REVISED SCHEDULE A

This amendment, dated March 1, 2020, is made by and between Allianz Investment Management LLC, a Minnesota limited liability company (“Manager”), and Morgan Stanley Investment Management Inc., a Delaware corporation (“Subadviser”) to Schedule A of the Subadvisory Agreement, dated June 1, 2010, by and between the Manager and Subadviser.

Effective March 1, 2020, compensation pursuant to Section 4 of Subadvisory Agreement shall be calculated at the rate shown below based on the average daily net assets in the Fund:

FundRate

AZL Morgan Stanley Global Real Estate Fund                         0.35% on all assets

Acknowledged:

ALLIANZ INVESTMENT                                                         MORGAN STANLEY

MANAGEMENT LLC                                                                 INVESTMENT MANAGEMENT

     INC.

By:  /s/ Brian Muench                                                                             By:  /s/ Etsuloo Jennings

             __________________________                          __________________________

Name:  Brian Muench                                                                             Name:  Etsuloo Jennings

             _______________________                                   _________________________

Title:  President                                                                                            Title:  Managing Director

            ________________________                                  _________________________