AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

1

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(

98

.7

%

):

Aerospace

&

Defense

(

1

.1

%

):

2,680

Airbus

SE

$

358,488

17,862

Austal,

Ltd.

21,512

512

Avon

Rubber

plc

3,857

17,326

Babcock

International

Group

plc*

86,947

6,910

BAE

Systems

plc

83,866

1,760

Bombardier,

Inc.,

Class

B*

61,375

2,289

CAE,

Inc.*

53,445

7,684

Chemring

Group

plc

26,004

283

Dassault

Aviation

SA

53,224

116

Elbit

Systems,

Ltd.

23,069

89

FACC

AG*

573

1,523

Hensoldt

AG

44,925

2,300

Heroux-Devtek,

Inc.*

27,130

1,072

INVISIO

AB

19,339

865

Kongsberg

Gruppen

ASA

35,631

13,483

Leonardo

SpA

194,286

394

LISI

9,248

4,014

MDA,

Ltd.*

34,078

20,239

Melrose

Industries

plc

115,325

994

MTU

Aero

Engines

AG

180,572

351

OHB

SE

15,865

12,902

QinetiQ

Group

plc

50,125

1,143

Rheinmetall

AG

294,650

80,446

Rolls-Royce

Holdings

plc*

215,613

651

Saab

AB,

Class

B

33,116

1,817

Safran

SA

284,056

15,312

Senior

plc

30,324

21,100

Singapore

Technologies

Engineering,

Ltd.

60,299

1,082

Thales

SA

151,798

2,568,740

Air

Freight

&

Logistics

(

0

.7

%

):

2,500

AZ-COM

MARUWA

Holdings,

Inc.

35,577

4,417

bpost

SA

24,188

2,607

Cia

de

Distribucion

Integral

Logista

Holdings

SA

66,493

6,355

CTT-Correios

de

Portugal

SA

23,342

10,734

Deutsche

Post

AG

437,420

1,842

DSV

A/S

343,467

6,217

Freightways

Group,

Ltd.

30,376

1,000

Hamakyorex

Co.,

Ltd.

27,148

107

ID

Logistics

Group*

28,190

4,998

InPost

SA*

57,934

32,923

International

Distributions

Services

plc*

104,621

20,500

Kerry

Network,

Ltd.

18,296

1,800

Konoike

Transport

Co.,

Ltd.

23,282

958

Mainfreight,

Ltd.

37,403

900

Mitsui-Soko

Holdings

Co.,

Ltd.

25,936

2,600

NIPPON

EXPRESS

HOLDINGS,

INC.

135,678

783

Oesterreichische

Post

AG

25,701

17,789

PostNL

NV

37,915

2,000

Sankyu,

Inc.

69,177

900

SBS

Holdings,

Inc.

16,865

3,900

Senko

Group

Holdings

Co.,

Ltd.

27,336

5,100

SG

Holdings

Co.,

Ltd.

65,327

51,000

Singapore

Post,

Ltd.

18,079

300

Tonami

Holdings

Co.,

Ltd.

9,252

400

Trancom

Co.,

Ltd.

19,643

5,312

Wincanton

plc

17,575

Shares

Value

Common

Stocks,

continued

Air

Freight

&

Logistics,

continued

2,000

Yamato

Holdings

Co.,

Ltd.

$

32,572

1,758,793

Automobile

Components

(

3

.6

%

):

1,000

Aisan

Industry

Co.,

Ltd.

8,943

2,700

Aisin

Corp.

101,994

7,300

Akebono

Brake

Industry

Co.,

Ltd.*

6,836

1,027

AKWEL

17,327

2,478

ARB

Corp,

Ltd.

49,136

202

Autoneum

Holding

AG*

26,233

4,597

Bayerische

Motoren

Werke

AG

468,184

1,920

Brembo

SpA

23,797

8,700

Bridgestone

Corp.

339,135

1,647

Bulten

AB

10,498

1,911

CIE

Automotive

SA

51,702

12,224

Cie

Generale

des

Etablissements

Michelin

SCA

374,612

1,743

Cie

Plastic

Omnium

SA

28,341

12,732

CIR

SpA-Compagnie

Industriali*

5,434

1,653

Continental

AG

116,772

2,800

Daido

Metal

Co.,

Ltd.

10,646

2,400

Daikyonishikawa

Corp.

12,920

6,400

Denso

Corp.

102,731

11,116

Dometic

Group

AB(a)

70,285

20,239

Dowlais

Group

plc

26,449

1,800

Eagle

Industry

Co.,

Ltd.

20,388

673

EDAG

Engineering

Group

AG

8,287

1,724

ElringKlinger

AG

10,693

1,500

Exco

Technologies,

Ltd.

8,206

1,700

Exedy

Corp.

29,720

2,300

FCC

Co.,

Ltd.

28,937

342

Feintool

International

Holding

AG

7,904

7,092

Forvia*

146,301

1,000

F-Tech,

Inc.

5,580

4,000

Futaba

Industrial

Co.,

Ltd.

20,439

6,562

Gestamp

Automocion

SA(a)

27,362

1,400

G-Tekt

Corp.

17,040

6,206

GUD

Holdings,

Ltd.

46,828

232

Hella

GmbH

&

Co.

KGaA

16,428

1,600

HI-LEX

CORP.

17,138

32,400

Honda

Motor

Co.,

Ltd.

364,362

700

H-One

Co.,

Ltd.

4,078

300

Imasen

Electric

Industrial

1,302

15,200

Isuzu

Motors,

Ltd.

191,070

19,355

Johnson

Electric

Holdings,

Ltd.

23,790

7,400

JTEKT

Corp.

69,792

1,800

Kasai

Kogyo

Co.,

Ltd.*

3,088

267

Kendrion

NV

3,653

1,800

Koito

Manufacturing

Co.,

Ltd.

27,155

25,060

Kongsberg

Automotive

ASA*

5,250

1,000

KYB

Corp.

32,337

1,933

Linamar

Corp.

93,127

6,013

Magna

International,

Inc.

322,278

1,104

Magna

International,

Inc.

59,185

4,466

Martinrea

International,

Inc.

41,138

10,100

Mazda

Motor

Corp.

114,526

14,566

Mercedes-Benz

Group

AG

1,014,413

2,000

Mitsuba

Corp.

10,574

22,500

Mitsubishi

Motors

Corp.

97,946

2,500

Musashi

Seimitsu

Industry

Co.,

Ltd.

27,163

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

2

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Automobile

Components,

continued

4,300

NHK

SPRING

Co.,

Ltd.

$

32,892

600

Nichirin

Co.,

Ltd.

12,099

2,300

Nifco,

Inc.

59,479

2,200

Nippon

Seiki

Co.,

Ltd.

17,170

25,600

Nissan

Motor

Co.,

Ltd.

112,937

4,500

Niterra

Co.,

Ltd.

101,846

2,700

NOK

Corp.

35,828

2,439

Nokian

Renkaat

Oyj

19,188

2,600

Pacific

Industrial

Co.,

Ltd.

24,909

10,683

Pirelli

&

C

SpA(a)

51,362

6,300

Press

Kogyo

Co.,

Ltd.

29,032

3,582

PWR

Holdings,

Ltd.

25,333

5,773

Renault

SA

236,343

400

Riken

Corp.^

9,798

1,900

Sanoh

Industrial

Co.,

Ltd.

12,651

2,535

Schaeffler

AG

14,615

1,000

Seiren

Co.,

Ltd.

15,668

2,400

Shoei

Co.,

Ltd.

36,720

2,900

Stanley

Electric

Co.,

Ltd.

45,812

16,532

Stellantis

NV

317,054

13,400

Subaru

Corp.

260,338

12,700

Sumitomo

Electric

Industries,

Ltd.

152,958

2,900

Sumitomo

Riko

Co.,

Ltd.

21,680

6,500

Sumitomo

Rubber

Industries,

Ltd.

71,758

5,600

Suzuki

Motor

Corp.

225,236

300

T

RAD

Co.,

Ltd.

4,502

1,400

Tachi-S

Co.,

Ltd.

15,882

800

Taiho

Kogyo

Co.,

Ltd.

4,808

8,119

TI

Fluid

Systems

plc(a)

12,151

2,500

Tokai

Rika

Co.,

Ltd.

39,186

2,500

Topre

Corp.

28,363

3,200

Toyo

Tire

Corp.

49,254

1,700

Toyoda

Gosei

Co.,

Ltd.

36,504

2,200

Toyota

Boshoku

Corp.

40,106

59,520

Toyota

Motor

Corp.

1,069,674

1,500

TPR

Co.,

Ltd.

18,309

2,800

TS

Tech

Co.,

Ltd.

31,592

2,000

Unipres

Corp.

15,498

9,310

Valeo

159,465

842

Vitesco

Technologies

Group

AG*

68,381

9,185

Volvo

Car

AB,

Class

B*

37,130

7,800

Yamaha

Motor

Co.,

Ltd.

204,970

4,300

Yokohama

Rubber

Co.,

Ltd.

(The)

89,458

600

Yorozu

Corp.

3,799

8,641,191

Automobiles

(

0

.4

%

):

9,587

Aston

Martin

Lagonda

Global

Holdings

plc*(a)

33,393

865

Dr

Ing

hc

F

Porsche

AG(a)

81,344

398

Ferrari

NV

117,281

488

Ferrari

NV

144,224

298

Knaus

Tabbert

AG

16,390

2,700

Nissan

Shatai

Co.,

Ltd.

15,436

8,981

Piaggio

&

C

SpA

28,667

23,341

Stellantis

NV

447,394

294

Trigano

SA

39,817

606

Volkswagen

AG

79,855

1,003,801

Banks

(

8

.8

%

):

1,900

77

Bank,

Ltd.

(The)

40,137

Shares

Value

Common

Stocks,

continued

Banks,

continued

6,117

ABN

AMRO

Bank

NV(a)

$

86,604

536

Addiko

Bank

AG

7,201

36,960

AIB

Group

plc

166,414

1,500

Akita

Bank,

Ltd.

(The)

20,245

2,146

Aktia

Bank

Oyj

20,639

19,608

ANZ

Group

Holdings,

Ltd.

322,530

3,500

Aozora

Bank,

Ltd.^

71,359

3,450

Auswide

Bank,

Ltd.

11,653

1,000

Awa

Bank,

Ltd.

(The)

15,365

195

Banca

Monte

dei

Paschi

di

Siena

SpA*

496

19,969

Banca

Popolare

di

Sondrio

SCPA

102,862

61,495

Banco

Bilbao

Vizcaya

Argentaria

SA

500,657

37,367

Banco

Bilbao

Vizcaya

Argentaria

SA,

ADR

300,804

63,397

Banco

BPM

SpA

302,392

374,521

Banco

Comercial

Portugues

SA,

Class

R*

102,743

157,448

Banco

de

Sabadell

SA

182,349

140,122

Banco

Santander

SA

532,022

10,471

Bank

Hapoalim

BM

93,164

24,597

Bank

Leumi

Le-Israel

BM

203,512

30,859

Bank

of

East

Asia,

Ltd.

(The)

38,181

974

Bank

of

Georgia

Group

plc

43,645

39,103

Bank

of

Ireland

Group

plc

383,924

900

Bank

of

Iwate,

Ltd.

(The)

15,712

1,700

Bank

of

Kyoto,

Ltd.

(The)

95,831

1,895

Bank

of

Montreal

159,877

4,062

Bank

of

Montreal

342,711

500

Bank

of

Nagoya,

Ltd.

(The)

17,366

4,166

Bank

of

Nova

Scotia

(The)

186,751

8,317

Bank

of

Nova

Scotia

(The)

379,172

18,984

Bank

of

Queensland,

Ltd.

70,006

2,000

Bank

of

The

Ryukyus,

Ltd.

15,261

21,179

Bankinter

SA

134,990

71

Banque

Cantonale

de

Geneve

16,833

1,029

Banque

Cantonale

Vaudoise,

Registered

Shares

107,978

11,277

Barclays

plc,

ADR

87,848

196,917

Barclays

plc

381,323

1,622

BAWAG

Group

AG(a)

74,506

16,528

Bendigo

&

Adelaide

Bank,

Ltd.

95,105

207

Berner

Kantonalbank

AG

54,416

5,480

BNP

Paribas

SA

348,825

35,542

BOC

Hong

Kong

Holdings,

Ltd.

96,920

46,769

BPER

Banca

142,638

53,120

CaixaBank

SA

212,444

4,194

Canadian

Imperial

Bank

of

Commerce

161,911

5,363

Canadian

Imperial

Bank

of

Commerce

207,065

4,227

Canadian

Western

Bank

87,584

5,000

Chiba

Bank,

Ltd.

(The)

36,274

3,300

Chugin

Financial

Group,

Inc.

24,616

6,677

Close

Brothers

Group

plc

71,774

3,381

Collector

Bank

AB*

10,921

15,567

Commerzbank

AG

177,577

8,906

Commonwealth

Bank

of

Australia

567,347

16,100

Concordia

Financial

Group,

Ltd.

73,181

8,122

Credit

Agricole

SA

99,932

2,729

Credito

Emiliano

SpA

22,429

16,000

Dah

Sing

Banking

Group,

Ltd.

10,553

5,600

Dah

Sing

Financial

Holdings,

Ltd.

11,826

1,900

Daishi

Hokuetsu

Financial

Group,

Inc.

48,068

10,300

Danske

Bank

A/S

239,959

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

3

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

14,092

DBS

Group

Holdings,

Ltd.

$

346,098

5,279

DNB

Bank

ASA

106,356

1,600

Ehime

Bank,

Ltd.

(The)

10,488

830

EQB,

Inc.

46,081

4,763

Erste

Group

Bank

AG

164,516

650

FIDEA

Holdings

Co.,

Ltd.

6,951

6,825

FinecoBank

Banca

Fineco

SpA

82,852

3,600

First

Bank

of

Toyama,

Ltd.

(The)^

22,503

1,329

First

International

Bank

Of

Israel,

Ltd.

(The)

57,034

1,000

Fukui

Bank,

Ltd.

(The)

10,394

3,100

Fukuoka

Financial

Group,

Inc.

73,930

7,200

Gunma

Bank,

Ltd.

(The)

33,454

9,200

Hachijuni

Bank,

Ltd.

(The)

50,856

4,005

Hang

Seng

Bank,

Ltd.

49,753

25,644

Heartland

Group

Holdings

Npv

27,349

5,200

Hirogin

Holdings,

Inc.

31,876

1,000

Hokkoku

Financial

Holdings,

Inc.

34,778

4,500

Hokuhoku

Financial

Group,

Inc.

48,163

60,883

HSBC

Holdings

plc

476,881

14,784

HSBC

Holdings

plc,

ADR

583,377

9,400

Hyakugo

Bank,

Ltd.

(The)

33,691

1,000

Hyakujushi

Bank,

Ltd.

(The)

17,495

3

Hypothekarbank

Lenzburg

AG,

Class

R

13,639

23,474

ING

Groep

NV

310,054

71,373

Intesa

Sanpaolo

SpA

183,389

22,975

Israel

Discount

Bank,

Ltd.,

Class

A

124,101

5,400

Iyogin

Holdings,

Inc.

38,868

4,200

Japan

Post

Bank

Co,m

Ltd,

36,495

620

Jimoto

Holdings,

Inc.

1,784

1,200

Juroku

Financial

Group,

Inc.

29,955

1,487

Jyske

Bank

A/S*

108,680

7,716

KBC

Group

NV

481,007

5,800

Keiyo

Bank,

Ltd.

(The)

26,732

400

Kita-Nippon

Bank,

Ltd.

(The)

6,221

2,500

Kiyo

Bank,

Ltd.

(The)

25,047

10,290

Kyushu

Financial

Group,

Inc.

52,887

1,296

Laurentian

Bank

of

Canada

28,886

562

Liechtensteinische

Landesbank

AG

40,238

109,681

Lloyds

Banking

Group

plc,

ADR

233,620

235,693

Lloyds

Banking

Group

plc

126,892

583

Luzerner

Kantonalbank

AG,

Registered

Shares*

47,470

27,470

Mebuki

Financial

Group,

Inc.

75,769

11,906

Mediobanca

Banca

di

Credito

Finanziario

SpA

157,565

72,300

Mitsubishi

UFJ

Financial

Group,

Inc.

613,326

800

Miyazaki

Bank,

Ltd.

(The)

14,866

1,478

Mizrahi

Tefahot

Bank,

Ltd.

53,537

15,980

Mizuho

Financial

Group,

Inc.

270,712

1,300

Musashino

Bank,

Ltd.

(The)

23,984

5,245

MyState,

Ltd.

10,413

1,300

Nanto

Bank,

Ltd.

(The)

23,051

28,191

National

Australia

Bank,

Ltd.

526,147

6,732

National

Bank

of

Canada

447,263

12,364

NatWest

Group

plc,

ADR

72,082

35,666

NatWest

Group

plc

102,036

4,800

Nishi-Nippon

Holdings,

Inc.

54,576

14,112

Nordea

Bank

Abp

155,125

7,280

Nordea

Bank

Abp

79,819

7,300

North

Pacific

Bank,

Ltd.

17,535

1,800

Ogaki

Kyoritsu

Bank,

Ltd.

(The)

24,971

Shares

Value

Common

Stocks,

continued

Banks,

continued

1,000

Oita

Bank,

Ltd.

(The)

$

18,179

820

Okinawa

Financial

Group,

Inc.

13,359

18,446

Oversea-Chinese

Banking

Corp.,

Ltd.

172,313

5,215

Permanent

TSB

Group

Holdings

plc*

11,859

1,522

Procrea

Holdings,

Inc.

19,944

28,000

Public

Financial

Holdings,

Ltd.

6,572

4,183

Raiffeisen

Bank

International

AG

60,716

31,675

Resona

Holdings,

Inc.

175,083

1,300

Ringkjoebing

Landbobank

A/S

187,907

4,550

Royal

Bank

of

Canada

397,677

7,631

Royal

Bank

of

Canada

667,255

1,190

San

Ju

San

Financial

Group,

Inc.

14,727

6,200

San-In

Godo

Bank,

Ltd.

(The)

40,187

11,600

Senshu

Ikeda

Holdings,

Inc.

24,894

24,900

Seven

Bank,

Ltd.

51,667

1,300

Shiga

Bank,

Ltd.

(The)

30,335

1,000

Shikoku

Bank,

Ltd.

(The)

6,801

400

Shimizu

Bank,

Ltd.

(The)

4,311

6,600

Shizuoka

Financial

Group,

Inc.

53,686

12,683

Skandinaviska

Enskilda

Banken

AB,

Class

A

151,118

11,484

Societe

Generale

SA

277,763

3,454

Spar

Nord

Bank

A/S

53,570

2,034

SpareBank

1

Sorost-Norge

9,701

3,098

Sparebank

1

Sr-Bank

ASA

35,547

523

Sparekassen

Sjaelland-Fyn

A/S

14,625

119

St.

Galler

Kantonalbank

AG

64,884

36,353

Standard

Chartered

plc

335,917

8,200

Sumitomo

Mitsui

Financial

Group,

Inc.

402,044

2,200

Sumitomo

Mitsui

Trust

Holdings,

Inc.

82,641

8,000

Suruga

Bank,

Ltd.

33,936

9,765

Svenska

Handelsbanken

AB,

Class

A

86,832

6,063

Swedbank

AB,

Class

A

111,657

2,815

Sydbank

A/S

134,066

1,470

TBC

Bank

Group

plc

53,313

6,500

Toho

Bank,

Ltd.

(The)

12,244

1,100

Tokyo

Kiraboshi

Financial

Group,

Inc.

33,134

7,500

TOMONY

Holdings,

Inc.

23,154

4,977

Toronto-Dominion

Bank

(The)

299,881

5,540

Toronto-Dominion

Bank

(The)

333,840

2,100

Towa

Bank,

Ltd.

(The)

8,829

6,200

Tsukuba

Bank,

Ltd.

10,969

69,079

Unicaja

Banco

SA(a)

74,108

13,825

UniCredit

SpA

330,777

11,127

United

Overseas

Bank,

Ltd.

231,684

743

Valiant

Holding

AG

76,990

30,944

Vestjysk

Bank

A/S^

17,761

54,554

Virgin

Money

UK

plc

111,992

239

Walliser

Kantonalbank

29,761

22,910

Westpac

Banking

Corp.

311,177

1,600

Yamagata

Bank,

Ltd.

(The)

12,110

3,900

Yamaguchi

Financial

Group,

Inc.

34,124

1,800

Yamanashi

Chuo

Bank,

Ltd.

(The)

20,034

6

Zuger

Kantonalbank

AG

50,882

21,218,583

Beverages

(

1

.1

%

):

1,669

A.G.

Barr

plc

9,980

1,900

Andrew

Peller,

Ltd.,

Class

A

5,890

6,975

Anheuser-Busch

InBev

SA

384,047

2,700

Asahi

Group

Holdings,

Ltd.

100,958

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

4

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Common

Stocks,

continued

Beverages,

continued

9,774

Britvic

plc

$

103,678

14,400

Budweiser

Brewing

Co.

APAC,

Ltd.(a)

28,256

14,772

C&C

Group

plc

25,004

1,608

Carlsberg

AS,

Class

B

202,662

4,300

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

56,210

3,112

Coca-Cola

Europacific

Partners

plc

194,991

1,524

Coca-Cola

HBC

AG

41,704

1,957

David

Campari-Milano

NV,

Class

M

23,064

2,039

Diageo

plc,

ADR

304,178

8,372

Diageo

plc

308,699

812

Fevertree

Drinks

plc

11,829

1,672

Heineken

NV

147,062

1,000

Ito

En,

Ltd.

32,161

2,300

Kirin

Holdings

Co.,

Ltd.

32,264

109

Laurent-Perrier

13,772

653

Olvi

Oyj

20,794

814

Pernod

Ricard

SA

135,481

2,850

Primo

Water

Corp.

39,368

1,600

Primo

Water

Corp.

22,080

91

Remy

Cointreau

SA

11,085

1,827

Royal

Unibrew

A/S

140,701

800

Sapporo

Breweries,

Ltd.

25,456

2,800

Suntory

Beverage

&

Food,

Ltd.

85,396

7,000

Takara

Holdings,

Inc.

56,226

11,030

Treasury

Wine

Estates,

Ltd.

87,383

2,650,379

Biotechnology

(

0

.3

%

):

24,100

AnGes,

Inc.*^

15,621

86

Argenx

SE*

41,804

418

Basilea

Pharmaceutica

REG,

Registered

Shares*

18,709

1,271

Bavarian

Nordic

A/S*

28,528

1,455

BioGaia

AB,

B

Shares

13,416

760

Clinuvel

Pharmaceuticals,

Ltd.

7,166

931

CSL,

Ltd.

149,966

765

Galapagos

NV*

26,381

617

Genmab

A/S*

218,383

1,500

GNI

Group,

Ltd.*

20,677

2,347

Grifols

SA*

30,384

5,747

Knight

Therapeutics,

Inc.*

19,042

6,442

Mesoblast,

Ltd.*

1,593

2,600

Peptidream,

Inc.*

27,997

176

Pharma

Mar

SA

5,956

9,303

Pharming

Group

NV*

11,901

4,999

PureTech

Health

plc*

11,026

3,110

Swedish

Orphan

Biovitrum

AB*

63,635

2,800

Takara

Bio,

Inc.

25,898

1,652

Vitrolife

AB

22,243

1,155

Zealand

Pharma

A/S*

49,970

810,296

Broadline

Retail

(

0

.9

%

):

1,600

ASKUL

Corp.

20,933

29,631

B&M

European

Value

Retail

SA

211,646

1,900

Belluna

Co.,

Ltd.

8,542

1,759

Canadian

Tire

Corp.,

Ltd.,

Class

A

189,163

4,097

Dollarama,

Inc.

282,304

6,374

Europris

ASA(a)

35,566

24,372

Harvey

Norman

Holdings,

Ltd.^

60,597

5,100

Isetan

Mitsukoshi

Holdings,

Ltd.

59,069

1,000

Izumi

Co.,

Ltd.

26,480

Shares

Value

Common

Stocks,

continued

Broadline

Retail,

continued

9,100

J.

Front

Retailing

Co.,

Ltd.

$

93,071

2,000

Mercari,

Inc.*

43,042

30,000

Metro

Holdings,

Ltd.

12,092

47,139

Myer

Holdings,

Ltd.^

17,275

1,879

Next

plc

166,712

5,500

Pan

Pacific

International

Holdings

Corp.

115,515

7,183

Prosus

NV*

211,651

1,591

Puuilo

Oyj

13,547

6,100

Rakuten

Group,

Inc.

24,985

6,800

Ryohin

Keikaku

Co.,

Ltd.

87,864

2,200

Seria

Co.,

Ltd.

32,409

4,500

Takashimaya

Co.,

Ltd.

65,641

24,280

THG

plc*

20,575

2,195

Tokmanni

Group

Corp.

30,504

3,646

Warehouse

Group,

Ltd.

(The)

3,782

7,709

Wesfarmers,

Ltd.

261,837

4,000

Wing

On

Company

International,

Ltd.

6,334

2,101,136

Building

Products

(

1

.2

%

):

5,900

AGC,

Inc.

207,202

2,028

Arbonia

AG

18,638

3,060

Assa

Abloy

AB,

Class

B

66,686

225

Belimo

Holding

AG,

Class

R

106,674

2,400

Bunka

Shutter

Co.,

Ltd.

17,753

1,517

Carel

Industries

SpA(a)

36,357

1,800

Central

Glass

Co.,

Ltd.

35,696

8,839

Cie

de

Saint-Gobain

529,459

1,200

Daikin

Industries,

Ltd.

188,287

130

dormakaba

Holding

AG

63,915

17,426

Fletcher

Building,

Ltd.

49,053

491

Geberit

AG,

Registered

Shares

245,189

5,784

Genuit

Group

plc

23,175

12,753

GWA

Group,

Ltd.

15,039

7,079

Inrom

Construction

Industries,

Ltd.

21,872

2,938

Inwido

AB

29,516

5,198

James

Halstead

plc

13,102

2,570

Kingspan

Group

plc

191,566

2,801

Lindab

International

AB

40,945

8,200

Lixil

Corp.

95,466

687

LU-VE

SpA

15,681

1,773

Munters

Group

AB(a)

22,693

2,170

Nibe

Industrier

AB,

Class

B

14,146

2,400

Nichias

Corp.

48,991

1,100

Nichiha

Corp.

21,648

4,900

Nippon

Sheet

Glass

Co.,

Ltd.*

26,505

1,400

Nitto

Boseki

Co.,

Ltd.

32,609

2

Norcros

plc

4

1,552

Nordic

Waterproofing

Holding

AB

23,098

1,500

Noritz

Corp.

15,912

1,400

Okabe

Co.,

Ltd.

7,050

27,554

Reliance

Worldwide

Corp.,

Ltd.

68,737

233

ROCKWOOL

A/S,

Class

B

56,227

238

Rockwool

International

A/S,

Class

A

57,455

1,900

Sankyo

Tateyama,

Inc.

11,972

6,000

Sanwa

Holdings

Corp.

79,741

47

Schweiter

Technologies

AG

29,956

700

Sekisui

Jushi

Corp.

11,165

900

Shin

Nippon

Air

Technologies

Co.,

Ltd.

14,511

1,800

Sinko

Industries,

Ltd.

26,618

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

5

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Building

Products,

continued

3,824

Systemair

AB

$

24,009

1,800

Takara

Standard

Co.,

Ltd.

22,278

1,400

Takasago

Thermal

Engineering

Co.,

Ltd.

27,214

1,500

TOTO,

Ltd.

38,751

7,093

Tyman

plc

24,914

2,185

Uponor

Oyj

65,722

3,919

Volution

Group

plc

17,220

59,367

Xinyi

Glass

Holdings,

Ltd.

77,137

533

Zehnder

Group

AG

31,304

2,908,858

Capital

Markets

(

2

.8

%

):

14,575

3i

Group

plc

366,799

24,792

ABG

Sundal

Collier

Holding

ASA

11,906

59,785

abrdn

plc

112,987

3,200

AGF

Management,

Ltd.

16,847

1,600

Aizawa

Securities

Co.,

Ltd.

10,764

8,821

AJ

Bell

plc

29,429

903

Altamir

23,868

912

Amundi

SA(a)

51,143

7,128

Anima

Holding

SpA(a)

29,854

13,034

Ashmore

Group

plc

29,855

1,186

ASX,

Ltd.

43,286

2,855

Avanza

Bank

Holding

AB

49,279

2,228

Azimut

Holding

SpA

48,579

1,895

Banca

Generali

SpA

66,948

521

Bellevue

Group

AG

11,757

5,672

Bridgepoint

Group

plc,

Registered

Shares(a)

13,313

7,800

Brookfield

Corp.

243,919

614

Brookfield

Corp.

19,200

1,962

Bure

Equity

AB

39,109

2,497

Canaccord

Genuity

Group,

Inc.

14,819

6,882

CI

Financial

Corp.

78,342

120

Cie

Financiere

Tradition

SA

15,286

5,668

CMC

Markets

PLC(a)

7,254

19,800

Daiwa

Securities

Group,

Inc.

114,261

25,588

Deutsche

Bank

AG

282,514

5,196

Deutsche

Bank

AG,

Registered

Shares

57,104

552

Deutsche

Beteiligungs

AG

18,375

1,217

Deutsche

Boerse

AG

210,324

1,167

DWS

Group

GmbH

Co.

KGaA(a)

39,715

4,307

EFG

International

AG

48,884

170

eQ

Oyj

3,139

853

EQT

Holdings,

Ltd.

15,277

1,799

Euronext

NV(a)

125,178

4,000

Fiera

Capital

Corp.

16,553

3,587

flatexDEGIRO

AG*

31,448

838

Flow

Traders,

Ltd.

15,595

10,649

GAM

Holding

AG*

5,242

2,674

Georgia

Capital

plc*

32,082

896

Gimv

NV

39,137

2,400

GMO

Financial

Holdings,

Inc.

11,656

1,175

Guardian

Capital

Group,

Ltd.,

Class

A

37,203

142,000

Guotai

Junan

International

Hol

11,022

148,767

Haitong

International

Securities*

13,438

10,076

Hargreaves

Lansdown

plc

94,512

8,394

Hong

Kong

Exchanges

&

Clearing,

Ltd.

312,954

1,131

HUB24,

Ltd.

23,562

5,100

iFAST

Corp.,

Ltd.

20,888

13,629

IG

Group

Holdings

plc

106,498

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

1,732

IGM

Financial,

Inc.

$

43,935

4,298

Impax

Asset

Management

Group

plc

23,913

26,331

Insignia

Financial,

Ltd.

40,874

6,881

IntegraFin

Holdings

plc

19,820

6,092

Intermediate

Capital

Group

plc

102,630

14,474

Investec

plc

84,383

49,718

IP

Group

plc

32,143

1,700

IwaiCosmo

Holdings,

Inc.

19,864

1,300

JAFCO

Group

Co.,

Ltd.

14,243

7,500

Japan

Exchange

Group,

Inc.

139,125

5,624

Julius

Baer

Group,

Ltd.

360,517

17,082

Jupiter

Fund

Management

plc

20,007

800

Kyokuto

Securities

Co.,

Ltd.

4,971

2,122

Liontrust

Asset

Management

plc

15,570

1,458

London

Stock

Exchange

Group

plc

146,340

500

M&A

Capital

Partners

Co.,

Ltd.

8,960

1,600

Macquarie

Group,

Ltd.

172,119

3,050

Magellan

Financial

Group,

Ltd.

18,061

42,213

Man

Group

plc

114,675

2,300

Marusan

Securities

Co.,

Ltd.

12,884

1,180,000

Mason

Group

Holdings,

Ltd.*

4,828

6,300

Matsui

Securities

Co.,

Ltd.^

34,605

2,900

Mito

Securities

Co.,

Ltd.

8,844

3,035

MLP

SE

15,451

5,700

Monex

Group,

Inc.

21,262

4,905

Navigator

Global

Investments,

Ltd.

4,250

5,471

Netwealth

Group,

Ltd.

52,975

17,199

Ninety

One

plc

35,546

43,100

Nomura

Holdings,

Inc.

172,826

1,900

Nordnet

AB

Publ

24,984

16,464

NZX,

Ltd.

10,486

7,300

Okasan

Securities

Group,

Inc.

33,931

269

Partners

Group

Holding

AG

302,775

1,598

Perpetual,

Ltd.

21,575

4,165

Pinnacle

Investment

Management

Group,

Ltd.

24,062

11,593

Platinum

Asset

Management,

Ltd.

9,675

2,595

Polar

Capital

Holdings

plc

14,708

38,911

Quilter

plc(a)

40,694

1,470

Rathbones

Group

plc

31,116

9,785

Ratos

AB,

Class

B

29,105

3,700

SBI

Holdings,

Inc.

77,893

10,425

Schroders

plc

51,517

11,400

Singapore

Exchange,

Ltd.

81,144

840

Sparx

Group

Co.,

Ltd.

8,465

700

Sprott,

Inc.

21,323

5,100

St

James's

Place

plc

51,434

700

Strike

Co.,

Ltd.

15,645

420

Swissquote

Group

Holding

SA,

Registered

Shares

76,692

2,584

Tamburi

Investment

Partners

SP

22,899

4,279

Tel

Aviv

Stock

Exchange,

Ltd.*

24,591

1,383

Tikehau

Capital

SCA

30,467

2,055

TMX

Group,

Ltd.

44,169

8,500

Tokai

Tokyo

Financial

Holdings,

Inc.

27,574

4,000

Toyo

Securities

Co.,

Ltd.

8,588

37,521

TP

ICAP

Group

plc

77,244

22,703

UBS

Group

AG

561,318

192

UBS

Group

AG

4,736

21,420

UOB-Kay

Hian

Holdings,

Ltd.

22,119

22,000

Value

Partners

Group,

Ltd.

6,895

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

6

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

1,528

Van

Lanschot

Kempen

NV

$

40,974

1,065

Vontobel

Holding

AG,

Class

A

63,394

245

VP

Bank

AG,

Class

A

23,538

393

VZ

Holding

AG

41,016

6,693,471

Chemicals

(

3

.6

%

):

900

Achilles

Corp.

8,675

1,800

Aica

Kogyo

Co.,

Ltd.

40,182

1,597

Air

Liquide

SA

269,085

6,800

Air

Water,

Inc.

84,726

3,405

Akzo

Nobel

NV

245,686

700

Arakawa

Chemical

Industries,

Ltd.

4,762

2,166

Arkema

SA

213,555

22,100

Asahi

Kasei

Corp.

138,934

1,100

ASAHI

YUKIZAI

Corp.

27,170

9,319

BASF

SE

422,954

1,939

Borregaard

ASA

28,602

400

C

Uyemura

&

Co.,

Ltd.

25,227

52,400

China

Sunsine

Chemical

Holdings,

Ltd.

15,679

2,229

Chr

Hansen

Holding

A/S

136,370

2,200

Chugoku

Marine

Paints,

Ltd.

19,936

1,600

CI

Takiron

Corp.

6,144

4,288

Clariant

AG

67,761

839

Corbion

NV

16,688

5,228

Covestro

AG*(a)

282,148

885

Croda

International

plc

53,041

1,000

Dai

Nippon

Toryo

Co.,

Ltd.

6,488

10,500

Daicel

Corp.

87,834

900

Dainichiseika

Color

&

Chemical

13,676

3,200

Denka

Co.,

Ltd.

57,863

3,300

DIC

Corp.

53,606

2,257

DSM-Firmenich

AG

190,634

18,377

Elementis

plc*

27,723

13,127

Elkem

ASA(a)

26,576

57

EMS-Chemie

Holding

AG

38,675

8,516

Ercros

SA

27,076

9,485

Essentra

plc

18,717

7,616

Evonik

Industries

AG

139,456

1,150

FUCHS

PETROLUB

SE

36,887

2,052

FUCHS

PETROLUB

SE

79,901

1,500

Fujimi,

Inc.

30,125

300

Fujimori

Kogyo

Co.,

Ltd.

7,452

700

Fuso

Chemical

Co.,

Ltd.

18,389

62

Givaudan

SA,

Registered

Shares

203,010

200

Gurit

Holding

AG*

20,264

4,898

Hexpol

AB

43,248

700

Hodogaya

Chemical

Co.,

Ltd.

14,888

7,397

ICL

Group,

Ltd.

40,975

71,308

Incitec

Pivot,

Ltd.

143,867

1,500

Ishihara

Sangyo

Kaisha,

Ltd.

14,852

1,000

JCU

Corp.

20,666

5,147

Johnson

Matthey

plc

102,056

700

JSP

Corp.

9,566

1,200

JSR

Corp.

32,212

1,900

Kaneka

Corp.

49,323

1,300

Kansai

Paint

Co.,

Ltd.

18,582

3,300

Kanto

Denka

Kogyo

Co.,

Ltd.

19,286

600

KeePer

Technical

Laboratory

Co.,

Ltd.

23,376

1,600

KEIWA,

Inc.

15,135

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

2,983

Kemira

Oyj

$

46,422

1,400

KH

Neochem

Co,

Ltd.

21,484

1,500

Koatsu

Gas

Kogyo

Co.,

Ltd.

7,594

1,000

Konishi

Co.,

Ltd.

15,248

3,400

Kumiai

Chemical

Industry

Co.,

Ltd.

25,046

11,400

Kuraray

Co.,

Ltd.

135,081

600

Kureha

Corp.

33,389

2,747

LANXESS

AG

69,886

549

Lenzing

AG*

22,543

1,300

Lintec

Corp.

20,803

400

MEC

Co.,

Ltd.

9,896

929

Methanex

Corp.

41,851

1,600

Methanex

Corp.

72,112

42,800

Mitsubishi

Chemical

Group

Corp.

269,785

4,600

Mitsubishi

Gas

Chemical

Co.,

Inc.

61,918

6,100

Mitsui

Chemicals,

Inc.

158,136

12,400

Nanofilm

Technologies

International,

Ltd.

8,506

800

Nihon

Kagaku

Sangyo

Co.,

Ltd.

5,907

2,300

Nihon

Nohyaku

Co.,

Ltd.

10,107

2,600

Nihon

Parkerizing

Co.,

Ltd.

19,224

600

Nippon

Chemical

Industrial

Co.,

Ltd.

7,846

3,100

Nippon

Kayaku

Co.,

Ltd.

25,906

2,100

Nippon

Paint

Holdings

Co.,

Ltd.

14,124

1,400

Nippon

Pillar

Packing

Co.,

Ltd.

36,537

3,100

Nippon

Sanso

Holdings

Corp.

73,482

700

Nippon

Shokubai

Co.,

Ltd.

25,426

800

Nippon

Soda

Co.,

Ltd.

29,434

1,900

Nissan

Chemical

Corp.

80,779

2,400

Nitto

Denko

Corp.

157,356

2,100

NOF

Corp.

83,940

4,205

Novozymes

A/S,

B

Shares

169,548

16,188

Nufarm,

Ltd.

49,432

6,510

Nutrien,

Ltd.

402,076

3,137

Nutrien,

Ltd.

193,741

2,984

OCI

NV

82,989

500

Okamoto

Industries,

Inc.

16,958

600

Okura

Industrial

Co.,

Ltd.

10,405

14,912

Orica,

Ltd.

149,702

900

Osaka

Organic

Chemical

Industry,

Ltd.

15,196

700

Osaka

Soda

Co.,

Ltd.

30,034

1,958

Recticel

SA

19,384

6,500

Resonac

Holdings

Corp.

108,883

2,800

Riken

Technos

Corp.

13,389

500

Sakai

Chemical

Industry

Co.,

Ltd.

6,919

2,400

Sakata

INX

Corp.

20,672

700

Sanyo

Chemical

Industries,

Ltd.

19,177

900

Sekisui

Plastics

Co.,

Ltd.

2,787

1,100

Shikoku

Chemicals

Corp.

12,154

18,100

Shin-Etsu

Chemical

Co.,

Ltd.

525,412

1,800

Shin-Etsu

Polymer

Co.,

Ltd.

16,106

289

Sika

AG,

Registered

Shares

73,269

1,125

SOL

SpA

31,846

3,355

Solvay

SA,

Class

A

371,050

400

Stella

Chemifa

Corp.

8,307

900

Sumitomo

Bakelite

Co.,

Ltd.

39,244

21,900

Sumitomo

Chemical

Co.,

Ltd.

59,618

300

Sumitomo

Seika

Chemicals

Co.

Ltd.

9,090

275

Symrise

AG

26,264

655

Synthomer

plc

1,852

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

7

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

700

T

Hasegawa

Co.,

Ltd.

$

14,270

1,200

T&K

Toka

Co.,

Ltd.

11,508

1,800

Taiyo

Holdings

Co.,

Ltd.

30,859

600

Takasago

International

Corp.

12,079

2,100

Tanaka

Chemical

Corp.*

17,946

600

Tayca

Corp.

5,496

6,900

Teijin,

Ltd.

67,064

500

Tenma

Corp.

7,981

625

Tessenderlo

Group

SA

18,034

2,400

Toagosei

Co.,

Ltd.

21,572

7,500

Tokai

Carbon

Co.,

Ltd.

58,729

2,200

Tokuyama

Corp.

34,577

600

Tokyo

Ohka

Kogyo

Co.,

Ltd.

35,681

20,600

Toray

Industries,

Inc.

107,166

4,700

Tosoh

Corp.

60,288

1,200

Toyo

Ink

SC

Holdings

Co.,

Ltd.

18,766

3,400

Toyobo

Co.,

Ltd.

24,566

2,500

UBE

Corp.

42,161

6,147

Umicore

SA

145,752

700

Valqua,

Ltd.

19,378

2,109

Victrex

plc

36,108

657

Wacker

Chemie

AG

94,242

1,938

Yara

International

ASA

73,419

4,100

Zeon

Corp.

42,860

8,815,483

Commercial

Services

&

Supplies

(

1

.1

%

):

800

AEON

Delight

Co.,

Ltd.

17,609

63,393

AMA

Group,

Ltd.*^

1,710

1,755

Befesa

SA(a)

53,633

896

Bilfinger

SE

30,716

1,670

Black

Diamond

Group,

Ltd.

8,854

600

Boyd

Group

Services,

Inc.

106,706

20,065

Brambles,

Ltd.

184,628

3,798

Bravida

Holding

AB(a)

28,002

200

Calian

Group,

Ltd.

7,515

1,939

Caverion

Oyj

17,651

300

Central

Security

Patrols

Co.,

Ltd.

6,268

338

Cewe

Stiftung

&

Co.

KGAA

31,494

45,478

Cleanaway

Waste

Management,

Ltd.

70,518

3,808

Coor

Service

Management

Holding

AB(a)

15,475

2,400

CTS

Co.,

Ltd.

11,224

2,500

Dai

Nippon

Printing

Co.,

Ltd.

65,032

1,100

Daiseki

Co.,

Ltd.

29,408

6,041

De

La

Rue

plc*

4,574

3,731

Derichebourg

SA

18,763

2,180

Dexterra

Group,

Inc.

9,182

262

DO

&

CO

AG

28,742

25,522

Downer

EDI,

Ltd.

67,413

1,100

Duskin

Co.,

Ltd.

23,841

7,916

Elis

SA

139,287

300

GDI

Integrated

Facility

Services,

Inc.*

8,504

1,600

GFL

Environmental,

Inc.

50,812

435

GL

Events

7,504

900

Inaba

Seisakusho

Co.,

Ltd.

9,305

2,297

Intrum

AB

13,464

1,400

Inui

Global

Logistics

Co.,

Ltd.^

12,344

6,544

ISS

A/S

100,443

1,800

Itoki

Corp.

18,151

1,900

Japan

Elevator

Service

Holdings

Co.,

Ltd.

27,888

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

14,225

Johnson

Service

Group

plc

$

23,342

1,700

Kokuyo

Co.,

Ltd.

26,965

400

Kyodo

Printing

Co.,

Ltd.

8,389

2,302

Lassila

&

Tikanoja

Oyj

23,696

2,739

Loomis

AB

73,573

700

Matsuda

Sangyo

Co.,

Ltd.

11,096

5,449

Mears

Group

plc

18,321

39,904

Mitie

Group

plc

50,030

2,000

Mitsubishi

Pencil

Co.,

Ltd.

25,658

1,400

NAC

Co.,

Ltd.

9,068

15,900

Nippon

Parking

Development

Co.,

Ltd.

22,692

1,600

Okamura

Corp.

24,189

1,100

Oyo

Corp.

18,337

3,300

Park24

Co.,

Ltd.*

41,794

1,100

Pilot

Corp.

37,742

2,400

Prestige

International,

Inc.

9,892

22,243

Prosegur

Cash

SA(a)

13,828

13,654

Prosegur

Cia

de

Seguridad

SA

22,030

981

RB

Global,

Inc.

61,427

4,183

Renewi

plc*

37,332

12,143

Rentokil

Initial

plc

90,004

900

Sato

Holdings

Corp.

12,705

952

Sdiptech

AB*

19,202

95

Seche

Environnement

SA

11,055

700

Secom

Co.,

Ltd.

47,477

7,485

Securitas

AB,

Class

B

59,114

26,399

Serco

Group

plc

47,859

3,154

Smart

Metering

Systems

plc

23,930

895

Societe

BIC

SA

59,040

11,000

Sohgo

Security

Services

Co.,

Ltd.

66,376

4,783

SPIE

SA^

139,088

700

Studio

Alice

Co.,

Ltd.

9,724

1,300

Takara

&

Co.,

Ltd.

21,454

1,817

Takkt

AG

24,662

3,880

TOPPAN

Holdings,

Inc.

92,743

2,000

TRE

Holdings

Corp.

16,116

418

Waste

Connections,

Inc.

56,137

800

Waste

Connections,

Inc.

107,427

2,690,174

Communications

Equipment

(

0

.2

%

):

2,301

ADTRAN

Holdings,

Inc.

18,937

485

ADVA

Optical

Networking

SE*

10,279

700

Aiphone

Co.,

Ltd.

14,015

700

DKK

Co.,

Ltd.

11,177

700

Evertz

Technologies,

Ltd.

6,443

1,320

HMS

Networks

AB

48,062

500

Icom,

Inc.

11,140

23,787

Nokia

Oyj,

ADR

88,963

40,815

Nokia

Oyj

153,481

10,200

Quarterhill,

Inc.

10,965

418

RTX

A/S*

4,953

10,363

Spirent

Communications

plc

17,376

684

Telefonaktiebolaget

LM

Ericsson,

Class

A

3,430

25,659

Telefonaktiebolaget

LM

Ericsson,

Class

B^

124,671

510

Vantiva

SA*

83

5,700

VTech

Holdings,

Ltd.

34,127

558,102

Construction

&

Engineering

(

1

.9

%

):

705

Ackermans

&

Van

Haaren

NV

106,578

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

8

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

4,731

ACS

Actividades

de

Construccion

y

Servicios

SA

$

170,345

3,353

Aecon

Group,

Inc.

28,022

1,375

AF

Gruppen

ASA

15,995

600

Asanuma

Corp.

14,411

1,130

Ashtrom

Group,

Ltd.

15,406

1,410

Badger

Infrastructure

Solutions,

Ltd.

36,016

16,103

Balfour

Beatty

plc

62,821

1,400

Bird

Construction,

Inc.

10,607

16,800

Boustead

Singapore,

Ltd.

10,429

6,254

Bouygues

SA

218,484

209

Burkhalter

Holding

AG

20,019

4,600

Chiyoda

Corp.*

11,654

1,700

Chudenko

Corp.

27,471

494

Cie

d'Entreprises

CFE

SA

3,655

2,621

COMSYS

Holdings

Corp.

54,793

6,098

Costain

Group

plc

4,232

500

CTI

Engineering

Co.,

Ltd.

15,027

1,000

Dai-Dan

Co.,

Ltd.

9,932

900

Daiho

Corp.

23,754

335

Dredging

Environmental

Marine

Engineering

NV

36,791

3,135

Eiffage

SA

297,750

2,783

Elecnor

SA

43,380

44

Electra,

Ltd./Israel

16,882

7,737

Eltel

AB*(a)

4,830

37,002

Empresas

ICA

SAB

de

C.V.*(b)

—

3,700

EXEO

Group,

Inc.

75,832

924

Ferrovial

SE

28,170

2,182

Fomento

de

Construcciones

y

Contratas

SA

27,500

440

Fudo

Tetra

Corp.

5,907

4,855

Fugro

NV*

74,606

200

Fukuda

Corp.

6,494

4,363

Galliford

Try

Holdings

plc

12,964

6,000

Hazama

Ando

Corp.

46,834

1,929

Heijmans

NV

21,776

600

Hibiya

Engineering,

Ltd.

9,378

1,127

HOCHTIEF

AG

114,037

783

Implenia

AG,

Registered

Shares

25,701

8,136

INFRONEER

Holdings,

Inc.

83,927

5,765

Instalco

AB

17,086

700

Integrated

Design

&

Engineering

Holdings

Co.,

Ltd.*

16,721

4,600

JGC

Holdings

Corp.

63,969

5,838

Johns

Lyng

Group,

Ltd.

24,484

5,300

Kajima

Corp.

86,263

3,000

Kandenko

Co.,

Ltd.

27,637

3,807

Keller

Group

plc

34,785

19,638

Kier

Group

plc*

27,486

2,500

Kinden

Corp.

36,387

15,900

Koninklijke

BAM

Groep

NV

33,715

1,600

Kumagai

Gumi

Co.,

Ltd.

37,731

9,546

Maire

Tecnimont

SpA

39,194

31,500

MECOM

Power

And

Construction,

Ltd.*

1,808

1,700

Meisei

Industrial

Co.,

Ltd.

11,495

3,300

MIRAIT

ONE

corp.

43,407

1,475

Monadelphous

Group,

Ltd.

13,440

1,922

Morgan

Sindall

Group

plc

48,025

11,996

Mota-Engil

SGPS

SA

43,258

3,087

NCC

AB,

Class

B

33,323

1,000

Nichireki

Co.,

Ltd.

13,365

1,600

Nippon

Densetsu

Kogyo

Co.,

Ltd.

23,496

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

500

Nippon

Road

Co.,

Ltd.

(The)

$

6,284

1,000

Nishimatsu

Construction

Co.,

Ltd.

24,811

20,879

NRW

Holdings,

Ltd.

36,410

9,700

Obayashi

Corp.

85,420

41,702

Obrascon

Huarte

Lain

SA*

18,282

1,100

Okumura

Corp.

33,041

8,600

Oriental

Shiraishi

Corp.

18,922

3,037

OX2

AB*

14,431

5,969

Peab

AB

24,436

8,700

Penta-Ocean

Construction

Co.,

Ltd.

51,773

726

Per

Aarsleff

Holding

A/S

33,243

1,500

Raito

Kogyo

Co.,

Ltd.

20,688

2,400

Raiznext

Corp.

23,339

2,472

Renew

Holdings

plc

21,459

10,081

Sacyr

SA

29,550

1,900

Sanki

Engineering

Co.,

Ltd.

20,630

1,700

Seikitokyu

Kogyo

Co.,

Ltd.

17,830

40,165

Service

Stream,

Ltd.

24,134

16,220

Severfield

plc

12,258

3,211

Shapir

Engineering

And

Indus

21,577

4,869

Shikun

&

Binui,

Ltd.*

13,053

6,700

Shimizu

Corp.

46,587

1,500

Shinnihon

Corp.

12,317

700

SHO-BOND

Holdings

Co.,

Ltd.

27,512

5,098

Skanska

AB,

Class

B

83,618

2,762

SNC-Lavalin

Group,

Inc.

92,148

1,244

Stantec,

Inc.

80,698

761

Stantec,

Inc.

49,383

267

Strabag

SE,

Class

BR

10,517

600

Sumitomo

Densetsu

Co.,

Ltd.

11,130

6,980

Sumitomo

Mitsui

Construction

19,196

3,299

Sweco

AB

30,708

700

Taihei

Dengyo

Kaisha,

Ltd.

19,053

800

Taikisha,

Ltd.

24,182

2,000

Taisei

Corp.

70,379

1,400

Takamatsu

Construction

Group

C

24,965

400

Tekken

Corp.

5,690

900

TOA

Corp.

22,610

800

TOA

Road

Corp.

28,572

1,630

Tobishima

Corp.

15,089

6,900

Toda

Corp.

37,370

400

Toenec

Corp.

11,330

1,000

Tokyo

Energy

&

Systems,

Inc.

6,616

5,100

Tokyu

Construction

Co.,

Ltd.

26,615

1,100

Totetsu

Kogyo

Co.,

Ltd.

21,621

4,300

Toyo

Construction

Co.,

Ltd.

35,039

2,100

Toyo

Engineering

Corp.*

9,621

3,936

Veidekke

ASA

35,901

12,426

Ventia

Services

Group

Pty,

Ltd.

22,475

4,170

Vinci

SA

461,584

900

Wakachiku

Construction

Co.,

Ltd.

18,117

1,241

WSP

Global,

Inc.

175,171

1,700

Yahagi

Construction

Co.,

Ltd.

14,302

1,200

Yokogawa

Bridge

Holdings

Corp.

22,427

1,200

Yurtec

Corp.

7,705

4,601,304

Construction

Materials

(

0

.9

%

):

13,883

Adbri,

Ltd.*

18,106

1,800

Asia

Pile

Holdings

Corp.

8,416

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

9

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

Materials,

continued

8,279

Boral,

Ltd.*

$

23,666

2,289

Breedon

Group

plc

9,148

2,976

Brickworks,

Ltd.

47,918

2,616

Buzzi

SpA

71,638

5,942

CRH

plc

327,678

6,726

CRH

plc*

368,114

15,999

CSR,

Ltd.

58,166

6,288

Forterra

PLC(a)

11,384

1,160

H+H

International

A/S,

Class

B*

11,737

2,630

Heidelberg

Materials

AG

204,277

6,397

Holcim

AG

409,683

13,005

Ibstock

plc(a)

22,589

979

Imerys

SA

28,957

4,832

James

Hardie

Industries

plc*

126,054

400

Krosaki

Harima

Corp.

25,754

600

Maeda

Kosen

Co.,

Ltd.

11,998

5,422

Marshalls

plc

16,646

2,500

Nippon

Concrete

Industries

Co.,

Ltd.

5,483

405

RHI

Magnesita

NV

13,726

2,500

Shinagawa

Refractories

Co.,

Ltd.

25,360

123

STO

SE

&

Co

KGaA

16,874

1,500

Sumitomo

Osaka

Cement

Co.,

Ltd.

36,850

3,500

Taiheiyo

Cement

Corp.

62,027

1,300

TYK

Corp.

2,901

998

Vicat

SA

30,536

3,665

Wienerberger

AG

92,847

2,088,533

Consumer

Finance

(

0

.3

%

):

10,300

ACOM

Co.,

Ltd.

23,980

4,300

AEON

Financial

Service

Co.,

Ltd.

36,938

7,800

Aiful

Corp.

20,247

8,198

Axactor

ASA*

4,201

1,411

Cembra

Money

Bank

AG

95,795

1,607

Credit

Corp.

Group,

Ltd.

19,959

5,300

Credit

Saison

Co.,

Ltd.

84,028

18,226

FleetPartners

Group,

Ltd.*

32,098

500

goeasy,

Ltd.

39,257

873

Gruppo

MutuiOnline

SpA

22,981

2,616

H&T

Group

plc

13,544

5,740

Hoist

Finance

AB*(a)

14,347

17,800

Hong

Leong

Finance,

Ltd.

32,071

14,415

International

Personal

Finance

22,120

8,929

Isracard,

Ltd.

36,898

5,602

J

Trust

Co.,

Ltd.

17,862

900

Jaccs

Co.,

Ltd.

31,062

5,600

Marui

Group

Co.,

Ltd.

91,010

1,520

Orient

Corp.

11,796

213,600

Oshidori

International

Holdings,

Ltd.*

6,278

2,100

Premium

Group

Co.,

Ltd.

22,359

4,452

Resurs

Holding

AB(a)

9,572

8,965

Solvar,

Ltd.

6,018

38,000

Sun

Hung

Kai

&

Co.,

Ltd.

13,038

10,046

Vanquis

Banking

Group

plc

15,401

722,860

Consumer

Staples

Distribution

&

Retail

(

2

.2

%

):

702

Acomo

NV

14,648

6,800

Aeon

Co.,

Ltd.

134,754

3,600

Aeon

Hokkaido

Corp.

21,003

1,000

Ain

Holdings,

Inc.

29,438

Shares

Value

Common

Stocks,

continued

Consumer

Staples

Distribution

&

Retail,

continued

5,972

Alimentation

Couche-Tard,

Inc.

$

303,327

1,200

Arcs

Co.,

Ltd.

21,923

1,537

Axfood

AB

35,238

800

Axial

Retailing,

Inc.

20,036

600

Belc

Co.,

Ltd.

27,523

11,150

Carrefour

SA

191,726

1,100

Cawachi,

Ltd.

18,304

15,521

Coles

Group,

Ltd.

154,541

300

Cosmos

Pharmaceutical

Corp.

30,691

1,300

Create

SD

Holdings

Co.,

Ltd.

29,478

500

Daikokutenbussan

Co.,

Ltd.

21,057

12,300

DFI

Retail

Group

Holdings,

Ltd.

32,640

439

DocMorris

AG*

24,310

5,051

Empire

Co.,

Ltd.,

Class

A

137,423

16,402

Endeavour

Group,

Ltd.

55,488

2,403

Etablissements

Franz

Colruyt

NV

103,982

1,000

G-7

Holdings,

Inc.

8,293

500

Genky

Drugstores

Co.,

Ltd.

18,429

1,093

George

Weston,

Ltd.

121,227

8,123

GrainCorp,

Ltd.

36,892

3,300

H2O

Retailing

Corp.

40,052

500

Halows

Co.,

Ltd.

14,045

1,600

Heiwado

Co.,

Ltd.

27,912

5,227

HelloFresh

SE*

156,260

10,000

Hong

Kong

Technology

Venture

Co.,

Ltd.*

3,850

200

Itochu-Shokuhin

Co.,

Ltd.

9,138

44,541

J

Sainsbury

plc

137,014

2,965

Jeronimo

Martins

SGPS

SA

66,535

600

JM

Holdings

Co.,

Ltd.

7,808

600

Kato

Sangyo

Co.,

Ltd.

15,948

2,074

Kesko

Oyj,

Class

A

37,956

9,149

Kesko

Oyj,

Class

B

163,629

2,100

Kobe

Bussan

Co.,

Ltd.

49,258

15,019

Koninklijke

Ahold

Delhaize

NV

452,807

900

Kusuri

NO

Aoki

Holdings

Co.,

Ltd.

51,745

1,000

Lawson,

Inc.

45,968

800

Life

Corp.

19,476

1,564

Loblaw

Cos.,

Ltd.

132,896

215

M

Yochananof

&

Sons,

Ltd.

8,765

89,548

Marks

&

Spencer

Group

plc*

257,589

2,340

MatsukiyoCocokara

&

Co.

41,957

30,685

Metcash,

Ltd.

74,177

4,561

METRO

AG*

31,488

3,517

Metro,

Inc.

182,674

600

Ministop

Co.,

Ltd.

5,886

900

Mitsubishi

Shokuhin

Co.,

Ltd.

23,475

1,200

Nihon

Chouzai

Co.,

Ltd.

11,850

1,801

North

West

Co.,

Inc.

45,353

4,602

Ocado

Group

plc*

33,476

1,100

Oisix

ra

daichi,

Inc.*^

11,834

3,500

Okuwa

Co.,

Ltd.

20,369

10,925

Olam

Group,

Ltd.

8,399

1,200

Qol

Holdings

Co.,

Ltd.

14,891

337

Rami

Levy

Chain

Stores

Hashikma

Marketing

2006,

Ltd.

19,288

1,000

Retail

Partners

Co.,

Ltd.

11,661

600

San-A

Co.,

Ltd.

19,183

11,500

Seven

&

i

Holdings

Co.,

Ltd.

450,395

28,900

Sheng

Siong

Group,

Ltd.

32,113

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

10

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Consumer

Staples

Distribution

&

Retail,

continued

4,880

Shufersal,

Ltd.*

$

22,659

1,454

Sligro

Food

Group

NV

25,726

38,447

Sonae

SGPS

SA

37,312

1,000

Sugi

Holdings

Co.,

Ltd.

39,732

2,200

Sundrug

Co.,

Ltd.

59,673

109,845

Tesco

plc

353,133

1,100

Tsuruha

Holdings,

Inc.

73,905

2,100

United

Supermarkets

Holdings

15,020

2,200

Valor

Holdings

Co.,

Ltd.

32,184

1,400

Watahan

&

Co.,

Ltd.

12,401

2,600

Welcia

Holdings

Co.,

Ltd.

44,945

8,899

Woolworths

Group,

Ltd.

214,354

800

YAKUODO

Holdings

Co.,

Ltd.

14,468

700

Yamatane

Corp.

9,750

700

Yaoko

Co.,

Ltd.

36,002

2,800

Yokorei

Co.,

Ltd.

22,685

5,343,440

Containers

&

Packaging

(

0

.7

%

):

5,896

Billerud

AB

54,484

4,231

Cascades,

Inc.

38,226

3,083

CCL

Industries,

Inc.

129,417

2,123

Corticeira

Amorim

SGPS

SA

21,836

49,509

DS

Smith

plc

172,836

2,100

FP

Corp.

33,745

1,900

Fuji

Seal

International,

Inc.

22,645

1,000

Hokkan

Holdings,

Ltd.

10,096

4,029

Huhtamaki

Oyj

132,516

282

Mayr

Melnhof

Karton

AG

38,023

47,019

Orora,

Ltd.

83,099

500

Pack

Corp.

(The)

10,552

6,607

Pact

Group

Holdings,

Ltd.*

2,951

5,300

Rengo

Co.,

Ltd.

36,426

6,352

SIG

Group

AG

156,454

9,501

Smurfit

Kappa

Group

plc

314,282

500

Taisei

Lamick

Co.,

Ltd.

9,968

600

Tomoku

Co.,

Ltd.

9,847

3,900

Toyo

Seikan

Group

Holdings,

Ltd.

63,839

3,570

Transcontinental,

Inc.,

Class

A

29,993

3,356

Verallia

SA(a)

131,941

750

Vetropack

Holding

AG

33,198

394

Vidrala

SA

34,117

1,500

Winpak,

Ltd.

42,666

840

Zignago

Vetro

SpA

12,598

1,625,755

Distributors

(

0

.1

%

):

600

Arata

Corp.

22,390

13,299

Bapcor,

Ltd.

58,350

1,300

Central

Automotive

Products,

Ltd.

32,396

143

D'ieteren

Group

24,053

1,000

Doshisha

Co.,

Ltd.

14,913

4,313

Headlam

Group

plc

11,761

8,853

Inchcape

plc

81,486

500

Media

Do

Co.,

Ltd.*

3,945

1,000

PALTAC

Corp.

31,364

85

Tadiran

Group,

Ltd.

6,015

286,673

Diversified

Consumer

Services

(

0

.2

%

):

3,986

AcadeMedia

AB(a)

17,027

Shares

Value

Common

Stocks,

continued

Diversified

Consumer

Services,

continued

900

Aucnet,

Inc.

$

10,791

2,060

Auction

Technology

Group

plc*

16,333

3,500

Benesse

Holdings,

Inc.

42,840

33,000

EC

Healthcare

12,683

44,648

G8

Education,

Ltd.

30,322

1,700

IBJ,

Inc.

7,210

2,039

IDP

Education,

Ltd.

27,955

1,407

InvoCare,

Ltd.

11,383

1,200

LITALICO,

Inc.

16,109

400

Park

Lawn

Corp.

5,502

2,872

Pearson

plc,

ADR

30,271

10,656

Pearson

plc

112,710

25,000

Perfect

Medical

Health

Management,

Ltd.

12,014

900

QB

Net

Holdings

Co.,

Ltd.

9,748

2,600

Riso

Kyoiku

Co.,

Ltd.

4,314

367,212

Diversified

Telecommunication

Services

(

2

.1

%

):

500

BCE,

Inc.

19,089

492

BCE,

Inc.

18,780

36,338

Bezeq

The

Israeli

Telecommunication

Corp.,

Ltd.

51,187

226,342

BT

Group

plc

321,455

2,538

Cellnex

Telecom

SA(a)

88,238

9,678

Chorus,

Ltd.^

44,061

90,000

CITIC

Telecom

International

Holdings,

Ltd.

35,614

50,555

Deutsche

Telekom

AG

1,061,481

3,680

Elisa

Oyj

170,710

1,192

Eurotelesites

AG*

5,217

2,209

Gamma

Communications

plc

29,343

14,874

Helios

Towers

plc*

13,239

27,500

HKBN,

Ltd.

11,203

121,295

HKT

Trust

&

HKT,

Ltd.

126,510

3,276

Infrastrutture

Wireless

Italiane

SpA(a)

38,889

2,700

Internet

Initiative

Japan,

Inc.

43,649

66,835

Koninklijke

KPN

NV

220,250

1,449

Liberty

Global

plc,

Class

A*

24,807

2,495

Liberty

Global

plc,

Class

C*

46,307

41,300

NETLINK

NBN

TRUST

25,378

147,500

Nippon

Telegraph

&

Telephone

Corp.

174,235

8,252

NOS

SGPS

SA

30,347

64,571

Orange

SA

740,877

314

Ovzon

AB*

644

107,202

PCCW,

Ltd.

48,760

2,714

Proximus

SADP

22,064

4,571

RAI

Way

SpA(a)

23,929

22,500

Singapore

Telecommunications,

Ltd.

39,698

12,201

Spark

New

Zealand,

Ltd.

35,159

12,209

Superloop,

Ltd.*

5,230

519

Swisscom

AG,

Registered

Shares

308,405

144,076

Telecom

Italia

SpA*

45,184

354,298

Telecom

Italia

SpA*

110,621

43,683

Telefonica

Deutschland

Holding

AG

78,248

144,059

Telefonica

SA

589,385

4,768

Telekom

Austria

AG

33,219

4,643

Telenor

ASA

52,684

35,095

Telia

Co.

AB

72,480

36,908

Telstra

Group,

Ltd.

91,248

669

TELUS

Corp.

10,926

11,015

TPG

Telecom,

Ltd.

38,366

7,091

Tuas,

Ltd.*

9,723

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

11

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Diversified

Telecommunication

Services,

continued

1,767

United

Internet

AG

Npv*

$

37,855

1,446

United

Internet

AG,

Registered

Shares

30,978

900

Usen-Next

Holdings

Co.,

Ltd.

20,158

1,900

Vision,

Inc.*

19,170

5,065,000

Electric

Utilities

(

1

.3

%

):

620

Acciona

SA

78,822

524

BKW

AG

92,392

6,100

Chubu

Electric

Power

Co.,

Inc.

78,042

7,100

Chugoku

Electric

Power

Co.,

Inc.

(The)

43,799

7,000

CK

Infrastructure

Holdings,

Ltd.

33,121

12,564

CLP

Holdings,

Ltd.

92,658

8,510

Contact

Energy,

Ltd.

40,992

28,319

EDP

-

Energias

de

Portugal

SA

117,829

211

Elia

Group

SA/NV

20,619

2,600

Emera,

Inc.

90,783

4,828

Endesa

SA

98,115

75,038

Enel

SpA

460,387

240

Energiedienst

Holding

AG,

Registered

Shares

11,148

1,538

EVN

AG

41,132

1,708

Fortis,

Inc.

64,887

3,002

Fortis,

Inc.

114,037

10,896

Fortum

Oyj

126,407

16,682

Genesis

Energy,

Ltd.

24,436

64,500

HK

Electric

Investments

&

HK

Electric

Investments,

Ltd.

36,933

7,700

Hokkaido

Electric

Power

Co.,

Inc.

33,583

3,500

Hokuriku

Electric

Power

Co.*

18,826

3,200

Hydro

One,

Ltd.(a)

81,479

21,773

Iberdrola

SA

243,071

6,924

Infratil,

Ltd.

42,350

4,900

Kansai

Electric

Power

Co.,

Inc.

(The)

68,177

7,200

Kyushu

Electric

Power

Co.,

Inc.*

46,970

3,464

Manawa

Energy,

Ltd.

9,388

1,800

Okinawa

Electric

Power

Co.,

Inc.

(The)

13,538

24,174

Origin

Energy,

Ltd.

136,343

744

Orsted

AS(a)

40,513

12,000

Power

Assets

Holdings,

Ltd.

57,883

5,809

Redeia

Corp.

SA

91,221

275

Romande

Energie

Holding

SA

16,808

3,300

Shikoku

Electric

Power

Co.,

Inc.

22,556

9,118

SSE

plc

178,636

13,299

Terna

-

Rete

Elettrica

Nazionale

100,034

8,300

Tohoku

Electric

Power

Co.,

Inc.

53,833

14,400

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

64,399

667

Verbund

AG,

Class

A

54,237

3,040,384

Electrical

Equipment

(

1

.1

%

):

13,806

ABB,

Ltd.,

Registered

Shares

493,510

3,582

Accelleron

Industries

AG

93,155

138

Alfen

Beheer

B.V.*(a)

5,807

6,056

Ballard

Power

Systems,

Inc.*

22,296

38

Carlo

Gavazzi

Holding

AG,

Registered

Shares

14,030

600

Chiyoda

Integre

Co.,

Ltd.

11,105

700

Daihen

Corp.

23,675

1,300

Denyo

Co.,

Ltd.

18,502

947

DiscoverIE

Group

plc

7,791

123

Energiekontor

AG

10,012

5,261

Fagerhult

AB

24,696

Shares

Value

Common

Stocks,

continued

Electrical

Equipment,

continued

1,900

Fuji

Electric

Co.,

Ltd.

$

85,708

6,000

Fujikura,

Ltd.

48,200

2,400

Furukawa

Electric

Co.,

Ltd.

(The)

38,221

1,200

Futaba

Corp.

4,271

485

GARO

AB

1,689

1,600

GS

Yuasa

Corp.

28,489

3,993

Hexatronic

Group

AB

16,198

400

Hirakawa

Hewtech

Corp.

3,766

751

Huber

&

Suhner

AG,

Registered

Shares

54,137

1,600

Idec

Corp./Japan

31,749

1,748

Legrand

SA

160,404

1,600

Mabuchi

Motor

Co.,

Ltd.

47,838

892

Mersen

35,652

8,600

Mitsubishi

Electric

Corp.

106,336

15,831

NEL

ASA*

12,315

971

Nexans

SA

78,529

900

NIDEC

CORP.

41,698

500

Nippon

Carbon

Co.,

Ltd.

15,236

1,500

Nitto

Kogyo

Corp.

35,971

2,233

NKT

A/S*^

116,818

17

Phoenix

Mecano

AG,

Registered

Shares

6,680

2,550

PNE

AG

35,397

2,276

Prysmian

SpA

91,300

400

Sanyo

Denki

Co.,

Ltd.

18,294

1,661

Schneider

Electric

SE

273,799

200

SEC

Carbon,

Ltd.

19,286

2,150

SGL

Carbon

SE*^

15,012

8,637

Siemens

Energy

AG*

112,979

5,778

Signify

NV(a)

154,587

1,000

Sinfonia

Technology

Co.,

Ltd.

10,760

1,500

SWCC

Corp.

21,355

900

Takaoka

Toko

Co.,

Ltd.

12,647

1,055

Tera

Light,

Ltd.*

1,853

1,412

TKH

Group

NV

55,803

600

Toyo

Tanso

Co.,

Ltd.

21,749

3,400

Ushio,

Inc.

41,302

7,197

Vestas

Wind

Systems

A/S*

153,642

4,251

Volex

plc

16,280

2,750,529

Electronic

Equipment,

Instruments

&

Components

(

1

.7

%

):

2,100

A&D

HOLON

Holdings

Co.,

Ltd.

23,823

600

Ai

Holdings

Corp.

9,500

5,560

Alps

Alpine

Co.,

Ltd.

48,240

247

ALSO

Holding

AG,

Registered

Shares

62,022

1,800

Amano

Corp.

39,809

3,300

Anritsu

Corp.

23,567

1,200

Arisawa

Manufacturing

Co.,

Ltd.^

8,509

883

Austria

Technologie

&

Systemte

26,154

1,100

Azbil

Corp.

33,662

868

Barco

N.V.

16,847

675

Basler

AG

6,987

900

Canon

Electronics,

Inc.

11,383

1,300

Canon

Marketing

Japan,

Inc.

33,705

4,904

Celestica,

Inc.*

120,027

157

Cicor

Technologies,

Ltd.,

Registered

Shares*

7,721

5,800

Citizen

Watch

Co.,

Ltd.

35,529

3,400

CMK

Corp.

15,234

3,981

Codan,

Ltd./Australia

20,175

249

Comet

Holding

AG,

Class

R

55,406

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

12

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

19,000

Cowell

e

Holdings,

Inc.*

$

37,821

2,800

Dexerials

Corp.

69,059

4,918

Dicker

Data,

Ltd.

30,546

4,443

Dustin

Group

AB*(a)

8,225

1,100

Elematec

Corp.

13,608

2,721

Esprinet

SpA

13,914

13,329

Fingerprint

Cards

AB*

1,151

113,000

FIT

Hon

Teng,

Ltd.*(a)

14,742

2,100

Furuno

Electric

Co.,

Ltd.

19,408

400

Hagiwara

Electric

Co.,

Ltd.

10,576

500

Hakuto

Co.,

Ltd.

16,952

2,389

Halma

plc

56,117

1,600

Hamamatsu

Photonics

KK

67,280

8,681

Hexagon

AB,

Class

B

73,907

500

Hioki

EE

Corp.

24,305

300

Hirose

Electric

Co.,

Ltd.

34,738

1,200

Hochiki

Corp.

12,980

1,300

Horiba,

Ltd.

70,357

2,600

Hosiden

Corp.

33,363

2,000

Ibiden

Co.,

Ltd.

106,036

1,122

Incap

Oyj*

10,045

76

Inficon

Holding

AG,

Registered

Shares

92,723

400

I-PEX,

Inc.

4,257

1,000

Iriso

Electronics

Co.,

Ltd.

28,086

2,300

Japan

Aviation

Electronics

Industry,

Ltd.

45,780

1,100

Japan

Cash

Machine

Co.,

Ltd.

7,364

1,027

Jenoptik

AG

26,042

1,000

Kaga

Electronics

Co.,

Ltd.

43,386

800

Keyence

Corp.

297,377

1,422

Kitron

ASA

4,712

1,200

Koa

Corp.

14,436

2,100

Kyocera

Corp.

106,522

3,500

Kyosan

Electric

Manufacturing

Co.,

Ltd.

11,399

5,339

Lagercrantz

Group

AB,

B

Shares

53,968

527

Landis+Gyr

Group

AG

38,106

24

Lem

Holding

SA,

Registered

Shares

53,606

900

Macnica

Holdings,

Inc.

42,276

300

Maruwa

Co.,

Ltd./Aichi

46,996

1,900

Maxell

Holdings,

Ltd.

21,391

900

Meiko

Electronics

Co.,

Ltd.

20,427

978

Micronic

Mydata

AB

20,162

2,414

Midwich

Group

plc

11,927

15,000

Murata

Manufacturing

Co.,

Ltd.

274,174

6,697

NCAB

Group

AB

32,926

267

Nederland

Apparatenfabriek

16,487

2,800

Nichicon

Corp.

26,398

2,200

Nihon

Dempa

Kogyo

Co.,

Ltd.

20,486

600

Nippon

Chemi-Con

Corp.*

6,474

3,400

Nippon

Electric

Glass

Co.,

Ltd.

63,370

3,400

Nippon

Signal

Co.,

Ltd.

21,375

1,800

Nissha

Co.,

Ltd.

20,220

600

Nohmi

Bosai,

Ltd.

7,097

685

Note

AB*

9,843

21,631

Novonix,

Ltd.*

11,415

3,600

Oki

Electric

Industry

Co.,

Ltd.

24,221

1,200

Omron

Corp.

53,458

1,200

Optex

Group

Co.,

Ltd.

12,990

3,000

Osaki

Electric

Co.,

Ltd.

13,622

1,467

Oxford

Instruments

plc

38,974

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

4,407

Pricer

AB

$

3,260

324

Renishaw

plc

13,979

1,100

Restar

Holdings

Corp.

18,012

600

Riken

Keiki

Co.,

Ltd.

24,185

1,400

RYODEN

CORP.^

21,767

1,100

Ryosan

Co.,

Ltd.

32,683

1,800

Satori

Electric

Co.,

Ltd.

22,573

315

Sensirion

Holding

AG*(a)

25,196

221

Sesa

SpA

23,161

400

Shibaura

Electronics

Co.,

Ltd.

16,103

2,300

Shimadzu

Corp.

61,090

1,200

Shinko

Shoji

Co.,

Ltd.

9,526

2,000

Siix

Corp.

20,364

3,256

Softwareone

Holding

AG

64,455

1,453

Spectris

plc

60,013

6,120

Strix

Group

plc

3,940

2,000

Sumida

Corp.

20,419

700

Suzuden

Corp.

10,312

700

Tachibana

Eletech

Co.,

Ltd.

13,233

1,900

Taiyo

Yuden

Co.,

Ltd.

51,427

2,500

Tamura

Corp.

9,346

7,100

TDK

Corp.

262,971

245

Telsys,

Ltd.

17,031

1,200

Tokyo

Electron

Device,

Ltd.

28,436

4,300

Topcon

Corp.

47,406

1,300

Toyo

Corp.

11,312

7,103

TT

Electronics

plc

14,702

100

V

Technology

Co.,

Ltd.

1,387

536

Vaisala

Oyj,

Class

A

18,798

6,400

Venture

Corp.,

Ltd.

57,973

44,000

VSTECS

Holdings,

Ltd.

24,680

2,200

Yokogawa

Electric

Corp.

42,488

1,100

Yokowo

Co.,

Ltd.

11,579

4,031,710

Energy

Equipment

&

Services

(

0

.5

%

):

7,314

Akastor

ASA*

8,118

5,393

Aker

Solutions

ASA

21,770

4,735

Borr

Drilling,

Ltd.*

33,618

2,991

BW

Offshore,

Ltd.

6,883

3,100

Calfrac

Well

Services,

Ltd.*

12,874

5,874

CES

Energy

Solutions

Corp.

16,652

29,491

CGG

SA*

20,876

4,726

Computer

Modelling

Group,

Ltd.

29,579

6,058

Enerflex,

Ltd.

34,793

8,606

Ensign

Energy

Services,

Inc.*

20,658

106,730

Ezion

Holdings,

Ltd.*(b)

—

6,704

Hunting

plc

24,994

29,391

John

Wood

Group

plc*

55,311

15,579

MMA

Offshore,

Ltd.*

13,903

1,000

Modec,

Inc.*

12,309

404

Noble

Corp.

plc

20,241

2,400

North

American

Construction

Group,

Ltd.

52,008

7,269

Odfjell

Drilling,

Ltd.

25,729

1,211

Odfjell

Technology,

Ltd.

6,101

4,150

Pason

Systems,

Inc.

41,191

7,745

Petrofac,

Ltd.*

7,196

21,614

PGS

ASA*

18,830

518

Precision

Drilling

Corp.*

34,713

6,132

SBM

Offshore

NV

80,438

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

13

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Energy

Equipment

&

Services,

continued

174

Schoeller-Blackman

Oilfield

Equipment

AG

$

10,252

7,582

Secure

Energy

Services,

Inc.

41,648

3,900

Shawcor,

Ltd.*

45,631

10,677

Shelf

Drilling,

Ltd.*(a)

37,369

3,620

Subsea

7

SA

49,829

6,127

Technip

Energies

NV

152,053

2,437

Tecnicas

Reunidas

SA*

23,755

1,938

Tenaris

SA

30,618

1,084

Tenaris

SA,

ADR

34,254

2,965

TGS

ASA

40,315

900

Total

Energy

Services,

Inc.

6,203

400

Toyo

Kanetsu

KK

8,982

13,311

Trican

Well

Service,

Inc.

45,576

6,232

Vallourec

SA*

75,741

5,378

Worley,

Ltd.

60,266

1,261,277

Entertainment

(

0

.6

%

):

800

Akatsuki,

Inc.

11,456

996

Alma

Media

Oyj

9,492

14,475

Arnoldo

Mondadori

Editore

SpA

32,693

900

Avex,

Inc.

8,688

1,951

Bloomsbury

Publishing

plc

9,506

9,790

Bollore

SE

52,570

2,427

Borussia

Dortmund

GMBH

&

Co.

KGaA*

10,077

2,600

Capcom

Co.,

Ltd.

93,439

4,900

COLOPL,

Inc.

19,332

2,362

CTS

Eventim

AG

&

Co.

KGaA

134,407

1,800

Daiichikosho

Co.,

Ltd.

29,221

1,900

DeNA

Co.,

Ltd.

19,092

4,217

Embracer

Group

AB*

8,402

5,146

EVT,

Ltd.

36,305

649

G5

Entertainment

AB

9,386

2,300

Gakken

Holdings

Co.,

Ltd.

13,372

2,400

Gree,

Inc.

9,552

1,590

GungHo

Online

Entertainment,

Inc.

25,092

38,000

IGG,

Inc.*

15,671

1,600

Kadokawa

Corp.

32,007

11,007

Kahoot!

ASA*

35,699

400

Kinepolis

Group

NV

19,898

1,800

Koei

Tecmo

Holdings

Co.,

Ltd.

25,587

1,300

Konami

Group

Corp.

68,545

3,270

Modern

Times

Group

MTG

AB,

Class

B*

22,052

1,100

Nexon

Co.,

Ltd.

19,531

5,400

Nintendo

Co.,

Ltd.

224,995

1,300

Proto

Corp.

10,534

12,118

Reach

plc

12,563

3,469

Sanoma

Oyj

25,507

1,693

Schibsted

ASA,

Class

A

38,173

2,037

Schibsted

ASA,

Class

B

42,467

800

Square

Enix

Holdings

Co.,

Ltd.

27,413

21,268

Stillfront

Group

AB*

31,117

100

Toei

Animation

Co.,

Ltd.

8,840

200

Toei

Co.,

Ltd.

25,216

600

Toho

Co.,

Ltd.

20,472

232

TX

Group

AG

23,436

2,925

Ubisoft

Entertainment

SA*

94,732

6,855

Universal

Music

Group

NV

178,238

700

UUUM,

Inc.*

3,373

5,570

WildBrain,

Ltd.*

6,070

Shares

Value

Common

Stocks,

continued

Entertainment,

continued

700

Zenrin

Co.,

Ltd.

$

4,275

1,548,493

Financial

Services

(

1

.0

%

):

88,994

AMP,

Ltd.

71,756

543

Aruhi

Corp.

3,324

9,449

Australian

Finance

Group,

Ltd.

8,860

1,684

Banca

IFIS

SpA

29,078

4,561

Banca

Mediolanum

SpA

38,934

3,631

BFF

Bank

SpA(a)

36,265

4,759

Burford

Capital,

Ltd.

65,653

17,310

Challenger,

Ltd.

71,491

6,016

Deutsche

Pfandbriefbank

AG(a)

42,752

2,280

doValue

SpA(a)

8,904

5,800

ECN

Capital

Corp.

9,823

2,398

Edenred

149,807

800

eGuarantee,

Inc.

10,421

12,359

Element

Fleet

Management

Corp.

177,363

5,345

EML

Payments,

Ltd.*

4,021

1,164

Eurazeo

SE

69,331

3,800

Financial

Partners

Group

Co.,

Ltd.

34,175

1,100

Firm

Capital

Mortgage

Investment

Corp.

8,002

900

First

National

Financial

Corp.

23,625

700

Fuyo

General

Lease

Co.,

Ltd.

56,397

200

GMO

Financial

Gate,

Inc.

14,240

700

GMO

Payment

Gateway,

Inc.

38,179

1,440

GRENKE

AG

31,498

20,600

G-Resources

Group,

Ltd.

4,639

16,190

Helia

Group,

Ltd.

36,300

88

Hypoport

SE*

11,927

757

Illimity

Bank

SpA

4,217

800

Japan

Investment

Adviser

Co.,

Ltd.

9,058

4,600

Japan

Securities

Finance

Co.,

Ltd.

44,137

41,181

M&G

plc

98,606

24,420

Mitsubishi

HC

Capital,

Inc.

162,672

1,000

Mizuho

Leasing

Co.,

Ltd.

32,831

900

NEC

Capital

Solutions,

Ltd.

19,566

1,200

Nuvei

Corp.(a)

17,999

16,085

OFX

Group,

Ltd.*

17,814

7,289

Omni

Bridgeway,

Ltd.*

8,374

2,947

Onex

Corp.

173,227

12,100

ORIX

Corp.

225,960

14,873

OSB

Group

plc

59,322

10,066

Paragon

Banking

Group

plc

60,302

2,696

PayPoint

plc

17,174

3,205

Plus500,

Ltd.

53,704

1,100

Ricoh

Leasing

Co.,

Ltd.

32,260

3,600

Timbercreek

Financial

Corp.

17,919

1,100

Tokyo

Century

Corp.

43,878

5,213

Worldline

SA*(a)

145,747

1,600

Zenkoku

Hosho

Co.,

Ltd.

52,565

2,354,097

Food

Products

(

2

.5

%

):

9,302

a2

Milk

Co,

Ltd.

(The)*

25,593

1,441

AAK

AB

25,941

364

Agrana

Beteiligungs

AG

5,908

2,200

Ajinomoto

Co.,

Inc.

84,800

42,791

Aryzta

AG*

73,169

3,966

Associated

British

Foods

plc

99,668

772

Atria

Oyj

8,636

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

14

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

2,327

Austevoll

Seafood

ASA

$

16,344

9,834

Australian

Agricultural

Co.,

Ltd.*

8,141

556

Bakkafrost

P/F

28,338

55

Barry

Callebaut

AG,

Registered

Shares

87,455

8,561

Bega

Cheese,

Ltd.

13,962

125

Bell

Food

Group

AG

37,183

854

Bonduelle

S.C.A.

9,529

1,500

Calbee,

Inc.

28,543

1

Chocoladefabriken

Lindt

&

Spruengli

AG

109,667

800

Chubu

Shiryo

Co.,

Ltd.

5,854

12,278

Cloetta

AB

20,532

22,633

Costa

Group

Holdings,

Ltd.

45,551

1,566

Cranswick

plc

67,677

2,881

Danone

SA

158,710

1,700

Delfi,

Ltd.

1,581

500

DyDo

Group

Holdings,

Inc.

18,433

2,372

Ebro

Foods

SA^

39,866

8,471

Elders,

Ltd.

31,453

71

Emmi

AG

66,915

1,200

Ezaki

Glico

Co.,

Ltd.

32,955

108,669

First

Pacific

Co.,

Ltd.

42,926

27,100

First

Resources,

Ltd.

30,266

1,616

Forfarmers

NV

4,228

9,500

Fraser

&

Neave,

Ltd.

7,372

1,700

Fuji

Oil

Holdings,

Inc.

25,781

1,600

Fujicco

Co.,

Ltd.

20,638

5,629

Glanbia

plc

92,826

289,700

Golden

Agri-Resources,

Ltd.

56,089

17,127

Greencore

Group

plc*

15,773

1,502

Grieg

Seafood

ASA

10,982

1,100

High

Liner

Foods,

Inc.

8,909

1,923

Hilton

Food

Group

plc

16,718

800

Hokuto

Corp.

9,743

1,800

House

Foods

Group,

Inc.

37,558

15,498

Inghams

Group,

Ltd.

33,066

940

Itoham

Yonekyu

Holdings,

Inc.

25,470

300

Iwatsuka

Confectionery

Co.,

Ltd.

10,315

1,642

JDE

Peet's

NV

45,833

600

J-Oil

Mills,

Inc.

7,162

1,300

Kagome

Co.,

Ltd.

28,220

800

Kakiyasu

Honten

Co.,

Ltd.

13,238

400

Kameda

Seika

Co.,

Ltd.

10,960

700

Kenko

Mayonnaise

Co.,

Ltd.

6,823

752

Kerry

Group

plc,

Class

A

62,767

1,800

Kewpie

Corp.

28,982

800

Kikkoman

Corp.

41,957

2,000

Kotobuki

Spirits

Co.,

Ltd.

32,331

363

KWS

Saat

SE

21,332

500

Kyokuyo

Co.,

Ltd.

13,180

147

Lassonde

Industries,

Inc.,

Class

A

13,642

7,030

Leroy

Seafood

Group

ASA

29,478

19

Lotus

Bakeries

NV

154,301

1,749

Maple

Leaf

Foods,

Inc.

33,612

1,200

Marudai

Food

Co.,

Ltd.

13,362

2,100

Maruha

Nichiro

Corp.

36,051

1,700

Megmilk

Snow

Brand

Co.,

Ltd.

26,079

41

Mehadrin,

Ltd.*

1,571

3,200

MEIJI

Holdings

Co.,

Ltd.

79,560

800

Mitsui

Sugar

Co.,

Ltd.

16,107

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

1,300

Morinaga

&

Co.,

Ltd.

$

46,990

1,100

Morinaga

Milk

Industry

Co.,

Ltd.

41,476

1,392

Mowi

ASA

24,651

18,489

Nestle

SA,

Registered

Shares

2,088,374

389

Neto

Malinda

Trading,

Ltd.*

4,581

2,400

NH

Foods,

Ltd.

71,796

3,000

Nichirei

Corp.

65,926

1,200

Nippn

Corp.

17,393

800

Nippon

Beet

Sugar

Manufacturing

Co.,

Ltd.

10,251

1,200

Nisshin

Oillio

Group,

Ltd.

(The)

33,595

4,600

Nisshin

Seifun

Group,

Inc.

58,648

10,000

Nissin

Foods

Co.,

Ltd.

7,648

300

Nissin

Foods

Holdings

Co.,

Ltd.

24,926

9,800

Nissui

Corp.

47,974

326

Orior

AG

25,958

4,786

Orkla

ASA,

Class

A

35,754

30,027

Premier

Foods

plc

43,979

1,005

Premium

Brands

Holdings

Corp.

70,374

1,300

Prima

Meat

Packers,

Ltd.

21,333

8,255

Raisio

Oyj,

Class

V

18,025

11,830

Ridley

Corp.,

Ltd.

17,449

1,300

Riken

Vitamin

Co.,

Ltd.

19,277

4,400

Rogers

Sugar,

Inc.

17,463

600

S

Foods,

Inc.

13,423

482

Salmar

ASA

24,397

2,346

Sanford,

Ltd.

5,467

4,256

Saputo,

Inc.

89,000

127

Savencia

SA

7,274

3,496

Scales

Corp.,

Ltd.

6,314

3,767

Scandi

Standard

AB

17,954

476

Schouw

&

Co.

31,737

2,919

Select

Harvests,

Ltd.

7,511

800

Showa

Sangyo

Co.,

Ltd.

16,347

306

Sipef

NV

17,011

114

Societe

LDC

SA

13,971

600

Starzen

Co.,

Ltd.

10,390

847

Strauss

Group,

Ltd.*

17,815

3,278

Suedzucker

AG

48,784

2,839

Synlait

Milk,

Ltd.*

2,431

9,481

Tate

&

Lyle

plc

79,104

700

Toyo

Suisan

Kaisha,

Ltd.

27,451

580

UIE

plc

14,508

13,688

United

Malt

Grp,

Ltd.*

43,573

1,506

Viscofan

SA

91,881

18,000

Vitasoy

International

Holdings,

Ltd.

21,752

400

Warabeya

Nichiyo

Holdings

Co.,

Ltd.

7,557

285,415

WH

Group,

Ltd.(a)

148,931

36,700

Wilmar

International,

Ltd.

99,817

1,000

Yakult

Honsha

Co.,

Ltd.

24,293

1,300

Yamazaki

Baking

Co.,

Ltd.

23,901

6,044,047

Gas

Utilities

(

0

.4

%

):

5,484

AltaGas,

Ltd.

105,190

11,808

APA

Group

62,916

6,095

Ascopiave

SpA

12,771

1,871

Brookfield

Infrastructure

Corp.,

Class

A

66,155

7,172

Enagas

SA

118,669

154,850

Hong

Kong

&

China

Gas

Co.,

Ltd.

107,890

11,019

Italgas

SpA

56,350

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

15

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Gas

Utilities,

continued

800

K&O

Energy

Group,

Inc.

$

14,005

88,854

Keppel

Infrastructure

Trust

30,193

2,211

Naturgy

Energy

Group

SA

60,039

4,400

Nippon

Gas

Co.,

Ltd.

65,217

3,600

Osaka

Gas

Co.,

Ltd.

59,396

2,476

Rubis

SCA

55,462

1,300

Saibu

Gas

Co.,

Ltd.

16,781

1,300

Shizuoka

Gas

Co.

Ltd.

8,859

10,328

Snam

SpA

48,480

3,450

Superior

Plus

Corp.

26,064

2,300

Toho

Gas

Co.,

Ltd.

40,117

3,700

Tokyo

Gas

Co.,

Ltd.

84,093

1,038,647

Ground

Transportation

(

1

.0

%

):

6,379

ALD

SA(a)

49,240

65,101

Aurizon

Holdings,

Ltd.

145,854

1,200

Canadian

National

Railway

Co.

129,967

1,849

Canadian

National

Railway

Co.

200,302

724

Canadian

Pacific

Kansas

City,

Ltd.

53,873

1,100

Canadian

Pacific

Kansas

City,

Ltd.

81,773

3,500

Central

Japan

Railway

Co.

85,115

1,200

Chilled

&

Frozen

Logistics

Holdings

Co.,

Ltd.

10,714

66,700

ComfortDelGro

Corp.,

Ltd.

63,415

1,500

East

Japan

Railway

Co.

85,854

33,074

FirstGroup

plc

60,579

1,200

Fukuyama

Transporting

Co.,

Ltd.

31,533

3,400

Hankyu

Hanshin

Holdings,

Inc.

116,003

1,100

Ichinen

Holdings

Co.,

Ltd.

10,573

206

Jungfraubahn

Holding

AG,

Registered

Shares

35,699

4,900

Keikyu

Corp.

41,651

1,400

Keio

Corp.

48,165

1,200

Keisei

Electric

Railway

Co.,

Ltd.

41,569

1,783

Kelsian

Group,

Ltd.

6,550

1,700

Kintetsu

Group

Holdings

Co.,

Ltd.

48,196

2,400

Kyushu

Railway

Co.

51,049

400

Maruzen

Showa

Unyu

Co.,

Ltd.

10,126

7,711

MTR

Corp.,

Ltd.

30,394

3,900

Mullen

Group,

Ltd.

38,538

3,800

Nagoya

Railroad

Co.,

Ltd.

56,115

1,600

Nankai

Electric

Railway

Co.,

Ltd.

31,068

13,705

National

Express

Group

plc

14,820

2,200

Nikkon

Holdings

Co.,

Ltd.

46,512

1,300

Nishi-Nippon

Railroad

Co.,

Ltd.

21,578

588

NTG

Nordic

Transport

Group

A/S*

30,117

2,300

Odakyu

Electric

Railway

Co.,

Ltd.

34,377

6,796

Redde

Northgate

plc

27,990

1,000

Sakai

Moving

Service

Co.,

Ltd.

16,678

700

Sanyo

Electric

Railway

Co.,

Ltd.

10,110

3,900

Seibu

Holdings,

Inc.

37,542

3,100

Seino

Holdings

Co.,

Ltd.

43,429

762

Sixt

SE

46,942

628

Sixt

SE

58,259

1,700

Sotetsu

Holdings,

Inc.

33,620

278

Stef

S.A.

31,155

1,198

TFI

International,

Inc.

153,876

1,600

Tobu

Railway

Co.,

Ltd.

41,126

3,913

Tourism

Holdings,

Ltd.

8,670

16,103

Transport

International

Holdings,

Ltd.

20,211

Shares

Value

Common

Stocks,

continued

Ground

Transportation,

continued

2,100

West

Japan

Railway

Co.

$

86,899

2,327,826

Health

Care

Equipment

&

Supplies

(

1

.3

%

):

6,242

Advanced

Medical

Solutions

Group

plc

15,304

1,228

Alcon,

Inc.

94,630

5,450

Alcon,

Inc.

421,262

4,955

Ambu

A/S,

Class

B*

51,553

4,791

Ansell,

Ltd.

67,742

8,347

Arjo

AB,

Class

B

32,245

2,500

Asahi

Intecc

Co.,

Ltd.

44,929

735

BioMerieux

71,053

362

Carl

Zeiss

Meditec

AG

31,661

246

Cellavision

AB

3,452

389

Cochlear,

Ltd.

63,751

1,414

Coloplast

A/S,

Class

B

149,229

251

Coltene

Holding

AG,

Registered

Shares

18,240

24,787

ConvaTec

Group

plc(a)

65,881

3,130

Demant

A/S*

129,641

72

DiaSorin

SpA

6,554

509

Draegerwerk

AG

&

Co.

KGaA

22,825

238

Draegerwerk

AG

&

Co.

KGaA

9,557

458

Eckert

&

Ziegler

Strahlen-

und

Medizintechnik

AG

15,636

1,600

Eiken

Chemical

Co.,

Ltd.

14,621

1,278

El.En.

SpA

11,759

4,663

Elekta

AB,

Class

B

31,616

1,332

EssilorLuxottica

SA

231,507

2,133

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

27,579

600

Fukuda

Denshi

Co.,

Ltd.

21,795

2,575

Getinge

AB,

Class

B

45,254

405

Guerbet

7,183

800

Hogy

Medical

Co.,

Ltd.

17,094

2,500

Hoya

Corp.

257,668

537

Ion

Beam

Applications

5,601

2,000

Japan

Lifeline

Co.,

Ltd.

15,634

2,000

Jeol,

Ltd.

59,591

2,156

Koninklijke

Philips

Electronics

NV,

NYS*

42,991

9,832

Koninklijke

Philips

NV*

195,920

1,600

Mani,

Inc.

19,407

276

Medacta

Group

SA(a)

34,883

849

Medmix

AG(a)

21,524

2,700

Menicon

Co.,

Ltd.

34,733

10

Metall

Zug

AG,

Registered

Shares

15,627

1,000

Nakanishi,

Inc.

23,370

6,757

Nanosonics,

Ltd.*

18,261

1,100

Nihon

Kohden

Corp.

27,165

7,100

Nipro

Corp.

57,423

9,100

Olympus

Corp.

117,916

1,800

Paramount

Bed

Holdings

Co.,

Ltd.

28,346

2,100

PHC

Holdings

Corp.

21,435

457

Revenio

Group

Oyj

9,876

16,500

Riverstone

Holdings,

Ltd.

7,245

645

Siemens

Healthineers

AG(a)

32,758

2,518

Smith

&

Nephew

plc

31,293

765

Sonova

Holding

AG

181,338

360

STRATEC

SE

16,836

688

Straumann

Holding

AG,

Class

R

87,410

2,000

Sysmex

Corp.

95,393

1,500

Terumo

Corp.

39,743

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

16

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

85

Ypsomed

Holding

AG,

Registered

Shares

$

24,930

3,247,870

Health

Care

Providers

&

Services

(

0

.8

%

):

482

AEVIS

VICTORIA

SA

9,993

4,000

Alfresa

Holdings

Corp.

65,688

5,205

Ambea

AB(a)

16,521

2,695

Amplifon

SpA

79,801

1,500

Amvis

Holdings,

Inc.

26,110

400

Andlauer

Healthcare

Group,

Inc.

12,173

19,284

Arvida

Group,

Ltd.

14,098

500

As

One

Corp.

18,251

6,164

Attendo

AB*(a)

16,039

700

BML,

Inc.

13,088

2,704

Clariane

SE^

16,275

20,000

C-Mer

Eye

Care

Holdings,

Ltd.*

9,720

1,805

CVS

Group

plc

35,874

1,280

EBOS

Group,

Ltd.

25,989

1,000

Elan

Corp.

5,477

15,612

Estia

Health,

Ltd.

30,606

4,012

Extendicare,

Inc.

17,932

3,722

Fagron

63,327

1,400

France

Bed

Holdings

Co.,

Ltd.

11,360

3,870

Fresenius

Medical

Care

AG

&

Co.,

KGaA

167,126

5,433

Fresenius

SE

&

Co.

KGaA

169,336

1,738

Galenica

AG(a)

128,441

1,900

H.U.

Group

Holdings,

Inc.

32,280

20,914

Healius,

Ltd.*

30,889

2,572

Humana

AB*

6,268

4,771

Integral

Diagnostics,

Ltd.

8,801

1,000

Japan

Medical

Dynamic

Marketing,

Inc.

5,036

225

LNA

Sante

SA

5,873

3,204

Medical

Facilities

Corp.

22,318

1,044

Medicover

AB,

Class

B

13,731

778

Medios

AG*

12,392

4,700

Medipal

Holdings

Corp.

79,456

3,565

Mediterranean

Towers,

Ltd.

8,032

24,681

Monash

IVF

Group,

Ltd.

19,905

1,110

NMC

Health

plc*(b)

—

11,023

Novolog,

Ltd.

5,153

23,114

Oceania

Healthcare,

Ltd.

9,830

6,310

Oriola

Oyj,

Class

B

6,207

26,115

Raffles

Medical

Group,

Ltd.

23,863

2,704

Ramsay

Health

Care,

Ltd.

90,115

7,784

Regis

Healthcare,

Ltd.

13,510

6,594

Ryman

Healthcare,

Ltd.

24,975

2,100

Ship

Healthcare

Holdings,

Inc.

31,773

59,044

Sigma

Healthcare,

Ltd.

26,155

1,900

Solasto

Corp.

7,876

11,422

Sonic

Healthcare,

Ltd.

218,481

8,887

Spire

Healthcare

Group

plc(a)

25,290

6,916

Summerset

Group

Holdings,

Ltd.

42,247

1,500

Suzuken

Co.,

Ltd.

46,396

558

Synlab

AG

5,951

2,544

Terveystalo

Oyj(a)

20,306

176,600

Thomson

Medical

Group,

Ltd.

7,363

1,800

Toho

Holdings

Co.,

Ltd.

38,455

500

Tokai

Corp./Gifu

6,353

1,400

Value

HR

Co.,

Ltd.

11,873

2,100

Viemed

Healthcare,

Inc.*

14,087

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

2,800

Vital

KSK

Holdings,

Inc.

$

18,767

4,200

Well

Health

Technologies

Corp.*

12,834

1,906,066

Health

Care

Technology

(

0

.1

%

):

7,980

AGFA-Gevaert

NV*

15,353

1,026

Ascom

Holding

AG,

Registered

Shares

11,634

2,600

Carenet,

Inc.^

15,630

857

CompuGroup

Medical

SE

&

Co

KgaA

33,588

1,004

EMIS

Group

plc

23,665

4,500

M3,

Inc.

81,693

1,200

Medical

Data

Vision

Co.,

Ltd.

6,439

700

MedPeer,

Inc.

4,769

330

Nexus

AG

18,033

800

Nnit

A/S*(a)

9,570

94

Pharmagest

Interactive

7,236

1,266

Pro

Medicus,

Ltd.

67,687

1,213

Raysearch

Laboratories

AB*

9,207

1,382

Sectra

AB*

16,315

320,819

Hotels,

Restaurants

&

Leisure

(

1

.8

%

):

2,190

888

Holdings

plc*

2,662

4,410

Accor

SA

148,465

600

AEON

Fantasy

Co.,

Ltd.

12,794

1,000

Airtrip

Corp.

14,239

23,206

Ardent

Leisure

Group,

Ltd.*

7,009

6,796

Aristocrat

Leisure,

Ltd.

178,294

1,638

Basic-Fit

NV*(a)

46,374

5,465

Betsson

AB,

Class

B*

60,145

20,000

Cafe

de

Coral

Holdings,

Ltd.

21,635

1,533

Carnival

plc,

ADR*

18,779

72,000

Century

City

International

Holdings,

Ltd.*

2,432

970

Cie

des

Alpes

13,310

4,935

Collins

Foods,

Ltd.

30,113

2,700

Colowide

Co.,

Ltd.^

43,621

6,033

Compass

Group

plc

146,950

3,168

Corporate

Travel

Management,

Ltd.

34,199

6,000

Create

Restaurants

Holdings,

Inc.

45,840

2,300

Curves

Holdings

Co.,

Ltd.

10,860

7,977

Dalata

Hotel

Group

plc

33,836

23,538

Deliveroo

plc*(a)

34,349

1,877

Delivery

Hero

SE*(a)

53,901

1,190

Domino's

Pizza

Enterprises,

Ltd.

40,284

10,911

Domino's

Pizza

Group

plc

50,031

1,600

Doutor

Nichires

Holdings

Co.,

Ltd.

24,941

2,462

eDreams

ODIGEO

SA*

16,819

4,906

Elior

Group

SA*(a)

10,015

3,720

Entain

plc

42,334

1,201

Evolution

AB(a)

121,062

6,500

Fairwood

Holdings,

Ltd.

8,544

289

Fattal

Holdings

1998,

Ltd.*

29,135

1,933

Flight

Centre

Travel

Group,

Ltd.

24,091

2,837

Flutter

Entertainment

plc*

462,166

3,400

Food

&

Life

Cos.,

Ltd.

57,334

12,200

Fosun

Tourism

Group*(a)

11,516

900

Fuji

Kyuko

Co.,

Ltd.

28,012

557

Fuller

Smith

&

Turner

plc,

Class

A

4,061

4,000

Galaxy

Entertainment

Group,

Ltd.

23,927

200

Genki

Sushi

Co.,

Ltd.

7,247

40,200

Genting

Singapore,

Ltd.

24,847

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

17

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

4,574

Greggs

plc

$

136,686

581

Gym

Group

plc

(The)*(a)

788

1,200

Heiwa

Corp.

17,217

2,921

Hollywood

Bowl

Group

plc

8,816

18,230

Hongkong

&

Shanghai

Hotels

(The)*

14,592

412

InterContinental

Hotels

Group

plc

30,369

982

InterContinental

Hotels

Group

plc,

ADR

73,404

2,484

JD

Wetherspoon

plc*

20,929

868

Jumbo

Interactive,

Ltd.

8,643

2,383

Just

Eat

Takeaway.com

NV*(a)

29,751

1,100

KFC

Holdings

Japan,

Ltd.

22,039

5,582

Kindred

Group

plc

50,950

1,700

KOMEDA

Holdings

Co,

Ltd.

32,982

3,200

Koshidaka

Holdings

Co.,

Ltd.

25,172

900

Kyoritsu

Maintenance

Co.,

Ltd.

37,463

2,956

La

Francaise

des

Jeux

SAEM(a)

95,984

30,112

Lottery

Corp.,

Ltd.

(The)

91,194

33,812

Marston's

plc*

12,518

1,100

McDonald's

Holdings

Co.,

Ltd.

42,083

6,149

Melia

Hotels

International

SA*

37,361

14,000

Miramar

Hotel

&

Investment

18,676

11,969

Mitchells

&

Butlers

plc*

33,015

1,200

Monogatari

Corp.

(The)

33,146

613

MTY

Food

Group,

Inc.

26,188

46,867

NagaCorp,

Ltd.

22,451

300

Ohsho

Food

Service

Corp.

13,870

5,176

On

The

Beach

Group

plc*(a)

6,678

2,700

Oriental

Land

Co.,

Ltd.

88,649

2,702

Pandox

AB

28,665

900

Pizza

Pizza

Royalty

Corp.

9,158

6,439

Playtech

plc*

35,906

600

Pollard

Banknote,

Ltd.

11,001

12,439

Rank

Group

plc*

12,702

1,500

Resorttrust,

Inc.

22,410

2,449

Restaurant

Brands

International,

Inc.

163,104

3,018

Restaurant

Brands

New

Zealand,

Ltd.

7,792

19,755

Restaurant

Group

plc

(The)*

12,254

9,100

Round

One

Corp.

34,083

10,188

Sands

China,

Ltd.*

30,982

5,463

Scandic

Hotels

Group

AB*(a)

18,537

36,000

Shangri-La

Asia,

Ltd.*

24,488

42,585

SJM

Holdings,

Ltd.*

16,728

1,360

SkiStar

AB

13,901

29,451

SKYCITY

Entertainment

Group,

Ltd.

33,935

6,400

Skylark

Holdings

Co.,

Ltd.*

87,538

1,629

Sodexo

SA

167,743

27,285

SSP

Group

plc*

67,394

1,200

St

Marc

Holdings

Co.,

Ltd.

15,195

40,340

Star

Entertainment

Group,

Ltd.

(The)

15,627

52,261

Star

Entertainment

Group,

Ltd.

(The)*

20,246

91,665

Tabcorp

Holdings,

Ltd.

55,321

137

Tivoli

A/S

13,905

800

Tokyotokeiba

Co.,

Ltd.

21,510

1,400

Toridoll

Holding

Corp.

34,513

6,237

TUI

AG*

34,210

6,523

Webjet,

Ltd.*

28,341

4,231

Whitbread

plc

177,954

1,900

Yoshinoya

Holdings

Co.,

Ltd.

35,733

1,308

Young

&

Co.'s

Brewery

plc,

Class

A

17,093

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

1,515

Young

&

Co's

Brewery

plc

$

13,687

187

Zeal

Network

SE

6,237

1,000

Zensho

Holdings

Co.,

Ltd.

43,655

4,309,335

Household

Durables

(

1

.5

%

):

2,091

Ariston

Holding

NV

13,617

5,875

Azorim-Investment

Development

&

Construction

Co.,

Ltd.*

21,117

4,812

Bang

&

Olufsen

A/S*

5,877

29,695

Barratt

Developments

plc

159,274

5,441

Bellway

plc

151,214

2,266

Berkeley

Group

Holdings

plc

113,009

1,566

Bigben

Interactive*

5,228

3,728

Bonava

AB,

B

Shares

6,189

3,251

Breville

Group,

Ltd.

45,859

27,975

Cairn

Home

plc

32,284

2,500

Casio

Computer

Co.,

Ltd.

20,898

600

Chofu

Seisakusho

Co.,

Ltd.

8,410

6,556

Crest

Nicholson

Holdings

plc

13,890

1,076

De'

Longhi

SpA

23,434

1,000

Dorel

Industries,

Inc.,

Class

B*

4,263

2,152

Duni

AB

19,065

3,176

Electrolux

AB,

Class

B*

32,711

1,200

ES-Con

Japan,

Ltd.

7,491

2,053

Fiskars

OYJ

Abp

37,839

44

Forbo

Holding

AG,

Registered

Shares

53,574

1,600

Fuji

Corp.,

Ltd.

7,856

900

Fujitsu

General,

Ltd.

16,896

25,820

Glenveagh

Properties

plc*(a)

27,179

3,261

GN

Store

Nord

A/S*

58,520

9,000

Haseko

Corp.

114,807

2,710

Henry

Boot

plc

6,495

700

Hoosiers

Holdings

5,095

2,100

Iida

Group

Holdings

Co.,

Ltd.

34,919

1,084

JM

AB

14,684

5,800

JVCKenwood

Corp.

26,587

958

Kaufman

&

Broad

SA

27,864

700

Ki-Star

Real

Estate

Co.,

Ltd.

21,625

1,300

LEC,

Inc.

8,235

540

Leifheit

AG

10,326

43,200

Man

Wah

Holdings,

Ltd.

30,102

1,659

Maytronics,

Ltd.

17,428

1,017

Nacon

SA*

1,500

1,363

Neinor

Homes

SA*(a)

13,599

5,500

Nikon

Corp.

57,966

5,576

Nobia

AB*

4,164

1,700

Open

House

Group

Co.,

Ltd.

57,685

14,000

Panasonic

Holdings

Corp.

157,444

8,078

Persimmon

plc

105,738

1,200

Pressance

Corp.

14,705

12,387

Redrow

plc

74,678

1,800

Rinnai

Corp.

33,708

567

Sabaf

SpA*

9,160

1,300

Sangetsu

Corp.

25,331

908

SEB

SA

84,715

9,500

Sekisui

Chemical

Co.,

Ltd.

136,778

5,300

Sekisui

House,

Ltd.

105,543

5,800

Sharp

Corp.

36,151

12,200

Sony

Group

Corp.

998,114

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

18

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Household

Durables,

continued

4,100

Sumitomo

Forestry

Co.,

Ltd.

$

104,317

328

Surteco

Group

SE

5,882

1,100

Tama

Home

Co.,

Ltd.

26,170

1,100

Tamron

Co.,

Ltd.

33,574

105,935

Taylor

Wimpey

plc

150,613

805

The

Vitec

Group

plc

3,225

1,000

TOA

Corp.

7,798

400

Token

Corp.

21,303

1,912

Victoria

plc*

12,146

8,359

Vistry

Group

plc

92,736

100

V-ZUG

Holding

AG*

6,904

3,849

YIT

Oyj

8,835

3,594,343

Household

Products

(

0

.2

%

):

636

Essity

AB,

Class

A

13,744

3,156

Essity

AB,

Class

B

68,035

1,173

Henkel

AG

&

Co.

KGaA

74,063

4,600

Lion

Corp.

45,319

14,255

Mcbride

plc*

6,774

3,400

Pigeon

Corp.

38,404

3,650

Reckitt

Benckiser

Group

plc

257,904

1,900

Unicharm

Corp.

67,045

571,288

Independent

Power

and

Renewable

Electricity

Producers

(

0

.4

%

):

2,302

7C

Solarparken

AG

7,871

1,551

Boralex,

Inc.,

Class

A

33,325

2,600

Capital

Power

Corp.

72,596

7,088

Cloudberry

Clean

Energy

ASA*

7,087

1,098

Corp

ACCIONA

Energias

Renovables

SA

28,311

13,417

Drax

Group

plc

71,765

1,563

EDP

Renovaveis

SA

25,564

1,700

EF-ON,

Inc.

5,695

2,700

Electric

Power

Development

Co.,

Ltd.

43,695

1,707

Encavis

AG*

24,037

2,646

Energix-Renewable

Energies,

Ltd.

7,802

949

Enlight

Renewable

Energy,

Ltd.*

14,956

1,000

eRex

Co.,

Ltd.^

5,106

739

ERG

SpA

17,808

773

Greenvolt-Energias

Renovaveis

SA*

4,345

596

Grenergy

Renovables

SA*

13,020

2,055

Innergex

Renewable

Energy,

Inc.

15,389

690

Kenon

Holdings,

Ltd.

15,928

8,484

Meridian

Energy,

Ltd.

26,126

1,175

Neoen

SA(a)

34,215

5,491

Northland

Power,

Inc.

89,434

1,351

OPC

Energy,

Ltd.*

8,729

2,011

Orron

Energy

ab

1,346

1,500

Polaris

Renewable

Energy,

Inc.

15,662

2,100

RENOVA,

Inc.*

15,898

7,368

RWE

AG

273,770

1,250

Scatec

ASA(a)

7,351

1,714

Solaria

Energia

y

Medio

Ambiente

SA*

26,428

10,042

Transalta

Corp.

87,473

2,200

Transalta

Renewables,

Inc.

19,909

882

Voltalia

SA,

Registered

Shares*

9,555

910

West

Holdings

Corp.

19,837

1,050,033

Shares

Value

Common

Stocks,

continued

Industrial

Conglomerates

(

0

.9

%

):

182

Aker

ASA,

Class

A

Shares

$

11,192

865

Bonheur

ASA

18,127

1,056

Chargeurs

SA

8,970

8,000

Chevalier

International

Holdings

Ltd.

6,232

20,430

CK

Hutchison

Holdings,

Ltd.

108,888

3,331

DCC

plc

186,711

2,000

Guoco

Group,

Ltd.

14,841

8,400

Hitachi,

Ltd.

520,822

822

Indus

Holding

AG

17,486

515

Italmobiliare

SpA

13,062

2,600

Jardine

Cycle

&

Carriage,

Ltd.

60,556

1,500

Katakura

Industries

Co.,

Ltd.

17,519

1,700

Keihan

Holdings

Co.,

Ltd.

45,115

12,200

Keppel

Corp.,

Ltd.

60,566

1,492

Lifco

AB,

Class

B

26,108

2,900

Mie

Kotsu

Group

Holdings,

Inc.

11,058

5,400

Nisshinbo

Holdings,

Inc.

40,188

7,406

Nolato

AB,

Class

B

30,325

1,300

Noritsu

Koki

Co.,

Ltd.

29,244

69,000

NWS

Holdings,

Ltd.

78,587

5,633

Siemens

AG,

Registered

Shares

807,454

3,272

Smiths

Group

plc

64,460

5,400

TOKAI

Holdings

Corp.

33,453

933

Volati

AB

7,386

2,218,350

Insurance

(

4

.1

%

):

3,541

Admiral

Group

plc

102,397

53,123

Aegon

NV

255,999

6,999

Ageas

SA/NV

288,592

94,240

AIA

Group,

Ltd.

762,338

40,863

Alm

Brand

A/S

61,345

5,446

ASR

Nederland

NV

204,377

3,180

Assicurazioni

Generali

SpA

64,977

1,693

AUB

Group,

Ltd.

31,691

32,979

Aviva

plc

155,908

8,835

AXA

SA

261,660

999

Baloise

Holding

AG,

Registered

Shares

144,971

9,191

Beazley

plc

61,805

7,384

Chesnara

plc

24,744

2,213

Clal

Insurance

Enterprises

Holdings,

Ltd.*

34,261

4,898

Coface

SA

62,524

5,900

Dai-ichi

Life

Holdings,

Inc.

122,770

2,100

Definity

Financial

Corp.

57,985

40,384

Direct

Line

Insurance

Group

plc*

84,551

82

E-L

Financial

Corp.,

Ltd.

53,797

431

Fairfax

Financial

Holdings,

Ltd.

351,874

1,054

FBD

Holdings

plc

13,586

1,341

Gjensidige

Forsikring

ASA

19,711

1,300

Great

Eastern

Holdings,

Ltd.

17,150

4,592

Great-West

Lifeco,

Inc.

131,393

1,809

Grupo

Catalana

Occidente

SA

58,260

677

Hannover

Rueck

SE

148,749

4,262

Harel

Insurance

Investments

&

Financial

Services,

Ltd.

33,688

817

Helvetia

Holding

AG,

Registered

Shares

114,504

7,850

Hiscox,

Ltd.

96,021

3,719

iA

Financial

Corp.,

Inc.

233,310

506

IDI

Insurance

Co.,

Ltd.

11,839

26,665

Insurance

Australia

Group,

Ltd.

97,395

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

19

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

2,660

Intact

Financial

Corp.

$

387,846

15,800

Japan

Post

Holdings

Co.,

Ltd.

126,330

1,900

Japan

Post

Insurance

Co.,

Ltd.

31,962

41,528

Just

Group

plc

36,320

8,127

Lancashire

Holdings,

Ltd.

58,518

82,370

Legal

&

General

Group

plc

222,503

16,597

Linea

Directa

Aseguradora

SA

Cia

de

Seguros

y

Reaseguros

15,331

9,385

Manulife

Financial

Corp.

171,558

9,983

Manulife

Financial

Corp.

182,445

41,493

Mapfre

SA

84,475

33,666

Medibank

Pvt,

Ltd.

74,401

1,055

Menora

Mivtachim

Holdings,

Ltd.

24,605

16,641

Migdal

Insurance

&

Financial

Holding,

Ltd.

20,396

2,900

MS&AD

Insurance

Group

Holdings,

Inc.

106,083

609

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Class

R

237,555

17,747

nib

holdings,

Ltd.

84,654

7,918

NN

Group

NV

253,712

15,729

Phoenix

Group

Holdings

plc

92,111

2,268

Phoenix

Holdings,

Ltd.

(The)

23,578

6,587

Poste

Italiane

SpA(a)

69,251

1,147

Protector

Forsikring

ASA

18,647

1,332

Prudential

plc,

ADR

29,197

3,425

Prudential

plc

36,875

16,200

QBE

Insurance

Group,

Ltd.

163,791

3,005

Sabre

Insurance

Group

plc(a)

5,550

3,822

Saga

plc*

5,768

2,649

Sampo

Oyj,

A

Shares

114,506

6,691

SCOR

SA

208,415

445

Solid

Forsakring

AB

2,409

1,400

Sompo

Holdings,

Inc.

59,935

9,536

Steadfast

Group,

Ltd.

34,570

8,699

Storebrand

ASA

70,681

2,164

Sun

Life

Financial,

Inc.

105,595

1,295

Sun

Life

Financial,

Inc.

63,196

18,389

Suncorp

Group,

Ltd.

165,736

454

Swiss

Life

Holding

AG

282,888

4,529

Swiss

Re

AG

465,022

5,800

T&D

Holdings,

Inc.

95,232

1,133

Talanx

AG

71,843

14,500

Tokio

Marine

Holdings,

Inc.

334,304

1,482

Topdanmark

A/S

64,429

1,392

Trisura

Group,

Ltd.*

30,882

5,377

Tryg

A/S

98,358

17,380

Unipol

Gruppo

Finanziario

SpA

93,955

14,182

UnipolSai

Assicurazioni

SpA

34,225

4,363

UNIQA

Insurance

Group

AG

35,334

54

Vaudoise

Assurances

Holding

SA

25,990

1,471

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

40,992

1,796

Wuestenrot

&

Wuerttembergische

AG

27,490

1,223

Zurich

Insurance

Group

AG

560,577

9,814,198

Interactive

Media

&

Services

(

0

.3

%

):

3,192

Adevinta

ASA*

31,494

15,271

Auto

Trader

Group

plc(a)

114,451

400

Bengo4.com,

Inc.*

12,898

575

Better

Collective

A/S*

12,902

Shares

Value

Common

Stocks,

continued

Interactive

Media

&

Services,

continued

2,166

carsales.com,

Ltd.

$

38,818

4,900

Catena

Media

plc*

8,332

5,418

Domain

Holdings

Australia,

Ltd.

13,876

1,161

Hemnet

Group

AB

20,495

1,200

Infocom

Corp.

22,081

3,800

Kakaku.com,

Inc.

38,553

1,170

Karnov

Group

AB*

5,172

13,200

LY

Corp.

36,858

600

MarkLines

Co.,

Ltd.

11,955

2,000

MIXI,

Inc.

31,710

12,015

Moneysupermarket.com

Group

plc

35,423

135

New

Work

SE

14,114

594

REA

Group,

Ltd.

58,796

19,514

Rightmove

plc

132,981

615

Scout24

SE(a)

42,700

1,787

SEEK,

Ltd.

25,289

708,898

IT

Services

(

1

.5

%

):

3,641

Addnode

Group

AB

22,094

114

Adesso

SE

12,363

370

Allgeier

SE

8,291

1,014

Alten

SA

133,072

923

Appen,

Ltd.*

733

400

Argo

Graphics,

Inc.

8,879

2,661

Atea

ASA

33,243

4,261

Atos

SE*^

29,630

600

Base

Co.,

Ltd.

17,301

2,801

Bechtle

AG

131,166

2,300

BIPROGY,

Inc.

57,433

1,490

Bouvet

ASA

7,913

817

CANCOM

SE

21,810

3,509

Capgemini

SE

609,215

1,233

CGI,

Inc.*

121,438

1,200

CGI,

Inc.*

118,295

1,200

Change

Holdings,

Inc.

14,122

4,933

Columbus

A/S

4,489

2,655

Computacenter

plc

81,695

1,100

Comture

Corp.

17,039

7,824

Data#3,

Ltd.

35,606

500

Densan

System

Holdings

Co.,

Ltd.

9,615

1,400

DTS

Corp.

29,860

8,624

Econocom

Group

SA/NV

22,742

1,000

E-Guardian,

Inc.

17,854

558

Enea

AB*

2,409

1,045

Exclusive

Networks

SA*

19,017

3,891

Fdm

Group

Holdings

plc

24,684

348

Formula

Systems

1985,

Ltd.

25,651

1,700

Fujitsu,

Ltd.

200,043

2,500

Future

Corp.

25,171

824

GFT

Technologies

SE

22,978

6,665

Global

Dominion

Access

SA(a)

23,576

1,900

GMO

internet

group,

Inc.

29,406

1,200

ID

Holdings

Corp.

11,556

6,083

Indra

Sistemas

SA

87,878

900

Information

Services

Internati

34,427

2,776

Iomart

Group

plc

5,419

700

JBCC

Holdings,

Inc.

13,332

600

JIG-SAW,

Inc.*

15,821

3,119

Kainos

Group

plc

43,632

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

20

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

816

KNOW

IT

AB

$

9,448

1,146

Kontron

AG

22,201

896

Matrix

It,

Ltd.

18,347

300

Mitsubishi

Research

Institute,

Inc.

9,708

193

Nagarro

SE*

14,001

7,286

NCC

Group

plc

10,467

2,700

NEC

Corp.

149,151

2,700

NEC

Networks

&

System

Integrat

35,460

3,000

NET

One

Systems

Co.,

Ltd.

56,939

1,260

Netcompany

Group

A/S*(a)

47,670

5,741

NEXTDC,

Ltd.*

45,823

3,056

Nomura

Research

Institute,

Ltd.

79,540

800

NS

Solutions

Corp.

22,765

2,200

NSD

Co.,

Ltd.

41,622

5,900

NTT

Data

Corp.

79,060

200

Obic

Co.,

Ltd.

30,432

2,099

One

Software

Technologies,

Ltd.

26,472

4,539

Ordina

NV

27,445

1,100

Otsuka

Corp.

46,584

1,200

Pole

To

Win

Holdings,

Inc.

4,227

1,470

Proact

IT

Group

AB

10,341

326

Reply

SpA

30,599

2,400

SCSK

Corp.

41,869

105

Secunet

Security

Networks

AG

22,305

400

SHIFT,

Inc.*

73,375

650

Shopify,

Inc.,

Class

A*

35,471

700

Shopify,

Inc.,

Class

A*

38,214

1,200

Simplex

Holdings,

Inc.

21,727

510

Societe

Pour

l'Informatique

Industrielle

25,225

800

Softbank

Technology

Corp.

12,071

5,347

Softcat

plc

95,085

566

Sopra

Steria

Group

SACA

116,800

52,000

SUNeVision

Holdings,

Ltd.

21,455

1,200

TDC

Soft,

Inc.

13,574

1,700

TechMatrix

Corp.

18,010

2,731

TietoEVRY

Oyj

61,335

3,300

TIS,

Inc.

72,646

500

Uchida

Yoko

Co.,

Ltd.

22,650

315

Wavestone

16,517

573

Wiit

SpA

9,155

3,686,684

Leisure

Products

(

0

.4

%

):

3,400

Bandai

Namco

Holdings,

Inc.

69,160

1,496

Beneteau

SA

18,104

906

BRP,

Inc.

68,585

1,042

Catana

Group

6,584

1,377

Games

Workshop

Group

plc

177,417

1,000

Globeride,

Inc.

13,507

874

Harvia

Oyj

23,595

500

Mars

Group

Holdings

Corp.

9,314

17,243

ME

GROUP

INTERNATIONAL

plc

33,152

877

MIPS

AB

29,564

800

Mizuno

Corp.

25,232

800

Roland

Corp.

21,932

1,400

Sankyo

Co.,

Ltd.

63,927

376

Sanlorenzo

SpA/Ameglia

14,104

1,700

Sega

Sammy

Holdings,

Inc.

31,363

800

Shimano,

Inc.

108,037

1,400

Snow

Peak,

Inc.

11,079

Shares

Value

Common

Stocks,

continued

Leisure

Products,

continued

700

Spin

Master

Corp.(a)

$

17,602

3,815

Technogym

SpA(a)

29,479

1,923

Thule

Group

AB(a)

50,229

3,300

Tomy

Co.,

Ltd.

47,713

700

Universal

Entertainment

Corp.

10,317

1,100

Yamaha

Corp.

30,043

3,500

Yonex

Co.,

Ltd.

37,351

947,390

Life

Sciences

Tools

&

Services

(

0

.4

%

):

4,332

Addlife

AB,

Class

B

25,539

840

Biotage

AB

8,251

900

CellSource

Co.,

Ltd.*^

15,100

315

Chemometec

A/S*

14,914

600

Cmic

Holdings

Co.,

Ltd.

6,912

878

Ergomed

PLC*

14,320

3,429

Eurofins

Scientific

SE

193,309

555

Evotec

SE*

11,090

1,007

Gerresheimer

AG

105,783

572

Lonza

Group

AG

264,706

697

Medcap

AB*

17,096

818

QIAGEN

NV*

33,102

1,833

QIAGEN

NV*

74,236

315

Sartorius

AG

106,876

91

Sartorius

Stedim

Biotech

21,653

1,600

Shin

Nippon

Biomedical

Laborat

20,009

105

Siegfried

Holding

AG

89,928

1,022,824

Machinery

(

4

.1

%

):

3,402

Aalberts

NV

124,052

600

Ag

Growth

International,

Inc.

23,521

2,600

Aichi

Corp.

17,407

2,100

Aida

Engineering,

Ltd.

14,086

781

Alfa

Laval

AB

26,729

3,214

Alimak

Group

AB(a)

19,521

900

Alinco,

Inc.

6,460

8,646

Alstom

SA

205,131

8,100

Amada

Co.,

Ltd.

81,480

1,286

ANDRITZ

AG

64,713

2,000

Anest

Iwata

Corp.

15,995

2,700

Asahi

Diamond

Industrial

Co.,

Ltd.

16,001

20,220

Atlas

Copco

AB,

Class

A

270,993

11,750

Atlas

Copco

AB,

Class

B

137,311

1,149

ATS

Corp.*

48,985

1,300

Bando

Chemical

Industries,

Ltd.

14,265

1,230

Beijer

Alma

AB,

Class

B

21,049

6,881

Bodycote

plc

54,721

310

Bucher

Industries

AG,

Registered

Shares

118,651

104

Burckhardt

Compression

Holding

AG

56,495

56

Bystronic

AG

34,812

1,043

Cargotec

Oyj,

Class

B

43,833

2,300

CKD

Corp.

31,693

1,023

Concentric

AB

15,312

1,110

Construcciones

y

Auxiliar

de

Ferrocarriles

SA

34,647

284

Daetwyler

Holding

AG

54,202

3,300

Daifuku

Co.,

Ltd.

62,406

8,219

Daimler

Truck

Holding

AG

285,000

2,100

Daiwa

Industries,

Ltd.

19,419

745

Danieli

&

C

Officine

Meccaniche

SpA

21,202

1,585

Danieli

&

C

Officine

Meccaniche

SpA

33,068

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

21

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

4,300

DMG

Mori

Co.,

Ltd.

$

73,115

2,392

Duerr

AG

64,960

1,400

Ebara

Corp.

65,590

6,740

Electrolux

Professional

AB,

Class

B

34,745

4,236

Epiroc

AB,

Class

A

80,204

2,816

Epiroc

AB,

Class

B

45,041

2,000

FANUC

Corp.

52,213

19,282

Fincantieri

SpA*

9,595

2,271

FLSmidth

&

Co.

A/S

102,686

3,291

Fluidra

SA

66,893

13,800

Frencken

Group,

Ltd.

11,231

2,000

Fuji

Corp.

31,075

500

Fukushima

Galilei

Co.,

Ltd.

16,229

1,700

Furukawa

Co.,

Ltd.

19,099

4,949

GEA

Group

AG

182,904

2,556

Georg

Fischer

AG,

Registered

Shares

143,420

371

Gesco

SE

8,272

2,000

Glory,

Ltd.

39,888

1,300

Harmonic

Drive

Systems,

Inc.

28,857

16,185

Heidelberger

Druckmaschinen

AG*

20,707

5,448

Hexagon

Composites

ASA*

13,941

1,869

Hexagon

Purus

ASA*

2,426

9,100

Hino

Motors,

Ltd.*

34,789

1,200

Hisaka

Works,

Ltd.

7,682

3,600

Hitachi

Construction

Machinery

Co.,

Ltd.

109,534

5,600

Hitachi

Zosen

Corp.

31,419

400

Hoshizaki

Corp.

13,897

1,000

Hosokawa

Micron

Corp.

27,419

4,747

Husqvarna

AB,

B

Shares^

36,210

679

Husqvarna

AB,

Class

A

Shares

5,217

5,700

IHI

Corp.

119,428

8,265

IMI

plc

157,168

4,075

Indutrade

AB

75,237

879

Interpump

Group

SpA

40,265

24

Interroll

Holding

AG,

Class

A

65,696

1,300

Iseki

&

Co.,

Ltd.

10,284

8,499

Iveco

Group

NV*

79,327

500

Japan

Steel

Works,

Ltd.

(The)

9,283

699

JOST

Werke

SE(a)

33,557

3,700

Juki

Corp.

15,293

2,224

Jungheinrich

AG

66,665

87

Kardex

Holding

AG,

Registered

Shares

18,970

900

Kato

Works

Co.,

Ltd.

7,239

6,300

Kawasaki

Heavy

Industries,

Ltd.

152,489

3,210

KION

Group

AG

123,655

400

Kitagawa

Corp.

3,891

5,100

Kitz

Corp.

35,296

1,934

Knorr-Bremse

AG

122,974

572

Koenig

&

Bauer

AG*

8,476

13,600

Komatsu,

Ltd.

367,584

184

Komax

Holding

AG

42,317

2,900

Komori

Corp.

20,534

5,032

Kone

Oyj,

Class

B

212,137

1,364

Konecranes

OYJ

45,192

187

Krones

AG

19,275

4,500

Kubota

Corp.

66,572

2,200

Kurita

Water

Industries,

Ltd.

76,700

1,000

Kyokuto

Kaihatsu

Kogyo

Co.,

Ltd.

11,769

1,200

Maezawa

Kyuso

Industries

Co.,

Ltd.

9,647

Shares

Value

Common

Stocks,

continued

Machinery,

continued

700

Makino

Milling

Machine

Co.,

Ltd.

$

30,560

2,500

Makita

Corp.

61,938

586

Manitou

Bf

SA

14,058

800

Max

Co.,

Ltd.

14,670

896

McPhy

Energy

SA*^

4,872

1,800

Meidensha

Corp.

27,050

297

Meier

Tobler

Group

AG

13,042

800

Metawater

Co.,

Ltd.

9,978

16,814

Metso

Oyj

176,134

5,432

MINEBEA

MITSUMI,

Inc.

88,614

3,100

MISUMI

Group,

Inc.

48,407

2,100

Mitsubishi

Heavy

Industries,

Ltd.

117,671

1,000

Mitsubishi

Logisnext

Co.,

Ltd.

9,132

700

Mitsuboshi

Belting

Co.,

Ltd.

21,491

2,900

Mitsui

E&S

Co.,

Ltd.

11,234

1,100

Miura

Co.,

Ltd.

22,138

10,151

Morgan

Advanced

Materials

plc

30,273

1,500

Morita

Holdings

Corp.

15,978

1,900

Nabtesco

Corp.

34,259

800

Nachi-Fujikoshi

Corp.

21,425

2,000

Namura

Shipbuilding

Co.,

Ltd.

11,526

1,456

NFI

Group,

Inc.*

13,851

8,900

NGK

Insulators,

Ltd.

117,979

2,300

Nikkiso

Co.,

Ltd.

15,595

1,267

Nilfisk

Holding

A/S*

22,207

3,900

Nippon

Thompson

Co.,

Ltd.

14,448

400

Nissei

ASB

Machine

Co.,

Ltd.

12,173

800

Nitta

Corp.

17,765

500

Nitto

Kohki

Co.,

Ltd.

6,564

1,900

Nitto

Seiko

Co.,

Ltd.

7,582

300

Noritake

Co.,

Ltd.

12,423

995

Norma

Group

SE

18,455

7,700

NSK,

Ltd.

43,312

14,800

NTN

Corp.

28,169

400

Obara

Group,

Inc.

10,325

4,495

OC

Oerlikon

Corp.

AG

19,094

1,700

Oiles

Corp.

22,830

400

Okamoto

Machine

Tool

Works,

Ltd.

14,706

600

OKUMA

Corp.

26,377

1,600

Organo

Corp.

44,899

2,800

OSG

Corp.

32,985

692

Palfinger

AG

16,340

174

Pfeiffer

Vacuum

Technology

AG

26,925

150

Plasson

Industries,

Ltd.

6,209

122

Rational

AG

77,229

70

Rieter

Holding

AG

6,523

16,905

Rotork

plc

64,212

1,800

Ryobi,

Ltd.

36,573

6,583

Sandvik

AB

120,732

299

Schindler

Holding

AG,

Registered

Shares

57,531

797,303

Seatrium,

Ltd.*

77,915

684

SFS

Group

AG

74,806

1,100

Shibaura

Machine

Co.,

Ltd.

30,267

1,200

Shima

Seiki

Manufacturing,

Ltd.

14,351

1,900

Shinmaywa

Industries,

Ltd.

16,199

78,000

Singamas

Container

Holdings,

Ltd.

5,447

2,200

Sintokogio,

Ltd.

16,092

3,528

Skellerup

Holdings,

Ltd.

9,833

4,224

SKF

AB,

B

Shares

70,062

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

22

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

892

SKF

AB,

Class

A

$

14,798

200

SMC

Corp.

89,538

2,300

Sodick

Co.,

Ltd.

11,261

333

Spirax-Sarco

Engineering

plc

38,501

772

Stabilus

SE

43,211

1,832

Stadler

Rail

AG

71,180

1,600

Star

Micronics

Co.,

Ltd.

20,096

849

Sulzer

AG,

Registered

Shares

81,109

4,000

Sumitomo

Heavy

Industries,

Ltd.

101,423

3,900

Tadano,

Ltd.

33,139

900

Takeuchi

Manufacturing

Co.,

Ltd.

29,472

1,300

Takuma

Co.,

Ltd.

13,456

3,785

Talgo

SA(a)

14,051

478

Technotrans

SE

8,429

19,687

Techtronic

Industries

Co.,

Ltd.

191,147

1,000

Teikoku

Electric

Manufacturing

Co.,

Ltd.

16,903

3,900

THK

Co.,

Ltd.

71,274

2,100

Tocalo

Co.,

Ltd.

19,127

1,392

TOMRA

Systems

ASA

15,861

1,400

Torishima

Pump

Manufacturing

Co.,

Ltd.

17,804

1,100

Toyota

Industries

Corp.

86,608

2,304

Trelleborg

AB,

Class

B

57,193

1,098

Troax

Group

AB

15,566

1,100

Tsubaki

Nakashima

Co.,

Ltd.

5,746

1,400

Tsubakimoto

Chain

Co.

36,287

1,800

Tsugami

Corp.

13,960

1,200

Tsukishima

Holdings

Co.,

Ltd.

10,591

600

Tsurumi

Manufacturing

Co.,

Ltd.

12,316

700

Union

Tool

Co.

18,164

3,461

Valmet

Oyj

78,946

754

VAT

Group

AG(a)

268,568

1,074

VBG

Group

AB,

Class

B

18,789

9,855

Vesuvius

plc

52,205

2,838

Volvo

AB,

Class

A

59,043

23,536

Volvo

AB,

Class

B

484,638

229

Vossloh

AG

9,562

1,416

Wacker

Neuson

SE

28,876

6,324

Wartsila

Oyj

Abp,

Class

B

71,674

560

Washtec

AG

19,831

2,052

Weir

Group

plc

(The)

47,344

3,000

YAMABIKO

Corp.

28,887

61,900

Yangzijiang

Shipbuilding

Holdings,

Ltd.

75,132

2,600

Yaskawa

Electric

Corp.

93,744

9,878,223

Marine

Transportation

(

0

.5

%

):

1,600

Algoma

Central

Corp.

17,342

3,578

AMSC

ASA

13,734

33

AP

Moller

-

Maersk

A/S,

Class

A

58,558

28

AP

Moller

-

Maersk

A/S,

Class

B

50,468

556

Clarkson

plc

18,501

894

D/S

Norden

A/S

49,783

1,478

Dfds

A/S

48,772

2,226

Golden

Ocean

Group,

Ltd.

17,536

3,255

Golden

Ocean

Group,

Ltd.

25,643

426

Hapag-Lloyd

AG(a)

77,530

3,300

Iino

Kaiun

Kaisha,

Ltd.

23,155

5,897

Irish

Continental

Group

27,779

2,300

Japan

Transcity

Corp.

10,151

1,800

Kawasaki

Kisen

Kaisha,

Ltd.

61,377

Shares

Value

Common

Stocks,

continued

Marine

Transportation,

continued

794

Kuehne

+

Nagel

International

AG

$

225,201

5,100

Mitsui

OSK

Lines,

Ltd.

139,939

19,192

MPC

Container

Ships

As

31,332

5,800

Nippon

Yusen

KK

150,318

600

NS

United

Kaiun

Kaisha,

Ltd.

15,762

185,000

Pacific

Basin

Shipping,

Ltd.

53,019

52,000

SITC

International

Holdings

Co.,

Ltd.

87,299

1,067

Stolt-Nielsen,

Ltd.

30,921

4,623

Wallenius

Wilhelmsen

ASA

36,556

1,270,676

Media

(

0

.8

%

):

1,150

4imprint

Group

plc

73,043

3,715

Aimia,

Inc.*

8,425

65

APG

SGA

SA

12,769

8,376

ARN

Media,

Ltd.

4,447

12,859

Ascential

plc*

32,749

4,886

Atresmedia

Corp.

de

Medios

de

Comuicacion

SA

18,876

701

Cogeco

Communications,

Inc.

32,451

400

Cogeco,

Inc.

14,511

5,394

Corus

Entertainment,

Inc.,

Class

B

4,091

1,300

CyberAgent,

Inc.

7,009

2,600

Dentsu

Group,

Inc.

76,523

2,100

Direct

Marketing

MiX,

Inc.

6,557

5,775

Eutelsat

Communications

SA

34,047

2,800

Fuji

Media

Holdings,

Inc.

30,006

598

Future

plc

6,432

4,400

Hakuhodo

DY

Holdings,

Inc.

36,163

15,821

Informa

plc

144,143

2,000

Intage

Holdings,

Inc.

29,913

1,459

IPSOS

67,053

140,551

ITV

plc

121,016

9,582

IVE

Group,

Ltd.

11,858

2,708

JCDecaux

SE*

45,750

2,312

Kin

And

Carta

plc*

2,339

1,300

Macromill,

Inc.

6,372

1,664

Metropole

Television

SA

21,075

47,049

MFE-MediaForEurope

NV,

Class

A

19,856

10,230

MFE-MediaForEurope

NV,

Class

B

6,427

3,263

Next

15

Group

plc

25,534

58,186

Nine

Entertainment

Co.

Holdings,

Ltd.

76,526

1,944

Nordic

Entertainment

Group

AB,

Class

B*^

6,245

1,307

NRJ

Group

9,642

19,083

Ooh!media,

Ltd.

17,421

602

Perion

Network,

Ltd.*

18,461

68,000

Pico

Far

East

Holdings,

Ltd.

12,607

7,255

ProSiebenSat.1

Media

SE

49,125

2,541

Publicis

Groupe

SA

191,862

2,826

Quebecor,

Inc.,

Class

B

60,573

1,470

RTL

Group

50,490

10,874

S4

Capital

plc*

8,897

14,802

SES

SA,

Class

A

96,925

60,999

Seven

West

Media,

Ltd.*

12,352

6,212

SKY

Network

Television,

Ltd.

9,230

7,900

SKY

Perfect

JSAT

Holdings,

Inc.

36,832

15,013

Southern

Cross

Media

Group,

Ltd.

7,384

1,563

Stroeer

SE

&

Co.

KGaA

69,574

1,900

TBS

Holdings,

Inc.

31,948

15,000

Television

Broadcasts,

Ltd.*

6,120

4,175

Television

Francaise

1

31,964

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

23

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Media,

continued

1,400

TV

Asahi

Holdings

Corp.

$

15,827

500

Tv

Tokyo

Holdings

Corp.

9,922

1,000

ValueCommerce

Co.,

Ltd.

8,519

19,231

Vivendi

SE

168,717

500

Wowow,

Inc.

3,800

7,345

WPP

plc

65,447

1,975,845

Metals

&

Mining

(

5

.2

%

):

6,591

Acerinox

SA

63,786

1,039

Agnico

Eagle

Mines,

Ltd.

47,223

6,572

Agnico

Eagle

Mines,

Ltd.

298,670

400

Aichi

Steel

Corp.

10,454

1,493

Alamos

Gold,

Inc.,

Class

A

16,842

41,565

Alkane

Resources,

Ltd.*

16,266

2,048

Alleima

AB

10,730

11,725

Allkem,

Ltd.*

88,325

1,400

Altius

Minerals

Corp.

22,637

50,390

Alumina,

Ltd.*

30,995

723

AMG

Critical

Materials

NV

21,713

6,803

Anglo

American

plc

188,319

2,779

Antofagasta

plc

48,133

2,415

APERAM

SA

70,217

63,634

Arafura

Rare

Earths,

Ltd.*

10,521

2,276

ArcelorMittal

SA,

NYS

56,968

5,723

ArcelorMittal

SA

143,112

12,400

Argonaut

Gold,

Inc.*

5,113

3,700

Asahi

Holdings,

Inc.

46,955

16,100

Ascot

Resources,

Ltd.*

4,446

116,831

Aurelia

Metals,

Ltd.*

6,668

1,034

Aurubis

AG

76,644

25,622

AVZ

Minerals,

Ltd.*

2,686

39,315

B2Gold

Corp.

112,899

9,320

Barrick

Gold

Corp.

135,398

1,629

Bekaert

NV

72,792

29,659

Bellevue

Gold,

Ltd.*

26,228

38,377

BHP

Group,

Ltd.

1,087,950

6,077

BHP

Group,

Ltd.,

ADR

345,660

8,456

BlueScope

Steel,

Ltd.

105,580

5,555

Boliden

AB

158,167

4,719

Capricorn

Metals,

Ltd.*

12,408

10,300

Capstone

Copper

Corp.*

43,685

36,114

Centamin

plc

36,773

9,300

Centerra

Gold,

Inc.

45,469

8,967

Central

Asia

Metals

plc

20,575

11,257

Champion

Iron,

Ltd.

45,953

16,254

China

Gold

International

Resources

Corp.,

Ltd.

69,176

1,000

Daido

Steel

Co.,

Ltd.

40,669

1,400

Daiki

Aluminium

Industry

Co.,

Ltd.

12,228

23,794

De

Grey

Mining,

Ltd.*

16,853

7,050

Deterra

Royalties,

Ltd.

21,693

2,200

Dowa

Holdings

Co.,

Ltd.

68,418

9,600

Dundee

Precious

Metals,

Inc.

59,377

8,162

Eldorado

Gold

Corp.*

72,840

10,609

Emerald

Resources

NL*

18,388

6,493

Endeavour

Mining

plc

127,269

3,800

Endeavour

Silver

Corp.*

9,289

13,107

Equinox

Gold

Corp.*

55,107

481

Eramet

SA

36,845

1,599

ERO

Copper

Corp.*

27,574

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

66,946

Evolution

Mining,

Ltd.

$

139,994

7,778

Evraz

plc*(b)

—

7,330

Ferrexpo

plc*

6,787

6,600

First

Majestic

Silver

Corp.

33,824

8,026

First

Quantum

Minerals,

Ltd.

189,643

17,012

Fortescue

Metals

Group,

Ltd.

228,093

7,300

Fortuna

Silver

Mines,

Inc.*

19,888

140

Franco-Nevada

Corp.

18,692

4,743

Fresnillo

plc

31,748

8,215

Galiano

Gold,

Inc.*

4,900

7,520

Genesis

Minerals,

Ltd.*

6,693

185,248

Glencore

plc

1,059,223

1,100

Godo

Steel,

Ltd.

33,753

8,900

GoGold

Resources,

Inc.*

7,929

20,449

Gold

Road

Resources,

Ltd.

21,130

4,992

Granges

AB

46,964

2,043

Hill

&

Smith

Holdings

plc

42,883

9,715

Hochschild

Mining

plc*

9,850

14,862

Hudbay

Minerals,

Inc.

72,335

15,631

IAMGOLD

Corp.*

33,723

9,087

IGO,

Ltd.

74,043

15,540

Iluka

Resources,

Ltd.

75,876

18,158

Imdex,

Ltd.

17,982

3,605

Ivanhoe

Mines,

Ltd.,

Class

A*

30,898

16,400

JFE

Holdings,

Inc.

241,015

50,009

Jupiter

Mines,

Ltd.

6,243

3,200

K92

Mining,

Inc.*

13,595

2,436

K92

Mining,

Inc.*

10,350

5,400

Karora

Resources,

Inc.*

15,229

49,933

Kinross

Gold

Corp.

227,586

12,000

Kobe

Steel,

Ltd.

155,450

1,800

Kyoei

Steel,

Ltd.^

23,949

2,500

Labrador

Iron

Ore

Royalty

Corp.

59,182

2,100

Largo,

Inc.*

5,953

14,207

Lucara

Diamond

Corp.*

4,080

4,500

Lundin

Gold,

Inc.

50,530

28,726

Lundin

Mining

Corp.

214,266

27,882

Lynas

Rare

Earths,

Ltd.*

120,434

48,387

Macmahon

Holdings,

Ltd.

5,285

1,600

Major

Drilling

Group

International,

Inc.*

9,743

2,400

Maruichi

Steel

Tube,

Ltd.

59,705

176,000

Midas

Holdings,

Ltd.*(b)

—

1,585

Mineral

Resources,

Ltd.

68,660

4,200

Mitsubishi

Materials

Corp.

67,933

500

Mitsubishi

Steel

Manufacturing

Co.,

Ltd.

5,048

1,500

Mitsui

Mining

&

Smelting

Co.,

Ltd.

38,132

30,000

Mongolian

Mining

Corp.*

16,958

27,183

Mount

Gibson

Iron,

Ltd.*

7,678

2,200

Neturen

Co.,

Ltd.

14,731

27,410

New

Gold,

Inc.*

25,228

1,024

Newcrest

Mining,

Ltd.

16,166

11,300

Newcrest

Mining,

Ltd.

178,949

58,536

Nickel

Industries,

Ltd.

28,184

6,200

Nippon

Denko

Co.,

Ltd.

12,607

2,700

Nippon

Light

Metal

Holdings

Co.

30,393

14,395

Nippon

Steel

Corp.

337,425

930

Nippon

Yakin

Kogyo

Co.,

Ltd.

28,888

400

Nittetsu

Mining

Co.,

Ltd.

13,397

9,246

Norsk

Hydro

ASA

58,049

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

24

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

14,138

Northern

Star

Resources,

Ltd.

$

94,621

28,628

OceanaGold

Corp.

56,071

21,175

OM

Holdings,

Ltd.

6,244

500

Osaka

Steel

Co.,

Ltd.

6,157

3,310

Osisko

Gold

Royalties,

Ltd.

38,874

12,854

Osisko

Mining,

Inc.*

23,283

15,995

Outokumpu

Oyj

67,012

900

Pacific

Metals

Co.,

Ltd.*

8,438

11,278

Pan

American

Silver

Corp.

163,262

33,353

Perenti

Global,

Ltd.*

23,124

41,346

Perseus

Mining,

Ltd.

43,382

36,817

Pilbara

Minerals,

Ltd.

101,316

41,927

Ramelius

Resources,

Ltd.

38,358

26,859

Regis

Resources,

Ltd.

25,476

95,529

Resolute

Mining,

Ltd.*

21,371

10,242

Rio

Tinto

plc

643,267

4,888

Rio

Tinto

plc,

Registered

Shares,

ADR

311,072

5,634

Rio

Tinto,

Ltd.

413,881

1,335

Salzgitter

AG

35,347

18,215

Sandfire

Resources,

Ltd.*

71,825

1,200

Seabridge

Gold,

Inc.*

12,618

7,176

Sierra

Rutile

Holdings,

Ltd.*

869

32,896

Silver

Lake

Resources,

Ltd.*

17,524

7,897

Sims,

Ltd.

68,725

53,653

SolGold

plc*

8,205

148,911

South32,

Ltd.

325,710

7,725

SSAB

AB,

Class

A

43,465

22,114

SSAB

AB,

Class

B

121,158

8,249

SSR

Mining,

Inc.

109,574

30,000

St.

Barbara,

Ltd.*

3,365

1,600

Stelco

Holdings,

Inc.

44,215

4,366

Straits

Trading

Co.,

Ltd.

6,317

4,300

Sumitomo

Metal

Mining

Co.,

Ltd.

126,472

21,718

Swiss

Steel

Holding

AG*

2,557

13,627

Syrah

Resources,

Ltd.*

4,462

12,474

Taseko

Mines,

Ltd.*

15,614

9,038

Teck

Resources,

Ltd.,

Class

B

389,045

20,766

thyssenkrupp

AG

158,566

900

Toho

Titanium

Co.,

Ltd.

10,787

700

Toho

Zinc

Co.,

Ltd.

7,660

300

Tokyo

Rope

Manufacturing

Co.

Ltd.

2,729

2,300

Tokyo

Steel

Manufacturing

Co.,

Ltd.

26,198

4,785

Torex

Gold

Resources,

Inc.*

49,784

969

Trevali

Mining

Corp.*(b)

—

1,700

Triple

Flag

Precious

Metals

Corp.

22,269

1,500

UACJ

Corp.

31,348

2,097

Victoria

Gold

Corp.*

9,017

4,973

voestalpine

AG

134,857

4,200

Wesdome

Gold

Mines,

Ltd.*

21,926

49,123

West

African

Resources,

Ltd.*

24,125

14,470

Westgold

Resources,

Ltd.*

15,603

2,016

Wheaton

Precious

Metals

Corp.

81,822

1,000

Yamato

Kogyo

Co.,

Ltd.

47,791

800

Yodogawa

Steel

Works,

Ltd.

18,967

12,706,283

Multi-Utilities

(

0

.7

%

):

62,477

A2A

SpA

111,044

2,232

Acea

SpA

24,285

12,104

AGL

Energy,

Ltd.

83,336

Shares

Value

Common

Stocks,

continued

Multi-Utilities,

continued

2,005

Atco,

Ltd.

$

50,786

2,366

Canadian

Utilities,

Ltd.,

Class

A

49,999

144,238

Centrica

plc

270,745

11,449

E.ON

SE

135,601

14,471

Engie

SA

221,859

16,835

Hera

SpA

45,974

11,786

Iren

SpA

22,722

8,297

National

Grid

plc

99,023

2,008

National

Grid

plc,

ADR

121,745

11,914

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

30,450

21,700

Sembcorp

Industries,

Ltd.

80,690

1,869

Telecom

Plus

plc

33,985

6,489

Vector,

Ltd.

15,329

6,496

Veolia

Environnement

SA

187,904

1,585,477

Office

REITs

(

0

.0

%

†

):

3,571

CLS

Holdings

plc

5,152

Oil,

Gas

&

Consumable

Fuels

(

8

.3

%

):

7,481

Advantage

Energy,

Ltd.*

51,063

18,755

Africa

Oil

Corp.

37,701

4,461

Aker

BP

ASA

123,323

4,908

Ampol,

Ltd.

106,681

17,468

ARC

Resources,

Ltd.

278,850

507

Ashdod

Refinery,

Ltd.*

14,032

28,709

Athabasca

Oil

Corp.*

91,955

15,149

Baytex

Energy

Corp.

66,816

2,064

Baytex

Energy

Corp.

9,102

69,875

Beach

Energy,

Ltd.

73,829

7,041

Birchcliff

Energy,

Ltd.

40,128

575

BLUENORD

ASA*

27,923

15,110

Boss

Energy,

Ltd.*

46,942

29,512

BP

plc,

ADR

1,142,705

151,966

BP

plc

981,060

173,000

Brightoil

Petroleum

Holdings,

Ltd.*(b)

—

787

BW

Energy,

Ltd.*

2,012

2,656

BW

LPG,

Ltd.(a)

33,433

789

Cameco

Corp.

31,308

1,022

Cameco

Corp.

40,512

1,527

Canacol

Energy,

Ltd.

12,064

4,300

Canadian

Natural

Resources,

Ltd.

278,118

6,882

Canadian

Natural

Resources,

Ltd.

445,059

10,396

Capricorn

Energy

plc

22,162

3,012

Cardinal

Energy,

Ltd.^

16,412

194,347

Carnarvon

Energy,

Ltd.*

19,982

2,956

Cenovus

Energy,

Inc.

61,544

13,453

Cenovus

Energy,

Inc.

280,135

7,392

Channel

Infrastructure

NZ,

Ltd.

6,810

13,100

China

Aviation

Oil

Singapore

Corp.,

Ltd.

8,420

64,430

Cooper

Energy,

Ltd.*

4,998

2,300

Cosmo

Energy

Holdings

Co.,

Ltd.

80,425

15,061

Crescent

Point

Energy

Corp.

124,871

8,781

Crescent

Point

Energy

Corp.

72,882

8,223

Crew

Energy,

Inc.*

35,299

854

CropEnergies

AG

7,147

4,317

d'Amico

International

Shipping

SA

21,017

263

Delek

Group,

Ltd.

38,983

18,620

Diversified

Energy

Co.

plc

18,283

20,320

DNO

ASA

20,067

7,200

ECORA

RESOURCES

plc

9,379

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

25

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

9,908

Enbridge,

Inc.

$

328,662

52,800

ENEOS

Holdings,

Inc.

208,317

2,930

Energean

PLC

40,684

3,000

Enerplus

Corp.

52,794

41,770

Eni

SpA

670,795

120,434

EnQuest

plc*

22,278

9,442

Equinor

ASA

309,657

1,081

Equital,

Ltd.*

34,413

15,527

Esken,

Ltd.*

527

1,390

Etablissements

Maurel

et

Prom

SA

7,182

2,256

Euronav

NV

36,538

1,031

Euronav

NV

16,939

762

FLEX

LNG,

Ltd.

22,796

3,700

Freehold

Royalties,

Ltd.

40,049

2,600

Frontera

Energy

Corp.*

20,580

2,211

Frontline

plc

40,731

3,100

Fuji

Oil

Co.,

Ltd.

7,113

19,623

Galp

Energia

SGPS

SA

290,639

1,038

Gaztransport

et

Technigaz

SA

127,503

15,200

Gear

Energy,

Ltd.

9,849

6,249

Genel

Energy

plc

6,092

5,750

Gibson

Energy,

Inc.

82,264

1,960

Gran

Tierra

Energy,

Inc.*

13,595

14,984

Gulf

Keystone

Petroleum,

Ltd.

18,708

4,009

Hafnia,

Ltd.

24,926

5,643

Harbour

Energy

plc

17,666

9,100

Headwater

Exploration,

Inc.

47,976

4,600

Idemitsu

Kosan

Co.,

Ltd.

105,800

2,481

Imperial

Oil,

Ltd.

152,832

19,500

Inpex

Corp.

292,684

2,244

International

Petroleum

Corp.*

21,364

2,823

International

Petroleum

Corp.

/

Sweden*

27,113

3,600

Itochu

Enex

Co.,

Ltd.

36,242

1,700

Iwatani

Corp.

85,677

1,000

Japan

Petroleum

Exploration

Co.,

Ltd.

37,545

2,500

Journey

Energy,

Inc.*

10,014

24,713

Karoon

Energy,

Ltd.*

41,944

7,300

Kelt

Exploration,

Ltd.*

38,970

7,201

Keyera

Corp.

169,089

3,130

Koninklijke

Vopak

NV

107,091

2,000

Logan

Energy

Corp.

CA*

1,487

10,807

MEG

Energy

Corp.*

210,315

1,700

Mitsuuroko

Holdings

Co.,

Ltd.

14,537

1,502

Naphtha

Israel

Petroleum

Corp.

8,608

3,186

Neste

Oyj

108,180

21,426

New

Hope

Corp.,

Ltd.

87,307

64,000

NewOcean

Energy

Holdings,

Ltd.*

57

21,200

Nippon

Coke

&

Engineering

Co.,

Ltd.*

17,443

7,754

Nuvista

Energy,

Ltd.*

74,223

104,047

Oil

Refineries,

Ltd.

34,367

771

Okeanis

Eco

Tankers

Corp.(a)

19,869

4,124

OMV

AG

196,898

41,785

Paladin

Energy,

Ltd.*

29,496

5,770

Panoro

Energy

ASA

16,932

3,407

Paramount

Resouces,

Ltd.,

Class

A

80,904

4,673

Parex

Resources,

Inc.

87,707

6,100

Parkland

Corp.

178,450

507

Paz

Oil

Co.,

Ltd.*

41,824

1,584

Pembina

Pipeline

Corp.

47,615

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

9,211

Pembina

Pipeline

Corp.^

$

276,988

7,660

Peyto

Exploration

&

Development

Corp.

77,215

12,892

Pharos

Energy

plc

3,591

10,900

Pine

Cliff

Energy,

Ltd.

11,557

7,163

Pipestone

Energy

Corp.

11,287

5,132

Prairiesky

Royalty,

Ltd.

94,319

35,781

Repsol

SA

588,931

1,600

Sala

Corp.

8,145

3,100

San-Ai

Oil

Co.,

Ltd.

32,899

82,456

Santos,

Ltd.

417,435

23,460

Saras

SpA

33,588

8,575

Serica

Energy

plc

26,030

51,340

Shell

plc

1,629,777

22,296

Shell

plc,

ADR

1,435,416

400

Sinanen

Holdings

Co.,

Ltd.

10,802

2,000

Spartan

Delta

Corp.

5,964

16,178

Suncor

Energy,

Inc.

556,420

9,472

Suncor

Energy,

Inc.

325,647

1,871

Surgen

Energy,

Inc.

12,757

9,600

Tamarack

Valley

Energy,

Ltd.

27,568

1,817

TC

Energy

Corp.^

62,523

10,023

TC

Energy

Corp.

344,727

3,303

Tethys

Oil

AB

16,603

13,400

Tidewater

Midstream

and

Infrastructure,

Ltd.

10,163

3,400

Topaz

Energy

Corp.

53,650

906

Torm

plc

24,564

663

TORM

plc,

Class

A

17,975

41,514

TotalEnergies

SE

2,731,551

8,938

Tourmaline

Oil

Corp.

449,829

64,721

Tullow

Oil

plc*

27,196

9,392

Var

Energi

ASA

27,377

542

Verbio

Vereinigte

Bioenergie

AG

21,815

4,283

Vermilion

Energy,

Inc.

62,663

23,550

Viva

Energy

Group,

Ltd.(a)

45,397

27,552

Whitecap

Resources,

Inc.

232,694

35,316

Whitehaven

Coal,

Ltd.

160,511

26,636

Woodside

Energy

Group,

Ltd.

620,436

3,625

Yancoal

Australia,

Ltd.

12,041

20,173,340

Paper

&

Forest

Products

(

0

.6

%

):

2,718

Altri

SGPS

SA^

12,282

2,829

Canfor

Corp.*

35,141

600

Daiken

Corp.

12,019

3,000

Daio

Paper

Corp.

24,562

8,317

Ence

Energia

y

Celulosa

S.A

27,825

6,700

Hokuetsu

Corp.^

48,604

1,406

Holmen

AB,

B

Shares

54,606

1,527

Interfor

Corp.*

22,656

4,993

Metsa

Board

Oyj

40,037

10,920

Mondi

plc

182,138

11,089

Navigator

Co.

SA

(The)

41,791

4,800

Nippon

Paper

Industries

Co.,

Ltd.*

43,281

2,562

Nordic

Paper

Holding

AB

7,611

5,393

Norske

Skog

ASA*(a)

23,315

28,900

Oji

Holdings

Corp.

122,543

798

Stella-Jones,

Inc.

38,381

16,530

Stora

Enso

Oyj,

Class

R

206,893

3,684

Svenska

Cellulosa

AB

SCA,

Class

B

50,399

600

Tokushu

Tokai

Paper

Co.,

Ltd.

13,727

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

26

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Paper

&

Forest

Products,

continued

7,194

UPM-Kymmene

Oyj

$

246,029

2,354

West

Fraser

Timber

Co.,

Ltd.

170,921

24,618

Western

Forest

Products,

Inc.

14,864

1,439,625

Passenger

Airlines

(

0

.2

%

):

3,200

Air

Canada*

45,664

1,552

Air

France-KLM*

19,418

80,763

Air

New

Zealand,

Ltd.

35,293

1,200

ANA

Holdings,

Inc.*

25,150

57,347

Cathay

Pacific

Airways,

Ltd.*

58,780

7,555

Deutsche

Lufthansa

AG*

60,014

5,559

easyJet

plc*

28,854

528

Exchange

Income

Corp.

17,433

1,600

Japan

Airlines

Co.,

Ltd.

31,125

2,549

JET2

plc

33,546

10,542

Qantas

Airways,

Ltd.*

35,081

17,900

Singapore

Airlines,

Ltd.

84,550

474,908

Personal

Care

Products

(

0

.7

%

):

306

Beiersdorf

AG

39,507

3,201

Best

World

International,

Ltd.*

3,929

800

Fancl

Corp.

12,170

12,238

Haleon

plc

50,774

5,222

Haleon

PLC,

ADR^

43,499

409

Interparfums

SA

22,669

1,514

Jamieson

Wellness,

Inc.(a)

27,167

1,900

Kao

Corp.

70,562

500

Kobayashi

Pharmaceutical

Co.,

Ltd.

22,328

200

Kose

Corp.

14,501

16,500

L'occitane

International

SA

49,218

1,145

L'Oreal

SA

474,124

1,600

Mandom

Corp.

14,771

1,000

Milbon

Co.,

Ltd.

27,831

600

Noevir

Holdings

Co.,

Ltd.

21,232

2,645

Ontex

Group

NV*

19,411

1,200

Pola

Orbis

Holdings,

Inc.

14,386

5,635

PZ

Cussons

plc

9,733

2,000

Rohto

Pharmaceutical

Co.,

Ltd.

54,237

1,900

Shiseido

Co.,

Ltd.

66,710

5,719

Unilever

plc

282,176

1

Unilever

plc

49

6,583

Unilever

plc,

ADR

325,200

1,300

YA-MAN,

Ltd.^

8,771

1,674,955

Pharmaceuticals

(

4

.4

%

):

2,004

Alk

Abello

A/S*

22,460

15,687

Alliance

Pharma

plc

9,017

2,003

Almirall

SA

20,372

5,600

Astellas

Pharma,

Inc.

77,360

3,840

AstraZeneca

plc

516,690

5,648

AstraZeneca

plc,

ADR

382,483

491

Aurora

Cannabis,

Inc.*

286

1,145

Bausch

Health

Cos.,

Inc.*

9,412

6,486

Bausch

Health

Cos.,

Inc.*

53,489

16,247

Bayer

AG,

Registered

Shares

780,235

298

Boiron

SA

16,918

900

Canopy

Growth

Corp.*

696

5,000

Chugai

Pharmaceutical

Co.,

Ltd.

154,947

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

207

COSMO

Pharmaceuticals

NV

$

9,025

1,800

Daiichi

Sankyo

Co.,

Ltd.

49,409

330

Daito

Pharmaceutical

Co.,

Ltd.

5,188

699

Dermapharm

Holding

SE

28,961

500

Eisai

Co.,

Ltd.

27,761

192

Euroapi

SA*

2,419

9,153

Faes

Farma

SA

30,914

700

Fuji

Pharma

Co.,

Ltd.

5,463

500

Fuso

Pharmaceutical

Industries.

Ltd.

6,592

15,331

GSK

plc

277,103

9,383

GSK

PLC,

ADR

340,134

10,077

H

Lundbeck

A/S

54,353

4,354

H

Lundbeck

A/S,

Class

A

20,574

3,600

Haw

Par

Corp.,

Ltd.

25,960

3,809

Hikma

Pharmaceuticals

plc

97,034

800

Hisamitsu

Pharmaceutical

Co.,

Inc.

29,131

5,536

Indivior

plc*

119,741

1,149

Ipsen

SA

150,473

1,000

Kaken

Pharmaceutical

Co.,

Ltd.

23,431

1,000

Kissei

Pharmaceutical

Co.,

Ltd.

22,671

900

Kyowa

Kirin

Co.,

Ltd.

15,676

680

Laboratorios

Farmaceuticos

Rovi

SA

36,842

4,918

Mayne

Pharma

Group,

Ltd.

10,248

342

Merck

KGaA

57,154

400

Mochida

Pharmaceutical

Co.,

Ltd.

8,923

1,000

Nippon

Shinyaku

Co.,

Ltd.

42,329

12,781

Novartis

AG

1,304,580

2,794

Novartis

AG,

ADR

284,597

27,014

Novo

Nordisk

A/S,

Class

B

2,457,787

5,400

Ono

Pharmaceutical

Co.,

Ltd.

103,585

658

Orion

Oyj,

Class

A

25,788

3,504

Orion

Oyj,

Class

B

137,614

1,400

Otsuka

Holdings

Co.,

Ltd.

49,811

1,486

Recordati

Industria

Chimica

e

Farmaceutica

SpA

70,048

4,234

Roche

Holding

AG

1,155,203

214

Roche

Holding

AG

62,980

5,515

Sanofi

591,690

2,400

Santen

Pharmaceutical

Co.,

Ltd.

21,986

1,700

Sawai

Group

Holdings

Co.,

Ltd.

52,051

1,300

Seikagaku

Corp.

7,027

1,800

Shionogi

&

Co.,

Ltd.

80,498

2,832

SNDL,

Inc.*

5,381

3,200

Sumitomo

Dainippon

Pharma

Co.,

Ltd.

11,504

1,500

SymBio

Pharmaceuticals,

Ltd.*

3,812

1,100

Taisho

Pharmaceutical

Holdings

Co.,

Ltd.

45,438

11,500

Takeda

Pharmaceutical

Co.,

Ltd.

357,191

3,056

Teva

Pharmaceutical

Industries,

Ltd.,

ADR*

31,171

800

Torii

Pharmaceutical

Co.,

Ltd.

20,709

1,200

Towa

Pharmaceutical

Co.,

Ltd.

22,921

2,000

Tsumura

&

Co.

37,195

544

UCB

SA

44,508

26,000

United

Laboratories

International

Holdings,

Ltd.

26,303

166

Vetoquinol

SA

13,712

179

Virbac

SA

48,374

1,100

ZERIA

Pharmaceutical

Co.,

Ltd.

16,325

10,631,663

Professional

Services

(

2

.0

%

):

6,879

Adecco

Group

AG

282,245

158

Adyen

NV*(a)

117,104

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

27

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

2,295

AFRY

AB

$

26,887

12,975

ALS,

Ltd.

95,452

770

Altech

Corp.

13,053

111

Amadeus

Fire

AG

13,117

5,169

Amadeus

IT

Group

SA

311,460

5,585

Applus

Services

SA

58,401

2,192

Arcadis

NV

98,408

1,900

BayCurrent

Consulting,

Inc.

63,494

1,800

Bell

System24

Holdings,

Inc.

19,013

2,600

Benefit

One,

Inc.

18,799

372

Bertrandt

AG

17,351

1,661

Brunel

International

NV

22,804

8,885

Bureau

Veritas

SA

220,065

26,624

Capita

plc*

5,513

5,155

Computershare,

Ltd.

86,211

700

Creek

&

River

Co.,

Ltd.

9,848

180

Danel

Adir

Yeoshua,

Ltd.

14,740

1,200

dip

Corp.

29,534

1,661

DKSH

Holding,

Ltd.

112,283

14,199

DWF

Group

plc(a)

17,251

900

en

Japan,

Inc.

14,006

6,707

Experian

plc

219,076

1,200

FULLCAST

Holdings

Co.,

Ltd.

15,097

1,500

Funai

Soken

Holdings,

Inc.

26,174

175

Groupe

Crit

12,911

37,731

Hays

plc

50,069

690

Hilan,

Ltd.

35,754

1,600

Insource

Co.,

Ltd.

11,070

3,714

Intertek

Group

plc

185,681

4,845

IPH,

Ltd.

23,031

300

IR

Japan

Holdings,

Ltd.

3,496

1,000

JAC

Recruitment

Co.,

Ltd.

16,997

1,000

LIKE,

Inc.

10,240

19,489

Link

Administration

Holdings,

Ltd.

17,277

5,600

Link

And

Motivation,

Inc.

16,251

1,000

Management

Solutions

Co.,

Ltd.

18,729

3,994

McMillan

Shakespeare,

Ltd.

41,349

1,500

Meitec

Corp.

27,123

14,213

Nexi

SpA*(a)

86,738

5,500

Nihon

M&A

Center,

Inc.

26,280

1,900

Open

Up

Group,

Inc.

23,304

3,000

Outsourcing,

Inc.

23,158

12,547

Pagegroup

plc

64,114

1,400

Pasona

Group,

Inc.

15,299

39,000

Persol

Holdings

Co.,

Ltd.

63,456

3,882

Randstad

NV

213,953

10,100

Recruit

Holdings

Co.,

Ltd.

311,066

2,839

RELX

plc

95,795

5,236

RELX

plc,

ADR

176,453

6,345

RELX

plc

213,947

2,833

Ricardo

plc

17,216

3,902

Robert

Walters

plc

19,901

5,749

RWS

Holdings

plc

16,736

1,750

SGS

SA,

Registered

Shares

146,950

1,300

SIGMAXYZ

Holdings,

Inc.

13,669

3,267

Smartgroup

Corp.,

Ltd.

17,385

2,500

SMS

Co.,

Ltd.

42,534

3,200

S-Pool,

Inc.

10,195

7,669

SThree

plc

34,787

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

1,633

Talenom

Oyj

$

9,388

1,100

Tanseisha

Co.,

Ltd.

6,856

2,800

Technopro

Holdings,

Inc.

60,878

791

Teleperformance

98,834

2,200

TELUS

International

Cda,

Inc.*

16,734

293

Thomson

Reuters

Corp.

35,840

1,000

TKC

Corp.

24,342

700

Transcosmos,

Inc.

14,956

1,100

UT

Group

Co.,

Ltd.*

16,398

700

Visional,

Inc.*

35,167

300

Weathernews,

Inc.

12,682

3,266

Wise

plc,

Class

A*

27,128

3,746

Wolters

Kluwer

NV

453,600

4,843,103

Real

Estate

Management

&

Development

(

2

.1

%

):

697

Aedas

Homes

SA(a)

11,941

1,700

AEON

Mall

Co.,

Ltd.

20,017

206

AFI

Properties,

Ltd.*

6,997

1,001

Airport

City,

Ltd.*

15,388

2,300

Airport

Facilities

Co.,

Ltd.

8,695

714

Allreal

Holding

AG,

Registered

Shares

113,756

1,972

Alony

Hetz

Properties

&

Invest

13,500

492

Alrov

Properties

And

Lodgings,

Ltd.

17,569

700

Altus

Group,

Ltd.

24,235

2,393

Amot

Investments,

Ltd.

11,587

2,116

Annehem

Fastigheter

AB,

Class

B*

3,250

11,406

Aroundtown

SA*

23,763

46,000

Asia

Standard

International

Group,

Ltd.*

2,646

1,281

Atrium

Ljungberg

AB,

B

Shares

20,878

233

Azrieli

Group,

Ltd.

11,943

210

Big

Shopping

Centers,

Ltd.*

17,359

116

Blue

Square

Real

Estate,

Ltd.

6,622

59

Brack

Capital

Properties

NV*

4,931

3,700

Bukit

Sembawang

Estates,

Ltd.

10,445

695

CA

Immobilien

Anlagen

AG

23,063

31,443

Capitaland

India

Trust

24,130

25,700

CapitaLand

Investment,

Ltd.

58,109

2,130

Castellum

AB

21,714

781

Catena

AB

27,177

2,946

Cedar

Woods

Properties,

Ltd.

8,619

18,000

Chinese

Estates

Holdings,

Ltd.*

3,604

52,000

Chuang's

Consortium

International,

Ltd.*

3,254

851

Cibus

Nordic

Real

Estate

AB

8,430

12,200

City

Developments,

Ltd.

58,765

1,684

Citycon

Oyj

9,446

27,675

CK

Asset

Holdings,

Ltd.

145,571

127

Colliers

International

Group

12,097

600

Colliers

International

Group,

Inc.

57,146

12,641

Corem

Property

Group

AB,

Class

B

7,001

340,000

CSI

Properties,

Ltd.

4,950

2,460

CTP

NV(a)

35,208

1,100

Daito

Trust

Construction

Co.,

Ltd.

115,887

8,400

Daiwa

House

Industry

Co.,

Ltd.

225,595

1,800

Dear

Life

Co.,

Ltd.

9,632

478

Deutsche

EuroShop

AG

9,236

1,307

Deutsche

Wohnen

SE

29,702

1,139

DIC

Asset

AG

4,721

2,651

Dios

Fastigheter

AB

15,125

1,450

DREAM

Unlimited

Corp.

19,624

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

28

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

34,000

Emperor

International

Holdings,

Ltd.

$

1,940

577

Entra

ASA(a)

4,923

55,400

ESR

Group,

Ltd.(a)

77,681

4,939

Fabege

AB

39,289

83,930

Far

East

Consortium

International,

Ltd.

17,283

8,276

Fastighets

AB

Balder,

B

Shares*

37,065

862

FastPartner

AB,

Class

A

3,355

436

FirstService

Corp.,

Class

WI

63,455

300

FirstService

Corp.,

Class

WI

43,640

11,092

Foxtons

Group

plc

4,941

16,000

Frasers

Property,

Ltd.

9,758

2,231

Gav-Yam

Lands

Corp.,

Ltd.

14,175

1,100

Goldcrest

Co.,

Ltd.

16,311

28,069

Grainger

plc

79,869

1,873

Grand

City

Properties

SA*

17,708

10,516

Great

Eagle

Holdings,

Ltd.

17,860

17,100

GuocoLand,

Ltd.

19,165

28,000

Hang

Lung

Group,

Ltd.

39,265

56,984

Hang

Lung

Properties,

Ltd.

77,458

7,709

Harworth

Group

plc

9,919

1,200

Heiwa

Real

Estate

Co.,

Ltd.

31,944

5,154

Helical

plc

13,289

14,706

Henderson

Land

Development

Co.,

Ltd.

38,516

143

Hiag

Immobilien

Holding

AG

12,342

37,840

HKR

International,

Ltd.

7,999

9,400

Ho

Bee

Land,

Ltd.

12,501

18,500

Hong

Fok

Corp.,

Ltd.

12,251

15,800

Hongkong

Land

Holdings,

Ltd.

56,316

2,049

Hufvudstaden

AB,

Class

A

22,635

9,700

Hulic

Co.,

Ltd.

87,006

11,000

Hysan

Development

Co.,

Ltd.

21,188

7,300

Ichigo,

Inc.

15,847

151

IES

Holdings,

Ltd.*

8,932

242

Immobel

SA

7,453

218

Ina

Invest

Holding

AG*

4,047

700

Information

Services

Corp.

11,391

2,409

Instone

Real

Estate

Group

AG(a)

14,946

29

Intershop

Holdings

AG

19,197

2,000

Invesque,

Inc.*

760

164

Investis

Holding

SA

16,678

1,643

Israel

Canada

T.R,

Ltd.

4,098

32,180

IWG

plc*

55,548

800

JINUSHI

Co.,

Ltd.

10,265

25,000

K

Wah

International

Holdings

Ltd.

7,034

1,500

Katitas

Co.,

Ltd.

21,839

1,200

Keihanshin

Building

Co.,

Ltd.

11,017

16,225

Kerry

Properties,

Ltd.

27,590

2,347

K-fast

Holding

AB*

2,940

3,270

Kojamo

Oyj

28,841

26,000

Kowloon

Development

Co.,

Ltd.

22,744

17,100

Lai

Sun

Development

Co.,

Ltd.*

2,217

44,500

Langham

Hospitality

Investments

and

Langham

Hospitality

Investments,

Ltd.

4,318

1,214

LEG

Immobilien

SE*

83,849

14,551

Lendlease

Corp.,

Ltd.

67,337

8,900

Leopalace21

Corp.*

19,419

3,460

Lifestyle

Communities,

Ltd.

35,919

8,000

Liu

Chong

Hing

Investment,

Ltd.

5,494

4,644

LSL

Property

Services

plc

14,739

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

543

Mega

Or

Holdings,

Ltd.*

$

9,719

463

Melisron,

Ltd.

28,893

59,000

Mingfa

Group

International

Co.,

Ltd.*

1,703

4,200

Mirarth

Holdings,

Inc.

13,317

6,700

Mitsubishi

Estate

Co.,

Ltd.

87,596

4,000

Mitsui

Fudosan

Co.,

Ltd.

88,113

9,306

Mivne

Real

Estate

KD,

Ltd.

22,367

342

Mobimo

Holding

AG,

Registered

Shares

91,643

100

Morguard

Corp.

7,474

28,087

New

World

Development

Co.,

Ltd.

54,511

1,539

Nexity

SA

22,687

1,700

Nisshin

Group

Holdings

Co.,

Ltd.

6,140

2,300

Nomura

Real

Estate

Holdings,

Inc.

57,734

522

NP3

Fastigheter

AB

7,558

6,438

Nyfosa

AB

34,501

17,900

Oue,

Ltd.

13,604

54,608

Oxley

Holdings,

Ltd.

4,277

25,655

Pacific

Century

Premium

Developments,

Ltd.*

919

1,455

PATRIZIA

SE

11,561

5,361

PEXA

Group,

Ltd.*

39,240

1,195

Platzer

Fastigheter

Holding

AB,

Class

B

7,341

222

Prashkovsky

Investments

And

Construction,

Ltd.

4,920

1,324

PSP

Swiss

Property

AG

156,226

125

Raysum

Co.,

Ltd.

2,708

3,244

Real

Matters,

Inc.*

14,810

2,900

Relo

Group,

Inc.

31,385

1,892

Sagax

AB,

Class

B

36,007

22,824

Samhallsbyggnadsbolaget

i

Norden

AB^

8,333

1,200

SAMTY

Co.,

Ltd.

19,043

3,518

Savills

plc

37,025

1,875

Selvaag

Bolig

ASA

4,986

70,000

Shun

Tak

Holdings,

Ltd.*

10,134

795

Shurgard

Self

Storage,

Ltd.

31,486

100,800

Sinarmas

Land,

Ltd.

13,764

56,863

Sino

Land

Co.,

Ltd.

63,985

34,943

Sirius

Real

Estate,

Ltd.

36,620

5,000

Soundwill

Holdings,

Ltd.

3,776

200

SRE

Holdings

Corp.*

3,937

1,800

Starts

Corp.,

Inc.

35,157

2,567

StorageVault

Canada,

Inc.

8,543

5,500

Sumitomo

Realty

&

Development

Co.,

Ltd.

142,897

1,493

Summit

Real

Estate

Holdings,

Ltd.

19,179

1,800

Sun

Frontier

Fudousan

Co.,

Ltd.

18,129

8,921

Sun

Hung

Kai

Properties,

Ltd.

94,889

5,146

Swire

Pacific,

Ltd.,

Class

A

34,744

17,500

Swire

Pacific,

Ltd.,

Class

B

19,073

8,600

Swire

Properties,

Ltd.

17,944

1,615

Swiss

Prime

Site

AG,

Registered

Shares

147,836

3,096

TAG

Immobilien

AG*

32,498

21,000

TAI

Cheung

Holdings,

Ltd.

8,860

1,000

TKP

Corp.*

17,401

2,900

TOC

Co,

Ltd.

12,452

6,400

Tokyo

Tatemono

Co.,

Ltd.

88,516

22,200

Tokyu

Fudosan

Holdings

Corp.

136,442

2,400

Tosei

Corp.

30,995

6,520

Tricon

Residential,

Inc.

48,200

213

UBM

Development

AG

4,727

12,600

UOL

Group,

Ltd.

58,901

241

VGP

NV

22,367

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

29

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

4,568

Vonovia

SE

$

110,081

9,647

Wallenstam

AB

32,173

6

Warteck

Invest

AG

12,651

6,203

Watkin

Jones

plc

3,015

12,829

Wharf

Real

Estate

Investment

Co.,

Ltd.

49,513

4,068

Wihlborgs

Fastigheter

AB

28,396

20,700

Wing

Tai

Holdings,

Ltd.

21,226

16,000

Wing

Tai

Properties,

Ltd.

6,211

148

YH

Dimri

Construction

&

Development,

Ltd.

9,617

17

Zug

Estates

Holding

AG,

Class

B

29,600

5,111,110

Retail

REITs

(

0

.0

%

†

):

12,409

Investore

Property,

Ltd.

9,440

Semiconductors

&

Semiconductor

Equipment

(

2

.2

%

):

4,400

Advantest

Corp.

122,332

8,300

Aem

Holdings,

Ltd.

20,911

12,975

ams-OSRAM

AG*

60,823

546

ASM

International

NV

227,978

1,186

ASML

Holding

NV

696,370

1,726

ASML

Holding

NV,

NYS

1,016,027

10,419

ASMPT,

Ltd.

93,058

2,097

BE

Semiconductor

Industries

NV

205,015

700

Disco

Corp.

128,564

185

Elmos

Semiconductor

SE

12,492

1,700

Ferrotec

Holdings

Corp.

32,710

300

Furuya

Metal

Co.,

Ltd.

20,717

10,962

Infineon

Technologies

AG

363,504

24,323

IQE

plc*

5,185

2,200

Japan

Material

Co.,

Ltd.

33,740

700

Lasertec

Corp.

108,695

500

Megachips

Corp.

13,973

707

Melexis

NV

60,832

1,700

Micronics

Japan

Co.,

Ltd.

24,186

800

Mimasu

Semiconductor

Industry

14,872

500

Mitsui

High-Tec,

Inc.

26,144

1,737

Nordic

Semiconductor

ASA*

17,830

386

Nova

Measuring

Instruments,

Ltd.*

43,248

1,100

Optorun

Co.,

Ltd.

13,519

12,300

Renesas

Electronics

Corp.*

188,738

5,200

Rohm

Co.,

Ltd.

98,421

600

Rorze

Corp.

41,284

1,000

RS

Technologies

Co.,

Ltd.

19,100

700

Sanken

Electric

Co.,

Ltd.

42,210

1,600

SCREEN

Holdings

Co.,

Ltd.

77,694

600

Shibaura

Mechatronics

Corp.

28,136

300

Shindengen

Electric

Manufacturing

Co.,

Ltd.

6,130

1,000

Shinko

Electric

Industries

Co.,

Ltd.

38,860

743

Siltronic

AG

63,542

690

SOITEC*

114,460

6,413

STMicroelectronics

NV

276,263

393

STMicroelectronics

NV,

NYS

16,962

409

SUESS

MicroTec

SE

9,464

11,800

SUMCO

Corp.

153,487

1,400

Tazmo

Co.,

Ltd.

27,481

7,952

Technoprobe

SpA*

62,375

3,100

Tokyo

Electron,

Ltd.

421,919

1,600

Tokyo

Seimitsu

Co.,

Ltd.

80,098

1,200

Torex

Semiconductor,

Ltd.

17,274

1,000

Towa

Corp.

27,695

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

2,076

Tower

Semiconductor,

Ltd.*

$

50,987

1,200

Tri

Chemical

Laboratories,

Inc.

24,858

321

u-blox

Holding

AG

27,121

1,900

Ulvac,

Inc.

68,514

24,700

UMS

Holdings,

Ltd.

23,449

1,978

X-Fab

Silicon

Foundries

SE*(a)

20,408

1,200

Yamaichi

Electronics

Co.,

Ltd.

13,780

5,403,435

Software

(

1

.0

%

):

1,800

Access

Co.,

Ltd.*

9,432

1,484

accesso

Technology

Group

plc*

11,258

2,086

Altium,

Ltd.

58,412

177

Atoss

Software

AG

36,635

4,889

BlackBerry,

Ltd.*

23,147

19,135

Bravura

Solutions,

Ltd.*

9,145

3,570

Byggfakta

Group

Nordic

Holdco

AB*

8,984

5,897

Bytes

Technology

Group

plc

35,788

4,700

Celsys,

Inc.

23,425

500

Computer

Engineering

&

Consulting,

Ltd.

5,337

201

Constellation

Software,

Inc.

415,005

464

Crayon

Group

Holding

ASA*(a)

2,864

1,400

Cresco,

Ltd.

16,564

1,200

Cybozu,

Inc.

16,367

1,719

Dassault

Systemes

SE

63,901

564

Descartes

Systems

Group,

Inc.

(The)*

41,386

300

Descartes

Systems

Group,

Inc.

(The)*

22,021

300

Digital

Arts,

Inc.

9,279

989

Dye

&

Durham,

Ltd.

9,678

1,000

Enghouse

Systems,

Ltd.

22,075

669

FD

Technologies

plc*

11,945

1,600

Fixstars

Corp.

12,481

5,391

Fortnox

AB

28,691

1,966

F-Secure

Oyj

3,619

800

Fuji

Soft,

Inc.

25,890

900

Fukui

Computer

Holdings,

Inc.

16,038

2,826

GB

Group

plc

7,413

8,509

Hansen

Technology,

Ltd.

28,924

700

I'll,

Inc.

18,158

16,011

Infomedia,

Ltd.

16,296

7,858

Integrated

Research,

Ltd.*

1,666

3,230

IRESS,

Ltd.

12,050

1,500

Justsystems

Corp.

30,060

200

Kinaxis,

Inc.*

22,558

935

Lectra

25,448

4,811

Lightspeed

Commerce,

Inc.*

67,590

36

Linedata

Services

2,055

15,683

LINK

Mobility

Group

Holding

ASA*

18,783

1,195

Magic

Software

Enterprises,

Ltd.

13,527

500

Miroku

Jyoho

Service

Co.,

Ltd.

5,508

1,504

Nemetschek

SE

91,880

145

Nice,

Ltd.*

24,666

30,146

Nuix,

Ltd.*

27,827

400

OBIC

Business

Consultants

Co.,

Ltd.

16,564

896

Open

Text

Corp.

31,450

780

Open

Text

Corp.

27,378

500

Oracle

Corp.

37,284

1,000

Plus

Alpha

Consulting

Co.,

Ltd.

18,745

601

QT

Group

Oyj*

32,940

900

Rakus

Co.,

Ltd.

12,491

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

30

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Software,

continued

5,734

Sage

Group

plc

(The)

$

68,997

1,083

SAP

SE

140,561

1,470

SimCorp

A/S

152,962

16,449

Sinch

AB*(a)

28,734

500

SRA

Holdings

11,655

8,400

Systena

Corp.

15,106

5,737

TeamViewer

SE*(a)

96,695

7,838

Technology

One,

Ltd.

77,945

1,942

Temenos

AG,

Registered

Shares

136,248

3,468

TomTom

NV*

24,791

1,500

Trend

Micro,

Inc.

56,835

12,001

Vista

Group

International,

Ltd.*

10,356

605

Vitec

Software

Group

AB,

B

Shares

28,392

1,200

WingArc1st,

Inc.

20,621

623

WiseTech

Global,

Ltd.

25,978

1,966

WithSecure

Oyj*

2,138

423

Xero,

Ltd.*

30,657

2,459,299

Specialty

Retail

(

1

.5

%

):

1,200

ABC-Mart,

Inc.

21,645

16,866

Accent

Group,

Ltd.

21,251

11,667

Adairs,

Ltd.

10,656

1,300

Adastria

Co.,

Ltd.

25,045

900

Alpen

Co.,

Ltd.

11,646

2,600

AOKI

Holdings,

Inc.

17,582

2,800

Aoyama

Trading

Co.,

Ltd.

31,288

3,270

ARCLANDS

CORP.

34,914

1,137

Aritzia,

Inc.*

19,783

1,006

ASOS

plc*

4,709

1,143

Auto1

Group

SE*(a)

7,319

2,500

Autobacs

Seven

Co.,

Ltd.

26,459

613

AutoCanada,

Inc.*

10,959

621

BHG

Group

AB*

741

2,300

Bic

Camera,

Inc.

16,976

2,768

Bilia

AB,

A

Shares

26,884

34,054

Boohoo

Group

plc*

13,118

3,245

Byggmax

Group

AB*

8,755

2,609

Carasso

Motors,

Ltd.

11,159

16,294

Card

Factory

plc*

20,039

94

Cazoo

Group,

Ltd.*

51

3,919

CECONOMY

AG*

8,304

800

Chiyoda

Co.,

Ltd.

4,900

32,200

Chow

Tai

Fook

Jewellery

Group,

Ltd.

48,387

1,435

Clas

Ohlson

AB,

B

Shares

15,354

51,069

Currys

plc

30,135

4,700

DCM

Holdings

Co.,

Ltd.

38,173

2,725

Delek

Automotive

Systems,

Ltd.

16,807

7,507

DFS

Furniture

plc

9,936

291

Dor

Alon

Energy

in

Israel

1988,

Ltd.

5,374

2,778

Dufry

AG,

Registered

Shares*

105,748

2,929

Dunelm

Group

plc

37,401

5,584

Eagers

Automotive,

Ltd.

49,849

3,700

EDION

Corp.^

36,590

115,950

Esprit

Holdings,

Ltd.*

4,736

1,200

Fast

Retailing

Co.,

Ltd.

261,404

995

Fielmann

AG

42,996

917

Fnac

Darty

SA

22,455

280

Fox

Wizel,

Ltd.

19,399

4,126

Frasers

Group

plc*

40,536

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

2,300

Geo

Holdings

Corp.

$

36,260

100,000

Giordano

International,

Ltd.

31,808

7,709

H

&

M

Hennes

&

Mauritz

AB,

Class

B

109,640

10,860

Halfords

Group

plc

26,250

200

Hikari

Tsushin,

Inc.

30,453

1,000

Honeys

Holdings

Co.,

Ltd.

10,480

485

Hornbach

Holding

AG

&

Co.

KGaA

30,986

4,500

Hour

Glass,

Ltd.

The

6,385

2,800

IDOM,

Inc.

13,611

8,260

Industria

de

Diseno

Textil

SA

307,389

3,000

Istyle,

Inc.*

10,229

3,610

JB

Hi-Fi,

Ltd.

104,480

38,979

JD

Sports

Fashion

plc

71,000

700

JINS

Holdings,

Inc.

14,927

1,500

Joshin

Denki

Co.,

Ltd.

23,598

1,900

Joyful

Honda

Co.,

Ltd.

22,345

2,166

Kamux

Corp.

12,721

1,700

Keiyo

Co.,

Ltd.

9,337

744

Kid

ASA(a)

6,089

63,232

Kingfisher

plc

171,370

26,469

KMD

Brands,

Ltd.

13,825

900

Kohnan

Shoji

Co.,

Ltd.

23,481

1,600

Komeri

Co.,

Ltd.

33,722

3,300

K's

Holding

Corp.

30,290

1,766

Leon's

Furniture,

Ltd.

23,952

19,046

Lookers

plc

30,125

2,388

Lovisa

Holdings,

Ltd.

29,660

9,000

Luk

Fook

Holdings

International,

Ltd.

23,379

531

Maisons

du

Monde

SA(a)

4,079

2,347

Matas

A/S

32,409

1,681

MEKO

AB

14,610

1,563

Mobilezone

Holding

AG,

Registered

Shares

23,297

821

Musti

Group

Oyj

15,563

6,515

N

Brown

Group

plc*

1,630

1,800

Nextage

Co.,

Ltd.

27,430

3,966

Nick

Scali,

Ltd.

28,210

1,900

Nishimatsuya

Chain

Co.,

Ltd.

20,643

900

Nitori

Holdings

Co.,

Ltd.

100,789

3,600

Nojima

Corp.

31,477

28,290

Oriental

Watch

Holdings

13,964

2,000

PAL

GROUP

Holdings

Co.,

Ltd.

25,917

76,677

Pendragon

plc*

31,119

19,128

Pets

At

Home

Group

plc

77,837

1,976

Premier

Investments,

Ltd.

31,335

362

Retailors,

Ltd.

7,124

700

Sanrio

Co.,

Ltd.

33,208

500

Shimamura

Co.,

Ltd.

49,406

2,100

Sleep

Country

Canada

Holdings,

Inc.(a)

35,982

5,578

Super

Retail

Group,

Ltd.

42,946

3,968

Superdry

plc*

2,106

900

T-Gaia

Corp.

10,625

919

Unieuro

SpA^(a)

8,226

1,600

United

Arrows,

Ltd.

20,965

3,700

USS

Co.,

Ltd.

61,187

13,891

Vertu

Motors

plc

12,659

8,200

VT

Holdings

Co.,

Ltd.

28,034

8,991

Watches

of

Switzerland

Group

plc*(a)

58,325

5,476

WH

Smith

plc

89,697

8,059

Wickes

Group

plc

13,416

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

31

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

900

Workman

Co.,

Ltd.

$

27,354

800

World

Co.,

Ltd.

8,775

700

Xebio

Holdings

Co.,

Ltd.

4,683

12,508

XXL

ASA*(a)

725

14,700

Yamada

Holdings

Co.,

Ltd.

45,198

800

Yellow

Hat,

Ltd.

10,151

2,010

Zalando

SE*(a)

44,881

2,200

ZOZO,

Inc.

40,357

3,533,594

Technology

Hardware,

Storage

&

Peripherals

(

0

.5

%

):

5,700

Brother

Industries,

Ltd.

91,798

5,900

Canon,

Inc.

142,584

700

Eizo

Corp.

23,729

1,800

Elecom

Co.,

Ltd.

20,983

1,700

FUJIFILM

Holdings

Corp.

98,445

12,900

Konica

Minolta,

Inc.

41,958

3,898

Logitech

International

SA,

Class

R

268,694

1,204

Logitech

International

SA,

Class

R

83,004

4,000

MCJ

Co.,

Ltd.

30,023

12,000

PC

Partner

Group,

Ltd.

4,686

1,935

Quadient

SA

38,967

9,400

Ricoh

Co.,

Ltd.

81,109

600

Roland

DG

Corp.

13,640

7,000

Seiko

Epson

Corp.^

109,953

900

Toshiba

Tec

Corp.

20,552

4,400

Wacom

Co.,

Ltd.

17,448

1,087,573

Textiles,

Apparel

&

Luxury

Goods

(

2

.0

%

):

1,071

adidas

AG

188,539

1,400

Asics

Corp.

48,887

448

Bijou

Brigitte

AG

16,226

1,162

Brunello

Cucinelli

SpA

88,310

5,724

Burberry

Group

plc

132,732

364

Calida

Holding

AG,

Registered

Shares

12,040

408

Canada

Goose

Holdings,

Inc.*

5,981

1,900

Canada

Goose

Holdings,

Inc.*

27,868

18,000

Chow

Sang

Sang

Holdings

International,

Ltd.

22,164

3,153

Cie

Financiere

Richemont

SA,

Registered

Shares

384,274

35,102

Coats

Group

plc

31,319

485

Delta

Galil,

Ltd.

18,789

6,098

Dr

Martens

plc

10,493

4,931

Gildan

Activewear,

Inc.

138,225

1,142

Gildan

Activewear,

Inc.

31,987

400

Goldwin,

Inc.

27,112

900

Gunze,

Ltd.

27,151

151

Hermes

International

274,464

2,373

HUGO

BOSS

AG

150,209

1,500

Japan

Wool

Textile

Co.,

Ltd.

(The)

13,502

788

Kering

SA

358,224

700

Kurabo

Industries,

Ltd.

11,422

1,946

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,467,913

1,211

Marimekko

Oyj

13,479

2,199

Moncler

SpA

127,625

2,958

New

Wave

Group

AB,

Class

B

20,495

5,000

Onward

Holdings

Co.,

Ltd.

17,420

12,688

OVS

SpA(a)

26,404

44,000

Pacific

Textiles

Holdings,

Ltd.

9,044

3,804

Pandora

A/S

392,219

5,300

PRADA

SpA

31,006

Shares

Value

Common

Stocks,

continued

Textiles,

Apparel

&

Luxury

Goods,

continued

2,278

Puma

SE

$

141,770

7,277

Safilo

Group

SpA*

6,533

1,885

Salvatore

Ferragamo

SpA

24,964

40,200

Samsonite

International

SA*(a)

137,566

2,100

Sankyo

Seiko

Co.,

Ltd.

11,135

500

Sanyo

Shokai,

Ltd.

6,676

700

Seiko

Group

Corp.

12,249

17,500

Stella

International

Holdings,

Ltd.

17,540

906

Swatch

Group

AG

(The)

44,284

457

Swatch

Group

AG

(The),

Class

BR

117,203

11,500

Texhong

International

Group,

Ltd.*

6,325

60,000

Texwinca

Holdings,

Ltd.

8,271

3,200

TSI

Holdings

Co,

Ltd.

17,334

5,500

Unitika,

Ltd.*

7,541

377

Van

de

Velde

NV

13,166

2,000

Wacoal

Holdings

Corp.

45,213

33,514

Yue

Yuen

Industrial

Holdings,

Ltd.

38,406

4,781,699

Tobacco

(

0

.4

%

):

14,243

British

American

Tobacco

plc

447,043

13,254

Imperial

Brands

plc,

Class

A

269,103

11,100

Japan

Tobacco,

Inc.

255,480

2,779

Scandinavian

Tobacco

Group

A/S(a)

42,354

1,013,980

Trading

Companies

&

Distributors

(

2

.1

%

):

2,475

AddTech

AB,

B

Shares

39,456

1,000

Alconix

Corp.

9,057

1,271

Alligo

AB,

Class

B

11,881

7,944

Ashtead

Group

plc

482,777

859

Azelis

Group

NV

16,890

653

BayWa

AG

23,261

2,058

Beijer

Ref

AB

21,623

1,271

Bergman

&

Beving

AB

18,289

316

Bossard

Holding

AG,

Registered

A

69,234

4,927

Brenntag

SE

382,554

1,375

Bufab

AB

34,551

2,141

Bunzl

plc

75,977

500

Chori

Co.,

Ltd.

10,020

70,000

CSC

Holdings,

Ltd.*

258

1,200

Daiichi

Jitsugyo

Co.,

Ltd.

14,939

1,746

Diploma

plc

63,778

4,000

Doman

Building

Materials

Group,

Ltd.

21,736

1,566

Ferguson

plc

257,448

6,700

Finning

International,

Inc.

197,631

8,003

Grafton

Group

plc

87,968

1,100

Hanwa

Co.,

Ltd.

34,899

18,850

Howden

Joinery

Group

plc

168,407

1,942

IMCD

NV

245,440

1,800

Inaba

Denki

Sangyo

Co.,

Ltd.

38,939

1,800

Inabata

&

Co.,

Ltd.

37,678

10,900

ITOCHU

Corp.

393,872

616

Jacquet

Metals

SA

10,462

500

Japan

Pulp

&

Paper

Co.,

Ltd.

16,336

700

Kamei

Corp.

6,835

900

Kanaden

Corp.

7,890

1,700

Kanamoto

Co.,

Ltd.

29,857

3,100

Kanematsu

Corp.

42,874

6,800

Marubeni

Corp.

105,990

1,500

Mitani

Corp.

14,059

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

32

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Trading

Companies

&

Distributors,

continued

5,900

Mitsubishi

Corp.

$

281,117

6,100

Mitsui

&

Co.,

Ltd.

221,119

800

Mitsui

Matsushima

Holdings

Co.,

Ltd.

14,731

1,271

Momentum

Group

AB

11,524

3,800

MonotaRO

Co.,

Ltd.

40,666

2,800

Nagase

&

Co.,

Ltd.

44,022

600

Nichiden

Corp.

9,996

1,200

Nishio

Holdings

Co.,

Ltd.

28,329

3,414

OEM

International

AB,

Class

B

23,000

700

Onoken

Co.,

Ltd.

8,058

22,000

Realord

Group

Holdings,

Ltd.*

15,650

3,537

Reece,

Ltd.

42,328

8,384

Rexel

SA

187,616

2,192

Richelieu

Hardware,

Ltd.

64,206

5,840

RS

GROUP

plc

52,170

2,804

Russel

Metals,

Inc.

78,498

207

Scope

Metals

Group,

Ltd.*

6,505

1,200

Senshu

Electric

Co.,

Ltd.

28,292

2,886

Seven

Group

Holdings,

Ltd.

57,913

500

Shinsho

Corp.

19,363

22,549

SIG

plc*

9,871

4,300

Sojitz

Corp.

94,266

409

Solar

A/S,

B

Shares

27,537

17,864

Speedy

Hire

plc

6,963

7,200

Sumitomo

Corp.

143,649

130,000

Theme

International

Holdings,

Ltd.*

10,731

269

Thermador

Groupe

22,391

1,665

Toromont

Industries,

Ltd.

135,618

700

Totech

Corp.

24,281

3,300

Toyota

Tsushu

Corp.

193,976

9,570

Travis

Perkins

plc

98,009

1,000

Trusco

Nakayama

Corp.

16,378

800

Wajax

Corp.

16,576

2,700

Wakita

&

Co.,

Ltd.

25,333

2,700

Yamazen

Corp.

21,233

800

Yuasa

Trading

Co.,

Ltd.

22,125

5,096,906

Transportation

Infrastructure

(

0

.5

%

):

855

Aena

SME

SA(a)

128,588

681

Aeroports

de

Paris

80,241

20,256

Atlas

Arteria,

Ltd.

71,970

6,208

Auckland

International

Airport,

Ltd.

29,405

6,757

Enav

SpA(a)

25,023

927

Flughafen

Zuerich

AG,

Registered

Shares

176,801

1,646

Fraport

AG

Frankfurt

Airport

Services

Worldwide*

87,415

8,326

Getlink

SE

132,636

1,618

Hamburger

Hafen

und

Logistik

AG

28,774

182,200

Hutchison

Port

Holdings

Trust,

Class

U

31,313

1,940

James

Fisher

&

Sons

plc*

7,723

400

Japan

Airport

Terminal

Co.,

Ltd.

16,932

2,100

Kamigumi

Co.,

Ltd.

43,264

700

Logistec

Corp.,

Class

B

31,214

1,400

Mitsubishi

Logistics

Corp.

37,185

400

Nissin

Corp.

7,156

5,399

Port

of

Tauranga,

Ltd.

19,013

25,753

Qube

Holdings,

Ltd.

47,489

7,976

SATS,

Ltd.*

15,142

6,900

SIA

Engineering

Co.,

Ltd.

12,054

2,100

Sumitomo

Warehouse

Co.,

Ltd.

(The)

33,500

Shares

Value

Common

Stocks,

continued

Transportation

Infrastructure,

continued

14,732

Transurban

Group

$

119,941

1,941

Westshore

Terminals

Investment

Corp.

36,002

1,218,781

Water

Utilities

(

0

.1

%

):

7,001

Pennon

Group

plc

49,824

3,643

Severn

Trent

plc

104,949

45,000

SIIC

Environment

Holdings,

Ltd.

6,536

10,306

United

Utilities

Group

plc

118,817

280,126

Wireless

Telecommunication

Services

(

0

.8

%

):

1,292

1&1

AG

21,886

27,529

Airtel

Africa

plc(a)

41,980

3,670

Cellcom

Israel,

Ltd.*

11,863

3,094

Freenet

AG

72,568

88,000

Hutchison

Telecommunications

Holdings,

Ltd.

12,031

16,100

KDDI

Corp.

492,908

6,492

Millicom

International

Cellular

SA,

SDR*

100,815

1,000

Okinawa

Cellular

Telephone

Co.

21,504

1,324

Orange

Belgium

SA*

19,224

8,995

Partner

Communications

Co.*

35,251

5,200

Rogers

Communications,

Inc.,

Class

B

199,676

1,242

Rogers

Communications,

Inc.,

Class

B

47,680

35,000

SmarTone

Telecommunications

Holdings,

Ltd.

17,735

21,100

SoftBank

Corp.

238,653

4,600

SoftBank

Group

Corp.

194,705

21,800

StarHub,

Ltd.

17,686

11,648

Tele2

AB

89,049

444,231

Vodafone

Group

plc

414,751

2,049,965

Total

Common

Stocks

(Cost

$232,784,295)

239,020,050

Preferred

Stocks

(

0

.4

%

):

Automobile

Components

(

0

.2

%

):

1,966

Porsche

Automobil

Holding

SE,

5.49%,

5/20/20

96,903

3,809

Volkswagen

AG,

8.04%,

5/8/20

438,494

535,397

Automobiles

(

0

.1

%

):

839

Bayerische

Motoren

Werke

AG,

9.65%,

5/15/20

78,324

Household

Products

(

0

.1

%

):

2,011

Henkel

AG

&

Co.

KGaA,

2.74%,

4/21/20

143,510

Total

Preferred

Stocks

(Cost

$914,489)

757,231

Contracts

a

Warrant

(

0

.0

%

†

):

Software

(

0

.0

%

†

):

201

Constellation

Software,

Inc.*(b)

—

Total

Warrant

(Cost

$—)

—

Shares

Rights

(

0

.0

%

†

):

Automobile

Components

(

0

.0

%

†

):

1,920

Brembo

SpA,

Expires

on

10/4/23*

—

Chemicals

(

0

.0

%

†

):

3,929

Synthomer

plc,

Expires

on

10/13/23*

1,438

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

33

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2023

.

Shares

Value

Rights,

continued

Construction

&

Engineering

(

0

.0

%

†

):

881

Strabag

Se,

Expires

on

1/1/27*(b)

$

—

Hotels,

Restaurants

&

Leisure

(

0

.0

%

†

):

31,673

Star

Entertainment,

Expires

on

10/13/23*

203

Software

(

0

.0

%

†

):

201

Constellation

Software,

Inc.,

Expires

on

10/2/23*(b)

—

Total

Rights

(Cost

$33,811)

1,641

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(

0

.6

%

):

$

1,504,109

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.36%(c)(d)

1,504,109

Total

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(Cost

$1,504,109)

1,504,109

Shares

Value

Unaffiliated

Investment

Company

(

0

.1

%

):

Money

Markets

(

0

.1

%

):

360,127

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.24%(d)

$

360,127

Total

Unaffiliated

Investment

Company

(Cost

$360,127)

360,127

Total

Investment

Securities

(Cost

$235,596,831)

—

99.8%

241,643,158

Net

other

assets

(liabilities)

—

0.2%

518,269

Net

Assets

—

100.0%

$

242,161,427

ADR

-

American

Depository

Receipt

NYS

-

New

York

Shares

SDR

-

Swedish

Depository

Receipt

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$1,394,758.

†

Represents

less

than

0.05%.

*

Non-income

producing

security.

(a)

Rule

144A,

Section

4(2)

or

other

security

which

is

restricted

to

resale

to

institutional

investors.

(b)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2023.

(c)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2023.

(d)

The

rate

represents

the

effective

yield

at

September

30,

2023.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

34

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

The

following

represents

the

concentrations

by

country

of

risk

(based

on

the

domicile

of

the

security

issuer)

relative

to

the

total

value

of

investments

as

of

September

30,

2023

:

(Unaudited)

Country

Percentage

Australia

6

.4‌

%

Austria

0

.5‌

%

Belgium

1

.2‌

%

Bermuda

0

.1‌

%

Cambodia

—‌

%

†

Canada

10

.7‌

%

China

0

.1‌

%

Colombia

—‌

%

†

Denmark

2

.9‌

%

Egypt

—‌

%

†

European

Community

—‌

%

†

Faroe

Islands

—‌

%

†

Finland

1

.4‌

%

France

7

.7‌

%

Georgia

—‌

%

†

Germany

6

.7‌

%

Greece

—‌

%

†

Hong

Kong

1

.8‌

%

India

—‌

%

†

Ireland

1

.3‌

%

Isle

of

Man

—‌

%

†

Israel

0

.8‌

%

Italy

2

.4‌

%

Japan

22

.9‌

%

Jersey

—‌

%

†

Liechtenstein

—‌

%

†

Luxembourg

0

.5‌

%

Macau

—‌

%

†

Malta

—‌

%

†

Mexico

—‌

%

†

Mongolia

—‌

%

†

Netherlands

4

.7‌

%

New

Zealand

0

.3‌

%

Norway

0

.8‌

%

Peru

—‌

%

†

Poland

—‌

%

†

Portugal

0

.3‌

%

Singapore

1

.0‌

%

Spain

2

.6‌

%

Sweden

2

.5‌

%

Switzerland

7

.9‌

%

Taiwan,

Province

Of

China

—‌

%

†

United

Arab

Emirates

—‌

%

†

United

Kingdom

11

.5‌

%

United

States

1

.0‌

%

100

.0‌

%

†

Represents

less

than

0.05%.

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

35

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(

99

.6

%

):

Aerospace

&

Defense

(

1

.4

%

):

1,210

AAR

Corp.*

$

72,031

358

AeroVironment,

Inc.*

39,928

712

Astronics

Corp.*

11,292

415

Astronics

Corp.,

Class

B*

6,482

733

Axon

Enterprise,

Inc.*

145,860

7,244

Boeing

Co.

(The)*

1,388,530

3,558

BWX

Technologies,

Inc.

266,779

685

CPI

Aerostructures,

Inc.*

2,288

1,414

Curtiss-Wright

Corp.

276,621

625

Ducommun,

Inc.*

27,194

3,132

General

Dynamics

Corp.

692,078

532

HEICO

Corp.

86,147

904

HEICO

Corp.,

Class

A

116,815

3,008

Hexcel

Corp.

195,941

7,575

Howmet

Aerospace,

Inc.

350,344

1,674

Huntington

Ingalls

Industries,

Inc.

342,467

870

Kaman

Corp.,

Class

A

17,096

6,214

Kratos

Defense

&

Security

Solutions,

Inc.*

93,334

2,920

L3Harris

Technologies,

Inc.

508,430

4,531

Lockheed

Martin

Corp.

1,852,998

1,678

Mercury

Systems,

Inc.*

62,237

1,464

Moog,

Inc.,

Class

A

165,373

343

National

Presto

Industries,

Inc.

24,854

1,734

Northrop

Grumman

Corp.

763,289

953

Park

Aerospace

Corp.,

Class

C

14,800

4,159

Parsons

Corp.*

226,042

19,092

RTX

Corp.

1,374,051

4,367

Textron,

Inc.

341,237

797

TransDigm

Group,

Inc.*

671,975

337

V2X,

Inc.*

17,409

1,431

Woodward,

Inc.

177,816

10,331,738

Air

Freight

&

Logistics

(

0

.8

%

):

3,159

Air

Transport

Services

Group,

Inc.*

65,928

3,852

CH

Robinson

Worldwide,

Inc.

331,773

4,824

Expeditors

International

of

Washington,

Inc.

552,975

5,907

FedEx

Corp.

1,564,882

1,224

Forward

Air

Corp.

84,138

4,705

GXO

Logistics,

Inc.*

275,948

2,191

Hub

Group,

Inc.,

Class

A*

172,081

3,266

Radiant

Logistics,

Inc.*

18,453

17,694

United

Parcel

Service,

Inc.,

Class

B

2,757,964

5,824,142

Automobile

Components

(

1

.7

%

):

3,555

Adient

plc*

130,468

10,209

American

Axle

&

Manufacturing

Holdings,

Inc.*

74,117

4,483

Aptiv

plc*

441,979

5,083

Autoliv,

Inc.

490,408

6,870

BorgWarner,

Inc.

277,342

1,256

Cooper-Standard

Holdings,

Inc.*

16,856

5,990

Dana,

Inc.

87,873

1,280

Dorman

Products,

Inc.

96,973

73,169

Ford

Motor

Co.

908,759

1,423

Fox

Factory

Holding

Corp.*

140,991

26,133

General

Motors

Co.

861,605

9,431

Gentex

Corp.

306,885

999

Gentherm,

Inc.*

54,206

15,806

Goodyear

Tire

&

Rubber

Co.

(The)*

196,469

Shares

Value

Common

Stocks,

continued

Automobile

Components,

continued

10,003

Harley-Davidson,

Inc.

$

330,699

578

LCI

Industries

67,869

2,540

Lear

Corp.

340,868

4,690

Lucid

Group,

Inc.*^

26,217

3,637

Modine

Manufacturing

Co.*

166,393

1,190

Motorcar

Parts

of

America,

Inc.*

9,627

1,356

Patrick

Industries,

Inc.

101,781

1,374

Phinia,

Inc.

36,809

2,366

QuantumScape

Corp.*

15,829

13,446

Rivian

Automotive,

Inc.,

Class

A*

326,469

616

Standard

Motor

Products,

Inc.

20,710

587

Stoneridge,

Inc.*

11,781

275

Strattec

Security

Corp.*

6,352

24,895

Tesla,

Inc.*

6,229,227

2,972

Thor

Industries,

Inc.

282,726

1,184

Visteon

Corp.*

163,475

2,086

Winnebago

Industries,

Inc.

124,013

400

XPEL,

Inc.*

30,844

12,376,620

Banks

(

4

.0

%

):

859

1st

Source

Corp.

36,155

504

ACNB

Corp.

15,931

1,092

Amalgamated

Financial

Corp.

18,804

661

American

National

Bankshares,

Inc.

25,078

3,429

Ameris

Bancorp

131,639

704

Ames

National

Corp.

11,679

1,076

Arrow

Financial

Corp.

18,314

8,497

Associated

Banc-Corp.

145,384

4,209

Atlantic

Union

Bankshares

Corp.

121,135

3,462

Axos

Financial,

Inc.*

131,071

2,056

Banc

of

California,

Inc.

25,453

1,452

BancFirst

Corp.

125,932

2,831

Bancorp,

Inc.

(The)*

97,670

92,995

Bank

of

America

Corp.

2,546,203

1,028

Bank

of

Hawaii

Corp.^

51,081

724

Bank

of

Marin

Bancorp

13,235

3,254

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

88,118

6,593

Bank

OZK

244,403

1,591

BankFinancial

Corp.

13,714

4,263

BankUnited,

Inc.

96,770

2,014

Banner

Corp.

85,353

433

Bar

Harbor

Bankshares

10,232

842

BCB

Bancorp,

Inc.

9,380

1,898

Berkshire

Hills

Bancorp,

Inc.

38,055

2,482

BOK

Financial

Corp.

198,510

2,707

Brookline

Bancorp,

Inc.

24,661

977

Byline

Bancorp,

Inc.

19,257

74

C&F

Financial

Corp.

3,966

10,276

Cadence

Bank

218,057

256

Cambridge

Bancorp

15,946

843

Camden

National

Corp.

23,789

489

Capital

City

Bank

Group,

Inc.

14,587

10,139

Capitol

Federal

Financial,

Inc.

48,363

1,023

Carter

Bankshares,

Inc.*

12,818

4,087

Cathay

General

Bancorp

142,064

1,402

Central

Pacific

Financial

Corp.

23,385

933

Central

Valley

Community

Bancorp

13,165

377

Chemung

Financial

Corp.

14,933

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

36

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

25,426

Citigroup,

Inc.

$

1,045,771

943

Citizens

&

Northern

Corp.

16,550

11,377

Citizens

Financial

Group,

Inc.

304,904

552

Citizens

Holding

Co.

5,746

604

City

Holding

Co.

54,571

938

Civista

Bancshares,

Inc.

14,539

735

CNB

Financial

Corp.

13,311

85

Codorus

Valley

Bancorp,

Inc.

1,584

56

Colony

Bankcorp,

Inc.

560

6,027

Columbia

Banking

System,

Inc.

122,348

4,298

Columbia

Financial,

Inc.*

67,522

191

Comerica,

Inc.

7,936

2,946

Commerce

Bancshares,

Inc.

141,349

3,029

Community

Bank

System,

Inc.

127,854

517

Community

Trust

Bancorp,

Inc.

17,712

1,154

ConnectOne

Bancorp,

Inc.

20,576

3,043

Cullen/Frost

Bankers,

Inc.

277,552

1,643

Customers

Bancorp,

Inc.*

56,601

2,243

CVB

Financial

Corp.

37,167

1,876

Dime

Community

Bancshares,

Inc.

37,445

1,065

Eagle

Bancorp,

Inc.

22,844

2,719

East

West

Bancorp,

Inc.

143,319

4,884

Eastern

Bankshares,

Inc.

61,245

2,103

Enterprise

Financial

Services

Corp.

78,863

682

Equity

Bancshares,

Inc.,

Class

A

16,416

855

ESSA

Bancorp,

Inc.

12,834

312

Evans

Bancorp,

Inc.

8,362

1,329

Farmers

National

Banc

Corp.

15,363

1,860

FB

Financial

Corp.

52,750

16,615

Fifth

Third

Bancorp

420,858

1,053

Financial

Institutions,

Inc.

17,722

814

First

Bancorp,

Inc.

(The)

19,129

12,501

First

BanCorp/Puerto

Rico

168,263

2,566

First

Bancorp/Southern

Pines

NC

72,207

611

First

Bancshares,

Inc.

(The)

16,479

2,494

First

Busey

Corp.

47,935

664

First

Business

Financial

Services,

Inc.

19,927

408

First

Capital,

Inc.

10,975

24

First

Citizens

BancShares,

Inc.,

Class

A

33,122

6,217

First

Commonwealth

Financial

Corp.

75,910

512

First

Community

Bankshares

15,078

4,544

First

Financial

Bancorp

89,062

6,313

First

Financial

Bankshares,

Inc.

158,583

536

First

Financial

Corp.

18,122

733

First

Financial

Northwest,

Inc.

9,324

1,155

First

Foundation,

Inc.

7,022

7,191

First

Hawaiian,

Inc.

129,798

12,573

First

Horizon

Corp.

138,554

5,816

First

Interstate

BancSystem,

Inc.,

Class

A

145,051

3,120

First

Merchants

Corp.

86,798

660

First

Mid

Bancshares,

Inc.

17,530

1,573

First

of

Long

Island

Corp.

(The)

18,105

2,253

Flushing

Financial

Corp.

29,582

20,310

FNB

Corp.

219,145

9,404

Fulton

Financial

Corp.

113,882

769

German

American

Bancorp,

Inc.

20,832

6,173

Glacier

Bancorp,

Inc.

175,931

397

Great

Southern

Bancorp,

Inc.

19,024

16

Greene

County

Bancorp,

Inc.

385

Shares

Value

Common

Stocks,

continued

Banks,

continued

4,066

Hancock

Whitney

Corp.

$

150,401

2,408

Hanmi

Financial

Corp.

39,082

1,642

HarborOne

Bancorp,

Inc.

15,632

45

Hawthorn

Bancshares,

Inc.

731

636

HBT

Financial,

Inc.

11,601

2,376

Heartland

Financial

U.S.A.,

Inc.

69,926

1,197

Heritage

Financial

Corp.

19,523

2,010

Hertiage

Commerce

Corp.

17,025

2,750

Hilltop

Holdings,

Inc.

77,990

62

Hingham

Institution

for

Savings

(The)^

11,579

11,467

Home

BancShares,

Inc.

240,119

628

HomeStreet,

Inc.

4,892

484

Hometrust

Bancshares,

Inc.

10,488

4,470

Hope

Bancorp,

Inc.

39,560

1,071

Horizon

Bancorp,

Inc.

11,438

17,788

Huntington

Bancshares,

Inc.

184,995

413

IF

Bancorp,

Inc.

6,150

855

Independent

Bank

Corp.

15,681

1,436

Independent

Bank

Corp.

70,493

2,348

Independent

Bank

Group,

Inc.

92,863

3,500

International

Bancshares

Corp.

151,690

54,619

JPMorgan

Chase

&

Co.

7,920,847

2,442

Kearny

Financial

Corp.

16,923

1,249

Kentucky

First

Federal

Bancorp

6,420

10,493

KeyCorp

112,905

750

Lake

Shore

Bancorp,

Inc.

7,695

1,465

Lakeland

Bancorp,

Inc.

18,488

1,343

Lakeland

Financial

Corp.

63,739

579

Landmark

Bancorp,

Inc.

10,538

712

LCNB

Corp.

10,160

1,274

Live

Oak

Bancshares,

Inc.

36,882

3,800

M&T

Bank

Corp.

480,510

2,571

Macatawa

Bank

Corp.

23,036

472

Mercantile

Bank

Corp.

14,590

241

Midland

States

BanCorp,

Inc.

4,950

638

MidWestone

Financial

Group,

Inc.

12,971

1,928

National

Bank

Holdings

Corp.,

Class

A

57,377

514

National

Bankshares,

Inc.

12,871

1,885

NBT

Bancorp,

Inc.

59,736

19,583

New

York

Community

Bancorp,

Inc.

222,071

373

Nicolet

Bankshares,

Inc.

26,028

1,501

Northfield

Bancorp,

Inc.

14,184

510

Northrim

Bancorp,

Inc.

20,206

7,376

Northwest

Bancshares,

Inc.

75,456

511

Norwood

Financial

Corp.

13,163

3,803

Oceanfirst

Financial

Corp.

55,029

2,292

OFG

Bancorp

68,439

440

Ohio

Valley

Banc

Corp.

10,758

7,179

Old

National

Bancorp

104,383

2,225

Old

Second

Bancorp,

Inc.

30,282

2,023

Origin

Bancorp,

Inc.

58,404

638

Orrstown

Financial

Services,

Inc.

13,404

5,352

Pacific

Premier

Bancorp,

Inc.

116,460

2,447

PacWest

Bancorp

19,356

939

Park

National

Corp.

88,754

1,240

Pathward

Financial,

Inc.

57,152

1,165

Peapack-Gladstone

Financial

Corp.

29,882

546

Penns

Woods

Bancorp,

Inc.

11,510

608

Peoples

Bancorp

of

North

Carolina,

Inc.

13,668

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

37

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

1,117

Peoples

Bancorp,

Inc.

$

28,349

4,268

Pinnacle

Financial

Partners,

Inc.

286,127

5,565

PNC

Financial

Services

Group,

Inc.

(The)

683,215

4,802

Popular,

Inc.

302,574

432

Preferred

Bank

26,892

1,369

Premier

Financial

Corp.

23,355

707

Primis

Financial

Corp.

5,762

4,140

Prosperity

Bancshares,

Inc.

225,961

679

Provident

Financial

Holdings,

Inc.

8,888

4,672

Provident

Financial

Services,

Inc.

71,435

606

QCR

Holdings,

Inc.

29,403

487

RBB

Bancorp

6,224

22,493

Regions

Financial

Corp.

386,880

2,793

Renasant

Corp.

73,149

917

Republic

Bancorp,

Inc.,

Class

A

40,394

420

Riverview

Bancorp,

Inc.

2,335

1,756

S&T

Bancorp,

Inc.

47,552

3,092

Sandy

Spring

Bancorp,

Inc.

66,262

1,366

Seacoast

Banking

Corp

of

Florida

29,997

1,767

ServisFirst

Bancshares,

Inc.

92,184

1,113

Shore

Bancshares,

Inc.

11,709

1,028

Sierra

Bancorp

19,491

7,336

Simmons

First

National

Corp.,

Class

A

124,419

561

Southern

Missouri

Bancorp,

Inc.

21,705

950

Southside

Bancshares,

Inc.

27,265

2,760

SouthState

Corp.

185,914

2,578

Stellar

Bancorp,

Inc.

54,963

1,764

Sterling

Bancorp,

Inc.*

10,302

1,460

Stock

Yards

Bancorp,

Inc.

57,363

557

Summit

Financial

Group,

Inc.

12,555

8,225

Synovus

Financial

Corp.

228,655

733

Territorial

Bancorp,

Inc.

6,663

1,319

Texas

Capital

Bancshares,

Inc.*

77,689

490

Tompkins

Financial

Corp.

24,005

4,196

Towne

Bank

96,214

1,020

TriCo

Bancshares

32,671

1,001

Triumph

Financial,

Inc.*

64,855

3,439

Truist

Financial

Corp.

98,390

559

TrustCo.

Bank

Corp.

15,255

2,995

Trustmark

Corp.

65,081

1,375

UMB

Financial

Corp.

85,319

7,589

United

Bankshares,

Inc.

209,381

6,479

United

Community

Banks,

Inc.

164,631

1,190

United

Security

Bancshares

8,854

42

Unity

Bancorp,

Inc.

984

850

Univest

Financial

Corp.

14,773

20,714

US

Bancorp

684,805

23,069

Valley

National

Bancorp

197,471

1,827

Veritex

Holdings,

Inc.

32,795

4,015

Washington

Federal,

Inc.

102,864

501

Washington

Trust

Bancorp,

Inc.

13,191

6,793

Webster

Financial

Corp.

273,826

47,703

Wells

Fargo

&

Co.

1,949,145

3,211

WesBanco,

Inc.

78,413

1,062

West

BanCorp,

Inc.

17,321

1,793

Westamerica

BanCorp

77,547

2,129

Western

Alliance

Bancorp

97,870

1,498

Western

New

England

BanCorp,

Inc.

9,722

3,437

Wintrust

Financial

Corp.

259,494

Shares

Value

Common

Stocks,

continued

Banks,

continued

3,462

WSFS

Financial

Corp.

$

126,363

2,715

Zions

Bancorp

NA

94,726

29,304,902

Beverages

(

1

.4

%

):

145

Boston

Beer

Co.,

Inc.

(The),

Class

A*

56,482

1,105

Brown-Forman

Corp.,

Class

A

64,201

5,467

Brown-Forman

Corp.,

Class

B

315,391

1,864

Celsius

Holdings,

Inc.*

319,862

55,551

Coca-Cola

Co.

(The)

3,109,745

325

Coca-Cola

Consolidated,

Inc.

206,804

1,746

Constellation

Brands,

Inc.,

Class

A

438,822

3,686

Duckhorn

Portfolio,

Inc.

(The)*

37,818

12,023

Keurig

Dr

Pepper,

Inc.

379,566

838

MGP

Ingredients,

Inc.

88,392

4,873

Molson

Coors

Beverage

Co.,

Class

B

309,874

5,214

Monster

Beverage

Corp.*

276,081

1,921

National

Beverage

Corp.*

90,326

24,604

PepsiCo,

Inc.

4,168,902

9,862,266

Biotechnology

(

2

.2

%

):

28,040

AbbVie,

Inc.

4,179,642

3,964

Adverum

Biotechnologies,

Inc.*

5,946

2,583

Agios

Pharmaceuticals,

Inc.*

63,929

3,000

Alector,

Inc.*

19,440

6,056

Alkermes

plc*

169,629

6,160

Allakos,

Inc.*

13,983

4,027

Allogene

Therapeutics,

Inc.*

12,766

2,071

Alnylam

Pharmaceuticals,

Inc.*

366,774

4,823

Altimmune,

Inc.*

12,540

8,716

Amgen,

Inc.

2,342,512

955

AnaptysBio,

Inc.*

17,152

955

Anika

Therapeutics,

Inc.*

17,792

4,012

Arcus

Biosciences,

Inc.*

72,015

1,800

Arcutis

Biotherapeutics,

Inc.*

9,558

1,907

Atara

Biotherapeutics,

Inc.*

2,822

1,763

Avidity

Biosciences,

Inc.*

11,248

3,076

Beam

Therapeutics,

Inc.*

73,978

2,115

Biogen,

Inc.*

543,576

3,564

BioMarin

Pharmaceutical,

Inc.*

315,343

1,469

Bluebird

Bio,

Inc.*

4,466

5,471

CareDx,

Inc.*

38,297

1,101

Celldex

Therapeutics,

Inc.*

30,300

4,392

CRISPR

Therapeutics

AG*

199,353

2,869

Deciphera

Pharmaceuticals,

Inc.*

36,494

1,534

Denali

Therapeutics,

Inc.*

31,646

7,054

Dynavax

Technologies

Corp.*

104,188

233

Eagle

Pharmaceuticals,

Inc.*

3,674

1,370

Editas

Medicine,

Inc.*

10,686

1,656

Emergent

BioSolutions,

Inc.*

5,630

585

Enanta

Pharmaceuticals,

Inc.*

6,534

3,952

Exact

Sciences

Corp.*

269,605

13,184

Exelixis,

Inc.*

288,070

5,379

Fate

Therapeutics,

Inc.*

11,404

1,432

G1

Therapeutics,

Inc.*

2,062

23,066

Gilead

Sciences,

Inc.

1,728,566

3,331

Halozyme

Therapeutics,

Inc.*

127,244

2,007

Horizon

Therapeutics

plc*

232,190

663

Ideaya

Biosciences,

Inc.*

17,888

4,531

Incyte

Corp.*

261,756

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

38

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

961

Intellia

Therapeutics,

Inc.*

$

30,387

10,368

Iovance

Biotherapeutics,

Inc.*

47,174

8,722

Ironwood

Pharmaceuticals,

Inc.*

83,993

1,306

iTeos

Therapeutics,

Inc.*

14,301

200

Kodiak

Sciences,

Inc.*

360

367

Krystal

Biotech,

Inc.*

42,572

3,563

Kura

Oncology,

Inc.*

32,495

1,457

Kymera

Therapeutics,

Inc.*

20,252

1,449

MacroGenics,

Inc.*

6,752

3,312

Mirati

Therapeutics,

Inc.*

144,271

3,239

Moderna,

Inc.*

334,556

3,861

Myriad

Genetics,

Inc.*

61,930

2,115

Neurocrine

Biosciences,

Inc.*

237,938

9,565

PDL

BioPharma,

Inc.*

15,400

4,602

Poseida

Therapeutics,

Inc.*

10,953

1,321

Prothena

Corp.

plc*

63,738

4,160

Recursion

Pharmaceuticals,

Inc.,

Class

A*

31,824

1,422

Regeneron

Pharmaceuticals,

Inc.*

1,170,249

1,759

REGENXBIO,

Inc.*

28,953

3,704

Relay

Therapeutics,

Inc.*

31,151

2,810

Replimune

Group,

Inc.*

48,079

4,502

REVOLUTION

Medicines,

Inc.*

124,615

1,053

Rhythm

Pharmaceuticals,

Inc.*

24,140

1,042

Rocket

Pharmaceuticals,

Inc.*

21,351

1,793

Sage

Therapeutics,

Inc.*

36,900

2,916

Sangamo

Therapeutics,

Inc.*

1,749

555

Sarepta

Therapeutics,

Inc.*

67,277

929

Seagen,

Inc.*

197,087

1,802

SpringWorks

Therapeutics,

Inc.*

41,662

4,070

Twist

Bioscience

Corp.*

82,458

1,801

United

Therapeutics

Corp.*

406,792

1,179

Vanda

Pharmaceuticals,

Inc.*

5,093

2,424

Vertex

Pharmaceuticals,

Inc.*

842,922

3,099

Xencor,

Inc.*

62,445

2,020

Zentalis

Pharmaceuticals,

Inc.*

40,521

16,073,038

Broadline

Retail

(

2

.4

%

):

119,351

Amazon.com,

Inc.*

15,171,899

1,406

Big

Lots,

Inc.

7,185

868

Dillard's,

Inc.,

Class

A

287,143

20,901

eBay,

Inc.

921,525

2,683

Etsy,

Inc.*

173,268

7,383

Kohl's

Corp.

154,748

18,973

Macy's,

Inc.

220,277

1,842

Nordstrom,

Inc.

27,519

2,669

Ollie's

Bargain

Outlet

Holdings,

Inc.*

205,993

8,810

Qurate

Retail,

Inc.,

Class

A*

5,344

17,174,901

Building

Products

(

1

.1

%

):

3,670

A

O

Smith

Corp.

242,697

2,902

AAON,

Inc.

165,037

4,178

Advanced

Drainage

Systems,

Inc.

475,582

1,489

Allegion

plc

155,154

1,585

Allegion

plc

165,157

515

American

Woodmark

Corp.*

38,939

1,085

Apogee

Enterprises,

Inc.

51,082

2,450

Armstrong

World

Industries,

Inc.

176,400

6,227

AZEK

Co.,

Inc.

(The)*

185,191

394

AZZ,

Inc.

17,959

Shares

Value

Common

Stocks,

continued

Building

Products,

continued

7,223

Builders

FirstSource,

Inc.*

$

899,191

2,289

Carlisle

Cos.,

Inc.

593,446

12,777

Carrier

Global

Corp.

705,290

547

CSW

Industrials,

Inc.

95,856

2,444

Fortune

Brands

Innovations,

Inc.

151,919

1,430

Gibraltar

Industries,

Inc.*

96,539

1,993

Griffon

Corp.

79,062

7,176

Hayward

Holdings,

Inc.*

101,182

1,209

Insteel

Industries,

Inc.

39,244

4,309

Janus

International

Group,

Inc.*

46,106

3,895

JELD-WEN

Holding,

Inc.*

52,037

6,827

Johnson

Controls

International

plc

363,265

717

Lennox

International,

Inc.

268,474

3,947

Masco

Corp.

210,967

681

Masonite

International

Corp.*

63,483

2,444

Masterbrand,

Inc.*

29,695

6,751

Owens

Corning

920,904

3,379

PGT

Innovations,

Inc.*

93,767

1,160

Quanex

Building

Products

Corp.

32,677

5,771

Resideo

Technologies,

Inc.*

91,182

1,119

Simpson

Manufacturing

Co.,

Inc.

167,637

918

Tecnoglass,

Inc.

30,257

3,222

Trane

Technologies

plc

653,776

2,554

Trex

Co.,

Inc.*

157,403

3,214

UFP

Industries,

Inc.

329,114

7,945,671

Capital

Markets

(

2

.6

%

):

837

Affiliated

Managers

Group,

Inc.

109,095

3,255

Ameriprise

Financial,

Inc.

1,073,108

1,507

Ares

Management

Corp.,

Class

A

155,025

4,141

Artisan

Partners

Asset

Management,

Inc.,

Class

A

154,956

1,892

AssetMark

Financial

Holdings,

Inc.*

47,451

2,377

Avantax,

Inc.*

60,804

734

B

Riley

Financial,

Inc.

30,087

17,355

Bank

of

New

York

Mellon

Corp.

(The)

740,191

19,837

BGC

Group,

Inc.,

Class

A

104,739

1,452

BlackRock,

Inc.,

Class

A

938,703

2,976

Blackstone,

Inc.

318,849

902

Brightsphere

Investment

Group,

Inc.

17,490

7,836

Carlyle

Group,

Inc.

(The)

236,334

1,987

Cboe

Global

Markets,

Inc.

310,389

28,738

Charles

Schwab

Corp.

(The)

1,577,716

3,709

CME

Group,

Inc.

742,616

1,396

Cohen

&

Steers,

Inc.

87,515

639

Coinbase

Global,

Inc.,

Class

A*

47,976

190

Diamond

Hill

Investment

Group,

Inc.

32,028

1,883

Donnelley

Financial

Solutions,

Inc.*

105,975

18

FactSet

Research

Systems,

Inc.

7,871

4,926

Federated

Hermes,

Inc.,

Class

B

166,844

10,808

Franklin

Resources,

Inc.

265,661

4,267

Goldman

Sachs

Group,

Inc.

(The)

1,380,673

255

Greenhill

&

Co.,

Inc.

3,774

1,178

Hamilton

Lane,

Inc.,

Class

A

106,538

211

Hennessy

Advisors,

Inc.

1,435

1,904

Houlihan

Lokey,

Inc.

203,956

1,363

Interactive

Brokers

Group,

Inc.,

Class

A

117,981

5,986

Intercontinental

Exchange,

Inc.

658,580

18,315

Invesco,

Ltd.

265,934

9,330

Janus

Henderson

Group

plc

240,901

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

39

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

5,286

Jefferies

Financial

Group,

Inc.

$

193,626

5,775

KKR

&

Co.,

Inc.,

Class

A

355,740

1,669

Lazard,

Ltd.,

Class

A

51,756

1,018

LPL

Financial

Holdings,

Inc.

241,928

337

MarketAxess

Holdings,

Inc.

71,997

1,664

Moelis

&

Co.,

Class

A

75,096

2,252

Moody's

Corp.

712,015

17,604

Morgan

Stanley

1,437,719

415

Morningstar,

Inc.

97,210

64

MSCI,

Inc.

32,837

9,300

Nasdaq,

Inc.

451,887

5,445

Northern

Trust

Corp.

378,319

1,608

Open

Lending

Corp.,

Class

A*

11,770

365

Oppenheimer

Holdings,

Inc.,

Class

A

13,983

1,002

Piper

Sandler

Cos.

145,601

394

PJT

Partners,

Inc.,

Class

A

31,299

4,978

Raymond

James

Financial,

Inc.

499,940

23,838

Robinhood

Markets,

Inc.,

Class

A*

233,851

3,069

S&P

Global,

Inc.

1,121,443

4,050

SEI

Investments

Co.

243,931

660

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

10,474

7,152

State

Street

Corp.

478,898

2,598

StepStone

Group,

Inc.,

Class

A

82,045

4,728

Stifel

Financial

Corp.

290,488

1,192

StoneX

Group,

Inc.*

115,529

4,911

T.

Rowe

Price

Group,

Inc.

515,016

1,319

Tradeweb

Markets,

Inc.,

Class

A

105,784

1,975

Victory

Capital

Holdings,

Inc.,

Class

A

65,846

4,929

Virtu

Financial,

Inc.,

Class

A

85,124

429

Virtus

Investment

Partners,

Inc.

86,654

425

Westwood

Holdings,

Inc.

4,314

3,476

WisdomTree,

Inc.

24,332

18,577,647

Chemicals

(

2

.0

%

):

1,366

AdvanSix,

Inc.

42,455

2,508

Air

Products

and

Chemicals,

Inc.

710,767

2,650

Albemarle

Corp.

450,606

1,157

American

Vanguard

Corp.

12,646

2,454

Ashland,

Inc.

200,443

2,333

Avient

Corp.

82,401

12,056

Axalta

Coating

Systems,

Ltd.*

324,306

1,038

Balchem

Corp.

128,753

3,723

Cabot

Corp.

257,892

2,236

Celanese

Corp.

280,663

9,603

CF

Industries

Holdings,

Inc.

823,361

328

Chase

Corp.

41,731

9,492

Chemours

Co.

(The)

266,251

11,433

Corteva,

Inc.

584,912

17,096

Dow,

Inc.

881,470

9,952

DuPont

de

Nemours,

Inc.

742,320

5,424

Eastman

Chemical

Co.

416,129

3,052

Ecolab,

Inc.

517,009

4,830

Ecovyst,

Inc.*

47,527

11,145

Element

Solutions,

Inc.

218,553

1,647

FMC

Corp.

110,300

3,222

FutureFuel

Corp.

23,102

1,394

HB

Fuller

Co.

95,642

10,221

Huntsman

Corp.

249,392

1,105

Ingevity

Corp.*

52,609

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

976

Innospec,

Inc.

$

99,747

6,024

International

Flavors

&

Fragrances,

Inc.

410,656

1,037

Intrepid

Potash,

Inc.*

26,091

783

Koppers

Holdings,

Inc.

30,968

2,011

Kronos

Worldwide,

Inc.

15,585

3,339

Linde

plc

1,243,277

6,960

Livent

Corp.*

128,134

5,203

LSB

Industries,

Inc.*

53,227

14,615

LyondellBasell

Industries

NV,

Class

A

1,384,040

3,598

Mativ

Holdings,

Inc.

51,307

971

Minerals

Technologies,

Inc.

53,172

10,216

Mosaic

Co.

(The)

363,690

641

NewMarket

Corp.

291,681

9,717

Olin

Corp.

485,656

3,864

Orion

SA

82,226

4,945

PPG

Industries,

Inc.

641,861

566

Quaker

Chemical

Corp.

90,560

3,631

Rayonier

Advanced

Materials,

Inc.*

12,854

2,918

RPM

International,

Inc.

276,656

1,384

Sensient

Technologies

Corp.

80,936

4,080

Sherwin-Williams

Co.

(The)

1,040,604

569

Stepan

Co.

42,658

1,279

Trinseo

PLC

10,449

8,722

Tronox

Holdings

plc,

Class

A

117,224

1,374

Westlake

Corp.

171,297

14,765,796

Commercial

Services

&

Supplies

(

0

.8

%

):

2,950

ABM

Industries,

Inc.

118,029

2,927

ACCO

Brands

Corp.

16,801

1,452

Brady

Corp.,

Class

A

79,744

1,624

Brink's

Co.

(The)

117,967

2,141

Casella

Waste

Systems,

Inc.*

163,358

2,003

CECO

Environmental

Corp.*

31,988

1,318

Cimpress

plc*

92,273

1,562

Cintas

Corp.

751,338

433

Civeo

Corp.

8,976

1,694

Clean

Harbors,

Inc.*

283,508

13,121

Copart,

Inc.*

565,384

1,498

Deluxe

Corp.

28,297

720

Driven

Brands

Holdings,

Inc.*

9,065

1,613

Ennis,

Inc.

34,228

2,503

Enviri

Corp.*

18,072

2,148

Healthcare

Services

Group,

Inc.

22,404

1,042

Heritage-Crystal

Clean,

Inc.*

47,255

3,618

HNI

Corp.

125,291

2,041

Interface,

Inc.

20,022

1,736

Liquidity

Services,

Inc.*

30,588

919

Matthews

International

Corp.,

Class

A

35,758

3,432

MillerKnoll,

Inc.

83,912

400

Montrose

Environmental

Group,

Inc.*

11,704

691

MSA

Safety,

Inc.

108,936

1,552

NL

Industries,

Inc.

7,372

5,118

OPENLANE,

Inc.*

76,361

4,238

Pitney

Bowes,

Inc.

12,799

2,606

Quad

Graphics,

Inc.*

13,108

4,351

Republic

Services,

Inc.

620,061

8,305

Rollins,

Inc.

310,026

503

SP

Plus

Corp.*

18,158

2,563

Steelcase,

Inc.,

Class

A

28,629

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

40

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

3,518

Stericycle,

Inc.*

$

157,290

1,527

Tetra

Tech,

Inc.

232,150

841

UniFirst

Corp.

137,091

1,003

Viad

Corp.*

26,279

824

VSE

Corp.

41,562

8,465

Waste

Management,

Inc.

1,290,405

5,776,189

Communications

Equipment

(

0

.8

%

):

752

Applied

Optoelectronics,

Inc.*

8,249

2,313

Arista

Networks,

Inc.*

425,430

1,990

Calix,

Inc.*

91,222

5,683

Ciena

Corp.*

268,579

65,051

Cisco

Systems,

Inc.

3,497,142

756

Comtech

Telecommunications

Corp.

6,615

1,262

Digi

International,

Inc.*

34,074

4,340

Extreme

Networks,

Inc.*

105,071

1,768

F5,

Inc.*

284,895

2,194

Harmonic,

Inc.*

21,128

2,944

Infinera

Corp.*

12,306

12,006

Juniper

Networks,

Inc.

333,647

909

KVH

Industries,

Inc.*

4,636

2,839

Lumentum

Holdings,

Inc.*

128,266

1,185

Motorola

Solutions,

Inc.

322,604

1,010

NETGEAR,

Inc.*

12,716

2,564

NetScout

Systems,

Inc.*

71,843

3,679

Ribbon

Communications,

Inc.*

9,860

2,004

Viasat,

Inc.*

36,994

7,865

Viavi

Solutions,

Inc.*

71,886

5,747,163

Construction

&

Engineering

(

0

.5

%

):

2,920

AECOM

242,477

1,759

Ameresco,

Inc.,

Class

A*

67,827

7,278

API

Group

Corp.*

188,719

2,696

Arcosa,

Inc.

193,842

455

Argan,

Inc.

20,712

1,713

Comfort

Systems

U.S.A.,

Inc.

291,912

1,213

Construction

Partners,

Inc.,

Class

A*

44,347

959

Dycom

Industries,

Inc.*

85,351

1,440

EMCOR

Group,

Inc.

302,962

5,880

Fluor

Corp.*

215,796

1,277

Granite

Construction,

Inc.

48,552

2,266

Great

Lakes

Dredge

&

Dock

Corp.*

18,060

656

IES

Holdings,

Inc.*

43,211

1,682

MasTec,

Inc.*

121,054

1,750

Matrix

Service

Co.*

20,650

9,107

MDU

Resources

Group,

Inc.

178,315

487

MYR

Group,

Inc.*

65,628

2,101

Orion

Group

Holdings,

Inc.*

11,261

2,465

Primoris

Services

Corp.

80,679

3,150

Quanta

Services,

Inc.

589,270

1,469

Sterling

Infrastructure,

Inc.*

107,942

1,648

Tutor

Perini

Corp.*

12,904

653

Valmont

Industries,

Inc.

156,857

7,973

WillScot

Mobile

Mini

Holdings

Corp.*

331,597

3,439,925

Construction

Materials

(

0

.3

%

):

961

Eagle

Materials,

Inc.

160,026

2,276

Knife

River

Corp.*

111,137

Shares

Value

Common

Stocks,

continued

Construction

Materials,

continued

1,625

Martin

Marietta

Materials,

Inc.

$

667,030

6,589

Summit

Materials,

Inc.,

Class

A*

205,181

131

U.S.

Lime

&

Minerals,

Inc.

26,331

3,374

Vulcan

Materials

Co.

681,616

1,851,321

Consumer

Finance

(

0

.8

%

):

13,707

Ally

Financial,

Inc.

365,703

8,402

American

Express

Co.

1,253,494

283

Atlanticus

Holdings

Corp.*

8,578

3,407

Bread

Financial

Holdings,

Inc.

116,519

7,527

Capital

One

Financial

Corp.

730,495

1,912

Consumer

Portfolio

Services,

Inc.*

17,342

518

Credit

Acceptance

Corp.*

238,342

13,012

Discover

Financial

Services

1,127,230

1,171

Encore

Capital

Group,

Inc.*

55,927

1,657

Enova

International,

Inc.*

84,292

3,948

EZCORP,

Inc.,

Class

A*

32,571

2,555

FirstCash

Holdings,

Inc.

256,471

1,425

Green

Dot

Corp.,

Class

A*

19,850

5,431

LendingClub

Corp.*

33,129

194

LendingTree,

Inc.*

3,007

3,504

Navient

Corp.

60,339

543

Nelnet,

Inc.,

Class

A

48,501

750

Nicholas

Financial,

Inc.*

3,630

8,505

OneMain

Holdings,

Inc.

340,966

2,635

PRA

Group,

Inc.*

50,618

2,187

PROG

Holdings,

Inc.*

72,630

568

Regional

Mgmt

Corp.

15,722

14,398

SLM

Corp.

196,101

10,902

Synchrony

Financial

333,274

237

World

Acceptance

Corp.*

30,113

5,494,844

Consumer

Staples

Distribution

&

Retail

(

1

.7

%

):

6,299

Albertsons

Cos.,

Inc.,

Class

A

143,302

1,610

Andersons,

Inc.

(The)

82,931

6,948

BJ's

Wholesale

Club

Holdings,

Inc.*

495,879

235

Casey's

General

Stores,

Inc.

63,807

1,143

Chefs'

Warehouse,

Inc.

(The)*

24,209

5,452

Costco

Wholesale

Corp.

3,080,162

2,596

Dollar

General

Corp.

274,657

4,839

Dollar

Tree,

Inc.*

515,112

3,350

Grocery

Outlet

Holding

Corp.*

96,648

613

Ingles

Markets,

Inc.,

Class

A

46,177

30,924

Kroger

Co.

(The)

1,383,849

1,720

Natural

Grocers

by

Vitamin

Cottage,

Inc.

22,205

6,170

Performance

Food

Group

Co.*

363,166

1,664

PriceSmart,

Inc.

123,852

2,949

SpartanNash

Co.

64,878

6,836

Sprouts

Farmers

Market,

Inc.*

292,581

10,148

Sysco

Corp.

670,275

6,269

Target

Corp.

693,163

3,889

United

Natural

Foods,

Inc.*

54,991

10,089

US

Foods

Holding

Corp.*

400,533

738

Village

Super

Market,

Inc.,

Class

A

16,708

8,238

Walgreens

Boots

Alliance,

Inc.

183,213

20,415

Walmart,

Inc.

3,264,971

857

Weis

Markets,

Inc.

53,991

12,411,260

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

41

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Containers

&

Packaging

(

0

.7

%

):

48,834

Amcor

plc

$

447,319

2,762

AptarGroup,

Inc.

345,361

2,194

Avery

Dennison

Corp.

400,778

6,230

Ball

Corp.

310,129

6,043

Berry

Global

Group,

Inc.

374,122

2,919

Crown

Holdings,

Inc.

258,273

15,239

Graphic

Packaging

Holding

Co.

339,525

930

Greif,

Inc.,

Class

A

62,133

710

Greif,

Inc.,

Class

B

47,258

10,283

International

Paper

Co.

364,738

1,253

Myers

Industries,

Inc.

22,466

9,822

O-I

Glass,

Inc.*

164,322

4,434

Packaging

Corp.

of

America

680,841

3,647

Sealed

Air

Corp.

119,840

3,186

Silgan

Holdings,

Inc.

137,349

4,847

Sonoco

Products

Co.

263,435

2,518

TriMas

Corp.

62,346

10,188

Westrock

Co.

364,730

4,764,965

Distributors

(

0

.2

%

):

1,267

Funko,

Inc.,

Class

A*^

9,692

4,649

Genuine

Parts

Co.

671,223

6,386

LKQ

Corp.

316,171

659

Pool

Corp.

234,670

811

Weyco

Group,

Inc.

20,559

1,252,315

Diversified

Consumer

Services

(

0

.3

%

):

28,860

ADT,

Inc.

173,160

2,373

Adtalem

Global

Education,

Inc.*

101,683

541

American

Public

Education,

Inc.*

2,694

2,428

Bright

Horizons

Family

Solutions,

Inc.*

197,785

418

Carriage

Services,

Inc.

11,809

5,672

Chegg,

Inc.*

50,594

6,110

Coursera,

Inc.*

114,196

3,669

Frontdoor,

Inc.*

112,235

112

Graham

Holdings

Co.,

Class

B

65,296

1,270

Grand

Canyon

Education,

Inc.*

148,438

5,610

H&R

Block,

Inc.

241,567

6,794

Laureate

Education,

Inc.

95,795

2,352

OneSpaWorld

Holdings,

Ltd.*

26,389

2,522

Perdoceo

Education

Corp.

43,126

5,854

Service

Corp.

International

334,498

825

Strategic

Education,

Inc.

62,081

2,454

Stride,

Inc.*

110,504

1,696

Universal

Technical

Institute,

Inc.*

14,212

1,906,062

Diversified

Telecommunication

Services

(

1

.0

%

):

398

Anterix,

Inc.*

12,489

131,671

AT&T,

Inc.

1,977,699

461

ATN

International,

Inc.

14,549

1,203

Cogent

Communications

Holdings,

Inc.

74,466

4,558

Consolidated

Communications

Holdings,

Inc.*

15,588

1,548

EchoStar

Corp.,

Class

A*

25,929

7,588

Frontier

Communications

Parent,

Inc.*

118,752

2,352

GCI

Liberty,

Inc.*

—

1,080

IDT

Corp.*

23,814

3,409

Iridium

Communications,

Inc.

155,076

1,489

Liberty

Latin

America,

Ltd.,

Class

A*

12,150

Shares

Value

Common

Stocks,

continued

Diversified

Telecommunication

Services,

continued

8,852

Liberty

Latin

America,

Ltd.,

Class

C*

$

72,232

26,553

Lumen

Technologies,

Inc.*

37,705

146,862

Verizon

Communications,

Inc.

4,759,798

7,300,247

Electric

Utilities

(

1

.3

%

):

1,925

ALLETE,

Inc.

101,640

4,670

Alliant

Energy

Corp.

226,261

6,998

American

Electric

Power

Co.,

Inc.

526,390

2,629

Avangrid,

Inc.

79,317

5,643

Constellation

Energy

Corp.

615,538

9,827

Duke

Energy

Corp.

867,331

6,510

Edison

International

412,018

3,674

Entergy

Corp.

339,845

4,141

Evergy,

Inc.

209,949

5,769

Eversource

Energy

335,467

14,111

Exelon

Corp.

533,255

10,081

FirstEnergy

Corp.

344,569

1,272

Genie

Energy,

Ltd.,

Class

B

18,737

1,318

Hawaiian

Electric

Industries,

Inc.

16,225

2,089

IDACORP,

Inc.

195,635

1,599

MGE

Energy,

Inc.

109,547

25,020

NextEra

Energy,

Inc.

1,433,396

4,318

NRG

Energy,

Inc.

166,329

6,319

OGE

Energy

Corp.

210,612

1,495

Otter

Tail

Corp.

113,500

28,498

PG&E

Corp.*

459,673

3,888

Pinnacle

West

Capital

Corp.

286,468

3,114

PNM

Resources,

Inc.

138,915

3,874

Portland

General

Electric

Co.

156,819

12,598

PPL

Corp.

296,809

13,939

Southern

Co.

(The)

902,132

9,212

Xcel

Energy,

Inc.

527,111

9,623,488

Electrical

Equipment

(

0

.8

%

):

1,082

Acuity

Brands,

Inc.

184,275

5,113

AMETEK,

Inc.

755,497

2,048

Atkore,

Inc.*

305,541

4,356

Eaton

Corp.

plc

929,048

6,251

Emerson

Electric

Co.

603,659

1,029

Encore

Wire

Corp.

187,751

1,312

EnerSys

124,207

9,782

FuelCell

Energy,

Inc.*

12,521

1,659

Generac

Holdings,

Inc.*

180,765

14,859

GrafTech

International,

Ltd.

56,910

1,003

Hubbell,

Inc.

314,350

1,831

LSI

Industries,

Inc.

29,076

7,325

nVent

Electric

plc

388,152

14,602

Plug

Power,

Inc.*^

110,975

606

Powell

Industries,

Inc.

50,237

400

Preformed

Line

Products

Co.

65,032

2,526

Regal

Rexnord

Corp.

360,915

2,250

Rockwell

Automation,

Inc.

643,208

7,206

Sensata

Technologies

Holding

plc

272,531

3,376

Shoals

Technologies

Group,

Inc.,

Class

A*

61,612

5,277

SunPower

Corp.*^

32,559

11,971

Sunrun,

Inc.*

150,356

1,298

Thermon

Group

Holdings,

Inc.*

35,656

742

TPI

Composites,

Inc.*

1,966

3,331

Vertiv

Holdings

Co.

123,913

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

42

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electrical

Equipment,

continued

1,148

Vicor

Corp.*

$

67,606

6,048,318

Electronic

Equipment,

Instruments

&

Components

(

1

.3

%

):

1,470

Advanced

Energy

Industries,

Inc.

151,586

424

Allient,

Inc.

13,110

8,386

Amphenol

Corp.,

Class

A

704,340

2,582

Arlo

Technologies,

Inc.*

26,595

3,284

Arrow

Electronics,

Inc.*

411,288

5,071

Avnet,

Inc.

244,371

1,157

Badger

Meter,

Inc.

166,458

550

Bel

Fuse,

Inc.,

Class

B

26,246

1,317

Belden,

Inc.

127,156

1,054

Benchmark

Electronics,

Inc.

25,570

3,454

CDW

Corp.

696,879

3,610

Cognex

Corp.

153,208

1,971

Coherent

Corp.*

64,333

19,094

Corning,

Inc.

581,794

1,576

CTS

Corp.

65,782

2,838

Daktronics,

Inc.*

25,315

1,413

ePlus,

Inc.*

89,754

1,439

Fabrinet*

239,766

392

FARO

Technologies,

Inc.*

5,970

12,223

Flex,

Ltd.*

329,777

640

Frequency

Electronics,

Inc.

4,442

1,494

Insight

Enterprises,

Inc.*

217,377

1,164

IPG

Photonics

Corp.

118,193

2,007

Itron,

Inc.*

121,584

9,066

Jabil,

Inc.

1,150,385

4,354

Keysight

Technologies,

Inc.*

576,078

1,603

Kimball

Electronics,

Inc.*

43,890

5,811

Knowles

Corp.*

86,061

672

Littelfuse,

Inc.

166,199

1,471

Methode

Electronics,

Inc.,

Class

A

33,612

2,559

National

Instruments

Corp.

152,568

1,008

Novanta,

Inc.*

144,587

594

OSI

Systems,

Inc.*

70,116

770

PAR

Technology

Corp.*^

29,676

1,121

PC

Connection,

Inc.

59,839

1,323

Plexus

Corp.*

123,012

771

Rogers

Corp.*

101,363

2,630

Sanmina

Corp.*

142,756

738

ScanSource,

Inc.*

22,369

2,341

TD

SYNNEX

Corp.

233,772

4,283

TE

Connectivity,

Ltd.

529,079

846

Teledyne

Technologies,

Inc.*

345,659

4,656

Trimble,

Inc.*

250,772

5,237

TTM

Technologies,

Inc.*

67,453

5,343

Vishay

Intertechnology,

Inc.

132,079

4,805

Vontier

Corp.

148,571

903

Zebra

Technologies

Corp.,

Class

A*

213,587

9,434,377

Energy

Equipment

&

Services

(

1

.0

%

):

6,728

Archrock,

Inc.

84,773

23,729

Baker

Hughes

Co.

838,108

519

Bristow

Group,

Inc.*

14,620

562

Cactus,

Inc.,

Class

A

28,218

8,897

ChampionX

Corp.

316,911

1,337

Core

Laboratories,

Inc.

32,101

562

DMC

Global,

Inc.*

13,752

Shares

Value

Common

Stocks,

continued

Energy

Equipment

&

Services,

continued

1,028

Dril-Quip,

Inc.*

$

28,959

1,095

Expro

Group

Holdings

NV*

25,437

306

Forum

Energy

Technologies,

Inc.*

7,350

760

Geospace

Technologies

Corp.*

9,842

1,086

Gulf

Island

Fabrication,

Inc.*

3,551

34,240

Halliburton

Co.

1,386,720

5,456

Helix

Energy

Solutions

Group,

Inc.*

60,944

4,742

Helmerich

&

Payne,

Inc.

199,923

12,498

Liberty

Energy,

Inc.

231,463

1,436

Mammoth

Energy

Services,

Inc.*

6,663

734

Nabors

Industries,

Ltd.*

90,385

935

Natural

Gas

Services

Group*

13,614

4,799

Newpark

Resources,

Inc.*

33,161

900

Noble

Corp.

plc

45,585

16,133

NOV,

Inc.

337,180

6,071

Oceaneering

International,

Inc.*

156,146

3,066

Oil

States

International,

Inc.*

25,662

26,132

Patterson-UTI

Energy,

Inc.

361,667

8,148

ProPetro

Holding

Corp.*

86,613

10,425

RPC,

Inc.

93,199

19,506

Schlumberger,

Ltd.

1,137,200

493

SEACOR

Marine

Holdings,

Inc.*

6,843

3,974

Select

Water

Solutions,

Inc.

31,593

17,526

TechnipFMC

plc

356,479

4,086

TETRA

Technologies,

Inc.*

26,069

2,580

Tidewater,

Inc.*

183,361

32,945

Transocean,

Ltd.*

270,478

4,546

US

Silica

Holdings,

Inc.*

63,826

2,596

Valaris,

Ltd.*

194,648

3,081

Weatherford

International

plc*

278,307

7,081,351

Entertainment

(

1

.1

%

):

5,649

Activision

Blizzard,

Inc.

528,916

1,869

Atlanta

Braves

Holdings,

Inc.*

66,779

247

Atlanta

Braves

Holdings,

Inc.*

9,650

6,453

Cinemark

Holdings,

Inc.*

118,413

5,811

Electronic

Arts,

Inc.

699,644

1,993

Endeavor

Group

Holdings,

Inc.

39,661

2,645

IMAX

Corp.*

51,101

192

John

Wiley

&

Sons,

Inc.,

Class

B

7,177

4,046

Liberty

Media

Corp.-Liberty

Formula

One*

252,066

619

Liberty

Media

Corp.-Liberty

Formula

One*

34,998

2,653

Liberty

Media

Corp.-Liberty

Live*

85,161

1,139

Liberty

Media

Corp.-Liberty

Live*

36,357

2,111

Lions

Gate

Entertainment

Corp.,

Class

A*

17,901

4,430

Lions

Gate

Entertainment

Corp.,

Class

B*

34,864

4,237

Live

Nation

Entertainment,

Inc.*

351,840

894

Madison

Square

Garden

Entertainment

Corp.*

29,422

719

Madison

Square

Garden

Sports

Corp.

126,760

1,459

Marcus

Corp.

(The)

22,615

3,753

Netflix,

Inc.*

1,417,133

3,472

Playtika

Holding

Corp.*

33,435

1,419

Reading

International,

Inc.,

Class

A*

3,008

4,024

ROBLOX

Corp.,

Class

A*

116,535

454

Roku,

Inc.*

32,048

894

Sphere

Entertainment

Co.*

33,221

2,452

Spotify

Technology

SA*

379,177

4,181

Take-Two

Interactive

Software,

Inc.*

586,971

1,983

TKO

Group

Holdings,

Inc.

166,691

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

43

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Entertainment,

continued

23,782

Walt

Disney

Co.

(The)*

$

1,927,531

54,872

Warner

Bros

Discovery,

Inc.*

595,910

2,097

Warner

Music

Group

Corp.,

Class

A

65,846

7,870,831

Financial

Services

(

3

.8

%

):

13,003

Affirm

Holdings,

Inc.*

276,574

981

A-Mark

Precious

Metals,

Inc.

28,773

3,955

Apollo

Global

Management,

Inc.

355,001

6,202

AvidXchange

Holdings,

Inc.*

58,795

24,229

Berkshire

Hathaway,

Inc.,

Class

B*

8,487,419

5,081

Block,

Inc.*

224,885

252

BM

Technologies,

Inc.*

504

2,704

Cannae

Holdings,

Inc.*

50,402

687

Cass

Information

Systems,

Inc.

25,591

11,963

Equitable

Holdings,

Inc.

339,629

6,088

Essent

Group,

Ltd.

287,901

1,694

Euronet

Worldwide,

Inc.*

134,470

3,577

EVERTEC,

Inc.

132,993

403

Federal

Agricultural

Mortgage

Corp.

62,183

13,412

Fidelity

National

Information

Services,

Inc.

741,281

6,830

Fiserv,

Inc.*

771,517

2,905

FleetCor

Technologies,

Inc.*

741,763

2,700

Flywire

Corp.*

86,103

5,711

Global

Payments,

Inc.

658,992

1,101

I3

Verticals,

Inc.,

Class

A*

23,275

1,320

International

Money

Express,

Inc.*

22,348

5,793

Jackson

Financial,

Inc.,

Class

A

221,408

27,585

Marqeta,

Inc.,

Class

A*

164,958

12,802

Mastercard,

Inc.,

Class

A

5,068,440

988

Merchants

Bancorp

27,387

16,357

MGIC

Investment

Corp.

272,998

1,888

Mr

Cooper

Group,

Inc.*

101,121

4,107

NMI

Holdings,

Inc.,

Class

A*

111,259

465

Ocwen

Financial

Corp.*

12,034

13,959

PayPal

Holdings,

Inc.*

816,043

1,468

Paysafe,

Ltd.*

17,601

2,818

PennyMac

Financial

Services,

Inc.

187,679

8,853

Radian

Group,

Inc.

222,299

3,168

Repay

Holdings

Corp.*

24,045

4,694

Rocket

Cos.,

Inc.,

Class

A*^

38,397

1,495

Shift4

Payments,

Inc.,

Class

A*

82,778

9,473

TFS

Financial

Corp.

111,971

5,111

Toast,

Inc.,

Class

A*

95,729

24,766

Visa,

Inc.,

Class

A

5,696,428

4,007

Voya

Financial,

Inc.

266,265

1,074

Walker

&

Dunlop,

Inc.

79,734

728

Waterstone

Financial,

Inc.

7,972

6,143

Western

Union

Co.

(The)

80,965

446

WEX,

Inc.*

83,888

27,301,798

Food

Products

(

1

.2

%

):

7,169

Archer-Daniels-Midland

Co.

540,686

2,035

B&G

Foods,

Inc.^

20,126

3,907

Bunge,

Ltd.

422,933

270

Calavo

Growers,

Inc.

6,812

2,277

Cal-Maine

Foods,

Inc.

110,252

8,996

Campbell

Soup

Co.

369,556

10,462

Conagra

Brands,

Inc.

286,868

6,345

Darling

Ingredients,

Inc.*

331,209

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

1,004

Farmer

Brothers

Co.*

$

2,590

9,807

Flowers

Foods,

Inc.

217,519

2,403

Fresh

Del

Monte

Produce,

Inc.

62,093

1,992

Freshpet,

Inc.*

131,233

9,484

General

Mills,

Inc.

606,881

5,693

Hain

Celestial

Group,

Inc.

(The)*

59,036

3,050

Hershey

Co.

(The)

610,244

8,841

Hormel

Foods

Corp.

336,223

7,722

Hostess

Brands,

Inc.*

257,220

1,283

Ingredion,

Inc.

126,247

566

J

&

J

Snack

Foods

Corp.

92,626

2,176

JM

Smucker

Co.

(The)

267,452

300

John

B

Sanfilippo

&

Son,

Inc.

29,640

8,831

Kellanova

525,533

11,485

Kraft

Heinz

Co.

(The)

386,355

3,960

Lamb

Weston

Holdings,

Inc.

366,142

452

Lancaster

Colony

Corp.

74,594

778

McCormick

&

Co.,

Inc.

61,369

4,172

McCormick

&

Co.,

Inc.

315,570

3,145

Mission

Produce,

Inc.*

30,444

15,451

Mondelez

International,

Inc.,

Class

A

1,072,299

4,602

Pilgrim's

Pride

Corp.*

105,064

2,182

Post

Holdings,

Inc.*

187,085

20

Seaboard

Corp.

75,060

266

Seneca

Foods

Corp.,

Class

A*

14,319

3,330

Simply

Good

Foods

Co.

(The)*

114,952

1,400

Sovos

Brands,

Inc.*

31,570

1,072

Tootsie

Roll

Industries,

Inc.

32,010

1,935

TreeHouse

Foods,

Inc.*

84,327

6,453

Tyson

Foods,

Inc.,

Class

A

325,812

1,200

Utz

Brands,

Inc.

16,116

1,400

Vital

Farms,

Inc.*

16,212

8,722,279

Gas

Utilities

(

0

.2

%

):

2,476

Atmos

Energy

Corp.

262,283

785

Chesapeake

Utilities

Corp.

76,734

3,527

National

Fuel

Gas

Co.

183,087

4,288

New

Jersey

Resources

Corp.

174,221

1,716

Northwest

Natural

Holding

Co.

65,482

1,836

ONE

Gas,

Inc.

125,362

232

RGC

Resources,

Inc.

4,014

944

Southwest

Gas

Holdings,

Inc.

57,027

2,276

Spire,

Inc.

128,776

7,935

UGI

Corp.

182,505

1,259,491

Ground

Transportation

(

1

.2

%

):

957

ArcBest

Corp.

97,279

678

Avis

Budget

Group,

Inc.*

121,830

419

Covenant

Logistics

Group,

Inc.

18,373

34,588

CSX

Corp.

1,063,581

1,925

Heartland

Express,

Inc.

28,278

19,110

Hertz

Global

Holdings,

Inc.*

234,097

3,856

JB

Hunt

Transport

Services,

Inc.

726,933

7,524

Knight-Swift

Transportation

Holdings,

Inc.

377,329

1,791

Landstar

System,

Inc.

316,899

4,222

Marten

Transport,

Ltd.

83,216

1,515

Norfolk

Southern

Corp.

298,349

1,421

Old

Dominion

Freight

Line,

Inc.

581,388

1,600

PAM

Transportation

Services,

Inc.

34,480

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

44

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Ground

Transportation,

continued

6,783

RXO,

Inc.*

$

133,829

1,902

Ryder

System,

Inc.

203,419

576

Saia,

Inc.*

229,622

3,510

Schneider

National,

Inc.,

Class

B

97,192

12,212

Uber

Technologies,

Inc.*

561,630

4,494

U-Haul

Holding

Co.

235,441

1,170

U-Haul

Holding

Co.*

63,847

12,451

Union

Pacific

Corp.

2,535,397

586

Universal

Logistics

Holdings,

Inc.

14,755

3,327

Werner

Enterprises,

Inc.

129,587

2,834

XPO,

Inc.*

211,586

8,398,337

Health

Care

Equipment

&

Supplies

(

1

.8

%

):

16,521

Abbott

Laboratories

1,600,059

2,269

Accuray,

Inc.*

6,172

1,368

Align

Technology,

Inc.*

417,678

912

AngioDynamics,

Inc.*

6,667

1,619

Artivion,

Inc.*

24,544

1,507

AtriCure,

Inc.*

66,007

36

Atrion

Corp.

14,874

2,829

Avanos

Medical,

Inc.*

57,202

744

Axonics,

Inc.*

41,753

9,383

Baxter

International,

Inc.

354,114

3,200

Becton

Dickinson

&

Co.

827,296

14,346

Boston

Scientific

Corp.*

757,469

1,265

CONMED

Corp.

127,575

658

Cooper

Cos.,

Inc.

(The)

209,251

7,906

DENTSPLY

SIRONA,

Inc.

270,069

2,612

Dexcom,

Inc.*

243,700

4,976

Edwards

Lifesciences

Corp.*

344,737

994

Embecta

Corp.

14,960

1,499

Enovis

Corp.*

79,042

7,392

Envista

Holdings

Corp.*

206,089

8,476

Figs,

Inc.,

Class

A*

50,008

1,964

GE

HealthCare

Technologies,

Inc.

133,631

1,546

Glaukos

Corp.*

116,337

3,817

Globus

Medical,

Inc.*

189,514

1,142

Haemonetics

Corp.*

102,300

4,658

Hologic,

Inc.*

323,265

1,417

IDEXX

Laboratories,

Inc.*

619,612

516

Inari

Medical,

Inc.*

33,746

433

Inogen,

Inc.*

2,260

439

Inspire

Medical

Systems,

Inc.*

87,115

515

Insulet

Corp.*

82,137

1,895

Integer

Holdings

Corp.*

148,625

3,384

Integra

LifeSciences

Holdings

Corp.*

129,235

2,726

Intuitive

Surgical,

Inc.*

796,783

2,363

Lantheus

Holdings,

Inc.*

164,181

809

LeMaitre

Vascular,

Inc.

44,074

725

LENSAR,

Inc.*

2,240

3,507

LivaNova

plc*

185,450

692

Masimo

Corp.*

60,675

14,589

Medtronic

plc

1,143,194

2,177

Merit

Medical

Systems,

Inc.*

150,257

125

Mesa

Laboratories,

Inc.

13,134

600

Nevro

Corp.*

11,532

1,974

Omnicell,

Inc.*

88,909

2,205

OraSure

Technologies,

Inc.*

13,076

825

Orthofix

Medical,

Inc.*

10,610

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

1,309

OrthoPediatrics

Corp.*

$

41,888

929

Penumbra,

Inc.*

224,734

2,221

ResMed,

Inc.

328,419

775

Shockwave

Medical,

Inc.*

154,303

1,569

STAAR

Surgical

Co.*

63,042

1,882

STERIS

plc

412,948

3,126

Stryker

Corp.

854,242

1,018

Teleflex,

Inc.

199,945

193

UFP

Technologies,

Inc.*

31,160

227

Utah

Medical

Products,

Inc.

19,522

1,100

Varex

Imaging

Corp.*

20,669

4,097

Zimmer

Biomet

Holdings,

Inc.

459,765

217

Zimvie,

Inc.*

2,042

13,183,837

Health

Care

Providers

&

Services

(

2

.9

%

):

3,584

Acadia

Healthcare

Co.,

Inc.*

251,991

1,600

Accolade,

Inc.*

16,928

643

Addus

HomeCare

Corp.*

54,777

2,527

Agiliti,

Inc.*

16,400

5,599

agilon

health,

Inc.*

99,438

1,363

Amedisys,

Inc.*

127,304

2,580

AMN

Healthcare

Services,

Inc.*

219,764

1,245

Apollo

Medical

Holdings,

Inc.*

38,408

9,264

Brookdale

Senior

Living,

Inc.*

38,353

4,788

Cardinal

Health,

Inc.

415,694

431

Castle

Biosciences,

Inc.*

7,280

3,574

Cencora,

Inc.

643,213

12,101

Centene

Corp.*

833,517

322

Chemed

Corp.

167,343

5,495

Cigna

Group

(The)

1,571,955

5,028

Community

Health

Systems,

Inc.

14,581

483

CorVel

Corp.*

94,982

1,732

Cross

Country

Healthcare,

Inc.*

42,936

24,586

CVS

Health

Corp.

1,716,595

2,342

DaVita,

Inc.*

221,389

3,156

Elevance

Health,

Inc.

1,374,186

4,542

Encompass

Health

Corp.

305,041

1,271

Enhabit,

Inc.*

14,299

1,449

Ensign

Group,

Inc.

(The)

134,656

790

Fulgent

Genetics,

Inc.*

21,125

2,631

HCA

Healthcare,

Inc.

647,173

3,463

HealthEquity,

Inc.*

252,972

3,487

Henry

Schein,

Inc.*

258,910

1,678

Humana,

Inc.

816,381

1,529

InfuSystem

Holdings,

Inc.*

14,740

2,171

Laboratory

Corp.

of

America

Holdings

436,480

1,864

McKesson

Corp.

810,560

864

ModivCare,

Inc.*

27,225

1,451

Molina

Healthcare,

Inc.*

475,768

575

National

Healthcare

Corp.

36,788

819

National

Research

Corp.

36,339

4,300

NeoGenomics,

Inc.*

52,890

128

OmniAb

Operations,

Inc.*(a)

—

128

OmniAb

Operations,

Inc.*(a)

—

10,235

OPKO

Health,

Inc.*

16,376

6,542

Option

Care

Health,

Inc.*

211,634

5,824

Owens

&

Minor,

Inc.*

94,116

4,988

Patterson

Cos.,

Inc.

147,844

5,162

Pediatrix

Medical

Group,

Inc.*

65,609

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

45

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

792

Pennant

Group,

Inc.

(The)*

$

8,815

629

PetIQ,

Inc.*

12,391

5,181

Premier,

Inc.,

Class

A

111,391

1,933

Privia

Health

Group,

Inc.*

44,459

861

Progyny,

Inc.*

29,291

2,620

Quest

Diagnostics,

Inc.

319,273

3,100

R1

RCM,

Inc.*

46,717

2,720

RadNet,

Inc.*

76,677

5,624

Select

Medical

Holdings

Corp.

142,118

585

Surgery

Partners,

Inc.*

17,111

5,594

Tenet

Healthcare

Corp.*

368,589

12,857

UnitedHealth

Group,

Inc.

6,482,371

2,937

Universal

Health

Services,

Inc.,

Class

B

369,269

542

US

Physical

Therapy,

Inc.

49,718

20,922,150

Health

Care

Technology

(

0

.1

%

):

8,941

American

Well

Corp.,

Class

A*

10,461

2,856

Certara,

Inc.*

41,526

339

Computer

Programs

and

Systems,

Inc.*

5,404

3,003

Definitive

Healthcare

Corp.*

23,994

3,607

Doximity,

Inc.,

Class

A*

76,540

1,873

Evolent

Health,

Inc.,

Class

A*

51,002

3,097

GoodRx

Holdings,

Inc.,

Class

A*

17,436

1,056

Health

Catalyst,

Inc.*

10,687

1,357

HealthStream,

Inc.

29,284

1,430

NextGen

Healthcare,

Inc.*

33,934

3,015

Schrodinger,

Inc.*

85,234

394

Simulations

Plus,

Inc.

16,430

5,070

Teladoc

Health,

Inc.*

94,251

1,211

Veeva

Systems,

Inc.,

Class

A*

246,378

4,097

Veradigm,

Inc.*

53,835

796,396

Hotels,

Restaurants

&

Leisure

(

2

.2

%

):

4,816

Airbnb,

Inc.,

Class

A*

660,803

10,832

Aramark

375,870

6

Biglari

Holdings,

Inc.,

Class

A*

4,770

67

Biglari

Holdings,

Inc.,

Class

B*

11,122

2,189

BJ's

Restaurants,

Inc.*

51,354

4,525

Bloomin'

Brands,

Inc.

111,270

308

Booking

Holdings,

Inc.*

949,857

1,059

Boyd

Gaming

Corp.

64,419

2,407

Brinker

International,

Inc.*

76,037

8,593

Caesars

Entertainment,

Inc.*

398,286

29,405

Carnival

Corp.,

Class

A*

403,437

2,943

Carrols

Restaurant

Group,

Inc.*

19,394

2,527

Cheesecake

Factory,

Inc.

(The)

76,568

433

Chipotle

Mexican

Grill,

Inc.*

793,182

1,340

Choice

Hotels

International,

Inc.^

164,163

2,252

Churchill

Downs,

Inc.

261,322

429

Chuy's

Holdings,

Inc.*

15,264

1,219

Cracker

Barrel

Old

Country

Store,

Inc.

81,917

3,109

Darden

Restaurants,

Inc.

445,271

1,810

Dave

&

Buster's

Entertainment,

Inc.*

67,097

1,239

Denny's

Corp.*

10,494

362

Dine

Brands

Global,

Inc.

17,901

681

Domino's

Pizza,

Inc.

257,956

8,071

DoorDash,

Inc.,

Class

A*

641,402

13,674

DraftKings,

Inc.*

402,563

1,288

El

Pollo

Loco

Holdings,

Inc.

11,528

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

2,986

Expedia

Group,

Inc.*

$

307,767

1,277

Fiesta

Restaurant

Group,

Inc.*

10,803

2,093

First

Watch

Restaurant

Group,

Inc.*

36,188

6,175

Hilton

Grand

Vacations,

Inc.*

251,323

4,687

Hilton

Worldwide

Holdings,

Inc.

703,894

1,098

Hyatt

Hotels

Corp.,

Class

A

116,476

323

Jack

in

the

Box,

Inc.

22,306

3,372

Krispy

Kreme,

Inc.

42,049

2,177

Las

Vegas

Sands

Corp.

99,794

3,371

Life

Time

Group

Holdings,

Inc.*

51,273

1,893

Light

&

Wonder,

Inc.,

Class

A*

135,028

3,405

Marriott

International,

Inc.,

Class

A

669,287

1,994

Marriott

Vacations

Worldwide

Corp.

200,656

9,574

McDonald's

Corp.

2,522,175

1,328

MGM

Resorts

International

48,817

341

Nathans

Famous,

Inc.

24,095

2,319

Norwegian

Cruise

Line

Holdings,

Ltd.*

38,217

1,497

Papa

John's

International,

Inc.

102,125

2,176

Penn

Entertainment,

Inc.*

49,939

3,216

Planet

Fitness,

Inc.,

Class

A*

158,163

9,227

Playa

Hotels

&

Resorts

NV*

66,803

763

Potbelly

Corp.*

5,951

878

Red

Robin

Gourmet

Burgers,

Inc.*

7,059

4,589

Royal

Caribbean

Cruises,

Ltd.*

422,830

1,834

SeaWorld

Entertainment,

Inc.*

84,823

1,202

Shake

Shack,

Inc.,

Class

A*

69,800

3,662

Six

Flags

Entertainment

Corp.*

86,094

14,422

Starbucks

Corp.

1,316,296

7,074

Sweetgreen,

Inc.,

Class

A*

83,120

3,050

Texas

Roadhouse,

Inc.

293,105

3,133

Travel

+

Leisure

Co.

115,075

1,455

Vail

Resorts,

Inc.

322,850

9,376

Wendy's

Co.

(The)

191,364

1,048

Wingstop,

Inc.

188,472

4,146

Wyndham

Hotels

&

Resorts,

Inc.

288,313

1,374

Wynn

Resorts,

Ltd.

126,971

4,703

Yum!

Brands,

Inc.

587,593

16,220,141

Household

Durables

(

0

.9

%

):

906

Beazer

Homes

U.S.A.,

Inc.*

22,568

283

Cavco

Industries,

Inc.*

75,182

1,809

Century

Communities,

Inc.

120,805

7,384

D.R.

Horton,

Inc.

793,558

1,530

Ethan

Allen

Interiors,

Inc.

45,747

431

Flexsteel

Industries,

Inc.

8,948

3,356

Garmin,

Ltd.

353,051

2,761

GoPro,

Inc.,

Class

A*

8,670

1,329

Green

Brick

Partners,

Inc.*

55,167

1,366

Helen

of

Troy,

Ltd.*

159,221

500

Hooker

Furnishings

Corp.

9,725

1,698

Installed

Building

Products,

Inc.

212,063

596

iRobot

Corp.*

22,588

2,155

KB

Home

99,733

2,550

La-Z-Boy,

Inc.

78,744

7,316

Leggett

&

Platt,

Inc.

185,900

3,171

Lennar

Corp.,

Class

A

355,881

119

Lennar

Corp.,

Class

B

12,165

1,327

LGI

Homes,

Inc.*

132,023

1,017

Lifetime

Brands,

Inc.

5,726

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

46

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Household

Durables,

continued

1,420

M/I

Homes,

Inc.*

$

119,337

4,042

MDC

Holdings,

Inc.

166,652

1,004

Meritage

Homes

Corp.

122,880

2,694

Mohawk

Industries,

Inc.*

231,172

10,746

Newell

Brands,

Inc.

97,036

102

NVR,

Inc.*

608,257

9,930

PulteGroup,

Inc.

735,317

7,911

Purple

Innovation,

Inc.

13,528

2,434

Skyline

Champion

Corp.*

155,094

2,407

Sonos,

Inc.*

31,074

5,909

Taylor

Morrison

Home

Corp.,

Class

A*

251,782

6,232

Tempur

Sealy

International,

Inc.

270,095

2,183

Toll

Brothers,

Inc.

161,455

1,110

TopBuild

Corp.*

279,276

5,751

Tri

Pointe

Homes,

Inc.*

157,290

320

Universal

Electronics,

Inc.*

2,896

3,376

Vizio

Holding

Corp.,

Class

A*

18,264

1,621

VOXX

International

Corp.*

12,936

2,216

Whirlpool

Corp.

296,279

6,488,085

Household

Products

(

1

.1

%

):

1,863

Central

Garden

&

Pet

Co.,

Class

A*

74,688

4,613

Church

&

Dwight

Co.,

Inc.

422,689

1,597

Clorox

Co.

(The)

209,303

10,240

Colgate-Palmolive

Co.

728,166

1,918

Energizer

Holdings,

Inc.

61,453

5,408

Kimberly-Clark

Corp.

653,557

333

Oil-Dri

Corp.

of

America

20,563

38,943

Procter

&

Gamble

Co.

(The)

5,680,226

4,384

Reynolds

Consumer

Products,

Inc.

112,362

2,338

Spectrum

Brands

Holdings,

Inc.

183,182

626

WD-40

Co.

127,228

8,273,417

Independent

Power

and

Renewable

Electricity

Producers

(

0

.2

%

):

12,230

AES

Corp.

(The)

185,896

4,506

Atlantica

Sustainable

Infrastructure

plc

86,065

3,258

Brookfield

Renewable

Corp.,

Class

A

77,996

1,323

Clearway

Energy,

Inc.,

Class

A

26,354

3,836

Clearway

Energy,

Inc.,

Class

C

81,170

1,138

Ormat

Technologies,

Inc.

79,569

6,557

Sunnova

Energy

International,

Inc.*^

68,652

18,390

Vistra

Corp.

610,180

1,215,882

Industrial

Conglomerates

(

0

.5

%

):

13,503

3M

Co.

1,264,151

5,892

General

Electric

Co.

651,360

10,620

Honeywell

International,

Inc.

1,961,939

3,877,450

Insurance

(

2

.9

%

):

9,236

Aflac,

Inc.

708,863

5,546

Allstate

Corp.

(The)

617,880

2,897

Ambac

Financial

Group,

Inc.*

34,938

5,969

American

Equity

Investment

Life

Holding

Co.

320,177

2,248

American

Financial

Group,

Inc.

251,034

13,944

American

International

Group,

Inc.

845,006

745

AMERISAFE,

Inc.

37,302

2,678

Aon

plc,

Class

A

868,261

Shares

Value

Common

Stocks,

continued

Insurance,

continued

8,245

Arch

Capital

Group,

Ltd.*

$

657,209

560

Argo

Group

International

Holdings,

Ltd.

16,710

2,399

Arthur

J.

Gallagher

&

Co.

546,804

1,480

Assurant,

Inc.

212,498

1,625

Assured

Guaranty,

Ltd.

98,345

4,771

Axis

Capital

Holdings,

Ltd.

268,941

3,813

Brighthouse

Financial,

Inc.*

186,608

6,595

Brown

&

Brown,

Inc.

460,595

3,450

BRP

Group,

Inc.,

Class

A*

80,144

5,674

Chubb,

Ltd.

1,181,213

3,632

Cincinnati

Financial

Corp.

371,517

2,176

Citizens,

Inc.*

6,202

1,799

CNA

Financial

Corp.

70,791

895

Crawford

&

Co.,

Class

A

8,359

2,354

Crawford

&

Co.,

Class

B

20,174

1,631

Donegal

Group,

Inc.,

Class

A

23,250

800

eHealth,

Inc.*

5,920

1,977

Employers

Holdings,

Inc.

78,981

447

Enstar

Group,

Ltd.*

108,174

398

Erie

Indemnity

Co.,

Class

A

116,928

621

Everest

Group,

Ltd.

230,807

419

F&G

Annuities

&

Life,

Inc.

11,757

12,394

Fidelity

National

Financial,

Inc.

511,872

3,923

First

American

Financial

Corp.

221,610

27,784

Genworth

Financial,

Inc.,

Class

A*

162,814

4,859

Globe

Life,

Inc.

528,319

318

Goosehead

Insurance,

Inc.,

Class

A*

23,701

2,383

Greenlight

Capital

Re,

Ltd.,

Class

A*

25,593

146

Hallmark

Financial

Services,

Inc.*

288

769

Hanover

Insurance

Group,

Inc.

(The)

85,344

13,797

Hartford

Financial

Services

Group,

Inc.

(The)

978,345

397

HCI

Group,

Inc.

21,553

387

Heritage

Insurance

Holdings,

Inc.*

2,512

1,991

Horace

Mann

Educators

Corp.

58,496

153

Investors

Title

Co.

22,658

1,185

James

River

Group

Holdings,

Ltd.

18,190

3,603

Kemper

Corp.

151,434

381

Kinsale

Capital

Group,

Inc.

157,784

2,749

Lincoln

National

Corp.

67,873

5,378

Loews

Corp.

340,481

5,556

Maiden

Holdings,

Ltd.*

9,779

182

Markel

Group,

Inc.*

267,993

7,633

Marsh

&

McLennan

Cos.,

Inc.

1,452,560

2,590

Mercury

General

Corp.

72,598

7,939

MetLife,

Inc.

499,443

162

National

Western

Life

Group,

Inc.,

Class

A

70,873

10,590

Old

Republic

International

Corp.

285,295

5,300

Oscar

Health,

Inc.,

Class

A*

29,521

400

Palomar

Holdings,

Inc.*

20,300

1,239

Primerica,

Inc.

240,378

6,852

Principal

Financial

Group,

Inc.

493,824

3,052

ProAssurance

Corp.

57,652

5,632

Progressive

Corp.

(The)

784,538

8,892

Prudential

Financial,

Inc.

843,762

2,391

Reinsurance

Group

of

America,

Inc.

347,149

1,983

RenaissanceRe

Holdings,

Ltd.

392,475

2,352

RLI

Corp.

319,613

825

Safety

Insurance

Group,

Inc.

56,257

1,725

Selective

Insurance

Group,

Inc.

177,968

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

47

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

5,145

SiriusPoint,

Ltd.*

$

52,325

1,878

Stewart

Information

Services

Corp.

82,256

1,767

Tiptree,

Inc.,

Class

A

29,615

8,887

Travelers

Cos.,

Inc.

(The)

1,451,336

1,346

Trupanion,

Inc.*^

37,957

728

United

Fire

Group,

Inc.

14,378

1,869

Universal

Insurance

Holdings,

Inc.

26,203

8,945

Unum

Group

440,005

6,126

W

R

Berkley

Corp.

388,940

145

White

Mountains

Insurance

Group,

Ltd.

216,875

1,947

Willis

Towers

Watson

plc

406,845

21,392,968

Interactive

Media

&

Services

(

4

.3

%

):

69,897

Alphabet,

Inc.,

Class

A*

9,146,721

62,756

Alphabet,

Inc.,

Class

C*

8,274,379

5,394

Bumble,

Inc.,

Class

A*

80,479

5,023

Cargurus,

Inc.*

88,003

1,955

Cars.com,

Inc.*

32,961

2,881

DHI

Group,

Inc.*

8,816

4,788

Match

Group,

Inc.*

187,570

41,105

Meta

Platforms,

Inc.,

Class

A*

12,340,132

8,734

Pinterest,

Inc.,

Class

A*

236,080

1,563

QuinStreet,

Inc.*

14,020

764

Shutterstock,

Inc.

29,070

23,897

Snap,

Inc.,

Class

A*

212,922

1,344

Travelzoo*

7,836

5,311

TripAdvisor,

Inc.*

88,056

2,857

TrueCar,

Inc.*

5,914

4,440

Vimeo,

Inc.*

15,718

2,324

Yelp,

Inc.*

96,655

664

Zedge,

Inc.,

Class

B*

1,454

1,918

Ziff

Davis,

Inc.*

122,157

16,022

ZoomInfo

Technologies,

Inc.*

262,761

31,251,704

IT

Services

(

1

.4

%

):

10,600

Accenture

plc,

Class

A

3,255,366

3,558

Akamai

Technologies,

Inc.*

379,069

2,838

Amdocs,

Ltd.

239,783

1,701

Cloudflare,

Inc.,

Class

A*

107,231

11,073

Cognizant

Technology

Solutions

Corp.,

Class

A

750,085

3,181

DigitalOcean

Holdings,

Inc.*

76,439

11,221

DXC

Technology

Co.*

233,733

2,160

Edgio,

Inc.*

1,841

1,215

EPAM

Systems,

Inc.*

310,663

4,318

Fastly,

Inc.,

Class

A*

82,776

1,645

Gartner,

Inc.*

565,238

585

Globant

SA*

115,742

2,640

GoDaddy,

Inc.,

Class

A*

196,627

2,548

Grid

Dynamics

Holdings,

Inc.*

31,035

1,357

Hackett

Group,

Inc.

(The)

32,012

17,433

International

Business

Machines

Corp.

2,445,850

12,162

Kyndryl

Holdings,

Inc.*

183,646

603

MongoDB,

Inc.*

208,554

2,093

Okta,

Inc.*

170,600

1,698

Perficient,

Inc.*

98,246

840

PFSweb,

Inc.

6,250

1,687

Snowflake,

Inc.,

Class

A*

257,723

3,770

Squarespace,

Inc.,

Class

A*

109,217

3,945

Twilio,

Inc.,

Class

A*

230,901

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

2,221

Unisys

Corp.*

$

7,663

1,882

VeriSign,

Inc.*

381,162

10,477,452

Leisure

Products

(

0

.3

%

):

2,948

Acushnet

Holdings

Corp.

156,362

895

American

Outdoor

Brands,

Inc.*

8,753

2,517

Brunswick

Corp.

198,843

2,100

Clarus

Corp.

15,876

658

Escalade,

Inc.

10,074

5,388

Hasbro,

Inc.

356,362

303

Johnson

Outdoors,

Inc.,

Class

A

16,571

931

Malibu

Boats,

Inc.,

Class

A*

45,638

662

Marine

Products

Corp.

9,407

451

MasterCraft

Boat

Holdings,

Inc.*

10,021

15,729

Mattel,

Inc.*

346,510

995

Nautilus

Group,

Inc.*

846

3,127

Polaris,

Inc.

325,646

1,410

Smith

&

Wesson

Brands,

Inc.

18,203

6,367

Topgolf

Callaway

Brands

Corp.*

88,119

3,865

Vista

Outdoor,

Inc.*

128,009

3,466

YETI

Holdings,

Inc.*

167,130

1,902,370

Life

Sciences

Tools

&

Services

(

1

.2

%

):

237

10X

Genomics,

Inc.,

Class

A*

9,776

6,251

Adaptive

Biotechnologies

Corp.*

34,068

4,401

Agilent

Technologies,

Inc.

492,120

12,880

Avantor,

Inc.*

271,510

599

Azenta,

Inc.*

30,064

1,634

BioLife

Solutions,

Inc.*

22,566

456

Bio-Rad

Laboratories,

Inc.,

Class

A*

163,453

2,351

Bio-Techne

Corp.

160,033

4,004

Bruker

Corp.

249,449

2,120

Charles

River

Laboratories

International,

Inc.*

415,478

2,030

CryoPort,

Inc.*

27,831

6,616

Danaher

Corp.

1,641,430

2,171

Fortrea

Holdings,

Inc.*

62,069

1,979

Harvard

Bioscience,

Inc.*

8,510

55

Illumina,

Inc.*

7,550

3,070

IQVIA

Holdings,

Inc.*

604,022

4,035

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

40,350

931

Medpace

Holdings,

Inc.*

225,423

400

Mettler-Toledo

International,

Inc.*

443,228

1,666

OmniAb,

Inc.*

8,647

10,633

Pacific

Biosciences

of

California,

Inc.*

88,786

453

Quanterix

Corp.*

12,294

1,140

Repligen

Corp.*

181,271

1,101

Revvity,

Inc.

121,881

9,819

Sotera

Health

Co.*

147,089

4,279

Thermo

Fisher

Scientific,

Inc.

2,165,901

1,395

Waters

Corp.*

382,523

1,121

West

Pharmaceutical

Services,

Inc.

420,610

8,437,932

Machinery

(

2

.6

%

):

7,267

3D

Systems

Corp.*

35,681

4,421

AGCO

Corp.

522,916

228

Alamo

Group,

Inc.

39,412

1,371

Albany

International

Corp.,

Class

A

118,290

5,503

Allison

Transmission

Holdings,

Inc.

325,007

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

48

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

1,618

Astec

Industries,

Inc.

$

76,224

2,323

Barnes

Group,

Inc.

78,912

837

Blue

Bird

Corp.*

17,870

9,372

Caterpillar,

Inc.

2,558,556

1,902

Chart

Industries,

Inc.*

321,666

468

CIRCOR

International,

Inc.*

26,091

1,531

Columbus

McKinnon

Corp.

53,447

707

Commercial

Vehicle

Group,

Inc.*

5,486

1,637

Crane

Co.

145,431

1,637

Crane

NXT

Co.

90,968

3,715

Cummins,

Inc.

848,729

4,416

Deere

&

Co.

1,666,510

5,898

Donaldson

Co.,

Inc.

351,757

471

Douglas

Dynamics,

Inc.

14,215

4,194

Dover

Corp.

585,105

475

Energy

Recovery,

Inc.*

10,075

1,250

Enerpac

Tool

Group

Corp.

33,037

453

EnPro

Industries,

Inc.

54,899

2,189

Esab

Corp.

153,712

372

ESCO

Technologies,

Inc.

38,852

2,677

Federal

Signal

Corp.

159,897

4,041

Flowserve

Corp.

160,711

6,755

Fortive

Corp.

500,951

1,334

Franklin

Electric

Co.,

Inc.

119,033

10,083

Gates

Industrial

Corp.

plc*

117,064

889

Gencor

Industries,

Inc.*

12,562

606

Gorman-Rupp

Co.

(The)

19,937

3,035

Graco,

Inc.

221,191

2,100

Greenbrier

Cos.,

Inc.

(The)

84,000

650

Helios

Technologies,

Inc.

36,062

2,088

Hillenbrand,

Inc.

88,343

490

Hurco

Cos.,

Inc.

10,991

896

Hyster-Yale

Materials

Handling,

Inc.,

Class

A

39,944

1,133

IDEX

Corp.

235,687

4,769

Illinois

Tool

Works,

Inc.

1,098,348

7,846

Ingersoll

Rand,

Inc.

499,947

3,288

ITT,

Inc.

321,928

757

John

Bean

Technologies

Corp.

79,591

528

Kadant,

Inc.

119,090

4,685

Kennametal,

Inc.

116,563

787

L.B.

Foster

Co.,

Class

A*

14,882

2,617

Lincoln

Electric

Holdings,

Inc.

475,744

221

Lindsay

Corp.

26,007

1,300

Luxfer

Holdings

plc

16,965

1,213

Manitex

International,

Inc.*

5,665

2,529

Manitowoc

Co.,

Inc.

(The)*

38,061

2,181

Middleby

Corp.

(The)*

279,168

3,769

Mueller

Industries,

Inc.

283,278

8,698

Mueller

Water

Products,

Inc.,

Class

A

110,291

1,258

NN,

Inc.*

2,340

1,023

Nordson

Corp.

228,303

158

Omega

Flex,

Inc.

12,439

1,463

Oshkosh

Corp.

139,614

7,012

Otis

Worldwide

Corp.

563,134

8,160

PACCAR,

Inc.

693,763

1,384

Parker-Hannifin

Corp.

539,096

1,058

Park-Ohio

Holdings

Corp.

21,065

7,775

Pentair

PLC

503,431

1,666

Proto

Labs,

Inc.*

43,982

Shares

Value

Common

Stocks,

continued

Machinery,

continued

440

RBC

Bearings,

Inc.*

$

103,017

3,787

REV

Group,

Inc.

60,592

612

Shyft

Group,

Inc.

(The)

9,162

745

Snap-on,

Inc.

190,020

1,832

SPX

Technologies,

Inc.*

149,125

340

Standex

International

Corp.

49,535

3,618

Stanley

Black

&

Decker,

Inc.

302,392

1,047

Symbotic,

Inc.*

35,001

537

Tennant

Co.

39,819

3,718

Terex

Corp.

214,231

2,371

Timken

Co.

(The)

174,245

3,046

Titan

International,

Inc.*

40,908

2,821

Toro

Co.

(The)

234,425

4,719

Trinity

Industries,

Inc.

114,908

1,510

Wabash

National

Corp.

31,891

615

Watts

Water

Technologies,

Inc.,

Class

A

106,284

4,037

Westinghouse

Air

Brake

Technologies

Corp.

429,012

4,382

Xylem,

Inc.

398,893

18,895,376

Marine

Transportation

(

0

.1

%

):

3,979

Costamare,

Inc.

38,278

1,219

Eagle

Bulk

Shipping,

Inc.^

51,235

147

Eneti,

Inc.

1,482

1,300

Genco

Shipping

&

Trading,

Ltd.

18,187

2,793

Kirby

Corp.*

231,260

2,141

Matson,

Inc.

189,949

530,391

Media

(

1

.3

%

):

17,563

Altice

U.S.A.,

Inc.,

Class

A*

57,431

1,413

AMC

Networks,

Inc.,

Class

A*

16,645

1,200

Boston

Omaha

Corp.,

Class

A*

19,668

383

Cable

One,

Inc.

235,790

2,661

Charter

Communications,

Inc.,

Class

A*

1,170,361

88,422

Comcast

Corp.,

Class

A

3,920,632

2,952

comScore,

Inc.*

1,812

367

DallasNews

Corp.

1,688

12,719

DISH

Network

Corp.,

Class

A*

74,533

2,931

E.W.

Scripps

Co.

(The),

Class

A*

16,062

4,792

Entravision

Communications

Corp.,

Class

A

17,491

6,228

Fox

Corp.,

Class

A

194,314

5,999

Fox

Corp.,

Class

B

173,251

7,573

Gannett

Co,

Inc.*

18,554

7,897

Gray

Television,

Inc.

54,647

5,411

iHeartMedia,

Inc.,

Class

A*

17,099

2,014

Integral

Ad

Science

Holding

Corp.*

23,947

14,602

Interpublic

Group

of

Cos.,

Inc.

(The)

418,493

1,162

John

Wiley

&

Sons,

Inc.,

Class

A

43,192

334

Liberty

Broadband

Corp.,

Class

A*

30,364

3,041

Liberty

Broadband

Corp.,

Class

C*

277,704

4,454

Liberty

Media

Corp.-Liberty

SiriusXM*

113,354

9,922

Liberty

Media

Corp.-Liberty

SiriusXM*

252,614

8,352

Magnite,

Inc.*

62,974

131

Marchex,

Inc.,

Class

B*

190

5,563

New

York

Times

Co.

(The),

Class

A

229,196

13,368

News

Corp.,

Class

A

268,162

3,669

News

Corp.,

Class

B

76,572

2,735

Nexstar

Media

Group,

Inc.

392,117

6,836

Omnicom

Group,

Inc.

509,145

445

Paramount

Global,

Class

A^

7,027

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

49

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Media,

continued

16,169

Paramount

Global,

Class

B

$

208,580

1,353

Scholastic

Corp.

51,603

1,768

Sinclair,

Inc.

19,837

26,359

Sirius

XM

Holdings,

Inc.^

119,143

7,339

Stagwell,

Inc.*

34,420

1,890

TechTarget,

Inc.*

57,380

7,839

TEGNA,

Inc.

114,214

1,103

Thryv

Holdings,

Inc.*

20,703

4,500

Trade

Desk,

Inc.

(The),

Class

A*

351,675

5,104

WideOpenWest,

Inc.*

39,046

9,711,630

Metals

&

Mining

(

1

.0

%

):

6,731

Alcoa

Corp.

195,603

895

Alpha

Metallurgical

Resources,

Inc.

232,458

799

Ampco-Pittsburgh

Corp.*

2,102

759

Ascent

Industries

Co.*

6,732

5,393

ATI,

Inc.*

221,922

1,638

Carpenter

Technology

Corp.

110,090

7,172

Century

Aluminum

Co.*

51,567

20,801

Cleveland-Cliffs,

Inc.*

325,120

18,225

Coeur

Mining,

Inc.*

40,460

7,303

Commercial

Metals

Co.

360,841

2,118

Compass

Minerals

International,

Inc.

59,198

13,361

Ferroglobe

plc*

69,477

841

Fortitude

Gold

Corp.

5,029

18,894

Freeport-McMoRan,

Inc.

704,557

943

Haynes

International,

Inc.

43,868

22,580

Hecla

Mining

Co.

88,288

151

Kaiser

Aluminum

Corp.

11,364

1,111

Materion

Corp.

113,222

1,230

McEwen

Mining,

Inc.*

7,995

8,393

MP

Materials

Corp.*

160,306

19,014

Newmont

Corp.

702,567

6,812

Nucor

Corp.

1,065,056

700

Olympic

Steel,

Inc.

39,347

2,009

Reliance

Steel

&

Aluminum

Co.

526,820

2,355

Royal

Gold,

Inc.

250,407

2,617

Ryerson

Holding

Corp.

76,129

1,365

Schnitzer

Steel

Industries,

Inc.,

Class

A

38,015

1,238

Southern

Copper

Corp.

93,209

8,979

Steel

Dynamics,

Inc.

962,729

3,673

SunCoke

Energy,

Inc.

37,281

2,052

TimkenSteel

Corp.*

44,570

1,070

Tredegar

Corp.

5,789

10,745

United

States

Steel

Corp.

348,998

548

Universal

Stainless

&

Alloy

Products,

Inc.*

7,184

1,489

Warrior

Met

Coal,

Inc.

76,058

1,732

Worthington

Industries,

Inc.

107,072

7,191,430

Multi-Utilities

(

0

.6

%

):

4,644

Ameren

Corp.

347,510

3,250

Avista

Corp.

105,202

2,734

Black

Hills

Corp.

138,313

10,855

CenterPoint

Energy,

Inc.

291,457

5,446

CMS

Energy

Corp.

289,237

3,188

Consolidated

Edison,

Inc.

272,670

10,298

Dominion

Energy,

Inc.

460,012

3,622

DTE

Energy

Co.

359,592

8,905

NiSource,

Inc.

219,775

Shares

Value

Common

Stocks,

continued

Multi-Utilities,

continued

2,336

NorthWestern

Corp.

$

112,268

8,305

Public

Service

Enterprise

Group,

Inc.

472,638

8,194

Sempra

Energy

557,438

305

Unitil

Corp.

13,027

5,367

WEC

Energy

Group,

Inc.

432,312

4,071,451

Oil,

Gas

&

Consumable

Fuels

(

6

.6

%

):

332

Adams

Resources

&

Energy,

Inc.

11,185

21,050

Antero

Midstream

Corp.

252,179

21,868

Antero

Resources

Corp.*

555,010

4,071

APA

Corp.

167,318

1,204

Arch

Resources,

Inc.

205,475

1,287

Ardmore

Shipping

Corp.

16,744

6,491

Berry

Corp.

53,226

2,994

California

Resources

Corp.

167,694

4,374

Callon

Petroleum

Co.*

171,111

600

Centrus

Energy

Corp.,

Class

A*

34,056

4,619

Cheniere

Energy,

Inc.

766,569

4,080

Chesapeake

Energy

Corp.

351,818

40,501

Chevron

Corp.

6,829,279

369

Chord

Energy

Corp.

59,804

1,953

Civitas

Resources,

Inc.

157,939

7,534

Clean

Energy

Fuel

Corp.*

28,855

9,676

CNX

Resources

Corp.*

218,484

19,166

Comstock

Resources,

Inc.

211,401

28,780

ConocoPhillips

3,447,844

2,466

CONSOL

Energy,

Inc.

258,708

39,767

Coterra

Energy,

Inc.

1,075,697

5,103

CVR

Energy,

Inc.

173,655

4,489

Delek

US

Holdings,

Inc.

127,533

2,740

Denbury,

Inc.*

268,547

29,134

Devon

Energy

Corp.

1,389,692

8,048

DHT

Holdings,

Inc.

82,894

8,118

Diamondback

Energy,

Inc.

1,257,316

1,758

Dorian

LPG,

Ltd.

50,507

4,645

DT

Midstream,

Inc.

245,813

25,752

Enlink

Midstream

LLC

314,689

13,416

EOG

Resources,

Inc.

1,700,612

9,674

EQT

Corp.

392,571

7,111

Equitrans

Midstream

Corp.

66,630

86,200

Exxon

Mobil

Corp.

10,135,396

3,367

Green

Plains,

Inc.*

101,347

845

Gulfport

Energy

Corp.*

100,268

4,597

Hess

Corp.

703,341

11,760

HF

Sinclair

Corp.

669,497

2,789

International

Seaways,

Inc.

125,505

37,129

Kinder

Morgan,

Inc.

615,599

31,582

Kosmos

Energy,

Ltd.*

258,341

11,453

Magnolia

Oil

&

Gas

Corp.,

Class

A

262,388

13,453

Marathon

Oil

Corp.

359,868

11,575

Marathon

Petroleum

Corp.

1,751,761

6,327

Matador

Resources

Co.

376,330

9,770

Murphy

Oil

Corp.

443,070

4,420

New

Fortress

Energy,

Inc.

144,888

4,784

Nordic

American

Tankers,

Ltd.

19,710

20,493

Occidental

Petroleum

Corp.

1,329,586

13,425

ONEOK,

Inc.

851,548

13,581

Ovintiv,

Inc.

646,048

4,750

Par

Pacific

Holdings,

Inc.*

170,715

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

50

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

8,584

PBF

Energy,

Inc.,

Class

A

$

459,502

7,799

Peabody

Energy

Corp.

202,696

6,243

Permian

Resources

Corp.

87,152

10,501

Phillips

66

1,261,695

1,401

PHX

Minerals,

Inc.

5,100

5,915

Pioneer

Natural

Resources

Co.

1,357,788

6

PrimeEnergy

Resources

Corp.*

696

17,722

Range

Resources

Corp.

574,370

1,122

REX

American

Resources

Corp.*

45,688

3,060

Scorpio

Tankers,

Inc.

165,607

4,935

SFL

Corp.,

Ltd.

55,025

820

SilverBow

Resources,

Inc.*

29,331

1,508

Sitio

Royalties

Corp.,

Class

A

36,509

7,642

SM

Energy

Co.

303,005

42,492

Southwestern

Energy

Co.*

274,073

3,310

Talos

Energy,

Inc.*

54,416

2,420

Targa

Resources

Corp.

207,442

6,407

Teekay

Shipping

Corp.*

39,531

1,031

Teekay

Tankers,

Ltd.,

Class

A

42,921

101

Texas

Pacific

Land

Corp.

184,180

10,006

Valero

Energy

Corp.

1,417,950

609

Vital

Energy,

Inc.*

33,751

622

Vitesse

Energy,

Inc.

14,238

9,330

W&T

Offshore,

Inc.*

40,865

27,092

Williams

Cos.,

Inc.

(The)

912,729

3,599

World

Kinect

Corp.

80,726

48,063,047

Paper

&

Forest

Products

(

0

.1

%

):

545

Clearwater

Paper

Corp.*

19,756

2,520

Glatfelter

Corp.*

5,040

4,555

Louisiana-Pacific

Corp.

251,755

3,875

Mercer

International,

Inc.

33,248

2,050

Sylvamo

Corp.

90,077

399,876

Passenger

Airlines

(

0

.4

%

):

5,767

Alaska

Air

Group,

Inc.*

213,840

639

Allegiant

Travel

Co.

49,114

14,564

American

Airlines

Group,

Inc.*

186,565

1,569

Copa

Holdings

SA,

Class

A

139,829

30,124

Delta

Air

Lines,

Inc.

1,114,588

2,340

Frontier

Group

Holdings,

Inc.*

11,326

1,057

Hawaiian

Holdings,

Inc.*

6,691

15,406

JetBlue

Airways

Corp.*

70,868

1,602

SkyWest,

Inc.*

67,188

13,635

Southwest

Airlines

Co.

369,099

2,445

Spirit

Airlines,

Inc.

40,342

16,149

United

Airlines

Holdings,

Inc.*

683,103

2,952,553

Personal

Care

Products

(

0

.4

%

):

4,436

BellRing

Brands,

Inc.*

182,896

31,189

Coty,

Inc.,

Class

A*

342,143

2,944

Edgewell

Personal

Care

Co.

108,810

1,926

elf

Beauty,

Inc.*

211,533

2,921

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

422,231

2,298

Herbalife,

Ltd.*

32,149

1,161

Inter

Parfums,

Inc.

155,969

75,343

Kenvue,

Inc.

1,512,887

654

Medifast,

Inc.

48,952

Shares

Value

Common

Stocks,

continued

Personal

Care

Products,

continued

1,236

Natures

Sunshine

Products,

Inc.*

$

20,481

1,616

Nu

Skin

Enterprises,

Inc.,

Class

A

34,275

340

United-Guardian,

Inc.

2,560

645

USANA

Health

Sciences,

Inc.*

37,804

3,112,690

Pharmaceuticals

(

3

.1

%

):

2,030

Aclaris

Therapeutics,

Inc.*

13,905

2,003

Amphastar

Pharmaceuticals,

Inc.*

92,118

900

ANI

Pharmaceuticals,

Inc.*

52,254

300

Arvinas,

Inc.*

5,892

379

Assertio

Holdings,

Inc.*

970

40,413

Bristol-Myers

Squibb

Co.

2,345,571

4,717

Catalent,

Inc.*

214,765

1,180

Collegium

Pharmaceutical,

Inc.*

26,373

4,216

Corcept

Therapeutics,

Inc.*

114,865

1,468

Cumberland

Pharmaceuticals,

Inc.*

2,775

1,054

Cymabay

Therapeutics,

Inc.*

15,715

20,711

Elanco

Animal

Health,

Inc.*

232,792

9,783

Eli

Lilly

&

Co.

5,254,743

2,317

Harmony

Biosciences

Holdings,

Inc.*

75,928

3,292

Innoviva,

Inc.*

42,763

2,090

Jazz

Pharmaceuticals

plc*

270,530

30,999

Johnson

&

Johnson

4,828,094

640

Ligand

Pharmaceuticals,

Inc.*

38,349

30,315

Merck

&

Co.,

Inc.

3,120,929

3,567

Nektar

Therapeutics*

2,124

9,608

Organon

&

Co.

166,795

1,467

Pacira

BioSciences,

Inc.*

45,008

5,568

Perrigo

Co.

plc

177,898

110,630

Pfizer,

Inc.

3,669,597

793

Phibro

Animal

Health

Corp.,

Class

A

10,127

1,580

Prestige

Consumer

Healthcare,

Inc.*

90,360

8,865

Royalty

Pharma

plc,

Class

A

240,596

2,134

SIGA

Technologies,

Inc.

11,203

3,089

Supernus

Pharmaceuticals,

Inc.*

85,164

923

Taro

Pharmaceutical

Industries,

Ltd.*

34,806

14,776

Viatris,

Inc.

145,691

7,254

Zoetis,

Inc.

1,262,051

22,690,751

Professional

Services

(

1

.5

%

):

11,903

Alight,

Inc.,

Class

A*

84,392

1,184

ASGN,

Inc.*

96,709

7,012

Automatic

Data

Processing,

Inc.

1,686,947

494

Barrett

Business

Services,

Inc.

44,579

3,527

Booz

Allen

Hamilton

Holding

Corp.

385,395

2,630

Broadridge

Financial

Solutions,

Inc.

470,901

469

CACI

International,

Inc.,

Class

A*

147,233

2,664

CBIZ,

Inc.*

138,262

3,861

Ceridian

HCM

Holding,

Inc.*

261,969

2,143

Clarivate

plc*

14,380

2,464

Concentrix

Corp.

197,391

6,347

Conduent,

Inc.*

22,088

6,525

CoStar

Group,

Inc.*

501,707

456

CRA

International,

Inc.

45,947

1,011

CSG

Systems

International,

Inc.

51,682

10,835

Dun

&

Bradstreet

Holdings,

Inc.

108,242

2,013

Equifax,

Inc.

368,741

1,590

ExlService

Holdings,

Inc.*

44,584

715

Exponent,

Inc.

61,204

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

51

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

5,623

First

Advantage

Corp.

$

77,541

825

Forrester

Research,

Inc.*

23,843

723

FTI

Consulting,

Inc.*

128,990

4,350

Genpact,

Ltd.

157,470

421

Heidrick

&

Struggles

International,

Inc.

10,533

660

Huron

Consulting

Group,

Inc.*

68,746

800

ICF

International,

Inc.

96,648

614

Insperity,

Inc.

59,926

1,539

Jack

Henry

&

Associates,

Inc.

232,604

2,389

Jacobs

Solutions,

Inc.

326,098

5,794

KBR,

Inc.

341,498

1,042

Kelly

Services,

Inc.,

Class

A

18,954

1,395

Kforce,

Inc.

83,226

1,797

Korn

Ferry

85,250

2,680

Leidos

Holdings,

Inc.

246,989

1,891

ManpowerGroup,

Inc.

138,648

1,840

Maximus,

Inc.

137,411

659

Mistras

Group,

Inc.*

3,592

841

NV5

Global,

Inc.*

80,929

5,463

Paychex,

Inc.

630,048

917

Paycom

Software,

Inc.

237,751

713

Paylocity

Holding

Corp.*

129,552

2,125

Resources

Connection,

Inc.

31,684

5,278

Robert

Half,

Inc.

386,772

1,300

Science

Applications

International

Corp.

137,202

5,970

SS&C

Technologies

Holdings,

Inc.

313,664

4,296

TransUnion

308,410

1,196

TriNet

Group,

Inc.*

139,310

1,029

TrueBlue,

Inc.*

15,095

2,127

TTEC

Holdings,

Inc.

55,770

4,143

Verisk

Analytics,

Inc.

978,742

7,657

Verra

Mobility

Corp.*

143,186

633

Willdan

Group,

Inc.*

12,932

10,571,367

Real

Estate

Management

&

Development

(

0

.2

%

):

3,814

Anywhere

Real

Estate,

Inc.*

24,524

6,511

CBRE

Group,

Inc.,

Class

A*

480,902

15,717

Cushman

&

Wakefield

plc*

119,764

1,626

Douglas

Elliman,

Inc.

3,675

1,163

eXp

World

Holdings,

Inc.

18,887

2,407

Forestar

Group,

Inc.*

64,845

232

FRP

Holdings,

Inc.*

12,521

1,569

Howard

Hughes

Holdings,

Inc.*

116,310

1,776

Jones

Lang

LaSalle,

Inc.*

250,736

7,959

Kennedy-Wilson

Holdings,

Inc.

117,316

2,533

Marcus

&

Millichap,

Inc.

74,318

10,029

Newmark

Group,

Inc.

64,486

997

Rafael

Holdings,

Inc.,

Class

B*

1,894

910

RE/MAX

Holdings,

Inc.,

Class

A

11,775

357

RMR

Group,

Inc.

(The),

Class

A

8,754

1,857

St

Joe

Co.

(The)

100,891

1,447

Tejon

Ranch

Co.*

23,470

1,463

Zillow

Group,

Inc.,

Class

A*

65,528

4,043

Zillow

Group,

Inc.,

Class

C*

186,625

1,747,221

Semiconductors

&

Semiconductor

Equipment

(

5

.5

%

):

17,619

Advanced

Micro

Devices,

Inc.*

1,811,586

5,662

Allegro

MicroSystems,

Inc.*

180,844

1,120

Alpha

&

Omega

Semiconductor,

Ltd.*

33,421

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

1,283

Ambarella,

Inc.*

$

68,038

15,177

Amkor

Technology,

Inc.

343,000

6,548

Analog

Devices,

Inc.

1,146,489

14,511

Applied

Materials,

Inc.

2,009,048

1,575

Axcelis

Technologies,

Inc.*

256,804

1,701

AXT,

Inc.*

4,082

7,233

Broadcom,

Inc.

6,007,585

437

CEVA,

Inc.*

8,473

2,615

Cirrus

Logic,

Inc.*

193,405

2,261

Cohu,

Inc.*

77,869

1,551

Diodes,

Inc.*

122,281

2,467

Enphase

Energy,

Inc.*

296,410

1,826

Entegris,

Inc.

171,480

1,929

First

Solar,

Inc.*

311,707

3,423

FormFactor,

Inc.*

119,600

448

GLOBALFOUNDRIES,

Inc.*

26,069

1,314

GSI

Technology,

Inc.*

3,561

948

Ichor

Holdings,

Ltd.*

29,350

56,608

Intel

Corp.

2,012,414

2,424

KLA

Corp.

1,111,792

2,536

Kulicke

&

Soffa

Industries,

Inc.

123,326

3,439

Lam

Research

Corp.

2,155,462

2,460

Lattice

Semiconductor

Corp.*

211,388

2,876

MACOM

Technology

Solutions

Holdings,

Inc.*

234,624

9,830

Marvell

Technology,

Inc.

532,098

2,503

MaxLinear,

Inc.,

Class

A*

55,692

9,258

Microchip

Technology,

Inc.

722,587

14,922

Micron

Technology,

Inc.

1,015,144

565

Monolithic

Power

Systems,

Inc.

261,030

150

NVE

Corp.

12,321

22,704

NVIDIA

Corp.

9,876,013

4,964

NXP

Semiconductors

NV

992,403

14,477

ON

Semiconductor

Corp.*

1,345,637

2,020

Onto

Innovation,

Inc.*

257,590

1,438

PDF

Solutions,

Inc.*

46,591

2,358

Photronics,

Inc.*

47,655

2,400

Power

Integrations,

Inc.

183,144

3,475

Qorvo,

Inc.*

331,758

18,263

QUALCOMM,

Inc.

2,028,289

3,254

Rambus,

Inc.*

181,541

2,303

Semtech

Corp.*

59,302

656

Silicon

Laboratories,

Inc.*

76,024

3,390

Skyworks

Solutions,

Inc.

334,220

1,050

SMART

Global

Holdings,

Inc.*

25,568

744

SolarEdge

Technologies,

Inc.*

96,355

834

Synaptics,

Inc.*

74,593

2,626

Teradyne,

Inc.

263,808

12,837

Texas

Instruments,

Inc.

2,041,211

1,851

Ultra

Clean

Holdings,

Inc.*

54,919

1,085

Universal

Display

Corp.

170,334

1,442

Veeco

Instruments,

Inc.*

40,535

2,493

Wolfspeed,

Inc.*

94,983

40,291,453

Software

(

7

.5

%

):

2,814

A10

Networks,

Inc.

42,294

5,558

ACI

Worldwide,

Inc.*

125,388

4,656

Adeia,

Inc.

49,726

3,717

Adobe,

Inc.*

1,895,298

436

Agilysys,

Inc.*

28,846

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

52

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Software,

continued

695

Alarm.com

Holdings,

Inc.*

$

42,492

583

Altair

Engineering,

Inc.,

Class

A*

36,472

1,009

American

Software,

Inc.,

Class

A

11,563

1,210

ANSYS,

Inc.*

360,036

1,357

AppLovin

Corp.,

Class

A*

54,226

591

Aspen

Technology,

Inc.*

120,718

596

Atlassian

Corp.,

Class

A*

120,100

3,435

Autodesk,

Inc.*

710,736

2,272

Aware,

Inc.*

3,135

5,443

Bentley

Systems,

Inc.,

Class

B

273,021

2,047

BILL

Holdings,

Inc.*

222,243

2,195

Blackbaud,

Inc.*

154,352

4,589

Box,

Inc.,

Class

A*

111,100

3,934

Cadence

Design

Systems,

Inc.*

921,736

6,884

CCC

Intelligent

Solutions

Holdings,

Inc.*

91,901

2,772

Cerence,

Inc.*

56,466

1,830

Cognyte

Software,

Ltd.*

8,802

838

CommVault

Systems,

Inc.*

56,657

4,325

Confluent,

Inc.,

Class

A*

128,063

491

Consensus

Cloud

Solutions,

Inc.*

12,363

1,921

Crowdstrike

Holdings,

Inc.,

Class

A*

321,537

2,012

Datadog,

Inc.,

Class

A*

183,273

4,872

Digital

Turbine,

Inc.*

29,476

3,037

DocuSign,

Inc.*

127,554

2,077

Dolby

Laboratories,

Inc.,

Class

A

164,623

2,382

DoubleVerify

Holdings,

Inc.*

66,577

10,270

Dropbox,

Inc.,

Class

A*

279,652

3,831

Dynatrace,

Inc.*

179,023

2,146

E2open

Parent

Holdings,

Inc.*

9,743

1,380

Ebix,

Inc.

13,634

3,059

EngageSmart,

Inc.*

55,031

1,707

Envestnet,

Inc.*

75,159

429

Everbridge,

Inc.*

9,618

237

Fair

Isaac

Corp.*

205,842

10,912

Fortinet,

Inc.*

640,316

5,936

Freshworks,

Inc.,

Class

A*

118,245

19,639

Gen

Digital,

Inc.

347,218

1,056

Gitlab,

Inc.,

Class

A*

47,752

2,480

Guidewire

Software,

Inc.*

223,200

425

HubSpot,

Inc.*

209,312

1,949

Informatica,

Inc.,

Class

A*

41,065

1,354

InterDigital,

Inc.

108,645

2,540

Intuit,

Inc.

1,297,788

3,554

Jamf

Holding

Corp.*

62,764

3,557

Jfrog,

Ltd.*

90,206

3,815

LiveRamp

Holdings,

Inc.*

110,025

1,888

Manhattan

Associates,

Inc.*

373,182

9,761

Matterport,

Inc.*

21,181

102,070

Microsoft

Corp.

32,228,603

4,817

N-able,

Inc.*

62,139

9,235

NCR

Corp.*

249,068

3,994

Olo,

Inc.,

Class

A*

24,204

879

OneSpan,

Inc.*

9,449

26,522

Oracle

Corp.

2,809,210

35,970

Palantir

Technologies,

Inc.,

Class

A*

575,520

4,049

Palo

Alto

Networks,

Inc.*

949,248

5,963

PowerSchool

Holdings,

Inc.*

135,122

1,540

Procore

Technologies,

Inc.*

100,593

1,843

Progress

Software

Corp.

96,905

Shares

Value

Common

Stocks,

continued

Software,

continued

1,556

PTC,

Inc.*

$

220,454

389

Q2

Holdings,

Inc.*

12,553

482

Qualys,

Inc.*

73,529

468

Roper

Technologies,

Inc.

226,643

10,774

Salesforce,

Inc.*

2,184,752

1,627

Samsara,

Inc.,

Class

A*

41,017

1,200

Sapiens

International

Corp.

NV

34,116

975

ServiceNow,

Inc.*

544,986

5,655

SolarWinds

Corp.*

53,383

3,127

Splunk,

Inc.*

457,324

347

SPS

Commerce,

Inc.*

59,202

2,279

Synchronoss

Technologies,

Inc.*

2,188

1,411

Synopsys,

Inc.*

647,607

3,307

Teradata

Corp.*

148,881

627

Tyler

Technologies,

Inc.*

242,110

1,729

UiPath,

Inc.,

Class

A*

29,583

537

Unity

Software,

Inc.*

16,856

1,022

Verint

Systems,

Inc.*

23,496

1,088

Vertex,

Inc.,

Class

A*

25,133

1,567

VMware,

Inc.,

Class

A*

260,874

1,378

Workday,

Inc.,

Class

A*

296,063

1,862

Xperi,

Inc.*

18,359

2,885

Zoom

Video

Communications,

Inc.,

Class

A*

201,777

1,188

Zscaler,

Inc.*

184,841

54,295,163

Specialty

Retail

(

2

.3

%

):

893

1-800-Flowers.com,

Inc.,

Class

A*

6,251

1,093

Aaron's

Co.,

Inc.

(The)

11,444

2,382

Abercrombie

&

Fitch

Co.,

Class

A*

134,273

4,611

Academy

Sports

&

Outdoors,

Inc.

217,962

3,501

Advance

Auto

Parts,

Inc.

195,811

10,666

American

Eagle

Outfitters,

Inc.

177,162

200

America's

Car-Mart,

Inc.*

18,198

793

Asbury

Automotive

Group,

Inc.*

182,446

2,911

AutoNation,

Inc.*

440,725

34

AutoZone,

Inc.*

86,360

3,164

Barnes

&

Noble

Education,

Inc.*

3,449

6,125

Bath

&

Body

Works,

Inc.

207,025

8,632

Best

Buy

Co.,

Inc.

599,665

1,657

Big

5

Sporting

Goods

Corp.

11,616

969

Boot

Barn

Holdings,

Inc.*

78,673

2,908

Buckle,

Inc.

(The)

97,098

583

Build-A-Bear

Workshop,

Inc.

17,146

1,747

Burlington

Stores,

Inc.*

236,369

2,280

Caleres,

Inc.

65,573

3,853

CarMax,

Inc.*

272,523

1,339

Carvana

Co.*

56,211

1,987

Cato

Corp.

(The),

Class

A

15,220

1,979

Chewy,

Inc.,

Class

A*

36,137

7,822

Chico's

FAS,

Inc.*

58,509

501

Children's

Place,

Inc.

(The)*

13,542

566

Citi

Trends,

Inc.*

12,577

1,572

Conn's,

Inc.*

6,209

3,425

Designer

Brands,

Inc.,

Class

A

43,361

3,630

Destination

XL

Group,

Inc.*

16,262

2,689

Dick's

Sporting

Goods,

Inc.

291,972

1,082

Five

Below,

Inc.*

174,094

3,446

Floor

&

Decor

Holdings,

Inc.,

Class

A*

311,863

5,197

Foot

Locker,

Inc.

90,168

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

53

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

1,792

GameStop

Corp.,

Class

A*^

$

29,496

20,327

Gap,

Inc.

(The)

216,076

435

Genesco,

Inc.*

13,407

630

Group

1

Automotive,

Inc.

169,287

2,846

Guess?,

Inc.

61,587

583

Haverty

Furniture

Cos.,

Inc.

16,779

499

Hibbett,

Inc.

23,708

12,590

Home

Depot,

Inc.

(The)

3,804,194

1,642

Lands'

End,

Inc.*

12,266

7,985

Leslie's,

Inc.*

45,195

1,881

Lithia

Motors,

Inc.

555,516

7,296

Lowe's

Cos.,

Inc.

1,516,401

527

MarineMax,

Inc.*

17,296

1,792

Monro,

Inc.

49,764

451

Murphy

U.S.A.,

Inc.

154,120

4,509

National

Vision

Holdings,

Inc.*

72,956

2,592

ODP

Corp.

(The)*

119,621

783

O'Reilly

Automotive,

Inc.*

711,637

1,432

Overstock.com,

Inc.*

22,654

2,891

Penske

Automotive

Group,

Inc.

482,970

11,500

Petco

Health

&

Wellness

Co.,

Inc.*

47,035

588

PetMed

Express,

Inc.

6,027

1,458

Revolve

Group,

Inc.*

19,843

58

RH*

15,333

6,984

Ross

Stores,

Inc.

788,843

6,562

Sally

Beauty

Holdings,

Inc.*

54,990

1,200

Shoe

Carnival,

Inc.

28,836

2,488

Signet

Jewelers,

Ltd.

178,663

472

Sleep

Number

Corp.*

11,606

844

Sonic

Automotive,

Inc.,

Class

A

40,309

1,606

Sportsman's

Warehouse

Holdings,

Inc.*

7,211

4,730

Stitch

Fix,

Inc.,

Class

A*

16,319

854

Tilly's,

Inc.,

Class

A*

6,934

18,326

TJX

Cos.,

Inc.

(The)

1,628,815

2,853

Tractor

Supply

Co.

579,302

1,249

Ulta

Beauty,

Inc.*

498,913

3,729

Upbound

Group,

Inc.

109,819

5,247

Urban

Outfitters,

Inc.*

171,524

2,580

Valvoline,

Inc.

83,179

4,115

Victoria's

Secret

&

Co.*

68,638

612

Wayfair,

Inc.,

Class

A*

37,069

2,246

Williams-Sonoma,

Inc.

349,028

75

Winmark

Corp.

27,985

729

Zumiez,

Inc.*

12,976

17,070,021

Technology

Hardware,

Storage

&

Peripherals

(

5

.6

%

):

214,689

Apple,

Inc.

36,756,904

728

AstroNova,

Inc.*

9,100

1,682

Avid

Technology,

Inc.*

45,195

1,091

Corsair

Gaming,

Inc.*

15,852

5,212

Dell

Technologies,

Inc.,

Class

C

359,107

31,513

Hewlett

Packard

Enterprise

Co.

547,381

18,499

HP,

Inc.

475,424

6,675

NetApp,

Inc.

506,499

7,340

Pure

Storage,

Inc.,

Class

A*

261,451

3,876

Seagate

Technology

Holdings

plc

255,622

3,380

Stratasys,

Ltd.*

46,002

2,962

Super

Micro

Computer,

Inc.*

812,240

7,504

Western

Digital

Corp.*

342,408

Shares

Value

Common

Stocks,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

8,831

Xerox

Holdings

Corp.

$

138,558

40,571,743

Textiles,

Apparel

&

Luxury

Goods

(

0

.8

%

):

7,561

Capri

Holdings,

Ltd.*

397,784

2,487

Carter's,

Inc.

171,976

2,680

Columbia

Sportswear

Co.

198,588

3,185

Crocs,

Inc.*

281,012

810

Culp,

Inc.*

4,520

731

Deckers

Outdoor

Corp.*

375,800

1,494

Fossil

Group,

Inc.*

3,078

2,480

G-III

Apparel

Group,

Ltd.*

61,802

16,912

Hanesbrands,

Inc.

66,971

2,195

Kontoor

Brands,

Inc.

96,382

5,738

Levi

Strauss

&

Co.,

Class

A

77,922

1,991

Lululemon

Athletica,

Inc.*

767,749

1,088

Movado

Group,

Inc.

29,757

18,010

NIKE,

Inc.,

Class

B

1,722,116

1,020

Oxford

Industries,

Inc.

98,053

3,089

PVH

Corp.

236,339

2,424

Ralph

Lauren

Corp.

281,402

570

Rocky

Brands,

Inc.

8,379

5,568

Skechers

U.S.A.,

Inc.,

Class

A*

272,554

4,232

Steven

Madden,

Ltd.

134,451

700

Superior

Group

of

Cos.,

Inc.

5,446

14,393

Tapestry,

Inc.

413,799

10,508

Under

Armour,

Inc.,

Class

A*

71,980

12,274

Under

Armour,

Inc.,

Class

C*

78,308

1,027

Unifi,

Inc.*

7,292

802

Vera

Bradley,

Inc.*

5,301

16,991

VF

Corp.

300,231

4,439

Wolverine

World

Wide,

Inc.

35,778

6,204,770

Tobacco

(

0

.4

%

):

24,389

Altria

Group,

Inc.

1,025,558

19,333

Philip

Morris

International,

Inc.

1,789,849

1,286

Universal

Corp.

60,712

7,266

Vector

Group,

Ltd.

77,310

2,953,429

Trading

Companies

&

Distributors

(

0

.9

%

):

5,434

Air

Lease

Corp.

214,154

1,661

Applied

Industrial

Technologies,

Inc.

256,807

4,247

Beacon

Roofing

Supply,

Inc.*

327,741

424

BlueLinx

Holdings,

Inc.*

34,806

1,071

Boise

Cascade

Co.

110,356

4,200

Core

&

Main,

Inc.,

Class

A*

121,170

644

DXP

Enterprises,

Inc.*

22,501

11,997

Fastenal

Co.

655,516

1,483

GATX

Corp.

161,395

977

Global

Industrial

Co.

32,730

1,243

GMS,

Inc.*

79,515

1,547

H&E

Equipment

Services,

Inc.

66,815

1,628

Herc

Holdings,

Inc.

193,634

2,780

Hudson

Technologies,

Inc.*

36,974

730

McGrath

RentCorp

73,175

2,381

MRC

Global,

Inc.*

24,405

1,669

MSC

Industrial

Direct

Co.,

Inc.

163,812

6,303

NOW,

Inc.*

74,817

3,756

Rush

Enterprises,

Inc.,

Class

A

153,357

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

54

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Trading

Companies

&

Distributors,

continued

547

Rush

Enterprises,

Inc.,

Class

B

$

24,774

1,560

SiteOne

Landscape

Supply,

Inc.*

254,982

2,757

Textainer

Group

Holdings,

Ltd.

102,698

1,803

Titan

Machinery,

Inc.*

47,924

173

Transcat,

Inc.*

16,949

3,921

Triton

International,

Ltd.

323,773

3,139

United

Rentals,

Inc.

1,395,505

947

Veritiv

Corp.

159,948

1,345

W.W.

Grainger,

Inc.

930,525

1,000

Watsco,

Inc.

377,720

84

Watsco,

Inc.,

Class

B

31,559

1,596

WESCO

International,

Inc.

229,537

6,699,574

Water

Utilities

(

0

.1

%

):

830

American

States

Water

Co.

65,304

3,287

American

Water

Works

Co.,

Inc.

407,029

491

Artesian

Resources

Corp.,

Class

A

20,617

2,255

California

Water

Service

Group

106,684

5,702

Essential

Utilities,

Inc.

195,750

355

Middlesex

Water

Co.

23,519

669

Pure

Cycle

Corp.*

6,423

626

SJW

Group

37,629

372

York

Water

Co.

(The)

13,946

876,901

Wireless

Telecommunication

Services

(

0

.2

%

):

5,179

Gogo,

Inc.*

61,785

1,333

Shenandoah

Telecommunications

Co.

27,473

1,649

Spok

Holdings,

Inc.

23,531

7,440

Telephone

and

Data

Systems,

Inc.

136,226

8,855

T-Mobile

US,

Inc.

1,240,143

1,151

United

States

Cellular

Corp.*^

49,459

1,538,617

Total

Common

Stocks

(Cost

$576,223,220)

722,800,520

Preferred

Stock

(

0

.0

%

†

):

Trading

Companies

&

Distributors

(

0

.0

%

†

):

1,076

WESCO

International,

Inc.,

Series

A,

1.42%

28,417

Total

Preferred

Stock

(Cost

$28,514)

28,417

Rights

(

0

.0

%

†

):

Biotechnology

(

0

.0

%

†

):

900

Chinook

Therapeutics

CVR,

Expires

on

1/1/26*

351

Energy

Equipment

&

Services

(

0

.0

%

†

):

2,344

Resolute

Fst

CVR,

Expires

on

1/1/26*

1,248

Health

Care

Equipment

&

Supplies

(

0

.0

%

†

):

278

ABIOMED,

Inc.

CVR,

Expires

on

1/2/26*

4,339

Health

Care

Providers

&

Services

(

0

.0

%

†

):

3,743

Achillion

Pharm

CVR,

Expires

on

1/29/49*

1,011

Household

Products

(

0

.0

%

†

):

2,126

Spectrum

-

Crv

CVR,

Expires

on

1/1/26*

33

Trading

Companies

&

Distributors

(

0

.0

%

†

):

79

Communications

Systems

I

CVR,

Expires

on

1/1/29*

249

Total

Rights

(Cost

$–)

7,231

Shares

Value

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(

0

.1

%

):

$

863,036

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.36%(b)(c)

$

863,036

Total

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(Cost

$863,036)

863,036

Unaffiliated

Investment

Company

(

0

.4

%

):

Money

Markets

(

0

.4

%

):

2,919,097

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.24%(c)

2,919,097

Total

Unaffiliated

Investment

Company

(Cost

$2,919,097)

2,919,097

Total

Investment

Securities

(Cost

$580,033,867)

—

100.1%

726,618,301

Net

other

assets

(liabilities)

—

(0.1)%

(

877,949

)

Net

Assets

—

100.0%

$

725,740,352

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

55

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2023

.

CVR

-

Contingency

Valued

Rights

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$839,320.

†

Represents

less

than

0.05%.

*

Non-income

producing

security.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2023.

(b)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2023.

(c)

The

rate

represents

the

effective

yield

at

September

30,

2023.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

56

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(

100

.1

%

):

Aerospace

&

Defense

(

1

.4

%

):

3,610

AAR

Corp.*

$

214,903

2,828

AeroVironment,

Inc.*

315,407

1,066

AerSale

Corp.*

15,926

2,475

Astronics

Corp.*

39,253

392

Astronics

Corp.,

Class

B*

6,123

6,460

BWX

Technologies,

Inc.

484,371

1,341

Cadre

Holdings,

Inc.

35,738

906

Curtiss-Wright

Corp.

177,241

1,538

Ducommun,

Inc.*

66,918

4,744

Hexcel

Corp.

309,024

1,976

Innovative

Solutions

&

Support,

Inc.

15,018

2,977

Kaman

Corp.,

Class

A

58,498

12,407

Kratos

Defense

&

Security

Solutions,

Inc.*

186,353

2,680

Mercury

Systems,

Inc.*

99,401

3,061

Moog,

Inc.,

Class

A

345,771

984

National

Presto

Industries,

Inc.

71,301

3,369

Park

Aerospace

Corp.,

Class

C

52,321

4,030

Parsons

Corp.*

219,030

4,524

Triumph

Group,

Inc.*

34,654

759

V2X,

Inc.*

39,210

682

Woodward,

Inc.

84,745

2,871,206

Air

Freight

&

Logistics

(

0

.3

%

):

738

Air

T,

Inc.*

16,494

6,452

Air

Transport

Services

Group,

Inc.*

134,653

2,327

Forward

Air

Corp.

159,958

1,052

GXO

Logistics,

Inc.*

61,700

2,875

Hub

Group,

Inc.,

Class

A*

225,803

6,342

Radiant

Logistics,

Inc.*

35,832

634,440

Automobile

Components

(

1

.9

%

):

9,203

Adient

plc*

337,750

12,836

American

Axle

&

Manufacturing

Holdings,

Inc.*

93,189

151

Autoliv,

Inc.

14,568

2,031

Cooper-Standard

Holdings,

Inc.*

27,256

13,851

Dana,

Inc.

203,194

3,131

Dorman

Products,

Inc.

237,205

4,077

Fox

Factory

Holding

Corp.*

403,949

3,895

Garrett

Motion,

Inc.*

30,693

570

Gentex

Corp.

18,548

3,351

Gentherm,

Inc.*

181,825

29,434

Goodyear

Tire

&

Rubber

Co.

(The)*

365,865

7,274

Harley-Davidson,

Inc.

240,478

2,454

LCI

Industries

288,149

5,653

Modine

Manufacturing

Co.*

258,625

1,578

Motorcar

Parts

of

America,

Inc.*

12,766

1,849

Patrick

Industries,

Inc.

138,786

2,719

Standard

Motor

Products,

Inc.

91,413

3,353

Stoneridge,

Inc.*

67,295

2,799

Thor

Industries,

Inc.

266,269

2,565

Visteon

Corp.*

354,149

2,959

Winnebago

Industries,

Inc.

175,913

1,503

XPEL,

Inc.*

115,896

3,923,781

Banks

(

9

.6

%

):

2,374

1st

Source

Corp.

99,922

410

ACNB

Corp.

12,960

Shares

Value

Common

Stocks,

continued

Banks,

continued

600

Amalgamated

Financial

Corp.

$

10,332

2,183

Amerant

Bancorp,

Inc.

38,072

939

American

National

Bankshares,

Inc.

35,626

7,171

Ameris

Bancorp

275,295

1,100

Ames

National

Corp.

18,249

1,879

Arrow

Financial

Corp.

31,981

12,847

Associated

Banc-Corp.

219,812

7,680

Atlantic

Union

Bankshares

Corp.

221,030

13

Auburn

National

Bancorp,

Inc.

281

5,181

Axos

Financial,

Inc.*

196,153

5,753

Banc

of

California,

Inc.

71,222

2,869

BancFirst

Corp.

248,828

3,925

Bancorp,

Inc.

(The)*

135,413

4,218

Bank

of

Hawaii

Corp.^

209,592

2,100

Bank

of

Marin

Bancorp

38,388

2,482

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

67,213

11,753

Bank

OZK

435,684

2,838

BankFinancial

Corp.

24,464

7,570

BankUnited,

Inc.

171,839

2,106

Banner

Corp.

89,252

872

Bar

Harbor

Bankshares

20,605

1,944

BayCom

Corp.

37,344

595

BCB

Bancorp,

Inc.

6,628

4,593

Berkshire

Hills

Bancorp,

Inc.

92,090

2,284

Blue

Foundry

Bancorp*

19,117

4,211

BOK

Financial

Corp.

336,796

2,024

Bridgewater

Bancshares,

Inc.*

19,188

5,008

Brookline

Bancorp,

Inc.

45,623

667

Business

First

Bancshares,

Inc.

12,513

2,546

Byline

Bancorp,

Inc.

50,182

227

C&F

Financial

Corp.

12,167

18,722

Cadence

Bank

397,281

436

Cambridge

Bancorp

27,158

2,138

Camden

National

Corp.

60,334

2,243

Capital

City

Bank

Group,

Inc.

66,909

7,770

Capitol

Federal

Financial,

Inc.

37,063

700

Capstar

Financial

Holdings,

Inc.

9,933

7,671

Cathay

General

Bancorp

266,644

1,822

Central

Pacific

Financial

Corp.

30,391

966

Central

Valley

Community

Bancorp

13,630

668

Chemung

Financial

Corp.^

26,459

2,124

Citizens

&

Northern

Corp.

37,276

280

Citizens

Community

Bancorp,

Inc.

2,688

718

Citizens

Holding

Co.

7,474

1,571

City

Holding

Co.

141,940

822

Civista

Bancshares,

Inc.

12,741

2,204

CNB

Financial

Corp.

39,914

573

Coastal

Financial

Corp.*

24,587

85

Codorus

Valley

Bancorp,

Inc.

1,584

56

Colony

Bankcorp,

Inc.

560

13,411

Columbia

Banking

System,

Inc.

272,243

9,398

Columbia

Financial,

Inc.*

147,643

740

Commerce

Bancshares,

Inc.

35,505

2,562

Community

Bank

System,

Inc.

108,142

2,074

Community

Trust

Bancorp,

Inc.

71,055

525

Community

West

Bancshares

6,820

4,676

ConnectOne

Bancorp,

Inc.

83,373

4,772

CrossFirst

Bankshares,

Inc.*

48,150

3,496

Customers

Bancorp,

Inc.*

120,437

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

57

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

6,743

CVB

Financial

Corp.

$

111,732

2,220

Dime

Community

Bancshares,

Inc.

44,311

609

Eagle

Bancorp

Montana,

Inc.

7,198

3,312

Eagle

Bancorp,

Inc.

71,042

2,687

Eastern

Bankshares,

Inc.

33,695

759

Enterprise

Bancorp,

Inc.

20,781

2,149

Enterprise

Financial

Services

Corp.

80,588

1,888

Equity

Bancshares,

Inc.,

Class

A

45,444

1,537

ESSA

Bancorp,

Inc.

23,070

2,582

Farmers

National

Banc

Corp.

29,848

2,391

FB

Financial

Corp.

67,809

2,566

Financial

Institutions,

Inc.

43,186

1,555

First

Bancorp,

Inc.

(The)

36,543

19,196

First

BanCorp/Puerto

Rico

258,378

3,627

First

Bancorp/Southern

Pines

NC

102,064

3,288

First

Bancshares,

Inc.

(The)

88,677

726

First

Bank

7,826

5,592

First

Busey

Corp.

107,478

1,453

First

Business

Financial

Services,

Inc.

43,605

242

First

Capital,

Inc.

6,510

4,622

First

Commonwealth

Financial

Corp.

56,435

2,238

First

Community

Bankshares

65,909

9,894

First

Financial

Bancorp

193,922

5,933

First

Financial

Bankshares,

Inc.

149,037

1,672

First

Financial

Corp.

56,530

1,717

First

Financial

Northwest,

Inc.

21,840

2,543

First

Foundation,

Inc.

15,461

6,483

First

Hawaiian,

Inc.

117,018

402

First

Internet

BanCorp

6,516

9,316

First

Interstate

BancSystem,

Inc.,

Class

A

232,341

3,081

First

Merchants

Corp.

85,713

1,114

First

Mid

Bancshares,

Inc.

29,588

2,923

First

of

Long

Island

Corp.

(The)

33,644

84

First

Savings

Financial

Group,

Inc.

1,256

234

First

United

Corp.

3,797

908

First

US

Bancshares,

Inc.

7,763

1,446

Five

Star

Bancorp

29,007

3,754

Flushing

Financial

Corp.

49,290

34,418

FNB

Corp.

371,370

1,506

FS

Bancorp,

Inc.

44,427

18,044

Fulton

Financial

Corp.

218,513

2,039

German

American

Bancorp,

Inc.

55,237

11,466

Glacier

Bancorp,

Inc.

326,781

1,038

Great

Southern

Bancorp,

Inc.

49,741

440

Guaranty

Bancshares,

Inc.

12,624

8,748

Hancock

Whitney

Corp.

323,589

3,857

Hanmi

Financial

Corp.

62,599

5,211

HarborOne

Bancorp,

Inc.

49,609

45

Hawthorn

Bancshares,

Inc.

731

1,822

HBT

Financial,

Inc.

33,233

4,161

Heartland

Financial

U.S.A.,

Inc.

122,458

4,560

Heritage

Financial

Corp.

74,374

4,406

Hertiage

Commerce

Corp.

37,319

4,106

Hilltop

Holdings,

Inc.

116,446

150

Hingham

Institution

for

Savings

(The)^

28,013

629

HMN

Financial,

Inc.

12,033

973

Home

Bancorp,

Inc.

31,010

17,823

Home

BancShares,

Inc.

373,214

86

Home

Federal

Bancorp,

Inc.

of

Louisiana

1,303

Shares

Value

Common

Stocks,

continued

Banks,

continued

2,273

HomeStreet,

Inc.

$

17,707

2,317

Hometrust

Bancshares,

Inc.

50,209

12,058

Hope

Bancorp,

Inc.

106,713

5,857

Horizon

Bancorp,

Inc.

62,553

869

IF

Bancorp,

Inc.

12,939

2,325

Independent

Bank

Corp.

114,134

1,306

Independent

Bank

Corp.

23,952

4,333

Independent

Bank

Group,

Inc.

171,370

5,945

International

Bancshares

Corp.

257,656

8,307

Kearny

Financial

Corp.

57,568

390

Kentucky

First

Federal

Bancorp

2,005

4,232

Lakeland

Bancorp,

Inc.

53,408

1,608

Lakeland

Financial

Corp.

76,316

997

Landmark

Bancorp,

Inc.

18,145

1,512

LCNB

Corp.

21,576

4,363

Live

Oak

Bancshares,

Inc.

126,309

3,446

Luther

Burbank

Corp.

28,946

3,707

Macatawa

Bank

Corp.

33,215

2,078

Mercantile

Bank

Corp.

64,231

400

Metropolitan

Bank

Holding

Corp.*

14,512

782

Mid

Penn

Bancorp,

Inc.

15,742

2,497

Midland

States

BanCorp,

Inc.

51,288

2,171

MidWestone

Financial

Group,

Inc.

44,136

300

MVB

Financial

Corp.

6,774

3,634

National

Bank

Holdings

Corp.,

Class

A

108,148

769

National

Bankshares,

Inc.

19,256

4,832

NBT

Bancorp,

Inc.

153,126

23,943

New

York

Community

Bancorp,

Inc.

271,514

679

Nicolet

Bankshares,

Inc.

47,381

822

Northeast

Bank

36,250

6,156

Northfield

Bancorp,

Inc.

58,174

657

Northrim

Bancorp,

Inc.

26,030

13,094

Northwest

Bancshares,

Inc.

133,952

609

Norwood

Financial

Corp.

15,688

3,132

Oceanfirst

Financial

Corp.

45,320

4,849

OFG

Bancorp

144,791

183

Ohio

Valley

Banc

Corp.

4,474

4,466

Old

National

Bancorp

64,936

1,004

Old

Point

Financial

Corp.

18,333

3,314

Old

Second

Bancorp,

Inc.

45,104

2,466

Origin

Bancorp,

Inc.

71,193

1,846

Orrstown

Financial

Services,

Inc.

38,784

10,027

Pacific

Premier

Bancorp,

Inc.

218,188

6,187

PacWest

Bancorp

48,939

1,210

Park

National

Corp.

114,369

1,636

Parke

Bancorp,

Inc.

26,650

1,842

Pathward

Financial,

Inc.

84,898

1,140

Peapack-Gladstone

Financial

Corp.

29,241

478

Penns

Woods

Bancorp,

Inc.

10,076

434

Peoples

Bancorp

of

North

Carolina,

Inc.

9,756

4,279

Peoples

Bancorp,

Inc.

108,601

488

Peoples

Financial

Services

Corp.

19,569

4,556

Pinnacle

Financial

Partners,

Inc.

305,434

4,363

Popular,

Inc.

274,913

1,407

Preferred

Bank

87,586

4,368

Premier

Financial

Corp.

74,518

2,309

Primis

Financial

Corp.

18,818

1,001

Prosperity

Bancshares,

Inc.

54,635

1,677

Provident

Financial

Holdings,

Inc.

21,952

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

58

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

3,721

Provident

Financial

Services,

Inc.

$

56,894

1,518

QCR

Holdings,

Inc.

73,653

351

RBB

Bancorp

4,486

5,730

Renasant

Corp.

150,069

2,023

Republic

Bancorp,

Inc.,

Class

A

89,113

1,982

Riverview

Bancorp,

Inc.

11,020

4,279

S&T

Bancorp,

Inc.

115,875

4,833

Sandy

Spring

Bancorp,

Inc.

103,571

579

SB

Financial

Group,

Inc.

7,944

4,000

Seacoast

Banking

Corp

of

Florida

87,840

5,438

ServisFirst

Bancshares,

Inc.

283,700

2,960

Shore

Bancshares,

Inc.

31,139

1,997

Sierra

Bancorp

37,863

13,368

Simmons

First

National

Corp.,

Class

A

226,721

1,252

Southern

First

Bancshares,

Inc.*

33,729

707

Southern

Missouri

Bancorp,

Inc.

27,354

3,030

Southside

Bancshares,

Inc.

86,961

3,541

SouthState

Corp.

238,522

5,030

Stellar

Bancorp,

Inc.

107,240

1,053

Sterling

Bancorp,

Inc.*

6,150

2,985

Stock

Yards

Bancorp,

Inc.

117,281

682

Summit

Financial

Group,

Inc.

15,372

1,323

Summit

State

Bank

21,790

3,508

Synovus

Financial

Corp.

97,522

1,409

Territorial

Bancorp,

Inc.

12,808

2,562

Texas

Capital

Bancshares,

Inc.*

150,902

491

Timberland

Bancorp,

Inc.

13,306

694

Tompkins

Financial

Corp.

33,999

7,395

Towne

Bank

169,567

1,824

TriCo

Bancshares

58,423

2,060

Triumph

Financial,

Inc.*

133,467

2,210

TrustCo.

Bank

Corp.

60,311

6,543

Trustmark

Corp.

142,179

2,644

UMB

Financial

Corp.

164,060

249

Union

Bankshares,

Inc.

5,578

450

United

Bancshares,

Inc.

7,920

13,406

United

Bankshares,

Inc.

369,872

10,718

United

Community

Banks,

Inc.

272,344

916

United

Security

Bancshares

6,815

42

Unity

Bancorp,

Inc.

984

2,426

Univest

Financial

Corp.

42,164

18,424

Valley

National

Bancorp

157,709

1,563

Veritex

Holdings,

Inc.

28,056

7,052

Washington

Federal,

Inc.

180,672

2,313

Washington

Trust

Bancorp,

Inc.

60,901

5,051

WesBanco,

Inc.

123,345

1,569

West

BanCorp,

Inc.

25,590

1,354

Westamerica

BanCorp

58,561

3,525

Western

New

England

BanCorp,

Inc.

22,877

5,944

Wintrust

Financial

Corp.

448,772

6,471

WSFS

Financial

Corp.

236,192

35

WVS

Financial

Corp.

431

19,392,886

Beverages

(

0

.6

%

):

943

Boston

Beer

Co.,

Inc.

(The),

Class

A*

367,327

706

Coca-Cola

Consolidated,

Inc.

449,242

2,226

MGP

Ingredients,

Inc.

234,798

2,943

National

Beverage

Corp.*

138,380

Shares

Value

Common

Stocks,

continued

Beverages,

continued

985

Willamette

Valley

Vineyards,

Inc.*

$

5,782

1,195,529

Biotechnology

(

2

.4

%

):

2,535

4D

Molecular

Therapeutics,

Inc.*

32,271

1,733

AC

Immune

SA*

4,939

900

Adicet

Bio,

Inc.*

1,233

8,156

ADMA

Biologics,

Inc.*

29,198

3,308

Adverum

Biotechnologies,

Inc.*

4,962

5,690

Agios

Pharmaceuticals,

Inc.*

140,828

325

Akero

Therapeutics,

Inc.*

16,438

4,660

Aldeyra

Therapeutics,

Inc.*

31,129

16,177

Alkermes

plc*

453,118

2,613

Allogene

Therapeutics,

Inc.*

8,283

3,616

AnaptysBio,

Inc.*

64,943

2,497

Anika

Therapeutics,

Inc.*

46,519

2,476

Arcturus

Therapeutics

Holdings,

Inc.*

63,262

629

Arcus

Biosciences,

Inc.*

11,291

2,958

Arcutis

Biotherapeutics,

Inc.*

15,707

6,613

Ardelyx,

Inc.*

26,981

650

Arrowhead

Pharmaceuticals,

Inc.*

17,465

4,656

Atara

Biotherapeutics,

Inc.*

6,891

7,293

Avid

Bioservices,

Inc.*

68,846

5,639

Avidity

Biosciences,

Inc.*

35,977

1,742

Avita

Medical,

Inc.*

25,451

1,365

Beam

Therapeutics,

Inc.*

32,828

2,162

Black

Diamond

Therapeutics,

Inc.*

6,205

3,255

Bluebird

Bio,

Inc.*

9,895

499

Blueprint

Medicines

Corp.*

25,060

1,034

CareDx,

Inc.*

7,238

1,851

Caribou

Biosciences,

Inc.*

8,848

142

CASI

Pharmaceuticals

Holdings,

Inc.*

364

9,586

Catalyst

Pharmaceuticals,

Inc.*

112,060

1,100

Century

Therapeutics,

Inc.*

2,200

1,904

Cogent

Biosciences,

Inc.*

18,564

2,225

Crinetics

Pharmaceuticals,

Inc.*

66,172

2,607

CRISPR

Therapeutics

AG*

118,332

1,634

Cue

Biopharma,

Inc.*

3,758

2,020

Cullinan

Oncology,

Inc.*

18,281

4,970

Deciphera

Pharmaceuticals,

Inc.*

63,218

1,858

Denali

Therapeutics,

Inc.*

38,331

902

Dianthus

Therapeutics,

Inc.*

12,330

5,385

Dynavax

Technologies

Corp.*

79,536

2,838

Dyne

Therapeutics,

Inc.*

25,428

1,164

Eagle

Pharmaceuticals,

Inc.*

18,356

7,241

Editas

Medicine,

Inc.*

56,480

3,775

Emergent

BioSolutions,

Inc.*

12,835

2,404

Enanta

Pharmaceuticals,

Inc.*

26,853

19,665

Exelixis,

Inc.*

429,680

2,705

G1

Therapeutics,

Inc.*

3,895

2,547

Gritstone

bio,

Inc.*

4,381

4,594

Halozyme

Therapeutics,

Inc.*

175,491

6,467

Ideaya

Biosciences,

Inc.*

174,480

1,919

IGM

Biosciences,

Inc.*

16,024

592

ImmuCell

Corp.*

3,055

1,574

Immuneering

Corp.,

Class

A*

12,088

1,281

Immunovant,

Inc.*

49,178

2,885

Intellia

Therapeutics,

Inc.*

91,224

2,237

Iovance

Biotherapeutics,

Inc.*

10,178

13,154

Ironwood

Pharmaceuticals,

Inc.*

126,673

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

59

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

1,631

iTeos

Therapeutics,

Inc.*

$

17,859

2,004

KalVista

Pharmaceuticals,

Inc.*

19,299

613

Keros

Therapeutics,

Inc.*

19,542

514

Kiniksa

Pharmaceuticals,

Ltd.,

Class

A*

8,928

2,490

Krystal

Biotech,

Inc.*

288,840

6,099

Kura

Oncology,

Inc.*

55,623

2,505

Kymera

Therapeutics,

Inc.*

34,819

4,768

Lexicon

Pharmaceuticals,

Inc.*

5,197

5,865

MacroGenics,

Inc.*

27,331

900

MediciNova,

Inc.*

1,881

2,101

MeiraGTx

Holdings

plc*

10,316

1,843

Mersana

Therapeutics,

Inc.*

2,341

123

Mirati

Therapeutics,

Inc.*

5,358

901

Morphic

Holding,

Inc.*

20,642

4,120

Myriad

Genetics,

Inc.*

66,085

4,899

Nurix

Therapeutics,

Inc.*

38,506

1,111

Olema

Pharmaceuticals,

Inc.*

13,721

14,857

PDL

BioPharma,

Inc.*

23,920

1,808

PMV

Pharmaceuticals,

Inc.*

11,101

6,654

Poseida

Therapeutics,

Inc.*

15,837

2,098

Protagonist

Therapeutics,

Inc.*

34,995

2,444

Prothena

Corp.

plc*

117,923

2,162

RAPT

Therapeutics,

Inc.*

35,932

5,356

REGENXBIO,

Inc.*

88,160

427

Repare

Therapeutics,

Inc.*

5,158

4,849

Replimune

Group,

Inc.*

82,966

5,027

REVOLUTION

Medicines,

Inc.*

139,147

1,106

Rhythm

Pharmaceuticals,

Inc.*

25,355

2,920

Rocket

Pharmaceuticals,

Inc.*

59,831

4,519

Sage

Therapeutics,

Inc.*

93,001

10,666

Sangamo

Therapeutics,

Inc.*

6,397

1,550

Scholar

Rock

Holding

Corp.*

11,005

4,069

SpringWorks

Therapeutics,

Inc.*

94,075

1,779

Stoke

Therapeutics,

Inc.*

7,009

1,873

Sutro

Biopharma,

Inc.*

6,499

1,710

Tango

Therapeutics,

Inc.*

19,255

446

Twist

Bioscience

Corp.*

9,036

7,073

Vanda

Pharmaceuticals,

Inc.*

30,555

2,332

Vaxart,

Inc.*

1,758

3,248

Veracyte,

Inc.*

72,528

683

Verastem,

Inc.*

5,553

1,521

Vericel

Corp.*

50,984

4,488

Viking

Therapeutics,

Inc.*

49,682

1,685

Voyager

Therapeutics,

Inc.*

13,059

6,989

Xencor,

Inc.*

140,828

1,840

Y-mAbs

Therapeutics,

Inc.*

10,028

784

Zentalis

Pharmaceuticals,

Inc.*

15,727

4,878,843

Broadline

Retail

(

0

.5

%

):

1,321

Big

Lots,

Inc.

6,750

643

Dillard's,

Inc.,

Class

A

212,711

6,694

Kohl's

Corp.

140,306

15,078

Macy's,

Inc.

175,056

6,409

Nordstrom,

Inc.

95,751

3,884

Ollie's

Bargain

Outlet

Holdings,

Inc.*

299,767

16,641

Qurate

Retail,

Inc.,

Class

A*

10,094

940,435

Building

Products

(

1

.7

%

):

7,654

AAON,

Inc.

435,283

Shares

Value

Common

Stocks,

continued

Building

Products,

continued

1,827

American

Woodmark

Corp.*

$

138,139

2,098

Apogee

Enterprises,

Inc.

98,774

3,931

Armstrong

World

Industries,

Inc.

283,032

7,325

AZEK

Co.,

Inc.

(The)*

217,846

1,354

AZZ,

Inc.

61,715

1,636

CSW

Industrials,

Inc.

286,693

2,928

Gibraltar

Industries,

Inc.*

197,669

2,150

Griffon

Corp.

85,290

3,136

Hayward

Holdings,

Inc.*

44,218

2,035

Insteel

Industries,

Inc.

66,056

1,557

Janus

International

Group,

Inc.*

16,660

8,072

JELD-WEN

Holding,

Inc.*

107,842

1,719

Masonite

International

Corp.*

160,245

1,917

Masterbrand,

Inc.*

23,292

6,615

PGT

Innovations,

Inc.*

183,566

3,805

Quanex

Building

Products

Corp.

107,187

8,440

Resideo

Technologies,

Inc.*

133,352

1,123

Simpson

Manufacturing

Co.,

Inc.

168,237

3,275

Trex

Co.,

Inc.*

201,838

4,283

UFP

Industries,

Inc.

438,579

3,455,513

Capital

Markets

(

2

.0

%

):

3,462

Affiliated

Managers

Group,

Inc.

451,237

6,692

Artisan

Partners

Asset

Management,

Inc.,

Class

A

250,415

3,768

AssetMark

Financial

Holdings,

Inc.*

94,501

1,300

Avantax,

Inc.*

33,254

19,971

BGC

Group,

Inc.,

Class

A

105,447

5,063

Brightsphere

Investment

Group,

Inc.

98,172

4,288

Cohen

&

Steers,

Inc.

268,815

393

Diamond

Hill

Investment

Group,

Inc.

66,248

2,795

Donnelley

Financial

Solutions,

Inc.*

157,303

8,105

Federated

Hermes,

Inc.,

Class

B

274,516

1,481

GCM

Grosvenor,

Inc.,

Class

A

11,493

1,990

Greenhill

&

Co.,

Inc.

29,452

4,057

Hamilton

Lane,

Inc.,

Class

A

366,915

211

Hennessy

Advisors,

Inc.

1,435

762

Houlihan

Lokey,

Inc.

81,625

8,484

Janus

Henderson

Group

plc

219,057

1,499

Lazard,

Ltd.,

Class

A

46,484

5,313

Moelis

&

Co.,

Class

A

239,776

7,734

Open

Lending

Corp.,

Class

A*

56,613

853

Oppenheimer

Holdings,

Inc.,

Class

A

32,678

1,395

Piper

Sandler

Cos.

202,707

2,336

PJT

Partners,

Inc.,

Class

A

185,572

3,824

Safeguard

Scientifics,

Inc.*

3,824

850

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

13,489

2,326

StepStone

Group,

Inc.,

Class

A

73,455

813

Stifel

Financial

Corp.

49,951

2,021

StoneX

Group,

Inc.*

195,875

207

Value

Line,

Inc.

9,050

8,277

Virtu

Financial,

Inc.,

Class

A

142,944

747

Virtus

Investment

Partners,

Inc.

150,886

1,478

Westwood

Holdings,

Inc.

15,002

16,525

WisdomTree,

Inc.

115,675

4,043,866

Chemicals

(

2

.9

%

):

1,064

Advanced

Emissions

Solutions,

Inc.*

1,894

2,655

AdvanSix,

Inc.

82,517

2,222

Alto

Ingredients,

Inc.*

9,821

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

60

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

4,315

American

Vanguard

Corp.

$

47,163

5,009

Ashland,

Inc.

409,135

9,079

Avient

Corp.

320,670

1,699

Axalta

Coating

Systems,

Ltd.*

45,703

3,285

Balchem

Corp.

407,471

5,015

Cabot

Corp.

347,389

210

Chase

Corp.

26,718

13,370

Chemours

Co.

(The)

375,029

12,504

Ecovyst,

Inc.*

123,039

24,768

Element

Solutions,

Inc.

485,701

5,794

FutureFuel

Corp.

41,543

2,229

Hawkins,

Inc.

131,177

5,175

HB

Fuller

Co.

355,057

5,123

Huntsman

Corp.

125,001

3,296

Ingevity

Corp.*

156,923

2,434

Innospec,

Inc.

248,755

2,142

Intrepid

Potash,

Inc.*

53,893

2,348

Koppers

Holdings,

Inc.

92,863

7,406

Kronos

Worldwide,

Inc.

57,397

14,300

Livent

Corp.*

263,263

8,341

LSB

Industries,

Inc.*

85,328

6,267

Mativ

Holdings,

Inc.

89,367

3,262

Minerals

Technologies,

Inc.

178,627

774

NewMarket

Corp.

352,201

4,870

Orion

SA

103,634

958

Quaker

Chemical

Corp.

153,280

5,893

Rayonier

Advanced

Materials,

Inc.*

20,861

4,403

Sensient

Technologies

Corp.

257,488

2,364

Stepan

Co.

177,229

3,149

Trinseo

PLC

25,727

15,345

Tronox

Holdings

plc,

Class

A

206,237

5,858,101

Commercial

Services

&

Supplies

(

1

.8

%

):

6,769

ABM

Industries,

Inc.

270,828

9,986

ACCO

Brands

Corp.

57,320

675

Acme

United

Corp.

20,176

1,948

ACV

Auctions,

Inc.,

Class

A*

29,571

4,578

Brady

Corp.,

Class

A

251,424

3,882

BrightView

Holdings,

Inc.*

30,086

3,525

Brink's

Co.

(The)

256,056

4,802

Casella

Waste

Systems,

Inc.*

366,393

4,628

CECO

Environmental

Corp.*

73,909

2,718

Cimpress

plc*

190,287

436

Civeo

Corp.

9,038

325

CompX

International,

Inc.

6,042

2,746

Deluxe

Corp.

51,872

3,383

Ennis,

Inc.

71,787

4,634

Enviri

Corp.*

33,457

7,473

Healthcare

Services

Group,

Inc.

77,943

2,027

Heritage-Crystal

Clean,

Inc.*

91,924

3,889

HNI

Corp.

134,676

7,503

Interface,

Inc.

73,604

2,418

Liquidity

Services,

Inc.*

42,605

3,522

Matthews

International

Corp.,

Class

A

137,041

2,673

MillerKnoll,

Inc.

65,355

319

Montrose

Environmental

Group,

Inc.*

9,334

1,886

MSA

Safety,

Inc.

297,328

2,566

NL

Industries,

Inc.

12,189

7,507

OPENLANE,

Inc.*

112,004

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

2,198

Perma-Fix

Environmental

Services,

Inc.*

$

22,969

15,334

Pitney

Bowes,

Inc.

46,309

5,379

Quad

Graphics,

Inc.*

27,056

2,243

SP

Plus

Corp.*

80,972

9,533

Steelcase,

Inc.,

Class

A

106,484

3,917

Stericycle,

Inc.*

175,129

308

Tetra

Tech,

Inc.

46,825

1,491

UniFirst

Corp.

243,048

2,033

Viad

Corp.*

53,265

3,364

Virco

Mfg.

Corp.*

26,710

1,804

VSE

Corp.

90,994

3,692,010

Communications

Equipment

(

0

.8

%

):

1,444

Applied

Optoelectronics,

Inc.*

15,841

1,336

Aviat

Networks,

Inc.*

41,683

180

BK

Technologies

Corp.

2,236

6,597

Calix,

Inc.*

302,407

1,792

Cambium

Networks

Corp.*

13,135

652

Ciena

Corp.*

30,814

588

Clearfield,

Inc.*

16,852

1,983

Comtech

Telecommunications

Corp.

17,351

4,365

Digi

International,

Inc.*

117,855

1,222

DZS,

Inc.*

2,566

9,501

Extreme

Networks,

Inc.*

230,019

13,537

Harmonic,

Inc.*

130,361

6,719

Infinera

Corp.*

28,085

3,767

KVH

Industries,

Inc.*

19,212

1,172

Lantronix,

Inc.*

5,215

2,674

Lumentum

Holdings,

Inc.*

120,811

3,410

NETGEAR,

Inc.*

42,932

7,328

NetScout

Systems,

Inc.*

205,331

2,391

Network-1

Technologies,

Inc.

5,595

131

Optical

Cable

Corp.*

392

19,376

Ribbon

Communications,

Inc.*

51,928

19,090

Viavi

Solutions,

Inc.*

174,483

1,575,104

Construction

&

Engineering

(

2

.0

%

):

3,851

Ameresco,

Inc.,

Class

A*

148,494

17,903

API

Group

Corp.*

464,225

5,149

Arcosa,

Inc.

370,213

1,736

Argan,

Inc.

79,023

3,656

Comfort

Systems

U.S.A.,

Inc.

623,019

1,234

Concrete

Pumping

Holdings,

Inc.*

10,588

2,109

Construction

Partners,

Inc.,

Class

A*

77,105

2,514

Dycom

Industries,

Inc.*

223,746

1,457

EMCOR

Group,

Inc.

306,538

5,634

Fluor

Corp.*

206,768

4,440

Granite

Construction,

Inc.

168,809

8,770

Great

Lakes

Dredge

&

Dock

Corp.*

69,897

2,133

IES

Holdings,

Inc.*

140,501

645

Limbach

Holdings,

Inc.*

20,466

2,806

Matrix

Service

Co.*

33,111

8,407

MDU

Resources

Group,

Inc.

164,609

1,693

MYR

Group,

Inc.*

228,148

1,279

Northwest

Pipe

Co.*

38,587

5,203

Orion

Group

Holdings,

Inc.*

27,888

3,181

Primoris

Services

Corp.

104,114

3,473

Sterling

Infrastructure,

Inc.*

255,196

2,090

Tutor

Perini

Corp.*

16,365

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

61

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

1,223

Valmont

Industries,

Inc.

$

293,777

4,071,187

Construction

Materials

(

0

.6

%

):

3,573

Eagle

Materials,

Inc.

594,976

2,101

Knife

River

Corp.*

102,592

11,217

Summit

Materials,

Inc.,

Class

A*

349,297

466

U.S.

Lime

&

Minerals,

Inc.

93,666

1,140,531

Consumer

Finance

(

1

.3

%

):

1,070

Atlanticus

Holdings

Corp.*

32,432

5,158

Bread

Financial

Holdings,

Inc.

176,404

1,688

Consumer

Portfolio

Services,

Inc.*

15,310

357

Credit

Acceptance

Corp.*

164,263

2,490

Encore

Capital

Group,

Inc.*

118,922

3,204

Enova

International,

Inc.*

162,987

7,963

EZCORP,

Inc.,

Class

A*

65,695

4,197

FirstCash

Holdings,

Inc.

421,295

5,932

Green

Dot

Corp.,

Class

A*

82,633

1,592

LendingClub

Corp.*

9,711

1,127

LendingTree,

Inc.*

17,469

6,374

Navient

Corp.

109,760

2,638

Nelnet,

Inc.,

Class

A

235,626

1,635

NerdWallet,

Inc.,

Class

A*

14,535

1,556

Nicholas

Financial,

Inc.*

7,531

7,867

OneMain

Holdings,

Inc.

315,388

964

Oportun

Financial

Corp.*

6,960

4,400

PRA

Group,

Inc.*

84,524

5,059

PROG

Holdings,

Inc.*

168,009

1,735

Regional

Mgmt

Corp.

48,025

20,500

SLM

Corp.

279,210

710

World

Acceptance

Corp.*

90,213

2,626,902

Consumer

Staples

Distribution

&

Retail

(

0

.8

%

):

3,671

Andersons,

Inc.

(The)

189,093

4,394

Chefs'

Warehouse,

Inc.

(The)*

93,065

5,307

Grocery

Outlet

Holding

Corp.*

153,107

1,269

Ingles

Markets,

Inc.,

Class

A

95,594

3,738

Natural

Grocers

by

Vitamin

Cottage,

Inc.

48,258

2,959

PriceSmart,

Inc.

220,238

4,321

SpartanNash

Co.

95,062

9,056

Sprouts

Farmers

Market,

Inc.*

387,597

6,288

United

Natural

Foods,

Inc.*

88,912

1,673

Village

Super

Market,

Inc.,

Class

A

37,877

2,812

Weis

Markets,

Inc.

177,156

1,585,959

Containers

&

Packaging

(

0

.7

%

):

1,906

Graphic

Packaging

Holding

Co.

42,466

2,284

Greif,

Inc.,

Class

A

152,594

1,356

Greif,

Inc.,

Class

B

90,255

4,016

Myers

Industries,

Inc.

72,007

13,687

O-I

Glass,

Inc.*

228,984

5,335

Ranpak

Holdings

Corp.*

29,022

2,564

Sealed

Air

Corp.

84,253

7,385

Silgan

Holdings,

Inc.

318,367

5,968

Sonoco

Products

Co.

324,361

4,005

TriMas

Corp.

99,164

1,441,473

Shares

Value

Common

Stocks,

continued

Distributors

(

0

.0

%

†

):

12

AMCON

Distributing

Co.

$

2,472

1,626

Educational

Development

Corp.*

1,724

2,876

Funko,

Inc.,

Class

A*^

22,001

1,262

Weyco

Group,

Inc.

31,992

58,189

Diversified

Consumer

Services

(

1

.3

%

):

8,950

2U,

Inc.*

22,106

2,721

ADT,

Inc.

16,326

4,203

Adtalem

Global

Education,

Inc.*

180,099

1,366

American

Public

Education,

Inc.*

6,803

916

Bright

Horizons

Family

Solutions,

Inc.*

74,617

2,057

Carriage

Services,

Inc.

58,110

8,867

Chegg,

Inc.*

79,094

5,641

Coursera,

Inc.*

105,430

600

European

Wax

Center,

Inc.,

Class

A*

9,720

7,354

Frontdoor,

Inc.*

224,959

403

Graham

Holdings

Co.,

Class

B

234,949

2,720

Grand

Canyon

Education,

Inc.*

317,914

11,643

H&R

Block,

Inc.

501,348

4,565

Laureate

Education,

Inc.

64,366

7,411

OneSpaWorld

Holdings,

Ltd.*

83,151

7,117

Perdoceo

Education

Corp.

121,701

2,583

Rover

Group,

Inc.*

16,170

2,463

Strategic

Education,

Inc.

185,341

4,210

Stride,

Inc.*

189,576

5,913

Universal

Technical

Institute,

Inc.*

49,551

3,362

WW

International,

Inc.*

37,217

2,578,548

Diversified

Telecommunication

Services

(

0

.5

%

):

2,223

Anterix,

Inc.*

69,758

1,667

ATN

International,

Inc.

52,611

1,565

Bandwidth,

Inc.,

Class

A*

17,638

4,328

Cogent

Communications

Holdings,

Inc.

267,903

5,491

Consolidated

Communications

Holdings,

Inc.*

18,779

4,493

EchoStar

Corp.,

Class

A*

75,258

2,807

IDT

Corp.*

61,894

5,258

Iridium

Communications,

Inc.

239,186

3,452

Liberty

Latin

America,

Ltd.,

Class

A*

28,168

16,919

Liberty

Latin

America,

Ltd.,

Class

C*

138,059

1,745

Ooma,

Inc.*

22,703

991,957

Electric

Utilities

(

1

.0

%

):

5,722

ALLETE,

Inc.

302,122

3,043

Genie

Energy,

Ltd.,

Class

B

44,823

10,289

Hawaiian

Electric

Industries,

Inc.

126,658

3,498

IDACORP,

Inc.

327,588

3,540

MGE

Energy,

Inc.

242,525

3,935

Otter

Tail

Corp.

298,745

8,094

PNM

Resources,

Inc.

361,073

6,533

Portland

General

Electric

Co.

264,456

513

Via

Renewables,

Inc.

3,719

1,971,709

Electrical

Equipment

(

1

.1

%

):

79

Acuity

Brands,

Inc.

13,454

2,221

American

Superconductor

Corp.*

16,769

4,778

Array

Technologies,

Inc.*

106,024

3,010

Atkore,

Inc.*

449,062

1,540

Encore

Wire

Corp.

280,988

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

62

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electrical

Equipment,

continued

3,995

EnerSys

$

378,207

411

Espey

Mfg.

&

Electronics

Corp.

6,638

19,087

GrafTech

International,

Ltd.

73,103

4,271

LSI

Industries,

Inc.

67,823

2,523

nVent

Electric

plc

133,694

1,123

Powell

Industries,

Inc.

93,097

576

Preformed

Line

Products

Co.

93,646

2,273

Sensata

Technologies

Holding

plc

85,965

75

Servotronics,

Inc.*

826

3,914

Shoals

Technologies

Group,

Inc.,

Class

A*

71,430

7,686

Sunrun,

Inc.*

96,536

3,560

Thermon

Group

Holdings,

Inc.*

97,793

1,832

TPI

Composites,

Inc.*

4,855

3,104

Ultralife

Corp.*

30,295

2,185

Vicor

Corp.*

128,675

2,228,880

Electronic

Equipment,

Instruments

&

Components

(

3

.6

%

):

3,663

Advanced

Energy

Industries,

Inc.

377,729

2,264

Allient,

Inc.

70,003

6,544

Arlo

Technologies,

Inc.*

67,403

150

Arrow

Electronics,

Inc.*

18,786

9,087

Avnet,

Inc.

437,903

3,099

Badger

Meter,

Inc.

445,853

254

Bel

Fuse,

Inc.,

Class

A

11,971

740

Bel

Fuse,

Inc.,

Class

B

35,313

4,043

Belden,

Inc.

390,352

3,971

Benchmark

Electronics,

Inc.

96,336

311

Climb

Global

Solutions,

Inc.

13,376

1,672

Coherent

Corp.*

54,574

3,215

CTS

Corp.

134,194

6,442

Daktronics,

Inc.*

57,463

1,365

Data

I/O

Corp.*

5,201

1,751

ePlus,

Inc.*

111,224

3,624

Fabrinet*

603,831

2,068

FARO

Technologies,

Inc.*

31,496

640

Frequency

Electronics,

Inc.

4,442

865

Identiv,

Inc.*

7,301

3,311

Insight

Enterprises,

Inc.*

481,751

2,298

IPG

Photonics

Corp.

233,339

4,540

Itron,

Inc.*

275,033

3,208

Kimball

Electronics,

Inc.*

87,835

8,986

Knowles

Corp.*

133,083

439

Littelfuse,

Inc.

108,573

1,600

Luna

Innovations,

Inc.*

9,376

4,257

Methode

Electronics,

Inc.,

Class

A

97,272

1,358

Mirion

Technologies,

Inc.*

10,144

4,166

Napco

Security

Technologies,

Inc.

92,694

3,997

National

Instruments

Corp.

238,301

3,256

nLight,

Inc.*

33,862

3,369

Novanta,

Inc.*

483,249

1,855

OSI

Systems,

Inc.*

218,964

1,684

PAR

Technology

Corp.*^

64,901

2,619

PC

Connection,

Inc.

139,802

2,630

Plexus

Corp.*

244,537

1,927

Rogers

Corp.*

253,343

5,733

Sanmina

Corp.*

311,187

3,050

ScanSource,

Inc.*

92,445

3,056

SmartRent,

Inc.*

7,976

10,514

TTM

Technologies,

Inc.*

135,420

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

11,813

Vishay

Intertechnology,

Inc.

$

292,017

1,643

Vishay

Precision

Group,

Inc.*

55,172

6,043

Vontier

Corp.

186,850

7,261,877

Energy

Equipment

&

Services

(

2

.8

%

):

16,528

Archrock,

Inc.

208,253

3,515

Bristow

Group,

Inc.*

99,018

6,123

Cactus,

Inc.,

Class

A

307,436

11,410

ChampionX

Corp.

406,424

4,409

Core

Laboratories,

Inc.

105,860

653

DMC

Global,

Inc.*

15,979

3,762

Dril-Quip,

Inc.*

105,976

1,282

Expro

Group

Holdings

NV*

29,781

782

Forum

Energy

Technologies,

Inc.*

18,784

1,260

Geospace

Technologies

Corp.*

16,317

2,641

Gulf

Island

Fabrication,

Inc.*

8,636

15,555

Helix

Energy

Solutions

Group,

Inc.*

173,749

9,996

Helmerich

&

Payne,

Inc.

421,431

12,218

Liberty

Energy,

Inc.

226,277

595

Mammoth

Energy

Services,

Inc.*

2,761

1,083

Nabors

Industries,

Ltd.*

133,361

6,878

National

Energy

Services

Reunited

Corp.*

39,480

1,299

Natural

Gas

Services

Group*

18,914

10,874

Newpark

Resources,

Inc.*

75,139

1,750

Nine

Energy

Service,

Inc.*

7,210

541

Noble

Corp.

plc

27,402

888

NOV,

Inc.

18,559

9,520

Oceaneering

International,

Inc.*

244,854

6,786

Oil

States

International,

Inc.*

56,799

34,870

Patterson-UTI

Energy,

Inc.

482,601

12,578

ProPetro

Holding

Corp.*

133,704

19,536

RPC,

Inc.

174,652

1,598

SEACOR

Marine

Holdings,

Inc.*

22,180

9,033

Select

Water

Solutions,

Inc.

71,812

1,537

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

16,384

28,459

TechnipFMC

plc

578,856

5,480

TETRA

Technologies,

Inc.*

34,962

3,988

Tidewater,

Inc.*

283,427

31,786

Transocean,

Ltd.*

260,963

8,704

US

Silica

Holdings,

Inc.*

122,204

3,853

Valaris,

Ltd.*

288,898

3,663

Weatherford

International

plc*

330,879

5,569,922

Entertainment

(

0

.6

%

):

4,252

Atlanta

Braves

Holdings,

Inc.*

151,924

1,562

Atlanta

Braves

Holdings,

Inc.*

61,027

7,111

Cinemark

Holdings,

Inc.*

130,487

2,527

FG

Group

Holdings,

Inc.*

4,245

6,033

IMAX

Corp.*

116,558

7,700

Lions

Gate

Entertainment

Corp.,

Class

A*

65,296

16,442

Lions

Gate

Entertainment

Corp.,

Class

B*

129,399

1,260

Madison

Square

Garden

Entertainment

Corp.*

41,467

460

Madison

Square

Garden

Sports

Corp.

81,098

1,570

Marcus

Corp.

(The)

24,335

2,680

Playstudios,

Inc.*

8,522

4,940

Playtika

Holding

Corp.*

47,572

2,715

Reading

International,

Inc.,

Class

A*

5,756

1,376

Sciplay

Corp.,

Class

A*

31,331

1,660

Sphere

Entertainment

Co.*

61,686

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

63

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Entertainment,

continued

1,833

TKO

Group

Holdings,

Inc.

$

154,082

1,114,785

Financial

Services

(

1

.9

%

):

1,888

Acacia

Research

Corp.*

6,891

500

Alerus

Financial

Corp.

9,090

2,519

A-Mark

Precious

Metals,

Inc.

73,882

12,027

AvidXchange

Holdings,

Inc.*

114,016

622

BM

Technologies,

Inc.*

1,244

2,569

Cannae

Holdings,

Inc.*

47,886

4,597

Cantaloupe,

Inc.*

28,731

1,959

Cass

Information

Systems,

Inc.

72,973

9,815

Essent

Group,

Ltd.

464,151

3,213

Euronet

Worldwide,

Inc.*

255,048

5,750

EVERTEC,

Inc.

213,785

1,122

Federal

Agricultural

Mortgage

Corp.

173,125

5,390

Flywire

Corp.*

171,887

2,986

I3

Verticals,

Inc.,

Class

A*

63,124

2,738

International

Money

Express,

Inc.*

46,354

1,005

Jackson

Financial,

Inc.,

Class

A

38,411

13,088

Marqeta,

Inc.,

Class

A*

78,266

4,042

Merchants

Bancorp

112,044

13,325

MGIC

Investment

Corp.

222,394

3,941

Mr

Cooper

Group,

Inc.*

211,080

8,826

NMI

Holdings,

Inc.,

Class

A*

239,096

1,437

Ocwen

Financial

Corp.*

37,190

2,338

Paysafe,

Ltd.*

28,033

862

Paysign,

Inc.*

1,681

2,346

PennyMac

Financial

Services,

Inc.

156,244

4,780

Radian

Group,

Inc.

120,026

5,426

Remitly

Global,

Inc.*

136,844

4,573

Repay

Holdings

Corp.*

34,709

3,768

Security

National

Financial

Corp.,

Class

A*

29,541

3,309

Shift4

Payments,

Inc.,

Class

A*

183,219

9,668

TFS

Financial

Corp.

114,276

2,577

Walker

&

Dunlop,

Inc.

191,316

1,247

Waterstone

Financial,

Inc.

13,655

13,836

Western

Union

Co.

(The)

182,359

3,872,571

Food

Products

(

1

.9

%

):

444

Alico,

Inc.

11,082

4,537

B&G

Foods,

Inc.^

44,871

2,392

Calavo

Growers,

Inc.

60,350

3,667

Cal-Maine

Foods,

Inc.

177,556

1,318

Coffee

Holding

Co.,

Inc.*

1,140

2,411

Farmer

Brothers

Co.*

6,220

13,296

Flowers

Foods,

Inc.

294,905

4,536

Fresh

Del

Monte

Produce,

Inc.

117,210

2,131

Freshpet,

Inc.*

140,390

7,444

Hain

Celestial

Group,

Inc.

(The)*

77,194

12,276

Hostess

Brands,

Inc.*

408,914

1,245

Ingredion,

Inc.

122,508

2,003

J

&

J

Snack

Foods

Corp.

327,791

987

John

B

Sanfilippo

&

Son,

Inc.

97,516

2,667

Lancaster

Colony

Corp.

440,135

2,759

Limoneira

Co.

42,268

3,161

Pilgrim's

Pride

Corp.*

72,166

3,923

Post

Holdings,

Inc.*

336,358

1,220

Rocky

Mountain

Chocolate

Factory,

Inc.*

5,856

83

Seaboard

Corp.

311,499

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

708

Seneca

Foods

Corp.,

Class

A*

$

38,112

12

Seneca

Foods

Corp.,

Class

B*

647

9,319

Simply

Good

Foods

Co.

(The)*

321,692

4,502

Tootsie

Roll

Industries,

Inc.

134,430

4,199

TreeHouse

Foods,

Inc.*

182,992

797

Utz

Brands,

Inc.

10,704

5,157

Vital

Farms,

Inc.*

59,718

3,844,224

Gas

Utilities

(

0

.9

%

):

1,683

Chesapeake

Utilities

Corp.

164,513

4,076

National

Fuel

Gas

Co.

211,585

9,694

New

Jersey

Resources

Corp.

393,867

3,221

Northwest

Natural

Holding

Co.

122,913

5,141

ONE

Gas,

Inc.

351,028

873

RGC

Resources,

Inc.

15,103

3,356

Southwest

Gas

Holdings,

Inc.

202,736

5,201

Spire,

Inc.

294,273

2,733

UGI

Corp.

62,859

1,818,877

Ground

Transportation

(

0

.8

%

):

2,305

ArcBest

Corp.

234,303

1,328

Covenant

Logistics

Group,

Inc.

58,233

2,131

Daseke,

Inc.*

10,932

4,045

Heartland

Express,

Inc.

59,421

4,262

Hertz

Global

Holdings,

Inc.*

52,209

1,342

Landstar

System,

Inc.

237,453

5,246

Marten

Transport,

Ltd.

103,399

1,698

PAM

Transportation

Services,

Inc.

36,592

774

RXO,

Inc.*

15,271

1,507

Ryder

System,

Inc.

161,174

526

Saia,

Inc.*

209,690

4,258

Schneider

National,

Inc.,

Class

B

117,904

2,327

Universal

Logistics

Holdings,

Inc.

58,594

5,665

Werner

Enterprises,

Inc.

220,652

774

XPO,

Inc.*

57,787

1,633,614

Health

Care

Equipment

&

Supplies

(

2

.7

%

):

10,348

Accuray,

Inc.*

28,147

2,365

AngioDynamics,

Inc.*

17,288

2,193

Apyx

Medical

Corp.*

7,018

5,282

Artivion,

Inc.*

80,075

4,896

AtriCure,

Inc.*

214,445

141

Atrion

Corp.

58,257

4,538

Avanos

Medical,

Inc.*

91,758

2,841

Axogen,

Inc.*

14,205

4,112

Axonics,

Inc.*

230,765

3,041

CONMED

Corp.

306,685

2,081

CytoSorbents

Corp.*

3,912

1,118

Elctromed,

Inc.*

11,616

2,424

Embecta

Corp.

36,481

3,281

Enovis

Corp.*

173,007

6,467

Envista

Holdings

Corp.*

180,300

9,256

Figs,

Inc.,

Class

A*

54,610

427

FONAR

Corp.*

6,576

4,496

Glaukos

Corp.*

338,324

5,606

Globus

Medical,

Inc.*

278,338

3,641

Haemonetics

Corp.*

326,161

1,134

Inari

Medical,

Inc.*

74,164

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

64

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

1,790

Inogen,

Inc.*

$

9,344

3,470

Integer

Holdings

Corp.*

272,152

8,077

Integra

LifeSciences

Holdings

Corp.*

308,461

1,681

iRadimed

Corp.

74,586

2,006

IRIDEX

Corp.*

5,095

249

Kewaunee

Scientific

Corp.*

4,407

5,751

Lantheus

Holdings,

Inc.*

399,580

2,264

LeMaitre

Vascular,

Inc.

123,343

1,127

LENSAR,

Inc.*

3,482

5,632

LivaNova

plc*

297,820

5,441

Merit

Medical

Systems,

Inc.*

375,538

522

Mesa

Laboratories,

Inc.

54,847

4,344

Omnicell,

Inc.*

195,654

8,786

OraSure

Technologies,

Inc.*

52,101

4,817

Orthofix

Medical,

Inc.*

61,947

2,663

OrthoPediatrics

Corp.*

85,216

1,571

Pulmonx

Corp.*

16,228

400

Semler

Scientific,

Inc.*

10,148

1,010

SI-BONE,

Inc.*

21,452

3,128

Sight

Sciences,

Inc.*

10,541

337

Silk

Road

Medical,

Inc.*

5,052

4,332

STAAR

Surgical

Co.*

174,060

879

Surmodics,

Inc.*

28,207

1,169

Tactile

Systems

Technology,

Inc.*

16,424

2,471

Tandem

Diabetes

Care,

Inc.*

51,323

743

TransMedics

Group,

Inc.*

40,679

671

UFP

Technologies,

Inc.*

108,333

550

Utah

Medical

Products,

Inc.

47,300

4,899

Varex

Imaging

Corp.*

92,052

755

Zynex,

Inc.*

6,040

5,483,544

Health

Care

Providers

&

Services

(

2

.9

%

):

1,111

Acadia

Healthcare

Co.,

Inc.*

78,114

6,905

Accolade,

Inc.*

73,055

1,788

Addus

HomeCare

Corp.*

152,320

2,135

Amedisys,

Inc.*

199,409

3,371

AMN

Healthcare

Services,

Inc.*

287,142

5,822

Apollo

Medical

Holdings,

Inc.*

179,609

19,092

Brookdale

Senior

Living,

Inc.*

79,041

1,638

Castle

Biosciences,

Inc.*

27,666

17,271

Community

Health

Systems,

Inc.

50,086

1,483

CorVel

Corp.*

291,632

3,547

Cross

Country

Healthcare,

Inc.*

87,930

5,272

Encompass

Health

Corp.

354,068

2,372

Enhabit,

Inc.*

26,685

5,453

Ensign

Group,

Inc.

(The)

506,747

7,407

Enzo

Biochem,

Inc.*

10,370

774

Fulgent

Genetics,

Inc.*

20,697

5,537

HealthEquity,

Inc.*

404,478

4,818

Hims

&

Hers

Health,

Inc.*

30,305

1,999

InfuSystem

Holdings,

Inc.*

19,270

1,190

Joint

Corp.

(The)*

10,698

1,339

ModivCare,

Inc.*

42,192

1,428

National

Healthcare

Corp.

91,363

2,441

National

Research

Corp.

108,307

11,926

NeoGenomics,

Inc.*

146,690

314

OmniAb

Operations,

Inc.*(a)

—

314

OmniAb

Operations,

Inc.*(a)

—

26,516

OPKO

Health,

Inc.*

42,426

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

17,633

Option

Care

Health,

Inc.*

$

570,428

7,875

Owens

&

Minor,

Inc.*

127,260

10,254

Patterson

Cos.,

Inc.

303,929

10,007

Pediatrix

Medical

Group,

Inc.*

127,189

3,565

Pennant

Group,

Inc.

(The)*

39,678

3,801

PetIQ,

Inc.*

74,880

11,273

Premier,

Inc.,

Class

A

242,369

429

Privia

Health

Group,

Inc.*

9,867

2,623

Progyny,

Inc.*

89,234

1,080

Psychemedics

Corp.

4,288

1,294

R1

RCM,

Inc.*

19,501

5,839

RadNet,

Inc.*

164,601

11,712

Select

Medical

Holdings

Corp.

295,962

10,156

Surgery

Partners,

Inc.*

297,063

2,123

Tenet

Healthcare

Corp.*

139,884

1,473

US

Physical

Therapy,

Inc.

135,118

5,961,551

Health

Care

Technology

(

0

.6

%

):

7,056

Certara,

Inc.*

102,594

4,294

Doximity,

Inc.,

Class

A*

91,119

9,693

Evolent

Health,

Inc.,

Class

A*

263,940

3,819

GoodRx

Holdings,

Inc.,

Class

A*

21,501

6,108

Health

Catalyst,

Inc.*

61,813

3,597

HealthStream,

Inc.

77,623

1,239

iCAD,

Inc.*

2,614

7,012

NextGen

Healthcare,

Inc.*

166,395

445

OptimizeRx

Corp.*

3,462

2,741

Schrodinger,

Inc.*

77,488

1,580

Simulations

Plus,

Inc.

65,886

7,069

Teladoc

Health,

Inc.*

131,413

10,578

Veradigm,

Inc.*

138,995

1,204,843

Hotels,

Restaurants

&

Leisure

(

2

.4

%

):

3,277

Accel

Entertainment,

Inc.*

35,883

4,213

Bally's

Corp.*

55,232

3

Biglari

Holdings,

Inc.,

Class

A*

2,385

319

Biglari

Holdings,

Inc.,

Class

B*

52,954

3,037

BJ's

Restaurants,

Inc.*

71,248

7,407

Bloomin'

Brands,

Inc.

182,138

759

Bluegreen

Vacations

Holding

Corp.

27,840

3,803

Brinker

International,

Inc.*

120,137

4,497

Carrols

Restaurant

Group,

Inc.*

29,635

2,100

Century

Casinos,

Inc.*

10,773

5,004

Cheesecake

Factory,

Inc.

(The)

151,621

1,878

Choice

Hotels

International,

Inc.^

230,074

2,161

Chuy's

Holdings,

Inc.*

76,888

2,074

Cracker

Barrel

Old

Country

Store,

Inc.

139,373

3,429

Dave

&

Buster's

Entertainment,

Inc.*

127,113

6,787

Denny's

Corp.*

57,486

795

Dine

Brands

Global,

Inc.

39,313

557

Dutch

Bros,

Inc.,

Class

A*

12,950

5,001

El

Pollo

Loco

Holdings,

Inc.

44,759

2,608

Fiesta

Restaurant

Group,

Inc.*

22,064

100

Flanigan's

Enterprises,

Inc.

3,300

2,709

Full

House

Resorts,

Inc.*

11,567

4,240

Hilton

Grand

Vacations,

Inc.*

172,568

1,648

Inspired

Entertainment,

Inc.*

19,710

5,547

International

Game

Technology

plc

168,185

2,124

Jack

in

the

Box,

Inc.

146,683

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

65

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

289

Kura

Sushi

USA,

Inc.,

Class

A*

$

19,109

3,042

Light

&

Wonder,

Inc.,

Class

A*

216,986

2,879

Marriott

Vacations

Worldwide

Corp.

289,714

538

Nathans

Famous,

Inc.

38,015

1,669

Noodles

&

Co.*

4,106

6,207

Norwegian

Cruise

Line

Holdings,

Ltd.*

102,291

1,507

ONE

Group

Hospitality,

Inc.

(The)*

8,288

2,969

Papa

John's

International,

Inc.

202,545

809

Penn

Entertainment,

Inc.*

18,566

2,005

Planet

Fitness,

Inc.,

Class

A*

98,606

9,502

Playa

Hotels

&

Resorts

NV*

68,794

1,540

PlayAGS,

Inc.*

10,041

936

Portillo's,

Inc.,

Class

A*

14,405

897

Potbelly

Corp.*

6,997

300

RCI

Hospitality

Holdings,

Inc.

18,198

1,368

Red

Robin

Gourmet

Burgers,

Inc.*

10,999

662

Red

Rock

Resorts,

Inc.,

Class

A

27,142

5,952

SeaWorld

Entertainment,

Inc.*

275,280

3,298

Shake

Shack,

Inc.,

Class

A*

191,515

2,405

Six

Flags

Entertainment

Corp.*

56,542

1,870

Soho

House

&

Co.,

Inc.*

12,959

845

Sweetgreen,

Inc.,

Class

A*

9,929

1,917

Texas

Roadhouse,

Inc.

184,224

6,656

Travel

+

Leisure

Co.

244,475

17,083

Wendy's

Co.

(The)

348,664

1,655

Wingstop,

Inc.

297,635

2,164

Wyndham

Hotels

&

Resorts,

Inc.

150,485

4,938,389

Household

Durables

(

2

.3

%

):

608

Bassett

Furniture

Industries,

Inc.

8,907

3,160

Beazer

Homes

U.S.A.,

Inc.*

78,716

893

Cavco

Industries,

Inc.*

237,234

3,296

Century

Communities,

Inc.

220,107

3,255

Ethan

Allen

Interiors,

Inc.

97,325

820

Flexsteel

Industries,

Inc.

17,023

7,358

GoPro,

Inc.,

Class

A*

23,104

1,624

Green

Brick

Partners,

Inc.*

67,412

2,521

Helen

of

Troy,

Ltd.*

293,848

670

Hooker

Furnishings

Corp.

13,031

347

Hovnanian

Enterprises,

Inc.,

Class

A*

35,276

2,490

Installed

Building

Products,

Inc.

310,976

1,482

iRobot

Corp.*

56,168

4,791

KB

Home

221,727

1,138

Koss

Corp.*

3,425

4,680

La-Z-Boy,

Inc.

144,518

1,413

Legacy

Housing

Corp.*

27,426

6,614

Leggett

&

Platt,

Inc.

168,062

2,144

LGI

Homes,

Inc.*

213,307

2,522

Lifetime

Brands,

Inc.

14,199

625

Lovesac

Co.

(The)*

12,450

1,513

M/I

Homes,

Inc.*

127,153

6,707

MDC

Holdings,

Inc.

276,530

1,818

Meritage

Homes

Corp.

222,505

6,102

Newell

Brands,

Inc.

55,101

9,527

Purple

Innovation,

Inc.

16,291

4,849

Skyline

Champion

Corp.*

308,978

9,581

Sonos,

Inc.*

123,691

10,902

Taylor

Morrison

Home

Corp.,

Class

A*

464,534

3,599

Tempur

Sealy

International,

Inc.

155,981

Shares

Value

Common

Stocks,

continued

Household

Durables,

continued

1,904

Toll

Brothers,

Inc.

$

140,820

872

TopBuild

Corp.*

219,395

10,863

Tri

Pointe

Homes,

Inc.*

297,103

798

Universal

Electronics,

Inc.*

7,222

2,661

Vizio

Holding

Corp.,

Class

A*

14,396

4,693,941

Household

Products

(

0

.5

%

):

1,235

Central

Garden

&

Pet

Co.*

54,513

4,176

Central

Garden

&

Pet

Co.,

Class

A*

167,416

629

Energizer

Holdings,

Inc.

20,153

780

Oil-Dri

Corp.

of

America

48,165

7,152

Reynolds

Consumer

Products,

Inc.

183,306

3,808

Spectrum

Brands

Holdings,

Inc.

298,357

1,352

WD-40

Co.

274,780

1,046,690

Independent

Power

and

Renewable

Electricity

Producers

(

0

.3

%

):

2,245

Clearway

Energy,

Inc.,

Class

A

44,721

3,475

Clearway

Energy,

Inc.,

Class

C

73,531

5,585

Ormat

Technologies,

Inc.

390,503

11,366

Sunnova

Energy

International,

Inc.*^

119,002

627,757

Insurance

(

3

.4

%

):

4,463

Ambac

Financial

Group,

Inc.*

53,824

9,019

American

Equity

Investment

Life

Holding

Co.

483,779

2,102

AMERISAFE,

Inc.

105,247

1,862

Argo

Group

International

Holdings,

Ltd.

55,562

6,145

Assured

Guaranty,

Ltd.

371,895

5,537

Axis

Capital

Holdings,

Ltd.

312,121

6,500

Brighthouse

Financial,

Inc.*

318,110

5,658

BRP

Group,

Inc.,

Class

A*

131,435

2,876

Crawford

&

Co.,

Class

A

26,862

3,445

Crawford

&

Co.,

Class

B

29,524

3,777

Donegal

Group,

Inc.,

Class

A

53,841

1,337

eHealth,

Inc.*

9,894

2,911

Employers

Holdings,

Inc.

116,294

1,582

Enstar

Group,

Ltd.*

382,844

5,076

First

American

Financial

Corp.

286,743

29,676

Genworth

Financial,

Inc.,

Class

A*

173,901

850

Goosehead

Insurance,

Inc.,

Class

A*

63,351

4,998

Greenlight

Capital

Re,

Ltd.,

Class

A*

53,679

175

Hallmark

Financial

Services,

Inc.*

345

3,655

Hanover

Insurance

Group,

Inc.

(The)

405,632

489

HCI

Group,

Inc.

26,548

1,369

Heritage

Insurance

Holdings,

Inc.*

8,885

4,168

Horace

Mann

Educators

Corp.

122,456

135

Investors

Title

Co.

19,992

3,776

James

River

Group

Holdings,

Ltd.

57,962

5,318

Kemper

Corp.

223,516

1,473

Kingstone

Cos.,

Inc.*

2,592

350

Kinsale

Capital

Group,

Inc.

144,946

572

Lincoln

National

Corp.

14,123

5,949

Maiden

Holdings,

Ltd.*

10,470

5,743

Mercury

General

Corp.

160,976

375

National

Western

Life

Group,

Inc.,

Class

A

164,059

929

NI

Holdings,

Inc.*

11,956

376

Old

Republic

International

Corp.

10,129

1,942

Primerica,

Inc.

376,767

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

66

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

5,241

ProAssurance

Corp.

$

99,002

3,174

RLI

Corp.

431,315

1,548

Safety

Insurance

Group,

Inc.

105,558

5,986

Selective

Insurance

Group,

Inc.

617,576

12,459

SiriusPoint,

Ltd.*

126,708

2,858

Stewart

Information

Services

Corp.

125,180

4,936

Tiptree,

Inc.,

Class

A

82,727

3,821

United

Fire

Group,

Inc.

75,465

4,410

Universal

Insurance

Holdings,

Inc.

61,828

259

White

Mountains

Insurance

Group,

Ltd.

387,384

6,903,003

Interactive

Media

&

Services

(

0

.7

%

):

3,144

Angi,

Inc.,

Class

A*

6,225

5,206

Bumble,

Inc.,

Class

A*

77,674

10,392

Cargurus,

Inc.*

182,068

6,699

Cars.com,

Inc.*

112,945

2,200

DHI

Group,

Inc.*

6,732

1,104

Eventbrite,

Inc.,

Class

A*

10,886

673

MediaAlpha,

Inc.,

Class

A*

5,559

6,656

QuinStreet,

Inc.*

59,704

3,548

Shutterstock,

Inc.

135,001

1,095

Travelzoo*

6,384

9,123

TripAdvisor,

Inc.*

151,259

11,137

TrueCar,

Inc.*

23,054

3,726

Vimeo,

Inc.*

13,190

7,353

Yelp,

Inc.*

305,811

4,449

Ziff

Davis,

Inc.*

283,357

694

ZipRecruiter,

Inc.*

8,321

2,681

ZoomInfo

Technologies,

Inc.*

43,968

1,432,138

IT

Services

(

0

.4

%

):

1,700

Brightcove,

Inc.*

5,593

758

CSP,

Inc.

13,265

979

DigitalOcean

Holdings,

Inc.*

23,525

5,836

DXC

Technology

Co.*

121,564

10,373

Edgio,

Inc.*

8,839

6,592

Fastly,

Inc.,

Class

A*

126,369

2,549

Grid

Dynamics

Holdings,

Inc.*

31,047

2,529

Hackett

Group,

Inc.

(The)

59,659

1,300

Information

Services

Group,

Inc.

5,694

8,725

Kyndryl

Holdings,

Inc.*

131,747

3,191

Perficient,

Inc.*

184,631

3,168

PFSweb,

Inc.

23,570

4,235

Unisys

Corp.*

14,611

750,114

Leisure

Products

(

0

.8

%

):

6,387

Acushnet

Holdings

Corp.

338,767

1,271

American

Outdoor

Brands,

Inc.*

12,430

1,207

Brunswick

Corp.

95,353

1,402

Escalade,

Inc.

21,465

1,267

Johnson

Outdoors,

Inc.,

Class

A

69,292

2,158

Malibu

Boats,

Inc.,

Class

A*

105,785

3,527

Marine

Products

Corp.

50,119

1,734

MasterCraft

Boat

Holdings,

Inc.*

38,530

7,857

Mattel,

Inc.*

173,090

760

Polaris,

Inc.

79,146

4,406

Smith

&

Wesson

Brands,

Inc.

56,881

2,044

Solo

Brands,

Inc.,

Class

A*

10,424

Shares

Value

Common

Stocks,

continued

Leisure

Products,

continued

10,855

Topgolf

Callaway

Brands

Corp.*

$

150,233

4,296

Vista

Outdoor,

Inc.*

142,284

6,555

YETI

Holdings,

Inc.*

316,082

1,659,881

Life

Sciences

Tools

&

Services

(

0

.4

%

):

13,233

Adaptive

Biotechnologies

Corp.*

72,120

255

Azenta,

Inc.*

12,798

3,370

BioLife

Solutions,

Inc.*

46,540

2,937

Codexis,

Inc.*

5,551

1,999

CryoPort,

Inc.*

27,406

1,219

Cytek

Biosciences,

Inc.*

6,729

5,439

Harvard

Bioscience,

Inc.*

23,387

4,788

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

47,880

667

Medpace

Holdings,

Inc.*

161,501

4,067

OmniAb,

Inc.*

21,108

10,949

Pacific

Biosciences

of

California,

Inc.*

91,424

647

Personalis,

Inc.*

783

3,541

Quanterix

Corp.*

96,103

15,049

Sotera

Health

Co.*

225,434

838,764

Machinery

(

4

.9

%

):

5,892

3D

Systems

Corp.*

28,930

1,172

Alamo

Group,

Inc.

202,592

2,918

Albany

International

Corp.,

Class

A

251,765

9,440

Allison

Transmission

Holdings,

Inc.

557,526

806

Art's-Way

Manufacturing

Co.,

Inc.

1,918

2,342

Astec

Industries,

Inc.

110,332

5,355

Barnes

Group,

Inc.

181,909

1,880

Chart

Industries,

Inc.*

317,946

2,915

CIRCOR

International,

Inc.*

162,511

3,104

Columbus

McKinnon

Corp.

108,361

4,961

Commercial

Vehicle

Group,

Inc.*

38,497

1,917

Crane

Co.

170,306

2,894

Crane

NXT

Co.

160,820

493

Donaldson

Co.,

Inc.

29,403

2,646

Douglas

Dynamics,

Inc.

79,856

500

Eastern

Co.

(The)

9,075

5,334

Energy

Recovery,

Inc.*

113,134

5,407

Enerpac

Tool

Group

Corp.

142,907

2,132

EnPro

Industries,

Inc.

258,377

1,739

Esab

Corp.

122,113

2,512

ESCO

Technologies,

Inc.

262,353

6,016

Federal

Signal

Corp.

359,336

12,072

Flowserve

Corp.

480,103

4,515

Franklin

Electric

Co.,

Inc.

402,873

11,667

Gates

Industrial

Corp.

plc*

135,454

2,514

Gencor

Industries,

Inc.*

35,523

1,794

Gorman-Rupp

Co.

(The)

59,023

459

Graham

Corp.*

7,619

3,262

Greenbrier

Cos.,

Inc.

(The)

130,480

3,325

Helios

Technologies,

Inc.

184,471

4,894

Hillenbrand,

Inc.

207,065

1,170

Hurco

Cos.,

Inc.

26,243

1,014

Hyster-Yale

Materials

Handling,

Inc.,

Class

A

45,204

219

ITT,

Inc.

21,442

2,996

John

Bean

Technologies

Corp.

314,999

951

Kadant,

Inc.

214,498

7,094

Kennametal,

Inc.

176,499

1,529

L.B.

Foster

Co.,

Class

A*

28,913

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

67

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

1,158

Lindsay

Corp.

$

136,273

3,189

Luxfer

Holdings

plc

41,616

3,228

Manitex

International,

Inc.*

15,075

2,653

Manitowoc

Co.,

Inc.

(The)*

39,928

589

Mayville

Engineering

Co.,

Inc.*

6,461

1,424

Miller

Industries,

Inc.

55,835

5,226

Mueller

Industries,

Inc.

392,786

15,526

Mueller

Water

Products,

Inc.,

Class

A

196,870

3,562

NN,

Inc.*

6,625

920

Omega

Flex,

Inc.

72,432

2,691

Oshkosh

Corp.

256,802

723

P&F

Industries,

Inc.,

Class

A

4,808

1,229

Park-Ohio

Holdings

Corp.

24,469

3,123

Proto

Labs,

Inc.*

82,447

235

RBC

Bearings,

Inc.*

55,021

6,810

REV

Group,

Inc.

108,960

3,869

Shyft

Group,

Inc.

(The)

57,919

3,392

SPX

Technologies,

Inc.*

276,109

1,282

Standex

International

Corp.

186,775

466

Taylor

Devices,

Inc.*

9,926

1,821

Tennant

Co.

135,027

6,393

Terex

Corp.

368,365

3,793

Timken

Co.

(The)

278,748

7,811

Titan

International,

Inc.*

104,902

8,005

Trinity

Industries,

Inc.

194,922

1,747

Twin

Disc,

Inc.*

23,969

4,168

Wabash

National

Corp.

88,028

2,727

Watts

Water

Technologies,

Inc.,

Class

A

471,280

9,832,754

Marine

Transportation

(

0

.4

%

):

9,113

Costamare,

Inc.

87,667

290

Eagle

Bulk

Shipping,

Inc.^

12,189

315

Eneti,

Inc.

3,175

5,401

Genco

Shipping

&

Trading,

Ltd.

75,560

4,186

Kirby

Corp.*

346,601

3,488

Matson,

Inc.

309,455

834,647

Media

(

0

.7

%

):

6,248

Altice

U.S.A.,

Inc.,

Class

A*

20,431

3,441

AMC

Networks,

Inc.,

Class

A*

40,535

3,595

Boston

Omaha

Corp.,

Class

A*

58,922

1,276

Cardlytics,

Inc.*

21,054

7,836

comScore,

Inc.*

4,810

198

Daily

Journal

Corp.*

58,212

976

DallasNews

Corp.

4,490

6,737

E.W.

Scripps

Co.

(The),

Class

A*

36,919

10,295

Entravision

Communications

Corp.,

Class

A

37,577

5,880

Gannett

Co,

Inc.*

14,406

7,507

Gray

Television,

Inc.

51,948

1,608

iHeartMedia,

Inc.,

Class

A*

5,081

5,763

Integral

Ad

Science

Holding

Corp.*

68,522

5,004

John

Wiley

&

Sons,

Inc.,

Class

A

185,999

5,805

Magnite,

Inc.*

43,770

348

Marchex,

Inc.,

Class

B*

505

3,785

New

York

Times

Co.

(The),

Class

A

155,942

580

Nexstar

Media

Group,

Inc.

83,155

2,614

PubMatic,

Inc.,

Class

A*

31,629

3,440

Scholastic

Corp.

131,202

1,907

Sinclair,

Inc.

21,396

Shares

Value

Common

Stocks,

continued

Media,

continued

7,113

Stagwell,

Inc.*

$

33,360

3,284

TechTarget,

Inc.*

99,702

10,206

TEGNA,

Inc.

148,701

3,183

Thryv

Holdings,

Inc.*

59,745

4,009

WideOpenWest,

Inc.*

30,669

1,448,682

Metals

&

Mining

(

2

.0

%

):

1,395

Alpha

Metallurgical

Resources,

Inc.

362,323

2,124

Ampco-Pittsburgh

Corp.*

5,586

1,338

Ascent

Industries

Co.*

11,868

12,085

ATI,

Inc.*

497,298

5,088

Carpenter

Technology

Corp.

341,964

11,193

Century

Aluminum

Co.*

80,478

27,193

Coeur

Mining,

Inc.*

60,368

10,801

Commercial

Metals

Co.

533,677

4,390

Compass

Minerals

International,

Inc.

122,701

15,692

Ferroglobe

plc*

81,598

515

Fortitude

Gold

Corp.

3,080

1,311

Haynes

International,

Inc.

60,988

49,711

Hecla

Mining

Co.

194,370

754

Kaiser

Aluminum

Corp.

56,746

2,086

Materion

Corp.

212,584

937

McEwen

Mining,

Inc.*

6,091

9,300

MP

Materials

Corp.*

177,630

665

Olympic

Steel,

Inc.

37,380

4,149

Ryerson

Holding

Corp.

120,694

2,862

Schnitzer

Steel

Industries,

Inc.,

Class

A

79,707

6,647

SunCoke

Energy,

Inc.

67,467

4,513

TimkenSteel

Corp.*

98,022

2,908

Tredegar

Corp.

15,732

9,051

United

States

Steel

Corp.

293,977

1,458

Universal

Stainless

&

Alloy

Products,

Inc.*

19,114

2,207

Warrior

Met

Coal,

Inc.

112,734

5,427

Worthington

Industries,

Inc.

335,497

3,989,674

Multi-Utilities

(

0

.5

%

):

7,691

Avista

Corp.

248,958

6,714

Black

Hills

Corp.

339,661

5,832

NorthWestern

Corp.

280,286

2,008

Unitil

Corp.

85,762

954,667

Oil,

Gas

&

Consumable

Fuels

(

5

.0

%

):

2,827

Amplify

Energy

Corp.*

20,778

49,383

Antero

Midstream

Corp.

591,608

1,868

Arch

Resources,

Inc.

318,793

3,948

Ardmore

Shipping

Corp.

51,363

9,758

Berry

Corp.

80,016

5,609

California

Resources

Corp.

314,160

4,863

Callon

Petroleum

Co.*

190,241

882

Centrus

Energy

Corp.,

Class

A*

50,062

735

Chord

Energy

Corp.

119,121

309

Civitas

Resources,

Inc.

24,989

21,990

Clean

Energy

Fuel

Corp.*

84,222

17,318

CNX

Resources

Corp.*

391,040

17,410

Comstock

Resources,

Inc.

192,032

3,124

CONSOL

Energy,

Inc.

327,739

8,027

CVR

Energy,

Inc.

273,159

6,942

Delek

US

Holdings,

Inc.

197,222

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

68

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

3,982

Denbury,

Inc.*

$

390,276

17,465

DHT

Holdings,

Inc.

179,890

4,504

Dorian

LPG,

Ltd.

129,400

2,631

DT

Midstream,

Inc.

139,233

3,174

Earthstone

Energy,

Inc.,

Class

A*

64,242

35,592

Enlink

Midstream

LLC

434,934

15,991

Equitrans

Midstream

Corp.

149,836

2,943

Evolution

Petroleum

Corp.

20,130

5,232

Green

Plains,

Inc.*

157,483

741

Gulfport

Energy

Corp.*

87,927

3,562

International

Seaways,

Inc.

160,290

1,875

Kinetik

Holdings,

Inc.

63,281

35,919

Kosmos

Energy,

Ltd.*

293,817

13,505

Magnolia

Oil

&

Gas

Corp.,

Class

A

309,400

4,763

Matador

Resources

Co.

283,303

8,623

Murphy

Oil

Corp.

391,053

245

NACCO

Industries,

Inc.,

Class

A

8,592

2,052

New

Fortress

Energy,

Inc.

67,265

19,107

Nordic

American

Tankers,

Ltd.

78,721

897

Northern

Oil

and

Gas,

Inc.

36,086

5,300

Overseas

Shipholding

Group,

Inc.,

Class

A*

23,267

5,769

Par

Pacific

Holdings,

Inc.*

207,338

10,581

PBF

Energy,

Inc.,

Class

A

566,401

11,090

Peabody

Energy

Corp.

288,229

16,331

Permian

Resources

Corp.

227,981

2,410

PHX

Minerals,

Inc.

8,772

6

PrimeEnergy

Resources

Corp.*

696

5,480

Range

Resources

Corp.

177,607

1,817

REX

American

Resources

Corp.*

73,988

4,515

SandRidge

Energy,

Inc.

70,705

4,942

Scorpio

Tankers,

Inc.

267,461

11,301

SFL

Corp.,

Ltd.

126,006

632

SilverBow

Resources,

Inc.*

22,607

3,500

Sitio

Royalties

Corp.,

Class

A

84,735

12,500

SM

Energy

Co.

495,625

40,654

Southwestern

Energy

Co.*

262,218

8,844

Talos

Energy,

Inc.*

145,395

6,156

Teekay

Shipping

Corp.*

37,983

2,668

Teekay

Tankers,

Ltd.,

Class

A

111,069

1,542

Vital

Energy,

Inc.*

85,458

11,767

W&T

Offshore,

Inc.*

51,539

6,179

World

Kinect

Corp.

138,595

10,145,379

Paper

&

Forest

Products

(

0

.3

%

):

1,958

Clearwater

Paper

Corp.*

70,978

3,299

Glatfelter

Corp.*

6,598

6,566

Louisiana-Pacific

Corp.

362,903

7,454

Mercer

International,

Inc.

63,955

851

Sylvamo

Corp.

37,393

541,827

Passenger

Airlines

(

0

.6

%

):

8,790

Alaska

Air

Group,

Inc.*

325,933

1,917

Allegiant

Travel

Co.

147,341

1,769

Copa

Holdings

SA,

Class

A

157,653

1,436

Frontier

Group

Holdings,

Inc.*

6,950

6,778

Hawaiian

Holdings,

Inc.*

42,905

25,978

JetBlue

Airways

Corp.*

119,499

4,173

SkyWest,

Inc.*

175,016

7,810

Spirit

Airlines,

Inc.

128,865

Shares

Value

Common

Stocks,

continued

Passenger

Airlines,

continued

2,159

Sun

Country

Airlines

Holdings,

Inc.*

$

32,039

1,136,201

Personal

Care

Products

(

1

.0

%

):

3,738

Beauty

Health

Co.

(The)*

22,503

10,969

BellRing

Brands,

Inc.*

452,252

5,305

Edgewell

Personal

Care

Co.

196,073

4,383

elf

Beauty,

Inc.*

481,385

4,508

Herbalife,

Ltd.*

63,067

3,068

Inter

Parfums,

Inc.

412,155

900

Lifevantage

Corp.

5,805

1,046

Medifast,

Inc.

78,293

1,387

Natural

Alternatives

International,

Inc.*

9,002

369

Natural

Health

Trends

Corp.

1,974

3,181

Natures

Sunshine

Products,

Inc.*

52,709

4,261

Nu

Skin

Enterprises,

Inc.,

Class

A

90,376

340

United-Guardian,

Inc.

2,560

1,873

USANA

Health

Sciences,

Inc.*

109,776

1,977,930

Pharmaceuticals

(

1

.2

%

):

1,113

Aclaris

Therapeutics,

Inc.*

7,624

9,876

Amneal

Pharmaceuticals,

Inc.*

41,677

5,537

Amphastar

Pharmaceuticals,

Inc.*

254,647

1,824

ANI

Pharmaceuticals,

Inc.*

105,901

464

Arvinas,

Inc.*

9,113

1,693

Assertio

Holdings,

Inc.*

4,334

2,880

Cara

Therapeutics,

Inc.*

4,838

327

Catalent,

Inc.*

14,888

3,130

Collegium

Pharmaceutical,

Inc.*

69,956

8,031

Corcept

Therapeutics,

Inc.*

218,805

3,415

Cumberland

Pharmaceuticals,

Inc.*

6,454

5,512

Cymabay

Therapeutics,

Inc.*

82,184

3,833

Elanco

Animal

Health,

Inc.*

43,083

1,163

EyePoint

Pharmaceuticals,

Inc.*^

9,292

4,130

Harmony

Biosciences

Holdings,

Inc.*

135,340

1,617

Harrow,

Inc.*

23,236

7,015

Innoviva,

Inc.*

91,125

1,693

Ligand

Pharmaceuticals,

Inc.*

101,445

10,744

Nektar

Therapeutics*

6,399

882

NGM

Biopharmaceuticals,

Inc.*

944

7,543

Organon

&

Co.

130,947

4,377

Pacira

BioSciences,

Inc.*

134,286

6,939

Perrigo

Co.

plc

221,701

2,388

Phibro

Animal

Health

Corp.,

Class

A

30,495

5,147

Prestige

Consumer

Healthcare,

Inc.*

294,357

420

Relmada

Therapeutics,

Inc.*

1,260

911

scPharmaceuticals,

Inc.*^

6,486

5,073

SIGA

Technologies,

Inc.

26,633

5,644

Supernus

Pharmaceuticals,

Inc.*

155,605

2,116

Taro

Pharmaceutical

Industries,

Ltd.*

79,794

3,288

Terns

Pharmaceuticals,

Inc.*

16,539

352

Ventyx

Biosciences,

Inc.*

12,225

2,341,613

Professional

Services

(

2

.7

%

):

2,509

Alight,

Inc.,

Class

A*

17,789

4,732

ASGN,

Inc.*

386,510

935

Asure

Software,

Inc.*

8,845

907

Barrett

Business

Services,

Inc.

81,848

558

CACI

International,

Inc.,

Class

A*

175,173

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

69

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

4,705

CBIZ,

Inc.*

$

244,190

3,175

Clarivate

plc*

21,304

909

Concentrix

Corp.

72,820

24,230

Conduent,

Inc.*

84,320

490

CRA

International,

Inc.

49,372

3,046

CSG

Systems

International,

Inc.

155,712

9,712

Dun

&

Bradstreet

Holdings,

Inc.

97,023

15,546

ExlService

Holdings,

Inc.*

435,910

4,462

Exponent,

Inc.

381,947

2,635

Forrester

Research,

Inc.*

76,151

1,460

Franklin

Covey

Co.*

62,663

1,145

Genpact,

Ltd.

41,449

2,543

Heidrick

&

Struggles

International,

Inc.

63,626

1,095

HireRight

Holdings

Corp.*

10,413

2,057

Huron

Consulting

Group,

Inc.*

214,257

1,077

IBEX

Holdings,

Ltd.*

16,640

1,985

ICF

International,

Inc.

239,808

3,016

Insperity,

Inc.

294,362

668

KBR,

Inc.

39,372

3,977

Kelly

Services,

Inc.,

Class

A

72,342

1,724

Kforce,

Inc.

102,854

5,109

Korn

Ferry

242,371

2,210

Legalzoom.com,

Inc.*

24,177

1,919

ManpowerGroup,

Inc.

140,701

1,332

Mastech

Digital,

Inc.*

11,988

3,715

Maximus,

Inc.

277,436

3,943

Mistras

Group,

Inc.*

21,489

1,688

NV5

Global,

Inc.*

162,436

1,117

Paycor

HCM,

Inc.*

25,501

10,167

Planet

Labs

PBC*

26,434

4,105

Resources

Connection,

Inc.

61,206

3,126

Science

Applications

International

Corp.

329,918

1,400

TaskUS,

Inc.,

Class

A*

14,532

2,657

TriNet

Group,

Inc.*

309,487

4,565

TrueBlue,

Inc.*

66,969

4,590

TTEC

Holdings,

Inc.

120,350

1,200

Upwork,

Inc.*

13,632

8,419

Verra

Mobility

Corp.*

157,435

505

Willdan

Group,

Inc.*

10,317

5,463,079

Real

Estate

Management

&

Development

(

0

.8

%

):

1,580

AMREP

Corp.*

26,580

3,740

Anywhere

Real

Estate,

Inc.*

24,048

395

CKX

Lands,

Inc.*

5,182

10,668

Compass,

Inc.,

Class

A*

30,937

15,704

Cushman

&

Wakefield

plc*

119,665

12,237

Douglas

Elliman,

Inc.

27,656

913

eXp

World

Holdings,

Inc.

14,827

1,627

Five

Point

Holdings

LLC,

Class

A*

4,832

5,226

Forestar

Group,

Inc.*

140,788

971

FRP

Holdings,

Inc.*

52,405

4,346

Howard

Hughes

Holdings,

Inc.*

322,169

10

J.W.

Mays,

Inc.*

474

14,336

Kennedy-Wilson

Holdings,

Inc.

211,313

3,651

Marcus

&

Millichap,

Inc.

107,120

1,035

Maui

Land

&

Pineapple

Co.,

Inc.*

13,714

17,049

Newmark

Group,

Inc.

109,625

1,207

Rafael

Holdings,

Inc.,

Class

B*

2,293

688

RE/MAX

Holdings,

Inc.,

Class

A

8,903

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

2,198

RMR

Group,

Inc.

(The),

Class

A

$

53,895

5,902

St

Joe

Co.

(The)

320,656

308

Stratus

Properties,

Inc.*

8,439

3,773

Tejon

Ranch

Co.*

61,198

1,666,719

Semiconductors

&

Semiconductor

Equipment

(

3

.3

%

):

1,931

Aehr

Test

Systems*

88,247

1,752

Allegro

MicroSystems,

Inc.*

55,959

2,944

Alpha

&

Omega

Semiconductor,

Ltd.*

87,849

3,209

Ambarella,

Inc.*

170,173

12,931

Amkor

Technology,

Inc.

292,241

1,301

Amtech

Systems,

Inc.*

9,914

3,466

Axcelis

Technologies,

Inc.*

565,131

2,777

AXT,

Inc.*

6,665

2,382

CEVA,

Inc.*

46,187

5,283

Cirrus

Logic,

Inc.*

390,731

4,518

Cohu,

Inc.*

155,600

1,506

Credo

Technology

Group

Holding,

Ltd.*

22,967

4,444

Diodes,

Inc.*

350,365

2,057

Everspin

Technologies,

Inc.*

20,220

7,567

FormFactor,

Inc.*

264,391

4,679

GSI

Technology,

Inc.*

12,680

3,150

Ichor

Holdings,

Ltd.*

97,524

1,349

inTEST

Corp.*

20,464

5,112

Kulicke

&

Soffa

Industries,

Inc.

248,597

4,502

MACOM

Technology

Solutions

Holdings,

Inc.*

367,273

4,444

MagnaChip

Semiconductor

Corp.*

36,930

8,358

MaxLinear,

Inc.,

Class

A*

185,965

739

NVE

Corp.

60,701

5,176

Onto

Innovation,

Inc.*

660,044

3,918

PDF

Solutions,

Inc.*

126,943

2,693

Photronics,

Inc.*

54,426

2,109

Pixelworks,

Inc.*

2,383

5,575

Power

Integrations,

Inc.

425,428

9,084

Rambus,

Inc.*

506,796

5,490

Semtech

Corp.*

141,367

2,296

Silicon

Laboratories,

Inc.*

266,083

463

SiTime

Corp.*

52,898

2,252

SMART

Global

Holdings,

Inc.*

54,836

3,563

Synaptics,

Inc.*

318,675

4,350

Ultra

Clean

Holdings,

Inc.*

129,064

1,328

Universal

Display

Corp.

208,483

4,871

Veeco

Instruments,

Inc.*

136,924

6,641,124

Software

(

3

.5

%

):

8,280

A10

Networks,

Inc.

124,448

10,518

ACI

Worldwide,

Inc.*

237,286

10,694

Adeia,

Inc.

114,212

2,579

Agilysys,

Inc.*

170,627

5,238

Alarm.com

Holdings,

Inc.*

320,251

4,311

Altair

Engineering,

Inc.,

Class

A*

269,696

5,064

American

Software,

Inc.,

Class

A

58,033

796

Appfolio,

Inc.,

Class

A*

145,374

1,884

AvePoint,

Inc.*

12,661

2,785

Aware,

Inc.*

3,843

5,500

Blackbaud,

Inc.*

386,760

12,665

Box,

Inc.,

Class

A*

306,620

1,432

Braze,

Inc.,

Class

A*

66,917

3,634

CCC

Intelligent

Solutions

Holdings,

Inc.*

48,514

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

70

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Software,

continued

2,942

Cerence,

Inc.*

$

59,929

7,140

Cleanspark,

Inc.*

27,203

3,799

Cognyte

Software,

Ltd.*

18,273

4,305

CommVault

Systems,

Inc.*

291,061

2,247

Consensus

Cloud

Solutions,

Inc.*

56,580

7,972

DoubleVerify

Holdings,

Inc.*

222,817

5,396

E2open

Parent

Holdings,

Inc.*

24,498

3,520

Ebix,

Inc.

34,778

1,400

eGain

Corp.*

8,582

2,921

EngageSmart,

Inc.*

52,549

4,266

Envestnet,

Inc.*

187,832

1,893

Everbridge,

Inc.*

42,441

5,067

Freshworks,

Inc.,

Class

A*

100,935

314

Gitlab,

Inc.,

Class

A*

14,199

2,787

Guidewire

Software,

Inc.*

250,830

2,645

HashiCorp,

Inc.,

Class

A*

60,385

1,398

Informatica,

Inc.,

Class

A*

29,456

1,029

Intapp,

Inc.*

34,492

2,755

InterDigital,

Inc.

221,061

6,619

Jamf

Holding

Corp.*

116,892

4,429

Jfrog,

Ltd.*

112,319

7,300

LiveRamp

Holdings,

Inc.*

210,532

4,264

Matterport,

Inc.*

9,253

4,178

Mitek

Systems,

Inc.*

44,788

1,326

Model

N,

Inc.*

32,368

543

nCino,

Inc.*

17,267

11,365

NCR

Corp.*

306,514

4,082

Olo,

Inc.,

Class

A*

24,737

2,642

ON24,

Inc.

16,724

3,431

OneSpan,

Inc.*

36,883

5,793

PowerSchool

Holdings,

Inc.*

131,269

3,574

Progress

Software

Corp.

187,921

293

Q2

Holdings,

Inc.*

9,455

3,599

Qualys,

Inc.*

549,028

7,922

Rimini

Street,

Inc.*

17,428

3,449

Sapiens

International

Corp.

NV

98,055

921

SentinelOne,

Inc.,

Class

A*

15,528

539

Shotspotter,

Inc.*

9,648

1,900

Smith

Micro

Software,

Inc.*

2,299

5,797

SolarWinds

Corp.*

54,724

2,369

Sprinklr,

Inc.,

Class

A*

32,787

2,387

SPS

Commerce,

Inc.*

407,246

3,280

Synchronoss

Technologies,

Inc.*

3,149

8,393

Teradata

Corp.*

377,853

3,856

Terawulf,

Inc.*

4,859

870

Upland

Software,

Inc.*

4,019

1,147

Varonis

Systems,

Inc.*

35,029

6,778

Verint

Systems,

Inc.*

155,826

3,188

Xperi,

Inc.*

31,434

2,304

Yext,

Inc.*

14,584

7,073,561

Specialty

Retail

(

3

.1

%

):

1,021

1-800-Flowers.com,

Inc.,

Class

A*

7,147

3,889

Aaron's

Co.,

Inc.

(The)

40,718

5,464

Abercrombie

&

Fitch

Co.,

Class

A*

308,006

6,758

Academy

Sports

&

Outdoors,

Inc.

319,451

19,518

American

Eagle

Outfitters,

Inc.

324,194

840

America's

Car-Mart,

Inc.*

76,432

1,082

Arhaus,

Inc.*

10,063

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

4,214

Arko

Corp.

$

30,130

1,941

Asbury

Automotive

Group,

Inc.*

446,566

1,482

AutoNation,

Inc.*

224,375

5,705

Barnes

&

Noble

Education,

Inc.*

6,218

1,634

Big

5

Sporting

Goods

Corp.

11,454

3,059

Boot

Barn

Holdings,

Inc.*

248,360

3,986

Buckle,

Inc.

(The)

133,093

1,732

Build-A-Bear

Workshop,

Inc.

50,938

4,212

Caleres,

Inc.

121,137

407

Camping

World

Holdings,

Inc.,

Class

A

8,307

2,166

CarParts.com,

Inc.*

8,924

1,799

Cato

Corp.

(The),

Class

A

13,780

15,144

Chico's

FAS,

Inc.*

113,277

1,618

Children's

Place,

Inc.

(The)*

43,735

1,682

Citi

Trends,

Inc.*

37,374

2,251

Conn's,

Inc.*

8,891

4,201

Container

Store

Group,

Inc.

(The)*

9,452

5,322

Designer

Brands,

Inc.,

Class

A

67,376

4,253

Destination

XL

Group,

Inc.*

19,053

738

Duluth

Holdings,

Inc.,

Class

B*

4,435

9,025

Foot

Locker,

Inc.

156,584

3,793

GameStop

Corp.,

Class

A*^

62,433

8,222

Gap,

Inc.

(The)

87,400

1,751

Genesco,

Inc.*

53,966

753

Group

1

Automotive,

Inc.

202,339

4,262

Guess?,

Inc.^

92,230

1,984

Haverty

Furniture

Cos.,

Inc.

57,099

1,265

Hibbett,

Inc.

60,100

861

J.

Jill,

Inc.*

25,486

1,300

Lands'

End,

Inc.*

9,711

8,685

Leslie's,

Inc.*

49,157

1,529

LL

Flooring

Holdings,

Inc.*

4,847

1,251

MarineMax,

Inc.*

41,058

3,233

Monro,

Inc.

89,780

1,446

Murphy

U.S.A.,

Inc.

494,142

8,004

National

Vision

Holdings,

Inc.*

129,505

2,301

ODP

Corp.

(The)*

106,191

443

OneWater

Marine,

Inc.*

11,350

1,022

Overstock.com,

Inc.*

16,168

159

Penske

Automotive

Group,

Inc.

26,563

3,370

PetMed

Express,

Inc.

34,542

2,414

Revolve

Group,

Inc.*

32,855

9,361

Sally

Beauty

Holdings,

Inc.*

78,445

3,524

Shoe

Carnival,

Inc.

84,682

3,947

Signet

Jewelers,

Ltd.

283,434

2,863

Sleep

Number

Corp.*

70,401

1,077

Sonic

Automotive,

Inc.,

Class

A

51,437

5,038

Sportsman's

Warehouse

Holdings,

Inc.*

22,621

3,300

Stitch

Fix,

Inc.,

Class

A*

11,385

1,307

Tile

Shop

Holdings,

Inc.*

7,175

2,271

Tilly's,

Inc.,

Class

A*

18,440

5,782

Upbound

Group,

Inc.

170,280

9,674

Urban

Outfitters,

Inc.*

316,243

8,308

Valvoline,

Inc.

267,850

3,486

Victoria's

Secret

&

Co.*

58,146

924

Warby

Parker,

Inc.,

Class

A*

12,160

393

Winmark

Corp.

146,640

2,194

Zumiez,

Inc.*

39,053

6,174,784

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

71

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Technology

Hardware,

Storage

&

Peripherals

(

0

.2

%

):

1,308

AstroNova,

Inc.*

$

16,350

4,082

Avid

Technology,

Inc.*

109,683

1,518

Immersion

Corp.

10,034

1,673

Intevac,

Inc.*

5,203

6,812

Stratasys,

Ltd.*

92,711

1,590

TransAct

Technologies,

Inc.*

10,208

600

Turtle

Beach

Corp.*

5,445

9,858

Xerox

Holdings

Corp.

154,672

404,306

Textiles,

Apparel

&

Luxury

Goods

(

1

.2

%

):

4,805

Capri

Holdings,

Ltd.*

252,791

3,286

Carter's,

Inc.

227,227

4,005

Columbia

Sportswear

Co.

296,770

1,364

Crocs,

Inc.*

120,346

2,291

Culp,

Inc.*

12,784

2,091

Fossil

Group,

Inc.*

4,307

5,172

G-III

Apparel

Group,

Ltd.*

128,886

5,770

Hanesbrands,

Inc.

22,849

4,221

Kontoor

Brands,

Inc.

185,344

816

Lakeland

Industries,

Inc.

12,297

4,068

Levi

Strauss

&

Co.,

Class

A

55,243

1,625

Movado

Group,

Inc.

44,444

1,432

Oxford

Industries,

Inc.

137,658

3,974

PVH

Corp.

304,051

674

Rocky

Brands,

Inc.

9,908

7,619

Steven

Madden,

Ltd.

242,056

418

Superior

Group

of

Cos.,

Inc.

3,252

860

Tapestry,

Inc.

24,725

11,206

Under

Armour,

Inc.,

Class

A*

76,761

11,499

Under

Armour,

Inc.,

Class

C*

73,363

957

Unifi,

Inc.*

6,795

1,916

Vera

Bradley,

Inc.*

12,665

1,928

VF

Corp.

34,068

6,915

Wolverine

World

Wide,

Inc.

55,735

2,344,325

Tobacco

(

0

.1

%

):

763

Turning

Point

Brands,

Inc.

17,618

2,298

Universal

Corp.

108,489

14,238

Vector

Group,

Ltd.

151,492

277,599

Trading

Companies

&

Distributors

(

2

.7

%

):

11,010

Air

Lease

Corp.

433,904

3,201

Alta

Equipment

Group,

Inc.

38,604

3,574

Applied

Industrial

Technologies,

Inc.

552,576

6,536

Beacon

Roofing

Supply,

Inc.*

504,383

1,151

BlueLinx

Holdings,

Inc.*

94,486

2,610

Boise

Cascade

Co.

268,934

2,282

DXP

Enterprises,

Inc.*

79,733

1,975

EVI

Industries,

Inc.*^

49,019

3,079

GATX

Corp.

335,088

4,153

Global

Industrial

Co.

139,125

1,159

GMS,

Inc.*

74,141

2,840

H&E

Equipment

Services,

Inc.

122,660

2,373

Herc

Holdings,

Inc.

282,245

2,500

Hudson

Technologies,

Inc.*

33,250

2,374

McGrath

RentCorp

237,970

9,914

MRC

Global,

Inc.*

101,618

4,207

MSC

Industrial

Direct

Co.,

Inc.

412,917

Shares

Value

Common

Stocks,

continued

Trading

Companies

&

Distributors,

continued

11,473

NOW,

Inc.*

$

136,185

5,493

Rush

Enterprises,

Inc.,

Class

A

224,279

1,314

Rush

Enterprises,

Inc.,

Class

B

59,511

681

SiteOne

Landscape

Supply,

Inc.*

111,309

4,207

Textainer

Group

Holdings,

Ltd.

156,711

2,818

Titan

Machinery,

Inc.*

74,902

949

Transcat,

Inc.*

92,974

6,285

Triton

International,

Ltd.

518,978

1,384

Veritiv

Corp.

233,758

576

WESCO

International,

Inc.

82,840

5,452,100

Water

Utilities

(

0

.5

%

):

3,603

American

States

Water

Co.

283,484

933

Artesian

Resources

Corp.,

Class

A

39,177

5,298

California

Water

Service

Group

250,648

1,256

Consolidated

Water

Co.,

Ltd.

35,721

1,823

Middlesex

Water

Co.

120,774

3,435

Pure

Cycle

Corp.*

32,976

3,168

SJW

Group

190,428

1,701

York

Water

Co.

(The)

63,770

1,016,978

Wireless

Telecommunication

Services

(

0

.3

%

):

8,428

Gogo,

Inc.*

100,546

5,245

Shenandoah

Telecommunications

Co.

108,099

2,722

Spok

Holdings,

Inc.

38,843

11,047

Telephone

and

Data

Systems,

Inc.

202,271

3,950

United

States

Cellular

Corp.*^

169,731

619,490

Total

Common

Stocks

(Cost

$190,825,501)

202,150,973

Preferred

Stocks

(

0

.0

%

†

):

Media

(

0

.0

%

†

):

430

Liberty

Broadband

Corp.,

Series

A

9,718

Trading

Companies

&

Distributors

(

0

.0

%

†

):

2,540

WESCO

International,

Inc.,

Series

A,

1.42%

67,081

Total

Preferred

Stocks

(Cost

$70,827)

76,799

Rights

(

0

.0

%

†

):

Biotechnology

(

0

.0

%

†

):

1,262

Albireo

Pharma,

Inc.

CVR,

Expires

on

3/2/26*

2,035

5,276

Chinook

Therapeutics

CVR,

Expires

on

1/1/26*

2,058

2,004

Chinook

Therapeutics

CVR,

Expires

on

12/31/49*

5,270

9,363

Energy

Equipment

&

Services

(

0

.0

%

†

):

5,401

Resolute

Fst

CVR,

Expires

on

1/1/26*

2,876

Health

Care

Providers

&

Services

(

0

.0

%

†

):

8,857

Achillion

Pharm

CVR,

Expires

on

1/29/49*

2,391

8,452

Xeris

BioPharma

Hold

CVR,

Expires

on

10/6/49*

2,431

4,822

Household

Products

(

0

.0

%

†

):

9,500

Spectrum

-

Crv

CVR,

Expires

on

1/1/26*

148

Trading

Companies

&

Distributors

(

0

.0

%

†

):

79

Communications

Systems

I

CVR,

Expires

on

1/1/29*

249

Total

Rights

(Cost

$–)

17,458

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

72

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2023

.

Shares

Value

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(

0

.5

%

):

$

1,089,290

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.36%(b)(c)

$

1,089,290

Total

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(Cost

$1,089,290)

1,089,290

Total

Investment

Securities

(Cost

$191,985,618)

—

100.6%

203,334,520

Net

other

assets

(liabilities)

—

(0.6)%

(

1,298,354

)

Net

Assets

—

100.0%

$

202,036,166

CVR

-

Contingency

Valued

Rights

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$1,068,332.

†

Represents

less

than

0.05%.

*

Non-income

producing

security.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2023.

(b)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2023.

(c)

The

rate

represents

the

effective

yield

at

September

30,

2023.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

73

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Asset

Backed

Securities

(

8

.0

%

):

$

4,635,000

American

Express

Credit

Account

Master

Trust,

Class

A,

Series

2023-1,

4.87%,

5/15/28

$

4,573,607

3,294,000

American

Express

Credit

Account

Master

Trust,

Class

A,

Series

2023-2,

4.80%,

5/15/30

3,227,762

329,000

American

Express

Credit

Account

Master

Trust,

Class

A,

Series

2022-3,

3.75%,

8/16/27

318,296

2,201,677

American

Homes

4

Rent

LLC,

Class

A,

Series

2014-

SFR3,

3.68%,

12/17/36(a)

2,140,987

6,894,000

BA

Credit

Card

Trust,

Class

A1,

Series

2023-A1,

4.79%,

5/15/28

6,799,031

522,000

BA

Credit

Card

Trust,

Class

A2,

Series

2022-A2,

5.00%,

4/17/28

516,771

1,640,000

Benchmark

Mortgage

Trust,

Class

A4,

Series

2018-

B7,

4.51%,

11/15/51,

Callable

11/15/28

@

100

1,528,132

2,031,000

BMW

Vehicle

Owner

Trust,

Class

A3,

Series

2023-

A,

5.47%,

2/25/28,

Callable

12/25/26

@

100

2,023,641

1,070,000

Capital

One

Multi-Asset

Execution

Trust,

Class

A2,

Series

2021-A2,

1.39%,

7/15/30

893,419

225,000

Capital

One

Multi-Asset

Execution

Trust,

Class

A,

Series

2022-A2,

3.49%,

5/15/27

217,339

4,827,000

Capital

One

Multi-Asset

Execution

Trust,

Class

A,

Series

2023-A1,

4.42%,

5/15/28

4,710,120

1,612,000

Carmax

Auto

Owner

Trust,

Class

A3,

Series

2022-4,

5.34%,

8/16/27,

Callable

5/15/26

@

100

1,597,512

1,018,000

Carmax

Auto

Owner

Trust,

Class

A3,

Series

2023-2,

5.05%,

1/18/28,

Callable

6/15/26

@

100

1,005,004

3,054,000

Carmax

Auto

Owner

Trust,

Class

A3,

Series

2023-3,

5.28%,

5/15/28,

Callable

10/15/26

@

100

3,030,637

522,347

CarMax

Auto

Owner

Trust,

Class

A2A,

Series

2022-

2,

2.81%,

5/15/25

520,922

3,109,000

Chesapeake

Funding

II

LLC,

Class

A1,

Series

2023-

2A,

6.16%,

10/15/35(a)

3,107,664

1,675,860

College

Ave

Student

Loans

LLC,

Class

A2,

Series

2023-A,

5.33%,

5/25/55,

Callable

4/25/37

@

100(a)

1,611,123

127,899

College

Ave

Student

Loans

LLC,

Class

A1,

Series

2021-A,

6.53%(TSFR1M+121bps),

7/25/51,

Callable

2/25/32

@

100(a)

126,399

882,366

College

Ave

Student

Loans

LLC,

Class

A2,

Series

2021-C,

2.32%,

7/26/55,

Callable

12/25/34

@

100(a)

743,764

935,246

College

Avenue

Student

Loans

LLC,

Class

A2,

Series

2021-B,

1.76%,

6/25/52,

Callable

1/25/34

@

100(a)

798,354

3,400,000

Credit

Acceptance

Auto

Loan

Trust,

Class

A,

Series

2021-4,

1.26%,

10/15/30,

Callable

5/15/25

@

100(a)

3,299,864

1,248,724

Credit

Acceptance

Auto

Loan

Trust,

Class

A,

Series

2021-3A,

1.00%,

5/15/30,

Callable

11/15/24

@

100(a)

1,221,990

1,270,194

Credit

Acceptance

Auto

Loan

Trust,

Class

A,

Series

2021-2A,

0.96%,

2/15/30,

Callable

9/15/24

@

100(a)

1,254,708

5,359,000

Discover

Card

Execution

Note

Trust,

Class

A,

Series

2023-A1,

4.31%,

3/15/28

5,218,767

1,015,000

Discover

Card

Execution

Note

Trust,

Class

A,

Series

2023-A2,

4.93%,

6/15/28

1,002,934

386,886

EDvestinU

Private

Education

Loan

Issue

No

3

LLC,

Class

A,

Series

2021-A,

1.80%,

11/25/45(a)

340,770

773,000

Enterprise

Fleet

Financing

LLC,

Class

A3,

Series

2022-3,

4.29%,

7/20/29,

Callable

2/20/26

@

100(a)

739,832

Principal

Amount

Value

Asset

Backed

Securities,

continued

$

1,522,000

Enterprise

Fleet

Financing

LLC,

Class

A3,

Series

2023-2,

5.50%,

4/22/30,

Callable

2/20/27

@

100(a)

$

1,504,091

7,056,000

Enterprise

Fleet

Financing

LLC,

Class

A2,

Series

2023-2,

5.56%,

4/22/30,

Callable

2/20/27

@

100(a)

7,003,373

3,637,000

Ford

Credit

Auto

Owner

Trust,

Class

A3,

Series

2023-B,

5.23%,

5/15/28,

Callable

11/15/26

@

100

3,611,032

917,000

Ford

Credit

Auto

Owner

Trust,

Class

A3,

Series

2022-D,

5.27%,

5/17/27,

Callable

6/15/26

@

100

912,389

7,548,000

Ford

Credit

Auto

Owner

Trust,

Class

A,

Series

2023-

1,

4.85%,

8/15/35,

Callable

2/15/28

@

100(a)

7,335,424

8,272,000

Ford

Credit

Auto

Owner

Trust,

Class

A,

Series

2023-

2,

5.28%,

2/15/36,

Callable

8/15/28

@

100(a)

8,122,438

12,119,000

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Class

A1,

Series

2023-1,

4.92%,

5/15/28(a)

11,901,837

4,571,000

GM

Financial

Consumer

Automobile

Receivables

Trust,

Class

A3,

Series

2023-3,

5.45%,

6/16/28,

Callable

1/16/27

@

100

4,561,898

1,704,000

GMF

Floorplan

Owner

Revolving

Trust,

Class

A,

Series

2023-2,

5.34%,

6/17/30(a)

1,684,644

398,202

Goodleap

Sustainable

Home

Solutions

Trust,

Class

A,

Series

2022-1GS,

2.70%,

1/20/49,

Callable

10/20/39

@

100(a)

312,101

2,435,294

Goodleap

Sustainable

Home

Solutions

Trust,

Class

A,

Series

2023-3C,

6.50%,

7/20/55,

Callable

12/20/39

@

100(a)

2,395,716

1,542,430

GoodLeap

Sustainable

Home

Solutions

Trust,

Class

A,

Series

2021-4GS,

1.93%,

7/20/48,

Callable

9/20/41

@

100(a)

1,168,061

844,844

GoodLeap

Sustainable

Home

Solutions

Trust,

Class

A,

Series

2021-5CS,

2.31%,

10/20/48,

Callable

5/20/41

@

100(a)

639,255

1,787,325

GoodLeap

Sustainable

Home

Solutions

Trust,

Class

A,

Series

2022-3CS,

4.95%,

7/20/49,

Callable

5/20/40

@

100(a)

1,593,744

2,960,000

GPMT,

Ltd.,

Class

A,

Series

2021-FL4,

6.79%(TSFR1M+146bps),

11/15/36,

Callable

11/20/23

@

100(a)

2,871,450

1,159,000

Honda

Auto

Receivables

Owner

Trust,

Class

A3,

Series

2023-2,

4.93%,

11/15/27,

Callable

11/15/26

@

100

1,144,685

2,659,000

Hyundai

Auto

Receivables

Trust,

Class

A3,

Series

2023-B,

5.48%,

4/17/28,

Callable

10/15/27

@

100

2,655,209

8,044,000

John

Deere

Owner

Trust,

Class

A3,

Series

2023-B,

5.18%,

3/15/28,

Callable

3/15/27

@

100

7,975,564

1,390,000

Lendmark

Funding

Trust,

Class

A,

Series

2021-1A,

1.90%,

11/20/31,

Callable

5/20/26

@

100(a)

1,201,017

1,200,000

Mariner

Finance

Issuance

Trust,

Class

A,

Series

2021-AA,

1.86%,

3/20/36,

Callable

3/20/26

@

100(a)

1,061,264

156,000

Mercedes-Benz

Auto

Receivables

Trust,

Class

A3,

Series

2022-1,

5.21%,

8/16/27,

Callable

5/15/26

@

100

154,973

829,839

Mosaic

Solar

Loan

Trust,

Class

A,

Series

2022-2A,

4.38%,

1/21/53,

Callable

1/20/37

@

100(a)

756,624

909,684

Mosaic

Solar

Loan

Trust,

Class

A,

Series

2022-D,

6.16%,

6/20/53,

Callable

1/20/41

@

100(a)

883,069

882,157

Navient

Private

Education

Loan

Trust,

Class

A1B,

Series

2020-lA,

6.45%(TSFR1M+111bps),

4/15/69,

Callable

11/15/31

@

100(a)

874,065

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

74

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Asset

Backed

Securities,

continued

$

59,952

Navient

Private

Education

Loan

Trust,

Class

A2A,

Series

2018-BA,

3.61%,

12/15/59,

Callable

3/15/28

@

100(a)

$

57,900

5,784,648

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2021-EA,

0.97%,

12/16/69,

Callable

10/15/29

@

100(a)

4,833,745

387,728

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2021-A,

0.84%,

5/15/69,

Callable

4/15/28

@

100(a)

334,862

4,919,935

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2023-A,

5.51%,

10/15/71,

Callable

10/15/32

@

100(a)

4,815,702

1,848,355

Navient

Private

Education

Refi

Loan

Trust,

Class

A2A,

Series

2019-D,

3.01%,

12/15/59,

Callable

8/15/31

@

100(a)

1,733,035

1,764,737

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

20-FA,

1.22%,

7/15/69,

Callable

5/15/27

@

100(a)

1,571,326

1,773,126

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2021-DA,

6.51%(PRIME-(199)bps),

4/15/60,

Callable

5/15/32

@

100(a)

1,702,291

94,898

Navient

Student

Loan

Trust,

Class

A2,

Series

2018-

EA,

4.00%,

12/15/59,

Callable

6/15/25

@

100(a)

92,231

1,246,000

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II,

Class

A,

Series

2023-1,

6.18%,

8/25/28(a)

1,245,416

2,662,658

Nelnet

Student

Loan

Trust,

Class

APT2,

Series

2021-A,

1.36%,

4/20/62,

Callable

9/20/29

@

100(a)

2,392,511

3,056,077

Nelnet

Student

Loan

Trust,

Class

AFL,

Series

2021-

CA,

6.18%(TSFR1M+85bps),

4/20/62,

Callable

8/20/31

@

100(a)

3,005,077

5,075,573

Nelnet

Student

Loan

Trust,

Class

AFL,

Series

2021-

BA,

6.22%(TSFR1M+89bps),

4/20/62,

Callable

7/20/29

@

100(a)

5,016,061

6,506,000

OneMain

Financial

Issuance

Trust,

Class

A,

Series

2023-1A,

5.50%,

6/14/38,

Callable

6/14/28

@

100

6,355,615

6,422,000

OneMain

Financial

Issuance

Trust,

Class

A2,

Series

2023-2A,

6.81%(SOFR30A+150bps),

9/14/36,

Callable

9/14/26

@

100(a)

6,421,943

3,221,000

PFS

Financing

Corp.,

Class

A,

Series

2023-C,

5.52%,

10/16/28(a)

3,191,047

1,400,000

PFS

Financing

Corp.,

Class

A,

Series

2021-A,

0.71%,

4/15/26(a)

1,361,209

7,235,000

PFS

Financing

Corp.,

Class

A,

Series

2023-B,

5.27%,

5/15/28(a)

7,136,036

5,039,000

PFS

Financing

Corp.,

Class

A,

Series

2023-1A,

5.80%,

3/15/28(a)

5,023,792

8,307,000

Porsche

Financial

Auto

Securitization

Trust,

Class

A3,

Series

2023-1A,

4.81%,

9/22/28,

Callable

12/22/25

@

100(a)

8,187,199

367,184

Prodigy

Finance

CM2021-1

DAC,

Class

A,

Series

2021-1A,

6.68%(TSFR1M+136bps),

7/25/51,

Callable

2/25/27

@

100(a)

362,175

2,009,000

Regional

Management

Issuance

Trust,

Class

A,

Series

2021-2,

1.90%,

8/15/33,

Callable

8/15/26

@

100(a)

1,685,150

1,319,000

SMB

Private

Education

Loan

Trust,

Class

A1A,

Series

2023-C,

5.67%,

11/15/52,

Callable

10/15/33

@

100(a)

1,291,960

1,426,530

SMB

Private

Education

Loan

Trust,

Class

A1A,

Series

BA,

1.29%,

7/15/53(a)

1,262,763

Principal

Amount

Value

Asset

Backed

Securities,

continued

$

490,000

SMB

Private

Education

Loan

Trust,

Class

B,

Series

2021-A,

2.31%,

1/15/53(a)

$

445,419

239,395

SMB

Private

Education

Loan

Trust,

Class

A2B,

Series

2017-B,

6.20%(TSFR1M+86bps),

10/15/35(a)

236,935

969,841

SMB

Private

Education

Loan

Trust,

Class

APT1,

Series

2021-C,

1.39%,

1/15/53(a)

834,755

234,617

SMB

Private

Education

Loan

Trust,

Class

A2B,

Series

2020-A,

6.28%(TSFR1M+94bps),

9/15/37(a)

230,616

8,304,113

SMB

Private

Education

Loan

Trust,

Class

A1B,

Series

2023-B,

7.11%(SOFR30A+180bps),

10/16/56(a)

8,355,748

5,488,512

SMB

Private

Education

Loan

Trust,

Class

A1B,

Series

2022-D,

7.11%(SOFR30A+180bps),

10/15/58(a)

5,497,395

2,760,630

SMB

Private

Education

Loan

Trust,

Class

APT,

Series

2022-A,

2.85%,

11/16/54(a)

2,457,530

3,054,468

SMB

Private

Education

Loan

Trust,

Class

A2A1,

Series

2021-A,

6.18%(TSFR1M+84bps),

1/15/53(a)

3,010,852

368,696

SoFi

Professional

Loan

Program,

Class

A2FX,

Series

2019-B,

3.09%,

8/17/48,

Callable

6/15/26

@

100(a)

345,090

489,887

SoFi

Professional

Loan

Program,

Class

AFX,

Series

2020-C,

1.95%,

2/15/46,

Callable

5/15/28

@

100(a)

436,499

872,970

SoFi

Professional

Loan

Program,

Class

A2FX,

Series

2017-F,

2.84%,

1/25/41,

Callable

7/25/25

@

100(a)

840,640

954,451

SoFi

Professional

Loan

Program,

Class

A2FX,

Series

2020-A,

2.54%,

5/15/46,

Callable

7/15/27

@

100(a)

888,000

11,844,000

Toyota

Auto

Loan

Extended

Note

Trust,

Class

A,

Series

2023-1A,

4.93%,

6/25/36,

Callable

6/25/28

@

100(a)

11,585,060

2,569,000

Volkswagen

Auto

Loan

Enhanced

Trust,

Class

A3,

Series

2023-1,

5.02%,

6/20/28,

Callable

12/20/26

@

100

2,540,494

Total

Asset

Backed

Securities

(Cost

$238,843,352)

231,677,351

Collateralized

Mortgage

Obligations

(

7

.3

%

):

1,150,000

522

Funding

CLO,

Ltd.,

Class

AR,

Series

2019-5A,

6.64%(TSFR3M+133bps),

4/15/35,

Callable

7/15/24

@

100(a)

1,135,297

1,930,000

ACRES

Commercial

Realty,

Ltd.,

Class

A,

Series

2021-FL2,

6.85%(TSFR1M+151bps),

1/15/37,

Callable

12/15/23

@

100(a)

1,910,819

2,000,000

AIMCO

CLO,

Class

AR,

Series

2017-AA,

6.64%(TSFR3M+131bps),

4/20/34,

Callable

10/20/23

@

100(a)

1,972,850

2,810,000

Alen

Mortgage

Trust,

Class

A,

Series

2021-ACEN,

6.60%(TSFR1M+126bps),

4/15/38(a)

2,553,285

870,000

Allegro

CLO

VIII,

Ltd.,

Class

A,

Series

2018-2A,

6.67%(TSFR3M+136bps),

7/15/31,

Callable

10/15/23

@

100(a)

866,943

932,917

Anchorage

Capital

CLO

7,

Ltd.,

Class

AR2,

Series

2015-7A,

6.72%(TSFR3M+135bps),

1/28/31,

Callable

10/28/23

@

100(a)

929,395

1,572,808

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2023-6,

6.50%,

12/25/67,

Callable

8/25/25

@

100(a)(b)

1,561,156

1,170,000

Apidos

CLO

XX,

Class

A1RA,

Series

2015-20A,

6.67%(TSFR3M+136bps),

7/16/31,

Callable

10/16/23

@

100(a)

1,167,876

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

75

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

950,000

Apidos

CLO

Xxv,

Class

A1R,

Series

2016-25A,

6.76%(TSFR3M+143bps),

10/20/31,

Callable

10/20/23

@

100(a)

$

946,912

2,140,000

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.,

Class

A,

Series

2021-FL4,

6.80%(TSFR1M+146bps),

11/15/36,

Callable

6/15/24

@

100(a)

2,110,575

356,962

Ares

XL

CLO,

Ltd.,

Class

A1RA,

Series

2016-40A,

6.44%(TSFR3M+113bps),

1/15/29,

Callable

10/15/23

@

100(a)

356,187

481,106

Ares

XXXIIR

CLO,

Ltd.,

Class  A1A,

Series

2014-

32RA,

6.57%(TSFR3M+120bps),

5/15/30,

Callable

11/15/23

@

100(a)

479,489

1,485,434

Arroyo

Mortgage

Trust,

Class

A1,

Series

2022-2,

4.95%,

7/25/57,

Callable

7/25/25

@

100(a)

1,397,674

1,330,000

BANK,

Class

A5,

Series

2021-BN38,

2.52%,

12/15/64,

Callable

12/15/31

@

100

1,034,802

3,850,000

Barclays

Commercial

Mortgage

Trust,

Class

A,

Series

2018-TALL,

6.25%(TSFR1M+92bps),

3/15/37(a)

3,561,732

1,139,956

Battalion

CLO

VIII,

Ltd.,

Class

A1R2,

Series

2015-

8A,

6.64%(TSFR3M+133bps),

7/18/30,

Callable

10/18/23

@

100(a)

1,137,212

2,290,000

Battalion

CLO

X,

Ltd.,

Class

A1R2,

Series

2016-

10A,

6.78%(TSFR3M+143bps),

1/25/35,

Callable

10/24/23

@

100(a)

2,262,493

3,270,000

BBCMS

Mortgage

Trust,

Class

A2B,

Series

2023-

C19,

5.75%,

4/15/56,

Callable

4/15/33

@

100

3,193,850

1,990,000

BDS,

Ltd.,

Class

A,

Series

2021-FL10,

6.80%(TSFR1M+146bps),

12/18/36,

Callable

12/16/23

@

100(a)

1,950,200

1,040,000

Benchmark

Mortgage

Trust,

Class

B,

Series

2019-

B15,

3.56%,

12/15/72,

Callable

12/15/29

@

100

735,100

3,120,000

Benchmark

Mortgage

Trust,

Class

A5,

Series

2019-

B12,

3.12%,

8/15/52,

Callable

8/15/29

@

100

2,674,672

2,780,810

BRAVO

Residential

Funding

Trust,

Class

A1,

Series

2023-NQM6,

6.60%,

9/25/63,

Callable

8/25/26

@

100(a)(b)

2,777,903

1,540,000

BSPRT

Issuer,

Ltd.,

Class

A,

Series

2021-FL7,

6.77%(TSFR1M+143bps),

12/15/38,

Callable

12/15/23

@

100(a)

1,522,456

3,350,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2020-ViV4,

2.84%,

3/9/44,

Callable

3/9/30

@

100(a)

2,730,060

1,254,821

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2019-XL,

6.37%(TSFR1M+103bps),

10/15/36(a)

1,251,315

3,400,000

BX

Trust,

Class

A,

Series

2023-A,

8.02%(TSFR1M+269bps),

6/15/38(a)

3,404,065

615,000

Cantor

Commercial

Real

Estate

Lending,

Class

A4,

Series

2019-CF2,

2.62%,

11/15/52,

Callable

10/15/29

@

100

508,729

603,000

Cantor

Commercial

Real

Estate

Lending,

Class

B,

Series

2019-CF3,

3.50%,

1/15/53,

Callable

12/15/29

@

100(b)

441,928

400,000

CARLYLE

US

CLO,

Ltd.,

Class

A1,

Series

2021-5A,

6.71%(TSFR3M+138bps),

7/20/34,

Callable

10/20/23

@

100(a)

396,808

1,365,000

Cedar

Funding

VI

CLO,

Ltd.,

Class

AAA,

Series

2016-

6A,

6.64%(TSFR3M+131bps),

4/20/34,

Callable

10/20/23

@

100(a)

1,347,939

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

1,950,000

CEDR

Commercial

Mortgage

Trust,

Class

A,

Series

2022-SNAI,

6.32%(TSFR1M+99bps),

2/15/39(a)

$

1,799,280

3,734,551

CENT

Trust,

Class

A,

Series

2023-CITY,

7.95%(TSFR1M+262bps),

9/15/28(a)

3,743,475

232,470

Chase

Home

Lending

Mortgage

Trust,

Class

A11,

Series

2019-ATR2,

6.33%(TSFR1M+101bps),

7/25/49,

Callable

12/25/30

@

100(a)

217,997

1,250,000

CIFC

Funding,

Ltd.,

Class

A1,

Series

2013-3RA,

6.59%(TSFR3M+124bps),

4/24/31,

Callable

10/24/23

@

100(a)

1,245,000

325,874

CIFC

Funding,

Ltd.,

Class

A1,

Series

2017-5A,

6.75%(TSFR3M+144bps),

11/16/30,

Callable

10/17/23

@

100(a)

325,881

138,712

CIM

Trust,

Class

A1,

Series

2021-R6,

1.42%,

7/25/61,

Callable

9/25/26

@

100(a)(b)

109,901

666,283

CIM

Trust,

Class

A11,

Series

2019-INV3,

5.50%(SOFR30A+106bps),

8/25/49,

Callable

5/25/28

@

100(a)

626,500

1,460,000

COAST

Commercial

Mortgage

Trust,

Class

A,

Series

2023-2HTL,

7.92%(TSFR1M+259bps),

8/15/36(a)

1,455,209

3,075,000

Commercial

Mortgage

Loan

Trust,

Class

A4,

Series

2015-CCRE26,

3.63%,

10/10/48,

Callable

9/10/25

@

100

2,896,388

667,000

Commercial

Mortgage

Loan

Trust,

Class

A5,

Series

2015-CR24,

3.70%,

8/10/48,

Callable

6/10/26

@

100

637,362

2,238,406

Credit

Suisse

Mortgage

Capital

Certificates,

Class

A,

Series

2020-NET,

2.26%,

8/15/37(a)

2,004,897

210,000

CSAIL

Commercial

Mortgage

Trust,

Class

A5,

Series

2018-CX11,

4.03%,

4/15/51,

Callable

4/15/28

@

100(b)

191,543

1,195,000

CSAIL

Commercial

Mortgage

Trust,

Class

B,

Series

2019-C15,

4.48%,

3/15/52,

Callable

2/15/29

@

100

959,838

1,579,729

CSMC,

Class

A1,

Series

2021-NQM8,

1.84%,

10/25/66,

Callable

11/25/24

@

100(a)(b)

1,298,677

2,335,000

CSMC,

Class

B,

Series

2021-BHAR,

6.95%(TSFR1M+161bps),

11/15/38(a)

2,296,163

1,995,896

Dewolf

Park

CLO,

Ltd.,

Class

AR,

Series

2017-1A,

6.49%(TSFR3M+118bps),

10/15/30,

Callable

10/15/23

@

100(a)

1,984,334

1,440,000

Diameter

Capital

CLO

1,

Ltd.,

Class

A1A,

Series

2021-1A,

6.81%(TSFR3M+150bps),

7/15/36,

Callable

10/15/23

@

100(a)

1,431,407

430,694

Dryden

30

Senior

Loan

Fund,

Class

AR,

Series

2013-

30A,

6.45%(TSFR3M+108bps),

11/15/28,

Callable

11/15/23

@

100(a)

429,412

1,934,603

Dryden

37

Senior

Loan

Fund,

Class

AR,

Series

2015-

37A,

6.67%(TSFR3M+136bps),

1/15/31,

Callable

10/15/23

@

100(a)

1,933,533

470,000

Dryden

60

CLO,

Ltd.,

Class

A,

Series

2018-60A,

6.62%(TSFR3M+131bps),

7/15/31,

Callable

10/15/23

@

100(a)

468,829

483,329

Flagstar

Mortgage

Trust,

Class

A11,

Series

2019-1,

5.50%(TSFR1M+106bps),

10/25/49,

Callable

11/25/33

@

100(a)

455,503

3,939,307

Flatiron

CLO

18,

Ltd.,

Class

A,

Series

2018-1A,

6.52%(TSFR3M+121bps),

4/17/31,

Callable

10/17/23

@

100(a)

3,917,490

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

76

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

918,409

FRESB

Multifamily

Mortgage

Pass

Through,

Class

A10H,

Series

2019-SB60,

3.50%(US0001M+350bps),

1/25/39,

Callable

12/25/28

@

100

$

819,764

1,209,609

FS

RIALTO,

Class

A,

Series  2021-FL2,

6.67%(TSFR1M+133bps),

4/16/26,

Callable

10/16/23

@

100(a)

1,194,362

2,720,000

FS

Rialto

Issuer

LLC,

Class

A,

Series

2022-FL4,

7.21%(SOFR30A+190bps),

1/19/39,

Callable

4/17/24

@

100(a)

2,691,135

2,130,000

Galaxy

XXVI

CLO,

Ltd.,

Class

A,

Series

2018-26A,

6.84%(TSFR3M+146bps),

11/22/31,

Callable

11/22/23

@

100(a)

2,126,668

1,093,161

Galaxy

XXVII

CLO,

Ltd.,

Class

A,

Series

2018-27A,

6.65%(TSFR3M+128bps),

5/16/31,

Callable

11/16/23

@

100(a)

1,087,815

2,653,838

GCAT

Trust,

Class

A1,

Series

2021-NQM7,

1.91%,

8/25/66,

Callable

5/25/30

@

100(a)(b)

2,297,206

4,110,000

Great

Wolf

Trust,

Class

A,

Series

2019-WOLF,

6.48%(TSFR1M+115bps),

12/15/36(a)

4,089,570

273,262

Grippen

Park

CLO,

Ltd.,

Class

A,

Series

2017-1A,

6.85%(TSFR3M+152bps),

1/20/30,

Callable

10/20/23

@

100(a)

272,830

3,508,517

GS

Mortgage

Backed

Securities

Corp.

Trust,

Class

A4,

Series

2022-PJ2,

2.50%,

6/25/52,

Callable

7/25/43

@

100(a)(b)

2,656,519

2,105,000

GS

Mortgage

Securities

Corp.

Trust,

Class

B,

Series

2023-FUN,

8.12%(TSFR1M+279bps),

3/15/28(a)

2,081,399

2,090,000

GS

Mortgage

Securities

Corp.

Trust,

Class

A,

Series

2023-FUN,

7.42%(TSFR1M+209bps),

3/15/28(a)

2,073,488

1,596,507

GS

Mortgage-Backed

Securities

Trust,

Class

A2,

Series

2021-PJ6,

2.50%,

11/25/51,

Callable

10/25/48

@

100(a)(b)

1,194,886

1,028,155

GS

Mortgage-Backed

Securities

Trust,

Class

A2,

Series

2021-PJ2,

2.50%,

7/25/51,

Callable

7/25/44

@

100(a)(b)

799,717

991,417

Homeward

Opportunities

Fund

Trust,

Class

A1,

Series

2022-1,

5.08%,

7/25/67,

Callable

8/25/25

@

100(a)(b)

956,313

1,525,000

IMT

Trust,

Class

BFX,

Series

2017-APTS,

3.61%,

6/15/34(a)(b)

1,479,386

270,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

D,

Series

2022-OPO,

3.56%,

1/5/39(a)

(b)

175,998

2,271,619

J.P.

Morgan

Mortgage

Trust,

Class

A3B,

Series

2022-INV3,

3.00%,

9/25/52,

Callable

9/25/43

@

100(a)(b)

1,800,169

1,500,000

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

A,

Series

2022-NXSS,

7.51%(TSFR1M+218bps),

8/15/39(a)

1,502,647

3,460,000

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

A,

Series

2021-NYAH,

6.21%(TSFR1M+87bps),

6/15/38

3,373,491

137,857

JP

Morgan

Mortgage

Trust,

Class

A5,

Series

2019-LTV3,

3.50%,

2/25/50,

Callable

11/25/31

@

100(a)(b)

131,981

370,389

JP

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-

INV3,

6.00%(TSFR1M+111bps),

5/25/50,

Callable

3/25/31

@

100(a)

347,788

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

1,454,371

JP

Morgan

Mortgage

Trust,

Class

A12,

Series

2021-

14,

5.00%,

5/25/52,

Callable

10/25/45

@

100(a)(b)

$

1,338,476

949,119

JP

Morgan

Mortgage

Trust,

Class

A12,

Series

2021-

12,

5.00%,

2/25/52,

Callable

6/25/47

@

100(a)(b)

880,218

63,437

JP

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-

LTV3,

6.28%(TSFR1M+96bps),

2/25/50,

Callable

11/25/31

@

100(a)

62,650

150,431

JP

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-

7,

6.28%(TSFR1M+101bps),

2/25/50,

Callable

1/25/35

@

100(a)

142,053

69,943

JP

Morgan

Mortgage

Trust,

Class

A11,

Series

2020-

LTV1,

6.00%(TSFR1M+111bps),

6/25/50,

Callable

10/25/37

@

100(a)

68,743

427,167

JP

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-

INV2,

6.33%(TSFR1M+101bps),

2/25/50,

Callable

7/25/32

@

100(a)

402,919

541,499

JP

Morgan

Mortgage

Trust,

Class

A3,

Series

2021-

7,

2.50%,

11/25/51,

Callable

1/25/47

@

100(a)(b)

404,940

737,311

JP

Morgan

Mortgage

Trust,

Class

A3,

Series

2021-

12,

2.50%,

2/25/52,

Callable

6/25/47

@

100(a)(b)

550,448

700,000

JPMDB

Commercial

Mortgage

Securities

Trust,

Class

A5,

Series

2017-C5,

3.69%,

3/15/50,

Callable

4/15/27

@

100

641,118

2,904,000

KNDL

Mortgage

Trust,

Class

A,

Series

2019-KNSQ,

6.33%(TSFR1M+100bps),

5/15/36(a)

2,891,344

926,193

LCM

XVIII,

LP,

Class

A1R,

Series

18A,

6.61%(TSFR3M+128bps),

4/20/31,

Callable

10/20/23

@

100(a)

921,465

1,503,944

Life

Mortgage

Trust,

Class

A,

Series

2021-BMR,

6.15%(TSFR1M+81bps),

3/15/38(a)

1,473,883

1,875,000

LoanCore

Issuer,

Ltd.,

Class

A,

Series

2021-CRE6,

6.75%(TSFR1M+141bps),

11/15/38,

Callable

11/15/23

@

100(a)

1,817,046

984,711

Madison

Park

Funding

XVII,

Ltd.,

Class

ARR,

Series

2015-18A,

6.54%(TSFR3M+120bps),

10/21/30,

Callable

10/21/23

@

100(a)

979,860

1,000,000

Madison

Park

Funding

XXXV,

Ltd.,

Class

A1R,

Series

2019-35A,

6.58%(TSFR3M+125bps),

4/20/32,

Callable

10/20/23

@

100(a)

996,553

2,873,560

Mello

Mortgage

Capital

Acceptance,

Class

A3,

Series

2022-INV2,

3.00%,

4/25/52,

Callable

12/25/49

@

100(a)(b)

2,273,592

630,000

MF1,

Class

A,

Series

2021-W10,

6.40%(TSFR1M+107bps),

12/15/24(a)

614,841

3,718,254

MFA

Trust,

Class

A1,

Series

2023-NQM3,

6.62%,

7/25/68,

Callable

9/25/26

@

100(a)(b)

3,706,851

1,286,667

MFA

Trust,

Class

A1,

Series

2023-INV2,

6.77%,

9/25/66,

Callable

9/25/26

@

100(a)(b)

1,283,647

1,505,000

MHP,

Class

A,

Series

2021-STOR,

6.15%(TSFR1M+81bps),

7/15/38(a)

1,474,991

1,115,000

MIRA

Trust,

Class

A,

Series

2023-MILE,

6.75%,

6/10/38(a)

1,092,271

1,067,684

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Class

A3,

Series

2015-C24,

3.48%,

5/15/48,

Callable

8/15/25

@

100

1,018,583

1,540,000

Morgan

Stanley

Capital

I

Trust,

Class

A4,

Series

2016-BNK2,

3.05%,

11/15/49,

Callable

11/15/26

@

100

1,391,794

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

77

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

855,252

Neuberger

Berman

CLO

XV,

Class

A1R2,

Series

2013-15A,

6.49%(TSFR3M+118bps),

10/15/29,

Callable

10/15/23

@

100(a)

$

851,823

10,022,560

Neuberger

Berman

Loan

Advisers

CLO

25,

Ltd.,

Class

AR,

Series

2017-25A,

6.50%(TSFR3M+119bps),

10/18/29,

Callable

10/18/23

@

100(a)

9,999,517

800,000

Neuberger

Berman

Loan

Advisers

CLO

32,

Ltd.,

Class

AR,

Series

2019-32A,

6.57%(TSFR3M+125bps),

1/20/32,

Callable

10/19/23

@

100(a)

797,455

4,458,401

OBX

Trust,

Class

A1,

Series

2023-NQM6,

6.52%,

7/25/63,

Callable

7/25/26

@

100(a)(b)

4,392,710

1,437,472

OBX

Trust,

Class

A1,

Series

2022-INV3,

3.00%,

2/25/52,

Callable

12/25/45

@

100(a)(b)

1,133,750

470,000

OCP

CLO,

Ltd.,

Class

AR,

Series

2019-16A,

6.54%(TSFR3M+126bps),

4/10/33,

Callable

10/10/23

@

100(a)

466,720

1,960,000

OCP

CLO,

Ltd.,

Class

A1,

Series

2018-15A,

6.69%(TSFR3M+136bps),

7/20/31,

Callable

10/20/23

@

100(a)

1,952,555

1,905,000

Octagon

66,

Ltd.,

Class

A,

Series

2022-1A,

7.31%(TSFR3M+194bps),

8/16/33,

Callable

11/16/23

@

100(a)

1,904,962

339,313

Octagon

Investment

Partners

30,

Ltd.,

Class

A1R,

Series

2017-1A,

6.59%(TSFR3M+126bps),

3/17/30,

Callable

10/20/23

@

100(a)

338,445

3,440,174

OCTAGON

INVESTMENT

PARTNERS

35,

LTD.,

Class

A1A,

Series

2018-1A,

6.65%(TSFR3M+132bps),

1/20/31,

Callable

10/20/23

@

100(a)

3,429,196

1,000,000

Octagon

Investment

Partners

XVI,

Ltd.,

Class

A1R,

Series

2013-1A,

6.59%(TSFR3M+128bps),

7/17/30,

Callable

10/17/23

@

100(a)

996,593

1,200,000

Octagon

Investment

Partners

XVII,

Ltd.,

Class

A2R2,

Series

2013-1A,

6.71%(TSFR3M+136bps),

1/25/31,

Callable

10/25/23

@

100(a)

1,183,005

1,510,000

One

New

York

Plaza

Trust,

Class

A,

Series

2020-

1NYP,

6.40%(TSFR1M+106bps),

1/15/26(a)

1,434,249

2,700,000

Palmer

Square

CLO,

Ltd.,

Class

A1A,

Series

2022-

4A,

7.48%(TSFR3M+215bps),

10/20/35,

Callable

1/20/25

@

100(a)

2,717,911

3,960,000

PRKCM

Trust,

Class

A1,

Series

2023-AFC3,

6.58%,

9/25/58,

Callable

8/25/26

@

100(a)

3,937,078

2,126,883

PRKCM

Trust,

Class

A1,

Series

2021-AFC2,

2.07%,

11/25/56,

Callable

9/25/42

@

100(a)(b)

1,718,662

615,043

RCKT

Mortgage

Trust,

Class

A1,

Series

2021-1,

2.50%,

3/25/51,

Callable

8/25/46

@

100(a)(b)

464,550

1,897,467

Regatta

X

Funding,

Ltd.,

Class

A,

Series

2017-3A,

6.69%(TSFR3M+138bps),

1/17/31,

Callable

10/17/23

@

100(a)

1,893,374

1,124,728

RR

3,

Ltd.,

Class

A1R2,

Series

2018-3A,

6.66%(TSFR3M+135bps),

1/15/30,

Callable

10/15/23

@

100(a)

1,121,909

526,208

Seasoned

Credit

Risk

Transfer

Trust,

Class

MA,

Series

2018-2,

3.50%,

11/25/57,

Callable

7/25/43

@

100

485,867

1,362,979

Seasoned

Credit

Risk

Transfer

Trust,

Class

MA,

Series

2019-2,

3.50%,

8/25/58,

Callable

2/25/53

@

100

1,262,091

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

125,000

SG

Commercial

Mortgage

Securities

Trust,

Class

A4,

Series

2016-C5,

3.06%,

10/10/48,

Callable

7/10/26

@

100

$

114,069

798,764

SG

Residential

Mortgage

Trust,

Class

A1,

Series

2022-2,

5.35%,

9/25/67,

Callable

8/25/25

@

100(a)

(b)

774,672

1,500,000

Signal

Peak

CLO

4,

Ltd.,

Class

XR,

Series

2017-4A,

6.56%(TSFR3M+121bps),

10/26/34,

Callable

10/26/23

@

100(a)

1,497,061

948,164

Signal

Peak

CLO

5,

Ltd.,

Class

A,

Series

2018-5A,

6.72%(TSFR3M+137bps),

4/25/31,

Callable

10/25/23

@

100(a)

944,870

1,000,000

Signal

Peak

CLO

8,

Ltd.,

Class

A,

Series

2020-8A,

6.86%(TSFR3M+153bps),

4/20/33,

Callable

10/20/23

@

100(a)

993,775

2,810,000

Taubman

Centers

Commercial

Mortgage

Trust,

Class

A,

Series

2022-DPM,

7.52%(TSFR1M+219bps),

5/15/37(a)

2,737,079

697,958

TCI-Flatiron

CLO,  Ltd.,

Class

AR,

Series

2017-1A,

6.60%(TSFR3M+122bps),

11/18/30,

Callable

11/17/23

@

100(a)

696,211

4,388,897

TCI-Symphony

CLO,

Ltd.,

Class

AR,

Series

2017-

1A,

6.50%(TSFR3M+119bps),

7/15/30,

Callable

10/15/23

@

100(a)

4,368,665

388,839

Tharaldson

Hotel

Portfolio

Trust,

Class

A,

Series

2018-THL,

6.49%(TSFR1M+116bps),

11/11/34(a)

383,510

6,750,000

TRESTLES

CLO

V,

Ltd.,

Class

A1,

Series

2021-5A,

6.76%(TSFR3M+143bps),

10/20/34,

Callable

10/20/23

@

100(a)

6,673,304

2,943,389

UWM

Mortgage

Trust,

Class

A10,

Series

2021-

INV5,

5.00%,

1/25/52,

Callable

8/25/43

@

100(a)(b)

2,729,716

2,574,892

Verus

Securitization

Trust,

Class

A1,

Series

2022-3,

4.13%,

2/25/67,

Callable

3/25/25

@

100(a)

2,329,190

1,000,000

Voya

CLO,

Ltd.,

Class

A1R,

Series

2017-3A,

6.63%(TSFR3M+130bps),

4/20/34,

Callable

10/20/23

@

100(a)

983,736

664,488

Voya

CLO,

Ltd.,

Class

AR,

Series

2019-1A,

6.63%(TSFR3M+132bps),

4/15/31,

Callable

10/15/23

@

100(a)

661,871

775,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

A4,

Series

2015-C28,

3.54%,

5/15/48,

Callable

5/15/25

@

100

739,244

8,440,501

Wells

Fargo

Commercial

Mortgage

Trust,

Class

XA,

Series

2016-LC25,

0.98%,

12/15/59,

Callable

9/15/26

@

100(b)

175,776

1,015,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

A4,

Series

2015-NXS4,

3.72%,

12/15/48,

Callable

11/15/25

@

100

962,174

1,250,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

AS,

Series

2015-NXS1,

3.41%,

5/15/48,

Callable

4/15/25

@

100

1,113,572

1,500,000

Whitebox

CLO

III,

Ltd.,

Class

A1,

Series

2021-3A,

6.79%(TSFR3M+148bps),

10/15/34,

Callable

10/15/23

@

100(a)

1,488,042

Total

Collateralized

Mortgage

Obligations

(Cost

$219,978,161)

211,178,718

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

78

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds

(

24

.4

%

):

Aerospace

&

Defense

(

1

.5

%

):

$

4,137,000

BAE

Systems

Holdings,

Inc.,

3.85%,

12/15/25,

Callable

9/15/25

@

100(a)

$

3,963,734

219,000

General

Dynamics

Corp.,

3.50%,

4/1/27,

Callable

2/1/27

@

100

206,444

1,982,000

Harris

Corp.,

4.40%,

6/15/28,

Callable

3/15/28

@

100

1,875,995

1,052,000

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/1/27,

Callable

9/1/27

@

100

958,635

3,943,000

Huntington

Ingalls

Industries,

Inc.,

2.04%,

8/16/28,

Callable

6/16/28

@

100

3,304,837

360,000

Huntington

Ingalls

Industries,

Inc.,

4.20%,

5/1/30,

Callable

2/1/30

@

100

325,627

2,069,000

L3Harris

Technologies,

Inc.,

3.85%,

12/15/26,

Callable

9/15/26

@

100

1,959,192

5,159,000

L3Harris

Technologies,

Inc.,

4.40%,

6/15/28,

Callable

3/15/28

@

100

4,870,483

230,000

L3Harris

Technologies,

Inc.,

5.60%,

7/31/53,

Callable

1/31/53

@

100

215,442

1,017,000

Lockheed

Martin

Corp.,

3.80%,

3/1/45,

Callable

9/1/44

@

100

774,473

570,000

Lockheed

Martin

Corp.,

4.15%,

6/15/53,

Callable

12/15/52

@

100

450,163

332,000

Lockheed

Martin

Corp.,

5.20%,

2/15/55,

Callable

8/15/54

@

100

306,098

3,054,000

Northrop

Grumman

Corp.,

4.70%,

3/15/33,

Callable

12/15/32

@

100

2,849,855

722,000

Northrop

Grumman

Corp.,

3.85%,

4/15/45,

Callable

10/15/44

@

100

537,773

2,170,000

Northrop

Grumman

Corp.,

4.03%,

10/15/47,

Callable

4/15/47

@

100

1,656,296

775,000

Northrop

Grumman

Corp.,

5.25%,

5/1/50,

Callable

11/1/49

@

100

712,306

2,334,000

Northrop

Grumman

Corp.,

4.95%,

3/15/53,

Callable

9/15/52

@

100

2,033,215

115,000

Raytheon

Technologies

Corp.,

7.00%,

11/1/28

118,788

7,668,000

Raytheon

Technologies

Corp.,

4.13%,

11/16/28,

Callable

8/16/28

@

100

7,151,330

4,330,000

Raytheon

Technologies

Corp.,

2.38%,

3/15/32,

Callable

12/15/31

@

100

3,336,910

415,000

Raytheon

Technologies

Corp.,

4.20%,

12/15/44,

Callable

6/15/44

@

100

301,030

4,525,000

Raytheon

Technologies

Corp.,

2.82%,

9/1/51,

Callable

3/1/51

@

100

2,598,147

589,000

Textron,

Inc.,

3.65%,

3/15/27,

Callable

12/15/26

@

100

549,728

1,136,000

Textron,

Inc.,

3.38%,

3/1/28,

Callable

12/1/27

@

100

1,024,748

872,000

Textron,

Inc.,

3.90%,

9/17/29,

Callable

6/17/29

@

100

785,560

855,000

Textron,

Inc.,

3.00%,

6/1/30,

Callable

3/1/30

@

100

719,018

449,000

Textron,

Inc.,

2.45%,

3/15/31,

Callable

12/15/30

@

100

358,376

1,611,000

The

Boeing

Co.,

3.95%,

8/1/59,

Callable

2/1/59

@

100

1,056,202

45,000,405

Banks

(

2

.0

%

):

568,000

Bank

of

America

Corp.,

1.32%

(SOFR+115

bps),

6/19/26,

Callable

6/19/25

@

100,

MTN

520,963

Principal

Amount

Value

Corporate

Bonds,

continued

Banks,

continued

$

9,667,000

Bank

of

America

Corp.,

3.25%,

10/21/27,

Callable

10/21/26

@

100

$

8,855,736

5,529,000

Bank

of

America

Corp.,

3.82%

(TSFR3M+184

bps),

1/20/28,

Callable

1/20/27

@

100,

MTN

5,136,061

494,000

Bank

of

America

Corp.,

3.71%

(TSFR3M+177

bps),

4/24/28,

Callable

4/24/27

@

100

454,496

2,164,000

Bank

of

America

Corp.,

3.42%

(TSFR3M+130

bps),

12/20/28,

Callable

12/20/27

@

100

1,947,871

1,240,000

Bank

of

America

Corp.,

3.97%

(TSFR3M+133

bps),

3/5/29,

Callable

3/5/28

@

100,

MTN

1,136,620

5,246,000

Bank

of

America

Corp.,

2.09%

(SOFR+106

bps),

6/14/29,

Callable

6/14/28

@

100

4,392,587

1,089,000

Bank

of

America

Corp.,

5.82%

(SOFR+157

bps),

9/15/29,

Callable

9/15/28

@

100

1,076,733

3,146,000

Bank

of

America

Corp.,

2.50%

(TSFR3M+125

bps),

2/13/31,

Callable

2/13/30

@

100,

MTN

2,521,978

1,564,000

Bank

of

America

Corp.,

5.29%

(SOFR+191

bps),

4/25/34,

Callable

4/25/33

@

100

1,465,981

351,000

Capital

One

NA,

2.28%

(SOFR+91

bps),

1/28/26,

Callable

1/28/25

@

100

331,856

2,093,000

Citigroup,

Inc.,

2.98%

(SOFR+142

bps),

11/5/30,

Callable

11/5/29

@

100

1,754,330

1,437,000

Citigroup,

Inc.,

3.78%

(SOFR+194

bps),

3/17/33,

Callable

3/17/32

@

100

1,199,869

2,001,000

Citigroup,

Inc.,

6.27%

(SOFR+234

bps),

11/17/33,

Callable

11/17/32

@

100

2,000,116

625,000

Federal

Farm

Credit

Banks

Funding

Corp.,

3.50%,

9/1/32

556,918

1,045,000

Federal

Farm

Credit

Banks

Funding

Corp.,

3.88%,

9/20/32

958,651

1,196,000

JP

Morgan

Chase

&

Co.,

1.95%

(SOFR+107

bps),

2/4/32,

Callable

2/4/31

@

100

907,589

4,578,000

JP

Morgan

Chase

&

Co.,

5.35%

(SOFR+185

bps),

6/1/34,

Callable

6/1/33

@

100

4,350,629

2,931,000

JPMorgan

Chase

&

Co.,

5.30%

(SOFR+145

bps),

7/24/29,

Callable

7/24/28

@

100

2,839,726

3,185,000

JPMorgan

Chase

&

Co.,

3.70%

(TSFR3M+142

bps),

5/6/30,

Callable

5/6/29

@

100

2,824,952

3,373,000

JPMorgan

Chase

&

Co.,

2.96%

(SOFR+126

bps),

1/25/33,

Callable

1/25/32

@

100

2,679,707

1,417,000

Morgan

Stanley

Bank

NA,

4.75%,

4/21/26,

Callable

3/21/26

@

100

1,385,254

1,860,000

Wells

Fargo

&

Co.,

5.57%

(SOFR+174

bps),

7/25/29,

Callable

7/25/28

@

100

1,820,700

705,000

Wells

Fargo

&

Co.,

2.57%

(TSFR3M+126

bps),

2/11/31,

Callable

2/11/30

@

100,

MTN

571,035

2,985,000

Wells

Fargo

&

Co.,

5.39%

(SOFR+202

bps),

4/24/34,

Callable

4/24/33

@

100

2,781,172

2,411,000

Wells

Fargo

&

Co.,

5.56%

(SOFR+199

bps),

7/25/34,

Callable

7/25/33

@

100

2,286,515

2,767,000

Wells

Fargo

Bank

NA,

5.45%,

8/7/26,

Callable

7/7/26

@

100

2,749,562

59,507,607

Biotechnology

(

0

.9

%

):

2,680,000

AbbVie,

Inc.,

4.55%,

3/15/35,

Callable

9/15/34

@

100

2,433,440

6,143,000

AbbVie,

Inc.,

4.50%,

5/14/35,

Callable

11/14/34

@

100

5,548,665

5,302,000

Amgen,

Inc.,

5.15%,

3/2/28,

Callable

2/2/28

@

100

5,207,476

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

79

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Biotechnology,

continued

$

1,698,000

Amgen,

Inc.,

4.05%,

8/18/29,

Callable

6/18/29

@

100

$

1,571,930

722,000

Amgen,

Inc.,

5.25%,

3/2/30,

Callable

1/2/30

@

100

705,316

1,628,000

Amgen,

Inc.,

4.20%,

2/22/52,

Callable

8/22/51

@

100

1,219,826

785,000

Amgen,

Inc.,

5.65%,

3/2/53,

Callable

9/2/52

@

100

734,314

1,007,000

Amgen,

Inc.,

4.40%,

2/22/62,

Callable

8/22/61

@

100

740,969

2,326,000

Amgen,

Inc.,

5.75%,

3/2/63,

Callable

9/2/62

@

100

2,143,819

2,839,000

Gilead

Sciences,

Inc.,

1.65%,

10/1/30,

Callable

7/1/30

@

100

2,212,615

2,929,000

Gilead

Sciences,

Inc.,

2.60%,

10/1/40,

Callable

4/1/40

@

100

1,921,037

63,000

Gilead

Sciences,

Inc.,

4.80%,

4/1/44,

Callable

10/1/43

@

100

54,823

486,000

Gilead

Sciences,

Inc.,

4.50%,

2/1/45,

Callable

8/1/44

@

100

402,304

24,896,534

Broadline

Retail

(

0

.0

%

†

):

300,000

Amazon.com,

Inc.,

4.70%,

12/1/32,

Callable

9/1/32

@

100

286,648

794,000

Amazon.com,

Inc.,

2.50%,

6/3/50,

Callable

12/3/49

@

100

467,442

280,000

eBay,

Inc.,

6.30%,

11/22/32,

Callable

8/22/32

@

100

285,196

1,039,286

Building

Products

(

0

.0

%

†

):

566,000

Owens

Corning,

4.40%,

1/30/48,

Callable

7/30/47

@

100

429,148

Capital

Markets

(

2

.6

%

):

1,774,000

Charles

Schwab

Corp.

(The),

5.85%

(SOFR+250

bps),

5/19/34,

Callable

5/19/33

@

100

1,679,712

345,000

Charles

Schwab

Corp.

(The),

6.14%

(SOFR+201

bps),

8/24/34,

Callable

8/24/33

@

100

334,470

2,463,000

FactSet

Research

Systems,

3.45%,

3/1/32,

Callable

12/1/31

@

100

2,038,150

1,580,000

Goldman

Sachs

Group,

Inc.

(The),

0.66%

(SOFR+51

bps),

9/10/24,

Callable

8/10/24

@

100

1,576,157

2,491,000

Goldman

Sachs

Group,

Inc.

(The),

5.80%

(SOFR+108

bps),

8/10/26,

Callable

8/10/25

@

100

2,466,469

6,843,000

Goldman

Sachs

Group,

Inc.

(The),

3.62%

(SOFR+185

bps),

3/15/28,

Callable

3/15/27

@

100

6,314,539

697,000

Goldman

Sachs

Group,

Inc.

(The),

1.99%

(SOFR+109

bps),

1/27/32,

Callable

1/27/31

@

100

523,269

2,331,000

Goldman

Sachs

Group,

Inc.

(The),

2.62%

(SOFR+128

bps),

4/22/32,

Callable

4/22/31

@

100

1,829,793

1,406,000

Goldman

Sachs

Group,

Inc.

(The),

2.38%

(SOFR+125

bps),

7/21/32,

Callable

7/21/31

@

100

1,071,861

3,081,000

Goldman

Sachs

Group,

Inc.

(The),

2.65%

(SOFR+126

bps),

10/21/32,

Callable

10/21/31

@

100

2,380,966

716,000

Intercontinental

Exchange,

Inc.,

2.10%,

6/15/30,

Callable

3/15/30

@

100

572,810

464,000

Moody's

Corp.,

0.95%,

2/25/30,

Callable

11/25/29

@

100

403,767

1,415,000

Moody's

Corp.,

2.00%,

8/19/31,

Callable

5/19/31

@

100

1,097,958

Principal

Amount

Value

Corporate

Bonds,

continued

Capital

Markets,

continued

$

2,703,000

Moody's

Corp.,

4.25%,

8/8/32,

Callable

5/8/32

@

100

$

2,449,986

366,000

Moody's

Corp.,

2.55%,

8/18/60,

Callable

2/18/60

@

100

176,877

1,165,000

Moody's

Corp.,

3.10%,

11/29/61,

Callable

5/29/61

@

100

671,207

3,493,000

Morgan

Stanley,

3.59%

(US0003M+134

bps),

7/22/28,

Callable

7/22/27

@

100

3,187,235

6,500,000

Morgan

Stanley,

3.77%

(TSFR3M+140

bps),

1/24/29,

Callable

1/24/28

@

100

5,930,119

5,897,000

Morgan

Stanley,

5.12%

(SOFR+173

bps),

2/1/29,

Callable

2/1/28

@

100

5,662,252

810,000

Morgan

Stanley,

4.66%

(EUR003M+130

bps),

3/2/29,

Callable

3/2/28

@

100

855,296

2,995,000

Morgan

Stanley,

5.16%

(SOFR+159

bps),

4/20/29,

Callable

4/20/28

@

100

2,890,453

1,162,000

Morgan

Stanley,

5.45%

(SOFR+163

bps),

7/20/29,

Callable

7/20/28

@

100

1,133,993

5,549,000

Morgan

Stanley,

2.70%

(SOFR+114

bps),

1/22/31,

Callable

1/22/30

@

100,

MTN

4,538,135

2,220,000

Morgan

Stanley,

1.79%

(SOFR+103

bps),

2/13/32,

Callable

2/13/31

@

100,

MTN

1,644,991

208,000

Morgan

Stanley,

2.51%

(SOFR+120

bps),

10/20/32,

Callable

10/20/31

@

100,

MTN

159,527

11,350,000

Morgan

Stanley,

5.25%

(SOFR+187

bps),

4/21/34,

Callable

4/21/33

@

100

10,554,910

4,481,000

Morgan

Stanley,

5.42%

(SOFR+188

bps),

7/21/34,

Callable

7/21/33

@

100

4,244,744

519,000

Nasdaq,

Inc.,

5.55%,

2/15/34,

Callable

11/15/33

@

100

494,269

5,134,000

Pfizer

Investment

Enterprises

Pte,

Ltd.,

4.75%,

5/19/33,

Callable

2/19/33

@

100

4,863,120

2,320,000

Pfizer

Investment

Enterprises

Pte,

Ltd.,

5.30%,

5/19/53,

Callable

11/19/52

@

100

2,150,851

2,210,000

Pfizer

Investment

Enterprises

Pte,

Ltd.,

5.34%,

5/19/63,

Callable

11/19/62

@

100

2,005,880

405,000

S&P

Global,

Inc.,

5.25%,

9/15/33,

Callable

6/15/33

@

100(a)

394,857

661,000

State

Street

Corp.,

Series

F,

9.27%

(TSFR3M+386

bps),

Callable

12/15/23

@

100^

664,305

76,962,928

Chemicals

(

0

.0

%

†

):

569,000

Sherwin-Williams

Co.

(The),

2.90%,

3/15/52,

Callable

9/15/51

@

100

328,936

Commercial

Services

&

Supplies

(

0

.1

%

):

563,000

Republic

Services,

Inc.,

3.95%,

5/15/28,

Callable

2/15/28

@

100

527,907

612,000

Republic

Services,

Inc.,

2.38%,

3/15/33,

Callable

12/15/32

@

100

469,935

753,000

Republic

Services,

Inc.,

5.00%,

4/1/34,

Callable

1/1/34

@

100

712,216

107,000

Waste

Management,

Inc.,

2.95%,

6/1/41,

Callable

12/1/40

@

100

73,234

1,783,292

Communications

Equipment

(

0

.3

%

):

435,000

Juniper

Networks,

Inc.,

3.75%,

8/15/29,

Callable

5/15/29

@

100

388,837

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

80

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Communications

Equipment,

continued

$

2,716,000

Motorola

Solutions,

Inc.,

2.30%,

11/15/30,

Callable

8/15/30

@

100

$

2,111,660

2,834,000

Motorola

Solutions,

Inc.,

2.75%,

5/24/31,

Callable

2/24/31

@

100

2,235,264

3,002,000

Motorola

Solutions,

Inc.,

5.60%,

6/1/32,

Callable

3/1/32

@

100

2,870,749

7,606,510

Consumer

Finance

(

0

.1

%

):

1,491,000

Capital

One

Financial

Corp.,

3.27%

(SOFR+179

bps),

3/1/30,

Callable

3/1/29

@

100

1,245,094

210,000

Capital

One

Financial

Corp.,

2.36%

(SOFR+134

bps),

7/29/32,

Callable

7/29/31

@

100

144,240

651,000

General

Motors

Financial

Co.,

Inc.,

3.80%,

4/7/25

627,256

2,016,590

Containers

&

Packaging

(

0

.0

%

†

):

1,557,000

Amcor

Flexibles

North

America,

Inc.,

2.69%,

5/25/31,

Callable

2/25/31

@

100

1,233,701

349,000

International

Paper

Co.,

4.80%,

6/15/44,

Callable

12/15/43

@

100

284,403

1,518,104

Diversified

Consumer

Services

(

0

.0

%

†

):

145,000

California

Institute

of

Technology,

4.32%,

8/1/45

118,914

360,000

Massachusetts

Institute

of

Technology,

4.68%,

7/1/14

297,296

416,210

Diversified

REITs

(

0

.1

%

):

3,046,000

Crown

Castle,

Inc.,

2.10%,

4/1/31,

Callable

1/1/31

@

100

2,328,506

Diversified

Telecommunication

Services

(

1

.1

%

):

3,105,000

AT&T,

Inc.,

4.30%,

2/15/30,

Callable

11/15/29

@

100

2,833,598

749,000

AT&T,

Inc.,

2.55%,

12/1/33,

Callable

9/1/33

@

100

552,078

3,627,000

AT&T,

Inc.,

5.40%,

2/15/34,

Callable

11/15/33

@

100

3,385,387

408,000

AT&T,

Inc.,

4.85%,

3/1/39,

Callable

9/1/38

@

100

346,600

1,748,000

AT&T,

Inc.,

3.50%,

6/1/41,

Callable

12/1/40

@

100

1,206,167

490,000

AT&T,

Inc.,

4.35%,

6/15/45,

Callable

12/15/44

@

100

368,579

1,000,000

AT&T,

Inc.,

3.65%,

6/1/51,

Callable

12/1/50

@

100

639,936

712,000

AT&T,

Inc.,

3.55%,

9/15/55,

Callable

3/15/55

@

100

437,045

422,000

AT&T,

Inc.,

3.80%,

12/1/57,

Callable

6/1/57

@

100

266,208

3,871,000

AT&T,

Inc.,

3.65%,

9/15/59,

Callable

3/15/59

@

100

2,380,665

2,965,000

Verizon

Communications,

Inc.,

3.15%,

3/22/30,

Callable

12/22/29

@

100

2,538,933

2,472,000

Verizon

Communications,

Inc.,

1.75%,

1/20/31,

Callable

10/20/30

@

100

1,862,501

993,000

Verizon

Communications,

Inc.,

2.55%,

3/21/31,

Callable

12/21/30

@

100

794,151

13,833,000

Verizon

Communications,

Inc.,

2.36%,

3/15/32,

Callable

12/15/31

@

100

10,613,203

969,000

Verizon

Communications,

Inc.,

4.50%,

8/10/33

860,301

1,143,000

Verizon

Communications,

Inc.,

4.40%,

11/1/34,

Callable

5/1/34

@

100

998,833

1,764,000

Verizon

Communications,

Inc.,

3.40%,

3/22/41,

Callable

9/22/40

@

100

1,252,440

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

Telecommunication

Services,

continued

$

773,000

Verizon

Communications,

Inc.,

3.00%,

11/20/60,

Callable

5/20/60

@

100

$

417,926

31,754,551

Electric

Utilities

(

3

.7

%

):

297,000

AEP

Texas,

Inc.,

Series

E,

6.65%,

2/15/33

304,215

4,968,000

AEP

Texas,

Inc.,

5.40%,

6/1/33,

Callable

3/1/33

@

100

4,756,944

901,000

AEP

Texas,

Inc.,

3.45%,

5/15/51,

Callable

11/15/50

@

100

575,459

410,000

AEP

Texas,

Inc.,

5.25%,

5/15/52,

Callable

11/15/51

@

100

353,021

1,005,000

AEP

Transmission

Co.

LLC,

3.15%,

9/15/49,

Callable

3/15/49

@

100

647,151

905,000

AEP

Transmission

Co.

LLC,

3.65%,

4/1/50,

Callable

10/1/49

@

100

641,635

557,000

AEP

Transmission

Co.

LLC,

2.75%,

8/15/51,

Callable

2/15/51

@

100

324,170

666,000

AEP

Transmission

Co.

LLC,

5.40%,

3/15/53,

Callable

9/15/52

@

100

619,717

823,000

Alabama

Power

Co.,

3.70%,

12/1/47,

Callable

6/1/47

@

100

580,264

643,000

Alabama

Power

Co.,

3.45%,

10/1/49,

Callable

4/1/49

@

100

431,766

908,000

Alabama

Power

Co.,

3.00%,

3/15/52,

Callable

9/15/51

@

100

550,738

1,716,000

American

Transmission

Systems,

Inc.,

2.65%,

1/15/32,

Callable

10/15/31

@

100(a)

1,360,290

686,000

Atlantic

City

Electric

Co.,

4.00%,

10/15/28,

Callable

7/15/28

@

100

642,318

1,216,000

Baltimore

Gas

&

Electric

Co.,

3.75%,

8/15/47,

Callable

2/15/47

@

100

871,816

642,000

Baltimore

Gas

&

Electric

Co.,

3.20%,

9/15/49,

Callable

3/15/49

@

100

414,522

1,310,000

Baltimore

Gas

and

Electric

Co.,

4.55%,

6/1/52,

Callable

12/1/51

@

100

1,061,687

444,000

Commonwealth

Edison

Co.,

3.20%,

11/15/49,

Callable

5/15/49

@

100

285,951

750,000

Commonwealth

Edison

Co.,

3.13%,

3/15/51,

Callable

9/15/50

@

100

474,701

827,000

Commonwealth

Edison

Co.,

2.75%,

9/1/51,

Callable

3/1/51

@

100

476,512

549,000

Commonwealth

Edison

Co.,

5.30%,

2/1/53,

Callable

8/1/52

@

100

506,886

404,000

Consolidated

Edison

Co.

of

New

York,

Inc.,

4.63%,

12/1/54,

Callable

6/1/54

@

100

319,959

374,000

DTE

Electric

Co.,

3.75%,

8/15/47,

Callable

2/15/47

@

100

272,838

119,000

DTE

Electric

Co.,

Series

A,

4.05%,

5/15/48,

Callable

11/15/47

@

100

91,166

1,088,000

DTE

Electric

Co.,

3.95%,

3/1/49,

Callable

9/1/48

@

100

808,202

2,635,000

DTE

Electric

Co.,

5.40%,

4/1/53,

Callable

10/1/52

@

100

2,462,921

429,000

Duke

Energy

Carolinas

LLC,

2.45%,

2/1/30,

Callable

11/1/29

@

100

359,624

2,934,000

Duke

Energy

Carolinas

LLC,

4.95%,

1/15/33,

Callable

10/15/32

@

100

2,785,070

118,000

Duke

Energy

Carolinas

LLC,

3.75%,

6/1/45,

Callable

12/1/44

@

100

85,223

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

81

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

718,000

Duke

Energy

Carolinas

LLC,

3.88%,

3/15/46,

Callable

9/15/45

@

100

$

521,832

654,000

Duke

Energy

Carolinas

LLC,

3.95%,

3/15/48,

Callable

9/15/47

@

100

485,303

426,000

Duke

Energy

Carolinas

LLC,

3.20%,

8/15/49,

Callable

2/15/49

@

100

275,188

674,000

Duke

Energy

Carolinas

LLC,

3.45%,

4/15/51,

Callable

10/15/50

@

100

449,289

504,000

Duke

Energy

Corp.,

4.30%,

3/15/28,

Callable

2/15/28

@

100

478,042

3,067,000

Duke

Energy

Florida

LLC,

2.50%,

12/1/29,

Callable

9/1/29

@

100

2,604,742

2,209,000

Duke

Energy

Florida

LLC,

1.75%,

6/15/30,

Callable

3/15/30

@

100

1,738,085

285,000

Duke

Energy

Florida

LLC,

4.20%,

7/15/48,

Callable

1/15/48

@

100

220,085

1,396,000

Duke

Energy

Florida

LLC,

5.95%,

11/15/52,

Callable

5/15/52

@

100

1,378,028

544,000

Duke

Energy

Ohio,

Inc.,

3.65%,

2/1/29,

Callable

11/1/28

@

100

499,096

420,000

Duke

Energy

Progress

LLC,

3.45%,

3/15/29,

Callable

12/15/28

@

100

381,150

2,068,000

Duke

Energy

Progress

LLC,

5.25%,

3/15/33,

Callable

12/15/32

@

100

2,008,435

311,000

Duke

Energy

Progress

LLC,

6.30%,

4/1/38

318,097

857,000

Duke

Energy

Progress

LLC,

4.38%,

3/30/44,

Callable

9/30/43

@

100

684,392

337,000

Duke

Energy

Progress

LLC,

4.20%,

8/15/45,

Callable

2/15/45

@

100

259,170

656,000

Duke

Energy

Progress

LLC,

2.50%,

8/15/50,

Callable

2/15/50

@

100

363,679

220,000

Duke

Energy

Progress,

Inc.,

5.70%,

4/1/35

213,490

1,043,000

Duke

Energy

Progress,

Inc.,

4.10%,

5/15/42,

Callable

11/15/41

@

100

819,403

1,601,000

Edison

International,

5.75%,

6/15/27,

Callable

4/15/27

@

100

1,587,749

1,610,000

Edison

International,

4.13%,

3/15/28,

Callable

12/15/27

@

100

1,483,108

2,133,000

Edison

International,

5.25%,

11/15/28,

Callable

10/15/28

@

100

2,058,332

1,203,000

Edison

International,

6.95%,

11/15/29,

Callable

9/15/29

@

100

1,240,952

258,000

Entergy

Arkansas

LLC,

3.35%,

6/15/52,

Callable

12/15/51

@

100

165,373

501,000

Entergy

Louisiana

LLC,

3.05%,

6/1/31,

Callable

3/1/31

@

100

418,070

793,000

Entergy

Mississippi

LLC,

3.85%,

6/1/49,

Callable

12/1/48

@

100

568,346

297,000

Evergy

Kansas

Central,

Inc.,

5.70%,

3/15/53,

Callable

9/15/52

@

100

279,405

311,000

Eversource

Energy,

4.60%,

7/1/27,

Callable

6/1/27

@

100

299,429

2,185,000

Eversource

Energy,

5.45%,

3/1/28,

Callable

2/1/28

@

100

2,161,262

778,000

Exelon

Corp.,

5.63%,

6/15/35

751,528

636,000

Exelon

Corp.,

5.60%,

3/15/53,

Callable

9/15/52

@

100

582,458

193,000

FirstEnergy

Corp.,

2.05%,

3/1/25,

Callable

2/1/25

@

100

182,356

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

636,000

FirstEnergy

Corp.,

Series

C,

3.40%,

3/1/50,

Callable

9/1/49

@

100

$

399,090

505,000

FirstEnergy

Transmission

LLC,

4.35%,

1/15/25,

Callable

10/15/24

@

100(a)

492,999

637,000

FirstEnergy

Transmission

LLC,

4.55%,

4/1/49,

Callable

10/1/48

@

100(a)

501,341

449,000

Florida

Power

&

Light

Co.,

3.99%,

3/1/49,

Callable

9/1/48

@

100

342,164

1,120,000

Florida

Power

&

Light

Co.,

3.15%,

10/1/49,

Callable

4/1/49

@

100

730,887

453,000

Kentucky

Utilities

Co.,

5.45%,

4/15/33,

Callable

1/15/33

@

100

443,581

407,000

Louisville

Gas

and

Electric

Co.,

5.45%,

4/15/33,

Callable

1/15/33

@

100

396,790

575,000

Metropolitan

Edison

Co.,

5.20%,

4/1/28,

Callable

3/1/28

@

100(a)

560,807

658,000

MidAmerican

Energy

Co.,

3.10%,

5/1/27,

Callable

2/1/27

@

100

611,491

399,000

MidAmerican

Energy

Co.,

3.15%,

4/15/50,

Callable

10/15/49

@

100

254,859

3,345,000

NextEra

Energy

Capital

Holdings,

Inc.,

5.75%,

9/1/25

3,335,647

1,566,000

Northern

States

Power

Co.,

2.90%,

3/1/50,

Callable

9/1/49

@

100

959,122

311,000

Northern

States

Power

Co.,

2.60%,

6/1/51,

Callable

12/1/50

@

100

176,605

174,000

Northern

States

Power

Co.,

3.20%,

4/1/52,

Callable

10/1/51

@

100

111,531

465,000

Northern

States

Power

Co.,

4.50%,

6/1/52,

Callable

12/1/51

@

100

378,597

299,000

NRG

Energy,

Inc.,

2.45%,

12/2/27,

Callable

10/2/27

@

100(a)

253,425

598,000

Ohio

Power

Co.,

2.60%,

4/1/30,

Callable

1/1/30

@

100

499,088

704,000

Ohio

Power

Co.,

1.63%,

1/15/31,

Callable

10/15/30

@

100

537,367

494,000

Ohio

Power

Co.,

Series

G,

6.60%,

2/15/33

511,340

4,486,000

Ohio

Power

Co.,

5.00%,

6/1/33,

Callable

3/1/33

@

100

4,204,589

345,000

Ohio

Power

Co.,

Series

F,

5.85%,

10/1/35

336,846

362,000

Ohio

Power

Co.,

4.00%,

6/1/49,

Callable

12/1/48

@

100

264,984

663,000

Ohio

Power

Co.,

2.90%,

10/1/51,

Callable

4/1/51

@

100

392,287

485,000

Oncor

Electric

Delivery

Co.

LLC,

3.70%,

11/15/28,

Callable

8/15/28

@

100

449,493

2,027,000

Oncor

Electric

Delivery

Co.

LLC,

4.55%,

9/15/32,

Callable

6/15/32

@

100

1,863,129

271,000

Oncor

Electric

Delivery

Co.

LLC,

3.80%,

9/30/47,

Callable

3/30/47

@

100

199,898

987,000

Pacific

Gas

and

Electric

Co.,

6.15%,

1/15/33,

Callable

10/15/32

@

100

936,143

8,122,000

Pacific

Gas

and

Electric

Co.,

6.40%,

6/15/33,

Callable

3/15/33

@

100

7,841,710

728,000

Pacific

Gas

and

Electric

Co.,

3.50%,

8/1/50,

Callable

2/1/50

@

100

433,997

614,000

PECO

Energy

Co.,

3.05%,

3/15/51,

Callable

9/15/50

@

100

381,748

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

82

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

460,000

PECO

Energy

Co.,

2.85%,

9/15/51,

Callable

3/15/51

@

100

$

273,021

783,000

Pennsylvania

Electric

Co.,

5.15%,

3/30/26(a)

766,720

458,000

Public

Service

Co

of

New

Hampshire,

3.60%,

7/1/49,

Callable

1/1/49

@

100

325,913

545,000

Public

Service

Co

of

New

Hampshire,

5.15%,

1/15/53,

Callable

7/15/52

@

100

491,680

535,000

Public

Service

Electric

&

Gas

Co.,

3.65%,

9/1/28,

Callable

6/1/28

@

100

496,102

340,000

Public

Service

Electric

&

Gas

Co.,

2.05%,

8/1/50,

Callable

2/1/50

@

100,

MTN

174,625

1,052,000

Public

Service

Electric

and

Gas

Co.,

2.45%,

1/15/30,

Callable

10/15/29

@

100,

MTN

886,992

6,391,000

Public

Service

Electric

and

Gas

Co.,

3.10%,

3/15/32,

Callable

12/15/31

@

100,

MTN

5,403,610

821,000

Public

Service

Electric

and

Gas

Co.,

4.90%,

12/15/32,

Callable

9/15/32

@

100

787,996

357,000

Public

Service

Electric

and

Gas

Co.,

4.65%,

3/15/33,

Callable

12/15/32

@

100,

MTN

335,685

389,000

Public

Service

Electric

and

Gas

Co.,

4.15%,

11/1/45,

Callable

5/1/45

@

100

299,707

569,000

San

Diego

Gas

&

Electric

Co.,

3.75%,

6/1/47,

Callable

12/1/46

@

100

405,749

1,221,000

San

Diego

Gas

&

Electric

Co.,

5.35%,

4/1/53,

Callable

10/1/52

@

100

1,109,318

2,073,000

Southern

California

Edison

Co.,

1.20%,

2/1/26,

Callable

1/1/26

@

100

1,875,534

440,000

Southern

California

Edison

Co.,

5.65%,

10/1/28,

Callable

9/1/28

@

100

438,635

742,000

Southern

California

Edison

Co.,

2.75%,

2/1/32,

Callable

11/1/31

@

100

593,681

4,580,000

Southern

California

Edison

Co.,

5.95%,

11/1/32,

Callable

8/1/32

@

100

4,598,494

671,000

Southern

California

Edison

Co.,

5.75%,

4/1/35

651,734

417,000

Southern

California

Edison

Co.,

5.35%,

7/15/35

396,106

533,000

Southern

California

Edison

Co.,

5.88%,

12/1/53,

Callable

6/1/53

@

100

506,053

2,500,000

Southern

Co.

(The),

1.88%

(EUSA5+211

bps),

9/15/81,

Callable

6/15/27

@

100

2,084,479

867,000

Southwestern

Electric

Power

Co.,

5.30%,

4/1/33,

Callable

1/1/33

@

100

816,584

1,744,000

Southwestern

Public

Service

Co.,

3.15%,

5/1/50,

Callable

11/1/49

@

100

1,073,685

215,000

Tampa

Electric

Co.,

4.20%,

5/15/45,

Callable

11/15/44

@

100

158,673

3,000

Tampa

Electric

Co.,

4.45%,

6/15/49,

Callable

12/15/48

@

100

2,339

463,000

Union

Electric

Co.,

2.63%,

3/15/51,

Callable

9/15/50

@

100

262,785

478,000

Union

Electric

Co.,

5.45%,

3/15/53,

Callable

9/15/52

@

100

445,145

381,000

Virginia

Electric

&

Power

Co.,

Series

A,

6.00%,

5/15/37

379,095

715,000

Virginia

Electric

and

Power

Co.,

Series

B,

4.20%,

5/15/45,

Callable

11/15/44

@

100

543,715

2,298,000

Vistra

Operations

Co.

LLC,

5.13%,

5/13/25(a)

2,241,382

848,000

Wisconsin

Power

and

Light

Co.,

1.95%,

9/16/31,

Callable

6/16/31

@

100

647,446

106,814,878

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services

(

0

.5

%

):

$

1,708,000

Federal

National

Mortgage

Association,

1.55%,

8/24/35,

Callable

11/24/23

@

100

$

1,136,599

295,000

Franciscan

Missionaries

of

Our

Lady

Health

System,

Inc.,

Series

B,

3.91%,

7/1/49,

Callable

1/1/49

@

100

198,967

1,508,000

Glencore

Funding

LLC,

3.88%,

10/27/27,

Callable

7/27/27

@

100(a)

1,396,173

2,012,000

Glencore

Funding

LLC,

5.40%,

5/8/28,

Callable

4/8/28

@

100(a)

1,959,064

1,418,000

Glencore

Funding

LLC,

6.38%,

10/6/30,

Callable

8/6/30

@

100(a)

1,413,294

2,306,000

Glencore

Funding

LLC,

5.70%,

5/8/33,

Callable

2/8/33

@

100(a)

2,182,723

761,000

Global

Payments,

Inc.,

4.45%,

6/1/28,

Callable

3/1/28

@

100

705,283

1,009,000

Global

Payments,

Inc.,

5.30%,

8/15/29,

Callable

6/15/29

@

100

963,525

2,254,000

Global

Payments,

Inc.,

2.90%,

5/15/30,

Callable

2/15/30

@

100

1,849,335

756,000

Global

Payments,

Inc.,

4.88%,

3/17/31,

Callable

1/17/31

@

100

777,386

870,000

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.,

3.90%,

2/1/24,

Callable

1/1/24

@

100(a)

862,204

397,000

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.,

4.45%,

1/29/26,

Callable

11/29/25

@

100(a)

380,628

678,000

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.,

5.88%,

11/15/27,

Callable

10/15/27

@

100(a)

665,734

396,000

Synchrony

Bank,

5.63%,

8/23/27,

Callable

7/23/27

@

100

369,381

14,860,296

Gas

Utilities

(

0

.2

%

):

262,000

Atmos

Energy

Corp.,

4.13%,

10/15/44,

Callable

4/15/44

@

100

205,628

1,254,000

Consolidated

Edison

Co.

of

New

York,

Inc.,

6.15%,

11/15/52,

Callable

5/15/52

@

100

1,263,770

753,000

ONE

Gas,

Inc.,

2.00%,

5/15/30,

Callable

2/15/30

@

100

601,143

736,000

PECO

Energy

Co.,

4.38%,

8/15/52,

Callable

2/15/52

@

100

589,057

560,000

Piedmont

Natural

Gas

Co.,

Inc.,

3.50%,

6/1/29,

Callable

3/1/29

@

100

499,404

500,000

Piedmont

Natural

Gas

Co.,

Inc.,

2.50%,

3/15/31,

Callable

12/15/30

@

100

396,732

298,000

Southwest

Gas

Corp.,

5.80%,

12/1/27,

Callable

11/1/27

@

100

297,592

1,490,000

Southwest

Gas

Corp.,

5.45%,

3/23/28,

Callable

2/23/28

@

100

1,467,681

5,321,007

Ground

Transportation

(

0

.5

%

):

787,000

Burlington

Northern

Santa

Fe

LLC,

4.05%,

6/15/48,

Callable

12/15/47

@

100

605,740

1,850,000

Burlington

Northern

Santa

Fe

LLC,

4.15%,

12/15/48,

Callable

6/15/48

@

100

1,447,451

855,000

Burlington

Northern

Santa

Fe

LLC,

3.05%,

2/15/51,

Callable

8/15/50

@

100

539,474

685,000

Burlington

Northern

Santa

Fe

LLC,

3.30%,

9/15/51,

Callable

3/15/51

@

100

454,551

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

83

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Ground

Transportation,

continued

$

313,000

Burlington

Northern

Santa

Fe

LLC,

2.88%,

6/15/52,

Callable

12/15/51

@

100

$

192,417

376,000

CSX

Corp.,

4.50%,

3/15/49,

Callable

9/15/48

@

100

304,652

1,715,000

CSX

Corp.,

2.50%,

5/15/51,

Callable

11/15/50

@

100

951,720

1,356,000

Norfolk

Southern

Corp.,

2.55%,

11/1/29,

Callable

8/1/29

@

100

1,145,185

667,000

Norfolk

Southern

Corp.,

3.40%,

11/1/49,

Callable

5/1/49

@

100

440,806

2,331,000

Norfolk

Southern

Corp.,

3.05%,

5/15/50,

Callable

11/15/49

@

100

1,452,814

776,000

Norfolk

Southern

Corp.,

2.90%,

8/25/51,

Callable

2/25/51

@

100

460,518

738,000

Norfolk

Southern

Corp.,

4.05%,

8/15/52,

Callable

2/15/52

@

100

545,426

1,894,000

Ryder

System,

Inc.,

5.65%,

3/1/28,

Callable

2/1/28

@

100

1,869,907

1,198,000

Ryder

System,

Inc.,

5.25%,

6/1/28,

Callable

5/1/28

@

100,

MTN

1,165,762

1,287,000

Union

Pacific

Corp.,

2.80%,

2/14/32,

Callable

12/15/31

@

100

1,060,881

2,000

Union

Pacific

Corp.,

4.50%,

9/10/48,

Callable

3/10/48

@

100

1,647

2,011,000

Union

Pacific

Corp.,

2.95%,

3/10/52,

Callable

9/10/51

@

100

1,238,235

1,254,000

Union

Pacific

Corp.,

4.95%,

9/9/52,

Callable

3/9/52

@

100

1,123,579

305,000

Union

Pacific

Corp.,

4.95%,

5/15/53,

Callable

11/15/52

@

100

272,233

348,653

Union

Pacific

Railroad

Co.,

Series

2014-1,

3.23%,

5/14/26^

332,115

15,605,113

Health

Care

Providers

&

Services

(

1

.1

%

):

410,000

Aetna,

Inc.,

4.75%,

3/15/44,

Callable

9/15/43

@

100

331,387

275,000

AHS

Hospital

Corp.,

2.78%,

7/1/51,

Callable

1/1/51

@

100

162,184

448,000

Anthem,

Inc.,

4.55%,

3/1/48,

Callable

9/1/47

@

100

363,588

965,000

BHSH

System

Obligated

Group,

Series

2019-A,

3.49%,

7/15/49,

Callable

1/15/49

@

100

660,509

610,000

City

of

Hope,

Series

2013,

5.62%,

11/15/43

553,440

350,000

CommonSpirit

Health,

2.78%,

10/1/30,

Callable

4/1/30

@

100

288,523

130,000

CommonSpirit

Health,

3.82%,

10/1/49,

Callable

4/1/49

@

100

91,702

498,000

CVS

Health

Corp.,

5.00%,

12/1/24,

Callable

9/1/24

@

100

492,415

1,810,000

CVS

Health

Corp.,

4.30%,

3/25/28,

Callable

12/25/27

@

100

1,712,124

1,240,000

Duke

University

Health,

3.92%,

6/1/47,

Callable

12/1/46

@

100

938,673

710,000

Elevance

Health,

Inc.,

4.55%,

5/15/52,

Callable

11/15/51

@

100

570,987

948,000

Elevance

Health,

Inc.,

6.10%,

10/15/52,

Callable

4/15/52

@

100

951,628

615,000

Evernorth

Health,

Inc.,

4.50%,

2/25/26,

Callable

11/27/25

@

100

598,045

2,100,000

HCA,

Inc.,

5.25%,

4/15/25

2,073,750

3,903,000

HCA,

Inc.,

5.88%,

2/15/26,

Callable

8/15/25

@

100

3,883,485

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

7,584,000

HCA,

Inc.,

5.25%,

6/15/26,

Callable

12/15/25

@

100

$

7,422,840

1,207,000

HCA,

Inc.,

5.38%,

9/1/26,

Callable

3/1/26

@

100

1,182,860

1,556,000

HCA,

Inc.,

5.20%,

6/1/28,

Callable

5/1/28

@

100

1,502,993

325,000

HCA,

Inc.,

4.13%,

6/15/29,

Callable

3/15/29

@

100

293,719

2,833,000

HCA,

Inc.,

3.50%,

9/1/30,

Callable

3/1/30

@

100

2,404,509

1,434,000

HCA,

Inc.,

3.50%,

7/15/51,

Callable

1/15/51

@

100

892,298

197,000

Hoag

Memorial

Hospital

Presbyterian,

3.80%,

7/15/52,

Callable

1/15/52

@

100

144,398

323,000

Humana,

Inc.,

3.95%,

3/15/27,

Callable

12/15/26

@

100

306,365

410,000

Mount

Nittany

Medical

Center

Obligated

Group,

Series

2022,

3.80%,

11/15/52

285,714

235,000

UnitedHealth

Group,

Inc.,

4.20%,

1/15/47,

Callable

7/15/46

@

100

185,729

400,000

UnitedHealth

Group,

Inc.,

2.90%,

5/15/50,

Callable

11/15/49

@

100

244,278

851,000

UnitedHealth

Group,

Inc.,

4.75%,

5/15/52,

Callable

11/15/51

@

100

724,664

477,000

UnitedHealth

Group,

Inc.,

3.88%,

8/15/59,

Callable

2/15/59

@

100

337,705

1,201,000

UnitedHealth

Group,

Inc.,

6.05%,

2/15/63,

Callable

8/15/62

@

100

1,213,445

30,813,957

Independent

Power

and

Renewable

Electricity

Producers

(

0

.0

%

†

):

905,000

Evergy

Metro,

Inc.,

4.95%,

4/15/33,

Callable

1/15/33

@

100

849,515

Industrial

Conglomerates

(

0

.0

%

†

):

980,000

Honeywell

International,

Inc.,

3.75%,

5/17/32,

Callable

2/17/32

@

100

998,613

Industrial

REITs

(

0

.1

%

):

1,892,000

Prologis

LP,

1.75%,

2/1/31,

Callable

11/1/30

@

100

1,453,500

417,000

Prologis

LP,

5.13%,

1/15/34,

Callable

10/15/33

@

100

395,629

1,849,129

Insurance

(

0

.2

%

):

775,000

Aon

Corp.,

4.50%,

12/15/28,

Callable

9/15/28

@

100

736,118

1,716,000

Aon

Corp./Aon

Global

Holdings

plc,

2.60%,

12/2/31,

Callable

9/2/31

@

100

1,357,298

962,000

Aon

Corp./Aon

Global

Holdings

plc,

5.35%,

2/28/33,

Callable

11/28/32

@

100

922,986

378,000

Hartford

Financial

Services

Group,

Inc.

(The),

4.30%,

4/15/43

284,570

1,303,000

Marsh

&

McLennan

Cos.,

Inc.,

4.38%,

3/15/29,

Callable

12/15/28

@

100

1,235,353

4,536,325

Interactive

Media

&

Services

(

0

.1

%

):

3,124,000

Meta

Platforms,

Inc.,

5.75%,

5/15/63,

Callable

11/15/62

@

100

2,933,873

IT

Services

(

0

.1

%

):

1,145,000

Booz

Allen

Hamilton,

Inc.,

5.95%,

8/4/33,

Callable

5/4/33

@

100

1,116,375

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

84

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

IT

Services,

continued

$

722,000

DXC

Technology

Co.,

2.38%,

9/15/28,

Callable

7/15/28

@

100

$

586,472

1,702,847

Life

Sciences

Tools

&

Services

(

0

.2

%

):

614,000

Agilent

Technologies,

Inc.,

2.30%,

3/12/31,

Callable

12/12/30

@

100

486,571

965,000

Thermo

Fisher

Scientific,

Inc.,

2.00%,

10/15/31,

Callable

7/15/31

@

100

749,104

401,000

Thermo

Fisher

Scientific,

Inc.,

4.95%,

11/21/32,

Callable

8/21/32

@

100^

386,210

3,997,000

Thermo

Fisher

Scientific,

Inc.,

5.09%,

8/10/33,

Callable

5/10/33

@

100

3,859,947

5,481,832

Machinery

(

0

.1

%

):

312,000

CNH

Industrial

Capital

LLC,

4.55%,

4/10/28,

Callable

3/10/28

@

100

296,456

1,560,000

Otis

Worldwide

Corp.,

5.25%,

8/16/28,

Callable

7/16/28

@

100

1,534,923

1,248,000

Otis

Worldwide

Corp.,

2.57%,

2/15/30,

Callable

11/15/29

@

100

1,033,964

2,865,343

Media

(

0

.1

%

):

2,976,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

3.95%,

6/30/62,

Callable

12/30/61

@

100

1,673,333

384,000

Cox

Communications,

Inc.,

3.85%,

2/1/25,

Callable

11/1/24

@

100(a)

371,748

799,000

Cox

Communications,

Inc.,

3.60%,

6/15/51,

Callable

12/15/50

@

100(a)

498,543

265,000

Omnicom

Group,

Inc./Omnicom

Capital,

Inc.,

3.65%,

11/1/24,

Callable

8/1/24

@

100

257,864

526,000

Paramount

Global,

4.85%,

7/1/42,

Callable

1/1/42

@

100

354,448

3,155,936

Metals

&

Mining

(

0

.0

%

†

):

1,176,000

Newmont

Corp.,

2.60%,

7/15/32,

Callable

4/15/32

@

100

920,038

Multi-Utilities

(

0

.3

%

):

390,000

Ameren

Illinois

Co.,

2.90%,

6/15/51,

Callable

12/15/50

@

100

239,068

705,000

CenterPoint

Energy

Houston

Electric

LLC,

4.45%,

10/1/32,

Callable

7/1/32

@

100

651,916

1,162,000

CenterPoint

Energy

Houston

Electric

LLC,

4.95%,

4/1/33,

Callable

1/1/33

@

100

1,108,898

176,000

CenterPoint

Energy

Houston

Electric

LLC,

3.95%,

3/1/48,

Callable

9/1/47

@

100

133,972

599,000

CenterPoint

Energy

Houston

Electric

LLC,

2.90%,

7/1/50,

Callable

1/1/50

@

100

372,611

695,000

CenterPoint

Energy

Houston

Electric

LLC,

3.35%,

4/1/51,

Callable

10/1/50

@

100

466,052

2,772,000

Consumers

Energy

Co.,

4.63%,

5/15/33,

Callable

11/15/32

@

100

2,597,375

531,000

Consumers

Energy

Co.,

3.75%,

2/15/50,

Callable

8/15/49

@

100

385,435

778,000

Consumers

Energy

Co.,

3.10%,

8/15/50,

Callable

2/15/50

@

100

508,635

Principal

Amount

Value

Corporate

Bonds,

continued

Multi-Utilities,

continued

$

1,800,000

Consumers

Energy

Co.,

4.20%,

9/1/52,

Callable

3/1/52

@

100

$

1,405,011

804,000

NiSource,

Inc.,

5.25%,

3/30/28,

Callable

2/29/28

@

100

789,742

8,658,715

Oil,

Gas

&

Consumable

Fuels

(

4

.2

%

):

525,000

Boardwalk

Pipelines

LP,

3.40%,

2/15/31,

Callable

11/15/30

@

100

436,852

1,991,000

BP

Capital

Markets

America,

Inc.,

4.89%,

9/11/33,

Callable

6/11/33

@

100

1,866,465

2,943,000

Cameron

LNG

LLC,

2.90%,

7/15/31,

Callable

4/15/31

@

100(a)

2,430,889

4,367,000

Cameron

LNG

LLC,

3.30%,

1/15/35,

Callable

9/15/34

@

100(a)

3,479,053

1,608,000

Cameron

LNG

LLC,

3.40%,

1/15/38,

Callable

7/15/37

@

100(a)

1,276,233

13,884,000

Cheniere

Corpus

Christi

Holdings

LLC,

5.13%,

6/30/27,

Callable

1/1/27

@

100

13,484,835

3,507,000

Cheniere

Corpus

Christi

Holdings

LLC,

3.70%,

11/15/29,

Callable

5/18/29

@

100

3,108,079

2,070,000

Devon

Energy

Corp.,

4.50%,

1/15/30,

Callable

1/15/25

@

102.25

1,891,106

6,540,000

Diamondback

Energy,

Inc.,

3.25%,

12/1/26,

Callable

10/1/26

@

100

6,123,075

13,308,000

Diamondback

Energy,

Inc.,

3.50%,

12/1/29,

Callable

9/1/29

@

100

11,784,593

5,348,000

Diamondback

Energy,

Inc.,

3.13%,

3/24/31,

Callable

12/24/30

@

100

4,444,060

711,000

Enable

Midstream

Partners

LP,

3.90%,

5/15/24,

Callable

2/15/24

@

100

701,091

1,007,000

Energy

Transfer

LP,

5.88%,

1/15/24,

Callable

10/23/23

@

100

1,006,447

1,064,000

Energy

Transfer

LP,

5.95%,

12/1/25,

Callable

9/1/25

@

100

1,060,142

2,432,000

Energy

Transfer

LP,

5.50%,

6/1/27,

Callable

3/1/27

@

100

2,395,201

423,000

Energy

Transfer

LP,

8.25%,

11/15/29,

Callable

8/15/29

@

100

456,999

1,126,000

Energy

Transfer

LP,

5.75%,

2/15/33,

Callable

11/15/32

@

100

1,080,417

398,000

Energy

Transfer

LP,

4.90%,

3/15/35,

Callable

9/15/34

@

100

349,610

391,000

Energy

Transfer

LP,

5.15%,

2/1/43,

Callable

8/1/42

@

100

313,440

1,223,000

Energy

Transfer

LP,

5.40%,

10/1/47,

Callable

4/1/47

@

100

1,005,884

1,948,000

Energy

Transfer

LP,

6.25%,

4/15/49,

Callable

10/15/48

@

100

1,787,810

6,866,000

Energy

Transfer

LP,

5.00%,

5/15/50,

Callable

11/15/49

@

100

5,379,250

266,000

Energy

Transfer

Operating

LP,

4.50%,

4/15/24,

Callable

3/15/24

@

100

263,690

10,000,000

EQT

Corp.,

3.90%,

10/1/27,

Callable

7/1/27

@

100

9,270,000

240,000

EQT

Corp.,

5.70%,

4/1/28,

Callable

3/1/28

@

100

235,200

563,000

Hess

Corp.,

5.80%,

4/1/47,

Callable

10/1/46

@

100

512,202

2,294,000

Kinder

Morgan,

Inc.,

3.25%,

8/1/50,

Callable

2/1/50

@

100

1,366,965

698,000

Kinder

Morgan,

Inc.,

3.60%,

2/15/51,

Callable

8/15/50

@

100

443,857

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

85

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

3,034,000

NGPL

PipeCo

LLC,

3.25%,

7/15/31,

Callable

4/15/31

@

100(a)

$

2,400,477

1,242,000

NGPL

PipeCo

LLC,

7.77%,

12/15/37(a)

1,276,155

1,990,000

NGPL

PipeCo.

LLC,

4.88%,

8/15/27,

Callable

2/15/27

@

100(a)

1,878,062

236,000

Northern

Natural

Gas

Co.,

3.40%,

10/16/51,

Callable

4/16/51

@

100(a)

149,136

2,745,000

Northwest

Pipeline

LLC,

4.00%,

4/1/27,

Callable

1/1/27

@

100

2,593,232

1,630,000

ONEOK,

Inc.,

6.63%,

9/1/53,

Callable

3/1/53

@

100

1,608,181

532,000

Pioneer

Natural

Resources

Co.,

1.13%,

1/15/26,

Callable

12/15/25

@

100

481,036

2,028,000

Pioneer

Natural

Resources

Co.,

5.10%,

3/29/26

2,002,820

6,782,000

Sabine

Pass

Liquefaction

LLC,

5.00%,

3/15/27,

Callable

9/15/26

@

100

6,577,184

2,491,000

Sabine

Pass

Liquefaction

LLC,

4.20%,

3/15/28,

Callable

9/15/27

@

100

2,316,630

1,531,000

Sabine

Pass

Liquefaction

LLC,

5.90%,

9/15/37,

Callable

3/15/37

@

100

1,502,294

1,374,000

Targa

Resources

Corp.,

5.20%,

7/1/27,

Callable

6/1/27

@

100

1,346,688

1,391,000

Targa

Resources

Corp.,

6.13%,

3/15/33,

Callable

12/15/32

@

100

1,366,340

766,000

Targa

Resources

Corp.,

6.50%,

2/15/53,

Callable

8/15/52

@

100

733,250

1,398,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

5.00%,

1/15/28,

Callable

11/6/23

@

102.5

1,328,100

2,936,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

4.88%,

2/1/31,

Callable

2/1/26

@

102.44

2,642,400

1,670,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

4.00%,

1/15/32,

Callable

7/15/26

@

102

1,406,975

1,696,000

Texas

Eastern

Transmission

LP,

3.50%,

1/15/28,

Callable

10/15/27

@

100(a)

1,542,972

3,477,000

Texas

Eastern

Transmission

LP,

4.15%,

1/15/48,

Callable

7/15/47

@

100(a)

2,508,249

3,605,000

Transcontinental

Gas

Pipe

Line

Co.

LLC,

7.85%,

2/1/26,

Callable

11/1/25

@

100

3,747,989

2,198,000

Transcontinental

Gas

Pipe

Line

Co.

LLC,

4.00%,

3/15/28,

Callable

12/15/27

@

100

2,050,125

2,266,000

Transcontinental

Gas

Pipe

Line

Co.

LLC,

3.95%,

5/15/50,

Callable

11/15/49

@

100

1,611,253

1,480,000

Western

Midstream

Operating

LP,

6.35%,

1/15/29,

Callable

12/15/28

@

100

1,483,700

122,506,693

Passenger

Airlines

(

0

.1

%

):

65,880

American

Airlines

Pass

Through

Trust,

Series

2017-

1,

Class

AA,

3.65%,

8/15/30

59,572

531,453

American

Airlines

Pass

Through

Trust,

Series

2019-

1,

3.15%,

8/15/33

454,273

420,000

Delta

Airlines

Pass

Through

Trust,

Series

2019-1,

Class

AA,

3.20%,

10/25/25

412,467

5,289

United

Airlines

Pass

Through

Trust,

Series

2016-2,

Class

B,

3.65%,

4/7/27

4,985

198,841

United

Airlines

Pass

Through

Trust,

Series

2018-1,

Class

B,

4.60%,

9/1/27

187,729

Principal

Amount

Value

Corporate

Bonds,

continued

Passenger

Airlines,

continued

$

39,637

United

Airlines

Pass

Through

Trust,

Series

2016-2,

Class

AA,

3.10%,

1/7/30

$

35,378

159,583

United

Airlines

Pass

Through

Trust,

Series

2019-2,

Class

AA,

2.88%,

4/7/30

139,784

305,322

United

Airlines

Pass

Through

Trust,

Series

2016-1,

Class

AA,

4.15%,

2/25/33

275,560

116,824

United

Airlines

Pass

Through

Trust,

Series

2019-2,

Class

AA,

2.70%,

11/1/33

96,363

1,666,111

Professional

Services

(

0

.2

%

):

1,699,000

Broadridge

Financial

Solutions,

Inc.,

3.40%,

6/27/26,

Callable

3/27/26

@

100

1,596,063

3,439,000

Equifax,

Inc.,

5.10%,

6/1/28,

Callable

5/1/28

@

100

3,317,576

1,603,000

Global

Payments,

Inc.,

4.95%,

8/15/27,

Callable

7/15/27

@

100

1,540,695

655,000

RELX

Capital,

Inc.,

3.00%,

5/22/30,

Callable

2/22/30

@

100

561,252

7,015,586

Real

Estate

Management

&

Development

(

0

.0

%

†

):

915,000

Northwest

Florida

Timber

Finance

LLC,

4.75%,

3/4/29(a)

828,273

Retail

REITs

(

0

.2

%

):

534,000

Kimco

Realty

OP

LLC,

2.25%,

12/1/31,

Callable

9/1/31

@

100

402,039

593,000

National

Retail

Properties,

Inc.,

3.10%,

4/15/50,

Callable

10/15/49

@

100

338,697

1,548,000

National

Retail

Properties,

Inc.,

3.50%,

4/15/51,

Callable

10/15/50

@

100

979,110

402,000

National

Retail

Properties,

Inc.,

3.00%,

4/15/52,

Callable

10/15/51

@

100

226,043

1,081,000

Realty

Income

Corp.,

3.25%,

1/15/31,

Callable

10/15/30

@

100

909,640

1,987,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

4.13%,

8/15/30,

Callable

2/15/25

@

102.06(a)

1,688,950

4,544,479

Semiconductors

&

Semiconductor

Equipment

(

0

.7

%

):

1,998,000

Broadcom,

Inc.,

4.15%,

11/15/30,

Callable

8/15/30

@

100

1,771,934

933,000

Broadcom,

Inc.,

4.15%,

4/15/32,

Callable

1/15/32

@

100(a)

809,839

8,987,000

Broadcom,

Inc.,

4.30%,

11/15/32,

Callable

8/15/32

@

100

7,813,244

471,000

Broadcom,

Inc.,

3.19%,

11/15/36,

Callable

8/15/36

@

100(a)

336,701

745,000

Intel

Corp.,

3.73%,

12/8/47,

Callable

6/8/47

@

100

527,677

1,208,000

Intel

Corp.,

3.20%,

8/12/61,

Callable

2/12/61

@

100

698,636

774,000

Intel

Corp.,

5.05%,

8/5/62,

Callable

2/5/62

@

100

644,881

1,870,000

KLA

Corp.,

5.25%,

7/15/62,

Callable

1/15/62

@

100

1,665,125

1,177,000

KLA-Tencor

Corp.,

4.10%,

3/15/29,

Callable

12/15/28

@

100

1,115,753

618,000

QUALCOMM,

Inc.,

4.25%,

5/20/32,

Callable

2/20/32

@

100

573,298

1,433,000

QUALCOMM,

Inc.,

5.40%,

5/20/33,

Callable

2/20/33

@

100^

1,437,438

1,677,412

Texas

Electric

Market

Stabilization

Funding

N

LLC,

4.26%,

8/1/36(a)

1,568,113

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

86

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

$

494,000

TSMC

Arizona

Corp.,

4.25%,

4/22/32,

Callable

1/22/32

@

100^

$

456,448

19,419,087

Software

(

0

.5

%

):

347,000

Autodesk,

Inc.,

2.85%,

1/15/30,

Callable

10/15/29

@

100

294,343

1,560,000

Oracle

Corp.,

3.85%,

7/15/36,

Callable

1/15/36

@

100

1,232,868

6,482,000

Oracle

Corp.,

3.60%,

4/1/40,

Callable

10/1/39

@

100

4,688,288

1,903,000

Oracle

Corp.,

5.38%,

7/15/40

1,683,068

409,000

Oracle

Corp.,

4.50%,

7/8/44,

Callable

1/8/44

@

100

316,320

878,000

Oracle

Corp.,

4.00%,

11/15/47,

Callable

5/15/47

@

100

615,305

1,854,000

Oracle

Corp.,

3.60%,

4/1/50,

Callable

10/1/49

@

100

1,196,525

1,075,000

Oracle

Corp.,

6.90%,

11/9/52,

Callable

5/9/52

@

100

1,103,382

1,094,000

Oracle

Corp.,

4.38%,

5/15/55,

Callable

11/15/54

@

100

787,162

545,000

Vmware,

Inc.,

1.80%,

8/15/28,

Callable

6/15/28

@

100

452,182

2,348,000

Vmware,

Inc.,

2.20%,

8/15/31,

Callable

5/15/31

@

100

1,775,863

14,145,306

Specialized

REITs

(

1

.0

%

):

1,582,000

American

Tower

Corp.,

2.95%,

1/15/25,

Callable

12/15/24

@

100

1,521,106

347,000

American

Tower

Corp.,

3.13%,

1/15/27,

Callable

10/15/26

@

100

317,171

359,000

American

Tower

Corp.,

2.75%,

1/15/27,

Callable

11/15/26

@

100

324,316

318,000

American

Tower

Corp.,

3.65%,

3/15/27,

Callable

2/15/27

@

100

294,799

1,912,000

American

Tower

Corp.,

3.55%,

7/15/27,

Callable

4/15/27

@

100

1,755,006

4,144,000

American

Tower

Corp.,

5.50%,

3/15/28,

Callable

2/15/28

@

100

4,055,451

2,191,000

American

Tower

Corp.,

3.80%,

8/15/29,

Callable

5/15/29

@

100

1,947,523

1,144,000

American

Tower

Corp.,

1.88%,

10/15/30,

Callable

7/15/30

@

100

866,791

1,406,000

American

Tower

Corp.,

2.70%,

4/15/31,

Callable

1/15/31

@

100

1,117,430

1,504,000

American

Tower

Corp.,

2.30%,

9/15/31,

Callable

6/15/31

@

100

1,143,007

83,000

American

Tower

Corp.,

4.05%,

3/15/32,

Callable

12/15/31

@

100

71,633

2,117,000

American

Tower

Corp.,

5.65%,

3/15/33,

Callable

12/15/32

@

100

2,036,332

1,226,000

Crown

Castle

International

Corp.,

3.10%,

11/15/29,

Callable

8/15/29

@

100

1,042,460

3,049,000

Crown

Castle

International

Corp.,

2.25%,

1/15/31,

Callable

10/15/30

@

100

2,371,905

3,649,000

Crown

Castle

International

Corp.,

2.50%,

7/15/31,

Callable

4/15/31

@

100

2,844,271

2,354,000

Crown

Castle,

Inc.,

5.00%,

1/11/28,

Callable

12/11/27

@

100

2,265,085

Principal

Amount

Corporate

Bonds,

continued

Specialized

REITs,

continued

$

2,318,000

Crown

Castle,

Inc.,

3.80%,

2/15/28,

Callable

11/15/27

@

100

$

2,125,745

1,480,000

Crown

Castle,

Inc.,

5.10%,

5/1/33,

Callable

2/1/33

@

100

1,367,150

1,299,000

Equifax,

Inc.,

1.55%,

3/15/28,

Callable

1/15/28

@

100

1,083,983

1,338,000

Equinix,

Inc.,

2.15%,

7/15/30,

Callable

4/15/30

@

100

1,053,682

29,604,846

Specialty

Retail

(

0

.3

%

):

4,164,000

General

Motors

Financial

Co.,

Inc.,

5.80%,

6/23/28,

Callable

5/23/28

@

100

4,067,932

862,000

Home

Depot,

Inc.

(The),

2.75%,

9/15/51,

Callable

3/15/51

@

100

510,458

2,598,000

Lowe's

Cos.,

Inc.,

3.65%,

4/5/29,

Callable

1/5/29

@

100

2,356,687

2,736,000

Lowe's

Cos.,

Inc.,

2.63%,

4/1/31,

Callable

1/1/31

@

100

2,216,250

9,151,327

Technology

Hardware,

Storage

&

Peripherals

(

0

.1

%

):

1,008,000

Dell

International

LLC/EMC

Corp.,

3.45%,

12/15/51,

Callable

6/15/51

@

100(a)

624,840

1,502,000

Hewlett

Packard

Enterprise

Co.,

5.25%,

7/1/28,

Callable

6/1/28

@

100

1,466,759

2,091,599

Tobacco

(

0

.6

%

):

3,270,000

Altria

Group,

Inc.,

4.80%,

2/14/29,

Callable

11/14/28

@

100

3,117,952

1,702,000

Altria

Group,

Inc.,

2.45%,

2/4/32,

Callable

11/4/31

@

100

1,290,751

14,000

Altria

Group,

Inc.,

5.80%,

2/14/39,

Callable

8/14/38

@

100

12,962

800,000

Altria

Group,

Inc.,

4.25%,

8/9/42

581,530

1,383,000

BAT

Capital

Corp.,

4.70%,

4/2/27,

Callable

2/2/27

@

100

1,326,807

137,000

BAT

Capital

Corp.,

3.56%,

8/15/27,

Callable

5/15/27

@

100

125,757

2,488,000

BAT

Capital

Corp.,

2.26%,

3/25/28,

Callable

1/25/28

@

100

2,092,838

242,000

BAT

Capital

Corp.,

4.76%,

9/6/49,

Callable

3/6/49

@

100

172,288

724,000

BAT

Capital

Corp.,

3.98%,

9/25/50,

Callable

3/25/50

@

100

453,567

1,260,000

BAT

Capital

Corp.,

7.08%,

8/2/53,

Callable

2/2/53

@

100

1,187,393

2,482,000

Philip

Morris

International,

Inc.,

5.13%,

11/17/27,

Callable

10/17/27

@

100

2,447,408

2,995,000

Philip

Morris

International,

Inc.,

4.88%,

2/15/28,

Callable

1/15/28

@

100

2,899,669

1,157,000

Reynolds

American,

Inc.,

5.85%,

8/15/45,

Callable

2/15/45

@

100

960,078

16,669,000

Water

Utilities

(

0

.0

%

†

):

1,220,000

CenterPoint

Energy

Resources

Corp.,

5.25%,

3/1/28,

Callable

2/1/28

@

100

1,205,753

Wireless

Telecommunication

Services

(

0

.6

%

):

5,191,000

Sprint

LLC,

7.13%,

6/15/24

5,210,466

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

87

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Wireless

Telecommunication

Services,

continued

$

7,299,000

Sprint

LLC,

7.63%,

2/15/25,

Callable

11/15/24

@

100

$

7,399,361

4,678,000

T-Mobile

USA,

Inc.,

3.75%,

4/15/27,

Callable

2/15/27

@

100

4,372,241

1,502,000

T-Mobile

USA,

Inc.,

4.95%,

3/15/28,

Callable

2/15/28

@

100

1,455,817

18,437,885

Total

Corporate

Bonds

(Cost

$763,796,347)

710,241,969

Foreign

Bonds

(

0

.6

%

):

Banks

(

0

.1

%

):

1,200,000

Banque

Federative

du

Credit

Mutuel

SA,

4.13%,

9/18/30,

MTN(a)

1,252,720

1,000,000

Societe

Generale

SA,

4.75%(EUR003M+150bps),

9/28/29,

Callable

9/28/28

@

100(a)

1,048,341

2,301,061

Capital

Markets

(

0

.1

%

):

100,000

Deutsche

Bank

AG,

1.00%(EUR003M+160bps),

11/19/25,

Callable

11/19/24

@

100(a)

101,086

1,140,000

Viterra

Finance

BV,

0.38%,

9/24/25,

Callable

8/24/25

@

100,

MTN(a)

1,112,150

1,213,236

Commercial

Services

&

Supplies

(

0

.0

%

†

):

300,000

Sartorius

Finance

BV,

4.50%,

9/14/32,

Callable

6/14/32

@

100(a)

312,755

600,000

Sartorius

Finance

BV,

4.88%,

9/14/35,

Callable

6/14/35

@

100(a)

629,671

942,426

Consumer

Staples

Distribution

&

Retail

(

0

.1

%

):

320,000

Carlsberg

Breweries

AS,

4.25%,

10/5/33,

Callable

7/5/33

@

100,

MTN(a)

334,218

900,000

REWE

International

Finance

BV,

4.88%,

9/13/30,

Callable

6/13/30

@

100(a)

952,621

1,286,839

Electric

Utilities

(

0

.0

%

†

):

600,000

RTE

Reseau

de

Transport

d'Electricite

SADIR,

3.75%,

7/4/35,

Callable

4/4/35

@

100,

MTN(a)

610,186

Energy

Equipment

&

Services

(

0

.0

%

†

):

333,000

Origin

Energy

Finance,

Ltd.,

1.00%,

9/17/29,

Callable

6/17/29

@

100(a)

319,490

Financial

Services

(

0

.0

%

†

):

1,000,000

Eurogrid

GmbH,

3.72%,

4/27/30,

Callable

1/27/30

@

100,

MTN(a)

1,023,965

Ground

Transportation

(

0

.0

%

†

):

500,000

East

Japan

Railway

Co.,

4.39%,

9/5/43,

MTN(a)

509,181

Household

Products

(

0

.0

%

†

):

840,000

Reckitt

Benckiser

Treasury

Services

plc,

3.88%,

9/14/33,

Callable

6/14/33

@

100,

MTN(a)

868,699

Multi-Utilities

(

0

.0

%

†

):

600,000

Engie

SA,

4.50%,

9/6/42,

Callable

6/6/42

@

100(a)

610,617

Oil,

Gas

&

Consumable

Fuels

(

0

.1

%

):

1,300,000

BG

Energy

Capital

plc,

2.25%,

11/21/29,

Callable

8/21/29

@

100,

MTN(a)

1,230,931

630,000

Eni

SpA,

4.25%,

5/19/33,

MTN(a)

646,564

Principal

Amount

Value

Foreign

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

800,000

Equinor

ASA,

1.38%,

5/22/32,

Callable

2/22/32

@

100,

MTN(a)

$

686,281

2,563,776

Pharmaceuticals

(

0

.1

%

):

3,170,000

Bayer

AG,

4.00%,

8/26/26,

Callable

7/26/26

@

100(a)

3,355,764

Sovereign

Bond

(

0

.0

%

†

):

152,000

Romanian

Government

International

Bond,

2.88%,

3/11/29,

MTN(a)

140,433

163,000

Romanian

Government

International

Bond,

Registered

Shares,

2.50%,

2/8/30,

MTN(a)

140,643

281,076

Trading

Companies

&

Distributors

(

0

.0

%

†

):

840,000

IMCD

NV,

4.88%,

9/18/28,

Callable

6/18/28

@

100(a)

878,440

Transportation

Infrastructure

(

0

.1

%

):

1,400,000

ASTM

SpA,

1.50%,

1/25/30,

Callable

10/25/29

@

100,

MTN(a)

1,198,550

Total

Foreign

Bonds

(Cost

$18,601,746)

17,963,306

Yankee

Debt

Obligations

(

2

.9

%

):

Banks

(

0

.1

%

):

428,000

Banco

Inbursa

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

Inbursa,

4.13%,

6/6/24^(a)

420,693

317,000

Bank

Gospodarstwa

Krajowego,

5.38%,

5/22/33(a)

300,610

487,000

Barclays

plc,

7.44%

(H15T1Y+350

bps),

11/2/33,

Callable

11/2/32

@

100

500,726

446,000

Credicorp,

Ltd.,

2.75%,

6/17/25,

Callable

5/17/25

@

100(a)

417,010

348,000

Intercorp

Peru,

Ltd.,

3.88%,

8/15/29,

Callable

5/15/29

@

100(a)

288,234

419,000

Perusahaan

Penerbit

SBSN

Indonesia

III,

4.40%,

6/6/27(a)

403,288

2,330,561

Biotechnology

(

0

.0

%

†

):

941,000

Shire

Acquisitions

Investments,

3.20%,

9/23/26,

Callable

6/23/26

@

100

877,447

Capital

Markets

(

0

.2

%

):

438,000

Credit

Suisse

AG,

4.75%,

8/9/24

429,702

715,000

Eig

Pearl

Holdings

Sarl,

4.39%,

11/30/46(a)

516,588

363,000

Macquarie

Group,

Ltd.,

4.65%

(US0003M+173

bps),

3/27/29,

Callable

3/27/28

@

100(a)

338,846

650,000

SA

Global

Sukuk,

Ltd.,

2.69%,

6/17/31,

Callable

3/17/31

@

100(a)

536,250

2,491,000

UBS

Group

AG,

3.75%,

3/26/25

2,397,759

538,000

UBS

Group

AG,

2.59%

(SOFR+156

bps),

9/11/25,

Callable

9/11/24

@

100(a)

517,860

686,000

UBS

Group

AG,

4.55%,

4/17/26

658,958

494,000

UBS

Group

AG,

4.28%,

1/9/28,

Callable

1/9/27

@

100(a)

454,655

877,000

UBS

Group

AG,

9.02%

(SOFR+502

bps),

11/15/33,

Callable

11/15/32

@

100(a)

1,013,434

6,864,052

Chemicals

(

0

.1

%

):

660,000

Equate

Petrochemical

BV,

4.25%,

11/3/26(a)

626,175

561,000

SABIC

Capital

II

BV,

4.50%,

10/10/28(a)

535,215

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

88

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Chemicals,

continued

$

515,000

Sociedad

Quimica

y

Minera

de

Chile

SA,

4.25%,

1/22/50,

Callable

7/22/49

@

100(a)

$

375,306

1,536,696

Construction

Materials

(

0

.0

%

†

):

425,000

Freeport

Indonesia

PT,

Registered

Shares,

4.76%,

4/14/27,

Callable

3/14/27

@

100(a)

402,752

Consumer

Staples

Distribution

&

Retail

(

0

.0

%

†

):

561,000

Cencosud

SA,

5.15%,

2/12/25,

Callable

11/12/24

@

100(a)

548,215

Diversified

Telecommunication

Services

(

0

.0

%

†

):

344,000

CK

Hutchison

International

23,

Ltd.,

4.75%,

4/21/28,

Callable

3/21/28

@

100(a)

331,288

330,000

NTT

Finance

Corp.,

4.14%,

7/26/24(a)

325,228

656,516

Electric

Utilities

(

0

.1

%

):

418,000

Comision

Federal

de

Electricidad,

4.88%,

1/15/24(a)

414,469

597,000

Israel

Electric

Corp.,

Ltd.,

4.25%,

8/14/28,

MTN(a)

546,909

527,000

Kallpa

Generacion

SA,

4.13%,

8/16/27,

Callable

5/16/27

@

100(a)

479,683

1,441,061

Financial

Services

(

0

.7

%

):

470,000

Banco

Latinoamericano

de

Comercio

Exterior

SA,

2.38%,

9/14/25,

Callable

8/15/25

@

100(a)

436,511

200,000

Banco

Nacional

de

Panama,

2.50%,

8/11/30,

Callable

5/11/30

@

100(a)

155,000

1,703,000

BAT

International

Finance

plc,

4.45%,

3/16/28,

Callable

2/16/28

@

100

1,588,158

762,000

Consorcio

Transmantaro

SA,

4.70%,

4/16/34(a)

675,323

460,000

Credit

Suisse

AG,

0.50%,

2/2/24

448,248

4,961,000

Credit

Suisse

AG,

3.63%,

9/9/24

4,831,245

4,952,000

Credit

Suisse

AG,

3.70%,

2/21/25

4,766,097

750,000

Credit

Suisse

AG,

2.95%,

4/9/25

710,608

1,935,000

Credit

Suisse

AG,

5.00%,

7/9/27

1,858,922

4,351,000

Credit

Suisse

AG,

7.50%,

2/15/28

4,536,039

278,000

Suzano

International

Finance

BV,

5.50%,

1/17/27

273,781

20,279,932

Food

Products

(

0

.0

%

†

):

697,000

Grupo

Bimbo

SAB

de

CV,

4.00%,

9/6/49(a)

498,567

Independent

Power

and

Renewable

Electricity

Producers

(

0

.0

%

†

):

267,583

AES

Panama

Generation

Holdings

SRL,

4.38%,

5/31/30,

Callable

2/28/30

@

100(a)

228,783

506,000

Colbun

SA,

3.15%,

1/19/32,

Callable

10/19/31

@

100(a)

406,456

635,239

Interactive

Media

&

Services

(

0

.1

%

):

490,000

Baidu,

Inc.,

4.38%,

5/14/24,

Callable

4/14/24

@

100

485,146

475,000

Baidu,

Inc.,

4.38%,

3/29/28,

Callable

12/29/27

@

100

449,590

515,000

Tencent

Holdings,

Ltd.,

3.60%,

1/19/28,

Callable

10/19/27

@

100(a)

471,906

1,406,642

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Machinery

(

0

.1

%

):

$

1,864,000

CNH

Industrial

N.V.,

3.85%,

11/15/27,

Callable

8/15/27

@

100

$

1,735,883

Metals

&

Mining

(

0

.4

%

):

309,000

Anglo

American

Capital

plc,

4.75%,

4/10/27(a)

296,114

3,581,000

Anglo

American

Capital

plc,

4.00%,

9/11/27(a)

3,334,842

3,304,000

Anglo

American

Capital

plc,

4.50%,

3/15/28,

Callable

12/15/27

@

100(a)

3,106,883

1,969,000

Anglo

American

Capital

plc,

2.25%,

3/17/28,

Callable

1/17/28

@

100(a)

1,676,273

2,017,000

Anglo

American

Capital

plc,

5.50%,

5/2/33,

Callable

2/2/33

@

100(a)

1,884,094

525,000

Antofagasta

plc,

2.38%,

10/14/30,

Callable

7/14/30

@

100(a)

400,628

858,000

Corp.

Nacional

del

Cobre

de

Chile,

Registered

Shares,

3.63%,

8/1/27,

Callable

5/1/27

@

100(a)

788,030

409,000

POSCO,

5.63%,

1/17/26(a)

406,652

11,893,516

Oil,

Gas

&

Consumable

Fuels

(

0

.2

%

):

555,000

Ecopetrol

SA,

4.13%,

1/16/25

536,629

2,364,000

Enbridge,

Inc.,

5.70%,

3/8/33,

Callable

12/8/32

@

100

2,269,464

588,907

Galaxy

Pipeline

Assets

Bidco,

Ltd.,

2.94%,

9/30/40(a)

450,932

270,000

KazMunayGas

National

Co.

JSC,

3.50%,

4/14/33,

Callable

10/14/32

@

100(a)

201,501

470,000

Pertamina

Persero

PT,

3.10%,

1/21/30,

Callable

10/21/29

@

100(a)

395,388

495,000

Qatar

Energy,

2.25%,

7/12/31,

Callable

4/12/31

@

100(a)

395,111

623,000

Saudi

Arabian

Oil

Co.,

3.25%,

11/24/50,

Callable

5/24/50

@

100(a)

387,702

604,000

Saudi

Arabian

Oil

Co.,

3.50%,

11/24/70,

Callable

5/24/70

@

100(a)

352,198

196,000

Suncor

Energy,

Inc.,

7.15%,

2/1/32

206,607

5,195,532

Paper

&

Forest

Products

(

0

.1

%

):

615,000

Celulosa

Arauco

y

Constitucion

SA,

4.20%,

1/29/30,

Callable

10/29/29

@

100(a)

526,226

552,000

Suzano

Austria

GmbH,

5.75%,

7/14/26(a)

545,315

327,000

Suzano

Austria

GmbH,

3.75%,

1/15/31,

Callable

10/15/30

@

100

269,929

1,341,470

Passenger

Airlines

(

0

.0

%

†

):

249,240

Air

Canada

Pass

Through

Trust,

Series

2017-1,

Class

A,

3.30%,

7/15/31(a)

217,264

Real

Estate

Management

&

Development

(

0

.0

%

†

):

269,000

Trust

Fibra

Uno,

5.25%,

12/15/24,

Callable

9/15/24

@

100(a)

263,284

453,000

Trust

Fibra

Uno,

6.39%,

1/15/50,

Callable

7/15/49

@

100(a)

345,696

608,980

Semiconductors

&

Semiconductor

Equipment

(

0

.1

%

):

2,213,000

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.,

4.30%,

6/18/29,

Callable

3/18/29

@

100

2,029,852

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

89

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

$

2,377,000

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.,

3.40%,

5/1/30,

Callable

2/1/30

@

100

$

2,035,613

4,065,465

Sovereign

Bond

(

0

.7

%

):

434,000

Abu

Dhabi

Government

International

Bond,

3.88%,

4/16/50(a)

323,663

1,905,000

Colombia

Government

International

Bond,

3.13%,

4/15/31,

Callable

1/15/31

@

100

1,411,552

860,000

Colombia

Government

International

Bond,

3.25%,

4/22/32,

Callable

1/22/32

@

100

618,183

20,000

Hungary

Government

International

Bond,

5.38%,

3/25/24

19,947

425,000

Hungary

Government

International

Bond,

5.25%,

6/16/29(a)

405,388

240,000

Hungary

Government

International

Bond,

7.63%,

3/29/41

250,332

1,015,000

Mexico

Government

International

Bond,

3.75%,

1/11/28

936,308

378,000

Mexico

Government

International

Bond,

4.75%,

4/27/32,

Callable

1/27/32

@

100

339,855

4,915,000

Mexico

Government

International

Bond,

6.35%,

2/9/35,

Callable

11/9/34

@

100

4,797,836

200,000

Mexico

Government

International

Bond,

6.34%,

5/4/53,

Callable

11/4/52

@

100

181,828

322,000

Mexico

Government

International

Bond,

5.75%,

10/12/10

255,909

196,520

Oriental

Republic

of

Uruguay,

4.50%,

8/14/24

195,936

1,062,000

Panama

Government

International

Bond,

3.16%,

1/23/30,

Callable

10/23/29

@

100

898,718

421,000

Panama

Government

International

Bond,

3.30%,

1/19/33,

Callable

10/19/32

@

100

329,433

1,095,000

Panama

Government

International

Bond,

4.50%,

4/1/56,

Callable

10/1/55

@

100

719,963

430,000

Peruvian

Government

International

Bond,

2.78%,

1/23/31,

Callable

10/23/30

@

100

352,991

397,000

Peruvian

Government

International

Bond,

1.86%,

12/1/32,

Callable

9/1/32

@

100

286,597

116,000

Peruvian

Government

International

Bond,

3.00%,

1/15/34,

Callable

10/15/33

@

100

89,445

200,000

Qatar

Government

International

Bond,

4.00%,

3/14/29(a)

190,089

200,000

Qatar

Government

International

Bond,

3.75%,

4/16/30(a)

186,353

200,000

Qatar

Government

International

Bond,

5.10%,

4/23/48(a)

180,132

3,516,000

Republic

of

Colombia,

3.88%,

4/25/27,

Callable

1/25/27

@

100

3,195,105

275,000

Republic

of

Colombia,

4.50%,

3/15/29,

Callable

12/15/28

@

100

238,904

567,000

Republic

of

Colombia,

3.00%,

1/30/30,

Callable

10/30/29

@

100

434,700

420,000

Republic

of

Panama,

3.88%,

3/17/28,

Callable

12/17/27

@

100

388,500

1,031,000

Republic

of

Peru,

5.63%,

11/18/50

950,462

412,000

Republic

of

Poland

Government

International

Bond,

5.50%,

4/4/53,

Callable

10/4/52

@

100

370,508

278,000

Romanian

Government

International

Bond,

5.25%,

11/25/27(a)

270,174

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Sovereign

Bond,

continued

$

368,000

Romanian

Government

International

Bond,

3.63%,

3/27/32(a)

$

298,102

112,000

Romanian

Government

International

Bond,

7.13%,

1/17/33(a)

114,204

236,000

Romanian

Government

International

Bond,

7.63%,

1/17/53(a)

239,567

212,000

Saudi

Government

International

Bond,

2.75%,

2/3/32(a)

175,523

200,000

Saudi

Government

International

Bond,

5.00%,

4/17/49(a)

166,540

200,000

Saudi

Government

International

Bond,

3.25%,

11/17/51,

MTN(a)

121,861

478,000

Saudi

Government

International

Bond,

3.75%,

1/21/55(a)

315,021

20,249,629

Wireless

Telecommunication

Services

(

0

.0

%

†

):

280,000

Bharti

Airtel,

Ltd.,

3.25%,

6/3/31,

Callable

3/5/31

@

100(a)

230,769

523,000

Empresa

Nacional

del

Petroleo,

3.75%,

8/5/26,

Callable

5/5/26

@

100(a)

485,697

285,000

Empresa

Nacional

del

Petroleo,

6.15%,

5/10/33,

Callable

2/10/33

@

100(a)

270,037

986,503

Total

Yankee

Debt

Obligations

(Cost

$89,630,544)

83,771,922

Municipal

Bonds

(

0

.4

%

):

California

(

0

.1

%

):

905,000

California

State

University

Revenue,

Series

B,

2.72%,

11/1/52

559,878

435,000

California

State,

Build

America

Bonds,

GO,

7.50%,

4/1/34

504,878

1,240,000

Los

Angeles

Department

of

Water

&

Power

Power

System

Revenue,

6.57%,

7/1/45

1,337,365

347,000

University

of

California

Revenue,

4.77%,

5/15/15

282,389

50,000

University

of

California

Revenue,

4.86%,

5/15/12

39,990

440,000

University

of

California

Revenue,

Series

BF,

2.65%,

5/15/50,

Continuously

Callable

@100

254,778

2,979,278

Louisiana

(

0

.1

%

):

2,870,000

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue,

Series

A1-A3,

5.05%,

12/1/34

2,791,075

Michigan

(

0

.0

%

†

):

801,000

University

of

Michigan

Revenue,

3.50%,

4/1/52,

Continuously

Callable

@100

581,838

Minnesota

(

0

.0

%

†

):

406,000

University

of

Minnesota

Revenue,

4.05%,

4/1/52

325,316

New

Jersey

(

0

.1

%

):

575,000

New

Jersey

State

Transportation

Authority

Revenue,

Build

America

Bonds,

GO,

6.56%,

12/15/40

608,994

270,000

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

4.13%,

6/15/42

215,271

165,000

New

Jersey

Turnpike

Authority

Revenue,

Series

B,

2.78%,

1/1/40,

Continuously

Callable

@100

114,353

938,618

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

90

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Municipal

Bonds,

continued

New

York

(

0

.1

%

):

$

1,420,000

New

York

State

Dormitory

Authority

Revenue,

2.15%,

3/15/31

$

1,169,441

1,045,000

New

York

State

Dormitory

Authority

Revenue,

2.05%,

3/15/30

882,304

2,051,745

Oklahoma

(

0

.0

%

†

):

255,000

Oklahoma

Development

Finance

Authority

Revenue,

Series

A2,

4.62%,

6/1/44

230,946

Texas

(

0

.0

%

†

):

430,000

State

of

Texas,

GO,

Series

B,

2.75%,

10/1/41,

Continuously

Callable

@100

284,596

Total

Municipal

Bonds

(Cost

$12,225,493)

10,183,412

U.S.

Government

Agency

Mortgages

(

34

.4

%

):

Federal

National

Mortgage

Association

(

17

.6

%

):

46,022

2.50%,

9/1/27,

Pool

#AB6194

42,345

31,770

2.50%,

9/1/27,

Pool

#AP5205

28,859

12,372

2.50%,

2/1/28,

Pool

#AB8446

11,275

27,445

2.50%,

4/1/28,

Pool

#AB8870

25,252

19,390

3.00%,

4/1/28,

Pool

#AT3121

18,150

23,032

3.00%,

5/1/28,

Pool

#AT6033

21,559

84,548

2.50%,

8/1/28,

Pool

#AS0190

77,784

101,442

3.50%,

10/1/28,

Pool

#AV0198

97,116

50,242

3.00%,

10/1/28,

Pool

#AU8774

47,042

4,335

3.00%,

10/1/28,

Pool

#AQ4132

4,056

5,864

3.00%,

11/1/28,

Pool

#AV0298

5,384

192,979

3.50%,

11/1/28,

Pool

#AV1360

184,934

127,975

3.00%,

4/1/29,

Pool

#AW0937

120,217

118,431

3.00%,

5/1/29,

Pool

#AW2544

108,742

187,757

3.00%,

6/1/29,

Pool

#AS2676

176,390

242,861

3.00%,

7/1/29,

Pool

#AW4229

223,039

43,445

3.00%,

7/1/29,

Pool

#AW1281

40,829

43,541

3.50%,

9/1/29,

Pool

#AX0105

41,029

117,768

3.00%,

9/1/29,

Pool

#AS3220

110,650

349,601

3.00%,

9/1/29,

Pool

#AL6897

320,515

13,913

3.50%,

10/1/29,

Pool

#AX2741

13,112

71,881

3.00%,

10/1/29,

Pool

#AS3594

66,000

259,465

3.00%,

1/1/30,

Pool

#AL6144

243,775

2,605,000

5.73%,

1/15/30(c)

1,907,240

10,275

2.50%,

2/1/30,

Pool

#AS4488

9,278

9,202

2.50%,

2/1/30,

Pool

#AS4485

8,194

31,674

2.50%,

2/1/30,

Pool

#BM3403

29,137

73,495

2.50%,

3/1/30,

Pool

#AS4688

67,540

56,570

3.00%,

3/1/30,

Pool

#AL6583

51,941

27,997

2.50%,

4/1/30,

Pool

#AY3416

25,733

46,393

3.00%,

4/1/30,

Pool

#AL6584

43,149

24,545

3.00%,

5/1/30,

Pool

#AL6761

22,505

14,920

2.50%,

5/1/30,

Pool

#AY0828

13,439

3,901,000

5.78%,

5/15/30(c)

2,809,270

138,817

3.00%,

6/1/30,

Pool

#AL9381

127,258

17,290

2.50%,

7/1/30,

Pool

#AZ2170

15,893

6,903

3.00%,

7/1/30,

Pool

#AZ2297

6,336

49,524

3.00%,

7/1/30,

Pool

#AX9701

46,074

38,288

3.00%,

7/1/30,

Pool

#AL7139

35,615

10,290

3.00%,

7/1/30,

Pool

#AX9700

9,446

10,530

2.50%,

7/1/30,

Pool

#AS5405

9,677

58,342

2.50%,

7/1/30,

Pool

#AS5403

52,668

58,548

2.50%,

8/1/30,

Pool

#AS5616

52,122

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

55,425

3.00%,

8/1/30,

Pool

#AL7227

$

50,944

9,564

3.00%,

8/1/30,

Pool

#AX3298

8,783

37,020

3.50%,

8/1/30,

Pool

#AS5708

35,112

97,176

2.50%,

8/1/30,

Pool

#BM3552

90,537

35,247

2.50%,

8/1/30,

Pool

#AS5614

32,397

50,023

3.00%,

8/1/30,

Pool

#AS5623

45,981

44,260

3.00%,

8/1/30,

Pool

#AS5622

41,171

27,555

2.50%,

8/1/30,

Pool

#AS5548

24,870

8,861

3.00%,

8/1/30,

Pool

#AZ7833

8,137

3,357

3.00%,

8/1/30,

Pool

#AZ8597

3,086

65,845

3.00%,

8/1/30,

Pool

#AL7225

61,243

11,913

3.00%,

9/1/30,

Pool

#AL7320

10,940

47,521

2.50%,

9/1/30,

Pool

#AS5872

43,672

37,859

2.50%,

9/1/30,

Pool

#AS5786

34,162

48,087

3.00%,

9/1/30,

Pool

#AS5728

44,158

41,566

3.00%,

9/1/30,

Pool

#AS5714

38,657

19,093

3.00%,

9/1/30,

Pool

#AZ5719

17,537

34,932

2.50%,

11/1/30,

Pool

#AS6116

32,109

41,225

2.50%,

11/1/30,

Pool

#AS6115

36,691

38,113

2.50%,

11/1/30,

Pool

#AS6142

34,407

5,960

2.50%,

11/1/30,

Pool

#AL7800

5,305

47,221

2.50%,

11/1/30,

Pool

#AS6141

43,391

591,720

3.00%,

1/1/31,

Pool

#BM3537

545,070

51,751

2.50%,

3/1/31,

Pool

#BM1595

47,157

1,125,305

1.50%,

6/1/31,

Pool

#MA4367

999,354

72,262

2.50%,

6/1/31,

Pool

#AS7320

65,872

111,384

2.50%,

7/1/31,

Pool

#AS7605

101,552

118,025

2.50%,

7/1/31,

Pool

#AS7617

107,600

2,071,061

1.50%,

7/1/31,

Pool

#MA4389

1,734,485

778,488

3.00%,

8/1/31,

Pool

#AL9376

723,022

20,873

4.00%,

8/1/31,

Pool

#AY4707

20,020

4,615

2.50%,

8/1/31,

Pool

#BC2777

4,207

9,847

4.00%,

8/1/31,

Pool

#AY4688

9,424

80,333

3.00%,

9/1/31,

Pool

#AL9378

73,653

989,209

2.50%,

10/1/31,

Pool

#BC4773

904,220

206,832

2.50%,

10/1/31,

Pool

#AS8193

188,273

154,131

2.50%,

10/1/31,

Pool

#AS8009

140,321

41,349

2.00%,

10/1/31,

Pool

#MA2774

36,580

475,322

2.50%,

10/1/31,

Pool

#AS8195

434,595

293,761

2.50%,

10/1/31,

Pool

#AS8208

267,794

82,213

2.50%,

11/1/31,

Pool

#AS8245

75,162

173,468

2.50%,

11/1/31,

Pool

#AS8240

158,147

109,469

2.50%,

11/1/31,

Pool

#AS8241

99,666

13,031

2.00%,

11/1/31,

Pool

#AS8291

11,526

68,982

2.00%,

11/1/31,

Pool

#BC9040

61,028

243,973

2.00%,

11/1/31,

Pool

#BM3054

215,838

210,198

2.00%,

11/1/31,

Pool

#AS8251

190,357

91,280

2.50%,

11/1/31,

Pool

#BC2628

83,443

155,621

2.50%,

11/1/31,

Pool

#BC2631

141,160

74,631

2.50%,

11/1/31,

Pool

#BC2629

68,030

57,912

2.00%,

12/1/31,

Pool

#MA2845

51,230

15,350

2.50%,

2/1/32,

Pool

#BM1036

13,921

9,162

3.00%,

2/1/32,

Pool

#BE5670

8,422

381,183

2.00%,

3/1/32,

Pool

#BM3061

337,223

236,028

3.00%,

3/1/32,

Pool

#AS9327

216,942

279,197

2.50%,

3/1/32,

Pool

#AS9321

248,924

170,924

2.50%,

3/1/32,

Pool

#AS9316

154,870

310,887

2.50%,

3/1/32,

Pool

#AS9319

280,724

154,962

2.50%,

3/1/32,

Pool

#AS9317

138,406

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

91

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

270,268

2.50%,

3/1/32,

Pool

#AS9318

$

240,422

1,152,247

3.50%,

4/1/32,

Pool

#BM3503

1,085,566

1,295,000

Class

A2

,

Series

2022-M1S,

2.08%,

4/25/32

1,013,721

828,138

3.50%,

5/1/32,

Pool

#BM1602

783,901

1,207,385

3.00%,

6/1/32,

Pool

#BM1791

1,116,048

362,149

2.50%,

8/1/32,

Pool

#BM3578

322,131

133,705

3.00%,

9/1/32,

Pool

#BM3240

122,759

47,928

3.50%,

11/1/32,

Pool

#BJ2054

45,147

29,318

3.50%,

1/1/33,

Pool

#BJ2096

27,612

50,137

5.50%,

1/1/33,

Pool

#676661

50,545

693,333

2.50%,

2/1/33,

Pool

#BM3793

637,105

1,576,827

3.00%,

5/1/33,

Pool

#FM1880

1,452,725

34,395

5.50%,

5/1/33,

Pool

#555424

34,538

47,528

4.00%,

9/1/33,

Pool

#BK7642

45,212

135,952

4.00%,

10/1/33,

Pool

#CA2527

130,041

136,670

4.00%,

11/1/33,

Pool

#CA2555

131,198

257,685

2.50%,

12/1/33,

Pool

#FM1680

228,455

3,430,000

Class

A3

,

Series

2022-M5,

2.44%,

1/1/34

2,645,192

263,874

5.00%,

2/1/35,

Pool

#735226

258,207

83,651

5.50%,

2/1/35,

Pool

#735989

83,998

20,547

5.00%,

3/1/35,

Pool

#735288

19,904

7,962

6.00%,

4/1/35,

Pool

#735504

8,036

595,488

2.00%,

6/1/35,

Pool

#CA5933

513,441

285,653

2.00%,

6/1/35,

Pool

#CA5939

246,267

160,954

3.00%,

8/1/35,

Pool

#CA6849

145,807

151,887

3.00%,

8/1/35,

Pool

#CA6876

138,776

2,585,000

1.53%,

8/17/35,

Callable

11/17/23

@

100.00

1,716,807

3,170,000

1.60%,

8/24/35,

Callable

11/24/23

@

100.00

2,121,076

38,978

5.00%,

9/1/35,

Pool

#889974

38,239

294,519

2.00%,

9/1/35,

Pool

#CA7136

255,962

272,492

2.00%,

9/1/35,

Pool

#CA6840

235,081

2,770,000

1.78%,

11/16/35,

Callable

11/16/23

@

100.00

1,878,827

45,492

3.00%,

12/1/35,

Pool

#CA8391

41,323

96,249

3.00%,

12/1/35,

Pool

#CA8389

87,691

974,643

2.50%,

12/1/35,

Pool

#CA8388

863,907

853,511

2.50%,

12/1/35,

Pool

#CA8387

754,737

1,000,315

1.50%,

12/1/35,

Pool

#CA8377

836,615

99,947

4.00%,

1/1/36,

Pool

#AB0686

96,494

372,860

2.00%,

2/1/36,

Pool

#FM6149

322,460

403,171

2.50%,

3/1/36,

Pool

#CA9444

356,993

519,065

2.00%,

3/1/36,

Pool

#CA9432

446,440

271,070

1.50%,

3/1/36,

Pool

#CA9422

228,617

699,331

2.00%,

4/1/36,

Pool

#FM7495

606,486

433,014

1.50%,

5/1/36,

Pool

#CB0622

365,088

499,112

2.00%,

5/1/36,

Pool

#CB0428

432,828

1,552,453

1.50%,

6/1/36,

Pool

#FM7423

1,289,955

780,577

2.00%,

7/1/36,

Pool

#FM8117

672,721

198,570

5.50%,

9/1/36,

Pool

#995113

199,494

1,703,096

2.00%,

9/1/36,

Pool

#FM8695

1,468,252

1,902,736

2.00%,

9/1/36,

Pool

#FM8733

1,643,075

22,324

3.00%,

10/1/36,

Pool

#AL9227

19,206

365,259

2.00%,

11/1/36,

Pool

#FM9318

314,512

74,946

3.00%,

11/1/36,

Pool

#AS8349

64,470

179,654

3.00%,

11/1/36,

Pool

#AS8348

156,247

174,222

3.00%,

12/1/36,

Pool

#BE1896

149,911

5,746,261

1.50%,

12/1/36,

Pool

#FS0003

4,788,398

234,440

3.00%,

12/1/36,

Pool

#AS8553

201,726

359,436

2.00%,

1/1/37,

Pool

#FS0216

310,951

153,973

2.00%,

2/1/37,

Pool

#FS0610

132,191

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

352,039

2.00%,

2/1/37,

Pool

#FS0754

$

303,477

451,399

1.50%,

2/1/37,

Pool

#FS3221

380,863

806,571

2.00%,

2/1/37,

Pool

#CB2967

698,079

1,437,464

2.00%,

3/1/37,

Pool

#FS1331

1,237,059

1,846,706

2.00%,

3/1/37,

Pool

#FS1330

1,579,618

422,481

2.00%,

3/1/37,

Pool

#CB2966

363,363

1,099,449

2.00%,

4/1/37,

Pool

#FS3325

947,991

8,095

5.50%,

2/1/38,

Pool

#961545

8,120

7,287

6.00%,

3/1/38,

Pool

#889529

7,564

44,738

5.50%,

5/1/38,

Pool

#889692

44,518

20,259

6.00%,

5/1/38,

Pool

#889466

20,777

42,493

5.50%,

5/1/38,

Pool

#889441

41,903

30,524

5.50%,

6/1/38,

Pool

#995018

30,336

8,835

5.50%,

9/1/38,

Pool

#889995

8,751

21,123

6.00%,

10/1/38,

Pool

#889983

21,607

1,146,000

4.00%,

10/25/38,

TBA

1,080,463

492,234

3.50%,

10/25/38,

TBA

454,547

5,471,000

2.50%,

10/25/38,

TBA

4,813,625

2,106,000

3.00%,

10/25/38,

TBA

1,902,968

778,710

1.50%,

10/25/38,

TBA

647,059

2,167,000

4.50%,

10/25/38,

TBA

2,076,257

1,453,533

2.00%,

10/25/38,

TBA

1,243,452

128,151

5.50%,

1/1/39,

Pool

#AB0200

130,329

40,130

4.50%,

4/1/39,

Pool

#930922

38,067

48,636

4.50%,

5/1/39,

Pool

#AL1472

46,475

32,816

3.50%,

5/1/39,

Pool

#MA3660

29,358

474,435

5.00%,

6/1/39,

Pool

#AL7521

465,434

324,539

6.00%,

7/1/39,

Pool

#BF0056

326,539

22,176

5.50%,

10/1/39,

Pool

#AD0362

22,937

138,788

3.50%,

12/1/39,

Pool

#MA3869

124,161

23,743

5.50%,

12/1/39,

Pool

#AD0571

23,915

179,142

5.50%,

12/1/39,

Pool

#AC6680

175,853

2,268,403

4.50%,

1/1/40,

Pool

#AC8568

2,097,503

58,893

3.50%,

1/1/40,

Pool

#MA3891

52,700

105,423

3.50%,

2/1/40,

Pool

#MA3935

94,314

18,681

5.50%,

3/1/40,

Pool

#AL5304

19,198

16,338

4.50%,

4/1/40,

Pool

#AD4038

15,576

141,212

6.00%,

4/1/40,

Pool

#AL4141

144,576

26,991

6.50%,

5/1/40,

Pool

#AL1704

27,840

31,428

4.50%,

7/1/40,

Pool

#AB1226

29,054

37,285

4.50%,

7/1/40,

Pool

#AD7127

34,494

16,193

6.00%,

9/1/40,

Pool

#AE0823

16,673

2,641,439

Class

CY

,

Series

2010-136,

4.00%,

12/25/40

2,452,437

17,511

4.00%,

1/1/41,

Pool

#AL7167

16,071

2,551,782

Class

ZA

,

Series

2011-8,

4.00%,

2/25/41

2,302,419

36,021

6.00%,

6/1/41,

Pool

#AL4142

36,957

225,210

5.00%,

7/1/41,

Pool

#AL7524

219,931

13,755

4.50%,

7/1/41,

Pool

#AB3314

12,938

25,011

4.50%,

9/1/41,

Pool

#AI8961

24,023

412,858

5.50%,

9/1/41,

Pool

#AL8430

410,571

14,020,147

1.50%,

11/1/41,

Pool

#FS0316

10,705,894

2,231,077

2.00%,

12/1/41,

Pool

#MA4501

1,792,413

7,116,904

1.50%,

12/1/41,

Pool

#MA4500

5,435,843

127,955

3.50%,

1/1/42,

Pool

#AW8154

111,907

534,821

4.00%,

1/1/42,

Pool

#AB4307

493,432

563,829

2.00%,

2/1/42,

Pool

#MA4540

449,925

846,729

2.00%,

3/1/42,

Pool

#MA4586

675,563

5,451,774

2.00%,

3/1/42,

Pool

#MA4570

4,336,500

19,515

3.50%,

4/1/42,

Pool

#AK7510

17,289

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

92

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

52,125

3.50%,

4/1/42,

Pool

#AO0777

$

46,647

24,099

4.00%,

5/1/42,

Pool

#A02114

22,086

7,065

3.50%,

5/1/42,

Pool

#AO2881

6,255

108,592

4.00%,

5/1/42,

Pool

#AO2961

99,421

10,794

3.50%,

6/1/42,

Pool

#AK9225

9,558

8,050

3.50%,

6/1/42,

Pool

#AO3048

7,132

24,322

3.50%,

7/1/42,

Pool

#AO9707

21,532

107,856

4.50%,

9/1/42,

Pool

#AL2482

101,715

634,133

4.50%,

1/1/43,

Pool

#AL8206

595,801

60,782

3.00%,

3/1/43,

Pool

#AR9218

51,431

41,143

3.00%,

3/1/43,

Pool

#AR7568

34,913

49,614

3.00%,

3/1/43,

Pool

#AR7576

42,094

50,418

3.00%,

4/1/43,

Pool

#AB8924

42,730

49,631

3.00%,

4/1/43,

Pool

#AB8923

42,020

61,121

3.00%,

4/1/43,

Pool

#AR8630

51,729

584

3.50%,

4/1/43,

Pool

#CA1530

510

20,892

3.00%,

4/1/43,

Pool

#AT2037

17,730

82,659

3.00%,

4/1/43,

Pool

#AT2040

69,939

52,759

3.00%,

4/1/43,

Pool

#AT2043

44,723

6,887

3.00%,

6/1/43,

Pool

#AB9564

5,997

427,195

5.00%,

12/1/43,

Pool

#AL7777

412,599

222,728

5.00%,

11/1/44,

Pool

#AL8878

216,993

177,440

3.50%,

2/1/45,

Pool

#BM1100

157,671

553,683

3.50%,

2/1/45,

Pool

#FM5294

490,904

124,284

5.00%,

6/1/45,

Pool

#BM3784

120,004

2,464,693

3.50%,

9/1/45,

Pool

#FM3224

2,173,733

89,727

4.50%,

9/1/45,

Pool

#AL7936

84,233

2,937

4.50%,

11/1/45,

Pool

#AS6233

2,802

5,391,657

3.50%,

11/1/45,

Pool

#FM6411

4,738,811

54,669

4.50%,

11/1/45,

Pool

#AL9501

51,509

120,203

4.50%,

12/1/45,

Pool

#BM1756

111,816

13,422

3.00%,

6/1/46,

Pool

#AS7365

11,419

944,294

3.50%,

7/1/46,

Pool

#BA7748

832,072

370,670

4.50%,

7/1/46,

Pool

#BM1920

350,289

296,010

4.50%,

7/1/46,

Pool

#BM3053

278,294

16,140

3.00%,

8/1/46,

Pool

#AL9031

13,852

500,232

Class

UF

,

Series

2016-48,

5.83%(SOFR30A+51bps),

8/25/46

499,607

938,748

3.00%,

9/1/46,

Pool

#BD1469

791,097

280,235

3.00%,

11/1/46,

Pool

#BD9644

238,018

110,907

3.00%,

11/1/46,

Pool

#BD9643

94,201

144,911

3.00%,

11/1/46,

Pool

#BD9645

123,141

893,361

3.00%,

12/1/46,

Pool

#AS8486

753,171

208,894

3.50%,

12/1/46,

Pool

#BE2103

182,674

351,270

3.50%,

2/1/47,

Pool

#BE1534

306,859

777,044

3.50%,

2/1/47,

Pool

#AL9920

678,869

70,692

3.50%,

3/1/47,

Pool

#BH0158

61,743

279,749

4.00%,

5/1/47,

Pool

#BH0398

254,084

325,755

3.50%,

5/1/47,

Pool

#BM1174

290,128

473,945

3.50%,

5/1/47,

Pool

#BD2417

413,957

165,964

3.50%,

5/1/47,

Pool

#BE9375

145,076

132,255

3.50%,

6/1/47,

Pool

#BH0567

115,513

214,733

4.00%,

7/1/47,

Pool

#BH3401

195,060

294,754

4.00%,

8/1/47,

Pool

#BM1619

267,768

19,748

4.00%,

9/1/47,

Pool

#MA3121

17,924

144,341

4.50%,

10/1/47,

Pool

#BM3052

136,029

616,251

3.50%,

11/1/47,

Pool

#MA3182

538,586

173,734

4.50%,

12/1/47,

Pool

#BH7067

162,028

372,985

3.50%,

1/1/48,

Pool

#MA3238

326,205

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

423,084

4.00%,

1/1/48,

Pool

#BH9222

$

382,578

1,284,156

3.50%,

1/1/48,

Pool

#FM5293

1,129,617

75,476

4.00%,

2/1/48,

Pool

#BJ9058

68,848

67,331

4.00%,

2/1/48,

Pool

#BJ9057

61,239

283,128

3.50%,

2/1/48,

Pool

#BH9277

247,107

119,512

3.50%,

3/1/48,

Pool

#BK1958

104,334

3,399,671

3.50%,

3/1/48,

Pool

#BJ0650

2,967,102

360,631

3.50%,

3/1/48,

Pool

#BJ4916

314,807

187,540

3.50%,

3/1/48,

Pool

#BJ0648

163,680

218,981

3.50%,

4/1/48,

Pool

#FM5295

192,119

138,455

4.50%,

4/1/48,

Pool

#BM3846

129,857

35,187

4.00%,

4/1/48,

Pool

#MA3333

31,761

3,228,417

4.50%,

4/1/48,

Pool

#FM7783

3,028,801

40,017

4.00%,

5/1/48,

Pool

#CA2708

36,121

1,659,982

3.50%,

5/1/48,

Pool

#MA3356

1,454,279

1,948,568

4.50%,

5/1/48,

Pool

#CA1704

1,839,947

162,825

5.00%,

6/1/48,

Pool

#CA2317

156,280

29,269

4.00%,

6/1/48,

Pool

#MA3384

26,417

73,464

4.50%,

7/1/48,

Pool

#BK6113

68,917

9,279

4.50%,

7/1/48,

Pool

#BK4471

8,769

29,036

4.00%,

7/1/48,

Pool

#MA3415

26,210

272,254

4.00%,

8/1/48,

Pool

#BK4772

245,728

620,530

5.00%,

9/1/48,

Pool

#MA3472

595,716

390,191

4.00%,

9/1/48,

Pool

#FM5566

352,594

45,486

5.00%,

10/1/48,

Pool

#MA3501

43,673

84,982

4.00%,

10/1/48,

Pool

#CA2469

77,169

126,116

5.00%,

10/1/48,

Pool

#BK7881

121,057

8,676

3.50%,

11/1/48,

Pool

#FM1543

7,619

85,208

5.00%,

11/1/48,

Pool

#MA3527

81,800

30,119

5.00%,

12/1/48,

Pool

#BN4404

28,967

28,159

5.00%,

1/1/49,

Pool

#BN4430

27,082

84,303

5.00%,

1/1/49,

Pool

#BN3949

80,946

1,198,206

4.00%,

1/1/49,

Pool

#FM5296

1,087,923

263,310

3.50%,

6/1/49,

Pool

#FM5315

230,936

759,817

4.00%,

9/1/49,

Pool

#FM3665

689,925

618,404

3.50%,

12/1/49,

Pool

#MA3210

541,428

4,584,836

3.00%,

3/1/50,

Pool

#FM5290

3,862,456

342,162

4.00%,

3/1/50,

Pool

#CA5368

307,975

314,682

4.00%,

5/1/50,

Pool

#FM7973

283,641

441,374

4.00%,

6/1/50,

Pool

#CA6106

399,042

1,669,641

2.50%,

7/1/50,

Pool

#CA6359

1,372,298

2,901,303

2.50%,

7/1/50,

Pool

#CA6343

2,342,904

2,865,607

2.50%,

7/1/50,

Pool

#CA6341

2,314,566

2,837,780

2.50%,

7/1/50,

Pool

#CA6342

2,291,636

3,327,179

2.50%,

8/1/50,

Pool

#CA6577

2,687,066

261,239

4.00%,

8/1/50,

Pool

#FM7703

235,624

851,682

2.50%,

8/1/50,

Pool

#CA6711

687,770

1,732,111

3.00%,

8/1/50,

Pool

#FM5292

1,462,669

2,734,387

2.50%,

8/1/50,

Pool

#CA6636

2,208,031

1,208,242

2.00%,

9/1/50,

Pool

#MA4119

922,883

374,966

2.00%,

9/1/50,

Pool

#BQ0697

286,406

2,176,183

2.00%,

10/1/50,

Pool

#MA4158

1,662,147

1,969,308

1.50%,

10/1/50,

Pool

#MA4157

1,412,661

298,160

2.00%,

11/1/50,

Pool

#BQ6334

227,808

1,931,209

2.50%,

11/1/50,

Pool

#CA7597

1,567,274

548,261

2.50%,

11/1/50,

Pool

#FM4874

444,975

1,710,034

1.50%,

11/1/50,

Pool

#MA4181

1,226,639

421,158

2.00%,

12/1/50,

Pool

#FM5305

325,315

1,313,698

2.00%,

12/1/50,

Pool

#FM5176

1,012,619

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

93

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

30,437,848

2.00%,

1/1/51,

Pool

#MA4237

$

23,276,093

498,775

2.50%,

1/1/51,

Pool

#CA8592

402,590

1,605,503

4.00%,

1/1/51,

Pool

#FM7031

1,447,041

13,956,979

3.50%,

1/1/51,

Pool

#FM7599

12,146,988

2,682,601

2.00%,

2/1/51,

Pool

#BR1615

2,043,552

1,397,920

2.50%,

2/1/51,

Pool

#CA9038

1,122,381

1,771,395

4.00%,

3/1/51,

Pool

#FM7460

1,594,872

2,298,041

1.50%,

3/1/51,

Pool

#MA4280

1,648,084

865,439

2.00%,

3/1/51,

Pool

#BN8997

666,853

487,401

2.00%,

3/1/51,

Pool

#BN9004

376,172

179,428

2.50%,

3/1/51,

Pool

#BR4654

143,980

639,252

2.00%,

4/1/51,

Pool

#BR7241

496,729

1,206,617

2.00%,

4/1/51,

Pool

#FM6863

931,982

119,487

2.50%,

4/1/51,

Pool

#BR8283

95,191

213,360

2.50%,

4/1/51,

Pool

#BR8896

171,437

810,489

2.00%,

4/1/51,

Pool

#BR7802

624,469

289,405

2.00%,

4/1/51,

Pool

#FS0599

223,868

2,068,467

2.50%,

5/1/51,

Pool

#CB0383

1,669,818

120,707

2.50%,

5/1/51,

Pool

#BR8915

96,862

8,910,715

4.00%,

5/1/51,

Pool

#FS1463

8,058,321

67,593

2.50%,

5/1/51,

Pool

#BR8296

54,266

5,858,596

3.00%,

6/1/51,

Pool

#CB0848

4,874,445

11,430,344

2.00%,

7/1/51,

Pool

#MA4378

8,708,650

195,073

2.50%,

7/1/51,

Pool

#BP3574

156,606

8,724,175

2.00%,

8/1/51,

Pool

#CB1310

6,646,257

10,285,592

2.00%,

8/1/51,

Pool

#CB1309

7,834,810

705,005

2.50%,

10/1/51,

Pool

#CB1806

568,997

70,369

2.50%,

10/1/51,

Pool

#BT8452

56,466

453,382

2.00%,

10/1/51,

Pool

#MA4465

345,538

2,449,448

2.00%,

11/1/51,

Pool

#CB2054

1,890,964

2,543,621

3.00%,

11/1/51,

Pool

#CB2165

2,121,045

1,185,205

2.00%,

11/1/51,

Pool

#CB2139

911,505

2,158,055

2.00%,

11/1/51,

Pool

#FM9538

1,676,445

1,063,889

2.00%,

11/1/51,

Pool

#FM9452

820,775

2,974,291

2.00%,

11/1/51,

Pool

#FS1334

2,278,444

936,697

2.50%,

11/1/51,

Pool

#FS0026

756,472

2,243,153

2.00%,

11/1/51,

Pool

#CB2079

1,718,705

540,375

2.50%,

12/1/51,

Pool

#CB2372

436,119

1,544,524

2.00%,

12/1/51,

Pool

#FS0211

1,187,725

1,556,036

2.00%,

12/1/51,

Pool

#FS0212

1,198,814

1,124,798

3.00%,

12/1/51,

Pool

#CB2418

941,573

1,037,596

2.00%,

12/1/51,

Pool

#FM9925

796,899

1,310,146

2.00%,

12/1/51,

Pool

#MA4492

997,283

692,475

2.00%,

12/1/51,

Pool

#FM9730

534,408

300,214

2.00%,

12/1/51,

Pool

#FS0598

233,894

1,096,749

Class

IO

,

Series

2021-88,

2.50%,

12/25/51

164,121

1,863,368

2.00%,

1/1/52,

Pool

#FS0497

1,438,392

2,594,636

2.50%,

1/1/52,

Pool

#FS0378

2,131,583

1,409,597

2.00%,

1/1/52,

Pool

#CB2601

1,095,016

1,906,077

2.50%,

1/1/52,

Pool

#CB2620

1,543,487

790,022

2.00%,

1/1/52,

Pool

#FS1406

602,125

2,309,222

2.50%,

1/1/52,

Pool

#CB2621

1,866,395

1,078,062

2.50%,

1/1/52,

Pool

#CB2633

868,465

2,304,674

2.50%,

1/1/52,

Pool

#FS0208

1,860,948

2,878,330

2.50%,

1/1/52,

Pool

#FS0209

2,323,149

1,226,949

2.00%,

1/1/52,

Pool

#FS0290

953,004

1,776,333

2.50%,

1/1/52,

Pool

#FS0193

1,425,995

3,475,341

2.50%,

1/1/52,

Pool

#CB2622

2,806,328

1,656,742

2.00%,

2/1/52,

Pool

#CB2837

1,267,183

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

2,338,746

2.50%,

2/1/52,

Pool

#CB2856

$

1,876,763

376,619

2.50%,

2/1/52,

Pool

#CB2863

308,510

3,712,262

2.00%,

2/1/52,

Pool

#CB2838

2,822,972

716,714

2.00%,

2/1/52,

Pool

#CB2836

549,508

871,595

2.00%,

2/1/52,

Pool

#FS0646

666,466

555,522

2.50%,

2/1/52,

Pool

#CB2854

448,849

1,981,760

2.50%,

2/1/52,

Pool

#CB2855

1,596,370

6,722,030

2.00%,

2/1/52,

Pool

#FS2040

5,118,837

892,334

2.50%,

3/1/52,

Pool

#FS1661

721,291

288,285

3.00%,

3/1/52,

Pool

#CB3115

241,807

1,584,162

2.00%,

3/1/52,

Pool

#CB3105

1,211,530

4,123,889

2.00%,

3/1/52,

Pool

#CB3102

3,150,697

2,264,259

2.00%,

3/1/52,

Pool

#CB3101

1,722,157

828,184

3.00%,

4/1/52,

Pool

#FS1520

693,871

801,771

4.00%,

4/1/52,

Pool

#FS1267

736,951

4,931,142

4.00%,

5/1/52,

Pool

#FS3377

4,451,586

581,466

3.50%,

5/1/52,

Pool

#BV8545

509,136

4,272,843

4.00%,

5/1/52,

Pool

#FS1133

3,851,878

1,300,887

3.00%,

5/1/52,

Pool

#FS1522

1,084,004

612,281

3.50%,

7/1/52,

Pool

#FS2812

532,925

477,415

4.50%,

7/1/52,

Pool

#MA4656

439,040

454,150

3.50%,

8/1/52,

Pool

#CB4324

396,331

460,386

3.50%,

9/1/52,

Pool

#CB4661

396,228

96,036

3.50%,

9/1/52,

Pool

#CB4657

83,484

286,649

3.50%,

9/1/52,

Pool

#CB4658

249,749

385,721

3.50%,

9/1/52,

Pool

#CB4660

333,152

476,048

6.00%,

11/1/52,

Pool

#FS3251

471,518

963,591

5.00%,

12/1/52,

Pool

#MA4841

909,626

2,919,914

6.00%,

1/1/53,

Pool

#FS3832

2,889,386

2,473,896

5.00%,

1/1/53,

Pool

#CB5450

2,335,965

1,050,270

5.50%,

1/1/53,

Pool

#CB5462

1,016,790

1,372,130

5.50%,

1/1/53,

Pool

#BX6108

1,328,733

424,305

5.00%,

1/1/53,

Pool

#BX4207

400,632

2,292,575

6.00%,

4/1/53,

Pool

#CB6094

2,290,067

9,087,785

5.00%,

4/1/53,

Pool

#CB6063

8,581,457

3,164,440

5.50%,

5/1/53,

Pool

#FS4629

3,063,362

455,582

6.00%,

5/1/53,

Pool

#BY0568

455,088

815,337

5.50%,

5/1/53,

Pool

#BY0557

789,330

3,094,179

6.00%,

5/1/53,

Pool

#CB6329

3,090,804

820,326

5.50%,

5/1/53,

Pool

#BY2967

794,102

3,953,799

5.50%,

5/1/53,

Pool

#CB6321

3,827,453

924,348

6.00%,

5/1/53,

Pool

#FS4641

923,342

2,276,134

5.50%,

6/1/53,

Pool

#CB6463

2,203,473

3,931,890

6.00%,

7/1/53,

Pool

#CB6757

3,927,610

7,466,791

6.00%,

8/1/53,

Pool

#CB6872

7,379,601

23,906,500

2.50%,

10/25/53,

TBA

18,968,314

45,506,400

4.00%,

10/25/53,

TBA

40,522,027

16,659,488

2.00%,

10/25/53,

TBA

12,661,211

11,819,232

3.00%,

10/25/53,

TBA

9,773,027

5,450,200

1.50%,

10/25/53,

TBA

3,907,112

5,646,998

5.00%,

10/25/53,

TBA

5,327,590

43,474,200

4.50%,

10/25/53,

TBA

39,901,164

6,116,000

6.50%,

10/25/53,

TBA

6,145,624

510,574,656

Government

National

Mortgage

Association

(

6

.0

%

):

7,488

4.50%,

9/15/33,

Pool

#615516

7,217

27,491

5.00%,

12/15/33,

Pool

#783571

26,623

9,326

6.50%,

8/20/38,

Pool

#4223

9,842

7,592

6.50%,

10/15/38,

Pool

#673213

7,486

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

94

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

5,345

6.50%,

11/20/38,

Pool

#4292

$

5,641

9,837

6.50%,

12/15/38,

Pool

#782510

9,980

101,235

5.00%,

1/15/39,

Pool

#782557

97,876

51,597

5.00%,

4/15/39,

Pool

#711939

51,221

63,317

5.00%,

4/15/39,

Pool

#782619

62,856

6,239

4.00%,

4/20/39,

Pool

#4422

5,641

6,186

5.00%,

6/15/39,

Pool

#782696

6,141

21,766

4.00%,

7/20/39,

Pool

#4494

19,676

37,144

5.00%,

10/20/39,

Pool

#4559

36,682

4,144

4.50%,

12/20/39,

Pool

#G24598

3,925

10,486

4.50%,

1/15/40,

Pool

#728627

10,048

5,028

4.50%,

1/20/40,

Pool

#4617

4,763

4,117

4.50%,

2/20/40,

Pool

#G24636

3,900

29,745

5.00%,

5/15/40,

Pool

#782958

29,132

265

4.50%,

5/20/40,

Pool

#G24696

251

18,197

5.00%,

6/15/40,

Pool

#697862

17,930

25,992

4.50%,

7/15/40,

Pool

#745793

24,904

190,351

4.50%,

7/15/40,

Pool

#733795

182,412

10,274

4.50%,

7/20/40,

Pool

#4746

9,732

18,781

4.50%,

8/20/40,

Pool

#4771

17,792

11,132

4.50%,

9/20/40,

Pool

#748948

10,582

5,649

4.00%,

9/20/40,

Pool

#G24800

5,230

42,052

4.50%,

10/15/40,

Pool

#783609

40,296

148,281

4.00%,

10/20/40,

Pool

#G24833

137,278

19,042

4.50%,

10/20/40,

Pool

#4834

18,038

275,899

4.00%,

11/20/40,

Pool

#4853

260,543

136,296

4.00%,

12/20/40,

Pool

#G24882

126,182

76,409

4.00%,

1/15/41,

Pool

#759138

71,180

122,380

4.00%,

1/20/41,

Pool

#4922

113,299

12,302

4.50%,

2/15/41,

Pool

#738019

11,787

2,087

4.00%,

2/20/41,

Pool

#4945

1,932

508,059

4.00%,

2/20/41,

Pool

#742887

460,726

41,040

4.00%,

3/15/41,

Pool

#762838

38,235

3,053

5.00%,

4/20/41,

Pool

#5018

2,979

6,660

5.00%,

6/20/41,

Pool

#5083

6,633

48,426

4.50%,

6/20/41,

Pool

#783590

45,874

15,637

4.50%,

7/20/41,

Pool

#754367

14,866

114,142

4.50%,

7/20/41,

Pool

#5115

108,122

3,571

5.00%,

7/20/41,

Pool

#5116

3,557

33,868

4.50%,

7/20/41,

Pool

#783584

32,082

120,882

4.00%,

7/20/41,

Pool

#742895

109,801

34,370

4.50%,

11/15/41,

Pool

#783610

32,986

97,985

3.50%,

1/15/42,

Pool

#553461

88,935

135,086

4.00%,

4/20/42,

Pool

#MA0023

125,065

58,883

5.00%,

7/20/42,

Pool

#MA0223

57,368

130,852

3.50%,

4/15/43,

Pool

#AD2334

117,554

259,238

3.50%,

4/20/43,

Pool

#MA0934

232,515

147,326

3.50%,

5/20/43,

Pool

#MA1012

131,998

12,729

4.00%,

7/20/43,

Pool

#MA1158

11,784

505,755

4.50%,

6/20/44,

Pool

#MA1997

479,090

407,140

4.00%,

8/20/44,

Pool

#MA2149

376,938

14,366

4.00%,

8/20/44,

Pool

#AI4167

13,244

9,991

4.00%,

8/20/44,

Pool

#AJ4687

9,217

8,370

4.00%,

8/20/44,

Pool

#AJ2723

7,717

19,627

3.00%,

12/20/44,

Pool

#MA2444

17,014

228,569

5.00%,

12/20/44,

Pool

#MA2448

227,663

230,150

3.00%,

2/15/45,

Pool

#784439

197,627

1,036,404

3.50%,

5/20/45,

Pool

#MA2826

928,688

140,768

5.00%,

12/20/45,

Pool

#MA3313

137,155

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

5,236,421

3.50%,

3/20/46,

Pool

#MA3521

$

4,683,588

1,003,942

3.50%,

5/20/46,

Pool

#MA3663

897,961

336,263

3.50%,

7/20/46,

Pool

#MA3803

300,753

1,362,722

3.50%,

9/20/46,

Pool

#MA3937

1,213,155

134,797

3.50%,

10/20/46,

Pool

#AX4344

119,205

68,976

3.50%,

10/20/46,

Pool

#AX4342

61,700

63,003

3.50%,

10/20/46,

Pool

#AX4341

56,624

86,334

3.50%,

10/20/46,

Pool

#AX4345

76,598

54,868

3.50%,

10/20/46,

Pool

#AX4343

48,974

7,406

4.00%,

10/20/46,

Pool

#AQ0542

6,854

78,183

4.50%,

3/15/47,

Pool

#AZ8560

74,488

108,830

4.50%,

4/15/47,

Pool

#AZ8596

103,681

62,859

4.50%,

4/15/47,

Pool

#AZ8597

59,888

57,381

4.50%,

5/15/47,

Pool

#BA7888

54,672

1,285,161

4.00%,

6/20/47,

Pool

#MA4511

1,183,909

13,948

4.00%,

9/15/47,

Pool

#BC5919

12,661

13,716

4.00%,

10/15/47,

Pool

#BD3187

12,719

16,406

4.00%,

10/15/47,

Pool

#BE1031

14,887

16,648

4.00%,

11/15/47,

Pool

#BE1030

15,458

1,013,135

4.00%,

11/20/47,

Pool

#MA4838

933,258

18,554

4.00%,

12/15/47,

Pool

#BE4664

16,836

497,051

4.00%,

12/20/47,

Pool

#MA4901

457,842

22,472

4.00%,

1/15/48,

Pool

#BE0143

20,381

15,832

4.00%,

1/15/48,

Pool

#BE0204

14,621

221,842

4.50%,

9/20/48,

Pool

#BD0560

206,810

408,525

4.50%,

3/20/49,

Pool

#MA5818

384,174

17,304

4.50%,

4/20/49,

Pool

#MA5877

16,273

184,763

4.50%,

5/20/49,

Pool

#MA5932

173,747

340,759

4.50%,

4/20/50,

Pool

#MA6602

314,779

576,062

3.00%,

4/20/50,

Pool

#MA6599

490,783

262,463

4.00%,

5/20/50,

Pool

#MA6658

240,056

73,854

3.00%,

5/20/50,

Pool

#MA6656

62,998

1,624,973

Class

LP

,

Series

2020-127,

1.50%,

6/20/50

1,210,375

5,626,129

2.00%,

8/20/50,

Pool

#MA6818

4,469,183

1,324,350

3.00%,

10/20/50,

Pool

#MA6932

1,132,488

994,113

2.00%,

11/20/50,

Pool

#MA6994

792,409

12,347,755

2.00%,

1/20/51,

Pool

#MA7135

9,774,089

1,208,943

3.00%,

1/20/51,

Pool

#MA7137

1,031,105

1,873,307

2.00%,

2/20/51,

Pool

#MA7192

1,483,704

5,579,593

2.50%,

4/20/51,

Pool

#MA7312

4,575,705

6,343,086

3.00%,

6/20/51,

Pool

#MA7419

5,402,349

8,193,153

3.00%,

8/20/51,

Pool

#MA7535

6,975,001

2,902,915

2.50%,

10/20/51,

Pool

#MA7649

2,374,949

1,984,579

2.50%,

12/20/51,

Pool

#MA7767

1,623,652

2,059,836

3.00%,

12/20/51,

Pool

#MA7768

1,751,003

86,437

3.00%,

1/20/52,

Pool

#MA7828

73,584

4,662,990

2.50%,

5/20/52,

Pool

#MA8042

3,805,564

18,516,641

2.50%,

6/20/52,

Pool

#MA8097

15,168,388

5,401,437

2.50%,

7/20/52,

Pool

#MA8147

4,426,992

231,182

2.50%,

8/20/52,

Pool

#MA8197

189,616

1,242,037

2.50%,

12/20/52,

Pool

#MA8485

1,016,152

4,052,302

2.50%,

1/20/53,

Pool

#MA8564

3,320,900

218,902

6.00%,

4/20/53,

Pool

#CT7444

218,489

8,583,000

5.50%,

10/20/53,

TBA

8,328,192

14,004,797

3.50%,

10/20/53,

TBA

12,271,703

11,620,700

3.00%,

10/20/53,

TBA

9,848,543

10,842,000

4.50%,

10/20/53,

TBA

10,008,521

837,000

6.50%,

10/20/53,

TBA

842,100

1,656,000

6.00%,

10/20/53,

TBA

1,640,734

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

95

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

11,191,000

4.00%,

10/20/53,

TBA

$

10,080,643

21,523,100

2.00%,

10/20/53,

TBA

16,989,797

11,363,000

5.00%,

10/20/53,

TBA

10,768,218

3,057,000

6.00%,

11/20/53,

TBA

3,023,803

1,794,000

6.50%,

11/20/53,

TBA

1,802,970

174,214,705

Federal

Home

Loan

Mortgage

Corporation

(

8

.6

%

):

3,187,886

Class

A2

,

Series

KC02,

3.37%,

7/25/25

3,079,600

58,221

3.00%,

9/1/27,

Pool

#U70060

54,410

34,780

3.00%,

7/1/28,

Pool

#U79018

32,915

591,000

5.65%,

9/15/29(c)

440,423

4,510,000

Class

XFX

,

Series

KL06,

1.47%,

12/25/29,

Callable

9/25/29

@

100.00

288,786

16,558

3.00%,

1/1/30,

Pool

#V60696

15,624

21,525

3.00%,

1/1/30,

Pool

#V60724

19,682

36,267

2.50%,

3/1/30,

Pool

#V60770

33,360

74,367

3.00%,

5/1/30,

Pool

#J31689

69,450

39,553

2.50%,

5/1/30,

Pool

#J31418

36,100

54,959

2.50%,

5/1/30,

Pool

#V60796

48,886

87,298

2.50%,

5/1/30,

Pool

#J31728

77,628

140,854

3.00%,

6/1/30,

Pool

#V60840

129,129

9,847

3.00%,

7/1/30,

Pool

#J32181

9,196

4,114

2.50%,

7/1/30,

Pool

#V60905

3,658

3,381

2.50%,

7/1/30,

Pool

#J32491

3,007

14,517

2.50%,

7/1/30,

Pool

#J32204

13,208

11,973

2.50%,

7/1/30,

Pool

#J32209

10,932

66,665

3.00%,

7/1/30,

Pool

#G15520

61,267

14,401

3.00%,

8/1/30,

Pool

#V60909

13,206

48,902

2.50%,

8/1/30,

Pool

#V60902

44,987

59,499

2.50%,

8/1/30,

Pool

#V60886

54,726

9,664

3.00%,

8/1/30,

Pool

#J32436

8,878

151,853

2.50%,

9/1/30,

Pool

#V60904

135,063

48,555

2.50%,

9/1/30,

Pool

#V60903

44,145

7,204,454

Class

X1

,

Series

K121,

1.12%,

10/25/30

383,596

190,000

6.75%,

3/15/31

212,712

197,000

6.02%,

3/15/31(c)

135,334

268,163

2.50%,

4/1/31,

Pool

#G16186

243,393

4,677,321

1.50%,

5/1/31,

Pool

#RD5057

4,154,122

716,654

1.50%,

6/1/31,

Pool

#RD5059

636,424

570,000

Class

A2

,

Series

K142,

2.40%,

3/25/32

460,623

2,300,000

Class

A2

,

Series

K144,

2.45%,

4/25/32

1,860,593

3,575,000

Class

A2

,

Series

K145,

2.58%,

5/25/32

2,918,409

5,838

3.00%,

10/1/32,

Pool

#J37706

5,370

7,741

3.00%,

11/1/32,

Pool

#J37835

7,121

1,480,000

Class

A2

,

Series

K-152,

3.78%,

11/25/32

1,321,539

5,315

3.00%,

12/1/32,

Pool

#J38060

4,889

1,670,000

Class

A2

,

Series

K-154,

4.35%,

1/25/33

1,557,704

1,902,513

2.50%,

4/1/33,

Pool

#ZS8087

1,694,144

5,072,464

Class

A2

,

Series

KG08,

4.13%,

5/25/33

4,637,367

4,491,000

Class

A3

,

Series

K156,

3.70%,

6/25/33

3,969,211

94,481

3.50%,

1/1/34,

Pool

#ZS9068

85,880

1,014,381

2.50%,

1/1/35,

Pool

#SB0298

897,098

57,658

5.50%,

2/1/35,

Pool

#G04692

58,050

349,362

3.50%,

5/1/35,

Pool

#SC0063

334,869

1,550,000

1.46%,

8/17/35,

Callable

11/17/23

@

100.00

1,021,067

835,692

2.00%,

9/1/35,

Pool

#SB0539

720,511

1,797,940

2.00%,

1/1/36,

Pool

#SB0546

1,552,392

1,107,978

2.00%,

2/1/36,

Pool

#SB8507

967,059

997,962

2.00%,

2/1/36,

Pool

#RC1819

865,333

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

343,306

2.00%,

3/1/36,

Pool

#SB0544

$

296,087

314,934

1.50%,

4/1/36,

Pool

#SB0510

265,669

2,098,749

1.50%,

4/1/36,

Pool

#SB0514

1,744,091

425,248

1.50%,

5/1/36,

Pool

#RC1975

353,342

2,092,747

2.00%,

5/1/36,

Pool

#RC1999

1,814,555

4,739,410

2.00%,

6/1/36,

Pool

#RC2071

4,092,386

2,026,191

2.00%,

7/1/36,

Pool

#RC2097

1,749,534

3,155,000

1.72%,

9/22/36,

Callable

12/22/23

@

100.00

2,071,059

1,665,065

2.00%,

4/1/37,

Pool

#SB0679

1,433,441

41,150

3.00%,

9/1/37,

Pool

#ZA2471

35,957

841,736

3.00%,

6/1/38,

Pool

#SC0111

730,015

89,685

6.00%,

4/1/39,

Pool

#G07613

91,122

14,133

4.50%,

12/1/39,

Pool

#A90196

13,307

437,687

3.50%,

1/1/40,

Pool

#RB5028

391,511

54,156

3.50%,

2/1/40,

Pool

#RB5034

48,448

14,780

4.50%,

7/1/40,

Pool

#A93010

13,903

14,758

4.00%,

8/1/40,

Pool

#A93534

13,567

293,209

4.50%,

9/1/40,

Pool

#A93700

279,527

100,320

4.00%,

9/1/40,

Pool

#A93851

92,249

21,753

4.00%,

10/1/40,

Pool

#A95923

20,273

15,301

4.00%,

11/1/40,

Pool

#A94977

14,260

14,479

4.00%,

11/1/40,

Pool

#A95144

13,494

14,495

4.00%,

11/1/40,

Pool

#A94779

13,511

948

4.00%,

4/1/41,

Pool

#Q00093

877

31,374

4.50%,

5/1/41,

Pool

#Q00804

28,944

36,565

4.50%,

5/1/41,

Pool

#Q00959

33,735

205,205

Class

FL

,

Series

4248,

5.88%(SOFR30A+56bps),

5/15/41

205,420

231,355

5.50%,

6/1/41,

Pool

#G07553

230,644

49,266

5.00%,

10/1/41,

Pool

#G07642

47,688

17,755

4.00%,

10/1/41,

Pool

#Q03841

16,376

24,325

4.00%,

10/1/41,

Pool

#Q04022

22,439

345,316

2.00%,

2/1/42,

Pool

#RB5145

275,548

1,810,038

2.00%,

3/1/42,

Pool

#RB5148

1,444,238

118,633

3.50%,

4/1/42,

Pool

#Q07417

105,753

362,425

2.00%,

4/1/42,

Pool

#RB5153

287,248

128,844

3.50%,

4/1/42,

Pool

#C03811

115,077

3,826

3.50%,

5/1/42,

Pool

#Q08306

3,498

10,933

3.50%,

5/1/42,

Pool

#Q08239

9,998

16,986

3.50%,

8/1/42,

Pool

#Q12162

15,140

96,994

3.50%,

8/1/42,

Pool

#G07106

86,479

6,628

3.50%,

10/1/42,

Pool

#Q11909

5,908

155,999

3.00%,

1/1/43,

Pool

#Q14866

138,040

121,904

3.00%,

3/1/43,

Pool

#Q16673

103,596

62,732

3.00%,

3/1/43,

Pool

#Q16403

53,306

64,359

3.50%,

6/1/43,

Pool

#Q18718

58,241

113,757

3.50%,

7/1/43,

Pool

#Q20206

101,726

43,616

4.00%,

9/1/43,

Pool

#Q21579

39,929

107,232

4.50%,

12/1/43,

Pool

#Q23779

101,469

86,543

4.50%,

12/1/43,

Pool

#G60018

79,857

12,845

3.50%,

1/1/44,

Pool

#Q24368

11,459

1,035,584

Class

XZ

,

Series

4316,

4.50%,

3/15/44

987,319

50,634

4.00%,

4/1/44,

Pool

#Q25643

46,766

514,722

3.50%,

4/1/44,

Pool

#G07848

451,718

883,038

Class

ZX

,

Series

4352,

4.00%,

4/15/44

814,261

12,312

3.50%,

5/1/44,

Pool

#Q26218

11,012

1,700,275

3.00%,

6/1/44,

Pool

#SD0498

1,445,135

62,059

3.50%,

6/1/44,

Pool

#Q28764

54,883

42,683

4.00%,

7/1/44,

Pool

#G60901

39,092

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

96

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

12,093

3.50%,

7/1/44,

Pool

#Q27319

$

10,807

18,107

3.50%,

9/1/44,

Pool

#Q28604

16,194

1,739,926

3.50%,

9/1/44,

Pool

#SD0481

1,537,844

1,931,369

4.00%,

1/1/45,

Pool

#SD0490

1,777,070

1,717,371

4.00%,

1/1/45,

Pool

#SD0478

1,583,399

6,164

4.00%,

2/1/45,

Pool

#Q31128

5,689

13,428

4.00%,

2/1/45,

Pool

#Q31338

12,400

13,478

3.50%,

9/1/45,

Pool

#Q36302

12,148

2,549,108

4.00%,

9/1/45,

Pool

#SD0507

2,336,350

17,954

4.00%,

12/1/45,

Pool

#Q37955

16,572

16,118

4.00%,

12/1/45,

Pool

#Q37957

14,838

1,194,872

3.50%,

3/1/46,

Pool

#SD0485

1,048,839

361,521

Class

FB

,

Series

4606,

5.93%(SOFR30A+61bps),

8/15/46

352,893

214,584

3.00%,

9/1/46,

Pool

#G60718

178,222

559,913

3.00%,

9/1/46,

Pool

#Q42979

464,841

223,384

3.50%,

9/1/46,

Pool

#SD0486

196,704

61,241

3.00%,

12/1/46,

Pool

#Q45083

52,987

130,549

3.00%,

12/1/46,

Pool

#Q45080

110,693

232,451

3.00%,

12/1/46,

Pool

#Q45064

193,058

744,765

3.00%,

12/1/46,

Pool

#V82781

643,970

615,751

3.00%,

2/1/47,

Pool

#SD0496

524,595

345,712

3.50%,

3/1/47,

Pool

#G60968

307,823

627,930

4.00%,

7/1/47,

Pool

#SD0504

574,676

795,490

4.50%,

7/1/47,

Pool

#G61047

747,906

336,257

3.50%,

10/1/47,

Pool

#G61178

299,540

410,835

3.50%,

12/1/47,

Pool

#G61208

365,976

52,436

3.50%,

1/1/48,

Pool

#Q53630

46,735

86,826

3.50%,

1/1/48,

Pool

#Q53648

77,145

372,625

3.50%,

1/1/48,

Pool

#ZS4751

325,208

384,624

3.50%,

2/1/48,

Pool

#ZT1353

336,237

261,715

4.00%,

4/1/48,

Pool

#ZM6153

235,907

2,875,737

3.50%,

4/1/48,

Pool

#Q55389

2,509,807

2,655,980

3.50%,

4/1/48,

Pool

#G08808

2,318,340

567,042

4.00%,

4/1/48,

Pool

#SD0489

520,220

2,675,412

3.50%,

5/1/48,

Pool

#G08813

2,335,067

2,696,361

4.00%,

8/1/48,

Pool

#SD0492

2,466,091

905,073

4.50%,

8/1/48,

Pool

#G67715

850,205

2,106,572

4.00%,

5/1/49,

Pool

#SD0488

1,913,723

1,714,853

4.50%,

3/1/50,

Pool

#SD0294

1,599,820

2,420,475

4.00%,

3/1/50,

Pool

#SD0296

2,194,129

579,285

4.00%,

7/1/50,

Pool

#SD0878

522,685

11,694

3.00%,

7/1/50,

Pool

#QB1158

9,883

101,848

3.00%,

7/1/50,

Pool

#QB1479

85,246

25,929

3.00%,

7/1/50,

Pool

#QB1486

21,893

1,622,654

4.00%,

7/1/50,

Pool

#SD1146

1,474,010

481,266

2.50%,

7/1/50,

Pool

#QB1193

387,573

13,293

3.00%,

7/1/50,

Pool

#QB1488

11,205

2,488,180

Class

TJ

,

Series

5002,

2.00%,

7/25/50

1,923,680

2,530,503

Class

AK

,

Series

4988,

1.00%,

7/25/50

1,868,178

79,520

3.00%,

8/1/50,

Pool

#QB2339

67,088

757,885

1.50%,

8/1/50,

Pool

#RA3217

544,426

787,871

3.00%,

8/1/50,

Pool

#RA3282

664,333

755,879

3.00%,

8/1/50,

Pool

#RA3313

634,198

263,705

2.00%,

8/1/50,

Pool

#QB2296

205,067

3,826,430

Class

PO

,

Series

5319,

1.64%,

8/25/50

2,461,324

5,214,264

3.00%,

9/1/50,

Pool

#SD0592

4,428,179

1,885,032

1.50%,

10/1/50,

Pool

#SD8082

1,352,200

592,513

2.00%,

11/1/50,

Pool

#SD7528

457,111

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

1,030,593

3.00%,

12/1/50,

Pool

#SD0519

$

868,539

864,032

4.00%,

12/1/50,

Pool

#SD0520

779,366

3,678,093

2.50%,

2/1/51,

Pool

#SD7534

2,985,412

5,228,919

2.00%,

3/1/51,

Pool

#SD8134

3,990,516

1,962,189

2.00%,

4/1/51,

Pool

#SD7539

1,523,496

8,228,708

2.50%,

5/1/51,

Pool

#RA5077

6,644,784

1,067,426

2.00%,

5/1/51,

Pool

#SD7541

824,052

2,302,090

2.50%,

5/1/51,

Pool

#SD0702

1,858,218

1,013,723

Class

ID

,

Series

5109,

2.50%,

5/25/51

152,943

3,435,649

2.00%,

7/1/51,

Pool

#SD0716

2,651,940

1,129,632

3.00%,

7/1/51,

Pool

#SD7544

948,658

743,133

2.00%,

9/1/51,

Pool

#SD0730

572,752

763,371

2.00%,

9/1/51,

Pool

#SD8172

581,574

1,006,367

2.00%,

9/1/51,

Pool

#SD0732

773,686

3,289,332

2.00%,

10/1/51,

Pool

#RA6071

2,519,892

987,464

3.00%,

10/1/51,

Pool

#RA6015

827,866

7,226,308

2.50%,

11/1/51,

Pool

#SD7548

5,843,111

2,268,132

2.50%,

11/1/51,

Pool

#RA6397

1,836,845

401,862

2.00%,

12/1/51,

Pool

#SD0783

310,259

1,027,894

2.00%,

12/1/51,

Pool

#SD0785

794,444

192,888

2.00%,

12/1/51,

Pool

#SD0789

149,002

5,613,030

2.00%,

12/1/51,

Pool

#SD8182

4,270,892

4,413,732

2.50%,

12/1/51,

Pool

#RA6388

3,564,050

1,067,499

2.00%,

12/1/51,

Pool

#SD0786

829,475

2,547,073

2.00%,

1/1/52,

Pool

#SD0892

1,978,669

1,867,190

2.00%,

1/1/52,

Pool

#SD0894

1,441,251

22,802,325

2.50%,

1/1/52,

Pool

#SD7552

18,315,935

6,927,937

2.50%,

1/1/52,

Pool

#SD0923

5,558,293

7,859,427

2.00%,

1/1/52,

Pool

#SD7549

6,072,486

1,300,088

2.00%,

2/1/52,

Pool

#RA6768

988,885

834,164

3.00%,

2/1/52,

Pool

#SD7550

702,346

22,776,352

3.00%,

3/1/52,

Pool

#SD7553

19,097,153

590,145

4.00%,

6/1/52,

Pool

#SD1952

533,681

1,084,057

3.50%,

6/1/52,

Pool

#SD1049

939,363

406,994

3.50%,

6/1/52,

Pool

#SD1086

352,708

1,005,625

3.50%,

6/1/52,

Pool

#SD1053

875,226

2,775,183

4.50%,

7/1/52,

Pool

#RA7506

2,559,167

450,421

4.50%,

7/1/52,

Pool

#SD8231

413,989

881,238

4.50%,

8/1/52,

Pool

#QE8252

809,945

3,315,081

3.00%,

8/1/52,

Pool

#SD7556

2,769,196

445,257

6.00%,

11/1/52,

Pool

#RA8216

441,020

1,995,238

4.50%,

11/1/52,

Pool

#SD2000

1,831,543

705,284

5.00%,

11/1/52,

Pool

#SD1882

666,005

775,295

5.00%,

12/1/52,

Pool

#SD2081

732,205

886,869

5.00%,

12/1/52,

Pool

#RA8295

837,499

1,471,293

5.00%,

12/1/52,

Pool

#SD1991

1,389,304

502,004

5.50%,

1/1/53,

Pool

#SD2275

486,133

2,144,619

6.00%,

1/1/53,

Pool

#SD2163

2,122,200

910,909

5.00%,

1/1/53,

Pool

#RA8404

860,185

1,611,290

5.50%,

1/1/53,

Pool

#QF6560

1,559,831

1,147,664

6.00%,

2/1/53,

Pool

#RA8560

1,138,986

359,117

5.00%,

2/1/53,

Pool

#SD2306

339,097

735,795

6.00%,

3/1/53,

Pool

#SD2598

730,213

4,627,272

5.50%,

3/1/53,

Pool

#RA8758

4,479,827

1,577,405

6.00%,

4/1/53,

Pool

#SD2760

1,569,091

1,140,356

6.00%,

5/1/53,

Pool

#SD2886

1,139,116

3,086,632

6.00%,

5/1/53,

Pool

#RA9073

3,083,267

3,914,275

5.50%,

5/1/53,

Pool

#RA9063

3,789,208

3,435,375

5.50%,

5/1/53,

Pool

#SD2893

3,325,677

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

97

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

2,505,042

6.00%,

6/1/53,

Pool

#SD3176

$

2,502,317

505,973

5.50%,

8/1/53,

Pool

#RA9625

489,626

1,740,000

Class

A2

,

Series

K146,

2.92%,

6/25/54,

Callable

7/25/32

@

100.00

1,459,503

251,212,068

Federal

Home

Loan

Bank

(

1

.0

%

):

3,020,000

0.92%,

2/26/27,

Callable

11/26/23

@

100.00

2,630,157

22,560,000

2.06%,

9/27/29,

Callable

12/27/23

@

100.00

18,977,111

4,080,000

3.56%,

5/16/33

3,623,558

1,435,000

1.85%,

1/25/36,

Callable

10/25/23

@

100.00

979,221

1,720,000

1.87%,

2/8/36,

Callable

11/8/23

@

100.00

1,175,286

920,000

1.87%,

2/8/36,

Callable

11/8/23

@

100.00

628,642

28,013,975

Federal

Home

Loan

Mortgage

Corporation

-

REMICS

(

0

.0

%

†

):

900,000

Class

AO

,

Series

5341,

1.31%,

6/25/50

633,375

Federal

Farm

Credit

Banks

Funding

Corp.

(

1

.2

%

):

14,521,000

2.25%,

8/15/29,

Callable

8/15/24

@

100.00

12,378,151

10,440,000

2.17%,

10/29/29,

Callable

10/29/24

@

100.00

8,819,482

6,095,000

1.68%,

9/17/35,

Callable

10/13/23

@

100.00

4,111,870

3,450,000

1.84%,

1/25/36,

Callable

10/13/23

@

100.00

2,351,154

4,730,000

2.10%,

2/25/36,

Callable

10/13/23

@

100.00

3,314,415

2,569,000

2.50%,

4/14/36,

Callable

10/13/23

@

100.00

1,881,834

2,875,000

2.49%,

5/19/36,

Callable

10/13/23

@

100.00

2,098,396

34,955,302

Federal

National

Mortgage

Association

-

REMICS

(

0

.0

%

†

):

2,143,056

Class

AO

,

Series

2023-36,

1.40%,

8/25/50

1,470,059

Total

U.S.

Government

Agency

Mortgages

(Cost

$1,112,289,997)

1,001,074,140

U.S.

Treasury

Obligations

(

22

.2

%

):

U.S.

Treasury

Bonds

(

10

.0

%

):

2,480,000

5.38%,

2/15/31

2,593,150

14,025,000

4.75%,

2/15/37

14,248,523

10,000,000

5.00%,

5/15/37

10,371,875

12,855,000

1.13%,

8/15/40

7,291,195

33,230,000

1.88%,

2/15/41

21,412,581

4,580,000

1.75%,

8/15/41

2,848,187

23,885,000

3.13%,

11/15/41

18,749,725

2,795,000

2.00%,

11/15/41

1,811,073

5,045,000

2.38%,

2/15/42

3,482,627

16,285,000

2.75%,

11/15/42

11,867,694

33,675,000

4.00%,

11/15/42

29,865,516

1,360,000

3.88%,

2/15/43

1,182,563

4,335,000

3.88%,

5/15/43

3,766,031

7,022,500

3.63%,

8/15/43

5,852,815

7,580,000

4.38%,

8/15/43^

7,067,166

1,205,000

3.13%,

8/15/44

919,189

15,000

2.50%,

2/15/45

10,167

955,000

3.00%,

5/15/45

708,192

1,770,000

2.88%,

8/15/45

1,280,208

12,235,000

3.00%,

11/15/45

9,034,783

22,700,000

2.25%,

8/15/46

14,361,297

6,855,000

2.88%,

11/15/46

4,913,107

3,105,000

2.75%,

11/15/47

2,160,886

5,645,000

3.00%,

2/15/48

4,122,614

63,515,000

3.13%,

5/15/48(d)

47,497,311

4,055,000

3.38%,

11/15/48

3,174,938

8,700,000

3.00%,

2/15/49

6,348,281

125,000

2.88%,

5/15/49

89,004

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Bonds,

continued

$

10,975,000

1.25%,

5/15/50

$

5,165,109

8,590,000

1.38%,

8/15/50

4,183,598

5,954,000

1.63%,

11/15/50

3,111,895

13,650,000

2.38%,

5/15/51

8,646,422

1,102,000

1.88%,

11/15/51

613,332

1,054,000

2.25%,

2/15/52

645,740

18,188,000

2.88%,

5/15/52

12,879,378

5,054,000

3.00%,

8/15/52

3,678,364

1,052,000

3.63%,

2/15/53

869,215

11,233,000

3.63%,

5/15/53

9,288,287

3,895,000

4.13%,

8/15/53

3,532,278

289,644,316

U.S.

Treasury

Notes

(

12

.2

%

):

51,475,000

4.25%,

12/31/24

50,767,219

3,992,000

2.88%,

6/15/25

3,842,924

12,640,000

3.00%,

7/15/25

12,179,825

890,000

3.00%,

10/31/25

854,400

1,550,000

2.88%,

11/30/25

1,482,672

7,810,000

0.38%,

12/31/25

7,058,287

95,875,000

3.88%,

1/15/26

93,597,969

84,589,000

4.00%,

2/15/26

82,791,484

4,310,000

0.50%,

2/28/26

3,879,000

2,435,000

2.38%,

4/30/26

2,287,378

5,340,000

4.63%,

9/15/26

5,314,134

–

4.38%,

8/31/28

—

11,165,000

4.00%,

10/31/29

10,781,203

998,000

3.88%,

11/30/29

956,832

30,871,000

3.88%,

12/31/29

29,578,277

5,515,000

3.50%,

4/30/30

5,163,419

15,162,000

3.75%,

5/31/30

14,399,162

6,816,000

3.75%,

6/30/30

6,472,005

7,747,000

4.00%,

7/31/30

7,464,961

5,505,000

4.13%,

8/31/30

5,344,151

5,885,000

4.63%,

9/30/30

5,889,598

6,599,000

2.75%,

8/15/32

5,714,321

355,819,221

Total

U.S.

Treasury

Obligations

(Cost

$751,687,884)

645,463,537

Shares

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(

0

.2

%

):

$

6,239,317

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.36%(c)(e)

6,239,317

Total

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(Cost

$6,239,317)

6,239,317

Unaffiliated

Investment

Company

(

7

.4

%

):

Money

Markets

(

7

.4

%

):

216,531,986

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.24%(c)

216,531,986

Total

Unaffiliated

Investment

Company

(Cost

$216,531,986)

216,531,986

Total

Investment

Securities

(Cost

$3,429,824,827)

—

107.8%

3,134,325,658

Net

other

assets

(liabilities)

—

(7.8)%

(

227,156,784

)

Net

Assets

—

100.0%

$

2,907,168,874

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

98

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2023

.

EUR003M

-

3

Month

EUR

LIBOR

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

TSFR1M

-

Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M

-

Term

Secured

Overnight

Financing

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30-day

Average

TBA

-

To

Be

Announced

Security

US0001M

-

1

Month

US

Dollar

LIBOR

US0003M

-

3

Month

US

Dollar

LIBOR

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$6,079,322.

†

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

September

30,

2023.

(c)

The

rate

represents

the

effective

yield

at

September

30,

2023.

(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

September

30,

2023.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Securities

Sold

Short

(-1.1%):

At

September

30,

2023,

the

Fund's

securities

sold

short

were

as

follows:

Security

Description

Coupon

Rate

Maturity

Date

Par

Amount

Proceeds

Received

Value

U.S.

Government

Agency

Mortgages

Government

National

Mortgage

Association

Government

National

Mortgage

Association,

TBA

2.50%

10/20/53

$

(

1,443,522‌

)

$

(

1,204,044‌

)

$

(

1,179,854‌

)

Federal

National

Mortgage

Association

Federal

National

Mortgage

Association,

TBA

6.00%

10/25/53

(

22,334,200‌

)

(

22,283,599‌

)

(

22,044,553‌

)

Federal

National

Mortgage

Association,

TBA

3.50%

10/25/53

(

592,945‌

)

(

511,311‌

)

(

510,025‌

)

Federal

National

Mortgage

Association,

TBA

5.50%

10/25/53

(

7,109,600‌

)

(

6,977,406‌

)

(

6,871,873‌

)

$(30,976,360)

$

(

30,606,305‌

)

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

99

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Futures

Contracts

At

September

30,

2023,

the

Fund's

open

futures

contracts

were

as

follows:

Short

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

30-Day

Federal

Funds

September

Futures

(U.S.

Dollar)

9/29/23

52

$

(

20,513,474‌

)

$

(

1,702‌

)

Euro

Buxl

30-Year

Bond

December

Futures

(Euro)

12/7/23

5

(

646,737‌

)

53,394‌

Euro

Schatz

Index

December

Futures

(Euro)

12/7/23

36

(

3,995,476‌

)

(

5,627‌

)

Euro-Bobl

December

Futures

(Euro)

12/7/23

63

(

7,708,672‌

)

4,349‌

Euro-Bund

December

Futures

(Euro)

12/7/23

65

(

8,839,088‌

)

234,415‌

U.S.

Treasury

10-Year

Note

December

Futures

(U.S.

Dollar)

12/19/23

670

(

74,746,875‌

)

2,326,792‌

U.S.

Treasury

30-Year

Bond

December

Futures

(U.S.

Dollar)

12/19/23

102

(

11,605,688‌

)

664,328‌

Ultra

Long

Term

U.S.

Treasury

Bond

December

Futures

(U.S.

Dollar)

12/19/23

4

(

474,750‌

)

33,684‌

$

3,309,633‌

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

U.S.

Treasury

10-Year

Note

December

Futures

(U.S.

Dollar)

12/19/23

1,005

$

108,602,813‌

$

(

1,768,852‌

)

U.S.

Treasury

2-Year

Note

December

Futures

(U.S.

Dollar)

1/1/24

816

165,412,125‌

(

568,114‌

)

U.S.

Treasury

5-Year

Note

December

Futures

(U.S.

Dollar)

1/1/24

2,537

267,296,734‌

(

1,340,587‌

)

$

(

3,677,553‌

)

Total

Net

Futures

Contracts

$

(

367,920‌

)

Forward

Currency

Contracts

At

September

30,

2023,

the

Fund's

open

forward

currency

contracts

were

as

follows:

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

U.S.

Dollar

104,178‌

European

Euro

96,700‌

TD

Securities

International

12/14/23

$

1,592

U.S.

Dollar

6,866,083‌

European

Euro

6,406,750‌

TD

Securities

International

12/20/23

66,647

U.S.

Dollar

12,027,809‌

European

Euro

11,227,250‌

UBS

12/20/23

112,411

$180,650

U.S.

Dollar

586,636‌

European

Euro

553,000‌

Bank

of

New

York

12/20/23

(

259

)

U.S.

Dollar

190,821‌

European

Euro

181,000‌

TD

Securities

International

12/20/23

(

1,273

)

$

(

1,532‌

)

Total

Net

Forward

Currency

Contracts

$

179,118‌

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

100

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(

41

.5

%

):

Aerospace

&

Defense

(

0

.8

%

):

4,740

Boeing

Co.

(The)*

$

908,563

10,771

General

Dynamics

Corp.

2,380,068

7,626

L3Harris

Technologies,

Inc.

1,327,839

11,415

Lockheed

Martin

Corp.

4,668,279

1,617

Northrop

Grumman

Corp.

711,787

35,495

Textron,

Inc.

2,773,579

12,770,115

Automobile

Components

(

1

.2

%

):

338,075

Ford

Motor

Co.

4,198,891

46,949

General

Motors

Co.

1,547,909

51,750

Tesla,

Inc.*

12,948,885

18,695,685

Banks

(

1

.1

%

):

201,644

Bank

of

America

Corp.

5,521,013

10,627

East

West

Bancorp,

Inc.

560,149

73,754

JPMorgan

Chase

&

Co.

10,695,805

8,372

US

Bancorp

276,778

17,053,745

Beverages

(

0

.5

%

):

124,525

Coca-Cola

Co.

(The)

6,970,909

5,368

PepsiCo,

Inc.

909,554

7,880,463

Biotechnology

(

1

.1

%

):

16,066

AbbVie,

Inc.

2,394,798

12,467

Amgen,

Inc.

3,350,631

118,241

Exelixis,

Inc.*

2,583,566

65,403

Gilead

Sciences,

Inc.

4,901,301

57,851

Incyte

Corp.*

3,342,052

168

Regeneron

Pharmaceuticals,

Inc.*

138,257

1,840

United

Therapeutics

Corp.*

415,601

17,126,206

Broadline

Retail

(

1

.2

%

):

136,614

Amazon.com,

Inc.*

17,366,372

9,119

Etsy,

Inc.*

588,905

17,955,277

Building

Products

(

0

.0

%

†

):

7,580

Johnson

Controls

International

plc

403,332

Capital

Markets

(

0

.9

%

):

82,717

Charles

Schwab

Corp.

(The)

4,541,163

6,960

Goldman

Sachs

Group,

Inc.

(The)

2,252,047

4,364

LPL

Financial

Holdings,

Inc.

1,037,105

73,366

Nasdaq,

Inc.

3,564,854

19,548

SEI

Investments

Co.

1,177,376

6,125

Stifel

Financial

Corp.

376,320

12,948,865

Chemicals

(

0

.4

%

):

21,531

CF

Industries

Holdings,

Inc.

1,846,068

9,309

Ecolab,

Inc.

1,576,944

5,136

Linde

plc

1,912,390

5,335,402

Commercial

Services

&

Supplies

(

0

.5

%

):

8,244

Cintas

Corp.

3,965,447

26,391

Republic

Services,

Inc.

3,760,981

7,726,428

Shares

Value

Common

Stocks,

continued

Communications

Equipment

(

0

.5

%

):

135,103

Cisco

Systems,

Inc.

$

7,263,137

27,403

Juniper

Networks,

Inc.

761,530

8,024,667

Construction

&

Engineering

(

0

.1

%

):

8,025

Valmont

Industries,

Inc.

1,927,685

Construction

Materials

(

0

.1

%

):

4,332

Vulcan

Materials

Co.

875,151

Consumer

Finance

(

0

.1

%

):

8,564

Discover

Financial

Services

741,899

47,003

Synchrony

Financial

1,436,882

2,178,781

Consumer

Staples

Distribution

&

Retail

(

0

.4

%

):

1,734

Costco

Wholesale

Corp.

979,640

32,789

Walmart,

Inc.

5,243,945

6,223,585

Containers

&

Packaging

(

0

.1

%

):

26,554

Sealed

Air

Corp.

872,564

Diversified

Consumer

Services

(

0

.0

%

†

):

7,910

H&R

Block,

Inc.

340,605

Diversified

Telecommunication

Services

(

0

.1

%

):

60,008

AT&T,

Inc.

901,320

Electric

Utilities

(

0

.2

%

):

2,422

ALLETE,

Inc.

127,881

8,161

NextEra

Energy,

Inc.

467,544

8,592

PG&E

Corp.*

138,589

37,264

Xcel

Energy,

Inc.

2,132,246

2,866,260

Electrical

Equipment

(

0

.6

%

):

25,076

AMETEK,

Inc.

3,705,230

45,999

Emerson

Electric

Co.

4,442,123

4,883

EnerSys

462,274

8,609,627

Electronic

Equipment,

Instruments

&

Components

(

0

.1

%

):

958

Belden,

Inc.

92,495

5,679

Keysight

Technologies,

Inc.*

751,388

843,883

Energy

Equipment

&

Services

(

0

.0

%

†

):

475

Weatherford

International

plc*

42,907

Entertainment

(

0

.6

%

):

4,423

Activision

Blizzard,

Inc.

414,125

31,571

Electronic

Arts,

Inc.

3,801,148

10,950

Netflix,

Inc.*

4,134,720

1,893

Spotify

Technology

SA*

292,734

8,642,727

Financial

Services

(

2

.5

%

):

32,616

Apollo

Global

Management,

Inc.

2,927,612

41,038

Berkshire

Hathaway,

Inc.,

Class

B*

14,375,611

1,800

Essent

Group,

Ltd.

85,122

49,167

Fidelity

National

Information

Services,

Inc.

2,717,460

23,105

Mastercard,

Inc.,

Class

A

9,147,501

63,932

MGIC

Investment

Corp.

1,067,025

64,841

PayPal

Holdings,

Inc.*

3,790,605

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

101

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Financial

Services,

continued

14,112

Visa,

Inc.,

Class

A

$

3,245,901

37,356,837

Food

Products

(

0

.6

%

):

14,974

Archer-Daniels-Midland

Co.

1,129,339

111,097

Kraft

Heinz

Co.

(The)

3,737,303

70,694

Mondelez

International,

Inc.,

Class

A

4,906,164

9,772,806

Ground

Transportation

(

0

.8

%

):

140,092

CSX

Corp.

4,307,829

58,482

Uber

Technologies,

Inc.*

2,689,587

26,407

Union

Pacific

Corp.

5,377,258

12,374,674

Health

Care

Equipment

&

Supplies

(

0

.6

%

):

32,780

Abbott

Laboratories

3,174,743

2,619

Align

Technology,

Inc.*

799,633

13,075

Lantheus

Holdings,

Inc.*

908,451

31,307

Zimmer

Biomet

Holdings,

Inc.

3,513,272

4,544

Zimvie,

Inc.*

42,759

8,438,858

Health

Care

Providers

&

Services

(

2

.3

%

):

61,356

Centene

Corp.*

4,226,201

6,455

Cigna

Group

(The)

1,846,582

72,423

CVS

Health

Corp.

5,056,574

11,242

Elevance

Health,

Inc.

4,894,992

6,214

HCA

Healthcare,

Inc.

1,528,520

9,393

Humana,

Inc.

4,569,882

606

McKesson

Corp.

263,519

23,340

UnitedHealth

Group,

Inc.

11,767,794

34,154,064

Hotel

&

Resort

REITs

(

0

.2

%

):

29,886

Ryman

Hospitality

Properties,

Inc.

2,488,906

Hotels,

Restaurants

&

Leisure

(

0

.8

%

):

23,265

Airbnb,

Inc.,

Class

A*

3,192,191

652

Booking

Holdings,

Inc.*

2,010,735

370

Chipotle

Mexican

Grill,

Inc.*

677,777

19,536

McDonald's

Corp.

5,146,564

13,876

Starbucks

Corp.

1,266,462

12,293,729

Household

Durables

(

0

.3

%

):

1,144

D.R.

Horton,

Inc.

122,946

31,236

Toll

Brothers,

Inc.

2,310,214

9,551

TopBuild

Corp.*

2,403,032

4,836,192

Household

Products

(

0

.6

%

):

31,661

Colgate-Palmolive

Co.

2,251,414

21,194

Kimberly-Clark

Corp.

2,561,295

28,242

Procter

&

Gamble

Co.

(The)

4,119,378

8,932,087

Independent

Power

and

Renewable

Electricity

Producers

(

0

.0

%

†

):

8,567

Brookfield

Renewable

Corp.,

Class

A

205,094

13,236

Vistra

Corp.

439,170

644,264

Industrial

Conglomerates

(

0

.2

%

):

29,588

3M

Co.

2,770,029

Shares

Value

Common

Stocks,

continued

Insurance

(

0

.8

%

):

44,271

Brown

&

Brown,

Inc.

$

3,091,887

26,599

Hartford

Financial

Services

Group,

Inc.

(The)

1,886,135

51,269

MetLife,

Inc.

3,225,333

3,170

Progressive

Corp.

(The)

441,581

18,588

Travelers

Cos.,

Inc.

(The)

3,035,606

11,680,542

Interactive

Media

&

Services

(

2

.7

%

):

103,677

Alphabet,

Inc.,

Class

A*

13,567,172

113,690

Alphabet,

Inc.,

Class

C*

14,990,027

41,833

Meta

Platforms,

Inc.,

Class

A*

12,558,685

41,115,884

IT

Services

(

0

.6

%

):

132

Accenture

plc,

Class

A

40,538

6,038

Gartner,

Inc.*

2,074,717

46,812

GoDaddy,

Inc.,

Class

A*

3,486,558

34,086

Wix.com,

Ltd.*

3,129,095

8,730,908

Life

Sciences

Tools

&

Services

(

0

.1

%

):

64

10X

Genomics,

Inc.,

Class

A*

2,640

3,614

Danaher

Corp.

896,634

431

Thermo

Fisher

Scientific,

Inc.

218,159

1,117,433

Machinery

(

0

.8

%

):

6,885

AGCO

Corp.

814,358

18,792

Allison

Transmission

Holdings,

Inc.

1,109,855

20,757

Caterpillar,

Inc.

5,666,661

5,394

Deere

&

Co.

2,035,588

32,149

PACCAR,

Inc.

2,733,308

12,359,770

Media

(

0

.6

%

):

4,984

Charter

Communications,

Inc.,

Class

A*

2,192,063

147,378

Comcast

Corp.,

Class

A

6,534,741

22,860

TEGNA,

Inc.

333,070

9,059,874

Metals

&

Mining

(

0

.3

%

):

25,306

Nucor

Corp.

3,956,593

829

Worthington

Industries,

Inc.

51,249

4,007,842

Oil,

Gas

&

Consumable

Fuels

(

2

.1

%

):

51,547

Chevron

Corp.

8,691,855

47,817

ConocoPhillips

5,728,477

35,400

EOG

Resources,

Inc.

4,487,304

99,497

Exxon

Mobil

Corp.

11,698,857

5,560

ONEOK,

Inc.

352,671

911

Pioneer

Natural

Resources

Co.

209,120

4,011

Sanchez

Energy

Corp.*

342,399

353

Texas

Pacific

Land

Corp.

643,717

32,154,400

Passenger

Airlines

(

0

.1

%

):

44,191

United

Airlines

Holdings,

Inc.*

1,869,279

Pharmaceuticals

(

1

.9

%

):

9,067

Bristol-Myers

Squibb

Co.

526,249

9,370

Eli

Lilly

&

Co.

5,032,908

56,838

Johnson

&

Johnson

8,852,518

74,635

Merck

&

Co.,

Inc.

7,683,673

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

102

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

189,451

Pfizer,

Inc.

$

6,284,090

28,379,438

Professional

Services

(

0

.0

%

†

):

7,519

Leidos

Holdings,

Inc.

692,951

Residential

REITs

(

0

.1

%

):

57,407

Invitation

Homes,

Inc.

1,819,228

Semiconductors

&

Semiconductor

Equipment

(

3

.3

%

):

38,145

Applied

Materials,

Inc.

5,281,175

11,263

Broadcom,

Inc.

9,354,823

165,542

Intel

Corp.

5,885,018

1,140

KLA

Corp.

522,872

901

Lam

Research

Corp.

564,720

4,484

Lattice

Semiconductor

Corp.*

385,310

50,624

NVIDIA

Corp.

22,020,934

48,712

QUALCOMM,

Inc.

5,409,955

49,424,807

Software

(

4

.3

%

):

14,419

Adobe,

Inc.*

7,352,248

16,581

Autodesk,

Inc.*

3,430,775

35,652

DocuSign,

Inc.*

1,497,384

123,540

Microsoft

Corp.

39,007,755

1,147

Palo

Alto

Networks,

Inc.*

268,903

13,100

RingCentral,

Inc.,

Class

A*

388,153

32,125

Salesforce,

Inc.*

6,514,307

10,278

Synopsys,

Inc.*

4,717,294

41,381

Teradata

Corp.*

1,862,972

4,331

Zoom

Video

Communications,

Inc.,

Class

A*

302,910

65,342,701

Specialized

REITs

(

0

.3

%

):

3,090

Crown

Castle,

Inc.

284,373

11,932

Public

Storage

3,144,321

4,461

SBA

Communications

Corp.

892,958

4,321,652

Specialty

Retail

(

1

.0

%

):

27,669

Home

Depot,

Inc.

(The)

8,360,465

1,605

Murphy

U.S.A.,

Inc.

548,477

2,023

O'Reilly

Automotive,

Inc.*

1,838,624

5,588

Ross

Stores,

Inc.

631,164

18,963

TJX

Cos.,

Inc.

(The)

1,685,431

6,886

Ulta

Beauty,

Inc.*

2,750,613

15,814,774

Technology

Hardware,

Storage

&

Peripherals

(

2

.9

%

):

247,372

Apple,

Inc.

42,352,560

18,569

NetApp,

Inc.

1,409,016

24,912

Pure

Storage,

Inc.,

Class

A*

887,365

44,648,941

Textiles,

Apparel

&

Luxury

Goods

(

0

.1

%

):

8,786

Crocs,

Inc.*

775,189

Trading

Companies

&

Distributors

(

0

.0

%

†

):

661

W.W.

Grainger,

Inc.

457,306

Total

Common

Stocks

(Cost

$573,078,884)

628,080,645

Contracts

a

Value

Warrants

(

0

.0

%

†

):

Oil,

Gas

&

Consumable

Fuels

(

0

.0

%

†

):

63

California

Resources

Corp.,

10/27/24

$

1,343

2,121

Occidental

Petroleum

Corp.,

8/3/27

91,733

93,076

Total

Warrants

(Cost

$20,366)

93,076

Principal

Amount

Asset

Backed

Securities

(

0

.5

%

):

$

112,732

Aaset

Trust,

Class

A,

Series

2020-1A,

3.35%,

1/16/40(a)

93,459

1,217,784

Aaset

Trust,

Class

A,

Series

2021-2A,

2.80%,

1/15/47(a)

1,014,271

76,632

Aaset

Trust,

Class

A,

Series

2019-1,

3.84%,

5/15/39(a)

61,502

110,280

Aaset

Trust,

Class

A,

Series

2017-1A,

3.97%,

5/16/42(a)

98,033

173,700

Aaset

Trust,

Class

A,

Series

2018-1A,

3.84%,

1/16/38(a)

112,038

622,789

Aaset

Trust,

Class

A,

Series

2021-1A,

2.95%,

11/16/41(a)

546,354

198,772

Aaset

Trust,

Class

A,

Series

2019-2,

3.38%,

10/16/39(a)

167,323

138,939

Aaset

Trust,

Class

A,

Series

2020-1A,

4.34%,

1/16/40(a)

71,570

921,027

Blackbird

Capital

Aircraft,

Class

A,

Series

2021-1A,

2.44%,

7/15/46,

Callable

7/15/28

@

100(a)

783,512

488,022

Blackbird

Capital

Aircraft,

Class

A,

Series

2016-1A,

4.21%,

12/16/41,

Callable

12/15/24

@

100(a)(b)

454,797

38,026

Blackbird

Capital

Aircraft,

Class

AA,

Series

2016-1A,

2.49%,

12/16/41,

Callable

12/15/24

@

100(a)(b)

36,753

198,390

Castlelake

Aircraft

Structured

Trust,

Class

A,

Series

2019-1,

3.97%,

4/15/39(a)

176,431

140,402

Castlelake

Aircraft

Structured

Trust,

Class

A,

Series

2021-1A,

3.47%,

1/15/46(a)

127,717

118,838

Castlelake

Aircraft

Structured

Trust,

Class

A,

Series

2018-1A,

4.13%,

6/15/43(a)

109,138

186,315

Castlelake

Aircraft

Structured

Trust,

Class

B,

Series

2019-1,

5.10%,

4/15/39(a)

119,769

359,073

CF

Hippolyta

LLC,

Class

A1,

Series

2021-A,

1.53%,

3/15/61,

Callable

3/15/24

@

100(a)

315,028

347,760

DB

Master

Finance

LLC,

Class

A2II,

Series

2017-1A,

4.03%,

11/20/47,

Callable

11/20/23

@

100(a)

314,420

189,113

Horizon

Aircraft

Finance,

Ltd.,

Class

A,

Series

2018-

1,

4.46%,

12/15/38(a)

161,713

185,479

Horizon

Aircraft

Finance,

Ltd.,

Class

A,

Series

2019-

1,

3.72%,

7/15/39(a)

159,677

547,660

Planet

Fitness

Master

Issuer

LLC,

Class

A2II,

Series

2022-1A,

4.01%,

12/5/51,

Callable

12/5/27

@

100(a)

432,838

211,750

Planet

Fitness

Master

Issuer

LLC,

Class

A2,

Series

1A,

3.86%,

12/5/49,

Callable

12/5/25

@

100(a)

176,529

609,715

Planet

Fitness

Master

Issuer

LLC,

Class

A2I,

Series

2022-1A,

3.25%,

12/5/51,

Callable

12/5/24

@

100(a)

545,478

201,932

Project

Silver,

Class

A,

Series

2019-1,

3.97%,

7/15/44(a)

172,851

198,176

Sapphire

Aviation

Finance,

Ltd.,

Class

A,

Series

2020-1A,

3.23%,

3/15/40(a)

167,695

225,930

Sapphire

Aviation

Finance,

Ltd.,

Class

B,

Series

2020-1A,

4.34%,

3/15/40(a)

161,544

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

103

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Asset

Backed

Securities,

continued

$

297,184

Thunderbolt

Aircraft

Lease,

Ltd.,

Class

A,

Series

2019-1,

3.67%,

11/15/39(a)

$

250,558

157,269

Thunderbolt

Aircraft

Lease,

Ltd.,

Class

A,

Series

2017-A,

4.21%,

5/17/32,

Callable

4/15/24

@

100(a)

(b)

144,692

266,818

Thunderbolt

II

Aircraft

Lease,

Ltd.,

Class

A,

Series

2018,

4.15%,

9/15/38(a)(b)

216,336

Total

Asset

Backed

Securities

(Cost

$8,515,242)

7,192,026

Collateralized

Mortgage

Obligations

(

5

.8

%

):

250,000

Aimco

CLO,

Class

AR,

Series

2018-BA,

6.67%(TSFR3M+136bps),

1/15/32,

Callable

10/15/23

@

100(a)

249,256

523,000

Aimco

CLO

11,

Ltd.,

Class

AR,

Series

2020-11A,

6.70%(TSFR3M+139bps),

10/17/34,

Callable

10/17/23

@

100(a)

519,799

387,000

Aimco

CLO

14,

Ltd.,

Class

A,

Series

2021-14A,

6.58%(TSFR3M+125bps),

4/20/34,

Callable

10/20/23

@

100(a)

383,364

250,000

Allegro

CLO

XIII,

Ltd.,

Class

A,

Series

2021-1A,

6.73%(TSFR3M+140bps),

7/20/34,

Callable

10/20/23

@

100(a)

247,698

2,812,000

Allegro

CLO

XIV,

Ltd.,

Class

A1,

Series

2021-2A,

6.73%(TSFR3M+142bps),

10/15/34,

Callable

10/15/23

@

100(a)

2,770,149

624,000

Allegro

CLO

XV,

Ltd.,

Class

A,

Series

2022-1A,

6.83%(TSFR3M+150bps),

7/20/35,

Callable

7/20/24

@

100(a)

621,208

256,000

Ares

CLO,

Ltd.,

Class

A,

Series

2019-54A,

6.89%(TSFR3M+158bps),

10/15/32,

Callable

10/15/23

@

100(a)

256,116

853,000

Ares

LV

CLO,

Ltd.,

Class

A1R,

Series

2020-55A,

6.70%(TSFR3M+139bps),

7/15/34,

Callable

10/15/23

@

100(a)

845,311

660,000

Ares

XLI

CLO,

Ltd.,

Class

AR2,

Series

2016-41A,

6.64%(TSFR3M+133bps),

4/15/34,

Callable

10/15/23

@

100(a)

651,984

177,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

ANM,

Series

2019-BPR,

3.11%,

11/5/32(a)

167,606

100,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

C,

Series

2022-DKLX,

7.48%(TSFR1M+215bps),

1/15/39(a)

96,273

555,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

A,

Series

2022-DKLX,

6.48%(TSFR1M+115bps),

1/15/39(a)

540,271

105,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

B,

Series

2022-DKLX,

6.88%(TSFR1M+155bps),

1/15/39(a)

101,671

30,000

Bank,

Class

A5,

Series

2019-BN21,

2.85%,

10/15/52,

Callable

10/15/29

@

100

24,976

310,000

Barings

CLO,

Ltd.,

Class

A,

Series

2020-4A,

6.81%(TSFR3M+148bps),

1/20/32,

Callable

10/20/23

@

100(a)

309,363

786,000

Barings

CLO,

Ltd.,

Class

AR,

Series

2020-1A,

6.72%(TSFR3M+141bps),

10/15/36,

Callable

10/15/23

@

100(a)

780,896

417,000

Beechwood

Park

CLO,

Ltd.,

Class

A1R,

Series

2019-

1A,

6.61%(TSFR3M+130bps),

1/17/35,

Callable

1/17/24

@

100(a)

412,488

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

34,000

Benchmark

Mortgage

Trust,

Class

A5,

Series

2018-

B4,

4.12%,

7/15/51,

Callable

7/15/28

@

100(b)

$

31,254

1,139,000

Bethpage

Park

CLO,

Ltd.,

Class

A,

Series

2021-1A,

6.70%(TSFR3M+139bps),

1/15/35,

Callable

10/15/23

@

100(a)

1,129,706

139,000

BFLD

Trust,

Class

A,

Series

2020-OBRK,

7.50%(TSFR1M+216bps),

11/15/28(a)

138,853

488,000

BPR

Trust,

Class

B,

Series

2022-OANA,

7.78%(TSFR1M+245bps),

4/15/37(a)

475,268

1,835,000

BPR

Trust,

Class

A,

Series

2022-OANA,

7.23%(TSFR1M+190bps),

4/15/37(a)

1,801,711

279,875

Bristol

Park

CLO,

Ltd.,

Class

AR,

Series

2016-1A,

6.56%(TSFR3M+125bps),

4/15/29,

Callable

10/15/23

@

100(a)

279,005

155,550

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2019-XL,

6.70%(TSFR1M+136bps),

10/15/36(a)

154,381

113,000

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2019-IMC,

7.05%(TSFR1M+165bps),

4/15/34(a)

111,407

119,000

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2019-IMC,

7.35%(TSFR1M+195bps),

4/15/34(a)

117,223

139,700

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2019-XL,

6.37%(TSFR1M+103bps),

10/15/36(a)

139,310

124,100

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2019-XL,

6.53%(TSFR1M+119bps),

10/15/36(a)

123,329

220,150

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2019-XL,

6.90%(TSFR1M+156bps),

10/15/36(a)

218,233

309,400

BX

Commercial

Mortgage

Trust,

Class

E,

Series

2019-XL,

7.25%(TSFR1M+191bps),

10/15/36(a)

306,403

172,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2019-IMC,

6.75%(TSFR1M+135bps),

4/15/34(a)

169,796

341,039

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2022-LP2,

6.64%(TSFR1M+131bps),

2/15/39(a)

331,907

341,039

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2022-LP2,

6.89%(TSFR1M+156bps),

2/15/39(a)

332,105

341,039

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2022-LP2,

7.29%(TSFR1M+196bps),

2/15/39(a)

331,138

1,132,477

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2022-LP2,

6.35%(TSFR1M+101bps),

2/15/39(a)

1,105,211

5,017,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2019-IMC,

6.45%(TSFR1M+105bps),

4/15/34(a)

4,978,421

216,000

BX

Mortgage

Trust,

Class

C,

Series

2021-PAC,

6.55%(TSFR1M+121bps),

10/15/36(a)

208,979

162,000

BX

Mortgage

Trust,

Class

B,

Series

2021-PAC,

6.35%(TSFR1M+101bps),

10/15/36(a)

157,393

2,708,000

BX

Mortgage

Trust,

Class

A,

Series

2021-PAC,

6.14%(TSFR1M+80bps),

10/15/36(a)

2,647,059

730,000

BX

Mortgage

Trust,

Class

E,

Series

2021-PAC,

7.39%(TSFR1M+206bps),

10/15/36(a)

700,795

210,000

BX

Mortgage

Trust,

Class

D,

Series

2021-PAC,

6.74%(TSFR1M+141bps),

10/15/36(a)

201,533

76,203

BX

Trust,

Class

D,

Series

2022-IND,

8.17%(TSFR1M+284bps),

4/15/24(a)

73,743

91,444

BX

Trust,

Class

C,

Series

2022-IND,

7.62%(TSFR1M+229bps),

4/15/24(a)

89,374

404,277

BX

Trust,

Class

B,

Series

2022-IND,

7.27%(TSFR1M+194bps),

4/15/24(a)

397,676

792,511

BX

Trust,

Class

A,

Series

2022-IND

A,

6.82%(TSFR1M+149bps),

4/15/24(a)

785,895

472,000

BX

Trust,

Class

A,

Series

2022-GPA,

7.50%(TSFR1M+217bps),

10/15/39(a)

473,324

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

104

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

4,642,024

BX

Trust,

Class

A,

Series

2021-SOAR,

6.12%(TSFR1M+78bps),

6/15/38(a)

$

4,557,582

346,035

Cascade

Funding

Mortgage

Trust,

Class

A,

Series

2021-HB6,

0.90%,

6/25/36(a)(b)

335,231

17,105,000

Cedar

Funding

V

CLO,

Ltd.,

Class

A1R,

Series

2016-

5A,

6.67%(TSFR3M+136bps),

7/17/31,

Callable

10/17/23

@

100(a)

17,070,790

235,000

Cedar

Funding

VI

CLO,

Ltd.,

Class

AAA,

Series

2016-

6A,

6.64%(TSFR3M+131bps),

4/20/34,

Callable

10/20/23

@

100(a)

232,063

643,000

Cedar

Funding

X

CLO,

Ltd.,

Class

AR,

Series

2019-

10A,

6.69%(TSFR3M+136bps),

10/20/32,

Callable

10/20/23

@

100(a)

637,923

485,000

Cedar

Funding

XII

CLO,

Ltd.,

Class

A1R,

Series

2020-12A,

6.74%(TSFR3M+139bps),

10/25/34,

Callable

10/25/23

@

100(a)

480,713

942,000

Cedar

Funding

XV

CLO,

Ltd.,

Class

A,

Series

2022-

15A,

6.65%(TSFR3M+132bps),

4/20/35,

Callable

4/20/24

@

100(a)

933,953

791,000

Columbia

Cent

CLO

29,

Ltd.,

Class

AR,

Series

2020-

29A,

6.76%(TSFR3M+143bps),

10/20/34,

Callable

10/20/23

@

100(a)

778,476

410,000

Columbia

Cent

CLO

30,

Ltd.,

Class

A1,

Series

2020-

30A,

6.90%(TSFR3M+157bps),

1/20/34,

Callable

10/20/23

@

100(a)

407,854

310,000

Columbia

Cent

CLO

31,

Ltd.,

Class

A1,

Series

2021-

31A,

6.79%(TSFR3M+146bps),

4/20/34,

Callable

10/20/23

@

100(a)

307,015

920,000

Columbia

Cent

CLO

32,

Ltd.,

Class

A1,

Series

2022-

32A,

7.05%(TSFR3M+170bps),

7/20/34,

Callable

1/24/24

@

100(a)

915,740

57,000

Commercial

Mortgage

Trust,

Class

A5,

Series

2014-

CR18,

3.83%,

7/15/47,

Callable

7/15/24

@

100

55,888

3,655,610

Credit

Suisse

Mortgage

Capital

Certificates,

Class

A,

Series

2020-NET,

2.26%,

8/15/37(a)

3,274,259

242,397

Credit

Suisse

Mortgage

Capital

Certificates,

Class

B,

Series

2019-ICE4,

6.61%(TSFR1M+128bps),

5/15/36(a)

241,343

860,000

CSMC

Trust,

Class

D,

Series

2017-PFHP,

7.63%(TSFR1M+230bps),

12/15/30(a)

814,063

100,000

CSMC

Trust,

Class

D,

Series

2018,

4.78%,

4/15/36(a)

95,932

100,000

CSMC

Trust,

Class

C,

Series

2018,

4.78%,

4/15/36(a)

97,116

100,000

CSMC

Trust,

Class

B,

Series

2018,

4.53%,

4/15/36(a)

97,400

205,000

CSMC

Trust,

Class

A,

Series

2018,

4.28%,

4/15/36(a)

200,274

527,000

Dryden

76

CLO,

Ltd.,

Class

A1R,

Series

2019-76A,

6.74%(TSFR3M+141bps),

10/20/34,

Callable

10/20/23

@

100(a)

523,510

577,000

Dryden

83

CLO,

Ltd.,

Class

A,

Series

2020-83A,

6.79%(TSFR3M+148bps),

1/18/32,

Callable

10/18/23

@

100(a)

575,942

1,019,000

Dryden

85

CLO,

Ltd.,

Class

AR,

Series

2020-85A,

6.72%(TSFR3M+141bps),

10/15/35,

Callable

10/15/23

@

100(a)

1,009,838

670,000

Dryden

90

CLO,

Ltd.,

Class

A1A,

Series

2021-90A,

6.77%(TSFR3M+139bps),

2/20/35,

Callable

2/20/24

@

100(a)

662,183

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

250,000

Dryden

CLO,

Ltd.,

Class

A,

Series

2020-78A,

6.75%(TSFR3M+144bps),

4/17/33,

Callable

10/17/23

@

100(a)

$

246,757

250,000

Eaton

Vance

CLO,

Ltd.,

Class

A13R,

Series

2013-

1A,

6.82%(TSFR3M+151bps),

1/15/34,

Callable

10/15/23

@

100(a)

248,832

930,000

Eaton

Vance

CLO,

Ltd.,

Class

AR,

Series

2020-2A,

6.72%(TSFR3M+141bps),

1/15/35,

Callable

1/15/24

@

100(a)

920,020

363,000

Eaton

Vance

CLO,

Ltd.,

Class

AR,

Series

2019-1A,

6.67%(TSFR3M+136bps),

4/15/31,

Callable

10/15/23

@

100(a)

360,631

1,469,000

ELP

Commercial

Mortgage

Trust,

Class

A,

Series

2021-ELP,

6.15%(TSFR1M+82bps),

11/15/36(a)

1,436,085

289,899

Extended

Stay

America

Trust,

Class

B,

Series

2021-

ESH,

6.83%(TSFR1M+149bps),

7/15/38(a)

286,365

213,860

Extended

Stay

America

Trust,

Class

C,

Series

2021-

ESH,

7.15%(TSFR1M+181bps),

7/15/38(a)

210,651

427,719

Extended

Stay

America

Trust,

Class

D,

Series

2021-

ESH,

7.70%(TSFR1M+236bps),

7/15/38(a)

420,767

508,511

Extended

Stay

America

Trust,

Class

A,

Series

2021-

ESH,

6.53%(TSFR1M+119bps),

7/15/38(a)

504,246

508,000

Flatiron

CLO

20,

Ltd.,

Class

A,

Series

2020-1A,

6.94%(TSFR3M+156bps),

11/20/33,

Callable

11/20/23

@

100(a)

507,033

250,000

Flatiron

CLO

21,

Ltd.,

Class

A1,

Series

2021-1A,

6.69%(US0003M+111bps),

7/19/34,

Callable

10/19/23

@

100(a)

248,374

100,000

GS

Mortgage

Securities

Corp.

Trust,

Class

C,

Series

2021-IP,

7.00%(TSFR1M+166bps),

10/15/36(a)

92,037

100,000

GS

Mortgage

Securities

Corp.

Trust,

Class

B,

Series

2021-IP,

6.60%(TSFR1M+126bps),

10/15/36(a)

93,276

643,000

GS

Mortgage

Securities

Corp.

Trust,

Class

A,

Series

2021-IP,

6.40%(TSFR1M+106bps),

10/15/36(a)

612,328

800,000

INTOWN

STAY

Mortgage

Trust,

Class

A,

Series

2022,

7.82%(TSFR1M+249bps),

8/15/37,

Callable

8/15/24

@

100(a)

800,437

556,000

Invesco

CLO,

Ltd.,

Class

A,

Series

2021-3A,

6.74%(TSFR3M+139bps),

10/22/34,

Callable

10/22/23

@

100(a)

551,050

41,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

CFX,

Series

2018-WPT,

4.95%,

7/5/33,

Callable

7/5/25

@

100(a)

34,499

64,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

DFX,

Series

2018-WPT,

5.35%,

7/5/33,

Callable

7/5/25

@

100(a)

52,928

87,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

EFX,

Series

2018-WPT,

5.54%,

7/5/33,

Callable

7/5/25

@

100(a)(b)

69,623

98,297

Life

Mortgage

Trust,

Class

C,

Series

2021-BMR,

6.55%(TSFR1M+121bps),

3/15/38(a)

95,464

98,297

Life

Mortgage

Trust,

Class

D,

Series

2021-BMR,

6.85%(TSFR1M+151bps),

3/15/38(a)

95,104

98,297

Life

Mortgage

Trust,

Class

E,

Series

2021-BMR,

7.20%(TSFR1M+186bps),

3/15/38(a)

94,602

98,297

Life

Mortgage

Trust,

Class

B,

Series

2021-BMR,

6.33%(TSFR1M+99bps),

3/15/38(a)

95,961

1,420,000

Life

Mortgage

Trust,

Class

A1,

Series

2022-BMR2,

6.63%(TSFR1M+130bps),

5/15/39,

Callable

5/15/24

@

100(a)

1,394,256

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

105

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

855,000

Life

Mortgage

Trust,

Class

B,

Series

2022-BMR2,

7.13%(TSFR1M+179bps),

5/15/39,

Callable

5/15/24

@

100(a)

$

835,759

479,000

Life

Mortgage

Trust,

Class

C,

Series

2022-BMR2,

7.43%(TSFR1M+209bps),

5/15/39,

Callable

5/15/24

@

100(a)

465,825

280,147

Life

Mortgage

Trust,

Class

A,

Series

2021-BMR,

6.15%(TSFR1M+81bps),

3/15/38(a)

274,547

426,000

Life

Mortgage

Trust,

Class

D,

Series

2022-BMR2,

7.87%(TSFR1M+254bps),

5/15/39,

Callable

5/15/24

@

100(a)

406,554

500,000

Lucali

CLO,

Ltd.,

Class

A,

Series

2020-1A,

6.78%(TSFR3M+147bps),

1/15/32,

Callable

10/15/23

@

100(a)

499,809

320,000

Madison

Park

Funding

L,

Ltd.,

Class

A,

Series

2021-

50A,

6.72%(TSFR3M+140bps),

4/19/34,

Callable

10/19/23

@

100(a)

318,246

910,000

Madison

Park

Funding

LII,

Ltd.,

Class

A,

Series

2021-52A,

6.71%(TSFR3M+136bps),

1/22/35,

Callable

1/22/24

@

100(a)

902,534

250,000

Madison

Park

Funding

XLV,

Ltd.,

Class

AR,

Series

2020-45A,

6.69%(TSFR3M+138bps),

7/15/34,

Callable

10/15/23

@

100(a)

247,937

428,511

Madison

Park

Funding,

Ltd.,

Class

A1R2,

Series

2015-19A,

6.53%(TSFR3M+118bps),

1/22/28,

Callable

10/22/23

@

100(a)

426,726

250,000

Magnetite

XXI,

Ltd.,

Class

AR,

Series

2019-21A,

6.61%(TSFR3M+128bps),

4/20/34,

Callable

10/20/23

@

100(a)

247,510

680,000

Magnetite

XXIX,

Ltd.,

Class

A,

Series

2021-29A,

6.56%(TSFR3M+125bps),

1/15/34,

Callable

10/15/23

@

100(a)

676,435

250,000

Magnetite

XXVII,

Ltd.,

Class

AR,

Series

2020-27A,

6.73%(TSFR3M+140bps),

10/20/34,

Callable

10/20/23

@

100(a)

248,649

968,000

Magnetite

XXX,

Ltd.,

Class

A,

Series

2021-30A,

6.74%(TSFR3M+139bps),

10/25/34,

Callable

10/25/23

@

100(a)

962,730

239,848

MHC

Commercial

Mortgage

Trust,

Class

A,

Series

2021-MHC,

6.25%(TSFR1M+92bps),

4/15/38(a)

236,535

292,483

Milos

CLO,

Ltd.,

Class

AR,

Series

2017-1A,

6.66%(TSFR3M+133bps),

10/20/30,

Callable

10/20/23

@

100(a)

291,817

56,000

Morgan

Stanley

Capital

I

Trust,

Class

B,

Series

2019-Mead,

3.18%,

11/10/36,

Callable

11/10/24

@

100(a)

51,121

385,000

Morgan

Stanley

Capital

I

Trust,

Class

A,

Series

2019-Mead,

3.17%,

11/10/36,

Callable

11/10/24

@

100(a)

354,286

132,000

Morgan

Stanley

Capital

I

Trust,

Class

A4,

Series

2018-H4,

4.31%,

12/15/51,

Callable

1/15/29

@

100

121,396

471,200

Morgan

Stanley

Capital

I

Trust,

Class

C,

Series

2018-BOP,

6.88%(TSFR1M+155bps),

6/15/35(a)

326,648

196,000

Morgan

Stanley

Capital

I

Trust,

Class

B,

Series

2018-BOP,

6.63%(TSFR1M+130bps),

6/15/35(a)

164,683

53,000

Morgan

Stanley

Capital

I

Trust,

Class

C,

Series

2019-Mead,

3.28%,

11/10/36,

Callable

11/10/24

@

100(a)(b)

47,866

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

326,000

Peace

Park

CLO,

Ltd.,

Class

A,

Series

2021-1A,

6.72%(TSFR3M+139bps),

10/20/34,

Callable

10/20/23

@

100(a)

$

323,517

17,385

Prima

Capital

CRE

Securitization,

Class

A,

Series

2021-9A,

6.89%(TSFR1M+156bps),

12/15/37,

Callable

5/25/24

@

100(a)

17,331

333,000

Rockland

Park

CLO,

Ltd.,

Class

A,

Series

2021-1A,

6.71%(TSFR3M+138bps),

4/20/34,

Callable

10/20/23

@

100(a)

330,591

130,000

SPGN

Mortgage

Trust,

Class

C,

Series

2022-TFLM,

7.98%(TSFR1M+265bps),

2/15/39,

Callable

2/15/24

@

100(a)

123,029

250,000

SPGN

Mortgage

Trust,

Class

B,

Series

2022-TFLM,

7.33%(TSFR1M+200bps),

2/15/39,

Callable

2/15/24

@

100(a)

239,718

1,013,000

SREIT

Trust,

Class

A,

Series

2021-MFP,

6.18%(TSFR1M+85bps),

11/15/38(a)

993,633

237,000

SREIT

Trust,

Class

D,

Series

2021-MFP,

7.02%(TSFR1M+169bps),

11/15/38(a)

230,062

360,000

SREIT

Trust,

Class

C,

Series

2021-MFP,

6.78%(TSFR1M+144bps),

11/15/38(a)

350,777

580,000

SREIT

Trust,

Class

B,

Series

2021-MFP,

6.53%(TSFR1M+119bps),

11/15/38(a)

567,216

220,882

Stratus

CLO,

Ltd.,

Class

A,

Series

2022-1A,

7.08%(TSFR3M+175bps),

7/20/30,

Callable

10/20/23

@

100(a)

220,886

400,274

Symphony

CLO

XIX,

Ltd.,

Class

A,

Series

2018-19A,

6.53%(TSFR3M+122bps),

4/16/31,

Callable

10/16/23

@

100(a)

399,372

500,000

Symphony

CLO

XXVI,

Ltd.,

Class

AR,

Series

2021-

26A,

6.67%(TSFR3M+134bps),

4/20/33,

Callable

10/20/23

@

100(a)

495,896

1,054,000

Symphony

CLO

XXXII,

Ltd.,

Class

A1,

Series

2022-

32A,

6.67%(TSFR3M+132bps),

4/23/35,

Callable

4/23/24

@

100(a)

1,037,948

20,000

VLS

Commercial

Mortgage

Trust,

Class

B,

Series

2020-LAB,

2.45%,

10/10/42(a)

15,092

285,000

VLS

Commercial

Mortgage

Trust,

Class

A,

Series

2020-LAB,

2.13%,

10/10/42(a)

217,273

335,000

Voya

CLO,

Ltd.,

Class

A,

Series

2019-2,

6.86%(TSFR3M+153bps),

7/20/32,

Callable

10/20/23

@

100(a)

334,512

551,000

Voya

CLO,

Ltd.,

Class

A1R,

Series

2020-2A,

6.74%(TSFR3M+142bps),

7/19/34,

Callable

10/19/23

@

100(a)

547,225

564,000

Voya

CLO,

Ltd.,

Class

AR,

Series

2020-1A,

6.72%(US0003M+115bps),

7/16/34,

Callable

10/16/23

@

100(a)

556,062

1,073,000

Voya

CLO,

Ltd.,

Class

AR,

Series

2020-3A,

6.74%(TSFR3M+141bps),

10/20/34,

Callable

10/20/23

@

100(a)

1,060,713

155,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

A5,

Series

2018-C48,

4.30%,

1/15/52,

Callable

12/15/28

@

100

142,808

185,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

A,

Series

2021-FCMT,

6.65%(TSFR1M+131bps),

5/15/31(a)

176,074

Total

Collateralized

Mortgage

Obligations

(Cost

$89,030,566)

87,252,623

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

106

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Convertible

Bonds

(

0

.0

%

†

):

Media

(

0

.0

%

†

):

$

54,000

DISH

Network

Corp.,

2.38%,

3/15/24

$

51,844

846,000

DISH

Network

Corp.,

3.38%,

8/15/26

518,916

Total

Convertible

Bonds

(Cost

$844,722)

570,760

Bank

Loans

(

0

.2

%

):

Construction

&

Engineering

(

0

.0

%

†

):

35,000

Convergint

Tech

Term

2Ln,

12.07%

(Term

SOFR+675bps ),

3/31/29

30,800

4,900

Convergint

Tech

Term

B

1Ln,

9.07%

(Term

SOFR+375bps ),

3/31/28

4,809

35,609

Consumer

Discretionary

Products

(

0

.0

%

†

):

75,000

Tory

BurchTerm

B

1Ln,

8.57%

(Term

SOFR+325bps ),

4/16/28

73,862

Diversified

Consumer

Services

(

0

.0

%

†

):

15,000

Ascend

Learning

Term

2Ln,

11.07%

(Term

SOFR+575bps ),

12/10/29

12,744

162,525

Ascend

Learning

Term

B

1Ln,

8.82%

(Term

SOFR+350bps ),

12/10/28

154,728

167,472

Health

Care

Providers

&

Services

(

0

.0

%

†

):

248,737

Cano

Health

Term

B

1Ln,

9.32%

(Term

SOFR+400bps ),

11/23/27

158,500

Hotels,

Restaurants

&

Leisure

(

0

.0

%

†

):

246,250

City

Football

Group

Term

B

1Ln,

8.32%

(Term

SOFR+300bps ),

7/21/28(a)

244,711

172,368

Diamond

Sports

Group

Term

2Ln,

5.32%

(Term

SOFR+0bps ),

8/24/26

3,878

248,589

Industrial

Products

(

0

.0

%

†

):

119,100

Westinghouse

Term

1Ln,

9.07%

(Term

SOFR+375bps ),

8/1/25

119,249

Industrial

Services

(

0

.0

%

†

):

65,000

Brandsafway

Term

B

1Ln,

5.32%

(Term

SOFR+0bps ),

8/1/30

63,233

Media

(

0

.0

%

†

):

44,550

Authentic

Brands

Term

B1

1Ln,

8.82%

(Term

SOFR+350bps ),

12/21/28

44,447

Software

(

0

.0

%

†

):

7,645

Finastra

Term

1Ln,

12.57%

(Term

SOFR+725bps ),

9/13/29

7,492

327,355

Finastra

Term

1Ln,

12.57%

(Term

SOFR+725bps ),

9/13/29(a)

320,808

3,385

Ion

Analytics

Term

1Ln,

9.32%

(Term

SOFR+400bps ),

2/16/28

3,333

331,633

Software

&

Computer

Services

(

0

.1

%

):

335,000

UKG,

Term

2Ln,

10.57%

(Term

SOFR+525bps ),

5/3/27

334,163

Software

&

Tech

Services

(

0

.1

%

):

110,321

Athenahealth

Term

B

1Ln,

8.57%

(Term

SOFR+325bps ),

2/15/29

108,081

Principal

Amount

Value

Bank

Loans,

continued

Software

&

Tech

Services,

continued

$

299,250

Nielsen

Holdings

Term

B

1Ln,

10.32%

(Term

SOFR+500bps ),

4/11/29

$

268,702

376,783

Utilities

(

0

.0

%

†

):

309,270

Breakwater

Energy

Term

B

1Ln,

16.43%

(LIBOR+1100bps ),

9/1/26

299,219

Total

Bank

Loans

(Cost

$2,403,285)

2,252,759

Corporate

Bonds

(

18

.4

%

):

Aerospace

&

Defense

(

0

.4

%

):

1,145,000

Boeing

Co.

(The),

5.04%,

5/1/27,

Callable

3/1/27

@

100

1,116,688

145,000

Boeing

Co.

(The),

5.15%,

5/1/30,

Callable

2/1/30

@

100

138,678

1,100,000

Boeing

Co.

(The),

5.71%,

5/1/40,

Callable

11/1/39

@

100

1,010,789

100,000

Boeing

Co.

(The),

5.81%,

5/1/50,

Callable

11/1/49

@

100

91,273

1,150,000

Boeing

Co.

(The),

5.93%,

5/1/60,

Callable

11/1/59

@

100

1,020,066

310,000

BWX

Technologies,

Inc.,

4.13%,

6/30/28,

Callable

11/6/23

@

102.06(a)

273,962

310,000

Howmet

Aerospace,

Inc.,

5.95%,

2/1/37

290,625

145,000

Moog,

Inc.,

4.25%,

12/15/27,

Callable

11/6/23

@

103.19(a)

130,319

35,000

TransDigm,

Inc.,

7.50%,

3/15/27,

Callable

11/6/23

@

101.88

34,956

1,655,000

TransDigm,

Inc.,

5.50%,

11/15/27,

Callable

11/6/23

@

102.75

1,551,562

310,000

TransDigm,

Inc.,

4.88%,

5/1/29,

Callable

5/1/24

@

102.44

271,250

5,930,168

Air

Freight

&

Logistics

(

0

.0

%

†

):

255,000

Cargo

Aircraft

Management,

Inc.,

4.75%,

2/1/28,

Callable

10/23/23

@

102.38(a)

227,587

245,000

Forward

Air

Corp.,

9.50%,

10/15/31,

Callable

10/15/26

@

104.75(a)

245,000

237,000

XPO

Logistics,

Inc.,

6.25%,

5/1/25,

Callable

11/6/23

@

101.56(a)

232,853

705,440

Automobile

Components

(

0

.0

%

†

):

125,000

Dana,

Inc.,

4.50%,

2/15/32,

Callable

2/15/27

@

102.25

96,875

Automobiles

(

0

.0

%

†

):

165,000

Thor

Industries,

Inc.,

4.00%,

10/15/29,

Callable

10/15/24

@

102(a)

135,300

Banks

(

2

.2

%

):

410,000

Bank

of

America

Corp.,

Series

L,

3.95%,

4/21/25

395,932

151,000

Bank

of

America

Corp.,

Series

G,

4.45%,

3/3/26

145,450

1,300,000

Bank

of

America

Corp.,

3.42%

(TSFR3M+130

bps),

12/20/28,

Callable

12/20/27

@

100

1,170,163

980,000

Bank

of

America

Corp.,

2.30%

(SOFR+122

bps),

7/21/32,

Callable

7/21/31

@

100

742,770

6,359,000

Bank

of

America

Corp.,

5.02%

(SOFR+216

bps),

7/22/33,

Callable

7/22/32

@

100

5,863,869

165,000

CIT

Group,

Inc.,

6.13%,

3/9/28

163,209

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

107

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Banks,

continued

$

2,455,000

Citigroup,

Inc.,

3.35%

(TSFR3M+116

bps),

4/24/25,

Callable

4/24/24

@

100

$

2,412,038

1,098,000

Citigroup,

Inc.,

4.30%,

11/20/26

1,041,202

1,156,000

Citigroup,

Inc.,

4.41%

(SOFR+391

bps),

3/31/31,

Callable

3/31/30

@

100

1,036,756

2,635,000

Citigroup,

Inc.,

4.91%

(SOFR+209

bps),

5/24/33,

Callable

5/24/32

@

100

2,400,796

2,500,000

JPMorgan

Chase

&

Co.,

4.49%

(TSFR3M+379

bps),

3/24/31,

Callable

3/24/30

@

100

2,287,398

181,000

JPMorgan

Chase

&

Co.,

2.96%

(TSFR3M+252

bps),

5/13/31,

Callable

5/13/30

@

100

148,775

5,828,000

JPMorgan

Chase

&

Co.,

4.59%

(SOFR+180

bps),

4/26/33,

Callable

4/26/32

@

100

5,246,377

937,000

JPMorgan

Chase

&

Co.,

4.91%

(SOFR+208

bps),

7/25/33,

Callable

7/25/32

@

100

864,279

724,000

Santander

Holdings

USA,

Inc.,

6.50%

(SOFR+236

bps),

3/9/29,

Callable

3/9/28

@

100

707,486

3,705,000

Wells

Fargo

&

Co.,

2.41%

(TSFR3M+109

bps),

10/30/25,

Callable

10/30/24

@

100,

MTN

3,550,646

1,099,000

Wells

Fargo

&

Co.,

3.53%

(SOFR+151

bps),

3/24/28,

Callable

3/24/27

@

100

1,005,763

2,645,000

Wells

Fargo

&

Co.,

4.48%

(TSFR3M+403

bps),

4/4/31,

Callable

4/4/30

@

100,

MTN

2,390,495

1,800,000

Wells

Fargo

&

Co.,

5.01%

(TSFR3M+450

bps),

4/4/51,

Callable

4/4/50

@

100,

MTN

1,507,093

185,000

Wells

Fargo

&

Co.,

7.62%

(H15T5Y+361

bps),

12/31/99,

Callable

9/15/28

@

100

186,850

33,267,347

Beverages

(

0

.3

%

):

2,400,000

Anheuser-Busch

Cos.

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.,

4.70%,

2/1/36,

Callable

8/1/35

@

100

2,200,766

3,100,000

Anheuser-Busch

InBev

Worldwide,

Inc.,

3.50%,

6/1/30,

Callable

3/1/30

@

100

2,766,980

4,967,746

Biotechnology

(

0

.1

%

):

411,000

Amgen,

Inc.,

5.15%,

3/2/28,

Callable

2/2/28

@

100

403,673

375,000

Amgen,

Inc.,

5.25%,

3/2/30,

Callable

1/2/30

@

100

366,335

424,000

Amgen,

Inc.,

5.25%,

3/2/33,

Callable

12/2/32

@

100

405,572

403,000

Amgen,

Inc.,

5.60%,

3/2/43,

Callable

9/2/42

@

100

376,252

200,000

Amgen,

Inc.,

5.65%,

3/2/53,

Callable

9/2/52

@

100

187,086

365,000

Amgen,

Inc.,

5.75%,

3/2/63,

Callable

9/2/62

@

100

336,412

175,000

Emergent

BioSolutions,

Inc.,

3.88%,

8/15/28,

Callable

11/6/23

@

101.94(a)

73,500

2,148,830

Building

Products

(

0

.1

%

):

795,000

Advanced

Drainage

Systems,

Inc.,

5.00%,

9/30/27,

Callable

10/23/23

@

101.25(a)

745,313

120,000

Builders

FirstSource,

Inc.,

4.25%,

2/1/32,

Callable

8/1/26

@

102.13(a)

98,250

35,000

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29,

Callable

10/15/24

@

102.19(a)

30,231

873,794

Capital

Markets

(

1

.2

%

):

2,707,000

Ares

Capital

Corp.,

3.88%,

1/15/26,

Callable

12/15/25

@

100

2,526,768

Principal

Amount

Value

Corporate

Bonds,

continued

Capital

Markets,

continued

$

105,000

Charles

Schwab

Corp.

(The),

5.37%

(H15T5Y+497

bps),

Callable

6/1/25

@

100

$

101,062

250,000

Charles

Schwab

Corp.

(The),

4.00%

(H15T10Y+308

bps),

12/31/99,

Callable

12/1/30

@

100

176,250

2,880,000

Goldman

Sachs

Group,

Inc.

(The),

3.80%,

3/15/30,

Callable

12/15/29

@

100

2,542,841

1,263,000

Goldman

Sachs

Group,

Inc.

(The),

2.38%

(SOFR+125

bps),

7/21/32,

Callable

7/21/31

@

100

962,846

3,062,000

Goldman

Sachs

Group,

Inc.

(The),

3.10%

(SOFR+141

bps),

2/24/33,

Callable

2/24/32

@

100

2,453,121

128,000

Goldman

Sachs

Group,

Inc.

(The),

6.75%,

10/1/37

129,438

200,000

GTCR

W-2

Merger

Sub

LLC,

7.50%,

1/15/31,

Callable

1/15/27

@

103.75(a)

200,750

50,000

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC,

3.38%,

6/15/26,

Callable

3/15/26

@

100(a)

44,437

640,000

Hightower

Holding

LLC,

6.75%,

4/15/29,

Callable

4/15/24

@

103.38(a)

548,800

55,000

LCM

Investments

Holdings

II

LLC,

4.88%,

5/1/29,

Callable

5/1/24

@

102.44(a)

46,475

55,000

ModivCare

Escrow

Issuer,

Inc.,

5.00%,

10/1/29,

Callable

10/1/24

@

102.5(a)

39,463

2,534,000

Morgan

Stanley,

3.62%

(SOFR+312

bps),

4/1/31,

Callable

4/1/30

@

100

2,179,243

2,236,000

Morgan

Stanley,

4.89%

(SOFR+208

bps),

7/20/33,

Callable

7/20/32

@

100

2,025,212

1,700,000

Morgan

Stanley,

6.34%

(SOFR+256

bps),

10/18/33,

Callable

10/18/32

@

100

1,702,674

500,000

MSCI,

Inc.,

3.88%,

2/15/31,

Callable

6/1/25

@

101.94(a)

421,875

100,000

MSCI,

Inc.,

3.25%,

8/15/33,

Callable

8/15/27

@

101.63(a)

77,000

485,000

Navios

South

American

Logistics,

Inc./Navios

Logistics

Finance

U.S.,

Inc.,

10.75%,

7/1/25,

Callable

11/6/23

@

102.69(a)

477,119

650,000

Olympus

Water

US

Holding

Corp.,

4.25%,

10/1/28,

Callable

10/1/24

@

102.13(a)

528,125

300,000

Pine

Street

Trust

II,

5.57%,

2/15/49,

Callable

8/15/48

@

100(a)

245,062

15,000

Real

Hero

Merger

Sub

2,

Inc.,

6.25%,

2/1/29,

Callable

2/1/24

@

103.13(a)

11,700

105,000

RP

Escrow

Issuer

LLC,

5.25%,

12/15/25,

Callable

11/6/23

@

205.26(a)

76,912

17,517,173

Chemicals

(

0

.3

%

):

399,000

Celanese

US

Holdings

LLC,

6.35%,

11/15/28,

Callable

10/15/28

@

100

393,994

405,000

Celanese

US

Holdings

LLC,

6.55%,

11/15/30,

Callable

9/15/30

@

100

396,263

236,000

Celanese

US

Holdings

LLC,

6.70%,

11/15/33,

Callable

8/15/33

@

100

230,065

15,000

CF

Industries,

Inc.,

4.95%,

6/1/43

12,218

510,000

Chemours

Co.

(The),

5.38%,

5/15/27,

Callable

2/15/27

@

100

469,200

915,000

Chemours

Co.

(The),

5.75%,

11/15/28,

Callable

11/15/23

@

102.88(a)

793,762

110,000

Kobe

US

Midco

2,

Inc.,

9.25%,

11/1/26,

Callable

11/6/23

@

102.31(a)

80,300

555,000

LSB

Industries,

Inc.,

6.25%,

10/15/28,

Callable

10/15/24

@

103.13(a)

499,500

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

108

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Chemicals,

continued

$

480,000

SCIH

Salt

Holdings,

Inc.,

4.88%,

5/1/28,

Callable

5/1/24

@

102.44(a)

$

423,600

70,000

SCIH

Salt

Holdings,

Inc.,

6.63%,

5/1/29,

Callable

5/1/24

@

103.31(a)

60,200

135,000

Scotts

Miracle-Gro

Co.

(The),

4.38%,

2/1/32,

Callable

8/1/26

@

102.19

102,600

220,000

Tronox,

Inc.,

4.63%,

3/15/29,

Callable

3/15/24

@

102.31(a)

176,550

25,000

Valvoline,

Inc.,

4.25%,

2/15/30,

Callable

2/15/25

@

102.13(a)

24,500

450,000

WR

Grace

Holdings

LLC,

4.88%,

6/15/27,

Callable

11/6/23

@

102.44(a)

412,265

125,000

WR

Grace

Holdings

LLC,

5.63%,

8/15/29,

Callable

8/15/24

@

102.81(a)

101,094

40,000

WR

Grace

Holdings

LLC,

7.38%,

3/1/31,

Callable

3/1/26

@

103.69(a)

39,300

4,215,411

Commercial

Services

&

Supplies

(

0

.1

%

):

125,000

ADT

Security

Corp.

(The),

4.13%,

8/1/29,

Callable

8/1/28

@

100(a)

105,469

430,000

Aramark

Services,

Inc.,

5.00%,

2/1/28,

Callable

11/6/23

@

102.5(a)

398,287

55,000

Clean

Harbors,

Inc.,

6.38%,

2/1/31,

Callable

2/1/26

@

103.19(a)

53,487

300,000

CoreCivic,

Inc.,

8.25%,

4/15/26,

Callable

4/15/24

@

104.13

303,750

41,000

GEO

Group,

Inc.

(The),

10.50%,

6/30/28,

Callable

10/16/23

@

102

41,051

85,000

GEO

Group,

Inc.

(The),

9.50%,

12/31/28,

Callable

10/16/23

@

102(a)

80,963

25,000

Legends

Hospitality

Holding

Co.

LLC/Legends

Hospitality

Co-Issuer,

Inc.,

5.00%,

2/1/26,

Callable

11/6/23

@

102.5(a)

24,563

25,000

Pitney

Bowes,

Inc.,

6.88%,

3/15/27,

Callable

3/15/24

@

103.44(a)

19,750

45,000

Pitney

Bowes,

Inc.,

7.25%,

3/15/29,

Callable

3/15/24

@

103.63(a)

32,737

405,000

Rand

Parent

LLC,

8.50%,

2/15/30,

Callable

2/15/26

@

208.5(a)

374,625

270,000

Stericycle,

Inc.,

3.88%,

1/15/29,

Callable

11/15/23

@

101.94(a)

232,200

1,666,882

Communications

Equipment

(

0

.0

%

†

):

205,000

CommScope,

Inc.,

7.13%,

7/1/28,

Callable

11/6/23

@

103.56(a)

119,925

500,000

CommScope,

Inc.,

4.75%,

9/1/29,

Callable

9/1/24

@

102.38(a)

363,750

250,000

Viavi

Solutions,

Inc.,

3.75%,

10/1/29,

Callable

10/1/24

@

101.88(a)

202,813

686,488

Construction

&

Engineering

(

0

.1

%

):

300,000

AECOM,

5.13%,

3/15/27,

Callable

12/15/26

@

100

283,500

25,000

Arcosa,

Inc.,

4.38%,

4/15/29,

Callable

4/15/24

@

102.19(a)

21,844

460,000

CDI

Escrow

Issuer,

Inc.,

5.75%,

4/1/30,

Callable

4/1/25

@

102.88(a)

414,575

270,000

Dycom

Industries,

Inc.,

4.50%,

4/15/29,

Callable

4/15/24

@

102.25(a)

234,562

Principal

Amount

Value

Corporate

Bonds,

continued

Construction

&

Engineering,

continued

$

55,000

Global

Infrastructure

Solutions,

Inc.,

5.63%,

6/1/29,

Callable

6/1/24

@

102.81(a)

$

45,306

25,000

Great

Lakes

Dredge

&

Dock

Corp.,

5.25%,

6/1/29,

Callable

6/1/24

@

102.63(a)

20,625

785,000

Pike

Corp.,

5.50%,

9/1/28,

Callable

11/6/23

@

102.75(a)

686,875

190,000

Railworks

Holdings

LP/Railworks

Rally,

Inc.,

8.25%,

11/15/28,

Callable

11/15/24

@

104.13(a)

180,975

1,888,262

Construction

Materials

(

0

.0

%

†

):

80,000

AmeriTex

HoldCo

Intermediate

LLC,

10.25%,

10/15/28,

Callable

10/15/25

@

105.13(a)

79,100

Consumer

Finance

(

1

.2

%

):

90,000

Ally

Financial,

Inc.,

1.45%,

10/2/23

89,987

100,000

Ally

Financial,

Inc.,

5.13%,

9/30/24

98,399

224,000

Ally

Financial,

Inc.,

5.80%,

5/1/25,

Callable

4/1/25

@

100

219,764

1,500,000

Ally

Financial,

Inc.,

5.75%,

11/20/25,

Callable

10/21/25

@

200

1,455,456

1,000,000

Ally

Financial,

Inc.,

7.10%,

11/15/27,

Callable

10/15/27

@

100

996,754

590,000

Ally

Financial,

Inc.,

4.70%

(H15T5Y+387

bps),

12/31/99,

Callable

5/15/26

@

100

405,192

577,000

Capital

One

Financial

Corp.,

2.64%

(SOFR+129

bps),

3/3/26,

Callable

3/3/25

@

100

544,688

740,000

Capital

One

Financial

Corp.,

4.99%

(SOFR+216

bps),

7/24/26,

Callable

7/24/25

@

100

717,506

2,665,000

Capital

One

Financial

Corp.,

3.65%,

5/11/27,

Callable

4/11/27

@

100

2,424,289

343,000

Capital

One

Financial

Corp.,

3.80%,

1/31/28,

Callable

12/31/27

@

100

309,462

738,000

Capital

One

Financial

Corp.,

3.27%

(SOFR+179

bps),

3/1/30,

Callable

3/1/29

@

100

616,284

1,100,000

Capital

One

Financial

Corp.,

5.25%

(SOFR+260

bps),

7/26/30,

Callable

7/26/29

@

100

1,018,124

250,000

Discover

Bank,

Series

B,

4.68%

(USISOA05+173

bps),

8/9/28

233,751

2,253,000

Discover

Financial

Services,

4.50%,

1/30/26,

Callable

11/30/25

@

100

2,151,689

174,000

Discover

Financial

Services,

6.70%,

11/29/32,

Callable

8/29/32

@

100

168,543

295,000

Ford

Motor

Credit

Co

LLC,

4.13%,

8/17/27,

Callable

6/17/27

@

100

267,145

550,000

Ford

Motor

Credit

Co

LLC,

4.00%,

11/13/30,

Callable

8/13/30

@

100

459,581

329,000

Ford

Motor

Credit

Co.

LLC,

5.58%,

3/18/24,

Callable

2/18/24

@

100

326,971

55,000

Ford

Motor

Credit

Co.

LLC,

5.13%,

6/16/25,

Callable

5/16/25

@

100

53,125

400,000

Ford

Motor

Credit

Co.

LLC,

2.90%,

2/10/29,

Callable

12/10/28

@

100

328,033

620,000

Ford

Motor

Credit

Co.

LLC,

5.11%,

5/3/29,

Callable

2/3/29

@

100

564,885

295,000

OneMain

Finance

Corp.,

3.50%,

1/15/27,

Callable

1/15/24

@

101.75

252,594

155,000

OneMain

Finance

Corp.,

3.88%,

9/15/28,

Callable

9/15/24

@

101.94

124,000

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

109

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Consumer

Finance,

continued

$

430,000

OneMain

Finance

Corp.,

4.00%,

9/15/30,

Callable

9/15/25

@

102

$

322,500

244,000

Synchrony

Financial,

4.38%,

3/19/24,

Callable

2/19/24

@

100

241,163

797,000

Synchrony

Financial,

4.25%,

8/15/24,

Callable

5/15/24

@

100

777,207

3,605,000

Synchrony

Financial,

3.95%,

12/1/27,

Callable

9/1/27

@

100

3,172,652

18,339,744

Consumer

Staples

Distribution

&

Retail

(

0

.4

%

):

25,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

4.63%,

1/15/27,

Callable

11/6/23

@

103.47(a)

23,625

210,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

6.50%,

2/15/28,

Callable

2/15/25

@

103.25(a)

207,637

50,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

3.50%,

3/15/29,

Callable

11/6/23

@

101.75(a)

42,500

605,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

4.88%,

2/15/30,

Callable

2/15/25

@

103.66(a)

543,744

1,380,000

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.,

2.50%,

1/15/27,

Callable

12/15/26

@

100

1,214,400

475,000

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.,

5.13%,

2/1/28,

Callable

1/1/28

@

100

452,438

180,000

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.,

5.50%,

1/15/30,

Callable

1/15/25

@

102.75

167,625

1,375,000

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.,

3.00%,

5/15/32,

Callable

2/15/32

@

100

1,038,125

975,000

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.,

5.75%,

4/1/33,

Callable

1/1/33

@

100

890,906

445,000

Performance

Food

Group,

Inc.,

6.88%,

5/1/25,

Callable

11/6/23

@

101.72(a)

444,444

70,000

Performance

Food

Group,

Inc.,

4.25%,

8/1/29,

Callable

8/1/24

@

102.13(a)

60,463

93,000

Sysco

Corp.,

5.95%,

4/1/30,

Callable

1/1/30

@

100

93,822

285,000

Triton

Water

Holdings,

Inc.,

6.25%,

4/1/29,

Callable

4/1/24

@

103.13(a)

235,125

45,000

United

Natural

Foods,

Inc.,

6.75%,

10/15/28,

Callable

11/6/23

@

103.38(a)

34,312

660,000

US

Foods,

Inc.,

4.63%,

6/1/30,

Callable

6/1/25

@

102.31(a)

572,550

120,000

US

Foods,

Inc.,

7.25%,

1/15/32,

Callable

9/15/26

@

103.63(a)

119,850

6,141,566

Containers

&

Packaging

(

0

.1

%

):

200,000

Ardagh

Metal

Packaging

Finance

USA

LLC/Ardagh

Metal

Packaging

Finance

plc,

6.00%,

6/15/27,

Callable

6/15/24

@

103(a)

191,250

225,000

Ardagh

Metal

Packaging

Finance

USA

LLC/Ardagh

Metal

Packaging

Finance

plc,

4.00%,

9/1/29,

Callable

5/15/24

@

102(a)

176,625

Principal

Amount

Value

Corporate

Bonds,

continued

Containers

&

Packaging,

continued

$

705,000

Ardagh

Packaging

Finance

plc/Ardagh

Holdings

USA,

Inc.,

4.13%,

8/15/26,

Callable

10/16/23

@

101.03(a)

$

642,431

190,000

Ball

Corp.,

3.13%,

9/15/31,

Callable

6/15/31

@

100

149,625

65,000

Graphic

Packaging

International

LLC,

3.75%,

2/1/30,

Callable

8/1/29

@

100(a)

54,356

180,000

Owens-Brockway

Glass

Container,

Inc.,

7.25%,

5/15/31,

Callable

5/15/26

@

103.63(a)

175,725

330,000

Sealed

Air

Corp.,

5.00%,

4/15/29,

Callable

4/15/25

@

102.5(a)

297,825

1,687,837

Diversified

Consumer

Services

(

0

.1

%

):

602,000

Allied

Universal

Holdco

LLC/Allied

Universal

Finance

Corp./Atlas

Luxco

4

Sarl,

4.63%,

6/1/28,

Callable

6/1/24

@

102.31(a)

495,145

350,000

APX

Group,

Inc.,

6.75%,

2/15/27,

Callable

11/6/23

@

103.38(a)

337,750

110,000

Sotheby's,

7.38%,

10/15/27,

Callable

10/16/23

@

101.84(a)

101,063

933,958

Diversified

REITs

(

0

.5

%

):

1,039,000

Brandywine

Operating

Partners

LP,

4.10%,

10/1/24,

Callable

7/1/24

@

100

1,007,830

1,265,000

Brandywine

Operating

Partners

LP,

3.95%,

11/15/27,

Callable

8/15/27

@

100

1,048,651

62,000

Brandywine

Operating

Partners

LP,

4.55%,

10/1/29,

Callable

7/1/29

@

100

49,290

719,000

Brandywine

Operating

Partnership

LP,

7.55%,

3/15/28,

Callable

2/15/28

@

100

668,964

45,000

CTR

Partnership

LP/CareTrust

Capital

Corp.,

3.88%,

6/30/28,

Callable

3/30/28

@

100(a)

38,813

430,000

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership

LP,

3.75%,

12/15/27,

Callable

9/15/27

@

100(a)

332,713

189,000

Piedmont

Operating

Partnership

LP,

2.75%,

4/1/32,

Callable

1/1/32

@

100

123,133

40,000

Service

Properties

Trust,

4.95%,

2/15/27,

Callable

8/15/26

@

100

33,700

45,000

Service

Properties

Trust,

4.95%,

10/1/29,

Callable

7/1/29

@

100

34,087

96,000

STORE

Capital

Corp.,

4.63%,

3/15/29,

Callable

12/15/28

@

100

82,027

1,277,000

STORE

Capital

Corp.,

2.75%,

11/18/30,

Callable

8/18/30

@

100

915,318

400,000

WP

Carey,

Inc.,

4.60%,

4/1/24,

Callable

1/1/24

@

100

395,779

3,000,000

WP

Carey,

Inc.,

4.25%,

10/1/26,

Callable

7/1/26

@

100

2,864,493

66,000

WP

Carey,

Inc.,

3.85%,

7/15/29,

Callable

4/15/29

@

100

58,503

7,653,301

Diversified

Telecommunication

Services

(

0

.6

%

):

138,000

AT&T,

Inc.,

4.30%,

2/15/30,

Callable

11/15/29

@

100

125,938

400,000

AT&T,

Inc.,

5.15%,

11/15/46,

Callable

5/15/46

@

100

334,750

1,200,000

AT&T,

Inc.,

3.80%,

12/1/57,

Callable

6/1/57

@

100

756,989

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

110

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

Telecommunication

Services,

continued

$

15,000

Cablevision

Lightpath

LLC,

5.63%,

9/15/28,

Callable

10/16/23

@

102.81(a)

$

11,512

300,000

Cogent

Communications

Group,

Inc.,

7.00%,

6/15/27,

Callable

6/15/24

@

103.5(a)

285,000

25,000

Consolidated

Communications,

Inc.,

5.00%,

10/1/28,

Callable

10/16/23

@

103.75(a)

18,563

635,000

CSC

Holdings

LLC,

4.13%,

12/1/30,

Callable

12/1/25

@

102.06(a)

447,675

845,000

CSC

Holdings

LLC,

4.63%,

12/1/30,

Callable

12/1/25

@

102.31(a)

447,850

185,000

Front

Range

BidCo,

Inc.,

6.13%,

3/1/28,

Callable

11/6/23

@

103.06(a)

118,862

640,000

Frontier

Communications

Corp.,

5.88%,

10/15/27,

Callable

11/6/23

@

102.94(a)

580,800

5,496

Frontier

Communications

Holdings

LLC,

5.88%,

11/1/29,

Callable

11/1/24

@

102.94

4,019

145,000

Frontier

Communications

Holdings

LLC,

8.75%,

5/15/30,

Callable

5/15/25

@

104.38(a)

137,206

3,725,000

Verizon

Communications,

Inc.,

2.10%,

3/22/28,

Callable

1/22/28

@

100

3,204,759

209,000

Verizon

Communications,

Inc.,

2.55%,

3/21/31,

Callable

12/21/30

@

100

167,148

265,000

Warnermedia

Holdings,

Inc.,

3.64%,

3/15/25

255,610

519,000

Warnermedia

Holdings,

Inc.,

3.76%,

3/15/27,

Callable

2/15/27

@

100

480,507

180,000

Warnermedia

Holdings,

Inc.,

4.05%,

3/15/29,

Callable

1/15/29

@

100

161,406

753,000

Warnermedia

Holdings,

Inc.,

4.28%,

3/15/32,

Callable

12/15/31

@

100

639,264

391,000

Warnermedia

Holdings,

Inc.,

5.05%,

3/15/42,

Callable

9/15/41

@

100

301,771

576,000

Warnermedia

Holdings,

Inc.,

5.14%,

3/15/52,

Callable

9/15/51

@

100

429,553

55,000

Zayo

Group

Holdings,

Inc.,

4.00%,

3/1/27,

Callable

11/6/23

@

100(a)

40,769

8,949,951

Electric

Utilities

(

0

.5

%

):

10,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co-Issuer,

4.25%,

10/15/27,

Callable

11/6/23

@

102.13(a)

8,950

941,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co-Issuer,

6.75%,

10/15/27,

Callable

11/6/23

@

101.69(a)

875,130

155,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co-Issuer,

5.88%,

11/1/29,

Callable

11/1/24

@

102.94(a)

134,463

165,000

Cleco

Corporate

Holdings

LLC,

3.38%,

9/15/29,

Callable

6/15/29

@

100

138,480

54,000

Duquesne

Light

Holdings,

Inc.,

2.53%,

10/1/30,

Callable

7/1/30

@

100(a)

42,132

587,000

Duquesne

Light

Holdings,

Inc.,

2.78%,

1/7/32,

Callable

10/7/31

@

100(a)

438,139

1,000,000

Emera

US

Finance

LP,

3.55%,

6/15/26,

Callable

3/15/26

@

100

940,229

173,000

Exelon

Corp.,

2.75%,

3/15/27,

Callable

2/15/27

@

100

157,196

1,075,000

Exelon

Corp.,

4.05%,

4/15/30,

Callable

1/15/30

@

100

967,300

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

210,000

Exelon

Corp.,

3.35%,

3/15/32,

Callable

12/15/31

@

100

$

174,252

255,000

Genesis

Energy

LP/Genesis

Energy

Finance

Corp.,

8.00%,

1/15/27,

Callable

1/15/24

@

104

245,437

136,000

IPALCO

Enterprises,

Inc.,

3.70%,

9/1/24,

Callable

7/1/24

@

100

132,770

17,000

NextEra

Energy

Operating

Partners

LP,

4.25%,

9/15/24,

Callable

7/15/24

@

100(a)

16,277

430,000

NRG

Energy,

Inc.,

5.75%,

1/15/28,

Callable

10/23/23

@

102.88

400,975

20,000

NRG

Energy,

Inc.,

3.38%,

2/15/29,

Callable

2/15/24

@

101.69(a)

16,200

40,000

NRG

Energy,

Inc.,

3.63%,

2/15/31,

Callable

2/15/26

@

101.81(a)

30,350

123,139

NSG

Holdings

LLC/NSG

Holdings,

Inc.,

7.75%,

12/15/25(a)

122,370

795,000

Pacific

Gas

and

Electric

Co.,

4.95%,

7/1/50,

Callable

1/1/50

@

100

590,515

1,370,000

PG&E

Corp.,

5.00%,

7/1/28,

Callable

10/16/23

@

102.5

1,243,275

311,000

PG&E

Corp.,

5.25%,

7/1/30,

Callable

7/1/25

@

102.63

270,570

605,000

Vistra

Operations

Co.

LLC,

5.00%,

7/31/27,

Callable

10/16/23

@

101.25(a)

556,600

120,000

Vistra

Operations

Co.

LLC,

7.75%,

10/15/31,

Callable

10/15/26

@

103.88(a)

118,050

7,619,660

Electrical

Equipment

(

0

.1

%

):

55,000

Artera

Services

LLC,

9.03%,

12/4/25,

Callable

11/6/23

@

104.52(a)

50,738

665,000

Sensata

Technologies

BV,

4.00%,

4/15/29,

Callable

4/15/24

@

102(a)

568,575

310,000

Vertiv

Group

Corp.,

4.13%,

11/15/28,

Callable

11/15/24

@

102.06(a)

272,800

892,113

Electronic

Equipment,

Instruments

&

Components

(

0

.0

%

†

):

565,000

II-VI,

Inc.,

5.00%,

12/15/29,

Callable

12/14/24

@

205(a)

488,019

Energy

Equipment

&

Services

(

0

.1

%

):

400,000

Transocean,

Inc.,

11.50%,

1/30/27,

Callable

10/16/23

@

105.75(a)

418,500

161,500

Transocean,

Inc.,

8.75%,

2/15/30,

Callable

2/15/26

@

104.38(a)

164,730

190,000

Valaris,

Ltd.,

8.38%,

4/30/30,

Callable

4/30/26

@

104.19(a)

190,475

773,705

Entertainment

(

0

.0

%

†

):

255,000

Allen

Media

LLC/Allen

Media

Co-Issuer,

Inc.,

10.50%,

2/15/28,

Callable

11/6/23

@

113(a)

145,350

680,000

Diamond

Sports

Group

LLC/Diamond

Sports

Finance

Co.,

5.38%,

8/15/26,

Callable

10/23/23

@

101.34(a)

13,600

310,000

ROBLOX

Corp.,

3.88%,

5/1/30,

Callable

11/1/24

@

101.94(a)

248,000

406,950

Financial

Services

(

0

.9

%

):

585,000

Acrisure

LLC/Acrisure

Finance,

Inc.,

6.00%,

8/1/29,

Callable

8/1/24

@

103(a)

491,400

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

111

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services,

continued

$

70,000

AmWINS

Group,

Inc.,

4.88%,

6/30/29,

Callable

6/30/24

@

102.44(a)

$

61,075

2,052,000

Blackstone

Private

Credit

Fund,

4.70%,

3/24/25

1,992,623

888,000

Blackstone

Private

Credit

Fund,

7.05%,

9/29/25

887,793

570,000

Clydesdale

Acquisition

Holdings,

Inc.,

6.63%,

4/15/29,

Callable

4/15/25

@

103.31(a)

532,238

120,000

Cobra

AcquisitionCo

LLC,

6.38%,

11/1/29,

Callable

11/1/24

@

103.25(a)

88,800

242,000

Corebridge

Financial,

Inc.,

3.50%,

4/4/25,

Callable

3/4/25

@

100

231,688

824,000

Corebridge

Financial,

Inc.,

3.65%,

4/5/27,

Callable

3/5/27

@

100

766,088

339,000

Corebridge

Financial,

Inc.,

3.85%,

4/5/29,

Callable

2/5/29

@

100

304,724

404,000

Corebridge

Financial,

Inc.,

3.90%,

4/5/32,

Callable

1/5/32

@

100

340,370

92,000

Corebridge

Financial,

Inc.,

4.35%,

4/5/42,

Callable

10/5/41

@

100

69,140

271,000

Corebridge

Financial,

Inc.,

4.40%,

4/5/52,

Callable

10/5/51

@

100

196,667

968,000

Ford

Motor

Credit

Co.

LLC,

4.06%,

11/1/24,

Callable

10/1/24

@

100

937,332

300,000

GGAM

Finance,

Ltd.,

7.75%,

5/15/26,

Callable

11/15/25

@

100(a)

297,375

55,000

Greystar

Real

Estate

Partners

LLC,

7.75%,

9/1/30,

Callable

9/1/26

@

103.88(a)

54,450

505,000

HUB

International,

Ltd.,

5.63%,

12/1/29,

Callable

12/1/24

@

102.81(a)

438,719

240,000

HUB

International,

Ltd.,

7.25%,

6/15/30,

Callable

6/15/26

@

103.63(a)

239,100

358,000

Jackson

Financial,

Inc.,

5.17%,

6/8/27,

Callable

5/8/27

@

200

345,206

91,000

Jackson

Financial,

Inc.,

3.13%,

11/23/31,

Callable

8/23/31

@

100

70,086

386,000

Jackson

Financial,

Inc.,

5.67%,

6/8/32,

Callable

3/8/32

@

100

356,808

70,000

Jane

Street

Group/JSG

Finance,

Inc.,

4.50%,

11/15/29,

Callable

11/15/24

@

102.25(a)

59,937

825,000

Level

3

Financing,

Inc.,

4.25%,

7/1/28,

Callable

11/6/23

@

102.13(a)

515,625

15,000

Level

3

Financing,

Inc.,

3.63%,

1/15/29,

Callable

1/15/24

@

101.81(a)

8,400

35,000

MIWD

Holdco

II

LLC/MIWD

Finance

Corp.,

5.50%,

2/1/30,

Callable

2/1/25

@

102.75(a)

28,963

205,000

Neptune

Bidco

U.S.,

Inc.,

9.29%,

4/15/29,

Callable

10/15/25

@

104.65(a)

185,525

130,000

OI

European

Group

BV,

4.75%,

2/15/30,

Callable

11/15/24

@

102.38(a)

113,425

500,000

Peachtree

Funding

Trust,

3.98%,

2/15/25(a)

483,536

2,296,000

Pine

Street

Trust

I,

4.57%,

2/15/29,

Callable

11/15/28

@

100(a)

2,064,671

212,000

Sun

Communities

Operating

LP,

2.30%,

11/1/28,

Callable

9/1/28

@

100

175,268

272,000

Sun

Communities

Operating

LP,

2.70%,

7/15/31,

Callable

4/15/31

@

100

209,178

600,000

Venture

Global

Calcasieu

Pass

LLC,

3.88%,

8/15/29,

Callable

2/15/29

@

100(a)

502,500

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services,

continued

$

55,000

Victors

Merger

Corp.,

6.38%,

5/15/29,

Callable

5/15/24

@

103.19(a)

$

36,850

13,085,560

Food

Products

(

0

.1

%

):

240,000

C&S

Group

Enterprises

LLC,

5.00%,

12/15/28,

Callable

12/15/23

@

102.5(a)

184,800

154,000

JBS

Finance

Luxembourg

Sarl,

3.63%,

1/15/32,

Callable

1/15/27

@

101.81(a)

117,810

650,000

Pilgrim's

Pride

Corp.,

4.25%,

4/15/31,

Callable

4/15/26

@

102.13

540,313

500,000

Post

Holdings,

Inc.,

5.75%,

3/1/27,

Callable

10/23/23

@

101.92(a)

480,000

45,000

Post

Holdings,

Inc.,

5.63%,

1/15/28,

Callable

10/23/23

@

102.81(a)

42,581

69,000

Post

Holdings,

Inc.,

4.50%,

9/15/31,

Callable

9/15/26

@

102.25(a)

57,356

1,422,860

Ground

Transportation

(

0

.1

%

):

1,050,000

Uber

Technologies,

Inc.,

4.50%,

8/15/29,

Callable

8/15/24

@

102.25(a)

939,750

200,000

VM

Consolidated,

Inc.,

5.50%,

4/15/29,

Callable

4/15/24

@

102.75(a)

179,750

1,119,500

Health

Care

Equipment

&

Supplies

(

0

.0

%

†

):

600,000

Hologic,

Inc.,

4.63%,

2/1/28,

Callable

11/6/23

@

102.31(a)

552,000

Health

Care

Providers

&

Services

(

0

.9

%

):

495,000

180

Medical,

Inc.,

3.88%,

10/15/29,

Callable

10/7/24

@

101.94(a)

418,275

140,000

AHP

Health

Partners,

Inc.,

5.75%,

7/15/29,

Callable

7/15/24

@

102.88(a)

118,650

35,000

Cano

Health

LLC,

6.25%,

10/1/28,

Callable

10/1/24

@

103.13(a)

15,225

3,765,000

Centene

Corp.,

4.25%,

12/15/27,

Callable

10/23/23

@

102.13

3,463,800

1,485,000

Centene

Corp.,

2.45%,

7/15/28,

Callable

5/15/28

@

100

1,252,969

410,000

Centene

Corp.,

4.63%,

12/15/29,

Callable

12/15/24

@

102.31

367,975

245,000

Centene

Corp.,

3.38%,

2/15/30,

Callable

2/15/25

@

101.69

204,575

610,000

Centene

Corp.,

2.63%,

8/1/31,

Callable

5/1/31

@

100

468,175

255,000

CHS/Community

Health

Systems,

Inc.,

5.63%,

3/15/27,

Callable

12/15/23

@

102.81(a)

218,663

255,000

CHS/Community

Health

Systems,

Inc.,

6.00%,

1/15/29,

Callable

1/15/24

@

103(a)

205,275

385,000

CHS/Community

Health

Systems,

Inc.,

6.13%,

4/1/30,

Callable

4/1/25

@

103.06(a)

196,350

285,000

CHS/Community

Health

Systems,

Inc.,

5.25%,

5/15/30,

Callable

5/15/25

@

102.63(a)

215,175

45,000

CHS/Community

Health

Systems,

Inc.,

4.75%,

2/15/31,

Callable

2/15/26

@

102.38(a)

31,725

605,000

Community

Health

Systems,

Inc.,

8.00%,

3/15/26,

Callable

11/6/23

@

102(a)

576,262

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

112

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

185,000

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC,

6.63%,

7/15/30,

Callable

7/16/26

@

103.31(a)

$

180,838

343,000

CVS

Health

Corp.,

5.00%,

1/30/29,

Callable

12/30/28

@

100

331,569

140,000

CVS

Health

Corp.,

5.25%,

1/30/31,

Callable

11/30/30

@

100

134,720

495,000

DaVita,

Inc.,

4.63%,

6/1/30,

Callable

6/1/25

@

102.31(a)

405,900

55,000

Garden

Spinco

Corp.,

8.63%,

7/20/30,

Callable

7/20/27

@

102.16(a)

57,338

534,000

HCA,

Inc.,

5.63%,

9/1/28,

Callable

3/1/28

@

100

521,985

503,000

HCA,

Inc.,

5.88%,

2/1/29,

Callable

8/1/28

@

100

494,197

510,000

HCA,

Inc.,

3.50%,

9/1/30,

Callable

3/1/30

@

100

432,862

99,000

HCA,

Inc.,

3.63%,

3/15/32,

Callable

12/15/31

@

100

81,599

50,000

HealthEquity,

Inc.,

4.50%,

10/1/29,

Callable

10/1/24

@

102.25(a)

43,125

314,000

Humana,

Inc.,

3.70%,

3/23/29,

Callable

2/23/29

@

100

285,999

400,000

IQVIA,

Inc.,

5.00%,

10/15/26,

Callable

11/6/23

@

100.83(a)

382,000

350,000

LifePoint

Health,

Inc.,

11.00%,

10/15/30,

Callable

10/15/26

@

105.5(a)

350,000

45,000

ModivCare,

Inc.,

5.88%,

11/15/25,

Callable

11/6/23

@

102.94(a)

42,637

40,000

Molina

Healthcare,

Inc.,

3.88%,

11/15/30,

Callable

8/17/30

@

100(a)

33,000

470,000

Molina

Healthcare,

Inc.,

3.88%,

5/15/32,

Callable

2/15/32

@

100(a)

377,175

25,000

Owens

&

Minor,

Inc.,

4.50%,

3/31/29,

Callable

3/31/24

@

102.25(a)

20,500

127,000

Surgery

Center

Holdings,

Inc.,

6.75%,

7/1/25,

Callable

11/6/23

@

100(a)

126,047

600,000

Tenet

Healthcare

Corp.,

4.88%,

1/1/26,

Callable

10/23/23

@

101.22

575,250

590,000

Tenet

Healthcare

Corp.,

6.25%,

2/1/27,

Callable

10/23/23

@

101.56

570,088

510,000

Tenet

Healthcare

Corp.,

6.13%,

10/1/28,

Callable

11/6/23

@

206.12

479,400

295,000

Tenet

Healthcare

Corp.,

4.25%,

6/1/29,

Callable

6/1/24

@

102.13

254,438

140,000

Tenet

Healthcare

Corp.,

4.38%,

1/15/30,

Callable

12/1/24

@

102.19

120,050

117,000

Toledo

Hospital

(The),

Series

B,

5.33%,

11/15/28

92,137

85,000

Toledo

Hospital

(The),

6.02%,

11/15/48

58,225

35,000

US

Renal

Care,

Inc.,

10.63%,

7/15/27,

Callable

11/6/23

@

102.66(a)

14,087

14,218,260

Health

Care

REITs

(

0

.5

%

):

66,000

Healthcare

Trust

of

America

Holdings

LP,

3.50%,

8/1/26,

Callable

5/1/26

@

100

61,299

63,000

Healthcare

Trust

of

America

Holdings

LP,

3.10%,

2/15/30,

Callable

11/15/29

@

100

52,414

845,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.25%,

8/1/26,

Callable

11/6/23

@

201.76

719,306

335,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.00%,

10/15/27,

Callable

11/6/23

@

101.67

258,788

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

REITs,

continued

$

360,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

3.50%,

3/15/31,

Callable

3/15/26

@

101.75

$

225,000

101,000

Omega

Healthcare

Investors,

Inc.,

4.50%,

1/15/25,

Callable

10/15/24

@

100

98,099

1,278,000

Omega

Healthcare

Investors,

Inc.,

4.50%,

4/1/27,

Callable

1/1/27

@

100

1,188,227

2,482,000

Omega

Healthcare

Investors,

Inc.,

3.63%,

10/1/29,

Callable

7/1/29

@

100

2,062,013

133,000

Omega

Healthcare

Investors,

Inc.,

3.38%,

2/1/31,

Callable

11/1/30

@

100

104,515

1,214,000

Sabra

Health

Care

LP,

3.20%,

12/1/31,

Callable

9/1/31

@

100

909,772

131,000

Ventas

Realty

LP,

4.00%,

3/1/28,

Callable

12/1/27

@

100

120,381

367,000

Ventas

Realty

LP,

3.00%,

1/15/30,

Callable

10/15/29

@

100

304,612

1,430,000

Ventas

Realty

LP,

4.75%,

11/15/30,

Callable

8/15/30

@

100

1,307,337

7,411,763

Health

Care

Technology

(

0

.0

%

†

):

465,000

Minerva

Merger

Sub,

Inc.,

6.50%,

2/15/30,

Callable

2/15/25

@

103.25(a)

388,275

Hotel

&

Resort

REITs

(

0

.0

%

†

):

540,000

Service

Properties

Trust,

5.50%,

12/15/27,

Callable

9/15/27

@

100

461,700

Hotels,

Restaurants

&

Leisure

(

0

.5

%

):

15,000

Affinity

Gaming,

6.88%,

12/15/27,

Callable

12/1/23

@

103.44(a)

12,675

500,000

Boyd

Gaming

Corp.,

4.75%,

6/15/31,

Callable

6/15/26

@

102.38(a)

423,125

145,000

Caesars

Entertainment,

Inc.,

4.63%,

10/15/29,

Callable

10/15/24

@

102.31(a)

122,706

565,000

Carnival

Corp.,

7.63%,

3/1/26,

Callable

3/1/24

@

203.82(a)

549,463

245,000

Carnival

Corp.,

7.00%,

8/15/29,

Callable

8/15/26

@

103.5(a)

241,019

245,000

Carnival

Corp.,

10.50%,

6/1/30,

Callable

6/1/25

@

210.5(a)

251,737

125,000

Carrols

Restaurant

Group,

Inc.,

5.88%,

7/1/29,

Callable

7/1/24

@

102.94(a)

104,687

550,000

Colt

Merger

Sub,

Inc.,

8.13%,

7/1/27,

Callable

11/6/23

@

104.06(a)

551,375

30,000

Constellation

Merger

Sub,

Inc.,

8.50%,

9/15/25,

Callable

11/6/23

@

100(a)

24,900

160,000

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.,

6.75%,

1/15/30,

Callable

1/15/25

@

103.38(a)

130,400

530,000

Golden

Entertainment,

Inc.,

7.63%,

4/15/26,

Callable

11/6/23

@

101.91(a)

526,688

500,000

Hilton

Domestic

Operating

Co.,

Inc.,

4.00%,

5/1/31,

Callable

5/1/26

@

102(a)

418,750

40,000

Hilton

Grand

Vacations

Borrower

Escrow

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

5.00%,

6/1/29,

Callable

6/1/24

@

102.5(a)

34,750

75,000

Jacobs

Entertainment,

Inc.,

6.75%,

2/15/29,

Callable

2/15/25

@

103.38(a)

66,563

45,000

Life

Time,

Inc.,

5.75%,

1/15/26,

Callable

11/6/23

@

102.88(a)

43,425

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

113

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Hotels,

Restaurants

&

Leisure,

continued

$

40,000

Marriott

Ownership

Resorts,

Inc.,

4.50%,

6/15/29,

Callable

6/15/24

@

102.25(a)

$

33,500

900,000

NCL

Corp.,

Ltd.,

5.88%,

3/15/26,

Callable

12/15/25

@

100(a)

828,000

170,000

NCL

Corp.,

Ltd.,

5.88%,

2/15/27,

Callable

2/15/24

@

102.94(a)

161,515

20,000

NCL

Finance,

Ltd.,

6.13%,

3/15/28,

Callable

12/15/27

@

100(a)

17,650

100,000

Royal

Caribbean

Cruises,

Ltd.,

11.50%,

6/1/25,

Callable

10/16/23

@

105.75(a)

105,625

310,000

Royal

Caribbean

Cruises,

Ltd.,

5.50%,

8/31/26,

Callable

2/28/26

@

100(a)

292,175

115,000

Royal

Caribbean

Cruises,

Ltd.,

5.38%,

7/15/27,

Callable

10/15/26

@

100(a)

106,087

95,000

Royal

Caribbean

Cruises,

Ltd.,

7.25%,

1/15/30,

Callable

12/15/25

@

103.63(a)

93,931

510,000

Station

Casinos

LLC,

4.50%,

2/15/28,

Callable

11/6/23

@

102.25(a)

443,700

240,000

Viking

Cruises,

Ltd.,

9.13%,

7/15/31,

Callable

7/15/26

@

104.56(a)

239,400

255,000

Wynn

Las

Vegas

LLC/Wynn

Las

Vegas

Capital

Corp.,

5.50%,

3/1/25,

Callable

12/1/24

@

100(a)

250,219

390,000

Wynn

Las

Vegas

LLC/Wynn

Las

Vegas

Capital

Corp.,

5.25%,

5/15/27,

Callable

2/15/27

@

100(a)

362,700

105,000

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.,

7.13%,

2/15/31,

Callable

11/15/30

@

100(a)

99,619

700,000

Yum!

Brands,

Inc.,

3.63%,

3/15/31,

Callable

12/15/30

@

100

577,500

7,113,884

Household

Durables

(

0

.1

%

):

65,000

Ambience

Merger

Sub,

Inc.,

4.88%,

7/15/28,

Callable

11/6/23

@

102.44(a)

25,675

70,000

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.,

4.63%,

4/1/30,

Callable

4/1/25

@

102.31(a)

57,138

150,000

Century

Communities,

Inc.,

3.88%,

8/15/29,

Callable

2/15/29

@

100(a)

123,937

250,000

LBM

Acquisition

LLC,

0.00%,

12/18/27

243,608

295,000

LBM

Acquisition

LLC,

6.25%,

1/15/29,

Callable

1/15/24

@

103.13(a)

241,900

290,000

Newell

Brands,

Inc.,

5.38%,

4/1/36,

Callable

10/1/35

@

100

237,075

90,000

Northwest

Fiber

LLC/Northwest

Fiber

Finance

Sub,

Inc.,

4.75%,

4/30/27,

Callable

11/6/23

@

102.38(a)

79,200

15,000

Northwest

Fiber

LLC/Northwest

Fiber

Finance

Sub,

Inc.,

6.00%,

2/15/28,

Callable

2/15/24

@

103(a)

12,300

130,000

Tempur

Sealy

International,

Inc.,

3.88%,

10/15/31,

Callable

10/15/26

@

101.94(a)

100,262

265,000

TopBuild

Corp.,

4.13%,

2/15/32,

Callable

10/15/26

@

102.06(a)

215,312

1,336,407

Household

Products

(

0

.0

%

†

):

55,000

Central

Garden

&

Pet

Co.,

4.13%,

4/30/31,

Callable

4/30/26

@

102.06(a)

44,962

Independent

Power

and

Renewable

Electricity

Producers

(

0

.2

%

):

1,457,000

AES

Corp.

(The),

3.30%,

7/15/25,

Callable

6/15/25

@

100(a)

1,380,748

Principal

Amount

Value

Corporate

Bonds,

continued

Independent

Power

and

Renewable

Electricity

Producers,

continued

$

1,412,000

AES

Corp.

(The),

3.95%,

7/15/30,

Callable

4/15/30

@

100(a)

$

1,227,389

218,000

AES

Corp.

(The),

2.45%,

1/15/31,

Callable

10/15/30

@

100

168,252

30,000

Clearway

Energy

Operating

LLC,

4.75%,

3/15/28,

Callable

10/16/23

@

103.56(a)

26,775

35,000

Pattern

Energy

Operations

LP/Pattern

Energy

Operations,

Inc.,

4.50%,

8/15/28,

Callable

11/6/23

@

103.38(a)

30,362

85,000

Sunnova

Energy

Corp.,

5.88%,

9/1/26,

Callable

11/6/23

@

102.94(a)

72,463

120,000

Sunnova

Energy

Corp.,

11.75%,

10/1/28,

Callable

4/1/28

@

100(a)

115,650

15,000

TerraForm

Power

Operating

LLC,

5.00%,

1/31/28,

Callable

7/31/27

@

100(a)

13,575

3,035,214

Industrial

Conglomerates

(

0

.1

%

):

490,000

Brand

Industrial

Services,

Inc.,

10.38%,

8/1/30,

Callable

8/1/26

@

105.19(a)

491,837

110,000

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/15/28,

Callable

12/15/25

@

104.94(a)

104,088

1,400,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

5.25%,

5/15/27,

Callable

11/15/26

@

100

1,228,500

135,000

Sealed

Air

Corp./Sealed

Air

Corp.

U.S.,

6.13%,

2/1/28,

Callable

2/1/25

@

103.06(a)

131,119

1,955,544

Industrial

REITs

(

0

.1

%

):

735,000

Lexington

Realty

Trust,

4.40%,

6/15/24,

Callable

3/15/24

@

100

719,039

Insurance

(

0

.3

%

):

40,000

AssuredPartners,

Inc.,

5.63%,

1/15/29,

Callable

12/15/23

@

102.81(a)

34,700

70,000

BroadStreet

Partners,

Inc.,

5.88%,

4/15/29,

Callable

4/15/24

@

102.94(a)

61,775

2,771,000

Five

Corners

Funding

Trust

II,

2.85%,

5/15/30,

Callable

2/15/30

@

100(a)

2,311,892

115,000

HUB

International,

Ltd.,

7.00%,

5/1/26,

Callable

10/16/23

@

100(a)

114,425

436,000

Pacific

Lifecorp,

5.13%,

1/30/43(a)

379,916

185,000

Ryan

Specialty

Group

LLC,

4.38%,

2/1/30,

Callable

2/1/25

@

102.19(a)

161,413

227,000

Unum

Group,

4.00%,

6/15/29,

Callable

3/15/29

@

100

204,224

1,000,000

Unum

Group,

5.75%,

8/15/42

869,020

685,000

USI,

Inc.,

6.88%,

5/1/25,

Callable

11/6/23

@

100(a)

679,006

4,816,371

Interactive

Media

&

Services

(

0

.0

%

†

):

190,000

Match

Group

Holdings

II

LLC,

3.63%,

10/1/31,

Callable

10/1/26

@

101.81(a)

149,625

25,000

Match

Group,

Inc.,

4.13%,

8/1/30,

Callable

5/1/25

@

102.06(a)

20,687

170,312

IT

Services

(

0

.0

%

†

):

25,000

Arches

Buyer,

Inc.,

4.25%,

6/1/28,

Callable

12/1/23

@

102.13(a)

21,125

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

114

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

IT

Services,

continued

$

10,000

Arches

Buyer,

Inc.,

6.13%,

12/1/28,

Callable

12/1/23

@

103.06(a)

$

8,075

15,000

Booz

Allen

Hamilton,

Inc.,

4.00%,

7/1/29,

Callable

7/1/24

@

102(a)

13,293

500,000

Gartner,

Inc.,

4.50%,

7/1/28,

Callable

11/6/23

@

102.25(a)

456,250

45,000

Gartner,

Inc.,

3.75%,

10/1/30,

Callable

10/1/25

@

101.88(a)

37,744

35,000

Twilio,

Inc.,

3.63%,

3/15/29,

Callable

3/15/24

@

101.81

29,225

35,000

Twilio,

Inc.,

3.88%,

3/15/31,

Callable

3/15/26

@

101.94

28,350

594,062

Leisure

Products

(

0

.0

%

†

):

5,000

Mattel,

Inc.,

5.88%,

12/15/27,

Callable

11/6/23

@

104.41(a)

4,856

170,000

Mattel,

Inc.,

6.20%,

10/1/40

152,363

157,219

Life

Sciences

Tools

&

Services

(

0

.0

%

†

):

15,000

Charles

River

Laboratories

International,

Inc.,

4.25%,

5/1/28,

Callable

10/23/23

@

102.13(a)

13,463

30,000

Charles

River

Laboratories

International,

Inc.,

3.75%,

3/15/29,

Callable

3/15/24

@

101.88(a)

25,837

39,300

Machinery

(

0

.1

%

):

55,000

GrafTech

Finance,

Inc.,

4.63%,

12/15/28,

Callable

12/15/23

@

102.31(a)

42,419

170,000

ITT

Holdings

LLC,

6.50%,

8/1/29,

Callable

8/1/24

@

103.25(a)

144,075

230,000

Madison

IAQ

LLC,

4.13%,

6/30/28,

Callable

6/30/24

@

102.06(a)

196,362

650,000

Madison

IAQ

LLC,

5.88%,

6/30/29,

Callable

6/30/24

@

102.94(a)

520,000

45,000

Mueller

Water

Products,

Inc.,

4.00%,

6/15/29,

Callable

6/15/24

@

102(a)

39,375

942,231

Media

(

1

.1

%

):

300,000

Advantage

Sales

&

Marketing,

Inc.,

6.50%,

11/15/28,

Callable

11/15/23

@

103.25(a)

258,375

25,000

Austin

BidCo,

Inc.,

7.13%,

12/15/28,

Callable

12/15/23

@

103.56(a)

20,156

20,000

Cablevision

Lightpath

LLC,

3.88%,

9/15/27,

Callable

10/16/23

@

101.94(a)

16,700

1,250,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.75%,

3/1/30,

Callable

9/1/24

@

102.38(a)

1,048,438

880,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.50%,

8/15/30,

Callable

2/15/25

@

102.25(a)

719,400

390,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.50%,

5/1/32,

Callable

5/1/26

@

102.25

306,638

270,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.50%,

6/1/33,

Callable

6/1/27

@

102.25(a)

206,213

1,500,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.91%,

7/23/25,

Callable

4/23/25

@

100

1,466,443

813,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.40%,

4/1/33,

Callable

1/1/33

@

200

689,858

Principal

Amount

Value

Corporate

Bonds,

continued

Media,

continued

$

1,000,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.38%,

5/1/47,

Callable

11/1/46

@

100

$

759,602

1,064,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.25%,

4/1/53,

Callable

10/1/52

@

100

790,489

1,064,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.50%,

4/1/63,

Callable

10/1/62

@

100

790,401

345,000

Clear

Channel

Outdoor

Holdings,

Inc.,

5.13%,

8/15/27,

Callable

11/6/23

@

101.28(a)

304,894

2,346,000

Discovery

Communications

LLC,

3.63%,

5/15/30,

Callable

2/15/30

@

100

1,985,518

392,000

Discovery

Communications

LLC,

4.65%,

5/15/50,

Callable

11/15/49

@

100

276,583

605,000

DISH

DBS

Corp.,

7.75%,

7/1/26

453,750

790,000

DISH

Network

Corp.,

11.75%,

11/15/27,

Callable

5/15/25

@

105.88(a)

796,912

1,094,000

Fox

Corp.,

4.71%,

1/25/29,

Callable

10/25/28

@

100

1,035,144

93,000

Fox

Corp.,

5.48%,

1/25/39,

Callable

7/25/38

@

100

79,832

140,000

Gray

Television,

Inc.,

4.75%,

10/15/30,

Callable

10/15/25

@

102.38(a)

92,750

145,000

Radiate

Holdco

LLC/Radiate

Finance,

Inc.,

6.50%,

9/15/28,

Callable

11/6/23

@

103.25(a)

76,125

1,400,000

Sirius

XM

Radio,

Inc.,

3.88%,

9/1/31,

Callable

9/1/26

@

101.94(a)

1,060,500

350,000

TEGNA,

Inc.,

4.75%,

3/15/26,

Callable

11/6/23

@

102.38(a)

329,875

435,000

Terrier

Media

Buyer,

Inc.,

8.88%,

12/15/27,

Callable

10/16/23

@

104.44(a)

339,300

69,000

Time

Warner

Cable

LLC,

5.50%,

9/1/41,

Callable

3/1/41

@

100

53,788

1,620,000

Time

Warner

Cable,

Inc.,

6.55%,

5/1/37

1,463,098

280,000

Time

Warner

Cable,

Inc.,

7.30%,

7/1/38

269,109

435,000

Univision

Communications,

Inc.,

6.63%,

6/1/27,

Callable

10/16/23

@

103.31(a)

404,550

245,000

Univision

Communications,

Inc.,

4.50%,

5/1/29,

Callable

5/1/24

@

102.25(a)

199,062

16,293,503

Metals

&

Mining

(

0

.1

%

):

45,000

Alcoa

Nederland

Holding

BV,

4.13%,

3/31/29,

Callable

3/31/24

@

204.12(a)

39,571

400,000

Allegheny

Technologies,

Inc.,

5.88%,

12/1/27,

Callable

11/6/23

@

102.94

378,500

60,000

Allegheny

Technologies,

Inc.,

4.88%,

10/1/29,

Callable

10/1/24

@

102.44

52,783

45,000

Allegheny

Technologies,

Inc.,

5.13%,

10/1/31,

Callable

10/1/26

@

102.56

38,812

75,000

Arsenal

AIC

Parent

LLC,

8.00%,

10/1/30,

Callable

10/1/26

@

104(a)

74,344

45,000

Cleveland-Cliffs,

Inc.,

4.63%,

3/1/29,

Callable

3/1/24

@

102.31(a)

39,094

45,000

Cleveland-Cliffs,

Inc.,

4.88%,

3/1/31,

Callable

3/1/26

@

102.44(a)

38,306

60,000

Commercial

Metals

Co.,

4.13%,

1/15/30,

Callable

1/15/25

@

102.06

52,350

60,000

Commercial

Metals

Co.,

4.38%,

3/15/32,

Callable

3/15/27

@

102.19

50,325

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

115

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Metals

&

Mining,

continued

$

200,000

Kaiser

Aluminun

Corp.,

4.63%,

3/1/28,

Callable

11/6/23

@

102.31(a)

$

174,500

195,000

Mauser

Packaging

Solutions

Holding

Co.,

7.88%,

8/15/26,

Callable

8/15/24

@

103.94(a)

188,175

125,000

Novelis

Corp.,

3.88%,

8/15/31,

Callable

8/15/26

@

101.94(a)

99,687

1,226,447

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.0

%

†

):

40,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.,

4.75%,

6/15/29,

Callable

6/15/24

@

102.38(a)

32,250

45,000

Starwood

Property

Trust,

Inc.,

4.75%,

3/15/25,

Callable

9/15/24

@

100

43,200

75,450

Multi-Utilities

(

0

.2

%

):

1,100,000

NiSource,

Inc.,

2.95%,

9/1/29,

Callable

6/1/29

@

100

950,082

1,000,000

NiSource,

Inc.,

5.25%,

2/15/43,

Callable

8/15/42

@

100

882,921

140,000

Puget

Energy,

Inc.,

4.10%,

6/15/30,

Callable

3/15/30

@

100

121,825

714,000

Puget

Energy,

Inc.,

4.22%,

3/15/32,

Callable

12/15/31

@

100

613,727

2,568,555

Office

REITs

(

0

.0

%

†

):

68,000

Corporate

Office

Properties

LP,

2.25%,

3/15/26,

Callable

2/15/26

@

100

61,291

93,000

Corporate

Office

Properties

LP,

2.75%,

4/15/31,

Callable

1/15/31

@

100

69,914

400,000

Hudson

Pacific

Properties

LP,

4.65%,

4/1/29,

Callable

1/1/29

@

100

304,000

72,000

Vornado

Realty

LP,

2.15%,

6/1/26,

Callable

5/1/26

@

100

61,297

496,502

Oil,

Gas

&

Consumable

Fuels

(

2

.1

%

):

45,000

Apache

Corp.,

5.10%,

9/1/40,

Callable

3/1/40

@

100

35,831

10,000

Apache

Corp.,

7.38%,

8/15/47

9,350

95,000

Calumet

Specialty

Products

Partners

LP/Calumet

Finance

Corp.,

9.75%,

7/15/28,

Callable

7/15/25

@

104.88(a)

93,813

300,000

CITGO

Petroleum

Corp.,

6.38%,

6/15/26,

Callable

11/6/23

@

103.19(a)

295,875

125,000

CITGO

Petroleum

Corp.,

8.38%,

1/15/29,

Callable

10/15/25

@

104.19(a)

124,844

50,000

Cnx

Midstream

Partners

LP,

4.75%,

4/15/30,

Callable

4/15/25

@

102.38(a)

41,625

20,000

CNX

Resources

Corp.,

6.00%,

1/15/29,

Callable

1/15/24

@

104.5(a)

18,650

65,000

Colgate

Energy

Partners

III

LLC,

5.88%,

7/1/29,

Callable

7/1/24

@

102.94(a)

61,100

114,000

Columbia

Pipelines

Operating

Co.

LLC,

5.93%,

8/15/30,

Callable

6/15/30

@

100(a)

112,435

309,000

Columbia

Pipelines

Operating

Co.

LLC,

6.04%,

11/15/33,

Callable

8/15/33

@

100(a)

300,803

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

92,000

Columbia

Pipelines

Operating

Co.

LLC,

6.50%,

8/15/43,

Callable

2/15/43

@

100(a)

$

89,583

166,000

Columbia

Pipelines

Operating

Co.

LLC,

6.54%,

11/15/53,

Callable

5/15/53

@

100(a)

163,238

99,000

Columbia

Pipelines

Operating

Co.

LLC,

6.71%,

8/15/63,

Callable

2/15/63

@

100(a)

97,173

305,000

Comstock

Resources,

Inc.,

6.75%,

3/1/29,

Callable

3/1/24

@

103.38(a)

280,600

25,000

Comstock

Resources,

Inc.,

5.88%,

1/15/30,

Callable

1/15/25

@

102.94(a)

21,625

485,000

Continental

Resources,

Inc.,

5.75%,

1/15/31,

Callable

7/15/30

@

100(a)

455,294

42,000

Crestwood

Midstream

Partners

LP/Crestwood

Midstream

Finance

Corp.,

5.75%,

4/1/25,

Callable

11/6/23

@

100

41,160

795,000

Crestwood

Midstream

Partners

LP/Crestwood

Midstream

Finance

Corp.,

6.00%,

2/1/29,

Callable

2/1/24

@

103(a)

763,200

140,000

Crestwood

Midstream

Partners

LP/Crestwood

Midstream

Finance

Corp.,

7.38%,

2/1/31,

Callable

2/1/26

@

103.69(a)

142,450

605,000

CVR

Energy,

Inc.,

5.25%,

2/15/25,

Callable

10/23/23

@

101.31(a)

589,119

20,000

CVR

Energy,

Inc.,

5.75%,

2/15/28,

Callable

10/23/23

@

102.88(a)

18,100

230,000

DCP

Midstream

Operating

LP,

5.38%,

7/15/25,

Callable

4/15/25

@

100

226,838

2,905,000

DCP

Midstream

Operating

LP,

5.63%,

7/15/27,

Callable

4/15/27

@

100

2,865,783

321,000

DCP

Midstream

Operating

LP,

5.13%,

5/15/29,

Callable

2/15/29

@

100

305,913

25,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

7.13%,

6/1/28,

Callable

6/1/24

@

103.56(a)

22,812

26,000

Devon

Energy

Corp.,

5.25%,

10/15/27,

Callable

10/16/23

@

101.75

25,330

40,000

DT

Midstream,

Inc.,

4.13%,

6/15/29,

Callable

6/15/24

@

102.06(a)

34,600

124,000

Enable

Midstream

Partners

LP,

3.90%,

5/15/24,

Callable

2/15/24

@

100

122,272

300,000

Endeavor

Energy

Resources

LP/EER

Finance,

Inc.,

5.75%,

1/30/28,

Callable

11/6/23

@

102.88(a)

289,500

2,229,000

Energy

Transfer

LP,

4.95%,

6/15/28,

Callable

3/15/28

@

100

2,133,931

106,000

Energy

Transfer

LP,

5.25%,

4/15/29,

Callable

1/15/29

@

100

101,446

109,000

Energy

Transfer

LP,

3.75%,

5/15/30,

Callable

2/15/30

@

100

95,320

73,000

Energy

Transfer

LP,

6.25%,

4/15/49,

Callable

10/15/48

@

100

66,997

1,908,000

Energy

Transfer

LP,

5.00%,

5/15/50,

Callable

11/15/49

@

100

1,494,845

400,000

Energy

Transfer

LP,

Series

A,

9.65%

(US0003M+403

bps),

12/31/99,

Callable

10/23/23

@

100

374,000

65,000

Energy

Transfer

Operating

LP,

4.50%,

4/15/24,

Callable

3/15/24

@

100

64,436

128,000

Energy

Transfer

Partners

LP,

5.80%,

6/15/38,

Callable

12/15/37

@

100

116,476

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

116

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

83,000

Energy

Transfer

Partners

LP,

6.00%,

6/15/48,

Callable

12/15/47

@

100

$

73,809

350,000

EnLink

Midstream

LLC,

5.63%,

1/15/28,

Callable

7/15/27

@

100(a)

330,750

400,000

EQM

Midstream

Partners

LP,

7.50%,

6/1/27,

Callable

6/1/24

@

103.75(a)

400,000

50,000

EQM

Midstream

Partners

LP,

6.50%,

7/1/27,

Callable

1/1/27

@

100(a)

48,875

45,000

EQM

Midstream

Partners

LP,

4.50%,

1/15/29,

Callable

7/15/28

@

100(a)

40,050

30,000

EQT

Corp.,

5.00%,

1/15/29,

Callable

7/15/28

@

100

28,200

650,000

Hess

Corp.,

4.30%,

4/1/27,

Callable

1/1/27

@

100

617,731

71,000

Hess

Corp.,

7.30%,

8/15/31

75,301

50,000

Hess

Corp.,

7.13%,

3/15/33

52,840

2,002,000

Hess

Corp.,

5.60%,

2/15/41

1,799,121

1,166,000

Hess

Corp.,

5.80%,

4/1/47,

Callable

10/1/46

@

100

1,060,795

405,000

Hess

Midstream

Operations

LP,

5.63%,

2/15/26,

Callable

11/6/23

@

101.41(a)

391,331

80,000

Hess

Midstream

Operations

LP,

4.25%,

2/15/30,

Callable

2/15/25

@

102.13(a)

68,000

125,000

Kinetik

Holdings

LP,

5.88%,

6/15/30,

Callable

6/15/25

@

102.94(a)

116,991

125,000

Leeward

Renewable

Energy

Operations

LLC,

4.25%,

7/1/29,

Callable

7/1/24

@

102.13(a)

103,125

159,000

MPLX

LP,

4.88%,

12/1/24,

Callable

9/1/24

@

100

156,861

722,000

MPLX

LP,

4.95%,

9/1/32,

Callable

6/1/32

@

100

659,781

390,000

Murphy

Oil

Corp.,

5.88%,

12/1/27,

Callable

10/23/23

@

102.94

377,325

400,000

New

Fortress

Energy,

Inc.,

6.75%,

9/15/25,

Callable

10/26/23

@

101.69(a)

382,000

250,000

New

Fortress

Energy,

Inc.,

6.50%,

9/30/26,

Callable

11/6/23

@

103.25(a)

230,000

375,000

NGL

Energy

Operating

LLC/NGL

Energy

Finance

Corp.,

7.50%,

2/1/26,

Callable

11/6/23

@

103.75(a)

370,781

1,506,000

Occidental

Petroleum

Corp.,

5.55%,

3/15/26,

Callable

12/15/25

@

100

1,489,058

310,000

Occidental

Petroleum

Corp.,

3.50%,

8/15/29,

Callable

5/15/29

@

100

261,640

255,000

Occidental

Petroleum

Corp.,

8.88%,

7/15/30,

Callable

1/15/30

@

100

286,238

1,464,000

Occidental

Petroleum

Corp.,

7.50%,

5/1/31

1,550,376

16,000

Occidental

Petroleum

Corp.,

7.88%,

9/15/31

17,280

78,000

Occidental

Petroleum

Corp.,

6.45%,

9/15/36

77,025

30,000

Occidental

Petroleum

Corp.,

4.30%,

8/15/39,

Callable

2/15/39

@

100

21,750

25,000

Occidental

Petroleum

Corp.,

6.20%,

3/15/40

23,781

410,000

Occidental

Petroleum

Corp.,

6.60%,

3/15/46,

Callable

9/15/45

@

100

403,235

295,000

Occidental

Petroleum

Corp.,

4.40%,

4/15/46,

Callable

10/15/45

@

100

216,456

430,000

Occidental

Petroleum

Corp.,

4.10%,

2/15/47,

Callable

8/15/46

@

100

277,887

55,000

Occidental

Petroleum

Corp.,

4.20%,

3/15/48,

Callable

9/15/47

@

100

38,362

65,000

Occidental

Petroleum

Corp.,

4.40%,

8/15/49,

Callable

2/15/49

@

100

44,200

280,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

6.00%,

2/15/28,

Callable

11/6/23

@

103

263,200

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

20,000

PDC

Energy,

Inc.,

5.75%,

5/15/26,

Callable

11/6/23

@

101.44

$

19,975

125,000

Permian

Resources

Operating

LLC,

7.00%,

1/15/32,

Callable

1/15/27

@

103.5(a)

123,281

26,000

Phillips

66,

3.85%,

4/9/25,

Callable

3/9/25

@

100

25,271

1,172,000

Plains

All

Amer

Pipeline,

3.60%,

11/1/24,

Callable

8/1/24

@

100

1,140,004

270,000

Range

Resources

Corp.,

4.88%,

5/15/25,

Callable

2/15/25

@

100

261,225

335,000

Sabine

Pass

Liquefaction

LLC,

4.50%,

5/15/30,

Callable

11/15/29

@

100

306,944

278,000

Sanchez

Energy

Corp.,

7.25%,

2/15/23(a)(c)

—

229,000

Sitio

Royalties

Operating

Partnership

LP/Sitio

Finance

Corp.,

7.88%,

11/1/28,

Callable

11/1/25

@

103.94(a)

229,572

10,000

SM

Energy

Co.,

5.63%,

6/1/25,

Callable

11/6/23

@

100

9,750

50,000

SM

Energy

Co.,

6.75%,

9/15/26,

Callable

11/6/23

@

101.13

49,000

300,000

SM

Energy

Co.,

6.50%,

7/15/28,

Callable

7/15/24

@

103.25

286,500

130,000

Southwestern

Energy

Co.,

4.75%,

2/1/32,

Callable

2/1/27

@

102.38

110,825

5,000

Sunoco

LP/Sunoco

Finance

Corp.,

6.00%,

4/15/27,

Callable

11/6/23

@

102

4,831

242,000

Sunoco

LP/Sunoco

Finance

Corp.,

5.88%,

3/15/28,

Callable

11/6/23

@

102.94

232,151

430,000

Sunoco

LP/Sunoco

Finance

Corp.,

4.50%,

5/15/29,

Callable

5/15/24

@

102.25

375,175

350,000

Tallgrass

Energy

Partners

LP/Tallgrass

Energy

Finance

Corp.,

6.00%,

12/31/30,

Callable

12/31/25

@

103(a)

307,125

25,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

5.50%,

3/1/30,

Callable

3/1/25

@

102.75

23,344

445,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

4.88%,

2/1/31,

Callable

2/1/26

@

102.44

400,500

45,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

4.00%,

1/15/32,

Callable

7/15/26

@

102

37,913

43,000

Transcontinental

Gas

Pipe

Line

Co.

LLC,

3.25%,

5/15/30,

Callable

2/15/30

@

100

37,127

40,000

Western

Gas

Partners

LP,

3.95%,

6/1/25,

Callable

3/1/25

@

100

38,450

137,000

Western

Gas

Partners

LP,

4.65%,

7/1/26,

Callable

4/1/26

@

100

131,691

1,000,000

Western

Gas

Partners

LP,

4.50%,

3/1/28,

Callable

12/1/27

@

100

931,250

66,000

Western

Gas

Partners

LP,

4.75%,

8/15/28,

Callable

5/15/28

@

100

61,627

1,000,000

Western

Midstream

Operating

LP,

3.35%,

2/1/25,

Callable

1/1/25

@

100

956,250

525,000

Western

Midstream

Operating

LP,

4.30%,

2/1/30,

Callable

11/1/29

@

100

456,750

755,000

Williams

Cos.,

Inc.

(The),

4.65%,

8/15/32,

Callable

5/15/32

@

100

687,334

171,000

Williams

Cos.,

Inc.

(The),

5.30%,

8/15/52,

Callable

2/15/52

@

100

145,988

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

117

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

162,000

Williams

Partners

LP,

4.50%,

11/15/23,

Callable

11/6/23

@

100

$

161,617

32,001,992

Paper

&

Forest

Products

(

0

.0

%

†

):

45,000

Mercer

International,

Inc.,

5.13%,

2/1/29,

Callable

2/1/24

@

102.56

35,325

Passenger

Airlines

(

0

.0

%

†

):

80,000

American

Airlines,

Inc.,

7.25%,

2/15/28,

Callable

2/15/25

@

103.63(a)

76,400

Personal

Care

Products

(

0

.0

%

†

):

125,000

BellRing

Brands,

Inc.,

7.00%,

3/15/30,

Callable

3/15/27

@

101.75(a)

123,125

Pharmaceuticals

(

0

.2

%

):

97,000

Bausch

Health

Cos.,

Inc.,

11.00%,

9/30/28(a)

65,960

19,000

Bausch

Health

Cos.,

Inc.,

14.00%,

10/15/30,

Callable

10/15/25

@

106(a)

11,258

1,000,000

Bayer

US

Finance

II

LLC,

4.25%,

12/15/25,

Callable

10/15/25

@

100(a)

963,823

55,000

Catalent

Pharma

Solutions,

Inc.,

3.13%,

2/15/29,

Callable

2/15/24

@

101.56(a)

45,237

115,000

Catalent

Pharma

Solutions,

Inc.,

3.50%,

4/1/30,

Callable

4/1/25

@

203.5(a)

94,588

76,000

Elanco

Animal

Health,

Inc.,

5.90%,

8/28/28,

Callable

5/28/28

@

200

73,530

30,000

Jazz

Securities

DAC,

4.38%,

1/15/29,

Callable

7/15/24

@

102.19(a)

26,175

315,000

Organon

&

Co./Organon

Foreign

Debt

Co-Issuer

BV,

4.13%,

4/30/28,

Callable

4/30/24

@

102.06(a)

273,263

40,000

Viatris,

Inc.,

1.65%,

6/22/25,

Callable

5/22/25

@

100

36,946

1,406,000

Viatris,

Inc.,

2.70%,

6/22/30,

Callable

3/22/30

@

100

1,095,745

90,000

Viatris,

Inc.,

3.85%,

6/22/40,

Callable

12/22/39

@

100

58,634

2,745,159

Professional

Services

(

0

.1

%

):

140,000

Asgn,

Inc.,

4.63%,

5/15/28,

Callable

11/6/23

@

102.31(a)

125,300

600,000

Black

Knight

InfoServ

LLC,

3.63%,

9/1/28,

Callable

10/16/23

@

101.81(a)

537,750

40,000

Block,

Inc.,

2.75%,

6/1/26,

Callable

5/1/26

@

100

35,799

40,000

Block,

Inc.,

3.50%,

6/1/31,

Callable

3/1/31

@

200

31,300

335,000

CoreLogic,

Inc.,

4.50%,

5/1/28,

Callable

5/1/24

@

102.25(a)

254,600

400,000

SS&C

Technologies,

Inc.,

5.50%,

9/30/27,

Callable

11/6/23

@

102.75(a)

376,500

15,000

TKC

Holdings,

Inc.,

10.50%,

5/15/29,

Callable

5/15/24

@

105.25(a)

12,525

120,000

TriNet

Group,

Inc.,

7.13%,

8/15/31,

Callable

8/15/26

@

103.56(a)

118,800

1,492,574

Real

Estate

Management

&

Development

(

0

.2

%

):

110,400

Anywhere

Real

Estate

Group

LLC/Anywhere

Co-

Issuer

Corp.,

7.00%,

4/15/30,

Callable

4/15/25

@

102.63(a)

99,774

210,000

CBRE

Services,

Inc.,

2.50%,

4/1/31,

Callable

1/1/31

@

100

162,682

Principal

Amount

Value

Corporate

Bonds,

continued

Real

Estate

Management

&

Development,

continued

$

68,000

Corporate

Office

Properties

LP,

2.00%,

1/15/29,

Callable

11/15/28

@

100

$

53,207

550,000

Invitation

Homes

Operating

Partnership

LP,

4.15%,

4/15/32,

Callable

1/15/32

@

200

472,520

175,000

Kennedy-Wilson,

Inc.,

4.75%,

2/1/30,

Callable

9/1/24

@

102.38

130,375

7,000

Realogy

Group

LLC/Realogy

Co-Issuer

Corp.,

5.75%,

1/15/29,

Callable

1/15/24

@

102.88(a)

5,040

725,000

TK

Elevator

US

Newco,

Inc.,

5.25%,

7/15/27,

Callable

11/6/23

@

102.63(a)

664,281

1,082,000

VICI

Properties

LP,

4.95%,

2/15/30,

Callable

12/15/29

@

100

997,517

25,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

4.63%,

6/15/25,

Callable

3/15/25

@

100(a)

24,125

2,609,521

Residential

REITs

(

0

.0

%

†

):

371,000

American

Homes

4

Rent

LP,

3.63%,

4/15/32,

Callable

1/15/32

@

100

307,334

Retail

REITs

(

0

.3

%

):

536,000

Boston

Properties

LP,

6.75%,

12/1/27,

Callable

11/1/27

@

100

539,883

355,000

Brixmor

Operating

Partners

LP,

3.85%,

2/1/25,

Callable

11/1/24

@

100

341,851

15,000

Retail

Properties

of

America,

Inc.,

4.75%,

9/15/30,

Callable

6/15/30

@

100

13,379

2,200,000

Tanger

Properties

LP,

3.13%,

9/1/26,

Callable

6/1/26

@

100

1,982,992

581,000

Tanger

Properties

LP,

2.75%,

9/1/31,

Callable

6/1/31

@

100

420,499

60,000

Vici

Properties,

3.50%,

2/15/25,

Callable

11/6/23

@

100.88(a)

57,414

731,000

VICI

Properties

LP,

4.75%,

2/15/28,

Callable

1/15/28

@

100

685,751

249,000

VICI

Properties

LP,

5.13%,

5/15/32,

Callable

2/15/32

@

100

223,711

4,265,480

Semiconductors

&

Semiconductor

Equipment

(

0

.4

%

):

65,000

Broadcom,

Inc.,

1.95%,

2/15/28,

Callable

12/15/27

@

100(a)

55,267

4,456,000

Broadcom,

Inc.,

2.45%,

2/15/31,

Callable

11/15/30

@

100(a)

3,470,435

564,000

Broadcom,

Inc.,

2.60%,

2/15/33,

Callable

11/15/32

@

100(a)

419,168

1,648,000

Broadcom,

Inc.,

3.50%,

2/15/41,

Callable

8/15/40

@

100(a)

1,143,065

310,000

Entegris,

Inc.,

4.38%,

4/15/28,

Callable

10/16/23

@

102.19(a)

278,225

50,000

ON

Semiconductor

Corp.,

3.88%,

9/1/28,

Callable

11/6/23

@

101.94(a)

44,125

285,000

Qorvo,

Inc.,

4.38%,

10/15/29,

Callable

10/15/24

@

102.19

250,800

5,661,085

Software

(

0

.4

%

):

40,000

Acuris

Finance

U.S.,

Inc./Acuris

Finance

SARL,

5.00%,

5/1/28,

Callable

5/1/24

@

102.5(a)

32,900

35,000

Boxer

Parent

Co.,

Inc.,

7.13%,

10/2/25,

Callable

11/6/23

@

101.78(a)

34,825

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

118

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Software,

continued

$

25,000

Clarivate

Science

Holdings

Corp.,

3.88%,

7/1/28,

Callable

6/30/24

@

101.94(a)

$

21,625

625,000

Clarivate

Science

Holdings

Corp.,

4.88%,

7/1/29,

Callable

6/30/24

@

204.88(a)

531,250

770,000

Cloud

Software

Group,

Inc.,

6.50%,

3/31/29,

Callable

9/30/25

@

103.25(a)

677,600

205,000

Elastic

NV,

4.13%,

7/15/29,

Callable

7/15/24

@

102.06(a)

173,738

150,000

Fair

Isaac

Corp.,

4.00%,

6/15/28,

Callable

10/23/23

@

102(a)

134,625

253,000

Oracle

Corp.,

1.65%,

3/25/26,

Callable

2/25/26

@

100

229,223

2,200,000

Oracle

Corp.,

2.80%,

4/1/27,

Callable

2/1/27

@

100

1,996,731

400,000

Oracle

Corp.,

2.30%,

3/25/28,

Callable

1/25/28

@

100

346,282

2,990,000

Oracle

Corp.,

2.88%,

3/25/31,

Callable

12/25/30

@

100

2,445,455

6,624,254

Specialized

REITs

(

0

.1

%

):

75,000

LCM

Investments

Holdings

II

LLC,

8.25%,

8/1/31,

Callable

8/1/26

@

104.13(a)

72,937

297,000

SBA

Tower

Trust,

2.84%,

1/15/25,

Callable

1/15/24

@

100(a)

282,767

97,000

SBA

Tower

Trust,

1.88%,

7/15/50,

Callable

1/15/25

@

100(a)

87,794

74,000

SBA

Tower

Trust,

2.33%,

7/15/52,

Callable

7/15/26

@

100(a)

62,585

355,000

Uniti

Group

LP/Uniti

Fiber

Holdings,

Inc./CSL

Capital

LLC,

6.00%,

1/15/30,

Callable

1/15/25

@

103(a)

226,313

335,000

Vici

Properties,

4.25%,

12/1/26,

Callable

11/6/23

@

102.13(a)

312,679

93,000

VICI

Properties

LP,

4.38%,

5/15/25

89,977

1,135,052

Specialty

Retail

(

0

.3

%

):

80,000

Asbury

Automotive

Group,

Inc.,

4.63%,

11/15/29,

Callable

11/15/24

@

102.31(a)

68,400

85,000

Asbury

Automotive

Group,

Inc.,

5.00%,

2/15/32,

Callable

11/15/26

@

102.5(a)

70,338

32,000

AutoNation,

Inc.,

4.75%,

6/1/30,

Callable

3/1/30

@

100

28,802

49,000

AutoZone,

Inc.,

3.63%,

4/15/25,

Callable

3/15/25

@

100

47,387

1,229,000

AutoZone,

Inc.,

4.00%,

4/15/30,

Callable

1/15/30

@

100

1,108,230

150,000

Carvana

Co.,

5.88%,

10/1/28,

Callable

10/16/23

@

104.41(a)

90,000

430,000

Carvana

Co.,

4.88%,

9/1/29,

Callable

9/1/24

@

102.44(a)

255,850

125,000

Carvana

Co.,

10.25%,

5/1/30,

Callable

5/1/27

@

105.13(a)

96,250

275,000

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.,

4.63%,

1/15/29,

Callable

1/15/25

@

102.31(a)

232,375

65,000

Foot

Locker,

Inc.,

4.00%,

10/1/29,

Callable

10/1/24

@

204(a)

46,800

125,000

Gap,

Inc.

(The),

3.88%,

10/1/31,

Callable

10/1/26

@

101.94(a)

87,812

Principal

Amount

Value

Corporate

Bonds,

continued

Specialty

Retail,

continued

$

565,000

L

Brands,

Inc.,

6.63%,

10/1/30,

Callable

10/1/25

@

103.31(a)

$

529,688

80,000

Lowe's

Cos.,

Inc.,

3.35%,

4/1/27,

Callable

3/1/27

@

100

74,487

1,138,000

Lowe's

Cos.,

Inc.,

4.45%,

4/1/62,

Callable

10/1/61

@

100

830,375

340,000

Magic

Mergeco,

Inc.,

5.25%,

5/1/28,

Callable

11/1/23

@

102.63(a)

272,000

20,000

Party

City

Holdings,

Inc.,

8.75%,

2/15/26,

Callable

11/6/23

@

104.38(a)

2,600

15,000

Rent-A-Center,

Inc.,

6.38%,

2/15/29,

Callable

2/15/24

@

103.19(a)

13,425

49,137

Topaz

Solar

Farms

LLC,

5.75%,

9/30/39(a)

45,697

350,000

Valvoline,

Inc.,

3.63%,

6/15/31,

Callable

6/15/26

@

101.81(a)

271,687

85,000

Victoria's

Secret

&

Co.,

4.63%,

7/15/29,

Callable

7/15/24

@

102.31(a)

61,625

4,233,828

Technology

Hardware,

Storage

&

Peripherals

(

0

.0

%

†

):

240,000

Central

Parent

LLC/CDK

Global

II

LLC/CDK

Financing

Co.,

Inc.,

8.00%,

6/15/29,

Callable

6/15/25

@

104(a)

240,000

55,000

Dell

International

LLC/EMC

Corp.,

5.85%,

7/15/25,

Callable

6/15/25

@

100

54,873

83,000

Dell

International

LLC/EMC

Corp.,

6.02%,

6/15/26,

Callable

3/15/26

@

100

83,361

101,000

Dell

International

LLC/EMC

Corp.,

6.10%,

7/15/27,

Callable

5/15/27

@

100

101,962

87,000

Dell

International

LLC/EMC

Corp.,

6.20%,

7/15/30,

Callable

4/15/30

@

100

87,607

115,000

Seagate

HDD

Cayman,

8.25%,

12/15/29,

Callable

7/15/26

@

104.13(a)

118,019

685,822

Textiles,

Apparel

&

Luxury

Goods

(

0

.0

%

†

):

130,000

Crocs,

Inc.,

4.13%,

8/15/31,

Callable

8/15/26

@

102.06(a)

100,262

40,000

Kontoor

Brands,

Inc.,

4.13%,

11/15/29,

Callable

11/15/24

@

102.06(a)

33,200

45,000

Levi

Strauss

&

Co.,

3.50%,

3/1/31,

Callable

3/1/26

@

203.5(a)

35,719

235,000

Wolverine

World

Wide,

Inc.,

4.00%,

8/15/29,

Callable

8/15/24

@

102(a)

173,606

342,787

Tobacco

(

0

.1

%

):

294,000

Altria

Group,

Inc.,

4.25%,

8/9/42

213,712

191,000

Altria

Group,

Inc.,

4.50%,

5/2/43

141,513

175,000

Altria

Group,

Inc.,

5.38%,

1/31/44

156,499

72,000

Altria

Group,

Inc.,

5.95%,

2/14/49,

Callable

8/14/48

@

100

64,835

144,000

Reynolds

American,

Inc.,

4.45%,

6/12/25,

Callable

3/12/25

@

100

139,989

120,000

Reynolds

American,

Inc.,

5.70%,

8/15/35,

Callable

2/15/35

@

100

107,552

45,000

Turning

Point

Brands,

Inc.,

5.63%,

2/15/26,

Callable

10/16/23

@

102.81(a)

41,906

866,006

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

119

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Trading

Companies

&

Distributors

(

0

.2

%

):

$

295,000

Air

Lease

Corp.,

4.25%,

2/1/24,

Callable

1/1/24

@

100

$

292,873

2,465,000

Air

Lease

Corp.,

3.38%,

7/1/25,

Callable

6/1/25

@

100

2,341,144

130,000

Beacon

Roofing

Supply,

Inc.,

6.50%,

8/1/30,

Callable

8/1/26

@

103.25(a)

125,775

30,000

Foundation

Building

Materials,

Inc.,

6.00%,

3/1/29,

Callable

3/1/24

@

103(a)

25,200

30,000

SRS

Distribution,

Inc.,

4.63%,

7/1/28,

Callable

7/1/24

@

102.31(a)

25,950

15,000

SRS

Distribution,

Inc.,

6.13%,

7/1/29,

Callable

7/1/24

@

103.06(a)

12,825

90,000

SRS

Distribution,

Inc.,

6.00%,

12/1/29,

Callable

12/1/24

@

103(a)

76,050

2,899,817

Wireless

Telecommunication

Services

(

0

.3

%

):

1,155,000

Sprint

Capital

Corp.,

8.75%,

3/15/32

1,338,356

2,860,000

T-Mobile

USA,

Inc.,

3.75%,

4/15/27,

Callable

2/15/27

@

100

2,673,067

40,000

T-Mobile

USA,

Inc.,

4.75%,

2/1/28,

Callable

10/16/23

@

102.38

38,200

45,000

T-Mobile

USA,

Inc.,

3.38%,

4/15/29,

Callable

4/15/24

@

101.69

39,612

430,000

T-Mobile

USA,

Inc.,

3.88%,

4/15/30,

Callable

1/15/30

@

100

381,716

4,470,951

Total

Corporate

Bonds

(Cost

$321,505,227)

278,887,052

Yankee

Debt

Obligations

(

4

.3

%

):

Aerospace

&

Defense

(

0

.0

%

†

):

35,000

Bombardier,

Inc.,

7.13%,

6/15/26,

Callable

11/6/23

@

103.56(a)

33,819

620,000

Bombardier,

Inc.,

6.00%,

2/15/28,

Callable

2/15/24

@

103(a)

562,650

596,469

Banks

(

0

.8

%

):

2,377,000

Barclays

plc,

5.09%

(US0003M+305

bps),

6/20/30,

Callable

6/20/29

@

100

2,125,119

200,000

Commonwealth

Bank

of

Australia,

3.61%,

9/12/34,

Callable

9/12/29

@

100(a)

165,703

205,000

HSBC

Holdings

plc,

4.25%,

3/14/24

203,103

1,000,000

HSBC

Holdings

plc,

4.95%,

3/31/30

929,987

200,000

Intesa

Sanpaolo

SpA,

5.02%,

6/26/24(a)

195,255

4,069,000

Intesa

Sanpaolo

SpA,

5.71%,

1/15/26(a)

3,895,701

680,000

Societe

Generale

SA,

1.04%

(H15T1Y+75

bps),

6/18/25,

Callable

6/18/24

@

100(a)

651,810

3,863,000

Societe

Generale

SA,

1.49%

(H15T1Y+110

bps),

12/14/26,

Callable

12/14/25

@

100(a)

3,452,456

54,000

UniCredit

SpA,

5.86%

(USISDA05+370

bps),

6/19/32,

Callable

6/19/27

@

100(a)

49,044

141,000

UniCredit

SpA,

7.30%

(USISDA05+491

bps),

4/2/34,

Callable

4/2/29

@

100(a)

133,268

186,000

Westpac

Banking

Corp.,

4.11%

(H15T5Y+200

bps),

7/24/34,

Callable

7/24/29

@

100

159,593

11,961,039

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Biotechnology

(

0

.0

%

†

):

$

200,000

Grifols

Escrow

Issuer

SA,

4.75%,

10/15/28,

Callable

10/15/24

@

204.76(a)

$

171,000

Capital

Markets

(

0

.6

%

):

314,000

Credit

Suisse

Group

AG,

4.19%

(SOFR+373

bps),

4/1/31,

Callable

4/1/30

@

100(a)

274,811

4,610,000

Deutsche

Bank

AG,

4.50%,

4/1/25

4,431,570

110,000

Macquarie

Airfinance

Holdings,

Ltd.,

8.13%,

3/30/29,

Callable

9/30/25

@

104.06(a)

110,138

4,009,000

UBS

Group

AG,

2.59%

(SOFR+156

bps),

9/11/25,

Callable

9/11/24

@

100(a)

3,858,923

774,000

UBS

Group

AG,

1.49%

(H15T1Y+85

bps),

8/10/27,

Callable

8/10/26

@

100(a)

675,220

9,350,662

Chemicals

(

0

.1

%

):

125,000

Cerdia

Finanz

GmbH,

10.50%,

2/15/27,

Callable

2/15/24

@

105.25(a)

123,594

510,000

Methanex

Corp.,

5.13%,

10/15/27,

Callable

4/15/27

@

100

469,200

255,000

Methanex

Corp.,

5.65%,

12/1/44,

Callable

6/1/44

@

100

204,000

530,000

NOVA

Chemicals

Corp.,

5.25%,

6/1/27,

Callable

3/3/27

@

100(a)

455,800

500,000

Nufarm

Australia,

Ltd./Nufarm

Americas,

Inc.,

5.00%,

1/27/30,

Callable

1/27/25

@

102.5(a)

440,625

125,000

SPCM

SA,

3.13%,

3/15/27,

Callable

3/15/24

@

101.56(a)

109,531

1,802,750

Communications

Equipment

(

0

.0

%

†

):

160,000

Nokia

Oyj,

6.63%,

5/15/39

143,400

Construction

Materials

(

0

.0

%

†

):

205,000

INEOS

Finance

plc,

6.75%,

5/15/28,

Callable

2/15/25

@

103.38(a)

191,163

Containers

&

Packaging

(

0

.0

%

†

):

15,000

Intelligent

Packaging,

Ltd.

Finco,

Inc./Intelligent

Packaging,

Ltd.

Co-Issuer

LLC,

6.00%,

9/15/28,

Callable

11/6/23

@

101.5(a)

13,069

285,000

Trivium

Packaging

Finance

BV,

5.50%,

8/15/26,

Callable

11/6/23

@

101.38(a)

265,762

278,831

Diversified

Consumer

Services

(

0

.1

%

):

33,000

Allied

Universal

Holdco

LLC/Allied

Universal

Finance

Corp./Atlas

Luxco

4

Sarl,

4.63%,

6/1/28,

Callable

6/1/24

@

102.31(a)

27,472

980,000

GEMS

MENASA

Cayman,

Ltd./GEMS

Education

Delaware

LLC,

7.13%,

7/31/26,

Callable

11/6/23

@

101.78(a)

951,825

979,297

Diversified

Telecommunication

Services

(

0

.1

%

):

365,000

Altice

France

SA,

6.00%,

2/15/28,

Callable

11/6/23

@

103(a)

174,744

470,000

Altice

France

SA,

5.13%,

1/15/29,

Callable

11/6/23

@

102.56(a)

334,288

550,000

Telecom

Italia

Capital

SA,

6.38%,

11/15/33

474,375

55,000

Telecom

Italia

SpA,

6.00%,

9/30/34

45,581

1,028,988

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

120

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Energy

Equipment

&

Services

(

0

.0

%

†

):

$

255,000

Seadrill

Finance,

Ltd.,

8.38%,

8/1/30,

Callable

8/1/26

@

104.19(a)

$

259,462

303,750

Transocean

Poseidon,

Ltd.,

6.88%,

2/1/27,

Callable

11/6/23

@

103.44(a)

299,194

558,656

Financial

Services

(

0

.5

%

):

54,000

1375209

BC,

Ltd.,

9.00%,

1/30/28,

Callable

10/16/23

@

101(a)

53,460

151,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

6.50%,

7/15/25,

Callable

6/15/25

@

100

151,075

1,245,000

Altice

Financing

SA,

5.00%,

1/15/28,

Callable

11/6/23

@

102.5(a)

1,061,362

2,000,000

Avolon

Holdings

Funding,

Ltd.,

2.88%,

2/15/25,

Callable

1/15/25

@

100(a)

1,884,708

767,000

Avolon

Holdings

Funding,

Ltd.,

6.38%,

5/4/28,

Callable

4/4/28

@

100(a)

749,759

711,000

C&W

Senior

Financing

Dac,

6.88%,

9/15/27,

Callable

10/16/23

@

101.72(a)

626,569

430,000

Dolya

Holdco

18

DAC,

5.00%,

7/15/28,

Callable

11/6/23

@

102.5(a)

368,725

390,000

HTA

Group,

Ltd.,

7.00%,

12/18/25,

Callable

11/6/23

@

101.75(a)

374,400

250,000

Intelsat

Jackson

Holdings

SA,

6.50%,

3/15/30,

Callable

3/15/25

@

102(a)

221,955

1,355,000

Park

Aerospace

Holdings,

5.50%,

2/15/24(a)

1,348,225

780,000

Vmed

O2

UK

Financing

I

plc,

4.25%,

1/31/31,

Callable

1/31/26

@

102.13(a)

619,125

7,459,363

Hotels,

Restaurants

&

Leisure

(

0

.1

%

):

35,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

5.75%,

4/15/25,

Callable

11/6/23

@

101.44(a)

34,738

525,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

4.00%,

10/15/30,

Callable

10/15/25

@

102(a)

436,406

45,000

Melco

Resorts

Finance,

Ltd.,

5.75%,

7/21/28,

Callable

11/6/23

@

102.88(a)

39,150

40,000

Melco

Resorts

Finance,

Ltd.,

5.38%,

12/4/29,

Callable

12/4/24

@

102.69(a)

32,900

65,000

Ontario

Gaming

GTA

LP,

8.00%,

8/1/30,

Callable

8/1/25

@

104(a)

64,837

115,000

Studio

City

Co.,

Ltd.,

7.00%,

2/15/27,

Callable

2/15/24

@

103.5(a)

108,675

716,706

Insurance

(

0

.2

%

):

1,414,000

AIA

Group,

Ltd.,

3.38%,

4/7/30,

Callable

1/7/30

@

100(a)

1,237,865

1,200,000

AIA

Group,

Ltd.,

3.20%,

9/16/40,

Callable

3/16/40

@

100(a)

802,229

200,000

Swiss

Re

Finance

Luxembourg

SA,

5.00%

(H15T5Y+358

bps),

4/2/49,

Callable

4/2/29

@

100(a)

186,566

2,226,660

Media

(

0

.0

%

†

):

200,000

VZ

Secured

Financing

BV,

5.00%,

1/15/32,

Callable

1/15/27

@

102.5(a)

156,750

335,000

Ziggo

BV,

5.13%,

2/28/30,

Callable

2/15/25

@

102.56(a)

248,319

405,069

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Metals

&

Mining

(

0

.1

%

):

$

695,000

ERO

Copper

Corp.,

6.50%,

2/15/30,

Callable

2/15/25

@

103.25(a)

$

599,438

370,000

First

Quantum

Minerals,

Ltd.,

6.88%,

3/1/26,

Callable

10/16/23

@

101.72(a)

359,362

35,000

First

Quantum

Minerals,

Ltd.,

6.88%,

10/15/27,

Callable

10/16/23

@

103.44(a)

33,512

5,000

FMG

Resources

Pty,

Ltd.,

4.50%,

9/15/27,

Callable

6/15/27

@

100(a)

4,538

180,000

Mineral

Resources,

Ltd.,

8.00%,

11/1/27,

Callable

11/1/24

@

104(a)

176,625

110,000

Mineral

Resources,

Ltd.,

9.25%,

10/1/28,

Callable

10/1/25

@

104.63(a)

110,825

1,284,300

Oil,

Gas

&

Consumable

Fuels

(

0

.8

%

):

335,000

eG

Global

Finance

plc,

6.75%,

2/7/25,

Callable

10/16/23

@

100(a)

327,463

510,000

eG

Global

Finance

plc,

8.50%,

10/30/25,

Callable

11/6/23

@

100(a)

502,350

145,000

Enbridge,

Inc.,

4.00%,

10/1/23

144,993

565,000

Meg

Energy

Corp.,

7.13%,

2/1/27,

Callable

11/6/23

@

103.56(a)

572,062

2,500,000

Petroleos

Mexicanos,

4.50%,

1/23/26

2,228,125

916,000

Petroleos

Mexicanos,

6.84%,

1/23/30,

Callable

10/23/29

@

100

715,625

4,780,000

Petroleos

Mexicanos,

5.95%,

1/28/31,

Callable

10/28/30

@

100

3,417,700

2,228,000

Petroleos

Mexicanos,

6.75%,

9/21/47

1,314,520

5,000,000

Petroleos

Mexicanos,

6.35%,

2/12/48

2,850,000

336,000

Petroleos

Mexicanos,

6.95%,

1/28/60,

Callable

7/28/59

@

100

198,660

45,000

Teine

Energy,

Ltd.,

6.88%,

4/15/29,

Callable

4/15/24

@

103.44(a)

41,287

12,312,785

Passenger

Airlines

(

0

.0

%

†

):

240,000

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.,

7.88%,

5/1/27,

Callable

5/1/24

@

207.88(a)

207,600

215,000

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.,

6.38%,

2/1/30,

Callable

2/1/25

@

103.19(a)

165,819

373,419

Pharmaceuticals

(

0

.0

%

†

):

570,000

Bausch

Health

Cos.,

Inc.,

5.50%,

11/1/25,

Callable

11/6/23

@

100(a)

505,875

Software

(

0

.0

%

†

):

60,000

Open

Text

Corp.,

3.88%,

2/15/28,

Callable

11/6/23

@

101.94(a)

52,200

305,000

Open

Text

Corp.,

3.88%,

12/1/29,

Callable

12/1/24

@

101.94(a)

250,100

302,300

Sovereign

Bond

(

0

.4

%

):

300,000

Abu

Dhabi

Government

International

Bond,

3.88%,

4/16/50(a)

223,730

37,622

Argentine

Republic

Government

International

Bond,

1.00%,

7/9/29,

Callable

11/6/23

@

100

10,534

342,505

Argentine

Republic

Government

International

Bond,

0.75%,

7/9/30,

Callable

11/7/23

@

100

99,755

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

121

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Sovereign

Bond,

continued

$

627,494

Argentine

Republic

Government

International

Bond,

3.62%,

7/9/35,

Callable

11/7/23

@

100

$

160,795

900,000

Dominican

Republic,

5.50%,

1/27/25(a)

891,000

3,150,000

Dominican

Republic,

6.00%,

7/19/28(a)

3,000,375

375,000

Indonesia

Government

International

Bond,

4.20%,

10/15/50

285,857

350,000

Qatar

Government

International

Bond,

4.40%,

4/16/50(a)

283,908

200,000

Saudi

Government

International

Bond,

3.25%,

10/22/30(a)

174,762

200,000

Saudi

Government

International

Bond,

4.50%,

4/22/60(a)

152,742

5,283,458

Tobacco

(

0

.0

%

†

):

390,000

Imperial

Brands

Finance

plc,

6.13%,

7/27/27,

Callable

6/27/27

@

100(a)

388,276

Trading

Companies

&

Distributors

(

0

.4

%

):

320,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

4.88%,

1/16/24,

Callable

12/16/23

@

100

318,621

2,200,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

2.88%,

8/14/24,

Callable

7/14/24

@

100

2,137,150

1,379,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

1.65%,

10/29/24,

Callable

9/29/24

@

100

1,312,354

163,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

4.45%,

4/3/26,

Callable

2/3/26

@

100

156,099

503,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

2.45%,

10/29/26,

Callable

9/29/26

@

100

450,581

527,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.00%,

10/29/28,

Callable

8/29/28

@

100

451,356

564,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.30%,

1/30/32,

Callable

10/30/31

@

100

447,266

5,273,427

Transportation

Infrastructure

(

0

.0

%

†

):

455,000

Seaspan

Corp.,

5.50%,

8/1/29,

Callable

8/1/24

@

102.75(a)

365,137

Wireless

Telecommunication

Services

(

0

.1

%

):

450,000

Millicom

International

Cellular

SA,

6.25%,

3/25/29,

Callable

3/25/24

@

103.13(a)

381,375

295,000

Millicom

International

Cellular

SA,

4.50%,

4/27/31,

Callable

4/27/26

@

102.25(a)

209,450

562,000

Rogers

Communications,

Inc.,

3.20%,

3/15/27,

Callable

2/15/27

@

100

514,359

490,000

Rogers

Communications,

Inc.,

3.80%,

3/15/32,

Callable

12/15/31

@

100

406,656

1,511,840

Total

Yankee

Debt

Obligations

(Cost

$76,779,392)

65,470,870

Municipal

Bonds

(

0

.2

%

):

Illinois

(

0

.2

%

):

2,450,000

Illinois

State,

GO,

5.10%,

6/1/33

2,317,039

New

Jersey

(

0

.0

%

†

):

339,000

New

Jersey

Economic

Development

Authority

Revenue,

GO,

Series

A,

7.43%,

2/15/29

357,865

Total

Municipal

Bonds

(Cost

$2,760,892)

2,674,904

Principal

Amount

Value

U.S.

Government

Agency

Mortgages

(

12

.4

%

):

Federal

Home

Loan

Mortgage

Corporation

(

3

.1

%

):

$

17,724

2.50%,

6/1/31,

Pool

#G18604

$

15,877

24,516

2.50%,

6/1/31,

Pool

#J34501

22,267

31,457

2.50%,

7/1/31,

Pool

#V61246

27,981

51,416

2.50%,

8/1/31,

Pool

#V61273

45,731

139,856

3.50%,

3/1/32,

Pool

#C91403

127,338

424,127

3.50%,

7/1/32,

Pool

#C91467

386,158

109,158

2.50%,

12/1/32,

Pool

#G18669

96,688

25,012

2.50%,

3/1/33,

Pool

#G18680

22,518

99,828

3.00%,

4/1/33,

Pool

#G18684

91,536

31,969

3.00%,

5/1/33,

Pool

#G16550

29,373

82,946

2.50%,

7/1/33,

Pool

#G16661

74,018

23,112

3.00%,

4/1/34,

Pool

#G16829

21,538

123,398

3.50%,

10/1/34,

Pool

#C91793

110,353

411,073

3.00%,

5/1/35,

Pool

#SB0836

373,883

2,887,773

2.00%,

6/1/35,

Pool

#QN2416

2,488,924

448,336

1.50%,

8/1/35,

Pool

#SB8066

374,981

522,524

1.50%,

11/1/35,

Pool

#SB8073

437,031

490,258

1.50%,

1/1/36,

Pool

#SB8083

410,022

940,544

1.50%,

2/1/36,

Pool

#RC1756

787,094

623,719

2.00%,

5/1/36,

Pool

#QN6400

535,094

1,141,115

2.00%,

5/1/36,

Pool

#SB8107

978,825

3,078,277

2.50%,

7/1/36,

Pool

#SB0535

2,735,106

423,501

1.50%,

12/1/36,

Pool

#SB8131

352,857

865,572

2.50%,

3/1/37,

Pool

#RC2527

764,108

340,480

4.00%,

5/1/37,

Pool

#C91938

317,360

24,674

2.50%,

6/1/40,

Pool

#QK0306

20,754

154,872

4.00%,

11/1/40,

Pool

#A95150

141,782

31,739

1.50%,

12/1/40,

Pool

#RB5089

24,077

52,621

1.50%,

2/1/41,

Pool

#RB5099

40,185

53,327

1.50%,

3/1/41,

Pool

#RB5104

40,726

484,702

2.00%,

3/1/41,

Pool

#SC0136

377,432

53,132

1.50%,

4/1/41,

Pool

#RB5107

40,579

19,553

2.00%,

4/1/41,

Pool

#RB5108

15,708

712,787

2.00%,

7/1/41,

Pool

#SC0162

557,419

20,293

2.00%,

7/1/41,

Pool

#RB5118

16,303

21,244

2.00%,

10/1/41,

Pool

#RB5131

16,887

88,286

2.50%,

10/1/41,

Pool

#RB5132

72,753

330,083

2.00%,

11/1/41,

Pool

#RB5135

265,200

157,298

2.00%,

11/1/41,

Pool

#QK1180

126,366

168,274

2.50%,

1/1/42,

Pool

#RB5142

138,681

231,948

4.50%,

10/1/42,

Pool

#RB5189

215,568

138,157

4.50%,

12/1/42,

Pool

#RB5198

128,397

433,554

3.50%,

1/1/44,

Pool

#G07922

382,304

219,216

3.50%,

1/1/44,

Pool

#G60271

195,831

54,845

4.00%,

2/1/45,

Pool

#G07949

51,295

50,978

3.50%,

11/1/45,

Pool

#Q37467

45,410

5,855

4.00%,

4/1/46,

Pool

#Q39975

5,412

13,271

4.00%,

4/1/46,

Pool

#V82292

12,251

106,908

3.50%,

9/1/46,

Pool

#Q43257

94,471

5,670

4.50%,

12/1/46,

Pool

#Q45028

5,325

162,754

3.00%,

12/1/46,

Pool

#G60989

137,212

4,657

4.50%,

1/1/47,

Pool

#Q45635

4,374

8,599

4.50%,

2/1/47,

Pool

#Q46222

8,079

439,566

2.50%,

4/1/47,

Pool

#SD0978

349,392

25,600

4.50%,

5/1/47,

Pool

#Q48095

24,042

17,308

4.50%,

5/1/47,

Pool

#Q47935

16,247

8,161

4.50%,

5/1/47,

Pool

#Q47942

7,662

208,249

4.00%,

6/1/47,

Pool

#Q48877

191,273

32,645

4.50%,

6/1/47,

Pool

#Q48759

30,657

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

122

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

15,864

4.50%,

7/1/47,

Pool

#Q49393

$

14,898

83,965

4.50%,

12/1/47,

Pool

#Q53017

78,635

24,848

4.00%,

2/1/48,

Pool

#G61343

22,607

11,452

4.00%,

2/1/48,

Pool

#Q54499

10,485

26,559

4.50%,

4/1/48,

Pool

#Q55500

24,922

47,730

4.50%,

4/1/48,

Pool

#Q55660

44,766

20,081

4.50%,

4/1/48,

Pool

#Q55724

18,834

26,489

4.50%,

5/1/48,

Pool

#Q55839

24,844

89,713

4.00%,

5/1/48,

Pool

#Q55992

82,174

134,214

4.00%,

6/1/48,

Pool

#G67713

123,236

43,090

4.00%,

7/1/48,

Pool

#Q59935

39,719

22,713

4.50%,

10/1/48,

Pool

#G67716

21,251

137,578

3.00%,

6/1/49,

Pool

#ZT2090

114,792

661,514

4.50%,

7/1/49,

Pool

#RA1171

618,064

136,238

3.00%,

4/1/50,

Pool

#QA9049

114,031

321,556

2.00%,

6/1/50,

Pool

#RA2677

249,955

29,518

3.00%,

11/1/50,

Pool

#SD8108

24,630

409,351

2.50%,

11/1/50,

Pool

#SD7530

328,715

251,634

3.00%,

12/1/50,

Pool

#SD8115

209,966

357,954

2.50%,

2/1/51,

Pool

#RA4575

287,481

2,077,415

2.50%,

2/1/51,

Pool

#SD7535

1,676,589

333,302

2.50%,

3/1/51,

Pool

#RA4749

267,679

4,750,018

1.50%,

4/1/51,

Pool

#SD8139

3,407,104

1,251,884

2.00%,

5/1/51,

Pool

#SD7541

966,454

74,336

3.00%,

5/1/51,

Pool

#RA5267

61,926

43,375

2.00%,

5/1/51,

Pool

#QC1514

33,408

2,023,570

2.50%,

5/1/51,

Pool

#SD7540

1,629,269

1,726,787

2.50%,

7/1/51,

Pool

#SD3095

1,371,425

332,794

2.50%,

7/1/51,

Pool

#RA5574

266,905

24,665

2.00%,

7/1/51,

Pool

#QC4163

19,039

382,468

3.00%,

9/1/51,

Pool

#QC6608

317,722

447,002

3.00%,

9/1/51,

Pool

#QC7496

372,303

86,807

3.00%,

9/1/51,

Pool

#RA5901

72,306

419,301

3.00%,

10/1/51,

Pool

#QC9077

349,046

651,398

2.00%,

10/1/51,

Pool

#RA6076

500,975

97,582

3.00%,

11/1/51,

Pool

#RA6347

81,313

1,159,380

2.00%,

11/1/51,

Pool

#RA6241

891,453

396,059

2.00%,

11/1/51,

Pool

#RA6302

303,611

445,547

3.00%,

11/1/51,

Pool

#QD1240

370,934

2,035,115

2.50%,

12/1/51,

Pool

#RA6435

1,630,246

143,755

2.50%,

12/1/51,

Pool

#SD8183

114,106

616,015

2.50%,

12/1/51,

Pool

#RA6434

494,958

451,266

2.00%,

12/1/51,

Pool

#RA6510

347,708

434,351

3.00%,

12/1/51,

Pool

#QD3200

361,569

244,749

3.00%,

1/1/52,

Pool

#QD5561

202,892

760,797

2.50%,

1/1/52,

Pool

#RA6622

609,806

382,993

3.00%,

1/1/52,

Pool

#RA6604

318,964

984,167

2.00%,

2/1/52,

Pool

#RA6824

751,881

1,003,712

2.00%,

2/1/52,

Pool

#RA6823

767,449

968,983

2.00%,

2/1/52,

Pool

#SD8193

737,834

176,542

3.50%,

2/1/52,

Pool

#RA6799

152,753

107,505

3.50%,

2/1/52,

Pool

#RA6700

93,151

116,473

2.00%,

3/1/52,

Pool

#SD8199

88,618

1,176,504

3.50%,

3/1/52,

Pool

#RA6987

1,019,377

2,293,534

3.00%,

3/1/52,

Pool

#RA6988

1,898,720

648,034

3.50%,

3/1/52,

Pool

#RA6949

561,582

240,909

3.00%,

3/1/52,

Pool

#SD2219

200,887

674,458

3.50%,

3/1/52,

Pool

#RA6950

585,949

182,929

3.50%,

4/1/52,

Pool

#SD0927

160,276

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

185,794

5.00%,

9/1/52,

Pool

#SD1572

$

177,007

778,005

4.00%,

10/1/52,

Pool

#SD1772

701,464

551,147

4.50%,

10/1/52,

Pool

#SD2467

505,943

288,652

5.00%,

11/1/52,

Pool

#SD1862

275,351

665,405

5.00%,

12/1/52,

Pool

#SD1924

632,308

1,960,059

5.50%,

5/1/53,

Pool

#RA9058

1,913,254

241,459

6.00%,

6/1/53,

Pool

#RA9276

241,183

988,893

5.50%,

6/1/53,

Pool

#RA9161

963,441

208,388

6.00%,

6/1/53,

Pool

#RA9278

207,342

214,888

6.00%,

6/1/53,

Pool

#RA9277

214,239

47,770,439

Federal

National

Mortgage

Association

(

6

.7

%

):

26,440

2.50%,

5/1/31,

Pool

#BC0919

23,511

38,660

2.50%,

8/1/31,

Pool

#BC2778

34,377

27,097

2.50%,

10/1/31,

Pool

#AS8010

24,585

180,170

2.50%,

1/1/32,

Pool

#BE3032

161,328

30,796

2.50%,

9/1/32,

Pool

#MA3124

27,300

16,221

3.00%,

3/1/33,

Pool

#BM4614

14,982

553,639

2.00%,

10/1/35,

Pool

#BK5705

477,253

496,023

1.50%,

1/1/36,

Pool

#MA4228

414,839

182,465

1.50%,

2/1/36,

Pool

#FM6507

152,125

197,987

1.50%,

4/1/36,

Pool

#MA4302

164,959

288,409

6.00%,

5/1/36,

Pool

#745512

293,860

331,295

2.00%,

6/1/36,

Pool

#BP3507

284,166

1,224,818

2.00%,

7/1/36,

Pool

#MA4383

1,050,652

2,112,583

2.50%,

11/1/36,

Pool

#CB2246

1,874,243

113,012

2.00%,

12/1/36,

Pool

#BU1384

96,944

2,423,018

2.00%,

2/1/37,

Pool

#FS0427

2,074,688

900,000

2.50%,

10/25/38,

TBA

791,859

488,996

4.50%,

5/1/39,

Pool

#FM1194

470,156

38,317

2.50%,

3/1/40,

Pool

#FM2646

32,193

28,862

2.50%,

5/1/40,

Pool

#MA4016

24,248

453,567

2.00%,

10/1/40,

Pool

#MA4176

365,981

164,929

2.00%,

10/1/40,

Pool

#FM4644

134,024

155,763

2.50%,

11/1/40,

Pool

#FM9485

129,895

48,555

1.50%,

11/1/40,

Pool

#MA4175

36,839

48,802

1.50%,

12/1/40,

Pool

#MA4202

37,022

60,046

2.00%,

12/1/40,

Pool

#FM5042

47,399

17,478

2.00%,

12/1/40,

Pool

#MA4204

14,198

10,671

3.50%,

12/1/40,

Pool

#AH1556

9,434

52,489

1.50%,

1/1/41,

Pool

#MA4266

40,087

51,182

1.50%,

1/1/41,

Pool

#MA4231

38,831

18,706

2.00%,

2/1/41,

Pool

#MA4268

15,029

125,311

2.50%,

2/1/41,

Pool

#MA4269

103,286

53,492

1.50%,

2/1/41,

Pool

#MA4286

40,853

19,188

2.00%,

3/1/41,

Pool

#MA4287

15,415

19,825

2.00%,

4/1/41,

Pool

#MA4311

15,926

114,599

2.50%,

4/1/41,

Pool

#MA4312

94,441

198,539

2.00%,

4/1/41,

Pool

#CB0116

154,544

48,700

2.50%,

5/1/41,

Pool

#CB0469

40,133

307,712

2.00%,

5/1/41,

Pool

#MA4333

247,206

20,385

2.00%,

6/1/41,

Pool

#MA4364

16,234

147,962

2.00%,

6/1/41,

Pool

#FM7891

122,992

289,673

2.00%,

7/1/41,

Pool

#CB1071

232,701

136,103

2.00%,

7/1/41,

Pool

#FM8066

109,356

79,949

2.50%,

7/1/41,

Pool

#CB2014

65,884

191,795

2.00%,

7/1/41,

Pool

#CB1069

149,956

171,166

2.50%,

7/1/41,

Pool

#CB1076

141,054

179,798

2.00%,

8/1/41,

Pool

#FM8334

144,433

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

123

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

20,309

2.00%,

8/1/41,

Pool

#FM8410

$

16,311

290,628

2.50%,

8/1/41,

Pool

#CB1342

239,504

243,578

2.00%,

8/1/41,

Pool

#FM8393

195,696

174,478

2.00%,

8/1/41,

Pool

#CB1337

140,165

131,788

2.00%,

9/1/41,

Pool

#FM8862

105,883

140,857

2.50%,

9/1/41,

Pool

#FM8850

115,937

160,832

2.50%,

10/1/41,

Pool

#CB1842

132,504

76,460

2.00%,

10/1/41,

Pool

#BQ6615

61,416

280,831

2.00%,

10/1/41,

Pool

#FM9396

225,578

21,026

2.00%,

10/1/41,

Pool

#MA4446

16,892

133,314

2.00%,

10/1/41,

Pool

#CB1837

107,112

310,974

2.00%,

11/1/41,

Pool

#FS0106

249,820

170,713

2.50%,

11/1/41,

Pool

#FM9558

140,503

111,842

2.50%,

11/1/41,

Pool

#MA4475

92,175

248,467

2.00%,

11/1/41,

Pool

#CB2110

199,600

77,750

2.00%,

11/1/41,

Pool

#BU6530

62,440

352,965

2.00%,

11/1/41,

Pool

#BQ6743

283,530

205,114

2.00%,

12/1/41,

Pool

#BU7091

164,806

108,309

2.00%,

12/1/41,

Pool

#FM9851

87,029

421,944

4.50%,

9/1/42,

Pool

#MA4766

393,248

30,279

4.00%,

10/1/43,

Pool

#BM1167

27,780

214,874

4.50%,

3/1/44,

Pool

#AV0957

201,635

131,096

4.50%,

7/1/44,

Pool

#AS3062

122,621

148,308

4.50%,

12/1/44,

Pool

#AS4176

140,114

81,067

4.00%,

5/1/45,

Pool

#AZ1207

73,101

117,667

4.00%,

6/1/45,

Pool

#AY8096

106,126

36,238

4.00%,

6/1/45,

Pool

#AY8126

33,490

21,187

4.00%,

12/1/45,

Pool

#AS6352

19,544

6,910

4.50%,

1/1/46,

Pool

#AY3890

6,456

56,457

4.00%,

2/1/46,

Pool

#BC1578

51,172

2,902

4.50%,

3/1/46,

Pool

#BC0287

2,718

19,282

4.00%,

4/1/46,

Pool

#AS7024

17,626

212,391

4.00%,

4/1/46,

Pool

#AL8468

197,634

78,476

3.00%,

5/1/46,

Pool

#BC0887

66,686

144,765

4.00%,

6/1/46,

Pool

#AL9282

131,198

22,529

4.50%,

6/1/46,

Pool

#BD1238

21,073

78,741

4.00%,

7/1/46,

Pool

#BC1443

71,991

25,632

4.00%,

9/1/46,

Pool

#BD1489

23,222

90,594

4.00%,

9/1/46,

Pool

#BC2843

82,796

84,198

4.00%,

10/1/46,

Pool

#BC4754

76,957

17,051

4.00%,

10/1/46,

Pool

#BD7599

15,447

191,632

3.00%,

10/1/46,

Pool

#AL9371

162,785

38,637

4.50%,

10/1/46,

Pool

#BE1671

36,097

49,309

4.50%,

11/1/46,

Pool

#BE2386

46,175

244,102

3.00%,

11/1/46,

Pool

#BC9026

207,415

241,284

3.00%,

11/1/46,

Pool

#AL9547

205,063

225,594

3.50%,

12/1/46,

Pool

#BC9077

198,864

4,582

4.50%,

12/1/46,

Pool

#BC9079

4,291

98,660

4.50%,

12/1/46,

Pool

#BE4488

92,387

17,769

4.50%,

1/1/47,

Pool

#BE7087

16,626

28,999

4.50%,

1/1/47,

Pool

#BE6506

27,126

46,509

4.50%,

2/1/47,

Pool

#BE8498

43,358

241,666

2.50%,

2/1/47,

Pool

#FS0594

192,159

321,324

4.00%,

2/1/47,

Pool

#AL9779

291,683

88,119

3.00%,

3/1/47,

Pool

#BM3114

74,866

49,016

2.50%,

3/1/47,

Pool

#FS0976

38,952

42,466

4.00%,

5/1/47,

Pool

#BM1277

38,472

8,386

4.50%,

6/1/47,

Pool

#BE9387

7,846

46,847

4.50%,

6/1/47,

Pool

#BE3663

43,841

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

5,128

4.00%,

6/1/47,

Pool

#BH4269

$

4,645

12,560

4.50%,

6/1/47,

Pool

#BH0561

11,737

38,754

4.50%,

7/1/47,

Pool

#BE3749

36,269

22,716

4.00%,

7/1/47,

Pool

#AS9968

20,585

42,516

4.00%,

4/1/48,

Pool

#BM3700

38,527

18,595

4.50%,

4/1/48,

Pool

#BJ5454

17,433

5,979

4.50%,

5/1/48,

Pool

#BJ5507

5,605

228,053

4.50%,

10/1/48,

Pool

#CA2432

213,909

56,991

4.50%,

10/25/48,

Pool

#BM4548

53,739

266,142

4.50%,

12/1/48,

Pool

#CA2797

251,321

154,639

4.50%,

9/1/49,

Pool

#FM1534

144,496

215,156

4.00%,

11/1/49,

Pool

#CA4628

195,540

113,629

3.00%,

1/1/50,

Pool

#CA5019

95,522

159,528

3.00%,

1/1/50,

Pool

#MA3905

133,297

468,788

4.00%,

3/1/50,

Pool

#FM3663

422,492

120,885

3.00%,

4/1/50,

Pool

#MA3991

100,852

84,506

2.00%,

7/1/50,

Pool

#FM3897

65,670

118,189

2.00%,

7/1/50,

Pool

#CA6275

91,333

297,747

2.50%,

8/1/50,

Pool

#SD0430

239,960

548,716

3.00%,

8/1/50,

Pool

#FM6118

457,971

47,486

3.00%,

9/1/50,

Pool

#FM4317

39,600

123,611

3.00%,

9/1/50,

Pool

#CA6998

103,225

123,192

2.00%,

10/1/50,

Pool

#CA7323

95,247

146,433

2.50%,

10/1/50,

Pool

#CA7229

118,244

83,233

2.00%,

11/1/50,

Pool

#C47616

64,126

45,161

3.00%,

11/1/50,

Pool

#MA4184

37,678

416,422

3.00%,

12/1/50,

Pool

#MA4211

347,350

136,193

3.00%,

12/1/50,

Pool

#FM7827

113,692

202,134

2.50%,

1/1/51,

Pool

#FM5651

161,942

231,659

3.00%,

1/1/51,

Pool

#MA4239

193,257

2,026,088

2.00%,

3/1/51,

Pool

#MA4281

1,548,726

246,686

2.00%,

3/1/51,

Pool

#BR5458

188,426

989,851

2.50%,

4/1/51,

Pool

#FM6540

813,304

4,197,533

3.00%,

4/1/51,

Pool

#BR9775

3,494,252

1,973,714

2.00%,

4/1/51,

Pool

#MA4305

1,503,782

546,138

3.00%,

5/1/51,

Pool

#CB0531

454,772

447,137

2.50%,

5/1/51,

Pool

#CB0388

359,176

205,726

2.50%,

5/1/51,

Pool

#CB0511

165,202

434,109

2.50%,

5/1/51,

Pool

#MA4326

345,958

1,254,329

3.00%,

6/1/51,

Pool

#CB0850

1,050,696

42,514

2.00%,

7/1/51,

Pool

#BQ1010

32,685

19,707

2.00%,

7/1/51,

Pool

#BT1461

15,178

760,640

2.50%,

7/1/51,

Pool

#CB0997

610,861

484,874

3.00%,

7/1/51,

Pool

#FM8077

403,745

95,806

2.50%,

8/1/51,

Pool

#MA4399

76,350

2,878,191

2.00%,

8/1/51,

Pool

#CB1572

2,191,799

470,872

2.50%,

8/1/51,

Pool

#CB1384

378,185

343,829

2.50%,

9/1/51,

Pool

#CB1549

276,131

911,832

2.50%,

10/1/51,

Pool

#MA4438

723,831

465,989

2.00%,

10/1/51,

Pool

#CB1799

361,988

44,206

3.00%,

10/1/51,

Pool

#CB1878

36,749

617,181

2.00%,

10/1/51,

Pool

#CB1801

475,603

371,403

2.50%,

11/1/51,

Pool

#FM9505

298,372

491,184

2.00%,

11/1/51,

Pool

#FM9539

378,592

1,148,310

2.50%,

11/1/51,

Pool

#MA4466

911,494

491,070

2.50%,

11/1/51,

Pool

#FM9517

391,234

783,629

2.00%,

11/1/51,

Pool

#FM9568

604,995

1,225,617

2.50%,

11/1/51,

Pool

#FM9501

984,042

989,840

2.00%,

12/1/51,

Pool

#CB2349

762,887

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

124

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

1,506,639

2.50%,

12/1/51,

Pool

#FM9865

$

1,209,498

376,871

2.50%,

12/1/51,

Pool

#CB2321

302,755

352,160

2.50%,

12/1/51,

Pool

#CB2320

282,794

400,423

3.00%,

12/1/51,

Pool

#BT9503

333,487

355,234

2.00%,

12/1/51,

Pool

#CB2350

273,097

842,779

2.50%,

12/1/51,

Pool

#CB2289

677,103

332,369

2.50%,

12/1/51,

Pool

#CB2376

266,914

95,546

3.00%,

12/1/51,

Pool

#FM9777

79,408

270,691

2.00%,

12/1/51,

Pool

#CB2347

208,921

268,074

2.00%,

12/1/51,

Pool

#CB2348

206,574

325,297

3.50%,

1/1/52,

Pool

#MA4514

285,071

649,080

2.00%,

1/1/52,

Pool

#FS0288

496,168

255,275

3.00%,

1/1/52,

Pool

#CB2662

213,333

143,853

2.50%,

1/1/52,

Pool

#MA4512

114,317

1,509,978

2.00%,

1/1/52,

Pool

#FS0286

1,163,566

95,507

3.50%,

1/1/52,

Pool

#CB2679

83,620

1,784,633

2.50%,

1/1/52,

Pool

#FS1648

1,418,684

1,553,366

2.00%,

2/1/52,

Pool

#CB2842

1,192,803

95,925

3.00%,

2/1/52,

Pool

#CB2886

79,993

182,412

3.50%,

2/1/52,

Pool

#CB2905

157,760

289,672

3.50%,

2/1/52,

Pool

#CB2906

250,255

888,383

3.00%,

2/1/52,

Pool

#FS0631

743,926

486,510

3.50%,

3/1/52,

Pool

#CB3128

421,493

410,951

3.50%,

3/1/52,

Pool

#CB3174

355,951

621,284

3.00%,

3/1/52,

Pool

#BV0350

514,555

382,642

2.50%,

3/1/52,

Pool

#BV4139

306,361

28,127

2.50%,

4/1/52,

Pool

#CB3356

22,328

699,584

4.00%,

4/1/52,

Pool

#FS1647

629,678

324,111

2.50%,

7/1/52,

Pool

#CB4274

257,510

665,854

4.50%,

7/1/52,

Pool

#CB4064

620,053

601,494

5.00%,

9/1/52,

Pool

#CB4682

571,560

378,709

5.50%,

10/1/52,

Pool

#CB4843

366,536

232,240

4.50%,

10/1/52,

Pool

#BX0507

213,538

47,307

5.00%,

10/1/52,

Pool

#CB4893

44,951

446,340

4.50%,

10/1/52,

Pool

#BX1265

410,398

279,692

5.00%,

11/1/52,

Pool

#FS3248

265,782

1,461,631

4.50%,

11/1/52,

Pool

#BX1765

1,342,651

474,274

5.00%,

11/1/52,

Pool

#CB5128

451,994

144,407

5.00%,

11/1/52,

Pool

#FS3295

137,026

336,486

5.00%,

12/1/52,

Pool

#MA4841

317,641

144,114

5.00%,

12/1/52,

Pool

#CB5273

136,931

949,101

2.50%,

1/1/53,

Pool

#MA4910

753,533

521,873

2.50%,

5/1/53,

Pool

#FS4919

414,274

298,587

6.00%,

6/1/53,

Pool

#CB6539

297,685

783,403

5.50%,

6/1/53,

Pool

#CB6527

763,238

393,826

6.00%,

6/1/53,

Pool

#CB6538

393,375

2,150,000

2.50%,

10/25/53,

TBA

1,705,891

7,525,000

4.00%,

10/25/53,

TBA

6,700,777

700,000

1.50%,

10/25/53,

TBA

501,813

2,200,000

3.00%,

10/25/53,

TBA

1,819,125

500,000

5.00%,

10/25/53,

TBA

471,719

1,175,000

2.00%,

10/25/53,

TBA

893,000

3,050,000

3.50%,

10/25/53,

TBA

2,623,477

3,000,000

3.00%,

11/25/53,

TBA

2,483,555

4,600,000

2.50%,

11/25/53,

TBA

3,654,844

5,400,000

3.50%,

11/25/53,

TBA

4,647,797

19,825,000

2.00%,

11/25/53,

TBA

15,091,781

101,656,110

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association

(

2

.6

%

):

$

15,800

4.00%,

10/20/40,

Pool

#G24833

$

14,627

47,569

4.00%,

1/20/41,

Pool

#4922

44,039

50,197

4.00%,

8/15/41,

Pool

#430354

45,816

545,896

4.00%,

1/20/42,

Pool

#5280

505,369

74,056

4.00%,

11/20/42,

Pool

#MA0535

68,550

176,307

3.00%,

12/20/42,

Pool

#AA5872

150,331

21,936

3.50%,

3/20/43,

Pool

#AD8884

19,562

114,939

3.00%,

3/20/43,

Pool

#AA6146

98,674

50,213

3.00%,

3/20/43,

Pool

#AD8812

43,228

8,353

3.50%,

4/20/43,

Pool

#AB9891

7,449

22,615

3.50%,

4/20/43,

Pool

#AD9075

20,169

46,739

4.00%,

5/20/46,

Pool

#MA3664

43,206

234,400

3.00%,

12/20/46,

Pool

#MA4126

202,349

41,484

4.00%,

1/15/47,

Pool

#AX5857

38,467

36,278

4.00%,

1/15/47,

Pool

#AX5831

32,902

332,134

3.00%,

1/20/47,

Pool

#MA4195

286,734

138,540

4.00%,

3/20/47,

Pool

#MA4322

127,616

77,585

4.00%,

4/20/47,

Pool

#784303

71,165

23,521

4.00%,

4/20/47,

Pool

#MA4383

21,666

79,151

4.00%,

4/20/47,

Pool

#784304

72,595

16,606

3.50%,

2/20/48,

Pool

#MA5019

14,646

13,756

4.00%,

4/20/48,

Pool

#BG3507

12,610

13,529

4.00%,

4/20/48,

Pool

#BG7744

12,388

2,756

3.50%,

12/20/49,

Pool

#BR8984

2,424

2,673

3.50%,

12/20/49,

Pool

#BR8987

2,379

6,929

3.50%,

12/20/49,

Pool

#BR8985

6,134

566,313

2.00%,

11/20/50,

Pool

#MA6994

451,409

992,349

2.00%,

1/20/51,

Pool

#MA7135

785,512

1,729,298

2.00%,

2/20/51,

Pool

#MA7192

1,369,645

1,058,363

2.50%,

7/20/51,

Pool

#MA7472

867,433

872,788

2.50%,

9/20/51,

Pool

#MA7589

714,073

64,988

2.50%,

12/20/51,

Pool

#MA7767

53,169

5,075,000

2.50%,

10/20/53,

TBA

4,148,020

3,675,000

3.00%,

10/20/53,

TBA

3,114,563

1,900,000

5.50%,

10/20/53,

TBA

1,843,594

1,250,000

4.00%,

10/20/53,

TBA

1,125,977

5,100,000

3.50%,

10/20/53,

TBA

4,468,875

3,200,000

4.50%,

10/20/53,

TBA

2,954,000

9,000,000

2.00%,

10/20/53,

TBA

7,104,375

2,400,000

5.00%,

10/20/53,

TBA

2,274,375

3,450,000

3.00%,

11/20/53,

TBA

2,926,301

3,500,000

2.50%,

11/20/53,

TBA

2,863,984

39,030,400

Total

U.S.

Government

Agency

Mortgages

(Cost

$206,327,947)

188,456,949

U.S.

Treasury

Obligations

(

19

.3

%

):

U.S.

Treasury

Bonds

(

6

.2

%

):

32,428,000

1.75%,

8/15/41

20,166,162

3,796,700

3.38%,

8/15/42

3,074,141

1,605,300

3.00%,

2/15/47

1,176,384

34,653,000

2.00%,

8/15/51

19,968,791

6,906,000

1.88%,

11/15/51

3,843,621

7,300,000

2.25%,

2/15/52

4,472,391

3,500,000

2.88%,

5/15/52

2,478,437

15,000,000

3.63%,

2/15/53

12,393,750

27,993,000

4.13%,

8/15/53

25,386,152

92,959,829

U.S.

Treasury

Notes

(

13

.1

%

):

52,500,000

0.75%,

5/31/26

47,143,359

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

125

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2023

.

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Notes,

continued

$

18,472,000

1.25%,

12/31/26

$

16,546,871

5,255,200

1.25%,

5/31/28

4,514,545

17,310,000

1.25%,

9/30/28

14,716,205

26,000,000

4.00%,

2/28/30

25,081,875

2,800,000

3.63%,

3/31/30

2,642,063

19,600,000

3.75%,

5/31/30

18,613,875

19,672,000

2.88%,

5/15/32

17,268,327

8,600,000

4.13%,

11/15/32

8,296,313

32,000,000

3.50%,

2/15/33

29,370,000

12,800,000

3.38%,

5/15/33

11,612,000

3,276,000

3.88%,

8/15/33

3,096,332

198,901,765

Total

U.S.

Treasury

Obligations

(Cost

$348,667,227)

291,861,594

Shares

Value

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(

0

.5

%

):

$

8,215,379

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.36%(d)(e)

$

8,215,379

Total

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(Cost

$8,215,379)

8,215,379

Unaffiliated

Investment

Company

(

2

.1

%

):

Money

Markets

(

2

.1

%

):

31,529,358

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.24%(e)

31,529,358

Total

Unaffiliated

Investment

Company

(Cost

$31,529,358)

31,529,358

Total

Investment

Securities

(Cost

$1,669,678,487)

—

105.2%

1,592,537,995

Net

other

assets

(liabilities)

—

(5.2)%

(

78,205,073

)

Net

Assets

—

100.0%

$

1,514,332,922

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

TSFR1M

-

Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M

-

Term

Secured

Overnight

Financing

Rate

3

Month

TBA

-

To

Be

Announced

Security

US0003M

-

3

Month

US

Dollar

LIBOR

USISDA05

-

5

Year

ICE

Swap

Rate

†

Represents

less

than

0.05%.

*

Non-income

producing

security.

(a)

Rule

144A,

Section

4(2)

or

other

security

which

is

restricted

to

resale

to

institutional

investors.

(b)

The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

presented

is

the

rate

in

effect

at

September

30,

2023.

(c)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2023.

(d)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2023.

(e)

The

rate

represents

the

effective

yield

at

September

30,

2023.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Futures

Contracts

At

September

30,

2023,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

December

Futures

(U.S.

Dollar)

12/15/23

38

$

8,218,450‌

$

(

333,383‌

)

$

(

333,383‌

)

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

126

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(0.3%):

Diversified

Telecommunication

Services

(0.0%

†

):

13

Intelsat

SA

$

274

Electric

Utilities

(0.0%

†

):

2,577

PG&E

Corp.*

41,567

Oil,

Gas

&

Consumable

Fuels

(0.3%):

22

Amplify

Energy

Corp.*

162

5,889

Sanchez

Energy

Corp.*

502,654

502,816

Total

Common

Stocks

(Cost

$177,625)

544,657

Contracts

a

Warrant

(0.0%

†

):

Oil,

Gas

&

Consumable

Fuels

(0.0%

†

):

95

California

Resources

Corp.,

10/27/24

2,025

Total

Warrant

(Cost

$—)

2,025

Shares

Rights

(0.0%

†

):

Financial

Services

(0.0%

†

):

1

Intelsat

Jackson

Holdings

SA,

Expires

on

2/23/23

34

1

Intelsat

Jackson

Holdings

SA,

Expires

on

2/23/23

9

Total

Rights

(Cost

$–)

43

Principal

Amount

Asset

Backed

Securities

(3.8%):

$

493,719

Aaset

Trust,

Class

A,

Series

2021-2A,

2.80%,

1/15/47(a)

411,210

259,745

Aaset

Trust,

Class

A,

Series

2021-1A,

2.95%,

11/16/41(a)

227,867

305,461

Aaset

Trust,

Class

A,

Series

2019-2,

3.38%,

10/16/39(a)

257,133

138,939

Aaset

Trust,

Class

A,

Series

2020-1A,

4.34%,

1/16/40(a)

71,570

112,732

Aaset

Trust,

Class

A,

Series

2020-1A,

3.35%,

1/16/40(a)

93,459

118,084

Aaset

Trust,

Class

A,

Series

2019-1,

3.84%,

5/15/39(a)

94,769

192,083

Aaset

Trust,

Class

A,

Series

2018-1A,

3.84%,

1/16/38(a)

123,895

163,956

Aaset

Trust,

Class

A,

Series

2017-1A,

3.97%,

5/16/42(a)

145,748

390,478

Blackbird

Capital

Aircraft,

Class

A,

Series

2021-1A,

2.44%,

7/15/46,

Callable

7/15/28

@

100(a)

332,177

38,026

Blackbird

Capital

Aircraft,

Class

AA,

Series

2016-1A,

2.49%,

12/16/41,

Callable

12/15/24

@

100(a)(b)

36,753

510,033

Blackbird

Capital

Aircraft,

Class

A,

Series

2016-1A,

4.21%,

12/16/41,

Callable

12/15/24

@

100(a)(b)

475,310

186,315

Castlelake

Aircraft

Structured

Trust,

Class

B,

Series

2019-1,

5.10%,

4/15/39(a)

119,769

305,972

Castlelake

Aircraft

Structured

Trust,

Class

A,

Series

2019-1,

3.97%,

4/15/39(a)

272,105

127,008

Castlelake

Aircraft

Structured

Trust,

Class

A,

Series

2021-1A,

3.47%,

1/15/46(a)

115,534

181,184

Castlelake

Aircraft

Structured

Trust,

Class

A,

Series

2018-1A,

4.13%,

6/15/43(a)

166,395

514,576

CF

Hippolyta

LLC,

Class

A1,

Series

2021-A,

1.53%,

3/15/61,

Callable

3/15/24

@

100(a)

451,457

Principal

Amount

Value

Asset

Backed

Securities,

continued

$

193,652

Horizon

Aircraft

Finance,

Ltd.,

Class

A,

Series

2018-

1,

4.46%,

12/15/38(a)

$

165,594

185,479

Horizon

Aircraft

Finance,

Ltd.,

Class

A,

Series

2019-

1,

3.72%,

7/15/39(a)

159,678

213,745

Planet

Fitness

Master

Issuer

LLC,

Class

A2II,

Series

2022-1A,

4.01%,

12/5/51,

Callable

12/5/27

@

100(a)

168,931

250,190

Planet

Fitness

Master

Issuer

LLC,

Class

A2I,

Series

2022-1A,

3.25%,

12/5/51,

Callable

12/5/24

@

100(a)

223,831

324,363

Planet

Fitness

Master

Issuer

LLC,

Class

A2,

Series

1A,

3.86%,

12/5/49,

Callable

12/5/25

@

100(a)

270,410

312,281

Project

Silver,

Class

A,

Series

2019-1,

3.97%,

7/15/44(a)

267,309

293,848

Sapphire

Aviation

Finance,

Ltd.,

Class

A,

Series

2020-1A,

3.23%,

3/15/40(a)

248,651

225,930

Sapphire

Aviation

Finance,

Ltd.,

Class

B,

Series

2020-1A,

4.34%,

3/15/40(a)

161,544

238,182

Thunderbolt

Aircraft

Lease,

Ltd.,

Class

A,

Series

2017-A,

4.21%,

5/17/32,

Callable

4/15/24

@

100(a)

(b)

219,134

455,682

Thunderbolt

Aircraft

Lease,

Ltd.,

Class

A,

Series

2019-1,

3.67%,

11/15/39(a)

384,189

406,864

Thunderbolt

II

Aircraft

Lease,

Ltd.,

Class

A,

Series

2018,

4.15%,

9/15/38(a)(b)

329,885

Total

Asset

Backed

Securities

(Cost

$7,115,584)

5,994,307

Collateralized

Mortgage

Obligations

(11.2%):

273,000

Allegro

CLO

XIII,

Ltd.,

Class

A,

Series

2021-1A,

6.73%(TSFR3M+140bps),

7/20/34,

Callable

10/20/23

@

100(a)

270,486

254,000

Allegro

CLO

XV,

Ltd.,

Class

A,

Series

2022-1A,

6.83%(TSFR3M+150bps),

7/20/35,

Callable

7/20/24

@

100(a)

252,864

250,000

Ares

CLO,

Ltd.,

Class

AR2,

Series

2015-2A,

6.82%(TSFR3M+151bps),

4/17/33,

Callable

10/17/23

@

100(a)

248,702

408,000

Ares

LVIII

CLO,

Ltd.,

Class

AR,

Series

2020-58A,

6.64%(TSFR3M+133bps),

1/15/35,

Callable

1/15/24

@

100(a)

402,144

100,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

BNM,

Series

2019-BPR,

3.47%,

11/5/32(a)

83,334

273,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

ANM,

Series

2019-BPR,

3.11%,

11/5/32(a)

258,511

227,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

A,

Series

2022-DKLX,

6.48%(TSFR1M+115bps),

1/15/39(a)

220,976

100,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

C,

Series

2022-DKLX,

7.48%(TSFR1M+215bps),

1/15/39(a)

96,273

201,000

BFLD

Trust,

Class

A,

Series

2020-OBRK,

7.50%(TSFR1M+216bps),

11/15/28(a)

200,787

197,000

BPR

Trust,

Class

B,

Series

2022-OANA,

7.78%(TSFR1M+245bps),

4/15/37(a)

191,860

140,142

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2022-LP2,

6.89%(TSFR1M+156bps),

2/15/39(a)

136,471

140,142

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2022-LP2,

7.29%(TSFR1M+196bps),

2/15/39(a)

136,073

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

127

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

400,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2019-IMC,

6.45%(TSFR1M+105bps),

4/15/34(a)

$

396,924

176,000

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2019-IMC,

7.05%(TSFR1M+165bps),

4/15/34(a)

173,519

140,142

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2022-LP2,

6.64%(TSFR1M+131bps),

2/15/39(a)

136,389

185,000

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2019-IMC,

7.35%(TSFR1M+195bps),

4/15/34(a)

182,238

238,850

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2019-XL,

6.70%(TSFR1M+136bps),

10/15/36(a)

237,056

339,150

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2019-XL,

6.90%(TSFR1M+156bps),

10/15/36(a)

336,197

476,000

BX

Commercial

Mortgage

Trust,

Class

E,

Series

2019-XL,

7.25%(TSFR1M+191bps),

10/15/36(a)

471,389

266,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2019-IMC,

6.75%(TSFR1M+135bps),

4/15/34(a)

262,591

100,000

BX

Mortgage

Trust,

Class

D,

Series

2021-PAC,

6.74%(TSFR1M+141bps),

10/15/36(a)

95,968

302,000

BX

Mortgage

Trust,

Class

E,

Series

2021-PAC,

7.39%(TSFR1M+206bps),

10/15/36(a)

289,918

100,000

BX

Mortgage

Trust,

Class

C,

Series

2021-PAC,

6.55%(TSFR1M+121bps),

10/15/36(a)

96,749

31,283

BX

Trust,

Class

D,

Series

2022-IND,

8.17%(TSFR1M+284bps),

4/15/24(a)

30,273

36,898

BX

Trust,

Class

C,

Series

2022-IND,

7.62%(TSFR1M+229bps),

4/15/24(a)

36,063

146,818

Cascade

Funding

Mortgage

Trust,

Class

A,

Series

2021-HB6,

0.90%,

6/25/36(a)(b)

142,234

336,000

Cedar

Funding

VI

CLO,

Ltd.,

Class

AAA,

Series

2016-

6A,

6.64%(TSFR3M+131bps),

4/20/34,

Callable

10/20/23

@

100(a)

331,800

264,000

Cedar

Funding

X

CLO,

Ltd.,

Class

AR,

Series

2019-

10A,

6.69%(TSFR3M+136bps),

10/20/32,

Callable

10/20/23

@

100(a)

261,915

250,000

Cedar

Funding

XII

CLO,

Ltd.,

Class

A1R,

Series

2020-12A,

6.74%(TSFR3M+139bps),

10/25/34,

Callable

10/25/23

@

100(a)

247,790

387,000

Cedar

Funding

XV

CLO,

Ltd.,

Class

A,

Series

2022-

15A,

6.65%(TSFR3M+132bps),

4/20/35,

Callable

4/20/24

@

100(a)

383,694

328,000

Columbia

Cent

CLO

29,

Ltd.,

Class

AR,

Series

2020-

29A,

6.76%(TSFR3M+143bps),

10/20/34,

Callable

10/20/23

@

100(a)

322,807

580,000

Columbia

Cent

CLO

30,

Ltd.,

Class

A1,

Series

2020-

30A,

6.90%(TSFR3M+157bps),

1/20/34,

Callable

10/20/23

@

100(a)

576,964

440,000

Columbia

Cent

CLO

31,

Ltd.,

Class

A1,

Series

2021-

31A,

6.79%(TSFR3M+146bps),

4/20/34,

Callable

10/20/23

@

100(a)

435,763

115,512

Credit

Suisse

Mortgage

Capital

Certificates,

Class

A,

Series

2020-NET,

2.26%,

8/15/37(a)

103,462

1,384,000

CSMC

Trust,

Class

D,

Series

2017-PFHP,

7.63%(TSFR1M+230bps),

12/15/30(a)

1,310,074

128,000

CSMC

Trust,

Class

D,

Series

2018,

4.78%,

4/15/36(a)

122,794

100,000

CSMC

Trust,

Class

C,

Series

2018,

4.78%,

4/15/36(a)

97,116

309,000

CSMC

Trust,

Class

A,

Series

2018,

4.28%,

4/15/36(a)

301,876

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

100,000

CSMC

Trust,

Class

B,

Series

2018,

4.53%,

4/15/36(a)

$

97,400

250,000

Dryden

98

CLO,

Ltd.,

Class

A,

Series

2022-98A,

6.63%(TSFR3M+130bps),

4/20/35,

Callable

4/20/24

@

100(a)

246,535

250,000

Eaton

Vance

CLO,

Ltd.,

Class

A13R,

Series

2013-

1A,

6.82%(TSFR3M+151bps),

1/15/34,

Callable

10/15/23

@

100(a)

248,832

378,000

Eaton

Vance

CLO,

Ltd.,

Class

AR,

Series

2020-2A,

6.72%(TSFR3M+141bps),

1/15/35,

Callable

1/15/24

@

100(a)

373,944

128,316

Extended

Stay

America

Trust,

Class

D,

Series

2021-

ESH,

7.70%(TSFR1M+236bps),

7/15/38(a)

126,230

95,049

Extended

Stay

America

Trust,

Class

C,

Series

2021-

ESH,

7.15%(TSFR1M+181bps),

7/15/38(a)

93,623

250,000

Flatiron

CLO

19,

Ltd.,

Class

AR,

Series

2019-1A,

6.71%(TSFR3M+134bps),

11/16/34,

Callable

11/16/23

@

100(a)

247,917

250,000

Flatiron

CLO

21,

Ltd.,

Class

A1,

Series

2021-1A,

6.69%(US0003M+111bps),

7/19/34,

Callable

10/19/23

@

100(a)

248,374

100,000

GS

Mortgage

Securities

Corp.

Trust,

Class

B,

Series

2021-IP,

6.60%(TSFR1M+126bps),

10/15/36(a)

93,276

250,000

Invesco

CLO,

Ltd.,

Class

A,

Series

2021-3A,

6.74%(TSFR3M+139bps),

10/22/34,

Callable

10/22/23

@

100(a)

247,774

63,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

CFX,

Series

2018-WPT,

4.95%,

7/5/33,

Callable

7/5/25

@

100(a)

53,011

133,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

EFX,

Series

2018-WPT,

5.54%,

7/5/33,

Callable

7/5/25

@

100(a)(b)

106,435

97,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

DFX,

Series

2018-WPT,

5.35%,

7/5/33,

Callable

7/5/25

@

100(a)

80,219

506,000

KKR

CLO

41,

Ltd.,

Class

A1,

Series

2022-41A,

6.64%(TSFR3M+133bps),

4/15/35,

Callable

4/15/24

@

100(a)

499,515

98,297

Life

Mortgage

Trust,

Class

D,

Series

2021-BMR,

6.85%(TSFR1M+151bps),

3/15/38(a)

95,104

173,000

Life

Mortgage

Trust,

Class

D,

Series

2022-BMR2,

7.87%(TSFR1M+254bps),

5/15/39,

Callable

5/15/24

@

100(a)

165,103

98,297

Life

Mortgage

Trust,

Class

E,

Series

2021-BMR,

7.20%(TSFR1M+186bps),

3/15/38(a)

94,602

98,297

Life

Mortgage

Trust,

Class

C,

Series

2021-BMR,

6.55%(TSFR1M+121bps),

3/15/38(a)

95,464

194,000

Life

Mortgage

Trust,

Class

C,

Series

2022-BMR2,

7.43%(TSFR1M+209bps),

5/15/39,

Callable

5/15/24

@

100(a)

188,664

369,000

Madison

Park

Funding

LII,

Ltd.,

Class

A,

Series

2021-52A,

6.71%(TSFR3M+136bps),

1/22/35,

Callable

1/22/24

@

100(a)

365,973

400,000

Magnetite

XXX,

Ltd.,

Class

A,

Series

2021-30A,

6.74%(TSFR3M+139bps),

10/25/34,

Callable

10/25/23

@

100(a)

397,822

593,000

Morgan

Stanley

Capital

I

Trust,

Class

A,

Series

2019-Mead,

3.17%,

11/10/36,

Callable

11/10/24

@

100(a)

545,692

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

128

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

723,200

Morgan

Stanley

Capital

I

Trust,

Class

C,

Series

2018-BOP,

6.88%(TSFR1M+155bps),

6/15/35(a)

$

501,340

86,000

Morgan

Stanley

Capital

I

Trust,

Class

B,

Series

2019-Mead,

3.18%,

11/10/36,

Callable

11/10/24

@

100(a)

78,507

300,000

Morgan

Stanley

Capital

I

Trust,

Class

B,

Series

2018-BOP,

6.63%(TSFR1M+130bps),

6/15/35(a)

252,066

82,000

Morgan

Stanley

Capital

I

Trust,

Class

C,

Series

2019-Mead,

3.28%,

11/10/36,

Callable

11/10/24

@

100(a)(b)

74,057

24,835

Prima

Capital

CRE

Securitization,

Class

A,

Series

2021-9A,

6.89%(TSFR1M+156bps),

12/15/37,

Callable

5/25/24

@

100(a)

24,758

420,000

RR

7,

Ltd.,

Class

A1AB,

Series

2019-7A,

6.65%(TSFR3M+134bps),

1/15/37,

Callable

10/15/23

@

100(a)

415,295

53,000

SPGN

Mortgage

Trust,

Class

C,

Series

2022-TFLM,

7.98%(TSFR1M+265bps),

2/15/39,

Callable

2/15/24

@

100(a)

50,158

103,000

SPGN

Mortgage

Trust,

Class

B,

Series

2022-TFLM,

7.33%(TSFR1M+200bps),

2/15/39,

Callable

2/15/24

@

100(a)

98,764

100,000

SREIT

Trust,

Class

D,

Series

2021-MFP,

7.02%(TSFR1M+169bps),

11/15/38(a)

97,073

146,000

SREIT

Trust,

Class

C,

Series

2021-MFP,

6.78%(TSFR1M+144bps),

11/15/38(a)

142,260

350,000

Symphony

CLO

XXVI,

Ltd.,

Class

AR,

Series

2021-

26A,

6.67%(TSFR3M+134bps),

4/20/33,

Callable

10/20/23

@

100(a)

347,128

20,000

VLS

Commercial

Mortgage

Trust,

Class

B,

Series

2020-LAB,

2.45%,

10/10/42(a)

15,092

250,000

Voya

CLO,

Ltd.,

Class

A1R,

Series

2020-2A,

6.74%(TSFR3M+142bps),

7/19/34,

Callable

10/19/23

@

100(a)

248,287

250,000

Voya

CLO,

Ltd.,

Class

AR,

Series

2020-1A,

6.72%(US0003M+115bps),

7/16/34,

Callable

10/16/23

@

100(a)

246,481

516,000

Voya

CLO,

Ltd.,

Class

A,

Series

2019-2,

6.86%(TSFR3M+153bps),

7/20/32,

Callable

10/20/23

@

100(a)

515,248

Total

Collateralized

Mortgage

Obligations

(Cost

$18,438,075)

17,700,067

Convertible

Bonds

(0.1%):

Media

(0.1%):

35,000

DISH

Network

Corp.,

2.38%,

3/15/24

33,603

89,000

DISH

Network

Corp.,

3.38%,

8/15/26

54,590

Total

Convertible

Bonds

(Cost

$118,426)

88,193

Bank

Loans

(0.4%):

Construction

&

Engineering

(0.0%

†

):

50,000

Convergint

Tech

Term

2Ln,

12.07%

(Term

SOFR+675bps ),

3/31/29

44,000

9,800

Convergint

Tech

Term

B

1Ln,

9.07%

(Term

SOFR+375bps ),

3/31/28

9,619

53,619

Consumer

Discretionary

Products

(0.0%

†

):

10,000

Tory

BurchTerm

B

1Ln,

8.57%

(Term

SOFR+325bps ),

4/16/28

9,848

Principal

Amount

Value

Bank

Loans,

continued

Diversified

Consumer

Services

(0.1%):

$

5,000

Ascend

Learning

Term

2Ln,

11.07%

(Term

SOFR+575bps ),

12/10/29

$

4,248

73,875

Ascend

Learning

Term

B

1Ln,

8.82%

(Term

SOFR+350bps ),

12/10/28

70,331

74,579

Health

Care

Providers

&

Services

(0.1%):

104,470

Cano

Health

Term

B

1Ln,

9.32%

(Term

SOFR+400bps ),

11/23/27

66,570

Hotels,

Restaurants

&

Leisure

(0.1%):

108,350

City

Football

Group

Term

B

1Ln,

8.32%

(Term

SOFR+300bps ),

7/21/28

107,673

75,095

Diamond

Sports

Group

Term

2Ln,

5.32%

(Term

SOFR+0bps ),

8/24/26

1,689

109,362

Industrial

Products

(0.0%

†

):

49,625

Westinghouse

Term

1Ln,

9.07%

(Term

SOFR+375bps ),

8/1/25

49,687

Industrial

Services

(0.0%

†

):

10,000

Brandsafway

Term

B

1Ln,

5.32%

(Term

SOFR+0bps ),

8/1/30

9,728

Media

(0.0%

†

):

19,800

Authentic

Brands

Term

B1

1Ln,

8.82%

(Term

SOFR+350bps ),

12/21/28

19,754

Software

(0.0%

†

):

1,255

Finastra

Term

1Ln,

12.57%

(Term

SOFR+725bps ),

9/13/29

1,230

53,745

Finastra

Term

1Ln,

12.57%

(Term

SOFR+725bps ),

9/13/29

52,670

6,771

Ion

Analytics

Term

1Ln,

9.32%

(Term

SOFR+400bps ),

2/16/28

6,666

60,566

Software

&

Computer

Services

(0.0%

†

):

55,000

UKG

Term

2Ln,

10.57%

(Term

SOFR+525bps ),

5/3/27

54,863

Software

&

Tech

Services

(0.1%):

48,541

Athenahealth

Term

B

1Ln,

8.57%

(Term

SOFR+325bps ),

2/15/29

47,556

124,688

Nielsen

Holdings

Term

B

1Ln,

10.32%

(Term

SOFR+500bps ),

4/11/29

111,959

159,515

Total

Bank

Loans

(Cost

$749,237)

668,091

Corporate

Bonds

(30.4%):

Aerospace

&

Defense

(0.5%):

214,000

Boeing

Co.

(The),

5.15%,

5/1/30,

Callable

2/1/30

@

100

204,669

100,000

Boeing

Co.

(The),

5.71%,

5/1/40,

Callable

11/1/39

@

100

91,890

200,000

Boeing

Co.

(The),

5.81%,

5/1/50,

Callable

11/1/49

@

100

182,546

55,000

BWX

Technologies,

Inc.,

4.13%,

6/30/28,

Callable

11/6/23

@

102.06(a)

48,606

30,000

Howmet

Aerospace,

Inc.,

5.95%,

2/1/37

28,125

30,000

Moog,

Inc.,

4.25%,

12/15/27,

Callable

11/6/23

@

103.19(a)

26,963

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

129

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Aerospace

&

Defense,

continued

$

55,000

TransDigm,

Inc.,

7.50%,

3/15/27,

Callable

11/6/23

@

101.88

$

54,931

160,000

TransDigm,

Inc.,

5.50%,

11/15/27,

Callable

11/6/23

@

102.75

150,000

787,730

Air

Freight

&

Logistics

(0.1%):

45,000

Cargo

Aircraft

Management,

Inc.,

4.75%,

2/1/28,

Callable

10/23/23

@

102.38(a)

40,162

45,000

Forward

Air

Corp.,

9.50%,

10/15/31,

Callable

10/15/26

@

104.75(a)

45,000

38,000

XPO

Logistics,

Inc.,

6.25%,

5/1/25,

Callable

11/6/23

@

101.56(a)

37,335

122,497

Automobile

Components

(0.0%

†

):

20,000

Clarios

Global

LP/Clarios

US

Finance

Co.,

6.75%,

5/15/28,

Callable

5/15/25

@

103.38(a)

19,525

25,000

Dana,

Inc.,

4.50%,

2/15/32,

Callable

2/15/27

@

102.25

19,375

38,900

Automobiles

(0.0%

†

):

30,000

Thor

Industries,

Inc.,

4.00%,

10/15/29,

Callable

10/15/24

@

102(a)

24,600

Banks

(3.1%):

612,000

Bank

of

America

Corp.,

Series

L,

3.95%,

4/21/25

591,001

128,000

Bank

of

America

Corp.,

Series

G,

4.45%,

3/3/26

123,295

790,000

Bank

of

America

Corp.,

5.02%

(SOFR+216

bps),

7/22/33,

Callable

7/22/32

@

100

728,488

120,000

CIT

Group,

Inc.,

6.13%,

3/9/28

118,698

770,000

Citigroup,

Inc.,

4.30%,

11/20/26

730,169

150,000

Citigroup,

Inc.,

4.91%

(SOFR+209

bps),

5/24/33,

Callable

5/24/32

@

100

136,668

100,000

Citizens

Financial

Group,

Inc.,

2.64%,

9/30/32,

Callable

7/2/32

@

100

69,851

1,250,000

JPMorgan

Chase

&

Co.,

4.59%

(SOFR+180

bps),

4/26/33,

Callable

4/26/32

@

100

1,125,252

449,000

Wells

Fargo

&

Co.,

3.53%

(SOFR+151

bps),

3/24/28,

Callable

3/24/27

@

100

410,908

925,000

Wells

Fargo

&

Co.,

4.90%

(SOFR+210

bps),

7/25/33,

Callable

7/25/32

@

100

833,887

30,000

Wells

Fargo

&

Co.,

7.62%

(H15T5Y+361

bps),

12/31/99,

Callable

9/15/28

@

100

30,300

4,898,517

Beverages

(0.1%):

250,000

Anheuser-Busch

InBev

Worldwide,

Inc.,

3.50%,

6/1/30,

Callable

3/1/30

@

100

223,144

Biotechnology

(0.3%):

154,000

Amgen,

Inc.,

5.25%,

3/2/30,

Callable

1/2/30

@

100

150,441

174,000

Amgen,

Inc.,

5.25%,

3/2/33,

Callable

12/2/32

@

100

166,438

165,000

Amgen,

Inc.,

5.60%,

3/2/43,

Callable

9/2/42

@

100

154,049

70,000

Emergent

BioSolutions,

Inc.,

3.88%,

8/15/28,

Callable

11/6/23

@

101.94(a)

29,400

500,328

Building

Products

(0.1%):

110,000

Advanced

Drainage

Systems,

Inc.,

5.00%,

9/30/27,

Callable

10/23/23

@

101.25(a)

103,125

Principal

Amount

Value

Corporate

Bonds,

continued

Building

Products,

continued

$

25,000

Builders

FirstSource,

Inc.,

4.25%,

2/1/32,

Callable

8/1/26

@

102.13(a)

$

20,469

15,000

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29,

Callable

10/15/24

@

102.19(a)

12,956

136,550

Capital

Markets

(2.0%):

340,000

Affiliated

Managers

Group,

Inc.,

3.50%,

8/1/25

321,855

540,000

Ares

Capital

Corp.,

3.88%,

1/15/26,

Callable

12/15/25

@

100

504,047

20,000

Charles

Schwab

Corp.

(The),

5.37%

(H15T5Y+497

bps),

Callable

6/1/25

@

100

19,250

40,000

Charles

Schwab

Corp.

(The),

4.00%

(H15T10Y+308

bps),

12/31/99,

Callable

12/1/30

@

100

28,200

530,000

Goldman

Sachs

Group,

Inc.

(The),

3.80%,

3/15/30,

Callable

12/15/29

@

100

467,953

270,000

Goldman

Sachs

Group,

Inc.

(The),

3.10%

(SOFR+141

bps),

2/24/33,

Callable

2/24/32

@

100

216,311

90,000

Goldman

Sachs

Group,

Inc.

(The),

6.75%,

10/1/37

91,011

75,000

Hightower

Holding

LLC,

6.75%,

4/15/29,

Callable

4/15/24

@

103.38(a)

64,313

10,000

LCM

Investments

Holdings

II

LLC,

4.88%,

5/1/29,

Callable

5/1/24

@

102.44(a)

8,450

25,000

ModivCare

Escrow

Issuer,

Inc.,

5.00%,

10/1/29,

Callable

10/1/24

@

102.5(a)

17,937

965,000

Morgan

Stanley,

6.34%

(SOFR+256

bps),

10/18/33,

Callable

10/18/32

@

100

966,518

45,000

MSCI,

Inc.,

3.25%,

8/15/33,

Callable

8/15/27

@

101.63(a)

34,650

80,000

Navios

South

American

Logistics,

Inc./Navios

Logistics

Finance

U.S.,

Inc.,

10.75%,

7/1/25,

Callable

11/6/23

@

102.69(a)

78,700

85,000

Olympus

Water

US

Holding

Corp.,

4.25%,

10/1/28,

Callable

10/1/24

@

102.13(a)

69,062

250,000

Pine

Street

Trust

II,

5.57%,

2/15/49,

Callable

8/15/48

@

100(a)

204,219

20,000

Real

Hero

Merger

Sub

2,

Inc.,

6.25%,

2/1/29,

Callable

2/1/24

@

103.13(a)

15,600

15,000

RP

Escrow

Issuer

LLC,

5.25%,

12/15/25,

Callable

11/6/23

@

102.63^(a)

10,987

3,119,063

Chemicals

(0.4%):

71,000

Celanese

US

Holdings

LLC,

6.35%,

11/15/28,

Callable

10/15/28

@

100

70,109

72,000

Celanese

US

Holdings

LLC,

6.55%,

11/15/30,

Callable

9/15/30

@

100

70,447

42,000

Celanese

US

Holdings

LLC,

6.70%,

11/15/33,

Callable

8/15/33

@

100

40,944

16,000

CF

Industries,

Inc.,

4.95%,

6/1/43

13,032

170,000

Chemours

Co.

(The),

5.38%,

5/15/27,

Callable

2/15/27

@

100

156,400

75,000

Chemours

Co.

(The),

5.75%,

11/15/28,

Callable

11/15/23

@

102.88(a)

65,062

30,000

Kobe

US

Midco

2,

Inc.,

9.25%,

11/1/26,

Callable

11/6/23

@

102.31(a)

21,900

50,000

LSB

Industries,

Inc.,

6.25%,

10/15/28,

Callable

10/15/24

@

103.13(a)

45,000

80,000

SCIH

Salt

Holdings,

Inc.,

4.88%,

5/1/28,

Callable

5/1/24

@

102.44(a)

70,600

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

130

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Chemicals,

continued

$

10,000

SCIH

Salt

Holdings,

Inc.,

6.63%,

5/1/29,

Callable

5/1/24

@

103.31(a)

$

8,600

25,000

Scotts

Miracle-Gro

Co.

(The),

4.38%,

2/1/32,

Callable

8/1/26

@

102.19

19,000

35,000

Tronox,

Inc.,

4.63%,

3/15/29,

Callable

3/15/24

@

102.31(a)

28,087

35,000

Valvoline,

Inc.,

4.25%,

2/15/30,

Callable

2/15/25

@

102.13(a)

34,300

55,000

WR

Grace

Holdings

LLC,

5.63%,

8/15/29,

Callable

8/15/24

@

102.81(a)

44,481

15,000

WR

Grace

Holdings

LLC,

7.38%,

3/1/31,

Callable

3/1/26

@

103.69(a)

14,738

702,700

Commercial

Services

&

Supplies

(0.3%):

25,000

ADT

Security

Corp.

(The),

4.13%,

8/1/29,

Callable

8/1/28

@

100(a)

21,094

70,000

Aramark

Services,

Inc.,

5.00%,

2/1/28,

Callable

11/6/23

@

102.5(a)

64,837

25,000

Clean

Harbors,

Inc.,

6.38%,

2/1/31,

Callable

2/1/26

@

103.19(a)

24,313

60,000

CoreCivic,

Inc.,

8.25%,

4/15/26,

Callable

4/15/24

@

104.13

60,750

56,000

GEO

Group,

Inc.

(The),

10.50%,

6/30/28,

Callable

10/16/23

@

102

56,070

35,000

Legends

Hospitality

Holding

Co.

LLC/Legends

Hospitality

Co-Issuer,

Inc.,

5.00%,

2/1/26,

Callable

11/6/23

@

102.5(a)

34,387

35,000

Pitney

Bowes,

Inc.,

6.88%,

3/15/27,

Callable

3/15/24

@

103.44(a)

27,650

75,000

Rand

Parent

LLC,

8.50%,

2/15/30,

Callable

2/15/26

@

104.25^(a)

69,375

50,000

Stericycle,

Inc.,

3.88%,

1/15/29,

Callable

11/15/23

@

101.94(a)

43,000

401,476

Communications

Equipment

(0.1%):

90,000

CommScope,

Inc.,

4.75%,

9/1/29,

Callable

9/1/24

@

102.38(a)

65,475

50,000

Viavi

Solutions,

Inc.,

3.75%,

10/1/29,

Callable

10/1/24

@

101.88(a)

40,562

106,037

Construction

&

Engineering

(0.2%):

40,000

Arcosa,

Inc.,

4.38%,

4/15/29,

Callable

4/15/24

@

102.19(a)

34,950

45,000

Dycom

Industries,

Inc.,

4.50%,

4/15/29,

Callable

4/15/24

@

102.25(a)

39,094

35,000

Global

Infrastructure

Solutions,

Inc.,

5.63%,

6/1/29,

Callable

6/1/24

@

102.81(a)

28,831

35,000

Great

Lakes

Dredge

&

Dock

Corp.,

5.25%,

6/1/29,

Callable

6/1/24

@

102.63(a)

28,875

150,000

Pike

Corp.,

5.50%,

9/1/28,

Callable

11/6/23

@

102.75(a)

131,250

35,000

Railworks

Holdings

LP/Railworks

Rally,

Inc.,

8.25%,

11/15/28,

Callable

11/15/24

@

104.13(a)

33,337

296,337

Construction

Materials

(0.0%

†

):

15,000

AmeriTex

HoldCo

Intermediate

LLC,

10.25%,

10/15/28,

Callable

10/15/25

@

105.13(a)

14,831

Principal

Amount

Value

Corporate

Bonds,

continued

Consumer

Finance

(1.8%):

$

370,000

Ally

Financial,

Inc.,

7.10%,

11/15/27,

Callable

10/15/27

@

100^

$

368,799

85,000

Ally

Financial,

Inc.,

4.70%

(H15T5Y+387

bps),

12/31/99,

Callable

5/15/26

@

100

58,375

636,000

Capital

One

Financial

Corp.,

3.80%,

1/31/28,

Callable

12/31/27

@

100

573,813

440,000

Capital

One

Financial

Corp.,

5.25%

(SOFR+260

bps),

7/26/30,

Callable

7/26/29

@

100

407,249

250,000

Discover

Bank,

Series

B,

4.68%

(USISOA05+173

bps),

8/9/28

233,751

355,000

Discover

Financial

Services,

4.10%,

2/9/27,

Callable

11/9/26

@

100

324,990

215,000

Ford

Motor

Credit

Co

LLC,

4.00%,

11/13/30,

Callable

8/13/30

@

100

179,654

80,000

Ford

Motor

Credit

Co.

LLC,

5.13%,

6/16/25,

Callable

5/16/25

@

100

77,272

110,000

OneMain

Finance

Corp.,

3.50%,

1/15/27,

Callable

1/15/24

@

101.75

94,188

75,000

OneMain

Finance

Corp.,

4.00%,

9/15/30,

Callable

9/15/25

@

102

56,250

470,000

Synchrony

Financial,

3.95%,

12/1/27,

Callable

9/1/27

@

100

413,633

2,787,974

Consumer

Staples

Distribution

&

Retail

(0.6%):

35,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

4.63%,

1/15/27,

Callable

11/6/23

@

103.47(a)

33,075

80,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

3.50%,

3/15/29,

Callable

11/6/23

@

101.75(a)

68,000

50,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

4.88%,

2/15/30,

Callable

2/15/25

@

103.66(a)

44,937

550,000

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.,

3.00%,

5/15/32,

Callable

2/15/32

@

100

415,250

180,000

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.,

5.75%,

4/1/33,

Callable

1/1/33

@

100

164,475

65,000

Performance

Food

Group,

Inc.,

6.88%,

5/1/25,

Callable

11/6/23

@

101.72(a)

64,919

30,000

Performance

Food

Group,

Inc.,

4.25%,

8/1/29,

Callable

8/1/24

@

102.13(a)

25,912

70,000

Sysco

Corp.,

5.95%,

4/1/30,

Callable

1/1/30

@

100

70,619

65,000

Triton

Water

Holdings,

Inc.,

6.25%,

4/1/29,

Callable

4/1/24

@

103.13(a)

53,625

30,000

United

Natural

Foods,

Inc.,

6.75%,

10/15/28,

Callable

11/6/23

@

103.38(a)

22,875

25,000

US

Foods,

Inc.,

4.63%,

6/1/30,

Callable

6/1/25

@

102.31(a)

21,688

20,000

US

Foods,

Inc.,

7.25%,

1/15/32,

Callable

9/15/26

@

103.63(a)

19,975

1,005,350

Containers

&

Packaging

(0.2%):

75,000

Ardagh

Metal

Packaging

Finance

USA

LLC/Ardagh

Metal

Packaging

Finance

plc,

4.00%,

9/1/29,

Callable

5/15/24

@

102(a)

58,875

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

131

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Containers

&

Packaging,

continued

$

115,000

Ardagh

Packaging

Finance

plc/Ardagh

Holdings

USA,

Inc.,

4.13%,

8/15/26,

Callable

10/16/23

@

101.03(a)

$

104,794

30,000

Ball

Corp.,

6.00%,

6/15/29,

Callable

5/15/26

@

103

29,175

35,000

Ball

Corp.,

3.13%,

9/15/31,

Callable

6/15/31

@

100

27,563

30,000

Graphic

Packaging

International

LLC,

3.75%,

2/1/30,

Callable

8/1/29

@

100(a)

25,087

30,000

Owens-Brockway

Glass

Container,

Inc.,

7.25%,

5/15/31,

Callable

5/15/26

@

103.63(a)

29,287

55,000

Sealed

Air

Corp.,

5.00%,

4/15/29,

Callable

4/15/25

@

102.5(a)

49,638

324,419

Diversified

Consumer

Services

(0.1%):

107,000

Allied

Universal

Holdco

LLC/Allied

Universal

Finance

Corp./Atlas

Luxco

4

Sarl,

4.63%,

6/1/28,

Callable

6/1/24

@

102.31(a)

88,007

61,000

APX

Group,

Inc.,

6.75%,

2/15/27,

Callable

11/6/23

@

103.38(a)

58,865

20,000

Sotheby's,

7.38%,

10/15/27,

Callable

10/16/23

@

101.84(a)

18,375

165,247

Diversified

REITs

(0.8%):

421,000

Brandywine

Operating

Partners

LP,

3.95%,

11/15/27,

Callable

8/15/27

@

100

348,998

288,000

Brandywine

Operating

Partnership

LP,

7.55%,

3/15/28,

Callable

2/15/28

@

100

267,958

30,000

CTR

Partnership

LP/CareTrust

Capital

Corp.,

3.88%,

6/30/28,

Callable

3/30/28

@

100(a)

25,875

75,000

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership

LP,

3.75%,

12/15/27,

Callable

9/15/27

@

100(a)

58,031

35,000

Piedmont

Operating

Partnership

LP,

2.75%,

4/1/32,

Callable

1/1/32

@

100

22,802

60,000

Service

Properties

Trust,

4.95%,

10/1/29,

Callable

7/1/29

@

100

45,450

112,000

STORE

Capital

Corp.,

2.75%,

11/18/30,

Callable

8/18/30

@

100

80,279

300,000

WP

Carey,

Inc.,

4.00%,

2/1/25,

Callable

11/1/24

@

100

291,545

101,000

WP

Carey,

Inc.,

3.85%,

7/15/29,

Callable

4/15/29

@

100

89,527

1,230,465

Diversified

Telecommunication

Services

(1.1%):

110,000

AT&T,

Inc.,

4.30%,

2/15/30,

Callable

11/15/29

@

100

100,385

235,000

AT&T,

Inc.,

5.15%,

11/15/46,

Callable

5/15/46

@

100

196,666

25,000

Cablevision

Lightpath

LLC,

5.63%,

9/15/28,

Callable

10/16/23

@

102.81(a)

19,188

40,000

Consolidated

Communications,

Inc.,

5.00%,

10/1/28,

Callable

10/16/23

@

103.75(a)

29,700

130,000

CSC

Holdings

LLC,

4.13%,

12/1/30,

Callable

12/1/25

@

102.06(a)

91,650

110,000

CSC

Holdings

LLC,

4.63%,

12/1/30,

Callable

12/1/25

@

102.31(a)

58,300

30,000

Front

Range

BidCo,

Inc.,

6.13%,

3/1/28,

Callable

11/6/23

@

103.06(a)

19,275

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

Telecommunication

Services,

continued

$

25,000

Frontier

Communications

Corp.,

5.88%,

10/15/27,

Callable

11/6/23

@

102.94(a)

$

22,688

8,244

Frontier

Communications

Holdings

LLC,

5.88%,

11/1/29,

Callable

11/1/24

@

102.94

6,028

60,000

Frontier

Communications

Holdings

LLC,

8.75%,

5/15/30,

Callable

5/15/25

@

104.38(a)

56,775

299,000

Verizon

Communications,

Inc.,

2.55%,

3/21/31,

Callable

12/21/30

@

100

239,125

213,000

Warnermedia

Holdings,

Inc.,

3.76%,

3/15/27,

Callable

2/15/27

@

100

197,202

74,000

Warnermedia

Holdings,

Inc.,

4.05%,

3/15/29,

Callable

1/15/29

@

100

66,356

310,000

Warnermedia

Holdings,

Inc.,

4.28%,

3/15/32,

Callable

12/15/31

@

100

263,176

155,000

Warnermedia

Holdings,

Inc.,

5.05%,

3/15/42,

Callable

9/15/41

@

100

119,628

234,000

Warnermedia

Holdings,

Inc.,

5.14%,

3/15/52,

Callable

9/15/51

@

100

174,506

25,000

Zayo

Group

Holdings,

Inc.,

4.00%,

3/1/27,

Callable

11/6/23

@

100(a)

18,531

1,679,179

Electric

Utilities

(0.7%):

20,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co-Issuer,

4.25%,

10/15/27,

Callable

11/6/23

@

102.13(a)

17,900

96,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co-Issuer,

6.75%,

10/15/27,

Callable

11/6/23

@

101.69(a)

89,280

70,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co-Issuer,

5.88%,

11/1/29,

Callable

11/1/24

@

102.94(a)

60,725

130,000

Cleco

Corporate

Holdings

LLC,

3.38%,

9/15/29,

Callable

6/15/29

@

100

109,105

160,000

Duquesne

Light

Holdings,

Inc.,

2.78%,

1/7/32,

Callable

10/7/31

@

100(a)

119,424

110,000

Exelon

Corp.,

4.05%,

4/15/30,

Callable

1/15/30

@

100

98,980

45,000

Genesis

Energy

LP/Genesis

Energy

Finance

Corp.,

8.00%,

1/15/27,

Callable

1/15/24

@

104

43,313

29,000

NextEra

Energy

Operating

Partners

LP,

4.25%,

9/15/24,

Callable

7/15/24

@

100(a)

27,768

40,000

NRG

Energy,

Inc.,

5.75%,

1/15/28,

Callable

10/23/23

@

102.88

37,300

30,000

NRG

Energy,

Inc.,

3.38%,

2/15/29,

Callable

2/15/24

@

101.69(a)

24,300

55,000

NRG

Energy,

Inc.,

3.63%,

2/15/31,

Callable

2/15/26

@

101.81(a)

41,731

40,812

NSG

Holdings

LLC/NSG

Holdings,

Inc.,

7.75%,

12/15/25(a)

40,557

210,000

Pacific

Gas

and

Electric

Co.,

4.95%,

7/1/50,

Callable

1/1/50

@

100

155,985

140,000

PG&E

Corp.,

5.25%,

7/1/30,

Callable

7/1/25

@

102.63

121,800

110,000

Vistra

Operations

Co.

LLC,

5.00%,

7/31/27,

Callable

10/16/23

@

101.25(a)

101,200

20,000

Vistra

Operations

Co.

LLC,

7.75%,

10/15/31,

Callable

10/15/26

@

103.88(a)

19,675

1,109,043

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

132

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Electrical

Equipment

(0.1%):

$

35,000

Artera

Services

LLC,

9.03%,

12/4/25,

Callable

11/6/23

@

104.52(a)

$

32,287

45,000

Sensata

Technologies

BV,

4.00%,

4/15/29,

Callable

4/15/24

@

102(a)

38,475

60,000

Vertiv

Group

Corp.,

4.13%,

11/15/28,

Callable

11/15/24

@

102.06(a)

52,800

123,562

Electronic

Equipment,

Instruments

&

Components

(0.1%):

110,000

II-VI,

Inc.,

5.00%,

12/15/29,

Callable

12/14/24

@

102.5(a)

95,013

Energy

Equipment

&

Services

(0.1%):

66,500

Transocean,

Inc.,

8.75%,

2/15/30,

Callable

2/15/26

@

104.38(a)

67,830

30,000

Valaris,

Ltd.,

8.38%,

4/30/30,

Callable

4/30/26

@

104.19(a)

30,075

97,905

Entertainment

(0.1%):

45,000

Allen

Media

LLC/Allen

Media

Co-Issuer,

Inc.,

10.50%,

2/15/28,

Callable

11/6/23

@

113(a)

25,650

745,000

Diamond

Sports

Group

LLC/Diamond

Sports

Finance

Co.,

5.38%,

8/15/26,

Callable

10/23/23

@

101.34(a)

14,900

60,000

ROBLOX

Corp.,

3.88%,

5/1/30,

Callable

11/1/24

@

101.94(a)

48,000

88,550

Financial

Services

(2.1%):

35,000

AmWINS

Group,

Inc.,

4.88%,

6/30/29,

Callable

6/30/24

@

102.44(a)

30,538

640,000

Blackstone

Private

Credit

Fund,

4.70%,

3/24/25

621,481

15,000

Clydesdale

Acquisition

Holdings,

Inc.,

6.63%,

4/15/29,

Callable

4/15/25

@

103.31(a)

14,006

75,000

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%,

4/15/30,

Callable

4/15/25

@

104.38(a)

64,125

60,000

Cobra

AcquisitionCo

LLC,

6.38%,

11/1/29,

Callable

11/1/24

@

103.25(a)

44,400

190,000

Corebridge

Financial,

Inc.,

3.65%,

4/5/27,

Callable

3/5/27

@

100

176,646

130,000

Corebridge

Financial,

Inc.,

3.90%,

4/5/32,

Callable

1/5/32

@

100

109,525

70,000

Corebridge

Financial,

Inc.,

4.40%,

4/5/52,

Callable

10/5/51

@

100

50,800

45,000

Emerald

Debt

Merger

Sub

LLC,

6.63%,

12/15/30,

Callable

6/15/26

@

103.31(a)

43,425

45,000

Ford

Motor

Credit

Co

LLC,

4.27%,

1/9/27,

Callable

11/9/26

@

100

41,452

940,000

Ford

Motor

Credit

Co.

LLC,

4.06%,

11/1/24,

Callable

10/1/24

@

100

910,219

50,000

GGAM

Finance,

Ltd.,

7.75%,

5/15/26,

Callable

11/15/25

@

100(a)

49,563

10,000

Greystar

Real

Estate

Partners

LLC,

7.75%,

9/1/30,

Callable

9/1/26

@

103.88(a)

9,900

50,000

HUB

International,

Ltd.,

5.63%,

12/1/29,

Callable

12/1/24

@

102.81(a)

43,438

80,000

HUB

International,

Ltd.,

7.25%,

6/15/30,

Callable

6/15/26

@

103.63(a)

79,700

70,000

Jackson

Financial,

Inc.,

5.17%,

6/8/27,

Callable

5/8/27

@

100^

67,498

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services,

continued

$

17,000

Jackson

Financial,

Inc.,

3.13%,

11/23/31,

Callable

8/23/31

@

100

$

13,093

76,000

Jackson

Financial,

Inc.,

5.67%,

6/8/32,

Callable

3/8/32

@

100^

70,252

30,000

Jane

Street

Group/JSG

Finance,

Inc.,

4.50%,

11/15/29,

Callable

11/15/24

@

102.25(a)

25,687

140,000

Level

3

Financing,

Inc.,

4.25%,

7/1/28,

Callable

11/6/23

@

102.13(a)

87,500

20,000

Level

3

Financing,

Inc.,

3.63%,

1/15/29,

Callable

1/15/24

@

101.81(a)

11,200

15,000

MIWD

Holdco

II

LLC/MIWD

Finance

Corp.,

5.50%,

2/1/30,

Callable

2/1/25

@

102.75(a)

12,412

25,000

OI

European

Group

BV,

4.75%,

2/15/30,

Callable

11/15/24

@

102.38(a)

21,813

250,000

Peachtree

Funding

Trust,

3.98%,

2/15/25(a)

241,768

230,000

Pine

Street

Trust

I,

4.57%,

2/15/29,

Callable

11/15/28

@

100(a)

206,827

87,000

Sun

Communities

Operating

LP,

2.30%,

11/1/28,

Callable

9/1/28

@

100

71,926

232,000

Sun

Communities

Operating

LP,

2.70%,

7/15/31,

Callable

4/15/31

@

100

178,417

35,000

Victors

Merger

Corp.,

6.38%,

5/15/29,

Callable

5/15/24

@

103.19(a)

23,450

3,321,061

Food

Products

(0.1%):

75,000

C&S

Group

Enterprises

LLC,

5.00%,

12/15/28,

Callable

12/15/23

@

102.5(a)

57,750

110,000

Pilgrim's

Pride

Corp.,

4.25%,

4/15/31,

Callable

4/15/26

@

102.13

91,437

15,000

Post

Holdings,

Inc.,

5.63%,

1/15/28,

Callable

10/23/23

@

102.81(a)

14,194

28,000

Post

Holdings,

Inc.,

4.50%,

9/15/31,

Callable

9/15/26

@

102.25(a)

23,275

186,656

Ground

Transportation

(0.1%):

180,000

Uber

Technologies,

Inc.,

4.50%,

8/15/29,

Callable

8/15/24

@

102.25(a)

161,100

35,000

VM

Consolidated,

Inc.,

5.50%,

4/15/29,

Callable

4/15/24

@

102.75(a)

31,456

192,556

Health

Care

Providers

&

Services

(1.5%):

50,000

180

Medical,

Inc.,

3.88%,

10/15/29,

Callable

10/7/24

@

101.94(a)

42,250

30,000

AHP

Health

Partners,

Inc.,

5.75%,

7/15/29,

Callable

7/15/24

@

102.88(a)

25,425

5,000

Cano

Health

LLC,

6.25%,

10/1/28,

Callable

10/1/24

@

103.13(a)

2,175

30,000

Centene

Corp.,

2.45%,

7/15/28,

Callable

5/15/28

@

100

25,312

630,000

Centene

Corp.,

4.63%,

12/15/29,

Callable

12/15/24

@

102.31

565,425

360,000

Centene

Corp.,

3.38%,

2/15/30,

Callable

2/15/25

@

101.69

300,600

100,000

CHS/Community

Health

Systems,

Inc.,

5.63%,

3/15/27,

Callable

12/15/23

@

102.81(a)

85,750

100,000

CHS/Community

Health

Systems,

Inc.,

6.00%,

1/15/29,

Callable

1/15/24

@

103(a)

80,500

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

133

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

55,000

CHS/Community

Health

Systems,

Inc.,

6.13%,

4/1/30,

Callable

4/1/25

@

103.06(a)

$

28,050

90,000

Community

Health

Systems,

Inc.,

8.00%,

3/15/26,

Callable

11/6/23

@

102(a)

85,725

30,000

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC,

6.63%,

7/15/30,

Callable

7/16/26

@

103.31(a)

29,325

62,000

CVS

Health

Corp.,

5.00%,

1/30/29,

Callable

12/30/28

@

100

59,934

25,000

CVS

Health

Corp.,

5.25%,

1/30/31,

Callable

11/30/30

@

100

24,057

85,000

DaVita,

Inc.,

4.63%,

6/1/30,

Callable

6/1/25

@

102.31(a)

69,700

25,000

Garden

Spinco

Corp.,

8.63%,

7/20/30,

Callable

7/20/27

@

102.16(a)

26,062

203,000

HCA,

Inc.,

5.88%,

2/1/29,

Callable

8/1/28

@

100

199,447

110,000

HCA,

Inc.,

3.50%,

9/1/30,

Callable

3/1/30

@

100

93,362

25,000

HealthEquity,

Inc.,

4.50%,

10/1/29,

Callable

10/1/24

@

102.25(a)

21,563

64,000

Humana,

Inc.,

3.70%,

3/23/29,

Callable

2/23/29

@

100

58,293

50,000

LifePoint

Health,

Inc.,

11.00%,

10/15/30,

Callable

10/15/26

@

105.5(a)

50,000

25,000

ModivCare,

Inc.,

5.88%,

11/15/25,

Callable

11/6/23

@

102.94(a)

23,688

60,000

Molina

Healthcare,

Inc.,

3.88%,

11/15/30,

Callable

8/17/30

@

100(a)

49,500

40,000

Owens

&

Minor,

Inc.,

4.50%,

3/31/29,

Callable

3/31/24

@

102.25(a)

32,800

21,000

Surgery

Center

Holdings,

Inc.,

6.75%,

7/1/25,

Callable

11/6/23

@

100(a)

20,842

195,000

Tenet

Healthcare

Corp.,

6.13%,

10/1/28,

Callable

11/6/23

@

103.06^

183,300

65,000

Tenet

Healthcare

Corp.,

4.38%,

1/15/30,

Callable

12/1/24

@

102.19

55,738

181,000

Toledo

Hospital

(The),

Series

B,

5.33%,

11/15/28

142,538

35,000

Toledo

Hospital

(The),

6.02%,

11/15/48

23,975

20,000

US

Renal

Care,

Inc.,

10.63%,

7/15/27,

Callable

11/6/23

@

102.66(a)

8,050

2,413,386

Health

Care

REITs

(1.1%):

98,000

Healthcare

Trust

of

America

Holdings

LP,

3.10%,

2/15/30,

Callable

11/15/29

@

100

81,533

25,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.25%,

8/1/26,

Callable

11/6/23

@

100.88

21,281

140,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.00%,

10/15/27,

Callable

11/6/23

@

101.67

108,150

150,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

3.50%,

3/15/31,

Callable

3/15/26

@

101.75

93,750

350,000

Omega

Healthcare

Investors,

Inc.,

4.50%,

4/1/27,

Callable

1/1/27

@

100

325,414

435,000

Omega

Healthcare

Investors,

Inc.,

3.63%,

10/1/29,

Callable

7/1/29

@

100

361,393

230,000

Sabra

Health

Care

LP,

3.20%,

12/1/31,

Callable

9/1/31

@

100

172,362

631,000

Ventas

Realty

LP,

4.75%,

11/15/30,

Callable

8/15/30

@

100

576,874

1,740,757

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Technology

(0.1%):

$

90,000

Minerva

Merger

Sub,

Inc.,

6.50%,

2/15/30,

Callable

2/15/25

@

103.25(a)

$

75,150

Hotel

&

Resort

REITs

(0.0%

†

):

55,000

Service

Properties

Trust,

5.50%,

12/15/27,

Callable

9/15/27

@

100

47,025

Hotels,

Restaurants

&

Leisure

(0.8%):

25,000

Affinity

Gaming,

6.88%,

12/15/27,

Callable

12/1/23

@

103.44(a)

21,125

65,000

Caesars

Entertainment,

Inc.,

4.63%,

10/15/29,

Callable

10/15/24

@

102.31(a)

55,006

40,000

Carnival

Corp.,

7.00%,

8/15/29,

Callable

8/15/26

@

103.5(a)

39,350

45,000

Carnival

Corp.,

10.50%,

6/1/30,

Callable

6/1/25

@

105.25(a)

46,237

70,000

Churchill

Downs,

Inc.,

6.75%,

5/1/31,

Callable

5/1/26

@

103.38(a)

66,150

65,000

Colt

Merger

Sub,

Inc.,

8.13%,

7/1/27,

Callable

11/6/23

@

104.06(a)

65,162

10,000

Constellation

Merger

Sub,

Inc.,

8.50%,

9/15/25,

Callable

11/6/23

@

100(a)

8,300

70,000

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.,

6.75%,

1/15/30,

Callable

1/15/25

@

103.38(a)

57,050

25,000

Hilton

Grand

Vacations

Borrower

Escrow

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

5.00%,

6/1/29,

Callable

6/1/24

@

102.5(a)

21,719

30,000

Jacobs

Entertainment,

Inc.,

6.75%,

2/15/29,

Callable

2/15/25

@

103.38(a)

26,625

25,000

Marriott

Ownership

Resorts,

Inc.,

4.50%,

6/15/29,

Callable

6/15/24

@

102.25(a)

20,937

105,000

MGM

Resorts

International,

5.75%,

6/15/25,

Callable

3/15/25

@

100

102,375

45,000

NCL

Corp.,

Ltd.,

3.63%,

12/15/24,

Callable

10/16/23

@

100.91(a)

43,088

75,000

NCL

Corp.,

Ltd.,

5.88%,

2/15/27,

Callable

2/15/24

@

102.94(a)

71,257

55,000

NCL

Corp.,

Ltd.,

8.38%,

2/1/28,

Callable

2/1/25

@

104.19(a)

55,550

25,000

NCL

Finance,

Ltd.,

6.13%,

3/15/28,

Callable

12/15/27

@

100(a)

22,063

13,000

Royal

Caribbean

Cruises,

Ltd.,

11.50%,

6/1/25,

Callable

10/16/23

@

105.75(a)

13,731

40,000

Royal

Caribbean

Cruises,

Ltd.,

5.50%,

8/31/26,

Callable

2/28/26

@

100(a)

37,700

50,000

Royal

Caribbean

Cruises,

Ltd.,

5.38%,

7/15/27,

Callable

10/15/26

@

100(a)

46,125

40,000

Royal

Caribbean

Cruises,

Ltd.,

7.25%,

1/15/30,

Callable

12/15/25

@

103.63(a)

39,550

85,000

Station

Casinos

LLC,

4.50%,

2/15/28,

Callable

11/6/23

@

102.25(a)

73,950

50,000

Viking

Cruises,

Ltd.,

9.13%,

7/15/31,

Callable

7/15/26

@

104.56(a)

49,875

100,000

Wynn

Las

Vegas

LLC/Wynn

Las

Vegas

Capital

Corp.,

5.50%,

3/1/25,

Callable

12/1/24

@

100(a)

98,125

40,000

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.,

7.13%,

2/15/31,

Callable

11/15/30

@

100(a)

37,950

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

134

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Hotels,

Restaurants

&

Leisure,

continued

$

110,000

Yum!

Brands,

Inc.,

4.63%,

1/31/32,

Callable

10/1/26

@

102.31

$

95,288

1,214,288

Household

Durables

(0.2%):

30,000

Ambience

Merger

Sub,

Inc.,

4.88%,

7/15/28,

Callable

11/6/23

@

102.44(a)

11,850

35,000

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.,

4.63%,

4/1/30,

Callable

4/1/25

@

102.31(a)

28,569

30,000

Century

Communities,

Inc.,

3.88%,

8/15/29,

Callable

2/15/29

@

100(a)

24,787

40,000

LBM

Acquisition

LLC,

0.00%,

12/18/27

38,977

65,000

LBM

Acquisition

LLC,

6.25%,

1/15/29,

Callable

1/15/24

@

103.13(a)

53,300

40,000

Newell

Brands,

Inc.,

5.38%,

4/1/36,

Callable

10/1/35

@

100

32,700

25,000

Northwest

Fiber

LLC/Northwest

Fiber

Finance

Sub,

Inc.,

6.00%,

2/15/28,

Callable

2/15/24

@

103(a)

20,500

45,000

Tempur

Sealy

International,

Inc.,

4.00%,

4/15/29,

Callable

4/15/24

@

102(a)

37,744

25,000

Tempur

Sealy

International,

Inc.,

3.88%,

10/15/31,

Callable

10/15/26

@

101.94(a)

19,281

50,000

TopBuild

Corp.,

4.13%,

2/15/32,

Callable

10/15/26

@

102.06(a)

40,625

308,333

Household

Products

(0.0%

†

):

35,000

Central

Garden

&

Pet

Co.,

4.13%,

4/30/31,

Callable

4/30/26

@

102.06(a)

28,613

Independent

Power

and

Renewable

Electricity

Producers

(0.4%):

350,000

AES

Corp.

(The),

3.30%,

7/15/25,

Callable

6/15/25

@

100(a)

331,683

280,000

AES

Corp.

(The),

3.95%,

7/15/30,

Callable

4/15/30

@

100(a)

243,391

20,000

Clearway

Energy

Operating

LLC,

4.75%,

3/15/28,

Callable

10/16/23

@

103.56(a)

17,850

20,000

Pattern

Energy

Operations

LP/Pattern

Energy

Operations,

Inc.,

4.50%,

8/15/28,

Callable

11/6/23

@

103.38(a)

17,350

40,000

Sunnova

Energy

Corp.,

5.88%,

9/1/26,

Callable

11/6/23

@

102.94^(a)

34,100

40,000

TerraForm

Power

Operating

LLC,

5.00%,

1/31/28,

Callable

7/31/27

@

100(a)

36,200

680,574

Industrial

Conglomerates

(0.2%):

85,000

Brand

Industrial

Services,

Inc.,

10.38%,

8/1/30,

Callable

8/1/26

@

105.19(a)

85,319

20,000

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/15/28,

Callable

12/15/25

@

104.94(a)

18,925

165,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

5.25%,

5/15/27,

Callable

11/15/26

@

100

144,787

25,000

Sealed

Air

Corp./Sealed

Air

Corp.

U.S.,

6.13%,

2/1/28,

Callable

2/1/25

@

103.06(a)

24,281

273,312

Industrial

REITs

(0.1%):

135,000

Lexington

Realty

Trust,

4.40%,

6/15/24,

Callable

3/15/24

@

100

132,068

Principal

Amount

Value

Corporate

Bonds,

continued

Insurance

(0.6%):

$

25,000

AssuredPartners,

Inc.,

5.63%,

1/15/29,

Callable

12/15/23

@

102.81(a)

$

21,688

30,000

BroadStreet

Partners,

Inc.,

5.88%,

4/15/29,

Callable

4/15/24

@

102.94(a)

26,475

340,000

Five

Corners

Funding

Trust

II,

2.85%,

5/15/30,

Callable

2/15/30

@

100(a)

283,668

330,000

Pacific

Lifecorp,

5.13%,

1/30/43(a)

287,551

35,000

Ryan

Specialty

Group

LLC,

4.38%,

2/1/30,

Callable

2/1/25

@

102.19(a)

30,537

280,000

Unum

Group,

4.00%,

6/15/29,

Callable

3/15/29

@

100

251,906

110,000

USI,

Inc.,

6.88%,

5/1/25,

Callable

11/6/23

@

100(a)

109,037

1,010,862

Interactive

Media

&

Services

(0.0%

†

):

85,000

Match

Group

Holdings

II

LLC,

3.63%,

10/1/31,

Callable

10/1/26

@

101.81(a)

66,937

IT

Services

(0.1%):

10,000

Arches

Buyer,

Inc.,

4.25%,

6/1/28,

Callable

12/1/23

@

102.13(a)

8,450

15,000

Arches

Buyer,

Inc.,

6.13%,

12/1/28,

Callable

12/1/23

@

103.06(a)

12,112

20,000

Booz

Allen

Hamilton,

Inc.,

4.00%,

7/1/29,

Callable

7/1/24

@

102(a)

17,725

30,000

Gartner,

Inc.,

3.75%,

10/1/30,

Callable

10/1/25

@

101.88(a)

25,163

50,000

Twilio,

Inc.,

3.88%,

3/15/31,

Callable

3/15/26

@

101.94^

40,500

103,950

Leisure

Products

(0.0%

†

):

5,000

Mattel,

Inc.,

5.88%,

12/15/27,

Callable

11/6/23

@

104.41(a)

4,856

30,000

Mattel,

Inc.,

6.20%,

10/1/40

26,888

31,744

Life

Sciences

Tools

&

Services

(0.0%

†

):

20,000

Charles

River

Laboratories

International,

Inc.,

4.25%,

5/1/28,

Callable

10/23/23

@

102.13(a)

17,950

15,000

Charles

River

Laboratories

International,

Inc.,

3.75%,

3/15/29,

Callable

3/15/24

@

101.88(a)

12,919

30,869

Machinery

(0.1%):

35,000

GrafTech

Finance,

Inc.,

4.63%,

12/15/28,

Callable

12/15/23

@

102.31(a)

26,994

30,000

ITT

Holdings

LLC,

6.50%,

8/1/29,

Callable

8/1/24

@

103.25(a)

25,425

40,000

Madison

IAQ

LLC,

4.13%,

6/30/28,

Callable

6/30/24

@

102.06(a)

34,150

135,000

Madison

IAQ

LLC,

5.88%,

6/30/29,

Callable

6/30/24

@

102.94(a)

108,000

25,000

Mueller

Water

Products,

Inc.,

4.00%,

6/15/29,

Callable

6/15/24

@

102(a)

21,875

216,444

Media

(1.4%):

35,000

Austin

BidCo,

Inc.,

7.13%,

12/15/28,

Callable

12/15/23

@

103.56(a)

28,219

395,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.75%,

3/1/30,

Callable

9/1/24

@

102.38(a)

331,306

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

135

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Media,

continued

$

105,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.50%,

6/1/33,

Callable

6/1/27

@

102.25(a)

$

80,194

160,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.40%,

4/1/33,

Callable

1/1/33

@

100^

135,765

332,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.25%,

4/1/53,

Callable

10/1/52

@

100

246,656

50,000

Clear

Channel

Outdoor

Holdings,

Inc.,

9.00%,

9/15/28,

Callable

9/15/25

@

104.5(a)

49,438

230,000

DISH

DBS

Corp.,

7.75%,

7/1/26

172,500

75,000

Fox

Corp.,

4.71%,

1/25/29,

Callable

10/25/28

@

100

70,965

75,000

Fox

Corp.,

5.48%,

1/25/39,

Callable

7/25/38

@

100

64,380

30,000

Gray

Television,

Inc.,

4.75%,

10/15/30,

Callable

10/15/25

@

102.38(a)

19,875

25,000

Radiate

Holdco

LLC/Radiate

Finance,

Inc.,

6.50%,

9/15/28,

Callable

11/6/23

@

103.25(a)

13,125

190,000

Sirius

XM

Radio,

Inc.,

3.88%,

9/1/31,

Callable

9/1/26

@

101.94(a)

143,925

140,000

TEGNA,

Inc.,

4.75%,

3/15/26,

Callable

11/6/23

@

102.38(a)

131,950

65,000

Terrier

Media

Buyer,

Inc.,

8.88%,

12/15/27,

Callable

10/16/23

@

104.44(a)

50,700

600,000

Time

Warner

Cable,

Inc.,

6.75%,

6/15/39

547,848

55,000

Univision

Communications,

Inc.,

6.63%,

6/1/27,

Callable

10/16/23

@

103.31(a)

51,150

30,000

Univision

Communications,

Inc.,

8.00%,

8/15/28,

Callable

8/15/25

@

104(a)

28,913

2,166,909

Metals

&

Mining

(0.1%):

30,000

Allegheny

Technologies,

Inc.,

4.88%,

10/1/29,

Callable

10/1/24

@

102.44

26,391

10,000

Arsenal

AIC

Parent

LLC,

8.00%,

10/1/30,

Callable

10/1/26

@

104(a)

9,912

40,000

Cleveland-Cliffs,

Inc.,

6.75%,

4/15/30,

Callable

4/15/26

@

103.38(a)

37,250

25,000

Commercial

Metals

Co.,

4.13%,

1/15/30,

Callable

1/15/25

@

102.06

21,813

35,000

Mauser

Packaging

Solutions

Holding

Co.,

7.88%,

8/15/26,

Callable

8/15/24

@

103.94(a)

33,775

25,000

Novelis

Corp.,

3.88%,

8/15/31,

Callable

8/15/26

@

101.94(a)

19,938

149,079

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.0%

†

):

25,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.,

4.75%,

6/15/29,

Callable

6/15/24

@

102.38(a)

20,156

30,000

Starwood

Property

Trust,

Inc.,

4.75%,

3/15/25,

Callable

9/15/24

@

100

28,800

48,956

Multi-Utilities

(0.2%):

100,000

Puget

Energy,

Inc.,

4.10%,

6/15/30,

Callable

3/15/30

@

100

87,018

141,000

Puget

Energy,

Inc.,

4.22%,

3/15/32,

Callable

12/15/31

@

100

121,198

Principal

Amount

Value

Corporate

Bonds,

continued

Multi-Utilities,

continued

$

55,000

Sempra

Energy,

6.00%,

10/15/39

$

52,486

260,702

Office

REITs

(0.3%):

98,000

Corporate

Office

Properties

LP,

2.25%,

3/15/26,

Callable

2/15/26

@

100

88,332

85,000

Corporate

Office

Properties

LP,

2.75%,

4/15/31,

Callable

1/15/31

@

100

63,900

290,000

Hudson

Pacific

Properties

LP,

4.65%,

4/1/29,

Callable

1/1/29

@

100

220,400

50,000

Vornado

Realty

LP,

2.15%,

6/1/26,

Callable

5/1/26

@

100

42,567

415,199

Oil,

Gas

&

Consumable

Fuels

(3.9%):

25,000

Apache

Corp.,

7.38%,

8/15/47

23,375

15,000

Calumet

Specialty

Products

Partners

LP/Calumet

Finance

Corp.,

9.75%,

7/15/28,

Callable

7/15/25

@

104.88(a)

14,812

20,000

CITGO

Petroleum

Corp.,

8.38%,

1/15/29,

Callable

10/15/25

@

104.19(a)

19,975

10,000

Cnx

Midstream

Partners

LP,

4.75%,

4/15/30,

Callable

4/15/25

@

102.38(a)

8,325

15,000

CNX

Resources

Corp.,

6.00%,

1/15/29,

Callable

1/15/24

@

104.5(a)

13,987

30,000

Colgate

Energy

Partners

III

LLC,

5.88%,

7/1/29,

Callable

7/1/24

@

102.94(a)

28,200

20,000

Columbia

Pipelines

Operating

Co.

LLC,

5.93%,

8/15/30,

Callable

6/15/30

@

100(a)

19,725

55,000

Columbia

Pipelines

Operating

Co.

LLC,

6.04%,

11/15/33,

Callable

8/15/33

@

100(a)

53,541

16,000

Columbia

Pipelines

Operating

Co.

LLC,

6.50%,

8/15/43,

Callable

2/15/43

@

100(a)

15,580

30,000

Columbia

Pipelines

Operating

Co.

LLC,

6.54%,

11/15/53,

Callable

5/15/53

@

100(a)

29,501

18,000

Columbia

Pipelines

Operating

Co.

LLC,

6.71%,

8/15/63,

Callable

2/15/63

@

100(a)

17,668

80,000

Comstock

Resources,

Inc.,

6.75%,

3/1/29,

Callable

3/1/24

@

103.38(a)

73,600

85,000

Continental

Resources,

Inc.,

5.75%,

1/15/31,

Callable

7/15/30

@

100(a)

79,794

105,000

Crestwood

Midstream

Partners

LP/Crestwood

Midstream

Finance

Corp.,

6.00%,

2/1/29,

Callable

2/1/24

@

103(a)

100,800

55,000

Crestwood

Midstream

Partners

LP/Crestwood

Midstream

Finance

Corp.,

7.38%,

2/1/31,

Callable

2/1/26

@

103.69(a)

55,962

90,000

CVR

Energy,

Inc.,

5.25%,

2/15/25,

Callable

10/23/23

@

101.31(a)

87,638

25,000

CVR

Energy,

Inc.,

5.75%,

2/15/28,

Callable

10/23/23

@

102.88(a)

22,625

105,000

DCP

Midstream

Operating

LP,

5.38%,

7/15/25,

Callable

4/15/25

@

100

103,556

60,000

DCP

Midstream

Operating

LP,

5.13%,

5/15/29,

Callable

2/15/29

@

100

57,180

100,000

DCP

Midstream

Operating

LP,

5.60%,

4/1/44,

Callable

10/1/43

@

100

87,700

35,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

7.13%,

6/1/28,

Callable

6/1/24

@

103.56(a)

31,938

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

136

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

18,000

Devon

Energy

Corp.,

5.25%,

10/15/27,

Callable

10/16/23

@

101.75

$

17,536

25,000

DT

Midstream,

Inc.,

4.13%,

6/15/29,

Callable

6/15/24

@

102.06(a)

21,625

124,000

Enable

Midstream

Partners

LP,

3.90%,

5/15/24,

Callable

2/15/24

@

100

122,272

350,000

Energy

Transfer

LP,

4.95%,

6/15/28,

Callable

3/15/28

@

100

335,072

427,000

Energy

Transfer

LP,

5.00%,

5/15/50,

Callable

11/15/49

@

100

334,538

65,000

Energy

Transfer

LP,

Series

A,

9.65%

(US0003M+403

bps),

12/31/99,

Callable

10/23/23

@

100

60,775

60,000

EnLink

Midstream

LLC,

5.63%,

1/15/28,

Callable

7/15/27

@

100(a)

56,700

70,000

EQM

Midstream

Partners

LP,

4.50%,

1/15/29,

Callable

7/15/28

@

100(a)

62,300

45,000

EQT

Corp.,

5.00%,

1/15/29,

Callable

7/15/28

@

100

42,300

150,000

Hess

Corp.,

4.30%,

4/1/27,

Callable

1/1/27

@

100

142,553

109,000

Hess

Corp.,

7.30%,

8/15/31

115,603

610,000

Hess

Corp.,

5.60%,

2/15/41

548,184

70,000

Hess

Midstream

Operations

LP,

5.63%,

2/15/26,

Callable

11/6/23

@

101.41(a)

67,637

35,000

Hess

Midstream

Operations

LP,

4.25%,

2/15/30,

Callable

2/15/25

@

102.13(a)

29,750

20,000

Kinetik

Holdings

LP,

5.88%,

6/15/30,

Callable

6/15/25

@

102.94(a)

18,719

25,000

Leeward

Renewable

Energy

Operations

LLC,

4.25%,

7/1/29,

Callable

7/1/24

@

102.13(a)

20,625

140,000

MPLX

LP,

4.88%,

12/1/24,

Callable

9/1/24

@

100

138,116

200,000

MPLX

LP,

4.95%,

9/1/32,

Callable

6/1/32

@

100

182,765

65,000

Murphy

Oil

Corp.,

5.88%,

12/1/27,

Callable

10/23/23

@

102.94

62,888

60,000

NGL

Energy

Operating

LLC/NGL

Energy

Finance

Corp.,

7.50%,

2/1/26,

Callable

11/6/23

@

103.75(a)

59,325

30,000

Northern

Oil

and

Gas,

Inc.,

8.75%,

6/15/31,

Callable

6/15/26

@

104.38(a)

30,563

50,000

Occidental

Petroleum

Corp.,

3.50%,

8/15/29,

Callable

5/15/29

@

100

42,200

85,000

Occidental

Petroleum

Corp.,

8.88%,

7/15/30,

Callable

1/15/30

@

100

95,412

412,000

Occidental

Petroleum

Corp.,

7.50%,

5/1/31

436,308

25,000

Occidental

Petroleum

Corp.,

7.88%,

9/15/31

27,000

40,000

Occidental

Petroleum

Corp.,

4.30%,

8/15/39,

Callable

2/15/39

@

100

29,000

40,000

Occidental

Petroleum

Corp.,

6.20%,

3/15/40

38,050

120,000

Occidental

Petroleum

Corp.,

4.40%,

4/15/46,

Callable

10/15/45

@

100

88,050

80,000

Occidental

Petroleum

Corp.,

4.20%,

3/15/48,

Callable

9/15/47

@

100

55,800

50,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

6.00%,

2/15/28,

Callable

11/6/23

@

103

47,000

15,000

PDC

Energy,

Inc.,

5.75%,

5/15/26,

Callable

11/6/23

@

101.44

14,981

20,000

Permian

Resources

Operating

LLC,

7.00%,

1/15/32,

Callable

1/15/27

@

103.5(a)

19,725

110,000

Plains

All

Amer

Pipeline,

3.60%,

11/1/24,

Callable

8/1/24

@

100

106,997

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

45,000

Range

Resources

Corp.,

4.88%,

5/15/25,

Callable

2/15/25

@

100

$

43,537

230,000

Sabine

Pass

Liquefaction

LLC,

4.50%,

5/15/30,

Callable

11/15/29

@

100

210,738

408,000

Sanchez

Energy

Corp.,

7.25%,

2/15/23(a)(c)

—

38,000

Sitio

Royalties

Operating

Partnership

LP/Sitio

Finance

Corp.,

7.88%,

11/1/28,

Callable

11/1/25

@

103.94(a)

38,095

20,000

SM

Energy

Co.,

5.63%,

6/1/25,

Callable

11/6/23

@

100

19,500

346,000

Southeast

Supply

Header

LLC,

4.25%,

6/15/24,

Callable

3/15/24

@

100(a)

330,863

25,000

Southwestern

Energy

Co.,

4.75%,

2/1/32,

Callable

2/1/27

@

102.38

21,313

5,000

Sunoco

LP/Sunoco

Finance

Corp.,

6.00%,

4/15/27,

Callable

11/6/23

@

102

4,831

95,000

Sunoco

LP/Sunoco

Finance

Corp.,

5.88%,

3/15/28,

Callable

11/6/23

@

102.94

91,134

60,000

Tallgrass

Energy

Partners

LP/Tallgrass

Energy

Finance

Corp.,

6.00%,

12/31/30,

Callable

12/31/25

@

103(a)

52,650

30,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

5.50%,

3/1/30,

Callable

3/1/25

@

102.75

28,012

20,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

4.00%,

1/15/32,

Callable

7/15/26

@

102

16,850

13,000

Western

Gas

Partners

LP,

4.65%,

7/1/26,

Callable

4/1/26

@

100

12,496

600,000

Western

Gas

Partners

LP,

4.50%,

3/1/28,

Callable

12/1/27

@

100

558,750

85,000

Western

Midstream

Operating

LP,

4.30%,

2/1/30,

Callable

11/1/29

@

100

73,950

220,000

Williams

Cos.,

Inc.

(The),

4.65%,

8/15/32,

Callable

5/15/32

@

100

200,283

6,118,853

Passenger

Airlines

(0.0%

†

):

35,000

American

Airlines,

Inc.,

7.25%,

2/15/28,

Callable

2/15/25

@

103.63(a)

33,425

Personal

Care

Products

(0.0%

†

):

25,000

BellRing

Brands,

Inc.,

7.00%,

3/15/30,

Callable

3/15/27

@

101.75(a)

24,625

Pharmaceuticals

(0.3%):

37,000

Bausch

Health

Cos.,

Inc.,

11.00%,

9/30/28(a)

25,160

7,000

Bausch

Health

Cos.,

Inc.,

14.00%,

10/15/30,

Callable

10/15/25

@

106(a)

4,148

20,000

Catalent

Pharma

Solutions,

Inc.,

3.50%,

4/1/30,

Callable

4/1/25

@

101.75^(a)

16,450

116,000

Elanco

Animal

Health,

Inc.,

5.90%,

8/28/28,

Callable

5/28/28

@

100^

112,230

20,000

Jazz

Securities

DAC,

4.38%,

1/15/29,

Callable

7/15/24

@

102.19(a)

17,450

70,000

Organon

&

Co./Organon

Foreign

Debt

Co-Issuer

BV,

4.13%,

4/30/28,

Callable

4/30/24

@

102.06(a)

60,725

230,000

Viatris,

Inc.,

2.70%,

6/22/30,

Callable

3/22/30

@

100

179,247

415,410

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

137

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Professional

Services

(0.1%):

$

25,000

Asgn,

Inc.,

4.63%,

5/15/28,

Callable

11/6/23

@

102.31(a)

$

22,375

25,000

Block,

Inc.,

2.75%,

6/1/26,

Callable

5/1/26

@

100

22,374

25,000

Block,

Inc.,

3.50%,

6/1/31,

Callable

3/1/31

@

100^

19,563

90,000

CoreLogic,

Inc.,

4.50%,

5/1/28,

Callable

5/1/24

@

102.25(a)

68,400

5,000

TKC

Holdings,

Inc.,

10.50%,

5/15/29,

Callable

5/15/24

@

105.25(a)

4,175

20,000

TriNet

Group,

Inc.,

7.13%,

8/15/31,

Callable

8/15/26

@

103.56(a)

19,800

156,687

Real

Estate

Management

&

Development

(0.6%):

150,000

CBRE

Services,

Inc.,

2.50%,

4/1/31,

Callable

1/1/31

@

100

116,201

27,000

Corporate

Office

Properties

LP,

2.00%,

1/15/29,

Callable

11/15/28

@

100

21,126

225,000

Invitation

Homes

Operating

Partnership

LP,

4.15%,

4/15/32,

Callable

1/15/32

@

100

193,304

35,000

Kennedy-Wilson,

Inc.,

4.75%,

2/1/30,

Callable

9/1/24

@

102.38

26,075

120,000

TK

Elevator

US

Newco,

Inc.,

5.25%,

7/15/27,

Callable

11/6/23

@

102.63(a)

109,950

390,000

VICI

Properties

LP,

4.95%,

2/15/30,

Callable

12/15/29

@

100

359,549

40,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

4.63%,

6/15/25,

Callable

3/15/25

@

100(a)

38,600

864,805

Residential

REITs

(0.1%):

150,000

American

Homes

4

Rent

LP,

3.63%,

4/15/32,

Callable

1/15/32

@

100

124,259

Retail

REITs

(0.4%):

100,000

Boston

Properties

LP,

6.75%,

12/1/27,

Callable

11/1/27

@

100

100,724

22,000

Retail

Properties

of

America,

Inc.,

4.75%,

9/15/30,

Callable

6/15/30

@

100

19,623

387,000

Tanger

Properties

LP,

3.13%,

9/1/26,

Callable

6/1/26

@

100

348,826

237,000

Tanger

Properties

LP,

2.75%,

9/1/31,

Callable

6/1/31

@

100

171,529

640,702

Semiconductors

&

Semiconductor

Equipment

(0.7%):

55,000

Broadcom,

Inc.,

2.45%,

2/15/31,

Callable

11/15/30

@

100(a)

42,835

797,000

Broadcom,

Inc.,

2.60%,

2/15/33,

Callable

11/15/32

@

100(a)

592,335

490,000

Broadcom,

Inc.,

3.50%,

2/15/41,

Callable

8/15/40

@

100(a)

339,868

30,000

ON

Semiconductor

Corp.,

3.88%,

9/1/28,

Callable

11/6/23

@

101.94(a)

26,475

50,000

Qorvo,

Inc.,

4.38%,

10/15/29,

Callable

10/15/24

@

102.19

44,000

1,045,513

Software

(0.6%):

55,000

Acuris

Finance

U.S.,

Inc./Acuris

Finance

SARL,

5.00%,

5/1/28,

Callable

5/1/24

@

102.5(a)

45,237

25,000

Boxer

Parent

Co.,

Inc.,

7.13%,

10/2/25,

Callable

11/6/23

@

101.78(a)

24,875

Principal

Amount

Value

Corporate

Bonds,

continued

Software,

continued

$

40,000

Clarivate

Science

Holdings

Corp.,

4.88%,

7/1/29,

Callable

6/30/24

@

102.44(a)

$

34,000

25,000

Cloud

Software

Group,

Inc.,

6.50%,

3/31/29,

Callable

9/30/25

@

103.25(a)

22,000

110,000

Cloud

Software

Group,

Inc.,

9.00%,

9/30/29,

Callable

9/30/25

@

104.5(a)

95,288

30,000

Elastic

NV,

4.13%,

7/15/29,

Callable

7/15/24

@

102.06(a)

25,425

30,000

Fair

Isaac

Corp.,

4.00%,

6/15/28,

Callable

10/23/23

@

102(a)

26,925

55,000

MicroStrategy,

Inc.,

6.13%,

6/15/28,

Callable

6/15/24

@

103.06(a)

48,675

555,000

Oracle

Corp.,

2.30%,

3/25/28,

Callable

1/25/28

@

100

480,467

240,000

Oracle

Corp.,

2.88%,

3/25/31,

Callable

12/25/30

@

100

196,291

999,183

Specialized

REITs

(0.0%

†

):

15,000

LCM

Investments

Holdings

II

LLC,

8.25%,

8/1/31,

Callable

8/1/26

@

104.13(a)

14,588

70,000

Uniti

Group

LP/Uniti

Fiber

Holdings,

Inc./CSL

Capital

LLC,

6.00%,

1/15/30,

Callable

1/15/25

@

103(a)

44,625

59,213

Specialty

Retail

(0.4%):

35,000

Asbury

Automotive

Group,

Inc.,

4.63%,

11/15/29,

Callable

11/15/24

@

102.31(a)

29,925

47,000

AutoNation,

Inc.,

4.75%,

6/1/30,

Callable

3/1/30

@

100

42,303

200,000

AutoZone,

Inc.,

4.00%,

4/15/30,

Callable

1/15/30

@

100

180,347

66,000

Carvana

Co.,

5.88%,

10/1/28,

Callable

10/16/23

@

104.41(a)

39,600

10,000

Carvana

Co.,

4.88%,

9/1/29,

Callable

9/1/24

@

102.44(a)

5,950

55,000

Carvana

Co.,

10.25%,

5/1/30,

Callable

5/1/27

@

105.13(a)

42,350

30,000

Foot

Locker,

Inc.,

4.00%,

10/1/29,

Callable

10/1/24

@

102^(a)

21,600

95,000

L

Brands,

Inc.,

6.63%,

10/1/30,

Callable

10/1/25

@

103.31(a)

89,063

25,000

Magic

Mergeco,

Inc.,

5.25%,

5/1/28,

Callable

11/1/23

@

102.63(a)

20,000

30,000

Party

City

Holdings,

Inc.,

8.75%,

2/15/26,

Callable

11/6/23

@

104.38(a)

3,900

20,000

Rent-A-Center,

Inc.,

6.38%,

2/15/29,

Callable

2/15/24

@

103.19(a)

17,900

19,655

Topaz

Solar

Farms

LLC,

5.75%,

9/30/39(a)

18,279

50,000

Valvoline,

Inc.,

3.63%,

6/15/31,

Callable

6/15/26

@

101.81(a)

38,812

550,029

Technology

Hardware,

Storage

&

Peripherals

(0.2%):

40,000

Central

Parent

LLC/CDK

Global

II

LLC/CDK

Financing

Co.,

Inc.,

8.00%,

6/15/29,

Callable

6/15/25

@

104(a)

40,000

129,000

Dell

International

LLC/EMC

Corp.,

6.02%,

6/15/26,

Callable

3/15/26

@

100

129,561

148,000

Dell

International

LLC/EMC

Corp.,

6.10%,

7/15/27,

Callable

5/15/27

@

100

149,410

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

138

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

$

20,000

Seagate

HDD

Cayman,

8.25%,

12/15/29,

Callable

7/15/26

@

104.13(a)

$

20,525

339,496

Textiles,

Apparel

&

Luxury

Goods

(0.1%):

25,000

Crocs,

Inc.,

4.13%,

8/15/31,

Callable

8/15/26

@

102.06(a)

19,281

20,000

Kontoor

Brands,

Inc.,

4.13%,

11/15/29,

Callable

11/15/24

@

102.06(a)

16,600

30,000

Levi

Strauss

&

Co.,

3.50%,

3/1/31,

Callable

3/1/26

@

101.75^(a)

23,812

45,000

Wolverine

World

Wide,

Inc.,

4.00%,

8/15/29,

Callable

8/15/24

@

102(a)

33,244

92,937

Tobacco

(0.0%

†

):

30,000

Turning

Point

Brands,

Inc.,

5.63%,

2/15/26,

Callable

10/16/23

@

102.81(a)

27,938

Trading

Companies

&

Distributors

(0.2%):

290,000

Air

Lease

Corp.,

3.38%,

7/1/25,

Callable

6/1/25

@

100

275,429

20,000

Beacon

Roofing

Supply,

Inc.,

6.50%,

8/1/30,

Callable

8/1/26

@

103.25(a)

19,350

40,000

Foundation

Building

Materials,

Inc.,

6.00%,

3/1/29,

Callable

3/1/24

@

103(a)

33,600

25,000

SRS

Distribution,

Inc.,

6.13%,

7/1/29,

Callable

7/1/24

@

103.06(a)

21,375

40,000

SRS

Distribution,

Inc.,

6.00%,

12/1/29,

Callable

12/1/24

@

103(a)

33,800

383,554

Wireless

Telecommunication

Services

(0.4%):

175,000

Sprint

Communications,

Inc.,

6.88%,

11/15/28

180,906

65,000

T-Mobile

USA,

Inc.,

4.75%,

2/1/28,

Callable

10/16/23

@

102.38

62,075

500,000

T-Mobile

USA,

Inc.,

3.88%,

4/15/30,

Callable

1/15/30

@

100

443,856

686,837

Total

Corporate

Bonds

(Cost

$54,353,149)

47,758,313

Yankee

Debt

Obligations

(7.9%):

Aerospace

&

Defense

(0.1%):

55,000

Bombardier,

Inc.,

7.13%,

6/15/26,

Callable

11/6/23

@

103.56(a)

53,144

45,000

Bombardier,

Inc.,

6.00%,

2/15/28,

Callable

2/15/24

@

103(a)

40,837

93,981

Banks

(1.4%):

270,000

Barclays

plc,

5.09%

(US0003M+305

bps),

6/20/30,

Callable

6/20/29

@

100

241,389

200,000

Commonwealth

Bank

of

Australia,

3.61%,

9/12/34,

Callable

9/12/29

@

100(a)

165,702

205,000

HSBC

Holdings

plc,

4.25%,

3/14/24

203,103

800,000

Intesa

Sanpaolo

SpA,

5.71%,

1/15/26(a)

765,928

286,000

Royal

Bank

of

Scotland

Group

plc,

3.07%

(H15T1Y+255

bps),

5/22/28,

Callable

5/22/27

@

100

254,696

513,000

Societe

Generale

SA,

1.49%

(H15T1Y+110

bps),

12/14/26,

Callable

12/14/25

@

100(a)

458,480

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Banks,

continued

$

12,000

UniCredit

SpA,

5.86%

(USISDA05+370

bps),

6/19/32,

Callable

6/19/27

@

100(a)

$

10,899

23,000

UniCredit

SpA,

7.30%

(USISDA05+491

bps),

4/2/34,

Callable

4/2/29

@

100(a)

21,739

135,000

Westpac

Banking

Corp.,

4.11%

(H15T5Y+200

bps),

7/24/34,

Callable

7/24/29

@

100

115,834

2,237,770

Biotechnology

(0.0%

†

):

85,000

Grifols

Escrow

Issuer

SA,

4.75%,

10/15/28,

Callable

10/15/24

@

102.38^(a)

72,675

Capital

Markets

(1.2%):

280,000

Credit

Suisse

Group

AG,

4.19%

(SOFR+373

bps),

4/1/31,

Callable

4/1/30

@

100(a)

245,055

680,000

Deutsche

Bank

AG,

4.50%,

4/1/25^

653,681

25,000

Macquarie

Airfinance

Holdings,

Ltd.,

8.38%,

5/1/28,

Callable

5/1/25

@

104.19(a)

25,281

20,000

Macquarie

Airfinance

Holdings,

Ltd.,

8.13%,

3/30/29,

Callable

9/30/25

@

104.06(a)

20,025

720,000

UBS

Group

AG,

3.75%,

3/26/25

693,050

314,000

UBS

Group

AG,

1.49%

(H15T1Y+85

bps),

8/10/27,

Callable

8/10/26

@

100(a)

273,926

1,911,018

Chemicals

(0.2%):

25,000

Cerdia

Finanz

GmbH,

10.50%,

2/15/27,

Callable

2/15/24

@

105.25(a)

24,719

85,000

Methanex

Corp.,

5.13%,

10/15/27,

Callable

4/15/27

@

100

78,200

30,000

Methanex

Corp.,

5.25%,

12/15/29,

Callable

9/15/29

@

100

26,850

95,000

NOVA

Chemicals

Corp.,

5.25%,

6/1/27,

Callable

3/3/27

@

100(a)

81,700

25,000

SPCM

SA,

3.13%,

3/15/27,

Callable

3/15/24

@

101.56(a)

21,906

233,375

Communications

Equipment

(0.0%

†

):

30,000

Nokia

Oyj,

6.63%,

5/15/39

26,887

Construction

Materials

(0.1%):

85,000

INEOS

Finance

plc,

6.75%,

5/15/28,

Callable

2/15/25

@

103.38(a)

79,263

Containers

&

Packaging

(0.0%

†

):

10,000

Intelligent

Packaging,

Ltd.

Finco,

Inc./Intelligent

Packaging,

Ltd.

Co-Issuer

LLC,

6.00%,

9/15/28,

Callable

11/6/23

@

101.5(a)

8,713

45,000

Trivium

Packaging

Finance

BV,

5.50%,

8/15/26,

Callable

11/6/23

@

101.38(a)

41,962

50,675

Diversified

Consumer

Services

(0.1%):

95,000

GEMS

MENASA

Cayman,

Ltd./GEMS

Education

Delaware

LLC,

7.13%,

7/31/26,

Callable

11/6/23

@

101.78(a)

92,269

Diversified

Telecommunication

Services

(0.2%):

270,000

Altice

France

SA,

6.00%,

2/15/28,

Callable

11/6/23

@

103(a)

129,263

185,000

Altice

France

SA,

5.13%,

1/15/29,

Callable

11/6/23

@

102.56(a)

131,581

540,000

Intelsat,

0.00%(c)

—

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

139

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Diversified

Telecommunication

Services,

continued

$

111,000

Intelsat,

0.00%(c)

$

—

20,000

Telecom

Italia

Capital

SA,

6.38%,

11/15/33

17,250

80,000

Telecom

Italia

SpA,

6.00%,

9/30/34

66,300

344,394

Energy

Equipment

&

Services

(0.0%

†

):

10,000

Seadrill

Finance,

Ltd.,

8.38%,

8/1/30,

Callable

8/1/26

@

104.19(a)

10,175

45,000

Transocean

Poseidon,

Ltd.,

6.88%,

2/1/27,

Callable

11/6/23

@

103.44(a)

44,325

54,500

Financial

Services

(0.9%):

21,000

1375209

BC,

Ltd.,

9.00%,

1/30/28,

Callable

10/16/23

@

101(a)

20,790

130,000

C&W

Senior

Financing

Dac,

6.88%,

9/15/27,

Callable

10/16/23

@

101.72(a)

114,563

65,000

HTA

Group,

Ltd.,

7.00%,

12/18/25,

Callable

11/6/23

@

101.75(a)

62,400

45,000

Intelsat

Jackson

Holdings

SA,

6.50%,

3/15/30,

Callable

3/15/25

@

102(a)

39,952

1,000,000

Park

Aerospace

Holdings,

5.50%,

2/15/24(a)

995,000

130,000

Vmed

O2

UK

Financing

I

plc,

4.25%,

1/31/31,

Callable

1/31/26

@

102.13(a)

103,187

1,335,892

Hotels,

Restaurants

&

Leisure

(0.1%):

55,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

5.75%,

4/15/25,

Callable

11/6/23

@

101.44(a)

54,587

80,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

4.00%,

10/15/30,

Callable

10/15/25

@

102(a)

66,500

65,000

Melco

Resorts

Finance,

Ltd.,

5.38%,

12/4/29,

Callable

12/4/24

@

102.69(a)

53,463

10,000

Ontario

Gaming

GTA

LP,

8.00%,

8/1/30,

Callable

8/1/25

@

104(a)

9,975

25,000

Studio

City

Co.,

Ltd.,

7.00%,

2/15/27,

Callable

2/15/24

@

103.5(a)

23,625

208,150

Insurance

(0.2%):

230,000

AIA

Group,

Ltd.,

3.38%,

4/7/30,

Callable

1/7/30

@

100(a)

201,350

200,000

Swiss

Re

Finance

Luxembourg

SA,

5.00%

(H15T5Y+358

bps),

4/2/49,

Callable

4/2/29

@

100(a)

186,567

387,917

Media

(0.0%

†

):

50,000

Ziggo

BV,

5.13%,

2/28/30,

Callable

2/15/25

@

102.56(a)

37,062

Metals

&

Mining

(0.1%):

85,000

ERO

Copper

Corp.,

6.50%,

2/15/30,

Callable

2/15/25

@

103.25(a)

73,312

25,000

First

Quantum

Minerals,

Ltd.,

6.88%,

3/1/26,

Callable

10/16/23

@

101.72(a)

24,281

55,000

First

Quantum

Minerals,

Ltd.,

6.88%,

10/15/27,

Callable

10/16/23

@

103.44(a)

52,663

5,000

FMG

Resources

Pty,

Ltd.,

4.50%,

9/15/27,

Callable

6/15/27

@

100(a)

4,538

30,000

Mineral

Resources,

Ltd.,

8.00%,

11/1/27,

Callable

11/1/24

@

104(a)

29,437

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Metals

&

Mining,

continued

$

20,000

Mineral

Resources,

Ltd.,

9.25%,

10/1/28,

Callable

10/1/25

@

104.63(a)

$

20,150

204,381

Oil,

Gas

&

Consumable

Fuels

(1.2%):

115,000

eG

Global

Finance

plc,

6.75%,

2/7/25,

Callable

10/16/23

@

100(a)

112,413

100,000

Meg

Energy

Corp.,

7.13%,

2/1/27,

Callable

11/6/23

@

103.56(a)

101,250

785,000

Petroleos

Mexicanos,

6.84%,

1/23/30,

Callable

10/23/29

@

100

613,281

1,662,000

Petroleos

Mexicanos,

6.75%,

9/21/47

980,580

30,000

Teine

Energy,

Ltd.,

6.88%,

4/15/29,

Callable

4/15/24

@

103.44(a)

27,525

1,835,049

Passenger

Airlines

(0.0%

†

):

95,000

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.,

6.38%,

2/1/30,

Callable

2/1/25

@

103.19(a)

73,269

Pharmaceuticals

(0.1%):

85,000

Bausch

Health

Cos.,

Inc.,

5.50%,

11/1/25,

Callable

11/6/23

@

100(a)

75,437

Software

(0.1%):

95,000

Open

Text

Corp.,

3.88%,

2/15/28,

Callable

11/6/23

@

101.94(a)

82,650

Sovereign

Bond

(1.1%):

56,434

Argentine

Republic

Government

International

Bond,

1.00%,

7/9/29,

Callable

11/6/23

@

100

15,802

513,757

Argentine

Republic

Government

International

Bond,

0.75%,

7/9/30,

Callable

11/7/23

@

100

149,632

941,242

Argentine

Republic

Government

International

Bond,

3.62%,

7/9/35,

Callable

11/7/23

@

100

241,193

444,000

Dominican

Republic,

5.50%,

1/27/25^(a)

439,560

250,000

Dominican

Republic,

6.00%,

7/19/28(a)

238,125

300,000

Indonesia

Government

International

Bond,

4.20%,

10/15/50

228,685

200,000

Qatar

Government

International

Bond,

4.40%,

4/16/50(a)

162,233

230,000

Saudi

Government

International

Bond,

3.25%,

10/22/30(a)

200,976

1,676,206

Tobacco

(0.1%):

200,000

Imperial

Brands

Finance

plc,

6.13%,

7/27/27,

Callable

6/27/27

@

100(a)

199,116

Trading

Companies

&

Distributors

(0.4%):

251,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

4.45%,

4/3/26,

Callable

2/3/26

@

100

240,373

209,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

2.45%,

10/29/26,

Callable

9/29/26

@

100

187,220

234,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.30%,

1/30/32,

Callable

10/30/31

@

100

185,568

613,161

Transportation

Infrastructure

(0.0%

†

):

75,000

Seaspan

Corp.,

5.50%,

8/1/29,

Callable

8/1/24

@

102.75(a)

60,187

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

140

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Wireless

Telecommunication

Services

(0.3%):

$

315,000

Millicom

International

Cellular

SA,

6.25%,

3/25/29,

Callable

3/25/24

@

103.13(a)

$

266,963

60,000

Millicom

International

Cellular

SA,

4.50%,

4/27/31,

Callable

4/27/26

@

102.25(a)

42,600

110,000

Rogers

Communications,

Inc.,

3.20%,

3/15/27,

Callable

2/15/27

@

100

100,675

100,000

Rogers

Communications,

Inc.,

3.80%,

3/15/32,

Callable

12/15/31

@

100

82,991

493,229

Total

Yankee

Debt

Obligations

(Cost

$15,460,230)

12,478,513

Municipal

Bonds

(0.9%):

Illinois

(0.6%):

263,077

Illinois

State,

Build

America

Bonds,

GO,

6.63%,

2/1/35

263,916

392,308

Illinois

State,

Build

America

Bonds,

GO,

Series

3,

6.73%,

4/1/35

393,956

225,000

Illinois

State,

GO,

5.10%,

6/1/33

212,789

870,661

New

Jersey

(0.3%):

504,000

New

Jersey

Economic

Development

Authority

Revenue,

GO,

Series

A,

7.43%,

2/15/29

532,047

Total

Municipal

Bonds

(Cost

$1,502,020)

1,402,708

U.S.

Government

Agency

Mortgages

(21.4%):

Federal

Home

Loan

Mortgage

Corporation

(6.6%):

17,724

2.50%,

6/1/31,

Pool

#G18604

15,877

31,457

2.50%,

7/1/31,

Pool

#V61246

27,981

51,416

2.50%,

8/1/31,

Pool

#V61273

45,731

190,713

3.50%,

3/1/32,

Pool

#C91403

173,642

578,355

3.50%,

7/1/32,

Pool

#C91467

526,579

5,048

2.50%,

8/1/32,

Pool

#G18654

4,514

5,378

2.50%,

11/1/32,

Pool

#G18665

4,809

163,738

2.50%,

12/1/32,

Pool

#G18669

145,032

25,012

2.50%,

3/1/33,

Pool

#G18680

22,518

59,007

3.00%,

4/1/33,

Pool

#G18684

54,106

10,157

2.50%,

4/1/33,

Pool

#G18683

9,144

5,195

2.50%,

5/1/33,

Pool

#G18687

4,677

110,595

2.50%,

7/1/33,

Pool

#G16661

98,692

23,112

3.00%,

4/1/34,

Pool

#G16829

21,538

215,947

3.50%,

10/1/34,

Pool

#C91793

193,118

425,601

4.00%,

5/1/37,

Pool

#C91938

396,700

17,349

3.50%,

4/1/40,

Pool

#V81744

15,253

36,301

3.50%,

5/1/40,

Pool

#V81750

31,922

39,169

3.50%,

6/1/40,

Pool

#V81792

34,440

22,881

3.50%,

8/1/40,

Pool

#V81886

20,110

15,547

3.50%,

9/1/40,

Pool

#V81958

13,664

25,601

4.50%,

1/1/41,

Pool

#A96051

24,436

138,487

2.00%,

3/1/41,

Pool

#SC0136

107,838

24,127

4.50%,

3/1/41,

Pool

#A97673

22,261

19,553

2.00%,

4/1/41,

Pool

#RB5108

15,708

38,541

4.50%,

4/1/41,

Pool

#A97942

35,553

135,097

5.00%,

6/1/41,

Pool

#G06596

134,175

20,293

2.00%,

7/1/41,

Pool

#RB5118

16,303

21,244

2.00%,

10/1/41,

Pool

#RB5131

16,887

478,077

4.50%,

1/1/42,

Pool

#G60517

452,676

68,805

3.00%,

12/1/42,

Pool

#C04320

58,472

22,016

4.00%,

5/1/43,

Pool

#Q18481

20,155

22,977

4.00%,

7/1/43,

Pool

#Q19597

21,035

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

22,428

4.00%,

10/1/43,

Pool

#Q22499

$

20,527

82,205

3.50%,

1/1/44,

Pool

#G60271

73,436

162,584

3.50%,

1/1/44,

Pool

#G07922

143,365

26,610

4.00%,

1/1/44,

Pool

#V80950

24,305

89,648

4.00%,

1/1/45,

Pool

#Q30720

82,115

82,268

4.00%,

2/1/45,

Pool

#G07949

76,943

39,689

3.50%,

3/1/45,

Pool

#Q32008

35,372

25,864

3.50%,

3/1/45,

Pool

#Q31974

23,033

19,662

3.50%,

3/1/45,

Pool

#Q32328

17,541

15,721

3.00%,

5/1/45,

Pool

#Q33468

13,658

98,307

3.50%,

5/1/45,

Pool

#Q33547

85,244

111,818

3.00%,

6/1/45,

Pool

#Q34156

97,161

130,162

3.50%,

6/1/45,

Pool

#Q34164

112,924

19,587

3.50%,

6/1/45,

Pool

#Q33791

16,987

28,976

3.00%,

7/1/45,

Pool

#Q34759

25,050

9,568

3.00%,

7/1/45,

Pool

#Q34979

8,176

45,724

4.00%,

8/1/45,

Pool

#Q35845

42,221

7,382

4.00%,

9/1/45,

Pool

#Q37853

6,850

4,095

4.00%,

11/1/45,

Pool

#Q38812

3,693

152,924

3.50%,

11/1/45,

Pool

#Q37467

136,219

1,650

4.00%,

2/1/46,

Pool

#Q38879

1,525

8,415

4.00%,

2/1/46,

Pool

#Q38782

7,780

11,317

4.00%,

2/1/46,

Pool

#Q38783

10,312

5,854

4.00%,

4/1/46,

Pool

#Q39975

5,412

24,848

4.00%,

4/1/46,

Pool

#V82292

22,939

174,146

3.50%,

5/1/46,

Pool

#G60553

154,101

56,959

3.50%,

5/1/46,

Pool

#G60603

50,360

49,407

3.50%,

5/1/46,

Pool

#Q40647

43,544

160,362

3.50%,

9/1/46,

Pool

#Q43257

141,706

7,855

4.00%,

9/1/47,

Pool

#Q50433

7,226

14,370

4.00%,

10/1/47,

Pool

#Q51189

13,220

10,451

4.00%,

2/1/48,

Pool

#Q54192

9,569

110,480

4.00%,

5/1/48,

Pool

#Q55992

101,196

348,957

4.00%,

6/1/48,

Pool

#G67713

320,414

43,090

4.00%,

7/1/48,

Pool

#Q59935

39,719

330,785

2.50%,

10/1/50,

Pool

#SD7525

268,109

477,576

2.50%,

11/1/50,

Pool

#SD7530

383,501

32,603

2.50%,

2/1/51,

Pool

#RA4575

26,184

37,771

2.50%,

2/1/51,

Pool

#SD7535

30,483

25,672

2.50%,

3/1/51,

Pool

#RA4749

20,617

342,479

1.50%,

4/1/51,

Pool

#QC0798

245,750

125,001

2.00%,

5/1/51,

Pool

#SD7541

96,500

588,401

3.00%,

5/1/51,

Pool

#QC1881

491,343

12,333

2.00%,

7/1/51,

Pool

#QC4163

9,519

134,101

3.00%,

9/1/51,

Pool

#QC7496

111,691

303,985

2.00%,

10/1/51,

Pool

#RA6076

233,788

445,916

2.00%,

11/1/51,

Pool

#RA6241

342,867

176,026

2.00%,

11/1/51,

Pool

#RA6302

134,938

1,061,799

2.50%,

12/1/51,

Pool

#RA6435

850,563

180,506

2.00%,

12/1/51,

Pool

#RA6510

139,083

313,270

2.50%,

1/1/52,

Pool

#RA6622

251,097

273,740

2.00%,

2/1/52,

Pool

#RA6823

209,304

540,424

2.00%,

2/1/52,

Pool

#RA6820

415,037

144,546

3.00%,

3/1/52,

Pool

#SD2219

120,532

216,011

3.50%,

3/1/52,

Pool

#RA6949

187,194

596,319

3.00%,

3/1/52,

Pool

#RA6988

493,667

224,819

3.50%,

3/1/52,

Pool

#RA6950

195,316

89,555

5.50%,

9/1/52,

Pool

#SD1579

86,890

45,765

4.00%,

10/1/52,

Pool

#SD1772

41,262

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

141

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

96,217

5.00%,

11/1/52,

Pool

#SD1862

$

91,784

74,999

2.50%,

1/1/53,

Pool

#SD8303

59,536

10,295,944

Federal

National

Mortgage

Association

(10.7%):

79,430

2.50%,

6/1/29,

Pool

#MA3734

70,966

45,329

2.50%,

9/1/31,

Pool

#AS8012

41,055

194,813

2.50%,

12/1/32,

Pool

#CA3748

172,646

2,237

4.50%,

7/1/33,

Pool

#729327

2,183

944

4.50%,

7/1/33,

Pool

#720240

914

2,595

4.50%,

8/1/33,

Pool

#729713

2,510

13,548

4.50%,

8/1/33,

Pool

#729380

13,068

2,498

4.50%,

8/1/33,

Pool

#727160

2,412

1,974

4.50%,

8/1/33,

Pool

#727029

1,912

6,922

4.50%,

8/1/33,

Pool

#726956

6,673

3,493

4.50%,

8/1/33,

Pool

#723124

3,369

8,820

4.50%,

8/1/33,

Pool

#726928

8,506

4,517

4.50%,

9/1/33,

Pool

#734922

4,408

12,178

4.50%,

9/1/33,

Pool

#727147

11,883

18,880

4.50%,

12/1/33,

Pool

#AL5321

18,425

77,945

3.50%,

8/1/34,

Pool

#CA4090

73,792

66,925

3.50%,

10/1/34,

Pool

#FM1579

62,352

14,677

6.00%,

10/1/34,

Pool

#AL2130

14,947

51,614

3.50%,

2/1/35,

Pool

#CA5291

47,693

1,140,256

2.00%,

6/1/35,

Pool

#BP5619

982,639

29,892

4.50%,

9/1/35,

Pool

#AB8198

29,168

170,351

2.00%,

10/1/35,

Pool

#BK5705

146,847

288,409

6.00%,

5/1/36,

Pool

#745512

293,860

141,898

6.00%,

1/1/37,

Pool

#932030

146,470

25,554

6.00%,

3/1/37,

Pool

#889506

26,177

38,128

6.00%,

1/1/38,

Pool

#889371

38,907

14,148

6.00%,

3/1/38,

Pool

#889219

14,453

6,851

6.00%,

7/1/38,

Pool

#889733

6,925

38,358

4.50%,

3/1/39,

Pool

#AB0051

37,433

200,571

4.50%,

4/1/39,

Pool

#AB0043

195,715

129,197

2.50%,

8/1/39,

Pool

#MA3761

108,607

16,946

4.50%,

11/1/39,

Pool

#AC5442

16,055

53,799

6.00%,

5/1/40,

Pool

#AL2129

54,581

47,123

2.00%,

10/1/40,

Pool

#FM4644

38,293

17,042

2.00%,

10/1/40,

Pool

#MA4176

13,751

20,138

4.00%,

12/1/40,

Pool

#AA4757

18,531

17,477

2.00%,

12/1/40,

Pool

#MA4204

14,197

18,706

2.00%,

2/1/41,

Pool

#MA4268

15,029

25,625

4.50%,

2/1/41,

Pool

#AH5580

24,774

19,188

2.00%,

3/1/41,

Pool

#MA4287

15,415

19,825

2.00%,

4/1/41,

Pool

#MA4311

15,926

56,726

2.00%,

4/1/41,

Pool

#CB0116

44,156

20,061

2.00%,

5/1/41,

Pool

#MA4333

16,116

20,385

2.00%,

6/1/41,

Pool

#MA4364

16,234

42,274

2.00%,

6/1/41,

Pool

#FM7891

35,140

158,173

2.00%,

10/1/41,

Pool

#MA4446

127,075

436,384

1.50%,

11/1/41,

Pool

#MA4473

333,238

3,551

6.00%,

1/1/42,

Pool

#AL2128

3,444

131,727

2.50%,

2/1/43,

Pool

#AB8465

108,076

30,279

4.00%,

10/1/43,

Pool

#BM1167

27,780

125,500

4.50%,

3/1/44,

Pool

#AL5082

116,962

7,160

4.00%,

12/1/44,

Pool

#AY0045

6,645

42,112

3.00%,

5/1/45,

Pool

#AS4972

35,828

66,475

4.00%,

5/1/45,

Pool

#AZ1207

59,943

23,590

5.00%,

6/1/45,

Pool

#AZ3448

23,104

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

29,715

4.00%,

6/1/45,

Pool

#AY8126

$

27,462

21,356

4.00%,

6/1/45,

Pool

#AZ2719

19,359

27,878

4.00%,

6/1/45,

Pool

#AZ3341

25,271

96,487

4.00%,

6/1/45,

Pool

#AY8096

87,024

107,864

4.00%,

7/1/45,

Pool

#AZ0833

97,809

35,399

3.00%,

8/1/45,

Pool

#AZ8288

30,107

15,048

3.00%,

8/1/45,

Pool

#AZ3728

12,797

92,941

3.00%,

8/1/45,

Pool

#AS5634

79,049

11,392

4.00%,

11/1/45,

Pool

#AZ0560

10,292

41,108

4.00%,

12/1/45,

Pool

#BA6404

37,070

30,513

4.50%,

2/1/46,

Pool

#BM5199

28,678

228,990

3.50%,

5/1/46,

Pool

#BC0880

201,816

7,876

4.00%,

5/1/46,

Pool

#BC2276

7,164

84,421

4.00%,

7/1/46,

Pool

#BC1443

77,185

27,392

4.50%,

8/1/46,

Pool

#AL9111

25,832

97,119

4.00%,

9/1/46,

Pool

#BC2843

88,759

299,485

3.50%,

12/1/46,

Pool

#BC9077

264,000

47,231

3.50%,

2/1/47,

Pool

#BE5696

41,457

365,644

4.50%,

2/1/47,

Pool

#AL9846

344,159

5,128

4.00%,

6/1/47,

Pool

#BH4269

4,645

27,080

3.00%,

5/1/49,

Pool

#MA3670

22,629

267,973

2.50%,

8/1/50,

Pool

#SD0430

215,964

185,292

1.50%,

12/1/50,

Pool

#CA8005

133,163

421,302

2.00%,

4/1/51,

Pool

#MA4305

320,992

247,463

2.50%,

4/1/51,

Pool

#FM6540

203,326

144,703

2.50%,

5/1/51,

Pool

#MA4326

115,320

60,501

2.50%,

5/1/51,

Pool

#CB0388

48,599

501,731

3.00%,

6/1/51,

Pool

#CB0850

420,278

437,472

1.50%,

6/1/51,

Pool

#MA4354

314,842

285,241

2.50%,

7/1/51,

Pool

#CB0997

229,074

9,853

2.00%,

7/1/51,

Pool

#BT1461

7,588

42,807

2.50%,

8/1/51,

Pool

#CB1384

34,381

82,378

3.00%,

8/1/51,

Pool

#FM9973

68,856

171,915

2.50%,

9/1/51,

Pool

#CB1549

138,066

232,994

2.00%,

10/1/51,

Pool

#CB1799

180,994

308,591

2.00%,

10/1/51,

Pool

#CB1801

237,802

184,279

3.00%,

11/1/51,

Pool

#CB2164

154,519

324,261

2.00%,

11/1/51,

Pool

#FM9568

250,343

203,249

2.00%,

11/1/51,

Pool

#FM9539

156,659

138,470

3.00%,

11/1/51,

Pool

#FM9632

115,849

700,347

2.50%,

11/1/51,

Pool

#FM9501

562,306

176,242

3.00%,

11/1/51,

Pool

#FM9633

146,929

133,213

2.00%,

12/1/51,

Pool

#CB2350

102,412

95,546

3.00%,

12/1/51,

Pool

#FM9777

79,408

58,392

3.00%,

12/1/51,

Pool

#CB2420

48,961

88,983

3.00%,

12/1/51,

Pool

#BT9503

74,108

1,063,509

2.50%,

12/1/51,

Pool

#FM9865

853,763

176,080

2.50%,

12/1/51,

Pool

#CB2320

141,396

135,345

2.00%,

12/1/51,

Pool

#CB2347

104,461

89,358

2.00%,

12/1/51,

Pool

#CB2348

68,858

494,919

2.00%,

12/1/51,

Pool

#CB2349

381,443

124,639

2.50%,

12/1/51,

Pool

#CB2376

100,093

351,585

2.00%,

1/1/52,

Pool

#FS0288

268,758

817,906

2.00%,

1/1/52,

Pool

#FS0286

630,266

222,095

3.00%,

2/1/52,

Pool

#FS0631

185,981

143,888

3.00%,

2/1/52,

Pool

#CB2886

119,989

868,058

2.00%,

2/1/52,

Pool

#CB2842

666,567

48,651

3.50%,

3/1/52,

Pool

#CB3128

42,150

46,639

4.00%,

4/1/52,

Pool

#FS1647

41,979

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

142

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2023

.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

189,354

5.50%,

10/1/52,

Pool

#CB4843

$

183,268

400,000

2.50%,

10/1/52,

Pool

#MA4824

317,352

93,231

5.00%,

11/1/52,

Pool

#FS3248

88,594

189,709

5.00%,

11/1/52,

Pool

#CB5128

180,798

48,135

5.00%,

11/1/52,

Pool

#FS3295

45,675

98,457

6.00%,

6/1/53,

Pool

#CB6538

98,344

97,925

5.50%,

6/1/53,

Pool

#CB6527

95,404

46,153

5.50%,

6/1/53,

Pool

#CB6642

45,180

295,230

5.50%,

7/1/53,

Pool

#CB6673

287,629

152,218

5.50%,

8/1/53,

Pool

#CB6911

149,006

155,471

6.50%,

9/1/53,

Pool

#CB7134

158,543

50,000

3.50%,

10/25/53,

TBA

43,008

800,000

6.50%,

10/25/53,

TBA

803,875

75,000

2.00%,

10/25/53,

TBA

57,000

100,000

3.00%,

10/25/53,

TBA

82,687

50,000

3.50%,

11/25/53,

TBA

43,035

100,000

3.00%,

11/25/53,

TBA

82,785

350,000

2.50%,

11/25/53,

TBA

278,086

725,000

2.00%,

11/25/53,

TBA

551,906

16,858,390

Government

National

Mortgage

Association

(4.1%):

3,089

5.00%,

6/15/34,

Pool

#629493

2,988

2,050

5.00%,

3/15/38,

Pool

#676766

2,012

1,362

5.00%,

4/15/38,

Pool

#672672

1,336

5,320

5.00%,

8/15/38,

Pool

#687818

5,219

44,836

5.00%,

1/15/39,

Pool

#705997

44,509

555

5.00%,

3/15/39,

Pool

#697946

551

80,580

5.00%,

3/15/39,

Pool

#646746

79,992

86,098

4.00%,

10/15/40,

Pool

#783143

80,217

23,699

4.00%,

10/20/40,

Pool

#G24833

21,941

71,354

4.00%,

1/20/41,

Pool

#4922

66,059

196,172

4.50%,

3/20/41,

Pool

#4978

185,832

144,742

4.00%,

5/20/41,

Pool

#5054

134,006

68,648

4.50%,

5/20/41,

Pool

#005055

65,028

69,123

4.50%,

6/15/41,

Pool

#366975

66,120

45,572

4.50%,

6/20/41,

Pool

#005082

43,254

184,486

3.50%,

12/20/41,

Pool

#5258

164,566

322,576

4.00%,

1/20/42,

Pool

#5280

298,629

114,201

3.00%,

12/20/42,

Pool

#MA0624

98,916

176,307

3.00%,

12/20/42,

Pool

#AA5872

150,331

19,963

3.00%,

1/20/43,

Pool

#MA0698

17,219

247,338

3.50%,

2/20/43,

Pool

#MA0783

221,606

114,939

3.00%,

3/20/43,

Pool

#AA6146

98,674

32,905

3.50%,

3/20/43,

Pool

#AD8884

29,344

50,213

3.00%,

3/20/43,

Pool

#AD8812

43,228

33,923

3.50%,

4/20/43,

Pool

#AD9075

30,254

12,530

3.50%,

4/20/43,

Pool

#AB9891

11,173

2,862

4.00%,

7/20/44,

Pool

#MA2074

2,650

122,001

4.00%,

4/15/46,

Pool

#784232

112,976

18,813

3.50%,

7/20/46,

Pool

#784391

16,832

10,410

3.00%,

10/20/46,

Pool

#MA4003

8,974

543,844

3.00%,

12/20/46,

Pool

#MA4126

469,480

49,883

4.00%,

1/15/47,

Pool

#AX5831

45,240

57,041

4.00%,

1/15/47,

Pool

#AX5857

52,893

170,945

3.00%,

1/20/47,

Pool

#MA4195

147,579

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

103,300

3.00%,

2/20/47,

Pool

#MA4261

$

88,944

170,689

4.00%,

4/20/47,

Pool

#784303

156,564

174,132

4.00%,

4/20/47,

Pool

#784304

159,708

55,026

4.00%,

4/20/48,

Pool

#BG3507

50,438

54,116

4.00%,

4/20/48,

Pool

#BG7744

49,553

235,963

2.00%,

11/20/50,

Pool

#MA6994

188,087

378,040

2.00%,

1/20/51,

Pool

#MA7135

299,245

275,004

2.00%,

2/20/51,

Pool

#MA7192

217,810

97,483

2.50%,

6/20/51,

POOL#

MA7418

79,945

194,322

2.50%,

9/20/51,

Pool

#MA7589

158,985

700,000

4.50%,

10/20/53,

TBA

646,188

350,000

5.50%,

10/20/53,

TBA

339,609

475,000

2.50%,

10/20/53,

TBA

388,238

625,000

2.00%,

10/20/53,

TBA

493,359

50,000

4.00%,

10/20/53,

TBA

45,039

350,000

2.50%,

11/20/53,

TBA

286,398

6,467,738

Total

U.S.

Government

Agency

Mortgages

(Cost

$38,796,185)

33,622,072

U.S.

Treasury

Obligations

(23.1%):

U.S.

Treasury

Bonds

(12.7%):

3,103,000

1.75%,

8/15/41

1,929,678

7,836,000

2.00%,

8/15/51

4,515,495

6,100,000

3.63%,

2/15/53

5,040,125

700,000

3.63%,

5/15/53

578,813

8,764,000

4.13%,

8/15/53

7,947,852

20,011,963

U.S.

Treasury

Notes

(10.4%):

2,300,000

3.63%,

3/31/30

2,170,266

10,800,000

3.50%,

2/15/33

9,912,375

4,700,000

3.38%,

5/15/33

4,263,781

16,346,422

Total

U.S.

Treasury

Obligations

(Cost

$43,477,335)

36,358,385

Shares

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(1.0%):

$

1,550,731

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.36%(d)(e)

1,550,731

Total

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(Cost

$1,550,731)

1,550,731

Unaffiliated

Investment

Company

(2.4%):

Money

Markets

(2.4%):

3,730,818

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.24%(e)

3,730,818

Total

Unaffiliated

Investment

Company

(Cost

$3,730,818)

3,730,818

Total

Investment

Securities

(Cost

$185,469,415)

—

102.9%

161,898,923

Net

other

assets

(liabilities)

—

(2.9)%

(4,566,589)

Net

Assets

—

100.0%

$

157,332,334

GO

-

General

Obligation

H15T1Y

-

1

Year

Treasury

Constant

Maturity

Rate

H15T5Y

-

5

Year

Treasury

Constant

Maturity

Rate

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

143

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

The

following

represents

the

concentrations

by

country

of

risk

(based

on

the

domicile

of

the

security

issuer)

relative

to

the

total

value

of

investments

as

of

September

30,

2023

:

(Unaudited)

LIBOR

-

London

Interbank

Offered

Rate

SOFR

-

Secured

Overnight

Financing

Rate

TSFR1M

-

Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M

-

Term

Secured

Overnight

Financing

Rate

3

Month

TBA

-

To

Be

Announced

Security

US0003M

-

3

Month

US

Dollar

LIBOR

USISDA05

-

5

Year

ICE

Swap

Rate

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$1,453,835.

†

Represents

less

than

0.05%.

*

Non-income

producing

security.

(a)

Rule

144A,

Section

4(2)

or

other

security

which

is

restricted

to

resale

to

institutional

investors.

(b)

The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

presented

is

the

rate

in

effect

at

September

30,

2023.

(c)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2023.

(d)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2023.

(e)

The

rate

represents

the

effective

yield

at

September

30,

2023.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Country

Percentage

Argentina

0.3‌%

Australia

0.2‌%

Bermuda

—‌%

†

Brazil

—‌%

†

Canada

0.6‌%

Cayman

Islands

4.6‌%

Colombia

—‌%

†

Dominican

Republic

0.4‌%

Finland

—‌%

†

France

0.4‌%

Germany

0.4‌%

Hong

Kong

0.2‌%

Indonesia

0.1‌%

Ireland

0.4‌%

Italy

0.5‌%

Jersey

0.2‌%

Luxembourg

0.5‌%

Macau

—‌%

†

Marshall

Island

—‌%

†

Mauritius

—‌%

†

Mexico

1.0‌%

Netherlands

—‌%

Panama

0.1‌%

Qatar

0.1‌%

Saudi

Arabia

0.1‌%

Spain

—‌%

†

Switzerland

0.8‌%

United

Arab

Emirates

0.1‌%

United

Kingdom

0.7‌%

United

States

88.3‌%

Zambia

—‌%

†

100.0‌%

†

Represents

less

than

0.05%.

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

144

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Securities

Sold

Short

(-0.1%):

At

September

30,

2023,

the

Fund's

securities

sold

short

were

as

follows:

Security

Description

Coupon

Rate

Maturity

Date

Par

Amount

Proceeds

Received

Value

U.S.

Government

Agency

Mortgage

Federal

National

Mortgage

Association

Federal

National

Mortgage

Association,

TBA

2.50%

10/25/53

$

(175,000)

$

(140,496)

$

(138,852)

$

(140,496)

$

(138,852)

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

145

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(

98

.3

%

):

Aerospace

&

Defense

(

1

.7

%

):

46,596

Airbus

SE

$

6,232,869

240,150

BAE

Systems

plc

2,914,668

1,522

Dassault

Aviation

SA

286,241

1,993

Elbit

Systems,

Ltd.

396,356

7,036

Kongsberg

Gruppen

ASA

289,824

107,096

Melrose

Industries

plc

610,252

4,312

MTU

Aero

Engines

AG

783,326

3,321

Rheinmetall

AG

856,110

653,659

Rolls-Royce

Holdings

plc*

1,751,949

6,378

Saab

AB,

Class

B

324,444

26,825

Safran

SA

4,193,620

127,200

Singapore

Technologies

Engineering,

Ltd.

363,508

8,198

Thales

SA

1,150,130

20,153,297

Air

Freight

&

Logistics

(

0

.6

%

):

78,001

Deutsche

Post

AG

3,178,610

14,468

DSV

A/S

2,697,768

5,800

NIPPON

EXPRESS

HOLDINGS,

INC.

302,667

21,200

SG

Holdings

Co.,

Ltd.

271,554

21,600

Yamato

Holdings

Co.,

Ltd.

351,773

6,802,372

Automobile

Components

(

3

.3

%

):

10,600

Aisin

Corp.

400,421

23,282

Bayerische

Motoren

Werke

AG

2,371,166

44,600

Bridgestone

Corp.

1,738,553

52,868

Cie

Generale

des

Etablissements

Michelin

SCA

1,620,171

8,230

Continental

AG

581,387

136,000

Denso

Corp.

2,183,045

361,800

Honda

Motor

Co.,

Ltd.

4,068,712

44,700

Isuzu

Motors,

Ltd.

561,898

16,300

Koito

Manufacturing

Co.,

Ltd.

245,906

46,900

Mazda

Motor

Corp.

531,810

62,749

Mercedes-Benz

Group

AG

4,369,999

178,600

Nissan

Motor

Co.,

Ltd.

787,912

14,578

Renault

SA

596,815

3,295

Stellantis

NV

63,192

47,400

Subaru

Corp.

920,898

54,000

Sumitomo

Electric

Industries,

Ltd.

650,374

29,700

Suzuki

Motor

Corp.

1,194,555

830,630

Toyota

Motor

Corp.

14,927,805

18,025

Valeo

308,739

45,248

Volvo

Car

AB,

Class

B*^

182,912

22,500

Yamaha

Motor

Co.,

Ltd.

591,259

38,897,529

Automobiles

(

0

.6

%

):

8,726

Dr

Ing

hc

F

Porsche

AG

820,582

9,766

Ferrari

NV

2,877,801

170,799

Stellantis

NV

3,273,829

2,396

Volkswagen

AG

315,731

7,287,943

Banks

(

9

.9

%

):

30,086

ABN

AMRO

Bank

NV

425,953

114,136

AIB

Group

plc

513,903

237,447

ANZ

Group

Holdings,

Ltd.

3,905,745

468,106

Banco

Bilbao

Vizcaya

Argentaria

SA

3,811,047

1,273,528

Banco

Santander

SA

4,835,396

96,434

Bank

Hapoalim

BM

858,006

Shares

Value

Common

Stocks,

continued

Banks,

continued

124,590

Bank

Leumi

Le-Israel

BM

$

1,030,842

80,996

Bank

of

Ireland

Group

plc

795,240

2,155

Banque

Cantonale

Vaudoise,

Registered

Shares

226,135

1,216,842

Barclays

plc

2,356,374

82,207

BNP

Paribas

SA

5,232,820

299,000

BOC

Hong

Kong

Holdings,

Ltd.

815,345

328,666

CaixaBank

SA

1,314,439

41,200

Chiba

Bank,

Ltd.

(The)

298,899

85,909

Commerzbank

AG

979,985

130,997

Commonwealth

Bank

of

Australia

8,345,015

78,500

Concordia

Financial

Group,

Ltd.

356,815

93,443

Credit

Agricole

SA

1,149,710

53,104

Danske

Bank

A/S

1,237,162

143,200

DBS

Group

Holdings,

Ltd.

3,516,975

72,168

DNB

Bank

ASA

1,453,963

27,754

Erste

Group

Bank

AG

958,635

50,162

FinecoBank

Banca

Fineco

SpA

608,942

58,300

Hang

Seng

Bank,

Ltd.

724,251

1,548,075

HSBC

Holdings

plc

12,125,671

284,053

ING

Groep

NV

3,751,889

1,208,953

Intesa

Sanpaolo

SpA

3,106,337

105,115

Israel

Discount

Bank,

Ltd.,

Class

A

567,786

112,900

Japan

Post

Bank

Co,m

Ltd,

981,018

19,310

KBC

Group

NV

1,203,764

5,067,750

Lloyds

Banking

Group

plc

2,728,364

45,023

Mediobanca

Banca

di

Credito

Finanziario

SpA

595,838

894,400

Mitsubishi

UFJ

Financial

Group,

Inc.

7,587,262

12,599

Mizrahi

Tefahot

Bank,

Ltd.

456,371

190,163

Mizuho

Financial

Group,

Inc.

3,221,493

245,115

National

Australia

Bank,

Ltd.

4,574,741

428,442

NatWest

Group

plc

1,225,721

252,869

Nordea

Bank

Abp

2,779,637

266,499

Oversea-Chinese

Banking

Corp.,

Ltd.

2,489,502

164,887

Resona

Holdings,

Inc.

911,411

317,881

Sberbank

of

Russia*(a)

—

33,000

Shizuoka

Financial

Group,

Inc.

268,429

12,770

SinoPac

Financial

Holdings

Co.,

Ltd.

6,894

124,871

Skandinaviska

Enskilda

Banken

AB,

Class

A

1,487,835

57,939

Societe

Generale

SA

1,401,367

184,241

Standard

Chartered

plc

1,702,464

99,469

Sumitomo

Mitsui

Financial

Group,

Inc.

4,876,939

25,303

Sumitomo

Mitsui

Trust

Holdings,

Inc.

950,480

117,713

Svenska

Handelsbanken

AB,

Class

A

1,046,724

67,627

Swedbank

AB,

Class

A

1,245,426

3,719

TCS

Group

Holding

plc,

GDR*(a)

—

—

Turkiye

Is

Bankasi

AS,

Class

C

—

144,338

UniCredit

SpA

3,453,430

95,173

United

Overseas

Bank,

Ltd.

1,981,674

97,280,589

VTB

Bank

PJSC*(a)(b)

—

274,021

Westpac

Banking

Corp.

3,721,917

116,201,981

Beverages

(

1

.9

%

):

67,831

Anheuser-Busch

InBev

SA

3,734,813

38,400

Asahi

Group

Holdings,

Ltd.

1,435,852

137,100

Budweiser

Brewing

Co.

APAC,

Ltd.

269,021

7,856

Carlsberg

AS,

Class

B

990,119

15,762

Coca-Cola

Europacific

Partners

plc

987,612

16,149

Coca-Cola

HBC

AG

441,919

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

146

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Beverages,

continued

39,691

David

Campari-Milano

NV,

Class

M

$

467,784

176,593

Diageo

plc

6,511,471

10,271

Heineken

Holding

NV

772,898

22,822

Heineken

NV

2,007,320

61,600

Kirin

Holdings

Co.,

Ltd.

864,104

15,971

Pernod

Ricard

SA

2,658,181

1,876

Remy

Cointreau

SA

228,518

10,600

Suntory

Beverage

&

Food,

Ltd.

323,284

55,069

Treasury

Wine

Estates,

Ltd.

436,273

22,129,169

Biotechnology

(

0

.9

%

):

4,350

Argenx

SE*

2,114,510

110

Celltrion,

Inc.

11,355

37,756

CSL,

Ltd.

6,081,743

5,171

Genmab

A/S*

1,830,239

22,071

Grifols

SA*

285,727

15,220

Swedish

Orphan

Biovitrum

AB*^

311,424

10,634,998

Broadline

Retail

(

0

.8

%

):

7,159

Global-e

Online,

Ltd.*

284,498

2,694

Hanwha

Galleria

Corp.*

2,268

9,684

Next

plc

859,200

965

Ozon

Holdings

plc,

ADR*(a)

—

29,100

Pan

Pacific

International

Holdings

Corp.

611,181

119,197

Prosus

NV*

3,512,201

109,300

Rakuten

Group,

Inc.

447,675

89,762

Wesfarmers,

Ltd.

3,048,779

8,765,802

Building

Products

(

1

.0

%

):

14,700

AGC,

Inc.

516,248

77,996

Assa

Abloy

AB,

Class

B

1,699,759

36,399

Cie

de

Saint-Gobain

2,180,311

20,600

Daikin

Industries,

Ltd.

3,232,268

2,596

Geberit

AG,

Registered

Shares

1,296,358

11,820

Kingspan

Group

plc

881,055

24,300

Lixil

Corp.

282,905

122,306

Nibe

Industrier

AB,

Class

B

797,286

817

ROCKWOOL

A/S,

Class

B

197,157

10,800

TOTO,

Ltd.

279,006

131,000

Xinyi

Glass

Holdings,

Ltd.

170,211

11,532,564

Capital

Markets

(

2

.7

%

):

76,303

3i

Group

plc

1,920,263

154,007

abrdn

plc

291,056

4,937

Amundi

SA

276,854

16,066

ASX,

Ltd.

586,372

100,600

Daiwa

Securities

Group,

Inc.^

580,539

154,388

Deutsche

Bank

AG

1,704,579

15,031

Deutsche

Boerse

AG

2,597,681

28,691

EQT

AB

566,773

6,467

Euronext

NV

449,986

4,262

Futu

Holdings,

Ltd.,

ADR*

246,386

27,012

Hargreaves

Lansdown

plc

253,369

92,193

Hong

Kong

Exchanges

&

Clearing,

Ltd.

3,437,241

38,300

Japan

Exchange

Group,

Inc.

710,465

16,210

Julius

Baer

Group,

Ltd.

1,039,116

33,252

London

Stock

Exchange

Group

plc

3,337,515

28,989

Macquarie

Group,

Ltd.

3,118,478

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

235,900

Nomura

Holdings,

Inc.

$

945,934

1,779

Partners

Group

Holding

AG

2,002,367

18,590

SBI

Holdings,

Inc.^

391,357

63,052

Schroders

plc

311,585

64,600

Singapore

Exchange,

Ltd.

459,817

41,470

St

James's

Place

plc

418,228

45,462

The

Moscow

Exchange(a)(b)

—

257,137

UBS

Group

AG

6,357,587

32,003,548

Chemicals

(

3

.0

%

):

41,011

Air

Liquide

SA

6,910,101

13,575

Akzo

Nobel

NV

979,499

4,464

Arkema

SA

440,124

103,200

Asahi

Kasei

Corp.

648,780

69,960

BASF

SE

3,175,220

8,009

Chr

Hansen

Holding

A/S

489,990

17,007

Clariant

AG

268,754

14,675

Covestro

AG*

791,991

11,396

Croda

International

plc

682,996

14,106

DSM-Firmenich

AG

1,191,443

586

EMS-Chemie

Holding

AG

397,606

15,923

Evonik

Industries

AG

291,564

727

Givaudan

SA,

Registered

Shares

2,380,454

2,389

Hanwha

Solutions

Corp.*

52,648

53,836

ICL

Group,

Ltd.

298,218

15,179

Johnson

Matthey

plc

300,974

14,100

JSR

Corp.^

378,486

97,000

Mitsubishi

Chemical

Group

Corp.

611,429

13,900

Mitsui

Chemicals,

Inc.

360,344

75,100

Nippon

Paint

Holdings

Co.,

Ltd.

505,091

13,900

Nippon

Sanso

Holdings

Corp.

329,482

10,600

Nissan

Chemical

Corp.

450,661

10,800

Nitto

Denko

Corp.

708,100

15,390

Novozymes

A/S,

B

Shares

620,532

8,000

OCI

NV

222,489

34,383

Orica,

Ltd.

345,172

1,447

PhosAgro

PJSC*(a)(b)

—

27

Phosagro

Public

Joint

Stock

Co.,

GDR*(a)

—

142,600

Shin-Etsu

Chemical

Co.,

Ltd.

4,139,433

11,545

Sika

AG,

Registered

Shares

2,926,963

5,641

Solvay

SA,

Class

A

623,873

121,000

Sumitomo

Chemical

Co.,

Ltd.

329,395

10,716

Symrise

AG

1,023,419

104,900

Toray

Industries,

Inc.

545,713

19,100

Tosoh

Corp.

245,001

17,362

Umicore

SA

411,670

1,454

Wacker

Chemie

AG

208,567

12,572

Yara

International

ASA

476,278

34,762,460

Commercial

Services

&

Supplies

(

0

.4

%

):

105,801

Brambles,

Ltd.

973,529

16,500

Dai

Nippon

Printing

Co.,

Ltd.

429,214

195,379

Rentokil

Initial

plc

1,448,151

17,000

Secom

Co.,

Ltd.

1,153,004

37,053

Securitas

AB,

Class

B

292,635

18,900

TOPPAN

Holdings,

Inc.

451,766

4,748,299

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

147

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Communications

Equipment

(

0

.2

%

):

418,790

Nokia

Oyj

$

1,574,821

235,556

Telefonaktiebolaget

LM

Ericsson,

Class

B^

1,144,512

2,719,333

Construction

&

Engineering

(

0

.8

%

):

17,344

ACS

Actividades

de

Construccion

y

Servicios

SA

624,490

15,004

Bouygues

SA

524,166

5,855

Eiffage

SA

556,084

39,327

Ferrovial

SE

1,198,962

31,800

Kajima

Corp.

517,581

49,300

Obayashi

Corp.^

434,144

41,000

Shimizu

Corp.

285,084

28,674

Skanska

AB,

Class

B

470,314

13,600

Taisei

Corp.

478,575

41,795

Vinci

SA

4,626,353

9,715,753

Construction

Materials

(

0

.6

%

):

57,099

CRH

plc

3,148,785

11,171

Heidelberg

Materials

AG

867,673

41,303

Holcim

AG

2,645,169

34,080

James

Hardie

Industries

plc*

889,058

7,550,685

Consumer

Finance

(

0

.0

%

†

):

—

Isracard,

Ltd.

2

Consumer

Staples

Distribution

&

Retail

(

1

.3

%

):

50,000

Aeon

Co.,

Ltd.

990,842

48,162

Carrefour

SA

828,152

102,208

Coles

Group,

Ltd.

1,017,675

118,540

Endeavour

Group,

Ltd.

401,025

12,116

HelloFresh

SE*

362,205

133,541

J

Sainsbury

plc

410,790

23,703

Jeronimo

Martins

SGPS

SA

531,896

22,901

Kesko

Oyj,

Class

B

409,583

11,400

Kobe

Bussan

Co.,

Ltd.

267,400

75,900

Koninklijke

Ahold

Delhaize

NV

2,288,306

26,100

MatsukiyoCocokara

&

Co.

467,977

47,375

Ocado

Group

plc*

344,620

59,100

Seven

&

i

Holdings

Co.,

Ltd.

2,314,641

560,249

Tesco

plc

1,801,106

6,600

Welcia

Holdings

Co.,

Ltd.

114,092

95,784

Woolworths

Group,

Ltd.

2,307,194

3,565

X5

Retail

Group

NV,

GDR*(a)

—

14,857,504

Containers

&

Packaging

(

0

.1

%

):

23,221

SIG

Group

AG

571,949

20,419

Smurfit

Kappa

Group

plc

675,435

1,247,384

Distributors

(

0

.0

%

†

):

1,697

D'ieteren

Group

285,443

Diversified

Consumer

Services

(

0

.1

%

):

18,013

IDP

Education,

Ltd.

246,960

48,999

Pearson

plc

518,268

765,228

Diversified

REITs

(

0

.4

%

):

3,599

Covivio

SA

159,652

167

Daiwa

House

REIT

Investment

Corp.

294,713

91,238

Dexus

428,857

Shares

Value

Common

Stocks,

continued

Diversified

REITs,

continued

160,534

GPT

Group

(The)

$

403,369

51,805

Land

Securities

Group

plc

370,417

294,602

Mirvac

Group

404,710

126

Nippon

Building

Fund,

Inc.

510,876

322

Nomura

Real

Estate

Master

Fund,

Inc.

361,294

91,552

Segro

plc

798,505

201,393

Stockland

509,705

293,814

Vicinity,

Ltd.

320,157

4,562,255

Diversified

Telecommunication

Services

(

1

.8

%

):

508,140

BT

Group

plc

721,670

44,186

Cellnex

Telecom

SA

1,536,198

254,617

Deutsche

Telekom

AG

5,346,079

10,800

Elisa

Oyj

500,998

276,525

HKT

Trust

&

HKT,

Ltd.

288,414

28,522

Infrastrutture

Wireless

Italiane

SpA

338,584

250,757

Koninklijke

KPN

NV

826,353

2,312,600

Nippon

Telegraph

&

Telephone

Corp.

2,731,772

143,346

Orange

SA

1,644,728

666,400

Singapore

Telecommunications,

Ltd.

1,175,771

142,233

Spark

New

Zealand,

Ltd.

409,861

2,092

Swisscom

AG,

Registered

Shares

1,243,128

761,503

Telecom

Italia

SpA*

237,760

55,153

Telefonica

Deutschland

Holding

AG

98,794

403,437

Telefonica

SA

1,650,571

53,260

Telenor

ASA

604,346

195,453

Telia

Co.

AB

403,658

329,257

Telstra

Group,

Ltd.

814,023

20,572,708

Electric

Utilities

(

1

.8

%

):

2,028

Acciona

SA

257,823

1,549

BKW

AG

273,121

49,000

Chubu

Electric

Power

Co.,

Inc.

626,897

52,070

CK

Infrastructure

Holdings,

Ltd.

246,373

125,500

CLP

Holdings,

Ltd.

925,543

236,366

EDP

-

Energias

de

Portugal

SA

983,466

2,469

Elia

Group

SA/NV

241,268

26,114

Endesa

SA

530,693

638,812

Enel

SpA

3,919,359

37,972

Fortum

Oyj^

440,523

476,841

Iberdrola

SA

5,323,397

952,130

Inter

Rao

Ues

PJSC*(a)(b)

—

54,000

Kansai

Electric

Power

Co.,

Inc.

(The)

751,341

62,734

Mercury

NZ,

Ltd.

229,539

131,008

Origin

Energy,

Ltd.

738,896

15,267

Orsted

AS

831,334

105,500

Power

Assets

Holdings,

Ltd.

508,892

30,305

Redeia

Corp.

SA

475,889

84,709

SSE

plc

1,659,587

114,749

Terna

-

Rete

Elettrica

Nazionale

863,129

122,700

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

548,735

5,165

Verbund

AG,

Class

A

419,992

20,795,797

Electrical

Equipment

(

1

.7

%

):

125,165

ABB,

Ltd.,

Registered

Shares

4,474,150

10,100

Fuji

Electric

Co.,

Ltd.

455,605

20,894

Legrand

SA

1,917,319

151,100

Mitsubishi

Electric

Corp.

1,868,306

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

148

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electrical

Equipment,

continued

33,200

NIDEC

CORP.

$

1,538,210

19,262

Prysmian

SpA

772,678

42,588

Schneider

Electric

SE

7,020,211

40,267

Siemens

Energy

AG*

526,724

79,254

Vestas

Wind

Systems

A/S*

1,691,921

20,265,124

Electronic

Equipment,

Instruments

&

Components

(

1

.3

%

):

8,200

Azbil

Corp.

250,933

28,976

Halma

plc

680,643

11,700

Hamamatsu

Photonics

KK

491,986

157,083

Hexagon

AB,

Class

B

1,337,356

2,714

Hirose

Electric

Co.,

Ltd.

314,259

9,300

Ibiden

Co.,

Ltd.

493,068

15,180

Keyence

Corp.

5,642,727

25,900

Kyocera

Corp.

1,313,766

135,600

Murata

Manufacturing

Co.,

Ltd.

2,478,534

13,900

Omron

Corp.

619,224

18,100

Shimadzu

Corp.

480,750

31,400

TDK

Corp.

1,162,999

17,300

Yokogawa

Electric

Corp.

334,113

15,600,358

Energy

Equipment

&

Services

(

0

.0

%

†

):

36,150

Tenaris

SA

571,129

Entertainment

(

0

.7

%

):

58,057

Bollore

SE

311,751

13,400

Capcom

Co.,

Ltd.

481,569

8,260

Koei

Tecmo

Holdings

Co.,

Ltd.

117,418

7,100

Konami

Group

Corp.

374,359

26,900

Nexon

Co.,

Ltd.

477,613

81,400

Nintendo

Co.,

Ltd.

3,391,598

29,061

Sea,

Ltd.,

ADR*

1,277,231

6,500

Square

Enix

Holdings

Co.,

Ltd.

222,732

9,200

Toho

Co.,

Ltd.

313,902

62,961

Universal

Music

Group

NV

1,637,061

8,605,234

Financial

Services

(

0

.8

%

):

19,213

Edenred

1,200,269

3,632

Eurazeo

SE

216,331

8,959

EXOR

NV

794,044

3,200

GMO

Payment

Gateway,

Inc.

174,535

7,548

Groupe

Bruxelles

Lambert

NV

560,932

10,704

Industrivarden

AB,

Class

A

282,228

11,693

Industrivarden

AB,

Class

C

307,744

134,736

Investor

AB,

Class

B

2,579,770

6,582

L

E

Lundbergforetagen

AB

274,433

189,651

M&G

plc

454,112

50,900

Mitsubishi

HC

Capital,

Inc.

339,066

92,700

ORIX

Corp.

1,731,114

1,204

Sofina

SA

242,571

2,005

Wendel

SE

158,408

19,597

Worldline

SA*

547,902

9,863,459

Food

&

Staples

Retailing

(

0

.0

%

†

):

2,004

Magnit

PJSC*(a)(b)

—

Food

Products

(

3

.1

%

):

35,200

Ajinomoto

Co.,

Inc.

1,356,798

27,030

Associated

British

Foods

plc

679,281

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

273

Barry

Callebaut

AG,

Registered

Shares

$

434,096

274,400

China

Huishan

Dairy

Holdings

Co.,

Ltd.*(a)

—

73

Chocoladefabriken

Lindt

&

Spruengli

AG

812,196

8

Chocoladefabriken

Lindt

&

Spruengli

AG

877,338

50,899

Danone

SA

2,803,941

7,602

JDE

Peet's

NV

212,196

12,854

Kerry

Group

plc,

Class

A

1,072,878

11,100

Kikkoman

Corp.

582,150

32

Lotus

Bakeries

NV

259,876

16,904

MEIJI

Holdings

Co.,

Ltd.

420,278

31,757

Mowi

ASA

562,391

209,120

Nestle

SA,

Registered

Shares

23,620,572

5,100

Nissin

Foods

Holdings

Co.,

Ltd.

423,736

61,109

Orkla

ASA,

Class

A

456,522

5,798

Salmar

ASA

293,471

664,797

WH

Group,

Ltd.

346,894

166,500

Wilmar

International,

Ltd.

452,846

21,200

Yakult

Honsha

Co.,

Ltd.

515,020

36,182,480

Gas

Utilities

(

0

.3

%

):

89,389

APA

Group

476,290

18,899

Enagas

SA

312,705

918,135

Hong

Kong

&

China

Gas

Co.,

Ltd.

639,700

9,526

Naturgy

Energy

Group

SA

258,677

30,400

Osaka

Gas

Co.,

Ltd.

501,568

165,445

Snam

SpA

776,597

29,800

Tokyo

Gas

Co.,

Ltd.

677,286

3,642,823

Ground

Transportation

(

0

.7

%

):

139,342

Aurizon

Holdings,

Ltd.

312,185

58,000

Central

Japan

Railway

Co.

1,410,485

23,413

East

Japan

Railway

Co.

1,340,074

148,794

Grab

Holdings,

Ltd.*

526,731

18,700

Hankyu

Hanshin

Holdings,

Inc.

638,018

8,100

Keio

Corp.

278,672

10,500

Keisei

Electric

Railway

Co.,

Ltd.

363,733

12,800

Kintetsu

Group

Holdings

Co.,

Ltd.

362,884

129,494

MTR

Corp.,

Ltd.

510,414

23,500

Odakyu

Electric

Railway

Co.,

Ltd.

351,243

14,300

Tobu

Railway

Co.,

Ltd.

367,567

40,500

Tokyu

Corp.

467,085

16,800

West

Japan

Railway

Co.

695,189

7,624,280

Health

Care

Equipment

&

Supplies

(

2

.0

%

):

39,571

Alcon,

Inc.

3,058,668

17,500

Asahi

Intecc

Co.,

Ltd.

314,500

3,108

BioMerieux

300,453

3,472

Carl

Zeiss

Meditec

AG

303,666

5,032

Cochlear,

Ltd.

824,671

11,001

Coloplast

A/S,

Class

B

1,161,012

7,748

Demant

A/S*

320,914

1,912

DiaSorin

SpA

174,034

23,040

EssilorLuxottica

SA

4,004,437

43,974

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

568,564

17,368

Getinge

AB,

Class

B

305,229

133

HLB,

Inc.*

2,943

27,500

Hoya

Corp.

2,834,352

72,166

Koninklijke

Philips

NV*

1,438,034

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

149

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

94,700

Olympus

Corp.

$

1,227,104

21,692

Siemens

Healthineers

AG

1,101,690

70,295

Smith

&

Nephew

plc

873,597

4,195

Sonova

Holding

AG

994,395

8,629

Straumann

Holding

AG,

Class

R

1,096,310

13,700

Sysmex

Corp.

653,441

53,300

Terumo

Corp.

1,412,217

22,970,231

Health

Care

Providers

&

Services

(

0

.3

%

):

10,391

Amplifon

SpA

307,686

105

Celltrion

Healthcare

Co.,

Ltd.

4,902

13,978

EBOS

Group,

Ltd.

283,809

15,701

Fresenius

Medical

Care

AG

&

Co.,

KGaA

678,049

32,423

Fresenius

SE

&

Co.

KGaA

1,010,560

15,256

Ramsay

Health

Care,

Ltd.

508,431

34,633

Sonic

Healthcare,

Ltd.

662,463

3,455,900

Health

Care

Technology

(

0

.1

%

):

36,000

M3,

Inc.

653,548

Hotels,

Restaurants

&

Leisure

(

1

.6

%

):

12,982

Accor

SA

437,046

45,638

Aristocrat

Leisure,

Ltd.

1,197,321

136,415

Compass

Group

plc

3,322,759

13,159

Delivery

Hero

SE*

377,879

48,536

Entain

plc

552,350

14,265

Evolution

AB

1,437,921

13,724

Flutter

Entertainment

plc*

2,239,765

176,000

Galaxy

Entertainment

Group,

Ltd.

1,052,798

521,157

Genting

Singapore,

Ltd.

322,124

13,426

InterContinental

Hotels

Group

plc

989,636

9,131

La

Francaise

des

Jeux

SAEM

296,492

169,008

Lottery

Corp.,

Ltd.

(The)

511,838

7,029

McDonald's

Holdings

Co.,

Ltd.

268,908

17,520

Meituan*

254,352

85,100

Oriental

Land

Co.,

Ltd.

2,794,080

184,732

Sands

China,

Ltd.*

561,782

6,718

Sodexo

SA

691,773

15,373

Whitbread

plc

646,581

7,400

Zensho

Holdings

Co.,

Ltd.

323,046

18,278,451

Household

Durables

(

1

.2

%

):

82,761

Barratt

Developments

plc

443,903

8,253

Berkeley

Group

Holdings

plc

411,591

11,900

Iida

Group

Holdings

Co.,

Ltd.

197,874

6,700

Open

House

Group

Co.,

Ltd.

227,347

173,200

Panasonic

Holdings

Corp.

1,947,805

27,040

Persimmon

plc

353,943

1,891

SEB

SA

176,426

29,700

Sekisui

Chemical

Co.,

Ltd.

427,612

46,900

Sekisui

House,

Ltd.

933,953

16,000

Sharp

Corp.^

99,727

98,700

Sony

Group

Corp.

8,074,906

259,842

Taylor

Wimpey

plc

369,431

13,664,518

Household

Products

(

0

.6

%

):

47,177

Essity

AB,

Class

B

1,017,008

7,943

Henkel

AG

&

Co.

KGaA

501,521

Shares

Value

Common

Stocks,

continued

Household

Products,

continued

56,183

Reckitt

Benckiser

Group

plc

$

3,969,821

32,600

Unicharm

Corp.

1,150,346

6,638,696

Independent

Power

and

Renewable

Electricity

Producers

(

0

.2

%

):

6,231

Corp

ACCIONA

Energias

Renovables

SA^

160,663

19,458

EDP

Renovaveis

SA

318,256

103,728

Meridian

Energy,

Ltd.

319,425

48,988

RWE

AG

1,820,228

2,618,572

Industrial

Conglomerates

(

1

.5

%

):

215,744

CK

Hutchison

Holdings,

Ltd.

1,149,875

8,216

DCC

plc

460,528

73,820

Hitachi,

Ltd.

4,577,035

12,438

Investment

AB

Latour,

Class

B

218,401

6,600

Jardine

Cycle

&

Carriage,

Ltd.

153,719

12,100

Jardine

Matheson

Holdings,

Ltd.

561,448

111,400

Keppel

Corp.,

Ltd.

553,034

20,043

Lifco

AB,

Class

B

350,726

59,462

Siemens

AG,

Registered

Shares

8,523,497

26,917

Smiths

Group

plc

530,278

17,078,541

Industrial

REITs

(

0

.3

%

):

295,783

CapitaLand

Ascendas

REIT

594,658

340

GLP

J-Reit

304,285

132,218

Goodman

Group

1,831,223

271,034

Mapletree

Logistics

Trust

332,585

184

Nippon

Prologis

REIT,

Inc.

345,104

12,391

Warehouses

De

Pauw

CVA

305,382

3,713,237

Insurance

(

5

.1

%

):

13,489

Admiral

Group

plc

390,070

134,420

Aegon

NV

647,767

12,206

Ageas

SA/NV

503,293

901,600

AIA

Group,

Ltd.

7,293,335

31,709

Allianz

SE,

Registered

Shares+

7,560,336

12,667

ASR

Nederland

NV

475,365

80,732

Assicurazioni

Generali

SpA

1,649,596

214,007

Aviva

plc

1,011,718

144,116

AXA

SA

4,268,177

3,478

Baloise

Holding

AG,

Registered

Shares

504,714

72,800

Dai-ichi

Life

Holdings,

Inc.

1,514,857

15,186

Gjensidige

Forsikring

ASA

223,216

4,626

Hannover

Rueck

SE

1,016,417

2,957

Helvetia

Holding

AG,

Registered

Shares

414,429

187,315

Insurance

Australia

Group,

Ltd.

684,174

174,800

Japan

Post

Holdings

Co.,

Ltd.

1,397,623

15,600

Japan

Post

Insurance

Co.,

Ltd.

262,425

460,993

Legal

&

General

Group

plc

1,245,265

207,807

Medibank

Pvt,

Ltd.

459,246

33,111

MS&AD

Insurance

Group

Holdings,

Inc.

1,211,210

10,739

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Class

R

4,189,013

19,973

NN

Group

NV

639,985

56,342

Phoenix

Group

Holdings

plc

329,945

43,375

Poste

Italiane

SpA

456,015

217,685

Prudential

plc

2,343,672

119,821

QBE

Insurance

Group,

Ltd.

1,211,456

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

150

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

36,478

Sampo

Oyj,

A

Shares

$

1,576,807

23,225

Sompo

Holdings,

Inc.

994,282

96,869

Suncorp

Group,

Ltd.

873,057

2,295

Swiss

Life

Holding

AG

1,430,016

23,715

Swiss

Re

AG

2,434,975

39,836

T&D

Holdings,

Inc.

654,078

5,045

Talanx

AG

319,900

141,900

Tokio

Marine

Holdings,

Inc.

3,271,568

27,304

Tryg

A/S

499,452

11,796

Zurich

Insurance

Group

AG

5,406,845

59,364,299

Interactive

Media

&

Services

(

0

.2

%

):

25,768

Adevinta

ASA*

254,238

71,470

Auto

Trader

Group

plc

535,643

203,800

LY

Corp.

569,057

3,995

REA

Group,

Ltd.

395,440

6,090

Scout24

SE

422,832

28,658

SEEK,

Ltd.

405,557

3,760

VK

Co.,

Ltd.,

GDR*(a)

—

9,068

Yandex

NV,

Class

A*(a)

—

2,582,767

Internet

&

Direct

Marketing

Retail

(

0

.0

%

†

):

321

Ozon

Holdings

plc,

ADR*(a)(b)

—

IT

Services

(

0

.8

%

):

6,916

Bechtle

AG

323,864

12,869

Capgemini

SE

2,234,250

14,000

Fujitsu,

Ltd.

1,647,415

19,100

NEC

Corp.

1,055,104

29,838

Nomura

Research

Institute,

Ltd.

776,607

48,200

NTT

Data

Corp.

645,882

5,300

Obic

Co.,

Ltd.

806,459

8,700

Otsuka

Corp.

368,440

13,500

SCSK

Corp.

235,511

18,500

TIS,

Inc.

407,259

4,347

Wix.com,

Ltd.*

399,055

8,899,846

Leisure

Products

(

0

.2

%

):

48,600

Bandai

Namco

Holdings,

Inc.

988,585

5,900

Shimano,

Inc.

796,770

10,700

Yamaha

Corp.

292,237

2,077,592

Life

Sciences

Tools

&

Services

(

0

.5

%

):

2,520

Bachem

Holding

AG,

Registered

B

185,835

10,204

Eurofins

Scientific

SE

575,248

5,797

Lonza

Group

AG

2,682,697

18,590

QIAGEN

NV*

752,271

1,990

Sartorius

AG

675,184

2,285

Sartorius

Stedim

Biotech

543,701

5,414,936

Machinery

(

2

.9

%

):

22,193

Alfa

Laval

AB

759,547

22,536

Alstom

SA

534,679

207,979

Atlas

Copco

AB,

Class

A

2,787,382

120,732

Atlas

Copco

AB,

Class

B

1,410,884

82,584

CNH

Industrial

NV

1,000,340

24,300

Daifuku

Co.,

Ltd.

459,538

36,528

Daimler

Truck

Holding

AG

1,266,635

Shares

Value

Common

Stocks,

continued

Machinery,

continued

50,260

Epiroc

AB,

Class

A

$

951,613

29,884

Epiroc

AB,

Class

B

477,987

75,700

FANUC

Corp.

1,976,268

12,696

GEA

Group

AG

469,216

7,700

Hitachi

Construction

Machinery

Co.,

Ltd.

234,281

9,400

Hoshizaki

Corp.

326,569

25,721

Husqvarna

AB,

B

Shares^

196,198

20,933

Indutrade

AB

386,489

5,878

Knorr-Bremse

AG

373,754

72,100

Komatsu,

Ltd.

1,948,737

26,333

Kone

Oyj,

Class

B

1,110,138

81,700

Kubota

Corp.

1,208,659

8,400

Kurita

Water

Industries,

Ltd.

292,856

18,500

Makita

Corp.

458,340

50,641

Metso

Oyj

530,487

27,100

MINEBEA

MITSUMI,

Inc.

442,092

21,600

MISUMI

Group,

Inc.

337,286

24,800

Mitsubishi

Heavy

Industries,

Ltd.

1,389,635

20,900

NGK

Insulators,

Ltd.

277,053

423

Rational

AG

267,768

82,815

Sandvik

AB

1,518,829

3,073

Schindler

Holding

AG

612,692

1,919

Schindler

Holding

AG,

Registered

Shares

369,234

3,435,869

Seatrium,

Ltd.*

335,764

25,498

SKF

AB,

B

Shares

422,927

4,400

SMC

Corp.

1,969,843

6,041

Spirax-Sarco

Engineering

plc

698,446

111,000

Techtronic

Industries

Co.,

Ltd.

1,077,730

11,300

Toyota

Industries

Corp.

889,696

2,069

VAT

Group

AG

736,959

15,205

Volvo

AB,

Class

A

316,332

118,928

Volvo

AB,

Class

B

2,448,887

35,945

Wartsila

Oyj

Abp,

Class

B

407,390

19,700

Yaskawa

Electric

Corp.

710,290

34,389,450

Marine

Transportation

(

0

.4

%

):

228

AP

Moller

-

Maersk

A/S,

Class

A

404,585

374

AP

Moller

-

Maersk

A/S,

Class

B

674,108

11,000

Kawasaki

Kisen

Kaisha,

Ltd.

375,084

4,385

Kuehne

+

Nagel

International

AG

1,243,712

26,400

Mitsui

OSK

Lines,

Ltd.^

724,389

39,200

Nippon

Yusen

KK

1,015,939

104,000

SITC

International

Holdings

Co.,

Ltd.

174,597

4,612,414

Media

(

0

.4

%

):

34,500

CyberAgent,

Inc.

186,000

16,577

Dentsu

Group,

Inc.

487,895

17,600

Hakuhodo

DY

Holdings,

Inc.

144,654

108,991

Informa

plc

993,002

17,649

Publicis

Groupe

SA

1,332,611

54,314

Vivendi

SE

476,506

86,428

WPP

plc

770,105

4,390,773

Metals

&

Mining

(

3

.3

%

):

77,337

Alrosa

PAO*(a)(b)

—

98,364

Anglo

American

plc

2,722,890

29,973

Antofagasta

plc

519,142

38,457

ArcelorMittal

SA

961,673

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

151

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

396,765

BHP

Group,

Ltd.

$

11,247,901

35,184

BlueScope

Steel,

Ltd.

439,299

22,331

Boliden

AB

635,830

14,787

Endeavour

Mining

PLC

285,748

132,234

Fortescue

Metals

Group,

Ltd.

1,772,961

828,408

Glencore

plc

4,736,726

51,460

IGO,

Ltd.

419,307

37,800

JFE

Holdings,

Inc.

555,510

14,064

Mineral

Resources,

Ltd.

609,235

1,857

MMC

Norilsk

Nickel

PJSC*(a)

—

68,956

Newcrest

Mining,

Ltd.

1,091,999

67,748

Nippon

Steel

Corp.

1,588,044

110,543

Norsk

Hydro

ASA

694,021

89,610

Northern

Star

Resources,

Ltd.

599,729

42,350

Novolipetsk

Steel

PJSC*(a)(b)

—

193,306

Pilbara

Minerals,

Ltd.

531,954

10,301

Polymetal

International

plc*(a)(b)

—

1,026

Polyus

PJSC*(a)(b)

—

88,257

Rio

Tinto

plc

5,543,138

29,106

Rio

Tinto,

Ltd.

2,138,166

6,613

Severstal*(a)(b)

—

370,193

South32,

Ltd.

809,716

20,400

Sumitomo

Metal

Mining

Co.,

Ltd.

600,007

84,297

United

Co.

RUSAL

International

PJSC*(a)(b)

—

9,422

voestalpine

AG

255,504

38,758,500

Multi-Utilities

(

0

.9

%

):

424,316

Centrica

plc

796,472

177,107

E.ON

SE

2,097,641

143,755

Engie

SA

2,203,951

285,840

National

Grid

plc

3,411,438

70,800

Sembcorp

Industries,

Ltd.

263,265

53,712

Veolia

Environnement

SA

1,553,682

10,326,449

Office

REITs

(

0

.1

%

):

3,809

Gecina

SA

387,846

100

Japan

Real

Estate

Investment

Corp.

390,052

777,898

Oil,

Gas

&

Consumable

Fuels

(

4

.7

%

):

24,032

Aker

BP

ASA

664,357

18,095

Ampol,

Ltd.

393,317

1,365,410

BP

plc

8,814,791

228,520

ENEOS

Holdings,

Inc.

901,604

180,952

Eni

SpA

2,905,953

70,894

Equinor

ASA

2,325,015

37,989

Galp

Energia

SGPS

SA

562,660

354,974

Gazprom

PJSC*(a)(b)

—

15,187

Idemitsu

Kosan

Co.,

Ltd.

349,302

77,000

Inpex

Corp.

1,155,725

12,219

LUKOIL

PJSC(a)

—

32,856

Neste

Oyj

1,115,623

27,220

Novatek

PJSC(a)(b)

—

11,220

OMV

AG

535,693

100,518

Repsol

SA

1,654,460

34,912

Rosneft

Oil

Co.

PJSC*(a)(b)

—

254,684

Santos,

Ltd.

1,289,341

525,099

Shell

plc

16,669,157

50

SK

Innovation

Co.,

Ltd.*

5,510

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

171,452

Surgutneftegas

PJSC*(a)(b)

$

—

199,091

Surgutneftegas

Prefernce*(a)(b)

—

43,241

Tatneft

PJSC*(a)

—

176,046

TotalEnergies

SE

11,583,530

15,937

Washington

H

Soul

Pattinson

&

Co.,

Ltd.

333,318

144,176

Woodside

Energy

Group,

Ltd.

3,337,049

6,149

Woodside

Energy

Group,

Ltd.

143,230

54,739,635

Paper

&

Forest

Products

(

0

.3

%

):

7,469

Holmen

AB,

B

Shares

290,081

36,635

Mondi

plc

611,048

62,500

Oji

Holdings

Corp.

265,015

41,849

Stora

Enso

Oyj,

Class

R

523,790

50,586

Svenska

Cellulosa

AB

SCA,

Class

B

692,036

42,807

UPM-Kymmene

Oyj

1,463,964

3,845,934

Passenger

Airlines

(

0

.1

%

):

12,100

ANA

Holdings,

Inc.*^

253,595

43,566

Deutsche

Lufthansa

AG*

346,072

12,270

Japan

Airlines

Co.,

Ltd.

238,688

70,174

Qantas

Airways,

Ltd.*

233,523

117,950

Singapore

Airlines,

Ltd.^

557,133

1,629,011

Personal

Care

Products

(

2

.0

%

):

7,721

Beiersdorf

AG

996,831

439,070

Haleon

plc

1,821,650

36,000

Kao

Corp.

1,336,957

4,200

Kobayashi

Pharmaceutical

Co.,

Ltd.

187,552

2,500

Kose

Corp.

181,257

18,973

L'Oreal

SA

7,856,386

31,000

Shiseido

Co.,

Ltd.

1,088,422

196,737

Unilever

plc

9,707,007

23,176,062

Pharmaceuticals

(

9

.5

%

):

144,100

Astellas

Pharma,

Inc.

1,990,634

121,390

AstraZeneca

plc

16,333,587

77,434

Bayer

AG,

Registered

Shares

3,718,637

26

Celltrion

Pharm,

Inc.*

1,287

51,800

Chugai

Pharmaceutical

Co.,

Ltd.

1,605,246

145,100

Daiichi

Sankyo

Co.,

Ltd.

3,982,922

20,300

Eisai

Co.,

Ltd.

1,127,102

319,688

GSK

plc

5,778,267

12,542

Hikma

Pharmaceuticals

plc

319,505

3,054

Ipsen

SA

399,952

2,556

Kangmei

Pharmaceutical

Co.

A*(a)

—

22,000

Kyowa

Kirin

Co.,

Ltd.

383,186

10,080

Merck

KGaA

1,684,549

160,539

Novartis

AG

16,386,505

255,594

Novo

Nordisk

A/S,

Class

B

23,254,443

30,400

Ono

Pharmaceutical

Co.,

Ltd.

583,143

9,112

Orion

Oyj,

Class

B

357,858

29,900

Otsuka

Holdings

Co.,

Ltd.

1,063,828

7,789

Recordati

Industria

Chimica

e

Farmaceutica

SpA

367,162

2,550

Roche

Holding

AG

750,461

55,026

Roche

Holding

AG

15,013,277

88,985

Sanofi

9,546,973

20,100

Shionogi

&

Co.,

Ltd.

898,898

124,073

Takeda

Pharmaceutical

Co.,

Ltd.

3,853,720

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

152

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

83,515

Teva

Pharmaceutical

Industries,

Ltd.,

ADR*

$

851,853

10,307

UCB

SA

843,280

111,096,275

Professional

Services

(

1

.9

%

):

12,350

Adecco

Group

AG

506,720

1,714

Adyen

NV*

1,270,358

35,323

Amadeus

IT

Group

SA

2,128,402

11,400

BayCurrent

Consulting,

Inc.

380,962

22,303

Bureau

Veritas

SA

552,404

44,998

Computershare,

Ltd.

752,537

72,653

Experian

plc

2,373,121

12,261

Intertek

Group

plc

612,986

44,818

Nexi

SpA*

273,512

135,000

Persol

Holdings

Co.,

Ltd.

219,655

9,079

Randstad

NV

500,382

112,200

Recruit

Holdings

Co.,

Ltd.

3,455,602

147,288

RELX

plc

4,966,412

11,940

SGS

SA,

Registered

Shares

1,002,617

4,771

Teleperformance

596,126

48,972

Wise

plc,

Class

A*

406,774

20,300

Wolters

Kluwer

NV

2,458,108

22,456,678

Real

Estate

Management

&

Development

(

1

.2

%

):

3,664

Azrieli

Group,

Ltd.

187,800

199,200

CapitaLand

Investment,

Ltd.

450,398

60,000

China

Evergrande

Group*

2,452

33,900

City

Developments,

Ltd.

163,290

160,744

CK

Asset

Holdings,

Ltd.

845,514

4,700

Daito

Trust

Construction

Co.,

Ltd.

495,153

46,200

Daiwa

House

Industry

Co.,

Ltd.

1,240,771

165,400

ESR

Group,

Ltd.

231,920

47,911

Fastighets

AB

Balder,

B

Shares*

214,574

128,000

Hang

Lung

Properties,

Ltd.

173,991

109,956

Henderson

Land

Development

Co.,

Ltd.

287,981

96,400

Hongkong

Land

Holdings,

Ltd.

343,597

29,800

Hulic

Co.,

Ltd.

267,298

5,995

LEG

Immobilien

SE*

414,063

50,412

Lendlease

Corp.,

Ltd.

233,289

90,800

Mitsubishi

Estate

Co.,

Ltd.

1,187,117

70,000

Mitsui

Fudosan

Co.,

Ltd.

1,541,985

114,655

New

World

Development

Co.,

Ltd.

222,521

9,400

Nomura

Real

Estate

Holdings,

Inc.

235,955

13,919

Sagax

AB,

Class

B

264,896

41,676

Shimao

Group

Holdings,

Ltd.*

3,992

302,601

Sino

Land

Co.,

Ltd.

340,503

22,800

Sumitomo

Realty

&

Development

Co.,

Ltd.

592,373

112,000

Sun

Hung

Kai

Properties,

Ltd.

1,191,294

81,000

Sunac

China

Holdings,

Ltd.*

21,997

33,964

Swire

Pacific,

Ltd.,

Class

A

229,316

96,400

Swire

Properties,

Ltd.

201,144

5,841

Swiss

Prime

Site

AG,

Registered

Shares

534,682

36,896

UOL

Group,

Ltd.^

172,476

57,805

Vonovia

SE

1,393,000

127,300

Wharf

Real

Estate

Investment

Co.,

Ltd.

491,310

14,176,652

Retail

REITs

(

0

.3

%

):

404,713

CapitaLand

Integrated

Commercial

Trust

546,344

591

Japan

Metropolitan

Fund

Invest

383,590

Shares

Value

Common

Stocks,

continued

Retail

REITs,

continued

17,429

Klepierre

SA

$

426,640

204,420

Link

REIT

996,487

182,400

Mapletree

Pan

Asia

Commercial

Trust

190,916

424,787

Scentre

Group

675,601

8,677

Unibail-Rodamco-Westfield*

426,994

3,646,572

Semiconductors

&

Semiconductor

Equipment

(

3

.2

%

):

58,800

Advantest

Corp.

1,634,804

3,637

ASM

International

NV

1,518,600

31,575

ASML

Holding

NV

18,539,527

6,109

BE

Semiconductor

Industries

NV

597,252

7,300

Disco

Corp.

1,340,744

101,870

Infineon

Technologies

AG

3,378,047

6,100

Lasertec

Corp.

947,195

101,400

Renesas

Electronics

Corp.*

1,555,940

26,400

Rohm

Co.,

Ltd.

499,676

53,706

STMicroelectronics

NV

2,313,578

28,800

SUMCO

Corp.

374,613

36,900

Tokyo

Electron,

Ltd.

5,022,201

37,722,177

Software

(

1

.6

%

):

7,632

Check

Point

Software

Technologies,

Ltd.*

1,017,193

3,389

CyberArk

Software,

Ltd.*

555,016

52,250

Dassault

Systemes

SE

1,942,322

1,521

Monday.com,

Ltd.*

242,174

4,385

Nemetschek

SE

267,882

5,127

Nice,

Ltd.*

872,161

2,800

Oracle

Corp.

208,790

79,258

Sage

Group

plc

(The)

953,702

81,718

SAP

SE

10,606,030

5,103

Temenos

AG,

Registered

Shares

358,020

11,100

Trend

Micro,

Inc.

420,582

13,149

WiseTech

Global,

Ltd.

548,291

10,262

Xero,

Ltd.*

743,733

18,735,896

Specialty

Retail

(

0

.8

%

):

7,852

Dufry

AG,

Registered

Shares*

298,897

13,800

Fast

Retailing

Co.,

Ltd.

3,006,141

52,038

H

&

M

Hennes

&

Mauritz

AB,

Class

B^

740,101

1,500

Hikari

Tsushin,

Inc.

228,399

84,845

Industria

de

Diseno

Textil

SA

3,157,439

217,795

JD

Sports

Fashion

plc

396,710

146,299

Kingfisher

plc

396,496

6,100

Nitori

Holdings

Co.,

Ltd.

683,123

16,600

USS

Co.,

Ltd.

274,513

18,592

Zalando

SE*

415,135

10,300

ZOZO,

Inc.

188,944

9,785,898

Technology

Hardware,

Storage

&

Peripherals

(

0

.5

%

):

17,600

Brother

Industries,

Ltd.

283,446

78,200

Canon,

Inc.

1,889,838

29,600

FUJIFILM

Holdings

Corp.

1,714,092

13,044

Logitech

International

SA,

Class

R

899,139

44,400

Ricoh

Co.,

Ltd.

383,110

23,600

Seiko

Epson

Corp.^

370,700

5,540,325

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

153

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2023

.

Shares

Value

Common

Stocks,

continued

Textiles,

Apparel

&

Luxury

Goods

(

2

.9

%

):

12,748

adidas

AG

$

2,244,154

29,028

Burberry

Group

plc

673,120

40,688

Cie

Financiere

Richemont

SA,

Registered

Shares

4,958,880

2,316

FF

Group*(a)

—

2,470

Hermes

International

4,489,583

5,807

Kering

SA

2,639,859

21,627

LVMH

Moet

Hennessy

Louis

Vuitton

SE

16,313,744

16,565

Moncler

SpA

961,392

6,958

Pandora

A/S

717,419

8,021

Puma

SE

499,183

3,854

Swatch

Group

AG

(The)

188,378

2,177

Swatch

Group

AG

(The),

Class

BR

558,316

34,244,028

Tobacco

(

0

.8

%

):

167,022

British

American

Tobacco

plc

5,242,299

66,757

Imperial

Brands

plc,

Class

A

1,355,401

93,800

Japan

Tobacco,

Inc.

2,158,920

8,756,620

Trading

Companies

&

Distributors

(

1

.9

%

):

13,676

AerCap

Holdings

NV*

857,075

34,452

Ashtead

Group

plc

2,093,737

26,827

Beijer

Ref

AB

281,862

11,799

Brenntag

SE

916,127

27,346

Bunzl

plc

970,422

4,712

IMCD

NV

595,528

92,500

ITOCHU

Corp.

3,342,494

113,600

Marubeni

Corp.^

1,770,652

89,900

Mitsubishi

Corp.

4,283,467

103,000

Mitsui

&

Co.,

Ltd.

3,733,642

18,500

MonotaRO

Co.,

Ltd.

197,978

15,779

Reece,

Ltd.

188,831

82,900

Sumitomo

Corp.

1,653,956

16,100

Toyota

Tsushu

Corp.

946,369

21,832,140

Transportation

Infrastructure

(

0

.4

%

):

6,063

Aena

SME

SA

911,848

2,254

Aeroports

de

Paris

265,584

106,200

Auckland

International

Airport,

Ltd.

503,021

28,476

Getlink

SE

453,632

241,432

Transurban

Group

1,965,628

4,099,713

Water

Utilities

(

0

.1

%

):

20,867

Severn

Trent

plc

601,148

Shares

Value

Common

Stocks,

continued

Water

Utilities,

continued

51,908

United

Utilities

Group

plc

$

598,441

1,199,589

Wireless

Telecommunication

Services

(

1

.0

%

):

117,300

KDDI

Corp.

3,591,185

29,884

Mobile

TeleSystems

PJSC*(a)

—

225,900

SoftBank

Corp.

2,555,060

80,600

SoftBank

Group

Corp.

3,411,575

39,884

Tele2

AB

304,912

1,827,554

Vodafone

Group

plc

1,706,273

11,569,005

Total

Common

Stocks

(Cost

$811,583,613)

1,148,265,769

Preferred

Stocks

(

0

.4

%

):

Automobile

Components

(

0

.2

%

):

12,611

Porsche

Automobil

Holding

SE,

5.49%,

5/20/20

621,589

16,425

Volkswagen

AG,

8.04%,

5/8/20

1,890,854

2,512,443

Automobiles

(

0

.1

%

):

4,531

Bayerische

Motoren

Werke

AG,

9.65%,

5/15/20

422,988

Household

Products

(

0

.1

%

):

13,372

Henkel

AG

&

Co.

KGaA,

2.74%,

4/21/20

954,260

Total

Preferred

Stocks

(Cost

$3,866,425)

3,889,691

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(

0

.6

%

):

$

7,172,129

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.36%(c)(d)

7,172,129

Total

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(Cost

$7,172,129)

7,172,129

Unaffiliated

Investment

Company

(

0

.0

%

†

):

Money

Markets

(

0

.0

%

†

):

309,238

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.24%(d)

309,238

Total

Unaffiliated

Investment

Company

(Cost

$309,238)

309,238

Total

Investment

Securities

(Cost

$822,931,405)

—

99.3%

1,159,636,827

Net

other

assets

(liabilities)

—

0.7%

8,389,025

Net

Assets

—

100.0%

$

1,168,025,852

ADR

-

American

Depository

Receipt

GDR

-

Global

Depositary

Receipt

REIT

-

Real

Estate

Investment

Trust

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$6,767,004.

+

Affiliated

Securities

†

Represents

less

than

0.05%.

*

Non-income

producing

security.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2023.

(b)

These

securities

are

held

by

the

AZL

MSCI

Emerging

Markets

Equity

Index

Fund

(the

“Subsidiary”)

(c)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2023.

(d)

The

rate

represents

the

effective

yield

at

September

30,

2023.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

154

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

The

following

represents

the

concentrations

by

country

of

risk

(based

on

the

domicile

of

the

security

issuer)

relative

to

the

total

value

of

investments

as

of

September

30,

2023

:

(Unaudited)

Country

Percentage

Australia

7

.1‌

%

Austria

0

.2‌

%

Belgium

0

.8‌

%

Bermuda

0

.1‌

%

China

0

.1‌

%

Cyprus

—‌

%

†

Denmark

3

.2‌

%

Finland

1

.1‌

%

France

11

.0‌

%

Germany

8

.2‌

%

Greece

—‌

%

†

Hong

Kong

2

.2‌

%

Ireland

1

.2‌

%

Isle

of

Man

—‌

%

†

Israel

0

.7‌

%

Italy

2

.2‌

%

Japan

22

.8‌

%

Korea,

Republic

Of

—‌

%

†

Luxembourg

0

.2‌

%

Netherlands

6

.7‌

%

New

Zealand

0

.3‌

%

Norway

0

.7‌

%

Portugal

0

.2‌

%

Republic

of

Korea

(South)

—‌

%

†

Russian

Federation

—‌

%

†

Singapore

1

.5‌

%

Spain

2

.5‌

%

Sweden

2

.9‌

%

Switzerland

10

.4‌

%

Taiwan,

Province

Of

China

—‌

%

†

Turkey

—‌

%

†

United

Kingdom

13

.1‌

%

United

States

0

.6‌

%

100

.0‌

%

†

Represents

less

than

0.05%.

Futures

Contracts

At

September

30,

2023,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

ASX

SPI

200

Index

December

Futures

(Australian

Dollar)

12/21/23

11

$

1,252,595‌

$

1,320‌

DJ

EURO

STOXX

50

December

Futures

(Euro)

12/15/23

83

3,688,577‌

5,223‌

FTSE

100

Index

December

Futures

(British

Pounds)

12/15/23

26

2,433,040‌

8,773‌

SGX

NIKKEI

225

Index

December

Futures

(Japanese

Yen)

12/7/23

22

2,356,144‌

(

1,447‌

)

$

13,869‌

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

155

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(

99

.6

%

):

Aerospace

&

Defense

(

1

.2

%

):

30,284

BWX

Technologies,

Inc.

$

2,270,694

12,611

Curtiss-Wright

Corp.

2,467,090

28,244

Hexcel

Corp.

1,839,814

20,260

Woodward,

Inc.

2,517,508

9,095,106

Air

Freight

&

Logistics

(

0

.3

%

):

39,676

GXO

Logistics,

Inc.*

2,326,997

Automobile

Components

(

2

.1

%

):

31,416

Adient

plc*

1,152,967

25,831

Autoliv,

Inc.

2,492,175

14,163

Fox

Factory

Holding

Corp.*

1,403,270

78,383

Gentex

Corp.

2,550,583

95,528

Goodyear

Tire

&

Rubber

Co.

(The)*

1,187,413

44,097

Harley-Davidson,

Inc.

1,457,847

20,470

Lear

Corp.

2,747,074

18,128

Thor

Industries,

Inc.

1,724,516

9,395

Visteon

Corp.*

1,297,168

16,013,013

Banks

(

5

.1

%

):

46,721

Associated

Banc-Corp.

799,396

35,443

Bank

OZK

1,313,872

61,347

Cadence

Bank

1,301,783

72,425

Columbia

Banking

System,

Inc.

1,470,228

37,531

Commerce

Bancshares,

Inc.

1,800,737

21,353

Cullen/Frost

Bankers,

Inc.

1,947,607

48,096

East

West

Bancorp,

Inc.

2,535,140

41,229

First

Financial

Bankshares,

Inc.

1,035,672

186,114

First

Horizon

Corp.

2,050,976

118,783

FNB

Corp.

1,281,669

37,061

Glacier

Bancorp,

Inc.

1,056,239

28,863

Hancock

Whitney

Corp.

1,067,642

61,415

Home

BancShares,

Inc.

1,286,030

16,699

International

Bancshares

Corp.

723,735

243,222

New

York

Community

Bancorp,

Inc.

2,758,137

97,632

Old

National

Bancorp

1,419,569

25,577

Pinnacle

Financial

Partners,

Inc.

1,714,682

31,514

Prosperity

Bancshares,

Inc.

1,720,034

25,538

SouthState

Corp.

1,720,240

50,941

Synovus

Financial

Corp.

1,416,160

14,861

Texas

Capital

Bancshares,

Inc.*

875,313

14,168

UMB

Financial

Corp.

879,124

44,935

United

Bankshares,

Inc.

1,239,757

145,151

Valley

National

Bancorp

1,242,493

58,160

Webster

Financial

Corp.

2,344,430

20,210

Wintrust

Financial

Corp.

1,525,855

38,526,520

Beverages

(

0

.7

%

):

3,164

Boston

Beer

Co.,

Inc.

(The),

Class

A*

1,232,473

16,542

Celsius

Holdings,

Inc.*

2,838,607

1,605

Coca-Cola

Consolidated,

Inc.

1,021,294

5,092,374

Biotechnology

(

1

.6

%

):

35,483

Arrowhead

Pharmaceuticals,

Inc.*

953,428

106,377

Exelixis,

Inc.*

2,324,337

44,286

Halozyme

Therapeutics,

Inc.*

1,691,725

33,091

Neurocrine

Biosciences,

Inc.*

3,722,738

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

15,773

United

Therapeutics

Corp.*

$

3,562,648

12,254,876

Broadline

Retail

(

0

.5

%

):

36,765

Kohl's

Corp.

770,594

91,222

Macy's,

Inc.

1,059,088

31,430

Nordstrom,

Inc.

469,564

20,572

Ollie's

Bargain

Outlet

Holdings,

Inc.*

1,587,747

3,886,993

Building

Products

(

3

.9

%

):

23,208

Advanced

Drainage

Systems,

Inc.

2,641,767

41,990

Builders

FirstSource,

Inc.*

5,227,335

16,700

Carlisle

Cos.,

Inc.

4,329,642

42,441

Fortune

Brands

Innovations,

Inc.

2,638,132

10,786

Lennox

International,

Inc.

4,038,710

30,416

Owens

Corning

4,149,046

14,244

Simpson

Manufacturing

Co.,

Inc.

2,133,894

36,049

Trex

Co.,

Inc.*

2,221,700

20,877

UFP

Industries,

Inc.

2,137,805

29,518,031

Capital

Markets

(

2

.3

%

):

12,899

Affiliated

Managers

Group,

Inc.

1,681,256

12,139

Evercore,

Inc.,

Class

A

1,673,725

29,565

Federated

Hermes,

Inc.,

Class

B

1,001,367

36,453

Interactive

Brokers

Group,

Inc.,

Class

A

3,155,372

46,444

Janus

Henderson

Group

plc

1,199,184

61,975

Jefferies

Financial

Group,

Inc.

2,270,144

8,749

Morningstar,

Inc.

2,049,366

33,811

SEI

Investments

Co.

2,036,436

35,505

Stifel

Financial

Corp.

2,181,427

17,248,277

Chemicals

(

2

.1

%

):

16,236

Ashland,

Inc.

1,326,157

31,006

Avient

Corp.

1,095,132

72,182

Axalta

Coating

Systems,

Ltd.*

1,941,696

18,896

Cabot

Corp.

1,308,926

49,657

Chemours

Co.

(The)

1,392,879

2,259

NewMarket

Corp.

1,027,935

42,006

Olin

Corp.

2,099,460

43,194

RPM

International,

Inc.

4,095,223

13,582

Scotts

Miracle-Gro

Co.

(The)

701,918

11,035

Westlake

Corp.

1,375,733

16,365,059

Commercial

Services

&

Supplies

(

1

.3

%

):

15,686

Brink's

Co.

(The)

1,139,431

17,016

Clean

Harbors,

Inc.*

2,847,798

12,305

MSA

Safety,

Inc.

1,939,883

30,725

Stericycle,

Inc.*

1,373,715

17,880

Tetra

Tech,

Inc.

2,718,296

10,019,123

Communications

Equipment

(

0

.6

%

):

19,912

Calix,

Inc.*

912,766

50,175

Ciena

Corp.*

2,371,270

22,822

Lumentum

Holdings,

Inc.*

1,031,098

4,315,134

Construction

&

Engineering

(

1

.8

%

):

46,570

AECOM

3,867,173

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

156

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

15,918

EMCOR

Group,

Inc.

$

3,348,988

48,078

Fluor

Corp.*

1,764,463

20,281

MasTec,

Inc.*

1,459,624

70,718

MDU

Resources

Group,

Inc.

1,384,658

6,953

Valmont

Industries,

Inc.

1,670,180

13,495,086

Construction

Materials

(

0

.4

%

):

11,715

Eagle

Materials,

Inc.

1,950,782

16,823

Knife

River

Corp.*

821,467

2,772,249

Consumer

Finance

(

0

.6

%

):

91,235

Ally

Financial,

Inc.

2,434,150

12,206

FirstCash

Holdings,

Inc.

1,225,238

75,853

SLM

Corp.

1,033,118

4,692,506

Consumer

Staples

Distribution

&

Retail

(

2

.0

%

):

44,854

BJ's

Wholesale

Club

Holdings,

Inc.*

3,201,230

12,545

Casey's

General

Stores,

Inc.

3,406,218

31,129

Grocery

Outlet

Holding

Corp.*

898,072

52,717

Performance

Food

Group

Co.*

3,102,923

33,696

Sprouts

Farmers

Market,

Inc.*

1,442,189

76,042

US

Foods

Holding

Corp.*

3,018,867

15,069,499

Containers

&

Packaging

(

1

.9

%

):

22,170

AptarGroup,

Inc.

2,772,137

39,279

Berry

Global

Group,

Inc.

2,431,763

40,968

Crown

Holdings,

Inc.

3,624,849

102,670

Graphic

Packaging

Holding

Co.

2,287,487

8,386

Greif,

Inc.,

Class

A

560,269

28,025

Silgan

Holdings,

Inc.

1,208,158

33,467

Sonoco

Products

Co.

1,818,931

14,703,594

Diversified

Consumer

Services

(

0

.9

%

):

1,042

Graham

Holdings

Co.,

Class

B

607,486

9,694

Grand

Canyon

Education,

Inc.*

1,133,035

51,944

H&R

Block,

Inc.

2,236,709

51,603

Service

Corp.

International

2,948,595

6,925,825

Diversified

Telecommunication

Services

(

0

.4

%

):

73,970

Frontier

Communications

Parent,

Inc.*

1,157,630

41,291

Iridium

Communications,

Inc.

1,878,328

3,035,958

Electric

Utilities

(

1

.0

%

):

19,373

ALLETE,

Inc.

1,022,894

16,735

IDACORP,

Inc.

1,567,233

67,334

OGE

Energy

Corp.

2,244,242

28,989

PNM

Resources,

Inc.

1,293,199

33,510

Portland

General

Electric

Co.

1,356,485

7,484,053

Electrical

Equipment

(

2

.4

%

):

10,209

Acuity

Brands,

Inc.

1,738,695

13,484

EnerSys

1,276,530

18,026

Hubbell,

Inc.

5,649,529

55,733

nVent

Electric

plc

2,953,292

22,358

Regal

Rexnord

Corp.

3,194,511

50,445

Sensata

Technologies

Holding

plc

1,907,830

Shares

Value

Common

Stocks,

continued

Electrical

Equipment,

continued

72,676

Sunrun,

Inc.*

$

912,810

7,341

Vicor

Corp.*

432,311

18,065,508

Electronic

Equipment,

Instruments

&

Components

(

3

.5

%

):

18,898

Arrow

Electronics,

Inc.*

2,366,785

32,325

Avnet,

Inc.

1,557,742

14,206

Belden,

Inc.

1,371,589

56,706

Cognex

Corp.

2,406,603

43,301

Coherent

Corp.*

1,413,345

9,798

IPG

Photonics

Corp.

994,889

44,536

Jabil,

Inc.

5,651,173

8,326

Littelfuse,

Inc.

2,059,186

44,039

National

Instruments

Corp.

2,625,605

11,746

Novanta,

Inc.*

1,684,846

16,779

TD

SYNNEX

Corp.

1,675,551

43,789

Vishay

Intertechnology,

Inc.

1,082,464

51,953

Vontier

Corp.

1,606,387

26,496,165

Energy

Equipment

&

Services

(

1

.2

%

):

66,474

ChampionX

Corp.

2,367,804

132,892

NOV,

Inc.

2,777,443

20,762

Valaris,

Ltd.*

1,556,734

23,997

Weatherford

International

plc*

2,167,649

8,869,630

Entertainment

(

0

.2

%

):

17,128

TKO

Group

Holdings,

Inc.

1,439,780

Financial

Services

(

1

.4

%

):

35,927

Essent

Group,

Ltd.

1,698,988

15,897

Euronet

Worldwide,

Inc.*

1,261,904

94,611

MGIC

Investment

Corp.

1,579,057

34,753

Voya

Financial,

Inc.

2,309,337

109,788

Western

Union

Co.

(The)

1,447,006

14,639

WEX,

Inc.*

2,753,449

11,049,741

Food

Products

(

1

.2

%

):

53,614

Darling

Ingredients,

Inc.*

2,798,651

66,104

Flowers

Foods,

Inc.

1,466,187

22,446

Ingredion,

Inc.

2,208,686

6,654

Lancaster

Colony

Corp.

1,098,110

14,152

Pilgrim's

Pride

Corp.*

323,090

17,134

Post

Holdings,

Inc.*

1,469,069

9,363,793

Gas

Utilities

(

1

.1

%

):

31,214

National

Fuel

Gas

Co.

1,620,319

32,896

New

Jersey

Resources

Corp.

1,336,564

18,441

ONE

Gas,

Inc.

1,259,152

20,235

Southwest

Gas

Holdings,

Inc.

1,222,396

17,574

Spire,

Inc.

994,337

72,361

UGI

Corp.

1,664,303

8,097,071

Ground

Transportation

(

2

.0

%

):

6,684

Avis

Budget

Group,

Inc.*

1,201,048

45,648

Hertz

Global

Holdings,

Inc.*

559,188

53,706

Knight-Swift

Transportation

Holdings,

Inc.

2,693,356

12,043

Landstar

System,

Inc.

2,130,889

15,694

Ryder

System,

Inc.

1,678,473

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

157

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Ground

Transportation,

continued

8,959

Saia,

Inc.*

$

3,571,505

17,545

Werner

Enterprises,

Inc.

683,378

38,918

XPO,

Inc.*

2,905,618

15,423,455

Health

Care

Equipment

&

Supplies

(

2

.7

%

):

15,581

Enovis

Corp.*

821,586

54,241

Envista

Holdings

Corp.*

1,512,239

39,304

Globus

Medical,

Inc.*

1,951,444

16,958

Haemonetics

Corp.*

1,519,098

6,594

ICU

Medical,

Inc.*

784,752

17,047

Inari

Medical,

Inc.*

1,114,874

23,296

Integra

LifeSciences

Holdings

Corp.*

889,674

22,925

Lantheus

Holdings,

Inc.*

1,592,829

18,097

LivaNova

plc*

956,969

14,854

Masimo

Corp.*

1,302,399

66,074

Neogen

Corp.*

1,225,012

12,933

Penumbra,

Inc.*

3,128,622

16,740

QuidelOrtho

Corp.*

1,222,689

12,351

Shockwave

Medical,

Inc.*

2,459,084

20,481,271

Health

Care

Providers

&

Services

(

2

.2

%

):

30,478

Acadia

Healthcare

Co.,

Inc.*

2,142,908

10,787

Amedisys,

Inc.*

1,007,506

5,009

Chemed

Corp.

2,603,177

32,957

Encompass

Health

Corp.

2,213,392

28,865

HealthEquity,

Inc.*

2,108,588

60,326

Option

Care

Health,

Inc.*

1,951,546

28,382

Patterson

Cos.,

Inc.

841,242

26,579

Progyny,

Inc.*

904,218

65,827

R1

RCM,

Inc.*

992,013

34,140

Tenet

Healthcare

Corp.*

2,249,485

17,014,075

Health

Care

REITs

(

1

.0

%

):

130,166

Healthcare

Realty

Trust,

Inc.

1,987,635

206,315

Medical

Properties

Trust,

Inc.

1,124,417

83,931

Omega

Healthcare

Investors,

Inc.

2,783,152

80,595

Physicians

Realty

Trust

982,453

78,412

Sabra

Health

Care

REIT,

Inc.

1,093,063

7,970,720

Health

Care

Technology

(

0

.1

%

):

42,155

Doximity,

Inc.,

Class

A*

894,529

Hotel

&

Resort

REITs

(

0

.1

%

):

71,215

Park

Hotels

&

Resorts,

Inc.

877,369

Hotels,

Restaurants

&

Leisure

(

3

.4

%

):

88,353

Aramark

3,065,849

23,432

Boyd

Gaming

Corp.

1,425,369

8,528

Choice

Hotels

International,

Inc.^

1,044,765

22,850

Churchill

Downs,

Inc.

2,651,514

24,446

Hilton

Grand

Vacations,

Inc.*

994,952

30,797

Light

&

Wonder,

Inc.,

Class

A*

2,196,750

11,634

Marriott

Vacations

Worldwide

Corp.

1,170,729

49,252

Penn

Entertainment,

Inc.*

1,130,333

28,393

Planet

Fitness,

Inc.,

Class

A*

1,396,368

22,473

Texas

Roadhouse,

Inc.

2,159,655

25,594

Travel

+

Leisure

Co.

940,068

13,138

Vail

Resorts,

Inc.

2,915,191

57,889

Wendy's

Co.

(The)

1,181,515

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

10,013

Wingstop,

Inc.

$

1,800,738

28,295

Wyndham

Hotels

&

Resorts,

Inc.

1,967,634

26,041,430

Household

Durables

(

1

.7

%

):

7,898

Helen

of

Troy,

Ltd.*

920,591

25,734

KB

Home

1,190,969

45,914

Leggett

&

Platt,

Inc.

1,166,675

36,251

Taylor

Morrison

Home

Corp.,

Class

A*

1,544,655

58,537

Tempur

Sealy

International,

Inc.

2,536,994

37,266

Toll

Brothers,

Inc.

2,756,193

10,650

TopBuild

Corp.*

2,679,540

12,795,617

Independent

Power

and

Renewable

Electricity

Producers

(

0

.7

%

):

17,384

Ormat

Technologies,

Inc.

1,215,489

116,713

Vistra

Corp.

3,872,538

5,088,027

Industrial

REITs

(

1

.4

%

):

15,575

EastGroup

Properties,

Inc.

2,593,705

45,189

First

Industrial

Realty

Trust,

Inc.

2,150,544

70,828

Rexford

Industrial

Realty,

Inc.

3,495,362

61,919

STAG

Industrial,

Inc.

2,136,825

10,376,436

Insurance

(

4

.5

%

):

23,565

American

Financial

Group,

Inc.

2,631,504

19,631

Brighthouse

Financial,

Inc.*

960,741

33,361

CNO

Financial

Group,

Inc.

791,656

8,891

Erie

Indemnity

Co.,

Class

A

2,612,087

21,248

Fidelity

National

Financial,

Inc.

877,542

35,780

First

American

Financial

Corp.

2,021,212

13,397

Hanover

Insurance

Group,

Inc.

(The)

1,486,799

23,318

Kemper

Corp.

980,056

7,742

Kinsale

Capital

Group,

Inc.

3,206,194

93,547

Old

Republic

International

Corp.

2,520,156

11,377

Primerica,

Inc.

2,207,252

21,096

Reinsurance

Group

of

America,

Inc.

3,062,928

16,655

RenaissanceRe

Holdings,

Ltd.

3,296,358

14,574

RLI

Corp.

1,980,461

21,822

Selective

Insurance

Group,

Inc.

2,251,376

61,835

Unum

Group

3,041,664

33,927,986

Interactive

Media

&

Services

(

0

.3

%

):

15,814

Ziff

Davis,

Inc.*

1,007,194

102,626

ZoomInfo

Technologies,

Inc.*

1,683,066

2,690,260

IT

Services

(

0

.6

%

):

50,366

GoDaddy,

Inc.,

Class

A*

3,751,260

77,112

Kyndryl

Holdings,

Inc.*

1,164,391

4,915,651

Leisure

Products

(

1

.1

%

):

23,633

Brunswick

Corp.

1,867,007

119,199

Mattel,

Inc.*

2,625,954

17,867

Polaris,

Inc.

1,860,669

47,184

Topgolf

Callaway

Brands

Corp.*

653,027

29,276

YETI

Holdings,

Inc.*

1,411,689

8,418,346

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

158

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Life

Sciences

Tools

&

Services

(

1

.1

%

):

20,281

Azenta,

Inc.*

$

1,017,903

33,309

Bruker

Corp.

2,075,151

7,808

Medpace

Holdings,

Inc.*

1,890,551

17,409

Repligen

Corp.*

2,768,205

32,674

Sotera

Health

Co.*

489,457

8,241,267

Machinery

(

4

.8

%

):

21,075

AGCO

Corp.

2,492,751

14,072

Chart

Industries,

Inc.*

2,379,857

16,233

Crane

Co.

1,442,140

16,093

Crane

NXT

Co.

894,288

40,902

Donaldson

Co.,

Inc.

2,439,395

18,519

Esab

Corp.

1,300,404

44,165

Flowserve

Corp.

1,756,442

56,695

Graco,

Inc.

4,131,932

27,390

ITT,

Inc.

2,681,755

19,345

Lincoln

Electric

Holdings,

Inc.

3,516,727

17,566

Middleby

Corp.

(The)*

2,248,448

21,858

Oshkosh

Corp.

2,085,909

9,584

RBC

Bearings,

Inc.*

2,243,902

22,361

Terex

Corp.

1,288,441

21,914

Timken

Co.

(The)

1,610,460

34,914

Toro

Co.

(The)

2,901,353

8,706

Watts

Water

Technologies,

Inc.,

Class

A

1,504,571

36,918,775

Marine

Transportation

(

0

.2

%

):

19,715

Kirby

Corp.*

1,632,402

Media

(

0

.8

%

):

1,522

Cable

One,

Inc.

937,004

55,204

New

York

Times

Co.

(The),

Class

A

2,274,405

11,280

Nexstar

Media

Group,

Inc.

1,617,214

69,227

TEGNA,

Inc.

1,008,637

5,837,260

Metals

&

Mining

(

2

.3

%

):

60,358

Alcoa

Corp.

1,754,003

169,962

Cleveland-Cliffs,

Inc.*

2,656,506

39,483

Commercial

Metals

Co.

1,950,855

48,785

MP

Materials

Corp.*

931,794

19,708

Reliance

Steel

&

Aluminum

Co.

5,168,029

21,967

Royal

Gold,

Inc.

2,335,751

75,268

United

States

Steel

Corp.

2,444,705

10,398

Worthington

Industries,

Inc.

642,804

17,884,447

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.7

%

):

173,130

Annaly

Capital

Management,

Inc.

3,256,575

106,968

Starwood

Property

Trust,

Inc.

2,069,831

5,326,406

Multi-Utilities

(

0

.3

%

):

22,905

Black

Hills

Corp.

1,158,764

18,934

NorthWestern

Corp.

909,968

2,068,732

Office

REITs

(

0

.6

%

):

37,127

COPT

Defense

Properties

884,736

53,122

Cousins

Properties,

Inc.

1,082,095

37,157

Kilroy

Realty

Corp.

1,174,533

Shares

Value

Common

Stocks,

continued

Office

REITs,

continued

54,711

Vornado

Realty

Trust

$

1,240,846

4,382,210

Oil,

Gas

&

Consumable

Fuels

(

4

.7

%

):

116,136

Antero

Midstream

Corp.

1,391,309

94,558

Antero

Resources

Corp.*

2,399,882

38,545

Chesapeake

Energy

Corp.

3,323,735

14,212

Chord

Energy

Corp.

2,303,339

28,589

Civitas

Resources,

Inc.

2,311,993

52,122

CNX

Resources

Corp.*

1,176,915

32,438

DT

Midstream,

Inc.

1,716,619

145,090

Equitrans

Midstream

Corp.

1,359,493

49,499

HF

Sinclair

Corp.

2,817,978

37,256

Matador

Resources

Co.

2,215,987

48,989

Murphy

Oil

Corp.

2,221,651

85,085

Ovintiv,

Inc.

4,047,494

37,231

PBF

Energy,

Inc.,

Class

A

1,992,975

93,119

Permian

Resources

Corp.

1,299,941

80,551

Range

Resources

Corp.

2,610,658

370,399

Southwestern

Energy

Co.*

2,389,074

35,579,043

Paper

&

Forest

Products

(

0

.2

%

):

22,125

Louisiana-Pacific

Corp.

1,222,849

Personal

Care

Products

(

0

.4

%

):

44,631

BellRing

Brands,

Inc.*

1,840,136

120,481

Coty,

Inc.,

Class

A*

1,321,677

3,161,813

Pharmaceuticals

(

0

.5

%

):

20,925

Jazz

Pharmaceuticals

plc*

2,708,532

44,691

Perrigo

Co.

plc

1,427,877

4,136,409

Professional

Services

(

3

.1

%

):

16,471

ASGN,

Inc.*

1,345,351

7,530

CACI

International,

Inc.,

Class

A*

2,363,893

14,932

Concentrix

Corp.

1,196,202

55,564

ExlService

Holdings,

Inc.*

1,558,015

16,838

Exponent,

Inc.

1,441,333

11,315

FTI

Consulting,

Inc.*

2,018,709

56,361

Genpact,

Ltd.

2,040,268

12,501

Insperity,

Inc.

1,220,098

46,159

KBR,

Inc.

2,720,611

17,121

ManpowerGroup,

Inc.

1,255,312

20,418

Maximus,

Inc.

1,524,816

14,591

Paylocity

Holding

Corp.*

2,651,185

18,335

Science

Applications

International

Corp.

1,935,076

23,270,869

Real

Estate

Management

&

Development

(

0

.3

%

):

16,341

Jones

Lang

LaSalle,

Inc.*

2,307,022

Residential

REITs

(

0

.9

%

):

52,096

Apartment

Income

REIT

Corp.

1,599,347

63,430

Equity

LifeStyle

Properties,

Inc.

4,041,125

78,599

Independence

Realty

Trust,

Inc.

1,105,888

6,746,360

Retail

REITs

(

1

.2

%

):

33,245

Agree

Realty

Corp.

1,836,454

105,722

Brixmor

Property

Group,

Inc.

2,196,903

74,583

Kite

Realty

Group

Trust

1,597,568

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

159

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2023

.

Shares

Value

Common

Stocks,

continued

Retail

REITs,

continued

61,983

NNN

REIT,

Inc.

$

2,190,479

51,548

Spirit

Realty

Capital,

Inc.

1,728,404

9,549,808

Semiconductors

&

Semiconductor

Equipment

(

2

.4

%

):

23,667

Allegro

MicroSystems,

Inc.*

755,924

34,929

Amkor

Technology,

Inc.

789,395

18,162

Cirrus

Logic,

Inc.*

1,343,262

46,388

Lattice

Semiconductor

Corp.*

3,986,121

18,216

MACOM

Technology

Solutions

Holdings,

Inc.*

1,486,061

21,262

MKS

Instruments,

Inc.

1,840,014

19,120

Power

Integrations,

Inc.

1,459,047

10,511

Silicon

Laboratories,

Inc.*

1,218,120

13,237

Synaptics,

Inc.*

1,183,917

14,525

Universal

Display

Corp.

2,280,280

41,572

Wolfspeed,

Inc.*

1,583,893

17,926,034

Software

(

2

.9

%

):

35,204

ACI

Worldwide,

Inc.*

794,202

9,565

Aspen

Technology,

Inc.*

1,953,747

14,701

Blackbaud,

Inc.*

1,033,774

14,557

CommVault

Systems,

Inc.*

984,199

20,903

Dolby

Laboratories,

Inc.,

Class

A

1,656,772

88,258

Dropbox,

Inc.,

Class

A*

2,403,265

80,871

Dynatrace,

Inc.*

3,779,102

16,628

Envestnet,

Inc.*

732,131

20,877

Manhattan

Associates,

Inc.*

4,126,548

44,902

NCR

Corp.*

1,211,007

12,528

Qualys,

Inc.*

1,911,146

33,107

Teradata

Corp.*

1,490,477

22,076,370

Specialized

REITs

(

1

.9

%

):

76,869

CubeSmart

2,931,015

28,805

EPR

Properties

1,196,560

87,889

Gaming

and

Leisure

Properties,

Inc.

4,003,344

31,102

Lamar

Advertising

Co.,

Class

A

2,596,084

29,349

National

Storage

Affiliates

Trust

931,537

27,135

PotlatchDeltic

Corp.

1,231,657

46,450

Rayonier,

Inc.

1,321,967

14,212,164

Specialty

Retail

(

2

.8

%

):

9,067

AutoNation,

Inc.*

1,372,744

20,806

Dick's

Sporting

Goods,

Inc.

2,259,115

18,405

Five

Below,

Inc.*

2,961,364

89,586

GameStop

Corp.,

Class

A*^

1,474,586

72,555

Gap,

Inc.

(The)

771,260

9,302

Lithia

Motors,

Inc.

2,747,160

6,535

Murphy

U.S.A.,

Inc.

2,233,205

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

6,596

Penske

Automotive

Group,

Inc.

$

1,101,928

5,144

RH*

1,359,868

46,369

Valvoline,

Inc.

1,494,937

21,738

Williams-Sonoma,

Inc.^

3,378,085

21,154,252

Technology

Hardware,

Storage

&

Peripherals

(

0

.5

%

):

15,293

Super

Micro

Computer,

Inc.*

4,193,646

Textiles,

Apparel

&

Luxury

Goods

(

1

.9

%

):

39,061

Capri

Holdings,

Ltd.*

2,054,999

11,734

Carter's,

Inc.

811,406

11,799

Columbia

Sportswear

Co.

874,306

20,737

Crocs,

Inc.*

1,829,625

8,789

Deckers

Outdoor

Corp.*

4,518,337

20,901

PVH

Corp.

1,599,136

44,408

Skechers

U.S.A.,

Inc.,

Class

A*

2,173,772

65,132

Under

Armour,

Inc.,

Class

A*

446,154

63,833

Under

Armour,

Inc.,

Class

C*

407,255

14,714,990

Trading

Companies

&

Distributors

(

1

.2

%

):

11,401

GATX

Corp.

1,240,771

15,751

MSC

Industrial

Direct

Co.,

Inc.

1,545,961

11,432

Watsco,

Inc.

4,318,095

14,848

WESCO

International,

Inc.

2,135,439

9,240,266

Water

Utilities

(

0

.4

%

):

81,490

Essential

Utilities,

Inc.

2,797,551

Total

Common

Stocks

(Cost

$563,264,123)

757,718,078

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(

0

.4

%

):

$

3,419,854

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.36%(a)(b)

3,419,854

Total

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(Cost

$3,419,854)

3,419,854

Unaffiliated

Investment

Company

(

0

.5

%

):

Money

Markets

(

0

.5

%

):

3,790,029

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.24%(b)

3,790,029

Total

Unaffiliated

Investment

Company

(Cost

$3,790,029)

3,790,029

Total

Investment

Securities

(Cost

$570,474,006)

—

100.5%

764,927,961

Net

other

assets

(liabilities)

—

(0.5)%

(

3,831,791

)

Net

Assets

—

100.0%

$

761,096,170

REIT

-

Real

Estate

Investment

Trust

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$3,372,912.

(a)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2023.

(b)

The

rate

represents

the

effective

yield

at

September

30,

2023.

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

160

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Futures

Contracts

At

September

30,

2023,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

Midcap

400

E-Mini

December

Futures

(U.S.

Dollar)

12/15/23

15

$

3,780,600

$

(

100,758

)

$

(

100,758

)

AZL

Moderate

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

161

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2023

.

Shares

Value

Affiliated

Investment

Companies

(

100

.0

%

):

Domestic

Equity

Funds

(

44

.7

%

):

6,070,579

AZL

Mid

Cap

Index

Fund,

Class

2

$

120,986,639

22,096,086

AZL

S&P

500

Index

Fund,

Class

2

421,593,325

5,253,989

AZL

Small

Cap

Stock

Index

Fund,

Class

2

60,263,255

602,843,219

1

Fixed

Income

Fund

(

40

.3

%

):

58,117,720

AZL

Enhanced

Bond

Index

Fund

543,981,864

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(

15

.0

%

):

12,447,423

AZL

International

Index

Fund,

Class

2

$

201,648,250

Total

Affiliated

Investment

Companies

(Cost

$1,533,417,727)

1,348,473,333

Total

Investment

Securities

(Cost

$1,533,417,727)

—

100.0%

1,348,473,333

Net

other

assets

(liabilities)

—

0.0%

†

(

503,571

)

Net

Assets

—

100.0%

$

1,347,969,762

†

Represents

less

than

0.05%.

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

162

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(

99

.3

%

):

Aerospace

&

Defense

(

1

.5

%

):

4,042

Airbus

SE

$

540,674

521

Axon

Enterprise,

Inc.*

103,674

21,604

BAE

Systems

plc

262,205

3,944

Boeing

Co.

(The)*

755,986

2,614

CAE,

Inc.*

61,034

196

Dassault

Aviation

SA

36,861

169

Elbit

Systems,

Ltd.

33,609

1,641

General

Dynamics

Corp.

362,612

276

HEICO

Corp.

44,693

499

HEICO

Corp.,

Class

A

64,481

2,863

Howmet

Aerospace,

Inc.

132,414

271

Huntington

Ingalls

Industries,

Inc.

55,441

700

Kongsberg

Gruppen

ASA

28,834

1,327

L3Harris

Technologies,

Inc.

231,057

1,583

Lockheed

Martin

Corp.

647,384

9,399

Melrose

Industries

plc

53,557

376

MTU

Aero

Engines

AG

68,305

973

Northrop

Grumman

Corp.

428,305

268

Rheinmetall

AG

69,087

54,610

Rolls-Royce

Holdings

plc*

146,367

10,100

RTX

Corp.

726,897

2,298

Safran

SA

359,252

10,000

Singapore

Technologies

Engineering,

Ltd.

28,577

1,491

Textron,

Inc.

116,507

658

Thales

SA

92,313

384

TransDigm

Group,

Inc.*

323,762

5,773,888

Air

Freight

&

Logistics

(

0

.5

%

):

768

CH

Robinson

Worldwide,

Inc.

66,148

7,076

Deutsche

Post

AG

288,353

1,287

DSV

A/S

239,980

1,021

Expeditors

International

of

Washington,

Inc.

117,037

1,614

FedEx

Corp.

427,581

700

NIPPON

EXPRESS

HOLDINGS,

INC.

36,529

1,800

SG

Holdings

Co.,

Ltd.

23,056

4,932

United

Parcel

Service,

Inc.,

Class

B

768,751

1,600

Yamato

Holdings

Co.,

Ltd.

26,057

1,993,492

Automobile

Components

(

2

.5

%

):

800

Aisin

Corp.

30,220

1,977

Aptiv

plc*

194,912

2,093

Bayerische

Motoren

Werke

AG

213,163

1,650

BorgWarner,

Inc.

66,611

4,100

Bridgestone

Corp.

159,822

4,308

Cie

Generale

des

Etablissements

Michelin

SCA

132,021

819

Continental

AG

57,856

11,600

Denso

Corp.

186,201

26,287

Ford

Motor

Co.

326,485

9,725

General

Motors

Co.

320,633

31,500

Honda

Motor

Co.,

Ltd.

354,241

3,600

Isuzu

Motors,

Ltd.

45,254

2,000

Koito

Manufacturing

Co.,

Ltd.

30,173

419

Lear

Corp.

56,230

3,397

Lucid

Group,

Inc.*^

18,989

1,989

Magna

International,

Inc.

106,604

3,600

Mazda

Motor

Corp.

40,821

5,489

Mercedes-Benz

Group

AG

382,268

16,900

Nissan

Motor

Co.,

Ltd.

74,556

Shares

Value

Common

Stocks,

continued

Automobile

Components,

continued

1,315

Renault

SA

$

53,835

4,535

Rivian

Automotive,

Inc.,

Class

A*

110,110

98

Stellantis

NV

1,879

4,300

Subaru

Corp.

83,541

5,200

Sumitomo

Electric

Industries,

Ltd.

62,629

2,700

Suzuki

Motor

Corp.

108,596

19,581

Tesla,

Inc.*

4,899,558

72,600

Toyota

Motor

Corp.

1,304,743

1,230

Valeo

21,068

4,663

Volvo

Car

AB,

Class

B*

18,850

1,800

Yamaha

Motor

Co.,

Ltd.

47,301

9,509,170

Automobiles

(

0

.2

%

):

861

Dr

Ing

hc

F

Porsche

AG

80,967

883

Ferrari

NV

260,198

14,982

Stellantis

NV

287,171

201

Volkswagen

AG

26,487

654,823

Banks

(

5

.5

%

):

2,689

ABN

AMRO

Bank

NV

38,070

8,372

AIB

Group

plc

37,695

20,886

ANZ

Group

Holdings,

Ltd.

343,552

40,094

Banco

Bilbao

Vizcaya

Argentaria

SA

326,422

109,775

Banco

Santander

SA

416,799

8,532

Bank

Hapoalim

BM

75,912

10,762

Bank

Leumi

Le-Israel

BM

89,043

49,386

Bank

of

America

Corp.

1,352,189

7,994

Bank

of

Ireland

Group

plc

78,487

4,821

Bank

of

Montreal

406,737

8,141

Bank

of

Nova

Scotia

(The)^

364,939

236

Banque

Cantonale

Vaudoise,

Registered

Shares

24,765

111,451

Barclays

plc

215,821

7,297

BNP

Paribas

SA

464,485

27,500

BOC

Hong

Kong

Holdings,

Ltd.

74,990

28,315

CaixaBank

SA

113,241

6,098

Canadian

Imperial

Bank

of

Commerce^

235,416

2,800

Chiba

Bank,

Ltd.

(The)

20,314

13,501

Citigroup,

Inc.

555,296

3,112

Citizens

Financial

Group,

Inc.

83,402

7,358

Commerzbank

AG

83,934

11,527

Commonwealth

Bank

of

Australia

734,314

8,400

Concordia

Financial

Group,

Ltd.

38,181

7,400

Credit

Agricole

SA

91,049

5,146

Danske

Bank

A/S

119,886

12,500

DBS

Group

Holdings,

Ltd.

306,999

6,447

DNB

Bank

ASA

129,887

2,582

Erste

Group

Bank

AG

89,183

4,619

Fifth

Third

Bancorp

116,999

3,940

FinecoBank

Banca

Fineco

SpA

47,830

75

First

Citizens

BancShares,

Inc.,

Class

A

103,508

4,008

First

Horizon

Corp.

44,168

5,700

Hang

Seng

Bank,

Ltd.

70,810

135,259

HSBC

Holdings

plc

1,059,449

10,474

Huntington

Bancshares,

Inc.

108,930

25,018

ING

Groep

NV

330,448

108,330

Intesa

Sanpaolo

SpA

278,348

7,605

Israel

Discount

Bank,

Ltd.,

Class

A

41,079

9,500

Japan

Post

Bank

Co,m

Ltd,

82,548

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

163

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

20,018

JPMorgan

Chase

&

Co.

$

2,903,010

1,716

KBC

Group

NV

106,974

6,790

KeyCorp

73,060

427,058

Lloyds

Banking

Group

plc

229,919

1,171

M&T

Bank

Corp.

148,073

3,850

Mediobanca

Banca

di

Credito

Finanziario

SpA

50,951

78,400

Mitsubishi

UFJ

Financial

Group,

Inc.

665,073

859

Mizrahi

Tefahot

Bank,

Ltd.

31,115

16,150

Mizuho

Financial

Group,

Inc.

273,592

21,504

National

Australia

Bank,

Ltd.

401,343

2,204

National

Bank

of

Canada

146,430

41,793

NatWest

Group

plc

119,565

21,770

Nordea

Bank

Abp

239,305

25,500

Oversea-Chinese

Banking

Corp.,

Ltd.

238,208

2,762

PNC

Financial

Services

Group,

Inc.

(The)

339,091

6,785

Regions

Financial

Corp.

116,702

14,100

Resona

Holdings,

Inc.

77,938

9,416

Royal

Bank

of

Canada

822,973

2,200

Shizuoka

Financial

Group,

Inc.

17,895

11,377

Skandinaviska

Enskilda

Banken

AB,

Class

A

135,557

5,044

Societe

Generale

SA

121,999

15,786

Standard

Chartered

plc

145,869

8,700

Sumitomo

Mitsui

Financial

Group,

Inc.

426,559

2,300

Sumitomo

Mitsui

Trust

Holdings,

Inc.

86,397

8,930

Svenska

Handelsbanken

AB,

Class

A

79,407

5,800

Swedbank

AB,

Class

A

106,813

12,631

Toronto-Dominion

Bank

(The)

761,059

9,162

Truist

Financial

Corp.

262,125

12,322

UniCredit

SpA

294,816

9,604

United

Overseas

Bank,

Ltd.

199,973

10,614

US

Bancorp

350,899

1,017

Webster

Financial

Corp.

40,995

25,046

Wells

Fargo

&

Co.

1,023,380

24,628

Westpac

Banking

Corp.

334,512

20,566,702

Beverages

(

1

.6

%

):

6,085

Anheuser-Busch

InBev

SA

335,044

3,500

Asahi

Group

Holdings,

Ltd.

130,872

2,232

Brown-Forman

Corp.,

Class

B

128,764

11,900

Budweiser

Brewing

Co.

APAC,

Ltd.

23,350

665

Carlsberg

AS,

Class

B

83,812

28,219

Coca-Cola

Co.

(The)

1,579,700

1,460

Coca-Cola

Europacific

Partners

plc

91,480

1,283

Coca-Cola

HBC

AG

35,109

1,108

Constellation

Brands,

Inc.,

Class

A

278,474

3,162

David

Campari-Milano

NV,

Class

M

37,266

15,464

Diageo

plc

570,200

771

Heineken

Holding

NV

58,018

1,759

Heineken

NV

154,714

5,730

Keurig

Dr

Pepper,

Inc.

180,896

6,100

Kirin

Holdings

Co.,

Ltd.

85,569

1,314

Molson

Coors

Beverage

Co.,

Class

B

83,557

5,486

Monster

Beverage

Corp.*

290,484

9,433

PepsiCo,

Inc.

1,598,328

1,436

Pernod

Ricard

SA

239,005

125

Remy

Cointreau

SA

15,226

800

Suntory

Beverage

&

Food,

Ltd.

24,399

6,592

Treasury

Wine

Estates,

Ltd.

52,224

6,076,491

Shares

Value

Common

Stocks,

continued

Biotechnology

(

1

.9

%

):

12,172

AbbVie,

Inc.

$

1,814,358

852

Alnylam

Pharmaceuticals,

Inc.*

150,889

3,677

Amgen,

Inc.

988,231

381

Argenx

SE*

185,202

987

Biogen,

Inc.*

253,669

1,338

BioMarin

Pharmaceutical,

Inc.*

118,386

3,243

CSL,

Ltd.

522,383

1,266

Exact

Sciences

Corp.*

86,367

437

Genmab

A/S*

154,673

8,532

Gilead

Sciences,

Inc.

639,388

2,757

Grifols

SA*

35,692

1,538

Horizon

Therapeutics

plc*

177,931

1,359

Incyte

Corp.*

78,509

2,165

Moderna,

Inc.*

223,623

652

Neurocrine

Biosciences,

Inc.*

73,350

736

Regeneron

Pharmaceuticals,

Inc.*

605,699

1,000

Seagen,

Inc.*

212,150

1,510

Swedish

Orphan

Biovitrum

AB*

30,897

351

United

Therapeutics

Corp.*

79,280

1,765

Vertex

Pharmaceuticals,

Inc.*

613,761

7,044,438

Broadline

Retail

(

2

.6

%

):

63,388

Amazon.com,

Inc.*

8,057,883

380

Canadian

Tire

Corp.,

Ltd.,

Class

A

40,865

1,884

Dollarama,

Inc.

129,817

3,829

eBay,

Inc.

168,821

821

Etsy,

Inc.*

53,020

309

MercadoLibre,

Inc.*

391,775

846

Next

plc

75,060

2,700

Pan

Pacific

International

Holdings

Corp.

56,707

10,629

Prosus

NV*

313,189

8,000

Rakuten

Group,

Inc.

32,767

7,677

Wesfarmers,

Ltd.

260,750

9,580,654

Building

Products

(

0

.7

%

):

953

A

O

Smith

Corp.

63,022

1,200

AGC,

Inc.

42,143

644

Allegion

plc

67,105

7,067

Assa

Abloy

AB,

Class

B

154,010

862

Builders

FirstSource,

Inc.*

107,310

326

Carlisle

Cos.,

Inc.

84,519

5,819

Carrier

Global

Corp.

321,209

3,299

Cie

de

Saint-Gobain

197,611

1,700

Daikin

Industries,

Ltd.

266,741

1,013

Fortune

Brands

Innovations,

Inc.

62,968

228

Geberit

AG,

Registered

Shares

113,856

4,871

Johnson

Controls

International

plc

259,186

1,045

Kingspan

Group

plc

77,894

223

Lennox

International,

Inc.

83,500

2,500

Lixil

Corp.

29,105

1,508

Masco

Corp.

80,603

11,325

Nibe

Industrier

AB,

Class

B

73,825

571

Owens

Corning

77,890

52

ROCKWOOL

A/S,

Class

B

12,549

600

TOTO,

Ltd.

15,500

1,594

Trane

Technologies

plc

323,438

13,000

Xinyi

Glass

Holdings,

Ltd.

16,891

2,530,875

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

164

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Capital

Markets

(

3

.0

%

):

6,868

3i

Group

plc

$

172,842

12,364

abrdn

plc

23,367

697

Ameriprise

Financial,

Inc.

229,787

375

Amundi

SA

21,029

1,156

Ares

Management

Corp.,

Class

A

118,918

1,391

ASX,

Ltd.

50,768

5,531

Bank

of

New

York

Mellon

Corp.

(The)

235,897

1,031

BlackRock,

Inc.,

Class

A+

666,531

4,845

Blackstone,

Inc.

519,093

2,652

Brookfield

Asset

Management,

Ltd.

88,380

9,991

Brookfield

Corp.

312,435

1,473

Carlyle

Group,

Inc.

(The)

44,426

717

Cboe

Global

Markets,

Inc.

112,003

10,444

Charles

Schwab

Corp.

(The)

573,376

2,492

CME

Group,

Inc.

498,948

938

Coinbase

Global,

Inc.,

Class

A*

70,425

8,900

Daiwa

Securities

Group,

Inc.^

51,360

12,609

Deutsche

Bank

AG

139,214

1,382

Deutsche

Boerse

AG

238,839

2,202

EQT

AB

43,499

719

Euronext

NV

50,029

248

FactSet

Research

Systems,

Inc.

108,441

2,020

Franklin

Resources,

Inc.

49,652

458

Futu

Holdings,

Ltd.,

ADR*

26,477

2,309

Goldman

Sachs

Group,

Inc.

(The)

747,123

3,288

Hargreaves

Lansdown

plc

30,841

8,600

Hong

Kong

Exchanges

&

Clearing,

Ltd.

320,635

889

IGM

Financial,

Inc.

22,551

3,822

Intercontinental

Exchange,

Inc.

420,496

2,555

Invesco,

Ltd.

37,099

3,400

Japan

Exchange

Group,

Inc.

63,070

1,414

Julius

Baer

Group,

Ltd.

90,642

3,986

KKR

&

Co.,

Inc.,

Class

A

245,538

2,774

London

Stock

Exchange

Group

plc

278,427

529

LPL

Financial

Holdings,

Inc.

125,717

2,534

Macquarie

Group,

Ltd.

272,594

287

MarketAxess

Holdings,

Inc.

61,315

1,108

Moody's

Corp.

350,316

8,521

Morgan

Stanley

695,910

552

MSCI,

Inc.

283,220

2,481

Nasdaq,

Inc.

120,552

23,000

Nomura

Holdings,

Inc.

92,228

1,377

Northern

Trust

Corp.

95,674

158

Partners

Group

Holding

AG

177,838

1,455

Raymond

James

Financial,

Inc.

146,126

2,279

S&P

Global,

Inc.

832,769

1,400

SBI

Holdings,

Inc.^

29,473

6,758

Schroders

plc

33,396

757

SEI

Investments

Co.

45,594

3,200

Singapore

Exchange,

Ltd.

22,777

3,801

St

James's

Place

plc

38,333

2,406

State

Street

Corp.

161,106

1,528

T.

Rowe

Price

Group,

Inc.

160,241

1,625

TMX

Group,

Ltd.

34,927

669

Tradeweb

Markets,

Inc.,

Class

A

53,654

22,515

UBS

Group

AG

556,672

11,092,590

Chemicals

(

2

.0

%

):

3,612

Air

Liquide

SA

608,600

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

1,525

Air

Products

and

Chemicals,

Inc.

$

432,185

1,253

Akzo

Nobel

NV

90,410

772

Albemarle

Corp.

131,271

413

Arkema

SA

40,719

9,200

Asahi

Kasei

Corp.

57,837

5,985

BASF

SE

271,636

692

Celanese

Corp.

86,860

1,430

CF

Industries

Holdings,

Inc.

122,608

801

Chr

Hansen

Holding

A/S

49,005

2,080

Clariant

AG

32,869

4,917

Corteva,

Inc.

251,554

1,415

Covestro

AG*

76,366

1,096

Croda

International

plc

65,687

4,685

Dow,

Inc.

241,559

1,181

DSM-Firmenich

AG

99,751

3,099

DuPont

de

Nemours,

Inc.

231,154

795

Eastman

Chemical

Co.

60,992

1,783

Ecolab,

Inc.

302,040

62

EMS-Chemie

Holding

AG

42,068

1,938

Evonik

Industries

AG

35,487

949

FMC

Corp.

63,555

67

Givaudan

SA,

Registered

Shares

219,382

6,835

ICL

Group,

Ltd.

37,862

1,704

International

Flavors

&

Fragrances,

Inc.

116,162

890

Johnson

Matthey

plc

17,647

1,200

JSR

Corp.^

32,212

3,360

Linde

plc

1,251,096

1,784

LyondellBasell

Industries

NV,

Class

A

168,945

8,000

Mitsubishi

Chemical

Group

Corp.

50,427

1,000

Mitsui

Chemicals,

Inc.

25,924

2,249

Mosaic

Co.

(The)

80,064

6,600

Nippon

Paint

Holdings

Co.,

Ltd.

44,389

1,100

Nippon

Sanso

Holdings

Corp.

26,074

800

Nissan

Chemical

Corp.

34,012

1,000

Nitto

Denko

Corp.

65,565

1,580

Novozymes

A/S,

B

Shares

63,706

3,278

Nutrien,

Ltd.

202,458

824

OCI

NV

22,916

2,876

Orica,

Ltd.

28,872

1,571

PPG

Industries,

Inc.

203,916

942

RPM

International,

Inc.

89,311

1,688

Sherwin-Williams

Co.

(The)

430,524

12,400

Shin-Etsu

Chemical

Co.,

Ltd.

359,951

1,023

Sika

AG,

Registered

Shares

259,358

456

Solvay

SA,

Class

A

50,432

7,200

Sumitomo

Chemical

Co.,

Ltd.

19,600

979

Symrise

AG

93,498

9,200

Toray

Industries,

Inc.

47,860

1,200

Tosoh

Corp.

15,393

1,137

Umicore

SA

26,959

301

Westlake

Corp.

37,526

1,092

Yara

International

ASA

41,369

7,557,623

Commercial

Services

&

Supplies

(

0

.5

%

):

10,643

Brambles,

Ltd.

97,932

627

Cintas

Corp.

301,593

5,952

Copart,

Inc.*

256,472

1,800

Dai

Nippon

Printing

Co.,

Ltd.

46,823

1,558

GFL

Environmental,

Inc.

49,478

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

165

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

1,016

RB

Global,

Inc.

$

63,619

16,211

Rentokil

Initial

plc

120,156

1,544

Republic

Services,

Inc.

220,035

1,446

Rollins,

Inc.

53,979

1,500

Secom

Co.,

Ltd.

101,736

4,897

Securitas

AB,

Class

B

38,675

1,600

TOPPAN

Holdings,

Inc.

38,245

1,757

Waste

Connections,

Inc.

235,965

2,742

Waste

Management,

Inc.

417,991

2,042,699

Communications

Equipment

(

0

.7

%

):

1,856

Arista

Networks,

Inc.*

341,374

28,037

Cisco

Systems,

Inc.

1,507,269

438

F5,

Inc.*

70,579

2,336

Juniper

Networks,

Inc.

64,918

1,121

Motorola

Solutions,

Inc.

305,181

38,181

Nokia

Oyj

143,576

18,166

Telefonaktiebolaget

LM

Ericsson,

Class

B

88,265

2,521,162

Construction

&

Engineering

(

0

.4

%

):

1,753

ACS

Actividades

de

Construccion

y

Servicios

SA

63,119

1,016

AECOM

84,369

1,522

Bouygues

SA

53,171

559

Eiffage

SA

53,092

3,697

Ferrovial

SE

112,710

2,700

Kajima

Corp.

43,946

4,900

Obayashi

Corp.^

43,150

1,006

Quanta

Services,

Inc.

188,192

2,600

Shimizu

Corp.

18,078

1,831

Skanska

AB,

Class

B

30,032

772

Stantec,

Inc.

50,097

1,100

Taisei

Corp.

38,708

3,697

Vinci

SA

409,227

876

WSP

Global,

Inc.

123,650

1,311,541

Construction

Materials

(

0

.3

%

):

4,877

CRH

plc

268,947

993

Heidelberg

Materials

AG

77,128

3,563

Holcim

AG

228,185

2,772

James

Hardie

Industries

plc*

72,314

447

Martin

Marietta

Materials,

Inc.

183,485

878

Vulcan

Materials

Co.

177,374

1,007,433

Consumer

Finance

(

0

.3

%

):

1,862

Ally

Financial,

Inc.

49,678

4,377

American

Express

Co.

653,005

2,618

Capital

One

Financial

Corp.

254,077

1,849

Discover

Financial

Services

160,179

1

Isracard,

Ltd.

2

2,983

Synchrony

Financial

91,190

1,208,131

Consumer

Staples

Distribution

&

Retail

(

1

.7

%

):

4,900

Aeon

Co.,

Ltd.

97,102

2,104

Albertsons

Cos.,

Inc.,

Class

A

47,866

5,268

Alimentation

Couche-Tard,

Inc.

267,570

4,522

Carrefour

SA

77,756

8,877

Coles

Group,

Ltd.

88,387

Shares

Value

Common

Stocks,

continued

Consumer

Staples

Distribution

&

Retail,

continued

3,037

Costco

Wholesale

Corp.

$

1,715,784

1,581

Dollar

General

Corp.

167,270

1,486

Dollar

Tree,

Inc.*

158,185

787

Empire

Co.,

Ltd.,

Class

A

21,412

11,695

Endeavour

Group,

Ltd.

39,565

356

George

Weston,

Ltd.

39,485

1,243

HelloFresh

SE*

37,159

9,589

J

Sainsbury

plc

29,497

1,662

Jeronimo

Martins

SGPS

SA

37,295

1,609

Kesko

Oyj,

Class

B

28,777

1,000

Kobe

Bussan

Co.,

Ltd.

23,456

7,054

Koninklijke

Ahold

Delhaize

NV

212,671

4,737

Kroger

Co.

(The)

211,981

1,010

Loblaw

Cos.,

Ltd.

85,821

2,700

MatsukiyoCocokara

&

Co.

48,411

1,439

Metro,

Inc.

74,742

3,324

Ocado

Group

plc*

24,180

4,900

Seven

&

i

Holdings

Co.,

Ltd.

191,908

3,549

Sysco

Corp.

234,411

3,204

Target

Corp.

354,266

51,610

Tesco

plc

165,918

5,273

Walgreens

Boots

Alliance,

Inc.

117,272

10,195

Walmart,

Inc.

1,630,486

500

Welcia

Holdings

Co.,

Ltd.

8,643

8,273

Woolworths

Group,

Ltd.

199,276

6,436,552

Containers

&

Packaging

(

0

.2

%

):

1,733

Amcor

plc

15,874

8,910

Amcor

plc

81,616

532

Avery

Dennison

Corp.

97,181

2,167

Ball

Corp.

107,873

1,000

CCL

Industries,

Inc.

41,978

765

Crown

Holdings,

Inc.

67,687

2,127

International

Paper

Co.

75,445

682

Packaging

Corp.

of

America

104,721

1,076

Sealed

Air

Corp.

35,357

2,350

SIG

Group

AG

57,882

1,807

Smurfit

Kappa

Group

plc

59,773

1,935

Westrock

Co.

69,273

814,660

Distributors

(

0

.1

%

):

195

D'ieteren

Group

32,800

1,036

Genuine

Parts

Co.

149,578

1,795

LKQ

Corp.

88,870

263

Pool

Corp.

93,654

364,902

Diversified

Consumer

Services

(

0

.0

%

†

):

1,753

IDP

Education,

Ltd.

24,034

4,820

Pearson

plc

50,981

75,015

Diversified

REITs

(

0

.1

%

):

316

Covivio

SA

14,018

18

Daiwa

House

REIT

Investment

Corp.

31,765

6,489

Dexus

30,501

11,976

GPT

Group

(The)

30,092

4,133

Land

Securities

Group

plc

29,552

23,270

Mirvac

Group

31,967

10

Nippon

Building

Fund,

Inc.

40,546

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

166

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Diversified

REITs,

continued

39

Nomura

Real

Estate

Master

Fund,

Inc.

$

43,759

460

RioCan

Real

Estate

Investment

Trust

6,120

7,464

Segro

plc

65,100

15,451

Stockland

39,105

24,703

Vicinity,

Ltd.

26,918

1,532

WP

Carey,

Inc.

82,851

472,294

Diversified

Telecommunication

Services

(

1

.0

%

):

48,662

AT&T,

Inc.

730,903

692

BCE,

Inc.

26,419

41,110

BT

Group

plc

58,385

3,784

Cellnex

Telecom

SA

131,557

21,811

Deutsche

Telekom

AG

457,956

937

Elisa

Oyj

43,466

20,000

HKT

Trust

&

HKT,

Ltd.

20,860

2,027

Infrastrutture

Wireless

Italiane

SpA

24,062

24,798

Koninklijke

KPN

NV

81,720

1,489

Liberty

Global

plc,

Class

C*

27,636

217,500

Nippon

Telegraph

&

Telephone

Corp.

256,923

12,743

Orange

SA

146,211

50,700

Singapore

Telecommunications,

Ltd.

89,453

10,729

Spark

New

Zealand,

Ltd.

30,917

191

Swisscom

AG,

Registered

Shares

113,498

92,093

Telecom

Italia

SpA*

28,754

2,838

Telefonica

Deutschland

Holding

AG

5,084

37,089

Telefonica

SA

151,741

5,021

Telenor

ASA

56,974

18,848

Telia

Co.

AB

38,926

29,855

Telstra

Group,

Ltd.

73,811

3,112

TELUS

Corp.

50,824

28,963

Verizon

Communications,

Inc.

938,691

3,584,771

Electric

Utilities

(

1

.6

%

):

193

Acciona

SA

24,536

1,716

Alliant

Energy

Corp.

83,140

3,570

American

Electric

Power

Co.,

Inc.

268,535

165

BKW

AG

29,093

4,300

Chubu

Electric

Power

Co.,

Inc.

55,013

3,500

CK

Infrastructure

Holdings,

Ltd.

16,560

12,500

CLP

Holdings,

Ltd.

92,186

2,202

Constellation

Energy

Corp.

240,194

5,394

Duke

Energy

Corp.

476,074

2,527

Edison

International

159,934

20,856

EDP

-

Energias

de

Portugal

SA

86,777

240

Elia

Group

SA/NV

23,453

1,880

Emera,

Inc.

65,643

2,156

Endesa

SA

43,815

54,745

Enel

SpA

335,882

1,468

Entergy

Corp.

135,790

1,705

Evergy,

Inc.

86,444

2,337

Eversource

Energy

135,897

7,027

Exelon

Corp.

265,550

3,886

FirstEnergy

Corp.

132,823

3,321

Fortis,

Inc.

126,154

3,188

Fortum

Oyj^

36,985

2,288

Hydro

One,

Ltd.

58,257

42,205

Iberdrola

SA

471,172

4,800

Kansai

Electric

Power

Co.,

Inc.

(The)

66,786

4,873

Mercury

NZ,

Ltd.

17,830

Shares

Value

Common

Stocks,

continued

Electric

Utilities,

continued

14,012

NextEra

Energy,

Inc.

$

802,747

1,642

NRG

Energy,

Inc.

63,250

12,220

Origin

Energy,

Ltd.

68,922

1,339

Orsted

AS

72,913

11,217

PG&E

Corp.*

180,930

10,000

Power

Assets

Holdings,

Ltd.

48,236

4,738

PPL

Corp.

111,627

1,850

Redeia

Corp.

SA

29,051

7,378

Southern

Co.

(The)

477,504

7,619

SSE

plc

149,269

10,285

Terna

-

Rete

Elettrica

Nazionale

77,363

9,900

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

44,274

453

Verbund

AG,

Class

A

36,836

3,658

Xcel

Energy,

Inc.

209,311

5,906,756

Electrical

Equipment

(

0

.9

%

):

11,145

ABB,

Ltd.,

Registered

Shares

398,389

1,622

AMETEK,

Inc.

239,667

2,783

Eaton

Corp.

plc

593,558

3,933

Emerson

Electric

Co.

379,810

700

Fuji

Electric

Co.,

Ltd.

31,577

374

Generac

Holdings,

Inc.*

40,751

338

Hubbell,

Inc.

105,933

1,784

Legrand

SA

163,707

13,400

Mitsubishi

Electric

Corp.

165,687

3,100

NIDEC

CORP.

143,628

1,722

Prysmian

SpA

69,076

765

Rockwell

Automation,

Inc.

218,690

3,773

Schneider

Electric

SE

621,942

994

Sensata

Technologies

Holding

plc

37,593

3,694

Siemens

Energy

AG*

48,320

7,230

Vestas

Wind

Systems

A/S*

154,347

3,412,675

Electronic

Equipment,

Instruments

&

Components

(

0

.8

%

):

4,162

Amphenol

Corp.,

Class

A

349,566

357

Arrow

Electronics,

Inc.*

44,711

800

Azbil

Corp.

24,481

900

CDW

Corp.

181,584

1,304

Cognex

Corp.

55,342

5,261

Corning,

Inc.

160,303

2,865

Halma

plc

67,299

900

Hamamatsu

Photonics

KK

37,845

14,804

Hexagon

AB,

Class

B

126,037

205

Hirose

Electric

Co.,

Ltd.

23,737

600

Ibiden

Co.,

Ltd.

31,811

910

Jabil,

Inc.

115,470

1,300

Keyence

Corp.

483,237

1,302

Keysight

Technologies,

Inc.*

172,268

2,100

Kyocera

Corp.

106,522

12,600

Murata

Manufacturing

Co.,

Ltd.

230,306

1,300

Omron

Corp.

57,913

1,400

Shimadzu

Corp.

37,185

2,900

TDK

Corp.

107,411

2,238

TE

Connectivity,

Ltd.

276,460

321

Teledyne

Technologies,

Inc.*

131,154

1,612

Trimble,

Inc.*

86,822

2,200

Yokogawa

Electric

Corp.

42,488

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

167

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

344

Zebra

Technologies

Corp.,

Class

A*

$

81,366

3,031,318

Energy

Equipment

&

Services

(

0

.3

%

):

6,881

Baker

Hughes

Co.

243,037

6,083

Halliburton

Co.

246,361

9,903

Schlumberger,

Ltd.

577,345

3,045

Tenaris

SA

48,108

1,114,851

Entertainment

(

1

.1

%

):

5,243

Activision

Blizzard,

Inc.

490,902

5,483

Bollore

SE

29,442

1,200

Capcom

Co.,

Ltd.

43,125

1,791

Electronic

Arts,

Inc.

215,636

780

Koei

Tecmo

Holdings

Co.,

Ltd.

11,088

900

Konami

Group

Corp.

47,454

1,414

Liberty

Media

Corp.-Liberty

Formula

One*

88,092

1,072

Live

Nation

Entertainment,

Inc.*

89,019

3,063

Netflix,

Inc.*

1,156,589

2,500

Nexon

Co.,

Ltd.

44,388

7,100

Nintendo

Co.,

Ltd.

295,827

2,750

ROBLOX

Corp.,

Class

A*

79,640

924

Roku,

Inc.*

65,225

2,662

Sea,

Ltd.,

ADR*

116,995

400

Square

Enix

Holdings

Co.,

Ltd.

13,707

1,199

Take-Two

Interactive

Software,

Inc.*

168,328

600

Toho

Co.,

Ltd.

20,472

4,901

Universal

Music

Group

NV

127,432

12,568

Walt

Disney

Co.

(The)*

1,018,636

15,780

Warner

Bros

Discovery,

Inc.*

171,371

4,293,368

Financial

Services

(

2

.9

%

):

2,817

Apollo

Global

Management,

Inc.

252,854

8,923

Berkshire

Hathaway,

Inc.,

Class

B*

3,125,727

3,853

Block,

Inc.*

170,534

1,792

Edenred

111,949

2,947

Element

Fleet

Management

Corp.

42,292

2,167

Equitable

Holdings,

Inc.

61,521

414

Eurazeo

SE

24,659

740

EXOR

NV

65,587

4,116

Fidelity

National

Information

Services,

Inc.

227,491

4,260

Fiserv,

Inc.*

481,210

467

FleetCor

Technologies,

Inc.*

119,244

1,805

Global

Payments,

Inc.

208,279

200

GMO

Payment

Gateway,

Inc.

10,908

576

Groupe

Bruxelles

Lambert

NV

42,806

885

Industrivarden

AB,

Class

A

23,334

1,476

Industrivarden

AB,

Class

C

38,846

11,495

Investor

AB,

Class

B

220,093

418

L

E

Lundbergforetagen

AB

17,428

15,826

M&G

plc

37,895

5,826

Mastercard,

Inc.,

Class

A

2,306,572

4,100

Mitsubishi

HC

Capital,

Inc.

27,312

340

Nuvei

Corp.

5,100

397

Onex

Corp.

23,336

8,600

ORIX

Corp.

160,599

7,159

PayPal

Holdings,

Inc.*

418,515

142

Sofina

SA

28,609

1,929

Toast,

Inc.,

Class

A*

36,130

Shares

Value

Common

Stocks,

continued

Financial

Services,

continued

11,076

Visa,

Inc.,

Class

A

$

2,547,591

122

Wendel

SE

9,639

1,617

Worldline

SA*

45,209

10,891,269

Food

Products

(

1

.5

%

):

3,400

Ajinomoto

Co.,

Inc.

131,054

3,695

Archer-Daniels-Midland

Co.

278,677

2,448

Associated

British

Foods

plc

61,520

23

Barry

Callebaut

AG,

Registered

Shares

36,572

1,034

Bunge,

Ltd.

111,931

1,385

Campbell

Soup

Co.

56,896

5

Chocoladefabriken

Lindt

&

Spruengli

AG

55,630

3,086

Conagra

Brands,

Inc.

84,618

4,583

Danone

SA

252,470

1,198

Darling

Ingredients,

Inc.*

62,536

4,181

General

Mills,

Inc.

267,542

1,030

Hershey

Co.

(The)

206,082

2,218

Hormel

Foods

Corp.

84,351

476

JDE

Peet's

NV

13,287

678

JM

Smucker

Co.

(The)

83,333

1,968

Kellanova

117,116

1,071

Kerry

Group

plc,

Class

A

89,393

900

Kikkoman

Corp.

47,201

5,513

Kraft

Heinz

Co.

(The)

185,457

1,074

Lamb

Weston

Holdings,

Inc.

99,302

1,749

McCormick

&

Co.,

Inc.

132,294

1,600

MEIJI

Holdings

Co.,

Ltd.

39,780

9,308

Mondelez

International,

Inc.,

Class

A

645,975

3,271

Mowi

ASA

57,927

18,569

Nestle

SA,

Registered

Shares

2,097,410

300

Nissin

Foods

Holdings

Co.,

Ltd.

24,926

5,748

Orkla

ASA,

Class

A

42,941

461

Salmar

ASA

23,334

2,279

Saputo,

Inc.

47,657

1,811

Tyson

Foods,

Inc.,

Class

A

91,437

68,033

WH

Group,

Ltd.

35,500

10,600

Wilmar

International,

Ltd.

28,830

1,800

Yakult

Honsha

Co.,

Ltd.

43,728

5,636,707

Gas

Utilities

(

0

.1

%

):

1,573

AltaGas,

Ltd.

30,172

8,525

APA

Group

45,424

960

Atmos

Energy

Corp.

101,693

595

Enagas

SA

9,845

83,117

Hong

Kong

&

China

Gas

Co.,

Ltd.

57,911

985

Naturgy

Energy

Group

SA

26,747

2,200

Osaka

Gas

Co.,

Ltd.

36,298

14,344

Snam

SpA

67,330

2,500

Tokyo

Gas

Co.,

Ltd.

56,819

432,239

Ground

Transportation

(

1

.1

%

):

11,052

Aurizon

Holdings,

Ltd.

24,761

3,905

Canadian

National

Railway

Co.

422,934

6,517

Canadian

Pacific

Kansas

City,

Ltd.

484,468

4,500

Central

Japan

Railway

Co.

109,434

14,174

CSX

Corp.

435,850

1,900

East

Japan

Railway

Co.

108,749

8,772

Grab

Holdings,

Ltd.*

31,053

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

168

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Ground

Transportation,

continued

1,400

Hankyu

Hanshin

Holdings,

Inc.

$

47,766

549

JB

Hunt

Transport

Services,

Inc.

103,497

1,000

Keio

Corp.

34,404

900

Keisei

Electric

Railway

Co.,

Ltd.

31,177

1,000

Kintetsu

Group

Holdings

Co.,

Ltd.

28,350

1,052

Knight-Swift

Transportation

Holdings,

Inc.

52,758

10,500

MTR

Corp.,

Ltd.

41,387

1,564

Norfolk

Southern

Corp.

307,999

2,700

Odakyu

Electric

Railway

Co.,

Ltd.

40,356

684

Old

Dominion

Freight

Line,

Inc.

279,852

527

TFI

International,

Inc.

67,690

1,800

Tobu

Railway

Co.,

Ltd.

46,267

4,600

Tokyu

Corp.

53,052

12,413

Uber

Technologies,

Inc.*

570,874

612

U-Haul

Holding

Co.

32,063

4,202

Union

Pacific

Corp.

855,653

1,500

West

Japan

Railway

Co.

62,070

4,272,464

Health

Care

Equipment

&

Supplies

(

2

.2

%

):

11,999

Abbott

Laboratories

1,162,103

3,468

Alcon,

Inc.

268,062

494

Align

Technology,

Inc.*

150,828

1,400

Asahi

Intecc

Co.,

Ltd.

25,160

3,685

Baxter

International,

Inc.

139,072

1,913

Becton

Dickinson

&

Co.

494,568

245

BioMerieux

23,684

10,021

Boston

Scientific

Corp.*

529,109

157

Carl

Zeiss

Meditec

AG

13,731

451

Cochlear,

Ltd.

73,912

764

Coloplast

A/S,

Class

B

80,630

340

Cooper

Cos.,

Inc.

(The)

108,123

522

Demant

A/S*

21,621

1,576

DENTSPLY

SIRONA,

Inc.

53,836

2,733

Dexcom,

Inc.*

254,989

233

DiaSorin

SpA

21,208

4,126

Edwards

Lifesciences

Corp.*

285,849

1,960

EssilorLuxottica

SA

340,655

4,138

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

53,502

2,722

GE

HealthCare

Technologies,

Inc.

185,205

1,920

Getinge

AB,

Class

B

33,743

1,772

Hologic,

Inc.*

122,977

2,400

Hoya

Corp.

247,362

575

IDEXX

Laboratories,

Inc.*

251,430

499

Insulet

Corp.*

79,586

2,374

Intuitive

Surgical,

Inc.*

693,897

6,404

Koninklijke

Philips

NV*

127,611

9,216

Medtronic

plc

722,166

8,700

Olympus

Corp.

112,733

1,066

ResMed,

Inc.

157,629

2,110

Siemens

Healthineers

AG

107,162

6,641

Smith

&

Nephew

plc

82,532

384

Sonova

Holding

AG

91,025

694

STERIS

plc

152,278

732

Straumann

Holding

AG,

Class

R

93,000

2,309

Stryker

Corp.

630,980

1,100

Sysmex

Corp.

52,466

354

Teleflex,

Inc.

69,529

4,800

Terumo

Corp.

127,179

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

1,350

Zimmer

Biomet

Holdings,

Inc.

$

151,497

8,392,629

Health

Care

Providers

&

Services

(

2

.1

%

):

845

Amplifon

SpA

25,021

1,731

Cardinal

Health,

Inc.

150,285

1,106

Cencora,

Inc.

199,047

3,866

Centene

Corp.*

266,290

2,019

Cigna

Group

(The)

577,575

8,805

CVS

Health

Corp.

614,765

457

DaVita,

Inc.*

43,200

1,616

Elevance

Health,

Inc.

703,639

1,484

Fresenius

Medical

Care

AG

&

Co.,

KGaA

64,087

2,714

Fresenius

SE

&

Co.

KGaA

84,590

1,420

HCA

Healthcare,

Inc.

349,292

997

Henry

Schein,

Inc.*

74,027

867

Humana,

Inc.

421,813

643

Laboratory

Corp.

of

America

Holdings

129,275

954

McKesson

Corp.

414,847

384

Molina

Healthcare,

Inc.*

125,910

755

Quest

Diagnostics,

Inc.

92,004

1,328

Ramsay

Health

Care,

Ltd.

44,258

3,322

Sonic

Healthcare,

Ltd.

63,544

6,408

UnitedHealth

Group,

Inc.

3,230,849

372

Universal

Health

Services,

Inc.,

Class

B

46,772

7,721,090

Health

Care

REITs

(

0

.1

%

):

2,942

Healthcare

Realty

Trust,

Inc.

44,925

4,227

Healthpeak

Properties,

Inc.

77,608

2,556

Ventas,

Inc.

107,684

3,372

Welltower,

Inc.

276,234

506,451

Health

Care

Technology

(

0

.1

%

):

3,600

M3,

Inc.

65,355

965

Veeva

Systems,

Inc.,

Class

A*

196,329

261,684

Hotel

&

Resort

REITs

(

0

.0

%

†

):

5,303

Host

Hotels

&

Resorts,

Inc.

85,219

Hotels,

Restaurants

&

Leisure

(

1

.9

%

):

1,023

Accor

SA

34,440

2,698

Airbnb,

Inc.,

Class

A*

370,193

1,475

Aramark

51,182

3,958

Aristocrat

Leisure,

Ltd.

103,839

252

Booking

Holdings,

Inc.*

777,155

1,314

Caesars

Entertainment,

Inc.*

60,904

6,824

Carnival

Corp.,

Class

A*

93,625

195

Chipotle

Mexican

Grill,

Inc.*

357,207

11,647

Compass

Group

plc

283,694

888

Darden

Restaurants,

Inc.

127,179

1,331

Delivery

Hero

SE*

38,222

260

Domino's

Pizza,

Inc.

98,485

1,849

DoorDash,

Inc.,

Class

A*

146,940

2,894

DraftKings,

Inc.*

85,199

4,276

Entain

plc

48,662

1,406

Evolution

AB

141,726

952

Expedia

Group,

Inc.*

98,123

1,257

Flutter

Entertainment

plc*

205,143

13,000

Galaxy

Entertainment

Group,

Ltd.

77,763

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

169

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

53,300

Genting

Singapore,

Ltd.

$

32,944

1,870

Hilton

Worldwide

Holdings,

Inc.

280,837

1,297

InterContinental

Hotels

Group

plc

95,602

883

La

Francaise

des

Jeux

SAEM

28,672

2,239

Las

Vegas

Sands

Corp.

102,636

14,501

Lottery

Corp.,

Ltd.

(The)

43,916

1,818

Marriott

International,

Inc.,

Class

A

357,346

5,035

McDonald's

Corp.

1,326,420

400

McDonald's

Holdings

Co.,

Ltd.

15,303

1,993

MGM

Resorts

International

73,263

7,000

Oriental

Land

Co.,

Ltd.

229,830

2,135

Restaurant

Brands

International,

Inc.

142,234

1,567

Royal

Caribbean

Cruises,

Ltd.*

144,383

15,600

Sands

China,

Ltd.*

47,441

597

Sodexo

SA

61,475

7,807

Starbucks

Corp.

712,545

297

Vail

Resorts,

Inc.

65,901

1,279

Whitbread

plc

53,794

750

Wynn

Resorts,

Ltd.

69,308

1,924

Yum!

Brands,

Inc.

240,385

7,323,916

Household

Durables

(

0

.6

%

):

6,179

Barratt

Developments

plc

33,142

658

Berkeley

Group

Holdings

plc

32,816

2,201

D.R.

Horton,

Inc.

236,541

212

Garmin,

Ltd.

22,302

841

Garmin,

Ltd.

88,473

600

Iida

Group

Holdings

Co.,

Ltd.

9,977

1,831

Lennar

Corp.,

Class

A

205,493

380

Mohawk

Industries,

Inc.*

32,608

22

NVR,

Inc.*

131,193

700

Open

House

Group

Co.,

Ltd.

23,753

15,700

Panasonic

Holdings

Corp.

176,562

2,260

Persimmon

plc

29,583

1,440

PulteGroup,

Inc.

106,632

256

SEB

SA

23,884

2,100

Sekisui

Chemical

Co.,

Ltd.

30,235

4,500

Sekisui

House,

Ltd.

89,612

1,000

Sharp

Corp.^

6,233

8,700

Sony

Group

Corp.

711,770

19,704

Taylor

Wimpey

plc

28,014

323

Whirlpool

Corp.

43,185

2,062,008

Household

Products

(

1

.0

%

):

1,743

Church

&

Dwight

Co.,

Inc.

159,711

885

Clorox

Co.

(The)

115,988

5,402

Colgate-Palmolive

Co.

384,136

4,133

Essity

AB,

Class

B

89,096

659

Henkel

AG

&

Co.

KGaA

41,609

2,342

Kimberly-Clark

Corp.

283,031

16,197

Procter

&

Gamble

Co.

(The)

2,362,495

4,811

Reckitt

Benckiser

Group

plc

339,939

3,000

Unicharm

Corp.

105,860

3,881,865

Independent

Power

and

Renewable

Electricity

Producers

(

0

.1

%

):

4,828

AES

Corp.

(The)

73,385

787

Brookfield

Renewable

Corp.,

Class

A

18,839

Shares

Value

Common

Stocks,

continued

Independent

Power

and

Renewable

Electricity

Producers,

continued

2,038

EDP

Renovaveis

SA

$

33,333

12,972

Meridian

Energy,

Ltd.

39,947

2,059

Northland

Power,

Inc.

33,536

4,309

RWE

AG

160,108

2,304

Vistra

Corp.

76,447

435,595

Industrial

Conglomerates

(

0

.9

%

):

3,758

3M

Co.

351,824

17,500

CK

Hutchison

Holdings,

Ltd.

93,272

654

DCC

plc

36,658

7,384

General

Electric

Co.

816,301

6,600

Hitachi,

Ltd.

409,217

4,558

Honeywell

International,

Inc.

842,045

1,007

Investment

AB

Latour,

Class

B

17,682

1,000

Jardine

Cycle

&

Carriage,

Ltd.

23,291

1,100

Jardine

Matheson

Holdings,

Ltd.

51,041

11,400

Keppel

Corp.,

Ltd.

56,594

1,957

Lifco

AB,

Class

B

34,245

5,231

Siemens

AG,

Registered

Shares

749,830

2,548

Smiths

Group

plc

50,197

3,532,197

Industrial

REITs

(

0

.3

%

):

19,644

CapitaLand

Ascendas

REIT

39,493

28

GLP

J-Reit

25,059

11,051

Goodman

Group

153,057

21,123

Mapletree

Logistics

Trust

25,920

20

Nippon

Prologis

REIT,

Inc.

37,511

6,404

Prologis,

Inc.

718,593

1,164

Warehouses

De

Pauw

CVA

28,687

1,028,320

Insurance

(

3

.2

%

):

1,729

Admiral

Group

plc

49,999

12,269

Aegon

NV

59,124

3,920

Aflac,

Inc.

300,860

1,180

Ageas

SA/NV

48,655

78,400

AIA

Group,

Ltd.

634,203

2,766

Allianz

SE,

Registered

Shares+

659,494

1,883

Allstate

Corp.

(The)

209,785

506

American

Financial

Group,

Inc.

56,505

4,934

American

International

Group,

Inc.

299,000

1,400

Aon

plc,

Class

A

453,908

2,468

Arch

Capital

Group,

Ltd.*

196,724

1,456

Arthur

J.

Gallagher

&

Co.

331,866

1,112

ASR

Nederland

NV

41,731

6,929

Assicurazioni

Generali

SpA

141,580

407

Assurant,

Inc.

58,437

20,405

Aviva

plc

96,465

12,633

AXA

SA

374,142

296

Baloise

Holding

AG,

Registered

Shares

42,954

1,549

Brown

&

Brown,

Inc.

108,182

2,867

Chubb,

Ltd.

596,852

1,005

Cincinnati

Financial

Corp.

102,801

6,600

Dai-ichi

Life

Holdings,

Inc.

137,336

202

Erie

Indemnity

Co.,

Class

A

59,346

281

Everest

Group,

Ltd.

104,439

157

Fairfax

Financial

Holdings,

Ltd.

128,177

1,917

Fidelity

National

Financial,

Inc.

79,172

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

170

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

1,848

Gjensidige

Forsikring

ASA

$

27,163

676

Globe

Life,

Inc.

73,502

1,806

Great-West

Lifeco,

Inc.

51,676

437

Hannover

Rueck

SE

96,017

2,083

Hartford

Financial

Services

Group,

Inc.

(The)

147,706

679

iA

Financial

Corp.,

Inc.

42,597

16,630

Insurance

Australia

Group,

Ltd.

60,742

1,131

Intact

Financial

Corp.

164,907

15,300

Japan

Post

Holdings

Co.,

Ltd.

122,332

1,700

Japan

Post

Insurance

Co.,

Ltd.

28,598

41,596

Legal

&

General

Group

plc

112,362

1,269

Loews

Corp.

80,340

13,145

Manulife

Financial

Corp.

240,232

91

Markel

Group,

Inc.*

133,997

3,347

Marsh

&

McLennan

Cos.,

Inc.

636,934

17,323

Medibank

Pvt,

Ltd.

38,283

4,353

MetLife,

Inc.

273,847

3,200

MS&AD

Insurance

Group

Holdings,

Inc.

117,057

949

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Class

R

370,181

1,547

NN

Group

NV

49,570

6,201

Phoenix

Group

Holdings

plc

36,314

2,955

Poste

Italiane

SpA

31,067

4,218

Power

Corp.

of

Canada^

107,399

1,625

Principal

Financial

Group,

Inc.

117,114

3,980

Progressive

Corp.

(The)

554,414

2,548

Prudential

Financial,

Inc.

241,780

18,547

Prudential

plc

199,683

10,666

QBE

Insurance

Group,

Ltd.

107,839

3,193

Sampo

Oyj,

A

Shares

138,021

2,300

Sompo

Holdings,

Inc.

98,465

4,106

Sun

Life

Financial,

Inc.

200,357

9,098

Suncorp

Group,

Ltd.

81,998

211

Swiss

Life

Holding

AG

131,474

2,057

Swiss

Re

AG

211,206

3,200

T&D

Holdings,

Inc.

52,542

12,700

Tokio

Marine

Holdings,

Inc.

292,804

1,651

Travelers

Cos.,

Inc.

(The)

269,625

2,488

Tryg

A/S

45,511

1,540

W

R

Berkley

Corp.

97,775

696

Willis

Towers

Watson

plc

145,436

1,049

Zurich

Insurance

Group

AG

480,822

11,881,426

Interactive

Media

&

Services

(

4

.0

%

):

1,569

Adevinta

ASA*

15,481

40,781

Alphabet,

Inc.,

Class

A*

5,336,602

36,289

Alphabet,

Inc.,

Class

C*

4,784,705

6,294

Auto

Trader

Group

plc

47,171

19,800

LY

Corp.

55,286

1,762

Match

Group,

Inc.*

69,026

15,185

Meta

Platforms,

Inc.,

Class

A*

4,558,689

3,899

Pinterest,

Inc.,

Class

A*

105,390

296

REA

Group,

Ltd.

29,299

483

Scout24

SE

33,535

3,100

SEEK,

Ltd.

43,870

6,600

Snap,

Inc.,

Class

A*

58,806

1,887

ZoomInfo

Technologies,

Inc.*

30,947

15,168,807

Shares

Value

Common

Stocks,

continued

IT

Services

(

1

.4

%

):

4,334

Accenture

plc,

Class

A

$

1,331,015

1,051

Akamai

Technologies,

Inc.*

111,974

589

Bechtle

AG

27,582

1,149

Capgemini

SE

199,484

1,553

CGI,

Inc.*

153,093

1,927

Cloudflare,

Inc.,

Class

A*

121,478

3,376

Cognizant

Technology

Solutions

Corp.,

Class

A

228,690

418

EPAM

Systems,

Inc.*

106,878

1,300

Fujitsu,

Ltd.

152,974

526

Gartner,

Inc.*

180,739

938

GoDaddy,

Inc.,

Class

A*

69,862

6,180

International

Business

Machines

Corp.

867,054

472

MongoDB,

Inc.*

163,246

1,800

NEC

Corp.

99,434

2,520

Nomura

Research

Institute,

Ltd.

65,589

4,600

NTT

Data

Corp.

61,640

400

Obic

Co.,

Ltd.

60,865

1,193

Okta,

Inc.*

97,241

500

Otsuka

Corp.

21,175

900

SCSK

Corp.

15,701

8,247

Shopify,

Inc.,

Class

A*

450,212

1,688

Snowflake,

Inc.,

Class

A*

257,876

1,600

TIS,

Inc.

35,222

1,063

Twilio,

Inc.,

Class

A*

62,217

613

VeriSign,

Inc.*

124,151

301

Wix.com,

Ltd.*

27,632

5,093,024

Leisure

Products

(

0

.1

%

):

4,200

Bandai

Namco

Holdings,

Inc.

85,433

298

BRP,

Inc.

22,559

961

Hasbro,

Inc.

63,561

600

Shimano,

Inc.

81,028

1,200

Yamaha

Corp.

32,774

285,355

Life

Sciences

Tools

&

Services

(

1

.2

%

):

2,059

Agilent

Technologies,

Inc.

230,237

4,273

Avantor,

Inc.*

90,075

260

Bachem

Holding

AG,

Registered

B

19,173

171

Bio-Rad

Laboratories,

Inc.,

Class

A*

61,295

972

Bio-Techne

Corp.

66,164

403

Charles

River

Laboratories

International,

Inc.*

78,980

4,835

Danaher

Corp.

1,199,564

1,012

Eurofins

Scientific

SE

57,051

1,057

Illumina,

Inc.*

145,105

1,290

IQVIA

Holdings,

Inc.*

253,808

498

Lonza

Group

AG

230,461

155

Mettler-Toledo

International,

Inc.*

171,751

1,659

QIAGEN

NV*

67,134

394

Repligen

Corp.*

62,650

892

Revvity,

Inc.

98,744

198

Sartorius

AG

67,179

206

Sartorius

Stedim

Biotech

49,016

2,638

Thermo

Fisher

Scientific,

Inc.

1,335,277

380

Waters

Corp.*

104,200

497

West

Pharmaceutical

Services,

Inc.

186,479

4,574,343

Machinery

(

2

.0

%

):

2,154

Alfa

Laval

AB

73,720

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

171

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

1,792

Alstom

SA

$

42,516

18,605

Atlas

Copco

AB,

Class

A

249,348

11,256

Atlas

Copco

AB,

Class

B

131,539

3,544

Caterpillar,

Inc.

967,512

7,981

CNH

Industrial

NV

96,674

969

Cummins,

Inc.

221,378

2,100

Daifuku

Co.,

Ltd.

39,713

3,580

Daimler

Truck

Holding

AG

124,139

1,917

Deere

&

Co.

723,437

1,026

Dover

Corp.

143,137

5,056

Epiroc

AB,

Class

A

95,729

2,340

Epiroc

AB,

Class

B

37,428

6,300

FANUC

Corp.

164,471

2,359

Fortive

Corp.

174,943

952

GEA

Group

AG

35,184

1,041

Graco,

Inc.

75,868

800

Hitachi

Construction

Machinery

Co.,

Ltd.

24,341

600

Hoshizaki

Corp.

20,845

2,525

Husqvarna

AB,

B

Shares

19,261

495

IDEX

Corp.

102,970

2,085

Illinois

Tool

Works,

Inc.

480,196

2,137

Indutrade

AB

39,456

2,709

Ingersoll

Rand,

Inc.

172,617

395

Knorr-Bremse

AG

25,116

6,300

Komatsu,

Ltd.

170,278

2,391

Kone

Oyj,

Class

B

100,799

7,100

Kubota

Corp.

105,036

1,000

Kurita

Water

Industries,

Ltd.

34,864

1,500

Makita

Corp.

37,163

5,113

Metso

Oyj

53,561

2,300

MINEBEA

MITSUMI,

Inc.

37,521

1,800

MISUMI

Group,

Inc.

28,107

2,300

Mitsubishi

Heavy

Industries,

Ltd.

128,877

1,400

NGK

Insulators,

Ltd.

18,559

329

Nordson

Corp.

73,423

2,812

Otis

Worldwide

Corp.

225,832

3,675

PACCAR,

Inc.

312,448

890

Parker-Hannifin

Corp.

346,673

1,194

Pentair

PLC

77,312

32

Rational

AG

20,257

7,213

Sandvik

AB

132,287

275

Schindler

Holding

AG

54,829

187

Schindler

Holding

AG,

Registered

Shares

35,981

217,569

Seatrium,

Ltd.*

21,262

2,448

SKF

AB,

B

Shares

40,604

300

SMC

Corp.

134,307

388

Snap-on,

Inc.

98,963

556

Spirax-Sarco

Engineering

plc

64,283

1,129

Stanley

Black

&

Decker,

Inc.

94,362

10,500

Techtronic

Industries

Co.,

Ltd.

101,947

802

Toro

Co.

(The)

66,646

1,100

Toyota

Industries

Corp.

86,608

179

VAT

Group

AG

63,758

863

Volvo

AB,

Class

A

17,954

10,117

Volvo

AB,

Class

B

208,323

2,720

Wartsila

Oyj

Abp,

Class

B

30,828

1,184

Westinghouse

Air

Brake

Technologies

Corp.

125,824

1,706

Xylem,

Inc.

155,297

Shares

Value

Common

Stocks,

continued

Machinery,

continued

1,600

Yaskawa

Electric

Corp.

$

57,689

7,644,000

Marine

Transportation

(

0

.1

%

):

20

AP

Moller

-

Maersk

A/S,

Class

A

35,490

39

AP

Moller

-

Maersk

A/S,

Class

B

70,295

343

Kuehne

+

Nagel

International

AG

97,285

2,700

Mitsui

OSK

Lines,

Ltd.^

74,085

3,600

Nippon

Yusen

KK

93,300

12,000

SITC

International

Holdings

Co.,

Ltd.

20,146

390,601

Media

(

0

.7

%

):

670

Charter

Communications,

Inc.,

Class

A*

294,679

28,496

Comcast

Corp.,

Class

A

1,263,513

3,700

CyberAgent,

Inc.

19,948

1,300

Dentsu

Group,

Inc.

38,262

1,721

Fox

Corp.,

Class

A

53,695

968

Fox

Corp.,

Class

B

27,956

1,700

Hakuhodo

DY

Holdings,

Inc.

13,972

8,843

Informa

plc

80,567

2,935

Interpublic

Group

of

Cos.,

Inc.

(The)

84,117

739

Liberty

Broadband

Corp.,

Class

C*

67,486

1,069

Liberty

Media

Corp.-Liberty

SiriusXM*

27,217

2,491

News

Corp.,

Class

A

49,970

1,360

Omnicom

Group,

Inc.

101,293

3,327

Paramount

Global,

Class

B

42,918

1,673

Publicis

Groupe

SA

126,322

717

Quebecor,

Inc.,

Class

B

15,368

6,283

Sirius

XM

Holdings,

Inc.^

28,399

3,134

Trade

Desk,

Inc.

(The),

Class

A*

244,922

3,675

Vivendi

SE

32,241

7,540

WPP

plc

67,184

2,680,029

Metals

&

Mining

(

1

.5

%

):

3,422

Agnico

Eagle

Mines,

Ltd.

155,516

8,676

Anglo

American

plc

240,167

2,646

Antofagasta

plc

45,830

3,710

ArcelorMittal

SA

92,774

12,813

Barrick

Gold

Corp.

186,143

35,033

BHP

Group,

Ltd.

993,151

2,969

BlueScope

Steel,

Ltd.

37,070

2,098

Boliden

AB

59,736

4,103

Cleveland-Cliffs,

Inc.*

64,130

4,279

First

Quantum

Minerals,

Ltd.

101,107

12,334

Fortescue

Metals

Group,

Ltd.

165,371

1,285

Franco-Nevada

Corp.

171,570

9,692

Freeport-McMoRan,

Inc.

361,415

72,800

Glencore

plc

416,261

5,091

IGO,

Ltd.

41,483

4,254

Ivanhoe

Mines,

Ltd.,

Class

A*

36,460

3,100

JFE

Holdings,

Inc.

45,558

7,700

Kinross

Gold

Corp.

35,095

4,089

Lundin

Mining

Corp.

30,500

1,374

Mineral

Resources,

Ltd.

59,520

6,174

Newcrest

Mining,

Ltd.

97,773

5,301

Newmont

Corp.

195,872

5,300

Nippon

Steel

Corp.

124,234

10,117

Norsk

Hydro

ASA

63,517

8,015

Northern

Star

Resources,

Ltd.

53,642

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

172

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

1,798

Nucor

Corp.

$

281,117

1,988

Pan

American

Silver

Corp.

28,778

18,950

Pilbara

Minerals,

Ltd.

52,148

382

Reliance

Steel

&

Aluminum

Co.

100,172

7,580

Rio

Tinto

plc

476,075

2,653

Rio

Tinto,

Ltd.

194,893

33,578

South32,

Ltd.

73,444

1,147

Steel

Dynamics,

Inc.

122,981

1,800

Sumitomo

Metal

Mining

Co.,

Ltd.

52,942

2,960

Teck

Resources,

Ltd.,

Class

B

127,414

573

voestalpine

AG

15,539

3,194

Wheaton

Precious

Metals

Corp.

129,632

5,529,030

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.0

%

†

):

3,240

Annaly

Capital

Management,

Inc.

60,944

Multi-Utilities

(

0

.7

%

):

5,519

Algonquin

Power

&

Utilities

Corp.^

32,673

1,839

Ameren

Corp.

137,612

993

Canadian

Utilities,

Ltd.,

Class

A

20,985

4,546

CenterPoint

Energy,

Inc.

122,060

41,700

Centrica

plc

78,274

1,930

CMS

Energy

Corp.

102,502

2,401

Consolidated

Edison,

Inc.

205,358

5,787

Dominion

Energy,

Inc.

258,505

1,413

DTE

Energy

Co.

140,283

15,108

E.ON

SE

178,938

12,131

Engie

SA

185,984

24,725

National

Grid

plc

295,087

2,789

NiSource,

Inc.

68,833

3,393

Public

Service

Enterprise

Group,

Inc.

193,096

4,382

Sempra

Energy

298,107

4,592

Veolia

Environnement

SA

132,829

2,188

WEC

Energy

Group,

Inc.

176,243

2,627,369

Office

REITs

(

0

.1

%

):

1,079

Alexandria

Real

Estate

Equities,

Inc.

108,008

1,147

Boston

Properties,

Inc.

68,223

424

Gecina

SA

43,173

7

Japan

Real

Estate

Investment

Corp.

27,304

246,708

Oil,

Gas

&

Consumable

Fuels

(

4

.9

%

):

2,453

Aker

BP

ASA

67,812

1,369

Ampol,

Ltd.

29,757

2,297

APA

Corp.

94,407

3,848

ARC

Resources,

Ltd.

61,428

119,801

BP

plc

773,409

2,904

Cameco

Corp.

115,232

7,691

Canadian

Natural

Resources,

Ltd.

497,443

9,982

Cenovus

Energy,

Inc.

207,857

1,707

Cheniere

Energy,

Inc.

283,294

767

Chesapeake

Energy

Corp.

66,138

12,440

Chevron

Corp.

2,097,633

8,351

ConocoPhillips

1,000,450

5,070

Coterra

Energy,

Inc.

137,144

4,296

Devon

Energy

Corp.

204,919

1,148

Diamondback

Energy,

Inc.

177,802

14,260

Enbridge,

Inc.

473,023

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

22,150

ENEOS

Holdings,

Inc.

$

87,391

15,826

Eni

SpA

254,154

4,082

EOG

Resources,

Inc.

517,434

2,651

EQT

Corp.

107,578

6,405

Equinor

ASA

210,056

27,827

Exxon

Mobil

Corp.

3,271,899

4,420

Galp

Energia

SGPS

SA

65,465

1,885

Hess

Corp.

288,405

1,215

HF

Sinclair

Corp.

69,170

1,482

Idemitsu

Kosan

Co.,

Ltd.

34,086

1,615

Imperial

Oil,

Ltd.

99,485

6,200

Inpex

Corp.

93,058

1,180

Keyera

Corp.

27,708

13,651

Kinder

Morgan,

Inc.

226,334

4,175

Marathon

Oil

Corp.

111,681

2,934

Marathon

Petroleum

Corp.

444,032

2,999

Neste

Oyj

101,831

4,620

Occidental

Petroleum

Corp.

299,746

981

OMV

AG

46,837

3,996

ONEOK,

Inc.

253,466

1,492

Ovintiv,

Inc.

70,975

697

Parkland

Corp.

20,390

3,603

Pembina

Pipeline

Corp.

108,347

3,195

Phillips

66

383,879

1,593

Pioneer

Natural

Resources

Co.

365,673

8,763

Repsol

SA

144,233

20,801

Santos,

Ltd.

105,305

46,021

Shell

plc

1,460,927

8,844

Suncor

Energy,

Inc.

304,177

1,413

Targa

Resources

Corp.

121,122

6,882

TC

Energy

Corp.^

236,697

37

Texas

Pacific

Land

Corp.

67,472

15,340

TotalEnergies

SE

1,009,346

2,246

Tourmaline

Oil

Corp.

113,036

2,419

Valero

Energy

Corp.

342,797

1,889

Washington

H

Soul

Pattinson

&

Co.,

Ltd.

39,508

8,278

Williams

Cos.,

Inc.

(The)

278,886

12,832

Woodside

Energy

Group,

Ltd.

297,005

275

Woodside

Energy

Group,

Ltd.

6,406

18,373,745

Paper

&

Forest

Products

(

0

.1

%

):

734

Holmen

AB,

B

Shares

28,507

3,443

Mondi

plc

57,427

8,500

Oji

Holdings

Corp.

36,042

4,244

Stora

Enso

Oyj,

Class

R

53,119

4,358

Svenska

Cellulosa

AB

SCA,

Class

B

59,619

3,794

UPM-Kymmene

Oyj

129,752

391

West

Fraser

Timber

Co.,

Ltd.

28,390

392,856

Passenger

Airlines

(

0

.1

%

):

990

Air

Canada*

14,127

1,000

ANA

Holdings,

Inc.*^

20,958

962

Delta

Air

Lines,

Inc.

35,594

4,680

Deutsche

Lufthansa

AG*

37,176

1,000

Japan

Airlines

Co.,

Ltd.

19,453

5,489

Qantas

Airways,

Ltd.*

18,266

8,850

Singapore

Airlines,

Ltd.

41,803

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

173

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Passenger

Airlines,

continued

1,365

Southwest

Airlines

Co.

$

36,951

224,328

Personal

Care

Products

(

0

.7

%

):

707

Beiersdorf

AG

91,278

1,624

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

234,749

34,483

Haleon

plc

143,066

3,500

Kao

Corp.

129,982

10,540

Kenvue,

Inc.

211,643

500

Kobayashi

Pharmaceutical

Co.,

Ltd.

22,328

100

Kose

Corp.

7,250

1,662

L'Oreal

SA

688,205

2,800

Shiseido

Co.,

Ltd.

98,309

17,187

Unilever

plc

848,007

2,474,817

Pharmaceuticals

(

5

.3

%

):

13,000

Astellas

Pharma,

Inc.

179,585

10,680

AstraZeneca

plc

1,437,043

6,677

Bayer

AG,

Registered

Shares

320,652

14,275

Bristol-Myers

Squibb

Co.

828,521

1,386

Catalent,

Inc.*

63,104

4,600

Chugai

Pharmaceutical

Co.,

Ltd.

142,551

12,300

Daiichi

Sankyo

Co.,

Ltd.

337,629

1,700

Eisai

Co.,

Ltd.

94,388

5,539

Eli

Lilly

&

Co.

2,975,163

28,426

GSK

plc

513,792

1,106

Hikma

Pharmaceuticals

plc

28,175

283

Ipsen

SA

37,062

415

Jazz

Pharmaceuticals

plc*

53,718

16,599

Johnson

&

Johnson

2,585,294

1,400

Kyowa

Kirin

Co.,

Ltd.

24,384

17,455

Merck

&

Co.,

Inc.

1,796,992

873

Merck

KGaA

145,894

14,045

Novartis

AG

1,433,598

22,401

Novo

Nordisk

A/S,

Class

B

2,038,087

2,500

Ono

Pharmaceutical

Co.,

Ltd.

47,956

612

Orion

Oyj,

Class

B

24,035

2,900

Otsuka

Holdings

Co.,

Ltd.

103,181

38,753

Pfizer,

Inc.

1,285,437

582

Recordati

Industria

Chimica

e

Farmaceutica

SpA

27,435

187

Roche

Holding

AG

55,034

4,836

Roche

Holding

AG

1,319,453

2,369

Royalty

Pharma

plc,

Class

A

64,295

7,753

Sanofi

831,799

2,000

Shionogi

&

Co.,

Ltd.

89,443

11,050

Takeda

Pharmaceutical

Co.,

Ltd.

343,214

8,695

Teva

Pharmaceutical

Industries,

Ltd.,

ADR*

88,689

950

UCB

SA

77,725

7,608

Viatris,

Inc.

75,015

3,202

Zoetis,

Inc.

557,084

20,025,427

Professional

Services

(

1

.2

%

):

981

Adecco

Group

AG

40,250

148

Adyen

NV*

109,692

3,146

Amadeus

IT

Group

SA

189,564

2,813

Automatic

Data

Processing,

Inc.

676,752

1,000

BayCurrent

Consulting,

Inc.

33,418

973

Booz

Allen

Hamilton

Holding

Corp.

106,320

793

Broadridge

Financial

Solutions,

Inc.

141,987

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

1,956

Bureau

Veritas

SA

$

48,447

1,003

Ceridian

HCM

Holding,

Inc.*

68,054

3,091

Clarivate

plc*

20,741

3,893

Computershare,

Ltd.

65,106

2,743

CoStar

Group,

Inc.*

210,909

835

Equifax,

Inc.

152,955

6,100

Experian

plc

199,249

1,287

Intertek

Group

plc

64,343

546

Jack

Henry

&

Associates,

Inc.

82,522

860

Jacobs

Solutions,

Inc.

117,390

995

Leidos

Holdings,

Inc.

91,699

4,062

Nexi

SpA*

24,789

2,247

Paychex,

Inc.

259,146

353

Paycom

Software,

Inc.

91,522

310

Paylocity

Holding

Corp.*

56,327

13,000

Persol

Holdings

Co.,

Ltd.

21,152

647

Randstad

NV

35,659

9,900

Recruit

Holdings

Co.,

Ltd.

304,906

13,100

RELX

plc

441,720

825

Robert

Half,

Inc.

60,456

1,175

SGS

SA,

Registered

Shares

98,666

1,465

SS&C

Technologies

Holdings,

Inc.

76,971

405

Teleperformance

50,604

1,055

Thomson

Reuters

Corp.

129,076

1,266

TransUnion

90,886

961

Verisk

Analytics,

Inc.

227,027

1,843

Wolters

Kluwer

NV

223,167

4,611,472

Real

Estate

Management

&

Development

(

0

.4

%

):

116

Azrieli

Group,

Ltd.

5,946

17,300

CapitaLand

Investment,

Ltd.

39,116

2,082

CBRE

Group,

Inc.,

Class

A*

153,777

3,700

City

Developments,

Ltd.

17,822

14,000

CK

Asset

Holdings,

Ltd.

73,640

500

Daito

Trust

Construction

Co.,

Ltd.

52,676

4,200

Daiwa

House

Industry

Co.,

Ltd.

112,797

18,800

ESR

Group,

Ltd.

26,361

3,858

Fastighets

AB

Balder,

B

Shares*

17,278

257

FirstService

Corp.,

Class

WI

37,385

11,000

Hang

Lung

Properties,

Ltd.

14,952

13,324

Henderson

Land

Development

Co.,

Ltd.

34,896

6,600

Hongkong

Land

Holdings,

Ltd.

23,524

2,400

Hulic

Co.,

Ltd.

21,527

666

LEG

Immobilien

SE*

45,999

4,109

Lendlease

Corp.,

Ltd.

19,015

7,600

Mitsubishi

Estate

Co.,

Ltd.

99,362

6,300

Mitsui

Fudosan

Co.,

Ltd.

138,779

8,827

New

World

Development

Co.,

Ltd.

17,131

1,000

Nomura

Real

Estate

Holdings,

Inc.

25,102

1,352

Sagax

AB,

Class

B

25,730

24,117

Sino

Land

Co.,

Ltd.

27,138

2,100

Sumitomo

Realty

&

Development

Co.,

Ltd.

54,561

9,500

Sun

Hung

Kai

Properties,

Ltd.

101,047

2,000

Swire

Pacific,

Ltd.,

Class

A

13,504

9,200

Swire

Properties,

Ltd.

19,196

702

Swiss

Prime

Site

AG,

Registered

Shares

64,261

1,769

UOL

Group,

Ltd.

8,270

4,742

Vonovia

SE

114,274

11,000

Wharf

Real

Estate

Investment

Co.,

Ltd.

42,454

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

174

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

1,012

Zillow

Group,

Inc.,

Class

C*

$

46,714

1,494,234

Residential

REITs

(

0

.3

%

):

2,448

American

Homes

4

Rent,

Class

A

82,473

973

AvalonBay

Communities,

Inc.

167,103

739

Camden

Property

Trust

69,895

815

Canadian

Apartment

Properties

REIT

27,053

1,106

Equity

LifeStyle

Properties,

Inc.

70,463

2,399

Equity

Residential

140,845

428

Essex

Property

Trust,

Inc.

90,775

4,453

Invitation

Homes,

Inc.

141,116

795

Mid-America

Apartment

Communities,

Inc.

102,277

860

Sun

Communities,

Inc.

101,772

2,272

UDR,

Inc.

81,042

1,074,814

Retail

REITs

(

0

.2

%

):

44,406

CapitaLand

Integrated

Commercial

Trust

59,946

43

Japan

Metropolitan

Fund

Invest

27,909

3,984

Kimco

Realty

Corp.

70,079

1,137

Klepierre

SA

27,832

17,300

Link

REIT

84,332

15,100

Mapletree

Pan

Asia

Commercial

Trust

15,805

4,556

Realty

Income

Corp.

227,527

1,170

Regency

Centers

Corp.

69,545

36,788

Scentre

Group

58,509

2,218

Simon

Property

Group,

Inc.

239,611

812

Unibail-Rodamco-Westfield*

39,958

921,053

Semiconductors

&

Semiconductor

Equipment

(

5

.9

%

):

11,066

Advanced

Micro

Devices,

Inc.*

1,137,806

5,600

Advantest

Corp.

155,696

3,487

Analog

Devices,

Inc.

610,539

5,778

Applied

Materials,

Inc.

799,964

323

ASM

International

NV

134,866

2,767

ASML

Holding

NV

1,624,668

536

BE

Semiconductor

Industries

NV

52,403

2,823

Broadcom,

Inc.

2,344,727

600

Disco

Corp.

110,198

979

Enphase

Energy,

Inc.*

117,627

941

Entegris,

Inc.

88,369

717

First

Solar,

Inc.*

115,860

8,756

Infineon

Technologies

AG

290,352

28,380

Intel

Corp.

1,008,909

928

KLA

Corp.

425,637

929

Lam

Research

Corp.

582,269

500

Lasertec

Corp.

77,639

1,009

Lattice

Semiconductor

Corp.*

86,703

5,779

Marvell

Technology,

Inc.

312,817

3,862

Microchip

Technology,

Inc.

301,429

7,645

Micron

Technology,

Inc.

520,089

311

Monolithic

Power

Systems,

Inc.

143,682

16,955

NVIDIA

Corp.

7,375,256

1,787

NXP

Semiconductors

NV

357,257

2,969

ON

Semiconductor

Corp.*

275,969

704

Qorvo,

Inc.*

67,211

7,622

QUALCOMM,

Inc.

846,499

8,700

Renesas

Electronics

Corp.*

133,498

2,000

Rohm

Co.,

Ltd.

37,854

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

1,188

Skyworks

Solutions,

Inc.

$

117,125

386

SolarEdge

Technologies,

Inc.*

49,991

4,717

STMicroelectronics

NV

203,202

2,600

SUMCO

Corp.

33,819

1,111

Teradyne,

Inc.

111,611

6,216

Texas

Instruments,

Inc.

988,406

3,100

Tokyo

Electron,

Ltd.

421,919

928

Wolfspeed,

Inc.*

35,357

22,097,223

Software

(

7

.6

%

):

3,121

Adobe,

Inc.*

1,591,398

588

ANSYS,

Inc.*

174,959

217

Aspen

Technology,

Inc.*

44,324

1,026

Atlassian

Corp.,

Class

A*

206,749

1,452

Autodesk,

Inc.*

300,433

1,586

Bentley

Systems,

Inc.,

Class

B

79,554

597

BILL

Holdings,

Inc.*

64,816

1,870

Cadence

Design

Systems,

Inc.*

438,141

748

Check

Point

Software

Technologies,

Ltd.*

99,694

147

Constellation

Software,

Inc.

303,511

1,478

Crowdstrike

Holdings,

Inc.,

Class

A*

247,388

382

CyberArk

Software,

Ltd.*

62,560

4,699

Dassault

Systemes

SE

174,679

1,802

Datadog,

Inc.,

Class

A*

164,144

633

Descartes

Systems

Group,

Inc.

(The)*

46,465

1,230

DocuSign,

Inc.*

51,660

1,999

Dropbox,

Inc.,

Class

A*

54,433

1,408

Dynatrace,

Inc.*

65,796

166

Fair

Isaac

Corp.*

144,176

4,680

Fortinet,

Inc.*

274,622

4,346

Gen

Digital,

Inc.

76,837

320

HubSpot,

Inc.*

157,600

1,932

Intuit,

Inc.

987,136

431

Manhattan

Associates,

Inc.*

85,192

48,488

Microsoft

Corp.

15,310,086

423

Nemetschek

SE

25,841

487

Nice,

Ltd.*

82,844

2,016

Open

Text

Corp.

70,763

300

Oracle

Corp.

22,370

11,169

Oracle

Corp.

1,183,021

12,569

Palantir

Technologies,

Inc.,

Class

A*

201,104

2,075

Palo

Alto

Networks,

Inc.*

486,463

818

PTC,

Inc.*

115,894

740

Roper

Technologies,

Inc.

358,367

7,580

Sage

Group

plc

(The)

91,209

6,685

Salesforce,

Inc.*

1,355,584

7,258

SAP

SE

942,003

1,416

ServiceNow,

Inc.*

791,487

1,105

Splunk,

Inc.*

161,606

1,052

Synopsys,

Inc.*

482,837

617

Temenos

AG,

Registered

Shares

43,288

800

Trend

Micro,

Inc.

30,312

274

Tyler

Technologies,

Inc.*

105,802

1,510

Unity

Software,

Inc.*

47,399

1,501

VMware,

Inc.,

Class

A*

249,887

1,150

WiseTech

Global,

Ltd.

47,953

1,401

Workday,

Inc.,

Class

A*

301,005

951

Xero,

Ltd.*

68,923

1,326

Zoom

Video

Communications,

Inc.,

Class

A*

92,741

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

175

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Software,

continued

663

Zscaler,

Inc.*

$

103,156

28,668,212

Specialized

REITs

(

0

.7

%

):

3,231

American

Tower

Corp.

531,338

3,067

Crown

Castle,

Inc.

282,256

1,960

Digital

Realty

Trust,

Inc.

237,199

631

Equinix,

Inc.

458,270

1,507

Extra

Space

Storage,

Inc.

183,221

1,963

Gaming

and

Leisure

Properties,

Inc.

89,415

2,113

Iron

Mountain,

Inc.

125,618

1,103

Public

Storage

290,662

728

SBA

Communications

Corp.

145,724

7,051

VICI

Properties,

Inc.

205,184

4,962

Weyerhaeuser

Co.

152,135

2,701,022

Specialty

Retail

(

1

.6

%

):

121

AutoZone,

Inc.*

307,339

1,673

Bath

&

Body

Works,

Inc.

56,547

1,357

Best

Buy

Co.,

Inc.

94,271

404

Burlington

Stores,

Inc.*

54,661

1,047

CarMax,

Inc.*

74,054

819

Chewy,

Inc.,

Class

A*

14,955

455

Dick's

Sporting

Goods,

Inc.

49,404

1,200

Fast

Retailing

Co.,

Ltd.

261,404

4,103

H

&

M

Hennes

&

Mauritz

AB,

Class

B

58,354

100

Hikari

Tsushin,

Inc.

15,227

6,904

Home

Depot,

Inc.

(The)

2,086,113

7,837

Industria

de

Diseno

Textil

SA

291,648

17,355

JD

Sports

Fashion

plc

31,612

12,728

Kingfisher

plc

34,495

3,985

Lowe's

Cos.,

Inc.

828,242

500

Nitori

Holdings

Co.,

Ltd.

55,994

427

O'Reilly

Automotive,

Inc.*

388,083

2,420

Ross

Stores,

Inc.

273,339

7,863

TJX

Cos.,

Inc.

(The)

698,863

741

Tractor

Supply

Co.

150,460

333

Ulta

Beauty,

Inc.*

133,017

1,700

USS

Co.,

Ltd.

28,113

1,812

Zalando

SE*

40,459

1,200

ZOZO,

Inc.

22,013

6,048,667

Technology

Hardware,

Storage

&

Peripherals

(

5

.3

%

):

107,968

Apple,

Inc.

18,485,201

2,300

Brother

Industries,

Ltd.

37,041

7,200

Canon,

Inc.

174,001

1,692

Dell

Technologies,

Inc.,

Class

C

116,579

2,500

FUJIFILM

Holdings

Corp.

144,771

9,036

Hewlett

Packard

Enterprise

Co.

156,955

5,883

HP,

Inc.

151,193

1,306

Logitech

International

SA,

Class

R

90,024

1,454

NetApp,

Inc.

110,330

3,600

Ricoh

Co.,

Ltd.

31,063

1,345

Seagate

Technology

Holdings

plc

88,703

2,200

Seiko

Epson

Corp.^

34,557

329

Super

Micro

Computer,

Inc.*

90,218

1,996

Western

Digital

Corp.*

91,078

19,801,714

Shares

Value

Common

Stocks,

continued

Textiles,

Apparel

&

Luxury

Goods

(

1

.1

%

):

1,124

adidas

AG

$

197,869

2,711

Burberry

Group

plc

62,865

3,683

Cie

Financiere

Richemont

SA,

Registered

Shares

448,868

193

Deckers

Outdoor

Corp.*

99,219

1,244

Gildan

Activewear,

Inc.

34,872

216

Hermes

International

392,611

522

Kering

SA

237,301

782

Lululemon

Athletica,

Inc.*

301,547

1,891

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,426,425

1,545

Moncler

SpA

89,668

8,460

NIKE,

Inc.,

Class

B

808,945

526

Pandora

A/S

54,234

767

Puma

SE

47,734

437

Swatch

Group

AG

(The)

21,360

209

Swatch

Group

AG

(The),

Class

BR

53,600

2,236

VF

Corp.

39,510

4,316,628

Tobacco

(

0

.6

%

):

12,335

Altria

Group,

Inc.

518,687

14,413

British

American

Tobacco

plc

452,379

5,754

Imperial

Brands

plc,

Class

A

116,826

8,700

Japan

Tobacco,

Inc.

200,241

10,686

Philip

Morris

International,

Inc.

989,310

2,277,443

Trading

Companies

&

Distributors

(

0

.8

%

):

1,088

AerCap

Holdings

NV*

68,185

3,106

Ashtead

Group

plc

188,760

1,133

Brenntag

SE

87,971

2,452

Bunzl

plc

87,014

4,048

Fastenal

Co.

221,183

1,437

Ferguson

plc

236,241

478

IMCD

NV

60,412

8,100

ITOCHU

Corp.

292,694

10,400

Marubeni

Corp.^

162,102

8,000

Mitsubishi

Corp.

381,176

9,000

Mitsui

&

Co.,

Ltd.

326,241

1,400

MonotaRO

Co.,

Ltd.

14,982

1,239

Reece,

Ltd.

14,827

7,000

Sumitomo

Corp.

139,658

483

Toromont

Industries,

Ltd.

39,341

1,400

Toyota

Tsushu

Corp.

82,293

481

United

Rentals,

Inc.

213,838

298

W.W.

Grainger,

Inc.

206,168

244

Watsco,

Inc.

92,164

2,915,250

Transportation

Infrastructure

(

0

.1

%

):

546

Aena

SME

SA

82,116

215

Aeroports

de

Paris

25,333

8,354

Auckland

International

Airport,

Ltd.

39,569

2,993

Getlink

SE

47,680

21,423

Transurban

Group

174,416

369,114

Water

Utilities

(

0

.1

%

):

1,396

American

Water

Works

Co.,

Inc.

172,867

1,659

Essential

Utilities,

Inc.

56,953

1,696

Severn

Trent

plc

48,859

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

176

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2023

.

Shares

Value

Common

Stocks,

continued

Water

Utilities,

continued

4,770

United

Utilities

Group

plc

$

54,993

333,672

Wireless

Telecommunication

Services

(

0

.4

%

):

10,300

KDDI

Corp.

315,338

2,319

Rogers

Communications,

Inc.,

Class

B

89,049

19,600

SoftBank

Corp.

221,687

7,000

SoftBank

Group

Corp.

296,291

4,629

Tele2

AB

35,389

3,755

T-Mobile

US,

Inc.

525,888

168,258

Vodafone

Group

plc

157,092

1,640,734

Total

Common

Stocks

(Cost

$315,981,629)

373,386,588

Preferred

Stocks

(

0

.1

%

):

Automobile

Components

(

0

.1

%

):

1,151

Porsche

Automobil

Holding

SE,

5.49%,

5/20/20

56,732

1,331

Volkswagen

AG,

8.04%,

5/8/20

153,225

209,957

Automobiles

(

0

.0

%

†

):

335

Bayerische

Motoren

Werke

AG,

9.65%,

5/15/20

31,274

Household

Products

(

0

.0

%

†

):

1,047

Henkel

AG

&

Co.

KGaA,

2.74%,

4/21/20

74,717

Total

Preferred

Stocks

(Cost

$488,415)

315,948

Contracts

a

Value

Warrant

(

0

.0

%

†

):

Software

(

0

.0

%

†

):

147

Constellation

Software,

Inc.*(a)

$

—

Total

Warrant

(Cost

$—)

—

Shares

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(

0

.4

%

):

$

1,591,808

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.36%(b)(c)

1,591,808

Total

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(Cost

$1,591,808)

1,591,808

Unaffiliated

Investment

Company

(

0

.2

%

):

Money

Markets

(

0

.2

%

):

691,282

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.24%(c)

691,282

Total

Unaffiliated

Investment

Company

(Cost

$691,282)

691,282

Total

Investment

Securities

(Cost

$318,753,134)

—

100.0%

375,985,626

Net

other

assets

(liabilities)

—

0.0%

†

(

99,306

)

Net

Assets

—

100.0%

$

375,886,320

ADR

-

American

Depository

Receipt

REIT

-

Real

Estate

Investment

Trust

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$1,477,221.

+

Affiliated

Securities

†

Represents

less

than

0.05%.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2023.

(b)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2023.

(c)

The

rate

represents

the

effective

yield

at

September

30,

2023.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

177

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

The

following

represents

the

concentrations

by

country

of

risk

(based

on

the

domicile

of

the

security

issuer)

relative

to

the

total

value

of

investments

as

of

September

30,

2023

:

(Unaudited)

Country

Percentage

Argentina

0

.1‌

%

Australia

2

.0‌

%

Austria

0

.1‌

%

Belgium

0

.2‌

%

Bermuda

0

.1‌

%

Canada

3

.3‌

%

China

—‌

%

†

Denmark

0

.9‌

%

Finland

0

.3‌

%

France

3

.0‌

%

Germany

2

.2‌

%

Hong

Kong

0

.6‌

%

Ireland

0

.9‌

%

Isle

of

Man

—‌

%

†

Israel

0

.2‌

%

Italy

0

.6‌

%

Japan

6

.2‌

%

Liberia

—‌

%

†

Luxembourg

0

.1‌

%

Netherlands

2

.1‌

%

New

Zealand

0

.1‌

%

Norway

0

.2‌

%

Panama

—‌

%

†

Portugal

0

.1‌

%

Singapore

0

.4‌

%

Spain

0

.7‌

%

Sweden

0

.8‌

%

Switzerland

3

.1‌

%

United

Kingdom

3

.8‌

%

United

States

67

.9‌

%

100

.0‌

%

†

Represents

less

than

0.05%.

Futures

Contracts

At

September

30,

2023,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

DJ

EURO

STOXX

50

December

Futures

(Euro)

12/15/23

6

$

266,644‌

$

542‌

FTSE

100

Index

December

Futures

(British

Pounds)

12/15/23

1

93,578‌

2,421‌

S&P

500

Index

E-Mini

December

Futures

(U.S.

Dollar)

12/15/23

7

1,513,925‌

(

26,300‌

)

SGX

NIKKEI

225

Index

December

Futures

(Japanese

Yen)

12/7/23

1

107,097‌

449‌

$

(

22,888‌

)

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

178

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(

99

.3

%

):

Aerospace

&

Defense

(

0

.7

%

):

1,699

Axon

Enterprise,

Inc.*

$

338,084

1,871

Boeing

Co.

(The)*

358,633

399

BWX

Technologies,

Inc.

29,917

1,021

HEICO

Corp.

165,331

1,735

HEICO

Corp.,

Class

A

224,197

5,522

Lockheed

Martin

Corp.

2,258,277

209

Northrop

Grumman

Corp.

92,000

209

TransDigm

Group,

Inc.*

176,214

3,642,653

Air

Freight

&

Logistics

(

0

.2

%

):

2,112

CH

Robinson

Worldwide,

Inc.

181,907

531

Expeditors

International

of

Washington,

Inc.

60,868

4,951

United

Parcel

Service,

Inc.,

Class

B

771,712

1,014,487

Automobile

Components

(

3

.3

%

):

67,382

Tesla,

Inc.*

16,860,324

Banks

(

0

.1

%

):

30

First

Citizens

BancShares,

Inc.,

Class

A

41,403

38,221

NU

Holdings,

Ltd.,

Class

A*

277,102

318,505

Beverages

(

1

.6

%

):

194

Boston

Beer

Co.,

Inc.

(The),

Class

A*

75,569

711

Brown-Forman

Corp.,

Class

A

41,309

3,463

Brown-Forman

Corp.,

Class

B

199,780

1,176

Celsius

Holdings,

Inc.*

201,802

47,176

Coca-Cola

Co.

(The)

2,640,913

391

Constellation

Brands,

Inc.,

Class

C

98,270

18,177

Monster

Beverage

Corp.*

962,472

23,248

PepsiCo,

Inc.

3,939,141

8,159,256

Biotechnology

(

2

.8

%

):

43,095

AbbVie,

Inc.

6,423,741

2,451

Alnylam

Pharmaceuticals,

Inc.*

434,072

8,871

Amgen,

Inc.

2,384,170

2,549

Apellis

Pharmaceuticals,

Inc.*

96,964

564

BioMarin

Pharmaceutical,

Inc.*

49,903

1,584

Exact

Sciences

Corp.*

108,060

6,001

Exelixis,

Inc.*

131,122

4,860

Horizon

Therapeutics

plc*

562,253

3,219

Incyte

Corp.*

185,962

3,059

Ionis

Pharmaceuticals,

Inc.*

138,756

812

Karuna

Therapeutics,

Inc.*

137,301

2,412

Natera,

Inc.*

106,731

2,349

Neurocrine

Biosciences,

Inc.*

264,262

180

Regeneron

Pharmaceuticals,

Inc.*

148,133

5,898

Roivant

Sciences,

Ltd.*

68,889

2,116

Sarepta

Therapeutics,

Inc.*

256,501

3,397

Seagen,

Inc.*

720,674

1,383

Ultragenyx

Pharmaceutical,

Inc.*

49,304

5,750

Vertex

Pharmaceuticals,

Inc.*

1,999,505

14,266,303

Broadline

Retail

(

5

.6

%

):

220,024

Amazon.com,

Inc.*

27,969,451

27,100

Coupang,

Inc.*

460,700

847

eBay,

Inc.

37,344

1,760

Etsy,

Inc.*

113,661

Shares

Value

Common

Stocks,

continued

Broadline

Retail,

continued

506

Ollie's

Bargain

Outlet

Holdings,

Inc.*

$

39,053

28,620,209

Building

Products

(

0

.2

%

):

336

A

O

Smith

Corp.

22,220

1,521

Advanced

Drainage

Systems,

Inc.

173,135

1,845

Allegion

plc

192,249

331

Armstrong

World

Industries,

Inc.

23,832

1,718

Trane

Technologies

plc

348,599

2,655

Trex

Co.,

Inc.*

163,628

923,663

Capital

Markets

(

1

.3

%

):

2,593

Ameriprise

Financial,

Inc.

854,860

3,890

Ares

Management

Corp.,

Class

A

400,164

17,489

Blackstone,

Inc.

1,873,772

1,702

Blue

Owl

Capital,

Inc.

22,058

932

FactSet

Research

Systems,

Inc.

407,526

3,817

KKR

&

Co.,

Inc.,

Class

A

235,127

1,893

LPL

Financial

Holdings,

Inc.

449,871

935

MarketAxess

Holdings,

Inc.

199,753

3,557

Moody's

Corp.

1,124,617

599

Morningstar,

Inc.

140,310

933

MSCI,

Inc.

478,704

639

S&P

Global,

Inc.

233,497

1,018

Tradeweb

Markets,

Inc.,

Class

A

81,644

705

XP,

Inc.

16,250

6,518,153

Chemicals

(

0

.5

%

):

600

Axalta

Coating

Systems,

Ltd.*

16,140

4,767

Ecolab,

Inc.

807,530

476

FMC

Corp.

31,878

1,138

Linde

plc

423,734

1,388

PPG

Industries,

Inc.

180,163

621

RPM

International,

Inc.

58,877

1,055

Scotts

Miracle-Gro

Co.

(The)

54,522

4,822

Sherwin-Williams

Co.

(The)

1,229,851

2,802,695

Commercial

Services

&

Supplies

(

0

.7

%

):

1,874

Cintas

Corp.

901,413

21,140

Copart,

Inc.*

910,923

159

MSA

Safety,

Inc.

25,066

3,297

RB

Global,

Inc.

206,062

6,270

Rollins,

Inc.

234,059

245

Tetra

Tech,

Inc.

37,247

8,908

Waste

Management,

Inc.

1,357,936

3,672,706

Communications

Equipment

(

0

.4

%

):

6,139

Arista

Networks,

Inc.*

1,129,146

3,715

Motorola

Solutions,

Inc.

1,011,372

18

Ubiquiti,

Inc.

2,615

2,143,133

Construction

&

Engineering

(

0

.1

%

):

415

EMCOR

Group,

Inc.

87,312

886

Quanta

Services,

Inc.

165,744

16

Valmont

Industries,

Inc.

3,843

1,267

WillScot

Mobile

Mini

Holdings

Corp.*

52,695

309,594

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

179

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

Materials

(

0

.0

%

†

):

596

Eagle

Materials,

Inc.

$

99,246

745

Vulcan

Materials

Co.

150,505

249,751

Consumer

Finance

(

0

.1

%

):

4,762

American

Express

Co.

710,443

2,428

SLM

Corp.

33,069

743,512

Consumer

Staples

Distribution

&

Retail

(

1

.7

%

):

1,176

BJ's

Wholesale

Club

Holdings,

Inc.*

83,931

137

Casey's

General

Stores,

Inc.

37,198

10,820

Costco

Wholesale

Corp.

6,112,867

5,329

Dollar

General

Corp.

563,808

1,841

Performance

Food

Group

Co.*

108,361

12,414

Sysco

Corp.

819,945

11,255

Target

Corp.

1,244,466

8,970,576

Containers

&

Packaging

(

0

.1

%

):

679

Avery

Dennison

Corp.

124,033

4,163

Graphic

Packaging

Holding

Co.

92,752

2,032

Sealed

Air

Corp.

66,771

283,556

Distributors

(

0

.1

%

):

921

Pool

Corp.

327,968

Diversified

Consumer

Services

(

0

.0

%

†

):

181

Bright

Horizons

Family

Solutions,

Inc.*

14,744

2,515

H&R

Block,

Inc.

108,296

1,384

Service

Corp.

International

79,082

202,122

Diversified

Telecommunication

Services

(

0

.0

%

†

):

2,983

Iridium

Communications,

Inc.

135,697

Electrical

Equipment

(

0

.2

%

):

6,727

ChargePoint

Holdings,

Inc.*^

33,433

624

Hubbell,

Inc.

195,568

2,780

Rockwell

Automation,

Inc.

794,718

449

Vertiv

Holdings

Co.

16,703

1,040,422

Electronic

Equipment,

Instruments

&

Components

(

0

.4

%

):

7,113

Amphenol

Corp.,

Class

A

597,421

3,071

CDW

Corp.

619,605

1,930

Jabil,

Inc.

244,898

1,161

Keysight

Technologies,

Inc.*

153,612

2,618

National

Instruments

Corp.

156,085

1,344

Vontier

Corp.

41,556

235

Zebra

Technologies

Corp.,

Class

A*

55,585

1,868,762

Energy

Equipment

&

Services

(

0

.0

%

†

):

4,255

Halliburton

Co.

172,328

Entertainment

(

1

.0

%

):

904

Live

Nation

Entertainment,

Inc.*

75,068

10,709

Netflix,

Inc.*

4,043,719

507

Playtika

Holding

Corp.*

4,883

11,466

ROBLOX

Corp.,

Class

A*

332,055

391

Roku,

Inc.*

27,601

3,399

Spotify

Technology

SA*

525,621

Shares

Value

Common

Stocks,

continued

Entertainment,

continued

1,004

TKO

Group

Holdings,

Inc.

$

84,396

5,093,343

Financial

Services

(

4

.2

%

):

12,764

Apollo

Global

Management,

Inc.

1,145,697

4,881

Block,

Inc.*

216,033

8,560

Equitable

Holdings,

Inc.

243,018

603

Euronet

Worldwide,

Inc.*

47,866

4,048

Fiserv,

Inc.*

457,262

1,642

FleetCor

Technologies,

Inc.*

419,268

20,489

Mastercard,

Inc.,

Class

A

8,111,800

24,737

PayPal

Holdings,

Inc.*

1,446,125

354

Rocket

Cos.,

Inc.,

Class

A*^

2,896

1,341

Shift4

Payments,

Inc.,

Class

A*

74,251

9,054

Toast,

Inc.,

Class

A*

169,582

604

UWM

Holdings

Corp.^

2,929

39,547

Visa,

Inc.,

Class

A

9,096,206

1,195

Western

Union

Co.

(The)

15,750

501

WEX,

Inc.*

94,233

21,542,916

Food

Products

(

0

.2

%

):

318

Freshpet,

Inc.*

20,950

2,651

Hershey

Co.

(The)

530,412

3,310

Lamb

Weston

Holdings,

Inc.

306,043

857,405

Ground

Transportation

(

1

.0

%

):

180

Avis

Budget

Group,

Inc.*

32,344

5,260

CSX

Corp.

161,745

415

JB

Hunt

Transport

Services,

Inc.

78,236

722

Landstar

System,

Inc.

127,751

6,755

Lyft,

Inc.,

Class

A*

71,198

2,226

Old

Dominion

Freight

Line,

Inc.

910,745

72

Saia,

Inc.*

28,703

47,361

Uber

Technologies,

Inc.*

2,178,132

792

U-Haul

Holding

Co.

41,493

6,403

Union

Pacific

Corp.

1,303,843

4,934,190

Health

Care

Equipment

&

Supplies

(

1

.6

%

):

2,638

Abbott

Laboratories

255,490

1,855

Align

Technology,

Inc.*

566,369

9,465

Dexcom,

Inc.*

883,084

14,674

Edwards

Lifesciences

Corp.*

1,016,615

544

GE

HealthCare

Technologies,

Inc.

37,014

835

Globus

Medical,

Inc.*

41,458

2,018

IDEXX

Laboratories,

Inc.*

882,411

735

Inspire

Medical

Systems,

Inc.*

145,853

1,725

Insulet

Corp.*

275,120

8,529

Intuitive

Surgical,

Inc.*

2,492,941

1,050

Masimo

Corp.*

92,064

2,552

Novocure,

Ltd.*

41,215

898

Penumbra,

Inc.*

217,235

3,528

ResMed,

Inc.

521,685

927

Shockwave

Medical,

Inc.*

184,566

2,195

Stryker

Corp.

599,828

222

Tandem

Diabetes

Care,

Inc.*

4,611

8,257,559

Health

Care

Providers

&

Services

(

2

.6

%

):

6,287

agilon

health,

Inc.*^

111,657

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

180

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

3,194

Cardinal

Health,

Inc.

$

277,303

3,948

Cencora,

Inc.

710,522

268

Chemed

Corp.

139,280

553

Cigna

Group

(The)

158,197

1,314

DaVita,

Inc.*

124,212

773

Elevance

Health,

Inc.

336,580

1,024

HCA

Healthcare,

Inc.

251,884

1,319

Humana,

Inc.

641,720

1,257

McKesson

Corp.

546,606

750

Molina

Healthcare,

Inc.*

245,917

19,091

UnitedHealth

Group,

Inc.

9,625,491

13,169,369

Health

Care

Technology

(

0

.1

%

):

1,096

Certara,

Inc.*

15,936

1,384

Doximity,

Inc.,

Class

A*

29,369

3,543

Veeva

Systems,

Inc.,

Class

A*

720,823

766,128

Hotels,

Restaurants

&

Leisure

(

3

.0

%

):

9,869

Airbnb,

Inc.,

Class

A*

1,354,125

904

Booking

Holdings,

Inc.*

2,787,891

2,150

Caesars

Entertainment,

Inc.*

99,652

674

Chipotle

Mexican

Grill,

Inc.*

1,234,653

720

Choice

Hotels

International,

Inc.^

88,207

1,790

Churchill

Downs,

Inc.

207,712

1,332

Darden

Restaurants,

Inc.

190,769

863

Domino's

Pizza,

Inc.

326,896

5,842

DoorDash,

Inc.,

Class

A*

464,264

10,096

DraftKings,

Inc.*

297,226

2,541

Expedia

Group,

Inc.*

261,901

2,903

Hilton

Worldwide

Holdings,

Inc.

435,972

7,603

Las

Vegas

Sands

Corp.

348,521

6,012

Marriott

International,

Inc.,

Class

A

1,181,719

7,356

McDonald's

Corp.

1,937,865

2,604

Norwegian

Cruise

Line

Holdings,

Ltd.*

42,914

1,039

Planet

Fitness,

Inc.,

Class

A*

51,098

1,635

Royal

Caribbean

Cruises,

Ltd.*

150,649

27,552

Starbucks

Corp.

2,514,671

1,709

Texas

Roadhouse,

Inc.

164,235

853

Travel

+

Leisure

Co.

31,331

101

Vail

Resorts,

Inc.

22,411

4,532

Wendy's

Co.

(The)

92,498

765

Wingstop,

Inc.

137,578

153

Wyndham

Hotels

&

Resorts,

Inc.

10,640

161

Wynn

Resorts,

Ltd.

14,878

6,052

Yum!

Brands,

Inc.

756,137

15,206,413

Household

Durables

(

0

.0

%

†

):

4

NVR,

Inc.*

23,853

866

Tempur

Sealy

International,

Inc.

37,532

53

TopBuild

Corp.*

13,335

74,720

Household

Products

(

0

.7

%

):

5,258

Church

&

Dwight

Co.,

Inc.

481,790

3,060

Clorox

Co.

(The)

401,044

7,734

Kimberly-Clark

Corp.

934,654

10,864

Procter

&

Gamble

Co.

(The)

1,584,623

3,402,111

Shares

Value

Common

Stocks,

continued

Independent

Power

and

Renewable

Electricity

Producers

(

0

.0

%

†

):

10,433

AES

Corp.

(The)

$

158,582

2,792

Vistra

Corp.

92,638

251,220

Industrial

Conglomerates

(

0

.1

%

):

2,110

Honeywell

International,

Inc.

389,801

Insurance

(

0

.8

%

):

1,289

Arch

Capital

Group,

Ltd.*

102,746

303

Arthur

J.

Gallagher

&

Co.

69,063

2,364

Brown

&

Brown,

Inc.

165,102

146

Everest

Group,

Ltd.

54,264

516

Kinsale

Capital

Group,

Inc.

213,691

335

Lincoln

National

Corp.

8,271

9,681

Marsh

&

McLennan

Cos.,

Inc.

1,842,294

602

Primerica,

Inc.

116,794

10,671

Progressive

Corp.

(The)

1,486,470

333

RenaissanceRe

Holdings,

Ltd.

65,907

227

RLI

Corp.

30,847

2,186

Ryan

Specialty

Holdings,

Inc.*

105,803

340

Willis

Towers

Watson

plc

71,047

4,332,299

Interactive

Media

&

Services

(

10

.2

%

):

145,125

Alphabet,

Inc.,

Class

A*

18,991,057

124,206

Alphabet,

Inc.,

Class

C*

16,376,561

6,127

Match

Group,

Inc.*

240,025

54,017

Meta

Platforms,

Inc.,

Class

A*

16,216,444

14,562

Pinterest,

Inc.,

Class

A*

393,611

4,122

ZoomInfo

Technologies,

Inc.*

67,601

52,285,299

IT

Services

(

1

.6

%

):

15,431

Accenture

plc,

Class

A

4,739,014

7,027

Cloudflare,

Inc.,

Class

A*

442,982

1,340

EPAM

Systems,

Inc.*

342,625

1,892

Gartner,

Inc.*

650,110

991

Globant

SA*

196,069

2,388

GoDaddy,

Inc.,

Class

A*

177,858

1,610

MongoDB,

Inc.*

556,835

244

Okta,

Inc.*

19,889

7,522

Snowflake,

Inc.,

Class

A*

1,149,136

714

Twilio,

Inc.,

Class

A*

41,790

123

VeriSign,

Inc.*

24,911

8,341,219

Leisure

Products

(

0

.0

%

†

):

143

Brunswick

Corp.

11,297

7,878

Peloton

Interactive,

Inc.,

Class

A*

39,784

121

Polaris,

Inc.

12,601

1,961

YETI

Holdings,

Inc.*

94,559

158,241

Life

Sciences

Tools

&

Services

(

1

.4

%

):

2,191

10X

Genomics,

Inc.,

Class

A*

90,379

5,870

Agilent

Technologies,

Inc.

656,383

3,508

Bio-Techne

Corp.

238,790

2,629

Bruker

Corp.

163,787

310

ICON

plc*

76,338

1,205

Illumina,

Inc.*

165,422

4,146

IQVIA

Holdings,

Inc.*

815,726

1,581

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

15,810

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

181

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Life

Sciences

Tools

&

Services,

continued

595

Medpace

Holdings,

Inc.*

$

144,067

528

Mettler-Toledo

International,

Inc.*

585,061

627

Repligen

Corp.*

99,699

1,721

Sotera

Health

Co.*

25,781

5,797

Thermo

Fisher

Scientific,

Inc.

2,934,267

1,459

Waters

Corp.*

400,072

1,794

West

Pharmaceutical

Services,

Inc.

673,127

7,084,709

Machinery

(

1

.4

%

):

225

Allison

Transmission

Holdings,

Inc.

13,289

9,459

Caterpillar,

Inc.

2,582,307

6,161

Deere

&

Co.

2,325,038

1,284

Donaldson

Co.,

Inc.

76,578

1,747

Graco,

Inc.

127,321

157

IDEX

Corp.

32,659

6,048

Illinois

Tool

Works,

Inc.

1,392,915

1,314

Lincoln

Electric

Holdings,

Inc.

238,872

624

Otis

Worldwide

Corp.

50,113

2,463

Toro

Co.

(The)

204,675

722

Xylem,

Inc.

65,724

7,109,491

Media

(

0

.4

%

):

10

Cable

One,

Inc.

6,156

2,485

Charter

Communications,

Inc.,

Class

A*

1,092,953

26

Liberty

Broadband

Corp.,

Class

A*

2,364

616

Liberty

Broadband

Corp.,

Class

C*

56,253

300

Nexstar

Media

Group,

Inc.

43,011

10,805

Trade

Desk,

Inc.

(The),

Class

A*

844,411

2,045,148

Metals

&

Mining

(

0

.0

%

†

):

2,180

Southern

Copper

Corp.

164,132

Oil,

Gas

&

Consumable

Fuels

(

0

.5

%

):

2,894

Antero

Midstream

Corp.

34,670

6,672

APA

Corp.

274,219

5,905

Cheniere

Energy,

Inc.

979,994

3,760

Hess

Corp.

575,280

1,464

New

Fortress

Energy,

Inc.

47,990

629

ONEOK,

Inc.

39,898

2,747

Ovintiv,

Inc.

130,675

5,421

Targa

Resources

Corp.

464,688

140

Texas

Pacific

Land

Corp.

255,298

2,802,712

Passenger

Airlines

(

0

.0

%

†

):

6,159

American

Airlines

Group,

Inc.*

78,897

837

Delta

Air

Lines,

Inc.

30,969

109,866

Personal

Care

Products

(

0

.1

%

):

1,751

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

253,107

14,454

Kenvue,

Inc.

290,236

543,343

Pharmaceuticals

(

2

.8

%

):

20,667

Eli

Lilly

&

Co.

11,100,866

808

Jazz

Pharmaceuticals

plc*

104,587

11,354

Merck

&

Co.,

Inc.

1,168,894

11,303

Zoetis,

Inc.

1,966,496

14,340,843

Shares

Value

Common

Stocks,

continued

Professional

Services

(

1

.2

%

):

8,666

Automatic

Data

Processing,

Inc.

$

2,084,866

3,196

Booz

Allen

Hamilton

Holding

Corp.

349,227

2,417

Broadridge

Financial

Solutions,

Inc.

432,764

322

Ceridian

HCM

Holding,

Inc.*

21,848

4,244

CoStar

Group,

Inc.*

326,321

2,073

Equifax,

Inc.

379,732

157

FTI

Consulting,

Inc.*

28,010

1,141

Genpact,

Ltd.

41,304

589

Jack

Henry

&

Associates,

Inc.

89,021

1,258

KBR,

Inc.

74,147

7,845

Paychex,

Inc.

904,764

1,253

Paycom

Software,

Inc.

324,865

1,055

Paylocity

Holding

Corp.*

191,694

3,508

Verisk

Analytics,

Inc.

828,730

6,077,293

Residential

REITs

(

0

.0

%

†

):

1,485

Equity

LifeStyle

Properties,

Inc.

94,609

685

Sun

Communities,

Inc.

81,063

175,672

Retail

REITs

(

0

.0

%

†

):

1,668

Simon

Property

Group,

Inc.

180,194

Semiconductors

&

Semiconductor

Equipment

(

9

.3

%

):

22,273

Advanced

Micro

Devices,

Inc.*

2,290,110

1,669

Allegro

MicroSystems,

Inc.*

53,308

17,477

Applied

Materials,

Inc.

2,419,691

9,867

Broadcom,

Inc.

8,195,333

3,315

Enphase

Energy,

Inc.*

398,297

198

Entegris,

Inc.

18,594

3,348

KLA

Corp.

1,535,594

3,098

Lam

Research

Corp.

1,941,733

3,242

Lattice

Semiconductor

Corp.*

278,585

9,420

Microchip

Technology,

Inc.

735,231

1,105

Monolithic

Power

Systems,

Inc.

510,510

58,029

NVIDIA

Corp.

25,242,035

23,704

QUALCOMM,

Inc.

2,632,566

3,163

Teradyne,

Inc.

317,755

9,073

Texas

Instruments,

Inc.

1,442,698

540

Universal

Display

Corp.

84,774

48,096,814

Software

(

17

.9

%

):

11,190

Adobe,

Inc.*

5,705,781

1,596

Alteryx,

Inc.,

Class

A*

60,153

1,729

ANSYS,

Inc.*

514,464

1,496

AppLovin

Corp.,

Class

A*

59,780

3,535

Atlassian

Corp.,

Class

A*

712,338

5,217

Autodesk,

Inc.*

1,079,449

4,222

Bentley

Systems,

Inc.,

Class

B

211,775

6,598

Cadence

Design

Systems,

Inc.*

1,545,911

4,730

Confluent,

Inc.,

Class

A*

140,055

5,138

Crowdstrike

Holdings,

Inc.,

Class

A*

859,998

6,664

Datadog,

Inc.,

Class

A*

607,024

4,968

DocuSign,

Inc.*

208,656

2,873

DoubleVerify

Holdings,

Inc.*

80,300

5,449

Dropbox,

Inc.,

Class

A*

148,376

5,380

Dynatrace,

Inc.*

251,407

1,838

Elastic

NV*

149,319

584

Fair

Isaac

Corp.*

507,221

1,643

Five9,

Inc.*

105,645

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

182

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2023

.

Shares

Value

Common

Stocks,

continued

Software,

continued

16,047

Fortinet,

Inc.*

$

941,638

2,209

Gen

Digital,

Inc.

39,055

2,154

Gitlab,

Inc.,

Class

A*

97,404

1,623

HashiCorp,

Inc.,

Class

A*

37,053

1,128

HubSpot,

Inc.*

555,540

6,671

Intuit,

Inc.

3,408,481

1,490

Manhattan

Associates,

Inc.*

294,513

181,752

Microsoft

Corp.

57,388,194

1,416

New

Relic,

Inc.*

121,238

1,427

Nutanix,

Inc.,

Class

A*

49,774

15,241

Oracle

Corp.

1,614,327

45,847

Palantir

Technologies,

Inc.,

Class

A*

733,552

7,338

Palo

Alto

Networks,

Inc.*

1,720,321

1,099

Pegasystems,

Inc.

47,708

2,006

Procore

Technologies,

Inc.*

131,032

1,454

PTC,

Inc.*

206,003

2,265

RingCentral,

Inc.,

Class

A*

67,112

17,429

Salesforce,

Inc.*

3,534,253

645

SentinelOne,

Inc.,

Class

A*

10,875

4,972

ServiceNow,

Inc.*

2,779,149

2,997

Smartsheet,

Inc.,

Class

A*

121,259

3,752

Splunk,

Inc.*

548,730

3,701

Synopsys,

Inc.*

1,698,648

2,599

Teradata

Corp.*

117,007

761

Tyler

Technologies,

Inc.*

293,853

7,364

UiPath,

Inc.,

Class

A*

125,998

2,894

Unity

Software,

Inc.*

90,843

5,296

VMware,

Inc.,

Class

A*

881,678

4,863

Workday,

Inc.,

Class

A*

1,044,816

2,121

Zscaler,

Inc.*

330,006

91,977,712

Specialized

REITs

(

0

.7

%

):

11,363

American

Tower

Corp.

1,868,645

1,173

Crown

Castle,

Inc.

107,951

1,135

Equinix,

Inc.

824,305

3,405

Iron

Mountain,

Inc.

202,427

1,682

Lamar

Advertising

Co.,

Class

A

140,397

2,211

Public

Storage

582,643

277

SBA

Communications

Corp.

55,447

3,781,815

Specialty

Retail

(

3

.3

%

):

371

AutoZone,

Inc.*

942,336

682

Best

Buy

Co.,

Inc.

47,379

1,562

Burlington

Stores,

Inc.*

211,339

224

CarMax,

Inc.*

15,843

1,373

Five

Below,

Inc.*

220,916

2,570

Floor

&

Decor

Holdings,

Inc.,

Class

A*

232,585

24,733

Home

Depot,

Inc.

(The)

7,473,323

10,493

Lowe's

Cos.,

Inc.

2,180,865

478

Murphy

U.S.A.,

Inc.

163,347

1,231

O'Reilly

Automotive,

Inc.*

1,118,807

68

RH*

17,976

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

7,592

Ross

Stores,

Inc.

$

857,516

28,226

TJX

Cos.,

Inc.

(The)

2,508,727

2,653

Tractor

Supply

Co.

538,692

1,237

Ulta

Beauty,

Inc.*

494,120

1,149

Valvoline,

Inc.

37,044

679

Victoria's

Secret

&

Co.*

11,326

736

Wayfair,

Inc.,

Class

A*

44,579

215

Williams-Sonoma,

Inc.^

33,411

17,150,131

Technology

Hardware,

Storage

&

Peripherals

(

12

.2

%

):

364,457

Apple,

Inc.

62,398,683

4,507

HP,

Inc.

115,830

1,972

NetApp,

Inc.

149,635

5,212

Pure

Storage,

Inc.,

Class

A*

185,652

62,849,800

Textiles,

Apparel

&

Luxury

Goods

(

0

.6

%

):

1,555

Crocs,

Inc.*

137,198

640

Deckers

Outdoor

Corp.*

329,018

2,738

Lululemon

Athletica,

Inc.*

1,055,800

15,540

NIKE,

Inc.,

Class

B

1,485,935

99

Skechers

U.S.A.,

Inc.,

Class

A*

4,846

383

Tapestry,

Inc.

11,011

3,023,808

Trading

Companies

&

Distributors

(

0

.3

%

):

10,373

Fastenal

Co.

566,781

285

Ferguson

PLC

46,874

366

SiteOne

Landscape

Supply,

Inc.*

59,823

360

United

Rentals,

Inc.

160,045

1,084

W.W.

Grainger,

Inc.

749,954

211

Watsco,

Inc.

79,699

1,663,176

Total

Common

Stocks

(Cost

$212,972,968)

511,485,267

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(

0

.1

%

):

$

279,280

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.36%(a)(b)

279,280

Total

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(Cost

$279,280)

279,280

Unaffiliated

Investment

Company

(

0

.7

%

):

Money

Markets

(

0

.7

%

):

3,482,779

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.24%(b)

3,482,779

Total

Unaffiliated

Investment

Company

(Cost

$3,482,779)

3,482,779

Total

Investment

Securities

(Cost

$216,735,027)

—

100.1%

515,247,326

Net

other

assets

(liabilities)

—

(0.1)%

(

471,600

)

Net

Assets

—

100.0%

$

514,775,726

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$266,881.

(a)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2023.

(b)

The

rate

represents

the

effective

yield

at

September

30,

2023.

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

183

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Futures

Contracts

At

September

30,

2023,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

NASDAQ

100

E-Mini

December

Futures

(U.S.

Dollar)

12/15/23

9

$

2,675,970

$

(

104

)

S&P

500

Index

E-Mini

December

Futures

(U.S.

Dollar)

12/15/23

4

865,100

(

2,454

)

$

(

2,558

)

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

184

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(

99

.3

%

):

Aerospace

&

Defense

(

2

.4

%

):

16,019

Boeing

Co.

(The)*

$

3,070,522

2,586

BWX

Technologies,

Inc.

193,898

1,268

Curtiss-Wright

Corp.

248,059

8,188

General

Dynamics

Corp.

1,809,302

116

HEICO

Corp.

18,784

118

HEICO

Corp.,

Class

A

15,248

2,733

Hexcel

Corp.

178,028

12,558

Howmet

Aerospace,

Inc.

580,807

1,339

Huntington

Ingalls

Industries,

Inc.

273,933

6,251

L3Harris

Technologies,

Inc.

1,088,424

1,767

Mercury

Systems,

Inc.*

65,538

4,473

Northrop

Grumman

Corp.

1,968,970

48,589

RTX

Corp.

3,496,950

3,204

Spirit

AeroSystems

Holdings,

Inc.,

Class

A*

51,713

6,625

Textron,

Inc.

517,677

1,444

TransDigm

Group,

Inc.*

1,217,480

1,935

Woodward,

Inc.

240,443

15,035,776

Air

Freight

&

Logistics

(

0

.9

%

):

868

CH

Robinson

Worldwide,

Inc.

74,761

4,377

Expeditors

International

of

Washington,

Inc.

501,735

7,686

FedEx

Corp.

2,036,175

3,998

GXO

Logistics,

Inc.*

234,483

17,395

United

Parcel

Service,

Inc.,

Class

B

2,711,359

5,558,513

Automobile

Components

(

1

.0

%

):

9,050

Aptiv

plc*

892,239

7,962

BorgWarner,

Inc.

321,426

130,743

Ford

Motor

Co.

1,623,828

45,629

General

Motors

Co.

1,504,388

7,820

Gentex

Corp.

254,463

4,306

Harley-Davidson,

Inc.

142,356

1,981

Lear

Corp.

265,850

25,457

Lucid

Group,

Inc.*^

142,305

1,592

Phinia,

Inc.

42,650

9,262

QuantumScape

Corp.*

61,963

22,190

Rivian

Automotive,

Inc.,

Class

A*

538,773

1,667

Thor

Industries,

Inc.

158,582

5,948,823

Banks

(

6

.3

%

):

231,606

Bank

of

America

Corp.

6,341,372

3,521

Bank

OZK

130,523

1,043

BOK

Financial

Corp.

83,419

64,611

Citigroup,

Inc.

2,657,450

15,796

Citizens

Financial

Group,

Inc.

423,333

7,439

Columbia

Banking

System,

Inc.

151,012

4,279

Comerica,

Inc.

177,792

3,674

Commerce

Bancshares,

Inc.

176,279

1,885

Cullen/Frost

Bankers,

Inc.

171,931

4,710

East

West

Bancorp,

Inc.

248,264

22,876

Fifth

Third

Bancorp

579,449

316

First

Citizens

BancShares,

Inc.,

Class

A

436,112

4,589

First

Hawaiian,

Inc.

82,831

17,478

First

Horizon

Corp.

192,608

12,538

FNB

Corp.

135,285

47,420

Huntington

Bancshares,

Inc.

493,168

95,982

JPMorgan

Chase

&

Co.

13,919,310

Shares

Value

Common

Stocks,

continued

Banks,

continued

30,969

KeyCorp

$

333,226

5,499

M&T

Bank

Corp.

695,349

24,050

New

York

Community

Bancorp,

Inc.

272,727

24,838

NU

Holdings,

Ltd.,

Class

A*

180,076

2,406

Pinnacle

Financial

Partners,

Inc.

161,298

13,303

PNC

Financial

Services

Group,

Inc.

(The)

1,633,209

2,238

Popular,

Inc.

141,016

2,801

Prosperity

Bancshares,

Inc.

152,879

31,402

Regions

Financial

Corp.

540,114

5,173

Synovus

Financial

Corp.

143,809

44,088

Truist

Financial

Corp.

1,261,358

50,789

US

Bancorp

1,679,084

5,696

Webster

Financial

Corp.

229,606

122,030

Wells

Fargo

&

Co.

4,986,146

3,694

Western

Alliance

Bancorp

169,813

2,153

Wintrust

Financial

Corp.

162,552

4,762

Zions

Bancorp

NA

166,146

39,308,546

Beverages

(

1

.4

%

):

344

Brown-Forman

Corp.,

Class

A

19,986

1,295

Brown-Forman

Corp.,

Class

B

74,708

65,269

Coca-Cola

Co.

(The)

3,653,759

4,854

Constellation

Brands,

Inc.,

Class

A

1,219,956

32,002

Keurig

Dr

Pepper,

Inc.

1,010,303

5,974

Molson

Coors

Beverage

Co.,

Class

B

379,887

14,125

PepsiCo,

Inc.

2,393,340

8,751,939

Biotechnology

(

1

.8

%

):

834

Alnylam

Pharmaceuticals,

Inc.*

147,701

5,684

Amgen,

Inc.

1,527,632

4,780

Biogen,

Inc.*

1,228,508

5,426

BioMarin

Pharmaceutical,

Inc.*

480,092

3,985

Exact

Sciences

Corp.*

271,857

1,631

Exelixis,

Inc.*

35,637

41,558

Gilead

Sciences,

Inc.

3,114,357

888

Horizon

Therapeutics

plc*

102,733

1,651

Incyte

Corp.*

95,378

498

Ionis

Pharmaceuticals,

Inc.*

22,589

1,603

Mirati

Therapeutics,

Inc.*

69,827

11,048

Moderna,

Inc.*

1,141,148

3,203

Regeneron

Pharmaceuticals,

Inc.*

2,635,941

1,519

United

Therapeutics

Corp.*

343,097

749

Vertex

Pharmaceuticals,

Inc.*

260,457

11,476,954

Broadline

Retail

(

0

.2

%

):

16,519

eBay,

Inc.

728,323

1,841

Etsy,

Inc.*

118,892

4,170

Kohl's

Corp.

87,403

9,683

Macy's,

Inc.

112,420

3,899

Nordstrom,

Inc.

58,251

1,430

Ollie's

Bargain

Outlet

Holdings,

Inc.*

110,367

1,215,656

Building

Products

(

1

.1

%

):

3,412

A

O

Smith

Corp.

225,636

225

Allegion

plc

23,445

1,060

Armstrong

World

Industries,

Inc.

76,320

3,997

AZEK

Co.,

Inc.

(The)*

118,871

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

185

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Building

Products,

continued

4,213

Builders

FirstSource,

Inc.*

$

524,476

1,648

Carlisle

Cos.,

Inc.

427,260

27,756

Carrier

Global

Corp.

1,532,131

4,320

Fortune

Brands

Innovations,

Inc.

268,531

2,751

Hayward

Holdings,

Inc.*

38,789

22,817

Johnson

Controls

International

plc

1,214,093

1,085

Lennox

International,

Inc.

406,267

7,675

Masco

Corp.

410,229

2,931

Owens

Corning

399,818

5,369

Trane

Technologies

plc

1,089,424

6,755,290

Capital

Markets

(

4

.9

%

):

1,209

Affiliated

Managers

Group,

Inc.

157,581

25,917

Bank

of

New

York

Mellon

Corp.

(The)

1,105,360

4,943

BlackRock,

Inc.,

Class

A+

3,195,600

12,993

Blue

Owl

Capital,

Inc.

168,389

6,839

Carlyle

Group,

Inc.

(The)

206,264

3,515

Cboe

Global

Markets,

Inc.

549,078

49,244

Charles

Schwab

Corp.

(The)

2,703,496

11,986

CME

Group,

Inc.

2,399,837

5,489

Coinbase

Global,

Inc.,

Class

A*

412,114

1,162

Evercore,

Inc.,

Class

A

160,217

9,560

Franklin

Resources,

Inc.

234,985

10,735

Goldman

Sachs

Group,

Inc.

(The)

3,473,524

1,573

Houlihan

Lokey,

Inc.

168,500

3,336

Interactive

Brokers

Group,

Inc.,

Class

A

288,764

18,788

Intercontinental

Exchange,

Inc.

2,067,056

12,151

Invesco,

Ltd.

176,433

4,151

Janus

Henderson

Group

plc

107,179

6,568

Jefferies

Financial

Group,

Inc.

240,586

16,323

KKR

&

Co.,

Inc.,

Class

A

1,005,497

2,974

Lazard,

Ltd.,

Class

A

92,224

478

Moody's

Corp.

151,129

39,975

Morgan

Stanley

3,264,758

1,255

MSCI,

Inc.

643,915

11,247

Nasdaq,

Inc.

546,492

6,867

Northern

Trust

Corp.

477,119

6,287

Raymond

James

Financial,

Inc.

631,403

20,194

Robinhood

Markets,

Inc.,

Class

A*

198,103

9,781

S&P

Global,

Inc.

3,574,075

3,370

SEI

Investments

Co.

202,975

10,651

State

Street

Corp.

713,191

3,386

Stifel

Financial

Corp.

208,036

7,362

T.

Rowe

Price

Group,

Inc.

772,053

1,557

TPG,

Inc.

46,897

2,561

Tradeweb

Markets,

Inc.,

Class

A

205,392

3,390

Virtu

Financial,

Inc.,

Class

A

58,545

10,408

XP,

Inc.

239,904

30,846,671

Chemicals

(

2

.9

%

):

7,373

Air

Products

and

Chemicals,

Inc.

2,089,508

3,896

Albemarle

Corp.

662,476

1,586

Ashland,

Inc.

129,545

6,006

Axalta

Coating

Systems,

Ltd.*

161,561

3,227

Celanese

Corp.

405,053

6,450

CF

Industries

Holdings,

Inc.

553,023

5,079

Chemours

Co.

(The)

142,466

23,660

Corteva,

Inc.

1,210,446

23,464

Dow,

Inc.

1,209,804

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

15,182

DuPont

de

Nemours,

Inc.

$

1,132,425

4,052

Eastman

Chemical

Co.

310,870

1,886

Ecolab,

Inc.

319,488

7,138

Element

Solutions,

Inc.

139,976

3,632

FMC

Corp.

243,235

47,683

Ginkgo

Bioworks

Holdings,

Inc.*^

86,306

5,863

Huntsman

Corp.

143,057

8,392

International

Flavors

&

Fragrances,

Inc.

572,083

14,778

Linde

plc

5,502,588

8,636

Lyondellbasell

Industries

NV

817,829

10,665

Mosaic

Co.

(The)

379,674

209

NewMarket

Corp.

95,103

4,177

Olin

Corp.

208,767

5,869

PPG

Industries,

Inc.

761,796

3,516

RPM

International,

Inc.

333,352

1,358

Sherwin-Williams

Co.

(The)

346,358

1,030

Westlake

Corp.

128,410

18,085,199

Commercial

Services

&

Supplies

(

0

.4

%

):

326

Cintas

Corp.

156,809

1,707

Clean

Harbors,

Inc.*

285,684

2,242

Driven

Brands

Holdings,

Inc.*

28,227

1,046

MSA

Safety,

Inc.

164,902

1,459

RB

Global,

Inc.

91,188

6,927

Republic

Services,

Inc.

987,167

2,892

Stericycle,

Inc.*

129,301

1,483

Tetra

Tech,

Inc.

225,460

1,405

Waste

Management,

Inc.

214,178

2,282,916

Communications

Equipment

(

1

.4

%

):

4,892

Ciena

Corp.*

231,196

136,339

Cisco

Systems,

Inc.

7,329,585

2,010

F5,

Inc.*

323,891

10,858

Juniper

Networks,

Inc.

301,744

2,447

Lumentum

Holdings,

Inc.*

110,555

452

Motorola

Solutions,

Inc.

123,052

15

Ubiquiti,

Inc.

2,180

3,910

Viasat,

Inc.*

72,179

8,494,382

Construction

&

Engineering

(

0

.3

%

):

4,443

AECOM

368,947

1,048

EMCOR

Group,

Inc.

220,489

2,190

MasTec,

Inc.*

157,614

6,314

MDU

Resources

Group,

Inc.

123,628

3,528

Quanta

Services,

Inc.

659,983

650

Valmont

Industries,

Inc.

156,136

5,027

WillScot

Mobile

Mini

Holdings

Corp.*

209,073

1,895,870

Construction

Materials

(

0

.3

%

):

417

Eagle

Materials,

Inc.

69,439

2,066

Martin

Marietta

Materials,

Inc.

848,051

3,443

Vulcan

Materials

Co.

695,555

1,613,045

Consumer

Finance

(

0

.8

%

):

9,246

Ally

Financial,

Inc.

246,683

13,177

American

Express

Co.

1,965,877

12,583

Capital

One

Financial

Corp.

1,221,180

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

186

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Consumer

Finance,

continued

217

Credit

Acceptance

Corp.*

$

99,846

8,229

Discover

Financial

Services

712,878

3,673

OneMain

Holdings,

Inc.

147,251

4,992

SLM

Corp.

67,991

28,948

SoFi

Technologies,

Inc.*

231,295

13,832

Synchrony

Financial

422,844

5,115,845

Consumer

Staples

Distribution

&

Retail

(

1

.8

%

):

13,010

Albertsons

Cos.,

Inc.,

Class

A

295,978

2,973

BJ's

Wholesale

Club

Holdings,

Inc.*

212,183

1,089

Casey's

General

Stores,

Inc.

295,685

6,993

Dollar

Tree,

Inc.*

744,405

2,935

Grocery

Outlet

Holding

Corp.*

84,675

21,478

Kroger

Co.

(The)

961,140

2,775

Performance

Food

Group

Co.*

163,336

7,251

US

Foods

Holding

Corp.*

287,865

23,608

Walgreens

Boots

Alliance,

Inc.

525,042

47,461

Walmart,

Inc.

7,590,438

11,160,747

Containers

&

Packaging

(

0

.6

%

):

49,658

Amcor

plc

454,867

2,183

AptarGroup,

Inc.

272,962

1,852

Avery

Dennison

Corp.

338,305

10,175

Ball

Corp.

506,512

3,842

Berry

Global

Group,

Inc.

237,858

3,625

Crown

Holdings,

Inc.

320,740

4,838

Graphic

Packaging

Holding

Co.

107,791

11,303

International

Paper

Co.

400,917

2,891

Packaging

Corp.

of

America

443,913

2,195

Sealed

Air

Corp.

72,128

3,021

Silgan

Holdings,

Inc.

130,235

3,142

Sonoco

Products

Co.

170,768

8,488

Westrock

Co.

303,870

3,760,866

Distributors

(

0

.2

%

):

4,665

Genuine

Parts

Co.

673,533

8,983

LKQ

Corp.

444,748

1,118,281

Diversified

Consumer

Services

(

0

.1

%

):

7,509

ADT,

Inc.

45,054

1,484

Bright

Horizons

Family

Solutions,

Inc.*

120,887

744

Grand

Canyon

Education,

Inc.*

86,959

1,826

H&R

Block,

Inc.

78,627

490

Mister

Car

Wash,

Inc.*

2,700

3,234

Service

Corp.

International

184,791

519,018

Diversified

REITs

(

0

.1

%

):

2,681

Federal

Realty

Investment

Trust

242,979

7,084

WP

Carey,

Inc.

383,103

626,082

Diversified

Telecommunication

Services

(

1

.3

%

):

238,050

AT&T,

Inc.

3,575,511

8,800

Frontier

Communications

Parent,

Inc.*

137,720

5,506

GCI

Liberty,

Inc.*

—

139,929

Verizon

Communications,

Inc.

4,535,099

8,248,330

Shares

Value

Common

Stocks,

continued

Electric

Utilities

(

3

.1

%

):

8,206

Alliant

Energy

Corp.

$

397,581

17,114

American

Electric

Power

Co.,

Inc.

1,287,315

2,547

Avangrid,

Inc.

76,843

10,847

Constellation

Energy

Corp.

1,183,191

25,628

Duke

Energy

Corp.

2,261,927

12,635

Edison

International

799,669

7,119

Entergy

Corp.

658,507

7,246

Evergy,

Inc.

367,372

11,560

Eversource

Energy

672,214

33,025

Exelon

Corp.

1,248,015

17,963

FirstEnergy

Corp.

613,975

3,909

Hawaiian

Electric

Industries,

Inc.

48,120

1,610

IDACORP,

Inc.

150,777

67,311

NextEra

Energy,

Inc.

3,856,247

7,616

NRG

Energy,

Inc.

293,368

6,606

OGE

Energy

Corp.

220,178

66,858

PG&E

Corp.*

1,078,420

3,810

Pinnacle

West

Capital

Corp.

280,721

24,313

PPL

Corp.

572,814

36,131

Southern

Co.

(The)

2,338,398

18,499

Xcel

Energy,

Inc.

1,058,513

19,464,165

Electrical

Equipment

(

1

.3

%

):

1,028

Acuity

Brands,

Inc.

175,079

7,607

AMETEK,

Inc.

1,124,010

13,323

Eaton

Corp.

plc

2,841,530

18,899

Emerson

Electric

Co.

1,825,076

2,078

Generac

Holdings,

Inc.*

226,419

996

Hubbell,

Inc.

312,156

5,498

nVent

Electric

plc

291,339

17,751

Plug

Power,

Inc.*^

134,908

2,224

Regal

Rexnord

Corp.

317,765

4,933

Sensata

Technologies

Holding

plc

186,566

7,484

Sunrun,

Inc.*

93,999

9,815

Vertiv

Holdings

Co.

365,118

7,893,965

Electronic

Equipment,

Instruments

&

Components

(

0

.8

%

):

9,680

Amphenol

Corp.,

Class

A

813,023

1,914

Arrow

Electronics,

Inc.*

239,709

2,875

Avnet,

Inc.

138,546

268

CDW

Corp.

54,072

5,903

Cognex

Corp.

250,523

3,590

Coherent

Corp.*

117,178

25,384

Corning,

Inc.

773,451

1,023

IPG

Photonics

Corp.

103,876

1,644

Jabil,

Inc.

208,607

4,366

Keysight

Technologies,

Inc.*

577,666

801

Littelfuse,

Inc.

198,103

976

National

Instruments

Corp.

58,189

1,420

TD

SYNNEX

Corp.

141,801

1,561

Teledyne

Technologies,

Inc.*

637,793

8,043

Trimble,

Inc.*

433,196

3,520

Vontier

Corp.

108,838

1,434

Zebra

Technologies

Corp.,

Class

A*

339,184

5,193,755

Energy

Equipment

&

Services

(

0

.9

%

):

33,559

Baker

Hughes

Co.

1,185,304

24,041

Halliburton

Co.

973,661

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

187

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Energy

Equipment

&

Services,

continued

13,007

NOV,

Inc.

$

271,846

47,357

Schlumberger,

Ltd.

2,760,913

15,000

TechnipFMC

plc

305,100

5,496,824

Entertainment

(

1

.8

%

):

24,136

Activision

Blizzard,

Inc.

2,259,854

2,102

AMC

Entertainment

Holdings,

Inc.*

16,795

9,045

Electronic

Arts,

Inc.

1,089,018

630

Liberty

Media

Corp.-Liberty

Formula

One*

35,620

6,403

Liberty

Media

Corp.-Liberty

Formula

One*

398,907

512

Liberty

Media

Corp.-Liberty

Live*

16,343

1,585

Liberty

Media

Corp.-Liberty

Live*

50,878

4,140

Live

Nation

Entertainment,

Inc.*

343,786

635

Madison

Square

Garden

Sports

Corp.

111,950

3,689

Roku,

Inc.*

260,407

5,501

Take-Two

Interactive

Software,

Inc.*

772,285

60,805

Walt

Disney

Co.

(The)*

4,928,245

73,858

Warner

Bros

Discovery,

Inc.*

802,098

11,086,186

Financial

Services

(

4

.3

%

):

7,710

Affirm

Holdings,

Inc.*

163,992

60,888

Berkshire

Hathaway,

Inc.,

Class

B*

21,329,066

11,211

Block,

Inc.*

496,199

810

Euronet

Worldwide,

Inc.*

64,298

19,551

Fidelity

National

Information

Services,

Inc.

1,080,584

14,658

Fiserv,

Inc.*

1,655,768

172

FleetCor

Technologies,

Inc.*

43,918

8,784

Global

Payments,

Inc.

1,013,586

9,401

MGIC

Investment

Corp.

156,903

3,610

PayPal

Holdings,

Inc.*

211,040

2,385

Rocket

Cos.,

Inc.,

Class

A*^

19,509

2,177

TFS

Financial

Corp.

25,732

3,221

Voya

Financial,

Inc.

214,035

7,276

Western

Union

Co.

(The)

95,898

791

WEX,

Inc.*

148,779

26,719,307

Food

Products

(

1

.8

%

):

17,878

Archer-Daniels-Midland

Co.

1,348,359

4,766

Bunge,

Ltd.

515,919

6,536

Campbell

Soup

Co.

268,499

15,737

Conagra

Brands,

Inc.

431,509

5,352

Darling

Ingredients,

Inc.*

279,374

6,734

Flowers

Foods,

Inc.

149,360

1,108

Freshpet,

Inc.*

72,995

19,516

General

Mills,

Inc.

1,248,829

1,299

Hershey

Co.

(The)

259,904

9,805

Hormel

Foods

Corp.

372,884

2,161

Ingredion,

Inc.

212,642

3,280

JM

Smucker

Co.

(The)

403,145

8,554

Kellanova

509,049

26,883

Kraft

Heinz

Co.

(The)

904,344

8,339

McCormick

&

Co.,

Inc.

630,762

45,215

Mondelez

International,

Inc.,

Class

A

3,137,921

925

Pilgrim's

Pride

Corp.*

21,118

1,742

Post

Holdings,

Inc.*

149,359

7

Seaboard

Corp.

26,271

9,410

Tyson

Foods,

Inc.,

Class

A

475,111

11,417,354

Shares

Value

Common

Stocks,

continued

Gas

Utilities

(

0

.1

%

):

4,802

Atmos

Energy

Corp.

$

508,676

2,894

National

Fuel

Gas

Co.

150,227

6,716

UGI

Corp.

154,468

813,371

Ground

Transportation

(

1

.2

%

):

458

Avis

Budget

Group,

Inc.*

82,298

59,212

CSX

Corp.

1,820,769

4,594

Hertz

Global

Holdings,

Inc.*

56,277

2,158

JB

Hunt

Transport

Services,

Inc.

406,826

5,266

Knight-Swift

Transportation

Holdings,

Inc.

264,090

113

Landstar

System,

Inc.

19,994

7,562

Norfolk

Southern

Corp.

1,489,185

233

Old

Dominion

Freight

Line,

Inc.

95,330

1,543

Ryder

System,

Inc.

165,024

808

Saia,

Inc.*

322,109

1,941

Schneider

National,

Inc.,

Class

B

53,746

1,699

U-Haul

Holding

Co.

89,011

141

U-Haul

Holding

Co.*

7,694

11,567

Union

Pacific

Corp.

2,355,388

3,811

XPO,

Inc.*

284,529

7,512,270

Health

Care

Equipment

&

Supplies

(

3

.4

%

):

53,933

Abbott

Laboratories

5,223,411

16,779

Baxter

International,

Inc.

633,239

9,405

Becton

Dickinson

&

Co.

2,431,475

47,615

Boston

Scientific

Corp.*

2,514,072

1,649

Cooper

Cos.,

Inc.

(The)

524,399

7,197

DENTSPLY

SIRONA,

Inc.

245,850

1,819

Enovis

Corp.*

95,916

5,182

Envista

Holdings

Corp.*

144,474

12,039

GE

HealthCare

Technologies,

Inc.

819,134

2,560

Globus

Medical,

Inc.*

127,104

8,036

Hologic,

Inc.*

557,698

590

ICU

Medical,

Inc.*

70,216

2,602

Integra

LifeSciences

Holdings

Corp.*

99,370

44,164

Medtronic

plc

3,460,691

1,752

QuidelOrtho

Corp.*

127,966

3,301

STERIS

plc

724,305

8,784

Stryker

Corp.

2,400,404

1,904

Tandem

Diabetes

Care,

Inc.*

39,546

1,606

Teleflex,

Inc.

315,434

7,018

Zimmer

Biomet

Holdings,

Inc.

787,560

21,342,264

Health

Care

Providers

&

Services

(

3

.1

%

):

2,943

Acadia

Healthcare

Co.,

Inc.*

206,922

35

agilon

health,

Inc.*^

622

1,149

Amedisys,

Inc.*

107,317

4,091

Cardinal

Health,

Inc.

355,181

17,980

Centene

Corp.*

1,238,462

143

Chemed

Corp.

74,317

8,975

Cigna

Group

(The)

2,567,478

42,575

CVS

Health

Corp.

2,972,586

6,834

Elevance

Health,

Inc.

2,975,660

3,144

Encompass

Health

Corp.

211,151

5,397

HCA

Healthcare,

Inc.

1,327,554

4,454

Henry

Schein,

Inc.*

330,709

2,340

Humana,

Inc.

1,138,457

2,906

Laboratory

Corp.

of

America

Holdings

584,251

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

188

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

2,790

McKesson

Corp.

$

1,213,231

900

Molina

Healthcare,

Inc.*

295,101

4,230

Premier,

Inc.,

Class

A

90,945

3,646

Quest

Diagnostics,

Inc.

444,302

5,224

R1

RCM,

Inc.*

78,726

3,449

Tenet

Healthcare

Corp.*

227,255

4,935

UnitedHealth

Group,

Inc.

2,488,178

2,071

Universal

Health

Services,

Inc.,

Class

B

260,387

19,188,792

Health

Care

REITs

(

0

.5

%

):

12,580

Healthcare

Realty

Trust,

Inc.

192,096

18,438

Healthpeak

Properties,

Inc.

338,522

21,340

Medical

Properties

Trust,

Inc.

116,303

7,795

Omega

Healthcare

Investors,

Inc.

258,482

13,484

Ventas,

Inc.

568,081

16,514

Welltower,

Inc.

1,352,827

2,826,311

Health

Care

Technology

(

0

.0

%

†

):

1,478

Certara,

Inc.*

21,490

2,123

Doximity,

Inc.,

Class

A*

45,050

5,216

Teladoc

Health,

Inc.*

96,966

163,506

Hotel

&

Resort

REITs

(

0

.1

%

):

24,163

Host

Hotels

&

Resorts,

Inc.

388,299

6,446

Park

Hotels

&

Resorts,

Inc.

79,415

467,714

Hotels,

Restaurants

&

Leisure

(

1

.4

%

):

7,823

Aramark

271,458

2,455

Boyd

Gaming

Corp.

149,338

4,154

Caesars

Entertainment,

Inc.*

192,538

32,487

Carnival

Corp.,

Class

A*

445,722

2,199

Darden

Restaurants,

Inc.

314,941

2,238

DoorDash,

Inc.,

Class

A*

177,854

1,316

Expedia

Group,

Inc.*

135,640

4,638

Hilton

Worldwide

Holdings,

Inc.

696,535

1,537

Hyatt

Hotels

Corp.,

Class

A

163,045

769

Las

Vegas

Sands

Corp.

35,251

1,156

Marriott

Vacations

Worldwide

Corp.

116,328

14,235

McDonald's

Corp.

3,750,068

9,806

MGM

Resorts

International

360,469

10,964

Norwegian

Cruise

Line

Holdings,

Ltd.*

180,687

5,550

Penn

Entertainment,

Inc.*

127,372

1,523

Planet

Fitness,

Inc.,

Class

A*

74,901

5,401

Royal

Caribbean

Cruises,

Ltd.*

497,648

1,387

Travel

+

Leisure

Co.

50,944

1,144

Vail

Resorts,

Inc.

253,842

2,668

Wyndham

Hotels

&

Resorts,

Inc.

185,533

3,081

Wynn

Resorts,

Ltd.

284,715

1,170

Yum!

Brands,

Inc.

146,180

8,611,009

Household

Durables

(

0

.8

%

):

10,304

D.R.

Horton,

Inc.

1,107,371

5,060

Garmin,

Ltd.

532,312

4,781

Leggett

&

Platt,

Inc.

121,485

8,346

Lennar

Corp.,

Class

A

936,672

370

Lennar

Corp.,

Class

B

37,825

1,668

Mohawk

Industries,

Inc.*

143,131

Shares

Value

Common

Stocks,

continued

Household

Durables,

continued

13,564

Newell

Brands,

Inc.

$

122,483

88

NVR,

Inc.*

524,771

7,341

PulteGroup,

Inc.

543,601

4,544

Tempur

Sealy

International,

Inc.

196,937

3,518

Toll

Brothers,

Inc.

260,191

1,012

TopBuild

Corp.*

254,619

1,772

Whirlpool

Corp.

236,916

5,018,314

Household

Products

(

1

.8

%

):

868

Church

&

Dwight

Co.,

Inc.

79,535

27,192

Colgate-Palmolive

Co.

1,933,623

680

Kimberly-Clark

Corp.

82,178

63,564

Procter

&

Gamble

Co.

(The)

9,271,445

1,638

Reynolds

Consumer

Products,

Inc.

41,982

1,432

Spectrum

Brands

Holdings,

Inc.

112,197

11,520,960

Independent

Power

and

Renewable

Electricity

Producers

(

0

.1

%

):

8,880

AES

Corp.

(The)

134,976

4,588

Brookfield

Renewable

Corp.,

Class

A

109,837

1,184

Clearway

Energy,

Inc.,

Class

A

23,585

2,799

Clearway

Energy,

Inc.,

Class

C

59,227

8,536

Vistra

Corp.

283,224

610,849

Industrial

Conglomerates

(

1

.5

%

):

18,394

3M

Co.

1,722,046

36,048

General

Electric

Co.

3,985,106

19,282

Honeywell

International,

Inc.

3,562,157

9,269,309

Industrial

REITs

(

0

.8

%

):

9,019

Americold

Realty

Trust,

Inc.

274,268

1,478

EastGroup

Properties,

Inc.

246,131

4,343

First

Industrial

Realty

Trust,

Inc.

206,683

30,675

Prologis,

Inc.

3,442,042

6,599

Rexford

Industrial

Realty,

Inc.

325,661

6,135

STAG

Industrial,

Inc.

211,719

4,706,504

Insurance

(

3

.9

%

):

20,032

Aflac,

Inc.

1,537,456

8,779

Allstate

Corp.

(The)

978,068

2,418

American

Financial

Group,

Inc.

270,018

24,055

American

International

Group,

Inc.

1,457,733

6,707

Aon

plc,

Class

A

2,174,544

10,248

Arch

Capital

Group,

Ltd.*

816,868

6,654

Arthur

J.

Gallagher

&

Co.

1,516,646

1,795

Assurant,

Inc.

257,726

1,766

Assured

Guaranty,

Ltd.

106,878

2,470

Axis

Capital

Holdings,

Ltd.

139,234

2,027

Brighthouse

Financial,

Inc.*

99,201

4,943

Brown

&

Brown,

Inc.

345,219

13,702

Chubb,

Ltd.

2,852,482

5,125

Cincinnati

Financial

Corp.

524,236

980

CNA

Financial

Corp.

38,563

1,198

Everest

Group,

Ltd.

445,261

8,763

Fidelity

National

Financial,

Inc.

361,912

3,299

First

American

Financial

Corp.

186,361

2,857

Globe

Life,

Inc.

310,642

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

189

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

1,272

Hanover

Insurance

Group,

Inc.

(The)

$

141,167

10,137

Hartford

Financial

Services

Group,

Inc.

(The)

718,815

1,875

Kemper

Corp.

78,806

4,835

Lincoln

National

Corp.

119,376

6,096

Loews

Corp.

385,938

435

Markel

Group,

Inc.*

640,533

3,269

Marsh

&

McLennan

Cos.,

Inc.

622,091

21,483

MetLife,

Inc.

1,351,496

9,231

Old

Republic

International

Corp.

248,683

435

Primerica,

Inc.

84,394

7,905

Principal

Financial

Group,

Inc.

569,713

4,875

Progressive

Corp.

(The)

679,088

12,140

Prudential

Financial,

Inc.

1,151,965

2,264

Reinsurance

Group

of

America,

Inc.

328,710

1,233

RenaissanceRe

Holdings,

Ltd.

244,035

1,070

RLI

Corp.

145,402

7,643

Travelers

Cos.,

Inc.

(The)

1,248,178

6,688

Unum

Group

328,983

6,726

W

R

Berkley

Corp.

427,034

77

White

Mountains

Insurance

Group,

Ltd.

115,168

3,092

Willis

Towers

Watson

plc

646,104

24,694,727

Interactive

Media

&

Services

(

0

.0

%

†

):

2,387

IAC,

Inc.*

120,281

407

Match

Group,

Inc.*

15,944

3,372

TripAdvisor,

Inc.*

55,908

5,149

ZoomInfo

Technologies,

Inc.*

84,444

276,577

IT

Services

(

1

.3

%

):

5,144

Akamai

Technologies,

Inc.*

548,042

3,901

Amdocs,

Ltd.

329,596

16,810

Cognizant

Technology

Solutions

Corp.,

Class

A

1,138,709

6,612

DXC

Technology

Co.*

137,728

2,076

GoDaddy,

Inc.,

Class

A*

154,621

30,212

International

Business

Machines

Corp.

4,238,744

7,343

Kyndryl

Holdings,

Inc.*

110,879

4,697

Okta,

Inc.*

382,852

4,831

Twilio,

Inc.,

Class

A*

282,758

2,804

VeriSign,

Inc.*

567,894

7,891,823

Leisure

Products

(

0

.1

%

):

2,144

Brunswick

Corp.

169,376

4,391

Hasbro,

Inc.

290,421

12,028

Mattel,

Inc.*

264,977

1,680

Polaris,

Inc.

174,955

899,729

Life

Sciences

Tools

&

Services

(

1

.8

%

):

1,888

Agilent

Technologies,

Inc.

211,116

22,164

Avantor,

Inc.*

467,217

2,193

Azenta,

Inc.*

110,067

714

Bio-Rad

Laboratories,

Inc.,

Class

A*

255,933

1,734

Charles

River

Laboratories

International,

Inc.*

339,829

21,884

Danaher

Corp.

5,429,420

3,093

Fortrea

Holdings,

Inc.*

88,429

2,293

ICON

plc*

564,651

3,672

Illumina,

Inc.*

504,092

460

IQVIA

Holdings,

Inc.*

90,505

7,662

QIAGEN

NV*

310,311

Shares

Value

Common

Stocks,

continued

Life

Sciences

Tools

&

Services,

continued

1,059

Repligen

Corp.*

$

168,392

4,212

Revvity,

Inc.

466,269

4,918

Thermo

Fisher

Scientific,

Inc.

2,489,344

11,495,575

Machinery

(

2

.5

%

):

1,936

AGCO

Corp.

228,990

2,803

Allison

Transmission

Holdings,

Inc.

165,545

4,275

Caterpillar,

Inc.

1,167,075

31,870

CNH

Industrial

NV

385,627

1,690

Crane

Co.

150,140

1,690

Crane

NXT

Co.

93,913

4,688

Cummins,

Inc.

1,071,020

606

Deere

&

Co.

228,692

2,420

Donaldson

Co.,

Inc.

144,329

4,614

Dover

Corp.

643,699

1,821

Esab

Corp.

127,871

4,196

Flowserve

Corp.

166,875

11,840

Fortive

Corp.

878,054

3,877

Gates

Industrial

Corp.

plc*

45,012

3,375

Graco,

Inc.

245,970

2,244

IDEX

Corp.

466,797

1,838

Illinois

Tool

Works,

Inc.

423,310

13,541

Ingersoll

Rand,

Inc.

862,833

2,793

ITT,

Inc.

273,463

1,789

Middleby

Corp.

(The)*

228,992

1,870

Nordson

Corp.

417,328

2,163

Oshkosh

Corp.

206,415

12,835

Otis

Worldwide

Corp.

1,030,779

17,055

PACCAR,

Inc.

1,450,016

4,269

Parker-Hannifin

Corp.

1,662,861

5,569

Pentair

PLC

360,593

966

RBC

Bearings,

Inc.*

226,170

1,704

Snap-on,

Inc.

434,622

5,094

Stanley

Black

&

Decker,

Inc.

425,756

2,197

Timken

Co.

(The)

161,458

5,913

Westinghouse

Air

Brake

Technologies

Corp.

628,374

6,938

Xylem,

Inc.

631,566

15,634,145

Marine

Transportation

(

0

.0

%

†

):

1,914

Kirby

Corp.*

158,479

Media

(

1

.4

%

):

179

Cable

One,

Inc.

110,200

136,051

Comcast

Corp.,

Class

A

6,032,501

9,003

DISH

Network

Corp.,

Class

A*

52,758

8,873

Fox

Corp.,

Class

A

276,838

4,461

Fox

Corp.,

Class

B

128,834

12,829

Interpublic

Group

of

Cos.,

Inc.

(The)

367,679

335

Liberty

Broadband

Corp.,

Class

A*

30,455

3,156

Liberty

Broadband

Corp.,

Class

C*

288,206

5,247

Liberty

Media

Corp.-Liberty

SiriusXM*

133,589

2,789

Liberty

Media

Corp.-Liberty

SiriusXM*

70,980

5,327

New

York

Times

Co.

(The),

Class

A

219,472

12,595

News

Corp.,

Class

A

252,656

4,252

News

Corp.,

Class

B

88,739

768

Nexstar

Media

Group,

Inc.

110,108

6,498

Omnicom

Group,

Inc.

483,971

33

Paramount

Global,

Class

A^

521

19,478

Paramount

Global,

Class

B

251,266

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

190

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Media,

continued

21,218

Sirius

XM

Holdings,

Inc.^

$

95,905

8,994,678

Metals

&

Mining

(

1

.0

%

):

5,641

Alcoa

Corp.

163,928

17,165

Cleveland-Cliffs,

Inc.*

268,289

47,275

Freeport-McMoRan,

Inc.

1,762,885

3,553

MP

Materials

Corp.*

67,862

26,695

Newmont

Corp.

986,380

8,366

Nucor

Corp.

1,308,024

1,946

Reliance

Steel

&

Aluminum

Co.

510,300

2,202

Royal

Gold,

Inc.

234,139

7,402

SSR

Mining,

Inc.

98,373

5,302

Steel

Dynamics,

Inc.

568,480

7,428

United

States

Steel

Corp.

241,261

6,209,921

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.1

%

):

18,499

AGNC

Investment

Corp.

174,630

15,791

Annaly

Capital

Management,

Inc.

297,029

15,555

Rithm

Capital

Corp.

144,506

9,551

Starwood

Property

Trust,

Inc.

184,812

800,977

Multi-Utilities

(

1

.3

%

):

8,801

Ameren

Corp.

658,579

20,609

CenterPoint

Energy,

Inc.

553,352

9,743

CMS

Energy

Corp.

517,451

11,639

Consolidated

Edison,

Inc.

995,484

27,760

Dominion

Energy,

Inc.

1,240,039

6,768

DTE

Energy

Co.

671,927

13,854

NiSource,

Inc.

341,917

16,349

Public

Service

Enterprise

Group,

Inc.

930,421

20,972

Sempra

Energy

1,426,725

10,553

WEC

Energy

Group,

Inc.

850,044

8,185,939

Office

REITs

(

0

.2

%

):

5,694

Alexandria

Real

Estate

Equities,

Inc.

569,969

5,322

Boston

Properties,

Inc.

316,553

5,426

Cousins

Properties,

Inc.

110,528

3,732

Highwoods

Properties,

Inc.

76,917

4,176

Kilroy

Realty

Corp.

132,003

5,487

Vornado

Realty

Trust

124,445

1,330,415

Oil,

Gas

&

Consumable

Fuels

(

8

.2

%

):

7,715

Antero

Midstream

Corp.

92,426

9,662

Antero

Resources

Corp.*

245,222

1,209

APA

Corp.

49,690

4,134

Chesapeake

Energy

Corp.

356,475

58,833

Chevron

Corp.

9,920,420

40,316

ConocoPhillips

4,829,857

24,508

Coterra

Energy,

Inc.

662,941

21,512

Devon

Energy

Corp.

1,026,122

6,059

Diamondback

Energy,

Inc.

938,418

3,110

DT

Midstream,

Inc.

164,581

19,501

EOG

Resources,

Inc.

2,471,947

11,853

EQT

Corp.

480,995

133,194

Exxon

Mobil

Corp.

15,660,950

4,079

Hess

Corp.

624,087

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

4,847

HF

Sinclair

Corp.

$

275,940

64,806

Kinder

Morgan,

Inc.

1,074,483

20,385

Marathon

Oil

Corp.

545,299

14,078

Marathon

Petroleum

Corp.

2,130,565

23,224

Occidental

Petroleum

Corp.

1,506,773

14,130

ONEOK,

Inc.

896,266

4,618

Ovintiv,

Inc.

219,678

15,257

Phillips

66

1,833,129

7,705

Pioneer

Natural

Resources

Co.

1,768,683

7,999

Range

Resources

Corp.

259,248

36,730

Southwestern

Energy

Co.*

236,908

11,661

Valero

Energy

Corp.

1,652,480

40,468

Williams

Cos.,

Inc.

(The)

1,363,367

51,286,950

Paper

&

Forest

Products

(

0

.0

%

†

):

2,306

Louisiana-Pacific

Corp.

127,453

Passenger

Airlines

(

0

.3

%

):

3,933

Alaska

Air

Group,

Inc.*

145,836

13,962

American

Airlines

Group,

Inc.*

178,853

20,360

Delta

Air

Lines,

Inc.

753,320

20,011

Southwest

Airlines

Co.

541,698

10,944

United

Airlines

Holdings,

Inc.*

462,931

2,082,638

Personal

Care

Products

(

0

.3

%

):

12,626

Coty,

Inc.,

Class

A*

138,507

5,264

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

760,911

38,400

Kenvue,

Inc.

771,072

1,670,490

Pharmaceuticals

(

5

.0

%

):

69,898

Bristol-Myers

Squibb

Co.

4,056,880

6,146

Catalent,

Inc.*

279,828

16,000

Elanco

Animal

Health,

Inc.*

179,840

1,005

Jazz

Pharmaceuticals

plc*

130,087

80,135

Johnson

&

Johnson

12,481,026

68,918

Merck

&

Co.,

Inc.

7,095,108

8,008

Organon

&

Co.

139,019

4,233

Perrigo

Co.

plc

135,244

187,877

Pfizer,

Inc.

6,231,880

12,691

Royalty

Pharma

plc,

Class

A

344,434

38,970

Viatris,

Inc.

384,244

31,457,590

Professional

Services

(

0

.9

%

):

1,931

Automatic

Data

Processing,

Inc.

464,560

657

Broadridge

Financial

Solutions,

Inc.

117,636

771

CACI

International,

Inc.,

Class

A*

242,040

4,607

Ceridian

HCM

Holding,

Inc.*

312,585

14,382

Clarivate

plc*

96,503

1,527

Concentrix

Corp.

122,328

7,643

CoStar

Group,

Inc.*

587,670

9,034

Dun

&

Bradstreet

Holdings,

Inc.

90,250

1,283

Equifax,

Inc.

235,020

927

FTI

Consulting,

Inc.*

165,386

4,601

Genpact,

Ltd.

166,556

1,698

Jack

Henry

&

Associates,

Inc.

256,636

4,234

Jacobs

Solutions,

Inc.

577,941

2,939

KBR,

Inc.

173,225

4,461

Leidos

Holdings,

Inc.

411,126

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

191

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

1,549

ManpowerGroup,

Inc.

$

113,573

838

Paycor

HCM,

Inc.*

19,132

3,594

Robert

Half,

Inc.

263,368

1,793

Science

Applications

International

Corp.

189,233

7,073

SS&C

Technologies

Holdings,

Inc.

371,615

6,350

TransUnion

455,866

5,432,249

Real

Estate

Management

&

Development

(

0

.2

%

):

10,354

CBRE

Group,

Inc.,

Class

A*

764,747

1,072

Howard

Hughes

Holdings,

Inc.*

79,467

1,591

Jones

Lang

LaSalle,

Inc.*

224,617

1,901

Zillow

Group,

Inc.,

Class

A*

85,146

5,326

Zillow

Group,

Inc.,

Class

C*

245,848

1,399,825

Residential

REITs

(

0

.8

%

):

11,060

American

Homes

4

Rent,

Class

A

372,611

4,943

Apartment

Income

REIT

Corp.

151,750

4,665

AvalonBay

Communities,

Inc.

801,167

3,412

Camden

Property

Trust

322,707

4,086

Equity

LifeStyle

Properties,

Inc.

260,319

12,356

Equity

Residential

725,421

2,154

Essex

Property

Trust,

Inc.

456,842

20,164

Invitation

Homes,

Inc.

638,997

3,857

Mid-America

Apartment

Communities,

Inc.

496,203

3,127

Sun

Communities,

Inc.

370,049

10,586

UDR,

Inc.

377,603

4,973,669

Retail

REITs

(

0

.6

%

):

3,041

Agree

Realty

Corp.

167,985

9,829

Brixmor

Property

Group,

Inc.

204,247

20,680

Kimco

Realty

Corp.

363,761

5,895

NNN

REIT,

Inc.

208,329

22,162

Realty

Income

Corp.

1,106,770

5,818

Regency

Centers

Corp.

345,822

8,508

Simon

Property

Group,

Inc.

919,119

5,000

Spirit

Realty

Capital,

Inc.

167,650

3,483,683

Semiconductors

&

Semiconductor

Equipment

(

3

.6

%

):

22,900

Advanced

Micro

Devices,

Inc.*

2,354,578

16,806

Analog

Devices,

Inc.

2,942,563

4,344

Applied

Materials,

Inc.

601,427

1,969

Cirrus

Logic,

Inc.*

145,627

4,636

Entegris,

Inc.

435,367

3,495

First

Solar,

Inc.*

564,757

2,680

GLOBALFOUNDRIES,

Inc.*^

155,949

138,812

Intel

Corp.

4,934,767

243

Lam

Research

Corp.

152,305

28,557

Marvell

Technology,

Inc.

1,545,790

5,034

Microchip

Technology,

Inc.

392,904

36,244

Micron

Technology,

Inc.

2,465,679

2,059

MKS

Instruments,

Inc.

178,186

14,329

ON

Semiconductor

Corp.*

1,331,881

3,222

Qorvo,

Inc.*

307,604

4,708

QUALCOMM,

Inc.

522,870

5,217

Skyworks

Solutions,

Inc.

514,344

890

Teradyne,

Inc.

89,409

17,862

Texas

Instruments,

Inc.

2,840,237

875

Universal

Display

Corp.

137,366

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

4,106

Wolfspeed,

Inc.*

$

156,439

22,770,049

Software

(

1

.6

%

):

519

ANSYS,

Inc.*

154,428

5,184

AppLovin

Corp.,

Class

A*

207,153

953

Aspen

Technology,

Inc.*

194,660

3,385

BILL

Holdings,

Inc.*

367,509

6,873

CCC

Intelligent

Solutions

Holdings,

Inc.*

91,755

1,963

Dolby

Laboratories,

Inc.,

Class

A

155,587

959

Dropbox,

Inc.,

Class

A*

26,114

15,979

Gen

Digital,

Inc.

282,509

2,697

Guidewire

Software,

Inc.*

242,730

1,028

HashiCorp,

Inc.,

Class

A*

23,469

397

Informatica,

Inc.,

Class

A*

8,365

1,661

nCino,

Inc.*

52,820

4,330

NCR

Corp.*

116,780

5,942

Nutanix,

Inc.,

Class

A*

207,257

29,778

Oracle

Corp.

3,154,086

1,773

PTC,

Inc.*

251,199

3,524

Roper

Technologies,

Inc.

1,706,603

7,767

Salesforce,

Inc.*

1,574,992

5,569

SentinelOne,

Inc.,

Class

A*

93,893

347

Tyler

Technologies,

Inc.*

133,991

2,991

UiPath,

Inc.,

Class

A*

51,176

5,952

Unity

Software,

Inc.*

186,833

8,458

Zoom

Video

Communications,

Inc.,

Class

A*

591,552

9,875,461

Specialized

REITs

(

1

.4

%

):

12,843

Crown

Castle,

Inc.

1,181,941

7,591

CubeSmart

289,445

9,997

Digital

Realty

Trust,

Inc.

1,209,837

2,660

EPR

Properties

110,496

1,537

Equinix,

Inc.

1,116,262

6,995

Extra

Space

Storage,

Inc.

850,452

8,350

Gaming

and

Leisure

Properties,

Inc.

380,342

4,999

Iron

Mountain,

Inc.

297,191

680

Lamar

Advertising

Co.,

Class

A

56,760

2,479

National

Storage

Affiliates

Trust

78,683

2,174

Public

Storage

572,892

4,571

Rayonier,

Inc.

130,091

3,210

SBA

Communications

Corp.

642,546

33,018

VICI

Properties,

Inc.

960,824

24,434

Weyerhaeuser

Co.

749,146

8,626,908

Specialty

Retail

(

0

.7

%

):

1,989

Advance

Auto

Parts,

Inc.

111,245

1,041

AutoNation,

Inc.*

157,607

96

AutoZone,

Inc.*

243,839

7,662

Bath

&

Body

Works,

Inc.

258,976

5,482

Best

Buy

Co.,

Inc.

380,835

5,015

CarMax,

Inc.*

354,711

1,910

Dick's

Sporting

Goods,

Inc.

207,388

8,551

GameStop

Corp.,

Class

A*^

140,749

6,989

Gap,

Inc.

(The)

74,293

907

Lithia

Motors,

Inc.

267,864

5,206

Lowe's

Cos.,

Inc.

1,082,015

296

O'Reilly

Automotive,

Inc.*

269,023

686

Penske

Automotive

Group,

Inc.

114,603

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

192

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2023

.

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

2,533

Petco

Health

&

Wellness

Co.,

Inc.*

$

10,360

465

RH*

122,927

769

Ross

Stores,

Inc.

86,859

4,328

Valvoline,

Inc.

139,535

812

Victoria's

Secret

&

Co.*

13,544

1,827

Wayfair,

Inc.,

Class

A*

110,661

1,821

Williams-Sonoma,

Inc.^

282,983

4,430,017

Technology

Hardware,

Storage

&

Peripherals

(

0

.3

%

):

42,607

Hewlett

Packard

Enterprise

Co.

740,083

22,856

HP,

Inc.

587,399

4,152

NetApp,

Inc.

315,054

2,095

Pure

Storage,

Inc.,

Class

A*

74,624

10,474

Western

Digital

Corp.*

477,929

2,195,089

Textiles,

Apparel

&

Luxury

Goods

(

0

.5

%

):

3,972

Capri

Holdings,

Ltd.*

208,967

1,340

Carter's,

Inc.

92,661

1,294

Columbia

Sportswear

Co.

95,885

18,580

NIKE,

Inc.,

Class

B

1,776,620

2,097

PVH

Corp.

160,441

1,294

Ralph

Lauren

Corp.

150,220

4,081

Skechers

U.S.A.,

Inc.,

Class

A*

199,765

7,054

Tapestry,

Inc.

202,803

6,770

Under

Armour,

Inc.,

Class

A*

46,375

7,090

Under

Armour,

Inc.,

Class

C*

45,234

11,574

VF

Corp.

204,513

3,183,484

Tobacco

(

1

.2

%

):

59,304

Altria

Group,

Inc.

2,493,733

51,601

Philip

Morris

International,

Inc.

4,777,221

7,270,954

Trading

Companies

&

Distributors

(

0

.5

%

):

3,261

Air

Lease

Corp.

128,516

Shares

Value

Common

Stocks,

continued

Trading

Companies

&

Distributors,

continued

3,074

Core

&

Main,

Inc.,

Class

A*

$

88,685

4,900

Fastenal

Co.

267,736

6,527

Ferguson

PLC

1,073,496

1,458

MSC

Industrial

Direct

Co.,

Inc.

143,103

1,030

SiteOne

Landscape

Supply,

Inc.*

168,353

1,824

United

Rentals,

Inc.

810,896

852

Watsco,

Inc.

321,817

1,512

WESCO

International,

Inc.

217,456

3,220,058

Water

Utilities

(

0

.2

%

):

6,520

American

Water

Works

Co.,

Inc.

807,372

8,315

Essential

Utilities,

Inc.

285,454

1,092,826

Wireless

Telecommunication

Services

(

0

.4

%

):

17,704

T-Mobile

US,

Inc.

2,479,445

Total

Common

Stocks

(Cost

$479,885,539)

620,773,301

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(

0

.2

%

):

$

988,380

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.36%(a)(b)

988,380

Total

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(Cost

$988,380)

988,380

Unaffiliated

Investment

Company

(

0

.6

%

):

Money

Markets

(

0

.6

%

):

4,022,072

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.24%(b)

4,022,072

Total

Unaffiliated

Investment

Company

(Cost

$4,022,072)

4,022,072

Total

Investment

Securities

(Cost

$484,895,991)

—

100.1%

625,783,753

Net

other

assets

(liabilities)

—

(0.1)%

(

614,119

)

Net

Assets

—

100.0%

$

625,169,634

REIT

-

Real

Estate

Investment

Trust

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$954,771.

+

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

September

30,

2023.

(b)

The

rate

represents

the

effective

yield

at

September

30,

2023.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Futures

Contracts

At

September

30,

2023,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

December

Futures

(U.S.

Dollar)

12/15/23

12

$

2,595,300‌

$

(

7,362‌

)

S&P

Midcap

400

E-Mini

December

Futures

(U.S.

Dollar)

12/15/23

9

2,268,360‌

(

10,059‌

)

$

(

17,421‌

)

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

193

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

194

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(

99

.6

%

):

Aerospace

&

Defense

(

1

.5

%

):

4,691

Axon

Enterprise,

Inc.*

$

933,462

38,472

Boeing

Co.

(The)*

7,374,313

15,123

General

Dynamics

Corp.

3,341,729

24,866

Howmet

Aerospace,

Inc.

1,150,053

2,526

Huntington

Ingalls

Industries,

Inc.

516,769

12,975

L3Harris

Technologies,

Inc.

2,259,207

15,131

Lockheed

Martin

Corp.

6,187,974

9,698

Northrop

Grumman

Corp.

4,268,963

98,260

RTX

Corp.

7,071,772

13,622

Textron,

Inc.

1,064,423

3,725

TransDigm

Group,

Inc.*

3,140,659

37,309,324

Air

Freight

&

Logistics

(

0

.6

%

):

7,910

CH

Robinson

Worldwide,

Inc.

681,288

9,859

Expeditors

International

of

Washington,

Inc.

1,130,137

15,513

FedEx

Corp.

4,109,704

48,824

United

Parcel

Service,

Inc.,

Class

B

7,610,197

13,531,326

Automobile

Components

(

2

.3

%

):

18,453

Aptiv

plc*

1,819,281

16,029

BorgWarner,

Inc.

647,091

266,314

Ford

Motor

Co.

3,307,620

93,631

General

Motors

Co.

3,087,014

186,418

Tesla,

Inc.*

46,645,512

55,506,518

Banks

(

3

.0

%

):

466,713

Bank

of

America

Corp.

12,778,602

130,002

Citigroup,

Inc.

5,346,982

30,616

Citizens

Financial

Group,

Inc.

820,509

8,188

Comerica,

Inc.

340,211

46,480

Fifth

Third

Bancorp

1,177,338

98,142

Huntington

Bancshares,

Inc.

1,020,677

196,187

JPMorgan

Chase

&

Co.

28,451,039

61,833

KeyCorp

665,323

11,374

M&T

Bank

Corp.

1,438,242

27,122

PNC

Financial

Services

Group,

Inc.

(The)

3,329,768

64,178

Regions

Financial

Corp.

1,103,862

89,297

Truist

Financial

Corp.

2,554,787

105,109

US

Bancorp

3,474,904

247,001

Wells

Fargo

&

Co.

10,092,461

10,729

Zions

Bancorp

NA

374,335

72,969,040

Beverages

(

1

.6

%

):

12,011

Brown-Forman

Corp.,

Class

B

692,915

262,739

Coca-Cola

Co.

(The)

14,708,129

10,834

Constellation

Brands,

Inc.,

Class

A

2,722,909

67,916

Keurig

Dr

Pepper,

Inc.

2,144,108

12,718

Molson

Coors

Beverage

Co.,

Class

B

808,738

50,093

Monster

Beverage

Corp.*

2,652,424

92,932

PepsiCo,

Inc.

15,746,398

39,475,621

Biotechnology

(

2

.1

%

):

119,157

AbbVie,

Inc.

17,761,542

36,060

Amgen,

Inc.

9,691,486

9,948

Biogen,

Inc.*

2,556,735

84,117

Gilead

Sciences,

Inc.

6,303,728

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

12,408

Incyte

Corp.*

$

716,810

22,278

Moderna,

Inc.*

2,301,095

7,206

Regeneron

Pharmaceuticals,

Inc.*

5,930,250

17,522

Vertex

Pharmaceuticals,

Inc.*

6,093,100

51,354,746

Broadline

Retail

(

3

.3

%

):

612,956

Amazon.com,

Inc.*

77,918,967

36,696

eBay,

Inc.

1,617,926

8,303

Etsy,

Inc.*

536,208

80,073,101

Building

Products

(

0

.4

%

):

8,564

A

O

Smith

Corp.

566,337

6,110

Allegion

plc

636,662

56,116

Carrier

Global

Corp.

3,097,603

46,545

Johnson

Controls

International

plc

2,476,660

14,670

Masco

Corp.

784,112

15,542

Trane

Technologies

plc

3,153,627

10,715,001

Capital

Markets

(

2

.8

%

):

6,928

Ameriprise

Financial,

Inc.

2,284,023

52,575

Bank

of

New

York

Mellon

Corp.

(The)

2,242,324

9,475

BlackRock,

Inc.,

Class

A+

6,125,493

47,914

Blackstone,

Inc.

5,133,506

7,208

Cboe

Global

Markets,

Inc.

1,125,962

100,644

Charles

Schwab

Corp.

(The)

5,525,356

24,281

CME

Group,

Inc.

4,861,542

2,566

FactSet

Research

Systems,

Inc.

1,122,009

19,919

Franklin

Resources,

Inc.

489,609

22,256

Goldman

Sachs

Group,

Inc.

(The)

7,201,374

38,536

Intercontinental

Exchange,

Inc.

4,239,731

30,108

Invesco,

Ltd.

437,168

2,456

MarketAxess

Holdings,

Inc.

524,700

10,647

Moody's

Corp.

3,366,262

86,132

Morgan

Stanley

7,034,400

5,339

MSCI,

Inc.

2,739,334

23,232

Nasdaq,

Inc.

1,128,843

13,984

Northern

Trust

Corp.

971,608

12,522

Raymond

James

Financial,

Inc.

1,257,584

21,967

S&P

Global,

Inc.

8,026,961

21,511

State

Street

Corp.

1,440,377

15,000

T.

Rowe

Price

Group,

Inc.

1,573,050

68,851,216

Chemicals

(

1

.7

%

):

15,099

Air

Products

and

Chemicals,

Inc.

4,279,057

7,761

Albemarle

Corp.

1,319,681

6,754

Celanese

Corp.

847,762

13,225

CF

Industries

Holdings,

Inc.

1,133,912

47,776

Corteva,

Inc.

2,444,220

48,184

Dow,

Inc.

2,484,367

30,704

DuPont

de

Nemours,

Inc.

2,290,211

8,352

Eastman

Chemical

Co.

640,766

16,776

Ecolab,

Inc.

2,841,854

8,653

FMC

Corp.

579,492

16,867

International

Flavors

&

Fragrances,

Inc.

1,149,823

32,941

Linde

plc

12,265,581

16,966

Lyondellbasell

Industries

NV

1,606,680

22,252

Mosaic

Co.

(The)

792,171

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

195

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

15,788

PPG

Industries,

Inc.

$

2,049,282

15,863

Sherwin-Williams

Co.

(The)

4,045,858

40,770,717

Commercial

Services

&

Supplies

(

0

.5

%

):

5,798

Cintas

Corp.

2,788,896

58,381

Copart,

Inc.*

2,515,637

14,130

Republic

Services,

Inc.

2,013,666

15,853

Rollins,

Inc.

591,793

24,807

Waste

Management,

Inc.

3,781,579

11,691,571

Communications

Equipment

(

0

.9

%

):

17,047

Arista

Networks,

Inc.*

3,135,455

275,103

Cisco

Systems,

Inc.

14,789,537

4,113

F5,

Inc.*

662,769

21,995

Juniper

Networks,

Inc.

611,241

11,177

Motorola

Solutions,

Inc.

3,042,826

22,241,828

Construction

&

Engineering

(

0

.1

%

):

9,720

Quanta

Services,

Inc.

1,818,320

Construction

Materials

(

0

.1

%

):

4,233

Martin

Marietta

Materials,

Inc.

1,737,562

9,063

Vulcan

Materials

Co.

1,830,907

3,568,469

Consumer

Finance

(

0

.4

%

):

39,277

American

Express

Co.

5,859,736

25,533

Capital

One

Financial

Corp.

2,477,978

16,815

Discover

Financial

Services

1,456,683

28,441

Synchrony

Financial

869,441

10,663,838

Consumer

Staples

Distribution

&

Retail

(

1

.8

%

):

29,916

Costco

Wholesale

Corp.

16,901,343

14,511

Dollar

General

Corp.

1,535,264

14,031

Dollar

Tree,

Inc.*

1,493,600

44,909

Kroger

Co.

(The)

2,009,678

34,569

Sysco

Corp.

2,283,283

31,362

Target

Corp.

3,467,696

46,885

Walgreens

Boots

Alliance,

Inc.

1,042,722

96,349

Walmart,

Inc.

15,409,096

44,142,682

Containers

&

Packaging

(

0

.2

%

):

103,433

Amcor

plc

947,446

5,477

Avery

Dennison

Corp.

1,000,484

21,322

Ball

Corp.

1,061,409

22,404

International

Paper

Co.

794,670

6,179

Packaging

Corp.

of

America

948,785

9,234

Sealed

Air

Corp.

303,429

16,802

Westrock

Co.

601,512

5,657,735

Distributors

(

0

.1

%

):

9,359

Genuine

Parts

Co.

1,351,252

17,554

LKQ

Corp.

869,099

2,690

Pool

Corp.

957,909

3,178,260

Diversified

REITs

(

0

.0

%

†

):

5,376

Federal

Realty

Investment

Trust

487,227

Shares

Value

Common

Stocks,

continued

Diversified

Telecommunication

Services

(

0

.7

%

):

482,622

AT&T,

Inc.

$

7,248,983

283,781

Verizon

Communications,

Inc.

9,197,342

16,446,325

Electric

Utilities

(

1

.6

%

):

17,186

Alliant

Energy

Corp.

832,662

34,808

American

Electric

Power

Co.,

Inc.

2,618,258

21,626

Constellation

Energy

Corp.

2,358,964

52,159

Duke

Energy

Corp.

4,603,553

25,969

Edison

International

1,643,578

14,039

Entergy

Corp.

1,298,607

15,858

Evergy,

Inc.

804,001

23,399

Eversource

Energy

1,360,652

66,682

Exelon

Corp.

2,519,913

34,836

FirstEnergy

Corp.

1,190,694

137,192

NextEra

Energy,

Inc.

7,859,730

15,474

NRG

Energy,

Inc.

596,058

141,178

PG&E

Corp.*

2,277,201

8,153

Pinnacle

West

Capital

Corp.

600,713

50,773

PPL

Corp.

1,196,212

73,511

Southern

Co.

(The)

4,757,632

37,030

Xcel

Energy,

Inc.

2,118,857

38,637,285

Electrical

Equipment

(

0

.6

%

):

15,511

AMETEK,

Inc.

2,291,905

26,785

Eaton

Corp.

plc

5,712,705

38,473

Emerson

Electric

Co.

3,715,337

4,227

Generac

Holdings,

Inc.*

460,574

7,749

Rockwell

Automation,

Inc.

2,215,207

14,395,728

Electronic

Equipment,

Instruments

&

Components

(

0

.6

%

):

39,917

Amphenol

Corp.,

Class

A

3,352,629

9,149

CDW

Corp.

1,845,902

51,288

Corning,

Inc.

1,562,745

12,198

Keysight

Technologies,

Inc.*

1,613,918

21,383

TE

Connectivity,

Ltd.

2,641,442

3,260

Teledyne

Technologies,

Inc.*

1,331,971

17,285

Trimble,

Inc.*

930,970

3,423

Zebra

Technologies

Corp.,

Class

A*

809,642

14,089,219

Energy

Equipment

&

Services

(

0

.4

%

):

69,192

Baker

Hughes

Co.

2,443,861

60,808

Halliburton

Co.

2,462,724

95,339

Schlumberger,

Ltd.

5,558,264

10,464,849

Entertainment

(

1

.3

%

):

48,203

Activision

Blizzard,

Inc.

4,513,247

16,643

Electronic

Arts,

Inc.

2,003,817

9,834

Live

Nation

Entertainment,

Inc.*

816,615

29,916

Netflix,

Inc.*

11,296,282

10,648

Take-Two

Interactive

Software,

Inc.*

1,494,873

123,410

Walt

Disney

Co.

(The)*

10,002,381

151,541

Warner

Bros

Discovery,

Inc.*

1,645,735

31,772,950

Financial

Services

(

4

.3

%

):

123,115

Berkshire

Hathaway,

Inc.,

Class

B*

43,127,185

39,968

Fidelity

National

Information

Services,

Inc.

2,209,031

41,154

Fiserv,

Inc.*

4,648,756

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

196

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Financial

Services,

continued

4,877

FleetCor

Technologies,

Inc.*

$

1,245,293

17,825

Global

Payments,

Inc.

2,056,827

56,168

Mastercard,

Inc.,

Class

A

22,237,473

74,127

PayPal

Holdings,

Inc.*

4,333,464

108,473

Visa,

Inc.,

Class

A

24,949,875

104,807,904

Food

Products

(

1

.0

%

):

36,139

Archer-Daniels-Midland

Co.

2,725,603

10,164

Bunge,

Ltd.

1,100,253

13,114

Campbell

Soup

Co.

538,723

32,230

Conagra

Brands,

Inc.

883,747

39,575

General

Mills,

Inc.

2,532,404

9,999

Hershey

Co.

(The)

2,000,600

20,326

Hormel

Foods

Corp.

772,998

7,156

JM

Smucker

Co.

(The)

879,544

17,310

Kellanova

1,030,118

54,700

Kraft

Heinz

Co.

(The)

1,840,108

9,531

Lamb

Weston

Holdings,

Inc.

881,236

16,484

McCormick

&

Co.,

Inc.

1,246,850

92,387

Mondelez

International,

Inc.,

Class

A

6,411,658

19,400

Tyson

Foods,

Inc.,

Class

A

979,506

23,823,348

Gas

Utilities

(

0

.0

%

†

):

9,737

Atmos

Energy

Corp.

1,031,440

Ground

Transportation

(

0

.8

%

):

136,948

CSX

Corp.

4,211,151

5,489

JB

Hunt

Transport

Services,

Inc.

1,034,786

15,199

Norfolk

Southern

Corp.

2,993,139

6,064

Old

Dominion

Freight

Line,

Inc.

2,481,025

41,053

Union

Pacific

Corp.

8,359,623

19,079,724

Health

Care

Equipment

&

Supplies

(

2

.6

%

):

117,152

Abbott

Laboratories

11,346,171

4,848

Align

Technology,

Inc.*

1,480,191

33,389

Baxter

International,

Inc.

1,260,101

19,431

Becton

Dickinson

&

Co.

5,023,497

97,718

Boston

Scientific

Corp.*

5,159,510

3,407

Cooper

Cos.,

Inc.

(The)

1,083,460

15,100

DENTSPLY

SIRONA,

Inc.

515,816

26,353

Dexcom,

Inc.*

2,458,735

40,899

Edwards

Lifesciences

Corp.*

2,833,483

25,998

GE

HealthCare

Technologies,

Inc.

1,768,904

16,161

Hologic,

Inc.*

1,121,573

5,544

IDEXX

Laboratories,

Inc.*

2,424,225

4,772

Insulet

Corp.*

761,086

23,792

Intuitive

Surgical,

Inc.*

6,954,164

90,376

Medtronic

plc

7,081,863

10,180

ResMed,

Inc.

1,505,317

6,712

STERIS

plc

1,472,747

22,727

Stryker

Corp.

6,210,607

3,146

Teleflex,

Inc.

617,906

14,393

Zimmer

Biomet

Holdings,

Inc.

1,615,183

62,694,539

Health

Care

Providers

&

Services

(

3

.0

%

):

16,824

Cardinal

Health,

Inc.

1,460,660

11,083

Cencora,

Inc.

1,994,608

36,341

Centene

Corp.*

2,503,168

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

19,926

Cigna

Group

(The)

$

5,700,231

87,219

CVS

Health

Corp.

6,089,631

3,967

DaVita,

Inc.*

375,001

15,908

Elevance

Health,

Inc.

6,926,661

13,588

HCA

Healthcare,

Inc.

3,342,376

8,733

Henry

Schein,

Inc.*

648,425

8,441

Humana,

Inc.

4,106,715

6,070

Laboratory

Corp.

of

America

Holdings

1,220,373

9,107

McKesson

Corp.

3,960,179

4,027

Molina

Healthcare,

Inc.*

1,320,413

7,769

Quest

Diagnostics,

Inc.

946,730

62,534

UnitedHealth

Group,

Inc.

31,529,017

4,001

Universal

Health

Services,

Inc.,

Class

B

503,046

72,627,234

Health

Care

REITs

(

0

.2

%

):

38,295

Healthpeak

Properties,

Inc.

703,096

27,295

Ventas,

Inc.

1,149,938

33,978

Welltower,

Inc.

2,783,478

4,636,512

Hotel

&

Resort

REITs

(

0

.0

%

†

):

46,026

Host

Hotels

&

Resorts,

Inc.

739,638

Hotels,

Restaurants

&

Leisure

(

2

.1

%

):

28,783

Airbnb,

Inc.,

Class

A*

3,949,315

2,410

Booking

Holdings,

Inc.*

7,432,320

14,101

Caesars

Entertainment,

Inc.*

653,581

70,200

Carnival

Corp.,

Class

A*

963,144

1,886

Chipotle

Mexican

Grill,

Inc.*

3,454,831

8,394

Darden

Restaurants,

Inc.

1,202,189

2,396

Domino's

Pizza,

Inc.

907,581

9,558

Expedia

Group,

Inc.*

985,143

17,579

Hilton

Worldwide

Holdings,

Inc.

2,640,014

21,486

Las

Vegas

Sands

Corp.

984,918

16,912

Marriott

International,

Inc.,

Class

A

3,324,223

49,198

McDonald's

Corp.

12,960,721

18,951

MGM

Resorts

International

696,639

31,090

Norwegian

Cruise

Line

Holdings,

Ltd.*

512,363

15,146

Royal

Caribbean

Cruises,

Ltd.*

1,395,553

77,636

Starbucks

Corp.

7,085,838

6,205

Wynn

Resorts,

Ltd.

573,404

18,685

Yum!

Brands,

Inc.

2,334,504

52,056,281

Household

Durables

(

0

.3

%

):

20,554

D.R.

Horton,

Inc.

2,208,938

10,276

Garmin,

Ltd.

1,081,035

46

Garmin,

Ltd.

4,839

16,851

Lennar

Corp.,

Class

A

1,891,188

3,740

Mohawk

Industries,

Inc.*

320,930

209

NVR,

Inc.*

1,246,330

14,964

PulteGroup,

Inc.

1,108,084

3,501

Whirlpool

Corp.

468,084

8,329,428

Household

Products

(

1

.3

%

):

16,269

Church

&

Dwight

Co.,

Inc.

1,490,728

8,479

Clorox

Co.

(The)

1,111,258

55,702

Colgate-Palmolive

Co.

3,960,969

23,016

Kimberly-Clark

Corp.

2,781,484

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

197

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Household

Products,

continued

159,139

Procter

&

Gamble

Co.

(The)

$

23,212,015

32,556,454

Independent

Power

and

Renewable

Electricity

Producers

(

0

.0

%

†

):

45,957

AES

Corp.

(The)

698,546

Industrial

Conglomerates

(

0

.8

%

):

37,070

3M

Co.

3,470,493

73,418

General

Electric

Co.

8,116,360

44,823

Honeywell

International,

Inc.

8,280,601

19,867,454

Industrial

REITs

(

0

.3

%

):

62,145

Prologis,

Inc.

6,973,290

Insurance

(

2

.2

%

):

36,495

Aflac,

Inc.

2,800,991

17,455

Allstate

Corp.

(The)

1,944,662

48,060

American

International

Group,

Inc.

2,912,436

13,668

Aon

plc,

Class

A

4,431,439

25,086

Arch

Capital

Group,

Ltd.*

1,999,605

14,703

Arthur

J.

Gallagher

&

Co.

3,351,255

3,573

Assurant,

Inc.

513,011

16,385

Brown

&

Brown,

Inc.

1,144,328

27,728

Chubb,

Ltd.

5,772,415

10,766

Cincinnati

Financial

Corp.

1,101,254

2,829

Everest

Group,

Ltd.

1,051,454

5,556

Globe

Life,

Inc.

604,104

21,085

Hartford

Financial

Services

Group,

Inc.

(The)

1,495,137

12,793

Loews

Corp.

809,925

33,272

Marsh

&

McLennan

Cos.,

Inc.

6,331,662

42,475

MetLife,

Inc.

2,672,102

15,366

Principal

Financial

Group,

Inc.

1,107,428

39,559

Progressive

Corp.

(The)

5,510,569

24,677

Prudential

Financial,

Inc.

2,341,601

15,715

Travelers

Cos.,

Inc.

(The)

2,566,417

13,823

W

R

Berkley

Corp.

877,622

6,896

Willis

Towers

Watson

plc

1,440,988

52,780,405

Interactive

Media

&

Services

(

5

.9

%

):

400,531

Alphabet,

Inc.,

Class

A*

52,413,487

340,709

Alphabet,

Inc.,

Class

C*

44,922,482

18,768

Match

Group,

Inc.*

735,236

150,044

Meta

Platforms,

Inc.,

Class

A*

45,044,709

143,115,914

IT

Services

(

1

.2

%

):

42,584

Accenture

plc,

Class

A

13,077,972

10,187

Akamai

Technologies,

Inc.*

1,085,323

34,560

Cognizant

Technology

Solutions

Corp.,

Class

A

2,341,094

12,753

DXC

Technology

Co.*

265,645

3,835

EPAM

Systems,

Inc.*

980,571

5,397

Gartner,

Inc.*

1,854,463

61,712

International

Business

Machines

Corp.

8,658,194

6,041

VeriSign,

Inc.*

1,223,484

29,486,746

Leisure

Products

(

0

.0

%

†

):

8,539

Hasbro,

Inc.

564,769

Life

Sciences

Tools

&

Services

(

1

.5

%

):

20,251

Agilent

Technologies,

Inc.

2,264,467

Shares

Value

Common

Stocks,

continued

Life

Sciences

Tools

&

Services,

continued

1,396

Bio-Rad

Laboratories,

Inc.,

Class

A*

$

500,396

10,386

Bio-Techne

Corp.

706,975

3,472

Charles

River

Laboratories

International,

Inc.*

680,443

44,362

Danaher

Corp.

11,006,212

10,875

Illumina,

Inc.*

1,492,920

12,362

IQVIA

Holdings,

Inc.*

2,432,223

1,477

Mettler-Toledo

International,

Inc.*

1,636,619

8,048

Revvity,

Inc.

890,914

26,055

Thermo

Fisher

Scientific,

Inc.

13,188,259

4,115

Waters

Corp.*

1,128,374

5,046

West

Pharmaceutical

Services,

Inc.

1,893,310

37,821,112

Machinery

(

1

.8

%

):

34,439

Caterpillar,

Inc.

9,401,847

9,481

Cummins,

Inc.

2,166,029

18,298

Deere

&

Co.

6,905,299

9,270

Dover

Corp.

1,293,258

23,847

Fortive

Corp.

1,768,494

5,061

IDEX

Corp.

1,052,789

18,492

Illinois

Tool

Works,

Inc.

4,258,893

27,314

Ingersoll

Rand,

Inc.

1,740,448

3,692

Nordson

Corp.

823,944

28,232

Otis

Worldwide

Corp.

2,267,312

35,052

PACCAR,

Inc.

2,980,121

8,766

Parker-Hannifin

Corp.

3,414,532

11,187

Pentair

PLC

724,358

3,538

Snap-on,

Inc.

902,402

9,942

Stanley

Black

&

Decker,

Inc.

830,952

12,429

Westinghouse

Air

Brake

Technologies

Corp.

1,320,830

16,666

Xylem,

Inc.

1,517,106

43,368,614

Media

(

0

.8

%

):

6,871

Charter

Communications,

Inc.,

Class

A*

3,022,003

277,846

Comcast

Corp.,

Class

A

12,319,692

16,097

Fox

Corp.,

Class

A

502,226

8,579

Fox

Corp.,

Class

B

247,762

26,581

Interpublic

Group

of

Cos.,

Inc.

(The)

761,812

24,122

News

Corp.,

Class

A

483,887

6,960

News

Corp.,

Class

B

145,255

13,330

Omnicom

Group,

Inc.

992,818

33,639

Paramount

Global,

Class

B

433,943

18,909,398

Metals

&

Mining

(

0

.4

%

):

97,539

Freeport-McMoRan,

Inc.

3,637,229

53,529

Newmont

Corp.

1,977,897

16,704

Nucor

Corp.

2,611,670

10,800

Steel

Dynamics,

Inc.

1,157,976

9,384,772

Multi-Utilities

(

0

.7

%

):

18,107

Ameren

Corp.

1,354,947

43,020

CenterPoint

Energy,

Inc.

1,155,087

19,821

CMS

Energy

Corp.

1,052,693

22,990

Consolidated

Edison,

Inc.

1,966,335

56,405

Dominion

Energy,

Inc.

2,519,612

13,486

DTE

Energy

Co.

1,338,890

27,003

NiSource,

Inc.

666,434

34,430

Public

Service

Enterprise

Group,

Inc.

1,959,411

42,961

Sempra

Energy

2,922,637

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

198

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Multi-Utilities,

continued

21,602

WEC

Energy

Group,

Inc.

$

1,740,041

16,676,087

Office

REITs

(

0

.1

%

):

10,754

Alexandria

Real

Estate

Equities,

Inc.

1,076,475

9,422

Boston

Properties,

Inc.

560,421

1,636,896

Oil,

Gas

&

Consumable

Fuels

(

4

.3

%

):

20,125

APA

Corp.

827,138

119,778

Chevron

Corp.

20,196,966

80,841

ConocoPhillips

9,684,752

51,543

Coterra

Energy,

Inc.

1,394,238

43,923

Devon

Energy

Corp.

2,095,127

11,901

Diamondback

Energy,

Inc.

1,843,227

39,221

EOG

Resources,

Inc.

4,971,654

24,253

EQT

Corp.

984,187

270,251

Exxon

Mobil

Corp.

31,776,113

18,553

Hess

Corp.

2,838,609

133,229

Kinder

Morgan,

Inc.

2,208,937

41,002

Marathon

Oil

Corp.

1,096,803

26,993

Marathon

Petroleum

Corp.

4,085,121

44,793

Occidental

Petroleum

Corp.

2,906,170

39,623

ONEOK,

Inc.

2,513,287

30,061

Phillips

66

3,611,829

15,691

Pioneer

Natural

Resources

Co.

3,601,869

15,289

Targa

Resources

Corp.

1,310,573

23,840

Valero

Energy

Corp.

3,378,366

83,451

Williams

Cos.,

Inc.

(The)

2,811,464

104,136,430

Passenger

Airlines

(

0

.2

%

):

8,309

Alaska

Air

Group,

Inc.*

308,098

44,330

American

Airlines

Group,

Inc.*

567,867

43,383

Delta

Air

Lines,

Inc.

1,605,171

40,718

Southwest

Airlines

Co.

1,102,236

22,746

United

Airlines

Holdings,

Inc.*

962,156

4,545,528

Personal

Care

Products

(

0

.2

%

):

15,757

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

2,277,674

118,281

Kenvue,

Inc.

2,375,083

4,652,757

Pharmaceuticals

(

4

.1

%

):

141,033

Bristol-Myers

Squibb

Co.

8,185,555

11,963

Catalent,

Inc.*

544,675

53,832

Eli

Lilly

&

Co.

28,914,782

162,563

Johnson

&

Johnson

25,319,187

171,305

Merck

&

Co.,

Inc.

17,635,850

18,060

Organon

&

Co.

313,522

381,153

Pfizer,

Inc.

12,642,845

82,581

Viatris,

Inc.

814,249

31,034

Zoetis,

Inc.

5,399,295

99,769,960

Professional

Services

(

0

.9

%

):

27,682

Automatic

Data

Processing,

Inc.

6,659,736

8,091

Broadridge

Financial

Solutions,

Inc.

1,448,694

10,791

Ceridian

HCM

Holding,

Inc.*

732,169

27,362

CoStar

Group,

Inc.*

2,103,864

8,292

Equifax,

Inc.

1,518,929

4,886

Jack

Henry

&

Associates,

Inc.

738,470

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

8,715

Jacobs

Solutions,

Inc.

$

1,189,597

8,924

Leidos

Holdings,

Inc.

822,436

21,818

Paychex,

Inc.

2,516,270

3,344

Paycom

Software,

Inc.

866,999

7,709

Robert

Half,

Inc.

564,915

9,783

Verisk

Analytics,

Inc.

2,311,136

21,473,215

Real

Estate

Management

&

Development

(

0

.1

%

):

21,222

CBRE

Group,

Inc.,

Class

A*

1,567,457

Residential

REITs

(

0

.3

%

):

9,451

AvalonBay

Communities,

Inc.

1,623,115

7,534

Camden

Property

Trust

712,566

22,804

Equity

Residential

1,338,823

4,503

Essex

Property

Trust,

Inc.

955,041

39,950

Invitation

Homes,

Inc.

1,266,015

7,816

Mid-America

Apartment

Communities,

Inc.

1,005,528

20,219

UDR,

Inc.

721,212

7,622,300

Retail

REITs

(

0

.2

%

):

42,639

Kimco

Realty

Corp.

750,020

45,967

Realty

Income

Corp.

2,295,592

10,700

Regency

Centers

Corp.

636,008

22,266

Simon

Property

Group,

Inc.

2,405,396

6,087,016

Semiconductors

&

Semiconductor

Equipment

(

7

.4

%

):

108,837

Advanced

Micro

Devices,

Inc.*

11,190,620

33,850

Analog

Devices,

Inc.

5,926,796

56,690

Applied

Materials,

Inc.

7,848,730

27,860

Broadcom,

Inc.

23,139,959

9,474

Enphase

Energy,

Inc.*

1,138,301

6,954

First

Solar,

Inc.*

1,123,697

283,351

Intel

Corp.

10,073,128

9,216

KLA

Corp.

4,227,011

8,999

Lam

Research

Corp.

5,640,303

36,433

Microchip

Technology,

Inc.

2,843,596

73,731

Micron

Technology,

Inc.

5,015,920

3,099

Monolithic

Power

Systems,

Inc.

1,431,738

166,747

NVIDIA

Corp.

72,533,278

17,404

NXP

Semiconductors

NV

3,479,408

28,843

ON

Semiconductor

Corp.*

2,680,957

6,527

Qorvo,

Inc.*

623,133

75,655

QUALCOMM,

Inc.

8,402,244

10,866

Skyworks

Solutions,

Inc.

1,071,279

4,020

SolarEdge

Technologies,

Inc.*

520,630

10,115

Teradyne,

Inc.

1,016,153

61,286

Texas

Instruments,

Inc.

9,745,087

179,671,968

Software

(

10

.1

%

):

30,771

Adobe,

Inc.*

15,690,133

5,956

ANSYS,

Inc.*

1,772,208

14,607

Autodesk,

Inc.*

3,022,334

18,268

Cadence

Design

Systems,

Inc.*

4,280,192

1,721

Fair

Isaac

Corp.*

1,494,740

44,030

Fortinet,

Inc.*

2,583,680

38,594

Gen

Digital,

Inc.

682,342

18,907

Intuit,

Inc.

9,660,343

501,576

Microsoft

Corp.

158,372,622

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

199

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2023

.

Shares

Value

Common

Stocks,

continued

Software,

continued

106,277

Oracle

Corp.

$

11,256,860

20,525

Palo

Alto

Networks,

Inc.*

4,811,881

8,022

PTC,

Inc.*

1,136,557

7,284

Roper

Technologies,

Inc.

3,527,496

65,754

Salesforce,

Inc.*

13,333,596

13,729

ServiceNow,

Inc.*

7,673,962

10,230

Synopsys,

Inc.*

4,695,263

2,792

Tyler

Technologies,

Inc.*

1,078,103

245,072,312

Specialized

REITs

(

1

.0

%

):

31,602

American

Tower

Corp.

5,196,949

29,044

Crown

Castle,

Inc.

2,672,919

19,864

Digital

Realty

Trust,

Inc.

2,403,941

6,354

Equinix,

Inc.

4,614,656

14,195

Extra

Space

Storage,

Inc.

1,725,828

159

Gaming

and

Leisure

Properties,

Inc.

7,243

19,889

Iron

Mountain,

Inc.

1,182,401

10,747

Public

Storage

2,832,050

7,258

SBA

Communications

Corp.

1,452,834

68,718

VICI

Properties,

Inc.

1,999,694

49,290

Weyerhaeuser

Co.

1,511,231

25,599,746

Specialty

Retail

(

2

.1

%

):

1,226

AutoZone,

Inc.*

3,114,028

16,221

Bath

&

Body

Works,

Inc.

548,270

12,599

Best

Buy

Co.,

Inc.

875,253

10,355

CarMax,

Inc.*

732,409

67,872

Home

Depot,

Inc.

(The)

20,508,203

39,559

Lowe's

Cos.,

Inc.

8,221,943

4,061

O'Reilly

Automotive,

Inc.*

3,690,880

23,042

Ross

Stores,

Inc.

2,602,594

77,497

TJX

Cos.,

Inc.

(The)

6,887,933

7,479

Tractor

Supply

Co.

1,518,611

3,414

Ulta

Beauty,

Inc.*

1,363,722

50,063,846

Technology

Hardware,

Storage

&

Peripherals

(

7

.2

%

):

992,124

Apple,

Inc.

169,861,550

Shares

Value

Common

Stocks,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

88,567

Hewlett

Packard

Enterprise

Co.

$

1,538,409

57,465

HP,

Inc.

1,476,850

14,313

NetApp,

Inc.

1,086,070

12,881

Seagate

Technology

Holdings

plc

849,502

21,704

Western

Digital

Corp.*

990,354

175,802,735

Textiles,

Apparel

&

Luxury

Goods

(

0

.4

%

):

82,703

NIKE,

Inc.,

Class

B

7,908,061

2,861

Ralph

Lauren

Corp.

332,134

15,195

Tapestry,

Inc.

436,856

20,520

VF

Corp.

362,588

9,039,639

Tobacco

(

0

.6

%

):

119,752

Altria

Group,

Inc.

5,035,572

104,751

Philip

Morris

International,

Inc.

9,697,847

14,733,419

Trading

Companies

&

Distributors

(

0

.3

%

):

38,197

Fastenal

Co.

2,087,084

4,560

United

Rentals,

Inc.

2,027,239

3,010

W.W.

Grainger,

Inc.

2,082,439

6,196,762

Water

Utilities

(

0

.1

%

):

13,178

American

Water

Works

Co.,

Inc.

1,631,832

Wireless

Telecommunication

Services

(

0

.2

%

):

34,945

T-Mobile

US,

Inc.

4,894,047

Total

Common

Stocks

(Cost

$823,113,739)

2,426,040,370

Unaffiliated

Investment

Company

(

0

.4

%

):

Money

Markets

(

0

.4

%

):

9,264,690

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.24%(a)

9,264,690

Total

Unaffiliated

Investment

Company

(Cost

$9,264,690)

9,264,690

Total

Investment

Securities

(Cost

$832,378,429)

—

100.0%

2,435,305,060

Net

other

assets

(liabilities)

—

0.0%

†

1,035,990

Net

Assets

—

100.0%

$

2,436,341,050

*

Non-income

producing

security.

+

Affiliated

Securities

†

Represents

less

than

0.05%.

(a)

The

rate

represents

the

effective

yield

at

September

30,

2023.

Futures

Contracts

At

September

30,

2023,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

December

Futures

(U.S.

Dollar)

12/15/23

50

$

10,813,750‌

$

(

432,227‌

)

$

(

432,227‌

)

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

200

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(

98

.8

%

):

Aerospace

&

Defense

(

1

.2

%

):

19,421

AAR

Corp.*

$

1,156,132

14,994

AeroVironment,

Inc.*

1,672,281

15,679

Kaman

Corp.,

Class

A

308,092

28,918

Mercury

Systems,

Inc.*

1,072,569

17,117

Moog,

Inc.,

Class

A

1,933,536

2,752

National

Presto

Industries,

Inc.

199,410

44,073

Triumph

Group,

Inc.*

337,599

6,679,619

Air

Freight

&

Logistics

(

0

.4

%

):

14,487

Forward

Air

Corp.

995,836

17,852

Hub

Group,

Inc.,

Class

A*

1,402,096

2,397,932

Automobile

Components

(

1

.7

%

):

67,388

American

Axle

&

Manufacturing

Holdings,

Inc.*

489,237

75,808

Dana,

Inc.

1,112,103

15,908

Dorman

Products,

Inc.

1,205,190

18,347

Gentherm,

Inc.*

995,508

15,027

LCI

Industries

1,764,470

12,194

Patrick

Industries,

Inc.

915,282

26,920

Phinia,

Inc.

721,187

10,101

Standard

Motor

Products,

Inc.

339,596

17,237

Winnebago

Industries,

Inc.

1,024,740

11,840

XPEL,

Inc.*

912,982

9,480,295

Banks

(

9

.0

%

):

36,293

Ameris

Bancorp

1,393,288

42,768

Atlantic

Union

Bankshares

Corp.

1,230,863

31,642

Axos

Financial,

Inc.*

1,197,966

36,232

Banc

of

California,

Inc.

448,552

9,229

BancFirst

Corp.

800,431

31,906

Bancorp,

Inc.

(The)*

1,100,757

24,095

Bank

of

Hawaii

Corp.^

1,197,281

45,856

BankUnited,

Inc.

1,040,931

21,530

Banner

Corp.

912,441

28,366

Berkshire

Hills

Bancorp,

Inc.

568,738

55,792

Brookline

Bancorp,

Inc.

508,265

84,854

Capitol

Federal

Financial,

Inc.

404,754

33,968

Cathay

General

Bancorp

1,180,728

18,225

Central

Pacific

Financial

Corp.

303,993

9,259

City

Holding

Co.

836,551

32,221

Community

Bank

System,

Inc.

1,360,048

16,653

Customers

Bancorp,

Inc.*

573,696

79,408

CVB

Financial

Corp.

1,315,791

22,014

Dime

Community

Bancshares,

Inc.

439,399

19,820

Eagle

Bancorp,

Inc.

425,139

22,267

FB

Financial

Corp.

631,492

99,589

First

BanCorp/Puerto

Rico

1,340,468

25,832

First

Bancorp/Southern

Pines

NC

726,912

64,118

First

Commonwealth

Financial

Corp.

782,881

58,393

First

Financial

Bancorp

1,144,503

67,443

First

Hawaiian,

Inc.

1,217,346

79,932

Fulton

Financial

Corp.

967,977

20,567

Hanmi

Financial

Corp.

333,802

23,125

Heritage

Financial

Corp.

377,169

28,582

Hilltop

Holdings,

Inc.

810,586

77,607

Hope

Bancorp,

Inc.

686,822

26,776

Independent

Bank

Corp.

1,314,434

Shares

Value

Common

Stocks,

continued

Banks,

continued

22,449

Independent

Bank

Group,

Inc.

$

887,858

15,342

Lakeland

Financial

Corp.

728,131

24,257

National

Bank

Holdings

Corp.,

Class

A

721,888

27,481

NBT

Bancorp,

Inc.

870,873

27,305

Northfield

Bancorp,

Inc.

258,032

68,207

Northwest

Bancshares,

Inc.

697,758

25,106

OFG

Bancorp

749,665

52,466

Pacific

Premier

Bancorp,

Inc.

1,141,660

70,797

PacWest

Bancorp

560,004

9,043

Park

National

Corp.

854,744

15,630

Pathward

Financial,

Inc.

720,387

7,851

Preferred

Bank

488,725

48,458

Provident

Financial

Services,

Inc.

740,923

35,247

Renasant

Corp.

923,119

23,848

S&T

Bancorp,

Inc.

645,804

52,206

Seacoast

Banking

Corp

of

Florida

1,146,444

28,837

ServisFirst

Bancshares,

Inc.

1,504,426

76,882

Simmons

First

National

Corp.,

Class

A

1,303,919

18,257

Southside

Bancshares,

Inc.

523,976

28,102

Stellar

Bancorp,

Inc.

599,135

8,561

Tompkins

Financial

Corp.

419,403

12,818

Triumph

Financial,

Inc.*

830,478

12,378

TrustCo.

Bank

Corp.

337,796

38,611

Trustmark

Corp.

839,017

65,331

United

Community

Banks,

Inc.

1,660,061

24,710

Veritex

Holdings,

Inc.

443,545

38,566

Washington

Federal,

Inc.

988,061

17,149

Westamerica

BanCorp

741,694

34,023

WSFS

Financial

Corp.

1,241,839

51,143,369

Beverages

(

0

.3

%

):

8,673

MGP

Ingredients,

Inc.

914,828

13,419

National

Beverage

Corp.*

630,961

1,545,789

Biotechnology

(

1

.5

%

):

31,061

Arcus

Biosciences,

Inc.*

557,545

36,223

Avid

Bioservices,

Inc.*

341,945

56,669

Catalyst

Pharmaceuticals,

Inc.*

662,461

55,709

Cytokinetics,

Inc.*

1,641,187

73,737

Dynavax

Technologies

Corp.*

1,089,095

73,485

Ironwood

Pharmaceuticals,

Inc.*

707,661

16,064

iTeos

Therapeutics,

Inc.*

175,901

46,947

Myriad

Genetics,

Inc.*

753,030

23,050

REGENXBIO,

Inc.*

379,403

27,452

Vericel

Corp.*

920,191

50,023

Vir

Biotechnology,

Inc.*

468,715

33,991

Xencor,

Inc.*

684,919

8,382,053

Building

Products

(

2

.0

%

):

39,211

AAON,

Inc.

2,229,929

9,301

American

Woodmark

Corp.*

703,249

11,838

Apogee

Enterprises,

Inc.

557,333

13,197

AZZ,

Inc.

601,519

17,252

Gibraltar

Industries,

Inc.*

1,164,682

23,246

Griffon

Corp.

922,169

72,076

Hayward

Holdings,

Inc.*

1,016,272

10,737

Insteel

Industries,

Inc.

348,523

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

201

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Building

Products,

continued

72,558

Masterbrand,

Inc.*

$

881,580

32,001

PGT

Innovations,

Inc.*

888,028

18,390

Quanex

Building

Products

Corp.

518,046

85,782

Resideo

Technologies,

Inc.*

1,355,356

11,186,686

Capital

Markets

(

1

.4

%

):

23,975

Artisan

Partners

Asset

Management,

Inc.,

Class

A

897,145

22,025

Avantax,

Inc.*

563,400

10,262

B

Riley

Financial,

Inc.^

420,639

29,713

Brightsphere

Investment

Group,

Inc.

576,135

14,088

Donnelley

Financial

Solutions,

Inc.*

792,873

22,856

Moelis

&

Co.,

Class

A

1,031,491

9,133

Piper

Sandler

Cos.

1,327,116

11,035

StoneX

Group,

Inc.*

1,069,512

4,310

Virtus

Investment

Partners,

Inc.

870,577

71,017

WisdomTree,

Inc.

497,119

8,046,007

Chemicals

(

2

.8

%

):

15,922

AdvanSix,

Inc.

494,856

13,080

American

Vanguard

Corp.

142,964

18,841

Balchem

Corp.

2,337,038

10,922

Hawkins,

Inc.

642,760

31,934

HB

Fuller

Co.

2,190,992

19,151

Ingevity

Corp.*

911,779

14,589

Innospec,

Inc.

1,490,996

12,300

Koppers

Holdings,

Inc.

486,465

103,666

Livent

Corp.*

1,908,491

32,314

Mativ

Holdings,

Inc.

460,798

18,166

Minerals

Technologies,

Inc.

994,770

8,066

Quaker

Chemical

Corp.

1,290,560

24,768

Sensient

Technologies

Corp.

1,448,432

11,284

Stepan

Co.

845,961

15,646,862

Commercial

Services

&

Supplies

(

2

.1

%

):

39,592

ABM

Industries,

Inc.

1,584,076

27,031

Brady

Corp.,

Class

A

1,484,542

65,797

CoreCivic,

Inc.*

740,216

26,567

Deluxe

Corp.

501,851

45,619

Enviri

Corp.*

329,369

72,442

GEO

Group,

Inc.

(The)*

592,576

43,452

Healthcare

Services

Group,

Inc.

453,204

27,608

HNI

Corp.

956,065

32,191

Interface,

Inc.

315,794

11,489

Liquidity

Services,

Inc.*

202,436

17,163

Matthews

International

Corp.,

Class

A

667,812

44,046

MillerKnoll,

Inc.

1,076,925

61,624

OPENLANE,

Inc.*

919,430

91,711

Pitney

Bowes,

Inc.

276,967

8,860

UniFirst

Corp.

1,444,269

11,953

Viad

Corp.*

313,169

11,858,701

Communications

Equipment

(

1

.2

%

):

43,233

ADTRAN

Holdings,

Inc.

355,808

7,357

Clearfield,

Inc.*

210,852

20,040

Digi

International,

Inc.*

541,080

73,449

Extreme

Networks,

Inc.*

1,778,200

63,078

Harmonic,

Inc.*

607,441

41,752

NetScout

Systems,

Inc.*

1,169,891

Shares

Value

Common

Stocks,

continued

Communications

Equipment,

continued

42,695

Viasat,

Inc.*

$

788,150

125,324

Viavi

Solutions,

Inc.*

1,145,461

6,596,883

Construction

&

Engineering

(

1

.6

%

):

28,501

Arcosa,

Inc.

2,049,222

20,670

Comfort

Systems

U.S.A.,

Inc.

3,522,374

16,824

Dycom

Industries,

Inc.*

1,497,336

24,748

Granite

Construction,

Inc.

940,919

9,413

MYR

Group,

Inc.*

1,268,496

9,278,347

Consumer

Finance

(

1

.0

%

):

17,177

Bread

Financial

Holdings,

Inc.

587,453

14,766

Encore

Capital

Group,

Inc.*

705,224

19,260

Enova

International,

Inc.*

979,756

36,473

EZCORP,

Inc.,

Class

A*

300,902

29,431

Green

Dot

Corp.,

Class

A*

409,974

54,817

Navient

Corp.

943,949

22,988

PRA

Group,

Inc.*

441,600

26,336

PROG

Holdings,

Inc.*

874,619

2,135

World

Acceptance

Corp.*

271,273

5,514,750

Consumer

Staples

Distribution

&

Retail

(

0

.6

%

):

18,154

Andersons,

Inc.

(The)

935,112

19,637

Chefs'

Warehouse,

Inc.

(The)*

415,912

14,156

PriceSmart,

Inc.

1,053,631

20,191

SpartanNash

Co.

444,202

33,633

United

Natural

Foods,

Inc.*

475,571

3,324,428

Containers

&

Packaging

(

0

.3

%

):

21,178

Myers

Industries,

Inc.

379,721

90,493

O-I

Glass,

Inc.*

1,513,948

1,893,669

Diversified

Consumer

Services

(

0

.9

%

):

23,564

Adtalem

Global

Education,

Inc.*

1,009,717

46,019

Frontdoor,

Inc.*

1,407,721

51,854

Mister

Car

Wash,

Inc.*

285,716

36,925

Perdoceo

Education

Corp.

631,417

13,011

Strategic

Education,

Inc.

979,078

23,084

Stride,

Inc.*

1,039,473

5,353,122

Diversified

REITs

(

0

.8

%

):

38,954

Alexander

&

Baldwin,

Inc.

651,700

28,302

American

Assets

Trust,

Inc.

550,474

36,383

Armada

Hoffler

Properties,

Inc.

372,562

92,446

Essential

Properties

Realty

Trust,

Inc.

1,999,607

114,408

Global

Net

Lease,

Inc.

1,099,461

4,673,804

Diversified

Telecommunication

Services

(

0

.5

%

):

4,653

ATN

International,

Inc.

146,849

25,496

Cogent

Communications

Holdings,

Inc.

1,578,202

42,191

Consolidated

Communications

Holdings,

Inc.*

144,293

587,207

Lumen

Technologies,

Inc.*

833,834

2,703,178

Electric

Utilities

(

0

.3

%

):

24,055

Otter

Tail

Corp.

1,826,256

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

202

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electrical

Equipment

(

0

.4

%

):

9,541

Encore

Wire

Corp.

$

1,740,851

5,124

Powell

Industries,

Inc.

424,780

48,880

SunPower

Corp.*^

301,589

2,467,220

Electronic

Equipment,

Instruments

&

Components

(

4

.1

%

):

21,827

Advanced

Energy

Industries,

Inc.

2,250,800

53,267

Arlo

Technologies,

Inc.*

548,650

16,799

Badger

Meter,

Inc.

2,416,872

19,741

Benchmark

Electronics,

Inc.

478,917

16,603

CTS

Corp.

693,009

15,742

ePlus,

Inc.*

999,932

20,778

Fabrinet*

3,462,030

17,617

Insight

Enterprises,

Inc.*

2,563,274

26,160

Itron,

Inc.*

1,584,773

47,779

Knowles

Corp.*

707,607

19,765

Methode

Electronics,

Inc.,

Class

A

451,630

8,685

OSI

Systems,

Inc.*

1,025,178

5,669

PC

Connection,

Inc.

302,611

15,684

Plexus

Corp.*

1,458,298

9,542

Rogers

Corp.*

1,254,487

33,427

Sanmina

Corp.*

1,814,418

13,519

ScanSource,

Inc.*

409,761

56,597

TTM

Technologies,

Inc.*

728,969

23,151,216

Energy

Equipment

&

Services

(

2

.5

%

):

79,046

Archrock,

Inc.

995,980

11,963

Bristow

Group,

Inc.*

336,998

26,605

Core

Laboratories,

Inc.

638,786

18,421

Dril-Quip,

Inc.*

518,919

80,413

Helix

Energy

Solutions

Group,

Inc.*

898,213

58,494

Helmerich

&

Payne,

Inc.

2,466,107

90,838

Liberty

Energy,

Inc.

1,682,320

5,107

Nabors

Industries,

Ltd.*

628,876

58,197

Oceaneering

International,

Inc.*

1,496,827

36,573

Oil

States

International,

Inc.*

306,116

186,501

Patterson-UTI

Energy,

Inc.

2,581,174

48,047

ProPetro

Holding

Corp.*

510,740

45,413

RPC,

Inc.

405,992

44,059

US

Silica

Holdings,

Inc.*

618,588

14,085,636

Entertainment

(

0

.5

%

):

62,062

Cinemark

Holdings,

Inc.*

1,138,838

9,471

Madison

Square

Garden

Sports

Corp.

1,669,737

12,828

Marcus

Corp.

(The)

198,834

3,007,409

Financial

Services

(

1

.5

%

):

39,825

EVERTEC,

Inc.

1,480,694

11,667

Jackson

Financial,

Inc.,

Class

A

445,913

39,649

Mr

Cooper

Group,

Inc.*

2,123,600

50,901

NMI

Holdings,

Inc.,

Class

A*

1,378,908

127,667

Payoneer

Global,

Inc.*

781,322

24,684

Radian

Group,

Inc.

619,815

20,500

Walker

&

Dunlop,

Inc.

1,521,920

8,352,172

Food

Products

(

1

.9

%

):

42,287

B&G

Foods,

Inc.^

418,218

9,514

Calavo

Growers,

Inc.

240,038

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

24,097

Cal-Maine

Foods,

Inc.

$

1,166,777

18,504

Fresh

Del

Monte

Produce,

Inc.

478,143

49,858

Hain

Celestial

Group,

Inc.

(The)*

517,028

76,435

Hostess

Brands,

Inc.*

2,546,050

8,975

J

&

J

Snack

Foods

Corp.

1,468,759

4,819

John

B

Sanfilippo

&

Son,

Inc.

476,117

51,247

Simply

Good

Foods

Co.

(The)*

1,769,046

8,602

Tootsie

Roll

Industries,

Inc.

256,856

28,582

TreeHouse

Foods,

Inc.*

1,245,604

10,582,636

Gas

Utilities

(

0

.3

%

):

9,480

Chesapeake

Utilities

Corp.

926,670

20,933

Northwest

Natural

Holding

Co.

798,803

1,725,473

Ground

Transportation

(

0

.6

%

):

13,947

ArcBest

Corp.

1,417,713

20,454

Heartland

Express,

Inc.

300,469

29,948

Marten

Transport,

Ltd.

590,275

66,077

RXO,

Inc.*

1,303,699

3,612,156

Health

Care

Equipment

&

Supplies

(

2

.6

%

):

21,697

Artivion,

Inc.*

328,927

25,649

Avanos

Medical,

Inc.*

518,623

18,054

CONMED

Corp.

1,820,746

32,447

Embecta

Corp.

488,327

28,316

Glaukos

Corp.*

2,130,779

19,127

Integer

Holdings

Corp.*

1,500,131

10,923

LeMaitre

Vascular,

Inc.

595,085

33,973

Merit

Medical

Systems,

Inc.*

2,344,817

2,828

Mesa

Laboratories,

Inc.

297,138

25,898

Omnicell,

Inc.*

1,166,446

41,413

OraSure

Technologies,

Inc.*

245,579

20,321

Orthofix

Medical,

Inc.*

261,328

27,596

STAAR

Surgical

Co.*

1,108,807

37,182

Tandem

Diabetes

Care,

Inc.*

772,270

3,905

UFP

Technologies,

Inc.*

630,462

21,680

Varex

Imaging

Corp.*

407,367

14,616,832

Health

Care

Providers

&

Services

(

3

.1

%

):

46,202

AdaptHealth

Corp.*

420,438

8,656

Addus

HomeCare

Corp.*

737,405

19,071

Agiliti,

Inc.*

123,771

21,774

AMN

Healthcare

Services,

Inc.*

1,854,709

23,268

Apollo

Medical

Holdings,

Inc.*

717,818

72,260

Community

Health

Systems,

Inc.

209,554

5,130

CorVel

Corp.*

1,008,815

19,453

Cross

Country

Healthcare,

Inc.*

482,240

27,255

Enhabit,

Inc.*

306,619

32,296

Ensign

Group,

Inc.

(The)

3,001,267

11,564

Fulgent

Genetics,

Inc.*

309,221

6,601

ModivCare,

Inc.*

207,998

72,793

NeoGenomics,

Inc.*

895,354

4,420

OmniAb

Operations,

Inc.*(a)

—

4,420

OmniAb

Operations,

Inc.*(a)

—

43,907

Owens

&

Minor,

Inc.*

709,537

44,598

Pediatrix

Medical

Group,

Inc.*

566,841

68,194

Premier,

Inc.,

Class

A

1,466,171

58,684

Privia

Health

Group,

Inc.*

1,349,732

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

203

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

34,613

RadNet,

Inc.*

$

975,740

61,516

Select

Medical

Holdings

Corp.

1,554,509

8,155

US

Physical

Therapy,

Inc.

748,058

17,645,797

Health

Care

REITs

(

0

.4

%

):

58,037

CareTrust

REIT,

Inc.

1,189,758

12,061

Community

Healthcare

Trust,

Inc.

358,212

22,500

LTC

Properties,

Inc.

722,925

6,946

Universal

Health

Realty

Income

Trust

280,827

2,551,722

Health

Care

Technology

(

0

.7

%

):

61,388

Certara,

Inc.*

892,582

11,932

HealthStream,

Inc.

257,493

31,333

NextGen

Healthcare,

Inc.*

743,532

31,446

Schrodinger,

Inc.*

888,978

8,263

Simulations

Plus,

Inc.

344,567

62,928

Veradigm,

Inc.*

826,874

3,954,026

Hotel

&

Resort

REITs

(

1

.2

%

):

126,458

Apple

Hospitality

REIT,

Inc.

1,939,866

26,180

Chatham

Lodging

Trust

250,542

117,996

DiamondRock

Hospitality

Co.

947,508

67,583

Pebblebrook

Hotel

Trust

918,453

95,500

Service

Properties

Trust

734,395

59,079

Summit

Hotel

Properties,

Inc.

342,658

113,386

Sunstone

Hotel

Investors,

Inc.

1,060,159

59,382

Xenia

Hotels

&

Resorts,

Inc.

699,520

6,893,101

Hotels,

Restaurants

&

Leisure

(

2

.0

%

):

12,836

BJ's

Restaurants,

Inc.*

301,133

51,609

Bloomin'

Brands,

Inc.

1,269,065

24,833

Brinker

International,

Inc.*

784,474

26,552

Cheesecake

Factory,

Inc.

(The)

804,526

9,422

Chuy's

Holdings,

Inc.*

335,235

12,992

Cracker

Barrel

Old

Country

Store,

Inc.

873,062

19,346

Dave

&

Buster's

Entertainment,

Inc.*

717,156

9,526

Dine

Brands

Global,

Inc.

471,061

11,685

Golden

Entertainment,

Inc.

399,393

11,205

Jack

in

the

Box,

Inc.

773,817

7,305

Monarch

Casino

&

Resort,

Inc.

453,641

18,558

Papa

John's

International,

Inc.

1,266,027

192,083

Sabre

Corp.*

862,453

21,490

Shake

Shack,

Inc.,

Class

A*

1,247,924

41,271

Six

Flags

Entertainment

Corp.*

970,281

11,529,248

Household

Durables

(

3

.1

%

):

4,331

Cavco

Industries,

Inc.*

1,150,573

16,267

Century

Communities,

Inc.

1,086,310

12,890

Ethan

Allen

Interiors,

Inc.

385,411

13,884

Green

Brick

Partners,

Inc.*

576,325

13,694

Installed

Building

Products,

Inc.

1,710,244

15,581

iRobot

Corp.*

590,520

24,341

La-Z-Boy,

Inc.

751,650

11,022

LGI

Homes,

Inc.*

1,096,579

15,925

M/I

Homes,

Inc.*

1,338,337

35,871

MDC

Holdings,

Inc.

1,478,961

21,339

Meritage

Homes

Corp.

2,611,680

Shares

Value

Common

Stocks,

continued

Household

Durables,

continued

225,836

Newell

Brands,

Inc.

$

2,039,299

72,311

Sonos,

Inc.*

933,535

56,111

Tri

Pointe

Homes,

Inc.*

1,534,636

17,284,060

Household

Products

(

0

.7

%

):

6,360

Central

Garden

&

Pet

Co.*

280,730

21,129

Central

Garden

&

Pet

Co.,

Class

A*

847,062

39,297

Energizer

Holdings,

Inc.

1,259,076

7,767

WD-40

Co.

1,578,565

3,965,433

Industrial

REITs

(

0

.5

%

):

16,292

Innovative

Industrial

Properties,

Inc.

1,232,653

172,027

LXP

Industrial

Trust

1,531,040

2,763,693

Insurance

(

2

.7

%

):

26,371

Ambac

Financial

Group,

Inc.*

318,034

36,807

American

Equity

Investment

Life

Holding

Co.

1,974,328

11,531

AMERISAFE,

Inc.

577,357

33,084

Assured

Guaranty,

Ltd.

2,002,244

16,223

Employers

Holdings,

Inc.

648,109

278,561

Genworth

Financial,

Inc.,

Class

A*

1,632,367

13,931

Goosehead

Insurance,

Inc.,

Class

A*

1,038,277

3,453

HCI

Group,

Inc.

187,463

24,954

Horace

Mann

Educators

Corp.

733,149

21,230

James

River

Group

Holdings,

Ltd.

325,881

63,278

Lincoln

National

Corp.

1,562,334

16,941

Mercury

General

Corp.

474,856

13,996

Palomar

Holdings,

Inc.*

710,297

30,527

ProAssurance

Corp.

576,655

9,132

Safety

Insurance

Group,

Inc.

622,711

51,186

SiriusPoint,

Ltd.*

520,562

16,820

Stewart

Information

Services

Corp.

736,716

21,066

Trupanion,

Inc.*^

594,061

12,987

United

Fire

Group,

Inc.

256,493

15,491,894

Interactive

Media

&

Services

(

0

.9

%

):

49,407

Cargurus,

Inc.*

865,611

34,264

Cars.com,

Inc.*

577,691

29,257

QuinStreet,

Inc.*

262,435

13,774

Shutterstock,

Inc.

524,101

60,348

TripAdvisor,

Inc.*

1,000,570

39,723

Yelp,

Inc.*

1,652,079

4,882,487

IT

Services

(

0

.2

%

):

19,941

Perficient,

Inc.*

1,153,786

Leisure

Products

(

0

.3

%

):

9,512

Sturm

Ruger

&

Co.,

Inc.

495,765

32,337

Vista

Outdoor,

Inc.*

1,071,002

1,566,767

Life

Sciences

Tools

&

Services

(

0

.4

%

):

19,022

BioLife

Solutions,

Inc.*

262,694

55,546

Cytek

Biosciences,

Inc.*

306,614

50,758

Fortrea

Holdings,

Inc.*

1,451,171

2,020,479

Machinery

(

4

.9

%

):

71,517

3D

Systems

Corp.*

351,148

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

204

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

5,603

Alamo

Group,

Inc.

$

968,535

17,723

Albany

International

Corp.,

Class

A

1,529,140

12,557

Astec

Industries,

Inc.

591,560

28,245

Barnes

Group,

Inc.

959,483

11,592

CIRCOR

International,

Inc.*

646,254

30,311

Enerpac

Tool

Group

Corp.

801,120

11,941

EnPro

Industries,

Inc.

1,447,130

14,521

ESCO

Technologies,

Inc.

1,516,573

35,014

Federal

Signal

Corp.

2,091,386

23,434

Franklin

Electric

Co.,

Inc.

2,091,016

17,553

Greenbrier

Cos.,

Inc.

(The)

702,120

40,747

Hillenbrand,

Inc.

1,724,005

18,399

John

Bean

Technologies

Corp.

1,934,471

46,772

Kennametal,

Inc.

1,163,687

5,816

Lindsay

Corp.

684,427

33,244

Mueller

Industries,

Inc.

2,498,619

14,559

Proto

Labs,

Inc.*

384,358

26,274

SPX

Technologies,

Inc.*

2,138,704

6,495

Standex

International

Corp.

946,256

9,838

Tennant

Co.

729,488

29,554

Titan

International,

Inc.*

396,910

46,623

Trinity

Industries,

Inc.

1,135,270

26,340

Wabash

National

Corp.

556,301

27,987,961

Marine

Transportation

(

0

.3

%

):

20,507

Matson,

Inc.

1,819,381

Media

(

0

.6

%

):

17,471

AMC

Networks,

Inc.,

Class

A*

205,808

147,817

DISH

Network

Corp.,

Class

A*

866,208

33,050

E.W.

Scripps

Co.

(The),

Class

A*

181,114

25,185

John

Wiley

&

Sons,

Inc.,

Class

A

936,126

15,889

Scholastic

Corp.

606,007

14,708

TechTarget,

Inc.*

446,535

15,735

Thryv

Holdings,

Inc.*

295,346

3,537,144

Metals

&

Mining

(

1

.9

%

):

75,095

ATI,

Inc.*

3,090,159

28,650

Carpenter

Technology

Corp.

1,925,566

27,878

Century

Aluminum

Co.*

200,443

18,340

Compass

Minerals

International,

Inc.

512,603

6,550

Haynes

International,

Inc.

304,706

9,192

Kaiser

Aluminum

Corp.

691,790

11,688

Materion

Corp.

1,191,124

5,686

Olympic

Steel,

Inc.

319,610

42,484

SunCoke

Energy,

Inc.

431,213

21,491

TimkenSteel

Corp.*

466,785

31,831

Warrior

Met

Coal,

Inc.

1,625,927

10,759,926

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

2

.0

%

):

82,120

Apollo

Commercial

Real

Estate

Finance,

Inc.

831,875

77,043

Arbor

Realty

Trust,

Inc.^

1,169,513

141,988

ARMOUR

Residential

REIT,

Inc.^

603,449

101,813

Blackstone

Mortgage

Trust,

Inc.,

Class

A^

2,214,433

40,844

Ellington

Financial,

Inc.^

509,325

47,228

Franklin

BSP

Realty

Trust,

Inc.

625,299

62,401

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

1,322,901

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

28,774

Invesco

Mortgage

Capital,

Inc.

$

288,028

37,360

KKR

Real

Estate

Finance

Trust,

Inc.

443,463

57,850

New

York

Mortgage

Trust,

Inc.

491,146

56,164

PennyMac

Mortgage

Investment

Trust

696,433

97,970

Ready

Capital

Corp.

990,477

70,700

Redwood

Trust,

Inc.

504,091

61,070

Two

Harbors

Investment

Corp.

808,567

11,499,000

Multi-Utilities

(

0

.3

%

):

41,996

Avista

Corp.

1,359,410

8,174

Unitil

Corp.

349,112

1,708,522

Office

REITs

(

1

.1

%

):

108,787

Brandywine

Realty

Trust

493,893

81,602

Douglas

Emmett,

Inc.

1,041,242

49,169

Easterly

Government

Properties,

Inc.

562,002

63,899

Highwoods

Properties,

Inc.

1,316,958

76,669

Hudson

Pacific

Properties,

Inc.

509,849

54,943

JBG

SMITH

Properties

794,476

37,558

SL

Green

Realty

Corp.

1,400,913

6,119,333

Oil,

Gas

&

Consumable

Fuels

(

2

.9

%

):

37,438

California

Resources

Corp.

2,096,902

31,741

Callon

Petroleum

Co.*

1,241,708

52,942

Comstock

Resources,

Inc.

583,950

16,403

CONSOL

Energy,

Inc.

1,720,839

18,942

CVR

Energy,

Inc.

644,596

18,041

Dorian

LPG,

Ltd.

518,318

33,450

Green

Plains,

Inc.*

1,006,845

48,240

Northern

Oil

and

Gas,

Inc.

1,940,695

32,406

Par

Pacific

Holdings,

Inc.*

1,164,672

7,927

REX

American

Resources

Corp.*

322,787

68,487

SM

Energy

Co.

2,715,510

55,292

Talos

Energy,

Inc.*

909,001

9,348

Vital

Energy,

Inc.*

518,066

34,594

World

Kinect

Corp.

775,943

16,159,832

Paper

&

Forest

Products

(

0

.3

%

):

9,360

Clearwater

Paper

Corp.*

339,300

27,163

Mercer

International,

Inc.

233,058

20,069

Sylvamo

Corp.

881,832

1,454,190

Passenger

Airlines

(

0

.6

%

):

8,720

Allegiant

Travel

Co.

670,219

30,199

Hawaiian

Holdings,

Inc.*

191,160

198,059

JetBlue

Airways

Corp.*

911,071

24,855

SkyWest,

Inc.*

1,042,419

23,306

Sun

Country

Airlines

Holdings,

Inc.*

345,861

3,160,730

Personal

Care

Products

(

1

.3

%

):

28,496

Edgewell

Personal

Care

Co.

1,053,212

31,052

elf

Beauty,

Inc.*

3,410,441

10,362

Inter

Parfums,

Inc.

1,392,031

6,345

Medifast,

Inc.

474,924

30,491

Nu

Skin

Enterprises,

Inc.,

Class

A

646,714

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

205

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Personal

Care

Products,

continued

5,323

USANA

Health

Sciences,

Inc.*

$

311,981

7,289,303

Pharmaceuticals

(

1

.5

%

):

21,508

Amphastar

Pharmaceuticals,

Inc.*

989,153

9,045

ANI

Pharmaceuticals,

Inc.*

525,153

19,145

Collegium

Pharmaceutical,

Inc.*

427,891

51,787

Corcept

Therapeutics,

Inc.*

1,410,937

19,148

Harmony

Biosciences

Holdings,

Inc.*

627,480

28,009

Innoviva,

Inc.*

363,837

9,217

Ligand

Pharmaceuticals,

Inc.*

552,282

25,691

Pacira

BioSciences,

Inc.*

788,200

10,992

Phibro

Animal

Health

Corp.,

Class

A

140,368

28,023

Prestige

Consumer

Healthcare,

Inc.*

1,602,635

31,328

Supernus

Pharmaceuticals,

Inc.*

863,713

8,291,649

Professional

Services

(

1

.2

%

):

17,699

CSG

Systems

International,

Inc.

904,773

5,928

Forrester

Research,

Inc.*

171,319

10,578

Heidrick

&

Struggles

International,

Inc.

264,662

18,310

Kelly

Services,

Inc.,

Class

A

333,059

31,817

Korn

Ferry

1,509,399

6,723

NV5

Global,

Inc.*

646,954

18,497

Resources

Connection,

Inc.

275,790

16,760

TrueBlue,

Inc.*

245,869

12,846

TTEC

Holdings,

Inc.

336,822

97,710

Verra

Mobility

Corp.*

1,827,177

6,515,824

Real

Estate

Management

&

Development

(

0

.7

%

):

62,843

Anywhere

Real

Estate,

Inc.*

404,080

86,101

Cushman

&

Wakefield

plc*

656,090

44,209

eXp

World

Holdings,

Inc.

717,954

68,708

Kennedy-Wilson

Holdings,

Inc.

1,012,756

11,462

Marcus

&

Millichap,

Inc.

336,295

20,343

St

Joe

Co.

(The)

1,105,235

4,232,410

Residential

REITs

(

0

.4

%

):

8,021

Centerspace

483,345

46,817

Elme

Communities

638,584

12,094

NexPoint

Residential

Trust,

Inc.

389,185

43,911

Veris

Residential,

Inc.

724,532

2,235,646

Retail

REITs

(

1

.9

%

):

53,612

Acadia

Realty

Trust

769,332

25,399

Getty

Realty

Corp.

704,314

129,686

Macerich

Co.

(The)

1,414,874

69,286

Phillips

Edison

&

Co.,

Inc.

2,323,853

69,210

Retail

Opportunity

Investments

Corp.

856,820

47,136

RPT

Realty

497,756

6,769

Saul

Centers,

Inc.

238,743

108,819

SITE

Centers

Corp.

1,341,738

60,757

Tanger

Factory

Outlet

Centers,

Inc.

1,373,108

66,358

Urban

Edge

Properties

1,012,623

19,838

Whitestone

REIT

191,040

10,724,201

Semiconductors

&

Semiconductor

Equipment

(

4

.2

%

):

12,508

Alpha

&

Omega

Semiconductor,

Ltd.*

373,239

18,897

Axcelis

Technologies,

Inc.*

3,081,156

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

12,229

CEVA,

Inc.*

$

237,120

25,628

Cohu,

Inc.*

882,628

26,982

Diodes,

Inc.*

2,127,261

44,429

FormFactor,

Inc.*

1,552,349

15,626

Ichor

Holdings,

Ltd.*

483,781

32,524

Kulicke

&

Soffa

Industries,

Inc.

1,581,642

42,133

MaxLinear,

Inc.,

Class

A*

937,459

28,210

Onto

Innovation,

Inc.*

3,597,339

16,318

PDF

Solutions,

Inc.*

528,703

34,463

Photronics,

Inc.*

696,497

62,466

Rambus,

Inc.*

3,484,978

35,653

Semtech

Corp.*

918,065

9,766

SiTime

Corp.*

1,115,766

27,940

SMART

Global

Holdings,

Inc.*

680,339

24,253

Ultra

Clean

Holdings,

Inc.*

719,587

30,998

Veeco

Instruments,

Inc.*

871,354

23,869,263

Software

(

2

.7

%

):

39,887

A10

Networks,

Inc.

599,502

61,116

Adeia,

Inc.

652,719

11,559

Agilysys,

Inc.*

764,743

29,344

Alarm.com

Holdings,

Inc.*

1,794,092

23,725

Cerence,

Inc.*

483,278

10,745

Consensus

Cloud

Solutions,

Inc.*

270,559

52,129

Digital

Turbine,

Inc.*

315,381

73,316

DoubleVerify

Holdings,

Inc.*

2,049,182

14,519

Ebix,

Inc.

143,448

15,076

InterDigital,

Inc.

1,209,698

38,342

LiveRamp

Holdings,

Inc.*

1,105,783

40,762

N-able,

Inc.*

525,830

19,453

OneSpan,

Inc.*

209,120

25,545

Progress

Software

Corp.

1,343,156

21,341

SPS

Commerce,

Inc.*

3,640,988

25,300

Xperi,

Inc.*

249,458

15,356,937

Specialized

REITs

(

0

.6

%

):

51,772

Four

Corners

Property

Trust,

Inc.

1,148,821

86,563

Outfront

Media,

Inc.

874,286

26,502

Safehold,

Inc.

471,736

140,764

Uniti

Group,

Inc.

664,406

3,159,249

Specialty

Retail

(

4

.7

%

):

28,718

Abercrombie

&

Fitch

Co.,

Class

A*

1,618,834

43,993

Academy

Sports

&

Outdoors,

Inc.

2,079,549

34,290

Advance

Auto

Parts,

Inc.

1,917,840

108,171

American

Eagle

Outfitters,

Inc.

1,796,720

3,294

America's

Car-Mart,

Inc.*

299,721

11,866

Asbury

Automotive

Group,

Inc.*

2,730,011

17,205

Boot

Barn

Holdings,

Inc.*

1,396,874

15,846

Buckle,

Inc.

(The)

529,098

19,669

Caleres,

Inc.

565,680

65,697

Chico's

FAS,

Inc.*

491,414

29,061

Designer

Brands,

Inc.,

Class

A

367,912

46,875

Foot

Locker,

Inc.^

813,281

8,324

Group

1

Automotive,

Inc.

2,236,742

16,593

Guess?,

Inc.

359,073

6,782

Haverty

Furniture

Cos.,

Inc.

195,186

7,314

Hibbett,

Inc.

347,488

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

206

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2023

.

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

103,032

Leslie's,

Inc.*

$

583,161

10,388

MarineMax,

Inc.*

340,934

17,091

Monro,

Inc.

474,617

44,291

National

Vision

Holdings,

Inc.*

716,628

19,022

ODP

Corp.

(The)*

877,865

58,155

Sally

Beauty

Holdings,

Inc.*

487,339

9,425

Shoe

Carnival,

Inc.

226,483

26,190

Signet

Jewelers,

Ltd.

1,880,704

11,934

Sleep

Number

Corp.*

293,457

9,136

Sonic

Automotive,

Inc.,

Class

A

436,335

26,286

Upbound

Group,

Inc.

774,123

32,430

Urban

Outfitters,

Inc.*

1,060,137

43,989

Victoria's

Secret

&

Co.*

733,736

26,630,942

Technology

Hardware,

Storage

&

Peripherals

(

0

.3

%

):

19,336

Avid

Technology,

Inc.*

519,558

23,580

Corsair

Gaming,

Inc.*

342,618

69,722

Xerox

Holdings

Corp.

1,093,938

1,956,114

Textiles,

Apparel

&

Luxury

Goods

(

1

.0

%

):

23,202

G-III

Apparel

Group,

Ltd.*

578,194

204,706

Hanesbrands,

Inc.

810,636

28,806

Kontoor

Brands,

Inc.

1,264,872

9,932

Movado

Group,

Inc.

271,640

8,234

Oxford

Industries,

Inc.

791,534

41,544

Steven

Madden,

Ltd.

1,319,853

45,306

Wolverine

World

Wide,

Inc.

365,166

5,401,895

Tobacco

(

0

.3

%

):

14,709

Universal

Corp.

694,412

77,613

Vector

Group,

Ltd.

825,802

1,520,214

Trading

Companies

&

Distributors

(

1

.7

%

):

22,384

Applied

Industrial

Technologies,

Inc.

3,460,790

23,122

Boise

Cascade

Co.

2,382,491

Shares

Value

Common

Stocks,

continued

Trading

Companies

&

Distributors,

continued

7,087

DXP

Enterprises,

Inc.*

$

247,620

23,541

GMS,

Inc.*

1,505,918

58,811

NOW,

Inc.*

698,086

7,872

Veritiv

Corp.

1,329,581

9,624,486

Water

Utilities

(

0

.8

%

):

21,386

American

States

Water

Co.

1,682,651

33,272

California

Water

Service

Group

1,574,098

9,172

Middlesex

Water

Co.

607,645

15,330

SJW

Group

921,486

4,785,880

Wireless

Telecommunication

Services

(

0

.4

%

):

34,205

Gogo,

Inc.*

408,066

27,698

Shenandoah

Telecommunications

Co.

570,856

56,656

Telephone

and

Data

Systems,

Inc.

1,037,371

2,016,293

Total

Common

Stocks

(Cost

$442,861,078)

558,651,318

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(

1

.2

%

):

$

6,836,051

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.36%(b)(c)

6,836,051

Total

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(Cost

$6,836,051)

6,836,051

Unaffiliated

Investment

Company

(

0

.7

%

):

Money

Markets

(

0

.7

%

):

3,892,719

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.24%(c)

3,892,719

Total

Unaffiliated

Investment

Company

(Cost

$3,892,719)

3,892,719

Total

Investment

Securities

(Cost

$453,589,848)

—

100.7%

569,380,088

Net

other

assets

(liabilities)

—

(0.7)%

(

3,772,452

)

Net

Assets

—

100.0%

$

565,607,636

REIT

-

Real

Estate

Investment

Trust

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$6,710,974.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2023.

(b)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2023.

(c)

The

rate

represents

the

effective

yield

at

September

30,

2023.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Futures

Contracts

At

September

30,

2023,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

Russell

2000

Mini

Index

December

Futures

(U.S.

Dollar)

12/15/23

78

$

7,014,540‌

$

(

165,980‌

)

$

(

165,980‌

)

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

207

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(

65

.4

%

):

Aerospace

&

Defense

(

0

.8

%

):

119,405

RTX

Corp.

$

8,593,578

Automobile

Components

(

0

.4

%

):

92,589

Mobileye

Global,

Inc.,

Class

A*^

3,847,073

Banks

(

0

.6

%

):

54,716

PNC

Financial

Services

Group,

Inc.

(The)

6,717,483

Beverages

(

0

.6

%

):

207,445

Keurig

Dr

Pepper,

Inc.

6,549,039

Biotechnology

(

2

.2

%

):

82,541

AbbVie,

Inc.

12,303,561

38,684

Biogen,

Inc.*

9,942,175

7,928

Karuna

Therapeutics,

Inc.*

1,340,546

23,586,282

Broadline

Retail

(

2

.5

%

):

205,570

Amazon.com,

Inc.*

26,132,058

Capital

Markets

(

3

.3

%

):

13,336

CME

Group,

Inc.

2,670,134

20,700

Goldman

Sachs

Group,

Inc.

(The)

6,697,899

128,573

Intercontinental

Exchange,

Inc.

14,145,601

134,947

KKR

&

Co.,

Inc.,

Class

A

8,312,735

6,190

S&P

Global,

Inc.

2,261,888

34,088,257

Chemicals

(

0

.9

%

):

25,290

Linde

plc

9,416,731

Commercial

Services

&

Supplies

(

2

.0

%

):

1,560,783

Aurora

Innovation,

Inc.*

3,667,840

11,758

Republic

Services,

Inc.

1,675,633

115,710

Waste

Connections,

Inc.

15,539,853

20,883,326

Electric

Utilities

(

3

.0

%

):

399,408

Exelon

Corp.

15,093,628

282,680

Xcel

Energy,

Inc.

16,174,950

31,268,578

Electrical

Equipment

(

0

.7

%

):

49,255

AMETEK,

Inc.

7,277,919

Electronic

Equipment,

Instruments

&

Components

(

1

.2

%

):

8,236

TE

Connectivity,

Ltd.

1,017,393

29,419

Teledyne

Technologies,

Inc.*

12,020,015

13,037,408

Financial

Services

(

2

.4

%

):

35,500

Mastercard,

Inc.,

Class

A

14,054,805

49,300

Visa,

Inc.,

Class

A

11,339,493

25,394,298

Health

Care

Equipment

&

Supplies

(

3

.4

%

):

84,961

Becton

Dickinson

&

Co.

21,964,968

66,601

GE

HealthCare

Technologies,

Inc.

4,531,532

16,400

Stryker

Corp.

4,481,628

23,759

Teleflex,

Inc.

4,666,505

35,644,633

Health

Care

Providers

&

Services

(

3

.4

%

):

11,600

Humana,

Inc.

5,643,632

59,846

UnitedHealth

Group,

Inc.

30,173,755

35,817,387

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure

(

2

.5

%

):

49,785

Hilton

Worldwide

Holdings,

Inc.

$

7,476,712

7,364

Starbucks

Corp.

672,112

141,217

Yum!

Brands,

Inc.

17,643,652

25,792,476

Industrial

Conglomerates

(

0

.5

%

):

43,694

General

Electric

Co.

4,830,372

Insurance

(

0

.6

%

):

34,790

Marsh

&

McLennan

Cos.,

Inc.

6,620,537

Interactive

Media

&

Services

(

3

.7

%

):

229,981

Alphabet,

Inc.,

Class

A*

30,095,314

27,206

Meta

Platforms,

Inc.,

Class

A*

8,167,513

38,262,827

Life

Sciences

Tools

&

Services

(

5

.8

%

):

462,978

Avantor,

Inc.*

9,759,577

71,039

Danaher

Corp.

17,624,776

172,366

Revvity,

Inc.

19,080,916

28,701

Thermo

Fisher

Scientific,

Inc.

14,527,585

60,992,854

Machinery

(

3

.4

%

):

301,416

Fortive

Corp.

22,353,011

210,174

Ingersoll

Rand,

Inc.

13,392,287

35,745,298

Multi-Utilities

(

3

.5

%

):

211,499

Ameren

Corp.

15,826,470

219,041

CenterPoint

Energy,

Inc.

5,881,251

100,287

DTE

Energy

Co.

9,956,493

61,782

WEC

Energy

Group,

Inc.

4,976,540

36,640,754

Oil,

Gas

&

Consumable

Fuels

(

1

.8

%

):

127,760

Canadian

Natural

Resources,

Ltd.

8,262,239

84,300

Chesapeake

Energy

Corp.

7,269,189

25,653

EOG

Resources,

Inc.

3,251,774

18,783,202

Pharmaceuticals

(

0

.9

%

):

16,900

Eli

Lilly

&

Co.

9,077,497

Professional

Services

(

1

.2

%

):

42,979

Equifax,

Inc.

7,872,893

67,977

TransUnion

4,880,069

12,752,962

Semiconductors

&

Semiconductor

Equipment

(

3

.9

%

):

51,600

Analog

Devices,

Inc.

9,034,644

33,200

NVIDIA

Corp.

14,441,668

43,177

NXP

Semiconductors

NV

8,631,946

53,346

Texas

Instruments,

Inc.

8,482,547

40,590,805

Software

(

7

.9

%

):

16,245

Intuit,

Inc.

8,300,220

153,216

Microsoft

Corp.

48,377,952

48,763

PTC,

Inc.*

6,908,742

24,433

Roper

Technologies,

Inc.

11,832,413

36,832

Salesforce,

Inc.*

7,468,793

82,888,120

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

208

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Specialized

REITs

(

0

.2

%

):

10,700

SBA

Communications

Corp.

$

2,141,819

Technology

Hardware,

Storage

&

Peripherals

(

2

.1

%

):

127,824

Apple,

Inc.

21,884,747

Total

Common

Stocks

(Cost

$594,654,613)

685,258,320

Preferred

Stocks

(

0

.4

%

):

Capital

Markets

(

0

.0

%

†

):

3,600

Charles

Schwab

Corp.

(The),

Series

D,

24.44%,

11/14/19

87,660

Electric

Utilities

(

0

.1

%

):

45,323

SCE

Trust

IV,

Series

J,

3.56%,

12/31/49

939,093

Multi-Utilities

(

0

.3

%

):

56,450

CMS

Energy

Corp.,

2.16%,

10/15/78

1,273,512

46,853

CMS

Energy

Corp.,

2.11%,

3/1/79

1,079,493

15,421

NiSource,

Inc.,

Series

B,

3.11%,

11/21/19

387,067

2,740,072

Total

Preferred

Stocks

(Cost

$4,191,175)

3,766,825

Principal

Amount

Asset

Backed

Securities

(

0

.1

%

):

$

622,425

Domino's

Pizza

Master

Issuer

LLC,

Class

A2,

Series

2019-1A,

3.67%,

10/25/49,

Callable

10/25/26

@

100(a)

538,978

813,645

Domino's

Pizza

Master

Issuer

LLC,

Class

A23,

Series

2018-1A,

4.12%,

7/25/47,

Callable

7/25/24

@

100(a)

751,056

Total

Asset

Backed

Securities

(Cost

$1,427,578)

1,290,034

Bank

Loans

(

12

.4

%

):

Airlines

(

0

.2

%

):

1,594,076

SkyMiles

IP

Ltd.

Initial

Term

Loan,

9.07%

(Term

SOFR+375bps ),

10/20/27

1,649,279

Building

Products

(

0

.7

%

):

2,043,142

Filtration

Group

Corporation

2021

Incremental

Term

Loan,

8.82%

(Term

SOFR+350bps ),

10/21/28

2,033,355

3,698,997

Filtration

Group

Corporation

2023

Extended

Dollar

Term

Loan,

9.57%

(Term

SOFR+425bps ),

10/21/28

3,700,551

2,023,589

Filtration

Group

Corporation

2023

Extended

Euro

Term

Loan,

5.43%

(EURIBOR

RFR+0bps ),

10/21/28

2,121,326

7,855,232

Capital

Markets

(

0

.0

%

†

):

162,186

Woof

Holdings,

Inc.

Initial

First

Lien

Term

Loan,

9.07%

(Term

SOFR+375bps ),

12/21/27

127,965

Chemicals

(

1

.3

%

):

4,320,568

USI,

Inc.

2021

New

Term

Loan,

8.57%

(Term

SOFR+325bps ),

12/2/26

4,316,247

3,866,210

USI,

Inc.

2022

New

Term

Loan,

9.07%

(Term

SOFR+375bps ),

11/22/29

3,861,378

3,879,923

USI,

Inc.

Term

Loan

B

1L,

5.43%

(LIBOR+0bps ),

9/13/30

3,867,003

1,333,309

USI,

Inc.

Term

Loan

B1L

Bankdebt,

5.43%

(LIBOR+0bps ),

9/13/30

1,329,416

13,374,044

Principal

Amount

Value

Bank

Loans,

continued

Consumer

Discretionary

Services

(

0

.3

%

):

$

2,707,046

IRB

Holding

Corp.

2022

Replacement

Term

B

Loan,

8.32%

(Term

SOFR+300bps ),

12/15/27

$

2,694,539

Diversified

Consumer

Services

(

0

.3

%

):

3,129,118

Loire

UK

Midco

3

Limited

Facility

B,

8.57%

(Term

SOFR+325bps ),

4/21/27

3,070,447

531,137

Loire

UK

Midco

3

Limited

Facility

B2,

9.07%

(Term

SOFR+375bps ),

4/21/27

523,170

3,593,617

Electric

Utilities

(

0

.6

%

):

4,656,866

Alliant

Holdings

I

LLC

TLB-4

New

Term

Loan,

8.93%

(LIBOR+350bps ),

11/5/27

4,644,758

2,180,433

Alliant

Holdings

Intermediate,

LLC

TLB-5

New

Term

Loan,

8.82%

(Term

SOFR+350bps ),

11/5/27

2,175,658

6,820,416

Electrical

Equipment

(

0

.0

%

†

):

217,492

Quartz

Acquireco

LLC

Term

Loan,

8.82%

(Term

SOFR+350bps ),

6/28/30

216,948

Financial

Services

(

2

.6

%

):

1,542,681

Azalea

TopCo,

Inc.

2021

First

Lien

Term

Loan,

9.07%

(Term

SOFR+375bps ),

7/24/26

1,484,831

834,308

Azalea

TopCo,

Inc.

2022

Incremental

First

Lien

Term

Loan,

9.07%

(Term

SOFR+375bps ),

7/24/26

801,194

4,854,929

Azalea

TopCo,

Inc.

Initial

First

Lien

Term

Loan,

8.82%

(Term

SOFR+350bps ),

7/24/26

4,661,946

1,845,359

Hub

International

Limited

2022

Incremental

Term

Loan,

9.32%

(Term

SOFR+400bps ),

11/10/29

1,846,614

17,409,000

HUB

International

Limited

2023

Refinancing

Term

Loan,

9.57%

(Term

SOFR+425bps ),

6/20/30

17,438,073

722,801

Trans

Union

LLC

2019

Replacement

Term

B-5

Loan,

7.07%

(Term

SOFR+175bps ),

11/16/26

721,594

26,954,252

Health

Care

Providers

&

Services

(

0

.8

%

):

1,579,047

ADMI

Corp.

Amendment

No.

4

Refinancing

Term

Loan,

8.70%

(Term

SOFR+337.5bps ),

12/23/27

1,460,619

2,952,922

ADMI

Corp.

Amendment

No.

5

Incremental

Term

Loan,

9.07%

(Term

SOFR+375bps ),

12/23/27

2,749,377

856,233

ADMI

Corp.

Initial

Term

Loan,

8.32%

(Term

SOFR+300bps ),

4/30/25

839,571

3,832,129

Heartland

Dental

LLC

2023

New

Term

Loan,

10.32%

(Term

SOFR+500bps ),

4/28/28

3,787,446

8,837,013

Hotels,

Restaurants

&

Leisure

(

0

.4

%

):

701,998

1011778

B.C.

Unlimited

Liability

Company

Term

B-5

Loan,

7.57%

(Term

SOFR+225bps ),

9/23/30

699,491

3,060,752

Hilton

Worldwide

Refinanced

Series

B-2

Term

Loan,

7.07%

(Term

SOFR+175bps ),

6/22/26

3,057,600

3,757,091

Insurance

(

0

.9

%

):

201,262

AssuredPartners,

Inc.

2021

Term

Loan,

8.82%

(Term

SOFR+350bps ),

2/12/27

201,010

362,494

AssuredPartners,

Inc.

2022

February

Refinancing

Term

Loan,

8.82%

(Term

SOFR+350bps ),

2/12/27

361,476

755,317

AssuredPartners,

Inc.

2022

Term

Loan,

8.82%

(Term

SOFR+350bps ),

2/12/27

752,718

1,972,107

AssuredPartners,

Inc.

Term

Loan

B4

1L

Bankdebt,

5.43%

(LIBOR+0bps ),

2/13/27

1,972,107

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

209

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Bank

Loans,

continued

Insurance,

continued

$

1,082,264

BroadStreet

Partners,

Inc.

Initial

Term

B

Loan,

9.32%

(Term

SOFR+400bps ),

1/27/29

$

1,080,911

423,081

BroadStreet

Partners,

Inc.

Initial

Term

Loan,

8.32%

(Term

SOFR+300bps ),

1/27/27

420,678

3,822,704

HIG

Finance

2

Limited

2021

Dollar

Refinancing

Term

Loan,

8.68%

(LIBOR+325bps ),

11/12/27

3,806,457

1,117,593

Ryan

Specialty

Group,

LLC

Initial

Term

Loan,

8.32%

(Term

SOFR+300bps ),

9/1/27

1,116,397

9,711,754

Life

Sciences

Tools

&

Services

(

0

.1

%

):

1,106,057

Avantor

Funding,

Inc.

2021

Incremental

B-5

Dollar

Term

Loan,

7.57%

(Term

SOFR+225bps ),

11/8/27

1,104,553

Media

(

0

.2

%

):

851,870

Charter

Communications

Operating

LLC

Term

B-2

Loan,

7.07%

(Term

SOFR+175bps ),

2/1/27

850,490

1,288,740

Charter

Communications

Operating,

LLC

Term

B-1

Loan,

7.07%

(Term

SOFR+175bps ),

4/30/25

1,289,010

2,139,500

Pharmaceuticals

(

0

.3

%

):

2,857,380

Sunshine

Luxembourg

VII

S.a

r.l.

Facility

B3,

9.07%

(Term

SOFR+375bps ),

10/1/26

2,851,036

Software

(

2

.3

%

):

1,470,149

Applied

Systems,

Inc.

2021

Second

Lien

Term

Loan,

12.07%

(Term

SOFR+675bps ),

9/17/27

1,472,295

6,411,319

Applied

Systems,

Inc.

2026

First

Lien

Term

Loan,

9.82%

(Term

SOFR+450bps ),

9/18/26

6,424,462

4,756,339

RealPage,

Inc.

Initial

First

Lien

Term

Loan,

8.32%

(Term

SOFR+300bps ),

4/24/28

4,696,885

200,000

RealPage,

Inc.

Initial

Second

Lien

Loan,

11.82%

(Term

SOFR+650bps ),

4/23/29

200,250

512,554

Sophia,

L.P.

2022

Incremental

First

Lien

Term

B-1

Loan,

9.31%

(SOFR+400bps ),

10/7/27

509,350

1,787,792

Sophia,

L.P.

First

Lien

Term

Loan

B,

8.82%

(Term

SOFR+350bps ),

10/7/27

1,782,214

8,728,836

UKG

Inc.

2021-2

Incremental

Term

Loan

First

Lien,

8.57%

(Term

SOFR+325bps ),

5/4/26

8,697,063

23,782,519

Software

&

Tech

Services

(

0

.5

%

):

4,501,115

Athenahealth

Group,

Inc.

Initial

Term

Loan,

8.57%

(Term

SOFR+350bps ),

2/15/29

4,409,697

843,072

Storable,

Inc.

Initial

First

Lien

Term

Loan,

8.82%

(Term

SOFR+350bps ),

4/17/28

835,097

5,244,794

Sovereign

Bond

(

0

.4

%

):

4,341,007

Mileage

Plus

Holdings

LLC

Initial

Term

Loan,

10.57%

(Term

SOFR+525bps ),

6/21/27

4,504,272

Specialty

Retail

(

0

.3

%

):

1,407,617

PetVet

Care

Centers,

LLC

2018

First

Lien

Term

Loan,

8.57%

(Term

SOFR+325bps ),

2/14/25

1,399,411

1,457,703

PetVet

Care

Centers,

LLC

2021

First

Lien

Replacement

Term

Loan,

8.82%

(Term

SOFR+350bps ),

2/14/25

1,449,685

355,016

PetVet

Care

Centers,

LLC

Initial

First

Lien

Term

Loan,

8.07%

(Term

SOFR+275bps ),

2/14/25

352,687

Principal

Amount

Value

Bank

Loans,

continued

Specialty

Retail,

continued

$

115,000

PetVet

Care

Centers,

LLC

Initial

Second

Lien

Term

Loan,

11.57%

(Term

SOFR+625bps ),

2/13/26

$

113,620

3,315,403

Technology

Hardware,

Storage

&

Peripherals

(

0

.0

%

†

):

136,070

Epicor

Software

Corporation

Term

Loan

1

Loan,

5.43%

(LIBOR+0bps ),

7/31/27

136,104

Telecommunications

(

0

.2

%

):

1,686,669

SBA

Senior

Finance

II

LLC

Initial

Term

Loan,

7.07%

(Term

SOFR+175bps ),

4/11/25

1,684,932

Total

Bank

Loans

(Cost

$130,460,135)

130,355,263

Corporate

Bonds

(

10

.0

%

):

Aerospace

&

Defense

(

0

.2

%

):

76,000

Howmet

Aerospace,

Inc.,

5.90%,

2/1/27

74,575

570,000

Howmet

Aerospace,

Inc.,

3.00%,

1/15/29,

Callable

11/15/28

@

100

480,937

904,000

TransDigm,

Inc.,

6.25%,

3/15/26,

Callable

11/6/23

@

101.56(a)

889,310

976,000

TransDigm,

Inc.,

5.50%,

11/15/27,

Callable

11/6/23

@

102.75

915,000

2,359,822

Air

Freight

&

Logistics

(

0

.1

%

):

1,150,000

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.,

4.75%,

10/20/28(a)

1,088,703

Automobile

Components

(

0

.3

%

):

467,000

Clarios

Global

LP,

6.75%,

5/15/25,

Callable

11/6/23

@

101.69(a)

464,081

643,000

Clarios

Global

LP/Clarios

US

Finance

Co.,

6.25%,

5/15/26,

Callable

11/6/23

@

101.56(a)

628,533

1,735,000

Clarios

Global

LP/Clarios

US

Finance

Co.,

8.50%,

5/15/27,

Callable

11/6/23

@

102.13(a)

1,732,831

2,825,445

Building

Products

(

0

.0

%

†

):

280,000

Lennox

International,

Inc.,

3.00%,

11/15/23,

Callable

11/6/23

@

100

278,931

Capital

Markets

(

0

.4

%

):

152,000

Intercontinental

Exchange,

Inc.,

4.00%,

9/15/27,

Callable

8/15/27

@

100

143,704

893,000

MSCI,

Inc.,

4.00%,

11/15/29,

Callable

11/15/24

@

102(a)

784,724

1,637,000

MSCI,

Inc.,

3.63%,

9/1/30,

Callable

3/1/25

@

101.81(a)

1,368,941

1,010,000

MSCI,

Inc.,

3.88%,

2/15/31,

Callable

6/1/25

@

101.94(a)

852,187

932,000

MSCI,

Inc.,

3.63%,

11/1/31,

Callable

11/1/26

@

101.81(a)

761,910

676,000

MSCI,

Inc.,

3.25%,

8/15/33,

Callable

8/15/27

@

101.63(a)

520,520

4,431,986

Containers

&

Packaging

(

0

.1

%

):

1,225,000

Ball

Corp.,

6.00%,

6/15/29,

Callable

5/15/26

@

103

1,191,313

Diversified

Consumer

Services

(

0

.1

%

):

605,000

Service

Corp.

International,

3.38%,

8/15/30,

Callable

8/15/25

@

101.69

487,781

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

210

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

REITs

(

0

.1

%

):

$

1,355,000

SBA

Communications

Corp.,

3.13%,

2/1/29,

Callable

2/1/24

@

101.56

$

1,128,038

Electric

Utilities

(

0

.5

%

):

1,819,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co-Issuer,

6.75%,

10/15/27,

Callable

11/6/23

@

101.69(a)

1,691,670

385,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co-Issuer,

4.25%,

10/15/27,

Callable

11/6/23

@

102.13(a)

344,575

3,262,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co-Issuer,

6.75%,

4/15/28,

Callable

4/15/25

@

103.38(a)

3,147,830

626,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co-Issuer,

5.88%,

11/1/29,

Callable

11/1/24

@

102.94(a)

543,055

5,727,130

Electrical

Equipment

(

0

.2

%

):

1,006,000

Sensata

Technologies

BV,

4.00%,

4/15/29,

Callable

4/15/24

@

102(a)

860,130

403,000

Sensata

Technologies

BV,

5.88%,

9/1/30,

Callable

9/1/25

@

102.94(a)

372,775

290,000

Sensata

Technologies,

Inc.,

4.38%,

2/15/30,

Callable

11/15/29

@

100(a)

249,038

743,000

Sensata

Technologies,

Inc.,

3.75%,

2/15/31,

Callable

2/15/26

@

101.88(a)

599,972

2,081,915

Entertainment

(

0

.0

%

†

):

100,000

Live

Nation

Entertainment,

Inc.,

4.88%,

11/1/24,

Callable

11/6/23

@

100(a)

98,250

Financial

Services

(

1

.2

%

):

510,000

AmWINS

Group,

Inc.,

4.88%,

6/30/29,

Callable

6/30/24

@

102.44(a)

444,975

876,000

HUB

International,

Ltd.,

5.63%,

12/1/29,

Callable

12/1/24

@

102.81(a)

761,025

10,979,000

HUB

International,

Ltd.,

7.25%,

6/15/30,

Callable

6/15/26

@

103.63(a)

10,937,829

12,143,829

Health

Care

Equipment

&

Supplies

(

0

.1

%

):

574,000

Hologic,

Inc.,

3.25%,

2/15/29,

Callable

11/6/23

@

101.63(a)

485,030

745,000

Teleflex,

Inc.,

4.63%,

11/15/27,

Callable

10/23/23

@

102.31

682,606

130,000

Teleflex,

Inc.,

4.25%,

6/1/28,

Callable

11/6/23

@

102.13(a)

115,863

1,283,499

Health

Care

Providers

&

Services

(

0

.5

%

):

1,275,000

Hadrian

Merger

Sub,

Inc.,

8.50%,

5/1/26,

Callable

11/6/23

@

100(a)

1,204,875

1,068,000

Heartland

Dental

LLC/Heartland

Dental

Finance

Corp.,

10.50%,

4/30/28,

Callable

5/15/25

@

105.25(a)

1,072,005

1,419,000

IQVIA,

Inc.,

5.70%,

5/15/28,

Callable

4/15/28

@

100(a)

1,376,430

355,000

IQVIA,

Inc.,

6.50%,

5/15/30,

Callable

5/15/26

@

103.25(a)

348,788

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

714,000

Surgery

Center

Holdings,

Inc.,

10.00%,

4/15/27,

Callable

11/6/23

@

102.5(a)

$

722,032

4,724,130

Hotels,

Restaurants

&

Leisure

(

2

.7

%

):

1,438,000

Cedar

Fair

LP,

5.25%,

7/15/29,

Callable

7/15/24

@

102.63

1,249,263

1,301,000

Cedar

Fair

LP/Canada's

Wonderland

Co./Magnum

Management

Corp./Millennium

Op,

5.50%,

5/1/25,

Callable

11/6/23

@

101.38(a)

1,271,727

2,088,000

Cedar

Fair

LP/Canada's

Wonderland

Co./Magnum

Management

Corp./Millennium

Op,

5.38%,

4/15/27,

Callable

11/6/23

@

101.79

1,952,280

1,386,500

Cedar

Fair

LP/Canada's

Wonderland

Co./Magnum

Management

Corp./Millennium

Op,

6.50%,

10/1/28,

Callable

10/23/23

@

103.25

1,315,442

1,113,000

Hilton

Domestic

Operatin,

5.75%,

5/1/28,

Callable

11/6/23

@

102.88(a)

1,075,436

501,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.38%,

5/1/25,

Callable

10/16/23

@

101.34(a)

492,232

1,173,000

Hilton

Domestic

Operating

Co.,

Inc.,

3.75%,

5/1/29,

Callable

5/1/24

@

101.88(a)

1,010,246

1,037,000

Hilton

Domestic

Operating

Co.,

Inc.,

4.88%,

1/15/30,

Callable

1/15/25

@

102.44

944,966

1,695,000

Hilton

Domestic

Operating

Co.,

Inc.,

4.00%,

5/1/31,

Callable

5/1/26

@

102(a)

1,419,563

1,294,000

Hilton

Domestic

Operating

Co.,

Inc.,

3.63%,

2/15/32,

Callable

8/15/26

@

101.81(a)

1,043,288

349,000

Hilton

Worldwide

Finance

LLC/Hilton

Worldwide

Finance

Corp.,

4.88%,

4/1/27,

Callable

10/23/23

@

101.22

332,422

2,736,000

KFC

Holding

Co./Pizza

Hut

Holdings

LLC/Taco

Bell

of

America

LLC,

4.75%,

6/1/27,

Callable

11/6/23

@

101.58(a)

2,606,040

1,273,000

Life

Time,

Inc.,

5.75%,

1/15/26,

Callable

11/6/23

@

102.88(a)

1,228,445

2,290,000

Six

Flags

Entertainment

Corp.,

5.50%,

4/15/27,

Callable

11/6/23

@

101.83(a)

2,118,250

737,000

Six

Flags

Theme

Parks,

Inc.,

7.00%,

7/1/25,

Callable

11/6/23

@

101.75(a)

735,158

383,000

Vail

Resorts,

Inc.,

6.25%,

5/15/25,

Callable

11/6/23

@

101.56(a)

380,127

1,021,000

Yum!

Brands,

Inc.,

4.75%,

1/15/30,

Callable

10/15/29

@

100(a)

912,519

1,183,000

Yum!

Brands,

Inc.,

3.63%,

3/15/31,

Callable

12/15/30

@

100

975,975

2,242,000

Yum!

Brands,

Inc.,

4.63%,

1/31/32,

Callable

10/1/26

@

102.31

1,942,133

2,468,000

Yum!

Brands,

Inc.,

5.38%,

4/1/32,

Callable

4/1/27

@

102.69

2,239,710

687,000

Yum!

Brands,

Inc.,

6.88%,

11/15/37

693,870

2,100,000

Yum!

Brands,

Inc.,

5.35%,

11/1/43,

Callable

5/1/43

@

100

1,842,750

27,781,842

Insurance

(

1

.0

%

):

723,000

BroadStreet

Partners,

Inc.,

5.88%,

4/15/29,

Callable

4/15/24

@

102.94(a)

638,048

6,599,000

HUB

International,

Ltd.,

7.00%,

5/1/26,

Callable

10/16/23

@

100(a)

6,566,005

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

211

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Insurance,

continued

$

293,000

Ryan

Specialty

Group

LLC,

4.38%,

2/1/30,

Callable

2/1/25

@

102.19(a)

$

255,642

2,515,000

USI,

Inc.,

6.88%,

5/1/25,

Callable

11/6/23

@

100(a)

2,492,994

9,952,689

IT

Services

(

0

.2

%

):

616,000

Booz

Allen

Hamilton,

Inc.,

3.88%,

9/1/28,

Callable

11/6/23

@

101.94(a)

550,550

379,000

Booz

Allen

Hamilton,

Inc.,

4.00%,

7/1/29,

Callable

7/1/24

@

102(a)

335,889

345,000

Booz

Allen

Hamilton,

Inc.,

5.95%,

8/4/33,

Callable

5/4/33

@

100

336,375

324,000

Gartner,

Inc.,

4.50%,

7/1/28,

Callable

11/6/23

@

102.25(a)

295,650

848,000

Gartner,

Inc.,

3.63%,

6/15/29,

Callable

6/15/24

@

101.81(a)

727,160

341,000

Gartner,

Inc.,

3.75%,

10/1/30,

Callable

10/1/25

@

101.88(a)

286,013

2,531,637

Life

Sciences

Tools

&

Services

(

0

.6

%

):

2,585,000

Avantor

Funding,

Inc.,

4.63%,

7/15/28,

Callable

11/6/23

@

102.31(a)

2,352,350

2,321,000

Avantor

Funding,

Inc.,

3.88%,

11/1/29,

Callable

11/1/24

@

101.94(a)

1,987,356

283,000

Charles

River

Laboratories

International,

Inc.,

4.25%,

5/1/28,

Callable

10/23/23

@

102.13(a)

253,992

1,115,000

Charles

River

Laboratories

International,

Inc.,

3.75%,

3/15/29,

Callable

3/15/24

@

101.88(a)

960,294

814,000

Charles

River

Laboratories

International,

Inc.,

4.00%,

3/15/31,

Callable

3/15/26

@

102(a)

686,813

350,000

IQVIA,

Inc.,

5.00%,

5/15/27,

Callable

11/6/23

@

101.25(a)

329,437

211,000

PRA

Health

Sciences,

Inc.,

2.88%,

7/15/26,

Callable

11/6/23

@

101.44(a)

190,428

6,760,670

Media

(

1

.2

%

):

350,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

5.50%,

5/1/26,

Callable

11/6/23

@

100.92(a)

337,750

6,500,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

5.13%,

5/1/27,

Callable

11/6/23

@

101.71(a)

6,045,000

5,511,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

5.00%,

2/1/28,

Callable

10/23/23

@

101.67(a)

5,001,232

754,000

Lamar

Media

Corp.,

3.75%,

2/15/28,

Callable

10/23/23

@

101.88

669,175

124,000

Lamar

Media

Corp.,

4.88%,

1/15/29,

Callable

1/15/24

@

102.44

112,840

120,000

Lamar

Media

Corp.,

3.63%,

1/15/31,

Callable

1/15/26

@

101.81

97,200

12,263,197

Oil,

Gas

&

Consumable

Fuels

(

0

.0

%

†

):

94,000

Pioneer

Natural

Resources

Co.,

1.13%,

1/15/26,

Callable

12/15/25

@

100

84,995

194,000

Pioneer

Natural

Resources

Co.,

5.10%,

3/29/26

191,591

237,000

Pioneer

Natural

Resources

Co.,

2.15%,

1/15/31,

Callable

10/15/30

@

100

187,096

463,682

Principal

Amount

Value

Corporate

Bonds,

continued

Passenger

Airlines

(

0

.2

%

):

$

1,628,408

Mileage

Plus

Holdings

LLC/Mileage

Plus

Intellectual

Property

Assets,

Ltd.,

6.50%,

6/20/27,

Callable

11/6/23

@

103.25(a)

$

1,612,124

Professional

Services

(

0

.1

%

):

228,000

Black

Knight

InfoServ

LLC,

3.63%,

9/1/28,

Callable

10/16/23

@

101.81(a)

204,345

722,000

Korn

Ferry,

4.63%,

12/15/27,

Callable

11/6/23

@

102.31(a)

664,240

868,585

Semiconductors

&

Semiconductor

Equipment

(

0

.0

%

†

):

248,000

Entegris

Escrow

Corp.,

4.75%,

4/15/29,

Callable

1/15/29

@

100(a)

221,960

Software

(

0

.1

%

):

306,000

Clarivate

Science

Holdings

Corp.,

3.88%,

7/1/28,

Callable

6/30/24

@

101.94(a)

264,690

220,000

Clarivate

Science

Holdings

Corp.,

4.88%,

7/1/29,

Callable

6/30/24

@

102.44(a)

187,000

60,000

Crowdstrike

Holdings,

Inc.,

3.00%,

2/15/29,

Callable

2/15/24

@

101.5

50,400

150,000

PTC,

Inc.,

4.00%,

2/15/28,

Callable

11/6/23

@

102(a)

134,437

636,527

Specialized

REITs

(

0

.1

%

):

1,414,000

SBA

Communications

Corp.,

3.88%,

2/15/27,

Callable

10/16/23

@

101.94

1,297,345

63,000

SBA

Tower

Trust,

6.60%,

1/15/28,

Callable

1/15/27

@

100(a)

63,299

1,360,644

Total

Corporate

Bonds

(Cost

$108,735,636)

104,304,329

Yankee

Debt

Obligations

(

0

.2

%

):

Commercial

Services

&

Supplies

(

0

.1

%

):

478,000

GFL

Environmental,

Inc.,

4.00%,

8/1/28,

Callable

10/16/23

@

102(a)

415,860

1,113,000

GFL

Environmental,

Inc.,

4.75%,

6/15/29,

Callable

6/15/24

@

102.38(a)

985,005

476,000

GFL

Environmental,

Inc.,

4.38%,

8/15/29,

Callable

8/15/24

@

102.19(a)

411,740

1,812,605

Electrical

Equipment

(

0

.1

%

):

260,000

Sensata

Technologies

BV,

5.63%,

11/1/24(a)

256,425

565,000

Sensata

Technologies

BV,

5.00%,

10/1/25(a)

545,931

802,356

Total

Yankee

Debt

Obligations

(Cost

$2,699,937)

2,614,961

U.S.

Treasury

Obligations

(

11

.1

%

):

U.S.

Treasury

Notes

(

11

.1

%

):

15,441,600

4.13%,

11/15/32

14,896,318

44,711,300

3.50%,

2/15/33

41,036,590

54,420,500

3.38%,

5/15/33

49,369,597

11,396,600

3.88%,

8/15/33

10,771,568

116,074,073

Total

U.S.

Treasury

Obligations

(Cost

$123,471,046)

116,074,073

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

212

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2023

.

Shares

Value

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(

0

.3

%

):

$

3,446,253

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.36%(b)(c)

$

3,446,253

Total

Short-Term

Security

Held

as

Collateral

for

Securities

on

Loan

(Cost

$3,446,253)

3,446,253

Shares

Value

Unaffiliated

Investment

Company

(

1

.7

%

):

Money

Markets

(

1

.7

%

):

17,375,399

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.24%(c)

$

17,375,399

Total

Unaffiliated

Investment

Company

(Cost

$17,375,399)

17,375,399

Total

Investment

Securities

(Cost

$986,461,772)

—

101.6%

1,064,485,457

Net

other

assets

(liabilities)

—

(1.6)%

(

16,478,358

)

Net

Assets

—

100.0%

$

1,048,007,099

EURIBOR

RFR

-

Euro

Interbank

Offered

Rate

Risk-Free

Rate

LIBOR

-

London

Interbank

Offered

Rate

SOFR

-

Secured

Overnight

Financing

Rate

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$3,409,385.

†

Represents

less

than

0.05%.

*

Non-income

producing

security.

(a)

Rule

144A,

Section

4(2)

or

other

security

which

is

restricted

to

resale

to

institutional

investors.

(b)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2023.

(c)

The

rate

represents

the

effective

yield

at

September

30,

2023.

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

213

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Options

Contracts

At

September

30,

2023,

the

Fund's

over-the-counter

options

written

were

as

follows:

Description

Counterparty

Put/

Call

Strike

Price

Expiration

Date

Contracts

Notional

Amount

(a)

Fair

Value

Abbvie,

Inc.

JPMorgan

Chase

Call

145.00

USD

1/19/24

7‌

$

1,015‌

$

(

6,628‌

)

Abbvie,

Inc.

JPMorgan

Chase

Call

150.00

USD

1/19/24

7‌

1,050‌

(

4,561‌

)

Abbvie,

Inc.

JPMorgan

Chase

Call

175.00

USD

1/19/24

59‌

10,325‌

(

2,960‌

)

Abbvie,

Inc.

JPMorgan

Chase

Call

180.00

USD

1/19/24

90‌

16,200‌

(

2,520‌

)

Abbvie,

Inc.

JPMorgan

Chase

Call

185.00

USD

1/19/24

31‌

5,735‌

(

478‌

)

Abbvie,

Inc.

JPMorgan

Chase

Call

195.00

USD

1/19/24

31‌

6,045‌

(

140‌

)

Abbvie,

Inc.

JPMorgan

Chase

Call

200.00

USD

1/19/24

31‌

6,200‌

(

73‌

)

Abbvie,

Inc.

Citigroup

Call

160.00

USD

1/20/25

94‌

15,040‌

(

102,353‌

)

Abbvie,

Inc.

Citigroup

Call

165.00

USD

1/20/25

94‌

15,510‌

(

84,005‌

)

Abbvie,

Inc.

Citigroup

Call

175.00

USD

1/20/25

120‌

21,000‌

(

71,220‌

)

Alphabet,

Inc.

Wells

Fargo

Call

120.00

USD

1/19/24

276‌

33,120‌

(

454,460‌

)

Alphabet,

Inc.

Citigroup

Call

142.00

USD

1/19/24

142‌

20,164‌

(

62,480‌

)

Amazon

Com,

Inc.

Wells

Fargo

Call

132.50

USD

1/19/24

212‌

28,090‌

(

166,663‌

)

Amazon.com,

Inc.

Wells

Fargo

Call

120.00

USD

1/19/24

91‌

10,920‌

(

134,259‌

)

Amazon.com,

Inc.

Wells

Fargo

Call

135.00

USD

1/19/24

152‌

20,520‌

(

103,353‌

)

Analog

Devices,

Inc.

UBS

Call

200.00

USD

1/19/24

37‌

7,400‌

(

10,595‌

)

Analog

Devices,

Inc.

UBS

Call

210.00

USD

1/19/24

7‌

1,470‌

(

1,024‌

)

Analog

Devices,

Inc.

UBS

Call

210.00

USD

6/21/24

7‌

1,470‌

(

4,074‌

)

Analog

Devices,

Inc.

UBS

Call

220.00

USD

6/21/24

7‌

1,540‌

(

2,820‌

)

Apple,

Inc.

JPMorgan

Chase

Call

195.00

USD

1/19/24

85‌

16,575‌

(

17,250‌

)

Apple,

Inc.

JPMorgan

Chase

Call

200.00

USD

1/19/24

71‌

14,200‌

(

9,717‌

)

Apple,

Inc.

JPMorgan

Chase

Call

205.00

USD

1/19/24

14‌

2,870‌

(

1,283‌

)

Becton

Dickinson

And

Co.

Goldman

Sachs

Call

270.00

USD

1/19/24

46‌

12,420‌

(

34,126‌

)

Becton

Dickinson

And

Co.

Goldman

Sachs

Call

280.00

USD

1/19/24

45‌

12,600‌

(

18,037‌

)

Becton

Dickinson

And

Co.

Goldman

Sachs

Call

290.00

USD

1/19/24

31‌

8,990‌

(

6,323‌

)

Becton

Dickinson

And

Co.

Goldman

Sachs

Call

300.00

USD

1/19/24

31‌

9,300‌

(

3,120‌

)

CME

Group,

Inc.

Wells

Fargo

Call

190.00

USD

1/19/24

11‌

2,090‌

(

16,725‌

)

CME

Group,

Inc.

Wells

Fargo

Call

200.00

USD

1/19/24

11‌

2,200‌

(

9,141‌

)

CME

Group,

Inc.

Wells

Fargo

Call

210.00

USD

1/19/24

11‌

2,310‌

(

4,158‌

)

Danaher

Corp.

JPMorgan

Chase

Call

290.00

USD

1/19/24

76‌

22,040‌

(

17,349‌

)

Danaher

Corp.

JPMorgan

Chase

Call

300.00

USD

1/19/24

16‌

4,800‌

(

2,173‌

)

Danaher

Corp.

JPMorgan

Chase

Call

310.00

USD

1/19/24

16‌

4,960‌

(

1,274‌

)

Danaher

Corp.

JPMorgan

Chase

Call

320.00

USD

1/19/24

16‌

5,120‌

(

738‌

)

Equifax,

Inc.

Citigroup

Call

220.00

USD

12/15/23

71‌

15,620‌

(

8,467‌

)

Equifax,

Inc.

Citigroup

Call

240.00

USD

12/15/23

88‌

21,120‌

(

2,643‌

)

Equifax,

Inc.

Citigroup

Call

230.00

USD

1/19/24

8‌

1,840‌

(

856‌

)

Equifax,

Inc.

Citigroup

Call

240.00

USD

1/19/24

8‌

1,920‌

(

465‌

)

Exelon

Corp.

JPMorgan

Chase

Call

45.00

USD

1/19/24

428‌

19,260‌

(

5,890‌

)

Exelon

Corp.

JPMorgan

Chase

Call

47.00

USD

1/19/24

102‌

4,794‌

(

605‌

)

Exelon

Corp.

JPMorgan

Chase

Call

50.00

USD

1/19/24

117‌

5,850‌

(

188‌

)

Exelon

Corp.

JPMorgan

Chase

Call

47.00

USD

6/21/24

14‌

658‌

(

564‌

)

Fortive

Corp.

Citigroup

Call

75.00

USD

12/15/23

14‌

1,050‌

(

4,377‌

)

Fortive

Corp.

Citigroup

Call

80.00

USD

12/15/23

14‌

1,120‌

(

1,631‌

)

GE

Healthcare

Technology

Wells

Fargo

Call

85.00

USD

1/19/24

28‌

2,380‌

(

1,040‌

)

GE

Healthcare

Technology

Wells

Fargo

Call

90.00

USD

1/19/24

85‌

7,650‌

(

1,310‌

)

General

Electric

Co.

Wells

Fargo

Call

95.00

USD

1/19/24

102‌

9,690‌

(

190,439‌

)

General

Electric

Co.

Wells

Fargo

Call

110.00

USD

1/19/24

167‌

18,370‌

(

132,963‌

)

General

Electric

Co.

Wells

Fargo

Call

115.00

USD

1/19/24

167‌

19,205‌

(

90,343‌

)

Hilton

Worldwide

Holdings

Wells

Fargo

Call

140.00

USD

1/19/24

16‌

2,240‌

(

25,856‌

)

Hilton

Worldwide

Holdings

Wells

Fargo

Call

155.00

USD

1/19/24

45‌

6,975‌

(

30,963‌

)

Hilton

Worldwide

Holdings

Wells

Fargo

Call

160.00

USD

1/19/24

29‌

4,640‌

(

13,790‌

)

Ingersoll

Rand,

Inc.

Goldman

Sachs

Call

60.00

USD

12/15/23

61‌

3,660‌

(

32,216‌

)

Ingersoll

Rand,

Inc.

Goldman

Sachs

Call

75.00

USD

12/15/23

70‌

5,250‌

(

2,356‌

)

Intercontinental

Exchange,

Inc.

Citigroup

Call

115.00

USD

1/19/24

88‌

10,120‌

(

28,441‌

)

Intuit,

Inc.

UBS

Call

480.00

USD

1/19/24

16‌

7,680‌

(

89,008‌

)

Keurig

Dr

Pepper,

Inc.

Citigroup

Call

37.00

USD

1/19/24

80‌

2,960‌

(

753‌

)

Keurig

Dr

Pepper,

Inc.

Citigroup

Call

40.00

USD

1/19/24

79‌

3,160‌

(

120‌

)

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

214

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Description

Counterparty

Put/

Call

Strike

Price

Expiration

Date

Contracts

Notional

Amount(a)

Fair

Value

KKR

Co.,

Inc.

UBS

Call

55.00

USD

1/19/24

147‌

$

8,085‌

$

(

130,403‌

)

KKR

Co.,

Inc.

UBS

Call

65.00

USD

1/19/24

14‌

910‌

(

3,841‌

)

KKR

Co.,

Inc.

UBS

Call

65.00

USD

6/21/24

14‌

910‌

(

7,771‌

)

Linde

plc

Wells

Fargo

Call

395.00

USD

1/19/24

8‌

3,160‌

(

7,068‌

)

Linde

plc

Wells

Fargo

Call

410.00

USD

1/19/24

8‌

3,280‌

(

3,692‌

)

Marsh

McLennan

Cos.,

Inc.

Goldman

Sachs

Call

190.00

USD

1/19/24

66‌

12,540‌

(

63,096‌

)

Marsh

McLennan

Cos.,

Inc.

Goldman

Sachs

Call

200.00

USD

1/19/24

8‌

1,600‌

(

3,500‌

)

Mastercard,

Inc.

Goldman

Sachs

Call

380.00

USD

1/19/24

31‌

11,780‌

(

98,790‌

)

Mastercard,

Inc.

Goldman

Sachs

Call

400.00

USD

1/19/24

82‌

32,800‌

(

156,714‌

)

Mastercard,

Inc.

Goldman

Sachs

Call

405.00

USD

1/19/24

8‌

3,240‌

(

13,128‌

)

Mastercard,

Inc.

Goldman

Sachs

Call

410.00

USD

1/19/24

44‌

18,040‌

(

61,351‌

)

Mastercard,

Inc.

Goldman

Sachs

Call

420.00

USD

1/19/24

38‌

15,960‌

(

37,187‌

)

Mastercard,

Inc.

Goldman

Sachs

Call

425.00

USD

1/19/24

8‌

3,400‌

(

6,481‌

)

Mastercard,

Inc.

Goldman

Sachs

Call

430.00

USD

1/19/24

31‌

13,330‌

(

20,660‌

)

Meta

Plateform,

Inc.

Call

290.00

USD

1/19/24

71‌

20,590‌

(

236,439‌

)

Microsoft

Corp.

UBS

Call

360.00

USD

1/19/24

29‌

10,440‌

(

13,244‌

)

Microsoft

Corp.

UBS

Call

365.00

USD

1/19/24

11‌

4,015‌

(

4,145‌

)

Microsoft

Corp.

UBS

Call

375.00

USD

1/19/24

29‌

10,875‌

(

7,382‌

)

Microsoft

Corp.

UBS

Call

385.00

USD

1/19/24

11‌

4,235‌

(

1,870‌

)

New

Linde

plc

Wells

Fargo

Call

390.00

USD

1/19/24

30‌

11,700‌

(

32,332‌

)

NXP

Semiconductors

NV

Wells

Fargo

Call

190.00

USD

1/19/24

59‌

11,210‌

(

125,375‌

)

NXP

Semiconductors

NV

Wells

Fargo

Call

195.00

USD

1/19/24

93‌

18,135‌

(

169,171‌

)

NXP

Semiconductors

NV

Wells

Fargo

Call

200.00

USD

1/19/24

59‌

11,800‌

(

90,822‌

)

NXP

Semiconductors

NV

Wells

Fargo

Call

210.00

USD

1/19/24

14‌

2,940‌

(

14,919‌

)

NXP

Semiconductors

NV

Wells

Fargo

Call

220.00

USD

1/19/24

14‌

3,080‌

(

9,945‌

)

NXP

Semiconductors

NV

Wells

Fargo

Call

220.00

USD

6/21/24

11‌

2,420‌

(

17,596‌

)

PNC

Financial

Services

Group,

Inc.

(The)

JPMorgan

Chase

Call

170.00

USD

1/19/24

36‌

6,120‌

(

385‌

)

PNC

Financial

Services

Group,

Inc.

(The)

JPMorgan

Chase

Call

175.00

USD

1/19/24

59‌

10,325‌

(

384‌

)

PNC

Financial

Services

Group,

Inc.

(The)

JPMorgan

Chase

Call

185.00

USD

1/19/24

24‌

4,440‌

(

56‌

)

PNC

Financial

Services

Group,

Inc.

(The)

JPMorgan

Chase

Call

190.00

USD

1/19/24

24‌

4,560‌

(

33‌

)

PNC

Financial

Services

Group,

Inc.

(The)

JPMorgan

Chase

Call

200.00

USD

1/19/24

24‌

4,800‌

(

11‌

)

Roper

Technologies,

Inc.

Citigroup

Call

510.00

USD

2/19/24

7‌

3,570‌

(

10,917‌

)

S&P

Global,

Inc.

UBS

Call

400.00

USD

1/19/24

8‌

3,200‌

(

5,004‌

)

S&P

Global,

Inc.

Bank

of

America

Call

400.00

USD

1/19/24

11‌

4,400‌

(

6,881‌

)

S&P

Global,

Inc.

UBS

Call

410.00

USD

1/19/24

7‌

2,870‌

(

2,869‌

)

S&P

Global,

Inc.

Bank

of

America

Call

410.00

USD

1/19/24

5‌

2,050‌

(

2,050‌

)

S&P

Global,

Inc.

Bank

of

America

Call

420.00

USD

1/19/24

11‌

4,620‌

(

2,914‌

)

S&P

Global,

Inc.

Bank

of

America

Call

430.00

USD

1/19/24

5‌

2,150‌

(

847‌

)

S&P

Global,

Inc.

Bank

of

America

Call

450.00

USD

1/19/24

5‌

2,250‌

(

339‌

)

S&P

Global,

Inc.

Bank

of

America

Call

470.00

USD

1/19/24

5‌

2,350‌

(

133‌

)

Salesforce.com,

Inc.

Goldman

Sachs

Call

230.00

USD

1/19/24

22‌

5,060‌

(

10,386‌

)

Salesforce.com,

Inc.

Goldman

Sachs

Call

240.00

USD

1/19/24

22‌

5,280‌

(

6,381‌

)

Salesforce.com,

Inc.

Goldman

Sachs

Call

230.00

USD

6/21/24

7‌

1,610‌

(

9,880‌

)

Salesforce.com,

Inc.

Goldman

Sachs

Call

240.00

USD

6/21/24

7‌

1,680‌

(

7,705‌

)

Stryker

Corp.

Wells

Fargo

Call

270.00

USD

1/19/24

32‌

8,640‌

(

57,349‌

)

Stryker

Corp.

Wells

Fargo

Call

280.00

USD

1/19/24

32‌

8,960‌

(

39,354‌

)

Stryker

Corp.

Wells

Fargo

Call

290.00

USD

1/19/24

32‌

9,280‌

(

25,357‌

)

Stryker

Corp.

Wells

Fargo

Call

300.00

USD

1/19/24

32‌

9,600‌

(

15,571‌

)

Stryker

Corp.

Wells

Fargo

Call

310.00

USD

1/19/24

22‌

6,820‌

(

6,409‌

)

Stryker

Corp.

Wells

Fargo

Call

320.00

USD

1/19/24

14‌

4,480‌

(

2,400‌

)

Teledyne

Technologies,

Inc.

JPMorgan

Chase

Call

460.00

USD

12/15/23

4‌

1,840‌

(

1,212‌

)

Texas

Instruments,

Inc.

Bank

of

America

Call

180.00

USD

1/19/24

62‌

11,160‌

(

14,160‌

)

Texas

Instruments,

Inc.

Bank

of

America

Call

190.00

USD

1/19/24

83‌

15,770‌

(

8,241‌

)

Texas

Instruments,

Inc.

Bank

of

America

Call

195.00

USD

1/19/24

83‌

16,185‌

(

5,342‌

)

Texas

Instruments,

Inc.

Bank

of

America

Call

200.00

USD

1/19/24

245‌

49,000‌

(

10,130‌

)

Texas

Instruments,

Inc.

Bank

of

America

Call

195.00

USD

6/21/24

14‌

2,730‌

(

4,983‌

)

Texas

Instruments,

Inc.

Bank

of

America

Call

200.00

USD

6/21/24

14‌

2,800‌

(

3,991‌

)

Thermo

Fisher

Scientific,

Inc.

Citigroup

Call

560.00

USD

1/19/24

4‌

2,240‌

(

3,457‌

)

Thermo

Fisher

Scientific,

Inc.

Citigroup

Call

590.00

USD

1/19/24

4‌

2,360‌

(

1,474‌

)

Thermo

Fisher

Scientific,

Inc.

Citigroup

Call

600.00

USD

1/19/24

29‌

17,400‌

(

7,958‌

)

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2023

(Unaudited)

215

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Description

Counterparty

Put/

Call

Strike

Price

Expiration

Date

Contracts

Notional

Amount(a)

Fair

Value

Thermo

Fisher

Scientific,

Inc.

JPMorgan

Chase

Call

610.00

USD

1/19/24

8‌

$

4,880‌

$

(

1,629‌

)

Thermo

Fisher

Scientific,

Inc.

Citigroup

Call

610.00

USD

1/19/24

11‌

6,710‌

(

2,240‌

)

Thermo

Fisher

Scientific,

Inc.

Citigroup

Call

620.00

USD

1/19/24

11‌

6,820‌

(

1,657‌

)

Thermo

Fisher

Scientific,

Inc.

JPMorgan

Chase

Call

630.00

USD

1/19/24

8‌

5,040‌

(

888‌

)

Thermo

Fisher

Scientific,

Inc.

Citigroup

Call

630.00

USD

1/19/24

11‌

6,930‌

(

1,221‌

)

Thermo

Fisher

Scientific,

Inc.

JPMorgan

Chase

Call

660.00

USD

1/19/24

8‌

5,280‌

(

349‌

)

Thermo

Fisher

Scientific,

Inc.

JPMorgan

Chase

Call

690.00

USD

1/19/24

8‌

5,520‌

(

134‌

)

Transunion

Goldman

Sachs

Call

80.00

USD

12/15/23

29‌

2,320‌

(

3,329‌

)

UnitedHealth

Group,

Inc.

JPMorgan

Chase

Call

550.00

USD

1/19/24

15‌

8,250‌

(

13,255‌

)

UnitedHealth

Group,

Inc.

Citigroup

Call

580.00

USD

1/19/24

49‌

28,420‌

(

17,483‌

)

UnitedHealth

Group,

Inc.

JPMorgan

Chase

Call

600.00

USD

1/19/24

52‌

31,200‌

(

9,922‌

)

Visa,

Inc.

Goldman

Sachs

Call

230.00

USD

1/19/24

46‌

10,580‌

(

57,695‌

)

Visa,

Inc.

Goldman

Sachs

Call

240.00

USD

1/19/24

53‌

12,720‌

(

38,650‌

)

Visa,

Inc.

Goldman

Sachs

Call

245.00

USD

1/19/24

21‌

5,145‌

(

11,197‌

)

Visa,

Inc.

Goldman

Sachs

Call

250.00

USD

1/19/24

46‌

11,500‌

(

17,586‌

)

Visa,

Inc.

Goldman

Sachs

Call

260.00

USD

1/19/24

53‌

13,780‌

(

10,116‌

)

Visa,

Inc.

Goldman

Sachs

Call

250.00

USD

6/21/24

4‌

1,000‌

(

4,834‌

)

Visa,

Inc.

Goldman

Sachs

Call

260.00

USD

6/21/24

4‌

1,040‌

(

3,372‌

)

Yum!

Brands,

Inc.

Wells

Fargo

Call

140.00

USD

1/19/24

211‌

29,540‌

(

20,300‌

)

Yum!

Brands,

Inc.

Citigroup

Call

145.00

USD

1/19/24

53‌

7,685‌

(

2,580‌

)

Yum!

Brands,

Inc.

Citigroup

Call

150.00

USD

1/19/24

53‌

7,950‌

(

1,277‌

)

Total

(Premiums

$6,871,029)

$

(

3,852,563‌

)

(a)

Notional

amount

is

expressed

as

the

number

of

contracts

multiplied

by

the

strike

price

of

the

underlying

asset.

ALLIANZ

VARIABLE

INSURANCE

PRODUCTS

TRUST

NOTES

TO

THE

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2023

(Unaudited)

216

1.

Consolidation

of

Subsidiary

Effective

as

of

the

close

of

business

March

10,

2023,

the

International

Index

Fund

(the

“Fund”)

via

a

Purchase

Agreement

invested

in

shares

of

another

series

of

the

Trust

managed

by

the

Manager,

the

AZL

MSCI

Emerging

Markets

Equity

Index

Fund

(the

“Subsidiary”),

a

wholly-owned

and

controlled

subsidiary

of

the

Fund.

As

of

September

30,

2023,

the

Fund’s

aggregate

investment

in

the

Subsidiary

was

$1,

representing

less

than

0.01%

of

the

Fund’s

net

assets.

The

Subsidiary

is

a

disregarded

entity

for

federal

income

tax

purposes

and

holds

certain

Russian-based

securities

which

have

settlement

restrictions.

The

Subsidiary’s

financial

statements,

including

its

investments,

and

its

operating

results

have

been

consolidated

with

those

of

the

Fund.

All

intercompany

transactions

have

been

eliminated.

2.

Related

Party

Transactions

Allianz

Investment

Management

LLC

(the

“Manager”)

or

an

affiliate

of

the

Manager

serves

as

the

investment

adviser

of

certain

underlying

funds

in

which

each

Fund

invests

or

is

an

affiliate

of

the

security.

At

September

30,

2023,

the

following

investments

are

noted

as

affiliated

securities

in

each

Fund’s

Schedule

of

Portfolio

Investments.

3.

Restricted

Securities

A

restricted

security

is

a

security

which

has

been

purchased

through

a

private

offering

and

cannot

be

resold

to

the

general

public

without

prior

registration

under

the

Securities

Act

of

1933

(the

“1933

Act”)

or

pursuant

to

the

resale

limitations

provided

by

Rule

144A

under

the

1933

Act,

or

an

exemption

from

the

registration

requirements

of

the

1933

Act.

Whether

a

restricted

security

is

illiquid

is

determined

pursuant

to

guidelines

established

by

the

Trustees.

Not

all

restricted

securities

are

considered

illiquid.

The

illiquid

restricted

securities

held

as

of

September

30,

2023

are

identified

below.

AZL

Enhanced

Bond

Index

Fund

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Value

12/31/22

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/23

Shares

as

of

09/30/23

AZL

Moderate

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

570

,

683

,

693‌

$

151

,

966‌

$

(

20

,

256

,

817‌

)

$

(

3

,

938

,

128‌

)

$

(

2

,

658

,

850‌

)

$

543

,

981

,

864‌

58

,

117

,

720‌

AZL

International

Index

Fund,

Class

2

216

,

290

,

154‌

—‌

(

28

,

488

,

600‌

)

(

4

,

465

,

395‌

)

18

,

312

,

091‌

201

,

648

,

250‌

12

,

447

,

423‌

AZL

Mid

Cap

Index

Fund,

Class

2

130

,

847

,

055‌

904

,

739‌

(

16

,

644

,

206‌

)

(

5

,

708

,

711‌

)

11

,

587

,

762‌

120

,

986

,

639‌

6

,

070

,

579‌

AZL

S&P

500

Index

Fund,

Class

2

449

,

858

,

814‌

—‌

(

84

,

768

,

620‌

)

(

17

,

854

,

232‌

)

74

,

357

,

363‌

421

,

593

,

325‌

22

,

096

,

086‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

65

,

801

,

250‌

—‌

(

6

,

120

,

264‌

)

(

2

,

303

,

322‌

)

2

,

885

,

591‌

60

,

263

,

255‌

5

,

253

,

989‌

$

1

,

433

,

480

,

966‌

$

1

,

056

,

705‌

$

(

156

,

278

,

507‌

)

$

(

34

,

269

,

788‌

)

$

104

,

483

,

957‌

$

1

,

348

,

473

,

333‌

103

,

985

,

797‌

AZL

International

Index

Fund

Allianz

SE,

Registered

Shares

$

7,909,903‌

$

539,572‌

$

(1,760,079‌)

$

305,183‌

$

565,757‌

$

7,560,336‌

31,709‌

AZL

MSCI

Global

Equity

Index

Fund

Allianz

SE,

Registered

Shares

$

658,102‌

$

52,991‌

$

(121,168‌)

$

(2,272‌)

$

71,841‌

$

659,494‌

2,766‌

BlackRock

Inc.,

Class

A

781,618‌

59,346‌

(102,337‌)

(26,611‌)

(45,485‌)

666,531‌

1,031‌

$

1,439,720‌

$

112,337‌

$

(223,505‌)

$

(28,883‌)

$

26,356‌

$

1,326,025‌

3,797‌

AZL

Russell

1000

Value

Index

Fund

BlackRock

Inc.,

Class

A

$

5,336,693‌

$

57,154‌

$

(1,810,785‌)

$

(220,843‌)

$

(166,619‌)

$

3,195,600‌

4,943‌

Security

Acquisition

Date(a)

Acquisition

Cost

Shares

or

Principal

Amount

Value

Percentage

of

Net

Assets

Signal

Peak

CLO

4,

Ltd.,

Series

2017-4A,

Class

XR,

6.56%,

10/26/34

3/16/23

$

1,474,500

1,500,000

$

1,497,

061

0.05%

Security

Acquisition

Date(a)

Acquisition

Cost

Shares

or

Principal

Amount

Value

Percentage

of

Net

Assets

Sanchez

Energy

Corp.,

7.25%,

2/15/23

10/30/18

$

286,488

278,000

$

–

0.00%

Acquisition

Date

(a)

Acquisition

Cost

Shares

or

Principal

Amount

Value

Percentage

of

Net

Assets

Sanchez

Energy

Corp.,

7.25%,

2/15/23

10/30/18

$

420,525

408,000

$

–

0.00%

(a)

Acquisition

date

represents

the

initial

purchase

date

of

the

security.