | 90.00 USD | 1/20/23 | 181 | 16290 | (8766) |
|  General Electric Co. | Wells Fargo | Call | 95.00 USD | 1/20/23 | 181 | 17195 | (1852) |
|  General Electric Co. | Wells Fargo | Call | 110.00 USD | 1/20/23 | 251 | 27610 | (74) |
|  Hilton Worldwide Holdings | Wells Fargo | Call | 145.00 USD | 1/19/24 | 71 | 10295 | (86160) |
|  Hilton Worldwide Holdings | Wells Fargo | Call | 150.00 USD | 1/19/24 | 72 | 10800 | (75284) |
|  Keurig Dr Pepper, Inc. | Citigroup | Call | 40.00 USD | 1/20/23 | 184 | 7360 | (259) |
|  Keurig Dr Pepper, Inc. | Citigroup | Call | 42.00 USD | 1/20/23 | 184 | 7728 | (74) |
|  Microsoft Corp. | Susquehanna | Call | 320.00 USD | 1/20/23 | 65 | 20800 | (10) |
|  Microsoft Corp. | Citigroup | Call | 325.00 USD | 1/20/23 | 106 | 34450 | (10) |
|  Microsoft Corp. | Susquehanna | Call | 330.00 USD | 1/20/23 | 65 | 21450 | (4) |
|  Microsoft Corp. | Citigroup | Call | 330.00 USD | 1/20/23 | 61 | 20130 | (4) |
|  Microsoft Corp. | Susquehanna | Call | 340.00 USD | 1/20/23 | 65 | 22100 | (2) |
|  Microsoft Corp. | Citigroup | Call | 340.00 USD | 1/20/23 | 126 | 42840 | (4) |
|  Microsoft Corp. | Susquehanna | Call | 350.00 USD | 1/20/23 | 65 | 22750 | (1) |
|  Microsoft Corp. | JPMorgan Chase | Call | 350.00 USD | 1/20/23 | 64 | 22400 | (1) |
|  Microsoft Corp. | Citigroup | Call | 350.00 USD | 1/20/23 | 126 | 44100 | (2) |
|  Microsoft Corp. | JPMorgan Chase | Call | 355.00 USD | 1/20/23 | 64 | 22720 | (1) |
|  Microsoft Corp. | JPMorgan Chase | Call | 360.00 USD | 1/20/23 | 64 | 23040 |  |
|  Microsoft Corp. | Citigroup | Call | 360.00 USD | 1/20/23 | 65 | 23400 |  |
|  Microsoft Corp. | Citigroup | Call | 365.00 USD | 1/20/23 | 44 | 16060 |  |
|  Microsoft Corp. | JPMorgan Chase | Call | 300.00 USD | 1/19/24 | 223 | 66900 | (280823) |
|  PNC Financial Services Group, Inc. (The) | JPMorgan Chase | Call | 190.00 USD | 1/20/23 | 49 | 9310 | (105) |
|  PNC Financial Services Group, Inc. (The) | JPMorgan Chase | Call | 195.00 USD | 1/20/23 | 49 | 9555 | (57) |
|  PNC Financial Services Group, Inc. (The) | JPMorgan Chase | Call | 200.00 USD | 1/20/23 | 49 | 9800 | (33) |
|  PNC Financial Services Group, Inc. (The) | Citigroup | Call | 220.00 USD | 1/20/23 | 88 | 19360 | (8) |
|  PNC Financial Services Group, Inc. (The) | Citigroup | Call | 230.00 USD | 1/20/23 | 88 | 20240 | (3) |
|  Starbucks Corp. | Goldman Sachs | Call | 97.50 USD | 1/20/23 | 144 | 14040 | (53655) |
|  Starbucks Corp. | Goldman Sachs | Call | 100.00 USD | 1/20/23 | 144 | 14400 | (32921) |
|  Starbucks Corp. | Goldman Sachs | Call | 105.00 USD | 1/20/23 | 144 | 15120 | (9211) |
|  Starbucks Corp. | Goldman Sachs | Call | 100.00 USD | 1/19/24 | 87 | 8700 | (118914) |
|  Starbucks Corp. | Goldman Sachs | Call | 105.00 USD | 1/19/24 | 87 | 9135 | (97974) |
|  TE Connectivity, Ltd. | JPMorgan Chase | Call | 120.00 USD | 1/20/23 | 137 | 16440 | (13946) |
|  Thermo Fisher Scientific, Inc. | Citigroup | Call | 640.00 USD | 1/20/23 | 25 | 16000 | (706) |
|  UnitedHealth Group, Inc. | Citigroup | Call | 540.00 USD | 1/20/23 | 47 | 25380 | (39314) |
|  UnitedHealth Group, Inc. | Citigroup | Call | 560.00 USD | 1/20/23 | 26 | 14560 | (6694) |
|  UnitedHealth Group, Inc. | Citigroup | Call | 580.00 USD | 1/20/23 | 26 | 15080 | (1475) |
|  UnitedHealth Group, Inc. | Citigroup | Call | 580.00 USD | 1/19/24 | 49 | 28420 | (209795) |
|  UnitedHealth Group, Inc. | JPMorgan Chase | Call | 600.00 USD | 1/19/24 | 52 | 31200 | (182403) |
|  Yum! Brands, Inc. | Wells Fargo | Call | 145.00 USD | 1/20/23 | 55 | 7975 | (76) |
|  Yum! Brands, Inc. | Wells Fargo | Call | 150.00 USD | 1/20/23 | 55 | 8250 | (21) |
|  Yum! Brands, Inc. | Wells Fargo | Call | 140.00 USD | 1/19/24 | 211 | 29540 | (200866) |
|  Yum! Brands, Inc. | Citigroup | Call | 145.00 USD | 1/19/24 | 53 | 7685 | (40726) |
|  Yum! Brands, Inc. | Citigroup | Call | 150.00 USD | 1/19/24 | 53 | 7950 | (32637) |
|  Total (Premiums $6,306,917) | Total (Premiums $6,306,917) | Total (Premiums $6,306,917) |  |  |  |  | $(1644125) |

---

(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 | $(1644125) |

---

See accompanying notes to the financial statements.

------

**AZL T. Rowe Price Capital Appreciation Fund** 

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment securities, at cost | $1084842290.0 |
|  Investment securities, at value(a) | $1083608525.0 |
|  Cash | 442622.0 |
|  Interest and dividends receivable | 3511206.0 |
|  Foreign currency, at value (cost $97,345) | 98369.0 |
|  Receivable for capital shares issued | 23054.0 |
|  Receivable for investments sold | 4487496.0 |
|  Reclaims receivable | 18153.0 |
|  Prepaid expenses | 4626.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1092194051.0 |
|  **Liabilities:** |  |
|  Payable for investments purchased | 9432854.0 |
|  Payable for capital shares redeemed | 67038.0 |
|  Payable for collateral received on loaned securities | 3186955.0 |
|  Written Options (Premiums received $6,306,917) | 1644125.0 |
|  Management fees payable | 650488.0 |
|  Administration fees payable | 38279.0 |
|  Distribution fees payable | 232318.0 |
|  Custodian fees payable | 8457.0 |
|  Administrative and compliance services fees payable | 3676.0 |
|  Transfer agent fees payable | 1170.0 |
|  Trustee fees payable | 9184.0 |
|  Other accrued liabilities | 42772.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 15317316.0 |
|  **Net Assets** | $1076876735.0 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $940435061.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 136441674.0 |
|  **Net Assets** | $1076876735.0 |
|  Shares of beneficial interest (unlimited number of shares authorized, no par value) | 66244699.0 |
|  Net Asset Value (offering and redemption price per share) | $16.26 |

---

(a) Includes securities on loan of $3,082,535.

Statement of Operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Interest | $16978629 |
|  Dividends | 9289513 |
|  Income from securities lending | 46108 |
|  Foreign withholding tax | (66580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 26247670 |
|  **Expenses:** |  |
|  Management fees | 8967106 |
|  Administration fees | 169208 |
|  Distribution fees | 2989035 |
|  Custodian fees | 42348 |
|  Administrative and compliance services fees | 16306 |
|  Transfer agent fees | 6762 |
|  Trustee fees | 65005 |
|  Professional fees | 50654 |
|  Shareholder reports | 34421 |
|  Other expenses | 32044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reductions | 12372889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less Management fees contractually waived | (597825) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 11775064 |
|  **Net Investment Income/(Loss)** | 14472606 |
|  **Net realized and Change in net unrealized gains/losses on investments:** |  |
|  Net realized gains/(losses) on securities and foreign currencies | 122095431 |
|  Net realized gains/(losses) on written options contracts | 3988294 |
|  Change in net unrealized appreciation/depreciation on securities and foreign currencies | (327058457) |
|  Change in net unrealized appreciation/depreciation on written options contracts | 19267213 |
|  **Net realized and Change in net unrealized gains/losses on investments** | (181707519) |
|  **Change in Net Assets Resulting From Operations** | $(167234913) |

---

See accompanying notes to the financial statements.

------

**AZL T. Rowe Price Capital Appreciation Fund** 

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **Change In Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $14472606 | $9835075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains/(losses) on investments | 126083725 | 168205277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (307791244) | 54954011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (167234913) | 232994363 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions | (171888281) | (169653015) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from distributions to shareholders | (171888281) | (169653015) |
|  **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 9903777 | 15884100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from dividends reinvested | 171888281 | 169653015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares redeemed | (189545650) | (161378519) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from capital transactions | (7753592) | 24158596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (346876786) | 87499944 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1423753521 | 1336253577 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1076876735 | $1423753521 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 525081 | 710118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 10696222 | 8097996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (9869718) | (7118225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | 1351585 | 1689889 |

---

See accompanying notes to the financial statements.

------

**AZL T. Rowe Price Capital Appreciation Fund** 

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $21.94 | $21.14 | $19.66 | $16.93 | $18.03 |
|  **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income/(Loss) | 0.23 (a) | 0.16 (a) | 0.19 (a) | 0.26 (a) | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains/(Losses) on Investments | (2.92) | 3.54 | 3.10 | 3.79 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (2.69) | 3.70 | 3.29 | 4.05 | 0.10 |
|  **Distributions to Shareholders From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.14) | (0.23) | (0.29) | (0.42) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (2.85) | (2.67) | (1.52) | (0.90) | (1.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (2.99) | (2.90) | (1.81) | (1.32) | (1.20) |
|  **Net Asset Value, End of Period** | $16.26 | $21.94 | $21.14 | $19.66 | $16.93 |
|  **Total Return**(b) | (12.09)% | 18.12% | 17.48% | 24.38% | 0.38% |
|  **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of Period (000's) | $1076877 | $1423754 | $1336254 | $1271510 | $1079607 |
|  Net Investment Income/(Loss) | 1.21% | 0.70% | 0.97% | 1.36% | 2.25% |
|  Expenses Before Reductions(c) | 1.04% | 1.05% | 1.06% | 1.05% | 1.05% |
|  Expenses Net of Reductions | 0.99% | 1.00% | 1.01% | 1.00% | 1.00% |
|  Portfolio Turnover Rate | 86% | 49% | 87% | 45% | 70% |

---

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these
charges were included, the returns would have been lower.

(c) 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 T. Rowe Price Capital Appreciation Fund** 

Notes to the Financial Statements

December 31, 2022

**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 T. Rowe Price Capital Appreciation 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.

**Real Estate Investment Trusts** 

The Fund may own shares of real estate investment trusts ("REITs") which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

**Foreign Currency Translation and Withholding Taxes** 

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

**Distributions to Shareholders** 

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These "book/tax" differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

**Expense Allocation** 

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the "Manager"), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

------

**AZL T. Rowe Price Capital Appreciation Fund** 

Notes to the Financial Statements

December 31, 2022

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

**Bank Loans** 

The Fund may invest in bank loans, which generally have interest rates which are reset periodically by reference to a base lending rate plus a premium. 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. The Fund reflects both the funded portion of a bank loan, as well as its unfunded commitment in the Schedule of Portfolio 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 33<sup>1</sup>⁄<sub>3</sub>% 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 December 31, 2022 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 $4,589 during the year ended December 31, 2022. These fees have been netted against "Income from securities lending" on the Statement of Operations. The Fund had securities lending transactions of $3,186,955 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2022. At December 31, 2022, there were no master netting provisions in the securities lending agreement.

**Affiliated Securities Transactions** 

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2022, the Fund participated in the following cross-trade transactions:

---

| | | | |
|:---|:---|:---|:---|
| | **Purchases** | **Sales** | **Realized<br>Gains/(Losses)** |
|  AZL T. Rowe Price Capital Appreciation Fund | $802050 | $– | $— |

---

**Derivative Instruments** 

All open derivative positions at period end are reflected on the Fund's Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

**Options Contracts** 

The Fund may purchase or write put and call options on a security or an index of securities. During the year ended December 31, 2022, the Fund wrote call and put options to increase or decrease its exposure to underlying instruments (including equity risk, interest rate risk and/or foreign currency exchange rate risk) and/or, in the case of options written, to generate gains from options premiums.

*Purchased Options Contracts —* The Fund pays a premium which is included in "Investments, at value" on the Statement of Assets and Liabilities and marked to market to reflect the current value of the option when purchasing options. Premiums paid for purchasing options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract. There was no purchased option activity during the period.

*Written Options Contracts —* The Fund receives a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and is required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value. As of December 31, 2022, securities valued at $31,661,423 have been segregated as collateral as reported on the Fund's Schedule of Portfolio Investments. For the year ended December 31, 2022, the monthly average notional amount for written options contracts was $1.1 million. Realized gains and losses are reported as "Net realized gains/(losses) on written options contracts" on the Statement of Operations.

------

**AZL T. Rowe Price Capital Appreciation Fund** 

Notes to the Financial Statements

December 31, 2022

**Summary of Derivative Instruments** 

The following is a summary of the values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Primary Risk Exposure** | **Statement of Assets and Liabilities Location** | **Total<br>Value** | **Statement of Assets and Liabilities Location** | **Total<br>Value** |
|  **Equity Risk** | **Equity Risk** |  |  |  |
| Options Contracts |  | $— | Written Options contracts | $1644125 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Primary Risk Exposure** | **Location of Gains/(Losses)<br>on Derivatives**<br> **Recognized** | **Realized Gains/(Losses)<br>on Derivatives<br>Recognized** | **Change in Net Unrealized<br>Appreciation/Depreciation on<br>Derivatives Recognized** |
|  **Equity Risk** |  |  |  |
| Options Contracts | Net Realized gains/(losses) on written options contracts/<br> Change in net unrealized appreciation/depreciation on written options contracts | $3988294 | $19267213 |

---

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund's ability to transact net amounts in accordance with the master netting agreements at December 31, 2022. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund's Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022.

As of December 31, 2022, the Fund's derivative assets and liabilities by type were as follows:

---

| | | |
|:---|:---|:---|
| | **Assets** | **Liabilities** |
|  Derivative Financial Instruments: |  |  |
|  Written option contracts | $— | $1644125 |
|  Total derivative assets and liabilities in the Statement of Assets and Liabilities |  | 1644125 |
|  Derivatives not subject to a master netting agreement or similar agreement ("MNA") |  |  |
|  Total assets and liabilities subject to a MNA | $— | $1644125 |

---

The following table presents the Fund's derivative liabilities by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>Subject to a MNA**<br> **by Counterparty** | **Derivatives<br>Available<br>for Offset** | **Non-cash<br>Collateral<br>Pledged\*** | **Cash<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  Citigroup | $331711 | $– | $— | $– | $331711 |
|  Goldman Sachs | 312677 | – | (312677) | – |  |
|  JPMorgan Chase | 477436 | – |  | – | 477436 |
|  Susquehanna | 17 | – |  | – | 17 |
|  Wells Fargo | 522284 | – | (522284) | – |  |
|  Total | $1644125 | $– | $(834961) | $– | $809164 |

---

\* The actual collateral received or pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statement of Assets and Liabilities. 

**3. Fees and Transactions with Affiliates and Other Parties**

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the "Subadviser"), to make investment decisions on behalf of the Fund. Pursuant to an amended and restated subadvisory agreement, effective November 15, 2013, with T. Rowe Price Associates, Inc. ("T. Rowe Price"), T. Rowe Price provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as "Management fees." For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund's business, based on the daily net assets of the Fund, through April 30, 2024.

------

**AZL T. Rowe Price Capital Appreciation Fund** 

Notes to the Financial Statements

December 31, 2022

For the year ended December 31, 2022, the annual rate due to the Manager and the annual expense limit were as follows:

---

| | | |
|:---|:---|:---|
| | **Annual Rate\*** | **Annual Expense Limit** |
|  AZL T. Rowe Price Capital Appreciation Fund | 0.75% | 1.20% |

---

\* The Manager waived, prior to any application of expense limit, the management fee to 0.70% on all assets in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. 

Any amounts waived or reimbursed by the Manager with respect to the annual expense limit in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund's expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as "Recoupment of prior expenses reimbursed by the Manager." At December 31, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Management fees, which the Manager waived may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable.

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer ("CCO") and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administrative and compliance services fees."

Citi Fund Services Ohio, Inc. ("Citi" or the "Administrator"), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust's administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund's compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as "Administration fees."

FIS Investor Services LLC ("FIS") serves as the Fund's transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon ("BNY Mellon" or the "Custodian") serves as the Trust's custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC ("ALFS"), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the Fund's average daily net assets, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust's CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

**4. Investment Valuation Summary** 

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates,
prepayments speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust's Board of Trustees (the "Board" or "Trustees") as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Options are generally valued at the average of the closing bid and ask quotations on the principal exchange on which the option is traded, which are then typically categorized as Level 1 in the fair value hierarchy. For options where market quotations are not readily available, fair value procedures as described below may be applied.

Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source in accordance with valuation procedures approved by the Board. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

------

**AZL T. Rowe Price Capital Appreciation Fund** 

Notes to the Financial Statements

December 31, 2022

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund's net asset value is calculated. These procedures include the Fund's use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund's fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund's NAV will be subject to the judgment of the Manager. The Manager's fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of December 31, 2022 in valuing the Fund's investments based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks+ | $655397435 | $11183277 | $— | $666580712 |
|  Preferred Stocks+ | 5274966 |  |  | 5274966 |
|  Asset Backed Securities |  | 3072357 |  | 3072357 |
|  Convertible Bonds+ |  | 921080 |  | 921080 |
|  Bank Loans |  | 156578483 |  | 156578483 |
|  Corporate Bonds+ |  | 91395402 |  | 91395402 |
|  Yankee Debt Obligations+ |  | 1811800 |  | 1811800 |
|  U.S. Treasury Obligations |  | 96546532 |  | 96546532 |
|  Short-Term Security Held as Collateral for Securities on Loan | 3186955 |  |  | 3186955 |
|  Unaffiliated Investment Company | 58240238 |  |  | 58240238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | 722099594 | 361508931 |  | 1083608525 |
|  Other Financial Instruments:\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options |  | (1644125) |  | (1644125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $722099594 | $359864806 | $— | $1081964400 |

---

+ For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

\* Other Financial Instruments would include any derivative instruments, such as written options.

**5. Security Purchases and Sales** 

For the year ended December 31, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
|  AZL T. Rowe Price Capital Appreciation Fund | $984430044 | $1089158935 |

---

For the year ended December 31, 2022, purchases and sales of long-term U.S. government securities were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
|  AZL T. Rowe Price Capital Appreciation Fund | $228967976 | $124715886 |

---

**6. Investment Risks**

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

*Bank Loan Risk:* There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair the Fund's ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund's returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates.

*Derivatives Risk:* The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The counterparty to a derivatives contract could default*.*

*Foreign Securities Risk:* Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition,

------

**AZL T. Rowe Price Capital Appreciation Fund** 

Notes to the Financial Statements

December 31, 2022

with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

*Interest Rate Risk:* Debt securities held by the Fund may decline in value due to rising interest rates. The price of a bond is also affected by its maturity. Bonds with longer maturities generally have greater sensitivity to changes in interest rates.

*London Interbank Offering Rate ("LIBOR") Risk:* Certain investments held by the Fund may pay or receive interest at floating rates based on LIBOR. The United Kingdom Financial Conduct Authority ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. The transition away from LIBOR could result in increased volatility and uncertainty in markets tied to LIBOR. The elimination of LIBOR may adversely affect the market for, or value of, specific securities or payments linked to LIBOR rates, the availability or terms of borrowing or refinancing, or the effectiveness of hedging strategies. To the extent that the Fund's investments have maturities which extend beyond the transition period, the applicable interest rates might be subject to change if there is a transition from the LIBOR reference rate. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor or SOFR) and a wide range of other index levels, rates and values that are treated as "benchmarks" and are the subject of recent regulatory reform.

*Market Risk:* The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

*Mortgage-Related and Other Asset-Backed Securities Risk:* The Fund may invest in a variety of mortgage-related and other asset-backed securities, which are subject to certain additional risks. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, investments in mortgage-related securities may cause the fund to exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-related securities are subject to call risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. If the Fund purchases mortgage-backed or asset-backed securities that are subordinated to other interests in the same mortgage pool, the Fund may receive payments only after the pool's obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool's ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless. An unexpectedly high or low rate of prepayments on a pool's underlying mortgages may have a similar effect on subordinated securities. A mortgage pool may issue securities subject to various levels of subordination. The risk of non-payment affects securities at each level, although the risk is greater in the case of more highly subordinated securities. The Fund's investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

**7. Coronavirus (COVID-19) Pandemic** 

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

**8. Recent Regulatory Pronouncements** 

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-06 "Reference Rate Reform (Topic 848)". ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

**9. Federal Tax Information** 

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $1,093,656,097. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

---

| | |
|:---|:---|
|  Unrealized appreciation | $45272572 |
|  Unrealized (depreciation) | (56964269) |
|  Net unrealized appreciation/(depreciation) | $(11691697) |

---

------

**AZL T. Rowe Price Capital Appreciation Fund** 

Notes to the Financial Statements

December 31, 2022

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL T. Rowe Price Capital Appreciation Fund | $157037927 | $14850354 | $171888281 |

---

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

The tax character of dividends paid to shareholders during the year ended December 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary<br>Income** | **Net**<br> **Long-Term<br>Capital Gains** | **Total<br>Distributions(a)** |
|  AZL T. Rowe Price Capital Appreciation Fund | $157670065 | $11982950 | $169653015 |

---

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized
when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized<br>Appreciation/<br>Depreciation(a)** | **Total<br>Accumulated<br>Earnings/<br>(Deficit)** |
|  AZL T. Rowe Price Capital Appreciation Fund | $86410164 | $67544746 | $– | $(11690301) | $142264609 |

---

(a) The difference between book-basis and tax-basis unrealized
appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, foreign currency gains or losses, straddles 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 December 31, 2022, 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.

**11. Subsequent Events** 

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund's financial statements.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL T. Rowe Price Capital Appreciation Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL T. Rowe Price Capital Appreciation Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 23, 2023

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

------

**Other Federal Income Tax Information (Unaudited)** 

For the year ended December 31, 2022, 3.06% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2022, the Fund declared net short-term capital gain distributions of $148,809,134.

During the year ended December 31, 2022, the Fund declared net long-term capital gain distributions of $14,850,354.

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**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.

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**Approval of Investment Advisory and Subadvisory Agreements (Unaudited)** 

Subject to the general supervision of the Board of Trustees (the "Board") and in accordance with the investment objectives and restrictions of each separate series (together, the "Funds") of the Allianz Variable Insurance Products Trust (the "Trust"), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the "Manager"). As used in this section, "Fund" refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the "Management Agreement") with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon the Fund's average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2024 (the "Expense Limitation Agreement").

Each Fund is a manager-of-managers fund. That means that the Manager is responsible for monitoring the various Subadvisers that have day-to-day responsibility for the investment decisions made for each Fund. The Manager also is responsible for determining, in the first instance, which investment advisers to consider recommending for selection as a Subadviser.

In reviewing the services provided by the Manager and the terms of the Management Agreement, the Board receives and reviews information related to the Manager's experience and expertise in the variable insurance marketplace. In addition, the Board receives information regarding the Manager's expertise with regard to portfolio diversification and asset allocation requirements within variable insurance products issued by Allianz Life Insurance Company of North America ("Allianz Life") and its subsidiary, Allianz Life Insurance Company of New York ("Allianz of New York"). Currently, the Funds are offered only through Allianz Life and Allianz of New York variable products, and not in the retail fund market.

The Manager has adopted policies and procedures to assist it in the process of analyzing each potential Subadviser with expertise in particular asset classes for purposes of making the recommendation that a specific investment adviser be selected. The Board reviews and considers the information provided by the Manager in deciding which investment advisers to select as a Subadviser. After an investment adviser becomes a Subadviser, a similarly rigorous process is instituted by the Manager to monitor the investment performance and other responsibilities of the Subadviser. The Manager reports to the Board on its analysis at the regular meetings of the Board, which are held at least quarterly. Where warranted, the Manager will add or remove a particular Subadviser from a "watch" list that it maintains. Watch list criteria include, for example: (a) Fund performance over various time periods; (b) Fund risk issues, such as changes in key personnel involved with Fund management, changes in investment philosophy or process, or "capacity" concerns; and (c) organizational risk issues, such as regulatory, compliance or legal concerns, or changes in the ownership of the Subadviser. The Manager may place a Fund on the watch list for other reasons, and if so, will explain its rationale to the Board. Funds which are on the watch list are subject to additional scrutiny by the Manager and the Board. Funds may be removed from such watch list, if for example, performance improves or regulatory matters are satisfactorily resolved. However, in some situations where Funds have been on the watch list, the Manager has recommended the retention of a new Subadviser, and the Board has subsequently considered and approved retention of the new Subadviser.

As required by the Investment Company Act of 1940 (the "1940 Act"), the Board has reviewed and approved the Management Agreement with the Manager and the portfolio management agreements (the "Subadvisory Agreements"; and together with the Management Agreement, the "Advisory Contracts") with the Subadvisers. The Board's decision to approve these contracts reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of these contracts, the Board considered many factors, among the most material of which are: the Fund's investment objectives and long-term performance; the Manager's and Subadvisers' (collectively, the "Advisory Organizations") management philosophy, personnel, processes and investment performance, including their compliance history and the adequacy of their compliance processes; the preferences and expectations of Fund shareholders (and underlying contract owners) and their relative sophistication; the continuing state of competition in the mutual fund industry; and comparable fees in the mutual fund industry.

The Board also considered the compensation and benefits received by the Advisory Organizations. This includes fees received for services provided to the Fund by affiliated persons of the Advisory Organizations and research services received by the Advisory Organizations from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Services Agreement and a Compliance Services Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and received (along with its affiliated persons) any payments made by the Funds pursuant to Rule 12b-1.

The Board is aware that various courts have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an adviser's compensation: the nature, extent and quality of the services provided by the adviser, including the performance of the fund; the adviser's cost of providing the services; the extent to which the adviser may realize "economies of scale" as the fund grows larger; any indirect benefits that may accrue to the adviser and its affiliates as a result of the adviser's relationship with the fund; performance and expenses of comparable funds; the profitability of acting as adviser to the fund; and the extent to which the independent Board members, who are not "interested persons" of a fund as defined by the 1940 Act ("Independent Trustees"), are fully informed about all facts bearing on the adviser's services and fees. The Board is aware of these factors and takes them into account in its review of the Advisory Contracts.

Each member of the Board considered and weighed these factors in light of his or her experience in governing the Trust and working with the Advisory Organizations on matters relating to the Funds. The Board is assisted in its deliberations by the advice of independent legal counsel to the Independent Trustees ("Independent Trustee Counsel"). In this regard, the Board requests and receives a significant amount of information about the Funds and the Advisory Organizations. Some of this information is provided at each regular meeting of the Board; additional information is provided in connection with the particular meetings at which the Board's formal review of the Advisory Contracts occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board's evaluation of Advisory Contracts is informed by reports covering such matters as: an Advisory Organization's investment philosophy, personnel, and processes; the Fund's investment performance (in absolute terms as well as in relationship to its benchmark(s) and certain competitor or "peer group" funds), and comments on the reasons for performance; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to peer group and/or competing funds, with due regard for the Expense Limitation Agreement and additional voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities; the nature, extent and quality of the advisory and other services provided to the Fund by the Advisory Organizations and their affiliates; compliance and audit reports concerning the Funds and the companies that service them; and relevant developments in the mutual fund industry and how the Funds and/or Advisory Organizations are responding to them.

The Board also receives financial information about the Advisory Organizations, including reports on the compensation and benefits the Advisory Organizations derive from their relationships with the Funds. These reports cover not only the fees under the Advisory Contracts, but also the fees, if any, received for providing other services to the Funds. The reports also discuss any indirect or "fall-out" benefits an Advisory Organization may derive from its relationship with the Funds.

In assessing the Advisory Organizations' performance of their obligations, the Board may also consider whether there has occurred a circumstance or event that would constitute a reason for it to not renew an Advisory Contract. In this regard, the Board is mindful of the potential disruption of a Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew a contract.

The Advisory Contracts were most recently considered at Board meetings held in the summer and fall of 2022. Information relevant to the approval of such Advisory Contracts was considered at Board meetings held June 14 and 21, 2022, and September 13, 2022, as well as in various other meetings preceding those meetings. Accordingly, the Advisory Contracts were approved by the Board at an in-person meeting on September 13, 2022. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2024. Additionally, at a subsequent meeting held December 13, 2022, the Board considered and approved a recommendation to reduce, through at least April 30, 2024, the management fee of the AZL FIAM Total Bond Fund.

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In connection with such meetings, the Board requested and evaluated extensive materials from the Advisory Organizations, including performance and expense information for other investment companies with similar investment objectives derived from data compiled by an independent third-party provider and other sources believed to be reliable by the Manager and the Trustees. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Contracts with management and with Independent Trustee Counsel and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approval. The Independent Trustees also discussed the proposed approval in private sessions with Independent Trustee Counsel at which no representatives of the Manager or Subadvisers were present. In reaching their determinations relating to the approval of the Advisory Contracts, in respect of each Fund, each member of the Board considered all factors he or she believed relevant. The Board based its decision to approve the Advisory Contracts on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

Shareholder reports must include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The "factors" enumerated by the SEC are set forth below in italics, as well as the Board's conclusions regarding such factors:

*(1) The nature, extent and quality of services provided by the Manager and Subadvisers.* The Trustees noted that the Manager, subject to the oversight of the Board, administers each Fund's business and other affairs. Under the Management Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for others to provide, the management of the Funds' assets and the placement of orders for the purchase and sale of the securities of the Funds. As each Fund is a manager of managers fund, the Manager is authorized, under the Management Agreement, to retain one or more Subadvisers for each Fund to handle day-to-day management of the Funds' investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board for selection as a Subadviser. The Board was aware that, notwithstanding the retention of the Subadvisers to handle day-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Board regarding the Funds' portfolio investments and to make available to the Funds' administrator such information as is necessary for the conduct of its duties.

The Board also noted that the Manager provides the Trust and each Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any other service providers retained by the Trust on behalf of the Funds) and executive and other personnel as are necessary for the operation of the Trust and the Funds. Except for the Trust's Chief Compliance Officer and certain compliance staff, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

The Board considered the scope and quality of services provided by the Manager and the Subadvisers and noted that the scope of the services provided has continued to expand as a result of regulatory and other developments. The Board noted that, for example, the Manager and Subadvisers are responsible for maintaining and monitoring their own compliance programs, and these compliance programs are continuously refined and enhanced in light of new regulatory requirements. The Board considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and its Funds. The quality of administrative and other services, including the Manager's role in coordinating the activities of the Trust's other service providers, also were considered. The Board members concluded that, overall, they were satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Trust and to each of the Funds under the Advisory Contracts.

*(2) The investment performance of the Funds, the Manager and the Subadvisers.* In connection with every quarterly Board meeting, as well as the summer and fall 2022 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previous one-, three- and five-year periods, to the extent available. The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 14 and 21, 2022, and September 13, 2022, the Manager reported that for the one-year period ended December 31, 2021, nine Funds were in the top 40%, four were in the middle 20%, and six were in the bottom 40% of their respective Lipper peer groups. For the three-year period ended December 31, 2021, six Funds were in the top 40%, six were in the middle 20% and seven were in the bottom 40% of their respective Lipper peer groups. For the five-year period ended December 31, 2021, seven Funds were in the top 40%, four were in the middle 20%, and eight were in the bottom 40% of their respective Lipper peer groups. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, to which such Funds deviate from their particular benchmark index (referred to as "index attribution").

Five Funds, the AZL Russell 1000 Value Index Fund, AZL MSCI Emerging Markets Equity Index Fund, AZL Enhanced Bond Index Fund, AZL MetWest Total Return Bond Fund, and the AZL Government Money Market Fund, were in the bottom 40% for all of the one-, three- and five-year periods. The Board met with the portfolio managers of the AZL Russell 1000 Value Index Fund and the AZL MSCI Emerging Markets Equity Index Fund in December 2021, of the AZL Enhanced Bond Index Fund and the AZL Government Money Market Fund in February 2022, and of the AZL MetWest Total Return Fund in September 2021, to receive and review enhanced reporting on each Fund's current investment strategy, process and outlook. As a result of these discussions, the Board understood that the underperformance of these Funds was primarily a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board considered that the Funds that are index funds seek to track their respective indices and do not take defensive positions under any market conditions, including in periods of market decline. The Board also considered that the relative performance of the AZL Government Money Market Fund had been impacted by low short-term interest rates during the periods measured.

The Board considered that the AZL DFA Five-Year Global Fixed Income Fund, which was in the bottom 40% for the three- and five-year periods, had shown improved relative performance in more recent periods.

At the Board meeting held September 13, 2022, the Board also received updated performance information for the Funds, including updated Lipper peer group ranking information, for various periods ending June 30, 2022.

Thus, at the Board meeting held September 13, 2022, the Board determined that the overall investment performance of the Funds was acceptable.

*(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds*. The Manager supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth "contractual" advisory fees and "actual" fees after taking expense limits and any temporary fee waivers into account. The Board noted that the subadvisory fees are paid by the Manager to each Subadviser and are not additional fees borne by the Funds. Based upon the information provided, the "actual" advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds' peer groups. For the 19 Funds reviewed by the Board in the summer and fall of 2022, 18 Funds paid "actual" advisory fees in a percentage amount within the 65th percentile or lower for each Fund's applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

Based upon the information provided, the management fee ranking in 2021 for the 19 Funds was as follows: (1) 18 of the Funds had management fee rankings at or below the 65th percentile (with 14 Funds at or below the 50th percentile); and (2) for the AZL MSCI Global Equity Index Fund, it was determined that there was poor peer group comparability due to there being only one other fund in the category. In addition, the Board also considered that the AZL Enhanced Bond Index Fund ranked at the 63rd percentile in the bond index category, but that the Fund's enhanced bond strategy lacks direct peers.

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The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time.

The Manager provided information concerning the profitability of the Manager's investment advisory activities for the period from 2019 through 2021. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser's capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager's relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser's relationship to the Fund or Funds, rather than its overall level of profitability. In considering profitability information, the Board considered the possible effect of any fall-out benefits to the Subadvisers and their affiliates. The Board considered the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board that the Subadvisory Agreements with the Subadvisers, none of which are affiliated with the Manager, were negotiated on an "arm's length" basis, which should not result in excessive profits for the Subadvisers.

*(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale*. The Board noted that the advisory fee schedules for the Funds (other than AZL FIAM Multi-Strategy Fund, AZL FIAM Total Bond Fund, and AZL MSCI Global Equity Index Fund) do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such "breakpoints." The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager's cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board noted that the total assets in all of the Funds, as of June 30, 2022, were approximately $14.8 billion, and that no single Fund had assets in excess of $2.5 billion.

The Board noted that the Manager has agreed to temporarily limit Fund expenses under the Expense Limitation Agreement, which has the effect of reducing expenses similar to implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of expense limits and/or advisory fee breakpoints as Fund assets change. The Board receives quarterly reports on the level of Fund assets. The Board expects to continue to consider: (a) the extent to which economies of scale have been realized, and (b) whether the advisory fee should be modified, either in connection with the next renewal of the Advisory Contracts or by modifying the Expense Limitation Agreement, to reflect such economies of scale, if any.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds' advisory fee rate schedules was acceptable under each Fund's circumstances.

In conclusion, after full consideration of the above factors, as well as such other factors as each member of the Board considered instructive in evaluating the Advisory Contracts, the Board concluded that the advisory fees were reasonable, and that the continuation of the Advisory Contracts was in the best interest of the Funds.

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**Information about the Board of Trustees and Officers (Unaudited)** 

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. In addition to serving on the Board of Trustees of the Trust, each Trustee serves on the Board of the Allianz Variable Insurance Products Fund of Funds Trust ("FOF Trust") and the AIM ETF Products Trust ("ETF Trust") (collectively, the Trust, the FOF Trust, and ETF Trust are the "AIM Complex"). There are currently seven Trustees, one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, years of birth, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

**Independent Trustees<sup>(1)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships<br>Held Outside the<br>AIM Complex<br>During Past 5 Years** |
| Peggy L. Ettestad (1957) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Lead<br>Independent<br>Trustee | Since 10/14 (Trustee since 2/07) | Managing Director, Red Canoe Management Consulting LLC, 2008 to present | 50 |  |
| Tamara Lynn Fagely (1958) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Chief Operations Officer, Hartford Funds, 2012 to 2013 | 50 | Diamond Hill Funds (10 funds) |
| Richard H. Forde (1953) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 12/17 | Retired; previously, Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., 2013 to 2019 | 50 | Connecticut Water Service, Inc. |
| Jack Gee (1959)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 1/22 (Consultant to the Independent Trustees since 2/20)<sup>(3)</sup> | Retired; previously, Managing Director, BlackRock, Inc., Treasurer and Chief Financial Officer U.S. iShares, 2004 to 2019 | 50 | Engine No. 1 ETF Trust (2 Funds); Esoterica<br> Thematic Trust<br> (2019 - 2020) |
| Claire R. Leonardi (1955) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, CEO, Health eSense Inc. (a medical device company), 2015 to 2018, and Connecticut Innovations, Inc. (a venture capital firm), 2012 to 2015 | 50 |  |
| Dickson W. Lewis (1948) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 2/04 | Retired; previously, senior executive for Lifetouch National School Studios (a photography company), 2006 to 2014, Jostens (a producer of year books and class rings), 2001 to 2006, and Fortis Financial Group, 1997 to 2001 | 50 |  |

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**Interested Trustee<sup>(4)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, <br>and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of**<br> **Office<sup>(2)</sup>/ Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen for the<br>AIM Complex** | **Other<br>Directorships<br>Held Outside the<br>AIM Complex<br>During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Trustee | Since 6/11 | President, Allianz Investment Management LLC, 2010 to present; Vice President, Allianz Life, 2011 to present | 50 |  |

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(1) Each of the Independent Trustees is a member of the Audit Committee.

(2) Indefinite.

(3) Prior to January 1, 2022, Mr. Gee served as a consultant to the Independent Trustees since February 2020, duing
which he attended meetings of the Board and its standing committees, including the audit committee, solely in his capacity as a consultant, and was not entitled to vote.

(4) Is an "interested person," as defined by the 1940 Act, due to employment by Allianz Life and the Manager.

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**Officers** 

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| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Positions<br>Held with<br>AIM Complex** | **Term of<br>Office<sup>(1)</sup>/ Length<br>of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Brian Muench (1970)<br> 5701 Golden Hills Drive<br>Minneapolis, MN 55416 | President | Since 11/10 | President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, 2011 to present. |
| Erik Nelson (1972)<br> 5701 Golden Hills Drive<br> Minneapolis, MN 55416 | Secretary | Since 12/20 | Chief Legal Officer, Allianz Investment Management LLC; Associate General Counsel, Senior Counsel, Allianz Life, 2008 to present. |
| Bashir C. Asad (1963) <br>Citi Fund Services Ohio, Inc. <br>4400 Easton Commons, Suite 200 <br>Columbus, OH 43219 | Treasurer, Principal Accounting Officer and Principal Financial Officer | Since 06/16 | Senior Vice President, Citi Fund Services Ohio, Inc., 2011 to present. |
| Chris R. Pheiffer (1968) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Chief Compliance Officer<sup>(2)</sup> and Anti-Money Laundering Compliance Officer | Since 02/14 | Chief Compliance Officer of the Trust and the FOF Trust, 2014 to present, and the ETF Trust, 2020 to present. |
| Michael Tanski (1970) <br>5701 Golden Hills Drive<br>Minneapolis, MN 55416 | Vice President | Since 04/09 | Assistant Vice President, Allianz Investment Management LLC, 2013 to present. |

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(1) Indefinite.

(2) The Manager and the Trust are parties to a Compliance Services Agreement under which the Manager provides an employee of
the Manager or one of its affiliates to act as the Trust's Chief Compliance Officer.

The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees and Officers. The SAI is available without charge, upon request, by calling toll-free 800-624-0197 or at https://www.allianzlife.com.

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![LOGO](g415413g71x52.jpg)

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| | |
|:---|:---|
| **The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.** |  |
| **These Funds are not FDIC Insured.** | **ANNRPT1222 02/23** |

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**Item 2. Code of Ethics.** 

(a) The registrant has adopted a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an Exhibit.

(b) During the period covered by the report, with respect to the registrant's code of ethics that applies to
its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

**Item 3. Audit Committee Financial Expert.** 

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| | |
|:---|:---|
| 3(a)(1) | The registrant's board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee. |
| 3(a)(2) | The audit committee financial expert is Tamara Lynn Fagely, who is "independent" for purposes of this Item 3 of Form N-CSR. |

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**Item 4. Principal Accountant Fees and Services.** 

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| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| (a) Audit Fees | $337653 | $337653 |
| (b) Audit-Related Fees | $40000 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related to the consent on Form N-1A for the annual registration statement. |  |  |
|  | **2022** | **2021** |
| (c) Tax Fees | $122692 | $122692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preparation of the funds' federal income tax returns. |  |  |
|  | **2022** | **2021** |
| (d) All Other Fees | $0 | $0 |

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| | |
|:---|:---|
| 4(e)(1) | The Audit Committee ("Committee") of the Registrant is responsible for pre-approving all audit and non-audit services performed by the independent auditor in order to assure that the provision of such services does not impair the auditor's independence. Before the Registrant engages the independent auditor to render a service, the engagement must be either specifically approved by the Committee or entered into pursuant to the pre-approval policy. The Committee may delegate preapproval authority to one or more of its members. The member or members to whom such authority is delegated shall report any pre-approval decisions to the Committee at its next scheduled meeting. The Committee may not delegate to management the Committee's responsibilities to pre-approve services performed by the independent auditor. The Committee has delegated pre-approval authority to its Chairman for any services not exceeding $10,000.  |

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4(e)(2) During the previous two fiscal years, the Registrant did not receive any non-audit services pursuant to a waiver from the audit committee approval or pre-approval requirement under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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| | |
|:---|:---|
| 4(f) | Not applicable.  |

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| | |
|:---|:---|
| 4(g) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by PricewaterhouseCoopers LLP for tax compliance, tax advice, and tax planning were as follows:  |

---

---

| | |
|:---|:---|
| **2022** | **2021** |
| $122692 | $122692 |

---

---

| | |
|:---|:---|
| 4(h) | Not applicable.  |

---

---

| | |
|:---|:---|
| 4(i) | Not applicable.  |

---

---

| | |
|:---|:---|
| 4(j) | Not applicable.  |

---

------

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Investments.** 

(a) The Schedule of Investments as of the close of the reporting period are included as part of the report to
shareholders filed under Item 1 of the Form N-CSR.

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

Not applicable.

**Item 11. Controls and Procedures.** 

(a) The registrant's principal executive officer and principal financial officer have concluded, based on
their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure
that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's
rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially
affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

------

**Item 13. Exhibits.** 

---

| | |
|:---|:---|
|  (a)(1) | [The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.](d417510dex99codeeth.htm) |
|  (a)(2) | [Certifications pursuant to Rule 30a-2(a) are furnished herewith.](d417510dex99cert.htm) |
|  (a)(3) | Not applicable. |
|  (a)(4) | Not applicable. |
| (b) | [Certifications pursuant to Rule 30a-2(b) are furnished herewith.](d417510dex99906ce.htm) |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 <br> (Registrant) <u>Allianz Variable Insurance Products Trust</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Brian Muench |
|  | Brian Muench, Principal Executive Officer |

---

Date <u>February 24, 2023</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Brian Muench |
|  | Brian Muench, Principal Executive Officer |

---

Date <u>February 24, 2023</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Bashir C. Asad |
|  | Bashir C. Asad, Principal Financial Officer & Principal Accounting Officer |

---

Date <u>February 24, 2023</u>

## Ex-99.Code

**ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST** 

**ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST** 

**AIM ETF PRODUCTS TRUST** 

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

**I.** **Covered Officers/Purpose of the Code** 

This Code of Ethics ("Code") of Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust (together the "VA Trusts) and AIM ETF Products Trust (the "ETF Trust" and together with the VA Trusts, the "Trusts") applies to the Principal Executive Officer and Principal Financial Officer of the Trusts (the "Covered Officers," each of whom is set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that the Trusts file with, or
submit to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.<sup>1</sup>

------

<sup>1</sup> Item 2 of Form N-CSR requires each Trust to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the Trust or a third party. If the Trust has not adopted such a code of ethics, it must explain why it has not done so. Each Trust must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the Trust's annual report on Form N-CSR or on its website. If the Trust intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention. 

------

**II.** **Covered Officers Should Handle Actual and Apparent Conflicts of Interest Ethically** 

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position in the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and each Trust and already may be subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940, as applicable. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Trust because of their status as "affiliated persons" of the Trust. Each Covered Officer is an employee of the investment adviser or a service provider ("Service Provider") to the Trusts. The Trusts', the investment adviser's and the Service Provider's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code.

Although typically not presenting an opportunity for improper benefit, conflicts arise from, or as a result of, the contractual relationship between each Trust and the investment adviser and the Service Provider of which the Covered Officers are officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trusts, for the investment adviser or for the Service Provider), be involved in establishing polices and implementing decisions which will have different effects on the investment adviser, the Service Provider and the Trusts. The Participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trusts and the investment adviser and the Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with provisions of the Investment Company Act and the Investment Advisers Act, as applicable, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Boards of Trustees of the Trusts (the "Board" or "Trustees") that the Covered Officers may also be officers or employees of one or more investment companies other than the Trusts.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trusts.

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Trusts whereby the Covered Officer would benefit personally to the detriment of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Trusts to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than for the benefit of the Trusts; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use material non-public knowledge of portfolio transactions made or
contemplated for the Trusts to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

There are some conflict of interest situations that may be discussed with the Chief Compliance Officer, if material. Examples of these include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company, other than the Trusts, the investment
adviser or the Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts related in any way to the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which each Trust has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership interest in, or any consulting or employment relationship with, any of a Trust's service
providers, other than its investment adviser, subadviser, principal underwriter, administrator or any affiliated person thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trusts for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the
Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trusts
to others, whether within or outside the Trusts, including to the Trusts' Trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with
other officers and employees of the Trusts and the Trusts' investment adviser or subadviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trusts file with, or submit to,
the SEC and in other public communications made by the Trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that he or she has received, read, and understands this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board in writing that he or she has complied with the requirements of this
Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential
violations of this Code that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Chief Compliance Officer of the Trusts (the "CCO") promptly of any known violation of this
Code. Failure to do so is itself a violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually any changes in his or her employment or securities industry affiliations from the prior
year.

The CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers<sup>2</sup> sought by the Principal Executive Officer will be considered by the Audit Committee of the Board of the affected Trust(s) (the "Committee").

The Trusts will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CCO will take all the appropriate action to investigate any reported potential violations ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take
any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the CCO believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board,
which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures, notification to appropriate personnel or to the board of directors of the Service Provider or the investment
adviser, or a recommendation to dismiss the Covered Officer from the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers or implicit waivers of this Code will, to the extent required, be disclosed as provided
by SEC rules.

------

<sup>2</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by [a Trust] of a material departure from a provision of the code of ethics." An "implicit waiver" refers to a Trust's "failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the Trust. Both waivers and implicit waivers must be disclosed. 

------

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. The Covered Officers may also be subject to other policies or procedures of the Trusts, the Trusts' investment adviser, subadvisers, principal underwriter, or other service providers, which govern or purport to govern the Covered Officers' behavior or activities, including, but not limited to, codes of ethics under Rule 17j-1 under the Investment Company Act or Rule 204A-1 under the Investment Adviser Act. To the fullest extent permitted by applicable law or regulation, it is intended that this Code, and each other such applicable policy or procedure, will apply separately, by its own terms, and will not interfere with or supersede any other policies or procedures. In the event of any direct conflict between this Code and any other applicable policy or procedure, the Covered Officers shall consult with the Chief Compliance Officer to remedy the conflict.

**VI.** **Amendments** 

Any material amendments or attachments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the independent Trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel, the investment adviser and the respective Service Providers.

**VIII.** **Internal Use** 

This Code is intended solely for the internal use by the Trusts and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

Date: rev. Feb. 2020

------

**EXHIBIT A** 

Persons Covered by this Code of Ethics – As of Feb. 2020

**<u>VA Trusts:</u>** 

Principal Executive Officer and President – Brian Muench

Principal Financial Officer and Treasurer – Bashir C. Asad

**<u>ETF Trust:</u>** 

Principal Executive Officer and President – Brian Muench

Principal Financial Officer and Treasurer – Monique Labbe

------

**ANNUAL CERTIFICATION OF COMPLIANCE**

**WITH THE** 

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

I hereby certify that I have received the Code of Ethics for Principal Executive and Principal Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "Code") and that I have read and understood the Code. I further certify that I am subject to the Code and have complied with each of the Code's provisions to which I am subject.

---

| | |
|:---|:---|
|  /s/ Bashir C. Asad | /s/ Bashir C. Asad |
| (Signature) | (Signature) |
|  Name: | Bashir C. Asad |
| Title: | Treasurer/ PFO |
| Date: | February 6, 2023 |

---

------

**ANNUAL CERTIFICATION OF COMPLIANCE** 

**WITH THE** 

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

I hereby certify that I have received the Code of Ethics for Principal Executive and Principal Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "Code") and that I have read and understood the Code. I further certify that I am subject to the Code and have complied with each of the Code's provisions to which I am subject.

---

| | |
|:---|:---|
|  /s/ Brian Muench | /s/ Brian Muench |
| (Signature) | (Signature) |
|  Name: | Brian Muench |
| Title: | President |
| Date: | February 6, 2023 |

---

## Ex-99.Cert

<u>CERTIFICATIONS</u> 

I, Bashir C. Asad, certify that:

1. I have reviewed this report on Form N-CSR of Allianz Variable Insurance
Products Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| February 24, 2023 | /s/ Bashir C. Asad |
| Date | Bashir C. Asad |
|  | Principal Financial Officer & Principal Accounting Officer |

---

------

<u>CERTIFICATIONS</u> 

I, Brian Muench, certify that:

1. I have reviewed this report on Form N-CSR of Allianz Variable Insurance
Products Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| February 24, 2023 | /s/ Brian Muench |
| Date | Brian Muench |
|  | Principal Executive Officer |

---

## Exhibit 99.906

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2022 of Allianz Variable Insurance Products Trust (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. the Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

<u>February 24, 2023</u> <br> Date

---

| |
|:---|
| /s/ Brian Muench |
| Brian Muench |
| Principal Executive Officer |
| /s/ Bashir C. Asad |
| Bashir C. Asad |
| Principal Financial Officer & Principal Accounting Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.