AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

1

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(98.4%):

Aerospace

&

Defense

(1.2%):

2,540

Airbus

SE

$

468,454

17,862

Austal,

Ltd.

25,604

512

Avon

Protection

plc

6,991

19,009

Babcock

International

Group

plc

124,687

6,910

BAE

Systems

plc

117,674

1,760

Bombardier,

Inc.,

Class

B*

75,564

3,780

CAE,

Inc.*

78,062

5,345

Chemring

Group

plc

24,467

191

Dassault

Aviation

SA

42,031

116

Elbit

Systems,

Ltd.

24,258

89

FACC

AG*

611

1,523

Hensoldt

AG

71,298

2,300

Heroux-Devtek,

Inc.*

30,890

1,072

INVISIO

AB

24,392

562

Kongsberg

Gruppen

ASA

38,882

2,240

Leonardo

SpA

56,266

394

LISI

SA

10,051

4,014

MDA,

Ltd.*

43,596

16,952

Melrose

Industries

plc

143,843

187

MTU

Aero

Engines

AG

47,443

351

OHB

SE*

16,584

12,902

QinetiQ

Group

plc

59,448

683

Rheinmetall

AG

383,788

69,646

Rolls-Royce

Holdings

plc*

374,468

303

Saab

AB,

Class

B

26,951

1,938

Safran

SA

438,781

15,312

Senior

plc

34,197

21,100

Singapore

Technologies

Engineering,

Ltd.

62,901

1,222

Thales

SA

208,295

3,060,477

Air

Freight

&

Logistics

(0.7%):

2,500

AZ-COM

MARUWA

Holdings,

Inc.

22,402

4,417

bpost

SA

16,500

2,607

Cia

de

Distribucion

Integral

Logista

Holdings

SA

72,840

6,355

CTT-Correios

de

Portugal

SA

28,304

11,638

Deutsche

Post

AG

501,104

1,314

DSV

A/S

213,544

6,382

Freightways

Group,

Ltd.

33,745

1,000

Hamakyorex

Co.,

Ltd.

25,370

107

ID

Logistics

Group

SACA*

40,802

4,998

InPost

SA*

77,018

32,923

International

Distributions

Services

plc*

95,249

10,289

Kerry

Express

Thailand

PCL*

1,425

20,500

Kerry

Logistics

Network,

Ltd.

22,317

1,800

Konoike

Transport

Co.,

Ltd.

25,140

958

Mainfreight,

Ltd.

39,882

900

Mitsui-Soko

Holdings

Co.,

Ltd.

27,812

2,600

NIPPON

EXPRESS

HOLDINGS,

Inc.

132,691

783

Oesterreichische

Post

AG

26,725

17,789

PostNL

NV

24,195

2,000

Sankyu,

Inc.

68,808

900

SBS

Holdings,

Inc.

15,391

3,900

Senko

Group

Holdings

Co.,

Ltd.

29,196

5,100

SG

Holdings

Co.,

Ltd.

64,583

51,000

Singapore

Post,

Ltd.

15,864

300

Tonami

Holdings

Co.,

Ltd.

9,048

400

Trancom

Co.,

Ltd.

16,050

5,312

Wincanton

plc

40,211

Shares

Value

Common

Stocks,

continued

Air

Freight

&

Logistics,

continued

2,000

Yamato

Holdings

Co.,

Ltd.

$

28,799

1,715,015

Automobile

Components

(1.7%):

1,000

Aisan

Industry

Co.,

Ltd.

11,148

2,700

Aisin

Corp.

110,185

7,300

Akebono

Brake

Industry

Co.,

Ltd.*

6,962

1,027

AKWEL

SADIR

16,307

2,503

ARB

Corp.

Ltd.

67,638

252

Autoneum

Holding

AG*

45,163

1,920

Brembo

SpA

24,584

8,700

Bridgestone

Corp.

385,984

1,647

Bulten

AB

11,312

1,092

CIE

Automotive

SA

31,317

12,224

Cie

Generale

des

Etablissements

Michelin

SCA

468,605

1,743

Cie

Plastic

Omnium

SE

22,683

12,732

CIR

SpA-Compagnie

Industriali*

7,361

2,585

Continental

AG

186,559

2,800

Daido

Metal

Co.,

Ltd.

12,424

2,400

Daikyonishikawa

Corp.

12,299

6,700

Denso

Corp.

128,216

7,732

Dometic

Group

AB(a)

62,524

20,239

Dowlais

Group

plc

19,917

1,800

Eagle

Industry

Co.,

Ltd.

21,717

673

EDAG

Engineering

Group

AG

9,220

1,724

ElringKlinger

AG

11,297

1,500

Exco

Technologies,

Ltd.

8,218

1,700

Exedy

Corp.

34,069

2,300

FCC

Co.,

Ltd.

33,492

342

Feintool

International

Holding

AG,

Registered

Shares

7,199

7,092

Forvia

SE*

107,437

1,000

F-Tech,

Inc.

4,965

4,000

Futaba

Industrial

Co.,

Ltd.

31,172

6,562

Gestamp

Automocion

SA(a)

21,080

1,400

G-Tekt

Corp.

19,605

6,206

GUD

Holdings,

Ltd.

47,719

368

Hella

GmbH

&

Co.

KGaA

33,819

1,600

HI-LEX

Corp.

18,017

700

H-One

Co.,

Ltd.

3,210

300

Imasen

Electric

Industrial

1,265

19,642

Johnson

Electric

Holdings,

Ltd.

27,222

7,400

JTEKT

Corp.

69,870

1,800

Kasai

Kogyo

Co.,

Ltd.*

2,927

267

Kendrion

NV

3,955

2,500

Koito

Manufacturing

Co.,

Ltd.

33,671

25,060

Kongsberg

Automotive

ASA*

3,475

1,000

KYB

Corp.

33,915

1,933

Linamar

Corp.

102,758

6,013

Magna

International,

Inc.

327,598

1,104

Magna

International,

Inc.

60,146

3,466

Martinrea

International,

Inc.

31,118

2,000

Mitsuba

Corp.

21,716

2,500

Musashi

Seimitsu

Industry

Co.,

Ltd.

27,908

4,300

NHK

Spring

Co.,

Ltd.

42,685

600

Nichirin

Co.,

Ltd.

14,719

2,300

Nifco,

Inc.

57,845

2,200

Nippon

Seiki

Co.,

Ltd.

22,291

3,500

Niterra

Co.,

Ltd.

116,146

2,700

NOK

Corp.

37,095

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

2

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Automobile

Components,

continued

5,012

Nokian

Renkaat

Oyj

$

47,187

800

NPR-RIKEN

Corp.

16,339

2,600

Pacific

Industrial

Co.,

Ltd.

28,827

10,683

Pirelli

&

C

SpA(a)

65,389

6,300

Press

Kogyo

Co.,

Ltd.

29,345

3,582

PWR

Holdings,

Ltd.

26,962

1,900

Sanoh

Industrial

Co.,

Ltd.

14,358

1,000

Seiren

Co.,

Ltd.

18,187

2,400

Shoei

Co.,

Ltd.

36,283

4,300

Stanley

Electric

Co.,

Ltd.

76,112

12,700

Sumitomo

Electric

Industries,

Ltd.

196,692

2,900

Sumitomo

Riko

Co.,

Ltd.

25,670

6,500

Sumitomo

Rubber

Industries,

Ltd.

80,034

300

T

RAD

Co.,

Ltd.

7,797

1,400

Tachi-S

Co.,

Ltd.

18,424

800

Taiho

Kogyo

Co.,

Ltd.

4,930

8,119

TI

Fluid

Systems

plc(a)

14,742

2,500

Tokai

Rika

Co.,

Ltd.

42,873

2,500

Topre

Corp.

42,533

3,800

Toyo

Tire

Corp.

71,845

1,700

Toyoda

Gosei

Co.,

Ltd.

37,443

2,200

Toyota

Boshoku

Corp.

37,485

1,500

TPR

Co.,

Ltd.

23,363

2,800

TS

Tech

Co.,

Ltd.

35,573

2,000

Unipres

Corp.

15,376

8,459

Valeo

SE

105,668

3,000

Yokohama

Rubber

Co.,

Ltd.

(The)

80,936

600

Yorozu

Corp.

3,820

4,285,942

Automobiles

(2.9%):

4,597

Bayerische

Motoren

Werke

AG

530,335

423

Ferrari

NV

184,403

398

Ferrari

NV

173,447

32,400

Honda

Motor

Co.,

Ltd.

400,774

2,388

Honda

Motor

Co.,

Ltd.,

ADR

88,905

15,200

Isuzu

Motors,

Ltd.

205,406

298

Knaus

Tabbert

AG

14,302

12,600

Mazda

Motor

Corp.

147,377

13,966

Mercedes-Benz

Group

AG

1,112,285

22,500

Mitsubishi

Motors

Corp.

73,916

20,100

Nissan

Motor

Co.,

Ltd.

79,722

2,700

Nissan

Shatai

Co.,

Ltd.

18,581

8,981

Piaggio

&

C

SpA

28,405

3,901

Renault

SA

196,899

34,456

Stellantis

NV

977,538

11,800

Subaru

Corp.

268,604

22,400

Suzuki

Motor

Corp.

255,556

97,820

Toyota

Motor

Corp.

2,459,140

294

Trigano

SA

51,676

450

Volkswagen

AG

68,737

9,185

Volvo

Car

AB,

Class

B*

34,747

23,400

Yamaha

Motor

Co.,

Ltd.

215,543

7,586,298

Banks

(9.3%):

1,900

77

Bank,

Ltd.

(The)

50,631

6,117

ABN

AMRO

Bank

NV(a)

104,923

536

Addiko

Bank

AG

10,374

34,891

AIB

Group

plc

176,937

Shares

Value

Common

Stocks,

continued

Banks,

continued

1,500

Akita

Bank,

Ltd.

(The)

$

20,513

2,146

Aktia

Bank

Oyj

23,186

19,608

ANZ

Group

Holdings,

Ltd.

375,600

3,500

Aozora

Bank,

Ltd.

57,191

3,538

Auswide

Bank,

Ltd.

10,119

1,000

Awa

Bank,

Ltd.

(The)

18,373

12,077

Banca

Monte

dei

Paschi

di

Siena

SpA*

54,715

14,051

Banca

Popolare

di

Sondrio

SPA

105,188

59,357

Banco

Bilbao

Vizcaya

Argentaria

SA

707,025

31,040

Banco

Bilbao

Vizcaya

Argentaria

SA,

ADR

367,514

42,281

Banco

BPM

SpA

281,314

428,433

Banco

Comercial

Portugues

SA,

Class

R*

144,583

157,448

Banco

de

Sabadell

SA

247,154

110,872

Banco

Santander

SA

541,671

12,954

Bank

Hapoalim

BM

121,484

24,597

Bank

Leumi

Le-Israel

BM

204,492

30,859

Bank

of

East

Asia,

Ltd.

(The)

36,766

1,205

Bank

of

Georgia

Group

plc

76,881

39,103

Bank

of

Ireland

Group

plc

398,990

900

Bank

of

Iwate,

Ltd.

(The)

15,250

1,943

Bank

of

Montreal

189,724

4,062

Bank

of

Montreal

396,776

500

Bank

of

Nagoya,

Ltd.

(The)

21,413

4,238

Bank

of

Nova

Scotia

(The)

219,253

8,317

Bank

of

Nova

Scotia

(The)

ADR

430,654

24,326

Bank

of

Queensland,

Ltd.

100,266

2,000

Bank

of

the

Ryukyus,

Ltd.

15,715

23,719

Bankinter

SA^

173,438

71

Banque

Cantonale

de

Geneve,

Class

BR

22,677

1,029

Banque

Cantonale

Vaudoise,

Registered

Shares

119,635

196,917

Barclays

plc

457,494

5,039

Barclays

plc,

ADR

47,619

1,622

BAWAG

Group

AG(a)

102,785

16,528

Bendigo

&

Adelaide

Bank,

Ltd.

110,484

207

Berner

Kantonalbank

AG,

Registered

Shares

56,008

5,480

BNP

Paribas

SA

389,948

35,542

BOC

Hong

Kong

Holdings,

Ltd.

95,242

46,769

BPER

Banca

220,900

53,120

CaixaBank

SA^

257,486

5,363

Canadian

Imperial

Bank

of

Commerce

272,011

4,270

Canadian

Imperial

Bank

of

Commerce

216,495

4,227

Canadian

Western

Bank

88,010

5,000

Chiba

Bank,

Ltd.

(The)

41,628

3,300

Chugin

Financial

Group,

Inc.

28,088

6,677

Close

Brothers

Group

plc

35,350

15,567

Commerzbank

AG

213,747

9,717

Commonwealth

Bank

of

Australia

763,899

16,100

Concordia

Financial

Group,

Ltd.

80,941

8,122

Credit

Agricole

SA

120,977

2,729

Credito

Emiliano

SpA

27,289

16,000

Dah

Sing

Banking

Group,

Ltd.

11,387

5,600

Dah

Sing

Financial

Holdings,

Ltd.

12,876

1,900

Daishi

Hokuetsu

Financial

Group,

Inc.

55,831

10,300

Danske

Bank

A/S

308,735

13,192

DBS

Group

Holdings,

Ltd.

352,940

5,279

DNB

Bank

ASA

104,836

1,600

Ehime

Bank,

Ltd.

(The)

11,890

1,282

EQB,

Inc.

80,409

4,209

Erste

Group

Bank

AG

187,397

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

3

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

650

FIDEA

Holdings

Co.,

Ltd.

$

6,826

9,196

FinecoBank

Banca

Fineco

SpA

137,690

3,600

First

Bank

of

Toyama,

Ltd.

(The)

22,660

1,329

First

International

Bank

Of

Israel,

Ltd.

(The)

55,310

1,000

Fukui

Bank,

Ltd.

(The)

12,829

2,200

Fukuoka

Financial

Group,

Inc.

58,670

7,200

Gunma

Bank,

Ltd.

(The)

40,804

9,200

Hachijuni

Bank,

Ltd.

(The)

62,064

4,005

Hang

Seng

Bank,

Ltd.

43,891

26,593

Heartland

Group

Holdings,

Ltd.

20,334

5,200

Hirogin

Holdings,

Inc.

37,307

1,000

Hokkoku

Financial

Holdings,

Inc.

32,930

4,500

Hokuhoku

Financial

Group,

Inc.

56,975

65,939

HSBC

Holdings

plc

515,307

12,641

HSBC

Holdings

plc,

ADR

497,550

9,400

Hyakugo

Bank,

Ltd.

(The)

39,804

1,000

Hyakujushi

Bank,

Ltd.

(The)

19,276

3

Hypothekarbank

Lenzburg

AG,

Class

R

14,040

21,961

ING

Groep

NV

361,628

71,373

Intesa

Sanpaolo

SpA

258,918

29,275

Israel

Discount

Bank,

Ltd.,

Class

A

151,542

5,400

Iyogin

Holdings,

Inc.

41,746

4,200

Japan

Post

Bank

Co.,

Ltd.

45,202

620

Jimoto

Holdings,

Inc.

2,453

1,200

Juroku

Financial

Group,

Inc.

37,247

1,487

Jyske

Bank

A/S,

Registered

Shares

125,874

7,716

KBC

Group

NV

579,673

5,800

Keiyo

Bank,

Ltd.

(The)

29,022

400

Kita-Nippon

Bank,

Ltd.

(The)

6,477

2,500

Kiyo

Bank,

Ltd.

(The)

30,681

3,400

Kyoto

Financial

Group,

Inc.

61,302

10,290

Kyushu

Financial

Group,

Inc.

76,012

1,296

Laurentian

Bank

of

Canada

26,812

562

Liechtensteinische

Landesbank

AG

45,725

235,693

Lloyds

Banking

Group

plc

154,253

109,681

Lloyds

Banking

Group

plc,

ADR

284,074

583

Luzerner

Kantonalbank

AG,

Registered

Shares

45,711

27,470

Mebuki

Financial

Group,

Inc.

90,185

10,038

Mediobanca

Banca

di

Credito

Finanziario

SpA

149,535

72,300

Mitsubishi

UFJ

Financial

Group,

Inc.

735,552

800

Miyazaki

Bank,

Ltd.

(The)

15,215

2,692

Mizrahi

Tefahot

Bank,

Ltd.

101,009

15,980

Mizuho

Financial

Group,

Inc.

316,224

1,300

Musashino

Bank,

Ltd.

(The)

25,160

5,245

MyState,

Ltd.

12,519

1,300

Nanto

Bank,

Ltd.

(The)

26,266

28,191

National

Australia

Bank,

Ltd.

636,283

7,632

National

Bank

of

Canada^

642,724

12,364

NatWest

Group

plc,

ADR

84,075

41,554

NatWest

Group

plc

139,133

4,800

Nishi-Nippon

Financial

Holdings,

Inc.

60,068

10,907

Nordea

Bank

Abp

123,230

14,112

Nordea

Bank

Abp

157,218

3,381

Norion

Bank

AB*

14,758

7,300

North

Pacific

Bank,

Ltd.

21,282

1,800

Ogaki

Kyoritsu

Bank,

Ltd.

(The)

25,976

1,000

Oita

Bank,

Ltd.

(The)

19,974

820

Okinawa

Financial

Group,

Inc.

14,104

17,746

Oversea-Chinese

Banking

Corp.,

Ltd.

177,571

Shares

Value

Common

Stocks,

continued

Banks,

continued

5,215

Permanent

TSB

Group

Holdings

plc*

$

7,717

1,522

Procrea

Holdings,

Inc.

18,675

28,000

Public

Financial

Holdings,

Ltd.

4,437

4,183

Raiffeisen

Bank

International

AG

83,528

31,675

Resona

Holdings,

Inc.

195,719

1,148

Ringkjoebing

Landbobank

A/S

201,229

6,129

Royal

Bank

of

Canada

618,294

2,904

Royal

Bank

of

Canada

292,930

1,190

San

ju

San

Financial

Group,

Inc.

16,409

6,200

San-In

Godo

Bank,

Ltd.

(The)

48,657

11,600

Senshu

Ikeda

Holdings,

Inc.

30,103

14,300

Seven

Bank,

Ltd.

27,724

1,300

Shiga

Bank,

Ltd.

(The)

35,949

1,000

Shikoku

Bank,

Ltd.

(The)

7,961

400

Shimizu

Bank,

Ltd.

(The)

4,239

6,600

Shizuoka

Financial

Group,

Inc.

62,762

12,683

Skandinaviska

Enskilda

Banken

AB,

Class

A

171,581

10,663

Societe

Generale

SA

286,843

3,454

Spar

Nord

Bank

A/S

57,722

2,034

SpareBank

1

Sorost-Norge

12,582

3,098

SpareBank

1

SR-Bank

ASA

38,966

523

Sparekassen

Sjaelland-Fyn

A/S

16,174

119

St

Galler

Kantonalbank

AG,

Registered

Shares

64,134

33,482

Standard

Chartered

plc

283,680

8,200

Sumitomo

Mitsui

Financial

Group,

Inc.

479,439

4,400

Sumitomo

Mitsui

Trust

Holdings,

Inc.

94,881

8,000

Suruga

Bank,

Ltd.

46,573

9,765

Svenska

Handelsbanken

AB,

Class

A^

98,775

4,965

Swedbank

AB,

Class

A^

98,536

2,314

Sydbank

AS

120,060

1,511

TBC

Bank

Group

plc

61,336

6,500

Toho

Bank,

Ltd.

(The)

15,403

1,100

Tokyo

Kiraboshi

Financial

Group,

Inc.

34,096

7,500

TOMONY

Holdings,

Inc.

20,646

5,477

Toronto-Dominion

Bank

(The)

330,585

5,540

Toronto-Dominion

Bank

(The)

334,505

2,100

Towa

Bank,

Ltd.

(The)

9,974

6,200

Tsukuba

Bank,

Ltd.

12,360

47,317

Unicaja

Banco

SA(a)

58,555

13,825

UniCredit

SpA

524,567

13,027

United

Overseas

Bank,

Ltd.

283,201

743

Valiant

Holding

AG

87,176

900

VersaBank

9,540

30,944

Vestjysk

Bank

A/S

20,881

45,112

Virgin

Money

UK

plc

122,049

239

Walliser

Kantonalbank,

Registered

Shares

30,613

22,910

Westpac

Banking

Corp.

390,112

1,600

Yamagata

Bank,

Ltd.

(The)

12,388

3,900

Yamaguchi

Financial

Group,

Inc.

39,580

1,800

Yamanashi

Chuo

Bank,

Ltd.

(The)

22,325

6

Zuger

Kantonalbank

AG,

Class

BR

53,233

24,219,211

Beverages

(1.0%):

1,669

AG

Barr

plc

12,262

1,900

Andrew

Peller,

Ltd.,

Class

A

5,597

6,975

Anheuser-Busch

InBev

SA/NV

424,221

2,700

Asahi

Group

Holdings,

Ltd.

99,140

9,774

Britvic

plc

101,292

14,400

Budweiser

Brewing

Co.

APAC,

Ltd.(a)

21,233

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

4

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Beverages,

continued

14,772

C&C

Group

plc

$

30,492

1,568

Carlsberg

AS,

Class

B

214,875

4,300

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

63,372

2,954

Coca-Cola

Europacific

Partners

plc

208,620

1,524

Coca-Cola

HBC

AG

48,148

1,957

Davide

Campari-Milano

NV,

Class

M

19,662

8,372

Diageo

plc

309,120

1,341

Diageo

plc,

ADR

199,460

812

Fevertree

Drinks

plc

12,285

1,451

Heineken

NV

139,793

1,500

Ito

En,

Ltd.

36,692

7,200

Kirin

Holdings

Co.,

Ltd.

100,057

109

Laurent-Perrier

14,170

653

Olvi

Oyj,

A

Shares

21,693

684

Pernod

Ricard

SA

110,580

1,600

Primo

Water

Corp.

29,136

2,850

Primo

Water

Corp.

51,891

1,827

Royal

Unibrew

A/S

120,800

800

Sapporo

Holdings,

Ltd.

31,870

1,700

Suntory

Beverage

&

Food,

Ltd.

57,473

4,800

Takara

Holdings,

Inc.

34,526

9,074

Treasury

Wine

Estates,

Ltd.

73,948

2,592,408

Biotechnology

(0.3%):

24,100

AnGes,

Inc.*^

10,355

86

Argenx

SE*

33,940

418

Basilea

Pharmaceutica

AG,

Registered

Shares*

17,452

1,271

Bavarian

Nordic

A/S*

28,755

1,455

BioGaia

AB,

B

Shares

16,982

760

Clinuvel

Pharmaceuticals,

Ltd.

7,111

931

CSL,

Ltd.

174,944

1,511

Galapagos

NV*

48,424

684

Genmab

A/S*

204,684

1,500

GNI

Group,

Ltd.*

29,943

2,347

Grifols

SA*

21,088

9,021

Mesoblast,

Ltd.*

3,260

2,600

PeptiDream,

Inc.*

24,392

176

Pharma

Mar

SA

5,452

20,503

Pharming

Group

NV*

22,514

4,999

PureTech

Health

plc*

14,065

1,333

Swedish

Orphan

Biovitrum

AB*

33,256

2,800

Takara

Bio,

Inc.

18,043

1,652

Vitrolife

AB

30,990

1,155

Zealand

Pharma

A/S*

114,600

860,250

Broadline

Retail

(0.8%):

1,600

ASKUL

Corp.

23,311

23,334

B&M

European

Value

Retail

SA

160,767

1,900

Belluna

Co.,

Ltd.

7,715

1,559

Canadian

Tire

Corp.,

Ltd.,

Class

A

155,509

4,097

Dollarama,

Inc.

312,145

6,374

Europris

ASA(a)

45,918

24,372

Harvey

Norman

Holdings,

Ltd.

81,782

3,200

Isetan

Mitsukoshi

Holdings,

Ltd.

51,892

1,000

Izumi

Co.,

Ltd.

22,929

9,100

J.

Front

Retailing

Co.,

Ltd.

101,054

3,100

Mercari,

Inc.*

39,496

30,000

Metro

Holdings,

Ltd.

10,890

Shares

Value

Common

Stocks,

continued

Broadline

Retail,

continued

47,139

Myer

Holdings,

Ltd.

$

25,059

1,879

Next

plc

219,342

3,400

Pan

Pacific

International

Holdings

Corp.

90,403

6,146

Prosus

NV

192,566

1,591

Puuilo

Oyj

16,999

6,100

Rakuten

Group,

Inc.

34,619

4,700

Ryohin

Keikaku

Co.,

Ltd.

76,901

1,600

Seria

Co.,

Ltd.

31,606

4,500

Takashimaya

Co.,

Ltd.

71,753

24,280

THG

plc*

21,200

2,195

Tokmanni

Group

Corp.

35,943

3,646

Warehouse

Group,

Ltd.

(The)

3,376

7,709

Wesfarmers,

Ltd.

343,843

4,000

Wing

On

Co.

International,

Ltd.

6,122

2,183,140

Building

Products

(1.1%):

3,300

AGC,

Inc.

119,678

2,028

Arbonia

AG

27,124

3,060

Assa

Abloy

AB,

Class

B

87,794

225

Belimo

Holding

AG,

Class

R

110,323

2,400

Bunka

Shutter

Co.,

Ltd.

26,974

1,706

Carel

Industries

SpA(a)

37,439

1,800

Central

Glass

Co.,

Ltd.

33,931

4,637

Cie

de

Saint-Gobain

SA

359,531

1,900

Daikin

Industries,

Ltd.

259,935

130

dormakaba

Holding

AG

68,380

17,426

Fletcher

Building,

Ltd.

42,896

44

Forbo

Holding

AG,

Registered

Shares

56,215

491

Geberit

AG,

Registered

Shares

290,166

5,784

Genuit

Group

plc

32,160

12,753

GWA

Group,

Ltd.

22,269

7,079

Inrom

Construction

Industries,

Ltd.

22,552

2,938

Inwido

AB

40,032

5,198

James

Halstead

plc

13,194

2,056

Kingspan

Group

plc

187,139

2,281

Lindab

International

AB

48,932

8,200

Lixil

Corp.

100,915

687

LU-VE

SpA

17,116

297

Meier

Tobler

Group

AG

11,083

1,773

Munters

Group

AB(a)

31,799

2,170

Nibe

Industrier

AB,

Class

B

10,655

2,400

Nichias

Corp.

64,165

1,100

Nichiha

Corp.

24,834

4,900

Nippon

Sheet

Glass

Co.,

Ltd.*

16,728

2

Norcros

plc

5

1,552

Nordic

Waterproofing

Holding

AB

23,786

1,500

Noritz

Corp.

17,181

1,400

Okabe

Co.,

Ltd.

7,207

27,554

Reliance

Worldwide

Corp.,

Ltd.

103,564

238

ROCKWOOL

A/S,

Class

A

77,477

329

ROCKWOOL

A/S,

Class

B

108,605

1,900

Sankyo

Tateyama,

Inc.

11,856

6,000

Sanwa

Holdings

Corp.

104,761

47

Schweiter

Technologies

AG

26,468

700

Sekisui

Jushi

Corp.

10,860

900

Shin

Nippon

Air

Technologies

Co.,

Ltd.

19,952

1,800

Sinko

Industries,

Ltd.

45,482

3,824

Systemair

AB

27,287

1,800

Takara

Standard

Co.,

Ltd.

22,766

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

5

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Building

Products,

continued

1,400

Takasago

Thermal

Engineering

Co.,

Ltd.

$

44,548

1,500

TOTO,

Ltd.

42,088

7,093

Tyman

plc

25,889

3,919

Volution

Group

plc

21,517

42,797

Xinyi

Glass

Holdings,

Ltd.

45,534

533

Zehnder

Group

AG,

Registered

Shares

35,311

2,986,103

Capital

Markets

(3.1%):

14,575

3i

Group

plc

516,199

24,792

ABG

Sundal

Collier

Holding

ASA

13,947

59,785

abrdn

plc

106,636

3,200

AGF

Management,

Ltd.,

Class

B

19,374

1,600

Aizawa

Securities

Group

Co.,

Ltd.

12,626

8,821

AJ

Bell

plc

33,644

2,161

Allfunds

Group

plc

15,625

903

Altamir

23,862

912

Amundi

SA(a)

62,564

7,128

Anima

Holding

SpA(a)

33,832

13,034

Ashmore

Group

plc

32,159

921

ASX,

Ltd.

39,856

4,100

Australian

Ethical

Investment,

Ltd.

13,180

2,170

Avanza

Bank

Holding

AB

46,746

3,117

Azimut

Holding

SpA

84,663

1,895

Banca

Generali

SpA

75,314

521

Bellevue

Group

AG,

Class

BR

12,188

5,672

Bridgepoint

Group

plc(a)

18,591

614

Brookfield

Corp.

25,708

3,300

Brookfield

Corp.

138,101

563

Brooks

Macdonald

Group

plc

12,837

1,962

Bure

Equity

AB

62,804

2,497

Canaccord

Genuity

Group,

Inc.

16,408

5,626

CI

Financial

Corp.

71,945

120

Cie

Financiere

Tradition

SA,

Class

BR

18,305

5,668

CMC

Markets

plc(a)

15,569

13,000

Daiwa

Securities

Group,

Inc.

98,946

5,196

Deutsche

Bank

AG,

Registered

Shares

81,941

25,588

Deutsche

Bank

AG,

Registered

Shares

402,423

552

Deutsche

Beteiligungs

AG

15,337

1,574

Deutsche

Boerse

AG

322,012

1,167

DWS

Group

GmbH

&

Co.

KGaA(a)

51,328

4,307

EFG

International

AG

53,776

170

eQ

Oyj

2,513

868

EQT

Holdings,

Ltd.

16,625

1,799

Euronext

NV(a)

171,084

4,000

Fiera

Capital

Corp.

24,395

3,587

flatexDEGIRO

AG*

40,227

838

Flow

Traders,

Ltd.

16,506

5,224

GAM

Holding

AG*

1,515

2,674

Georgia

Capital

plc*

44,765

896

Gimv

NV

42,987

2,400

GMO

Financial

Holdings,

Inc.

12,501

1,175

Guardian

Capital

Group,

Ltd.,

Class

A

41,451

142,000

Guotai

Junan

International

Holdings,

Ltd.

9,620

11,864

Hargreaves

Lansdown

plc

110,337

7,794

Hong

Kong

Exchanges

&

Clearing,

Ltd.

227,328

1,131

HUB24,

Ltd.

31,262

5,100

iFAST

Corp.,

Ltd.

25,187

13,629

IG

Group

Holdings

plc

125,478

1,732

IGM

Financial,

Inc.

44,668

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

4,298

Impax

Asset

Management

Group

plc

$

25,272

27,344

Insignia

Financial,

Ltd.

45,054

6,881

IntegraFin

Holdings

plc

24,114

5,334

Intermediate

Capital

Group

plc

138,584

14,474

Investec

plc

96,956

49,718

IP

Group

plc

29,834

1,700

IwaiCosmo

Holdings,

Inc.

24,992

3,400

JAFCO

Group

Co.,

Ltd.

42,058

7,500

Japan

Exchange

Group,

Inc.

203,143

5,624

Julius

Baer

Group,

Ltd.

324,701

17,082

Jupiter

Fund

Management

plc

19,088

800

Kyokuto

Securities

Co.,

Ltd.

8,419

2,122

Liontrust

Asset

Management

plc

18,039

1,458

London

Stock

Exchange

Group

plc

174,602

500

M&A

Capital

Partners

Co.,

Ltd.

7,394

1,600

Macquarie

Group,

Ltd.

208,194

4,885

Magellan

Financial

Group,

Ltd.

31,578

42,213

Man

Group

plc

142,637

2,300

Marusan

Securities

Co.,

Ltd.

16,278

6,300

Matsui

Securities

Co.,

Ltd.

34,368

2,900

Mito

Securities

Co.,

Ltd.

9,449

3,035

MLP

SE

18,365

5,700

Monex

Group,

Inc.

33,882

376

Mutares

SE

&

Co.

KGaA

14,965

4,905

Navigator

Global

Investments,

Ltd.

5,239

5,471

Netwealth

Group,

Ltd.

75,450

17,199

Ninety

One

plc

37,008

19,100

Nomura

Holdings,

Inc.

122,207

1,900

Nordnet

AB

(publ)

34,834

16,993

NZX,

Ltd.

10,680

7,300

Okasan

Securities

Group,

Inc.

38,962

2,347

Onex

Corp.

175,834

299

Partners

Group

Holding

AG

427,330

2,699

Perpetual,

Ltd.

44,238

4,165

Pinnacle

Investment

Management

Group,

Ltd.

31,564

11,593

Platinum

Asset

Management,

Ltd.

8,179

2,595

Polar

Capital

Holdings

plc

14,916

38,911

Quilter

plc(a)

52,589

942

Rathbones

Group

plc

18,427

9,785

Ratos

AB,

B

Shares

32,141

3,700

SBI

Holdings,

Inc.

96,986

14,703

Schroders

plc

70,032

11,400

Singapore

Exchange,

Ltd.

77,880

840

Sparx

Group

Co.,

Ltd.

10,442

700

Sprott,

Inc.

25,831

5,100

St

James's

Place

plc

30,003

700

Strike

Co.,

Ltd.

22,414

420

Swissquote

Group

Holding

SA,

Registered

Shares

117,928

2,584

Tamburi

Investment

Partners

SpA

27,730

4,279

Tel

Aviv

Stock

Exchange,

Ltd.

28,898

1,383

Tikehau

Capital

SCA

30,360

2,055

TMX

Group,

Ltd.

54,212

8,500

Tokai

Tokyo

Financial

Holdings,

Inc.

33,831

4,000

Toyo

Securities

Co.,

Ltd.

10,535

37,521

TP

ICAP

Group

plc

106,707

22,703

UBS

Group

AG

697,866

337

UBS

Group

AG

10,353

21,420

UOB-Kay

Hian

Holdings,

Ltd.

21,895

22,000

Value

Partners

Group,

Ltd.

5,039

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(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

$

51,876

1,065

Vontobel

Holding

AG,

Class

R

64,573

245

VP

Bank

AG,

Class

A

25,484

393

VZ

Holding

AG

47,929

8,027,263

Chemicals

(3.5%):

900

Achilles

Corp.

9,134

1,800

Aica

Kogyo

Co.,

Ltd.

44,000

1,597

Air

Liquide

SA

332,771

6,800

Air

Water,

Inc.

106,478

1,770

Akzo

Nobel

NV

132,000

700

Arakawa

Chemical

Industries,

Ltd.

5,365

11,725

Arcadium

Lithium

plc*

51,802

2,166

Arkema

SA

227,808

1,200

Artience

Co.,

Ltd.

23,275

22,100

Asahi

Kasei

Corp.

161,891

1,100

ASAHI

YUKIZAI

Corp.

38,349

8,854

BASF

SE

505,544

1,939

Borregaard

ASA

33,804

400

C

Uyemura

&

Co.,

Ltd.

27,290

52,400

China

Sunsine

Chemical

Holdings,

Ltd.

15,337

1,400

Chugoku

Marine

Paints,

Ltd.

20,628

1,600

CI

Takiron

Corp.

7,112

4,288

Clariant

AG,

Registered

Shares

57,956

839

Corbion

NV

17,953

4,070

Covestro

AG*(a)

222,624

885

Croda

International

plc

54,879

1,000

Dai

Nippon

Toryo

Co.,

Ltd.

7,750

8,200

Daicel

Corp.

80,972

900

Dainichiseika

Color

&

Chemicals

Manufacturing

Co.,

Ltd.

17,567

3,200

Denka

Co.,

Ltd.

49,869

3,300

DIC

Corp.

63,019

1,349

DSM-Firmenich

AG

153,266

18,377

Elementis

plc*

34,373

13,127

Elkem

ASA(a)

25,916

30

EMS-Chemie

Holding

AG

23,012

8,516

Ercros

SA

32,244

9,485

Essentra

plc

21,074

6,520

Evonik

Industries

AG

128,883

1,150

FUCHS

SE

45,158

300

Fujimori

Kogyo

Co.,

Ltd.

8,476

700

Fuso

Chemical

Co.,

Ltd.

21,308

49

Givaudan

SA,

Registered

Shares

218,970

200

Gurit

Holding

AG,

Class

BR*

14,718

3,671

Hexpol

AB

44,800

700

Hodogaya

Chemical

Co.,

Ltd.

16,565

11,659

ICL

Group,

Ltd.

61,763

71,308

Incitec

Pivot,

Ltd.

134,274

1,500

Ishihara

Sangyo

Kaisha,

Ltd.

17,146

1,000

JCU

Corp.

25,420

4,352

Johnson

Matthey

plc

98,192

700

JSP

Corp.

10,444

1,200

JSR

Corp.

34,335

1,900

Kaneka

Corp.

47,273

2,800

Kansai

Paint

Co.,

Ltd.

40,115

3,300

Kanto

Denka

Kogyo

Co.,

Ltd.

21,986

600

KeePer

Technical

Laboratory

Co.,

Ltd.

19,705

1,600

KEIWA,

Inc.

12,039

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

2,983

Kemira

Oyj

$

56,353

1,400

KH

Neochem

Co,

Ltd.

21,177

1,500

Koatsu

Gas

Kogyo

Co.,

Ltd.

8,906

2,000

Konishi

Co.,

Ltd.

20,323

3,400

Kumiai

Chemical

Industry

Co.,

Ltd.

18,580

11,400

Kuraray

Co.,

Ltd.

122,087

1,800

Kureha

Corp.

32,448

2,747

LANXESS

AG

73,517

549

Lenzing

AG*

18,965

1,300

Lintec

Corp.

26,813

400

MEC

Co.,

Ltd.

10,690

929

Methanex

Corp.

41,461

1,100

Methanex

Corp.

49,031

42,800

Mitsubishi

Chemical

Group

Corp.

260,738

4,600

Mitsubishi

Gas

Chemical

Co.,

Inc.

77,233

2,600

Mitsui

Chemicals,

Inc.

76,251

12,400

Nanofilm

Technologies

International,

Ltd.

6,571

800

Nihon

Kagaku

Sangyo

Co.,

Ltd.

7,561

2,300

Nihon

Nohyaku

Co.,

Ltd.

12,185

2,600

Nihon

Parkerizing

Co.,

Ltd.

20,929

600

Nippon

Chemical

Industrial

Co.,

Ltd.

9,350

3,100

Nippon

Kayaku

Co.,

Ltd.

26,573

2,100

Nippon

Paint

Holdings

Co.,

Ltd.

15,107

1,000

Nippon

Pillar

Packing

Co.,

Ltd.

40,621

3,100

Nippon

Sanso

Holdings

Corp.

97,331

2,800

Nippon

Shokubai

Co.,

Ltd.

27,329

800

Nippon

Soda

Co.,

Ltd.

31,994

1,900

Nissan

Chemical

Corp.

72,006

1,900

Nitto

Denko

Corp.

173,657

2,700

NOF

Corp.

36,956

5,423

Novonesis

(Novozymes)

B

318,337

16,188

Nufarm,

Ltd.

58,174

3,137

Nutrien,

Ltd.

170,370

8,231

Nutrien,

Ltd.

447,223

2,984

OCI

NV

81,656

500

Okamoto

Industries,

Inc.

16,269

600

Okura

Industrial

Co.,

Ltd.

12,257

15,737

Orica,

Ltd.

187,562

900

Osaka

Organic

Chemical

Industry,

Ltd.

18,981

400

Osaka

Soda

Co.,

Ltd.

25,408

1,958

Recticel

SA

23,064

3,600

Resonac

Holdings

Corp.

83,883

2,800

Riken

Technos

Corp.

18,318

500

Sakai

Chemical

Industry

Co.,

Ltd.

6,339

2,400

Sakata

INX

Corp.

25,011

700

Sanyo

Chemical

Industries,

Ltd.

19,519

900

Sekisui

Kasei

Co.,

Ltd.

2,978

1,100

Shikoku

Kasei

Holdings

Corp.

12,822

14,500

Shin-Etsu

Chemical

Co.,

Ltd.

636,285

1,800

Shin-Etsu

Polymer

Co.,

Ltd.

18,317

1,005

Sika

AG,

Registered

Shares

299,295

1,125

SOL

SpA

40,229

3,243

Solvay

SA,

Class

A

88,532

400

Stella

Chemifa

Corp.

9,684

1,800

Sumitomo

Bakelite

Co.,

Ltd.

54,240

21,900

Sumitomo

Chemical

Co.,

Ltd.

47,501

300

Sumitomo

Seika

Chemicals

Co.,

Ltd.

10,010

3,243

Syensqo

SA*

306,996

682

Symrise

AG

81,631

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

7

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

4,585

Synthomer

plc*

$

15,032

700

T

Hasegawa

Co.,

Ltd.

14,091

1,800

Taiyo

Holdings

Co.,

Ltd.

39,660

600

Takasago

International

Corp.

13,627

2,100

Tanaka

Chemical

Corp.^

13,917

600

Tayca

Corp.

6,024

6,900

Teijin,

Ltd.

62,627

500

Tenma

Corp.

7,475

625

Tessenderlo

Group

SA

16,352

2,400

Toagosei

Co.,

Ltd.

25,125

7,500

Tokai

Carbon

Co.,

Ltd.

49,701

2,200

Tokuyama

Corp.

38,509

1,000

Tokyo

Ohka

Kogyo

Co.,

Ltd.

30,338

20,600

Toray

Industries,

Inc.

98,972

4,700

Tosoh

Corp.

63,828

3,400

Toyobo

Co.,

Ltd.

24,995

2,500

UBE

Corp.

44,534

6,147

Umicore

SA

132,478

700

Valqua,

Ltd.

23,426

2,109

Victrex

plc

34,571

473

Wacker

Chemie

AG

53,347

1,291

Yara

International

ASA

40,921

4,100

Zeon

Corp.

35,688

9,125,504

Commercial

Services

&

Supplies

(1.2%):

800

Aeon

Delight

Co.,

Ltd.

18,566

84,323

AMA

Group,

Ltd.*

3,022

1,123

Befesa

SA(a)

38,622

896

Bilfinger

SE

41,846

1,670

Black

Diamond

Group,

Ltd.

11,036

600

Boyd

Group

Services,

Inc.

126,875

20,065

Brambles,

Ltd.

211,518

3,798

Bravida

Holding

AB(a)

33,232

200

Calian

Group,

Ltd.

8,387

300

Central

Security

Patrols

Co.,

Ltd.

5,236

338

Cewe

Stiftung

&

Co.

KGaA

37,482

45,478

Cleanaway

Waste

Management,

Ltd.

80,597

3,808

Coor

Service

Management

Holding

AB(a)

17,836

2,400

CTS

Co.,

Ltd.

12,519

2,500

Dai

Nippon

Printing

Co.,

Ltd.

76,637

1,100

Daiseki

Co.,

Ltd.

26,856

6,041

De

La

Rue

plc*

6,227

3,731

Derichebourg

SA

17,701

2,180

Dexterra

Group,

Inc.

8,933

262

DO

&

CO

AG

39,097

25,522

Downer

EDI,

Ltd.

85,079

1,100

Duskin

Co.,

Ltd.

23,453

12,359

Element

Fleet

Management

Corp.

199,748

7,916

Elis

SA

179,739

300

GDI

Integrated

Facility

Services,

Inc.*

8,685

2,400

GFL

Environmental,

Inc.

82,770

435

GL

Events

SACA

8,952

900

Inaba

Seisakusho

Co.,

Ltd.

10,769

2,297

Intrum

AB^

5,329

1,400

Inui

Global

Logistics

Co.,

Ltd.

9,853

6,544

ISS

A/S

119,330

1,800

Itoki

Corp.

20,641

1,900

Japan

Elevator

Service

Holdings

Co.,

Ltd.

31,014

14,225

Johnson

Service

Group

plc

23,581

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

1,700

Kokuyo

Co.,

Ltd.

$

27,762

400

Kyodo

Printing

Co.,

Ltd.

9,053

2,302

Lassila

&

Tikanoja

Oyj

21,852

2,739

Loomis

AB

76,382

700

Matsuda

Sangyo

Co.,

Ltd.

11,335

5,449

Mears

Group

plc

25,352

39,904

Mitie

Group

plc

52,821

600

Mitsubishi

Pencil

Co.,

Ltd.

10,049

2,800

NAC

Co.,

Ltd.

9,869

15,900

Nippon

Parking

Development

Co.,

Ltd.

21,259

1,600

Okamura

Corp.

23,561

1,100

Oyo

Corp.

15,999

4,100

Park24

Co.,

Ltd.*

48,297

1,100

Pilot

Corp.

28,565

491

Pluxee

NV*

14,512

2,400

Prestige

International,

Inc.

10,821

22,243

Prosegur

Cash

SA(a)

11,494

581

RB

Global,

Inc.

44,257

4,183

Renewi

plc*

30,368

8,156

Rentokil

Initial

plc

48,663

900

Sato

Holdings

Corp.

13,773

952

Sdiptech

AB*

23,178

95

Seche

Environnement

SACA

11,599

700

Secom

Co.,

Ltd.

50,764

7,485

Securitas

AB,

Class

B

77,111

26,399

Serco

Group

plc

63,270

3,154

Smart

Metering

Systems

plc

37,890

895

Societe

BIC

SA

63,906

11,000

Sohgo

Security

Services

Co.,

Ltd.

59,692

4,783

SPIE

SA

179,560

700

Studio

Alice

Co.,

Ltd.

9,531

1,300

Takara

&

Co.,

Ltd.

23,844

1,817

Takkt

AG

26,222

3,880

TOPPAN

Holdings,

Inc.

97,242

2,000

TRE

Holdings

Corp.

15,916

800

Waste

Connections,

Inc.

137,549

418

Waste

Connections,

Inc.

71,900

3,136,386

Communications

Equipment

(0.3%):

2,301

ADTRAN

Holdings,

Inc.

12,517

485

Adtran

Networks

SE*

10,443

700

Aiphone

Co.,

Ltd.

14,037

700

DKK

Co.,

Ltd.

9,875

700

Evertz

Technologies,

Ltd.

7,660

345

EVS

Broadcast

Equipment

SA

12,404

1,021

HMS

Networks

AB

44,217

500

Icom,

Inc.

11,248

40,815

Nokia

Oyj

144,389

23,787

Nokia

Oyj,

ADR

84,206

10,200

Quarterhill,

Inc.

14,083

418

RTX

A/S*

5,880

10,363

Spirent

Communications

plc

26,182

684

Telefonaktiebolaget

LM

Ericsson,

Class

A

3,727

43,290

Telefonaktiebolaget

LM

Ericsson,

Class

B

238,336

510

Vantiva

SA*

77

5,700

VTech

Holdings,

Ltd.

34,569

673,850

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

8

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering

(2.0%):

705

Ackermans

&

van

Haaren

NV

$

123,148

4,731

ACS

Actividades

de

Construccion

y

Servicios

SA

197,930

3,353

Aecon

Group,

Inc.

42,111

1,375

AF

Gruppen

ASA

17,640

600

Asanuma

Corp.

15,796

1,130

Ashtrom

Group,

Ltd.

16,733

1,410

Badger

Infrastructure

Solutions,

Ltd.

52,261

16,103

Balfour

Beatty

plc

77,760

1,400

Bird

Construction,

Inc.

19,268

16,800

Boustead

Singapore,

Ltd.

11,952

3,058

Bouygues

SA

124,790

209

Burkhalter

Holding

AG

22,644

4,600

Chiyoda

Corp.*

12,207

1,700

Chudenko

Corp.

33,746

494

Cie

d'Entreprises

CFE

3,815

2,621

COMSYS

Holdings

Corp.

61,294

6,098

Costain

Group

plc

5,765

500

CTI

Engineering

Co.,

Ltd.

16,989

1,000

Dai-Dan

Co.,

Ltd.

15,856

900

Daiho

Corp.

20,514

335

Deme

Group

NV

53,547

2,930

Eiffage

SA

332,157

2,280

Elecnor

SA

47,327

44

Electra,

Ltd./Israel

18,963

7,737

Eltel

AB*(a)

5,222

37,002

Empresas

ICA

SAB

de

CV*(b)

—

5,200

EXEO

Group,

Inc.

55,093

937

Ferrovial

SE

37,078

440

Fudo

Tetra

Corp.

5,951

4,855

Fugro

NV*

118,893

200

Fukuda

Corp.

7,423

4,363

Galliford

Try

Holdings

plc

13,205

3,400

Hazama

Ando

Corp.

26,487

600

Hibiya

Engineering,

Ltd.

11,704

770

HOCHTIEF

AG

89,458

783

Implenia

AG,

Registered

Shares

28,375

5,936

INFRONEER

Holdings,

Inc.

56,858

5,765

Instalco

AB

22,760

700

Integrated

Design

&

Engineering

Holdings

Co.,

Ltd.

19,966

4,600

JGC

Holdings

Corp.

45,104

5,838

Johns

Lyng

Group,

Ltd.

24,383

4,600

Kajima

Corp.

94,342

3,000

Kandenko

Co.,

Ltd.

34,215

3,807

Keller

Group

plc

50,388

19,638

Kier

Group

plc*

32,650

2,500

Kinden

Corp.

43,503

15,900

Koninklijke

BAM

Groep

NV

60,171

1,929

Koninklijke

Heijmans

NV

35,684

1,600

Kumagai

Gumi

Co.,

Ltd.

43,582

5,316

Maire

Tecnimont

SpA

41,660

31,500

MECOM

Power

and

Construction,

Ltd.*

701

1,700

Meisei

Industrial

Co.,

Ltd.

14,789

3,300

MIRAIT

ONE

Corp.

40,665

3,871

Monadelphous

Group,

Ltd.

35,766

1,922

Morgan

Sindall

Group

plc

56,355

6,701

Mota-Engil

SGPS

SA

34,776

3,087

NCC

AB,

Class

B

42,465

1,000

Nichireki

Co.,

Ltd.

16,510

1,600

Nippon

Densetsu

Kogyo

Co.,

Ltd.

22,115

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

500

Nippon

Road

Co.,

Ltd.

(The)

$

6,218

20,879

NRW

Holdings,

Ltd.

39,910

9,700

Obayashi

Corp.

115,235

41,702

Obrascon

Huarte

Lain

SA*

15,747

1,100

Okumura

Corp.

36,550

8,600

Oriental

Shiraishi

Corp.

22,482

3,037

OX2

AB*

13,997

5,969

Peab

AB,

Class

B

37,549

8,700

Penta-Ocean

Construction

Co.,

Ltd.

43,628

726

Per

Aarsleff

Holding

A/S

36,303

1,500

Raito

Kogyo

Co.,

Ltd.

19,953

2,472

Renew

Holdings

plc

28,825

10,282

Sacyr

SA

37,913

1,900

Sanki

Engineering

Co.,

Ltd.

26,412

1,700

Seikitokyu

Kogyo

Co.,

Ltd.

21,050

40,165

Service

Stream,

Ltd.

32,710

16,220

Severfield

plc

11,217

3,211

Shapir

Engineering

and

Industry,

Ltd.

18,353

4,869

Shikun

&

Binui,

Ltd.*

12,066

6,700

Shimizu

Corp.

43,285

1,500

Shinnihon

Corp.

16,403

700

SHO-BOND

Holdings

Co.,

Ltd.

29,398

5,098

Skanska

AB,

Class

B

90,612

1,962

SNC-Lavalin

Group,

Inc.

80,253

1,244

Stantec,

Inc.

103,302

761

Stantec,

Inc.

63,188

67

Strabag

SE*

2,592

267

Strabag

SE,

Class

BR

11,268

600

Sumitomo

Densetsu

Co.,

Ltd.

13,365

6,980

Sumitomo

Mitsui

Construction

Co.,

Ltd.

19,619

3,299

Sweco

AB,

Class

B

37,098

700

Taihei

Dengyo

Kaisha,

Ltd.

21,320

800

Taikisha,

Ltd.

24,929

2,000

Taisei

Corp.

72,810

1,400

Takamatsu

Construction

Group

Co.,

Ltd.

26,061

400

Tekken

Corp.

7,138

3,600

Toa

Corp.

28,867

4,000

TOA

ROAD

Corp.

33,023

1,630

Tobishima

Corp.

15,915

6,900

Toda

Corp.

46,098

400

Toenec

Corp.

15,218

1,000

Tokyo

Energy

&

Systems,

Inc.

8,111

5,100

Tokyu

Construction

Co.,

Ltd.

27,870

1,100

Totetsu

Kogyo

Co.,

Ltd.

21,693

4,300

Toyo

Construction

Co.,

Ltd.

36,868

2,100

Toyo

Engineering

Corp.

13,258

3,936

Veidekke

ASA

42,749

17,920

Ventia

Services

Group

Pty,

Ltd.

44,953

5,634

Vinci

SA

721,548

900

Wakachiku

Construction

Co.,

Ltd.

21,613

5,115

Webuild

SpA

12,367

4,391

Worley,

Ltd.

48,041

1,241

WSP

Global,

Inc.

206,858

1,700

Yahagi

Construction

Co.,

Ltd.

17,394

1,200

Yokogawa

Bridge

Holdings

Corp.

23,151

1,200

Yurtec

Corp.

11,731

5,248,595

Construction

Materials

(1.0%):

13,883

Adbri,

Ltd.*

28,313

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

9

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

Materials,

continued

1,800

Asia

Pile

Holdings

Corp.

$

9,859

8,279

Boral,

Ltd.*^

33,054

4,781

Breedon

Group

plc

23,170

2,976

Brickworks,

Ltd.

55,250

2,616

Buzzi

SpA

102,717

6,726

CRH

plc

580,185

5,942

CRH

plc

512,522

15,999

CSR,

Ltd.

91,959

6,288

Forterra

plc(a)

13,664

1,160

H+H

International

A/S,

Class

B*

11,719

2,383

Heidelberg

Materials

AG

262,086

3,845

Holcim

AG

349,986

13,005

Ibstock

plc(a)

24,740

979

Imerys

SA

33,329

4,832

James

Hardie

Industries

plc*

193,983

1,600

Krosaki

Harima

Corp.

37,174

600

Maeda

Kosen

Co.,

Ltd.

14,378

5,422

Marshalls

plc

18,797

2,500

Nippon

Concrete

Industries

Co.,

Ltd.

6,562

2,500

Shinagawa

Refractories

Co.,

Ltd.

31,430

22,814

SigmaRoc

plc*

19,591

1,500

Sumitomo

Osaka

Cement

Co.,

Ltd.

37,525

3,500

Taiheiyo

Cement

Corp.

80,501

1,300

TYK

Corp.

4,106

998

Vicat

SACA

39,348

2,043

Wienerberger

AG

74,369

2,690,317

Consumer

Finance

(0.3%):

10,300

Acom

Co.,

Ltd.

27,407

4,300

AEON

Financial

Service

Co.,

Ltd.

39,202

7,800

Aiful

Corp.

23,452

8,198

Axactor

ASA*

3,528

1,411

Cembra

Money

Bank

AG

118,085

1,607

Credit

Corp.

Group,

Ltd.

19,423

5,300

Credit

Saison

Co.,

Ltd.

109,281

18,226

FleetPartners

Group,

Ltd.*

44,648

500

goeasy,

Ltd.

58,842

2,616

H&T

Group

plc

12,280

5,740

Hoist

Finance

AB*(a)

28,465

17,800

Hong

Leong

Finance,

Ltd.

32,835

14,415

International

Personal

Finance

plc

19,827

8,929

Isracard,

Ltd.

36,453

5,602

J

Trust

Co.,

Ltd.

16,330

900

Jaccs

Co.,

Ltd.

32,660

2,000

Marui

Group

Co.,

Ltd.

32,009

1,520

Orient

Corp.

10,758

213,600

Oshidori

International

Holdings,

Ltd.*

5,184

2,100

Premium

Group

Co.,

Ltd.

28,430

1,400

Propel

Holdings,

Inc.

17,056

4,452

Resurs

Holding

AB(a)

6,454

9,714

Solvar,

Ltd.

6,791

38,000

Sun

Hung

Kai

&

Co.,

Ltd.

11,665

10,046

Vanquis

Banking

Group

plc

6,685

747,750

Consumer

Staples

Distribution

&

Retail

(2.1%):

702

Acomo

NV

13,294

5,300

Aeon

Co.,

Ltd.

125,652

3,600

Aeon

Hokkaido

Corp.

22,306

Shares

Value

Common

Stocks,

continued

Consumer

Staples

Distribution

&

Retail,

continued

1,000

Ain

Holdings,

Inc.

$

35,981

5,972

Alimentation

Couche-Tard,

Inc.

340,886

1,200

Arcs

Co.,

Ltd.

24,779

1,537

Axfood

AB

44,695

3,200

Axial

Retailing,

Inc.

21,697

600

Belc

Co.,

Ltd.

27,531

14,841

Carrefour

SA

253,947

1,100

Cawachi,

Ltd.

19,202

15,521

Coles

Group,

Ltd.

171,632

2,403

Colruyt

Group

NV

110,813

500

Cosmos

Pharmaceutical

Corp.

47,336

1,300

Create

SD

Holdings

Co.,

Ltd.

28,293

500

Daikokutenbussan

Co.,

Ltd.

31,893

12,300

DFI

Retail

Group

Holdings,

Ltd.

26,461

439

DocMorris

AG*

44,086

5,051

Empire

Co.,

Ltd.

123,366

24,705

Endeavour

Group,

Ltd.

88,692

1,000

G-7

Holdings,

Inc.

9,472

500

Genky

DrugStores

Co.,

Ltd.

21,561

1,093

George

Weston,

Ltd.

147,689

8,123

GrainCorp,

Ltd.,

Class

A

43,630

3,300

H2O

Retailing

Corp.

42,188

500

Halows

Co.,

Ltd.

14,749

1,600

Heiwado

Co.,

Ltd.

21,406

519

HelloFresh

SE*

3,689

10,000

Hong

Kong

Technology

Venture

Co.,

Ltd.*

2,082

200

Itochu-Shokuhin

Co.,

Ltd.

9,501

44,541

J

Sainsbury

plc

152,185

2,634

Jeronimo

Martins

SGPS

SA

52,255

600

JM

Holdings

Co.,

Ltd.

10,865

600

Kato

Sangyo

Co.,

Ltd.

17,991

2,693

Kesko

Oyj,

Class

A

51,000

8,265

Kesko

Oyj,

Class

B

154,295

2,100

Kobe

Bussan

Co.,

Ltd.

51,445

15,019

Koninklijke

Ahold

Delhaize

NV

449,004

500

Lawson,

Inc.

34,176

800

Life

Corp.

20,508

1,699

Loblaw

Cos.,

Ltd.

188,290

215

M

Yochananof

&

Sons,

Ltd.

10,365

89,548

Marks

&

Spencer

Group

plc

300,069

2,340

MatsukiyoCocokara

&

Co.

37,589

25,735

Metcash,

Ltd.

65,562

4,561

METRO

AG

24,821

3,017

Metro,

Inc.

161,988

600

Ministop

Co.,

Ltd.

6,001

900

Mitsubishi

Shokuhin

Co.,

Ltd.

33,105

1,200

Nihon

Chouzai

Co.,

Ltd.

12,393

700

Nishimoto

Co.,

Ltd.

27,685

1,801

North

West

Co.,

Inc.

(The)

52,192

2,123

Ocado

Group

plc*

12,230

1,100

Oisix

ra

daichi,

Inc.*

9,382

3,500

Okuwa

Co.,

Ltd.

21,932

10,925

Olam

Group,

Ltd.

9,057

1,200

Qol

Holdings

Co.,

Ltd.

13,739

337

Rami

Levy

Chain

Stores

Hashikma

Marketing

2006,

Ltd.

20,270

1,000

Retail

Partners

Co.,

Ltd.

12,274

600

San-A

Co.,

Ltd.

18,568

36,600

Seven

&

i

Holdings

Co.,

Ltd.

532,811

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

10

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Consumer

Staples

Distribution

&

Retail,

continued

28,900

Sheng

Siong

Group,

Ltd.

$

32,752

4,880

Shufersal,

Ltd.*

34,246

1,454

Sligro

Food

Group

NV

21,990

38,447

Sonae

SGPS

SA

36,479

3,000

Sugi

Holdings

Co.,

Ltd.

51,209

2,200

Sundrug

Co.,

Ltd.

68,241

99,925

Tesco

plc

373,854

700

Tsuruha

Holdings,

Inc.

49,946

2,100

United

Super

Markets

Holdings,

Inc.

13,834

2,200

Valor

Holdings

Co.,

Ltd.

35,944

1,400

Watahan

&

Co.,

Ltd.

14,360

2,600

Welcia

Holdings

Co.,

Ltd.

44,205

8,899

Woolworths

Group,

Ltd.

192,326

800

YAKUODO

Holdings

Co.,

Ltd.

13,898

700

Yamatane

Corp.

13,687

700

Yaoko

Co.,

Ltd.

42,034

2,800

Yokorei

Co.,

Ltd.

19,044

5,540,605

Containers

&

Packaging

(0.7%):

5,896

Billerud

Aktiebolag

52,864

4,231

Cascades,

Inc.

30,895

2,283

CCL

Industries,

Inc.

116,695

2,123

Corticeira

Amorim

SGPS

SA

22,506

49,509

DS

Smith

plc

247,593

2,100

FP

Corp.

38,114

1,900

Fuji

Seal

International,

Inc.

24,919

1,000

Hokkan

Holdings,

Ltd.

12,367

4,029

Huhtamaki

Oyj

168,760

282

Mayr

Melnhof

Karton

AG

35,104

4,993

Metsa

Board

Oyj

37,815

47,019

Orora,

Ltd.

83,388

500

Pack

Corp.

(The)

12,428

5,300

Rengo

Co.,

Ltd.

40,393

7,692

SIG

Group

AG

170,567

9,501

Smurfit

Kappa

Group

plc

433,354

500

Taisei

Lamick

Co.,

Ltd.

9,750

600

Tomoku

Co.,

Ltd.

10,431

3,900

Toyo

Seikan

Group

Holdings,

Ltd.

61,434

3,570

Transcontinental,

Inc.,

Class

A

38,773

3,356

Verallia

SA(a)

130,405

750

Vetropack

Holding

AG

27,078

413

Vidrala

SA

42,861

800

Winpak,

Ltd.

23,946

840

Zignago

Vetro

SpA

12,011

1,884,451

Distributors

(0.1%):

1,200

Arata

Corp.

25,522

13,299

Bapcor,

Ltd.

54,779

1,000

Central

Automotive

Products,

Ltd.

38,139

143

D'ieteren

Group

31,689

1,000

Doshisha

Co.,

Ltd.

13,786

4,313

Headlam

Group

plc

9,570

10,557

Inchcape

plc

96,610

500

Media

Do

Co.,

Ltd.

4,940

1,000

PALTAC

Corp.

26,538

85

Tadiran

Group,

Ltd.

6,869

308,442

Shares

Value

Common

Stocks,

continued

Diversified

Consumer

Services

(0.2%):

3,986

AcadeMedia

AB(a)

$

18,080

900

Aucnet,

Inc.

14,434

2,060

Auction

Technology

Group

plc*

16,096

33,000

EC

Healthcare

5,534

44,648

G8

Education,

Ltd.

34,912

1,700

IBJ,

Inc.

6,077

3,637

IDP

Education,

Ltd.

42,448

1,200

LITALICO,

Inc.

16,617

17,243

ME

GROUP

INTERNATIONAL

plc

36,238

1,700

Park

Lawn

Corp.

20,961

2,872

Pearson

plc,

ADR

37,796

10,656

Pearson

plc

140,049

25,000

Perfect

Medical

Health

Management,

Ltd.

10,227

900

QB

Net

Holdings

Co.,

Ltd.

7,278

2,600

Riso

Kyoiku

Co.,

Ltd.

3,784

410,531

Diversified

Telecommunication

Services

(2.1%):

492

BCE,

Inc.

16,718

500

BCE,

Inc.

16,993

28,186

Bezeq

The

Israeli

Telecommunication

Corp.,

Ltd.

36,262

219,345

BT

Group

plc

303,454

2,538

Cellnex

Telecom

SA(a)

89,729

9,678

Chorus,

Ltd.

44,464

90,000

CITIC

Telecom

International

Holdings,

Ltd.

29,105

400

Cogeco,

Inc.

16,804

50,555

Deutsche

Telekom

AG

1,227,065

3,228

Elisa

Oyj

143,984

1,192

Eurotelesites

AG

4,751

2,209

Gamma

Communications

plc

38,133

14,874

Helios

Towers

plc*

17,810

27,500

HKBN,

Ltd.

10,295

121,295

HKT

Trust

&

HKT,

Ltd.

141,503

3,276

Infrastrutture

Wireless

Italiane

SpA(a)

37,213

2,700

Internet

Initiative

Japan,

Inc.

50,421

78,477

Koninklijke

KPN

NV

293,429

41,300

NETLINK

NBN

TRUST

26,152

147,500

Nippon

Telegraph

&

Telephone

Corp.

175,627

8,252

NOS

SGPS

SA

32,269

62,379

Orange

SA

732,706

628

Ovzon

AB*

782

143,202

PCCW,

Ltd.

70,843

4,024

Proximus

SADP

32,542

2,826

Quebecor,

Inc.,

Class

B

61,949

4,571

RAI

Way

SpA(a)

25,591

22,500

Singapore

Telecommunications,

Ltd.

42,178

12,201

Spark

New

Zealand,

Ltd.

34,720

12,209

Superloop,

Ltd.*

10,753

721

Swisscom

AG,

Registered

Shares

440,859

144,076

Telecom

Italia

SpA,

Savings

Share*

35,434

354,298

Telecom

Italia

SpA/Milano*

85,756

144,059

Telefonica

SA

636,407

4,768

Telekom

Austria

AG

39,862

3,510

Telenor

ASA

39,053

43,266

Telia

Co.

AB

110,898

37,885

Telstra

Group,

Ltd.

95,352

680

TELUS

Corp.

10,880

11,015

TPG

Telecom,

Ltd.

32,368

7,091

Tuas,

Ltd.*

18,065

900

U-Next

Holdings

Co.,

Ltd.

30,841

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

11

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Diversified

Telecommunication

Services,

continued

3,213

United

Internet

AG

$

72,299

1,900

Vision,

Inc.*

15,352

5,427,671

Electric

Utilities

(1.1%):

620

Acciona

SA

75,485

334

BKW

AG

51,258

6,100

Chubu

Electric

Power

Co.,

Inc.

79,575

3,800

Chugoku

Electric

Power

Co.,

Inc.

(The)

28,570

7,000

CK

Infrastructure

Holdings,

Ltd.

40,966

8,564

CLP

Holdings,

Ltd.

68,280

8,510

Contact

Energy,

Ltd.

43,961

28,319

EDP

-

Energias

de

Portugal

SA

110,462

324

Elia

Group

SA/NV

35,020

2,600

Emera,

Inc.

91,511

4,828

Endesa

SA

89,482

75,038

Enel

SpA

495,294

240

Energiedienst

Holding

AG,

Registered

Shares

10,526

1,538

EVN

AG

40,700

1,708

Fortis,

Inc.

67,483

3,068

Fortis,

Inc.

121,234

9,055

Fortum

Oyj^

111,739

17,413

Genesis

Energy,

Ltd.

25,585

64,500

HK

Electric

Investments

&

HK

Electric

Investments,

Ltd.

40,299

7,700

Hokkaido

Electric

Power

Co.,

Inc.

42,040

3,500

Hokuriku

Electric

Power

Co.

18,586

3,200

Hydro

One,

Ltd.(a)

93,325

18,122

Iberdrola

SA

224,969

4,900

Kansai

Electric

Power

Co.,

Inc.

(The)

69,825

7,200

Kyushu

Electric

Power

Co.,

Inc.

64,544

3,464

Manawa

Energy,

Ltd.

9,416

1,800

Okinawa

Electric

Power

Co.,

Inc.

(The)

13,647

20,290

Origin

Energy,

Ltd.

121,665

744

Orsted

AS(a)

41,896

12,000

Power

Assets

Holdings,

Ltd.

70,228

5,809

Redeia

Corp.

SA

99,161

275

Romande

Energie

Holding

SA,

Registered

Shares

16,408

3,300

Shikoku

Electric

Power

Co.,

Inc.

25,810

4,242

SSE

plc

88,432

13,299

Terna

-

Rete

Elettrica

Nazionale

110,273

8,300

Tohoku

Electric

Power

Co.,

Inc.

64,871

14,400

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

87,568

667

Verbund

AG

48,836

2,938,930

Electrical

Equipment

(1.3%):

14,392

ABB,

Ltd.,

Registered

Shares

668,083

3,582

Accelleron

Industries

AG

134,068

138

Alfen

N.V.*(a)

7,440

235

AQ

Group

AB

11,748

6,056

Ballard

Power

Systems,

Inc.*

16,857

38

Carlo

Gavazzi

Holding

AG,

Registered

Shares

13,696

600

Chiyoda

Integre

Co.,

Ltd.

11,010

700

Daihen

Corp.

43,625

1,300

Denyo

Co.,

Ltd.

20,172

947

DiscoverIE

Group

plc

9,030

299

Energiekontor

AG

20,672

5,261

Fagerhult

Group

AB

36,304

1,900

Fuji

Electric

Co.,

Ltd.

127,411

Shares

Value

Common

Stocks,

continued

Electrical

Equipment,

continued

6,000

Fujikura,

Ltd.

$

88,714

2,400

Furukawa

Electric

Co.,

Ltd.

50,647

1,200

Futaba

Corp.

4,108

485

GARO

AB

1,518

2,800

GS

Yuasa

Corp.

58,233

3,993

Hexatronic

Group

AB

12,276

400

Hirakawa

Hewtech

Corp.

3,565

493

Huber

+

Suhner

AG,

Registered

Shares

41,655

1,600

Idec

Corp./Japan

28,247

1,635

Legrand

SA

172,956

2,000

Mabuchi

Motor

Co.,

Ltd.

36,432

892

Mersen

SA

35,041

8,600

Mitsubishi

Electric

Corp.

144,168

15,831

NEL

ASA*

7,127

971

Nexans

SA

101,365

900

NIDEC

Corp.

37,155

500

Nippon

Carbon

Co.,

Ltd.

17,526

1,500

Nitto

Kogyo

Corp.

41,266

2,233

NKT

A/S*

184,890

863

Nordex

SE*

11,318

17

Phoenix

Mecano

AG,

Registered

Shares

8,597

995

PNE

AG

14,380

1,368

Prysmian

SpA

71,434

400

Sanyo

Denki

Co.,

Ltd.

18,695

1,538

Schneider

Electric

SE

347,744

1,000

SEC

Carbon,

Ltd.

17,475

2,150

SGL

Carbon

SE*

16,128

9,904

Siemens

Energy

AG*

181,680

4,888

Signify

NV(a)

150,503

1,000

Sinfonia

Technology

Co.,

Ltd.

20,510

1,500

SWCC

Corp.

37,544

900

Takaoka

Toko

Co.,

Ltd.

15,106

1,055

Tera

Light,

Ltd.*

2,280

1,412

TKH

Group

NV

60,082

2,200

Ushio,

Inc.

28,114

5,395

Vestas

Wind

Systems

A/S*

149,892

4,251

Volex

plc

15,477

3,353,964

Electronic

Equipment,

Instruments

&

Components

(1.6%):

2,100

A&D

HOLON

Holdings

Co.,

Ltd.

40,509

600

Ai

Holdings

Corp.

9,657

5,560

Alps

Alpine

Co.,

Ltd.

43,756

247

ALSO

Holding

AG,

Registered

Shares

64,090

1,800

Amano

Corp.

45,947

619

Arad,

Ltd.

8,764

1,200

Arisawa

Manufacturing

Co.,

Ltd.

8,941

883

AT&S

Austria

Technologie

&

Systemtechnik

AG^

18,414

1,100

Azbil

Corp.

30,450

868

Barco

NV

14,293

675

Basler

AG

7,861

900

Canon

Electronics,

Inc.

14,579

1,300

Canon

Marketing

Japan,

Inc.

38,307

4,904

Celestica,

Inc.*

220,361

157

Cicor

Technologies,

Ltd.,

Registered

Shares*

8,950

5,800

Citizen

Watch

Co.,

Ltd.

38,170

3,400

CMK

Corp.

13,901

3,981

Codan,

Ltd./Australia

28,194

198

Comet

Holding

AG,

Class

R

68,968

10,000

Cowell

e

Holdings,

Inc.*

23,931

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

12

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

1,400

Daiwabo

Holdings

Co.,

Ltd.

$

23,427

1,500

Dexerials

Corp.

65,464

4,918

Dicker

Data,

Ltd.

34,534

17,772

Dustin

Group

AB*(a)

20,942

1,100

Elematec

Corp.

13,904

2,721

Esprinet

SpA

15,789

13,329

Fingerprint

Cards

AB,

Class

B*

1,306

113,000

FIT

Hon

Teng,

Ltd.*(a)

28,910

2,100

Furuno

Electric

Co.,

Ltd.

33,993

400

Hagiwara

Electric

Holdings

Co.,

Ltd.

11,765

500

Hakuto

Co.,

Ltd.

18,440

1,602

Halma

plc

47,859

1,600

Hamamatsu

Photonics

KK

56,405

1,373

Hanza

AB

8,531

8,681

Hexagon

AB,

Class

B

102,780

500

Hioki

EE

Corp.

23,652

300

Hirose

Electric

Co.,

Ltd.

30,818

1,200

Hochiki

Corp.

17,201

900

Horiba,

Ltd.

93,659

2,600

Hosiden

Corp.

33,100

1,600

Ibiden

Co.,

Ltd.

71,824

1,122

Incap

Oyj*

11,148

76

Inficon

Holding

AG,

Registered

Shares

111,001

400

I-PEX,

Inc.

4,814

1,000

Iriso

Electronics

Co.,

Ltd.

20,025

1,800

Japan

Aviation

Electronics

Industry,

Ltd.

29,551

1,100

Japan

Cash

Machine

Co.,

Ltd.

9,565

1,027

Jenoptik

AG

31,906

700

Kaga

Electronics

Co.,

Ltd.

29,743

400

Keyence

Corp.

186,024

1,422

Kitron

ASA

4,466

1,200

Koa

Corp.

11,653

6,900

Kyocera

Corp.

92,173

3,500

Kyosan

Electric

Manufacturing

Co.,

Ltd.

11,955

3,590

Lagercrantz

Group

AB,

B

Shares

54,841

527

Landis+Gyr

Group

AG

40,450

19

LEM

Holding

SA,

Registered

Shares

35,948

900

Macnica

Holdings,

Inc.

44,136

200

Maruwa

Co.,

Ltd.

41,893

1,900

Maxell,

Ltd.

19,914

900

Meiko

Electronics

Co.,

Ltd.

31,944

2,414

Midwich

Group

plc

13,124

15,000

Murata

Manufacturing

Co.,

Ltd.

282,298

978

Mycronic

AB

34,496

6,697

NCAB

Group

AB

43,899

267

Nedap

NV

19,465

2,800

Nichicon

Corp.

23,638

2,200

Nihon

Dempa

Kogyo

Co.,

Ltd.

19,741

600

Nippon

Chemi-Con

Corp.*

5,674

2,400

Nippon

Electric

Glass

Co.,

Ltd.

61,346

3,400

Nippon

Signal

Company,

Ltd.

23,111

1,800

Nissha

Co.,

Ltd.

17,925

600

Nohmi

Bosai,

Ltd.

8,970

685

Note

AB*

9,243

21,631

Novonix,

Ltd.*

12,122

3,600

Oki

Electric

Industry

Co.,

Ltd.

27,512

1,700

Omron

Corp.

60,941

1,200

Optex

Group

Co.,

Ltd.

15,651

3,000

Osaki

Electric

Co.,

Ltd.

13,456

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

1,467

Oxford

Instruments

plc

$

39,417

14,000

PAX

Global

Technology,

Ltd.

11,039

4,407

Pricer

AB,

Class

B*

4,211

324

Renishaw

plc

17,370

1,100

Restar

Corp.

22,033

1,200

Riken

Keiki

Co.,

Ltd.

30,270

1,400

RYODEN

Corp.

24,756

1,100

Ryosan

Co.,

Ltd.

35,102

1,100

Satori

Electric

Co.,

Ltd.

19,010

221

Sesa

SpA

24,435

400

Shibaura

Electronics

Co.,

Ltd.

16,456

3,300

Shimadzu

Corp.

92,046

1,200

Shinko

Shoji

Co.,

Ltd.

9,449

2,000

Siix

Corp.

22,818

3,256

Softwareone

Holding

AG

60,005

1,453

Spectris

plc

60,619

6,120

Strix

Group

plc

5,300

2,000

Sumida

Corp.

16,031

700

Suzuden

Corp.

9,903

700

Tachibana

Eletech

Co.,

Ltd.

14,937

1,900

Taiyo

Yuden

Co.,

Ltd.

45,003

2,500

Tamura

Corp.

9,833

3,800

TDK

Corp.

186,700

245

Telsys,

Ltd.

16,526

600

Tokyo

Electron

Device,

Ltd.

27,364

4,300

Topcon

Corp.

49,736

1,300

Toyo

Corp.

13,175

7,103

TT

Electronics

plc

14,215

100

V

Technology

Co.,

Ltd.

1,647

536

Vaisala

Oyj,

A

Shares

21,942

5,300

Venture

Corp.,

Ltd.

55,997

44,000

VSTECS

Holdings,

Ltd.

23,545

2,200

Yokogawa

Electric

Corp.

50,710

1,100

Yokowo

Co.,

Ltd.

11,202

4,080,910

Energy

Equipment

&

Services

(0

.5%):

7,314

Akastor

ASA*

7,407

5,393

Aker

Solutions

ASA

19,361

4,735

Borr

Drilling,

Ltd.

32,435

2,991

BW

Offshore,

Ltd.

7,524

3,100

Calfrac

Well

Services,

Ltd.*

9,064

5,874

CES

Energy

Solutions

Corp.

20,427

29,491

CGG

SA*

12,760

6,058

Enerflex,

Ltd.

35,246

8,606

Ensign

Energy

Services,

Inc.*

16,457

106,730

Ezion

Holdings,

Ltd.*(b)

—

6,704

Hunting

plc

28,012

23,986

John

Wood

Group

plc*

40,087

3,900

Mattr

Corp.*

51,140

15,579

MMA

Offshore,

Ltd.*

26,531

1,000

Modec,

Inc.

20,342

145

Noble

Corp.

plc

6,977

942

North

American

Construction

Group,

Ltd.

20,949

7,269

Odfjell

Drilling,

Ltd.

32,888

1,211

Odfjell

Technology,

Ltd.

7,245

4,150

Pason

Systems,

Inc.

47,922

7,745

Petrofac,

Ltd.*^

2,683

21,614

PGS

ASA*

15,620

518

Precision

Drilling

Corp.*

34,853

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

13

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Energy

Equipment

&

Services,

continued

6,132

SBM

Offshore

NV

$

97,998

174

Schoeller-Bleckmann

Oilfield

Equipment

AG

8,338

7,582

Secure

Energy

Services,

Inc.

62,418

10,677

Shelf

Drilling,

Ltd.*(a)

24,997

3,620

Subsea

7

SA

57,765

5,664

Technip

Energies

NV

143,376

2,437

Tecnicas

Reunidas

SA*

19,758

1,084

Tenaris

SA,

ADR

42,569

1,938

Tenaris

SA

38,288

2,965

TGS

ASA

32,280

900

Total

Energy

Services,

Inc.

6,765

400

Toyo

Kanetsu

KK

11,761

13,311

Trican

Well

Service,

Ltd.

40,786

6,232

Vallourec

SACA*

115,474

1,198,503

Entertainment

(0.5%):

800

Akatsuki,

Inc.

13,391

900

Avex,

Inc.

7,616

9,790

Bollore

SE

65,354

2,427

Borussia

Dortmund

GmbH

&

Co.

KGaA*

8,770

5,200

Capcom

Co.,

Ltd.

97,501

4,900

COLOPL,

Inc.

19,971

1,624

CTS

Eventim

AG

&

Co.

KGaA

144,428

1,800

Daiichikosho

Co.,

Ltd.

22,772

3,100

DeNA

Co.,

Ltd.

30,625

4,217

Embracer

Group

AB*

9,183

5,146

EVT,

Ltd.

41,791

649

G5

Entertainment

AB

7,876

2,400

Gree,

Inc.

7,637

1,590

GungHo

Online

Entertainment,

Inc.

25,438

38,000

IGG,

Inc.*

16,024

400

Kinepolis

Group

NV

18,351

1,800

Koei

Tecmo

Holdings

Co.,

Ltd.

19,183

1,000

Konami

Group

Corp.

68,084

2,000

MIXI,

Inc.

34,568

3,270

Modern

Times

Group

MTG

AB,

Class

B*

25,530

1,100

Nexon

Co.,

Ltd.

18,273

4,900

Nintendo

Co.,

Ltd.

268,226

800

Square

Enix

Holdings

Co.,

Ltd.

30,788

21,268

Stillfront

Group

AB*

18,907

500

Toei

Animation

Co.,

Ltd.

10,045

1,000

Toei

Co.,

Ltd.

25,383

600

Toho

Co.,

Ltd.

19,944

2,925

Ubisoft

Entertainment

SA*

61,584

8,319

Universal

Music

Group

NV

250,108

5,570

WildBrain,

Ltd.*

4,565

1,391,916

Financial

Services

(0.9%):

103

Adyen

NV*(a)

174,450

88,994

AMP,

Ltd.

67,899

9,449

Australian

Finance

Group,

Ltd.

10,036

1,684

Banca

IFIS

SpA

32,993

2,678

Banca

Mediolanum

SpA

29,427

5,163

BFF

Bank

SpA(a)

69,060

5,498

Burford

Capital,

Ltd.

86,241

17,310

Challenger,

Ltd.

80,406

6,016

Deutsche

Pfandbriefbank

AG^(a)

32,078

2,280

doValue

SpA^(a)

5,225

Shares

Value

Common

Stocks,

continued

Financial

Services,

continued

5,800

ECN

Capital

Corp.

$

8,950

2,398

Edenred

SE

127,824

800

eGuarantee,

Inc.

9,469

5,345

EML

Payments,

Ltd.*

4,280

1,164

Eurazeo

SE

101,951

1,900

Financial

Partners

Group

Co.,

Ltd.

26,726

1,100

Firm

Capital

Mortgage

Investment

Corp.

9,307

900

First

National

Financial

Corp.

24,999

700

Fuyo

General

Lease

Co.,

Ltd.

62,236

200

GMO

Financial

Gate,

Inc.

11,746

800

GMO

Payment

Gateway,

Inc.

51,450

1,440

GRENKE

AG

37,585

20,600

G-Resources

Group,

Ltd.

6,353

16,190

Helia

Group,

Ltd.

41,320

757

Illimity

Bank

SpA

3,969

1,600

Japan

Investment

Adviser

Co.,

Ltd.

11,014

3,100

Japan

Securities

Finance

Co.,

Ltd.

34,212

41,181

M&G

plc

114,728

24,420

Mitsubishi

HC

Capital,

Inc.

170,206

5,000

Mizuho

Leasing

Co.,

Ltd.

36,847

900

NEC

Capital

Solutions,

Ltd.

22,846

14,213

Nexi

SpA*(a)

90,116

1,200

Nuvei

Corp.(a)

37,939

16,085

OFX

Group,

Ltd.*

17,210

7,289

Omni

Bridgeway,

Ltd.*

7,177

12,600

ORIX

Corp.

275,527

14,873

OSB

Group

plc

70,783

10,066

Paragon

Banking

Group

plc

87,769

2,696

PayPoint

plc

16,547

3,205

Plus500,

Ltd.

73,045

1,100

Ricoh

Leasing

Co.,

Ltd.

38,290

543

SBI

ARUHI

Corp.

3,365

3

Schweizerische

Nationalbank,

Registered

Shares*

13,707

3,600

Timbercreek

Financial

Corp.

20,546

4,400

Tokyo

Century

Corp.

45,757

3,266

Wise

plc,

Class

A*

38,322

5,213

Worldline

SA*(a)

64,532

1,600

Zenkoku

Hosho

Co.,

Ltd.

57,269

2,463,734

Food

Products

(2.4%):

9,302

a2

Milk

Co.,

Ltd.

(The)*

37,657

1,441

AAK

AB

34,248

364

Agrana

Beteiligungs

AG

5,496

2,200

Ajinomoto

Co.,

Inc.

82,134

42,791

Aryzta

AG*

77,649

3,966

Associated

British

Foods

plc

125,167

772

Atria

Oyj

8,078

2,327

Austevoll

Seafood

ASA

18,299

9,834

Australian

Agricultural

Co.,

Ltd.*

8,732

556

Bakkafrost

P/F

36,023

82

Barry

Callebaut

AG,

Registered

Shares

119,039

8,561

Bega

Cheese,

Ltd.

23,372

125

Bell

Food

Group

AG

37,416

854

Bonduelle

SCA

6,919

2,100

Calbee,

Inc.

47,356

1

Chocoladefabriken

Lindt

&

Spruengli

AG

120,631

800

Chubu

Shiryo

Co.,

Ltd.

6,269

12,278

Cloetta

AB,

B

Shares

20,864

1,365

Cranswick

plc

70,567

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

14

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

2,542

Danone

SA

$

164,227

1,700

Delfi,

Ltd.

1,134

1,000

DyDo

Group

Holdings,

Inc.

18,067

2,372

Ebro

Foods

SA

39,506

8,741

Elders,

Ltd.

53,422

71

Emmi

AG,

Registered

Shares

70,463

1,200

Ezaki

Glico

Co.,

Ltd.

33,457

108,669

First

Pacific

Co.,

Ltd.

54,656

27,100

First

Resources,

Ltd.

27,508

1,616

ForFarmers

NV

4,524

9,500

Fraser

and

Neave,

Ltd.

7,325

1,700

Fuji

Oil

Holdings,

Inc.

26,633

1,600

Fujicco

Co.,

Ltd.

20,061

6,293

Glanbia

plc

124,060

289,700

Golden

Agri-Resources,

Ltd.

58,200

17,127

Greencore

Group

plc*

25,784

1,502

Grieg

Seafood

ASA

9,411

1,100

High

Liner

Foods,

Inc.

11,005

1,923

Hilton

Food

Group

plc

20,436

800

Hokuto

Corp.

9,672

1,800

House

Foods

Group,

Inc.

36,608

15,498

Inghams

Group,

Ltd.

36,250

940

Itoham

Yonekyu

Holdings,

Inc.

24,682

600

Iwatsuka

Confectionery

Co.,

Ltd.

10,897

1,642

JDE

Peet's

NV

34,468

600

J-Oil

Mills,

Inc.

7,683

1,300

Kagome

Co.,

Ltd.

31,509

800

Kakiyasu

Honten

Co.,

Ltd.

16,749

400

Kameda

Seika

Co.,

Ltd.

11,216

700

Kenko

Mayonnaise

Co.,

Ltd.

9,295

1,224

Kerry

Group

plc,

Class

A

105,035

1,800

Kewpie

Corp.

33,350

2,000

Kikkoman

Corp.

25,668

2,000

Kotobuki

Spirits

Co.,

Ltd.

25,139

363

KWS

Saat

SE

&

Co.

KGaA

19,402

500

Kyokuyo

Co.,

Ltd.

12,249

147

Lassonde

Industries,

Inc.,

Class

A

16,146

7,030

Leroy

Seafood

Group

ASA

30,783

19

Lotus

Bakeries

NV

183,433

1,749

Maple

Leaf

Foods,

Inc.

28,681

1,200

Marudai

Food

Co.,

Ltd.

12,823

2,100

Maruha

Nichiro

Corp.

41,039

1,700

Megmilk

Snow

Brand

Co.,

Ltd.

30,212

2,300

MEIJI

Holdings

Co.,

Ltd.

50,187

800

Mitsui

DM

Sugar

Holdings

Co.,

Ltd.

16,461

2,600

Morinaga

&

Co.,

Ltd.

44,636

2,200

Morinaga

Milk

Industry

Co.,

Ltd.

44,980

1,392

Mowi

ASA

25,594

19,957

Nestle

SA,

Registered

Shares

2,119,395

389

Neto

Malinda

Trading,

Ltd.*

5,332

2,400

NH

Foods,

Ltd.

80,285

3,000

Nichirei

Corp.

80,587

1,200

Nippn

Corp.

18,414

800

Nippon

Beet

Sugar

Manufacturing

Co.,

Ltd.

10,919

1,200

Nisshin

Oillio

Group,

Ltd.

(The)

40,241

3,800

Nisshin

Seifun

Group,

Inc.

52,325

10,000

Nissin

Foods

Co.,

Ltd.

6,326

900

Nissin

Foods

Holdings

Co.,

Ltd.

24,817

9,800

Nissui

Corp.

61,481

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

326

Orior

AG

$

24,041

4,786

Orkla

ASA

33,780

30,027

Premier

Foods

plc

56,445

1,005

Premium

Brands

Holdings

Corp.

65,669

1,300

Prima

Meat

Packers,

Ltd.

19,469

8,255

Raisio

Oyj,

Class

V

18,255

11,830

Ridley

Corp.,

Ltd.

19,192

1,300

Riken

Vitamin

Co.,

Ltd.

21,593

4,400

Rogers

Sugar,

Inc.

17,315

600

S

Foods,

Inc.

13,340

500

Sakata

Seed

Corp.

12,252

482

Salmar

ASA

31,876

2,346

Sanford,

Ltd.

5,360

5,981

Saputo,

Inc.

117,686

127

Savencia

SA

7,014

3,496

Scales

Corp.,

Ltd.

6,995

3,767

Scandi

Standard

AB

25,203

476

Schouw

&

Co.

A/S

36,646

2,919

Select

Harvests,

Ltd.*

8,463

800

Showa

Sangyo

Co.,

Ltd.

18,299

306

Sipef

NV

18,307

114

Societe

LDC

SADIR

16,722

600

Starzen

Co.,

Ltd.

11,193

847

Strauss

Group,

Ltd.*

15,980

3,278

Suedzucker

AG

46,989

2,839

Synlait

Milk,

Ltd.*

1,275

9,481

Tate

&

Lyle

plc

73,861

700

Toyo

Suisan

Kaisha,

Ltd.

42,911

580

UIE

plc

18,297

1,221

Viscofan

SA

77,553

18,000

Vitasoy

International

Holdings,

Ltd.

15,453

400

Warabeya

Nichiyo

Holdings

Co.,

Ltd.

7,250

250,915

WH

Group,

Ltd.(a)

165,594

28,500

Wilmar

International,

Ltd.

72,319

1,000

Yakult

Honsha

Co.,

Ltd.

20,428

1,300

Yamazaki

Baking

Co.,

Ltd.

33,542

6,327,331

Gas

Utilities

(0.4%):

6,684

AltaGas,

Ltd.

147,656

11,808

APA

Group

64,737

6,095

Ascopiave

SpA

15,549

1,871

Brookfield

Infrastructure

Corp.,

Class

A

67,413

7,172

Enagas

SA

106,568

154,850

Hong

Kong

&

China

Gas

Co.,

Ltd.

117,459

11,019

Italgas

SpA

64,186

800

K&O

Energy

Group,

Inc.

16,886

88,854

Keppel

Infrastructure

Trust

32,587

1,231

Naturgy

Energy

Group

SA

26,713

4,400

Nippon

Gas

Co.,

Ltd.

73,954

3,600

Osaka

Gas

Co.,

Ltd.

81,091

1,664

Rubis

SCA

58,739

1,300

Saibu

Gas

Holdings

Co.,

Ltd.

16,272

1,300

Shizuoka

Gas

Co.,

Ltd.

8,132

10,328

Snam

SpA

48,743

7,704

Superior

Plus

Corp.

57,393

2,300

Toho

Gas

Co.,

Ltd.

50,888

3,700

Tokyo

Gas

Co.,

Ltd.

84,288

1,139,254

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

15

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Ground

Transportation

(0.9%):

65,101

Aurizon

Holdings,

Ltd.

$

169,765

1,200

Canadian

National

Railway

Co.

158,036

1,849

Canadian

National

Railway

Co.

243,532

1,100

Canadian

Pacific

Kansas

City,

Ltd.

96,997

724

Canadian

Pacific

Kansas

City,

Ltd.

63,835

3,500

Central

Japan

Railway

Co.

86,903

1,200

Chilled

&

Frozen

Logistics

Holdings

Co.,

Ltd.

24,453

54,400

ComfortDelGro

Corp.,

Ltd.

56,388

4,500

East

Japan

Railway

Co.

86,289

33,074

Firstgroup

plc

75,219

1,200

Fukuyama

Transporting

Co.,

Ltd.

28,400

3,400

Hankyu

Hanshin

Holdings,

Inc.

97,429

1,100

Ichinen

Holdings

Co.,

Ltd.

12,740

206

Jungfraubahn

Holding

AG,

Registered

Shares

41,259

4,900

Keikyu

Corp.

44,998

1,100

Keio

Corp.

30,108

1,200

Keisei

Electric

Railway

Co.,

Ltd.

48,736

1,783

Kelsian

Group,

Ltd.

6,735

1,700

Kintetsu

Group

Holdings

Co.,

Ltd.

49,519

2,400

Kyushu

Railway

Co.

54,719

400

Maruzen

Showa

Unyu

Co.,

Ltd.

12,230

13,705

Mobico

Group

plc

12,067

7,711

MTR

Corp.,

Ltd.

25,420

3,900

Mullen

Group,

Ltd.

41,811

3,800

Nagoya

Railroad

Co.,

Ltd.

53,064

1,600

Nankai

Electric

Railway

Co.,

Ltd.

32,875

2,200

Nikkon

Holdings

Co.,

Ltd.

42,422

1,300

Nishi-Nippon

Railroad

Co.,

Ltd.

21,171

588

NTG

Nordic

Transport

Group

A/S*

23,849

2,300

Odakyu

Electric

Railway

Co.,

Ltd.

31,692

6,796

Redde

Northgate

plc

32,690

1,000

Sakai

Moving

Service

Co.,

Ltd.

16,815

700

Sanyo

Electric

Railway

Co.,

Ltd.

9,609

4,200

Seibu

Holdings,

Inc.

65,668

3,100

Seino

Holdings

Co.,

Ltd.

42,570

628

Sixt

SE

62,622

1,700

Sotetsu

Holdings,

Inc.

30,394

278

Stef

SA

40,901

1,198

TFI

International,

Inc.

191,057

1,600

Tobu

Railway

Co.,

Ltd.

39,982

2,900

Tokyu

Corp.

35,266

4,105

Tourism

Holdings,

Ltd.

7,799

16,103

Transport

International

Holdings,

Ltd.

18,522

4,200

West

Japan

Railway

Co.

87,514

2,454,070

Health

Care

Equipment

&

Supplies

(1.4%):

6,242

Advanced

Medical

Solutions

Group

plc

15,445

5,450

Alcon,

Inc.

451,278

1,228

Alcon,

Inc.

102,280

5,641

Ambu

A/S,

Class

B*

93,141

4,791

Ansell,

Ltd.

76,827

8,347

Arjo

AB,

Class

B

39,854

2,500

Asahi

Intecc

Co.,

Ltd.

43,836

468

BioMerieux

51,550

362

Carl

Zeiss

Meditec

AG,

Class

BR

45,221

246

Cellavision

AB

5,479

547

Cochlear,

Ltd.

120,294

829

Coloplast

A/S,

Class

B

112,215

251

Coltene

Holding

AG,

Registered

Shares

16,028

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

24,787

ConvaTec

Group

plc(a)

$

89,529

3,130

Demant

A/S*

156,073

72

DiaSorin

SpA

6,944

238

Draegerwerk

AG

&

Co.

KGaA

11,630

458

Eckert

&

Ziegler

SE

18,508

1,600

Eiken

Chemical

Co.,

Ltd.

20,804

4,663

Elekta

AB,

Class

B

35,145

1,224

EssilorLuxottica

SA

277,558

2,152

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

32,966

600

Fukuda

Denshi

Co.,

Ltd.

27,402

2,575

Getinge

AB,

B

Shares

51,786

405

Guerbet

14,341

800

Hogy

Medical

Co.,

Ltd.

19,691

2,500

Hoya

Corp.

312,996

537

Ion

Beam

Applications

7,589

2,000

Japan

Lifeline

Co.,

Ltd.

15,922

1,400

Jeol,

Ltd.

58,066

2,156

Koninklijke

Philips

NV,

NYS

43,120

8,897

Koninklijke

Philips

NV*

178,386

1,600

Mani,

Inc.

20,917

276

Medacta

Group

SA(a)

37,463

849

Medmix

AG(a)

15,084

2,700

Menicon

Co.,

Ltd.

27,747

10

Metall

Zug

AG,

Registered

Shares

14,639

1,500

Nakanishi,

Inc.

23,537

6,757

Nanosonics,

Ltd.*

12,143

1,100

Nihon

Kohden

Corp.

29,135

7,100

Nipro

Corp.

56,334

1,800

Olympus

Corp.

25,899

1,800

Paramount

Bed

Holdings

Co.,

Ltd.

30,553

2,100

PHC

Holdings

Corp.

17,077

457

Revenio

Group

Oyj

12,560

16,500

Riverstone

Holdings,

Ltd.

10,392

1,965

Siemens

Healthineers

AG*(a)

120,232

2,518

Smith

&

Nephew

plc

31,835

631

Sonova

Holding

AG

182,664

360

STRATEC

SE

15,609

859

Straumann

Holding

AG,

Class

R

137,141

6,000

Sysmex

Corp.

107,071

3,000

Terumo

Corp.

54,995

85

Ypsomed

Holding

AG,

Registered

Shares

33,966

3,568,897

Health

Care

Providers

&

Services

(0.7%):

4,000

Alfresa

Holdings

Corp.

58,035

5,205

Ambea

AB(a)

30,973

3,380

Amplifon

SpA

123,235

1,500

Amvis

Holdings,

Inc.

25,121

400

Andlauer

Healthcare

Group,

Inc.

12,543

19,533

Arvida

Group,

Ltd.

12,948

1,000

As

One

Corp.

17,455

6,164

Attendo

AB*(a)

23,499

5,975

Australian

Clinical

Labs,

Ltd.^

10,472

700

BML,

Inc.

13,476

2,704

Clariane

SE

4,296

20,000

C-Mer

Eye

Care

Holdings,

Ltd.*

7,243

1,805

CVS

Group

plc

22,208

1,301

EBOS

Group,

Ltd.

26,610

1,000

Elan

Corp.

6,062

4,012

Extendicare,

Inc.

22,602

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

16

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

2,606

Fagron

$

49,630

1,400

France

Bed

Holdings

Co.,

Ltd.

11,783

5,647

Fresenius

Medical

Care

AG

217,149

6,269

Fresenius

SE

&

Co.

KGaA

169,049

1,738

Galenica

AG(a)

144,935

1,900

H.U.

Group

Holdings,

Inc.

30,936

26,644

Healius,

Ltd.*

23,002

2,572

Humana

AB*

5,900

4,771

Integral

Diagnostics,

Ltd.

7,009

1,000

Japan

Medical

Dynamic

Marketing,

Inc.

4,793

225

LNA

Sante

SA

4,964

3,204

Medical

Facilities

Corp.

24,484

1,044

Medicover

AB,

Class

B

13,442

778

Medios

AG*

13,745

3,400

Medipal

Holdings

Corp.

51,971

3,565

Mediterranean

Towers,

Ltd.

9,290

24,681

Monash

IVF

Group,

Ltd.

23,232

1,110

NMC

Health

plc*(b)

—

11,023

Novolog,

Ltd.

4,690

23,114

Oceania

Healthcare,

Ltd.

8,701

6,310

Oriola

Oyj,

Class

B

6,911

26,115

Raffles

Medical

Group,

Ltd.

20,107

1,393

Ramsay

Health

Care,

Ltd.

51,295

7,784

Regis

Healthcare,

Ltd.

20,381

6,594

Ryman

Healthcare,

Ltd.*

17,921

2,100

Ship

Healthcare

Holdings,

Inc.

28,998

90,960

Sigma

Healthcare,

Ltd.

76,749

1,900

Solasto

Corp.

6,812

6,107

Sonic

Healthcare,

Ltd.

117,009

8,887

Spire

Healthcare

Group

plc(a)

26,018

7,001

Summerset

Group

Holdings,

Ltd.

47,696

1,500

Suzuken

Co.,

Ltd.

45,708

558

Synlab

AG*

5,992

2,544

Terveystalo

Oyj(a)

20,688

176,600

Thomson

Medical

Group,

Ltd.

6,808

1,800

Toho

Holdings

Co.,

Ltd.

42,754

500

Tokai

Corp./Gifu

7,118

1,400

Value

HR

Co.,

Ltd.

12,354

2,800

Vital

KSK

Holdings,

Inc.

23,011

4,200

Well

Health

Technologies

Corp.*

11,381

1,831,194

Health

Care

Technology

(0.1%):

7,980

AGFA-Gevaert

NV*

11,452

1,026

Ascom

Holding

AG,

Registered

Shares

9,365

2,600

Carenet,

Inc.^

11,062

857

CompuGroup

Medical

SE

&

Co

KgaA

26,366

94

Equasens

5,200

4,500

M3,

Inc.

64,857

1,200

Medical

Data

Vision

Co.,

Ltd.

4,758

800

Medley,

Inc.*

23,705

700

MedPeer,

Inc.

3,210

103

Nexus

AG

6,255

800

NNIT

A/S*(a)

12,572

905

Pro

Medicus,

Ltd.

61,176

1,213

RaySearch

Laboratories

AB*

13,022

2,887

Sectra

AB,

Class

B*

55,753

308,753

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure

(1.8%):

3,722

Accor

SA

$

173,722

600

Aeon

Fantasy

Co.,

Ltd.

9,429

1,000

Airtrip

Corp.

10,762

5,169

Amadeus

IT

Group

SA

331,453

6,796

Aristocrat

Leisure,

Ltd.

190,407

1,638

Basic-Fit

NV*(a)

36,502

3,249

Betsson

AB,

Class

B*

32,129

20,000

Cafe

de

Coral

Holdings,

Ltd.

20,486

1,533

Carnival

plc,

ADR*

22,581

72,000

Century

City

International

Holdings,

Ltd.*

2,152

970

Cie

des

Alpes

14,121

23,206

Coast

Entertainment

Holdings,

Ltd.*

8,014

4,935

Collins

Foods,

Ltd.

32,605

2,700

Colowide

Co.,

Ltd.

38,321

8,618

Compass

Group

plc

252,517

3,168

Corporate

Travel

Management,

Ltd.

35,121

4,100

Create

Restaurants

Holdings,

Inc.

27,964

2,300

Curves

Holdings

Co.,

Ltd.

12,127

7,977

Dalata

Hotel

Group

plc

38,801

14,701

Deliveroo

plc*(a)

21,947

1,218

Delivery

Hero

SE*(a)

34,836

1,204

Domino's

Pizza

Enterprises,

Ltd.

34,100

10,911

Domino's

Pizza

Group

plc

47,444

1,600

Doutor

Nichires

Holdings

Co.,

Ltd.

21,734

2,462

eDreams

ODIGEO

SA*

17,928

4,906

Elior

Group

SA*(a)

13,089

9,619

Entain

plc

96,670

847

Evolution

AB(a)

105,193

6,500

Fairwood

Holdings,

Ltd.

6,699

289

Fattal

Holdings

1998,

Ltd.*

37,121

2,966

Flight

Centre

Travel

Group,

Ltd.

42,224

1,469

Flutter

Entertainment

plc*

293,246

2,300

Food

&

Life

Cos.,

Ltd.

44,096

12,200

Fosun

Tourism

Group*(a)

5,559

900

Fuji

Kyuko

Co.,

Ltd.

23,259

557

Fuller

Smith

&

Turner

plc

4,148

4,000

Galaxy

Entertainment

Group,

Ltd.

20,108

400

Genki

Sushi

Co.,

Ltd.

8,396

40,200

Genting

Singapore,

Ltd.

26,314

3,864

Greggs

plc

140,309

581

Gym

Group

plc

(The)*(a)

841

2,700

Heiwa

Corp.

35,339

2,921

Hollywood

Bowl

Group

plc

12,146

18,230

Hongkong

&

Shanghai

Hotels,

Ltd.

(The)*

13,869

982

InterContinental

Hotels

Group

plc,

ADR

103,758

412

InterContinental

Hotels

Group

plc

42,849

3,676

J

D

Wetherspoon

plc*

34,195

868

Jumbo

Interactive,

Ltd.

9,698

2,383

Just

Eat

Takeaway.com

NV*(a)

35,484

1,100

KFC

Holdings

Japan,

Ltd.

31,800

5,582

Kindred

Group

plc

64,762

1,700

KOMEDA

Holdings

Co,

Ltd.

30,281

3,200

Koshidaka

Holdings

Co.,

Ltd.

19,785

1,800

Kyoritsu

Maintenance

Co.,

Ltd.

41,213

3,120

La

Francaise

des

Jeux

SAEM(a)

127,153

30,112

Lottery

Corp.,

Ltd.

(The)

101,047

33,812

Marston's

plc*

12,074

1,100

McDonald's

Holdings

Co.

Japan,

Ltd.

49,486

6,149

Melia

Hotels

International

SA*

49,687

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

17

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

15,600

MGM

China

Holdings,

Ltd.*

$

26,100

14,000

Miramar

Hotel

&

Investment

17,862

11,969

Mitchells

&

Butlers

plc*

34,074

1,200

Monogatari

Corp.

(The)

36,786

613

MTY

Food

Group,

Inc.

23,141

46,867

NagaCorp,

Ltd.

20,489

300

Ohsho

Food

Service

Corp.

15,321

5,176

On

the

Beach

Group

plc*(a)

10,789

3,700

Oriental

Land

Co.,

Ltd.

118,536

900

Pizza

Pizza

Royalty

Corp.

9,183

6,439

Playtech

plc*

37,525

600

Pollard

Banknote,

Ltd.

15,842

12,439

Rank

Group

plc*

10,867

1,500

Resorttrust,

Inc.

25,690

2,049

Restaurant

Brands

International,

Inc.

162,737

3,018

Restaurant

Brands

New

Zealand,

Ltd.

6,309

9,100

Round

One

Corp.

47,147

200

Royal

Holdings

Co.,

Ltd.

3,268

1,100

Saizeriya

Co.,

Ltd.

37,496

10,188

Sands

China,

Ltd.*

28,733

5,463

Scandic

Hotels

Group

AB*(a)

31,934

36,000

Shangri-La

Asia,

Ltd.*

22,558

42,585

SJM

Holdings,

Ltd.*

13,009

1,360

SkiStar

AB

20,490

29,451

SKYCITY

Entertainment

Group,

Ltd.

36,586

4,900

Skylark

Holdings

Co.,

Ltd.

77,579

491

Sodexo

SA

42,093

27,285

SSP

Group

plc

75,466

1,200

St

Marc

Holdings

Co.,

Ltd.

16,848

92,601

Star

Entertainment

Group,

Ltd.

(The)*

34,883

91,665

Tabcorp

Holdings,

Ltd.

45,192

137

Tivoli

A/S

14,669

800

Tokyotokeiba

Co.,

Ltd.

23,658

1,400

Toridoll

Holdings

Corp.

38,251

3,285

Trainline

plc*(a)

15,341

6,237

TUI

AG*

51,329

6,523

Webjet,

Ltd.*

37,529

3,705

Whitbread

plc

155,163

1,900

Yoshinoya

Holdings

Co.,

Ltd.

42,390

1,308

Young

&

Co.'s

Brewery

plc,

Class

A

16,155

1,515

Young

&

Co's

Brewery

plc

11,473

187

Zeal

Network

SE

6,959

1,000

Zensho

Holdings

Co.,

Ltd.

41,646

4,708,197

Household

Durables

(1.5%):

2,091

Ariston

Holding

NV

11,737

5,875

Azorim-Investment

Development

&

Construction

Co.,

Ltd.*

30,205

4,812

Bang

&

Olufsen

A/S*

6,509

29,695

Barratt

Developments

plc

178,549

5,441

Bellway

plc

182,900

2,266

Berkeley

Group

Holdings

plc

136,238

1,566

Bigben

Interactive*

4,721

11,184

Bonava

AB,

B

Shares*

11,045

3,251

Breville

Group,

Ltd.

58,230

27,975

Cairn

Homes

plc

48,161

2,500

Casio

Computer

Co.,

Ltd.

21,562

600

Chofu

Seisakusho

Co.,

Ltd.

8,547

6,556

Crest

Nicholson

Holdings

plc

16,016

Shares

Value

Common

Stocks,

continued

Household

Durables,

continued

405

De'

Longhi

SpA

$

14,006

1,000

Dorel

Industries,

Inc.,

Class

B*

5,109

75

Einhell

Germany

AG

12,382

3,176

Electrolux

AB,

Class

B*

28,453

1,200

ES-Con

Japan,

Ltd.

8,055

2,053

Fiskars

OYJ

Abp

38,002

1,600

Fuji

Corp.,

Ltd.

7,928

900

Fujitsu

General,

Ltd.

11,140

25,820

Glenveagh

Properties

plc*(a)

34,871

3,261

GN

Store

Nord

A/S*

86,617

9,000

Haseko

Corp.

111,244

2,710

Henry

Boot

plc

6,162

700

Hoosiers

Holdings

Co.,

Ltd.

5,081

2,100

Iida

Group

Holdings

Co.,

Ltd.

27,158

2,188

JM

AB

44,641

5,800

JVCKenwood

Corp.

35,687

958

Kaufman

&

Broad

SA

27,896

700

Ki-Star

Real

Estate

Co.,

Ltd.

17,287

1,300

LEC,

Inc.

9,891

540

Leifheit

AG

8,620

43,200

Man

Wah

Holdings,

Ltd.

30,441

1,659

Maytronics,

Ltd.

16,522

1,017

Nacon

SA*

1,404

1,363

Neinor

Homes

SA(a)

14,938

6,600

Nikon

Corp.

66,790

5,576

Nobia

AB*

2,292

2,000

Open

House

Group

Co.,

Ltd.

64,723

17,800

Panasonic

Holdings

Corp.

169,845

7,908

Persimmon

plc

131,184

1,200

Pressance

Corp.

14,034

12,387

Redrow

plc

104,129

1,800

Rinnai

Corp.

41,327

567

Sabaf

SpA*

10,936

1,300

Sangetsu

Corp.

28,392

908

SEB

SA

116,433

5,300

Sekisui

Chemical

Co.,

Ltd.

77,511

3,500

Sekisui

House,

Ltd.

79,622

5,800

Sharp

Corp.*

32,317

12,200

Sony

Group

Corp.

1,045,709

4,100

Sumitomo

Forestry

Co.,

Ltd.

129,016

328

Surteco

Group

SE

4,990

1,100

Tama

Home

Co.,

Ltd.

32,629

1,100

Tamron

Co.,

Ltd.

49,024

86,937

Taylor

Wimpey

plc

150,643

1,000

Toa

Corp.

7,652

400

Token

Corp.

27,865

1,912

Victoria

plc*^

6,382

1,127

VIDENDUM

plc

4,110

9,762

Vistry

Group

plc

151,509

100

V-ZUG

Holding

AG*

6,621

3,849

YIT

Oyj

8,078

3,881,718

Household

Products

(0.3%):

636

Essity

AB,

Class

A

15,151

5,937

Essity

AB,

Class

B

141,023

1,173

Henkel

AG

&

Co.

KGaA

84,471

1,500

Kusuri

no

Aoki

Holdings

Co.,

Ltd.

30,877

7,100

Lion

Corp.

63,444

14,255

McBride

plc*

17,938

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

18

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Household

Products,

continued

3,400

Pigeon

Corp.

$

32,768

5,003

Reckitt

Benckiser

Group

plc

284,558

1,900

Unicharm

Corp.

60,474

730,704

Independent

Power

and

Renewable

Electricity

Producers

(0.4%):

2,302

7C

Solarparken

AG

7,723

1,551

Boralex,

Inc.,

Class

A

32,774

2,600

Capital

Power

Corp.

73,351

7,088

Cloudberry

Clean

Energy

ASA*

6,501

1,098

Corp

ACCIONA

Energias

Renovables

SA

23,904

11,729

Drax

Group

plc

74,291

3,017

EDP

Renovaveis

SA

40,920

1,700

EF-ON,

Inc.

4,923

2,700

Electric

Power

Development

Co.,

Ltd.

44,378

3,349

Encavis

AG*

60,895

2,646

Energix-Renewable

Energies,

Ltd.

9,685

949

Enlight

Renewable

Energy,

Ltd.*

15,879

1,000

eRex

Co.,

Ltd.

4,572

773

Greenvolt-Energias

Renovaveis

SA*

6,800

596

Grenergy

Renovables

SA*

15,650

5,092

Innergex

Renewable

Energy,

Inc.

30,039

690

Kenon

Holdings,

Ltd.

18,089

8,484

Meridian

Energy,

Ltd.

29,948

1,175

Neoen

SA(a)

33,249

7,537

Northland

Power,

Inc.

123,150

1,351

OPC

Energy,

Ltd.*

9,588

2,011

Orron

Energy

ab*

1,334

1,500

Polaris

Renewable

Energy,

Inc.

12,925

2,100

RENOVA,

Inc.*

17,218

7,368

RWE

AG

250,018

3,230

Scatec

ASA(a)

21,556

1,714

Solaria

Energia

y

Medio

Ambiente

SA*

18,685

10,042

TransAlta

Corp.

64,431

882

Voltalia

SA,

Registered

Shares*

6,237

910

West

Holdings

Corp.

17,230

1,075,943

Industrial

Conglomerates

(1.1%):

182

Aker

ASA,

A

Shares

10,440

865

Bonheur

ASA

19,093

8,000

Chevalier

International

Holdings,

Ltd.

4,272

26,930

CK

Hutchison

Holdings,

Ltd.

130,197

3,331

DCC

plc

242,427

2,000

Guoco

Group,

Ltd.

22,776

200

Hikari

Tsushin,

Inc.

37,584

8,200

Hitachi,

Ltd.

749,085

822

Indus

Holding

AG

23,543

4,357

Infratil,

Ltd.

28,337

515

Italmobiliare

SpA

19,221

2,600

Jardine

Cycle

&

Carriage,

Ltd.

46,564

1,500

Katakura

Industries

Co.,

Ltd.

19,017

1,400

Keihan

Holdings

Co.,

Ltd.

31,036

15,700

Keppel,

Ltd.

85,462

1,492

Lifco

AB,

Class

B

38,917

2,900

Mie

Kotsu

Group

Holdings,

Inc.

11,778

5,400

Nisshinbo

Holdings,

Inc.

43,386

7,406

Nolato

AB,

Class

B

33,093

1,300

Noritsu

Koki

Co.,

Ltd.

27,365

Shares

Value

Common

Stocks,

continued

Industrial

Conglomerates,

continued

69,000

NWS

Holdings,

Ltd.

$

57,343

5,165

Siemens

AG,

Registered

Shares

985,890

3,272

Smiths

Group

plc

67,869

27,456

Storskogen

Group

AB,

Class

B

14,587

5,400

TOKAI

Holdings

Corp.

35,176

933

Volati

AB

10,878

2,795,336

Insurance

(4.4%):

3,541

Admiral

Group

plc

126,709

32,466

Aegon,

Ltd.

197,793

6,999

Ageas

SA/NV

324,142

89,440

AIA

Group,

Ltd.

600,246

40,863

Alm

Brand

A/S

77,753

2,500

Anicom

Holdings,

Inc.

9,467

5,446

ASR

Nederland

NV

266,583

2,694

Assicurazioni

Generali

SpA

68,206

1,693

AUB

Group,

Ltd.

32,847

25,807

Aviva

plc

161,924

7,780

AXA

SA

292,089

999

Baloise

Holding

AG,

Registered

Shares

156,524

9,191

Beazley

plc

77,282

7,384

Chesnara

plc

24,521

2,213

Clal

Insurance

Enterprises

Holdings,

Ltd.*

40,786

4,898

Coface

SA

77,374

4,000

Dai-ichi

Life

Holdings,

Inc.

102,079

1,400

Definity

Financial

Corp.

44,592

40,384

Direct

Line

Insurance

Group

plc*

99,498

82

E-L

Financial

Corp.,

Ltd.

65,931

485

Fairfax

Financial

Holdings,

Ltd.

522,850

1,054

FBD

Holdings

plc

15,015

1,341

Gjensidige

Forsikring

ASA

19,472

1,300

Great

Eastern

Holdings,

Ltd.

17,539

4,200

Great-West

Lifeco,

Inc.

134,335

1,259

Grupo

Catalana

Occidente

SA

48,129

727

Hannover

Rueck

SE

198,940

4,262

Harel

Insurance

Investments

&

Financial

Services,

Ltd.

41,054

977

Helvetia

Holding

AG,

Registered

Shares

134,673

7,850

Hiscox,

Ltd.

122,913

3,719

iA

Financial

Corp.,

Inc.

231,065

506

IDI

Insurance

Co.,

Ltd.

14,805

45,065

Insurance

Australia

Group,

Ltd.

187,912

1,060

Intact

Financial

Corp.

172,211

13,400

Japan

Post

Holdings

Co.,

Ltd.

134,904

1,900

Japan

Post

Insurance

Co.,

Ltd.

36,298

30,678

Just

Group

plc

40,678

6,367

Lancashire

Holdings,

Ltd.

49,687

82,370

Legal

&

General

Group

plc

264,198

1,000

LIFENET

INSURANCE

Co.*

9,803

16,597

Linea

Directa

Aseguradora

SA

Cia

de

Seguros

y

Reaseguros

16,555

2,649

Mandatum

Oyj*

11,839

2,510

Manulife

Financial

Corp.

62,694

9,385

Manulife

Financial

Corp.

234,531

41,493

Mapfre

SA

104,835

24,477

Medibank

Pvt,

Ltd.

59,962

1,055

Menora

Mivtachim

Holdings,

Ltd.

28,373

16,641

Migdal

Insurance

&

Financial

Holdings,

Ltd.

23,032

8,700

MS&AD

Insurance

Group

Holdings,

Inc.

153,958

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

19

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

1,586

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Class

R

$

773,754

17,747

nib

holdings,

Ltd.

91,040

7,287

NN

Group

NV

337,022

15,729

Phoenix

Group

Holdings

plc

109,751

2,268

Phoenix

Holdings,

Ltd.

(The)

22,667

4,571

Poste

Italiane

SpA(a)

57,221

1,147

Protector

Forsikring

ASA

23,997

14,329

Prudential

plc

134,759

1,332

Prudential

plc,

ADR

25,668

16,200

QBE

Insurance

Group,

Ltd.

191,388

3,005

Sabre

Insurance

Group

plc(a)

6,798

3,822

Saga

plc*

5,915

2,649

Sampo

Oyj,

A

Shares

112,914

6,691

SCOR

SE

231,478

445

Solid

Forsakring

AB

2,890

4,200

Sompo

Holdings,

Inc.

88,056

10,042

Steadfast

Group,

Ltd.

38,540

4,040

Storebrand

ASA

37,388

5,530

Sun

Life

Financial,

Inc.

301,774

18,389

Suncorp

Group,

Ltd.

196,447

454

Swiss

Life

Holding

AG

318,251

5,304

Swiss

Re

AG

681,984

4,500

T&D

Holdings,

Inc.

78,289

1,613

Talanx

AG

127,686

14,500

Tokio

Marine

Holdings,

Inc.

455,487

979

Topdanmark

AS

41,907

892

Trisura

Group,

Ltd.*

27,430

7,104

Tryg

A/S

146,264

17,380

Unipol

Gruppo

SpA

145,596

14,182

UnipolSai

Assicurazioni

SpA

41,060

4,363

UNIQA

Insurance

Group

AG

37,682

54

Vaudoise

Assurances

Holding

SA

26,889

1,471

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

45,873

1,796

Wuestenrot

&

Wuerttembergische

AG

25,804

898

Zurich

Insurance

Group

AG

484,265

11,412,540

Interactive

Media

&

Services

(0.3%):

3,192

Adevinta

ASA*

33,536

15,271

Auto

Trader

Group

plc(a)

134,826

400

Bengo4.com,

Inc.*

8,848

575

Better

Collective

A/S*

15,447

2,166

CAR

Group,

Ltd.

50,919

4,900

Catena

Media

plc*

4,876

5,418

Domain

Holdings

Australia,

Ltd.

11,580

1,161

Hemnet

Group

AB

35,521

1,200

Infocom

Corp.

21,129

3,800

Kakaku.com,

Inc.

46,024

1,170

Karnov

Group

AB*

7,223

13,200

LY

Corp.

33,357

600

MarkLines

Co.,

Ltd.

13,434

15,212

Moneysupermarket.com

Group

plc

42,242

135

New

Work

SE

9,815

594

REA

Group,

Ltd.

71,783

19,514

Rightmove

plc

135,216

297

Scout24

SE(a)

22,383

Shares

Value

Common

Stocks,

continued

Interactive

Media

&

Services,

continued

3,062

SEEK,

Ltd.

$

49,981

748,140

IT

Services

(1.3%):

3,641

Addnode

Group

AB

38,914

114

Adesso

SE

13,429

370

Allgeier

SE

8,002

1,014

Alten

SA

147,784

1,244

Appen,

Ltd.*

476

400

Argo

Graphics,

Inc.

11,243

2,661

Atea

ASA

31,903

4,261

Atos

SE*^

8,724

2,200

Avant

Group

Corp.

18,748

600

Base

Co.,

Ltd.

13,927

2,801

Bechtle

AG

147,992

1,600

BIPROGY,

Inc.

47,577

1,490

Bouvet

ASA

8,473

817

CANCOM

SE

24,359

879

Capgemini

SE

202,663

1,200

CGI,

Inc.*

132,404

1,233

CGI,

Inc.*

136,234

1,200

Change

Holdings,

Inc.

10,190

4,933

Columbus

A/S

5,738

2,655

Computacenter

plc

90,326

1,100

Comture

Corp.

14,330

5,973

Data#3,

Ltd.

32,225

500

Densan

System

Holdings

Co.,

Ltd.

8,856

900

Dentsu

Soken,

Inc.

29,314

1,400

DTS

Corp.

36,618

8,624

Econocom

Group

SA/NV

19,768

333

E-Guardian,

Inc.

3,041

558

Enea

AB*

2,686

1,045

Exclusive

Networks

SA*

24,797

3,891

FDM

Group

Holdings

plc

16,850

348

Formula

Systems

1985,

Ltd.

27,895

10,000

Fujitsu,

Ltd.

160,146

2,500

Future

Corp.

27,537

824

GFT

Technologies

SE

23,996

6,665

Global

Dominion

Access

SA(a)

24,193

1,900

GMO

internet

group,

Inc.

34,407

1,200

ID

Holdings

Corp.

12,010

6,083

Indra

Sistemas

SA

126,030

2,776

iomart

Group

plc

5,093

700

JBCC

Holdings,

Inc.

15,323

600

JIG-SAW,

Inc.*^

15,796

3,119

Kainos

Group

plc

37,988

2,312

Kin

&

Carta

plc*

3,752

816

KNOW

IT

AB

12,046

1,146

Kontron

AG

25,263

896

Matrix

IT,

Ltd.

19,759

300

Mitsubishi

Research

Institute,

Inc.

9,810

193

Nagarro

SE*

16,604

7,286

NCC

Group

plc

11,431

1,600

NEC

Corp.

116,433

2,700

NEC

Networks

&

System

Integration

Corp.

44,888

3,000

NET

One

Systems

Co.,

Ltd.

52,806

1,260

Netcompany

Group

A/S*(a)

52,306

3,301

NEXTDC,

Ltd.*

38,266

3,056

Nomura

Research

Institute,

Ltd.

86,269

800

NS

Solutions

Corp.

26,090

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

20

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

2,200

NSD

Co.,

Ltd.

$

42,531

5,900

NTT

Data

Group

Corp.

93,777

200

Obic

Co.,

Ltd.

30,146

2,099

One

Software

Technologies,

Ltd.

31,081

2,200

Otsuka

Corp.

46,674

1,200

Pole

To

Win

Holdings,

Inc.

4,056

1,470

Proact

IT

Group

AB

15,186

164

Reply

SpA

23,210

800

SB

Technology

Corp.

11,039

2,400

SCSK

Corp.

44,507

105

Secunet

Security

Networks

AG

18,164

200

SHIFT,

Inc.*

31,865

650

Shopify,

Inc.,

Class

A*

50,161

700

Shopify,

Inc.,

Class

A*

54,009

1,200

Simplex

Holdings,

Inc.

22,149

5,347

Softcat

plc

107,140

566

Sopra

Steria

Group

136,920

52,000

SUNeVision

Holdings,

Ltd.

16,941

2,400

TDC

Soft,

Inc.

17,609

1,700

TechMatrix

Corp.

20,444

2,731

TietoEVRY

Oyj

57,771

3,300

TIS,

Inc.

70,649

500

Uchida

Yoko

Co.,

Ltd.

22,830

315

Wavestone

19,055

573

Wiit

SpA

11,163

3,312,805

Leisure

Products

(0.4%):

4,700

Bandai

Namco

Holdings,

Inc.

87,025

1,496

Beneteau

SACA

22,064

705

BRP,

Inc.

47,342

1,042

Catana

Group

5,280

1,377

Games

Workshop

Group

plc

174,641

1,000

GLOBERIDE,

Inc.

13,295

874

Harvia

Oyj

36,128

500

Mars

Group

Holdings

Corp.

10,785

800

Mizuno

Corp.

33,416

800

Roland

Corp.

24,381

7,000

Sankyo

Co.,

Ltd.

76,436

376

Sanlorenzo

SpA/Ameglia

17,096

3,900

Sega

Sammy

Holdings,

Inc.

48,238

500

Shimano,

Inc.

74,672

1,400

Snow

Peak,

Inc.*

11,557

700

Spin

Master

Corp.(a)

17,913

3,815

Technogym

SpA(a)

37,860

1,290

Thule

Group

AB(a)

38,864

3,300

Tomy

Co.,

Ltd.

60,276

1,800

Tsuburaya

Fields

Holdings,

Inc.

20,877

700

Universal

Entertainment

Corp.

8,907

2,100

Yamaha

Corp.

45,252

3,500

Yonex

Co.,

Ltd.

25,614

937,919

Life

Sciences

Tools

&

Services

(0.4%):

4,332

AddLife

AB,

Class

B

45,290

840

Biotage

AB

14,278

900

CellSource

Co.,

Ltd.^

8,848

315

Chemometec

A/S

19,467

3,005

Eurofins

Scientific

SE

191,340

879

Evotec

SE*

13,721

Shares

Value

Common

Stocks,

continued

Life

Sciences

Tools

&

Services,

continued

1,138

Gerresheimer

AG

$

128,145

529

Lonza

Group

AG,

Registered

Shares

316,787

697

Medcap

AB*

24,844

585

PolyPeptide

Group

AG*(a)

19,650

793

QIAGEN

NV

33,906

1,245

QIAGEN

NV*

53,523

91

Sartorius

Stedim

Biotech

25,929

1,600

Shin

Nippon

Biomedical

Laboratories,

Ltd.

16,244

110

Siegfried

Holding

AG,

Registered

Shares

112,286

1,024,258

Machinery

(4.2%):

3,402

Aalberts

NV

163,385

600

Ag

Growth

International,

Inc.

27,183

2,600

Aichi

Corp.

18,425

2,100

Aida

Engineering,

Ltd.

12,297

781

Alfa

Laval

AB

30,706

3,214

Alimak

Group

AB(a)

29,409

900

Alinco,

Inc.

6,164

8,646

Alstom

SA

131,693

8,100

Amada

Co.,

Ltd.

92,665

1,286

ANDRITZ

AG

80,183

2,000

Anest

Iwata

Corp.

17,827

2,700

Asahi

Diamond

Industrial

Co.,

Ltd.

17,087

17,002

Atlas

Copco

AB,

Class

A

286,976

9,882

Atlas

Copco

AB,

Class

B

145,910

1,649

ATS

Corp.*

55,494

1,300

Bando

Chemical

Industries,

Ltd.

16,154

1,230

Beijer

Alma

AB,

Class

B

22,228

6,881

Bodycote

plc

60,425

310

Bucher

Industries

AG,

Registered

Shares

136,398

104

Burckhardt

Compression

Holding

AG

65,149

56

Bystronic

AG

29,615

1,043

Cargotec

Oyj,

Class

B

72,626

1,300

CKD

Corp.

26,058

1,023

Concentric

AB

18,296

1,110

Construcciones

y

Auxiliar

de

Ferrocarriles

SA

40,457

284

Daetwyler

Holding

AG,

Class

BR

58,576

3,300

Daifuku

Co.,

Ltd.

79,169

10,407

Daimler

Truck

Holding

AG

527,113

2,100

Daiwa

Industries,

Ltd.

22,156

745

Danieli

&

C

Officine

Meccaniche

SpA^

26,442

1,585

Danieli

&

C

Officine

Meccaniche

SpA,

Savings

Share

41,793

3,100

DMG

Mori

Co.,

Ltd.

81,916

2,392

Duerr

AG

55,268

1,400

Ebara

Corp.

125,514

6,740

Electrolux

Professional

AB,

Class

B

44,002

4,153

Epiroc

AB,

Class

A

78,324

2,147

Epiroc

AB,

Class

B

36,367

1,400

FANUC

Corp.

39,162

—

Fincantieri

SpA*

—

2,271

FLSmidth

&

Co.

A/S

113,629

622

Fluidra

SA

14,709

13,800

Frencken

Group,

Ltd.

17,083

2,000

Fuji

Corp.

35,339

500

Fukushima

Galilei

Co.,

Ltd.

19,665

1,700

Furukawa

Co.,

Ltd.

20,374

5,554

GEA

Group

AG

234,790

2,556

Georg

Fischer

AG,

Registered

Shares

189,464

371

Gesco

SE

6,984

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

21

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

2,000

Glory,

Ltd.

$

37,733

1,300

Harmonic

Drive

Systems,

Inc.

34,708

16,185

Heidelberger

Druckmaschinen

AG*

18,160

5,448

Hexagon

Composites

ASA*

9,444

1,869

Hexagon

Purus

ASA*

1,073

9,100

Hino

Motors,

Ltd.*

30,465

600

Hirata

Corp.

30,979

1,200

Hisaka

Works,

Ltd.

8,072

3,600

Hitachi

Construction

Machinery

Co.,

Ltd.

108,715

5,600

Hitachi

Zosen

Corp.

48,900

400

Hoshizaki

Corp.

14,591

1,000

Hosokawa

Micron

Corp.

31,430

679

Husqvarna

AB,

A

Shares

5,833

4,747

Husqvarna

AB,

B

Shares

40,631

3,300

IHI

Corp.

88,300

7,726

IMI

plc

176,797

3,055

Indutrade

AB

83,240

441

Interpump

Group

SpA

21,490

12

Interroll

Holding

AG,

Class

R

39,909

1,300

Iseki

&

Co.,

Ltd.

8,795

8,499

Iveco

Group

NV*

126,517

1,900

Japan

Steel

Works,

Ltd.

(The)

42,365

699

JOST

Werke

SE(a)

35,892

3,700

Juki

Corp.

13,987

139

Kardex

Holding

AG,

Registered

Shares

38,991

900

Kato

Works

Co.,

Ltd.

9,063

3,100

Kawasaki

Heavy

Industries,

Ltd.

101,889

3,210

KION

Group

AG

168,919

400

Kitagawa

Corp.

4,379

2,600

Kitz

Corp.

23,330

1,763

Knorr-Bremse

AG

133,324

572

Koenig

&

Bauer

AG*

7,712

13,600

Komatsu,

Ltd.

402,781

184

Komax

Holding

AG,

Class

R

35,661

2,900

Komori

Corp.

23,578

4,562

Kone

Oyj,

Class

B

212,169

2,000

Konecranes

Oyj

103,712

187

Krones

AG

24,752

4,500

Kubota

Corp.

71,666

1,400

Kurita

Water

Industries,

Ltd.

58,096

1,000

Kyokuto

Kaihatsu

Kogyo

Co.,

Ltd.

16,924

1,200

Maezawa

Kyuso

Industries

Co.,

Ltd.

9,931

700

Makino

Milling

Machine

Co.,

Ltd.

29,060

2,500

Makita

Corp.

70,933

586

Manitou

BF

SA

16,014

800

Max

Co.,

Ltd.

16,862

896

McPhy

Energy

SA*

1,833

1,800

Meidensha

Corp.

33,874

800

METAWATER

Co.,

Ltd.

11,759

16,814

Metso

Oyj

199,479

5,432

MINEBEA

MITSUMI,

Inc.

106,494

3,100

MISUMI

Group,

Inc.

43,246

11,000

Mitsubishi

Heavy

Industries,

Ltd.

99,795

1,000

Mitsubishi

Logisnext

Co.,

Ltd.

12,149

700

Mitsuboshi

Belting,

Ltd.

21,485

2,900

Mitsui

E&S

Co.,

Ltd.

36,807

1,100

Miura

Co.,

Ltd.

21,311

10,151

Morgan

Advanced

Materials

plc

36,537

1,500

Morita

Holdings

Corp.

16,250

Shares

Value

Common

Stocks,

continued

Machinery,

continued

1,900

Nabtesco

Corp.

$

31,751

800

Nachi-Fujikoshi

Corp.

18,317

2,000

Namura

Shipbuilding

Co.,

Ltd.

26,549

1,456

NFI

Group,

Inc.*

13,835

8,900

NGK

Insulators,

Ltd.

119,512

2,300

Nikkiso

Co.,

Ltd.

18,794

1,267

Nilfisk

Holding

A/S*

25,984

3,900

Nippon

Thompson

Co.,

Ltd.

16,484

400

Nissei

ASB

Machine

Co.,

Ltd.

13,693

800

Nitta

Corp.

20,933

500

Nitto

Kohki

Co.,

Ltd.

6,399

1,900

Nitto

Seiko

Co.,

Ltd.

7,973

1,600

Nomura

Micro

Science

Co.,

Ltd.

56,372

600

Noritake

Co.,

Ltd.

16,690

995

Norma

Group

SE

18,492

7,700

NSK,

Ltd.

43,892

14,800

NTN

Corp.

30,857

400

Obara

Group,

Inc.^

10,053

4,495

OC

Oerlikon

Corp.

AG

19,796

1,700

Oiles

Corp.

24,949

400

Okamoto

Machine

Tool

Works,

Ltd.

17,136

600

OKUMA

Corp.

28,452

1,000

Organo

Corp.

49,748

2,800

OSG

Corp.

40,280

692

Palfinger

AG

17,197

150

Plasson

Industries,

Ltd.

6,268

122

Rational

AG

105,131

70

Rieter

Holding

AG,

Registered

Shares

10,123

16,905

Rotork

plc

70,212

1,800

Ryobi,

Ltd.

35,734

6,696

Sandvik

AB

148,603

1,900

Savaria

Corp.

23,512

404

Schindler

Holding

AG,

Registered

Shares

98,558

1,037,603

Seatrium,

Ltd.*

60,771

684

SFS

Group

AG

89,886

1,100

Shibaura

Machine

Co.,

Ltd.

26,624

1,200

Shima

Seiki

Manufacturing,

Ltd.

10,984

1,900

Shinmaywa

Industries,

Ltd.

15,476

78,000

Singamas

Container

Holdings,

Ltd.

5,586

2,200

Sintokogio,

Ltd.

18,369

3,528

Skellerup

Holdings,

Ltd.

9,485

4,224

SKF

AB,

B

Shares^

86,116

892

SKF

AB,

Class

A

18,212

100

SMC

Corp.

56,434

2,300

Sodick

Co.,

Ltd.

10,945

306

Spirax-Sarco

Engineering

plc

38,889

772

Stabilus

SE

49,117

1,832

Stadler

Rail

AG

58,342

1,600

Star

Micronics

Co.,

Ltd.

19,584

849

Sulzer

AG,

Registered

Shares

103,213

4,000

Sumitomo

Heavy

Industries,

Ltd.

125,981

3,900

Tadano,

Ltd.

33,344

900

Takeuchi

Manufacturing

Co.,

Ltd.

36,077

1,300

Takuma

Co.,

Ltd.

16,126

3,785

Talgo

SA(a)

18,347

478

Technotrans

SE

9,332

11,687

Techtronic

Industries

Co.,

Ltd.

158,452

1,000

Teikoku

Electric

Manufacturing

Co.,

Ltd.

16,722

1,900

THK

Co.,

Ltd.

44,729

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

22

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

2,100

Tocalo

Co.,

Ltd.

$

24,614

1,392

TOMRA

Systems

ASA

21,922

1,400

Torishima

Pump

Manufacturing

Co.,

Ltd.

26,097

800

Toyota

Industries

Corp.

83,639

2,304

Trelleborg

AB,

Class

B

82,372

1,098

Troax

Group

AB

25,260

1,100

Tsubaki

Nakashima

Co.,

Ltd.

6,027

1,400

Tsubakimoto

Chain

Co.

47,095

1,800

Tsugami

Corp.

13,671

1,200

Tsukishima

Holdings

Co.,

Ltd.

11,235

600

Tsurumi

Manufacturing

Co.,

Ltd.

14,839

700

Union

Tool

Co.

20,539

4,290

Valmet

Oyj

112,848

578

VAT

Group

AG(a)

298,992

1,074

VBG

Group

AB,

Class

B

31,425

8,132

Vesuvius

plc

50,785

2,091

Volvo

AB,

Class

A

57,593

16,756

Volvo

AB,

Class

B^

453,900

229

Vossloh

AG

11,290

1,416

Wacker

Neuson

SE

26,211

7,099

Wartsila

Oyj

Abp

107,824

560

Washtec

AG

23,833

2,970

Weir

Group

plc

(The)

75,770

3,000

YAMABIKO

Corp.

39,773

61,900

Yangzijiang

Shipbuilding

Holdings,

Ltd.

87,602

2,600

Yaskawa

Electric

Corp.

110,612

10,944,630

Marine

Transportation

(0.5%):

1,600

Algoma

Central

Corp.

17,507

3,578

AMSC

ASA

9,016

28

AP

Moller

-

Maersk

A/S,

Class

A

35,789

25

AP

Moller

-

Maersk

A/S,

Class

B

32,511

556

Clarkson

plc

28,135

894

D/S

Norden

A/S

36,458

1,478

Dfds

A/S

42,966

2,760

Golden

Ocean

Group,

Ltd.

34,778

426

Hapag-Lloyd

AG(a)

64,198

2,360

Hoegh

Autoliners

ASA

20,131

3,300

Iino

Kaiun

Kaisha,

Ltd.

27,494

5,897

Irish

Continental

Group

plc

30,856

2,300

Japan

Transcity

Corp.

10,079

3,900

Kawasaki

Kisen

Kaisha,

Ltd.

52,372

1,189

Klaveness

Combination

Carriers

ASA(a)

10,327

794

Kuehne

+

Nagel

International

AG,

Class

R

221,001

5,100

Mitsui

OSK

Lines,

Ltd.

155,404

19,192

MPC

Container

Ships

ASA

22,255

4,700

Nippon

Yusen

KK

128,869

600

NS

United

Kaiun

Kaisha,

Ltd.

18,734

1,260

Odfjell

SE,

A

Shares

15,904

185,000

Pacific

Basin

Shipping,

Ltd.

53,471

52,000

SITC

International

Holdings

Co.,

Ltd.

95,013

1,067

Stolt-Nielsen,

Ltd.

39,336

4,623

Wallenius

Wilhelmsen

ASA

37,637

1,240,241

Media

(0.9%):

1,150

4imprint

Group

plc

92,138

3,715

Aimia,

Inc.*

7,022

996

Alma

Media

Oyj

10,592

Shares

Value

Common

Stocks,

continued

Media,

continued

65

APG

SGA

SA

$

15,930

8,376

ARN

Media,

Ltd.

4,805

14,475

Arnoldo

Mondadori

Editore

SpA

36,373

12,859

Ascential

plc*

49,360

4,886

Atresmedia

Corp.

de

Medios

de

Comunicacion

SA

23,361

1,951

Bloomsbury

Publishing

plc

12,991

701

Cogeco

Communications,

Inc.

31,096

5,394

Corus

Entertainment,

Inc.,

Class

B

2,907

5,600

CyberAgent,

Inc.

40,623

1,800

Dentsu

Group,

Inc.

49,871

2,100

Direct

Marketing

MiX,

Inc.

4,370

5,775

Eutelsat

Communications

SACA*^

25,174

2,800

Fuji

Media

Holdings,

Inc.

33,906

1,813

Future

plc

14,077

2,300

Gakken

Holdings

Co.,

Ltd.

14,120

7,000

Hakuhodo

DY

Holdings,

Inc.

63,083

13,480

Informa

plc

141,299

500

Intage

Holdings,

Inc.

5,230

1,459

IPSOS

SA

102,808

83,997

ITV

plc

78,503

9,582

IVE

Group,

Ltd.

13,609

2,708

JCDecaux

SE*

52,564

1,600

Kadokawa

Corp.

28,077

1,300

Macromill,

Inc.

6,656

1,664

Metropole

Television

SA

24,802

9,409

MFE-MediaForEurope

NV,

Class

A

24,403

2,046

MFE-MediaForEurope

NV,

Class

B

7,096

3,263

Next

15

Group

plc

38,117

58,186

Nine

Entertainment

Co.

Holdings,

Ltd.

64,830

1,307

NRJ

Group

11,082

19,083

oOh!media,

Ltd.

22,146

602

Perion

Network,

Ltd.*

13,570

68,000

Pico

Far

East

Holdings,

Ltd.

14,422

7,255

ProSiebenSat.1

Media

SE

50,968

1,300

Proto

Corp.

12,099

2,965

Publicis

Groupe

SA

323,078

12,118

Reach

plc

12,015

1,196

RTL

Group

SA

40,353

10,874

S4

Capital

plc*

7,235

3,469

Sanoma

Oyj

25,482

979

Schibsted

ASA,

Class

A

31,276

813

Schibsted

ASA,

Class

B

24,800

14,802

SES

SA

98,631

60,999

Seven

West

Media,

Ltd.*

7,491

6,212

SKY

Network

Television,

Ltd.

10,499

7,900

SKY

Perfect

JSAT

Holdings,

Inc.

53,918

15,013

Southern

Cross

Media

Group,

Ltd.

9,341

1,563

Stroeer

SE

&

Co.

KGaA

95,042

1,900

TBS

Holdings,

Inc.

52,942

15,000

Television

Broadcasts,

Ltd.*

5,901

4,175

Television

Francaise

1

SA

38,123

1,400

TV

Asahi

Holdings

Corp.

19,284

500

Tv

Tokyo

Holdings

Corp.

9,789

232

TX

Group

AG

38,334

1,000

ValueCommerce

Co.,

Ltd.

7,064

1,600

Vector,

Inc.

12,395

23,328

Viaplay

Group

AB*

2,068

19,231

Vivendi

SE

209,734

500

Wowow,

Inc.

3,728

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

23

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Media,

continued

5,041

WPP

plc

$

47,697

700

Zenrin

Co.,

Ltd.

3,940

2,434,240

Metals

&

Mining

(4.6%):

5,632

Acerinox

SA

61,759

6,394

Agnico

Eagle

Mines,

Ltd.

381,308

1,039

Agnico

Eagle

Mines,

Ltd.

61,976

400

Aichi

Steel

Corp.

10,193

8,606

Alamos

Gold,

Inc.

126,891

41,565

Alkane

Resources,

Ltd.*

17,071

3,768

Alleima

AB

25,405

1,400

Altius

Minerals

Corp.

21,242

50,390

Alumina,

Ltd.*

46,905

723

AMG

Critical

Materials

NV

16,381

8,678

Anglo

American

plc

214,392

2,779

Antofagasta

plc

71,725

1,687

APERAM

SA

53,318

68,339

Arafura

Rare

Earths,

Ltd.*

9,135

1,485

ArcelorMittal

SA,

NYS

40,956

5,723

ArcelorMittal

SA

157,204

2,800

ARE

Holdings,

Inc.

35,543

12,400

Argonaut

Gold,

Inc.*

3,571

16,100

Ascot

Resources,

Ltd.*^

8,915

3,752

Atalaya

Mining

plc

18,371

116,831

Aurelia

Metals,

Ltd.*

11,798

1,034

Aurubis

AG

72,696

25,622

AVZ

Minerals,

Ltd.*

2,686

41,032

B2Gold

Corp.

107,548

14,892

Barrick

Gold

Corp.

247,724

1,280

Bekaert

SA

65,597

29,659

Bellevue

Gold,

Ltd.*

36,838

6,077

BHP

Group,

Ltd.,

ADR^

350,582

38,377

BHP

Group,

Ltd.

1,108,041

8,456

BlueScope

Steel,

Ltd.

131,548

4,700

Boliden

AB

130,238

8,386

Capricorn

Metals,

Ltd.*

28,385

10,300

Capstone

Copper

Corp.*

65,554

36,114

Centamin

plc

51,507

7,200

Centerra

Gold,

Inc.

42,528

8,967

Central

Asia

Metals

plc

22,402

11,257

Champion

Iron,

Ltd.

54,425

16,254

China

Gold

International

Resources

Corp.,

Ltd.

103,688

5,000

Daido

Steel

Co.,

Ltd.

57,907

1,400

Daiki

Aluminium

Industry

Co.,

Ltd.

11,343

27,367

De

Grey

Mining,

Ltd.*

22,822

7,050

Deterra

Royalties,

Ltd.

22,647

2,200

Dowa

Holdings

Co.,

Ltd.

75,931

9,600

Dundee

Precious

Metals,

Inc.

73,006

7,200

ECORA

RESOURCES

plc

6,952

8,162

Eldorado

Gold

Corp.*

114,740

10,609

Emerald

Resources

NL*

20,459

4,293

Endeavour

Mining

plc

87,229

3,800

Endeavour

Silver

Corp.*

9,146

13,107

Equinox

Gold

Corp.*

79,064

481

Eramet

SA

36,537

1,599

ERO

Copper

Corp.*

30,837

71,986

Evolution

Mining,

Ltd.

170,002

7,778

Evraz

plc*(b)

—

7,330

Ferrexpo

plc*

4,035

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

6,600

First

Majestic

Silver

Corp.

$

38,740

6,267

First

Quantum

Minerals,

Ltd.

67,371

16,624

Fortescue,

Ltd.

278,507

7,300

Fortuna

Silver

Mines,

Inc.*

27,111

540

Franco-Nevada

Corp.

64,350

4,743

Fresnillo

plc

28,173

8,215

Galiano

Gold,

Inc.*

11,403

7,520

Genesis

Minerals,

Ltd.*

9,218

169,055

Glencore

plc

929,859

1,100

Godo

Steel,

Ltd.

41,650

8,900

GoGold

Resources,

Inc.*

8,083

32,369

Gold

Road

Resources,

Ltd.

33,730

4,992

Granges

AB

53,977

2,043

Hill

&

Smith

plc

50,502

9,715

Hochschild

Mining

plc*

15,602

14,862

Hudbay

Minerals,

Inc.

104,025

15,631

IAMGOLD

Corp.*

52,165

6,077

IGO,

Ltd.

28,049

15,540

Iluka

Resources,

Ltd.

73,155

18,158

Imdex,

Ltd.

27,587

3,605

Ivanhoe

Mines,

Ltd.*

43,013

10,500

JFE

Holdings,

Inc.

173,693

50,009

Jupiter

Mines,

Ltd.

7,353

3,200

K92

Mining,

Inc.*

14,885

2,436

K92

Mining,

Inc.

11,331

5,400

Karora

Resources,

Inc.*

20,254

47,233

Kinross

Gold

Corp.

289,801

12,000

Kobe

Steel,

Ltd.

162,690

1,800

Kyoei

Steel,

Ltd.

28,092

1,600

Labrador

Iron

Ore

Royalty

Corp.

34,117

2,100

Largo,

Inc.*

3,458

14,207

Lucara

Diamond

Corp.*

3,304

4,500

Lundin

Gold,

Inc.

63,260

19,226

Lundin

Mining

Corp.

196,746

8,346

Lynas

Rare

Earths,

Ltd.*

30,832

48,387

Macmahon

Holdings,

Ltd.

7,099

1,600

Major

Drilling

Group

International,

Inc.*

10,632

1,500

Maruichi

Steel

Tube,

Ltd.

40,018

176,000

Midas

Holdings,

Ltd.*(b)

—

1,585

Mineral

Resources,

Ltd.

73,346

4,200

Mitsubishi

Materials

Corp.

78,946

500

Mitsubishi

Steel

Manufacturing

Co.,

Ltd.

4,803

1,500

Mitsui

Mining

&

Smelting

Co.,

Ltd.

45,890

30,000

Mongolian

Mining

Corp.*

34,835

27,183

Mount

Gibson

Iron,

Ltd.*

7,618

2,200

Neturen

Co.,

Ltd.

16,060

27,410

New

Gold,

Inc.*

46,142

4,520

Newmont

Corp.

160,049

409

Newmont

Corp.

14,664

58,536

Nickel

Industries,

Ltd.

31,033

6,200

Nippon

Denko

Co.,

Ltd.

13,009

2,700

Nippon

Light

Metal

Holdings

Co.,

Ltd.

31,999

8,895

Nippon

Steel

Corp.

213,899

930

Nippon

Yakin

Kogyo

Co.,

Ltd.

29,628

400

Nittetsu

Mining

Co.,

Ltd.

12,906

9,246

Norsk

Hydro

ASA

51,007

12,588

Northern

Star

Resources,

Ltd.

120,125

28,628

OceanaGold

Corp.

64,679

21,175

OM

Holdings,

Ltd.

5,996

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

24

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

2,207

Orla

Mining,

Ltd.*

$

8,365

500

Osaka

Steel

Co.,

Ltd.

7,206

600

OSAKA

Titanium

Technologies

Co.,

Ltd.

10,354

2,597

Osisko

Gold

Royalties,

Ltd.

42,625

12,854

Osisko

Mining,

Inc.*

26,384

15,995

Outokumpu

Oyj

69,484

900

Pacific

Metals

Co.,

Ltd.*

8,009

6,978

Pan

American

Silver

Corp.

105,206

33,353

Perenti,

Ltd.

21,320

41,346

Perseus

Mining,

Ltd.

58,557

36,817

Pilbara

Minerals,

Ltd.

92,251

42,517

Ramelius

Resources,

Ltd.

52,120

26,859

Regis

Resources,

Ltd.*

35,607

95,529

Resolute

Mining,

Ltd.*

27,039

4,026

Rio

Tinto

plc

255,420

5,634

Rio

Tinto,

Ltd.

447,810

1,335

Salzgitter

AG

34,852

18,215

Sandfire

Resources,

Ltd.*

105,671

4,900

Sandstorm

Gold,

Ltd.

25,687

1,200

Seabridge

Gold,

Inc.*

18,145

32,896

Silver

Lake

Resources,

Ltd.*

26,878

2,600

SilverCrest

Metals,

Inc.*

17,335

7,897

Sims,

Ltd.

65,657

53,653

SolGold

plc*

7,201

65,259

South32,

Ltd.

128,109

4,366

SSAB

AB,

Class

A

32,203

11,449

SSAB

AB,

Class

B

84,329

8,249

SSR

Mining,

Inc.

36,726

30,000

St

Barbara,

Ltd.*

3,446

1,600

Stelco

Holdings,

Inc.

52,770

4,366

Straits

Trading

Co.,

Ltd.

4,755

3,700

Sumitomo

Metal

Mining

Co.,

Ltd.

109,753

21,718

Swiss

Steel

Holding

AG*

1,728

17,205

Syrah

Resources,

Ltd.*

5,550

12,474

Taseko

Mines,

Ltd.*

26,801

5,838

Teck

Resources,

Ltd.,

Class

B

267,245

20,766

thyssenkrupp

AG

111,420

900

Toho

Titanium

Co.,

Ltd.

9,334

700

Toho

Zinc

Co.,

Ltd.

5,097

300

Tokyo

Rope

Manufacturing

Co.,

Ltd.

2,837

2,300

Tokyo

Steel

Manufacturing

Co.,

Ltd.

25,200

4,785

Torex

Gold

Resources,

Inc.*

70,447

969

Trevali

Mining

Corp.*(b)

—

1,700

Triple

Flag

Precious

Metals

Corp.

24,564

3,573

Tubacex

SA

12,854

1,500

UACJ

Corp.

42,866

2,097

Victoria

Gold

Corp.*

10,250

4,243

voestalpine

AG

119,043

4,200

Wesdome

Gold

Mines,

Ltd.*

31,289

49,123

West

African

Resources,

Ltd.*

38,842

14,470

Westgold

Resources,

Ltd.

24,912

2,016

Wheaton

Precious

Metals

Corp.

94,965

500

Yamato

Kogyo

Co.,

Ltd.

28,409

800

Yodogawa

Steel

Works,

Ltd.

24,186

11,978,285

Multi-Utilities

(0.7%):

29,442

A2A

SpA

53,134

2,232

ACEA

SpA

39,534

12,104

AGL

Energy,

Ltd.

65,775

Shares

Value

Common

Stocks,

continued

Multi-Utilities,

continued

5,995

Algonquin

Power

&

Utilities

Corp.

$

37,888

3,800

Algonquin

Power

&

Utilities

Corp.

24,017

1,624

Atco,

Ltd.,

Class

I

45,216

1,366

Canadian

Utilities,

Ltd.,

Class

A

31,114

173,947

Centrica

plc

280,062

16,090

E.ON

SE

223,613

13,001

Engie

SA

218,449

16,835

Hera

SpA

59,310

11,786

Iren

SpA

24,079

1,636

National

Grid

plc,

ADR^

111,608

8,455

National

Grid

plc

113,726

11,914

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

28,270

14,300

Sembcorp

Industries,

Ltd.

57,222

2,456

Telecom

Plus

plc

50,505

6,489

Vector,

Ltd.

15,016

6,496

Veolia

Environnement

SA

210,720

1,689,258

Office

REITs

(0.0%

†

):

5,154

Helical

plc

13,528

Oil,

Gas

&

Consumable

Fuels

(7.5%):

7,481

Advantage

Energy,

Ltd.*

54,572

18,755

Africa

Oil

Corp.

32,680

4,461

Aker

BP

ASA

111,532

4,908

Ampol,

Ltd.

127,299

14,809

ARC

Resources,

Ltd.

264,056

507

Ashdod

Refinery,

Ltd.

12,081

21,809

Athabasca

Oil

Corp.*

84,215

2,116

Avance

Gas

Holding,

Ltd.(a)

24,139

7,549

Baytex

Energy

Corp.

27,255

69,875

Beach

Energy,

Ltd.

83,689

7,041

Birchcliff

Energy,

Ltd.

27,761

575

BLUENORD

ASA*

30,357

8,745

Boss

Energy,

Ltd.*

27,181

25,234

BP

plc,

ADR

950,817

151,966

BP

plc

954,659

173,000

Brightoil

Petroleum

Holdings,

Ltd.*(b)

—

4,310

BW

LPG,

Ltd.(a)

48,474

1,022

Cameco

Corp.

44,273

789

Cameco

Corp.

34,160

1,527

Canacol

Energy,

Ltd.^

5,186

4,300

Canadian

Natural

Resources,

Ltd.

328,056

6,882

Canadian

Natural

Resources,

Ltd.

525,234

6,930

Capricorn

Energy

plc

15,311

3,012

Cardinal

Energy,

Ltd.

15,745

194,347

Carnarvon

Energy,

Ltd.*

24,059

14,453

Cenovus

Energy,

Inc.

288,975

2,956

Cenovus

Energy,

Inc.

59,090

7,392

Channel

Infrastructure

NZ,

Ltd.

6,710

13,100

China

Aviation

Oil

Singapore

Corp.,

Ltd.

8,784

64,430

Cooper

Energy,

Ltd.*

9,263

2,300

Cosmo

Energy

Holdings

Co.,

Ltd.

115,276

15,061

Crescent

Point

Energy

Corp.

123,210

8,781

Crescent

Point

Energy

Corp.

71,916

8,223

Crew

Energy,

Inc.*

28,232

4,317

d'Amico

International

Shipping

SA

29,664

263

Delek

Group,

Ltd.

34,369

2,097

Diversified

Energy

Co.

plc

25,121

20,320

DNO

ASA

18,360

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(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.

$

358,090

44,500

ENEOS

Holdings,

Inc.

214,251

3,899

Energean

plc

53,891

5,200

Enerplus

Corp.

102,165

41,770

Eni

SpA

662,174

120,434

EnQuest

plc*

21,419

10,282

Equinor

ASA

275,990

1,081

Equital,

Ltd.*

34,490

1,390

Etablissements

Maurel

et

Prom

SA

8,414

1,031

Euronav

NV

17,146

2,256

Euronav

NV

37,391

762

FLEX

LNG,

Ltd.

18,959

3,700

Freehold

Royalties,

Ltd.

39,857

2,600

Frontera

Energy

Corp.*

15,876

2,211

Frontline

plc

51,007

3,100

Fuji

Oil

Co.,

Ltd.

9,636

14,784

Galp

Energia

SGPS

SA

244,686

1,298

Gaztransport

Et

Technigaz

SA

194,118

15,200

Gear

Energy,

Ltd.

7,407

6,249

Genel

Energy

plc

6,572

5,750

Gibson

Energy,

Inc.

97,899

1,960

Gran

Tierra

Energy,

Inc.*

14,023

14,984

Gulf

Keystone

Petroleum,

Ltd.

21,423

6,147

Hafnia,

Ltd.

42,630

13,325

Harbour

Energy

plc

46,329

9,100

Headwater

Exploration,

Inc.

51,533

13,000

Idemitsu

Kosan

Co.,

Ltd.

89,102

2,273

Imperial

Oil,

Ltd.

156,797

17,900

Inpex

Corp.

272,787

2,823

International

Petroleum

Corp.*

33,662

2,244

International

Petroleum

Corp.*

26,592

3,600

Itochu

Enex

Co.,

Ltd.

37,087

1,700

Iwatani

Corp.

91,694

1,000

Japan

Petroleum

Exploration

Co.,

Ltd.

45,270

2,500

Journey

Energy,

Inc.*

6,147

34,924

Karoon

Energy,

Ltd.*

49,243

7,300

Kelt

Exploration,

Ltd.*

32,609

7,201

Keyera

Corp.

185,501

3,130

Koninklijke

Vopak

NV

120,590

10,807

MEG

Energy

Corp.*

248,152

1,700

Mitsuuroko

Group

Holdings

Co.,

Ltd.

15,855

1,502

Naphtha

Israel

Petroleum

Corp.,

Ltd.*

8,471

3,641

Neste

Oyj

98,695

21,426

New

Hope

Corp.,

Ltd.

64,915

64,000

NewOcean

Energy

Holdings,

Ltd.*

—

21,200

Nippon

Coke

&

Engineering

Co.,

Ltd.

18,108

7,754

NuVista

Energy,

Ltd.*

68,013

2,000

Obsidian

Energy,

Ltd.*

16,509

104,047

Oil

Refineries,

Ltd.

34,569

771

Okeanis

Eco

Tankers

Corp.(a)

22,882

4,124

OMV

AG

195,361

41,785

Paladin

Energy,

Ltd.*

37,302

5,770

Panoro

Energy

ASA

14,291

3,407

Paramount

Resources,

Ltd.,

Class

A

69,151

4,673

Parex

Resources,

Inc.

74,663

5,500

Parkland

Corp.

175,185

507

Paz

Oil

Co.,

Ltd.

54,206

1,584

Pembina

Pipeline

Corp.

55,979

2,578

Pembina

Pipeline

Corp.

91,003

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

7,660

Peyto

Exploration

&

Development

Corp.

$

84,439

12,892

Pharos

Energy

plc

3,416

10,900

Pine

Cliff

Energy,

Ltd.

8,048

3,132

PrairieSky

Royalty,

Ltd.

61,350

35,781

Repsol

SA

597,128

1,600

Sala

Corp.

8,757

3,100

San-Ai

Obbli

Co.,

Ltd.

42,243

82,456

Santos,

Ltd.

416,375

23,460

Saras

SpA

44,980

8,575

Serica

Energy

plc

20,434

18,709

Shell

plc,

ADR

1,254,251

51,340

Shell

plc

1,703,040

400

Sinanen

Holdings

Co.,

Ltd.

13,116

2,000

Spartan

Delta

Corp.

5,597

487

Strathcona

Resources,

Ltd.*

10,219

9,472

Suncor

Energy,

Inc.

349,611

15,778

Suncor

Energy,

Inc.

582,355

1,871

Surge

Energy,

Inc.

10,651

3,041

Tamar

Petroleum,

Ltd.(a)

19,852

9,600

Tamarack

Valley

Energy,

Ltd.

27,218

1,817

TC

Energy

Corp.

73,043

10,014

TC

Energy

Corp.

402,512

3,303

Tethys

Oil

AB

10,973

13,400

Tidewater

Midstream

and

Infrastructure,

Ltd.

8,410

3,400

Topaz

Energy

Corp.

55,980

906

TORM

plc,

Class

A

30,923

663

TORM

plc,

Class

A

22,629

32,876

TotalEnergies

SE

2,260,244

7,938

Tourmaline

Oil

Corp.

371,171

64,721

Tullow

Oil

plc*

25,450

9,392

Var

Energi

ASA

31,035

542

Verbio

SE

12,303

4,283

Vermilion

Energy,

Inc.

53,253

18,519

Viva

Energy

Group,

Ltd.(a)

44,750

25,252

Whitecap

Resources,

Inc.

191,105

35,316

Whitehaven

Coal,

Ltd.

163,363

26,636

Woodside

Energy

Group,

Ltd.

531,956

7,763

Yancoal

Australia,

Ltd.

26,521

19,408,229

Paper

&

Forest

Products

(0.5%):

2,718

Altri

SGPS

SA^

15,328

2,829

Canfor

Corp.*

35,738

3,000

Daio

Paper

Corp.

23,216

8,317

Ence

Energia

y

Celulosa

SA

28,946

5,000

Hokuetsu

Corp.

61,371

871

Holmen

AB,

B

Shares

35,443

1,527

Interfor

Corp.*

23,857

9,927

Mondi

plc

174,896

11,089

Navigator

Co.

SA

(The)

48,428

4,800

Nippon

Paper

Industries

Co.,

Ltd.

37,071

2,562

Nordic

Paper

Holding

AB

12,712

5,393

Norske

Skog

ASA(a)

16,705

18,600

Oji

Holdings

Corp.

77,278

1,607

Stella-Jones,

Inc.

93,734

16,530

Stora

Enso

Oyj,

Class

R

229,846

6,185

Svenska

Cellulosa

AB

SCA,

Class

B

94,968

600

Tokushu

Tokai

Paper

Co.,

Ltd.

15,754

6,568

UPM-Kymmene

Oyj

218,578

1,707

West

Fraser

Timber

Co.,

Ltd.

147,409

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

26

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Paper

&

Forest

Products,

continued

24,618

Western

Forest

Products,

Inc.

$

11,451

1,402,729

Passenger

Airlines

(0.2%):

3,200

Air

Canada*

46,332

1,552

Air

France-KLM*

17,275

80,763

Air

New

Zealand,

Ltd.

29,082

1,200

ANA

Holdings,

Inc.

25,059

57,347

Cathay

Pacific

Airways,

Ltd.*

65,183

7,555

Deutsche

Lufthansa

AG,

Registered

Shares*

59,339

5,559

easyJet

plc

39,996

528

Exchange

Income

Corp.

19,301

2,700

Japan

Airlines

Co.,

Ltd.

51,231

2,549

JET2

plc

46,360

10,542

Qantas

Airways,

Ltd.*

37,473

27,100

Singapore

Airlines,

Ltd.

128,632

565,263

Personal

Care

Products

(0.6%):

157

Beiersdorf

AG

22,855

3,201

Best

World

International,

Ltd.*

5,027

1,500

Fancl

Corp.

19,939

5,222

Haleon

plc,

ADR

44,335

12,238

Haleon

plc

51,349

616

Interparfums

SA

34,664

514

Jamieson

Wellness,

Inc.(a)

10,118

1,800

Kao

Corp.

67,357

500

Kobayashi

Pharmaceutical

Co.,

Ltd.

16,200

200

Kose

Corp.

10,833

10,750

L'Occitane

International

SA

43,503

1,052

L'Oreal

SA

498,855

1,600

Mandom

Corp.

14,104

1,000

Milbon

Co.,

Ltd.

21,042

600

Noevir

Holdings

Co.,

Ltd.

20,589

2,645

Ontex

Group

NV*

22,358

161

Pharmanutra

SpA

9,896

1,200

Pola

Orbis

Holdings,

Inc.

11,480

5,635

PZ

Cussons

plc

6,372

2,000

Rohto

Pharmaceutical

Co.,

Ltd.

38,831

2,700

Shiseido

Co.,

Ltd.

73,818

5,719

Unilever

plc

287,128

1

Unilever

plc

50

5,419

Unilever

plc,

ADR

271,980

1,300

YA-MAN,

Ltd.^

8,549

1,611,232

Pharmaceuticals

(3.8%):

2,557

ALK-Abello

A/S*

46,032

15,687

Alliance

Pharma

plc

7,881

2,003

Almirall

SA

17,843

3,000

Astellas

Pharma,

Inc.

32,244

7,437

AstraZeneca

plc,

ADR

503,857

5,384

AstraZeneca

plc

724,760

49

Aurora

Cannabis,

Inc.*

215

1,145

Bausch

Health

Cos.,

Inc.*

12,148

5,086

Bausch

Health

Cos.,

Inc.*

53,887

18,067

Bayer

AG,

Registered

Shares

554,004

298

Boiron

SA

10,807

215

Camurus

AB*

10,191

90

Canopy

Growth

Corp.*

775

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

5,000

Chugai

Pharmaceutical

Co.,

Ltd.

$

191,131

207

COSMO

Pharmaceuticals

NV

16,369

1,800

Daiichi

Sankyo

Co.,

Ltd.

57,218

330

Daito

Pharmaceutical

Co.,

Ltd.

5,094

699

Dermapharm

Holding

SE

24,613

500

Eisai

Co.,

Ltd.

20,600

192

Euroapi

SA*

579

9,153

Faes

Farma

SA

31,033

700

Fuji

Pharma

Co.,

Ltd.

7,535

500

Fuso

Pharmaceutical

Industries,

Ltd.

7,216

8,522

GSK

plc,

ADR

365,338

15,331

GSK

plc

329,196

10,077

H

Lundbeck

A/S

48,490

4,354

H

Lundbeck

A/S,

Class

A

18,074

3,600

Haw

Par

Corp.,

Ltd.

25,817

2,864

Hikma

Pharmaceuticals

plc

69,268

800

Hisamitsu

Pharmaceutical

Co.,

Inc.

20,700

3,664

Indivior

plc*

78,131

890

Ipsen

SA

105,774

1,000

Kaken

Pharmaceutical

Co.,

Ltd.

22,593

1,000

Kissei

Pharmaceutical

Co.,

Ltd.

23,387

5,747

Knight

Therapeutics,

Inc.*

22,489

900

Kyowa

Kirin

Co.,

Ltd.

16,183

977

Laboratorios

Farmaceuticos

Rovi

SA

85,212

4,918

Mayne

Pharma

Group,

Ltd.*

23,196

342

Merck

KGaA

60,351

400

Mochida

Pharmaceutical

Co.,

Ltd.

8,458

1,200

Nippon

Shinyaku

Co.,

Ltd.

35,607

11,343

Novartis

AG,

Registered

Shares

1,098,688

13,219

Novo

Nordisk

A/S,

Class

B

1,693,606

7,700

Ono

Pharmaceutical

Co.,

Ltd.

126,217

658

Orion

Oyj,

Class

A

24,547

3,504

Orion

Oyj,

Class

B

130,628

1,400

Otsuka

Holdings

Co.,

Ltd.

58,069

1,093

Recordati

Industria

Chimica

e

Farmaceutica

SpA

60,397

5,285

Roche

Holding

AG

1,349,363

247

Roche

Holding

AG,

Class

BR

66,495

558

Sandoz

Group

AG,

ADR*

16,796

6,129

Sandoz

Group

AG*

184,910

4,972

Sanofi

SA

487,773

7,200

Santen

Pharmaceutical

Co.,

Ltd.

70,885

1,300

Sawai

Group

Holdings

Co.,

Ltd.

50,850

1,300

Seikagaku

Corp.

6,517

1,000

Shionogi

&

Co.,

Ltd.

51,214

2,832

SNDL,

Inc.*

5,678

9,600

Sumitomo

Pharma

Co.,

Ltd.

24,711

1,100

Taisho

Pharmaceutical

Holdings

Co.,

Ltd.

62,207

12,600

Takeda

Pharmaceutical

Co.,

Ltd.

350,230

3,056

Teva

Pharmaceutical

Industries,

Ltd.,

ADR*

43,120

800

Torii

Pharmaceutical

Co.,

Ltd.

21,788

1,200

Towa

Pharmaceutical

Co.,

Ltd.

23,236

2,000

Tsumura

&

Co.

49,895

375

UCB

SA

46,243

38,000

United

Laboratories

International

Holdings,

Ltd.

(The)

43,483

166

Vetoquinol

SA

17,815

179

Virbac

SACA

66,768

1,100

ZERIA

Pharmaceutical

Co.,

Ltd.

15,373

9,941,798

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

27

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Professional

Services

(1.9%):

6,879

Adecco

Group

AG

$

272,003

2,295

AFRY

AB

36,602

10,413

ALS,

Ltd.

89,321

770

Altech

Corp.

13,941

203

Amadeus

Fire

AG

26,318

5,585

Applus

Services

SA

68,920

2,192

Arcadis

NV

134,115

2,200

BayCurrent

Consulting,

Inc.

43,145

1,800

Bell

System24

Holdings,

Inc.

18,614

372

Bertrandt

AG

18,316

1,661

Brunel

International

NV

18,229

5,801

Bureau

Veritas

SA

176,793

26,624

Capita

plc*

4,435

5,155

Computershare,

Ltd.

87,706

700

Creek

&

River

Co.,

Ltd.

9,114

180

Danel

Adir

Yeoshua,

Ltd.

15,404

1,200

dip

Corp.

21,946

1,661

DKSH

Holding

AG

113,001

900

en

Japan,

Inc.

15,828

6,580

Experian

plc

287,198

1,200

FULLCAST

Holdings

Co.,

Ltd.

11,455

1,500

Funai

Soken

Holdings,

Inc.

24,645

175

Groupe

Crit

SA

13,553

37,731

Hays

plc

44,969

690

Hilan,

Ltd.

43,914

1,600

Insource

Co.,

Ltd.

9,620

2,590

Intertek

Group

plc

163,168

4,969

IPH,

Ltd.

20,456

300

IR

Japan

Holdings,

Ltd.

2,613

4,000

JAC

Recruitment

Co.,

Ltd.

20,878

1,000

LIKE,

Inc.

11,023

19,489

Link

Administration

Holdings,

Ltd.

28,315

5,600

Link

And

Motivation,

Inc.

20,120

1,000

Management

Solutions

Co.,

Ltd.

14,021

3,076

McMillan

Shakespeare,

Ltd.

39,355

1,500

MEITEC

Group

Holdings,

Inc.

29,024

7,700

Nihon

M&A

Center

Holdings,

Inc.

49,025

1,900

Open

Up

Group,

Inc.

25,743

3,000

Outsourcing,

Inc.*

34,616

12,547

Pagegroup

plc

71,013

1,400

Pasona

Group,

Inc.

25,706

39,000

Persol

Holdings

Co.,

Ltd.

54,558

3,103

Randstad

NV

163,629

10,100

Recruit

Holdings

Co.,

Ltd.

444,985

5,236

RELX

plc,

ADR

226,666

6,345

RELX

plc

274,106

2,152

RELX

plc

93,192

2,833

Ricardo

plc

16,326

3,902

Robert

Walters

plc

20,039

5,749

RWS

Holdings

plc

13,641

1,750

SGS

SA,

Registered

Shares

169,783

1,300

SIGMAXYZ

Holdings,

Inc.

14,470

3,267

SmartGroup

Corp.,

Ltd.

20,705

2,500

SMS

Co.,

Ltd.

42,890

3,200

S-Pool,

Inc.

6,626

7,669

SThree

plc

41,561

1,633

Talenom

Oyj

10,458

1,100

Tanseisha

Co.,

Ltd.

6,359

2,800

TechnoPro

Holdings,

Inc.

55,962

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

1,404

Teleperformance

SE

$

136,127

2,200

TELUS

International

CDA,

Inc.*

18,631

89

Thomson

Reuters

Corp.

13,852

293

Thomson

Reuters

Corp.

45,658

1,000

TKC

Corp.

24,514

700

Transcosmos,

Inc.

14,268

1,100

UT

Group

Co.,

Ltd.

25,717

700

Visional,

Inc.*

44,854

300

Weathernews,

Inc.

10,121

4,148

Wolters

Kluwer

NV

649,523

4,833,402

Real

Estate

Management

&

Development

(2.1%):

697

Aedas

Homes

SA(a)

13,069

1,700

Aeon

Mall

Co.,

Ltd.

20,044

206

AFI

Properties,

Ltd.*

9,490

1,001

Airport

City,

Ltd.*

16,070

2,300

Airport

Facilities

Co.,

Ltd.

9,269

629

Allreal

Holding

AG,

Registered

Shares

107,969

1,972

Alony

Hetz

Properties

&

Investments,

Ltd.

14,496

492

Alrov

Properties

and

Lodgings,

Ltd.

20,636

100

Altus

Group,

Ltd.

3,831

2,393

Amot

Investments,

Ltd.

11,339

3,174

Annehem

Fastigheter

AB,

Class

B*

5,427

21,069

Aroundtown

SA*

44,422

46,000

Asia

Standard

International

Group,

Ltd.*

2,468

1,281

Atrium

Ljungberg

AB,

B

Shares

25,041

233

Azrieli

Group,

Ltd.

16,820

210

Big

Shopping

Centers,

Ltd.*

23,321

116

Blue

Square

Real

Estate,

Ltd.

8,007

59

Brack

Capital

Properties

NV*

3,728

1,139

BRANICKS

Group

AG

1,747

3,700

Bukit

Sembawang

Estates,

Ltd.

8,633

695

CA

Immobilien

Anlagen

AG

24,552

31,443

Capitaland

India

Trust

24,474

25,700

CapitaLand

Investment,

Ltd.

51,126

2,130

Castellum

AB*

27,991

781

Catena

AB

38,195

2,946

Cedar

Woods

Properties,

Ltd.

9,204

18,000

Chinese

Estates

Holdings,

Ltd.*

2,325

52,000

Chuang's

Consortium

International,

Ltd.*

2,790

851

Cibus

Nordic

Real

Estate

AB

(publ)

11,150

12,200

City

Developments,

Ltd.

52,981

1,684

Citycon

Oyj

6,950

27,675

CK

Asset

Holdings,

Ltd.

114,011

600

Colliers

International

Group,

Inc.

73,348

127

Colliers

International

Group,

Inc.

15,523

12,641

Corem

Property

Group

AB,

Class

B

12,873

340,000

CSI

Properties,

Ltd.

4,419

2,460

CTP

NV(a)

43,808

900

Daito

Trust

Construction

Co.,

Ltd.

102,614

8,400

Daiwa

House

Industry

Co.,

Ltd.

249,883

1,800

Dear

Life

Co.,

Ltd.

12,459

478

Deutsche

EuroShop

AG

9,786

1,307

Deutsche

Wohnen

SE

26,746

2,651

Dios

Fastigheter

AB

21,329

1,450

DREAM

Unlimited

Corp.

20,759

34,000

Emperor

International

Holdings,

Ltd.

1,729

577

Entra

ASA(a)

5,967

55,400

ESR

Group,

Ltd.(a)

59,338

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

28

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

4,939

Fabege

AB

$

46,197

83,930

Far

East

Consortium

International,

Ltd.

10,949

5,146

Fastighets

AB

Balder,

B

Shares*

37,752

862

FastPartner

AB,

Class

A

6,202

300

FirstService

Corp.,

Class

WI

49,671

436

FirstService

Corp.,

Class

WI

72,289

11,092

Foxtons

Group

plc

7,654

16,000

Frasers

Property,

Ltd.

10,073

2,231

Gav-Yam

Lands

Corp.,

Ltd.

17,006

1,100

Goldcrest

Co.,

Ltd.

18,438

28,069

Grainger

plc

91,235

1,873

Grand

City

Properties

SA*

21,417

10,516

Great

Eagle

Holdings,

Ltd.

14,763

17,100

GuocoLand,

Ltd.

19,002

28,000

Hang

Lung

Group,

Ltd.

32,239

39,984

Hang

Lung

Properties,

Ltd.

41,047

7,709

Harworth

Group

plc

13,461

1,200

Heiwa

Real

Estate

Co.,

Ltd.

31,480

14,706

Henderson

Land

Development

Co.,

Ltd.

41,979

143

Hiag

Immobilien

Holding

AG

12,560

37,840

HKR

International,

Ltd.

6,172

9,400

Ho

Bee

Land,

Ltd.

11,833

18,500

Hong

Fok

Corp.,

Ltd.

11,376

15,800

Hongkong

Land

Holdings,

Ltd.

48,516

2,049

Hufvudstaden

AB,

Class

A

24,902

7,600

Hulic

Co.,

Ltd.

78,037

11,000

Hysan

Development

Co.,

Ltd.

17,739

151

IES

Holdings,

Ltd.*

9,240

242

Immobel

SA

7,562

725

IMMOFINANZ

AG*

17,691

218

Ina

Invest

Holding

AG*

4,110

700

Information

Services

Corp.

14,311

2,409

Instone

Real

Estate

Group

SE(a)

23,209

29

Intershop

Holding

AG

20,839

164

Investis

Holding

SA

17,679

1,643

Israel

Canada

T.R,

Ltd.

6,551

59

Isras

Investment

Co.,

Ltd.

11,935

32,180

IWG

plc*

78,232

800

JINUSHI

Co.,

Ltd.

12,858

25,000

K.

Wah

International

Holdings,

Ltd.

5,724

1,500

Katitas

Co.,

Ltd.

19,553

1,200

Keihanshin

Building

Co.,

Ltd.

12,217

16,225

Kerry

Properties,

Ltd.

29,728

2,347

K-fast

Holding

AB*

4,671

3,270

Kojamo

Oyj

38,772

26,000

Kowloon

Development

Co.,

Ltd.

15,996

17,100

Lai

Sun

Development

Co.,

Ltd.*

1,332

44,500

Langham

Hospitality

Investments

and

Langham

Hospitality

Investments,

Ltd.

3,244

1,463

LEG

Immobilien

SE*

125,568

14,551

Lendlease

Corp.,

Ltd.

61,190

8,900

Leopalace21

Corp.

29,971

4,029

Lifestyle

Communities,

Ltd.

41,317

8,000

Liu

Chong

Hing

Investment,

Ltd.

4,927

4,644

LSL

Property

Services

plc

15,586

100

Mainstreet

Equity

Corp.

13,874

543

Mega

Or

Holdings,

Ltd.

14,518

463

Melisron,

Ltd.

34,290

59,000

Mingfa

Group

International

Co.,

Ltd.*

2,412

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

4,200

Mirarth

Holdings,

Inc.

$

13,825

5,100

Mitsubishi

Estate

Co.,

Ltd.

92,785

12,000

Mitsui

Fudosan

Co.,

Ltd.

129,315

9,306

Mivne

Real

Estate

KD,

Ltd.

22,985

342

Mobimo

Holding

AG,

Registered

Shares

98,220

100

Morguard

Corp.

8,737

28,087

New

World

Development

Co.,

Ltd.

29,643

1,539

Nexity

SA

15,723

1,700

Nisshin

Group

Holdings

Co.,

Ltd.

5,742

1,400

Nomura

Real

Estate

Holdings,

Inc.

39,591

522

NP3

Fastigheter

AB

10,780

3,693

Nyfosa

AB

36,403

17,900

OUE,

Ltd.

14,455

54,608

Oxley

Holdings,

Ltd.*

3,518

25,655

Pacific

Century

Premium

Developments,

Ltd.*

619

2,702

Pandox

AB

45,305

1,455

PATRIZIA

SE

13,532

5,361

PEXA

Group,

Ltd.*

47,370

1,195

Platzer

Fastigheter

Holding

AB,

Class

B

10,288

222

Prashkovsky

Investments

and

Construction,

Ltd.

5,674

1,324

PSP

Swiss

Property

AG,

Registered

Shares

173,499

125

Raysum

Co.,

Ltd.

2,845

3,244

Real

Matters,

Inc.*

14,658

4,100

Relo

Group,

Inc.

33,277

1,892

Sagax

AB,

Class

B

49,838

22,824

Samhallsbyggnadsbolaget

i

Norden

AB

8,981

1,200

SAMTY

Co.,

Ltd.

21,918

3,518

Savills

plc

47,392

1,875

Selvaag

Bolig

ASA

6,291

70,000

Shun

Tak

Holdings,

Ltd.*

6,714

100,800

Sinarmas

Land,

Ltd.

12,095

59,933

Sino

Land

Co.,

Ltd.

62,304

39,485

Sirius

Real

Estate,

Ltd.

48,805

5,000

Soundwill

Holdings,

Ltd.

4,453

200

SRE

Holdings

Corp.*

5,549

1,800

Starts

Corp.,

Inc.

37,434

2,567

StorageVault

Canada,

Inc.

9,780

1,800

Sumitomo

Realty

&

Development

Co.,

Ltd.

67,037

1,493

Summit

Real

Estate

Holdings,

Ltd.

18,943

1,800

Sun

Frontier

Fudousan

Co.,

Ltd.

22,237

8,921

Sun

Hung

Kai

Properties,

Ltd.

85,964

5,146

Swire

Pacific,

Ltd.,

Class

A

42,376

17,500

Swire

Pacific,

Ltd.,

Class

B

22,824

8,600

Swire

Properties,

Ltd.

18,092

1,615

Swiss

Prime

Site

AG,

Registered

Shares

152,311

4,471

TAG

Immobilien

AG*

61,131

21,000

TAI

Cheung

Holdings,

Ltd.

8,524

1,000

TKP

Corp.*

11,599

2,900

TOC

Co.,

Ltd.

13,322

6,400

Tokyo

Tatemono

Co.,

Ltd.

108,015

15,400

Tokyu

Fudosan

Holdings

Corp.

124,476

2,400

Tosei

Corp.

38,036

6,520

Tricon

Residential,

Inc.

72,691

213

UBM

Development

AG

4,320

12,600

UOL

Group,

Ltd.

53,781

435

VGP

NV

49,828

5,132

Vonovia

SE

151,755

5,039

Wallenstam

AB,

B

Shares

24,630

6

Warteck

Invest

AG,

Registered

Shares

12,210

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

29

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

6,203

Watkin

Jones

plc

$

3,192

12,829

Wharf

Real

Estate

Investment

Co.,

Ltd.

41,789

4,068

Wihlborgs

Fastigheter

AB

37,640

20,700

Wing

Tai

Holdings,

Ltd.

21,623

16,000

Wing

Tai

Properties,

Ltd.

4,457

148

YH

Dimri

Construction

&

Development,

Ltd.

11,646

17

Zug

Estates

Holding

AG,

Class

B

34,314

5,394,359

Retail

REITs

(0.0%

†

):

12,883

Investore

Property,

Ltd.

8,925

Semiconductors

&

Semiconductor

Equipment

(2.8%):

4,400

Advantest

Corp.

196,658

8,300

AEM

Holdings,

Ltd.

13,471

585

ASM

International

NV

356,336

1,726

ASML

Holding

NV,

NYS

1,675,031

1,186

ASML

Holding

NV

1,138,502

7,619

ASMPT,

Ltd.

95,891

698

BE

Semiconductor

Industries

NV

106,557

156

Camtek,

Ltd.*

12,978

600

Disco

Corp.

220,471

185

Elmos

Semiconductor

SE

14,748

1,700

Ferrotec

Holdings

Corp.

33,056

300

Furuya

Metal

Co.,

Ltd.

22,252

10,962

Infineon

Technologies

AG

372,610

24,323

IQE

plc*^

6,443

2,200

Japan

Material

Co.,

Ltd.

35,180

500

Lasertec

Corp.

141,818

500

Megachips

Corp.

12,764

707

Melexis

NV

57,290

700

Micronics

Japan

Co.,

Ltd.

38,695

800

Mimasu

Semiconductor

Industry

Co.,

Ltd.

16,268

500

Mitsui

High-Tec,

Inc.

28,302

1,737

Nordic

Semiconductor

ASA*

13,744

324

Nova,

Ltd.*

57,356

1,100

Optorun

Co.,

Ltd.

14,964

12,300

Renesas

Electronics

Corp.*

220,179

4,400

Rohm

Co.,

Ltd.

70,214

300

Rorze

Corp.

42,512

1,000

RS

Technologies

Co.,

Ltd.

20,059

700

Sanken

Electric

Co.,

Ltd.

30,717

1,200

SCREEN

Holdings

Co.,

Ltd.

156,133

600

Shibaura

Mechatronics

Corp.

25,516

300

Shindengen

Electric

Manufacturing

Co.,

Ltd.

6,022

1,000

Shinko

Electric

Industries

Co.,

Ltd.

37,345

743

Siltronic

AG

65,882

371

SMA

Solar

Technology

AG*

21,408

2,500

Socionext,

Inc.

68,255

690

SOITEC*

71,348

6,413

STMicroelectronics

NV

276,018

1,666

STMicroelectronics

NV,

NYS

72,038

409

SUESS

MicroTec

SE

16,126

11,800

SUMCO

Corp.

186,786

1,400

Tazmo

Co.,

Ltd.

34,797

3,100

Tokyo

Electron,

Ltd.

813,081

900

Tokyo

Seimitsu

Co.,

Ltd.

70,103

1,200

Torex

Semiconductor,

Ltd.

14,578

500

Towa

Corp.

33,265

1,335

Tower

Semiconductor,

Ltd.*

44,656

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

321

u-blox

Holding

AG

$

30,901

600

Ulvac,

Inc.

38,687

24,700

UMS

Holdings,

Ltd.

24,732

1,978

X-Fab

Silicon

Foundries

SE*(a)

14,960

1,200

Yamaichi

Electronics

Co.,

Ltd.

19,170

7,206,873

Software

(1.2%):

1,800

Access

Co.,

Ltd.*

20,828

1,484

accesso

Technology

Group

plc*

10,038

2,086

Altium,

Ltd.

88,643

177

Atoss

Software

AG

52,306

4,889

BlackBerry,

Ltd.*

13,392

19,135

Bravura

Solutions,

Ltd.*

17,483

3,570

Byggfakta

Group

Nordic

Holdco

AB*

15,445

7,675

Bytes

Technology

Group

plc

49,444

279

cBrain

A/S

15,366

4,700

Celsys,

Inc.

27,186

500

Computer

Engineering

&

Consulting,

Ltd.

5,122

4,726

Computer

Modelling

Group,

Ltd.

35,487

201

Constellation

Software,

Inc.

549,099

464

Crayon

Group

Holding

ASA*(a)

3,438

1,400

Cresco,

Ltd.

19,846

1,200

Cybozu,

Inc.

13,913

6,032

Darktrace

plc*

33,233

1,132

Dassault

Systemes

SE

50,063

564

Descartes

Systems

Group,

Inc.

(The)*

51,623

300

Descartes

Systems

Group,

Inc.

(The)*

27,444

300

Digital

Arts,

Inc.

8,612

989

Dye

&

Durham,

Ltd.

11,479

1,500

Enghouse

Systems,

Ltd.

33,812

669

FD

Technologies

plc*

10,382

1,600

Fixstars

Corp.

24,284

7,296

Fortnox

AB

45,561

1,966

F-Secure

Oyj

3,978

800

Fuji

Soft,

Inc.

31,709

900

Fukui

Computer

Holdings,

Inc.

15,364

4,528

GB

Group

plc

15,565

8,509

Hansen

Technologies,

Ltd.

27,001

700

I'll,

Inc.

13,973

16,011

Infomedia,

Ltd.

18,579

3,230

IRESS,

Ltd.*

17,473

1,500

Justsystems

Corp.

26,251

200

Kinaxis,

Inc.*

22,741

562

Lectra

19,612

4,811

Lightspeed

Commerce,

Inc.*

67,668

314

Lime

Technologies

AB

11,061

36

Linedata

Services

2,656

15,683

LINK

Mobility

Group

Holding

ASA*

28,743

1,195

Magic

Software

Enterprises,

Ltd.

13,791

500

Miroku

Jyoho

Service

Co.,

Ltd.

5,917

1,400

m-up

Holdings,

Inc.

10,831

1,504

Nemetschek

SE

148,806

145

Nice,

Ltd.*

37,813

30,146

Nuix,

Ltd.*

43,778

400

OBIC

Business

Consultants

Co.,

Ltd.

18,790

1,680

Open

Text

Corp.

65,195

896

Open

Text

Corp.

34,792

500

Oracle

Corp.

Japan

37,583

1,000

Plus

Alpha

Consulting

Co.,

Ltd.

16,023

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

30

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Software,

continued

601

QT

Group

Oyj*

$

49,536

900

Rakus

Co.,

Ltd.

12,138

5,734

Sage

Group

plc

(The)

91,556

1,640

SAP

SE

319,253

16,449

Sinch

AB*(a)

41,186

500

SRA

Holdings

13,050

8,400

Systena

Corp.

14,905

4,277

TeamViewer

SE*(a)

63,686

7,838

Technology

One,

Ltd.

86,669

1,942

Temenos

AG,

Registered

Shares

139,108

3,468

TomTom

NV*

27,714

1,500

Trend

Micro,

Inc.

76,305

3,188

Truecaller

AB,

Class

B*

9,743

12,001

Vista

Group

International,

Ltd.*

14,333

605

Vitec

Software

Group

AB,

B

Shares

31,410

44,000

Vobile

Group,

Ltd.*

9,064

1,200

WingArc1st,

Inc.

24,175

623

WiseTech

Global,

Ltd.

38,141

1,966

WithSecure

Oyj*

2,256

423

Xero,

Ltd.*

36,749

3,090,199

Specialty

Retail

(1.5%):

1,200

ABC-Mart,

Inc.

22,725

16,866

Accent

Group,

Ltd.

22,308

11,667

Adairs,

Ltd.

19,536

1,300

Adastria

Co.,

Ltd.

32,937

900

Alpen

Co.,

Ltd.

11,944

2,600

AOKI

Holdings,

Inc.

19,224

2,800

Aoyama

Trading

Co.,

Ltd.

30,967

3,270

ARCLANDS

Corp.

38,186

1,137

Aritzia,

Inc.*

31,397

1,006

ASOS

plc*^

4,867

1,143

Auto1

Group

SE*(a)

5,404

2,500

Autobacs

Seven

Co.,

Ltd.

26,079

613

AutoCanada,

Inc.*

12,166

2,778

Avolta

AG*

115,604

621

BHG

Group

AB*

1,073

2,300

Bic

Camera,

Inc.

19,482

2,768

Bilia

AB,

A

Shares

35,424

34,054

boohoo

Group

plc*^

15,453

3,245

Byggmax

Group

AB*

10,916

2,609

Carasso

Motors,

Ltd.

12,534

16,294

Card

Factory

plc*

19,027

3,919

CECONOMY

AG*

7,867

4,455

Cettire,

Ltd.*

11,757

800

Chiyoda

Co.,

Ltd.

4,689

32,200

Chow

Tai

Fook

Jewellery

Group,

Ltd.

47,554

1,435

Clas

Ohlson

AB,

B

Shares

19,443

51,069

Currys

plc*

39,091

4,700

DCM

Holdings

Co.,

Ltd.

45,479

928

Delek

Automotive

Systems,

Ltd.

5,656

7,507

DFS

Furniture

plc

10,465

291

Dor

Alon

Energy

in

Israel

1988,

Ltd.

6,060

2,929

Dunelm

Group

plc

41,900

5,584

Eagers

Automotive,

Ltd.

51,522

3,700

EDION

Corp.

37,220

115,950

Esprit

Holdings,

Ltd.*

1,690

1,200

Fast

Retailing

Co.,

Ltd.

371,921

995

Fielmann

Group

AG

45,681

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

917

Fnac

Darty

SA

$

28,689

280

Fox

Wizel,

Ltd.

26,195

4,126

Frasers

Group

plc*

42,264

2,300

Geo

Holdings

Corp.

28,826

100,000

Giordano

International,

Ltd.

26,343

7,052

H

&

M

Hennes

&

Mauritz

AB,

Class

B^

115,275

10,860

Halfords

Group

plc

21,996

1,000

Honeys

Holdings

Co.,

Ltd.

11,436

485

Hornbach

Holding

AG

&

Co.

KGaA

38,972

4,500

Hour

Glass,

Ltd.

(The)

5,334

2,800

IDOM,

Inc.

19,341

7,726

Industria

de

Diseno

Textil

SA

389,003

3,000

Istyle,

Inc.*

10,286

3,610

JB

Hi-Fi,

Ltd.

151,128

47,264

JD

Sports

Fashion

plc

80,118

700

JINS

Holdings,

Inc.

19,786

1,500

Joshin

Denki

Co.,

Ltd.

22,837

1,900

Joyful

Honda

Co.,

Ltd.

27,302

2,166

Kamux

Corp.

13,539

744

Kid

ASA(a)

9,740

58,089

Kingfisher

plc

182,675

26,469

KMD

Brands,

Ltd.

8,697

900

Kohnan

Shoji

Co.,

Ltd.

25,975

1,600

Komeri

Co.,

Ltd.

36,450

3,300

K's

Holdings

Corp.

28,351

1,766

Leon's

Furniture,

Ltd.

29,455

2,388

Lovisa

Holdings,

Ltd.

51,929

9,000

Luk

Fook

Holdings

International,

Ltd.

24,682

531

Maisons

du

Monde

SA(a)

2,484

2,347

Matas

A/S

39,863

1,681

MEKO

AB

18,921

1,563

Mobilezone

Holding

AG,

Registered

Shares

25,738

6,515

N

Brown

Group

plc*

1,315

1,800

Nextage

Co.,

Ltd.

34,106

3,966

Nick

Scali,

Ltd.

39,795

1,900

Nishimatsuya

Chain

Co.,

Ltd.

30,250

500

Nitori

Holdings

Co.,

Ltd.

75,381

3,600

Nojima

Corp.

40,143

28,290

Oriental

Watch

Holdings

12,945

2,000

PAL

GROUP

Holdings

Co.,

Ltd.

33,974

13,517

Pets

at

Home

Group

plc

45,780

76,677

Pinewood

Technologies

Group

plc*

37,155

3,411

Premier

Investments,

Ltd.

72,922

362

Retailors,

Ltd.

8,868

2,100

Sanrio

Co.,

Ltd.

40,400

600

Shimamura

Co.,

Ltd.

34,216

2,100

Sleep

Country

Canada

Holdings,

Inc.(a)

46,376

5,578

Super

Retail

Group,

Ltd.

58,534

3,968

Superdry

plc*

1,432

900

T-Gaia

Corp.

12,105

919

Unieuro

SpA^(a)

8,759

1,600

United

Arrows,

Ltd.

20,624

5,000

USS

Co.,

Ltd.

41,334

13,891

Vertu

Motors

plc

11,837

8,200

VT

Holdings

Co.,

Ltd.

29,012

8,991

Watches

of

Switzerland

Group

plc*(a)

40,748

4,054

WH

Smith

plc

67,350

8,059

Wickes

Group

plc

15,773

900

Workman

Co.,

Ltd.

23,695

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

31

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

800

World

Co.,

Ltd.

$

11,044

700

Xebio

Holdings

Co.,

Ltd.

4,468

12,508

XXL

ASA*(a)

1,073

14,700

Yamada

Holdings

Co.,

Ltd.

42,579

800

Yellow

Hat,

Ltd.

10,467

2,010

Zalando

SE*(a)

57,437

2,200

ZOZO,

Inc.

54,604

3,885,379

Technology

Hardware,

Storage

&

Peripherals

(0.3%):

48,648

ams-OSRAM

AG

56,414

4,100

Brother

Industries,

Ltd.

76,200

3,100

Canon,

Inc.

92,293

700

Eizo

Corp.

23,785

1,800

Elecom

Co.,

Ltd.

18,461

5,100

FUJIFILM

Holdings

Corp.

114,585

16,600

Konica

Minolta,

Inc.

54,282

960

Logitech

International

SA,

Class

R

85,922

4,000

MCJ

Co.,

Ltd.

35,451

12,000

PC

Partner

Group,

Ltd.

4,462

1,935

Quadient

SA

39,773

9,400

Ricoh

Co.,

Ltd.

83,713

600

Roland

DG

Corp.

21,488

3,800

Seiko

Epson

Corp.

66,385

900

Toshiba

TEC

Corp.

17,916

791,130

Textiles,

Apparel

&

Luxury

Goods

(2.1%):

525

adidas

AG

117,255

1,400

Asics

Corp.

66,126

448

Bijou

Brigitte

AG

18,413

989

Brunello

Cucinelli

SpA

113,085

6,725

Burberry

Group

plc

103,151

364

Calida

Holding

AG,

Registered

Shares

11,783

408

Canada

Goose

Holdings,

Inc.*

4,920

1,900

Canada

Goose

Holdings,

Inc.*

22,908

18,000

Chow

Sang

Sang

Holdings

International,

Ltd.

19,089

2,747

Cie

Financiere

Richemont

SA,

Registered

Shares

420,290

35,102

Coats

Group

plc

35,906

485

Delta

Galil,

Ltd.

21,348

14,425

Dr.

Martens

plc

16,008

1,142

Gildan

Activewear,

Inc.

42,402

4,231

Gildan

Activewear,

Inc.

157,038

400

Goldwin,

Inc.

25,447

900

Gunze,

Ltd.

32,259

174

Hermes

International

SCA

446,012

2,058

HUGO

BOSS

AG

121,263

1,500

Japan

Wool

Textile

Co.,

Ltd.

(The)

14,410

607

Kering

SA

239,893

700

Kurabo

Industries,

Ltd.

16,114

1,977

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,787,827

1,211

Marimekko

Oyj

16,237

1,891

Moncler

SpA

141,067

2,958

New

Wave

Group

AB,

Class

B

35,335

5,000

Onward

Holdings

Co.,

Ltd.

17,714

12,688

OVS

SpA(a)

33,341

44,000

Pacific

Textiles

Holdings,

Ltd.

7,089

3,804

Pandora

A/S

614,549

5,300

PRADA

SpA

41,995

2,690

Puma

SE

121,919

Shares

Value

Common

Stocks,

continued

Textiles,

Apparel

&

Luxury

Goods,

continued

7,277

Safilo

Group

SpA*

$

9,435

1,885

Salvatore

Ferragamo

SpA

22,920

40,200

Samsonite

International

SA*(a)

152,200

2,100

Sankyo

Seiko

Co.,

Ltd.

10,407

500

Sanyo

Shokai,

Ltd.

9,037

700

Seiko

Group

Corp.

18,869

17,500

Stella

International

Holdings,

Ltd.

27,905

906

Swatch

Group

AG

(The)

41,085

516

Swatch

Group

AG

(The),

Class

BR

119,754

11,500

Texhong

International

Group,

Ltd.*

6,292

60,000

Texwinca

Holdings,

Ltd.

5,601

3,200

TSI

Holdings

Co,

Ltd.

16,648

5,500

Unitika,

Ltd.*

6,050

377

Van

de

Velde

NV

13,820

1,000

Wacoal

Holdings

Corp.

24,392

33,514

Yue

Yuen

Industrial

Holdings,

Ltd.

47,571

5,414,179

Tobacco

(0.4%):

12,819

British

American

Tobacco

plc

389,553

13,254

Imperial

Brands

plc

296,273

10,200

Japan

Tobacco,

Inc.

271,945

2,779

Scandinavian

Tobacco

Group

A/S(a)

49,821

1,007,592

Trading

Companies

&

Distributors

(1.9%):

2,475

AddTech

AB,

B

Shares

56,275

500

ADENTRA,

Inc.

15,140

1,000

Alconix

Corp.

9,493

1,271

Alligo

AB,

Class

B

18,290

7,170

Ashtead

Group

plc

509,548

4,051

Ashtead

Technology

Holdings

plc

38,886

859

Azelis

Group

NV

18,133

653

BayWa

AG

17,712

2,058

Beijer

Ref

AB

30,519

1,271

Bergman

&

Beving

AB

24,879

236

Bossard

Holding

AG,

Registered

Shares

57,281

2,633

Brenntag

SE

221,766

955

Bufab

AB

37,435

2,141

Bunzl

plc

82,430

500

Chori

Co.,

Ltd.

11,169

70,000

CSC

Holdings,

Ltd.*

250

1,200

Daiichi

Jitsugyo

Co.,

Ltd.

16,803

1,272

Diploma

plc

59,829

4,000

Doman

Building

Materials

Group,

Ltd.

24,395

5,900

Finning

International,

Inc.

173,419

6,197

Grafton

Group

plc

78,371

1,100

Hanwa

Co.,

Ltd.

42,949

16,039

Howden

Joinery

Group

plc

183,369

1,797

IMCD

NV

316,657

1,800

Inaba

Denki

Sangyo

Co.,

Ltd.

41,735

1,800

Inabata

&

Co.,

Ltd.

37,913

3,700

ITOCHU

Corp.

158,684

616

Jacquet

Metals

SACA

12,240

500

Japan

Pulp

&

Paper

Co.,

Ltd.

17,115

700

Kamei

Corp.

9,538

900

Kanaden

Corp.

9,001

1,700

Kanamoto

Co.,

Ltd.

30,417

3,100

Kanematsu

Corp.

52,911

5,400

Marubeni

Corp.

93,539

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

32

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Trading

Companies

&

Distributors,

continued

1,500

Mitani

Corp.

$

18,419

14,400

Mitsubishi

Corp.

332,623

5,500

Mitsui

&

Co.,

Ltd.

257,009

800

Mitsui

Matsushima

Holdings

Co.,

Ltd.

15,329

1,271

Momentum

Group

AB

15,381

3,800

MonotaRO

Co.,

Ltd.

45,634

2,800

Nagase

&

Co.,

Ltd.

47,028

600

Nichiden

Corp.

10,533

1,200

Nishio

Holdings

Co.,

Ltd.

30,647

3,414

OEM

International

AB,

Class

B

33,497

700

Onoken

Co.,

Ltd.

8,668

22,000

Realord

Group

Holdings,

Ltd.*

15,347

3,537

Reece,

Ltd.

64,831

8,384

Rexel

SA

226,222

2,192

Richelieu

Hardware,

Ltd.

68,945

5,840

RS

GROUP

plc

53,499

2,804

Russel

Metals,

Inc.

93,308

207

Scope

Metals

Group,

Ltd.*

7,351

1,200

Senshu

Electric

Co.,

Ltd.

39,563

2,886

Seven

Group

Holdings,

Ltd.

76,705

500

Shinsho

Corp.

23,883

22,549

SIG

plc*

8,309

3,300

Sojitz

Corp.

86,967

409

Solar

A/S,

B

Shares

19,679

17,864

Speedy

Hire

plc

5,721

7,200

Sumitomo

Corp.

173,375

130,000

Theme

International

Holdings,

Ltd.*

10,299

269

Thermador

Groupe

25,622

1,965

Toromont

Industries,

Ltd.

189,115

2,100

Totech

Corp.

41,719

3,300

Toyota

Tsusho

Corp.

226,580

9,570

Travis

Perkins

plc

88,054

1,000

Trusco

Nakayama

Corp.

16,934

800

Wajax

Corp.

19,350

2,700

Wakita

&

Co.,

Ltd.

28,503

2,700

Yamazen

Corp.

23,872

800

Yuasa

Trading

Co.,

Ltd.

27,922

4,984,534

Transportation

Infrastructure

(0.5%):

855

Aena

SME

SA(a)

168,287

410

Aeroports

de

Paris

SA

56,166

14,039

Atlas

Arteria,

Ltd.

48,754

6,246

Auckland

International

Airport,

Ltd.

31,114

6,757

Enav

SpA(a)

28,280

822

Flughafen

Zurich

AG,

Registered

Shares

186,482

1,272

Fraport

AG

Frankfurt

Airport

Services

Worldwide*

67,042

8,326

Getlink

SE

141,694

1,618

Hamburger

Hafen

und

Logistik

AG*

28,982

182,200

Hutchison

Port

Holdings

Trust,

Class

U

22,965

1,940

James

Fisher

&

Sons

plc*

6,389

700

Japan

Airport

Terminal

Co.,

Ltd.

27,656

2,100

Kamigumi

Co.,

Ltd.

46,199

1,400

Mitsubishi

Logistics

Corp.

45,329

400

Nissin

Corp.

7,552

5,399

Port

of

Tauranga,

Ltd.

17,416

33,590

Qube

Holdings,

Ltd.

74,779

7,976

SATS,

Ltd.*

15,365

6,900

SIA

Engineering

Co.,

Ltd.

11,553

2,100

Sumitomo

Warehouse

Co.,

Ltd.

(The)

35,305

Shares

Value

Common

Stocks,

continued

Transportation

Infrastructure,

continued

14,732

Transurban

Group

$

128,037

1,941

Westshore

Terminals

Investment

Corp.

36,716

1,232,062

Water

Utilities

(0.1%):

7,001

Pennon

Group

plc

57,266

3,413

Severn

Trent

plc

106,481

45,000

SIIC

Environment

Holdings,

Ltd.

5,468

9,321

United

Utilities

Group

plc

121,173

290,388

Wireless

Telecommunication

Services

(0.8%):

1,292

1&1

AG

22,324

27,529

Airtel

Africa

plc(a)

36,725

3,670

Cellcom

Israel,

Ltd.*

15,772

4,821

Freenet

AG

135,635

88,000

Hutchison

Telecommunications

Hong

Kong

Holdings,

Ltd.

11,360

14,500

KDDI

Corp.

428,792

5,840

Millicom

International

Cellular

SA*

119,048

1,000

Okinawa

Cellular

Telephone

Co.

23,570

1,324

Orange

Belgium

SA*

19,580

8,995

Partner

Communications

Co.,

Ltd.*

39,219

4,751

Rogers

Communications,

Inc.,

Class

B

194,684

1,242

Rogers

Communications,

Inc.,

Class

B

50,922

35,000

SmarTone

Telecommunications

Holdings,

Ltd.

17,136

19,300

SoftBank

Corp.

247,895

4,600

SoftBank

Group

Corp.

274,933

21,800

StarHub,

Ltd.

19,058

14,576

Tele2

AB,

B

Shares

119,722

373,231

Vodafone

Group

plc

330,393

2,106,768

Total

Common

Stocks

(Cost

$222,756,029)

255,870,448

Preferred

Stocks

(0.5%):

Automobile

Components

(0.0%

†

):

2,535

Schaeffler

AG,

7.20%

17,090

Automobiles

(0.3%):

839

Bayerische

Motoren

Werke

AG,

8.57%,

5/15/20

89,950

657

Dr

Ing

hc

F

Porsche

AG,

1.09%(a)

65,391

1,966

Porsche

Automobil

Holding

SE,

5.21%,

5/20/20

104,198

3,723

Volkswagen

AG,

7.13%,

5/8/20

493,693

753,232

Chemicals

(0.0%

†

):

2,052

FUCHS

SE

101,603

Construction

Materials

(0.0%

†

):

123

STO

SE

&

Co

KGaA,

0.20%

20,985

Ground

Transportation

(0.0%

†

):

762

Sixt

SE,

6.07%

55,897

Health

Care

Equipment

&

Supplies

(0.0%

†

):

509

Draegerwerk

AG

&

Co.

KGaA,

0.37%

27,946

Household

Products

(0.1%):

1,709

Henkel

AG

&

Co.

KGaA,

2.48%,

4/21/20

137,329

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

33

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024.

Shares

Value

Preferred

Stocks,

continued

Life

Sciences

Tools

&

Services

(0.1%):

256

Sartorius

AG,

0.39%

$

101,799

Machinery

(0.0%

†

):

2,224

Jungheinrich

AG

82,229

Total

Preferred

Stocks

(Cost

$1,289,740)

1,298,110

Contracts

Warrants

(0.0%

†

):

Metals

&

Mining

(0.0%

†

):

2,352

Arafura

Rare

Earths,

Ltd.,

6/20/25*

86

Software

(0.0%

†

):

201

Constellation

Software,

Inc.,

3/31/40*(b)

—

Total

Warrants

(Cost

$—)

86

Shares

Rights

(0.0%

†

):

Household

Durables

(0.0%

†

):

5,576

Nobia

AB,

Expires

on

4/18/24*

2,970

Shares

Value

Rights,

continued

Metals

&

Mining

(0.0%

†

):

1,335

Syrah

Resources,

Ltd.,

Expires

on

4/4/24*

$

—

Total

Rights

(Cost

$22,677)

2,970

Unaffiliated

Investment

Companies

(1.2%):

Money

Markets

(1.2%):

2,726,830

BlackRock

Liquidity

FedFund,

Institutional

Class,

5.07%(c)(d)

2,726,830

313,571

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.19%(d)

313,571

Total

Unaffiliated

Investment

Companies

(Cost

$3,040,401)

3,040,401

Total

Investment

Securities

(Cost

$227,108,847)

—

100.1%

260,212,015

Net

other

assets

(liabilities)

—

(0.1)%

(361,622)

Net

Assets

—

100.0%

$

259,850,393

ADR—American

Depository

Receipt

NYS—New

York

Shares

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$2,522,174.

(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

March

31,

2024.

(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

March

31,

2024.

(d)

The

rate

represents

the

effective

yield

at

March

31,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(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

March

31,

2024:

(Unaudited)

Country

Percentage

Australia

6.4‌%

Austria

0.5‌%

Belgium

1.2‌%

Bermuda

0.1‌%

Cambodia

—‌%

†

Canada

10.7‌%

Chile

—‌%

†

China

—‌%

†

Cyprus

—‌%

†

Denmark

2.5‌%

Faroe

Islands

—‌%

†

Finland

1.4‌%

France

7.5‌%

Georgia

—‌%

†

Germany

7.0‌%

Greece

—‌%

†

Hong

Kong

1.7‌%

Ireland

1.5‌%

Isle

of

Man

—‌%

†

Israel

0.9‌%

Italy

2.4‌%

Japan

23.1‌%

Jersey

—‌%

†

Jordan

—‌%

†

Liechtenstein

—‌%

†

Luxembourg

0.4‌%

Macau

—‌%

†

Malaysia

—‌%

†

Malta

—‌%

†

Mexico

—‌%

†

Mongolia

—‌%

†

Netherlands

3.9‌%

New

Zealand

0.3‌%

Norway

0.7‌%

Peru

—‌%

†

Poland

—‌%

†

Portugal

0.3‌%

Russia

—‌%

†

Singapore

1.0‌%

South

Africa

—‌%

†

Spain

2.6‌%

Sweden

2.7‌%

Switzerland

7.9‌%

Taiwan,

Province

Of

China

—‌%

†

Thailand

—‌%

†

United

Arab

Emirates

—‌%

†

United

Kingdom

11.8‌%

United

States

1.5‌%

100.0‌%

†

Represents

less

than

0.05%.

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

35

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(99.8%):

Aerospace

&

Defense

(1.5%):

1,210

AAR

Corp.*

$

72,443

358

AeroVironment,

Inc.*

54,874

712

Astronics

Corp.*

13,556

415

Astronics

Corp.,

Class

B*

7,499

733

Axon

Enterprise,

Inc.*

229,341

6,841

Boeing

Co.

(The)*

1,320,245

3,558

BWX

Technologies,

Inc.

365,122

685

CPI

Aerostructures,

Inc.*

1,603

1,414

Curtiss-Wright

Corp.

361,899

625

Ducommun,

Inc.*

32,062

2,977

General

Dynamics

Corp.

840,973

532

HEICO

Corp.

101,612

904

HEICO

Corp.,

Class

A

139,162

1,670

Hexcel

Corp.

121,660

6,183

Howmet

Aerospace,

Inc.

423,103

1,516

Huntington

Ingalls

Industries,

Inc.

441,869

870

Kaman

Corp.

39,907

6,214

Kratos

Defense

&

Security

Solutions,

Inc.*

114,213

2,920

L3Harris

Technologies,

Inc.

622,252

4,305

Lockheed

Martin

Corp.

1,958,215

1,678

Mercury

Systems,

Inc.*

49,501

1,464

Moog,

Inc.,

Class

A

233,728

343

National

Presto

Industries,

Inc.

28,743

1,734

Northrop

Grumman

Corp.

829,996

953

Park

Aerospace

Corp.

15,848

14,554

RTX

Corp.

1,419,452

4,367

Textron,

Inc.

418,926

655

TransDigm

Group,

Inc.

806,698

337

V2X,

Inc.*

15,741

1,431

Woodward,

Inc.

220,546

11,300,789

Air

Freight

&

Logistics

(0.6%):

3,159

Air

Transport

Services

Group,

Inc.*

43,468

3,852

CH

Robinson

Worldwide,

Inc.

293,291

3,261

Expeditors

International

of

Washington,

Inc.

396,440

4,378

FedEx

Corp.

1,268,482

1,224

Forward

Air

Corp.

38,078

4,705

GXO

Logistics,

Inc.*

252,941

3,293

Hub

Group,

Inc.,

Class

A

142,323

3,266

Radiant

Logistics,

Inc.*

17,702

15,457

United

Parcel

Service,

Inc.,

Class

B

2,297,374

4,750,099

Automobile

Components

(0.4%):

3,555

Adient

plc*

117,031

10,209

American

Axle

&

Manufacturing

Holdings,

Inc.*

75,138

4,483

Aptiv

plc*

357,071

4,723

Autoliv,

Inc.

568,791

5,839

BorgWarner,

Inc.

202,847

1,256

Cooper-Standard

Holdings,

Inc.*

20,799

5,990

Dana,

Inc.

76,073

1,280

Dorman

Products,

Inc.*

123,379

1,423

Fox

Factory

Holding

Corp.*

74,096

2,200

Garrett

Motion,

Inc.*

21,868

9,431

Gentex

Corp.

340,648

999

Gentherm,

Inc.*

57,522

15,806

Goodyear

Tire

&

Rubber

Co.

(The)*

217,016

578

LCI

Industries

71,129

Shares

Value

Common

Stocks,

continued

Automobile

Components,

continued

2,540

Lear

Corp.

$

367,995

3,637

Modine

Manufacturing

Co.*

346,206

1,190

Motorcar

Parts

of

America,

Inc.*

9,568

1,356

Patrick

Industries,

Inc.

162,001

1,374

Phinia,

Inc.

52,803

2,366

QuantumScape

Corp.*

14,882

616

Standard

Motor

Products,

Inc.

20,667

587

Stoneridge,

Inc.*

10,824

275

Strattec

Security

Corp.*

6,526

1,184

Visteon

Corp.*

139,250

400

XPEL,

Inc.*

21,608

3,475,738

Automobiles

(0.8%):

53,283

Ford

Motor

Co.

707,598

17,688

General

Motors

Co.

802,151

8,524

Harley-Davidson,

Inc.

372,840

4,690

Lucid

Group,

Inc.*^

13,367

13,446

Rivian

Automotive,

Inc.,

Class

A*^

147,234

21,117

Tesla,

Inc.*

3,712,157

2,301

Thor

Industries,

Inc.

269,999

1,509

Winnebago

Industries,

Inc.

111,666

6,137,012

Banks

(4.5%):

859

1st

Source

Corp.

45,029

504

ACNB

Corp.

18,950

1,092

Amalgamated

Financial

Corp.

26,208

661

American

National

Bankshares,

Inc.

31,569

3,429

Ameris

Bancorp

165,895

704

Ames

National

Corp.

14,207

1,076

Arrow

Financial

Corp.

26,922

8,497

Associated

Banc-Corp.

182,770

4,209

Atlantic

Union

Bankshares

Corp.

148,620

3,462

Axos

Financial,

Inc.*

187,086

3,663

Banc

of

California,

Inc.

55,714

1,452

BancFirst

Corp.

127,820

2,831

Bancorp,

Inc.

(The)*

94,725

86,104

Bank

of

America

Corp.

3,265,064

1,028

Bank

of

Hawaii

Corp.

64,137

724

Bank

of

Marin

Bancorp

12,141

3,254

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

104,095

6,593

Bank

OZK

299,718

1,591

BankFinancial

Corp.

16,706

4,263

BankUnited,

Inc.

119,364

2,014

Banner

Corp.

96,672

433

Bar

Harbor

Bankshares

11,466

842

BCB

Bancorp,

Inc.

8,799

1,898

Berkshire

Hills

Bancorp,

Inc.

43,502

2,482

BOK

Financial

Corp.

228,344

2,707

Brookline

Bancorp,

Inc.

26,962

977

Byline

Bancorp,

Inc.

21,220

74

C&F

Financial

Corp.

3,626

10,276

Cadence

Bank

298,004

256

Cambridge

Bancorp

17,449

843

Camden

National

Corp.

28,257

489

Capital

City

Bank

Group,

Inc.

13,545

10,139

Capitol

Federal

Financial,

Inc.

60,428

1,023

Carter

Bankshares,

Inc.*

12,931

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

36

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

4,087

Cathay

General

Bancorp

$

154,611

1,402

Central

Pacific

Financial

Corp.

27,689

377

Chemung

Financial

Corp.

16,015

23,038

Citigroup,

Inc.

1,456,923

943

Citizens

&

Northern

Corp.

17,710

6,163

Citizens

Financial

Group,

Inc.

223,655

552

Citizens

Holding

Co.

4,339

604

City

Holding

Co.

62,949

938

Civista

Bancshares,

Inc.

14,426

735

CNB

Financial

Corp.

14,987

85

Codorus

Valley

Bancorp,

Inc.

1,935

56

Colony

Bankcorp,

Inc.

644

4,298

Columbia

Financial,

Inc.*

73,969

191

Comerica,

Inc.

10,503

3,093

Commerce

Bancshares,

Inc.

164,548

3,029

Community

Bank

System,

Inc.

145,483

517

Community

Trust

Bancorp,

Inc.

22,050

933

Community

West

Bancshares

18,557

1,154

ConnectOne

Bancorp,

Inc.

22,503

1,720

Cullen/Frost

Bankers,

Inc.

193,620

1,643

Customers

Bancorp,

Inc.*

87,178

2,243

CVB

Financial

Corp.

40,015

1,876

Dime

Community

Bancshares,

Inc.

36,132

1,065

Eagle

Bancorp,

Inc.

25,017

2,719

East

West

Bancorp,

Inc.

215,100

4,884

Eastern

Bankshares,

Inc.

67,302

2,103

Enterprise

Financial

Services

Corp.

85,298

682

Equity

Bancshares,

Inc.,

Class

A

23,440

855

ESSA

Bancorp,

Inc.

15,587

312

Evans

Bancorp,

Inc.

9,316

1,329

Farmers

National

Banc

Corp.

17,755

1,860

FB

Financial

Corp.

70,048

15,437

Fifth

Third

Bancorp

574,411

1,053

Financial

Institutions,

Inc.

19,817

2,566

First

Bancorp

92,684

8,462

First

BanCorp

148,423

814

First

Bancorp,

Inc.

(The)

20,057

611

First

Bancshares,

Inc.

(The)

15,855

2,494

First

Busey

Corp.

59,981

664

First

Business

Financial

Services,

Inc.

24,900

408

First

Capital,

Inc.

11,832

109

First

Citizens

BancShares,

Inc.,

Class

A

178,215

6,217

First

Commonwealth

Financial

Corp.

86,541

512

First

Community

Bankshares,

Inc.

17,731

4,544

First

Financial

Bancorp

101,876

6,313

First

Financial

Bankshares,

Inc.

207,130

536

First

Financial

Corp.

20,545

733

First

Financial

Northwest,

Inc.

15,070

1,155

First

Foundation,

Inc.

8,720

7,191

First

Hawaiian,

Inc.

157,914

12,573

First

Horizon

Corp.

193,624

4,307

First

Interstate

BancSystem,

Inc.,

Class

A

117,193

3,120

First

Merchants

Corp.

108,888

660

First

Mid

Bancshares,

Inc.

21,569

1,573

First

of

Long

Island

Corp.

(The)

17,445

2,253

Flushing

Financial

Corp.

28,410

20,310

FNB

Corp.

286,371

9,404

Fulton

Financial

Corp.

149,430

769

German

American

Bancorp,

Inc.

26,638

Shares

Value

Common

Stocks,

continued

Banks,

continued

6,173

Glacier

Bancorp,

Inc.

$

248,648

397

Great

Southern

Bancorp,

Inc.

21,764

16

Greene

County

Bancorp,

Inc.

461

4,066

Hancock

Whitney

Corp.

187,199

2,408

Hanmi

Financial

Corp.

38,335

1,642

HarborOne

Bancorp,

Inc.

17,504

45

Hawthorn

Bancshares,

Inc.

919

636

HBT

Financial,

Inc.

12,109

2,376

Heartland

Financial

USA,

Inc.

83,516

2,010

Heritage

Commerce

Corp.

17,246

1,197

Heritage

Financial

Corp.

23,210

2,750

Hilltop

Holdings,

Inc.

86,130

62

Hingham

Institution

For

Savings

(The)^

10,817

11,467

Home

BancShares,

Inc.

281,744

628

HomeStreet,

Inc.

9,451

484

HomeTrust

Bancshares,

Inc.

13,233

4,470

Hope

Bancorp,

Inc.

51,450

1,071

Horizon

Bancorp,

Inc.

13,741

17,788

Huntington

Bancshares,

Inc.

248,143

413

IF

Bancorp,

Inc.

6,819

855

Independent

Bank

Corp.

21,674

1,436

Independent

Bank

Corp.

74,701

2,348

Independent

Bank

Group,

Inc.

107,186

3,500

International

Bancshares

Corp.

196,490

44,475

JPMorgan

Chase

&

Co.

8,908,343

2,442

Kearny

Financial

Corp.

15,726

1,249

Kentucky

First

Federal

Bancorp

4,771

10,493

KeyCorp

165,894

750

Lake

Shore

Bancorp,

Inc.*

8,835

1,465

Lakeland

Bancorp,

Inc.

17,727

1,343

Lakeland

Financial

Corp.

89,068

607

Landmark

Bancorp,

Inc.

11,703

712

LCNB

Corp.

11,349

1,274

Live

Oak

Bancshares,

Inc.

52,884

3,506

M&T

Bank

Corp.

509,913

2,571

Macatawa

Bank

Corp.

25,170

472

Mercantile

Bank

Corp.

18,167

684

Metrocity

Bankshares,

Inc.

17,073

241

Midland

States

Bancorp,

Inc.

6,056

638

MidWestOne

Financial

Group,

Inc.

14,955

1,928

National

Bank

Holdings

Corp.,

Class

A

69,543

514

National

Bankshares,

Inc.

17,173

1,885

NBT

Bancorp,

Inc.

69,142

17,170

New

York

Community

Bancorp,

Inc.

55,287

373

Nicolet

Bankshares,

Inc.

32,074

1,501

Northfield

Bancorp,

Inc.

14,590

510

Northrim

Bancorp,

Inc.

25,760

7,376

Northwest

Bancshares,

Inc.

85,930

511

Norwood

Financial

Corp.

13,904

3,803

OceanFirst

Financial

Corp.

62,407

2,292

OFG

Bancorp

84,369

440

Ohio

Valley

Banc

Corp.

10,758

7,179

Old

National

Bancorp

124,986

2,225

Old

Second

Bancorp,

Inc.

30,794

2,023

Origin

Bancorp,

Inc.

63,199

638

Orrstown

Financial

Services,

Inc.

17,079

5,352

Pacific

Premier

Bancorp,

Inc.

128,448

939

Park

National

Corp.

127,563

1,240

Pathward

Financial,

Inc.

62,595

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

37

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

1,165

Peapack-Gladstone

Financial

Corp.

$

28,344

546

Penns

Woods

Bancorp,

Inc.

10,598

608

Peoples

Bancorp

of

North

Carolina,

Inc.

16,933

1,117

Peoples

Bancorp,

Inc.

33,074

2,752

Pinnacle

Financial

Partners,

Inc.

236,342

5,077

PNC

Financial

Services

Group,

Inc.

(The)

820,443

3,211

Popular,

Inc.

282,857

432

Preferred

Bank

33,165

1,369

Premier

Financial

Corp.

27,791

707

Primis

Financial

Corp.

8,604

2,728

Prosperity

Bancshares,

Inc.

179,448

679

Provident

Financial

Holdings,

Inc.

9,085

4,672

Provident

Financial

Services,

Inc.

68,071

606

QCR

Holdings,

Inc.

36,808

487

RBB

Bancorp

8,771

14,189

Regions

Financial

Corp.

298,537

2,793

Renasant

Corp.

87,477

917

Republic

Bancorp,

Inc.,

Class

A

46,767

420

Riverview

Bancorp,

Inc.

1,982

1,756

S&T

Bancorp,

Inc.

56,332

3,092

Sandy

Spring

Bancorp,

Inc.

71,673

1,366

Seacoast

Banking

Corp.

34,683

1,767

ServisFirst

Bancshares,

Inc.

117,258

1,113

Shore

Bancshares,

Inc.

12,800

1,028

Sierra

Bancorp

20,766

7,336

Simmons

First

National

Corp.,

Class

A

142,759

100

South

Plains

Financial,

Inc.

2,676

561

Southern

Missouri

Bancorp,

Inc.

24,521

950

Southside

Bancshares,

Inc.

27,769

2,760

SouthState

Corp.

234,683

2,578

Stellar

Bancorp,

Inc.

62,800

1,764

Sterling

Bancorp,

Inc.*

9,102

1,460

Stock

Yards

Bancorp,

Inc.

71,409

557

Summit

Financial

Group,

Inc.

15,128

8,225

Synovus

Financial

Corp.

329,493

733

Territorial

Bancorp,

Inc.

5,908

1,319

Texas

Capital

Bancshares,

Inc.*

81,184

9,473

TFS

Financial

Corp.

118,981

490

Tompkins

Financial

Corp.

24,642

4,196

Towne

Bank

117,740

1,020

TriCo

Bancshares

37,516

1,001

Triumph

Financial,

Inc.*

79,399

3,439

Truist

Financial

Corp.

134,052

559

TrustCo

Bank

Corp.

15,741

2,995

Trustmark

Corp.

84,189

1,375

UMB

Financial

Corp.

119,611

7,589

United

Bankshares,

Inc.

271,610

6,479

United

Community

Banks,

Inc.

170,527

1,190

United

Security

Bancshares

9,175

42

Unity

Bancorp,

Inc.

1,159

850

Univest

Financial

Corp.

17,697

20,714

US

Bancorp

925,916

23,069

Valley

National

Bancorp

183,628

1,827

Veritex

Holdings,

Inc.

37,435

4,015

WaFd,

Inc.

116,555

501

Washington

Trust

Bancorp,

Inc.

13,467

6,354

Webster

Financial

Corp.

322,593

44,105

Wells

Fargo

&

Co.

2,556,326

3,211

WesBanco,

Inc.

95,720

Shares

Value

Common

Stocks,

continued

Banks,

continued

1,062

West

BanCorp,

Inc.

$

18,935

1,793

Westamerica

BanCorp

87,642

2,129

Western

Alliance

Bancorp

136,661

1,498

Western

New

England

BanCorp,

Inc.

11,490

3,437

Wintrust

Financial

Corp.

358,788

3,462

WSFS

Financial

Corp.

156,275

2,715

Zions

Bancorp

NA

117,831

34,571,586

Beverages

(1.3%):

145

Boston

Beer

Co.,

Inc.

(The),

Class

A*

44,141

1,105

Brown-Forman

Corp.,

Class

A

58,510

5,467

Brown-Forman

Corp.,

Class

B

282,206

3,981

Celsius

Holdings,

Inc.*

330,104

55,551

Coca-Cola

Co.

(The)

3,398,610

325

Coca-Cola

Consolidated,

Inc.

275,083

1,746

Constellation

Brands,

Inc.,

Class

A

474,493

3,686

Duckhorn

Portfolio,

Inc.

(The)*

34,317

13,948

Keurig

Dr

Pepper,

Inc.

427,785

838

MGP

Ingredients,

Inc.

72,177

4,528

Molson

Coors

Beverage

Co.,

Class

B

304,508

5,214

Monster

Beverage

Corp.*

309,086

1,921

National

Beverage

Corp.*

91,171

24,604

PepsiCo,

Inc.

4,305,946

10,408,137

Biotechnology

(2.1%):

26,364

AbbVie,

Inc.

4,800,884

396

Adverum

Biotechnologies,

Inc.*

5,599

2,583

Agios

Pharmaceuticals,

Inc.*

75,527

3,000

Alector,

Inc.*

18,060

6,056

Alkermes

plc*

163,936

6,160

Allakos,

Inc.*

7,762

4,027

Allogene

Therapeutics,

Inc.*

18,001

2,071

Alnylam

Pharmaceuticals,

Inc.*

309,511

4,823

Altimmune,

Inc.*

49,098

7,509

Amgen,

Inc.

2,134,959

955

AnaptysBio,

Inc.*

21,507

955

Anika

Therapeutics,

Inc.*

24,257

4,012

Arcus

Biosciences,

Inc.*

75,747

1,763

Avidity

Biosciences,

Inc.*

44,992

3,076

Beam

Therapeutics,

Inc.*

101,631

2,115

Biogen,

Inc.*

456,058

2,699

BioMarin

Pharmaceutical,

Inc.*

235,731

1,469

Bluebird

Bio,

Inc.*

1,880

5,471

CareDx,

Inc.*

57,938

1,101

Celldex

Therapeutics,

Inc.*

46,209

3,031

CRISPR

Therapeutics

AG*

206,593

2,869

Deciphera

Pharmaceuticals,

Inc.*

45,129

1,534

Denali

Therapeutics,

Inc.*

31,478

7,054

Dynavax

Technologies

Corp.*

87,540

233

Eagle

Pharmaceuticals,

Inc.*

1,221

1,370

Editas

Medicine,

Inc.*

10,165

1,656

Emergent

BioSolutions,

Inc.*

4,190

585

Enanta

Pharmaceuticals,

Inc.*

10,214

3,380

Exact

Sciences

Corp.*

233,423

11,465

Exelixis,

Inc.*

272,064

5,379

Fate

Therapeutics,

Inc.*

39,482

1,432

G1

Therapeutics,

Inc.*

6,186

23,066

Gilead

Sciences,

Inc.

1,689,585

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

38

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

3,331

Halozyme

Therapeutics,

Inc.*

$

135,505

663

Ideaya

Biosciences,

Inc.*

29,092

2,196

Incyte

Corp.*

125,106

961

Intellia

Therapeutics,

Inc.*

26,437

10,368

Iovance

Biotherapeutics,

Inc.*

153,654

1,306

iTeos

Therapeutics,

Inc.*

17,814

200

Kodiak

Sciences,

Inc.*

1,052

367

Krystal

Biotech,

Inc.*

65,300

3,563

Kura

Oncology,

Inc.*

75,999

1,457

Kymera

Therapeutics,

Inc.*

58,571

1,449

MacroGenics,

Inc.*

21,329

3,239

Moderna,

Inc.*

345,148

605

Mural

Oncology

plc*

2,958

3,861

Myriad

Genetics,

Inc.*

82,317

582

Natera,

Inc.*

53,230

1,298

Neurocrine

Biosciences,

Inc.*

179,020

9,565

PDL

BioPharma,

Inc.*

11,382

4,602

Poseida

Therapeutics,

Inc.*

14,680

1,321

Prothena

Corp.

plc*

32,721

4,160

Recursion

Pharmaceuticals,

Inc.,

Class

A*

41,475

1,374

Regeneron

Pharmaceuticals,

Inc.*

1,322,461

1,759

REGENXBIO,

Inc.*

37,062

3,704

Relay

Therapeutics,

Inc.*

30,743

2,810

Replimune

Group,

Inc.*

22,958

4,502

REVOLUTION

Medicines,

Inc.*

145,100

1,042

Rocket

Pharmaceuticals,

Inc.*

28,072

1,793

Sage

Therapeutics,

Inc.*

33,601

2,916

Sangamo

Therapeutics,

Inc.*

1,954

555

Sarepta

Therapeutics,

Inc.*

71,850

1,802

SpringWorks

Therapeutics,

Inc.*

88,694

4,070

Twist

Bioscience

Corp.*

139,642

1,347

United

Therapeutics

Corp.*

309,433

1,179

Vanda

Pharmaceuticals,

Inc.*

4,846

1,406

Veracyte,

Inc.*

31,157

2,136

Vertex

Pharmaceuticals,

Inc.*

892,869

2,800

Voyager

Therapeutics,

Inc.*

26,068

3,099

Xencor,

Inc.*

68,581

2,020

Zentalis

Pharmaceuticals,

Inc.*

31,835

16,046,273

Broadline

Retail

(2.7%):

103,109

Amazon.com,

Inc.*

18,598,801

1,406

Big

Lots,

Inc.

6,088

715

Dillard's,

Inc.,

Class

A

337,223

17,164

eBay,

Inc.

905,916

2,683

Etsy,

Inc.*

184,376

5,359

Kohl's

Corp.

156,215

15,507

Macy's,

Inc.

309,985

1,842

Nordstrom,

Inc.

37,337

2,669

Ollie's

Bargain

Outlet

Holdings,

Inc.*

212,372

8,810

Qurate

Retail,

Inc.,

Class

A*

10,836

20,759,149

Building

Products

(1.2%):

3,670

A

O

Smith

Corp.

328,318

2,311

AAON,

Inc.

203,599

2,768

Advanced

Drainage

Systems,

Inc.

476,760

1,585

Allegion

plc

213,515

1,489

Allegion

plc

200,583

515

American

Woodmark

Corp.*

52,355

Shares

Value

Common

Stocks,

continued

Building

Products,

continued

1,085

Apogee

Enterprises,

Inc.

$

64,232

1,623

Armstrong

World

Industries,

Inc.

201,609

5,175

AZEK

Co.,

Inc.

(The)*

259,888

394

AZZ,

Inc.

30,460

5,485

Builders

FirstSource,

Inc.*

1,143,897

1,147

Carlisle

Cos.,

Inc.

449,452

12,777

Carrier

Global

Corp.

742,727

547

CSW

Industrials,

Inc.

128,326

2,444

Fortune

Brands

Innovations,

Inc.

206,933

1,430

Gibraltar

Industries,

Inc.*

115,158

1,993

Griffon

Corp.

146,167

7,176

Hayward

Holdings,

Inc.*

109,865

1,209

Insteel

Industries,

Inc.

46,208

4,309

Janus

International

Group,

Inc.*

65,195

3,895

JELD-WEN

Holding,

Inc.*

82,691

7,684

Johnson

Controls

International

plc

501,919

717

Lennox

International,

Inc.

350,441

3,336

Masco

Corp.

263,144

681

Masonite

International

Corp.*

89,517

2,444

Masterbrand,

Inc.*

45,801

3,785

Owens

Corning

631,338

1,160

Quanex

Building

Products

Corp.

44,579

5,771

Resideo

Technologies,

Inc.*

129,386

1,119

Simpson

Manufacturing

Co.,

Inc.

229,596

918

Tecnoglass,

Inc.

47,764

2,828

Trane

Technologies

plc

848,966

2,554

Trex

Co.,

Inc.*

254,761

2,368

UFP

Industries,

Inc.

291,288

8,996,438

Capital

Markets

(2.7%):

837

Affiliated

Managers

Group,

Inc.

140,172

2,490

Ameriprise

Financial,

Inc.

1,091,716

1,507

Ares

Management

Corp.,

Class

A

200,401

2,793

Artisan

Partners

Asset

Management,

Inc.,

Class

A

127,836

1,892

AssetMark

Financial

Holdings,

Inc.*

66,996

734

B

Riley

Financial,

Inc.^

15,539

15,742

Bank

of

New

York

Mellon

Corp.

(The)

907,054

14,510

BGC

Group,

Inc.,

Class

A

112,743

1,300

BlackRock,

Inc.

1,083,810

2,976

Blackstone,

Inc.

390,957

902

Brightsphere

Investment

Group,

Inc.

20,602

6,213

Carlyle

Group,

Inc.

(The)

291,452

1,987

Cboe

Global

Markets,

Inc.

365,071

24,035

Charles

Schwab

Corp.

(The)

1,738,692

3,279

CME

Group,

Inc.

705,936

1,396

Cohen

&

Steers,

Inc.

107,338

639

Coinbase

Global,

Inc.,

Class

A*

169,412

190

Diamond

Hill

Investment

Group,

Inc.

29,292

1,257

Donnelley

Financial

Solutions,

Inc.*

77,947

18

FactSet

Research

Systems,

Inc.

8,179

2,374

Federated

Hermes,

Inc.

85,749

10,808

Franklin

Resources,

Inc.

303,813

4,153

Goldman

Sachs

Group,

Inc.

(The)

1,734,667

1,178

Hamilton

Lane,

Inc.,

Class

A

132,831

211

Hennessy

Advisors,

Inc.

1,456

1,904

Houlihan

Lokey,

Inc.

244,074

855

Interactive

Brokers

Group,

Inc.

95,512

5,250

Intercontinental

Exchange,

Inc.

721,507

16,075

Invesco,

Ltd.

266,684

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

39

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

9,330

Janus

Henderson

Group

plc

$

306,864

5,286

Jefferies

Financial

Group,

Inc.

233,113

5,242

KKR

&

Co.,

Inc.

527,240

1,669

Lazard,

Inc.

69,881

1,018

LPL

Financial

Holdings,

Inc.

268,956

337

MarketAxess

Holdings,

Inc.

73,887

913

Moelis

&

Co.,

Class

A

51,831

2,124

Moody's

Corp.

834,796

16,459

Morgan

Stanley

1,549,779

415

Morningstar,

Inc.

127,974

64

MSCI,

Inc.

35,869

9,300

Nasdaq,

Inc.

586,830

3,545

Northern

Trust

Corp.

315,221

1,608

Open

Lending

Corp.*

10,066

365

Oppenheimer

Holdings,

Inc.,

Class

A

14,571

1,002

Piper

Sandler

Cos.

198,887

394

PJT

Partners,

Inc.,

Class

A

37,138

4,978

Raymond

James

Financial,

Inc.

639,275

12,403

Robinhood

Markets,

Inc.,

Class

A*

249,672

2,734

S&P

Global,

Inc.

1,163,180

4,050

SEI

Investments

Co.

291,195

660

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

10,435

5,415

State

Street

Corp.

418,688

2,598

StepStone

Group,

Inc.,

Class

A

92,853

3,755

Stifel

Financial

Corp.

293,528

1,788

StoneX

Group,

Inc.*

125,625

4,711

T.

Rowe

Price

Group,

Inc.

574,365

1,319

Tradeweb

Markets,

Inc.,

Class

A

137,400

1,975

Victory

Capital

Holdings,

Inc.,

Class

A

83,799

4,929

Virtu

Financial,

Inc.,

Class

A

101,143

429

Virtus

Investment

Partners,

Inc.

106,383

425

Westwood

Holdings

Group,

Inc.

5,236

7,092

WisdomTree,

Inc.

65,175

20,838,293

Chemicals

(1.9%):

1,366

AdvanSix,

Inc.

39,068

2,508

Air

Products

and

Chemicals,

Inc.

607,613

1,788

Albemarle

Corp.

235,551

1,157

American

Vanguard

Corp.

14,983

16,744

Arcadium

Lithium

plc*

72,167

2,022

Ashland,

Inc.

196,882

2,280

Aspen

Aerogels,

Inc.*

40,128

2,333

Avient

Corp.

101,252

12,056

Axalta

Coating

Systems,

Ltd.*

414,606

1,038

Balchem

Corp.

160,838

2,577

Cabot

Corp.

237,599

2,236

Celanese

Corp.

384,279

9,084

CF

Industries

Holdings,

Inc.

755,880

6,701

Chemours

Co.

(The)

175,968

10,687

Corteva,

Inc.

616,319

15,153

Dow,

Inc.

877,813

7,160

DuPont

de

Nemours,

Inc.

548,957

4,969

Eastman

Chemical

Co.

497,993

2,419

Ecolab,

Inc.

558,547

4,830

Ecovyst,

Inc.*

53,855

11,145

Element

Solutions,

Inc.

278,402

1,647

FMC

Corp.

104,914

1,394

HB

Fuller

Co.

111,158

8,216

Huntsman

Corp.

213,862

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

1,105

Ingevity

Corp.*

$

52,709

976

Innospec,

Inc.

125,845

4,364

International

Flavors

&

Fragrances,

Inc.

375,260

1,037

Intrepid

Potash,

Inc.*

21,632

783

Koppers

Holdings,

Inc.

43,198

2,011

Kronos

Worldwide,

Inc.

23,730

3,339

Linde

plc

1,550,364

5,203

LSB

Industries,

Inc.*

45,682

11,113

LyondellBasell

Industries

NV,

Class

A

1,136,638

3,598

Mativ

Holdings,

Inc.

67,463

971

Minerals

Technologies,

Inc.

73,097

9,138

Mosaic

Co.

(The)

296,620

399

NewMarket

Corp.

253,213

8,944

Olin

Corp.

525,907

3,864

Orion

SA

90,881

4,945

PPG

Industries,

Inc.

716,531

566

Quaker

Chemical

Corp.

116,172

3,631

Rayonier

Advanced

Materials,

Inc.*

17,356

2,563

RPM

International,

Inc.

304,869

1,384

Sensient

Technologies

Corp.

95,759

4,080

Sherwin-Williams

Co.

(The)

1,417,106

569

Stepan

Co.

51,233

1,279

Trinseo

plc

4,835

8,722

Tronox

Holdings

plc

151,327

1,374

Westlake

Corp.

209,947

15,066,008

Commercial

Services

&

Supplies

(0.9%):

2,950

ABM

Industries,

Inc.

131,629

2,927

ACCO

Brands

Corp.

16,420

1,452

Brady

Corp.,

Class

A

86,075

1,624

Brink's

Co.

(The)

150,025

2,141

Casella

Waste

Systems,

Inc.*

211,681

2,003

CECO

Environmental

Corp.*

46,109

1,318

Cimpress

plc*

116,656

1,404

Cintas

Corp.

964,590

433

Civeo

Corp.

11,626

1,694

Clean

Harbors,

Inc.*

341,019

7,411

Copart,

Inc.*

429,245

1,498

Deluxe

Corp.

30,844

720

Driven

Brands

Holdings,

Inc.*

11,369

1,613

Ennis,

Inc.

33,083

2,503

Enviri

Corp.*

22,902

2,148

Healthcare

Services

Group,

Inc.*

26,807

2,460

HNI

Corp.

111,020

2,041

Interface,

Inc.

34,330

1,736

Liquidity

Services,

Inc.*

32,290

919

Matthews

International

Corp.,

Class

A

28,563

3,432

MillerKnoll,

Inc.

84,976

400

Montrose

Environmental

Group,

Inc.*

15,668

691

MSA

Safety,

Inc.

133,771

1,552

NL

Industries,

Inc.

11,376

5,118

OPENLANE,

Inc.*

88,541

4,238

Pitney

Bowes,

Inc.

18,351

2,606

Quad/Graphics,

Inc.

13,838

4,116

Republic

Services,

Inc.

787,967

8,305

Rollins,

Inc.

384,272

503

SP

Plus

Corp.*

26,267

2,563

Steelcase,

Inc.,

Class

A

33,524

3,518

Stericycle,

Inc.*

185,575

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

40

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

1,527

Tetra

Tech,

Inc.

$

282,052

615

UniFirst

Corp.

106,659

2,205

Veralto

Corp.

195,495

5,416

Vestis

Corp.

104,366

1,003

Viad

Corp.*

39,608

824

VSE

Corp.

65,920

7,619

Waste

Management,

Inc.

1,623,990

7,038,499

Communications

Equipment

(0.7%):

752

Applied

Optoelectronics,

Inc.*

10,423

2,313

Arista

Networks,

Inc.*

670,724

1,990

Calix,

Inc.*

65,989

4,765

Ciena

Corp.*

235,629

61,329

Cisco

Systems,

Inc.

3,060,930

756

Comtech

Telecommunications

Corp.*

2,593

1,262

Digi

International,

Inc.*

40,296

4,340

Extreme

Networks,

Inc.*

50,084

1,768

F5,

Inc.*

335,195

2,194

Harmonic,

Inc.*

29,487

2,944

Infinera

Corp.*

17,752

12,006

Juniper

Networks,

Inc.

444,942

909

KVH

Industries,

Inc.*

4,636

1,780

Lumentum

Holdings,

Inc.*

84,283

1,185

Motorola

Solutions,

Inc.

420,651

1,010

NETGEAR,

Inc.*

15,928

2,564

NetScout

Systems,

Inc.*

55,998

3,679

Ribbon

Communications,

Inc.*

11,773

2,004

Viasat,

Inc.*

36,252

7,865

Viavi

Solutions,

Inc.*

71,493

5,665,058

Construction

&

Engineering

(0.6%):

2,920

AECOM

286,394

1,759

Ameresco,

Inc.,

Class

A*

42,445

7,278

API

Group

Corp.*

285,807

2,696

Arcosa,

Inc.

231,479

455

Argan,

Inc.

22,996

125

Cadeler

A/S,

ADR*

2,268

1,057

Comfort

Systems

USA,

Inc.

335,819

1,733

Concrete

Pumping

Holdings,

Inc.*

13,691

1,213

Construction

Partners,

Inc.,

Class

A*

68,110

959

Dycom

Industries,

Inc.*

137,645

1,114

EMCOR

Group,

Inc.

390,123

5,880

Fluor

Corp.*

248,606

1,277

Granite

Construction,

Inc.

72,955

2,266

Great

Lakes

Dredge

&

Dock

Corp.*

19,828

656

IES

Holdings,

Inc.*

79,796

1,682

MasTec,

Inc.*

156,846

1,750

Matrix

Service

Co.*

22,802

9,107

MDU

Resources

Group,

Inc.

229,496

487

MYR

Group,

Inc.*

86,077

2,101

Orion

Group

Holdings,

Inc.*

17,228

2,465

Primoris

Services

Corp.

104,935

2,951

Quanta

Services,

Inc.

766,670

1,469

Sterling

Infrastructure,

Inc.*

162,045

1,648

Tutor

Perini

Corp.*

23,830

653

Valmont

Industries,

Inc.

149,067

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

7,973

WillScot

Mobile

Mini

Holdings

Corp.*

$

370,744

4,327,702

Construction

Materials

(0.3%):

961

Eagle

Materials,

Inc.

261,152

2,276

Knife

River

Corp.*

184,538

1,198

Martin

Marietta

Materials,

Inc.

735,500

6,589

Summit

Materials,

Inc.,

Class

A*

293,672

131

United

States

Lime

&

Minerals,

Inc.

39,056

2,753

Vulcan

Materials

Co.

751,349

2,265,267

Consumer

Finance

(0.9%):

12,905

Ally

Financial,

Inc.

523,814

8,402

American

Express

Co.

1,913,051

283

Atlanticus

Holdings

Corp.*

8,374

2,807

Bread

Financial

Holdings,

Inc.

104,533

6,566

Capital

One

Financial

Corp.

977,612

1,912

Consumer

Portfolio

Services,

Inc.*

14,455

445

Credit

Acceptance

Corp.*

245,440

8,241

Discover

Financial

Services

1,080,313

1,171

Encore

Capital

Group,

Inc.*

53,409

1,657

Enova

International,

Inc.*

104,109

3,948

EZCORP,

Inc.,

Class

A*

44,731

1,863

FirstCash

Holdings,

Inc.

237,607

1,425

Green

Dot

Corp.,

Class

A*

13,295

5,431

LendingClub

Corp.*

47,738

194

LendingTree,

Inc.*

8,214

3,504

Navient

Corp.

60,970

543

Nelnet,

Inc.,

Class

A

51,395

750

Nicholas

Financial,

Inc.*

5,070

6,152

OneMain

Holdings,

Inc.

314,306

2,635

PRA

Group,

Inc.*

68,721

2,187

PROG

Holdings,

Inc.

75,320

568

Regional

Management

Corp.

13,751

9,722

SLM

Corp.

211,842

5,685

SoFi

Technologies,

Inc.*

41,501

9,833

Synchrony

Financial

423,999

237

World

Acceptance

Corp.*

34,360

6,677,930

Consumer

Staples

Distribution

&

Retail

(1.8%):

6,299

Albertsons

Cos.,

Inc.,

Class

A

135,050

1,610

Andersons,

Inc.

(The)

92,366

235

Casey's

General

Stores,

Inc.

74,836

1,143

Chefs'

Warehouse,

Inc.

(The)*

43,045

4,838

Costco

Wholesale

Corp.

3,544,464

2,890

Dollar

General

Corp.

451,013

3,349

Dollar

Tree,

Inc.*

445,919

3,350

Grocery

Outlet

Holding

Corp.*

96,413

613

Ingles

Markets,

Inc.,

Class

A

47,005

30,020

Kroger

Co.

(The)

1,715,043

1,720

Natural

Grocers

by

Vitamin

Cottage,

Inc.

31,046

6,170

Performance

Food

Group

Co.*

460,529

1,664

PriceSmart,

Inc.

139,776

2,949

SpartanNash

Co.

59,599

4,748

Sprouts

Farmers

Market,

Inc.*

306,151

10,148

Sysco

Corp.

823,815

6,269

Target

Corp.

1,110,929

3,889

United

Natural

Foods,

Inc.*

44,685

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

41

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Consumer

Staples

Distribution

&

Retail,

continued

9,233

US

Foods

Holding

Corp.*

$

498,305

738

Village

Super

Market,

Inc.,

Class

A

21,114

8,238

Walgreens

Boots

Alliance,

Inc.

178,682

54,687

Walmart,

Inc.

3,290,517

857

Weis

Markets,

Inc.

55,191

13,665,493

Containers

&

Packaging

(0.7%):

48,834

Amcor

plc

464,411

2,442

AptarGroup,

Inc.

351,379

2,194

Avery

Dennison

Corp.

489,810

6,230

Ball

Corp.

419,653

6,043

Berry

Global

Group,

Inc.

365,481

2,919

Crown

Holdings,

Inc.

231,360

15,239

Graphic

Packaging

Holding

Co.

444,674

930

Greif,

Inc.,

Class

A

64,217

710

Greif,

Inc.,

Class

B

49,359

8,091

International

Paper

Co.

315,711

1,253

Myers

Industries,

Inc.

29,032

9,822

O-I

Glass,

Inc.*

162,947

3,411

Packaging

Corp.

of

America

647,340

3,647

Sealed

Air

Corp.

135,668

3,186

Silgan

Holdings,

Inc.

154,712

4,151

Sonoco

Products

Co.

240,094

2,518

TriMas

Corp.

67,306

10,188

Westrock

Co.

503,797

5,136,951

Distributors

(0.2%):

4,649

Genuine

Parts

Co.

720,270

4,400

LKQ

Corp.

235,004

659

Pool

Corp.

265,906

811

Weyco

Group,

Inc.

25,855

1,247,035

Diversified

Consumer

Services

(0.3%):

28,860

ADT,

Inc.

193,939

2,373

Adtalem

Global

Education,

Inc.*

121,972

541

American

Public

Education,

Inc.*

7,682

1,957

Bright

Horizons

Family

Solutions,

Inc.*

221,846

418

Carriage

Services,

Inc.

11,303

5,672

Chegg,

Inc.*

42,937

6,110

Coursera,

Inc.*

85,662

3,669

Frontdoor,

Inc.*

119,536

112

Graham

Holdings

Co.,

Class

B

85,980

959

Grand

Canyon

Education,

Inc.*

130,626

4,616

H&R

Block,

Inc.

226,692

6,794

Laureate

Education,

Inc.

98,989

2,547

Mister

Car

Wash,

Inc.*

19,739

2,352

OneSpaWorld

Holdings,

Ltd.*

31,117

2,522

Perdoceo

Education

Corp.

44,286

5,854

Service

Corp.

International

434,425

825

Strategic

Education,

Inc.

85,899

2,112

Stride,

Inc.*

133,162

1,696

Universal

Technical

Institute,

Inc.*

27,034

2,122,826

Diversified

Telecommunication

Services

(1.0%):

398

Anterix,

Inc.*

13,377

124,113

AT&T,

Inc.

2,184,389

Shares

Value

Common

Stocks,

continued

Diversified

Telecommunication

Services,

continued

461

ATN

International,

Inc.

$

14,524

1,203

Cogent

Communications

Holdings,

Inc.

78,592

4,558

Consolidated

Communications

Holdings,

Inc.*

19,691

6,010

EchoStar

Corp.,

Class

A*

85,643

7,588

Frontier

Communications

Parent,

Inc.*

185,906

2,352

GCI

Liberty,

Inc.*

—

1,080

IDT

Corp.,

Class

B

40,835

3,409

Iridium

Communications,

Inc.

89,179

1,489

Liberty

Latin

America,

Ltd.,

Class

A*

10,378

8,852

Liberty

Latin

America,

Ltd.,

Class

C*

61,875

26,553

Lumen

Technologies,

Inc.*

41,423

1,333

Shenandoah

Telecommunications

Co.

23,154

110,642

Verizon

Communications,

Inc.

4,642,538

7,491,504

Electric

Utilities

(1.1%):

1,925

ALLETE,

Inc.

114,807

3,861

Alliant

Energy

Corp.

194,594

6,241

American

Electric

Power

Co.,

Inc.

537,350

2,629

Avangrid,

Inc.

95,801

4,116

Constellation

Energy

Corp.

760,843

8,467

Duke

Energy

Corp.

818,843

5,190

Edison

International

367,089

2,869

Entergy

Corp.

303,196

4,141

Evergy,

Inc.

221,047

3,165

Eversource

Energy

189,172

12,598

Exelon

Corp.

473,307

8,401

FirstEnergy

Corp.

324,447

1,272

Genie

Energy,

Ltd.,

Class

B

19,182

1,318

Hawaiian

Electric

Industries,

Inc.

14,854

1,110

IDACORP,

Inc.

103,108

1,299

MGE

Energy,

Inc.

102,257

19,747

NextEra

Energy,

Inc.

1,262,031

4,318

NRG

Energy,

Inc.

292,285

5,640

OGE

Energy

Corp.

193,452

1,274

Otter

Tail

Corp.

110,074

28,498

PG&E

Corp.

477,626

3,288

Pinnacle

West

Capital

Corp.

245,712

2,033

PNM

Resources,

Inc.

76,522

1,923

Portland

General

Electric

Co.

80,766

10,089

PPL

Corp.

277,750

11,604

Southern

Co.

(The)

832,471

7,883

Xcel

Energy,

Inc.

423,711

8,912,297

Electrical

Equipment

(0.9%):

1,082

Acuity

Brands,

Inc.

290,766

424

Allient,

Inc.

15,128

4,623

AMETEK,

Inc.

845,547

1,778

Atkore,

Inc.

338,460

3,300

Eaton

Corp.

plc

1,031,844

5,341

Emerson

Electric

Co.

605,776

844

Encore

Wire

Corp.

221,786

1,312

EnerSys

123,931

9,782

FuelCell

Energy,

Inc.*

11,641

1,659

Generac

Holdings,

Inc.*

209,266

14,859

GrafTech

International,

Ltd.

20,505

1,003

Hubbell,

Inc.

416,295

1,831

LSI

Industries,

Inc.

27,685

2,129

NEXTracker,

Inc.,

Class

A*

119,799

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

42

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electrical

Equipment,

continued

5,927

nVent

Electric

plc

$

446,896

14,602

Plug

Power,

Inc.*

50,231

606

Powell

Industries,

Inc.

86,234

400

Preformed

Line

Products

Co.

51,468

2,091

Regal

Rexnord

Corp.

376,589

2,250

Rockwell

Automation,

Inc.

655,492

7,206

Sensata

Technologies

Holding

plc

264,748

3,376

Shoals

Technologies

Group,

Inc.,

Class

A*

37,744

5,277

SunPower

Corp.*^

15,831

11,971

Sunrun,

Inc.*

157,778

1,298

Thermon

Group

Holdings,

Inc.*

42,471

3,331

Vertiv

Holdings

Co.,

Class

A

272,043

1,148

Vicor

Corp.*

43,900

6,779,854

Electronic

Equipment,

Instruments

&

Components

(1.2%):

1,470

Advanced

Energy

Industries,

Inc.

149,911

7,176

Amphenol

Corp.,

Class

A

827,752

3,284

Arrow

Electronics,

Inc.*

425,147

5,071

Avnet,

Inc.

251,420

888

Badger

Meter,

Inc.

143,687

550

Bel

Fuse,

Inc.,

Class

B

33,170

1,317

Belden,

Inc.

121,967

1,054

Benchmark

Electronics,

Inc.

31,631

3,354

CDW

Corp.

857,886

3,610

Cognex

Corp.

153,136

1,971

Coherent

Corp.*

119,482

17,152

Corning,

Inc.

565,330

1,637

Crane

NXT

Co.

101,330

1,576

CTS

Corp.

73,741

2,838

Daktronics,

Inc.*

28,266

1,413

ePlus,

Inc.*

110,977

1,439

Fabrinet*

272,000

392

FARO

Technologies,

Inc.*

8,432

12,223

Flex,

Ltd.*

349,700

640

Frequency

Electronics,

Inc.*

6,970

1,278

Insight

Enterprises,

Inc.*

237,095

1,164

IPG

Photonics

Corp.*

105,563

2,007

Itron,

Inc.*

185,688

4,558

Jabil,

Inc.

610,544

2,920

Keysight

Technologies,

Inc.*

456,630

1,603

Kimball

Electronics,

Inc.*

34,705

5,811

Knowles

Corp.*

93,557

672

Littelfuse,

Inc.

162,859

1,471

Methode

Electronics,

Inc.

17,917

1,008

Novanta,

Inc.*

176,168

594

OSI

Systems,

Inc.*

84,835

770

PAR

Technology

Corp.*

34,927

1,121

PC

Connection,

Inc.

73,908

1,323

Plexus

Corp.*

125,447

771

Rogers

Corp.*

91,510

2,630

Sanmina

Corp.*

163,533

738

ScanSource,

Inc.*

32,501

2,341

TD

SYNNEX

Corp.

264,767

4,283

TE

Connectivity,

Ltd.

622,063

846

Teledyne

Technologies,

Inc.*

363,205

3,693

Trimble,

Inc.*

237,681

5,237

TTM

Technologies,

Inc.*

81,959

5,343

Vishay

Intertechnology,

Inc.

121,179

4,805

Vontier

Corp.

217,955

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

540

Zebra

Technologies

Corp.*

$

162,778

9,390,909

Energy

Equipment

&

Services

(0.8%):

6,728

Archrock,

Inc.

132,340

22,576

Baker

Hughes

Co.

756,296

519

Bristow

Group,

Inc.*

14,117

562

Cactus,

Inc.,

Class

A

28,151

6,139

ChampionX

Corp.

220,329

1,337

Core

Laboratories,

Inc.

22,836

562

DMC

Global,

Inc.*

10,953

1,028

Dril-Quip,

Inc.*

23,161

1,095

Expro

Group

Holdings

NV*

21,867

306

Forum

Energy

Technologies,

Inc.*

6,114

760

Geospace

Technologies

Corp.*

10,024

1,086

Gulf

Island

Fabrication,

Inc.*

7,982

34,240

Halliburton

Co.

1,349,741

5,456

Helix

Energy

Solutions

Group,

Inc.*

59,143

2,819

Helmerich

&

Payne,

Inc.

118,567

11,498

Liberty

Energy,

Inc.

238,239

1,436

Mammoth

Energy

Services,

Inc.*

5,227

734

Nabors

Industries,

Ltd.*

63,219

935

Natural

Gas

Services

Group,

Inc.*

18,167

4,799

Newpark

Resources,

Inc.*

34,649

9,191

NOV,

Inc.

179,408

5,115

Oceaneering

International,

Inc.*

119,691

3,066

Oil

States

International,

Inc.*

18,887

2,926

Patterson-UTI

Energy,

Inc.

34,936

8,148

ProPetro

Holding

Corp.*

65,836

10,425

RPC,

Inc.

80,689

19,506

Schlumberger

NV

1,069,124

493

SEACOR

Marine

Holdings,

Inc.*

6,872

3,974

Select

Water

Solutions,

Inc.

36,680

16,526

TechnipFMC

plc

414,968

4,086

TETRA

Technologies,

Inc.*

18,101

2,580

Tidewater,

Inc.*

237,360

32,945

Transocean,

Ltd.*

206,895

4,546

US

Silica

Holdings,

Inc.*

56,416

2,181

Valaris,

Ltd.*

164,142

3,081

Weatherford

International

plc*

355,609

6,206,736

Entertainment

(1.0%):

1,869

Atlanta

Braves

Holdings,

Inc.*

73,003

247

Atlanta

Braves

Holdings,

Inc.*

10,349

6,453

Cinemark

Holdings,

Inc.*

115,960

5,516

Electronic

Arts,

Inc.

731,808

1,993

Endeavor

Group

Holdings,

Inc.,

Class

A

51,280

2,645

IMAX

Corp.*

42,770

619

Liberty

Media

Corp.-Liberty

Formula

One*

36,360

2,702

Liberty

Media

Corp.-Liberty

Formula

One*

177,251

2,653

Liberty

Media

Corp.-Liberty

Live*

116,255

1,139

Liberty

Media

Corp.-Liberty

Live*

48,237

2,111

Lions

Gate

Entertainment

Corp.,

Class

A*

21,004

4,430

Lions

Gate

Entertainment

Corp.,

Class

B*

41,243

3,788

Live

Nation

Entertainment,

Inc.*

400,657

894

Madison

Square

Garden

Entertainment

Corp.*

35,054

519

Madison

Square

Garden

Sports

Corp.*

95,766

1,459

Marcus

Corp.

(The)

20,805

3,357

Netflix,

Inc.*

2,038,807

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

43

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Entertainment,

continued

3,472

Playtika

Holding

Corp.

$

24,478

1,419

Reading

International,

Inc.,

Class

A*

2,611

4,024

ROBLOX

Corp.,

Class

A*

153,636

454

Roku,

Inc.*

29,587

894

Sphere

Entertainment

Co.*

43,878

752

Spotify

Technology

SA*

198,453

2,974

Take-Two

Interactive

Software,

Inc.*

441,609

988

TKO

Group

Holdings,

Inc.

85,373

20,258

Walt

Disney

Co.

(The)

2,478,769

34,743

Warner

Bros

Discovery,

Inc.*

303,306

2,097

Warner

Music

Group

Corp.,

Class

A

69,243

7,887,552

Financial

Services

(3.7%):

13,003

Affirm

Holdings,

Inc.*

484,492

981

A-Mark

Precious

Metals,

Inc.

30,107

3,955

Apollo

Global

Management,

Inc.

444,740

6,202

AvidXchange

Holdings,

Inc.*

81,556

19,826

Berkshire

Hathaway,

Inc.,

Class

B*

8,337,229

3,322

Block,

Inc.*

280,975

252

BM

Technologies,

Inc.*

416

1,635

Cannae

Holdings,

Inc.*

36,362

687

Cass

Information

Systems,

Inc.

33,093

2,189

Corebridge

Financial,

Inc.

62,890

1,235

Enact

Holdings,

Inc.

38,507

9,536

Equitable

Holdings,

Inc.

362,463

6,088

Essent

Group,

Ltd.

362,297

1,694

Euronet

Worldwide,

Inc.*

186,221

3,577

EVERTEC,

Inc.

142,722

403

Federal

Agricultural

Mortgage

Corp.,

Class

C

79,343

12,065

Fidelity

National

Information

Services,

Inc.

894,982

6,830

Fiserv,

Inc.*

1,091,571

2,700

Flywire

Corp.*

66,987

5,511

Global

Payments,

Inc.

736,600

1,101

I3

Verticals,

Inc.,

Class

A*

25,202

1,320

International

Money

Express,

Inc.*

30,136

1,539

Jack

Henry

&

Associates,

Inc.

267,370

3,895

Jackson

Financial,

Inc.,

Class

A

257,615

27,585

Marqeta,

Inc.,

Class

A*

164,407

11,847

Mastercard,

Inc.,

Class

A

5,705,160

988

Merchants

Bancorp

42,662

16,357

MGIC

Investment

Corp.

365,742

1,888

Mr

Cooper

Group,

Inc.*

147,170

4,617

NCR

Atleos

Corp.*

91,186

4,107

NMI

Holdings,

Inc.,

Class

A*

132,820

465

Ocwen

Financial

Corp.*

12,560

9,963

PayPal

Holdings,

Inc.*

667,421

1,468

Paysafe,

Ltd.*

23,180

2,818

PennyMac

Financial

Services,

Inc.

256,692

8,853

Radian

Group,

Inc.

296,310

995

Remitly

Global,

Inc.*

20,636

3,168

Repay

Holdings

Corp.*

34,848

4,694

Rocket

Cos.,

Inc.,

Class

A*

68,298

1,495

Shift4

Payments,

Inc.,

Class

A*

98,775

5,111

Toast,

Inc.,

Class

A*

127,366

19,927

Visa,

Inc.,

Class

A

5,561,227

4,007

Voya

Financial,

Inc.

296,197

1,074

Walker

&

Dunlop,

Inc.

108,538

728

Waterstone

Financial,

Inc.

8,860

6,143

Western

Union

Co.

(The)

85,879

Shares

Value

Common

Stocks,

continued

Financial

Services,

continued

446

WEX,

Inc.*

$

105,938

28,755,748

Food

Products

(1.0%):

1,309

Archer-Daniels-Midland

Co.

82,218

2,035

B&G

Foods,

Inc.

23,280

3,050

Bunge

Global

SA

312,686

270

Calavo

Growers,

Inc.

7,509

2,277

Cal-Maine

Foods,

Inc.

134,001

8,996

Campbell

Soup

Co.

399,872

6,563

Conagra

Brands,

Inc.

194,527

6,345

Darling

Ingredients,

Inc.*

295,106

1,004

Farmer

Bros.

Co.*

3,584

7,922

Flowers

Foods,

Inc.

188,148

2,403

Fresh

Del

Monte

Produce,

Inc.

62,262

1,992

Freshpet,

Inc.*

230,793

9,484

General

Mills,

Inc.

663,596

5,693

Hain

Celestial

Group,

Inc.

(The)*

44,747

3,050

Hershey

Co.

(The)

593,225

6,327

Hormel

Foods

Corp.

220,749

1,283

Ingredion,

Inc.

149,919

566

J

&

J

Snack

Foods

Corp.

81,821

2,407

JM

Smucker

Co.

(The)

302,969

300

John

B

Sanfilippo

&

Son,

Inc.

31,776

8,431

Kellanova

483,012

11,485

Kraft

Heinz

Co.

(The)

423,797

3,361

Lamb

Weston

Holdings,

Inc.

358,047

452

Lancaster

Colony

Corp.

93,849

3,531

McCormick

&

Co.,

Inc.

271,216

778

McCormick

&

Co.,

Inc.

MD

60,233

3,145

Mission

Produce,

Inc.*

37,331

15,451

Mondelez

International,

Inc.,

Class

A

1,081,570

4,602

Pilgrim's

Pride

Corp.*

157,941

2,182

Post

Holdings,

Inc.*

231,903

20

Seaboard

Corp.

64,478

266

Seneca

Foods

Corp.,

Class

A*

15,135

3,330

Simply

Good

Foods

Co.

(The)*

113,320

1,104

Tootsie

Roll

Industries,

Inc.

35,366

1,935

TreeHouse

Foods,

Inc.*

75,368

4,785

Tyson

Foods,

Inc.,

Class

A

281,023

1,200

Utz

Brands,

Inc.

22,128

1,400

Vital

Farms,

Inc.*

32,550

2,207

WK

Kellogg

Co.

41,492

7,902,547

Gas

Utilities

(0.2%):

2,126

Atmos

Energy

Corp.

252,718

785

Chesapeake

Utilities

Corp.

84,230

2,252

National

Fuel

Gas

Co.

120,977

4,288

New

Jersey

Resources

Corp.

183,998

1,716

Northwest

Natural

Holding

Co.

63,870

1,836

ONE

Gas,

Inc.

118,477

232

RGC

Resources,

Inc.

4,696

944

Southwest

Gas

Holdings,

Inc.

71,867

1,603

Spire,

Inc.

98,376

7,935

UGI

Corp.

194,725

1,193,934

Ground

Transportation

(1.2%):

957

ArcBest

Corp.

136,373

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

44

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Ground

Transportation,

continued

678

Avis

Budget

Group,

Inc.

$

83,028

419

Covenant

Logistics

Group,

Inc.

19,425

31,130

CSX

Corp.

1,153,989

1,925

Heartland

Express,

Inc.

22,985

19,110

Hertz

Global

Holdings,

Inc.*

149,631

3,565

JB

Hunt

Transport

Services,

Inc.

710,326

5,657

Knight-Swift

Transportation

Holdings,

Inc.

311,248

1,241

Landstar

System,

Inc.

239,215

4,222

Marten

Transport,

Ltd.

78,023

1,515

Norfolk

Southern

Corp.

386,128

2,842

Old

Dominion

Freight

Line,

Inc.

623,279

1,600

PAM

Transportation

Services,

Inc.*

25,936

4,704

RXO,

Inc.*

102,876

1,902

Ryder

System,

Inc.

228,601

411

Saia,

Inc.*

240,435

3,510

Schneider

National,

Inc.,

Class

B

79,466

11,706

Uber

Technologies,

Inc.*

901,245

1,170

U-Haul

Holding

Co.*

79,022

3,356

U-Haul

Holding

Co.

223,778

11,829

Union

Pacific

Corp.

2,909,106

586

Universal

Logistics

Holdings,

Inc.

21,606

2,380

Werner

Enterprises,

Inc.

93,106

2,834

XPO,

Inc.*

345,833

9,164,660

Health

Care

Equipment

&

Supplies

(1.9%):

16,521

Abbott

Laboratories

1,877,777

2,269

Accuray,

Inc.*

5,604

977

Align

Technology,

Inc.*

320,378

912

AngioDynamics,

Inc.*

5,353

1,619

Artivion,

Inc.*

34,258

1,507

AtriCure,

Inc.*

45,843

36

Atrion

Corp.

16,688

2,829

Avanos

Medical,

Inc.*

56,325

744

Axonics,

Inc.*

51,314

8,180

Baxter

International,

Inc.

349,613

3,200

Becton

Dickinson

&

Co.

791,840

14,346

Boston

Scientific

Corp.*

982,558

1,265

CONMED

Corp.

101,301

2,632

Cooper

Cos.,

Inc.

(The)

267,043

7,906

DENTSPLY

SIRONA,

Inc.

262,400

2,612

Dexcom,

Inc.*

362,284

4,976

Edwards

Lifesciences

Corp.*

475,507

994

Embecta

Corp.

13,190

1,499

Enovis

Corp.*

93,613

7,392

Envista

Holdings

Corp.*

158,041

4,567

GE

HealthCare

Technologies,

Inc.

415,186

1,246

Glaukos

Corp.*

117,485

3,817

Globus

Medical,

Inc.*

204,744

1,142

Haemonetics

Corp.*

97,470

2,894

Hologic,

Inc.*

225,616

1,288

IDEXX

Laboratories,

Inc.*

695,430

516

Inari

Medical,

Inc.*

24,758

433

Inogen,

Inc.*

3,494

515

Insulet

Corp.*

88,271

1,895

Integer

Holdings

Corp.*

221,109

3,384

Integra

LifeSciences

Holdings

Corp.*

119,963

2,221

Intuitive

Surgical,

Inc.*

886,379

1,817

Lantheus

Holdings,

Inc.*

113,090

809

LeMaitre

Vascular,

Inc.

53,685

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

725

LENSAR,

Inc.*

$

2,574

2,659

LivaNova

plc*

148,745

692

Masimo

Corp.*

101,620

14,589

Medtronic

plc

1,271,431

2,177

Merit

Medical

Systems,

Inc.*

164,908

3,060

Neogen

Corp.*

48,287

600

Nevro

Corp.*

8,664

128

OmniAb

Operations,

Inc.

-

Vesting

12.5*(a)

—

128

OmniAb

Operations,

Inc.

-

Vesting

15*(a)

—

1,974

Omnicell,

Inc.*

57,700

2,205

OraSure

Technologies,

Inc.*

13,561

825

Orthofix

Medical,

Inc.*

11,979

1,309

OrthoPediatrics

Corp.*

38,170

768

Penumbra,

Inc.*

171,402

1,925

ResMed,

Inc.

381,208

180

Shockwave

Medical,

Inc.*

58,613

1,569

STAAR

Surgical

Co.*

60,061

1,882

STERIS

plc

423,111

2,926

Stryker

Corp.

1,047,128

1,018

Teleflex,

Inc.

230,241

193

UFP

Technologies,

Inc.*

48,675

227

Utah

Medical

Products,

Inc.

16,142

1,100

Varex

Imaging

Corp.*

19,910

4,097

Zimmer

Biomet

Holdings,

Inc.

540,722

217

Zimvie,

Inc.*

3,578

14,406,040

Health

Care

Providers

&

Services

(2.7%):

3,584

Acadia

Healthcare

Co.,

Inc.*

283,924

1,600

Accolade,

Inc.*

16,768

643

Addus

HomeCare

Corp.*

66,448

2,527

Agiliti,

Inc.*

25,573

5,599

agilon

health,

Inc.*

34,154

1,363

Amedisys,

Inc.*

125,614

2,275

AMN

Healthcare

Services,

Inc.*

142,210

1,245

Astrana

Health,

Inc.*

52,278

9,264

Brookdale

Senior

Living,

Inc.*

61,235

4,020

Cardinal

Health,

Inc.

449,838

431

Castle

Biosciences,

Inc.*

9,547

2,596

Cencora,

Inc.

630,802

10,064

Centene

Corp.*

789,823

322

Chemed

Corp.

206,701

5,151

Cigna

Group

(The)

1,870,792

5,028

Community

Health

Systems,

Inc.*

17,598

483

CorVel

Corp.*

127,010

1,732

Cross

Country

Healthcare,

Inc.*

32,423

19,437

CVS

Health

Corp.

1,550,295

2,342

DaVita,

Inc.*

323,313

2,901

Elevance

Health,

Inc.

1,504,285

4,542

Encompass

Health

Corp.

375,078

1,271

Enhabit,

Inc.*

14,807

1,449

Ensign

Group,

Inc.

(The)

180,285

790

Fulgent

Genetics,

Inc.*

17,143

2,029

HCA

Healthcare,

Inc.

676,732

2,817

HealthEquity,

Inc.*

229,952

3,026

Henry

Schein,

Inc.*

228,524

1,267

Humana,

Inc.

439,294

1,529

InfuSystem

Holdings,

Inc.*

13,104

1,463

Laboratory

Corp.

of

America

Holdings

319,607

1,558

McKesson

Corp.

836,412

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

45

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

864

ModivCare,

Inc.*

$

20,261

1,227

Molina

Healthcare,

Inc.*

504,088

575

National

HealthCare

Corp.

54,343

819

National

Research

Corp.

32,441

4,300

NeoGenomics,

Inc.*

67,596

10,235

OPKO

Health,

Inc.*^

12,282

6,542

Option

Care

Health,

Inc.*

219,419

3,971

Owens

&

Minor,

Inc.*

110,036

4,988

Patterson

Cos.,

Inc.

137,918

5,162

Pediatrix

Medical

Group,

Inc.*

51,775

792

Pennant

Group,

Inc.

(The)*

15,547

629

PetIQ,

Inc.*

11,498

5,181

Premier,

Inc.,

Class

A

114,500

1,933

Privia

Health

Group,

Inc.*

37,867

861

Progyny,

Inc.*

32,847

2,320

Quest

Diagnostics,

Inc.

308,815

3,100

R1

RCM,

Inc.*

39,928

2,720

RadNet,

Inc.*

132,355

5,624

Select

Medical

Holdings

Corp.

169,564

585

Surgery

Partners,

Inc.*

17,451

5,327

Tenet

Healthcare

Corp.*

559,921

11,709

UnitedHealth

Group,

Inc.

5,792,442

2,677

Universal

Health

Services,

Inc.,

Class

B

488,445

542

US

Physical

Therapy,

Inc.

61,176

20,644,084

Health

Care

Technology

(0.1%):

8,941

American

Well

Corp.,

Class

A*

7,248

2,856

Certara,

Inc.*

51,065

3,003

Definitive

Healthcare

Corp.*

24,234

3,607

Doximity,

Inc.,

Class

A*

97,064

1,873

Evolent

Health,

Inc.,

Class

A*

61,416

3,097

GoodRx

Holdings,

Inc.,

Class

A*

21,989

1,056

Health

Catalyst,

Inc.*

7,952

1,357

HealthStream,

Inc.

36,178

3,015

Schrodinger,

Inc.*

81,405

394

Simulations

Plus,

Inc.

16,213

5,070

Teladoc

Health,

Inc.*

76,557

339

TruBridge,

Inc.*

3,125

1,211

Veeva

Systems,

Inc.,

Class

A*

280,577

3,628

Veradigm,

Inc.*

27,936

792,959

Hotels,

Restaurants

&

Leisure

(2.1%):

3,434

Airbnb,

Inc.,

Class

A*

566,473

9,200

Aramark

299,184

6

Biglari

Holdings,

Inc.,

Class

A*

5,550

67

Biglari

Holdings,

Inc.,

Class

B*

12,709

2,189

BJ's

Restaurants,

Inc.*

79,198

4,525

Bloomin'

Brands,

Inc.

129,777

308

Booking

Holdings,

Inc.

1,117,387

1,059

Boyd

Gaming

Corp.

71,292

1,618

Brinker

International,

Inc.*

80,382

6,589

Caesars

Entertainment,

Inc.*

288,203

19,605

Carnival

Corp.*

320,346

2,943

Carrols

Restaurant

Group,

Inc.

27,988

2,527

Cheesecake

Factory,

Inc.

(The)

91,351

333

Chipotle

Mexican

Grill,

Inc.*

967,954

1,340

Choice

Hotels

International,

Inc.

169,309

2,252

Churchill

Downs,

Inc.

278,685

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

429

Chuy's

Holdings,

Inc.*

$

14,470

1,219

Cracker

Barrel

Old

Country

Store,

Inc.

88,658

3,109

Darden

Restaurants,

Inc.

519,669

1,810

Dave

&

Buster's

Entertainment,

Inc.*

113,306

1,239

Denny's

Corp.*

11,101

362

Dine

Brands

Global,

Inc.

16,826

562

Domino's

Pizza,

Inc.

279,247

1,747

DoorDash,

Inc.,

Class

A*

240,597

4,152

DraftKings,

Inc.*

188,542

1,288

El

Pollo

Loco

Holdings,

Inc.*

12,545

2,986

Expedia

Group,

Inc.*

411,321

2,093

First

Watch

Restaurant

Group,

Inc.*

51,530

6,175

Hilton

Grand

Vacations,

Inc.*

291,522

2,983

Hilton

Worldwide

Holdings,

Inc.

636,304

789

Hyatt

Hotels

Corp.,

Class

A

125,940

323

Jack

in

the

Box,

Inc.

22,119

3,372

Krispy

Kreme,

Inc.

51,372

2,177

Las

Vegas

Sands

Corp.

112,551

3,371

Life

Time

Group

Holdings,

Inc.*

52,318

1,893

Light

&

Wonder,

Inc.*

193,256

3,105

Marriott

International,

Inc.,

Class

A

783,422

1,545

Marriott

Vacations

Worldwide

Corp.

166,443

8,429

McDonald's

Corp.

2,376,556

1,328

MGM

Resorts

International*

62,695

341

Nathan's

Famous,

Inc.

24,143

2,319

Norwegian

Cruise

Line

Holdings,

Ltd.*

48,537

977

Papa

John's

International,

Inc.

65,068

2,176

Penn

Entertainment,

Inc.*

39,625

3,216

Planet

Fitness,

Inc.,

Class

A*

201,418

9,227

Playa

Hotels

&

Resorts

NV*

89,502

763

Potbelly

Corp.*

9,240

878

Red

Robin

Gourmet

Burgers,

Inc.*

6,725

4,589

Royal

Caribbean

Cruises,

Ltd.*

637,917

1,202

Shake

Shack,

Inc.,

Class

A*

125,044

3,662

Six

Flags

Entertainment

Corp.*

96,384

12,930

Starbucks

Corp.

1,181,673

7,074

Sweetgreen,

Inc.,

Class

A*

178,689

2,298

Texas

Roadhouse,

Inc.

354,972

2,060

Travel

+

Leisure

Co.

100,858

1,834

United

Parks

&

Resorts,

Inc.*

103,089

1,455

Vail

Resorts,

Inc.

324,218

7,189

Wendy's

Co.

(The)

135,441

872

Wingstop,

Inc.

319,501

3,640

Wyndham

Hotels

&

Resorts,

Inc.

279,370

1,374

Wynn

Resorts,

Ltd.

140,464

4,503

Yum!

Brands,

Inc.

624,341

16,414,317

Household

Durables

(1.1%):

906

Beazer

Homes

USA,

Inc.*

29,717

283

Cavco

Industries,

Inc.*

112,934

1,809

Century

Communities,

Inc.

174,569

5,619

D.R.

Horton,

Inc.

924,607

1,530

Ethan

Allen

Interiors,

Inc.

52,892

431

Flexsteel

Industries,

Inc.

16,076

3,356

Garmin,

Ltd.

499,608

2,761

GoPro,

Inc.,

Class

A*

6,157

1,329

Green

Brick

Partners,

Inc.*

80,046

1,366

Helen

of

Troy,

Ltd.*

157,418

500

Hooker

Furnishings

Corp.

12,005

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

46

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Household

Durables,

continued

145

Hovnanian

Enterprises,

Inc.,

Class

A*

$

22,756

1,698

Installed

Building

Products,

Inc.

439,324

596

iRobot

Corp.*

5,221

2,155

KB

Home

152,746

2,550

La-Z-Boy,

Inc.

95,931

6,216

Leggett

&

Platt,

Inc.

119,036

3,171

Lennar

Corp.,

Class

A

545,349

119

Lennar

Corp.,

Class

B

18,347

1,327

LGI

Homes,

Inc.*

154,423

1,017

Lifetime

Brands,

Inc.

10,658

1,420

M/I

Homes,

Inc.*

193,532

2,061

MDC

Holdings,

Inc.

129,658

1,004

Meritage

Homes

Corp.

176,162

1,730

Mohawk

Industries,

Inc.*

226,440

10,746

Newell

Brands,

Inc.

86,290

102

NVR,

Inc.*

826,196

7,958

PulteGroup,

Inc.

959,894

7,911

Purple

Innovation,

Inc.

13,765

503

SharkNinja,

Inc.

31,332

2,434

Skyline

Champion

Corp.*

206,914

2,407

Sonos,

Inc.*

45,877

4,109

Taylor

Morrison

Home

Corp.*

255,457

4,489

Tempur

Sealy

International,

Inc.

255,065

2,183

Toll

Brothers,

Inc.

282,415

1,110

TopBuild

Corp.*

489,210

5,751

Tri

Pointe

Homes,

Inc.*

222,334

320

Universal

Electronics,

Inc.*

3,203

3,376

Vizio

Holding

Corp.,

Class

A*

36,933

1,621

VOXX

International

Corp.*

13,227

1,445

Whirlpool

Corp.

172,865

1,732

Worthington

Enterprises,

Inc.

107,782

8,364,371

Household

Products

(1.0%):

6,591

BJ's

Wholesale

Club

Holdings,

Inc.*

498,609

2,328

Central

Garden

&

Pet

Co.,

Class

A*

85,950

3,717

Church

&

Dwight

Co.,

Inc.

387,720

1,597

Clorox

Co.

(The)

244,517

8,227

Colgate-Palmolive

Co.

740,841

1,918

Energizer

Holdings,

Inc.

56,466

5,408

Kimberly-Clark

Corp.

699,525

333

Oil-Dri

Corp.

of

America

24,828

31,083

Procter

&

Gamble

Co.

(The)

5,043,217

4,384

Reynolds

Consumer

Products,

Inc.

125,207

1,769

Spectrum

Brands

Holdings,

Inc.

157,459

441

WD-40

Co.

111,710

8,176,049

Independent

Power

and

Renewable

Electricity

Producers

(0.2%):

12,230

AES

Corp.

(The)

219,284

3,258

Brookfield

Renewable

Corp.,

Class

A

80,049

1,323

Clearway

Energy,

Inc.,

Class

A

28,458

3,836

Clearway

Energy,

Inc.,

Class

C

88,420

1,138

Ormat

Technologies,

Inc.

75,324

6,557

Sunnova

Energy

International,

Inc.*

40,194

18,390

Vistra

Corp.

1,280,864

1,812,593

Shares

Value

Common

Stocks,

continued

Industrial

Conglomerates

(0.5%):

4,514

3M

Co.

$

478,800

5,892

General

Electric

Co.

1,034,223

9,880

Honeywell

International,

Inc.

2,027,870

3,540,893

Insurance

(3.0%):

8,625

Aflac,

Inc.

740,542

4,708

Allstate

Corp.

(The)

814,531

2,897

Ambac

Financial

Group,

Inc.*

45,280

5,969

American

Equity

Investment

Life

Holding

Co.*

335,577

2,248

American

Financial

Group,

Inc.

306,807

12,520

American

International

Group,

Inc.

978,688

745

AMERISAFE,

Inc.

37,377

2,348

Aon

plc,

Class

A

783,575

8,002

Arch

Capital

Group,

Ltd.*

739,705

2,177

Arthur

J.

Gallagher

&

Co.

544,337

1,480

Assurant,

Inc.

278,595

1,625

Assured

Guaranty,

Ltd.

141,781

4,126

Axis

Capital

Holdings,

Ltd.

268,273

2,993

Brighthouse

Financial,

Inc.*

154,259

6,038

Brown

&

Brown,

Inc.

528,567

3,450

BRP

Group,

Inc.,

Class

A*

99,843

5,116

Chubb,

Ltd.

1,325,709

3,165

Cincinnati

Financial

Corp.

392,998

2,176

Citizens,

Inc.*

4,657

895

Crawford

&

Co.,

Class

A

8,440

2,354

Crawford

&

Co.,

Class

B

21,351

1,631

Donegal

Group,

Inc.,

Class

A

23,062

800

eHealth,

Inc.*

4,824

1,977

Employers

Holdings,

Inc.

89,736

447

Enstar

Group,

Ltd.*

138,910

398

Erie

Indemnity

Co.,

Class

A

159,825

621

Everest

Group,

Ltd.

246,847

419

F&G

Annuities

&

Life,

Inc.

16,990

6,854

Fidelity

National

Financial,

Inc.

363,947

3,923

First

American

Financial

Corp.

239,499

27,784

Genworth

Financial,

Inc.*

178,651

4,859

Globe

Life,

Inc.

565,442

318

Goosehead

Insurance,

Inc.,

Class

A*

21,185

2,383

Greenlight

Capital

Re,

Ltd.,

Class

A*

29,716

769

Hanover

Insurance

Group,

Inc.

(The)

104,715

10,947

Hartford

Financial

Services

Group,

Inc.

(The)

1,128,088

397

HCI

Group,

Inc.

46,084

387

Heritage

Insurance

Holdings,

Inc.*

4,122

1,991

Horace

Mann

Educators

Corp.

73,647

153

Investors

Title

Co.

24,968

1,185

James

River

Group

Holdings,

Ltd.

11,020

3,603

Kemper

Corp.

223,098

381

Kinsale

Capital

Group,

Inc.

199,926

2,749

Lincoln

National

Corp.

87,776

4,808

Loews

Corp.

376,418

5,556

Maiden

Holdings,

Ltd.*

12,501

182

Markel

Group,

Inc.*

276,909

7,633

Marsh

&

McLennan

Cos.,

Inc.

1,572,245

2,590

Mercury

General

Corp.

133,644

7,939

MetLife,

Inc.

588,359

162

National

Western

Life

Group,

Inc.,

Class

A

79,698

10,590

Old

Republic

International

Corp.

325,325

5,300

Oscar

Health,

Inc.,

Class

A*

78,811

400

Palomar

Holdings,

Inc.*

33,532

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

47

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

1,239

Primerica,

Inc.

$

313,417

4,641

Principal

Financial

Group,

Inc.

400,565

3,052

ProAssurance

Corp.

39,249

5,063

Progressive

Corp.

(The)

1,047,130

8,892

Prudential

Financial,

Inc.

1,043,921

2,391

Reinsurance

Group

of

America,

Inc.

461,176

1,883

RenaissanceRe

Holdings,

Ltd.

442,561

1,758

RLI

Corp.

261,010

825

Safety

Insurance

Group,

Inc.

67,807

1,725

Selective

Insurance

Group,

Inc.

188,318

5,145

SiriusPoint,

Ltd.*

65,393

1,878

Stewart

Information

Services

Corp.

122,183

1,767

Tiptree,

Inc.

30,534

6,041

Travelers

Cos.,

Inc.

(The)

1,390,276

1,346

Trupanion,

Inc.*

37,163

728

United

Fire

Group,

Inc.

15,849

1,869

Universal

Insurance

Holdings,

Inc.

37,978

7,186

Unum

Group

385,601

5,505

W

R

Berkley

Corp.

486,862

145

White

Mountains

Insurance

Group,

Ltd.

260,173

1,780

Willis

Towers

Watson

plc

489,500

23,597,078

Interactive

Media

&

Services

(4.3%):

67,793

Alphabet,

Inc.,

Class

A*

10,231,997

59,210

Alphabet,

Inc.,

Class

C*

9,015,315

5,394

Bumble,

Inc.,

Class

A*

61,222

5,023

Cargurus,

Inc.*

115,931

1,955

Cars.com,

Inc.*

33,587

2,881

DHI

Group,

Inc.*

7,346

4,788

Match

Group,

Inc.*

173,709

26,544

Meta

Platforms,

Inc.,

Class

A

12,889,235

6,298

Pinterest,

Inc.,

Class

A*

218,352

1,563

QuinStreet,

Inc.*

27,602

764

Shutterstock,

Inc.

34,999

14,592

Snap,

Inc.,

Class

A*

167,516

1,344

Travelzoo*

13,682

5,311

TripAdvisor,

Inc.*

147,593

2,857

TrueCar,

Inc.*

9,685

4,440

Vimeo,

Inc.*

18,159

2,324

Yelp,

Inc.*

91,566

664

Zedge,

Inc.,

Class

B*

1,839

1,918

Ziff

Davis,

Inc.*

120,911

13,421

ZoomInfo

Technologies,

Inc.*

215,139

33,595,385

IT

Services

(1.3%):

8,592

Accenture

plc,

Class

A

2,978,073

3,160

Akamai

Technologies,

Inc.*

343,682

2,838

Amdocs,

Ltd.

256,470

1,701

Cloudflare,

Inc.,

Class

A*

164,708

9,997

Cognizant

Technology

Solutions

Corp.,

Class

A

732,680

2,202

DigitalOcean

Holdings,

Inc.*

84,072

11,221

DXC

Technology

Co.*

237,997

54

Edgio,

Inc.*

521

943

EPAM

Systems,

Inc.*

260,419

4,318

Fastly,

Inc.,

Class

A*

56,005

1,554

Gartner,

Inc.*

740,745

585

Globant

SA*

118,112

2,237

GoDaddy,

Inc.,

Class

A*

265,487

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

2,548

Grid

Dynamics

Holdings,

Inc.*

$

31,315

1,357

Hackett

Group,

Inc.

(The)

32,975

13,118

International

Business

Machines

Corp.

2,505,013

12,162

Kyndryl

Holdings,

Inc.*

264,645

427

MongoDB,

Inc.*

153,139

2,093

Okta,

Inc.*

218,970

1,698

Perficient,

Inc.*

95,580

1,687

Snowflake,

Inc.,

Class

A*

272,619

3,945

Twilio,

Inc.,

Class

A*

241,237

2,221

Unisys

Corp.*

10,905

1,690

VeriSign,

Inc.*

320,272

10,385,641

Leisure

Products

(0.2%):

2,948

Acushnet

Holdings

Corp.

194,421

895

American

Outdoor

Brands,

Inc.*

7,876

2,517

Brunswick

Corp.

242,941

2,100

Clarus

Corp.

14,175

658

Escalade,

Inc.

9,047

1,267

Funko,

Inc.,

Class

A*

7,906

5,388

Hasbro,

Inc.

304,530

303

Johnson

Outdoors,

Inc.,

Class

A

13,971

931

Malibu

Boats,

Inc.,

Class

A*

40,294

662

Marine

Products

Corp.

7,778

451

MasterCraft

Boat

Holdings,

Inc.*

10,698

12,086

Mattel,

Inc.*

239,424

3,127

Polaris,

Inc.

313,075

1,410

Smith

&

Wesson

Brands,

Inc.

24,478

6,367

Topgolf

Callaway

Brands

Corp.*

102,954

3,865

Vista

Outdoor,

Inc.*

126,695

3,466

YETI

Holdings,

Inc.*

133,614

1,793,877

Life

Sciences

Tools

&

Services

(1.2%):

237

10X

Genomics,

Inc.,

Class

A*

8,895

6,251

Adaptive

Biotechnologies

Corp.*

20,066

3,947

Agilent

Technologies,

Inc.

574,328

12,039

Avantor,

Inc.*

307,837

599

Azenta,

Inc.*

36,108

1,634

BioLife

Solutions,

Inc.*

30,311

456

Bio-Rad

Laboratories,

Inc.,

Class

A*

157,717

2,351

Bio-Techne

Corp.

165,487

4,004

Bruker

Corp.

376,136

1,053

Charles

River

Laboratories

International,

Inc.*

285,310

2,030

CryoPort,

Inc.*

35,931

6,217

Danaher

Corp.

1,552,509

2,171

Fortrea

Holdings,

Inc.*

87,144

1,979

Harvard

Bioscience,

Inc.*

8,391

55

Illumina,

Inc.*

7,552

3,190

IQVIA

Holdings,

Inc.*

806,719

4,035

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

34,983

931

Medpace

Holdings,

Inc.*

376,264

125

Mesa

Laboratories,

Inc.

13,716

328

Mettler-Toledo

International,

Inc.*

436,663

1,666

OmniAb,

Inc.*

9,030

10,633

Pacific

Biosciences

of

California,

Inc.*

39,874

453

Quanterix

Corp.*

10,673

1,140

Repligen

Corp.*

209,669

1,101

Revvity,

Inc.

115,605

9,819

Sotera

Health

Co.*

117,926

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

48

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Life

Sciences

Tools

&

Services,

continued

4,279

Thermo

Fisher

Scientific,

Inc.

$

2,486,997

1,395

Waters

Corp.*

480,201

792

West

Pharmaceutical

Services,

Inc.

313,402

9,105,444

Machinery

(2.8%):

7,267

3D

Systems

Corp.*

32,265

4,421

AGCO

Corp.

543,871

228

Alamo

Group,

Inc.

52,059

935

Albany

International

Corp.

87,432

4,819

Allison

Transmission

Holdings,

Inc.

391,110

1,618

Astec

Industries,

Inc.

70,723

2,323

Barnes

Group,

Inc.

86,299

837

Blue

Bird

Corp.*

32,091

9,372

Caterpillar,

Inc.

3,434,182

1,531

Columbus

McKinnon

Corp.

68,329

707

Commercial

Vehicle

Group,

Inc.*

4,546

1,637

Crane

Co.

221,208

3,715

Cummins,

Inc.

1,094,625

4,416

Deere

&

Co.

1,813,828

3,969

Donaldson

Co.,

Inc.

296,405

471

Douglas

Dynamics,

Inc.

11,360

3,043

Dover

Corp.

539,189

475

Energy

Recovery,

Inc.*

7,500

1,250

Enerpac

Tool

Group

Corp.

44,575

453

Enpro,

Inc.

76,453

2,189

Esab

Corp.

242,038

372

ESCO

Technologies,

Inc.

39,823

2,677

Federal

Signal

Corp.

227,197

4,041

Flowserve

Corp.

184,593

6,191

Fortive

Corp.

532,550

1,334

Franklin

Electric

Co.,

Inc.

142,485

10,083

Gates

Industrial

Corp.

plc*

178,570

889

Gencor

Industries,

Inc.*

14,837

606

Gorman-Rupp

Co.

(The)

23,967

2,592

Graco,

Inc.

242,248

2,100

Greenbrier

Cos.,

Inc.

(The)

109,410

650

Helios

Technologies,

Inc.

29,048

2,088

Hillenbrand,

Inc.

105,006

2,481

Hillman

Solutions

Corp.*

26,398

490

Hurco

Cos.,

Inc.

9,878

896

Hyster-Yale

Materials

Handling,

Inc.

57,496

1,133

IDEX

Corp.

276,475

4,769

Illinois

Tool

Works,

Inc.

1,279,666

6,807

Ingersoll

Rand,

Inc.

646,325

2,882

ITT,

Inc.

392,038

757

John

Bean

Technologies

Corp.

79,402

528

Kadant,

Inc.

173,237

3,829

Kennametal,

Inc.

95,495

787

L.B.

Foster

Co.,

Class

A*

21,493

1,212

Lincoln

Electric

Holdings,

Inc.

309,593

221

Lindsay

Corp.

26,003

1,300

Luxfer

Holdings

plc

13,481

1,213

Manitex

International,

Inc.*

8,321

2,529

Manitowoc

Co.,

Inc.

(The)*

35,760

1,367

Middleby

Corp.

(The)*

219,800

285

Miller

Industries,

Inc.

14,278

5,006

Mueller

Industries,

Inc.

269,974

8,698

Mueller

Water

Products,

Inc.,

Class

A

139,951

1,258

NN,

Inc.*

5,963

Shares

Value

Common

Stocks,

continued

Machinery,

continued

864

Nordson

Corp.

$

237,203

158

Omega

Flex,

Inc.

11,207

1,463

Oshkosh

Corp.

182,451

6,108

Otis

Worldwide

Corp.

606,341

8,160

PACCAR,

Inc.

1,010,942

1,285

Parker-Hannifin

Corp.

714,190

1,058

Park-Ohio

Holdings

Corp.

28,227

6,299

Pentair

plc

538,187

1,666

Proto

Labs,

Inc.*

59,559

440

RBC

Bearings,

Inc.*

118,954

3,787

REV

Group,

Inc.

83,655

612

Shyft

Group,

Inc.

(The)

7,601

745

Snap-on,

Inc.

220,684

1,832

SPX

Technologies,

Inc.*

225,574

340

Standex

International

Corp.

61,955

3,210

Stanley

Black

&

Decker,

Inc.

314,355

1,047

Symbotic,

Inc.*

47,115

537

Tennant

Co.

65,305

3,009

Terex

Corp.

193,780

2,371

Timken

Co.

(The)

207,297

3,046

Titan

International,

Inc.*

37,953

2,821

Toro

Co.

(The)

258,488

4,719

Trinity

Industries,

Inc.

131,424

1,510

Wabash

National

Corp.

45,209

615

Watts

Water

Technologies,

Inc.,

Class

A

130,718

3,716

Westinghouse

Air

Brake

Technologies

Corp.

541,347

4,017

Xylem,

Inc.

519,157

21,679,727

Marine

Transportation

(0.1%):

3,979

Costamare,

Inc.

45,162

1,219

Eagle

Bulk

Shipping,

Inc.

76,151

1,300

Genco

Shipping

&

Trading,

Ltd.

26,429

2,793

Kirby

Corp.*

266,229

2,141

Matson,

Inc.

240,648

654,619

Media

(1.1%):

17,563

Altice

USA,

Inc.,

Class

A*

45,839

1,413

AMC

Networks,

Inc.,

Class

A*

17,140

1,200

Boston

Omaha

Corp.,

Class

A*

18,552

383

Cable

One,

Inc.

162,059

2,262

Charter

Communications,

Inc.,

Class

A*

657,405

88,422

Comcast

Corp.,

Class

A

3,833,094

147

comScore,

Inc.*

2,264

367

DallasNews

Corp.

1,402

4,792

Entravision

Communications

Corp.,

Class

A

7,859

2,931

EW

Scripps

Co.

(The),

Class

A*

11,519

4,922

Fox

Corp.,

Class

A

153,911

4,178

Fox

Corp.,

Class

B

119,574

7,573

Gannett

Co,

Inc.*

18,478

7,897

Gray

Television,

Inc.

49,909

2,014

Integral

Ad

Science

Holding

Corp.*

20,080

14,602

Interpublic

Group

of

Cos.,

Inc.

(The)

476,463

1,162

John

Wiley

&

Sons,

Inc.,

Class

A

44,307

192

John

Wiley

&

Sons,

Inc.,

Class

B

7,298

334

Liberty

Broadband

Corp.,

Class

A*

19,078

3,041

Liberty

Broadband

Corp.,

Class

C*

174,036

9,922

Liberty

Media

Corp.-Liberty

SiriusXM*

294,783

4,454

Liberty

Media

Corp.-Liberty

SiriusXM*

132,284

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

49

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Media,

continued

8,352

Magnite,

Inc.*

$

89,784

131

Marchex,

Inc.,

Class

B*

179

5,563

New

York

Times

Co.

(The),

Class

A

240,433

8,473

News

Corp.,

Class

A

221,823

3,669

News

Corp.,

Class

B

99,283

1,883

Nexstar

Media

Group,

Inc.

324,422

6,836

Omnicom

Group,

Inc.

661,451

445

Paramount

Global,

Class

A

9,714

16,169

Paramount

Global,

Class

B

190,309

1,353

Scholastic

Corp.

51,022

1,768

Sinclair,

Inc.

23,815

22,459

Sirius

XM

Holdings,

Inc.

87,141

7,339

Stagwell,

Inc.*

45,649

1,890

TechTarget,

Inc.*

62,521

7,839

TEGNA,

Inc.

117,115

1,103

Thryv

Holdings,

Inc.*

24,520

3,857

Trade

Desk,

Inc.

(The),

Class

A*

337,179

5,104

WideOpenWest,

Inc.*

18,476

8,872,170

Metals

&

Mining

(1.0%):

6,731

Alcoa

Corp.

227,440

895

Alpha

Metallurgical

Resources,

Inc.

296,397

799

Ampco-Pittsburgh

Corp.*

1,734

919

Arch

Resources,

Inc.

147,766

759

Ascent

Industries

Co.*

7,734

5,393

ATI,

Inc.*

275,960

1,638

Carpenter

Technology

Corp.

116,986

7,172

Century

Aluminum

Co.*

110,377

13,692

Cleveland-Cliffs,

Inc.*

311,356

18,225

Coeur

Mining,

Inc.*

68,708

3,650

Commercial

Metals

Co.

214,510

2,118

Compass

Minerals

International,

Inc.

33,337

13,361

Ferroglobe

plc

66,538

841

Fortitude

Gold

Corp.

4,592

17,927

Freeport-McMoRan,

Inc.

842,928

943

Haynes

International,

Inc.

56,693

22,580

Hecla

Mining

Co.

108,610

151

Kaiser

Aluminum

Corp.

13,493

794

Materion

Corp.

104,610

1,230

McEwen

Mining,

Inc.*

12,128

2,052

Metallus,

Inc.*

45,657

8,393

MP

Materials

Corp.*

120,020

15,242

Newmont

Corp.

546,273

6,812

Nucor

Corp.

1,348,095

700

Olympic

Steel,

Inc.

49,616

1,365

Radius

Recycling,

Inc.

28,842

1,315

Reliance,

Inc.

439,447

2,355

Royal

Gold,

Inc.

286,863

2,617

Ryerson

Holding

Corp.

87,670

1,238

Southern

Copper

Corp.

131,872

6,178

Steel

Dynamics,

Inc.

915,765

3,673

SunCoke

Energy,

Inc.

41,395

1,070

Tredegar

Corp.

6,976

10,745

United

States

Steel

Corp.

438,181

548

Universal

Stainless

&

Alloy

Products,

Inc.*

12,286

1,489

Warrior

Met

Coal,

Inc.

90,382

1,732

Worthington

Steel,

Inc.

62,092

7,673,329

Shares

Value

Common

Stocks,

continued

Multi-Utilities

(0.5%):

2,507

Ameren

Corp.

$

185,418

2,650

Avista

Corp.

92,803

1,766

Black

Hills

Corp.

96,424

9,408

CenterPoint

Energy,

Inc.

268,034

4,376

CMS

Energy

Corp.

264,048

3,188

Consolidated

Edison,

Inc.

289,502

9,461

Dominion

Energy,

Inc.

465,386

2,889

DTE

Energy

Co.

323,972

8,905

NiSource,

Inc.

246,312

1,876

Northwestern

Energy

Group,

Inc.

95,545

7,274

Public

Service

Enterprise

Group,

Inc.

485,758

6,667

Sempra

478,891

305

Unitil

Corp.

15,967

3,468

WEC

Energy

Group,

Inc.

284,792

3,592,852

Oil,

Gas

&

Consumable

Fuels

(5.6%):

332

Adams

Resources

&

Energy,

Inc.

9,628

18,724

Antero

Midstream

Corp.

263,259

9,749

Antero

Resources

Corp.*

282,721

4,071

APA

Corp.

139,961

1,287

Ardmore

Shipping

Corp.

21,133

6,491

Berry

Corp.

52,253

2,994

California

Resources

Corp.

164,969

4,374

Callon

Petroleum

Co.*

156,414

600

Centrus

Energy

Corp.,

Class

A*

24,918

4,794

Cheniere

Energy,

Inc.

773,176

4,080

Chesapeake

Energy

Corp.

362,426

29,192

Chevron

Corp.

4,604,746

369

Chord

Energy

Corp.

65,771

1,953

Civitas

Resources,

Inc.

148,252

7,534

Clean

Energy

Fuels

Corp.*

20,191

7,609

CNX

Resources

Corp.*

180,485

19,166

Comstock

Resources,

Inc.

177,860

22,012

ConocoPhillips

2,801,687

2,035

CONSOL

Energy,

Inc.

170,452

30,229

Coterra

Energy,

Inc.

842,785

5,103

CVR

Energy,

Inc.

181,973

3,077

Delek

US

Holdings,

Inc.

94,587

27,546

Devon

Energy

Corp.

1,382,258

8,048

DHT

Holdings,

Inc.

92,552

6,536

Diamondback

Energy,

Inc.

1,295,239

1,758

Dorian

LPG,

Ltd.

67,613

4,645

DT

Midstream,

Inc.

283,810

20,754

EnLink

Midstream

LLC

283,085

11,018

EOG

Resources,

Inc.

1,408,541

8,641

EQT

Corp.

320,322

7,111

Equitrans

Midstream

Corp.

88,816

82,778

Exxon

Mobil

Corp.

9,622,115

3,222

FutureFuel

Corp.

25,937

3,367

Green

Plains,

Inc.*

77,845

845

Gulfport

Energy

Corp.*

135,301

5,545

Hess

Corp.

846,389

11,760

HF

Sinclair

Corp.

709,951

2,789

International

Seaways,

Inc.

148,375

37,129

Kinder

Morgan,

Inc.

680,946

25,708

Kosmos

Energy,

Ltd.*

153,220

9,480

Magnolia

Oil

&

Gas

Corp.,

Class

A

246,006

13,453

Marathon

Oil

Corp.

381,258

8,028

Marathon

Petroleum

Corp.

1,617,642

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

50

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

6,327

Matador

Resources

Co.

$

422,454

9,234

Murphy

Oil

Corp.

421,994

4,420

New

Fortress

Energy,

Inc.

135,208

4,784

Nordic

American

Tankers,

Ltd.

18,753

700

Northern

Oil

and

Gas,

Inc.

27,776

12,594

Occidental

Petroleum

Corp.

818,484

13,425

ONEOK,

Inc.

1,076,282

13,008

Ovintiv,

Inc.

675,115

3,509

Par

Pacific

Holdings,

Inc.*

130,044

6,718

PBF

Energy,

Inc.,

Class

A

386,755

7,799

Peabody

Energy

Corp.

189,204

6,243

Permian

Resources

Corp.

110,251

7,657

Phillips

66

1,250,694

1,401

PHX

Minerals,

Inc.

4,777

4,857

Pioneer

Natural

Resources

Co.

1,274,962

6

PrimeEnergy

Resources

Corp.*

602

16,463

Range

Resources

Corp.

566,821

1,122

REX

American

Resources

Corp.*

65,873

3,060

Scorpio

Tankers,

Inc.

218,943

4,935

SFL

Corp.,

Ltd.

65,043

820

SilverBow

Resources,

Inc.*

27,995

1,508

Sitio

Royalties

Corp.,

Class

A

37,278

5,843

SM

Energy

Co.

291,274

42,492

Southwestern

Energy

Co.*

322,089

3,310

Talos

Energy,

Inc.*

46,108

2,932

Targa

Resources

Corp.

328,355

6,407

Teekay

Corp.*

46,643

1,031

Teekay

Tankers,

Ltd.,

Class

A

60,221

303

Texas

Pacific

Land

Corp.

175,289

2,864

Uranium

Energy

Corp.*

19,332

10,006

Valero

Energy

Corp.

1,707,924

1,578

Vital

Energy,

Inc.*

82,908

622

Vitesse

Energy,

Inc.

14,760

9,330

W&T

Offshore,

Inc.

24,725

24,490

Williams

Cos.,

Inc.

(The)

954,375

3,599

World

Kinect

Corp.

95,194

43,501,373

Paper

&

Forest

Products

(0.1%):

545

Clearwater

Paper

Corp.*

23,833

2,520

Glatfelter

Corp.*

5,040

4,052

Louisiana-Pacific

Corp.

340,003

3,875

Mercer

International,

Inc.

38,556

2,050

Sylvamo

Corp.

126,567

533,999

Passenger

Airlines

(0.4%):

5,767

Alaska

Air

Group,

Inc.*

247,923

639

Allegiant

Travel

Co.

48,059

14,564

American

Airlines

Group,

Inc.*

223,558

1,569

Copa

Holdings

SA,

Class

A

163,427

30,124

Delta

Air

Lines,

Inc.

1,442,036

2,340

Frontier

Group

Holdings,

Inc.*

18,977

1,057

Hawaiian

Holdings,

Inc.*

14,090

15,406

JetBlue

Airways

Corp.*

114,313

1,602

SkyWest,

Inc.*

110,666

7,927

Southwest

Airlines

Co.

231,389

2,445

Spirit

Airlines,

Inc.^

11,834

Shares

Value

Common

Stocks,

continued

Passenger

Airlines,

continued

16,149

United

Airlines

Holdings,

Inc.*

$

773,214

3,399,486

Personal

Care

Products

(0.3%):

4,436

BellRing

Brands,

Inc.*

261,857

31,189

Coty,

Inc.,

Class

A*

373,020

1,940

Edgewell

Personal

Care

Co.

74,962

1,623

elf

Beauty,

Inc.*

318,157

1,396

Estee

Lauder

Cos.,

Inc.

(The)

215,193

2,298

Herbalife,

Ltd.*

23,095

1,161

Inter

Parfums,

Inc.

163,132

29,375

Kenvue,

Inc.

630,388

654

Medifast,

Inc.

25,061

1,236

Nature's

Sunshine

Products,

Inc.*

25,672

1,616

Nu

Skin

Enterprises,

Inc.,

Class

A

22,349

340

United-Guardian,

Inc.

2,628

645

USANA

Health

Sciences,

Inc.*

31,283

2,166,797

Pharmaceuticals

(3.1%):

2,030

Aclaris

Therapeutics,

Inc.*

2,517

4,386

Amneal

Pharmaceuticals,

Inc.*

26,579

2,003

Amphastar

Pharmaceuticals,

Inc.*

87,952

900

ANI

Pharmaceuticals,

Inc.*

62,217

300

Arvinas,

Inc.*

12,384

379

Assertio

Holdings,

Inc.*

364

40,413

Bristol-Myers

Squibb

Co.

2,191,597

4,717

Catalent,

Inc.*

266,275

1,180

Collegium

Pharmaceutical,

Inc.*

45,808

4,216

Corcept

Therapeutics,

Inc.*

106,201

1,468

Cumberland

Pharmaceuticals,

Inc.*

2,466

17,823

Elanco

Animal

Health,

Inc.*

290,158

10,879

Eli

Lilly

&

Co.

8,463,427

2,317

Harmony

Biosciences

Holdings,

Inc.*

77,805

3,292

Innoviva,

Inc.*

50,170

1,328

Jazz

Pharmaceuticals

plc*

159,918

37,612

Johnson

&

Johnson

5,949,842

640

Ligand

Pharmaceuticals,

Inc.*

46,784

20,850

Merck

&

Co.,

Inc.

2,751,158

3,567

Nektar

Therapeutics*

3,332

9,608

Organon

&

Co.

180,630

1,467

Pacira

BioSciences,

Inc.*

42,866

5,568

Perrigo

Co.

plc

179,234

60,273

Pfizer,

Inc.

1,672,576

793

Phibro

Animal

Health

Corp.,

Class

A

10,253

2,307

Pliant

Therapeutics,

Inc.*

34,374

1,580

Prestige

Consumer

Healthcare,

Inc.*

114,645

4,279

Royalty

Pharma

plc,

Class

A

129,953

2,134

SIGA

Technologies,

Inc.

18,267

3,089

Supernus

Pharmaceuticals,

Inc.*

105,366

923

Taro

Pharmaceutical

Industries,

Ltd.*

39,080

14,776

Viatris,

Inc.

176,425

6,705

Zoetis,

Inc.

1,134,553

24,435,176

Professional

Services

(1.3%):

11,903

Alight,

Inc.,

Class

A*

117,245

1,184

ASGN,

Inc.*

124,036

6,826

Automatic

Data

Processing,

Inc.

1,704,725

494

Barrett

Business

Services,

Inc.

62,600

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

51

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

2,627

Booz

Allen

Hamilton

Holding

Corp.

$

389,952

2,630

Broadridge

Financial

Solutions,

Inc.

538,782

469

CACI

International,

Inc.,

Class

A*

177,671

2,664

CBIZ,

Inc.*

209,124

2,143

Clarivate

plc*

15,922

2,464

Concentrix

Corp.

163,166

6,347

Conduent,

Inc.*

21,453

456

CRA

International,

Inc.

68,208

1,011

CSG

Systems

International,

Inc.

52,107

3,153

Dayforce,

Inc.*

208,760

10,835

Dun

&

Bradstreet

Holdings,

Inc.

108,783

1,850

Equifax,

Inc.

494,912

1,590

ExlService

Holdings,

Inc.*

50,562

715

Exponent,

Inc.

59,123

5,623

First

Advantage

Corp.

91,205

825

Forrester

Research,

Inc.*

17,787

723

FTI

Consulting,

Inc.*

152,040

4,350

Genpact,

Ltd.

143,332

421

Heidrick

&

Struggles

International,

Inc.

14,171

660

Huron

Consulting

Group,

Inc.*

63,769

800

ICF

International,

Inc.

120,504

614

Insperity,

Inc.

67,301

2,389

Jacobs

Solutions,

Inc.

367,261

5,145

KBR,

Inc.

327,531

1,042

Kelly

Services,

Inc.,

Class

A

26,092

1,395

Kforce,

Inc.

98,375

1,797

Korn

Ferry

118,171

2,680

Leidos

Holdings,

Inc.

351,321

1,891

ManpowerGroup,

Inc.

146,817

1,840

Maximus,

Inc.

154,376

659

Mistras

Group,

Inc.*

6,300

841

NV5

Global,

Inc.*

82,426

3,183

Parsons

Corp.*

264,030

4,712

Paychex,

Inc.

578,634

917

Paycom

Software,

Inc.

182,492

713

Paylocity

Holding

Corp.*

122,536

2,125

Resources

Connection,

Inc.

27,965

4,784

Robert

Half,

Inc.

379,276

1,300

Science

Applications

International

Corp.

169,507

5,295

SS&C

Technologies

Holdings,

Inc.

340,839

4,296

TransUnion

342,821

1,196

TriNet

Group,

Inc.

158,458

1,029

TrueBlue,

Inc.*

12,883

2,127

TTEC

Holdings,

Inc.

22,057

2,946

Verisk

Analytics,

Inc.

694,461

7,657

Verra

Mobility

Corp.*

191,195

633

Willdan

Group,

Inc.*

18,351

10,421,415

Real

Estate

Management

&

Development

(0.3%):

3,814

Anywhere

Real

Estate,

Inc.*

23,570

5,596

CBRE

Group,

Inc.,

Class

A*

544,155

6,525

CoStar

Group,

Inc.*

630,315

13,717

Cushman

&

Wakefield

plc*

143,480

2,085

DigitalBridge

Group,

Inc.

40,178

1,626

Douglas

Elliman,

Inc.

2,569

1,163

eXp

World

Holdings,

Inc.

12,014

2,407

Forestar

Group,

Inc.*

96,737

232

FRP

Holdings,

Inc.*

14,245

1,569

Howard

Hughes

Holdings,

Inc.*

113,941

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

1,776

Jones

Lang

LaSalle,

Inc.*

$

346,480

7,959

Kennedy-Wilson

Holdings,

Inc.

68,288

2,533

Marcus

&

Millichap,

Inc.

86,553

10,029

Newmark

Group,

Inc.,

Class

A

111,222

6,528

Opendoor

Technologies,

Inc.*

19,780

997

Rafael

Holdings,

Inc.,

Class

B*

1,715

910

RE/MAX

Holdings,

Inc.

7,981

357

RMR

Group,

Inc.

(The),

Class

A

8,568

1,857

St.

Joe

Co.

(The)

107,650

1,447

Tejon

Ranch

Co.*

22,298

1,463

Zillow

Group,

Inc.,

Class

A*

70,019

3,370

Zillow

Group,

Inc.,

Class

C*

164,388

2,636,146

Semiconductors

&

Semiconductor

Equipment

(7.9%):

12,971

Advanced

Micro

Devices,

Inc.*

2,341,136

5,662

Allegro

MicroSystems,

Inc.*

152,648

1,120

Alpha

&

Omega

Semiconductor,

Ltd.*

24,685

1,283

Ambarella,

Inc.*

65,138

14,377

Amkor

Technology,

Inc.

463,514

6,126

Analog

Devices,

Inc.

1,211,662

11,074

Applied

Materials,

Inc.

2,283,791

1,575

Axcelis

Technologies,

Inc.*

175,644

1,701

AXT,

Inc.*

7,808

5,222

Broadcom,

Inc.

6,921,291

437

CEVA,

Inc.*

9,924

2,615

Cirrus

Logic,

Inc.*

242,044

2,261

Cohu,

Inc.*

75,359

1,719

Credo

Technology

Group

Holding,

Ltd.*

36,426

1,551

Diodes,

Inc.*

109,346

2,467

Enphase

Energy,

Inc.*

298,458

1,826

Entegris,

Inc.

256,626

1,384

First

Solar,

Inc.*

233,619

3,423

FormFactor,

Inc.*

156,191

448

GLOBALFOUNDRIES,

Inc.*

23,345

1,314

GSI

Technology,

Inc.*

4,468

948

Ichor

Holdings,

Ltd.*

36,612

53,778

Intel

Corp.

2,375,374

2,079

KLA

Corp.

1,452,327

2,536

Kulicke

&

Soffa

Industries,

Inc.

127,586

1,802

Lam

Research

Corp.

1,750,769

2,460

Lattice

Semiconductor

Corp.*

192,446

1,767

MACOM

Technology

Solutions

Holdings,

Inc.*

168,996

7,811

Marvell

Technology,

Inc.

553,644

2,503

MaxLinear,

Inc.*

46,731

8,667

Microchip

Technology,

Inc.

777,517

8,687

Micron

Technology,

Inc.

1,024,110

505

MKS

Instruments,

Inc.

67,165

501

Monolithic

Power

Systems,

Inc.

339,387

150

NVE

Corp.

13,527

31,137

NVIDIA

Corp.

28,134,148

4,591

NXP

Semiconductors

NV

1,137,512

8,995

ON

Semiconductor

Corp.*

661,582

1,797

Onto

Innovation,

Inc.*

325,401

1,438

PDF

Solutions,

Inc.*

48,417

2,358

Photronics,

Inc.*

66,779

1,882

Power

Integrations,

Inc.

134,657

3,475

Qorvo,

Inc.*

399,034

16,010

QUALCOMM,

Inc.

2,710,493

3,254

Rambus,

Inc.*

201,130

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

52

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

2,303

Semtech

Corp.*

$

63,309

656

Silicon

Laboratories,

Inc.*

94,280

318

SiTime

Corp.*

29,647

3,163

Skyworks

Solutions,

Inc.

342,616

1,050

SMART

Global

Holdings,

Inc.*

27,636

744

SolarEdge

Technologies,

Inc.*

52,809

834

Synaptics,

Inc.*

81,365

2,246

Teradyne,

Inc.

253,416

12,837

Texas

Instruments,

Inc.

2,236,334

1,851

Ultra

Clean

Holdings,

Inc.*

85,035

1,085

Universal

Display

Corp.

182,768

1,442

Veeco

Instruments,

Inc.*

50,715

2,493

Wolfspeed,

Inc.*

73,544

61,411,941

Software

(7.7%):

2,814

A10

Networks,

Inc.

38,524

4,271

ACI

Worldwide,

Inc.*

141,840

4,656

Adeia,

Inc.

50,844

4,154

Adobe,

Inc.*

2,096,108

436

Agilysys,

Inc.*

36,737

695

Alarm.com

Holdings,

Inc.*

50,367

583

Altair

Engineering,

Inc.,

Class

A*

50,225

1,009

American

Software,

Inc.,

Class

A

11,553

1,210

ANSYS,

Inc.*

420,064

1,357

AppLovin

Corp.,

Class

A*

93,932

591

Aspen

Technology,

Inc.*

126,048

596

Atlassian

Corp.,

Class

A*

116,286

8,147

Aurora

Innovation,

Inc.*

22,975

3,273

Autodesk,

Inc.*

852,355

2,272

Aware,

Inc.*

4,249

3,426

Bentley

Systems,

Inc.,

Class

B

178,906

2,047

BILL

Holdings,

Inc.*

140,670

2,195

Blackbaud,

Inc.*

162,737

4,589

Box,

Inc.,

Class

A*

129,960

2,635

Cadence

Design

Systems,

Inc.*

820,223

6,884

CCC

Intelligent

Solutions

Holdings,

Inc.*

82,333

2,772

Cerence,

Inc.*

43,659

6,544

Cleanspark,

Inc.*

138,798

1,830

Cognyte

Software,

Ltd.*

15,134

838

CommVault

Systems,

Inc.*

84,998

2,791

Confluent,

Inc.,

Class

A*

85,181

491

Consensus

Cloud

Solutions,

Inc.*

7,787

2,213

Corpay,

Inc.*

682,799

1,072

Crowdstrike

Holdings,

Inc.,

Class

A*

343,672

1,100

Datadog,

Inc.,

Class

A*

135,960

4,872

Digital

Turbine,

Inc.*

12,765

2,388

DocuSign,

Inc.*

142,205

2,077

Dolby

Laboratories,

Inc.,

Class

A

173,990

2,382

DoubleVerify

Holdings,

Inc.*

83,751

7,735

Dropbox,

Inc.,

Class

A*

187,961

2,740

Dynatrace,

Inc.*

127,246

2,146

E2open

Parent

Holdings,

Inc.*

9,528

277

Elastic

NV*

27,766

1,707

Envestnet,

Inc.*

98,852

429

Everbridge,

Inc.*

14,942

237

Fair

Isaac

Corp.*

296,158

291

Five9,

Inc.*

18,074

10,182

Fortinet,

Inc.*

695,532

5,936

Freshworks,

Inc.,

Class

A*

108,095

Shares

Value

Common

Stocks,

continued

Software,

continued

19,639

Gen

Digital,

Inc.

$

439,914

1,056

Gitlab,

Inc.,

Class

A*

61,586

1,795

Guidewire

Software,

Inc.*

209,494

339

HubSpot,

Inc.*

212,404

1,949

Informatica,

Inc.,

Class

A*

68,215

1,354

InterDigital,

Inc.

144,147

2,055

Intuit,

Inc.

1,335,750

3,554

Jamf

Holding

Corp.*

65,216

3,557

JFrog,

Ltd.*

157,291

3,815

LiveRamp

Holdings,

Inc.*

131,618

1,545

Manhattan

Associates,

Inc.*

386,605

9,761

Matterport,

Inc.*

22,060

88,387

Microsoft

Corp.

37,186,179

4,817

N-able,

Inc.*

62,958

701

nCino,

Inc.*

26,203

9,235

NCR

Voyix

Corp.*

116,638

1,918

Nutanix,

Inc.,

Class

A*

118,379

3,994

Olo,

Inc.,

Class

A*

21,927

879

OneSpan,

Inc.*

10,223

23,305

Oracle

Corp.

2,927,341

14,448

Palantir

Technologies,

Inc.,

Class

A*

332,449

2,399

Palo

Alto

Networks,

Inc.*

681,628

5,963

PowerSchool

Holdings,

Inc.*

126,952

1,540

Procore

Technologies,

Inc.*

126,542

1,843

Progress

Software

Corp.

98,250

1,556

PTC,

Inc.*

293,991

389

Q2

Holdings,

Inc.*

20,446

482

Qualys,

Inc.*

80,431

468

Roper

Technologies,

Inc.

262,473

8,527

Salesforce,

Inc.

2,568,162

1,627

Samsara,

Inc.,

Class

A*

61,484

1,200

Sapiens

International

Corp.

NV

38,592

1,065

SentinelOne,

Inc.,

Class

A*

24,825

791

ServiceNow,

Inc.*

603,058

502

Smartsheet,

Inc.,

Class

A*

19,327

5,655

SolarWinds

Corp.*

71,366

347

SPS

Commerce,

Inc.*

64,160

254

Synchronoss

Technologies,

Inc.*

2,121

1,087

Synopsys,

Inc.*

621,221

2,249

Teradata

Corp.*

86,969

534

Tyler

Technologies,

Inc.*

226,955

1,729

UiPath,

Inc.,

Class

A*

39,196

537

Unity

Software,

Inc.*

14,338

1,022

Verint

Systems,

Inc.*

33,879

1,088

Vertex,

Inc.,

Class

A*

34,555

1,209

Workday,

Inc.,

Class

A*

329,755

1,862

Xperi,

Inc.*

22,456

2,885

Zoom

Video

Communications,

Inc.,

Class

A*

188,592

780

Zscaler,

Inc.*

150,251

60,090,361

Specialty

Retail

(2.6%):

893

1-800-Flowers.com,

Inc.,

Class

A*

9,671

1,093

Aaron's

Co.,

Inc.

(The)

8,198

2,382

Abercrombie

&

Fitch

Co.*

298,536

3,539

Academy

Sports

&

Outdoors,

Inc.

239,024

2,780

Advance

Auto

Parts,

Inc.

236,550

8,443

American

Eagle

Outfitters,

Inc.

217,745

200

America's

Car-Mart,

Inc.*

12,774

793

Asbury

Automotive

Group,

Inc.*

186,974

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

53

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

2,911

AutoNation,

Inc.*

$

482,003

34

AutoZone,

Inc.*

107,156

3,164

Barnes

&

Noble

Education,

Inc.*

2,291

6,125

Bath

&

Body

Works,

Inc.

306,373

7,676

Best

Buy

Co.,

Inc.

629,662

1,432

Beyond,

Inc.*

51,423

1,657

Big

5

Sporting

Goods

Corp.

5,833

969

Boot

Barn

Holdings,

Inc.*

92,200

2,908

Buckle,

Inc.

(The)

117,105

583

Build-A-Bear

Workshop,

Inc.

17,414

1,747

Burlington

Stores,

Inc.*

405,636

2,280

Caleres,

Inc.

93,548

3,853

CarMax,

Inc.*

335,635

1,339

Carvana

Co.*

117,711

1,987

Cato

Corp.

(The),

Class

A

11,465

1,979

Chewy,

Inc.,

Class

A*

31,486

501

Children's

Place,

Inc.

(The)*

5,782

566

Citi

Trends,

Inc.*

15,356

1,572

Conn's,

Inc.*

5,266

3,425

Designer

Brands,

Inc.,

Class

A

37,435

3,630

Destination

XL

Group,

Inc.*

13,068

2,689

Dick's

Sporting

Goods,

Inc.

604,649

1,082

Five

Below,

Inc.*

196,253

3,104

Floor

&

Decor

Holdings,

Inc.,

Class

A*

402,340

3,907

Foot

Locker,

Inc.

111,349

1,792

GameStop

Corp.,

Class

A*

22,436

15,273

Gap,

Inc.

(The)

420,771

435

Genesco,

Inc.*

12,241

630

Group

1

Automotive,

Inc.

184,105

2,846

Guess?,

Inc.

89,564

583

Haverty

Furniture

Cos.,

Inc.

19,892

499

Hibbett,

Inc.

38,328

12,590

Home

Depot,

Inc.

(The)

4,829,524

1,642

Lands'

End,

Inc.*

17,881

7,985

Leslie's,

Inc.*

51,903

1,208

Lithia

Motors,

Inc.

363,439

6,784

Lowe's

Cos.,

Inc.

1,728,088

527

MarineMax,

Inc.*

17,528

1,792

Monro,

Inc.

56,520

451

Murphy

USA,

Inc.

189,059

4,509

National

Vision

Holdings,

Inc.*

99,919

2,192

ODP

Corp.

(The)*

116,286

683

O'Reilly

Automotive,

Inc.*

771,025

2,019

Penske

Automotive

Group,

Inc.

327,058

11,500

Petco

Health

&

Wellness

Co.,

Inc.*

26,220

588

PetMed

Express,

Inc.

2,817

1,458

Revolve

Group,

Inc.*

30,866

58

RH*

20,199

4,801

Ross

Stores,

Inc.

704,595

6,562

Sally

Beauty

Holdings,

Inc.*

81,500

1,200

Shoe

Carnival,

Inc.

43,968

2,488

Signet

Jewelers,

Ltd.

248,974

472

Sleep

Number

Corp.*

7,566

844

Sonic

Automotive,

Inc.,

Class

A

48,057

1,606

Sportsman's

Warehouse

Holdings,

Inc.*

4,995

4,730

Stitch

Fix,

Inc.,

Class

A*

12,487

854

Tilly's,

Inc.,

Class

A*

5,807

18,326

TJX

Cos.,

Inc.

(The)

1,858,623

2,853

Tractor

Supply

Co.

746,687

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

1,173

Ulta

Beauty,

Inc.*

$

613,338

3,729

Upbound

Group,

Inc.

131,298

5,247

Urban

Outfitters,

Inc.*

227,825

2,580

Valvoline,

Inc.*

114,991

4,115

Victoria's

Secret

&

Co.*

79,749

2,246

Williams-Sonoma,

Inc.

713,172

75

Winmark

Corp.

27,128

729

Zumiez,

Inc.*

11,074

20,525,414

Technology

Hardware,

Storage

&

Peripherals

(4.8%):

193,448

Apple,

Inc.

33,172,463

728

AstroNova,

Inc.*

12,973

2,960

Corsair

Gaming,

Inc.*

36,526

3,550

Dell

Technologies,

Inc.,

Class

C

405,090

29,165

Hewlett

Packard

Enterprise

Co.

517,095

15,139

HP,

Inc.

457,501

4,166

NetApp,

Inc.

437,305

3,329

Pure

Storage,

Inc.,

Class

A*

173,075

3,324

Seagate

Technology

Holdings

plc

309,298

3,380

Stratasys,

Ltd.*

39,276

1,038

Super

Micro

Computer,

Inc.*

1,048,411

6,642

Western

Digital

Corp.*

453,250

8,831

Xerox

Holdings

Corp.

158,075

37,220,338

Textiles,

Apparel

&

Luxury

Goods

(0.9%):

7,561

Capri

Holdings,

Ltd.*

342,513

1,949

Carter's,

Inc.

165,041

2,187

Columbia

Sportswear

Co.

177,541

3,185

Crocs,

Inc.*

458,003

810

Culp,

Inc.*

3,888

484

Deckers

Outdoor

Corp.*

455,570

8,476

Figs,

Inc.,

Class

A*

42,210

1,494

Fossil

Group,

Inc.*

1,524

2,480

G-III

Apparel

Group,

Ltd.*

71,945

16,912

Hanesbrands,

Inc.*

98,090

2,195

Kontoor

Brands,

Inc.

132,249

2,925

Levi

Strauss

&

Co.,

Class

A

58,471

1,991

Lululemon

Athletica,

Inc.*

777,784

1,088

Movado

Group,

Inc.

30,388

14,735

NIKE,

Inc.,

Class

B

1,384,795

720

Oxford

Industries,

Inc.

80,928

2,495

PVH

Corp.

350,822

2,424

Ralph

Lauren

Corp.

455,130

570

Rocky

Brands,

Inc.

15,464

4,932

Skechers

USA,

Inc.,

Class

A*

302,134

3,554

Steven

Madden,

Ltd.

150,263

700

Superior

Group

of

Cos.,

Inc.

11,564

14,393

Tapestry,

Inc.

683,380

10,508

Under

Armour,

Inc.,

Class

A*

77,549

12,274

Under

Armour,

Inc.,

Class

C*

87,636

1,027

Unifi,

Inc.*

6,152

802

Vera

Bradley,

Inc.*

5,454

16,991

VF

Corp.

260,642

4,439

Wolverine

World

Wide,

Inc.

49,761

6,736,891

Tobacco

(0.3%):

20,940

Altria

Group,

Inc.

913,403

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

54

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Tobacco,

continued

18,241

Philip

Morris

International,

Inc.

$

1,671,240

1,286

Universal

Corp.

66,512

7,266

Vector

Group,

Ltd.

79,635

2,730,790

Trading

Companies

&

Distributors

(0.9%):

5,434

Air

Lease

Corp.

279,525

1,661

Applied

Industrial

Technologies,

Inc.

328,130

3,284

Beacon

Roofing

Supply,

Inc.*

321,898

424

BlueLinx

Holdings,

Inc.*

55,222

1,071

Boise

Cascade

Co.

164,259

4,200

Core

&

Main,

Inc.,

Class

A*

240,450

6,303

DNOW,

Inc.*

95,806

644

DXP

Enterprises,

Inc.*

34,602

11,327

Fastenal

Co.

873,765

475

Ferguson

plc

103,754

1,483

GATX

Corp.

198,766

977

Global

Industrial

Co.

43,750

1,243

GMS,

Inc.*

120,994

1,547

H&E

Equipment

Services,

Inc.

99,286

1,362

Herc

Holdings,

Inc.

229,225

2,780

Hudson

Technologies,

Inc.*

30,608

730

McGrath

RentCorp

90,060

2,381

MRC

Global,

Inc.*

29,929

1,669

MSC

Industrial

Direct

Co.,

Inc.

161,960

3,756

Rush

Enterprises,

Inc.,

Class

A

201,021

547

Rush

Enterprises,

Inc.,

Class

B

29,150

1,560

SiteOne

Landscape

Supply,

Inc.*

272,298

1,803

Titan

Machinery,

Inc.*

44,732

173

Transcat,

Inc.*

19,277

1,974

United

Rentals,

Inc.

1,423,471

878

W.W.

Grainger,

Inc.

893,189

542

Watsco,

Inc.

234,128

84

Watsco,

Inc.,

Class

B

35,944

1,596

WESCO

International,

Inc.

273,363

6,928,562

Water

Utilities

(0.1%):

830

American

States

Water

Co.

59,959

2,242

American

Water

Works

Co.,

Inc.

273,995

491

Artesian

Resources

Corp.,

Class

A

18,221

1,755

California

Water

Service

Group

81,572

5,702

Essential

Utilities,

Inc.

211,259

355

Middlesex

Water

Co.

18,638

669

Pure

Cycle

Corp.*

6,356

626

SJW

Group

35,425

372

York

Water

Co.

(The)

13,492

718,917

Wireless

Telecommunication

Services

(0.2%):

5,179

Gogo,

Inc.*

45,472

1,649

Spok

Holdings,

Inc.

26,301

5,350

Telephone

and

Data

Systems,

Inc.

85,707

8,413

T-Mobile

US,

Inc.

1,373,170

1,151

United

States

Cellular

Corp.*

42,011

1,572,661

Total

Common

Stocks

(Cost

$526,234,640)

774,313,719

Shares

Value

Preferred

Stock

(0.0%

†

):

Trading

Companies

&

Distributors

(0.0%

†

):

1,076

WESCO

International,

Inc.,

Series

A,

10.63%

$

28,310

Total

Preferred

Stock

(Cost

$28,514)

28,310

Rights

(0.0%

†

):

Diversified

Telecommunication

Services

(0.0%

†

):

79

Communications

Systems

I

CVR,

Expires

on

1/1/29*

104

3,312

Mirati

Therapeutics

CVR,

Expires

on

1/1/26*

2,319

2,423

Health

Care

Equipment

&

Supplies

(0.0%

†

):

278

ABIOMED,

Inc.

CVR,

Expires

on

1/2/26*

4,339

Health

Care

Providers

&

Services

(0.0%

†

):

900

Chinook

Therapeutics

CVR,

Expires

on

1/1/26*

1,125

Household

Products

(0.0%

†

):

2,126

Spectrum

-

Crv

CVR,

Expires

on

1/1/26*

—

Paper

&

Forest

Products

(0.0%

†

):

2,344

Resolute

Fst

CVR,

Expires

on

1/1/26*

3,328

Pharmaceuticals

(0.0%

†

):

3,743

Achillion

Pharm

CVR,

Expires

on

1/29/49*

1,011

Total

Rights

(Cost

$–)

12,226

Unaffiliated

Investment

Companies

(0.0%

†

):

Money

Markets

(0.0%

†

):

223,058

BlackRock

Liquidity

FedFund,

Institutional

Class,

5.07%(b)(c)

223,058

69,299

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.19%(c)

69,299

Total

Unaffiliated

Investment

Companies

(Cost

$292,357)

292,357

Total

Investment

Securities

(Cost

$526,555,511)

—

99.8%

774,646,612

Net

other

assets

(liabilities)

—

0.2%

1,435,674

Net

Assets

—

100.0%

$

776,082,286

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

55

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024

.

ADR—American

Depository

Receipt

CVR—Contingency

Valued

Rights

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$219,081.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

March

31,

2024.

(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

March

31,

2024.

(c)

The

rate

represents

the

effective

yield

at

March

31,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

56

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(99.9%):

Aerospace

&

Defense

(1.3%):

3,610

AAR

Corp.*

$

216,131‌

2,472

AeroVironment

,

Inc.*

378,908‌

1,778

AerSale

Corp.*

12,766‌

2,475

Astronics

Corp.*

47,124‌

392

Astronics

Corp.,

Class

B*

7,083‌

4,074

BWX

Technologies,

Inc.

418,074‌

1,341

Cadre

Holdings,

Inc.

48,544‌

849

Curtiss-Wright

Corp.

217,293‌

1,538

Ducommun,

Inc.*

78,899‌

4,744

Hexcel

Corp.

345,600‌

1,976

Innovative

Solutions

and

Support,

Inc.*

14,464‌

2,977

Kaman

Corp.

136,555‌

12,407

Kratos

Defense

&

Security

Solutions,

Inc.*

228,041‌

2,680

Mercury

Systems,

Inc.*

79,060‌

2,370

Moog,

Inc.,

Class

A

378,371‌

927

National

Presto

Industries,

Inc.

77,683‌

3,369

Park

Aerospace

Corp.

56,027‌

4,524

Triumph

Group,

Inc.*

68,041‌

759

V2X,

Inc.*

35,453‌

682

Woodward,

Inc.

105,110‌

2,949,227‌

Air

Freight

&

Logistics

(0.3%):

738

Air

T,

Inc.*

16,383‌

5,771

Air

Transport

Services

Group,

Inc.*

79,409‌

483

CH

Robinson

Worldwide,

Inc.

36,776‌

2,327

Forward

Air

Corp.

72,393‌

1,559

GXO

Logistics,

Inc.*

83,812‌

5,750

Hub

Group,

Inc.,

Class

A

248,515‌

6,342

Radiant

Logistics,

Inc.*

34,374‌

571,662‌

Automobile

Components

(1.5%):

7,943

Adient

plc*

261,484‌

12,836

American

Axle

&

Manufacturing

Holdings,

Inc.*

94,473‌

151

Autoliv

,

Inc.

18,185‌

3,753

BorgWarner,

Inc.

130,379‌

2,031

Cooper-Standard

Holdings,

Inc.*

33,633‌

12,420

Dana,

Inc.

157,734‌

2,903

Dorman

Products,

Inc.*

279,820‌

3,535

Fox

Factory

Holding

Corp.*

184,067‌

9,977

Garrett

Motion,

Inc.*

99,171‌

2,068

Gentex

Corp.

74,696‌

3,051

Gentherm

,

Inc.*

175,677‌

25,578

Goodyear

Tire

&

Rubber

Co.

(The)*

351,186‌

2,187

LCI

Industries

269,132‌

162

Lear

Corp.

23,471‌

5,082

Modine

Manufacturing

Co.*

483,756‌

1,578

Motorcar

Parts

of

America,

Inc.*

12,687‌

1,849

Patrick

Industries,

Inc.

220,900‌

2,198

Standard

Motor

Products,

Inc.

73,743‌

3,353

Stoneridge,

Inc.*

61,829‌

2,236

Visteon

Corp.*

262,976‌

1,503

XPEL,

Inc.*

81,192‌

3,350,191‌

Automobiles

(0.4%):

7,274

Harley-Davidson,

Inc.

318,165‌

2,799

Thor

Industries,

Inc.

328,434‌

Shares

Value

Common

Stocks,

continued

Automobiles,

continued

2,661

Winnebago

Industries,

Inc.

$

196,914‌

843,513‌

Banks

(10.0%):

2,374

1st

Source

Corp.

124,445‌

410

ACNB

Corp.

15,416‌

1,200

Amalgamated

Financial

Corp.

28,800‌

2,183

Amerant

Bancorp,

Inc.

50,842‌

939

American

National

Bankshares

,

Inc.

44,847‌

6,673

Ameris

Bancorp

322,840‌

1,100

Ames

National

Corp.

22,198‌

1,879

Arrow

Financial

Corp.

47,013‌

13,645

Associated

Banc-Corp.

293,504‌

7,304

Atlantic

Union

Bankshares

Corp.

257,904‌

13

Auburn

National

Bancorp,

Inc.

250‌

5,496

Axos

Financial,

Inc.*

297,004‌

9,817

Banc

of

California,

Inc.

149,317‌

2,869

BancFirst

Corp.

252,558‌

3,925

Bancorp,

Inc.

(The)*

131,330‌

3,880

Bank

of

Hawaii

Corp.

242,073‌

2,100

Bank

of

Marin

Bancorp

35,217‌

2,482

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

79,399‌

9,516

Bank

OZK

432,597‌

2,838

BankFinancial

Corp.

29,799‌

7,570

BankUnited

,

Inc.

211,960‌

2,106

Banner

Corp.

101,088‌

872

Bar

Harbor

Bankshares

23,091‌

1,944

BayCom

Corp.

40,066‌

595

BCB

Bancorp,

Inc.

6,218‌

4,093

Berkshire

Hills

Bancorp,

Inc.

93,812‌

2,284

Blue

Foundry

Bancorp*

21,378‌

4,211

BOK

Financial

Corp.

387,412‌

2,024

Bridgewater

Bancshares,

Inc.*

23,559‌

5,008

Brookline

Bancorp,

Inc.

49,880‌

667

Business

First

Bancshares,

Inc.

14,861‌

2,546

Byline

Bancorp,

Inc.

55,299‌

227

C&F

Financial

Corp.

11,123‌

15,888

Cadence

Bank

460,752‌

436

Cambridge

Bancorp

29,718‌

1,727

Camden

National

Corp.

57,889‌

2,243

Capital

City

Bank

Group,

Inc.

62,131‌

7,770

Capitol

Federal

Financial,

Inc.

46,309‌

700

Capstar

Financial

Holdings,

Inc.

14,070‌

7,027

Cathay

General

Bancorp

265,831‌

1,822

Central

Pacific

Financial

Corp.

35,984‌

668

Chemung

Financial

Corp.

28,377‌

2,124

Citizens

&

Northern

Corp.

39,889‌

280

Citizens

Community

Bancorp,

Inc.

3,402‌

718

Citizens

Holding

Co.

5,643‌

1,272

City

Holding

Co.

132,568‌

822

Civista

Bancshares,

Inc.

12,642‌

2,204

CNB

Financial

Corp.

44,940‌

573

Coastal

Financial

Corp.*

22,273‌

85

Codorus

Valley

Bancorp,

Inc.

1,935‌

56

Colony

Bankcorp

,

Inc.

644‌

8,798

Columbia

Financial,

Inc.*

151,414‌

1,558

Comerica,

Inc.

85,674‌

1,032

Commerce

Bancshares,

Inc.

54,902‌

2,562

Community

Bank

System,

Inc.

123,053‌

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

57

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

2,074

Community

Trust

Bancorp,

Inc.

$

88,456‌

966

Community

West

Bancshares

19,214‌

525

Community

West

Bancshares

8,127‌

3,778

ConnectOne

Bancorp,

Inc.

73,671‌

4,772

CrossFirst

Bankshares

,

Inc.*

66,044‌

775

Cullen/Frost

Bankers,

Inc.

87,242‌

2,984

Customers

Bancorp,

Inc.*

158,331‌

6,743

CVB

Financial

Corp.

120,295‌

2,220

Dime

Community

Bancshares,

Inc.

42,757‌

609

Eagle

Bancorp

Montana,

Inc.

7,820‌

3,312

Eagle

Bancorp,

Inc.

77,799‌

2,687

Eastern

Bankshares

,

Inc.

37,027‌

759

Enterprise

Bancorp,

Inc.

19,711‌

2,149

Enterprise

Financial

Services

Corp.

87,163‌

1,888

Equity

Bancshares,

Inc.,

Class

A

64,891‌

347

Esquire

Financial

Holdings,

Inc.

16,472‌

1,537

ESSA

Bancorp,

Inc.

28,020‌

2,582

Farmers

National

Banc

Corp.

34,496‌

2,391

FB

Financial

Corp.

90,045‌

2,566

Financial

Institutions,

Inc.

48,292‌

3,627

First

Bancorp

131,007‌

16,388

First

BanCorp

287,446‌

1,555

First

Bancorp,

Inc.

(The)

38,315‌

3,288

First

Bancshares,

Inc.

(The)

85,324‌

726

First

Bank

9,975‌

5,592

First

Busey

Corp.

134,488‌

1,054

First

Business

Financial

Services,

Inc.

39,525‌

242

First

Capital,

Inc.

7,018‌

4,622

First

Commonwealth

Financial

Corp.

64,338‌

2,238

First

Community

Bankshares

,

Inc.

77,502‌

9,070

First

Financial

Bancorp

203,349‌

5,933

First

Financial

Bankshares

,

Inc.

194,662‌

1,162

First

Financial

Corp.

44,539‌

1,717

First

Financial

Northwest,

Inc.

35,302‌

2,543

First

Foundation,

Inc.

19,200‌

6,483

First

Hawaiian,

Inc.

142,367‌

5,823

First

Horizon

Corp.

89,674‌

402

First

Internet

Bancorp

13,965‌

9,316

First

Interstate

BancSystem

,

Inc.,

Class

A

253,488‌

3,081

First

Merchants

Corp.

107,527‌

1,114

First

Mid

Bancshares,

Inc.

36,406‌

2,923

First

of

Long

Island

Corp.

(The)

32,416‌

84

First

Savings

Financial

Group,

Inc.

1,407‌

234

First

United

Corp.

5,361‌

908

First

US

Bancshares,

Inc.

8,408‌

1,446

Five

Star

Bancorp

32,535‌

3,754

Flushing

Financial

Corp.

47,338‌

29,250

FNB

Corp.

412,425‌

1,162

FS

Bancorp,

Inc.

40,333‌

16,231

Fulton

Financial

Corp.

257,911‌

2,039

German

American

Bancorp,

Inc.

70,631‌

9,503

Glacier

Bancorp,

Inc.

382,781‌

1,038

Great

Southern

Bancorp,

Inc.

56,903‌

440

Guaranty

Bancshares,

Inc.

13,358‌

7,678

Hancock

Whitney

Corp.

353,495‌

3,857

Hanmi

Financial

Corp.

61,403‌

5,211

HarborOne

Bancorp,

Inc.

55,549‌

45

Hawthorn

Bancshares,

Inc.

919‌

1,822

HBT

Financial,

Inc.

34,691‌

Shares

Value

Common

Stocks,

continued

Banks,

continued

4,161

Heartland

Financial

USA,

Inc.

$

146,259‌

4,406

Heritage

Commerce

Corp.

37,803‌

3,578

Heritage

Financial

Corp.

69,377‌

4,106

Hilltop

Holdings,

Inc.

128,600‌

150

Hingham

Institution

For

Savings

(The)

26,169‌

629

HMN

Financial,

Inc.

13,272‌

973

Home

Bancorp,

Inc.

37,276‌

16,016

Home

BancShares

,

Inc.

393,513‌

86

Home

Federal

Bancorp,

Inc.

of

Louisiana

1,061‌

2,273

HomeStreet

,

Inc.

34,209‌

2,317

HomeTrust

Bancshares,

Inc.

63,347‌

12,058

Hope

Bancorp,

Inc.

138,788‌

5,857

Horizon

Bancorp,

Inc.

75,145‌

869

IF

Bancorp,

Inc.

14,347‌

1,306

Independent

Bank

Corp.

33,107‌

2,325

Independent

Bank

Corp.

120,946‌

4,005

Independent

Bank

Group,

Inc.

182,828‌

5,641

International

Bancshares

Corp.

316,686‌

8,307

Kearny

Financial

Corp.

53,497‌

390

Kentucky

First

Federal

Bancorp

1,490‌

4,232

Lakeland

Bancorp,

Inc.

51,207‌

1,608

Lakeland

Financial

Corp.

106,643‌

1,046

Landmark

Bancorp,

Inc.

20,167‌

1,512

LCNB

Corp.

24,101‌

4,363

Live

Oak

Bancshares,

Inc.

181,108‌

3,707

Macatawa

Bank

Corp.

36,292‌

2,078

Mercantile

Bank

Corp.

79,982‌

400

Metropolitan

Bank

Holding

Corp.*

15,400‌

782

Mid

Penn

Bancorp,

Inc.

15,648‌

2,497

Midland

States

Bancorp,

Inc.

62,750‌

2,171

MidWestOne

Financial

Group,

Inc.

50,888‌

300

MVB

Financial

Corp.

6,693‌

3,634

National

Bank

Holdings

Corp.,

Class

A

131,078‌

769

National

Bankshares

,

Inc.

25,692‌

4,312

NBT

Bancorp,

Inc.

158,164‌

17,423

New

York

Community

Bancorp,

Inc.

56,102‌

679

Nicolet

Bankshares

,

Inc.

58,387‌

822

Northeast

Bank

45,489‌

5,256

Northfield

Bancorp,

Inc.

51,088‌

657

Northrim

Bancorp,

Inc.

33,185‌

11,422

Northwest

Bancshares,

Inc.

133,066‌

609

Norwood

Financial

Corp.

16,571‌

3,132

OceanFirst

Financial

Corp.

51,396‌

4,849

OFG

Bancorp

178,492‌

183

Ohio

Valley

Banc

Corp.

4,474‌

5,768

Old

National

Bancorp

100,421‌

1,004

Old

Point

Financial

Corp.

17,108‌

3,314

Old

Second

Bancorp,

Inc.

45,866‌

2,466

Origin

Bancorp,

Inc.

77,038‌

1,234

Orrstown

Financial

Services,

Inc.

33,034‌

9,250

Pacific

Premier

Bancorp,

Inc.

222,000‌

1,210

Park

National

Corp.

164,379‌

1,636

Parke

Bancorp,

Inc.

28,180‌

1,842

Pathward

Financial,

Inc.

92,984‌

1,140

Peapack

-Gladstone

Financial

Corp.

27,736‌

478

Penns

Woods

Bancorp,

Inc.

9,278‌

434

Peoples

Bancorp

of

North

Carolina,

Inc.

12,087‌

3,466

Peoples

Bancorp,

Inc.

102,628‌

488

Peoples

Financial

Services

Corp.

21,038‌

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

58

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

4,704

Pinnacle

Financial

Partners,

Inc.

$

403,980‌

4,363

Popular,

Inc.

384,337‌

1,407

Preferred

Bank

108,015‌

4,368

Premier

Financial

Corp.

88,670‌

2,309

Primis

Financial

Corp.

28,101‌

1,001

Prosperity

Bancshares,

Inc.

65,846‌

1,677

Provident

Financial

Holdings,

Inc.

22,438‌

3,721

Provident

Financial

Services,

Inc.

54,215‌

1,518

QCR

Holdings,

Inc.

92,203‌

351

RBB

Bancorp

6,322‌

5,096

Renasant

Corp.

159,607‌

1,809

Republic

Bancorp,

Inc.,

Class

A

92,259‌

1,982

Riverview

Bancorp,

Inc.

9,355‌

3,285

S&T

Bancorp,

Inc.

105,383‌

4,043

Sandy

Spring

Bancorp,

Inc.

93,717‌

579

SB

Financial

Group,

Inc.

7,979‌

4,000

Seacoast

Banking

Corp.

101,560‌

4,920

ServisFirst

Bancshares,

Inc.

326,491‌

2,960

Shore

Bancshares,

Inc.

34,040‌

1,997

Sierra

Bancorp

40,339‌

11,160

Simmons

First

National

Corp.,

Class

A

217,174‌

389

South

Plains

Financial,

Inc.

10,410‌

1,252

Southern

First

Bancshares,

Inc.*

39,764‌

707

Southern

Missouri

Bancorp,

Inc.

30,903‌

3,030

Southside

Bancshares,

Inc.

88,567‌

3,541

SouthState

Corp.

301,091‌

3,145

Stellar

Bancorp,

Inc.

76,612‌

1,053

Sterling

Bancorp,

Inc.*

5,433‌

2,571

Stock

Yards

Bancorp,

Inc.

125,748‌

682

Summit

Financial

Group,

Inc.

18,523‌

1,323

Summit

State

Bank

14,355‌

3,773

Synovus

Financial

Corp.

151,146‌

1,409

Territorial

Bancorp,

Inc.

11,357‌

2,562

Texas

Capital

Bancshares,

Inc.*

157,691‌

9,668

TFS

Financial

Corp.

121,430‌

491

Timberland

Bancorp,

Inc.

13,218‌

694

Tompkins

Financial

Corp.

34,901‌

7,007

Towne

Bank

196,616‌

1,824

TriCo

Bancshares

67,087‌

2,060

Triumph

Financial,

Inc.*

163,399‌

2,210

TrustCo

Bank

Corp.

62,234‌

5,665

Trustmark

Corp.

159,243‌

2,644

UMB

Financial

Corp.

230,002‌

249

Union

Bankshares

,

Inc.

7,595‌

450

United

Bancshares,

Inc.

8,505‌

10,945

United

Bankshares

,

Inc.

391,722‌

10,718

United

Community

Banks,

Inc.

282,098‌

916

United

Security

Bancshares

7,062‌

42

Unity

Bancorp,

Inc.

1,159‌

2,426

Univest

Financial

Corp.

50,509‌

18,424

Valley

National

Bancorp

146,655‌

1,563

Veritex

Holdings,

Inc.

32,026‌

7,342

WaFd

,

Inc.

213,138‌

1,921

Washington

Trust

Bancorp,

Inc.

51,636‌

3,013

Webster

Financial

Corp.

152,970‌

5,051

WesBanco

,

Inc.

150,570‌

1,569

West

BanCorp

,

Inc.

27,975‌

1,354

Westamerica

BanCorp

66,184‌

1,437

Western

Alliance

Bancorp

92,241‌

Shares

Value

Common

Stocks,

continued

Banks,

continued

3,525

Western

New

England

BanCorp

,

Inc.

$

27,037‌

4,726

Wintrust

Financial

Corp.

493,347‌

5,646

WSFS

Financial

Corp.

254,860‌

35

WVS

Financial

Corp.

441‌

1,818

Zions

Bancorp

NA

78,901‌

22,130,246‌

Beverages

(0.5%):

881

Boston

Beer

Co.,

Inc.

(The),

Class

A*

268,194‌

551

Coca-Cola

Consolidated,

Inc.

466,372‌

2,000

MGP

Ingredients,

Inc.

172,260‌

2,943

National

Beverage

Corp.*

139,675‌

1,583

Vita

Coco

Co.,

Inc.

(The)*

38,672‌

985

Willamette

Valley

Vineyards,

Inc.*

4,935‌

1,090,108‌

Biotechnology

(2.5%):

2,535

4D

Molecular

Therapeutics,

Inc.*

80,765‌

1,733

AC

Immune

SA*

5,130‌

900

Adicet

Bio,

Inc.*

2,115‌

8,156

ADMA

Biologics,

Inc.*

53,830‌

330

Adverum

Biotechnologies,

Inc.*

4,666‌

5,190

Agios

Pharmaceuticals,

Inc.*

151,756‌

4,660

Aldeyra

Therapeutics,

Inc.*

15,238‌

13,711

Alkermes

plc*

371,157‌

2,613

Allogene

Therapeutics,

Inc.*

11,680‌

3,616

AnaptysBio

,

Inc.*

81,432‌

1,461

Anika

Therapeutics,

Inc.*

37,109‌

2,476

Arcturus

Therapeutics

Holdings,

Inc.*

83,615‌

629

Arcus

Biosciences,

Inc.*

11,876‌

6,613

Ardelyx

,

Inc.*

48,275‌

7,293

Avid

Bioservices

,

Inc.*

48,863‌

5,639

Avidity

Biosciences,

Inc.*

143,907‌

1,064

Avita

Medical,

Inc.*

17,056‌

1,365

Beam

Therapeutics,

Inc.*

45,100‌

2,162

Black

Diamond

Therapeutics,

Inc.*

10,961‌

3,255

Bluebird

Bio,

Inc.*

4,166‌

930

C4

Therapeutics,

Inc.*

7,598‌

1,034

CareDx

,

Inc.*

10,950‌

1,851

Caribou

Biosciences,

Inc.*

9,514‌

142

CASI

Pharmaceuticals

Holdings,

Inc.*

513‌

9,586

Catalyst

Pharmaceuticals,

Inc.*

152,801‌

1,100

Century

Therapeutics,

Inc.*

4,598‌

3,141

Cogent

Biosciences,

Inc.*

21,108‌

2,225

Crinetics

Pharmaceuticals,

Inc.*

104,152‌

3,121

CRISPR

Therapeutics

AG*

212,727‌

1,634

Cue

Biopharma,

Inc.*

3,088‌

2,020

Cullinan

Oncology,

Inc.*

34,421‌

4,970

Deciphera

Pharmaceuticals,

Inc.*

78,178‌

1,858

Denali

Therapeutics,

Inc.*

38,126‌

902

Dianthus

Therapeutics,

Inc.*

27,060‌

5,385

Dynavax

Technologies

Corp.*

66,828‌

7,241

Editas

Medicine,

Inc.*

53,728‌

3,775

Emergent

BioSolutions

,

Inc.*

9,551‌

2,404

Enanta

Pharmaceuticals,

Inc.*

41,974‌

12,115

Exelixis

,

Inc.*

287,489‌

2,705

G1

Therapeutics,

Inc.*

11,686‌

2,547

Gritstone

bio,

Inc.*

6,546‌

5,188

Halozyme

Therapeutics,

Inc.*

211,048‌

6,467

Ideaya

Biosciences,

Inc.*

283,772‌

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

59

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

1,919

IGM

Biosciences,

Inc.*

$

18,518‌

592

ImmuCell

Corp.*

3,138‌

1,574

Immuneering

Corp.,

Class

A*

4,549‌

1,281

Immunovant

,

Inc.*

41,389‌

2,885

Intellia

Therapeutics,

Inc.*

79,366‌

2,237

Iovance

Biotherapeutics

,

Inc.*

33,152‌

1,631

iTeos

Therapeutics,

Inc.*

22,247‌

2,004

KalVista

Pharmaceuticals,

Inc.*

23,768‌

613

Keros

Therapeutics,

Inc.*

40,581‌

514

Kiniksa

Pharmaceuticals,

Ltd.,

Class

A*

10,141‌

2,238

Krystal

Biotech,

Inc.*

398,207‌

6,099

Kura

Oncology,

Inc.*

130,092‌

2,505

Kymera

Therapeutics,

Inc.*

100,701‌

5,865

MacroGenics

,

Inc.*

86,333‌

900

MediciNova

,

Inc.*

1,305‌

2,101

MeiraGTx

Holdings

plc*

12,753‌

2,157

MiMedx

Group,

Inc.*

16,609‌

901

Morphic

Holding,

Inc.*

31,715‌

4,120

Myriad

Genetics,

Inc.*

87,838‌

4,899

Nurix

Therapeutics,

Inc.*

72,015‌

1,111

Olema

Pharmaceuticals,

Inc.*

12,577‌

14,857

PDL

BioPharma

,

Inc.*

17,680‌

1,808

PMV

Pharmaceuticals,

Inc.*

3,074‌

6,654

Poseida

Therapeutics,

Inc.*

21,226‌

2,098

Protagonist

Therapeutics,

Inc.*

60,695‌

2,444

Prothena

Corp.

plc*

60,538‌

2,162

RAPT

Therapeutics,

Inc.*

19,415‌

5,356

REGENXBIO,

Inc.*

112,851‌

1,964

Relay

Therapeutics,

Inc.*

16,301‌

427

Repare

Therapeutics,

Inc.*

2,011‌

4,849

Replimune

Group,

Inc.*

39,616‌

5,027

REVOLUTION

Medicines,

Inc.*

162,020‌

2,920

Rocket

Pharmaceuticals,

Inc.*

78,665‌

4,519

Sage

Therapeutics,

Inc.*

84,686‌

10,666

Sangamo

Therapeutics,

Inc.*

7,148‌

1,550

Scholar

Rock

Holding

Corp.*

27,528‌

4,069

SpringWorks

Therapeutics,

Inc.*

200,276‌

1,779

Stoke

Therapeutics,

Inc.*

24,017‌

1,873

Sutro

Biopharma,

Inc.*

10,583‌

1,710

Tango

Therapeutics,

Inc.*

13,577‌

446

Twist

Bioscience

Corp.*

15,302‌

7,073

Vanda

Pharmaceuticals,

Inc.*

29,070‌

2,332

Vaxart

,

Inc.*

3,032‌

3,248

Veracyte

,

Inc.*

71,976‌

683

Verastem

,

Inc.*

8,059‌

1,521

Vericel

Corp.*

79,122‌

1,753

Viking

Therapeutics,

Inc.*

143,746‌

1,685

Voyager

Therapeutics,

Inc.*

15,687‌

5,839

Xencor

,

Inc.*

129,217‌

1,840

Y-

mAbs

Therapeutics,

Inc.*

29,918‌

784

Zentalis

Pharmaceuticals,

Inc.*

12,356‌

5,632,539‌

Broadline

Retail

(0.6%):

1,321

Big

Lots,

Inc.

5,720‌

643

Dillard's,

Inc.,

Class

A

303,265‌

823

Etsy,

Inc.*

56,557‌

6,694

Kohl's

Corp.

195,130‌

15,078

Macy's,

Inc.

301,409‌

6,409

Nordstrom,

Inc.

129,910‌

Shares

Value

Common

Stocks,

continued

Broadline

Retail,

continued

4,178

Ollie's

Bargain

Outlet

Holdings,

Inc.*

$

332,444‌

16,641

Qurate

Retail,

Inc.,

Class

A*

20,468‌

1,344,903‌

Building

Products

(2.0%):

6,564

AAON,

Inc.

578,288‌

1,627

American

Woodmark

Corp.*

165,401‌

2,098

Apogee

Enterprises,

Inc.

124,202‌

3,762

Armstrong

World

Industries,

Inc.

467,316‌

7,325

AZEK

Co.,

Inc.

(The)*

367,861‌

1,354

AZZ,

Inc.

104,678‌

1,351

CSW

Industrials,

Inc.

316,945‌

2,928

Gibraltar

Industries,

Inc.*

235,792‌

2,150

Griffon

Corp.

157,681‌

3,136

Hayward

Holdings,

Inc.*

48,012‌

2,035

Insteel

Industries,

Inc.

77,778‌

1,557

Janus

International

Group,

Inc.*

23,557‌

8,072

JELD-WEN

Holding,

Inc.*

171,369‌

1,719

Masonite

International

Corp.*

225,962‌

1,917

Masterbrand,

Inc.*

35,925‌

3,805

Quanex

Building

Products

Corp.

146,226‌

9,360

Resideo

Technologies,

Inc.*

209,851‌

1,123

Simpson

Manufacturing

Co.,

Inc.

230,417‌

676

Tecnoglass

,

Inc.

35,172‌

3,275

Trex

Co.,

Inc.*

326,681‌

3,722

UFP

Industries,

Inc.

457,843‌

645

Zurn

Elkay

Water

Solutions

Corp.

21,588‌

4,528,545‌

Capital

Markets

(2.3%):

2,771

Affiliated

Managers

Group,

Inc.

464,059‌

6,551

Artisan

Partners

Asset

Management,

Inc.,

Class

A

299,839‌

6,324

AssetMark

Financial

Holdings,

Inc.*

223,933‌

22,939

BGC

Group,

Inc.,

Class

A

178,236‌

4,408

Brightsphere

Investment

Group,

Inc.

100,679‌

4,088

Cohen

&

Steers,

Inc.

314,326‌

393

Diamond

Hill

Investment

Group,

Inc.

60,589‌

2,795

Donnelley

Financial

Solutions,

Inc.*

173,318‌

7,443

Federated

Hermes,

Inc.

268,841‌

3,218

Hamilton

Lane,

Inc.,

Class

A

362,862‌

211

Hennessy

Advisors,

Inc.

1,456‌

762

Houlihan

Lokey

,

Inc.

97,681‌

7,672

Invesco,

Ltd.

127,278‌

8,484

Janus

Henderson

Group

plc

279,039‌

1,499

Lazard,

Inc.

62,763‌

523

MarketAxess

Holdings,

Inc.

114,668‌

5,313

Moelis

&

Co.,

Class

A

301,619‌

10,720

Open

Lending

Corp.*

67,107‌

853

Oppenheimer

Holdings,

Inc.,

Class

A

34,052‌

1,395

Piper

Sandler

Cos.

276,894‌

2,336

PJT

Partners,

Inc.,

Class

A

220,191‌

850

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

13,439‌

2,326

StepStone

Group,

Inc.,

Class

A

83,131‌

2,434

Stifel

Financial

Corp.

190,266‌

2,732

StoneX

Group,

Inc.*

191,950‌

207

Value

Line,

Inc.

8,383‌

681

Victory

Capital

Holdings,

Inc.,

Class

A

28,895‌

8,277

Virtu

Financial,

Inc.,

Class

A

169,844‌

644

Virtus

Investment

Partners,

Inc.

159,699‌

1,478

Westwood

Holdings

Group,

Inc.

18,209‌

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

60

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

13,581

WisdomTree

,

Inc.

$

124,809‌

5,018,055‌

Chemicals

(2.8%):

2,655

AdvanSix

,

Inc.

75,933‌

2,222

Alto

Ingredients,

Inc.*

4,844‌

4,315

American

Vanguard

Corp.

55,879‌

34,405

Arcadium

Lithium

plc*

148,286‌

1,064

Arq

,

Inc.*

6,895‌

4,002

Ashland,

Inc.

389,675‌

1,028

Aspen

Aerogels,

Inc.*

18,093‌

7,916

Avient

Corp.

343,554‌

3,167

Axalta

Coating

Systems,

Ltd.*

108,913‌

2,790

Balchem

Corp.

432,310‌

4,552

Cabot

Corp.

419,694‌

11,207

Chemours

Co.

(The)

294,296‌

10,380

Ecovyst

,

Inc.*

115,737‌

19,685

Element

Solutions,

Inc.

491,731‌

2,229

Hawkins,

Inc.

171,187‌

4,518

HB

Fuller

Co.

360,265‌

5,123

Huntsman

Corp.

133,352‌

3,296

Ingevity

Corp.*

157,219‌

2,240

Innospec

,

Inc.

288,826‌

2,142

Intrepid

Potash,

Inc.*

44,682‌

2,348

Koppers

Holdings,

Inc.

129,539‌

7,406

Kronos

Worldwide,

Inc.

87,391‌

8,341

LSB

Industries,

Inc.*

73,234‌

6,267

Mativ

Holdings,

Inc.

117,506‌

2,943

Minerals

Technologies,

Inc.

221,549‌

740

NewMarket

Corp.

469,619‌

1,579

Olin

Corp.

92,845‌

4,870

Orion

SA

114,542‌

958

Quaker

Chemical

Corp.

196,630‌

5,893

Rayonier

Advanced

Materials,

Inc.*

28,169‌

3,508

Sensient

Technologies

Corp.

242,719‌

2,109

Stepan

Co.

189,894‌

13,830

Tronox

Holdings

plc

239,951‌

6,264,959‌

Commercial

Services

&

Supplies

(1.9%):

5,686

ABM

Industries,

Inc.

253,709‌

9,986

ACCO

Brands

Corp.

56,021‌

675

Acme

United

Corp.

31,718‌

1,948

ACV

Auctions,

Inc.,

Class

A*

36,564‌

1,200

Aris

Water

Solutions,

Inc.,

Class

A

16,980‌

3,837

Brady

Corp.,

Class

A

227,457‌

3,882

BrightView

Holdings,

Inc.*

46,196‌

3,525

Brink's

Co.

(The)

325,640‌

3,935

Casella

Waste

Systems,

Inc.*

389,053‌

3,592

CECO

Environmental

Corp.*

82,688‌

2,718

Cimpress

plc*

240,570‌

436

Civeo

Corp.

11,707‌

325

CompX

International,

Inc.

11,148‌

2,746

Deluxe

Corp.

56,540‌

3,383

Ennis,

Inc.

69,385‌

4,634

Enviri

Corp.*

42,401‌

7,473

Healthcare

Services

Group,

Inc.*

93,263‌

3,889

HNI

Corp.

175,511‌

5,694

Interface,

Inc.

95,773‌

2,418

Liquidity

Services,

Inc.*

44,975‌

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

2,479

Matthews

International

Corp.,

Class

A

$

77,047‌

2,673

MillerKnoll

,

Inc.

66,183‌

1,198

Montrose

Environmental

Group,

Inc.*

46,926‌

1,886

MSA

Safety,

Inc.

365,111‌

2,566

NL

Industries,

Inc.

18,809‌

7,507

OPENLANE,

Inc.*

129,871‌

2,198

Perma

-Fix

Environmental

Services,

Inc.*

26,134‌

8,017

Pitney

Bowes,

Inc.

34,714‌

5,379

Quad/Graphics,

Inc.

28,562‌

2,243

SP

Plus

Corp.*

117,129‌

9,533

Steelcase,

Inc.,

Class

A

124,692‌

3,917

Stericycle,

Inc.*

206,622‌

308

Tetra

Tech,

Inc.

56,891‌

1,404

UniFirst

Corp.

243,496‌

2,033

Viad

Corp.*

80,283‌

3,364

Virco

Mfg.

Corp.

36,769‌

1,804

VSE

Corp.

144,320‌

4,110,858‌

Communications

Equipment

(0.7%):

1,444

Applied

Optoelectronics,

Inc.*

20,014‌

1,336

Aviat

Networks,

Inc.*

51,222‌

180

BK

Technologies

Corp.*

2,628‌

6,031

Calix,

Inc.*

199,988‌

1,792

Cambium

Networks

Corp.*

7,723‌

4,192

Ciena

Corp.*

207,294‌

588

Clearfield,

Inc.*

18,134‌

1,983

Comtech

Telecommunications

Corp.*

6,802‌

4,365

Digi

International,

Inc.*

139,374‌

1,222

DZS,

Inc.*

1,613‌

9,501

Extreme

Networks,

Inc.*

109,642‌

10,628

Harmonic,

Inc.*

142,840‌

6,719

Infinera

Corp.*

40,516‌

3,767

KVH

Industries,

Inc.*

19,212‌

1,172

Lantronix

,

Inc.*

4,172‌

2,674

Lumentum

Holdings,

Inc.*

126,614‌

3,410

NETGEAR,

Inc.*

53,776‌

6,389

NetScout

Systems,

Inc.*

139,536‌

2,391

Network-1

Technologies,

Inc.

4,949‌

131

Optical

Cable

Corp.*

371‌

19,376

Ribbon

Communications,

Inc.*

62,003‌

19,090

Viavi

Solutions,

Inc.*

173,528‌

1,531,951‌

Construction

&

Engineering

(1.9%):

2,929

Ameresco

,

Inc.,

Class

A*

70,677‌

11,494

API

Group

Corp.*

451,369‌

4,150

Arcosa

,

Inc.

356,319‌

1,736

Argan

,

Inc.

87,737‌

268

Cadeler

A/S,

ADR*

4,862‌

1,448

Comfort

Systems

USA,

Inc.

460,044‌

1,234

Concrete

Pumping

Holdings,

Inc.*

9,749‌

2,109

Construction

Partners,

Inc.,

Class

A*

118,420‌

2,329

Dycom

Industries,

Inc.*

334,281‌

5,634

Fluor

Corp.*

238,206‌

4,440

Granite

Construction,

Inc.

253,657‌

8,770

Great

Lakes

Dredge

&

Dock

Corp.*

76,738‌

2,133

IES

Holdings,

Inc.*

259,458‌

645

Limbach

Holdings,

Inc.*

26,716‌

1,445

MasTec

,

Inc.*

134,746‌

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

61

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

2,806

Matrix

Service

Co.*

$

36,562‌

8,407

MDU

Resources

Group,

Inc.

211,856‌

1,455

MYR

Group,

Inc.*

257,171‌

1,279

Northwest

Pipe

Co.*

44,356‌

5,203

Orion

Group

Holdings,

Inc.*

42,665‌

3,181

Primoris

Services

Corp.

135,415‌

3,094

Sterling

Infrastructure,

Inc.*

341,299‌

2,090

Tutor

Perini

Corp.*

30,221‌

1,223

Valmont

Industries,

Inc.

279,187‌

695

WillScot

Mobile

Mini

Holdings

Corp.*

32,318‌

4,294,029‌

Construction

Materials

(0.6%):

1,863

Eagle

Materials,

Inc.

506,270‌

2,430

Knife

River

Corp.*

197,025‌

10,645

Summit

Materials,

Inc.,

Class

A*

474,448‌

466

United

States

Lime

&

Minerals,

Inc.

138,933‌

1,316,676‌

Consumer

Finance

(1.3%):

1,070

Atlanticus

Holdings

Corp.*

31,661‌

4,441

Bread

Financial

Holdings,

Inc.

165,383‌

1,688

Consumer

Portfolio

Services,

Inc.*

12,761‌

357

Credit

Acceptance

Corp.*

196,903‌

2,212

Encore

Capital

Group,

Inc.*

100,889‌

2,734

Enova

International,

Inc.*

171,777‌

6,061

EZCORP,

Inc.,

Class

A*

68,671‌

3,601

FirstCash

Holdings,

Inc.

459,272‌

5,932

Green

Dot

Corp.,

Class

A*

55,346‌

1,592

LendingClub

Corp.*

13,994‌

1,127

LendingTree

,

Inc.*

47,717‌

6,374

Navient

Corp.

110,908‌

2,397

Nelnet,

Inc.,

Class

A

226,876‌

2,564

NerdWallet

,

Inc.,

Class

A*

37,691‌

1,556

Nicholas

Financial,

Inc.*

10,519‌

7,867

OneMain

Holdings,

Inc.

401,925‌

964

Oportun

Financial

Corp.*

2,342‌

4,400

PRA

Group,

Inc.*

114,752‌

3,634

PROG

Holdings,

Inc.

125,155‌

1,735

Regional

Management

Corp.

42,004‌

18,149

SLM

Corp.

395,467‌

710

World

Acceptance

Corp.*

102,936‌

2,894,949‌

Consumer

Staples

Distribution

&

Retail

(0.8%):

3,292

Andersons,

Inc.

(The)

188,862‌

3,641

Chefs'

Warehouse,

Inc.

(The)*

137,120‌

5,307

Grocery

Outlet

Holding

Corp.*

152,735‌

1,269

Ingles

Markets,

Inc.,

Class

A

97,307‌

2,609

Natural

Grocers

by

Vitamin

Cottage,

Inc.

47,092‌

2,666

PriceSmart

,

Inc.

223,944‌

3,390

SpartanNash

Co.

68,512‌

7,995

Sprouts

Farmers

Market,

Inc.*

515,518‌

6,288

United

Natural

Foods,

Inc.*

72,249‌

1,673

Village

Super

Market,

Inc.,

Class

A

47,865‌

2,304

Weis

Markets,

Inc.

148,378‌

1,699,582‌

Containers

&

Packaging

(0.7%):

3,223

Graphic

Packaging

Holding

Co.

94,047‌

Shares

Value

Common

Stocks,

continued

Containers

&

Packaging,

continued

2,284

Greif,

Inc.,

Class

A

$

157,710‌

1,032

Greif,

Inc.,

Class

B

71,745‌

4,016

Myers

Industries,

Inc.

93,051‌

12,513

O-I

Glass,

Inc.*

207,591‌

997

Pactiv

Evergreen,

Inc.

14,277‌

5,335

Ranpak

Holdings

Corp.*

41,986‌

4,099

Sealed

Air

Corp.

152,483‌

7,385

Silgan

Holdings,

Inc.

358,615‌

5,968

Sonoco

Products

Co.

345,189‌

4,005

TriMas

Corp.

107,054‌

1,643,748‌

Distributors

(0.0%

†

):

12

AMCON

Distributing

Co.

2,208‌

1,626

Educational

Development

Corp.*

3,366‌

1,262

Weyco

Group,

Inc.

40,232‌

45,806‌

Diversified

Consumer

Services

(1.3%):

6,162

ADT,

Inc.

41,409‌

3,783

Adtalem

Global

Education,

Inc.*

194,446‌

1,366

American

Public

Education,

Inc.*

19,397‌

916

Bright

Horizons

Family

Solutions,

Inc.*

103,838‌

2,057

Carriage

Services,

Inc.

55,621‌

8,867

Chegg

,

Inc.*

67,123‌

7,816

Coursera,

Inc.*

109,580‌

2,164

European

Wax

Center,

Inc.,

Class

A*

28,089‌

6,387

Frontdoor

,

Inc.*

208,088‌

332

Graham

Holdings

Co.,

Class

B

254,870‌

2,562

Grand

Canyon

Education,

Inc.*

348,970‌

10,512

H&R

Block,

Inc.

516,244‌

4,565

Laureate

Education,

Inc.

66,512‌

7,411

OneSpaWorld

Holdings,

Ltd.*

98,048‌

7,117

Perdoceo

Education

Corp.

124,975‌

2,463

Strategic

Education,

Inc.

256,448‌

4,210

Stride,

Inc.*

265,440‌

3,924

Universal

Technical

Institute,

Inc.*

62,549‌

2,821,647‌

Diversified

Telecommunication

Services

(0.4%):

2,223

Anterix

,

Inc.*

74,715‌

1,667

ATN

International,

Inc.

52,519‌

1,565

Bandwidth,

Inc.,

Class

A*

28,577‌

1,437

Cogent

Communications

Holdings,

Inc.

93,879‌

5,491

Consolidated

Communications

Holdings,

Inc.*

23,721‌

4,493

EchoStar

Corp.,

Class

A*

64,025‌

2,121

Frontier

Communications

Parent,

Inc.*

51,964‌

2,807

IDT

Corp.,

Class

B

106,133‌

5,258

Iridium

Communications,

Inc.

137,549‌

2,939

Liberty

Global,

Ltd.,

Class

A*

49,728‌

3,079

Liberty

Global,

Ltd.,

Class

C*

54,314‌

3,452

Liberty

Latin

America,

Ltd.,

Class

A*

24,060‌

13,915

Liberty

Latin

America,

Ltd.,

Class

C*

97,266‌

1,745

Ooma

,

Inc.*

14,885‌

5,245

Shenandoah

Telecommunications

Co.

91,106‌

964,441‌

Electric

Utilities

(1.0%):

4,918

ALLETE,

Inc.

293,309‌

3,043

Genie

Energy,

Ltd.,

Class

B

45,888‌

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

62

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electric

Utilities,

continued

8,791

Hawaiian

Electric

Industries,

Inc.

$

99,075‌

3,498

IDACORP,

Inc.

324,929‌

3,245

MGE

Energy,

Inc.

255,446‌

3,430

OGE

Energy

Corp.

117,649‌

3,462

Otter

Tail

Corp.

299,117‌

2,309

Pinnacle

West

Capital

Corp.

172,552‌

7,274

PNM

Resources,

Inc.

273,793‌

6,533

Portland

General

Electric

Co.

274,386‌

513

Via

Renewables,

Inc.*

5,546‌

2,161,690‌

Electrical

Equipment

(1.2%):

365

Acuity

Brands,

Inc.

98,086‌

2,264

Allient

,

Inc.

80,780‌

2,221

American

Superconductor

Corp.*

30,006‌

11,274

Array

Technologies,

Inc.*

168,095‌

2,920

Atkore

,

Inc.

555,851‌

1,326

Encore

Wire

Corp.

348,446‌

3,526

EnerSys

333,066‌

411

Espey

Mfg.

&

Electronics

Corp.

10,378‌

1,220

Fluence

Energy,

Inc.*

21,155‌

921

Generac

Holdings,

Inc.*

116,175‌

19,087

GrafTech

International,

Ltd.

26,340‌

2,894

LSI

Industries,

Inc.

43,757‌

917

NEXTracker

,

Inc.,

Class

A*

51,600‌

1,123

Powell

Industries,

Inc.

159,803‌

576

Preformed

Line

Products

Co.

74,114‌

2,273

Sensata

Technologies

Holding

plc

83,510‌

75

Servotronics

,

Inc.*

1,031‌

3,914

Shoals

Technologies

Group,

Inc.,

Class

A*

43,759‌

7,686

Sunrun

,

Inc.*

101,301‌

3,233

Thermon

Group

Holdings,

Inc.*

105,784‌

3,104

Ultralife

Corp.*

27,346‌

2,185

Vicor

Corp.*

83,554‌

2,563,937‌

Electronic

Equipment,

Instruments

&

Components

(3.3%):

3,246

Advanced

Energy

Industries,

Inc.

331,027‌

739

Arrow

Electronics,

Inc.*

95,671‌

7,321

Avnet,

Inc.

362,975‌

2,316

Badger

Meter,

Inc.

374,752‌

254

Bel

Fuse,

Inc.,

Class

A

17,986‌

740

Bel

Fuse,

Inc.,

Class

B

44,629‌

3,529

Belden,

Inc.

326,821‌

3,971

Benchmark

Electronics,

Inc.

119,170‌

311

Climb

Global

Solutions,

Inc.

22,044‌

2,477

Cognex

Corp.

105,074‌

1,672

Coherent

Corp.*

101,357‌

2,894

Crane

NXT

Co.

179,139‌

2,693

CTS

Corp.

126,005‌

6,442

Daktronics,

Inc.*

64,162‌

1,365

Data

I/O

Corp.*

4,805‌

1,751

ePlus

,

Inc.*

137,523‌

3,170

Fabrinet

*

599,193‌

2,068

FARO

Technologies,

Inc.*

44,483‌

640

Frequency

Electronics,

Inc.*

6,970‌

865

Identiv

,

Inc.*

6,851‌

2,717

Insight

Enterprises,

Inc.*

504,058‌

2,298

IPG

Photonics

Corp.*

208,406‌

3,939

Itron

,

Inc.*

364,436‌

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

2,808

Kimball

Electronics,

Inc.*

$

60,793‌

8,226

Knowles

Corp.*

132,439‌

533

Littelfuse

,

Inc.

129,172‌

1,600

Luna

Innovations,

Inc.*

5,128‌

4,257

Methode

Electronics,

Inc.

51,850‌

3,114

Mirion

Technologies,

Inc.*

35,406‌

3,504

Napco

Security

Technologies,

Inc.

140,721‌

3,256

nLight

,

Inc.*

42,328‌

2,813

Novanta

,

Inc.*

491,628‌

1,515

OSI

Systems,

Inc.*

216,372‌

1,935

PAR

Technology

Corp.*

87,772‌

2,619

PC

Connection,

Inc.

172,671‌

2,336

Plexus

Corp.*

221,499‌

1,762

Rogers

Corp.*

209,132‌

5,060

Sanmina

Corp.*

314,631‌

2,444

ScanSource

,

Inc.*

107,634‌

3,056

SmartRent

,

Inc.*

8,190‌

9,276

TTM

Technologies,

Inc.*

145,169‌

10,916

Vishay

Intertechnology

,

Inc.

247,575‌

1,643

Vishay

Precision

Group,

Inc.*

58,047‌

6,043

Vontier

Corp.

274,110‌

7,299,804‌

Energy

Equipment

&

Services

(2.3%):

15,126

Archrock

,

Inc.

297,528‌

3,515

Bristow

Group,

Inc.*

95,608‌

5,646

Cactus,

Inc.,

Class

A

282,808‌

11,410

ChampionX

Corp.

409,505‌

4,409

Core

Laboratories,

Inc.

75,306‌

653

DMC

Global,

Inc.*

12,727‌

3,762

Dril

-Quip,

Inc.*

84,758‌

1,282

Expro

Group

Holdings

NV*

25,602‌

782

Forum

Energy

Technologies,

Inc.*

15,624‌

1,260

Geospace

Technologies

Corp.*

16,619‌

2,641

Gulf

Island

Fabrication,

Inc.*

19,411‌

15,555

Helix

Energy

Solutions

Group,

Inc.*

168,616‌

8,573

Helmerich

&

Payne,

Inc.

360,580‌

12,218

Liberty

Energy,

Inc.

253,157‌

595

Mammoth

Energy

Services,

Inc.*

2,166‌

1,083

Nabors

Industries,

Ltd.*

93,279‌

1,299

Natural

Gas

Services

Group,

Inc.*

25,240‌

10,874

Newpark

Resources,

Inc.*

78,510‌

1,750

Nine

Energy

Service,

Inc.*

3,920‌

4,068

NOV,

Inc.

79,407‌

8,535

Oceaneering

International,

Inc.*

199,719‌

6,786

Oil

States

International,

Inc.*

41,802‌

1,387

Patterson-UTI

Energy,

Inc.

16,561‌

12,578

ProPetro

Holding

Corp.*

101,630‌

19,536

RPC,

Inc.

151,209‌

1,598

SEACOR

Marine

Holdings,

Inc.*

22,276‌

9,033

Select

Water

Solutions,

Inc.

83,375‌

1,537

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

13,326‌

21,863

TechnipFMC

plc

548,980‌

8,903

TETRA

Technologies,

Inc.*

39,440‌

3,988

Tidewater,

Inc.*

366,896‌

31,786

Transocean,

Ltd.*

199,616‌

8,704

US

Silica

Holdings,

Inc.*

108,017‌

3,853

Valaris

,

Ltd.*

289,977‌

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

63

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Energy

Equipment

&

Services,

continued

3,663

Weatherford

International

plc*

$

422,783‌

5,005,978‌

Entertainment

(0.4%):

4,252

Atlanta

Braves

Holdings,

Inc.*

166,083‌

1,562

Atlanta

Braves

Holdings,

Inc.*

65,448‌

7,111

Cinemark

Holdings,

Inc.*

127,785‌

6,033

IMAX

Corp.*

97,554‌

5,688

Lions

Gate

Entertainment

Corp.,

Class

A*

56,596‌

12,011

Lions

Gate

Entertainment

Corp.,

Class

B*

111,822‌

1,260

Madison

Square

Garden

Entertainment

Corp.*

49,405‌

578

Madison

Square

Garden

Sports

Corp.*

106,652‌

1,570

Marcus

Corp.

(The)

22,388‌

2,680

Playstudios

,

Inc.*

7,450‌

2,329

Playtika

Holding

Corp.

16,419‌

2,715

Reading

International,

Inc.,

Class

A*

4,996‌

1,660

Sphere

Entertainment

Co.*

81,473‌

914,071‌

Financial

Services

(2.3%):

1,888

Acacia

Research

Corp.*

10,063‌

500

Alerus

Financial

Corp.

10,915‌

2,519

A-Mark

Precious

Metals,

Inc.

77,308‌

18,316

AvidXchange

Holdings,

Inc.*

240,855‌

622

BM

Technologies,

Inc.*

1,026‌

608

Cannae

Holdings,

Inc.*

13,522‌

4,597

Cantaloupe,

Inc.*

29,559‌

1,466

Cass

Information

Systems,

Inc.

70,617‌

8,331

Essent

Group,

Ltd.

495,778‌

3,213

Euronet

Worldwide,

Inc.*

353,205‌

5,239

EVERTEC,

Inc.

209,036‌

1,005

Federal

Agricultural

Mortgage

Corp.,

Class

C

197,864‌

5,994

Flywire

Corp.*

148,711‌

2,986

I3

Verticals,

Inc.,

Class

A*

68,349‌

2,738

International

Money

Express,

Inc.*

62,509‌

2,500

Jackson

Financial,

Inc.,

Class

A

165,350‌

13,088

Marqeta

,

Inc.,

Class

A*

78,004‌

4,042

Merchants

Bancorp

174,534‌

13,863

MGIC

Investment

Corp.

309,977‌

3,941

Mr

Cooper

Group,

Inc.*

307,201‌

5,682

NCR

Atleos

Corp.*

112,219‌

7,344

NMI

Holdings,

Inc.,

Class

A*

237,505‌

1,437

Ocwen

Financial

Corp.*

38,813‌

700

Paymentus

Holdings,

Inc.,

Class

A*

15,925‌

10,730

Payoneer

Global,

Inc.*

52,148‌

2,338

Paysafe

,

Ltd.*

36,917‌

862

Paysign

,

Inc.*

3,155‌

2,891

PennyMac

Financial

Services,

Inc.

263,341‌

4,780

Radian

Group,

Inc.

159,987‌

8,458

Remitly

Global,

Inc.*

175,419‌

4,573

Repay

Holdings

Corp.*

50,303‌

3,768

Security

National

Financial

Corp.,

Class

A*

29,805‌

3,309

Shift4

Payments,

Inc.,

Class

A*

218,626‌

1,764

Voya

Financial,

Inc.

130,395‌

2,577

Walker

&

Dunlop,

Inc.

260,432‌

1,247

Waterstone

Financial,

Inc.

15,176‌

17,505

Western

Union

Co.

(The)

244,720‌

5,069,269‌

Shares

Value

Common

Stocks,

continued

Food

Products

(1.8%):

444

Alico

,

Inc.

$

13,000‌

4,537

B&G

Foods,

Inc.

51,903‌

2,392

Calavo

Growers,

Inc.

66,522‌

3,667

Cal-Maine

Foods,

Inc.

215,803‌

2,871

Darling

Ingredients,

Inc.*

133,530‌

2,411

Farmer

Bros.

Co.*

8,607‌

13,296

Flowers

Foods,

Inc.

315,780‌

4,536

Fresh

Del

Monte

Produce,

Inc.

117,528‌

2,131

Freshpet

,

Inc.*

246,898‌

7,444

Hain

Celestial

Group,

Inc.

(The)*

58,510‌

2,212

Ingredion,

Inc.

258,472‌

1,615

J

&

J

Snack

Foods

Corp.

233,464‌

865

John

B

Sanfilippo

&

Son,

Inc.

91,621‌

2,181

Lancaster

Colony

Corp.

452,841‌

2,759

Limoneira

Co.

53,966‌

7,341

Pilgrim's

Pride

Corp.*

251,943‌

4,197

Post

Holdings,

Inc.*

446,057‌

1,220

Rocky

Mountain

Chocolate

Factory,

Inc.*

4,417‌

74

Seaboard

Corp.

238,570‌

708

Seneca

Foods

Corp.,

Class

A*

40,285‌

12

Seneca

Foods

Corp.,

Class

B*

674‌

8,759

Simply

Good

Foods

Co.

(The)*

298,069‌

3,986

Tootsie

Roll

Industries,

Inc.

127,675‌

4,199

TreeHouse

Foods,

Inc.*

163,551‌

797

Utz

Brands,

Inc.

14,697‌

5,157

Vital

Farms,

Inc.*

119,900‌

4,024,283‌

Gas

Utilities

(0.8%):

1,683

Chesapeake

Utilities

Corp.

180,586‌

4,076

National

Fuel

Gas

Co.

218,963‌

8,391

New

Jersey

Resources

Corp.

360,058‌

3,221

Northwest

Natural

Holding

Co.

119,886‌

4,457

ONE

Gas,

Inc.

287,610‌

873

RGC

Resources,

Inc.

17,669‌

3,356

Southwest

Gas

Holdings,

Inc.

255,492‌

4,473

Spire,

Inc.

274,508‌

3,372

UGI

Corp.

82,749‌

1,797,521‌

Ground

Transportation

(0.7%):

2,111

ArcBest

Corp.

300,818‌

626

Avis

Budget

Group,

Inc.

76,660‌

1,328

Covenant

Logistics

Group,

Inc.

61,566‌

2,131

Daseke

,

Inc.*

17,687‌

2,500

FTAI

Infrastructure,

Inc.

15,700‌

4,045

Heartland

Express,

Inc.

48,297‌

4,262

Hertz

Global

Holdings,

Inc.*

33,372‌

1,342

Landstar

System,

Inc.

258,684‌

5,246

Marten

Transport,

Ltd.

96,946‌

1,698

PAM

Transportation

Services,

Inc.*

27,525‌

774

RXO,

Inc.*

16,927‌

1,507

Ryder

System,

Inc.

181,126‌

4,258

Schneider

National,

Inc.,

Class

B

96,401‌

2,327

Universal

Logistics

Holdings,

Inc.

85,797‌

5,665

Werner

Enterprises,

Inc.

221,615‌

774

XPO,

Inc.*

94,451‌

1,633,572‌

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

64

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies

(2.4%):

10,348

Accuray

,

Inc.*

$

25,560‌

2,365

AngioDynamics

,

Inc.*

13,883‌

2,193

Apyx

Medical

Corp.*

2,982‌

4,704

Artivion

,

Inc.*

99,537‌

4,319

AtriCure

,

Inc.*

131,384‌

141

Atrion

Corp.

65,361‌

4,538

Avanos

Medical,

Inc.*

90,352‌

2,841

Axogen

,

Inc.*

22,927‌

4,112

Axonics

,

Inc.*

283,605‌

2,651

CONMED

Corp.

212,292‌

3,767

DENTSPLY

SIRONA,

Inc.

125,027‌

1,118

Electromed

,

Inc.*

18,056‌

2,424

Embecta

Corp.

32,166‌

4,017

Enovis

Corp.*

250,862‌

6,467

Envista

Holdings

Corp.*

138,264‌

427

FONAR

Corp.*

9,121‌

4,226

Glaukos

Corp.*

398,470‌

3,641

Haemonetics

Corp.*

310,759‌

1,421

Inari

Medical,

Inc.*

68,180‌

1,790

Inogen

,

Inc.*

14,445‌

185

Inspire

Medical

Systems,

Inc.*

39,736‌

2,899

Integer

Holdings

Corp.*

338,255‌

7,233

Integra

LifeSciences

Holdings

Corp.*

256,410‌

1,681

iRadimed

Corp.

73,947‌

2,006

IRIDEX

Corp.*

5,978‌

249

Kewaunee

Scientific

Corp.*

8,478‌

5,751

Lantheus

Holdings,

Inc.*

357,942‌

1,899

LeMaitre

Vascular,

Inc.

126,018‌

1,127

LENSAR,

Inc.*

4,001‌

4,935

LivaNova

plc*

276,064‌

546

Masimo

Corp.*

80,180‌

4,826

Merit

Medical

Systems,

Inc.*

365,569‌

314

OmniAb

Operations,

Inc.

-

Vesting

12.5*(a)

—‌

314

OmniAb

Operations,

Inc.

-

Vesting

15*(a)

—‌

4,344

Omnicell

,

Inc.*

126,975‌

8,786

OraSure

Technologies,

Inc.*

54,034‌

4,817

Orthofix

Medical,

Inc.*

69,943‌

2,663

OrthoPediatrics

Corp.*

77,653‌

1,571

Pulmonx

Corp.*

14,563‌

175

QuidelOrtho

Corp.*

8,389‌

400

Semler

Scientific,

Inc.*

11,684‌

1,010

SI-BONE,

Inc.*

16,534‌

3,128

Sight

Sciences,

Inc.*

16,516‌

337

Silk

Road

Medical,

Inc.*

6,174‌

4,332

STAAR

Surgical

Co.*

165,829‌

879

Surmodics

,

Inc.*

25,790‌

1,169

Tactile

Systems

Technology,

Inc.*

18,996‌

2,471

Tandem

Diabetes

Care,

Inc.*

87,498‌

671

UFP

Technologies,

Inc.*

169,226‌

550

Utah

Medical

Products,

Inc.

39,110‌

4,899

Varex

Imaging

Corp.*

88,672‌

600

Zimvie

,

Inc.*

9,894‌

755

Zynex

,

Inc.*

9,339‌

5,262,630‌

Health

Care

Providers

&

Services

(3.0%):

3,781

Acadia

Healthcare

Co.,

Inc.*

299,531‌

6,905

Accolade,

Inc.*

72,364‌

1,235

AdaptHealth

Corp.*

14,215‌

1,548

Addus

HomeCare

Corp.*

159,970‌

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

2,135

Amedisys

,

Inc.*

$

196,762‌

2,834

AMN

Healthcare

Services,

Inc.*

177,153‌

5,781

Astrana

Health,

Inc.*

242,744‌

19,092

Brookdale

Senior

Living,

Inc.*

126,198‌

1,638

Castle

Biosciences,

Inc.*

36,282‌

17,271

Community

Health

Systems,

Inc.*

60,449‌

1,286

CorVel

Corp.*

338,167‌

3,547

Cross

Country

Healthcare,

Inc.*

66,400‌

5,272

Encompass

Health

Corp.

435,362‌

2,372

Enhabit

,

Inc.*

27,634‌

4,638

Ensign

Group,

Inc.

(The)

577,060‌

7,407

Enzo

Biochem

,

Inc.*

9,407‌

774

Fulgent

Genetics,

Inc.*

16,796‌

5,537

HealthEquity

,

Inc.*

451,985‌

4,818

Hims

&

Hers

Health,

Inc.*

74,534‌

1,999

InfuSystem

Holdings,

Inc.*

17,131‌

1,190

Joint

Corp.

(The)*

15,541‌

1,339

ModivCare

,

Inc.*

31,400‌

1,428

National

HealthCare

Corp.

134,960‌

2,441

National

Research

Corp.

96,688‌

11,926

NeoGenomics

,

Inc.*

187,477‌

26,516

OPKO

Health,

Inc.*

31,819‌

13,338

Option

Care

Health,

Inc.*

447,357‌

6,906

Owens

&

Minor,

Inc.*

191,365‌

9,200

Patterson

Cos.,

Inc.

254,380‌

10,007

Pediatrix

Medical

Group,

Inc.*

100,370‌

3,565

Pennant

Group,

Inc.

(The)*

69,981‌

3,801

PetIQ

,

Inc.*

69,482‌

10,308

Premier,

Inc.,

Class

A

227,807‌

429

Privia

Health

Group,

Inc.*

8,404‌

3,233

Progyny

,

Inc.*

123,339‌

1,080

Psychemedics

Corp.

3,164‌

3,561

R1

RCM,

Inc.*

45,866‌

5,839

RadNet

,

Inc.*

284,126‌

10,830

Select

Medical

Holdings

Corp.

326,525‌

10,156

Surgery

Partners,

Inc.*

302,953‌

2,123

Tenet

Healthcare

Corp.*

223,149‌

1,274

US

Physical

Therapy,

Inc.

143,796‌

6,720,093‌

Health

Care

Technology

(0.5%):

7,056

Certara

,

Inc.*

126,161‌

1,418

Definitive

Healthcare

Corp.*

11,443‌

4,294

Doximity

,

Inc.,

Class

A*

115,552‌

8,570

Evolent

Health,

Inc.,

Class

A*

281,010‌

3,819

GoodRx

Holdings,

Inc.,

Class

A*

27,115‌

6,108

Health

Catalyst,

Inc.*

45,993‌

3,597

HealthStream

,

Inc.

95,896‌

1,239

iCAD

,

Inc.*

1,995‌

445

OptimizeRx

Corp.*

5,407‌

2,741

Schrodinger,

Inc.*

74,007‌

1,580

Simulations

Plus,

Inc.

65,017‌

7,069

Teladoc

Health,

Inc.*

106,742‌

7,215

Veradigm

,

Inc.*

55,555‌

1,011,893‌

Hotels,

Restaurants

&

Leisure

(2.7%):

3,277

Accel

Entertainment,

Inc.*

38,636‌

6,589

Aramark

214,274‌

4,213

Bally's

Corp.*

58,729‌

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

65

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

3

Biglari

Holdings,

Inc.,

Class

A*

$

2,775‌

319

Biglari

Holdings,

Inc.,

Class

B*

60,508‌

2,366

BJ's

Restaurants,

Inc.*

85,602‌

6,673

Bloomin

'

Brands,

Inc.

191,382‌

3,803

Brinker

International,

Inc.*

188,933‌

3,041

Carrols

Restaurant

Group,

Inc.

28,920‌

2,100

Century

Casinos,

Inc.*

6,636‌

4,367

Cheesecake

Factory,

Inc.

(The)

157,867‌

2,078

Choice

Hotels

International,

Inc.

262,555‌

2,161

Chuy's

Holdings,

Inc.*

72,890‌

1,809

Cracker

Barrel

Old

Country

Store,

Inc.

131,569‌

3,429

Dave

&

Buster's

Entertainment,

Inc.*

214,655‌

6,787

Denny's

Corp.*

60,811‌

795

Dine

Brands

Global,

Inc.

36,952‌

557

Dutch

Bros,

Inc.,

Class

A*

18,381‌

5,001

El

Pollo

Loco

Holdings,

Inc.*

48,710‌

100

Flanigan's

Enterprises,

Inc.

2,557‌

2,709

Full

House

Resorts,

Inc.*

15,089‌

4,240

Hilton

Grand

Vacations,

Inc.*

200,170‌

1,648

Inspired

Entertainment,

Inc.*

16,249‌

5,547

International

Game

Technology

plc

125,307‌

1,587

Jack

in

the

Box,

Inc.

108,678‌

289

Kura

Sushi

USA,

Inc.,

Class

A*

33,281‌

3,042

Light

&

Wonder,

Inc.*

310,558‌

1,127

Lindblad

Expeditions

Holdings,

Inc.*

10,515‌

2,879

Marriott

Vacations

Worldwide

Corp.

310,155‌

538

Nathan's

Famous,

Inc.

38,090‌

1,669

Noodles

&

Co.*

3,188‌

7,325

Norwegian

Cruise

Line

Holdings,

Ltd.*

153,312‌

1,507

ONE

Group

Hospitality,

Inc.

(The)*

8,394‌

2,706

Papa

John's

International,

Inc.

180,220‌

809

Penn

Entertainment,

Inc.*

14,732‌

3,146

Planet

Fitness,

Inc.,

Class

A*

197,034‌

9,502

Playa

Hotels

&

Resorts

NV*

92,169‌

1,540

PlayAGS

,

Inc.*

13,829‌

2,311

Portillo's,

Inc.,

Class

A*

32,770‌

897

Potbelly

Corp.*

10,863‌

300

RCI

Hospitality

Holdings,

Inc.

17,400‌

1,368

Red

Robin

Gourmet

Burgers,

Inc.*

10,479‌

662

Red

Rock

Resorts,

Inc.,

Class

A

39,601‌

2,644

Sabre

Corp.*

6,398‌

3,298

Shake

Shack,

Inc.,

Class

A*

343,091‌

4,527

Six

Flags

Entertainment

Corp.*

119,151‌

1,870

Soho

House

&

Co.,

Inc.*

10,603‌

845

Sweetgreen

,

Inc.,

Class

A*

21,345‌

632

Texas

Roadhouse,

Inc.

97,625‌

5,527

Travel

+

Leisure

Co.

270,602‌

5,103

United

Parks

&

Resorts,

Inc.*

286,840‌

15,354

Wendy's

Co.

(The)

289,269‌

1,312

Wingstop

,

Inc.

480,717‌

2,164

Wyndham

Hotels

&

Resorts,

Inc.

166,087‌

5,917,153‌

Household

Durables

(2.6%):

608

Bassett

Furniture

Industries,

Inc.

8,974‌

3,160

Beazer

Homes

USA,

Inc.*

103,648‌

713

Cavco

Industries,

Inc.*

284,530‌

3,006

Century

Communities,

Inc.

290,079‌

2,505

Ethan

Allen

Interiors,

Inc.

86,598‌

820

Flexsteel

Industries,

Inc.

30,586‌

Shares

Value

Common

Stocks,

continued

Household

Durables,

continued

7,358

GoPro,

Inc.,

Class

A*

$

16,408‌

1,624

Green

Brick

Partners,

Inc.*

97,814‌

2,142

Helen

of

Troy,

Ltd.*

246,844‌

670

Hooker

Furnishings

Corp.

16,087‌

347

Hovnanian

Enterprises,

Inc.,

Class

A*

54,458‌

2,314

Installed

Building

Products,

Inc.

598,701‌

1,482

iRobot

Corp.*

12,982‌

4,791

KB

Home

339,586‌

1,138

Koss

Corp.*

2,925‌

800

Landsea

Homes

Corp.*

11,624‌

4,680

La-Z-Boy,

Inc.

176,062‌

1,413

Legacy

Housing

Corp.*

30,408‌

6,614

Leggett

&

Platt,

Inc.

126,658‌

2,144

LGI

Homes,

Inc.*

249,497‌

2,522

Lifetime

Brands,

Inc.

26,431‌

625

Lovesac

Co.

(The)*

14,125‌

1,513

M/I

Homes,

Inc.*

206,207‌

773

MDC

Holdings,

Inc.

48,629‌

1,818

Meritage

Homes

Corp.

318,986‌

1,255

Mohawk

Industries,

Inc.*

164,267‌

6,102

Newell

Brands,

Inc.

48,999‌

9,527

Purple

Innovation,

Inc.

16,577‌

1,075

SharkNinja

,

Inc.

66,962‌

4,598

Skyline

Champion

Corp.*

390,876‌

9,581

Sonos

,

Inc.*

182,614‌

9,126

Taylor

Morrison

Home

Corp.*

567,363‌

4,515

Tempur

Sealy

International,

Inc.

256,542‌

8,624

Tri

Pointe

Homes,

Inc.*

333,404‌

798

Universal

Electronics,

Inc.*

7,988‌

2,661

Vizio

Holding

Corp.,

Class

A*

29,111‌

498

Whirlpool

Corp.

59,576‌

4,664

Worthington

Enterprises,

Inc.

290,241‌

5,813,367‌

Household

Products

(0.5%):

1,235

Central

Garden

&

Pet

Co.*

52,895‌

4,903

Central

Garden

&

Pet

Co.,

Class

A*

181,019‌

780

Oil-

Dri

Corp.

of

America

58,157‌

7,981

Reynolds

Consumer

Products,

Inc.

227,937‌

3,022

Spectrum

Brands

Holdings,

Inc.

268,988‌

1,195

WD-40

Co.

302,706‌

1,091,702‌

Independent

Power

and

Renewable

Electricity

Producers

(0.3%):

2,245

Clearway

Energy,

Inc.,

Class

A

48,290‌

3,475

Clearway

Energy,

Inc.,

Class

C

80,099‌

2,957

Montauk

Renewables,

Inc.*

12,301‌

5,289

Ormat

Technologies,

Inc.

350,079‌

11,366

Sunnova

Energy

International,

Inc.*

69,673‌

560,442‌

Insurance

(3.3%):

4,463

Ambac

Financial

Group,

Inc.*

69,757‌

9,019

American

Equity

Investment

Life

Holding

Co.*

507,048‌

2,102

AMERISAFE,

Inc.

105,457‌

4,377

Assured

Guaranty,

Ltd.

381,893‌

5,537

Axis

Capital

Holdings,

Ltd.

360,016‌

5,181

Brighthouse

Financial,

Inc.*

267,029‌

5,658

BRP

Group,

Inc.,

Class

A*

163,743‌

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

66

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

451

CNO

Financial

Group,

Inc.

$

12,393‌

2,876

Crawford

&

Co.,

Class

A

27,121‌

3,445

Crawford

&

Co.,

Class

B

31,246‌

3,777

Donegal

Group,

Inc.,

Class

A

53,407‌

1,337

eHealth,

Inc.*

8,062‌

2,911

Employers

Holdings,

Inc.

132,130‌

1,252

Enstar

Group,

Ltd.*

389,072‌

5,076

First

American

Financial

Corp.

309,890‌

2,527

Fundamental

Global,

Inc.*

3,487‌

29,676

Genworth

Financial,

Inc.*

190,817‌

1,161

Goosehead

Insurance,

Inc.,

Class

A*

77,346‌

4,998

Greenlight

Capital

Re,

Ltd.,

Class

A*

62,325‌

2,888

Hanover

Insurance

Group,

Inc.

(The)

393,259‌

489

HCI

Group,

Inc.

56,763‌

1,369

Heritage

Insurance

Holdings,

Inc.*

14,580‌

4,168

Horace

Mann

Educators

Corp.

154,174‌

135

Investors

Title

Co.

22,031‌

3,776

James

River

Group

Holdings,

Ltd.

35,117‌

5,318

Kemper

Corp.

329,291‌

1,473

Kingstone

Cos.,

Inc.*

6,555‌

2,079

Lincoln

National

Corp.

66,382‌

5,949

Maiden

Holdings,

Ltd.*

13,385‌

4,857

Mercury

General

Corp.

250,621‌

375

National

Western

Life

Group,

Inc.,

Class

A

184,485‌

929

NI

Holdings,

Inc.*

14,074‌

6,373

Old

Republic

International

Corp.

195,779‌

839

Oscar

Health,

Inc.,

Class

A*

12,476‌

1,294

Primerica,

Inc.

327,330‌

5,241

ProAssurance

Corp.

67,399‌

3,174

RLI

Corp.

471,244‌

1,548

Safety

Insurance

Group,

Inc.

127,230‌

4,757

Selective

Insurance

Group,

Inc.

519,322‌

12,459

SiriusPoint

,

Ltd.*

158,354‌

2,858

Stewart

Information

Services

Corp.

185,941‌

4,224

Tiptree,

Inc.

72,991‌

3,007

United

Fire

Group,

Inc.

65,462‌

3,710

Universal

Insurance

Holdings,

Inc.

75,387‌

207

White

Mountains

Insurance

Group,

Ltd.

371,420‌

7,343,291‌

Interactive

Media

&

Services

(0.7%):

3,144

Angi

,

Inc.*

8,237‌

5,206

Bumble,

Inc.,

Class

A*

59,088‌

8,288

Cargurus

,

Inc.*

191,287‌

5,622

Cars.com,

Inc.*

96,586‌

2,200

DHI

Group,

Inc.*

5,610‌

2,393

Eventbrite,

Inc.,

Class

A*

13,114‌

673

MediaAlpha

,

Inc.,

Class

A*

13,709‌

6,656

QuinStreet

,

Inc.*

117,545‌

3,102

Shutterstock

,

Inc.

142,103‌

1,095

Travelzoo

*

11,147‌

9,123

TripAdvisor,

Inc.*

253,528‌

11,137

TrueCar

,

Inc.*

37,755‌

3,726

Vimeo,

Inc.*

15,239‌

6,503

Yelp,

Inc.*

256,218‌

3,909

Ziff

Davis,

Inc.*

246,423‌

694

ZipRecruiter,

Inc.*

7,974‌

5,459

ZoomInfo

Technologies,

Inc.*

87,508‌

1,563,071‌

Shares

Value

Common

Stocks,

continued

IT

Services

(0.4%):

1,700

Brightcove

,

Inc.*

$

3,298‌

1,516

CSP,

Inc.

27,985‌

2,734

DigitalOcean

Holdings,

Inc.*

104,384‌

6,761

DXC

Technology

Co.*

143,401‌

259

Edgio

,

Inc.*

2,499‌

6,592

Fastly

,

Inc.,

Class

A*

85,498‌

4,258

Grid

Dynamics

Holdings,

Inc.*

52,331‌

2,529

Hackett

Group,

Inc.

(The)

61,455‌

1,300

Information

Services

Group,

Inc.

5,252‌

9,426

Kyndryl

Holdings,

Inc.*

205,110‌

2,877

Perficient

,

Inc.*

161,946‌

4,235

Unisys

Corp.*

20,794‌

873,953‌

Leisure

Products

(0.9%):

5,375

Acushnet

Holdings

Corp.

354,481‌

1,271

American

Outdoor

Brands,

Inc.*

11,185‌

2,357

Brunswick

Corp.

227,498‌

1,402

Escalade,

Inc.

19,278‌

2,876

Funko

,

Inc.,

Class

A*

17,946‌

1,135

Hasbro,

Inc.

64,150‌

1,267

Johnson

Outdoors,

Inc.,

Class

A

58,421‌

1,956

Malibu

Boats,

Inc.,

Class

A*

84,656‌

3,527

Marine

Products

Corp.

41,442‌

1,734

MasterCraft

Boat

Holdings,

Inc.*

41,131‌

8,431

Mattel,

Inc.*

167,018‌

1,909

Polaris,

Inc.

191,129‌

4,406

Smith

&

Wesson

Brands,

Inc.

76,488‌

2,044

Solo

Brands,

Inc.,

Class

A*

4,436‌

10,855

Topgolf

Callaway

Brands

Corp.*

175,525‌

4,296

Vista

Outdoor,

Inc.*

140,823‌

6,555

YETI

Holdings,

Inc.*

252,695‌

1,928,302‌

Life

Sciences

Tools

&

Services

(0.4%):

3,215

10X

Genomics,

Inc.,

Class

A*

120,659‌

13,233

Adaptive

Biotechnologies

Corp.*

42,478‌

1,229

Azenta

,

Inc.*

74,084‌

3,370

BioLife

Solutions,

Inc.*

62,514‌

2,937

Codexis

,

Inc.*

10,250‌

1,999

CryoPort

,

Inc.*

35,382‌

1,219

Cytek

Biosciences,

Inc.*

8,179‌

5,439

Harvard

Bioscience,

Inc.*

23,061‌

4,788

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

41,512‌

522

Mesa

Laboratories,

Inc.

57,279‌

4,067

OmniAb

,

Inc.*

22,043‌

17,553

Pacific

Biosciences

of

California,

Inc.*

65,824‌

647

Personalis

,

Inc.*

964‌

3,541

Quanterix

Corp.*

83,426‌

15,049

Sotera

Health

Co.*

180,739‌

828,394‌

Machinery

(4.8%):

5,892

3D

Systems

Corp.*

26,160‌

1,167

AGCO

Corp.

143,564‌

1,034

Alamo

Group,

Inc.

236,093‌

2,622

Albany

International

Corp.

245,183‌

6,645

Allison

Transmission

Holdings,

Inc.

539,308‌

806

Art's-Way

Manufacturing

Co.,

Inc.*

1,644‌

2,342

Astec

Industries,

Inc.

102,369‌

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

67

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

4,717

Barnes

Group,

Inc.

$

175,237‌

433

Blue

Bird

Corp.*

16,601‌

2,716

Columbus

McKinnon

Corp.

121,215‌

4,961

Commercial

Vehicle

Group,

Inc.*

31,899‌

2,283

Crane

Co.

308,502‌

887

Donaldson

Co.,

Inc.

66,241‌

2,646

Douglas

Dynamics,

Inc.

63,822‌

500

Eastern

Co.

(The)

17,045‌

5,334

Energy

Recovery,

Inc.*

84,224‌

4,682

Enerpac

Tool

Group

Corp.

166,960‌

1,894

Enpro

,

Inc.

319,650‌

1,739

Esab

Corp.

192,281‌

2,311

ESCO

Technologies,

Inc.

247,393‌

5,141

Federal

Signal

Corp.

436,317‌

9,916

Flowserve

Corp.

452,963‌

3,813

Franklin

Electric

Co.,

Inc.

407,267‌

11,667

Gates

Industrial

Corp.

plc*

206,623‌

2,514

Gencor

Industries,

Inc.*

41,959‌

1,794

Gorman-Rupp

Co.

(The)

70,953‌

459

Graham

Corp.*

12,522‌

3,262

Greenbrier

Cos.,

Inc.

(The)

169,950‌

2,837

Helios

Technologies,

Inc.

126,786‌

4,894

Hillenbrand,

Inc.

246,119‌

1,170

Hurco

Cos.,

Inc.

23,587‌

1,014

Hyster

-Yale

Materials

Handling,

Inc.

65,068‌

219

ITT,

Inc.

29,791‌

2,900

John

Bean

Technologies

Corp.

304,181‌

951

Kadant

,

Inc.

312,023‌

7,094

Kennametal,

Inc.

176,924‌

1,529

L.B.

Foster

Co.,

Class

A*

41,757‌

1,058

Lindsay

Corp.

124,484‌

3,189

Luxfer

Holdings

plc

33,070‌

3,228

Manitex

International,

Inc.*

22,144‌

2,653

Manitowoc

Co.,

Inc.

(The)*

37,513‌

589

Mayville

Engineering

Co.,

Inc.*

8,440‌

535

Middleby

Corp.

(The)*

86,023‌

1,424

Miller

Industries,

Inc.

71,342‌

8,666

Mueller

Industries,

Inc.

467,357‌

13,246

Mueller

Water

Products,

Inc.,

Class

A

213,128‌

3,562

NN,

Inc.*

16,884‌

920

Omega

Flex,

Inc.

65,256‌

3,102

Oshkosh

Corp.

386,850‌

1,229

Park-Ohio

Holdings

Corp.

32,790‌

2,556

Proto

Labs,

Inc.*

91,377‌

579

RBC

Bearings,

Inc.*

156,533‌

6,810

REV

Group,

Inc.

150,433‌

3,869

Shyft

Group,

Inc.

(The)

48,053‌

3,392

SPX

Technologies,

Inc.*

417,657‌

952

Standex

International

Corp.

173,473‌

466

Taylor

Devices,

Inc.*

23,193‌

1,591

Tennant

Co.

193,482‌

5,603

Terex

Corp.

360,833‌

3,793

Timken

Co.

(The)

331,622‌

6,175

Titan

International,

Inc.*

76,941‌

7,208

Trinity

Industries,

Inc.

200,743‌

1,747

Twin

Disc,

Inc.

28,878‌

4,168

Wabash

National

Corp.

124,790‌

2,097

Watts

Water

Technologies,

Inc.,

Class

A

445,717‌

10,619,187‌

Shares

Value

Common

Stocks,

continued

Marine

Transportation

(0.4%):

9,113

Costamare

,

Inc.

$

103,433‌

290

Eagle

Bulk

Shipping,

Inc.

18,116‌

4,090

Genco

Shipping

&

Trading,

Ltd.

83,150‌

4,186

Kirby

Corp.*

399,009‌

3,317

Matson,

Inc.

372,831‌

976,539‌

Media

(0.8%):

6,248

Altice

USA,

Inc.,

Class

A*

16,307‌

3,441

AMC

Networks,

Inc.,

Class

A*

41,739‌

3,595

Boston

Omaha

Corp.,

Class

A*

55,579‌

21

Cable

One,

Inc.

8,886‌

1,276

Cardlytics,

Inc.*

18,489‌

391

comScore,

Inc.*

6,021‌

139

Daily

Journal

Corp.*

50,264‌

976

DallasNews

Corp.

3,728‌

10,295

Entravision

Communications

Corp.,

Class

A

16,884‌

6,737

EW

Scripps

Co.

(The),

Class

A*

26,476‌

1,002

Gambling.com

Group,

Ltd.*

9,148‌

5,880

Gannett

Co,

Inc.*

14,347‌

7,507

Gray

Television,

Inc.

47,444‌

7,600

Integral

Ad

Science

Holding

Corp.*

75,772‌

4,285

John

Wiley

&

Sons,

Inc.,

Class

A

163,387‌

538

Liberty

Broadband

Corp.,

Class

C*

30,790‌

5,805

Magnite

,

Inc.*

62,404‌

348

Marchex

,

Inc.,

Class

B*

477‌

4,316

New

York

Times

Co.

(The),

Class

A

186,537‌

911

Nexstar

Media

Group,

Inc.

156,956‌

7,702

Paramount

Global,

Class

B

90,653‌

2,614

PubMatic,

Inc.,

Class

A*

62,004‌

3,170

Scholastic

Corp.

119,541‌

1,907

Sinclair,

Inc.

25,687‌

7,113

Stagwell

,

Inc.*

44,243‌

3,284

TechTarget

,

Inc.*

108,635‌

10,206

TEGNA,

Inc.

152,478‌

3,183

Thryv

Holdings,

Inc.*

70,758‌

4,009

WideOpenWest

,

Inc.*

14,513‌

1,680,147‌

Metals

&

Mining

(2.1%):

2,156

Alcoa

Corp.

72,851‌

1,262

Alpha

Metallurgical

Resources,

Inc.

417,937‌

2,124

Ampco

-Pittsburgh

Corp.*

4,609‌

1,706

Arch

Resources,

Inc.

274,308‌

1,338

Ascent

Industries

Co.*

13,634‌

9,701

ATI,

Inc.*

496,400‌

4,363

Carpenter

Technology

Corp.

311,605‌

10,293

Century

Aluminum

Co.*

158,409‌

27,193

Coeur

Mining,

Inc.*

102,518‌

9,748

Commercial

Metals

Co.

572,890‌

3,655

Compass

Minerals

International,

Inc.

57,530‌

15,692

Ferroglobe

plc

78,146‌

515

Fortitude

Gold

Corp.

2,812‌

1,311

Haynes

International,

Inc.

78,817‌

49,711

Hecla

Mining

Co.

239,110‌

754

Kaiser

Aluminum

Corp.

67,377‌

1,808

Materion

Corp.

238,204‌

937

McEwen

Mining,

Inc.*

9,239‌

4,513

Metallus

,

Inc.*

100,414‌

10,635

MP

Materials

Corp.*

152,081‌

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

68

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

665

Olympic

Steel,

Inc.

$

47,135‌

2,862

Radius

Recycling,

Inc.

60,474‌

807

Royal

Gold,

Inc.

98,301‌

2,761

Ryerson

Holding

Corp.

92,493‌

6,647

SunCoke

Energy,

Inc.

74,912‌

2,908

Tredegar

Corp.

18,960‌

9,051

United

States

Steel

Corp.

369,100‌

1,458

Universal

Stainless

&

Alloy

Products,

Inc.*

32,688‌

2,207

Warrior

Met

Coal,

Inc.

133,965‌

5,028

Worthington

Steel,

Inc.

180,254‌

4,557,173‌

Multi-Utilities

(0.4%):

6,708

Avista

Corp.

234,914‌

5,511

Black

Hills

Corp.

300,901‌

5,408

Northwestern

Energy

Group,

Inc.

275,429‌

1,588

Unitil

Corp.

83,132‌

894,376‌

Oil,

Gas

&

Consumable

Fuels

(4.4%):

2,827

Amplify

Energy

Corp.*

18,686‌

36,413

Antero

Midstream

Corp.

511,967‌

3,591

Antero

Resources

Corp.*

104,139‌

3,948

Ardmore

Shipping

Corp.

64,826‌

9,758

Berry

Corp.

78,552‌

5,609

California

Resources

Corp.

309,056‌

4,863

Callon

Petroleum

Co.*

173,901‌

882

Centrus

Energy

Corp.,

Class

A*

36,629‌

735

Chord

Energy

Corp.

131,006‌

2,610

Civitas

Resources,

Inc.

198,125‌

21,990

Clean

Energy

Fuels

Corp.*

58,933‌

14,051

CNX

Resources

Corp.*

333,290‌

17,410

Comstock

Resources,

Inc.

161,565‌

2,872

CONSOL

Energy,

Inc.

240,559‌

8,027

CVR

Energy,

Inc.

286,243‌

6,165

Delek

US

Holdings,

Inc.

189,512‌

15,281

DHT

Holdings,

Inc.

175,732‌

4,120

Dorian

LPG,

Ltd.

158,455‌

2,631

DT

Midstream,

Inc.

160,754‌

3,500

Encore

Energy

Corp.*

15,330‌

35,592

EnLink

Midstream

LLC

485,475‌

19,166

Equitrans

Midstream

Corp.

239,383‌

2,943

Evolution

Petroleum

Corp.

18,070‌

5,794

FutureFuel

Corp.

46,642‌

5,232

Green

Plains,

Inc.*

120,964‌

824

Gulfport

Energy

Corp.*

131,939‌

3,562

International

Seaways,

Inc.

189,498‌

3,167

Kinetik

Holdings,

Inc.

126,268‌

35,919

Kosmos

Energy,

Ltd.*

214,077‌

13,505

Magnolia

Oil

&

Gas

Corp.,

Class

A

350,455‌

4,763

Matador

Resources

Co.

318,026‌

8,623

Murphy

Oil

Corp.

394,071‌

245

NACCO

Industries,

Inc.,

Class

A

7,399‌

2,623

New

Fortress

Energy,

Inc.

80,238‌

19,107

Nordic

American

Tankers,

Ltd.

74,899‌

897

Northern

Oil

and

Gas,

Inc.

35,593‌

5,300

Overseas

Shipholding

Group,

Inc.,

Class

A

33,920‌

5,769

Par

Pacific

Holdings,

Inc.*

213,799‌

8,951

PBF

Energy,

Inc.,

Class

A

515,309‌

11,090

Peabody

Energy

Corp.

269,043‌

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

2,410

PHX

Minerals,

Inc.

$

8,218‌

6

PrimeEnergy

Resources

Corp.*

601‌

8,178

Range

Resources

Corp.

281,569‌

1,817

REX

American

Resources

Corp.*

106,676‌

4,515

SandRidge

Energy,

Inc.

65,784‌

4,627

Scorpio

Tankers,

Inc.

331,062‌

11,301

SFL

Corp.,

Ltd.

148,947‌

982

SilverBow

Resources,

Inc.*

33,525‌

3,500

Sitio

Royalties

Corp.,

Class

A

86,520‌

8,873

SM

Energy

Co.

442,319‌

40,654

Southwestern

Energy

Co.*

308,157‌

8,844

Talos

Energy,

Inc.*

123,197‌

6,156

Teekay

Corp.*

44,816‌

2,668

Teekay

Tankers,

Ltd.,

Class

A

155,838‌

14,059

Uranium

Energy

Corp.*

94,898‌

1,542

Vital

Energy,

Inc.*

81,017‌

11,767

W&T

Offshore,

Inc.

31,183‌

5,268

World

Kinect

Corp.

139,339‌

9,755,994‌

Paper

&

Forest

Products

(0.3%):

1,958

Clearwater

Paper

Corp.*

85,623‌

3,299

Glatfelter

Corp.*

6,598‌

6,048

Louisiana-Pacific

Corp.

507,488‌

7,454

Mercer

International,

Inc.

74,167‌

851

Sylvamo

Corp.

52,541‌

726,417‌

Passenger

Airlines

(0.6%):

10,366

Alaska

Air

Group,

Inc.*

445,634‌

1,668

Allegiant

Travel

Co.

125,450‌

3,400

Blade

Air

Mobility,

Inc.*

9,690‌

1,769

Copa

Holdings

SA,

Class

A

184,259‌

1,436

Frontier

Group

Holdings,

Inc.*

11,646‌

6,778

Hawaiian

Holdings,

Inc.*

90,351‌

25,978

JetBlue

Airways

Corp.*

192,757‌

4,173

SkyWest,

Inc.*

288,271‌

7,810

Spirit

Airlines,

Inc.

37,801‌

2,159

Sun

Country

Airlines

Holdings,

Inc.*

32,579‌

1,418,438‌

Personal

Care

Products

(0.9%):

3,738

Beauty

Health

Co.

(The)*

16,597‌

9,485

BellRing

Brands,

Inc.*

559,900‌

4,686

Edgewell

Personal

Care

Co.

181,067‌

2,478

elf

Beauty,

Inc.*

485,762‌

4,508

Herbalife,

Ltd.*

45,305‌

2,661

Inter

Parfums

,

Inc.

373,897‌

900

Lifevantage

Corp.

5,445‌

1,046

Medifast

,

Inc.

40,083‌

1,387

Natural

Alternatives

International,

Inc.*

8,447‌

369

Natural

Health

Trends

Corp.

2,472‌

2,335

Nature's

Sunshine

Products,

Inc.*

48,498‌

4,261

Nu

Skin

Enterprises,

Inc.,

Class

A

58,930‌

340

United-Guardian,

Inc.

2,628‌

1,873

USANA

Health

Sciences,

Inc.*

90,840‌

1,919,871‌

Pharmaceuticals

(1.3%):

1,113

Aclaris

Therapeutics,

Inc.*

1,380‌

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

69

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

9,876

Amneal

Pharmaceuticals,

Inc.*

$

59,849‌

3,800

Amphastar

Pharmaceuticals,

Inc.*

166,858‌

1,824

ANI

Pharmaceuticals,

Inc.*

126,093‌

464

Arvinas

,

Inc.*

19,154‌

1,693

Assertio

Holdings,

Inc.*

1,624‌

961

Catalent

,

Inc.*

54,249‌

3,130

Collegium

Pharmaceutical,

Inc.*

121,507‌

8,031

Corcept

Therapeutics,

Inc.*

202,301‌

3,415

Cumberland

Pharmaceuticals,

Inc.*

5,737‌

11,175

Elanco

Animal

Health,

Inc.*

181,929‌

1,163

EyePoint

Pharmaceuticals,

Inc.*

24,039‌

969

Fulcrum

Therapeutics,

Inc.*

9,147‌

4,130

Harmony

Biosciences

Holdings,

Inc.*

138,685‌

7,015

Innoviva

,

Inc.*

106,909‌

350

Intra-Cellular

Therapies,

Inc.*

24,220‌

1,140

Jazz

Pharmaceuticals

plc*

137,279‌

1,693

Ligand

Pharmaceuticals,

Inc.*

123,758‌

10,744

Nektar

Therapeutics*

10,037‌

882

NGM

Biopharmaceuticals,

Inc.*

1,402‌

7,543

Organon

&

Co.

141,808‌

4,377

Pacira

BioSciences

,

Inc.*

127,896‌

9,320

Perrigo

Co.

plc

300,011‌

2,388

Phibro

Animal

Health

Corp.,

Class

A

30,877‌

4,591

Prestige

Consumer

Healthcare,

Inc.*

333,123‌

420

Relmada

Therapeutics,

Inc.*

1,953‌

911

scPharmaceuticals

,

Inc.*

4,573‌

5,073

SIGA

Technologies,

Inc.

43,425‌

4,909

Supernus

Pharmaceuticals,

Inc.*

167,446‌

2,116

Taro

Pharmaceutical

Industries,

Ltd.*

89,591‌

3,288

Terns

Pharmaceuticals,

Inc.*

21,569‌

352

Ventyx

Biosciences,

Inc.*

1,936‌

855

Xeris

Biopharma

Holdings,

Inc.*

1,890‌

2,782,255‌

Professional

Services

(2.9%):

4,207

Alight,

Inc.,

Class

A*

41,439‌

4,073

ASGN,

Inc.*

426,688‌

935

Asure

Software,

Inc.*

7,274‌

670

Barrett

Business

Services,

Inc.

84,902‌

496

CACI

International,

Inc.,

Class

A*

187,900‌

4,344

CBIZ,

Inc.*

341,004‌

3,175

Clarivate

plc*

23,590‌

1,628

Concentrix

Corp.

107,806‌

24,230

Conduent

,

Inc.*

81,897‌

490

CRA

International,

Inc.

73,294‌

2,395

CSG

Systems

International,

Inc.

123,438‌

9,712

Dun

&

Bradstreet

Holdings,

Inc.

97,509‌

12,997

ExlService

Holdings,

Inc.*

413,305‌

3,948

Exponent,

Inc.

326,460‌

2,254

Forrester

Research,

Inc.*

48,596‌

1,460

Franklin

Covey

Co.*

57,320‌

656

FTI

Consulting,

Inc.*

137,950‌

2,037

Genpact

,

Ltd.

67,119‌

2,543

Heidrick

&

Struggles

International,

Inc.

85,597‌

1,095

HireRight

Holdings

Corp.*

15,626‌

1,874

Huron

Consulting

Group,

Inc.*

181,066‌

1,077

IBEX

Holdings,

Ltd.*

16,618‌

1,636

ICF

International,

Inc.

246,431‌

2,835

Insperity

,

Inc.

310,744‌

668

KBR,

Inc.

42,525‌

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

3,977

Kelly

Services,

Inc.,

Class

A

$

99,584‌

1,724

Kforce

,

Inc.

121,577‌

4,729

Korn

Ferry

310,979‌

2,210

Legalzoom.com,

Inc.*

29,481‌

1,919

ManpowerGroup

,

Inc.

148,991‌

1,332

Mastech

Digital,

Inc.*

11,988‌

3,715

Maximus,

Inc.

311,689‌

3,943

Mistras

Group,

Inc.*

37,695‌

1,409

NV5

Global,

Inc.*

138,096‌

5,163

Parsons

Corp.*

428,271‌

3,871

Paycor

HCM,

Inc.*

75,252‌

10,167

Planet

Labs

PBC*

25,926‌

4,105

Resources

Connection,

Inc.

54,022‌

3,126

Science

Applications

International

Corp.

407,599‌

1,400

TaskUS

,

Inc.,

Class

A*

16,310‌

2,657

TriNet

Group,

Inc.

352,026‌

3,174

TrueBlue

,

Inc.*

39,739‌

4,590

TTEC

Holdings,

Inc.

47,598‌

3,489

Upwork

,

Inc.*

42,775‌

8,419

Verra

Mobility

Corp.*

210,222‌

505

Willdan

Group,

Inc.*

14,640‌

6,470,558‌

Real

Estate

Management

&

Development

(0.8%):

1,064

AMREP

Corp.*

24,727‌

3,740

Anywhere

Real

Estate,

Inc.*

23,113‌

395

CKX

Lands,

Inc.*

5,214‌

10,668

Compass,

Inc.,

Class

A*

38,405‌

15,704

Cushman

&

Wakefield

plc*

164,264‌

3,547

DigitalBridge

Group,

Inc.

68,351‌

12,237

Douglas

Elliman

,

Inc.

19,334‌

913

eXp

World

Holdings,

Inc.

9,431‌

1,627

Five

Point

Holdings

LLC,

Class

A*

5,092‌

5,226

Forestar

Group,

Inc.*

210,033‌

971

FRP

Holdings,

Inc.*

59,619‌

4,346

Howard

Hughes

Holdings,

Inc.*

315,607‌

10

J.W.

Mays,

Inc.*

450‌

12,649

Kennedy-Wilson

Holdings,

Inc.

108,528‌

3,651

Marcus

&

Millichap,

Inc.

124,755‌

1,035

Maui

Land

&

Pineapple

Co.,

Inc.*

22,418‌

14,380

Newmark

Group,

Inc.,

Class

A

159,474‌

13,559

Opendoor

Technologies,

Inc.*

41,084‌

1,207

Rafael

Holdings,

Inc.,

Class

B*

2,076‌

688

RE/MAX

Holdings,

Inc.

6,034‌

2,198

RMR

Group,

Inc.

(The),

Class

A

52,752‌

5,104

St.

Joe

Co.

(The)

295,879‌

308

Stratus

Properties,

Inc.*

7,032‌

3,773

Tejon

Ranch

Co.*

58,142‌

1,821,814‌

Semiconductors

&

Semiconductor

Equipment

(3.0%):

1,931

Aehr

Test

Systems*

23,944‌

4,098

Allegro

MicroSystems

,

Inc.*

110,482‌

2,944

Alpha

&

Omega

Semiconductor,

Ltd.*

64,886‌

3,209

Ambarella

,

Inc.*

162,921‌

11,837

Amkor

Technology,

Inc.

381,625‌

1,301

Amtech

Systems,

Inc.*

7,038‌

2,714

Axcelis

Technologies,

Inc.*

302,665‌

2,777

AXT,

Inc.*

12,746‌

2,382

CEVA,

Inc.*

54,095‌

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

70

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

4,473

Cirrus

Logic,

Inc.*

$

414,021‌

4,518

Cohu

,

Inc.*

150,585‌

5,352

Credo

Technology

Group

Holding,

Ltd.*

113,409‌

3,895

Diodes,

Inc.*

274,598‌

2,057

Everspin

Technologies,

Inc.*

16,291‌

6,794

FormFactor

,

Inc.*

310,010‌

4,679

GSI

Technology,

Inc.*

15,909‌

3,150

Ichor

Holdings,

Ltd.*

121,653‌

1,349

inTEST

Corp.*

17,874‌

5,112

Kulicke

&

Soffa

Industries,

Inc.

257,185‌

4,502

MACOM

Technology

Solutions

Holdings,

Inc.*

430,571‌

4,444

Magnachip

Semiconductor

Corp.*

24,798‌

7,379

MaxLinear

,

Inc.*

137,766‌

534

MKS

Instruments,

Inc.

71,022‌

3,121

Navitas

Semiconductor

Corp.*

14,887‌

739

NVE

Corp.

66,643‌

3,680

Onto

Innovation,

Inc.*

666,374‌

3,423

PDF

Solutions,

Inc.*

115,252‌

4,690

Photronics

,

Inc.*

132,821‌

2,109

Pixelworks

,

Inc.*

5,441‌

4,754

Power

Integrations,

Inc.

340,149‌

4,581

Rambus,

Inc.*

283,152‌

5,490

Semtech

Corp.*

150,920‌

2,296

Silicon

Laboratories,

Inc.*

329,981‌

463

SiTime

Corp.*

43,166‌

2,252

SMART

Global

Holdings,

Inc.*

59,273‌

3,363

Synaptics

,

Inc.*

328,094‌

4,350

Ultra

Clean

Holdings,

Inc.*

199,839‌

1,328

Universal

Display

Corp.

223,702‌

4,871

Veeco

Instruments,

Inc.*

171,313‌

6,607,101‌

Software

(3.6%):

8,280

A10

Networks,

Inc.

113,353‌

9,516

ACI

Worldwide,

Inc.*

316,026‌

9,800

Adeia

,

Inc.

107,016‌

2,830

Agilysys

,

Inc.*

238,456‌

4,477

Alarm.com

Holdings,

Inc.*

324,448‌

1,066

Alkami

Technology,

Inc.*

26,192‌

3,451

Altair

Engineering,

Inc.,

Class

A*

297,304‌

3,072

American

Software,

Inc.,

Class

A

35,174‌

7,298

AvePoint

,

Inc.*

57,800‌

2,785

Aware,

Inc.*

5,208‌

1,976

BILL

Holdings,

Inc.*

135,791‌

4,494

Blackbaud

,

Inc.*

333,185‌

11,848

Box,

Inc.,

Class

A*

335,535‌

6,409

CCC

Intelligent

Solutions

Holdings,

Inc.*

76,652‌

2,942

Cerence

,

Inc.*

46,336‌

7,140

Cleanspark

,

Inc.*

151,439‌

3,427

CommVault

Systems,

Inc.*

347,601‌

2,247

Consensus

Cloud

Solutions,

Inc.*

35,637‌

7,972

DoubleVerify

Holdings,

Inc.*

280,296‌

2,945

Dropbox,

Inc.,

Class

A*

71,563‌

5,396

E2open

Parent

Holdings,

Inc.*

23,958‌

1,400

eGain

Corp.*

9,030‌

4,266

Envestnet

,

Inc.*

247,044‌

1,893

Everbridge

,

Inc.*

65,933‌

7,337

Freshworks

,

Inc.,

Class

A*

133,607‌

2,787

Guidewire

Software,

Inc.*

325,271‌

2,645

HashiCorp

,

Inc.,

Class

A*

71,283‌

Shares

Value

Common

Stocks,

continued

Software,

continued

1,910

Informatica

,

Inc.,

Class

A*

$

66,850‌

1,029

Intapp

,

Inc.*

35,295‌

2,150

InterDigital

,

Inc.

228,889‌

6,619

Jamf

Holding

Corp.*

121,459‌

4,429

JFrog

,

Ltd.*

195,850‌

6,678

LiveRamp

Holdings,

Inc.*

230,391‌

9,933

Matterport

,

Inc.*

22,449‌

594

MeridianLink

,

Inc.*

11,108‌

4,178

Mitek

Systems,

Inc.*

58,910‌

2,242

Model

N,

Inc.*

63,830‌

3,696

N-able,

Inc.*

48,307‌

1,206

nCino

,

Inc.*

45,080‌

11,365

NCR

Voyix

Corp.*

143,540‌

4,082

Olo

,

Inc.,

Class

A*

22,410‌

2,642

ON24,

Inc.

18,864‌

3,431

OneSpan

,

Inc.*

39,903‌

6,795

PowerSchool

Holdings,

Inc.*

144,666‌

3,574

Progress

Software

Corp.

190,530‌

1,486

Q2

Holdings,

Inc.*

78,104‌

2,916

Qualys

,

Inc.*

486,593‌

7,922

Rimini

Street,

Inc.*

25,826‌

1,258

Riot

Platforms,

Inc.*

15,398‌

3,449

Sapiens

International

Corp.

NV

110,920‌

3,865

SentinelOne

,

Inc.,

Class

A*

90,093‌

491

Smartsheet

,

Inc.,

Class

A*

18,903‌

5,797

SolarWinds

Corp.*

73,158‌

539

SoundThinking

,

Inc.*

8,559‌

2,369

Sprinklr

,

Inc.,

Class

A*

29,068‌

2,387

SPS

Commerce,

Inc.*

441,356‌

6

Synchronoss

Technologies,

Inc.*

50‌

2,600

Telos

Corp.*

10,816‌

7,634

Teradata

Corp.*

295,207‌

3,856

Terawulf

,

Inc.*

10,141‌

870

Upland

Software,

Inc.*

2,688‌

1,495

Varonis

Systems,

Inc.*

70,519‌

5,881

Verint

Systems,

Inc.*

194,955‌

2,808

Vertex,

Inc.,

Class

A*

89,182‌

3,188

Xperi

,

Inc.*

38,447‌

5,793

Yext

,

Inc.*

34,932‌

8,024,384‌

Specialty

Retail

(3.5%):

2,021

1-800-Flowers.com,

Inc.,

Class

A*

21,887‌

3,889

Aaron's

Co.,

Inc.

(The)

29,168‌

4,840

Abercrombie

&

Fitch

Co.*

606,597‌

5,892

Academy

Sports

&

Outdoors,

Inc.

397,946‌

16,719

American

Eagle

Outfitters,

Inc.

431,183‌

840

America's

Car-Mart,

Inc.*

53,651‌

1,082

Arhaus

,

Inc.

16,652‌

7,086

Arko

Corp.

40,390‌

1,669

Asbury

Automotive

Group,

Inc.*

393,517‌

2,474

AutoNation,

Inc.*

409,645‌

1,989

Beyond,

Inc.*

71,425‌

1,634

Big

5

Sporting

Goods

Corp.

5,752‌

2,497

Boot

Barn

Holdings,

Inc.*

237,590‌

3,986

Buckle,

Inc.

(The)

160,516‌

1,732

Build-A-Bear

Workshop,

Inc.

51,735‌

3,535

Caleres

,

Inc.

145,041‌

407

Camping

World

Holdings,

Inc.,

Class

A

11,335‌

2,166

CarParts.com,

Inc.*

3,509‌

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

71

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

1,799

Cato

Corp.

(The),

Class

A

$

10,380‌

1,618

Children's

Place,

Inc.

(The)*

18,672‌

853

Citi

Trends,

Inc.*

23,142‌

2,251

Conn's,

Inc.*

7,541‌

4,201

Container

Store

Group,

Inc.

(The)*

4,789‌

5,322

Designer

Brands,

Inc.,

Class

A

58,169‌

4,253

Destination

XL

Group,

Inc.*

15,311‌

738

Duluth

Holdings,

Inc.,

Class

B*

3,616‌

8,313

Foot

Locker,

Inc.

236,920‌

3,793

GameStop

Corp.,

Class

A*

47,488‌

15,391

Gap,

Inc.

(The)

424,022‌

1,751

Genesco,

Inc.*

49,273‌

753

Group

1

Automotive,

Inc.

220,049‌

4,262

Guess?,

Inc.

134,125‌

1,984

Haverty

Furniture

Cos.,

Inc.

67,694‌

1,265

Hibbett,

Inc.

97,165‌

861

J.

Jill,

Inc.*

27,526‌

1,300

Lands'

End,

Inc.*

14,157‌

8,685

Leslie's,

Inc.*

56,453‌

206

Lithia

Motors,

Inc.

61,977‌

1,529

LL

Flooring

Holdings,

Inc.*

2,798‌

1,251

MarineMax

,

Inc.*

41,608‌

3,233

Monro

,

Inc.

101,969‌

1,320

Murphy

USA,

Inc.

553,344‌

6,975

National

Vision

Holdings,

Inc.*

154,566‌

2,301

ODP

Corp.

(The)*

122,068‌

443

OneWater

Marine,

Inc.*

12,470‌

3,370

PetMed

Express,

Inc.

16,142‌

2,414

Revolve

Group,

Inc.*

51,104‌

599

RH*

208,608‌

9,361

Sally

Beauty

Holdings,

Inc.*

116,264‌

2,801

Shoe

Carnival,

Inc.

102,629‌

3,726

Signet

Jewelers,

Ltd.

372,861‌

2,863

Sleep

Number

Corp.*

45,894‌

1,077

Sonic

Automotive,

Inc.,

Class

A

61,324‌

5,038

Sportsman's

Warehouse

Holdings,

Inc.*

15,668‌

3,300

Stitch

Fix,

Inc.,

Class

A*

8,712‌

1,307

Tile

Shop

Holdings,

Inc.*

9,188‌

2,271

Tilly's,

Inc.,

Class

A*

15,443‌

4,699

Upbound

Group,

Inc.

165,452‌

7,876

Urban

Outfitters,

Inc.*

341,976‌

8,308

Valvoline,

Inc.*

370,288‌

3,486

Victoria's

Secret

&

Co.*

67,559‌

924

Warby

Parker,

Inc.,

Class

A*

12,576‌

345

Winmark

Corp.

124,786‌

2,194

Zumiez

,

Inc.*

33,327‌

7,794,632‌

Technology

Hardware,

Storage

&

Peripherals

(0.2%):

1,308

AstroNova

,

Inc.*

23,309‌

1,682

Corsair

Gaming,

Inc.*

20,756‌

1,518

Immersion

Corp.

11,355‌

1,673

Intevac,

Inc.*

6,424‌

2,058

IonQ

,

Inc.*

20,559‌

4,629

Stratasys

,

Ltd.*

53,789‌

1,590

TransAct

Technologies,

Inc.*

8,332‌

600

Turtle

Beach

Corp.*

10,344‌

9,858

Xerox

Holdings

Corp.

176,458‌

331,326‌

Shares

Value

Common

Stocks,

continued

Textiles,

Apparel

&

Luxury

Goods

(1.4%):

4,805

Capri

Holdings,

Ltd.*

$

217,666‌

3,008

Carter's,

Inc.

254,717‌

4,005

Columbia

Sportswear

Co.

325,126‌

1,656

Crocs,

Inc.*

238,133‌

2,291

Culp,

Inc.*

10,997‌

9,256

Figs,

Inc.,

Class

A*

46,095‌

2,091

Fossil

Group,

Inc.*

2,133‌

4,343

G-III

Apparel

Group,

Ltd.*

125,990‌

5,770

Hanesbrands,

Inc.*

33,466‌

4,221

Kontoor

Brands,

Inc.

254,315‌

816

Lakeland

Industries,

Inc.

14,933‌

4,068

Levi

Strauss

&

Co.,

Class

A

81,319‌

1,625

Movado

Group,

Inc.

45,386‌

1,227

Oxford

Industries,

Inc.

137,915‌

3,679

PVH

Corp.

517,304‌

674

Rocky

Brands,

Inc.

18,286‌

6,920

Steven

Madden,

Ltd.

292,578‌

418

Superior

Group

of

Cos.,

Inc.

6,905‌

3,324

Tapestry,

Inc.

157,824‌

11,206

Under

Armour

,

Inc.,

Class

A*

82,700‌

11,499

Under

Armour

,

Inc.,

Class

C*

82,103‌

957

Unifi,

Inc.*

5,732‌

1,916

Vera

Bradley,

Inc.*

13,029‌

4,637

VF

Corp.

71,132‌

6,915

Wolverine

World

Wide,

Inc.

77,517‌

3,113,301‌

Tobacco

(0.1%):

763

Turning

Point

Brands,

Inc.

22,356‌

2,298

Universal

Corp.

118,853‌

13,115

Vector

Group,

Ltd.

143,740‌

284,949‌

Trading

Companies

&

Distributors

(2.5%):

8,849

Air

Lease

Corp.

455,193‌

3,201

Alta

Equipment

Group,

Inc.

41,453‌

3,314

Applied

Industrial

Technologies,

Inc.

654,681‌

4,936

Beacon

Roofing

Supply,

Inc.*

483,827‌

1,029

BlueLinx

Holdings,

Inc.*

134,017‌

2,610

Boise

Cascade

Co.

400,296‌

9,484

DNOW,

Inc.*

144,157‌

1,758

DXP

Enterprises,

Inc.*

94,457‌

1,975

EVI

Industries,

Inc.

49,178‌

3,079

GATX

Corp.

412,678‌

4,153

Global

Industrial

Co.

185,971‌

1,159

GMS,

Inc.*

112,817‌

2,840

H&E

Equipment

Services,

Inc.

182,271‌

2,230

Herc

Holdings,

Inc.

375,309‌

2,500

Hudson

Technologies,

Inc.*

27,525‌

2,160

McGrath

RentCorp

266,479‌

9,914

MRC

Global,

Inc.*

124,619‌

4,207

MSC

Industrial

Direct

Co.,

Inc.

408,247‌

5,493

Rush

Enterprises,

Inc.,

Class

A

293,985‌

1,314

Rush

Enterprises,

Inc.,

Class

B

70,023‌

1,068

SiteOne

Landscape

Supply,

Inc.*

186,419‌

2,818

Titan

Machinery,

Inc.*

69,915‌

949

Transcat

,

Inc.*

105,747‌

858

WESCO

International,

Inc.

146,958‌

5,426,222‌

AZL

DFA

U.S.

Small

Cap

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

72

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024.

Shares

Value

Common

Stocks,

continued

Water

Utilities

(0.4%):

3,041

American

States

Water

Co.

$

219,682‌

933

Artesian

Resources

Corp.,

Class

A

34,624‌

4,896

California

Water

Service

Group

227,566‌

1,256

Consolidated

Water

Co.,

Ltd.

36,813‌

1,516

Middlesex

Water

Co.

79,590‌

3,435

Pure

Cycle

Corp.*

32,632‌

2,786

SJW

Group

157,660‌

1,701

York

Water

Co.

(The)

61,695‌

850,262‌

Wireless

Telecommunication

Services

(0.2%):

8,428

Gogo

,

Inc.*

73,998‌

2,722

Spok

Holdings,

Inc.

43,416‌

11,047

Telephone

and

Data

Systems,

Inc.

176,973‌

3,950

United

States

Cellular

Corp.*

144,175‌

438,562‌

Total

Common

Stocks

(Cost

$183,708,918)

220,925,559‌

Preferred

Stocks

(0.0%

†

):

Media

(0.0%

†

):

430

Liberty

Broadband

Corp.,

Series

A,

7.00%

10,019‌

Trading

Companies

&

Distributors

(0.0%

†

):

2,540

WESCO

International,

Inc.,

Series

A,

10.63%

66,828‌

Total

Preferred

Stocks

(Cost

$70,827)

76,847‌

Rights

(0.0%

†

):

Diversified

Telecommunication

Services

(0.0%

†

):

79

Communications

Systems

I

CVR,

Expires

on

1/1/29*

104‌

123

Mirati

Therapeutics

CVR,

Expires

on

1/1/26*

86‌

190‌

Shares

Value

Rights,

continued

Health

Care

Providers

&

Services

(0.0%

†

):

1,262

Albireo

Pharma,

Inc.

CVR,

Expires

on

3/2/26*

$

7,067‌

5,276

Chinook

Therapeutics

CVR,

Expires

on

1/1/26*

6,595‌

2,004

Chinook

Therapeutics

CVR,

Expires

on

12/31/49*

1,984‌

8,452

Xeris

BioPharma

Hold

CVR,

Expires

on

10/6/49*

—‌

15,646‌

Household

Products

(0.0%

†

):

9,500

Spectrum

-

Crv

CVR,

Expires

on

1/1/26*

—‌

Paper

&

Forest

Products

(0.0%

†

):

5,401

Resolute

Fst

CVR,

Expires

on

1/1/26*

7,670‌

Pharmaceuticals

(0.0%

†

):

8,857

Achillion

Pharm

CVR,

Expires

on

1/29/49*

2,391‌

Total

Rights

(Cost

$–)

25,897‌

Unaffiliated

Investment

Company

(0.3%):

Money

Markets

(0.3%):

611,890

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.19%(b)

611,890‌

Total

Unaffiliated

Investment

Company

(Cost

$611,890)

611,890‌

Total

Investment

Securities

(Cost

$184,391,635)

—

100.2%

221,640,193‌

Net

other

assets

(liabilities)

—

(0.2)%

(448,508‌)

Net

Assets

—

100.0%

$

221,191,685‌

ADR—American

Depository

Receipt

CVR—Contingency

Valued

Rights

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

March

31,

2024.

(b)

The

rate

represents

the

effective

yield

at

March

31,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

73

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Asset

Backed

Securities

(

5

.8

%

):

$

2,173,668

American

Homes

4

Rent

Trust,

Class

A,

Series

2014-SFR3,

3.68%,

12/17/36(a)

$

2,137,684

2,015,000

ARI

Fleet

Lease

Trust,

Class

A2,

Series

2024-A,

5.30%,

11/15/32,

Callable

9/15/27

@

100(a)

2,010,234

6,894,000

BA

Credit

Card

Trust,

Class

A1,

Series

2023-A1,

4.79%,

5/15/28

6,858,367

1,018,000

Carmax

Auto

Owner

Trust,

Class

A3,

Series

2023-2,

5.05%,

1/18/28,

Callable

1/15/27

@

100

1,013,326

2,769,468

Chesapeake

Funding

II

LLC,

Class

A1,

Series

2023-

2A,

6.16%,

10/15/35,

Callable

7/15/26

@

100(a)

2,786,507

800,120

College

Ave

Student

Loans

LLC,

Class

A2,

Series

2021-C,

2.32%,

7/26/55,

Callable

12/25/34

@

100(a)

715,984

1,518,387

College

Ave

Student

Loans

LLC,

Class

A2,

Series

2023-A,

5.33%,

5/25/55,

Callable

4/25/37

@

100(a)

1,484,438

881,737

College

Ave

Student

Loans

LLC,

Class

A2,

Series

2021-B,

1.76%,

6/25/52,

Callable

1/25/34

@

100(a)

785,501

117,129

College

Ave

Student

Loans

LLC,

Class

A1,

Series

2021-A,

6.54%(TSFR1M+121bps),

7/25/51,

Callable

2/25/32

@

100(a)

116,691

2,008,290

Credit

Acceptance

Auto

Loan

Trust,

Class

A,

Series

2021-4,

1.26%,

10/15/30,

Callable

3/15/25

@

100(a)

1,980,354

421,133

Credit

Acceptance

Auto

Loan

Trust,

Class

A,

Series

2021-3A,

1.00%,

5/15/30,

Callable

11/15/24

@

100(a)

417,728

5,359,000

Discover

Card

Execution

Note

Trust,

Class

A,

Series

2023-A1,

4.31%,

3/15/28

5,288,996

361,020

EDvestinU

Private

Education

Loan

Issue

No

3

LLC,

Class

A,

Series

2021-A,

1.80%,

11/25/45(a)

321,143

3,371,689

ELFI

Graduate

Loan

Program

LLC,

Class

A,

Series

2023-A,

6.37%,

2/4/48,

Callable

3/25/34

@

100(a)

3,452,537

423,000

Enterprise

Fleet

Financing

LLC,

Class

A3,

Series

2024-1,

5.16%,

9/20/30,

Callable

9/20/27

@

100(a)

422,088

773,000

Enterprise

Fleet

Financing

LLC,

Class

A3,

Series

2022-3,

4.29%,

7/20/29,

Callable

4/20/26

@

100(a)

749,175

1,145,855

Enterprise

Fleet

Financing

LLC,

Class

A2,

Series

2023-2,

5.56%,

4/22/30,

Callable

10/20/26

@

100(a)

1,146,784

6,023,000

Ford

Credit

Auto

Owner

Trust,

Class

A,

Series

2023-

1,

4.85%,

8/15/35,

Callable

2/15/28

@

100(a)

5,991,751

3,402,000

Ford

Credit

Auto

Owner

Trust,

Class

A,

Series

2023-

2,

5.28%,

2/15/36,

Callable

8/15/28

@

100(a)

3,445,670

5,657,000

Ford

Credit

Auto

Owner

Trust

2024-REV1,

Class

A,

Series

2024-1,

4.87%,

8/15/36,

Callable

2/15/29

@

100(a)

5,659,181

8,149,000

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Class

A1,

Series

2023-1,

4.92%,

5/15/28(a)

8,113,612

2,984,000

Foundation

Finance

Trust,

Class

A,

Series

2024-1A,

5.50%,

12/15/49,

Callable

9/15/29

@

100(a)

2,983,650

2,196,000

GM

Financial

Revolving

Receivables

Trust,

Class

A,

Series

2024-1,

4.98%,

12/11/36,

Callable

3/11/29

@

100(a)

2,208,840

2,354,692

GoodLeap

Sustainable

Home

Solutions

Trust,

Class

A,

Series

2023-3C,

6.50%,

7/20/55,

Callable

12/20/39

@

100(a)

2,434,065

607,107

GoodLeap

Sustainable

Home

Solutions

Trust,

Class

A,

Series

2022-3CS,

4.95%,

7/20/49,

Callable

4/20/40

@

100(a)

570,706

Principal

Amount

Value

Asset

Backed

Securities,

continued

$

379,520

GoodLeap

Sustainable

Home

Solutions

Trust,

Class

A,

Series

2022-1GS,

2.70%,

1/20/49,

Callable

4/20/41

@

100(a)

$

313,859

4,109,000

John

Deere

Owner

Trust,

Class

A3,

Series

2023-B,

5.18%,

3/15/28,

Callable

12/15/26

@

100

4,110,211

6,682,000

John

Deere

Owner

Trust,

Class

A3,

Series

2024-A,

4.96%,

11/15/28,

Callable

10/15/27

@

100

6,682,997

156,000

Mercedes-Benz

Auto

Receivables

Trust,

Class

A3,

Series

2022-1,

5.21%,

8/16/27,

Callable

9/15/26

@

100

155,701

1,692,721

MMAF

Equipment

Finance

LLC,

Class

A4,

Series

2024-A,

5.10%,

7/13/49,

Callable

3/13/31

@

100(a)

1,693,643

146,459

Mosaic

Solar

Loan

Trust,

Class

A,

Series

2022-2A,

4.38%,

1/21/53,

Callable

7/20/38

@

100(a)

138,571

45,085

Navient

Private

Education

Loan

Trust,

Class

A2A,

Series

2018-BA,

3.61%,

12/15/59,

Callable

2/15/28

@

100(a)

44,117

5,322,497

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2021-EA,

0.97%,

12/16/69,

Callable

12/15/29

@

100(a)

4,604,376

1,513,897

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)

1,448,720

792,954

Navient

Private

Education

Refi

Loan

Trust,

Class

A1B,

Series

2020-IA,

6.44%(TSFR1M+111bps),

4/15/69,

Callable

1/15/32

@

100(a)

789,030

1,640,298

Navient

Private

Education

Refi

Loan

Trust,

Class

A2A,

Series

2019-D,

3.01%,

12/15/59,

Callable

9/15/31

@

100(a)

1,552,424

992,780

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2020-FA,

1.22%,

7/15/69,

Callable

7/15/27

@

100(a)

899,202

4,578,198

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2023-A,

5.51%,

10/15/71,

Callable

10/15/32

@

100(a)

4,600,069

348,519

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2021-A,

0.84%,

5/15/69,

Callable

6/15/28

@

100(a)

304,996

74,731

Navient

Student

Loan

Trust,

Class

A2,

Series

2018-

EA,

4.00%,

12/15/59,

Callable

8/15/25

@

100(a)

73,328

1,246,000

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II,

Class

A,

Series

2023-1,

6.18%,

8/25/28(a)

1,256,028

2,712,833

Nelnet

Student

Loan

Trust,

Class

AFL,

Series

2021-

CA,

6.18%(TSFR1M+85bps),

4/20/62,

Callable

9/20/31

@

100(a)

2,679,698

4,489,265

Nelnet

Student

Loan

Trust,

Class

AFL,

Series

2021-

BA,

6.22%(TSFR1M+89bps),

4/20/62,

Callable

7/20/29

@

100(a)

4,441,903

2,355,253

Nelnet

Student

Loan

Trust,

Class

APT2,

Series

2021-A,

1.36%,

4/20/62,

Callable

9/20/29

@

100(a)

2,110,017

6,506,000

OneMain

Financial

Issuance

Trust,

Class

A,

Series

2023-1A,

5.50%,

6/14/38,

Callable

6/14/28

@

100

6,610,330

3,537,000

OneMain

Financial

Issuance

Trust,

Class

A2,

Series

2023-2A,

6.82%(SOFR30A+150bps),

9/14/36,

Callable

9/14/26

@

100(a)

3,593,357

3,221,000

PFS

Financing

Corp.,

Class

A,

Series

2023-C,

5.52%,

10/16/28(a)

3,252,491

8,497,000

PFS

Financing

Corp.,

Class

A,

Series

2024-B,

4.95%,

2/15/29(a)

8,465,062

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

74

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Asset

Backed

Securities,

continued

$

189,000

PFS

Financing

Corp.,

Class

A,

Series

2023-A,

5.80%,

3/15/28(a)

$

190,971

1,400,000

PFS

Financing

Corp.,

Class

A,

Series

2021-A,

0.71%,

4/15/26(a)

1,397,803

7,235,000

PFS

Financing

Corp.,

Class

A,

Series

2023-B,

5.27%,

5/15/28(a)

7,254,392

291,171

Prodigy

Finance

CM2021-1

DAC,

Class

A,

Series

2021-1A,

6.69%(TSFR1M+136bps),

7/25/51,

Callable

11/25/26

@

100(a)

288,713

1,874,000

Regional

Management

Issuance

Trust,

Class

A,

Series

2021-2,

1.90%,

8/15/33,

Callable

8/15/26

@

100(a)

1,679,233

9,412,751

SMB

Private

Education

Loan

Trust,

Class

A1B,

Series

2023-B,

7.12%(SOFR30A+180bps),

10/16/56(a)

9,604,332

180,697

SMB

Private

Education

Loan

Trust,

Class

A2B,

Series

2017-B,

6.19%(TSFR1M+86bps),

10/15/35(a)

180,064

881,376

SMB

Private

Education

Loan

Trust,

Class

APT1,

Series

2021-C,

1.39%,

1/15/53(a)

777,653

2,762,136

SMB

Private

Education

Loan

Trust,

Class

A2A1,

Series

2021-A,

6.17%(TSFR1M+84bps),

1/15/53(a)

2,720,137

460,927

SMB

Private

Education

Loan

Trust,

Class

B,

Series

2021-A,

2.31%,

1/15/53(a)

430,212

4,961,289

SMB

Private

Education

Loan

Trust,

Class

A1B,

Series

2022-D,

7.12%(SOFR30A+180bps),

10/15/58(a)

5,049,037

206,375

SMB

Private

Education

Loan

Trust,

Class

A2B,

Series

2020-A,

6.27%(TSFR1M+94bps),

9/15/37(a)

204,795

3,366,000

SMB

Private

Education

Loan

Trust,

Class

A1B,

Series

2024-A,

6.77%(SOFR30A+145bps),

3/15/56,

Callable

5/15/36

@

100(a)

3,379,792

2,509,212

SMB

Private

Education

Loan

Trust,

Class

APT,

Series

2022-A,

2.85%,

11/16/54(a)

2,296,359

1,188,430

SMB

Private

Education

Loan

Trust,

Class

A1A,

Series

2023-C,

5.67%,

11/15/52(a)

1,201,287

1,256,228

SMB

Private

Education

Loan

Trust,

Class

A1A,

Series

2020-B,

1.29%,

7/15/53(a)

1,160,429

651,078

SoFi

Professional

Loan

Program

LLC,

Class

A2FX,

Series

2017-F,

2.84%,

1/25/41,

Callable

9/25/25

@

100(a)

634,918

313,574

SoFi

Professional

Loan

Program

LLC,

Class

A2FX,

Series

2019-B,

3.09%,

8/17/48,

Callable

8/15/26

@

100(a)

299,216

825,762

SoFi

Professional

Loan

Program

Trust,

Class

A2FX,

Series

2020-A,

2.54%,

5/15/46,

Callable

9/15/27

@

100(a)

773,101

433,614

SoFi

Professional

Loan

Program

Trust,

Class

AFX,

Series

2020-C,

1.95%,

2/15/46,

Callable

6/15/28

@

100(a)

391,699

10,964,000

Toyota

Auto

Loan

Extended

Note

Trust,

Class

A,

Series

2023-1A,

4.93%,

6/25/36,

Callable

6/25/28

@

100(a)

10,985,803

Total

Asset

Backed

Securities

(Cost

$175,634,625)

173,815,088

Collateralized

Mortgage

Obligations

(

7

.7

%

):

1,412,529

A&D

Mortgage

Trust,

Class

A1,

Series

2023-NQM5,

7.05%,

11/25/68,

Callable

11/25/26

@

100(a)(b)

1,424,743

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

2,200,000

AGL

CLO

28,

Ltd.,

Class

AL2,

Series

2023-28A,

7.00%(TSFR3M+170bps),

1/21/37,

Callable

1/21/26

@

100(a)

$

2,213,035

2,810,000

Alen

Mortgage

Trust,

Class

A,

Series

2021-ACEN,

6.59%(TSFR1M+126bps),

4/15/38(a)

2,557,367

780,099

Allegro

CLO

VIII,

Ltd.,

Class

A,

Series

2018-2A,

6.68%(TSFR3M+136bps),

7/15/31,

Callable

4/15/24

@

100(a)

780,839

836,635

Anchorage

Capital

CLO

7,

Ltd.,

Class

AR2,

Series

2015-7A,

6.67%(TSFR3M+135bps),

1/28/31,

Callable

4/28/24

@

100(a)

835,798

1,420,291

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2023-6,

6.50%,

12/25/67,

Callable

8/25/26

@

100(a)(b)

1,421,183

4,174,351

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2024-1,

5.21%,

8/25/68,

Callable

1/25/27

@

100(a)(b)

4,132,276

5,498,886

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2024-2,

5.99%,

1/25/69,

Callable

1/25/27

@

100(a)(b)

5,544,964

1,114,445

Apidos

CLO

XX,

Class

A1RA,

Series

2015-20A,

6.68%(TSFR3M+136bps),

7/16/31,

Callable

4/16/24

@

100(a)

1,114,890

950,000

Apidos

CLO

XXV,

Class

A1R2,

Series

2016-25A,

6.46%(TSFR3M+115bps),

10/20/31,

Callable

10/20/24

@

100(a)

947,625

266,492

Ares

XL

CLO,

Ltd.,

Class

A1RR,

Series

2016-40A,

6.45%(TSFR3M+113bps),

1/15/29,

Callable

4/15/24

@

100(a)

266,786

380,484

Ares

XXXIIR

CLO,

Ltd.,

Class  A1A,

Series

2014-

32RA,

6.51%(TSFR3M+120bps),

5/15/30,

Callable

5/15/24

@

100(a)

380,797

1,422,581

Arroyo

Mortgage

Trust,

Class

A1,

Series

2022-2,

4.95%,

7/25/57,

Callable

7/25/25

@

100(a)

1,410,973

2,230,000

Bain

Capital

CLO,

Ltd.,

Class

A1,

Series

2024-1A,

6.87%(TSFR3M+155bps),

4/16/37,

Callable

4/16/26

@

100(a)

2,229,135

1,530,000

Ballyrock

CLO

2019-2,

Ltd.,

Class

BRR,

Series

2019-

2A,

7.62%(TSFR3M+240bps),

2/20/36,

Callable

2/20/25

@

100

1,528,996

495,000

BANK,

Class

A5,

Series

2021-BN38,

2.52%,

12/15/64,

Callable

12/15/31

@

100

414,530

3,759,966

Barclays

Mortgage

Loan

Trust,

Class

A1,

Series

2024-NQM1,

5.90%,

1/25/64,

Callable

1/25/27

@

100(a)(b)

3,739,135

952,493

Battalion

CLO

VIII,

Ltd.,

Class

A1R2,

Series

2015-

8A,

6.63%(TSFR3M+133bps),

7/18/30,

Callable

4/18/24

@

100(a)

953,194

3,850,000

BBCMS

Mortgage

Trust,

Class

A,

Series

2018-TALL,

6.25%(TSFR1M+92bps),

3/15/37(a)

3,695,784

2,665,000

BBCMS

Mortgage

Trust,

Class

A4,

Series

2023-C22,

6.52%,

11/15/56,

Callable

10/15/33

@

100(b)

2,925,128

3,120,000

Benchmark

Mortgage

Trust,

Class

A5,

Series

2019-

B12,

3.12%,

8/15/52,

Callable

8/15/29

@

100

2,834,270

1,040,000

Benchmark

Mortgage

Trust,

Class

B,

Series

2019-

B15,

3.56%,

12/15/72,

Callable

12/15/29

@

100

817,269

2,643,457

BRAVO

Residential

Funding

Trust,

Class

A1,

Series

2023-NQM6,

6.60%,

9/25/63,

Callable

8/25/26

@

100(a)(b)

2,644,538

514,803

BSPRT

Issuer,

Ltd.,

Class

A,

Series

2021-FL7,

6.76%(TSFR1M+143bps),

12/15/38,

Callable

4/15/24

@

100(a)

512,294

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

75

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

2,600,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2020-VIV4,

2.84%,

3/9/44,

Callable

3/9/30

@

100(a)

$

2,251,036

3,635,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2023-XL3,

7.09%(TSFR1M+176bps),

12/9/40(a)

3,654,854

1,070,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-MF,

7.02%(TSFR1M+169bps),

2/15/39(a)

1,065,470

2,546,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL4,

6.77%(TSFR1M+144bps),

2/15/39(a)

2,546,202

4,646,000

BX

Trust,

Class

A,

Series

2024-BIO,

6.97%(TSFR1M+164bps),

2/15/41(a)

4,652,347

1,700,000

BX

Trust,

Class

A,

Series

2024-CNYN,

6.74%(TSFR1M+144bps),

4/15/29(a)

1,700,000

780,000

BX

Trust,

Class

B,

Series

2024-PAT,

8.29%(TSFR1M+304bps),

3/15/26(a)

779,572

1,930,000

BX

Trust,

Class

A,

Series

2024-PAT,

7.34%(TSFR1M+209bps),

3/15/26(a)

1,929,014

3,400,000

BX

Trust,

Class

A,

Series

2023-DELC,

8.02%(TSFR1M+269bps),

6/15/38(a)

3,430,187

940,000

BX

Trust,

Class

B,

Series

2024-BIO,

7.27%(TSFR1M+194bps),

2/15/41(a)

939,630

615,000

Cantor

Commercial

Real

Estate

Lending,

Class

A4,

Series

2019-CF2,

2.62%,

11/15/52,

Callable

10/15/29

@

100

535,301

603,000

Cantor

Commercial

Real

Estate

Lending,

Class

B,

Series

2019-CF3,

3.50%,

1/15/53,

Callable

12/15/29

@

100(b)

482,888

1,950,000

CEDR

Commercial

Mortgage

Trust,

Class

A,

Series

2022-SNAI,

6.31%(TSFR1M+99bps),

2/15/39(a)

1,852,302

3,734,551

CENT

Trust,

Class

A,

Series

2023-CITY,

7.95%(TSFR1M+262bps),

9/15/28(a)

3,771,639

220,126

Chase

Home

Lending

Mortgage

Trust,

Class

A11,

Series

2019-ATR2,

6.34%(TSFR1M+101bps),

7/25/49,

Callable

5/25/35

@

100(a)

207,211

1,169,198

CIFC

Funding,

Ltd.,

Class

A1,

Series

2013-3RA,

6.56%(TSFR3M+124bps),

4/24/31,

Callable

4/24/24

@

100(a)

1,170,597

284,858

CIFC

Funding,

Ltd.,

Class

A1,

Series

2017-5A,

6.76%(TSFR3M+144bps),

11/16/30,

Callable

4/17/24

@

100(a)

285,069

128,807

CIM

Trust,

Class

A1,

Series

2021-R6,

1.43%,

7/25/61,

Callable

9/25/26

@

100(a)(b)

111,345

638,683

CIM

Trust,

Class

A11,

Series

2019-INV3,

5.50%(SOFR30A+106bps),

8/25/49,

Callable

2/25/33

@

100(a)

606,758

1,460,000

COAST

Commercial

Mortgage

Trust,

Class

A,

Series

2023-2HTL,

7.92%(TSFR1M+259bps),

8/15/36(a)

1,463,391

803,241

COLT

Mortgage

Loan

Trust,

Class

A1,

Series

2023-

4,

7.16%,

10/25/68,

Callable

10/25/26

@

100(a)(b)

815,280

667,000

COMM

Mortgage

Trust,

Class

A5,

Series

2015-

CR24,

3.70%,

8/10/48,

Callable

6/10/26

@

100

649,242

3,075,000

COMM

Mortgage

Trust,

Class

A4,

Series

2015-

CR26,

3.63%,

10/10/48,

Callable

8/10/27

@

100

2,949,775

1,084,387

Cross

Mortgage

Trust,

Class

A1A,

Series

2023-H2,

7.14%,

11/25/68,

Callable

10/25/26

@

100(a)(b)

1,101,937

1,195,000

CSAIL

Commercial

Mortgage

Trust,

Class

B,

Series

2019-C15,

4.48%,

3/15/52,

Callable

2/15/29

@

100

1,058,266

2,178,573

CSMC,

Class

A,

Series

2020-NET,

2.26%,

8/15/37(a)

2,026,061

2,335,000

CSMC,

Class

B,

Series

2021-BHAR,

6.94%(TSFR1M+161bps),

11/15/38(a)

2,317,571

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

1,523,010

CSMC,

Class

A1,

Series

2021-NQM8,

1.84%,

10/25/66,

Callable

11/25/24

@

100(a)(b)

$

1,229,153

1,725,049

Dewolf

Park

CLO,

Ltd.,

Class

AR,

Series

2017-1A,

6.50%(TSFR3M+118bps),

10/15/30,

Callable

4/15/24

@

100(a)

1,726,294

1,440,000

Diameter

Capital

CLO

1,

Ltd.,

Class

A1A,

Series

2021-1A,

6.82%(TSFR3M+150bps),

7/15/36,

Callable

4/15/24

@

100(a)

1,441,117

324,378

Dryden

30

Senior

Loan

Fund,

Class

AR,

Series

2013-

30A,

6.39%(TSFR3M+108bps),

11/15/28,

Callable

5/15/24

@

100(a)

322,841

1,826,888

Dryden

37

Senior

Loan

Fund,

Class

AR,

Series

2015-

37A,

6.68%(TSFR3M+136bps),

1/15/31,

Callable

4/15/24

@

100(a)

1,823,234

452,280

Dryden

60

CLO,

Ltd.,

Class

A,

Series

2018-60A,

6.63%(TSFR3M+131bps),

7/15/31,

Callable

4/15/24

@

100(a)

451,827

3,860,000

Elmwood

CLO

26,

Ltd.,

Class

A1,

Series

2024-1A,

6.79%(TSFR3M+150bps),

4/18/37,

Callable

4/18/26

@

100(a)

3,862,605

1,593,339

Flagstar

Mortgage

Trust,

Class

A6,

Series

2021-

13IN,

2.50%,

12/30/51,

Callable

1/25/46

@

100(a)

(b)

1,380,479

449,026

Flagstar

Mortgage

Trust,

Class

A11,

Series

2019-

1INV,

5.50%(TSFR1M+106bps),

10/25/49,

Callable

12/25/30

@

100(a)

426,715

755,366

Flatiron

CLO

18,

Ltd.,

Class

A,

Series

2018-1A,

6.53%(TSFR3M+121bps),

4/17/31,

Callable

4/17/24

@

100(a)

753,976

879,681

FRESB

Mortgage

Trust,

Class

A10H,

Series

2019-

SB60,

3.50%(US0001M+350bps),

1/25/39,

Callable

12/25/28

@

100

802,471

586,114

FS

RIALTO,

Class

A,

Series  2021-FL2,

6.66%(TSFR1M+133bps),

4/16/26,

Callable

4/16/24

@

100(a)

576,726

2,024,524

Galaxy

XXVI

CLO,

Ltd.,

Class

A,

Series

2018-26A,

6.79%(TSFR3M+146bps),

11/22/31,

Callable

5/22/24

@

100(a)

2,027,075

896,905

Galaxy

XXVII

CLO,

Ltd.,

Class

A,

Series

2018-27A,

6.61%(TSFR3M+128bps),

5/16/31,

Callable

5/16/24

@

100(a)

898,510

2,431,598

GCAT

Trust,

Class

A1,

Series

2021-NQM7,

1.92%,

8/25/66,

Callable

7/25/35

@

100(a)(b)

2,130,273

1,209,082

Great

Wolf

Trust,

Class

A,

Series

2019-WOLF,

6.67%(TSFR1M+135bps),

12/15/36(a)

1,208,722

148,455

Grippen

Park

CLO,

Ltd.,

Class

A,

Series

2017-1A,

6.84%(TSFR3M+152bps),

1/20/30,

Callable

4/20/24

@

100(a)

148,663

2,105,000

GS

Mortgage

Securities

Corp.

Trust,

Class

B,

Series

2023-FUN,

8.12%(TSFR1M+279bps),

3/15/28(a)

2,110,872

2,090,000

GS

Mortgage

Securities

Corp.

Trust,

Class

A,

Series

2023-FUN,

7.42%(TSFR1M+209bps),

3/15/28(a)

2,095,248

3,412,167

GS

Mortgage-Backed

Securities

Corp.

Trust,

Class

A4,

Series

2022-PJ2,

2.50%,

6/25/52,

Callable

8/25/43

@

100(a)(b)

2,746,794

1,004,322

GS

Mortgage-Backed

Securities

Trust,

Class

A2,

Series

2021-PJ2,

2.50%,

7/25/51,

Callable

8/25/46

@

100(a)(b)

810,946

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

76

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

1,556,775

GS

Mortgage-Backed

Securities

Trust,

Class

A2,

Series

2021-PJ6,

2.50%,

11/25/51,

Callable

12/25/42

@

100(a)(b)

$

1,253,204

960,653

Homeward

Opportunities

Fund

Trust,

Class

A1,

Series

2022-1,

5.08%,

7/25/67,

Callable

8/25/25

@

100(a)(b)

964,955

1,525,000

IMT

Trust,

Class

BFX,

Series

2017-APTS,

3.50%,

6/15/34(a)(b)

1,510,330

270,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

D,

Series

2022-OPO,

3.45%,

1/5/39(a)

(b)

188,189

1,500,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

A,

Series

2022-NXSS,

7.50%(TSFR1M+218bps),

8/15/39(a)

1,503,004

392,105

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-INV2,

6.34%(TSFR1M+101bps),

2/25/50,

Callable

4/25/27

@

100(a)

375,169

143,519

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-7,

6.34%(TSFR1M+101bps),

2/25/50,

Callable

8/25/34

@

100(a)

135,037

62,236

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-LTV3,

6.29%(TSFR1M+96bps),

2/25/50,

Callable

10/25/31

@

100(a)

62,082

343,008

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-INV3,

6.00%(TSFR1M+111bps),

5/25/50,

Callable

7/25/32

@

100(a)

327,355

914,344

J.P.

Morgan

Mortgage

Trust,

Class

A12,

Series

2021-12,

5.00%,

2/25/52,

Callable

4/25/45

@

100(a)(b)

880,056

237,423

J.P.

Morgan

Mortgage

Trust,

Class

A5,

Series

2019-LTV3,

3.50%,

2/25/50,

Callable

10/25/31

@

100(a)(b)

229,854

45,556

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2020-LTV1,

6.00%(TSFR1M+111bps),

6/25/50,

Callable

11/25/36

@

100(a)

45,526

529,300

J.P.

Morgan

Mortgage

Trust,

Class

A3,

Series

2021-

7,

2.50%,

11/25/51,

Callable

1/25/47

@

100(a)(b)

426,086

2,184,275

J.P.

Morgan

Mortgage

Trust,

Class

A3B,

Series

2022-INV3,

3.00%,

9/25/52,

Callable

2/25/48

@

100(a)(b)

1,832,061

1,402,602

J.P.

Morgan

Mortgage

Trust,

Class

A12,

Series

2021-14,

5.00%,

5/25/52,

Callable

10/25/47

@

100(a)(b)

1,350,004

1,744,903

J.P.

Morgan

Mortgage

Trust,

Class

A3,

Series

2024-

2,

6.00%,

8/25/54,

Callable

10/25/33

@

100(a)(b)

1,742,722

977,117

J.P.

Morgan

Mortgage

Trust,

Class

A4,

Series

2021-

10,

2.50%,

12/25/51,

Callable

4/25/47

@

100(a)(b)

842,181

710,297

J.P.

Morgan

Mortgage

Trust,

Class

A3,

Series

2021-

12,

2.50%,

2/25/52,

Callable

4/25/45

@

100(a)(b)

571,789

700,000

JPMDB

Commercial

Mortgage

Securities

Trust,

Class

A5,

Series

2017-C5,

3.69%,

3/15/50,

Callable

8/15/27

@

100

653,890

3,149,000

JPMorgan

Securities

LLC,

Class

A,

Series

2024-1,

2/12/31(a)

3,148,862

1,530,000

KSL

Commercial

Mortgage

Trust,

Class

A,

Series

2023-HT,

7.62%(TSFR1M+229bps),

12/15/36(a)

1,538,806

728,950

LCM

XVIII

LP,

Class

A1R,

Series

18A,

6.60%(TSFR3M+128bps),

4/20/31,

Callable

4/20/24

@

100(a)

729,169

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

1,503,944

Life

Mortgage

Trust,

Class

A,

Series

2021-BMR,

6.14%(TSFR1M+81bps),

3/15/38(a)

$

1,486,984

1,757,817

LoanCore

Issuer,

Ltd.,

Class

A,

Series

2021-CRE6,

6.74%(TSFR1M+141bps),

11/15/38,

Callable

4/15/24

@

100(a)

1,729,252

973,952

Madison

Park

Funding

XVIII,

Ltd.,

Class

ARR,

Series

2015-18A,

6.52%(TSFR3M+120bps),

10/21/30,

Callable

4/21/24

@

100(a)

975,218

1,000,000

Madison

Park

Funding

XXXV,

Ltd.,

Class

A1R,

Series

2019-35A,

6.57%(TSFR3M+125bps),

4/20/32,

Callable

4/20/24

@

100(a)

999,756

3,916,113

Mello

Mortgage

Capital

Acceptance,

Class

A3,

Series

2022-INV2,

3.00%,

4/25/52,

Callable

7/25/48

@

100(a)(b)

3,265,059

630,000

MF1,

Class

A,

Series

2021-W10,

6.40%(TSFR1M+107bps),

12/15/24(a)

625,277

3,348,056

MFA

Trust,

Class

A1,

Series

2023-NQM3,

6.62%,

7/25/68,

Callable

8/25/26

@

100(a)(b)

3,349,546

1,256,027

MFA

Trust,

Class

A1,

Series

2023-INV2,

6.78%,

9/25/66,

Callable

9/25/26

@

100(a)(b)

1,271,892

1,505,000

MHP,

Class

A,

Series

2021-STOR,

6.14%(TSFR1M+81bps),

7/15/38(a)

1,494,372

1,115,000

MIRA

Trust,

Class

A,

Series

2023-MILE,

6.75%,

6/10/38(a)

1,158,712

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

1,036,355

1,540,000

Morgan

Stanley

Capital

I

Trust,

Class

A4,

Series

2016-BNK2,

3.05%,

11/15/49,

Callable

11/15/26

@

100

1,427,191

1,840,000

MSWF

Commercial

Mortgage

Trust,

Class

A5,

Series

2023-2,

6.01%,

12/15/56,

Callable

12/15/33

@

100

1,971,043

825,788

Neuberger

Berman

CLO

XV,

Class

A1R2,

Series

2013-15A,

6.50%(TSFR3M+118bps),

10/15/29,

Callable

4/15/24

@

100(a)

826,861

9,469,711

Neuberger

Berman

Loan

Advisers

CLO

25,

Ltd.,

Class

AR,

Series

2017-25A,

6.49%(TSFR3M+119bps),

10/18/29,

Callable

4/18/24

@

100(a)

9,476,187

800,000

Neuberger

Berman

Loan

Advisers

CLO

32,

Ltd.,

Class

AR,

Series

2019-32A,

6.56%(TSFR3M+125bps),

1/20/32,

Callable

4/19/24

@

100(a)

801,040

4,060,856

OBX

Trust,

Class

A1,

Series

2023-NQM6,

6.52%,

7/25/63,

Callable

7/25/26

@

100(a)(b)

4,099,782

721,770

OBX

Trust,

Class

A1,

Series

2023-NQM9,

7.16%,

10/25/63,

Callable

10/25/26

@

100(a)(b)

728,231

1,410,421

OBX

Trust,

Class

A1,

Series

2022-INV3,

3.00%,

2/25/52,

Callable

1/25/46

@

100(a)(b)

1,182,991

1,917,633

OCP

CLO,

Ltd.,

Class

A1,

Series

2018-15A,

6.68%(TSFR3M+136bps),

7/20/31,

Callable

4/20/24

@

100(a)

1,917,633

470,000

OCP

CLO,

Ltd.,

Class

AR,

Series

2019-16A,

6.59%(TSFR3M+126bps),

4/10/33,

Callable

4/10/24

@

100(a)

470,233

292,088

Octagon

Investment

Partners

30,

Ltd.,

Class

A1R,

Series

2017-1A,

6.58%(TSFR3M+126bps),

3/17/30,

Callable

4/20/24

@

100(a)

292,294

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

77

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

3,124,597

OCTAGON

INVESTMENT

PARTNERS

35,

Ltd.,

Class

A1A,

Series

2018-1A,

6.64%(TSFR3M+132bps),

1/20/31,

Callable

4/20/24

@

100(a)

$

3,122,305

348,054

Octagon

Investment

Partners

XIV,

Ltd.,

Class

AARR,

Series

2012-1A,

6.53%(TSFR3M+121bps),

7/15/29,

Callable

4/15/24

@

100(a)

348,133

948,762

Octagon

Investment

Partners

XVI,

Ltd.,

Class

A1R,

Series

2013-1A,

6.60%(TSFR3M+128bps),

7/17/30,

Callable

4/17/24

@

100(a)

950,016

1,200,000

Octagon

Investment

Partners

XVII,

Ltd.,

Class

A2R2,

Series

2013-1A,

6.69%(TSFR3M+136bps),

1/25/31,

Callable

4/25/24

@

100(a)

1,197,148

1,510,000

One

New

York

Plaza

Trust,

Class

A,

Series

2020-

1NYP,

6.39%(TSFR1M+106bps),

1/15/26(a)

1,472,617

2,700,000

Palmer

Square

CLO,

Ltd.,

Class

A1A,

Series

2022-

4A,

7.47%(TSFR3M+215bps),

10/20/35,

Callable

1/20/25

@

100(a)

2,723,626

3,558,218

PRKCM

Trust,

Class

A1,

Series

2023-AFC3,

6.58%,

9/25/58,

Callable

8/25/26

@

100(a)

3,606,495

2,057,571

PRKCM

Trust,

Class

A1,

Series

2021-AFC2,

2.07%,

11/25/56,

Callable

8/25/45

@

100(a)(b)

1,707,345

795,020

PRPM

LLC,

Class

A1,

Series

2024-RCF1,

4.00%,

1/25/54,

Callable

1/25/26

@

100(a)(b)

763,830

2,895,000

Rad

CLO

7,

Ltd.,

Class

A1R,

Series

2020-7A,

6.68%(TSFR3M+135bps),

4/17/36,

Callable

4/17/25

@

100(a)

2,920,942

593,430

RCKT

Mortgage

Trust,

Class

A1,

Series

2021-1,

2.50%,

3/25/51,

Callable

2/25/48

@

100(a)(b)

476,228

1,560,580

Regatta

X

Funding,

Ltd.,

Class

A,

Series

2017-3A,

6.70%(TSFR3M+138bps),

1/17/31,

Callable

4/17/24

@

100(a)

1,561,493

912,178

RR

3,

Ltd.,

Class

A1R2,

Series

2018-3A,

6.67%(TSFR3M+135bps),

1/15/30,

Callable

4/15/24

@

100(a)

912,180

487,253

Seasoned

Credit

Risk

Transfer

Trust,

Class

MA,

Series

2018-2,

3.50%,

11/25/57,

Callable

7/25/43

@

100

461,649

1,283,236

Seasoned

Credit

Risk

Transfer

Trust,

Class

MA,

Series

2019-2,

3.50%,

8/25/58,

Callable

11/25/52

@

100

1,202,597

125,000

SG

Commercial

Mortgage

Securities

Trust,

Class

A4,

Series

2016-C5,

3.06%,

10/10/48,

Callable

7/10/26

@

100

117,098

767,908

SG

Residential

Mortgage

Trust,

Class

A1,

Series

2022-2,

5.35%,

9/25/67,

Callable

8/25/25

@

100(a)

(b)

785,642

1,250,000

Signal

Peak

CLO

4,

Ltd.,

Class

XR,

Series

2017-4A,

6.54%(TSFR3M+121bps),

10/26/34,

Callable

4/26/24

@

100(a)

1,248,068

1,000,000

Signal

Peak

CLO

8,

Ltd.,

Class

A,

Series

2020-8A,

6.85%(TSFR3M+153bps),

4/20/33,

Callable

4/20/24

@

100(a)

998,085

1,595,000

Taubman

Centers

Commercial

Mortgage

Trust,

Class

A,

Series

2022-DPM,

7.51%(TSFR1M+219bps),

5/15/37(a)

1,606,665

545,509

TCI-Flatiron

CLO,  Ltd.,

Class

AR,

Series

2017-1A,

6.54%(TSFR3M+122bps),

11/18/30,

Callable

5/17/24

@

100(a)

544,487

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

4,028,780

TCI-Symphony

CLO,

Ltd.,

Class

AR,

Series

2017-

1A,

6.51%(TSFR3M+119bps),

7/15/30,

Callable

4/15/24

@

100(a)

$

4,031,757

6,750,000

TRESTLES

CLO

V,

Ltd.,

Class

A1,

Series

2021-5A,

6.75%(TSFR3M+143bps),

10/20/34,

Callable

4/20/24

@

100(a)

6,755,515

2,858,967

UWM

Mortgage

Trust,

Class

A10,

Series

2021-

INV5,

5.00%,

1/25/52,

Callable

9/25/43

@

100(a)(b)

2,741,034

2,414,965

Verus

Securitization

Trust,

Class

A1,

Series

2022-3,

4.13%,

2/25/67,

Callable

3/25/25

@

100(a)

2,247,864

1,759,871

Verus

Securitization

Trust,

Class

A1,

Series

2022-2,

4.26%,

2/25/67,

Callable

12/25/27

@

100(a)(b)

1,640,346

565,914

Voya

CLO,

Ltd.,

Class

AR,

Series

2019-1A,

6.64%(TSFR3M+132bps),

4/15/31,

Callable

4/15/24

@

100(a)

566,084

1,250,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

AS,

Series

2015-NXS1,

3.41%,

5/15/48,

Callable

4/15/25

@

100

1,191,508

8,322,327

Wells

Fargo

Commercial

Mortgage

Trust,

Class

XA,

Series

2016-LC25,

0.82%,

12/15/59,

Callable

9/15/26

@

100(b)

145,585

775,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

A4,

Series

2015-C28,

3.54%,

5/15/48,

Callable

5/15/25

@

100

754,574

1,015,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

A4,

Series

2015-NXS4,

3.72%,

12/15/48,

Callable

11/15/25

@

100

985,798

1,500,000

Whitebox

CLO

III,

Ltd.,

Class

A1,

Series

2021-3A,

6.80%(TSFR3M+148bps),

10/15/34,

Callable

4/15/24

@

100(a)

1,501,326

Total

Collateralized

Mortgage

Obligations

(Cost

$234,915,596)

230,837,315

Corporate

Bonds

(

24

.1

%

):

Aerospace

&

Defense

(

1

.3

%

):

1,522,000

BAE

Systems

Holdings,

Inc.,

3.85%,

12/15/25,

Callable

9/15/25

@

100(a)

1,486,084

1,213,000

Boeing

Co.

(The),

2.20%,

2/4/26,

Callable

4/15/24

@

100

1,136,323

856,000

Boeing

Co.

(The),

3.10%,

5/1/26,

Callable

3/1/26

@

100

812,487

2,143,000

Boeing

Co.

(The),

3.95%,

8/1/59,

Callable

2/1/59

@

100

1,459,167

491,000

Boeing

Co.

(The),

5.93%,

5/1/60,

Callable

11/1/59

@

100

460,127

215,000

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/1/27,

Callable

9/1/27

@

100

202,014

360,000

Huntington

Ingalls

Industries,

Inc.,

4.20%,

5/1/30,

Callable

2/1/30

@

100

337,773

1,553,000

L3Harris

Technologies,

Inc.,

5.40%,

1/15/27

1,563,553

2,669,000

L3Harris

Technologies,

Inc.,

4.40%,

6/15/28,

Callable

3/15/28

@

100

2,588,874

4,247,000

L3Harris

Technologies,

Inc.,

4.40%,

6/15/28,

Callable

3/15/28

@

100

4,134,480

3,698,000

L3Harris

Technologies,

Inc.,

5.05%,

6/1/29,

Callable

5/1/29

@

100

3,685,516

3,525,000

L3Harris

Technologies,

Inc.,

5.25%,

6/1/31,

Callable

4/1/31

@

100

3,518,020

1,195,000

L3Harris

Technologies,

Inc.,

5.60%,

7/31/53,

Callable

1/31/53

@

100

1,215,014

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

78

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Aerospace

&

Defense,

continued

$

759,000

Lockheed

Martin

Corp.,

3.80%,

3/1/45,

Callable

9/1/44

@

100

$

623,317

2,253,000

Northrop

Grumman

Corp.,

4.70%,

3/15/33,

Callable

12/15/32

@

100

2,194,469

169,000

Northrop

Grumman

Corp.,

5.20%,

6/1/54,

Callable

12/1/53

@

100

164,486

115,000

RTX

Corp.,

7.00%,

11/1/28

122,477

6,959,000

RTX

Corp.,

4.13%,

11/16/28,

Callable

8/16/28

@

100

6,728,741

631,000

RTX

Corp.,

5.75%,

1/15/29,

Callable

12/15/28

@

100

652,210

2,763,000

RTX

Corp.,

2.38%,

3/15/32,

Callable

12/15/31

@

100

2,272,852

568,000

RTX

Corp.,

6.10%,

3/15/34,

Callable

12/15/33

@

100

607,246

415,000

RTX

Corp.,

4.20%,

12/15/44,

Callable

6/15/44

@

100

332,718

4,525,000

RTX

Corp.,

2.82%,

9/1/51,

Callable

3/1/51

@

100

2,873,818

855,000

Textron,

Inc.,

3.00%,

6/1/30,

Callable

3/1/30

@

100

755,016

39,926,782

Air

Freight

&

Logistics

(

0

.0

%

†

):

888,000

Aon

North

America,

Inc.,

5.75%,

3/1/54,

Callable

9/1/53

@

100

911,497

295,610

United

Airlines

Pass

Through

Trust,

Series

2019-1,

Class

AA,

4.15%,

8/25/31

274,899

1,186,396

Banks

(

3

.0

%

):

2,453,000

Bank

of

America

Corp.,

3.71%

(TSFR3M+177

bps),

4/24/28,

Callable

4/24/27

@

100

2,345,706

335,000

Bank

of

America

Corp.,

3.97%

(TSFR3M+133

bps),

3/5/29,

Callable

3/5/28

@

100,

MTN

320,356

1,935,000

Bank

of

America

Corp.,

2.09%

(SOFR+106

bps),

6/14/29,

Callable

6/14/28

@

100

1,711,398

13,408,000

Bank

of

America

Corp.,

3.97%

(TSFR3M+147

bps),

2/7/30,

Callable

2/7/29

@

100,

MTN

12,654,926

2,258,000

Bank

of

America

Corp.,

3.19%

(TSFR3M+144

bps),

7/23/30,

Callable

7/23/29

@

100,

MTN

2,046,669

1,758,000

Bank

of

America

Corp.,

2.50%

(TSFR3M+125

bps),

2/13/31,

Callable

2/13/30

@

100,

MTN

1,515,434

2,342,000

Bank

of

America

Corp.,

2.69%

(SOFR+132

bps),

4/22/32,

Callable

4/22/31

@

100

1,976,559

4,581,000

Bank

of

America

Corp.,

2.97%

(SOFR+133

bps),

2/4/33,

Callable

2/4/32

@

100

3,869,236

1,313,000

Bank

of

America

Corp.,

5.87%

(SOFR+184

bps),

9/15/34,

Callable

9/15/33

@

100

1,362,742

8,519,000

Bank

of

America

Corp.,

5.47%

(SOFR+165

bps),

1/23/35,

Callable

1/23/34

@

100

8,586,505

4,055,000

Citigroup,

Inc.,

3.67%

(TSFR3M+165

bps),

7/24/28,

Callable

7/24/27

@

100

3,856,371

5,708,000

Citigroup,

Inc.,

3.98%

(TSFR3M+160

bps),

3/20/30,

Callable

3/20/29

@

100

5,380,555

1,832,000

Citigroup,

Inc.,

2.98%

(SOFR+142

bps),

11/5/30,

Callable

11/5/29

@

100

1,628,465

33,000

Citigroup,

Inc.,

2.52%

(SOFR+118

bps),

11/3/32,

Callable

11/3/31

@

100

27,029

1,437,000

Citigroup,

Inc.,

3.79%

(SOFR+194

bps),

3/17/33,

Callable

3/17/32

@

100

1,276,468

Principal

Amount

Value

Corporate

Bonds,

continued

Banks,

continued

$

2,001,000

Citigroup,

Inc.,

6.27%

(SOFR+234

bps),

11/17/33,

Callable

11/17/32

@

100

$

2,105,374

213,000

HSBC

USA,

Inc.,

5.29%,

3/4/27

214,326

1,599,000

JPMorgan

Chase

&

Co.,

1.47%

(SOFR+77

bps),

9/22/27,

Callable

9/22/26

@

100

1,453,331

215,000

JPMorgan

Chase

&

Co.,

3.54%

(TSFR3M+164

bps),

5/1/28,

Callable

5/1/27

@

100

205,451

1,135,000

JPMorgan

Chase

&

Co.,

5.30%

(SOFR+145

bps),

7/24/29,

Callable

7/24/28

@

100

1,145,255

6,966,000

JPMorgan

Chase

&

Co.,

3.70%

(TSFR3M+142

bps),

5/6/30,

Callable

5/6/29

@

100

6,527,149

661,000

JPMorgan

Chase

&

Co.,

2.74%

(TSFR3M+151

bps),

10/15/30,

Callable

10/15/29

@

100

585,647

1,961,000

JPMorgan

Chase

&

Co.,

1.95%

(SOFR+107

bps),

2/4/32,

Callable

2/4/31

@

100

1,592,003

8,001,000

JPMorgan

Chase

&

Co.,

5.34%

(SOFR+162

bps),

1/23/35,

Callable

1/23/34

@

100

8,042,493

374,000

KeyCorp,

6.40%

(SOFRINDX+242

bps),

3/6/35,

Callable

3/6/34

@

100

382,658

11,105,000

Wells

Fargo

&

Co.,

5.20%

(SOFR+150

bps),

1/23/30,

Callable

1/22/29

@

100

11,096,627

2,235,000

Wells

Fargo

&

Co.,

5.39%

(SOFR+202

bps),

4/24/34,

Callable

4/24/33

@

100

2,215,437

3,991,000

Wells

Fargo

&

Co.,

5.56%

(SOFR+199

bps),

7/25/34,

Callable

7/25/33

@

100

4,010,915

2,005,000

Wells

Fargo

&

Co.,

5.50%

(SOFR+178

bps),

1/23/35,

Callable

1/23/34

@

100

2,005,884

90,140,969

Biotechnology

(

1

.0

%

):

2,907,000

AbbVie,

Inc.,

4.55%,

3/15/35,

Callable

9/15/34

@

100

2,809,182

4,892,000

AbbVie,

Inc.,

4.50%,

5/14/35,

Callable

11/14/34

@

100

4,703,032

1,838,000

AbbVie,

Inc.,

4.30%,

5/14/36,

Callable

11/14/35

@

100

1,723,542

712,000

Amgen,

Inc.,

1.65%,

8/15/28,

Callable

6/15/28

@

100

622,298

10,910,000

Amgen,

Inc.,

4.05%,

8/18/29,

Callable

6/18/29

@

100

10,478,215

1,149,000

Amgen,

Inc.,

3.00%,

1/15/52,

Callable

7/15/51

@

100

769,457

1,628,000

Amgen,

Inc.,

4.20%,

2/22/52,

Callable

8/22/51

@

100

1,334,169

785,000

Amgen,

Inc.,

5.65%,

3/2/53,

Callable

9/2/52

@

100

801,069

1,007,000

Amgen,

Inc.,

4.40%,

2/22/62,

Callable

8/22/61

@

100

826,277

1,609,000

Amgen,

Inc.,

5.75%,

3/2/63,

Callable

9/2/62

@

100

1,640,031

3,329,000

Gilead

Sciences,

Inc.,

1.65%,

10/1/30,

Callable

7/1/30

@

100

2,740,749

2,929,000

Gilead

Sciences,

Inc.,

2.60%,

10/1/40,

Callable

4/1/40

@

100

2,063,773

63,000

Gilead

Sciences,

Inc.,

4.80%,

4/1/44,

Callable

10/1/43

@

100

58,241

30,570,035

Broadline

Retail

(

0

.0

%

†

):

741,000

eBay,

Inc.,

6.30%,

11/22/32,

Callable

8/22/32

@

100

793,994

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

79

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Capital

Markets

(

2

.8

%

):

$

2,463,000

FactSet

Research

Systems,

Inc.,

3.45%,

3/1/32,

Callable

12/1/31

@

100

$

2,165,750

3,795,000

Goldman

Sachs

Group,

Inc.

(The),

1.43%

(SOFR+80

bps),

3/9/27,

Callable

3/9/26

@

100

3,515,601

6,582,000

Goldman

Sachs

Group,

Inc.

(The),

3.62%

(SOFR+185

bps),

3/15/28,

Callable

3/15/27

@

100

6,299,620

7,059,000

Goldman

Sachs

Group,

Inc.

(The),

3.81%

(TSFR3M+142

bps),

4/23/29,

Callable

4/23/28

@

100

6,684,689

536,000

Goldman

Sachs

Group,

Inc.

(The),

4.22%

(TSFR3M+156

bps),

5/1/29,

Callable

5/1/28

@

100

513,251

139,000

Goldman

Sachs

Group,

Inc.

(The),

6.48%

(SOFR+177

bps),

10/24/29,

Callable

10/24/28

@

100

146,539

697,000

Goldman

Sachs

Group,

Inc.

(The),

1.99%

(SOFR+109

bps),

1/27/32,

Callable

1/27/31

@

100

564,714

6,629,000

Goldman

Sachs

Group,

Inc.

(The),

2.65%

(SOFR+126

bps),

10/21/32,

Callable

10/21/31

@

100

5,518,696

2,083,000

Goldman

Sachs

Group,

Inc.

(The),

3.10%

(SOFR+141

bps),

2/24/33,

Callable

2/24/32

@

100

1,773,858

4,637,000

Goldman

Sachs

Group,

Inc.

(The),

6.56%

(SOFR+195

bps),

10/24/34,

Callable

10/24/33

@

100^

5,042,807

552,000

Moody's

Corp.,

4.25%,

2/1/29,

Callable

11/1/28

@

100

537,114

366,000

Moody's

Corp.,

2.55%,

8/18/60,

Callable

2/18/60

@

100

201,113

3,000

Morgan

Stanley,

3.77%

(TSFR3M+140

bps),

1/24/29,

Callable

1/24/28

@

100

2,852

819,000

Morgan

Stanley,

5.16%

(SOFR+159

bps),

4/20/29,

Callable

4/20/28

@

100

814,953

3,227,000

Morgan

Stanley,

6.41%

(SOFR+183

bps),

11/1/29,

Callable

11/1/28

@

100

3,371,854

2,384,000

Morgan

Stanley,

5.17%

(SOFR+145

bps),

1/16/30,

Callable

1/16/29

@

100

2,373,091

13,400,000

Morgan

Stanley,

4.43%

(TSFR3M+189

bps),

1/23/30,

Callable

1/23/29

@

100,

MTN

12,972,835

9,173,000

Morgan

Stanley,

2.70%

(SOFR+114

bps),

1/22/31,

Callable

1/22/30

@

100,

MTN

8,019,726

2,220,000

Morgan

Stanley,

1.79%

(SOFR+103

bps),

2/13/32,

Callable

2/13/31

@

100,

MTN

1,770,246

208,000

Morgan

Stanley,

2.51%

(SOFR+120

bps),

10/20/32,

Callable

10/20/31

@

100,

MTN

171,321

5,567,000

Morgan

Stanley,

2.94%

(SOFR+129

bps),

1/21/33,

Callable

1/21/32

@

100

4,715,054

5,017,000

Morgan

Stanley,

5.25%

(SOFR+187

bps),

4/21/34,

Callable

4/21/33

@

100

4,956,977

3,989,000

Morgan

Stanley,

5.42%

(SOFR+188

bps),

7/21/34,

Callable

7/21/33

@

100

3,993,579

231,000

Morgan

Stanley,

6.63%

(SOFR+205

bps),

11/1/34,

Callable

11/1/33

@

100

252,384

4,591,000

Morgan

Stanley,

5.47%

(SOFR+173

bps),

1/18/35,

Callable

1/18/34

@

100

4,636,377

2,406,000

Nasdaq,

Inc.,

5.55%,

2/15/34,

Callable

11/15/33

@

100

2,448,928

83,463,929

Principal

Amount

Value

Corporate

Bonds,

continued

Chemicals

(

0

.0

%

†

):

$

447,000

Eastman

Chemical

Co.,

4.50%,

12/1/28,

Callable

9/1/28

@

100

$

434,373

Commercial

Services

&

Supplies

(

0

.1

%

):

964,000

Republic

Services,

Inc.,

4.88%,

4/1/29,

Callable

3/1/29

@

100

963,545

612,000

Republic

Services,

Inc.,

2.38%,

3/15/33,

Callable

12/15/32

@

100

494,967

107,000

Waste

Management,

Inc.,

2.95%,

6/1/41,

Callable

12/1/40

@

100

79,809

551,000

Waste

Management,

Inc.,

4.10%,

3/1/45,

Callable

9/1/44

@

100

475,926

2,014,247

Communications

Equipment

(

0

.1

%

):

2,670,000

Cisco

Systems,

Inc.,

4.95%,

2/26/31,

Callable

12/26/30

@

100

2,691,117

435,000

Juniper

Networks,

Inc.,

3.75%,

8/15/29,

Callable

5/15/29

@

100

404,694

184,000

Juniper

Networks,

Inc.,

2.00%,

12/10/30,

Callable

9/10/30

@

100

149,684

1,142,000

Motorola

Solutions,

Inc.,

2.30%,

11/15/30,

Callable

8/15/30

@

100

955,316

4,200,811

Consumer

Finance

(

0

.0

%

†

):

79,000

Toyota

Motor

Credit

Corp.,

4.80%,

1/5/34

77,518

Consumer

Staples

Distribution

&

Retail

(

0

.0

%

†

):

195,000

B.A.T

Capital

Corp.,

5.83%,

2/20/31,

Callable

12/20/30

@

100

195,762

67,000

B.A.T

Capital

Corp.,

6.00%,

2/20/34,

Callable

11/20/33

@

100

67,667

263,429

Containers

&

Packaging

(

0

.0

%

†

):

952,000

Amcor

Flexibles

North

America,

Inc.,

2.69%,

5/25/31,

Callable

2/25/31

@

100

808,401

Diversified

Consumer

Services

(

0

.0

%

†

):

145,000

California

Institute

of

Technology,

4.32%,

8/1/45

132,183

360,000

Massachusetts

Institute

of

Technology,

4.68%,

7/1/14^

327,506

459,689

Diversified

Telecommunication

Services

(

1

.2

%

):

749,000

AT&T,

Inc.,

2.55%,

12/1/33,

Callable

9/1/33

@

100

597,760

939,000

AT&T,

Inc.,

4.50%,

5/15/35,

Callable

11/15/34

@

100

878,271

254,000

AT&T,

Inc.,

3.50%,

9/15/53,

Callable

3/15/53

@

100

177,990

7,431,000

AT&T,

Inc.,

3.55%,

9/15/55,

Callable

3/15/55

@

100

5,191,936

646,000

AT&T,

Inc.,

3.80%,

12/1/57,

Callable

6/1/57

@

100

465,575

6,253,000

AT&T,

Inc.,

3.65%,

9/15/59,

Callable

3/15/59

@

100

4,337,112

481,000

AT&T,

Inc.,

3.85%,

6/1/60,

Callable

12/1/59

@

100

348,913

2,454,000

T-Mobile

USA,

Inc.,

2.70%,

3/15/32,

Callable

12/15/31

@

100

2,065,640

426,000

T-Mobile

USA,

Inc.,

5.75%,

1/15/34,

Callable

10/15/33

@

100

444,264

2,030,000

T-Mobile

USA,

Inc.,

5.15%,

4/15/34,

Callable

1/15/34

@

100

2,023,928

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

80

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

Telecommunication

Services,

continued

$

2,887,000

Verizon

Communications,

Inc.,

3.15%,

3/22/30,

Callable

12/22/29

@

100

$

2,609,363

2,472,000

Verizon

Communications,

Inc.,

1.75%,

1/20/31,

Callable

10/20/30

@

100

2,008,179

993,000

Verizon

Communications,

Inc.,

2.55%,

3/21/31,

Callable

12/21/30

@

100

847,969

10,954,000

Verizon

Communications,

Inc.,

2.36%,

3/15/32,

Callable

12/15/31

@

100

9,001,690

3,322,000

Verizon

Communications,

Inc.,

4.27%,

1/15/36

3,057,536

1,168,000

Verizon

Communications,

Inc.,

3.00%,

11/20/60,

Callable

5/20/60

@

100^

728,155

34,784,281

Electric

Utilities

(

3

.0

%

):

297,000

AEP

Texas,

Inc.,

Series

E,

6.65%,

2/15/33

317,099

1,346,000

AEP

Texas,

Inc.,

5.40%,

6/1/33,

Callable

3/1/33

@

100

1,342,381

256,000

AEP

Texas,

Inc.,

Series

G,

4.15%,

5/1/49,

Callable

11/1/48

@

100

201,981

1,377,000

AEP

Texas,

Inc.,

3.45%,

5/15/51,

Callable

11/15/50

@

100

959,573

410,000

AEP

Texas,

Inc.,

5.25%,

5/15/52,

Callable

11/15/51

@

100

385,035

975,000

AEP

Transmission

Co.

LLC,

5.15%,

4/1/34,

Callable

1/1/34

@

100

972,099

1,005,000

AEP

Transmission

Co.

LLC,

3.15%,

9/15/49,

Callable

3/15/49

@

100

689,342

905,000

AEP

Transmission

Co.

LLC,

Series

M,

3.65%,

4/1/50,

Callable

10/1/49

@

100

685,233

818,000

AEP

Transmission

Co.

LLC,

Series

N,

2.75%,

8/15/51,

Callable

2/15/51

@

100

512,115

903,000

AEP

Transmission

Co.

LLC,

5.40%,

3/15/53,

Callable

9/15/52

@

100

898,140

823,000

Alabama

Power

Co.,

Series

B,

3.70%,

12/1/47,

Callable

6/1/47

@

100

637,845

212,000

Alabama

Power

Co.,

Series

A,

4.30%,

7/15/48,

Callable

1/15/48

@

100

180,454

643,000

Alabama

Power

Co.,

3.45%,

10/1/49,

Callable

4/1/49

@

100

475,010

91,000

Alabama

Power

Co.,

3.13%,

7/15/51,

Callable

1/15/51

@

100

62,844

908,000

Alabama

Power

Co.,

3.00%,

3/15/52,

Callable

9/15/51

@

100

613,507

218,000

American

Transmission

Systems,

Inc.,

2.65%,

1/15/32,

Callable

10/15/31

@

100(a)

180,406

151,000

Atlantic

City

Electric

Co.,

4.00%,

10/15/28,

Callable

7/15/28

@

100

145,795

1,216,000

Baltimore

Gas

and

Electric

Co.,

3.75%,

8/15/47,

Callable

2/15/47

@

100

942,295

642,000

Baltimore

Gas

and

Electric

Co.,

3.20%,

9/15/49,

Callable

3/15/49

@

100

448,876

1,310,000

Baltimore

Gas

and

Electric

Co.,

4.55%,

6/1/52,

Callable

12/1/51

@

100

1,152,194

117,000

Baltimore

Gas

and

Electric

Co.,

5.40%,

6/1/53,

Callable

12/1/52

@

100

116,571

366,000

Dominion

Energy

South

Carolina,

Inc.,

6.25%,

10/15/53,

Callable

4/15/53

@

100

408,118

983,000

DTE

Electric

Co.,

5.40%,

4/1/53,

Callable

10/1/52

@

100

986,375

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

429,000

Duke

Energy

Carolinas

LLC,

2.45%,

2/1/30,

Callable

11/1/29

@

100

$

376,527

2,897,000

Duke

Energy

Carolinas

LLC,

4.95%,

1/15/33,

Callable

10/15/32

@

100

2,872,856

2,218,000

Duke

Energy

Carolinas

LLC,

4.85%,

1/15/34,

Callable

10/15/33

@

100

2,176,379

118,000

Duke

Energy

Carolinas

LLC,

3.75%,

6/1/45,

Callable

12/1/44

@

100

92,421

718,000

Duke

Energy

Carolinas

LLC,

3.88%,

3/15/46,

Callable

9/15/45

@

100

567,025

654,000

Duke

Energy

Carolinas

LLC,

3.95%,

3/15/48,

Callable

9/15/47

@

100

519,126

426,000

Duke

Energy

Carolinas

LLC,

3.20%,

8/15/49,

Callable

2/15/49

@

100

297,085

198,000

Duke

Energy

Carolinas

LLC,

3.45%,

4/15/51,

Callable

10/15/50

@

100

144,168

985,000

Duke

Energy

Carolinas

LLC,

3.55%,

3/15/52,

Callable

9/15/51

@

100

720,568

3,972,000

Duke

Energy

Florida

LLC,

2.50%,

12/1/29,

Callable

9/1/29

@

100

3,513,548

2,209,000

Duke

Energy

Florida

LLC,

1.75%,

6/15/30,

Callable

3/15/30

@

100

1,833,868

265,000

Duke

Energy

Florida

LLC,

2.40%,

12/15/31,

Callable

9/15/31

@

100

221,527

285,000

Duke

Energy

Florida

LLC,

4.20%,

7/15/48,

Callable

1/15/48

@

100

236,077

1,396,000

Duke

Energy

Florida

LLC,

5.95%,

11/15/52,

Callable

5/15/52

@

100

1,481,639

672,000

Duke

Energy

Ohio,

Inc.,

4.30%,

2/1/49,

Callable

8/1/48

@

100

556,215

1,355,000

Duke

Energy

Progress

LLC,

3.45%,

3/15/29,

Callable

12/15/28

@

100

1,274,031

2,068,000

Duke

Energy

Progress

LLC,

5.25%,

3/15/33,

Callable

12/15/32

@

100

2,090,436

220,000

Duke

Energy

Progress

LLC,

5.70%,

4/1/35

222,790

177,000

Duke

Energy

Progress

LLC,

6.30%,

4/1/38

190,619

1,043,000

Duke

Energy

Progress

LLC,

4.10%,

5/15/42,

Callable

11/15/41

@

100

875,641

857,000

Duke

Energy

Progress

LLC,

4.38%,

3/30/44,

Callable

9/30/43

@

100

735,838

656,000

Duke

Energy

Progress

LLC,

2.50%,

8/15/50,

Callable

2/15/50

@

100

393,708

517,000

Edison

International,

5.75%,

6/15/27,

Callable

4/15/27

@

100

522,828

2,800,000

Edison

International,

6.95%,

11/15/29,

Callable

9/15/29

@

100

2,990,313

451,000

Entergy

Arkansas

LLC,

2.65%,

6/15/51,

Callable

12/15/50

@

100

273,981

1,887,000

Eversource

Energy,

Series

O,

4.25%,

4/1/29,

Callable

1/1/29

@

100

1,808,533

119,000

Exelon

Corp.,

5.63%,

6/15/35

120,542

193,000

FirstEnergy

Corp.,

2.05%,

3/1/25,

Callable

2/1/25

@

100

185,732

636,000

FirstEnergy

Corp.,

Series

C,

3.40%,

3/1/50,

Callable

9/1/49

@

100

433,802

637,000

FirstEnergy

Transmission

LLC,

4.55%,

4/1/49,

Callable

10/1/48

@

100(a)

537,805

1,120,000

Florida

Power

&

Light

Co.,

3.15%,

10/1/49,

Callable

4/1/49

@

100

788,532

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

81

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

1,161,000

Florida

Power

&

Light

Co.,

2.88%,

12/4/51,

Callable

6/4/51

@

100

$

763,346

1,391,000

Georgia

Power

Co.,

4.95%,

5/17/33,

Callable

11/17/32

@

100

1,372,192

118,000

Kentucky

Utilities

Co.,

5.45%,

4/15/33,

Callable

1/15/33

@

100

120,215

911,000

MidAmerican

Energy

Co.,

3.10%,

5/1/27,

Callable

2/1/27

@

100

865,284

941,000

MidAmerican

Energy

Co.,

2.70%,

8/1/52,

Callable

2/1/52

@

100

583,854

1,274,000

MidAmerican

Energy

Co.,

5.30%,

2/1/55,

Callable

8/1/54

@

100

1,259,191

864,000

Northern

States

Power

Co.,

Series

M,

2.90%,

3/1/50,

Callable

9/1/49

@

100

577,559

598,000

Ohio

Power

Co.,

Series

P,

2.60%,

4/1/30,

Callable

1/1/30

@

100

519,458

1,183,000

Ohio

Power

Co.,

Series

Q,

1.63%,

1/15/31,

Callable

10/15/30

@

100

944,643

494,000

Ohio

Power

Co.,

Series

G,

6.60%,

2/15/33

527,964

2,599,000

Ohio

Power

Co.,

5.00%,

6/1/33,

Callable

3/1/33

@

100

2,554,521

345,000

Ohio

Power

Co.,

Series

F,

5.85%,

10/1/35

353,579

290,000

Ohio

Power

Co.,

4.15%,

4/1/48,

Callable

10/1/47

@

100

233,326

362,000

Ohio

Power

Co.,

4.00%,

6/1/49,

Callable

12/1/48

@

100

283,587

663,000

Ohio

Power

Co.,

Series

R,

2.90%,

10/1/51,

Callable

4/1/51

@

100

425,399

128,000

Oncor

Electric

Delivery

Co.

LLC,

3.80%,

9/30/47,

Callable

3/30/47

@

100

99,553

774,000

Pacific

Gas

and

Electric

Co.,

6.15%,

1/15/33,

Callable

10/15/32

@

100

800,020

8,122,000

Pacific

Gas

and

Electric

Co.,

6.40%,

6/15/33,

Callable

3/15/33

@

100

8,555,755

728,000

Pacific

Gas

and

Electric

Co.,

3.50%,

8/1/50,

Callable

2/1/50

@

100

498,455

614,000

PECO

Energy

Co.,

3.05%,

3/15/51,

Callable

9/15/50

@

100

419,094

951,000

PECO

Energy

Co.,

2.85%,

9/15/51,

Callable

3/15/51

@

100

618,676

1,372,000

PECO

Energy

Co.,

4.38%,

8/15/52,

Callable

2/15/52

@

100

1,195,233

675,000

Public

Service

Co

of

New

Hampshire,

3.60%,

7/1/49,

Callable

1/1/49

@

100

516,489

545,000

Public

Service

Co

of

New

Hampshire,

5.15%,

1/15/53,

Callable

7/15/52

@

100

533,050

535,000

Public

Service

Electric

and

Gas

Co.,

3.65%,

9/1/28,

Callable

6/1/28

@

100

510,724

821,000

Public

Service

Electric

and

Gas

Co.,

4.90%,

12/15/32,

Callable

9/15/32

@

100

817,384

357,000

Public

Service

Electric

and

Gas

Co.,

4.65%,

3/15/33,

Callable

12/15/32

@

100,

MTN

348,636

340,000

Public

Service

Electric

and

Gas

Co.,

2.05%,

8/1/50,

Callable

2/1/50

@

100,

MTN

192,158

337,000

Public

Service

Electric

and

Gas

Co.,

5.45%,

8/1/53,

Callable

2/1/53

@

100

345,833

2,047,000

Public

Service

Electric

and

Gas

Co.,

5.45%,

3/1/54,

Callable

9/1/53

@

100

2,109,280

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

1,781,000

San

Diego

Gas

&

Electric

Co.,

5.35%,

4/1/53,

Callable

10/1/52

@

100

$

1,750,990

1,920,000

Southern

California

Edison

Co.,

5.30%,

3/1/28,

Callable

2/1/28

@

100

1,941,481

2,489,000

Southern

California

Edison

Co.,

5.65%,

10/1/28,

Callable

9/1/28

@

100

2,551,026

4,528,000

Southern

California

Edison

Co.,

2.85%,

8/1/29,

Callable

5/1/29

@

100

4,078,152

742,000

Southern

California

Edison

Co.,

2.75%,

2/1/32,

Callable

11/1/31

@

100

627,348

1,729,000

Southern

California

Edison

Co.,

5.95%,

11/1/32,

Callable

8/1/32

@

100

1,813,560

671,000

Southern

California

Edison

Co.,

Series

2004-G,

5.75%,

4/1/35

685,570

417,000

Southern

California

Edison

Co.,

Series

2005-E,

5.35%,

7/15/35

414,876

435,000

Southern

California

Edison

Co.,

3.65%,

2/1/50,

Callable

8/1/49

@

100

321,277

695,000

Southern

California

Edison

Co.,

Series

20A,

2.95%,

2/1/51,

Callable

8/1/50

@

100

450,060

460,000

Southern

California

Edison

Co.,

Series

H,

3.65%,

6/1/51,

Callable

12/1/50

@

100

338,249

3,000

Tampa

Electric

Co.,

4.45%,

6/15/49,

Callable

12/15/48

@

100

2,552

1,614,562

Texas

Electric

Market

Stabilization

Funding

N

LLC,

Series

A-1,

4.27%,

8/1/34(a)

1,564,162

463,000

Union

Electric

Co.,

2.63%,

3/15/51,

Callable

9/15/50

@

100

284,066

309,000

Union

Electric

Co.,

5.45%,

3/15/53,

Callable

9/15/52

@

100

306,018

514,000

Virginia

Electric

and

Power

Co.,

Series

B,

4.20%,

5/15/45,

Callable

11/15/44

@

100

430,464

1,604,000

Virginia

Electric

and

Power

Co.,

2.45%,

12/15/50,

Callable

6/15/50

@

100

940,266

89,812,023

Financial

Services

(

0

.5

%

):

3,190,000

BP

Capital

Markets

America,

Inc.,

4.99%,

4/10/34,

Callable

1/10/34

@

100

3,174,328

295,000

Franciscan

Missionaries

of

Our

Lady

Health

System,

Inc.,

Series

B,

3.91%,

7/1/49,

Callable

1/1/49

@

100

230,290

927,000

Glencore

Funding

LLC,

3.88%,

10/27/27,

Callable

7/27/27

@

100(a)

886,152

2,012,000

Glencore

Funding

LLC,

5.40%,

5/8/28,

Callable

4/8/28

@

100(a)

2,027,124

418,000

Glencore

Funding

LLC,

4.88%,

3/12/29,

Callable

12/12/28

@

100^(a)

409,707

4,180,000

Glencore

Funding

LLC,

5.37%,

4/4/29,

Callable

3/4/29

@

100(a)

4,180,000

1,418,000

Glencore

Funding

LLC,

6.38%,

10/6/30,

Callable

8/6/30

@

100(a)

1,493,391

537,000

Global

Payments,

Inc.,

3.20%,

8/15/29,

Callable

5/15/29

@

100

483,357

1,151,000

Global

Payments,

Inc.,

2.90%,

5/15/30,

Callable

2/15/30

@

100

995,921

915,000

Northwest

Florida

Timber

Finance

LLC,

4.75%,

3/4/29(a)

850,420

14,730,690

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

82

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Gas

Utilities

(

0

.7

%

):

$

262,000

Atmos

Energy

Corp.,

4.13%,

10/15/44,

Callable

4/15/44

@

100

$

226,181

13,884,000

Cheniere

Corpus

Christi

Holdings

LLC,

5.13%,

6/30/27,

Callable

1/1/27

@

100

13,853,455

2,650,000

Cheniere

Corpus

Christi

Holdings

LLC,

3.70%,

11/15/29,

Callable

5/18/29

@

100

2,464,500

36,000

Northern

States

Power

Co.,

Series

M,

5.40%,

3/15/54,

Callable

9/15/53

@

100

36,136

753,000

ONE

Gas,

Inc.,

2.00%,

5/15/30,

Callable

2/15/30

@

100

637,094

743,000

Piedmont

Natural

Gas

Co.,

Inc.,

3.50%,

6/1/29,

Callable

3/1/29

@

100

690,057

325,000

Piedmont

Natural

Gas

Co.,

Inc.,

2.50%,

3/15/31,

Callable

12/15/30

@

100

273,779

1,327,000

Southwest

Gas

Corp.,

5.45%,

3/23/28,

Callable

2/23/28

@

100

1,344,231

19,525,433

Ground

Transportation

(

0

.3

%

):

1,740,000

Burlington

Northern

Santa

Fe

LLC,

4.15%,

12/15/48,

Callable

6/15/48

@

100

1,466,719

855,000

Burlington

Northern

Santa

Fe

LLC,

3.05%,

2/15/51,

Callable

8/15/50

@

100

583,874

376,000

CSX

Corp.,

4.50%,

3/15/49,

Callable

9/15/48

@

100

331,165

1,125,000

Norfolk

Southern

Corp.,

2.55%,

11/1/29,

Callable

8/1/29

@

100

993,516

667,000

Norfolk

Southern

Corp.,

3.40%,

11/1/49,

Callable

5/1/49

@

100

485,052

520,000

Norfolk

Southern

Corp.,

2.90%,

8/25/51,

Callable

2/25/51

@

100

338,697

336,000

Norfolk

Southern

Corp.,

4.05%,

8/15/52,

Callable

2/15/52

@

100

270,789

120,000

Ryder

System,

Inc.,

6.30%,

12/1/28,

Callable

11/1/28

@

100

125,499

1,287,000

Union

Pacific

Corp.,

2.80%,

2/14/32,

Callable

12/15/31

@

100

1,113,776

843,000

Union

Pacific

Corp.,

2.89%,

4/6/36,

Callable

1/6/36

@

100

684,102

2,000

Union

Pacific

Corp.,

4.50%,

9/10/48,

Callable

3/10/48

@

100

1,768

779,000

Union

Pacific

Corp.,

2.95%,

3/10/52,

Callable

9/10/51

@

100

523,117

412,000

Union

Pacific

Corp.,

4.95%,

9/9/52,

Callable

3/9/52

@

100

397,162

305,000

Union

Pacific

Corp.,

4.95%,

5/15/53,

Callable

11/15/52

@

100

294,399

348,653

Union

Pacific

Railroad

Co.

Pass

Through

Trust,

Series

2014-1,

3.23%,

5/14/26

336,620

7,946,255

Health

Care

Equipment

&

Supplies

(

0

.1

%

):

1,686,000

Becton,

Dickinson

&

Co.,

4.87%,

2/8/29,

Callable

1/8/29

@

100

1,673,254

Health

Care

Providers

&

Services

(

1

.3

%

):

275,000

AHS

Hospital

Corp.,

Series

2021,

2.78%,

7/1/51,

Callable

1/1/51

@

100

180,843

610,000

City

of

Hope,

Series

2013,

5.62%,

11/15/43

601,985

350,000

CommonSpirit

Health,

2.78%,

10/1/30,

Callable

4/1/30

@

100

303,426

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

130,000

CommonSpirit

Health,

3.82%,

10/1/49,

Callable

4/1/49

@

100

$

101,022

965,000

Corewell

Health

Obligated

Group,

Series

2019-A,

3.49%,

7/15/49,

Callable

1/15/49

@

100

739,822

3,100,000

CVS

Health

Corp.,

1.30%,

8/21/27,

Callable

6/21/27

@

100

2,747,511

299,000

CVS

Health

Corp.,

4.30%,

3/25/28,

Callable

12/25/27

@

100

291,910

4,546,000

CVS

Health

Corp.,

5.00%,

1/30/29,

Callable

12/30/28

@

100

4,540,027

459,000

CVS

Health

Corp.,

5.25%,

1/30/31,

Callable

11/30/30

@

100

461,758

675,000

CVS

Health

Corp.,

2.13%,

9/15/31,

Callable

6/15/31

@

100

550,976

1,240,000

Duke

University

Health

System,

Inc.,

Series

2017,

3.92%,

6/1/47,

Callable

12/1/46

@

100

1,033,605

783,000

Elevance

Health,

Inc.,

3.60%,

3/15/51,

Callable

9/15/50

@

100

585,095

543,000

Elevance

Health,

Inc.,

4.55%,

5/15/52,

Callable

11/15/51

@

100

476,816

158,000

Elevance

Health,

Inc.,

5.13%,

2/15/53,

Callable

8/15/52

@

100

151,276

402,000

Evernorth

Health,

Inc.,

4.50%,

2/25/26,

Callable

11/27/25

@

100

396,156

4,231,000

HCA,

Inc.,

3.13%,

3/15/27,

Callable

2/15/27

@

100

3,993,082

1,556,000

HCA,

Inc.,

5.20%,

6/1/28,

Callable

5/1/28

@

100

1,556,093

2,708,000

HCA,

Inc.,

5.88%,

2/1/29,

Callable

8/1/28

@

100

2,765,545

1,267,000

HCA,

Inc.,

3.38%,

3/15/29,

Callable

1/15/29

@

100

1,159,857

4,822,000

HCA,

Inc.,

4.13%,

6/15/29,

Callable

3/15/29

@

100

4,562,818

2,833,000

HCA,

Inc.,

3.50%,

9/1/30,

Callable

3/1/30

@

100

2,556,783

1,801,000

HCA,

Inc.,

5.45%,

4/1/31,

Callable

2/1/31

@

100

1,807,430

1,434,000

HCA,

Inc.,

3.50%,

7/15/51,

Callable

1/15/51

@

100

987,009

197,000

Hoag

Memorial

Hospital

Presbyterian,

3.80%,

7/15/52,

Callable

1/15/52

@

100^

160,360

1,393,000

Humana,

Inc.,

1.35%,

2/3/27,

Callable

1/3/27

@

100

1,251,860

410,000

Mount

Nittany

Medical

Center

Obligated

Group,

Series

2022,

3.80%,

11/15/52

323,525

2,570,000

Solventum

Corp.,

5.45%,

2/25/27,

Callable

1/25/27

@

100(a)

2,580,146

827,000

Solventum

Corp.,

6.00%,

5/15/64,

Callable

11/15/63

@

100(a)

816,089

235,000

UnitedHealth

Group,

Inc.,

4.20%,

1/15/47,

Callable

7/15/46

@

100

200,371

400,000

UnitedHealth

Group,

Inc.,

2.90%,

5/15/50,

Callable

11/15/49

@

100

271,646

804,000

UnitedHealth

Group,

Inc.,

3.25%,

5/15/51,

Callable

11/15/50

@

100

580,488

538,000

UnitedHealth

Group,

Inc.,

4.75%,

5/15/52,

Callable

11/15/51

@

100

498,146

477,000

UnitedHealth

Group,

Inc.,

3.88%,

8/15/59,

Callable

2/15/59

@

100

369,078

530,000

UnitedHealth

Group,

Inc.,

5.20%,

4/15/63,

Callable

10/15/62

@

100

516,429

40,118,983

Hotels,

Restaurants

&

Leisure

(

0

.1

%

):

375,000

Marriott

International,

Inc.,

Series

II,

2.75%,

10/15/33,

Callable

7/15/33

@

100

304,245

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

83

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Hotels,

Restaurants

&

Leisure,

continued

$

2,737,000

Marriott

International,

Inc.,

5.30%,

5/15/34,

Callable

2/15/34

@

100

$

2,698,238

3,002,483

Industrial

REITs

(

0

.0

%

†

):

177,000

Prologis

LP,

2.25%,

1/15/32,

Callable

10/15/31

@

100

146,215

Insurance

(

0

.2

%

):

374,000

American

International

Group,

Inc.,

4.75%,

4/1/48,

Callable

10/1/47

@

100

340,374

775,000

Aon

Corp.,

4.50%,

12/15/28,

Callable

9/15/28

@

100

760,017

928,000

Aon

Corp.,

2.80%,

5/15/30,

Callable

2/15/30

@

100

818,228

735,000

Aon

Corp./Aon

Global

Holdings

plc,

2.60%,

12/2/31,

Callable

9/2/31

@

100

617,609

204,000

Hartford

Financial

Services

Group,

Inc.

(The),

4.30%,

4/15/43

173,320

2,128,000

Marsh

&

McLennan

Cos.,

Inc.,

4.38%,

3/15/29,

Callable

12/15/28

@

100

2,092,154

187,000

Marsh

&

McLennan

Cos.,

Inc.,

2.38%,

12/15/31,

Callable

9/15/31

@

100

155,600

1,421,000

Prologis

LP,

1.75%,

2/1/31,

Callable

11/1/30

@

100

1,163,535

6,120,837

Interactive

Media

&

Services

(

0

.1

%

):

2,665,000

Meta

Platforms,

Inc.,

4.65%,

8/15/62,

Callable

2/15/62

@

100

2,387,120

IT

Services

(

0

.0

%

†

):

722,000

DXC

Technology

Co.,

2.38%,

9/15/28,

Callable

7/15/28

@

100

627,334

Life

Sciences

Tools

&

Services

(

0

.2

%

):

440,000

Agilent

Technologies,

Inc.,

2.30%,

3/12/31,

Callable

12/12/30

@

100

369,323

2,019,000

Thermo

Fisher

Scientific,

Inc.,

2.00%,

10/15/31,

Callable

7/15/31

@

100

1,662,590

401,000

Thermo

Fisher

Scientific,

Inc.,

4.95%,

11/21/32,

Callable

8/21/32

@

100

402,427

2,252,000

Thermo

Fisher

Scientific,

Inc.,

5.09%,

8/10/33,

Callable

5/10/33

@

100

2,276,932

4,711,272

Machinery

(

0

.1

%

):

312,000

CNH

Industrial

Capital

LLC,

4.55%,

4/10/28,

Callable

3/10/28

@

100

305,394

2,668,000

CNH

Industrial

Capital

LLC,

5.50%,

1/12/29,

Callable

12/12/28

@

100

2,707,649

1,417,000

Otis

Worldwide

Corp.,

5.25%,

8/16/28,

Callable

7/16/28

@

100

1,434,204

4,447,247

Media

(

0

.4

%

):

2,976,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

3.95%,

6/30/62,

Callable

12/30/61

@

100

1,788,737

3,856,000

Comcast

Corp.,

1.95%,

1/15/31,

Callable

10/15/30

@

100

3,201,251

3,201,000

Comcast

Corp.,

4.20%,

8/15/34,

Callable

2/15/34

@

100

2,976,712

2,551,000

Comcast

Corp.,

2.94%,

11/1/56,

Callable

5/1/56

@

100

1,601,610

Principal

Amount

Value

Corporate

Bonds,

continued

Media,

continued

$

1,514,000

Comcast

Corp.,

2.99%,

11/1/63,

Callable

5/1/63

@

100

$

933,638

678,000

Paramount

Global,

5.85%,

9/1/43,

Callable

3/1/43

@

100

550,685

210,000

Paramount

Global,

5.25%,

4/1/44,

Callable

10/1/43

@

100

156,321

162,000

Paramount

Global,

4.90%,

8/15/44,

Callable

2/15/44

@

100

116,246

234,000

Paramount

Global,

4.60%,

1/15/45,

Callable

7/15/44

@

100

160,370

220,000

Paramount

Global,

4.95%,

5/19/50,

Callable

11/19/49

@

100

155,769

11,641,339

Metals

&

Mining

(

0

.0

%

†

):

1,176,000

Newmont

Corp.,

2.60%,

7/15/32,

Callable

4/15/32

@

100^

982,174

88,000

Newmont

Corp./Newcrest

Finance

Pty,

Ltd.,

5.35%,

3/15/34,

Callable

12/15/33

@

100(a)

88,235

1,070,409

Multi-Utilities

(

0

.2

%

):

206,000

Ameren

Illinois

Co.,

3.25%,

3/15/50,

Callable

9/15/49

@

100

146,886

390,000

Ameren

Illinois

Co.,

2.90%,

6/15/51,

Callable

12/15/50

@

100

255,278

705,000

CenterPoint

Energy

Houston

Electric

LLC,

4.45%,

10/1/32,

Callable

7/1/32

@

100

676,605

139,000

CenterPoint

Energy

Houston

Electric

LLC,

4.95%,

4/1/33,

Callable

1/1/33

@

100

137,638

176,000

CenterPoint

Energy

Houston

Electric

LLC,

3.95%,

3/1/48,

Callable

9/1/47

@

100

143,645

315,000

CenterPoint

Energy

Houston

Electric

LLC,

3.35%,

4/1/51,

Callable

10/1/50

@

100

228,849

205,000

CenterPoint

Energy

Resources

Corp.,

4.00%,

4/1/28,

Callable

1/1/28

@

100

197,544

558,000

Consolidated

Edison

Co.

of

New

York,

Inc.,

5.90%,

11/15/53,

Callable

5/15/53

@

100

594,691

1,463,000

Consumers

Energy

Co.,

3.10%,

8/15/50,

Callable

2/15/50

@

100

1,027,209

1,800,000

Consumers

Energy

Co.,

4.20%,

9/1/52,

Callable

3/1/52

@

100

1,509,235

1,618,000

NiSource,

Inc.,

1.70%,

2/15/31,

Callable

11/15/30

@

100

1,290,009

6,207,589

Oil,

Gas

&

Consumable

Fuels

(

4

.2

%

):

165,000

Boardwalk

Pipelines

LP,

3.40%,

2/15/31,

Callable

11/15/30

@

100

146,223

147,000

BP

Capital

Markets

America,

Inc.,

4.89%,

9/11/33,

Callable

6/11/33

@

100

145,543

2,943,000

Cameron

LNG

LLC,

2.90%,

7/15/31,

Callable

4/15/31

@

100(a)

2,535,056

4,525,000

Cameron

LNG

LLC,

3.30%,

1/15/35,

Callable

9/15/34

@

100(a)

3,759,415

1,608,000

Cameron

LNG

LLC,

3.40%,

1/15/38,

Callable

7/15/37

@

100(a)

1,319,621

2,183,000

Cheniere

Energy,

Inc.,

5.65%,

4/15/34,

Callable

10/15/33

@

100(a)

2,191,662

7,253,000

Diamondback

Energy,

Inc.,

3.25%,

12/1/26,

Callable

10/1/26

@

100

6,953,676

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

84

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

17,553,000

Diamondback

Energy,

Inc.,

3.50%,

12/1/29,

Callable

9/1/29

@

100

$

16,229,925

15,045,000

Diamondback

Energy,

Inc.,

3.13%,

3/24/31,

Callable

12/24/30

@

100

13,340,537

832,000

Diamondback

Energy,

Inc.,

6.25%,

3/15/53,

Callable

9/15/52

@

100

895,621

243,000

Energy

Transfer

LP,

5.55%,

2/15/28,

Callable

1/15/28

@

100

246,450

310,000

Energy

Transfer

LP,

4.95%,

5/15/28,

Callable

2/15/28

@

100

307,699

1,026,000

Energy

Transfer

LP,

4.95%,

6/15/28,

Callable

3/15/28

@

100

1,016,400

423,000

Energy

Transfer

LP,

8.25%,

11/15/29,

Callable

8/15/29

@

100

479,294

421,000

Energy

Transfer

LP,

6.55%,

12/1/33,

Callable

9/1/33

@

100

451,307

824,000

Energy

Transfer

LP,

4.90%,

3/15/35,

Callable

9/15/34

@

100

777,779

1,948,000

Energy

Transfer

LP,

6.25%,

4/15/49,

Callable

10/15/48

@

100

1,992,732

5,639,000

Energy

Transfer

LP,

5.00%,

5/15/50,

Callable

11/15/49

@

100

4,936,679

10,000,000

EQT

Corp.,

3.90%,

10/1/27,

Callable

7/1/27

@

100

9,493,920

1,740,000

EQT

Corp.,

5.70%,

4/1/28,

Callable

3/1/28

@

100

1,747,882

3,000,000

EQT

Corp.,

5.00%,

1/15/29,

Callable

7/15/28

@

100

2,937,735

1,389,000

EQT

Corp.,

5.75%,

2/1/34,

Callable

11/1/33

@

100

1,383,618

563,000

Hess

Corp.,

5.80%,

4/1/47,

Callable

10/1/46

@

100

579,219

150,000

Kinder

Morgan,

Inc.,

4.30%,

3/1/28,

Callable

12/1/27

@

100

146,353

842,000

Kinder

Morgan,

Inc.,

5.00%,

2/1/29,

Callable

1/1/29

@

100

838,906

398,000

Kinder

Morgan,

Inc.,

5.40%,

2/1/34,

Callable

11/1/33

@

100

395,317

693,000

Kinder

Morgan,

Inc.,

5.30%,

12/1/34,

Callable

6/1/34

@

100

681,096

807,000

Kinder

Morgan,

Inc.,

3.25%,

8/1/50,

Callable

2/1/50

@

100

528,859

698,000

Kinder

Morgan,

Inc.,

3.60%,

2/15/51,

Callable

8/15/50

@

100

487,293

1,990,000

NGPL

PipeCo

LLC,

4.88%,

8/15/27,

Callable

2/15/27

@

100(a)

1,939,255

3,034,000

NGPL

PipeCo

LLC,

3.25%,

7/15/31,

Callable

4/15/31

@

100(a)

2,587,134

1,242,000

NGPL

PipeCo

LLC,

7.77%,

12/15/37(a)

1,372,410

5,010,000

Northwest

Pipeline

LLC,

4.00%,

4/1/27,

Callable

1/1/27

@

100

4,869,560

204,000

ONEOK,

Inc.,

3.95%,

3/1/50,

Callable

9/1/49

@

100

151,364

960,000

Ovintiv,

Inc.,

6.25%,

7/15/33,

Callable

4/15/33

@

100

996,428

532,000

Pioneer

Natural

Resources

Co.,

1.13%,

1/15/26,

Callable

12/15/25

@

100

495,285

2,028,000

Pioneer

Natural

Resources

Co.,

5.10%,

3/29/26

2,025,402

5,015,000

Sabine

Pass

Liquefaction

LLC,

5.00%,

3/15/27,

Callable

9/15/26

@

100

5,002,463

5,476,000

Sabine

Pass

Liquefaction

LLC,

4.20%,

3/15/28,

Callable

9/15/27

@

100

5,298,030

1,967,000

Sabine

Pass

Liquefaction

LLC,

5.90%,

9/15/37,

Callable

3/15/37

@

100

2,026,010

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

4,606,000

Targa

Resources

Corp.,

5.20%,

7/1/27,

Callable

6/1/27

@

100

$

4,592,864

10,151,000

Targa

Resources

Corp.,

6.15%,

3/1/29,

Callable

2/1/29

@

100

10,579,951

1,058,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

4.00%,

1/15/32,

Callable

7/15/26

@

102

949,555

758,000

Texas

Eastern

Transmission

LP,

3.50%,

1/15/28,

Callable

10/15/27

@

100(a)

712,808

2,198,000

Transcontinental

Gas

Pipe

Line

Co.

LLC,

4.00%,

3/15/28,

Callable

12/15/27

@

100

2,118,817

2,848,000

Transcontinental

Gas

Pipe

Line

Co.

LLC,

3.95%,

5/15/50,

Callable

11/15/49

@

100

2,253,944

124,917,097

Passenger

Airlines

(

0

.0

%

†

):

420,000

Delta

Airlines

Pass

Through

Trust,

Series

2019-AA,

3.20%,

4/25/24

419,167

Pharmaceuticals

(

0

.2

%

):

2,563,000

Bayer

US

Finance

LLC,

6.38%,

11/21/30,

Callable

9/21/30

@

100(a)

2,618,471

2,110,000

Bristol-Myers

Squibb

Co.,

5.10%,

2/22/31,

Callable

12/22/30

@

100

2,122,894

301,000

Eli

Lilly

&

Co.,

4.95%,

2/27/63,

Callable

8/27/62

@

100

290,571

5,031,936

Professional

Services

(

0

.0

%

†

):

75,000

Equifax,

Inc.,

5.10%,

6/1/28,

Callable

5/1/28

@

100

75,116

Real

Estate

Management

&

Development

(

0

.1

%

):

472,000

Invitation

Homes

Operating

Partnership

LP,

2.30%,

11/15/28,

Callable

9/15/28

@

100

415,303

1,987,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

4.13%,

8/15/30,

Callable

2/15/25

@

102.06(a)

1,805,686

2,220,989

Retail

REITs

(

0

.1

%

):

593,000

NNN

REIT,

Inc.,

3.10%,

4/15/50,

Callable

10/15/49

@

100

392,508

474,000

NNN

REIT,

Inc.,

3.50%,

4/15/51,

Callable

10/15/50

@

100

343,650

402,000

NNN

REIT,

Inc.,

3.00%,

4/15/52,

Callable

10/15/51

@

100

261,434

388,000

Realty

Income

Corp.,

3.20%,

2/15/31,

Callable

11/15/30

@

100

343,339

499,000

Realty

Income

Corp.,

5.13%,

2/15/34,

Callable

11/15/33

@

100

487,996

1,828,927

Semiconductors

&

Semiconductor

Equipment

(

0

.4

%

):

1,998,000

Broadcom,

Inc.,

4.15%,

11/15/30,

Callable

8/15/30

@

100

1,890,949

702,000

Broadcom,

Inc.,

4.15%,

4/15/32,

Callable

1/15/32

@

100(a)

650,585

3,438,000

Broadcom,

Inc.,

4.30%,

11/15/32,

Callable

8/15/32

@

100

3,224,346

1,539,000

Broadcom,

Inc.,

3.14%,

11/15/35,

Callable

8/15/35

@

100(a)

1,240,069

124,000

Intel

Corp.,

3.73%,

12/8/47,

Callable

6/8/47

@

100

96,073

1,208,000

Intel

Corp.,

3.20%,

8/12/61,

Callable

2/12/61

@

100

787,633

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

85

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

$

1,177,000

KLA

Corp.,

4.10%,

3/15/29,

Callable

12/15/28

@

100

$

1,149,073

1,590,000

KLA

Corp.,

5.25%,

7/15/62,

Callable

1/15/62

@

100

1,561,547

61,000

QUALCOMM,

Inc.,

4.25%,

5/20/32,

Callable

2/20/32

@

100

58,733

238,000

Texas

Instruments,

Inc.,

5.15%,

2/8/54,

Callable

8/8/53

@

100

238,083

593,000

Texas

Instruments,

Inc.,

5.05%,

5/18/63,

Callable

11/18/62

@

100

576,513

11,473,604

Software

(

0

.3

%

):

347,000

Autodesk,

Inc.,

2.85%,

1/15/30,

Callable

10/15/29

@

100

309,181

2,565,000

Oracle

Corp.,

6.25%,

11/9/32,

Callable

8/9/32

@

100

2,738,702

3,021,000

Oracle

Corp.,

3.85%,

7/15/36,

Callable

1/15/36

@

100

2,581,103

1,854,000

Oracle

Corp.,

3.60%,

4/1/50,

Callable

10/1/49

@

100

1,333,595

1,075,000

Oracle

Corp.,

6.90%,

11/9/52,

Callable

5/9/52

@

100

1,233,974

1,094,000

Oracle

Corp.,

4.38%,

5/15/55,

Callable

11/15/54

@

100

876,222

655,000

RELX

Capital,

Inc.,

3.00%,

5/22/30,

Callable

2/22/30

@

100

586,261

9,659,038

Specialized

REITs

(

0

.9

%

):

3,255,000

American

Tower

Corp.,

5.80%,

11/15/28,

Callable

10/15/28

@

100

3,324,178

1,265,000

American

Tower

Corp.,

3.95%,

3/15/29,

Callable

12/15/28

@

100

1,195,104

6,977,000

American

Tower

Corp.,

3.80%,

8/15/29,

Callable

5/15/29

@

100

6,516,358

1,144,000

American

Tower

Corp.,

1.88%,

10/15/30,

Callable

7/15/30

@

100

927,102

1,406,000

American

Tower

Corp.,

2.70%,

4/15/31,

Callable

1/15/31

@

100

1,186,641

1,504,000

American

Tower

Corp.,

2.30%,

9/15/31,

Callable

6/15/31

@

100

1,225,743

83,000

American

Tower

Corp.,

4.05%,

3/15/32,

Callable

12/15/31

@

100

75,986

3,049,000

Crown

Castle,

Inc.,

2.25%,

1/15/31,

Callable

10/15/30

@

100

2,510,242

3,649,000

Crown

Castle,

Inc.,

2.50%,

7/15/31,

Callable

4/15/31

@

100

3,015,979

2,031,000

Equinix,

Inc.,

1.55%,

3/15/28,

Callable

1/15/28

@

100

1,761,978

1,793,000

Equinix,

Inc.,

2.00%,

5/15/28,

Callable

3/15/28

@

100

1,568,610

622,000

Equinix,

Inc.,

2.15%,

7/15/30,

Callable

4/15/30

@

100

516,375

1,290,000

Equinix,

Inc.,

2.50%,

5/15/31,

Callable

2/15/31

@

100

1,072,703

1,075,000

Equinix,

Inc.,

3.90%,

4/15/32,

Callable

1/15/32

@

100

971,335

497,000

Extra

Space

Storage

LP,

4.00%,

6/15/29,

Callable

3/15/29

@

100

467,810

26,336,144

Principal

Amount

Value

Corporate

Bonds,

continued

Specialty

Retail

(

0

.2

%

):

$

116,000

General

Motors

Financial

Co.,

Inc.,

5.80%,

6/23/28,

Callable

5/23/28

@

100

$

118,069

4,886,000

Lowe's

Cos.,

Inc.,

3.65%,

4/5/29,

Callable

1/5/29

@

100

4,624,814

2,736,000

Lowe's

Cos.,

Inc.,

2.63%,

4/1/31,

Callable

1/1/31

@

100

2,349,985

7,092,868

Technology

Hardware,

Storage

&

Peripherals

(

0

.1

%

):

678,000

Dell

International

LLC/EMC

Corp.,

3.45%,

12/15/51,

Callable

6/15/51

@

100

473,841

1,201,000

Hewlett

Packard

Enterprise

Co.,

5.25%,

7/1/28,

Callable

6/1/28

@

100

1,208,804

494,000

TSMC

Arizona

Corp.,

4.25%,

4/22/32,

Callable

1/22/32

@

100^

480,519

2,163,164

Tobacco

(

0

.7

%

):

5,919,000

Altria

Group,

Inc.,

4.80%,

2/14/29,

Callable

11/14/28

@

100

5,857,365

2,458,000

Altria

Group,

Inc.,

2.45%,

2/4/32,

Callable

11/4/31

@

100

1,988,365

1,430,000

Altria

Group,

Inc.,

6.88%,

11/1/33,

Callable

8/1/33

@

100

1,551,837

311,000

Altria

Group,

Inc.,

4.25%,

8/9/42

251,316

1,100,000

Altria

Group,

Inc.,

3.70%,

2/4/51,

Callable

8/4/50

@

100

768,643

2,661,000

B.A.T

Capital

Corp.,

3.46%,

9/6/29,

Callable

6/6/29

@

100

2,422,609

691,000

BAT

Capital

Corp.,

4.70%,

4/2/27,

Callable

2/2/27

@

100

676,298

1,479,000

BAT

Capital

Corp.,

2.26%,

3/25/28,

Callable

1/25/28

@

100

1,312,402

231,000

BAT

Capital

Corp.,

4.54%,

8/15/47,

Callable

2/15/47

@

100

177,244

2,084,000

BAT

Capital

Corp.,

4.76%,

9/6/49,

Callable

3/6/49

@

100

1,662,499

1,299,000

BAT

Capital

Corp.,

3.98%,

9/25/50,

Callable

3/25/50

@

100

904,434

1,260,000

BAT

Capital

Corp.,

7.08%,

8/2/53,

Callable

2/2/53

@

100

1,358,216

255,000

Philip

Morris

International,

Inc.,

5.25%,

9/7/28,

Callable

8/7/28

@

100

257,187

1,346,000

Philip

Morris

International,

Inc.,

3.38%,

8/15/29,

Callable

5/15/29

@

100

1,245,551

20,433,966

Water

Utilities

(

0

.0

%

†

):

612,000

CenterPoint

Energy

Resources

Corp.,

5.25%,

3/1/28,

Callable

2/1/28

@

100

617,555

Wireless

Telecommunication

Services

(

0

.2

%

):

1,710,000

Sprint

LLC,

7.63%,

3/1/26,

Callable

11/1/25

@

100

1,765,575

3,477,000

T-Mobile

USA,

Inc.,

3.75%,

4/15/27,

Callable

2/15/27

@

100

3,350,681

1,400,000

T-Mobile

USA,

Inc.,

4.95%,

3/15/28,

Callable

2/15/28

@

100

1,396,153

328,000

T-Mobile

USA,

Inc.,

5.05%,

7/15/33,

Callable

4/15/33

@

100

324,026

6,836,435

Total

Corporate

Bonds

(Cost

$726,915,665)

722,399,343

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

86

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Foreign

Bonds

(

0

.0

%

†

):

Chemicals

(

0

.0

%

†

):

$

100,000

Kazakhstan

Government

International

Bond,

Registered

Shares,

1.50%,

9/30/34,

MTN(a)

$

88,181

Sovereign

Bond

(

0

.0

%

†

):

152,000

Romanian

Government

International

Bond,

2.88%,

3/11/29,

MTN(a)

151,033

163,000

Romanian

Government

International

Bond,

Registered

Shares,

2.50%,

2/8/30,

MTN(a)

155,184

306,217

Total

Foreign

Bonds

(Cost

$364,295)

394,398

Yankee

Debt

Obligations

(

2

.8

%

):

Aerospace

&

Defense

(

0

.0

%

†

):

210,000

BAE

Systems

plc,

5.25%,

3/26/31,

Callable

2/26/31

@

100(a)

211,050

Banks

(

0

.2

%

):

415,000

Banco

del

Estado

de

Chile,

Registered

Shares,

2.70%,

1/9/25,

Callable

12/9/24

@

100^(a)

404,625

428,000

Banco

Inbursa

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

Inbursa,

4.13%,

6/6/24^(a)

426,303

200,000

Bank

Gospodarstwa

Krajowego,

6.25%,

10/31/28(a)

208,072

317,000

Bank

Gospodarstwa

Krajowego,

5.38%,

5/22/33(a)

315,184

3,897,000

Barclays

plc,

5.69%

(SOFR+174

bps),

3/12/30,

Callable

3/12/29

@

100

3,922,786

446,000

Credicorp,

Ltd.,

2.75%,

6/17/25,

Callable

5/17/25

@

100(a)

426,488

497,000

Deutsche

Bank

AG,

3.74%

(SOFR+226

bps),

1/7/33,

Callable

10/7/31

@

100

409,053

348,000

Intercorp

Peru,

Ltd.,

3.88%,

8/15/29,

Callable

5/15/29

@

100(a)

306,240

6,418,751

Capital

Markets

(

0

.6

%

):

322,000

Gaci

First

Investment

Co.,

5.13%,

2/14/53,

Callable

8/14/52

@

100(a)

278,543

732,000

Pfizer

Investment

Enterprises

Pte,

Ltd.,

4.75%,

5/19/33,

Callable

2/19/33

@

100

720,021

2,282,000

Pfizer

Investment

Enterprises

Pte,

Ltd.,

5.30%,

5/19/53,

Callable

11/19/52

@

100

2,266,108

1,604,000

Pfizer

Investment

Enterprises

Pte,

Ltd.,

5.34%,

5/19/63,

Callable

11/19/62

@

100

1,571,148

8,711,000

UBS

Group

AG,

1.30%

(SOFRINDX+98

bps),

2/2/27,

Callable

2/2/26

@

100(a)

8,039,312

883,000

UBS

Group

AG,

3.09%

(SOFR+173

bps),

5/14/32,

Callable

5/14/31

@

100(a)

749,749

895,000

UBS

Group

AG,

2.75%

(H15T1Y+110

bps),

2/11/33,

Callable

2/11/32

@

100(a)

731,268

877,000

UBS

Group

AG,

9.02%

(SOFR+502

bps),

11/15/33,

Callable

11/15/32

@

100(a)

1,060,632

2,006,000

UBS

Group

AG,

5.70%

(H15T1Y+177

bps),

2/8/35,

Callable

2/8/34

@

100(a)

2,009,320

17,426,101

Chemicals

(

0

.0

%

†

):

660,000

MEGlobal

BV,

4.25%,

11/3/26(a)

634,399

561,000

SABIC

Capital

II

BV,

4.50%,

10/10/28(a)

548,300

1,182,699

Construction

Materials

(

0

.0

%

†

):

200,000

St.

Marys

Cement,

Inc.,

5.75%,

4/2/34,

Callable

1/2/34

@

100(a)

197,750

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Consumer

Staples

Distribution

&

Retail

(

0

.0

%

†

):

$

561,000

Cencosud

SA,

5.15%,

2/12/25,

Callable

11/12/24

@

100(a)

$

555,379

Containers

&

Packaging

(

0

.0

%

†

):

780,000

Smurfit

Kappa

Treasury

ULC,

5.44%,

4/3/34,

Callable

1/3/34

@

100(a)

780,000

Diversified

Telecommunication

Services

(

0

.0

%

†

):

344,000

CK

Hutchison

International

23,

Ltd.,

4.75%,

4/21/28,

Callable

3/21/28

@

100(a)

340,977

330,000

NTT

Finance

Corp.,

4.14%,

7/26/24(a)

328,404

669,381

Electric

Utilities

(

0

.0

%

†

):

597,000

Israel

Electric

Corp.,

Ltd.,

4.25%,

8/14/28,

MTN(a)

552,971

Electrical

Equipment

(

0

.0

%

†

):

515,000

Sociedad

Quimica

y

Minera

de

Chile

SA,

4.25%,

1/22/50,

Callable

7/22/49

@

100(a)

395,262

Energy

Equipment

&

Services

(

0

.0

%

†

):

200,000

QazaqGaz

NC

JSC,

Registered

Shares,

4.38%,

9/26/27(a)

188,000

Financial

Services

(

0

.2

%

):

470,000

Banco

Latinoamericano

de

Comercio

Exterior

SA,

2.38%,

9/14/25,

Callable

8/15/25

@

100(a)

443,441

200,000

Banco

Nacional

de

Panama,

2.50%,

8/11/30,

Callable

5/11/30

@

100(a)

154,750

910,000

BP

Capital

Markets

plc,

6.45%

(H15T5Y+215

bps),

12/31/99,

Callable

12/1/33

@

100

944,125

762,000

Consorcio

Transmantaro

SA,

4.70%,

4/16/34(a)

714,375

4,657,000

Credit

Suisse

AG,

5.00%,

7/9/27

4,598,354

250,000

Credit

Suisse

AG,

7.50%,

2/15/28

270,036

7,125,081

Food

Products

(

0

.0

%

†

):

697,000

Grupo

Bimbo

SAB

de

CV,

4.00%,

9/6/49(a)

537,731

Health

Care

Providers

&

Services

(

0

.0

%

†

):

578,534

Galaxy

Pipeline

Assets

Bidco,

Ltd.,

2.94%,

9/30/40(a)

463,380

Independent

Power

and

Renewable

Electricity

Producers

(

0

.0

%

†

):

265,166

AES

Panama

Generation

Holdings

SRL,

4.38%,

5/31/30,

Callable

2/28/30

@

100(a)

232,020

506,000

Colbun

SA,

3.15%,

1/19/32,

Callable

10/19/31

@

100(a)

427,570

527,000

Kallpa

Generacion

SA,

4.13%,

8/16/27,

Callable

5/16/27

@

100(a)

503,195

1,162,785

Interactive

Media

&

Services

(

0

.1

%

):

490,000

Baidu,

Inc.,

4.38%,

5/14/24,

Callable

5/7/24

@

100

489,178

475,000

Baidu,

Inc.,

4.38%,

3/29/28,

Callable

12/29/27

@

100^

465,964

515,000

Tencent

Holdings,

Ltd.,

3.60%,

1/19/28,

Callable

10/19/27

@

100(a)

489,108

1,444,250

Machinery

(

0

.1

%

):

1,402,000

CNH

Industrial

NV,

3.85%,

11/15/27,

Callable

8/15/27

@

100,

MTN

1,345,219

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

87

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Machinery,

continued

$

232,000

Trane

Technologies

Financing,

Ltd.,

3.50%,

3/21/26,

Callable

1/21/26

@

100

$

223,979

1,569,198

Metals

&

Mining

(

0

.3

%

):

1,209,000

Anglo

American

Capital

plc,

4.88%,

5/14/25(a)

1,192,941

3,745,000

Anglo

American

Capital

plc,

2.63%,

9/10/30,

Callable

6/10/30

@

100(a)

3,181,658

1,424,000

Anglo

American

Capital

plc,

2.88%,

3/17/31,

Callable

12/17/30

@

100(a)

1,208,556

1,006,000

Anglo

American

Capital

plc,

4.75%,

3/16/52,

Callable

9/16/51

@

100(a)

849,968

525,000

Antofagasta

plc,

2.38%,

10/14/30,

Callable

7/14/30

@

100(a)

433,863

858,000

Corp.

Nacional

del

Cobre

de

Chile,

Registered

Shares,

3.63%,

8/1/27,

Callable

5/1/27

@

100(a)

810,741

425,000

Freeport

Indonesia

PT,

Registered

Shares,

4.76%,

4/14/27,

Callable

3/14/27

@

100(a)

414,678

409,000

POSCO,

5.63%,

1/17/26(a)

410,078

8,502,483

Multi-Utilities

(

0

.1

%

):

1,980,000

Algonquin

Power

&

Utilities

Corp.,

5.37%,

6/15/26

1,970,405

Oil,

Gas

&

Consumable

Fuels

(

0

.1

%

):

715,000

EIG

Pearl

Holdings

Sarl,

4.39%,

11/30/46(a)

563,062

109,000

Enbridge,

Inc.,

6.20%,

11/15/30,

Callable

9/15/30

@

100

115,240

270,000

KazMunayGas

National

Co.

JSC,

3.50%,

4/14/33,

Callable

10/14/32

@

100(a)

223,425

470,000

Pertamina

Persero

PT,

3.10%,

1/21/30,

Callable

10/21/29

@

100(a)

420,062

495,000

QatarEnergy,

2.25%,

7/12/31,

Callable

4/12/31

@

100(a)

414,214

623,000

Saudi

Arabian

Oil

Co.,

3.25%,

11/24/50,

Callable

5/24/50

@

100(a)

419,746

604,000

Saudi

Arabian

Oil

Co.,

3.50%,

11/24/70,

Callable

5/24/70

@

100(a)

391,845

2,547,594

Paper

&

Forest

Products

(

0

.1

%

):

615,000

Celulosa

Arauco

y

Constitucion

SA,

4.20%,

1/29/30,

Callable

10/29/29

@

100(a)

559,951

552,000

Suzano

Austria

GmbH,

5.75%,

7/14/26(a)

550,557

327,000

Suzano

Austria

GmbH,

3.75%,

1/15/31,

Callable

10/15/30

@

100

288,240

278,000

Suzano

International

Finance

BV,

5.50%,

1/17/27

277,172

1,675,920

Pharmaceuticals

(

0

.0

%

†

):

1,149,000

Takeda

Pharmaceutical

Co.,

Ltd.,

2.05%,

3/31/30,

Callable

12/31/29

@

100

972,653

Semiconductors

&

Semiconductor

Equipment

(

0

.1

%

):

1,733,000

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.,

2.50%,

5/11/31,

Callable

2/11/31

@

100

1,449,867

200,000

SK

Hynix,

Inc.,

Registered

Shares,

6.50%,

1/17/33(a)

213,707

1,663,574

Software

(

0

.0

%

†

):

650,000

SA

Global

Sukuk,

Ltd.,

2.69%,

6/17/31,

Callable

3/17/31

@

100(a)

557,375

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Sovereign

Bond

(

0

.7

%

):

$

434,000

Abu

Dhabi

Government

International

Bond,

3.88%,

4/16/50(a)

$

346,548

200,000

Chile

Government

International

Bond,

4.95%,

1/5/36,

Callable

10/5/35

@

100

193,717

3,516,000

Colombia

Government

International

Bond,

3.88%,

4/25/27,

Callable

1/25/27

@

100

3,300,023

275,000

Colombia

Government

International

Bond,

4.50%,

3/15/29,

Callable

12/15/28

@

100

252,340

567,000

Colombia

Government

International

Bond,

3.00%,

1/30/30,

Callable

10/30/29

@

100

468,710

1,905,000

Colombia

Government

International

Bond,

3.13%,

4/15/31,

Callable

1/15/31

@

100

1,513,707

860,000

Colombia

Government

International

Bond,

3.25%,

4/22/32,

Callable

1/22/32

@

100

667,553

425,000

Hungary

Government

International

Bond,

5.25%,

6/16/29(a)

419,847

240,000

Hungary

Government

International

Bond,

7.63%,

3/29/41

276,728

815,000

Mexico

Government

International

Bond,

3.75%,

1/11/28

773,471

378,000

Mexico

Government

International

Bond,

4.75%,

4/27/32,

Callable

1/27/32

@

100

357,592

4,915,000

Mexico

Government

International

Bond,

6.35%,

2/9/35,

Callable

11/9/34

@

100

5,058,616

200,000

Mexico

Government

International

Bond,

6.34%,

5/4/53,

Callable

11/4/52

@

100

196,662

322,000

Mexico

Government

International

Bond,

5.75%,

10/12/10

280,801

420,000

Panama

Government

International

Bond,

3.88%,

3/17/28,

Callable

12/17/27

@

100

386,400

655,000

Panama

Government

International

Bond,

3.16%,

1/23/30,

Callable

10/23/29

@

100

550,200

1,095,000

Panama

Government

International

Bond,

4.50%,

4/1/56,

Callable

10/1/55

@

100

728,175

200,000

Perusahaan

Penerbit

SBSN

Indonesia

III,

4.40%,

6/6/27(a)

196,250

430,000

Peruvian

Government

International

Bond,

2.78%,

1/23/31,

Callable

10/23/30

@

100

368,723

397,000

Peruvian

Government

International

Bond,

1.86%,

12/1/32,

Callable

9/1/32

@

100

302,022

116,000

Peruvian

Government

International

Bond,

3.00%,

1/15/34,

Callable

10/15/33

@

100

94,635

1,031,000

Peruvian

Government

International

Bond,

5.63%,

11/18/50

1,024,303

200,000

Qatar

Government

International

Bond,

4.00%,

3/14/29(a)

195,205

200,000

Qatar

Government

International

Bond,

3.75%,

4/16/30(a)

191,823

200,000

Qatar

Government

International

Bond,

Registered

Shares,

5.10%,

4/23/48(a)

194,148

412,000

Republic

of

Poland

Government

International

Bond,

5.50%,

4/4/53,

Callable

10/4/52

@

100

410,618

278,000

Romanian

Government

International

Bond,

5.25%,

11/25/27(a)

273,601

368,000

Romanian

Government

International

Bond,

3.63%,

3/27/32(a)

315,244

112,000

Romanian

Government

International

Bond,

7.13%,

1/17/33(a)

119,688

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

88

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Sovereign

Bond,

continued

$

236,000

Romanian

Government

International

Bond,

7.63%,

1/17/53(a)

$

261,330

212,000

Saudi

Government

International

Bond,

2.75%,

2/3/32(a)

181,979

200,000

Saudi

Government

International

Bond,

5.00%,

4/17/49(a)

181,741

200,000

Saudi

Government

International

Bond,

Registered

Shares,

3.25%,

11/17/51,

MTN(a)

134,100

478,000

Saudi

Government

International

Bond,

3.75%,

1/21/55(a)

344,270

196,520

Uruguay

Government

International

Bond,

4.50%,

8/14/24

195,538

20,756,308

Tobacco

(

0

.1

%

):

510,000

BAT

International

Finance

plc,

4.45%,

3/16/28,

Callable

2/16/28

@

100

494,921

2,268,000

BAT

International

Finance

plc,

5.93%,

2/2/29,

Callable

1/2/29

@

100

2,329,896

2,824,817

Wireless

Telecommunication

Services

(

0

.1

%

):

280,000

Bharti

Airtel,

Ltd.,

3.25%,

6/3/31,

Callable

3/5/31

@

100(a)

246,203

523,000

Empresa

Nacional

del

Petroleo,

3.75%,

8/5/26,

Callable

5/5/26

@

100(a)

498,157

285,000

Empresa

Nacional

del

Petroleo,

6.15%,

5/10/33,

Callable

2/10/33

@

100(a)

287,494

1,821,000

Rogers

Communications,

Inc.,

5.30%,

2/15/34,

Callable

11/15/33

@

100

1,800,692

2,832,546

Total

Yankee

Debt

Obligations

(Cost

$87,631,024)

85,183,444

Municipal

Bonds

(

0

.4

%

):

California

(

0

.1

%

):

905,000

California

State

University

Revenue,

Series

B,

2.72%,

11/1/52

617,219

1,240,000

Los

Angeles

Department

of

Water

&

Power

Revenue,

6.57%,

7/1/45

1,413,327

435,000

State

of

California,

GO,

7.50%,

4/1/34

512,160

440,000

University

of

California

Revenue,

Series

BF,

2.65%,

5/15/50,

Continuously

Callable

@100

290,893

347,000

University

of

California

Revenue,

Series

AQ,

4.77%,

5/15/15

315,520

50,000

University

of

California

Revenue,

Series

AD,

4.86%,

5/15/12

46,540

3,195,659

Louisiana

(

0

.1

%

):

2,870,000

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue,

Series

A1-A3,

Class

A1-A3,

5.05%,

12/1/34

2,895,486

Michigan

(

0

.0

%

†

):

801,000

University

of

Michigan

Revenue,

Series

B,

3.50%,

4/1/52,

Continuously

Callable

@100

632,566

Minnesota

(

0

.0

%

†

):

406,000

University

of

Minnesota

Revenue,

4.05%,

4/1/52

355,514

Principal

Amount

Value

Municipal

Bonds,

continued

New

Jersey

(

0

.1

%

):

$

270,000

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

4.13%,

6/15/42

$

232,419

575,000

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

B,

6.56%,

12/15/40

623,346

165,000

New

Jersey

Turnpike

Authority

Revenue,

Series

B,

2.78%,

1/1/40,

Continuously

Callable

@100

126,353

982,118

New

York

(

0

.1

%

):

1,420,000

New

York

State

Dormitory

Authority

Revenue,

2.15%,

3/15/31

1,196,378

1,045,000

New

York

State

Dormitory

Authority

Revenue,

2.05%,

3/15/30

915,096

2,111,474

Oklahoma

(

0

.0

%

†

):

255,000

Oklahoma

Development

Finance

Authority

Revenue,

Series

A2,

4.62%,

6/1/44

242,034

Texas

(

0

.0

%

†

):

430,000

State

of

Texas,

GO,

Series

B,

2.75%,

10/1/41,

Continuously

Callable

@100

309,596

Total

Municipal

Bonds

(Cost

$12,223,567)

10,724,447

U.S.

Government

Agency

Mortgages

(

32

.2

%

):

Government

National

Mortgage

Association

(

5

.6

%

):

6,957

4.50%,

9/15/33,

Pool

#615516

6,777

25,325

5.00%,

12/15/33,

Pool

#783571

24,892

8,819

6.50%,

8/20/38,

Pool

#4223

9,257

7,446

6.50%,

10/15/38,

Pool

#673213

7,449

5,014

6.50%,

11/20/38,

Pool

#4292

5,263

9,232

6.50%,

12/15/38,

Pool

#782510

9,473

94,844

5.00%,

1/15/39,

Pool

#782557

95,255

60,785

5.00%,

4/15/39,

Pool

#782619

60,690

50,230

5.00%,

4/15/39,

Pool

#711939

51,363

5,984

4.00%,

4/20/39,

Pool

#4422

5,617

5,909

5.00%,

6/15/39,

Pool

#782696

5,900

20,526

4.00%,

7/20/39,

Pool

#4494

19,266

35,063

5.00%,

10/20/39,

Pool

#4559

35,403

3,941

4.50%,

12/20/39,

Pool

#4598

3,921

10,175

4.50%,

1/15/40,

Pool

#728627

10,019

4,780

4.50%,

1/20/40,

Pool

#4617

4,756

3,931

4.50%,

2/20/40,

Pool

#4636

3,911

28,852

5.00%,

5/15/40,

Pool

#782958

28,998

250

4.50%,

5/20/40,

Pool

#4696

249

17,774

5.00%,

6/15/40,

Pool

#697862

17,864

24,630

4.50%,

7/15/40,

Pool

#745793

24,254

182,885

4.50%,

7/15/40,

Pool

#733795

180,095

9,743

4.50%,

7/20/40,

Pool

#4746

9,693

17,892

4.50%,

8/20/40,

Pool

#4771

17,799

10,754

4.50%,

9/20/40,

Pool

#748948

10,629

5,341

4.00%,

9/20/40,

Pool

#4800

5,110

39,809

4.50%,

10/15/40,

Pool

#783609

39,546

18,067

4.50%,

10/20/40,

Pool

#4834

17,974

140,915

4.00%,

10/20/40,

Pool

#4833

134,819

262,145

4.00%,

11/20/40,

Pool

#4853

256,700

129,481

4.00%,

12/20/40,

Pool

#4882

123,880

73,639

4.00%,

1/15/41,

Pool

#759138

70,226

116,219

4.00%,

1/20/41,

Pool

#4922

111,192

11,729

4.50%,

2/15/41,

Pool

#738019

11,540

496,945

4.00%,

2/20/41,

Pool

#742887

467,741

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

89

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

1,986

4.00%,

2/20/41,

Pool

#4945

$

1,907

38,552

4.00%,

3/15/41,

Pool

#762838

36,765

2,882

5.00%,

4/20/41,

Pool

#5018

2,914

46,043

4.50%,

6/20/41,

Pool

#783590

45,759

6,299

5.00%,

6/20/41,

Pool

#5083

6,495

32,257

4.50%,

7/20/41,

Pool

#783584

32,058

98,870

4.00%,

7/20/41,

Pool

#742895

92,111

108,712

4.50%,

7/20/41,

Pool

#5115

108,098

3,423

5.00%,

7/20/41,

Pool

#5116

3,529

15,343

4.50%,

7/20/41,

Pool

#754367

15,113

32,664

4.50%,

11/15/41,

Pool

#783610

32,307

92,834

3.50%,

1/15/42,

Pool

#553461

87,380

128,577

4.00%,

4/20/42,

Pool

#MA0023

123,582

55,783

5.00%,

7/20/42,

Pool

#MA0223

55,757

125,880

3.50%,

4/15/43,

Pool

#AD2334

117,547

247,610

3.50%,

4/20/43,

Pool

#MA0934

230,466

140,726

3.50%,

5/20/43,

Pool

#MA1012

130,514

12,300

4.00%,

7/20/43,

Pool

#MA1158

11,822

483,942

4.50%,

6/20/44,

Pool

#MA1997

476,561

7,401

4.00%,

8/20/44,

Pool

#AJ2723

7,068

387,482

4.00%,

8/20/44,

Pool

#MA2149

370,483

14,156

4.00%,

8/20/44,

Pool

#AI4167

13,519

9,820

4.00%,

8/20/44,

Pool

#AJ4687

9,379

220,221

5.00%,

12/20/44,

Pool

#MA2448

227,053

18,857

3.00%,

12/20/44,

Pool

#MA2444

17,003

218,410

3.00%,

2/15/45,

Pool

#784439

197,500

988,327

3.50%,

5/20/45,

Pool

#MA2826

918,027

137,269

5.00%,

12/20/45,

Pool

#MA3313

137,963

4,985,556

3.50%,

3/20/46,

Pool

#MA3521

4,628,334

956,134

3.50%,

5/20/46,

Pool

#MA3663

887,624

321,412

3.50%,

7/20/46,

Pool

#MA3803

298,381

1,299,647

3.50%,

9/20/46,

Pool

#MA3937

1,199,223

132,293

3.50%,

10/20/46,

Pool

#AX4344

122,525

52,289

3.50%,

10/20/46,

Pool

#AX4343

48,461

65,887

3.50%,

10/20/46,

Pool

#AX4342

61,183

57,585

3.50%,

10/20/46,

Pool

#AX4341

53,757

7,311

4.00%,

10/20/46,

Pool

#AQ0542

7,013

85,040

3.50%,

10/20/46,

Pool

#AX4345

78,260

77,266

4.50%,

3/15/47,

Pool

#AZ8560

75,659

96,609

4.50%,

4/15/47,

Pool

#AZ8596

94,600

62,045

4.50%,

4/15/47,

Pool

#AZ8597

60,754

56,713

4.50%,

5/15/47,

Pool

#BA7888

55,533

1,223,882

4.00%,

6/20/47,

Pool

#MA4511

1,166,455

11,723

4.00%,

9/15/47,

Pool

#BC5919

11,113

13,549

4.00%,

10/15/47,

Pool

#BD3187

12,954

16,202

4.00%,

10/15/47,

Pool

#BE1031

15,156

15,271

4.00%,

11/15/47,

Pool

#BE1030

14,638

960,390

4.00%,

11/20/47,

Pool

#MA4838

915,329

17,636

4.00%,

12/15/47,

Pool

#BE4664

16,497

473,229

4.00%,

12/20/47,

Pool

#MA4901

451,025

21,490

4.00%,

1/15/48,

Pool

#BE0143

20,102

14,971

4.00%,

1/15/48,

Pool

#BE0204

14,183

204,406

4.50%,

9/20/48,

Pool

#BD0560

198,524

385,862

4.50%,

3/20/49,

Pool

#MA5818

376,422

16,496

4.50%,

4/20/49,

Pool

#MA5877

16,093

174,081

4.50%,

5/20/49,

Pool

#MA5932

169,822

320,838

4.50%,

4/20/50,

Pool

#MA6602

312,009

550,801

3.00%,

4/20/50,

Pool

#MA6599

487,712

249,914

4.00%,

5/20/50,

Pool

#MA6658

238,244

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

70,701

3.00%,

5/20/50,

Pool

#MA6656

$

62,598

1,594,284

Class

LP

,

Series

2020-127,

1.50%,

6/20/50

1,229,517

5,427,555

2.00%,

8/20/50,

Pool

#MA6818

4,447,604

1,264,234

3.00%,

10/20/50,

Pool

#MA6932

1,124,898

957,499

2.00%,

11/20/50,

Pool

#MA6994

786,518

17,091,145

2.00%,

12/20/50,

Pool

#MA7051

14,004,699

11,886,157

2.00%,

1/20/51,

Pool

#MA7135

9,759,556

1,153,872

3.00%,

1/20/51,

Pool

#MA7137

1,024,206

1,803,836

2.00%,

2/20/51,

Pool

#MA7192

1,480,817

5,355,868

2.50%,

4/20/51,

Pool

#MA7312

4,571,067

6,080,695

3.00%,

6/20/51,

Pool

#MA7419

5,376,603

7,869,117

3.00%,

8/20/51,

Pool

#MA7535

6,960,640

2,793,783

2.50%,

10/20/51,

Pool

#MA7649

2,383,170

1,912,801

2.50%,

12/20/51,

Pool

#MA7767

1,631,019

1,974,724

3.00%,

12/20/51,

Pool

#MA7768

1,743,660

83,035

3.00%,

1/20/52,

Pool

#MA7828

73,319

4,496,040

2.50%,

5/20/52,

Pool

#MA8042

3,833,816

17,839,443

2.50%,

6/20/52,

Pool

#MA8097

15,210,916

5,189,088

2.50%,

7/20/52,

Pool

#MA8147

4,424,653

221,188

2.50%,

8/20/52,

Pool

#MA8197

188,939

1,188,454

2.50%,

12/20/52,

Pool

#MA8485

1,012,979

3,893,001

2.50%,

1/20/53,

Pool

#MA8564

3,318,164

187,055

6.00%,

4/20/53,

Pool

#CT7444

191,169

2,160,000

2.00%,

4/20/54,

TBA

1,769,513

12,394,797

3.50%,

4/20/54,

TBA

11,285,075

9,906,000

4.00%,

4/20/54,

TBA

9,272,945

9,670,700

3.00%,

4/20/54,

TBA

8,535,904

6,835,000

6.50%,

4/20/54,

TBA

6,949,273

2,275,000

5.50%,

4/20/54,

TBA

2,273,934

8,142,000

6.00%,

4/20/54,

TBA

8,214,515

5,205,000

4.50%,

4/20/54,

TBA

5,002,493

12,033,000

5.00%,

4/20/54,

TBA

11,829,943

167,477,908

Federal

National

Mortgage

Association

(

14

.4

%

):

36,738

2.50%,

9/1/27,

Pool

#AB6194

34,662

26,195

2.50%,

9/1/27,

Pool

#AP5205

25,238

10,528

2.50%,

2/1/28,

Pool

#AB8446

10,094

23,024

2.50%,

4/1/28,

Pool

#AB8870

21,832

16,787

3.00%,

4/1/28,

Pool

#AT3121

15,856

19,626

3.00%,

5/1/28,

Pool

#AT6033

18,542

70,512

2.50%,

8/1/28,

Pool

#AS0190

66,581

84,948

3.50%,

10/1/28,

Pool

#AV0198

82,427

3,707

3.00%,

10/1/28,

Pool

#AQ4132

3,498

43,134

3.00%,

10/1/28,

Pool

#AU8774

40,747

156,933

3.50%,

11/1/28,

Pool

#AV1360

152,197

5,085

3.00%,

11/1/28,

Pool

#AV0298

4,798

110,674

3.00%,

4/1/29,

Pool

#AW0937

104,253

102,737

3.00%,

5/1/29,

Pool

#AW2544

96,137

161,067

3.00%,

6/1/29,

Pool

#AS2676

153,440

38,479

3.00%,

7/1/29,

Pool

#AW1281

36,624

207,640

3.00%,

7/1/29,

Pool

#AW4229

196,099

38,097

3.50%,

9/1/29,

Pool

#AX0105

36,680

101,064

3.00%,

9/1/29,

Pool

#AS3220

96,204

294,951

3.00%,

9/1/29,

Pool

#AL6897

273,688

61,019

3.00%,

10/1/29,

Pool

#AS3594

57,673

11,923

3.50%,

10/1/29,

Pool

#AX2741

11,509

224,773

3.00%,

1/1/30,

Pool

#AL6144

216,086

2,605,000

4.94%,

1/15/30(c)

2,018,755

26,797

2.50%,

2/1/30,

Pool

#BM3403

25,386

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

90

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

8,107

2.50%,

2/1/30,

Pool

#AS4485

$

7,648

9,182

2.50%,

2/1/30,

Pool

#AS4488

8,555

64,017

2.50%,

3/1/30,

Pool

#AS4688

60,710

49,176

3.00%,

3/1/30,

Pool

#AL6583

46,476

40,738

3.00%,

4/1/30,

Pool

#AL6584

38,975

25,132

2.50%,

4/1/30,

Pool

#AY3416

23,833

21,396

3.00%,

5/1/30,

Pool

#AL6761

20,236

12,686

2.50%,

5/1/30,

Pool

#AY0828

12,340

3,901,000

5.01%,

5/15/30(c)

2,975,472

120,347

3.00%,

6/1/30,

Pool

#AL9381

113,821

15,506

2.50%,

7/1/30,

Pool

#AZ2170

14,705

6,089

3.00%,

7/1/30,

Pool

#AZ2297

5,772

52,934

2.50%,

7/1/30,

Pool

#AS5403

49,298

44,896

3.00%,

7/1/30,

Pool

#AX9701

42,953

9,181

2.50%,

7/1/30,

Pool

#AS5405

8,704

33,764

3.00%,

7/1/30,

Pool

#AL7139

32,304

9,223

3.00%,

7/1/30,

Pool

#AX9700

8,742

83,906

2.50%,

8/1/30,

Pool

#BM3552

78,208

24,954

2.50%,

8/1/30,

Pool

#AS5548

23,240

31,017

2.50%,

8/1/30,

Pool

#AS5614

29,415

44,117

3.00%,

8/1/30,

Pool

#AS5623

41,789

2,853

3.00%,

8/1/30,

Pool

#AZ8597

2,705

7,727

3.00%,

8/1/30,

Pool

#AZ7833

7,324

8,697

3.00%,

8/1/30,

Pool

#AX3298

8,220

51,365

2.50%,

8/1/30,

Pool

#AS5616

48,458

32,698

3.50%,

8/1/30,

Pool

#AS5708

31,968

58,787

3.00%,

8/1/30,

Pool

#AL7225

56,244

47,307

3.00%,

8/1/30,

Pool

#AL7227

44,808

39,430

3.00%,

8/1/30,

Pool

#AS5622

37,724

34,642

2.50%,

9/1/30,

Pool

#AS5786

32,261

16,187

3.00%,

9/1/30,

Pool

#AZ5719

15,343

42,213

2.50%,

9/1/30,

Pool

#AS5872

40,032

10,206

3.00%,

9/1/30,

Pool

#AL7320

9,646

42,717

3.00%,

9/1/30,

Pool

#AS5728

40,371

37,277

3.00%,

9/1/30,

Pool

#AS5714

35,664

5,344

2.50%,

11/1/30,

Pool

#AL7800

5,041

42,110

2.50%,

11/1/30,

Pool

#AS6141

39,934

36,636

2.50%,

11/1/30,

Pool

#AS6115

34,563

31,621

2.50%,

11/1/30,

Pool

#AS6116

29,976

32,985

2.50%,

11/1/30,

Pool

#AS6142

30,718

486,297

3.00%,

1/1/31,

Pool

#BM3537

452,334

43,045

2.50%,

3/1/31,

Pool

#BM1595

40,602

1,028,206

1.50%,

6/1/31,

Pool

#MA4367

939,924

65,930

2.50%,

6/1/31,

Pool

#AS7320

62,056

1,889,627

1.50%,

7/1/31,

Pool

#MA4389

1,725,702

101,390

2.50%,

7/1/31,

Pool

#AS7605

95,434

107,692

2.50%,

7/1/31,

Pool

#AS7617

101,363

9,247

4.00%,

8/1/31,

Pool

#AY4688

8,933

19,503

4.00%,

8/1/31,

Pool

#AY4707

19,199

4,147

2.50%,

8/1/31,

Pool

#BC2777

3,904

680,258

3.00%,

8/1/31,

Pool

#AL9376

651,650

71,168

3.00%,

9/1/31,

Pool

#AL9378

67,476

191,644

2.50%,

10/1/31,

Pool

#AS8193

179,671

417,093

2.50%,

10/1/31,

Pool

#AS8195

393,759

265,803

2.50%,

10/1/31,

Pool

#AS8208

250,183

909,191

2.50%,

10/1/31,

Pool

#BC4773

858,322

37,386

2.00%,

10/1/31,

Pool

#MA2774

34,845

138,573

2.50%,

10/1/31,

Pool

#AS8009

129,917

63,518

2.00%,

11/1/31,

Pool

#BC9040

59,200

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

81,858

2.50%,

11/1/31,

Pool

#BC2628

$

77,274

221,879

2.00%,

11/1/31,

Pool

#BM3054

206,797

155,780

2.50%,

11/1/31,

Pool

#AS8240

146,622

191,063

2.00%,

11/1/31,

Pool

#AS8251

178,072

66,999

2.50%,

11/1/31,

Pool

#BC2629

63,060

98,553

2.50%,

11/1/31,

Pool

#AS8241

92,397

72,994

2.50%,

11/1/31,

Pool

#AS8245

68,910

11,916

2.00%,

11/1/31,

Pool

#AS8291

11,105

138,026

2.50%,

11/1/31,

Pool

#BC2631

128,931

52,950

2.00%,

12/1/31,

Pool

#MA2845

49,350

7,972

3.00%,

2/1/32,

Pool

#BE5670

7,510

13,886

2.50%,

2/1/32,

Pool

#BM1036

13,001

255,165

2.50%,

3/1/32,

Pool

#AS9321

235,045

212,900

3.00%,

3/1/32,

Pool

#AS9327

200,558

243,995

2.50%,

3/1/32,

Pool

#AS9318

224,351

273,749

2.50%,

3/1/32,

Pool

#AS9319

255,281

142,723

2.50%,

3/1/32,

Pool

#AS9317

131,193

146,783

2.50%,

3/1/32,

Pool

#AS9316

137,296

347,436

2.00%,

3/1/32,

Pool

#BM3061

323,808

1,036,571

3.50%,

4/1/32,

Pool

#BM3503

1,000,332

1,295,000

Class

A2

,

Series

2022-M1S,

2.08%,

4/25/32

1,074,442

740,728

3.50%,

5/1/32,

Pool

#BM1602

722,577

1,089,615

3.00%,

6/1/32,

Pool

#BM1791

1,036,761

318,632

2.50%,

8/1/32,

Pool

#BM3578

292,482

118,500

3.00%,

9/1/32,

Pool

#BM3240

111,800

43,624

3.50%,

11/1/32,

Pool

#BJ2054

42,097

24,934

3.50%,

1/1/33,

Pool

#BJ2096

24,068

44,735

5.50%,

1/1/33,

Pool

#676661

45,683

630,686

2.50%,

2/1/33,

Pool

#BM3793

593,436

31,488

5.50%,

5/1/33,

Pool

#555424

31,534

1,434,059

3.00%,

5/1/33,

Pool

#FM1880

1,355,974

43,482

4.00%,

9/1/33,

Pool

#BK7642

42,344

122,515

4.00%,

10/1/33,

Pool

#CA2527

119,655

125,479

4.00%,

11/1/33,

Pool

#CA2555

123,200

237,684

2.50%,

12/1/33,

Pool

#FM1680

222,626

3,430,000

Class

A3

,

Series

2022-M5,

2.35%,

1/1/34

2,798,071

76,654

5.50%,

2/1/35,

Pool

#735989

77,521

230,139

5.00%,

2/1/35,

Pool

#735226

229,085

19,047

5.00%,

3/1/35,

Pool

#735288

18,963

7,191

6.00%,

4/1/35,

Pool

#735504

7,307

264,381

2.00%,

6/1/35,

Pool

#CA5939

235,077

551,694

2.00%,

6/1/35,

Pool

#CA5933

494,918

139,829

3.00%,

8/1/35,

Pool

#CA6876

131,597

150,285

3.00%,

8/1/35,

Pool

#CA6849

140,159

2,585,000

1.53%,

8/17/35,

Callable

5/17/24

@

100.00

1,841,784

1,708,000

1.55%,

8/24/35,

Callable

5/24/24

@

100.00

1,219,222

3,170,000

1.60%,

8/24/35,

Callable

5/24/24

@

100.00

2,274,301

277,457

2.00%,

9/1/35,

Pool

#CA7136

247,747

255,109

2.00%,

9/1/35,

Pool

#CA6840

228,634

35,600

5.00%,

9/1/35,

Pool

#889974

35,694

2,770,000

1.78%,

11/16/35,

Callable

5/16/24

@

100.00

2,024,119

90,539

3.00%,

12/1/35,

Pool

#CA8389

85,207

802,836

2.50%,

12/1/35,

Pool

#CA8387

733,336

945,318

1.50%,

12/1/35,

Pool

#CA8377

823,120

43,682

3.00%,

12/1/35,

Pool

#CA8391

40,845

919,816

2.50%,

12/1/35,

Pool

#CA8388

844,063

96,131

4.00%,

1/1/36,

Pool

#AB0686

92,234

346,408

2.00%,

2/1/36,

Pool

#FM6149

310,453

250,220

1.50%,

3/1/36,

Pool

#CA9422

220,873

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(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

$

375,111

2.50%,

3/1/36,

Pool

#CA9444

$

343,918

492,187

2.00%,

3/1/36,

Pool

#CA9432

438,371

640,320

2.00%,

4/1/36,

Pool

#FM7495

572,322

406,757

1.50%,

5/1/36,

Pool

#CB0622

359,042

469,676

2.00%,

5/1/36,

Pool

#CB0428

419,796

1,443,051

1.50%,

6/1/36,

Pool

#FM7423

1,245,322

727,225

2.00%,

7/1/36,

Pool

#FM8117

648,909

1,764,935

2.00%,

9/1/36,

Pool

#FM8733

1,574,281

1,589,010

2.00%,

9/1/36,

Pool

#FM8695

1,424,882

184,134

5.50%,

9/1/36,

Pool

#995113

186,544

21,324

3.00%,

10/1/36,

Pool

#AL9227

19,483

68,599

3.00%,

11/1/36,

Pool

#AS8349

62,675

163,923

3.00%,

11/1/36,

Pool

#AS8348

151,418

343,397

2.00%,

11/1/36,

Pool

#FM9318

306,221

164,524

3.00%,

12/1/36,

Pool

#BE1896

150,314

5,424,530

1.50%,

12/1/36,

Pool

#FS0003

4,730,083

216,097

3.00%,

12/1/36,

Pool

#AS8553

197,446

335,594

2.00%,

1/1/37,

Pool

#FS0216

300,926

420,512

1.50%,

2/1/37,

Pool

#FS3221

368,920

333,263

2.00%,

2/1/37,

Pool

#FS0754

297,693

144,271

2.00%,

2/1/37,

Pool

#FS0610

128,292

760,080

2.00%,

2/1/37,

Pool

#CB2967

674,955

1,360,706

2.00%,

3/1/37,

Pool

#FS1331

1,213,649

1,740,110

2.00%,

3/1/37,

Pool

#FS1330

1,541,964

400,809

2.00%,

3/1/37,

Pool

#CB2966

356,537

1,027,307

2.00%,

4/1/37,

Pool

#FS3325

917,989

7,845

5.50%,

2/1/38,

Pool

#961545

7,973

7,017

6.00%,

3/1/38,

Pool

#889529

7,217

39,616

5.50%,

5/1/38,

Pool

#889441

40,219

18,933

6.00%,

5/1/38,

Pool

#889466

19,473

41,908

5.50%,

5/1/38,

Pool

#889692

42,909

28,723

5.50%,

6/1/38,

Pool

#995018

29,524

8,317

5.50%,

9/1/38,

Pool

#889995

8,495

19,856

6.00%,

10/1/38,

Pool

#889983

20,711

124,418

5.50%,

1/1/39,

Pool

#AB0200

129,840

37,310

4.50%,

4/1/39,

Pool

#930922

36,677

1,633,000

3.00%,

4/25/39,

TBA

1,519,200

4,272,000

2.50%,

4/25/39,

TBA

3,885,518

151,234

3.50%,

4/25/39,

TBA

143,696

1,012,000

4.00%,

4/25/39,

TBA

980,217

2,500,000

4.50%,

4/25/39,

TBA

2,462,500

45,034

4.50%,

5/1/39,

Pool

#AL1472

43,167

31,432

3.50%,

5/1/39,

Pool

#MA3660

29,156

435,066

5.00%,

6/1/39,

Pool

#AL7521

436,210

307,860

6.00%,

7/1/39,

Pool

#BF0056

316,630

20,870

5.50%,

10/1/39,

Pool

#AD0362

21,717

174,544

5.50%,

12/1/39,

Pool

#AC6680

179,842

131,316

3.50%,

12/1/39,

Pool

#MA3869

121,826

22,084

5.50%,

12/1/39,

Pool

#AD0571

23,021

2,147,114

4.50%,

1/1/40,

Pool

#AC8568

2,101,172

56,430

3.50%,

1/1/40,

Pool

#MA3891

52,362

100,817

3.50%,

2/1/40,

Pool

#MA3935

93,546

17,564

5.50%,

3/1/40,

Pool

#AL5304

18,461

15,935

4.50%,

4/1/40,

Pool

#AD4038

15,777

132,912

6.00%,

4/1/40,

Pool

#AL4141

138,838

25,195

6.50%,

5/1/40,

Pool

#AL1704

26,552

30,639

4.50%,

7/1/40,

Pool

#AB1226

29,983

36,266

4.50%,

7/1/40,

Pool

#AD7127

34,464

15,503

6.00%,

9/1/40,

Pool

#AE0823

16,308

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

16,820

4.00%,

1/1/41,

Pool

#AL7167

$

16,086

33,685

6.00%,

6/1/41,

Pool

#AL4142

35,416

12,654

4.50%,

7/1/41,

Pool

#AB3314

12,443

217,368

5.00%,

7/1/41,

Pool

#AL7524

220,139

388,590

5.50%,

9/1/41,

Pool

#AL8430

399,429

23,374

4.50%,

9/1/41,

Pool

#AI8961

23,165

13,540,820

1.50%,

11/1/41,

Pool

#FS0316

10,814,375

6,875,471

1.50%,

12/1/41,

Pool

#MA4500

5,559,019

2,146,484

2.00%,

12/1/41,

Pool

#MA4501

1,808,086

120,453

3.50%,

1/1/42,

Pool

#AW8154

109,297

508,450

4.00%,

1/1/42,

Pool

#AB4307

489,735

542,435

2.00%,

2/1/42,

Pool

#MA4540

452,687

5,243,688

2.00%,

3/1/42,

Pool

#MA4570

4,334,212

48,997

3.50%,

4/1/42,

Pool

#AO0777

45,555

18,556

3.50%,

4/1/42,

Pool

#AK7510

17,097

814,849

2.00%,

4/1/42,

Pool

#MA4586

679,976

22,683

4.00%,

5/1/42,

Pool

#AO2114

21,574

6,839

3.50%,

5/1/42,

Pool

#AO2881

6,302

103,955

4.00%,

5/1/42,

Pool

#AO2961

98,872

7,857

3.50%,

6/1/42,

Pool

#AO3048

7,239

10,242

3.50%,

6/1/42,

Pool

#AK9225

9,437

23,831

3.50%,

7/1/42,

Pool

#AO9707

21,958

100,982

4.50%,

9/1/42,

Pool

#AL2482

98,676

605,508

4.50%,

1/1/43,

Pool

#AL8206

590,916

48,426

3.00%,

3/1/43,

Pool

#AR7576

42,519

38,586

3.00%,

3/1/43,

Pool

#AR7568

33,904

59,407

3.00%,

3/1/43,

Pool

#AR9218

52,383

51,406

3.00%,

4/1/43,

Pool

#AT2043

45,138

80,725

3.00%,

4/1/43,

Pool

#AT2040

71,180

49,350

3.00%,

4/1/43,

Pool

#AB8924

43,331

57,699

3.00%,

4/1/43,

Pool

#AR8630

50,877

20,223

3.00%,

4/1/43,

Pool

#AT2037

17,769

47,730

3.00%,

4/1/43,

Pool

#AB8923

42,086

564

3.50%,

4/1/43,

Pool

#CA1530

511

6,466

3.00%,

6/1/43,

Pool

#AB9564

5,802

406,672

5.00%,

12/1/43,

Pool

#AL7777

407,194

210,815

5.00%,

11/1/44,

Pool

#AL8878

205,290

170,048

3.50%,

2/1/45,

Pool

#BM1100

156,752

533,877

3.50%,

2/1/45,

Pool

#FM5294

493,525

114,522

5.00%,

6/1/45,

Pool

#BM3784

114,741

2,324,166

3.50%,

9/1/45,

Pool

#FM3224

2,127,403

84,175

4.50%,

9/1/45,

Pool

#AL7936

83,085

5,205,134

3.50%,

11/1/45,

Pool

#FM6411

4,799,418

2,901

4.50%,

11/1/45,

Pool

#AS6233

2,853

52,412

4.50%,

11/1/45,

Pool

#AL9501

51,072

114,315

4.50%,

12/1/45,

Pool

#BM1756

110,198

13,144

3.00%,

6/1/46,

Pool

#AS7365

11,608

352,740

4.50%,

7/1/46,

Pool

#BM1920

347,187

929,485

3.50%,

7/1/46,

Pool

#BA7748

852,340

277,984

4.50%,

7/1/46,

Pool

#BM3053

270,906

15,837

3.00%,

8/1/46,

Pool

#AL9031

14,177

913,177

3.00%,

9/1/46,

Pool

#BD1469

801,892

108,652

3.00%,

11/1/46,

Pool

#BD9643

96,040

142,849

3.00%,

11/1/46,

Pool

#BD9645

126,114

275,297

3.00%,

11/1/46,

Pool

#BD9644

243,348

205,895

3.50%,

12/1/46,

Pool

#BE2103

187,339

850,796

3.00%,

12/1/46,

Pool

#AS8486

747,104

737,252

3.50%,

2/1/47,

Pool

#AL9920

670,824

333,420

3.50%,

2/1/47,

Pool

#BE1534

301,924

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(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

$

69,759

3.50%,

3/1/47,

Pool

#BH0158

$

63,166

163,252

3.50%,

5/1/47,

Pool

#BE9375

147,828

317,071

3.50%,

5/1/47,

Pool

#BM1174

290,797

275,799

4.00%,

5/1/47,

Pool

#BH0398

261,041

467,162

3.50%,

5/1/47,

Pool

#BD2417

423,030

130,585

3.50%,

6/1/47,

Pool

#BH0567

118,248

208,787

4.00%,

7/1/47,

Pool

#BH3401

197,619

279,691

4.00%,

8/1/47,

Pool

#BM1619

264,726

18,988

4.00%,

9/1/47,

Pool

#MA3121

17,905

136,098

4.50%,

10/1/47,

Pool

#BM3052

133,167

591,487

3.50%,

11/1/47,

Pool

#MA3182

540,324

591,442

3.50%,

12/1/47,

Pool

#MA3210

540,599

162,059

4.50%,

12/1/47,

Pool

#BH7067

156,753

1,226,645

3.50%,

1/1/48,

Pool

#FM5293

1,123,055

358,314

3.50%,

1/1/48,

Pool

#MA3238

327,319

408,212

4.00%,

1/1/48,

Pool

#BH9222

384,924

65,196

4.00%,

2/1/48,

Pool

#BJ9057

62,570

271,833

3.50%,

2/1/48,

Pool

#BH9277

247,812

68,800

4.00%,

2/1/48,

Pool

#BJ9058

65,110

348,078

3.50%,

3/1/48,

Pool

#BJ4916

317,332

112,453

3.50%,

3/1/48,

Pool

#BK1958

101,944

3,280,462

3.50%,

3/1/48,

Pool

#BJ0650

2,990,570

179,465

3.50%,

3/1/48,

Pool

#BJ0648

163,605

129,263

4.50%,

4/1/48,

Pool

#BM3846

126,949

3,088,998

4.50%,

4/1/48,

Pool

#FM7783

3,006,930

208,215

3.50%,

4/1/48,

Pool

#FM5295

192,376

33,430

4.00%,

4/1/48,

Pool

#MA3333

31,341

1,867,338

4.50%,

5/1/48,

Pool

#CA1704

1,842,045

1,593,275

3.50%,

5/1/48,

Pool

#MA3356

1,451,775

38,536

4.00%,

5/1/48,

Pool

#CA2708

36,126

27,993

4.00%,

6/1/48,

Pool

#MA3384

26,245

146,239

5.00%,

6/1/48,

Pool

#CA2317

146,091

68,876

4.50%,

7/1/48,

Pool

#BK6113

67,004

27,768

4.00%,

7/1/48,

Pool

#MA3415

26,031

9,097

4.50%,

7/1/48,

Pool

#BK4471

8,974

257,443

4.00%,

8/1/48,

Pool

#BK4772

241,322

587,232

5.00%,

9/1/48,

Pool

#MA3472

584,314

375,667

4.00%,

9/1/48,

Pool

#FM5566

351,610

80,540

4.00%,

10/1/48,

Pool

#CA2469

76,082

122,743

5.00%,

10/1/48,

Pool

#BK7881

122,133

42,466

5.00%,

10/1/48,

Pool

#MA3501

42,255

80,076

5.00%,

11/1/48,

Pool

#MA3527

79,678

8,474

3.50%,

11/1/48,

Pool

#FM1543

7,737

25,048

5.00%,

12/1/48,

Pool

#BN4404

24,945

1,130,921

4.00%,

1/1/49,

Pool

#FM5296

1,067,265

78,122

5.00%,

1/1/49,

Pool

#BN3949

77,734

27,902

5.00%,

1/1/49,

Pool

#BN4430

27,787

251,182

3.50%,

6/1/49,

Pool

#FM5315

229,186

732,321

4.00%,

9/1/49,

Pool

#FM3665

691,785

313,169

4.00%,

3/1/50,

Pool

#CA5368

291,402

4,391,578

3.00%,

3/1/50,

Pool

#FM5290

3,861,794

298,363

4.00%,

5/1/50,

Pool

#FM7973

279,630

423,782

4.00%,

6/1/50,

Pool

#CA6106

398,463

2,794,677

2.50%,

7/1/50,

Pool

#CA6343

2,361,440

2,712,682

2.50%,

7/1/50,

Pool

#CA6342

2,292,156

2,753,206

2.50%,

7/1/50,

Pool

#CA6341

2,326,394

1,603,652

2.50%,

7/1/50,

Pool

#CA6359

1,365,174

2,639,772

2.50%,

8/1/50,

Pool

#CA6636

2,230,582

1,650,855

3.00%,

8/1/50,

Pool

#FM5292

1,447,895

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

813,900

2.50%,

8/1/50,

Pool

#CA6711

$

687,744

3,197,469

2.50%,

8/1/50,

Pool

#CA6577

2,701,861

1,809,650

2.00%,

8/1/50,

Pool

#FP0025

1,438,887

250,050

4.00%,

8/1/50,

Pool

#FM7703

234,352

365,864

2.00%,

9/1/50,

Pool

#BQ0697

291,298

1,174,897

2.00%,

9/1/50,

Pool

#MA4119

935,435

2,114,949

2.00%,

10/1/50,

Pool

#MA4158

1,673,622

1,917,112

1.50%,

10/1/50,

Pool

#MA4157

1,445,520

294,279

2.00%,

11/1/50,

Pool

#BQ6334

235,646

1,848,242

2.50%,

11/1/50,

Pool

#CA7597

1,573,366

1,667,791

1.50%,

11/1/50,

Pool

#MA4181

1,257,473

523,619

2.50%,

11/1/50,

Pool

#FM4874

445,780

403,423

2.00%,

12/1/50,

Pool

#FM5305

324,695

1,281,419

2.00%,

12/1/50,

Pool

#FM5176

1,028,521

32,182,985

2.00%,

1/1/51,

Pool

#MA4237

25,618,075

483,011

2.50%,

1/1/51,

Pool

#CA8592

408,124

1,533,972

4.00%,

1/1/51,

Pool

#FM7031

1,435,307

13,383,879

3.50%,

1/1/51,

Pool

#FM7599

12,112,748

2,586,791

2.00%,

2/1/51,

Pool

#BR1615

2,061,238

1,345,204

2.50%,

2/1/51,

Pool

#CA9038

1,132,327

177,019

2.50%,

3/1/51,

Pool

#BR4654

148,425

469,393

2.00%,

3/1/51,

Pool

#BN9004

377,518

2,241,714

1.50%,

3/1/51,

Pool

#MA4280

1,686,763

846,955

2.00%,

3/1/51,

Pool

#BN8997

682,335

1,687,806

4.00%,

3/1/51,

Pool

#FM7460

1,579,249

788,147

2.00%,

4/1/51,

Pool

#BR7802

632,325

274,097

2.00%,

4/1/51,

Pool

#FS0599

220,624

1,163,117

2.00%,

4/1/51,

Pool

#FM6863

936,145

623,600

2.00%,

4/1/51,

Pool

#BR7241

500,174

108,590

2.50%,

4/1/51,

Pool

#BR8283

90,120

210,573

2.50%,

4/1/51,

Pool

#BR8896

176,578

63,544

2.50%,

5/1/51,

Pool

#BR8296

52,735

8,516,066

4.00%,

5/1/51,

Pool

#FS1463

8,005,129

116,102

2.50%,

5/1/51,

Pool

#BR8915

97,354

1,997,093

2.50%,

5/1/51,

Pool

#CB0383

1,680,759

5,666,230

3.00%,

6/1/51,

Pool

#CB0848

4,900,662

191,886

2.50%,

7/1/51,

Pool

#BP3574

160,896

11,130,691

2.00%,

7/1/51,

Pool

#MA4378

8,826,773

9,989,589

2.00%,

8/1/51,

Pool

#CB1309

7,937,893

8,507,980

2.00%,

8/1/51,

Pool

#CB1310

6,760,582

4,066,904

4.00%,

10/1/51,

Pool

#FS1133

3,805,337

69,522

2.50%,

10/1/51,

Pool

#BT8452

58,297

679,394

2.50%,

10/1/51,

Pool

#CB1806

571,787

2,368,024

2.00%,

11/1/51,

Pool

#CB2054

1,905,887

1,032,202

2.00%,

11/1/51,

Pool

#FM9452

830,083

2,178,692

2.00%,

11/1/51,

Pool

#CB2079

1,738,532

894,425

2.50%,

11/1/51,

Pool

#FS0026

755,626

2,095,982

2.00%,

11/1/51,

Pool

#FM9538

1,680,953

1,144,381

2.00%,

11/1/51,

Pool

#CB2139

915,350

2,901,963

2.00%,

11/1/51,

Pool

#FS1334

2,308,182

2,425,047

3.00%,

11/1/51,

Pool

#CB2165

2,097,131

285,343

2.00%,

12/1/51,

Pool

#FS0598

231,150

523,350

2.50%,

12/1/51,

Pool

#CB2372

440,434

665,519

2.00%,

12/1/51,

Pool

#FM9730

535,643

1,504,445

2.00%,

12/1/51,

Pool

#FS0212

1,210,685

1,489,050

2.00%,

12/1/51,

Pool

#FS0211

1,189,166

1,074,172

3.00%,

12/1/51,

Pool

#CB2418

935,942

993,621

2.00%,

12/1/51,

Pool

#FM9925

794,411

1,034,781

2.50%,

1/1/52,

Pool

#CB2633

868,730

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(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

$

3,352,371

2.50%,

1/1/52,

Pool

#CB2622

$

2,819,513

1,732,691

2.50%,

1/1/52,

Pool

#FS0193

1,445,977

2,228,079

2.50%,

1/1/52,

Pool

#FS0208

1,873,992

2,791,054

2.50%,

1/1/52,

Pool

#FS0209

2,348,894

1,371,464

2.00%,

1/1/52,

Pool

#CB2601

1,099,863

1,795,015

2.00%,

1/1/52,

Pool

#FS0497

1,443,555

2,495,999

2.50%,

1/1/52,

Pool

#FS0378

2,136,473

1,185,470

2.00%,

1/1/52,

Pool

#FS0290

950,726

1,829,319

2.50%,

1/1/52,

Pool

#CB2620

1,540,946

2,214,878

2.50%,

1/1/52,

Pool

#CB2621

1,866,152

836,894

2.00%,

2/1/52,

Pool

#FS0646

671,282

6,553,759

2.00%,

2/1/52,

Pool

#FS2040

5,200,072

1,597,667

2.00%,

2/1/52,

Pool

#CB2837

1,281,451

2,265,568

2.50%,

2/1/52,

Pool

#CB2856

1,895,584

697,230

2.00%,

2/1/52,

Pool

#CB2836

556,383

3,592,480

2.00%,

2/1/52,

Pool

#CB2838

2,881,903

527,254

2.50%,

2/1/52,

Pool

#CB2854

443,419

357,779

2.50%,

2/1/52,

Pool

#CB2863

305,237

1,912,085

2.50%,

2/1/52,

Pool

#CB2855

1,608,257

2,195,871

2.00%,

3/1/52,

Pool

#CB3101

1,761,466

4,009,750

2.00%,

3/1/52,

Pool

#CB3102

3,210,233

1,531,263

2.00%,

3/1/52,

Pool

#CB3105

1,228,176

864,885

2.50%,

3/1/52,

Pool

#FS1661

728,784

277,410

3.00%,

3/1/52,

Pool

#CB3115

242,151

768,428

4.00%,

4/1/52,

Pool

#FS1267

720,460

781,035

3.00%,

4/1/52,

Pool

#FS1520

683,757

547,826

3.50%,

5/1/52,

Pool

#BV8545

498,878

4,730,985

4.00%,

5/1/52,

Pool

#FS3377

4,438,311

1,234,365

3.00%,

5/1/52,

Pool

#FS1522

1,075,683

767,805

5.00%,

7/1/52,

Pool

#FS2409

761,524

903,837

5.00%,

7/1/52,

Pool

#FS2458

893,478

463,123

4.50%,

7/1/52,

Pool

#MA4656

441,847

1,103,928

5.00%,

7/1/52,

Pool

#FS2473

1,088,542

589,543

3.50%,

7/1/52,

Pool

#FS2812

533,714

9,839,501

4.50%,

8/1/52,

Pool

#CB4345

9,471,693

431,737

3.50%,

8/1/52,

Pool

#CB4324

391,979

277,157

3.50%,

9/1/52,

Pool

#CB4658

250,906

442,120

3.50%,

9/1/52,

Pool

#CB4661

398,716

373,538

3.50%,

9/1/52,

Pool

#CB4660

337,441

95,099

3.50%,

9/1/52,

Pool

#CB4657

86,014

457,133

6.00%,

11/1/52,

Pool

#FS3251

471,004

937,039

5.00%,

12/1/52,

Pool

#MA4841

915,768

2,858,204

6.00%,

1/1/53,

Pool

#FS3832

2,906,254

2,410,111

5.00%,

1/1/53,

Pool

#CB5450

2,359,906

1,026,836

5.50%,

1/1/53,

Pool

#CB5462

1,026,279

405,198

5.00%,

1/1/53,

Pool

#BX4207

397,361

1,362,851

5.50%,

1/1/53,

Pool

#BX6108

1,358,731

2,220,135

6.00%,

4/1/53,

Pool

#CB6094

2,251,089

8,743,827

5.00%,

4/1/53,

Pool

#CB6063

8,555,041

435,768

6.00%,

5/1/53,

Pool

#BY0568

441,839

766,796

5.50%,

5/1/53,

Pool

#BY2967

766,449

893,821

6.00%,

5/1/53,

Pool

#FS4641

906,280

765,233

5.50%,

5/1/53,

Pool

#BY0557

764,886

2,914,753

6.00%,

5/1/53,

Pool

#CB6329

2,955,396

3,054,445

5.50%,

5/1/53,

Pool

#FS4629

3,053,060

3,799,499

5.50%,

5/1/53,

Pool

#CB6321

3,797,777

2,166,023

5.50%,

6/1/53,

Pool

#CB6463

2,165,044

3,785,398

6.00%,

7/1/53,

Pool

#CB6757

3,838,195

7,141,348

6.00%,

8/1/53,

Pool

#CB6872

7,216,833

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

3,993,271

6.50%,

8/1/53,

Pool

#FS5537

$

4,089,253

859,593

6.50%,

9/1/53,

Pool

#CB7142

881,719

2,310,461

6.50%,

10/1/53,

Pool

#CB7349

2,363,425

5,128,165

6.50%,

2/1/54,

Pool

#CB8018

5,259,866

5,644,800

4.50%,

4/25/54,

TBA

5,377,554

17,514,500

2.50%,

4/25/54,

TBA

14,493,249

777,000

6.50%,

4/25/54,

TBA

793,875

7,970,232

3.00%,

4/25/54,

TBA

6,864,362

4,186,200

1.50%,

4/25/54,

TBA

3,147,499

4,432,400

5.50%,

4/25/54,

TBA

4,412,316

4,101,700

6.50%,

5/25/54,

TBA

4,188,861

431,157,337

Federal

Home

Loan

Mortgage

Corporation

(

9

.3

%

):

3,097,194

Class

A2

,

Series

KC02,

3.37%,

7/25/25

3,028,593

48,495

3.00%,

9/1/27,

Pool

#U70060

45,740

29,272

3.00%,

7/1/28,

Pool

#U79018

27,989

591,000

,

Series

PRIN,

4.87%,

9/15/29(c)

465,516

4,510,000

Class

XFX

,

Series

KL06,

1.36%,

12/25/29,

Callable

12/25/24

@

100.00

248,732

14,676

3.00%,

1/1/30,

Pool

#V60696

14,234

18,218

3.00%,

1/1/30,

Pool

#V60724

17,132

31,596

2.50%,

3/1/30,

Pool

#V60770

29,985

34,224

2.50%,

5/1/30,

Pool

#J31418

32,265

63,512

3.00%,

5/1/30,

Pool

#J31689

60,520

78,871

2.50%,

5/1/30,

Pool

#J31728

76,721

48,281

2.50%,

5/1/30,

Pool

#V60796

46,964

122,768

3.00%,

6/1/30,

Pool

#V60840

115,694

10,239

2.50%,

7/1/30,

Pool

#J32209

9,653

12,933

2.50%,

7/1/30,

Pool

#J32204

12,087

2,678

2.50%,

7/1/30,

Pool

#J32491

2,605

59,101

3.00%,

7/1/30,

Pool

#G15520

55,830

3,637

2.50%,

7/1/30,

Pool

#V60905

3,538

8,445

3.00%,

7/1/30,

Pool

#J32181

8,046

53,560

2.50%,

8/1/30,

Pool

#V60886

50,826

12,638

3.00%,

8/1/30,

Pool

#V60909

11,910

8,540

3.00%,

8/1/30,

Pool

#J32436

8,068

44,388

2.50%,

8/1/30,

Pool

#V60902

42,122

42,826

2.50%,

9/1/30,

Pool

#V60903

40,085

135,511

2.50%,

9/1/30,

Pool

#V60904

131,814

7,179,379

Class

X1

,

Series

K121,

1.02%,

10/25/30

367,170

190,000

6.75%,

3/15/31

216,935

197,000

5.15%,

3/15/31(c)

144,527

236,723

2.50%,

4/1/31,

Pool

#G16186

221,729

4,262,657

1.50%,

5/1/31,

Pool

#RD5057

3,856,214

653,470

1.50%,

6/1/31,

Pool

#RD5059

595,148

570,000

Class

A2

,

Series

K142,

2.40%,

3/25/32,

Callable

3/25/32

@

100.00

485,414

2,300,000

Class

A2

,

Series

K144,

2.45%,

4/25/32

1,960,949

3,575,000

Class

A2

,

Series

K145,

2.58%,

5/25/32

3,074,243

1,740,000

Class

A2

,

Series

K146,

2.92%,

6/25/32

1,534,540

5,195

3.00%,

10/1/32,

Pool

#J37706

4,922

7,157

3.00%,

11/1/32,

Pool

#J37835

6,782

1,480,000

Class

A2

,

Series

K152,

3.78%,

11/25/32

1,385,885

4,700

3.00%,

12/1/32,

Pool

#J38060

4,454

1,670,000

Class

A2

,

Series

K154,

4.35%,

1/25/33

1,629,686

1,744,757

2.50%,

4/1/33,

Pool

#ZS8087

1,600,169

5,072,464

Class

A2

,

Series

KG08,

4.13%,

5/25/33

4,870,041

4,491,000

Class

A3

,

Series

K156,

3.70%,

6/25/33

4,166,956

86,797

3.50%,

1/1/34,

Pool

#ZS9068

82,170

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

94

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

934,621

2.50%,

1/1/35,

Pool

#SB0298

$

854,094

53,435

5.50%,

2/1/35,

Pool

#G04692

55,204

319,559

3.50%,

5/1/35,

Pool

#SC0063

305,594

1,550,000

1.46%,

8/17/35,

Callable

5/17/24

@

100.00

1,096,070

784,384

2.00%,

9/1/35,

Pool

#SB0539

699,461

1,664,294

2.00%,

1/1/36,

Pool

#SB0546

1,479,906

1,036,026

2.00%,

2/1/36,

Pool

#SB8507

937,168

926,412

2.00%,

2/1/36,

Pool

#RC1819

834,397

329,262

2.00%,

3/1/36,

Pool

#SB0544

294,897

292,692

1.50%,

4/1/36,

Pool

#SB0510

257,972

1,970,726

1.50%,

4/1/36,

Pool

#SB0514

1,704,278

1,942,543

2.00%,

5/1/36,

Pool

#RC1999

1,736,263

400,275

1.50%,

5/1/36,

Pool

#RC1975

346,121

4,456,458

2.00%,

6/1/36,

Pool

#RC2071

3,974,961

1,891,955

2.00%,

7/1/36,

Pool

#RC2097

1,687,517

3,155,000

1.72%,

9/22/36,

Callable

6/22/24

@

100.00

2,248,013

1,574,547

2.00%,

4/1/37,

Pool

#SB0679

1,403,819

38,243

3.00%,

9/1/37,

Pool

#ZA2471

35,322

790,293

3.00%,

6/1/38,

Pool

#SC0111

729,733

83,948

6.00%,

4/1/39,

Pool

#G07613

87,194

13,329

4.50%,

12/1/39,

Pool

#A90196

13,125

411,266

3.50%,

1/1/40,

Pool

#RB5028

381,562

51,426

3.50%,

2/1/40,

Pool

#RB5034

47,714

13,891

4.50%,

7/1/40,

Pool

#A93010

13,594

14,440

4.00%,

8/1/40,

Pool

#A93534

13,845

94,429

4.00%,

9/1/40,

Pool

#A93851

90,194

277,848

4.50%,

9/1/40,

Pool

#A93700

272,733

19,705

4.00%,

10/1/40,

Pool

#A95923

19,225

14,085

4.00%,

11/1/40,

Pool

#A94779

13,742

14,877

4.00%,

11/1/40,

Pool

#A94977

14,515

13,874

4.00%,

11/1/40,

Pool

#A95144

13,536

875

4.00%,

4/1/41,

Pool

#Q00093

843

35,238

4.50%,

5/1/41,

Pool

#Q00959

34,650

30,224

4.50%,

5/1/41,

Pool

#Q00804

29,721

217,976

5.50%,

6/1/41,

Pool

#G07553

224,163

17,410

4.00%,

10/1/41,

Pool

#Q03841

16,903

23,749

4.00%,

10/1/41,

Pool

#Q04022

23,057

47,798

5.00%,

10/1/41,

Pool

#G07642

48,096

332,809

2.00%,

2/1/42,

Pool

#RB5145

277,723

1,746,877

2.00%,

3/1/42,

Pool

#RB5148

1,457,526

113,054

3.50%,

4/1/42,

Pool

#Q07417

104,205

122,152

3.50%,

4/1/42,

Pool

#C03811

112,588

346,904

2.00%,

4/1/42,

Pool

#RB5153

285,759

10,246

3.50%,

5/1/42,

Pool

#Q08239

9,441

3,725

3.50%,

5/1/42,

Pool

#Q08306

3,433

15,768

3.50%,

8/1/42,

Pool

#Q12162

14,534

92,439

3.50%,

8/1/42,

Pool

#G07106

85,206

5,605

3.50%,

10/1/42,

Pool

#Q11909

5,166

146,218

3.00%,

1/1/43,

Pool

#Q14866

134,776

61,251

3.00%,

3/1/43,

Pool

#Q16403

54,367

118,582

3.00%,

3/1/43,

Pool

#Q16673

105,252

61,664

3.50%,

6/1/43,

Pool

#Q18718

57,963

104,237

3.50%,

7/1/43,

Pool

#Q20206

95,776

41,301

4.00%,

9/1/43,

Pool

#Q21579

39,283

105,620

4.50%,

12/1/43,

Pool

#Q23779

104,675

77,571

4.50%,

12/1/43,

Pool

#G60018

74,237

11,863

3.50%,

1/1/44,

Pool

#Q24368

10,900

487,092

3.50%,

4/1/44,

Pool

#G07848

444,759

45,882

4.00%,

4/1/44,

Pool

#Q25643

43,668

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

11,040

3.50%,

5/1/44,

Pool

#Q26218

$

10,229

59,149

3.50%,

6/1/44,

Pool

#Q28764

54,367

1,614,321

3.00%,

6/1/44,

Pool

#SD0498

1,426,011

41,503

4.00%,

7/1/44,

Pool

#G60901

39,487

11,227

3.50%,

7/1/44,

Pool

#Q27319

10,392

17,651

3.50%,

9/1/44,

Pool

#Q28604

16,337

1,648,384

3.50%,

9/1/44,

Pool

#SD0481

1,511,787

1,833,581

4.00%,

1/1/45,

Pool

#SD0490

1,752,381

1,624,984

4.00%,

1/1/45,

Pool

#SD0478

1,549,446

5,339

4.00%,

2/1/45,

Pool

#Q31128

5,126

13,192

4.00%,

2/1/45,

Pool

#Q31338

12,667

2,394,205

4.00%,

9/1/45,

Pool

#SD0507

2,298,759

13,079

3.50%,

9/1/45,

Pool

#Q36302

12,266

14,352

4.00%,

12/1/45,

Pool

#Q37957

13,718

17,159

4.00%,

12/1/45,

Pool

#Q37955

16,475

1,146,861

3.50%,

3/1/46,

Pool

#SD0485

1,046,714

212,670

3.50%,

9/1/46,

Pool

#SD0486

194,705

204,620

3.00%,

9/1/46,

Pool

#G60718

181,583

551,173

3.00%,

9/1/46,

Pool

#Q42979

489,122

716,511

3.00%,

12/1/46,

Pool

#V82781

631,326

58,939

3.00%,

12/1/46,

Pool

#Q45083

53,070

125,437

3.00%,

12/1/46,

Pool

#Q45080

110,691

220,808

3.00%,

12/1/46,

Pool

#Q45064

195,942

586,147

3.00%,

2/1/47,

Pool

#SD0496

518,240

318,336

3.50%,

3/1/47,

Pool

#G60968

294,719

765,184

4.50%,

7/1/47,

Pool

#G61047

746,049

604,277

4.00%,

7/1/47,

Pool

#SD0504

574,563

324,240

3.50%,

10/1/47,

Pool

#G61178

299,629

388,609

3.50%,

12/1/47,

Pool

#G61208

359,114

359,222

3.50%,

1/1/48,

Pool

#ZS4751

325,809

85,329

3.50%,

1/1/48,

Pool

#Q53648

78,837

50,846

3.50%,

1/1/48,

Pool

#Q53630

46,989

366,233

3.50%,

2/1/48,

Pool

#ZT1353

333,360

249,988

4.00%,

4/1/48,

Pool

#ZM6153

234,012

2,733,601

3.50%,

4/1/48,

Pool

#Q55389

2,479,248

534,909

4.00%,

4/1/48,

Pool

#SD0489

510,943

2,539,899

3.50%,

4/1/48,

Pool

#G08808

2,304,101

2,564,199

3.50%,

5/1/48,

Pool

#G08813

2,325,793

2,569,414

4.00%,

8/1/48,

Pool

#SD0492

2,435,392

861,068

4.50%,

8/1/48,

Pool

#G67715

842,721

2,027,332

4.00%,

5/1/49,

Pool

#SD0488

1,913,857

2,321,061

4.00%,

3/1/50,

Pool

#SD0296

2,185,834

1,625,648

4.50%,

3/1/50,

Pool

#SD0294

1,572,423

815,246

4.00%,

6/1/50,

Pool

#SD0520

765,091

97,171

3.00%,

7/1/50,

Pool

#QB1479

86,278

11,363

3.00%,

7/1/50,

Pool

#QB1158

9,993

25,452

3.00%,

7/1/50,

Pool

#QB1486

22,336

559,900

4.00%,

7/1/50,

Pool

#SD0878

525,092

461,048

2.50%,

7/1/50,

Pool

#QB1193

388,617

1,548,994

4.00%,

7/1/50,

Pool

#SD1146

1,467,555

13,071

3.00%,

7/1/50,

Pool

#QB1488

11,472

259,376

2.00%,

8/1/50,

Pool

#QB2296

208,196

740,440

1.50%,

8/1/50,

Pool

#RA3217

558,296

993,814

3.00%,

8/1/50,

Pool

#SD0519

883,649

73,920

3.00%,

8/1/50,

Pool

#QB2339

64,868

762,240

3.00%,

8/1/50,

Pool

#RA3282

670,262

736,385

3.00%,

8/1/50,

Pool

#RA3313

643,680

4,961,275

3.00%,

9/1/50,

Pool

#SD0592

4,382,923

1,063,851

2.00%,

9/1/50,

Pool

#SI2075

849,667

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

95

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

1,835,927

1.50%,

10/1/50,

Pool

#SD8082

$

1,384,305

571,870

2.00%,

11/1/50,

Pool

#SD7528

462,038

3,521,649

2.50%,

2/1/51,

Pool

#SD7534

2,997,995

5,088,923

2.00%,

3/1/51,

Pool

#SD8134

4,035,546

45,759,151

2.00%,

3/1/51,

Pool

#SD2903

36,370,176

1,893,927

2.00%,

4/1/51,

Pool

#SD7539

1,528,385

2,213,868

2.50%,

5/1/51,

Pool

#SD0702

1,869,029

1,030,632

2.00%,

5/1/51,

Pool

#SD7541

828,888

7,912,125

2.50%,

5/1/51,

Pool

#RA5077

6,648,364

3,297,298

2.00%,

7/1/51,

Pool

#SD0716

2,666,605

1,085,307

3.00%,

7/1/51,

Pool

#SD7544

948,671

965,783

2.00%,

9/1/51,

Pool

#SD0732

772,403

721,280

2.00%,

9/1/51,

Pool

#SD0730

578,650

3,231,785

2.00%,

10/1/51,

Pool

#RA6071

2,578,874

959,162

3.00%,

10/1/51,

Pool

#RA6015

836,304

2,175,413

2.50%,

11/1/51,

Pool

#RA6397

1,832,465

6,956,180

2.50%,

11/1/51,

Pool

#SD7548

5,839,856

386,864

2.00%,

12/1/51,

Pool

#SD0783

311,357

4,223,348

2.50%,

12/1/51,

Pool

#RA6388

3,548,748

986,911

2.00%,

12/1/51,

Pool

#SD0785

795,151

1,033,248

2.00%,

12/1/51,

Pool

#SD0786

828,653

189,177

2.00%,

12/1/51,

Pool

#SD0789

152,983

7,623,690

2.00%,

1/1/52,

Pool

#SD7549

6,142,261

21,986,874

2.50%,

1/1/52,

Pool

#SD7552

18,471,238

6,667,238

2.50%,

1/1/52,

Pool

#SD0923

5,567,923

1,805,725

2.00%,

1/1/52,

Pool

#SD0894

1,452,181

2,464,091

2.00%,

1/1/52,

Pool

#SD0892

1,976,152

1,284,727

2.00%,

2/1/52,

Pool

#RA6768

1,017,001

798,944

3.00%,

2/1/52,

Pool

#SD7550

702,366

21,930,282

3.00%,

3/1/52,

Pool

#SD7553

19,141,138

1,047,048

3.50%,

6/1/52,

Pool

#SD1049

944,336

79,218

5.00%,

6/1/52,

Pool

#QE4965

78,114

974,034

3.50%,

6/1/52,

Pool

#SD1053

882,115

554,497

4.00%,

6/1/52,

Pool

#SD1952

521,399

375,536

3.50%,

6/1/52,

Pool

#SD1086

338,700

438,360

4.50%,

7/1/52,

Pool

#SD8231

418,178

2,672,052

4.50%,

7/1/52,

Pool

#RA7506

2,554,564

1,282,025

5.00%,

7/1/52,

Pool

#SD1300

1,271,535

3,186,955

3.00%,

8/1/52,

Pool

#SD7556

2,762,845

856,867

4.50%,

8/1/52,

Pool

#QE8252

817,491

3,200,457

5.00%,

8/1/52,

Pool

#SD1465

3,155,873

113,715

5.00%,

9/1/52,

Pool

#QF0409

112,130

380,150

5.00%,

10/1/52,

Pool

#QF0895

374,847

669,697

5.00%,

11/1/52,

Pool

#SD1882

656,758

1,924,345

4.50%,

11/1/52,

Pool

#SD2000

1,833,296

435,766

6.00%,

11/1/52,

Pool

#RA8216

443,454

752,890

5.00%,

12/1/52,

Pool

#SD2081

738,343

1,421,386

5.00%,

12/1/52,

Pool

#SD1991

1,398,589

855,795

5.00%,

12/1/52,

Pool

#RA8295

839,266

886,911

5.00%,

1/1/53,

Pool

#RA8404

869,768

2,062,892

6.00%,

1/1/53,

Pool

#SD2163

2,085,281

489,170

5.50%,

1/1/53,

Pool

#SD2275

488,905

1,573,647

5.50%,

1/1/53,

Pool

#QF6560

1,575,458

1,115,793

6.00%,

2/1/53,

Pool

#RA8560

1,133,862

350,693

5.00%,

2/1/53,

Pool

#SD2306

343,919

4,411,941

5.50%,

3/1/53,

Pool

#RA8758

4,417,007

701,111

6.00%,

3/1/53,

Pool

#SD2598

712,462

1,451,198

6.00%,

4/1/53,

Pool

#SD2760

1,474,379

1,122,158

6.00%,

5/1/53,

Pool

#SD2886

1,137,802

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

2,931,018

6.00%,

5/1/53,

Pool

#RA9073

$

2,971,873

3,711,251

5.50%,

5/1/53,

Pool

#RA9063

3,709,568

3,265,311

5.50%,

5/1/53,

Pool

#SD2893

3,254,407

2,403,257

6.00%,

6/1/53,

Pool

#SD3176

2,436,760

478,116

5.50%,

8/1/53,

Pool

#RA9625

476,340

1,191,885

6.50%,

11/1/53,

Pool

#RJ0320

1,223,786

280,646,367

Federal

Farm

Credit

Banks

Funding

Corp.

(

1

.3

%

):

14,521,000

2.25%,

8/15/29,

Callable

8/15/24

@

100.00

12,934,740

10,440,000

2.17%,

10/29/29,

Callable

10/29/24

@

100.00

9,222,090

625,000

3.50%,

9/1/32

584,749

1,045,000

3.88%,

9/20/32

1,004,798

6,095,000

1.68%,

9/17/35,

Callable

4/11/24

@

100.00

4,402,638

3,450,000

1.84%,

1/25/36,

Callable

4/11/24

@

100.00

2,534,436

4,730,000

2.10%,

2/25/36,

Callable

4/11/24

@

100.00

3,570,199

2,569,000

2.50%,

4/14/36,

Callable

4/11/24

@

100.00

2,023,522

2,875,000

2.49%,

5/19/36,

Callable

4/11/24

@

100.00

2,259,908

38,537,080

Federal

Home

Loan

Mortgage

Corporation

-

REMICS

(

0

.3

%

):

189,493

Class

FL

,

Series

4248,

5.88%(SOFR30A+56bps),

5/15/41

187,948

984,543

Class

XZ

,

Series

4316,

4.50%,

3/15/44

961,968

832,678

Class

ZX

,

Series

4352,

4.00%,

4/15/44

787,319

340,867

Class

FB

,

Series

4606,

5.93%(SOFR30A+61bps),

8/15/46

337,092

854,433

Class

AO

,

Series

5341,

1.25%,

6/25/50

615,047

2,365,665

Class

TJ

,

Series

5002,

2.00%,

7/25/50

1,979,122

2,401,120

Class

AK

,

Series

4988,

1.00%,

7/25/50

1,853,976

3,702,677

Class

PO

,

Series

5319,

1.74%,

8/25/50

2,340,995

975,062

Class

ID

,

Series

5109,

2.50%,

5/25/51

144,656

9,208,123

FRESB

Mortgage

Trust

(

0

.1

%

):

2,448,965

Class

A10F

,

Series

2021-SB93,

1.81%,

10/25/31,

Callable

9/25/31

@

100.00

2,074,431

Federal

National

Mortgage

Association

-

REMICS

(

0

.2

%

):

2,499,534

Class

CY

,

Series

2010-136,

4.00%,

12/25/40

2,368,656

2,406,032

Class

ZA

,

Series

2011-8,

4.00%,

2/25/41

2,264,988

455,770

Class

UF

,

Series

2016-48,

5.83%(SOFR30A+51bps),

8/25/46

451,574

2,016,885

Class

AO

,

Series

2023-36,

1.25%,

8/25/50

1,450,471

1,048,732

Class

IO

,

Series

2021-88,

2.50%,

12/25/51

148,002

6,683,691

Federal

Home

Loan

Bank

(

1

.0

%

):

3,020,000

0.92%,

2/26/27,

Callable

5/26/24

@

100.00

2,724,550

22,560,000

2.06%,

9/27/29,

Callable

6/27/24

@

100.00

19,845,964

4,080,000

3.56%,

5/16/33

3,811,577

1,435,000

1.85%,

1/25/36,

Callable

4/25/24

@

100.00

1,055,460

1,720,000

1.87%,

2/8/36,

Callable

5/8/24

@

100.00

1,266,864

920,000

1.87%,

2/8/36,

Callable

5/8/24

@

100.00

677,625

29,382,040

Total

U.S.

Government

Agency

Mortgages

(Cost

$1,034,319,062)

965,166,977

U.S.

Treasury

Obligations

(

26

.7

%

):

U.S.

Treasury

Bonds

(

11

.1

%

):

2,480,000

5.38%,

2/15/31

2,659,800

14,025,000

4.75%,

2/15/37

14,919,094

7,185,000

5.00%,

5/15/37

7,811,442

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

96

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Bonds,

continued

$

12,855,000

1.13%,

8/15/40

$

7,966,083

33,230,000

1.88%,

2/15/41

23,188,309

23,885,000

3.13%,

11/15/41

20,093,256

2,795,000

2.00%,

11/15/41

1,963,488

5,045,000

2.38%,

2/15/42

3,757,737

16,285,000

2.75%,

11/15/42

12,763,369

33,675,000

4.00%,

11/15/42

31,764,996

1,360,000

3.88%,

2/15/43

1,259,062

4,335,000

3.88%,

5/15/43

4,007,166

7,022,500

3.63%,

8/15/43

6,255,511

11,075,000

4.38%,

8/15/43

10,960,789

6,000,000

4.75%,

11/15/43

6,233,438

2,980,000

4.50%,

2/15/44

3,001,419

1,205,000

3.13%,

8/15/44

988,100

15,000

2.50%,

2/15/45

10,983

955,000

3.00%,

5/15/45

762,508

1,770,000

2.88%,

8/15/45

1,379,494

12,235,000

3.00%,

11/15/45

9,726,825

18,635,000

2.25%,

8/15/46

12,770,798

6,855,000

2.88%,

11/15/46

5,289,061

3,105,000

2.75%,

11/15/47

2,323,898

5,645,000

3.00%,

2/15/48

4,422,505

63,515,000

3.13%,

5/15/48(d)

50,861,621

4,055,000

3.38%,

11/15/48

3,394,162

8,700,000

3.00%,

2/15/49

6,794,156

125,000

2.88%,

5/15/49

95,254

10,975,000

1.25%,

5/15/50

5,624,687

8,590,000

1.38%,

8/15/50

4,545,989

5,954,000

1.63%,

11/15/50

3,369,592

13,650,000

2.38%,

5/15/51

9,286,266

1,102,000

1.88%,

11/15/51

661,544

1,054,000

2.25%,

2/15/52

694,652

18,188,000

2.88%,

5/15/52

13,788,777

5,054,000

3.00%,

8/15/52

3,932,644

1,052,000

3.63%,

2/15/53

925,431

11,233,000

3.63%,

5/15/53

9,888,550

3,870,000

4.13%,

8/15/53

3,726,689

14,779,000

4.75%,

11/15/53

15,804,293

4,746,000

4.25%,

2/15/54

4,677,035

334,350,473

U.S.

Treasury

Notes

(

15

.6

%

):

27,685,000

4.25%,

12/31/24

27,494,666

3,992,000

2.88%,

6/15/25

3,895,942

5,640,000

3.00%,

7/15/25

5,507,812

7,618,000

5.00%,

9/30/25

7,638,235

890,000

3.00%,

10/31/25

865,803

1,550,000

2.88%,

11/30/25

1,503,500

68,766,000

4.88%,

11/30/25

68,884,192

7,810,000

0.38%,

12/31/25

7,244,995

95,875,000

3.88%,

1/15/26

94,526,758

84,589,000

4.00%,

2/15/26

83,558,072

43,666,000

4.63%,

2/28/26^

43,638,709

4,310,000

0.50%,

2/28/26

3,984,056

2,435,000

2.38%,

4/30/26

2,327,708

5,340,000

4.63%,

9/15/26

5,353,350

9,760,000

4.63%,

10/15/26

9,792,025

9,923,000

4.63%,

11/15/26

9,960,211

4,752,000

4.38%,

12/15/26

4,742,348

21,220,000

4.25%,

3/15/27

21,130,478

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Notes,

continued

$

154,000

4.38%,

11/30/28

$

154,914

10,640,000

4.25%,

2/28/29^

10,659,950

14,735,000

4.13%,

3/31/29

14,672,837

5,545,000

4.00%,

10/31/29

5,482,619

998,000

3.88%,

11/30/29

980,691

3,087,000

3.75%,

5/31/30

3,008,378

882,000

4.00%,

7/31/30

871,113

895,000

4.63%,

9/30/30

915,417

2,637,000

3.75%,

12/31/30

2,566,131

10,598,000

4.00%,

1/31/31

10,467,181

2,729,000

4.25%,

2/28/31

2,735,822

5,485,000

4.13%,

3/31/31

5,455,004

6,775,000

4.00%,

2/15/34

6,669,141

466,688,058

Total

U.S.

Treasury

Obligations

(Cost

$877,291,779)

801,038,531

Shares

Affiliated

Investment

Company

(

1

.2

%

):

Money

Market

(

1

.2

%

):

35,721,532

BlackRock

Liquidity

FedFund,

Institutional

Class(c)(e)

35,721,532

Total

Affiliated

Investment

Company

(Cost

$35,721,532)

35,721,532

Unaffiliated

Investment

Company

(

4

.2

%

):

Money

Markets

(

4

.2

%

):

125,331,556

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.19%(c)

125,331,556

Total

Unaffiliated

Investment

Company

(Cost

$125,331,556)

125,331,556

Total

Investment

Securities

(Cost

$3,310,348,701)

—

105.1%

3,150,612,631

Net

other

assets

(liabilities)

—

(5.1)%

(

154,286,858

)

Net

Assets

—

100.0%

$

2,996,325,773

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

97

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024.

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

REIT—Real

Estate

Investment

Trust

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

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$34,720,928.

†

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

March

31,

2024.

(c)

The

rate

represents

the

effective

yield

at

March

31,

2024.

(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

March

31,

2024.

Securities

Sold

Short

(-2.5%):

At

March

31,

2024,

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

Federal

National

Mortgage

Association

Federal

National

Mortgage

Association,

TBA

2.00%

4/25/39

$

(

318,467‌

)

$

(

282,964‌

)

$

(

282,241‌

)

Federal

National

Mortgage

Association,

TBA

3.50%

4/25/54

(

218,000‌

)

(

195,221‌

)

(

195,212‌

)

Federal

National

Mortgage

Association,

TBA

4.00%

5/25/54

(

700,000‌

)

(

650,590‌

)

(

648,813‌

)

Federal

National

Mortgage

Association,

TBA

2.00%

4/25/54

(

32,330,512‌

)

(

25,757,263‌

)

(

25,576,466‌

)

Federal

National

Mortgage

Association,

TBA

1.50%

4/25/39

(

420,290‌

)

(

365,275‌

)

(

363,682‌

)

Federal

National

Mortgage

Association,

TBA

6.00%

4/25/54

(

13,085,200‌

)

(

13,210,430‌

)

(

13,211,963‌

)

Federal

National

Mortgage

Association,

TBA

5.00%

4/25/54

(

27,786,502‌

)

(

27,098,645‌

)

(

27,126,573‌

)

Federal

National

Mortgage

Association,

TBA

4.00%

4/25/54

(

3,688,900‌

)

(

3,440,252‌

)

(

3,417,996‌

)

Federal

National

Mortgage

Association,

TBA

3.50%

5/25/54

(

2,810,945‌

)

(

2,527,325‌

)

(

2,518,870‌

)

Government

National

Mortgage

Association

Government

National

Mortgage

Association,

TBA

2.50%

4/20/54

(

3,223,522‌

)

(

2,725,921‌

)

(

2,747,549‌

)

$(76,253,886)

$

(

76,089,365‌

)

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

98

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Futures

Contracts

At

March

31,

2024,

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

March

Futures

(U.S.

Dollar)

3/28/24

20

$

(

7,889,589‌

)

$

382‌

U.S.

Treasury

10-Year

Note

June

Futures

(U.S.

Dollar)

6/18/24

42

(

4,813,594‌

)

(

26,097‌

)

$

(

25,715‌

)

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

U.S.

Treasury

10-Year

Note

June

Futures

(U.S.

Dollar)

6/18/24

195

$

21,605,391‌

$

91,731‌

U.S.

Treasury

2-Year

Note

June

Futures

(U.S.

Dollar)

6/28/24

930

190,170,469‌

(

101,550‌

)

U.S.

Treasury

5-Year

Note

June

Futures

(U.S.

Dollar)

6/28/24

653

69,881,203‌

207,174‌

U.S.

Treasury

Long

Bond

June

Futures

(U.S.

Dollar)

6/18/24

31

3,733,563‌

60,906‌

Ultra

Long

Term

U.S.

Treasury

Bond

June

Futures

(U.S.

Dollar)

6/18/24

4

516,000‌

4,308‌

$

262,569‌

Total

Net

Futures

Contracts

$

236,854‌

Forward

Currency

Contracts

At

March

31,

2024,

the

Fund's

open

forward

currency

contracts

were

as

follows:

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

U.S.

Dollar

88,934‌

European

Euro

80,929‌

Bank

National

Paris

5/16/24

$

1,477

U.S.

Dollar

144,190‌

European

Euro

132,000‌

UBS

Warburg

6/20/24

1,332

Total

Net

Forward

Currency

Contracts

$

2,809‌

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

99

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(41.4%):

Aerospace

&

Defense

(0.9%):

19,362

Boeing

Co.

(The)*

$

3,736,672

10,550

Lockheed

Martin

Corp.

4,798,879

2,444

Northrop

Grumman

Corp.

1,169,845

40,379

Textron,

Inc.

3,873,557

13,578,953

Automobiles

(0.5%):

327,954

Ford

Motor

Co.

4,355,229

22,452

Tesla,

Inc.*

3,946,837

8,302,066

Banks

(1.2%):

194,710

Bank

of

America

Corp.

7,383,403

60,720

JPMorgan

Chase

&

Co.

12,162,216

19,545,619

Beverages

(0.4%):

64,003

Coca-Cola

Co.

(The)

3,915,704

19,601

Molson

Coors

Beverage

Co.,

Class

B

1,318,167

2,420

PepsiCo,

Inc.

423,524

5,657,395

Biotechnology

(0.9%):

8,090

AbbVie,

Inc.

1,473,189

1,939

Amgen,

Inc.

551,296

107,470

Exelixis,

Inc.*

2,550,263

62,291

Gilead

Sciences,

Inc.

4,562,816

58,197

Incyte

Corp.*

3,315,483

8,737

United

Therapeutics

Corp.*

2,007,064

14,460,111

Broadline

Retail

(1.8%):

152,725

Amazon.com,

Inc.*

27,548,536

7,825

eBay,

Inc.

413,003

27,961,539

Capital

Markets

(0.7%):

6,639

Ameriprise

Financial,

Inc.

2,910,803

14,531

CME

Group,

Inc.

3,128,379

9,946

Goldman

Sachs

Group,

Inc.

(The)

4,154,345

5,808

Tradeweb

Markets,

Inc.,

Class

A

605,019

10,798,546

Chemicals

(0.5%):

19,748

Eastman

Chemical

Co.

1,979,145

18,042

Ecolab,

Inc.

4,165,898

4,486

Linde

plc

2,082,939

8,227,982

Commercial

Services

&

Supplies

(0.6%):

6,793

Cintas

Corp.

4,666,995

21,455

Republic

Services,

Inc.

4,107,345

8,774,340

Communications

Equipment

(0.0%

†

):

8,155

Cisco

Systems,

Inc.

407,016

Construction

&

Engineering

(0.0%

†

):

4,367

AECOM

428,315

Shares

Value

Common

Stocks,

continued

Construction

Materials

(0.2%):

13,780

Vulcan

Materials

Co.

$

3,760,838

Consumer

Finance

(0.4%):

24,213

American

Express

Co.

5,513,058

Consumer

Staples

Distribution

&

Retail

(0.9%):

6,258

Costco

Wholesale

Corp.

4,584,799

16,011

Kroger

Co.

(The)

914,709

46,113

Sysco

Corp.

3,743,453

85,467

Walmart,

Inc.

5,142,549

14,385,510

Diversified

Consumer

Services

(0.1%):

8,518

Duolingo,

Inc.*

1,878,900

Diversified

Telecommunication

Services

(0.5%):

218,730

AT&T,

Inc.

3,849,648

79,900

Verizon

Communications,

Inc.

3,352,604

7,202,252

Electric

Utilities

(0.2%):

4,744

Hawaiian

Electric

Industries,

Inc.

53,465

50,253

NextEra

Energy,

Inc.

3,211,669

8,592

PG&E

Corp.

144,002

7,817

Xcel

Energy,

Inc.

420,164

3,829,300

Electrical

Equipment

(0.6%):

21,576

AMETEK,

Inc.

3,946,250

7,893

Eaton

Corp.

plc

2,467,983

27,637

Emerson

Electric

Co.

3,134,589

9,548,822

Electronic

Equipment,

Instruments

&

Components

(0.1%):

14,072

Amphenol

Corp.,

Class

A

1,623,205

Entertainment

(0.8%):

26,853

Electronic

Arts,

Inc.

3,562,587

5,911

Netflix,

Inc.*

3,589,928

12,327

Spotify

Technology

SA*

3,253,095

18,227

Walt

Disney

Co.

(The)

2,230,256

12,635,866

Financial

Services

(2.4%):

34,583

Berkshire

Hathaway,

Inc.,

Class

B*

14,542,843

42,858

Block,

Inc.*

3,624,930

19,404

Mastercard,

Inc.,

Class

A

9,344,384

69,259

PayPal

Holdings,

Inc.*

4,639,660

19,374

Visa,

Inc.,

Class

A

5,406,896

37,558,713

Food

Products

(0.2%):

82,131

Kraft

Heinz

Co.

(The)

3,030,634

168

Seaboard

Corp.

541,618

3,572,252

Ground

Transportation

(1.1%):

121,210

CSX

Corp.

4,493,255

7,136

Old

Dominion

Freight

Line,

Inc.

1,564,996

66,402

Uber

Technologies,

Inc.*

5,112,290

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

100

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Ground

Transportation,

continued

22,179

Union

Pacific

Corp.

$

5,454,481

16,625,022

Health

Care

Equipment

&

Supplies

(0.8%):

17,858

Becton

Dickinson

&

Co.

4,418,962

18,515

Edwards

Lifesciences

Corp.*

1,769,293

4,373

GE

HealthCare

Technologies,

Inc.

397,549

27,989

Hologic,

Inc.*

2,182,023

4,305

IDEXX

Laboratories,

Inc.*

2,324,399

32,328

Lantheus

Holdings,

Inc.*

2,012,095

13,104,321

Health

Care

Providers

&

Services

(1.6%):

48,997

Centene

Corp.*

3,845,284

6,744

Cigna

Group

(The)

2,449,353

41,338

CVS

Health

Corp.

3,297,119

9,905

Elevance

Health,

Inc.

5,136,139

20,121

UnitedHealth

Group,

Inc.

9,953,859

24,681,754

Health

Care

Technology

(0.2%):

13,968

Veeva

Systems,

Inc.,

Class

A*

3,236,246

Hotels,

Restaurants

&

Leisure

(0.8%):

231

Booking

Holdings,

Inc.

838,040

1,628

Chipotle

Mexican

Grill,

Inc.*

4,732,221

74,408

International

Game

Technology

plc

1,680,877

12,779

McDonald's

Corp.

3,603,039

22,331

Starbucks

Corp.

2,040,830

6,046

Wendy's

Co.

(The)

113,907

13,008,914

Household

Durables

(0.3%):

220

NVR,

Inc.*

1,781,992

15,541

Toll

Brothers,

Inc.

2,010,539

492

TopBuild

Corp.*

216,839

4,009,370

Household

Products

(0.5%):

28,254

Colgate-Palmolive

Co.

2,544,273

37,557

Procter

&

Gamble

Co.

(The)

6,093,623

8,637,896

Industrial

Conglomerates

(0.3%):

41,485

3M

Co.

4,400,314

Insurance

(1.0%):

4,025

Allstate

Corp.

(The)

696,365

3,527

Aon

plc,

Class

A

1,177,030

185

Marsh

&

McLennan

Cos.,

Inc.

38,106

44,713

MetLife,

Inc.

3,313,680

25,047

Progressive

Corp.

(The)

5,180,221

5,474

Selective

Insurance

Group,

Inc.

597,597

12,771

Travelers

Cos.,

Inc.

(The)

2,939,118

27,492

Unum

Group

1,475,221

15,417,338

Interactive

Media

&

Services

(3.0%):

86,874

Alphabet,

Inc.,

Class

A*

13,111,893

95,599

Alphabet,

Inc.,

Class

C*

14,555,904

Shares

Value

Common

Stocks,

continued

Interactive

Media

&

Services,

continued

39,423

Meta

Platforms,

Inc.,

Class

A

$

19,143,020

46,810,817

IT

Services

(0.1%):

306

Accenture

plc,

Class

A

106,063

16,022

Twilio,

Inc.,

Class

A*

979,745

3,025

Wix.com,

Ltd.*

415,877

1,501,685

Life

Sciences

Tools

&

Services

(0.1%):

14,773

Agilent

Technologies,

Inc.

2,149,619

247

Thermo

Fisher

Scientific,

Inc.

143,559

2,293,178

Machinery

(0.8%):

5,603

Allison

Transmission

Holdings,

Inc.

454,740

17,395

Caterpillar,

Inc.

6,374,050

5,491

Deere

&

Co.

2,255,373

1,759

Donaldson

Co.,

Inc.

131,362

22,954

PACCAR,

Inc.

2,843,771

12,059,296

Media

(0.3%):

103,554

Comcast

Corp.,

Class

A

4,489,066

Metals

&

Mining

(0.4%):

21,747

Nucor

Corp.

4,303,731

17,990

Steel

Dynamics,

Inc.

2,666,658

6,970,389

Oil,

Gas

&

Consumable

Fuels

(1.2%):

4,800

Chevron

Corp.

757,152

36,331

ConocoPhillips

4,624,210

13,455

Coterra

Energy,

Inc.

375,125

72,909

Devon

Energy

Corp.

3,658,574

36,516

EOG

Resources,

Inc.

4,668,205

28,417

Exxon

Mobil

Corp.

3,303,192

1,397

Marathon

Petroleum

Corp.

281,495

743

Pioneer

Natural

Resources

Co.

195,038

4,011

Sanchez

Energy

Corp.*(a)

327,237

18,190,228

Passenger

Airlines

(0.1%):

66,871

American

Airlines

Group,

Inc.*

1,026,470

Pharmaceuticals

(1.9%):

92,824

Bristol-Myers

Squibb

Co.

5,033,846

7,426

Eli

Lilly

&

Co.

5,777,131

7,946

Jazz

Pharmaceuticals

plc*

956,857

28,464

Johnson

&

Johnson

4,502,720

63,301

Merck

&

Co.,

Inc.

8,352,567

204,288

Pfizer,

Inc.

5,668,992

30,292,113

Professional

Services

(0.3%):

2,821

CACI

International,

Inc.,

Class

A*

1,068,680

51,125

SS&C

Technologies

Holdings,

Inc.

3,290,916

4,359,596

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

101

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Residential

REITs

(0.0%

†

):

2,352

Invitation

Homes,

Inc.

$

83,755

Semiconductors

&

Semiconductor

Equipment

(4.7%):

6,717

Advanced

Micro

Devices,

Inc.*

1,212,351

29,009

Applied

Materials,

Inc.

5,982,526

8,921

Broadcom,

Inc.

11,823,983

27,507

Cirrus

Logic,

Inc.*

2,546,048

136,577

Intel

Corp.

6,032,606

3,640

KLA

Corp.

2,542,795

40,210

NVIDIA

Corp.

36,332,147

8,653

Qorvo,

Inc.*

993,624

36,582

QUALCOMM,

Inc.

6,193,333

73,659,413

Software

(4.4%):

12,829

Adobe,

Inc.*

6,473,513

3,172

Cadence

Design

Systems,

Inc.*

987,380

27,419

DocuSign,

Inc.*

1,632,801

25,391

Dropbox,

Inc.,

Class

A*

617,001

108,016

Microsoft

Corp.

45,444,492

11,242

Pegasystems,

Inc.

726,683

13,694

RingCentral,

Inc.,

Class

A*

475,730

23,032

Salesforce,

Inc.

6,936,778

84,384

Teradata

Corp.*

3,263,129

47,929

Zoom

Video

Communications,

Inc.,

Class

A*

3,133,119

69,690,626

Specialized

REITs

(0.4%):

35,369

Crown

Castle,

Inc.

3,743,101

9,339

Public

Storage

2,708,871

6,451,972

Specialty

Retail

(0.8%):

22,362

Home

Depot,

Inc.

(The)

8,578,063

16,663

TJX

Cos.,

Inc.

(The)

1,689,962

3,391

Ulta

Beauty,

Inc.*

1,773,086

12,041,111

Technology

Hardware,

Storage

&

Peripherals

(2.3%):

205,345

Apple,

Inc.

35,212,561

8,038

NetApp,

Inc.

843,749

36,056,310

Textiles,

Apparel

&

Luxury

Goods

(0.1%):

43,573

Tapestry,

Inc.

2,068,846

Total

Common

Stocks

(Cost

$496,342,844)

650,816,644

Contracts

Warrants

(0.0%

†

):

Oil,

Gas

&

Consumable

Fuels

(0.0%

†

):

63

California

Resources

Corp.,

10/27/24*

1,232

2,121

Occidental

Petroleum

Corp.,

8/3/27

91,415

92,647

Total

Warrants

(Cost

$20,366)

92,647

Principal

Amount

Asset

Backed

Securities

(0.4%):

$

585,409

Aaset

Trust,

Class

A,

Series

2021-1A,

2.95%,

11/16/41(b)

524,946

Principal

Amount

Value

Asset

Backed

Securities,

continued

$

138,939

Aaset

Trust,

Class

B,

Series

2020-1A,

4.34%,

1/16/40(b)

$

85,327

103,183

Aaset

Trust,

Class

A,

Series

2020-1A,

3.35%,

1/16/40(b)

91,664

31,725

Aaset

Trust,

Class

A,

Series

2019-1,

3.84%,

5/15/39(b)

27,282

178,277

Aaset

Trust,

Class

A,

Series

2019-2,

3.38%,

10/16/39(b)

161,300

1,174,802

Aaset

Trust,

Class

A,

Series

2021-2A,

2.80%,

1/15/47(b)

1,011,914

161,438

AASET

US,

Ltd.,

Class

A,

Series

2018-1A,

3.84%,

1/16/38(b)

114,217

330,206

Blackbird

Capital

Aircraft

Lease

Securitization,

Ltd.,

Class

A,

Series

2016-1A,

4.21%,

12/16/41,

Callable

12/15/24

@

100(b)(c)

325,313

879,256

Blackbird

Capital

II

Aircraft

Lease,

Ltd.,

Class

A,

Series

2021-1A,

2.44%,

7/15/46,

Callable

7/15/28

@

100(b)

767,789

68,571

Castlelake

Aircraft

Securitization

Trust,

Class

A,

Series

2018-1,

4.13%,

6/15/43(b)

63,925

193,711

Castlelake

Aircraft

Structured

Trust,

Class

A,

Series

2019-1A,

3.97%,

4/15/39(b)

174,607

186,315

Castlelake

Aircraft

Structured

Trust,

Class

B,

Series

2019-1A,

5.10%,

4/15/39(b)

126,212

102,931

Castlelake

Aircraft

Structured

Trust,

Class

A,

Series

2021-1A,

3.47%,

1/15/46(b)

97,047

359,073

CF

Hippolyta

Issuer

LLC,

Class

A1,

Series

2021-1A,

1.53%,

3/15/61,

Callable

4/15/24

@

100(b)

323,635

345,920

DB

Master

Finance

LLC,

Class

A2II,

Series

2017-1A,

4.03%,

11/20/47,

Callable

5/20/24

@

100(b)

330,486

167,005

Horizon

Aircraft

Finance

I,

Ltd.,

Class

A,

Series

2018-1,

4.46%,

12/15/38(b)

146,721

168,184

Horizon

Aircraft

Finance

II,

Ltd.,

Class

A,

Series

2019-1,

3.72%,

7/15/39(b)

148,573

544,880

Planet

Fitness

Master

Issuer

LLC,

Class

A2II,

Series

2022-1A,

4.01%,

12/5/51,

Callable

12/5/27

@

100(b)

481,807

210,650

Planet

Fitness

Master

Issuer

LLC,

Class

A2,

Series

2019-1A,

3.86%,

12/5/49,

Callable

12/5/25

@

100(b)

190,968

606,620

Planet

Fitness

Master

Issuer

LLC,

Class

A2I,

Series

2022-1A,

3.25%,

12/5/51,

Callable

12/5/24

@

100(b)

566,507

182,823

Project

Silver,

Class

A,

Series

2019-1,

3.97%,

7/15/44(b)

157,108

190,852

SAPPHIRE

AVIATION

FINANCE

II,

LTD.,

Class

B,

Series

2020-1A,

4.34%,

3/15/40(b)

144,614

184,063

SAPPHIRE

AVIATION

FINANCE

II,

LTD.,

Class

A,

Series

2020-1A,

3.23%,

3/15/40(b)

167,503

138,053

Thunderbolt

Aircraft

Lease,

Ltd.,

Class

A,

Series

2017-A,

6.21%,

5/17/32,

Callable

4/15/24

@

100(b)

(c)

133,526

244,932

Thunderbolt

II

Aircraft

Lease,

Ltd.,

Class

A,

Series

2018-A,

4.15%,

9/15/38(b)(c)

200,599

271,250

Thunderbolt

III

Aircraft

Lease,

Ltd.,

Class

A,

Series

2019-1,

3.67%,

11/15/39(b)

237,149

Total

Asset

Backed

Securities

(Cost

$7,724,901)

6,800,739

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

102

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations

(5.7%):

$

523,000

Aimco

CLO

11,

Ltd.,

Class

AR,

Series

2020-11A,

6.71%(TSFR3M+139bps),

10/17/34,

Callable

4/17/24

@

100(b)

$

522,686

387,000

Aimco

CLO

14,

Ltd.,

Class

A,

Series

2021-14A,

6.57%(TSFR3M+125bps),

4/20/34,

Callable

4/20/24

@

100(b)

385,492

250,000

Allegro

CLO

XIII,

Ltd.,

Class

A,

Series

2021-1A,

6.72%(TSFR3M+140bps),

7/20/34,

Callable

4/20/24

@

100(b)

250,234

2,812,000

Allegro

CLO

XIV,

Ltd.,

Class

A1,

Series

2021-2A,

6.74%(TSFR3M+142bps),

10/15/34,

Callable

4/15/24

@

100(b)

2,813,110

624,000

Allegro

CLO

XV,

Ltd.,

Class

A,

Series

2022-1A,

6.82%(TSFR3M+150bps),

7/20/35,

Callable

7/20/24

@

100(b)

624,411

256,000

Ares

LIV

CLO,

Ltd.,

Class

A,

Series

2019-54A,

6.90%(TSFR3M+158bps),

10/15/32,

Callable

4/15/24

@

100(b)

256,120

853,000

Ares

LV

CLO,

Ltd.,

Class

A1R,

Series

2020-55A,

6.71%(TSFR3M+139bps),

7/15/34,

Callable

4/15/24

@

100(b)

851,614

660,000

Ares

XLI

CLO,

Ltd.,

Class

AR2,

Series

2016-41A,

6.65%(TSFR3M+133bps),

4/15/34,

Callable

4/15/24

@

100(b)

657,929

555,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

A,

Series

2022-DKLX,

6.48%(TSFR1M+115bps),

1/15/39(b)

550,091

177,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

ANM,

Series

2019-BPR,

3.11%,

11/5/32(b)

159,399

105,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

B,

Series

2022-DKLX,

6.88%(TSFR1M+155bps),

1/15/39(b)

103,404

100,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

C,

Series

2022-DKLX,

7.48%(TSFR1M+215bps),

1/15/39(b)

96,985

30,000

BANK,

Class

A5,

Series

2019-BN21,

2.85%,

10/15/52,

Callable

10/15/29

@

100

26,292

310,000

Barings

CLO,

Ltd.,

Class

A,

Series

2020-4A,

6.80%(TSFR3M+148bps),

1/20/32,

Callable

4/20/24

@

100(b)

310,135

786,000

Barings

CLO,

Ltd.,

Class

AR,

Series

2020-1A,

6.73%(TSFR3M+141bps),

10/15/36,

Callable

4/15/24

@

100(b)

786,116

417,000

Beechwood

Park

CLO,

Ltd.,

Class

A1R,

Series

2019-

1A,

6.62%(TSFR3M+130bps),

1/17/35,

Callable

4/17/24

@

100(b)

415,290

34,000

Benchmark

Mortgage

Trust,

Class

A5,

Series

2018-

B4,

4.12%,

7/15/51,

Callable

7/15/28

@

100(c)

32,561

1,139,000

Bethpage

Park

CLO,

Ltd.,

Class

A,

Series

2021-1A,

6.71%(TSFR3M+139bps),

1/15/35,

Callable

4/15/24

@

100(b)

1,135,474

338,000

BLP

Commercial

Mortgage

Trust,

Class

A,

Series

2024-IND2,

6.67%(TSFR1M+134bps),

3/15/41(b)

338,106

1,835,000

BPR

Trust,

Class

A,

Series

2022-OANA,

7.22%(TSFR1M+190bps),

4/15/37(b)

1,844,131

488,000

BPR

Trust,

Class

B,

Series

2022-OANA,

7.77%(TSFR1M+245bps),

4/15/37(b)

488,630

207,052

Bristol

Park

CLO,

Ltd.,

Class

AR,

Series

2016-1A,

6.57%(TSFR3M+125bps),

4/15/29,

Callable

4/15/24

@

100(b)

206,327

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

785,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL4,

6.77%(TSFR1M+144bps),

2/15/39(b)

$

785,062

1,842,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL5,

6.69%(TSFR1M+139bps),

3/15/39(b)

1,842,927

315,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-XL5,

6.99%(TSFR1M+169bps),

3/15/39(b)

314,803

418,000

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2024-XL5,

7.24%(TSFR1M+194bps),

3/15/39(b)

417,477

338,940

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2022-LP2,

6.89%(TSFR1M+156bps),

2/15/39(b)

334,907

338,940

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2022-LP2,

6.64%(TSFR1M+131bps),

2/15/39(b)

335,526

338,940

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2022-LP2,

7.29%(TSFR1M+196bps),

2/15/39(b)

334,301

1,125,505

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2022-LP2,

6.34%(TSFR1M+101bps),

2/15/39(b)

1,119,845

100,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-XL4,

7.12%(TSFR1M+179bps),

2/15/39(b)

99,877

100,000

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2023-XL3,

7.97%(TSFR1M+264bps),

12/9/40(b)

100,776

525,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2023-XL3,

7.09%(TSFR1M+176bps),

12/9/40(b)

527,867

116,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2023-XL3,

7.52%(TSFR1M+219bps),

12/9/40(b)

116,912

119,000

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2019-IMC,

7.27%(TSFR1M+195bps),

4/15/34(b)

118,811

113,000

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2019-IMC,

6.97%(TSFR1M+165bps),

4/15/34(b)

112,852

172,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2019-IMC,

6.67%(TSFR1M+135bps),

4/15/34(b)

171,821

5,017,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2019-IMC,

6.37%(TSFR1M+105bps),

4/15/34(b)

5,012,567

4,413,720

BX

Commercial

Mortgage

Trust

2021-SOAR,

Class

A,

Series

2021-SOAR,

6.11%(TSFR1M+78bps),

6/15/38(b)

4,383,597

730,000

BX

Mortgage

Trust,

Class

E,

Series

2021-PAC,

7.39%(TSFR1M+206bps),

10/15/36(b)

716,876

210,000

BX

Mortgage

Trust,

Class

D,

Series

2021-PAC,

6.74%(TSFR1M+141bps),

10/15/36(b)

204,975

2,708,000

BX

Mortgage

Trust,

Class

A,

Series

2021-PAC,

6.13%(TSFR1M+80bps),

10/15/36(b)

2,684,265

162,000

BX

Mortgage

Trust,

Class

B,

Series

2021-PAC,

6.34%(TSFR1M+101bps),

10/15/36(b)

159,663

216,000

BX

Mortgage

Trust,

Class

C,

Series

2021-PAC,

6.54%(TSFR1M+121bps),

10/15/36(b)

212,283

756,316

BX

Trust,

Class

A,

Series

2022-IND

A,

6.82%(TSFR1M+149bps),

4/15/24(b)

756,757

385,813

BX

Trust,

Class

B,

Series

2022-IND,

7.27%(TSFR1M+194bps),

4/15/24(b)

386,024

155,000

BX

Trust,

Class

C,

Series

2024-CNYN,

7.24%(TSFR1M+194bps),

4/15/29(b)

154,806

87,267

BX

Trust,

Class

C,

Series

2022-IND,

7.62%(TSFR1M+229bps),

4/15/24(b)

87,315

72,723

BX

Trust,

Class

D,

Series

2022-IND,

8.16%(TSFR1M+284bps),

4/15/24(b)

72,820

468,370

BX

Trust,

Class

A,

Series

2022-GPA,

7.49%(TSFR1M+217bps),

10/15/39(b)

469,584

186,000

BX

Trust,

Class

B,

Series

2024-CNYN,

6.99%(TSFR1M+169bps),

4/15/29(b)

185,767

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

103

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

1,169,000

BX

Trust,

Class

A,

Series

2024-CNYN,

6.74%(TSFR1M+144bps),

4/15/29(b)

$

1,169,000

15,807,179

Cedar

Funding

V

CLO,

Ltd.,

Class

A1R,

Series

2016-

5A,

6.68%(TSFR3M+136bps),

7/17/31,

Callable

4/17/24

@

100(b)

15,828,934

235,000

Cedar

Funding

VI

CLO,

Ltd.,

Class

ARR,

Series

2016-

6A,

6.63%(TSFR3M+131bps),

4/20/34,

Callable

4/20/24

@

100(b)

235,000

643,000

Cedar

Funding

X

CLO,

Ltd.,

Class

AR,

Series

2019-

10A,

6.68%(TSFR3M+136bps),

10/20/32,

Callable

4/20/24

@

100(b)

642,274

485,000

Cedar

Funding

XII

CLO,

Ltd.,

Class

A1R,

Series

2020-12A,

6.72%(TSFR3M+139bps),

10/25/34,

Callable

4/25/24

@

100(b)

485,136

942,000

Cedar

Funding

XV

CLO,

Ltd.,

Class

A,

Series

2022-

15A,

6.64%(TSFR3M+132bps),

4/20/35,

Callable

4/20/24

@

100(b)

939,038

791,000

Columbia

Cent

CLO

29,

Ltd.,

Class

AR,

Series

2020-

29A,

6.75%(TSFR3M+143bps),

10/20/34,

Callable

4/20/24

@

100(b)

788,060

410,000

Columbia

Cent

CLO

30,

Ltd.,

Class

A1,

Series

2020-

30A,

6.89%(TSFR3M+157bps),

1/20/34,

Callable

4/20/24

@

100(b)

408,838

310,000

Columbia

Cent

CLO

31,

Ltd.,

Class

A1,

Series

2021-

31A,

6.78%(TSFR3M+146bps),

4/20/34,

Callable

4/20/24

@

100(b)

308,921

44,291

COMM

Mortgage

Trust,

Class

A5,

Series

2014-

CR18,

3.83%,

7/15/47,

Callable

7/15/24

@

100

44,093

242,397

Credit

Suisse

Mortgage

Capital

Certificates,

Class

B,

Series

2019-ICE4,

6.60%(TSFR1M+128bps),

5/15/36(b)

242,259

3,557,895

CSMC,

Class

A,

Series

2020-NET,

2.26%,

8/15/37(b)

3,308,824

860,000

CSMC

Trust,

Class

D,

Series

2017-PFHP,

7.62%(TSFR1M+230bps),

12/15/30(b)

791,285

527,000

Dryden

76

CLO,

Ltd.,

Class

A1R,

Series

2019-76A,

6.73%(TSFR3M+141bps),

10/20/34,

Callable

4/20/24

@

100(b)

525,323

250,000

Dryden

78

CLO,

Ltd.,

Class

A,

Series

2020-78A,

6.76%(TSFR3M+144bps),

4/17/33,

Callable

4/17/24

@

100(b)

250,155

577,000

Dryden

83

CLO,

Ltd.,

Class

A,

Series

2020-83A,

6.78%(TSFR3M+148bps),

1/18/32,

Callable

4/18/24

@

100(b)

576,577

1,019,000

Dryden

85

CLO,

Ltd.,

Class

AR,

Series

2020-85A,

6.73%(TSFR3M+141bps),

10/15/35,

Callable

4/15/24

@

100(b)

1,019,029

670,000

Dryden

90

CLO,

Ltd.,

Class

A1A,

Series

2021-90A,

6.71%(TSFR3M+139bps),

2/20/35,

Callable

5/20/24

@

100(b)

670,400

157,000

DTP

Commercial

Mortgage

Trust,

Class

A,

Series

2023-STE2,

5.65%,

1/15/41(b)(c)

157,523

930,000

Eaton

Vance

CLO,

Ltd.,

Class

AR,

Series

2020-2A,

6.73%(TSFR3M+141bps),

1/15/35,

Callable

4/15/24

@

100(b)

926,744

250,000

Eaton

Vance

CLO,

Ltd.,

Class

A13R,

Series

2013-

1A,

6.83%(TSFR3M+151bps),

1/15/34,

Callable

4/15/24

@

100(b)

249,514

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

363,000

Eaton

Vance

CLO,

Ltd.,

Class

AR,

Series

2019-1A,

6.68%(TSFR3M+136bps),

4/15/31,

Callable

4/15/24

@

100(b)

$

363,171

1,467,292

ELP

Commercial

Mortgage

Trust,

Class

A,

Series

2021-ELP,

6.14%(TSFR1M+82bps),

11/15/36(b)

1,454,460

411,415

Extended

Stay

America

Trust,

Class

D,

Series

2021-

ESH,

7.69%(TSFR1M+236bps),

7/15/38(b)

410,923

205,708

Extended

Stay

America

Trust,

Class

C,

Series

2021-

ESH,

7.14%(TSFR1M+181bps),

7/15/38(b)

205,504

278,848

Extended

Stay

America

Trust,

Class

B,

Series

2021-

ESH,

6.82%(TSFR1M+149bps),

7/15/38(b)

278,692

489,127

Extended

Stay

America

Trust,

Class

A,

Series

2021-

ESH,

6.52%(TSFR1M+119bps),

7/15/38(b)

488,959

508,000

Flatiron

CLO

20,

Ltd.,

Class

A,

Series

2020-1A,

6.88%(TSFR3M+156bps),

11/20/33,

Callable

5/20/24

@

100(b)

508,000

250,000

Flatiron

CLO

21,

Ltd.,

Class

A1,

Series

2021-1A,

6.68%(TSFR3M+137bps),

7/19/34,

Callable

4/19/24

@

100(b)

250,200

643,000

GS

Mortgage

Securities

Corp.

Trust,

Class

A,

Series

2021-IP,

6.39%(TSFR1M+106bps),

10/15/36(b)

634,052

100,000

GS

Mortgage

Securities

Corp.

Trust,

Class

B,

Series

2021-IP,

6.59%(TSFR1M+126bps),

10/15/36(b)

97,444

100,000

GS

Mortgage

Securities

Corp.

Trust,

Class

C,

Series

2021-IP,

6.99%(TSFR1M+166bps),

10/15/36(b)

96,264

800,000

INTOWN

Mortgage

Trust,

Class

A,

Series

2022-

STAY,

7.81%(TSFR1M+249bps),

8/15/37,

Callable

8/15/24

@

100(b)

804,105

556,000

Invesco

CLO,

Ltd.,

Class

A,

Series

2021-3A,

6.71%(TSFR3M+139bps),

10/22/34,

Callable

4/22/24

@

100(b)

554,230

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(b)

34,589

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(b)

51,712

1,420,000

Life

Mortgage

Trust,

Class

A1,

Series

2022-BMR2,

6.62%(TSFR1M+130bps),

5/15/39,

Callable

5/15/24

@

100(b)

1,407,544

98,297

Life

Mortgage

Trust,

Class

B,

Series

2021-BMR,

6.32%(TSFR1M+99bps),

3/15/38(b)

97,009

98,297

Life

Mortgage

Trust,

Class

C,

Series

2021-BMR,

6.54%(TSFR1M+121bps),

3/15/38(b)

96,976

98,297

Life

Mortgage

Trust,

Class

D,

Series

2021-BMR,

6.84%(TSFR1M+151bps),

3/15/38(b)

96,944

98,297

Life

Mortgage

Trust,

Class

E,

Series

2021-BMR,

7.19%(TSFR1M+186bps),

3/15/38(b)

96,038

426,000

Life

Mortgage

Trust,

Class

D,

Series

2022-BMR2,

7.87%(TSFR1M+254bps),

5/15/39,

Callable

5/15/24

@

100(b)

408,789

479,000

Life

Mortgage

Trust,

Class

C,

Series

2022-BMR2,

7.42%(TSFR1M+209bps),

5/15/39,

Callable

5/15/24

@

100(b)

471,853

280,147

Life

Mortgage

Trust,

Class

A,

Series

2021-BMR,

6.14%(TSFR1M+81bps),

3/15/38(b)

276,987

855,000

Life

Mortgage

Trust,

Class

B,

Series

2022-BMR2,

7.12%(TSFR1M+179bps),

5/15/39,

Callable

5/15/24

@

100(b)

844,376

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

104

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

320,000

Madison

Park

Funding

L,

Ltd.,

Class

A,

Series

2021-

50A,

6.71%(TSFR3M+140bps),

4/19/34,

Callable

4/19/24

@

100(b)

$

320,319

910,000

Madison

Park

Funding

LII,

Ltd.,

Class

A,

Series

2021-52A,

6.68%(TSFR3M+136bps),

1/22/35,

Callable

4/22/24

@

100(b)

910,453

379,000

Madison

Park

Funding

XIX,

Ltd.,

Class

AR3,

Series

2015-19A,

6.92%(TSFR3M+160bps),

1/22/37,

Callable

1/22/26

@

100(b)

380,163

250,000

Madison

Park

Funding

XLV,

Ltd.,

Class

AR,

Series

2020-45A,

6.70%(TSFR3M+138bps),

7/15/34,

Callable

4/15/24

@

100(b)

249,473

250,000

Magnetite

XXI,

Ltd.,

Class

AR,

Series

2019-21A,

6.60%(TSFR3M+128bps),

4/20/34,

Callable

4/20/24

@

100(b)

250,240

680,000

Magnetite

XXIX,

Ltd.,

Class

A,

Series

2021-29A,

6.57%(TSFR3M+125bps),

1/15/34,

Callable

4/15/24

@

100(b)

680,544

250,000

Magnetite

XXVII,

Ltd.,

Class

AR,

Series

2020-27A,

6.72%(TSFR3M+140bps),

10/20/34,

Callable

4/20/24

@

100(b)

249,595

968,000

Magnetite

XXX,

Ltd.,

Class

A,

Series

2021-30A,

6.72%(TSFR3M+139bps),

10/25/34,

Callable

4/25/24

@

100(b)

965,002

218,108

MHC

Commercial

Mortgage

Trust,

Class

A,

Series

2021-MHC,

6.24%(TSFR1M+92bps),

4/15/38(b)

217,028

262,286

Milos

CLO,

Ltd.,

Class

AR,

Series

2017-1A,

6.65%(TSFR3M+133bps),

10/20/30,

Callable

4/20/24

@

100(b)

262,475

196,000

Morgan

Stanley

Capital

I

Trust,

Class

B,

Series

2018-BOP,

6.62%(TSFR1M+130bps),

6/15/35(b)

153,656

471,200

Morgan

Stanley

Capital

I

Trust,

Class

C,

Series

2018-BOP,

6.87%(TSFR1M+155bps),

6/15/35(b)

309,634

385,000

Morgan

Stanley

Capital

I

Trust,

Class

A,

Series

2019-MEAD,

3.17%,

11/10/36,

Callable

11/10/24

@

100(b)

366,015

56,000

Morgan

Stanley

Capital

I

Trust,

Class

B,

Series

2019-MEAD,

3.18%,

11/10/36,

Callable

11/10/24

@

100(b)

52,659

53,000

Morgan

Stanley

Capital

I

Trust,

Class

C,

Series

2019-MEAD,

3.18%,

11/10/36,

Callable

11/10/24

@

100(b)(c)

48,333

132,000

Morgan

Stanley

Capital

I

Trust,

Class

A4,

Series

2018-H4,

4.31%,

12/15/51,

Callable

1/15/29

@

100

127,066

267,921

OPEN

Trust,

Class

B,

Series

2023-AIR,

9.16%(TSFR1M+384bps),

10/15/28(b)

269,574

444,941

OPEN

Trust,

Class

A,

Series

2023-AIR,

8.41%(TSFR1M+309bps),

10/15/28(b)

449,355

326,000

Peace

Park

CLO,

Ltd.,

Class

A,

Series

2021-1A,

6.71%(TSFR3M+139bps),

10/20/34,

Callable

4/20/24

@

100(b)

326,308

333,000

Rockland

Park

CLO,

Ltd.,

Class

A,

Series

2021-1A,

6.70%(TSFR3M+138bps),

4/20/34,

Callable

4/20/24

@

100(b)

333,294

130,000

SPGN

Mortgage

Trust,

Class

C,

Series

2022-TFLM,

7.98%(TSFR1M+265bps),

2/15/39,

Callable

2/15/25

@

100(b)

123,650

250,000

SPGN

Mortgage

Trust,

Class

B,

Series

2022-TFLM,

7.33%(TSFR1M+200bps),

2/15/39,

Callable

2/15/25

@

100(b)

240,899

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

226,777

SREIT

Trust,

Class

D,

Series

2021-MFP,

7.02%(TSFR1M+169bps),

11/15/38(b)

$

224,965

554,980

SREIT

Trust,

Class

B,

Series

2021-MFP,

6.52%(TSFR1M+119bps),

11/15/38(b)

551,220

969,302

SREIT

Trust,

Class

A,

Series

2021-MFP,

6.17%(TSFR1M+85bps),

11/15/38(b)

962,251

344,471

SREIT

Trust,

Class

C,

Series

2021-MFP,

6.77%(TSFR1M+144bps),

11/15/38(b)

341,885

370,560

Symphony

CLO

XIX,

Ltd.,

Class

A,

Series

2018-19A,

6.54%(TSFR3M+122bps),

4/16/31,

Callable

4/16/24

@

100(b)

370,865

500,000

Symphony

CLO

XXVI,

Ltd.,

Class

AR,

Series

2021-

26A,

6.66%(TSFR3M+134bps),

4/20/33,

Callable

4/20/24

@

100(b)

499,190

1,054,000

Symphony

CLO

XXXII,

Ltd.,

Class

A1,

Series

2022-

32A,

6.64%(TSFR3M+132bps),

4/23/35,

Callable

4/23/24

@

100(b)

1,049,820

285,000

VLS

Commercial

Mortgage

Trust,

Class

A,

Series

2020-LAB,

2.13%,

10/10/42(b)

231,165

20,000

VLS

Commercial

Mortgage

Trust,

Class

B,

Series

2020-LAB,

2.45%,

10/10/42(b)

16,099

551,000

Voya

CLO,

Ltd.,

Class

A1R,

Series

2020-2A,

6.73%(TSFR3M+142bps),

7/19/34,

Callable

4/19/24

@

100(b)

551,198

564,000

Voya

CLO,

Ltd.,

Class

AR,

Series

2020-1A,

6.73%(TSFR3M+141bps),

7/16/34,

Callable

4/16/24

@

100(b)

563,648

335,000

Voya

CLO,

Ltd.,

Class

A,

Series

2019-2A,

6.85%(TSFR3M+153bps),

7/20/32(b)

335,000

1,073,000

Voya

CLO,

Ltd.,

Class

AR,

Series

2020-3A,

6.73%(TSFR3M+141bps),

10/20/34,

Callable

4/20/24

@

100(b)

1,072,284

155,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

A5,

Series

2018-C48,

4.30%,

1/15/52,

Callable

12/15/28

@

100

149,845

185,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

A,

Series

2021-FCMT,

6.64%(TSFR1M+131bps),

5/15/31(b)

181,439

Total

Collateralized

Mortgage

Obligations

(Cost

$89,929,347)

89,057,957

Convertible

Bonds

(0.1%):

Capital

Markets

(0.0%

†

):

10,000

Coinbase

Global,

Inc.,

0.25%,

4/1/30(b)

10,576

Financial

Services

(0.0%

†

):

181,000

Global

Payments,

Inc.,

1.50%,

3/1/31(b)

191,013

Independent

Power

and

Renewable

Electricity

Producers

(0.0%

†

):

69,000

Sunnova

Energy

International,

Inc.,

0.25%,

12/1/26

35,911

Media

(0.1%):

846,000

DISH

Network

Corp.,

3.38%,

8/15/26

529,423

Real

Estate

Management

&

Development

(0.0%

†

):

262,000

Realogy

Group

LLC/Realogy

Co-Issuer

Corp.,

0.25%,

6/15/26

208,025

Semiconductors

&

Semiconductor

Equipment

(0.0%

†

):

336,000

Wolfspeed,

Inc.,

1.88%,

12/1/29

188,568

Total

Convertible

Bonds

(Cost

$1,423,035)

1,163,516

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

105

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Bank

Loans

(0.1%):

Construction

&

Engineering

(0.0%

†

):

$

35,000

Convergint

Tech

Term

2Ln,

12.07%

(Term

SOFR+675bps ),

3/31/29(b)

$

32,583

4,875

Convergint

Tech

Term

B

1Ln,

9.07%

(Term

SOFR+375bps ),

3/31/28(b)

4,864

37,447

Consumer

Discretionary

Products

(0.0%

†

):

74,617

Tory

Burch

Term

B

1Ln,

8.57%

(Term

SOFR+325bps ),

4/16/28(b)

74,431

Distributors

(0.0%

†

):

248,723

US

LBM

Term

B

1Ln,

9.07%

(Term

SOFR+375bps ),

12/18/27(b)

248,134

Diversified

Consumer

Services

(0.0%

†

):

15,000

Ascend

Learning

Term

2Ln,

11.07%

(Term

SOFR+575bps ),

12/10/29(b)

14,733

161,700

Ascend

Learning

Term

B

1Ln,

8.82%

(Term

SOFR+350bps ),

12/10/28(b)

160,629

175,362

Electrical

Equipment

(0.0%

†

):

118,500

Westinghouse

Term

B

1Ln,

8.07%

(Term

SOFR+275bps ),

1/20/31(b)

118,328

Health

Care

Providers

&

Services

(0.0%

†

):

247,475

Cano

Health

Term

B

1Ln,

9.32%

(Term

SOFR+400bps ),

11/23/27(b)

68,880

25,673

Cano

Health

Term

DIP

1Ln

Super

Priority,

5.32%

(Term

SOFR+0bps ),

10/7/24(b)

26,187

39,353

Cano

Health

Term

DIP

DD

1Ln

Super

Priority,

5.32%

(Term

SOFR+0bps ),

10/7/24(b)(d)

40,140

135,207

Hotels,

Restaurants

&

Leisure

(0.0%

†

):

245,000

City

Football

Group

Term

B

1Ln,

8.32%

(Term

SOFR+300bps ),

7/21/28(b)

244,542

Industrial

Services

(0.0%

†

):

64,838

Brandsafway

Term

B

1Ln,

10.82%

(Term

SOFR+550bps ),

8/1/30(b)

65,057

Media

(0.0%

†

):

44,325

Authentic

Brands

Term

B1

1Ln,

8.82%

(Term

SOFR+350bps ),

12/21/28(b)

44,466

172,368

Diamond

Sports

Group

Term

2Ln,

5.32%

(Term

SOFR+0bps ),

8/24/26(b)(d)

4,633

56,621

Diamond

Sports

Term

Super

Priority

DIP,

15.32%,

8/2/27(b)

92,221

141,320

Metals

&

Mining

(0.0%

†

):

145,000

American

Rock

Salt

Term

1Ln,

9.32%

(Term

SOFR+400bps ),

6/4/28(b)

125,727

Software

(0.1%):

5,000

Applied

Systems

Term

2Ln,

5.32%

(Term

SOFR+0bps ),

2/23/32(b)

5,169

327,355

Finastra

Term

1Ln,

12.57%

(Term

SOFR+725bps ),

9/13/29(b)

327,355

7,645

Finastra

Term

CAN

1Ln,

12.57%

(Term

SOFR+725bps ),

9/13/29

7,645

3,385

Ion

Analytics

Term

1Ln,

9.32%

(Term

SOFR+400bps ),

2/16/28(b)

3,378

343,547

Principal

Amount

Value

Bank

Loans,

continued

Software

&

Computer

Services

(0.0%

†

):

$

219,483

UKG

Term

2Ln,

10.57%

(Term

SOFR+525bps ),

5/3/27(b)

$

221,037

Software

&

Tech

Services

(0.0%

†

):

109,764

Athenahealth

Term

B

1Ln,

8.57%

(Term

SOFR+325bps ),

2/15/29(b)

108,581

Total

Bank

Loans

(Cost

$2,248,897)

2,038,720

Corporate

Bonds

(17.6%):

Aerospace

&

Defense

(0.4%):

1,145,000

Boeing

Co.

(The),

5.04%,

5/1/27,

Callable

3/1/27

@

100

1,123,539

145,000

Boeing

Co.

(The),

5.15%,

5/1/30,

Callable

2/1/30

@

100

139,567

1,100,000

Boeing

Co.

(The),

5.71%,

5/1/40,

Callable

11/1/39

@

100

1,050,308

100,000

Boeing

Co.

(The),

5.81%,

5/1/50,

Callable

11/1/49

@

100

94,391

1,150,000

Boeing

Co.

(The),

5.93%,

5/1/60,

Callable

11/1/59

@

100

1,077,691

310,000

BWX

Technologies,

Inc.,

4.13%,

6/30/28,

Callable

5/6/24

@

102.06(b)

288,300

310,000

Howmet

Aerospace,

Inc.,

5.95%,

2/1/37

318,525

145,000

Moog,

Inc.,

4.25%,

12/15/27,

Callable

5/6/24

@

102.13(b)

136,300

90,000

Spirit

AeroSystems,

Inc.,

9.75%,

11/15/30,

Callable

11/15/26

@

104.88(b)

100,688

35,000

TransDigm,

Inc.,

7.50%,

3/15/27,

Callable

5/6/24

@

100

35,000

855,000

TransDigm,

Inc.,

5.50%,

11/15/27,

Callable

5/6/24

@

101.38

833,625

400,000

TransDigm,

Inc.,

6.38%,

3/1/29,

Callable

3/1/26

@

103.19(b)

400,000

300,000

TransDigm,

Inc.,

7.13%,

12/1/31,

Callable

12/1/26

@

103.56(b)

309,375

5,907,309

Air

Freight

&

Logistics

(0.1%):

255,000

Cargo

Aircraft

Management,

Inc.,

4.75%,

2/1/28,

Callable

4/22/24

@

101.19^(b)

230,456

245,000

GN

Bondco

LLC,

9.50%,

10/15/31,

Callable

10/15/26

@

104.75^(b)

243,775

485,000

Navios

South

American

Logistics,

Inc./Navios

Logistics

Finance

US,

Inc.,

10.75%,

7/1/25,

Callable

5/6/24

@

102.69(b)

485,970

960,201

Automobile

Components

(0.0%

†

):

125,000

Dana,

Inc.,

4.50%,

2/15/32,

Callable

2/15/27

@

102.25

107,500

35,000

MIWD

Holdco

II

LLC/MIWD

Finance

Corp.,

5.50%,

2/1/30,

Callable

2/1/25

@

102.75(b)

32,112

90,000

Phinia,

Inc.,

6.75%,

4/15/29,

Callable

4/15/26

@

103.38(b)

90,900

230,512

Automobiles

(0.0%

†

):

55,000

LCM

Investments

Holdings

II

LLC,

4.88%,

5/1/29,

Callable

5/6/24

@

102.44(b)

50,325

75,000

LCM

Investments

Holdings

II

LLC,

8.25%,

8/1/31,

Callable

8/1/26

@

104.13(b)

78,187

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

106

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Automobiles,

continued

$

165,000

Thor

Industries,

Inc.,

4.00%,

10/15/29,

Callable

10/15/24

@

102(b)

$

147,263

275,775

Banks

(2.2%):

151,000

Bank

of

America

Corp.,

4.45%,

3/3/26

148,777

1,300,000

Bank

of

America

Corp.,

3.42%

(TSFR3M+130

bps),

12/20/28,

Callable

12/20/27

@

100

1,218,826

980,000

Bank

of

America

Corp.,

2.30%

(SOFR+122

bps),

7/21/32,

Callable

7/21/31

@

100

802,876

6,359,000

Bank

of

America

Corp.,

5.01%

(SOFR+216

bps),

7/22/33,

Callable

7/22/32

@

100

6,231,699

2,455,000

Citigroup,

Inc.,

3.35%

(TSFR3M+116

bps),

4/24/25,

Callable

4/24/24

@

100

2,449,066

1,098,000

Citigroup,

Inc.,

4.30%,

11/20/26

1,071,888

1,156,000

Citigroup,

Inc.,

4.41%

(SOFR+391

bps),

3/31/31,

Callable

3/31/30

@

100

1,096,650

2,635,000

Citigroup,

Inc.,

4.91%

(SOFR+209

bps),

5/24/33,

Callable

5/24/32

@

100

2,522,267

165,000

First-Citizens

Bank

&

Trust

Co.,

6.13%,

3/9/28

168,959

2,500,000

JPMorgan

Chase

&

Co.,

4.49%

(TSFR3M+379

bps),

3/24/31,

Callable

3/24/30

@

100

2,407,740

181,000

JPMorgan

Chase

&

Co.,

2.96%

(TSFR3M+252

bps),

5/13/31,

Callable

5/13/30

@

100

158,197

5,828,000

JPMorgan

Chase

&

Co.,

4.59%

(SOFR+180

bps),

4/26/33,

Callable

4/26/32

@

100

5,565,414

937,000

JPMorgan

Chase

&

Co.,

4.91%

(SOFR+208

bps),

7/25/33,

Callable

7/25/32

@

100

915,418

724,000

Santander

Holdings

USA,

Inc.,

6.50%

(SOFR+236

bps),

3/9/29,

Callable

3/9/28

@

100

741,930

3,705,000

Wells

Fargo

&

Co.,

2.41%

(TSFR3M+109

bps),

10/30/25,

Callable

10/30/24

@

100,

MTN

3,634,677

1,099,000

Wells

Fargo

&

Co.,

3.53%

(SOFR+151

bps),

3/24/28,

Callable

3/24/27

@

100

1,047,095

2,645,000

Wells

Fargo

&

Co.,

4.48%

(TSFR3M+403

bps),

4/4/31,

Callable

4/4/30

@

100,

MTN

2,525,063

272,000

Wells

Fargo

&

Co.,

5.50%

(SOFR+178

bps),

1/23/35,

Callable

1/23/34

@

100

272,120

1,528,000

Wells

Fargo

&

Co.,

5.01%

(TSFR3M+450

bps),

4/4/51,

Callable

4/4/50

@

100,

MTN

1,439,674

185,000

Wells

Fargo

&

Co.,

7.63%

(H15T5Y+361

bps),

12/31/99,

Callable

9/15/28

@

100^

197,950

175,000

Western

Alliance

Bancorp,

3.00%

(TSFR3M+225

bps),

6/15/31,

Callable

6/15/26

@

100

151,255

34,767,541

Beverages

(0.2%):

2,400,000

Anheuser-Busch

Cos.

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.,

4.70%,

2/1/36,

Callable

8/1/35

@

100

2,328,535

285,000

Triton

Water

Holdings,

Inc.,

6.25%,

4/1/29,

Callable

5/6/24

@

103.13(b)

258,638

2,587,173

Biotechnology

(0.1%):

411,000

Amgen,

Inc.,

5.15%,

3/2/28,

Callable

2/2/28

@

100

413,147

375,000

Amgen,

Inc.,

5.25%,

3/2/30,

Callable

1/2/30

@

100

380,418

424,000

Amgen,

Inc.,

5.25%,

3/2/33,

Callable

12/2/32

@

100

427,667

403,000

Amgen,

Inc.,

5.60%,

3/2/43,

Callable

9/2/42

@

100

409,353

200,000

Amgen,

Inc.,

5.65%,

3/2/53,

Callable

9/2/52

@

100

204,094

Principal

Amount

Value

Corporate

Bonds,

continued

Biotechnology,

continued

$

365,000

Amgen,

Inc.,

5.75%,

3/2/63,

Callable

9/2/62

@

100

$

372,040

175,000

Emergent

BioSolutions,

Inc.,

3.88%,

8/15/28,

Callable

5/6/24

@

101.94(b)

81,375

2,288,094

Broadline

Retail

(0.0%

†

):

20,000

Kohl's

Corp.,

4.25%,

7/17/25,

Callable

4/17/25

@

100^

19,500

Building

Products

(0.1%):

795,000

Advanced

Drainage

Systems,

Inc.,

5.00%,

9/30/27,

Callable

4/22/24

@

101.25(b)

770,156

120,000

Builders

FirstSource,

Inc.,

4.25%,

2/1/32,

Callable

8/1/26

@

102.13(b)

107,400

87,000

Carrier

Global

Corp.,

5.90%,

3/15/34,

Callable

12/15/33

@

100

91,500

91,000

Carrier

Global

Corp.,

6.20%,

3/15/54,

Callable

9/15/53

@

100

100,199

70,000

Eco

Material

Technologies,

Inc.,

7.88%,

1/31/27,

Callable

5/6/24

@

103.94(b)

70,963

1,140,218

Capital

Markets

(1.0%):

2,707,000

Ares

Capital

Corp.,

3.88%,

1/15/26,

Callable

12/15/25

@

100

2,618,884

105,000

Charles

Schwab

Corp.

(The),

Series

G,

5.38%

(H15T5Y+497

bps),

Callable

6/1/25

@

100

103,425

250,000

Charles

Schwab

Corp.

(The),

Series

H,

4.00%

(H15T10Y+308

bps),

12/31/99,

Callable

12/1/30

@

100

209,688

2,880,000

Goldman

Sachs

Group,

Inc.

(The),

3.80%,

3/15/30,

Callable

12/15/29

@

100

2,698,204

1,263,000

Goldman

Sachs

Group,

Inc.

(The),

2.38%

(SOFR+125

bps),

7/21/32,

Callable

7/21/31

@

100

1,035,752

3,062,000

Goldman

Sachs

Group,

Inc.

(The),

3.10%

(SOFR+141

bps),

2/24/33,

Callable

2/24/32

@

100

2,607,562

128,000

Goldman

Sachs

Group,

Inc.

(The),

6.75%,

10/1/37

139,713

2,534,000

Morgan

Stanley,

3.62%

(SOFR+312

bps),

4/1/31,

Callable

4/1/30

@

100

2,312,407

2,236,000

Morgan

Stanley,

4.89%

(SOFR+208

bps),

7/20/33,

Callable

7/20/32

@

100

2,166,946

1,700,000

Morgan

Stanley,

6.34%

(SOFR+256

bps),

10/18/33,

Callable

10/18/32

@

100

1,815,646

497,000

Sixth

Street

Specialty

Lending,

Inc.,

6.13%,

3/1/29,

Callable

2/1/29

@

100

490,894

145,000

USA

Compression

Partners

LP/USA

Compression

Finance

Corp.,

7.13%,

3/15/29,

Callable

3/15/26

@

103.56(b)

146,994

16,346,115

Chemicals

(0.4%):

180,000

Allied

Universal

Holdco

LLC,

7.88%,

2/15/31,

Callable

2/15/27

@

103.94(b)

181,575

399,000

Celanese

US

Holdings

LLC,

6.35%,

11/15/28,

Callable

10/15/28

@

100

413,750

405,000

Celanese

US

Holdings

LLC,

6.55%,

11/15/30,

Callable

9/15/30

@

100

425,265

236,000

Celanese

US

Holdings

LLC,

6.70%,

11/15/33,

Callable

8/15/33

@

100

251,021

15,000

CF

Industries,

Inc.,

4.95%,

6/1/43

13,406

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

107

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Chemicals,

continued

$

510,000

Chemours

Co.

(The),

5.38%,

5/15/27,

Callable

2/15/27

@

100

$

487,050

915,000

Chemours

Co.

(The),

5.75%,

11/15/28,

Callable

4/15/24

@

102.88(b)

844,088

368,000

Kobe

US

Midco

2,

Inc.,

9.25%,

11/1/26,

Callable

5/6/24

@

102.31(b)

313,260

555,000

LSB

Industries,

Inc.,

6.25%,

10/15/28,

Callable

10/15/24

@

103.13(b)

529,331

55,000

Neogen

Food

Safety

Corp.,

8.63%,

7/20/30,

Callable

7/20/27

@

102.16(b)

59,056

650,000

Olympus

Water

US

Holding

Corp.,

4.25%,

10/1/28,

Callable

10/1/24

@

102.13(b)

588,250

480,000

SCIH

Salt

Holdings,

Inc.,

4.88%,

5/1/28,

Callable

5/6/24

@

102.44(b)

447,000

70,000

SCIH

Salt

Holdings,

Inc.,

6.63%,

5/1/29,

Callable

5/6/24

@

103.31(b)

64,662

135,000

Scotts

Miracle-Gro

Co.

(The),

4.38%,

2/1/32,

Callable

8/1/26

@

102.19

115,088

330,000

Tronox,

Inc.,

4.63%,

3/15/29,

Callable

5/6/24

@

102.31(b)

294,525

450,000

WR

Grace

Holdings

LLC,

4.88%,

6/15/27,

Callable

5/6/24

@

102.44(b)

426,937

125,000

WR

Grace

Holdings

LLC,

5.63%,

8/15/29,

Callable

8/15/24

@

102.81(b)

111,719

40,000

WR

Grace

Holdings

LLC,

7.38%,

3/1/31,

Callable

3/1/26

@

103.69(b)

40,400

5,606,383

Commercial

Services

&

Supplies

(0.2%):

125,000

ADT

Security

Corp.

(The),

4.13%,

8/1/29,

Callable

8/1/28

@

100^(b)

113,906

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(b)

546,315

430,000

Aramark

Services,

Inc.,

5.00%,

2/1/28,

Callable

5/6/24

@

101.67(b)

413,875

55,000

Clean

Harbors,

Inc.,

6.38%,

2/1/31,

Callable

2/1/26

@

103.19(b)

55,275

240,000

CoreCivic,

Inc.,

8.25%,

4/15/29,

Callable

4/15/26

@

104.13

250,800

41,000

GEO

Group,

Inc.

(The),

10.50%,

6/30/28,

Callable

4/15/24

@

102^

41,718

85,000

GEO

Group,

Inc.

(The),

9.50%,

12/31/28,

Callable

4/15/24

@

102(b)

85,850

25,000

Legends

Hospitality

Holding

Co.

LLC/Legends

Hospitality

Co.-Issuer,

Inc.,

5.00%,

2/1/26,

Callable

5/6/24

@

101.25(b)

24,812

25,000

Pitney

Bowes,

Inc.,

6.88%,

3/15/27,

Callable

4/15/24

@

103.44(b)

22,812

45,000

Pitney

Bowes,

Inc.,

7.25%,

3/15/29,

Callable

4/15/24

@

103.63^(b)

40,219

405,000

Rand

Parent

LLC,

8.50%,

2/15/30,

Callable

2/15/26

@

104.25^(b)

398,925

165,000

Safehold

GL

Holdings

LLC,

2.85%,

1/15/32,

Callable

8/15/31

@

100

133,658

270,000

Stericycle,

Inc.,

3.88%,

1/15/29,

Callable

4/22/24

@

101.94(b)

244,350

200,000

TKC

Holdings,

Inc.,

6.88%,

5/15/28,

Callable

5/15/24

@

103.44(b)

188,500

Principal

Amount

Value

Corporate

Bonds,

continued

Commercial

Services

&

Supplies,

continued

$

190,000

TKC

Holdings,

Inc.,

10.50%,

5/15/29,

Callable

5/15/24

@

105.25(b)

$

180,500

2,741,515

Communications

Equipment

(0.0%

†

):

250,000

Viavi

Solutions,

Inc.,

3.75%,

10/1/29,

Callable

10/1/24

@

101.88(b)

214,375

Construction

&

Engineering

(0.2%):

300,000

AECOM,

5.13%,

3/15/27,

Callable

12/15/26

@

100

294,000

350,000

APX

Group,

Inc.,

6.75%,

2/15/27,

Callable

5/6/24

@

101.69(b)

350,438

25,000

Arcosa,

Inc.,

4.38%,

4/15/29,

Callable

5/6/24

@

102.19(b)

23,000

480,000

Artera

Services

LLC,

8.50%,

2/15/31,

Callable

2/15/27

@

104.25(b)

492,000

270,000

Dycom

Industries,

Inc.,

4.50%,

4/15/29,

Callable

5/6/24

@

102.25(b)

252,450

55,000

Global

Infrastructure

Solutions,

Inc.,

5.63%,

6/1/29,

Callable

6/1/24

@

102.81(b)

49,775

25,000

Great

Lakes

Dredge

&

Dock

Corp.,

5.25%,

6/1/29,

Callable

6/1/24

@

102.63(b)

22,219

785,000

Pike

Corp.,

5.50%,

9/1/28,

Callable

5/6/24

@

102.75(b)

749,675

135,000

Pike

Corp.,

8.63%,

1/31/31,

Callable

1/31/27

@

104.31(b)

143,437

190,000

Railworks

Holdings

LP/Railworks

Rally,

Inc.,

8.25%,

11/15/28,

Callable

11/15/24

@

104.13(b)

188,100

200,000

VM

Consolidated,

Inc.,

5.50%,

4/15/29,

Callable

5/6/24

@

102.75(b)

191,250

2,756,344

Construction

Materials

(0.0%

†

):

80,000

AmeriTex

HoldCo

Intermediate

LLC,

10.25%,

10/15/28,

Callable

10/15/25

@

105.13^(b)

86,000

210,000

Smyrna

Ready

Mix

Concrete

LLC,

8.88%,

11/15/31,

Callable

11/15/26

@

104.44(b)

223,650

90,000

Summit

Materials

LLC/Summit

Materials

Finance

Corp.,

7.25%,

1/15/31,

Callable

1/15/27

@

103.63(b)

93,263

402,913

Consumer

Finance

(1.1%):

100,000

Ally

Financial,

Inc.,

5.13%,

9/30/24

99,514

224,000

Ally

Financial,

Inc.,

5.80%,

5/1/25,

Callable

4/1/25

@

100

223,179

1,500,000

Ally

Financial,

Inc.,

5.75%,

11/20/25,

Callable

10/21/25

@

100

1,490,561

1,000,000

Ally

Financial,

Inc.,

7.10%,

11/15/27,

Callable

10/15/27

@

100^

1,043,794

590,000

Ally

Financial,

Inc.,

Series

B,

4.70%

(H15T5Y+387

bps),

12/31/99,

Callable

5/15/26

@

100

511,020

577,000

Capital

One

Financial

Corp.,

2.64%

(SOFR+129

bps),

3/3/26,

Callable

3/3/25

@

100

560,373

740,000

Capital

One

Financial

Corp.,

4.98%

(SOFR+216

bps),

7/24/26,

Callable

7/24/25

@

100

734,604

2,665,000

Capital

One

Financial

Corp.,

3.65%,

5/11/27,

Callable

4/11/27

@

100

2,542,863

343,000

Capital

One

Financial

Corp.,

3.80%,

1/31/28,

Callable

12/31/27

@

100

325,255

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

108

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Consumer

Finance,

continued

$

738,000

Capital

One

Financial

Corp.,

3.27%

(SOFR+179

bps),

3/1/30,

Callable

3/1/29

@

100

$

664,996

1,100,000

Capital

One

Financial

Corp.,

5.25%

(SOFR+260

bps),

7/26/30,

Callable

7/26/29

@

100

1,081,505

250,000

Discover

Bank,

5.97%

(USISOA05+173

bps),

8/9/28

248,604

2,253,000

Discover

Financial

Services,

4.50%,

1/30/26,

Callable

11/30/25

@

100

2,219,119

174,000

Discover

Financial

Services,

6.70%,

11/29/32,

Callable

8/29/32

@

100

183,579

200,000

Encore

Capital

Group,

Inc.,

9.25%,

4/1/29,

Callable

4/1/26

@

104.63(b)

204,250

295,000

OneMain

Finance

Corp.,

3.50%,

1/15/27,

Callable

5/6/24

@

101.75

272,875

155,000

OneMain

Finance

Corp.,

3.88%,

9/15/28,

Callable

9/15/24

@

101.94

137,950

430,000

OneMain

Finance

Corp.,

4.00%,

9/15/30,

Callable

9/15/25

@

102

366,575

797,000

Synchrony

Financial,

4.25%,

8/15/24,

Callable

5/15/24

@

100

791,808

3,605,000

Synchrony

Financial,

3.95%,

12/1/27,

Callable

9/1/27

@

100

3,357,639

17,060,063

Consumer

Staples

Distribution

&

Retail

(0.4%):

25,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

4.63%,

1/15/27,

Callable

5/6/24

@

102.31(b)

24,156

210,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

6.50%,

2/15/28,

Callable

2/15/25

@

103.25(b)

212,100

50,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

3.50%,

3/15/29,

Callable

5/6/24

@

101.75(b)

44,688

605,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

4.88%,

2/15/30,

Callable

2/15/25

@

103.66^(b)

573,237

240,000

C&S

Group

Enterprises

LLC,

5.00%,

12/15/28,

Callable

5/6/24

@

102.5(b)

191,400

135,000

Chobani

LLC/Chobani

Finance

Corp.,

Inc.,

7.63%,

7/1/29,

Callable

1/1/26

@

103.81(b)

136,181

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

1,273,050

475,000

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.,

5.13%,

2/1/28,

Callable

1/1/28

@

100

466,687

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

177,075

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

1,113,750

975,000

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.,

5.75%,

4/1/33,

Callable

1/1/33

@

100

956,719

180,000

KeHE

Distributors

LLC/KeHE

Finance

Corp./

NextWave

Distribution,

Inc.,

9.00%,

2/15/29,

Callable

2/15/26

@

104.5(b)

182,475

445,000

Performance

Food

Group,

Inc.,

6.88%,

5/1/25,

Callable

5/6/24

@

100(b)

444,444

Principal

Amount

Value

Corporate

Bonds,

continued

Consumer

Staples

Distribution

&

Retail,

continued

$

70,000

Performance

Food

Group,

Inc.,

4.25%,

8/1/29,

Callable

8/1/24

@

102.13(b)

$

63,875

93,000

Sysco

Corp.,

5.95%,

4/1/30,

Callable

1/1/30

@

100

96,908

45,000

United

Natural

Foods,

Inc.,

6.75%,

10/15/28,

Callable

5/6/24

@

103.38(b)

37,350

660,000

US

Foods,

Inc.,

4.63%,

6/1/30,

Callable

6/1/25

@

102.31(b)

611,325

120,000

US

Foods,

Inc.,

7.25%,

1/15/32,

Callable

9/15/26

@

103.63(b)

124,650

6,730,070

Containers

&

Packaging

(0.2%):

200,000

Ardagh

Metal

Packaging

Finance

USA

LLC/Ardagh

Metal

Packaging

Finance

plc,

6.00%,

6/15/27,

Callable

6/15/24

@

103^(b)

194,500

150,000

Ardagh

Metal

Packaging

Finance

USA

LLC/Ardagh

Metal

Packaging

Finance

plc,

4.00%,

9/1/29,

Callable

5/15/24

@

102(b)

120,562

570,000

Ardagh

Packaging

Finance

plc/Ardagh

Holdings

USA,

Inc.,

4.13%,

8/15/26,

Callable

4/15/24

@

101.03(b)

517,275

190,000

Ball

Corp.,

3.13%,

9/15/31,

Callable

6/15/31

@

100

161,263

570,000

Clydesdale

Acquisition

Holdings,

Inc.,

6.63%,

4/15/29,

Callable

4/15/25

@

103.31(b)

567,862

65,000

Graphic

Packaging

International

LLC,

3.75%,

2/1/30,

Callable

8/1/29

@

100(b)

57,850

195,000

Mauser

Packaging

Solutions

Holding

Co.,

7.88%,

8/15/26,

Callable

8/15/24

@

103.94(b)

198,169

180,000

Owens-Brockway

Glass

Container,

Inc.,

7.25%,

5/15/31,

Callable

5/15/26

@

103.63(b)

183,375

330,000

Sealed

Air

Corp.,

5.00%,

4/15/29,

Callable

4/15/25

@

102.5(b)

316,800

135,000

Sealed

Air

Corp./Sealed

Air

Corp.

U.S.,

6.13%,

2/1/28,

Callable

2/1/25

@

103.06^(b)

135,338

2,452,994

Distributors

(0.0%

†

):

145,000

LBM

Acquisition

LLC,

6.25%,

1/15/29,

Callable

5/6/24

@

103.13(b)

135,756

75,000

USI,

Inc.,

7.50%,

1/15/32,

Callable

1/15/27

@

103.75(b)

75,094

210,850

Diversified

Consumer

Services

(0.0%

†

):

110,000

Sotheby's,

7.38%,

10/15/27,

Callable

4/15/24

@

101.84^(b)

102,162

150,000

Wand

NewCo.

3,

Inc.,

7.63%,

1/30/32,

Callable

1/30/27

@

103.81(b)

154,875

257,037

Diversified

REITs

(0.4%):

430,000

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership

LP,

3.75%,

12/15/27,

Callable

9/15/27

@

100(b)

367,650

189,000

Piedmont

Operating

Partnership

LP,

2.75%,

4/1/32,

Callable

1/1/32

@

100

135,731

96,000

Store

Capital

LLC,

4.63%,

3/15/29,

Callable

12/15/28

@

100

90,530

1,277,000

Store

Capital

LLC,

2.75%,

11/18/30,

Callable

8/18/30

@

100

1,025,753

131,000

Ventas

Realty

LP,

4.00%,

3/1/28,

Callable

12/1/27

@

100

124,777

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

109

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

REITs,

continued

$

367,000

Ventas

Realty

LP,

3.00%,

1/15/30,

Callable

10/15/29

@

100

$

323,799

1,430,000

Ventas

Realty

LP,

4.75%,

11/15/30,

Callable

8/15/30

@

100

1,379,261

400,000

WP

Carey,

Inc.,

4.60%,

4/1/24

399,880

3,000,000

WP

Carey,

Inc.,

4.25%,

10/1/26,

Callable

7/1/26

@

100

2,925,942

66,000

WP

Carey,

Inc.,

3.85%,

7/15/29,

Callable

4/15/29

@

100

61,561

6,834,884

Diversified

Telecommunication

Services

(0.5%):

138,000

AT&T,

Inc.,

4.30%,

2/15/30,

Callable

11/15/29

@

100

132,545

400,000

AT&T,

Inc.,

5.15%,

11/15/46,

Callable

5/15/46

@

100

378,260

1,200,000

AT&T,

Inc.,

3.80%,

12/1/57,

Callable

6/1/57

@

100

864,845

20,000

Cablevision

Lightpath

LLC,

3.88%,

9/15/27,

Callable

4/15/24

@

101.94(b)

17,900

15,000

Cablevision

Lightpath

LLC,

5.63%,

9/15/28,

Callable

4/15/24

@

102.81(b)

12,562

300,000

Cogent

Communications

Group,

Inc.,

7.00%,

6/15/27,

Callable

6/15/24

@

103.5(b)

298,500

25,000

Consolidated

Communications,

Inc.,

5.00%,

10/1/28,

Callable

4/15/24

@

103.75(b)

20,812

2,346,000

Discovery

Communications

LLC,

3.63%,

5/15/30,

Callable

2/15/30

@

100

2,093,531

392,000

Discovery

Communications

LLC,

4.65%,

5/15/50,

Callable

11/15/49

@

100

304,338

640,000

Frontier

Communications

Holdings

LLC,

5.88%,

10/15/27,

Callable

5/6/24

@

102.94(b)

617,600

5,496

Frontier

Communications

Holdings

LLC,

5.88%,

11/1/29,

Callable

11/1/24

@

102.94

4,651

145,000

Frontier

Communications

Holdings

LLC,

8.75%,

5/15/30,

Callable

5/15/25

@

104.38(b)

147,900

90,000

Northwest

Fiber

LLC/Northwest

Fiber

Finance

Sub,

Inc.,

4.75%,

4/30/27(b)

92,025

15,000

Northwest

Fiber

LLC/Northwest

Fiber

Finance

Sub,

Inc.,

6.00%,

2/15/28(b)

15,431

209,000

Verizon

Communications,

Inc.,

2.55%,

3/21/31,

Callable

12/21/30

@

100

178,475

265,000

Warnermedia

Holdings,

Inc.,

3.64%,

3/15/25

259,795

519,000

Warnermedia

Holdings,

Inc.,

3.76%,

3/15/27,

Callable

2/15/27

@

100

495,585

180,000

Warnermedia

Holdings,

Inc.,

4.05%,

3/15/29,

Callable

1/15/29

@

100

168,507

753,000

Warnermedia

Holdings,

Inc.,

4.28%,

3/15/32,

Callable

12/15/31

@

100

670,729

391,000

Warnermedia

Holdings,

Inc.,

5.05%,

3/15/42,

Callable

9/15/41

@

100

335,247

576,000

Warnermedia

Holdings,

Inc.,

5.14%,

3/15/52,

Callable

9/15/51

@

100

478,407

55,000

Zayo

Group

Holdings,

Inc.,

4.00%,

3/1/27,

Callable

5/6/24

@

100(b)

45,237

185,000

Zayo

Group

Holdings,

Inc.,

6.13%,

3/1/28,

Callable

5/6/24

@

101.53(b)

129,500

7,762,382

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities

(0.5%):

$

10,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

4.25%,

10/15/27,

Callable

5/6/24

@

102.13(b)

$

9,400

941,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

6.75%,

10/15/27,

Callable

5/6/24

@

101.69(b)

923,356

155,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

5.88%,

11/1/29,

Callable

11/1/24

@

102.94(b)

143,763

165,000

Cleco

Corporate

Holdings

LLC,

3.38%,

9/15/29,

Callable

6/15/29

@

100

143,460

54,000

Duquesne

Light

Holdings,

Inc.,

2.53%,

10/1/30,

Callable

7/1/30

@

100(b)

44,705

587,000

Duquesne

Light

Holdings,

Inc.,

2.78%,

1/7/32,

Callable

10/7/31

@

100(b)

478,814

173,000

Exelon

Corp.,

2.75%,

3/15/27,

Callable

2/15/27

@

100

161,832

1,075,000

Exelon

Corp.,

4.05%,

4/15/30,

Callable

1/15/30

@

100

1,012,407

210,000

Exelon

Corp.,

3.35%,

3/15/32,

Callable

12/15/31

@

100

184,826

136,000

IPALCO

Enterprises,

Inc.,

3.70%,

9/1/24

135,864

17,000

NextEra

Energy

Operating

Partners

LP,

4.25%,

9/15/24,

Callable

7/15/24

@

100(b)

16,405

230,000

NextEra

Energy

Operating

Partners,

LP,

7.25%,

1/15/29,

Callable

10/15/28

@

100(b)

234,600

430,000

NRG

Energy,

Inc.,

5.75%,

1/15/28,

Callable

4/22/24

@

101.92

425,700

20,000

NRG

Energy,

Inc.,

3.38%,

2/15/29,

Callable

4/15/24

@

101.69(b)

17,750

40,000

NRG

Energy,

Inc.,

3.63%,

2/15/31,

Callable

2/15/26

@

101.81(b)

34,500

36,042

NSG

Holdings

LLC/NSG

Holdings,

Inc.,

7.75%,

12/15/25(b)

35,681

1,370,000

PG&E

Corp.,

5.00%,

7/1/28,

Callable

4/15/24

@

102.5

1,322,050

311,000

PG&E

Corp.,

5.25%,

7/1/30,

Callable

7/1/25

@

102.63

295,796

140,000

Puget

Energy,

Inc.,

4.10%,

6/15/30,

Callable

3/15/30

@

100

127,360

714,000

Puget

Energy,

Inc.,

4.22%,

3/15/32,

Callable

12/15/31

@

100

646,059

15,000

TerraForm

Power

Operating

LLC,

5.00%,

1/31/28,

Callable

7/31/27

@

100(b)

14,250

47,159

Topaz

Solar

Farms

LLC,

5.75%,

9/30/39(b)

47,100

605,000

Vistra

Operations

Co.

LLC,

5.00%,

7/31/27,

Callable

4/15/24

@

101.25(b)

585,337

230,000

Vistra

Operations

Co.

LLC,

7.75%,

10/15/31,

Callable

10/15/26

@

103.88(b)

240,350

7,281,365

Electrical

Equipment

(0.1%):

725,000

TK

Elevator

US

Newco,

Inc.,

5.25%,

7/15/27,

Callable

5/6/24

@

102.63(b)

697,812

310,000

Vertiv

Group

Corp.,

4.13%,

11/15/28,

Callable

11/15/24

@

102.06(b)

288,300

986,112

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

110

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Electronic

Equipment,

Instruments

&

Components

(0.0%

†

):

$

565,000

Coherent

Corp.,

5.00%,

12/15/29,

Callable

12/14/24

@

102.5(b)

$

530,394

Energy

Equipment

&

Services

(0.0%

†

):

180,000

Kodiak

Gas

Services

LLC,

7.25%,

2/15/29,

Callable

2/15/26

@

103.63(b)

183,150

Entertainment

(0.0%

†

):

310,000

ROBLOX

Corp.,

3.88%,

5/1/30,

Callable

11/1/24

@

101.94(b)

272,025

Financial

Services

(1.2%):

295,000

Acuris

Finance

U.S.,

Inc./Acuris

Finance

SARL,

5.00%,

5/1/28,

Callable

5/6/24

@

102.5(b)

266,975

75,000

Arsenal

AIC

Parent

LLC,

8.00%,

10/1/30,

Callable

10/1/26

@

104(b)

78,844

1,268,000

Athene

Global

Funding,

5.34%,

1/15/27(b)

1,259,402

573,000

Athene

Global

Funding,

5.58%,

1/9/29(b)

576,302

2,052,000

Blackstone

Private

Credit

Fund,

4.70%,

3/24/25

2,025,864

888,000

Blackstone

Private

Credit

Fund,

7.05%,

9/29/25

902,976

40,000

Block,

Inc.,

2.75%,

6/1/26,

Callable

5/1/26

@

100

37,400

40,000

Block,

Inc.,

3.50%,

6/1/31,

Callable

3/1/31

@

100

34,700

200,000

Boost

Newco

Borrower

LLC,

7.50%,

1/15/31,

Callable

1/15/27

@

103.75(b)

208,750

360,000

Champions

Financing,

Inc.,

8.75%,

2/15/29,

Callable

2/15/26

@

104.38(b)

376,200

120,000

Cobra

AcquisitionCo

LLC,

6.38%,

11/1/29,

Callable

11/1/24

@

103.25(b)

101,100

242,000

Corebridge

Financial,

Inc.,

3.50%,

4/4/25,

Callable

3/4/25

@

100

236,870

824,000

Corebridge

Financial,

Inc.,

3.65%,

4/5/27,

Callable

3/5/27

@

100

787,505

339,000

Corebridge

Financial,

Inc.,

3.85%,

4/5/29,

Callable

2/5/29

@

100

315,651

404,000

Corebridge

Financial,

Inc.,

3.90%,

4/5/32,

Callable

1/5/32

@

100

361,368

92,000

Corebridge

Financial,

Inc.,

4.35%,

4/5/42,

Callable

10/5/41

@

100

76,958

271,000

Corebridge

Financial,

Inc.,

4.40%,

4/5/52,

Callable

10/5/51

@

100

220,147

295,000

Ford

Motor

Credit

Co

LLC,

4.13%,

8/17/27,

Callable

6/17/27

@

100

280,184

550,000

Ford

Motor

Credit

Co

LLC,

4.00%,

11/13/30,

Callable

8/13/30

@

100

488,911

968,000

Ford

Motor

Credit

Co.

LLC,

4.06%,

11/1/24,

Callable

10/1/24

@

100

958,326

55,000

Ford

Motor

Credit

Co.

LLC,

5.13%,

6/16/25,

Callable

5/16/25

@

100

54,505

400,000

Ford

Motor

Credit

Co.

LLC,

2.90%,

2/10/29,

Callable

12/10/28

@

100

351,204

55,000

Greystar

Real

Estate

Partners

LLC,

7.75%,

9/1/30,

Callable

9/1/26

@

103.88(b)

57,200

50,000

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC,

3.38%,

6/15/26,

Callable

3/15/26

@

100(b)

47,000

140,000

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC,

8.00%,

6/15/27,

Callable

3/15/27

@

100^(b)

145,775

640,000

Hightower

Holding

LLC,

6.75%,

4/15/29,

Callable

5/6/24

@

103.38(b)

600,000

505,000

HUB

International,

Ltd.,

5.63%,

12/1/29,

Callable

12/1/24

@

102.81(b)

472,806

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services,

continued

$

240,000

HUB

International,

Ltd.,

7.25%,

6/15/30,

Callable

6/15/26

@

103.63(b)

$

246,000

1,400,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

5.25%,

5/15/27,

Callable

11/15/26

@

100

1,295,000

358,000

Jackson

Financial,

Inc.,

5.17%,

6/8/27,

Callable

5/8/27

@

100^

357,547

91,000

Jackson

Financial,

Inc.,

3.13%,

11/23/31,

Callable

8/23/31

@

100

75,820

386,000

Jackson

Financial,

Inc.,

5.67%,

6/8/32,

Callable

3/8/32

@

100^

385,728

70,000

Jane

Street

Group/JSG

Finance,

Inc.,

4.50%,

11/15/29,

Callable

11/15/24

@

102.25^(b)

64,662

95,000

Jefferson

Capital

Holdings

LLC,

9.50%,

2/15/29,

Callable

2/15/26

@

104.75(b)

97,019

40,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.,

4.75%,

6/15/29,

Callable

6/15/24

@

102.38(b)

36,200

570,000

Level

3

Financing,

Inc.,

4.25%,

7/1/28,

Callable

5/6/24

@

102.13

273,600

15,000

Level

3

Financing,

Inc.,

3.63%,

1/15/29,

Callable

4/15/24

@

101.81

6,525

845,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.25%,

8/1/26,

Callable

5/6/24

@

100.88^

776,344

335,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.00%,

10/15/27,

Callable

5/6/24

@

101.67^

280,144

360,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

3.50%,

3/15/31,

Callable

3/15/26

@

101.75

246,150

2,296,000

Pine

Street

Trust

I,

4.57%,

2/15/29,

Callable

11/15/28

@

100(b)

2,173,221

212,000

Sun

Communities

Operating

LP,

2.30%,

11/1/28,

Callable

9/1/28

@

100

184,257

272,000

Sun

Communities

Operating

LP,

2.70%,

7/15/31,

Callable

4/15/31

@

100

223,652

355,000

Uniti

Group

LP/Uniti

Fiber

Holdings,

Inc./CSL

Capital

LLC,

6.00%,

1/15/30,

Callable

1/15/25

@

103(b)

263,587

18,308,379

Food

Products

(0.1%):

154,000

JBS

USA

Food

Co.,

3.63%,

1/15/32,

Callable

1/15/27

@

101.81(b)

120,890

650,000

Pilgrim's

Pride

Corp.,

4.25%,

4/15/31,

Callable

4/15/26

@

102.13

585,813

45,000

Post

Holdings,

Inc.,

5.63%,

1/15/28,

Callable

4/22/24

@

101.88(b)

44,156

69,000

Post

Holdings,

Inc.,

4.50%,

9/15/31,

Callable

9/15/26

@

102.25(b)

61,755

335,000

Post

Holdings,

Inc.,

6.25%,

2/15/32,

Callable

2/15/27

@

103.13(b)

335,837

1,148,451

Ground

Transportation

(0.1%):

1,050,000

Uber

Technologies,

Inc.,

4.50%,

8/15/29,

Callable

8/15/24

@

102.25(b)

996,188

230,000

XPO,

Inc.,

7.13%,

2/1/32,

Callable

2/1/27

@

103.56(b)

236,325

1,232,513

Health

Care

Equipment

&

Supplies

(0.1%):

600,000

Hologic,

Inc.,

4.63%,

2/1/28,

Callable

5/6/24

@

101.54(b)

576,000

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

111

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Equipment

&

Supplies,

continued

$

600,000

Medline

Borrower

LP,

3.88%,

4/1/29,

Callable

10/1/24

@

101.94(b)

$

545,250

1,121,250

Health

Care

Providers

&

Services

(0.8%):

495,000

180

Medical,

Inc.,

3.88%,

10/15/29,

Callable

10/7/24

@

101.94(b)

443,025

140,000

AHP

Health

Partners,

Inc.,

5.75%,

7/15/29,

Callable

7/15/24

@

102.88(b)

127,400

35,000

Cano

Health

LLC,

6.25%,

10/1/28,

Callable

10/1/24

@

103.13(b)(d)

4

55,000

Catalent

Pharma

Solutions,

Inc.,

3.13%,

2/15/29,

Callable

5/6/24

@

101.56(b)

52,525

115,000

Catalent

Pharma

Solutions,

Inc.,

3.50%,

4/1/30,

Callable

4/1/25

@

101.75(b)

110,113

1,365,000

Centene

Corp.,

4.25%,

12/15/27,

Callable

4/22/24

@

101.42

1,303,575

1,485,000

Centene

Corp.,

2.45%,

7/15/28,

Callable

5/15/28

@

100

1,314,225

410,000

Centene

Corp.,

4.63%,

12/15/29,

Callable

12/15/24

@

102.31

388,987

245,000

Centene

Corp.,

3.38%,

2/15/30,

Callable

2/15/25

@

101.69

216,825

610,000

Centene

Corp.,

2.63%,

8/1/31,

Callable

5/1/31

@

100

500,200

255,000

CHS/Community

Health

Systems,

Inc.,

5.63%,

3/15/27,

Callable

4/22/24

@

102.81(b)

234,600

255,000

CHS/Community

Health

Systems,

Inc.,

6.00%,

1/15/29,

Callable

4/22/24

@

103(b)

221,850

385,000

CHS/Community

Health

Systems,

Inc.,

6.13%,

4/1/30,

Callable

4/1/25

@

103.06(b)

277,200

285,000

CHS/Community

Health

Systems,

Inc.,

5.25%,

5/15/30,

Callable

5/15/25

@

102.63(b)

231,563

45,000

CHS/Community

Health

Systems,

Inc.,

4.75%,

2/15/31,

Callable

2/15/26

@

102.38(b)

34,594

585,000

CHS/Community

Health

Systems,

Inc.,

10.88%,

1/15/32,

Callable

2/15/27

@

105.44(b)

602,550

299,000

Community

Health

Systems,

Inc.,

8.00%,

3/15/26,

Callable

5/6/24

@

100^(b)

297,505

185,000

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC,

6.63%,

7/15/30,

Callable

7/16/26

@

103.31(b)

187,312

343,000

CVS

Health

Corp.,

5.00%,

1/30/29,

Callable

12/30/28

@

100

342,549

140,000

CVS

Health

Corp.,

5.25%,

1/30/31,

Callable

11/30/30

@

100

140,841

495,000

DaVita,

Inc.,

4.63%,

6/1/30,

Callable

6/1/25

@

102.31(b)

441,787

534,000

HCA,

Inc.,

5.63%,

9/1/28,

Callable

3/1/28

@

100

540,007

503,000

HCA,

Inc.,

5.88%,

2/1/29,

Callable

8/1/28

@

100

513,689

510,000

HCA,

Inc.,

3.50%,

9/1/30,

Callable

3/1/30

@

100

460,275

99,000

HCA,

Inc.,

3.63%,

3/15/32,

Callable

12/15/31

@

100

87,345

50,000

HealthEquity,

Inc.,

4.50%,

10/1/29,

Callable

10/1/24

@

102.25(b)

46,063

314,000

Humana,

Inc.,

3.70%,

3/23/29,

Callable

2/23/29

@

100

295,709

400,000

IQVIA,

Inc.,

5.00%,

10/15/26,

Callable

5/6/24

@

100.83(b)

390,000

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

350,000

LifePoint

Health,

Inc.,

11.00%,

10/15/30,

Callable

10/15/26

@

105.5(b)

$

374,062

120,000

Medline

Borrower

LP/Medline

Co-Issuer,

Inc.,

6.25%,

4/1/29,

Callable

4/1/26

@

103.13(b)

120,600

55,000

ModivCare

Escrow

Issuer,

Inc.,

5.00%,

10/1/29,

Callable

10/1/24

@

102.5(b)

39,875

150,000

ModivCare,

Inc.,

5.88%,

11/15/25,

Callable

5/6/24

@

101.47(b)

146,063

40,000

Molina

Healthcare,

Inc.,

3.88%,

11/15/30,

Callable

8/17/30

@

100(b)

35,400

470,000

Molina

Healthcare,

Inc.,

3.88%,

5/15/32,

Callable

2/15/32

@

100(b)

407,725

315,000

Organon

&

Co./Organon

Foreign

Debt

Co.-Issuer

B.V.,

4.13%,

4/30/28,

Callable

5/6/24

@

102.06(b)

292,950

25,000

Owens

&

Minor,

Inc.,

4.50%,

3/31/29,

Callable

5/6/24

@

102.25^(b)

22,812

94,122

Radiology

Partners,

Inc.,

8.50%,

1/31/29,

Callable

5/6/24

@

100^(b)

86,592

127,000

Surgery

Center

Holdings,

Inc.,

6.75%,

7/1/25,

Callable

4/25/24

@

100(b)

127,000

175,000

Surgery

Center

Holdings,

Inc.,

7.25%,

4/15/32,

Callable

4/15/27

@

103.63(b)

176,531

590,000

Tenet

Healthcare

Corp.,

6.25%,

2/1/27,

Callable

4/22/24

@

100

588,525

510,000

Tenet

Healthcare

Corp.,

6.13%,

10/1/28,

Callable

5/6/24

@

103.06

508,088

295,000

Tenet

Healthcare

Corp.,

4.25%,

6/1/29,

Callable

6/1/24

@

102.13

273,244

140,000

Tenet

Healthcare

Corp.,

4.38%,

1/15/30,

Callable

12/1/24

@

102.19

129,150

117,000

Toledo

Hospital

(The),

Series

B,

5.33%,

11/15/28

109,541

85,000

Toledo

Hospital

(The),

6.02%,

11/15/48

70,444

35,000

US

Renal

Care,

Inc.,

10.63%,

7/15/27,

Callable

5/6/24

@

102.66(b)

22,137

13,333,057

Health

Care

REITs

(0.3%):

45,000

CTR

Partnership

LP/CareTrust

Capital

Corp.,

3.88%,

6/30/28,

Callable

3/30/28

@

100(b)

41,681

66,000

Healthcare

Realty

Holdings

LP,

3.50%,

8/1/26,

Callable

5/1/26

@

100

62,923

63,000

Healthcare

Realty

Holdings

LP,

3.10%,

2/15/30,

Callable

11/15/29

@

100

54,853

101,000

Omega

Healthcare

Investors,

Inc.,

4.50%,

1/15/25,

Callable

10/15/24

@

100

99,423

1,278,000

Omega

Healthcare

Investors,

Inc.,

4.50%,

4/1/27,

Callable

1/1/27

@

100

1,234,960

2,482,000

Omega

Healthcare

Investors,

Inc.,

3.63%,

10/1/29,

Callable

7/1/29

@

100

2,213,177

133,000

Omega

Healthcare

Investors,

Inc.,

3.38%,

2/1/31,

Callable

11/1/30

@

100

113,505

1,214,000

Sabra

Health

Care

LP,

3.20%,

12/1/31,

Callable

9/1/31

@

100

1,007,620

4,828,142

Health

Care

Technology

(0.0%

†

):

25,000

Clarivate

Science

Holdings

Corp.,

3.88%,

7/1/28,

Callable

6/30/24

@

101.94(b)

23,062

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

112

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Technology,

continued

$

625,000

Clarivate

Science

Holdings

Corp.,

4.88%,

7/1/29,

Callable

6/30/24

@

102.44(b)

$

578,125

601,187

Hotel

&

Resort

REITs

(0.0%

†

):

40,000

Service

Properties

Trust,

4.95%,

2/15/27,

Callable

8/15/26

@

100

36,850

540,000

Service

Properties

Trust,

5.50%,

12/15/27,

Callable

9/15/27

@

100

513,000

45,000

Service

Properties

Trust,

4.95%,

10/1/29,

Callable

7/1/29

@

100

36,900

586,750

Hotels,

Restaurants

&

Leisure

(0.4%):

15,000

Affinity

Interactive,

6.88%,

12/15/27,

Callable

5/6/24

@

103.44(b)

14,025

500,000

Boyd

Gaming

Corp.,

4.75%,

6/15/31,

Callable

6/15/26

@

102.38(b)

458,750

550,000

Caesars

Entertainment,

Inc.,

8.13%,

7/1/27,

Callable

4/15/24

@

104.06(b)

562,375

145,000

Caesars

Entertainment,

Inc.,

4.63%,

10/15/29,

Callable

10/15/24

@

102.31^(b)

131,769

345,000

Caesars

Entertainment,

Inc.,

6.50%,

2/15/32,

Callable

2/15/27

@

103.25(b)

348,450

125,000

Carrols

Restaurant

Group,

Inc.,

5.88%,

7/1/29,

Callable

7/1/24

@

102.94(b)

126,250

460,000

Churchill

Downs,

Inc.,

5.75%,

4/1/30,

Callable

4/1/25

@

102.88(b)

443,900

30,000

ClubCorp

Holdings,

Inc.,

8.50%,

9/15/25,

Callable

5/6/24

@

100(b)

27,150

275,000

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.,

4.63%,

1/15/29,

Callable

1/15/25

@

102.31(b)

250,938

160,000

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.,

6.75%,

1/15/30,

Callable

1/15/25

@

103.38(b)

143,600

530,000

Golden

Entertainment,

Inc.,

7.63%,

4/15/26,

Callable

4/15/24

@

100(b)

530,000

120,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.88%,

4/1/29,

Callable

4/1/26

@

102.94(b)

120,000

500,000

Hilton

Domestic

Operating

Co.,

Inc.,

4.00%,

5/1/31,

Callable

5/1/26

@

102(b)

446,875

40,000

Hilton

Grand

Vacations

Borrower

Escrow

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

5.00%,

6/1/29,

Callable

6/1/24

@

102.5^(b)

37,200

240,000

Hilton

Grand

Vacations

Borrower

Escrow

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

6.63%,

1/15/32,

Callable

1/15/27

@

103.31(b)

240,600

75,000

Jacobs

Entertainment,

Inc.,

6.75%,

2/15/29,

Callable

2/15/25

@

103.38(b)

72,375

45,000

Life

Time,

Inc.,

5.75%,

1/15/26,

Callable

5/6/24

@

101.44(b)

44,662

40,000

Marriott

Ownership

Resorts,

Inc.,

4.50%,

6/15/29,

Callable

6/15/24

@

102.25^(b)

36,450

510,000

Station

Casinos

LLC,

4.50%,

2/15/28,

Callable

5/6/24

@

101.13(b)

479,400

390,000

Wynn

Las

Vegas

LLC/Wynn

Las

Vegas

Capital

Corp.,

5.25%,

5/15/27,

Callable

2/15/27

@

100(b)

380,737

105,000

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.,

7.13%,

2/15/31,

Callable

11/15/30

@

100(b)

108,675

Principal

Amount

Value

Corporate

Bonds,

continued

Hotels,

Restaurants

&

Leisure,

continued

$

700,000

Yum!

Brands,

Inc.,

3.63%,

3/15/31,

Callable

12/15/30

@

100

$

619,500

5,623,681

Household

Durables

(0.1%):

70,000

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.,

4.63%,

4/1/30,

Callable

4/1/25

@

102.31(b)

63,700

95,000

Beazer

Homes

USA,

Inc.,

7.50%,

3/15/31,

Callable

3/15/27

@

103.75(b)

95,950

150,000

Century

Communities,

Inc.,

3.88%,

8/15/29,

Callable

2/15/29

@

100(b)

134,250

120,000

Landsea

Homes

Corp.,

8.88%,

4/1/29,

Callable

4/1/26

@

104.44(b)

119,100

90,000

LGI

Homes,

Inc.,

8.75%,

12/15/28,

Callable

12/15/25

@

104.38(b)

94,950

290,000

Newell

Brands,

Inc.,

6.88%,

4/1/36,

Callable

10/1/35

@

100

254,837

130,000

Tempur

Sealy

International,

Inc.,

3.88%,

10/15/31,

Callable

10/15/26

@

101.94(b)

109,850

265,000

TopBuild

Corp.,

4.13%,

2/15/32,

Callable

10/15/26

@

102.06(b)

233,200

1,105,837

Household

Products

(0.0%

†

):

55,000

Central

Garden

&

Pet

Co.,

4.13%,

4/30/31,

Callable

4/30/26

@

102.06(b)

48,262

Independent

Power

and

Renewable

Electricity

Producers

(0.2%):

1,457,000

AES

Corp.

(The),

3.30%,

7/15/25,

Callable

6/15/25

@

100(b)

1,410,927

1,412,000

AES

Corp.

(The),

3.95%,

7/15/30,

Callable

4/15/30

@

100(b)

1,284,920

218,000

AES

Corp.

(The),

2.45%,

1/15/31,

Callable

10/15/30

@

100

178,637

30,000

Clearway

Energy

Operating

LLC,

4.75%,

3/15/28,

Callable

4/15/24

@

102.38(b)

28,275

125,000

Leeward

Renewable

Energy

Operations

LLC,

4.25%,

7/1/29,

Callable

7/1/24

@

102.13(b)

107,188

35,000

Pattern

Energy

Operations

LP/Pattern

Energy

Operations,

Inc.,

4.50%,

8/15/28,

Callable

5/6/24

@

103.38(b)

32,637

85,000

Sunnova

Energy

Corp.,

5.88%,

9/1/26,

Callable

5/6/24

@

102.94^(b)

66,300

120,000

Sunnova

Energy

Corp.,

11.75%,

10/1/28,

Callable

4/1/28

@

100^(b)

92,700

3,201,584

Industrial

Conglomerates

(0.0%

†

):

490,000

Brand

Industrial

Services,

Inc.,

10.38%,

8/1/30,

Callable

8/1/26

@

105.19(b)

530,425

75,000

Global

Partners

LP/GLP

Finance

Corp.,

8.25%,

1/15/32,

Callable

1/15/27

@

104.13(b)

77,719

35,000

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29,

Callable

10/15/24

@

102.19(b)

31,937

640,081

Industrial

REITs

(0.0%

†

):

735,000

LXP

Industrial

Trust,

4.40%,

6/15/24,

Callable

5/6/24

@

100

730,087

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

113

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Insurance

(0.4%):

$

585,000

Acrisure

LLC/Acrisure

Finance,

Inc.,

6.00%,

8/1/29,

Callable

8/1/24

@

103(b)

$

534,544

70,000

AmWINS

Group,

Inc.,

4.88%,

6/30/29,

Callable

6/30/24

@

102.44(b)

64,925

40,000

AssuredPartners,

Inc.,

5.63%,

1/15/29,

Callable

5/6/24

@

102.81(b)

36,800

190,000

AssuredPartners,

Inc.,

7.50%,

2/15/32,

Callable

2/15/27

@

103.75(b)

186,675

70,000

BroadStreet

Partners,

Inc.,

5.88%,

4/15/29,

Callable

5/6/24

@

102.94(b)

64,662

2,771,000

Five

Corners

Funding

Trust

II,

2.85%,

5/15/30,

Callable

2/15/30

@

100(b)

2,420,804

436,000

Pacific

LifeCorp,

5.13%,

1/30/43(b)

407,746

500,000

Peachtree

Corners

Funding

Trust,

3.98%,

2/15/25(b)

490,036

185,000

Ryan

Specialty

LLC,

4.38%,

2/1/30,

Callable

2/1/25

@

102.19(b)

171,356

180,000

Station

Casinos

LLC,

6.63%,

3/15/32,

Callable

3/15/27

@

103.31(b)

182,025

227,000

Unum

Group,

4.00%,

6/15/29,

Callable

3/15/29

@

100

212,980

1,000,000

Unum

Group,

5.75%,

8/15/42

972,633

5,745,186

IT

Services

(0.0%

†

):

500,000

Gartner,

Inc.,

4.50%,

7/1/28,

Callable

5/6/24

@

102.25(b)

475,000

45,000

Gartner,

Inc.,

3.75%,

10/1/30,

Callable

10/1/25

@

101.88(b)

40,106

35,000

Twilio,

Inc.,

3.63%,

3/15/29,

Callable

4/15/24

@

101.81

31,325

35,000

Twilio,

Inc.,

3.88%,

3/15/31,

Callable

3/15/26

@

101.94

30,538

576,969

Leisure

Products

(0.0%

†

):

120,000

Amer

Sports

Co.,

6.75%,

2/16/31,

Callable

2/16/27

@

103.38(b)

119,400

110,000

Fiesta

Purchaser,

Inc.,

7.88%,

3/1/31,

Callable

3/1/27

@

103.94(b)

113,575

5,000

Mattel,

Inc.,

5.88%,

12/15/27,

Callable

5/6/24

@

102.94(b)

5,012

170,000

Mattel,

Inc.,

6.20%,

10/1/40

169,575

407,562

Life

Sciences

Tools

&

Services

(0.0%

†

):

15,000

Charles

River

Laboratories

International,

Inc.,

4.25%,

5/1/28,

Callable

4/22/24

@

102.13(b)

14,062

30,000

Charles

River

Laboratories

International,

Inc.,

3.75%,

3/15/29,

Callable

5/6/24

@

101.88(b)

27,300

41,362

Machinery

(0.1%):

220,000

Esab

Corp.,

6.25%,

4/15/29,

Callable

4/15/26

@

103.13(b)

221,100

55,000

GrafTech

Finance,

Inc.,

4.63%,

12/15/28,

Callable

5/6/24

@

102.31(b)

35,406

110,000

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/15/28,

Callable

12/15/25

@

104.94^(b)

81,675

170,000

ITT

Holdings

LLC,

6.50%,

8/1/29,

Callable

8/1/24

@

103.25(b)

154,275

230,000

Madison

IAQ

LLC,

4.13%,

6/30/28,

Callable

6/30/24

@

102.06^(b)

211,600

Principal

Amount

Value

Corporate

Bonds,

continued

Machinery,

continued

$

650,000

Madison

IAQ

LLC,

5.88%,

6/30/29,

Callable

6/30/24

@

102.94(b)

$

594,750

45,000

Mueller

Water

Products,

Inc.,

4.00%,

6/15/29,

Callable

6/15/24

@

102(b)

40,613

1,339,419

Media

(0.8%):

300,000

Advantage

Sales

&

Marketing,

Inc.,

6.50%,

11/15/28,

Callable

4/15/24

@

103.25(b)

282,000

255,000

Allen

Media

LLC/Allen

Media

Co.-Issuer,

Inc.,

10.50%,

2/15/28,

Callable

5/6/24

@

105.25(b)

117,300

25,000

Arches

Buyer,

Inc.,

4.25%,

6/1/28,

Callable

5/6/24

@

102.13(b)

21,813

10,000

Arches

Buyer,

Inc.,

6.13%,

12/1/28,

Callable

5/6/24

@

103.06(b)

8,350

880,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.50%,

8/15/30,

Callable

2/15/25

@

102.25(b)

739,200

390,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.50%,

5/1/32,

Callable

5/1/26

@

102.25

312,000

240,000

Central

Parent

LLC/CDK

Global

II

LLC/CDK

Financing

Co.,

Inc.,

8.00%,

6/15/29,

Callable

6/15/25

@

104(b)

248,700

1,500,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.91%,

7/23/25,

Callable

4/23/25

@

100

1,482,223

813,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.40%,

4/1/33,

Callable

1/1/33

@

100^

720,083

1,256,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.38%,

5/1/47,

Callable

11/1/46

@

100

1,010,505

809,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.25%,

4/1/53,

Callable

10/1/52

@

100

639,535

1,064,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.50%,

4/1/63,

Callable

10/1/62

@

100

833,531

345,000

Clear

Channel

Outdoor

Holdings,

Inc.,

5.13%,

8/15/27,

Callable

5/6/24

@

101.28(b)

324,731

120,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.88%,

4/1/30,

Callable

10/1/26

@

103.94(b)

119,700

435,000

CMG

Media

Corp.,

8.88%,

12/15/27,

Callable

4/15/24

@

102.22(b)

289,275

635,000

CSC

Holdings

LLC,

4.13%,

12/1/30,

Callable

12/1/25

@

102.06(b)

450,850

185,000

CSC

Holdings

LLC,

4.63%,

12/1/30,

Callable

12/1/25

@

102.31(b)

92,963

680,000

Diamond

Sports

Group

LLC/Diamond

Sports

Finance

Co.,

5.38%,

8/15/26,

Callable

4/22/24

@

101.34(b)

(d)

19,550

790,000

DISH

Network

Corp.,

11.75%,

11/15/27,

Callable

5/15/25

@

105.88(b)

806,787

93,000

Fox

Corp.,

5.48%,

1/25/39,

Callable

7/25/38

@

100

88,269

140,000

Gray

Television,

Inc.,

4.75%,

10/15/30,

Callable

10/15/25

@

102.38^(b)

91,875

25,000

Match

Group

Holdings

II

LLC,

4.13%,

8/1/30,

Callable

5/1/25

@

102.06(b)

22,156

190,000

Match

Group

Holdings

II

LLC,

3.63%,

10/1/31,

Callable

10/1/26

@

101.81(b)

161,500

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

114

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Media,

continued

$

350,000

TEGNA,

Inc.,

4.75%,

3/15/26,

Callable

5/6/24

@

101.19(b)

$

340,375

1,620,000

Time

Warner

Cable

LLC,

6.55%,

5/1/37

1,525,766

280,000

Time

Warner

Cable

LLC,

7.30%,

7/1/38

281,336

69,000

Time

Warner

Cable

LLC,

5.50%,

9/1/41,

Callable

3/1/41

@

100

57,258

435,000

Univision

Communications,

Inc.,

6.63%,

6/1/27,

Callable

4/15/24

@

103.31(b)

424,669

180,000

Univision

Communications,

Inc.,

8.00%,

8/15/28,

Callable

8/15/25

@

104(b)

183,375

245,000

Univision

Communications,

Inc.,

4.50%,

5/1/29,

Callable

5/6/24

@

102.25(b)

218,663

11,914,338

Metals

&

Mining

(0.1%):

400,000

ATI,

Inc.,

5.88%,

12/1/27,

Callable

5/6/24

@

101.47

394,000

60,000

ATI,

Inc.,

4.88%,

10/1/29,

Callable

10/1/24

@

102.44

56,250

45,000

ATI,

Inc.,

5.13%,

10/1/31,

Callable

10/1/26

@

102.56

41,625

45,000

Cleveland-Cliffs,

Inc.,

4.63%,

3/1/29,

Callable

5/6/24

@

102.31(b)

41,906

45,000

Cleveland-Cliffs,

Inc.,

4.88%,

3/1/31,

Callable

3/1/26

@

102.44(b)

40,613

120,000

Cleveland-Cliffs,

Inc.,

7.00%,

3/15/32,

Callable

3/15/27

@

103.5(b)

121,650

60,000

Commercial

Metals

Co.,

4.13%,

1/15/30,

Callable

1/15/25

@

102.06

54,975

60,000

Commercial

Metals

Co.,

4.38%,

3/15/32,

Callable

3/15/27

@

102.19

54,000

200,000

Kaiser

Aluminum

Corp.,

4.63%,

3/1/28,

Callable

5/6/24

@

101.16(b)

186,500

125,000

Novelis

Corp.,

3.88%,

8/15/31,

Callable

8/15/26

@

101.94(b)

107,031

200,000

Panther

Escrow

Issuer

LLC,

7.13%,

6/1/31,

Callable

6/1/27

@

103.56(b)

203,250

1,301,800

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.0%

†

):

75,000

Rithm

Capital

Corp.,

8.00%,

4/1/29,

Callable

4/1/26

@

104(b)

72,750

45,000

Starwood

Property

Trust,

Inc.,

4.75%,

3/15/25,

Callable

9/15/24

@

100

44,325

117,075

Multi-Utilities

(0.1%):

1,100,000

NiSource,

Inc.,

2.95%,

9/1/29,

Callable

6/1/29

@

100

992,464

1,000,000

NiSource,

Inc.,

5.25%,

2/15/43,

Callable

8/15/42

@

100

942,836

1,935,300

Office

REITs

(0.0%

†

):

400,000

Hudson

Pacific

Properties

LP,

4.65%,

4/1/29,

Callable

1/1/29

@

100^

341,000

72,000

Vornado

Realty

LP,

2.15%,

6/1/26,

Callable

5/1/26

@

100

65,211

406,211

Oil,

Gas

&

Consumable

Fuels

(2.0%):

45,000

Apache

Corp.,

5.10%,

9/1/40,

Callable

3/1/40

@

100

38,644

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

10,000

Apache

Corp.,

7.38%,

8/15/47

$

10,025

95,000

Calumet

Specialty

Products

Partners

LP/Calumet

Finance

Corp.,

9.75%,

7/15/28,

Callable

7/15/25

@

104.88(b)

93,575

300,000

CITGO

Petroleum

Corp.,

6.38%,

6/15/26,

Callable

5/6/24

@

103.19(b)

300,375

125,000

CITGO

Petroleum

Corp.,

8.38%,

1/15/29,

Callable

10/15/25

@

104.19(b)

130,937

50,000

CNX

Midstream

Partners

LP,

4.75%,

4/15/30,

Callable

4/15/25

@

102.38(b)

44,500

20,000

CNX

Resources

Corp.,

6.00%,

1/15/29,

Callable

5/6/24

@

104.5(b)

19,550

114,000

Columbia

Pipelines

Operating

Co.

LLC,

5.93%,

8/15/30,

Callable

6/15/30

@

100(b)

116,646

309,000

Columbia

Pipelines

Operating

Co.

LLC,

6.04%,

11/15/33,

Callable

8/15/33

@

100(b)

320,134

92,000

Columbia

Pipelines

Operating

Co.

LLC,

6.50%,

8/15/43,

Callable

2/15/43

@

100(b)

98,700

166,000

Columbia

Pipelines

Operating

Co.

LLC,

6.54%,

11/15/53,

Callable

5/15/53

@

100(b)

179,870

99,000

Columbia

Pipelines

Operating

Co.

LLC,

6.71%,

8/15/63,

Callable

2/15/63

@

100(b)

108,704

305,000

Comstock

Resources,

Inc.,

6.75%,

3/1/29,

Callable

4/22/24

@

103.38(b)

290,894

25,000

Comstock

Resources,

Inc.,

5.88%,

1/15/30,

Callable

1/15/25

@

102.94^(b)

22,594

485,000

Continental

Resources,

Inc.,

5.75%,

1/15/31,

Callable

7/15/30

@

100(b)

481,969

250,000

CQP

Holdco

LP/BIP-V

Chinook

Holdco

LLC,

7.50%,

12/15/33,

Callable

12/15/28

@

103.75(b)

256,875

20,000

CVR

Energy,

Inc.,

5.75%,

2/15/28,

Callable

4/22/24

@

101.92(b)

18,700

350,000

CVR

Energy,

Inc.,

8.50%,

1/15/29,

Callable

1/15/26

@

104.25(b)

355,250

230,000

DCP

Midstream

Operating

LP,

5.38%,

7/15/25,

Callable

4/15/25

@

100

229,540

2,905,000

DCP

Midstream

Operating

LP,

5.63%,

7/15/27,

Callable

4/15/27

@

100

2,929,692

321,000

DCP

Midstream

Operating

LP,

5.13%,

5/15/29,

Callable

2/15/29

@

100

318,994

25,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

7.13%,

6/1/28,

Callable

6/1/24

@

103.56(b)

24,188

335,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

8.63%,

3/15/29,

Callable

3/15/26

@

104.31(b)

341,281

26,000

Devon

Energy

Corp.,

5.25%,

10/15/27,

Callable

4/15/24

@

101.75

25,985

40,000

DT

Midstream,

Inc.,

4.13%,

6/15/29,

Callable

6/15/24

@

102.06(b)

36,600

1,000,000

Emera

US

Finance

LP,

3.55%,

6/15/26,

Callable

3/15/26

@

100

961,108

300,000

Endeavor

Energy

Resources

LP/EER

Finance,

Inc.,

5.75%,

1/30/28,

Callable

5/6/24

@

101.92(b)

302,250

65,000

Energy

Transfer

LP,

4.50%,

4/15/24

64,963

124,000

Energy

Transfer

LP,

3.90%,

5/15/24,

Callable

5/6/24

@

100

123,713

42,000

Energy

Transfer

LP,

5.75%,

4/1/25,

Callable

5/6/24

@

100

41,947

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

115

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

2,229,000

Energy

Transfer

LP,

4.95%,

6/15/28,

Callable

3/15/28

@

100

$

2,208,143

106,000

Energy

Transfer

LP,

5.25%,

4/15/29,

Callable

1/15/29

@

100

106,158

109,000

Energy

Transfer

LP,

3.75%,

5/15/30,

Callable

2/15/30

@

100

100,316

140,000

Energy

Transfer

LP,

7.38%,

2/1/31,

Callable

2/1/26

@

103.69(b)

146,650

128,000

Energy

Transfer

LP,

Series

20Y,

5.80%,

6/15/38,

Callable

12/15/37

@

100

126,625

83,000

Energy

Transfer

LP,

6.00%,

6/15/48,

Callable

12/15/47

@

100

82,393

73,000

Energy

Transfer

LP,

6.25%,

4/15/49,

Callable

10/15/48

@

100

74,676

1,908,000

Energy

Transfer

LP,

5.00%,

5/15/50,

Callable

11/15/49

@

100

1,670,364

400,000

Energy

Transfer

LP,

Series

A,

9.60%

(TSFR3M+429

bps),

12/31/99,

Callable

4/22/24

@

100

397,500

350,000

EnLink

Midstream

LLC,

5.63%,

1/15/28,

Callable

7/15/27

@

100(b)

346,500

400,000

EQM

Midstream

Partners

LP,

7.50%,

6/1/27,

Callable

6/1/24

@

103.75(b)

410,000

50,000

EQM

Midstream

Partners

LP,

6.50%,

7/1/27,

Callable

1/1/27

@

100(b)

50,437

45,000

EQM

Midstream

Partners

LP,

4.50%,

1/15/29,

Callable

7/15/28

@

100(b)

42,075

30,000

EQT

Corp.,

5.00%,

1/15/29,

Callable

7/15/28

@

100

29,377

255,000

Genesis

Energy

LP/Genesis

Energy

Finance

Corp.,

8.00%,

1/15/27,

Callable

5/6/24

@

104

256,912

650,000

Hess

Corp.,

4.30%,

4/1/27,

Callable

1/1/27

@

100

636,155

71,000

Hess

Corp.,

7.30%,

8/15/31

79,675

50,000

Hess

Corp.,

7.13%,

3/15/33

56,170

2,002,000

Hess

Corp.,

5.60%,

2/15/41

2,037,251

1,166,000

Hess

Corp.,

5.80%,

4/1/47,

Callable

10/1/46

@

100

1,199,590

405,000

Hess

Midstream

Operations

LP,

5.63%,

2/15/26,

Callable

5/6/24

@

100(b)

399,938

80,000

Hess

Midstream

Operations

LP,

4.25%,

2/15/30,

Callable

2/15/25

@

102.13(b)

73,200

230,000

Kinetik

Holdings

LP,

6.63%,

12/15/28,

Callable

12/15/25

@

103.31(b)

233,450

125,000

Kinetik

Holdings

LP,

5.88%,

6/15/30,

Callable

6/15/25

@

102.94(b)

122,344

205,000

Matador

Resources

Co.,

6.50%,

4/15/32,

Callable

4/15/27

@

103.25(b)

205,769

278,000

Mesquite

Energy,

Inc.,

7.25%,

2/15/23(a)(b)(d)

—

159,000

MPLX

LP,

4.88%,

12/1/24,

Callable

9/1/24

@

100

158,149

722,000

MPLX

LP,

4.95%,

9/1/32,

Callable

6/1/32

@

100

699,480

251,000

Murphy

Oil

Corp.,

5.88%,

12/1/27,

Callable

4/22/24

@

101.96

249,118

208,000

New

Fortress

Energy,

Inc.,

6.75%,

9/15/25,

Callable

4/25/24

@

101.69(b)

206,700

250,000

New

Fortress

Energy,

Inc.,

6.50%,

9/30/26,

Callable

5/6/24

@

101.63(b)

240,313

360,000

New

Fortress

Energy,

Inc.,

8.75%,

3/15/29,

Callable

3/15/26

@

104.38(b)

360,000

180,000

NGL

Energy

Operating

LLC/NGL

Energy

Finance

Corp.,

8.13%,

2/15/29,

Callable

2/15/26

@

104.06(b)

184,050

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

406,000

Occidental

Petroleum

Corp.,

5.55%,

3/15/26,

Callable

12/15/25

@

100

$

406,508

310,000

Occidental

Petroleum

Corp.,

3.50%,

8/15/29,

Callable

5/15/29

@

100

280,163

255,000

Occidental

Petroleum

Corp.,

8.88%,

7/15/30,

Callable

1/15/30

@

100

296,756

779,000

Occidental

Petroleum

Corp.,

7.50%,

5/1/31

866,638

16,000

Occidental

Petroleum

Corp.,

7.88%,

9/15/31

18,080

78,000

Occidental

Petroleum

Corp.,

6.45%,

9/15/36

83,070

410,000

Occidental

Petroleum

Corp.,

6.60%,

3/15/46,

Callable

9/15/45

@

100

440,053

295,000

Occidental

Petroleum

Corp.,

4.40%,

4/15/46,

Callable

10/15/45

@

100

239,688

430,000

Occidental

Petroleum

Corp.,

4.10%,

2/15/47,

Callable

8/15/46

@

100

309,600

280,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

6.00%,

2/15/28,

Callable

5/6/24

@

101.5

275,100

20,000

PDC

Energy,

Inc.,

5.75%,

5/15/26,

Callable

5/6/24

@

101.44

19,975

65,000

Permian

Resources

Operating

LLC,

5.88%,

7/1/29,

Callable

7/1/24

@

102.94(b)

63,862

265,000

Permian

Resources

Operating

LLC,

7.00%,

1/15/32,

Callable

1/15/27

@

103.5(b)

273,612

95,000

Prairie

Acquiror,

LP,

9.00%,

8/1/29,

Callable

2/1/26

@

104.5(b)

97,731

270,000

Range

Resources

Corp.,

4.88%,

5/15/25,

Callable

2/15/25

@

100

267,975

335,000

Sabine

Pass

Liquefaction

LLC,

4.50%,

5/15/30,

Callable

11/15/29

@

100

321,600

229,000

Sitio

Royalties

Operating

Partnership

LP/Sitio

Finance

Corp.,

7.88%,

11/1/28,

Callable

11/1/25

@

103.94(b)

237,015

10,000

SM

Energy

Co.,

5.63%,

6/1/25,

Callable

5/6/24

@

100

9,925

50,000

SM

Energy

Co.,

6.75%,

9/15/26,

Callable

5/6/24

@

101.13

49,812

300,000

SM

Energy

Co.,

6.50%,

7/15/28,

Callable

7/15/24

@

103.25

300,000

130,000

Southwestern

Energy

Co.,

4.75%,

2/1/32,

Callable

2/1/27

@

102.38

119,275

5,000

Sunoco

LP/Sunoco

Finance

Corp.,

6.00%,

4/15/27,

Callable

5/6/24

@

101

4,963

242,000

Sunoco

LP/Sunoco

Finance

Corp.,

5.88%,

3/15/28,

Callable

5/6/24

@

101.96

238,370

430,000

Sunoco

LP/Sunoco

Finance

Corp.,

4.50%,

5/15/29,

Callable

5/15/24

@

102.25

396,675

350,000

Tallgrass

Energy

Partners

LP/Tallgrass

Energy

Finance

Corp.,

6.00%,

12/31/30,

Callable

12/31/25

@

103(b)

331,625

50,000

Talos

Production,

Inc.,

9.00%,

2/1/29,

Callable

2/1/26

@

104.5(b)

52,813

25,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

5.50%,

3/1/30,

Callable

3/1/25

@

102.75

24,875

445,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

4.88%,

2/1/31,

Callable

2/1/26

@

102.44

424,975

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

116

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

45,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

4.00%,

1/15/32,

Callable

7/15/26

@

102

$

40,388

43,000

Transcontinental

Gas

Pipe

Line

Co.

LLC,

3.25%,

5/15/30,

Callable

2/15/30

@

100

38,913

600,000

Venture

Global

Calcasieu

Pass

LLC,

3.88%,

8/15/29,

Callable

2/15/29

@

100(b)

537,750

1,000,000

Western

Midstream

Operating

LP,

3.10%,

2/1/25,

Callable

1/1/25

@

100

977,500

40,000

Western

Midstream

Operating

LP,

3.95%,

6/1/25,

Callable

3/1/25

@

100

39,200

137,000

Western

Midstream

Operating

LP,

4.65%,

7/1/26,

Callable

4/1/26

@

100

134,260

1,000,000

Western

Midstream

Operating

LP,

4.50%,

3/1/28,

Callable

12/1/27

@

100

962,500

66,000

Western

Midstream

Operating

LP,

4.75%,

8/15/28,

Callable

5/15/28

@

100

64,020

755,000

Williams

Cos.,

Inc.

(The),

4.65%,

8/15/32,

Callable

5/15/32

@

100

726,130

171,000

Williams

Cos.,

Inc.

(The),

5.30%,

8/15/52,

Callable

2/15/52

@

100

162,964

31,612,040

Paper

&

Forest

Products

(0.0%

†

):

45,000

Mercer

International,

Inc.,

5.13%,

2/1/29,

Callable

4/15/24

@

102.56

39,262

Passenger

Airlines

(0.0%

†

):

80,000

American

Airlines,

Inc.,

7.25%,

2/15/28,

Callable

2/15/25

@

103.63(b)

81,100

195,000

American

Airlines,

Inc.,

8.50%,

5/15/29,

Callable

11/15/25

@

104.25(b)

205,481

286,581

Personal

Care

Products

(0.0%

†

):

125,000

BellRing

Brands,

Inc.,

7.00%,

3/15/30,

Callable

3/15/27

@

101.75(b)

128,750

Pharmaceuticals

(0.2%):

1,000,000

Bayer

US

Finance

II

LLC,

4.25%,

12/15/25,

Callable

10/15/25

@

100(b)

974,846

76,000

Elanco

Animal

Health,

Inc.,

6.65%,

8/28/28,

Callable

5/28/28

@

100

76,855

40,000

Viatris,

Inc.,

1.65%,

6/22/25,

Callable

5/22/25

@

100

38,043

1,406,000

Viatris,

Inc.,

2.70%,

6/22/30,

Callable

3/22/30

@

100

1,192,592

90,000

Viatris,

Inc.,

3.85%,

6/22/40,

Callable

12/22/39

@

100

66,202

2,348,538

Professional

Services

(0.0%

†

):

140,000

ASGN,

Inc.,

4.63%,

5/15/28,

Callable

5/6/24

@

102.31(b)

131,950

335,000

CoreLogic,

Inc.,

4.50%,

5/1/28,

Callable

5/6/24

@

102.25^(b)

299,825

120,000

TriNet

Group,

Inc.,

7.13%,

8/15/31,

Callable

8/15/26

@

103.56^(b)

123,150

554,925

Real

Estate

Management

&

Development

(0.3%):

371,000

American

Homes

4

Rent

LP,

3.63%,

4/15/32,

Callable

1/15/32

@

100

326,521

Principal

Amount

Value

Corporate

Bonds,

continued

Real

Estate

Management

&

Development,

continued

$

110,400

Anywhere

Real

Estate

Group

LLC/Anywhere

Co.-

Issuer

Corp.,

7.00%,

4/15/30,

Callable

4/15/25

@

102.63(b)

$

97,980

1,265,000

Brandywine

Operating

Partners

LP,

3.95%,

11/15/27,

Callable

8/15/27

@

100

1,133,010

1,039,000

Brandywine

Operating

Partnership

LP,

4.10%,

10/1/24,

Callable

7/1/24

@

100

1,027,311

719,000

Brandywine

Operating

Partnership

LP,

8.05%,

3/15/28,

Callable

2/15/28

@

100

726,256

62,000

Brandywine

Operating

Partnership

LP,

4.55%,

10/1/29,

Callable

7/1/29

@

100

53,165

210,000

CBRE

Services,

Inc.,

2.50%,

4/1/31,

Callable

1/1/31

@

100

173,891

68,000

COPT

Defense

Properties

LP,

2.25%,

3/15/26,

Callable

2/15/26

@

100

63,828

68,000

COPT

Defense

Properties

LP,

2.00%,

1/15/29,

Callable

11/15/28

@

100

56,962

93,000

COPT

Defense

Properties

LP,

2.75%,

4/15/31,

Callable

1/15/31

@

100

76,408

550,000

Invitation

Homes

Operating

Partnership

LP,

4.15%,

4/15/32,

Callable

1/15/32

@

100^

500,947

175,000

Kennedy-Wilson,

Inc.,

4.75%,

2/1/30,

Callable

9/1/24

@

102.38

139,125

300,000

Pine

Street

Trust

II,

5.57%,

2/15/49,

Callable

8/15/48

@

100(b)

279,106

7,000

Realogy

Group

LLC/Realogy

Co-Issuer

Corp.,

5.75%,

1/15/29,

Callable

4/22/24

@

102.88(b)

4,952

60,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

3.50%,

2/15/25,

Callable

4/15/24

@

100(b)

58,650

25,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

4.63%,

6/15/25,

Callable

3/15/25

@

100(b)

24,625

335,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

4.25%,

12/1/26,

Callable

4/15/24

@

101.06(b)

321,181

5,063,918

Retail

REITs

(0.4%):

536,000

Boston

Properties

LP,

6.75%,

12/1/27,

Callable

11/1/27

@

100

555,667

355,000

Brixmor

Operating

Partnership

LP,

3.85%,

2/1/25,

Callable

11/1/24

@

100

349,057

15,000

Kite

Realty

Group

Trust,

4.75%,

9/15/30,

Callable

6/15/30

@

100

14,352

2,200,000

Tanger

Properties

LP,

3.13%,

9/1/26,

Callable

6/1/26

@

100

2,059,834

581,000

Tanger

Properties

LP,

2.75%,

9/1/31,

Callable

6/1/31

@

100

476,295

93,000

VICI

Properties

LP,

4.38%,

5/15/25

91,489

731,000

VICI

Properties

LP,

4.75%,

2/15/28,

Callable

1/15/28

@

100

710,897

1,082,000

VICI

Properties

LP,

4.95%,

2/15/30,

Callable

12/15/29

@

100

1,044,130

249,000

VICI

Properties

LP,

5.13%,

5/15/32,

Callable

2/15/32

@

100

237,484

5,539,205

Semiconductors

&

Semiconductor

Equipment

(0.4%):

65,000

Broadcom,

Inc.,

1.95%,

2/15/28,

Callable

12/15/27

@

100(b)

57,922

4,456,000

Broadcom,

Inc.,

2.45%,

2/15/31,

Callable

11/15/30

@

100(b)

3,754,835

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

117

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

$

564,000

Broadcom,

Inc.,

2.60%,

2/15/33,

Callable

11/15/32

@

100(b)

$

458,081

1,648,000

Broadcom,

Inc.,

3.50%,

2/15/41,

Callable

8/15/40

@

100(b)

1,267,975

310,000

Entegris,

Inc.,

4.38%,

4/15/28,

Callable

4/15/24

@

101.09(b)

291,400

50,000

ON

Semiconductor

Corp.,

3.88%,

9/1/28,

Callable

5/6/24

@

101.94(b)

45,812

285,000

Qorvo,

Inc.,

4.38%,

10/15/29,

Callable

10/15/24

@

102.19

266,119

6,142,144

Software

(0.3%):

465,000

AthenaHealth

Group,

Inc.,

6.50%,

2/15/30,

Callable

2/15/25

@

103.25(b)

424,312

600,000

Black

Knight

InfoServ

LLC,

3.63%,

9/1/28,

Callable

4/15/24

@

101.81(b)

567,000

15,000

Booz

Allen

Hamilton,

Inc.,

4.00%,

7/1/29,

Callable

7/1/24

@

102(b)

13,969

35,000

Boxer

Parent

Co.,

Inc.,

7.13%,

10/2/25,

Callable

5/6/24

@

101.78(b)

35,000

770,000

Cloud

Software

Group,

Inc.,

6.50%,

3/31/29,

Callable

9/30/25

@

103.25(b)

728,612

150,000

Fair

Isaac

Corp.,

4.00%,

6/15/28,

Callable

4/22/24

@

101(b)

140,250

205,000

Neptune

Bidco

US,

Inc.,

9.29%,

4/15/29,

Callable

10/15/25

@

104.65(b)

193,213

400,000

Oracle

Corp.,

2.30%,

3/25/28,

Callable

1/25/28

@

100

360,730

2,340,000

Oracle

Corp.,

2.88%,

3/25/31,

Callable

12/25/30

@

100

2,030,750

400,000

SS&C

Technologies,

Inc.,

5.50%,

9/30/27,

Callable

5/6/24

@

101.38(b)

390,000

150,000

UKG,

Inc.,

6.88%,

2/1/31,

Callable

2/1/27

@

103.44(b)

152,250

165,000

Veritas

US,

Inc./Veritas

Bermuda,

Ltd.,

7.50%,

9/1/25,

Callable

5/6/24

@

100(b)

150,975

5,187,061

Specialized

REITs

(0.0%

†

):

297,000

SBA

Tower

Trust,

2.84%,

1/15/25,

Callable

5/6/24

@

100(b)

290,061

97,000

SBA

Tower

Trust,

1.88%,

1/15/26,

Callable

1/15/25

@

100(b)

90,096

74,000

SBA

Tower

Trust,

2.33%,

1/15/28,

Callable

7/15/26

@

100(b)

65,127

99,000

VICI

Properties

LP,

5.75%,

4/1/34,

Callable

1/1/34

@

100

97,763

543,047

Specialty

Retail

(0.3%):

55,000

ACProducts

Holdings,

Inc.,

6.38%,

5/15/29,

Callable

5/15/24

@

103.19(b)

41,525

80,000

Asbury

Automotive

Group,

Inc.,

4.63%,

11/15/29,

Callable

11/15/24

@

102.31(b)

73,600

85,000

Asbury

Automotive

Group,

Inc.,

5.00%,

2/15/32,

Callable

11/15/26

@

102.5(b)

76,713

65,000

At

Home

Group,

Inc.,

4.88%,

7/15/28,

Callable

5/6/24

@

102.44(b)

29,575

32,000

AutoNation,

Inc.,

4.75%,

6/1/30,

Callable

3/1/30

@

100

30,719

Principal

Amount

Value

Corporate

Bonds,

continued

Specialty

Retail,

continued

$

49,000

AutoZone,

Inc.,

3.63%,

4/15/25,

Callable

3/15/25

@

100

$

48,011

1,229,000

AutoZone,

Inc.,

4.00%,

4/15/30,

Callable

1/15/30

@

100

1,162,909

565,000

Bath

&

Body

Works,

Inc.,

6.63%,

10/1/30,

Callable

10/1/25

@

103.31(b)

575,594

150,000

Carvana

Co.,

5.88%,

10/1/28,

Callable

4/15/24

@

104.41(b)

100,500

430,000

Carvana

Co.,

4.88%,

9/1/29,

Callable

9/1/24

@

102.44(b)

275,200

125,000

Carvana

Co.,

10.25%,

5/1/30,

Callable

5/1/27

@

105.13(b)

101,250

65,000

Foot

Locker,

Inc.,

4.00%,

10/1/29,

Callable

10/1/24

@

102^(b)

54,437

125,000

Gap,

Inc.

(The),

3.88%,

10/1/31,

Callable

10/1/26

@

101.94(b)

105,625

80,000

Lowe's

Cos.,

Inc.,

3.35%,

4/1/27,

Callable

3/1/27

@

100

76,391

1,138,000

Lowe's

Cos.,

Inc.,

4.45%,

4/1/62,

Callable

10/1/61

@

100

927,356

155,000

Michaels

Cos.,

Inc.

(The),

5.25%,

5/1/28,

Callable

4/15/24

@

102.63^(b)

131,750

240,000

Staples,

Inc.,

7.50%,

4/15/26,

Callable

5/6/24

@

100(b)

234,300

15,000

Upbound

Group,

Inc.,

6.38%,

2/15/29,

Callable

5/6/24

@

103.19(b)

14,475

25,000

Valvoline,

Inc.,

4.25%,

2/15/30,

Callable

2/15/25

@

102.13(b)

24,969

350,000

Valvoline,

Inc.,

3.63%,

6/15/31,

Callable

6/15/26

@

101.81(b)

300,125

85,000

Victoria's

Secret

&

Co.,

4.63%,

7/15/29,

Callable

7/15/24

@

102.31^(b)

69,487

4,454,511

Technology

Hardware,

Storage

&

Peripherals

(0.0%

†

):

500,000

CommScope,

Inc.,

4.75%,

9/1/29,

Callable

9/1/24

@

102.38(b)

356,250

55,000

Dell

International

LLC/EMC

Corp.,

5.85%,

7/15/25,

Callable

6/15/25

@

100

55,271

59,000

Dell

International

LLC/EMC

Corp.,

6.02%,

6/15/26,

Callable

3/15/26

@

100

59,773

101,000

Dell

International

LLC/EMC

Corp.,

6.10%,

7/15/27,

Callable

5/15/27

@

100

104,097

87,000

Dell

International

LLC/EMC

Corp.,

6.20%,

7/15/30,

Callable

4/15/30

@

100

91,731

667,122

Textiles,

Apparel

&

Luxury

Goods

(0.2%):

130,000

Crocs,

Inc.,

4.13%,

8/15/31,

Callable

8/15/26

@

102.06^(b)

112,288

40,000

Kontoor

Brands,

Inc.,

4.13%,

11/15/29,

Callable

11/15/24

@

102.06^(b)

35,950

45,000

Levi

Strauss

&

Co.,

3.50%,

3/1/31,

Callable

3/1/26

@

101.75(b)

39,262

108,000

Tapestry,

Inc.,

7.05%,

11/27/25

110,122

292,000

Tapestry,

Inc.,

7.00%,

11/27/26

300,524

467,000

Tapestry,

Inc.,

7.35%,

11/27/28,

Callable

10/27/28

@

100

490,704

522,000

Tapestry,

Inc.,

7.70%,

11/27/30,

Callable

9/27/30

@

100

555,928

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

118

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Textiles,

Apparel

&

Luxury

Goods,

continued

$

522,000

Tapestry,

Inc.,

7.85%,

11/27/33,

Callable

8/27/33

@

100

$

566,066

235,000

Wolverine

World

Wide,

Inc.,

4.00%,

8/15/29,

Callable

8/15/24

@

102(b)

188,000

2,398,844

Tobacco

(0.1%):

294,000

Altria

Group,

Inc.,

4.25%,

8/9/42

237,578

191,000

Altria

Group,

Inc.,

4.50%,

5/2/43

159,360

72,000

Altria

Group,

Inc.,

5.95%,

2/14/49,

Callable

8/14/48

@

100

73,017

175,000

BAT

Capital

Corp.,

6.42%,

8/2/33,

Callable

5/2/33

@

100

182,180

144,000

Reynolds

American,

Inc.,

4.45%,

6/12/25,

Callable

3/12/25

@

100

142,135

120,000

Reynolds

American,

Inc.,

5.70%,

8/15/35,

Callable

2/15/35

@

100

116,364

45,000

Turning

Point

Brands,

Inc.,

5.63%,

2/15/26,

Callable

4/15/24

@

101.41(b)

43,763

954,397

Trading

Companies

&

Distributors

(0.2%):

2,465,000

Air

Lease

Corp.,

3.38%,

7/1/25,

Callable

6/1/25

@

100

2,401,014

130,000

Beacon

Roofing

Supply,

Inc.,

6.50%,

8/1/30,

Callable

8/1/26

@

103.25(b)

131,788

175,000

Fortress

Transportation

and

Infrastructure

Investors

LLC,

7.88%,

12/1/30,

Callable

12/1/26

@

103.94(b)

183,531

30,000

Foundation

Building

Materials,

Inc.,

6.00%,

3/1/29,

Callable

5/6/24

@

103(b)

27,600

30,000

SRS

Distribution,

Inc.,

4.63%,

7/1/28,

Callable

7/1/24

@

102.31(b)

30,225

15,000

SRS

Distribution,

Inc.,

6.13%,

7/1/29,

Callable

7/1/24

@

103.06(b)

15,263

90,000

SRS

Distribution,

Inc.,

6.00%,

12/1/29,

Callable

12/1/24

@

103(b)

91,912

305,000

United

Rentals

North

America,

Inc.,

6.13%,

3/15/34,

Callable

3/15/29

@

103.06(b)

305,381

3,186,714

Wireless

Telecommunication

Services

(0.3%):

1,155,000

Sprint

Capital

Corp.,

8.75%,

3/15/32

1,396,106

2,860,000

T-Mobile

USA,

Inc.,

3.75%,

4/15/27,

Callable

2/15/27

@

100

2,756,096

40,000

T-Mobile

USA,

Inc.,

4.75%,

2/1/28,

Callable

4/15/24

@

101.58

39,500

45,000

T-Mobile

USA,

Inc.,

3.38%,

4/15/29,

Callable

4/15/24

@

101.69

41,542

430,000

T-Mobile

USA,

Inc.,

3.88%,

4/15/30,

Callable

1/15/30

@

100

402,958

4,636,202

Total

Corporate

Bonds

(Cost

$300,555,909)

276,843,038

Yankee

Debt

Obligations

(4.3%):

Aerospace

&

Defense

(0.1%):

28,000

Bombardier,

Inc.,

7.13%,

6/15/26,

Callable

5/6/24

@

103.56(b)

28,406

620,000

Bombardier,

Inc.,

6.00%,

2/15/28,

Callable

5/6/24

@

103^(b)

609,925

638,331

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Banks

(0.7%):

$

2,377,000

Barclays

plc,

5.09%

(US0003M+305

bps),

6/20/30,

Callable

6/20/29

@

100

$

2,284,323

200,000

Commonwealth

Bank

of

Australia,

3.61%,

9/12/34,

Callable

9/12/29

@

100(b)

179,809

1,000,000

HSBC

Holdings

plc,

4.95%,

3/31/30

994,154

200,000

Intesa

Sanpaolo

SpA,

5.02%,

6/26/24(b)

199,250

3,069,000

Intesa

Sanpaolo

SpA,

5.71%,

1/15/26(b)

3,044,577

680,000

Societe

Generale

SA,

1.04%

(H15T1Y+75

bps),

6/18/25,

Callable

6/18/24

@

100(b)

669,800

3,863,000

Societe

Generale

SA,

1.49%

(H15T1Y+110

bps),

12/14/26,

Callable

12/14/25

@

100(b)

3,587,062

239,000

UniCredit

SpA,

5.86%

(USISDA05+370

bps),

6/19/32,

Callable

6/19/27

@

100(b)

233,136

141,000

UniCredit

SpA,

7.30%

(USISDA05+491

bps),

4/2/34,

Callable

4/2/29

@

100(b)

144,687

186,000

Westpac

Banking

Corp.,

4.11%

(H15T5Y+200

bps),

7/24/34,

Callable

7/24/29

@

100

171,168

11,507,966

Biotechnology

(0.0%

†

):

60,000

Grifols

SA,

4.75%,

10/15/28,

Callable

10/15/24

@

102.38^(b)

49,650

Capital

Markets

(0.6%):

4,610,000

Deutsche

Bank

AG,

4.50%,

4/1/25

4,539,357

4,009,000

UBS

Group

AG,

2.59%

(SOFR+156

bps),

9/11/25,

Callable

9/11/24

@

100(b)

3,952,381

774,000

UBS

Group

AG,

1.49%

(H15T1Y+85

bps),

8/10/27,

Callable

8/10/26

@

100(b)

703,527

314,000

UBS

Group

AG,

4.19%

(SOFR+373

bps),

4/1/31,

Callable

4/1/30

@

100(b)

290,774

9,486,039

Chemicals

(0.2%):

225,000

Axalta

Coating

Systems

Dutch

Holding

B

B.V.,

7.25%,

2/15/31,

Callable

11/15/26

@

103.63(b)

233,156

125,000

Cerdia

Finanz

GmbH,

10.50%,

2/15/27,

Callable

5/6/24

@

105.25(b)

129,375

510,000

Methanex

Corp.,

5.13%,

10/15/27,

Callable

4/15/27

@

100

492,788

255,000

Methanex

Corp.,

5.65%,

12/1/44,

Callable

6/1/44

@

100

218,344

530,000

NOVA

Chemicals

Corp.,

5.25%,

6/1/27,

Callable

3/3/27

@

100(b)

496,875

60,000

NOVA

Chemicals

Corp.,

9.00%,

2/15/30,

Callable

8/15/26

@

104.5(b)

61,800

500,000

Nufarm

Australia,

Ltd./Nufarm

Americas,

Inc.,

5.00%,

1/27/30,

Callable

1/27/25

@

102.5(b)

457,500

125,000

SNF

Group

SACA,

3.13%,

3/15/27,

Callable

5/6/24

@

101.56(b)

115,156

2,204,994

Commercial

Services

&

Supplies

(0.0%

†

):

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(b)

30,030

85,000

GFL

Environmental,

Inc.,

6.75%,

1/15/31,

Callable

1/15/27

@

103.38(b)

87,019

117,049

Communications

Equipment

(0.0%

†

):

160,000

Nokia

Oyj,

6.63%,

5/15/39

154,800

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

119

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Containers

&

Packaging

(0.0%

†

):

$

15,000

Intelligent

Packaging,

Ltd.

Finco,

Inc./Intelligent

Packaging,

Ltd.

Co.-Issuer

LLC,

6.00%,

9/15/28,

Callable

5/6/24

@

101.5(b)

$

14,194

130,000

OI

European

Group

BV,

4.75%,

2/15/30,

Callable

11/15/24

@

102.38(b)

119,275

285,000

Trivium

Packaging

Finance

BV,

5.50%,

8/15/26,

Callable

5/6/24

@

101.38(b)

280,012

413,481

Diversified

Consumer

Services

(0.1%):

980,000

GEMS

MENASA

Cayman,

Ltd./GEMS

Education

Delaware

LLC,

7.13%,

7/31/26,

Callable

5/6/24

@

101.78(b)

980,000

Diversified

Telecommunication

Services

(0.2%):

365,000

Altice

France

Holding

SA,

6.00%,

2/15/28,

Callable

5/6/24

@

101.5(b)

100,375

470,000

Altice

France

SA,

5.13%,

1/15/29,

Callable

5/6/24

@

102.56(b)

314,900

155,000

Altice

France

SA,

5.13%,

7/15/29,

Callable

5/6/24

@

102.56(b)

103,850

711,000

C&W

Senior

Finance,

Ltd.,

6.88%,

9/15/27,

Callable

4/15/24

@

101.72(b)

671,006

250,000

Intelsat

Jackson

Holdings

SA,

6.50%,

3/15/30,

Callable

3/15/25

@

102(b)

232,700

550,000

Telecom

Italia

Capital

SA,

6.38%,

11/15/33

518,375

55,000

Telecom

Italia

Capital

SA,

6.00%,

9/30/34

50,188

780,000

Vmed

O2

UK

Financing

I

plc,

4.25%,

1/31/31,

Callable

1/31/26

@

102.13(b)

655,200

2,646,594

Electrical

Equipment

(0.0%

†

):

665,000

Sensata

Technologies

BV,

4.00%,

4/15/29,

Callable

5/6/24

@

102(b)

606,812

Energy

Equipment

&

Services

(0.0%

†

):

190,000

Valaris,

Ltd.,

8.38%,

4/30/30,

Callable

4/30/26

@

104.19(b)

195,225

Financial

Services

(0.6%):

54,000

1375209

BC,

Ltd.,

9.00%,

1/30/28,

Callable

4/15/24

@

101^(b)

52,920

361,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

1.65%,

10/29/24,

Callable

9/29/24

@

100

352,152

151,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

6.50%,

7/15/25,

Callable

6/15/25

@

100

152,498

163,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

4.45%,

4/3/26,

Callable

2/3/26

@

100

160,034

503,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

2.45%,

10/29/26,

Callable

9/29/26

@

100

466,838

3,068,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

6.45%,

4/15/27,

Callable

3/15/27

@

100(b)

3,139,567

527,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.00%,

10/29/28,

Callable

8/29/28

@

100

475,929

564,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.30%,

1/30/32,

Callable

10/30/31

@

100

483,940

445,000

Altice

Financing

SA,

5.00%,

1/15/28,

Callable

5/6/24

@

101.25(b)

366,013

2,000,000

Avolon

Holdings

Funding,

Ltd.,

2.88%,

2/15/25,

Callable

1/15/25

@

100(b)

1,943,954

767,000

Avolon

Holdings

Funding,

Ltd.,

6.38%,

5/4/28,

Callable

4/4/28

@

100(b)

780,748

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Financial

Services,

continued

$

300,000

GGAM

Finance,

Ltd.,

7.75%,

5/15/26,

Callable

11/15/25

@

100(b)

$

305,625

170,000

GGAM

Finance,

Ltd.,

8.00%,

2/15/27,

Callable

8/15/26

@

100(b)

175,100

150,000

GGAM

Finance,

Ltd.,

6.88%,

4/15/29,

Callable

4/15/26

@

103.44(b)

151,313

390,000

Imperial

Brands

Finance

plc,

6.13%,

7/27/27,

Callable

6/27/27

@

100(b)

397,821

40,000

Macquarie

Airfinance

Holdings,

Ltd.,

6.40%,

3/26/29,

Callable

2/26/29

@

100(b)

40,650

110,000

Macquarie

Airfinance

Holdings,

Ltd.,

8.13%,

3/30/29,

Callable

9/30/25

@

104.06(b)

116,325

20,000

NCL

Finance,

Ltd.,

6.13%,

3/15/28,

Callable

12/15/27

@

100(b)

19,750

9,581,177

Health

Care

Providers

&

Services

(0.0%

†

):

30,000

Jazz

Securities

DAC,

4.38%,

1/15/29,

Callable

7/15/24

@

102.19(b)

27,937

Hotels,

Restaurants

&

Leisure

(0.2%):

35,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

5.75%,

4/15/25,

Callable

5/6/24

@

100(b)

34,912

525,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

4.00%,

10/15/30,

Callable

10/15/25

@

102(b)

465,937

565,000

Carnival

Corp.,

7.63%,

3/1/26,

Callable

4/15/24

@

101.91^(b)

572,062

–

Carnival

Corp.,

7.00%,

8/15/29,

Callable

8/15/26

@

103.5(b)

—

–

Carnival

Corp.,

10.50%,

6/1/30,

Callable

6/1/25

@

105.25(b)

—

45,000

Melco

Resorts

Finance,

Ltd.,

5.75%,

7/21/28,

Callable

5/7/24

@

102.88(b)

42,469

40,000

Melco

Resorts

Finance,

Ltd.,

5.38%,

12/4/29,

Callable

12/4/24

@

102.69(b)

36,400

900,000

NCL

Corp.,

Ltd.,

5.88%,

3/15/26,

Callable

12/15/25

@

100(b)

887,625

170,000

NCL

Corp.,

Ltd.,

5.88%,

2/15/27,

Callable

4/15/24

@

102.94(b)

167,663

65,000

Ontario

Gaming

GTA

LP/OTG

Co.-Issuer,

Inc.,

8.00%,

8/1/30,

Callable

8/1/25

@

104(b)

66,869

310,000

Royal

Caribbean

Cruises,

Ltd.,

5.50%,

8/31/26,

Callable

2/28/26

@

100(b)

306,125

115,000

Royal

Caribbean

Cruises,

Ltd.,

5.38%,

7/15/27,

Callable

10/15/26

@

100(b)

112,988

95,000

Royal

Caribbean

Cruises,

Ltd.,

7.25%,

1/15/30,

Callable

12/15/25

@

103.63(b)

98,325

120,000

Royal

Caribbean

Cruises,

Ltd.,

6.25%,

3/15/32,

Callable

3/15/27

@

103.13(b)

120,900

115,000

Studio

City

Co.,

Ltd.,

7.00%,

2/15/27,

Callable

5/6/24

@

103.5(b)

114,569

240,000

Viking

Cruises,

Ltd.,

9.13%,

7/15/31,

Callable

7/15/26

@

104.56(b)

262,200

3,289,044

Insurance

(0.1%):

1,414,000

AIA

Group,

Ltd.,

3.38%,

4/7/30,

Callable

1/7/30

@

100(b)

1,298,370

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

120

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Insurance,

continued

$

200,000

Swiss

Re

Finance

Luxembourg

SA,

5.00%

(H15T5Y+358

bps),

4/2/49,

Callable

4/2/29

@

100(b)

$

193,937

1,492,307

Machinery

(0.0%

†

):

390,000

HTA

Group,

Ltd.,

7.00%,

12/18/25,

Callable

5/6/24

@

101.75(b)

388,050

Media

(0.1%):

430,000

Virgin

Media

Vendor

Financing

Notes

IV

DAC,

5.00%,

7/15/28,

Callable

5/6/24

@

102.5(b)

394,525

–

VZ

Secured

Financing

BV,

5.00%,

1/15/32,

Callable

1/15/27

@

–(b)

—

335,000

Ziggo

Bond

Co.

BV,

5.13%,

2/28/30,

Callable

2/15/25

@

102.56(b)

286,425

680,950

Metals

&

Mining

(0.1%):

45,000

Alcoa

Nederland

Holding

BV,

4.13%,

3/31/29,

Callable

4/19/24

@

102.06(b)

41,231

45,000

Alcoa

Nederland

Holding

BV,

7.13%,

3/15/31,

Callable

3/15/27

@

103.56(b)

45,844

695,000

ERO

Copper

Corp.,

6.50%,

2/15/30,

Callable

2/15/25

@

103.25(b)

659,381

35,000

First

Quantum

Minerals,

Ltd.,

6.88%,

10/15/27,

Callable

4/15/24

@

103.44(b)

33,469

5,000

FMG

Resources

August

2006

Pty,

Ltd.,

4.50%,

9/15/27,

Callable

6/15/27

@

100(b)

4,787

180,000

Mineral

Resources,

Ltd.,

8.00%,

11/1/27,

Callable

11/1/24

@

104(b)

183,600

110,000

Mineral

Resources,

Ltd.,

9.25%,

10/1/28,

Callable

10/1/25

@

104.63^(b)

115,638

1,083,950

Oil,

Gas

&

Consumable

Fuels

(0.9%):

160,000

Baytex

Energy

Corp.,

7.38%,

3/15/32,

Callable

3/15/27

@

103.69(b)

161,600

185,000

Consolidated

Energy

Finance

SA,

12.00%,

2/15/31,

Callable

2/15/27

@

106(b)

193,325

680,000

eG

Global

Finance

plc,

12.00%,

11/30/28,

Callable

5/30/26

@

106(b)

719,100

331,000

MEG

Energy

Corp.,

7.13%,

2/1/27,

Callable

5/6/24

@

101.78(b)

335,965

2,500,000

Petroleos

Mexicanos,

4.50%,

1/23/26

2,343,750

916,000

Petroleos

Mexicanos,

6.84%,

1/23/30,

Callable

10/23/29

@

100

803,790

4,780,000

Petroleos

Mexicanos,

5.95%,

1/28/31,

Callable

10/28/30

@

100

3,818,025

2,228,000

Petroleos

Mexicanos,

6.75%,

9/21/47

1,476,050

5,000,000

Petroleos

Mexicanos,

6.35%,

2/12/48

3,175,000

336,000

Petroleos

Mexicanos,

6.95%,

1/28/60,

Callable

7/28/59

@

100

221,340

255,000

Seadrill

Finance,

Ltd.,

8.38%,

8/1/30,

Callable

8/1/26

@

104.19(b)

265,200

45,000

Teine

Energy,

Ltd.,

6.88%,

4/15/29,

Callable

5/6/24

@

103.44(b)

43,594

273,375

Transocean

Poseidon,

Ltd.,

6.88%,

2/1/27,

Callable

5/7/24

@

101.72(b)

273,033

400,000

Transocean,

Inc.,

11.50%,

1/30/27,

Callable

4/15/24

@

105.75(b)

417,000

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

153,000

Transocean,

Inc.,

8.75%,

2/15/30,

Callable

2/15/26

@

104.38(b)

$

159,120

14,405,892

Passenger

Airlines

(0.0%

†

):

240,000

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.,

7.88%,

5/1/27,

Callable

5/6/24

@

103.94^(b)

203,100

215,000

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.,

6.38%,

2/1/30,

Callable

2/1/25

@

103.19^(b)

157,756

360,856

Pharmaceuticals

(0.0%

†

):

570,000

Bausch

Health

Cos.,

Inc.,

5.50%,

11/1/25,

Callable

5/6/24

@

100(b)

535,800

97,000

Bausch

Health

Cos.,

Inc.,

11.00%,

9/30/28(b)

64,747

19,000

Bausch

Health

Cos.,

Inc.,

14.00%,

10/15/30,

Callable

10/15/25

@

106(b)

11,020

611,567

Software

(0.0%

†

):

205,000

Elastic

NV,

4.13%,

7/15/29,

Callable

7/15/24

@

102.06(b)

182,962

60,000

Open

Text

Corp.,

3.88%,

2/15/28,

Callable

5/6/24

@

100.97(b)

55,575

305,000

Open

Text

Corp.,

3.88%,

12/1/29,

Callable

12/1/24

@

101.94(b)

271,450

509,987

Sovereign

Bond

(0.3%):

300,000

Abu

Dhabi

Government

International

Bond,

3.88%,

4/16/50(b)

239,549

900,000

Dominican

Republic

International

Bond,

5.50%,

1/27/25(b)

893,250

3,150,000

Dominican

Republic

International

Bond,

6.00%,

7/19/28(b)

3,134,250

350,000

Qatar

Government

International

Bond,

4.40%,

4/16/50(b)

309,050

200,000

Saudi

Government

International

Bond,

3.25%,

10/22/30(b)

181,247

200,000

Saudi

Government

International

Bond,

4.50%,

4/22/60(b)

164,273

4,921,619

Technology

Hardware,

Storage

&

Peripherals

(0.0%

†

):

115,000

Seagate

HDD

Cayman,

8.25%,

12/15/29,

Callable

7/15/26

@

104.13(b)

123,481

Transportation

Infrastructure

(0.0%

†

):

355,000

Seaspan

Corp.,

5.50%,

8/1/29,

Callable

8/1/24

@

102.75(b)

307,519

Wireless

Telecommunication

Services

(0.1%):

450,000

Millicom

International

Cellular

SA,

6.25%,

3/25/29,

Callable

4/15/24

@

103.13(b)

437,625

295,000

Millicom

International

Cellular

SA,

4.50%,

4/27/31,

Callable

4/27/26

@

102.25(b)

252,962

690,587

Total

Yankee

Debt

Obligations

(Cost

$73,971,198)

67,475,864

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

121

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages

(12.9%):

Federal

National

Mortgage

Association

(6.8%):

$

24,356

2.50%,

5/1/31,

Pool

#BC0919

$

22,857

34,653

2.50%,

8/1/31,

Pool

#BC2778

32,520

24,231

2.50%,

10/1/31,

Pool

#AS8010

22,635

155,469

2.50%,

1/1/32,

Pool

#BE3032

143,861

28,215

2.50%,

9/1/32,

Pool

#MA3124

26,427

14,531

3.00%,

3/1/33,

Pool

#BM4614

13,777

524,779

2.00%,

10/1/35,

Pool

#BK5705

469,187

469,907

1.50%,

1/1/36,

Pool

#MA4228

409,712

173,700

1.50%,

2/1/36,

Pool

#FM6507

151,624

187,873

1.50%,

4/1/36,

Pool

#MA4302

163,221

258,175

6.00%,

5/1/36,

Pool

#745512

268,717

314,099

2.00%,

6/1/36,

Pool

#BP3507

279,235

1,157,363

2.00%,

7/1/36,

Pool

#MA4383

1,028,899

47,719

2.50%,

9/1/36,

Pool

#MA4419

43,485

1,990,814

2.50%,

11/1/36,

Pool

#CB2246

1,831,357

379,002

2.50%,

12/1/36,

Pool

#MA4498

345,378

106,863

2.00%,

12/1/36,

Pool

#BU1384

95,182

2,296,763

2.00%,

2/1/37,

Pool

#FS0427

2,037,078

450,184

4.50%,

5/1/39,

Pool

#FM1194

451,715

36,731

2.50%,

3/1/40,

Pool

#FM2646

32,251

27,674

2.50%,

5/1/40,

Pool

#MA4016

24,299

160,151

2.00%,

10/1/40,

Pool

#FM4644

134,696

826,883

2.00%,

11/1/40,

Pool

#MA4176

700,394

149,380

2.50%,

11/1/40,

Pool

#FM9485

129,653

46,909

1.50%,

11/1/40,

Pool

#MA4175

37,933

47,061

1.50%,

12/1/40,

Pool

#MA4202

38,054

9,921

3.50%,

12/1/40,

Pool

#AH1556

9,193

16,843

2.00%,

12/1/40,

Pool

#MA4204

14,266

57,805

2.00%,

12/1/40,

Pool

#FM5042

48,798

49,346

1.50%,

1/1/41,

Pool

#MA4231

39,902

119,377

2.50%,

2/1/41,

Pool

#MA4269

104,208

50,668

1.50%,

2/1/41,

Pool

#MA4266

41,605

17,946

2.00%,

2/1/41,

Pool

#MA4268

15,051

18,436

2.00%,

3/1/41,

Pool

#MA4287

15,462

51,610

1.50%,

3/1/41,

Pool

#MA4286

42,377

110,560

2.50%,

4/1/41,

Pool

#MA4312

96,536

190,558

2.00%,

4/1/41,

Pool

#CB0116

160,138

19,104

2.00%,

4/1/41,

Pool

#MA4311

16,093

296,698

2.00%,

5/1/41,

Pool

#MA4333

249,928

46,340

2.50%,

5/1/41,

Pool

#CB0469

40,482

140,245

2.00%,

6/1/41,

Pool

#FM7891

117,857

19,681

2.00%,

6/1/41,

Pool

#MA4364

16,579

165,259

2.50%,

7/1/41,

Pool

#CB1076

144,375

74,819

2.50%,

7/1/41,

Pool

#CB2014

65,326

277,558

2.00%,

7/1/41,

Pool

#CB1071

238,799

130,094

2.00%,

7/1/41,

Pool

#FM8066

109,588

185,197

2.00%,

7/1/41,

Pool

#CB1069

155,108

168,118

2.00%,

8/1/41,

Pool

#CB1337

144,642

19,850

2.00%,

8/1/41,

Pool

#FM8410

16,720

276,800

2.50%,

8/1/41,

Pool

#CB1342

241,816

236,225

2.00%,

8/1/41,

Pool

#FM8393

198,996

173,026

2.00%,

8/1/41,

Pool

#FM8334

145,753

127,135

2.00%,

9/1/41,

Pool

#FM8862

107,172

135,459

2.50%,

9/1/41,

Pool

#FM8850

116,089

125,820

2.00%,

10/1/41,

Pool

#CB1837

108,247

73,569

2.00%,

10/1/41,

Pool

#BQ6615

61,972

269,390

2.00%,

10/1/41,

Pool

#FM9396

227,089

20,235

2.00%,

10/1/41,

Pool

#MA4446

17,046

155,654

2.50%,

10/1/41,

Pool

#CB1842

135,971

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

296,781

2.00%,

11/1/41,

Pool

#FS0106

$

250,211

239,516

2.00%,

11/1/41,

Pool

#CB2110

206,063

106,653

2.50%,

11/1/41,

Pool

#MA4475

93,124

165,175

2.50%,

11/1/41,

Pool

#FM9558

141,554

341,209

2.00%,

11/1/41,

Pool

#BQ6743

287,410

75,889

2.00%,

11/1/41,

Pool

#BU6530

63,928

102,777

2.00%,

12/1/41,

Pool

#FM9851

88,426

198,614

2.00%,

12/1/41,

Pool

#BU7091

167,307

4,369,174

2.00%,

5/1/42,

Pool

#FS4603

3,696,913

396,478

4.50%,

9/1/42,

Pool

#MA4766

387,055

28,722

4.00%,

10/1/43,

Pool

#BM1167

27,621

211,191

4.50%,

3/1/44,

Pool

#AV0957

207,163

129,285

4.50%,

7/1/44,

Pool

#AS3062

125,529

146,355

4.50%,

12/1/44,

Pool

#AS4176

143,731

79,976

4.00%,

5/1/45,

Pool

#AZ1207

74,978

113,706

4.00%,

6/1/45,

Pool

#AY8096

106,600

35,737

4.00%,

6/1/45,

Pool

#AY8126

34,001

20,510

4.00%,

12/1/45,

Pool

#AS6352

19,515

6,825

4.50%,

1/1/46,

Pool

#AY3890

6,609

49,332

4.00%,

2/1/46,

Pool

#BC1578

46,442

53,689

4.50%,

3/1/46,

Pool

#BM4548

52,694

2,861

4.50%,

3/1/46,

Pool

#BC0287

2,776

19,022

4.00%,

4/1/46,

Pool

#AS7024

18,080

205,803

4.00%,

4/1/46,

Pool

#AL8468

197,657

75,122

3.00%,

5/1/46,

Pool

#BC0887

66,407

22,220

4.50%,

6/1/46,

Pool

#BD1238

21,536

141,644

4.00%,

6/1/46,

Pool

#AL9282

133,341

76,845

4.00%,

7/1/46,

Pool

#BC1443

72,831

87,358

4.00%,

9/1/46,

Pool

#BC2843

82,794

25,261

4.00%,

9/1/46,

Pool

#BD1489

23,781

38,176

4.50%,

10/1/46,

Pool

#BE1671

37,021

182,689

3.00%,

10/1/46,

Pool

#AL9371

160,254

12,299

4.00%,

10/1/46,

Pool

#BD7599

11,579

80,690

4.00%,

10/1/46,

Pool

#BC4754

76,475

227,376

3.00%,

11/1/46,

Pool

#AL9547

200,997

232,099

3.00%,

11/1/46,

Pool

#BC9026

205,171

48,585

4.50%,

11/1/46,

Pool

#BE2386

47,145

4,522

4.50%,

12/1/46,

Pool

#BC9079

4,388

97,447

4.50%,

12/1/46,

Pool

#BE4488

94,559

654,332

3.50%,

12/1/46,

Pool

#BM5096

600,596

214,891

3.50%,

12/1/46,

Pool

#BC9077

197,088

17,572

4.50%,

1/1/47,

Pool

#BE7087

17,067

28,111

4.50%,

1/1/47,

Pool

#BE6506

27,241

227,759

2.50%,

2/1/47,

Pool

#FS0594

188,920

301,361

4.00%,

2/1/47,

Pool

#AL9779

284,399

45,979

4.50%,

2/1/47,

Pool

#BE8498

44,477

84,595

3.00%,

3/1/47,

Pool

#BM3114

74,206

47,684

2.50%,

3/1/47,

Pool

#FS0976

39,662

39,856

4.00%,

5/1/47,

Pool

#BM1277

37,673

8,274

4.50%,

6/1/47,

Pool

#BE9387

8,037

12,414

4.50%,

6/1/47,

Pool

#BH0561

12,031

43,392

4.50%,

6/1/47,

Pool

#BE3663

42,146

5,044

4.00%,

6/1/47,

Pool

#BH4269

4,767

36,929

4.50%,

7/1/47,

Pool

#BE3749

35,869

21,819

4.00%,

7/1/47,

Pool

#AS9968

20,094

18,240

4.50%,

4/1/48,

Pool

#BJ5454

17,878

41,258

4.00%,

4/1/48,

Pool

#BM3700

38,999

5,920

4.50%,

5/1/48,

Pool

#BJ5507

5,803

215,498

4.50%,

10/1/48,

Pool

#CA2432

209,374

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

122

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

257,021

4.50%,

12/1/48,

Pool

#CA2797

$

253,541

145,618

4.50%,

9/1/49,

Pool

#FM1534

141,346

206,846

4.00%,

11/1/49,

Pool

#CA4628

195,269

109,745

3.00%,

1/1/50,

Pool

#CA5019

95,756

595,540

3.50%,

1/1/50,

Pool

#FS3728

546,591

153,757

3.00%,

1/1/50,

Pool

#MA3905

134,376

447,143

4.00%,

3/1/50,

Pool

#FM3663

418,798

116,738

3.00%,

4/1/50,

Pool

#MA3991

101,236

115,433

2.00%,

7/1/50,

Pool

#CA6275

92,841

81,293

2.00%,

7/1/50,

Pool

#FM3897

65,250

525,877

3.00%,

8/1/50,

Pool

#FM6118

454,266

118,999

3.00%,

9/1/50,

Pool

#CA6998

102,795

45,493

3.00%,

9/1/50,

Pool

#FM4317

39,409

118,567

2.00%,

10/1/50,

Pool

#CA7323

96,407

140,225

2.50%,

10/1/50,

Pool

#CA7229

118,490

43,411

3.00%,

11/1/50,

Pool

#MA4184

37,782

80,116

2.00%,

11/1/50,

Pool

#CA7616

64,174

399,235

3.00%,

12/1/50,

Pool

#MA4211

347,467

131,280

3.00%,

12/1/50,

Pool

#FM7827

114,093

195,743

2.50%,

1/1/51,

Pool

#FM5651

164,415

222,429

3.00%,

1/1/51,

Pool

#MA4239

193,589

1,970,761

2.00%,

3/1/51,

Pool

#MA4281

1,562,825

4,143,122

3.00%,

4/1/51,

Pool

#BR9775

3,595,387

1,920,797

2.00%,

4/1/51,

Pool

#MA4305

1,523,166

954,192

2.50%,

4/1/51,

Pool

#FM6540

816,831

430,743

2.50%,

5/1/51,

Pool

#CB0388

358,887

201,508

2.50%,

5/1/51,

Pool

#CB0511

167,883

420,929

2.50%,

5/1/51,

Pool

#MA4326

350,103

790,069

2.00%,

5/1/51,

POOL#

FM7751

625,874

530,189

3.00%,

5/1/51,

Pool

#CB0531

460,114

1,194,329

3.00%,

6/1/51,

Pool

#CB0850

1,041,754

41,242

2.00%,

7/1/51,

Pool

#BQ1010

32,934

468,261

3.00%,

7/1/51,

Pool

#FM8077

406,349

739,769

2.50%,

7/1/51,

Pool

#CB0997

619,798

19,444

2.00%,

7/1/51,

Pool

#BT1461

15,600

458,257

2.50%,

8/1/51,

Pool

#CB1384

383,936

92,732

2.50%,

8/1/51,

Pool

#MA4399

77,131

334,041

2.50%,

9/1/51,

Pool

#CB1549

280,108

882,548

2.50%,

10/1/51,

Pool

#MA4438

734,059

42,053

3.00%,

10/1/51,

Pool

#CB1878

36,456

595,744

2.00%,

10/1/51,

Pool

#CB1801

477,959

450,177

2.00%,

10/1/51,

Pool

#CB1799

361,045

477,529

2.50%,

11/1/51,

Pool

#FM9517

396,887

1,111,981

2.50%,

11/1/51,

Pool

#MA4466

924,884

1,185,391

2.50%,

11/1/51,

Pool

#FM9501

993,949

756,960

2.00%,

11/1/51,

Pool

#FM9568

609,229

360,065

2.50%,

11/1/51,

Pool

#FM9505

301,708

478,075

2.00%,

11/1/51,

Pool

#FM9539

383,537

91,173

3.00%,

12/1/51,

Pool

#FM9777

78,906

321,402

2.50%,

12/1/51,

Pool

#CB2376

269,272

262,882

2.00%,

12/1/51,

Pool

#CB2347

211,574

365,740

2.50%,

12/1/51,

Pool

#CB2321

306,463

338,048

2.50%,

12/1/51,

Pool

#CB2320

283,467

817,392

2.50%,

12/1/51,

Pool

#CB2289

684,925

1,444,426

2.50%,

12/1/51,

Pool

#FM9865

1,211,211

391,904

3.00%,

12/1/51,

Pool

#BT9503

340,091

964,136

2.00%,

12/1/51,

Pool

#CB2349

773,463

260,214

2.00%,

12/1/51,

Pool

#CB2348

208,757

343,268

2.00%,

12/1/51,

Pool

#CB2350

274,130

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

307,001

3.50%,

1/1/52,

Pool

#MA4514

$

277,289

85,993

3.50%,

1/1/52,

Pool

#CB2679

77,618

1,733,979

2.50%,

1/1/52,

Pool

#FS1648

1,437,624

635,401

2.00%,

1/1/52,

Pool

#FS0288

505,580

139,620

2.50%,

1/1/52,

Pool

#MA4512

116,128

248,942

3.00%,

1/1/52,

Pool

#CB2662

216,743

1,463,273

2.00%,

1/1/52,

Pool

#FS0286

1,173,889

279,761

3.50%,

2/1/52,

Pool

#CB2906

251,639

854,436

3.00%,

2/1/52,

Pool

#FS0631

744,958

198,803

2.00%,

2/1/52,

Pool

#CB2765

158,635

1,512,802

2.00%,

2/1/52,

Pool

#CB2842

1,204,913

178,586

3.50%,

2/1/52,

Pool

#CB2905

161,361

92,555

3.00%,

2/1/52,

Pool

#CB2886

80,351

396,388

3.50%,

3/1/52,

Pool

#CB3174

357,203

370,163

2.50%,

3/1/52,

Pool

#BV4139

309,706

470,593

3.50%,

3/1/52,

Pool

#CB3128

424,466

614,964

3.00%,

3/1/52,

Pool

#BV0350

532,836

27,694

2.50%,

4/1/52,

Pool

#CB3356

22,941

677,188

4.00%,

4/1/52,

Pool

#FS1647

633,575

1,494,000

4.50%,

8/1/52,

Pool

#CB4387

1,428,324

45,335

5.00%,

10/1/52,

Pool

#CB4893

44,606

370,734

5.50%,

10/1/52,

Pool

#CB4843

371,735

224,634

4.50%,

10/1/52,

Pool

#BX0507

214,308

264,204

5.00%,

11/1/52,

Pool

#FS3248

259,940

139,867

5.00%,

11/1/52,

Pool

#FS3295

138,792

458,551

5.00%,

11/1/52,

Pool

#CB5128

454,797

139,837

5.00%,

12/1/52,

Pool

#CB5273

137,331

327,213

5.00%,

12/1/52,

Pool

#MA4841

319,785

508,178

2.50%,

5/1/53,

Pool

#FS4919

420,872

290,216

6.00%,

6/1/53,

Pool

#CB6539

296,380

377,256

6.00%,

6/1/53,

Pool

#CB6538

386,914

752,585

5.50%,

6/1/53,

Pool

#CB6527

758,054

399,028

5.50%,

11/1/53,

Pool

#CB7436

397,254

1,551,347

5.50%,

4/1/54,

Pool

#CB8330

1,552,554

5,900,000

2.00%,

4/25/54,

TBA

4,667,453

1,100,000

5.50%,

4/25/54,

TBA

1,095,016

875,000

2.50%,

4/25/54,

TBA

724,062

650,000

5.00%,

4/25/54,

TBA

634,562

1,100,000

4.50%,

4/25/54,

TBA

1,047,922

6,650,000

3.50%,

4/25/54,

TBA

5,954,867

800,000

3.00%,

4/25/54,

TBA

689,000

6,000,000

6.50%,

4/25/54,

TBA

6,130,312

7,750,000

2.50%,

5/25/54,

TBA

6,421,602

6,400,000

3.00%,

5/25/54,

TBA

5,518,000

12,100,000

2.00%,

5/25/54,

TBA

9,587,359

106,085,123

Federal

Home

Loan

Mortgage

Corporation

(3.1%):

22,418

2.50%,

6/1/31,

Pool

#J34501

20,962

16,032

2.50%,

6/1/31,

Pool

#G18604

14,793

28,189

2.50%,

7/1/31,

Pool

#V61246

25,920

46,162

2.50%,

8/1/31,

Pool

#V61273

42,344

126,434

3.50%,

3/1/32,

Pool

#C91403

120,120

390,199

3.50%,

7/1/32,

Pool

#C91467

370,704

100,664

2.50%,

12/1/32,

Pool

#G18669

94,091

23,029

2.50%,

3/1/33,

Pool

#G18680

21,400

91,103

3.00%,

4/1/33,

Pool

#G18684

85,895

29,274

3.00%,

5/1/33,

Pool

#G16550

27,490

76,257

2.50%,

7/1/33,

Pool

#G16661

69,987

21,750

3.00%,

4/1/34,

Pool

#G16829

20,860

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

123

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

114,938

3.50%,

10/1/34,

Pool

#C91793

$

108,222

380,500

3.00%,

5/1/35,

Pool

#SB0836

356,146

2,725,482

2.00%,

6/1/35,

Pool

#QN2416

2,436,772

424,353

1.50%,

8/1/35,

Pool

#SB8066

370,010

494,631

1.50%,

11/1/35,

Pool

#SB8073

431,285

463,926

1.50%,

1/1/36,

Pool

#SB8083

404,502

875,828

1.50%,

2/1/36,

Pool

#RC1756

763,056

594,024

2.00%,

5/1/36,

Pool

#QN6400

528,082

1,080,121

2.00%,

6/1/36,

Pool

#SB8107

960,220

2,908,086

2.50%,

7/1/36,

Pool

#SB0535

2,654,623

402,634

1.50%,

12/1/36,

Pool

#SB8131

349,791

827,610

2.50%,

3/1/37,

Pool

#RC2527

756,651

321,891

4.00%,

5/1/37,

Pool

#C91938

310,897

23,934

2.50%,

6/1/40,

Pool

#QK0306

21,286

146,412

4.00%,

11/1/40,

Pool

#A95150

139,255

30,610

1.50%,

12/1/40,

Pool

#RB5089

24,751

50,828

1.50%,

2/1/41,

Pool

#RB5099

41,736

51,454

1.50%,

3/1/41,

Pool

#RB5104

42,250

462,480

2.00%,

3/1/41,

Pool

#SC0136

388,023

18,847

2.00%,

4/1/41,

Pool

#RB5108

15,877

51,282

1.50%,

4/1/41,

Pool

#RB5107

41,467

19,582

2.00%,

7/1/41,

Pool

#RB5118

16,496

682,887

2.00%,

7/1/41,

Pool

#SC0162

571,978

20,461

2.00%,

10/1/41,

Pool

#RB5131

17,236

84,162

2.50%,

10/1/41,

Pool

#RB5132

73,486

318,422

2.00%,

11/1/41,

Pool

#RB5135

268,230

151,581

2.00%,

11/1/41,

Pool

#QK1180

127,684

160,960

2.50%,

1/1/42,

Pool

#RB5142

140,535

171,515

3.50%,

7/1/42,

Pool

#ZA1228

159,504

76,397

3.50%,

7/1/42,

Pool

#ZA1231

71,047

224,074

3.50%,

9/1/42,

Pool

#ZL3774

200,684

219,850

4.50%,

10/1/42,

Pool

#RB5189

214,625

67,918

3.50%,

11/1/42,

Pool

#ZL4397

63,160

133,569

4.50%,

12/1/42,

Pool

#RB5198

130,393

410,859

3.50%,

1/1/44,

Pool

#G07922

376,621

208,395

3.50%,

1/1/44,

Pool

#G60271

194,535

53,066

4.00%,

2/1/45,

Pool

#G07949

52,015

49,155

3.50%,

11/1/45,

Pool

#Q37467

45,536

5,753

4.00%,

4/1/46,

Pool

#Q39975

5,540

12,673

4.00%,

4/1/46,

Pool

#V82292

12,187

98,832

3.50%,

9/1/46,

Pool

#Q43257

90,825

4,443

4.50%,

12/1/46,

Pool

#Q45028

4,375

155,920

3.00%,

12/1/46,

Pool

#G60989

138,360

4,596

4.50%,

1/1/47,

Pool

#Q45635

4,525

8,468

4.50%,

2/1/47,

Pool

#Q46222

8,273

432,804

2.50%,

4/1/47,

Pool

#SD0978

359,943

8,053

4.50%,

5/1/47,

Pool

#Q47942

7,867

15,957

4.50%,

5/1/47,

Pool

#Q47935

15,589

23,444

4.50%,

5/1/47,

Pool

#Q48095

22,903

32,175

4.50%,

6/1/47,

Pool

#Q48759

31,433

194,814

4.00%,

6/1/47,

Pool

#Q48877

184,824

14,165

4.50%,

7/1/47,

Pool

#Q49393

13,838

71,872

4.50%,

12/1/47,

Pool

#Q53017

70,119

24,532

4.00%,

2/1/48,

Pool

#G61343

23,286

11,311

4.00%,

2/1/48,

Pool

#Q54499

10,717

19,875

4.50%,

4/1/48,

Pool

#Q55724

19,557

46,532

4.50%,

4/1/48,

Pool

#Q55660

45,789

12,868

4.50%,

4/1/48,

Pool

#Q55500

12,663

26,165

4.50%,

5/1/48,

Pool

#Q55839

25,747

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

86,533

4.00%,

5/1/48,

Pool

#Q55992

$

81,830

127,637

4.00%,

6/1/48,

Pool

#G67713

121,872

41,594

4.00%,

7/1/48,

Pool

#Q59935

40,050

21,694

4.50%,

10/1/48,

Pool

#G67716

21,158

132,061

3.00%,

6/1/49,

Pool

#ZT2090

115,419

622,793

4.50%,

7/1/49,

Pool

#RA1171

605,102

131,976

3.00%,

4/1/50,

Pool

#QA9049

115,106

311,049

2.00%,

6/1/50,

Pool

#RA2677

249,648

289,714

2.50%,

8/1/50,

Pool

#SD0430

243,853

394,696

2.50%,

11/1/50,

Pool

#SD7530

332,462

28,462

3.00%,

11/1/50,

Pool

#SD8108

24,771

240,261

3.00%,

12/1/50,

Pool

#SD8115

209,106

340,570

2.50%,

2/1/51,

Pool

#RA4575

285,230

1,997,951

2.50%,

2/1/51,

Pool

#SD7535

1,688,503

322,194

2.50%,

3/1/51,

Pool

#RA4749

269,836

4,630,048

1.50%,

4/1/51,

Pool

#SD8139

3,498,762

1,208,731

2.00%,

5/1/51,

Pool

#SD7541

972,125

1,951,669

2.50%,

5/1/51,

Pool

#SD7540

1,634,185

42,208

2.00%,

5/1/51,

Pool

#QC1514

33,862

71,713

3.00%,

5/1/51,

Pool

#RA5267

62,235

24,276

2.00%,

7/1/51,

Pool

#QC4163

19,476

1,699,797

2.50%,

7/1/51,

Pool

#SD3095

1,408,102

320,867

2.50%,

7/1/51,

Pool

#RA5574

268,275

82,271

3.00%,

9/1/51,

Pool

#RA5901

71,396

378,637

3.00%,

9/1/51,

Pool

#QC6608

328,210

424,636

3.00%,

9/1/51,

Pool

#QC7496

368,492

408,484

3.00%,

10/1/51,

Pool

#QC9077

354,483

626,149

2.00%,

10/1/51,

Pool

#RA6076

500,797

95,061

3.00%,

11/1/51,

Pool

#RA6347

82,502

383,910

2.00%,

11/1/51,

Pool

#RA6302

305,591

431,367

3.00%,

11/1/51,

Pool

#QD1240

374,327

1,126,583

2.00%,

11/1/51,

Pool

#RA6241

901,007

1,967,756

2.50%,

12/1/51,

Pool

#RA6435

1,643,711

139,213

2.50%,

12/1/51,

Pool

#SD8183

115,788

438,844

2.00%,

12/1/51,

Pool

#RA6510

352,064

592,989

2.50%,

12/1/51,

Pool

#RA6434

496,889

410,962

3.00%,

12/1/51,

Pool

#QD3200

356,619

242,053

3.00%,

1/1/52,

Pool

#QD5561

208,867

367,859

3.00%,

1/1/52,

Pool

#RA6604

319,242

742,879

2.50%,

1/1/52,

Pool

#RA6622

620,756

162,816

3.50%,

2/1/52,

Pool

#RA6799

146,575

98,572

3.50%,

2/1/52,

Pool

#RA6700

88,970

945,432

2.00%,

2/1/52,

Pool

#SD8193

749,194

976,226

2.00%,

2/1/52,

Pool

#RA6823

781,374

957,146

2.00%,

2/1/52,

Pool

#RA6824

766,324

113,714

2.00%,

3/1/52,

Pool

#SD8199

90,157

2,220,240

3.00%,

3/1/52,

Pool

#RA6988

1,923,493

1,131,319

3.50%,

3/1/52,

Pool

#RA6987

1,020,695

659,935

3.50%,

3/1/52,

Pool

#RA6950

596,227

232,280

3.00%,

3/1/52,

Pool

#SD2219

201,641

625,841

3.50%,

3/1/52,

Pool

#RA6949

564,459

177,199

3.50%,

4/1/52,

Pool

#SD0927

161,661

299,346

3.00%,

5/1/52,

Pool

#RA7375

259,319

179,764

5.00%,

9/1/52,

Pool

#SD1572

176,860

740,924

4.00%,

10/1/52,

Pool

#SD1772

694,431

281,202

5.00%,

11/1/52,

Pool

#SD1862

277,355

638,948

5.00%,

12/1/52,

Pool

#SD1924

627,537

1,909,286

5.50%,

5/1/53,

Pool

#RA9058

1,928,315

204,872

6.00%,

6/1/53,

Pool

#RA9277

209,223

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

124

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

233,123

6.00%,

6/1/53,

Pool

#RA9276

$

239,096

954,335

5.50%,

6/1/53,

Pool

#RA9161

961,267

202,040

6.00%,

6/1/53,

Pool

#RA9278

206,179

799,183

5.50%,

3/1/54,

Pool

#RJ1067

796,704

49,060,358

Government

National

Mortgage

Association

(3.0%):

15,015

4.00%,

10/20/40,

Pool

#4833

14,365

45,174

4.00%,

1/20/41,

Pool

#4922

43,220

49,032

4.00%,

8/15/41,

Pool

#430354

46,499

519,087

4.00%,

1/20/42,

Pool

#5280

498,686

71,297

4.00%,

11/20/42,

Pool

#MA0535

68,527

169,469

3.00%,

12/20/42,

Pool

#AA5872

150,372

111,735

3.00%,

3/20/43,

Pool

#AA6146

100,624

20,819

3.50%,

3/20/43,

Pool

#AD8884

19,314

47,970

3.00%,

3/20/43,

Pool

#AD8812

43,020

8,148

3.50%,

4/20/43,

Pool

#AB9891

7,559

21,836

3.50%,

4/20/43,

Pool

#AD9075

20,257

44,442

4.00%,

5/20/46,

Pool

#MA3664

42,626

224,281

3.00%,

12/20/46,

Pool

#MA4126

201,547

35,823

4.00%,

1/15/47,

Pool

#AX5831

33,961

40,949

4.00%,

1/15/47,

Pool

#AX5857

39,200

317,539

3.00%,

1/20/47,

Pool

#MA4195

285,352

132,275

4.00%,

3/20/47,

Pool

#MA4322

126,066

22,468

4.00%,

4/20/47,

Pool

#MA4383

21,414

73,777

4.00%,

4/20/47,

Pool

#784303

70,261

74,535

4.00%,

4/20/47,

Pool

#784304

70,984

15,834

3.50%,

2/20/48,

Pool

#MA5019

14,498

13,360

4.00%,

4/20/48,

Pool

#BG7744

12,687

12,044

4.00%,

4/20/48,

Pool

#BG3507

11,437

2,639

3.50%,

12/20/49,

Pool

#BR8987

2,440

6,833

3.50%,

12/20/49,

Pool

#BR8985

6,276

2,720

3.50%,

12/20/49,

Pool

#BR8984

2,485

545,456

2.00%,

11/20/50,

Pool

#MA6994

448,053

600,099

2.00%,

12/20/50,

Pool

#MA7051

491,729

955,252

2.00%,

1/20/51,

Pool

#MA7135

784,344

1,665,168

2.00%,

2/20/51,

Pool

#MA7192

1,366,981

1,018,662

2.50%,

7/20/51,

Pool

#MA7472

869,405

193,612

2.50%,

8/20/51,

Pool

#785575

163,224

170,739

2.50%,

9/20/51,

Pool

#785616

143,922

838,087

2.50%,

9/20/51,

Pool

#MA7589

714,913

230,615

2.50%,

12/20/51,

Pool

#785792

194,412

62,637

2.50%,

12/20/51,

Pool

#MA7767

53,410

1,243,045

4.00%,

10/20/52,

Pool

#MA8346

1,163,500

3,170,914

4.50%,

4/20/53,

Pool

#MA8799

3,047,813

6,050,000

2.00%,

4/20/54,

TBA

4,956,273

3,725,000

3.00%,

4/20/54,

TBA

3,287,895

5,100,000

3.50%,

4/20/54,

TBA

4,643,391

800,000

5.00%,

4/20/54,

TBA

786,500

600,000

5.50%,

4/20/54,

TBA

599,719

2,475,000

2.50%,

4/20/54,

TBA

2,109,551

1,200,000

6.50%,

4/20/54,

TBA

1,220,062

1,000,000

6.50%,

5/20/54,

TBA

1,015,625

8,200,000

2.00%,

5/20/54,

TBA

6,725,281

3,400,000

3.00%,

5/20/54,

TBA

3,003,156

5,500,000

2.50%,

5/20/54,

TBA

4,692,188

1,300,000

5.50%,

5/20/54,

TBA

1,298,578

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

1,600,000

5.00%,

5/20/54,

TBA

$

1,572,750

47,306,352

Total

U.S.

Government

Agency

Mortgages

(Cost

$213,357,798)

202,451,833

U.S.

Treasury

Obligations

(19.9%):

U.S.

Treasury

Bonds

(6.3%):

32,428,000

1.75%,

8/15/41

21,909,167

3,796,700

3.38%,

8/15/42

3,284,145

1,605,300

3.00%,

2/15/47

1,264,425

34,653,000

2.00%,

8/15/51

21,511,933

6,906,000

1.88%,

11/15/51

4,145,758

7,300,000

2.25%,

2/15/52

4,811,156

3,500,000

2.88%,

5/15/52

2,653,438

15,000,000

3.63%,

2/15/53

13,195,313

27,993,000

4.13%,

8/15/53

26,956,384

99,731,719

U.S.

Treasury

Notes

(13.6%):

6,472,000

1.25%,

12/31/26

5,943,116

5,255,200

1.25%,

5/31/28

4,651,673

17,310,000

1.25%,

9/30/28

15,197,639

26,000,000

4.00%,

2/28/30

25,703,438

2,800,000

3.63%,

3/31/30

2,712,500

19,600,000

3.75%,

5/31/30

19,100,812

9,500,000

4.88%,

10/31/30

9,853,281

14,200,000

4.38%,

11/30/30

14,328,688

11,400,000

4.00%,

1/31/31

11,259,281

25,300,000

4.25%,

2/28/31

25,363,250

19,672,000

2.88%,

5/15/32

17,876,930

8,600,000

4.13%,

11/15/32

8,548,938

32,000,000

3.50%,

2/15/33

30,335,000

12,800,000

3.38%,

5/15/33

12,004,000

3,276,000

3.88%,

8/15/33

3,193,076

7,400,000

4.00%,

2/15/34

7,284,375

213,355,997

Total

U.S.

Treasury

Obligations

(Cost

$352,207,594)

313,087,716

Shares

Unaffiliated

Investment

Companies

(2.9%):

Money

Markets

(2.9%):

8,615,041

BlackRock

Liquidity

FedFund,

Institutional

Class,

5.07%(e)(f)

8,615,041

36,183,904

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.19%(f)

36,183,904

Total

Unaffiliated

Investment

Companies

(Cost

$44,798,945)

44,798,945

Total

Investment

Securities

(Cost

$1,582,580,834)

—

105.3%

1,654,627,619

Net

other

assets

(liabilities)

—

(5.3)%

(83,730,987)

Net

Assets

—

100.0%

$

1,570,896,632

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

125

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024

CVR—Contingency

Valued

Rights

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

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$8,236,282.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

March

31,

2024.

(b)

Rule

144A,

Section

4(2)

or

other

security

which

is

restricted

to

resale

to

institutional

investors.

(c)

The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

presented

is

the

rate

in

effect

at

March

31,

2024.

(d)

Defaulted

bond.

(e)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

March

31,

2024.

(f)

The

rate

represents

the

effective

yield

at

March

31,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Futures

Contracts

At

March

31,

2024,

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

June

Futures

(U.S.

Dollar)

6/21/24

5

$

1,327,125‌

$

22,512‌

$

22,512‌

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(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

$

338

Oil,

Gas

&

Consumable

Fuels

(0.3%):

22

Amplify

Energy

Corp.*

145

5,889

Sanchez

Energy

Corp.*(a)

480,395

480,540

Total

Common

Stocks

(Cost

$142,407)

480,878

Contracts

Warrant

(0.0%

†

):

Oil,

Gas

&

Consumable

Fuels

(0.0%

†

):

95

California

Resources

Corp.,

10/27/24*

1,858

Total

Warrant

(Cost

$—)

1,858

Principal

Amount

Asset

Backed

Securities

(2.1%):

$

48,886

Aaset

Trust,

Class

A,

Series

2019-1,

3.84%,

5/15/39(b)

42,040

138,939

Aaset

Trust,

Class

B,

Series

2020-1A,

4.34%,

1/16/40(b)

85,327

103,183

Aaset

Trust,

Class

A,

Series

2020-1A,

3.35%,

1/16/40(b)

91,664

178,523

AASET

US,

Ltd.,

Class

A,

Series

2018-1A,

3.84%,

1/16/38(b)

126,305

345,099

Blackbird

Capital

Aircraft

Lease

Securitization,

Ltd.,

Class

A,

Series

2016-1A,

4.21%,

12/16/41,

Callable

12/15/24

@

100(b)(c)

339,986

104,545

Castlelake

Aircraft

Securitization

Trust,

Class

A,

Series

2018-1,

4.13%,

6/15/43(b)

97,462

93,112

Castlelake

Aircraft

Structured

Trust,

Class

A,

Series

2021-1A,

3.47%,

1/15/46(b)

87,789

186,315

Castlelake

Aircraft

Structured

Trust,

Class

B,

Series

2019-1A,

5.10%,

4/15/39(b)

126,212

514,576

CF

Hippolyta

Issuer

LLC,

Class

A1,

Series

2021-1A,

1.53%,

3/15/61,

Callable

4/15/24

@

100(b)

463,791

171,013

Horizon

Aircraft

Finance

I,

Ltd.,

Class

A,

Series

2018-1,

4.46%,

12/15/38(b)

150,243

168,184

Horizon

Aircraft

Finance

II,

Ltd.,

Class

A,

Series

2019-1,

3.72%,

7/15/39(b)

148,573

248,920

Planet

Fitness

Master

Issuer

LLC,

Class

A2I,

Series

2022-1A,

3.25%,

12/5/51,

Callable

12/5/24

@

100(b)

232,460

212,660

Planet

Fitness

Master

Issuer

LLC,

Class

A2II,

Series

2022-1A,

4.01%,

12/5/51,

Callable

12/5/27

@

100(b)

188,043

322,678

Planet

Fitness

Master

Issuer

LLC,

Class

A2,

Series

2019-1A,

3.86%,

12/5/49,

Callable

12/5/25

@

100(b)

292,528

282,731

Project

Silver,

Class

A,

Series

2019-1,

3.97%,

7/15/44(b)

242,962

190,852

SAPPHIRE

AVIATION

FINANCE

II,

LTD.,

Class

B,

Series

2020-1A,

4.34%,

3/15/40(b)

144,614

373,491

Thunderbolt

II

Aircraft

Lease,

Ltd.,

Class

A,

Series

2018-A,

4.15%,

9/15/38(b)(c)

305,889

Total

Asset

Backed

Securities

(Cost

$3,679,613)

3,165,888

Principal

Amount

Value

Collateralized

Mortgage

Obligations

(11.2%):

$

273,000

Allegro

CLO

XIII,

Ltd.,

Class

A,

Series

2021-1A,

6.72%(TSFR3M+140bps),

7/20/34,

Callable

4/20/24

@

100(b)

$

273,255

254,000

Allegro

CLO

XV,

Ltd.,

Class

A,

Series

2022-1A,

6.82%(TSFR3M+150bps),

7/20/35,

Callable

7/20/24

@

100(b)

254,167

408,000

Ares

LVIII

CLO,

Ltd.,

Class

AR,

Series

2020-58A,

6.64%(TSFR3M+133bps),

1/15/35,

Callable

4/15/24

@

100(b)

407,755

273,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

ANM,

Series

2019-BPR,

3.11%,

11/5/32(b)

245,853

100,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

C,

Series

2022-DKLX,

7.48%(TSFR1M+215bps),

1/15/39(b)

96,985

227,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

A,

Series

2022-DKLX,

6.48%(TSFR1M+115bps),

1/15/39(b)

224,992

100,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

BNM,

Series

2019-BPR,

3.47%,

11/5/32(b)

83,395

100,000

BLP

Commercial

Mortgage

Trust,

Class

A,

Series

2024-IND2,

6.67%(TSFR1M+134bps),

3/15/41(b)

100,031

197,000

BPR

Trust,

Class

B,

Series

2022-OANA,

7.77%(TSFR1M+245bps),

4/15/37(b)

197,254

185,000

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2019-IMC,

7.27%(TSFR1M+195bps),

4/15/34(b)

184,707

316,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL5,

6.69%(TSFR1M+139bps),

3/15/39(b)

316,159

176,000

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2019-IMC,

6.97%(TSFR1M+165bps),

4/15/34(b)

175,769

100,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2023-XL3,

7.09%(TSFR1M+176bps),

12/9/40(b)

100,546

100,000

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2023-XL3,

7.97%(TSFR1M+264bps),

12/9/40(b)

100

,776

100,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2023-XL3,

7.52%(TSFR1M+219bps),

12/9/40(b)

100,787

266,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2019-IMC,

6.67%(TSFR1M+135bps),

4/15/34(b)

265,723

100,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-XL5,

6.99%(TSFR1M+169bps),

3/15/39(b)

99,937

139,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL4,

6.77%(TSFR1M+144bps),

2/15/39(b)

139,011

100,000

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2024-XL5,

7.24%(TSFR1M+194bps),

3/15/39(b)

99,875

400,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2019-IMC,

6.37%(TSFR1M+105bps),

4/15/34(b)

399,647

139,279

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2022-LP2,

7.29%(TSFR1M+196bps),

2/15/39(b)

137,373

139,279

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2022-LP2,

6.89%(TSFR1M+156bps),

2/15/39(b)

137,622

139,279

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2022-LP2,

6.64%(TSFR1M+131bps),

2/15/39(b)

137,876

100,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-XL4,

7.12%(TSFR1M+179bps),

2/15/39(b)

99,877

100,000

BX

Mortgage

Trust,

Class

D,

Series

2021-PAC,

6.74%(TSFR1M+141bps),

10/15/36(b)

97,607

302,000

BX

Mortgage

Trust,

Class

E,

Series

2021-PAC,

7.39%(TSFR1M+206bps),

10/15/36(b)

296,571

100,000

BX

Mortgage

Trust,

Class

C,

Series

2021-PAC,

6.54%(TSFR1M+121bps),

10/15/36(b)

98,279

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

127

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

100,000

BX

Trust,

Class

C,

Series

2024-CNYN,

7.24%(TSFR1M+194bps),

4/15/29(b)

$

99,875

200,000

BX

Trust,

Class

A,

Series

2024-CNYN,

6.74%(TSFR1M+144bps),

4/15/29(b)

200,000

35,213

BX

Trust,

Class

C,

Series

2022-IND,

7.62%(TSFR1M+229bps),

4/15/24(b)

35,232

100,000

BX

Trust,

Class

B,

Series

2024-CNYN,

6.99%(TSFR1M+169bps),

4/15/29(b)

99,875

29,855

BX

Trust,

Class

D,

Series

2022-IND,

8.16%(TSFR1M+284bps),

4/15/24(b)

29,895

336,000

Cedar

Funding

VI

CLO,

Ltd.,

Class

ARR,

Series

2016-

6A,

6.63%(TSFR3M+131bps),

4/20/34,

Callable

4/20/24

@

100(b)

336,000

264,000

Cedar

Funding

X

CLO,

Ltd.,

Class

AR,

Series

2019-

10A,

6.68%(TSFR3M+136bps),

10/20/32,

Callable

4/20/24

@

100(b)

263,702

250,000

Cedar

Funding

XII

CLO,

Ltd.,

Class

A1R,

Series

2020-12A,

6.72%(TSFR3M+139bps),

10/25/34,

Callable

4/25/24

@

100(b)

250

,070

387,000

Cedar

Funding

XV

CLO,

Ltd.,

Class

A,

Series

2022-

15A,

6.64%(TSFR3M+132bps),

4/20/35,

Callable

4/20/24

@

100(b)

385,783

328,000

Columbia

Cent

CLO

29,

Ltd.,

Class

AR,

Series

2020-

29A,

6.75%(TSFR3M+143bps),

10/20/34,

Callable

4/20/24

@

100(b)

326,781

580,000

Columbia

Cent

CLO

30,

Ltd.,

Class

A1,

Series

2020-

30A,

6.89%(TSFR3M+157bps),

1/20/34,

Callable

4/20/24

@

100(b)

578,356

440,000

Columbia

Cent

CLO

31,

Ltd.,

Class

A1,

Series

2021-

31A,

6.78%(TSFR3M+146bps),

4/20/34,

Callable

4/20/24

@

100(b)

438,468

112,424

CSMC,

Class

A,

Series

2020-NET,

2.26%,

8/15/37(b)

104,554

1,384,000

CSMC

Trust,

Class

D,

Series

2017-PFHP,

7.62%(TSFR1M+230bps),

12/15/30(b)

1,273,417

250,000

Dryden

98

CLO,

Ltd.,

Class

A,

Series

2022-98A,

6.62%(TSFR3M+130bps),

4/20/35,

Callable

4/20/24

@

100(b)

250,103

100,000

DTP

Commercial

Mortgage

Trust,

Class

A,

Series

2023-STE2,

5.65%,

1/15/41(b)(c)

100,333

250,000

Eaton

Vance

CLO,

Ltd.,

Class

A13R,

Series

2013-

1A,

6.83%(TSFR3M+151bps),

1/15/34,

Callable

4/15/24

@

100(b)

249,514

378,000

Eaton

Vance

CLO,

Ltd.,

Class

AR,

Series

2020-2A,

6.73%(TSFR3M+141bps),

1/15/35,

Callable

4/15/24

@

100(b)

376,677

123,425

Extended

Stay

America

Trust,

Class

D,

Series

2021-

ESH,

7.69%(TSFR1M+236bps),

7/15/38(b)

123,277

91,426

Extended

Stay

America

Trust,

Class

C,

Series

2021-

ESH,

7.14%(TSFR1M+181bps),

7/15/38(b)

91,335

250,000

Flatiron

CLO

19,

Ltd.,

Class

AR,

Series

2019-1A,

6.67%(TSFR3M+134bps),

11/16/34,

Callable

5/16/24

@

100(b)

249,750

250,000

Flatiron

CLO

21,

Ltd.,

Class

A1,

Series

2021-1A,

6.68%(TSFR3M+137bps),

7/19/34,

Callable

4/19/24

@

100(b)

250,200

100,000

GS

Mortgage

Securities

Corp.

Trust,

Class

B,

Series

2021-IP,

6.59%(TSFR1M+126bps),

10/15/36(b)

97,444

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

2

50,000

Invesco

CLO,

Ltd.,

Class

A,

Series

2021-3A,

6.71%(TSFR3M+139bps),

10/22/34,

Callable

4/22/24

@

100(b)

$

249,204

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(b)

53,149

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(b)

78,377

506,000

KKR

CLO

41,

Ltd.,

Class

A1,

Series

2022-41A,

6.65%(TSFR3M+133bps),

4/15/35,

Callable

4/15/24

@

100(b)

506,171

98,297

Life

Mortgage

Trust,

Class

E,

Series

2021-BMR,

7.19%(TSFR1M+186bps),

3/15/38(b)

96,038

98,297

Life

Mortgage

Trust,

Class

D,

Series

2021-BMR,

6.84%(TSFR1M+151bps),

3/15/38(b)

96,944

173,000

Life

Mortgage

Trust,

Class

D,

Series

2022-BMR2,

7.87%(TSFR1M+254bps),

5/15/39,

Callable

5/15/24

@

100(b)

166,011

98,297

Life

Mortgage

Trust,

Class

C,

Series

2021-BMR,

6.54%(TSFR1M+121bps),

3/15/38(b)

96,976

194,000

Life

Mortgage

Trust,

Class

C,

Series

2022-BMR2,

7.42%(TSFR1M+209bps),

5/15/39,

Callable

5/15/24

@

100(b)

191,105

369,000

Madison

Park

Funding

LII,

Ltd.,

Class

A,

Series

2021-52A,

6.68%(TSFR3M+136bps),

1/22/35,

Callable

4/22/24

@

100(b)

369,184

400,000

Magnetite

XXX,

Ltd.,

Class

A,

Series

2021-30A,

6.72%(TSFR3M+139bps),

10/25/34,

Callable

4/25/24

@

100(b)

398,761

82,000

Morgan

Stanley

Capital

I

Trust,

Class

C,

Series

2019-MEAD,

3.18%,

11/10/36,

Callable

11/10/24

@

100(b)(c)

74,779

86,000

Morgan

Stanley

Capital

I

Trust,

Class

B,

Series

2019-MEAD,

3.18%,

11/10/36,

Callable

11/10/24

@

100(b)

80,869

300,000

Morgan

Stanley

Capital

I

Trust,

Class

B,

Series

2018-BOP,

6.62%(TSFR1M+130bps),

6/15/35(b)

235,188

723,200

Morgan

Stanley

Capital

I

Trust,

Class

C,

Series

2018-BOP,

6.87%(TSFR1M+155bps),

6/15/35(b)

475,228

593,000

Morgan

Stanley

Capital

I

Trust,

Class

A,

Series

2019-MEAD,

3.17%,

11/10/36,

Callable

11/10/24

@

100(b)

563,758

95,686

OPEN

Trust,

Class

A,

Series

2023-AIR,

8.41%(TSFR1M+309bps),

10/15/28(b)

96,636

95,686

OPEN

Trust,

Class

B,

Series

2023-AIR,

9.16%(TSFR1M+384bps),

10/15/28(b)

96,276

420,000

RR

7,

Ltd.,

Class

A1AB,

Series

2019-7A,

6.66%(TSFR3M+134bps),

1/15/37,

Callable

4/15/24

@

100(b)

420,069

103,000

SPGN

Mortgage

Trust,

Class

B,

Series

2022-TFLM,

7.33%(TSFR1M+200bps),

2/15/39,

Callable

2/15/25

@

100(b)

99,251

53,000

SPGN

Mortgage

Trust,

Class

C,

Series

2022-TFLM,

7.98%(TSFR1M+265bps),

2/15/39,

Callable

2/15/25

@

100(b)

50,411

139,702

SREIT

Trust,

Class

C,

Series

2021-MFP,

6.77%(TSFR1M+144bps),

11/15/38(b)

138,653

95,686

SREIT

Trust,

Class

D,

Series

2021-MFP,

7.02%(TSFR1M+169bps),

11/15/38(b)

94,922

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

128

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

350,000

Symphony

CLO

XXVI,

Ltd.,

Class

AR,

Series

2021-

26A,

6.66%(TSFR3M+134bps),

4/20/33,

Callable

4/20/24

@

100(b)

$

349,433

20,000

VLS

Commercial

Mortgage

Trust,

Class

B,

Series

2020-LAB,

2.45%,

10/10/42(b)

16,099

516,000

Voya

CLO,

Ltd.,

Class

A,

Series

2019-2A,

6.85%(TSFR3M+153bps),

7/20/32(b)

516,000

250,000

Voya

CLO,

Ltd.,

Class

A1R,

Series

2020-2A,

6.73%(TSFR3M+142bps),

7/19/34,

Callable

4/19/24

@

100(b)

250,090

250,000

Voya

CLO,

Ltd.,

Class

AR,

Series

2020-1A,

6.73%(TSFR3M+141bps),

7/16/34,

Callable

4/16/24

@

100(b)

249,844

Total

Collateralized

Mortgage

Obligations

(Cost

$17,795,840)

17,191,896

Convertible

Bonds

(0.1%):

Capital

Markets

(0.0%

†

):

10,000

Coinbase

Global,

Inc.,

0.25%,

4/1/30(b)

10,576

Financial

Services

(0.0%

†

):

32,000

Global

Payments,

Inc.,

1.50%,

3/1/31(b)

33,770

Independent

Power

and

Renewable

Electricity

Producers

(0.0%

†

):

12,000

Sunnova

Energy

International,

Inc.,

0.25%,

12/1/26

6,245

Media

(0.1%):

89,000

DISH

Network

Corp.,

3.38%,

8/15/26

55,696

Real

Estate

Management

&

Development

(0.0%

†

):

47,000

Realogy

Group

LLC/Realogy

Co-Issuer

Corp.,

0.25%,

6/15/26

37,318

Semiconductors

&

Semiconductor

Equipment

(0.0%

†

):

60,000

Wolfspeed,

Inc.,

1.88%,

12/1/29

33,673

Total

Convertible

Bonds

(Cost

$204,316)

177,278

Bank

Loans

(0.4%):

Construction

&

Engineering

(0.0%

†

):

50,000

Convergint

Tech

Term

2Ln,

12.07%

(Term

SOFR+675bps ),

3/31/29(b)

46,547

9,750

Convergint

Tech

Term

B

1Ln,

9.07%

(Term

SOFR+375bps ),

3/31/28(b)

9,728

56,275

Consumer

Discretionary

Products

(0.0%

†

):

9,949

Tory

Burch

Term

B

1Ln,

8.57%

(Term

SOFR+325bps ),

4/16/28(b)

9,924

Distributors

(0.0%

†

):

39,796

US

LBM

Term

B

1Ln,

9.07%

(Term

SOFR+375bps ),

12/18/27(b)

39,701

Diversified

Consumer

Services

(0.1%):

5,000

Ascend

Learning

Term

2Ln,

11.07%

(Term

SOFR+575bps ),

12/10/29(b)

4,911

73,500

Ascend

Learning

Term

B

1Ln,

8.82%

(Term

SOFR+350bps ),

12/10/28(b)

73,013

77,924

Electrical

Equipment

(0.0%

†

):

49,375

Westinghouse

Term

B

1Ln,

8.07%

(Term

SOFR+275bps ),

1/20/31(b)

49,303

Principal

Amount

Value

Bank

Loans,

continued

Health

Care

Providers

&

Services

(0.0%

†

):

$

103,939

Cano

Health

Term

B

1Ln,

9.32%

(Term

SOFR+400bps ),

11/23/27(b)

$

28,929

10,783

Cano

Health

Term

DIP

1Ln

Super

Priority,

5.32%

(Term

SOFR+0bps ),

10/7/24(b)

10,999

16,528

Cano

Health

Term

DIP

DD

1Ln

Super

Priority,

5.32%

(Term

SOFR+0bps ),

10/7/24(b)(d)

16,859

56,787

Hotels,

Restaurants

&

Leisure

(0.1%):

107,800

City

Football

Group

Term

B

1Ln,

8.32%

(Term

SOFR+300bps ),

7/21/28(b)

107,598

Industrial

Services

(0.0%

†

):

9,975

Brandsafway

Term

B

1Ln,

10.82%

(Term

SOFR+550bps ),

8/1/30(b)

10,009

Media

(0.1%):

19,700

Authentic

Brands

Term

B1

1Ln,

8.82%

(Term

SOFR+350bps ),

12/21/28(b)

19,763

75,095

Diamond

Sports

Group

Term

2Ln,

5.32%

(Term

SOFR+0bps ),

8/24/26(b)(d)

2,019

54,576

Diamond

Sports

Term

Super

Priority

DIP,

15.32%,

8/2/27(b)

88,890

110,672

Metals

&

Mining

(0.0%

†

):

30,000

American

Rock

Salt

Term

1Ln,

9.32%

(Term

SOFR+400bps ),

6/4/28(b)

26,012

Software

(0.1%):

5,000

Applied

Systems

Term

2Ln,

5.32%

(Term

SOFR+0bps ),

2/23/32(b)

5,169

1,255

Finastra

CAN

Term

1Ln,

12.57%

(Term

SOFR+725bps ),

9/13/29

1,255

53,745

Finastra

US

Term

1Ln,

12.57%

(Term

SOFR+725bps ),

9/13/29(b)

53,745

6,771

Ion

Analytics

Term

1Ln,

9.32%

(Term

SOFR+400bps ),

2/16/28(b)

6,756

66,925

Software

&

Computer

Services

(0.0%

†

):

36,034

UKG

Term

2Ln,

10.57%

(Term

SOFR+525bps ),

5/3/27(b)

36,290

Software

&

Tech

Services

(0.0%

†

):

48,296

Athenahealth

Term

B

1Ln,

8.57%

(Term

SOFR+325bps ),

2/15/29(b)

47,776

Total

Bank

Loans

(Cost

$773,788)

695,196

Corporate

Bonds

(28.6%):

Aerospace

&

Defense

(0.6%):

214,000

Boeing

Co.

(The),

5.15%,

5/1/30,

Callable

2/1/30

@

100

205,981

100,000

Boeing

Co.

(The),

5.71%,

5/1/40,

Callable

11/1/39

@

100

95,483

200,000

Boeing

Co.

(The),

5.81%,

5/1/50,

Callable

11/1/49

@

100

188,782

55,000

BWX

Technologies,

Inc.,

4.13%,

6/30/28,

Callable

5/6/24

@

102.06(b)

51,150

30,000

Howmet

Aerospace,

Inc.,

5.95%,

2/1/37

30,825

30,000

Moog,

Inc.,

4.25%,

12/15/27,

Callable

5/6/24

@

102.13(b)

28,200

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

129

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Aerospace

&

Defense,

continued

$

15,000

Spirit

AeroSystems,

Inc.,

9.75%,

11/15/30,

Callable

11/15/26

@

104.88(b)

$

16,781

55,000

TransDigm,

Inc.,

7.50%,

3/15/27,

Callable

5/6/24

@

100

55,000

160,000

TransDigm,

Inc.,

5.50%,

11/15/27,

Callable

5/6/24

@

101.38

156,000

100,000

TransDigm,

Inc.,

6.38%,

3/1/29,

Callable

3/1/26

@

103.19(b)

100,000

928,202

Air

Freight

&

Logistics

(0.1%):

45,000

Cargo

Aircraft

Management,

Inc.,

4.75%,

2/1/28,

Callable

4/22/24

@

101.19(b)

40,669

45,000

GN

Bondco

LLC,

9.50%,

10/15/31,

Callable

10/15/26

@

104.75^(b)

44,775

80,000

Navios

South

American

Logistics,

Inc./Navios

Logistics

Finance

US,

Inc.,

10.75%,

7/1/25,

Callable

5/6/24

@

102.69(b)

80,160

165,604

Automobile

Components

(0.1%):

20,000

Clarios

Global

LP/Clarios

US

Finance

Co.,

6.75%,

5/15/28,

Callable

5/15/25

@

103.38(b)

20,200

25,000

Dana,

Inc.,

4.50%,

2/15/32,

Callable

2/15/27

@

102.25

21,500

15,000

MIWD

Holdco

II

LLC/MIWD

Finance

Corp.,

5.50%,

2/1/30,

Callable

2/1/25

@

102.75(b)

13,762

15,000

Phinia,

Inc.,

6.75%,

4/15/29,

Callable

4/15/26

@

103.38(b)

15,150

70,612

Automobiles

(0.0%

†

):

10,000

LCM

Investments

Holdings

II

LLC,

4.88%,

5/1/29,

Callable

5/6/24

@

102.44(b)

9,150

15,000

LCM

Investments

Holdings

II

LLC,

8.25%,

8/1/31,

Callable

8/1/26

@

104.13(b)

15,637

30,000

Thor

Industries,

Inc.,

4.00%,

10/15/29,

Callable

10/15/24

@

102(b)

26,775

51,562

Banks

(3.0%):

128,000

Bank

of

America

Corp.,

4.45%,

3/3/26

126,116

790,000

Bank

of

America

Corp.,

5.01%

(SOFR+216

bps),

7/22/33,

Callable

7/22/32

@

100

774,185

770,000

Citigroup,

Inc.,

4.30%,

11/20/26

751,688

150,000

Citigroup,

Inc.,

4.91%

(SOFR+209

bps),

5/24/33,

Callable

5/24/32

@

100

143,583

100,000

Citizens

Financial

Group,

Inc.,

2.64%,

9/30/32,

Callable

7/2/32

@

100

76,312

120,000

First-Citizens

Bank

&

Trust

Co.,

6.13%,

3/9/28

122,879

1,250,000

JPMorgan

Chase

&

Co.,

4.59%

(SOFR+180

bps),

4/26/33,

Callable

4/26/32

@

100

1,193,680

449,000

Wells

Fargo

&

Co.,

3.53%

(SOFR+151

bps),

3/24/28,

Callable

3/24/27

@

100

427,794

925,000

Wells

Fargo

&

Co.,

4.90%

(SOFR+210

bps),

7/25/33,

Callable

7/25/32

@

100

887,748

30,000

Wells

Fargo

&

Co.,

7.63%

(H15T5Y+361

bps),

12/31/99,

Callable

9/15/28

@

100

32,100

30,000

Western

Alliance

Bancorp,

3.00%

(TSFR3M+225

bps),

6/15/31,

Callable

6/15/26

@

100^

25,929

4,562,014

Principal

Amount

Value

Corporate

Bonds,

continued

Beverages

(0.0%

†

):

$

65,000

Triton

Water

Holdings,

Inc.,

6.25%,

4/1/29,

Callable

5/6/24

@

103.13(b)

$

58,988

Biotechnology

(0.3%):

4,000

Amgen,

Inc.,

5.25%,

3/2/30,

Callable

1/2/30

@

100

4,058

174,000

Amgen,

Inc.,

5.25%,

3/2/33,

Callable

12/2/32

@

100

175,505

165,000

Amgen,

Inc.,

5.60%,

3/2/43,

Callable

9/2/42

@

100

167,601

70,000

Emergent

BioSolutions,

Inc.,

3.88%,

8/15/28,

Callable

5/6/24

@

101.94(b)

32,550

379,714

Broadline

Retail

(0.0%

†

):

15,000

Kohl's

Corp.,

4.25%,

7/17/25,

Callable

4/17/25

@

100^

14,625

Building

Products

(0.1%):

110,000

Advanced

Drainage

Systems,

Inc.,

5.00%,

9/30/27,

Callable

4/22/24

@

101.25(b)

106,563

25,000

Builders

FirstSource,

Inc.,

4.25%,

2/1/32,

Callable

8/1/26

@

102.13(b)

22,375

16,000

Carrier

Global

Corp.,

5.90%,

3/15/34,

Callable

12/15/33

@

100

16,828

16,000

Carrier

Global

Corp.,

6.20%,

3/15/54,

Callable

9/15/53

@

100

17,617

10,000

Eco

Material

Technologies,

Inc.,

7.88%,

1/31/27,

Callable

5/6/24

@

103.94(b)

10,137

173,520

Capital

Markets

(1.6%):

115,000

Affiliated

Managers

Group,

Inc.,

3.50%,

8/1/25^

112,043

380,000

Ares

Capital

Corp.,

3.88%,

1/15/26,

Callable

12/15/25

@

100^

367,631

40,000

Charles

Schwab

Corp.

(The),

Series

H,

4.00%

(H15T10Y+308

bps),

12/31/99,

Callable

12/1/30

@

100

33,550

20,000

Charles

Schwab

Corp.

(The),

Series

G,

5.38%

(H15T5Y+497

bps),

Callable

6/1/25

@

100

19,700

530,000

Goldman

Sachs

Group,

Inc.

(The),

3.80%,

3/15/30,

Callable

12/15/29

@

100

496,544

270,000

Goldman

Sachs

Group,

Inc.

(The),

3.10%

(SOFR+141

bps),

2/24/33,

Callable

2/24/32

@

100

229,929

90,000

Goldman

Sachs

Group,

Inc.

(The),

6.75%,

10/1/37

98,235

965,000

Morgan

Stanley,

6.34%

(SOFR+256

bps),

10/18/33,

Callable

10/18/32

@

100

1,030,646

88,000

Sixth

Street

Specialty

Lending,

Inc.,

6.13%,

3/1/29,

Callable

2/1/29

@

100

86,919

25,000

USA

Compression

Partners

LP/USA

Compression

Finance

Corp.,

7.13%,

3/15/29,

Callable

3/15/26

@

103.56(b)

25,344

2,500,541

Chemicals

(0.4%):

30,000

Allied

Universal

Holdco

LLC,

7.88%,

2/15/31,

Callable

2/15/27

@

103.94(b)

30,262

71,000

Celanese

US

Holdings

LLC,

6.35%,

11/15/28,

Callable

10/15/28

@

100

73,625

72,000

Celanese

US

Holdings

LLC,

6.55%,

11/15/30,

Callable

9/15/30

@

100

75,603

42,000

Celanese

US

Holdings

LLC,

6.70%,

11/15/33,

Callable

8/15/33

@

100

44,673

16,000

CF

Industries,

Inc.,

4.95%,

6/1/43

14,300

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

130

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Chemicals,

continued

$

75,000

Chemours

Co.

(The),

5.75%,

11/15/28,

Callable

4/15/24

@

102.88(b)

$

69,187

67,000

Kobe

US

Midco

2,

Inc.,

9.25%,

11/1/26,

Callable

5/6/24

@

102.31(b)

57,034

50,000

LSB

Industries,

Inc.,

6.25%,

10/15/28,

Callable

10/15/24

@

103.13(b)

47,687

25,000

Neogen

Food

Safety

Corp.,

8.63%,

7/20/30,

Callable

7/20/27

@

102.16(b)

26,844

80,000

SCIH

Salt

Holdings,

Inc.,

4.88%,

5/1/28,

Callable

5/6/24

@

102.44(b)

74,

500

10,000

SCIH

Salt

Holdings,

Inc.,

6.63%,

5/1/29,

Callable

5/6/24

@

103.31(b)

9,238

25,000

Scotts

Miracle-Gro

Co.

(The),

4.38%,

2/1/32,

Callable

8/1/26

@

102.19

21,312

55,000

Tronox,

Inc.,

4.63%,

3/15/29,

Callable

5/6/24

@

102.31(b)

49,088

55,000

WR

Grace

Holdings

LLC,

5.63%,

8/15/29,

Callable

8/15/24

@

102.81(b)

49,156

15,000

WR

Grace

Holdings

LLC,

7.38%,

3/1/31,

Callable

3/1/26

@

103.69(b)

15,150

657,659

Commercial

Services

&

Supplies

(0.4%):

25,000

ADT

Security

Corp.

(The),

4.13%,

8/1/29,

Callable

8/1/28

@

100^(b)

22,781

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(b)

97,103

70,000

Aramark

Services,

Inc.,

5.00%,

2/1/28,

Callable

5/6/24

@

101.67(b)

67,375

25,000

Clean

Harbors,

Inc.,

6.38%,

2/1/31,

Callable

2/1/26

@

103.19(b)

25,125

45,000

CoreCivic,

Inc.,

8.25%,

4/15/29,

Callable

4/15/26

@

104.13

47,025

56,000

GEO

Group,

Inc.

(The),

10.50%,

6/30/28,

Callable

4/15/24

@

102^

56,980

35,000

Legends

Hospitality

Holding

Co.

LLC/Legends

Hospitality

Co.-Issuer,

Inc.,

5.00%,

2/1/26,

Callable

5/6/24

@

101.25(b)

34,738

35,000

Pitney

Bowes,

Inc.,

6.88%,

3/15/27,

Callable

4/15/24

@

103.44(b)

31,937

75,000

Rand

Parent

LLC,

8.50%,

2/15/30,

Callable

2/15/26

@

104.25^(b)

73,875

25,000

Safehold

GL

Holdings

LLC,

2.85%,

1/15/32,

Callable

8/15/31

@

100^

20,251

50,000

Stericycle,

Inc.,

3.88%,

1/15/29,

Callable

4/22/24

@

101.94(b)

45,250

40,000

TKC

Holdings,

Inc.,

6.88%,

5/15/28,

Callable

5/15/24

@

103.44(b)

37,700

30,000

TKC

Holdings,

Inc.,

10.50%,

5/15/29,

Callable

5/15/24

@

105.25(b)

28,500

588,640

Communications

Equipment

(0.0%

†

):

50,000

Viavi

Solutions,

Inc.,

3.75%,

10/1/29,

Callable

10/1/24

@

101.88(b)

42,875

Construction

&

Engineering

(0.3%):

61,000

APX

Group,

Inc.,

6.75%,

2/15/27,

Callable

5/6/24

@

101.69(b)

61,076

Principal

Amount

Value

Corporate

Bonds,

continued

Construction

&

Engineering,

continued

$

40,000

Arcosa,

Inc.,

4.38%,

4/15/29,

Callable

5/6/24

@

102.19(b)

$

36,800

85,000

Artera

Services

LLC,

8.50%,

2/15/31,

Callable

2/15/27

@

104.25(b)

87,125

45,000

Dycom

Industries,

Inc.,

4.50%,

4/15/29,

Callable

5/6/24

@

102.25(b)

42,075

35,000

Global

Infrastructure

Solutions,

Inc.,

5.63%,

6/1/29,

Callable

6/1/24

@

102.81(b)

31,675

35,000

Great

Lakes

Dredge

&

Dock

Corp.,

5.25%,

6/1/29,

Callable

6/1/24

@

102.63(b)

31,106

25,000

Pike

Corp.,

8.63%,

1/31/31,

Callable

1/31/27

@

104.31(b)

26,563

35,000

Railworks

Holdings

LP/Railworks

Rally,

Inc.,

8.25%,

11/15/28,

Callable

11/15/24

@

104.13(b)

34,650

35,000

VM

Consolidated,

Inc.,

5.50%,

4/15/29,

Callable

5/6/24

@

102.75(b)

33,469

384,539

Construction

Materials

(0.1%):

15,000

AmeriTex

HoldCo

Intermediate

LLC,

10.25%,

10/15/28,

Callable

10/15/25

@

105.13(b)

16,125

35,000

Smyrna

Ready

Mix

Concrete

LLC,

8.88%,

11/15/31,

Callable

11/15/26

@

104.44(b)

37,275

15,000

Summit

Materials

LLC/Summit

Materials

Finance

Corp.,

7.25%,

1/15/31,

Callable

1/15/27

@

103.63(b)

15,544

68,944

Consumer

Finance

(1.5%):

370,000

Ally

Financial,

Inc.,

7.10%,

11/15/27,

Callable

10/15/27

@

100

386,204

85,000

Ally

Financial,

Inc.,

Series

B,

4.70%

(H15T5Y+387

bps),

12/31/99,

Callable

5/15/26

@

100^

73,622

636,000

Capital

One

Financial

Corp.,

3.80%,

1/31/28,

Callable

12/31/27

@

100

603,096

275,000

Capital

One

Financial

Corp.,

5.25%

(SOFR+260

bps),

7/26/30,

Callable

7/26/29

@

100

270,376

355,000

Discover

Financial

Services,

4.10%,

2/9/27,

Callable

11/9/26

@

100

342,325

110,000

OneMain

Finance

Corp.,

3.50%,

1/15/27,

Callable

5/6/24

@

101.75

101,750

75,000

OneMain

Finance

Corp.,

4.00%,

9/15/30,

Callable

9/15/25

@

102^

63,937

470,000

Synchrony

Financial,

3.95%,

12/1/27,

Callable

9/1/27

@

100

437,750

2,279,060

Consumer

Staples

Distribution

&

Retail

(0.7%):

35,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

4.63%,

1/15/27,

Callable

5/6/24

@

102.31(b)

33,819

80,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

3.50%,

3/15/29,

Callable

5/6/24

@

101.75(b)

71,500

50,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

4.88%,

2/15/30,

Callable

2/15/25

@

103.66^(b)

47,375

75,000

C&S

Group

Enterprises

LLC,

5.00%,

12/15/28,

Callable

5/6/24

@

102.5(b)

59,813

25,000

Chobani

LLC/Chobani

Finance

Corp.,

Inc.,

7.63%,

7/1/29,

Callable

1/1/26

@

103.81(b)

25,219

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

131

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Consumer

Staples

Distribution

&

Retail,

continued

$

550,000

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.,

3.00%,

5/15/32,

Callable

2/15/32

@

100

$

445,500

180,000

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.,

5.75%,

4/1/33,

Callable

1/1/33

@

100

176,625

30,000

KeHE

Distributors

LLC/KeHE

Finance

Corp./

NextWave

Distribution,

Inc.,

9.00%,

2/15/29,

Callable

2/15/26

@

104.5(b)

30,412

65,000

Performance

Food

Group,

Inc.,

6.88%,

5/1/25,

Callable

5/6/24

@

100(b)

64,919

30,000

Performance

Food

Group,

Inc.,

4.25%,

8/1/29,

Callable

8/1/24

@

102.13(b)

27,375

70,000

Sysco

Corp.,

5.95%,

4/1/30,

Callable

1/1/30

@

100

72,941

30,000

United

Natural

Foods,

Inc.,

6.75%,

10/15/28,

Callable

5/6/24

@

103.38(b)

24,900

25,000

US

Foods,

Inc.,

4.63%,

6/1/30,

Callable

6/1/25

@

102.31(b)

23,156

20,000

US

Foods,

Inc.,

7.25%,

1/15/32,

Callable

9/15/26

@

103.63(b)

20,775

1,124,329

Containers

&

Packaging

(0.3%):

65,000

Ardagh

Metal

Packaging

Finance

USA

LLC/Ardagh

Metal

Packaging

Finance

plc,

4.00%,

9/1/29,

Callable

5/15/24

@

102(b)

52,244

90,000

Ardagh

Packaging

Finance

plc/Ardagh

Holdings

USA,

Inc.,

4.13%,

8/15/26,

Callable

4/15/24

@

101.03(b)

81,675

30,000

Ball

Corp.,

6.00%,

6/15/29,

Callable

5/15/26

@

103

30,262

35,000

Ball

Corp.,

3.13%,

9/15/31,

Callable

6/15/31

@

100^

29,706

15,000

Clydesdale

Acquisition

Holdings,

Inc.,

6.63%,

4/15/29,

Callable

4/15/25

@

103.31(b)

14,944

75,000

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%,

4/15/30,

Callable

4/15/25

@

104.38(b)

73,594

30,000

Graphic

Packaging

International

LLC,

3.75%,

2/1/30,

Callable

8/1/29

@

100(b)

26,700

35,000

Mauser

Packaging

Solutions

Holding

Co.,

7.88%,

8/15/26,

Callable

8/15/24

@

103.94(b)

35,569

30,000

Owens-Brockway

Glass

Container,

Inc.,

7.25%,

5/15/31,

Callable

5/15/26

@

103.63(b)

30,563

55,000

Sealed

Air

Corp.,

5.00%,

4/15/29,

Callable

4/15/25

@

102.5(b)

52,800

25,000

Sealed

Air

Corp./Sealed

Air

Corp.

U.S.,

6.13%,

2/1/28,

Callable

2/1/25

@

103.06^(b)

25,062

40,000

Sealed

Air

Corp/Sealed

Air

Corp.

US,

7.25%,

2/15/31,

Callable

11/15/26

@

103.63(b)

41,550

494,669

Distributors

(0.0%

†

):

40,000

LBM

Acquisition

LLC,

6.25%,

1/15/29,

Callable

5/6/24

@

103.13(b)

37,450

15,000

USI,

Inc.,

7.50%,

1/15/32,

Callable

1/15/27

@

103.75(b)

15,019

52,469

Diversified

Consumer

Services

(0.0%

†

):

20,000

Sotheby's,

7.38%,

10/15/27,

Callable

4/15/24

@

101.84^(b)

18,575

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

Consumer

Services,

continued

$

25,000

Wand

NewCo.

3,

Inc.,

7.63%,

1/30/32,

Callable

1/30/27

@

103.81(b)

$

25,813

44,388

Diversified

REITs

(0.4%):

75,000

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership

LP,

3.75%,

12/15/27,

Callable

9/15/27

@

100(b)

64,125

35,000

Piedmont

Operating

Partnership

LP,

2.75%,

4/1/32,

Callable

1/1/32

@

100

25,135

112,000

Store

Capital

LLC,

2.75%,

11/18/30,

Callable

8/18/30

@

100

89,964

331,000

Ventas

Realty

LP,

4.75%,

11/15/30,

Callable

8/15/30

@

100

319,256

101,000

WP

Carey,

Inc.,

3.85%,

7/15/29,

Callable

4/15/29

@

100

94,

207

592,687

Diversified

Telecommunication

Services

(0.9%):

110,000

AT&T,

Inc.,

4.30%,

2/15/30,

Callable

11/15/29

@

100

105,652

70,000

AT&T,

Inc.,

5.15%,

11/15/46,

Callable

5/15/46

@

100

66,196

25,000

Cablevision

Lightpath

LLC,

5.63%,

9/15/28,

Callable

4/15/24

@

102.81(b)

20,937

40,000

Consolidated

Communications,

Inc.,

5.00%,

10/1/28,

Callable

4/15/24

@

103.75(b)

33,300

25,000

Frontier

Communications

Holdings

LLC,

5.88%,

10/15/27,

Callable

5/6/24

@

102.94(b)

24,12

5

8,244

Frontier

Communications

Holdings

LLC,

5.88%,

11/1/29,

Callable

11/1/24

@

102.94

6,976

60,000

Frontier

Communications

Holdings

LLC,

8.75%,

5/15/30,

Callable

5/15/25

@

104.38(b)

61,200

25,000

Northwest

Fiber

LLC/Northwest

Fiber

Finance

Sub,

Inc.,

6.00%,

2/15/28(b)

25,719

299,000

Verizon

Communications,

Inc.,

2.55%,

3/21/31,

Callable

12/21/30

@

100

255,330

213,000

Warnermedia

Holdings,

Inc.,

3.76%,

3/15/27,

Callable

2/15/27

@

100

203,391

74,000

Warnermedia

Holdings,

Inc.,

4.05%,

3/15/29,

Callable

1/15/29

@

100

69,275

110,000

Warnermedia

Holdings,

Inc.,

4.28%,

3/15/32,

Callable

12/15/31

@

100

97,982

155,000

Warnermedia

Holdings,

Inc.,

5.05%,

3/15/42,

Callable

9/15/41

@

100

132,898

234,000

Warnermedia

Holdings,

Inc.,

5.14%,

3/15/52,

Callable

9/15/51

@

100

194,353

25,000

Zayo

Group

Holdings,

Inc.,

4.00%,

3/1/27,

Callable

5/6/24

@

100^(b)

20,562

30,000

Zayo

Group

Holdings,

Inc.,

6.13%,

3/1/28,

Callable

5/6/24

@

101.53(b)

21,000

1,338,896

Electric

Utilities

(0.7%):

20,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

4.25%,

10/15/27,

Callable

5/6/24

@

102.13(b)

18,800

96,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

6.75%,

10/15/27,

Callable

5/6/24

@

101.69(b)

94,200

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

132

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

70,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

5.88%,

11/1/29,

Callable

11/1/24

@

102.94(b)

$

64,925

130,000

Cleco

Corporate

Holdings

LLC,

3.38%,

9/15/29,

Callable

6/15/29

@

100

113,029

160,000

Duquesne

Light

Holdings,

Inc.,

2.78%,

1/7/32,

Callable

10/7/31

@

100(b)

130,512

110,000

Exelon

Corp.,

4.05%,

4/15/30,

Callable

1/15/30

@

100

103,595

29,000

NextEra

Energy

Operating

Partners

LP,

4.25%,

9/15/24,

Callable

7/15/24

@

100(b)

27,985

40,000

NextEra

Energy

Operating

Partners,

LP,

7.25%,

1/15/29,

Callable

10/15/28

@

100(b)

40,800

40,000

NRG

Energy,

Inc.,

5.75%,

1/15/28,

Callable

4/22/24

@

101.92

39,600

30,000

NRG

Energy,

Inc.,

3.38%,

2/15/29,

Callable

4/15/24

@

101.69(b)

26,625

55,000

NRG

Energy,

Inc.,

3.63%,

2/15/31,

Callable

2/15/26

@

101.81(b)

47,438

11,945

NSG

Holdings

LLC/NSG

Holdings,

Inc.,

7.75%,

12/15/25(b)

11,826

100,000

Puget

Energy,

Inc.,

4.10%,

6/15/30,

Callable

3/15/30

@

100

90,971

141,000

Puget

Energy,

Inc.,

4.22%,

3/15/32,

Callable

12/15/31

@

100

127,583

40,000

TerraForm

Power

Operating

LLC,

5.00%,

1/31/28,

Callable

7/31/27

@

100(b)

38,000

18,863

Topaz

Solar

Farms

LLC,

5.75%,

9/30/39(b)

18,839

110,000

Vistra

Operations

Co.

LLC,

5.00%,

7/31/27,

Callable

4/15/24

@

101.25(b)

106,425

40,000

Vistra

Operations

Co.

LLC,

7.75%,

10/15/31,

Callable

10/15/26

@

103.88(b)

41,800

1,142,953

Electrical

Equipment

(0.1%):

120,000

TK

Elevator

US

Newco,

Inc.,

5.25%,

7/15/27,

Callable

5/6/24

@

102.63(b)

115,500

60,000

Vertiv

Group

Corp.,

4.13%,

11/15/28,

Callable

11/15/24

@

102.06(b)

55,800

171,300

Electronic

Equipment,

Instruments

&

Components

(0.1%):

110,000

Coherent

Corp.,

5.00%,

12/15/29,

Callable

12/14/24

@

102.5(b)

103,262

Energy

Equipment

&

Services

(0.0%

†

):

30,000

Kodiak

Gas

Services

LLC,

7.25%,

2/15/29,

Callable

2/15/26

@

103.63(b)

30,525

Entertainment

(0.0%

†

):

60,000

ROBLOX

Corp.,

3.88%,

5/1/30,

Callable

11/1/24

@

101.94(b)

52,650

Financial

Services

(2.5%):

55,000

Acuris

Finance

U.S.,

Inc./Acuris

Finance

SARL,

5.00%,

5/1/28,

Callable

5/6/24

@

102.5(b)

49,775

10,000

Arsenal

AIC

Parent

LLC,

8.00%,

10/1/30,

Callable

10/1/26

@

104(b)

10,513

224,000

Athene

Global

Funding,

5.34%,

1/15/27(b)

222,481

101,000

Athene

Global

Funding,

5.58%,

1/9/29(b)

101,582

480,000

Blackstone

Private

Credit

Fund,

4.70%,

3/24/25

473,886

25,000

Block,

Inc.,

2.75%,

6/1/26,

Callable

5/1/26

@

100

23,375

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services,

continued

$

25,000

Block,

Inc.,

3.50%,

6/1/31,

Callable

3/1/31

@

100

$

21,688

65,000

Champions

Financing,

Inc.,

8.75%,

2/15/29,

Callable

2/15/26

@

104.38(b)

67,925

60,000

Cobra

AcquisitionCo

LLC,

6.38%,

11/1/29,

Callable

11/1/24

@

103.25(b)

50,550

190,000

Corebridge

Financial,

Inc.,

3.65%,

4/5/27,

Callable

3/5/27

@

100

181,585

130,000

Corebridge

Financial,

Inc.,

3.90%,

4/5/32,

Callable

1/5/32

@

100

116,282

70,000

Corebridge

Financial,

Inc.,

4.40%,

4/5/52,

Callable

10/5/51

@

100

56,864

45,000

EMRLD

Borrower

LP/Emerald

Co.-Issuer,

Inc.,

6.63%,

12/15/30,

Callable

6/15/26

@

103.31(b)

45,450

940,000

Ford

Motor

Credit

Co.

LLC,

4.06%,

11/1/24,

Callable

10/1/24

@

100

930,606

10,000

Greystar

Real

Estate

Partners

LLC,

7.75%,

9/1/30,

Callable

9/1/26

@

103.88(b)

10,400

25,000

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC,

8.00%,

6/15/27,

Callable

3/15/27

@

100^(b)

26,031

75,000

Hightower

Holding

LLC,

6.75%,

4/15/29,

Callable

5/6/24

@

103.38(b)

70,312

50,000

HUB

International,

Ltd.,

5.63%,

12/1/29,

Callable

12/1/24

@

102.81(b)

46,813

80,000

HUB

International,

Ltd.,

7.25%,

6/15/30,

Callable

6/15/26

@

103.63(b)

82,000

165,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

5.25%,

5/15/27,

Callable

11/15/26

@

100

152,625

70,000

Jackson

Financial,

Inc.,

5.17%,

6/8/27,

Callable

5/8/27

@

100^

69,911

17,000

Jackson

Financial,

Inc.,

3.13%,

11/23/31,

Callable

8/23/31

@

100

14,164

76,000

Jackson

Financial,

Inc.,

5.67%,

6/8/32,

Callable

3/8/32

@

100

75,946

30,000

Jane

Street

Group/JSG

Finance,

Inc.,

4.50%,

11/15/29,

Callable

11/15/24

@

102.25^(b)

27,712

15,000

Jefferson

Capital

Holdings

LLC,

9.50%,

2/15/29,

Callable

2/15/26

@

104.75(b)

15,319

25,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.,

4.75%,

6/15/29,

Callable

6/15/24

@

102.38^(b)

22,625

100,000

Level

3

Financing,

Inc.,

4.25%,

7/1/28,

Callable

5/6/24

@

102.13

48,000

20,000

Level

3

Financing,

Inc.,

3.63%,

1/15/29,

Callable

4/15/24

@

101.81

8,700

25,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.25%,

8/1/26,

Callable

5/6/24

@

100.88

22,969

140,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.00%,

10/15/27,

Callable

5/6/24

@

101.67^

117,075

150,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

3.50%,

3/15/31,

Callable

3/15/26

@

101.75

102,563

85,000

Olympus

Water

US

Holding

Corp.,

4.25%,

10/1/28,

Callable

10/1/24

@

102.13(b)

76,925

230,000

Pine

Street

Trust

I,

4.57%,

2/15/29,

Callable

11/15/28

@

100(b)

217,701

87,000

Sun

Communities

Operating

LP,

2.30%,

11/1/28,

Callable

9/1/28

@

100

7

5,615

232,000

Sun

Communities

Operating

LP,

2.70%,

7/15/31,

Callable

4/15/31

@

100

190,762

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

133

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services,

continued

$

70,000

Uniti

Group

LP/Uniti

Fiber

Holdings,

Inc./CSL

Capital

LLC,

6.00%,

1/15/30,

Callable

1/15/25

@

103(b)

$

51,975

3,878,705

Food

Products

(0

.1%):

110,000

Pilgrim's

Pride

Corp.,

4.25%,

4/15/31,

Callable

4/15/26

@

102.13

99,137

15,000

Post

Holdings,

Inc.,

5.63%,

1/15/28,

Callable

4/22/24

@

101.88(b)

14,719

28,000

Post

Holdings,

Inc.,

4.50%,

9/15/31,

Callable

9/15/26

@

102.25(b)

25,060

60,000

Post

Holdings,

Inc.,

6.25%,

2/15/32,

Callable

2/15/27

@

103.13(b)

60,150

199,066

Ground

Transportation

(0.1%):

180,000

Uber

Technologies,

Inc.,

4.50%,

8/15/29,

Callable

8/15/24

@

102.25(b)

170,775

Health

Care

Equipment

&

Supplies

(0.1%):

105,000

Medline

Borrower

LP,

3.88%,

4/1/29,

Callable

10/1/24

@

101.94(b)

95,419

Health

Care

Providers

&

Services

(1.5%):

50,000

180

Medical,

Inc.,

3.88%,

10/15/29,

Callable

10/7/24

@

101.94(b)

44,750

30,000

AHP

Health

Partners,

Inc.,

5.75%,

7/15/29,

Callable

7/15/24

@

102.88(b)

27,300

5,000

Cano

Health

LLC,

6.25%,

10/1/28,

Callable

10/1/24

@

103.13(b)(d)

—

20,000

Catalent

Pharma

Solutions,

Inc.,

3.50%,

4/1/30,

Callable

4/1/25

@

101.75(b)

19,150

30,000

Centene

Corp.,

2.45%,

7/15/28,

Callable

5/15/28

@

100

26,550

630,000

Centene

Corp.,

4.63%,

12/15/29,

Callable

12/15/24

@

102.31

597,713

100,000

CHS/Community

Health

Systems,

Inc.,

5.63%,

3/15/27,

Callable

4/22/24

@

102.81(b)

92,000

100,000

CHS/Community

Health

Systems,

Inc.,

6.00%,

1/15/29,

Callable

4/22/24

@

103(b)

87,000

55,000

CHS/Community

Health

Systems,

Inc.,

6.13%,

4/1/30,

Callable

4/1/25

@

103.06(b)

39,600

90,000

CHS/Community

Health

Systems,

Inc.,

10.88%,

1/15/32,

Callable

2/15/27

@

105.44(b)

92,700

45,000

Community

Health

Systems,

Inc.,

8.00%,

3/15/26,

Callable

5/6/24

@

100(b)

44,775

30,000

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC,

6.63%,

7/15/30,

Callable

7/16/26

@

103.31(b)

30,375

62,000

CVS

Health

Corp.,

5.00%,

1/30/29,

Callable

12/30/28

@

100

61,919

25,000

CVS

Health

Corp.,

5.25%,

1/30/31,

Callable

11/30/30

@

100

25,150

85,000

DaVita,

Inc.,

4.63%,

6/1/30,

Callable

6/1/25

@

102.31(b)

75,863

203,000

HCA,

Inc.,

5.88%,

2/1/29,

Callable

8/1/28

@

100

207,314

110,000

HCA,

Inc.,

3.50%,

9/1/30,

Callable

3/1/30

@

100

99,275

25,000

HealthEquity,

Inc.,

4.50%,

10/1/29,

Callable

10/1/24

@

102.25(b)

23,031

64,000

Humana,

Inc.,

3.70%,

3/23/29,

Callable

2/23/29

@

100

60,272

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

50,000

LifePoint

Health,

Inc.,

11.00%,

10/15/30,

Callable

10/15/26

@

105.5(b)

$

53,438

20,000

Medline

Borrower

LP/Medline

Co-Issuer,

Inc.,

6.25%,

4/1/29,

Callable

4/1/26

@

103.13(b)

20,100

25,000

ModivCare

Escrow

Issuer,

Inc.,

5.00%,

10/1/29,

Callable

10/1/24

@

102.5(b)

18,125

25,000

ModivCare,

Inc.,

5.88%,

11/15/25,

Callable

5/6/24

@

101.47(b)

24,344

60,000

Molina

Healthcare,

Inc.,

3.88%,

11/15/30,

Callable

8/17/30

@

100(b)

53,100

70,000

Organon

&

Co./Organon

Foreign

Debt

Co.-Issuer

B.V.,

4.13%,

4/30/28,

Callable

5/6/24

@

102.06(b)

65,100

40,000

Owens

&

Minor,

Inc.,

4.50%,

3/31/29,

Callable

5/6/24

@

102.25^(b)

36,500

13,446

Radiology

Partners,

Inc.,

8.50%,

1/31/29,

Callable

5/6/24

@

100^(b)

12,370

21,000

Surgery

Center

Holdings,

Inc.,

6.75%,

7/1/25,

Callable

4/25/24

@

100(b)

21,000

30,000

Surgery

Center

Holdings,

Inc.,

7.25%,

4/15/32,

Callable

4/15/27

@

103.63(b)

30,262

195,000

Tenet

Healthcare

Corp.,

6.13%,

10/1/28,

Callable

5/6/24

@

103.06

194,269

65,000

Tenet

Healthcare

Corp.,

4.38%,

1/15/30,

Callable

12/1/24

@

102.19

59,962

35,000

Toledo

Hospital

(The),

6.02%,

11/15/48

29,006

20,000

US

Renal

Care,

Inc.,

10.63%,

7/15/27,

Callable

5/6/24

@

102.66(b)

12,650

2,284,963

Health

Care

REITs

(0.7%):

30,000

CTR

Partnership

LP/CareTrust

Capital

Corp.,

3.88%,

6/30/28,

Callable

3/30/28

@

100(b)

27,787

98,000

Healthcare

Realty

Holdings

LP,

3.10%,

2/15/30,

Callable

11/15/29

@

100

85,326

350,000

Omega

Healthcare

Investors,

Inc.,

4.50%,

4/1/27,

Callable

1/1/27

@

100

338,213

435,000

Omega

Healthcare

Investors,

Inc.,

3.63%,

10/1/29,

Callable

7/1/29

@

100

387,886

230,000

Sabra

Health

Care

LP,

3.20%,

12/1/31,

Callable

9/1/31

@

100

190,900

1,030,112

Health

Care

Technology

(0.0%

†

):

40,000

Clarivate

Science

Holdings

Corp.,

4.88%,

7/1/29,

Callable

6/30/24

@

102.44(b)

37,000

Hotel

&

Resort

REITs

(0.1%):

55,000

Service

Properties

Trust,

5.50%,

12/15/27,

Callable

9/15/27

@

100

52,250

60,000

Service

Properties

Trust,

4.95%,

10/1/29,

Callable

7/1/29

@

100

49,200

101,450

Hotels,

Restaurants

&

Leisure

(0.5%

):

25,000

Affinity

Interactive,

6.88%,

12/15/27,

Callable

5/6/24

@

103.44(b)

23,375

65,000

Caesars

Entertainment,

Inc.,

8.13%,

7/1/27,

Callable

4/15/24

@

104.06(b)

66,462

65,000

Caesars

Entertainment,

Inc.,

4.63%,

10/15/29,

Callable

10/15/24

@

102.31^(b)

59,069

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

134

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Hotels,

Restaurants

&

Leisure,

continued

$

70,000

Churchill

Downs,

Inc.,

6.75%,

5/1/31,

Callable

5/1/26

@

103.38(b)

$

70,262

10,000

ClubCorp

Holdings,

Inc.,

8.50%,

9/15/25,

Callable

5/6/24

@

100(b)

9,050

70,000

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.,

6.75%,

1/15/30,

Callable

1/15/25

@

103.38(b)

62,825

25,000

Hilton

Grand

Vacations

Borrower

Escrow

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

5.00%,

6/1/29,

Callable

6/1/24

@

102.5^(b)

23,250

20,000

Hilton

Grand

Vacations

Borrower

Escrow

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

6.63%,

1/15/32,

Callable

1/15/27

@

103.31(b)

20,050

30,000

Jacobs

Entertainment,

Inc.,

6.75%,

2/15/29,

Callable

2/15/25

@

103.38(b)

28,950

25,000

Marriott

Ownership

Resorts,

Inc.,

4.50%,

6/15/29,

Callable

6/15/24

@

102.25^(b)

22,781

105,000

MGM

Resorts

International,

5.75%,

6/15/25,

Callable

3/15/25

@

100

104,738

85,000

Station

Casinos

LLC,

4.50%,

2/15/28,

Callable

5/6/24

@

101.13(b)

79,900

40,000

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.,

7.13%,

2/15/31,

Callable

11/15/30

@

100(b)

41,400

110,000

Yum!

Brands,

Inc.,

4.63%,

1/31/32,

Callable

10/1/26

@

102.31

101,475

713,587

Household

Durables

(0.2%):

35,000

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.,

4.63%,

4/1/30,

Callable

4/1/25

@

102.31(b)

31,850

15,000

Beazer

Homes

USA,

Inc.,

7.50%,

3/15/31,

Callable

3/15/27

@

103.75(b)

15,150

30,000

Century

Communities,

Inc.,

3.88%,

8/15/29,

Callable

2/15/29

@

100(b)

26,850

20,000

Landsea

Homes

Corp.,

8.88%,

4/1/29,

Callable

4/1/26

@

104.44(b)

19,850

15,000

LGI

Homes,

Inc.,

8.75%,

12/15/28,

Callable

12/15/25

@

104.38(b)

15,825

40,000

Newell

Brands,

Inc.,

6.88%,

4/1/36,

Callable

10/1/35

@

100

35,150

45,000

Tempur

Sealy

International,

Inc.,

4.00%,

4/15/29,

Callable

5/6/24

@

102^(b)

40,725

25,000

Tempur

Sealy

International,

Inc.,

3.88%,

10/15/31,

Callable

10/15/26

@

101.94(b)

21,125

50,000

TopBuild

Corp.,

4.13%,

2/15/32,

Callable

10/15/26

@

102.06(b)

44,000

250,525

Household

Products

(0.0%

†

):

35,000

Central

Garden

&

Pet

Co.,

4.13%,

4/30/31,

Callable

4/30/26

@

102.06(b)

30,713

Independent

Power

and

Renewable

Electricity

Producers

(0.5%):

350,000

AES

Corp.

(The),

3.30%,

7/15/25,

Callable

6/15/25

@

100(b)

338,932

280,000

AES

Corp.

(The),

3.95%,

7/15/30,

Callable

4/15/30

@

100(b)

254,800

20,000

Clearway

Energy

Operating

LLC,

4.75%,

3/15/28,

Callable

4/15/24

@

102.38^(b)

18,850

Principal

Amount

Value

Corporate

Bonds,

continued

Independent

Power

and

Renewable

Electricity

Producers,

continued

$

25,000

Leeward

Renewable

Energy

Operations

LLC,

4.25%,

7/1/29,

Callable

7/1/24

@

102.13(b)

$

21,438

20,000

Pattern

Energy

Operations

LP/Pattern

Energy

Operations,

Inc.,

4.50%,

8/15/28,

Callable

5/6/24

@

103.38(b)

18,650

40,000

Sunnova

Energy

Corp.,

5.88%,

9/1/26,

Callable

5/6/24

@

102.94^(b)

31,200

683,870

Industrial

Conglomerates

(0.1%):

85,000

Brand

Industrial

Services,

Inc.,

10.38%,

8/1/30,

Callable

8/1/26

@

105.19(b)

92,013

15,000

Global

Partners

LP/GLP

Finance

Corp.,

8.25%,

1/15/32,

Callable

1/15/27

@

104.13(b)

15,544

15,000

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29,

Callable

10/15/24

@

102.19(b)

13,687

121,244

Industrial

REITs

(0.1%):

135,000

LXP

Industrial

Trust,

4.40%,

6/15/24,

Callable

5/6/24

@

100

134,098

Insurance

(0.7%):

35,000

AmWINS

Group,

Inc.,

4.88%,

6/30/29,

Callable

6/30/24

@

102.44(b)

32,462

25,000

AssuredPartners,

Inc.,

5.63%,

1/15/29,

Callable

5/6/24

@

102.81(b)

23,000

35,000

AssuredPartners,

Inc.,

7.50%,

2/15/32,

Callable

2/15/27

@

103.75(b)

34,387

30,000

BroadStreet

Partners,

Inc.,

5.88%,

4/15/29,

Callable

5/6/24

@

102.94(b)

27,713

340,000

Five

Corners

Funding

Trust

II,

2.85%,

5/15/30,

Callable

2/15/30

@

100(b)

297,031

160,000

Pacific

LifeCorp,

5.13%,

1/30/43(b)

149,632

250,000

Peachtree

Corners

Funding

Trust,

3.98%,

2/15/25(b)

245,018

35,000

Ryan

Specialty

LLC,

4.38%,

2/1/30,

Callable

2/1/25

@

102.19(b)

32,419

35,000

Station

Casinos

LLC,

6.63%,

3/15/32,

Callable

3/15/27

@

103.31(b)

35,394

280,000

Unum

Group,

4.00%,

6/15/29,

Callable

3/15/29

@

100

262,706

1,139,762

IT

Services

(0.1%):

30,000

Gartner,

Inc.,

3.75%,

10/1/30,

Callable

10/1/25

@

101.88(b)

26,738

50,000

Twilio,

Inc.,

3.88%,

3/15/31,

Callable

3/15/26

@

101.94^

43,625

70,363

Leisure

Products

(0.1%):

20,000

Amer

Sports

Co.,

6.75%,

2/16/31,

Callable

2/16/27

@

103.38(b)

19,900

20,000

Fiesta

Purchaser,

Inc.,

7.88%,

3/1/31,

Callable

3/1/27

@

103.94(b)

20,650

5,000

Mattel,

Inc.,

5.88%,

12/15/27,

Callable

5/6/24

@

102.94(b)

5,012

30,000

Mattel,

Inc.,

6.20%,

10/1/40

29,925

75,487

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

135

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Life

Sciences

Tools

&

Services

(0.0%

†

):

$

20,000

Charles

River

Laboratories

International,

Inc.,

4.25%,

5/1/28,

Callable

4/22/24

@

102.13(b)

$

18,750

15,000

Charles

River

Laboratories

International,

Inc.,

3.75%,

3/15/29,

Callable

5/6/24

@

101.88(b)

13,650

32,400

Machinery

(0.2%):

35,000

Esab

Corp.,

6.25%,

4/15/29,

Callable

4/15/26

@

103.13(b)

35,175

35,000

GrafTech

Finance,

Inc.,

4.63%,

12/15/28,

Callable

5/6/24

@

102.31(b)

22,531

20,000

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/15/28,

Callable

12/15/25

@

104.94^(b)

14,850

30,000

ITT

Holdings

LLC,

6.50%,

8/1/29,

Callable

8/1/24

@

103.25(b)

27,225

40,000

Madison

IAQ

LLC,

4.13%,

6/30/28,

Callable

6/30/24

@

102.06(b)

36,800

135,000

Madison

IAQ

LLC,

5.88%,

6/30/29,

Callable

6/30/24

@

102.94(b)

123,525

25,000

Mueller

Water

Products,

Inc.,

4.00%,

6/15/29,

Callable

6/15/24

@

102(b)

22,563

282,669

Media

(1.2%):

45,000

Allen

Media

LLC/Allen

Media

Co.-Issuer,

Inc.,

10.50%,

2/15/28,

Callable

5/6/24

@

105.25(b)

20,700

10,000

Arches

Buyer,

Inc.,

4.25%,

6/1/28,

Callable

5/6/24

@

102.13(b)

8,725

15,000

Arches

Buyer,

Inc.,

6.13%,

12/1/28,

Callable

5/6/24

@

103.06(b)

12,525

395,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.75%,

3/1/30,

Callable

9/1/24

@

102.38(b)

340,194

40,000

Central

Parent

LLC/CDK

Global

II

LLC/CDK

Financing

Co.,

Inc.,

8.00%,

6/15/29,

Callable

6/15/25

@

104(b)

41,450

160,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.40%,

4/1/33,

Callable

1/1/33

@

100^

141,714

80,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.38%,

5/1/47,

Callable

11/1/46

@

100

64,363

252,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.25%,

4/1/53,

Callable

10/1/52

@

100

199,212

50,000

Clear

Channel

Outdoor

Holdings,

Inc.,

9.00%,

9/15/28,

Callable

9/15/25

@

104.5^(b)

51,875

20,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.88%,

4/1/30,

Callable

10/1/26

@

103.94(b)

19,950

65,000

CMG

Media

Corp.,

8.88%,

12/15/27,

Callable

4/15/24

@

102.22(b)

43,225

130,000

CSC

Holdings

LLC,

4.13%,

12/1/30,

Callable

12/1/25

@

102.06(b)

92,300

30,000

CSC

Holdings

LLC,

4.63%,

12/1/30,

Callable

12/1/25

@

102.31(b)

15,075

745,000

Diamond

Sports

Group

LLC/Diamond

Sports

Finance

Co.,

5.38%,

8/15/26,

Callable

4/22/24

@

101.34(b)

(d)

21,419

75,000

Fox

Corp.,

5.48%,

1/25/39,

Callable

7/25/38

@

100

71,185

30,000

Gray

Television,

Inc.,

4.75%,

10/15/30,

Callable

10/15/25

@

102.38^(b)

19,687

Principal

Amount

Value

Corporate

Bonds,

continued

Media,

continued

$

85,000

Match

Group

Holdings

II

LLC,

3.63%,

10/1/31,

Callable

10/1/26

@

101.81^(b)

$

72,250

140,000

TEGNA,

Inc.,

4.75%,

3/15/26,

Callable

5/6/24

@

101.19(b)

136,150

350,000

Time

Warner

Cable

LLC,

6.75%,

6/15/39

331,591

55,000

Univision

Communications,

Inc.,

6.63%,

6/1/27,

Callable

4/15/24

@

103.31(b)

53,694

60,000

Univision

Communications,

Inc.,

8.00%,

8/15/28,

Callable

8/15/25

@

104^(b)

61,125

1,818,409

Metals

&

Mining

(0.1%):

30,000

ATI,

Inc.,

4.88%,

10/1/29,

Callable

10/1/24

@

102.44

28,125

40,000

Cleveland-Cliffs,

Inc.,

6.75%,

4/15/30,

Callable

4/15/26

@

103.38(b)

40,000

25,000

Commercial

Metals

Co.,

4.13%,

1/15/30,

Callable

1/15/25

@

102.06

22,906

25,000

Novelis

Corp.,

3.88%,

8/15/31,

Callable

8/15/26

@

101.94(b)

21,406

35,000

Panther

Escrow

Issuer

LLC,

7.13%,

6/1/31,

Callable

6/1/27

@

103.56(b)

35,569

148,006

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.0%

†

):

15,000

Rithm

Capital

Corp.,

8.00%,

4/1/29,

Callable

4/1/26

@

104(b)

14,550

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.0%

†

):

30,000

Starwood

Property

Trust,

Inc.,

4.75%,

3/15/25,

Callable

9/15/24

@

100

29,550

Multi-Utilities

(0.0%

†

):

55,000

Sempra,

6.00%,

10/15/39

56,136

Office

REITs

(0.2%):

290,000

Hudson

Pacific

Properties

LP,

4.65%,

4/1/29,

Callable

1/1/29

@

100

247,225

50,000

Vornado

Realty

LP,

2.15%,

6/1/26,

Callable

5/1/26

@

100

45,285

292,510

Oil,

Gas

&

Consumable

Fuels

(3.2%):

25,000

Apache

Corp.,

7.38%,

8/15/47

25,063

15,000

Calumet

Specialty

Products

Partners

LP/Calumet

Finance

Corp.,

9.75%,

7/15/28,

Callable

7/15/25

@

104.88(b)

14,775

20,000

CITGO

Petroleum

Corp.,

8.38%,

1/15/29,

Callable

10/15/25

@

104.19(b)

20,950

10,000

CNX

Midstream

Partners

LP,

4.75%,

4/15/30,

Callable

4/15/25

@

102.38(b)

8,900

15,000

CNX

Resources

Corp.,

6.00%,

1/15/29,

Callable

5/6/24

@

104.5(b)

14,663

20,000

Columbia

Pipelines

Operating

Co.

LLC,

5.93%,

8/15/30,

Callable

6/15/30

@

100(b)

20,464

55,000

Columbia

Pipelines

Operating

Co.

LLC,

6.04%,

11/15/33,

Callable

8/15/33

@

100(b)

56,982

16,000

Columbia

Pipelines

Operating

Co.

LLC,

6.50%,

8/15/43,

Callable

2/15/43

@

100(b)

17,165

30,000

Columbia

Pipelines

Operating

Co.

LLC,

6.54%,

11/15/53,

Callable

5/15/53

@

100(b)

32,507

18,000

Columbia

Pipelines

Operating

Co.

LLC,

6.71%,

8/15/63,

Callable

2/15/63

@

100(b)

19,764

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

136

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

80,000

Comstock

Resources,

Inc.,

6.75%,

3/1/29,

Callable

4/22/24

@

103.38(b)

$

76,300

85,000

Continental

Resources,

Inc.,

5.75%,

1/15/31,

Callable

7/15/30

@

100(b)

84,469

25,000

CVR

Energy,

Inc.,

5.75%,

2/15/28,

Callable

4/22/24

@

101.92(b)

23,375

65,000

CVR

Energy,

Inc.,

8.50%,

1/15/29,

Callable

1/15/26

@

104.25(b)

65,975

105,00

0

DCP

Midstream

Operating

LP,

5.38%,

7/15/25,

Callable

4/15/25

@

100

104,790

60,000

DCP

Midstream

Operating

LP,

5.13%,

5/15/29,

Callable

2/15/29

@

100

59,625

100,000

DCP

Midstream

Operating

LP,

5.60%,

4/1/44,

Callable

10/1/43

@

100

96,750

35,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

7.13%,

6/1/28,

Callable

6/1/24

@

103.56(b)

33,863

50,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

8.63%,

3/15/29,

Callable

3/15/26

@

104.31(b)

50,937

18,000

Devon

Energy

Corp.,

5.25%,

10/15/27,

Callable

4/15/24

@

101.75

17,990

25,000

DT

Midstream,

Inc.,

4.13%,

6/15/29,

Callable

6/15/24

@

102.06(b)

22,875

124,000

Energy

Transfer

LP,

3.90%,

5/15/24,

Callable

5/6/24

@

100

123,713

190,000

Energy

Transfer

LP,

4.95%,

6/15/28,

Callable

3/15/28

@

100

188,222

105,000

Energy

Transfer

LP,

6.00%,

2/1/29,

Callable

5/6/24

@

103(b)

105,787

55,000

Energy

Transfer

LP,

7.38%,

2/1/31,

Callable

2/1/26

@

103.69(b)

57,613

427,000

Energy

Transfer

LP,

5.00%,

5/15/50,

Callable

11/15/49

@

100

373,818

65,000

Energy

Transfer

LP,

Series

A,

9.60%

(TSFR3M+429

bps),

12/31/99,

Callable

4/22/24

@

100

64,594

60,000

EnLink

Midstream

LLC,

5.63%,

1/15/28,

Callable

7/15/27

@

100(b)

59,400

70,000

EQM

Midstream

Partners

LP,

4.50%,

1/15/29,

Callable

7/15/28

@

100(b)

65,450

45,000

EQT

Corp.,

5.00%,

1/15/29,

Callable

7/15/28

@

100

44,066

45,000

Genesis

Energy

LP/Genesis

Energy

Finance

Corp.,

8.00%,

1/15/27,

Callable

5/6/24

@

104

45,337

150,000

Hess

Corp.,

4.30%,

4/1/27,

Callable

1/1/27

@

100

146,805

109,000

Hess

Corp.,

7.30%,

8/15/31

122,318

610,000

Hess

Corp.,

5.60%,

2/15/41

620,741

70,000

Hess

Midstream

Operations

LP,

5.63%,

2/15/26,

Callable

5/6/24

@

100(b)

69,125

35,000

Hess

Midstream

Operations

LP,

4.25%,

2/15/30,

Callable

2/15/25

@

102.13(b)

32,025

40,000

Kinetik

Holdings

LP,

6.63%,

12/15/28,

Callable

12/15/25

@

103.31(b)

40,600

20,000

Kinetik

Holdings

LP,

5.88%,

6/15/30,

Callable

6/15/25

@

102.94(b)

19,575

35,000

Matador

Resources

Co.,

6.50%,

4/15/32,

Callable

4/15/27

@

103.25(b)

35,131

408,000

Mesquite

Energy,

Inc.,

7.25%,

2/15/23(a)(b)(d)

—

200,000

MPLX

LP,

4.95%,

9/1/32,

Callable

6/1/32

@

100

193

,762

42,000

Murphy

Oil

Corp.,

5.88%,

12/1/27,

Callable

4/22/24

@

101.96

41,685

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

65,000

New

Fortress

Energy,

Inc.,

8.75%,

3/15/29,

Callable

3/15/26

@

104.38(b)

$

65,000

30,000

NGL

Energy

Operating

LLC/NGL

Energy

Finance

Corp.,

8.13%,

2/15/29,

Callable

2/15/26

@

104.06(b)

30,675

30,000

Northern

Oil

and

Gas,

Inc.,

8.75%,

6/15/31,

Callable

6/15/26

@

104.38^(b)

31,650

50,000

Occidental

Petroleum

Corp.,

3.50%,

8/15/29,

Callable

5/15/29

@

100

45,188

112,000

Occidental

Petroleum

Corp.,

7.50%,

5/1/31

124,600

50,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

6.00%,

2/15/28,

Callable

5/6/24

@

101.5

49,125

15,000

PDC

Energy,

Inc.,

5.75%,

5/15/26,

Callable

5/6/24

@

101.44

14,981

30,000

Permian

Resources

Operating

LLC,

5.88%,

7/1/29,

Callable

7/1/24

@

102.94(b)

29,475

45,000

Permian

Resources

Operating

LLC,

7.00%,

1/15/32,

Callable

1/15/27

@

103.5(b)

46,462

15,000

Prairie

Acquiror,

LP,

9.00%,

8/1/29,

Callable

2/1/26

@

104.5(b)

15,431

45,000

Range

Resources

Corp.,

4.88%,

5/15/25,

Callable

2/15/25

@

100

44,663

230,000

Sabine

Pass

Liquefaction

LLC,

4.50%,

5/15/30,

Callable

11/15/29

@

100

220,800

38,000

Sitio

Royalties

Operating

Partnership

LP/Sitio

Finance

Corp.,

7.88%,

11/1/28,

Callable

11/1/25

@

103.94(b)

39,330

20,000

SM

Energy

Co.,

5.63%,

6/1/25,

Callable

5/6/24

@

100

19,850

25,000

Southwestern

Energy

Co.,

4.75%,

2/1/32,

Callable

2/1/27

@

102.38

22,937

5,000

Sunoco

LP/Sunoco

Finance

Corp.,

6.00%,

4/15/27,

Callable

5/6/24

@

101

4,963

95,000

Sunoco

LP/Sunoco

Finance

Corp.,

5.88%,

3/15/28,

Callable

5/6/24

@

101.96

93,575

60,000

Tallgrass

Energy

Partners

LP/Tallgrass

Energy

Finance

Corp.,

6.00%,

12/31/30,

Callable

12/31/25

@

103(b)

56,850

30,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

5.50%,

3/1/30,

Callable

3/1/25

@

102.75

29,850

20,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

4.00%,

1/15/32,

Callable

7/15/26

@

102

1

7,950

13,000

Western

Midstream

Operating

LP,

4.65%,

7/1/26,

Callable

4/1/26

@

100

12,740

400,000

Western

Midstream

Operating

LP,

4.50%,

3/1/28,

Callable

12/1/27

@

100

385,000

220,000

Williams

Cos.,

Inc.

(The),

4.65%,

8/15/32,

Callable

5/15/32

@

100

211,587

4,930,631

Passenger

Airlines

(0.1%):

35,000

American

Airlines,

Inc.,

7.25%,

2/15/28,

Callable

2/15/25

@

103.63(b)

35,481

35,000

American

Airlines,

Inc.,

8.50%,

5/15/29,

Callable

11/15/25

@

104.25(b)

36,881

72,362

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

137

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Personal

Care

Products

(0.0%

†

):

$

25,000

BellRing

Brands,

Inc.,

7.00%,

3/15/30,

Callable

3/15/27

@

101.75(b)

$

25,750

Pharmaceuticals

(0.1%):

230,000

Viatris,

Inc.,

2.70%,

6/22/30,

Callable

3/22/30

@

100

195,090

Professional

Services

(0.1%):

25,000

ASGN,

Inc.,

4.63%,

5/15/28,

Callable

5/6/24

@

102.31(b)

23,562

90,000

CoreLogic,

Inc.,

4.50%,

5/1/28,

Callable

5/6/24

@

102.25(b)

80,550

20,000

TriNet

Group,

Inc.,

7.13%,

8/15/31,

Callable

8/15/26

@

103.56^(b)

20,525

124,637

Real

Estate

Management

&

Development

(0.7%):

421,000

Brandywine

Operating

Partners

LP,

3.95%,

11/15/27,

Callable

8/15/27

@

100

377,073

288,000

Brandywine

Operating

Partnership

LP,

8.05%,

3/15/28,

Callable

2/15/28

@

100^

290,907

150,000

CBRE

Services,

Inc.,

2.50%,

4/1/31,

Callable

1/1/31

@

100

124,208

98,000

COPT

Defense

Properties

LP,

2.25%,

3/15/26,

Callable

2/15/26

@

100

91,987

27,000

COPT

Defense

Properties

LP,

2.00%,

1/15/29,

Callable

11/15/28

@

100

22,617

85,000

COPT

Defense

Properties

LP,

2.75%,

4/15/31,

Callable

1/15/31

@

100

69,835

35,000

Kennedy-Wilson,

Inc.,

4.75%,

2/1/30,

Callable

9/1/24

@

102.38

27,825

100,000

Pine

Street

Trust

II,

5.57%,

2/15/49,

Callable

8/15/48

@

100(b)

93,035

40,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

4.63%,

6/15/25,

Callable

3/15/25

@

100(b)

39,400

1,136,887

Retail

REITs

(0.7%):

100,000

Boston

Properties

LP,

6.75%,

12/1/27,

Callable

11/1/27

@

100

103,669

22,000

Kite

Realty

Group

Trust,

4.75%,

9/15/30,

Callable

6/15/30

@

100

21,049

387,000

Tanger

Properties

LP,

3.13%,

9/1/26,

Callable

6/1/26

@

100

362,344

237,000

Tanger

Properties

LP,

2.75%,

9/1/31,

Callable

6/1/31

@

100

194,289

390,000

VICI

Properties

LP,

4.95%,

2/15/30,

Callable

12/15/29

@

100

376,350

1,057,701

Semiconductors

&

Semiconductor

Equipment

(0.6%):

55,000

Broadcom,

Inc.,

2.45%,

2/15/31,

Callable

11/15/30

@

100(b)

46,346

597,000

Broadcom,

Inc.,

2.60%,

2/15/33,

Callable

11/15/32

@

100(b)

484,883

490,000

Broadcom,

Inc.,

3.50%,

2/15/41,

Callable

8/15/40

@

100(b)

377,007

30,000

ON

Semiconductor

Corp.,

3.88%,

9/1/28,

Callable

5/6/24

@

101.94(b)

27,488

50,000

Qorvo,

Inc.,

4.38%,

10/15/29,

Callable

10/15/24

@

102.19

46,687

982,411

Principal

Amount

Value

Corporate

Bonds,

continued

Software

(0.6%):

$

90,000

AthenaHealth

Group,

Inc.,

6.50%,

2/15/30,

Callable

2/15/25

@

103.25(b)

$

82,125

20,000

Booz

Allen

Hamilton,

Inc.,

4.00%,

7/1/29,

Callable

7/1/24

@

102(b)

18,625

25,000

Boxer

Parent

Co.,

Inc.,

7.13%,

10/2/25,

Callable

5/6/24

@

101.78(b)

25,000

25,000

Cloud

Software

Group,

Inc.,

6.50%,

3/31/29,

Callable

9/30/25

@

103.25(b)

23,656

110,000

Cloud

Software

Group,

Inc.,

9.00%,

9/30/29,

Callable

9/30/25

@

104.5(b)

105,050

30,000

Fair

Isaac

Corp.,

4.00%,

6/15/28,

Callable

4/22/24

@

101(b)

28,050

55,000

MicroStrategy,

Inc.,

6.13%,

6/15/28,

Callable

6/15/24

@

103.06^(b)

53,144

555,000

Oracle

Corp.,

2.30%,

3/25/28,

Callable

1/25/28

@

100

500,512

25,000

UKG,

Inc.,

6.88%,

2/1/31,

Callable

2/1/27

@

103.44(b)

25,375

30,000

Veritas

US,

Inc./Veritas

Bermuda,

Ltd.,

7.50%,

9/1/25,

Callable

5/6/24

@

100(b)

27,450

888,987

Specialized

REITs

(0.0%

†

):

17,000

VICI

Properties

LP,

5.75%,

4/1/34,

Callable

1/1/34

@

100

16,788

Specialty

Retail

(0.4%):

35,000

ACProducts

Holdings,

Inc.,

6.38%,

5/15/29,

Callable

5/15/24

@

103.19(b)

26,425

35,000

Asbury

Automotive

Group,

Inc.,

4.63%,

11/15/29,

Callable

11/15/24

@

102.31(b)

32,200

30,000

At

Home

Group,

Inc.,

4.88%,

7/15/28,

Callable

5/6/24

@

102.44(b)

13,650

47,000

AutoNation,

Inc.,

4.75%,

6/1/30,

Callable

3/1/30

@

100

45,118

200,000

AutoZone,

Inc.,

4.00%,

4/15/30,

Callable

1/15/30

@

100

189,245

95,000

Bath

&

Body

Works,

Inc.,

6.63%,

10/1/30,

Callable

10/1/25

@

103.31(b)

96,781

66,000

Carvana

Co.,

5.88%,

10/1/28,

Callable

4/15/24

@

104.41(b)

44,220

10,000

Carvana

Co.,

4.88%,

9/1/29,

Callable

9/1/24

@

102.44(b)

6,400

55,000

Carvana

Co.,

10.25%,

5/1/30,

Callable

5/1/27

@

105.13(b)

44,550

30,000

Foot

Locker,

Inc.,

4.00%,

10/1/29,

Callable

10/1/24

@

102^(b)

25,125

25,000

Michaels

Cos.,

Inc.

(The),

5.25%,

5/1/28,

Callable

4/15/24

@

102.63^(b)

21,250

40,000

Staples,

Inc.,

7.50%,

4/15/26,

Callable

5/6/24

@

100(b)

39,050

20,000

Upbound

Group,

Inc.,

6.38%,

2/15/29,

Callable

5/6/24

@

103.19(b)

19,300

35,000

Valvoline,

Inc.,

4.25%,

2/15/30,

Callable

2/15/25

@

102.13(b)

34,956

50,000

Valvoline,

Inc.,

3.63%,

6/15/31,

Callable

6/15/26

@

101.81(b)

42,875

681,145

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

138

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Technology

Hardware,

Storage

&

Peripherals

(0.2%):

$

90,000

CommScope,

Inc.,

4.75%,

9/1/29,

Callable

9/1/24

@

102.38(b)

$

64,125

91,000

Dell

International

LLC/EMC

Corp.,

6.02%,

6/15/26,

Callable

3/15/26

@

100

92,192

148,000

Dell

International

LLC/EMC

Corp.,

6.10%,

7/15/27,

Callable

5/15/27

@

100

152,538

308,855

Textiles,

Apparel

&

Luxury

Goods

(0.3%):

25,000

Crocs,

Inc.,

4.13%,

8/15/31,

Callable

8/15/26

@

102.06^(b)

21,594

20,000

Kontoor

Brands,

Inc.,

4.13%,

11/15/29,

Callable

11/15/24

@

102.06^(b)

17,975

30,000

Levi

Strauss

&

Co.,

3.50%,

3/1/31,

Callable

3/1/26

@

101.75(b)

26,175

19,000

Tapestry,

Inc.,

7.05%,

11/27/25

19,373

53,000

Tapestry,

Inc.,

7.00%,

11/27/26

54,547

84,000

Tapestry,

Inc.,

7.35%,

11/27/28,

Callable

10/27/28

@

100

88,264

94,000

Tapestry,

Inc.,

7.70%,

11/27/30,

Callable

9/27/30

@

100

100,110

94,000

Tapestry,

Inc.,

7.85%,

11/27/33,

Callable

8/27/33

@

100

101,935

45,000

Wolverine

World

Wide,

Inc.,

4.00%,

8/15/29,

Callable

8/15/24

@

102(b)

36,000

465,973

Tobacco

(0.0%

†

):

30,000

Turning

Point

Brands,

Inc.,

5.63%,

2/15/26,

Callable

4/15/24

@

101.41(b)

29,175

Trading

Companies

&

Distributors

(0.3%):

290,000

Air

Lease

Corp.,

3.38%,

7/1/25,

Callable

6/1/25

@

100

282,472

20,000

Beacon

Roofing

Supply,

Inc.,

6.50%,

8/1/30,

Callable

8/1/26

@

103.25(b)

20,275

30,000

Fortress

Transportation

and

Infrastructure

Investors

LLC,

7.88%,

12/1/30,

Callable

12/1/26

@

103.94(b)

31,462

40,000

Foundation

Building

Materials,

Inc.,

6.00%,

3/1/29,

Callable

5/6/24

@

103(b)

36,800

25,000

SRS

Distribution,

Inc.,

6.13%,

7/1/29,

Callable

7/1/24

@

103.06(b)

25,438

40,000

SRS

Distribution,

Inc.,

6.00%,

12/1/29,

Callable

12/1/24

@

103(b)

40,850

55,000

United

Rentals

North

America,

Inc.,

6.13%,

3/15/34,

Callable

3/15/29

@

103.06(b)

55,069

492,366

Wireless

Telecommunication

Services

(0.5%):

175,000

Sprint

Capital

Corp.,

6.88%,

11/15/28

186,156

65,000

T-Mobile

USA,

Inc.,

4.75%,

2/1/28,

Callable

4/15/24

@

101.58

64,188

500,000

T-Mobile

USA,

Inc.,

3.88%,

4/15/30,

Callable

1/15/30

@

100

468,556

718,900

Total

Corporate

Bonds

(Cost

$47,306,439)

43,894,254

Principal

Amount

Value

Yankee

Debt

Obligations

(6.6%):

Aerospace

&

Defense

(0.1%):

$

43,000

Bombardier,

Inc.,

7.13%,

6/15/26,

Callable

5/6/24

@

103.56(b)

$

43,623

45,000

Bombardier,

Inc.,

6.00%,

2/15/28,

Callable

5/6/24

@

103(b)

44,269

87,892

Banks

(1.3%):

270,000

Barclays

plc,

5.09%

(US0003M+305

bps),

6/20/30,

Callable

6/20/29

@

100

259,473

200,000

Commonwealth

Bank

of

Australia,

3.61%,

9/12/34,

Callable

9/12/29

@

100(b)

179,809

550,000

Intesa

Sanpaolo

SpA,

5.71%,

1/15/26(b)

545,623

286,000

NatWest

Group

plc,

3.07%

(H15T1Y+255

bps),

5/22/28,

Callable

5/22/27

@

100

266,736

513,000

Societe

Generale

SA,

1.49%

(H15T1Y+110

bps),

12/14/26,

Callable

12/14/25

@

100(b)

476,356

47,000

UniCredit

SpA,

5.86%

(USISDA05+370

bps),

6/19/32,

Callable

6/19/27

@

100(b)

45,847

23,000

UniCredit

SpA,

7.30%

(USISDA05+491

bps),

4/2/34,

Callable

4/2/29

@

100(b)

23,601

135,000

Westpac

Banking

Corp.,

4.11%

(H15T5Y+200

bps),

7/24/34,

Callable

7/24/29

@

100

124,235

1,921,680

Biotechnology

(0.0%

†

):

10,000

Grifols

SA,

4.75%,

10/15/28,

Callable

10/15/24

@

102.38^(b)

8,275

Capital

Markets

(0.6%):

680,000

Deutsche

Bank

AG,

4.50%,

4/1/25

669,580

314,000

UBS

Group

AG,

1.49%

(H15T1Y+85

bps),

8/10/27,

Callable

8/10/26

@

100(b)

285,410

954,990

Chemicals

(0.2%):

25,000

Cerdia

Finanz

GmbH,

10.50%,

2/15/27,

Callable

5/6/24

@

105.25(b)

25,875

85,000

Methanex

Corp.,

5.13%,

10/15/27,

Callable

4/15/27

@

100

82,131

30,000

Methanex

Corp.,

5.25%,

12/15/29,

Callable

9/15/29

@

100

28,612

95,000

NOVA

Chemicals

Corp.,

5.25%,

6/1/27,

Callable

3/3/27

@

100(b)

89,063

10,000

NOVA

Chemicals

Corp.,

9.00%,

2/15/30,

Callable

8/15/26

@

104.5(b)

10,300

25,000

SNF

Group

SACA,

3.13%,

3/15/27,

Callable

5/6/24

@

101.56(b)

23,031

259,012

Commercial

Services

&

Supplies

(0.0%

†

):

15,000

GFL

Environmental,

Inc.,

6.75%,

1/15/31,

Callable

1/15/27

@

103.38(b)

15,356

Communications

Equipment

(0.0%

†

):

30,000

Nokia

Oyj,

6.63%,

5/15/39

29,025

Containers

&

Packaging

(0.1%):

10,000

Intelligent

Packaging,

Ltd.

Finco,

Inc./Intelligent

Packaging,

Ltd.

Co.-Issuer

LLC,

6.00%,

9/15/28,

Callable

5/6/24

@

101.5(b)

9,463

25,000

OI

European

Group

BV,

4.75%,

2/15/30,

Callable

11/15/24

@

102.38(b)

22,937

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

139

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Containers

&

Packaging,

continued

$

45,000

Trivium

Packaging

Finance

BV,

5.50%,

8/15/26,

Callable

5/6/24

@

101.38(b)

$

44,212

76,612

Diversified

Consumer

Services

(0.1%):

95,000

GEMS

MENASA

Cayman,

Ltd./GEMS

Education

Delaware

LLC,

7.13%,

7/31/26,

Callable

5/6/24

@

101.78(b)

95,000

Diversified

Telecommunication

Services

(0.3%):

270,000

Altice

France

Holding

SA,

6.00%,

2/15/28,

Callable

5/6/24

@

101.5(b)

74,250

185,000

Altice

France

SA,

5.13%,

1/15/29,

Callable

5/6/24

@

102.56(b)

123,950

130,000

C&W

Senior

Finance,

Ltd.,

6.88%,

9/15/27,

Callable

4/15/24

@

101.72(b)

122,688

45,000

Intelsat

Jackson

Holdings

SA,

6.50%,

3/15/30,

Callable

3/15/25

@

102(b)

41,886

20,000

Telecom

Italia

Capital

SA,

6.38%,

11/15/33

18,850

80,000

Telecom

Italia

Capital

SA,

6.00%,

9/30/34

73,000

454,624

Electrical

Equipment

(0.0%

†

):

45,000

Sensata

Technologies

BV,

4.00%,

4/15/29,

Callable

5/6/24

@

102(b)

41,063

Energy

Equipment

&

Services

(0.0%

†

):

30,000

Valaris,

Ltd.,

8.38%,

4/30/30,

Callable

4/30/26

@

104.19(b)

30,825

Financial

Services

(0.6%):

21,000

1375209

BC,

Ltd.,

9.00%,

1/30/28,

Callable

4/15/24

@

101^(b)

20,580

251,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

4.45%,

4/3/26,

Callable

2/3/26

@

100

246,433

209,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

2.45%,

10/29/26,

Callable

9/29/26

@

100

193,975

234,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.30%,

1/30/32,

Callable

10/30/31

@

100

200,783

50,000

GGAM

Finance,

Ltd.,

7.75%,

5/15/26,

Callable

11/15/25

@

100(b)

50,938

30,000

GGAM

Finance,

Ltd.,

8.00%,

2/15/27,

Callable

8/15/26

@

100(b)

30,900

25,000

GGAM

Finance,

Ltd.,

6.88%,

4/15/29,

Callable

4/15/26

@

103.44(b)

25,219

25,000

Macquarie

Airfinance

Holdings,

Ltd.,

8.38%,

5/1/28,

Callable

5/1/25

@

104.19(b)

26,500

5,000

Macquarie

Airfinance

Holdings,

Ltd.,

6.40%,

3/26/29,

Callable

2/26/29

@

100(b)

5,081

20,000

Macquarie

Airfinance

Holdings,

Ltd.,

8.13%,

3/30/29,

Callable

9/30/25

@

104.06(b)

21,150

25,000

NCL

Finance,

Ltd.,

6.13%,

3/15/28,

Callable

12/15/27

@

100(b)

24,687

846,246

Health

Care

Providers

&

Services

(0.0%

†

):

20,000

Jazz

Securities

DAC,

4.38%,

1/15/29,

Callable

7/15/24

@

102.19(b)

18,625

Hotels,

Restaurants

&

Leisure

(0.4%):

55,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

5.75%,

4/15/25,

Callable

5/6/24

@

100(b)

54,863

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Hotels,

Restaurants

&

Leisure,

continued

$

80,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

4.00%,

10/15/30,

Callable

10/15/25

@

102(b)

$

71,000

40,000

Carnival

Corp.,

7.00%,

8/15/29,

Callable

8/15/26

@

103.5(b)

41,750

45,000

Carnival

Corp.,

10.50%,

6/1/30,

Callable

6/1/25

@

105.25(b)

49,219

65,000

Melco

Resorts

Finance,

Ltd.,

5.38%,

12/4/29,

Callable

12/4/24

@

102.69(b)

59,150

45,000

NCL

Corp.,

Ltd.,

3.63%,

12/15/24,

Callable

4/15/24

@

100(b)

44,212

55,000

NCL

Corp.,

Ltd.,

8.38%,

2/1/28,

Callable

2/1/25

@

104.19(b)

57,956

10,000

Ontario

Gaming

GTA

LP/OTG

Co.-Issuer,

Inc.,

8.00%,

8/1/30,

Callable

8/1/25

@

104(b)

10,288

40,000

Royal

Caribbean

Cruises,

Ltd.,

5.50%,

8/31/26,

Callable

2/28/26

@

100(b)

39,500

50,000

Royal

Caribbean

Cruises,

Ltd.,

5.38%,

7/15/27,

Callable

10/15/26

@

100(b)

49,125

40,000

Royal

Caribbean

Cruises,

Ltd.,

7.25%,

1/15/30,

Callable

12/15/25

@

103.63(b)

41,400

30,000

Royal

Caribbean

Cruises,

Ltd.,

6.25%,

3/15/32,

Callable

3/15/27

@

103.13(b)

30,225

25,000

Studio

City

Co.,

Ltd.,

7.00%,

2/15/27,

Callable

5/6/24

@

103.5(b)

24,906

50,000

Viking

Cruises,

Ltd.,

9.13%,

7/15/31,

Callable

7/15/26

@

104.56(b)

54,625

628,219

Insurance

(0.3%):

230,000

AIA

Group,

Ltd.,

3.38%,

4/7/30,

Callable

1/7/30

@

100(b)

211,192

200,000

Swiss

Re

Finance

Luxembourg

SA,

5.00%

(H15T5Y+358

bps),

4/2/49,

Callable

4/2/29

@

100(b)

193,937

405,129

Machinery

(0.0%

†

):

65,000

HTA

Group,

Ltd.,

7.00%,

12/18/25,

Callable

5/6/24

@

101.75(b)

64,675

Media

(0.0%

†

):

50,000

Ziggo

Bond

Co.

BV,

5.13%,

2/28/30,

Callable

2/15/25

@

102.56(b)

42,750

Metals

&

Mining

(0.1%):

10,000

Alcoa

Nederland

Holding

BV,

7.13%,

3/15/31,

Callable

3/15/27

@

103.56(b)

10,187

85,000

ERO

Copper

Corp.,

6.50%,

2/15/30,

Callable

2/15/25

@

103.25(b)

80,644

55,000

First

Quantum

Minerals,

Ltd.,

6.88%,

10/15/27,

Callable

4/15/24

@

103.44(b)

52,594

5,000

FMG

Resources

August

2006

Pty,

Ltd.,

4.50%,

9/15/27,

Callable

6/15/27

@

100(b)

4,787

30,000

Mineral

Resources,

Ltd.,

8.00%,

11/1/27,

Callable

11/1/24

@

104(b)

30,600

20,000

Mineral

Resources,

Ltd.,

9.25%,

10/1/28,

Callable

10/1/25

@

104.63^(b)

21,025

199,837

Oil,

Gas

&

Consumable

Fuels

(1.4%):

30,000

Baytex

Energy

Corp.,

7.38%,

3/15/32,

Callable

3/15/27

@

103.69(b)

30,300

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

140

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

35,000

Consolidated

Energy

Finance

SA,

12.00%,

2/15/31,

Callable

2/15/27

@

106(b)

$

36,575

125,000

eG

Global

Finance

plc,

12.00%,

11/30/28,

Callable

5/30/26

@

106(b)

132,187

58,000

MEG

Energy

Corp.,

7.13%,

2/1/27,

Callable

5/6/24

@

101.78(b)

58,870

785,000

Petroleos

Mexicanos,

6.84%,

1/23/30,

Callable

10/23/29

@

100

688,838

1,662,000

Petroleos

Mexicanos,

6.75%,

9/21/47

1,101,075

10,000

Seadrill

Finance,

Ltd.,

8.38%,

8/1/30,

Callable

8/1/26

@

104.19(b)

10,400

30,000

Teine

Energy,

Ltd.,

6.88%,

4/15/29,

Callable

5/6/24

@

103.44(b)

29,063

40,500

Transocean

Poseidon,

Ltd.,

6.88%,

2/1/27,

Callable

5/7/24

@

101.72(b)

40,449

63,000

Transocean,

Inc.,

8.75%,

2/15/30,

Callable

2/15/26

@

104.38(b)

65,520

2,193,277

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^(b)

69,706

Pharmaceuticals

(0.1%):

85,000

Bausch

Health

Cos.,

Inc.,

5.50%,

11/1/25,

Callable

5/6/24

@

100(b)

79,900

37,000

Bausch

Health

Cos.,

Inc.,

11.00%,

9/30/28(b)

24,697

7,000

Bausch

Health

Cos.,

Inc.,

14.00%,

10/15/30,

Callable

10/15/25

@

106(b)

4,060

108,657

Software

(0.1%):

30,000

Elastic

NV,

4.13%,

7/15/29,

Callable

7/15/24

@

102.06(b)

26,775

95,000

Open

Text

Corp.,

3.88%,

2/15/28,

Callable

5/6/24

@

100.97(b)

87,994

114,769

Sovereign

Bond

(0.7%):

444,000

Dominican

Republic

International

Bond,

5.50%,

1/27/25(b)

440,670

250,000

Dominican

Republic

International

Bond,

6.00%,

7/19/28(b)

248,750

200,000

Qatar

Government

International

Bond,

4.40%,

4/16/50(b)

176,600

230,000

Saudi

Government

International

Bond,

3.25%,

10/22/30(b)

208,434

1,074,454

Technology

Hardware,

Storage

&

Peripherals

(0.0%

†

):

20,000

Seagate

HDD

Cayman,

8.25%,

12/15/29,

Callable

7/15/26

@

104.13(b)

21,475

Transportation

Infrastructure

(0.0%

†

):

55,000

Seaspan

Corp.,

5.50%,

8/1/29,

Callable

8/1/24

@

102.75(b)

47,644

Wireless

Telecommunication

Services

(0.2%):

315,000

Millicom

International

Cellular

SA,

6.25%,

3/25/29,

Callable

4/15/24

@

103.13(b)

306,337

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Wireless

Telecommunication

Services,

continued

$

60,000

Millicom

International

Cellular

SA,

4.50%,

4/27/31,

Callable

4/27/26

@

102.25(b)

$

51,450

357,787

Total

Yankee

Debt

Obligations

(Cost

$11,408,040)

10,167,604

U.S.

Government

Agency

Mortgages

(22.3%):

Government

National

Mortgage

Association

(4.6%):

2,670

5.00%,

6/15/34,

Pool

#629493

2,615

1,999

5.00%,

3/15/38,

Pool

#676766

1,989

1,329

5.00%,

4/15/38,

Pool

#672672

1,322

4,868

5.00%,

8/15/38,

Pool

#687818

4,941

43,473

5.00%,

1/15/39,

Pool

#705997

44,453

540

5.00%,

3/15/39,

Pool

#697946

552

76,189

5.00%,

3/15/39,

Pool

#646746

77,906

82,201

4.00%,

10/15/40,

Pool

#783143

78,645

22,522

4.00%,

10/20/40,

Pool

#4833

21,548

67,761

4.00%,

1/20/41,

Pool

#4922

64,831

186,168

4.50%,

3/20/41,

Pool

#4978

185,115

65,485

4.50%,

5/20/41,

Pool

#5055

65,115

135,439

4.00%,

5/20/41,

Pool

#5054

130,115

63,893

4.50%,

6/15/41,

Pool

#366975

62,761

43,329

4.50%,

6/20/41,

Pool

#5082

42,748

175,417

3.50%,

12/20/41,

Pool

#5258

163,057

306,735

4.00%,

1/20/42,

Pool

#5280

294,679

169,469

3.00%,

12/20/42,

Pool

#AA5872

150,372

109,093

3.00%,

12/20/42,

Pool

#MA0624

98,937

19,083

3.00%,

1/20/43,

Pool

#MA0698

17,203

236,604

3.50%,

2/20/43,

Pool

#MA0783

219,431

111,735

3.00%,

3/20/43,

Pool

#AA6146

100,624

47,970

3.00%,

3/20/43,

Pool

#AD8812

43,020

31,229

3.50%,

3/20/43,

Pool

#AD8884

28,971

32,754

3.50%,

4/20/43,

Pool

#AD9075

30,385

12,222

3.50%,

4/20/43,

Pool

#AB9891

11,338

2,737

4.00%,

7/20/44,

Pool

#MA2074

2,617

115,963

4.00%,

4/15/46,

Pool

#784232

111,191

17,824

3.50%,

7/20/46,

Pool

#784391

16,506

9,958

3.00%,

10/20/46,

Pool

#MA4003

8,937

520,365

3.00%,

12/20/46,

Pool

#MA4126

467,619

56,304

4.00%,

1/15/47,

Pool

#AX5857

53,901

49,257

4.00%,

1/15/47,

Pool

#AX5831

46,696

163,433

3.00%,

1/20/47,

Pool

#MA4195

146,867

98,931

3.00%,

2/20/47,

Pool

#MA4261

88,656

162,311

4.00%,

4/20/47,

Pool

#784303

154,576

163,978

4.00%,

4/20/47,

Pool

#784304

156,166

48,176

4.00%,

4/20/48,

Pool

#BG3507

45,748

53,441

4.00%,

4/20/48,

Pool

#BG7744

50,748

227,273

2.00%,

11/20/50,

Pool

#MA6994

186,688

363,908

2.00%,

1/20/51,

Pool

#MA7135

298,800

264,806

2.00%,

2/20/51,

Pool

#MA7192

217,386

93,823

2.50%,

6/20/51,

Pool

#MA7418

80,076

186,596

2.50%,

9/20/51,

Pool

#MA7589

159,172

49,498

4.00%,

10/20/52,

Pool

#MA8346

46,330

693,637

4.50%,

4/20/53,

Pool

#MA8799

666,709

175,000

2.00%,

3/20/54,

TBA

143,450

200,000

6.50%,

4/20/54,

TBA

203,344

150,000

5.50%,

4/20/54,

TBA

149,930

275,000

2.00%,

4/20/54,

TBA

225,285

225,000

2.50%,

4/20/54,

TBA

191,777

600,000

2.50%,

5/20/54,

TBA

511,875

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

141

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

200,000

5.50%,

5/20/54,

TBA

$

199,781

350,000

2.00%,

5/20/54,

TBA

287,055

300,000

6.50%,

5/20/54,

TBA

304,688

7,165,247

Federal

Home

Loan

Mortgage

Corporation

(6.9%):

16,032

2.50%,

6/1/31,

Pool

#G18604

14,793

28,189

2.50%,

7/1/31,

Pool

#V61246

25,920

46,162

2.50%,

8/1/31,

Pool

#V61273

42,344

172,410

3.50%,

3/1/32,

Pool

#C91403

163,800

532,089

3.50%,

7/1/32,

Pool

#C91467

505,506

4,627

2.50%,

8/1/32,

Pool

#G18654

4,325

4,901

2.50%,

11/1/32,

Pool

#G18665

4,581

150,996

2.50%,

12/1/32,

Pool

#G18669

141,137

23,029

2.50%,

3/1/33,

Pool

#G18680

21,400

9,358

2.50%,

4/1/33,

Pool

#G18683

8,696

53,850

3.00%,

4/1/33,

Pool

#G18684

50,772

4,732

2.50%,

5/1/33,

Pool

#G18687

4,356

101,676

2.50%,

7/1/33,

Pool

#G16661

93,317

21,750

3.00%,

4/1/34,

Pool

#G16829

20,860

201,142

3.50%,

10/1/34,

Pool

#C91793

189,389

402,364

4.00%,

5/1/37,

Pool

#C91938

388,622

16,937

3.50%,

4/1/40,

Pool

#V81744

15,501

35,365

3.50%,

5/1/40,

Pool

#V81750

32,370

36,908

3.50%,

6/1/40,

Pool

#V81792

33,782

22,331

3.50%,

8/1/40,

Pool

#V81886

20,438

15,044

3.50%,

9/1/40,

Pool

#V81958

13,769

23,975

4.50%,

1/1/41,

Pool

#A96051

23,715

23,128

4.50%,

3/1/41,

Pool

#A97673

22,742

132,138

2.00%,

3/1/41,

Pool

#SC0136

110,864

18,847

2.00%,

4/1/41,

Pool

#RB5108

15,877

36,776

4.50%,

4/1/41,

Pool

#A97942

36,164

128,496

5.00%,

6/1/41,

Pool

#G06596

131,281

19,582

2.00%,

7/1/41,

Pool

#RB5118

16,496

20,461

2.00%,

10/1/41,

Pool

#RB5131

17,236

451,220

4.50%,

1/1/42,

Pool

#G60517

450,110

135,392

2.00%,

4/1/42,

Pool

#SC0481

114,682

64,985

3.00%,

12/1/42,

Pool

#C04320

58,955

21,562

4.00%,

5/1/43,

Pool

#Q18481

20,508

21,725

4.00%,

7/1/43,

Pool

#Q19597

20,663

21,962

4.00%,

10/1/43,

Pool

#Q22499

20,888

154,073

3.50%,

1/1/44,

Pool

#G07922

141,234

20,823

4.00%,

1/1/44,

Pool

#V80950

19,702

78,147

3.50%,

1/1/44,

Pool

#G60271

72,950

88,061

4.00%,

1/1/45,

Pool

#Q30720

83,554

79,599

4.00%,

2/1/45,

Pool

#G07949

78,023

18,347

3.50%,

3/1/45,

Pool

#Q32328

16,996

38,353

3.50%,

3/1/45,

Pool

#Q32008

35,529

25,121

3.50%,

3/1/45,

Pool

#Q31974

23,271

96,378

3.50%,

5/1/45,

Pool

#Q33547

86,957

13,250

3.00%,

5/1/45,

Pool

#Q33468

11,986

19,003

3.50%,

6/1/45,

Pool

#Q33791

17,145

122,835

3.50%,

6/1/45,

Pool

#Q34164

110,827

102,747

3.00%,

6/1/45,

Pool

#Q34156

92,954

9,220

3.00%,

7/1/45,

Pool

#Q34979

8,197

28,478

3.00%,

7/1/45,

Pool

#Q34759

25,562

45,073

4.00%,

8/1/45,

Pool

#Q35845

43,317

7,284

4.00%,

9/1/45,

Pool

#Q37853

6,924

4,032

4.00%,

11/1/45,

Pool

#Q38812

3,781

147,454

3.50%,

11/1/45,

Pool

#Q37467

136,597

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

11,168

4.00%,

2/1/46,

Pool

#Q38783

$

10,570

1,552

4.00%,

2/1/46,

Pool

#Q38879

1,466

8,189

4.00%,

2/1/46,

Pool

#Q38782

7,885

5,753

4.00%,

4/1/46,

Pool

#Q39975

5,540

23,729

4.00%,

4/1/46,

Pool

#V82292

22,819

47,770

3.50%,

5/1/46,

Pool

#Q40647

43,781

164,243

3.50%,

5/1/46,

Pool

#G60553

151,347

55,882

3.50%,

5/1/46,

Pool

#G60603

51,353

148,248

3.50%,

9/1/46,

Pool

#Q43257

136,237

7,683

4.00%,

9/1/47,

Pool

#Q50433

7,360

14,195

4.00%,

10/1/47,

Pool

#Q51189

13,598

10,329

4.00%,

2/1/48,

Pool

#Q54192

9,786

106,564

4.00%,

5/1/48,

Pool

#Q55992

100,772

331,857

4.00%,

6/1/48,

Pool

#G67713

316,867

41,594

4.00%,

7/1/48,

Pool

#Q59935

40,050

260,743

2.50%,

8/1/50,

Pool

#SD0430

219,468

317,226

2.50%,

10/1/50,

Pool

#SD7525

268,102

460,478

2.50%,

11/1/50,

Pool

#SD7530

387,872

36,326

2.50%,

2/1/51,

Pool

#SD7535

30,700

31,020

2.50%,

2/1/51,

Pool

#RA4575

25,979

24,816

2.50%,

3/1/51,

Pool

#RA4749

20,783

337,196

1.50%,

4/1/51,

Pool

#QC0798

253,768

581,946

3.00%,

5/1/51,

Pool

#QC1881

506,677

120,692

2.00%,

5/1/51,

Pool

#SD7541

97,067

12,138

2.00%,

7/1/51,

Pool

#QC4163

9,738

127,391

3.00%,

9/1/51,

Pool

#QC7496

110,548

292,202

2.00%,

10/1/51,

Pool

#RA6076

233,705

170,627

2.00%,

11/1/51,

Pool

#RA6302

135,818

433,302

2.00%,

11/1/51,

Pool

#RA6241

346,541

1,026,655

2.50%,

12/1/51,

Pool

#RA6435

857,588

175,538

2.00%,

12/1/51,

Pool

#RA6510

140,826

305,892

2.50%,

1/1/52,

Pool

#RA6622

255,606

266,244

2.00%,

2/1/52,

Pool

#RA6823

213,102

526,782

2.00%,

2/1/52,

Pool

#RA6820

419,593

219,978

3.50%,

3/1/52,

Pool

#RA6950

198,742

139,368

3.00%,

3/1/52,

Pool

#SD2219

120,985

577,263

3.00%,

3/1/52,

Pool

#RA6988

500,108

208,614

3.50%,

3/1/52,

Pool

#RA6949

188,153

86,691

5.50%,

9/1/52,

Pool

#SD1579

87,366

43,584

4.00%,

10/1/52,

Pool

#SD1772

40,849

93,734

5.00%,

11/1/52,

Pool

#SD1862

92,451

10,552,931

Federal

National

Mortgage

Association

(10.8%):

62,645

2.50%,

6/1/29,

Pool

#MA3734

59,304

40,652

2.50%,

9/1/31,

Pool

#AS8012

38,010

179,618

2.50%,

12/1/32,

Pool

#CA3748

168,237

865

4.50%,

7/1/33,

Pool

#720240

857

2,042

4.50%,

7/1/33,

Pool

#729327

2,023

3,335

4.50%,

8/1/33,

Pool

#723124

3,204

8,444

4.50%,

8/1/33,

Pool

#726928

8,128

6,640

4.50%,

8/1/33,

Pool

#726956

6,401

1,793

4.50%,

8/1/33,

Pool

#727029

1,776

2,338

4.50%,

8/1/33,

Pool

#727160

2,261

11,960

4.50%,

8/1/33,

Pool

#729380

11,895

2,384

4.50%,

8/1/33,

Pool

#729713

2,300

11,467

4.50%,

9/1/33,

Pool

#727147

11,410

4,109

4.50%,

9/1/33,

Pool

#734922

4,089

17,556

4.50%,

12/1/33,

Pool

#AL5321

17,475

73,053

3.50%,

8/1/34,

Pool

#CA4090

70,721

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

142

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

61,314

3.50%,

10/1/34,

Pool

#FM1579

$

58,716

13,407

6.00%,

10/1/34,

Pool

#AL2130

13,837

46,943

3.50%,

2/1/35,

Pool

#CA5291

44,621

1,080,511

2.00%,

6/1/35,

Pool

#BP5619

966,044

28,591

4.50%,

9/1/35,

Pool

#AB8198

28,453

161,471

2.00%,

10/1/35,

Pool

#BK5705

144,365

258,175

6.00%,

5/1/36,

Pool

#745512

268,716

130,324

6.00%,

1/1/37,

Pool

#932030

136,089

23,792

6.00%,

3/1/37,

Pool

#889506

24,646

35,553

6.00%,

1/1/38,

Pool

#889371

36,501

13,271

6.00%,

3/1/38,

Pool

#889219

13,883

6,662

6.00%,

7/1/38,

Pool

#889733

6,864

34,199

4.50%,

3/1/39,

Pool

#AB0051

34,055

182,507

4.50%,

4/1/39,

Pool

#AB0043

181,813

125,657

2.50%,

8/1/39,

Pool

#MA3761

110,353

15,955

4.50%,

11/1/39,

Pool

#AC5442

15,643

49,195

6.00%,

5/1/40,

Pool

#AL2129

50,810

45,758

2.00%,

10/1/40,

Pool

#FM4644

38,485

113,909

2.00%,

11/1/40,

Pool

#MA4176

96,484

18,762

4.00%,

12/1/40,

Pool

#AA4757

17,988

16,842

2.00%,

12/1/40,

Pool

#MA4204

14,266

24,112

4.50%,

2/1/41,

Pool

#AH5580

23,896

17,946

2.00%,

2/1/41,

Pool

#MA4268

15,051

18,436

2.00%,

3/1/41,

Pool

#MA4287

15,462

54,446

2.00%,

4/1/41,

Pool

#CB0116

45,754

19,104

2.00%,

4/1/41,

Pool

#MA4311

16,093

19,343

2.00%,

5/1/41,

Pool

#MA4333

16,294

40,069

2.00%,

6/1/41,

Pool

#FM7891

33,673

19,681

2.00%,

6/1/41,

Pool

#MA4364

16,579

152,225

2.00%,

10/1/41,

Pool

#MA4446

128,231

421,651

1.50%,

11/1/41,

Pool

#MA4473

340,919

3,196

6.00%,

1/1/42,

Pool

#AL2128

3,186

776,534

2.00%,

5/1/42,

Pool

#FS4603

657,053

127,858

2.50%,

2/1/43,

Pool

#AB8465

111,233

28,722

4.00%,

10/1/43,

Pool

#BM1167

27,621

123,521

4.50%,

3/1/44,

Pool

#AL5082

121,024

7,039

4.00%,

12/1/44,

Pool

#AY0045

6,797

65,580

4.00%,

5/1/45,

Pool

#AZ1207

61,482

39,699

3.00%,

5/1/45,

Pool

#AS4972

35,054

20,876

4.00%,

6/1/45,

Pool

#AZ2719

19,675

93,239

4.00%,

6/1/45,

Pool

#AY8096

87,412

26,020

4.00%,

6/1/45,

Pool

#AZ3341

24,522

29,305

4.00%,

6/1/45,

Pool

#AY8126

27,881

23,278

5.00%,

6/1/45,

Pool

#AZ3448

23,601

105,918

4.00%,

7/1/45,

Pool

#AZ0833

99,825

34,728

3.00%,

8/1/45,

Pool

#AZ8288

30,664

12,197

3.00%,

8/1/45,

Pool

#AZ3728

10,771

89,438

3.00%,

8/1/45,

Pool

#AS5634

78,976

11,184

4.00%,

11/1/45,

Pool

#AZ0560

10,485

40,448

4.00%,

12/1/45,

Pool

#BA6404

37,920

29,432

4.50%,

2/1/46,

Pool

#BM5199

28,795

7,776

4.00%,

5/1/46,

Pool

#BC2276

7,345

217,714

3.50%,

5/1/46,

Pool

#BC0880

199,649

82,388

4.00%,

7/1/46,

Pool

#BC1443

78,085

26,114

4.50%,

8/1/46,

Pool

#AL9111

25,517

93,649

4.00%,

9/1/46,

Pool

#BC2843

88,757

285,277

3.50%,

12/1/46,

Pool

#BC9077

261,643

46,214

3.50%,

2/1/47,

Pool

#BE5696

42,109

348,589

4.50%,

2/1/47,

Pool

#AL9846

341,049

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

5,044

4.00%,

6/1/47,

Pool

#BH4269

$

4,767

25,868

3.00%,

5/1/49,

Pool

#MA3670

22,609

98,659

3.50%,

1/1/50,

Pool

#FS3728

90,550

179,757

1.50%,

12/1/50,

Pool

#CA8005

135,725

238,548

2.50%,

4/1/51,

Pool

#FM6540

204,208

410,006

2.00%,

4/1/51,

Pool

#MA4305

325,129

140,310

2.50%,

5/1/51,

Pool

#MA4326

116,701

58,283

2.50%,

5/1/51,

Pool

#CB0388

48,560

427,370

1.50%,

6/1/51,

Pool

#MA4354

322,256

477,732

3.00%,

6/1/51,

Pool

#CB0850

416,702

9,722

2.00%,

7/1/51,

Pool

#BT1461

7,800

277,414

2.50%,

7/1/51,

Pool

#CB0997

232,425

41,660

2.50%,

8/1/51,

Pool

#CB1384

34,904

79,118

3.00%,

8/1/51,

Pool

#FM9973

68,841

167,021

2.50%,

9/1/51,

Pool

#CB1549

140,054

297,872

2.00%,

10/1/51,

Pool

#CB1801

238,979

225,088

2.00%,

10/1/51,

Pool

#CB1799

180,522

313,225

2.00%,

11/1/51,

Pool

#FM9568

252,095

197,824

2.00%,

11/1/51,

Pool

#FM9539

158,705

132,816

3.00%,

11/1/51,

Pool

#FM9632

115,883

169,613

3.00%,

11/1/51,

Pool

#FM9633

147,260

179,246

3.00%,

11/1/51,

Pool

#CB2164

156,284

677,362

2.50%,

11/1/51,

Pool

#FM9501

567,967

1,019,595

2.50%,

12/1/51,

Pool

#FM9865

854,972

482,067

2.00%,

12/1/51,

Pool

#CB2349

386,731

87,090

3.00%,

12/1/51,

Pool

#BT9503

75,576

91,173

3.00%,

12/1/51,

Pool

#FM9777

78,906

120,526

2.50%,

12/1/51,

Pool

#CB2376

100,977

128,726

2.00%,

12/1/51,

Pool

#CB2350

102,799

86,738

2.00%,

12/1/51,

Pool

#CB2348

69,586

56,764

3.00%,

12/1/51,

Pool

#CB2420

49,493

169,024

2.50%,

12/1/51,

Pool

#CB2320

141,733

131,441

2.00%,

12/1/51,

Pool

#CB2347

105,787

344,176

2.00%,

1/1/52,

Pool

#FS0288

273,856

792,607

2.00%,

1/1/52,

Pool

#FS0286

635,857

138,833

3.00%,

2/1/52,

Pool

#CB2886

120,527

213,609

3.00%,

2/1/52,

Pool

#FS0631

186,239

845,390

2.00%,

2/1/52,

Pool

#CB2842

673,334

47,060

3.50%,

3/1/52,

Pool

#CB3128

42,447

45,146

4.00%,

4/1/52,

Pool

#FS1647

42,239

185,367

5.50%,

10/1/52,

Pool

#CB4843

185,868

46,622

5.00%,

11/1/52,

Pool

#FS3295

46,264

88,068

5.00%,

11/1/52,

Pool

#FS3248

86,647

183,420

5.00%,

11/1/52,

Pool

#CB5128

181,919

45,070

5.50%,

6/1/53,

Pool

#CB6642

45,399

94,073

5.50%,

6/1/53,

Pool

#CB6527

94,756

94,314

6.00%,

6/1/53,

Pool

#CB6538

96,729

284,928

5.50%,

7/1/53,

Pool

#CB6673

286,798

148,297

5.50%,

8/1/53,

Pool

#CB6911

149,321

147,877

6.50%,

9/1/53,

Pool

#CB7134

153,241

146,319

6.50%,

11/1/53,

Pool

#CB7520

151,199

75,000

2.00%,

4/25/54,

TBA

59,332

50,000

3.00%,

4/25/54,

TBA

43,062

600,000

6.50%,

4/25/54,

TBA

613,031

150,000

3.00%,

5/25/54,

TBA

129,328

200,000

2.50%,

5/25/54,

TBA

165,719

350,000

2.00%,

5/25/54,

TBA

277,320

16,606,724

Total

U.S.

Government

Agency

Mortgages

(Cost

$38,045,572)

34,324,902

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

143

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024.

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

March

31,

2024

:

(Unaudited)

Principal

Amount

Value

U.S.

Treasury

Obligations

(27.7%):

U.S.

Treasury

Bonds

(13.6%):

$

3,103,000

1.75%,

8/15/41

$

2,096,464

7,836,000

2.00%,

8/15/51

4,864,442

5,300,000

3.63%,

2/15/53

4,662,344

700,000

3.63%,

5/15/53

616,219

8,364,000

4.13%,

8/15/53

8,054,271

600,000

4.25%,

2/15/54

591,281

20,885,021

U.S.

Treasury

Notes

(14.1%):

360,000

3.63%,

3/31/30

348,750

1,700,000

4.38%,

11/30/30

1,715,406

1,700,000

4.00%,

1/31/31

1,679,016

2,500,000

4.25%,

2/28/31

2,506,250

10,800,000

3.50%,

2/15/33

10,238,062

4,700,000

3.38%,

5/15/33

4,407,719

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Notes,

continued

$

790,000

4.00%,

2/15/34

$

777,656

21,672,859

Total

U.S.

Treasury

Obligations

(Cost

$47,610,340)

42,557,880

Shares

Unaffiliated

Investment

Companies

(4.1%):

Money

Markets

(4.1%):

2,060,528

BlackRock

Liquidity

FedFund,

Institutional

Class,

5.07%(e)(f)

2,060,528

4,212,192

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.19%(f)

4,212,192

Total

Unaffiliated

Investment

Companies

(Cost

$6,272,720)

6,272,720

Total

Investment

Securities

(Cost

$173,239,075)

—

103.4%

158,930,354

Net

other

assets

(liabilities)

—

(3.4)%

(5,277,426)

Net

Assets

—

100.0%

$

153,652,928

CVR—Contingency

Valued

Rights

H15T1Y—1

Year

Treasury

Constant

Maturity

Rate

H15T5Y—5

Year

Treasury

Constant

Maturity

Rate

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

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$1,978,677.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

March

31,

2024.

(b)

Rule

144A,

Section

4(2)

or

other

security

which

is

restricted

to

resale

to

institutional

investors.

(c)

The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

presented

is

the

rate

in

effect

at

March

31,

2024.

(d)

Defaulted

bond.

(e)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

March

31,

2024.

(f)

The

rate

represents

the

effective

yield

at

March

31,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Country

Percentage

Australia

0.2‌%

Bermuda

0.1‌%

British

Virgin

Islands

—‌%

†

Canada

0.6‌%

Cayman

Islands

6.0‌%

Dominican

Republic

0.4‌%

Finland

—‌%

†

France

0.4‌%

Germany

0.4‌%

Hong

Kong

0.1‌%

Ireland

0.4‌%

Italy

0.4‌%

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

144

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Country

Percentage

Jersey

0.2‌%

Liberia

0.1‌%

Luxembourg

0.5‌%

Marshall

Island

—‌%

†

Mauritius

—‌%

†

Mexico

1.2‌%

Netherlands

0.1‌%

Panama

0.1‌%

Qatar

0.1‌%

Saudi

Arabia

0.1‌%

Spain

—‌%

†

Switzerland

0.2‌%

United

Arab

Emirates

0.1‌%

United

Kingdom

0.5‌%

United

States

87.8‌%

100.0‌%

†

Represents

less

than

0.05%.

Securities

Sold

Short

(-0.1%):

At

March

31,

2024,

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

Government

National

Mortgage

Association

Government

National

Mortgage

Association

2.00%

3/20/54

$

(175,000)

$

(142,399)

$

(143,450)

$(142,399)

$(143,450)

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

145

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(98.1%):

Aerospace

&

Defense

(2.3%):

43,536

Airbus

SE

$

8,029,379

223,715

BAE

Systems

plc

3,809,767

1,522

Dassault

Aviation

SA

334,924

1,993

Elbit

Systems,

Ltd.

416,778

7,036

Kongsberg

Gruppen

ASA

486,793

21,426

Leonardo

SpA

538,191

98,804

Melrose

Industries

plc

838,384

4,024

MTU

Aero

Engines

AG

1,020,918

3,184

Rheinmetall

AG

1,789,139

623,821

Rolls-Royce

Holdings

plc*

3,354,117

6,378

Saab

AB,

Class

B

567,296

25,202

Safran

SA

5,705,964

106,100

Singapore

Technologies

Engineering,

Ltd.

316,295

7,026

Thales

SA

1,197,604

28,405,549

Air

Freight

&

Logistics

(0.5%):

72,595

Deutsche

Post

AG

3,125,763

13,013

DSV

A/S

2,114,804

5,800

NIPPON

EXPRESS

HOLDINGS,

Inc.

296,003

25,400

SG

Holdings

Co.,

Ltd.

321,651

17,600

Yamato

Holdings

Co.,

Ltd.

253,434

6,111,655

Automobile

Components

(0.7%):

10,600

Aisin

Corp.

432,576

41,700

Bridgestone

Corp.

1,850,063

49,455

Cie

Generale

des

Etablissements

Michelin

SCA

1,895,848

8,230

Continental

AG

593,956

137,400

Denso

Corp.

2,629,375

16,300

Koito

Manufacturing

Co.,

Ltd.

219,535

54,000

Sumitomo

Electric

Industries,

Ltd.

836,329

8,457,682

Automobiles

(3.6%):

23,502

Bayerische

Motoren

Werke

AG

2,711,318

9,270

Ferrari

NV

4,039,826

339,100

Honda

Motor

Co.,

Ltd.

4,194,522

44,700

Isuzu

Motors,

Ltd.

604,054

41,400

Mazda

Motor

Corp.

484,239

59,252

Mercedes-Benz

Group

AG

4,718,967

178,600

Nissan

Motor

Co.,

Ltd.

708,380

14,578

Renault

SA

735,811

161,337

Stellantis

NV

4,577,231

44,600

Subaru

Corp.

1,015,232

117,200

Suzuki

Motor

Corp.

1,337,106

778,430

Toyota

Motor

Corp.

19,569,294

1,948

Volkswagen

AG

297,554

45,248

Volvo

Car

AB,

Class

B*

171,172

67,500

Yamaha

Motor

Co.,

Ltd.

621,759

45,786,465

Banks

(10.0%):

33,033

ABN

AMRO

Bank

NV,

CV

566,607

114,136

AIB

Group

plc

578,798

220,130

ANZ

Group

Holdings,

Ltd.

4,216,690

428,144

Banco

Bilbao

Vizcaya

Argentaria

SA

5,099,793

93,554

Banco

BPM

SpA

622,455

1,186,038

Banco

Santander

SA

5,794,448

Shares

Value

Common

Stocks,

continued

Banks,

continued

96,434

Bank

Hapoalim

BM

$

904,368

109,002

Bank

Leumi

Le-Israel

BM

906,210

80,996

Bank

of

Ireland

Group

plc

826,448

2,155

Banque

Cantonale

Vaudoise,

Registered

Shares

250,548

1,118,886

Barclays

plc

2,599,491

75,780

BNP

Paribas

SA

5,392,390

278,000

BOC

Hong

Kong

Holdings,

Ltd.

744,954

280,011

CaixaBank

SA^

1,357,281

41,200

Chiba

Bank,

Ltd.

(The)

343,017

75,819

Commerzbank

AG

1,041,054

122,927

Commonwealth

Bank

of

Australia

9,663,864

78,500

Concordia

Financial

Group,

Ltd.

394,651

78,119

Credit

Agricole

SA

1,163,585

50,923

Danske

Bank

A/S

1,526,378

133,000

DBS

Group

Holdings,

Ltd.

3,558,298

69,245

DNB

Bank

ASA

1,375,137

24,825

Erste

Group

Bank

AG

1,105,283

45,709

FinecoBank

Banca

Fineco

SpA

684,391

58,300

Hang

Seng

Bank,

Ltd.

638,917

1,405,332

HSBC

Holdings

plc

10,982,541

243,927

ING

Groep

NV

4,016,708

1,074,100

Intesa

Sanpaolo

SpA

3,896,486

92,143

Israel

Discount

Bank,

Ltd.,

Class

A

476,978

106,800

Japan

Post

Bank

Co.,

Ltd.

1,149,427

18,368

KBC

Group

NV

1,379,915

4,639,205

Lloyds

Banking

Group

plc

3,036,194

35,689

Mediobanca

Banca

di

Credito

Finanziario

SpA

531,655

815,100

Mitsubishi

UFJ

Financial

Group,

Inc.

8,292,505

10,975

Mizrahi

Tefahot

Bank,

Ltd.

411,802

176,763

Mizuho

Financial

Group,

Inc.

3,497,915

228,983

National

Australia

Bank,

Ltd.

5,168,246

408,264

NatWest

Group

plc

1,366,972

232,573

Nordea

Bank

Abp

2,591,037

245,299

Oversea-Chinese

Banking

Corp.,

Ltd.

2,454,522

153,787

Resona

Holdings,

Inc.

950,247

317,881

Sberbank

of

Russia*(a)(b)

—

33,000

Shizuoka

Financial

Group,

Inc.

313,812

12,770

SinoPac

Financial

Holdings

Co.,

Ltd.

8,584

116,222

Skandinaviska

Enskilda

Banken

AB,

Class

A

1,572,297

53,010

Societe

Generale

SA

1,426,011

168,045

Standard

Chartered

plc

1,423,779

93,269

Sumitomo

Mitsui

Financial

Group,

Inc.

5,453,269

47,506

Sumitomo

Mitsui

Trust

Holdings,

Inc.

1,024,416

106,048

Svenska

Handelsbanken

AB,

Class

A^

1,072,703

61,517

Swedbank

AB,

Class

A^

1,220,874

3,719

TCS

Group

Holding

plc,

GDR*(a)

—

—

Turkiye

Is

Bankasi

AS

—

113,218

UniCredit

SpA

4,295,870

95,173

United

Overseas

Bank,

Ltd.

2,069,017

97,280,589

VTB

Bank

PJSC*(a)(b)

—

258,473

Westpac

Banking

Corp.

4,401,283

125,840,121

Beverages

(1.7%):

63,924

Anheuser-Busch

InBev

SA/NV

3,887,867

35,100

Asahi

Group

Holdings,

Ltd.

1,288,818

7,368

Carlsberg

AS,

Class

B

1,009,695

14,869

Coca-Cola

Europacific

Partners

plc

1,050,091

16,149

Coca-Cola

HBC

AG

510,200

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

146

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Beverages,

continued

45,956

Davide

Campari-Milano

NV,

Class

M

$

461,721

164,613

Diageo

plc

6,078,024

9,544

Heineken

Holding

NV

769,854

20,928

Heineken

NV

2,016,254

57,400

Kirin

Holdings

Co.,

Ltd.

797,673

14,904

Pernod

Ricard

SA

2,409,487

1,876

Remy

Cointreau

SA

188,923

10,600

Suntory

Beverage

&

Food,

Ltd.

358,364

60,896

Treasury

Wine

Estates,

Ltd.

496,269

21,323,240

Biotechnology

(0.8%):

4,411

Argenx

SE*

1,740,813

157

Celltrion,

Inc.

21,423

35,438

CSL,

Ltd.

6,659,133

4,785

Genmab

A/S*

1,431,889

22,071

Grifols

SA*

198,312

15,220

Swedish

Orphan

Biovitrum

AB*

379,707

10,431,277

Broadline

Retail

(0.8%):

7,159

Global-e

Online,

Ltd.*

260,229

2,694

Hanwha

Galleria

Corp.*

2,846

9,068

Next

plc

1,058,539

965

Ozon

Holdings

plc,

ADR*(a)

—

29,100

Pan

Pacific

International

Holdings

Corp.

773,748

106,697

Prosus

NV

3,343,020

109,300

Rakuten

Group,

Inc.

620,309

83,298

Wesfarmers,

Ltd.

3,715,330

9,774,021

Building

Products

(0.9%):

14,700

AGC,

Inc.

533,110

73,704

Assa

Abloy

AB,

Class

B

2,114,638

33,679

Cie

de

Saint-Gobain

SA

2,611,307

19,300

Daikin

Industries,

Ltd.

2,640,394

2,499

Geberit

AG,

Registered

Shares

1,476,832

11,157

Kingspan

Group

plc

1,015,522

112,612

Nibe

Industrier

AB,

Class

B

552,931

594

ROCKWOOL

A/S,

Class

B

196,083

10,800

TOTO,

Ltd.

303,034

11,443,851

Capital

Markets

(2.8%):

72,139

3i

Group

plc

2,554,928

124,417

abrdn

plc

221,918

3,998

Amundi

SA

274,264

14,457

ASX,

Ltd.

625,628

100,600

Daiwa

Securities

Group,

Inc.

765,690

140,674

Deutsche

Bank

AG,

Registered

Shares

2,212,383

14,090

Deutsche

Boerse

AG

2,882,563

26,438

EQT

AB

835,322

6,467

Euronext

NV

615,010

4,262

Futu

Holdings,

Ltd.,

ADR*

230,787

27,012

Hargreaves

Lansdown

plc

251,216

88,293

Hong

Kong

Exchanges

&

Clearing,

Ltd.

2,575,244

35,900

Japan

Exchange

Group,

Inc.

972,376

15,111

Julius

Baer

Group,

Ltd.

872,431

30,410

London

Stock

Exchange

Group

plc

3,641,731

26,963

Macquarie

Group,

Ltd.

3,508,457

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

222,900

Nomura

Holdings,

Inc.

$

1,426,179

1,644

Partners

Group

Holding

AG

2,349,603

18,590

SBI

Holdings,

Inc.

487,289

63,052

Schroders

plc

300,322

64,600

Singapore

Exchange,

Ltd.

441,321

41,470

St

James's

Place

plc

243,966

45,462

The

Moscow

Exchange(a)(b)

—

242,273

UBS

Group

AG

7,447,210

35,735,838

Chemicals

(3.1%):

38,438

Air

Liquide

SA

8,009,419

12,787

Akzo

Nobel

NV

953,606

4,464

Arkema

SA

469,500

94,300

Asahi

Kasei

Corp.

690,783

65,132

BASF

SE

3,718,891

17,007

Clariant

AG,

Registered

Shares

229,866

13,496

Covestro

AG*

738,216

9,336

Croda

International

plc

578,925

13,562

DSM-Firmenich

AG

1,540,843

509

EMS-Chemie

Holding

AG

390,433

15,736

Evonik

Industries

AG

311,060

679

Givaudan

SA,

Registered

Shares

3,034,304

2,389

Hanwha

Solutions

Corp.

48,963

53,836

ICL

Group,

Ltd.

285,192

14,100

JSR

Corp.

403,438

97,000

Mitsubishi

Chemical

Group

Corp.

590,925

11,800

Mitsui

Chemicals,

Inc.

346,061

66,900

Nippon

Paint

Holdings

Co.,

Ltd.

481,252

12,000

Nippon

Sanso

Holdings

Corp.

376,766

8,900

Nissan

Chemical

Corp.

337,292

10,800

Nitto

Denko

Corp.

987,100

27,664

Novonesis

(Novozymes)

B

1,623,910

8,000

OCI

NV

218,918

34,383

Orica,

Ltd.

409,795

1,447

PhosAgro

PJSC*(a)(b)

—

27

PhosAgro

Public

Joint

Stock

Co.,

GDR*(a)

—

132,200

Shin-Etsu

Chemical

Co.,

Ltd.

5,801,163

11,149

Sika

AG,

Registered

Shares

3,320,234

5,641

Syensqo

SA*

534,000

9,583

Symrise

AG

1,147,017

104,900

Toray

Industries,

Inc.

503,991

14,846

Umicore

SA

319,956

12,572

Yara

International

ASA

398,499

38,800,318

Commercial

Services

&

Supplies

(0.4%):

99,599

Brambles,

Ltd.

1,049,939

14,400

Dai

Nippon

Printing

Co.,

Ltd.

441,429

183,555

Rentokil

Initial

plc

1,095,179

15,200

Secom

Co.,

Ltd.

1,102,293

37,053

Securitas

AB,

Class

B

381,723

16,200

TOPPAN

Holdings,

Inc.

406,011

4,476,574

Communications

Equipment

(0.2%):

384,362

Nokia

Oyj

1,359,739

212,188

Telefonaktiebolaget

LM

Ericsson,

Class

B^

1,168,216

2,527,955

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

147

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering

(0.8%):

16,050

ACS

Actividades

de

Construccion

y

Servicios

SA

$

671,481

13,469

Bouygues

SA

549,639

5,281

Eiffage

SA

598,677

37,731

Ferrovial

SE

1,493,069

31,800

Kajima

Corp.

652,189

49,300

Obayashi

Corp.

585,679

41,000

Shimizu

Corp.

264,878

24,861

Skanska

AB,

Class

B^

441,881

11,900

Taisei

Corp.

433,217

36,704

Vinci

SA

4,700,692

10,391,402

Construction

Materials

(0.8%):

50,796

CRH

plc

4,381,363

9,680

Heidelberg

Materials

AG

1,064,622

38,051

Holcim

AG

3,463,546

32,468

James

Hardie

Industries

plc,

CDI*

1,303,441

10,212,972

Consumer

Finance

(0.0%

†

):

—

Isracard,

Ltd.

2

Consumer

Staples

Distribution

&

Retail

(1.1%):

47,300

Aeon

Co.,

Ltd.

1,121,382

41,469

Carrefour

SA

709,585

96,427

Coles

Group,

Ltd.

1,066,293

102,013

Endeavour

Group,

Ltd.

366,230

117,810

J

Sainsbury

plc

402,527

21,353

Jeronimo

Martins

SGPS

SA

423,615

19,670

Kesko

Oyj,

Class

B

367,209

11,400

Kobe

Bussan

Co.,

Ltd.

279,271

69,634

Koninklijke

Ahold

Delhaize

NV

2,081,759

26,100

MatsukiyoCocokara

&

Co.

419,264

40,830

Ocado

Group

plc*

235,218

167,700

Seven

&

i

Holdings

Co.,

Ltd.

2,441,325

526,385

Tesco

plc

1,969,387

90,574

Woolworths

Group,

Ltd.

1,957,489

3,565

X5

Retail

Group

NV,

GDR*(a)

—

13,840,554

Containers

&

Packaging

(0.1%):

23,221

SIG

Group

AG

514,915

18,752

Smurfit

Kappa

Group

plc

855,305

1,370,220

Distributors

(0.0%

†

):

1,697

D'ieteren

Group

376,051

Diversified

Consumer

Services

(0.1%):

18,013

IDP

Education,

Ltd.

210,232

44,154

Pearson

plc

580,305

790,537

Diversified

REITs

(0.2%):

140,533

GPT

Group

(The)

419,534

324

KDX

Realty

Investment

Corp.

344,939

51,805

Land

Securities

Group

plc

429,852

294,602

Mirvac

Group

454,417

322

Nomura

Real

Estate

Master

Fund,

Inc.

318,452

Shares

Value

Common

Stocks,

continued

Diversified

REITs,

continued

178,980

Stockland

$

567,053

2,534,247

Diversified

Telecommunication

Services

(1.6%):

464,111

BT

Group

plc

642,076

34,279

Cellnex

Telecom

SA

1,211,907

236,718

Deutsche

Telekom

AG

5,745,593

10,800

Elisa

Oyj

481,731

276,525

HKT

Trust

&

HKT,

Ltd.

322,595

23,253

Infrastrutture

Wireless

Italiane

SpA

264,139

250,757

Koninklijke

KPN

NV

937,593

2,161,200

Nippon

Telegraph

&

Telephone

Corp.

2,573,319

138,090

Orange

SA

1,622,010

600,200

Singapore

Telecommunications,

Ltd.

1,125,115

142,233

Spark

New

Zealand,

Ltd.

404,753

1,896

Swisscom

AG,

Registered

Shares

1,159,318

761,503

Telecom

Italia

SpA/Milano*^

184,318

360,494

Telefonica

SA

1,592,547

47,918

Telenor

ASA

533,150

169,922

Telia

Co.

AB

435,540

305,854

Telstra

Group,

Ltd.

769,794

20,005,498

Electric

Utilities

(1.7%):

1,525

Acciona

SA

185,670

1,549

BKW

AG

237,720

49,000

Chubu

Electric

Power

Co.,

Inc.

639,208

41,570

CK

Infrastructure

Holdings,

Ltd.

243,278

118,000

CLP

Holdings,

Ltd.

940,799

236,366

EDP

-

Energias

de

Portugal

SA

921,979

1,961

Elia

Group

SA/NV

211,956

23,227

Endesa

SA

430,489

593,500

Enel

SpA

3,917,443

33,332

Fortum

Oyj^

411,317

449,899

Iberdrola

SA

5,585,097

952,130

Inter

Rao

Ues

PJSC*(a)(b)

—

49,600

Kansai

Electric

Power

Co.,

Inc.

(The)

706,805

47,377

Mercury

NZ,

Ltd.

196,044

131,008

Origin

Energy,

Ltd.

785,565

13,975

Orsted

AS

786,968

105,500

Power

Assets

Holdings,

Ltd.

617,418

30,305

Redeia

Corp.

SA

517,313

79,064

SSE

plc

1,648,227

107,486

Terna

-

Rete

Elettrica

Nazionale

891,256

110,900

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

674,396

5,165

Verbund

AG

378,168

20,927,116

Electrical

Equipment

(1.9%):

118,014

ABB,

Ltd.,

Registered

Shares

5,478,258

8,900

Fuji

Electric

Co.,

Ltd.

596,819

19,660

Legrand

SA

2,079,703

142,700

Mitsubishi

Electric

Corp.

2,392,184

30,100

NIDEC

Corp.

1,242,639

19,468

Prysmian

SpA

1,016,580

39,838

Schneider

Electric

SE

9,007,423

36,789

Siemens

Energy

AG*

674,860

74,789

Vestas

Wind

Systems

A/S*

2,077,906

24,566,372

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

148

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components

(1.3%):

8,200

Azbil

Corp.

$

226,990

28,976

Halma

plc

865,642

10,200

Hamamatsu

Photonics

KK

359,585

151,868

Hexagon

AB,

Class

B

1,798,058

2,114

Hirose

Electric

Co.,

Ltd.

217,161

8,100

Ibiden

Co.,

Ltd.

363,608

14,180

Keyence

Corp.

6,594,562

94,600

Kyocera

Corp.

1,263,703

126,300

Murata

Manufacturing

Co.,

Ltd.

2,376,948

12,500

Omron

Corp.

448,096

18,100

Shimadzu

Corp.

504,856

28,700

TDK

Corp.

1,410,078

17,300

Yokogawa

Electric

Corp.

398,763

16,828,050

Energy

Equipment

&

Services

(0.1%):

33,003

Tenaris

SA

652,021

Entertainment

(0.8%):

48,936

Bollore

SE

326,678

26,800

Capcom

Co.,

Ltd.

502,506

7,100

Konami

Group

Corp.

483,400

23,300

Nexon

Co.,

Ltd.

387,050

76,600

Nintendo

Co.,

Ltd.

4,193,092

27,429

Sea,

Ltd.,

ADR*

1,473,212

6,500

Square

Enix

Holdings

Co.,

Ltd.

250,151

7,300

Toho

Co.,

Ltd.

242,650

60,896

Universal

Music

Group

NV

1,830,815

9,689,554

Financial

Services

(1.1%):

1,622

Adyen

NV*

2,747,160

18,074

Edenred

SE

963,425

2,915

Eurazeo

SE

255,316

6,631

EXOR

NV

736,846

6,764

Groupe

Bruxelles

Lambert

NV

511,478

8,804

Industrivarden

AB,

Class

A

302,935

9,776

Industrivarden

AB,

Class

C^

335,859

126,869

Investor

AB,

Class

B

3,180,908

5,444

L

E

Lundbergforetagen

AB,

Class

B

294,893

166,799

M&G

plc

464,694

62,300

Mitsubishi

HC

Capital,

Inc.

434,228

44,818

Nexi

SpA*

284,165

86,400

ORIX

Corp.

1,889,324

1,204

Sofina

SA

269,859

15,913

Washington

H

Soul

Pattinson

&

Co.,

Ltd.

348,485

43,195

Wise

plc,

Class

A*

506,830

19,597

Worldline

SA*

242,591

13,768,996

Food

&

Staples

Retailing

(0.0%

†

):

2,004

Magnit

PJSC*(a)(b)

—

Food

Products

(2.6%):

35,200

Ajinomoto

Co.,

Inc.

1,314,138

24,914

Associated

British

Foods

plc

786,287

273

Barry

Callebaut

AG,

Registered

Shares

396,313

274,400

China

Huishan

Dairy

Holdings

Co.,

Ltd.*(a)

—

7

Chocoladefabriken

Lindt

&

Spruengli

AG

844,417

68

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

PC

813,620

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

47,157

Danone

SA

$

3,046,600

7,602

JDE

Peet's

NV

159,578

12,132

Kerry

Group

plc,

Class

A

1,041,087

50,500

Kikkoman

Corp.

648,105

32

Lotus

Bakeries

NV

308,941

16,904

MEIJI

Holdings

Co.,

Ltd.

368,856

31,757

Mowi

ASA

583,892

196,076

Nestle

SA,

Registered

Shares

20,822,895

15,300

Nissin

Foods

Holdings

Co.,

Ltd.

421,886

53,120

Orkla

ASA

374,923

4,854

Salmar

ASA

321,012

563,797

WH

Group,

Ltd.

372,083

145,100

Wilmar

International,

Ltd.

368,190

18,400

Yakult

Honsha

Co.,

Ltd.

375,876

33,368,699

Gas

Utilities

(0.3%):

89,389

APA

Group

490,070

18,899

Enagas

SA

280,818

838,135

Hong

Kong

&

China

Gas

Co.,

Ltd.

635,755

27,400

Osaka

Gas

Co.,

Ltd.

617,192

153,285

Snam

SpA

723,423

27,100

Tokyo

Gas

Co.,

Ltd.

617,352

3,364,610

Ground

Transportation

(0.6%):

139,342

Aurizon

Holdings,

Ltd.

363,365

57,700

Central

Japan

Railway

Co.

1,432,657

66,939

East

Japan

Railway

Co.

1,283,583

129,237

Grab

Holdings,

Ltd.*

405,804

16,800

Hankyu

Hanshin

Holdings,

Inc.

481,416

10,500

Keisei

Electric

Railway

Co.,

Ltd.

426,439

12,800

Kintetsu

Group

Holdings

Co.,

Ltd.

372,847

112,994

MTR

Corp.,

Ltd.

372,498

23,500

Odakyu

Electric

Railway

Co.,

Ltd.

323,804

14,300

Tobu

Railway

Co.,

Ltd.

357,342

35,300

Tokyu

Corp.

429,268

33,600

West

Japan

Railway

Co.

700,113

6,949,136

Health

Care

Equipment

&

Supplies

(2.0%):

36,453

Alcon,

Inc.

3,018,427

14,100

Asahi

Intecc

Co.,

Ltd.

247,233

3,108

BioMerieux

342,348

2,842

Carl

Zeiss

Meditec

AG,

Class

BR

355,020

4,749

Cochlear,

Ltd.

1,044,379

9,367

Coloplast

A/S,

Class

B

1,267,934

7,748

Demant

A/S*

386,343

1,912

DiaSorin

SpA

184,417

21,552

EssilorLuxottica

SA

4,887,196

43,974

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

673,634

17,368

Getinge

AB,

B

Shares

349,287

133

HLB,

Inc.*

10,841

25,900

Hoya

Corp.

3,242,641

55,444

Koninklijke

Philips

NV*

1,111,660

86,300

Olympus

Corp.

1,241,719

20,627

Siemens

Healthineers

AG*

1,262,103

65,734

Smith

&

Nephew

plc

831,065

3,793

Sonova

Holding

AG

1,098,008

8,247

Straumann

Holding

AG,

Class

R

1,316,654

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

149

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

37,500

Sysmex

Corp.

$

669,196

99,400

Terumo

Corp.

1,822,181

25,362,286

Health

Care

Providers

&

Services

(0.2%):

8,641

Amplifon

SpA

315,052

11,228

EBOS

Group,

Ltd.

229,656

15,701

Fresenius

Medical

Care

AG

603,763

30,247

Fresenius

SE

&

Co.

KGaA

815,635

13,523

Ramsay

Health

Care,

Ltd.

497,962

34,633

Sonic

Healthcare,

Ltd.

663,560

3,125,628

Health

Care

Technology

(0.0%

†

):

32,200

M3,

Inc.

464,090

Hotels,

Restaurants

&

Leisure

(1.7%):

13,933

Accor

SA

650,313

33,584

Amadeus

IT

Group

SA

2,153,517

41,237

Aristocrat

Leisure,

Ltd.

1,155,361

125,019

Compass

Group

plc

3,663,197

13,159

Delivery

Hero

SE*

376,357

48,536

Entain

plc

487,783

13,252

Evolution

AB

1,645,822

13,079

Flutter

Entertainment

plc*

2,582,972

164,000

Galaxy

Entertainment

Group,

Ltd.

824,419

437,457

Genting

Singapore,

Ltd.

286,351

12,080

InterContinental

Hotels

Group

plc

1,256,337

7,421

La

Francaise

des

Jeux

SAEM

302,436

169,008

Lottery

Corp.,

Ltd.

(The)

567,141

5,629

McDonald's

Holdings

Co.

Japan,

Ltd.

253,231

17,520

Meituan,

Class

W*

216,436

79,800

Oriental

Land

Co.,

Ltd.

2,556,540

184,732

Sands

China,

Ltd.*

520,995

6,718

Sodexo

SA

575,933

14,032

Whitbread

plc

587,649

7,400

Zensho

Holdings

Co.,

Ltd.

308,178

20,970,968

Household

Durables

(1.0%):

71,626

Barratt

Developments

plc

430,669

7,202

Berkeley

Group

Holdings

plc

433,002

11,900

Iida

Group

Holdings

Co.,

Ltd.

153,896

161,000

Panasonic

Holdings

Corp.

1,536,239

23,175

Persimmon

plc

384,443

1,891

SEB

SA

242,483

29,700

Sekisui

Chemical

Co.,

Ltd.

434,356

44,200

Sekisui

House,

Ltd.

1,005,510

16,000

Sharp

Corp.*

89,151

92,600

Sony

Group

Corp.

7,937,105

259,842

Taylor

Wimpey

plc

450,250

13,097,104

Household

Products

(0.4%):

44,516

Essity

AB,

Class

B^

1,057,403

7,943

Henkel

AG

&

Co.

KGaA

571,997

52,639

Reckitt

Benckiser

Group

plc

2,993,970

29,100

Unicharm

Corp.

926,205

5,549,575

Shares

Value

Common

Stocks,

continued

Independent

Power

and

Renewable

Electricity

Producers

(0.2%):

18,495

ACEN

Corp.

$

1,267

19,458

EDP

Renovaveis

SA

263,911

103,728

Meridian

Energy,

Ltd.

366,151

45,797

RWE

AG

1,554,030

2,185,359

Industrial

Conglomerates

(1.7%):

191,744

CK

Hutchison

Holdings,

Ltd.

927,013

7,191

DCC

plc

523,354

1,500

Hikari

Tsushin,

Inc.

281,877

67,820

Hitachi,

Ltd.

6,195,479

10,043

Investment

AB

Latour,

Class

B

263,890

6,600

Jardine

Cycle

&

Carriage,

Ltd.

118,201

12,100

Jardine

Matheson

Holdings,

Ltd.

451,196

111,400

Keppel,

Ltd.

606,400

17,272

Lifco

AB,

Class

B

450,519

56,119

Siemens

AG,

Registered

Shares

10,711,934

23,942

Smiths

Group

plc

496,617

21,026,480

Industrial

REITs

(0.4%):

267,083

CapitaLand

Ascendas

REIT

549,073

340

GLP

J-Reit

285,376

125,465

Goodman

Group

2,764,119

271,034

Mapletree

Logistics

Trust

293,248

184

Nippon

Prologis

REIT,

Inc.

327,937

93,922

Segro

plc

1,069,649

12,391

Warehouses

De

Pauw

CVA

353,363

5,642,765

Insurance

(5.1%):

18,341

Admiral

Group

plc

656,305

107,828

Aegon,

Ltd.

656,921

10,748

Ageas

SA/NV

497,768

832,800

AIA

Group,

Ltd.

5,589,055

28,766

Allianz

SE,

Registered

Shares+

8,619,558

11,400

ASR

Nederland

NV

558,032

75,218

Assicurazioni

Generali

SpA

1,904,357

202,847

Aviva

plc

1,272,745

133,045

AXA

SA

4,994,983

3,478

Baloise

Holding

AG,

Registered

Shares

544,935

69,900

Dai-ichi

Life

Holdings,

Inc.

1,783,836

15,186

Gjensidige

Forsikring

ASA

220,512

4,381

Hannover

Rueck

SE

1,198,837

2,522

Helvetia

Holding

AG,

Registered

Shares

347,642

172,232

Insurance

Australia

Group,

Ltd.

718,171

153,900

Japan

Post

Holdings

Co.,

Ltd.

1,549,382

15,600

Japan

Post

Insurance

Co.,

Ltd.

298,026

442,021

Legal

&

General

Group

plc

1,417,761

207,807

Medibank

Pvt,

Ltd.

509,070

94,833

MS&AD

Insurance

Group

Holdings,

Inc.

1,678,200

10,039

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Class

R

4,897,679

19,973

NN

Group

NV

923,747

56,342

Phoenix

Group

Holdings

plc

393,132

33,033

Poste

Italiane

SpA

413,518

200,742

Prudential

plc

1,887,901

108,221

QBE

Insurance

Group,

Ltd.

1,278,530

33,685

Sampo

Oyj,

A

Shares

1,435,830

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

150

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

65,775

Sompo

Holdings,

Inc.

$

1,379,014

90,654

Suncorp

Group,

Ltd.

968,444

2,121

Swiss

Life

Holding

AG

1,486,805

22,140

Swiss

Re

AG

2,846,745

36,036

T&D

Holdings,

Inc.

626,935

5,045

Talanx

AG

399,366

132,300

Tokio

Marine

Holdings,

Inc.

4,155,925

24,379

Tryg

A/S

501,938

10,824

Zurich

Insurance

Group

AG

5,837,063

64,448,668

Interactive

Media

&

Services

(0.3%):

19,843

Adevinta

ASA*

208,474

64,789

Auto

Trader

Group

plc

572,015

27,637

CAR

Group,

Ltd.

649,703

203,800

LY

Corp.

515,004

3,995

REA

Group,

Ltd.

482,783

5,263

Scout24

SE

396,632

25,003

SEEK,

Ltd.

408,121

3,760

VK

IPJSC,

GDR*(a)

—

9,068

Yandex

NV,

Class

A*(a)

—

3,232,732

Internet

&

Direct

Marketing

Retail

(0.0%

†

):

321

Ozon

Holdings

plc,

ADR*(a)(b)

—

IT

Services

(0.8%):

5,725

Bechtle

AG

302,484

11,452

Capgemini

SE

2,640,386

130,000

Fujitsu,

Ltd.

2,081,902

18,000

NEC

Corp.

1,309,871

27,538

Nomura

Research

Institute,

Ltd.

777,379

48,200

NTT

Data

Group

Corp.

766,114

5,300

Obic

Co.,

Ltd.

798,876

17,400

Otsuka

Corp.

369,147

10,400

SCSK

Corp.

192,865

15,700

TIS,

Inc.

336,117

3,857

Wix.com,

Ltd.*

530,260

10,105,401

Leisure

Products

(0.1%):

42,500

Bandai

Namco

Holdings,

Inc.

786,925

5,400

Shimano,

Inc.

806,455

10,700

Yamaha

Corp.

230,570

1,823,950

Life

Sciences

Tools

&

Services

(0.4%):

2,520

Bachem

Holding

AG^

241,366

10,204

Eurofins

Scientific

SE

649,729

5,415

Lonza

Group

AG,

Registered

Shares

3,242,720

16,594

QIAGEN

NV

709,506

2,016

Sartorius

Stedim

Biotech

574,424

5,417,745

Machinery

(3.0%):

20,659

Alfa

Laval

AB

812,234

22,536

Alstom

SA^

343,260

197,118

Atlas

Copco

AB,

Class

A

3,327,145

116,433

Atlas

Copco

AB,

Class

B

1,719,161

21,500

Daifuku

Co.,

Ltd.

515,797

Shares

Value

Common

Stocks,

continued

Machinery,

continued

39,603

Daimler

Truck

Holding

AG

$

2,005,887

47,096

Epiroc

AB,

Class

A

888,210

29,884

Epiroc

AB,

Class

B

506,196

69,100

FANUC

Corp.

1,932,907

12,696

GEA

Group

AG

536,710

7,700

Hitachi

Construction

Machinery

Co.,

Ltd.

232,530

7,500

Hoshizaki

Corp.

273,580

25,721

Husqvarna

AB,

B

Shares

220,157

20,933

Indutrade

AB

570,362

4,973

Knorr-Bremse

AG

376,074

67,600

Komatsu,

Ltd.

2,002,057

25,101

Kone

Oyj,

Class

B

1,167,395

73,500

Kubota

Corp.

1,170,537

16,200

Makita

Corp.

459,648

50,641

Metso

Oyj

600,798

27,100

MINEBEA

MITSUMI,

Inc.

531,295

21,600

MISUMI

Group,

Inc.

301,326

237,000

Mitsubishi

Heavy

Industries,

Ltd.

2,150,120

346

Rational

AG

298,158

77,223

Sandvik

AB

1,713,799

2,833

Schindler

Holding

AG,

Series

PC

713,407

1,644

Schindler

Holding

AG,

Registered

Shares

401,064

3,435,869

Seatrium,

Ltd.*

201,233

25,498

SKF

AB,

B

Shares^

519,838

4,200

SMC

Corp.

2,370,215

5,507

Spirax-Sarco

Engineering

plc

699,877

105,000

Techtronic

Industries

Co.,

Ltd.

1,423,588

10,700

Toyota

Industries

Corp.

1,118,669

1,943

VAT

Group

AG

1,005,090

15,205

Volvo

AB,

Class

A

418,794

111,383

Volvo

AB,

Class

B^

3,017,233

35,945

Wartsila

Oyj

Abp

545,957

18,000

Yaskawa

Electric

Corp.

765,773

37,856,081

Marine

Transportation

(0.3%):

228

AP

Moller

-

Maersk

A/S,

Class

A

291,421

305

AP

Moller

-

Maersk

A/S,

Class

B

396,634

29,100

Kawasaki

Kisen

Kaisha,

Ltd.

390,772

3,988

Kuehne

+

Nagel

International

AG,

Class

R

1,110,017

24,600

Mitsui

OSK

Lines,

Ltd.

749,595

34,100

Nippon

Yusen

KK

934,983

104,000

SITC

International

Holdings

Co.,

Ltd.

190,027

4,063,449

Media

(0.4%):

14,277

Dentsu

Group,

Inc.

395,561

102,708

Informa

plc

1,076,597

17,043

Publicis

Groupe

SA

1,857,074

48,554

Vivendi

SE

529,531

79,719

WPP

plc

754,284

4,613,047

Metals

&

Mining

(2.9%):

77,337

Alrosa

PAO*(a)(b)

—

93,239

Anglo

American

plc

2,303,495

29,973

Antofagasta

plc

773,594

38,457

ArcelorMittal

SA

1,056,368

372,067

BHP

Group,

Ltd.

10,742,513

30,911

BlueScope

Steel,

Ltd.

480,874

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

151

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

20,386

Boliden

AB

$

564,903

14,787

Endeavour

Mining

plc

300,834

125,551

Fortescue,

Ltd.

2,103,398

761,405

Glencore

plc

4,187,981

40,500

JFE

Holdings,

Inc.

669,957

12,769

Mineral

Resources,

Ltd.

590,889

1,857

MMC

Norilsk

Nickel

PJSC*(a)(b)

—

62,448

Nippon

Steel

Corp.

1,501,694

100,511

Norsk

Hydro

ASA

554,480

82,956

Northern

Star

Resources,

Ltd.

791,635

42,350

Novolipetsk

Steel

PJSC*(a)(b)

—

196,279

Pilbara

Minerals,

Ltd.^

491,810

1,026

Polyus

PJSC*(a)(b)

—

82,903

Rio

Tinto

plc

5,259,591

26,922

Rio

Tinto,

Ltd.

2,139,853

6,613

Severstal*(a)(b)

—

343,666

South32,

Ltd.

674,646

18,300

Sumitomo

Metal

Mining

Co.,

Ltd.

542,832

84,297

United

Co.

RUSAL

International

PJSC*(a)(b)

—

9,422

voestalpine

AG

264,346

35,995,693

Multi-Utilities

(0.8%):

388,862

Centrica

plc

626,085

163,379

E.ON

SE

2,270,579

133,163

Engie

SA

2,237,466

273,079

National

Grid

plc

3,673,113

70,800

Sembcorp

Industries,

Ltd.

283,309

49,815

Veolia

Environnement

SA

1,615,917

10,706,469

Office

REITs

(0.1%):

3,599

Covivio

SA

185,426

78,455

Dexus

405,360

3,301

Gecina

SA

336,926

100

Japan

Real

Estate

Investment

Corp.

356,581

111

Nippon

Building

Fund,

Inc.

444,405

1,728,698

Oil,

Gas

&

Consumable

Fuels

(4.0%):

21,578

Aker

BP

ASA

539,482

18,095

Ampol,

Ltd.

469,332

1,259,180

BP

plc

7,910,243

213,020

ENEOS

Holdings,

Inc.

1,025,611

159,819

Eni

SpA

2,533,588

66,738

Equinor

ASA

1,791,382

34,022

Galp

Energia

SGPS

SA

563,088

354,974

Gazprom

PJSC*(a)(b)

—

66,935

Idemitsu

Kosan

Co.,

Ltd.

458,773

72,800

Inpex

Corp.

1,109,435

12,219

LUKOIL

PJSC*(a)(b)

—

31,134

Neste

Oyj

843,932

27,220

Novatek

PJSC(a)(b)

—

11,220

OMV

AG

531,511

90,132

Repsol

SA

1,504,159

34,912

Rosneft

Oil

Co.

PJSC*(a)(b)

—

242,811

Santos,

Ltd.

1,226,113

477,528

Shell

plc

15,840,465

50

SK

Innovation

Co.,

Ltd.*

4,399

171,452

Surgutneftegas

PJSC*(a)(b)

—

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

199,091

Surgutneftegas

Prefernce*(a)(b)

$

—

43,241

Tatneft

PJSC*(a)(b)

—

159,257

TotalEnergies

SE

10,949,012

138,958

Woodside

Energy

Group,

Ltd.

2,775,176

50,075,701

Paper

&

Forest

Products

(0.3%):

5,857

Holmen

AB,

B

Shares

238,335

33,304

Mondi

plc

586,758

41,849

Stora

Enso

Oyj,

Class

R

581,900

46,553

Svenska

Cellulosa

AB

SCA,

Class

B^

714,797

39,139

UPM-Kymmene

Oyj

1,302,517

3,424,307

Passenger

Airlines

(0.1%):

12,100

ANA

Holdings,

Inc.

252,676

43,566

Deutsche

Lufthansa

AG,

Registered

Shares*

342,182

8,970

Japan

Airlines

Co.,

Ltd.

170,201

70,174

Qantas

Airways,

Ltd.*

249,440

105,850

Singapore

Airlines,

Ltd.^

502,426

1,516,925

Personal

Care

Products

(1.8%):

7,318

Beiersdorf

AG

1,065,319

496,065

Haleon

plc

2,081,427

34,500

Kao

Corp.

1,291,009

17,616

L'Oreal

SA

8,353,456

28,800

Shiseido

Co.,

Ltd.

787,392

184,236

Unilever

plc

9,249,744

22,828,347

Pharmaceuticals

(8.9%):

134,700

Astellas

Pharma,

Inc.

1,447,775

113,839

AstraZeneca

plc

15,324,292

72,551

Bayer

AG,

Registered

Shares

2,224,693

26

Celltrion

Pharm,

Inc.

2,003

48,600

Chugai

Pharmaceutical

Co.,

Ltd.

1,857,797

136,600

Daiichi

Sankyo

Co.,

Ltd.

4,342,217

19,200

Eisai

Co.,

Ltd.

791,050

300,941

GSK

plc

6,461,983

12,542

Hikma

Pharmaceuticals

plc

303,336

2,520

Ipsen

SA

299,494

2,373

Kangmei

Pharmaceutical

Co.*(a)

—

18,800

Kyowa

Kirin

Co.,

Ltd.

338,041

9,381

Merck

KGaA

1,655,409

150,525

Novartis

AG,

Registered

Shares

14,579,920

239,651

Novo

Nordisk

A/S,

Class

B

30,703,867

26,500

Ono

Pharmaceutical

Co.,

Ltd.

434,384

7,694

Orion

Oyj,

Class

B

286,831

30,700

Otsuka

Holdings

Co.,

Ltd.

1,273,370

7,789

Recordati

Industria

Chimica

e

Farmaceutica

SpA

430,406

51,594

Roche

Holding

AG

13,172,944

2,343

Roche

Holding

AG,

Class

BR

630,763

30,290

Sandoz

Group

AG*

913,841

83,903

Sanofi

SA

8,231,214

17,500

Shionogi

&

Co.,

Ltd.

896,243

115,473

Takeda

Pharmaceutical

Co.,

Ltd.

3,209,691

83,515

Teva

Pharmaceutical

Industries,

Ltd.,

ADR*

1,178,397

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

152

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

9,010

UCB

SA

$

1,111,075

112,101,036

Professional

Services

(1.7%):

12,350

Adecco

Group

AG

488,331

22,303

Bureau

Veritas

SA

679,711

37,505

Computershare,

Ltd.

638,100

67,941

Experian

plc

2,965,432

11,261

Intertek

Group

plc

709,432

8,049

Randstad

NV

424,445

105,800

Recruit

Holdings

Co.,

Ltd.

4,661,324

138,209

RELX

plc

5,970,667

11,225

SGS

SA,

Registered

Shares

1,089,040

4,352

Teleperformance

SE

421,954

18,303

Wolters

Kluwer

NV

2,866,015

20,914,451

Real

Estate

Management

&

Development

(1.2%):

2,755

Azrieli

Group,

Ltd.

198,879

199,200

CapitaLand

Investment,

Ltd.

396,277

60,000

China

Evergrande

Group*

1,250

33,900

City

Developments,

Ltd.

147,217

149,244

CK

Asset

Holdings,

Ltd.

614,833

4,100

Daito

Trust

Construction

Co.,

Ltd.

467,465

44,100

Daiwa

House

Industry

Co.,

Ltd.

1,311,887

115,000

ESR

Group,

Ltd.

123,175

47,911

Fastighets

AB

Balder,

B

Shares*

351,488

128,000

Hang

Lung

Properties,

Ltd.

131,402

109,956

Henderson

Land

Development

Co.,

Ltd.

313,871

78,000

Hongkong

Land

Holdings,

Ltd.

239,510

29,800

Hulic

Co.,

Ltd.

305,986

5,255

LEG

Immobilien

SE*

451,032

82,100

Mitsubishi

Estate

Co.,

Ltd.

1,493,659

195,300

Mitsui

Fudosan

Co.,

Ltd.

2,104,597

7,100

Nomura

Real

Estate

Holdings,

Inc.

200,782

13,919

Sagax

AB,

Class

B

366,647

41,676

Shimao

Group

Holdings,

Ltd.*

2,503

242,601

Sino

Land

Co.,

Ltd.

252,197

20,700

Sumitomo

Realty

&

Development

Co.,

Ltd.

770,928

106,000

Sun

Hung

Kai

Properties,

Ltd.

1,021,434

81,000

Sunac

China

Holdings,

Ltd.*

11,594

33,964

Swire

Pacific,

Ltd.,

Class

A

279,682

96,400

Swire

Properties,

Ltd.

202,799

5,841

Swiss

Prime

Site

AG,

Registered

Shares

550,865

53,584

Vonovia

SE

1,584,498

81,931

Wharf

Holdings,

Ltd.

(The)

269,295

127,300

Wharf

Real

Estate

Investment

Co.,

Ltd.

414,664

14,580,416

Retail

REITs

(0.3%):

404,713

CapitaLand

Integrated

Commercial

Trust

594,981

507

Japan

Metropolitan

Fund

Invest

316,120

15,038

Klepierre

SA

389,235

193,120

Link

REIT

831,858

182,400

Mapletree

Pan

Asia

Commercial

Trust

173,306

394,258

Scentre

Group

873,253

8,677

Unibail-Rodamco-Westfield*

696,954

293,814

Vicinity,

Ltd.

407,806

4,283,513

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment

(4.4%):

55,800

Advantest

Corp.

$

2,493,984

3,412

ASM

International

NV

2,078,324

29,605

ASML

Holding

NV

28,419,360

5,686

BE

Semiconductor

Industries

NV

868,028

6,800

Disco

Corp.

2,498,675

97,007

Infineon

Technologies

AG

3,297,370

5,400

Lasertec

Corp.

1,531,636

109,200

Renesas

Electronics

Corp.*

1,954,758

22,900

Rohm

Co.,

Ltd.

365,432

6,100

SCREEN

Holdings

Co.,

Ltd.

793,678

49,550

STMicroelectronics

NV

2,132,649

24,700

SUMCO

Corp.

390,984

34,500

Tokyo

Electron,

Ltd.

9,048,801

55,873,679

Software

(2.0%):

6,825

Check

Point

Software

Technologies,

Ltd.*

1,119,368

3,107

CyberArk

Software,

Ltd.*

825,312

49,664

Dassault

Systemes

SE

2,196,397

2,049

Monday.com,

Ltd.*

462,808

4,385

Nemetschek

SE

433,852

4,819

Nice,

Ltd.*

1,256,687

2,800

Oracle

Corp.

Japan

210,465

75,122

Sage

Group

plc

(The)

1,199,486

76,685

SAP

SE

14,927,999

4,270

Temenos

AG,

Registered

Shares

305,867

9,900

Trend

Micro,

Inc.

503,611

11,856

WiseTech

Global,

Ltd.

725,836

10,307

Xero,

Ltd.*

895,434

25,063,122

Specialty

Retail

(0.9%):

7,852

Avolta

AG*

326,755

12,700

Fast

Retailing

Co.,

Ltd.

3,936,169

48,182

H

&

M

Hennes

&

Mauritz

AB,

Class

B^

787,601

79,276

Industria

de

Diseno

Textil

SA

3,991,541

187,657

JD

Sports

Fashion

plc

318,101

146,299

Kingfisher

plc

460,072

5,700

Nitori

Holdings

Co.,

Ltd.

859,342

33,200

USS

Co.,

Ltd.

274,456

16,114

Zalando

SE*

460,464

10,300

ZOZO,

Inc.

255,645

11,670,146

Technology

Hardware,

Storage

&

Peripherals

(0.5%):

17,600

Brother

Industries,

Ltd.

327,102

73,700

Canon,

Inc.

2,194,185

82,800

FUJIFILM

Holdings

Corp.

1,860,315

12,355

Logitech

International

SA,

Class

R

1,105,794

37,500

Ricoh

Co.,

Ltd.

333,963

19,800

Seiko

Epson

Corp.

345,902

6,167,261

Textiles,

Apparel

&

Luxury

Goods

(3.1%):

11,824

adidas

AG

2,640,796

25,324

Burberry

Group

plc

388,429

39,363

Cie

Financiere

Richemont

SA,

Registered

Shares

6,022,526

2,316

FF

Group*(a)

—

2,330

Hermes

International

SCA

5,972,456

5,522

Kering

SA

2,182,350

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

153

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Textiles,

Apparel

&

Luxury

Goods,

continued

20,278

LVMH

Moet

Hennessy

Louis

Vuitton

SE

$

18,337,664

15,560

Moncler

SpA

1,160,764

6,097

Pandora

A/S

984,991

8,021

Puma

SE

363,536

3,854

Swatch

Group

AG

(The)

174,770

2,177

Swatch

Group

AG

(The),

Class

BR

505,241

38,733,523

Tobacco

(0.7%):

148,162

British

American

Tobacco

plc

4,502,458

61,196

Imperial

Brands

plc

1,367,943

89,000

Japan

Tobacco,

Inc.

2,372,857

8,243,258

Trading

Companies

&

Distributors

(2.1%):

14,814

AerCap

Holdings

NV*

1,287,485

31,695

Ashtead

Group

plc

2,252,458

26,827

Beijer

Ref

AB^

397,831

10,002

Brenntag

SE

842,426

24,203

Bunzl

plc

931,834

4,318

IMCD

NV

760,892

86,600

ITOCHU

Corp.

3,714,062

106,000

Marubeni

Corp.

1,836,136

252,700

Mitsubishi

Corp.

5,837,063

94,900

Mitsui

&

Co.,

Ltd.

4,434,566

18,500

MonotaRO

Co.,

Ltd.

222,165

15,779

Reece,

Ltd.

289,220

16,836

Rexel

SA

454,280

12,214

Seven

Group

Holdings,

Ltd.

324,626

77,400

Sumitomo

Corp.

1,863,781

15,200

Toyota

Tsusho

Corp.

1,043,642

26,492,467

Transportation

Infrastructure

(0.3%):

5,358

Aena

SME

SA

1,054,597

2,687

Aeroports

de

Paris

SA

368,093

93,695

Auckland

International

Airport,

Ltd.

466,733

24,800

Getlink

SE

422,052

227,938

Transurban

Group

1,981,027

4,292,502

Water

Utilities

(0.1%):

18,968

Severn

Trent

plc

591,777

51,908

United

Utilities

Group

plc

674,806

1,266,583

Wireless

Telecommunication

Services

(1.0%):

109,200

KDDI

Corp.

3,229,248

29,884

Mobile

TeleSystems

PJSC*(a)(b)

—

211,200

SoftBank

Corp.

2,712,713

75,500

SoftBank

Group

Corp.

4,512,484

39,884

Tele2

AB,

B

Shares

327,592

1,698,407

Vodafone

Group

plc

1,503,471

12,285,508

Total

Common

Stocks

(Cost

$738,697,961)

1,235,979,516

Shares

Value

Preferred

Stocks

(0.5%):

Automobiles

(0.3%):

4,531

Bayerische

Motoren

Werke

AG,

8.57%,

5/15/20

$

485,771

8,108

Dr

Ing

hc

F

Porsche

AG,

1.09%

806,988

11,435

Porsche

Automobil

Holding

SE,

5.21%,

5/20/20

606,058

14,920

Volkswagen

AG,

7.13%,

5/8/20

1,978,485

3,877,302

Household

Products

(0.1%):

12,610

Henkel

AG

&

Co.

KGaA,

2.48%,

4/21/20

1,013,293

Life

Sciences

Tools

&

Services

(0.1%):

1,990

Sartorius

AG,

0.39%

791,329

Total

Preferred

Stocks

(Cost

$4,523,508)

5,681,924

Affiliated

Investment

Company

(1.2%):

Money

Market

(1.2%):

15,120,369

BlackRock

Liquidity

FedFund,

Institutional

Class+(c)

(d)

15,120,369

Total

Affiliated

Investment

Company

(Cost

$15,120,369)

15,120,369

Unaffiliated

Investment

Company

(0.0%

†

):

Money

Markets

(0.0%

†

):

31

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.19%(d)

31

Total

Unaffiliated

Investment

Company

(Cost

$31)

31

Total

Investment

Securities

(Cost

$758,341,869)

—

99.8%

1,256,781,840

Net

other

assets

(liabilities)

—

0.2%

2,541,549

Net

Assets

—

100.0%

$

1,259,323,389

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

154

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024

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

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$13,308,471.

+

Affiliated

Securities

†

Represents

less

than

0.05%.

*

Non-income

producing

security.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

March

31,

2024.

(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

March

31,

2024.

(d)

The

rate

represents

the

effective

yield

at

March

31,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

155

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

March

31,

2024:

(Unaudited)

Country

Percentage

Australia

7.0‌%

Austria

0.2‌%

Belgium

0.8‌%

Chile

0.1‌%

China

—‌%

†

Cyprus

—‌%

†

Denmark

3.6‌%

Finland

1.0‌%

France

11.6‌%

Germany

8.5‌%

Greece

—‌%

†

Hong

Kong

1.9‌%

Ireland

1.4‌%

Israel

0.7‌%

Italy

2.3‌%

Japan

23.3‌%

Jordan

—‌%

†

Luxembourg

0.2‌%

Macau

—‌%

†

Netherlands

5.3‌%

New

Zealand

0.2‌%

Norway

0.6‌%

Philippines

—‌%

†

Portugal

0.2‌%

Republic

of

Korea

(South)

—‌%

†

Russia

—‌%

†

Russian

Federation

—‌%

†

Singapore

1.3‌%

Spain

2.7‌%

Sweden

3.0‌%

Switzerland

9.9‌%

Taiwan,

Province

Of

China

—‌%

†

Turkey

—‌%

†

United

Kingdom

13.0‌%

United

States

1.2‌%

100.0‌%

†

Represents

less

than

0.05%.

Futures

Contracts

At

March

31,

2024,

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

June

Futures

(Australian

Dollar)

6/20/24

13

$

1,683,524‌

$

29,088‌

DJ

EURO

STOXX

50

June

Futures

(Euro)

6/21/24

89

4,843,426‌

67,526‌

FTSE

100

Index

June

Futures

(British

Pounds)

6/21/24

30

3,024,001‌

50,057‌

SGX

NIKKEI

225

Index

June

Futures

(Japenese

Yen)

6/13/24

22

2,919,695‌

45,928‌

$

192,599‌

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

156

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(100.1%):

Aerospace

&

Defense

(1.3%):

28,171

BWX

Technologies,

Inc.

$

2,890,908

11,670

Curtiss-Wright

Corp.

2,986,820

25,769

Hexcel

Corp.

1,877,272

18,621

Woodward,

Inc.

2,869,868

10,624,868

Air

Freight

&

Logistics

(0.2%):

37,188

GXO

Logistics,

Inc.*

1,999,227

Automobile

Components

(1.4%):

28,529

Adient

plc*

939,174

22,904

Autoliv

,

Inc.

2,758,329

13,054

Fox

Factory

Holding

Corp.*

679,722

71,341

Gentex

Corp.

2,576,837

88,789

Goodyear

Tire

&

Rubber

Co.

(The)*

1,219,073

17,950

Lear

Corp.

2,600,596

8,623

Visteon

Corp.*

1,014,151

11,787,882

Automobiles

(0.4%):

39,333

Harley-Davidson,

Inc.

1,720,425

16,597

Thor

Industries,

Inc.

1,947,492

3,667,917

Banks

(5.4%):

45,474

Associated

Banc-Corp.

978,146

33,673

Bank

OZK

1,530,775

56,774

Cadence

Bank

1,646,446

65,944

Columbia

Banking

System,

Inc.

1,276,016

36,477

Commerce

Bancshares,

Inc.

1,940,576

20,063

Cullen/Frost

Bankers,

Inc.

2,258,492

44,306

East

West

Bancorp,

Inc.

3,505,048

38,690

First

Financial

Bankshares

,

Inc.

1,269,419

173,657

First

Horizon

Corp.

2,674,318

114,568

FNB

Corp.

1,615,409

34,015

Glacier

Bancorp,

Inc.

1,370,124

26,681

Hancock

Whitney

Corp.

1,228,393

56,857

Home

BancShares

,

Inc.

1,396,976

15,753

International

Bancshares

Corp.

884,373

219,130

New

York

Community

Bancorp,

Inc.

705,599

93,898

Old

National

Bancorp

1,634,764

24,119

Pinnacle

Financial

Partners,

Inc.

2,071,340

29,269

Prosperity

Bancshares,

Inc.

1,925,315

24,046

SouthState

Corp.

2,044,631

46,836

Synovus

Financial

Corp.

1,876,250

14,050

Texas

Capital

Bancshares,

Inc.*

864,777

13,627

UMB

Financial

Corp.

1,185,413

41,473

United

Bankshares

,

Inc.

1,484,319

135,661

Valley

National

Bancorp

1,079,862

54,691

Webster

Financial

Corp.

2,776,662

19,731

Wintrust

Financial

Corp.

2,059,719

46,225

Zions

Bancorp

NA

2,006,165

45,289,327

Beverages

(0.7%):

2,890

Boston

Beer

Co.,

Inc.

(The),

Class

A*

879,774

45,953

Celsius

Holdings,

Inc.*

3,810,422

Shares

Value

Common

Stocks,

continued

Beverages,

continued

1,480

Coca-Cola

Consolidated,

Inc.

$

1,252,687

5,942,883

Biotechnology

(1.9%):

38,641

Arrowhead

Pharmaceuticals,

Inc.*

1,105,133

30,290

Cytokinetics,

Inc.*

2,123,632

93,573

Exelixis

,

Inc.*

2,220,487

41,272

Halozyme

Therapeutics,

Inc.*

1,678,945

30,962

Neurocrine

Biosciences,

Inc.*

4,270,279

104,757

Roivant

Sciences,

Ltd.*

1,104,139

14,589

United

Therapeutics

Corp.*

3,351,385

15,854,000

Broadline

Retail

(0.5%):

85,983

Macy's,

Inc.

1,718,800

30,223

Nordstrom,

Inc.

612,620

18,665

Ollie's

Bargain

Outlet

Holdings,

Inc.*

1,485,174

3,816,594

Building

Products

(3.7%):

21,182

Advanced

Drainage

Systems,

Inc.

3,648,388

15,076

Carlisle

Cos.,

Inc.

5,907,530

39,337

Fortune

Brands

Innovations,

Inc.

3,330,664

9,998

Lennox

International,

Inc.

4,886,622

27,671

Owens

Corning

4,615,523

13,278

Simpson

Manufacturing

Co.,

Inc.

2,724,380

33,487

Trex

Co.,

Inc.*

3,340,328

19,386

UFP

Industries,

Inc.

2,384,672

30,838,107

Capital

Markets

(3.0%):

10,939

Affiliated

Managers

Group,

Inc.

1,831,954

68,797

Carlyle

Group,

Inc.

(The)

3,227,267

11,240

Evercore

,

Inc.

2,164,712

24,945

Federated

Hermes,

Inc.

901,013

16,466

Houlihan

Lokey

,

Inc.

2,110,777

33,463

Interactive

Brokers

Group,

Inc.

3,738,152

41,918

Janus

Henderson

Group

plc

1,378,683

55,152

Jefferies

Financial

Group,

Inc.

2,432,203

7,894

Morningstar,

Inc.

2,434,273

30,528

SEI

Investments

Co.

2,194,963

32,816

Stifel

Financial

Corp.

2,565,227

24,979,224

Chemicals

(2.4%):

319,162

Arcadium

Lithium

plc*

1,375,588

15,364

Ashland,

Inc.

1,495,993

27,977

Avient

Corp.

1,214,202

68,130

Axalta

Coating

Systems,

Ltd.*

2,342,991

17,288

Cabot

Corp.

1,593,953

46,774

Chemours

Co.

(The)

1,228,285

2,126

NewMarket

Corp.

1,349,202

37,596

Olin

Corp.

2,210,645

40,102

RPM

International,

Inc.

4,770,133

12,883

Scotts

Miracle-

Gro

Co.

(The)

960,943

10,500

Westlake

Corp.

1,604,400

20,146,335

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

157

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies

(1.3%):

14,327

Brink's

Co.

(The)

$

1,323,528

15,933

Clean

Harbors,

Inc.*

3,207,472

11,383

MSA

Safety,

Inc.

2,203,635

28,260

Stericycle,

Inc.*

1,490,715

16,628

Tetra

Tech,

Inc.

3,071,358

11,296,708

Communications

Equipment

(0.4%):

44,939

Ciena

Corp.*

2,222,234

21,209

Lumentum

Holdings,

Inc.*

1,004,246

3,226,480

Construction

&

Engineering

(2.4%):

42,512

AECOM

4,169,577

11,030

Comfort

Systems

USA,

Inc.

3,504,341

14,587

EMCOR

Group,

Inc.

5,108,367

53,592

Fluor

Corp.*

2,265,870

18,636

MasTec

,

Inc.*

1,737,807

63,673

MDU

Resources

Group,

Inc.

1,604,560

6,414

Valmont

Industries,

Inc.

1,464,188

19,854,710

Construction

Materials

(0.5%):

10,697

Eagle

Materials,

Inc.

2,906,910

17,662

Knife

River

Corp.*

1,432,035

4,338,945

Consumer

Finance

(0.8%):

86,272

Ally

Financial,

Inc.

3,501,780

12,124

FirstCash

Holdings,

Inc.

1,546,295

72,715

SLM

Corp.

1,584,460

6,632,535

Consumer

Staples

Distribution

&

Retail

(1.7%):

11,474

Casey's

General

Stores,

Inc.

3,653,895

28,839

Grocery

Outlet

Holding

Corp.*

829,986

48,556

Performance

Food

Group

Co.*

3,624,220

31,274

Sprouts

Farmers

Market,

Inc.*

2,016,548

70,611

US

Foods

Holding

Corp.*

3,810,876

13,935,525

Containers

&

Packaging

(1.7%):

20,482

AptarGroup,

Inc.

2,947,155

36,364

Berry

Global

Group,

Inc.

2,199,295

37,251

Crown

Holdings,

Inc.

2,952,514

95,633

Graphic

Packaging

Holding

Co.

2,790,571

8,003

Greif,

Inc.,

Class

A

552,607

25,176

Silgan

Holdings,

Inc.

1,222,546

30,920

Sonoco

Products

Co.

1,788,413

14,453,101

Diversified

Consumer

Services

(0.9%):

1,108

Graham

Holdings

Co.,

Class

B

850,589

8,776

Grand

Canyon

Education,

Inc.*

1,195,379

43,626

H&R

Block,

Inc.

2,142,473

46,341

Service

Corp.

International

3,438,966

7,627,407

Diversified

REITs

(0.5%):

68,331

WP

Carey,

Inc.

3,856,602

Shares

Value

Common

Stocks,

continued

Diversified

Telecommunication

Services

(0.3%):

68,275

Frontier

Communications

Parent,

Inc.*

$

1,672,738

38,559

Iridium

Communications,

Inc.

1,008,703

2,681,441

Electric

Utilities

(0.8%):

17,463

ALLETE,

Inc.

1,041,493

15,238

IDACORP,

Inc.

1,415,458

64,702

OGE

Energy

Corp.

2,219,279

26,579

PNM

Resources,

Inc.

1,000,433

32,649

Portland

General

Electric

Co.

1,371,258

7,047,921

Electrical

Equipment

(1.5%):

9,477

Acuity

Brands,

Inc.

2,546,754

12,372

EnerSys

1,168,659

51,617

nVent

Electric

plc

3,891,922

20,582

Regal

Rexnord

Corp.

3,706,818

46,698

Sensata

Technologies

Holding

plc

1,715,685

13,029,838

Electronic

Equipment,

Instruments

&

Components

(2.4%):

16,843

Arrow

Electronics,

Inc.*

2,180,495

29,095

Avnet,

Inc.

1,442,530

12,931

Belden,

Inc.

1,197,540

52,567

Cognex

Corp.

2,229,892

40,828

Coherent

Corp.*

2,474,993

14,957

Crane

NXT

Co.

925,838

8,857

IPG

Photonics

Corp.*

803,241

7,628

Littelfuse

,

Inc.

1,848,646

10,919

Novanta

,

Inc.*

1,908,314

18,155

TD

SYNNEX

Corp.

2,053,330

39,145

Vishay

Intertechnology

,

Inc.

887,809

47,924

Vontier

Corp.

2,173,833

20,126,461

Energy

Equipment

&

Services

(1.0%):

59,366

ChampionX

Corp.

2,130,646

122,255

NOV,

Inc.

2,386,417

18,923

Valaris

,

Ltd.*

1,424,145

22,514

Weatherford

International

plc*

2,598,566

8,539,774

Entertainment

(0.2%):

18,566

TKO

Group

Holdings,

Inc.

1,604,288

Financial

Services

(1.7%):

37,766

Equitable

Holdings,

Inc.

1,435,486

32,875

Essent

Group,

Ltd.

1,956,391

13,820

Euronet

Worldwide,

Inc.*

1,519,233

83,885

MGIC

Investment

Corp.

1,875,668

34,877

Voya

Financial,

Inc.

2,578,108

102,250

Western

Union

Co.

(The)

1,429,455

13,332

WEX,

Inc.*

3,166,750

13,961,091

Food

Products

(1.1%):

49,774

Darling

Ingredients,

Inc.*

2,314,989

60,181

Flowers

Foods,

Inc.

1,429,299

20,731

Ingredion,

Inc.

2,422,417

6,180

Lancaster

Colony

Corp.

1,283,153

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

158

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

12,482

Pilgrim's

Pride

Corp.*

$

428,382

15,705

Post

Holdings,

Inc.*

1,669,128

9,547,368

Gas

Utilities

(1.0%):

28,154

National

Fuel

Gas

Co.

1,512,433

30,457

New

Jersey

Resources

Corp.

1,306,910

16,950

ONE

Gas,

Inc.

1,093,784

18,762

Southwest

Gas

Holdings,

Inc.

1,428,351

16,639

Spire,

Inc.

1,021,135

66,841

UGI

Corp.

1,640,278

8,002,891

Ground

Transportation

(2.1%):

5,702

Avis

Budget

Group,

Inc.

698,267

40,105

Hertz

Global

Holdings,

Inc.*

314,022

50,398

Knight-Swift

Transportation

Holdings,

Inc.

2,772,898

11,028

Landstar

System,

Inc.

2,125,757

14,071

Ryder

System,

Inc.

1,691,194

8,249

Saia,

Inc.*

4,825,665

17,090

Werner

Enterprises,

Inc.

668,561

36,065

XPO,

Inc.*

4,401,012

17,497,376

Health

Care

Equipment

&

Supplies

(2.2%):

15,171

Enovis

Corp.*

947,429

53,229

Envista

Holdings

Corp.*

1,138,036

35,728

Globus

Medical,

Inc.*

1,916,450

15,668

Haemonetics

Corp.*

1,337,264

20,810

Integra

LifeSciences

Holdings

Corp.*

737,715

21,418

Lantheus

Holdings,

Inc.*

1,333,056

16,700

LivaNova

plc*

934,198

13,768

Masimo

Corp.*

2,021,831

61,171

Neogen

Corp.*

965,278

11,963

Penumbra,

Inc.*

2,669,902

15,174

QuidelOrtho

Corp.*

727,442

11,443

Shockwave

Medical,

Inc.*

3,726,184

18,454,785

Health

Care

Providers

&

Services

(2.1%):

28,659

Acadia

Healthcare

Co.,

Inc.*

2,270,366

9,581

Amedisys

,

Inc.*

882,985

4,604

Chemed

Corp.

2,955,446

30,882

Encompass

Health

Corp.

2,550,236

26,597

HealthEquity

,

Inc.*

2,171,113

55,145

Option

Care

Health,

Inc.*

1,849,563

25,263

Progyny

,

Inc.*

963,783

61,373

R1

RCM,

Inc.*

790,484

31,691

Tenet

Healthcare

Corp.*

3,331,041

17,765,017

Health

Care

REITs

(0.6%):

117,922

Healthcare

Realty

Trust,

Inc.

1,668,596

76,034

Omega

Healthcare

Investors,

Inc.

2,407,997

71,786

Sabra

Health

Care

REIT,

Inc.

1,060,279

5,136,872

Health

Care

Technology

(0.1%):

38,112

Doximity

,

Inc.,

Class

A*

1,025,594

Shares

Value

Common

Stocks,

continued

Hotel

&

Resort

REITs

(0.1%):

66,246

Park

Hotels

&

Resorts,

Inc.

$

1,158,643

Hotels,

Restaurants

&

Leisure

(3.6%):

81,966

Aramark

2,665,534

22,051

Boyd

Gaming

Corp.

1,484,473

7,510

Choice

Hotels

International,

Inc.^

948,888

21,044

Churchill

Downs,

Inc.

2,604,195

22,074

Hilton

Grand

Vacations,

Inc.*

1,042,114

13,696

Hyatt

Hotels

Corp.,

Class

A

2,186,156

27,938

Light

&

Wonder,

Inc.*

2,852,190

10,180

Marriott

Vacations

Worldwide

Corp.

1,096,691

45,514

Penn

Entertainment,

Inc.*

828,810

26,764

Planet

Fitness,

Inc.,

Class

A*

1,676,229

20,897

Texas

Roadhouse,

Inc.

3,227,960

22,850

Travel

+

Leisure

Co.

1,118,736

11,789

Vail

Resorts,

Inc.

2,626,943

52,496

Wendy's

Co.

(The)

989,025

9,109

Wingstop

,

Inc.

3,337,538

25,885

Wyndham

Hotels

&

Resorts,

Inc.

1,986,674

30,672,156

Household

Durables

(2.2%):

7,308

Helen

of

Troy,

Ltd.*

842,174

22,921

KB

Home

1,624,641

40,975

Leggett

&

Platt,

Inc.

784,671

33,321

Taylor

Morrison

Home

Corp.*

2,071,567

53,738

Tempur

Sealy

International,

Inc.

3,053,393

32,340

Toll

Brothers,

Inc.

4,183,826

9,829

TopBuild

Corp.*

4,331,935

17,202

Whirlpool

Corp.

2,057,875

18,950,082

Household

Products

(0.4%):

41,059

BJ's

Wholesale

Club

Holdings,

Inc.*

3,106,113

Independent

Power

and

Renewable

Electricity

Producers

(1.0%):

16,253

Ormat

Technologies,

Inc.

1,075,786

104,557

Vistra

Corp.

7,282,395

8,358,181

Industrial

REITs

(1.2%):

14,545

EastGroup

Properties,

Inc.

2,614,755

40,863

First

Industrial

Realty

Trust,

Inc.

2,146,942

65,224

Rexford

Industrial

Realty,

Inc.

3,280,767

56,574

STAG

Industrial,

Inc.

2,174,704

10,217,168

Insurance

(4.7%):

20,564

American

Financial

Group,

Inc.

2,806,575

20,755

Brighthouse

Financial,

Inc.*

1,069,713

35,096

CNO

Financial

Group,

Inc.

964,438

7,730

Erie

Indemnity

Co.,

Class

A

3,104,136

60,453

Fidelity

National

Financial,

Inc.

3,210,054

32,022

First

American

Financial

Corp.

1,954,943

11,365

Hanover

Insurance

Group,

Inc.

(The)

1,547,572

18,902

Kemper

Corp.

1,170,412

6,819

Kinsale

Capital

Group,

Inc.

3,578,202

82,753

Old

Republic

International

Corp.

2,542,172

11,432

Primerica,

Inc.

2,891,839

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

159

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

21,155

Reinsurance

Group

of

America,

Inc.

$

4,080,376

16,426

RenaissanceRe

Holdings,

Ltd.

3,860,603

12,251

RLI

Corp.

1,818,906

19,075

Selective

Insurance

Group,

Inc.

2,082,418

49,023

Unum

Group

2,630,574

39,312,933

Interactive

Media

&

Services

(0.3%):

13,752

Ziff

Davis,

Inc.*

866,926

92,924

ZoomInfo

Technologies,

Inc.*

1,489,572

2,356,498

IT

Services

(0.8%):

44,043

GoDaddy

,

Inc.,

Class

A*

5,227,023

72,476

Kyndryl

Holdings,

Inc.*

1,577,078

6,804,101

Leisure

Products

(0.8%):

21,340

Brunswick

Corp.

2,059,737

108,851

Mattel,

Inc.*

2,156,338

16,497

Polaris,

Inc.

1,651,680

26,999

YETI

Holdings,

Inc.*

1,040,811

6,908,566

Life

Sciences

Tools

&

Services

(1.2%):

17,506

Azenta

,

Inc.*

1,055,262

28,815

Bruker

Corp.

2,706,881

7,283

Medpace

Holdings,

Inc.*

2,943,424

16,108

Repligen

Corp.*

2,962,583

38,751

Sotera

Health

Co.*

465,400

10,133,550

Machinery

(4.9%):

19,386

AGCO

Corp.

2,384,866

12,965

Chart

Industries,

Inc.*

2,135,595

15,001

Crane

Co.

2,027,085

36,516

Donaldson

Co.,

Inc.

2,727,015

17,483

Esab

Corp.

1,933,095

40,665

Flowserve

Corp.

1,857,577

51,956

Graco

,

Inc.

4,855,808

25,444

ITT,

Inc.

3,461,147

17,864

Lincoln

Electric

Holdings,

Inc.

4,563,180

16,576

Middleby

Corp.

(The)*

2,665,255

20,410

Oshkosh

Corp.

2,545,331

8,939

RBC

Bearings,

Inc.*

2,416,659

20,905

Terex

Corp.

1,346,282

20,162

Timken

Co.

(The)

1,762,764

32,321

Toro

Co.

(The)

2,961,573

8,247

Watts

Water

Technologies,

Inc.,

Class

A

1,752,900

41,396,132

Marine

Transportation

(0.2%):

18,050

Kirby

Corp.*

1,720,526

Media

(0.6%):

1,380

Cable

One,

Inc.

583,919

50,512

New

York

Times

Co.

(The),

Class

A

2,183,129

10,302

Nexstar

Media

Group,

Inc.

1,774,932

61,099

TEGNA,

Inc.

912,819

5,454,799

Shares

Value

Common

Stocks,

continued

Metals

&

Mining

(2.3%):

55,736

Alcoa

Corp.

$

1,883,320

155,287

Cleveland-Cliffs,

Inc.*

3,531,226

36,119

Commercial

Metals

Co.

2,122,714

44,694

MP

Materials

Corp.*

639,124

17,923

Reliance,

Inc.

5,989,508

20,309

Royal

Gold,

Inc.

2,473,839

69,421

United

States

Steel

Corp.

2,830,988

19,470,719

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.6%):

158,948

Annaly

Capital

Management,

Inc.

3,129,686

99,493

Starwood

Property

Trust,

Inc.

2,022,693

5,152,379

Multi-Utilities

(0.2%):

21,796

Black

Hills

Corp.

1,190,062

17,723

Northwestern

Energy

Group,

Inc.

902,632

2,092,694

Office

REITs

(0.5%):

31,876

COPT

Defense

Properties

770,443

46,018

Cousins

Properties,

Inc.

1,106,273

33,502

Kilroy

Realty

Corp.

1,220,478

50,343

Vornado

Realty

Trust

1,448,368

4,545,562

Oil,

Gas

&

Consumable

Fuels

(4.4%):

105,574

Antero

Midstream

Corp.

1,484,370

87,047

Antero

Resources

Corp.*

2,524,363

34,484

Chesapeake

Energy

Corp.

3,063,214

12,923

Chord

Energy

Corp.

2,303,396

26,832

Civitas

Resources,

Inc.

2,036,817

45,240

CNX

Resources

Corp.*

1,073,093

29,173

DT

Midstream,

Inc.

1,782,470

135,391

Equitrans

Midstream

Corp.

1,691,034

49,660

HF

Sinclair

Corp.

2,997,974

34,712

Matador

Resources

Co.

2,317,720

44,908

Murphy

Oil

Corp.

2,052,296

79,080

Ovintiv

,

Inc.

4,104,252

33,832

PBF

Energy,

Inc.,

Class

A

1,947,708

143,500

Permian

Resources

Corp.

2,534,210

74,245

Range

Resources

Corp.

2,556,255

340,708

Southwestern

Energy

Co.*

2,582,567

37,051,739

Paper

&

Forest

Products

(0.2%):

19,578

Louisiana-Pacific

Corp.

1,642,790

Personal

Care

Products

(0.9%):

40,932

BellRing

Brands,

Inc.*

2,416,216

116,874

Coty,

Inc.,

Class

A*

1,397,813

17,167

elf

Beauty,

Inc.*

3,365,247

7,179,276

Pharmaceuticals

(0.4%):

19,519

Jazz

Pharmaceuticals

plc*

2,350,478

41,592

Perrigo

Co.

plc

1,338,846

3,689,324

Professional

Services

(2.8%):

15,021

ASGN,

Inc.*

1,573,600

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

160

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

7,061

CACI

International,

Inc.,

Class

A*

$

2,674,919

14,937

Concentrix

Corp.

989,128

50,455

ExlService

Holdings,

Inc.*

1,604,469

15,274

Exponent,

Inc.

1,263,007

10,780

FTI

Consulting,

Inc.*

2,266,926

51,375

Genpact

,

Ltd.

1,692,806

10,985

Insperity

,

Inc.

1,204,066

42,085

KBR,

Inc.

2,679,131

15,375

ManpowerGroup

,

Inc.

1,193,715

19,151

Maximus,

Inc.

1,606,769

13,472

Paylocity

Holding

Corp.*

2,315,298

16,400

Science

Applications

International

Corp.

2,138,396

23,202,230

Real

Estate

Management

&

Development

(0.3%):

14,987

Jones

Lang

LaSalle,

Inc.*

2,923,814

Residential

REITs

(1.2%):

98,421

American

Homes

4

Rent,

Class

A

3,619,924

44,624

Apartment

Income

REIT

Corp.

1,448,941

58,097

Equity

LifeStyle

Properties,

Inc.

3,741,447

67,322

Independence

Realty

Trust,

Inc.

1,085,904

9,896,216

Retail

REITs

(0.9%):

30,610

Agree

Realty

Corp.

1,748,443

93,825

Brixmor

Property

Group,

Inc.

2,200,196

67,506

Kite

Realty

Group

Trust

1,463,530

56,400

NNN

REIT,

Inc.

2,410,536

7,822,705

Semiconductors

&

Semiconductor

Equipment

(2.7%):

21,921

Allegro

MicroSystems

,

Inc.*

590,990

32,625

Amkor

Technology,

Inc.

1,051,830

16,475

Cirrus

Logic,

Inc.*

1,524,926

42,649

Lattice

Semiconductor

Corp.*

3,336,431

16,992

MACOM

Technology

Solutions

Holdings,

Inc.*

1,625,115

19,500

MKS

Instruments,

Inc.

2,593,500

15,325

Onto

Innovation,

Inc.*

2,775,051

16,898

Power

Integrations,

Inc.

1,209,052

33,021

Rambus,

Inc.*

2,041,028

9,714

Silicon

Laboratories,

Inc.*

1,396,096

12,313

Synaptics

,

Inc.*

1,201,256

13,409

Universal

Display

Corp.

2,258,746

38,461

Wolfspeed

,

Inc.*

1,134,600

22,738,621

Software

(2.4%):

6,341

Appfolio

,

Inc.,

Class

A*

1,564,578

8,652

Aspen

Technology,

Inc.*

1,845,299

13,122

Blackbaud

,

Inc.*

972,865

13,721

CommVault

Systems,

Inc.*

1,391,721

18,509

Dolby

Laboratories,

Inc.,

Class

A

1,550,499

79,741

Dropbox,

Inc.,

Class

A*

1,937,706

74,939

Dynatrace

,

Inc.*

3,480,167

19,124

Manhattan

Associates,

Inc.*

4,785,399

11,377

Qualys

,

Inc.*

1,898,480

30,086

Teradata

Corp.*

1,163,426

20,590,140

Shares

Value

Common

Stocks,

continued

Specialized

REITs

(1.7%):

69,808

CubeSmart

$

3,156,718

23,313

EPR

Properties

989,637

83,992

Gaming

and

Leisure

Properties,

Inc.

3,869,511

27,353

Lamar

Advertising

Co.,

Class

A

3,266,222

23,352

National

Storage

Affiliates

Trust

914,464

23,898

PotlatchDeltic

Corp.

1,123,684

42,243

Rayonier,

Inc.

1,404,157

14,724,393

Specialty

Retail

(4.3%):

8,023

AutoNation,

Inc.*

1,328,448

19,787

Burlington

Stores,

Inc.*

4,594,344

18,023

Dick's

Sporting

Goods,

Inc.

4,052,652

16,966

Five

Below,

Inc.*

3,077,293

33,073

Floor

&

Decor

Holdings,

Inc.,

Class

A*

4,286,922

83,599

GameStop

Corp.,

Class

A*^

1,046,660

66,395

Gap,

Inc.

(The)

1,829,182

8,570

Lithia

Motors,

Inc.

2,578,370

5,923

Murphy

USA,

Inc.

2,482,922

6,194

Penske

Automotive

Group,

Inc.

1,003,366

4,745

RH*

1,652,494

39,755

Valvoline,

Inc.*

1,771,880

19,865

Williams-Sonoma,

Inc.

6,307,733

36,012,266

Technology

Hardware,

Storage

&

Peripherals

(0.6%):

91,943

Pure

Storage,

Inc.,

Class

A*

4,780,117

Textiles,

Apparel

&

Luxury

Goods

(1.4%):

35,854

Capri

Holdings,

Ltd.*

1,624,186

11,080

Carter's,

Inc.

938,254

9,933

Columbia

Sportswear

Co.

806,361

18,744

Crocs,

Inc.*

2,695,387

18,595

PVH

Corp.

2,614,643

41,303

Skechers

USA,

Inc.,

Class

A*

2,530,222

65,404

Under

Armour

,

Inc.,

Class

A*

482,682

51,670

Under

Armour

,

Inc.,

Class

C*

368,924

12,060,659

Trading

Companies

&

Distributors

(1.8%):

12,106

Applied

Industrial

Technologies,

Inc.

2,391,540

53,152

Core

&

Main,

Inc.,

Class

A*

3,042,952

10,998

GATX

Corp.

1,474,062

14,174

MSC

Industrial

Direct

Co.,

Inc.

1,375,445

9,741

Watsco

,

Inc.

4,207,820

13,720

WESCO

International,

Inc.

2,349,962

14,841,781

Water

Utilities

(0.3%):

78,486

Essential

Utilities,

Inc.

2,907,906

Total

Common

Stocks

(Cost

$545,125,524)

844,463,873

Affiliated

Investment

Company

(0.2%):

Money

Market

(0.2%):

1,923,089

BlackRock

Liquidity

FedFund

,

Institutional

Class+(a)

(b)

1,923,089

Total

Affiliated

Investment

Company

(Cost

$1,923,089)

1,923,089

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

161

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024

.

Shares

Value

Unaffiliated

Investment

Company

(0.4%):

Money

Markets

(0.4%):

3,517,012

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.19%(b)

$

3,517,012

Total

Unaffiliated

Investment

Company

(Cost

$3,517,012)

3,517,012

Total

Investment

Securities

(Cost

$550,565,625)

—

100.7%

849,903,974

Net

other

assets

(liabilities)

—

(0.7)%

(5,720,079)

Net

Assets

—

100.0%

$

844,183,895

REIT—Real

Estate

Investment

Trust

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$1,822,661.

+

Affiliated

Securities

(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

March

31,

2024.

(b)

The

rate

represents

the

effective

yield

at

March

31,

2024.

Futures

Contracts

At

March

31,

2024,

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

June

Futures

(U.S.

Dollar)

6/21/24

8

$

2,461,920‌

$

20,208‌

$

20,208‌

AZL

Moderate

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

162

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024

.

Shares

Value

Affiliated

Investment

Companies

(100.1%):

Domestic

Equity

Funds

(45.5%):

5,617,560

AZL

Mid

Cap

Index

Fund,

Class

2

$

131,057,680

20,323,055

AZL

S&P

500

Index

Fund,

Class

2

452,797,660

5,256,215

AZL

Small

Cap

Stock

Index

Fund,

Class

2

65,755,248

649,610,588

1

Fixed

Income

Fund

(39.6%):

58,036,333

AZL

Enhanced

Bond

Index

Fund

565,854,248

International

Equity

Fund

(15.0%):

11,656,258

AZL

International

Index

Fund,

Class

2

214,824,826

Total

Affiliated

Investment

Companies

(Cost

$1,447,437,346)

1,430,289,662

Total

Investment

Securities

(Cost

$1,447,437,346)

—

100.1%

1,430,289,662

Net

other

assets

(liabilities)

—

(0.1)%

(786,445)

Net

Assets

—

100.0%

$

1,429,503,217

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

163

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(

99

.1

%

):

Aerospace

&

Defense

(

1

.7

%

):

3,678

Airbus

SE

$

678,337

435

Axon

Enterprise,

Inc.*

136,103

18,858

BAE

Systems

plc

321,143

3,564

Boeing

Co.

(The)*

687,816

1,669

CAE,

Inc.*

34,467

94

Dassault

Aviation

SA

20,685

169

Elbit

Systems,

Ltd.

35,342

1,415

General

Dynamics

Corp.

399,723

276

HEICO

Corp.

52,716

499

HEICO

Corp.,

Class

A

76,816

2,478

Howmet

Aerospace,

Inc.

169,570

271

Huntington

Ingalls

Industries,

Inc.

78,988

700

Kongsberg

Gruppen

ASA

48,430

1,226

L3Harris

Technologies,

Inc.

261,261

1,848

Leonardo

SpA

46,419

1,400

Lockheed

Martin

Corp.

636,818

9,399

Melrose

Industries

plc

79,754

376

MTU

Aero

Engines

AG

95,394

888

Northrop

Grumman

Corp.

425,050

268

Rheinmetall

AG

150,593

50,636

Rolls-Royce

Holdings

plc*

272,256

8,949

RTX

Corp.

872,796

2,103

Safran

SA

476,139

10,000

Singapore

Technologies

Engineering,

Ltd.

29,811

1,246

Textron,

Inc.

119,529

658

Thales

SA

112,158

344

TransDigm

Group,

Inc.

423,670

6,741,784

Air

Freight

&

Logistics

(

0

.4

%

):

768

CH

Robinson

Worldwide,

Inc.

58,476

6,226

Deutsche

Post

AG

268,076

1,173

DSV

A/S

190,630

856

Expeditors

International

of

Washington,

Inc.

104,064

1,462

FedEx

Corp.

423,600

300

NIPPON

EXPRESS

HOLDINGS,

Inc.

15,310

1,800

SG

Holdings

Co.,

Ltd.

22,794

4,541

United

Parcel

Service,

Inc.,

Class

B

674,929

1,600

Yamato

Holdings

Co.,

Ltd.

23,039

1,780,918

Automobile

Components

(

0

.3

%

):

800

Aisin

Corp.

32,647

1,756

Aptiv

plc*

139,865

1,650

BorgWarner,

Inc.

57,321

3,600

Bridgestone

Corp.

159,718

4,308

Cie

Generale

des

Etablissements

Michelin

SCA

165,146

819

Continental

AG

59,107

11,600

Denso

Corp.

221,985

2,000

Koito

Manufacturing

Co.,

Ltd.

26,937

419

Lear

Corp.

60,705

1,638

Magna

International,

Inc.

89,241

3,800

Sumitomo

Electric

Industries,

Ltd.

58,853

1,071,525

Automobiles

(

1

.9

%

):

1,918

Bayerische

Motoren

Werke

AG

221,271

775

Ferrari

NV

337,742

24,579

Ford

Motor

Co.

326,409

Shares

Value

Common

Stocks,

continued

Automobiles,

continued

8,590

General

Motors

Co.

$

389,557

27,800

Honda

Motor

Co.,

Ltd.

343,874

3,600

Isuzu

Motors,

Ltd.

48,649

3,600

Mazda

Motor

Corp.

42,108

4,940

Mercedes-Benz

Group

AG

393,433

16,900

Nissan

Motor

Co.,

Ltd.

67,030

1,315

Renault

SA

66,373

4,535

Rivian

Automotive,

Inc.,

Class

A*

49,658

13,506

Stellantis

NV

383,174

3,300

Subaru

Corp.

75,118

8,800

Suzuki

Motor

Corp.

100,397

17,673

Tesla,

Inc.*

3,106,737

65,600

Toyota

Motor

Corp.

1,649,147

201

Volkswagen

AG

30,702

4,663

Volvo

Car

AB,

Class

B*

17,640

5,400

Yamaha

Motor

Co.,

Ltd.

49,741

7,698,760

Banks

(

5

.6

%

):

2,689

ABN

AMRO

Bank

NV

46,124

8,372

AIB

Group

plc

42,456

18,635

ANZ

Group

Holdings,

Ltd.

356,962

36,179

Banco

Bilbao

Vizcaya

Argentaria

SA

430,942

8,091

Banco

BPM

SpA

53,833

100,381

Banco

Santander

SA

490,416

8,532

Bank

Hapoalim

BM

80,014

10,762

Bank

Leumi

Le-Israel

BM

89,472

43,901

Bank

of

America

Corp.

1,664,726

5,977

Bank

of

Ireland

Group

plc

60,987

4,410

Bank

of

Montreal

430,613

7,314

Bank

of

Nova

Scotia

(The)

378,390

236

Banque

Cantonale

Vaudoise,

Registered

Shares

27,438

91,128

Barclays

plc

211,716

6,391

BNP

Paribas

SA

454,774

20,000

BOC

Hong

Kong

Holdings,

Ltd.

53,594

23,593

CaixaBank

SA^

114,361

5,656

Canadian

Imperial

Bank

of

Commerce^

286,767

2,800

Chiba

Bank,

Ltd.

(The)

23,312

11,923

Citigroup,

Inc.

754,011

3,112

Citizens

Financial

Group,

Inc.

112,934

7,358

Commerzbank

AG

101,031

10,438

Commonwealth

Bank

of

Australia

820,580

8,400

Concordia

Financial

Group,

Ltd.

42,230

6,009

Credit

Agricole

SA

89,504

4,340

Danske

Bank

A/S

130,088

11,600

DBS

Group

Holdings,

Ltd.

310,348

5,470

DNB

Bank

ASA

108,629

2,099

Erste

Group

Bank

AG

93,454

4,028

Fifth

Third

Bancorp

149,882

3,940

FinecoBank

Banca

Fineco

SpA

58,993

62

First

Citizens

BancShares,

Inc.,

Class

A

101,370

3,900

Hang

Seng

Bank,

Ltd.

42,741

117,139

HSBC

Holdings

plc

915,431

8,659

Huntington

Bancshares,

Inc.

120,793

21,106

ING

Groep

NV

347,549

92,891

Intesa

Sanpaolo

SpA

336,978

7,605

Israel

Discount

Bank,

Ltd.,

Class

A

39,367

9,500

Japan

Post

Bank

Co.,

Ltd.

102,243

17,870

JPMorgan

Chase

&

Co.

3,579,361

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

164

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

1,449

KBC

Group

NV

$

108,858

5,399

KeyCorp

85,358

394,371

Lloyds

Banking

Group

plc

258,102

1,027

M&T

Bank

Corp.

149,367

3,850

Mediobanca

Banca

di

Credito

Finanziario

SpA

57,353

68,500

Mitsubishi

UFJ

Financial

Group,

Inc.

696,892

859

Mizrahi

Tefahot

Bank,

Ltd.

32,231

15,050

Mizuho

Financial

Group,

Inc.

297,820

19,524

National

Australia

Bank,

Ltd.

440,665

2,204

National

Bank

of

Canada

185,609

34,369

NatWest

Group

plc

115,076

20,108

Nordea

Bank

Abp

224,018

21,200

Oversea-Chinese

Banking

Corp.,

Ltd.

212,132

2,475

PNC

Financial

Services

Group,

Inc.

(The)

399,960

5,712

Regions

Financial

Corp.

120,181

14,100

Resona

Holdings,

Inc.

87,124

8,796

Royal

Bank

of

Canada

887,263

2,200

Shizuoka

Financial

Group,

Inc.

20,921

9,956

Skandinaviska

Enskilda

Banken

AB,

Class

A^

134,689

4,271

Societe

Generale

SA

114,893

13,168

Standard

Chartered

plc

111,567

7,900

Sumitomo

Mitsui

Financial

Group,

Inc.

461,899

3,600

Sumitomo

Mitsui

Trust

Holdings,

Inc.

77,630

8,930

Svenska

Handelsbanken

AB,

Class

A

90,329

5,800

Swedbank

AB,

Class

A

115,108

10,819

Toronto-Dominion

Bank

(The)

653,022

8,033

Truist

Financial

Corp.

313,126

9,448

UniCredit

SpA

358,489

8,704

United

Overseas

Bank,

Ltd.

189,221

9,620

US

Bancorp

430,014

22,301

Wells

Fargo

&

Co.

1,292,566

21,963

Westpac

Banking

Corp.

373,986

22,749,883

Beverages

(

1

.4

%

):

5,455

Anheuser-Busch

InBev

SA/NV

331,774

2,900

Asahi

Group

Holdings,

Ltd.

106,484

1,892

Brown-Forman

Corp.,

Class

B

97,665

665

Carlsberg

AS,

Class

B

91,130

1,001

Celsius

Holdings,

Inc.*

83,003

25,296

Coca-Cola

Co.

(The)

1,547,609

1,460

Coca-Cola

Europacific

Partners

plc

103,110

1,283

Coca-Cola

HBC

AG

40,534

1,028

Constellation

Brands,

Inc.,

Class

A

279,369

3,162

Davide

Campari-Milano

NV,

Class

M

31,769

13,888

Diageo

plc

512,788

771

Heineken

Holding

NV

62,192

1,759

Heineken

NV

169,466

6,360

Keurig

Dr

Pepper,

Inc.

195,061

4,700

Kirin

Holdings

Co.,

Ltd.

65,315

1,314

Molson

Coors

Beverage

Co.,

Class

B

88,367

4,796

Monster

Beverage

Corp.*

284,307

8,505

PepsiCo,

Inc.

1,488,460

1,330

Pernod

Ricard

SA

215,017

125

Remy

Cointreau

SA

12,588

800

Suntory

Beverage

&

Food,

Ltd.

27,046

4,497

Treasury

Wine

Estates,

Ltd.

36,648

5,869,702

Shares

Value

Common

Stocks,

continued

Biotechnology

(

1

.6

%

):

10,962

AbbVie,

Inc.

$

1,996,180

717

Alnylam

Pharmaceuticals,

Inc.*

107,156

3,337

Amgen,

Inc.

948,776

381

Argenx

SE*

150,362

911

Biogen,

Inc.*

196,439

1,135

BioMarin

Pharmaceutical,

Inc.*

99,131

2,922

CSL,

Ltd.

549,071

1,266

Exact

Sciences

Corp.*

87,430

373

Genmab

A/S*

111,618

7,800

Gilead

Sciences,

Inc.

571,350

1,231

Grifols

SA*

11,061

1,359

Incyte

Corp.*

77,422

1,971

Moderna,

Inc.*

210,030

652

Neurocrine

Biosciences,

Inc.*

89,924

669

Regeneron

Pharmaceuticals,

Inc.*

643,906

1,510

Swedish

Orphan

Biovitrum

AB*

37,671

275

United

Therapeutics

Corp.*

63,173

1,573

Vertex

Pharmaceuticals,

Inc.*

657,530

6,608,230

Broadline

Retail

(

3

.0

%

):

57,571

Amazon.com,

Inc.*

10,384,657

380

Canadian

Tire

Corp.,

Ltd.,

Class

A

37,905

1,624

Dollarama,

Inc.

123,730

3,368

eBay,

Inc.

177,763

821

Etsy,

Inc.*

56,419

284

MercadoLibre,

Inc.*

429,397

661

Next

plc

77,161

2,700

Pan

Pacific

International

Holdings

Corp.

71,791

9,375

Prosus

NV

293,737

8,000

Rakuten

Group,

Inc.

45,402

7,170

Wesfarmers,

Ltd.

319,802

12,017,764

Building

Products

(

0

.7

%

):

709

A

O

Smith

Corp.

63,427

1,200

AGC,

Inc.

43,519

487

Allegion

plc

65,604

6,390

Assa

Abloy

AB,

Class

B

183,335

745

Builders

FirstSource,

Inc.*

155,370

326

Carlisle

Cos.,

Inc.

127,743

5,084

Carrier

Global

Corp.

295,533

2,733

Cie

de

Saint-Gobain

SA

211,904

1,500

Daikin

Industries,

Ltd.

205,212

708

Fortune

Brands

Innovations,

Inc.

59,946

228

Geberit

AG,

Registered

Shares

134,741

4,169

Johnson

Controls

International

plc

272,319

1,045

Kingspan

Group

plc

95,117

223

Lennox

International,

Inc.

108,993

1,508

Masco

Corp.

118,951

11,325

Nibe

Industrier

AB,

Class

B

55,606

571

Owens

Corning

95,243

52

ROCKWOOL

A/S,

Class

B

17,166

600

TOTO,

Ltd.

16,835

1,363

Trane

Technologies

plc

409,173

2,735,737

Capital

Markets

(

3

.0

%

):

6,218

3i

Group

plc

220,221

12,364

abrdn

plc

22,053

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

165

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

645

Ameriprise

Financial,

Inc.

$

282,794

375

Amundi

SA

25,725

988

Ares

Management

Corp.,

Class

A

131,384

1,391

ASX,

Ltd.

60,196

4,739

Bank

of

New

York

Mellon

Corp.

(The)

273,061

916

BlackRock,

Inc.+

763,669

4,338

Blackstone,

Inc.

569,883

2,084

Brookfield

Asset

Management,

Ltd.,

Class

A

87,551

8,417

Brookfield

Corp.

352,241

1,473

Carlyle

Group,

Inc.

(The)

69,098

717

Cboe

Global

Markets,

Inc.

131,734

9,487

Charles

Schwab

Corp.

(The)

686,290

2,216

CME

Group,

Inc.

477,083

938

Coinbase

Global,

Inc.,

Class

A*

248,683

8,900

Daiwa

Securities

Group,

Inc.

67,740

12,609

Deutsche

Bank

AG,

Registered

Shares

198,302

1,170

Deutsche

Boerse

AG

239,361

2,202

EQT

AB

69,573

488

Euronext

NV

46,409

248

FactSet

Research

Systems,

Inc.

112,689

2,020

Franklin

Resources,

Inc.

56,782

458

Futu

Holdings,

Ltd.,

ADR*

24,801

2,037

Goldman

Sachs

Group,

Inc.

(The)

850,835

1,349

Hargreaves

Lansdown

plc

12,546

7,300

Hong

Kong

Exchanges

&

Clearing,

Ltd.

212,919

151

IGM

Financial,

Inc.^

3,894

3,521

Intercontinental

Exchange,

Inc.

483,891

3,400

Japan

Exchange

Group,

Inc.

92,091

1,414

Julius

Baer

Group,

Ltd.

81,637

3,520

KKR

&

Co.,

Inc.

354,042

2,596

London

Stock

Exchange

Group

plc

310,882

448

LPL

Financial

Holdings,

Inc.

118,362

2,207

Macquarie

Group,

Ltd.

287,177

220

MarketAxess

Holdings,

Inc.

48,235

1,004

Moody's

Corp.

394,602

7,612

Morgan

Stanley

716,746

478

MSCI,

Inc.

267,895

2,126

Nasdaq,

Inc.

134,151

18,400

Nomura

Holdings,

Inc.

117,729

1,377

Northern

Trust

Corp.

122,443

397

Onex

Corp.

29,743

143

Partners

Group

Holding

AG

204,375

1,270

Raymond

James

Financial,

Inc.

163,093

1,995

S&P

Global,

Inc.

848,773

1,400

SBI

Holdings,

Inc.

36,697

6,758

Schroders

plc

32,189

757

SEI

Investments

Co.

54,428

3,200

Singapore

Exchange,

Ltd.

21,861

3,801

St

James's

Place

plc

22,361

1,849

State

Street

Corp.

142,965

1,350

T.

Rowe

Price

Group,

Inc.

164,592

1,625

TMX

Group,

Ltd.

42,869

669

Tradeweb

Markets,

Inc.,

Class

A

69,690

20,485

UBS

Group

AG

629,687

12,290,723

Chemicals

(

2

.0

%

):

3,289

Air

Liquide

SA

685,337

1,367

Air

Products

and

Chemicals,

Inc.

331,183

994

Akzo

Nobel

NV

74,129

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

772

Albemarle

Corp.

$

101,703

413

Arkema

SA

43,437

6,500

Asahi

Kasei

Corp.

47,615

5,580

BASF

SE

318,605

692

Celanese

Corp.

118,927

1,213

CF

Industries

Holdings,

Inc.

100,934

2,080

Clariant

AG,

Registered

Shares

28,113

4,501

Corteva,

Inc.

259,573

1,032

Covestro

AG*

56,449

763

Croda

International

plc

47,314

4,316

Dow,

Inc.

250,026

1,181

DSM-Firmenich

AG

134,179

2,563

DuPont

de

Nemours,

Inc.

196,505

795

Eastman

Chemical

Co.

79,675

1,579

Ecolab,

Inc.

364,591

36

EMS-Chemie

Holding

AG

27,614

988

Evonik

Industries

AG

19,530

648

FMC

Corp.

41,278

56

Givaudan

SA,

Registered

Shares

250,252

6,835

ICL

Group,

Ltd.

36,208

1,458

International

Flavors

&

Fragrances,

Inc.

125,373

1,200

JSR

Corp.

34,335

2,986

Linde

plc

1,386,460

1,576

LyondellBasell

Industries

NV,

Class

A

161,193

8,000

Mitsubishi

Chemical

Group

Corp.

48,736

1,000

Mitsui

Chemicals,

Inc.

29,327

2,249

Mosaic

Co.

(The)

73,003

6,600

Nippon

Paint

Holdings

Co.,

Ltd.

47,478

1,100

Nippon

Sanso

Holdings

Corp.

34,537

800

Nissan

Chemical

Corp.

30,318

1,000

Nitto

Denko

Corp.

91,398

2,431

Novonesis

(Novozymes)

B

142,703

2,887

Nutrien,

Ltd.

156,862

824

OCI

NV

22,549

2,876

Orica,

Ltd.

34,278

1,429

PPG

Industries,

Inc.

207,062

761

RPM

International,

Inc.

90,521

1,489

Sherwin-Williams

Co.

(The)

517,174

11,300

Shin-Etsu

Chemical

Co.,

Ltd.

495,863

955

Sika

AG,

Registered

Shares

284,404

456

Syensqo

SA*

43,167

798

Symrise

AG

95,515

9,200

Toray

Industries,

Inc.

44,201

1,137

Umicore

SA

24,504

301

Westlake

Corp.

45,993

1,092

Yara

International

ASA

34,614

7,914,745

Commercial

Services

&

Supplies

(

0

.6

%

):

8,487

Brambles,

Ltd.

89,467

560

Cintas

Corp.

384,737

5,220

Copart,

Inc.*

302,342

1,100

Dai

Nippon

Printing

Co.,

Ltd.

33,720

2,947

Element

Fleet

Management

Corp.

47,630

1,558

GFL

Environmental,

Inc.

53,732

1,016

RB

Global,

Inc.

77,393

16,211

Rentokil

Initial

plc

96,723

1,424

Republic

Services,

Inc.

272,611

1,446

Rollins,

Inc.

66,906

1,200

Secom

Co.,

Ltd.

87,023

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

166

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

2,676

Securitas

AB,

Class

B

$

27,568

1,600

TOPPAN

Holdings,

Inc.

40,100

1,380

Veralto

Corp.

122,351

1,625

Waste

Connections,

Inc.

279,516

2,534

Waste

Management,

Inc.

540,122

2,521,941

Communications

Equipment

(

0

.6

%

):

1,610

Arista

Networks,

Inc.*

466,868

25,348

Cisco

Systems,

Inc.

1,265,118

329

F5,

Inc.*

62,375

1,798

Juniper

Networks,

Inc.

66,634

1,060

Motorola

Solutions,

Inc.

376,279

32,835

Nokia

Oyj

116,159

18,166

Telefonaktiebolaget

LM

Ericsson,

Class

B

100,014

2,453,447

Construction

&

Engineering

(

0

.3

%

):

1,289

ACS

Actividades

de

Construccion

y

Servicios

SA

53,928

779

AECOM

76,404

977

Bouygues

SA

39,869

559

Eiffage

SA

63,371

3,183

Ferrovial

SE

125,956

2,700

Kajima

Corp.

55,375

4,900

Obayashi

Corp.

58,211

913

Quanta

Services,

Inc.

237,197

2,600

Shimizu

Corp.

16,797

1,831

Skanska

AB,

Class

B

32,544

772

Stantec,

Inc.

64,102

1,100

Taisei

Corp.

40,045

3,055

Vinci

SA

391,255

747

WSP

Global,

Inc.

124,515

1,379,569

Construction

Materials

(

0

.3

%

):

4,323

CRH

plc

372,876

769

Heidelberg

Materials

AG

84,576

3,304

Holcim

AG

300,743

2,772

James

Hardie

Industries

plc*

111,283

370

Martin

Marietta

Materials,

Inc.

227,158

802

Vulcan

Materials

Co.

218,882

1,315,518

Consumer

Finance

(

0

.4

%

):

1,862

Ally

Financial,

Inc.

75,579

3,613

American

Express

Co.

822,644

2,310

Capital

One

Financial

Corp.

343,936

1,479

Discover

Financial

Services

193,882

1

Isracard,

Ltd.

2

2,470

Synchrony

Financial

106,506

1,542,549

Consumer

Staples

Distribution

&

Retail

(

1

.7

%

):

4,000

Aeon

Co.,

Ltd.

94,831

2,104

Albertsons

Cos.,

Inc.,

Class

A

45,110

4,612

Alimentation

Couche-Tard,

Inc.

263,256

3,488

Carrefour

SA

59,684

8,877

Coles

Group,

Ltd.

98,162

2,737

Costco

Wholesale

Corp.

2,005,208

1,421

Dollar

General

Corp.

221,761

Shares

Value

Common

Stocks,

continued

Consumer

Staples

Distribution

&

Retail,

continued

1,333

Dollar

Tree,

Inc.*

$

177,489

787

Empire

Co.,

Ltd.

19,222

11,695

Endeavour

Group,

Ltd.

41,985

356

George

Weston,

Ltd.

48,104

9,589

J

Sainsbury

plc

32,763

1,662

Jeronimo

Martins

SGPS

SA

32,972

1,609

Kesko

Oyj,

Class

B

30,038

1,000

Kobe

Bussan

Co.,

Ltd.

24,497

5,777

Koninklijke

Ahold

Delhaize

NV

172,708

4,320

Kroger

Co.

(The)

246,802

1,010

Loblaw

Cos.,

Ltd.

111,932

2,700

MatsukiyoCocokara

&

Co.

43,372

1,439

Metro,

Inc.

77,262

3,324

Ocado

Group

plc*

19,149

14,700

Seven

&

i

Holdings

Co.,

Ltd.

213,998

3,025

Sysco

Corp.

245,570

2,899

Target

Corp.

513,732

40,777

Tesco

plc

152,561

4,484

Walgreens

Boots

Alliance,

Inc.

97,258

27,429

Walmart,

Inc.

1,650,403

7,412

Woolworths

Group,

Ltd.

160,188

6,900,017

Containers

&

Packaging

(

0

.2

%

):

8,627

Amcor

plc

82,043

532

Avery

Dennison

Corp.

118,769

1,847

Ball

Corp.

124,414

1,000

CCL

Industries,

Inc.

51,115

765

Crown

Holdings,

Inc.

60,634

2,127

International

Paper

Co.

82,996

562

Packaging

Corp.

of

America

106,656

2,350

SIG

Group

AG

52,110

1,807

Smurfit

Kappa

Group

plc

82,420

1,467

Westrock

Co.

72,543

833,700

Distributors

(

0

.1

%

):

91

D'ieteren

Group

20,165

907

Genuine

Parts

Co.

140,522

1,795

LKQ

Corp.

95,871

263

Pool

Corp.

106,120

362,678

Diversified

Consumer

Services

(

0

.0

%

†

):

1,753

IDP

Education,

Ltd.

20,460

3,287

Pearson

plc

43,200

63,660

Diversified

REITs

(

0

.1

%

):

11,976

GPT

Group

(The)

35,752

28

KDX

Realty

Investment

Corp.

29,809

4,133

Land

Securities

Group

plc

34,294

23,270

Mirvac

Group

35,893

17

Nomura

Real

Estate

Master

Fund,

Inc.

16,813

15,451

Stockland

48,953

1,532

WP

Carey,

Inc.

86,466

287,980

Diversified

Telecommunication

Services

(

0

.9

%

):

43,966

AT&T,

Inc.

773,802

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

167

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Diversified

Telecommunication

Services,

continued

692

BCE,

Inc.

$

23,518

41,110

BT

Group

plc

56,874

2,916

Cellnex

Telecom

SA

103,093

20,214

Deutsche

Telekom

AG

490,632

937

Elisa

Oyj

41,795

20,000

HKT

Trust

&

HKT,

Ltd.

23,332

2,027

Infrastrutture

Wireless

Italiane

SpA

23,025

19,439

Koninklijke

KPN

NV

72,683

1,489

Liberty

Global,

Ltd.,

Class

C*

26,266

185,800

Nippon

Telegraph

&

Telephone

Corp.

221,230

11,027

Orange

SA

129,523

717

Quebecor,

Inc.,

Class

B

15,717

50,700

Singapore

Telecommunications,

Ltd.

95,040

10,729

Spark

New

Zealand,

Ltd.

30,532

158

Swisscom

AG,

Registered

Shares

96,610

92,093

Telecom

Italia

SpA/Milano*^

22,291

32,488

Telefonica

SA

143,522

3,268

Telenor

ASA

36,361

18,848

Telia

Co.

AB

48,311

22,435

Telstra

Group,

Ltd.

56,466

3,112

TELUS

Corp.

49,791

25,917

Verizon

Communications,

Inc.

1,087,477

3,667,891

Electric

Utilities

(

1

.5

%

):

193

Acciona

SA

23,498

1,716

Alliant

Energy

Corp.

86,486

3,322

American

Electric

Power

Co.,

Inc.

286,024

165

BKW

AG

25,322

4,300

Chubu

Electric

Power

Co.,

Inc.

56,094

3,500

CK

Infrastructure

Holdings,

Ltd.

20,483

10,000

CLP

Holdings,

Ltd.

79,729

1,925

Constellation

Energy

Corp.

355,836

4,767

Duke

Energy

Corp.

461,017

2,527

Edison

International

178,735

20,856

EDP

-

Energias

de

Portugal

SA

81,352

240

Elia

Group

SA/NV

25,940

1,880

Emera,

Inc.

66,169

2,156

Endesa

SA

39,959

49,144

Enel

SpA

324,379

1,280

Entergy

Corp.

135,270

1,333

Evergy,

Inc.

71,156

2,337

Eversource

Energy

139,682

6,021

Exelon

Corp.

226,209

3,375

FirstEnergy

Corp.

130,342

2,811

Fortis,

Inc.

111,079

3,188

Fortum

Oyj^

39,340

2,288

Hydro

One,

Ltd.

66,728

38,045

Iberdrola

SA

472,295

4,800

Kansai

Electric

Power

Co.,

Inc.

(The)

68,400

4,873

Mercury

NZ,

Ltd.

20,164

12,649

NextEra

Energy,

Inc.

808,398

1,274

NRG

Energy,

Inc.

86,237

12,220

Origin

Energy,

Ltd.

73,275

976

Orsted

AS

54,961

12,362

PG&E

Corp.

207,187

6,500

Power

Assets

Holdings,

Ltd.

38,040

4,738

PPL

Corp.

130,437

1,850

Redeia

Corp.

SA

31,580

6,811

Southern

Co.

(The)

488,621

Shares

Value

Common

Stocks,

continued

Electric

Utilities,

continued

6,782

SSE

plc

$

141,383

7,914

Terna

-

Rete

Elettrica

Nazionale

65,622

9,900

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

60,203

453

Verbund

AG

33,167

3,264

Xcel

Energy,

Inc.

175,440

5,986,239

Electrical

Equipment

(

1

.0

%

):

9,754

ABB,

Ltd.,

Registered

Shares

452,785

1,385

AMETEK,

Inc.

253,316

2,465

Eaton

Corp.

plc

770,756

3,531

Emerson

Electric

Co.

400,486

700

Fuji

Electric

Co.,

Ltd.

46,941

338

Hubbell,

Inc.

140,287

1,579

Legrand

SA

167,032

12,000

Mitsubishi

Electric

Corp.

201,165

2,600

NIDEC

Corp.

107,338

1,722

Prysmian

SpA

89,919

694

Rockwell

Automation,

Inc.

202,183

3,369

Schneider

Electric

SE

761,735

3,694

Siemens

Energy

AG*

67,763

2,286

Vertiv

Holdings

Co.,

Class

A

186,698

6,506

Vestas

Wind

Systems

A/S*

180,760

4,029,164

Electronic

Equipment,

Instruments

&

Components

(

0

.8

%

):

3,741

Amphenol

Corp.,

Class

A

431,524

800

Azbil

Corp.

22,145

818

CDW

Corp.

209,228

5,261

Corning,

Inc.

173,403

2,146

Halma

plc

64,111

900

Hamamatsu

Photonics

KK

31,728

13,015

Hexagon

AB,

Class

B

154,093

205

Hirose

Electric

Co.,

Ltd.

21,059

600

Ibiden

Co.,

Ltd.

26,934

769

Jabil,

Inc.

103,008

1,200

Keyence

Corp.

558,073

1,029

Keysight

Technologies,

Inc.*

160,915

8,400

Kyocera

Corp.

112,210

10,500

Murata

Manufacturing

Co.,

Ltd.

197,609

1,300

Omron

Corp.

46,602

1,400

Shimadzu

Corp.

39,050

2,400

TDK

Corp.

117,916

1,952

TE

Connectivity,

Ltd.

283,508

273

Teledyne

Technologies,

Inc.*

117,204

1,612

Trimble,

Inc.*

103,748

1,200

Yokogawa

Electric

Corp.

27,660

344

Zebra

Technologies

Corp.*

103,695

3,105,423

Energy

Equipment

&

Services

(

0

.2

%

):

6,256

Baker

Hughes

Co.

209,576

5,550

Halliburton

Co.

218,781

8,790

Schlumberger

NV

481,780

3,045

Tenaris

SA

60,158

970,295

Entertainment

(

1

.2

%

):

5,483

Bollore

SE

36,602

2,400

Capcom

Co.,

Ltd.

45,001

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

168

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Entertainment,

continued

1,652

Electronic

Arts,

Inc.

$

219,171

500

Konami

Group

Corp.

34,042

1,123

Liberty

Media

Corp.-Liberty

Formula

One*

73,669

1,072

Live

Nation

Entertainment,

Inc.*

113,385

2,720

Netflix,

Inc.*

1,651,938

2,500

Nexon

Co.,

Ltd.

41,529

6,300

Nintendo

Co.,

Ltd.

344,863

2,750

ROBLOX

Corp.,

Class

A*

104,995

702

Roku,

Inc.*

45,749

2,319

Sea,

Ltd.,

ADR*

124,553

400

Square

Enix

Holdings

Co.,

Ltd.

15,394

1,076

Take-Two

Interactive

Software,

Inc.*

159,775

600

Toho

Co.,

Ltd.

19,944

4,901

Universal

Music

Group

NV

147,347

11,365

Walt

Disney

Co.

(The)

1,390,621

13,820

Warner

Bros

Discovery,

Inc.*

120,649

4,689,227

Financial

Services

(

3

.0

%

):

135

Adyen

NV*

228,648

2,415

Apollo

Global

Management,

Inc.

271,567

8,132

Berkshire

Hathaway,

Inc.,

Class

B*

3,419,668

3,496

Block,

Inc.*

295,692

1,482

Edenred

SE

78,997

2,167

Equitable

Holdings,

Inc.

82,368

158

Eurazeo

SE

13,839

541

EXOR

NV

60,117

3,775

Fidelity

National

Information

Services,

Inc.

280,029

3,694

Fiserv,

Inc.*

590,375

1,654

Global

Payments,

Inc.

221,074

576

Groupe

Bruxelles

Lambert

NV

43,556

885

Industrivarden

AB,

Class

A

30,452

840

Industrivarden

AB,

Class

C

28,858

10,668

Investor

AB,

Class

B

267,472

426

Jack

Henry

&

Associates,

Inc.

74,009

418

L

E

Lundbergforetagen

AB,

Class

B

22,642

15,826

M&G

plc

44,090

5,182

Mastercard,

Inc.,

Class

A

2,495,496

4,100

Mitsubishi

HC

Capital,

Inc.

28,577

4,062

Nexi

SpA*

25,755

7,500

ORIX

Corp.

164,004

6,487

PayPal

Holdings,

Inc.*

434,564

142

Sofina

SA

31,827

1,929

Toast,

Inc.,

Class

A*

48,071

9,813

Visa,

Inc.,

Class

A

2,738,612

985

Washington

H

Soul

Pattinson

&

Co.,

Ltd.

21,571

4,104

Wise

plc,

Class

A*

48,154

1,617

Worldline

SA*

20,017

12,110,101

Food

Products

(

1

.3

%

):

2,800

Ajinomoto

Co.,

Inc.

104,534

3,439

Archer-Daniels-Midland

Co.

216,004

2,448

Associated

British

Foods

plc

77,259

23

Barry

Callebaut

AG,

Registered

Shares

33,389

822

Bunge

Global

SA

84,271

1,385

Campbell

Soup

Co.

61,563

5

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

PC

59,825

3,086

Conagra

Brands,

Inc.

91,469

3,970

Danone

SA

256,484

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

1,198

Darling

Ingredients,

Inc.*

$

55,719

3,585

General

Mills,

Inc.

250,842

929

Hershey

Co.

(The)

180,691

1,634

Hormel

Foods

Corp.

57,010

476

JDE

Peet's

NV

9,992

678

JM

Smucker

Co.

(The)

85,340

1,607

Kellanova

92,065

1,071

Kerry

Group

plc,

Class

A

91,906

4,500

Kikkoman

Corp.

57,752

5,513

Kraft

Heinz

Co.

(The)

203,430

883

Lamb

Weston

Holdings,

Inc.

94,066

1,457

McCormick

&

Co.,

Inc.

111,912

1,600

MEIJI

Holdings

Co.,

Ltd.

34,913

8,505

Mondelez

International,

Inc.,

Class

A

595,350

3,271

Mowi

ASA

60,141

16,664

Nestle

SA,

Registered

Shares

1,769,685

900

Nissin

Foods

Holdings

Co.,

Ltd.

24,817

5,748

Orkla

ASA

40,570

461

Salmar

ASA

30,488

2,279

Saputo,

Inc.

44,843

1,811

Tyson

Foods,

Inc.,

Class

A

106,360

68,033

WH

Group,

Ltd.

44,899

10,600

Wilmar

International,

Ltd.

26,897

1,800

Yakult

Honsha

Co.,

Ltd.

36,770

5,091,256

Gas

Utilities

(

0

.1

%

):

1,573

AltaGas,

Ltd.

34,749

8,525

APA

Group

46,738

960

Atmos

Energy

Corp.

114,115

595

Enagas

SA

8,841

83,117

Hong

Kong

&

China

Gas

Co.,

Ltd.

63,047

2,200

Osaka

Gas

Co.,

Ltd.

49,556

14,344

Snam

SpA

67,696

2,500

Tokyo

Gas

Co.,

Ltd.

56,951

441,693

Ground

Transportation

(

1

.2

%

):

11,052

Aurizon

Holdings,

Ltd.

28,821

3,421

Canadian

National

Railway

Co.

450,534

5,786

Canadian

Pacific

Kansas

City,

Ltd.

510,205

4,500

Central

Japan

Railway

Co.

111,732

12,470

CSX

Corp.

462,263

5,700

East

Japan

Railway

Co.

109,300

8,772

Grab

Holdings,

Ltd.*

27,544

1,400

Hankyu

Hanshin

Holdings,

Inc.

40,118

549

JB

Hunt

Transport

Services,

Inc.

109,388

900

Keisei

Electric

Railway

Co.,

Ltd.

36,552

1,000

Kintetsu

Group

Holdings

Co.,

Ltd.

29,129

1,052

Knight-Swift

Transportation

Holdings,

Inc.

57,881

10,500

MTR

Corp.,

Ltd.

34,614

1,402

Norfolk

Southern

Corp.

357,328

2,700

Odakyu

Electric

Railway

Co.,

Ltd.

37,203

1,178

Old

Dominion

Freight

Line,

Inc.

258,347

527

TFI

International,

Inc.

84,046

1,000

Tobu

Railway

Co.,

Ltd.

24,989

2,900

Tokyu

Corp.

35,266

11,500

Uber

Technologies,

Inc.*

885,385

612

U-Haul

Holding

Co.

40,808

3,788

Union

Pacific

Corp.

931,583

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

169

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Ground

Transportation,

continued

3,000

West

Japan

Railway

Co.

$

62,510

4,725,546

Health

Care

Equipment

&

Supplies

(

2

.3

%

):

10,749

Abbott

Laboratories

1,221,731

3,208

Alcon,

Inc.

265,633

429

Align

Technology,

Inc.*

140,678

1,400

Asahi

Intecc

Co.,

Ltd.

24,548

3,137

Baxter

International,

Inc.

134,075

1,829

Becton

Dickinson

&

Co.

452,586

245

BioMerieux

26,987

9,022

Boston

Scientific

Corp.*

617,917

157

Carl

Zeiss

Meditec

AG,

Class

BR

19,612

451

Cochlear,

Ltd.

99,182

764

Coloplast

A/S,

Class

B

103,416

1,164

Cooper

Cos.,

Inc.

(The)

118,100

522

Demant

A/S*

26,029

2,366

Dexcom,

Inc.*

328,164

233

DiaSorin

SpA

22,473

3,647

Edwards

Lifesciences

Corp.*

348,507

1,860

EssilorLuxottica

SA

421,779

4,138

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

63,390

2,490

GE

HealthCare

Technologies,

Inc.

226,366

1,920

Getinge

AB,

B

Shares

38,613

1,511

Hologic,

Inc.*

117,798

2,200

Hoya

Corp.

275,437

496

IDEXX

Laboratories,

Inc.*

267,805

394

Insulet

Corp.*

67,532

2,154

Intuitive

Surgical,

Inc.*

859,640

5,269

Koninklijke

Philips

NV*

105,644

8,269

Medtronic

plc

720,643

7,300

Olympus

Corp.

105,035

943

ResMed,

Inc.

186,742

1,749

Siemens

Healthineers

AG*

107,016

5,148

Smith

&

Nephew

plc

65,085

322

Sonova

Holding

AG

93,214

606

STERIS

plc

136,241

732

Straumann

Holding

AG,

Class

R

116,866

2,123

Stryker

Corp.

759,758

3,300

Sysmex

Corp.

58,889

274

Teleflex,

Inc.

61,971

8,400

Terumo

Corp.

153,987

1,350

Zimmer

Biomet

Holdings,

Inc.

178,173

9,137,262

Health

Care

Providers

&

Services

(

1

.8

%

):

845

Amplifon

SpA

30,809

1,551

Cardinal

Health,

Inc.

173,557

1,023

Cencora,

Inc.

248,579

3,347

Centene

Corp.*

262,673

1,825

Cigna

Group

(The)

662,822

8,041

CVS

Health

Corp.

641,350

278

DaVita,

Inc.*

38,378

1,455

Elevance

Health,

Inc.

754,476

1,484

Fresenius

Medical

Care

AG

57,065

2,714

Fresenius

SE

&

Co.

KGaA

73,185

1,218

HCA

Healthcare,

Inc.

406,240

731

Henry

Schein,

Inc.*

55,205

789

Humana,

Inc.

273,562

553

Laboratory

Corp.

of

America

Holdings

120,808

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

830

McKesson

Corp.

$

445,585

384

Molina

Healthcare,

Inc.*

157,759

755

Quest

Diagnostics,

Inc.

100,498

1,328

Ramsay

Health

Care,

Ltd.

48,901

2,275

Sonic

Healthcare,

Ltd.

43,588

5,725

UnitedHealth

Group,

Inc.

2,832,158

372

Universal

Health

Services,

Inc.,

Class

B

67,875

7,495,073

Health

Care

REITs

(

0

.1

%

):

3,203

Healthpeak

Properties,

Inc.

60,056

2,556

Ventas,

Inc.

111,288

3,372

Welltower,

Inc.

315,080

486,424

Health

Care

Technology

(

0

.1

%

):

3,600

M3,

Inc.

51,886

965

Veeva

Systems,

Inc.,

Class

A*

223,581

275,467

Hotel

&

Resort

REITs

(

0

.0

%

†

):

4,256

Host

Hotels

&

Resorts,

Inc.

88,014

Hotels,

Restaurants

&

Leisure

(

1

.9

%

):

1,023

Accor

SA

47,748

2,698

Airbnb,

Inc.,

Class

A*

445,062

2,833

Amadeus

IT

Group

SA

181,661

3,286

Aristocrat

Leisure,

Ltd.

92,066

219

Booking

Holdings,

Inc.

794,506

1,314

Caesars

Entertainment,

Inc.*

57,474

6,824

Carnival

Corp.*

111,504

168

Chipotle

Mexican

Grill,

Inc.*

488,337

10,923

Compass

Group

plc

320,056

761

Darden

Restaurants,

Inc.

127,201

1,331

Delivery

Hero

SE*

38,068

211

Domino's

Pizza,

Inc.

104,842

1,608

DoorDash,

Inc.,

Class

A*

221,454

2,435

DraftKings,

Inc.*

110,573

4,276

Entain

plc

42,974

1,222

Evolution

AB

151,765

823

Expedia

Group,

Inc.*

113,368

1,140

Flutter

Entertainment

plc*

225,139

13,000

Galaxy

Entertainment

Group,

Ltd.

65,350

53,300

Genting

Singapore,

Ltd.

34,889

1,548

Hilton

Worldwide

Holdings,

Inc.

330,204

281

Hyatt

Hotels

Corp.,

Class

A

44,853

1,055

InterContinental

Hotels

Group

plc

109,721

397

La

Francaise

des

Jeux

SAEM

16,179

2,239

Las

Vegas

Sands

Corp.

115,756

14,501

Lottery

Corp.,

Ltd.

(The)

48,661

1,552

Marriott

International,

Inc.,

Class

A

391,585

4,480

McDonald's

Corp.

1,263,136

400

McDonald's

Holdings

Co.

Japan,

Ltd.

17,995

1,525

MGM

Resorts

International*

71,995

7,000

Oriental

Land

Co.,

Ltd.

224,258

1,872

Restaurant

Brands

International,

Inc.

148,730

1,567

Royal

Caribbean

Cruises,

Ltd.*

217,829

15,600

Sands

China,

Ltd.*

43,996

597

Sodexo

SA

51,181

6,986

Starbucks

Corp.

638,451

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

170

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

209

Vail

Resorts,

Inc.

$

46,572

1,279

Whitbread

plc

53,564

551

Wynn

Resorts,

Ltd.

56,329

1,774

Yum!

Brands,

Inc.

245,965

7,910,997

Household

Durables

(

0

.5

%

):

6,179

Barratt

Developments

plc

37,153

658

Berkeley

Group

Holdings

plc

39,561

1,886

D.R.

Horton,

Inc.

310,341

905

Garmin,

Ltd.

134,727

600

Iida

Group

Holdings

Co.,

Ltd.

7,759

1,532

Lennar

Corp.,

Class

A

263,473

19

NVR,

Inc.*

153,899

13,600

Panasonic

Holdings

Corp.

129,769

2,260

Persimmon

plc

37,491

1,267

PulteGroup,

Inc.

152,826

95

SEB

SA

12,182

2,100

Sekisui

Chemical

Co.,

Ltd.

30,712

3,500

Sekisui

House,

Ltd.

79,622

1,000

Sharp

Corp.*

5,572

7,800

Sony

Group

Corp.

668,568

19,704

Taylor

Wimpey

plc

34,143

2,097,798

Household

Products

(

0

.9

%

):

1,538

Church

&

Dwight

Co.,

Inc.

160,429

748

Clorox

Co.

(The)

114,526

4,909

Colgate-Palmolive

Co.

442,055

4,133

Essity

AB,

Class

B

98,173

659

Henkel

AG

&

Co.

KGaA

47,456

2,036

Kimberly-Clark

Corp.

263,357

14,548

Procter

&

Gamble

Co.

(The)

2,360,413

4,537

Reckitt

Benckiser

Group

plc

258,053

2,400

Unicharm

Corp.

76,388

3,820,850

Independent

Power

and

Renewable

Electricity

Producers

(

0

.1

%

):

4,828

AES

Corp.

(The)

86,566

787

Brookfield

Renewable

Corp.,

Class

A

19,315

2,038

EDP

Renovaveis

SA

27,641

7,411

Meridian

Energy,

Ltd.

26,160

2,059

Northland

Power,

Inc.^

33,643

3,871

RWE

AG

131,355

1,985

Vistra

Corp.

138,255

462,935

Industrial

Conglomerates

(

1

.0

%

):

3,352

3M

Co.

355,547

17,500

CK

Hutchison

Holdings,

Ltd.

84,606

654

DCC

plc

47,598

6,683

General

Electric

Co.

1,173,067

100

Hikari

Tsushin,

Inc.

18,792

5,600

Hitachi,

Ltd.

511,570

4,064

Honeywell

International,

Inc.

834,136

1,007

Investment

AB

Latour,

Class

B

26,460

1,000

Jardine

Cycle

&

Carriage,

Ltd.

17,909

1,100

Jardine

Matheson

Holdings,

Ltd.

41,018

11,400

Keppel,

Ltd.

62,055

Shares

Value

Common

Stocks,

continued

Industrial

Conglomerates,

continued

1,031

Lifco

AB,

Class

B

$

26,892

4,668

Siemens

AG,

Registered

Shares

891,023

2,548

Smiths

Group

plc

52,852

4,143,525

Industrial

REITs

(

0

.3

%

):

19,644

CapitaLand

Ascendas

REIT

40,385

28

GLP

J-Reit

23,502

10,033

Goodman

Group

221,037

21,123

Mapletree

Logistics

Trust

22,854

20

Nippon

Prologis

REIT,

Inc.

35,645

5,769

Prologis,

Inc.

751,239

7,464

Segro

plc

85,005

1,164

Warehouses

De

Pauw

CVA

33,195

1,212,862

Insurance

(

3

.1

%

):

1,729

Admiral

Group

plc

61,870

8,853

Aegon,

Ltd.

53,935

3,444

Aflac,

Inc.

295,702

1,180

Ageas

SA/NV

54,649

71,200

AIA

Group,

Ltd.

477,835

2,397

Allianz

SE,

Registered

Shares+

718,247

1,611

Allstate

Corp.

(The)

278,719

506

American

Financial

Group,

Inc.

69,059

4,375

American

International

Group,

Inc.

341,994

1,217

Aon

plc,

Class

A

406,137

2,247

Arch

Capital

Group,

Ltd.*

207,713

1,369

Arthur

J.

Gallagher

&

Co.

342,305

1,112

ASR

Nederland

NV

54,433

6,145

Assicurazioni

Generali

SpA

155,578

291

Assurant,

Inc.

54,778

16,693

Aviva

plc

104,739

11,417

AXA

SA

428,635

296

Baloise

Holding

AG,

Registered

Shares

46,377

1,549

Brown

&

Brown,

Inc.

135,599

2,535

Chubb,

Ltd.

656,894

1,005

Cincinnati

Financial

Corp.

124,791

5,600

Dai-ichi

Life

Holdings,

Inc.

142,911

141

Erie

Indemnity

Co.,

Class

A

56,621

281

Everest

Group,

Ltd.

111,697

135

Fairfax

Financial

Holdings,

Ltd.

145,536

1,514

Fidelity

National

Financial,

Inc.

80,393

1,848

Gjensidige

Forsikring

ASA

26,834

676

Globe

Life,

Inc.

78,666

1,806

Great-West

Lifeco,

Inc.

57,764

358

Hannover

Rueck

SE

97,965

1,857

Hartford

Financial

Services

Group,

Inc.

(The)

191,364

679

iA

Financial

Corp.,

Inc.

42,187

16,630

Insurance

Australia

Group,

Ltd.

69,344

1,131

Intact

Financial

Corp.

183,746

13,100

Japan

Post

Holdings

Co.,

Ltd.

131,884

1,700

Japan

Post

Insurance

Co.,

Ltd.

32,477

35,326

Legal

&

General

Group

plc

113,306

1,269

Loews

Corp.

99,350

11,216

Manulife

Financial

Corp.

280,152

77

Markel

Group,

Inc.*

117,154

3,048

Marsh

&

McLennan

Cos.,

Inc.

627,827

17,323

Medibank

Pvt,

Ltd.

42,437

3,783

MetLife,

Inc.

280,358

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

171

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

7,800

MS&AD

Insurance

Group

Holdings,

Inc.

$

138,032

855

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Class

R

417,125

1,547

NN

Group

NV

71,548

6,201

Phoenix

Group

Holdings

plc

43,268

2,955

Poste

Italiane

SpA

36,992

3,531

Power

Corp.

of

Canada^

99,016

1,375

Principal

Financial

Group,

Inc.

118,676

3,647

Progressive

Corp.

(The)

754,272

2,167

Prudential

Financial,

Inc.

254,406

16,697

Prudential

plc

157,029

8,713

QBE

Insurance

Group,

Ltd.

102,936

2,747

Sampo

Oyj,

A

Shares

117,091

5,400

Sompo

Holdings,

Inc.

113,214

3,718

Sun

Life

Financial,

Inc.

202,892

7,083

Suncorp

Group,

Ltd.

75,667

182

Swiss

Life

Holding

AG

127,581

1,886

Swiss

Re

AG

242,500

3,200

T&D

Holdings,

Inc.

55,672

11,100

Tokio

Marine

Holdings,

Inc.

348,683

1,440

Travelers

Cos.,

Inc.

(The)

331,402

2,488

Tryg

A/S

51,225

1,270

W

R

Berkley

Corp.

112,319

623

Willis

Towers

Watson

plc

171,325

893

Zurich

Insurance

Group

AG

481,568

12,704,401

Interactive

Media

&

Services

(

4

.3

%

):

1,569

Adevinta

ASA*

16,484

36,633

Alphabet,

Inc.,

Class

A*

5,529,019

31,855

Alphabet,

Inc.,

Class

C*

4,850,242

6,294

Auto

Trader

Group

plc

55,569

2,390

CAR

Group,

Ltd.

56,185

19,800

LY

Corp.

50,035

1,762

Match

Group,

Inc.*

63,925

13,739

Meta

Platforms,

Inc.,

Class

A

6,671,384

3,899

Pinterest,

Inc.,

Class

A*

135,178

296

REA

Group,

Ltd.

35,771

483

Scout24

SE

36,400

2,004

SEEK,

Ltd.

32,711

6,600

Snap,

Inc.,

Class

A*

75,768

17,608,671

IT

Services

(

1

.4

%

):

3,885

Accenture

plc,

Class

A

1,346,580

866

Akamai

Technologies,

Inc.*

94,186

589

Bechtle

AG

31,120

954

Capgemini

SE

219,955

1,202

CGI,

Inc.*

132,625

1,686

Cloudflare,

Inc.,

Class

A*

163,255

3,124

Cognizant

Technology

Solutions

Corp.,

Class

A

228,958

352

EPAM

Systems,

Inc.*

97,208

11,000

Fujitsu,

Ltd.

176,161

483

Gartner,

Inc.*

230,232

771

GoDaddy,

Inc.,

Class

A*

91,502

5,615

International

Business

Machines

Corp.

1,072,240

472

MongoDB,

Inc.*

169,278

1,400

NEC

Corp.

101,879

2,520

Nomura

Research

Institute,

Ltd.

71,138

4,600

NTT

Data

Group

Corp.

73,115

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

400

Obic

Co.,

Ltd.

$

60,293

958

Okta,

Inc.*

100,226

1,000

Otsuka

Corp.

21,215

900

SCSK

Corp.

16,690

7,473

Shopify,

Inc.,

Class

A*

576,586

1,688

Snowflake,

Inc.,

Class

A*

272,781

1,600

TIS,

Inc.

34,254

1,063

Twilio,

Inc.,

Class

A*

65,002

613

VeriSign,

Inc.*

116,170

301

Wix.com,

Ltd.*

41,382

5,604,031

Leisure

Products

(

0

.1

%

):

4,200

Bandai

Namco

Holdings,

Inc.

77,767

298

BRP,

Inc.

20,011

961

Hasbro,

Inc.

54,316

400

Shimano,

Inc.

59,737

1,200

Yamaha

Corp.

25,858

237,689

Life

Sciences

Tools

&

Services

(

1

.1

%

):

1,891

Agilent

Technologies,

Inc.

275,159

4,273

Avantor,

Inc.*

109,261

260

Bachem

Holding

AG^

24,903

108

Bio-Rad

Laboratories,

Inc.,

Class

A*

37,354

972

Bio-Techne

Corp.

68,419

306

Charles

River

Laboratories

International,

Inc.*

82,911

4,328

Danaher

Corp.

1,080,788

702

Eurofins

Scientific

SE

44,699

1,057

Illumina,

Inc.*

145,147

1,118

IQVIA

Holdings,

Inc.*

282,731

460

Lonza

Group

AG,

Registered

Shares

275,467

137

Mettler-Toledo

International,

Inc.*

182,387

1,609

QIAGEN

NV

68,796

295

Repligen

Corp.*

54,256

700

Revvity,

Inc.

73,500

206

Sartorius

Stedim

Biotech

58,696

2,376

Thermo

Fisher

Scientific,

Inc.

1,380,955

380

Waters

Corp.*

130,807

442

West

Pharmaceutical

Services,

Inc.

174,904

4,551,140

Machinery

(

2

.1

%

):

2,154

Alfa

Laval

AB

84,687

1,792

Alstom

SA^

27,295

16,261

Atlas

Copco

AB,

Class

A

274,469

9,677

Atlas

Copco

AB,

Class

B

142,883

3,146

Caterpillar,

Inc.

1,152,789

6,392

CNH

Industrial

NV

82,387

887

Cummins,

Inc.

261,354

2,100

Daifuku

Co.,

Ltd.

50,380

3,171

Daimler

Truck

Holding

AG

160,611

1,655

Deere

&

Co.

679,775

893

Dover

Corp.

158,231

4,031

Epiroc

AB,

Class

A

76,023

2,340

Epiroc

AB,

Class

B

39,637

6,300

FANUC

Corp.

176,227

2,124

Fortive

Corp.

182,706

952

GEA

Group

AG

40,245

1,041

Graco,

Inc.

97,292

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

172

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

800

Hitachi

Construction

Machinery

Co.,

Ltd.

$

24,159

600

Hoshizaki

Corp.

21,886

2,525

Husqvarna

AB,

B

Shares

21,612

495

IDEX

Corp.

120,790

1,851

Illinois

Tool

Works,

Inc.

496,679

2,137

Indutrade

AB

58,227

2,471

Ingersoll

Rand,

Inc.

234,621

395

Knorr-Bremse

AG

29,871

5,600

Komatsu,

Ltd.

165,851

1,984

Kone

Oyj,

Class

B

92,272

5,700

Kubota

Corp.

90,776

1,500

Makita

Corp.

42,560

5,113

Metso

Oyj

60,660

2,300

MINEBEA

MITSUMI,

Inc.

45,091

1,800

MISUMI

Group,

Inc.

25,110

19,000

Mitsubishi

Heavy

Industries,

Ltd.

172,372

329

Nordson

Corp.

90,324

2,591

Otis

Worldwide

Corp.

257,209

3,266

PACCAR,

Inc.

404,625

805

Parker-Hannifin

Corp.

447,411

930

Pentair

plc

79,459

32

Rational

AG

27,575

6,342

Sandvik

AB

140,747

275

Schindler

Holding

AG,

Series

PC

69,251

187

Schindler

Holding

AG,

Registered

Shares

45,620

217,569

Seatrium,

Ltd.*

12,743

2,448

SKF

AB,

B

Shares^

49,908

300

SMC

Corp.

169,301

319

Snap-on,

Inc.

94,494

405

Spirax-Sarco

Engineering

plc

51,471

920

Stanley

Black

&

Decker,

Inc.

90,096

9,000

Techtronic

Industries

Co.,

Ltd.

122,022

600

Toro

Co.

(The)

54,978

800

Toyota

Industries

Corp.

83,639

179

VAT

Group

AG

92,594

863

Volvo

AB,

Class

A

23,770

9,308

Volvo

AB,

Class

B

252,143

2,720

Wartsila

Oyj

Abp

41,313

1,184

Westinghouse

Air

Brake

Technologies

Corp.

172,485

1,515

Xylem,

Inc.

195,799

1,600

Yaskawa

Electric

Corp.

68,069

8,526,574

Marine

Transportation

(

0

.1

%

):

20

AP

Moller

-

Maersk

A/S,

Class

A

25,563

24

AP

Moller

-

Maersk

A/S,

Class

B

31,211

2,400

Kawasaki

Kisen

Kaisha,

Ltd.

32,229

343

Kuehne

+

Nagel

International

AG,

Class

R

95,470

2,100

Mitsui

OSK

Lines,

Ltd.

63,990

3,000

Nippon

Yusen

KK

82,256

12,000

SITC

International

Holdings

Co.,

Ltd.

21,926

352,645

Media

(

0

.6

%

):

618

Charter

Communications,

Inc.,

Class

A*

179,609

24,796

Comcast

Corp.,

Class

A

1,074,907

1,300

Dentsu

Group,

Inc.

36,018

1,721

Fox

Corp.,

Class

A

53,816

968

Fox

Corp.,

Class

B

27,704

8,843

Informa

plc

92,693

Shares

Value

Common

Stocks,

continued

Media,

continued

2,288

Interpublic

Group

of

Cos.,

Inc.

(The)

$

74,657

739

Liberty

Broadband

Corp.,

Class

C*

42,293

1,069

Liberty

Media

Corp.-Liberty

SiriusXM*

31,760

2,491

News

Corp.,

Class

A

65,214

1,148

Omnicom

Group,

Inc.

111,081

3,327

Paramount

Global,

Class

B

39,159

1,441

Publicis

Groupe

SA

157,017

6,283

Sirius

XM

Holdings,

Inc.^

24,378

2,895

Trade

Desk,

Inc.

(The),

Class

A*

253,081

3,675

Vivendi

SE

40,080

7,540

WPP

plc

71,342

2,374,809

Metals

&

Mining

(

1

.3

%

):

3,021

Agnico

Eagle

Mines,

Ltd.

180,158

7,856

Anglo

American

plc

194,085

2,646

Antofagasta

plc

68,292

2,946

ArcelorMittal

SA

80,923

10,401

Barrick

Gold

Corp.

173,017

31,090

BHP

Group,

Ltd.

897,647

2,969

BlueScope

Steel,

Ltd.

46,188

2,098

Boliden

AB

58,136

3,016

Cleveland-Cliffs,

Inc.*

68,584

4,279

First

Quantum

Minerals,

Ltd.

46,000

10,986

Fortescue,

Ltd.

184,052

1,109

Franco-Nevada

Corp.

132,156

8,771

Freeport-McMoRan,

Inc.

412,412

65,889

Glencore

plc

362,411

4,254

Ivanhoe

Mines,

Ltd.*

50,757

3,100

JFE

Holdings,

Inc.

51,281

7,700

Kinross

Gold

Corp.

47,244

4,089

Lundin

Mining

Corp.

41,844

958

Mineral

Resources,

Ltd.

44,332

7,254

Newmont

Corp.

259,983

5,300

Nippon

Steel

Corp.

127,450

10,117

Norsk

Hydro

ASA

55,812

8,015

Northern

Star

Resources,

Ltd.

76,486

1,567

Nucor

Corp.

310,109

1,988

Pan

American

Silver

Corp.

29,973

18,950

Pilbara

Minerals,

Ltd.

47,482

382

Reliance,

Inc.

127,657

7,016

Rio

Tinto

plc

445,114

2,398

Rio

Tinto,

Ltd.

190,601

23,062

South32,

Ltd.

45,273

986

Steel

Dynamics,

Inc.

146,155

1,800

Sumitomo

Metal

Mining

Co.,

Ltd.

53,393

2,960

Teck

Resources,

Ltd.,

Class

B

135,499

573

voestalpine

AG

16,076

2,771

Wheaton

Precious

Metals

Corp.

130,530

5,337,112

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.0

%

†

):

3,240

Annaly

Capital

Management,

Inc.

63,796

Multi-Utilities

(

0

.6

%

):

1,565

Ameren

Corp.

115,747

993

Canadian

Utilities,

Ltd.,

Class

A

22,618

3,884

CenterPoint

Energy,

Inc.

110,655

31,540

Centrica

plc

50,781

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

173

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Multi-Utilities,

continued

1,930

CMS

Energy

Corp.

$

116,456

2,191

Consolidated

Edison,

Inc.

198,965

5,375

Dominion

Energy,

Inc.

264,396

1,228

DTE

Energy

Co.

137,708

13,584

E.ON

SE

188,785

12,131

Engie

SA

203,831

23,212

National

Grid

plc

312,218

2,789

NiSource,

Inc.

77,144

3,053

Public

Service

Enterprise

Group,

Inc.

203,879

3,843

Sempra

276,043

4,592

Veolia

Environnement

SA

148,957

1,964

WEC

Energy

Group,

Inc.

161,284

2,589,467

Office

REITs

(

0

.1

%

):

1,079

Alexandria

Real

Estate

Equities,

Inc.

139,094

861

Boston

Properties,

Inc.

56,232

316

Covivio

SA

16,281

6,489

Dexus

33,527

236

Gecina

SA

24,088

7

Japan

Real

Estate

Investment

Corp.

24,961

10

Nippon

Building

Fund,

Inc.

40,036

334,219

Oil,

Gas

&

Consumable

Fuels

(

4

.2

%

):

1,797

Aker

BP

ASA

44,928

1,369

Ampol,

Ltd.

35,508

1,657

APA

Corp.

56,968

3,848

ARC

Resources,

Ltd.

68,613

106,978

BP

plc

672,042

2,904

Cameco

Corp.

125,731

6,522

Canadian

Natural

Resources,

Ltd.

497,577

8,812

Cenovus

Energy,

Inc.

176,188

1,474

Cheniere

Energy,

Inc.

237,727

767

Chesapeake

Energy

Corp.

68,133

11,115

Chevron

Corp.

1,753,280

7,331

ConocoPhillips

933,090

5,070

Coterra

Energy,

Inc.

141,352

3,841

Devon

Energy

Corp.

192,741

1,036

Diamondback

Energy,

Inc.

205,304

13,129

Enbridge,

Inc.

474,501

17,150

ENEOS

Holdings,

Inc.

82,571

13,351

Eni

SpA

211,651

3,602

EOG

Resources,

Inc.

460,480

2,174

EQT

Corp.

80,590

5,860

Equinor

ASA

157,294

24,713

Exxon

Mobil

Corp.

2,872,639

3,214

Galp

Energia

SGPS

SA

53,194

1,754

Hess

Corp.

267,730

891

HF

Sinclair

Corp.

53,790

7,410

Idemitsu

Kosan

Co.,

Ltd.

50,788

1,308

Imperial

Oil,

Ltd.

90,229

6,200

Inpex

Corp.

94,485

1,180

Keyera

Corp.

30,397

12,555

Kinder

Morgan,

Inc.

230,259

3,361

Marathon

Oil

Corp.

95,251

2,388

Marathon

Petroleum

Corp.

481,182

2,999

Neste

Oyj

81,292

3,968

Occidental

Petroleum

Corp.

257,880

981

OMV

AG

46,472

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

3,710

ONEOK,

Inc.

$

297,431

1,492

Ovintiv,

Inc.

77,435

697

Parkland

Corp.

22,201

3,603

Pembina

Pipeline

Corp.

127,185

2,747

Phillips

66

448,695

1,426

Pioneer

Natural

Resources

Co.

374,325

7,492

Repsol

SA

125,029

20,801

Santos,

Ltd.

105,038

40,269

Shell

plc

1,335,795

7,726

Suncor

Energy,

Inc.

285,161

1,228

Targa

Resources

Corp.

137,524

6,384

TC

Energy

Corp.^

256,604

111

Texas

Pacific

Land

Corp.

64,215

13,483

TotalEnergies

SE

926,964

2,246

Tourmaline

Oil

Corp.

105,020

2,124

Valero

Energy

Corp.

362,546

7,744

Williams

Cos.,

Inc.

(The)

301,784

12,188

Woodside

Energy

Group,

Ltd.

243,410

16,978,219

Paper

&

Forest

Products

(

0

.1

%

):

734

Holmen

AB,

B

Shares

29,868

3,130

Mondi

plc

55,145

2,811

Stora

Enso

Oyj,

Class

R

39,086

4,358

Svenska

Cellulosa

AB

SCA,

Class

B^

66,915

3,253

UPM-Kymmene

Oyj

108,258

391

West

Fraser

Timber

Co.,

Ltd.

33,765

333,037

Passenger

Airlines

(

0

.1

%

):

990

Air

Canada*

14,334

1,000

ANA

Holdings,

Inc.

20,882

962

Delta

Air

Lines,

Inc.

46,051

4,680

Deutsche

Lufthansa

AG,

Registered

Shares*

36,758

1,000

Japan

Airlines

Co.,

Ltd.

18,975

5,489

Qantas

Airways,

Ltd.*

19,511

8,850

Singapore

Airlines,

Ltd.

42,007

710

Southwest

Airlines

Co.

20,725

219,243

Personal

Care

Products

(

0

.6

%

):

707

Beiersdorf

AG

102,922

1,481

Estee

Lauder

Cos.,

Inc.

(The)

228,296

34,483

Haleon

plc

144,686

2,900

Kao

Corp.

108,520

10,540

Kenvue,

Inc.

226,188

1,496

L'Oreal

SA

709,399

2,800

Shiseido

Co.,

Ltd.

76,552

15,580

Unilever

plc

782,209

2,378,772

Pharmaceuticals

(

5

.0

%

):

11,300

Astellas

Pharma,

Inc.

121,454

9,492

AstraZeneca

plc

1,277,754

6,144

Bayer

AG,

Registered

Shares

188,399

12,741

Bristol-Myers

Squibb

Co.

690,944

997

Catalent,

Inc.*

56,281

4,000

Chugai

Pharmaceutical

Co.,

Ltd.

152,905

11,600

Daiichi

Sankyo

Co.,

Ltd.

368,739

1,700

Eisai

Co.,

Ltd.

70,041

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

174

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

4,995

Eli

Lilly

&

Co.

$

3,885,910

25,399

GSK

plc

545,382

1,106

Hikma

Pharmaceuticals

plc

26,749

283

Ipsen

SA

33,634

415

Jazz

Pharmaceuticals

plc*

49,974

14,953

Johnson

&

Johnson

2,365,415

1,400

Kyowa

Kirin

Co.,

Ltd.

25,173

15,756

Merck

&

Co.,

Inc.

2,079,004

757

Merck

KGaA

133,583

12,688

Novartis

AG,

Registered

Shares

1,228,965

20,246

Novo

Nordisk

A/S,

Class

B

2,593,899

2,500

Ono

Pharmaceutical

Co.,

Ltd.

40,980

612

Orion

Oyj,

Class

B

22,815

2,400

Otsuka

Holdings

Co.,

Ltd.

99,547

34,623

Pfizer,

Inc.

960,788

582

Recordati

Industria

Chimica

e

Farmaceutica

SpA

32,160

4,386

Roche

Holding

AG

1,119,831

187

Roche

Holding

AG,

Class

BR

50,343

2,369

Royalty

Pharma

plc,

Class

A

71,947

2,809

Sandoz

Group

AG*

84,747

6,931

Sanofi

SA

679,958

1,600

Shionogi

&

Co.,

Ltd.

81,942

9,650

Takeda

Pharmaceutical

Co.,

Ltd.

268,232

7,029

Teva

Pharmaceutical

Industries,

Ltd.,

ADR*

99,179

733

UCB

SA

90,390

7,608

Viatris,

Inc.

90,840

2,891

Zoetis,

Inc.

489,186

20,177,090

Professional

Services

(

1

.0

%

):

981

Adecco

Group

AG

38,790

2,569

Automatic

Data

Processing,

Inc.

641,582

814

Booz

Allen

Hamilton

Holding

Corp.

120,830

694

Broadridge

Financial

Solutions,

Inc.

142,173

1,956

Bureau

Veritas

SA

59,611

3,893

Computershare,

Ltd.

66,234

1,003

Dayforce,

Inc.*

66,409

755

Equifax,

Inc.

201,978

5,630

Experian

plc

245,734

886

Intertek

Group

plc

55,817

725

Jacobs

Solutions,

Inc.

111,454

798

Leidos

Holdings,

Inc.

104,610

2,092

Paychex,

Inc.

256,898

353

Paycom

Software,

Inc.

70,250

310

Paylocity

Holding

Corp.*

53,277

647

Randstad

NV

34,118

8,800

Recruit

Holdings

Co.,

Ltd.

387,709

11,628

RELX

plc

502,333

581

Robert

Half,

Inc.

46,062

961

SGS

SA,

Registered

Shares

93,235

1,465

SS&C

Technologies

Holdings,

Inc.

94,302

405

Teleperformance

SE

39,267

926

Thomson

Reuters

Corp.

144,123

1,266

TransUnion

101,027

878

Verisk

Analytics,

Inc.

206,971

1,556

Wolters

Kluwer

NV

243,650

4,128,444

Real

Estate

Management

&

Development

(

0

.4

%

):

116

Azrieli

Group,

Ltd.

8,374

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

17,300

CapitaLand

Investment,

Ltd.

$

34,416

1,860

CBRE

Group,

Inc.,

Class

A*

180,867

3,700

City

Developments,

Ltd.

16,068

14,000

CK

Asset

Holdings,

Ltd.

57,675

2,510

CoStar

Group,

Inc.*

242,466

300

Daito

Trust

Construction

Co.,

Ltd.

34,205

3,500

Daiwa

House

Industry

Co.,

Ltd.

104,118

18,800

ESR

Group,

Ltd.

20,136

3,858

Fastighets

AB

Balder,

B

Shares*

28,303

257

FirstService

Corp.,

Class

WI

42,552

11,000

Hang

Lung

Properties,

Ltd.

11,292

6,324

Henderson

Land

Development

Co.,

Ltd.

18,052

6,600

Hongkong

Land

Holdings,

Ltd.

20,266

2,400

Hulic

Co.,

Ltd.

24,643

403

LEG

Immobilien

SE*

34,589

7,600

Mitsubishi

Estate

Co.,

Ltd.

138,268

16,500

Mitsui

Fudosan

Co.,

Ltd.

177,808

1,000

Nomura

Real

Estate

Holdings,

Inc.

28,279

1,352

Sagax

AB,

Class

B

35,614

24,117

Sino

Land

Co.,

Ltd.

25,071

2,100

Sumitomo

Realty

&

Development

Co.,

Ltd.

78,210

9,500

Sun

Hung

Kai

Properties,

Ltd.

91,544

2,000

Swire

Pacific,

Ltd.,

Class

A

16,469

9,200

Swire

Properties,

Ltd.

19,354

498

Swiss

Prime

Site

AG,

Registered

Shares

46,967

4,742

Vonovia

SE

140,223

11,000

Wharf

Real

Estate

Investment

Co.,

Ltd.

35,831

1,012

Zillow

Group,

Inc.,

Class

C*

49,365

1,761,025

Residential

REITs

(

0

.3

%

):

1,914

American

Homes

4

Rent,

Class

A

70,397

865

AvalonBay

Communities,

Inc.

160,509

739

Camden

Property

Trust

72,718

272

Canadian

Apartment

Properties

REIT

9,336

1,106

Equity

LifeStyle

Properties,

Inc.

71,226

2,399

Equity

Residential

151,401

428

Essex

Property

Trust,

Inc.

104,779

3,865

Invitation

Homes,

Inc.

137,633

795

Mid-America

Apartment

Communities,

Inc.

104,606

860

Sun

Communities,

Inc.

110,579

1,736

UDR,

Inc.

64,944

1,058,128

Retail

REITs

(

0

.3

%

):

30,906

CapitaLand

Integrated

Commercial

Trust

45,436

43

Japan

Metropolitan

Fund

Invest

26,811

3,984

Kimco

Realty

Corp.

78,126

1,137

Klepierre

SA

29,429

17,300

Link

REIT

74,519

15,100

Mapletree

Pan

Asia

Commercial

Trust

14,347

5,355

Realty

Income

Corp.

289,706

1,170

Regency

Centers

Corp.

70,855

460

RioCan

Real

Estate

Investment

Trust^

6,273

27,559

Scentre

Group

61,041

2,079

Simon

Property

Group,

Inc.

325,343

812

Unibail-Rodamco-Westfield*

65,222

24,703

Vicinity,

Ltd.

34,287

1,121,395

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

175

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment

(

8

.2

%

):

10,045

Advanced

Micro

Devices,

Inc.*

$

1,813,022

4,900

Advantest

Corp.

219,006

3,075

Analog

Devices,

Inc.

608,204

5,190

Applied

Materials,

Inc.

1,070,334

287

ASM

International

NV

174,818

2,494

ASML

Holding

NV

2,394,119

536

BE

Semiconductor

Industries

NV

81,826

2,759

Broadcom,

Inc.

3,656,806

500

Disco

Corp.

183,726

833

Enphase

Energy,

Inc.*

100,776

941

Entegris,

Inc.

132,248

592

First

Solar,

Inc.*

99,930

8,258

Infineon

Technologies

AG

280,698

26,122

Intel

Corp.

1,153,809

831

KLA

Corp.

580,512

827

Lam

Research

Corp.

803,488

400

Lasertec

Corp.

113,454

760

Lattice

Semiconductor

Corp.*

59,455

5,470

Marvell

Technology,

Inc.

387,714

3,395

Microchip

Technology,

Inc.

304,565

6,883

Micron

Technology,

Inc.

811,437

278

Monolithic

Power

Systems,

Inc.

188,323

15,289

NVIDIA

Corp.

13,814,529

1,606

NXP

Semiconductors

NV

397,919

2,736

ON

Semiconductor

Corp.*

201,233

526

Qorvo,

Inc.*

60,401

6,942

QUALCOMM,

Inc.

1,175,281

8,700

Renesas

Electronics

Corp.*

155,736

2,000

Rohm

Co.,

Ltd.

31,915

500

SCREEN

Holdings

Co.,

Ltd.

65,055

992

Skyworks

Solutions,

Inc.

107,453

4,315

STMicroelectronics

NV

185,719

2,600

SUMCO

Corp.

41,156

932

Teradyne,

Inc.

105,158

5,610

Texas

Instruments,

Inc.

977,318

2,900

Tokyo

Electron,

Ltd.

760,624

33,297,767

Software

(

8

.3

%

):

2,808

Adobe,

Inc.*

1,416,917

529

ANSYS,

Inc.*

183,648

1,009

AppLovin

Corp.,

Class

A*

69,843

217

Aspen

Technology,

Inc.*

46,282

929

Atlassian

Corp.,

Class

A*

181,257

1,371

Autodesk,

Inc.*

357,036

1,205

Bentley

Systems,

Inc.,

Class

B

62,925

597

BILL

Holdings,

Inc.*

41,026

1,667

Cadence

Design

Systems,

Inc.*

518,904

593

Check

Point

Software

Technologies,

Ltd.*

97,258

129

Constellation

Software,

Inc.

352,407

467

Corpay,

Inc.*

144,088

1,417

Crowdstrike

Holdings,

Inc.,

Class

A*

454,276

280

CyberArk

Software,

Ltd.*

74,376

4,296

Dassault

Systemes

SE

189,991

1,620

Datadog,

Inc.,

Class

A*

200,232

633

Descartes

Systems

Group,

Inc.

(The)*

57,907

1,230

DocuSign,

Inc.*

73,246

1,395

Dropbox,

Inc.,

Class

A*

33,898

1,408

Dynatrace,

Inc.*

65,387

150

Fair

Isaac

Corp.*

187,441

Shares

Value

Common

Stocks,

continued

Software,

continued

4,030

Fortinet,

Inc.*

$

275,289

3,426

Gen

Digital,

Inc.

76,742

287

HubSpot,

Inc.*

179,823

1,739

Intuit,

Inc.

1,130,350

431

Manhattan

Associates,

Inc.*

107,849

43,706

Microsoft

Corp.

18,387,988

423

Nemetschek

SE

41,852

487

Nice,

Ltd.*

126,999

1,565

Open

Text

Corp.

60,733

10,295

Oracle

Corp.

1,293,155

300

Oracle

Corp.

Japan

22,550

11,371

Palantir

Technologies,

Inc.,

Class

A*

261,647

1,955

Palo

Alto

Networks,

Inc.*

555,474

708

PTC,

Inc.*

133,769

666

Roper

Technologies,

Inc.

373,519

6,257

Sage

Group

plc

(The)

99,907

6,012

Salesforce,

Inc.

1,810,694

6,492

SAP

SE

1,263,775

1,273

ServiceNow,

Inc.*

970,535

938

Synopsys,

Inc.*

536,067

400

Temenos

AG,

Registered

Shares

28,653

800

Trend

Micro,

Inc.

40,696

274

Tyler

Technologies,

Inc.*

116,453

2,586

UiPath,

Inc.,

Class

A*

58,625

1,510

Unity

Software,

Inc.*

40,317

1,150

WiseTech

Global,

Ltd.

70,404

1,328

Workday,

Inc.,

Class

A*

362,212

951

Xero,

Ltd.*

82,619

1,326

Zoom

Video

Communications,

Inc.,

Class

A*

86,681

554

Zscaler,

Inc.*

106,717

33,510,439

Specialized

REITs

(

0

.7

%

):

2,917

American

Tower

Corp.

576,370

2,682

Crown

Castle,

Inc.

283,836

1,960

Digital

Realty

Trust,

Inc.

282,318

584

Equinix,

Inc.

481,993

1,349

Extra

Space

Storage,

Inc.

198,303

1,540

Gaming

and

Leisure

Properties,

Inc.

70,948

1,821

Iron

Mountain,

Inc.

146,062

958

Public

Storage

277,877

638

SBA

Communications

Corp.

138,255

6,435

VICI

Properties,

Inc.

191,699

4,368

Weyerhaeuser

Co.

156,855

2,804,516

Specialty

Retail

(

1

.7

%

):

106

AutoZone,

Inc.*

334,075

1,229

Bath

&

Body

Works,

Inc.

61,475

1,107

Best

Buy

Co.,

Inc.

90,807

404

Burlington

Stores,

Inc.*

93,805

1,047

CarMax,

Inc.*

91,204

341

Dick's

Sporting

Goods,

Inc.

76,677

1,000

Fast

Retailing

Co.,

Ltd.

309,935

4,103

H

&

M

Hennes

&

Mauritz

AB,

Class

B

67,069

6,150

Home

Depot,

Inc.

(The)

2,359,140

6,853

Industria

de

Diseno

Textil

SA

345,048

17,355

JD

Sports

Fashion

plc

29,419

12,728

Kingfisher

plc

40,026

3,534

Lowe's

Cos.,

Inc.

900,216

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

176

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

500

Nitori

Holdings

Co.,

Ltd.

$

75,381

366

O'Reilly

Automotive,

Inc.*

413,170

2,117

Ross

Stores,

Inc.

310,691

7,032

TJX

Cos.,

Inc.

(The)

713,185

656

Tractor

Supply

Co.

171,688

296

Ulta

Beauty,

Inc.*

154,773

3,400

USS

Co.,

Ltd.

28,107

387

Williams-Sonoma,

Inc.

122,884

829

Zalando

SE*

23,689

1,200

ZOZO,

Inc.

29,784

6,842,248

Technology

Hardware,

Storage

&

Peripherals

(

4

.3

%

):

90,924

Apple,

Inc.

15,591,648

1,100

Brother

Industries,

Ltd.

20,444

6,400

Canon,

Inc.

190,540

1,510

Dell

Technologies,

Inc.,

Class

C

172,306

7,500

FUJIFILM

Holdings

Corp.

168,507

7,877

Hewlett

Packard

Enterprise

Co.

139,659

5,883

HP,

Inc.

177,784

1,075

Logitech

International

SA,

Class

R

96,214

1,232

NetApp,

Inc.

129,323

3,600

Ricoh

Co.,

Ltd.

32,060

1,345

Seagate

Technology

Holdings

plc

125,152

2,200

Seiko

Epson

Corp.

38,434

287

Super

Micro

Computer,

Inc.*

289,879

1,996

Western

Digital

Corp.*

136,207

17,308,157

Textiles,

Apparel

&

Luxury

Goods

(

1

.1

%

):

1,032

adidas

AG

230,489

2,711

Burberry

Group

plc

41,582

3,252

Cie

Financiere

Richemont

SA,

Registered

Shares

497,555

163

Deckers

Outdoor

Corp.*

153,425

1,244

Gildan

Activewear,

Inc.

46,172

197

Hermes

International

SCA

504,967

477

Kering

SA

188,515

699

Lululemon

Athletica,

Inc.*

273,064

1,694

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,531,907

1,224

Moncler

SpA

91,310

7,530

NIKE,

Inc.,

Class

B

707,670

526

Pandora

A/S

84,977

767

Puma

SE

34,763

437

Swatch

Group

AG

(The)

19,817

209

Swatch

Group

AG

(The),

Class

BR

48,505

4,454,718

Tobacco

(

0

.5

%

):

10,950

Altria

Group,

Inc.

477,639

12,473

British

American

Tobacco

plc

379,039

4,862

Imperial

Brands

plc

108,683

7,900

Japan

Tobacco,

Inc.

210,624

9,647

Philip

Morris

International,

Inc.

883,858

2,059,843

Trading

Companies

&

Distributors

(

0

.8

%

):

1,088

AerCap

Holdings

NV*

94,558

2,799

Ashtead

Group

plc

198,915

908

Brenntag

SE

76,477

2,452

Bunzl

plc

94,404

Shares

Value

Common

Stocks,

continued

Trading

Companies

&

Distributors,

continued

3,469

Fastenal

Co.

$

267,599

1,323

Ferguson

plc

289,518

327

IMCD

NV

57,622

7,600

ITOCHU

Corp.

325,945

9,200

Marubeni

Corp.

159,363

21,700

Mitsubishi

Corp.

501,244

7,900

Mitsui

&

Co.,

Ltd.

369,158

1,400

MonotaRO

Co.,

Ltd.

16,812

1,239

Reece,

Ltd.

22,710

7,000

Sumitomo

Corp.

168,559

483

Toromont

Industries,

Ltd.

46,485

1,400

Toyota

Tsusho

Corp.

96,125

410

United

Rentals,

Inc.

295,655

276

W.W.

Grainger,

Inc.

280,775

193

Watsco,

Inc.

83,370

3,445,294

Transportation

Infrastructure

(

0

.1

%

):

435

Aena

SME

SA

85,620

215

Aeroports

de

Paris

SA

29,453

8,354

Auckland

International

Airport,

Ltd.

41,615

1,886

Getlink

SE

32,096

19,315

Transurban

Group

167,868

356,652

Water

Utilities

(

0

.1

%

):

1,249

American

Water

Works

Co.,

Inc.

152,640

1,659

Essential

Utilities,

Inc.

61,466

1,696

Severn

Trent

plc

52,913

4,770

United

Utilities

Group

plc

62,010

329,029

Wireless

Telecommunication

Services

(

0

.4

%

):

8,900

KDDI

Corp.

263,189

2,319

Rogers

Communications,

Inc.,

Class

B

95,026

18,100

SoftBank

Corp.

232,482

6,500

SoftBank

Group

Corp.

388,492

2,292

Tele2

AB,

B

Shares

18,826

3,256

T-Mobile

US,

Inc.

531,444

148,132

Vodafone

Group

plc

131,130

1,660,589

Total

Common

Stocks

(Cost

$272,318,475)

401,598,031

Preferred

Stocks

(

0

.1

%

):

Automobiles

(

0

.1

%

):

335

Bayerische

Motoren

Werke

AG,

8.57%,

5/15/20

35,916

634

Dr

Ing

hc

F

Porsche

AG,

1.09%

63,102

1,151

Porsche

Automobil

Holding

SE,

5.21%,

5/20/20

61,003

1,331

Volkswagen

AG,

7.13%,

5/8/20

176,499

336,520

Household

Products

(

0

.0

%

†

):

1,047

Henkel

AG

&

Co.

KGaA,

2.48%,

4/21/20

84,133

Life

Sciences

Tools

&

Services

(

0

.0

%

†

):

144

Sartorius

AG,

0.39%

57,262

Total

Preferred

Stocks

(Cost

$577,209)

477,915

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

177

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024.

Contracts

Value

Warrant

(

0

.0

%

†

):

Software

(

0

.0

%

†

):

147

Constellation

Software,

Inc.,

3/31/40*(a)

$

—

Total

Warrant

(Cost

$—)

—

Shares

Affiliated

Investment

Company

(

0

.3

%

):

Money

Market

(

0

.3

%

):

1,148,353

BlackRock

Liquidity

FedFund,

Institutional

Class+(b)

(c)

1,148,353

Total

Affiliated

Investment

Company

(Cost

$1,148,353)

1,148,353

Total

Investment

Securities

(Cost

$274,044,037)

—

99.5%

403,224,299

Net

other

assets

(liabilities)

—

0.5%

1,877,420

Net

Assets

—

100.0%

$

405,101,719

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

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$1,086,906.

+

Affiliated

Securities

†

Represents

less

than

0.05%.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

March

31,

2024.

(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

March

31,

2024.

(c)

The

rate

represents

the

effective

yield

at

March

31,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

178

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

March

31,

2024

:

(Unaudited)

Country

Percentage

Australia

1

.9‌

%

Austria

—‌

%

†

Belgium

0

.2‌

%

Bermuda

0

.1‌

%

Canada

3

.2‌

%

Chile

—‌

%

†

Denmark

1

.0‌

%

Finland

0

.3‌

%

France

3

.1‌

%

Germany

2

.2‌

%

Hong

Kong

0

.5‌

%

Ireland

1

.1‌

%

Israel

0

.2‌

%

Italy

0

.6‌

%

Japan

6

.1‌

%

Jordan

—‌

%

†

Luxembourg

—‌

%

†

Macau

—‌

%

†

Netherlands

1

.5‌

%

New

Zealand

0

.1‌

%

Norway

0

.2‌

%

Portugal

—‌

%

†

Singapore

0

.3‌

%

Spain

0

.7‌

%

Sweden

0

.8‌

%

Switzerland

2

.8‌

%

United

Kingdom

3

.6‌

%

United

States

69

.4‌

%

Uruguay

0

.1‌

%

100

.0‌

%

†

Represents

less

than

0.05%.

Futures

Contracts

At

March

31,

2024,

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

June

Futures

(Euro)

6/21/24

8

$

435,364‌

$

3,479‌

FTSE

100

Index

June

Futures

(British

Pounds)

6/21/24

3

302,400‌

2,965‌

S&P

500

Index

E-Mini

June

Futures

(U.S.

Dollar)

6/21/24

8

2,123,400‌

18,758‌

SGX

NIKKEI

225

Index

June

Futures

(Japenese

Yen)

6/13/24

2

265,427‌

210‌

$

25,412‌

Forward

Currency

Contracts

At

March

31,

2024,

the

Fund's

open

forward

currency

contracts

were

as

follows:

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

U.S.

Dollar

150,666‌

Swiss

Franc

135,706‌

BOA

Merrill

Lynch

4/3/24

$

116

U.S.

Dollar

143,109‌

British

Pound

113,398‌

JPMorgan

Chase

4/3/24

11

Total

Net

Forward

Currency

Contracts

$

127‌

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

179

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(

99

.3

%

):

Aerospace

&

Defense

(

0

.6

%

):

1,571

Axon

Enterprise,

Inc.*

$

491,534

1,699

Boeing

Co.

(The)*

327,890

399

BWX

Technologies,

Inc.

40,945

924

HEICO

Corp.

176,484

1,621

HEICO

Corp.,

Class

A

249,537

4,872

Lockheed

Martin

Corp.

2,216,127

169

Northrop

Grumman

Corp.

80,894

209

TransDigm

Group,

Inc.

257,404

3,840,815

Air

Freight

&

Logistics

(

0

.1

%

):

2,112

CH

Robinson

Worldwide,

Inc.

160,807

396

Expeditors

International

of

Washington,

Inc.

48,142

4,506

United

Parcel

Service,

Inc.,

Class

B

669,727

878,676

Automobiles

(

1

.8

%

):

62,402

Tesla,

Inc.*

10,969,648

Banks

(

0

.1

%

):

30

First

Citizens

BancShares,

Inc.,

Class

A

49,050

36,532

NU

Holdings,

Ltd.,

Class

A*

435,827

484,877

Beverages

(

1

.3

%

):

194

Boston

Beer

Co.,

Inc.

(The),

Class

A*

59,058

711

Brown-Forman

Corp.,

Class

A

37,648

3,134

Brown-Forman

Corp.,

Class

B

161,777

3,245

Celsius

Holdings,

Inc.*

269,075

43,690

Coca-Cola

Co.

(The)

2,672,954

391

Constellation

Brands,

Inc.,

Class

A

106,258

16,978

Monster

Beverage

Corp.*

1,006,456

21,521

PepsiCo,

Inc.

3,766,390

8,079,616

Biotechnology

(

2

.3

%

):

39,910

AbbVie,

Inc.

7,267,611

2,261

Alnylam

Pharmaceuticals,

Inc.*

337,906

8,204

Amgen,

Inc.

2,332,561

2,288

Apellis

Pharmaceuticals,

Inc.*

134,489

564

BioMarin

Pharmaceutical,

Inc.*

49,260

1,282

Exact

Sciences

Corp.*

88,535

5,259

Exelixis,

Inc.*

124,796

3,219

Incyte

Corp.*

183,386

2,743

Ionis

Pharmaceuticals,

Inc.*

118,909

2,412

Natera,

Inc.*

220,602

2,227

Neurocrine

Biosciences,

Inc.*

307,148

161

Regeneron

Pharmaceuticals,

Inc.*

154,961

5,898

Roivant

Sciences,

Ltd.*

62,165

1,977

Sarepta

Therapeutics,

Inc.*

255,942

1,855

Ultragenyx

Pharmaceutical,

Inc.*

86,610

5,325

Vertex

Pharmaceuticals,

Inc.*

2,225,903

13,950,784

Broadline

Retail

(

6

.3

%

):

203,765

Amazon.com,

Inc.*

36,755,131

25,007

Coupang,

Inc.*

444,874

847

eBay,

Inc.

44,705

1,540

Etsy,

Inc.*

105,829

Shares

Value

Common

Stocks,

continued

Broadline

Retail,

continued

506

Ollie's

Bargain

Outlet

Holdings,

Inc.*

$

40,262

37,390,801

Building

Products

(

0

.2

%

):

336

A

O

Smith

Corp.

30,058

1,521

Advanced

Drainage

Systems,

Inc.

261,977

1,845

Allegion

plc

248,540

331

Armstrong

World

Industries,

Inc.

41,117

1,499

Trane

Technologies

plc

450,000

2,447

Trex

Co.,

Inc.*

244,088

1,275,780

Capital

Markets

(

1

.2

%

):

2,280

Ameriprise

Financial,

Inc.

999,643

3,742

Ares

Management

Corp.,

Class

A

497,611

16,193

Blackstone,

Inc.

2,127,274

1,702

Blue

Owl

Capital,

Inc.

32,100

857

FactSet

Research

Systems,

Inc.

389,412

3,640

KKR

&

Co.,

Inc.

366,111

1,683

LPL

Financial

Holdings,

Inc.

444,649

866

MarketAxess

Holdings,

Inc.

189,871

3,272

Moody's

Corp.

1,285,994

599

Morningstar,

Inc.

184,714

870

MSCI,

Inc.

487,592

600

S&P

Global,

Inc.

255,270

844

Tradeweb

Markets,

Inc.,

Class

A

87,919

705

XP,

Inc.,

Class

A

18,090

7,366,250

Chemicals

(

0

.6

%

):

600

Axalta

Coating

Systems,

Ltd.*

20,634

4,338

Ecolab,

Inc.

1,001,644

476

FMC

Corp.

30,321

1,058

Linde

plc

491,251

1,388

PPG

Industries,

Inc.

201,121

467

RPM

International,

Inc.

55,550

1,055

Scotts

Miracle-Gro

Co.

(The)

78,692

4,476

Sherwin-Williams

Co.

(The)

1,554,649

3,433,862

Commercial

Services

&

Supplies

(

0

.8

%

):

1,756

Cintas

Corp.

1,206,425

19,435

Copart,

Inc.*

1,125,675

159

MSA

Safety,

Inc.

30,781

3,062

RB

Global,

Inc.

233,232

5,866

Rollins,

Inc.

271,420

245

Tetra

Tech,

Inc.

45,254

8,231

Waste

Management,

Inc.

1,754,438

4,667,225

Communications

Equipment

(

0

.5

%

):

5,699

Arista

Networks,

Inc.*

1,652,596

3,446

Motorola

Solutions,

Inc.

1,223,261

18

Ubiquiti,

Inc.

2,085

2,877,942

Construction

&

Engineering

(

0

.1

%

):

339

EMCOR

Group,

Inc.

118,718

886

Quanta

Services,

Inc.

230,183

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

180

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

16

Valmont

Industries,

Inc.

$

3,652

1,267

WillScot

Mobile

Mini

Holdings

Corp.*

58,916

411,469

Construction

Materials

(

0

.1

%

):

509

Eagle

Materials,

Inc.

138,321

669

Vulcan

Materials

Co.

182,583

320,904

Consumer

Finance

(

0

.2

%

):

4,297

American

Express

Co.

978,384

2,428

SLM

Corp.

52,906

1,031,290

Consumer

Staples

Distribution

&

Retail

(

1

.8

%

):

846

Albertsons

Cos.,

Inc.,

Class

A

18,138

137

Casey's

General

Stores,

Inc.

43,628

10,020

Costco

Wholesale

Corp.

7,340,953

4,966

Dollar

General

Corp.

774,994

1,591

Performance

Food

Group

Co.*

118,752

11,293

Sysco

Corp.

916,766

10,453

Target

Corp.

1,852,376

11,065,607

Containers

&

Packaging

(

0

.1

%

):

593

Avery

Dennison

Corp.

132,387

3,495

Graphic

Packaging

Holding

Co.

101,984

2,032

Sealed

Air

Corp.

75,591

309,962

Distributors

(

0

.1

%

):

877

Pool

Corp.

353,869

Diversified

Consumer

Services

(

0

.0

%

†

):

181

Bright

Horizons

Family

Solutions,

Inc.*

20,518

196

Grand

Canyon

Education,

Inc.*

26,697

2,175

H&R

Block,

Inc.

106,815

1,134

Service

Corp.

International

84,154

238,184

Diversified

Telecommunication

Services

(

0

.0

%

†

):

2,580

Iridium

Communications,

Inc.

67,493

Electrical

Equipment

(

0

.2

%

):

6,727

ChargePoint

Holdings,

Inc.*^

12,781

573

Hubbell,

Inc.

237,824

2,603

Rockwell

Automation,

Inc.

758,332

449

Vertiv

Holdings

Co.,

Class

A

36,670

1,045,607

Electronic

Equipment,

Instruments

&

Components

(

0

.3

%

):

6,595

Amphenol

Corp.,

Class

A

760,733

2,848

CDW

Corp.

728,462

1,800

Jabil,

Inc.

241,110

1,039

Keysight

Technologies,

Inc.*

162,479

1,344

Vontier

Corp.

60,964

235

Zebra

Technologies

Corp.*

70,838

2,024,586

Shares

Value

Common

Stocks,

continued

Energy

Equipment

&

Services

(

0

.0

%

†

):

4,255

Halliburton

Co.

$

167,732

Entertainment

(

1

.2

%

):

723

Live

Nation

Entertainment,

Inc.*

76,472

9,655

Netflix,

Inc.*

5,863,771

507

Playtika

Holding

Corp.

3,574

10,547

ROBLOX

Corp.,

Class

A*

402,684

391

Roku,

Inc.*

25,482

3,159

Spotify

Technology

SA*

833,660

1,433

TKO

Group

Holdings,

Inc.

123,826

7,329,469

Financial

Services

(

4

.0

%

):

11,889

Apollo

Global

Management,

Inc.

1,336,918

4,645

Block,

Inc.*

392,874

7,546

Equitable

Holdings,

Inc.

286,823

440

Euronet

Worldwide,

Inc.*

48,369

3,681

Fiserv,

Inc.*

588,297

486

Jack

Henry

&

Associates,

Inc.

84,433

18,778

Mastercard,

Inc.,

Class

A

9,042,922

22,236

PayPal

Holdings,

Inc.*

1,489,590

354

Rocket

Cos.,

Inc.,

Class

A*

5,151

1,120

Shift4

Payments,

Inc.,

Class

A*

73,998

8,171

Toast,

Inc.,

Class

A*

203,621

604

UWM

Holdings

Corp.

4,385

36,077

Visa,

Inc.,

Class

A

10,068,369

1,195

Western

Union

Co.

(The)

16,706

416

WEX,

Inc.*

98,813

23,741,269

Food

Products

(

0

.1

%

):

318

Freshpet,

Inc.*

36,843

2,470

Hershey

Co.

(The)

480,415

3,156

Lamb

Weston

Holdings,

Inc.

336,209

853,467

Ground

Transportation

(

1

.1

%

):

180

Avis

Budget

Group,

Inc.

22,043

4,794

CSX

Corp.

177,714

415

JB

Hunt

Transport

Services,

Inc.

82,689

630

Landstar

System,

Inc.

121,439

6,755

Lyft,

Inc.,

Class

A*

130,709

4,206

Old

Dominion

Freight

Line,

Inc.

922,418

72

Saia,

Inc.*

42,120

44,507

Uber

Technologies,

Inc.*

3,426,594

792

U-Haul

Holding

Co.

52,810

5,895

Union

Pacific

Corp.

1,449,757

6,428,293

Health

Care

Equipment

&

Supplies

(

1

.7

%

):

2,491

Abbott

Laboratories

283,127

1,723

Align

Technology,

Inc.*

565,006

8,729

Dexcom,

Inc.*

1,210,712

13,575

Edwards

Lifesciences

Corp.*

1,297,227

544

GE

HealthCare

Technologies,

Inc.

49,455

835

Globus

Medical,

Inc.*

44,789

1,848

IDEXX

Laboratories,

Inc.*

997,791

636

Inspire

Medical

Systems,

Inc.*

136,606

1,617

Insulet

Corp.*

277,154

7,927

Intuitive

Surgical,

Inc.*

3,163,586

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

181

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

923

Masimo

Corp.*

$

135,543

2,552

Novocure,

Ltd.*

39,888

825

Penumbra,

Inc.*

184,124

3,332

ResMed,

Inc.

659,836

841

Shockwave

Medical,

Inc.*

273,855

2,033

Stryker

Corp.

727,550

10,046,249

Health

Care

Providers

&

Services

(

2

.1

%

):

6,287

agilon

health,

Inc.*

38,351

2,882

Cardinal

Health,

Inc.

322,496

3,709

Cencora,

Inc.

901,250

241

Chemed

Corp.

154,705

499

Cigna

Group

(The)

181,232

1,171

DaVita,

Inc.*

161,656

703

Elevance

Health,

Inc.

364,533

964

HCA

Healthcare,

Inc.

321,523

1,194

Humana,

Inc.

413,984

1,152

McKesson

Corp.

618,451

705

Molina

Healthcare,

Inc.*

289,635

17,680

UnitedHealth

Group,

Inc.

8,746,296

12,514,112

Health

Care

Technology

(

0

.1

%

):

1,096

Certara,

Inc.*

19,596

1,384

Doximity,

Inc.,

Class

A*

37,243

3,292

Veeva

Systems,

Inc.,

Class

A*

762,724

819,563

Hotels,

Restaurants

&

Leisure

(

2

.8

%

):

9,271

Airbnb,

Inc.,

Class

A*

1,529,344

789

Booking

Holdings,

Inc.

2,862,397

1,788

Caesars

Entertainment,

Inc.*

78,207

845

Cava

Group,

Inc.*

59,192

624

Chipotle

Mexican

Grill,

Inc.*

1,813,825

720

Choice

Hotels

International,

Inc.^

90,972

1,655

Churchill

Downs,

Inc.

204,806

1,228

Darden

Restaurants,

Inc.

205,260

781

Domino's

Pizza,

Inc.

388,063

5,488

DoorDash,

Inc.,

Class

A*

755,807

9,275

DraftKings,

Inc.*

421,178

2,184

Expedia

Group,

Inc.*

300,846

2,585

Hilton

Worldwide

Holdings,

Inc.

551,406

7,806

Las

Vegas

Sands

Corp.

403,570

5,461

Marriott

International,

Inc.,

Class

A

1,377,865

6,812

McDonald's

Corp.

1,920,644

2,604

Norwegian

Cruise

Line

Holdings,

Ltd.*

54,502

1,039

Planet

Fitness,

Inc.,

Class

A*

65,073

1,635

Royal

Caribbean

Cruises,

Ltd.*

227,281

25,106

Starbucks

Corp.

2,294,437

1,537

Texas

Roadhouse,

Inc.

237,421

853

Travel

+

Leisure

Co.

41,763

101

Vail

Resorts,

Inc.

22,506

3,673

Wendy's

Co.

(The)

69,199

689

Wingstop,

Inc.

252,450

161

Wynn

Resorts,

Ltd.

16,459

5,519

Yum!

Brands,

Inc.

765,209

17,009,682

Shares

Value

Common

Stocks,

continued

Household

Durables

(

0

.0

%

†

):

4

NVR,

Inc.*

$

32,400

866

Tempur

Sealy

International,

Inc.

49,206

53

TopBuild

Corp.*

23,359

104,965

Household

Products

(

0

.6

%

):

937

BJ's

Wholesale

Club

Holdings,

Inc.*

70,884

4,909

Church

&

Dwight

Co.,

Inc.

512,058

2,819

Clorox

Co.

(The)

431,617

7,197

Kimberly-Clark

Corp.

930,932

10,055

Procter

&

Gamble

Co.

(The)

1,631,424

3,576,915

Independent

Power

and

Renewable

Electricity

Producers

(

0

.1

%

):

9,454

AES

Corp.

(The)

169,510

2,350

Vistra

Corp.

163,678

333,188

Industrial

Conglomerates

(

0

.1

%

):

1,936

Honeywell

International,

Inc.

397,364

Insurance

(

0

.8

%

):

1,102

Arch

Capital

Group,

Ltd.*

101,869

303

Arthur

J.

Gallagher

&

Co.

75,762

2,139

Brown

&

Brown,

Inc.

187,248

146

Everest

Group,

Ltd.

58,035

481

Kinsale

Capital

Group,

Inc.

252,400

335

Lincoln

National

Corp.

10,696

8,963

Marsh

&

McLennan

Cos.,

Inc.

1,846,199

523

Primerica,

Inc.

132,298

9,899

Progressive

Corp.

(The)

2,047,311

333

RenaissanceRe

Holdings,

Ltd.

78,265

227

RLI

Corp.

33,703

2,186

Ryan

Specialty

Holdings,

Inc.

121,323

272

Willis

Towers

Watson

plc

74,800

5,019,909

Interactive

Media

&

Services

(

10

.5

%

):

134,400

Alphabet,

Inc.,

Class

A*

20,284,992

113,520

Alphabet,

Inc.,

Class

C*

17,284,555

5,664

Match

Group,

Inc.*

205,490

50,026

Meta

Platforms,

Inc.,

Class

A

24,291,625

13,101

Pinterest,

Inc.,

Class

A*

454,212

3,116

ZoomInfo

Technologies,

Inc.*

49,949

62,570,823

IT

Services

(

1

.5

%

):

14,290

Accenture

plc,

Class

A

4,953,057

6,614

Cloudflare,

Inc.,

Class

A*

640,433

1,279

EPAM

Systems,

Inc.*

353,209

1,696

Gartner,

Inc.*

808,432

991

Globant

SA*

200,083

1,866

GoDaddy,

Inc.,

Class

A*

221,457

1,527

MongoDB,

Inc.*

547,643

244

Okta,

Inc.*

25,527

7,138

Snowflake,

Inc.,

Class

A*

1,153,501

714

Twilio,

Inc.,

Class

A*

43,661

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

182

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

123

VeriSign,

Inc.*

$

23,310

8,970,313

Leisure

Products

(

0

.0

%

†

):

7,878

Peloton

Interactive,

Inc.,

Class

A*

33,757

1,961

YETI

Holdings,

Inc.*

75,597

109,354

Life

Sciences

Tools

&

Services

(

1

.3

%

):

2,191

10X

Genomics,

Inc.,

Class

A*

82,228

5,346

Agilent

Technologies,

Inc.

777,897

3,260

Bio-Techne

Corp.

229,471

2,195

Bruker

Corp.

206,198

256

ICON

plc*

86,003

1,084

Illumina,

Inc.*

148,855

3,840

IQVIA

Holdings,

Inc.*

971,098

1,581

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

13,707

538

Medpace

Holdings,

Inc.*

217,433

483

Mettler-Toledo

International,

Inc.*

643,013

530

Repligen

Corp.*

97,478

1,721

Sotera

Health

Co.*

20,669

5,375

Thermo

Fisher

Scientific,

Inc.

3,124,004

1,341

Waters

Corp.*

461,612

1,653

West

Pharmaceutical

Services,

Inc.

654,109

7,733,775

Machinery

(

1

.3

%

):

8,655

Caterpillar,

Inc.

3,171,452

5,440

Deere

&

Co.

2,234,425

1,038

Donaldson

Co.,

Inc.

77,518

1,543

Graco,

Inc.

144,209

157

IDEX

Corp.

38,311

5,517

Illinois

Tool

Works,

Inc.

1,480,377

1,157

Lincoln

Electric

Holdings,

Inc.

295,544

624

Otis

Worldwide

Corp.

61,944

2,463

Toro

Co.

(The)

225,685

580

Xylem,

Inc.

74,959

7,804,424

Media

(

0

.3

%

):

2,252

Charter

Communications,

Inc.,

Class

A*

654,499

26

Liberty

Broadband

Corp.,

Class

A*

1,485

616

Liberty

Broadband

Corp.,

Class

C*

35,254

300

Nexstar

Media

Group,

Inc.

51,687

9,942

Trade

Desk,

Inc.

(The),

Class

A*

869,129

1,612,054

Metals

&

Mining

(

0

.0

%

†

):

1,973

Southern

Copper

Corp.

210,164

Oil,

Gas

&

Consumable

Fuels

(

0

.5

%

):

2,894

Antero

Midstream

Corp.

40,690

6,195

APA

Corp.

212,984

5,405

Cheniere

Energy,

Inc.

871,718

3,530

Hess

Corp.

538,819

1,464

New

Fortress

Energy,

Inc.

44,784

629

ONEOK,

Inc.

50,427

2,747

Ovintiv,

Inc.

142,569

5,034

Targa

Resources

Corp.

563,758

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

420

Texas

Pacific

Land

Corp.

$

242,974

2,708,723

Passenger

Airlines

(

0

.0

%

†

):

4,952

American

Airlines

Group,

Inc.*

76,013

837

Delta

Air

Lines,

Inc.

40,067

116,080

Personal

Care

Products

(

0

.1

%

):

1,623

Estee

Lauder

Cos.,

Inc.

(The)

250,186

13,655

Kenvue,

Inc.

293,036

543,222

Pharmaceuticals

(

3

.0

%

):

19,140

Eli

Lilly

&

Co.

14,890,154

656

Jazz

Pharmaceuticals

plc*

78,996

10,628

Merck

&

Co.,

Inc.

1,402,365

10,506

Zoetis,

Inc.

1,777,720

18,149,235

Professional

Services

(

0

.9

%

):

8,011

Automatic

Data

Processing,

Inc.

2,000,667

2,945

Booz

Allen

Hamilton

Holding

Corp.

437,156

2,246

Broadridge

Financial

Solutions,

Inc.

460,115

322

Dayforce,

Inc.*

21,320

1,919

Equifax,

Inc.

513,371

157

FTI

Consulting,

Inc.*

33,015

1,141

Genpact,

Ltd.

37,596

968

KBR,

Inc.

61,623

7,292

Paychex,

Inc.

895,458

1,166

Paycom

Software,

Inc.

232,046

971

Paylocity

Holding

Corp.*

166,876

3,230

Verisk

Analytics,

Inc.

761,408

5,620,651

Real

Estate

Management

&

Development

(

0

.1

%

):

3,864

CoStar

Group,

Inc.*

373,262

Residential

REITs

(

0

.0

%

†

):

1,219

Equity

LifeStyle

Properties,

Inc.

78,504

685

Sun

Communities,

Inc.

88,077

166,581

Retail

REITs

(

0

.0

%

†

):

1,549

Simon

Property

Group,

Inc.

242,403

Semiconductors

&

Semiconductor

Equipment

(

13

.6

%

):

20,627

Advanced

Micro

Devices,

Inc.*

3,722,967

1,669

Allegro

MicroSystems,

Inc.*

44,996

15,968

Applied

Materials,

Inc.

3,293,081

9,750

Broadcom,

Inc.

12,922,748

3,030

Enphase

Energy,

Inc.*

366,569

198

Entegris,

Inc.

27,827

3,052

KLA

Corp.

2,132,036

2,819

Lam

Research

Corp.

2,738,856

3,016

Lattice

Semiconductor

Corp.*

235,942

8,619

Microchip

Technology,

Inc.

773,210

1,048

Monolithic

Power

Systems,

Inc.

709,936

53,740

NVIDIA

Corp.

48,557,314

21,999

QUALCOMM,

Inc.

3,724,431

2,986

Teradyne,

Inc.

336,910

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

183

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

8,331

Texas

Instruments,

Inc.

$

1,451,344

445

Universal

Display

Corp.

74,960

81,113,127

Software

(

18

.3

%

):

10,211

Adobe,

Inc.*

5,152,471

1,619

ANSYS,

Inc.*

562,052

1,099

AppLovin

Corp.,

Class

A*

76,073

3,503

Atlassian

Corp.,

Class

A*

683,470

4,858

Autodesk,

Inc.*

1,265,120

4,222

Bentley

Systems,

Inc.,

Class

B

220,473

6,139

Cadence

Design

Systems,

Inc.*

1,910,948

4,220

Confluent,

Inc.,

Class

A*

128,794

1,513

Corpay,

Inc.*

466,821

4,806

Crowdstrike

Holdings,

Inc.,

Class

A*

1,540,756

6,202

Datadog,

Inc.,

Class

A*

766,567

4,639

DocuSign,

Inc.*

276,252

3,355

DoubleVerify

Holdings,

Inc.*

117,962

5,449

Dropbox,

Inc.,

Class

A*

132,411

5,681

Dynatrace,

Inc.*

263,826

1,838

Elastic

NV*

184,241

554

Fair

Isaac

Corp.*

692,284

1,643

Five9,

Inc.*

102,047

14,639

Fortinet,

Inc.*

999,990

2,209

Gen

Digital,

Inc.

49,482

1,918

Gitlab,

Inc.,

Class

A*

111,858

1,623

HashiCorp,

Inc.,

Class

A*

43,740

1,033

HubSpot,

Inc.*

647,236

6,178

Intuit,

Inc.

4,015,700

1,409

Manhattan

Associates,

Inc.*

352,574

168,321

Microsoft

Corp.

70,816,011

1,427

Nutanix,

Inc.,

Class

A*

88,074

14,335

Oracle

Corp.

1,800,619

43,422

Palantir

Technologies,

Inc.,

Class

A*

999,140

6,868

Palo

Alto

Networks,

Inc.*

1,951,405

842

Pegasystems,

Inc.

54,427

1,711

Procore

Technologies,

Inc.*

140,593

1,356

PTC,

Inc.*

256,203

1,786

RingCentral,

Inc.,

Class

A*

62,046

15,959

Salesforce,

Inc.

4,806,532

645

SentinelOne,

Inc.,

Class

A*

15,035

4,605

ServiceNow,

Inc.*

3,510,852

2,997

Smartsheet,

Inc.,

Class

A*

115,384

3,453

Synopsys,

Inc.*

1,973,390

2,254

Teradata

Corp.*

87,162

720

Tyler

Technologies,

Inc.*

306,007

6,456

UiPath,

Inc.,

Class

A*

146,358

2,389

Unity

Software,

Inc.*

63,786

4,538

Workday,

Inc.,

Class

A*

1,237,739

2,040

Zscaler,

Inc.*

392,965

109,586,876

Specialized

REITs

(

0

.7

%

):

10,505

American

Tower

Corp.

2,075,683

1,021

Crown

Castle,

Inc.

108,053

1,049

Equinix,

Inc.

865,771

3,178

Iron

Mountain,

Inc.

254,907

1,517

Lamar

Advertising

Co.,

Class

A

181,145

2,087

Public

Storage

605,355

Shares

Value

Common

Stocks,

continued

Specialized

REITs,

continued

277

SBA

Communications

Corp.

$

60,026

4,150,940

Specialty

Retail

(

3

.3

%

):

328

AutoZone,

Inc.*

1,033,741

682

Best

Buy

Co.,

Inc.

55,944

1,475

Burlington

Stores,

Inc.*

342,480

224

CarMax,

Inc.*

19,513

1,289

Five

Below,

Inc.*

233,799

2,393

Floor

&

Decor

Holdings,

Inc.,

Class

A*

310,181

22,620

Home

Depot,

Inc.

(The)

8,677,032

9,574

Lowe's

Cos.,

Inc.

2,438,785

437

Murphy

USA,

Inc.

183,190

1,126

O'Reilly

Automotive,

Inc.*

1,271,119

68

RH*

23,682

6,976

Ross

Stores,

Inc.

1,023,798

25,771

TJX

Cos.,

Inc.

(The)

2,613,695

2,423

Tractor

Supply

Co.

634,147

1,084

Ulta

Beauty,

Inc.*

566,802

686

Valvoline,

Inc.*

30,575

679

Victoria's

Secret

&

Co.*

13,159

736

Wayfair,

Inc.,

Class

A*

49,960

215

Williams-Sonoma,

Inc.

68,269

19,589,871

Technology

Hardware,

Storage

&

Peripherals

(

9

.6

%

):

329,843

Apple,

Inc.

56,561,478

3,937

HP,

Inc.

118,976

1,798

NetApp,

Inc.

188,736

5,212

Pure

Storage,

Inc.,

Class

A*

270,972

57,140,162

Textiles,

Apparel

&

Luxury

Goods

(

0

.5

%

):

1,386

Crocs,

Inc.*

199,307

574

Deckers

Outdoor

Corp.*

540,283

2,532

Lululemon

Athletica,

Inc.*

989,126

14,210

NIKE,

Inc.,

Class

B

1,335,456

99

Skechers

USA,

Inc.,

Class

A*

6,064

383

Tapestry,

Inc.

18,185

3,088,421

Trading

Companies

&

Distributors

(

0

.4

%

):

9,627

Fastenal

Co.

742,627

285

Ferguson

plc

62,252

366

SiteOne

Landscape

Supply,

Inc.*

63,885

324

United

Rentals,

Inc.

233,640

1,003

W.W.

Grainger,

Inc.

1,020,352

166

Watsco,

Inc.

71,707

2,194,463

Total

Common

Stocks

(Cost

$193,046,879)

594,222,348

Affiliated

Investment

Company

(

0

.0

%

†

):

Money

Market

(

0

.0

%

†

):

104,857

BlackRock

Liquidity

FedFund,

Institutional

Class+(a)

(b)

104,857

Total

Affiliated

Investment

Company

(Cost

$104,857)

104,857

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

184

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024.

Shares

Value

Unaffiliated

Investment

Company

(

0

.7

%

):

Money

Markets

(

0

.7

%

):

4,020,055

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.19%(b)

$

4,020,055

Shares

Value

Unaffiliated

Investment

Company,

continued

Money

Markets,

continued

Total

Unaffiliated

Investment

Company

(Cost

$4,020,055)

$

4,020,055

Total

Investment

Securities

(Cost

$197,171,791)

—

100.0%

598,347,260

Net

other

assets

(liabilities)

—

0.0%

†

(

260,654

)

Net

Assets

—

100.0%

$

598,086,606

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$101,602.

+

Affiliated

Securities

(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

March

31,

2024.

(b)

The

rate

represents

the

effective

yield

at

March

31,

2024.

Futures

Contracts

At

March

31,

2024,

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

June

Futures

(U.S.

Dollar)

6/21/24

9

$

3,325,500‌

$

4,355‌

S&P

500

Index

E-Mini

June

Futures

(U.S.

Dollar)

6/21/24

4

1,061,700‌

6,631‌

$

10,986‌

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

185

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(

99

.6

%

):

Aerospace

&

Defense

(

2

.5

%

):

15,422

Boeing

Co.

(The)*

$

2,976,292

2,347

BWX

Technologies,

Inc.

240,849

1,184

Curtiss-Wright

Corp.

303,033

7,762

General

Dynamics

Corp.

2,192,687

116

HEICO

Corp.

22,156

118

HEICO

Corp.,

Class

A

18,165

2,733

Hexcel

Corp.

199,099

11,914

Howmet

Aerospace,

Inc.

815,275

1,258

Huntington

Ingalls

Industries,

Inc.

366,669

5,961

L3Harris

Technologies,

Inc.

1,270,289

1,767

Mercury

Systems,

Inc.*

52,127

4,244

Northrop

Grumman

Corp.

2,031,433

45,390

RTX

Corp.

4,426,887

3,204

Spirit

AeroSystems

Holdings,

Inc.,

Class

A*

115,568

6,165

Textron,

Inc.

591,408

1,386

TransDigm

Group,

Inc.

1,706,998

1,935

Woodward,

Inc.

298,222

17,627,157

Air

Freight

&

Logistics

(

0

.8

%

):

868

CH

Robinson

Worldwide,

Inc.

66,089

3,895

Expeditors

International

of

Washington,

Inc.

473,515

7,339

FedEx

Corp.

2,126,402

3,668

GXO

Logistics,

Inc.*

197,192

16,482

United

Parcel

Service,

Inc.,

Class

B

2,449,720

5,312,918

Automobile

Components

(

0

.2

%

):

8,621

Aptiv

plc*

686,663

7,486

BorgWarner,

Inc.

260,064

7,259

Gentex

Corp.

262,195

1,838

Lear

Corp.

266,289

1,592

Phinia,

Inc.

61,180

9,262

QuantumScape

Corp.*

58,258

1,594,649

Automobiles

(

0

.6

%

):

124,025

Ford

Motor

Co.

1,647,052

36,340

General

Motors

Co.

1,648,019

4,306

Harley-Davidson,

Inc.

188,344

25,457

Lucid

Group,

Inc.*^

72,553

21,074

Rivian

Automotive,

Inc.,

Class

A*^

230,760

1,667

Thor

Industries,

Inc.

195,606

3,982,334

Banks

(

7

.4

%

):

217,505

Bank

of

America

Corp.

8,247,790

3,521

Bank

OZK

160,065

808

BOK

Financial

Corp.

74,336

60,360

Citigroup,

Inc.

3,817,166

14,472

Citizens

Financial

Group,

Inc.

525,189

6,512

Columbia

Banking

System,

Inc.

126,007

4,279

Comerica,

Inc.

235,302

3,857

Commerce

Bancshares,

Inc.

205,192

1,885

Cullen/Frost

Bankers,

Inc.

212,194

4,428

East

West

Bancorp,

Inc.

350,299

21,555

Fifth

Third

Bancorp

802,062

303

First

Citizens

BancShares,

Inc.,

Class

A

495,405

3,683

First

Hawaiian,

Inc.

80,879

Shares

Value

Common

Stocks,

continued

Banks,

continued

17,478

First

Horizon

Corp.

$

269,161

11,110

FNB

Corp.

156,651

45,909

Huntington

Bancshares,

Inc.

640,431

91,113

JPMorgan

Chase

&

Co.

18,249,934

29,388

KeyCorp

464,624

5,200

M&T

Bank

Corp.

756,288

24,050

New

York

Community

Bancorp,

Inc.

77,441

23,093

NU

Holdings,

Ltd.,

Class

A*

275,499

2,406

Pinnacle

Financial

Partners,

Inc.

206,627

12,568

PNC

Financial

Services

Group,

Inc.

(The)

2,030,989

2,238

Popular,

Inc.

197,145

2,801

Prosperity

Bancshares,

Inc.

184,250

29,146

Regions

Financial

Corp.

613,232

4,485

Synovus

Financial

Corp.

179,669

2,177

TFS

Financial

Corp.

27,343

41,794

Truist

Financial

Corp.

1,629,130

49,156

US

Bancorp

2,197,273

5,287

Webster

Financial

Corp.

268,421

113,661

Wells

Fargo

&

Co.

6,587,792

3,389

Western

Alliance

Bancorp

217,540

1,907

Wintrust

Financial

Corp.

199,072

4,762

Zions

Bancorp

NA

206,671

50,967,069

Beverages

(

1

.3

%

):

344

Brown-Forman

Corp.,

Class

A

18,215

1,295

Brown-Forman

Corp.,

Class

B

66,848

61,958

Coca-Cola

Co.

(The)

3,790,591

4,617

Constellation

Brands,

Inc.,

Class

A

1,254,716

30,181

Keurig

Dr

Pepper,

Inc.

925,651

5,349

Molson

Coors

Beverage

Co.,

Class

B

359,720

13,510

PepsiCo,

Inc.

2,364,385

8,780,126

Biotechnology

(

1

.6

%

):

834

Alnylam

Pharmaceuticals,

Inc.*

124,641

5,395

Amgen,

Inc.

1,533,907

4,540

Biogen,

Inc.*

978,960

5,205

BioMarin

Pharmaceutical,

Inc.*

454,605

3,702

Exact

Sciences

Corp.*

255,660

1,631

Exelixis,

Inc.*

38,704

39,447

Gilead

Sciences,

Inc.

2,889,493

1,651

Incyte

Corp.*

94,058

498

Ionis

Pharmaceuticals,

Inc.*

21,588

10,418

Moderna,

Inc.*

1,110,142

3,015

Regeneron

Pharmaceuticals,

Inc.*

2,901,907

1,438

United

Therapeutics

Corp.*

330,337

700

Vertex

Pharmaceuticals,

Inc.*

292,607

11,026,609

Broadline

Retail

(

0

.2

%

):

15,262

eBay,

Inc.

805,528

1,841

Etsy,

Inc.*

126,513

3,178

Kohl's

Corp.

92,639

8,435

Macy's,

Inc.

168,616

3,899

Nordstrom,

Inc.

79,033

1,430

Ollie's

Bargain

Outlet

Holdings,

Inc.*

113,785

1,386,114

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

186

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Building

Products

(

1

.2

%

):

3,412

A

O

Smith

Corp.

$

305,237

225

Allegion

plc

30,310

1,060

Armstrong

World

Industries,

Inc.

131,673

3,997

AZEK

Co.,

Inc.

(The)*

200,729

3,883

Builders

FirstSource,

Inc.*

809,800

1,513

Carlisle

Cos.,

Inc.

592,869

26,370

Carrier

Global

Corp.

1,532,888

4,007

Fortune

Brands

Innovations,

Inc.

339,273

2,751

Hayward

Holdings,

Inc.*

42,118

21,377

Johnson

Controls

International

plc

1,396,346

994

Lennox

International,

Inc.

485,827

7,055

Masco

Corp.

556,498

2,802

Owens

Corning

467,374

5,098

Trane

Technologies

plc

1,530,420

8,421,362

Capital

Markets

(

5

.4

%

):

1,077

Affiliated

Managers

Group,

Inc.

180,365

23,896

Bank

of

New

York

Mellon

Corp.

(The)

1,376,888

4,692

BlackRock,

Inc.+

3,911,720

11,902

Blue

Owl

Capital,

Inc.

224,472

6,839

Carlyle

Group,

Inc.

(The)

320,817

3,302

Cboe

Global

Markets,

Inc.

606,676

46,779

Charles

Schwab

Corp.

(The)

3,383,993

11,387

CME

Group,

Inc.

2,451,507

5,333

Coinbase

Global,

Inc.,

Class

A*

1,413,885

1,162

Evercore,

Inc.

223,790

8,831

Franklin

Resources,

Inc.

248,239

9,955

Goldman

Sachs

Group,

Inc.

(The)

4,158,104

1,573

Houlihan

Lokey,

Inc.

201,643

3,336

Interactive

Brokers

Group,

Inc.

372,665

17,813

Intercontinental

Exchange,

Inc.

2,448,041

12,151

Invesco,

Ltd.

201,585

4,151

Janus

Henderson

Group

plc

136,526

5,569

Jefferies

Financial

Group,

Inc.

245,593

15,782

KKR

&

Co.,

Inc.

1,587,354

2,974

Lazard,

Inc.

124,521

428

Moody's

Corp.

168,217

36,916

Morgan

Stanley

3,476,011

1,218

MSCI,

Inc.

682,628

11,753

Nasdaq,

Inc.

741,614

6,350

Northern

Trust

Corp.

564,642

5,938

Raymond

James

Financial,

Inc.

762,558

20,194

Robinhood

Markets,

Inc.,

Class

A*

406,505

9,169

S&P

Global,

Inc.

3,900,951

3,078

SEI

Investments

Co.

221,308

9,450

State

Street

Corp.

730,674

3,106

Stifel

Financial

Corp.

242,796

6,989

T.

Rowe

Price

Group,

Inc.

852,099

1,557

TPG,

Inc.

69,598

2,367

Tradeweb

Markets,

Inc.,

Class

A

246,570

3,390

Virtu

Financial,

Inc.,

Class

A

69,563

9,471

XP,

Inc.,

Class

A

243,026

37,197,144

Chemicals

(

2

.8

%

):

7,011

Air

Products

and

Chemicals,

Inc.

1,698,555

3,742

Albemarle

Corp.

492,971

1,586

Ashland,

Inc.

154,429

6,006

Axalta

Coating

Systems,

Ltd.*

206,546

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

3,094

Celanese

Corp.

$

531,735

5,954

CF

Industries

Holdings,

Inc.

495,432

5,079

Chemours

Co.

(The)

133,375

22,152

Corteva,

Inc.

1,277,506

22,384

Dow,

Inc.

1,296,705

13,570

DuPont

de

Nemours,

Inc.

1,040,412

3,799

Eastman

Chemical

Co.

380,736

1,776

Ecolab,

Inc.

410,078

7,138

Element

Solutions,

Inc.

178,307

3,310

FMC

Corp.

210,847

47,683

Ginkgo

Bioworks

Holdings,

Inc.*^

55,312

5,041

Huntsman

Corp.

131,217

8,148

International

Flavors

&

Fragrances,

Inc.

700,647

13,861

Linde

plc

6,435,940

8,236

LyondellBasell

Industries

NV,

Class

A

842,378

10,665

Mosaic

Co.

(The)

346,186

209

NewMarket

Corp.

132,636

3,804

Olin

Corp.

223,675

5,587

PPG

Industries,

Inc.

809,556

3,157

RPM

International,

Inc.

375,525

1,226

Sherwin-Williams

Co.

(The)

425,827

1,030

Westlake

Corp.

157,384

19,143,917

Commercial

Services

&

Supplies

(

0

.5

%

):

293

Cintas

Corp.

201,300

1,590

Clean

Harbors,

Inc.*

320,083

2,242

Driven

Brands

Holdings,

Inc.*

35,401

935

MSA

Safety,

Inc.

181,007

1,459

RB

Global,

Inc.

111,132

6,571

Republic

Services,

Inc.

1,257,952

2,892

Stericycle,

Inc.*

152,553

1,364

Tetra

Tech,

Inc.

251,944

7,041

Veralto

Corp.

624,255

3,911

Vestis

Corp.

75,365

1,297

Waste

Management,

Inc.

276,456

3,487,448

Communications

Equipment

(

1

.1

%

):

4,501

Ciena

Corp.*

222,574

127,991

Cisco

Systems,

Inc.

6,388,031

1,901

F5,

Inc.*

360,411

10,197

Juniper

Networks,

Inc.

377,901

2,070

Lumentum

Holdings,

Inc.*

98,014

452

Motorola

Solutions,

Inc.

160,451

15

Ubiquiti,

Inc.

1,738

3,910

Viasat,

Inc.*

70,732

7,679,852

Construction

&

Engineering

(

0

.3

%

):

4,212

AECOM

413,113

963

EMCOR

Group,

Inc.

337,243

1,914

MasTec,

Inc.*

178,480

6,314

MDU

Resources

Group,

Inc.

159,113

3,330

Quanta

Services,

Inc.

865,134

650

Valmont

Industries,

Inc.

148,382

4,553

WillScot

Mobile

Mini

Holdings

Corp.*

211,714

2,313,179

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

187

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

Materials

(

0

.3

%

):

417

Eagle

Materials,

Inc.

$

113,320

1,946

Martin

Marietta

Materials,

Inc.

1,194,727

3,267

Vulcan

Materials

Co.

891,630

2,199,677

Consumer

Finance

(

1

.0

%

):

8,551

Ally

Financial,

Inc.

347,085

12,272

American

Express

Co.

2,794,212

11,960

Capital

One

Financial

Corp.

1,780,724

217

Credit

Acceptance

Corp.*

119,686

7,833

Discover

Financial

Services

1,026,828

3,673

OneMain

Holdings,

Inc.

187,654

4,016

SLM

Corp.

87,509

28,948

SoFi

Technologies,

Inc.*

211,320

12,814

Synchrony

Financial

552,540

7,107,558

Consumer

Staples

Distribution

&

Retail

(

1

.7

%

):

12,206

Albertsons

Cos.,

Inc.,

Class

A

261,697

1,024

Casey's

General

Stores,

Inc.

326,093

6,541

Dollar

Tree,

Inc.*

870,934

2,935

Grocery

Outlet

Holding

Corp.*

84,469

20,636

Kroger

Co.

(The)

1,178,935

2,508

Performance

Food

Group

Co.*

187,197

7,251

US

Foods

Holding

Corp.*

391,336

22,839

Walgreens

Boots

Alliance,

Inc.

495,378

135,158

Walmart,

Inc.

8,132,457

11,928,496

Containers

&

Packaging

(

0

.6

%

):

45,675

Amcor

plc

434,369

2,037

AptarGroup,

Inc.

293,104

1,659

Avery

Dennison

Corp.

370,372

9,833

Ball

Corp.

662,351

3,842

Berry

Global

Group,

Inc.

232,364

3,407

Crown

Holdings,

Inc.

270,039

4,838

Graphic

Packaging

Holding

Co.

141,173

10,742

International

Paper

Co.

419,153

2,774

Packaging

Corp.

of

America

526,450

2,195

Sealed

Air

Corp.

81,654

2,585

Silgan

Holdings,

Inc.

125,527

3,142

Sonoco

Products

Co.

181,733

8,025

Westrock

Co.

396,836

4,135,125

Distributors

(

0

.2

%

):

4,393

Genuine

Parts

Co.

680,607

8,580

LKQ

Corp.

458,258

1,138,865

Diversified

Consumer

Services

(

0

.1

%

):

7,509

ADT,

Inc.

50,461

1,484

Bright

Horizons

Family

Solutions,

Inc.*

168,226

744

Grand

Canyon

Education,

Inc.*

101,340

1,826

H&R

Block,

Inc.

89,675

490

Mister

Car

Wash,

Inc.*

3,798

2,930

Service

Corp.

International

217,435

630,935

Shares

Value

Common

Stocks,

continued

Diversified

REITs

(

0

.1

%

):

6,769

WP

Carey,

Inc.

$

382,042

Diversified

Telecommunication

Services

(

1

.4

%

):

225,973

AT&T,

Inc.

3,977,125

7,650

Frontier

Communications

Parent,

Inc.*

187,425

5,506

GCI

Liberty,

Inc.*

—

132,830

Verizon

Communications,

Inc.

5,573,547

9,738,097

Electric

Utilities

(

3

.0

%

):

7,799

Alliant

Energy

Corp.

393,070

16,614

American

Electric

Power

Co.,

Inc.

1,430,465

2,547

Avangrid,

Inc.

92,813

10,149

Constellation

Energy

Corp.

1,876,043

24,328

Duke

Energy

Corp.

2,352,761

11,782

Edison

International

833,341

6,734

Entergy

Corp.

711,649

6,850

Evergy,

Inc.

365,653

10,909

Eversource

Energy

652,031

31,452

Exelon

Corp.

1,181,652

16,936

FirstEnergy

Corp.

654,068

3,909

Hawaiian

Electric

Industries,

Inc.

44,054

1,610

IDACORP,

Inc.

149,553

64,786

NextEra

Energy,

Inc.

4,140,473

7,226

NRG

Energy,

Inc.

489,128

6,606

OGE

Energy

Corp.

226,586

64,642

PG&E

Corp.

1,083,400

3,528

Pinnacle

West

Capital

Corp.

263,647

23,612

PPL

Corp.

650,038

34,276

Southern

Co.

(The)

2,458,960

17,558

Xcel

Energy,

Inc.

943,743

20,993,128

Electrical

Equipment

(

1

.5

%

):

1,028

Acuity

Brands,

Inc.

276,254

7,251

AMETEK,

Inc.

1,326,208

12,569

Eaton

Corp.

plc

3,930,075

18,083

Emerson

Electric

Co.

2,050,974

1,913

Generac

Holdings,

Inc.*

241,306

936

Hubbell,

Inc.

388,487

5,174

nVent

Electric

plc

390,120

17,751

Plug

Power,

Inc.*

61,063

2,085

Regal

Rexnord

Corp.

375,509

4,933

Sensata

Technologies

Holding

plc

181,238

6,327

Sunrun,

Inc.*

83,390

9,815

Vertiv

Holdings

Co.,

Class

A

801,591

10,106,215

Electronic

Equipment,

Instruments

&

Components

(

0

.8

%

):

9,088

Amphenol

Corp.,

Class

A

1,048,301

1,757

Arrow

Electronics,

Inc.*

227,461

2,875

Avnet,

Inc.

142,543

268

CDW

Corp.

68,549

5,401

Cognex

Corp.

229,110

3,590

Coherent

Corp.*

217,626

24,132

Corning,

Inc.

795,391

1,690

Crane

NXT

Co.

104,611

1,023

IPG

Photonics

Corp.*

92,776

1,507

Jabil,

Inc.

201,863

4,092

Keysight

Technologies,

Inc.*

639,907

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

188

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

801

Littelfuse,

Inc.

$

194,122

1,872

TD

SYNNEX

Corp.

211,723

1,470

Teledyne

Technologies,

Inc.*

631,100

7,716

Trimble,

Inc.*

496,602

3,520

Vontier

Corp.

159,667

1,351

Zebra

Technologies

Corp.*

407,245

5,868,597

Energy

Equipment

&

Services

(

0

.7

%

):

31,790

Baker

Hughes

Co.

1,064,965

22,490

Halliburton

Co.

886,556

13,007

NOV,

Inc.

253,896

45,110

Schlumberger

NV

2,472,479

13,281

TechnipFMC

plc

333,486

5,011,382

Entertainment

(

1

.6

%

):

2,102

AMC

Entertainment

Holdings,

Inc.*

7,820

8,475

Electronic

Arts,

Inc.

1,124,378

6,114

Liberty

Media

Corp.-Liberty

Formula

One*

401,079

630

Liberty

Media

Corp.-Liberty

Formula

One*

37,006

512

Liberty

Media

Corp.-Liberty

Live*

21,683

1,585

Liberty

Media

Corp.-Liberty

Live*

69,455

3,729

Live

Nation

Entertainment,

Inc.*

394,416

635

Madison

Square

Garden

Sports

Corp.*

117,170

3,508

Roku,

Inc.*

228,616

5,252

Take-Two

Interactive

Software,

Inc.*

779,870

57,720

Walt

Disney

Co.

(The)

7,062,619

70,348

Warner

Bros

Discovery,

Inc.*

614,138

10,858,250

Financial

Services

(

4

.5

%

):

7,072

Affirm

Holdings,

Inc.*

263,503

57,799

Berkshire

Hathaway,

Inc.,

Class

B*

24,305,636

10,669

Block,

Inc.*

902,384

810

Euronet

Worldwide,

Inc.*

89,043

18,616

Fidelity

National

Information

Services,

Inc.

1,380,935

13,659

Fiserv,

Inc.*

2,182,981

8,166

Global

Payments,

Inc.

1,091,468

1,577

Jack

Henry

&

Associates,

Inc.

273,972

8,393

MGIC

Investment

Corp.

187,667

2,165

NCR

Atleos

Corp.*

42,759

3,287

PayPal

Holdings,

Inc.*

220,196

2,385

Rocket

Cos.,

Inc.,

Class

A*

34,702

3,221

Voya

Financial,

Inc.

238,096

6,778

Western

Union

Co.

(The)

94,756

703

WEX,

Inc.*

166,984

31,475,082

Food

Products

(

1

.6

%

):

17,014

Archer-Daniels-Midland

Co.

1,068,649

4,545

Bunge

Global

SA

465,953

6,104

Campbell

Soup

Co.

271,323

15,072

Conagra

Brands,

Inc.

446,734

4,904

Darling

Ingredients,

Inc.*

228,085

5,883

Flowers

Foods,

Inc.

139,721

922

Freshpet,

Inc.*

106,823

17,920

General

Mills,

Inc.

1,253,862

1,205

Hershey

Co.

(The)

234,373

9,260

Hormel

Foods

Corp.

323,081

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

2,161

Ingredion,

Inc.

$

252,513

3,280

JM

Smucker

Co.

(The)

412,854

8,199

Kellanova

469,721

25,229

Kraft

Heinz

Co.

(The)

930,950

8,052

McCormick

&

Co.,

Inc.

618,474

42,921

Mondelez

International,

Inc.,

Class

A

3,004,470

925

Pilgrim's

Pride

Corp.*

31,746

1,546

Post

Holdings,

Inc.*

164,309

7

Seaboard

Corp.

22,568

8,646

Tyson

Foods,

Inc.,

Class

A

507,780

2,138

WK

Kellogg

Co.

40,194

10,994,183

Gas

Utilities

(

0

.1

%

):

4,637

Atmos

Energy

Corp.

551,200

2,894

National

Fuel

Gas

Co.

155,466

6,716

UGI

Corp.

164,810

871,476

Ground

Transportation

(

1

.3

%

):

458

Avis

Budget

Group,

Inc.

56,087

55,211

CSX

Corp.

2,046,672

4,594

Hertz

Global

Holdings,

Inc.*

35,971

2,068

JB

Hunt

Transport

Services,

Inc.

412,049

4,921

Knight-Swift

Transportation

Holdings,

Inc.

270,754

113

Landstar

System,

Inc.

21,782

7,137

Norfolk

Southern

Corp.

1,819,007

466

Old

Dominion

Freight

Line,

Inc.

102,199

1,365

Ryder

System,

Inc.

164,059

729

Saia,

Inc.*

426,465

1,941

Schneider

National,

Inc.,

Class

B

43,944

1,699

U-Haul

Holding

Co.

113,289

141

U-Haul

Holding

Co.*

9,523

10,987

Union

Pacific

Corp.

2,702,033

3,577

XPO,

Inc.*

436,501

8,660,335

Health

Care

Equipment

&

Supplies

(

3

.4

%

):

51,197

Abbott

Laboratories

5,819,051

15,806

Baxter

International,

Inc.

675,548

9,118

Becton

Dickinson

&

Co.

2,256,249

46,163

Boston

Scientific

Corp.*

3,161,704

6,152

Cooper

Cos.,

Inc.

(The)

624,182

6,663

DENTSPLY

SIRONA,

Inc.

221,145

1,819

Enovis

Corp.*

113,596

5,182

Envista

Holdings

Corp.*

110,791

11,826

GE

HealthCare

Technologies,

Inc.

1,075,102

2,560

Globus

Medical,

Inc.*

137,318

7,295

Hologic,

Inc.*

568,718

590

ICU

Medical,

Inc.*

63,319

2,138

Integra

LifeSciences

Holdings

Corp.*

75,792

41,924

Medtronic

plc

3,653,677

1,752

QuidelOrtho

Corp.*

83,991

3,132

STERIS

plc

704,136

8,364

Stryker

Corp.

2,993,225

1,904

Tandem

Diabetes

Care,

Inc.*

67,421

1,511

Teleflex,

Inc.

341,743

6,694

Zimmer

Biomet

Holdings,

Inc.

883,474

23,630,182

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

189

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services

(

3

.0

%

):

2,943

Acadia

Healthcare

Co.,

Inc.*

$

233,144

35

agilon

health,

Inc.*

214

939

Amedisys,

Inc.*

86,538

3,729

Cardinal

Health,

Inc.

417,275

16,819

Centene

Corp.*

1,319,955

143

Chemed

Corp.

91,796

8,406

Cigna

Group

(The)

3,052,975

40,416

CVS

Health

Corp.

3,223,580

6,488

Elevance

Health,

Inc.

3,364,288

2,858

Encompass

Health

Corp.

236,014

4,977

HCA

Healthcare,

Inc.

1,659,979

4,206

Henry

Schein,

Inc.*

317,637

2,183

Humana,

Inc.

756,890

2,662

Laboratory

Corp.

of

America

Holdings

581,541

2,592

McKesson

Corp.

1,391,515

846

Molina

Healthcare,

Inc.*

347,562

4,230

Premier,

Inc.,

Class

A

93,483

3,494

Quest

Diagnostics,

Inc.

465,086

5,224

R1

RCM,

Inc.*

67,285

3,169

Tenet

Healthcare

Corp.*

333,094

4,648

UnitedHealth

Group,

Inc.

2,299,366

1,814

Universal

Health

Services,

Inc.,

Class

B

330,982

20,670,199

Health

Care

REITs

(

0

.5

%

):

12,580

Healthcare

Realty

Trust,

Inc.

178,007

22,421

Healthpeak

Properties,

Inc.

420,394

21,340

Medical

Properties

Trust,

Inc.

100,298

7,795

Omega

Healthcare

Investors,

Inc.

246,868

12,614

Ventas,

Inc.

549,213

17,482

Welltower,

Inc.

1,633,518

3,128,298

Health

Care

Technology

(

0

.0

%

†

):

1,478

Certara,

Inc.*

26,427

2,123

Doximity,

Inc.,

Class

A*

57,130

5,216

Teladoc

Health,

Inc.*

78,761

162,318

Hotel

&

Resort

REITs

(

0

.1

%

):

22,030

Host

Hotels

&

Resorts,

Inc.

455,580

6,446

Park

Hotels

&

Resorts,

Inc.

112,741

568,321

Hotels,

Restaurants

&

Leisure

(

1

.4

%

):

7,188

Aramark

233,754

2,455

Boyd

Gaming

Corp.

165,271

3,698

Caesars

Entertainment,

Inc.*

161,750

31,317

Carnival

Corp.*

511,720

1,960

Darden

Restaurants,

Inc.

327,614

2,082

DoorDash,

Inc.,

Class

A*

286,733

1,185

Expedia

Group,

Inc.*

163,234

4,280

Hilton

Worldwide

Holdings,

Inc.

912,967

1,388

Hyatt

Hotels

Corp.,

Class

A

221,553

769

Las

Vegas

Sands

Corp.

39,757

1,156

Marriott

Vacations

Worldwide

Corp.

124,536

13,512

McDonald's

Corp.

3,809,708

8,904

MGM

Resorts

International*

420,358

9,874

Norwegian

Cruise

Line

Holdings,

Ltd.*

206,663

4,711

Penn

Entertainment,

Inc.*

85,787

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

1,523

Planet

Fitness,

Inc.,

Class

A*

$

95,385

5,226

Royal

Caribbean

Cruises,

Ltd.*

726,466

1,387

Travel

+

Leisure

Co.

67,908

1,056

Vail

Resorts,

Inc.

235,308

2,424

Wyndham

Hotels

&

Resorts,

Inc.

186,042

3,081

Wynn

Resorts,

Ltd.

314,971

1,026

Yum!

Brands,

Inc.

142,255

9,439,740

Household

Durables

(

1

.0

%

):

9,550

D.R.

Horton,

Inc.

1,571,452

4,900

Garmin,

Ltd.

729,463

4,046

Leggett

&

Platt,

Inc.

77,481

7,641

Lennar

Corp.,

Class

A

1,314,099

370

Lennar

Corp.,

Class

B

57,047

1,668

Mohawk

Industries,

Inc.*

218,325

10,966

Newell

Brands,

Inc.

88,057

85

NVR,

Inc.*

688,497

6,715

PulteGroup,

Inc.

809,963

4,154

Tempur

Sealy

International,

Inc.

236,030

3,329

Toll

Brothers,

Inc.

430,673

949

TopBuild

Corp.*

418,253

1,772

Whirlpool

Corp.

211,984

6,851,324

Household

Products

(

1

.8

%

):

2,671

BJ's

Wholesale

Club

Holdings,

Inc.*

202,061

868

Church

&

Dwight

Co.,

Inc.

90,541

25,850

Colgate-Palmolive

Co.

2,327,793

680

Kimberly-Clark

Corp.

87,958

60,339

Procter

&

Gamble

Co.

(The)

9,790,003

1,638

Reynolds

Consumer

Products,

Inc.

46,781

1,133

Spectrum

Brands

Holdings,

Inc.

100,848

12,645,985

Independent

Power

and

Renewable

Electricity

Producers

(

0

.1

%

):

8,880

AES

Corp.

(The)

159,219

4,588

Brookfield

Renewable

Corp.,

Class

A

112,727

1,184

Clearway

Energy,

Inc.,

Class

A

25,468

2,799

Clearway

Energy,

Inc.,

Class

C

64,517

7,728

Vistra

Corp.

538,255

900,186

Industrial

Conglomerates

(

1

.7

%

):

17,308

3M

Co.

1,835,860

34,219

General

Electric

Co.

6,006,461

18,304

Honeywell

International,

Inc.

3,756,896

11,599,217

Industrial

REITs

(

0

.7

%

):

8,307

Americold

Realty

Trust,

Inc.

207,010

1,478

EastGroup

Properties,

Inc.

265,700

4,343

First

Industrial

Realty

Trust,

Inc.

228,181

29,118

Prologis,

Inc.

3,791,746

6,599

Rexford

Industrial

Realty,

Inc.

331,930

5,632

STAG

Industrial,

Inc.

216,494

5,041,061

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

190

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance

(

4

.1

%

):

18,312

Aflac,

Inc.

$

1,572,268

8,228

Allstate

Corp.

(The)

1,423,526

2,258

American

Financial

Group,

Inc.

308,172

22,149

American

International

Group,

Inc.

1,731,387

6,233

Aon

plc,

Class

A

2,080,077

9,781

Arch

Capital

Group,

Ltd.*

904,156

6,332

Arthur

J.

Gallagher

&

Co.

1,583,253

1,684

Assurant,

Inc.

316,996

1,766

Assured

Guaranty,

Ltd.

154,084

2,470

Axis

Capital

Holdings,

Ltd.

160,599

2,027

Brighthouse

Financial,

Inc.*

104,472

4,453

Brown

&

Brown,

Inc.

389,816

12,815

Chubb,

Ltd.

3,320,751

4,779

Cincinnati

Financial

Corp.

593,408

980

CNA

Financial

Corp.

44,512

1,143

Everest

Group,

Ltd.

454,342

8,316

Fidelity

National

Financial,

Inc.

441,580

3,299

First

American

Financial

Corp.

201,404

2,695

Globe

Life,

Inc.

313,617

1,107

Hanover

Insurance

Group,

Inc.

(The)

150,740

9,356

Hartford

Financial

Services

Group,

Inc.

(The)

964,136

1,875

Kemper

Corp.

116,100

4,835

Lincoln

National

Corp.

154,382

5,821

Loews

Corp.

455,726

408

Markel

Group,

Inc.*

620,764

3,078

Marsh

&

McLennan

Cos.,

Inc.

634,006

19,670

MetLife,

Inc.

1,457,744

8,555

Old

Republic

International

Corp.

262,810

435

Primerica,

Inc.

110,038

7,659

Principal

Financial

Group,

Inc.

661,048

4,653

Progressive

Corp.

(The)

962,333

11,394

Prudential

Financial,

Inc.

1,337,656

2,146

Reinsurance

Group

of

America,

Inc.

413,920

1,148

RenaissanceRe

Holdings,

Ltd.

269,814

932

RLI

Corp.

138,374

7,207

Travelers

Cos.,

Inc.

(The)

1,658,619

5,286

Unum

Group

283,647

6,228

W

R

Berkley

Corp.

550,804

77

White

Mountains

Insurance

Group,

Ltd.

138,161

2,848

Willis

Towers

Watson

plc

783,200

28,222,442

Interactive

Media

&

Services

(

0

.0

%

†

):

2,387

IAC,

Inc.*

127,323

407

Match

Group,

Inc.*

14,766

3,372

TripAdvisor,

Inc.*

93,708

5,149

ZoomInfo

Technologies,

Inc.*

82,538

318,335

IT

Services

(

1

.3

%

):

4,808

Akamai

Technologies,

Inc.*

522,918

3,689

Amdocs,

Ltd.

333,375

15,754

Cognizant

Technology

Solutions

Corp.,

Class

A

1,154,611

6,612

DXC

Technology

Co.*

140,240

1,876

GoDaddy,

Inc.,

Class

A*

222,644

28,679

International

Business

Machines

Corp.

5,476,542

7,343

Kyndryl

Holdings,

Inc.*

159,784

4,462

Okta,

Inc.*

466,814

4,484

Twilio,

Inc.,

Class

A*

274,196

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

2,611

VeriSign,

Inc.*

$

494,811

9,245,935

Leisure

Products

(

0

.1

%

):

2,144

Brunswick

Corp.

206,939

4,005

Hasbro,

Inc.

226,362

10,962

Mattel,

Inc.*

217,157

1,680

Polaris,

Inc.

168,202

818,660

Life

Sciences

Tools

&

Services

(

1

.7

%

):

1,739

Agilent

Technologies,

Inc.

253,042

21,320

Avantor,

Inc.*

545,152

1,869

Azenta,

Inc.*

112,663

649

Bio-Rad

Laboratories,

Inc.,

Class

A*

224,470

1,639

Charles

River

Laboratories

International,

Inc.*

444,087

20,774

Danaher

Corp.

5,187,683

3,093

Fortrea

Holdings,

Inc.*

124,153

2,164

ICON

plc*

726,996

3,532

Illumina,

Inc.*

485,014

460

IQVIA

Holdings,

Inc.*

116,329

6,987

QIAGEN

NV*

300,371

956

Repligen

Corp.*

175,828

4,001

Revvity,

Inc.

420,105

4,674

Thermo

Fisher

Scientific,

Inc.

2,716,576

11,832,469

Machinery

(

2

.8

%

):

1,936

AGCO

Corp.

238,167

2,482

Allison

Transmission

Holdings,

Inc.

201,439

4,004

Caterpillar,

Inc.

1,467,186

30,278

CNH

Industrial

NV*

392,403

1,504

Crane

Co.

203,236

4,297

Cummins,

Inc.

1,266,111

558

Deere

&

Co.

229,193

2,147

Donaldson

Co.,

Inc.

160,338

4,363

Dover

Corp.

773,080

1,821

Esab

Corp.

201,348

4,196

Flowserve

Corp.

191,673

11,087

Fortive

Corp.

953,704

3,877

Gates

Industrial

Corp.

plc*

68,662

3,140

Graco,

Inc.

293,464

2,159

IDEX

Corp.

526,839

1,761

Illinois

Tool

Works,

Inc.

472,529

12,773

Ingersoll

Rand,

Inc.

1,212,796

2,623

ITT,

Inc.

356,807

1,651

Middleby

Corp.

(The)*

265,464

1,795

Nordson

Corp.

492,799

1,986

Oshkosh

Corp.

247,674

12,188

Otis

Worldwide

Corp.

1,209,903

16,225

PACCAR,

Inc.

2,010,115

4,032

Parker-Hannifin

Corp.

2,240,945

5,287

Pentair

plc

451,721

890

RBC

Bearings,

Inc.*

240,612

1,637

Snap-on,

Inc.

484,912

4,889

Stanley

Black

&

Decker,

Inc.

478,780

1,945

Timken

Co.

(The)

170,051

5,606

Westinghouse

Air

Brake

Technologies

Corp.

816,682

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

191

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

6,599

Xylem,

Inc.

$

852,855

19,171,488

Marine

Transportation

(

0

.0

%

†

):

1,914

Kirby

Corp.*

182,442

Media

(

1

.2

%

):

179

Cable

One,

Inc.

75,740

124,333

Comcast

Corp.,

Class

A

5,389,836

7,998

Fox

Corp.,

Class

A

250,097

4,461

Fox

Corp.,

Class

B

127,674

12,236

Interpublic

Group

of

Cos.,

Inc.

(The)

399,261

335

Liberty

Broadband

Corp.,

Class

A*

19,135

2,940

Liberty

Broadband

Corp.,

Class

C*

168,256

2,062

Liberty

Media

Corp.-Liberty

SiriusXM*

61,241

4,559

Liberty

Media

Corp.-Liberty

SiriusXM*

135,448

5,327

New

York

Times

Co.

(The),

Class

A

230,233

11,853

News

Corp.,

Class

A

310,312

3,460

News

Corp.,

Class

B

93,628

654

Nexstar

Media

Group,

Inc.

112,678

6,277

Omnicom

Group,

Inc.

607,362

33

Paramount

Global,

Class

A

720

18,108

Paramount

Global,

Class

B

213,131

21,218

Sirius

XM

Holdings,

Inc.^

82,326

8,277,078

Metals

&

Mining

(

1

.1

%

):

5,641

Alcoa

Corp.

190,609

16,065

Cleveland-Cliffs,

Inc.*

365,318

45,210

Freeport-McMoRan,

Inc.

2,125,774

3,553

MP

Materials

Corp.*

50,808

36,460

Newmont

Corp.

1,306,727

7,749

Nucor

Corp.

1,533,527

1,817

Reliance,

Inc.

607,205

2,032

Royal

Gold,

Inc.

247,518

6,168

SSR

Mining,

Inc.

27,509

4,748

Steel

Dynamics,

Inc.

703,796

7,025

United

States

Steel

Corp.

286,480

7,445,271

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.1

%

):

18,499

AGNC

Investment

Corp.

183,140

15,791

Annaly

Capital

Management,

Inc.

310,924

15,555

Rithm

Capital

Corp.

173,594

9,551

Starwood

Property

Trust,

Inc.

194,172

861,830

Multi-Utilities

(

1

.2

%

):

8,277

Ameren

Corp.

612,167

19,914

CenterPoint

Energy,

Inc.

567,350

9,076

CMS

Energy

Corp.

547,646

11,001

Consolidated

Edison,

Inc.

999,001

26,486

Dominion

Energy,

Inc.

1,302,846

6,413

DTE

Energy

Co.

719,154

13,144

NiSource,

Inc.

363,563

15,730

Public

Service

Enterprise

Group,

Inc.

1,050,450

19,880

Sempra

1,427,980

Shares

Value

Common

Stocks,

continued

Multi-Utilities,

continued

9,852

WEC

Energy

Group,

Inc.

$

809,046

8,399,203

Office

REITs

(

0

.2

%

):

5,355

Alexandria

Real

Estate

Equities,

Inc.

690,313

4,994

Boston

Properties,

Inc.

326,158

4,629

Cousins

Properties,

Inc.

111,281

3,732

Highwoods

Properties,

Inc.

97,704

3,559

Kilroy

Realty

Corp.

129,654

476

NET

Lease

Office

Properties

11,329

5,487

Vornado

Realty

Trust

157,861

1,524,300

Oil,

Gas

&

Consumable

Fuels

(

7

.3

%

):

7,715

Antero

Midstream

Corp.

108,473

9,050

Antero

Resources

Corp.*

262,450

3,029

APA

Corp.

104,137

3,882

Chesapeake

Energy

Corp.

344,838

54,311

Chevron

Corp.

8,567,017

37,816

ConocoPhillips

4,813,221

23,751

Coterra

Energy,

Inc.

662,178

20,244

Devon

Energy

Corp.

1,015,844

5,661

Diamondback

Energy,

Inc.

1,121,840

3,110

DT

Midstream,

Inc.

190,021

18,504

EOG

Resources,

Inc.

2,365,551

11,305

EQT

Corp.

419,076

126,232

Exxon

Mobil

Corp.

14,673,208

3,810

Hess

Corp.

581,558

4,500

HF

Sinclair

Corp.

271,665

61,461

Kinder

Morgan,

Inc.

1,127,195

18,757

Marathon

Oil

Corp.

531,573

11,606

Marathon

Petroleum

Corp.

2,338,609

21,619

Occidental

Petroleum

Corp.

1,405,019

17,296

ONEOK,

Inc.

1,386,620

4,618

Ovintiv,

Inc.

239,674

13,874

Phillips

66

2,266,179

7,364

Pioneer

Natural

Resources

Co.

1,933,050

7,494

Range

Resources

Corp.

258,018

33,751

Southwestern

Energy

Co.*

255,833

10,711

Valero

Energy

Corp.

1,828,261

38,208

Williams

Cos.,

Inc.

(The)

1,488,966

50,560,074

Paper

&

Forest

Products

(

0

.0

%

†

):

1,965

Louisiana-Pacific

Corp.

164,883

Passenger

Airlines

(

0

.3

%

):

3,933

Alaska

Air

Group,

Inc.*

169,080

12,599

American

Airlines

Group,

Inc.*

193,395

19,305

Delta

Air

Lines,

Inc.

924,130

18,660

Southwest

Airlines

Co.

544,685

10,470

United

Airlines

Holdings,

Inc.*

501,304

2,332,594

Personal

Care

Products

(

0

.2

%

):

12,626

Coty,

Inc.,

Class

A*

151,007

4,980

Estee

Lauder

Cos.,

Inc.

(The)

767,667

36,585

Kenvue,

Inc.

785,114

1,703,788

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

192

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Pharmaceuticals

(

4

.5

%

):

64,264

Bristol-Myers

Squibb

Co.

$

3,485,037

5,708

Catalent,

Inc.*

322,217

16,000

Elanco

Animal

Health,

Inc.*

260,480

1,005

Jazz

Pharmaceuticals

plc*

121,022

76,069

Johnson

&

Johnson

12,033,355

65,422

Merck

&

Co.,

Inc.

8,632,433

8,008

Organon

&

Co.

150,550

4,233

Perrigo

Co.

plc

136,260

178,346

Pfizer,

Inc.

4,949,102

12,006

Royalty

Pharma

plc,

Class

A

364,622

37,436

Viatris,

Inc.

446,986

30,902,064

Professional

Services

(

0

.7

%

):

1,848

Automatic

Data

Processing,

Inc.

461,520

657

Broadridge

Financial

Solutions,

Inc.

134,593

716

CACI

International,

Inc.,

Class

A*

271,242

14,382

Clarivate

plc*

106,858

1,527

Concentrix

Corp.

101,118

4,356

Dayforce,

Inc.*

288,411

9,034

Dun

&

Bradstreet

Holdings,

Inc.

90,701

1,195

Equifax,

Inc.

319,687

824

FTI

Consulting,

Inc.*

173,279

4,016

Genpact,

Ltd.

132,327

3,959

Jacobs

Solutions,

Inc.

608,617

2,582

KBR,

Inc.

164,370

4,285

Leidos

Holdings,

Inc.

561,721

1,549

ManpowerGroup,

Inc.

120,264

838

Paycor

HCM,

Inc.*

16,291

3,358

Robert

Half,

Inc.

266,222

1,641

Science

Applications

International

Corp.

213,970

6,765

SS&C

Technologies

Holdings,

Inc.

435,463

6,054

TransUnion

483,109

4,949,763

Real

Estate

Management

&

Development

(

0

.3

%

):

9,632

CBRE

Group,

Inc.,

Class

A*

936,616

7,186

CoStar

Group,

Inc.*

694,167

1,072

Howard

Hughes

Holdings,

Inc.*

77,849

1,481

Jones

Lang

LaSalle,

Inc.*

288,928

1,901

Zillow

Group,

Inc.,

Class

A*

90,982

4,878

Zillow

Group,

Inc.,

Class

C*

237,949

2,326,491

Residential

REITs

(

0

.7

%

):

10,518

American

Homes

4

Rent,

Class

A

386,852

4,943

Apartment

Income

REIT

Corp.

160,499

4,447

AvalonBay

Communities,

Inc.

825,185

3,205

Camden

Property

Trust

315,372

3,820

Equity

LifeStyle

Properties,

Inc.

246,008

11,701

Equity

Residential

738,450

1,986

Essex

Property

Trust,

Inc.

486,193

19,607

Invitation

Homes,

Inc.

698,205

3,709

Mid-America

Apartment

Communities,

Inc.

488,030

2,974

Sun

Communities,

Inc.

382,397

9,550

UDR,

Inc.

357,266

5,084,457

Retail

REITs

(

0

.6

%

):

3,041

Agree

Realty

Corp.

173,702

Shares

Value

Common

Stocks,

continued

Retail

REITs,

continued

9,829

Brixmor

Property

Group,

Inc.

$

230,490

2,484

Federal

Realty

Investment

Trust

253,666

20,287

Kimco

Realty

Corp.

397,828

5,895

NNN

REIT,

Inc.

251,952

26,161

Realty

Income

Corp.

1,415,310

5,818

Regency

Centers

Corp.

352,338

8,059

Simon

Property

Group,

Inc.

1,261,153

4,336,439

Semiconductors

&

Semiconductor

Equipment

(

4

.1

%

):

21,806

Advanced

Micro

Devices,

Inc.*

3,935,765

15,718

Analog

Devices,

Inc.

3,108,863

4,101

Applied

Materials,

Inc.

845,749

1,708

Cirrus

Logic,

Inc.*

158,092

4,471

Entegris,

Inc.

628,354

3,378

First

Solar,

Inc.*

570,206

2,680

GLOBALFOUNDRIES,

Inc.*^

139,655

133,191

Intel

Corp.

5,883,046

217

Lam

Research

Corp.

210,831

26,962

Marvell

Technology,

Inc.

1,911,067

4,795

Microchip

Technology,

Inc.

430,159

34,494

Micron

Technology,

Inc.

4,066,498

2,059

MKS

Instruments,

Inc.

273,847

13,640

ON

Semiconductor

Corp.*

1,003,222

3,049

Qorvo,

Inc.*

350,117

4,452

QUALCOMM,

Inc.

753,724

5,031

Skyworks

Solutions,

Inc.

544,958

890

Teradyne,

Inc.

100,419

16,962

Texas

Instruments,

Inc.

2,954,950

875

Universal

Display

Corp.

147,394

4,106

Wolfspeed,

Inc.*

121,127

28,138,043

Software

(

1

.7

%

):

459

ANSYS,

Inc.*

159,346

4,848

AppLovin

Corp.,

Class

A*

335,579

857

Aspen

Technology,

Inc.*

182,781

3,385

BILL

Holdings,

Inc.*

232,617

10,677

CCC

Intelligent

Solutions

Holdings,

Inc.*

127,697

172

Corpay,

Inc.*

53,069

1,963

Dolby

Laboratories,

Inc.,

Class

A

164,440

959

Dropbox,

Inc.,

Class

A*

23,304

14,931

Gen

Digital,

Inc.

334,454

2,534

Guidewire

Software,

Inc.*

295,743

1,028

HashiCorp,

Inc.,

Class

A*

27,705

397

Informatica,

Inc.,

Class

A*

13,895

1,661

nCino,

Inc.*

62,088

4,330

NCR

Voyix

Corp.*

54,688

5,486

Nutanix,

Inc.,

Class

A*

338,596

28,682

Oracle

Corp.

3,602,746

1,773

PTC,

Inc.*

334,991

3,334

Roper

Technologies,

Inc.

1,869,841

7,266

Salesforce,

Inc.

2,188,374

5,569

SentinelOne,

Inc.,

Class

A*

129,813

347

Tyler

Technologies,

Inc.*

147,478

2,991

UiPath,

Inc.,

Class

A*

67,806

5,390

Unity

Software,

Inc.*

143,913

8,180

Zoom

Video

Communications,

Inc.,

Class

A*

534,727

11,425,691

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

193

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Specialized

REITs

(

1

.4

%

):

12,288

Crown

Castle,

Inc.

$

1,300,439

7,111

CubeSmart

321,559

9,573

Digital

Realty

Trust,

Inc.

1,378,895

2,252

EPR

Properties

95,597

1,465

Equinix,

Inc.

1,209,109

6,581

Extra

Space

Storage,

Inc.

967,407

7,917

Gaming

and

Leisure

Properties,

Inc.

364,736

4,689

Iron

Mountain,

Inc.

376,105

680

Lamar

Advertising

Co.,

Class

A

81,199

2,479

National

Storage

Affiliates

Trust

97,078

2,104

Public

Storage

610,286

4,571

Rayonier,

Inc.

151,940

3,031

SBA

Communications

Corp.

656,818

32,915

VICI

Properties,

Inc.

980,538

23,230

Weyerhaeuser

Co.

834,189

9,425,895

Specialty

Retail

(

0

.8

%

):

1,989

Advance

Auto

Parts,

Inc.

169,244

905

AutoNation,

Inc.*

149,850

89

AutoZone,

Inc.*

280,497

7,228

Bath

&

Body

Works,

Inc.

361,545

5,218

Best

Buy

Co.,

Inc.

428,032

4,727

CarMax,

Inc.*

411,769

1,645

Dick's

Sporting

Goods,

Inc.

369,895

8,551

GameStop

Corp.,

Class

A*^

107,058

6,032

Gap,

Inc.

(The)

166,182

841

Lithia

Motors,

Inc.

253,023

4,914

Lowe's

Cos.,

Inc.

1,251,743

277

O'Reilly

Automotive,

Inc.*

312,700

686

Penske

Automotive

Group,

Inc.

111,125

2,533

Petco

Health

&

Wellness

Co.,

Inc.*

5,775

393

RH*

136,866

769

Ross

Stores,

Inc.

112,858

3,253

Valvoline,

Inc.*

144,986

812

Victoria's

Secret

&

Co.*

15,737

1,827

Wayfair,

Inc.,

Class

A*

124,017

1,732

Williams-Sonoma,

Inc.

549,962

5,462,864

Technology

Hardware,

Storage

&

Peripherals

(

0

.4

%

):

40,158

Hewlett

Packard

Enterprise

Co.

712,001

21,530

HP,

Inc.

650,637

3,926

NetApp,

Inc.

412,112

2,095

Pure

Storage,

Inc.,

Class

A*

108,919

10,161

Western

Digital

Corp.*

693,387

2,577,056

Textiles,

Apparel

&

Luxury

Goods

(

0

.5

%

):

689

Birkenstock

Holding

plc*^

32,555

3,615

Capri

Holdings,

Ltd.*

163,760

1,080

Carter's,

Inc.

91,454

1,049

Columbia

Sportswear

Co.

85,158

Shares

Value

Common

Stocks,

continued

Textiles,

Apparel

&

Luxury

Goods,

continued

17,315

NIKE,

Inc.,

Class

B

$

1,627,264

1,926

PVH

Corp.

270,815

1,294

Ralph

Lauren

Corp.

242,961

4,081

Skechers

USA,

Inc.,

Class

A*

250,002

6,626

Tapestry,

Inc.

314,602

6,770

Under

Armour,

Inc.,

Class

A*

49,963

7,090

Under

Armour,

Inc.,

Class

C*

50,623

11,574

VF

Corp.

177,545

3,356,702

Tobacco

(

1

.0

%

):

56,375

Altria

Group,

Inc.

2,459,078

48,983

Philip

Morris

International,

Inc.

4,487,822

6,946,900

Trading

Companies

&

Distributors

(

0

.6

%

):

3,261

Air

Lease

Corp.

167,746

5,471

Core

&

Main,

Inc.,

Class

A*

313,215

4,600

Fastenal

Co.

354,844

6,136

Ferguson

plc

1,340,286

1,458

MSC

Industrial

Direct

Co.,

Inc.

141,484

913

SiteOne

Landscape

Supply,

Inc.*

159,364

1,712

United

Rentals,

Inc.

1,234,540

805

Watsco,

Inc.

347,736

1,391

WESCO

International,

Inc.

238,251

4,297,466

Water

Utilities

(

0

.2

%

):

6,221

American

Water

Works

Co.,

Inc.

760,268

7,790

Essential

Utilities,

Inc.

288,620

1,048,888

Wireless

Telecommunication

Services

(

0

.4

%

):

15,446

T-Mobile

US,

Inc.

2,521,096

Total

Common

Stocks

(Cost

$448,940,008)

689,516,759

Affiliated

Investment

Company

(

0

.1

%

):

Money

Market

(

0

.1

%

):

721,686

BlackRock

Liquidity

FedFund,

Institutional

Class+(a)

(b)

721,686

Total

Affiliated

Investment

Company

(Cost

$721,686)

721,686

Unaffiliated

Investment

Company

(

0

.3

%

):

Money

Markets

(

0

.3

%

):

2,252,637

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.19%(b)

2,252,637

Total

Unaffiliated

Investment

Company

(Cost

$2,252,637)

2,252,637

Total

Investment

Securities

(Cost

$451,914,331)

—

100.0%

692,491,082

Net

other

assets

(liabilities)

—

0.0%

†

(

122,028

)

Net

Assets

—

100.0%

$

692,369,054

REIT—Real

Estate

Investment

Trust

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$689,972.

+

Affiliated

Securities

†

Represents

less

than

0.05%.

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

194

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024.

(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

March

31,

2024.

(b)

The

rate

represents

the

effective

yield

at

March

31,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Futures

Contracts

At

March

31,

2024,

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

June

Futures

(U.S.

Dollar)

6/21/24

6

$

1,592,550‌

$

30,843‌

S&P

Midcap

400

E-Mini

June

Futures

(U.S.

Dollar)

6/21/24

5

1,538,700‌

53,640‌

$

84,483‌

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

195

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(99.5%):

Aerospace

&

Defense

(1.5%):

4,131

Axon

Enterprise,

Inc.*

$

1,292,507

34,542

Boeing

Co.

(The)*

6,666,261

13,641

General

Dynamics

Corp.

3,853,446

23,646

Howmet

Aerospace,

Inc.

1,618,096

2,526

Huntington

Ingalls

Industries,

Inc.

736,253

11,430

L3Harris

Technologies,

Inc.

2,435,733

13,062

Lockheed

Martin

Corp.

5,941,512

8,519

Northrop

Grumman

Corp.

4,077,704

79,743

RTX

Corp.

7,777,335

11,783

Textron,

Inc.

1,130,343

3,353

TransDigm

Group,

Inc.

4,129,555

39,658,745

Air

Freight

&

Logistics

(0.4%):

7,015

CH

Robinson

Worldwide,

Inc.

534,122

7,932

Expeditors

International

of

Washington,

Inc.

964,293

13,978

FedEx

Corp.

4,049,986

43,322

United

Parcel

Service,

Inc.,

Class

B

6,438,949

11,987,350

Automobile

Components

(0.1%):

16,490

Aptiv

plc*

1,313,428

13,763

BorgWarner,

Inc.

478,127

1,791,555

Automobiles

(1.3%):

233,807

Ford

Motor

Co.

3,104,957

70,115

General

Motors

Co.

3,179,715

166,831

Tesla,

Inc.*

29,327,222

35,611,894

Banks

(3.3%):

414,550

Bank

of

America

Corp.

15,719,736

114,214

Citigroup,

Inc.

7,222,893

28,247

Citizens

Financial

Group,

Inc.

1,025,084

8,188

Comerica,

Inc.

450,258

41,406

Fifth

Third

Bancorp

1,540,717

85,472

Huntington

Bancshares,

Inc.

1,192,335

174,071

JPMorgan

Chase

&

Co.

34,866,421

56,560

KeyCorp

894,214

10,232

M&T

Bank

Corp.

1,488,142

23,895

PNC

Financial

Services

Group,

Inc.

(The)

3,861,432

55,346

Regions

Financial

Corp.

1,164,480

80,450

Truist

Financial

Corp.

3,135,941

93,721

US

Bancorp

4,189,329

216,691

Wells

Fargo

&

Co.

12,559,410

89,310,392

Beverages

(1.4%):

10,695

Brown-Forman

Corp.,

Class

B

552,076

234,286

Coca-Cola

Co.

(The)

14,333,617

9,625

Constellation

Brands,

Inc.,

Class

A

2,615,690

60,704

Keurig

Dr

Pepper,

Inc.

1,861,792

11,520

Molson

Coors

Beverage

Co.,

Class

B

774,720

44,540

Monster

Beverage

Corp.*

2,640,331

82,756

PepsiCo,

Inc.

14,483,128

37,261,354

Shares

Value

Common

Stocks,

continued

Biotechnology

(1.9%):

106,305

AbbVie,

Inc.

$

19,358,141

32,207

Amgen,

Inc.

9,157,094

8,671

Biogen,

Inc.*

1,869,728

74,353

Gilead

Sciences,

Inc.

5,446,357

11,132

Incyte

Corp.*

634,190

20,464

Moderna,

Inc.*

2,180,644

6,333

Regeneron

Pharmaceuticals,

Inc.*

6,095,449

15,516

Vertex

Pharmaceuticals,

Inc.*

6,485,843

51,227,446

Broadline

Retail

(3.8%):

550,383

Amazon.com,

Inc.*

99,278,086

31,408

eBay,

Inc.

1,657,714

7,414

Etsy,

Inc.*

509,490

101,445,290

Building

Products

(0.5%):

7,599

A

O

Smith

Corp.

679,806

5,393

Allegion

plc

726,491

7,541

Builders

FirstSource,

Inc.*

1,572,676

49,171

Carrier

Global

Corp.

2,858,310

41,039

Johnson

Controls

International

plc

2,680,667

13,527

Masco

Corp.

1,067,010

13,679

Trane

Technologies

plc

4,106,436

13,691,396

Capital

Markets

(2.8%):

6,107

Ameriprise

Financial,

Inc.

2,677,553

46,567

Bank

of

New

York

Mellon

Corp.

(The)

2,683,191

8,393

BlackRock,

Inc.+

6,997,244

43,351

Blackstone,

Inc.

5,695,021

6,359

Cboe

Global

Markets,

Inc.

1,168,339

89,522

Charles

Schwab

Corp.

(The)

6,476,021

21,386

CME

Group,

Inc.

4,604,192

2,398

FactSet

Research

Systems,

Inc.

1,089,627

16,966

Franklin

Resources,

Inc.

476,914

19,635

Goldman

Sachs

Group,

Inc.

(The)

8,201,343

34,811

Intercontinental

Exchange,

Inc.

4,784,076

25,144

Invesco,

Ltd.

417,139

2,456

MarketAxess

Holdings,

Inc.

538,478

9,604

Moody's

Corp.

3,774,660

75,238

Morgan

Stanley

7,084,410

4,770

MSCI,

Inc.

2,673,347

22,790

Nasdaq,

Inc.

1,438,049

12,051

Northern

Trust

Corp.

1,071,575

10,507

Raymond

James

Financial,

Inc.

1,349,309

19,328

S&P

Global,

Inc.

8,223,098

18,389

State

Street

Corp.

1,421,837

13,528

T.

Rowe

Price

Group,

Inc.

1,649,334

74,494,757

Chemicals

(1.6%):

13,286

Air

Products

and

Chemicals,

Inc.

3,218,799

7,164

Albemarle

Corp.

943,785

6,225

Celanese

Corp.

1,069,828

11,387

CF

Industries

Holdings,

Inc.

947,512

41,795

Corteva,

Inc.

2,410,318

42,434

Dow,

Inc.

2,458,202

25,545

DuPont

de

Nemours,

Inc.

1,958,535

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

196

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

7,370

Eastman

Chemical

Co.

$

738,621

15,254

Ecolab,

Inc.

3,522,149

7,350

FMC

Corp.

468,195

14,951

International

Flavors

&

Fragrances,

Inc.

1,285,636

29,196

Linde

plc

13,556,287

15,378

LyondellBasell

Industries

NV,

Class

A

1,572,862

20,154

Mosaic

Co.

(The)

654,199

14,133

PPG

Industries,

Inc.

2,047,872

14,299

Sherwin-Williams

Co.

(The)

4,966,472

41,819,272

Commercial

Services

&

Supplies

(0.6%):

5,147

Cintas

Corp.

3,536,144

52,274

Copart,

Inc.*

3,027,710

11,859

Republic

Services,

Inc.

2,270,287

15,853

Rollins,

Inc.

733,518

12,923

Veralto

Corp.

1,145,753

22,274

Waste

Management,

Inc.

4,747,703

15,461,115

Communications

Equipment

(0.8%):

15,169

Arista

Networks,

Inc.*

4,398,706

244,666

Cisco

Systems,

Inc.

12,211,280

3,669

F5,

Inc.*

695,606

19,462

Juniper

Networks,

Inc.

721,262

9,767

Motorola

Solutions,

Inc.

3,467,090

21,493,944

Construction

&

Engineering

(0.1%):

8,616

Quanta

Services,

Inc.

2,238,437

Construction

Materials

(0.2%):

3,755

Martin

Marietta

Materials,

Inc.

2,305,345

8,072

Vulcan

Materials

Co.

2,203,010

4,508,355

Consumer

Finance

(0.5%):

34,376

American

Express

Co.

7,827,071

23,139

Capital

One

Financial

Corp.

3,445,166

15,241

Discover

Financial

Services

1,997,943

24,420

Synchrony

Financial

1,052,990

14,323,170

Consumer

Staples

Distribution

&

Retail

(1.8%):

26,717

Costco

Wholesale

Corp.

19,573,676

13,356

Dollar

General

Corp.

2,084,337

12,203

Dollar

Tree,

Inc.*

1,624,830

39,988

Kroger

Co.

(The)

2,284,515

30,395

Sysco

Corp.

2,467,466

27,466

Target

Corp.

4,867,250

43,499

Walgreens

Boots

Alliance,

Inc.

943,493

257,743

Walmart,

Inc.

15,508,396

49,353,963

Containers

&

Packaging

(0.2%):

87,128

Amcor

plc

828,587

4,719

Avery

Dennison

Corp.

1,053,517

18,723

Ball

Corp.

1,261,181

20,189

International

Paper

Co.

787,775

5,282

Packaging

Corp.

of

America

1,002,418

Shares

Value

Common

Stocks,

continued

Containers

&

Packaging,

continued

14,967

Westrock

Co.

$

740,118

5,673,596

Distributors

(0.1%):

8,295

Genuine

Parts

Co.

1,285,144

15,877

LKQ

Corp.

847,991

2,275

Pool

Corp.

917,962

3,051,097

Diversified

Telecommunication

Services

(0.7%):

428,771

AT&T,

Inc.

7,546,370

253,144

Verizon

Communications,

Inc.

10,621,922

18,168,292

Electric

Utilities

(1.5%):

15,653

Alliant

Energy

Corp.

788,911

31,896

American

Electric

Power

Co.,

Inc.

2,746,246

19,285

Constellation

Energy

Corp.

3,564,832

46,423

Duke

Energy

Corp.

4,489,568

23,678

Edison

International

1,674,745

11,774

Entergy

Corp.

1,244,276

14,374

Evergy,

Inc.

767,284

20,804

Eversource

Energy

1,243,455

60,456

Exelon

Corp.

2,271,332

30,781

FirstEnergy

Corp.

1,188,762

122,917

NextEra

Energy,

Inc.

7,855,626

14,002

NRG

Energy,

Inc.

947,795

127,400

PG&E

Corp.

2,135,224

7,164

Pinnacle

West

Capital

Corp.

535,366

44,669

PPL

Corp.

1,229,738

65,667

Southern

Co.

(The)

4,710,951

33,016

Xcel

Energy,

Inc.

1,774,610

39,168,721

Electrical

Equipment

(0.7

%):

14,075

AMETEK,

Inc.

2,574,318

24,042

Eaton

Corp.

plc

7,517,453

34,493

Emerson

Electric

Co.

3,912,196

3,552

Generac

Holdings,

Inc.*

448,049

3,158

Hubbell,

Inc.

1,310,728

6,931

Rockwell

Automation,

Inc.

2,019,208

17,781,952

Electronic

Equipment,

Instruments

&

Components

(0.6%):

36,047

Amphenol

Corp.,

Class

A

4,158,021

8,126

CDW

Corp.

2,078,468

46,258

Corning,

Inc.

1,524,664

7,674

Jabil,

Inc.

1,027,932

10,620

Keysight

Technologies,

Inc.*

1,660,756

18,566

TE

Connectivity,

Ltd.

2,696,526

2,896

Teledyne

Technologies,

Inc.*

1,243,311

15,543

Trimble,

Inc.*

1,000,347

3,113

Zebra

Technologies

Corp.*

938,383

16,328,408

Energy

Equipment

&

Services

(0.3%):

59,851

Baker

Hughes

Co.

2,005,008

52,612

Halliburton

Co.

2,073,965

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

197

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Energy

Equipment

&

Services,

continued

86,517

Schlumberger

NV

$

4,741,997

8,820,970

Entertainment

(1.3%):

14,952

Electronic

Arts,

Inc.

1,983,682

8,208

Live

Nation

Entertainment,

Inc.*

868,160

26,026

Netflix,

Inc.*

15,806,371

9,702

Take-Two

Interactive

Software,

Inc.*

1,440,650

110,445

Walt

Disney

Co.

(The)

13,514,050

137,392

Warner

Bros

Discovery,

Inc.*

1,199,432

34,812,345

Financial

Services

(4.2%):

109,551

Berkshire

Hathaway,

Inc.,

Class

B*

46,068,387

36,057

Fidelity

National

Information

Services,

Inc.

2,674,708

36,121

Fiserv,

Inc.*

5,772,858

15,956

Global

Payments,

Inc.

2,132,679

4,422

Jack

Henry

&

Associates,

Inc.

768,234

49,676

Mastercard,

Inc.,

Class

A

23,922,472

64,579

PayPal

Holdings,

Inc.*

4,326,147

95,229

Visa,

Inc.,

Class

A

26,576,509

112,241,994

Food

Products

(0.8%):

32,661

Archer-Daniels-Midland

Co.

2,051,437

8,552

Bunge

Global

SA

876,751

11,271

Campbell

Soup

Co.

500,996

29,633

Conagra

Brands,

Inc.

878,322

34,491

General

Mills,

Inc.

2,413,335

8,814

Hershey

Co.

(The)

1,714,323

18,096

Hormel

Foods

Corp.

631,369

6,514

JM

Smucker

Co.

(The)

819,917

15,875

Kellanova

909,479

48,284

Kraft

Heinz

Co.

(The)

1,781,680

8,824

Lamb

Weston

Holdings,

Inc.

940,021

15,364

McCormick

&

Co.,

Inc.

1,180,109

80,671

Mondelez

International,

Inc.,

Class

A

5,646,970

17,855

Tyson

Foods,

Inc.,

Class

A

1,048,624

21,393,333

Gas

Utilities

(0.0%

†

):

9,056

Atmos

Energy

Corp.

1,076,487

Ground

Transportation

(1.1%):

118,789

CSX

Corp.

4,403,508

5,098

JB

Hunt

Transport

Services,

Inc.

1,015,776

13,548

Norfolk

Southern

Corp.

3,452,979

10,646

Old

Dominion

Freight

Line,

Inc.

2,334,774

124,546

Uber

Technologies,

Inc.*

9,588,797

36,715

Union

Pacific

Corp.

9,029,320

29,825,154

Health

Care

Equipment

&

Supplies

(2.6%):

104,516

Abbott

Laboratories

11,879,289

3,981

Align

Technology,

Inc.*

1,305,449

31,472

Baxter

International,

Inc.

1,345,113

17,204

Becton

Dickinson

&

Co.

4,257,130

—

Becton,

Dickinson

&

Co.

—

88,747

Boston

Scientific

Corp.*

6,078,282

11,912

Cooper

Cos.,

Inc.

(The)

1,208,591

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

12,717

DENTSPLY

SIRONA,

Inc.

$

422,077

22,989

Dexcom,

Inc.*

3,188,574

36,755

Edwards

Lifesciences

Corp.*

3,512,308

25,668

GE

HealthCare

Technologies,

Inc.

2,333,478

14,086

Hologic,

Inc.*

1,098,145

4,953

IDEXX

Laboratories,

Inc.*

2,674,273

4,375

Insulet

Corp.*

749,875

21,214

Intuitive

Surgical,

Inc.*

8,466,295

80,522

Medtronic

plc

7,017,492

8,833

ResMed,

Inc.

1,749,199

6,030

STERIS

plc

1,355,665

20,480

Stryker

Corp.

7,329,178

2,833

Teleflex,

Inc.

640,740

12,481

Zimmer

Biomet

Holdings,

Inc.

1,647,242

68,258,395

Health

Care

Providers

&

Services

(2.6%):

14,523

Cardinal

Health,

Inc.

1,625,124

10,023

Cencora,

Inc.

2,435,489

32,266

Centene

Corp.*

2,532,236

17,612

Cigna

Group

(The)

6,396,502

75,378

CVS

Health

Corp.

6,012,149

3,162

DaVita,

Inc.*

436,514

14,077

Elevance

Health,

Inc.

7,299,487

11,938

HCA

Healthcare,

Inc.

3,981,681

7,696

Henry

Schein,

Inc.*

581,202

7,396

Humana,

Inc.

2,564,341

5,006

Laboratory

Corp.

of

America

Holdings

1,093,611

7,981

McKesson

Corp.

4,284,600

3,610

Molina

Healthcare,

Inc.*

1,483,096

6,571

Quest

Diagnostics,

Inc.

874,666

55,691

UnitedHealth

Group,

Inc.

27,550,338

3,527

Universal

Health

Services,

Inc.,

Class

B

643,536

69,794,572

Health

Care

REITs

(0.2%):

43,471

Healthpeak

Properties,

Inc.

815,081

23,778

Ventas,

Inc.

1,035,294

33,715

Welltower,

Inc.

3,150,330

5,000,705

Hotel

&

Resort

REITs

(0.0%

†

):

42,055

Host

Hotels

&

Resorts,

Inc.

869,697

Hotels,

Restaurants

&

Leisure

(2.0%):

26,108

Airbnb,

Inc.,

Class

A*

4,306,776

2,098

Booking

Holdings,

Inc.

7,611,292

12,299

Caesars

Entertainment,

Inc.*

537,958

59,415

Carnival

Corp.*

970,841

1,650

Chipotle

Mexican

Grill,

Inc.*

4,796,170

7,382

Darden

Restaurants,

Inc.

1,233,901

2,194

Domino's

Pizza,

Inc.

1,090,155

7,861

Expedia

Group,

Inc.*

1,082,853

15,315

Hilton

Worldwide

Holdings,

Inc.

3,266,843

21,486

Las

Vegas

Sands

Corp.

1,110,826

14,559

Marriott

International,

Inc.,

Class

A

3,673,381

43,708

McDonald's

Corp.

12,323,471

17,222

MGM

Resorts

International*

813,051

26,676

Norwegian

Cruise

Line

Holdings,

Ltd.*

558,329

14,519

Royal

Caribbean

Cruises,

Ltd.*

2,018,286

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

198

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

67,898

Starbucks

Corp.

$

6,205,198

6,205

Wynn

Resorts,

Ltd.

634,337

16,945

Yum!

Brands,

Inc.

2,349,424

54,583,092

Household

Durables

(0.4%):

17,885

D.R.

Horton,

Inc.

2,942,977

9,149

Garmin,

Ltd.

1,362,012

14,805

Lennar

Corp.,

Class

A

2,546,164

2,973

Mohawk

Industries,

Inc.*

389,136

198

NVR,

Inc.*

1,603,792

12,644

PulteGroup,

Inc.

1,525,119

10,369,200

Household

Products

(1.2%):

14,699

Church

&

Dwight

Co.,

Inc.

1,533,253

7,420

Clorox

Co.

(The)

1,136,076

49,978

Colgate-Palmolive

Co.

4,500,519

20,518

Kimberly-Clark

Corp.

2,654,003

141,678

Procter

&

Gamble

Co.

(The)

22,987,256

32,811,107

Independent

Power

and

Renewable

Electricity

Producers

(0.0%

†

):

37,805

AES

Corp.

(The)

677,844

Industrial

Conglomerates

(0.9%):

33,160

3M

Co.

3,517,281

65,530

General

Electric

Co.

11,502,481

39,694

Honeywell

International,

Inc.

8,147,194

23,166,956

Industrial

REITs

(0.3%):

55,549

Prologis,

Inc.

7,233,591

Insurance

(2.2%):

31,530

Aflac,

Inc.

2,707,166

15,911

Allstate

Corp.

(The)

2,752,762

42,448

American

International

Group,

Inc.

3,318,160

12,180

Aon

plc,

Class

A

4,064,710

21,512

Arch

Capital

Group,

Ltd.*

1,988,569

13,099

Arthur

J.

Gallagher

&

Co.

3,275,274

3,113

Assurant,

Inc.

585,991

14,344

Brown

&

Brown,

Inc.

1,255,674

24,402

Chubb,

Ltd.

6,323,290

9,349

Cincinnati

Financial

Corp.

1,160,865

2,625

Everest

Group,

Ltd.

1,043,437

4,938

Globe

Life,

Inc.

574,635

18,236

Hartford

Financial

Services

Group,

Inc.

(The)

1,879,220

10,648

Loews

Corp.

833,632

29,747

Marsh

&

McLennan

Cos.,

Inc.

6,127,287

36,767

MetLife,

Inc.

2,724,802

13,371

Principal

Financial

Group,

Inc.

1,154,051

35,397

Progressive

Corp.

(The)

7,320,808

21,019

Prudential

Financial,

Inc.

2,467,631

13,706

Travelers

Cos.,

Inc.

(The)

3,154,299

11,858

W

R

Berkley

Corp.

1,048,722

6,300

Willis

Towers

Watson

plc

1,732,500

57,493,485

Shares

Value

Common

Stocks,

continued

Interactive

Media

&

Services

(6.1%):

354,824

Alphabet,

Inc.,

Class

A*

$

53,553,586

297,068

Alphabet,

Inc.,

Class

C*

45,231,574

16,648

Match

Group,

Inc.*

603,989

132,467

Meta

Platforms,

Inc.,

Class

A

64,323,326

163,712,475

IT

Services

(1.2%):

37,752

Accenture

plc,

Class

A

13,085,221

8,802

Akamai

Technologies,

Inc.*

957,305

30,423

Cognizant

Technology

Solutions

Corp.,

Class

A

2,229,702

3,578

EPAM

Systems,

Inc.*

988,100

4,688

Gartner,

Inc.*

2,234,629

55,094

International

Business

Machines

Corp.

10,520,750

5,284

VeriSign,

Inc.*

1,001,371

31,017,078

Leisure

Products

(0.0%

†

):

8,539

Hasbro,

Inc.

482,624

Life

Sciences

Tools

&

Services

(1.4%):

17,829

Agilent

Technologies,

Inc.

2,594,298

1,170

Bio-Rad

Laboratories,

Inc.,

Class

A*

404,668

9,291

Bio-Techne

Corp.

653,994

3,132

Charles

River

Laboratories

International,

Inc.*

848,615

39,598

Danaher

Corp.

9,888,413

9,769

Illumina,

Inc.*

1,341,479

10,978

IQVIA

Holdings,

Inc.*

2,776,226

1,280

Mettler-Toledo

International,

Inc.*

1,704,051

7,301

Revvity,

Inc.

766,605

23,264

Thermo

Fisher

Scientific,

Inc.

13,521,270

3,597

Waters

Corp.*

1,238,195

4,420

West

Pharmaceutical

Services,

Inc.

1,749,038

37,486,852

Machinery

(1.8%):

30,688

Caterpillar,

Inc.

11,245,004

8,206

Cummins,

Inc.

2,417,898

15,615

Deere

&

Co.

6,413,705

8,299

Dover

Corp.

1,470,500

20,760

Fortive

Corp.

1,785,775

4,702

IDEX

Corp.

1,147,382

16,364

Illinois

Tool

Works,

Inc.

4,390,952

24,366

Ingersoll

Rand,

Inc.

2,313,552

3,374

Nordson

Corp.

926,298

24,739

Otis

Worldwide

Corp.

2,455,840

31,325

PACCAR,

Inc.

3,880,854

7,766

Parker-Hannifin

Corp.

4,316,265

10,113

Pentair

plc

864,055

3,267

Snap-on,

Inc.

967,751

9,082

Stanley

Black

&

Decker,

Inc.

889,400

10,576

Westinghouse

Air

Brake

Technologies

Corp.

1,540,712

14,565

Xylem,

Inc.

1,882,381

48,908,324

Media

(0.6%):

6,027

Charter

Communications,

Inc.,

Class

A*

1,751,627

238,581

Comcast

Corp.,

Class

A

10,342,486

13,483

Fox

Corp.,

Class

A

421,614

8,579

Fox

Corp.,

Class

B

245,531

24,101

Interpublic

Group

of

Cos.,

Inc.

(The)

786,416

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

199

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Media,

continued

24,122

News

Corp.,

Class

A

$

631,514

6,960

News

Corp.,

Class

B

188,338

11,591

Omnicom

Group,

Inc.

1,121,545

28,033

Paramount

Global,

Class

B

329,948

15,819,019

Metals

&

Mining

(0.4%):

85,937

Freeport-McMoRan,

Inc.

4,040,758

70,220

Newmont

Corp.

2,516,685

14,905

Nucor

Corp.

2,949,699

8,940

Steel

Dynamics,

Inc.

1,325,176

10,832,318

Multi-Utilities

(0.6%):

16,061

Ameren

Corp.

1,187,872

37,577

CenterPoint

Energy,

Inc.

1,070,569

17,179

CMS

Energy

Corp.

1,036,581

21,309

Consolidated

Edison,

Inc.

1,935,070

49,854

Dominion

Energy,

Inc.

2,452,318

12,747

DTE

Energy

Co.

1,429,449

24,045

NiSource,

Inc.

665,085

30,699

Public

Service

Enterprise

Group,

Inc.

2,050,079

37,656

Sempra

2,704,830

18,834

WEC

Energy

Group,

Inc.

1,546,648

16,078,501

Office

REITs

(0.1%):

9,366

Alexandria

Real

Estate

Equities,

Inc.

1,207,371

9,422

Boston

Properties,

Inc.

615,351

1,822,722

Oil,

Gas

&

Consumable

Fuels

(3.6%):

21,747

APA

Corp.

747,662

104,433

Chevron

Corp.

16,473,261

70,909

ConocoPhillips

9,025,297

45,836

Coterra

Energy,

Inc.

1,277,908

38,854

Devon

Energy

Corp.

1,949,694

10,946

Diamondback

Energy,

Inc.

2,169,169

35,341

EOG

Resources,

Inc.

4,517,993

24,253

EQT

Corp.

899,059

239,098

Exxon

Mobil

Corp.

27,792,751

16,463

Hess

Corp.

2,512,912

115,780

Kinder

Morgan,

Inc.

2,123,405

34,652

Marathon

Oil

Corp.

982,038

22,351

Marathon

Petroleum

Corp.

4,503,726

39,739

Occidental

Petroleum

Corp.

2,582,638

35,260

ONEOK,

Inc.

2,826,794

25,603

Phillips

66

4,181,994

13,750

Pioneer

Natural

Resources

Co.

3,609,375

13,531

Targa

Resources

Corp.

1,515,337

20,395

Valero

Energy

Corp.

3,481,223

72,804

Williams

Cos.,

Inc.

(The)

2,837,172

96,009,408

Passenger

Airlines

(0.2%):

38,680

American

Airlines

Group,

Inc.*

593,738

39,301

Delta

Air

Lines,

Inc.

1,881,339

35,383

Southwest

Airlines

Co.

1,032,830

Shares

Value

Common

Stocks,

continued

Passenger

Airlines,

continued

19,220

United

Airlines

Holdings,

Inc.*

$

920,253

4,428,160

Personal

Care

Products

(0.2%):

14,158

Estee

Lauder

Cos.,

Inc.

(The)

2,182,456

103,278

Kenvue,

Inc.

2,216,346

4,398,802

Pharmaceuticals

(3.8%):

122,251

Bristol-Myers

Squibb

Co.

6,629,672

10,664

Catalent,

Inc.*

601,983

48,013

Eli

Lilly

&

Co.

37,352,193

144,945

Johnson

&

Johnson

22,928,849

152,576

Merck

&

Co.,

Inc.

20,132,403

339,977

Pfizer,

Inc.

9,434,362

74,668

Viatris,

Inc.

891,536

27,586

Zoetis,

Inc.

4,667,827

102,638,825

Professional

Services

(0.7%):

24,734

Automatic

Data

Processing,

Inc.

6,177,069

7,310

Broadridge

Financial

Solutions,

Inc.

1,497,526

9,708

Dayforce,

Inc.*

642,767

7,300

Equifax,

Inc.

1,952,896

7,621

Jacobs

Solutions,

Inc.

1,171,576

8,240

Leidos

Holdings,

Inc.

1,080,182

19,356

Paychex,

Inc.

2,376,917

2,960

Paycom

Software,

Inc.

589,070

5,774

Robert

Half,

Inc.

457,763

8,833

Verisk

Analytics,

Inc.

2,082,203

18,027,969

Real

Estate

Management

&

Development

(0.1%):

17,649

CBRE

Group,

Inc.,

Class

A*

1,716,189

24,631

CoStar

Group,

Inc.*

2,379,354

4,095,543

Residential

REITs

(0.3%):

8,583

AvalonBay

Communities,

Inc.

1,592,662

6,785

Camden

Property

Trust

667,644

20,296

Equity

Residential

1,280,881

3,825

Essex

Property

Trust,

Inc.

936,398

35,363

Invitation

Homes,

Inc.

1,259,276

7,240

Mid-America

Apartment

Communities,

Inc.

952,639

18,110

UDR,

Inc.

677,495

7,366,995

Retail

REITs

(0.3%):

4,570

Federal

Realty

Investment

Trust

466,688

38,651

Kimco

Realty

Corp.

757,946

48,545

Realty

Income

Corp.

2,626,285

9,435

Regency

Centers

Corp.

571,384

19,952

Simon

Property

Group,

Inc.

3,122,288

7,544,591

Semiconductors

&

Semiconductor

Equipment

(10.2%):

97,284

Advanced

Micro

Devices,

Inc.*

17,558,789

30,034

Analog

Devices,

Inc.

5,940,425

50,141

Applied

Materials,

Inc.

10,340,579

26,496

Broadcom,

Inc.

35,118,063

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

200

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

8,282

Enphase

Energy,

Inc.*

$

1,001,956

6,398

First

Solar,

Inc.*

1,079,982

254,572

Intel

Corp.

11,244,445

8,169

KLA

Corp.

5,706,618

7,875

Lam

Research

Corp.

7,651,114

32,849

Microchip

Technology,

Inc.

2,946,884

66,371

Micron

Technology,

Inc.

7,824,477

2,858

Monolithic

Power

Systems,

Inc.

1,936,066

148,721

NVIDIA

Corp.

134,378,347

15,636

NXP

Semiconductors

NV

3,874,132

25,780

ON

Semiconductor

Corp.*

1,896,119

5,795

Qorvo,

Inc.*

665,440

67,196

QUALCOMM,

Inc.

11,376,283

9,319

Skyworks

Solutions,

Inc.

1,009,434

9,367

Teradyne,

Inc.

1,056,879

54,749

Texas

Instruments,

Inc.

9,537,823

272,143,855

Software

(10.7%):

27,215

Adobe,

Inc.*

13,732,689

5,260

ANSYS,

Inc.*

1,826,062

12,975

Autodesk,

Inc.*

3,378,950

16,369

Cadence

Design

Systems,

Inc.*

5,095,342

4,302

Corpay,

Inc.*

1,327,339

1,510

Fair

Isaac

Corp.*

1,886,911

38,801

Fortinet,

Inc.*

2,650,496

35,086

Gen

Digital,

Inc.

785,926

16,851

Intuit,

Inc.

10,953,150

447,395

Microsoft

Corp.

188,228,025

95,999

Oracle

Corp.

12,058,434

19,022

Palo

Alto

Networks,

Inc.*

5,404,721

7,104

PTC,

Inc.*

1,342,230

6,424

Roper

Technologies,

Inc.

3,602,836

58,274

Salesforce,

Inc.

17,550,963

12,343

ServiceNow,

Inc.*

9,410,303

9,231

Synopsys,

Inc.*

5,275,517

2,611

Tyler

Technologies,

Inc.*

1,109,701

285,619,595

Specialized

REITs

(1.0%):

27,938

American

Tower

Corp.

5,520,269

26,194

Crown

Castle,

Inc.

2,772,111

18,217

Digital

Realty

Trust,

Inc.

2,623,977

5,690

Equinix,

Inc.

4,696,128

12,539

Extra

Space

Storage,

Inc.

1,843,233

159

Gaming

and

Leisure

Properties,

Inc.

7,325

17,535

Iron

Mountain,

Inc.

1,406,482

9,647

Public

Storage

2,798,209

6,600

SBA

Communications

Corp.

1,430,220

63,600

VICI

Properties,

Inc.

1,894,644

44,549

Weyerhaeuser

Co.

1,599,755

26,592,353

Specialty

Retail

(2.1%):

1,050

AutoZone,

Inc.*

3,309,232

13,870

Bath

&

Body

Works,

Inc.

693,777

11,552

Best

Buy

Co.,

Inc.

947,611

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

9,265

CarMax,

Inc.*

$

807,074

59,926

Home

Depot,

Inc.

(The)

22,987,614

34,609

Lowe's

Cos.,

Inc.

8,815,951

3,596

O'Reilly

Automotive,

Inc.*

4,059,452

20,230

Ross

Stores,

Inc.

2,968,955

68,965

TJX

Cos.,

Inc.

(The)

6,994,430

6,466

Tractor

Supply

Co.

1,692,282

2,928

Ulta

Beauty,

Inc.*

1,530,993

54,807,371

Technology

Hardware,

Storage

&

Peripherals

(6.0%):

873,986

Apple,

Inc.

149,871,119

79,241

Hewlett

Packard

Enterprise

Co.

1,404,943

52,233

HP,

Inc.

1,578,481

12,470

NetApp,

Inc.

1,308,976

11,977

Seagate

Technology

Holdings

plc

1,114,460

2,956

Super

Micro

Computer,

Inc.*

2,985,649

20,102

Western

Digital

Corp.*

1,371,760

159,635,388

Textiles,

Apparel

&

Luxury

Goods

(0.5%):

1,559

Deckers

Outdoor

Corp.*

1,467,424

6,914

Lululemon

Athletica,

Inc.*

2,700,954

73,141

NIKE,

Inc.,

Class

B

6,873,791

2,327

Ralph

Lauren

Corp.

436,918

13,393

Tapestry,

Inc.

635,900

20,520

VF

Corp.

314,777

12,429,764

Tobacco

(0.5%):

106,804

Altria

Group,

Inc.

4,658,790

93,445

Philip

Morris

International,

Inc.

8,561,431

13,220,221

Trading

Companies

&

Distributors

(0.3%):

34,769

Fastenal

Co.

2,682,080

4,034

United

Rentals,

Inc.

2,908,958

2,653

W.W.

Grainger,

Inc.

2,698,897

8,289,935

Water

Utilities

(0.1%):

11,976

American

Water

Works

Co.,

Inc.

1,463,587

Wireless

Telecommunication

Services

(0.2%):

30,979

T-Mobile

US,

Inc.

5,056,392

Total

Common

Stocks

(Cost

$709,875,782)

2,654,208,095

Unaffiliated

Investment

Company

(0.5%):

Money

Markets

(0.5%):

12,468,560

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.19%(a)

12,468,560

Total

Unaffiliated

Investment

Company

(Cost

$12,468,560)

12,468,560

Total

Investment

Securities

(Cost

$722,344,342)

—

100.0%

2,666,676,655

Net

other

assets

(liabilities)

—

0.0%

†

(773,744)

Net

Assets

—

100.0%

$

2,665,902,911

*

Non-income

producing

security.

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

201

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024.

+

Affiliated

Securities

†

Represents

less

than

0.05%.

(a)

The

rate

represents

the

effective

yield

at

March

31,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Futures

Contracts

At

March

31,

2024,

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

June

Futures

(U.S.

Dollar)

6/21/24

55

$

14,598,375‌

$

129,519‌

$

129,519‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

202

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(99.3%):

Aerospace

&

Defense

(1.3%):

17,175

AAR

Corp.*

$

1,028,267‌

14,562

AeroVironment

,

Inc.*

2,232,063‌

14,730

Kaman

Corp.

675,665‌

26,989

Mercury

Systems,

Inc.*

796,176‌

15,667

Moog,

Inc.,

Class

A

2,501,237‌

2,010

National

Presto

Industries,

Inc.

168,438‌

40,011

Triumph

Group,

Inc.*

601,765‌

8,003,611‌

Air

Freight

&

Logistics

(0.3%):

15,953

Forward

Air

Corp.

496,298‌

32,605

Hub

Group,

Inc.,

Class

A

1,409,188‌

1,905,486‌

Automobile

Components

(1.4%):

61,319

American

Axle

&

Manufacturing

Holdings,

Inc.*

451,308‌

67,647

Dana,

Inc.

859,117‌

14,594

Dorman

Products,

Inc.*

1,406,716‌

16,781

Gentherm

,

Inc.*

966,250‌

13,440

LCI

Industries

1,653,926‌

11,082

Patrick

Industries,

Inc.

1,323,966‌

24,318

Phinia

,

Inc.

934,541‌

9,262

Standard

Motor

Products,

Inc.

310,740‌

10,536

XPEL,

Inc.*

569,155‌

8,475,719‌

Automobiles

(0.2%):

15,411

Winnebago

Industries,

Inc.

1,140,414‌

Banks

(8.9%):

36,293

Ameris

Bancorp

1,755,855‌

40,704

Atlantic

Union

Bankshares

Corp.

1,437,258‌

26,921

Axos

Financial,

Inc.*

1,454,811‌

71,761

Banc

of

California,

Inc.

1,091,485‌

8,226

BancFirst

Corp.

724,135‌

28,086

Bancorp,

Inc.

(The)*

939,758‌

21,162

Bank

of

Hawaii

Corp.

1,320,297‌

40,134

BankUnited

,

Inc.

1,123,752‌

19,469

Banner

Corp.

934,512‌

23,812

Berkshire

Hills

Bancorp,

Inc.

545,771‌

50,691

Brookline

Bancorp,

Inc.

504,882‌

67,488

Capitol

Federal

Financial,

Inc.

402,228‌

36,868

Cathay

General

Bancorp

1,394,716‌

17,342

Central

Pacific

Financial

Corp.

342,505‌

7,605

City

Holding

Co.

792,593‌

28,502

Community

Bank

System,

Inc.

1,368,951‌

14,985

Customers

Bancorp,

Inc.*

795,104‌

70,827

CVB

Financial

Corp.

1,263,554‌

19,371

Dime

Community

Bancshares,

Inc.

373,085‌

16,836

Eagle

Bancorp,

Inc.

395,478‌

19,180

FB

Financial

Corp.

722,319‌

21,952

First

Bancorp

792,906‌

89,589

First

BanCorp

1,571,391‌

54,496

First

Commonwealth

Financial

Corp.

758,584‌

53,179

First

Financial

Bancorp

1,192,273‌

72,319

First

Hawaiian,

Inc.

1,588,125‌

80,716

Fulton

Financial

Corp.

1,282,577‌

20,567

Hanmi

Financial

Corp.

327,427‌

20,499

Heritage

Financial

Corp.

397,476‌

Shares

Value

Common

Stocks,

continued

Banks,

continued

25,023

Hilltop

Holdings,

Inc.

$

783,720‌

70,950

Hope

Bancorp,

Inc.

816,635‌

22,730

Independent

Bank

Corp.

1,182,415‌

19,226

Independent

Bank

Group,

Inc.

877,667‌

13,303

Lakeland

Financial

Corp.

882,255‌

20,192

National

Bank

Holdings

Corp.,

Class

A

728,325‌

25,128

NBT

Bancorp,

Inc.

921,695‌

22,129

Northfield

Bancorp,

Inc.

215,094‌

71,774

Northwest

Bancshares,

Inc.

836,167‌

25,760

OFG

Bancorp

948,226‌

52,161

Pacific

Premier

Bancorp,

Inc.

1,251,864‌

7,722

Park

National

Corp.

1,049,034‌

13,565

Pathward

Financial,

Inc.

684,761‌

6,722

Preferred

Bank

516,048‌

45,720

Provident

Financial

Services,

Inc.

666,140‌

30,615

Renasant

Corp.

958,862‌

21,125

S&T

Bancorp,

Inc.

677,690‌

44,812

Seacoast

Banking

Corp.

1,137,777‌

26,030

ServisFirst

Bancshares,

Inc.

1,727,351‌

68,100

Simmons

First

National

Corp.,

Class

A

1,325,226‌

15,499

Southside

Bancshares,

Inc.

453,036‌

24,316

Stellar

Bancorp,

Inc.

592,338‌

6,606

Tompkins

Financial

Corp.

332,216‌

11,370

Triumph

Financial,

Inc.*

901,868‌

10,803

TrustCo

Bank

Corp.

304,213‌

33,612

Trustmark

Corp.

944,833‌

65,646

United

Community

Banks,

Inc.

1,727,803‌

26,198

Veritex

Holdings,

Inc.

536,797‌

35,996

WaFd

,

Inc.

1,044,964‌

13,780

Westamerica

BanCorp

673,566‌

34,023

WSFS

Financial

Corp.

1,535,798‌

54,828,192‌

Beverages

(0.2%):

7,977

MGP

Ingredients,

Inc.

687,059‌

12,349

National

Beverage

Corp.*

586,084‌

1,273,143‌

Biotechnology

(1.5%):

87,676

Alkermes

plc*

2,373,389‌

28,232

Arcus

Biosciences,

Inc.*

533,020‌

57,091

Catalyst

Pharmaceuticals,

Inc.*

910,031‌

68,201

Dynavax

Technologies

Corp.*

846,374‌

71,135

Ironwood

Pharmaceuticals,

Inc.*

619,586‌

46,189

Myriad

Genetics,

Inc.*

984,750‌

21,155

REGENXBIO,

Inc.*

445,736‌

24,995

Vericel

Corp.*

1,300,240‌

45,501

Vir

Biotechnology,

Inc.*

460,925‌

31,562

Xencor

,

Inc.*

698,467‌

9,172,518‌

Broadline

Retail

(0.3%):

58,420

Kohl's

Corp.

1,702,943‌

Building

Products

(2.6%):

35,050

AAON,

Inc.

3,087,905‌

8,383

American

Woodmark

Corp.*

852,216‌

10,570

Apogee

Enterprises,

Inc.

625,744‌

23,273

Armstrong

World

Industries,

Inc.

2,890,972‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

203

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Building

Products,

continued

12,776

AZZ,

Inc.

$

987,712‌

15,435

Gibraltar

Industries,

Inc.*

1,242,980‌

20,565

Griffon

Corp.

1,508,237‌

65,691

Hayward

Holdings,

Inc.*

1,005,729‌

9,071

Insteel

Industries,

Inc.

346,694‌

66,036

Masterbrand,

Inc.*

1,237,515‌

16,683

Quanex

Building

Products

Corp.

641,128‌

76,274

Resideo

Technologies,

Inc.*

1,710,063‌

16,136,895‌

Capital

Markets

(1.7%):

38,569

Artisan

Partners

Asset

Management,

Inc.,

Class

A

1,765,303‌

9,201

B

Riley

Financial,

Inc.^

194,785‌

139,269

BGC

Group,

Inc.,

Class

A

1,082,120‌

18,124

Brightsphere

Investment

Group,

Inc.

413,952‌

12,761

Donnelley

Financial

Solutions,

Inc.*

791,310‌

24,068

Moelis

&

Co.,

Class

A

1,366,340‌

8,564

Piper

Sandler

Cos.

1,699,868‌

8,865

PJT

Partners,

Inc.,

Class

A

835,615‌

14,899

StoneX

Group,

Inc.*

1,046,804‌

3,905

Virtus

Investment

Partners,

Inc.

968,362‌

60,889

WisdomTree

,

Inc.

559,570‌

10,724,029‌

Chemicals

(2.5%):

14,936

AdvanSix

,

Inc.

427,170‌

17,454

Balchem

Corp.

2,704,497‌

9,788

Hawkins,

Inc.

751,718‌

29,743

HB

Fuller

Co.

2,371,707‌

17,532

Ingevity

Corp.*

836,277‌

12,877

Innospec

,

Inc.

1,660,360‌

11,006

Koppers

Holdings,

Inc.

607,201‌

28,111

Mativ

Holdings,

Inc.

527,081‌

16,855

Minerals

Technologies,

Inc.

1,268,845‌

7,468

Quaker

Chemical

Corp.

1,532,807‌

22,236

Sensient

Technologies

Corp.

1,538,509‌

11,010

Stepan

Co.

991,340‌

15,217,512‌

Commercial

Services

&

Supplies

(2.2%):

33,054

ABM

Industries,

Inc.

1,474,870‌

22,826

Brady

Corp.,

Class

A

1,353,125‌

59,135

CoreCivic

,

Inc.*

923,097‌

24,025

Deluxe

Corp.

494,675‌

41,023

Enviri

Corp.*

375,360‌

63,440

GEO

Group,

Inc.

(The)*

895,773‌

38,553

Healthcare

Services

Group,

Inc.*

481,141‌

24,279

HNI

Corp.

1,095,711‌

30,905

Interface,

Inc.

519,822‌

11,153

Liquidity

Services,

Inc.*

207,446‌

15,867

Matthews

International

Corp.,

Class

A

493,146‌

37,885

MillerKnoll

,

Inc.

938,033‌

54,605

OPENLANE,

Inc.*

944,667‌

80,345

Pitney

Bowes,

Inc.

347,894‌

7,951

UniFirst

Corp.

1,378,942‌

67,826

Vestis

Corp.

1,307,007‌

10,982

Viad

Corp.*

433,679‌

13,664,388‌

Shares

Value

Common

Stocks,

continued

Communications

Equipment

(1.0%):

37,981

ADTRAN

Holdings,

Inc.

$

206,617‌

30,076

Calix,

Inc.*

997,320‌

18,478

Digi

International,

Inc.*

590,002‌

66,660

Extreme

Networks,

Inc.*

769,256‌

57,790

Harmonic,

Inc.*

776,698‌

37,199

NetScout

Systems,

Inc.*

812,426‌

39,296

Viasat

,

Inc.*

710,865‌

114,930

Viavi

Solutions,

Inc.*

1,044,714‌

5,907,898‌

Construction

&

Engineering

(1.2%):

26,198

Arcosa

,

Inc.

2,249,360‌

15,331

Dycom

Industries,

Inc.*

2,200,459‌

22,554

Granite

Construction,

Inc.

1,288,510‌

8,545

MYR

Group,

Inc.*

1,510,329‌

7,248,658‌

Consumer

Finance

(0.8%):

17,177

Bread

Financial

Holdings,

Inc.

639,672‌

12,748

Encore

Capital

Group,

Inc.*

581,436‌

15,529

Enova

International,

Inc.*

975,687‌

28,177

EZCORP,

Inc.,

Class

A*

319,246‌

25,982

Green

Dot

Corp.,

Class

A*

242,412‌

48,416

Navient

Corp.

842,438‌

20,803

PRA

Group,

Inc.*

542,542‌

23,353

PROG

Holdings,

Inc.

804,277‌

1,879

World

Acceptance

Corp.*

272,418‌

5,220,128‌

Consumer

Staples

Distribution

&

Retail

(0.6%):

16,582

Andersons,

Inc.

(The)

951,309‌

18,376

Chefs'

Warehouse,

Inc.

(The)*

692,040‌

12,311

PriceSmart

,

Inc.

1,034,124‌

17,955

SpartanNash

Co.

362,871‌

31,310

United

Natural

Foods,

Inc.*

359,752‌

3,400,096‌

Containers

&

Packaging

(0.6%):

23,339

Myers

Industries,

Inc.

540,765‌

84,610

O-I

Glass,

Inc.*

1,403,680‌

45,630

Sealed

Air

Corp.

1,697,436‌

3,641,881‌

Diversified

Consumer

Services

(0.9%):

20,243

Adtalem

Global

Education,

Inc.*

1,040,490‌

40,474

Frontdoor

,

Inc.*

1,318,643‌

47,599

Mister

Car

Wash,

Inc.*

368,892‌

33,055

Perdoceo

Education

Corp.

580,446‌

11,336

Strategic

Education,

Inc.

1,180,304‌

20,612

Stride,

Inc.*

1,299,587‌

5,788,362‌

Diversified

REITs

(0.7%):

35,142

Alexander

&

Baldwin,

Inc.

578,789‌

24,902

American

Assets

Trust,

Inc.

545,603‌

33,299

Armada

Hoffler

Properties,

Inc.

346,309‌

85,973

Essential

Properties

Realty

Trust,

Inc.

2,292,040‌

100,630

Global

Net

Lease,

Inc.

781,895‌

4,544,636‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

204

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Diversified

Telecommunication

Services

(0.6%):

4,629

ATN

International,

Inc.

$

145,837‌

22,180

Cogent

Communications

Holdings,

Inc.

1,449,019‌

39,389

Consolidated

Communications

Holdings,

Inc.*

170,160‌

61,928

EchoStar

Corp.,

Class

A*

882,474‌

526,989

Lumen

Technologies,

Inc.*

822,103‌

24,288

Shenandoah

Telecommunications

Co.

421,883‌

3,891,476‌

Electric

Utilities

(0.5%):

18,722

MGE

Energy,

Inc.

1,473,796‌

21,850

Otter

Tail

Corp.

1,887,840‌

3,361,636‌

Electrical

Equipment

(0.8%):

8,147

Encore

Wire

Corp.

2,140,869‌

4,720

Powell

Industries,

Inc.

671,656‌

45,787

SunPower

Corp.*^

137,361‌

112,747

Sunrun

,

Inc.*

1,486,005‌

11,409

Vicor

Corp.*

436,280‌

4,872,171‌

Electronic

Equipment,

Instruments

&

Components

(3.9%):

19,520

Advanced

Energy

Industries,

Inc.

1,990,650‌

49,440

Arlo

Technologies,

Inc.*

625,416‌

15,210

Badger

Meter,

Inc.

2,461,130‌

17,788

Benchmark

Electronics,

Inc.

533,818‌

14,944

CTS

Corp.

699,230‌

14,075

ePlus

,

Inc.*

1,105,451‌

18,871

Fabrinet

*

3,566,996‌

14,734

Insight

Enterprises,

Inc.*

2,733,452‌

23,852

Itron

,

Inc.*

2,206,787‌

43,435

Knowles

Corp.*

699,304‌

17,857

Methode

Electronics,

Inc.

217,498‌

7,921

OSI

Systems,

Inc.*

1,131,277‌

5,243

PC

Connection,

Inc.

345,671‌

14,048

Plexus

Corp.*

1,332,031‌

8,563

Rogers

Corp.*

1,016,342‌

29,286

Sanmina

Corp.*

1,821,004‌

12,832

ScanSource

,

Inc.*

565,121‌

51,348

TTM

Technologies,

Inc.*

803,596‌

23,854,774‌

Energy

Equipment

&

Services

(1.9%):

72,255

Archrock

,

Inc.

1,421,256‌

11,289

Bristow

Group,

Inc.*

307,061‌

24,058

Core

Laboratories,

Inc.

410,910‌

16,800

Dril

-Quip,

Inc.*

378,504‌

72,415

Helix

Energy

Solutions

Group,

Inc.*

784,978‌

52,878

Helmerich

&

Payne,

Inc.

2,224,049‌

80,158

Liberty

Energy,

Inc.

1,660,874‌

4,584

Nabors

Industries,

Ltd.*

394,820‌

52,480

Oceaneering

International,

Inc.*

1,228,032‌

171,721

Patterson-UTI

Energy,

Inc.

2,050,349‌

41,088

ProPetro

Holding

Corp.*

331,991‌

41,049

RPC,

Inc.

317,719‌

40,998

US

Silica

Holdings,

Inc.*

508,785‌

12,019,328‌

Entertainment

(0.5%):

55,046

Cinemark

Holdings,

Inc.*

989,177‌

Shares

Value

Common

Stocks,

continued

Entertainment,

continued

8,764

Madison

Square

Garden

Sports

Corp.*

$

1,617,133‌

11,706

Marcus

Corp.

(The)

166,927‌

2,773,237‌

Financial

Services

(1.7%):

35,308

EVERTEC,

Inc.

1,408,789‌

13,961

Jackson

Financial,

Inc.,

Class

A

923,381‌

35,253

Mr

Cooper

Group,

Inc.*

2,747,971‌

36,884

NCR

Atleos

Corp.*

728,459‌

46,388

NMI

Holdings,

Inc.,

Class

A*

1,500,188‌

127,667

Payoneer

Global,

Inc.*

620,462‌

24,877

Radian

Group,

Inc.

832,633‌

18,347

Walker

&

Dunlop,

Inc.

1,854,148‌

10,616,031‌

Food

Products

(1.3%):

40,895

B&G

Foods,

Inc.

467,839‌

9,302

Calavo

Growers,

Inc.

258,689‌

20,898

Cal-Maine

Foods,

Inc.

1,229,847‌

17,576

Fresh

Del

Monte

Produce,

Inc.

455,394‌

45,683

Hain

Celestial

Group,

Inc.

(The)*

359,068‌

8,008

J

&

J

Snack

Foods

Corp.

1,157,637‌

4,265

John

B

Sanfilippo

&

Son,

Inc.

451,749‌

47,637

Simply

Good

Foods

Co.

(The)*

1,621,087‌

8,227

Tootsie

Roll

Industries,

Inc.

263,498‌

25,723

TreeHouse

Foods,

Inc.*

1,001,911‌

33,833

WK

Kellogg

Co.

636,060‌

7,902,779‌

Gas

Utilities

(0.3%):

11,208

Chesapeake

Utilities

Corp.

1,202,618‌

18,753

Northwest

Natural

Holding

Co.

697,987‌

1,900,605‌

Ground

Transportation

(0.6%):

12,402

ArcBest

Corp.

1,767,285‌

22,214

Heartland

Express,

Inc.

265,235‌

26,952

Marten

Transport,

Ltd.

498,073‌

60,635

RXO,

Inc.*

1,326,088‌

3,856,681‌

Health

Care

Equipment

&

Supplies

(2.7%):

19,841

Artivion

,

Inc.*

419,836‌

23,681

Avanos

Medical,

Inc.*

471,489‌

16,006

CONMED

Corp.

1,281,760‌

30,382

Embecta

Corp.

403,169‌

25,651

Glaukos

Corp.*

2,418,633‌

10,515

ICU

Medical,

Inc.*

1,128,470‌

26,467

Inari

Medical,

Inc.*

1,269,887‌

17,615

Integer

Holdings

Corp.*

2,055,318‌

9,741

LeMaitre

Vascular,

Inc.

646,413‌

30,552

Merit

Medical

Systems,

Inc.*

2,314,314‌

4,420

OmniAb

Operations,

Inc.

-

Vesting

12.5*(a)(b)

—‌

4,420

OmniAb

Operations,

Inc.

-

Vesting

15*(a)(b)

—‌

23,714

Omnicell

,

Inc.*

693,160‌

37,910

OraSure

Technologies,

Inc.*

233,146‌

25,193

STAAR

Surgical

Co.*

964,388‌

33,943

Tandem

Diabetes

Care,

Inc.*

1,201,922‌

3,575

UFP

Technologies,

Inc.*

901,615‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

205

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

20,330

Varex

Imaging

Corp.*

$

367,973‌

16,771,493‌

Health

Care

Providers

&

Services

(3.3%):

42,216

AdaptHealth

Corp.*

485,906‌

7,784

Addus

HomeCare

Corp.*

804,399‌

18,474

Agiliti

,

Inc.*

186,957‌

19,389

AMN

Healthcare

Services,

Inc.*

1,212,006‌

21,349

Astrana

Health,

Inc.*

896,444‌

4,579

CorVel

Corp.*

1,204,094‌

17,052

Cross

Country

Healthcare,

Inc.*

319,213‌

24,985

Enhabit

,

Inc.*

291,075‌

29,755

Ensign

Group,

Inc.

(The)

3,702,117‌

10,815

Fulgent

Genetics,

Inc.*

234,685‌

6,180

ModivCare

,

Inc.*

144,921‌

6,639

National

HealthCare

Corp.

627,452‌

66,261

NeoGenomics

,

Inc.*

1,041,623‌

39,753

Owens

&

Minor,

Inc.*

1,101,556‌

42,990

Patterson

Cos.,

Inc.

1,188,673‌

41,668

Pediatrix

Medical

Group,

Inc.*

417,930‌

62,787

Premier,

Inc.,

Class

A

1,387,593‌

51,847

Privia

Health

Group,

Inc.*

1,015,683‌

33,724

RadNet

,

Inc.*

1,641,010‌

56,164

Select

Medical

Holdings

Corp.

1,693,345‌

7,309

US

Physical

Therapy,

Inc.

824,967‌

20,421,649‌

Health

Care

REITs

(0.7%):

68,551

CareTrust

REIT,

Inc.

1,670,588‌

12,099

Community

Healthcare

Trust,

Inc.

321,228‌

19,705

LTC

Properties,

Inc.

640,610‌

311,561

Medical

Properties

Trust,

Inc.^

1,464,337‌

6,109

Universal

Health

Realty

Income

Trust

224,261‌

4,321,024‌

Health

Care

Technology

(0.4%):

56,977

Certara

,

Inc.*

1,018,749‌

12,471

HealthStream

,

Inc.

332,477‌

28,734

Schrodinger,

Inc.*

775,818‌

7,681

Simulations

Plus,

Inc.

316,073‌

2,443,117‌

Hotel

&

Resort

REITs

(1.1%):

118,083

Apple

Hospitality

REIT,

Inc.

1,934,199‌

23,302

Chatham

Lodging

Trust

235,583‌

108,228

DiamondRock

Hospitality

Co.

1,040,071‌

60,948

Pebblebrook

Hotel

Trust

939,209‌

88,488

Service

Properties

Trust

599,949‌

49,786

Summit

Hotel

Properties,

Inc.

324,107‌

106,042

Sunstone

Hotel

Investors,

Inc.

1,181,308‌

53,923

Xenia

Hotels

&

Resorts,

Inc.

809,384‌

7,063,810‌

Hotels,

Restaurants

&

Leisure

(2.0%):

12,191

BJ's

Restaurants,

Inc.*

441,070‌

45,669

Bloomin

'

Brands,

Inc.

1,309,787‌

23,228

Brinker

International,

Inc.*

1,153,967‌

24,441

Cheesecake

Factory,

Inc.

(The)

883,542‌

7,617

Chuy's

Holdings,

Inc.*

256,922‌

11,695

Cracker

Barrel

Old

Country

Store,

Inc.

850,577‌

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

16,932

Dave

&

Buster's

Entertainment,

Inc.*

$

1,059,943‌

8,540

Dine

Brands

Global,

Inc.

396,939‌

11,228

Golden

Entertainment,

Inc.

413,527‌

10,358

Jack

in

the

Box,

Inc.

709,316‌

6,339

Monarch

Casino

&

Resort,

Inc.

475,362‌

16,733

Papa

John's

International,

Inc.

1,114,418‌

201,820

Sabre

Corp.*

488,404‌

19,656

Shake

Shack,

Inc.,

Class

A*

2,044,814‌

38,168

Six

Flags

Entertainment

Corp.*

1,004,582‌

12,603,170‌

Household

Durables

(3.6%):

3,839

Cavco

Industries,

Inc.*

1,531,991‌

14,353

Century

Communities,

Inc.

1,385,065‌

11,448

Ethan

Allen

Interiors,

Inc.

395,757‌

12,436

Green

Brick

Partners,

Inc.*

749,020‌

12,407

Installed

Building

Products,

Inc.

3,210,063‌

21,847

La-Z-Boy,

Inc.

821,884‌

10,189

LGI

Homes,

Inc.*

1,185,694‌

14,608

M/I

Homes,

Inc.*

1,990,924‌

31,737

MDC

Holdings,

Inc.

1,996,575‌

19,126

Meritage

Homes

Corp.

3,355,848‌

201,788

Newell

Brands,

Inc.

1,620,358‌

64,180

Sonos

,

Inc.*

1,223,271‌

49,878

Tri

Pointe

Homes,

Inc.*

1,928,283‌

16,043

Worthington

Enterprises,

Inc.

998,356‌

22,393,089‌

Household

Products

(0.7%):

5,781

Central

Garden

&

Pet

Co.*

247,600‌

26,755

Central

Garden

&

Pet

Co.,

Class

A*

987,795‌

34,846

Energizer

Holdings,

Inc.

1,025,866‌

7,077

WD-40

Co.

1,792,675‌

4,053,936‌

Independent

Power

and

Renewable

Electricity

Producers

(0.2%):

24,472

Clearway

Energy,

Inc.,

Class

A

526,392‌

40,535

Clearway

Energy,

Inc.,

Class

C

934,332‌

1,460,724‌

Industrial

REITs

(0.5%):

14,648

Innovative

Industrial

Properties,

Inc.

1,516,654‌

152,415

LXP

Industrial

Trust

1,374,783‌

2,891,437‌

Insurance

(2.8%):

25,976

Ambac

Financial

Group,

Inc.*

406,005‌

34,704

American

Equity

Investment

Life

Holding

Co.*

1,951,059‌

10,887

AMERISAFE,

Inc.

546,201‌

29,597

Assured

Guaranty,

Ltd.

2,582,338‌

15,192

Employers

Holdings,

Inc.

689,565‌

254,573

Genworth

Financial,

Inc.*

1,636,904‌

12,982

Goosehead

Insurance,

Inc.,

Class

A*

864,861‌

3,717

HCI

Group,

Inc.

431,469‌

23,445

Horace

Mann

Educators

Corp.

867,230‌

65,533

Lincoln

National

Corp.

2,092,469‌

14,443

Mercury

General

Corp.

745,259‌

12,937

Palomar

Holdings,

Inc.*

1,084,509‌

27,260

ProAssurance

Corp.

350,563‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

206

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

8,530

Safety

Insurance

Group,

Inc.

$

701,081‌

48,469

SiriusPoint

,

Ltd.*

616,041‌

15,047

Stewart

Information

Services

Corp.

978,958‌

19,844

Trupanion

,

Inc.*

547,893‌

12,045

United

Fire

Group,

Inc.

262,220‌

17,354,625‌

Interactive

Media

&

Services

(0.9%):

44,774

Cargurus

,

Inc.*

1,033,384‌

32,700

Cars.com,

Inc.*

561,786‌

27,412

QuinStreet

,

Inc.*

484,096‌

12,514

Shutterstock

,

Inc.

573,266‌

56,690

TripAdvisor,

Inc.*

1,575,415‌

35,614

Yelp,

Inc.*

1,403,192‌

5,631,139‌

IT

Services

(0.5%):

97,757

DXC

Technology

Co.*

2,073,426‌

18,122

Perficient

,

Inc.*

1,020,087‌

3,093,513‌

Leisure

Products

(0.4%):

8,600

Sturm

Ruger

&

Co.,

Inc.

396,890‌

74,597

Topgolf

Callaway

Brands

Corp.*

1,206,234‌

29,939

Vista

Outdoor,

Inc.*

981,400‌

2,584,524‌

Life

Sciences

Tools

&

Services

(0.5%):

18,620

BioLife

Solutions,

Inc.*

345,401‌

51,931

Cytek

Biosciences,

Inc.*

348,457‌

46,465

Fortrea

Holdings,

Inc.*

1,865,105‌

2,646

Mesa

Laboratories,

Inc.

290,346‌

2,849,309‌

Machinery

(5.0%):

70,536

3D

Systems

Corp.*

313,180‌

5,157

Alamo

Group,

Inc.

1,177,498‌

15,992

Albany

International

Corp.

1,495,412‌

11,624

Astec

Industries,

Inc.

508,085‌

26,103

Barnes

Group,

Inc.

969,727‌

27,221

Enerpac

Tool

Group

Corp.

970,701‌

10,981

Enpro

,

Inc.

1,853,263‌

12,865

ESCO

Technologies,

Inc.

1,377,198‌

32,456

Federal

Signal

Corp.

2,754,541‌

21,682

Franklin

Electric

Co.,

Inc.

2,315,854‌

16,097

Greenbrier

Cos.,

Inc.

(The)

838,654‌

36,747

Hillenbrand,

Inc.

1,848,007‌

16,527

John

Bean

Technologies

Corp.

1,733,517‌

39,960

Kennametal,

Inc.

996,602‌

5,403

Lindsay

Corp.

635,717‌

59,699

Mueller

Industries,

Inc.

3,219,567‌

13,171

Proto

Labs,

Inc.*

470,863‌

24,346

SPX

Technologies,

Inc.*

2,997,723‌

5,918

Standex

International

Corp.

1,078,378‌

9,281

Tennant

Co.

1,128,662‌

26,140

Titan

International,

Inc.*

325,704‌

42,410

Trinity

Industries,

Inc.

1,181,119‌

22,726

Wabash

National

Corp.

680,416‌

30,870,388‌

Shares

Value

Common

Stocks,

continued

Marine

Transportation

(0.3%):

18,602

Matson,

Inc.

$

2,090,865‌

Media

(0.4%):

16,167

AMC

Networks,

Inc.,

Class

A*

196,106‌

29,730

EW

Scripps

Co.

(The),

Class

A*

116,839‌

21,786

John

Wiley

&

Sons,

Inc.,

Class

A

830,700‌

13,236

Scholastic

Corp.

499,129‌

13,835

TechTarget

,

Inc.*

457,662‌

15,856

Thryv

Holdings,

Inc.*

352,479‌

2,452,915‌

Metals

&

Mining

(2.5%):

6,121

Alpha

Metallurgical

Resources,

Inc.

2,027,092‌

9,447

Arch

Resources,

Inc.

1,518,983‌

67,287

ATI,

Inc.*

3,443,076‌

25,950

Carpenter

Technology

Corp.

1,853,349‌

27,172

Century

Aluminum

Co.*

418,177‌

17,384

Compass

Minerals

International,

Inc.

273,624‌

6,051

Haynes

International,

Inc.

363,786‌

8,301

Kaiser

Aluminum

Corp.

741,777‌

10,732

Materion

Corp.

1,413,941‌

19,380

Metallus

,

Inc.*

431,205‌

4,912

Olympic

Steel,

Inc.

348,163‌

41,229

SunCoke

Energy,

Inc.

464,651‌

26,759

Warrior

Met

Coal,

Inc.

1,624,271‌

15,437

Worthington

Steel,

Inc.

553,416‌

15,475,511‌

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.1%):

54,467

Two

Harbors

Investment

Corp.

721,143‌

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(1.6%):

71,062

Apollo

Commercial

Real

Estate

Finance,

Inc.

791,631‌

83,356

Arbor

Realty

Trust,

Inc.

1,104,467‌

25,321

ARMOUR

Residential

REIT,

Inc.

500,596‌

95,772

Blackstone

Mortgage

Trust,

Inc.,

Class

A

1,906,821‌

39,645

Ellington

Financial,

Inc.

468,207‌

42,166

Franklin

BSP

Realty

Trust,

Inc.

563,338‌

57,948

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

1,645,723‌

29,921

KKR

Real

Estate

Finance

Trust,

Inc.

301,005‌

47,993

New

York

Mortgage

Trust,

Inc.

345,550‌

46,504

PennyMac

Mortgage

Investment

Trust

682,679‌

88,141

Ready

Capital

Corp.

804,727‌

72,506

Redwood

Trust,

Inc.

461,863‌

9,576,607‌

Multi-Utilities

(0.3%):

41,132

Avista

Corp.

1,440,442‌

7,422

Unitil

Corp.

388,542‌

1,828,984‌

Office

REITs

(1.1%):

87,031

Brandywine

Realty

Trust

417,749‌

81,602

Douglas

Emmett,

Inc.

1,131,819‌

45,190

Easterly

Government

Properties,

Inc.

520,137‌

55,822

Highwoods

Properties,

Inc.

1,461,420‌

66,171

Hudson

Pacific

Properties,

Inc.

426,803‌

44,060

JBG

SMITH

Properties

707,163‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

207

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Office

REITs,

continued

34,077

SL

Green

Realty

Corp.

$

1,878,665‌

6,543,756‌

Oil,

Gas

&

Consumable

Fuels

(2.9%):

33,866

California

Resources

Corp.

1,866,017‌

48,014

Comstock

Resources,

Inc.

445,570‌

13,668

CONSOL

Energy,

Inc.

1,144,832‌

16,422

CVR

Energy,

Inc.

585,608‌

17,383

Dorian

LPG,

Ltd.

668,550‌

31,232

Green

Plains,

Inc.*

722,084‌

96,677

Magnolia

Oil

&

Gas

Corp.,

Class

A

2,508,768‌

47,798

Northern

Oil

and

Gas,

Inc.

1,896,625‌

28,073

Par

Pacific

Holdings,

Inc.*

1,040,385‌

57,244

Peabody

Energy

Corp.

1,388,739‌

7,402

REX

American

Resources

Corp.*

434,571‌

62,149

SM

Energy

Co.

3,098,128‌

66,618

Talos

Energy,

Inc.*

927,989‌

12,251

Vital

Energy,

Inc.*

643,668‌

30,809

World

Kinect

Corp.

814,898‌

18,186,432‌

Paper

&

Forest

Products

(0.3%):

8,703

Clearwater

Paper

Corp.*

380,582‌

23,318

Mercer

International,

Inc.

232,014‌

18,452

Sylvamo

Corp.

1,139,227‌

1,751,823‌

Passenger

Airlines

(1.1%):

67,847

Alaska

Air

Group,

Inc.*

2,916,742‌

7,415

Allegiant

Travel

Co.

557,682‌

173,333

JetBlue

Airways

Corp.*

1,286,131‌

21,441

SkyWest,

Inc.*

1,481,144‌

19,595

Sun

Country

Airlines

Holdings,

Inc.*

295,689‌

6,537,388‌

Personal

Care

Products

(0.5%):

26,151

Edgewell

Personal

Care

Co.

1,010,475‌

9,501

Inter

Parfums

,

Inc.

1,334,986‌

5,433

Medifast

,

Inc.

208,193‌

26,603

Nu

Skin

Enterprises,

Inc.,

Class

A

367,919‌

5,365

USANA

Health

Sciences,

Inc.*

260,202‌

3,181,775‌

Pharmaceuticals

(1.8%):

19,149

Amphastar

Pharmaceuticals,

Inc.*

840,833‌

7,641

ANI

Pharmaceuticals,

Inc.*

528,222‌

16,476

Collegium

Pharmaceutical,

Inc.*

639,598‌

46,414

Corcept

Therapeutics,

Inc.*

1,169,169‌

16,742

Harmony

Biosciences

Holdings,

Inc.*

562,196‌

28,009

Innoviva

,

Inc.*

426,857‌

8,321

Ligand

Pharmaceuticals,

Inc.*

608,265‌

134,236

Organon

&

Co.

2,523,637‌

23,563

Pacira

BioSciences

,

Inc.*

688,511‌

10,190

Phibro

Animal

Health

Corp.,

Class

A

131,757‌

26,141

Prestige

Consumer

Healthcare,

Inc.*

1,896,791‌

28,291

Supernus

Pharmaceuticals,

Inc.*

965,006‌

10,980,842‌

Professional

Services

(1.1%):

15,452

CSG

Systems

International,

Inc.

796,396‌

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

9,996

Heidrick

&

Struggles

International,

Inc.

$

336,465‌

16,120

Kelly

Services,

Inc.,

Class

A

403,645‌

28,547

Korn

Ferry

1,877,251‌

6,280

NV5

Global,

Inc.*

615,503‌

14,604

Resources

Connection,

Inc.

192,189‌

10,977

TTEC

Holdings,

Inc.

113,831‌

89,119

Verra

Mobility

Corp.*

2,225,301‌

6,560,581‌

Real

Estate

Management

&

Development

(0.6%):

57,636

Anywhere

Real

Estate,

Inc.*

356,191‌

86,101

Cushman

&

Wakefield

plc*

900,616‌

40,490

eXp

World

Holdings,

Inc.

418,262‌

59,656

Kennedy-Wilson

Holdings,

Inc.

511,848‌

12,529

Marcus

&

Millichap,

Inc.

428,116‌

18,453

St.

Joe

Co.

(The)

1,069,720‌

3,684,753‌

Residential

REITs

(0.3%):

7,317

Centerspace

418,093‌

45,277

Elme

Communities

630,256‌

11,504

NexPoint

Residential

Trust,

Inc.

370,314‌

40,522

Veris

Residential,

Inc.

616,340‌

2,035,003‌

Retail

REITs

(1.9%):

53,364

Acadia

Realty

Trust

907,722‌

23,746

Getty

Realty

Corp.

649,453‌

114,724

Macerich

Co.

(The)

1,976,694‌

66,395

Phillips

Edison

&

Co.,

Inc.

2,381,589‌

64,256

Retail

Opportunity

Investments

Corp.

823,762‌

5,848

Saul

Centers,

Inc.

225,089‌

96,974

SITE

Centers

Corp.

1,420,669‌

57,920

Tanger

,

Inc.

1,710,378‌

61,163

Urban

Edge

Properties

1,056,285‌

21,853

Whitestone

REIT

274,255‌

11,425,896‌

Semiconductors

&

Semiconductor

Equipment

(2.8%):

11,905

Alpha

&

Omega

Semiconductor,

Ltd.*

262,386‌

16,911

Axcelis

Technologies,

Inc.*

1,885,915‌

11,943

CEVA,

Inc.*

271,225‌

23,239

Cohu

,

Inc.*

774,556‌

23,660

Diodes,

Inc.*

1,668,030‌

40,467

FormFactor

,

Inc.*

1,846,509‌

15,194

Ichor

Holdings,

Ltd.*

586,792‌

28,612

Kulicke

&

Soffa

Industries,

Inc.

1,439,470‌

38,831

MaxLinear

,

Inc.*

724,975‌

15,541

PDF

Solutions,

Inc.*

523,265‌

32,163

Photronics

,

Inc.*

910,856‌

33,363

Semtech

Corp.*

917,149‌

9,034

SiTime

Corp.*

842,240‌

27,034

SMART

Global

Holdings,

Inc.*

711,535‌

29,557

SolarEdge

Technologies,

Inc.*

2,097,956‌

23,007

Ultra

Clean

Holdings,

Inc.*

1,056,942‌

28,346

Veeco

Instruments,

Inc.*

996,929‌

17,516,730‌

Software

(3.8%):

36,610

A10

Networks,

Inc.

501,191‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

208

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Software,

continued

58,428

ACI

Worldwide,

Inc.*

$

1,940,394‌

56,059

Adeia

,

Inc.

612,164‌

10,511

Agilysys

,

Inc.*

885,657‌

26,596

Alarm.com

Holdings,

Inc.*

1,927,412‌

27,254

BlackLine

,

Inc.*

1,760,063‌

75,793

Box,

Inc.,

Class

A*

2,146,458‌

22,189

Cerence

,

Inc.*

349,477‌

72,950

DoubleVerify

Holdings,

Inc.*

2,564,922‌

14,602

Envestnet

,

Inc.*

845,602‌

13,318

InterDigital

,

Inc.

1,417,834‌

35,140

LiveRamp

Holdings,

Inc.*

1,212,330‌

38,144

N-able,

Inc.*

498,542‌

68,622

NCR

Voyix

Corp.*

866,696‌

23,907

Progress

Software

Corp.

1,274,482‌

64,538

Sprinklr

,

Inc.,

Class

A*

791,881‌

19,722

SPS

Commerce,

Inc.*

3,646,598‌

24,593

Xperi

,

Inc.*

296,592‌

23,538,295‌

Specialized

REITs

(0.6%):

45,057

Four

Corners

Property

Trust,

Inc.

1,102,545‌

75,848

Outfront

Media,

Inc.

1,273,488‌

24,253

Safehold

,

Inc.

499,612‌

124,679

Uniti

Group,

Inc.

735,606‌

3,611,251‌

Specialty

Retail

(5.0%):

26,341

Abercrombie

&

Fitch

Co.*

3,301,318‌

39,037

Academy

Sports

&

Outdoors,

Inc.

2,636,559‌

30,851

Advance

Auto

Parts,

Inc.

2,625,112‌

97,331

American

Eagle

Outfitters,

Inc.

2,510,166‌

10,834

Asbury

Automotive

Group,

Inc.*

2,554,441‌

15,753

Boot

Barn

Holdings,

Inc.*

1,498,898‌

14,086

Buckle,

Inc.

(The)

567,243‌

17,607

Caleres

,

Inc.

722,415‌

22,214

Designer

Brands,

Inc.,

Class

A

242,799‌

42,769

Foot

Locker,

Inc.

1,218,917‌

7,057

Group

1

Automotive,

Inc.

2,062,267‌

14,051

Guess?,

Inc.

442,185‌

5,917

Haverty

Furniture

Cos.,

Inc.

201,888‌

5,964

Hibbett,

Inc.

458,095‌

95,103

Leslie's,

Inc.*

618,170‌

9,957

MarineMax

,

Inc.*

331,170‌

14,876

Monro

,

Inc.

469,189‌

40,713

National

Vision

Holdings,

Inc.*

902,200‌

17,047

ODP

Corp.

(The)*

904,343‌

53,908

Sally

Beauty

Holdings,

Inc.*

669,537‌

9,146

Shoe

Carnival,

Inc.

335,109‌

23,256

Signet

Jewelers,

Ltd.

2,327,228‌

7,598

Sonic

Automotive,

Inc.,

Class

A

432,630‌

22,705

Upbound

Group,

Inc.

799,443‌

29,596

Urban

Outfitters,

Inc.*

1,285,058‌

40,169

Victoria's

Secret

&

Co.*

778,475‌

30,894,855‌

Technology

Hardware,

Storage

&

Peripherals

(0.2%):

21,837

Corsair

Gaming,

Inc.*

269,468‌

Shares

Value

Common

Stocks,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

58,763

Xerox

Holdings

Corp.

$

1,051,858‌

1,321,326‌

Textiles,

Apparel

&

Luxury

Goods

(1.0%):

21,229

G-III

Apparel

Group,

Ltd.*

615,853‌

183,192

Hanesbrands,

Inc.*

1,062,514‌

26,445

Kontoor

Brands,

Inc.

1,593,311‌

7,999

Movado

Group,

Inc.

223,412‌

7,500

Oxford

Industries,

Inc.

843,000‌

36,939

Steven

Madden,

Ltd.

1,561,781‌

41,687

Wolverine

World

Wide,

Inc.

467,311‌

6,367,182‌

Tobacco

(0.2%):

12,899

Universal

Corp.

667,136‌

69,399

Vector

Group,

Ltd.

760,613‌

1,427,749‌

Trading

Companies

&

Distributors

(1.8%):

55,230

Air

Lease

Corp.

2,841,031‌

20,845

Boise

Cascade

Co.

3,196,998‌

54,023

DNOW,

Inc.*

821,150‌

6,191

DXP

Enterprises,

Inc.*

332,642‌

21,382

GMS,

Inc.*

2,081,324‌

32,400

Rush

Enterprises,

Inc.,

Class

A

1,734,048‌

11,007,193‌

Water

Utilities

(0.6%):

18,748

American

States

Water

Co.

1,354,356‌

29,473

California

Water

Service

Group

1,369,905‌

8,699

Middlesex

Water

Co.

456,697‌

14,240

SJW

Group

805,842‌

3,986,800‌

Wireless

Telecommunication

Services

(0.2%):

31,877

Gogo

,

Inc.*

279,880‌

51,015

Telephone

and

Data

Systems,

Inc.

817,260‌

1,097,140‌

Total

Common

Stocks

(Cost

$432,069,662)

613,654,969‌

Affiliated

Investment

Company

(0.2%):

Money

Market

(0.2%):

1,429,073

BlackRock

Liquidity

FedFund

,

Institutional

Class+(c)

(d)

1,429,073‌

Total

Affiliated

Investment

Company

(Cost

$1,429,073)

1,429,073‌

Unaffiliated

Investment

Company

(0.7%):

Money

Markets

(0.7%):

4,024,181

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.19%(d)

4,024,181‌

Total

Unaffiliated

Investment

Company

(Cost

$4,024,181)

4,024,181‌

Total

Investment

Securities

(Cost

$437,522,916)

—

100.2%

619,108,223‌

Net

other

assets

(liabilities)

—

(0.2)%

(1,211,711‌)

Net

Assets

—

100.0%

$

617,896,512‌

REIT—Real

Estate

Investment

Trust

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

209

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of.

March

31,

2024

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$1,378,282.

+

Affiliated

Securities

(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

March

31,

2024.

(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

March

31,

2024.

(d)

The

rate

represents

the

effective

yield

at

March

31,

2024.

Futures

Contracts

At

March

31,

2024,

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

June

Futures

(U.S.

Dollar)

6/21/24

40

$

4,291,800‌

$

153,252‌

$

153,252‌

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

210

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(62.4%):

Aerospace

&

Defense

(1.3%):

5,000

Northrop

Grumman

Corp.

$

2,393,300

129,000

RTX

Corp.

12,581,370

14,974,670

Banks

(0.6%):

39,816

PNC

Financial

Services

Group,

Inc.

(The)

6,434,266

Biotechnology

(1.9%):

57,420

AbbVie,

Inc.

10,456,182

8,700

Argenx

SE,

ADR*

3,425,364

33,654

Biogen,

Inc.*

7,256,812

21,138,358

Broadline

Retail

(2.4%):

146,534

Amazon.com,

Inc.*

26,431,803

Capital

Markets

(2.8%):

14,700

Goldman

Sachs

Group,

Inc.

(The)

6,140,043

93,797

Intercontinental

Exchange,

Inc.

12,890,522

66,357

KKR

&

Co.,

Inc.

6,674,187

63,200

Morgan

Stanley

5,950,912

31,655,664

Chemicals

(0.9%):

21,190

Linde

plc

9,838,941

Commercial

Services

&

Supplies

(3.6%):

12,711

Republic

Services,

Inc.

2,433,394

177,756

Veralto

Corp.

15,759,847

129,716

Waste

Connections,

Inc.,

ADR

22,312,449

40,505,690

Construction

Materials

(0.6%):

11,100

Martin

Marietta

Materials,

Inc.

6,814,734

Electric

Utilities

(1.1%):

322,567

Exelon

Corp.

12,118,842

Electrical

Equipment

(0.5%):

27,903

AMETEK,

Inc.

5,103,459

Electronic

Equipment,

Instruments

&

Components

(1.1%):

28,119

Teledyne

Technologies,

Inc.*

12,072,049

Financial

Services

(2.1%):

26,758

Mastercard,

Inc.,

Class

A

12,885,850

39,978

Visa,

Inc.,

Class

A

11,157,060

24,042,910

Health

Care

Equipment

&

Supplies

(3.2%):

90,109

Becton

Dickinson

&

Co.

22,297,472

98,465

GE

HealthCare

Technologies,

Inc.

8,951,453

21,859

Teleflex,

Inc.

4,943,850

36,192,775

Health

Care

Providers

&

Services

(2.7%):

8,100

Humana,

Inc.

2,808,432

54,446

UnitedHealth

Group,

Inc.

26,934,436

29,742,868

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure

(2.0%):

29,203

Hilton

Worldwide

Holdings,

Inc.

$

6,229,292

12,800

McDonald's

Corp.

3,608,960

87,151

Yum!

Brands,

Inc.

12,083,486

21,921,738

Insurance

(1.1%):

7,800

Arthur

J.

Gallagher

&

Co.

1,950,312

49,299

Marsh

&

McLennan

Cos.,

Inc.

10,154,608

12,104,920

Interactive

Media

&

Services

(4.0%):

207,689

Alphabet,

Inc.,

Class

A*

31,346,501

28,419

Meta

Platforms,

Inc.,

Class

A

13,799,698

45,146,199

Life

Sciences

Tools

&

Services

(4.0%):

121,101

Avantor,

Inc.*

3,096,553

59,113

Danaher

Corp.

14,761,698

202,934

Revvity,

Inc.

21,308,070

10,204

Thermo

Fisher

Scientific,

Inc.

5,930,667

45,096,988

Machinery

(3.0%):

304,280

Fortive

Corp.

26,174,165

80,601

Ingersoll

Rand,

Inc.

7,653,065

33,827,230

Multi-Utilities

(3.5%):

148,719

Ameren

Corp.

10,999,257

397,341

CenterPoint

Energy,

Inc.

11,320,245

36,887

CMS

Energy

Corp.

2,225,762

71,752

DTE

Energy

Co.

8,046,269

144,221

NiSource,

Inc.

3,989,153

27,256

WEC

Energy

Group,

Inc.

2,238,263

38,818,949

Oil,

Gas

&

Consumable

Fuels

(2.9%):

298,760

Canadian

Natural

Resources,

Ltd.

22,801,363

105,700

Chesapeake

Energy

Corp.

9,389,331

32,190,694

Pharmaceuticals

(0.9%):

13,100

Eli

Lilly

&

Co.

10,191,276

Professional

Services

(0.0%

†

):

1,734

Equifax,

Inc.

463,880

Semiconductors

&

Semiconductor

Equipment

(3.4%):

16,200

Advanced

Micro

Devices,

Inc.*

2,923,938

6,016

KLA

Corp.

4,202,597

5,916

Lam

Research

Corp.

5,747,808

23,224

NVIDIA

Corp.

20,984,278

18,261

NXP

Semiconductors

NV

4,524,528

38,383,149

Software

(10.5%):

1,602,524

Aurora

Innovation,

Inc.*

4,519,118

21,841

Intuit,

Inc.

14,196,650

132,803

Microsoft

Corp.

55,872,878

62,617

PTC,

Inc.*

11,830,856

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

211

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Software,

continued

30,887

Roper

Technologies,

Inc.

$

17,322,665

47,302

Salesforce,

Inc.

14,246,416

117,988,583

Specialized

REITs

(0.3%):

14,293

SBA

Communications

Corp.

3,097,293

Technology

Hardware,

Storage

&

Peripherals

(1.5%):

97,740

Apple,

Inc.

16,760,455

Water

Utilities

(0.5%):

153,811

Essential

Utilities,

Inc.

5,698,697

Total

Common

Stocks

(Cost

$530,317,055)

698,757,079

Preferred

Stocks

(0.2%):

Capital

Markets

(0.0%

†

):

1,520

Charles

Schwab

Corp.

(The),

Series

D,

5.95%,

11/14/19

38,395

Electric

Utilities

(0.0%

†

):

29,746

SCE

Trust

IV,

Series

J,

5.38%,

12/31/49

699,329

Multi-Utilities

(0.2%):

48,165

CMS

Energy

Corp.,

5.88%,

10/15/78

1,166,074

27,845

CMS

Energy

Corp.,

5.88%,

3/1/79

689,721

1,855,795

Total

Preferred

Stocks

(Cost

$2,681,900)

2,593,519

Principal

Amount

Asset

Backed

Securities

(0.1%):

$

809,340

Domino's

Pizza

Master

Issuer

LLC,

Class

A23,

Series

2017-1A,

4.12%,

7/25/47,

Callable

7/25/24

@

100(a)

775,951

619,200

Domino's

Pizza

Master

Issuer

LLC,

Class

A2,

Series

2019-1A,

3.67%,

10/25/49,

Callable

10/25/26

@

100(a)

569,877

Total

Asset

Backed

Securities

(Cost

$1,420,193)

1,345,828

Bank

Loans

(10.4%):

Aerospace

&

Defense

(0.1%):

162,700

TransDigm,

Inc.,

5.32%

(Term

SOFR+0bps ),

8/24/28,

Callable

0

@

101

163,209

1,105,510

TransDigm,

Inc.

Term

Loan

I

1

Loan

Bankdebt,

5.32%

(Term

SOFR+0bps ),

3/15/30

1,107,357

1,270,566

Airlines

(0.2%):

2,338,190

SkyMiles

IP

Ltd.

(Delta

Air

Lines,

Inc.)

Initial

Term

Loan,

9.07%

(Term

SOFR+375bps ),

10/20/27

2,409,318

Building

Products

(0.7%):

2,308,325

Filtration

Group

Corporation

2021

Incremental

Term

Loan,

8.82%

(Term

SOFR+350bps ),

10/21/28

2,311,788

3,724,207

Filtration

Group

Corporation

2023

Extended

Dollar

Term

Loan,

9.57%

(Term

SOFR+425bps ),

10/21/28

3,733,517

2,008,374

Filtration

Group

Corporation

2023

Extended

Euro

Term

Loan,

9.69%

(EURIBOR

RFR+425bps ),

10/21/28

2,162,429

8,207,734

Principal

Amount

Value

Bank

Loans,

continued

Capital

Markets

(0.0%

†

):

$

334,631

Severin

Acquisition

LLC

Initial

Term

Loan

(First

Lien),

5.34%

(SOFR+0bps ),

8/1/27

$

334,979

Chemicals

(0.8%):

5,200,199

USI,

Inc.

2023

Second

Funding

New

Term

Loan,

8.59%

(SOFR+325bps ),

9/27/30

5,201,811

3,846,831

USI,

Inc.

2023-B

Term

Loan,

8.32%

(Term

SOFR+300bps ),

11/22/29

3,846,292

9,048,103

Diversified

Consumer

Services

(0.4%):

3,288,515

Loire

UK

Midco

3

Limited

Facility

B,

8.82%

(Term

SOFR+350bps ),

4/21/27

3,206,302

650,735

Loire

UK

Midco

3

Limited

Facility

B2,

9.07%

(Term

SOFR+375bps ),

4/21/27

634,467

3,840,769

Electrical

Equipment

(0.0%

†

):

265,355

Quartz

AcquireCo,

LLC

Term

Loan,

8.82%

(Term

SOFR+350bps ),

6/28/30

265,687

Financial

Services

(0.9%):

122,000

AmWINS

Group,

Inc.

Term

Loan,

7.57%

(Term

SOFR+225bps ),

2/19/28

121,979

1,534,810

Azalea

TopCo,

Inc.

2021

Term

Loan

(First

Lien),

9.07%

(Term

SOFR+375bps ),

7/24/26

1,522,347

830,084

Azalea

TopCo,

Inc.

2022

Incremental

Term

Loan

(First

Lien),

9.07%

(Term

SOFR+375bps ),

7/24/26

824,896

3,732,573

Azalea

TopCo,

Inc.

Initial

Term

Loan

(First

Lien),

8.82%

(Term

SOFR+350bps ),

7/24/26

3,708,461

2,115,792

SBA

Senior

Finance

II

LLC

Initial

Term

Loan

(2024),

7.34%

(SOFR+200bps ),

1/25/31

2,119,092

1,457,120

Trans

Union

LLC

2019

Replacement

Term

B-5

Loan,

7.07%

(Term

SOFR+175bps ),

11/16/26

1,455,634

128,066

Trans

Union

LLC

2024

Replacement

Term

B-7

Loan,

7.32%

(Term

SOFR+200bps ),

12/1/28

127,938

9,880,347

Health

Care

Providers

&

Services

(0.6%):

337,818

ADMI

Corp.

Amendment

No.

10

Extended

Term

Loan,

11.07%

(Term

SOFR+575bps ),

12/23/27

337,818

1,263,621

ADMI

Corp.

Amendment

No.

4

Refinancing

Term

Loan,

8.70%

(Term

SOFR+337.5bps ),

12/23/27

1,216,235

2,677,617

ADMI

Corp.

Amendment

No.

5

Incremental

Term

Loan,

9.07%

(Term

SOFR+375bps ),

12/23/27

2,582,775

2,880,716

Heartland

Dental,

LLC

2023

New

Term

Loan,

10.32%

(Term

SOFR+500bps ),

4/28/28

2,883,251

7,020,079

Hotels,

Restaurants

&

Leisure

(0.8%):

1,486,203

1011778

B.C.

Unlimited

Liability

Company

Term

B-5

Loan,

7.57%

(Term

SOFR+225bps ),

9/20/30

1,484,717

3,315,952

Hilton

Worldwide,

Series

B-3

Term

Loan,

5.34%

(SOFR+0bps ),

6/21/28

3,320,860

4,078,976

IRB

Holding

Corp.

2024

Replacement

Term

B

Loan,

8.07%

(Term

SOFR+275bps ),

12/15/27

4,078,079

8,883,656

Insurance

(2.8%):

5,588,509

Alliant

Holdings

Intermediate

LLC

TLB-6

New

Term

Loan,

8.82%

(Term

SOFR+350bps ),

11/6/30

5,609,466

360,616

AssuredPartners,

Inc.

2020

February

Refinancing

Term

Loan,

8.82%

(Term

SOFR+350bps ),

2/12/27

360,843

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

212

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Bank

Loans,

continued

Insurance,

continued

$

200,235

AssuredPartners,

Inc.

2021

Term

Loan,

8.82%

(Term

SOFR+350bps ),

2/12/27

$

200,385

751,492

AssuredPartners,

Inc.

2022

Term

Loan,

8.82%

(Term

SOFR+350bps ),

2/12/27

751,966

1,967,177

AssuredPartners,

Inc.

2023

Term

Loan,

9.09%

(SOFR+375bps ),

2/12/27

1,968,003

1,248,584

AssuredPartners,

Inc.

2024

Term

Loan,

8.82%

(Term

SOFR+350bps ),

2/14/31

1,249,758

1,278,916

BroadStreet

Partners,

Inc.

2020

Initial

Term

Loan,

8.32%

(Term

SOFR+300bps ),

1/27/27

1,281,819

2,216,405

BroadStreet

Partners,

Inc.

2023

Term

B

Loan,

9.09%

(SOFR+375bps ),

1/27/29

2,220,837

16,343,040

HUB

International,

Limited

2024

Incremental

Term

Loan,

5.34%

(SOFR+0bps ),

6/20/30

16,345,982

1,108,974

Ryan

Specialty

Group,

LLC

Initial

Term

Loan,

8.07%

(Term

SOFR+275bps ),

9/1/27

1,109,528

31,098,587

Life

Sciences

Tools

&

Services

(0.0%

†

):

155,526

Avantor

Funding,

Inc.

2021

Incremental

B-5

Dollar

Term

Loan,

7.57%

(Term

SOFR+225bps ),

11/8/27

155,596

Media

(0.1%):

1,086,131

Charter

Communications

Operating,

LLC

Term

B-2

Loan,

7.07%

(Term

SOFR+175bps ),

2/1/27

1,085,859

Oil,

Gas

&

Consumable

Fuels

(0.0%

†

):

244,957

Medline

Borrower,

LP

Term

Loan

B

1L,

5.44%

(LIBOR+0bps ),

10/23/28

245,466

Software

(2.5%):

9,278,331

Applied

Systems,

Inc.

Initial

Term

Loan

(2024)

(First

Lien),

8.82%

(Term

SOFR+350bps ),

2/24/31

9,329,734

1,311,146

Applied

Systems,

Inc.

Initial

Term

Loan

(2024)

(Second

Lien),

10.57%

(Term

SOFR+525bps ),

2/23/32

1,355,397

3,556,648

Athenahealth

Group,

Inc.

Initial

Term

Loan,

8.57%

(Term

SOFR+325bps ),

2/15/29

3,518,308

739,569

Epicor

Software

Corporation

(fka

Eagle

Parent

Inc.)

Term

C

Loan,

8.57%

(Term

SOFR+325bps ),

7/30/27

741,692

136,070

Epicor

Software

Corporation

(fka

Eagle

Parent

Inc.)

Term

D

Loan,

9.07%

(Term

SOFR+375bps ),

7/30/27

136,654

200,000

RealPage,

Inc.

Initial

Loan

(Second

Lien),

11.82%

(Term

SOFR+650bps ),

4/23/29

197,834

1,472,711

RealPage,

Inc.

Initial

Term

Loan

(First

Lien),

8.32%

(Term

SOFR+300bps ),

4/24/28

1,431,799

3,203,572

Sophia,

LP

Term

B-1

Loan

(First

Lien),

8.82%

(Term

SOFR+350bps ),

10/9/29

3,215,585

7,348,640

UKG,

Inc.

2024

Refinancing

Term

Loan

(First

Lien),

5.34%

(SOFR+0bps ),

2/10/31

7,383,546

27,310,549

Software

&

Tech

Services

(0.1%):

1,084,718

Storable,

Inc.

Initial

Term

Loan

(First

Lien),

8.82%

(Term

SOFR+350bps ),

4/17/28

1,085,174

Principal

Amount

Value

Bank

Loans,

continued

Sovereign

Bond

(0.4%):

$

4,247,150

Mileage

Plus

Holdings

LLC

(Mileage

Plus

Intellectual

Property

Assets,

Ltd.)

Initial

Term

Loan,

10.57%

(Term

SOFR+525bps ),

6/21/27

$

4,368,279

Total

Bank

Loans

(Cost

$115,972,141)

116,510,748

Corporate

Bonds

(10.4%):

Aerospace

&

Defense

(0.7%):

376,000

Howmet

Aerospace,

Inc.,

5.90%,

2/1/27

380,700

758,000

Howmet

Aerospace,

Inc.,

3.00%,

1/15/29,

Callable

11/15/28

@

100^

682,200

1,294,000

TransDigm,

Inc.,

5.50%,

11/15/27,

Callable

5/6/24

@

101.38

1,261,650

2,931,000

TransDigm,

Inc.,

6.38%,

3/1/29,

Callable

3/1/26

@

103.19(a)

2,931,000

627,000

TransDigm,

Inc.,

7.13%,

12/1/31,

Callable

12/1/26

@

103.56(a)

646,594

2,308,000

TransDigm,

Inc.,

6.63%,

3/1/32,

Callable

3/1/27

@

103.31(a)

2,328,195

8,230,339

Automobile

Components

(0.1%):

643,000

Clarios

Global

LP/Clarios

US

Finance

Co.,

6.25%,

5/15/26,

Callable

5/6/24

@

101.56(a)

640,589

818,000

Clarios

Global

LP/Clarios

US

Finance

Co.,

8.50%,

5/15/27,

Callable

5/6/24

@

102.13(a)

819,022

1,459,611

Biotechnology

(0.1%):

1,274,000

Biogen,

Inc.,

3.15%,

5/1/50,

Callable

11/1/49

@

100

852,813

Capital

Markets

(0.4%):

152,000

Intercontinental

Exchange,

Inc.,

4.00%,

9/15/27,

Callable

8/15/27

@

100

147,348

1,456,000

MSCI,

Inc.,

4.00%,

11/15/29,

Callable

11/15/24

@

102(a)

1,344,980

737,000

MSCI,

Inc.,

3.63%,

9/1/30,

Callable

3/1/25

@

101.81(a)

654,088

1,010,000

MSCI,

Inc.,

3.88%,

2/15/31,

Callable

6/1/25

@

101.94(a)

898,900

969,000

MSCI,

Inc.,

3.63%,

11/1/31,

Callable

11/1/26

@

101.81(a)

839,396

676,000

MSCI,

Inc.,

3.25%,

8/15/33,

Callable

8/15/27

@

101.63(a)

556,010

4,440,722

Containers

&

Packaging

(0.1%):

625,000

Ball

Corp.,

6.00%,

6/15/29,

Callable

5/15/26

@

103

630,469

Distributors

(0.2%):

2,543,000

USI,

Inc.,

7.50%,

1/15/32,

Callable

1/15/27

@

103.75(a)

2,546,179

Diversified

Consumer

Services

(0.1%):

103,000

Service

Corp.

International,

4.63%,

12/15/27,

Callable

5/6/24

@

101.54

99,266

605,000

Service

Corp.

International,

3.38%,

8/15/30,

Callable

8/15/25

@

101.69

521,813

621,079

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

213

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities

(0.7%):

$

385,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

4.25%,

10/15/27,

Callable

5/6/24

@

102.13(a)

$

361,900

1,819,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

6.75%,

10/15/27,

Callable

5/6/24

@

101.69(a)

1,784,894

2,262,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

6.75%,

4/15/28,

Callable

4/15/25

@

103.38(a)

2,270,482

626,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

5.88%,

11/1/29,

Callable

11/1/24

@

102.94(a)

580,615

3,187,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

7.00%,

1/15/31,

Callable

1/15/27

@

103.5(a)

3,214,886

8,212,777

Entertainment

(0.0%

†

):

100,000

Live

Nation

Entertainment,

Inc.,

4.88%,

11/1/24,

Callable

5/6/24

@

100(a)

99,125

Financial

Services

(1.1%):

876,000

HUB

International,

Ltd.,

5.63%,

12/1/29,

Callable

12/1/24

@

102.81(a)

820,155

10,849,000

HUB

International,

Ltd.,

7.25%,

6/15/30,

Callable

6/15/26

@

103.63(a)

11,120,225

11,940,380

Health

Care

Equipment

&

Supplies

(0.5%):

3,320,000

Avantor

Funding,

Inc.,

4.63%,

7/15/28,

Callable

5/6/24

@

102.31(a)

3,145,700

871,000

Avantor

Funding,

Inc.,

3.88%,

11/1/29,

Callable

11/1/24

@

101.94^(a)

782,811

396,000

Becton,

Dickinson

&

Co.,

3.70%,

6/6/27,

Callable

3/6/27

@

100

380,225

287,000

GE

HealthCare

Technologies,

Inc.,

5.65%,

11/15/27,

Callable

10/15/27

@

100

292,338

574,000

Hologic,

Inc.,

3.25%,

2/15/29,

Callable

5/6/24

@

101.63(a)

513,730

854,000

Teleflex,

Inc.,

4.63%,

11/15/27,

Callable

4/22/24

@

101.54^

818,773

130,000

Teleflex,

Inc.,

4.25%,

6/1/28,

Callable

5/6/24

@

102.13(a)

121,712

6,055,289

Health

Care

Providers

&

Services

(0.5%):

852,000

Heartland

Dental

LLC/Heartland

Dental

Finance

Corp.,

8.50%,

5/1/26,

Callable

5/6/24

@

100^(a)

843,480

1,068,000

Heartland

Dental

LLC/Heartland

Dental

Finance

Corp.,

10.50%,

4/30/28,

Callable

5/15/25

@

105.25(a)

1,132,080

552,000

IQVIA,

Inc.,

5.00%,

5/15/27,

Callable

5/6/24

@

101.25(a)

538,890

852,000

IQVIA,

Inc.,

5.70%,

5/15/28,

Callable

4/15/28

@

100

864,354

355,000

IQVIA,

Inc.,

6.50%,

5/15/30,

Callable

5/15/26

@

103.25(a)

362,100

367,000

Medline

Borrower

LP/Medline

Co-Issuer,

Inc.,

6.25%,

4/1/29,

Callable

4/1/26

@

103.13(a)

368,835

714,000

Surgery

Center

Holdings,

Inc.,

10.00%,

4/15/27,

Callable

4/25/24

@

100(a)

714,892

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

428,000

Surgery

Center

Holdings,

Inc.,

7.25%,

4/15/32,

Callable

4/15/27

@

103.63(a)

$

431,745

5,256,376

Health

Care

Technology

(0.0%

†

):

306,000

Clarivate

Science

Holdings

Corp.,

3.88%,

7/1/28,

Callable

6/30/24

@

101.94(a)

282,285

220,000

Clarivate

Science

Holdings

Corp.,

4.88%,

7/1/29,

Callable

6/30/24

@

102.44(a)

203,500

485,785

Hotels,

Restaurants

&

Leisure

(2.5%):

1,438,000

Cedar

Fair

LP,

5.25%,

7/15/29,

Callable

7/15/24

@

102.63

1,358,910

1,301,000

Cedar

Fair

LP/Canada's

Wonderland

Co./Magnum

Management

Corp./Millennium

Op,

5.50%,

5/1/25,

Callable

5/6/24

@

100(a)

1,294,495

2,088,000

Cedar

Fair

LP/Canada's

Wonderland

Co./Magnum

Management

Corp./Millennium

Op,

5.38%,

4/15/27,

Callable

5/6/24

@

100.9

2,051,460

1,084,000

Cedar

Fair

LP/Canada's

Wonderland

Co./Magnum

Management

Corp./Millennium

Op,

6.50%,

10/1/28,

Callable

4/22/24

@

103.25^

1,086,710

564,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.38%,

5/1/25,

Callable

4/15/24

@

101.34(a)

561,180

1,316,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.75%,

5/1/28,

Callable

5/6/24

@

101.44(a)

1,312,710

734,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.88%,

4/1/29,

Callable

4/1/26

@

102.94(a)

734,000

1,334,000

Hilton

Domestic

Operating

Co.,

Inc.,

3.75%,

5/1/29,

Callable

5/6/24

@

101.88^(a)

1,220,610

1,037,000

Hilton

Domestic

Operating

Co.,

Inc.,

4.88%,

1/15/30,

Callable

1/15/25

@

102.44

991,631

1,695,000

Hilton

Domestic

Operating

Co.,

Inc.,

4.00%,

5/1/31,

Callable

5/1/26

@

102(a)

1,514,906

1,509,000

Hilton

Domestic

Operating

Co.,

Inc.,

3.63%,

2/15/32,

Callable

8/15/26

@

101.81(a)

1,295,854

413,000

Hilton

Worldwide

Finance

LLC/Hilton

Worldwide

Finance

Corp.,

4.88%,

4/1/27,

Callable

4/22/24

@

100.61^

405,256

1,883,000

KFC

Holding

Co./Pizza

Hut

Holdings

LLC/Taco

Bell

of

America

LLC,

4.75%,

6/1/27,

Callable

5/6/24

@

101.58(a)

1,826,510

1,273,000

Life

Time,

Inc.,

5.75%,

1/15/26,

Callable

5/6/24

@

101.44(a)

1,263,453

80,000

Marriott

International,

Inc.,

Series

R,

3.13%,

6/15/26,

Callable

3/15/26

@

100

76,396

1,443,000

Six

Flags

Entertainment

Corp.,

5.50%,

4/15/27,

Callable

5/6/24

@

100.92(a)

1,406,925

737,000

Six

Flags

Theme

Parks,

Inc.,

7.00%,

7/1/25,

Callable

5/6/24

@

101.75(a)

737,921

383,000

Vail

Resorts,

Inc.,

6.25%,

5/15/25,

Callable

5/6/24

@

101.56(a)

383,000

1,021,000

Yum!

Brands,

Inc.,

4.75%,

1/15/30,

Callable

10/15/29

@

100(a)

964,845

1,205,000

Yum!

Brands,

Inc.,

3.63%,

3/15/31,

Callable

12/15/30

@

100

1,066,425

2,387,000

Yum!

Brands,

Inc.,

4.63%,

1/31/32,

Callable

10/1/26

@

102.31

2,202,008

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

214

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Hotels,

Restaurants

&

Leisure,

continued

$

2,468,000

Yum!

Brands,

Inc.,

5.38%,

4/1/32,

Callable

4/1/27

@

102.69

$

2,390,875

687,000

Yum!

Brands,

Inc.,

6.88%,

11/15/37

745,395

1,677,000

Yum!

Brands,

Inc.,

5.35%,

11/1/43,

Callable

5/1/43

@

100^

1,595,246

28,486,721

Insurance

(0.8%):

510,000

AmWINS

Group,

Inc.,

4.88%,

6/30/29,

Callable

6/30/24

@

102.44(a)

473,025

313,000

AssuredPartners,

Inc.,

7.50%,

2/15/32,

Callable

2/15/27

@

103.75(a)

307,523

1,215,000

BroadStreet

Partners,

Inc.,

5.88%,

4/15/29,

Callable

5/6/24

@

102.94(a)

1,122,356

6,300,000

HUB

International,

Ltd.,

7.38%,

1/31/32,

Callable

1/31/27

@

103.69(a)

6,323,625

293,000

Ryan

Specialty

LLC,

4.38%,

2/1/30,

Callable

2/1/25

@

102.19(a)

271,391

8,497,920

IT

Services

(0.1%):

474,000

Gartner,

Inc.,

4.50%,

7/1/28,

Callable

5/6/24

@

102.25(a)

450,300

889,000

Gartner,

Inc.,

3.63%,

6/15/29,

Callable

6/15/24

@

101.81(a)

802,323

341,000

Gartner,

Inc.,

3.75%,

10/1/30,

Callable

10/1/25

@

101.88(a)

303,916

1,556,539

Life

Sciences

Tools

&

Services

(0.2%):

541,000

Charles

River

Laboratories

International,

Inc.,

4.25%,

5/1/28,

Callable

4/22/24

@

102.13^(a)

507,187

491,000

Charles

River

Laboratories

International,

Inc.,

3.75%,

3/15/29,

Callable

5/6/24

@

101.88(a)

446,810

814,000

Charles

River

Laboratories

International,

Inc.,

4.00%,

3/15/31,

Callable

3/15/26

@

102(a)

724,460

211,000

PRA

Health

Sciences,

Inc.,

2.88%,

7/15/26,

Callable

5/6/24

@

101.44(a)

196,230

1,874,687

Media

(1.1%):

439,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

5.50%,

5/1/26,

Callable

5/6/24

@

100(a)

431,318

5,502,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

5.13%,

5/1/27,

Callable

5/6/24

@

100.85(a)

5,233,777

5,613,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

5.00%,

2/1/28,

Callable

4/22/24

@

101.67(a)

5,206,057

754,000

Lamar

Media

Corp.,

3.75%,

2/15/28,

Callable

4/22/24

@

100.94^

704,048

124,000

Lamar

Media

Corp.,

4.88%,

1/15/29,

Callable

5/6/24

@

102.44^

119,195

120,000

Lamar

Media

Corp.,

3.63%,

1/15/31,

Callable

1/15/26

@

101.81^

105,150

11,799,545

Metals

&

Mining

(0.1%):

1,223,000

Panther

Escrow

Issuer

LLC,

7.13%,

6/1/31,

Callable

6/1/27

@

103.56(a)

1,242,874

Oil,

Gas

&

Consumable

Fuels

(0.0%

†

):

94,000

Pioneer

Natural

Resources

Co.,

1.13%,

1/15/26,

Callable

12/15/25

@

100

87,513

194,000

Pioneer

Natural

Resources

Co.,

5.10%,

3/29/26

193,751

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

237,000

Pioneer

Natural

Resources

Co.,

2.15%,

1/15/31,

Callable

10/15/30

@

100

$

199,341

480,605

Passenger

Airlines

(0.3%):

1,662,274

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.,

4.75%,

10/20/28(a)

1,624,726

1,413,155

Mileage

Plus

Holdings

LLC/Mileage

Plus

Intellectual

Property

Assets,

Ltd.,

6.50%,

6/20/27,

Callable

5/6/24

@

103.25(a)

1,418,455

3,043,181

Professional

Services

(0.1%):

845,000

Korn

Ferry,

4.63%,

12/15/27,

Callable

5/6/24

@

101.16(a)

802,750

Real

Estate

Management

&

Development

(0.1%):

272,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

5.75%,

2/1/27,

Callable

11/1/26

@

100(a)

270,980

235,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

3.75%,

2/15/27,

Callable

5/6/24

@

100.94(a)

222,075

283,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

4.13%,

8/15/30,

Callable

2/15/25

@

102.06(a)

257,176

750,231

Software

(0.2%):

228,000

Black

Knight

InfoServ

LLC,

3.63%,

9/1/28,

Callable

4/15/24

@

101.81(a)

215,460

675,000

Booz

Allen

Hamilton,

Inc.,

3.88%,

9/1/28,

Callable

5/6/24

@

101.94(a)

631,969

476,000

Booz

Allen

Hamilton,

Inc.,

4.00%,

7/1/29,

Callable

7/1/24

@

102(a)

443,275

345,000

Booz

Allen

Hamilton,

Inc.,

5.95%,

8/4/33,

Callable

5/4/33

@

100

357,075

60,000

Crowdstrike

Holdings,

Inc.,

3.00%,

2/15/29,

Callable

4/15/24

@

101.5

53,100

428,000

PTC,

Inc.,

4.00%,

2/15/28,

Callable

5/6/24

@

101.33(a)

399,110

618,000

UKG,

Inc.,

6.88%,

2/1/31,

Callable

2/1/27

@

103.44^(a)

627,270

2,727,259

Specialized

REITs

(0.3%):

113,000

American

Tower

Corp.,

1.50%,

1/31/28,

Callable

11/30/27

@

100

98,430

1,792,000

SBA

Communications

Corp.,

3.88%,

2/15/27,

Callable

4/15/24

@

100.97

1,700,160

1,367,000

SBA

Communications

Corp.,

3.13%,

2/1/29,

Callable

5/6/24

@

101.56

1,197,834

63,000

SBA

Tower

Trust,

6.60%,

1/15/28,

Callable

1/15/27

@

100(a)

64,566

679,000

VICI

Properties

LP,

5.75%,

4/1/34,

Callable

1/1/34

@

100

670,512

3,731,502

Technology

Hardware,

Storage

&

Peripherals

(0.1%):

290,000

Sensata

Technologies,

Inc.,

4.38%,

2/15/30,

Callable

11/15/29

@

100(a)

261,363

743,000

Sensata

Technologies,

Inc.,

3.75%,

2/15/31,

Callable

2/15/26

@

101.88(a)

637,122

898,485

Total

Corporate

Bonds

(Cost

$117,255,135)

116,723,243

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

215

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024.

Principal

Amount

Value

Yankee

Debt

Obligations

(0.4%):

Automobile

Components

(0.1%):

$

467,000

Clarios

Global

LP,

6.75%,

5/15/25,

Callable

5/6/24

@

101.69(a)

$

466,416

Commercial

Services

&

Supplies

(0.2%):

580,000

GFL

Environmental,

Inc.,

4.00%,

8/1/28,

Callable

4/15/24

@

102(a)

532,875

1,304,000

GFL

Environmental,

Inc.,

4.75%,

6/15/29,

Callable

6/15/24

@

102.38(a)

1,222,500

476,000

GFL

Environmental,

Inc.,

4.38%,

8/15/29,

Callable

8/15/24

@

102.19(a)

436,135

319,000

GFL

Environmental,

Inc.,

6.75%,

1/15/31,

Callable

1/15/27

@

103.38(a)

326,576

2,518,086

Electrical

Equipment

(0.1%):

565,000

Sensata

Technologies

BV,

5.00%,

10/1/25(a)

557,937

359,000

Sensata

Technologies

BV,

4.00%,

4/15/29,

Callable

5/6/24

@

102(a)

327,588

403,000

Sensata

Technologies

BV,

5.88%,

9/1/30,

Callable

9/1/25

@

102.94(a)

393,933

1,279,458

Health

Care

Providers

&

Services

(0.0%

†

):

220,100

1011778

BC

ULC,

7.58%,

9/23/30,

Callable

5/4/24

@

100

219,880

Total

Yankee

Debt

Obligations

(Cost

$4,463,927)

4,483,840

Principal

Amount

Value

U.S.

Treasury

Obligations

(11.3%):

U.S.

Treasury

Notes

(11.3%):

$

33,096,500

3.38%,

5/15/33

$

31,038,312

32,804,100

3.88%,

8/15/33

31,973,746

41,884,900

4.50%,

11/15/33

42,853,488

20,427,600

4.00%,

2/15/34

20,108,419

125,973,965

Total

U.S.

Treasury

Obligations

(Cost

$124,796,768)

125,973,965

Shares

Unaffiliated

Investment

Companies

(5.1%):

Money

Markets

(5.1%):

1,666,900

BlackRock

Liquidity

FedFund,

Institutional

Class,

5.07%(b)(c)

1,666,900

55,111,425

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.19%(c)

55,111,425

Total

Unaffiliated

Investment

Companies

(Cost

$56,778,325)

56,778,325

Total

Investment

Securities

(Cost

$953,685,443)

—

100.3%

1,123,166,547

Net

other

assets

(liabilities)

—

(0.3)%

(2,923,056)

Net

Assets

—

100.0%

$

1,120,243,491

ADR—American

Depository

Receipt

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

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$1,599,326.

†

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

March

31,

2024.

(c)

The

rate

represents

the

effective

yield

at

March

31,

2024.

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

216

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Options

Contracts

At

March

31,

2024,

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.

Citigroup

Call

160.00

USD

1/20/25

94‌

$

15,040‌

$

(274,703‌)

Abbvie,

Inc.

Citigroup

Call

165.00

USD

1/20/25

94‌

15,510‌

(240,545‌)

Abbvie,

Inc.

Morgan

Stanley

Call

170.00

USD

1/20/25

31‌

5,270‌

(68,633‌)

Abbvie,

Inc.

Citigroup

Call

175.00

USD

1/20/25

120‌

21,000‌

(226,854‌)

Abbvie,

Inc.

Morgan

Stanley

Call

165.00

USD

1/21/25

30‌

4,950‌

(76,770‌)

Arthur

J.

Gallagher

Co.

JPMorgan

Chase

Call

250.00

USD

11/15/24

62‌

15,500‌

(120,194‌)

Danaher

Corp.

UBS

Call

300.00

USD

1/20/25

44‌

13,200‌

(33,028‌)

Exelon

Corp.

JPMorgan

Chase

Call

47.00

USD

6/21/24

14‌

658‌

(7‌)

Intercontinental

Exchange,

Inc.

Citigroup

Call

125.00

USD

1/17/25

90‌

11,250‌

(186,317‌)

Intercontinental

Exchange,

Inc.

Citigroup

Call

130.00

USD

1/17/25

90‌

11,700‌

(154,143‌)

Intercontinental

Exchange,

Inc.

Bank

of

America

Call

140.00

USD

1/20/25

64‌

8,960‌

(69,263‌)

Intercontinental

Exchange,

Inc.

Bank

of

America

Call

145.00

USD

1/20/25

65‌

9,425‌

(53,344‌)

Marsh

McLennan

Cos.,

Inc.

Goldman

Sachs

Call

210.00

USD

7/19/24

29‌

6,090‌

(19,138‌)

Marsh

McLennan

Cos.,

Inc.

Goldman

Sachs

Call

220.00

USD

7/19/24

29‌

6,380‌

(8,128‌)

Marsh

McLennan

Cos.,

Inc.

Goldman

Sachs

Call

210.00

USD

12/20/24

114‌

23,940‌

(147,090‌)

Mastercard,

Inc.

JPMorgan

Chase

Call

480.00

USD

1/20/25

17‌

8,160‌

(77,523‌)

Mastercard,

Inc.

JPMorgan

Chase

Call

490.00

USD

1/20/25

17‌

8,330‌

(67,571‌)

Mastercard,

Inc.

JPMorgan

Chase

Call

500.00

USD

1/20/25

16‌

8,000‌

(54,911‌)

McDonald

S

Corp.

UBS

Call

320.00

USD

1/20/25

43‌

13,760‌

(23,448‌)

McDonald

S

Corp.

UBS

Call

325.00

USD

1/20/25

42‌

13,650‌

(18,946‌)

McDonald

S

Corp.

UBS

Call

330.00

USD

1/20/25

43‌

14,190‌

(16,050‌)

New

Linde

plc

Wells

Fargo

Call

460.00

USD

1/17/25

28‌

12,880‌

(118,917‌)

New

Linde

plc

Wells

Fargo

Call

480.00

USD

1/17/25

28‌

13,440‌

(86,907‌)

New

Linde

plc

Wells

Fargo

Call

440.00

USD

1/20/25

21‌

9,240‌

(116,652‌)

New

Linde

plc

Wells

Fargo

Call

450.00

USD

1/20/25

21‌

9,450‌

(102,530‌)

Northrop

Grumman

Corp.

Call

490.00

USD

1/20/25

50‌

24,500‌

(179,134‌)

NXP

Semiconductors

NV

Wells

Fargo

Call

220.00

USD

6/21/24

11‌

2,420‌

(38,115‌)

Republic

Services,

Inc.

Wells

Fargo

Call

170.00

USD

7/19/24

13‌

2,210‌

(31,407‌)

Republic

Services,

Inc.

Wells

Fargo

Call

175.00

USD

7/19/24

13‌

2,275‌

(25,638‌)

Roper

Technologies,

Inc.

Citigroup

Call

580.00

USD

12/20/24

26‌

15,080‌

(85,253‌)

Roper

Technologies,

Inc.

Citigroup

Call

600.00

USD

12/20/24

36‌

21,600‌

(85,075‌)

Roper

Technologies,

Inc.

Citigroup

Call

620.00

USD

12/20/24

10‌

6,200‌

(16,850‌)

Roper

Technologies,

Inc.

Citigroup

Call

640.00

USD

12/20/24

10‌

6,400‌

(12,101‌)

Salesforce.com,

Inc.

Goldman

Sachs

Call

230.00

USD

6/21/24

7‌

1,610‌

(52,205‌)

Salesforce.com,

Inc.

Goldman

Sachs

Call

240.00

USD

6/21/24

7‌

1,680‌

(45,631‌)

Thermo

Fisher

Scientific,

Inc.

JPMorgan

Chase

Call

650.00

USD

1/20/25

19‌

12,350‌

(53,608‌)

UnitedHealth

Group,

Inc.

Citigroup

Call

580.00

USD

1/20/25

44‌

25,520‌

(59,085‌)

UnitedHealth

Group,

Inc.

JPMorgan

Chase

Call

600.00

USD

1/20/25

52‌

31,200‌

(49,664‌)

Visa,

Inc.

Goldman

Sachs

Call

250.00

USD

6/21/24

4‌

1,000‌

(13,220‌)

Visa,

Inc.

Goldman

Sachs

Call

260.00

USD

6/21/24

4‌

1,040‌

(9,814‌)

Visa,

Inc.

Goldman

Sachs

Call

305.00

USD

1/20/25

27‌

8,235‌

(32,563‌)

Visa,

Inc.

Goldman

Sachs

Call

310.00

USD

1/20/25

27‌

8,370‌

(27,885‌)

Visa,

Inc.

Goldman

Sachs

Call

315.00

USD

1/20/25

27‌

8,505‌

(23,854‌)

Yum

Brands,

Inc.

Wells

Fargo

Call

140.00

USD

1/20/25

56‌

7,840‌

(56,874‌)

Yum!

Brands,

Inc.

JPMorgan

Chase

Call

145.00

USD

1/20/25

63‌

9,135‌

(47,092‌)

Yum!

Brands,

Inc.

Wells

Fargo

Call

145.00

USD

1/20/25

160‌

23,200‌

(119,600‌)

Yum!

Brands,

Inc.

Wells

Fargo

Call

150.00

USD

1/20/25

160‌

24,000‌

(84,833‌)

Yum!

Brands,

Inc.

JPMorgan

Chase

Call

150.00

USD

1/20/25

63‌

9,450‌

(33,403‌)

Total

(Premiums

$2,223,156)

$

(3,544,516‌)

(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

March

31,

2024

(Unaudited)

217

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

March

31,

2024,

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

March

31,

2024,

the

following

investments

are

noted

as

affiliated

securities

in

each

Fund’s

Schedule

of

Portfolio

Investments.

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31/24

Shares

as

of

03/31/24

AZL

International

Index

Fund

Allianz

SE,

Registered

Shares

$

8,264,578

$

—

$

(598,578

)

$

246,866

$

706,692

$

8,619,558

28,766

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31/24

Shares

as

of

03/31/24

AZL

Moderate

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

565,006,998

$

7,638,147

$

(2,842,592

)

$

(540,737)

$

(3,407,568)

$

565,854,248

58,036,333

AZL

International

Index

Fund,

Class

2

215,889,716

—

(12,830,996

)

(966,109

)

12,732,215

214,824,826

11,656,258

AZL

Mid

Cap

Index

Fund,

Class

2.

128,616,815

—

(9,680,251

)

(2,531,257

)

14,652,373

131,057,680

5,617,560

AZL

S&P

500

Index

Fund,

Class

2

449,516,866

—

(41,205,482

)

(3,971,295

)

48,457,571

452,797,660

20,323,055

AZL

Small

Cap

Stock

Index

Fund,

Class

2

64,890,781

—

(538,306

)

(220,796

)

1,623,569

65,755,248

5,256,215

$

1,423,921,176

$

7,638,147

$

(67,097,627

)

$

(8,230,194)

$

74,058,160

$

1,430,289,662

100,889,421

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31/24

Shares

as

of

03/31/24

AZL

MSCI

Global

Equity

Index

Fund

Allianz

SE,

Registered

Shares

$

697,572

$

—

$

(60,925

)

$

8,903

$

72,697

$

718,247

2,397

BlackRock,

Inc.,

Class

A

Shares

784,199

—

(39,514

)

(3,758

)

22,742

763,669

916

$

1,481,771

$

—

$

(100,439

)

$

5,145

$

95,439

$

1,481,916

3,313

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31/24

Shares

as

of

03/31/24

AZL

Russell

1000

Value

Index

Fund

BlackRock

Inc.,

Class

A

$

3,907,193

$

—

$

(97,115)

$

18,733

$

82,909

$

3,911,720

4,692

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31/24

Shares

as

of

03/31/24

AZL

S&P

500

Index

Fund

Allianz

SE,

Registered

Shares

$

7,298,082

$

—

$

(478,972

)

$

154,395

$

23,739

$

6,997,244

8,393

ALLIANZ

VARIABLE

INSURANCE

PRODUCTS

TRUST

NOTES

TO

THE

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2024

(Unaudited)

218

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

March

31,

2024

are

identified

below.

AZL

Enhanced

Bond

Index

Fund

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

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

$

1,228,75

0

1,250,000

$

1,248,

068

0.04%

Security

Acquisition

Date(a)

Acquisition

Cost

Shares

or

Principal

Amount

Value

Percentage

of

Net

Assets

Finastra

Term

1Ln,

12.57%,

9/13/29

9/22/23

$

320,808

327,355

$

327,355

0.02%

Mesquite

Energy,

Inc.,

7.25%,

2/15/23

10/30/18

256,808

278,000

–

0.00%

Acquisition

Date

(a)

Acquisition

Cost

Shares

or

Principal

Amount

Value

Percentage

of

Net

Assets

Finastra

Term

1Ln,

12.57%,

9/13/29

9/22/23

$

52,670

53,745

$

53,745

0.04%

Mesquite

Energy,

Inc.,

7.25%,

2/15/23

10/30/18

376,933

408,000

–

0.00%

(a)

Acquisition

date

represents

the

initial

purchase

date

of

the

security.