AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

1

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(98.7%):

Aerospace

&

Defense

(1.8%):

2,922

Airbus

SE

$

682,976

13,302

Austal,

Ltd.*

68,353

512

Avon

Technologies

PLC

14,625

11,931

Babcock

International

Group

plc

213,448

9,656

BAE

Systems

plc

267,527

218

Bet

Shemesh

Engines

Holdings

1997,

Ltd.*

44,809

1,740

Bombardier,

Inc.,

Class

B*

243,875

4,880

CAE,

Inc.*

144,524

5,345

Chemring

Group

plc

42,359

75

CTT

Systems

AB

1,769

105

Dassault

Aviation

SA

35,044

42

Elbit

Systems,

Ltd.

21,297

89

FACC

AG*

978

2,296

Hensoldt

AG

297,331

1,599

INVISIO

AB

53,617

2,026

Kongsberg

Gruppen

ASA

64,762

2,424

Leonardo

SpA

153,962

394

LISI

SA

21,437

1,814

MDA

Space,

Ltd.*

45,184

7,407

Melrose

Industries

plc

61,019

494

MTU

Aero

Engines

AG

226,703

12,593

QinetiQ

Group

plc

93,077

404

Rheinmetall

AG

940,336

47,917

Rolls-Royce

Holdings

plc

767,028

250

Saab

AB,

Class

B

15,236

2,037

Safran

SA

721,293

15,312

Senior

plc

41,199

24,300

Singapore

Technologies

Engineering,

Ltd.

162,471

517

Thales

SA

161,996

5,608,235

Air

Freight

&

Logistics

(0.7%):

2,500

AZ-COM

MARUWA

Holdings,

Inc.

18,073

4,417

bpost

SA*

12,066

2,891

CTT-Correios

de

Portugal

SA

24,682

20,548

Deutsche

Post

AG

916,326

985

DSV

A/S

196,676

8,434

Freightways

Group,

Ltd.

66,988

4,000

Hamakyorex

Co.,

Ltd.

42,444

138

ID

Logistics

Group

SACA*

65,217

6,280

InPost

SA*

77,109

20,500

KLN

Logistics

Group,

Ltd.

19,486

1,800

Konoike

Transport

Co.,

Ltd.

39,870

2,607

Logista

Integral

SA

88,531

958

Mainfreight,

Ltd.

34,939

2,300

Mitsui-Soko

Holdings

Co.,

Ltd.

64,264

9,400

NIPPON

EXPRESS

HOLDINGS,

Inc.

214,352

783

Oesterreichische

Post

AG

27,209

1,800

Sankyu,

Inc.

98,506

900

SBS

Holdings,

Inc.

22,366

3,900

Senko

Group

Holdings

Co.,

Ltd.

53,652

4,400

SG

Holdings

Co.,

Ltd.

45,426

2,000

Shibusawa

Logistics

Corp.

15,645

51,000

Singapore

Post,

Ltd.

16,635

2,900

Yamato

Holdings

Co.,

Ltd.

46,364

2,206,826

Automobile

Components

(1.6%):

1,000

Aisan

Industry

Co.,

Ltd.

12,704

Shares

Value

Common

Stocks,

continued

Automobile

Components,

continued

9,900

Aisin

Corp.

$

171,036

7,300

Akebono

Brake

Industry

Co.,

Ltd.*

5,684

1,027

AKWEL

SADIR

11,879

6,206

Amotiv,

Ltd.

36,595

3,493

ARB

Corp.,

Ltd.^

88,839

2,319

Aumovio

SE*

95,606

104

Autoneum

Holding

AG

20,615

1,920

Brembo

NV

20,354

9,700

Bridgestone

Corp.

448,566

1,647

Bulten

AB

9,326

906

CIE

Automotive

SA

28,368

13,049

Cie

Generale

des

Etablissements

Michelin

SCA

468,652

12,732

CIR

SpA-Compagnie

Industriali*

9,772

4,638

Continental

AG

305,740

2,800

Daido

Metal

Co.,

Ltd.

18,685

2,400

Daikyonishikawa

Corp.

11,887

9,500

Denso

Corp.

136,820

8,380

Dometic

Group

AB(a)

43,899

20,239

Dowlais

Group

plc

21,758

600

Eagle

Industry

Co.,

Ltd.

10,645

673

EDAG

Engineering

Group

AG*

5,579

1,724

ElringKlinger

AG

9,314

1,500

Exco

Technologies,

Ltd.

7,222

1,000

Exedy

Corp.

35,120

1,700

FCC

Co.,

Ltd.

36,915

342

Feintool

International

Holding

AG,

Registered

Shares*

4,389

4,399

Forvia

SE*

59,674

1,000

F-Tech,

Inc.

5,176

4,000

Futaba

Industrial

Co.,

Ltd.

26,045

6,562

Gestamp

Automocion

SA(a)

25,481

1,400

G-Tekt

Corp.

18,742

1,600

HI-LEX

Corp.

29,213

700

H-One

Co.,

Ltd.

6,882

300

Imasen

Electric

Industrial

1,513

19,642

Johnson

Electric

Holdings,

Ltd.

103,157

7,000

JTEKT

Corp.

69,433

287

Kendrion

NV

4,757

5,100

Koito

Manufacturing

Co.,

Ltd.

77,157

25,060

Kongsberg

Automotive

ASA*

4,083

2,000

KYB

Corp.

53,150

1,033

Linamar

Corp.

55,410

6,513

Magna

International,

Inc.

308,636

3,466

Martinrea

International,

Inc.

26,403

2,000

Mitsuba

Corp.

13,030

400

Murakami

Corp.

19,792

2,500

Musashi

Seimitsu

Industry

Co.,

Ltd.

58,052

6,400

NHK

Spring

Co.,

Ltd.

96,147

600

Nichirin

Co.,

Ltd.

15,157

3,200

Nifco,

Inc.

96,575

2,200

Nippon

Seiki

Co.,

Ltd.

26,437

4,200

Niterra

Co.,

Ltd.

161,902

2,700

NOK

Corp.

47,384

4,057

Nokian

Renkaat

Oyj^

36,790

1,300

NPR-RIKEN

Corp.

27,047

1,743

Opmobility

28,150

2,600

Pacific

Industrial

Co.,

Ltd.

46,768

1,500

Piolax,

Inc.

18,078

14,795

Pirelli

&

C

SpA(a)

100,707

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

2

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Automobile

Components,

continued

3,500

Press

Kogyo

Co.,

Ltd.

$

15,229

1,900

Sanoh

Industrial

Co.,

Ltd.

11,936

2,535

Schaeffler

AG

16,908

2,200

Seiren

Co.,

Ltd.

45,326

2,400

Shoei

Co.,

Ltd.

28,503

4,300

Stanley

Electric

Co.,

Ltd.

86,809

12,600

Sumitomo

Electric

Industries,

Ltd.

358,013

2,100

Sumitomo

Riko

Co.,

Ltd.

31,270

5,000

Sumitomo

Rubber

Industries,

Ltd.

60,696

300

T

RAD

Co.,

Ltd.

14,529

1,400

Tachi-S

Co.,

Ltd.^

18,601

800

Taiho

Kogyo

Co.,

Ltd.

3,957

2,500

Tokai

Rika

Co.,

Ltd.

45,295

2,500

Topre

Corp.

39,207

5,200

Toyo

Tire

Corp.

137,959

2,800

Toyoda

Gosei

Co.,

Ltd.

69,603

3,800

Toyota

Boshoku

Corp.

62,964

3,000

TPR

Co.,

Ltd.

24,704

4,400

TS

Tech

Co.,

Ltd.

55,407

2,000

Unipres

Corp.

16,557

4,944

Valeo

SE

60,921

3,400

Yokohama

Rubber

Co.,

Ltd.

(The)

125,657

600

Yorozu

Corp.

3,820

5,076,768

Automobiles

(1.4%):

3,098

Bayerische

Motoren

Werke

AG

310,826

455

Ferrari

NV,

ADR

220,775

398

Ferrari

NV

192,668

28,400

Honda

Motor

Co.,

Ltd.^

291,797

19,800

Isuzu

Motors,

Ltd.

249,931

298

Knaus

Tabbert

AG*

5,487

19,900

Mazda

Motor

Corp.^

145,759

5,594

Mercedes-Benz

Group

AG

351,442

29,100

Mitsubishi

Motors

Corp.^

78,844

36,900

Nissan

Motor

Co.,

Ltd.*

90,526

2,700

Nissan

Shatai

Co.,

Ltd.^

22,475

8,981

Piaggio

&

C

SpA^

20,661

5,207

Renault

SA

214,417

27,534

Stellantis

NV

255,731

18,100

Subaru

Corp.

370,987

20,500

Suzuki

Motor

Corp.

298,853

58,520

Toyota

Motor

Corp.

1,120,049

302

Trigano

SA

52,669

414

Volkswagen

AG

45,649

12,581

Volvo

Car

AB,

Class

B*^

25,869

16,000

Yamaha

Motor

Co.,

Ltd.

120,248

4,485,663

Banks

(11.5%):

2,800

77

Bank,

Ltd.

(The)

116,771

7,892

ABN

AMRO

Bank

NV(a)

252,704

536

Addiko

Bank

AG*

13,151

58,913

AIB

Group

plc

534,581

800

Akita

Bank,

Ltd.

(The)

19,406

3,419

Aktia

Bank

Oyj

40,190

189

Alandsbanken

Abp,

Class

B^

9,540

19,564

ANZ

Group

Holdings,

Ltd.

428,853

3,500

Aozora

Bank,

Ltd.

54,723

1,900

Awa

Bank,

Ltd.

(The)

47,663

Shares

Value

Common

Stocks,

continued

Banks,

continued

8,643

Banca

Monte

dei

Paschi

di

Siena

SpA

$

76,733

61,614

Banco

Bilbao

Vizcaya

Argentaria

SA

1,185,211

30,453

Banco

Bilbao

Vizcaya

Argentaria

SA,

ADR

586,220

19,237

Banco

BPM

SpA

288,037

329,913

Banco

Comercial

Portugues

SA,

Class

R

292,615

197,769

Banco

de

Sabadell

SA

768,205

2,101

Banco

di

Desio

e

della

Brianza

SpA

19,044

106,269

Banco

Santander

SA

1,110,508

9,759

Bank

Hapoalim

BM

198,576

16,869

Bank

Leumi

Le-Israel

BM

332,903

32,912

Bank

of

East

Asia,

Ltd.

(The)

51,238

30,208

Bank

of

Ireland

Group

plc

499,986

900

Bank

of

Iwate,

Ltd.

(The)

23,692

4,062

Bank

of

Montreal,

ADR

529,076

1,871

Bank

of

Montreal

243,842

1,500

Bank

of

Nagoya,

Ltd.

(The)

35,992

8,317

Bank

of

Nova

Scotia

(The),

ADR

537,694

1,899

Bank

of

Nova

Scotia

(The)^

122,811

21,633

Bank

of

Queensland,

Ltd.

103,616

800

Bank

of

Saga,

Ltd.

(The)

16,534

2,000

Bank

of

the

Ryukyus,

Ltd.

19,933

10,418

Bankinter

SA

164,312

71

Banque

Cantonale

de

Geneve,

Class

BR*

21,146

844

Banque

Cantonale

Vaudoise,

Registered

Shares

99,913

104,346

Barclays

plc

534,986

2,296

BAWAG

Group

AG(a)

303,374

17,046

Bendigo

&

Adelaide

Bank,

Ltd.

147,162

317

Berner

Kantonalbank

AG,

Registered

Shares

102,194

7,144

BNP

Paribas

SA

651,152

23,542

BOC

Hong

Kong

Holdings,

Ltd.

110,675

39,648

BPER

Banca

SpA

440,494

33,527

CaixaBank

SA

352,954

3,050

Canadian

Imperial

Bank

of

Commerce^

243,759

5,363

Canadian

Imperial

Bank

of

Commerce,

ADR

428,450

10,000

CCI

Group,

Inc.

46,444

8,500

Chiba

Bank,

Ltd.

(The)

89,142

1,900

Chiba

Kogyo

Bank,

Ltd.

(The)

20,803

7,200

Chugin

Financial

Group,

Inc.

106,055

3,308

Close

Brothers

Group

plc*

22,035

12,361

Commerzbank

AG

465,529

4,921

Commonwealth

Bank

of

Australia

543,947

7,006

Credit

Agricole

SA

137,940

3,621

Credito

Emiliano

SpA

58,354

16,000

Dah

Sing

Banking

Group,

Ltd.

20,173

5,600

Dah

Sing

Financial

Holdings,

Ltd.

24,437

8,700

Daishi

Hokuetsu

Financial

Group,

Inc.

84,469

10,256

Danske

Bank

A/S

438,320

17,661

DBS

Group

Holdings,

Ltd.

699,652

5,037

DNB

Bank

ASA

137,624

1,600

Ehime

Bank,

Ltd.

(The)

13,307

1,482

EQB,

Inc.

99,049

3,138

Erste

Group

Bank

AG

306,718

650

FIDEA

Holdings

Co.,

Ltd.

7,174

14,779

FinecoBank

Banca

Fineco

SpA

320,110

3,600

First

Bank

of

Toyama,

Ltd.

(The)

37,458

1,095

First

International

Bank

Of

Israel,

Ltd.

(The)

78,481

1,000

Fukui

Bank,

Ltd.

(The)

14,282

2,800

Fukuoka

Financial

Group,

Inc.

83,852

9,900

Gunma

Bank,

Ltd.

(The)

110,360

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

3

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

10,600

Hachijuni

Bank,

Ltd.

(The)

$

110,535

4,005

Hang

Seng

Bank,

Ltd.

61,026

34,267

Heartland

Group

Holdings,

Ltd.

20,868

11,100

Hirogin

Holdings,

Inc.

108,329

5,000

Hokuhoku

Financial

Group,

Inc.

131,329

65,939

HSBC

Holdings

plc

930,575

12,506

HSBC

Holdings

plc,

ADR

887,676

10,500

Hyakugo

Bank,

Ltd.

(The)

65,112

1,000

Hyakujushi

Bank,

Ltd.

(The)

34,841

3

Hypothekarbank

Lenzburg

AG,

Class

R

15,225

21,679

ING

Groep

NV

564,906

115,773

Intesa

Sanpaolo

SpA

765,523

13,274

Israel

Discount

Bank,

Ltd.,

Class

A

131,365

7,700

Iyogin

Holdings,

Inc.

116,710

10,800

Japan

Post

Bank

Co.,

Ltd.

132,362

44,262

Judo

Capital

Holdings,

Ltd.*

51,523

1,300

Juroku

Financial

Group,

Inc.

48,454

1,969

Jyske

Bank

A/S,

Registered

Shares

220,392

2,428

KBC

Group

NV

290,980

3,200

Keiyo

Bank,

Ltd.

(The)

27,439

400

Kita-Nippon

Bank,

Ltd.

(The)

10,435

3,000

Kiyo

Bank,

Ltd.

(The)

59,444

3,400

Kyoto

Financial

Group,

Inc.

72,196

13,390

Kyushu

Financial

Group,

Inc.

82,279

1,096

Laurentian

Bank

of

Canada

25,984

562

Liechtensteinische

Landesbank

AG

54,513

1,912

Lion

Finance

Group

plc

196,906

436,521

Lloyds

Banking

Group

plc

491,646

583

Luzerner

Kantonalbank

AG,

Registered

Shares

58,717

23,970

Mebuki

Financial

Group,

Inc.

153,040

59,700

Mitsubishi

UFJ

Financial

Group,

Inc.

945,826

800

Miyazaki

Bank,

Ltd.

(The)

24,707

1,267

Mizrahi

Tefahot

Bank,

Ltd.

83,456

16,680

Mizuho

Financial

Group,

Inc.

558,335

1,300

Musashino

Bank,

Ltd.

(The)

35,578

10,083

MyState,

Ltd.

28,687

1,300

Nanto

Bank,

Ltd.

(The)

44,673

19,370

National

Australia

Bank,

Ltd.

566,755

2,607

National

Bank

of

Canada^

276,962

50,743

NatWest

Group

plc

356,117

4,800

Nishi-Nippon

Financial

Holdings,

Inc.

81,318

23,610

Nordea

Bank

Abp

388,607

3,381

Norion

Bank

AB*

24,347

9,500

North

Pacific

Bank,

Ltd.

47,898

1,800

Ogaki

Kyoritsu

Bank,

Ltd.

(The)

42,231

600

Oita

Bank,

Ltd.

(The)

20,849

820

Okinawa

Financial

Group,

Inc.

21,404

461

Oma

Saastopankki

Oyj

6,215

20,546

Oversea-Chinese

Banking

Corp.,

Ltd.

262,086

2,493

Pareto

Bank

ASA

22,876

5,215

Permanent

TSB

Group

Holdings

plc*

14,205

1,522

Procrea

Holdings,

Inc.

17,869

28,000

Public

Financial

Holdings,

Ltd.

4,428

4,183

Raiffeisen

Bank

International

AG

145,038

1,000

Rakuten

Bank,

Ltd.*

55,750

9,475

Resona

Holdings,

Inc.

96,465

958

Ringkjoebing

Landbobank

A/S

222,221

6,129

Royal

Bank

of

Canada,

ADR

902,924

12,835

Royal

Bank

of

Canada

1,891,998

Shares

Value

Common

Stocks,

continued

Banks,

continued

1,190

San

ju

San

Financial

Group,

Inc.

$

29,043

6,800

San-In

Godo

Bank,

Ltd.

(The)

63,356

11,600

Senshu

Ikeda

Holdings,

Inc.

50,811

26,300

Seven

Bank,

Ltd.

52,034

1,800

Shiga

Bank,

Ltd.

(The)

82,406

2,100

Shikoku

Bank,

Ltd.

(The)

21,542

400

Shimizu

Bank,

Ltd.

(The)

5,540

7,500

Shizuoka

Financial

Group,

Inc.

102,855

10,758

Skandinaviska

Enskilda

Banken

AB,

Class

A

210,570

11,891

Societe

Generale

SA

790,834

1,288

Sparebank

1

Oestlandet

24,312

3,172

SpareBank

1

Sor-Norge

ASA

56,646

1,551

Sparebanken

More

16,725

1,150

Sparebanken

Norge

20,229

523

Sparekassen

Sjaelland-Fyn

A/S

28,243

126

St.

Galler

Kantonalbank

AG,

Registered

Shares

80,345

32,402

Standard

Chartered

plc

627,842

25,900

Sumitomo

Mitsui

Financial

Group,

Inc.

725,104

5,000

Sumitomo

Mitsui

Trust

Group,

Inc.

145,090

5,900

Suruga

Bank,

Ltd.

61,487

10,195

Svenska

Handelsbanken

AB,

Class

A

133,314

7,412

Swedbank

AB,

Class

A

224,260

2,509

Sydbank

AS

201,581

1,853

TBC

Bank

Group

plc

113,812

1,305

TF

Bank

AB

25,161

4,500

Tochigi

Bank,

Ltd.

(The)

15,435

6,500

Toho

Bank,

Ltd.

(The)

20,405

1,100

Tokyo

Kiraboshi

Financial

Group,

Inc.

53,591

7,500

TOMONY

Holdings,

Inc.

34,069

5,173

Toronto-Dominion

Bank

(The),

ADR

413,581

7,001

Toronto-Dominion

Bank

(The)

559,879

2,100

Towa

Bank,

Ltd.

(The)

14,114

6,200

Tsukuba

Bank,

Ltd.

13,053

53,341

Unicaja

Banco

SA(a)

146,292

10,347

UniCredit

SpA

785,483

12,827

United

Overseas

Bank,

Ltd.

344,203

743

Valiant

Holding

AG

119,963

900

VersaBank

10,989

14,741

Vestjysk

Bank

A/S

11,723

239

Walliser

Kantonalbank,

Registered

Shares

38,569

23,960

Westpac

Banking

Corp.

616,253

1,600

Yamagata

Bank,

Ltd.

(The)

18,325

5,400

Yamaguchi

Financial

Group,

Inc.

65,695

1,800

Yamanashi

Chuo

Bank,

Ltd.

(The)

38,929

17,000

Yokohama

Financial

Group,

Inc.

130,418

6

Zuger

Kantonalbank,

Class

BR

65,700

36,646,300

Beverages

(0.9%):

2,757

AG

Barr

plc

24,830

1,900

Andrew

Peller,

Ltd.,

Class

A

6,964

12,147

Anheuser-Busch

InBev

SA/NV

726,247

11,700

Asahi

Group

Holdings,

Ltd.

140,394

30,200

Budweiser

Brewing

Co.

APAC,

Ltd.^(a)

32,170

14,772

C&C

Group

plc

27,427

1,527

Carlsberg

AS,

Class

B

177,550

3,500

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

62,394

3,519

Coca-Cola

Europacific

Partners

plc

318,153

2,713

Coca-Cola

HBC

AG*

127,963

578

Diageo

plc,

ADR

55,159

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

4

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Beverages,

continued

9,254

Diageo

plc

$

220,267

2,046

Heineken

NV

159,774

2,400

Ito

En,

Ltd.

56,508

6,300

Kirin

Holdings

Co.,

Ltd.

92,387

109

Laurent-Perrier

11,225

1,200

Lifedrink

Co.,

Inc.

18,468

653

Olvi

Oyj,

A

Shares

22,983

1,455

Pernod

Ricard

SA

143,045

2,032

Royal

Unibrew

A/S

155,381

500

Sapporo

Holdings,

Ltd.

24,988

2,400

Suntory

Beverage

&

Food,

Ltd.

75,090

5,400

Takara

Holdings,

Inc.

63,784

12,746

Treasury

Wine

Estates,

Ltd.

59,823

2,802,974

Biotechnology

(0.5%):

7,265

Amrize,

Ltd.*

352,132

86

Argenx

SE*

63,166

57

Argenx

SE,

ADR*

42,041

2,965

Bavarian

Nordic

A/S*

106,764

1,017

BioGaia

AB,

B

Shares

11,623

760

Clinuvel

Pharmaceuticals,

Ltd.

5,954

2,522

CSL,

Ltd.

331,220

1,490

Galapagos

NV*^

51,455

972

Genmab

A/S*

299,663

6,461

Grifols

SA^

94,054

21,785

Mesoblast,

Ltd.*

34,633

2,600

PeptiDream,

Inc.*

27,576

176

Pharma

Mar

SA

18,750

20,503

Pharming

Group

NV*

29,928

1,337

Swedish

Orphan

Biovitrum

AB*

40,909

2,800

Takara

Bio,

Inc.

17,671

1,382

Telix

Pharmaceuticals,

Ltd.*

13,256

1,960

Vitrolife

AB

27,059

594

Zealand

Pharma

A/S*

43,252

1,611,106

Broadline

Retail

(1.0%):

1,600

ASKUL

Corp.

16,970

24,109

B&M

European

Value

Retail

SA

85,043

1,900

Belluna

Co.,

Ltd.

13,148

2,259

Canadian

Tire

Corp.,

Ltd.,

Class

A

268,953

3,143

Dollarama,

Inc.

414,564

6,374

Europris

ASA(a)

64,699

17,501

Harvey

Norman

Holdings,

Ltd.

85,635

2,500

Isetan

Mitsukoshi

Holdings,

Ltd.

46,130

1,000

Izumi

Co.,

Ltd.

22,076

9,700

J.

Front

Retailing

Co.,

Ltd.

162,161

4,015

Lindex

Group

OYJ*

13,531

2,918

Max

Stock,

Ltd.

18,224

2,800

Mercari,

Inc.*

43,219

30,000

Metro

Holdings,

Ltd.

12,075

79,829

Myer

Holdings,

Ltd.

25,452

1,946

Next

plc

324,109

14,500

Pan

Pacific

International

Holdings

Corp.

95,661

6,755

Prosus

NV*

478,995

3,776

Puuilo

Oyj

65,794

5,800

Rakuten

Group,

Inc.*

37,587

8,000

Ryohin

Keikaku

Co.,

Ltd.

159,306

1,600

Seria

Co.,

Ltd.

33,567

Shares

Value

Common

Stocks,

continued

Broadline

Retail,

continued

11,800

Takashimaya

Co.,

Ltd.

$

134,704

24,280

THG

plc*^

12,306

1,077

Tokmanni

Group

Corp.

11,512

3,646

Warehouse

Group,

Ltd.

(The)*

1,701

8,412

Wesfarmers,

Ltd.

513,038

4,000

Wing

On

Co.

International,

Ltd.

6,929

3,167,089

Building

Products

(1.0%):

3,800

AGC,

Inc.

124,030

2,028

Arbonia

AG*

13,366

3,142

Assa

Abloy

AB,

Class

B

110,298

136

Belimo

Holding

AG,

Class

R

143,218

2,400

Bunka

Shutter

Co.,

Ltd.

37,004

1,101

Carel

Industries

SpA(a)

29,028

1,300

Central

Glass

Co.,

Ltd.

28,803

4,182

Cie

de

Saint-Gobain

SA

455,532

2,500

Daikin

Industries,

Ltd.

287,659

5,524

Deceuninck

NV

13,360

130

dormakaba

Holding

AG

119,743

31,685

Fletcher

Building,

Ltd.*

61,924

35

Forbo

Holding

AG,

Registered

Shares

32,051

537

Geberit

AG,

Registered

Shares

405,938

5,720

Genuit

Group

plc

28,410

12,753

GWA

Group,

Ltd.

21,451

3,039

Inrom

Construction

Industries,

Ltd.

20,043

1,684

Inwido

AB

32,012

5,198

James

Halstead

plc

10,470

3,006

Kingspan

Group

plc

253,054

1,200

Komatsu

Wall

Industry

Co.,

Ltd.

20,836

1,300

Kondotec,

Inc.

14,685

2,281

Lindab

International

AB

48,371

9,000

Lixil

Corp.^

110,820

297

Meier

Tobler

Group

AG

13,567

1,768

Munters

Group

AB(a)

21,118

641

Nederman

Holding

AB

10,955

2,170

Nibe

Industrier

AB,

Class

B

8,614

2,400

Nichias

Corp.

90,170

1,100

Nichiha

Corp.

20,474

600

Nihon

Dengi

Co.,

Ltd.

21,410

1,800

Nihon

Flush

Co.,

Ltd.

9,819

4,900

Nippon

Sheet

Glass

Co.,

Ltd.*

16,865

2

Norcros

plc

7

1,500

Noritz

Corp.

20,350

1,400

Okabe

Co.,

Ltd.

8,866

19,244

Reliance

Worldwide

Corp.,

Ltd.

52,247

1,867

ROCKWOOL

A/S,

Class

A

69,660

3,440

ROCKWOOL

A/S,

Class

B

128,475

1,900

Sankyo

Tateyama,

Inc.

8,513

2,700

Sanwa

Holdings

Corp.

77,375

47

Schweiter

Technologies

AG

17,115

700

Sekisui

Jushi

Corp.

10,239

700

Shin

Nippon

Air

Technologies

Co.,

Ltd.

14,341

2,700

Sinko

Industries,

Ltd.

23,642

3,824

Systemair

AB

31,818

1,800

Takara

Standard

Co.,

Ltd.

31,778

1,400

Takasago

Thermal

Engineering

Co.,

Ltd.

38,931

1,100

TOTO,

Ltd.

29,039

3,919

Volution

Group

plc

33,572

60,256

Xinyi

Glass

Holdings,

Ltd.^

69,938

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

5

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Building

Products,

continued

533

Zehnder

Group

AG,

Registered

Shares

$

46,334

3,347,338

Capital

Markets

(3.1%):

5,398

3i

Group

plc

297,583

54,618

Aberdeen

Group

plc

145,756

24,792

ABG

Sundal

Collier

Holding

ASA

17,188

3,200

AGF

Management,

Ltd.,

Class

B

33,414

14,871

AJ

Bell

plc

109,351

9,083

Allfunds

Group

plc

67,911

903

Altamir

25,661

1,582

Amundi

SA(a)

125,976

9,979

Ashmore

Group

plc

23,894

921

ASX,

Ltd.

35,655

4,100

Australian

Ethical

Investment,

Ltd.

19,532

2,658

Avanza

Bank

Holding

AB

99,010

4,926

Azimut

Holding

SpA

190,844

2,632

Banca

Generali

SpA

146,766

521

Bellevue

Group

AG,

Class

BR

4,845

5,672

Bridgepoint

Group

plc(a)

23,459

12,000

Bright

Smart

Securities

&

Commodities

Group,

Ltd.*

14,121

1,657

Brookfield

Corp.

113,710

614

Brookfield

Corp.,

ADR

42,108

563

Brooks

Macdonald

Group

plc

13,720

1,527

Bure

Equity

AB

45,268

2,497

Canaccord

Genuity

Group,

Inc.

19,273

228

Cie

Financiere

Tradition

SA,

Class

BR

80,255

5,668

CMC

Markets

plc(a)

18,301

19,000

Daiwa

Securities

Group,

Inc.

154,194

13,178

Deutsche

Bank

AG,

Registered

Shares

463,430

552

Deutsche

Beteiligungs

AG

15,924

1,980

Deutsche

Boerse

AG

530,556

1,366

DWS

Group

GmbH

&

Co.

KGaA(a)

85,540

4,307

EFG

International

AG*

87,621

170

eQ

Oyj

2,395

899

EQT

Holdings,

Ltd.

14,241

1,060

Euronext

NV(a)

158,408

4,000

Fiera

Capital

Corp.

18,742

3,602

flatexDEGIRO

AG

117,923

838

Flow

Traders,

Ltd.*

25,100

1,819

Foresight

Group

Holdings,

Ltd.

11,991

5,224

GAM

Holding

AG*

964

1,973

Georgia

Capital

plc*

64,144

1,400

Gimv

NV

75,026

2,400

GMO

Financial

Holdings,

Inc.

15,833

1,175

Guardian

Capital

Group,

Ltd.

56,576

44,000

Guotai

Junan

International

Holdings,

Ltd.^

25,440

8,494

Hong

Kong

Exchanges

&

Clearing,

Ltd.

482,793

1,131

HUB24,

Ltd.

75,640

2,880

ICG

plc

86,337

2,000

Ichiyoshi

Securities

Co.,

Ltd.

11,414

5,100

iFAST

Corp.,

Ltd.

35,170

8,797

IG

Group

Holdings

plc

127,548

3,232

IGM

Financial,

Inc.

117,667

4,298

Impax

Asset

Management

Group

plc

11,080

28,403

Insignia

Financial,

Ltd.*

84,290

8,432

IntegraFin

Holdings

plc

39,367

13,081

Investec

plc

97,886

49,718

IP

Group

plc*

35,948

200

IwaiCosmo

Holdings,

Inc.

3,672

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

2,600

JAFCO

Group

Co.,

Ltd.^

$

45,525

14,600

Japan

Exchange

Group,

Inc.

164,981

3,861

Julius

Baer

Group,

Ltd.

268,595

17,082

Jupiter

Fund

Management

plc

33,150

800

Kyokuto

Securities

Co.,

Ltd.

8,186

11,593

L1

Group,

Ltd.*

5,141

2,122

Liontrust

Asset

Management

plc

9,826

741

London

Stock

Exchange

Group

plc

85,078

1,015

MA

Financial

Group,

Ltd.

6,255

1,717

Macquarie

Group,

Ltd.

249,649

8,413

Magellan

Financial

Group,

Ltd.

53,710

22,059

Man

Group

plc

52,912

2,300

Marusan

Securities

Co.,

Ltd.

14,748

2,300

Matsui

Securities

Co.,

Ltd.

11,938

2,471

Meitav

Investment

House,

Ltd.

70,213

2,900

Mito

Securities

Co.,

Ltd.

10,789

3,035

MLP

SE

26,511

496

Mutares

SE

&

Co.

KGaA^

17,298

24,829

Navigator

Global

Investments,

Ltd.

34,550

3,405

Netwealth

Group,

Ltd.

66,270

17,199

Ninety

One

plc

47,458

24,100

Nomura

Holdings,

Inc.

176,494

1,900

Nordnet

AB

(publ)

55,228

18,105

NZX,

Ltd.

14,521

7,300

Okasan

Securities

Group,

Inc.

33,714

2,547

Onex

Corp.

226,036

303

Partners

Group

Holding

AG

395,948

2,699

Perpetual,

Ltd.

33,358

2,595

Polar

Capital

Holdings

plc

16,847

40,781

Quilter

plc(a)

91,251

942

Rathbones

Group

plc

23,096

9,785

Ratos

AB,

B

Shares

38,486

4,000

SBI

Holdings,

Inc.

173,679

12,137

Schroders

plc

61,473

12,500

Singapore

Exchange,

Ltd.

160,403

840

Sparx

Group

Co.,

Ltd.

9,066

700

Sprott,

Inc.

58,188

11,465

St

James's

Place

plc

196,051

700

Strike

Co.,

Ltd.

21,001

514

Swissquote

Group

Holding

SA,

Registered

Shares

361,009

1,296

Taaleri

plc

11,038

2,584

Tamburi

Investment

Partners

SpA

25,332

2,705

Tel

Aviv

Stock

Exchange,

Ltd.

62,464

1,383

Tikehau

Capital

SCA

30,112

2,855

TMX

Group,

Ltd.

109,235

8,500

Tokai

Tokyo

Financial

Holdings,

Inc.

33,807

4,000

Toyo

Securities

Co.,

Ltd.

14,936

39,570

TP

ICAP

Group

plc

146,695

21,568

UBS

Group

AG

886,797

14,286

UOB-Kay

Hian

Holdings,

Ltd.

26,471

22,000

Value

Partners

Group,

Ltd.

7,491

1,528

Van

Lanschot

Kempen

NV

91,408

947

VIEL

&

Cie

SA

18,800

1,341

Vontobel

Holding

AG,

Class

R

100,926

245

VP

Bank

AG,

Class

A

25,451

289

VZ

Holding

AG

60,651

3,692

XPS

Pensions

Group

plc

16,890

9,943,597

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

6

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Chemicals

(3.2%):

4,100

5N

Plus,

Inc.*

$

50,119

900

Achilles

Corp.

7,448

3,100

ADEKA

Corp.

69,097

1,800

Aica

Kogyo

Co.,

Ltd.

45,315

2,749

Air

Liquide

SA

572,026

7,900

Air

Water,

Inc.

135,810

3,964

Akzo

Nobel

NV

282,323

700

Arakawa

Chemical

Industries,

Ltd.

5,182

1,597

Arkema

SA

101,343

1,200

Artience

Co.,

Ltd.

25,422

28,200

Asahi

Kasei

Corp.

221,752

700

ASAHI

YUKIZAI

Corp.

21,803

17,201

BASF

SE

857,256

1,939

Borregaard

ASA

37,763

400

C

Uyemura

&

Co.,

Ltd.

31,655

1,400

Chugoku

Marine

Paints,

Ltd.

33,868

4,338

Clariant

AG,

Registered

Shares*

40,329

2,024

Corbion

NV

39,079

4,522

Covestro

AG*

309,517

1,507

Croda

International

plc

55,074

1,000

Dai

Nippon

Toryo

Co.,

Ltd.

8,695

10,600

Daicel

Corp.

96,519

1,700

Daiichi

Kigenso

Kagaku-Kogyo

Co.,

Ltd.

7,983

900

Dainichiseika

Color

&

Chemicals

Manufacturing

Co.,

Ltd.

23,708

3,200

Denka

Co.,

Ltd.

49,348

3,300

DIC

Corp.

81,320

200

DKS

Co.,

Ltd.

7,975

144

DSM-Firmenich

AG

12,311

65,902

Dyno

Nobel,

Ltd.

135,481

19,833

Elementis

plc

43,298

13,127

Elkem

ASA*(a)

34,619

30

EMS-Chemie

Holding

AG

21,300

8,516

Ercros

SA*

27,073

9,485

Essentra

plc

13,713

8,885

Evonik

Industries

AG

154,304

1,021

FUCHS

SE

36,537

1,600

Fujimi,

Inc.

23,368

600

Fuso

Chemical

Co.,

Ltd.

19,842

36

Givaudan

SA,

Registered

Shares

146,776

200

Gurit

Holding

AG,

Class

BR*

2,895

5,343

Hexpol

AB

48,050

1,400

Hodogaya

Chemical

Co.,

Ltd.

16,947

3,363

ICL

Group,

Ltd.

21,039

1,500

Ishihara

Sangyo

Kaisha,

Ltd.

23,526

1,000

JCU

Corp.

30,822

4,610

Johnson

Matthey

plc

125,058

700

JSP

Corp.

9,181

3,115

K+S

AG

42,174

1,900

Kaneka

Corp.

54,090

6,100

Kansai

Paint

Co.,

Ltd.

99,320

3,300

Kanto

Denka

Kogyo

Co.,

Ltd.

21,370

600

KeePer

Technical

Laboratory

Co.,

Ltd.

15,143

1,600

KEIWA,

Inc.

12,762

4,979

Kemira

Oyj

111,565

1,400

KH

Neochem

Co,

Ltd.

26,360

1,500

Koatsu

Gas

Kogyo

Co.,

Ltd.

10,522

2,000

Konishi

Co.,

Ltd.

17,449

3,400

Kumiai

Chemical

Industry

Co.,

Ltd.

19,014

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

12,400

Kuraray

Co.,

Ltd.

$

142,648

900

Kureha

Corp.

23,261

1,200

Kuriyama

Holdings

Corp.

13,276

2,749

LANXESS

AG

68,219

549

Lenzing

AG*

16,501

1,900

Lintec

Corp.

46,680

400

MEC

Co.,

Ltd.

10,346

1,900

Methanex

Corp.

75,549

23,100

Mitsubishi

Chemical

Group

Corp.

133,191

4,600

Mitsubishi

Gas

Chemical

Co.,

Inc.

82,029

3,400

Mitsui

Chemicals,

Inc.

84,967

600

Moriroku

Co.,

Ltd.

10,458

12,400

Nanofilm

Technologies

International,

Ltd.^

7,426

800

Nihon

Kagaku

Sangyo

Co.,

Ltd.

12,479

2,300

Nihon

Nohyaku

Co.,

Ltd.

15,592

4,000

Nihon

Parkerizing

Co.,

Ltd.

36,988

600

Nippon

Chemical

Industrial

Co.,

Ltd.

11,556

6,400

Nippon

Kayaku

Co.,

Ltd.

60,227

2,500

Nippon

Paint

Holdings

Co.,

Ltd.

17,093

3,000

Nippon

Sanso

Holdings

Corp.

106,316

3,900

Nippon

Shokubai

Co.,

Ltd.

48,067

2,200

Nippon

Soda

Co.,

Ltd.

51,267

3,600

Nissan

Chemical

Corp.

130,494

11,100

Nitto

Denko

Corp.

263,136

3,600

NOF

Corp.

62,857

5,423

Novonesis

(Novozymes)

B

332,456

6,341

Nufarm,

Ltd.*

9,619

6,344

Nutrien,

Ltd.

372,616

3,137

Nutrien,

Ltd.,

ADR

184,173

3,787

OCI

NV*

17,554

500

Okamoto

Industries,

Inc.

17,161

600

Okura

Industrial

Co.,

Ltd.

22,134

18,060

Orica,

Ltd.

253,141

900

Osaka

Organic

Chemical

Industry,

Ltd.

18,944

1,000

PILLAR

Corp.

27,801

1,958

Recticel

SA

20,648

6,500

Resonac

Holdings

Corp.

219,936

1,000

Riken

Technos

Corp.

8,512

500

Sakai

Chemical

Industry

Co.,

Ltd.

9,616

2,400

Sakata

INX

Corp.

37,726

700

Sanyo

Chemical

Industries,

Ltd.

19,480

900

Sekisui

Kasei

Co.,

Ltd.

2,180

1,100

Shikoku

Kasei

Holdings

Corp.

16,623

10,400

Shin-Etsu

Chemical

Co.,

Ltd.

340,350

1,800

Shin-Etsu

Polymer

Co.,

Ltd.

23,219

866

Sika

AG,

Registered

Shares

194,114

300

SK

Kaken

Co.,

Ltd.

18,098

1,200

Soken

Chemical

&

Engineering

Co.,

Ltd.

16,744

1,125

SOL

SpA

67,052

3,243

Solvay

SA,

Class

A

103,274

285

SP

Group

A/S

12,170

400

Stella

Chemifa

Corp.

11,036

2,600

Sumitomo

Bakelite

Co.,

Ltd.

87,017

39,300

Sumitomo

Chemical

Co.,

Ltd.

123,951

300

Sumitomo

Seika

Chemicals

Co.,

Ltd.

9,650

1,957

Syensqo

SA

158,843

1,937

Symrise

AG

168,778

4,585

Synthomer

plc*

4,774

700

T.

Hasegawa

Co.,

Ltd.

13,801

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

7

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

1,800

Taiyo

Holdings

Co.,

Ltd.

$

98,235

3,000

Takasago

International

Corp.

32,772

2,100

Tanaka

Chemical

Corp.*

5,671

600

Tayca

Corp.

5,296

6,900

Teijin,

Ltd.

58,748

205

Tessenderlo

Group

SA

6,239

4,300

Toagosei

Co.,

Ltd.

43,865

9,200

Tokai

Carbon

Co.,

Ltd.

64,016

2,200

Tokuyama

Corp.

54,555

1,800

Tokyo

Ohka

Kogyo

Co.,

Ltd.

58,811

22,000

Toray

Industries,

Inc.

140,380

6,300

Tosoh

Corp.

93,343

400

Toyo

Gosei

Co.,

Ltd.^

17,008

3,400

Toyobo

Co.,

Ltd.

26,109

3,300

UBE

Corp.

51,069

1,041

Umicore

SA

18,503

700

Valqua,

Ltd.

17,770

2,109

Victrex

plc

20,426

571

Wacker

Chemie

AG

43,050

1,291

Yara

International

ASA

47,148

800

Yushiro,

Inc.

12,235

2,800

Zacros

Corp.

20,090

5,600

Zeon

Corp.

62,373

10,065,164

Commercial

Services

&

Supplies

(1.3%):

6,000

ALSOK

Co.,

Ltd.

45,287

223,280

AMA

Group,

Ltd.*

13,867

1,123

Befesa

SA(a)

37,979

896

Bilfinger

SE

98,725

3,449

Black

Diamond

Group,

Ltd.

34,701

500

Boyd

Group,

Inc.

84,341

11,094

Brambles,

Ltd.

182,878

7,404

Bravida

Holding

AB(a)

72,314

200

Calian

Group,

Ltd.

7,138

300

Central

Security

Patrols

Co.,

Ltd.

5,196

338

Cewe

Stiftung

&

Co.

KGAA

39,665

58,603

Cleanaway

Waste

Management,

Ltd.

107,834

3,808

Coor

Service

Management

Holding

AB(a)

19,561

2,400

CTS

Co.,

Ltd.

14,900

5,200

Dai

Nippon

Printing

Co.,

Ltd.

88,320

1,500

Daiseki

Co.,

Ltd.

34,703

3,731

Derichebourg

SA

23,057

2,180

Dexterra

Group,

Inc.

14,883

290

DO

&

CO

AG

75,685

4,446

doValue

SpA*(a)

16,043

26,433

Downer

EDI,

Ltd.

129,510

1,100

Duskin

Co.,

Ltd.

28,660

14,459

Element

Fleet

Management

Corp.

374,490

8,382

Elis

SA

242,434

300

GDI

Integrated

Facility

Services,

Inc.*

5,948

1,143

GFL

Environmental,

Inc.

54,181

435

GL

Events

SACA

15,864

800

grems,

Inc.

13,199

900

Inaba

Seisakusho

Co.,

Ltd.

10,422

1,400

Inui

Global

Logistics

Co.,

Ltd.

15,529

5,655

ISS

A/S

179,598

1,800

Itoki

Corp.

29,794

5,200

Japan

Elevator

Service

Holdings

Co.,

Ltd.

65,962

21,513

Johnson

Service

Group

plc

43,402

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

12,000

Kokuyo

Co.,

Ltd.

$

71,415

4,600

Kosaido

Holdings

Co.,

Ltd.^

13,734

1,600

Kyodo

Printing

Co.,

Ltd.

16,267

2,302

Lassila

&

Tikanoja

Oyj

28,224

3,245

Loomis

AB

138,882

700

Matsuda

Sangyo

Co.,

Ltd.

19,829

5,449

Mears

Group

plc

23,393

39,904

Mitie

Group

plc

74,717

600

Mitsubishi

Pencil

Co.,

Ltd.

8,802

2,800

NAC

Co.,

Ltd.

10,420

900

Nichiban

Co.,

Ltd.

12,027

10,600

Nippon

Parking

Development

Co.,

Ltd.

20,617

1,600

Okamura

Corp.

25,393

1,100

Oyo

Corp.

21,425

5,600

Park24

Co.,

Ltd.

71,509

1,100

Pilot

Corp.

35,658

926

Pluxee

NV

16,486

2,400

Prestige

International,

Inc.

10,698

22,243

Prosegur

Cash

SA(a)

19,897

2,200

Raksul,

Inc.

17,729

1,681

RB

Global,

Inc.

182,101

12,382

Rentokil

Initial

plc

62,560

900

Sato

Corp.

13,792

952

Sdiptech

AB*

17,583

95

Seche

Environnement

SACA

8,201

1,400

Secom

Co.,

Ltd.

51,333

8,181

Securitas

AB,

Class

B

123,295

24,072

Serco

Group

plc

76,929

872

Societe

BIC

SA

54,443

5,573

SPIE

SA

301,330

700

Studio

Alice

Co.,

Ltd.

9,758

1,817

Takkt

AG

10,647

2,580

TOPPAN

Holdings,

Inc.

66,332

2,000

TRE

Holdings

Corp.

20,997

1,000

Waste

Connections,

Inc.

175,825

418

Waste

Connections,

Inc.,

ADR

73,484

4,131,802

Communications

Equipment

(0.3%):

2,301

ADTRAN

Holdings,

Inc.*

21,583

485

Adtran

Networks

SE

12,241

700

Aiphone

Co.,

Ltd.

13,589

1,000

AudioCodes,

Ltd.

9,520

700

DKK

Co.,

Ltd.

9,456

1,700

Evertz

Technologies,

Ltd.

14,660

726

EVS

Broadcast

Equipment

SA

30,422

500

Icom,

Inc.

10,198

71,424

Nokia

Oyj

342,194

8,988

Nokia

Oyj,

ADR

43,232

10,200

Quarterhill,

Inc.*

7,697

418

RTX

A/S*

6,120

600

Sangoma

Technologies

Corp.*

2,980

10,363

Spirent

Communications

plc

27,642

684

Telefonaktiebolaget

LM

Ericsson,

Class

A

5,658

29,389

Telefonaktiebolaget

LM

Ericsson,

Class

B^

243,900

7,500

VTech

Holdings,

Ltd.

60,366

861,458

Construction

&

Engineering

(2.5%):

859

Ackermans

&

van

Haaren

NV

220,838

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

8

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

4,351

ACS

Actividades

de

Construccion

y

Servicios

SA

$

347,967

3,353

Aecon

Group,

Inc.

57,397

1,375

AF

Gruppen

ASA*

23,191

3,000

Asanuma

Corp.

17,343

1,130

Ashtrom

Group,

Ltd.

23,827

2,962

AtkinsRealis

Group,

Inc.

213,800

1,210

Badger

Infrastructure

Solutions,

Ltd.

53,374

16,822

Balfour

Beatty

plc

147,369

3,000

Bird

Construction,

Inc.^

65,066

18,272

Boustead

Singapore,

Ltd.

23,240

8,388

Bouygues

SA

378,824

268

Burkhalter

Holding

AG

45,640

1,300

Chudenko

Corp.

34,609

494

Cie

d'Entreprises

CFE

5,327

3,721

COMSYS

Holdings

Corp.

92,753

6,276

Costain

Group

plc

11,343

1,000

CTI

Engineering

Co.,

Ltd.

20,199

1,000

Dai-Dan

Co.,

Ltd.

41,797

335

Deme

Group

NV

48,869

3,275

Eiffage

SA

421,164

818

Elecnor

SA

23,384

63

Electra,

Ltd./Israel

36,791

7,737

Eltel

AB*

7,395

37,002

Empresas

ICA

SAB

de

CV*(b)

—

5,200

EXEO

Group,

Inc.

75,264

3,985

Ferrovial

SE

229,343

440

Fudo

Tetra

Corp.

7,971

2,931

Fugro

NV

31,295

200

Fukuda

Corp.

9,527

4,363

Galliford

Try

Holdings

plc

31,027

3,400

Hazama

Ando

Corp.

38,499

600

Hibiya

Engineering,

Ltd.

17,968

256

HOCHTIEF

AG

68,572

783

Implenia

AG,

Registered

Shares

65,986

5,936

INFRONEER

Holdings,

Inc.

61,722

5,765

Instalco

AB

15,680

8,300

JGC

Holdings

Corp.

84,609

7,364

Johns

Lyng

Group,

Ltd.

19,263

2,300

Kajima

Corp.

67,039

1,700

Kandenko

Co.,

Ltd.

46,600

900

Kawada

Technologies,

Inc.

24,217

2,069

Keller

Group

plc

42,014

19,638

Kier

Group

plc

58,286

1,500

Kinden

Corp.

51,409

13,407

Koninklijke

BAM

Groep

NV

127,258

2,013

Koninklijke

Heijmans

NV

140,681

800

Kraftia

Corp.

38,760

2,800

Kumagai

Gumi

Co.,

Ltd.

23,684

770

Kvutzat

Acro,

Ltd.

10,840

1,447

Lycopodium,

Ltd.

11,329

7,887

Maas

Group

Holdings,

Ltd.

23,095

5,316

Maire

SpA

78,754

31,500

MECOM

Power

and

Construction,

Ltd.*

651

1,700

Meisei

Industrial

Co.,

Ltd.

18,649

3,300

MIRAIT

ONE

Corp.

64,391

1,200

Mitsubishi

Kakoki

Kaisha,

Ltd.

21,709

1,800

Miyaji

Engineering

Group,

Inc.

24,620

3,871

Monadelphous

Group,

Ltd.

57,799

1,042

Morgan

Sindall

Group

plc

62,257

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

2,652

Mota-Engil

SGPS

SA^

$

15,995

4,687

NCC

AB,

Class

B

107,884

1,000

Nichireki

Group

Co.,

Ltd.

17,882

1,600

Nippon

Densetsu

Kogyo

Co.,

Ltd.

30,906

20,879

NRW

Holdings,

Ltd.

64,155

8,200

Obayashi

Corp.

134,564

58,518

Obrascon

Huarte

Lain

SA*

30,378

1,800

Okumura

Corp.

57,538

8,600

Oriental

Shiraishi

Corp.

24,786

6,889

Peab

AB,

Class

B

56,016

9,800

Penta-Ocean

Construction

Co.,

Ltd.

77,150

1,053

Per

Aarsleff

Holding

A/S

113,622

999

Porr

AG

33,471

1,500

Raito

Kogyo

Co.,

Ltd.

32,707

2,254

Renew

Holdings

plc

24,574

5,932

Sacyr

SA

24,898

900

Sanki

Engineering

Co.,

Ltd.

29,963

1,700

Seikitokyu

Kogyo

Co.,

Ltd.

17,305

40,165

Service

Stream,

Ltd.

61,409

16,220

Severfield

plc

6,546

1,612

Shapir

Engineering

and

Industry,

Ltd.

13,189

8,167

Shikun

&

Binui,

Ltd.*

37,331

5,400

Shimizu

Corp.

75,796

1,500

Shinnihon

Corp.

18,688

1,100

SHO-BOND

Holdings

Co.,

Ltd.

36,157

5,395

Skanska

AB,

Class

B

140,648

14,496

Southern

Cross

Electrical

Engineering,

Ltd.

19,548

31,648

SRG

Global,

Ltd.

40,656

1,061

Stantec,

Inc.

114,442

1,244

Stantec,

Inc.,

ADR

134,103

868

Strabag

SE,

Class

BR

79,408

600

Sumitomo

Densetsu

Co.,

Ltd.

25,902

3,746

Sweco

AB,

Class

B

62,831

2,100

Taihei

Dengyo

Kaisha,

Ltd.

29,672

1,600

Taikisha,

Ltd.

30,886

700

Taisei

Corp.

48,082

800

Takamatsu

Construction

Group

Co.,

Ltd.

18,657

400

Tekken

Corp.

9,500

3,600

Toa

Corp.

50,843

400

TOA

ROAD

Corp.

4,184

1,630

Tobishima

Holdings,

Inc.

23,973

8,600

Toda

Corp.

59,228

2,000

Toenec

Corp.

18,908

1,000

Tokyo

Energy

&

Systems,

Inc.

11,325

5,100

Tokyu

Construction

Co.,

Ltd.

38,528

1,100

Totetsu

Kogyo

Co.,

Ltd.

32,172

3,108

Veidekke

ASA

49,327

30,940

Ventia

Services

Group

Pty,

Ltd.

104,500

7,347

Vinci

SA

1,022,857

16,795

Webuild

SpA

69,855

14,122

Worley,

Ltd.

131,559

1,741

WSP

Global,

Inc.

342,194

1,700

Yahagi

Construction

Co.,

Ltd.

25,772

1,400

Yokogawa

Bridge

Holdings

Corp.

26,775

1,500

Yondenko

Corp.

13,634

1,200

Yurtec

Corp.

21,903

8,057,057

Construction

Materials

(0.6%):

1,800

Asia

Pile

Holdings

Corp.

15,115

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

9

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

Materials,

continued

9,272

Breedon

Group

plc

$

44,697

2,655

Buzzi

SpA

146,120

2,105

Cementir

Holding

NV

35,128

4,586

Forterra

plc(a)

11,560

1,160

H+H

International

A/S,

Class

B*

17,787

2,196

Heidelberg

Materials

AG

494,321

7,265

Holcim

AG*

618,420

15,092

Ibstock

plc(a)

28,276

1,646

Imerys

SA

43,438

3,808

James

Hardie

Industries

plc*

70,835

700

Krosaki

Harima

Corp.

19,523

1,200

Maeda

Kosen

Co.,

Ltd.

15,775

8,852

Marshalls

plc

21,545

2,500

Nippon

Concrete

Industries

Co.,

Ltd.^

5,836

666

RHI

Magnesita

NV

18,484

1,500

Shinagawa

Refra

Co.,

Ltd.

19,000

22,814

SigmaRoc

plc*

37,035

1,500

Sumitomo

Osaka

Cement

Co.,

Ltd.

39,415

5,000

Taiheiyo

Cement

Corp.

129,832

1,300

TYK

Corp.

4,684

2,000

Vertex

Corp.

20,875

998

Vicat

SACA

70,099

2,653

Wienerberger

AG

85,965

100

Yotai

Refractories

Co.,

Ltd.

1,163

2,014,928

Consumer

Finance

(0.3%):

9,400

Acom

Co.,

Ltd.

30,566

5,400

AEON

Financial

Service

Co.,

Ltd.

55,015

7,800

Aiful

Corp.

26,274

8,198

Axactor

ASA*

6,218

4,614

B2

Impact

ASA

7,988

1,505

Cembra

Money

Bank

AG

172,927

3,533

Credit

Corp.

Group,

Ltd.

35,890

6,200

Credit

Saison

Co.,

Ltd.

165,242

3,324

FleetPartners

Group,

Ltd.*

6,359

7,892

Funding

Circle

Holdings

plc*(a)

13,229

600

goeasy,

Ltd.

74,755

2,509

Hoist

Finance

AB(a)

26,623

17,800

Hong

Leong

Finance,

Ltd.

36,035

14,415

International

Personal

Finance

plc

41,671

8,929

Isracard,

Ltd.

36,111

5,602

J

Trust

Co.,

Ltd.

16,822

900

Jaccs

Co.,

Ltd.

25,831

5,100

Marui

Group

Co.,

Ltd.

109,388

272

Moltiply

Group

SpA

13,258

1,520

Orient

Corp.

10,375

213,600

Oshidori

International

Holdings,

Ltd.*

13,724

2,100

Premium

Group

Co.,

Ltd.

30,569

1,400

Propel

Holdings,

Inc.

29,559

10,234

Solvar,

Ltd.

10,767

38,000

Sun

Hung

Kai

&

Co.,

Ltd.

19,382

10,046

Vanquis

Banking

Group

plc*

16,625

10,059

Zip

Co.,

Ltd.*

29,613

1,060,816

Consumer

Staples

Distribution

&

Retail

(2.1%):

702

Acomo

NV

19,295

12,315

Aeon

Co.,

Ltd.

149,548

1,600

Ain

Holdings,

Inc.

75,305

Shares

Value

Common

Stocks,

continued

Consumer

Staples

Distribution

&

Retail,

continued

7,372

Alimentation

Couche-Tard,

Inc.

$

393,368

1,800

Arcs

Co.,

Ltd.

38,468

1,386

Axfood

AB^

43,034

3,200

Axial

Retailing,

Inc.

25,381

600

Belc

Co.,

Ltd.

31,359

21,362

Carrefour

SA

323,411

1,100

Cawachi,

Ltd.

22,009

20,779

Coles

Group,

Ltd.

320,770

875

Colruyt

Group

NV

34,507

800

Cosmos

Pharmaceutical

Corp.

46,735

1,300

Create

SD

Holdings

Co.,

Ltd.

29,203

500

Daikokutenbussan

Co.,

Ltd.

24,370

12,300

DFI

Retail

Group

Holdings,

Ltd.

40,146

4,760

Empire

Co.,

Ltd.

170,867

33,434

Endeavour

Group,

Ltd.

80,216

900

Fuji

Co.,

Ltd./Ehime

12,293

1,000

G-7

Holdings,

Inc.

8,547

1,000

Genky

DrugStores

Co.,

Ltd.

33,970

2,979

George

Weston,

Ltd.

181,737

6,985

GrainCorp,

Ltd.,

Class

A

41,662

3,700

H2O

Retailing

Corp.^

54,238

500

Halows

Co.,

Ltd.

16,913

1,600

Heiwado

Co.,

Ltd.

31,470

3,009

HelloFresh

SE*

25,835

10,000

Hong

Kong

Technology

Venture

Co.,

Ltd.

1,993

200

Itochu-Shokuhin

Co.,

Ltd.

13,840

57,232

J

Sainsbury

plc

257,553

3,770

Jeronimo

Martins

SGPS

SA

91,829

600

JM

Holdings

Co.,

Ltd.

12,371

900

Kato

Sangyo

Co.,

Ltd.

35,478

3,850

Kesko

Oyj,

Class

A

82,670

12,885

Kesko

Oyj,

Class

B

274,248

2,324

Kitwave

Group

plc

7,201

2,300

Kobe

Bussan

Co.,

Ltd.

63,268

15,521

Koninklijke

Ahold

Delhaize

NV

627,840

2,200

Life

Corp.

37,567

4,396

Loblaw

Cos.,

Ltd.

170,059

215

M

Yochananof

&

Sons,

Ltd.

17,901

42,911

Marks

&

Spencer

Group

plc

210,646

689

MARR

SpA

7,456

5,440

MatsukiyoCocokara

&

Co.

110,466

600

Maxvalu

Tokai

Co.,

Ltd.

14,116

38,038

Metcash,

Ltd.

95,669

3,317

Metro,

Inc.

222,810

2,301

North

West

Co.,

Inc.

(The)

79,076

5,999

Ocado

Group

plc*

18,198

10,925

Olam

Group,

Ltd.^

8,386

1,200

Qol

Holdings

Co.,

Ltd.

16,297

337

Rami

Levy

Chain

Stores

Hashikma

Marketing

2006,

Ltd.

31,111

1,000

Retail

Partners

Co.,

Ltd.

9,598

2,000

San-A

Co.,

Ltd.

37,665

27,700

Seven

&

i

Holdings

Co.,

Ltd.

372,583

28,900

Sheng

Siong

Group,

Ltd.

46,632

3,049

Shufersal,

Ltd.

35,950

38,447

Sonae

SGPS

SA

60,498

3,300

Sugi

Holdings

Co.,

Ltd.

79,591

2,400

Sundrug

Co.,

Ltd.

70,355

110,686

Tesco

plc

663,382

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

10

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Consumer

Staples

Distribution

&

Retail,

continued

2,900

Tsuruha

Holdings,

Inc.

$

46,439

2,100

United

Super

Markets

Holdings,

Inc.

13,695

2,200

Valor

Holdings

Co.,

Ltd.

43,276

1,400

Watahan

&

Co.,

Ltd.

14,772

2,800

Welcia

Holdings

Co.,

Ltd.

51,127

9,138

Woolworths

Group,

Ltd.

161,370

800

YAKUODO

Holdings

Co.,

Ltd.

12,511

800

Yamatane

Corp.

15,280

700

Yaoko

Co.,

Ltd.

45,331

2,800

Yokorei

Co.,

Ltd.

22,991

6,585,752

Containers

&

Packaging

(0.5%):

8,133

Billerud

Aktiebolag

73,243

4,231

Cascades,

Inc.

29,311

5,183

CCL

Industries,

Inc.

292,170

2,123

Corticeira

Amorim

SGPS

SA

17,960

3,926

Elopak

ASA

18,153

2,100

FP

Corp.

35,754

1,900

Fuji

Seal

International,

Inc.

36,555

1,000

Hokkan

Holdings,

Ltd.

15,115

3,758

Huhtamaki

Oyj

130,103

7,104

International

Paper

Co.

329,626

282

Mayr

Melnhof

Karton

AG

26,188

3,531

Metsa

Board

Oyj

12,477

50,822

Orora,

Ltd.

70,071

1,500

Pack

Corp.

(The)^

12,180

7,600

Rengo

Co.,

Ltd.

48,064

8,214

SIG

Group

AG*

85,171

500

Taisei

Lamick

Group

Head

Quarter

&

Innovation

Co.,

Ltd.

9,152

600

Tomoku

Co.,

Ltd.

13,783

3,400

Toyo

Seikan

Group

Holdings,

Ltd.

77,530

3,570

Transcontinental,

Inc.,

Class

A

50,465

83

Vetropack

Holding

AG

2,477

733

Vidrala

SA

77,497

1,600

Winpak,

Ltd.

46,890

501

Zignago

Vetro

SpA

4,607

1,514,542

Distributors

(0.1%):

1,200

Arata

Corp.

25,216

2,994

B&S

Group

Sarl(a)

20,777

9,470

Bapcor,

Ltd.

19,839

2,000

Central

Automotive

Products,

Ltd.

24,904

299

D'ieteren

Group

56,170

1,000

Doshisha

Co.,

Ltd.

19,097

600

Happinet

Corp.

27,828

4,313

Headlam

Group

plc*

3,134

15,726

Inchcape

plc

146,713

500

Media

Do

Co.,

Ltd.

6,472

1,000

PALTAC

Corp.

31,301

85

Tadiran

Group,

Ltd.

4,276

385,727

Diversified

Consumer

Services

(0.1%):

3,986

AcadeMedia

AB(a)

41,454

3,907

Auction

Technology

Group

plc*

16,933

33,000

EC

Healthcare

3,096

44,648

G8

Education,

Ltd.

24,896

Shares

Value

Common

Stocks,

continued

Diversified

Consumer

Services,

continued

1,700

IBJ,

Inc.

$

10,033

3,637

IDP

Education,

Ltd.

15,839

3,200

JP-Holdings,

Inc.

13,554

1,200

LITALICO,

Inc.

10,992

12,661

ME

GROUP

INTERNATIONAL

plc

31,640

6,596

Pearson

plc

93,731

25,000

Perfect

Medical

Health

Management,

Ltd.

4,469

600

PIA

Corp.*

14,063

900

QB

Net

Holdings

Co.,

Ltd.

8,283

931

Riso

Kyoiku

Group

Corp.

1,416

1,600

San

Holdings,

Inc.

16,087

306,486

Diversified

Telecommunication

Services

(2.2%):

9,620

Aussie

Broadband,

Ltd.

36,969

492

BCE,

Inc.,

ADR

11,508

1,279

BCE,

Inc.

29,891

28,186

Bezeq

The

Israeli

Telecommunication

Corp.,

Ltd.

54,065

202,666

BT

Group

plc

521,614

3,412

Cellnex

Telecom

SA(a)

118,288

11,832

Chorus,

Ltd.

65,560

90,000

CITIC

Telecom

International

Holdings,

Ltd.

28,104

400

Cogeco,

Inc.

17,383

47,136

Deutsche

Telekom

AG,

Registered

1,605,746

5,072

Elisa

Oyj

266,097

1,192

Eurotelesites

AG*

6,878

2,209

Gamma

Communications

plc

29,699

24,829

Helios

Towers

plc*

49,825

74,295

HKT

Trust

&

HKT,

Ltd.,

Class

SS

109,986

2,700

Internet

Initiative

Japan,

Inc.

47,878

141,424

Koninklijke

KPN

NV

678,959

41,300

NETLINK

NBN

TRUST

30,432

8,252

NOS

SGPS

SA

37,746

146,300

NTT,

Inc.

152,999

70,254

Orange

SA

1,139,574

628

Ovzon

AB*

2,568

87,202

PCCW,

Ltd.

59,724

3,796

Proximus

SADP

33,166

4,622

Quebecor,

Inc.,

Class

B

145,552

4,571

RAI

Way

SpA(a)

32,364

3,900

Singapore

Telecommunications,

Ltd.

12,480

22,616

Spark

New

Zealand,

Ltd.

30,968

12,209

Superloop,

Ltd.*

27,399

503

Swisscom

AG,

Registered

Shares

365,229

233,136

Telecom

Italia

SpA,

Savings

Share*

134,956

362,236

Telecom

Italia

SpA/Milano*

189,570

64,804

Telefonica

SA

334,898

4,768

Telekom

Austria

AG

50,956

3,510

Telenor

ASA

58,276

47,119

Telia

Co.

AB

179,992

40,231

Telstra

Group,

Ltd.

128,362

692

TELUS

Corp.

10,901

9,600

TPG

Telecom,

Ltd.

31,866

2,802

Tuas,

Ltd.*

12,950

1,900

U-Next

Holdings

Co.,

Ltd.

27,733

2,332

United

Internet

AG

73,548

1,900

Vision,

Inc.

15,973

6,998,632

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

11

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electric

Utilities

(1.3%):

882

Acciona

SA

$

177,857

555

BKW

AG

118,499

5,900

Chubu

Electric

Power

Co.,

Inc.

82,173

6,700

Chugoku

Electric

Power

Co.,

Inc.

(The)^

38,233

8,000

CK

Infrastructure

Holdings,

Ltd.

52,573

9,064

CLP

Holdings,

Ltd.

75,128

13,965

Contact

Energy,

Ltd.

73,525

38,410

EDP

-

Energias

de

Portugal

SA

182,419

405

Elia

Group

SA/NV

46,728

3,812

Elmera

Group

ASA(a)

13,045

3,100

Emera,

Inc.

148,751

4,654

Endesa

SA

148,695

82,705

Enel

SpA

784,311

772

EVN

AG

21,219

4,526

Fortis,

Inc.

229,601

1,244

Fortis,

Inc.,

ADR

63,121

10,147

Fortum

Oyj

191,776

27,480

Genesis

Energy,

Ltd.

37,395

31,000

HK

Electric

Investments

&

HK

Electric

Investments,

Ltd.

23,584

4,600

Hokkaido

Electric

Power

Co.,

Inc.^

33,747

3,500

Hokuriku

Electric

Power

Co.

19,989

3,400

Hydro

One,

Ltd.(a)

121,315

10,288

Iberdrola

SA

194,915

7,900

Kansai

Electric

Power

Co.,

Inc.

(The)

113,167

2,800

Kyushu

Electric

Power

Co.,

Inc.

28,033

2,363

Mercury

NZ,

Ltd.

9,167

240

Naturenergie

Holding

AG

10,046

1,800

Okinawa

Electric

Power

Co.,

Inc.

(The)

12,323

18,940

Origin

Energy,

Ltd.

156,711

1,263

Orsted

AS*^(a)

22,700

8,000

Power

Assets

Holdings,

Ltd.

50,701

7,630

Redeia

Corp.

SA

147,417

246

Romande

Energie

Holding

SA,

Registered

Shares

12,870

3,500

Shikoku

Electric

Power

Co.,

Inc.

31,142

18,532

SSE

plc

434,231

17,604

Terna

-

Rete

Elettrica

Nazionale

178,807

6,400

Tohoku

Electric

Power

Co.,

Inc.

46,524

14,600

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

68,566

522

Verbund

AG

37,942

4,238,946

Electrical

Equipment

(1.4%):

6,957

ABB,

Ltd.,

Registered

Shares

501,511

4,372

Accelleron

Industries

AG

368,123

138

Alfen

N.V.*(a)

1,571

1,361

AQ

Group

AB

26,162

6,056

Ballard

Power

Systems,

Inc.*^

16,408

38

Carlo

Gavazzi

Holding

AG,

Registered

Shares*

7,572

600

Chiyoda

Integre

Co.,

Ltd.

13,339

1,500

Cosel

Co.,

Ltd.

12,187

300

Daihen

Corp.

16,651

700

Denyo

Co.,

Ltd.^

14,022

355

DiscoverIE

Group

plc

2,855

299

Energiekontor

AG

15,417

3,114

Fagerhult

Group

AB

13,567

1,900

Fuji

Electric

Co.,

Ltd.

129,884

2,000

Fujikura,

Ltd.

194,465

2,600

Furukawa

Electric

Co.,

Ltd.

159,458

1,200

Futaba

Corp.

5,377

Shares

Value

Common

Stocks,

continued

Electrical

Equipment,

continued

485

GARO

AB*

$

936

3,900

GS

Yuasa

Corp.

92,117

3,993

Hexatronic

Group

AB*

8,180

420

Hirakawa

Hewtech

Corp.

5,878

580

Huber

+

Suhner

AG,

Registered

Shares

99,563

1,600

Idec

Corp.

26,169

1,273

Legrand

SA

212,324

4,700

Mabuchi

Motor

Co.,

Ltd.

82,223

754

Mersen

SA

22,344

6,100

Mitsubishi

Electric

Corp.

158,820

15,831

NEL

ASA*^

3,416

1,236

Nexans

SA

184,475

5,500

NIDEC

Corp.

97,694

500

Nippon

Carbon

Co.,

Ltd.

14,722

1,000

Nitto

Kogyo

Corp.

24,454

2,447

NKT

A/S*

239,044

3,813

Nordex

SE*

97,839

38

Phoenix

Mecano

AG,

Registered

Shares

21,211

2,372

Prysmian

SpA

236,895

1,200

Sanyo

Denki

Co.,

Ltd.

28,563

1,604

Schneider

Electric

SE

452,761

1,000

SEC

Carbon,

Ltd.

15,298

2,150

SGL

Carbon

SE*

7,945

2,705

Siemens

Energy

AG*

316,250

4,566

Signify

NV(a)

120,558

1,000

Sinfonia

Technology

Co.,

Ltd.

61,413

1,500

SWCC

Corp.

78,582

900

Takaoka

Toko

Co.,

Ltd.

19,148

1,055

Tera

Light,

Ltd.*

3,787

921

TKH

Group

NV

39,711

3,900

Ushio,

Inc.

61,324

12,178

Vestas

Wind

Systems

A/S

236,383

4,251

Volex

plc

20,809

2,117

Zumtobel

Group

AG

9,974

4,599,379

Electronic

Equipment,

Instruments

&

Components

(1.5%):

2,100

A&D

HOLON

Holdings

Co.,

Ltd.

28,763

600

Ai

Holdings

Corp.

11,352

800

Aichi

Tokei

Denki

Co.,

Ltd.

15,113

5,560

Alps

Alpine

Co.,

Ltd.

70,394

226

ALSO

Holding

AG,

Registered

Shares

68,454

2,000

Amano

Corp.

56,817

619

Arad,

Ltd.

10,121

1,200

Arisawa

Manufacturing

Co.,

Ltd.

13,134

883

AT&S

Austria

Technologie

&

Systemtechnik

AG*

23,348

1,617

Audinate

Group,

Ltd.*

5,169

8,000

Azbil

Corp.

76,088

868

Barco

NV

13,796

675

Basler

AG*

14,117

900

Canon

Electronics,

Inc.

16,589

600

Canon

Marketing

Japan,

Inc.

24,248

2,548

Celestica,

Inc.*

627,103

157

Cicor

Technologies,

Ltd.,

Registered

Shares*

36,066

5,800

Citizen

Watch

Co.,

Ltd.

39,400

3,400

CMK

Corp.

8,025

3,435

Codan,

Ltd.

67,154

6,000

Cowell

e

Holdings,

Inc.*

30,108

500

Daitron

Co.,

Ltd.

14,853

3,500

Daiwabo

Holdings

Co.,

Ltd.

69,641

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

12

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

4,500

Dexerials

Corp.

$

69,000

858

Dicker

Data,

Ltd.

5,577

53,316

Dustin

Group

AB*(a)

9,562

500

Enplas

Corp.

18,857

84,000

FIT

Hon

Teng,

Ltd.*^(a)

69,456

400

Furuno

Electric

Co.,

Ltd.

15,393

1,680

Gooch

&

Housego

plc

12,905

400

Hagiwara

Electric

Holdings

Co.,

Ltd.

9,484

1,849

Halma

plc

85,810

3,300

Hamamatsu

Photonics

KK

35,722

1,373

Hanza

AB

14,803

10,564

Hexagon

AB,

Class

B

126,783

500

Hioki

EE

Corp.

20,534

400

Hirose

Electric

Co.,

Ltd.

49,932

1,200

Horiba,

Ltd.

101,477

2,600

Hosiden

Corp.

41,437

1,100

Ibiden

Co.,

Ltd.

66,519

1,122

Incap

Oyj*

13,025

172

Inficon

Holding

AG

20,384

1,000

Iriso

Electronics

Co.,

Ltd.

19,925

1,800

Japan

Aviation

Electronics

Industry,

Ltd.

30,625

1,100

Japan

Cash

Machine

Co.,

Ltd.

7,364

1,226

Jenoptik

AG

24,736

1,400

Kaga

Electronics

Co.,

Ltd.

33,482

400

Keyence

Corp.

148,948

1,894

Kitron

ASA

11,028

1,200

Koa

Corp.

9,431

16,000

Kyocera

Corp.

217,407

3,500

Kyosan

Electric

Manufacturing

Co.,

Ltd.

12,383

5,053

Lagercrantz

Group

AB,

B

Shares

109,303

527

Landis+Gyr

Group

AG*

42,610

1,212

LPKF

Laser

&

Electronics

SE*

10,116

6,000

Macnica

Holdings,

Inc.

83,107

200

Maruwa

Co.,

Ltd.

52,167

1,900

Maxell,

Ltd.

27,453

900

Meiko

Electronics

Co.,

Ltd.

60,039

2,414

Midwich

Group

plc

5,924

5,800

Murata

Manufacturing

Co.,

Ltd.

110,080

3,146

Mycronic

AB

72,252

2,911

NCAB

Group

AB*

15,365

267

Nedap

NV

29,703

944

Next

Vision

Stabilized

Systems,

Ltd.

42,848

2,800

Nichicon

Corp.

28,011

2,200

Nihon

Dempa

Kogyo

Co.,

Ltd.

13,819

600

Nippon

Chemi-Con

Corp.*

6,616

2,900

Nippon

Electric

Glass

Co.,

Ltd.

95,090

2,100

Nippon

Signal

Co.,

Ltd.

17,260

1,800

Nissha

Co.,

Ltd.

17,416

685

Note

AB

13,072

24,877

Novonix,

Ltd.*

7,533

3,600

Oki

Electric

Industry

Co.,

Ltd.

39,176

3,100

Omron

Corp.

85,098

1,200

Optex

Group

Co.,

Ltd.

17,085

900

Osaki

Electric

Co.,

Ltd.

7,791

468

Oxford

Instruments

plc

11,637

30,000

PAX

Global

Technology,

Ltd.

22,241

4,407

Pricer

AB,

Class

B*

2,355

82

Priortech,

Ltd.*

4,895

1,100

Restar

Corp.

19,573

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

1,200

Riken

Keiki

Co.,

Ltd.

$

25,326

900

Ryoyo

Ryosan

Holdings,

Inc.

18,195

400

Santec

Holdings

Corp.

21,322

1,100

Satori

Electric

Co.,

Ltd.

14,125

221

Sesa

SpA

22,449

800

Shibaura

Electronics

Co.,

Ltd.

38,531

1,900

Shimadzu

Corp.

47,918

1,200

Shinko

Shoji

Co.,

Ltd.

8,099

2,000

Siix

Corp.

18,333

4,611

Softwareone

Holding

AG

47,405

1,926

Spectris

plc

106,232

6,120

Strix

Group

plc*

3,295

2,000

Sumida

Corp.

14,672

700

Suzuden

Corp.

8,047

700

Tachibana

Eletech

Co.,

Ltd.

13,855

3,300

Taiyo

Yuden

Co.,

Ltd.

73,536

2,500

Tamura

Corp.

8,284

18,100

TDK

Corp.

261,863

245

Telsys,

Ltd.

14,147

1,200

Tokyo

Electron

Device,

Ltd.

24,121

1,300

TOYO

Corp.

14,035

7,103

TT

Electronics

plc

10,824

1,112

Vaisala

Oyj,

A

Shares

58,192

6,800

Venture

Corp.,

Ltd.

73,569

10,000

VSTECS

Holdings,

Ltd.

13,843

1,100

Yashima

Denki

Co.,

Ltd.

16,466

3,300

Yokogawa

Electric

Corp.

94,727

1,100

Yokowo

Co.,

Ltd.

10,998

4,793,886

Energy

Equipment

&

Services

(0.5%):

7,314

Akastor

ASA*

8,398

6,540

Aker

Solutions

ASA

19,665

2,991

BW

Offshore,

Ltd.

11,065

3,100

Calfrac

Well

Services,

Ltd.*

7,708

8,074

CES

Energy

Solutions

Corp.

54,484

4,087

DOF

Group

ASA

40,215

6,058

Enerflex,

Ltd.

65,347

8,606

Ensign

Energy

Services,

Inc.*

15,214

106,730

Ezion

Holdings,

Ltd.*(b)

—

6,704

Hunting

plc

30,507

18,214

John

Wood

Group

plc*

4,516

2,980

Odfjell

Drilling,

Ltd.

23,195

1,211

Odfjell

Technology,

Ltd.

7,359

4,150

Pason

Systems,

Inc.

36,027

1,600

PHX

Energy

Services

Corp.

9,095

518

Precision

Drilling

Corp.*

29,178

50,343

Saipem

SpA

145,301

6,986

SBM

Offshore

NV

178,876

174

SBO

AG

5,454

10,677

Shelf

Drilling,

Ltd.*(a)

19,612

2,859

Solstad

Offshore

ASA*

15,548

3,678

Subsea

7

SA

75,944

5,052

Technip

Energies

NV

237,782

1,654

Tecnicas

Reunidas

SA*

51,511

6,173

Tenaris

SA

110,475

435

TerraVest

Industries,

Inc.

43,547

4,441

TGS

ASA

32,887

2,300

Total

Energy

Services,

Inc.

23,802

400

Toyo

Kanetsu

KK

12,610

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

13

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Energy

Equipment

&

Services,

continued

9,711

Trican

Well

Service,

Ltd.

$

43,059

8,089

Vallourec

SACA

153,952

294

Viridien*

22,242

1,534,575

Entertainment

(0.4%):

800

Akatsuki,

Inc.

14,613

1,100

Amuse,

Inc.

15,243

800

Anycolor,

Inc.

30,413

1,400

Avex,

Inc.

11,992

13,015

Bollore

SE

73,655

2,427

Borussia

Dortmund

GmbH

&

Co.

KGaA

10,314

4,300

Capcom

Co.,

Ltd.

117,061

4,900

COLOPL,

Inc.

15,887

1,850

CTS

Eventim

AG

&

Co.

KGaA

181,331

3,900

Daiichikosho

Co.,

Ltd.

44,083

702

Embracer

Group

AB*

7,784

5,146

EVT,

Ltd.

44,567

649

G5

Entertainment

AB

6,314

2,400

GREE

Holdings,

Inc.

7,118

38,000

IGG,

Inc.

22,014

400

Kinepolis

Group

NV

15,037

800

Koei

Tecmo

Holdings

Co.,

Ltd.

10,428

500

Konami

Group

Corp.

72,154

1,000

MIXI,

Inc.

21,531

3,270

Modern

Times

Group

MTG

AB,

Class

B*

38,342

1,400

Nexon

Co.,

Ltd.

30,780

1,000

Nintendo

Co.,

Ltd.

85,675

600

Square

Enix

Holdings

Co.,

Ltd.

12,923

21,268

Stillfront

Group

AB*

14,435

700

Toei

Animation

Co.,

Ltd.

14,452

400

Toei

Co.,

Ltd.

14,549

300

Toho

Co.,

Ltd.

19,307

1,040

Ubisoft

Entertainment

SA*

11,926

7,861

Universal

Music

Group

NV

228,130

1,192,058

Financial

Services

(1.0%):

68

Adyen

NV*(a)

109,116

103,872

AMP,

Ltd.

113,839

9,449

Australian

Finance

Group,

Ltd.

16,281

1,684

Banca

IFIS

SpA

44,646

4,735

Banca

Mediolanum

SpA

94,991

3,852

BFF

Bank

SpA*(a)

49,485

5,498

Burford

Capital,

Ltd.

65,419

22,106

Challenger,

Ltd.

126,799

6,016

Deutsche

Pfandbriefbank

AG(a)

35,398

2,900

Edenred

SE

69,092

800

eGuarantee,

Inc.

8,845

5,345

EML

Payments,

Ltd.*

3,522

1,164

Eurazeo

SE

77,056

1,900

Financial

Partners

Group

Co.,

Ltd.

30,667

2,400

Firm

Capital

Mortgage

Investment

Corp.

21,146

900

First

National

Financial

Corp.

31,013

2,200

Fuyo

General

Lease

Co.,

Ltd.

65,756

200

GMO

Financial

Gate,

Inc.

8,309

1,200

GMO

Payment

Gateway,

Inc.

67,505

698

GRENKE

AG

13,623

4,600

G-Resources

Group,

Ltd.

5,360

1,036

HAL

Trust

165,047

Shares

Value

Common

Stocks,

continued

Financial

Services,

continued

16,190

Helia

Group,

Ltd.

$

62,049

1,600

Japan

Investment

Adviser

Co.,

Ltd.

21,597

2,400

Japan

Securities

Finance

Co.,

Ltd.

30,196

51,009

M&G

plc

174,394

36,320

Mitsubishi

HC

Capital,

Inc.

299,997

82

Mivtach

Shamir

Holdings,

Ltd.

6,822

6,600

Mizuho

Leasing

Co.,

Ltd.

58,101

915

Mortgage

Advice

Bureau

Holdings,

Ltd.

8,836

14,213

Nexi

SpA(a)

80,432

16,085

OFX

Group,

Ltd.*

9,112

7,289

Omni

Bridgeway,

Ltd.*

8,213

12,400

ORIX

Corp.

323,840

17,777

OSB

Group

plc

136,258

5,857

Paragon

Banking

Group

plc

68,546

2,696

PayPoint

plc

27,414

10,548

Pepper

Money,

Ltd.

13,949

2,662

Plus500,

Ltd.

115,327

400

Ricoh

Leasing

Co.,

Ltd.

15,784

543

SBI

ARUHI

Corp.

3,003

3

Schweizerische

Nationalbank,

Registered

Shares

14,144

11,000

Shandong

Hi-Speed

Holdings

Group,

Ltd.*

6,290

66,100

Sony

Financial

Group,

Inc.*

73,310

3,600

Timbercreek

Financial

Corp.

19,352

6,500

Tokyo

Century

Corp.

82,842

3,429

Washington

H

Soul

Pattinson

&

Co.,

Ltd.

87,457

1,637

Wise

plc,

Class

A*

22,856

5,213

Worldline

SA*^(a)

16,846

1,800

Zenkoku

Hosho

Co.,

Ltd.

40,864

3,050,746

Food

Products

(2.1%):

7,127

a2

Milk

Co.,

Ltd.

(The)

41,114

615

AAK

AB

15,993

364

Agrana

Beteiligungs

AG

5,278

4,600

Ajinomoto

Co.,

Inc.

131,978

1,313

Anglo-Eastern

Plantations

plc

24,358

1,069

Aryzta

AG*

87,525

3,961

Associated

British

Foods

plc

109,235

772

Atria

Oyj

11,793

3,971

Austevoll

Seafood

ASA

37,899

9,834

Australian

Agricultural

Co.,

Ltd.*

9,590

163

Bakkafrost

P/F

7,479

6,504

Bakkavor

Group

PLC(a)

18,635

27

Barry

Callebaut

AG,

Registered

Shares^

37,098

13,970

Bega

Cheese,

Ltd.

48,036

125

Bell

Food

Group

AG*

37,974

854

Bonduelle

SCA

8,248

3,100

Calbee,

Inc.

59,887

1

Chocoladefabriken

Lindt

&

Spruengli

AG

150,689

800

Chubu

Shiryo

Co.,

Ltd.

9,364

12,278

Cloetta

AB,

B

Shares

44,280

1,383

Cranswick

plc

93,351

1,859

Danone

SA

161,944

17,600

Delfi,

Ltd.

10,787

1,000

DyDo

Group

Holdings,

Inc.

17,004

2,372

Ebro

Foods

SA

51,025

6,645

Elders,

Ltd.

32,807

49

Emmi

AG,

Registered

Shares

42,419

1,300

Ezaki

Glico

Co.,

Ltd.

44,487

1,600

Feed

One

Co.,

Ltd.

12,274

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

14

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

108,669

First

Pacific

Co.,

Ltd.

$

91,151

27,100

First

Resources,

Ltd.

35,310

5,564

Fonterra

Co-operative

Group,

Ltd.^

26,922

10,200

Food

Empire

Holdings,

Ltd.

19,651

1,616

ForFarmers

NV

8,608

9,500

Fraser

and

Neave,

Ltd.

10,980

1,900

Fuji

Oil

Co.,

Ltd.

46,155

1,600

Fujicco

Co.,

Ltd.

17,808

700

Fujiya

Co.,

Ltd.

12,305

3,696

Glanbia

plc

60,887

289,700

Golden

Agri-Resources,

Ltd.

66,230

10,704

Greencore

Group

plc

32,890

1,502

Grieg

Seafood

ASA*

10,015

1,100

High

Liner

Foods,

Inc.

13,494

3,890

Hilton

Food

Group

plc

34,926

800

Hokuto

Corp.

10,329

2,000

House

Foods

Group,

Inc.

39,233

700

Imuraya

Group

Co.,

Ltd.

11,936

5,374

Inghams

Group,

Ltd.

9,011

940

Itoham

Yonekyu

Holdings,

Inc.

36,179

600

Iwatsuka

Confectionery

Co.,

Ltd.

12,653

2,071

JDE

Peet's

NV

75,840

600

J-Oil

Mills,

Inc.

8,338

1,300

Kagome

Co.,

Ltd.

25,314

400

Kameda

Seika

Co.,

Ltd.

11,170

700

Kenko

Mayonnaise

Co.,

Ltd.

9,285

1,416

Kerry

Group

plc,

Class

A

127,499

1,200

Kewpie

Corp.

32,763

6,600

Kikkoman

Corp.

55,955

2,600

Kotobuki

Spirits

Co.,

Ltd.

31,850

518

KWS

Saat

SE

&

Co.

KGaA

40,313

500

Kyokuyo

Co.,

Ltd.

16,702

147

Lassonde

Industries,

Inc.,

Class

A

22,384

2,420

Leroy

Seafood

Group

ASA

11,957

10

Lotus

Bakeries

NV

94,283

1,065

M.P.

Evans

Group

plc

19,407

1,803

Maple

Leaf

Foods,

Inc.

46,659

1,200

Marudai

Food

Co.,

Ltd.

16,439

2,100

Maruha

Nichiro

Corp.

48,694

2,000

Megmilk

Snow

Brand

Co.,

Ltd.

40,036

4,000

MEIJI

Holdings

Co.,

Ltd.

82,945

800

Mitsui

DM

Sugar

Co.,

Ltd.

17,303

2,600

Morinaga

&

Co.,

Ltd.

46,036

2,300

Morinaga

Milk

Industry

Co.,

Ltd.

53,882

1,778

Mowi

ASA

37,715

22,644

Nestle

SA,

Registered

Shares

2,080,429

389

Neto

Malinda

Trading,

Ltd.

15,630

1,800

NH

Foods,

Ltd.

71,369

6,800

Nichirei

Corp.

79,936

1,800

Nippn

Corp.

28,212

800

Nippon

Beet

Sugar

Manufacturing

Co.,

Ltd.

15,946

1,200

Nisshin

Oillio

Group,

Ltd.

(The)

42,201

3,900

Nisshin

Seifun

Group,

Inc.

47,927

10,000

Nissin

Foods

Co.,

Ltd.

8,918

1,500

Nissin

Foods

Holdings

Co.,

Ltd.^

28,261

9,700

Nissui

Corp.

68,348

326

Orior

AG*

4,942

149

Orkla

ASA

1,560

20,925

Premier

Foods

plc

54,064

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

1,180

Premium

Brands

Holdings

Corp.

$

79,246

1,300

Prima

Meat

Packers,

Ltd.

20,704

4,461

Raisio

Oyj,

Class

V

12,835

13,979

Ridley

Corp.,

Ltd.

27,911

1,300

Riken

Vitamin

Co.,

Ltd.

25,584

4,400

Rogers

Sugar,

Inc.

20,142

1,300

Rokko

Butter

Co.,

Ltd.

11,079

600

S

Foods,

Inc.

11,019

800

S&B

Foods,

Inc.

18,410

400

Sakata

Seed

Corp.

9,857

2,346

Sanford,

Ltd.

7,495

5,028

Saputo,

Inc.

122,132

127

Savencia

SA

9,196

3,496

Scales

Corp.,

Ltd.

11,528

2,362

Scandi

Standard

AB

23,752

476

Schouw

&

Co.

A/S

44,270

3,426

Select

Harvests,

Ltd.*

9,161

800

Showa

Sangyo

Co.,

Ltd.

16,503

306

Sipef

NV

26,417

370

Societe

LDC

SADIR

39,812

1,800

Starzen

Co.,

Ltd.

14,609

737

Suedzucker

AG^

8,106

7,095

Tate

&

Lyle

plc

42,892

300

Toyo

Suisan

Kaisha,

Ltd.

21,473

580

UIE

plc

26,774

1,133

Viscofan

SA

77,392

24,000

Vitasoy

International

Holdings,

Ltd.

26,030

400

Warabeya

Nichiyo

Holdings

Co.,

Ltd.

7,997

800

Wellneo

Sugar

Co.,

Ltd.

13,974

217,415

WH

Group,

Ltd.(a)

236,321

30,000

Wilmar

International,

Ltd.

66,398

1,600

Yakult

Honsha

Co.,

Ltd.^

26,088

2,400

Yamazaki

Baking

Co.,

Ltd.

53,445

1,500

Yukiguni

Factory

Co.,

Ltd.

10,774

6,669,062

Gas

Utilities

(0.4%):

10,084

AltaGas,

Ltd.

310,745

13,029

APA

Group

76,557

1,174

Ascopiave

SpA

4,206

900

Brookfield

Infrastructure

Corp.

36,970

3,473

Enagas

SA

54,316

53,850

Hong

Kong

&

China

Gas

Co.,

Ltd.

46,811

18,858

Italgas

SpA

173,495

800

K&O

Energy

Group,

Inc.

17,502

88,854

Keppel

Infrastructure

Trust

32,039

2,607

Naturgy

Energy

Group

SA

81,027

4,400

Nippon

Gas

Co.,

Ltd.

82,369

3,600

Osaka

Gas

Co.,

Ltd.

104,361

2,402

Rubis

SCA

89,796

1,300

Saibu

Gas

Holdings

Co.,

Ltd.

17,385

1,300

Shizuoka

Gas

Co.,

Ltd.

10,280

12,151

Snam

SpA

73,003

7,604

Superior

Plus

Corp.^

43,116

1,400

Toho

Gas

Co.,

Ltd.

43,129

3,100

Tokyo

Gas

Co.,

Ltd.

110,322

1,407,429

Ground

Transportation

(0.8%):

71,870

Aurizon

Holdings,

Ltd.

152,001

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

15

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Ground

Transportation,

continued

1,170

Ayvens

SA(a)

$

14,144

1,849

Canadian

National

Railway

Co.,

ADR

174,361

1,300

Canadian

National

Railway

Co.

122,610

2,788

Canadian

Pacific

Kansas

City,

Ltd.

207,673

724

Canadian

Pacific

Kansas

City,

Ltd.,

ADR

53,931

3,800

Central

Japan

Railway

Co.

109,101

54,400

ComfortDelGro

Corp.,

Ltd.

61,169

4,500

East

Japan

Railway

Co.

110,282

32,483

Firstgroup

plc

98,397

1,200

Fukuyama

Transporting

Co.,

Ltd.

29,845

4,100

Hankyu

Hanshin

Holdings,

Inc.

120,959

1,100

Ichinen

Holdings

Co.,

Ltd.

14,955

206

Jungfraubahn

Holding

AG,

Registered

Shares

57,206

4,900

Keikyu

Corp.

49,744

2,100

Keio

Corp.^

54,339

3,300

Keisei

Electric

Railway

Co.,

Ltd.

30,630

4,820

Kelsian

Group,

Ltd.

15,661

3,400

Kintetsu

Group

Holdings

Co.,

Ltd.

70,897

2,700

Kyushu

Railway

Co.

71,545

18,764

Lindsay

Australia,

Ltd.

8,150

400

Maruzen

Showa

Unyu

Co.,

Ltd.

18,791

13,705

Mobico

Group

plc*

5,301

7,711

MTR

Corp.,

Ltd.

26,155

3,700

Mullen

Group,

Ltd.^

37,013

3,800

Nagoya

Railroad

Co.,

Ltd.

45,394

2,700

Nankai

Electric

Railway

Co.,

Ltd.

50,897

1,800

Nikkon

Holdings

Co.,

Ltd.

41,493

1,300

Nishi-Nippon

Railroad

Co.,

Ltd.

20,556

588

NTG

Nordic

Transport

Group

A/S*

17,234

6,500

Odakyu

Electric

Railway

Co.,

Ltd.

73,170

1,000

Sakai

Moving

Service

Co.,

Ltd.

20,254

700

Sanyo

Electric

Railway

Co.,

Ltd.

9,985

3,300

Seibu

Holdings,

Inc.

119,389

2,200

Seino

Holdings

Co.,

Ltd.

32,360

323

Sixt

SE

31,237

1,700

Sotetsu

Holdings,

Inc.

30,645

212

Stef

SA

29,912

1,708

TFI

International,

Inc.

150,338

200

TFI

International,

Inc.,

ADR

17,612

3,700

Tobu

Railway

Co.,

Ltd.

66,141

5,000

Tokyu

Corp.

61,022

4,383

Tourism

Holdings,

Ltd.

6,711

17,033

Transport

International

Holdings,

Ltd.

23,091

4,200

West

Japan

Railway

Co.

92,081

8,809

Zigup

plc

38,586

2,692,968

Health

Care

Equipment

&

Supplies

(1.2%):

6,242

Advanced

Medical

Solutions

Group

plc

19,013

4,885

Alcon

AG

365,981

2,472

Alcon

AG,

ADR

184,189

6,333

Ambu

A/S,

Class

B*

93,627

5,475

Ansell,

Ltd.

115,853

6,703

Arjo

AB,

Class

B

23,484

2,700

Asahi

Intecc

Co.,

Ltd.

43,763

1,537

Bausch

+

Lomb

Corp.*

23,163

600

BioMerieux

80,462

362

Carl

Zeiss

Meditec

AG,

Class

BR

17,935

246

Cellavision

AB

4,512

630

Cochlear,

Ltd.

116,508

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

1,398

Coloplast

A/S,

Class

B

$

119,678

251

Coltene

Holding

AG,

Registered

Shares*

14,180

12,000

Convatec

Group

plc(a)

37,476

3,746

Demant

A/S*

129,880

238

Draegerwerk

AG

&

Co.

KGaA

14,261

1,374

Eckert

&

Ziegler

SE

28,797

8,801

Elekta

AB,

Class

B^

44,438

730

EssilorLuxottica

SA

238,078

2,617

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

56,153

900

Fukuda

Denshi

Co.,

Ltd.

41,000

3,444

Getinge

AB,

B

Shares

74,616

405

Guerbet*^

6,283

800

Hogy

Medical

Co.,

Ltd.

29,056

2,700

Hoya

Corp.

373,017

537

Ion

Beam

Applications

6,648

2,000

Japan

Lifeline

Co.,

Ltd.

20,411

1,000

Jeol,

Ltd.

34,454

6,332

Koninklijke

Philips

NV

173,320

5,510

Koninklijke

Philips

NV,

NYS

150,203

1,600

Mani,

Inc.

13,798

133

Medacta

Group

SA(a)

24,379

671

Medistim

ASA

15,373

849

Medmix

AG(a)

9,586

2,700

Menicon

Co.,

Ltd.

20,773

10

Metall

Zug

AG,

Registered

Shares

10,226

19,000

Modern

Dental

Group,

Ltd.

12,819

2,300

Nakanishi,

Inc.

31,797

4,923

Nanosonics,

Ltd.*^

13,725

7,100

Nipro

Corp.

72,224

12,500

Olympus

Corp.

158,387

1,800

Paramount

Bed

Holdings

Co.,

Ltd.

44,187

458

Pentixapharm

Holding

AG*

970

2,100

PHC

Holdings

Corp.^

13,881

457

Revenio

Group

Oyj

12,398

600

Rion

Co.,

Ltd.

10,775

16,500

Riverstone

Holdings,

Ltd.

9,158

1,752

Siemens

Healthineers

AG(a)

94,770

2,518

Smith

&

Nephew

plc

45,362

1,754

Smith

&

Nephew

plc,

ADR^

63,653

1,047

Sonova

Holding

AG

286,935

360

STRATEC

SE

12,105

425

Straumann

Holding

AG,

Class

R

45,557

8,100

Sysmex

Corp.

100,455

3,000

Terumo

Corp.

49,516

25

Ypsomed

Holding

AG,

Registered

Shares

9,837

3,863,085

Health

Care

Providers

&

Services

(0.8%):

5,600

Alfresa

Holdings

Corp.

80,105

3,647

Ambea

AB(a)

52,698

2,889

Amplifon

SpA

47,210

1,500

Amvis

Holdings,

Inc.

6,071

732

Andlauer

Healthcare

Group,

Inc.

27,760

1,700

As

One

Corp.

28,199

6,164

Attendo

AB(a)

46,252

5,975

Australian

Clinical

Labs,

Ltd.

9,487

700

BML,

Inc.

17,501

6,760

Clariane

SE*

37,617

20,000

C-Mer

Medical

Holdings,

Ltd.

5,217

2,319

CVS

Group

plc

38,889

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

16

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

2,132

EBOS

Group,

Ltd.

$

36,759

263

Elan

Corp.

1,399

4,012

Extendicare,

Inc.^

42,874

2,701

Fagron

62,774

1,400

France

Bed

Holdings

Co.,

Ltd.^

12,197

6,241

Fresenius

Medical

Care

AG

327,434

6,586

Fresenius

SE

&

Co.

KGaA

366,734

2,396

Galenica

AG(a)

260,766

1,500

H.U.

Group

Holdings,

Inc.

34,600

26,644

Healius,

Ltd.

13,198

2,572

Humana

AB

11,400

4,878

Integral

Diagnostics,

Ltd.

8,852

1,000

Japan

Medical

Dynamic

Marketing,

Inc.

3,412

225

LNA

Sante

SA

6,840

1,304

Medical

Facilities

Corp.

13,251

1,574

Medicover

AB,

Class

B

43,371

56

Medios

AG*

885

6,200

Medipal

Holdings

Corp.

106,748

3,565

Mediterranean

Towers,

Ltd.

14,640

24,681

Monash

IVF

Group,

Ltd.

10,950

1,110

NMC

Health

plc*(b)

—

11,023

Novolog,

Ltd.

4,307

23,114

Oceania

Healthcare,

Ltd.*

9,254

6,310

Oriola

Oyj,

Class

B

8,522

3,907

Ramsay

Health

Care,

Ltd.

82,126

7,784

Regis

Healthcare,

Ltd.

31,193

15,555

Ryman

Healthcare,

Ltd.*

23,378

3,800

Ship

Healthcare

Holdings,

Inc.

58,693

1,474

Sienna

Senior

Living,

Inc.^

19,756

90,960

Sigma

Healthcare,

Ltd.

178,977

1,900

Solasto

Corp.

6,274

7,311

Sonic

Healthcare,

Ltd.

103,714

9,842

Spire

Healthcare

Group

plc(a)

33,229

9,320

Summerset

Group

Holdings,

Ltd.

57,619

1,100

SUNWELS

Co.,

Ltd.*

4,823

2,200

Suzuken

Co.,

Ltd.

86,576

5,236

Terveystalo

Oyj(a)

62,206

176,600

Thomson

Medical

Group,

Ltd.*

8,217

1,100

Toho

Holdings

Co.,

Ltd.

40,624

1,300

Tokai

Corp./Gifu

19,325

1,600

Vital

KSK

Holdings,

Inc.

14,205

10,100

Well

Health

Technologies

Corp.*

37,308

2,666,416

Health

Care

Technology

(0.1%):

7,980

AGFA-Gevaert

NV*

8,761

2,802

Ascom

Holding

AG,

Registered

Shares

12,346

2,600

Carenet,

Inc.

20,000

1,900

M3,

Inc.

31,241

800

Medley,

Inc.*

13,189

800

NNIT

A/S*(a)

7,467

905

Pro

Medicus,

Ltd.

185,170

1,213

RaySearch

Laboratories

AB

32,468

1,731

Sectra

AB,

Class

B

57,639

368,281

Hotels,

Restaurants

&

Leisure

(1.7%):

4,406

Accor

SA

208,708

600

Aeon

Fantasy

Co.,

Ltd.*

14,777

1,000

Airtrip

Corp.

6,633

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

6,223

Amadeus

IT

Group

SA

$

492,468

2,652

Aristocrat

Leisure,

Ltd.

123,131

1,638

Basic-Fit

NV*(a)

49,841

5,071

Betsson

AB,

Class

B

83,721

20,000

Cafe

de

Coral

Holdings,

Ltd.

16,588

1,433

Carnival

plc,

ADR*

37,888

970

Cie

des

Alpes

24,268

23,206

Coast

Entertainment

Holdings,

Ltd.*

6,296

5,293

Collins

Foods,

Ltd.

37,598

4,300

Colowide

Co.,

Ltd.^

53,185

13,908

Compass

Group

plc

473,769

3,168

Corporate

Travel

Management,

Ltd.

33,677

8,200

Create

Restaurants

Holdings,

Inc.

42,813

2,300

Curves

Holdings

Co.,

Ltd.

12,992

7,882

Dalata

Hotel

Group

plc

59,233

1,621

Domino's

Pizza

Enterprises,

Ltd.

14,466

5,120

Domino's

Pizza

Group

plc

13,706

400

Doutor

Nichires

Holdings

Co.,

Ltd.

7,128

4,906

Elior

Group

SA*(a)

15,274

5,928

Entain

plc

69,482

1,240

Evolution

AB(a)

101,822

6,500

Fairwood

Holdings,

Ltd.

4,419

131

Fattal

Holdings

1998,

Ltd.*

21,931

3,488

FDJ

UNITED

116,863

4,764

Flight

Centre

Travel

Group,

Ltd.

36,527

334

Flutter

Entertainment

plc*

86,893

1,900

Food

&

Life

Cos.,

Ltd.

99,585

900

Fuji

Kyuko

Co.,

Ltd.

15,664

1,200

Fujio

Food

Group,

Inc.

9,335

200

Fujita

Kanko,

Inc.

14,164

557

Fuller

Smith

&

Turner

plc

4,272

14,000

Galaxy

Entertainment

Group,

Ltd.

77,245

400

Genki

Global

Dining

Concepts

Corp.

9,095

143,500

Genting

Singapore,

Ltd.

81,744

2,925

Greggs

plc

63,241

10,742

Gym

Group

plc*(a)

21,391

2,700

Heiwa

Corp.

38,395

600

Hiday

Hidaka

Corp.

14,519

2,000

HIS

Co.,

Ltd.

19,008

5,443

Hollywood

Bowl

Group

plc

18,485

18,230

Hongkong

&

Shanghai

Hotels,

Ltd.

(The)

13,681

1,416

Ibersol

SGPS

SA

16,618

1,900

Ichibanya

Co.,

Ltd.

12,014

808

InterContinental

Hotels

Group

plc

97,915

606

InterContinental

Hotels

Group

plc,

ADR^

73,484

535

Issta,

Ltd.

17,447

3,676

J

D

Wetherspoon

plc

33,820

868

Jumbo

Interactive,

Ltd.

6,170

2,383

Just

Eat

Takeaway.com

NV*(a)

56,495

1,100

KOMEDA

Holdings

Co,

Ltd.

23,134

3,200

Koshidaka

Holdings

Co.,

Ltd.

29,771

2,800

Kyoritsu

Maintenance

Co.,

Ltd.

60,556

35,703

Lottery

Corp.,

Ltd.

(The)

139,175

33,812

Marston's

plc*

17,853

300

Matsuyafoods

Holdings

Co.,

Ltd.

12,175

900

McDonald's

Holdings

Co.

Japan,

Ltd.

37,794

3,184

Melia

Hotels

International

SA

27,848

15,600

MGM

China

Holdings,

Ltd.

33,323

14,000

Miramar

Hotel

&

Investment

17,623

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

17

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

11,969

Mitchells

&

Butlers

plc*

$

39,811

1,200

Monogatari

Corp.

(The)

34,598

1,013

MTY

Food

Group,

Inc.

28,035

46,867

NagaCorp,

Ltd.

35,243

600

Ohsho

Food

Service

Corp.

15,007

5,176

On

the

Beach

Group

plc(a)

15,480

5,300

Oriental

Land

Co.,

Ltd.

127,405

900

Pizza

Pizza

Royalty

Corp.

9,941

7,247

Playtech

plc

35,990

600

Pollard

Banknote,

Ltd.

9,917

12,439

Rank

Group

plc

23,208

4,800

Resorttrust,

Inc.

60,934

3,149

Restaurant

Brands

International,

Inc.^

202,043

3,018

Restaurant

Brands

New

Zealand,

Ltd.

8,558

700

Ringer

Hut

Co.,

Ltd.

10,827

4,600

Round

One

Corp.

40,593

1,800

Royal

Holdings

Co.,

Ltd.

33,293

1,100

Saizeriya

Co.,

Ltd.

37,020

18,188

Sands

China,

Ltd.

50,811

5,957

Scandic

Hotels

Group

AB(a)

56,375

36,000

Shangri-La

Asia,

Ltd.

21,021

42,585

SJM

Holdings,

Ltd.*

18,169

913

SkiStar

AB

15,321

42,725

SKYCITY

Entertainment

Group,

Ltd.*

16,320

5,900

Skylark

Holdings

Co.,

Ltd.

122,087

2,148

Sodexo

SA

135,211

12,769

SSP

Group

plc

29,541

91,665

Tabcorp

Holdings,

Ltd.

62,400

137

Tivoli

A/S

12,762

800

Tokyotokeiba

Co.,

Ltd.

29,116

1,400

Toridoll

Holdings

Corp.^

45,387

11,666

Trainline

plc*(a)

43,860

6,237

TUI

AG*

56,806

11,838

TUI

AG,

Frankfurt*

107,819

6,523

WEB

Travel

Group,

Ltd.*

17,079

6,523

Webjet

Group,

Ltd.*

3,766

4,802

Whitbread

plc

209,022

31,600

Wynn

Macau,

Ltd.

29,226

1,900

Yoshinoya

Holdings

Co.,

Ltd.

38,667

1,308

Young

&

Co.'s

Brewery

plc,

Class

A

14,070

1,515

Young

&

Co's

Brewery

plc

12,274

1,600

Zensho

Holdings

Co.,

Ltd.

104,751

5,498,900

Household

Durables

(1.5%):

2,091

Ariston

Holding

NV

10,331

2,404

Azorim-Investment

Development

&

Construction

Co.,

Ltd.

14,700

4,812

Bang

&

Olufsen

A/S*

9,710

27,373

Barratt

Redrow

plc

143,745

3,395

Bellway

plc

112,190

1,610

Berkeley

Group

Holdings

plc

83,146

11,184

Bonava

AB,

B

Shares*

14,352

3,437

Breville

Group,

Ltd.

68,381

27,975

Cairn

Homes

plc

63,337

2,500

Casio

Computer

Co.,

Ltd.

20,529

600

Chofu

Seisakusho

Co.,

Ltd.

7,838

9,402

Crest

Nicholson

Holdings

plc

20,573

310

Danya

Cebus,

Ltd.

11,573

1,000

Dorel

Industries,

Inc.,

Class

B*

1,200

Shares

Value

Common

Stocks,

continued

Household

Durables,

continued

588

Electra

Consumer

Products

1970,

Ltd.

$

20,528

3,176

Electrolux

AB,

Class

B*

17,411

1,200

ES-Con

Japan,

Ltd.

8,369

500

Eslead

Corp.

18,375

1,387

Fiskars

OYJ

Abp

19,868

1,300

FJ

Next

Holdings

Co.,

Ltd.

14,119

1,000

Foster

Electric

Co.,

Ltd.

15,773

1,600

Fuji

Corp.,

Ltd.

8,767

7,325

Glenveagh

Properties

plc*(a)

16,642

4,025

GN

Store

Nord

A/S*

68,569

8,900

Haseko

Corp.

151,982

2,710

Henry

Boot

plc

8,092

700

Hoosiers

Holdings

Co.,

Ltd.

6,133

4,700

Iida

Group

Holdings

Co.,

Ltd.

74,950

1,337

JM

AB

19,996

7,000

JVCKenwood

Corp.

54,473

692

Kaufman

&

Broad

SA

24,206

700

Ki-Star

Real

Estate

Co.,

Ltd.

26,481

1,300

LEC,

Inc.

10,186

540

Leifheit

AG

9,803

73,600

Man

Wah

Holdings,

Ltd.

40,811

1,659

Maytronics,

Ltd.

2,334

1,185

Nacon

SA*

1,009

1,363

Neinor

Homes

SA*(a)

27,747

8,100

Nikon

Corp.^

94,215

22,304

Nobia

AB*

11,104

2,200

Open

House

Group

Co.,

Ltd.

113,931

26,400

Panasonic

Holdings

Corp.

286,772

8,393

Persimmon

plc

131,347

1,900

Rinnai

Corp.

44,988

567

Sabaf

SpA

9,153

1,200

Sangetsu

Corp.

25,176

693

SEB

SA

50,889

5,800

Sekisui

Chemical

Co.,

Ltd.

107,862

4,900

Sekisui

House,

Ltd.

111,383

5,800

Sharp

Corp.*

32,465

66,100

Sony

Group

Corp.

1,896,946

14,400

Sumitomo

Forestry

Co.,

Ltd.

172,329

328

Surteco

Group

SE

5,005

400

Tama

Home

Co.,

Ltd.^

9,881

4,800

Tamron

Co.,

Ltd.

33,526

89,907

Taylor

Wimpey

plc

125,129

1,000

Toa

Corp

Hyogo

8,122

100

Token

Corp.

10,071

1,127

VIDENDUM

plc*

709

7,319

Vistry

Group

plc*

63,607

100

V-ZUG

Holding

AG

5,524

3,849

YIT

Oyj*

13,436

1,200

Zojirushi

Corp.

13,199

4,624,998

Household

Products

(0.4%):

636

Essity

AB,

Class

A

16,632

5,634

Essity

AB,

Class

B

147,420

1,423

Henkel

AG

&

Co.

KGaA

105,539

1,800

Kusuri

no

Aoki

Holdings

Co.,

Ltd.

48,750

4,600

Lion

Corp.

48,027

14,255

McBride

plc*

23,928

3,600

Pigeon

Corp.

43,226

8,488

Reckitt

Benckiser

Group

plc

655,437

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

18

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Household

Products,

continued

1,100

ST

Corp.

$

11,762

1,600

Transaction

Co.,

Ltd.

13,066

12,000

Unicharm

Corp.

78,251

1,192,038

Independent

Power

and

Renewable

Electricity

Producers

(0.5%):

1,688

7C

Solarparken

AG

3,302

9,305

Audax

Renovables

SA

14,619

2,451

Boralex,

Inc.,

Class

A

47,857

3,000

Capital

Power

Corp.^

140,891

7,088

Cloudberry

Clean

Energy

ASA*

9,802

1,098

Corp

ACCIONA

Energias

Renovables

SA

28,516

4,371

Doral

Group

Renewable

Energy

Resources,

Ltd.*

22,431

16,963

Drax

Group

plc

159,445

5,896

EDP

Renovaveis

SA

77,866

1,700

EF-ON,

Inc.

5,006

2,600

Electric

Power

Development

Co.,

Ltd.

48,813

249

Enlight

Renewable

Energy,

Ltd.*

7,671

1,000

eRex

Co.,

Ltd.

4,974

881

ERG

SpA

21,724

690

Kenon

Holdings,

Ltd.

30,944

9,100

Meridian

Energy,

Ltd.

29,385

7,372

Northland

Power,

Inc.^

123,441

691

OPC

Energy,

Ltd.*

10,939

2,011

Orron

Energy

ab*

1,034

1,500

Polaris

Renewable

Energy,

Inc.

14,650

2,100

RENOVA,

Inc.*

13,320

10,405

RWE

AG

462,040

3,504

Scatec

ASA*(a)

34,560

1,714

Solaria

Energia

y

Medio

Ambiente

SA*

21,978

9,792

TransAlta

Corp.

133,774

882

Voltalia

SA,

Registered

Shares*^

7,779

910

West

Holdings

Corp.

12,073

1,488,834

Industrial

Conglomerates

(0.7%):

125

Aker

ASA,

A

Shares

9,777

865

Bonheur

ASA

19,534

8,000

Chevalier

International

Holdings,

Ltd.

3,991

17,930

CK

Hutchison

Holdings,

Ltd.

118,335

57,000

CTF

Services

Ltd.

61,682

3,266

DCC

plc^

210,715

2,000

Guoco

Group,

Ltd.

19,615

100

Hikari

Tsushin,

Inc.

27,883

25,600

Hitachi,

Ltd.

672,324

1,282

Indus

Holding

AG

32,706

5,558

Infratil,

Ltd.

39,717

515

Italmobiliare

SpA

18,533

3,100

Jardine

Cycle

&

Carriage,

Ltd.

68,899

3,600

Keihan

Holdings

Co.,

Ltd.

81,827

16,100

Keppel,

Ltd.

111,354

1,187

Lifco

AB,

Class

B

40,376

2,900

Mie

Kotsu

Group

Holdings,

Inc.

10,664

5,400

Nisshinbo

Holdings,

Inc.

41,508

7,406

Nolato

AB,

Class

B

46,501

1,500

Noritsu

Koki

Co.,

Ltd.

17,869

1,616

Siemens

AG,

Registered

Shares

435,971

3,581

Smiths

Group

plc

114,218

27,456

Storskogen

Group

AB,

Class

B

28,191

Shares

Value

Common

Stocks,

continued

Industrial

Conglomerates,

continued

5,400

TOKAI

Holdings

Corp.

$

37,998

933

Volati

AB

10,668

2,280,856

Insurance

(5.2%):

4,475

Admiral

Group

plc

202,295

32,466

Aegon,

Ltd.

262,107

7,175

Aegon,

Ltd.,

NYS,

Registered

Shares

57,328

5,578

Ageas

SA/NV

387,219

89,840

AIA

Group,

Ltd.

861,165

40,863

Alm

Brand

A/S

114,348

2,500

Anicom

Holdings,

Inc.

13,980

5,157

ASR

Nederland

NV

350,920

3,755

AUB

Group,

Ltd.

81,104

32,944

Aviva

plc

305,020

9,798

AXA

SA

469,077

1,673

Baloise

Holding

AG,

Registered

Shares

414,046

24,088

Beazley

plc

294,644

6,720

Chesnara

plc

24,974

2,734

Clal

Insurance

Enterprises

Holdings,

Ltd.

140,272

5,170

Coface

SA

96,746

26,600

Dai-ichi

Life

Holdings,

Inc.

209,280

3,500

Definity

Financial

Corp.

179,917

8,200

E-L

Financial

Corp.,

Ltd.

95,347

145

Fairfax

Financial

Holdings,

Ltd.

253,716

1,054

FBD

Holdings

plc

17,408

300

FP

Partner,

Inc.

4,398

1,451

Generali

57,008

274

Gjensidige

Forsikring

ASA

8,057

1,497

Great-West

Lifeco,

Inc.

60,762

2,595

Grupo

Catalana

Occidente

SA

148,969

1,030

Hannover

Rueck

SE

310,603

1,246

Harel

Insurance

Investments

&

Financial

Services,

Ltd.

42,033

1,235

Helvetia

Holding

AG,

Registered

Shares

302,854

9,627

Hiscox,

Ltd.

177,426

4,086

iA

Financial

Corp.,

Inc.

464,626

506

IDI

Insurance

Co.,

Ltd.

31,257

42,553

Insurance

Australia

Group,

Ltd.

230,377

1,510

Intact

Financial

Corp.

293,829

13,400

Japan

Post

Holdings

Co.,

Ltd.

133,046

3,100

Japan

Post

Insurance

Co.,

Ltd.

87,777

38,522

Just

Group

plc

109,807

7,712

Lancashire

Holdings,

Ltd.

70,301

93,818

Legal

&

General

Group

plc

301,485

6,273

Mandatum

Oyj

42,059

8,627

Manulife

Financial

Corp.,

ADR

268,731

4,191

Manulife

Financial

Corp.

130,594

33,141

Mapfre

SA

157,504

31,204

Medibank

Pvt,

Ltd.

99,334

384

Menora

Mivtachim

Holdings,

Ltd.

37,733

6,642

Migdal

Insurance

&

Financial

Holdings,

Ltd.

23,075

7,100

MS&AD

Insurance

Group

Holdings,

Inc.

161,092

841

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Class

R

537,294

14,653

nib

holdings,

Ltd.

71,767

10,004

NN

Group

NV

706,225

2,268

Phoenix

Financial,

Ltd.

85,033

4,088

Phoenix

Group

Holdings

plc

35,474

2,895

Poste

Italiane

SpA(a)

68,651

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

19

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

382

Protector

Forsikring

ASA

$

18,812

14,441

Prudential

plc

203,249

662

Prudential

plc,

ADR

18,529

44,868

QBE

Insurance

Group,

Ltd.

611,863

8,346

Sabre

Insurance

Group

plc(a)

16,299

3,822

Saga

plc*

14,066

30,949

Sampo

Oyj,

A

Shares

356,186

5,589

SCOR

SE

197,613

445

Solid

Forsakring

AB

3,553

5,900

Sompo

Holdings,

Inc.

182,238

15,180

Steadfast

Group,

Ltd.

59,711

7,958

Storebrand

ASA

121,532

9,491

Sun

Life

Financial,

Inc.

570,006

16,276

Suncorp

Group,

Ltd.

218,934

454

Swiss

Life

Holding

AG

489,447

4,396

Swiss

Re

AG

814,814

5,100

T&D

Holdings,

Inc.

124,653

1,209

Talanx

AG

160,733

19,500

Tokio

Marine

Holdings,

Inc.

825,043

18,588

TOWER,

Ltd.

18,823

892

Trisura

Group,

Ltd.*

24,597

7,516

Tryg

A/S

191,026

12,591

Unipol

Assicurazioni

SpA

270,435

4,363

UNIQA

Insurance

Group

AG

64,875

54

Vaudoise

Assurances

Holding

SA

41,972

1,696

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

93,579

1,796

Wuestenrot

&

Wuerttembergische

AG

28,462

931

Zurich

Insurance

Group

AG

664,648

16,495,792

Interactive

Media

&

Services

(0.3%):

18,608

Auto

Trader

Group

plc(a)

197,409

1,065

Better

Collective

A/S*

13,592

1,246

CAR

Group,

Ltd.

30,377

1,202

Hemnet

Group

AB

30,401

4,100

Kakaku.com,

Inc.

70,317

1,170

Karnov

Group

AB*

14,021

14,300

LY

Corp.

46,120

600

MarkLines

Co.,

Ltd.

8,397

14,381

MONY

Group

plc

38,346

784

REA

Group,

Ltd.

120,157

22,582

Rightmove

plc

215,348

471

Scout24

SE(a)

58,964

2,510

SEEK,

Ltd.

47,443

890,892

IT

Services

(1.1%):

3,641

Addnode

Group

AB

40,718

114

Adesso

SE

13,113

370

Allgeier

SE

8,044

847

Alten

SA

69,707

1,244

Appen,

Ltd.*

709

1,600

Argo

Graphics,

Inc.

13,368

2,661

Atea

ASA*

38,378

295

Aubay

16,632

600

Avant

Group

Corp.

6,200

600

Base

Co.,

Ltd.

14,673

1,894

Bechtle

AG

87,207

1,800

BIPROGY,

Inc.

73,431

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

3,346

Bouvet

ASA

$

22,092

1,186

CANCOM

SE

36,426

2,011

Capgemini

SE

292,598

1,233

CGI,

Inc.,

ADR

109,897

1,700

CGI,

Inc.

151,442

500

Change

Holdings,

Inc.

3,852

4,933

Columbus

A/S

7,963

944

Computacenter

plc

34,102

1,100

Comture

Corp.

12,089

870

Data#3,

Ltd.

5,302

500

Densan

System

Holdings

Co.,

Ltd.

12,070

400

Dentsu

Soken,

Inc.

17,556

3,600

DTS

Corp.

31,938

8,624

Econocom

Group

SA/NV

17,890

333

E-Guardian,

Inc.

4,450

558

Enea

AB*

4,327

3,891

FDM

Group

Holdings

plc

6,878

348

Formula

Systems

1985,

Ltd.

48,563

7,900

Fujitsu,

Ltd.

185,766

2,500

Future

Corp.

39,251

824

GFT

Technologies

SE

17,604

1,900

GMO

internet

group,

Inc.

46,544

1,451

Indra

Sistemas

SA

64,971

1,400

Ines

Corp.

19,110

700

I-Net

Corp.

8,177

227

Infotel

SA

11,464

2,776

iomart

Group

plc

646

222

IONOS

Group

SE*

10,363

2,800

JBCC

Holdings,

Inc.

24,736

600

JIG-SAW,

Inc.*

9,861

1,495

Kainos

Group

plc

19,002

816

KNOW

IT

AB

8,980

1,146

Kontron

AG

36,869

226

Macquarie

Technology

Group,

Ltd.*

9,533

963

Matrix

IT,

Ltd.

33,946

976

Megaport,

Ltd.*

10,227

300

Mitsubishi

Research

Institute,

Inc.

10,499

114

Nagarro

SE

6,957

10,057

NCC

Group

plc

19,994

6,900

NEC

Corp.

220,609

1,339

Netcompany

Group

A/S*(a)

51,015

6,004

NEXTDC,

Ltd.*

67,493

3,156

Nomura

Research

Institute,

Ltd.

121,063

300

NS

Solutions

Corp.^

7,323

2,800

NSD

Co.,

Ltd.

65,715

1,400

Obic

Co.,

Ltd.

48,877

1,128

One

Software

Technologies,

Ltd.

27,626

2,500

Otsuka

Corp.

52,228

1,200

Pole

To

Win

Holdings,

Inc.

2,853

1,470

Proact

IT

Group

AB

14,529

689

Reply

SpA

98,071

1,700

SCSK

Corp.

50,954

105

Secunet

Security

Networks

AG

23,544

5,900

SHIFT,

Inc.*

49,989

700

Shopify,

Inc.,

Class

A*

104,012

650

Shopify,

Inc.,

Class

A,

ADR*

96,597

1,200

Simplex

Holdings,

Inc.

35,221

5,536

Softcat

plc

117,842

1,300

Softcreate

Holdings

Corp.

20,566

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

20

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

410

Sopra

Steria

Group

$

78,359

23,000

SUNeVision

Holdings,

Ltd.^

20,306

464

Sword

Group

19,508

1,700

TechMatrix

Corp.

24,944

2,780

TietoEVRY

Oyj^

50,353

2,500

TIS,

Inc.

82,484

500

Uchida

Yoko

Co.,

Ltd.

40,820

153

Wavestone

8,680

573

Wiit

SpA

13,087

3,410,783

Leisure

Products

(0.3%):

702

Asmodee

Group

AB,

Class

B*

9,018

3,200

Bandai

Namco

Holdings,

Inc.

106,379

1,496

Beneteau

SACA

15,240

705

BRP,

Inc.

42,872

1,042

Catana

Group

3,948

1,036

Games

Workshop

Group

plc

202,602

1,000

GLOBERIDE,

Inc.

16,460

648

Harvia

Oyj

26,227

600

Kawai

Musical

Instruments

Manufacturing

Co.,

Ltd.

10,473

500

Mars

Group

Holdings

Corp.

10,392

2,400

Mizuno

Corp.

43,254

800

Roland

Corp.

18,233

6,200

Sankyo

Co.,

Ltd.

107,701

216

Sanlorenzo

SpA/Ameglia

8,935

1,700

Sega

Sammy

Holdings,

Inc.

35,778

300

Shimano,

Inc.

34,090

700

Spin

Master

Corp.(a)

9,664

4,547

Technogym

SpA(a)

77,130

1,290

Thule

Group

AB^(a)

31,905

2,500

Tomy

Co.,

Ltd.

54,016

1,800

Tsuburaya

Fields

Holdings,

Inc.

27,563

700

Universal

Entertainment

Corp.*

4,613

7,500

Yamaha

Corp.

49,740

2,000

Yonex

Co.,

Ltd.

50,751

996,984

Life

Sciences

Tools

&

Services

(0.5%):

1,587

AddLife

AB,

Class

B

29,996

321

Chemometec

A/S

31,781

4,215

Eurofins

Scientific

SE

306,819

2,062

Evotec

SE*

14,975

945

Gerresheimer

AG

39,096

833

Lonza

Group

AG,

Registered

Shares

559,163

101

Medcap

AB*

6,119

585

PolyPeptide

Group

AG*(a)

17,583

770

Qiagen

NV

34,194

4,726

Qiagen

NV,

ADR

211,158

82

Sartorius

Stedim

Biotech

16,599

1,600

Shin

Nippon

Biomedical

Laboratories,

Ltd.^

18,404

1,240

Siegfried

Holding

AG,

Registered

Shares*

124,334

8

SKAN

Group

AG

550

255

Tecan

Group

AG,

Class

R*

46,028

1,456,799

Machinery

(4.0%):

2,447

Aalberts

NV

80,848

900

Ag

Growth

International,

Inc.

23,524

2,100

Aida

Engineering,

Ltd.

13,276

Shares

Value

Common

Stocks,

continued

Machinery,

continued

900

Airman

Corp.

$

11,922

726

Alfa

Laval

AB

33,320

2,008

Alimak

Group

AB(a)

33,099

900

Alinco,

Inc.

6,726

10,922

Alstom

SA*

286,959

10,000

Amada

Co.,

Ltd.

122,932

2,657

ANDRITZ

AG

187,471

2,000

Anest

Iwata

Corp.

21,236

2,700

Asahi

Diamond

Industrial

Co.,

Ltd.

15,847

14,947

Atlas

Copco

AB,

Class

A

254,644

9,735

Atlas

Copco

AB,

Class

B

146,963

1,049

ATS

Corp.*

27,448

1,300

Bando

Chemical

Industries,

Ltd.

17,244

1,134

Beijer

Alma

AB,

Class

B

29,861

6,470

Bodycote

plc

56,246

275

Bucher

Industries

AG,

Registered

Shares

130,913

93

Burckhardt

Compression

Holding

AG

72,114

56

Bystronic

AG

21,563

1,800

CKD

Corp.

33,408

755

Construcciones

y

Auxiliar

de

Ferrocarriles

SA

46,889

90

Daetwyler

Holding

AG,

Class

BR

15,898

4,300

Daifuku

Co.,

Ltd.

137,562

500

Daihatsu

Infinearth

Mfg

Co.,

Ltd.

10,237

9,044

Daimler

Truck

Holding

AG

372,609

233

Danieli

&

C

Officine

Meccaniche

SpA

11,914

1,585

Danieli

&

C

Officine

Meccaniche

SpA,

Savings

Share

57,173

3,900

DMG

Mori

Co.,

Ltd.

78,147

1,587

Duerr

AG

37,257

7,100

Ebara

Corp.

161,884

500

Ebara

Jitsugyo

Co.,

Ltd.

15,521

3,512

Electrolux

Professional

AB,

Class

B

22,709

1,842

Engcon

AB

14,550

2,998

Epiroc

AB,

Class

A

63,343

2,147

Epiroc

AB,

Class

B

40,653

1,400

FANUC

Corp.

39,897

1,925

FLSmidth

&

Co.

A/S

135,475

820

Fluidra

SA

22,347

13,800

Frencken

Group,

Ltd.

15,147

2,700

Fuji

Corp./Aichi

49,203

1,100

Furukawa

Co.,

Ltd.

21,332

1,000

Galilei

Co.,

Ltd.

25,594

6,395

GEA

Group

AG

472,381

2,781

Georg

Fischer

AG,

Registered

Shares

217,721

371

Gesco

SE

6,664

2,000

Glory,

Ltd.

49,487

16,185

Heidelberger

Druckmaschinen

AG*

42,595

5,448

Hexagon

Composites

ASA*

5,951

1,869

Hexagon

Purus

ASA*

319

1,793

Hiab

Oyj,

Class

B

105,182

15,700

Hino

Motors,

Ltd.*

40,927

1,800

Hirata

Corp.

23,634

1,200

Hisaka

Works,

Ltd.

10,936

3,000

Hitachi

Construction

Machinery

Co.,

Ltd.

96,047

900

Hoshizaki

Corp.

33,683

700

Hosokawa

Micron

Corp.

27,515

679

Husqvarna

AB,

A

Shares

3,655

7,237

Husqvarna

AB,

B

Shares

38,827

8,400

IHI

Corp.

156,254

9,679

IMI

plc

299,730

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

21

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

2,434

Indutrade

AB

$

56,069

12

Interroll

Holding

AG,

Class

R

37,630

1,300

Iseki

&

Co.,

Ltd.

19,708

9,031

Iveco

Group

NV

195,694

700

Japan

Steel

Works,

Ltd.

(The)

42,483

699

JOST

Werke

SE(a)

40,799

3,700

Juki

Corp.*

10,765

2,204

Kalmar

Oyj,

Class

B

87,227

5,600

Kanadevia

Corp.

38,828

96

Kardex

Holding

AG,

Registered

Shares

37,582

900

Kato

Works

Co.,

Ltd.

8,524

1,000

Kawasaki

Heavy

Industries,

Ltd.

65,823

1,845

KION

Group

AG

124,699

400

Kitagawa

Corp.

4,444

2,600

Kitz

Corp.

29,654

2,518

Knorr-Bremse

AG

236,431

572

Koenig

&

Bauer

AG*

9,275

15,100

Komatsu,

Ltd.

525,479

79

Komax

Holding

AG,

Class

R*

6,947

2,900

Komori

Corp.

29,820

5,158

Kone

Oyj,

Class

B

351,873

2,593

Konecranes

Oyj

214,769

665

Krones

AG

96,910

13,100

Kubota

Corp.

164,618

2,600

Kurita

Water

Industries,

Ltd.

88,308

1,200

Kyokuto

Kaihatsu

Kogyo

Co.,

Ltd.

22,057

1,200

Maezawa

Kyuso

Industries

Co.,

Ltd.

12,073

1,300

Makino

Milling

Machine

Co.,

Ltd.

100,715

1,400

Makita

Corp.

45,399

586

Manitou

BF

SA

12,906

800

Max

Co.,

Ltd.

30,519

1,200

Meidensha

Corp.

47,661

800

METAWATER

Co.,

Ltd.

16,440

17,989

Metso

Oyj^

247,842

9,032

MINEBEA

MITSUMI,

Inc.

169,849

2,200

MISUMI

Group,

Inc.

34,238

8,800

Mitsubishi

Heavy

Industries,

Ltd.

229,967

1,000

Mitsubishi

Logisnext

Co.,

Ltd.

12,246

700

Mitsuboshi

Belting,

Ltd.

17,520

2,000

Mitsui

E&S

Co.,

Ltd.

60,350

1,300

Miura

Co.,

Ltd.

25,539

6,671

Morgan

Advanced

Materials

plc

19,781

1,500

Morita

Holdings

Corp.

23,541

2,800

Nabtesco

Corp.

63,331

800

Nachi-Fujikoshi

Corp.

20,182

2,000

Namura

Shipbuilding

Co.,

Ltd.

46,011

956

NFI

Group,

Inc.*

10,134

5,700

NGK

Insulators,

Ltd.

95,451

2,300

Nikkiso

Co.,

Ltd.

23,019

2,700

Nikko

Co.,

Ltd.

14,176

1,267

Nilfisk

Holding

A/S*

22,142

3,900

Nippon

Thompson

Co.,

Ltd.

18,114

400

Nissei

ASB

Machine

Co.,

Ltd.

19,395

800

Nitta

Corp.

22,484

500

Nitto

Kohki

Co.,

Ltd.

5,912

1,900

Nitto

Seiko

Co.,

Ltd.

8,201

900

Nittoku

Co.,

Ltd.

13,946

900

Nomura

Micro

Science

Co.,

Ltd.^

19,967

500

Noritake

Co.,

Ltd.

15,972

Shares

Value

Common

Stocks,

continued

Machinery,

continued

995

Norma

Group

SE

$

16,675

15,300

NSK,

Ltd.

79,260

22,000

NTN

Corp.

50,804

400

Obara

Group,

Inc.

11,556

4,495

OC

Oerlikon

Corp.

AG

15,295

1,700

Oiles

Corp.

26,484

400

Okamoto

Machine

Tool

Works,

Ltd.

12,851

1,400

OKUMA

Corp.

31,982

700

Organo

Corp.

53,500

3,500

OSG

Corp.

50,111

692

Palfinger

AG

28,684

150

Plasson

Industries,

Ltd.^

9,067

96

Rational

AG

73,155

70

Rieter

Holding

AG,

Registered

Shares

577

22,196

Rotork

plc

101,783

500

Ryobi,

Ltd.

9,381

7,176

Sandvik

AB

201,055

1,900

Savaria

Corp.

27,527

105

Schindler

Holding

AG,

Registered

Shares

37,969

74,500

Seatrium,

Ltd.

137,156

684

SFS

Group

AG

92,482

1,100

Shibaura

Machine

Co.,

Ltd.

31,242

500

Shibuya

Corp.

11,534

1,200

Shima

Seiki

Manufacturing,

Ltd.

8,553

1,900

Shinmaywa

Industries,

Ltd.

23,872

78,000

Singamas

Container

Holdings,

Ltd.

6,716

2,200

Sintokogio,

Ltd.

15,007

7,590

Skellerup

Holdings,

Ltd.

22,742

5,262

SKF

AB,

B

Shares

131,370

200

SMC

Corp.

61,208

2,300

Sodick

Co.,

Ltd.

14,202

623

Spirax

Group

plc

57,464

772

Stabilus

SE

22,301

1,498

Stadler

Rail

AG

36,711

1,600

Star

Micronics

Co.,

Ltd.

18,096

719

Sulzer

AG,

Registered

Shares

122,088

4,800

Sumitomo

Heavy

Industries,

Ltd.

115,461

3,900

Tadano,

Ltd.

27,479

1,500

Takeuchi

Manufacturing

Co.,

Ltd.

52,484

3,785

Talgo

SA*^(a)

12,198

478

Technotrans

SE

17,446

11,187

Techtronic

Industries

Co.,

Ltd.

143,526

700

Teikoku

Sen-I

Co.,

Ltd.

15,361

1,800

THK

Co.,

Ltd.

49,718

2,100

Tocalo

Co.,

Ltd.

30,828

1,392

TOMRA

Systems

ASA

20,808

1,400

Torishima

Pump

Manufacturing

Co.,

Ltd.

19,309

600

Toyota

Industries

Corp.

67,530

2,410

Trelleborg

AB,

Class

B

90,385

1,098

Troax

Group

AB

16,065

1,100

Tsubaki

Nakashima

Co.,

Ltd.

2,881

4,200

Tsubakimoto

Chain

Co.

60,932

1,800

Tsugami

Corp.

28,969

1,200

Tsukishima

Holdings

Co.,

Ltd.

23,809

1,200

Tsurumi

Manufacturing

Co.,

Ltd.

16,329

3,924

Valmet

Oyj^

131,462

100

VAT

Group

AG(a)

39,801

707

VBG

Group

AB,

Class

B

23,628

6,879

Vesuvius

plc

34,680

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

22

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

2,415

Volvo

AB,

Class

A

$

69,701

20,356

Volvo

AB,

Class

B

587,326

208

Vossloh

AG

22,146

1,416

Wacker

Neuson

SE

36,641

9,579

Wartsila

OYJ

Abp

286,825

560

Washtec

AG

25,327

4,117

Weir

Group

plc

(The)

152,197

1,600

YAMABIKO

Corp.

27,494

66,200

Yangzijiang

Shipbuilding

Holdings,

Ltd.

173,512

1,900

Yaskawa

Electric

Corp.

40,436

12,839,006

Marine

Transportation

(0.5%):

1,600

Algoma

Central

Corp.

19,202

44

AP

Moller

-

Maersk

A/S,

Class

A

86,151

64

AP

Moller

-

Maersk

A/S,

Class

B

125,527

586

Clarkson

plc

28,926

894

D/S

Norden

A/S

32,477

1,478

Dfds

A/S*

22,501

500

Hapag-Lloyd

AG(a)

65,756

5,382

Hoegh

Autoliners

ASA

57,928

3,300

Iino

Kaiun

Kaisha,

Ltd.

26,424

3,976

Irish

Continental

Group

plc

26,984

2,300

Japan

Transcity

Corp.

17,927

5,900

Kawasaki

Kisen

Kaisha,

Ltd.^

83,927

1,189

Klaveness

Combination

Carriers

ASA(a)

8,510

619

Kuehne

+

Nagel

International

AG,

Class

R

115,841

5,500

Mitsui

OSK

Lines,

Ltd.^

167,256

19,192

MPC

Container

Ships

ASA

31,778

6,500

Nippon

Yusen

KK

221,791

600

NS

United

Kaiun

Kaisha,

Ltd.

20,547

1,260

Odfjell

SE,

A

Shares

15,521

190,000

Pacific

Basin

Shipping,

Ltd.

61,322

36,000

SITC

International

Holdings

Co.,

Ltd.

138,689

3,416

Solstad

Maritime

Holding

A/S

7,858

329

Stolt-Nielsen,

Ltd.

11,354

2,499

Wallenius

Wilhelmsen

ASA

22,247

630

Wilh

Wilhelmsen

Holding

ASA,

A

Shares

32,025

1,448,469

Media

(0.7%):

712

4imprint

Group

plc

30,955

3,715

Aimia,

Inc.*^

8,463

996

Alma

Media

Oyj

16,785

65

APG

SGA

SA

16,952

8,376

ARN

Media,

Ltd.

2,943

4,886

Atresmedia

Corp.

de

Medios

de

Comunicacion

SA

32,209

1,951

Bloomsbury

Publishing

plc

12,514

24,877

Canal+

SA*

81,971

701

Cogeco

Communications,

Inc.

32,221

4,300

CyberAgent,

Inc.

51,529

2,500

Dentsu

Group,

Inc.

54,942

5,775

Eutelsat

Communications

SACA*

23,132

400

Fuji

Media

Holdings,

Inc.

9,478

2,193

Future

plc

19,408

2,300

Gakken

Holdings

Co.,

Ltd.

16,397

7,000

Hakuhodo

DY

Holdings,

Inc.

56,220

24,877

Havas

NV*

45,929

16,999

Informa

plc

210,044

500

Intage

Holdings,

Inc.

5,813

Shares

Value

Common

Stocks,

continued

Media,

continued

841

IPSOS

SA

$

37,446

112,358

ITV

plc

120,911

9,582

IVE

Group,

Ltd.

17,810

1,321

JCDecaux

SE

23,728

700

Kadokawa

Corp.

17,108

4,254

M&C

Saatchi

plc

8,347

1,664

Metropole

Television

SA

24,956

7,548

MFE-MediaForEurope

NV

27,520

9,409

MFE-MediaForEurope

NV,

Class

A

35,113

2,046

MFE-MediaForEurope

NV,

Class

B

10,420

3,263

Next

15

Group

plc

14,347

48,093

Nine

Entertainment

Co.

Holdings,

Ltd.

38,582

1,307

NRJ

Group

11,787

19,083

oOh!media,

Ltd.

18,851

602

Perion

Network,

Ltd.*

5,839

68,000

Pico

Far

East

Holdings,

Ltd.

23,069

3,949

Publicis

Groupe

SA

379,005

12,118

Reach

plc

10,841

1,338

RTL

Group

SA

54,993

10,874

S4

Capital

plc

3,299

5,299

Sanoma

Oyj

66,440

11,237

SES

SA

85,745

60,999

Seven

West

Media,

Ltd.*

6,071

6,212

SKY

Network

Television,

Ltd.

11,230

5,600

SKY

Perfect

JSAT

Holdings,

Inc.

52,745

15,013

Southern

Cross

Media

Group,

Ltd.

8,895

880

Stroeer

SE

&

Co.

KGaA

39,180

200

TBS

Holdings,

Inc.^

7,586

5,942

Team

Internet

Group

PLC*

4,941

15,000

Television

Broadcasts,

Ltd.*

6,650

2,236

Television

Francaise

1

SA

22,752

1,400

TV

Asahi

Holdings

Corp.

31,730

500

Tv

Tokyo

Holdings

Corp.

16,687

124

TX

Group

AG

31,451

1,000

ValueCommerce

Co.,

Ltd.

5,377

1,600

Vector,

Inc.

12,057

430

Vend

Marketplaces

ASA,

Class

B

14,462

23,328

Viaplay

Group

AB*

3,250

18,998

Vivendi

SE

67,236

500

Wowow,

Inc.

4,913

12,238

WPP

plc

61,145

2,369

WPP

plc,

ADR^

59,343

700

Zenrin

Co.,

Ltd.

5,068

2,236,831

Metals

&

Mining

(5.9%):

5,810

Acerinox

SA

75,743

1,200

ADF

Group,

Inc.

6,752

3,246

Agnico

Eagle

Mines,

Ltd.

546,793

1,934

Agnico

Eagle

Mines,

Ltd.,

ADR

325,995

1,600

Aichi

Steel

Corp.

29,096

7,393

Alamos

Gold,

Inc.

257,732

6,600

Algoma

Steel

Group,

Inc.

23,463

41,565

Alkane

Resources,

Ltd.*

31,565

9,063

Alleima

AB

68,876

1,400

Altius

Minerals

Corp.

33,674

723

AMG

Critical

Materials

NV

24,549

12,894

Anglo

American

plc

485,386

1,981

Antofagasta

plc

73,782

1,631

APERAM

SA

53,189

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

23

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

82,953

Arafura

Rare

Earths,

Ltd.*

$

11,009

5,723

ArcelorMittal

SA

206,789

1,552

ArcelorMittal

SA,

ADR

56,105

2,800

ARE

Holdings,

Inc.

40,699

3,752

Atalaya

Mining

Copper

SA

31,640

116,831

Aurelia

Metals,

Ltd.*

19,395

1,331

Aurubis

AG

165,860

25,622

AVZ

Minerals,

Ltd.*

2,686

42,842

B2Gold

Corp.

211,824

7,834

Barrick

Mining

Corp.

257,343

13,509

Barrick

Mining

Corp.,

ADR

442,690

1,188

Bekaert

SA

54,496

36,701

Bellevue

Gold,

Ltd.*

27,928

53,489

BHP

Group,

Ltd.

1,494,101

5,290

BHP

Group,

Ltd.,

ADR

294,918

6,478

BlueScope

Steel,

Ltd.

97,450

4,700

Boliden

AB*

191,916

9,940

Capital,

Ltd.

14,237

14,188

Capricorn

Metals,

Ltd.*

124,988

13,200

Capstone

Copper

Corp.*

112,126

10,700

Centerra

Gold,

Inc.

114,651

8,967

Central

Asia

Metals

plc

18,282

8,376

Champion

Iron,

Ltd.

25,977

16,254

China

Gold

International

Resources

Corp.,

Ltd.

291,205

400

CK-San-Etsu

Co.,

Ltd.

11,517

5,000

Daido

Steel

Co.,

Ltd.

43,257

1,400

Daiki

Aluminium

Industry

Co.,

Ltd.

10,657

5,694

Deterra

Royalties,

Ltd.

15,029

2,200

Dowa

Holdings

Co.,

Ltd.

80,174

9,000

DPM

Metals,

Inc.

199,533

2,800

Dynacor

Group,

Inc.

9,437

7,200

ECORA

RESOURCES

plc

8,213

10,162

Eldorado

Gold

Corp.*

293,504

20,116

Emerald

Resources

NL*

67,117

6,695

Endeavour

Mining

plc

281,272

7,400

Endeavour

Silver

Corp.*

57,966

17,107

Equinox

Gold

Corp.*

191,662

393

Eramet

SA^

25,904

1,599

ERO

Copper

Corp.*

32,394

40,467

Evolution

Mining,

Ltd.

291,443

6,600

First

Majestic

Silver

Corp.

81,059

11,471

First

Quantum

Minerals,

Ltd.*

259,509

4,900

Foraco

International

SA*

7,501

22,913

Fortescue,

Ltd.

284,145

5,500

Fortuna

Mining

Corp.,

ADR*

49,280

13,552

Fortuna

Mining

Corp.*

121,350

867

Franco-Nevada

Corp.

193,008

4,743

Fresnillo

plc

150,554

8,215

Galiano

Gold,

Inc.*

17,888

13,966

Genesis

Minerals,

Ltd.*

55,001

54,653

Glencore

plc*

252,528

200

Godo

Steel,

Ltd.

5,385

8,900

GoGold

Resources,

Inc.*

17,269

4,992

Granges

AB

62,145

7,630

Griffin

Mining,

Ltd.*

18,977

1,650

Hill

&

Smith

plc

45,350

9,715

Hochschild

Mining

plc

46,553

9,462

Hudbay

Minerals,

Inc.

143,341

27,531

IAMGOLD

Corp.*

355,737

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

6,077

IGO,

Ltd.*

$

20,729

11,751

Iluka

Resources,

Ltd.

48,977

18,486

Imdex,

Ltd.

41,291

1,905

Ivanhoe

Mines,

Ltd.*

20,207

9,800

JFE

Holdings,

Inc.^

120,568

50,009

Jupiter

Mines,

Ltd.

8,443

9,836

K92

Mining,

Inc.*

118,894

25,794

Kinross

Gold

Corp.

640,262

15,400

Kobe

Steel,

Ltd.^

181,866

1,000

Kurimoto,

Ltd.

12,493

1,000

Kyoei

Steel,

Ltd.

15,508

2,700

Labrador

Iron

Ore

Royalty

Corp.^

54,485

2,100

Largo,

Inc.*

3,139

14,207

Lucara

Diamond

Corp.*

2,042

5,900

Lundin

Gold,

Inc.

382,323

25,112

Lundin

Mining

Corp.

374,650

2,387

Lynas

Rare

Earths,

Ltd.*

26,541

48,387

Macmahon

Holdings,

Ltd.

12,804

3,114

Major

Drilling

Group

International,

Inc.*

26,049

7,800

Maruichi

Steel

Tube,

Ltd.

67,936

48,808

Metals

X,

Ltd.*

25,264

176,000

Midas

Holdings,

Ltd.*(b)

—

2,184

Mineral

Resources,

Ltd.*

59,373

4,200

Mitsubishi

Materials

Corp.

78,781

500

Mitsubishi

Steel

Manufacturing

Co.,

Ltd.

5,743

1,500

Mitsui

Mining

&

Smelting

Co.,

Ltd.

116,309

30,000

Mongolian

Mining

Corp.*

48,013

27,183

Mount

Gibson

Iron,

Ltd.*

6,929

1,800

Nakayama

Steel

Works,

Ltd.

7,795

2,200

Neturen

Co.,

Ltd.

18,139

33,410

New

Gold,

Inc.*

239,380

35,440

Nickel

Industries,

Ltd.

16,689

6,200

Nippon

Denko

Co.,

Ltd.

14,221

2,700

Nippon

Light

Metal

Holdings

Co.,

Ltd.

38,289

35,475

Nippon

Steel

Corp.^

145,965

930

Nippon

Yakin

Kogyo

Co.,

Ltd.

26,900

1,500

Nittetsu

Mining

Co.,

Ltd.

20,258

5,714

Norsk

Hydro

ASA

38,742

24,877

Northern

Star

Resources,

Ltd.

392,219

11,709

OceanaGold

Corp.

250,000

21,175

OM

Holdings,

Ltd.

3,773

2,604

OR

Royalties,

Inc.

104,385

2,207

Orla

Mining,

Ltd.*

23,836

500

Osaka

Steel

Co.,

Ltd.

8,558

1,400

OSAKA

Titanium

Technologies

Co.,

Ltd.^

24,570

9,047

Outokumpu

Oyj

41,195

900

Pacific

Metals

Co.,

Ltd.

12,120

53,360

Pan

African

Resources

plc

63,061

7,438

Pan

American

Silver

Corp.

288,273

33,353

Perenti,

Ltd.

62,023

57,149

Perseus

Mining,

Ltd.

186,267

31,588

Pilbara

Minerals,

Ltd.*

52,348

61,764

Ramelius

Resources,

Ltd.

159,402

1,734

Rana

Gruber

ASA

11,535

42,740

Regis

Resources,

Ltd.

170,793

70,587

Resolute

Mining,

Ltd.*

48,284

7,901

Rio

Tinto

plc

520,600

6,373

Rio

Tinto,

Ltd.

515,097

1,335

Salzgitter

AG

40,407

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

24

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

19,433

Sandfire

Resources,

Ltd.*

$

183,979

4,900

Sandstorm

Gold,

Ltd.

61,342

6,900

Sandstorm

Gold,

Ltd.,

ADR

86,388

1,200

Seabridge

Gold,

Inc.*

28,950

3,431

Sims,

Ltd.

30,440

53,653

SolGold

plc*

10,838

56,381

South32,

Ltd.

102,333

2,078

SSAB

AB,

Class

A

12,442

12,242

SSAB

AB,

Class

B

71,129

5,949

SSR

Mining,

Inc.*

145,273

39,661

St

Barbara,

Ltd.*

14,170

15,147

Stanmore

Resources,

Ltd.

21,365

4,892

Straits

Trading

Co.,

Ltd.

6,221

3,700

Sumitomo

Metal

Mining

Co.,

Ltd.

119,370

21,561

Syrah

Resources,

Ltd.*

3,783

8,074

Taseko

Mines,

Ltd.*

34,234

6,338

Teck

Resources,

Ltd.,

Class

B

278,070

15,172

thyssenkrupp

AG

208,053

900

Toho

Titanium

Co.,

Ltd.

10,835

700

Toho

Zinc

Co.,

Ltd.*

3,049

300

Tokyo

Rope

Manufacturing

Co.,

Ltd.

2,982

2,300

Tokyo

Steel

Manufacturing

Co.,

Ltd.

22,683

400

Tokyo

Tekko

Co.,

Ltd.

15,670

1,100

Topy

Industries,

Ltd.

21,110

4,785

Torex

Gold

Resources,

Inc.*

198,896

969

Trevali

Mining

Corp.*(b)

—

700

Triple

Flag

Precious

Metals

Corp.

20,494

3,573

Tubacex

SA

14,865

6,800

UACJ

Corp.

73,776

187,341

Vault

Minerals,

Ltd.*

82,193

2,097

Victoria

Gold

Corp.*

136

2,734

voestalpine

AG

97,922

2,068

Vulcan

Steel,

Ltd.

9,592

6,700

Wesdome

Gold

Mines,

Ltd.*

104,388

54,361

West

African

Resources,

Ltd.*

91,870

43,691

Westgold

Resources,

Ltd.

130,316

416

Wheaton

Precious

Metals

Corp.

46,560

900

Yamato

Kogyo

Co.,

Ltd.

55,267

4,000

Yodoko,

Ltd.

35,081

18,651,377

Multi-Utilities

(1.1%):

64,938

A2A

SpA

169,799

2,232

ACEA

SpA

53,821

10,462

AGL

Energy,

Ltd.

61,135

3,800

Algonquin

Power

&

Utilities

Corp.^

20,427

5,995

Algonquin

Power

&

Utilities

Corp.,

ADR^

32,193

2,324

Atco,

Ltd.,

Class

I

84,142

1,866

Canadian

Utilities,

Ltd.,

Class

A

52,205

95,833

Centrica

plc

214,668

53,004

E.ON

SE

996,466

40,085

Engie

SA

859,737

29,629

Hera

SpA

133,220

15,986

Iren

SpA

49,428

1,683

National

Grid

plc,

ADR

122,304

18,021

National

Grid

plc

259,763

11,914

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

42,782

18,300

Sembcorp

Industries,

Ltd.^

85,628

3,525

Telecom

Plus

plc

89,137

Shares

Value

Common

Stocks,

continued

Multi-Utilities,

continued

6,736

Veolia

Environnement

SA

$

230,104

3,556,959

Office

REITs

(0.0%

†

):

5,187

Helical

plc

14,319

Oil,

Gas

&

Consumable

Fuels

(5.9%):

7,481

Advantage

Energy,

Ltd.*

61,343

6,293

Aker

BP

ASA

160,205

171,200

Amplitude

Energy,

Ltd.*

26,031

4,744

Ampol,

Ltd.

93,947

14,756

ARC

Resources,

Ltd.

269,139

507

Ashdod

Refinery,

Ltd.*

8,583

27,709

Athabasca

Oil

Corp.*

132,621

19,094

Baytex

Energy

Corp.

44,733

58,994

Beach

Energy,

Ltd.

44,615

7,041

Birchcliff

Energy,

Ltd.

28,994

800

BLUENORD

ASA*

36,294

2,100

Bonterra

Energy

Corp.*

5,508

6,703

Boss

Energy,

Ltd.*

9,183

151,966

BP

plc

871,616

17,156

BP

plc,

ADR

591,196

173,000

Brightoil

Petroleum

Holdings,

Ltd.*(b)

—

3,350

BW

LPG,

Ltd.(a)

47,909

289

Cameco

Corp.

24,258

1,022

Cameco

Corp.,

ADR

85,705

1,527

Canacol

Energy,

Ltd.*

2,853

13,414

Canadian

Natural

Resources,

Ltd.

428,978

13,764

Canadian

Natural

Resources,

Ltd.,

ADR

439,897

5,438

Capricorn

Energy

PLC*

14,796

7,312

Cardinal

Energy,

Ltd.

40,724

37,786

Cenovus

Energy,

Inc.

641,670

2,956

Cenovus

Energy,

Inc.,

ADR

50,222

8,219

Channel

Infrastructure

NZ,

Ltd.

12,390

13,100

China

Aviation

Oil

Singapore

Corp.,

Ltd.

13,516

2,622

CMB

Tech

NV

24,684

1,031

CMB

Tech

NV,

ADR

9,681

4,600

Cosmo

Energy

Holdings

Co.,

Ltd.

111,221

23,879

Deep

Yellow,

Ltd.*

31,129

264

Delek

Group,

Ltd.

63,887

5,000

Denison

Mines

Corp.*

13,762

2,097

Diversified

Energy

Co

PLC

29,315

20,320

DNO

ASA

31,376

9,908

Enbridge,

Inc.

499,921

43,800

ENEOS

Holdings,

Inc.

278,095

5,890

Energean

plc

65,654

24,774

Eni

SpA

432,543

120,434

EnQuest

plc

18,925

12,554

Equinor

ASA

307,226

605

Equital,

Ltd.*

26,685

134

Esso

SA

Francaise

15,959

4,745

Etablissements

Maurel

et

Prom

SA

27,322

762

Flex

LNG,

Ltd.*

19,202

5,800

Freehold

Royalties,

Ltd.^

57,437

420

Friedrich

Vorwerk

Group

SE

40,388

2,118

Frontera

Energy

Corp.

8,691

1,076

Frontline

plc

24,214

3,100

Fuji

Oil

Co.,

Ltd.

10,051

16,507

Galp

Energia

SGPS

SA

312,956

1,601

Gaztransport

Et

Technigaz

SA

296,036

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

25

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

6,249

Genel

Energy

plc*^

$

6,132

8,050

Gibson

Energy,

Inc.^

149,661

5,883

Gulf

Keystone

Petroleum,

Ltd.

17,760

6,440

Hafnia,

Ltd.

38,910

5,124

Harbour

Energy

plc

14,318

1,595

Hargreaves

Services

PLC

15,248

9,800

Headwater

Exploration,

Inc.^

52,891

12,600

Idemitsu

Kosan

Co.,

Ltd.

86,566

1,973

Imperial

Oil,

Ltd.

178,924

19,600

Inpex

Corp.

352,560

2,244

International

Petroleum

Corp.

Stockholm*

37,446

2,823

International

Petroleum

Corp.

Toronto*

47,406

2,400

Itochu

Enex

Co.,

Ltd.

32,078

8,400

Iwatani

Corp.

92,009

5,000

Japan

Petroleum

Exploration

Co.,

Ltd.

43,754

2,500

Journey

Energy,

Inc.*^

5,839

34,924

Karoon

Energy,

Ltd.

38,131

6,400

Kelt

Exploration,

Ltd.*

31,644

8,801

Keyera

Corp.

295,306

2,709

Koninklijke

Vopak

NV

124,159

6,407

MEG

Energy

Corp.

129,291

18,755

Meren

Energy,

Inc.

24,800

1,700

Mitsuuroko

Group

Holdings

Co.,

Ltd.

26,386

3,641

Neste

Oyj

66,700

21,426

New

Hope

Corp.,

Ltd.

55,640

64,000

NewOcean

Energy

Holdings,

Ltd.*(b)

—

21,200

Nippon

Coke

&

Engineering

Co.,

Ltd.*

14,913

7,754

NuVista

Energy,

Ltd.*

89,604

2,800

Obsidian

Energy,

Ltd.*

18,251

131,868

Oil

Refineries,

Ltd.

35,669

771

Okeanis

Eco

Tankers

Corp.(a)

22,825

5,616

OMV

AG

299,448

4,512

Paladin

Energy,

Ltd.*

24,977

5,770

Panoro

Energy

ASA*

13,332

3,407

Paramount

Resources,

Ltd.,

Class

A

55,016

1,973

Parex

Resources,

Inc.

25,792

5,500

Parkland

Corp.

152,174

375

Paz

Retail

And

Energy,

Ltd.

77,017

8,680

Pembina

Pipeline

Corp.

351,005

1,584

Pembina

Pipeline

Corp.,

ADR

64,089

9,860

Peyto

Exploration

&

Development

Corp.^

128,467

12,892

Pharos

Energy

plc

3,640

10,900

Pine

Cliff

Energy,

Ltd.

4,935

3,732

PrairieSky

Royalty,

Ltd.

69,249

18,102

Repsol

SA

321,238

1,600

Sala

Corp.

11,870

2,300

San-Ai

Obbli

Co.,

Ltd.

32,515

114,539

Santos,

Ltd.

512,824

9,682

Secure

Waste

Infrastructure

Corp.

137,907

8,575

Serica

Energy

plc

22,889

81,977

Shell

plc

2,918,243

400

Sinanen

Holdings

Co.,

Ltd.

18,075

4,447

South

Bow

Corp.

125,852

363

South

Bow

Corp.,

ADR

10,269

2,000

Spartan

Delta

Corp.*

7,776

487

Strathcona

Resources,

Ltd.

12,610

12,412

Suncor

Energy,

Inc.

519,493

9,472

Suncor

Energy,

Inc.,

ADR

396,024

1,871

Surge

Energy,

Inc.

9,520

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

1,411

Tamar

Petroleum,

Ltd.(a)

$

19,414

28,200

Tamarack

Valley

Energy,

Ltd.

122,609

972

TC

Energy

Corp.^

52,858

1,817

TC

Energy

Corp.,

ADR

98,863

670

Tidewater

Midstream

And

Infrastructure,

Ltd.*

2,976

3,300

Topaz

Energy

Corp.

61,257

1,569

TORM

plc,

Class

A

32,385

23,665

TotalEnergies

SE

1,443,878

8,265

Tourmaline

Oil

Corp.

356,497

64,721

Tullow

Oil

plc*^

9,074

9,392

Var

Energi

ASA

31,456

542

Verbio

SE

6,798

5,097

Vermilion

Energy,

Inc.^

39,816

35,317

Viva

Energy

Group,

Ltd.(a)

42,465

40,866

Whitecap

Resources,

Inc.

311,891

9,220

Whitecap

Resources,

Inc.,

ADR

70,349

24,779

Whitehaven

Coal,

Ltd.

108,155

34,619

Woodside

Energy

Group,

Ltd.

519,843

14,140

Yancoal

Australia,

Ltd.

49,641

18,794,578

Paper

&

Forest

Products

(0.4%):

800

Acadian

Timber

Corp.

9,446

2,718

Altri

SGPS

SA^

16,006

2,829

Canfor

Corp.*

24,905

168

CPH

Group

AG

15,202

5,900

Daio

Paper

Corp.

35,551

1,086

Ence

Energia

y

Celulosa

SA*^

3,607

2,900

Hokuetsu

Corp.

19,514

1,401

Holmen

AB,

B

Shares

53,232

539

Iberpapel

Gestion

SA

12,414

2,427

Interfor

Corp.*

17,703

7,920

Mondi

plc

109,668

8,539

Navigator

Co.

SA

(The)

32,846

4,800

Nippon

Paper

Industries

Co.,

Ltd.

39,598

5,393

Norske

Skog

ASA*(a)

10,396

24,000

Oji

Holdings

Corp.

131,318

770

Semapa-Sociedade

de

Investimento

e

Gestao

16,539

1,107

Stella-Jones,

Inc.

63,174

13,685

Stora

Enso

Oyj,

Class

R

150,572

7,679

Svenska

Cellulosa

AB

SCA,

Class

B

101,789

1,800

Tokushu

Tokai

Paper

Co.,

Ltd.

18,936

8,643

UPM-Kymmene

Oyj^

236,647

1,707

West

Fraser

Timber

Co.,

Ltd.

116,061

820

Western

Forest

Products,

Inc.*

7,125

1,242,249

Passenger

Airlines

(0.2%):

3,316

Air

Canada*

41,846

1,552

Air

France-KLM*

21,037

80,763

Air

New

Zealand,

Ltd.

27,846

1,100

ANA

Holdings,

Inc.

21,291

61,347

Cathay

Pacific

Airways,

Ltd.

82,600

7,555

Deutsche

Lufthansa

AG,

Registered

Shares

64,019

5,559

easyJet

plc

34,730

7,034

El

Al

Israel

Airlines*

32,107

1,328

Exchange

Income

Corp.^

69,306

5,300

Japan

Airlines

Co.,

Ltd.

107,056

2,549

JET2

plc

48,611

6,981

Qantas

Airways,

Ltd.

50,604

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

26

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Passenger

Airlines,

continued

30,900

Singapore

Airlines,

Ltd.^

$

156,619

757,672

Personal

Care

Products

(0.6%):

447

Beiersdorf

AG

46,760

66,133

Haleon

plc

298,675

744

Interparfums

SA

24,542

1,114

Jamieson

Wellness,

Inc.(a)

28,989

2,600

Kao

Corp.

113,329

300

Kose

Corp.

12,045

1,087

L'Oreal

SA

470,940

1,600

Mandom

Corp.

24,128

1,000

Milbon

Co.,

Ltd.

16,763

600

Noevir

Holdings

Co.,

Ltd.

18,109

161

Pharmanutra

SpA

7,500

5,635

PZ

Cussons

plc

6,139

2,300

Rohto

Pharmaceutical

Co.,

Ltd.

38,684

3,700

Shiseido

Co.,

Ltd.

63,299

11,547

Unilever

plc,

ADR

684,506

1,854,408

Pharmaceuticals

(4.6%):

3,158

ALK-Abello

A/S*

103,796

2,082

Almirall

SA

28,230

800

ASKA

Pharmaceutical

Holdings

Co.,

Ltd.

12,375

33,200

Astellas

Pharma,

Inc.

362,120

6,024

AstraZeneca

plc

920,050

5,631

AstraZeneca

plc,

ADR

432,010

49

Aurora

Cannabis,

Inc.*

293

1,145

Bausch

Health

Cos.,

Inc.,

ADR*

7,385

3,586

Bausch

Health

Cos.,

Inc.*

23,091

31,096

Bayer

AG,

Registered

Shares

1,030,901

298

Boiron

SA

9,774

129

Camurus

AB*

9,364

90

Canopy

Growth

Corp.*

131

5,300

Chugai

Pharmaceutical

Co.,

Ltd.

234,471

207

COSMO

Pharmaceuticals

NV

16,918

1,700

Cronos

Group,

Inc.*

4,726

4,200

Daiichi

Sankyo

Co.,

Ltd.

94,015

2,060

Daito

Pharmaceutical

Co.,

Ltd.

17,127

988

Dermapharm

Holding

SE

37,759

1,900

Eisai

Co.,

Ltd.

63,844

192

Euroapi

SA*

698

5,156

Faes

Farma

SA

25,888

700

Fuji

Pharma

Co.,

Ltd.

7,325

500

Fuso

Pharmaceutical

Industries,

Ltd.

7,235

348

Galderma

Group

AG

60,772

15,331

GSK

plc

329,573

14,155

GSK

plc,

ADR

610,930

10,077

H

Lundbeck

A/S

73,201

4,354

H

Lundbeck

A/S,

Class

A

24,380

3,600

Haw

Par

Corp.,

Ltd.

39,644

2,599

Hikma

Pharmaceuticals

plc

59,817

1,100

Hisamitsu

Pharmaceutical

Co.,

Inc.

30,635

2,214

Indivior

plc*

53,380

1,561

Ipsen

SA

210,115

1,100

Kaken

Pharmaceutical

Co.,

Ltd.

27,179

1,500

Kissei

Pharmaceutical

Co.,

Ltd.

43,647

5,747

Knight

Therapeutics,

Inc.*

24,285

2,700

Kyorin

Pharmaceutical

Co.,

Ltd.

27,029

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

3,000

Kyowa

Kirin

Co.,

Ltd.

$

46,638

87

Laboratorios

Farmaceuticos

Rovi

SA

5,965

4,918

Mayne

Pharma

Group,

Ltd.*

16,774

403

Merck

KGaA

51,831

1,000

Mochida

Pharmaceutical

Co.,

Ltd.

21,452

2,000

Nippon

Shinyaku

Co.,

Ltd.

45,017

7,909

Novartis

AG,

ADR

1,014,250

11,343

Novartis

AG,

Registered

Shares

1,458,877

26,631

Novo

Nordisk

A/S,

Class

B

1,470,137

3,400

Nxera

Pharma

Co.,

Ltd.*

22,716

7,300

Ono

Pharmaceutical

Co.,

Ltd.

84,130

5,000

Organigram

Global,

Inc.*

10,133

1,227

Orion

Oyj,

Class

A

93,469

5,068

Orion

Oyj,

Class

B

388,151

2,600

Otsuka

Holdings

Co.,

Ltd.

138,916

2,493

Recordati

Industria

Chimica

e

Farmaceutica

SpA

151,410

5,485

Roche

Holding

AG

1,805,625

264

Roche

Holding

AG,

Class

BR

91,040

13,243

Sandoz

Group

AG

787,677

5,313

Sanofi

SA

502,144

5,200

Santen

Pharmaceutical

Co.,

Ltd.

57,645

4,100

Sawai

Group

Holdings

Co.,

Ltd.

55,520

1,300

Seikagaku

Corp.

5,834

3,200

Shionogi

&

Co.,

Ltd.

56,601

2,832

SNDL,

Inc.*

7,590

17,100

Takeda

Pharmaceutical

Co.,

Ltd.

499,264

2,648

Teva

Pharmaceutical

Industries,

Ltd.*

53,346

3,966

Teva

Pharmaceutical

Industries,

Ltd.,

ADR*

80,113

1,200

Towa

Pharmaceutical

Co.,

Ltd.

23,952

1,300

Tsumura

&

Co.

31,846

1,364

UCB

SA

377,329

48,000

United

Laboratories

International

Holdings,

Ltd.

(The)^

92,699

166

Vetoquinol

SA

15,039

98

Virbac

SACA

36,322

1,100

ZERIA

Pharmaceutical

Co.,

Ltd.

15,099

14,678,664

Professional

Services

(1.6%):

4,040

Adecco

Group

AG

114,487

3,918

AFRY

AB

67,595

10,056

ALS,

Ltd.

133,195

770

Altech

Corp.

14,530

203

Amadeus

Fire

AG

11,926

1,464

Arcadis

NV

73,691

1,900

BayCurrent,

Inc.

111,570

1,800

Bell

System24

Holdings,

Inc.

16,265

372

Bertrandt

AG

8,125

1,661

Brunel

International

NV

15,907

8,964

Bureau

Veritas

SA

281,421

1,774

Capita

PLC*

7,695

6,433

Computershare,

Ltd.

154,519

700

Creek

&

River

Co.,

Ltd.

7,114

180

Danel

Adir

Yeoshua,

Ltd.

27,693

1,400

dip

Corp.

21,994

1,470

DKSH

Holding

AG

99,948

900

EJ

Holdings,

Inc.

10,818

900

en,

Inc.,

Japan

9,876

9,546

Experian

plc

480,687

1,200

FULLCAST

Holdings

Co.,

Ltd.

14,417

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

27

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

1,500

Funai

Soken

Holdings,

Inc.

$

26,186

175

Groupe

Crit

SA

12,383

35,410

Hays

plc

26,979

349

Hilan,

Ltd.

26,996

10,200

Infomart

Corp.

22,982

1,600

Insource

Co.,

Ltd.

10,388

2,958

Intertek

Group

plc

189,063

5,324

IPH,

Ltd.

12,552

300

IR

Japan

Holdings,

Ltd.

1,676

4,000

JAC

Recruitment

Co.,

Ltd.

29,259

1,000

LIKE,

Inc.

10,194

1,000

Management

Solutions

Co.,

Ltd.^

9,950

1,344

McMillan

Shakespeare,

Ltd.

14,950

2,700

MEITEC

Group

Holdings,

Inc.

58,225

824

Multiconsult

ASA(a)

14,449

11,700

Nihon

M&A

Center

Holdings,

Inc.

59,675

1,900

Open

Up

Group,

Inc.

23,308

9,157

Pagegroup

plc

28,172

1,400

Pasona

Group,

Inc.

20,707

43,400

Persol

Holdings

Co.,

Ltd.

79,215

700

Quick

Co.,

Ltd.

11,874

3,085

Randstad

NV

132,126

10,600

Recruit

Holdings

Co.,

Ltd.

568,791

843

RELX

NV

40,383

7,583

RELX

plc,

ADR

362,164

6,345

RELX

plc

303,006

2,833

Ricardo

plc

16,428

3,902

Robert

Walters

plc

6,665

10,192

RWS

Holdings

plc

12,661

3,358

SGS

SA,

Registered

Shares

349,350

2,600

SIGMAXYZ

Holdings,

Inc.

16,218

1,501

SmartGroup

Corp.,

Ltd.

7,946

2,900

SMS

Co.,

Ltd.

30,537

3,200

S-Pool,

Inc.

7,438

4,264

SThree

plc

9,345

1,633

Talenom

Oyj

6,682

1,100

Tanseisha

Co.,

Ltd.

10,439

3,300

TechnoPro

Holdings,

Inc.

108,045

1,643

Teleperformance

SE

122,471

2,200

TELUS

International

CDA,

Inc.*

9,818

589

Thomson

Reuters

Corp.

91,472

293

Thomson

Reuters

Corp.,

ADR

45,512

1,000

TKC

Corp.

28,578

1,200

Transcosmos,

Inc.

29,890

1,100

UT

Group

Co.,

Ltd.

20,307

700

Visional,

Inc.*

53,526

800

WDB

Holdings

Co.,

Ltd.

9,389

600

Weathernews,

Inc.

19,069

2,443

Wolters

Kluwer

NV

333,446

5,124,358

Real

Estate

Management

&

Development

(2.1%):

697

Aedas

Homes

SA(a)

17,362

206

AFI

Properties,

Ltd.*

13,117

65

Africa

Israel

Residences,

Ltd.

5,115

1,001

Airport

City,

Ltd.*

18,592

2,300

Airport

Facilities

Co.,

Ltd.

16,384

758

Allreal

Holding

AG,

Registered

Shares*

177,314

2,672

Alony

Hetz

Properties

&

Investments,

Ltd.

31,742

492

Alrov

Properties

and

Lodgings,

Ltd.

38,973

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

100

Altus

Group,

Ltd.

$

4,272

2,393

Amot

Investments,

Ltd.

17,925

3,174

Annehem

Fastigheter

AB,

Class

B*

5,880

300

Aoyama

Zaisan

Networks

Co.,

Ltd.

4,135

25

Argo

Properties

NV*

840

20,148

Aroundtown

SA*

77,244

46,000

Asia

Standard

International

Group,

Ltd.*

1,866

6,405

Atrium

Ljungberg

AB,

B

Shares

21,585

233

Azrieli

Group,

Ltd.

23,175

210

Big

Shopping

Centers,

Ltd.

43,208

116

Blue

Square

Real

Estate,

Ltd.

12,694

1,139

BRANICKS

Group

AG*

2,627

3,700

Bukit

Sembawang

Estates,

Ltd.

12,000

376

CA

Immobilien

Anlagen

AG

10,320

31,443

Capitaland

India

Trust

29,268

40,500

CapitaLand

Investment,

Ltd.

84,615

3,868

Castellum

AB^

43,806

781

Catena

AB

35,630

2,946

Cedar

Woods

Properties,

Ltd.

15,216

218

Cham

Swiss

Properties

AG

6,607

18,000

Chinese

Estates

Holdings,

Ltd.

3,030

52,000

Chuang's

Consortium

International,

Ltd.*

2,333

851

Cibus

Nordic

Real

Estate

AB

(publ)

15,339

17,200

City

Developments,

Ltd.

92,306

1,684

Citycon

Oyj

6,466

28,175

CK

Asset

Holdings,

Ltd.

136,738

840

Colliers

International

Group,

Inc.

131,394

127

Colliers

International

Group,

Inc.,

ADR

19,839

725

CPI

Europe

AG*

15,811

476,000

CSI

Properties,

Ltd.*

11,622

2,590

CTP

NV(a)

57,658

5,500

Daito

Trust

Construction

Co.,

Ltd.

120,647

9,700

Daiwa

House

Industry

Co.,

Ltd.

348,742

1,800

Dear

Life

Co.,

Ltd.

14,422

478

Deutsche

EuroShop

AG

10,394

1,307

Deutsche

Wohnen

SE

33,220

2,651

Dios

Fastigheter

AB

18,411

1,450

DREAM

Unlimited

Corp.

21,581

3,016

Eastnine

AB

15,057

1,172

Entra

ASA*(a)

13,993

4,939

Fabege

AB

41,848

91,904

Far

East

Consortium

International,

Ltd.

9,090

5,271

Fastighets

AB

Balder,

B

Shares*

37,885

168

Fastighetsbolaget

Emilshus

AB,

Class

B*

863

862

FastPartner

AB,

Class

A

4,643

300

FirstService

Corp.,

Class

WI

57,167

436

FirstService

Corp.,

Class

WI,

ADR

83,054

11,092

Foxtons

Group

plc

8,274

16,000

Frasers

Property,

Ltd.

12,643

—

Gav-Yam

Lands

Corp.,

Ltd.

3

1,100

Goldcrest

Co.,

Ltd.

24,946

26,076

Grainger

plc

68,096

1,873

Grand

City

Properties

SA*

24,725

10,516

Great

Eagle

Holdings,

Ltd.

19,291

17,100

GuocoLand,

Ltd.

26,530

28,000

Hang

Lung

Group,

Ltd.

52,810

79,486

Hang

Lung

Properties,

Ltd.

89,156

7,709

Harworth

Group

plc

17,622

23,706

Henderson

Land

Development

Co.,

Ltd.

83,683

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

28

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

86

Hiag

Immobilien

Holding

AG*

$

12,059

37,840

HKR

International,

Ltd.*

5,203

9,400

Ho

Bee

Land,

Ltd.

15,898

18,500

Hong

Fok

Corp.,

Ltd.

11,496

18,600

Hongkong

Land

Holdings,

Ltd.

117,701

2,049

Hufvudstaden

AB,

Class

A

27,653

8,300

Hulic

Co.,

Ltd.

90,977

11,000

Hysan

Development

Co.,

Ltd.

22,474

151

IES

Holdings,

Ltd.*

13,737

242

Immobel

SA*

7,343

700

Information

Services

Corp.

18,558

1,430

Instone

Real

Estate

Group

SE(a)

14,421

11,338

International

Workplace

Group

plc

34,051

145

Intershop

Holding

AG

28,572

164

Investis

Holding

SA

26,575

1,643

Israel

Canada

T.R,

Ltd.

7,276

59

Isras

Investment

Co.,

Ltd.

15,746

348

Jeudan

A/S

11,178

800

JINUSHI

Co.,

Ltd.

16,501

2,471

John

Mattson

Fastighetsforetagen

AB*

15,938

25,000

K.

Wah

International

Holdings,

Ltd.

6,875

1,700

Katitas

Co.,

Ltd.

32,043

1,200

Keihanshin

Building

Co.,

Ltd.

13,284

16,225

Kerry

Properties,

Ltd.

43,519

2,347

K-fast

Holding

AB*

3,581

3,270

Kojamo

Oyj*

41,683

28,863

Kowloon

Development

Co.,

Ltd.

13,537

17,100

Lai

Sun

Development

Co.,

Ltd.*

1,413

1,705

Land

Development

Nimrodi

Group,

Ltd.

18,979

44,500

Langham

Hospitality

Investments

and

Langham

Hospitality

Investments,

Ltd.

2,799

1,038

LEG

Immobilien

SE

82,511

21,734

Lendlease

Corp.,

Ltd.

79,404

8,900

Leopalace21

Corp.

42,918

3,878

Lifestyle

Communities,

Ltd.

14,763

8,000

Liu

Chong

Hing

Investment,

Ltd.

4,600

4,644

LSL

Property

Services

plc

16,508

100

Mainstreet

Equity

Corp.

13,396

543

Mega

Or

Holdings,

Ltd.

29,460

226

Melisron,

Ltd.

27,346

25,000

Mingfa

Group

International

Co.,

Ltd.*

527

4,200

Mirarth

Holdings,

Inc.

11,071

3,900

Mitsubishi

Estate

Co.,

Ltd.

89,821

11,900

Mitsui

Fudosan

Co.,

Ltd.

130,011

9,306

Mivne

Real

Estate

KD,

Ltd.

36,348

342

Mobimo

Holding

AG,

Registered

Shares

140,517

100

Morguard

Corp.

8,288

51,087

New

World

Development

Co.,

Ltd.*^

51,416

1,539

Nexity

SA*

20,021

1,700

Nisshin

Group

Holdings

Co.,

Ltd.

6,946

12,500

Nomura

Real

Estate

Holdings,

Inc.

79,717

844

NP3

Fastigheter

AB

22,565

3,693

Nyfosa

AB

32,288

17,900

OUE,

Ltd.

16,376

54,608

Oxley

Holdings,

Ltd.*

4,546

2,906

Pandox

AB

55,707

1,455

PATRIZIA

SE

12,272

11,336

Peet,

Ltd.

14,938

4,226

PEXA

Group,

Ltd.*

43,857

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

1,195

Platzer

Fastigheter

Holding

AB,

Class

B

$

8,766

32

Plazza

AG,

Registered

Shares

15,935

222

Prashkovsky

Investments

and

Construction,

Ltd.

8,958

1,236

PSP

Swiss

Property

AG,

Registered

Shares

212,576

4,700

Relo

Group,

Inc.

56,672

1,892

Sagax

AB,

Class

B

39,589

22,824

Samhallsbyggnadsbolaget

i

Norden

AB*

12,494

3,634

Savills

plc

46,615

1,875

Selvaag

Bolig

ASA

6,673

3,363

Servcorp,

Ltd.

15,878

70,000

Shun

Tak

Holdings,

Ltd.*

7,444

65,933

Sino

Land

Co.,

Ltd.

83,474

5,000

Soundwill

Holdings,

Ltd.*

3,849

200

SRE

Holdings

Corp.

4,363

1,800

Starts

Corp.,

Inc.

61,847

716

Stendorren

Fastigheter

AB*

14,984

5,367

StorageVault

Canada,

Inc.

19,941

2,700

Sumitomo

Realty

&

Development

Co.,

Ltd.

119,127

1,493

Summit

Real

Estate

Holdings,

Ltd.

28,895

1,800

Sun

Frontier

Fudousan

Co.,

Ltd.

28,477

9,921

Sun

Hung

Kai

Properties,

Ltd.

118,997

6,646

Swire

Pacific,

Ltd.,

Class

A

56,400

17,500

Swire

Pacific,

Ltd.,

Class

B

26,308

10,000

Swire

Properties,

Ltd.

28,451

2,489

Swiss

Prime

Site

AG,

Registered

Shares

348,419

4,836

TAG

Immobilien

AG

83,599

21,000

TAI

Cheung

Holdings,

Ltd.

8,667

2,900

TOC

Co.,

Ltd.

15,827

6,500

Tokyo

Tatemono

Co.,

Ltd.

130,146

15,100

Tokyu

Fudosan

Holdings

Corp.

125,149

900

Tosei

Corp.

21,149

213

UBM

Development

AG*

5,336

15,400

UOL

Group,

Ltd.

93,257

409

VGP

NV

45,900

6,768

Vonovia

SE

211,205

5,039

Wallenstam

AB,

B

Shares

23,428

7

Warteck

Invest

AG,

Registered

Shares

17,156

6,203

Watkin

Jones

plc*

2,845

22,829

Wharf

Real

Estate

Investment

Co.,

Ltd.

67,510

5,500

Wihlborgs

Fastigheter

AB

53,848

20,700

Wing

Tai

Holdings,

Ltd.

22,473

16,000

Wing

Tai

Properties,

Ltd.

3,259

148

YH

Dimri

Construction

&

Development,

Ltd.

17,079

17

Zug

Estates

Holding

AG,

Class

B

45,293

6,670,310

Retail

REITs

(0.0%

†

):

13,324

Investore

Property,

Ltd.

9,593

Semiconductors

&

Semiconductor

Equipment

(2.3%):

5,800

Advantest

Corp.

579,945

8,383

AEM

Holdings,

Ltd.*

11,864

1,944

ams-OSRAM

AG*

27,427

565

ASM

International

NV

339,585

2,009

ASML

Holding

NV,

NYS

1,944,893

1,186

ASML

Holding

NV

1,156,159

4,719

ASMPT,

Ltd.

49,758

693

BE

Semiconductor

Industries

NV

103,923

156

Camtek,

Ltd.*

16,360

700

Disco

Corp.

219,919

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

29

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

189

Elmos

Semiconductor

SE

$

18,206

1,700

Ferrotec

Corp.

46,095

900

Furuya

Metal

Co.,

Ltd.

17,045

12,742

Infineon

Technologies

AG

497,279

24,323

IQE

plc*

2,451

2,200

Japan

Material

Co.,

Ltd.

27,092

2,100

Kokusai

Electric

Corp.

59,755

1,100

Lasertec

Corp.

152,000

447

Melexis

NV

35,718

1,200

Micronics

Japan

Co.,

Ltd.

47,489

4,000

Mitsui

High-Tec,

Inc.

20,920

99

Nova,

Ltd.*

31,544

1,100

Optorun

Co.,

Ltd.

12,338

1,030

PVA

TePla

AG*

32,973

10,700

Renesas

Electronics

Corp.

122,942

9,700

Rohm

Co.,

Ltd.

145,610

3,000

Rorze

Corp.

44,881

500

RS

Technologies

Co.,

Ltd.

12,492

700

Sanken

Electric

Co.,

Ltd.*

33,928

1,400

SCREEN

Holdings

Co.,

Ltd.

126,774

600

Shibaura

Mechatronics

Corp.

52,822

300

Shindengen

Electric

Manufacturing

Co.,

Ltd.

6,420

543

Siltronic

AG

29,823

371

SMA

Solar

Technology

AG*

9,376

4,700

Socionext,

Inc.

88,733

403

SOITEC*

18,444

8,282

STMicroelectronics

NV

234,081

1,454

STMicroelectronics

NV,

ADR

41,090

13,400

SUMCO

Corp.

142,294

409

SUSS

MicroTec

SE

14,587

3,400

Tokyo

Electron,

Ltd.

613,082

700

Tokyo

Seimitsu

Co.,

Ltd.

47,382

1,200

Torex

Semiconductor,

Ltd.

13,460

1,500

Towa

Corp.

21,570

453

Tower

Semiconductor,

Ltd.*

32,752

321

u-blox

Holding

AG*

54,480

1,100

Ulvac,

Inc.

48,187

1,978

X-Fab

Silicon

Foundries

SE*(a)

16,025

700

Yamaichi

Electronics

Co.,

Ltd.

16,590

7,438,563

Software

(1.0%):

1,484

accesso

Technology

Group

plc*

8,416

7,046

Alfa

Financial

Software

Holdings

PLC(a)

22,084

600

Alpha

Systems,

Inc.

15,335

339

Atoss

Software

SE

43,792

4,500

Bitfarms,

Ltd.*^

12,709

4,889

BlackBerry,

Ltd.*

23,857

19,135

Bravura

Solutions,

Ltd.

31,976

3,916

Bytes

Technology

Group

plc

21,036

1,500

Celsys,

Inc.

18,984

16,478

Cint

Group

AB*

10,840

500

Computer

Engineering

&

Consulting,

Ltd.

8,061

1,926

Computer

Modelling

Group,

Ltd.

8,678

101

Constellation

Software,

Inc.

274,219

1,200

Cybozu,

Inc.

27,627

1,168

Dassault

Systemes

SE

39,285

300

Descartes

Systems

Group,

Inc.

(The)*

28,252

564

Descartes

Systems

Group,

Inc.

(The),

ADR*

53,146

300

Digital

Arts,

Inc.

15,549

Shares

Value

Common

Stocks,

continued

Software,

continued

8,979

dotdigital

group

plc

$

8,081

989

Dye

&

Durham,

Ltd.

5,260

1,000

Enghouse

Systems,

Ltd.

15,041

567

Fabasoft

AG

11,063

1,600

Fixstars

Corp.

19,789

1,966

F-Secure

Oyj

3,926

2,775

GB

Group

plc

8,471

1,235

Gentrack

Group,

Ltd.*

7,370

5,283

Hansen

Technologies,

Ltd.

20,476

700

I'll,

Inc.

12,800

16,011

Infomedia,

Ltd.

17,827

3,230

IRESS,

Ltd.

18,816

550

IVU

Traffic

Technologies

AG

12,990

1,500

Justsystems

Corp.

48,556

200

Kinaxis,

Inc.*

25,821

2,711

Lightspeed

Commerce,

Inc.*

31,309

314

Lime

Technologies

AB

10,636

36

Linedata

Services

2,449

1,195

Magic

Software

Enterprises,

Ltd.

24,340

500

Miroku

Jyoho

Service

Co.,

Ltd.

6,413

1,400

m-up

Holdings,

Inc.

20,092

1,641

Nemetschek

SE

213,520

145

Nice,

Ltd.*

21,098

8,125

Nuix,

Ltd.*

15,773

1,335

Objective

Corp.,

Ltd.

17,678

5,527

Open

Text

Corp.

206,622

896

Open

Text

Corp.,

ADR

33,492

600

Oracle

Corp.

61,315

3,833

Pinewood

Technologies

Group

plc*

21,386

1,000

Plus

Alpha

Consulting

Co.,

Ltd.

16,901

308

QT

Group

Oyj*

16,555

6,000

Rakus

Co.,

Ltd.

55,220

7,353

RPMGlobal

Holdings,

Ltd.*

22,481

11,134

Sage

Group

plc

(The)

165,288

152

SAP

SE,

ADR

40,616

2,163

SAP

SE

579,809

22,650

Sinch

AB*(a)

72,923

500

SRA

Holdings

17,075

8,800

Systena

Corp.

31,528

1,187

TeamViewer

SE*(a)

12,079

5,164

Technology

One,

Ltd.

131,690

1,437

Temenos

AG,

Registered

Shares

115,978

2,000

Trend

Micro,

Inc.

109,259

9,354

Truecaller

AB,

Class

B

41,312

5,420

Vista

Group

International,

Ltd.*

9,328

778

Vitec

Software

Group

AB,

B

Shares

27,486

400

WingArc1st,

Inc.

8,847

871

WiseTech

Global,

Ltd.

52,072

1,966

WithSecure

Oyj*

3,926

1,457

Xero,

Ltd.*

152,240

3,268,869

Specialty

Retail

(1.5%):

1,200

ABC-Mart,

Inc.

23,816

16,866

Accent

Group,

Ltd.

14,712

12,752

Adairs,

Ltd.

21,642

900

Alpen

Co.,

Ltd.

14,328

1,300

and

ST

HD

Co.,

Ltd.

26,328

1,700

AOKI

Holdings,

Inc.

20,433

1,500

Aoyama

Trading

Co.,

Ltd.

24,742

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

30

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

3,270

ARCLANDS

Corp.

$

43,067

3,987

Aritzia,

Inc.*

241,197

1,006

ASOS

plc*^

3,781

1,143

Auto1

Group

SE*

38,977

2,500

Autobacs

Seven

Co.,

Ltd.

27,311

613

AutoCanada,

Inc.*

13,767

9,615

Autosports

Group,

Ltd.

20,958

3,578

Avolta

AG*

194,658

8,196

BHG

Group

AB*

23,919

2,300

Bic

Camera,

Inc.

25,428

2,768

Bilia

AB,

A

Shares

33,836

34,054

boohoo

Group

plc*^

5,438

3,245

Byggmax

Group

AB

19,690

712

Carasso

Motors,

Ltd.

8,728

614

Card

Factory

plc

842

3,919

CECONOMY

AG*

20,199

14,275

Cettire,

Ltd.*^

6,529

800

Chiyoda

Co.,

Ltd.

6,498

1,435

Clas

Ohlson

AB,

B

Shares

56,366

51,069

Currys

plc

96,071

4,700

DCM

Holdings

Co.,

Ltd.

50,925

928

Delek

Automotive

Systems,

Ltd.

6,856

7,507

DFS

Furniture

plc*

15,450

291

Dor

Alon

Energy

in

Israel

1988,

Ltd.

11,494

4,223

Dunelm

Group

plc

63,841

4,928

Eagers

Automotive,

Ltd.

95,727

3,700

EDION

Corp.

54,172

11,595

Esprit

Holdings,

Ltd.*

2,067

1,500

Fast

Retailing

Co.,

Ltd.

455,548

1,026

Fielmann

Group

AG

61,920

617

Fnac

Darty

SA

21,152

358

Fox

Wizel,

Ltd.

37,959

4,126

Frasers

Group

plc*

41,208

1,200

Geo

Holdings

Corp.

13,368

100,000

Giordano

International,

Ltd.

19,515

4,635

H

&

M

Hennes

&

Mauritz

AB,

Class

B^

86,485

10,860

Halfords

Group

plc

20,870

5

Hallenstein

Glasson

Holdings,

Ltd.

27

1,000

Honeys

Holdings

Co.,

Ltd.

10,439

485

Hornbach

Holding

AG

&

Co.

KGaA

55,848

13,500

Hour

Glass,

Ltd.

(The)

21,382

2,800

IDOM,

Inc.

19,904

5,859

Industria

de

Diseno

Textil

SA

323,646

3,000

Istyle,

Inc.

10,151

1,000

Jade

Group,

Inc.*

9,444

2,014

JB

Hi-Fi,

Ltd.

154,275

69,594

JD

Sports

Fashion

plc

89,265

700

JINS

Holdings,

Inc.

43,333

1,500

Joshin

Denki

Co.,

Ltd.

26,101

1,900

Joyful

Honda

Co.,

Ltd.

27,950

2,166

Kamux

Corp.

5,095

1,913

Kid

ASA(a)

28,592

61,169

Kingfisher

plc

255,412

26,469

KMD

Brands,

Ltd.*

4,144

900

Kohnan

Shoji

Co.,

Ltd.

25,638

1,600

Komeri

Co.,

Ltd.

35,699

3,300

K's

Holdings

Corp.

35,654

1,766

Leon's

Furniture,

Ltd.

36,602

1,809

Lovisa

Holdings,

Ltd.

44,868

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

9,000

Luk

Fook

Holdings

International,

Ltd.

$

28,798

531

Maisons

du

Monde

SA*(a)

1,162

1,279

Matas

A/S

26,182

1,681

MEKO

AB

14,523

1,563

Mobilezone

Holding

AG,

Registered

Shares

22,020

7,872

Moonpig

Group

PLC

24,123

1,800

Nextage

Co.,

Ltd.

28,500

3,447

Nick

Scali,

Ltd.

53,136

400

Nishimatsuya

Chain

Co.,

Ltd.

5,777

3,000

Nitori

Holdings

Co.,

Ltd.

57,836

2,700

Nojima

Corp.

73,984

28,290

Oriental

Watch

Holdings

12,220

2,200

PAL

GROUP

Holdings

Co.,

Ltd.

37,306

651

Pet

Valu

Holdings,

Ltd.

16,838

10,167

Pets

at

Home

Group

plc

28,088

4,539

Premier

Investments,

Ltd.

57,944

1,217

Retailors,

Ltd.

23,615

2,700

Sanrio

Co.,

Ltd.^

126,460

200

Scroll

Corp.

1,523

700

Shimamura

Co.,

Ltd.

46,782

7,699

Super

Retail

Group,

Ltd.

82,742

5,990

Synsam

AB

36,873

1,400

Syuppin

Co.,

Ltd.

11,537

1,018

Temple

&

Webster

Group,

Ltd.*

15,535

1,600

United

Arrows,

Ltd.

22,581

6,400

USS

Co.,

Ltd.

73,416

13,891

Vertu

Motors

plc

11,292

5,000

VT

Holdings

Co.,

Ltd.

16,679

6,954

Watches

of

Switzerland

Group

plc*(a)

34,501

3,259

WH

Smith

plc

29,860

9,835

Wickes

Group

plc

29,613

100

Workman

Co.,

Ltd.

4,207

800

World

Co.,

Ltd.

15,432

700

Xebio

Holdings

Co.,

Ltd.

5,457

14,900

Yamada

Holdings

Co.,

Ltd.

48,885

2,000

Yellow

Hat,

Ltd.

22,871

4,980

Zalando

SE*(a)

152,654

3,600

ZOZO,

Inc.^

33,074

4,689,313

Technology

Hardware,

Storage

&

Peripherals

(0.3%):

5,700

Brother

Industries,

Ltd.

95,330

7,400

Canon,

Inc.

216,645

3,519

Dynavox

Group

AB*

42,780

1,400

Eizo

Corp.

20,740

1,800

Elecom

Co.,

Ltd.

22,443

5,600

FUJIFILM

Holdings

Corp.

139,558

16,600

Konica

Minolta,

Inc.

59,113

739

Logitech

International

SA,

Class

R

81,406

366

Logitech

International

SA,

Class

R,

ADR

40,143

4,000

MCJ

Co.,

Ltd.

37,127

12,000

PC

Partner

Group,

Ltd.

9,434

1,173

Quadient

SA

18,146

10,000

Ricoh

Co.,

Ltd.

88,207

5,100

Seiko

Epson

Corp.

65,304

1,500

Toshiba

TEC

Corp.

30,662

4,400

Wacom

Co.,

Ltd.

24,324

991,362

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

31

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Textiles,

Apparel

&

Luxury

Goods

(1.8%):

2,110

adidas

AG

$

444,988

10,200

Asics

Corp.

266,354

1,565

Brunello

Cucinelli

SpA

171,829

4,414

Burberry

Group

plc*

69,654

25

Calida

Holding

AG,

Registered

Shares

401

408

Canada

Goose

Holdings,

Inc.,

ADR*

5,626

18,000

Chow

Sang

Sang

Holdings

International,

Ltd.

31,926

3,532

Cie

Financiere

Richemont

SA,

Registered

Shares

677,844

69,273

Coats

Group

plc

77,796

26,500

Crystal

International

Group,

Ltd.(a)

23,045

485

Delta

Galil,

Ltd.

25,520

14,425

Dr

Martens

PLC

19,196

400

Fujibo

Holdings,

Inc.

17,524

2,931

Gildan

Activewear,

Inc.

169,351

1,142

Gildan

Activewear,

Inc.,

ADR

66,008

900

Goldwin,

Inc.

15,313

1,800

Gunze,

Ltd.

46,014

246

Hermes

International

SCA

603,221

989

HUGO

BOSS

AG

46,962

1,500

Japan

Wool

Textile

Co.,

Ltd.

(The)

16,819

607

Kering

SA

202,255

500

Kurabo

Industries,

Ltd.

23,833

2,325

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,422,450

1,211

Marimekko

Oyj

17,812

2,903

Moncler

SpA

170,282

3,357

New

Wave

Group

AB,

Class

B

39,382

5,000

Onward

Holdings

Co.,

Ltd.

23,646

7,149

OVS

SpA(a)

35,208

44,000

Pacific

Textiles

Holdings,

Ltd.

8,431

1,875

Pandora

A/S

245,170

4,100

PRADA

SpA

24,640

2,918

Puma

SE

72,548

7,277

Safilo

Group

SpA*

13,912

1,885

Salvatore

Ferragamo

SpA*

11,851

40,200

Samsonite

Group

SA(a)

86,190

2,100

Sankyo

Seiko

Co.,

Ltd.

9,797

500

Sanyo

Shokai,

Ltd.

11,739

700

Seiko

Group

Corp.

30,838

17,500

Stella

International

Holdings,

Ltd.

34,575

630

Swatch

Group

AG

(The),

Class

BR

118,626

773

Swatch

Group

AG

(The),

Registered

29,708

11,500

Texhong

International

Group,

Ltd.

7,250

60,000

Texwinca

Holdings,

Ltd.

6,014

3,200

TSI

Holdings

Co,

Ltd.

22,815

377

Van

de

Velde

NV

13,682

96,000

Viva

Goods

Company,

Ltd.*

7,539

1,100

Wacoal

Holdings

Corp.

41,946

33,514

Yue

Yuen

Industrial

Holdings,

Ltd.

57,103

5,584,633

Tobacco

(0.5%):

13,223

British

American

Tobacco

plc

701,590

15,078

Imperial

Brands

plc

640,414

4,100

Japan

Tobacco,

Inc.

134,771

2,779

Scandinavian

Tobacco

Group

A/S(a)

38,421

1,515,196

Trading

Companies

&

Distributors

(1.7%):

15,349

Acrow,

Ltd.

11,040

2,837

AddTech

AB,

B

Shares

92,785

Shares

Value

Common

Stocks,

continued

Trading

Companies

&

Distributors,

continued

900

ADENTRA,

Inc.

$

22,786

1,000

Alconix

Corp.

14,296

1,271

Alligo

AB,

Class

B

15,491

7,003

Ashtead

Group

plc

470,534

2,358

Ashtead

Technology

Holdings

plc

11,025

1,980

Azelis

Group

NV

26,842

653

BayWa

AG*^

6,182

2,058

Beijer

Ref

AB

32,090

731

Bergman

&

Beving

AB

25,301

145

Bossard

Holding

AG,

Registered

Shares

30,726

3,674

Brenntag

SE

220,146

3,313

Bufab

AB

31,129

4,986

Bunzl

plc

157,382

500

Chori

Co.,

Ltd.

13,292

70,000

CSC

Holdings,

Ltd.*

261

1,200

Daiichi

Jitsugyo

Co.,

Ltd.

22,073

130,000

Deep

Source

Holdings,

Ltd.*

12,194

1,340

Diploma

plc

95,732

4,000

Doman

Building

Materials

Group,

Ltd.

26,216

5,900

Finning

International,

Inc.

274,118

5,497

Grafton

Group

plc

67,641

1,700

Hanwa

Co.,

Ltd.

72,330

17,744

Howden

Joinery

Group

plc

203,031

1,182

IMCD

NV

122,182

1,800

Inaba

Denki

Sangyo

Co.,

Ltd.

51,172

1,900

Inabata

&

Co.,

Ltd.

44,816

3,700

ITOCHU

Corp.

212,793

616

Jacquet

Metals

SACA

13,738

5,000

Japan

Pulp

&

Paper

Co.,

Ltd.

24,151

700

Kamei

Corp.

13,677

900

Kanaden

Corp.

12,655

1,700

Kanamoto

Co.,

Ltd.

41,361

4,400

Kanematsu

Corp.

92,552

900

Kyokuto

Boeki

Kaisha,

Ltd.

11,054

6,700

Marubeni

Corp.

167,201

800

MARUKA

FURUSATO

Corp.

12,640

1,500

Mitani

Corp.

21,773

14,600

Mitsubishi

Corp.

348,068

11,500

Mitsui

&

Co.,

Ltd.

285,599

1,271

Momentum

Group

AB

21,210

3,800

MonotaRO

Co.,

Ltd.

55,192

4,100

Nagase

&

Co.,

Ltd.

88,662

600

Nichiden

Corp.^

11,027

1,200

Nishio

Holdings

Co.,

Ltd.

34,734

3,414

OEM

International

AB,

Class

B

51,940

700

Onoken

Co.,

Ltd.

6,635

3,537

Reece,

Ltd.

26,537

7,292

Rexel

SA

240,756

2,192

Richelieu

Hardware,

Ltd.

53,859

10,311

RS

GROUP

plc

79,108

2,804

Russel

Metals,

Inc.

83,989

1,300

Sanyo

Trading

Co.,

Ltd.

14,105

900

Sato

Shoji

Corp.

12,012

207

Scope

Metals

Group,

Ltd.

9,631

600

Senshu

Electric

Co.,

Ltd.

17,870

2,444

SGH,

Ltd.

81,160

22,549

SIG

plc*

2,875

3,400

Sojitz

Corp.

89,904

409

Solar

A/S,

B

Shares

13,013

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

32

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Trading

Companies

&

Distributors,

continued

17,864

Speedy

Hire

plc

$

5,802

5,800

Sumitomo

Corp.

167,868

269

Thermador

Groupe

23,511

2,593

Toromont

Industries,

Ltd.

287,941

700

Totech

Corp.

14,957

10,600

Toyota

Tsusho

Corp.

293,251

6,879

Travis

Perkins

plc

56,061

2,400

Trusco

Nakayama

Corp.

38,696

800

Tsubakimoto

Kogyo

Co.,

Ltd.

15,174

800

Wajax

Corp.

13,913

1,800

Wakita

&

Co.,

Ltd.

22,580

2,700

Yamazen

Corp.

25,461

800

Yuasa

Trading

Co.,

Ltd.

27,406

5,416,915

Transportation

Infrastructure

(0.5%):

9,240

Aena

SME

SA(a)

253,134

954

Aeroports

de

Paris

SA

126,485

20,495

Atlas

Arteria,

Ltd.

66,671

6,944

Auckland

International

Airport,

Ltd.

31,715

4,596

Enav

SpA(a)

23,400

952

Flughafen

Zurich

AG,

Registered

Shares*

290,838

1,929

Fraport

AG

Frankfurt

Airport

Services

Worldwide*

166,596

8,050

Getlink

SE

148,095

182,200

Hutchison

Port

Holdings

Trust,

Class

U

36,435

1,940

James

Fisher

&

Sons

plc*

9,360

2,200

Japan

Airport

Terminal

Co.,

Ltd.

70,141

2,000

Kamigumi

Co.,

Ltd.

60,718

4,800

Mitsubishi

Logistics

Corp.

39,288

5,399

Port

of

Tauranga,

Ltd.

23,414

34,191

Qube

Holdings,

Ltd.

93,190

22,376

SATS,

Ltd.

58,879

2,700

Sumitomo

Warehouse

Co.,

Ltd.

(The)

56,844

15,436

Transurban

Group

141,317

1,941

Westshore

Terminals

Investment

Corp.^

34,733

1,731,253

Water

Utilities

(0.1%):

11,551

Pennon

Group

plc

72,756

3,229

Severn

Trent

plc

112,514

8,227

United

Utilities

Group

plc

126,811

312,081

Wireless

Telecommunication

Services

(1.0%):

695

1&1

AG

16,398

39,507

Airtel

Africa

plc(a)

129,763

3,670

Cellcom

Israel,

Ltd.*

36,622

5,950

Freenet

AG

190,276

88,000

Hutchison

Telecommunications

Hong

Kong

Holdings,

Ltd.

12,445

32,100

KDDI

Corp.

514,408

2,000

Okinawa

Cellular

Telephone

Co.

35,334

1,324

Orange

Belgium

SA*

29,540

3,569

Partner

Communications

Co.,

Ltd.

34,238

4,503

Rogers

Communications,

Inc.,

Class

B

155,040

218,600

SoftBank

Corp.

321,555

10,100

SoftBank

Group

Corp.

1,282,932

21,800

StarHub,

Ltd.

19,101

10,825

Tele2

AB,

B

Shares

184,761

Shares

Value

Common

Stocks,

continued

Wireless

Telecommunication

Services,

continued

316,461

Vodafone

Group

plc

$

366,913

3,329,326

Total

Common

Stocks

(Cost

$234,382,636)

314,448,271

Preferred

Stocks

(0.4%):

Automobiles

(0.2%):

626

Bayerische

Motoren

Werke

AG,

5.46%

58,094

880

Dr.

Ing

hc

F

Porsche

AG,

1.98%^(a)

42,716

2,286

Porsche

Automobil

Holding

SE,

5.71%

89,803

3,863

Volkswagen

AG,

6.90%

417,753

608,366

Chemicals

(0.1%):

2,875

FUCHS

SE,

3.07%

128,655

Construction

Materials

(0.0%

†

):

123

STO

SE

&

Co

KGaA,

0.26%

17,382

Ground

Transportation

(0.0%

†

):

910

Sixt

SE,

4.73%

61,382

Health

Care

Equipment

&

Supplies

(0.0%

†

):

509

Draegerwerk

AG

&

Co.

KGaA,

3.21%

37,730

Household

Durables

(0.0%

†

):

299

Einhell

Germany

AG,

Class

P,

1.83%

28,761

Household

Products

(0.1%):

2,084

Henkel

AG

&

Co.

KGaA,

2.97%

168,193

Life

Sciences

Tools

&

Services

(0.0%

†

):

70

Sartorius

AG,

0.37%

16,279

Machinery

(0.0%

†

):

2,224

Jungheinrich

AG,

2.70%

77,246

Total

Preferred

Stocks

(Cost

$1,287,732)

1,143,994

Contracts

Warrants

(0.0%

†

):

Real

Estate

Management

&

Development

(0.0%

†

):

—

CSI

Properties,

Ltd.,

4/7/27

—

Software

(0.0%

†

):

201

Constellation

Software,

Inc.,

3/31/40*(b)

—

Total

Warrants

(Cost

$—)

—

Shares

Rights

(0.0%

†

):

Independent

Power

and

Renewable

Electricity

Producers

(0.0%

†

):

18,945

Orsted

AS

CVR,

Expires

on

10/3/25*^

18,864

Machinery

(0.0%

†

):

70

Rieter

Holding

AG

RTS,

Expires

on

10/1/25*

308

Oil,

Gas

&

Consumable

Fuels

(0.0%

†

):

21,814

Amplitude

Energy,

Ltd.

RTS,

Expires

on

10/9/25*

—

Total

Rights

(Cost

$51,667)

19,172

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

33

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Unaffiliated

Investment

Companies

(2.4%):

Money

Market

Funds

(2.4%):

7,001,306

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.03%(c)(d)

$

7,001,306

533,043

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.98%(d)

533,043

Shares

Value

Unaffiliated

Investment

Companies,

continued

Money

Market

Funds,

continued

Total

Unaffiliated

Investment

Companies

(Cost

$7,534,349)

$

7,534,349

Total

Investment

Securities

(Cost

$243,256,384

)

—

101.5%

323,145,786

Net

other

assets

(liabilities)

—

(1.5)%

(4,721,490)

Net

Assets

—

100.0%

$

318,424,296

ADR—American

Depository

Receipt

CVR—Contingency

Valued

Rights

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

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$6,422,492.

(a)

Rule

144A,

Section

4(2)

or

other

security

which

is

restricted

to

resale

to

institutional

investors.

(b)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2025.

(c)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2025.

(d)

The

rate

represents

the

effective

yield

at

September

30,

2025.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

202

5.

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

34

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

The

following

represents

the

concentrations

by

country

of

risk

(based

on

the

domicile

of

the

security

issuer)

relative

to

the

total

value

of

investments

as

of

September

30,

2025:

(Unaudited)

Country

Percentage

Australia

6.2‌%

Austria

0.7‌%

Belgium

1.0‌%

Bermuda

0.1‌%

Cambodia

—‌%

†

Canada

12.0‌%

Chile

—‌%

†

China

0.1‌%

Curacao

0.1‌%

Denmark

2.1‌%

Faroe

Islands

—‌%

†

Finland

1.7‌%

France

6.9‌%

Georgia

0.1‌%

Germany

7.0‌%

Greece

—‌%

†

Hong

Kong

1.7‌%

Ireland

0.8‌%

Isle

of

Man

—‌%

†

Israel

1.1‌%

Italy

2.8‌%

Japan

22.4‌%

Liechtenstein

—‌%

†

Luxembourg

0.3‌%

Macau

—‌%

†

Malaysia

—‌%

†

Mauritius

—‌%

†

Mexico

—‌%

†

Mongolia

—‌%

†

Netherlands

3.6‌%

New

Zealand

0.3‌%

Norway

0.7‌%

Peru

—‌%

†

Poland

—‌%

†

Portugal

0.4‌%

Singapore

1.1‌%

South

Africa

—‌%

Spain

2.7‌%

Sweden

2.6‌%

Switzerland

7.6‌%

Taiwan,

Province

Of

China

—‌%

†

United

Arab

Emirates

—‌%

†

United

Kingdom

11.2‌%

United

States

2.7‌%

100.0‌%

†

Represents

less

than

0.05%.

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

35

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(99.9%):

Aerospace

&

Defense

(1.7%):

1,210

AAR

Corp.*

$

108,501‌

414

AeroVironment,

Inc.*

130,365‌

712

Astronics

Corp.*

32,474‌

415

Astronics

Corp.,

Class

B*

18,912‌

3,933

ATI,

Inc.*

319,910‌

733

Axon

Enterprise,

Inc.*

526,030‌

6,624

Boeing

Co.

(The)*

1,429,658‌

2,316

BWX

Technologies,

Inc.

427,001‌

1,164

Cadre

Holdings,

Inc.

42,498‌

685

CPI

Aerostructures,

Inc.*

1,726‌

877

Curtiss-Wright

Corp.

476,158‌

625

Ducommun,

Inc.*

60,081‌

2,103

General

Dynamics

Corp.

717,123‌

633

HEICO

Corp.

204,345‌

947

HEICO

Corp.,

Class

A

240,623‌

1,861

Hexcel

Corp.

116,685‌

4,801

Howmet

Aerospace,

Inc.

942,100‌

1,204

Huntington

Ingalls

Industries,

Inc.

346,644‌

4,565

Kratos

Defense

&

Security

Solutions,

Inc.*

417,104‌

2,890

L3Harris

Technologies,

Inc.

882,635‌

5,551

Leonardo

DRS,

Inc.

252,015‌

2,580

Lockheed

Martin

Corp.

1,287,962‌

2,496

Mercury

Systems,

Inc.*

193,191‌

917

Moog,

Inc.,

Class

A

190,433‌

343

National

Presto

Industries,

Inc.

38,468‌

1,295

Northrop

Grumman

Corp.

789,069‌

953

Park

Aerospace

Corp.

19,384‌

12,437

RTX

Corp.

2,081,083‌

4,314

Textron,

Inc.

364,490‌

515

TransDigm

Group,

Inc.

678,780‌

1,234

V2X,

Inc.*

71,683‌

1,461

Woodward,

Inc.

369,209‌

13,776,340‌

Air

Freight

&

Logistics

(0.4%):

3,453

CH

Robinson

Worldwide,

Inc.

457,177‌

4,159

Expeditors

International

of

Washington,

Inc.

509,852‌

5,939

FedEx

Corp.

1,400,476‌

2,422

GXO

Logistics,

Inc.*

128,099‌

1,147

Hub

Group,

Inc.,

Class

A

39,503‌

3,266

Radiant

Logistics,

Inc.*

19,269‌

11,120

United

Parcel

Service,

Inc.,

Class

B

928,854‌

3,483,230‌

Automobile

Components

(0.3%):

2,086

Adient

plc*

50,231‌

6,775

American

Axle

&

Manufacturing

Holdings,

Inc.*

40,718‌

5,861

Aptiv

plc*

505,335‌

3,187

Autoliv,

Inc.

393,594‌

7,638

BorgWarner,

Inc.

335,766‌

1,256

Cooper-Standard

Holdings,

Inc.*

46,384‌

4,066

Dana,

Inc.

81,483‌

938

Dorman

Products,

Inc.*

146,215‌

1,423

Fox

Factory

Holding

Corp.*

34,565‌

4,300

Garrett

Motion,

Inc.

58,566‌

4,241

Gentex

Corp.

120,020‌

999

Gentherm,

Inc.*

34,026‌

9,399

Goodyear

Tire

&

Rubber

Co.

(The)*

70,305‌

469

LCI

Industries

43,687‌

Shares

Value

Common

Stocks,

continued

Automobile

Components,

continued

997

Lear

Corp.

$

100,308‌

1,163

Modine

Manufacturing

Co.*

165,332‌

1,190

Motorcar

Parts

of

America,

Inc.*

19,683‌

1,410

Patrick

Industries,

Inc.

145,836‌

1,374

Phinia,

Inc.

78,978‌

616

Standard

Motor

Products,

Inc.

25,145‌

587

Stoneridge,

Inc.*

4,473‌

275

Strattec

Security

Corp.*

18,716‌

789

Visteon

Corp.

94,570‌

810

XPEL,

Inc.*

26,787‌

2,640,723‌

Automobiles

(1.2%):

100,624

Ford

Motor

Co.

1,203,463‌

23,817

General

Motors

Co.

1,452,122‌

1,998

Harley-Davidson,

Inc.

55,744‌

468

Lucid

Group,

Inc.*^

11,134‌

31,135

Rivian

Automotive,

Inc.,

Class

A*

457,062‌

13,979

Tesla,

Inc.*

6,216,741‌

1,140

Thor

Industries,

Inc.

118,207‌

655

Winnebago

Industries,

Inc.

21,903‌

9,536,376‌

Banks

(5.3%):

859

1st

Source

Corp.

52,880‌

504

ACNB

Corp.

22,196‌

1,092

Amalgamated

Financial

Corp.

29,648‌

1,132

Amerant

Bancorp,

Inc.

21,814‌

2,596

Ameris

Bancorp

190,313‌

704

Ames

National

Corp.

14,235‌

1,076

Arrow

Financial

Corp.

30,451‌

6,812

Associated

Banc-Corp.

175,136‌

4,554

Atlantic

Union

Bankshares

Corp.

160,711‌

1,851

Axos

Financial,

Inc.*

156,687‌

3,331

Banc

of

California,

Inc.

55,128‌

994

BancFirst

Corp.

125,691‌

2,037

Bancorp,

Inc.

(The)*

152,551‌

210

Bank

First

Corp.

25,475‌

65,668

Bank

of

America

Corp.

3,387,812‌

1,028

Bank

of

Hawaii

Corp.

67,478‌

724

Bank

of

Marin

Bancorp

17,579‌

2,120

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

90,990‌

3,906

Bank

OZK

199,128‌

1,591

BankFinancial

Corp.

19,140‌

3,131

BankUnited,

Inc.

119,479‌

1,389

Banner

Corp.

90,979‌

433

Bar

Harbor

Bankshares

13,189‌

842

BCB

Bancorp,

Inc.

7,309‌

3,034

Beacon

Financial

Corp.

71,936‌

2,282

BOK

Financial

Corp.

254,306‌

280

Burke

&

Herbert

Financial

Services

Corp.

17,273‌

977

Byline

Bancorp,

Inc.

27,092‌

74

C&F

Financial

Corp.

4,973‌

7,021

Cadence

Bank

263,568‌

843

Camden

National

Corp.

32,531‌

489

Capital

City

Bank

Group,

Inc.

20,435‌

6,737

Capitol

Federal

Financial,

Inc.

42,780‌

1,023

Carter

Bankshares,

Inc.*

19,856‌

2,578

Cathay

General

Bancorp

123,770‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

36

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

1,402

Central

Pacific

Financial

Corp.

$

42,537‌

377

Chemung

Financial

Corp.

19,800‌

17,735

Citigroup,

Inc.

1,800,102‌

943

Citizens

&

Northern

Corp.

18,681‌

11,382

Citizens

Financial

Group,

Inc.

605,067‌

604

City

Holding

Co.

74,817‌

938

Civista

Bancshares,

Inc.

19,051‌

1,465

CNB

Financial

Corp.

35,453‌

449

Coastal

Financial

Corp.*

48,568‌

56

Colony

Bankcorp,

Inc.

953‌

8,632

Columbia

Banking

System,

Inc.

222,188‌

4,298

Columbia

Financial,

Inc.*

64,513‌

4,595

Comerica,

Inc.

314,849‌

4,023

Commerce

Bancshares,

Inc.

240,414‌

2,332

Community

Financial

System,

Inc.

136,748‌

517

Community

Trust

Bancorp,

Inc.

28,926‌

933

Community

West

Bancshares

19,444‌

1,968

ConnectOne

Bancorp,

Inc.

48,826‌

2,044

Cullen/Frost

Bankers,

Inc.

259,118‌

1,289

Customers

Bancorp,

Inc.*

84,262‌

4,697

CVB

Financial

Corp.

88,820‌

1,876

Dime

Community

Bancshares,

Inc.

55,961‌

1,065

Eagle

Bancorp,

Inc.

21,534‌

4,246

East

West

Bancorp,

Inc.

451,987‌

6,152

Eastern

Bankshares,

Inc.

111,659‌

1,703

Enterprise

Financial

Services

Corp.

98,740‌

682

Equity

Bancshares,

Inc.,

Class

A

27,757‌

1,329

Farmers

National

Banc

Corp.

19,151‌

1,860

FB

Financial

Corp.

103,676‌

11,076

Fifth

Third

Bancorp

493,436‌

1,053

Financial

Institutions,

Inc.

28,642‌

6,559

First

BanCorp

144,626‌

814

First

Bancorp,

Inc.

(The)

21,376‌

2,066

First

Bancorp/Southern

Pines

NC

109,271‌

2,494

First

Busey

Corp.

57,736‌

664

First

Business

Financial

Services,

Inc.

34,037‌

408

First

Capital,

Inc.

18,686‌

210

First

Citizens

BancShares,

Inc.,

Class

A

375,724‌

4,143

First

Commonwealth

Financial

Corp.

70,638‌

512

First

Community

Bankshares,

Inc.

17,818‌

3,713

First

Financial

Bancorp

93,753‌

4,155

First

Financial

Bankshares,

Inc.

139,816‌

536

First

Financial

Corp.

30,252‌

1,155

First

Foundation,

Inc.*

6,433‌

4,829

First

Hawaiian,

Inc.

119,904‌

14,896

First

Horizon

Corp.

336,799‌

4,307

First

Interstate

BancSystem,

Inc.,

Class

A

137,264‌

2,654

First

Merchants

Corp.

100,056‌

660

First

Mid

Bancshares,

Inc.

25,001‌

853

Five

Star

Bancorp

27,467‌

3,344

Flagstar

Financial,

Inc.

38,623‌

2,253

Flushing

Financial

Corp.

31,114‌

11,879

FNB

Corp.

191,371‌

7,484

Fulton

Financial

Corp.

139,427‌

769

German

American

Bancorp,

Inc.

30,199‌

4,010

Glacier

Bancorp,

Inc.

195,167‌

397

Great

Southern

Bancorp,

Inc.

24,316‌

16

Greene

County

Bancorp,

Inc.

362‌

426

Guaranty

Bancshares,

Inc.

20,767‌

Shares

Value

Common

Stocks,

continued

Banks,

continued

3,146

Hancock

Whitney

Corp.

$

196,971‌

1,437

Hanmi

Financial

Corp.

35,480‌

1,642

HarborOne

Bancorp,

Inc.

22,331‌

45

Hawthorn

Bancshares,

Inc.

1,397‌

636

HBT

Financial,

Inc.

16,027‌

2,010

Heritage

Commerce

Corp.

19,959‌

1,197

Heritage

Financial

Corp.

28,955‌

2,750

Hilltop

Holdings,

Inc.

91,905‌

62

Hingham

Institution

For

Savings

(The)^

16,354‌

7,316

Home

BancShares,

Inc.

207,043‌

484

HomeTrust

Bancshares,

Inc.

19,815‌

5,059

Hope

Bancorp,

Inc.

54,485‌

1,071

Horizon

Bancorp,

Inc.

17,147‌

23,774

Huntington

Bancshares,

Inc.

410,577‌

413

IF

Bancorp,

Inc.

10,664‌

2,067

Independent

Bank

Corp.

(Massachusetts)

142,974‌

855

Independent

Bank

Corp.

(Michigan)

26,484‌

2,031

International

Bancshares

Corp.

139,631‌

36,592

JPMorgan

Chase

&

Co.

11,542,215‌

2,442

Kearny

Financial

Corp.

16,044‌

1,249

Kentucky

First

Federal

Bancorp*

4,771‌

28,497

KeyCorp

532,609‌

1,016

Lake

Shore

Bancorp,

Inc.

13,208‌

788

Lakeland

Financial

Corp.

50,590‌

637

Landmark

Bancorp,

Inc.

17,002‌

712

LCNB

Corp.

10,673‌

2,203

Live

Oak

Bancshares,

Inc.

77,590‌

2,465

M&T

Bank

Corp.

487,133‌

628

Mechanics

Bancorp*

8,359‌

472

Mercantile

Bank

Corp.

21,240‌

684

Metrocity

Bankshares,

Inc.

18,940‌

407

Metropolitan

Bank

Holding

Corp.

30,452‌

556

Mid

Penn

Bancorp,

Inc.

15,924‌

241

Midland

States

Bancorp,

Inc.

4,131‌

638

MidWestOne

Financial

Group,

Inc.

18,049‌

1,928

National

Bank

Holdings

Corp.,

Class

A

74,498‌

514

National

Bankshares,

Inc.

15,132‌

2,168

NBT

Bancorp,

Inc.

90,536‌

373

Nicolet

Bankshares,

Inc.

50,168‌

279

Northeast

Bank

27,945‌

1,501

Northfield

Bancorp,

Inc.

17,712‌

5,982

Northwest

Bancshares,

Inc.

74,117‌

511

Norwood

Financial

Corp.

12,990‌

2,803

OceanFirst

Financial

Corp.

49,249‌

1,712

OFG

Bancorp

74,455‌

440

Ohio

Valley

Banc

Corp.

16,271‌

13,092

Old

National

Bancorp

287,369‌

2,225

Old

Second

Bancorp,

Inc.

38,459‌

1,531

Origin

Bancorp,

Inc.

52,850‌

712

Orrstown

Financial

Services,

Inc.

24,194‌

600

Park

National

Corp.

97,518‌

940

Pathward

Financial,

Inc.

69,569‌

1,165

Peapack-Gladstone

Financial

Corp.

32,154‌

608

Peoples

Bancorp

of

North

Carolina,

Inc.

18,641‌

1,117

Peoples

Bancorp,

Inc.

33,499‌

2,563

Pinnacle

Financial

Partners,

Inc.

240,384‌

3,736

PNC

Financial

Services

Group,

Inc.

(The)

750,674‌

2,454

Popular,

Inc.

311,683‌

432

Preferred

Bank

39,048‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

37

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

707

Primis

Financial

Corp.

$

7,431‌

3,378

Prosperity

Bancshares,

Inc.

224,130‌

679

Provident

Financial

Holdings,

Inc.

10,694‌

5,890

Provident

Financial

Services,

Inc.

113,559‌

606

QCR

Holdings,

Inc.

45,838‌

487

RBB

Bancorp

9,136‌

16,778

Regions

Financial

Corp.

442,436‌

3,404

Renasant

Corp.

125,574‌

917

Republic

Bancorp,

Inc.,

Class

A

66,253‌

420

Riverview

Bancorp,

Inc.

2,255‌

1,756

S&T

Bancorp,

Inc.

66,008‌

1,366

Seacoast

Banking

Corp.

of

Florida

41,567‌

1,694

ServisFirst

Bancshares,

Inc.

136,418‌

1,113

Shore

Bancshares,

Inc.

18,264‌

1,028

Sierra

Bancorp

29,719‌

5,361

Simmons

First

National

Corp.,

Class

A

102,770‌

783

SmartFinancial,

Inc.

27,977‌

100

South

Plains

Financial,

Inc.

3,865‌

561

Southern

Missouri

Bancorp,

Inc.

29,486‌

950

Southside

Bancshares,

Inc.

26,837‌

3,509

Southstate

Bank

Corp.

346,935‌

1,230

Stellar

Bancorp,

Inc.

37,318‌

1,764

Sterling

Bancorp,

Inc.

—‌

1,160

Stock

Yards

Bancorp,

Inc.

81,188‌

5,016

Synovus

Financial

Corp.

246,185‌

1,721

Texas

Capital

Bancshares,

Inc.*

145,476‌

7,031

TFS

Financial

Corp.

92,633‌

490

Tompkins

Financial

Corp.

32,443‌

2,786

Towne

Bank

96,312‌

1,020

TriCo

Bancshares

45,298‌

809

Triumph

Financial,

Inc.*

40,482‌

19,619

Truist

Financial

Corp.

896,981‌

559

TrustCo

Bank

Corp.

20,292‌

2,366

Trustmark

Corp.

93,694‌

2,771

UMB

Financial

Corp.

327,948‌

4,934

United

Bankshares,

Inc.

183,594‌

4,469

United

Community

Banks,

Inc.

140,103‌

1,190

United

Security

Bancshares

11,103‌

42

Unity

Bancorp,

Inc.

2,053‌

850

Univest

Financial

Corp.

25,517‌

14,460

US

Bancorp

698,852‌

18,723

Valley

National

Bancorp

198,464‌

1,827

Veritex

Holdings,

Inc.

61,259‌

3,318

WaFd,

Inc.

100,502‌

501

Washington

Trust

Bancorp,

Inc.

14,479‌

5,553

Webster

Financial

Corp.

330,070‌

42,609

Wells

Fargo

&

Co.

3,571,486‌

4,306

WesBanco,

Inc.

137,491‌

1,062

West

BanCorp,

Inc.

21,580‌

1,404

Westamerica

BanCorp

70,186‌

3,240

Western

Alliance

Bancorp

280,973‌

1,498

Western

New

England

Bancorp,

Inc.

17,991‌

2,219

Wintrust

Financial

Corp.

293,884‌

2,305

WSFS

Financial

Corp.

124,309‌

5,146

Zions

Bancorp

NA

291,161‌

41,662,905‌

Beverages

(0.9%):

285

Boston

Beer

Co.,

Inc.

(The),

Class

A*

60,255‌

1,890

Brown-Forman

Corp.,

Class

A

50,860‌

Shares

Value

Common

Stocks,

continued

Beverages,

continued

5,717

Brown-Forman

Corp.,

Class

B

$

154,816‌

3,822

Celsius

Holdings,

Inc.*

219,727‌

42,996

Coca-Cola

Co.

(The)

2,851,495‌

2,426

Coca-Cola

Consolidated,

Inc.

284,230‌

2,527

Constellation

Brands,

Inc.,

Class

A

340,311‌

21,846

Keurig

Dr

Pepper,

Inc.

557,292‌

838

MGP

Ingredients,

Inc.

20,271‌

5,189

Molson

Coors

Beverage

Co.,

Class

B

234,802‌

9,354

Monster

Beverage

Corp.*

629,618‌

2,478

National

Beverage

Corp.*

91,488‌

13,569

PepsiCo,

Inc.

1,905,630‌

1,394

Primo

Brands

Corp.

30,807‌

1,562

Vita

Coco

Co.,

Inc.

(The)*

66,338‌

7,497,940‌

Biotechnology

(1.7%):

15,598

AbbVie,

Inc.

3,611,561‌

4,350

ACADIA

Pharmaceuticals,

Inc.*

92,829‌

5,117

ADMA

Biologics,

Inc.*

75,015‌

396

Adverum

Biotechnologies,

Inc.*^

1,794‌

3,000

Alector,

Inc.*

8,880‌

4,838

Alkermes

plc*

145,140‌

4,027

Allogene

Therapeutics,

Inc.*

4,993‌

690

Alnylam

Pharmaceuticals,

Inc.*

314,640‌

4,823

Altimmune,

Inc.*^

18,183‌

6,556

Amgen,

Inc.

1,850,103‌

955

Anika

Therapeutics,

Inc.*

8,977‌

2,832

Arcus

Biosciences,

Inc.*

38,515‌

1,693

Beam

Therapeutics,

Inc.*

41,089‌

2,049

Biogen,

Inc.*

287,024‌

2,999

BioMarin

Pharmaceutical,

Inc.*

162,426‌

2,711

Catalyst

Pharmaceuticals,

Inc.*

53,407‌

2,134

CRISPR

Therapeutics

AG*

138,305‌

2,822

Day

One

Biopharmaceuticals,

Inc.*

19,895‌

5,538

Denali

Therapeutics,

Inc.*

80,412‌

3,851

Dynavax

Technologies

Corp.*

38,240‌

1,370

Editas

Medicine,

Inc.*

4,754‌

1,656

Emergent

BioSolutions,

Inc.*

14,606‌

585

Enanta

Pharmaceuticals,

Inc.*

7,002‌

3,811

Exact

Sciences

Corp.*

208,500‌

9,706

Exelixis,

Inc.*

400,858‌

5,379

Fate

Therapeutics,

Inc.*

6,778‌

14,012

Gilead

Sciences,

Inc.

1,555,332‌

430

GRAIL,

Inc.*

25,426‌

3,991

Halozyme

Therapeutics,

Inc.*

292,700‌

449

Ideaya

Biosciences,

Inc.*

12,217‌

5,459

Incyte

Corp.*

462,978‌

1,060

Insmed,

Inc.*

152,651‌

3,835

Intellia

Therapeutics,

Inc.*

66,230‌

2,011

Kiniksa

Pharmaceuticals

International

plc*

78,087‌

200

Kodiak

Sciences,

Inc.*

3,274‌

505

Krystal

Biotech,

Inc.*

89,148‌

1,156

Kura

Oncology,

Inc.*

10,231‌

1,449

MacroGenics,

Inc.*

2,434‌

7,460

MannKind

Corp.*

40,060‌

2,956

MiMedx

Group,

Inc.*

20,633‌

2,731

Moderna,

Inc.*

70,542‌

2,752

Myriad

Genetics,

Inc.*

19,897‌

1,891

Natera,

Inc.*

304,394‌

2,508

Neurocrine

Biosciences,

Inc.*

352,073‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

38

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

24,422

PDL

BioPharma,

Inc.*

$

10,257‌

1,321

Prothena

Corp

PLC*

12,893‌

903

Regeneron

Pharmaceuticals,

Inc.

507,730‌

1,759

REGENXBIO,

Inc.*

16,974‌

3,704

Relay

Therapeutics,

Inc.*

19,335‌

2,810

Replimune

Group,

Inc.*

11,774‌

2,796

Revolution

Medicines,

Inc.*

130,573‌

1,042

Rocket

Pharmaceuticals,

Inc.*

3,397‌

23,777

Roivant

Sciences,

Ltd.*

359,746‌

2,441

Sarepta

Therapeutics,

Inc.*

47,038‌

1,347

United

Therapeutics

Corp.*

564,676‌

1,179

Vanda

Pharmaceuticals,

Inc.*

5,883‌

2,439

Veracyte,

Inc.*

83,731‌

638

Vericel

Corp.*

20,078‌

1,508

Vertex

Pharmaceuticals,

Inc.*

590,593‌

4,355

Vir

Biotechnology,

Inc.*

24,867‌

2,359

Viridian

Therapeutics,

Inc.*

50,907‌

2,800

Voyager

Therapeutics,

Inc.*

13,076‌

3,099

Xencor,

Inc.*

36,351‌

2,020

Zentalis

Pharmaceuticals,

Inc.*

3,050‌

13,705,162‌

Broadline

Retail

(2.8%):

92,470

Amazon.com,

Inc.*

20,303,638‌

10,705

Coupang,

Inc.*

344,701‌

475

Dillard's,

Inc.,

Class

A^

291,878‌

8,422

eBay,

Inc.

765,981‌

1,076

Etsy,

Inc.*

71,436‌

13,054

Macy's,

Inc.

234,058‌

1,628

Ollie's

Bargain

Outlet

Holdings,

Inc.*

209,035‌

22,220,727‌

Building

Products

(1.0%):

3,282

A

O

Smith

Corp.

240,932‌

1,578

AAON,

Inc.

147,448‌

1,834

Advanced

Drainage

Systems,

Inc.

254,376‌

1,489

Allegion

plc,

ADR*

264,074‌

1,118

Allegion

US

plc

198,277‌

515

American

Woodmark

Corp.*

34,381‌

351

Apogee

Enterprises,

Inc.

15,293‌

1,423

Armstrong

World

Industries,

Inc.

278,922‌

668

AZZ,

Inc.

72,899‌

3,854

Builders

FirstSource,

Inc.*

467,298‌

1,270

Carlisle

Cos.,

Inc.

417,779‌

11,399

Carrier

Global

Corp.

680,520‌

547

CSW

Industrials,

Inc.

132,784‌

1,158

Distribution

Solutions

Group,

Inc.*

34,833‌

1,588

Fortune

Brands

Innovations,

Inc.

84,783‌

930

Gibraltar

Industries,

Inc.*

58,404‌

1,168

Griffon

Corp.

88,943‌

7,176

Hayward

Holdings,

Inc.*

108,501‌

1,209

Insteel

Industries,

Inc.

46,353‌

2,896

Janus

International

Group,

Inc.*

28,584‌

3,895

JELD-WEN

Holding,

Inc.*

19,125‌

8,194

Johnson

Controls

International

plc

900,930‌

591

Lennox

International,

Inc.

312,852‌

4,291

Masco

Corp.

302,044‌

5,076

Masterbrand,

Inc.*

66,851‌

3,302

Owens

Corning

467,101‌

1,160

Quanex

Building

Products

Corp.

16,495‌

Shares

Value

Common

Stocks,

continued

Building

Products,

continued

5,771

Resideo

Technologies,

Inc.*

$

249,192‌

1,014

Simpson

Manufacturing

Co.,

Inc.

169,804‌

1,514

Tecnoglass,

Inc.

101,302‌

2,294

Trane

Technologies

plc

967,976‌

1,382

Trex

Co.,

Inc.*

71,408‌

1,971

UFP

Industries,

Inc.

184,269‌

5,205

Zurn

Elkay

Water

Solutions

Corp.

244,791‌

7,729,524‌

Capital

Markets

(3.5%):

902

Acadian

Asset

Management,

Inc.

43,440‌

1,086

Affiliated

Managers

Group,

Inc.

258,935‌

1,988

Ameriprise

Financial,

Inc.

976,605‌

1,573

Ares

Management

Corp.,

Class

A

251,507‌

2,215

Artisan

Partners

Asset

Management,

Inc.,

Class

A

96,131‌

734

B

Riley

Financial,

Inc.*

4,386‌

9,511

Bank

of

New

York

Mellon

Corp.

(The)

1,036,319‌

12,400

BGC

Group,

Inc.,

Class

A

117,304‌

989

Blackrock,

Inc.

1,153,045‌

4,426

Blackstone,

Inc.

756,182‌

9,227

Carlyle

Group,

Inc.

(The)

578,533‌

1,726

Cboe

Global

Markets,

Inc.

423,301‌

16,030

Charles

Schwab

Corp.

(The)

1,530,384‌

2,421

CME

Group,

Inc.

654,130‌

1,614

Cohen

&

Steers,

Inc.

105,895‌

1,708

Coinbase

Global,

Inc.,

Class

A*

576,433‌

190

Diamond

Hill

Investment

Group,

Inc.

26,602‌

4,739

DigitalBridge

Group,

Inc.

55,446‌

1,257

Donnelley

Financial

Solutions,

Inc.*

64,647‌

1,042

FactSet

Research

Systems,

Inc.

298,523‌

3,331

Federated

Hermes,

Inc.

172,979‌

10,808

Franklin

Resources,

Inc.

249,989‌

4,075

Goldman

Sachs

Group,

Inc.

(The)

3,245,126‌

1,178

Hamilton

Lane,

Inc.,

Class

A

158,783‌

211

Hennessy

Advisors,

Inc.

2,222‌

1,450

Houlihan

Lokey,

Inc.

297,714‌

2,308

Interactive

Brokers

Group,

Inc.

158,813‌

4,514

Intercontinental

Exchange,

Inc.

760,519‌

16,075

Invesco,

Ltd.

368,760‌

5,268

Janus

Henderson

Group

plc

234,479‌

5,885

Jefferies

Financial

Group,

Inc.

384,997‌

4,331

KKR

&

Co.,

Inc.

562,813‌

852

Lazard,

Inc.

44,969‌

1,823

LPL

Financial

Holdings,

Inc.

606,494‌

887

MarketAxess

Holdings,

Inc.

154,560‌

1,724

Moelis

&

Co.,

Class

A

122,956‌

1,648

Moody's

Corp.

785,239‌

15,995

Morgan

Stanley

2,542,565‌

900

Morningstar,

Inc.

208,809‌

886

MSCI,

Inc.

502,725‌

8,875

Nasdaq,

Inc.

784,994‌

3,240

Northern

Trust

Corp.

436,104‌

1,608

Open

Lending

Corp.*

3,393‌

365

Oppenheimer

Holdings,

Inc.,

Class

A

26,977‌

543

Piper

Sandler

Cos.

188,416‌

394

PJT

Partners,

Inc.,

Class

A

70,026‌

3,525

Raymond

James

Financial,

Inc.

608,415‌

12,403

Robinhood

Markets,

Inc.,

Class

A*

1,775,862‌

2,106

S&P

Global,

Inc.

1,025,011‌

3,686

SEI

Investments

Co.

312,757‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

39

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

660

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

$

10,395‌

4,302

State

Street

Corp.

499,075‌

3,068

Stifel

Financial

Corp.

348,126‌

2,232

StoneX

Group,

Inc.*

225,253‌

4,711

T.

Rowe

Price

Group,

Inc.

483,537‌

1,632

Tradeweb

Markets,

Inc.,

Class

A

181,119‌

1,975

Victory

Capital

Holdings,

Inc.,

Class

A

127,901‌

3,647

Virtu

Financial,

Inc.,

Class

A

129,468‌

384

Virtus

Investment

Partners,

Inc.

72,972‌

425

Westwood

Holdings

Group,

Inc.

7,008‌

5,349

WisdomTree,

Inc.

74,351‌

27,964,419‌

Chemicals

(1.4%):

1,366

AdvanSix,

Inc.

26,473‌

2,524

Air

Products

and

Chemicals,

Inc.

688,345‌

1,858

Albemarle

Corp.

150,647‌

1,157

American

Vanguard

Corp.

6,641‌

1,307

Ashland,

Inc.

62,618‌

2,280

Aspen

Aerogels,

Inc.*

15,869‌

2,052

Avient

Corp.

67,613‌

9,849

Axalta

Coating

Systems,

Ltd.*

281,878‌

976

Balchem

Corp.

146,459‌

1,813

Cabot

Corp.

137,879‌

1,578

Celanese

Corp.

66,402‌

5,818

CF

Industries

Holdings,

Inc.

521,875‌

1,736

Chemours

Co.

(The)

27,498‌

10,308

Corteva,

Inc.

697,130‌

9,723

Dow,

Inc.

222,948‌

6,371

DuPont

de

Nemours,

Inc.

496,301‌

3,634

Eastman

Chemical

Co.

229,124‌

2,495

Ecolab,

Inc.

683,281‌

4,830

Ecovyst,

Inc.*

42,311‌

7,321

Element

Solutions,

Inc.

184,270‌

2,252

FMC

Corp.

75,735‌

629

Hawkins,

Inc.

114,931‌

1,167

HB

Fuller

Co.

69,180‌

4,875

Huntsman

Corp.

43,777‌

1,105

Ingevity

Corp.*

60,985‌

976

Innospec,

Inc.

75,308‌

4,579

International

Flavors

&

Fragrances,

Inc.

281,792‌

1,037

Intrepid

Potash,

Inc.*

31,711‌

783

Koppers

Holdings,

Inc.

21,924‌

2,011

Kronos

Worldwide,

Inc.

11,543‌

4,356

Linde

plc

2,069,100‌

6,086

LyondellBasell

Industries

NV,

Class

A

298,457‌

2,017

Mativ

Holdings,

Inc.

22,812‌

1,189

Minerals

Technologies,

Inc.

73,861‌

8,816

Mosaic

Co.

(The)

305,739‌

329

NewMarket

Corp.

272,481‌

2,958

Olin

Corp.

73,920‌

5,387

Perimeter

Solutions,

Inc.*

120,615‌

4,244

PPG

Industries,

Inc.

446,087‌

405

Quaker

Chemical

Corp.

53,359‌

3,631

Rayonier

Advanced

Materials,

Inc.*

26,216‌

3,862

RPM

International,

Inc.

455,253‌

1,138

Scotts

Miracle-Gro

Co.

(The)

64,809‌

1,384

Sensient

Technologies

Corp.

129,888‌

2,549

Sherwin-Williams

Co.

(The)

882,617‌

744

Stepan

Co.

35,489‌

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

5,093

Tronox

Holdings

plc

$

20,474‌

1,374

Westlake

Corp.

105,880‌

10,999,505‌

Commercial

Services

&

Supplies

(0.7%):

1,835

ABM

Industries,

Inc.

84,630‌

2,927

ACCO

Brands

Corp.

11,679‌

1,392

ACV

Auctions,

Inc.,

Class

A*

13,795‌

1,452

Brady

Corp.,

Class

A

113,300‌

3,454

BrightView

Holdings,

Inc.*

46,284‌

1,061

Brink's

Co.

(The)

123,988‌

1,741

Casella

Waste

Systems,

Inc.*

165,186‌

790

CECO

Environmental

Corp.*

40,448‌

718

Cimpress

plc*

45,263‌

3,947

Cintas

Corp.

810,161‌

433

Civeo

Corp.

9,959‌

1,998

Clean

Harbors,

Inc.*

463,976‌

7,760

Copart,

Inc.*

348,967‌

1,498

Deluxe

Corp.

29,001‌

1,613

Ennis,

Inc.

29,486‌

2,503

Enviri

Corp.*

31,763‌

2,148

Healthcare

Services

Group,

Inc.*

36,151‌

1,610

HNI

Corp.

75,428‌

2,041

Interface,

Inc.

59,066‌

1,201

Liquidity

Services,

Inc.*

32,943‌

919

Matthews

International

Corp.,

Class

A

22,313‌

2,593

MillerKnoll,

Inc.

46,000‌

400

Montrose

Environmental

Group,

Inc.*

10,984‌

1,150

MSA

Safety,

Inc.

197,880‌

1,552

NL

Industries,

Inc.

9,545‌

3,623

OPENLANE,

Inc.*

104,270‌

4,712

Pitney

Bowes,

Inc.

53,764‌

2,606

Quad/Graphics,

Inc.

16,314‌

2,191

Republic

Services,

Inc.

502,791‌

7,269

Rollins,

Inc.

426,981‌

2,563

Steelcase,

Inc.,

Class

A

44,084‌

6,235

Tetra

Tech,

Inc.

208,124‌

615

UniFirst

Corp.

102,822‌

3,794

Veralto

Corp.

404,478‌

4,135

Vestis

Corp.

18,731‌

624

VSE

Corp.

103,734‌

4,461

Waste

Management,

Inc.

985,123‌

5,829,412‌

Communications

Equipment

(0.8%):

752

Applied

Optoelectronics,

Inc.*

19,499‌

6,401

Arista

Networks,

Inc.*

932,690‌

1,420

Calix,

Inc.*

87,145‌

3,359

Ciena

Corp.*

489,306‌

36,580

Cisco

Systems,

Inc.

2,502,804‌

756

Comtech

Telecommunications

Corp.*

1,950‌

1,262

Digi

International,

Inc.*

46,013‌

1,577

F5,

Inc.*

509,671‌

2,194

Harmonic,

Inc.*

22,335‌

909

KVH

Industries,

Inc.*

5,090‌

1,257

Lumentum

Holdings,

Inc.*

204,526‌

1,976

Motorola

Solutions,

Inc.

903,605‌

1,010

NETGEAR,

Inc.*

32,714‌

2,564

NetScout

Systems,

Inc.*

66,228‌

3,679

Ribbon

Communications,

Inc.*

13,980‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

40

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Communications

Equipment,

continued

2,004

Viasat,

Inc.*

$

58,717‌

7,865

Viavi

Solutions,

Inc.*

99,807‌

5,996,080‌

Construction

&

Engineering

(0.8%):

3,719

AECOM

485,218‌

10,917

API

Group

Corp.*

375,217‌

1,726

Arcosa,

Inc.

161,744‌

455

Argan,

Inc.

122,873‌

125

Cadeler

A/S,

ADR*

2,581‌

571

Comfort

Systems

USA,

Inc.

471,178‌

1,733

Concrete

Pumping

Holdings,

Inc.

12,218‌

1,213

Construction

Partners,

Inc.,

Class

A*

154,051‌

986

Dycom

Industries,

Inc.*

287,675‌

954

EMCOR

Group,

Inc.

619,661‌

1,676

Everus

Construction

Group,

Inc.*

143,717‌

5,880

Fluor

Corp.*

247,372‌

1,277

Granite

Construction,

Inc.

140,023‌

2,266

Great

Lakes

Dredge

&

Dock

Corp.*

27,169‌

770

IES

Holdings,

Inc.*

306,191‌

300

Limbach

Holdings,

Inc.*

29,136‌

2,285

MasTec,

Inc.*

486,271‌

1,750

Matrix

Service

Co.*

22,890‌

6,133

MDU

Resources

Group,

Inc.

109,229‌

475

MYR

Group,

Inc.*

98,814‌

2,101

Orion

Group

Holdings,

Inc.*

17,480‌

1,692

Primoris

Services

Corp.

232,362‌

1,683

Quanta

Services,

Inc.

697,469‌

1,033

Sterling

Infrastructure,

Inc.*

350,889‌

1,648

Tutor

Perini

Corp.*

108,092‌

664

Valmont

Industries,

Inc.

257,453‌

6,523

WillScot

Holdings

Corp.

137,701‌

6,104,674‌

Construction

Materials

(0.3%):

3,861

CRH

plc

462,934‌

1,330

Eagle

Materials,

Inc.

309,943‌

1,880

Knife

River

Corp.*

144,516‌

948

Martin

Marietta

Materials,

Inc.

597,506‌

655

United

States

Lime

&

Minerals,

Inc.

86,165‌

1,970

Vulcan

Materials

Co.

606,011‌

2,207,075‌

Consumer

Finance

(0.8%):

8,602

Ally

Financial,

Inc.

337,198‌

5,525

American

Express

Co.

1,835,184‌

283

Atlanticus

Holdings

Corp.*

16,578‌

2,004

Bread

Financial

Holdings,

Inc.

111,763‌

6,063

Capital

One

Financial

Corp.

1,288,873‌

1,912

Consumer

Portfolio

Services,

Inc.*

14,436‌

322

Credit

Acceptance

Corp.*

150,351‌

245

Dave,

Inc.*

48,841‌

986

Enova

International,

Inc.*

113,479‌

3,948

EZCORP,

Inc.,

Class

A*

75,170‌

1,685

FirstCash

Holdings,

Inc.

266,938‌

1,425

Green

Dot

Corp.,

Class

A*

19,138‌

5,431

LendingClub

Corp.*

82,497‌

194

LendingTree,

Inc.*

12,558‌

5,097

Navient

Corp.

67,026‌

1,103

Nelnet,

Inc.,

Class

A

138,294‌

Shares

Value

Common

Stocks,

continued

Consumer

Finance,

continued

750

Old

Market

Capital

Corp.*

$

3,825‌

4,076

OneMain

Holdings,

Inc.

230,131‌

1,683

PRA

Group,

Inc.*

25,985‌

1,271

PROG

Holdings,

Inc.

41,130‌

568

Regional

Management

Corp.

22,129‌

5,562

SLM

Corp.

153,956‌

30,929

SoFi

Technologies,

Inc.*

817,144‌

6,590

Synchrony

Financial

468,219‌

237

World

Acceptance

Corp.*

40,086‌

6,380,929‌

Consumer

Staples

Distribution

&

Retail

(1.9%):

25,487

Albertsons

Cos.,

Inc.,

Class

A

446,277‌

1,137

Andersons,

Inc.

(The)

45,264‌

1,035

Casey's

General

Stores,

Inc.

585,106‌

1,143

Chefs'

Warehouse,

Inc.

(The)*

66,671‌

3,834

Costco

Wholesale

Corp.

3,548,865‌

4,011

Dollar

General

Corp.

414,537‌

6,242

Dollar

Tree,

Inc.*

589,058‌

3,290

Grocery

Outlet

Holding

Corp.*

52,804‌

613

Ingles

Markets,

Inc.,

Class

A

42,640‌

20,219

Kroger

Co.

(The)

1,362,963‌

6,596

Maplebear,

Inc.*

242,469‌

1,720

Natural

Grocers

by

Vitamin

Cottage,

Inc.

68,800‌

4,324

Performance

Food

Group

Co.*

449,869‌

896

PriceSmart,

Inc.

108,586‌

3,212

Sprouts

Farmers

Market,

Inc.*

349,466‌

8,752

Sysco

Corp.

720,640‌

8,897

Target

Corp.

798,061‌

2,137

United

Natural

Foods,

Inc.*

80,394‌

8,249

US

Foods

Holding

Corp.*

632,038‌

738

Village

Super

Market,

Inc.,

Class

A

27,572‌

41,719

Walmart,

Inc.

4,299,560‌

857

Weis

Markets,

Inc.

61,593‌

14,993,233‌

Containers

&

Packaging

(0.6%):

70,798

Amcor

plc,

ADR

579,128‌

1,917

AptarGroup,

Inc.

256,226‌

14,926

Ardagh

Metal

Packaging

SA

59,555‌

2,277

Avery

Dennison

Corp.

369,261‌

6,941

Ball

Corp.

349,965‌

4,073

Crown

Holdings,

Inc.

393,411‌

14,456

Graphic

Packaging

Holding

Co.

282,904‌

930

Greif,

Inc.,

Class

A

55,577‌

710

Greif,

Inc.,

Class

B

43,743‌

6,807

International

Paper

Co.

315,845‌

1,253

Myers

Industries,

Inc.

21,226‌

8,022

O-I

Glass,

Inc.*

104,045‌

3,111

Packaging

Corp.

of

America

677,980‌

2,939

Sealed

Air

Corp.

103,894‌

3,235

Silgan

Holdings,

Inc.

139,137‌

10,188

Smurfit

WestRock

plc

433,703‌

2,731

Sonoco

Products

Co.

117,679‌

1,718

TriMas

Corp.

66,383‌

4,369,662‌

Distributors

(0.1%):

981

A-Mark

Precious

Metals,

Inc.

25,378‌

3,971

Genuine

Parts

Co.

550,381‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

41

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Distributors,

continued

7,407

LKQ

Corp.

$

226,210‌

956

Pool

Corp.

296,427‌

811

Weyco

Group,

Inc.

24,403‌

1,122,799‌

Diversified

Consumer

Services

(0.3%):

36,362

ADT,

Inc.

316,713‌

1,050

Adtalem

Global

Education,

Inc.*

162,172‌

541

American

Public

Education,

Inc.*

21,353‌

1,644

Bright

Horizons

Family

Solutions,

Inc.*

178,489‌

418

Carriage

Services,

Inc.

18,618‌

5,672

Chegg,

Inc.*

8,565‌

1,590

Coursera,

Inc.*

18,619‌

5,284

Driven

Brands

Holdings,

Inc.*

85,125‌

510

Duolingo,

Inc.*

164,138‌

2,016

Frontdoor,

Inc.*

135,657‌

112

Graham

Holdings

Co.,

Class

B

131,859‌

959

Grand

Canyon

Education,

Inc.*

210,520‌

2,303

H&R

Block,

Inc.

116,463‌

6,794

Laureate

Education,

Inc.*

214,283‌

7,888

Mister

Car

Wash,

Inc.*

42,043‌

2,352

OneSpaWorld

Holdings,

Ltd.

49,721‌

2,522

Perdoceo

Education

Corp.

94,978‌

4,259

Service

Corp.

International

354,434‌

1,012

Strategic

Education,

Inc.

87,042‌

1,470

Stride,

Inc.*

218,942‌

1,696

Universal

Technical

Institute,

Inc.*

55,205‌

2,684,939‌

Diversified

Telecommunication

Services

(1.0%):

398

Anterix,

Inc.*

8,545‌

95,354

AT&T,

Inc.

2,692,797‌

461

ATN

International,

Inc.

6,901‌

2,167

EchoStar

Corp.,

Class

A*

165,472‌

9,754

Frontier

Communications

Parent,

Inc.*

364,312‌

2,352

GCI

Liberty,

Inc.*

—‌

66

GCI

Liberty,

Inc.,

Class

A*

2,478‌

810

GCI

Liberty,

Inc.,

Class

C*

30,189‌

1,080

IDT

Corp.,

Class

B

56,495‌

3,924

Iridium

Communications,

Inc.

68,513‌

7,752

Liberty

Global,

Ltd.,

Class

A*

88,838‌

7,480

Liberty

Global,

Ltd.,

Class

C*

87,890‌

1,489

Liberty

Latin

America,

Ltd.,

Class

A*

12,344‌

1,333

Shenandoah

Telecommunications

Co.*

17,889‌

3,046

Sunrise

Communications

AG,

ADR*

179,044‌

85,502

Verizon

Communications,

Inc.

3,757,813‌

7,539,520‌

Electric

Utilities

(1.3%):

1,925

ALLETE,

Inc.

127,820‌

6,160

Alliant

Energy

Corp.

415,246‌

6,267

American

Electric

Power

Co.,

Inc.

705,037‌

2,780

Constellation

Energy

Corp.

914,815‌

7,035

Duke

Energy

Corp.

870,581‌

4,245

Edison

International

234,664‌

4,944

Entergy

Corp.

460,731‌

5,567

Evergy,

Inc.

423,203‌

4,858

Eversource

Energy

345,598‌

12,088

Exelon

Corp.

544,081‌

7,146

FirstEnergy

Corp.

327,430‌

Shares

Value

Common

Stocks,

continued

Electric

Utilities,

continued

1,272

Genie

Energy,

Ltd.,

Class

B

$

19,016‌

1,318

Hawaiian

Electric

Industries,

Inc.*

14,551‌

1,110

IDACORP,

Inc.

146,687‌

1,002

MGE

Energy,

Inc.

84,348‌

17,935

NextEra

Energy,

Inc.

1,353,913‌

3,857

NRG

Energy,

Inc.

624,641‌

5,041

OGE

Energy

Corp.

233,247‌

974

Otter

Tail

Corp.

79,839‌

22,454

PG&E

Corp.

338,606‌

3,069

Pinnacle

West

Capital

Corp.

275,167‌

1,932

Portland

General

Electric

Co.

85,008‌

8,899

PPL

Corp.

330,687‌

9,929

Southern

Co.

(The)

940,971‌

2,496

TXNM

Energy,

Inc.

141,149‌

6,763

Xcel

Energy,

Inc.

545,436‌

10,582,472‌

Electrical

Equipment

(1.0%):

882

Acuity,

Inc.

303,752‌

424

Allient,

Inc.

18,974‌

3,420

AMETEK,

Inc.

642,960‌

1,088

Atkore,

Inc.

68,261‌

3,238

Bloom

Energy

Corp.,

Class

A*

273,838‌

2,631

Eaton

Corp.

plc

984,652‌

4,723

Emerson

Electric

Co.

619,563‌

1,312

EnerSys

148,203‌

326

FuelCell

Energy,

Inc.*

2,543‌

1,473

GE

Vernova,

Inc.

905,748‌

1,272

Generac

Holdings,

Inc.*

212,933‌

1,142

Hubbell,

Inc.

491,414‌

1,831

LSI

Industries,

Inc.

43,230‌

3,753

NEXTracker,

Inc.,

Class

A*

277,684‌

4,320

nVent

Electric

plc

426,125‌

14,602

Plug

Power,

Inc.*^

34,023‌

497

Powell

Industries,

Inc.

151,491‌

400

Preformed

Line

Products

Co.

78,460‌

1,493

Regal

Rexnord

Corp.

214,156‌

1,658

Rockwell

Automation,

Inc.

579,521‌

2,405

Sensata

Technologies

Holding

plc

73,473‌

3,376

Shoals

Technologies

Group,

Inc.,

Class

A*

25,016‌

3,407

Sunrun,

Inc.*

58,907‌

1,298

Thermon

Group

Holdings,

Inc.*

34,682‌

5,241

Vertiv

Holdings

Co.,

Class

A

790,657‌

1,148

Vicor

Corp.*

57,078‌

7,517,344‌

Electronic

Equipment,

Instruments

&

Components

(1.4%):

1,108

Advanced

Energy

Industries,

Inc.

188,515‌

10,923

Amphenol

Corp.,

Class

A

1,351,721‌

1,518

Arrow

Electronics,

Inc.*

183,678‌

2,768

Avnet,

Inc.

144,711‌

592

Badger

Meter,

Inc.

105,719‌

550

Bel

Fuse,

Inc.,

Class

B

77,561‌

1,156

Belden,

Inc.

139,032‌

1,054

Benchmark

Electronics,

Inc.

40,632‌

2,087

CDW

Corp.

332,417‌

200

Climb

Global

Solutions,

Inc.

26,968‌

1,563

Cognex

Corp.

70,804‌

4,114

Coherent

Corp.*

443,160‌

13,061

Corning,

Inc.

1,071,394‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

42

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

1,712

Crane

NXT

Co.

$

114,824‌

1,231

CTS

Corp.

49,166‌

2,838

Daktronics,

Inc.*

59,371‌

1,053

ePlus,

Inc.

74,774‌

1,074

Fabrinet*

391,602‌

10,436

Flex,

Ltd.*

604,975‌

640

Frequency

Electronics,

Inc.*^

21,702‌

430

Insight

Enterprises,

Inc.*

48,766‌

1,251

IPG

Photonics

Corp.*

99,067‌

1,409

Itron,

Inc.*

175,505‌

3,222

Jabil,

Inc.

699,722‌

2,719

Keysight

Technologies,

Inc.*

475,607‌

1,603

Kimball

Electronics,

Inc.*

47,866‌

3,669

Knowles

Corp.*

85,524‌

415

Littelfuse,

Inc.

107,489‌

1,471

Methode

Electronics,

Inc.

11,106‌

8,186

Mirion

Technologies,

Inc.*

190,406‌

1,008

Napco

Security

Technologies,

Inc.

43,294‌

373

Novanta,

Inc.*

37,356‌

594

OSI

Systems,

Inc.*

148,049‌

770

PAR

Technology

Corp.*

30,477‌

1,121

PC

Connection,

Inc.

69,491‌

785

Plexus

Corp.*

113,582‌

581

Rogers

Corp.*

46,747‌

1,738

Sanmina

Corp.*

200,061‌

738

ScanSource,

Inc.*

32,465‌

2,371

TD

SYNNEX

Corp.

388,251‌

4,485

TE

Connectivity

plc

984,592‌

770

Teledyne

Technologies,

Inc.*

451,251‌

4,918

Trimble,

Inc.*

401,555‌

4,437

TTM

Technologies,

Inc.*

255,571‌

3,058

Vishay

Intertechnology,

Inc.

46,787‌

6,734

Vontier

Corp.

282,626‌

1,390

Zebra

Technologies

Corp.*

413,052‌

11,378,991‌

Energy

Equipment

&

Services

(0.6%):

5,227

Archrock,

Inc.

137,522‌

3,346

Atlas

Energy

Solutions,

Inc.^

38,044‌

17,067

Baker

Hughes

Co.

831,504‌

519

Bristow

Group,

Inc.*

18,726‌

1,828

Cactus,

Inc.,

Class

A

72,151‌

1,337

Core

Laboratories,

Inc.

16,525‌

562

DMC

Global,

Inc.*

4,749‌

1,095

Expro

Group

Holdings

NV*

13,009‌

1,078

Expro

Group

Holdings

NV,

ADR*

12,807‌

306

Forum

Energy

Technologies,

Inc.*

8,173‌

760

Geospace

Technologies

Corp.*^

14,410‌

1,086

Gulf

Island

Fabrication,

Inc.*

7,624‌

21,000

Halliburton

Co.

516,600‌

5,456

Helix

Energy

Solutions

Group,

Inc.*

35,791‌

3,758

Helmerich

&

Payne,

Inc.

83,014‌

1,028

Innovex

International,

Inc.*

19,059‌

3,291

Kodiak

Gas

Services,

Inc.

121,668‌

7,097

Liberty

Energy,

Inc.

87,577‌

1,436

Mammoth

Energy

Services,

Inc.*

3,288‌

935

Natural

Gas

Services

Group,

Inc.

26,171‌

2,249

Noble

Corp

PLC

63,602‌

6,806

NOV,

Inc.

90,179‌

4,799

NPK

International,

Inc.*

54,277‌

Shares

Value

Common

Stocks,

continued

Energy

Equipment

&

Services,

continued

4,015

Oceaneering

International,

Inc.*

$

99,492‌

3,066

Oil

States

International,

Inc.*

18,580‌

3,281

ProPetro

Holding

Corp.*

17,192‌

3,679

RPC,

Inc.

17,512‌

37,187

Schlumberger

NV

1,278,117‌

493

SEACOR

Marine

Holdings,

Inc.*

3,200‌

1,954

Seadrill,

Ltd.*

59,030‌

3,974

Select

Water

Solutions,

Inc.

42,482‌

15,197

TechnipFMC

plc

599,522‌

4,086

TETRA

Technologies,

Inc.*

23,495‌

2,580

Tidewater,

Inc.*

137,591‌

21,064

Transocean,

Ltd.*

65,720‌

1,518

Valaris,

Ltd.*

74,033‌

2,965

Weatherford

International

plc

202,895‌

4,915,331‌

Entertainment

(1.6%):

247

Atlanta

Braves

Holdings,

Inc.*^

11,231‌

1,311

Atlanta

Braves

Holdings,

Inc.,

ADR*

54,524‌

5,104

Cinemark

Holdings,

Inc.

143,014‌

3,641

Electronic

Arts,

Inc.

734,390‌

2,645

IMAX

Corp.*

86,624‌

619

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A*

58,941‌

2,832

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C*

295,802‌

1,139

Liberty

Media

Corp.-Liberty

Live,

Class

A*

107,408‌

2,653

Liberty

Media

Corp.-Liberty

Live,

Class

C*

257,261‌

6,794

Lionsgate

Studios

Corp.*

46,879‌

3,277

Live

Nation

Entertainment,

Inc.*

535,462‌

894

Madison

Square

Garden

Entertainment

Corp.*

40,445‌

595

Madison

Square

Garden

Sports

Corp.*

135,065‌

1,459

Marcus

Corp.

(The)

22,629‌

4,103

Netflix,

Inc.*

4,919,169‌

4,024

ROBLOX

Corp.,

Class

A*

557,404‌

3,328

Roku,

Inc.*

333,233‌

894

Sphere

Entertainment

Co.*^

55,535‌

950

Spotify

Technology

SA*

663,100‌

1,452

Take-Two

Interactive

Software,

Inc.*

375,139‌

987

TKO

Group

Holdings,

Inc.

199,335‌

16,737

Walt

Disney

Co.

(The)

1,916,386‌

38,783

Warner

Bros

Discovery,

Inc.*

757,432‌

3,625

Warner

Music

Group

Corp.,

Class

A

123,467‌

12,429,875‌

Financial

Services

(3.6%):

3,675

Affirm

Holdings,

Inc.*

268,569‌

3,139

Apollo

Global

Management,

Inc.

418,335‌

3,595

AvidXchange

Holdings,

Inc.*

35,770‌

17,194

Berkshire

Hathaway,

Inc.,

Class

B*

8,644,112‌

7,015

Block,

Inc.*

506,974‌

2,687

Cantaloupe,

Inc.*

28,402‌

687

Cass

Information

Systems,

Inc.

27,020‌

22,159

Corebridge

Financial,

Inc.

710,196‌

2,817

Enact

Holdings,

Inc.

108,004‌

6,543

Equitable

Holdings,

Inc.

332,254‌

3,314

Essent

Group,

Ltd.

210,638‌

1,694

Euronet

Worldwide,

Inc.*

148,750‌

1,053

EVERTEC,

Inc.

35,570‌

403

Federal

Agricultural

Mortgage

Corp.,

Class

C

67,696‌

9,249

Fidelity

National

Information

Services,

Inc.

609,879‌

5,587

Fiserv,

Inc.*

720,332‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

43

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Financial

Services,

continued

2,700

Flywire

Corp.*

$

36,558‌

4,256

Global

Payments,

Inc.

353,588‌

1,320

International

Money

Express,

Inc.*

18,440‌

2,069

Jack

Henry

&

Associates,

Inc.

308,136‌

2,853

Jackson

Financial,

Inc.,

Class

A

288,809‌

11,557

Marqeta,

Inc.,

Class

A*

61,021‌

9,189

Mastercard,

Inc.,

Class

A

5,226,795‌

1,982

Merchants

Bancorp

63,028‌

8,579

MGIC

Investment

Corp.

243,386‌

1,888

Mr.

Cooper

Group,

Inc.

397,972‌

3,221

NCR

Atleos

Corp.*

126,617‌

3,107

NMI

Holdings,

Inc.*

119,122‌

465

Onity

Group,

Inc.*

18,581‌

1,242

Paymentus

Holdings,

Inc.,

Class

A*

38,005‌

8,549

Payoneer

Global,

Inc.*

51,721‌

14,238

PayPal

Holdings,

Inc.*

954,800‌

1,468

Paysafe,

Ltd.*

18,967‌

1,903

PennyMac

Financial

Services,

Inc.

235,744‌

4,334

Radian

Group,

Inc.

156,977‌

4,683

Remitly

Global,

Inc.*

76,333‌

3,168

Repay

Holdings

Corp.*

16,569‌

1,219

Rocket

Cos.,

Inc.,

Class

A^

23,624‌

1,250

Shift4

Payments,

Inc.,

Class

A*

96,750‌

3,907

Toast,

Inc.,

Class

A*

142,645‌

1,200

Velocity

Financial,

Inc.*

21,768‌

17,230

Visa,

Inc.,

Class

A

5,881,977‌

2,716

Voya

Financial,

Inc.

203,157‌

859

Walker

&

Dunlop,

Inc.

71,830‌

728

Waterstone

Financial,

Inc.

11,357‌

13,449

Western

Union

Co.

(The)

107,457‌

1,064

WEX,

Inc.*

167,612‌

28,411,847‌

Food

Products

(0.9%):

6,678

Archer-Daniels-Midland

Co.

398,944‌

2,035

B&G

Foods,

Inc.^

9,015‌

3,050

Bunge

Global

SA

247,813‌

270

Calavo

Growers,

Inc.

6,950‌

1,916

Cal-Maine

Foods,

Inc.

180,296‌

8,996

Campbell's

Company

(The)^

284,094‌

12,280

Conagra

Brands,

Inc.

224,847‌

2,669

Darling

Ingredients,

Inc.*

82,392‌

3,515

Dole

PLC

47,242‌

1,004

Farmer

Bros.

Co.*

1,717‌

4,611

Flowers

Foods,

Inc.

60,174‌

2,403

Fresh

Del

Monte

Produce,

Inc.

83,432‌

585

Freshpet,

Inc.*

32,239‌

12,544

General

Mills,

Inc.

632,468‌

2,250

Hain

Celestial

Group,

Inc.

(The)*

3,555‌

3,167

Hershey

Co.

(The)

592,387‌

13,248

Hormel

Foods

Corp.

327,756‌

2,339

Ingredion,

Inc.

285,615‌

518

J

&

J

Snack

Foods

Corp.

49,775‌

3,325

JM

Smucker

Co.

(The)

361,095‌

300

John

B

Sanfilippo

&

Son,

Inc.

19,284‌

18,887

Kraft

Heinz

Co.

(The)

491,817‌

5,580

Lamb

Weston

Holdings,

Inc.

324,086‌

916

Marzetti

Company

(The)

158,276‌

4,436

McCormick

&

Co.,

Inc.

296,813‌

778

McCormick

&

Co.,

Inc.

(Maryland)

51,908‌

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

3,145

Mission

Produce,

Inc.*

$

37,803‌

10,662

Mondelez

International,

Inc.,

Class

A

666,055‌

4,602

Pilgrim's

Pride

Corp.

187,393‌

1,982

Post

Holdings,

Inc.*

213,025‌

29

Seaboard

Corp.

105,763‌

266

Seneca

Foods

Corp.,

Class

A*

28,712‌

3,683

Simply

Good

Foods

Co.

(The)*

91,412‌

1,137

Tootsie

Roll

Industries,

Inc.

47,663‌

1,335

TreeHouse

Foods,

Inc.*

26,980‌

4,785

Tyson

Foods,

Inc.,

Class

A

259,825‌

1,200

Utz

Brands,

Inc.

14,580‌

1,400

Vital

Farms,

Inc.*

57,610‌

6,990,811‌

Gas

Utilities

(0.2%):

1,866

Atmos

Energy

Corp.

318,619‌

785

Chesapeake

Utilities

Corp.

105,732‌

2,460

National

Fuel

Gas

Co.

227,230‌

3,823

New

Jersey

Resources

Corp.

184,077‌

1,716

Northwest

Natural

Holding

Co.

77,100‌

1,836

ONE

Gas,

Inc.

148,606‌

232

RGC

Resources,

Inc.

5,206‌

1,749

Southwest

Gas

Holdings,

Inc.

137,017‌

1,603

Spire,

Inc.

130,677‌

5,679

UGI

Corp.

188,883‌

1,523,147‌

Ground

Transportation

(1.0%):

627

ArcBest

Corp.

43,808‌

838

Covenant

Logistics

Group,

Inc.

18,151‌

39,810

CSX

Corp.

1,413,653‌

1,925

Heartland

Express,

Inc.

16,131‌

14,347

Hertz

Global

Holdings,

Inc.*^

97,560‌

3,565

JB

Hunt

Transport

Services,

Inc.

478,316‌

5,291

Knight-Swift

Transportation

Holdings,

Inc.

209,047‌

357

Landstar

System,

Inc.

43,754‌

3,042

Marten

Transport,

Ltd.

32,428‌

3,912

Norfolk

Southern

Corp.

1,175,204‌

2,886

Old

Dominion

Freight

Line,

Inc.

406,291‌

1,600

PAMT

Corp.*

18,240‌

4,704

RXO,

Inc.*

72,348‌

1,902

Ryder

System,

Inc.

358,793‌

378

Saia,

Inc.*

113,158‌

3,510

Schneider

National,

Inc.,

Class

B

74,272‌

12,280

Uber

Technologies,

Inc.*

1,203,072‌

870

U-Haul

Holding

Co.,

Class

A*

49,651‌

5,779

U-Haul

Holding

Co.,

Class

B

294,151‌

6,603

Union

Pacific

Corp.

1,560,751‌

1,564

Universal

Logistics

Holdings,

Inc.^

36,660‌

2,380

Werner

Enterprises,

Inc.

62,642‌

2,834

XPO,

Inc.*

366,351‌

8,144,432‌

Health

Care

Equipment

&

Supplies

(1.7%):

16,165

Abbott

Laboratories

2,165,140‌

2,269

Accuray,

Inc.*

3,789‌

1,146

Align

Technology,

Inc.*

143,502‌

912

AngioDynamics,

Inc.*

10,187‌

1,619

Artivion,

Inc.*

68,548‌

1,507

AtriCure,

Inc.*

53,122‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

44

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

1,629

Avanos

Medical,

Inc.*

$

18,831‌

7,103

Baxter

International,

Inc.

161,735‌

4,003

Becton

Dickinson

&

Co.

749,242‌

10,001

Boston

Scientific

Corp.*

976,398‌

1,408

CONMED

Corp.

66,218‌

4,358

Cooper

Cos.,

Inc.

(The)*

298,785‌

4,674

DENTSPLY

SIRONA,

Inc.

59,313‌

4,104

Dexcom,

Inc.*

276,158‌

4,976

Edwards

Lifesciences

Corp.*

386,984‌

994

Embecta

Corp.

14,025‌

1,499

Enovis

Corp.*

45,480‌

5,573

Envista

Holdings

Corp.*

113,522‌

6,572

GE

HealthCare

Technologies,

Inc.

493,557‌

2,168

Globus

Medical,

Inc.*

124,161‌

1,277

Haemonetics

Corp.*

62,241‌

5,374

Hologic,

Inc.*

362,691‌

612

ICU

Medical,

Inc.*

73,416‌

972

IDEXX

Laboratories,

Inc.*

621,001‌

433

Inogen,

Inc.*

3,538‌

430

Inspire

Medical

Systems,

Inc.*

31,906‌

1,408

Insulet

Corp.*

434,692‌

979

Integer

Holdings

Corp.*

101,160‌

2,383

Integra

LifeSciences

Holdings

Corp.*

34,148‌

1,928

Intuitive

Surgical,

Inc.*

862,259‌

400

iRadimed

Corp.

28,464‌

1,570

Lantheus

Holdings,

Inc.*

80,525‌

619

LeMaitre

Vascular,

Inc.

54,169‌

725

LENSAR,

Inc.*

8,954‌

983

LivaNova

plc*

51,490‌

993

Masimo

Corp.*

146,517‌

12,234

Medtronic

plc

1,165,166‌

1,792

Merit

Medical

Systems,

Inc.*

149,148‌

6,551

Neogen

Corp.*

37,406‌

442

OmniAb,

Inc.

-

Vesting

12.5*(a)

—‌

442

OmniAb,

Inc.

-

Vesting

15*(a)

—‌

1,974

Omnicell,

Inc.*

60,108‌

2,205

OraSure

Technologies,

Inc.*

7,078‌

825

Orthofix

Medical,

Inc.*

12,078‌

1,309

OrthoPediatrics

Corp.*

24,256‌

656

Penumbra,

Inc.*

166,178‌

1,798

QuidelOrtho

Corp.*

52,951‌

1,711

ResMed,

Inc.

468,352‌

1,569

STAAR

Surgical

Co.*

42,159‌

1,704

STERIS

plc

421,638‌

2,275

Stryker

Corp.

840,999‌

749

Teleflex,

Inc.

91,648‌

193

UFP

Technologies,

Inc.*

38,523‌

227

Utah

Medical

Products,

Inc.

14,294‌

1,100

Varex

Imaging

Corp.*

13,640‌

3,451

Zimmer

Biomet

Holdings,

Inc.

339,924‌

217

Zimvie,

Inc.*

4,110‌

13,135,524‌

Health

Care

Providers

&

Services

(1.8%):

2,574

Acadia

Healthcare

Co.,

Inc.*

63,732‌

5,283

AdaptHealth

Corp.*

47,283‌

643

Addus

HomeCare

Corp.*

75,868‌

730

AMN

Healthcare

Services,

Inc.*

14,133‌

1,845

Astrana

Health,

Inc.*

52,306‌

9,264

Brookdale

Senior

Living,

Inc.*

78,466‌

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

2,931

Cardinal

Health,

Inc.

$

460,050‌

431

Castle

Biosciences,

Inc.*

9,814‌

2,902

Cencora,

Inc.

906,962‌

7,987

Centene

Corp.*

284,976‌

369

Chemed

Corp.

165,216‌

3,164

Cigna

Group

(The)

912,023‌

5,028

Community

Health

Systems,

Inc.*

16,140‌

4,538

Concentra

Group

Holdings

Parent,

Inc.

94,980‌

1,449

CorVel

Corp.*

112,182‌

1,732

Cross

Country

Healthcare,

Inc.*

24,594‌

12,237

CVS

Health

Corp.

922,547‌

1,629

DaVita,

Inc.*

216,445‌

2,819

Elevance

Health,

Inc.

910,875‌

3,723

Encompass

Health

Corp.

472,895‌

1,271

Enhabit,

Inc.*

10,181‌

1,695

Ensign

Group,

Inc.

(The)

292,845‌

790

Fulgent

Genetics,

Inc.*

17,854‌

1,558

HCA

Healthcare,

Inc.

664,020‌

2,271

HealthEquity,

Inc.*

215,223‌

3,879

Henry

Schein,

Inc.*

257,449‌

1,734

Humana,

Inc.

451,135‌

1,529

InfuSystem

Holdings,

Inc.*

15,840‌

1,601

Labcorp

Holdings,

Inc.

459,583‌

1,108

McKesson

Corp.

855,974‌

1,675

Molina

Healthcare,

Inc.*

320,528‌

575

National

HealthCare

Corp.

69,868‌

819

National

Research

Corp.

10,467‌

2,819

NeoGenomics,

Inc.*

21,763‌

10,235

OPKO

Health,

Inc.*

15,864‌

5,126

Option

Care

Health,

Inc.*

142,298‌

2,580

Owens

&

Minor,

Inc.*

12,384‌

5,162

Pediatrix

Medical

Group,

Inc.*

86,464‌

792

Pennant

Group,

Inc.

(The)*

19,974‌

2,038

Premier,

Inc.,

Class

A

56,656‌

3,140

Privia

Health

Group,

Inc.*

78,186‌

2,024

Progyny,

Inc.*

43,557‌

2,702

Quest

Diagnostics,

Inc.

514,947‌

2,093

RadNet,

Inc.*

159,508‌

5,624

Select

Medical

Holdings

Corp.

72,212‌

1,128

Solventum

Corp.*

82,344‌

3,605

Surgery

Partners,

Inc.*

78,012‌

3,325

Tenet

Healthcare

Corp.*

675,108‌

7,136

UnitedHealth

Group,

Inc.

2,464,061‌

1,954

Universal

Health

Services,

Inc.,

Class

B

399,476‌

542

US

Physical

Therapy,

Inc.

46,043‌

14,451,311‌

Health

Care

Technology

(0.1%):

447

American

Well

Corp.,

Class

A*

2,749‌

5,067

Certara,

Inc.*

61,919‌

3,003

Definitive

Healthcare

Corp.*

12,192‌

2,865

Doximity,

Inc.,

Class

A*

209,575‌

3,122

Evolent

Health,

Inc.,

Class

A*

26,412‌

3,097

GoodRx

Holdings,

Inc.,

Class

A*

13,100‌

1,056

Health

Catalyst,

Inc.*

3,009‌

1,357

HealthStream,

Inc.

38,322‌

1,588

Phreesia,

Inc.*

37,350‌

859

Schrodinger,

Inc.*

17,231‌

394

Simulations

Plus,

Inc.*

5,937‌

5,449

Teladoc

Health,

Inc.*

42,121‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

45

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Technology,

continued

339

TruBridge,

Inc.*

$

6,838‌

1,581

Veeva

Systems,

Inc.,

Class

A*

470,996‌

947,751‌

Hotels,

Restaurants

&

Leisure

(1.9%):

2,813

Airbnb,

Inc.,

Class

A*

341,554‌

7,862

Aramark

301,901‌

6

Biglari

Holdings,

Inc.,

Class

A*

9,270‌

67

Biglari

Holdings,

Inc.,

Class

B*^

21,685‌

1,126

BJ's

Restaurants,

Inc.*

34,377‌

4,525

Bloomin'

Brands,

Inc.

32,444‌

284

Booking

Holdings,

Inc.

1,533,393‌

1,059

Boyd

Gaming

Corp.

91,551‌

1,261

Brinker

International,

Inc.*

159,743‌

3,815

Caesars

Entertainment,

Inc.*

103,100‌

17,671

Carnival

Corp.*

510,869‌

2,182

Cheesecake

Factory,

Inc.

(The)

119,224‌

12,672

Chipotle

Mexican

Grill,

Inc.*

496,616‌

1,340

Choice

Hotels

International,

Inc.^

143,259‌

1,209

Churchill

Downs,

Inc.

117,285‌

718

Cracker

Barrel

Old

Country

Store,

Inc.^

31,635‌

1,966

Darden

Restaurants,

Inc.

374,248‌

1,810

Dave

&

Buster's

Entertainment,

Inc.*

32,870‌

1,239

Denny's

Corp.*

6,480‌

362

Dine

Brands

Global,

Inc.

8,949‌

819

Domino's

Pizza,

Inc.

353,570‌

1,905

DoorDash,

Inc.,

Class

A*

518,141‌

5,185

DraftKings,

Inc.*

193,919‌

2,413

Dutch

Bros,

Inc.,

Class

A*

126,296‌

1,288

El

Pollo

Loco

Holdings,

Inc.*

12,494‌

1,889

Expedia

Group,

Inc.

403,774‌

2,093

First

Watch

Restaurant

Group,

Inc.*

32,734‌

315

Flutter

Entertainment

plc*

80,010‌

4,503

Global

Business

Travel

Group

I*

36,384‌

2,695

Hilton

Grand

Vacations,

Inc.*

112,678‌

2,760

Hilton

Worldwide

Holdings,

Inc.

716,054‌

789

Hyatt

Hotels

Corp.,

Class

A

111,983‌

6,834

Krispy

Kreme,

Inc.

26,448‌

8,614

Las

Vegas

Sands

Corp.

463,347‌

7,924

Life

Time

Group

Holdings,

Inc.*

218,702‌

1,893

Light

&

Wonder,

Inc.*

158,898‌

2,074

Marriott

International,

Inc.,

Class

A

540,153‌

1,169

Marriott

Vacations

Worldwide

Corp.

77,809‌

6,264

McDonald's

Corp.

1,903,567‌

1,328

MGM

Resorts

International*

46,028‌

341

Nathan's

Famous,

Inc.

37,762‌

16,062

Norwegian

Cruise

Line

Holdings,

Ltd.*

395,607‌

4,460

Penn

Entertainment,

Inc.*

85,900‌

2,327

Planet

Fitness,

Inc.,

Class

A*

241,543‌

763

Potbelly

Corp.*

13,001‌

1,003

Pursuit

Attractions

and

Hospitality,

Inc.*

36,288‌

3,022

Royal

Caribbean

Cruises,

Ltd.

977,859‌

693

Seaport

Entertainment

Group,

Inc.*

15,884‌

778

Shake

Shack,

Inc.,

Class

A*

72,829‌

10,080

Starbucks

Corp.

852,768‌

4,289

Sweetgreen,

Inc.,

Class

A*

34,226‌

2,026

Texas

Roadhouse,

Inc.

336,620‌

2,060

Travel

+

Leisure

Co.

122,549‌

819

United

Parks

&

Resorts,

Inc.*

42,342‌

894

Vail

Resorts,

Inc.

133,716‌

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

7,813

Wendy's

Co.

(The)

$

71,567‌

173

Wingstop,

Inc.

43,541‌

2,059

Wyndham

Hotels

&

Resorts,

Inc.

164,514‌

2,432

Wynn

Resorts,

Ltd.

311,953‌

3,330

Yum!

Brands,

Inc.

506,160‌

15,100,071‌

Household

Durables

(0.8%):

906

Beazer

Homes

USA,

Inc.*

22,242‌

283

Cavco

Industries,

Inc.*

164,347‌

1,260

Century

Communities,

Inc.

79,846‌

1,262

Champion

Homes,

Inc.*

96,379‌

4,938

D.R.

Horton,

Inc.

836,843‌

1,479

Dream

Finders

Homes,

Inc.,

Class

A*

38,336‌

1,530

Ethan

Allen

Interiors,

Inc.

45,074‌

431

Flexsteel

Industries,

Inc.

19,977‌

2,847

Garmin,

Ltd.

700,988‌

2,761

GoPro,

Inc.,

Class

A*

5,853‌

1,329

Green

Brick

Partners,

Inc.*

98,160‌

996

Helen

of

Troy,

Ltd.*

25,099‌

500

Hooker

Furnishings

Corp.

5,075‌

145

Hovnanian

Enterprises,

Inc.,

Class

A*

18,631‌

779

Installed

Building

Products,

Inc.

192,148‌

971

KB

Home

61,794‌

2,050

La-Z-Boy,

Inc.

70,356‌

900

Legacy

Housing

Corp.*

24,759‌

4,316

Leggett

&

Platt,

Inc.

38,326‌

3,119

Lennar

Corp.,

Class

A

393,119‌

119

Lennar

Corp.,

Class

B

14,279‌

663

LGI

Homes,

Inc.*

34,284‌

1,017

Lifetime

Brands,

Inc.^

3,936‌

233

M/I

Homes,

Inc.*

33,655‌

374

Meritage

Homes

Corp.

27,089‌

1,935

Mohawk

Industries,

Inc.*

249,460‌

11,047

Newell

Brands,

Inc.

57,886‌

87

NVR,

Inc.*

699,015‌

3,574

PulteGroup,

Inc.

472,233‌

4,727

SharkNinja,

Inc.*

487,590‌

4,489

Somnigroup

International,

Inc.

378,557‌

3,435

Taylor

Morrison

Home

Corp.*

226,744‌

3,135

Toll

Brothers,

Inc.

433,069‌

977

TopBuild

Corp.*

381,870‌

1,146

TRI

Pointe

Homes,

Inc.*

38,930‌

320

Universal

Electronics,

Inc.*

1,491‌

1,846

Whirlpool

Corp.

145,096‌

1,232

Worthington

Enterprises,

Inc.

68,364‌

6,690,900‌

Household

Products

(0.8%):

4,192

BJ's

Wholesale

Club

Holdings,

Inc.*

390,904‌

2,328

Central

Garden

&

Pet

Co.,

Class

A*

68,746‌

3,717

Church

&

Dwight

Co.,

Inc.

325,721‌

1,953

Clorox

Co.

(The)

240,805‌

9,263

Colgate-Palmolive

Co.

740,484‌

2,927

Energizer

Holdings,

Inc.

72,853‌

5,064

Kimberly-Clark

Corp.

629,658‌

666

Oil-Dri

Corp.

of

America

40,653‌

23,055

Procter

&

Gamble

Co.

(The)

3,542,401‌

3,003

Reynolds

Consumer

Products,

Inc.

73,483‌

1,363

Spectrum

Brands

Holdings,

Inc.

71,598‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

46

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Household

Products,

continued

441

WD-40

Co.

$

87,141‌

6,284,447‌

Independent

Power

and

Renewable

Electricity

Producers

(0.2%):

6,117

AES

Corp.

(The)

80,500‌

1,323

Clearway

Energy,

Inc.,

Class

A

35,628‌

2,426

Clearway

Energy,

Inc.,

Class

C

68,535‌

2,097

Ormat

Technologies,

Inc.

201,836‌

6,658

Vistra

Corp.

1,304,435‌

1,690,934‌

Industrial

Conglomerates

(0.6%):

7,895

3M

Co.

1,225,146‌

6,591

General

Electric

Co.

1,982,705‌

6,327

Honeywell

International,

Inc.

1,331,833‌

4,539,684‌

Insurance

(3.1%):

7,215

Aflac,

Inc.

805,915‌

4,454

Allstate

Corp.

(The)

956,051‌

1,900

American

Coastal

Insurance

Corp.

21,641‌

2,691

American

Financial

Group,

Inc.

392,133‌

8,726

American

International

Group,

Inc.

685,340‌

745

AMERISAFE,

Inc.

32,661‌

2,155

Aon

plc,

Class

A

768,430‌

6,109

Arch

Capital

Group,

Ltd.

554,270‌

1,824

Arthur

J.

Gallagher

&

Co.

564,966‌

1,630

Assurant,

Inc.

353,058‌

1,849

Assured

Guaranty,

Ltd.

156,518‌

3,149

Axis

Capital

Holdings,

Ltd.

301,674‌

1,546

Baldwin

Insurance

Group,

Inc.

(The)*

43,613‌

2,229

Brighthouse

Financial,

Inc.*

118,315‌

5,438

Brown

&

Brown,

Inc.

510,030‌

3,473

Chubb,

Ltd.

980,254‌

2,810

Cincinnati

Financial

Corp.

444,261‌

2,176

Citizens,

Inc.*^

11,424‌

2,783

CNO

Financial

Group,

Inc.

110,068‌

895

Crawford

&

Co.,

Class

A

9,577‌

2,354

Crawford

&

Co.,

Class

B

23,022‌

1,631

Donegal

Group,

Inc.,

Class

A

31,625‌

800

eHealth,

Inc.*

3,448‌

1,144

Employers

Holdings,

Inc.

48,597‌

477

Erie

Indemnity

Co.,

Class

A

151,762‌

851

Everest

Group,

Ltd.

298,046‌

1,631

F&G

Annuities

&

Life,

Inc.

51,001‌

1,285

Fidelis

Insurance

Holdings,

Ltd.

23,323‌

8,418

Fidelity

National

Financial,

Inc.

509,205‌

3,923

First

American

Financial

Corp.

252,014‌

12,514

Genworth

Financial,

Inc.*

111,375‌

2,757

Globe

Life,

Inc.

394,168‌

318

Goosehead

Insurance,

Inc.,

Class

A

23,666‌

2,383

Greenlight

Capital

Re,

Ltd.,

Class

A*

30,264‌

1,122

Hanover

Insurance

Group,

Inc.

(The)

203,789‌

7,403

Hartford

Insurance

Group,

Inc.

(The)

987,486‌

397

HCI

Group,

Inc.

76,196‌

387

Heritage

Insurance

Holdings,

Inc.*

9,745‌

802

Hippo

Holdings,

Inc.*

29,000‌

1,991

Horace

Mann

Educators

Corp.

89,933‌

153

Investors

Title

Co.

40,978‌

Shares

Value

Common

Stocks,

continued

Insurance,

continued

1,185

James

River

Group

Holdings,

Ltd.

$

6,577‌

2,388

Kemper

Corp.

123,101‌

277

Kestrel

Group,

Ltd.*

7,565‌

585

Kinsale

Capital

Group,

Inc.

248,777‌

6,606

Lincoln

National

Corp.

266,420‌

4,808

Loews

Corp.

482,675‌

234

Markel

Group,

Inc.*

447,258‌

4,975

Marsh

&

McLennan

Cos.,

Inc.

1,002,612‌

2,244

Mercury

General

Corp.

190,246‌

17,064

MetLife,

Inc.

1,405,562‌

8,335

Old

Republic

International

Corp.

353,987‌

2,416

Oscar

Health,

Inc.,

Class

A*

45,735‌

906

Palomar

Holdings,

Inc.*

105,776‌

1,275

Primerica,

Inc.

353,927‌

6,988

Principal

Financial

Group,

Inc.

579,375‌

3,052

ProAssurance

Corp.*

73,217‌

6,184

Progressive

Corp.

(The)

1,527,139‌

5,585

Prudential

Financial,

Inc.

579,388‌

1,594

Reinsurance

Group

of

America,

Inc.

306,255‌

1,459

RenaissanceRe

Holdings,

Ltd.

370,484‌

2,751

RLI

Corp.

179,420‌

825

Safety

Insurance

Group,

Inc.

58,319‌

2,202

Selective

Insurance

Group,

Inc.

178,516‌

11,528

Selectquote,

Inc.*

22,595‌

5,145

SiriusPoint,

Ltd.*

93,073‌

1,533

Skyward

Specialty

Insurance

Group,

Inc.*

72,909‌

876

Stewart

Information

Services

Corp.

64,228‌

1,767

Tiptree,

Inc.

33,873‌

6,501

Travelers

Cos.,

Inc.

(The)

1,815,209‌

1,346

Trupanion,

Inc.*

58,255‌

728

United

Fire

Group,

Inc.

22,146‌

1,869

Universal

Insurance

Holdings,

Inc.

49,155‌

4,497

Unum

Group

349,777‌

6,035

W

R

Berkley

Corp.

462,402‌

98

White

Mountains

Insurance

Group,

Ltd.

163,809‌

2,473

Willis

Towers

Watson

plc

854,298‌

24,162,902‌

Interactive

Media

&

Services

(5.4%):

54,629

Alphabet,

Inc.,

Class

A

13,280,310‌

46,204

Alphabet,

Inc.,

Class

C

11,252,984‌

1,991

Bumble,

Inc.,

Class

A*

12,125‌

2,229

Cargurus,

Inc.*

82,986‌

1,955

Cars.com,

Inc.*

23,890‌

2,881

DHI

Group,

Inc.*

8,009‌

6,891

Match

Group,

Inc.

243,390‌

23,133

Meta

Platforms,

Inc.,

Class

A

16,988,413‌

7,936

Pinterest,

Inc.,

Class

A*

255,301‌

1,563

QuinStreet,

Inc.*

24,180‌

764

Shutterstock,

Inc.

15,929‌

11,369

Snap,

Inc.,

Class

A*

87,655‌

1,344

Travelzoo*

13,212‌

2,345

TripAdvisor,

Inc.*

38,130‌

2,857

TrueCar,

Inc.*

5,257‌

4,440

Vimeo,

Inc.*

34,410‌

1,315

Yelp,

Inc.*

41,028‌

664

Zedge,

Inc.,

Class

B*

1,932‌

830

Ziff

Davis,

Inc.*

31,623‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

47

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Interactive

Media

&

Services,

continued

7,176

ZoomInfo

Technologies,

Inc.*

$

78,290‌

42,519,054‌

IT

Services

(1.1%):

6,511

Accenture

plc,

Class

A

1,605,613‌

4,279

Akamai

Technologies,

Inc.*

324,177‌

3,327

Amdocs,

Ltd.

272,980‌

726

ASGN,

Inc.*

34,376‌

1,701

Cloudflare,

Inc.,

Class

A*

365,018‌

8,684

Cognizant

Technology

Solutions

Corp.,

Class

A

582,436‌

2,715

DigitalOcean

Holdings,

Inc.*

92,744‌

6,069

DXC

Technology

Co.*

82,720‌

943

EPAM

Systems,

Inc.*

142,195‌

4,318

Fastly,

Inc.,

Class

A*

36,919‌

932

Gartner,

Inc.*

244,995‌

452

Globant

SA*

25,936‌

2,317

GoDaddy,

Inc.,

Class

A*

317,035‌

2,548

Grid

Dynamics

Holdings,

Inc.*

19,645‌

1,357

Hackett

Group,

Inc.

(The)

25,796‌

10,200

International

Business

Machines

Corp.

2,878,032‌

8,303

Kyndryl

Holdings,

Inc.*

249,339‌

565

MongoDB,

Inc.*

175,365‌

4,264

Okta,

Inc.*

391,009‌

1,093

Snowflake,

Inc.*

246,526‌

3,951

Twilio,

Inc.,

Class

A*

395,456‌

2,221

Unisys

Corp.*

8,662‌

1,139

VeriSign,

Inc.

318,430‌

8,835,404‌

Leisure

Products

(0.1%):

2,293

Acushnet

Holdings

Corp.

179,978‌

895

American

Outdoor

Brands,

Inc.*

7,769‌

1,271

Brunswick

Corp.

80,378‌

2,100

Clarus

Corp.

7,350‌

658

Escalade,

Inc.

8,271‌

1,267

Funko,

Inc.,

Class

A*

4,358‌

3,095

Hasbro,

Inc.

234,756‌

303

Johnson

Outdoors,

Inc.,

Class

A

12,238‌

931

Malibu

Boats,

Inc.,

Class

A*

30,211‌

662

Marine

Products

Corp.

5,872‌

451

MasterCraft

Boat

Holdings,

Inc.*

9,678‌

11,277

Mattel,

Inc.*

189,792‌

1,038

Polaris,

Inc.

60,339‌

1,410

Smith

&

Wesson

Brands,

Inc.

13,860‌

593

Sturm

Ruger

&

Co.,

Inc.

25,778‌

4,498

Topgolf

Callaway

Brands

Corp.*

42,731‌

2,016

YETI

Holdings,

Inc.*

66,891‌

980,250‌

Life

Sciences

Tools

&

Services

(0.7%):

237

10X

Genomics,

Inc.,

Class

A*

2,771‌

6,251

Adaptive

Biotechnologies

Corp.*

93,515‌

4,073

Agilent

Technologies,

Inc.

522,770‌

12,039

Avantor,

Inc.*

150,247‌

1,287

Azenta,

Inc.*

36,963‌

1,634

BioLife

Solutions,

Inc.*

41,683‌

585

Bio-Rad

Laboratories,

Inc.,

Class

A*

164,028‌

1,373

Bio-Techne

Corp.

76,380‌

1,904

Bruker

Corp.

61,861‌

882

Charles

River

Laboratories

International,

Inc.*

137,998‌

Shares

Value

Common

Stocks,

continued

Life

Sciences

Tools

&

Services,

continued

2,030

CryoPort,

Inc.*

$

19,244‌

4,742

Danaher

Corp.

940,149‌

2,171

Fortrea

Holdings,

Inc.*

18,280‌

1,684

Illumina,

Inc.*

159,929‌

3,999

IQVIA

Holdings,

Inc.*

759,570‌

4,035

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

11,580‌

521

Medpace

Holdings,

Inc.*

267,877‌

125

Mesa

Laboratories,

Inc.

8,376‌

224

Mettler-Toledo

International,

Inc.*

274,985‌

1,666

OmniAb,

Inc.*

2,666‌

10,633

Pacific

Biosciences

of

California,

Inc.*^

13,610‌

453

Quanterix

Corp.*

2,460‌

852

Repligen

Corp.*

113,887‌

3,370

Revvity,

Inc.

295,380‌

3,826

Sotera

Health

Co.*

60,183‌

2,362

Thermo

Fisher

Scientific,

Inc.

1,145,617‌

942

Waters

Corp.*

282,421‌

920

West

Pharmaceutical

Services,

Inc.

241,344‌

5,905,774‌

Machinery

(2.5%):

7,267

3D

Systems

Corp.*

21,074‌

636

Aebi

Schmidt

Holding

AG

7,931‌

2,553

AGCO

Corp.

273,350‌

463

Alamo

Group,

Inc.

88,387‌

935

Albany

International

Corp.

49,835‌

3,753

Allison

Transmission

Holdings,

Inc.

318,555‌

1,018

Astec

Industries,

Inc.

48,996‌

1,512

Atmus

Filtration

Technologies,

Inc.

68,176‌

837

Blue

Bird

Corp.*

48,169‌

4,861

Caterpillar,

Inc.

2,319,426‌

1,433

Chart

Industries,

Inc.*

286,815‌

38,946

CNH

Industrial

NV

422,564‌

504

Columbus

McKinnon

Corp.

7,227‌

707

Commercial

Vehicle

Group,

Inc.*

1,202‌

1,385

Crane

Co.

255,034‌

3,126

Cummins,

Inc.

1,320,329‌

2,686

Deere

&

Co.

1,228,200‌

4,079

Donaldson

Co.,

Inc.

333,866‌

471

Douglas

Dynamics,

Inc.

14,723‌

2,268

Dover

Corp.

378,370‌

475

Energy

Recovery,

Inc.*

7,325‌

1,760

Enerpac

Tool

Group

Corp.

72,160‌

563

Enpro,

Inc.

127,238‌

1,850

Esab

Corp.

206,719‌

864

ESCO

Technologies,

Inc.

182,399‌

1,605

Federal

Signal

Corp.

190,979‌

4,041

Flowserve

Corp.

214,739‌

6,191

Fortive

Corp.

303,297‌

1,334

Franklin

Electric

Co.,

Inc.

126,997‌

8,717

Gates

Industrial

Corp.

plc*

216,356‌

889

Gencor

Industries,

Inc.*

13,006‌

606

Gorman-Rupp

Co.

(The)

28,124‌

4,580

Graco,

Inc.

389,117‌

1,381

Greenbrier

Cos.,

Inc.

(The)

63,761‌

650

Helios

Technologies,

Inc.

33,884‌

2,088

Hillenbrand,

Inc.

56,460‌

4,909

Hillman

Solutions

Corp.*

45,065‌

490

Hurco

Cos.,

Inc.*

8,526‌

896

Hyster-Yale,

Inc.

33,027‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

48

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

1,133

IDEX

Corp.

$

184,407‌

4,103

Illinois

Tool

Works,

Inc.

1,069,898‌

4,824

Ingersoll

Rand,

Inc.

398,559‌

2,290

ITT,

Inc.

409,360‌

363

Kadant,

Inc.

108,022‌

3,829

Kennametal,

Inc.

80,141‌

787

L.B.

Foster

Co.,

Class

A*

21,210‌

1,403

Lincoln

Electric

Holdings,

Inc.

330,869‌

221

Lindsay

Corp.

31,064‌

1,300

Luxfer

Holdings

plc

18,070‌

2,529

Manitowoc

Co.,

Inc.

(The)*

25,315‌

1,979

Middleby

Corp.

(The)*

263,068‌

285

Miller

Industries,

Inc.

11,520‌

3,387

Mueller

Industries,

Inc.

342,460‌

5,048

Mueller

Water

Products,

Inc.,

Class

A

128,825‌

1,258

NN,

Inc.*

2,591‌

864

Nordson

Corp.

196,085‌

158

Omega

Flex,

Inc.

4,927‌

2,234

Oshkosh

Corp.

289,750‌

4,869

Otis

Worldwide

Corp.

445,173‌

8,430

PACCAR,

Inc.

828,838‌

865

Parker-Hannifin

Corp.

655,800‌

1,058

Park-Ohio

Holdings

Corp.

22,472‌

4,737

Pentair

plc

524,670‌

1,150

Proto

Labs,

Inc.*

57,535‌

847

RBC

Bearings,

Inc.*

330,576‌

1,882

REV

Group,

Inc.

106,653‌

1,172

Snap-on,

Inc.

406,133‌

1,395

SPX

Technologies,

Inc.*

260,558‌

444

Standex

International

Corp.

94,084‌

3,210

Stanley

Black

&

Decker,

Inc.

238,599‌

1,047

Symbotic,

Inc.*^

56,433‌

537

Tennant

Co.

43,529‌

1,077

Terex

Corp.

55,250‌

1,565

Timken

Co.

(The)

117,657‌

3,046

Titan

International,

Inc.*

23,028‌

2,736

Toro

Co.

(The)

208,483‌

3,637

Trinity

Industries,

Inc.

101,981‌

1,855

Wabash

National

Corp.

18,309‌

858

Watts

Water

Technologies,

Inc.,

Class

A

239,622‌

2,602

Westinghouse

Air

Brake

Technologies

Corp.

521,623‌

3,377

Xylem,

Inc.

498,107‌

19,582,662‌

Marine

Transportation

(0.0%

†

):

795

Costamare

Bulkers

Holdings,

Ltd.*

11,424‌

3,979

Costamare,

Inc.

47,390‌

1,300

Genco

Shipping

&

Trading,

Ltd.

23,140‌

1,892

Kirby

Corp.*

157,888‌

1,014

Matson,

Inc.

99,970‌

339,812‌

Media

(0.9%):

9,653

Advantage

Solutions,

Inc.*

14,769‌

1,413

AMC

Networks,

Inc.,

Class

A*

11,643‌

1,200

Boston

Omaha

Corp.,

Class

A*

15,696‌

3,213

Charter

Communications,

Inc.,

Class

A*

883,912‌

75,757

Comcast

Corp.,

Class

A

2,380,285‌

3,378

DoubleVerify

Holdings,

Inc.*

40,468‌

4,792

Entravision

Communications

Corp.,

Class

A

11,165‌

Shares

Value

Common

Stocks,

continued

Media,

continued

2,931

EW

Scripps

Co.

(The),

Class

A*

$

7,210‌

4,043

Fox

Corp.,

Class

A

254,952‌

4,178

Fox

Corp.,

Class

B

239,358‌

7,573

Gannett

Co.,

Inc.*

31,277‌

5,136

Integral

Ad

Science

Holding

Corp.*

52,233‌

16,206

Interpublic

Group

of

Cos.,

Inc.

(The)

452,309‌

2,099

John

Wiley

&

Sons,

Inc.,

Class

A

84,947‌

334

Liberty

Broadband

Corp.,

Class

A*

21,152‌

4,052

Liberty

Broadband

Corp.,

Class

C*

257,464‌

3,830

Magnite,

Inc.*

83,417‌

131

Marchex,

Inc.,

Class

B*

234‌

4,825

New

York

Times

Co.

(The),

Class

A

276,955‌

10,355

News

Corp.,

Class

A

318,002‌

5,387

News

Corp.,

Class

B

186,121‌

1,442

Nexstar

Media

Group,

Inc.

285,141‌

6,423

Omnicom

Group,

Inc.

523,667‌

8,141

Paramount

Skydance

Corp.

154,028‌

2,063

Ralliant

Corp.

90,215‌

1,353

Scholastic

Corp.

37,045‌

1,768

Sinclair,

Inc.

26,697‌

4,755

Stagwell,

Inc.*

26,771‌

452

Starz

Entertainment

Corp.*

6,658‌

1,890

TechTarget,

Inc.*

10,981‌

6,739

TEGNA,

Inc.

137,004‌

1,103

Thryv

Holdings,

Inc.*

13,302‌

2,390

Trade

Desk,

Inc.

(The),

Class

A*

117,134‌

5,104

WideOpenWest,

Inc.*

26,337‌

7,078,549‌

Metals

&

Mining

(0.8%):

4,652

Alcoa

Corp.

153,004‌

438

Alpha

Metallurgical

Resources,

Inc.*

71,871‌

799

Ampco-Pittsburgh

Corp.*

1,830‌

759

Ascent

Industries

Co.*

9,776‌

1,638

Carpenter

Technology

Corp.

402,195‌

3,215

Century

Aluminum

Co.*

94,392‌

6,342

Cleveland-Cliffs,

Inc.*

77,372‌

18,225

Coeur

Mining,

Inc.*

341,901‌

3,541

Commercial

Metals

Co.

202,829‌

2,118

Compass

Minerals

International,

Inc.*

40,666‌

7,664

Ferroglobe

plc

34,871‌

841

Fortitude

Gold

Corp.

3,667‌

21,844

Freeport-McMoRan,

Inc.

856,722‌

22,580

Hecla

Mining

Co.

273,218‌

389

Kaiser

Aluminum

Corp.

30,015‌

594

Materion

Corp.

71,761‌

1,230

McEwen,

Inc.*

21,033‌

2,052

Metallus,

Inc.*

33,920‌

4,360

MP

Materials

Corp.*^

292,425‌

14,077

Newmont

Corp.

1,186,832‌

3,268

Nucor

Corp.

442,585‌

700

Olympic

Steel,

Inc.

21,315‌

3,009

Ramaco

Resources,

Inc.,

Class

A

99,869‌

114

Ramaco

Resources,

Inc.,

Class

B

1,921‌

1,496

Reliance,

Inc.

420,122‌

1,995

Royal

Gold,

Inc.

400,157‌

859

Southern

Copper

Corp.

104,248‌

3,882

Steel

Dynamics,

Inc.

541,267‌

3,673

SunCoke

Energy,

Inc.

29,972‌

1,070

Tredegar

Corp.*

8,592‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

49

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

1,717

Warrior

Met

Coal,

Inc.

$

109,270‌

1,732

Worthington

Steel,

Inc.

52,635‌

6,432,253‌

Multi-Utilities

(0.6%):

3,156

Ameren

Corp.

329,423‌

2,650

Avista

Corp.

100,197‌

1,766

Black

Hills

Corp.

108,768‌

8,124

CenterPoint

Energy,

Inc.

315,211‌

4,376

CMS

Energy

Corp.

320,586‌

4,396

Consolidated

Edison,

Inc.

441,886‌

9,623

Dominion

Energy,

Inc.

588,639‌

2,384

DTE

Energy

Co.

337,169‌

11,290

NiSource,

Inc.

488,857‌

1,876

Northwestern

Energy

Group,

Inc.

109,952‌

6,003

Public

Service

Enterprise

Group,

Inc.

501,010‌

7,577

Sempra

681,779‌

305

Unitil

Corp.

14,597‌

3,672

WEC

Energy

Group,

Inc.

420,775‌

4,758,849‌

Oil,

Gas

&

Consumable

Fuels

(3.8%):

13,443

Antero

Midstream

Corp.

261,332‌

9,749

Antero

Resources

Corp.*

327,176‌

8,630

APA

Corp.

209,536‌

1,287

Ardmore

Shipping

Corp.

15,277‌

6,491

Berry

Corp.

24,536‌

3,005

California

Resources

Corp.

159,806‌

600

Centrus

Energy

Corp.,

Class

A*^

186,042‌

4,555

Cheniere

Energy,

Inc.

1,070,334‌

33,165

Chevron

Corp.

5,150,193‌

479

Chord

Energy

Corp.

47,598‌

7,534

Clean

Energy

Fuels

Corp.*

19,438‌

4,859

CNX

Resources

Corp.*

156,071‌

10,566

Comstock

Resources,

Inc.*

209,524‌

24,405

ConocoPhillips

2,308,469‌

1,683

Core

Natural

Resources,

Inc.

140,497‌

16,126

Coterra

Energy,

Inc.

381,380‌

2,427

CVR

Energy,

Inc.*

88,537‌

27,546

Devon

Energy

Corp.

965,763‌

8,048

DHT

Holdings,

Inc.

96,174‌

4,951

Diamondback

Energy,

Inc.

708,488‌

3,018

DT

Midstream,

Inc.

341,215‌

11,018

EOG

Resources,

Inc.

1,235,338‌

9,631

EQT

Corp.

524,215‌

4,143

Expand

Energy

Corp.

440,152‌

56,704

Exxon

Mobil

Corp.

6,393,376‌

3,222

FutureFuel

Corp.

12,501‌

3,367

Green

Plains,

Inc.*

29,596‌

682

Gulfport

Energy

Corp.*

123,428‌

3,447

HF

Sinclair

Corp.

180,416‌

1,748

International

Seaways,

Inc.

80,548‌

22,427

Kinder

Morgan,

Inc.

634,908‌

1,205

Kinetik

Holdings,

Inc.

51,502‌

25,708

Kosmos

Energy,

Ltd.*

42,675‌

9,480

Magnolia

Oil

&

Gas

Corp.,

Class

A

226,288‌

4,614

Marathon

Petroleum

Corp.

889,302‌

5,206

Matador

Resources

Co.

233,906‌

2,021

Murphy

Oil

Corp.

57,417‌

6,319

New

Fortress

Energy,

Inc.*^

13,965‌

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

4,784

Nordic

American

Tankers,

Ltd.

$

15,022‌

5,624

Northern

Oil

&

Gas,

Inc.

139,475‌

17,352

Occidental

Petroleum

Corp.

819,882‌

8,104

ONEOK,

Inc.

591,349‌

7,754

Ovintiv,

Inc.

313,106‌

2,100

Par

Pacific

Holdings,

Inc.*

74,382‌

2,707

PBF

Energy,

Inc.,

Class

A

81,670‌

3,867

Peabody

Energy

Corp.

102,553‌

10,904

Permian

Resources

Corp.

139,571‌

6,287

Phillips

66

855,158‌

6

PrimeEnergy

Resources

Corp.*

1,002‌

8,206

Range

Resources

Corp.

308,874‌

916

Scorpio

Tankers,

Inc.

51,342‌

4,935

SFL

Corp.,

Ltd.

37,160‌

3,241

SM

Energy

Co.

80,928‌

3,310

Talos

Energy,

Inc.*

31,743‌

3,775

Targa

Resources

Corp.

632,463‌

779

Teekay

Tankers,

Ltd.,

Class

A

39,378‌

345

Texas

Pacific

Land

Corp.

322,106‌

7,849

Uranium

Energy

Corp.*

104,706‌

6,929

VAALCO

Energy,

Inc.

27,855‌

4,684

Valero

Energy

Corp.

797,498‌

732

Viper

Energy,

Inc.,

Class

A

27,977‌

794

Vital

Energy,

Inc.*

13,411‌

622

Vitesse

Energy,

Inc.

14,449‌

9,330

W&T

Offshore,

Inc.^

16,981‌

11,741

Williams

Cos.,

Inc.

(The)

743,792‌

2,201

World

Kinect

Corp.

57,116‌

30,477,868‌

Paper

&

Forest

Products

(0.0%

†

):

545

Clearwater

Paper

Corp.*

11,314‌

2,483

Louisiana-Pacific

Corp.

220,590‌

231

Magnera

Corp.*

2,707‌

3,875

Mercer

International,

Inc.

11,160‌

2,050

Sylvamo

Corp.

90,651‌

336,422‌

Passenger

Airlines

(0.5%):

4,189

Alaska

Air

Group,

Inc.*

208,528‌

639

Allegiant

Travel

Co.*

38,832‌

8,590

American

Airlines

Group,

Inc.*

96,552‌

1,384

Copa

Holdings

SA,

Class

A

164,447‌

19,668

Delta

Air

Lines,

Inc.

1,116,159‌

2,340

Frontier

Group

Holdings,

Inc.*^

10,331‌

15,406

JetBlue

Airways

Corp.*

75,798‌

1,602

SkyWest,

Inc.*

161,193‌

11,510

Southwest

Airlines

Co.

367,284‌

2,740

Sun

Country

Airlines

Holdings,

Inc.*

32,359‌

13,099

United

Airlines

Holdings,

Inc.*

1,264,054‌

3,535,537‌

Personal

Care

Products

(0.1%):

3,523

BellRing

Brands,

Inc.*

128,061‌

15,106

Coty,

Inc.,

Class

A*

61,028‌

565

Edgewell

Personal

Care

Co.

11,503‌

2,038

Estee

Lauder

Cos.,

Inc.

(The)

179,589‌

2,298

Herbalife,

Ltd.*

19,395‌

871

Interparfums,

Inc.

85,689‌

30,017

Kenvue,

Inc.

487,176‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

50

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Personal

Care

Products,

continued

654

Medifast,

Inc.*^

$

8,940‌

1,236

Nature's

Sunshine

Products,

Inc.*

19,183‌

1,616

Nu

Skin

Enterprises,

Inc.,

Class

A

19,699‌

340

United-Guardian,

Inc.

2,652‌

645

USANA

Health

Sciences,

Inc.*

17,770‌

1,040,685‌

Pharmaceuticals

(2.5%):

2,030

Aclaris

Therapeutics,

Inc.*

3,857‌

7,684

Amneal

Pharmaceuticals,

Inc.*

76,917‌

1,017

Amphastar

Pharmaceuticals,

Inc.*

27,103‌

900

ANI

Pharmaceuticals,

Inc.*

82,440‌

379

Assertio

Holdings,

Inc.*

334‌

39,731

Bristol-Myers

Squibb

Co.

1,791,868‌

1,180

Collegium

Pharmaceutical,

Inc.*

41,288‌

2,240

Corcept

Therapeutics,

Inc.*

186,166‌

1,468

Cumberland

Pharmaceuticals,

Inc.*

4,580‌

1,559

Edgewise

Therapeutics,

Inc.*

25,287‌

9,737

Elanco

Animal

Health,

Inc.*

196,103‌

8,143

Eli

Lilly

&

Co.

6,213,109‌

2,317

Harmony

Biosciences

Holdings,

Inc.*

63,856‌

3,292

Innoviva,

Inc.*

60,079‌

2,297

Jazz

Pharmaceuticals

plc,

ADR*

302,745‌

22,363

Johnson

&

Johnson

4,146,547‌

640

Ligand

Pharmaceuticals,

Inc.*

113,370‌

32,969

Merck

&

Co.,

Inc.

2,767,088‌

6,919

Organon

&

Co.

73,895‌

1,467

Pacira

BioSciences,

Inc.*

37,805‌

4,791

Perrigo

Co

plc

106,696‌

75,657

Pfizer,

Inc.

1,927,740‌

793

Phibro

Animal

Health

Corp.,

Class

A

32,085‌

2,307

Pliant

Therapeutics,

Inc.*

3,414‌

1,833

Prestige

Consumer

Healthcare,

Inc.*

114,379‌

8,845

Royalty

Pharma

plc,

Class

A

312,052‌

2,134

SIGA

Technologies,

Inc.

19,526‌

2,489

Supernus

Pharmaceuticals,

Inc.*

118,949‌

22,924

Viatris,

Inc.

226,948‌

4,981

Zoetis,

Inc.

728,820‌

19,805,046‌

Professional

Services

(1.2%):

2,755

Acuren

Corp.*

36,669‌

8,391

Alight,

Inc.,

Class

A

27,355‌

2,592

Amentum

Holdings,

Inc.*

62,078‌

4,244

Automatic

Data

Processing,

Inc.

1,245,614‌

1,376

Barrett

Business

Services,

Inc.

60,984‌

1,742

Booz

Allen

Hamilton

Holding

Corp.

174,113‌

1,737

Broadridge

Financial

Solutions,

Inc.

413,701‌

669

CACI

International,

Inc.,

Class

A*

333,684‌

1,791

CBIZ,

Inc.*

94,851‌

9,227

Clarivate

plc*

35,339‌

1,162

Concentrix

Corp.

53,626‌

6,347

Conduent,

Inc.*

17,772‌

387

CRA

International,

Inc.

80,701‌

1,324

CSG

Systems

International,

Inc.

85,239‌

4,568

Dayforce,

Inc.*

314,690‌

1,561

Equifax,

Inc.

400,443‌

4,804

ExlService

Holdings,

Inc.*

211,520‌

1,216

Exponent,

Inc.

84,488‌

5,623

First

Advantage

Corp.*

86,538‌

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

825

Forrester

Research,

Inc.*

$

8,745‌

662

FTI

Consulting,

Inc.*

107,012‌

4,605

Genpact,

Ltd.

192,903‌

421

Heidrick

&

Struggles

International,

Inc.

20,953‌

660

Huron

Consulting

Group,

Inc.*

96,868‌

600

ICF

International,

Inc.

55,680‌

614

Insperity,

Inc.

30,209‌

3,351

Jacobs

Solutions,

Inc.

502,181‌

4,759

KBR,

Inc.

225,053‌

1,042

Kelly

Services,

Inc.,

Class

A

13,671‌

720

Kforce,

Inc.

21,586‌

2,097

Korn

Ferry

146,748‌

3,343

Legalzoom.com,

Inc.*

34,700‌

2,680

Leidos

Holdings,

Inc.

506,413‌

1,553

ManpowerGroup,

Inc.

58,859‌

1,556

Maximus,

Inc.

142,172‌

659

Mistras

Group,

Inc.*

6,485‌

2,667

Parsons

Corp.*

221,148‌

5,295

Paychex,

Inc.

671,194‌

1,779

Paycom

Software,

Inc.

370,281‌

1,313

Paylocity

Holding

Corp.*

209,122‌

2,125

Resources

Connection,

Inc.

10,731‌

1,275

Robert

Half,

Inc.

43,324‌

1,807

Science

Applications

International

Corp.

179,562‌

5,295

SS&C

Technologies

Holdings,

Inc.

469,984‌

5,352

TransUnion

448,391‌

914

TriNet

Group,

Inc.

61,137‌

1,029

TrueBlue,

Inc.*

6,308‌

2,127

TTEC

Holdings,

Inc.*

7,147‌

3,454

Upwork,

Inc.*

64,141‌

2,089

Verisk

Analytics,

Inc.

525,404‌

4,212

Verra

Mobility

Corp.*

104,036‌

633

Willdan

Group,

Inc.*

61,205‌

9,442,758‌

Real

Estate

Management

&

Development

(0.4%):

3,814

Anywhere

Real

Estate,

Inc.*

40,390‌

4,455

CBRE

Group,

Inc.,

Class

A*

701,930‌

5,428

CoStar

Group,

Inc.*

457,960‌

8,528

Cushman

&

Wakefield

plc*

135,766‌

1,626

Douglas

Elliman,

Inc.*

4,650‌

1,163

eXp

World

Holdings,

Inc.

12,398‌

1,407

Forestar

Group,

Inc.*

37,412‌

464

FRP

Holdings,

Inc.*

11,303‌

2,253

Howard

Hughes

Holdings,

Inc.*

185,129‌

1,334

Jones

Lang

LaSalle,

Inc.*

397,906‌

2,147

Marcus

&

Millichap,

Inc.

63,014‌

6,083

Newmark

Group,

Inc.,

Class

A

113,448‌

15,028

Opendoor

Technologies,

Inc.*

119,773‌

997

Rafael

Holdings,

Inc.,

Class

B*

1,356‌

910

RE/MAX

Holdings,

Inc.*

8,581‌

357

RMR

Group,

Inc.

(The),

Class

A

5,616‌

1,337

St.

Joe

Co.

(The)

66,155‌

1,447

Tejon

Ranch

Co.*

23,123‌

1,463

Zillow

Group,

Inc.,

Class

A*

108,906‌

4,617

Zillow

Group,

Inc.,

Class

C*

355,740‌

2,850,556‌

Semiconductors

&

Semiconductor

Equipment

(10.3%):

10,242

Advanced

Micro

Devices,

Inc.*

1,657,053‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

51

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

3,849

Allegro

MicroSystems,

Inc.*

$

112,391‌

1,120

Alpha

&

Omega

Semiconductor,

Ltd.*

31,315‌

392

Ambarella,

Inc.*

32,348‌

3,194

Amkor

Technology,

Inc.

90,710‌

3,250

Analog

Devices,

Inc.

798,525‌

7,329

Applied

Materials,

Inc.

1,500,539‌

815

Axcelis

Technologies,

Inc.*

79,577‌

37,296

Broadcom,

Inc.

12,304,323‌

437

CEVA,

Inc.*

11,541‌

719

Cirrus

Logic,

Inc.*

90,084‌

808

Cohu,

Inc.*

16,427‌

1,151

Diodes,

Inc.*

61,245‌

1,785

Enphase

Energy,

Inc.*

63,171‌

1,826

Entegris,

Inc.

168,832‌

2,070

First

Solar,

Inc.*

456,497‌

2,461

FormFactor,

Inc.*

89,630‌

3,269

GLOBALFOUNDRIES,

Inc.*

117,161‌

1,314

GSI

Technology,

Inc.*

4,836‌

948

Ichor

Holdings,

Ltd.*

16,609‌

37,973

Intel

Corp.*

1,273,994‌

1,521

KLA

Corp.

1,640,551‌

1,328

Kulicke

&

Soffa

Industries,

Inc.

53,970‌

12,239

Lam

Research

Corp.

1,638,802‌

1,388

Lattice

Semiconductor

Corp.*

101,768‌

1,342

MACOM

Technology

Solutions

Holdings,

Inc.*

167,066‌

5,307

Marvell

Technology,

Inc.

446,159‌

4,653

Microchip

Technology,

Inc.

298,816‌

9,818

Micron

Technology,

Inc.

1,642,748‌

1,090

MKS,

Inc.

134,909‌

329

Monolithic

Power

Systems,

Inc.

302,891‌

150

NVE

Corp.

9,790‌

266,731

NVIDIA

Corp.

49,766,670‌

5,344

NXP

Semiconductors

NV

1,216,989‌

10,958

ON

Semiconductor

Corp.*

540,339‌

938

Onto

Innovation,

Inc.*

121,208‌

1,438

PDF

Solutions,

Inc.*

37,129‌

1,050

Penguin

Solutions,

Inc.*

27,594‌

1,058

Photronics,

Inc.*

24,281‌

1,089

Power

Integrations,

Inc.

43,789‌

1,551

Qorvo,

Inc.*

141,265‌

10,451

QUALCOMM,

Inc.

1,738,628‌

2,376

Rambus,

Inc.*

247,579‌

599

Silicon

Laboratories,

Inc.*

78,547‌

504

SiTime

Corp.*

151,860‌

2,582

Skyworks

Solutions,

Inc.

198,762‌

2,213

SolarEdge

Technologies,

Inc.*

81,881‌

1,275

Synaptics,

Inc.*

87,133‌

3,686

Teradyne,

Inc.

507,341‌

8,086

Texas

Instruments,

Inc.

1,485,641‌

524

Universal

Display

Corp.

75,262‌

1,442

Veeco

Instruments,

Inc.*

43,880‌

82,030,056‌

Software

(8.5%):

2,814

A10

Networks,

Inc.

51,074‌

2,658

ACI

Worldwide,

Inc.*

140,263‌

4,656

Adeia,

Inc.

78,221‌

3,701

Adobe,

Inc.*

1,305,528‌

300

Agilysys,

Inc.*

31,575‌

1,449

Alarm.com

Holdings,

Inc.*

76,913‌

Shares

Value

Common

Stocks,

continued

Software,

continued

425

Appfolio,

Inc.,

Class

A*

$

117,155‌

3,845

AppLovin

Corp.,

Class

A*

2,762,786‌

596

Atlassian

Corp.,

Class

A*

95,181‌

22,808

Aurora

Innovation,

Inc.*

122,935‌

2,360

Autodesk,

Inc.*

749,701‌

2,272

Aware,

Inc.*

5,475‌

5,520

Bentley

Systems,

Inc.,

Class

B

284,170‌

3,366

BILL

Holdings,

Inc.*

178,297‌

1,326

Blackbaud,

Inc.*

85,275‌

987

BlackLine,

Inc.*

52,410‌

4,589

Box,

Inc.,

Class

A*

148,087‌

2,346

Cadence

Design

Systems,

Inc.*

824,056‌

16,691

CCC

Intelligent

Solutions

Holdings,

Inc.*

152,055‌

2,772

Cerence,

Inc.*

34,539‌

1,976

Clear

Secure,

Inc.,

Class

A

65,959‌

606

Commvault

Systems,

Inc.*

114,401‌

491

Consensus

Cloud

Solutions,

Inc.*

14,421‌

1,715

Corpay,

Inc.*

494,023‌

847

Crowdstrike

Holdings,

Inc.,

Class

A*

415,352‌

2,336

Datadog,

Inc.,

Class

A*

332,646‌

4,872

Digital

Turbine,

Inc.*

31,181‌

3,399

Docusign,

Inc.*

245,034‌

1,788

Dolby

Laboratories,

Inc.,

Class

A

129,398‌

4,948

Dropbox,

Inc.,

Class

A*

149,479‌

5,606

Dynatrace,

Inc.*

271,611‌

262

Fair

Isaac

Corp.*

392,091‌

1,378

Five9,

Inc.*

33,348‌

8,011

FORTINET

INC*

673,565‌

3,553

Freshworks,

Inc.,

Class

A*

41,819‌

19,639

Gen

Digital,

Inc.

557,551‌

1,397

Guidewire

Software,

Inc.*

321,114‌

412

HubSpot,

Inc.*

192,734‌

1,101

I3

Verticals,

Inc.,

Class

A*

35,738‌

3,339

Informatica,

Inc.,

Class

A*

82,941‌

729

Intapp,

Inc.*

29,816‌

990

InterDigital,

Inc.

341,778‌

1,778

Intuit,

Inc.

1,214,214‌

3,554

Jamf

Holding

Corp.*

38,028‌

1,894

JFrog,

Ltd.*

89,643‌

1,376

Klaviyo,

Inc.,

Class

A*

38,101‌

1,093

Life360,

Inc.*

116,186‌

2,986

LiveRamp

Holdings,

Inc.*

81,040‌

903

Manhattan

Associates,

Inc.*

185,097‌

2,281

Meridianlink,

Inc.*

45,460‌

73,629

Microsoft

Corp.

38,136,141‌

4,817

N-able,

Inc.*

37,573‌

3,127

nCino,

Inc.*

84,773‌

3,866

NCR

Voyix

Corp.*

48,518‌

6,392

Nutanix,

Inc.,

Class

A*

475,501‌

879

OneSpan,

Inc.

13,967‌

18,956

Oracle

Corp.,

ADR

5,331,185‌

8,088

Palantir

Technologies,

Inc.,

Class

A*

1,475,413‌

3,440

Palo

Alto

Networks,

Inc.*

700,453‌

4,718

Pegasystems,

Inc.

271,285‌

1,464

Progress

Software

Corp.*

64,314‌

1,456

PTC,

Inc.*

295,597‌

877

Q2

Holdings,

Inc.*

63,486‌

1,044

Qualys,

Inc.*

138,152‌

947

RingCentral,

Inc.,

Class

A*

26,838‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

52

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Software,

continued

854

Roper

Technologies,

Inc.

$

425,881‌

6,603

Salesforce,

Inc.

1,564,911‌

1,627

Samsara,

Inc.,

Class

A*

60,606‌

1,200

Sapiens

International

Corp.

NV

51,600‌

4,881

SentinelOne,

Inc.,

Class

A*

85,954‌

1,241

ServiceNow,

Inc.*

1,142,067‌

3,394

Sprinklr,

Inc.,

Class

A*

26,202‌

577

SPS

Commerce,

Inc.*

60,089‌

254

Synchronoss

Technologies,

Inc.*

1,544‌

1,184

Synopsys,

Inc.*

584,174‌

2,249

Teradata

Corp.*

48,376‌

493

Tyler

Technologies,

Inc.*

257,918‌

6,213

UiPath,

Inc.,

Class

A*

83,130‌

10,394

Unity

Software,

Inc.*

416,176‌

1,628

Verint

Systems,

Inc.*

32,967‌

1,088

Vertex,

Inc.,

Class

A*

26,971‌

1,396

Workday,

Inc.,

Class

A*

336,059‌

1,862

Xperi,

Inc.*

12,066‌

3,400

Yext,

Inc.*

28,968‌

3,848

Zoom

Communications,

Inc.*

317,460‌

843

Zscaler,

Inc.*

252,613‌

67,048,393‌

Specialty

Retail

(2.4%):

893

1-800-Flowers.com,

Inc.,

Class

A*^

4,108‌

2,382

Abercrombie

&

Fitch

Co.*

203,780‌

1,965

Academy

Sports

&

Outdoors,

Inc.

98,289‌

1,580

Advance

Auto

Parts,

Inc.

97,012‌

7,243

American

Eagle

Outfitters,

Inc.

123,928‌

200

America's

Car-Mart,

Inc.*

5,842‌

5,080

Arko

Corp.

23,216‌

711

Asbury

Automotive

Group,

Inc.*

173,804‌

1,751

AutoNation,

Inc.*

383,066‌

199

AutoZone,

Inc.*

853,758‌

2,163

Bath

&

Body

Works,

Inc.

55,719‌

1,432

Bed

Bath

&

Beyond,

Inc.*

14,019‌

7,542

Best

Buy

Co.,

Inc.

570,326‌

969

Boot

Barn

Holdings,

Inc.*

160,583‌

2,508

Buckle,

Inc.

(The)

147,119‌

583

Build-A-Bear

Workshop,

Inc.

38,017‌

1,617

Burlington

Stores,

Inc.*

411,527‌

1,672

Camping

World

Holdings,

Inc.,

Class

A

26,401‌

3,865

CarMax,

Inc.*

173,423‌

1,830

Carvana

Co.*

690,349‌

1,987

Cato

Corp.

(The),

Class

A

8,365‌

3,328

Chewy,

Inc.,

Class

A*

134,618‌

566

Citi

Trends,

Inc.*

17,563‌

3,425

Designer

Brands,

Inc.,

Class

A^

12,124‌

3,630

Destination

XL

Group,

Inc.*

4,755‌

2,935

Dick's

Sporting

Goods,

Inc.

652,216‌

896

Five

Below,

Inc.*

138,611‌

1,700

Floor

&

Decor

Holdings,

Inc.,

Class

A*

125,290‌

17,053

Gap,

Inc.

(The)

364,764‌

435

Genesco,

Inc.*

12,611‌

489

Group

1

Automotive,

Inc.

213,942‌

2,846

Guess?,

Inc.^

47,557‌

583

Haverty

Furniture

Cos.,

Inc.

12,785‌

11,175

Home

Depot,

Inc.

(The)

4,527,998‌

1,642

Lands'

End,

Inc.*

23,152‌

399

Leslie's,

Inc.*

2,196‌

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

967

Lithia

Motors,

Inc.

$

305,572‌

4,979

Lowe's

Cos.,

Inc.

1,251,272‌

527

MarineMax,

Inc.*

13,349‌

1,792

Monro,

Inc.

32,202‌

610

Murphy

USA,

Inc.

236,839‌

1,294

National

Vision

Holdings,

Inc.*

37,772‌

1,411

ODP

Corp.

(The)*

39,296‌

7,445

O'Reilly

Automotive,

Inc.*

802,645‌

1,571

Penske

Automotive

Group,

Inc.

273,213‌

11,500

Petco

Health

&

Wellness

Co.,

Inc.*

44,505‌

588

PetMed

Express,

Inc.*

1,476‌

1,458

Revolve

Group,

Inc.*

31,055‌

255

RH*

51,806‌

6,400

Ross

Stores,

Inc.

975,296‌

6,562

Sally

Beauty

Holdings,

Inc.*

106,829‌

1,200

Shoe

Carnival,

Inc.

24,948‌

1,023

Signet

Jewelers,

Ltd.

98,126‌

472

Sleep

Number

Corp.*^

3,313‌

844

Sonic

Automotive,

Inc.,

Class

A

64,220‌

1,606

Sportsman's

Warehouse

Holdings,

Inc.*

4,449‌

4,730

Stitch

Fix,

Inc.,

Class

A*

20,576‌

854

Tilly's,

Inc.,

Class

A*^

1,759‌

11,446

TJX

Cos.,

Inc.

(The)

1,654,405‌

7,680

Tractor

Supply

Co.

436,762‌

1,311

Ulta

Beauty,

Inc.*

716,789‌

2,049

Upbound

Group,

Inc.

48,418‌

3,151

Urban

Outfitters,

Inc.*

225,076‌

3,056

Valvoline,

Inc.*

109,741‌

2,782

Victoria's

Secret

&

Co.*

75,503‌

3,156

Warby

Parker,

Inc.,

Class

A*

87,042‌

2,088

Williams-Sonoma,

Inc.

408,100‌

75

Winmark

Corp.

37,333‌

729

Zumiez,

Inc.*

14,296‌

18,786,816‌

Technology

Hardware,

Storage

&

Peripherals

(5.8%):

164,883

Apple,

Inc.

41,984,158‌

728

AstroNova,

Inc.*

7,455‌

2,960

Corsair

Gaming,

Inc.*

26,403‌

2,509

Dell

Technologies,

Inc.,

Class

C

355,701‌

1,231

Diebold

Nixdorf,

Inc.*

70,204‌

27,294

Hewlett

Packard

Enterprise

Co.

670,341‌

9,409

HP,

Inc.

256,207‌

4,726

NetApp,

Inc.

559,842‌

2,621

Pure

Storage,

Inc.,

Class

A*

219,666‌

2,214

Sandisk

Corp.*

248,411‌

2,606

Seagate

Technology

Holdings

plc

615,172‌

3,380

Stratasys,

Ltd.*

37,856‌

5,876

Western

Digital

Corp.

705,472‌

45,756,888‌

Textiles,

Apparel

&

Luxury

Goods

(0.5%):

2,021

Birkenstock

Holding

plc*

91,450‌

3,285

Capri

Holdings,

Ltd.*

65,437‌

1,121

Columbia

Sportswear

Co.

58,628‌

2,586

Crocs,

Inc.*

216,060‌

810

Culp,

Inc.*

3,613‌

4,367

Deckers

Outdoor

Corp.*

442,683‌

8,476

Figs,

Inc.,

Class

A*

56,705‌

1,494

Fossil

Group,

Inc.*

3,840‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

53

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Textiles,

Apparel

&

Luxury

Goods,

continued

1,294

G-III

Apparel

Group,

Ltd.*

$

34,433‌

16,912

Hanesbrands,

Inc.*

111,450‌

1,895

Kontoor

Brands,

Inc.

151,164‌

2,609

Lululemon

Athletica,

Inc.*

464,220‌

1,088

Movado

Group,

Inc.

20,639‌

7,192

NIKE,

Inc.,

Class

B

501,498‌

469

Oxford

Industries,

Inc.

19,013‌

966

PVH

Corp.

80,922‌

1,228

Ralph

Lauren

Corp.

385,052‌

570

Rocky

Brands,

Inc.

16,980‌

2,673

Steven

Madden,

Ltd.

89,492‌

700

Superior

Group

of

Cos.,

Inc.

7,504‌

9,110

Tapestry,

Inc.

1,031,434‌

6,570

Under

Armour,

Inc.,

Class

A*

32,784‌

10,541

Under

Armour,

Inc.,

Class

C*

50,913‌

1,027

Unifi,

Inc.*

4,889‌

802

Vera

Bradley,

Inc.*

1,612‌

7,133

VF

Corp.

102,929‌

623

Wolverine

World

Wide,

Inc.

17,095‌

4,062,439‌

Tobacco

(0.4%):

14,721

Altria

Group,

Inc.

972,469‌

13,379

Philip

Morris

International,

Inc.

2,170,074‌

400

Turning

Point

Brands,

Inc.

39,544‌

947

Universal

Corp.

52,909‌

3,234,996‌

Trading

Companies

&

Distributors

(0.9%):

4,175

Air

Lease

Corp.

265,739‌

1,135

Applied

Industrial

Technologies,

Inc.

296,292‌

424

BlueLinx

Holdings,

Inc.*

30,986‌

954

Boise

Cascade

Co.

73,763‌

5,061

Core

&

Main,

Inc.,

Class

A*

272,434‌

5,864

Custom

Truck

One

Source,

Inc.*

37,647‌

3,659

DNOW,

Inc.*

55,800‌

644

DXP

Enterprises,

Inc.*

76,681‌

13,160

Fastenal

Co.

645,366‌

4,249

Ferguson

Enterprises,

Inc.

954,240‌

1,862

FTAI

Aviation,

Ltd.

310,693‌

1,356

GATX

Corp.

237,029‌

977

Global

Industrial

Co.

35,827‌

1,628

Herc

Holdings,

Inc.

189,923‌

2,780

Hudson

Technologies,

Inc.*

27,605‌

730

McGrath

RentCorp

85,629‌

2,381

MRC

Global,

Inc.*

34,334‌

1,673

MSC

Industrial

Direct

Co.,

Inc.

154,150‌

1,941

Rush

Enterprises,

Inc.,

Class

A

103,785‌

547

Rush

Enterprises,

Inc.,

Class

B

31,409‌

1,018

SiteOne

Landscape

Supply,

Inc.*

131,118‌

173

Transcat,

Inc.*

12,664‌

1,773

United

Rentals,

Inc.

1,692,612‌

715

W.W.

Grainger,

Inc.

681,366‌

467

Watsco,

Inc.

188,808‌

84

Watsco,

Inc.,

Class

B

33,667‌

1,735

WESCO

International,

Inc.

366,953‌

152

Willis

Lease

Finance

Corp.

20,838‌

7,047,358‌

Shares

Value

Common

Stocks,

continued

Water

Utilities

(0.1%):

830

American

States

Water

Co.

$

60,856‌

2,450

American

Water

Works

Co.,

Inc.

341,015‌

491

Artesian

Resources

Corp.,

Class

A

16,004‌

1,755

California

Water

Service

Group

80,537‌

6,956

Essential

Utilities,

Inc.

277,544‌

626

H2O

America

30,486‌

355

Middlesex

Water

Co.

19,213‌

669

Pure

Cycle

Corp.*

7,406‌

372

York

Water

Co.

(The)

11,316‌

844,377‌

Wireless

Telecommunication

Services

(0.3%):

1,790

Array

Digital

Infrastructure,

Inc.

89,518‌

5,179

Gogo,

Inc.*

44,488‌

1,649

Spok

Holdings,

Inc.

28,445‌

3,580

Telephone

and

Data

Systems,

Inc.

140,479‌

7,098

T-Mobile

US,

Inc.

1,699,119‌

2,002,049‌

Total

Common

Stocks

(Cost

$444,485,423)

792,077,799‌

Rights

(0.0%

†

):

Biotechnology

(0.0%

†

):

3,435

Mirati

Therapeutics,

Inc.

CVR,

Expires

on

1/1/26*

10,222‌

4,602

Poseida

Therapeutics,

Inc.

CVR,

Expires

on

12/31/28*

2,301‌

12,523‌

Health

Care

Equipment

&

Supplies

(0.0%

†

):

278

ABIOMED,

Inc.

CVR,

Expires

on

1/2/26*

4,340‌

Health

Care

Providers

&

Services

(0.0%

†

):

1,262

Albireo

Pharma,

Inc.

CVR,

Expires

on

3/2/26*

8,013‌

6,176

Chinook

Therapeutics

CVR,

Expires

on

1/1/26*

—‌

2,004

Chinook

Therapeutics

CVR,

Expires

on

12/31/49*

762‌

1,306

Concentra

Biosciences

CVR,

Expires

on

9/2/29*

134‌

8,909‌

Household

Products

(0.0%

†

):

11,626

Spectrum

-

Crv

CVR,

Expires

on

1/1/26*

—‌

Industrial

Conglomerates

(0.0%

†

):

158

Communications

Systems

I

CVR,

Expires

on

1/1/29*

19‌

Paper

&

Forest

Products

(0.0%

†

):

7,745

Resolute

Fst

CVR,

Expires

on

1/1/26*

2,062‌

Pharmaceuticals

(0.0%

†

):

1,793

Supernus

Pharmaceuticals

CVR,

Expires

on

12/31/26*

323‌

Total

Rights

(Cost

$23,506)

28,176‌

Unaffiliated

Investment

Companies

(0.4%):

Money

Market

Funds

(0.4%):

1,481,464

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.03%(b)(c)

1,481,464‌

2,023,078

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.98%(c)

2,023,078‌

Total

Unaffiliated

Investment

Companies

(Cost

$3,504,542)

3,504,542‌

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

54

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025

.

Total

Investment

Securities

(Cost

$448,013,471

)

—

100.3%

$

795,610,517‌

Net

other

assets

(liabilities)

—

(0.3)%

(2,515,131‌)

Net

Assets

—

100.0%

$

793,095,386‌

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

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$1,440,630.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2025.

(b)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2025.

(c)

The

rate

represents

the

effective

yield

at

September

30,

2025.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

55

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Asset-

Backed

Securities

(5.6%):

$

1,767,191

Affirm

Asset

Securitization

Trust,

Class

A,

Series

2025-X1,

5.08%,

4/15/30,

Callable

12/15/26

@

100(a)

$

1,771,078

5,044,000

Affirm

Master

Trust,

Class

A,

Series

2025-3A,

4.45%,

10/16/34,

Callable

10/15/28

@

100(a)

5,022,834

1,076,676

ARI

Fleet

Lease

Trust,

Class

A2,

Series

2024-A,

5.30%,

11/15/32,

Callable

10/15/27

@

100(a)

1,082,958

6,894,000

BA

Credit

Card

Trust,

Class

A1,

Series

2023-A1,

4.79%,

5/15/28

6,924,642

627,427

Carmax

Auto

Owner

Trust,

Class

A3,

Series

2023-2,

5.05%,

1/18/28,

Callable

4/15/27

@

100

630,439

2,700,062

Chesapeake

Funding

II

LLC,

Class

A1,

Series

2024-

1A,

5.52%,

5/15/36,

Callable

7/15/27

@

100(a)

2,734,060

1,338,890

Chesapeake

Funding

II

LLC,

Class

A1,

Series

2023-

2A,

6.16%,

10/15/35,

Callable

10/15/26

@

100(a)

1,355,445

1,183,558

College

Ave

Student

Loans

LLC,

Class

A2,

Series

2023-A,

5.33%,

5/25/55,

Callable

4/25/37

@

100(a)

1,195,285

662,632

College

Ave

Student

Loans

LLC,

Class

A2,

Series

2021-C,

2.32%,

7/26/55(a)

617,518

86,463

College

Ave

Student

Loans

LLC,

Class

A1,

Series

2021-A,

5.54%(TSFR1M+121bps),

7/25/51,

Callable

2/25/32

@

100(a)

86,904

688,524

College

Ave

Student

Loans

LLC,

Class

A2,

Series

2021-B,

1.76%,

6/25/52,

Callable

1/25/34

@

100(a)

629,336

2,091,000

Dell

Equipment

Finance

Trust,

Class

A2,

Series

2025-1,

4.68%,

7/22/27(a)

2,100,609

5,359,000

Discover

Card

Execution

Note

Trust,

Class

A,

Series

2023-A1,

4.31%,

3/15/28

5,365,128

250,977

EDvestinU

Private

Education

Loan

Issue

No

3

LLC,

Class

A,

Series

2021-A,

1.80%,

11/25/45(a)

231,568

2,631,458

ELFI

Graduate

Loan

Program

LLC,

Class

A,

Series

2023-A,

6.37%,

2/4/48,

Callable

3/25/34

@

100(a)

2,755,849

450,212

Enterprise

Fleet

Financing

LLC,

Class

A2,

Series

2023-2,

5.56%,

4/22/30,

Callable

2/20/27

@

100(a)

453,071

773,000

Enterprise

Fleet

Financing

LLC,

Class

A3,

Series

2022-3,

4.29%,

7/20/29,

Callable

4/20/26

@

100(a)

773,737

1,543,000

Enterprise

Fleet

Financing

LLC,

Class

A3,

Series

2024-3,

4.98%,

8/21/28,

Callable

4/20/28

@

100(a)

1,566,644

423,000

Enterprise

Fleet

Financing

LLC,

Class

A3,

Series

2024-1,

5.16%,

9/20/30,

Callable

8/20/27

@

100(a)

430,862

4,564,000

Ford

Credit

Auto

Owner

Trust,

Class

A,

Series

2025-

1,

4.86%,

8/15/37,

Callable

2/15/30

@

100(a)(b)

4,683,417

1,938,698

Foundation

Finance

Trust,

Class

A,

Series

2024-1A,

5.50%,

12/15/49,

Callable

6/15/30

@

100(a)

1,981,827

2,420,403

Foundation

Finance

Trust,

Class

A,

Series

2025-1A,

4.95%,

4/15/50,

Callable

8/15/31

@

100(a)

2,451,807

324,394

GoodLeap

Sustainable

Home

Solutions

Trust,

Class

A,

Series

2022-1GS,

2.70%,

1/20/49,

Callable

1/20/40

@

100(a)

291,814

1,270,056

GreatAmerica

Leasing

Receivables

Funding

LLC,

Class

A2,

Series

2024-2,

5.28%,

3/15/27(a)

1,276,122

6,682,000

John

Deere

Owner

Trust,

Class

A3,

Series

2024-A,

4.96%,

11/15/28,

Callable

1/15/28

@

100

6,756,083

2,954,077

John

Deere

Owner

Trust,

Class

A3,

Series

2023-B,

5.18%,

3/15/28,

Callable

3/15/27

@

100

2,975,538

844,000

Lyra

Music

Assets

Delaware,

LP,

Class

A2,

Series

2025-1A,

5.60%,

9/20/65,

Callable

12/20/27

@

100(a)

860,233

Principal

Amount

Value

Asset-Backed

Securities,

continued

$

589,000

M&T

Equipment

Notes,

Class

A2,

Series

2025-1A,

4.70%,

12/16/27(a)

$

593,135

44,370

Mercedes-Benz

Auto

Receivables

Trust,

Class

A3,

Series

2022-1,

5.21%,

8/16/27,

Callable

11/15/26

@

100

44,534

125,670

Mosaic

Solar

Loan

Trust,

Class

A,

Series

2022-2A,

4.38%,

1/21/53,

Callable

4/20/37

@

100(a)

116,541

10,915

Navient

Private

Education

Loan

Trust,

Class

A2A,

Series

2018-BA,

3.61%,

12/15/59,

Callable

1/15/28

@

100(a)

10,875

636,642

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2020-FA,

1.22%,

7/15/69,

Callable

2/15/28

@

100(a)

598,008

3,522,522

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2021-EA,

0.97%,

12/16/69,

Callable

7/15/30

@

100(a)

3,166,750

579,163

Navient

Private

Education

Refi

Loan

Trust,

Class

A1B,

Series

2020-IA,

5.26%(TSFR1M+111bps),

4/15/69,

Callable

4/15/32

@

100(a)

576,131

3,473,999

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2023-A,

5.51%,

10/15/71,

Callable

8/15/33

@

100(a)

3,559,911

1,118,972

Navient

Private

Education

Refi

Loan

Trust,

Class

A2A,

Series

2019-D,

3.01%,

12/15/59,

Callable

9/15/31

@

100(a)

1,089,202

1,200,601

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2021-DA,

5.51%(PRIME-(199)bps),

4/15/60,

Callable

5/15/32

@

100(a)

1,184,266

240,404

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2021-A,

0.84%,

5/15/69,

Callable

1/15/29

@

100(a)

219,772

17,088

Navient

Student

Loan

Trust,

Class

A2,

Series

2018-

EA,

4.00%,

12/15/59,

Callable

11/15/25

@

100(a)

17,050

2,654,000

Navistar

Financial

Dealer

Note

Master

Owner

Trust,

Class

A,

Series

2024-1,

5.59%,

4/25/29(a)

2,673,567

1,537,975

Nelnet

Student

Loan

Trust,

Class

APT2,

Series

2021-A,

1.36%,

4/20/62,

Callable

9/20/29

@

100(a)

1,458,876

2,926,142

Nelnet

Student

Loan

Trust,

Class

AFL,

Series

2021-

BA,

5.03%(TSFR1M+89bps),

4/20/62,

Callable

7/20/29

@

100(a)

2,926,144

2,887,975

Nelnet

Student

Loan

Trust,

Class

A1B,

Series

2025-

AA,

5.47%(SOFR30A+110bps),

3/15/57,

Callable

9/15/36

@

100(a)

2,866,933

2,490,000

Nelnet

Student

Loan

Trust,

Class

A1B,

Series

2025-BA(SOFR30A+135bps),

5/17/55(a)

2,496,559

1,807,223

Nelnet

Student

Loan

Trust,

Class

AFL,

Series

2021-

CA,

4.99%(TSFR1M+85bps),

4/20/62,

Callable

11/20/31

@

100(a)

1,795,507

2,122,000

OneMain

Financial

Issuance

Trust,

Class

A2,

Series

2023-2A,

5.87%(SOFR30A+150bps),

9/15/36,

Callable

9/14/26

@

100(a)

2,143,603

1,726,000

OneMain

Financial

Issuance

Trust,

Class

A,

Series

2023-1A,

5.50%,

6/14/38,

Callable

6/14/28

@

100

1,775,938

189,000

PFS

Financing

Corp.,

Class

A,

Series

2023-A,

5.80%,

3/15/28(a)

190,306

1,388,000

PFS

Financing

Corp.,

Class

A,

Series

2024-D,

5.34%,

4/15/29(a)

1,413,796

3,221,000

PFS

Financing

Corp.,

Class

A,

Series

2023-C,

5.52%,

10/15/28(a)

3,267,944

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

56

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Asset-Backed

Securities,

continued

$

7,235,000

PFS

Financing

Corp.,

Class

A,

Series

2023-B,

5.27%,

5/15/28(a)

$

7,281,559

4,930,000

PFS

Financing

Corp.,

Class

A,

Series

2025-B,

4.85%,

2/15/30(a)

5,007,738

8,497,000

PFS

Financing

Corp.,

Class

A,

Series

2024-B,

4.95%,

2/15/29(a)

8,592,773

809,000

Point

Broadband

Funding

LLC,

Class

A2,

Series

2025-1A,

5.34%,

7/20/55,

Callable

7/20/28

@

100(a)

815,657

160,900

Prodigy

Finance

CM2021-1

DAC,

Class

A,

Series

2021-1A,

5.52%(TSFR1M+136bps),

7/25/51,

Callable

11/25/26

@

100(a)

160,160

2,950,000

Qts

Issuer

ABS

II

LLC,

Class

A2,

Series

2025-1A,

5.04%,

10/5/55,

Callable

10/5/28

@

100(a)

2,939,770

1,874,000

Regional

Management

Issuance

Trust,

Class

A,

Series

2021-2,

1.90%,

8/15/33,

Callable

8/15/26

@

100(a)

1,804,329

671,000

Regional

Management

Issuance

Trust,

Class

A,

Series

2024-2,

5.11%,

12/15/33,

Callable

12/15/26

@

100(a)

676,478

595,000

Regional

Management

Issuance

Trust,

Class

A,

Series

2024-1,

5.83%,

7/15/36,

Callable

6/15/27

@

100(a)

608,779

317,000

SFS

Auto

Receivables

Securitization

Trust,

Class

A3,

Series

2025-1A,

4.75%,

7/22/30,

Callable

12/20/28

@

100(a)

320,700

123,964

SMB

Private

Education

Loan

Trust,

Class

A2B,

Series

2020-A,

5.09%(TSFR1M+94bps),

9/15/37(a)

123,113

1,068,348

SMB

Private

Education

Loan

Trust,

Class

A1B,

Series

2024-A,

5.82%(SOFR30A+145bps),

3/15/56(a)

1,078,628

660,382

SMB

Private

Education

Loan

Trust,

Class

APT1,

Series

2021-C,

1.39%,

1/15/53(a)

606,048

2,066,681

SMB

Private

Education

Loan

Trust,

Class

A2A1,

Series

2021-A,

4.99%(TSFR1M+84bps),

1/15/53(a)

2,046,012

261,227

SMB

Private

Education

Loan

Trust,

Class

B,

Series

2021-A,

2.31%,

1/15/53(a)

255,144

815,935

SMB

Private

Education

Loan

Trust,

Class

A1A,

Series

2020-B,

1.29%,

7/15/53(a)

777,508

43,717

SMB

Private

Education

Loan

Trust,

Class

A2B,

Series

2017-B,

5.01%(TSFR1M+86bps),

10/15/35(a)

43,654

1,895,894

SMB

Private

Education

Loan

Trust,

Class

APT,

Series

2022-A,

2.85%,

11/16/54(a)

1,794,012

3,818,669

SMB

Private

Education

Loan

Trust,

Class

A1B,

Series

2022-D,

6.17%(SOFR30A+180bps),

10/15/58(a)

3,862,538

7,112,720

SMB

Private

Education

Loan

Trust,

Class

A1B,

Series

2023-B,

6.17%(SOFR30A+180bps),

10/16/56(a)

7,257,133

1,610,387

SoFi

Consumer

Loan

Program

Trust,

Class

A,

Series

2025-1,

4.80%,

2/27/34,

Callable

3/25/28

@

100(a)

1,618,774

854,480

SoFi

Personal

Loan

Trust,

Class

A,

Series

2024-1A,

6.06%,

2/12/31,

Callable

9/12/27

@

100(a)

859,829

70,040

SoFi

Professional

Loan

Program

LLC,

Class

A2FX,

Series

2017-F,

2.84%,

1/25/41,

Callable

12/25/25

@

100(a)

69,885

176,732

SoFi

Professional

Loan

Program

LLC,

Class

A2FX,

Series

2019-B,

3.09%,

8/17/48,

Callable

11/15/26

@

100(a)

173,648

Principal

Amount

Value

Asset-Backed

Securities,

continued

$

297,633

SoFi

Professional

Loan

Program

Trust,

Class

AFX,

Series

2020-C,

1.95%,

2/15/46,

Callable

10/15/28

@

100(a)

$

276,366

526,495

SoFi

Professional

Loan

Program

Trust,

Class

A2FX,

Series

2020-A,

2.54%,

5/15/46,

Callable

1/15/28

@

100(a)

509,665

3,067,000

Toyota

Auto

Loan

Extended

Note

Trust,

Class

A,

Series

2023-1A,

4.93%,

6/25/36,

Callable

6/25/28

@

100(a)

3,138,392

1,325,148

UPX

HIL

2025-1

Issuer

Trust,

Class

A,

Series

2025-

1,

5.16%,

1/25/47(a)

1,321,590

1,482,000

Westlake

Automobile

Receivables

Trust,

Class

A3,

Series

2025-P1,

4.58%,

6/15/29,

Callable

3/15/28

@

100(a)

1,493,897

Total

Asset-Backed

Securities

(Cost

$146,260,577)

146,703,935

Collateralized

Mortgage

Obligations

(4.8%):

1,097,464

A&D

Mortgage

Trust,

Class

A1,

Series

2023-NQM5,

7.05%,

11/25/68,

Callable

11/25/26

@

100(a)(b)

1,156,125

2,915,094

A&D

Mortgage

Trust,

Class

A1,

Series

2025-NQM2,

5.79%,

6/25/70,

Callable

5/25/28

@

100(a)(b)

2,908,487

2,200,000

AGL

CLO

28,

Ltd.,

Class

AL2,

Series

2023-28A,

6.03%(TSFR3M+170bps),

1/21/37,

Callable

1/21/26

@

100(a)

2,207,344

4,895,000

Anchorage

Capital

CLO

7,

Ltd.,

Class

AR3,

Series

2015-7A,

5.87%(TSFR3M+156bps),

4/28/37,

Callable

4/28/26

@

100(a)

4,916,514

3,353,449

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2024-1,

5.21%,

8/25/68,

Callable

1/25/27

@

100(a)(b)

3,412,540

1,607,499

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2025-2,

5.64%,

2/25/70,

Callable

2/25/28

@

100(a)(b)

1,621,311

4,142,820

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2024-2,

5.99%,

1/25/69,

Callable

1/25/27

@

100(a)(b)

4,302,238

1,031,244

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2023-6,

6.50%,

12/25/67,

Callable

8/25/26

@

100(a)(b)

1,084,395

981,005

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2023-1,

4.75%,

9/26/67,

Callable

1/25/26

@

100(a)(b)

991,972

640,000

Apidos

CLO

LIII,

Class

A1,

Series

2025-53A,

5.65%(TSFR3M+132bps),

7/20/38,

Callable

7/20/27

@

100(a)

642,653

630,000

Ares

LXVII

CLO,

Ltd.,

Class

A1R,

Series

2022-67A,

5.51%(TSFR3M+119bps),

1/25/38,

Callable

1/25/27

@

100(a)

630,915

1,155,206

Arroyo

Mortgage

Trust,

Class

A1,

Series

2022-2,

4.95%,

7/25/57,

Callable

10/25/25

@

100(a)

1,152,485

1,750,000

Benefit

Street

Partners

CLO,

Ltd.,

Class

A1R,

Series

2015-6BR,

5.51%(TSFR3M+118bps),

4/20/38,

Callable

4/20/27

@

100(a)

1,749,125

2,749,199

BRAVO

Residential

Funding

Trust,

Class

A1,

Series

2025-NQM4,

5.61%,

2/25/65,

Callable

4/25/28

@

100(a)(b)

2,756,244

2,303,328

BRAVO

Residential

Funding

Trust,

Class

A1,

Series

2025-NQM2,

5.68%,

11/25/64,

Callable

2/25/28

@

100(a)(b)

2,304,165

1,864,202

BRAVO

Residential

Funding

Trust,

Class

A1,

Series

2023-NQM6,

6.60%,

9/25/63,

Callable

8/25/26

@

100(a)(b)

1,900,432

2,470,085

Chase

Home

Lending

Mortgage

Trust,

Class

A11,

Series

2025-2,

5.56%(SOFR30A+120bps),

12/25/55,

Callable

7/25/39

@

100(a)

2,421,924

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

57

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

2,694,202

Chase

Home

Lending

Mortgage

Trust,

Class

A11,

Series

2025-8,

5.66%(SOFR30A+130bps),

6/25/56,

Callable

7/25/35

@

100(a)

$

2,704,386

186,805

Chase

Home

Lending

Mortgage

Trust,

Class

A11,

Series

2019-ATR2,

5.17%(TSFR1M+101bps),

7/25/49,

Callable

10/25/33

@

100(a)

181,056

95,932

CIM

Trust,

Class

A1,

Series

2021-R6,

1.43%,

7/25/61,

Callable

9/25/26

@

100(a)(b)

86,957

520,961

CIM

Trust,

Class

A11,

Series

2019-INV3,

5.42%(SOFR30A+106bps),

8/25/49,

Callable

10/25/33

@

100(a)

508,826

525,067

COLT

Mortgage

Loan

Trust,

Class

A1,

Series

2023-

4,

7.16%,

10/25/68,

Callable

10/25/26

@

100(a)(b)

541,025

1,349,970

COLT

Mortgage

Loan

Trust,

Class

A1,

Series

2025-

INV2,

5.60%,

2/25/70,

Callable

2/25/28

@

100(a)(b)

1,342,929

660,807

Cross

Mortgage

Trust,

Class

A1A,

Series

2023-H2,

7.14%,

11/25/68,

Callable

10/25/26

@

100(a)(b)

676,294

2,557,868

Cross

Mortgage

Trust,

Class

A1,

Series

2025-H2,

5.36%,

3/25/70,

Callable

2/25/28

@

100(a)(b)

2,573,769

429,472

CSMC,

Class

A1,

Series

2021-NQM4,

1.10%,

5/25/66,

Callable

10/25/25

@

100(a)(b)

367,538

1,279,325

CSMC,

Class

A1,

Series

2021-NQM8,

1.84%,

10/25/66,

Callable

10/25/25

@

100(a)(b)

1,155,268

619,719

Dryden

37

Senior

Loan

Fund,

Class

AR,

Series

2015-

37A,

5.68%(TSFR3M+136bps),

1/15/31,

Callable

10/15/25

@

100(a)

619,960

2,776,170

EFMT,

Class

A1,

Series

2025-INV2,

5.39%,

5/26/70,

Callable

4/25/28

@

100(a)(b)

2,762,772

3,860,000

Elmwood

CLO

26,

Ltd.,

Class

A1,

Series

2024-1A,

5.83%(TSFR3M+150bps),

4/18/37,

Callable

4/18/26

@

100(a)

3,875,418

371,865

Flagstar

Mortgage

Trust,

Class

A11,

Series

2019-

1INV,

5.22%(TSFR1M+106bps),

10/25/49,

Callable

12/25/31

@

100(a)

363,787

1,120,000

Flatiron

CLO

23

LLC,

Class

AR,

Series

2023-1A,

5.56%(TSFR3M+124bps),

4/17/36,

Callable

7/17/26

@

100(a)

1,120,425

312,185

FS

RIALTO,

Class

A,

Series  2021-FL2,

5.48%(TSFR1M+133bps),

5/16/38,

Callable

10/16/25

@

100(a)

312,215

1,869,390

GCAT

Trust,

Class

A1,

Series

2021-NQM7,

1.92%,

8/25/66,

Callable

10/25/38

@

100(a)(b)

1,695,293

2,590,214

GCAT

Trust,

Class

A1,

Series

2025-INV2,

6.00%,

5/25/55,

Callable

8/25/36

@

100(a)(b)

2,628,257

3,325,000

Golub

Capital

Partners

CLO

81

B,

Ltd.,

Class

A1,

Series

2025-81A,

5.64%(TSFR3M+131bps),

7/20/38,

Callable

7/20/27

@

100(a)

3,336,028

1,500,000

Halseypoint

CLO

7,

Ltd.,

Class

A1R,

Series

2023-

7A,

5.78%(TSFR3M+145bps),

7/20/38,

Callable

7/20/27

@

100(a)

1,507,716

2,478,429

Homes

Trust,

Class

A1,

Series

2025-NQM2,

5.43%,

2/25/70,

Callable

4/25/28

@

100(a)(b)

2,492,892

799,789

Homeward

Opportunities

Fund

Trust,

Class

A1,

Series

2022-1,

5.08%,

7/25/67,

Callable

10/25/25

@

100(a)(b)

790,512

3,245,000

INCREF

LLC,

Class

A,

Series

2025-FL1,

5.86%(TSFR1M+173bps),

10/19/42,

Callable

10/19/27

@

100(a)

3,245,065

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

1,330,000

J.P.

Morgan

Mortgage

Trust,

Class

A12,

Series

2021-14,

5.00%,

5/25/52,

Callable

9/25/39

@

100(a)(b)

$

1,310,465

322,581

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-INV2,

5.17%(TSFR1M+101bps),

2/25/50,

Callable

8/25/29

@

100(a)

316,918

124,049

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-7,

5.17%(TSFR1M+101bps),

2/25/50,

Callable

4/25/33

@

100(a)

120,535

17,833

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2020-LTV1,

5.44%(TSFR1M+111bps),

6/25/50,

Callable

11/25/27

@

100(a)

17,841

289,260

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-INV3,

5.27%(TSFR1M+111bps),

5/25/50,

Callable

12/25/40

@

100(a)

285,588

824,882

J.P.

Morgan

Mortgage

Trust,

Class

A12,

Series

2021-12,

5.00%,

2/25/52,

Callable

3/25/43

@

100(a)(b)

812,766

11,326

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-LTV3,

5.12%(TSFR1M+96bps),

3/25/50,

Callable

12/25/25

@

100(a)

11,324

854,679

J.P.

Morgan

Mortgage

Trust,

Class

A4,

Series

2021-

10,

2.50%,

12/25/51,

Callable

6/25/42

@

100(a)(b)

766,315

1,325,000

JPMorgan

Mortgage

Trust

2025

Vis3,

Class

A1,

Series

2025-VIS3,

5.06%,

2/25/66,

Callable

9/25/28

@

100(a)(b)

1,326,365

881,392

Madison

Park

Funding

XXXV,

Ltd.,

Class

A1R,

Series

2019-35A,

5.58%(TSFR3M+125bps),

4/20/32,

Callable

10/20/25

@

100(a)

882,709

2,326,368

MFA

Trust,

Class

A1,

Series

2023-NQM3,

6.62%,

7/25/68,

Callable

8/25/26

@

100(a)(b)

2,385,754

1,638,663

MFA

Trust,

Class

A1,

Series

2025-NQM2,

5.68%,

5/27/70,

Callable

5/25/28

@

100(a)(b)

1,637,876

1,028,494

MFA

Trust,

Class

A1,

Series

2023-INV2,

6.78%,

10/25/58,

Callable

9/25/26

@

100(a)(b)

1,066,816

5,095,472

MFA

Trust,

Class

A1,

Series

2025-NQM1,

5.44%,

3/25/70,

Callable

2/25/28

@

100(a)(b)

5,062,135

8,351,498

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Class

A1,

Series

2025-NQM3,

5.53%,

5/25/70,

Callable

5/25/28

@

100(a)(b)

8,430,918

1,957,295

OBX

Trust,

Class

A1,

Series

2025-NQM6,

5.60%,

3/25/65,

Callable

3/25/28

@

100(a)(b)

1,976,973

469,721

OBX

Trust,

Class

A1,

Series

2023-NQM9,

7.16%,

10/25/63,

Callable

10/25/26

@

100(a)(b)

488,007

1,222,034

OBX

Trust,

Class

A1,

Series

2025-NQM3,

5.65%,

12/1/64,

Callable

2/25/28

@

100(a)(b)

1,235,584

2,509,410

OBX

Trust,

Class

A1,

Series

2025-NQM4,

5.40%,

2/25/55,

Callable

2/25/28

@

100(a)(b)

2,496,993

1,175,000

OCP

CLO,

Ltd.,

Class

A,

Series

2025-40A,

5.46%(TSFR3M+114bps),

4/16/38,

Callable

4/16/27

@

100(a)

1,174,906

294,261

Octagon

Investment

Partners

XVI,

Ltd.,

Class

A1R,

Series

2013-1A,

5.60%(TSFR3M+128bps),

7/17/30,

Callable

10/17/25

@

100(a)

294,261

1,200,000

Octagon

Investment

Partners

XVII,

Ltd.,

Class

A2R2,

Series

2013-1A,

5.68%(TSFR3M+136bps),

1/25/31,

Callable

10/25/25

@

100(a)

1,200,127

725,000

PARK

BLUE

CLO

III,

Ltd.,

Class

A1R,

Series

2023-

3A,

5.81%(TSFR3M+148bps),

4/20/37,

Callable

4/20/27

@

100(a)

729,402

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

58

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

626,733

PRET

Trust,

Class

A1,

Series

2025-RPL2,

4.00%,

8/25/64,

Callable

3/25/27

@

100(a)(b)

$

606,503

1,751,760

PRKCM

Trust,

Class

A1,

Series

2021-AFC2,

2.07%,

11/25/56,

Callable

10/25/39

@

100(a)(b)

1,549,651

613,052

PRPM

LLC,

Class

A1,

Series

2024-RCF1,

4.00%,

1/25/54,

Callable

1/25/26

@

100(a)(b)

610,379

686,656

PRPM

Trust,

Class

A1,

Series

2024-NQM2,

6.33%,

6/25/69,

Callable

7/25/27

@

100(a)(b)

697,077

1,803,505

PRPM

Trust,

Class

A1,

Series

2025-NQM1,

5.80%,

11/25/69,

Callable

2/25/27

@

100(a)(b)

1,825,071

955,000

Regatta

XVIII

Funding,

Ltd.,

Class

A1R,

Series

2021-

1A,

5.48%(TSFR3M+116bps),

4/15/38,

Callable

4/15/27

@

100(a)

955,454

3,555,000

Santander

Mortgage

Asset

Receivable

Trust

2025

Nqm,

Class

A1,

Series

2025-NQM5,

5.07%,

8/25/65,

Callable

9/25/28

@

100(a)(b)

3,554,822

1,052,964

Seasoned

Credit

Risk

Transfer

Trust,

Class

MA,

Series

2019-2,

3.50%,

8/26/58,

Callable

1/25/53

@

100

1,012,185

378,512

Seasoned

Credit

Risk

Transfer

Trust,

Class

MA,

Series

2018-2,

3.50%,

11/25/57,

Callable

11/25/44

@

100

365,390

462,676

Sequoia

Mortgage

Trust,

Class

A1,

Series

2022-1,

2.50%,

2/25/52,

Callable

3/25/46

@

100(a)(b)

387,651

2,637,299

Sequoia

Mortgage

Trust,

Class

A1A,

Series

2024-HYB1,

4.44%,

11/25/63,

Callable

6/25/31

@

100(a)(b)

2,623,752

662,536

SG

Residential

Mortgage

Trust,

Class

A1,

Series

2022-2,

5.35%,

8/25/62,

Callable

10/25/25

@

100(a)(b)

659,470

604,570

SG

Residential

Mortgage

Trust,

Class

A1,

Series

2021-1,

1.16%,

7/25/61,

Callable

10/25/25

@

100(a)(b)

516,237

3,200,000

TRESTLES

CLO,

Ltd.,

Class

A1RR,

Series

2017-1A,

5.78%(TSFR3M+146bps),

7/25/37,

Callable

7/25/26

@

100(a)

3,208,720

2,589,400

UWM

Mortgage

Trust,

Class

A10,

Series

2021-

INV5,

5.00%,

1/25/52,

Callable

5/25/45

@

100(a)(b)

2,525,474

1,479,200

Verus

Securitization

Trust,

Class

A1,

Series

2022-2,

4.26%,

2/25/67,

Callable

12/25/27

@

100(a)(b)

1,418,997

Total

Collateralized

Mortgage

Obligations

(Cost

$126,987,013)

127,594,668

Collateralized

Mortgage-

Backed

Securities

(4.4%):

2,045,000

1345T,

Class

A,

Series

2025-AOA,

5.75%(TSFR1M+160bps),

6/15/42(a)

2,054,260

995,000

1345T,

Class

B,

Series

2025-AOA,

6.15%(TSFR1M+200bps),

6/15/42(a)

999,952

2,308,000

ALA

Trust,

Class

A,

Series

2025-OANA,

5.89%(TSFR1M+174bps),

6/15/40(a)

2,319,996

1,454,000

ALA

Trust,

Class

B,

Series

2025-OANA,

5.99%(TSFR1M+184bps),

6/15/40(a)

1,463,370

2,810,000

Alen

Mortgage

Trust,

Class

A,

Series

2021-ACEN,

5.42%(TSFR1M+126bps),

4/15/34(a)

2,722,474

2,720,000

BAY

Mortgage

Trust,

Class

A,

Series

2025-LIVN,

5.95%(TSFR1M+180bps),

5/15/35(a)

2,730,184

563,000

BBCMS

Mortgage

Trust,

Class

D,

Series

2025-C35,

4.50%,

7/15/58,

Callable

7/15/35

@

100(a)

425,240

1,405,000

BBCMS

Mortgage

Trust,

Class

A4,

Series

2023-C22,

6.52%,

11/15/56,

Callable

10/15/33

@

100(b)

1,521,531

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

4,229,000

BBCMS

Mortgage

Trust,

Class

A,

Series

2018-TALL,

5.07%(TSFR1M+92bps),

3/15/37(a)

$

3,997,248

3,120,000

Benchmark

Mortgage

Trust,

Class

A5,

Series

2019-

B12,

3.12%,

8/15/52,

Callable

8/15/29

@

100

2,949,568

1,040,000

Benchmark

Mortgage

Trust,

Class

B,

Series

2019-

B15,

3.56%,

12/15/72,

Callable

12/15/29

@

100

906,541

750,000

BFLD

Commercial

Mortgage

Trust,

Class

A,

Series

2024-UNIV,

5.64%(TSFR1M+149bps),

11/15/41(a)

751,771

560,000

BFLD

Commercial

Mortgage

Trust,

Class

B,

Series

2024-UNIV,

5.99%(TSFR1M+184bps),

11/15/41(a)

561,093

2,636,000

BFLD

Mortgage

Trust,

Class

B,

Series

2025-5MW,

5.16%,

10/10/42(a)(b)

2,628,824

2,141,363

BFLD

Mortgage

Trust,

Class

A,

Series

2024-WRHS,

5.64%(TSFR1M+149bps),

8/15/26(a)

2,141,512

1,493,000

BFLD

Trust,

Class

B,

Series

2025-FPM,

5.59%,

10/10/30(a)(b)

1,493,436

1,185,000

BFLD

Trust,

Class

A,

Series

2025-FPM,

5.01%,

10/10/30(a)(b)

1,193,879

1,270,000

BMO

Mortgage

Trust,

Class

A3,

Series

2024-5C8,

5.63%,

12/15/57,

Callable

12/15/29

@

100(b)

1,323,244

1,426,000

BSTN

Commercial

Mortgage

Trust,

Class

A,

Series

2025-1C,

5.55%,

6/15/44(a)(b)

1,463,612

805,000

Bstn

Commercial

Mortgage

Trust

2025

Hub,

Class

A,

Series

2025-HUB,

5.06%,

4/13/41(a)(b)

805,000

2,000,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2020-VIV4,

2.84%,

3/9/44,

Callable

3/9/30

@

100(a)

1,847,565

2,396,660

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-AIRC,

6.29%(TSFR1M+214bps),

8/15/39(a)

2,403,467

2,602,623

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-AIRC,

5.84%(TSFR1M+169bps),

8/15/39(a)

2,607,357

947,436

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-MF,

5.84%(TSFR1M+169bps),

2/15/39(a)

948,659

1,538,485

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-BRBK,

7.03%(TSFR1M+288bps),

10/15/41(a)

1,546,522

1,782,862

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2023-XL3,

5.91%(TSFR1M+176bps),

12/9/40(a)

1,785,062

1,026,407

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL4,

5.59%(TSFR1M+144bps),

2/15/39(a)

1,027,439

1,307,168

BX

Trust,

Class

A,

Series

2024-CNYN,

5.59%(TSFR1M+144bps),

4/15/41(a)

1,309,827

3,049,000

BX

Trust,

Class

A,

Series

2025-LIFE,

6.08%,

6/13/47(a)(b)

3,140,267

2,805,000

BX

Trust,

Class

A,

Series

2024-VLT4,

5.64%(TSFR1M+149bps),

6/15/41(a)

2,806,083

780,000

BX

Trust,

Class

B,

Series

2024-PAT,

7.19%(TSFR1M+304bps),

3/15/41(a)

779,962

1,930,000

BX

Trust,

Class

A,

Series

2024-PAT,

6.24%(TSFR1M+209bps),

3/15/41(a)

1,930,742

1,273,000

BX

Trust,

Class

A,

Series

2025-TAIL,

5.55%(TSFR1M+140bps),

6/15/35(a)

1,270,823

940,000

BX

Trust,

Class

B,

Series

2024-BIO,

6.09%(TSFR1M+194bps),

2/15/41(a)

937,968

1,883,000

BX

Trust,

Class

A,

Series

2023-DELC,

6.84%(TSFR1M+269bps),

5/15/38(a)

1,893,504

585,009

Cantor

Commercial

Real

Estate

Lending,

Class

A4,

Series

2019-CF2,

2.62%,

11/15/52,

Callable

10/15/29

@

100

540,136

1,950,000

CEDR

Commercial

Mortgage

Trust,

Class

A,

Series

2022-SNAI,

5.14%(TSFR1M+99bps),

2/15/39(a)

1,906,357

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

59

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

1,460,000

COAST

Commercial

Mortgage

Trust,

Class

A,

Series

2023-2HTL,

6.74%(TSFR1M+259bps),

8/15/36(a)

$

1,460,028

157,085

COMM

Mortgage

Trust,

Class

A4,

Series

2015-

CR26,

3.63%,

10/10/48,

Callable

8/10/27

@

100

156,833

1,460,000

CONE

Trust,

Class

A,

Series

2024-DFW1,

5.79%(TSFR1M+164bps),

8/15/41(a)

1,460,602

485,000

CSAIL

Commercial

Mortgage

Trust,

Class

B,

Series

2019-C15,

4.48%,

3/15/52,

Callable

2/15/29

@

100

455,902

2,135,000

CSMC,

Class

B,

Series

2021-BHAR,

5.77%(TSFR1M+161bps),

11/15/38(a)

2,115,363

664,000

Dk

Trust

2025

Lxp,

Class

A,

Series

2025-LXP,

5.74%(TSFR1M+159bps),

8/15/37(a)

664,083

5,430,000

ELM

Trust,

Class

A15,

Series

2024-ELM,

5.99%,

6/10/39(a)(b)

5,466,012

5,430,000

ELM

Trust,

Class

A10,

Series

2024-ELM,

5.99%,

6/10/39(a)(b)

5,466,012

1,373,805

GS

Mortgage

Backed

Securities

Trust

2025

Nqm4,

Class

A1,

Series

2025-NQM4,

5.01%,

10/25/65,

Callable

9/25/28

@

100(a)(b)

1,373,268

1,010,000

GS

Mortgage

Securities

Corp.

Trust,

Class

A,

Series

2024-RVR,

5.37%,

8/10/41(a)(b)

1,021,381

1,505,000

GS

Mortgage

Securities

Corp.

Trust,

Class

B,

Series

2023-FUN,

6.94%(TSFR1M+279bps),

3/15/28(a)

1,512,641

1,900,000

Hudson

Yards

Mortgage

Trust,

Class

A,

Series

2025-

SPRL,

5.65%,

1/13/40(a)(b)

1,963,770

2,299,000

INTOWN

Mortgage

Trust,

Class

A,

Series

2025-

STAY,

5.50%(TSFR1M+135bps),

3/15/42(a)

2,298,988

1,160,000

INV

Mortgage

Trust,

Class

A,

Series

2024-IND,

5.89%(TSFR1M+174bps),

11/15/41(a)

1,151,372

270,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

D,

Series

2022-OPO,

3.56%,

1/5/39(a)

(b)

216,635

43,209

J.P.

Morgan

Mortgage

Trust,

Class

A5,

Series

2019-LTV3,

3.49%,

3/25/50,

Callable

12/25/25

@

100(a)(b)

42,943

835,814

J.P.

Morgan

Mortgage

Trust,

Class

A3,

Series

2024-

2,

6.00%,

8/25/54,

Callable

12/25/30

@

100(a)(b)

848,090

329,362

LBA

Trust,

Class

A,

Series

2024-7IND,

5.59%(TSFR1M+144bps),

10/15/41(a)

329,764

13,107

LCM

XVIII

LP,

Class

A1R,

Series

18A,

5.61%(TSFR3M+128bps),

4/20/31,

Callable

10/20/25

@

100(a)

13,108

1,545,000

Manhattan

West

Mortgage

Trust,

Class

A,

Series

2020-1MW,

2.13%,

9/10/39(a)

1,472,763

301,000

MCR

Mortgage

Trust,

Class

A,

Series

2024-HF1,

5.94%(TSFR1M+179bps),

12/15/41(a)

301,378

630,000

MF1,

Class

A,

Series

2021-W10,

5.22%(TSFR1M+107bps),

12/15/34(a)

627,595

1,115,000

MIRA

Trust,

Class

A,

Series

2023-MILE,

6.75%,

6/10/38(a)

1,161,248

1,540,000

Morgan

Stanley

Capital

I

Trust,

Class

A4,

Series

2016-BNK2,

3.05%,

11/15/49,

Callable

11/15/26

@

100

1,510,587

1,755,000

NCMF

Trust,

Class

B,

Series

2025-MFS,

5.69%,

6/10/33(a)(b)

1,771,230

2,876,000

NCMF

Trust,

Class

A,

Series

2025-MFS,

5.05%,

6/10/33(a)(b)

2,883,716

345,000

NY

Commercial

Mortgage

Trust,

Class

A,

Series

2025-299P,

5.85%,

2/10/47(a)(b)

361,963

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

1,881,000

NYC

Commercial

Mortgage

Trust,

Class

A,

Series

2025-3BP,

5.36%(TSFR1M+121bps),

2/15/42(a)

$

1,869,507

1,510,000

One

New

York

Plaza

Trust,

Class

A,

Series

2020-

1NYP,

5.22%(TSFR1M+106bps),

1/15/36(a)

1,453,773

701,000

ONNI

Commerical

Mortgage

Trust,

Class

A,

Series

2024-APT,

5.75%,

7/15/39(a)(b)

717,251

1,117,000

PRM5

Trust,

Class

A,

Series

2025-PRM5,

4.62%,

3/10/33(a)(b)

1,114,148

732,000

SCG

Commercial

Mortgage

Trust,

Class

B,

Series

2025-DLFN,

5.65%(TSFR1M+150bps),

3/15/35(a)

730,219

125,000

SG

Commercial

Mortgage

Securities

Trust,

Class

A4,

Series

2016-C5,

3.06%,

10/10/48,

Callable

7/10/26

@

100

122,487

2,900,000

TCO

Commercial

Mortgage

Trust,

Class

A,

Series

2024-DPM,

5.39%(TSFR1M+124bps),

12/15/39(a)

2,903,682

2,537,000

TEXAS

Commercial

Mortgage

Trust,

Class

A,

Series

2025-TWR,

5.44%(TSFR1M+129bps),

4/15/42(a)

2,529,968

3,060,000

VEGAS

Trust,

Class

A,

Series

2024-TI,

5.52%,

11/10/39(a)

3,106,060

7,955,275

Wells

Fargo

Commercial

Mortgage

Trust,

Class

XA,

Series

2016-LC25,

0.96%,

12/15/59,

Callable

9/15/26

@

100(b)

46,349

316,000

WHARF

Commercial

Mortgage

Trust,

Class

B,

Series

2025-DC,

5.73%,

7/15/40(a)(b)

322,090

Total

Collateralized

Mortgage-

Backed

Securities

(Cost

$116,167,451)

116,157,284

Corporate

Bonds

(25.1%):

Aerospace

&

Defense

(0.3%):

988,000

Boeing

Co.

(The),

7.01%,

5/1/64,

Callable

11/1/63

@

100

1,141,506

1,355,000

L3Harris

Technologies,

Inc.,

4.40%,

6/15/28,

Callable

3/15/28

@

100

1,364,398

147,000

L3Harris

Technologies,

Inc.,

5.60%,

7/31/53,

Callable

1/31/53

@

100

147,159

2,512,000

Northrop

Grumman

Corp.,

4.95%,

3/15/53,

Callable

9/15/52

@

100

2,301,580

1,274,000

Northrop

Grumman

Corp.,

5.20%,

6/1/54,

Callable

12/1/53

@

100

1,205,950

238,000

Textron,

Inc.,

3.00%,

6/1/30,

Callable

3/1/30

@

100

223,593

182,000

Textron,

Inc.,

2.45%,

3/15/31,

Callable

12/15/30

@

100

163,526

6,547,712

Air

Freight

&

Logistics

(0.0%

†

):

266,473

United

Airlines

Pass

Through

Trust,

Series

2019-1,

Class

AA,

4.15%,

8/25/31

258,704

Banks

(4.5%):

6,617,000

Bank

of

America

Corp.,

2.55%

(SOFR),

2/4/28,

Callable

2/4/27

@

100

6,480,524

1,129,000

Bank

of

America

Corp.,

3.42%

(TSFR3M),

12/20/28,

Callable

12/20/27

@

100

1,112,276

5,996,000

Bank

of

America

Corp.,

2.09%

(SOFR),

6/14/29,

Callable

6/14/28

@

100

5,664,865

3,649,000

Bank

of

America

Corp.,

1.92%

(SOFR),

10/24/31,

Callable

10/24/30

@

100,

MTN

3,238,393

991,000

Bank

of

America

Corp.,

2.30%

(SOFR),

7/21/32,

Callable

7/21/31

@

100

879,559

5,770,000

Bank

of

America

Corp.,

2.57%

(SOFR),

10/20/32,

Callable

10/20/31

@

100

5,170,503

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

60

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Banks,

continued

$

708,000

Bank

of

America

Corp.,

2.97%

(SOFR),

2/4/33,

Callable

2/4/32

@

100

$

645,020

1,499,000

Bank

of

America

Corp.,

5.02%

(SOFR),

7/22/33,

Callable

7/22/32

@

100

1,530,831

6,961,000

Citigroup,

Inc.,

4.64%

(SOFR),

5/7/28,

Callable

5/7/27

@

100

7,013,103

1,480,000

Citigroup,

Inc.,

4.79%

(SOFR),

3/4/29,

Callable

3/4/28

@

100

1,498,596

417,000

Citigroup,

Inc.,

5.17%

(SOFR),

2/13/30,

Callable

2/13/29

@

100

427,930

7,036,000

Citigroup,

Inc.,

2.67%

(SOFR),

1/29/31,

Callable

1/29/30

@

100

6,540,870

142,000

Citigroup,

Inc.,

2.57%

(SOFR),

6/3/31,

Callable

6/3/30

@

100

130,647

1,345,000

Citigroup,

Inc.,

4.50%

(SOFR),

9/11/31,

Callable

9/11/30

@

100

1,345,051

2,915,000

Citigroup,

Inc.,

2.52%

(SOFR),

11/3/32,

Callable

11/3/31

@

100

2,583,253

2,750,000

Citigroup,

Inc.,

3.06%

(SOFR),

1/25/33,

Callable

1/25/32

@

100

2,498,779

940,000

Citigroup,

Inc.,

3.79%

(SOFR),

3/17/33,

Callable

3/17/32

@

100

893,272

405,000

Citigroup,

Inc.,

5.17%

(SOFR),

9/11/36,

Callable

9/11/35

@

100

409,099

57,000

FNB

Corp.,

5.72%

(SOFRINDX),

12/11/30,

Callable

12/11/29

@

100

58,127

15,483,000

JP

Morgan

Chase

&

Co.,

4.98%

(SOFR),

7/22/28,

Callable

7/22/27

@

100

15,715,028

5,607,000

JP

Morgan

Chase

&

Co.,

3.88%

(TSFR3M),

7/24/38,

Callable

7/24/37

@

100

5,046,479

9,126,000

JPMorgan

Chase

&

Co.,

4.92%

(SOFR),

1/24/29,

Callable

1/24/28

@

100

9,285,166

1,347,000

JPMorgan

Chase

&

Co.,

2.07%

(SOFR),

6/1/29,

Callable

6/1/28

@

100

1,277,681

154,000

JPMorgan

Chase

&

Co.,

5.58%

(SOFR),

4/22/30,

Callable

4/22/29

@

100

160,795

5,782,000

JPMorgan

Chase

&

Co.,

2.74%

(TSFR3M),

10/15/30,

Callable

10/15/29

@

100

5,456,757

9,753,000

JPMorgan

Chase

&

Co.,

4.60%

(SOFR),

10/22/30,

Callable

10/22/29

@

100

9,863,570

2,650,000

JPMorgan

Chase

&

Co.,

5.29%

(SOFR),

7/22/35,

Callable

7/22/34

@

100

2,733,451

2,870,000

JPMorgan

Chase

Co.,

5.14%

(SOFR),

1/24/31,

Callable

1/24/30

@

100

2,966,613

870,000

JPMorgan

Chase

Co.,

5.58%

(SOFR),

7/23/36,

Callable

7/23/35

@

100

901,640

2,195,000

KeyBank

NA,

5.00%,

1/26/33,

Callable

10/26/32

@

100

2,207,999

8,964,000

Wells

Fargo

&

Co,

5.71%

(SOFR),

4/22/28,

Callable

4/22/27

@

100

9,164,982

1,122,000

Wells

Fargo

&

Co.,

5.24%

(SOFR),

1/24/31,

Callable

1/24/30

@

100

1,161,453

4,048,000

Wells

Fargo

&

Co.,

5.39%

(SOFR),

4/24/34,

Callable

4/24/33

@

100

4,199,011

208,000

Wells

Fargo

&

Co.,

3.90%,

5/1/45

170,915

463,000

Wells

Fargo

&

Co.,

5.01%

(TSFR3M),

4/4/51,

Callable

4/4/50

@

100,

MTN

432,456

118,864,694

Principal

Amount

Value

Corporate

Bonds,

continued

Biotechnology

(0.0%

†

):

$

665,000

Amgen,

Inc.,

3.00%,

1/15/52,

Callable

7/15/51

@

100

$

438,233

897,000

Amgen,

Inc.,

4.40%,

2/22/62,

Callable

8/22/61

@

100

714,014

1,152,247

Broadline

Retail

(0.0%

†

):

86,000

eBay,

Inc.,

6.30%,

11/22/32,

Callable

8/22/32

@

100

94,369

Capital

Markets

(2.7%):

196,000

Goldman

Sachs

Group

Inc

(The),

4.02%

(TSFR3M),

10/31/38,

Callable

10/31/37

@

100

174,809

1,491,000

Goldman

Sachs

Group,

Inc.

(The),

1.95%

(SOFR),

10/21/27,

Callable

10/21/26

@

100

1,453,776

3,426,000

Goldman

Sachs

Group,

Inc.

(The),

3.62%

(SOFR),

3/15/28,

Callable

3/15/27

@

100

3,400,233

3,273,000

Goldman

Sachs

Group,

Inc.

(The),

4.48%

(SOFR),

8/23/28,

Callable

8/23/27

@

100

3,292,343

2,746,000

Goldman

Sachs

Group,

Inc.

(The),

3.81%

(TSFR3M),

4/23/29,

Callable

4/23/28

@

100

2,722,379

6,002,000

Goldman

Sachs

Group,

Inc.

(The),

6.48%

(SOFR),

10/24/29,

Callable

10/24/28

@

100

6,393,480

839,000

Goldman

Sachs

Group,

Inc.

(The),

4.69%

(SOFR),

10/23/30,

Callable

10/23/29

@

100

848,332

4,030,000

Goldman

Sachs

Group,

Inc.

(The),

5.21%

(SOFR),

1/28/31,

Callable

1/28/30

@

100

4,155,321

3,298,000

Goldman

Sachs

Group,

Inc.

(The),

5.22%

(SOFR),

4/23/31,

Callable

4/23/30

@

100

3,408,988

3,248,000

Goldman

Sachs

Group,

Inc.

(The),

2.65%

(SOFR),

10/21/32,

Callable

10/21/31

@

100

2,923,115

3,469,000

Goldman

Sachs

Group,

Inc.

(The),

3.10%

(SOFR),

2/24/33,

Callable

2/24/32

@

100

3,183,886

255,000

Goldman

Sachs

Group,

Inc.

(The),

5.85%

(SOFR),

4/25/35,

Callable

4/25/34

@

100

271,338

469,000

Morgan

Stanley,

1.59%

(SOFR),

5/4/27,

Callable

5/4/26

@

100

461,357

1,073,000

Morgan

Stanley,

2.48%

(SOFR),

1/21/28,

Callable

1/21/27

@

100

1,048,869

3,602,000

Morgan

Stanley,

5.65%

(SOFR),

4/13/28,

Callable

4/13/27

@

100

3,683,092

130,000

Morgan

Stanley,

3.77%

(TSFR3M),

1/24/29,

Callable

1/24/28

@

100

128,689

1,963,000

Morgan

Stanley,

4.99%

(SOFR),

4/12/29,

Callable

4/12/28

@

100

2,001,210

2,642,000

Morgan

Stanley,

5.16%

(SOFR),

4/20/29,

Callable

4/20/28

@

100

2,704,631

6,845,000

Morgan

Stanley,

5.45%

(SOFR),

7/20/29,

Callable

7/20/28

@

100

7,076,162

761,000

Morgan

Stanley,

6.41%

(SOFR),

11/1/29,

Callable

11/1/28

@

100

808,677

925,000

Morgan

Stanley,

5.66%

(SOFR),

4/18/30,

Callable

4/18/29

@

100

966,735

373,000

Morgan

Stanley,

4.65%

(SOFR),

10/18/30,

Callable

10/18/29

@

100

376,359

1,691,000

Morgan

Stanley,

5.23%

(SOFR),

1/15/31,

Callable

1/15/30

@

100

1,747,811

1,612,000

Morgan

Stanley,

2.70%

(SOFR),

1/22/31,

Callable

1/22/30

@

100,

MTN

1,504,786

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

61

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Capital

Markets,

continued

$

6,463,000

Morgan

Stanley,

5.19%

(SOFR),

4/17/31,

Callable

4/17/30

@

100

$

6,673,035

190,000

Morgan

Stanley,

1.79%

(SOFR),

2/13/32,

Callable

2/13/31

@

100,

MTN

165,290

1,135,000

Morgan

Stanley,

2.24%

(SOFR),

7/21/32,

Callable

7/21/31

@

100,

MTN

1,003,002

4,918,000

Morgan

Stanley,

2.51%

(SOFR),

10/20/32,

Callable

10/20/31

@

100,

MTN

4,382,971

548,000

Morgan

Stanley,

2.94%

(SOFR),

1/21/33,

Callable

1/21/32

@

100

497,941

888,000

Morgan

Stanley,

5.25%

(SOFR),

4/21/34,

Callable

4/21/33

@

100

915,638

1,675,000

MSCI,

Inc.,

5.25%,

9/1/35,

Callable

6/1/35

@

100

1,688,881

350,000

Repsol

E

P

Capital

Markets,

4.81%,

9/16/28,

Callable

8/16/28

@

100(a)

351,394

820,000

Repsol

E

P

Capital

Markets

US

LLC,

5.20%,

9/16/30,

Callable

8/16/30

@

100(a)

825,109

1,080,000

Repsol

E

P

Capital

Markets

US

LLC,

5.98%,

9/16/35,

Callable

6/16/35

@

100(a)

1,098,213

72,337,852

Consumer

Finance

(0.6%):

865,000

American

Express

Co.,

4.92%

(SOFR),

7/20/33,

Callable

7/20/32

@

100

878,779

2,069,000

General

Motors

Financial

Co.,

Inc.,

3.10%,

1/12/32,

Callable

10/12/31

@

100

1,856,336

710,000

Synchrony

Financial,

3.95%,

12/1/27,

Callable

9/1/27

@

100

701,985

825,000

Synchrony

Financial,

5.02%

(SOFR),

7/29/29,

Callable

7/29/28

@

100

830,207

4,494,000

Synchrony

Financial,

5.94%

(SOFRINDX),

8/2/30,

Callable

8/2/29

@

100

4,662,628

6,918,000

Synchrony

Financial,

5.45%

(SOFR),

3/6/31,

Callable

3/6/30

@

100

7,030,577

15,960,512

Diversified

Consumer

Services

(0.0%

†

):

145,000

California

Institute

of

Technology,

4.32%,

8/1/45

125,485

360,000

Massachusetts

Institute

of

Technology,

4.68%,

7/1/14^

310,710

436,195

Diversified

REITs

(0.2%):

5,602,000

Store

Capital

LLC,

2.75%,

11/18/30,

Callable

8/18/30

@

100

5,084,129

Diversified

Telecommunication

Services

(0.6%):

2,304,000

AT&T,

Inc.,

5.15%,

11/15/46,

Callable

5/15/46

@

100

2,161,878

9,426,000

AT&T,

Inc.,

3.65%,

9/15/59,

Callable

3/15/59

@

100

6,457,027

706,000

T

Mobile

USA,

Inc.,

4.20%,

10/1/29,

Callable

9/1/29

@

100

704,856

1,424,000

T-Mobile

USA,

Inc.,

2.05%,

2/15/28,

Callable

12/15/27

@

100

1,357,612

988,000

T-Mobile

USA,

Inc.,

2.70%,

3/15/32,

Callable

12/15/31

@

100

885,876

1,902,000

T-Mobile

USA,

Inc.,

3.60%,

11/15/60,

Callable

5/15/60

@

100

1,288,459

2,215,000

Verizon

Communications,

Inc.,

5.25%,

4/2/35,

Callable

1/2/35

@

100

2,242,313

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

Telecommunication

Services,

continued

$

169,000

Verizon

Communications,

Inc.,

5.40%,

7/2/37,

Callable

4/2/37

@

100(a)

$

170,997

15,269,018

Electric

Utilities

(3.4%):

127,000

AEP

Texas,

Inc.,

Series

E,

6.65%,

2/15/33

138,817

282,000

AEP

Texas,

Inc.,

5.40%,

6/1/33,

Callable

3/1/33

@

100

290,356

975,000

AEP

Texas,

Inc.,

5.70%,

5/15/34,

Callable

2/15/34

@

100

1,014,184

1,377,000

AEP

Texas,

Inc.,

3.45%,

5/15/51,

Callable

11/15/50

@

100

962,797

195,000

AEP

Transmission

Co.

LLC,

5.38%,

6/15/35,

Callable

3/15/35

@

100

201,831

675,000

AEP

Transmission

Co.

LLC,

3.15%,

9/15/49,

Callable

3/15/49

@

100

465,818

958,000

AEP

Transmission

Co.

LLC,

Series

N,

2.75%,

8/15/51,

Callable

2/15/51

@

100

607,620

170,000

Alabama

Power

Co.,

Series

B,

3.70%,

12/1/47,

Callable

6/1/47

@

100

132,968

480,000

Alabama

Power

Co.,

3.00%,

3/15/52,

Callable

9/15/51

@

100

316,849

461,000

Baltimore

Gas

and

Electric

Co.,

3.20%,

9/15/49,

Callable

3/15/49

@

100

318,809

203,000

Dominion

Energy

South

Carolina,

Inc.,

6.25%,

10/15/53,

Callable

4/15/53

@

100

223,942

1,724,000

Duke

Energy

Carolinas

LLC,

4.95%,

1/15/33,

Callable

10/15/32

@

100

1,769,281

169,000

Duke

Energy

Carolinas

LLC,

5.25%,

3/15/35,

Callable

12/15/34

@

100

175,032

164,000

Duke

Energy

Carolinas

LLC,

3.95%,

3/15/48,

Callable

9/15/47

@

100

132,590

957,000

Duke

Energy

Carolinas

LLC,

3.20%,

8/15/49,

Callable

2/15/49

@

100

668,245

1,386,000

Duke

Energy

Carolinas

LLC,

3.45%,

4/15/51,

Callable

10/15/50

@

100

1,013,004

527,000

Duke

Energy

Corp.,

3.95%,

8/15/47,

Callable

2/15/47

@

100

415,537

2,118,000

Duke

Energy

Corp.,

3.50%,

6/15/51,

Callable

12/15/50

@

100

1,505,297

2,569,000

Duke

Energy

Corp.,

5.80%,

6/15/54,

Callable

12/15/53

@

100

2,587,805

1,597,000

Duke

Energy

Florida

LLC,

1.75%,

6/15/30,

Callable

3/15/30

@

100

1,426,894

1,076,000

Duke

Energy

Progress

LLC,

2.00%,

8/15/31,

Callable

5/15/31

@

100

945,197

1,069,000

Duke

Energy

Progress

LLC,

5.25%,

3/15/33,

Callable

12/15/32

@

100

1,112,143

1,630,000

Duke

Energy

Progress

LLC,

4.38%,

3/30/44,

Callable

9/30/43

@

100

1,432,586

156,000

Duke

Energy

Progress

LLC,

4.20%,

8/15/45,

Callable

2/15/45

@

100

132,333

1,050,000

Duke

Energy

Progress

LLC,

2.50%,

8/15/50,

Callable

2/15/50

@

100

631,478

465,000

Duke

Energy

Progress

LLC,

5.55%,

3/15/55,

Callable

9/15/54

@

100

466,468

398,000

FirstEnergy

Corp.,

Series

B,

3.90%,

7/15/27,

Callable

4/15/27

@

100

395,117

6,753,000

FirstEnergy

Corp.,

2.65%,

3/1/30,

Callable

12/1/29

@

100

6,274,172

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

62

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

5,241,000

FirstEnergy

Corp.,

Series

C,

3.40%,

3/1/50,

Callable

9/1/49

@

100

$

3,666,310

2,089,000

FirstEnergy

Transmission

LLC,

4.75%,

1/15/33,

Callable

11/15/32

@

100(a)

2,088,720

1,670,000

FirstEnergy

Transmission

LLC,

5.00%,

1/15/35,

Callable

10/15/34

@

100

1,673,113

1,055,000

FirstEnergy

Transmission

LLC,

5.45%,

7/15/44,

Callable

1/15/44

@

100(a)

1,035,427

3,127,000

FirstEnergy

Transmission

LLC,

4.55%,

4/1/49,

Callable

10/1/48

@

100(a)

2,686,262

3,091,000

Florida

Power

&

Light

Co.,

2.88%,

12/4/51,

Callable

6/4/51

@

100

2,011,206

2,806,000

Georgia

Power

Co.,

4.70%,

5/15/32,

Callable

2/15/32

@

100

2,839,641

922,000

Georgia

Power

Co.,

4.95%,

5/17/33,

Callable

11/17/32

@

100

937,585

1,605,000

Georgia

Power

Co.,

5.25%,

3/15/34,

Callable

9/15/33

@

100

1,655,344

538,000

Georgia

Power

Co.,

5.20%,

3/15/35,

Callable

9/15/34

@

100

550,078

563,000

MidAmerican

Energy

Co.,

2.70%,

8/1/52,

Callable

2/1/52

@

100

354,130

609,000

NRG

Energy,

Inc.,

4.45%,

6/15/29,

Callable

3/15/29

@

100(a)

603,571

5,907,000

NRG

Energy,

Inc.,

7.00%,

3/15/33,

Callable

12/15/32

@

100(a)

6,509,514

349,000

Ohio

Power

Co.,

Series

G,

6.60%,

2/15/33

386,502

910,000

Ohio

Power

Co.,

5.00%,

6/1/33,

Callable

3/1/33

@

100

922,081

178,000

Ohio

Power

Co.,

4.15%,

4/1/48,

Callable

10/1/47

@

100

142,493

632,000

Ohio

Power

Co.,

Series

R,

2.90%,

10/1/51,

Callable

4/1/51

@

100

394,994

395,000

Pacific

Gas

&

Electric

Co.,

4.75%,

2/15/44,

Callable

8/15/43

@

100

338,202

854,000

Pacific

Gas

and

Electric

Co.,

6.15%,

1/15/33,

Callable

10/15/32

@

100

900,929

3,560,000

Pacific

Gas

and

Electric

Co.,

6.40%,

6/15/33,

Callable

3/15/33

@

100

3,825,480

140,000

Pacific

Gas

and

Electric

Co.,

5.80%,

5/15/34,

Callable

2/15/34

@

100

144,954

475,000

Pacific

Gas

and

Electric

Co.,

4.50%,

7/1/40,

Callable

1/1/40

@

100

411,355

181,000

Pacific

Gas

and

Electric

Co.,

3.75%,

8/15/42,

Callable

2/15/42

@

100

137,760

2,674,000

Pacific

Gas

and

Electric

Co.,

4.00%,

12/1/46,

Callable

6/1/46

@

100

2,015,581

3,461,000

Pacific

Gas

and

Electric

Co.,

4.95%,

7/1/50,

Callable

1/1/50

@

100

2,984,770

3,367,000

Pacific

Gas

and

Electric

Co.,

3.50%,

8/1/50,

Callable

2/1/50

@

100

2,289,233

220,000

Pacific

Gas

and

Electric

Co.,

5.25%,

3/1/52,

Callable

9/1/51

@

100

195,397

2,513,000

Pacific

Gas

and

Electric

Co.,

6.75%,

1/15/53,

Callable

7/15/52

@

100

2,691,028

1,452,000

Pacific

Gas

and

Electric

Co.,

5.90%,

10/1/54,

Callable

4/1/54

@

100

1,419,536

994,000

Pacific

Gas

And

Electric

Co.,

6.10%,

10/15/55,

Callable

4/15/55

@

100

992,608

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

285,000

PECO

Energy

Co.,

3.05%,

3/15/51,

Callable

9/15/50

@

100

$

189,498

1,439,000

PECO

Energy

Co.,

2.85%,

9/15/51,

Callable

3/15/51

@

100

928,928

2,324,000

Southern

Co.,

4.25%,

7/1/36,

Callable

1/1/36

@

100

2,153,488

1,418,173

Texas

Electric

Market

Stabilization

Funding

N

LLC,

Series

A-1,

4.27%,

8/1/34(a)

1,414,461

500,000

Vistra

Operations

Co.

LLC,

5.05%,

12/30/26(a)

503,434

2,908,000

Vistra

Operations

Co.

LLC,

6.95%,

10/15/33,

Callable

7/15/33

@

100(a)

3,245,316

4,901,000

Vistra

Operations

Co.

LLC,

6.00%,

4/15/34,

Callable

1/15/34

@

100(a)

5,150,250

3,204,000

Vistra

Operations

Co.

LLC,

5.70%,

12/30/34,

Callable

9/30/34

@

100(a)

3,312,837

89,459,186

Energy

Equipment

&

Services

(0.0%

†

):

959,000

Duke

Energy

Ohio,

Inc.,

5.55%,

3/15/54,

Callable

9/15/53

@

100

955,263

Financial

Services

(0.4%):

2,980,000

AT&T

Reign

II

Multi-Property

Lease-Backed

Pass-

Through

Trust,

6.09%,

12/15/44(a)

3,006,372

1,781,000

BP

Capital

Markets

America,

Inc.,

2.77%,

11/10/50,

Callable

5/10/50

@

100

1,114,074

342,000

DAE

Funding

LLC,

3.38%,

3/20/28,

Callable

1/20/28

@

100(a)

330,757

1,082,000

Equinix

Europe

2

Financing

Corp.

LLC,

5.50%,

6/15/34,

Callable

3/15/34

@

100

1,122,112

295,000

Franciscan

Missionaries

of

Our

Lady

Health

System,

Inc.,

Series

B,

3.91%,

7/1/49,

Callable

1/1/49

@

100

224,334

567,000

Glencore

Funding

LLC,

4.88%,

3/12/29,

Callable

12/12/28

@

100(a)

575,641

2,233,000

Glencore

Funding

LLC,

2.50%,

9/1/30,

Callable

6/1/30

@

100(a)

2,035,648

915,000

Northwest

Florida

Timber

Finance

LLC,

4.75%,

3/4/29(a)

882,799

9,291,737

Gas

Utilities

(0.4%):

5,136,000

Cheniere

Corpus

Christi

Holdings

LLC,

5.13%,

6/30/27,

Callable

1/1/27

@

100

5,192,676

5,461,000

Cheniere

Corpus

Christi

Holdings

LLC,

3.70%,

11/15/29,

Callable

5/18/29

@

100

5,311,156

301,000

Piedmont

Natural

Gas

Co.,

Inc.,

3.50%,

6/1/29,

Callable

3/1/29

@

100

293,588

208,000

Piedmont

Natural

Gas

Co.,

Inc.,

2.50%,

3/15/31,

Callable

12/15/30

@

100

187,759

10,985,179

Ground

Transportation

(0.0%

†

):

313,909

Union

Pacific

Railroad

Co.

Pass

Through

Trust,

Series

2014,

3.23%,

5/14/26

311,357

Health

Care

Equipment

&

Supplies

(0.1%):

397,000

Becton

Dickinson

&

Co.,

4.87%,

2/8/29,

Callable

1/8/29

@

100

405,610

2,495,000

Sutter

Health,

Series

2025,

5.54%,

8/15/35,

Callable

2/15/35

@

100

2,611,928

3,017,538

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

63

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services

(0.8%):

$

275,000

AHS

Hospital

Corp.,

Series

2021,

2.78%,

7/1/51,

Callable

1/1/51

@

100

$

173,836

610,000

City

of

Hope,

Series

2013,

5.62%,

11/15/43

602,653

350,000

CommonSpirit

Health,

2.78%,

10/1/30,

Callable

4/1/30

@

100

322,762

130,000

CommonSpirit

Health,

3.82%,

10/1/49,

Callable

4/1/49

@

100

97,217

965,000

Corewell

Health

Obligated

Group,

Series

2019-A,

3.49%,

7/15/49,

Callable

1/15/49

@

100

712,313

2,980,000

CVS

Health

Corp.,

1.75%,

8/21/30,

Callable

5/21/30

@

100

2,616,106

1,240,000

Duke

University

Health

System,

Inc.,

Series

2017,

3.92%,

6/1/47,

Callable

12/1/46

@

100

999,731

542,000

Elevance

Health,

Inc.,

4.10%,

3/1/28,

Callable

12/1/27

@

100

541,712

1,466,000

Elevance

Health,

Inc.,

3.13%,

5/15/50,

Callable

11/15/49

@

100

966,178

236,000

Elevance

Health,

Inc.,

5.13%,

2/15/53,

Callable

8/15/52

@

100

215,454

138,000

Elevance

Health,

Inc.,

5.65%,

6/15/54,

Callable

12/15/53

@

100

135,565

2,462,000

HCA,

Inc.,

5.00%,

3/1/28,

Callable

2/1/28

@

100

2,505,479

518,000

HCA,

Inc.,

5.63%,

9/1/28,

Callable

3/1/28

@

100

532,036

493,000

HCA,

Inc.,

5.88%,

2/1/29,

Callable

8/1/28

@

100

513,092

1,490,000

HCA,

Inc.,

3.50%,

9/1/30,

Callable

3/1/30

@

100

1,419,977

956,000

HCA,

Inc.,

5.45%,

4/1/31,

Callable

2/1/31

@

100

993,832

1,379,000

HCA,

Inc.,

5.50%,

6/1/33,

Callable

3/1/33

@

100

1,427,153

1,050,000

HCA,

Inc.,

5.45%,

9/15/34,

Callable

6/15/34

@

100

1,075,743

1,044,000

HCA,

Inc.,

5.75%,

3/1/35,

Callable

12/1/34

@

100

1,087,365

3,180,000

HCA,

Inc.,

3.50%,

7/15/51,

Callable

1/15/51

@

100

2,176,595

299,000

HCA,

Inc.,

6.20%,

3/1/55,

Callable

9/1/54

@

100

306,742

588,000

HCA,

Inc.,

6.10%,

4/1/64,

Callable

10/1/63

@

100

586,519

197,000

Hoag

Memorial

Hospital

Presbyterian,

3.80%,

7/15/52,

Callable

1/15/52

@

100

151,581

410,000

Mount

Nittany

Medical

Center

Obligated

Group,

Series

2022,

3.80%,

11/15/52

308,841

20,468,482

Hotels,

Restaurants

&

Leisure

(0.1%):

1,644,000

Expedia

Group,

Inc.,

4.63%,

8/1/27,

Callable

5/1/27

@

100

1,653,746

139,000

Expedia

Group,

Inc.,

5.40%,

2/15/35,

Callable

11/15/34

@

100

142,381

1,796,127

Household

Durables

(0.1%):

2,427,000

Dr.

Horton,

Inc.,

5.50%,

10/15/35,

Callable

7/15/35

@

100

2,509,950

Industrial

Conglomerates

(0.1%):

1,700,000

Extra

Space

Storage

LP,

5.40%,

2/1/34,

Callable

11/1/33

@

100

1,746,952

2,055,000

Extra

Space

Storage,

LP,

5.40%,

6/15/35,

Callable

3/15/35

@

100

2,092,401

3,839,353

Insurance

(0.0%

†

):

1,000,000

NextEra

Energy

Capital

Holdings,

Inc.,

4.69%,

9/1/27

1,010,676

Principal

Amount

Value

Corporate

Bonds,

continued

Interactive

Media

&

Services

(0.2%):

$

280,000

Meta

Platforms,

Inc.,

5.60%,

5/15/53,

Callable

11/15/52

@

100

$

283,455

145,000

Meta

Platforms,

Inc.,

5.40%,

8/15/54,

Callable

2/15/54

@

100

142,813

5,684,000

Meta

Platforms,

Inc.,

4.65%,

8/15/62,

Callable

2/15/62

@

100

4,867,022

660,000

Meta

Platforms,

Inc.,

5.55%,

8/15/64,

Callable

2/15/64

@

100

653,396

5,946,686

IT

Services

(0.3%):

1,508,000

Gartner,

Inc.,

4.50%,

7/1/28,

Callable

11/2/25

@

100(a)

1,496,494

6,014,000

Gartner,

Inc.,

3.63%,

6/15/29,

Callable

11/2/25

@

100.91(a)

5,763,950

958,000

Gartner,

Inc.,

3.75%,

10/1/30,

Callable

10/13/25

@

101.88(a)

904,408

8,164,852

Media

(0.6%):

190,000

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital,

6.65%,

2/1/34,

Callable

11/1/33

@

100

202,552

95,000

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital,

3.50%,

3/1/42,

Callable

9/1/41

@

100

68,419

125,000

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital,

5.75%,

4/1/48,

Callable

10/1/47

@

100

112,715

1,134,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.55%,

6/1/34,

Callable

3/1/34

@

100

1,204,975

741,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.80%,

3/1/50,

Callable

9/1/49

@

100

586,189

84,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

3.70%,

4/1/51,

Callable

10/1/50

@

100

55,257

219,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

3.90%,

6/1/52,

Callable

12/1/51

@

100

147,742

188,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.25%,

4/1/53,

Callable

10/1/52

@

100

157,014

933,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.40%,

12/1/61,

Callable

6/1/61

@

100

644,984

4,168,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

3.95%,

6/30/62,

Callable

12/30/61

@

100

2,636,944

2,276,000

Comcast

Corp.,

2.94%,

11/1/56,

Callable

5/1/56

@

100

1,349,800

334,000

Comcast

Corp.,

2.65%,

8/15/62,

Callable

2/15/62

@

100

175,368

736,000

Comcast

Corp.,

2.99%,

11/1/63,

Callable

5/1/63

@

100

420,930

588,000

Paramount

Global,

3.70%,

10/4/26,

Callable

7/4/26

@

100

582,806

345,000

Paramount

Global,

2.90%,

1/15/27,

Callable

10/15/26

@

100

337,861

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

64

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Media,

continued

$

678,000

Paramount

Global,

5.85%,

9/1/43,

Callable

3/1/43

@

100

$

618,874

210,000

Paramount

Global,

5.25%,

4/1/44,

Callable

10/1/43

@

100

172,498

162,000

Paramount

Global,

4.90%,

8/15/44,

Callable

2/15/44

@

100

131,046

234,000

Paramount

Global,

4.60%,

1/15/45,

Callable

7/15/44

@

100

182,946

220,000

Paramount

Global,

4.95%,

5/19/50,

Callable

11/19/49

@

100

174,233

5,165,000

Warnermedia

Holdings,

Inc.,

3.76%,

3/15/27,

Callable

2/15/27

@

100

5,074,612

51,000

Warnermedia

Holdings,

Inc.,

5.14%,

3/15/52,

Callable

9/15/51

@

100

37,995

15,075,760

Metals

&

Mining

(0.0%

†

):

135,000

Berry

Global,

Inc.,

1.65%,

1/15/27,

Callable

12/15/26

@

100

130,781

Multi-Utilities

(0.1%):

445,000

Consumers

Energy

Co.,

5.05%,

5/15/35,

Callable

11/15/34

@

100

452,132

1,298,000

Dominion

Energy,

Inc.,

Series

B,

7.00%

(H15T5Y),

6/1/54,

Callable

3/3/34

@

100

1,406,707

1,858,839

Oil,

Gas

&

Consumable

Fuels

(5.1%):

389,000

Apa

Corp.,

4.25%,

1/15/30,

Callable

10/15/29

@

100

376,854

704,000

Cameron

LNG

LLC,

2.90%,

7/15/31,

Callable

4/15/31

@

100(a)

642,332

2,424,000

Cameron

LNG

LLC,

3.30%,

1/15/35,

Callable

9/15/34

@

100(a)

2,105,625

524,000

Cameron

LNG

LLC,

3.40%,

1/15/38,

Callable

7/15/37

@

100(a)

453,587

6,196,000

Cheniere

Energy

Partners,

LP,

5.95%,

6/30/33,

Callable

12/30/32

@

100

6,548,038

1,614,000

Cheniere

Energy

Partners,

LP,

5.75%,

8/15/34,

Callable

2/15/34

@

100

1,671,496

6,786,000

Cheniere

Energy,

Inc.,

5.65%,

4/15/34,

Callable

10/15/33

@

100

7,000,458

6,138,000

Diamondback

Energy,

Inc.,

3.25%,

12/1/26,

Callable

10/1/26

@

100

6,072,501

13,466,000

Diamondback

Energy,

Inc.,

3.50%,

12/1/29,

Callable

9/1/29

@

100

12,989,923

2,990,000

Diamondback

Energy,

Inc.,

3.13%,

3/24/31,

Callable

12/24/30

@

100

2,776,409

844,000

Diamondback

Energy,

Inc.,

4.25%,

3/15/52,

Callable

9/15/51

@

100

664,509

270,000

Energy

Transfer

LP,

6.40%,

12/1/30,

Callable

10/1/30

@

100

292,033

2,409,000

Energy

Transfer,

LP,

5.95%,

5/15/54,

Callable

11/15/53

@

100

2,320,255

16,815,000

EQT

Corp.,

3.90%,

10/1/27,

Callable

7/1/27

@

100

16,697,463

5,138,000

EQT

Corp.,

5.70%,

4/1/28,

Callable

3/1/28

@

100

5,307,523

3,239,000

EQT

Corp.,

5.00%,

1/15/29,

Callable

7/15/28

@

100

3,279,488

3,175,000

EQT

Corp.,

7.00%,

2/1/30,

Callable

11/1/29

@

100

3,452,832

1,383,000

EQT

Corp.,

3.63%,

5/15/31,

Callable

5/15/30

@

100(a)

1,288,905

3,945,000

EQT

Corp.,

5.75%,

2/1/34,

Callable

11/1/33

@

100

4,117,077

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

699,000

Equities

Corp.,

7.50%,

6/1/27,

Callable

10/13/25

@

101.88

$

711,938

1,523,000

Equities

Corp.,

6.50%,

7/1/27,

Callable

1/1/27

@

100

1,558,041

5,113,000

Equities

Corp.,

4.50%,

1/15/29,

Callable

7/15/28

@

100

5,114,416

6,659,000

Equities

Corp.,

6.38%,

4/1/29,

Callable

4/1/26

@

103.19

6,897,545

3,629,000

Equities

Corp.,

7.50%,

6/1/30,

Callable

12/1/29

@

100

3,983,147

16,708,000

Equities

Corp.,

4.75%,

1/15/31,

Callable

7/15/30

@

100

16,647,601

9,202,000

Expand

Energy

Corp.,

5.70%,

1/15/35,

Callable

10/15/34

@

100

9,418,495

563,000

Hess

Corp.,

5.80%,

4/1/47,

Callable

10/1/46

@

100

584,113

532,000

Pioneer

Natural

Resources

Co.,

1.13%,

1/15/26,

Callable

12/15/25

@

100

527,379

2,028,000

Pioneer

Natural

Resources

Co.,

5.10%,

3/29/26

2,038,071

3,000

Sabine

Pass

Liquefaction

LLC,

4.20%,

3/15/28,

Callable

9/15/27

@

100

2,997

2,532,104

Sabine

Pass

Liquefaction

LLC,

5.90%,

9/15/37,

Callable

3/15/37

@

100

2,650,201

365,000

Targa

Resources

Corp.,

5.20%,

7/1/27,

Callable

6/1/27

@

100

371,117

1,677,000

Targa

Resources

Corp.,

4.20%,

2/1/33,

Callable

11/1/32

@

100

1,590,376

1,466,000

Targa

Resources

Corp.,

4.95%,

4/15/52,

Callable

10/15/51

@

100

1,248,563

1,894,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

5.50%,

3/1/30,

Callable

10/13/25

@

102.75

1,925,408

760,000

Viper

Energy

Partners

LLC,

4.90%,

8/1/30,

Callable

7/1/30

@

100

765,700

725,000

Viper

Energy

Partners

LLC,

5.70%,

8/1/35,

Callable

5/1/35

@

100

735,875

134,828,291

Pharmaceuticals

(0.0%

†

):

163,000

Pfizer,

Inc.,

4.00%,

12/15/36

151,489

152,000

Pfizer,

Inc.,

4.30%,

6/15/43

133,279

752,000

Pfizer,

Inc.,

2.70%,

5/28/50,

Callable

11/28/49

@

100

473,959

758,727

Real

Estate

Management

&

Development

(0.1%):

1,675,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

5.75%,

2/1/27,

Callable

11/1/26

@

100(a)

1,695,830

129,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

3.75%,

2/15/27,

Callable

11/2/25

@

100(a)

127,570

1,823,400

Retail

REITs

(0.9%):

23,189,000

VICI

Properties

LP,

4.75%,

2/15/28,

Callable

1/15/28

@

100

23,377,874

Semiconductors

&

Semiconductor

Equipment

(0.7%):

13,000

Advanced

Micro

Devices,

Inc.,

4.39%,

6/1/52,

Callable

12/1/51

@

100

11,202

2,157,000

Broadcom,

Inc.,

5.05%,

7/12/29,

Callable

6/12/29

@

100

2,217,713

1,337,000

Broadcom,

Inc.,

4.35%,

2/15/30,

Callable

12/15/29

@

100

1,343,321

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

65

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

$

130,000

Broadcom,

Inc.,

4.55%,

2/15/32,

Callable

12/15/31

@

100

$

130,471

5,896,000

Broadcom,

Inc.,

4.30%,

11/15/32,

Callable

8/15/32

@

100

5,810,944

453,000

Broadcom,

Inc.,

3.42%,

4/15/33,

Callable

1/15/33

@

100(a)

417,574

4,370,000

Broadcom,

Inc.,

3.19%,

11/15/36,

Callable

8/15/36

@

100(a)

3,707,801

1,572,000

Broadcom,

Inc.,

4.93%,

5/15/37,

Callable

2/15/37

@

100(a)

1,564,011

1,130,000

Broadcom,

Inc.,

4.90%,

2/15/38,

Callable

11/15/37

@

100

1,126,319

2,708,000

Foundry

JV

Holdco

LLC,

6.40%,

1/25/38,

Callable

10/25/37

@

100(a)

2,924,759

19,254,115

Software

(0.5%):

2,606,000

AppLovin

Corp.,

5.13%,

12/1/29,

Callable

11/1/29

@

100

2,659,790

2,347,000

AppLovin

Corp.,

5.38%,

12/1/31,

Callable

10/1/31

@

100

2,415,591

562,000

AppLovin

Corp.,

5.50%,

12/1/34,

Callable

9/1/34

@

100

578,912

450,000

AppLovin

Corp.,

5.95%,

12/1/54,

Callable

6/1/54

@

100

454,001

987,000

Oracle

Corp.,

4.38%,

5/15/55,

Callable

11/15/54

@

100

768,345

815,000

Oracle

Corp.,

5.95%,

9/26/55,

Callable

3/26/55

@

100

809,566

1,381,000

Oracle

Corp.,

3.85%,

4/1/60,

Callable

10/1/59

@

100

947,957

4,655,000

Oracle

Corp.,

4.10%,

3/25/61,

Callable

9/25/60

@

100

3,342,853

11,977,015

Specialized

REITs

(1.1%):

4,283,000

American

Tower

Corp.,

5.80%,

11/15/28,

Callable

10/15/28

@

100

4,460,993

5,557,000

American

Tower

Corp.,

1.88%,

10/15/30,

Callable

7/15/30

@

100

4,914,594

1,317,000

Crown

Castle,

Inc.,

3.65%,

9/1/27,

Callable

6/1/27

@

100

1,303,430

964,000

Crown

Castle,

Inc.,

5.00%,

1/11/28,

Callable

12/11/27

@

100

977,773

366,000

Crown

Castle,

Inc.,

3.80%,

2/15/28,

Callable

11/15/27

@

100

361,288

598,000

Crown

Castle,

Inc.,

4.80%,

9/1/28,

Callable

8/1/28

@

100

605,952

6,302,000

Equinix,

Inc.,

2.00%,

5/15/28,

Callable

3/15/28

@

100

5,961,698

4,727,000

Equinix,

Inc.,

3.90%,

4/15/32,

Callable

1/15/32

@

100

4,530,659

4,898,000

VICI

Properties,

LP,

4.75%,

4/1/28,

Callable

3/1/28

@

100

4,940,010

1,825,000

VICI

Properties,

LP,

6.13%,

4/1/54,

Callable

10/1/53

@

100

1,840,169

29,896,566

Technology

Hardware,

Storage

&

Peripherals

(0.1%):

2,719,000

Dell

International

LLC/EMC

Corp.,

4.50%,

2/15/31,

Callable

1/15/31

@

100

2,709,524

Principal

Amount

Value

Corporate

Bonds,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

$

494,000

TSMC

Arizona

Corp.,

4.25%,

4/22/32,

Callable

1/22/32

@

100^

$

493,223

3,202,747

Tobacco

(0.9%):

366,000

Altria

Group,

Inc.,

6.20%,

11/1/28,

Callable

10/1/28

@

100

386,551

1,738,000

Altria

Group,

Inc.,

4.80%,

2/14/29,

Callable

11/14/28

@

100

1,764,828

730,000

Altria

Group,

Inc.,

5.25%,

8/6/35,

Callable

5/6/35

@

100

735,534

4,291,000

Altria

Group,

Inc.,

3.70%,

2/4/51,

Callable

8/4/50

@

100

3,081,818

2,758,000

BAT

Capital

Corp.,

3.56%,

8/15/27,

Callable

5/15/27

@

100

2,726,071

3,676,000

BAT

Capital

Corp.,

2.26%,

3/25/28,

Callable

1/25/28

@

100

3,510,392

1,180,000

BAT

Capital

Corp.,

4.63%,

3/22/33,

Callable

1/22/33

@

100

1,166,673

6,216,000

BAT

Capital

Corp.,

4.76%,

9/6/49,

Callable

3/6/49

@

100

5,284,992

6,149,000

BAT

Capital

Corp.,

5.65%,

3/16/52,

Callable

9/16/51

@

100

5,858,245

24,515,104

Wireless

Telecommunication

Services

(0.2%):

369,000

T-Mobile

USA,

Inc.,

3.38%,

4/15/29,

Callable

10/13/25

@

100.84

357,153

1,205,000

T-Mobile

USA,

Inc.,

3.88%,

4/15/30,

Callable

1/15/30

@

100

1,181,532

2,984,000

T-Mobile

USA,

Inc.,

5.80%,

9/15/62,

Callable

3/15/62

@

100

2,990,657

4,529,342

Total

Corporate

Bonds

(Cost

$655,572,583)

664,990,379

Foreign

Bonds

(0.0%

†

):

Capital

Markets

(0.0%

†

):

140,000

Ne

Property

BV,

3.88%,

9/30/33,

Callable

6/30/33

@

100,

MTN

164,118

Sovereign

Bond

(0.0%

†

):

190,000

Romanian

Government

International

Bond,

Registered

Shares,

2.50%,

2/8/30,

MTN

205,833

Total

Foreign

Bonds

(Cost

$336,769)

369,951

Yankee

Debt

Obligations

(1.8%):

Aerospace

&

Defense

(0.0%

†

):

100,000

Embraer

Netherlands

Finance

BV,

5.98%,

2/11/35,

Callable

11/11/34

@

100

105,941

Air

Freight

&

Logistics

(0.0%

†

):

393,000

Mexico

City

Airport

Trust,

5.50%,

10/31/46,

Callable

4/30/46

@

100(a)

341,195

Banks

(0.1%):

200,000

Bank

Gospodarstwa

Krajowego,

6.25%,

10/31/28(a)

211,644

731,000

Bank

Gospodarstwa

Krajowego,

5.75%,

7/9/34(a)

766,953

348,000

Intercorp

Peru,

Ltd.,

3.88%,

8/15/29,

Callable

5/15/29

@

100(a)

336,936

1,315,533

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

66

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Broadline

Retail

(0.0%

†

):

$

228,000

Prosus

NV,

4.19%,

1/19/32,

Callable

10/19/31

@

100(a)

$

217,816

Capital

Markets

(0.1%):

322,000

Gaci

First

Investment

Co.,

5.13%,

2/14/53,

Callable

8/14/52

@

100

292,164

2,110,000

NTT

Finance

Corp.,

5.17%,

7/16/32,

Callable

5/16/32

@

100(a)

2,159,726

910,000

Philippine

Government

International

Bond,

1.65%,

6/10/31

790,373

140,000

Vale

Overseas,

Ltd.,

6.40%,

6/28/54,

Callable

12/28/53

@

100

144,406

3,386,669

Chemicals

(0.1%):

860,000

EQUATE

Petrochemical

Co.

KSC,

4.25%,

11/3/26(a)

858,117

449,000

Kazakhstan

Government

International

Bond,

6.50%,

7/21/45(a)

502,642

486,000

Kuwait

International

Government

Bond,

4.14%,

10/9/30(a)

486,000

200,000

Orbia

Advance

Corp

SAB

de

CV,

6.80%,

5/13/30,

Callable

4/13/30

@

100(a)

208,338

281,632

Oriental

Republic

of

Uruguay,

5.25%,

9/10/60,

Callable

3/10/60

@

100

264,409

761,000

SABIC

Capital

II

BV,

4.50%,

10/10/28(a)

762,270

3,081,776

Diversified

Telecommunication

Services

(0.0%

†

):

344,000

CK

Hutchison

International

23,

Ltd.,

4.75%,

4/21/28,

Callable

3/21/28

@

100(a)

348,826

Electrical

Equipment

(0.0%

†

):

515,000

Sociedad

Quimica

y

Minera

de

Chile

SA,

4.25%,

1/22/50,

Callable

7/22/49

@

100(a)

416,094

Energy

Equipment

&

Services

(0.0%

†

):

200,000

QazaqGaz

NC

JSC,

Registered

Shares,

4.38%,

9/26/27

197,560

Financial

Services

(0.1%):

200,000

Banco

Nacional

de

Panama,

2.50%,

8/11/30,

Callable

5/11/30

@

100(a)

174,750

962,000

Consorcio

Transmantaro

SA,

4.70%,

4/16/34(a)

948,438

200,000

Corp

Financiera

de

Desarrollo

SA,

5.50%,

5/6/30,

Callable

4/6/30

@

100(a)

205,741

402,000

Corp.

Financiera

de

Desarrollo

SA,

5.95%,

4/30/29,

Callable

3/30/29

@

100(a)

419,767

500,000

Latvia

Government

International

Bond,

5.13%,

7/30/34(a)

511,783

316,000

MFB

Magyar

Fejlesztesi

Bank

Zrt,

6.50%,

6/29/28

326,039

219,000

MVM

Energetika

Zrt,

7.50%,

6/9/28,

Callable

3/9/28

@

100

231,980

2,818,498

Food

Products

(0.0%

†

):

897,000

Grupo

Bimbo

SAB

de

CV,

4.00%,

9/6/49(a)

687,816

Health

Care

Providers

&

Services

(0.0%

†

):

724,257

Galaxy

Pipeline

Assets

Bidco,

Ltd.,

2.94%,

9/30/40(a)

610,275

Hotels,

Restaurants

&

Leisure

(0.0%

†

):

655,000

Royal

Caribbean

Cruises,

Ltd.,

5.38%,

1/15/36,

Callable

10/15/35

@

100

656,962

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Independent

Power

and

Renewable

Electricity

Producers

(0.1%):

$

254,026

AES

Panama

Generation

Holdings

SRL,

4.38%,

5/31/30,

Callable

2/28/30

@

100(a)

$

240,055

506,000

Colbun

SA,

3.15%,

1/19/32,

Callable

10/19/31

@

100(a)

461,225

340,000

Kallpa

Generacion

SA,

5.88%,

1/30/32,

Callable

11/30/31

@

100(a)

356,215

1,057,495

Insurance

(0.0%

†

):

306,000

Minejesa

Capital

BV,

5.63%,

8/10/37(a)

303,481

Metals

&

Mining

(0.5%):

923,000

Anglo

American

Capital

plc,

5.50%,

5/2/33,

Callable

2/2/33

@

100(a)

953,920

5,765,000

Anglo

American

Capital

PLC,

2.88%,

3/17/31,

Callable

12/17/30

@

100(a)

5,280,798

1,006,000

Anglo

American

Capital

PLC,

4.75%,

3/16/52,

Callable

9/16/51

@

100(a)

872,773

535,000

Anglo

American

Capital

PLC,

6.00%,

4/5/54,

Callable

10/5/53

@

100(a)

546,280

725,000

Antofagasta

PLC,

2.38%,

10/14/30,

Callable

7/14/30

@

100(a)

652,206

269,000

Antofagasta

PLC,

6.25%,

5/2/34,

Callable

2/2/34

@

100(a)

287,770

239,000

Corp

Nacional

del

Cobre

de

Chile,

Registered

Shares,

6.44%,

1/26/36,

Callable

10/26/35

@

100

257,800

1,058,000

Corp.

Nacional

del

Cobre

de

Chile,

Registered

Shares,

3.63%,

8/1/27,

Callable

5/1/27

@

100

1,045,135

625,000

Freeport

Indonesia

PT,

Registered

Shares,

4.76%,

4/14/27,

Callable

3/14/27

@

100

625,871

213,000

Freeport

Indonesia

PT,

5.32%,

4/14/32,

Callable

1/1/32

@

100(a)

214,863

966,000

Gerdau

Trade,

Inc.,

5.75%,

6/9/35,

Callable

3/9/35

@

100

999,810

329,000

Ma'aden

Sukuk,

Ltd.,

5.25%,

2/13/30,

Callable

1/13/30

@

100(a)

340,619

265,000

Ma'aden

Sukuk,

Ltd.,

5.50%,

2/13/35,

Callable

11/13/34

@

100(a)

277,641

319,000

Nexa

Resources

SA,

6.75%,

4/9/34,

Callable

1/9/34

@

100^(a)

338,804

12,694,290

Oil,

Gas

&

Consumable

Fuels

(0.2%):

272,000

Abu

Dhabi

Developmental

Holding

Co.

PJSC,

5.38%,

5/8/29,

Callable

4/8/29

@

100(a)

282,543

915,000

EIG

Pearl

Holdings

Sarl,

4.39%,

11/30/46(a)

756,019

470,000

Pertamina

Persero

PT,

3.10%,

1/21/30,

Callable

10/21/29

@

100(a)

444,150

204,000

Pertamina

Persero

PT,

6.45%,

5/30/44(a)

218,175

150,000

Pluspetrol

Camisea

SA/Pluspetrol

Lote

56

SA,

6.24%,

7/3/36,

Callable

4/3/36

@

100(a)

160,304

495,000

QatarEnergy,

2.25%,

7/12/31,

Callable

4/12/31

@

100(a)

444,155

623,000

Saudi

Arabian

Oil

Co.,

3.25%,

11/24/50,

Callable

5/24/50

@

100(a)

425,172

383,000

Saudi

Arabian

Oil

Co.,

5.88%,

7/17/64,

Callable

1/17/64

@

100(a)

375,385

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

67

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

604,000

Saudi

Arabian

Oil

Co.,

3.50%,

11/24/70,

Callable

5/24/70

@

100(a)

$

390,847

3,496,750

Paper

&

Forest

Products

(0.0%

†

):

381,000

Suzano

Austria

GmbH,

3.75%,

1/15/31,

Callable

10/15/30

@

100

360,496

Semiconductors

&

Semiconductor

Equipment

(0.0%

†

):

200,000

SK

Hynix,

Inc.,

Registered

Shares,

6.50%,

1/17/33

220,339

Sovereign

Bond

(0.5%):

434,000

Abu

Dhabi

Government

International

Bond,

3.88%,

4/16/50(a)

351,022

825,733

Chile

Government

International

Bond,

4.95%,

1/5/36,

Callable

10/5/35

@

100

828,994

425,000

Hungary

Government

International

Bond,

5.25%,

6/16/29(a)

433,919

200,000

Hungary

Government

International

Bond,

Registered

Shares,

5.50%,

6/16/34

202,854

280,000

Hungary

Government

International

Bond,

Series

30Y,

7.63%,

3/29/41

330,461

236,000

Indonesia

Government

International

Bond,

7.75%,

1/17/38(a)

289,893

200,000

Mexico

Government

International

Bond,

3.75%,

1/11/28

197,792

559,000

Mexico

Government

International

Bond,

4.75%,

4/27/32,

Callable

1/27/32

@

100

546,685

250,000

Mexico

Government

International

Bond,

5.38%,

3/22/33,

Callable

1/22/33

@

100

249,989

200,000

Mexico

Government

International

Bond,

6.34%,

5/4/53,

Callable

11/4/52

@

100

194,582

322,000

Mexico

Government

International

Bond,

5.75%,

10/12/10

276,211

502,000

Peruvian

Government

International

Bond,

2.78%,

1/23/31,

Callable

10/23/30

@

100

463,033

232,000

Peruvian

Government

International

Bond,

1.86%,

12/1/32,

Callable

9/1/32

@

100

191,672

135,000

Peruvian

Government

International

Bond,

3.00%,

1/15/34,

Callable

10/15/33

@

100

117,123

3,600,000

Province

of

British

Columbia

Canada,

4.75%,

6/12/34

3,659,328

200,000

Qatar

Government

International

Bond,

3.75%,

4/16/30(a)

198,274

200,000

Qatar

Government

International

Bond,

Registered

Shares,

5.10%,

4/23/48

197,426

481,000

Republic

of

Poland

Government

International

Bond,

Series

30Y,

5.50%,

4/4/53,

Callable

10/4/52

@

100

462,063

324,000

Romanian

Government

International

Bond,

5.25%,

11/25/27(a)

326,783

150,000

Romanian

Government

International

Bond,

Registered

Shares,

6.63%,

2/17/28

155,838

314,000

Romanian

Government

International

Bond,

Registered

Shares,

5.88%,

1/30/29

321,877

430,000

Romanian

Government

International

Bond,

3.63%,

3/27/32(a)

381,360

130,000

Romanian

Government

International

Bond,

7.13%,

1/17/33(a)

138,556

212,000

Saudi

Government

International

Bond,

2.75%,

2/3/32(a)

192,744

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Sovereign

Bond,

continued

$

200,000

Saudi

Government

International

Bond,

5.00%,

4/17/49(a)

$

182,601

200,000

Saudi

Government

International

Bond,

Registered

Shares,

3.25%,

11/17/51,

MTN

133,378

678,000

Saudi

Government

International

Bond,

3.75%,

1/21/55(a)

485,299

683,214

Uruguay

Government

International

Bond,

5.75%,

10/28/34,

Callable

7/28/34

@

100

732,614

12,242,371

Technology

Hardware,

Storage

&

Peripherals

(0.0%

†

):

617,000

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.,

4.30%,

6/18/29,

Callable

3/18/29

@

100

615,632

Transportation

Infrastructure

(0.0%

†

):

577,000

Empresa

de

Transporte

de

Pasajeros

Metro

SA,

4.70%,

5/7/50,

Callable

11/7/49

@

100(a)

500,656

Wireless

Telecommunication

Services

(0.1%):

280,000

Bharti

Airtel,

Ltd.,

3.25%,

6/3/31,

Callable

3/5/31

@

100(a)

263,068

285,000

Empresa

Nacional

del

Petroleo,

6.15%,

5/10/33,

Callable

2/10/33

@

100(a)

301,347

200,000

Empresa

Nacional

del

Petroleo,

5.95%,

7/30/34,

Callable

4/30/34

@

100(a)

209,937

774,352

Total

Yankee

Debt

Obligations

(Cost

$45,951,931)

46,450,823

Municipal

Bonds

(0.5%):

Arizona

(0.1%):

1,045,000

Maricopa

County

Industrial

Development

Authority

Revenue,

7.38%,

10/1/29,

Continuously

Callable

@

100

1,097,777

California

(0.1%):

905,000

California

State

University

Revenue,

Series

B,

2.72%,

11/1/52

593,347

435,000

State

of

California,

GO,

7.50%,

4/1/34

510,282

440,000

University

of

California

Revenue,

Series

BF,

2.65%,

5/15/50,

Continuously

Callable

@

100

286,561

347,000

University

of

California

Revenue,

Series

AQ,

4.77%,

5/15/15

288,675

50,000

University

of

California

Revenue,

Series

AD,

4.86%,

5/15/12

42,535

1,721,400

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

2,981,048

Massachusetts

(0.1%):

2,035,000

Massachusetts

Educational

Financing

Authority

Revenue,

Series

A,

6.35%,

7/1/49,

Continuously

Callable

@

100

2,082,288

Michigan

(0.0%

†

):

801,000

University

of

Michigan

Revenue,

Series

B,

3.50%,

4/1/52,

Continuously

Callable

@

100

595,125

Minnesota

(0.0%

†

):

406,000

University

of

Minnesota

Revenue,

4.05%,

4/1/52

332,921

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

68

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Municipal

Bonds,

continued

New

Jersey

(0.0%

†

):

$

575,000

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

B,

6.56%,

12/15/40

$

639,831

New

York

(0.1%):

1,420,000

New

York

State

Dormitory

Authority

Revenue,

Series

C,

Class

C,

2.15%,

3/15/31

1,278,718

1,045,000

New

York

State

Dormitory

Authority

Revenue,

Series

C,

2.05%,

3/15/30

965,772

165,000

United

Nations

Development

Corp.

Revenue,

Series

A,

6.01%,

8/1/40,

Continuously

Callable

@

100

175,124

2,419,614

Oklahoma

(0.0%

†

):

255,000

Oklahoma

Development

Finance

Authority

Revenue,

Series

A2,

4.62%,

6/1/44

249,569

Texas

(0.0%

†

):

430,000

State

of

Texas,

GO,

Series

B,

2.75%,

10/1/41,

Continuously

Callable

@

100

325,384

Total

Municipal

Bonds

(Cost

$13,262,119)

12,444,957

U.S.

Government

Agency

Mortgages

(33.7%):

Government

National

Mortgage

Association

(6.3%):

4,835

4.50%,

9/15/33,

Pool

#615516

4,808

19,044

5.00%,

12/15/33,

Pool

#783571

19,383

7,393

6.50%,

8/20/38,

Pool

#4223

7,706

2,651

6.50%,

10/15/38,

Pool

#673213

2,842

4,056

6.50%,

11/20/38,

Pool

#4292

4,229

8,005

6.50%,

12/15/38,

Pool

#782510

8,313

73,734

5.00%,

1/15/39,

Pool

#782557

74,899

37,262

5.00%,

4/15/39,

Pool

#711939

38,414

50,651

5.00%,

4/15/39,

Pool

#782619

51,614

4,771

4.00%,

4/20/39,

Pool

#4422

4,615

4,944

5.00%,

6/15/39,

Pool

#782696

5,038

17,232

4.00%,

7/20/39,

Pool

#4494

16,666

29,392

5.00%,

10/20/39,

Pool

#4559

30,301

3,309

4.50%,

12/20/39,

Pool

#4598

3,340

8,721

4.50%,

1/15/40,

Pool

#728627

8,796

4,022

4.50%,

1/20/40,

Pool

#4617

4,059

3,307

4.50%,

2/20/40,

Pool

#4636

3,336

25,684

5.00%,

5/15/40,

Pool

#782958

26,351

211

4.50%,

5/20/40,

Pool

#4696

213

15,162

5.00%,

6/15/40,

Pool

#697862

15,584

20,318

4.50%,

7/15/40,

Pool

#745793

19,880

159,286

4.50%,

7/15/40,

Pool

#733795

160,645

8,253

4.50%,

7/20/40,

Pool

#4746

8,323

15,072

4.50%,

8/20/40,

Pool

#4771

15,201

9,304

4.50%,

9/20/40,

Pool

#748948

9,282

4,507

4.00%,

9/20/40,

Pool

#4800

4,396

33,718

4.50%,

10/15/40,

Pool

#783609

34,432

118,174

4.00%,

10/20/40,

Pool

#4833

115,285

15,208

4.50%,

10/20/40,

Pool

#4834

15,338

221,812

4.00%,

11/20/40,

Pool

#4853

216,390

109,586

4.00%,

12/20/40,

Pool

#4882

106,907

63,871

4.00%,

1/15/41,

Pool

#759138

61,285

98,191

4.00%,

1/20/41,

Pool

#4922

95,790

10,427

4.50%,

2/15/41,

Pool

#738019

10,312

1,666

4.00%,

2/20/41,

Pool

#4945

1,609

462,385

4.00%,

2/20/41,

Pool

#742887

446,884

34,686

4.00%,

3/15/41,

Pool

#762838

33,282

2,430

5.00%,

4/20/41,

Pool

#5018

2,441

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

39,305

4.50%,

6/20/41,

Pool

#783590

$

39,657

5,329

5.00%,

6/20/41,

Pool

#5083

5,352

27,229

4.50%,

7/20/41,

Pool

#783584

27,473

91,767

4.50%,

7/20/41,

Pool

#5115

91,513

2,892

5.00%,

7/20/41,

Pool

#5116

2,904

61,057

4.00%,

7/20/41,

Pool

#742895

59,521

28,476

4.50%,

11/15/41,

Pool

#783610

29,059

76,743

3.50%,

1/15/42,

Pool

#553461

72,351

111,127

4.00%,

4/20/42,

Pool

#MA0023

107,410

47,111

5.00%,

7/20/42,

Pool

#MA0223

47,741

111,331

3.50%,

4/15/43,

Pool

#AD2334

104,110

212,215

3.50%,

4/20/43,

Pool

#MA0934

199,097

120,204

3.50%,

5/20/43,

Pool

#MA1012

112,776

10,588

4.00%,

7/20/43,

Pool

#MA1158

10,234

410,026

4.50%,

6/20/44,

Pool

#MA1997

400,565

12,245

4.00%,

8/20/44,

Pool

#AI4167

11,757

6,912

4.00%,

8/20/44,

Pool

#AJ2723

6,636

331,486

4.00%,

8/20/44,

Pool

#MA2149

321,935

8,321

4.00%,

8/20/44,

Pool

#AJ4687

7,990

186,938

5.00%,

12/20/44,

Pool

#MA2448

187,724

16,075

3.00%,

12/20/44,

Pool

#MA2444

14,494

191,255

3.00%,

2/15/45,

Pool

#784439

174,355

847,311

3.50%,

5/20/45,

Pool

#MA2826

788,671

113,136

5.00%,

12/20/45,

Pool

#MA3313

113,612

4,285,943

3.50%,

3/20/46,

Pool

#MA3521

3,978,867

818,368

3.50%,

5/20/46,

Pool

#MA3663

759,733

275,657

3.50%,

7/20/46,

Pool

#MA3803

254,517

1,116,320

3.50%,

9/20/46,

Pool

#MA3937

1,031,757

5,852

4.00%,

10/20/46,

Pool

#AQ0542

5,640

48,357

3.50%,

10/20/46,

Pool

#AX4341

45,607

61,343

3.50%,

10/20/46,

Pool

#AX4342

57,725

47,371

3.50%,

10/20/46,

Pool

#AX4343

44,147

121,251

3.50%,

10/20/46,

Pool

#AX4344

113,912

73,863

3.50%,

10/20/46,

Pool

#AX4345

69,228

68,459

4.50%,

3/15/47,

Pool

#AZ8560

66,477

88,731

4.50%,

4/15/47,

Pool

#AZ8596

87,442

53,929

4.50%,

4/15/47,

Pool

#AZ8597

52,365

54,551

4.50%,

5/15/47,

Pool

#BA7888

53,759

1,047,642

4.00%,

6/20/47,

Pool

#MA4511

1,007,420

9,750

4.00%,

9/15/47,

Pool

#BC5919

9,359

12,433

4.00%,

10/15/47,

Pool

#BD3187

11,943

14,962

4.00%,

10/15/47,

Pool

#BE1031

14,062

13,528

4.00%,

11/15/47,

Pool

#BE1030

13,028

817,994

4.00%,

11/20/47,

Pool

#MA4838

786,601

14,091

4.00%,

12/15/47,

Pool

#BE4664

13,243

404,493

4.00%,

12/20/47,

Pool

#MA4901

386,464

19,881

4.00%,

1/15/48,

Pool

#BE0143

18,685

13,096

4.00%,

1/15/48,

Pool

#BE0204

12,575

173,041

4.50%,

9/20/48,

Pool

#BD0560

169,582

326,806

4.50%,

3/20/49,

Pool

#MA5818

323,746

14,056

4.50%,

4/20/49,

Pool

#MA5877

13,925

145,994

4.50%,

5/20/49,

Pool

#MA5932

144,629

472,996

3.00%,

4/20/50,

Pool

#MA6599

423,865

272,104

4.50%,

4/20/50,

Pool

#MA6602

266,615

60,930

3.00%,

5/20/50,

Pool

#MA6656

54,553

211,342

4.00%,

5/20/50,

Pool

#MA6658

201,200

1,443,415

Class

LP

,

Series

2020-127,

1.50%,

6/20/50

1,213,112

4,777,471

2.00%,

8/20/50,

Pool

#MA6818

3,954,469

1,076,342

3.00%,

10/20/50,

Pool

#MA6932

969,051

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

69

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

841,402

2.00%,

11/20/50,

Pool

#MA6994

$

695,945

14,974,591

2.00%,

12/20/50,

Pool

#MA7051

12,402,014

10,408,325

2.00%,

1/20/51,

Pool

#MA7135

8,615,570

985,781

3.00%,

1/20/51,

Pool

#MA7137

883,425

1,581,470

2.00%,

2/20/51,

Pool

#MA7192

1,308,061

4,649,628

2.50%,

4/20/51,

Pool

#MA7312

4,007,842

5,224,574

3.00%,

6/20/51,

Pool

#MA7419

4,670,838

6,775,248

3.00%,

8/20/51,

Pool

#MA7535

6,052,918

2,430,542

2.50%,

10/20/51,

Pool

#MA7649

2,093,252

1,662,468

2.50%,

12/20/51,

Pool

#MA7767

1,432,634

1,681,691

3.00%,

12/20/51,

Pool

#MA7768

1,503,525

70,977

3.00%,

1/20/52,

Pool

#MA7828

63,457

7,154,907

3.50%,

5/20/52,

Pool

#MA8044

6,582,290

3,901,014

2.50%,

5/20/52,

Pool

#MA8042

3,359,645

15,344,700

2.50%,

6/20/52,

Pool

#MA8097

13,224,632

4,401,728

2.50%,

7/20/52,

Pool

#MA8147

3,793,521

185,469

2.50%,

8/20/52,

Pool

#MA8197

159,846

4,125,370

4.00%,

12/20/52,

Pool

#MA8488

3,887,275

1,030,897

2.50%,

12/20/52,

Pool

#MA8485

888,507

3,283,994

2.50%,

1/20/53,

Pool

#MA8564

2,830,442

183,021

6.00%,

4/20/53,

Pool

#CT7444

188,372

10,241,000

4.50%,

10/20/55,

TBA

9,928,969

11,996,000

6.00%,

10/20/55,

TBA

12,200,307

2,481,000

4.00%,

10/20/55,

TBA

2,332,140

2,953,000

3.00%,

10/20/55,

TBA

2,635,899

214,000

3.50%,

10/20/55,

TBA

195,016

19,037,000

5.50%,

10/20/55,

TBA

19,179,777

15,397,000

5.00%,

10/20/55,

TBA

15,315,805

5,431,000

6.50%,

11/20/55,

TBA

5,575,261

167,261,614

Federal

National

Mortgage

Association

(13.4%):

10,719

2.50%,

9/1/27,

Pool

#AP5205

10,576

15,223

2.50%,

9/1/27,

Pool

#AB6194

15,027

5,410

2.50%,

2/1/28,

Pool

#AB8446

5,346

10,704

2.50%,

4/1/28,

Pool

#AB8870

10,521

8,258

3.00%,

4/1/28,

Pool

#AT3121

8,190

9,950

3.00%,

5/1/28,

Pool

#AT6033

9,868

35,826

2.50%,

8/1/28,

Pool

#AS0190

35,144

24,167

3.00%,

10/1/28,

Pool

#AU8774

23,950

47,055

3.50%,

10/1/28,

Pool

#AV0198

46,730

1,959

3.00%,

10/1/28,

Pool

#AQ4132

1,937

90,139

3.50%,

11/1/28,

Pool

#AV1360

89,498

2,904

3.00%,

11/1/28,

Pool

#AV0298

2,869

63,668

3.00%,

4/1/29,

Pool

#AW0937

62,500

63,049

3.00%,

5/1/29,

Pool

#AW2544

62,411

94,742

3.00%,

6/1/29,

Pool

#AS2676

92,967

120,566

3.00%,

7/1/29,

Pool

#AW4229

119,306

23,507

3.00%,

7/1/29,

Pool

#AW1281

23,261

159,748

3.00%,

9/1/29,

Pool

#AL6897

158,229

60,409

3.00%,

9/1/29,

Pool

#AS3220

59,219

19,590

3.50%,

9/1/29,

Pool

#AX0105

19,454

7,764

3.50%,

10/1/29,

Pool

#AX2741

7,705

33,165

3.00%,

10/1/29,

Pool

#AS3594

32,806

133,809

3.00%,

1/1/30,

Pool

#AL6144

131,039

4,735

2.50%,

2/1/30,

Pool

#AS4485

4,620

13,659

2.50%,

2/1/30,

Pool

#BM3403

13,382

5,746

2.50%,

2/1/30,

Pool

#AS4488

5,600

30,789

3.00%,

3/1/30,

Pool

#AL6583

30,220

40,952

2.50%,

3/1/30,

Pool

#AS4688

39,809

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

15,566

2.50%,

4/1/30,

Pool

#AY3416

$

15,150

24,944

3.00%,

4/1/30,

Pool

#AL6584

24,569

7,311

2.50%,

5/1/30,

Pool

#AY0828

7,114

13,352

3.00%,

5/1/30,

Pool

#AL6761

13,106

72,931

3.00%,

6/1/30,

Pool

#AL9381

71,565

30,554

3.00%,

7/1/30,

Pool

#AX9701

30,045

32,891

2.50%,

7/1/30,

Pool

#AS5403

32,026

21,634

3.00%,

7/1/30,

Pool

#AL7139

21,272

5,446

2.50%,

7/1/30,

Pool

#AS5405

5,295

3,971

3.00%,

7/1/30,

Pool

#AZ2297

3,892

10,223

2.50%,

7/1/30,

Pool

#AZ2170

9,934

6,218

3.00%,

7/1/30,

Pool

#AX9700

6,095

1,610

3.00%,

8/1/30,

Pool

#AZ8597

1,579

45,268

2.50%,

8/1/30,

Pool

#BM3552

44,160

30,719

2.50%,

8/1/30,

Pool

#AS5616

29,890

38,219

3.00%,

8/1/30,

Pool

#AL7225

37,577

23,064

3.00%,

8/1/30,

Pool

#AS5622

22,688

29,120

3.00%,

8/1/30,

Pool

#AS5623

28,643

28,342

3.00%,

8/1/30,

Pool

#AL7227

27,865

4,409

3.00%,

8/1/30,

Pool

#AZ7833

4,318

18,940

2.50%,

8/1/30,

Pool

#AS5614

18,392

16,046

2.50%,

8/1/30,

Pool

#AS5548

15,617

4,892

3.00%,

8/1/30,

Pool

#AX3298

4,792

20,710

3.50%,

8/1/30,

Pool

#AS5708

20,535

9,855

3.00%,

9/1/30,

Pool

#AZ5719

9,655

5,923

3.00%,

9/1/30,

Pool

#AL7320

5,857

28,580

2.50%,

9/1/30,

Pool

#AS5872

27,701

22,829

2.50%,

9/1/30,

Pool

#AS5786

22,210

23,602

3.00%,

9/1/30,

Pool

#AS5714

23,208

27,015

3.00%,

9/1/30,

Pool

#AS5728

26,463

22,721

2.50%,

11/1/30,

Pool

#AS6115

22,094

28,440

2.50%,

11/1/30,

Pool

#AS6141

27,566

19,881

2.50%,

11/1/30,

Pool

#AS6142

19,330

3,409

2.50%,

11/1/30,

Pool

#AL7800

3,318

22,068

2.50%,

11/1/30,

Pool

#AS6116

21,427

228,219

3.00%,

1/1/31,

Pool

#BM3537

225,749

20,630

2.50%,

3/1/31,

Pool

#BM1595

20,378

43,462

2.50%,

6/1/31,

Pool

#AS7320

42,244

728,449

1.50%,

6/1/31,

Pool

#MA4367

691,027

10,167,000

5.81%,

6/1/31,

Pool

#BZ1178

10,613,948

66,023

2.50%,

7/1/31,

Pool

#AS7605

64,172

74,795

2.50%,

7/1/31,

Pool

#AS7617

72,698

1,344,198

1.50%,

7/1/31,

Pool

#MA4389

1,274,216

413,495

3.00%,

8/1/31,

Pool

#AL9376

405,143

7,371

4.00%,

8/1/31,

Pool

#AY4688

7,278

14,897

4.00%,

8/1/31,

Pool

#AY4707

14,898

2,801

2.50%,

8/1/31,

Pool

#BC2777

2,723

46,815

3.00%,

9/1/31,

Pool

#AL9378

45,874

25,959

2.00%,

10/1/31,

Pool

#MA2774

24,736

616,235

2.50%,

10/1/31,

Pool

#BC4773

602,652

95,732

2.50%,

10/1/31,

Pool

#AS8009

92,692

132,037

2.50%,

10/1/31,

Pool

#AS8193

127,845

182,385

2.50%,

10/1/31,

Pool

#AS8208

177,268

285,073

2.50%,

10/1/31,

Pool

#AS8195

278,784

109,644

2.50%,

11/1/31,

Pool

#AS8240

106,568

46,860

2.50%,

11/1/31,

Pool

#BC2629

45,546

157,555

2.00%,

11/1/31,

Pool

#BM3054

150,128

92,358

2.50%,

11/1/31,

Pool

#BC2631

89,164

63,201

2.50%,

11/1/31,

Pool

#AS8241

61,194

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

70

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

8,718

2.00%,

11/1/31,

Pool

#AS8291

$

8,307

135,493

2.00%,

11/1/31,

Pool

#AS8251

129,103

49,971

2.50%,

11/1/31,

Pool

#AS8245

48,869

53,944

2.50%,

11/1/31,

Pool

#BC2628

52,754

43,793

2.00%,

11/1/31,

Pool

#BC9040

41,728

38,352

2.00%,

12/1/31,

Pool

#MA2845

36,544

6,027

3.00%,

2/1/32,

Pool

#BE5670

5,868

9,629

2.50%,

2/1/32,

Pool

#BM1036

9,293

182,429

2.50%,

3/1/32,

Pool

#AS9321

173,786

252,317

2.00%,

3/1/32,

Pool

#BM3061

240,419

205,059

2.50%,

3/1/32,

Pool

#AS9319

197,528

182,799

2.50%,

3/1/32,

Pool

#AS9318

178,182

98,160

2.50%,

3/1/32,

Pool

#AS9317

93,294

97,549

2.50%,

3/1/32,

Pool

#AS9316

94,242

145,859

3.00%,

3/1/32,

Pool

#AS9327

142,012

680,893

3.50%,

4/1/32,

Pool

#BM3503

672,626

504,983

3.50%,

5/1/32,

Pool

#BM1602

500,586

747,436

3.00%,

6/1/32,

Pool

#BM1791

724,047

226,568

2.50%,

8/1/32,

Pool

#BM3578

220,838

73,637

3.00%,

9/1/32,

Pool

#BM3240

72,156

32,505

3.50%,

11/1/32,

Pool

#BJ2054

32,110

18,679

3.50%,

1/1/33,

Pool

#BJ2096

18,505

31,863

5.50%,

1/1/33,

Pool

#676661

32,887

410,408

2.50%,

2/1/33,

Pool

#BM3793

398,932

23,085

5.50%,

5/1/33,

Pool

#555424

23,700

1,024,525

3.00%,

5/1/33,

Pool

#FM1880

998,036

37,256

4.00%,

9/1/33,

Pool

#BK7642

36,843

89,036

4.00%,

10/1/33,

Pool

#CA2527

89,931

90,768

4.00%,

11/1/33,

Pool

#CA2555

89,727

169,528

2.50%,

12/1/33,

Pool

#FM1680

164,209

3,430,000

Class

A3

,

Series

2022-M5,

2.42%,

1/1/34

2,922,703

175,045

5.00%,

2/1/35,

Pool

#735226

179,750

57,447

5.50%,

2/1/35,

Pool

#735989

59,010

14,667

5.00%,

3/1/35,

Pool

#735288

14,867

5,433

6.00%,

4/1/35,

Pool

#735504

5,597

424,845

2.00%,

6/1/35,

Pool

#CA5933

395,096

213,182

2.00%,

6/1/35,

Pool

#CA5939

198,089

114,254

3.00%,

8/1/35,

Pool

#CA6849

110,967

108,730

3.00%,

8/1/35,

Pool

#CA6876

104,851

26,784

5.00%,

9/1/35,

Pool

#889974

26,998

202,244

2.00%,

9/1/35,

Pool

#CA6840

187,969

223,209

2.00%,

9/1/35,

Pool

#CA7136

207,475

750,901

1.50%,

12/1/35,

Pool

#CA8377

675,792

31,060

3.00%,

12/1/35,

Pool

#CA8391

30,131

74,919

3.00%,

12/1/35,

Pool

#CA8389

72,245

731,985

2.50%,

12/1/35,

Pool

#CA8388

696,328

645,126

2.50%,

12/1/35,

Pool

#CA8387

610,079

80,513

4.00%,

1/1/36,

Pool

#AB0686

78,241

279,480

2.00%,

2/1/36,

Pool

#FM6149

259,750

287,018

2.50%,

3/1/36,

Pool

#CA9444

272,641

197,488

1.50%,

3/1/36,

Pool

#CA9422

177,482

394,593

2.00%,

3/1/36,

Pool

#CA9432

364,049

499,675

2.00%,

4/1/36,

Pool

#FM7495

465,736

325,897

1.50%,

5/1/36,

Pool

#CB0622

292,881

369,602

2.00%,

5/1/36,

Pool

#CB0428

344,515

1,140,794

1.50%,

6/1/36,

Pool

#FM7423

1,032,110

563,439

2.00%,

7/1/36,

Pool

#FM8117

520,362

1,371,950

2.00%,

9/1/36,

Pool

#FM8733

1,268,769

142,486

5.50%,

9/1/36,

Pool

#995113

147,295

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

1,273,554

2.00%,

9/1/36,

Pool

#FM8695

$

1,184,178

17,336

3.00%,

10/1/36,

Pool

#AL9227

16,510

275,819

2.00%,

11/1/36,

Pool

#FM9318

255,090

52,265

3.00%,

11/1/36,

Pool

#AS8349

48,645

129,453

3.00%,

11/1/36,

Pool

#AS8348

126,288

126,907

3.00%,

12/1/36,

Pool

#BE1896

120,859

4,416,195

1.50%,

12/1/36,

Pool

#FS0003

3,988,204

174,652

3.00%,

12/1/36,

Pool

#AS8553

162,563

266,227

2.00%,

1/1/37,

Pool

#FS0216

247,540

622,222

2.00%,

2/1/37,

Pool

#CB2967

572,337

332,948

1.50%,

2/1/37,

Pool

#FS3221

299,187

117,501

2.00%,

2/1/37,

Pool

#FS0610

108,160

270,858

2.00%,

2/1/37,

Pool

#FS0754

251,002

1,396,269

2.00%,

3/1/37,

Pool

#FS1330

1,289,926

326,519

2.00%,

3/1/37,

Pool

#CB2966

300,241

1,104,232

2.00%,

3/1/37,

Pool

#FS1331

1,023,805

826,897

2.00%,

4/1/37,

Pool

#FS3325

766,294

7,085

5.50%,

2/1/38,

Pool

#961545

7,286

5,930

6.00%,

3/1/38,

Pool

#889529

6,256

34,127

5.50%,

5/1/38,

Pool

#889692

35,146

15,513

6.00%,

5/1/38,

Pool

#889466

16,366

33,633

5.50%,

5/1/38,

Pool

#889441

35,010

23,439

5.50%,

6/1/38,

Pool

#995018

24,269

6,868

5.50%,

9/1/38,

Pool

#889995

7,098

16,340

6.00%,

10/1/38,

Pool

#889983

17,189

112,505

5.50%,

1/1/39,

Pool

#AB0200

115,938

30,975

4.50%,

4/1/39,

Pool

#930922

31,247

36,526

4.50%,

5/1/39,

Pool

#AL1472

36,773

25,182

3.50%,

5/1/39,

Pool

#MA3660

24,551

329,473

5.00%,

6/1/39,

Pool

#AL7521

332,085

245,562

6.00%,

7/1/39,

Pool

#BF0056

256,438

18,160

5.50%,

10/1/39,

Pool

#AD0362

18,933

149,767

5.50%,

12/1/39,

Pool

#AC6680

156,557

107,634

3.50%,

12/1/39,

Pool

#MA3869

101,812

17,571

5.50%,

12/1/39,

Pool

#AD0571

18,498

1,723,234

4.50%,

1/1/40,

Pool

#AC8568

1,728,251

46,503

3.50%,

1/1/40,

Pool

#MA3891

43,996

84,098

3.50%,

2/1/40,

Pool

#MA3935

79,561

14,990

5.50%,

3/1/40,

Pool

#AL5304

15,496

14,266

4.50%,

4/1/40,

Pool

#AD4038

14,289

107,396

6.00%,

4/1/40,

Pool

#AL4141

112,944

20,225

6.50%,

5/1/40,

Pool

#AL1704

21,276

26,967

4.50%,

7/1/40,

Pool

#AD7127

27,068

24,561

4.50%,

7/1/40,

Pool

#AB1226

24,633

13,381

6.00%,

9/1/40,

Pool

#AE0823

13,981

4,799,000

4.50%,

10/25/40,

TBA

4,792,251

1,364,000

2.50%,

10/25/40,

TBA

1,282,160

138,000

3.00%,

10/25/40,

TBA

132,162

762,000

4.00%,

10/25/40,

TBA

749,260

13,161

4.00%,

1/1/41,

Pool

#AL7167

12,774

28,716

6.00%,

6/1/41,

Pool

#AL4142

30,067

189,462

5.00%,

7/1/41,

Pool

#AL7524

192,830

10,650

4.50%,

7/1/41,

Pool

#AB3314

10,729

317,580

5.50%,

9/1/41,

Pool

#AL8430

328,630

18,946

4.50%,

9/1/41,

Pool

#AI8961

19,079

11,939,570

1.50%,

11/1/41,

Pool

#FS0316

9,986,058

6,087,498

1.50%,

12/1/41,

Pool

#MA4500

5,091,958

1,863,324

2.00%,

12/1/41,

Pool

#MA4501

1,607,779

419,557

4.00%,

1/1/42,

Pool

#AB4307

411,571

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

71

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

104,352

3.50%,

1/1/42,

Pool

#AW8154

$

99,878

471,298

2.00%,

2/1/42,

Pool

#MA4540

409,490

4,573,875

2.00%,

3/1/42,

Pool

#MA4570

3,974,038

722,268

2.00%,

4/1/42,

Pool

#MA4586

614,052

40,615

3.50%,

4/1/42,

Pool

#AO0777

39,008

16,788

3.50%,

4/1/42,

Pool

#AK7510

16,049

17,879

4.00%,

5/1/42,

Pool

#AO2114

17,478

88,009

4.00%,

5/1/42,

Pool

#AO2961

86,035

6,185

3.50%,

5/1/42,

Pool

#AO2881

5,913

6,365

3.50%,

6/1/42,

Pool

#AO3048

6,085

8,708

3.50%,

6/1/42,

Pool

#AK9225

8,325

22,267

3.50%,

7/1/42,

Pool

#AO9707

21,287

83,450

4.50%,

9/1/42,

Pool

#AL2482

83,707

502,999

4.50%,

1/1/43,

Pool

#AL8206

504,081

39,809

3.00%,

3/1/43,

Pool

#AR7576

36,084

35,006

3.00%,

3/1/43,

Pool

#AR7568

31,360

53,058

3.00%,

3/1/43,

Pool

#AR9218

49,079

49,853

3.00%,

4/1/43,

Pool

#AR8630

46,115

43,255

3.00%,

4/1/43,

Pool

#AB8924

39,209

489

3.50%,

4/1/43,

Pool

#CA1530

453

17,715

3.00%,

4/1/43,

Pool

#AT2037

15,870

71,230

3.00%,

4/1/43,

Pool

#AT2040

65,888

42,531

3.00%,

4/1/43,

Pool

#AT2043

38,553

42,818

3.00%,

4/1/43,

Pool

#AB8923

39,606

4,840

3.00%,

6/1/43,

Pool

#AB9564

4,526

345,724

5.00%,

12/1/43,

Pool

#AL7777

350,808

154,685

5.00%,

11/1/44,

Pool

#AL8878

157,247

146,543

3.50%,

2/1/45,

Pool

#BM1100

139,228

464,079

3.50%,

2/1/45,

Pool

#FM5294

435,904

89,519

5.00%,

6/1/45,

Pool

#BM3784

91,030

69,085

4.50%,

9/1/45,

Pool

#AL7936

69,191

1,906,568

3.50%,

9/1/45,

Pool

#FM3224

1,801,270

45,655

4.50%,

11/1/45,

Pool

#AL9501

45,662

4,680,881

3.50%,

11/1/45,

Pool

#FM6411

4,400,632

2,787

4.50%,

11/1/45,

Pool

#AS6233

2,783

94,412

4.50%,

12/1/45,

Pool

#BM1756

94,526

11,518

3.00%,

6/1/46,

Pool

#AS7365

10,491

881,041

3.50%,

7/1/46,

Pool

#BA7748

827,537

286,060

4.50%,

7/1/46,

Pool

#BM1920

285,879

227,992

4.50%,

7/1/46,

Pool

#BM3053

228,338

12,708

3.00%,

8/1/46,

Pool

#AL9031

11,607

802,577

3.00%,

9/1/46,

Pool

#BD1469

726,352

136,442

3.00%,

11/1/46,

Pool

#BD9645

124,575

101,430

3.00%,

11/1/46,

Pool

#BD9643

93,153

260,876

3.00%,

11/1/46,

Pool

#BD9644

239,602

746,779

3.00%,

12/1/46,

Pool

#AS8486

675,815

176,815

3.50%,

12/1/46,

Pool

#BE2103

164,107

636,420

3.50%,

2/1/47,

Pool

#AL9920

590,696

295,299

3.50%,

2/1/47,

Pool

#BE1534

271,235

66,850

3.50%,

3/1/47,

Pool

#BH0158

61,399

265,456

3.50%,

5/1/47,

Pool

#BM1174

250,287

412,044

3.50%,

5/1/47,

Pool

#BD2417

378,463

154,763

3.50%,

5/1/47,

Pool

#BE9375

143,717

215,396

4.00%,

5/1/47,

Pool

#BH0398

207,694

108,011

3.50%,

6/1/47,

Pool

#BH0567

100,300

177,419

4.00%,

7/1/47,

Pool

#BH3401

171,063

246,467

4.00%,

8/1/47,

Pool

#BM1619

237,658

16,261

4.00%,

9/1/47,

Pool

#MA3121

15,630

115,715

4.50%,

10/1/47,

Pool

#BM3052

115,550

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

512,955

3.50%,

11/1/47,

Pool

#MA3182

$

478,252

515,862

3.50%,

12/1/47,

Pool

#MA3210

480,958

143,066

4.50%,

12/1/47,

Pool

#BH7067

142,500

314,945

3.50%,

1/1/48,

Pool

#MA3238

293,634

358,957

4.00%,

1/1/48,

Pool

#BH9222

345,019

1,043,353

3.50%,

1/1/48,

Pool

#FM5293

981,257

49,962

4.00%,

2/1/48,

Pool

#BJ9057

48,073

55,268

4.00%,

2/1/48,

Pool

#BJ9058

53,291

234,068

3.50%,

2/1/48,

Pool

#BH9277

216,963

92,650

3.50%,

3/1/48,

Pool

#BK1958

85,884

159,351

3.50%,

3/1/48,

Pool

#BJ0648

147,708

295,564

3.50%,

3/1/48,

Pool

#BJ4916

273,970

2,915,191

3.50%,

3/1/48,

Pool

#BJ0650

2,702,149

2,666,493

4.50%,

4/1/48,

Pool

#FM7783

2,658,212

174,611

3.50%,

4/1/48,

Pool

#FM5295

164,259

110,415

4.50%,

4/1/48,

Pool

#BM3846

110,379

29,009

4.00%,

4/1/48,

Pool

#MA3333

27,793

1,379,444

3.50%,

5/1/48,

Pool

#MA3356

1,278,658

1,563,601

4.50%,

5/1/48,

Pool

#CA1704

1,551,973

34,882

4.00%,

5/1/48,

Pool

#CA2708

33,420

113,351

5.00%,

6/1/48,

Pool

#CA2317

114,146

24,143

4.00%,

6/1/48,

Pool

#MA3384

23,132

8,522

4.50%,

7/1/48,

Pool

#BK4471

8,458

23,889

4.00%,

7/1/48,

Pool

#MA3415

22,715

57,415

4.50%,

7/1/48,

Pool

#BK6113

57,396

216,715

4.00%,

8/1/48,

Pool

#BK4772

207,634

465,531

5.00%,

9/1/48,

Pool

#MA3472

468,878

328,873

4.00%,

9/1/48,

Pool

#FM5566

314,860

35,804

5.00%,

10/1/48,

Pool

#MA3501

36,061

68,993

4.00%,

10/1/48,

Pool

#CA2469

65,989

101,697

5.00%,

10/1/48,

Pool

#BK7881

102,430

7,377

3.50%,

11/1/48,

Pool

#FM1543

6,859

65,304

5.00%,

11/1/48,

Pool

#MA3527

65,773

17,040

5.00%,

12/1/48,

Pool

#BN4404

17,287

978,765

4.00%,

1/1/49,

Pool

#FM5296

949,506

19,548

5.00%,

1/1/49,

Pool

#BN4430

19,830

62,412

5.00%,

1/1/49,

Pool

#BN3949

62,860

216,358

3.50%,

6/1/49,

Pool

#FM5315

201,505

645,242

4.00%,

9/1/49,

Pool

#FM3665

617,161

3,766,520

3.00%,

3/1/50,

Pool

#FM5290

3,428,139

266,959

4.00%,

3/1/50,

Pool

#CA5368

252,704

258,327

4.00%,

5/1/50,

Pool

#FM7973

246,529

357,838

4.00%,

6/1/50,

Pool

#CA6106

341,051

2,437,363

2.50%,

7/1/50,

Pool

#CA6341

2,104,898

2,346,297

2.50%,

7/1/50,

Pool

#CA6342

2,026,258

2,434,091

2.50%,

7/1/50,

Pool

#CA6343

2,102,133

1,371,611

2.50%,

7/1/50,

Pool

#CA6359

1,175,989

2,281,323

2.50%,

8/1/50,

Pool

#CA6636

1,970,196

1,625,344

2.00%,

8/1/50,

Pool

#FP0025

1,319,771

2,762,415

2.50%,

8/1/50,

Pool

#CA6577

2,385,678

215,114

4.00%,

8/1/50,

Pool

#FM7703

205,619

1,433,381

3.00%,

8/1/50,

Pool

#FM5292

1,286,719

707,963

2.50%,

8/1/50,

Pool

#CA6711

611,411

332,614

2.00%,

9/1/50,

Pool

#BQ0697

271,190

1,057,870

2.00%,

9/1/50,

Pool

#MA4119

862,498

1,736,606

1.50%,

10/1/50,

Pool

#MA4157

1,334,914

1,907,783

2.00%,

10/1/50,

Pool

#MA4158

1,552,633

1,512,986

1.50%,

11/1/50,

Pool

#MA4181

1,162,985

249,536

2.00%,

11/1/50,

Pool

#BQ6334

204,195

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

72

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

440,664

2.50%,

11/1/50,

Pool

#FM4874

$

377,841

1,573,627

2.50%,

11/1/50,

Pool

#CA7597

1,349,128

348,925

2.00%,

12/1/50,

Pool

#FM5305

286,489

1,531,834

1.50%,

12/1/50,

Pool

#MA4209

1,177,502

1,161,660

2.00%,

12/1/50,

Pool

#FM5176

953,742

29,015,975

2.00%,

1/1/51,

Pool

#MA4237

23,488,301

8,372,491

3.50%,

1/1/51,

Pool

#FM7599

7,733,131

1,308,100

4.00%,

1/1/51,

Pool

#FM7031

1,249,158

422,884

2.50%,

1/1/51,

Pool

#CA8592

365,189

1,181,587

2.50%,

2/1/51,

Pool

#CA9038

1,012,581

2,403,933

2.00%,

2/1/51,

Pool

#BR1615

1,955,081

154,473

2.50%,

3/1/51,

Pool

#BR4654

132,364

1,454,823

4.00%,

3/1/51,

Pool

#FM7460

1,391,081

2,045,127

1.50%,

3/1/51,

Pool

#MA4280

1,571,552

425,970

2.00%,

3/1/51,

Pool

#BN9004

350,109

755,962

2.00%,

3/1/51,

Pool

#BN8997

619,549

191,021

2.50%,

4/1/51,

Pool

#BR8896

163,707

1,027,236

2.00%,

4/1/51,

Pool

#FM6863

848,554

711,616

2.00%,

4/1/51,

Pool

#BR7802

583,282

238,358

2.00%,

4/1/51,

Pool

#FS0599

195,827

100,889

2.50%,

4/1/51,

Pool

#BR8283

86,459

111,286

2.50%,

5/1/51,

Pool

#BR8915

95,371

54,811

2.50%,

5/1/51,

Pool

#BR8296

46,970

7,342,960

4.00%,

5/1/51,

Pool

#FS1463

6,979,775

1,740,026

2.50%,

5/1/51,

Pool

#CB0383

1,496,788

5,063,011

3.00%,

6/1/51,

Pool

#CB0848

4,523,205

514,650

1.50%,

6/1/51,

Pool

#BR9265

395,520

2,070,342

2.00%,

7/1/51,

Pool

#MA4378

1,675,310

174,243

2.50%,

7/1/51,

Pool

#BP3574

149,317

3,458,049

4.00%,

10/1/51,

Pool

#FS1133

3,290,535

56,473

2.50%,

10/1/51,

Pool

#BT8452

48,400

598,666

2.50%,

10/1/51,

Pool

#CB1806

514,984

1,926,064

2.00%,

11/1/51,

Pool

#CB2079

1,573,133

752,062

2.50%,

11/1/51,

Pool

#FS0026

649,878

2,105,774

2.00%,

11/1/51,

Pool

#CB2054

1,729,218

2,116,529

3.00%,

11/1/51,

Pool

#CB2165

1,889,713

1,004,807

2.00%,

11/1/51,

Pool

#CB2139

827,894

2,592,601

2.00%,

11/1/51,

Pool

#FS1334

2,098,801

1,350,551

2.00%,

12/1/51,

Pool

#FS0211

1,101,794

581,642

2.00%,

12/1/51,

Pool

#FM9730

475,604

905,346

3.00%,

12/1/51,

Pool

#CB2418

809,801

229,959

2.00%,

12/1/51,

Pool

#FS0598

190,016

1,300,604

2.00%,

12/1/51,

Pool

#FS0212

1,065,873

456,947

2.50%,

12/1/51,

Pool

#CB2372

393,052

1,509,762

2.50%,

1/1/52,

Pool

#FS0193

1,293,864

2,923,894

2.50%,

1/1/52,

Pool

#CB2622

2,515,887

1,534,328

2.00%,

1/1/52,

Pool

#FS0497

1,251,082

2,139,333

2.50%,

1/1/52,

Pool

#FS0378

1,834,250

1,932,699

2.50%,

1/1/52,

Pool

#CB2621

1,670,372

1,587,623

2.50%,

1/1/52,

Pool

#CB2620

1,358,279

890,736

2.50%,

1/1/52,

Pool

#CB2633

773,637

2,432,294

2.50%,

1/1/52,

Pool

#FS0209

2,092,270

1,965,918

2.50%,

1/1/52,

Pool

#FS0208

1,691,779

469,025

2.50%,

2/1/52,

Pool

#CB2854

400,263

3,176,130

2.00%,

2/1/52,

Pool

#CB2838

2,589,050

5,959,182

2.00%,

2/1/52,

Pool

#FS2040

4,819,982

303,446

2.50%,

2/1/52,

Pool

#CB2863

265,473

1,974,146

2.50%,

2/1/52,

Pool

#CB2856

1,701,888

616,465

2.00%,

2/1/52,

Pool

#CB2836

500,092

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

1,665,732

2.50%,

2/1/52,

Pool

#CB2855

$

1,424,930

1,959,080

2.00%,

3/1/52,

Pool

#CB3101

1,596,903

3,580,492

2.00%,

3/1/52,

Pool

#CB3102

2,937,763

750,599

2.50%,

3/1/52,

Pool

#FS1661

648,750

240,758

3.00%,

3/1/52,

Pool

#CB3115

214,924

679,222

3.00%,

4/1/52,

Pool

#FS1520

607,817

638,234

4.00%,

4/1/52,

Pool

#FS1267

609,244

9,970,826

2.00%,

4/1/52,

Pool

#FA2772

8,169,193

442,143

3.50%,

5/1/52,

Pool

#BV8545

410,089

1,083,003

3.00%,

5/1/52,

Pool

#FS1522

966,195

4,107,448

4.00%,

5/1/52,

Pool

#FS3377

3,905,516

510,608

3.50%,

7/1/52,

Pool

#FS2812

468,540

405,869

4.50%,

7/1/52,

Pool

#MA4656

395,076

629,842

5.00%,

7/1/52,

Pool

#FS2409

631,451

788,501

5.00%,

7/1/52,

Pool

#FS2458

798,611

973,804

5.00%,

7/1/52,

Pool

#FS2473

978,995

8,513,234

4.50%,

8/1/52,

Pool

#CB4345

8,345,163

371,984

3.50%,

8/1/52,

Pool

#CB4324

344,894

321,628

3.50%,

9/1/52,

Pool

#CB4660

297,218

260,993

3.50%,

9/1/52,

Pool

#CB4658

241,946

78,230

3.50%,

9/1/52,

Pool

#CB4657

72,194

2,366,828

4.50%,

9/1/52,

Pool

#FS8370

2,308,127

399,426

3.50%,

9/1/52,

Pool

#CB4661

366,492

371,676

6.00%,

11/1/52,

Pool

#FS3251

387,522

815,787

5.00%,

12/1/52,

Pool

#MA4841

813,405

338,587

5.00%,

1/1/53,

Pool

#BX4207

340,144

1,178,895

5.50%,

1/1/53,

Pool

#BX6108

1,190,826

2,133,334

5.00%,

1/1/53,

Pool

#CB5450

2,119,347

804,331

5.50%,

1/1/53,

Pool

#CB5462

816,924

2,198,285

6.00%,

1/1/53,

Pool

#FS3832

2,291,147

317,286

5.50%,

2/1/53,

Pool

#BX6449

321,354

7,438,042

5.00%,

4/1/53,

Pool

#CB6063

7,435,103

1,706,958

6.00%,

4/1/53,

Pool

#CB6094

1,752,119

1,064,516

5.50%,

5/1/53,

Pool

#CB6322

1,078,163

324,022

6.00%,

5/1/53,

Pool

#BY0568

331,914

2,631,466

5.50%,

5/1/53,

Pool

#FS4629

2,678,150

349,199

6.50%,

5/1/53,

Pool

#CB6340

362,554

3,341,488

5.50%,

5/1/53,

Pool

#CB6321

3,400,832

639,569

5.50%,

5/1/53,

Pool

#BY0557

650,926

744,625

6.00%,

5/1/53,

Pool

#FS4641

763,657

2,509,962

6.00%,

5/1/53,

Pool

#CB6329

2,590,311

652,119

5.50%,

5/1/53,

Pool

#BY2967

663,708

1,843,575

5.50%,

6/1/53,

Pool

#CB6463

1,876,330

3,155,641

6.00%,

7/1/53,

Pool

#CB6757

3,256,346

3,034,132

6.50%,

8/1/53,

Pool

#FS5537

3,165,592

6,270,178

6.00%,

8/1/53,

Pool

#CB6872

6,426,145

3,742,953

5.50%,

8/1/53,

Pool

#CB6868

3,790,932

500,703

6.50%,

8/1/53,

Pool

#CB6884

519,849

636,603

6.50%,

9/1/53,

Pool

#CB7142

660,773

1,833,872

6.50%,

10/1/53,

Pool

#CB7349

1,897,646

3,866,182

6.50%,

2/1/54,

Pool

#CB8018

4,018,472

2,053,621

5.50%,

3/1/54,

Pool

#FS7428

2,081,188

1,977,797

6.50%,

6/1/54,

Pool

#CB8727

2,048,299

3,903,522

6.50%,

8/1/54,

Pool

#FS8574

4,049,947

1,333,270

6.00%,

8/1/55,

Pool

#CC0872

1,366,927

3,472,000

5.00%,

10/25/55,

TBA

3,443,248

4,587,000

6.50%,

10/25/55,

TBA

4,739,661

7,502,000

6.00%,

10/25/55,

TBA

7,663,762

353,500,922

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

73

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association

-

REMICS

(1.1%):

$

1,990,501

Class

CY

,

Series

2010-136,

4.00%,

12/25/40

$

1,949,906

2,038,130

Class

ZA

,

Series

2011-8,

4.00%,

2/25/41

1,970,567

335,502

Class

UF

,

Series

2016-48,

4.87%(SOFR30A+51bps),

8/25/46

331,716

1,746,450

Class

AO

,

Series

2023-36,

,

0.00%,

8/25/50

1,229,289

918,314

Class

IO

,

Series

2021-88,

2.50%,

12/25/51

121,538

23,897,559

Class

FD

,

Series

2025-41,

5.86%(SOFR30A+150bps),

6/25/55

24,120,576

29,723,592

Federal

Home

Loan

Mortgage

Corporation

(9.8%):

17,927

3.00%,

9/1/27,

Pool

#U70060

17,790

12,364

3.00%,

7/1/28,

Pool

#U79018

12,251

4,447,290

Class

XFX

,

Series

KL06,

1.46%,

12/25/29,

Callable

9/25/29

@

100.00

177,702

11,338

3.00%,

1/1/30,

Pool

#V60724

11,019

8,812

3.00%,

1/1/30,

Pool

#V60696

8,489

20,114

2.50%,

3/1/30,

Pool

#V60770

19,289

21,404

2.50%,

5/1/30,

Pool

#J31418

20,828

47,946

2.50%,

5/1/30,

Pool

#J31728

46,663

37,066

3.00%,

5/1/30,

Pool

#J31689

36,396

31,932

2.50%,

5/1/30,

Pool

#V60796

31,678

76,297

3.00%,

6/1/30,

Pool

#V60840

75,071

1,418

2.50%,

7/1/30,

Pool

#J32491

1,377

37,755

3.00%,

7/1/30,

Pool

#G15520

36,965

1,954

2.50%,

7/1/30,

Pool

#V60905

1,939

4,347

3.00%,

7/1/30,

Pool

#J32181

4,271

6,547

2.50%,

7/1/30,

Pool

#J32209

6,369

8,635

2.50%,

7/1/30,

Pool

#J32204

8,255

35,485

2.50%,

8/1/30,

Pool

#V60886

34,480

7,512

3.00%,

8/1/30,

Pool

#V60909

7,387

4,645

3.00%,

8/1/30,

Pool

#J32436

4,542

28,442

2.50%,

8/1/30,

Pool

#V60902

27,621

28,511

2.50%,

9/1/30,

Pool

#V60903

27,683

88,383

2.50%,

9/1/30,

Pool

#V60904

86,049

7,088,995

Class

X1

,

Series

K121,

1.11%,

10/25/30

289,497

161,917

2.50%,

4/1/31,

Pool

#G16186

153,537

2,989,973

1.50%,

5/1/31,

Pool

#RD5057

2,838,939

463,322

1.50%,

6/1/31,

Pool

#RD5059

439,542

3,575,000

Class

A2

,

Series

K145,

2.58%,

5/25/32

3,234,765

1,740,000

Class

A2

,

Series

K146,

2.92%,

6/25/32

1,606,513

3,939

3.00%,

10/1/32,

Pool

#J37706

3,836

5,126

3.00%,

11/1/32,

Pool

#J37835

4,992

3,717

3.00%,

12/1/32,

Pool

#J38060

3,620

1,296,377

2.50%,

4/1/33,

Pool

#ZS8087

1,252,724

307,464

Class

A2

,

Series

KG08,

4.13%,

5/25/33

302,541

4,491,000

Class

A3

,

Series

K156,

3.70%,

6/25/33

4,290,248

64,532

3.50%,

1/1/34,

Pool

#ZS9068

64,362

692,583

2.50%,

1/1/35,

Pool

#SB0298

654,224

40,734

5.50%,

2/1/35,

Pool

#G04692

42,423

230,667

3.50%,

5/1/35,

Pool

#SC0063

224,790

618,173

2.00%,

9/1/35,

Pool

#SB0539

573,988

1,261,463

2.00%,

1/1/36,

Pool

#SB0546

1,172,166

821,171

2.00%,

2/1/36,

Pool

#SB8507

766,388

707,989

2.00%,

2/1/36,

Pool

#RC1819

659,956

263,120

2.00%,

3/1/36,

Pool

#SB0544

243,659

227,926

1.50%,

4/1/36,

Pool

#SB0510

204,840

1,558,551

1.50%,

4/1/36,

Pool

#SB0514

1,410,213

322,448

1.50%,

5/1/36,

Pool

#RC1975

291,749

1,538,001

2.00%,

5/1/36,

Pool

#RC1999

1,433,608

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

3,552,620

2.00%,

6/1/36,

Pool

#RC2071

$

3,285,059

1,516,885

2.00%,

7/1/36,

Pool

#RC2097

1,402,667

1,245,469

2.00%,

4/1/37,

Pool

#SB0679

1,151,649

31,188

3.00%,

9/1/37,

Pool

#ZA2471

29,902

633,793

3.00%,

6/1/38,

Pool

#SC0111

610,215

64,244

6.00%,

4/1/39,

Pool

#G07613

67,144

11,265

4.50%,

12/1/39,

Pool

#A90196

11,345

330,765

3.50%,

1/1/40,

Pool

#RB5028

312,885

41,042

3.50%,

2/1/40,

Pool

#RB5034

38,825

12,326

4.50%,

7/1/40,

Pool

#A93010

12,401

13,393

4.00%,

8/1/40,

Pool

#A93534

13,092

81,708

4.00%,

9/1/40,

Pool

#A93851

80,359

220,528

4.50%,

9/1/40,

Pool

#A93700

220,892

17,194

4.00%,

10/1/40,

Pool

#A95923

16,730

10,976

4.00%,

11/1/40,

Pool

#A94977

10,679

12,125

4.00%,

11/1/40,

Pool

#A94779

11,798

10,906

4.00%,

11/1/40,

Pool

#A95144

10,612

754

4.00%,

4/1/41,

Pool

#Q00093

738

26,840

4.50%,

5/1/41,

Pool

#Q00959

26,985

26,116

4.50%,

5/1/41,

Pool

#Q00804

26,256

180,678

5.50%,

6/1/41,

Pool

#G07553

186,744

14,939

4.00%,

10/1/41,

Pool

#Q03841

14,744

41,561

5.00%,

10/1/41,

Pool

#G07642

41,877

19,875

4.00%,

10/1/41,

Pool

#Q04022

19,616

291,860

2.00%,

2/1/42,

Pool

#RB5145

253,578

1,534,730

2.00%,

3/1/42,

Pool

#RB5148

1,333,423

101,261

3.50%,

4/1/42,

Pool

#C03811

95,898

307,016

2.00%,

4/1/42,

Pool

#RB5153

266,742

99,257

3.50%,

4/1/42,

Pool

#Q07417

95,224

3,255

3.50%,

5/1/42,

Pool

#Q08306

3,069

8,940

3.50%,

5/1/42,

Pool

#Q08239

8,429

79,007

3.50%,

8/1/42,

Pool

#G07106

75,797

13,217

3.50%,

8/1/42,

Pool

#Q12162

12,680

4,629

3.50%,

10/1/42,

Pool

#Q11909

4,441

124,035

3.00%,

1/1/43,

Pool

#Q14866

112,432

99,342

3.00%,

3/1/43,

Pool

#Q16673

89,537

54,166

3.00%,

3/1/43,

Pool

#Q16403

48,823

57,690

3.50%,

6/1/43,

Pool

#Q18718

55,284

84,730

3.50%,

7/1/43,

Pool

#Q20206

80,269

36,075

4.00%,

9/1/43,

Pool

#Q21579

34,896

100,578

4.50%,

12/1/43,

Pool

#Q23779

101,449

67,638

4.50%,

12/1/43,

Pool

#G60018

68,097

10,633

3.50%,

1/1/44,

Pool

#Q24368

10,074

406,408

3.50%,

4/1/44,

Pool

#G07848

384,949

41,016

4.00%,

4/1/44,

Pool

#Q25643

39,622

6,556

3.50%,

5/1/44,

Pool

#Q26218

6,245

1,370,463

3.00%,

6/1/44,

Pool

#SD0498

1,257,083

49,832

3.50%,

6/1/44,

Pool

#Q28764

47,806

9,388

3.50%,

7/1/44,

Pool

#Q27319

8,944

35,039

4.00%,

7/1/44,

Pool

#G60901

33,969

14,471

3.50%,

9/1/44,

Pool

#Q28604

13,785

1,357,815

3.50%,

9/1/44,

Pool

#SD0481

1,290,781

1,536,808

4.00%,

1/1/45,

Pool

#SD0490

1,507,005

1,370,734

4.00%,

1/1/45,

Pool

#SD0478

1,334,417

10,379

4.00%,

2/1/45,

Pool

#Q31338

10,163

4,518

4.00%,

2/1/45,

Pool

#Q31128

4,424

10,185

3.50%,

9/1/45,

Pool

#Q36302

9,740

1,940,129

4.00%,

9/1/45,

Pool

#SD0507

1,877,878

13,642

4.00%,

12/1/45,

Pool

#Q37955

13,340

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

74

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

12,446

4.00%,

12/1/45,

Pool

#Q37957

$

12,159

986,043

3.50%,

3/1/46,

Pool

#SD0485

923,745

161,423

3.00%,

9/1/46,

Pool

#G60718

146,434

184,293

3.50%,

9/1/46,

Pool

#SD0486

173,352

524,230

3.00%,

9/1/46,

Pool

#Q42979

475,573

98,910

3.00%,

12/1/46,

Pool

#Q45080

88,982

50,784

3.00%,

12/1/46,

Pool

#Q45083

46,649

615,955

3.00%,

12/1/46,

Pool

#V82781

553,292

187,626

3.00%,

12/1/46,

Pool

#Q45064

170,202

501,070

3.00%,

2/1/47,

Pool

#SD0496

457,922

252,540

3.50%,

3/1/47,

Pool

#G60968

238,024

514,619

4.00%,

7/1/47,

Pool

#SD0504

496,190

653,542

4.50%,

7/1/47,

Pool

#G61047

640,767

267,623

3.50%,

10/1/47,

Pool

#G61178

252,802

315,270

3.50%,

12/1/47,

Pool

#G61208

297,809

310,994

3.50%,

1/1/48,

Pool

#ZS4751

289,944

67,628

3.50%,

1/1/48,

Pool

#Q53648

63,719

42,868

3.50%,

1/1/48,

Pool

#Q53630

40,493

317,330

3.50%,

2/1/48,

Pool

#ZT1353

296,232

2,455,599

3.50%,

4/1/48,

Pool

#Q55389

2,281,865

443,423

4.00%,

4/1/48,

Pool

#SD0489

430,464

2,205,334

3.50%,

4/1/48,

Pool

#G08808

2,048,865

213,824

4.00%,

4/1/48,

Pool

#ZM6153

204,864

2,233,969

3.50%,

5/1/48,

Pool

#G08813

2,075,494

2,219,767

4.00%,

8/1/48,

Pool

#SD0492

2,136,275

721,101

4.50%,

8/1/48,

Pool

#G67715

710,832

1,760,521

4.00%,

5/1/49,

Pool

#SD0488

1,692,625

2,007,808

4.00%,

3/1/50,

Pool

#SD0296

1,929,179

1,379,146

4.50%,

3/1/50,

Pool

#SD0294

1,360,789

696,162

4.00%,

6/1/50,

Pool

#SD0520

661,144

484,449

4.00%,

7/1/50,

Pool

#SD0878

463,666

23,841

3.00%,

7/1/50,

Pool

#QB1486

21,428

1,336,054

4.00%,

7/1/50,

Pool

#SD1146

1,276,687

85,230

3.00%,

7/1/50,

Pool

#QB1479

76,632

9,673

3.00%,

7/1/50,

Pool

#QB1158

8,694

396,345

2.50%,

7/1/50,

Pool

#QB1193

340,482

9,151

3.00%,

7/1/50,

Pool

#QB1488

8,226

669,099

1.50%,

8/1/50,

Pool

#RA3217

514,322

650,144

3.00%,

8/1/50,

Pool

#RA3313

583,392

662,104

3.00%,

8/1/50,

Pool

#RA3282

594,066

59,551

3.00%,

8/1/50,

Pool

#QB2339

53,521

225,750

2.00%,

8/1/50,

Pool

#QB2296

185,339

871,205

3.00%,

8/1/50,

Pool

#SD0519

780,193

4,210,516

3.00%,

9/1/50,

Pool

#SD0592

3,767,630

960,370

2.00%,

9/1/50,

Pool

#SI2075

780,167

1,674,365

1.50%,

10/1/50,

Pool

#SD8082

1,287,037

502,179

2.00%,

11/1/50,

Pool

#SD7528

412,568

3,028,689

2.50%,

2/1/51,

Pool

#SD7534

2,596,869

4,589,815

2.00%,

3/1/51,

Pool

#SD8134

3,732,674

25,866,316

2.00%,

3/1/51,

Pool

#SD2903

21,044,379

1,661,062

2.00%,

4/1/51,

Pool

#SD7539

1,372,724

6,942,472

2.50%,

5/1/51,

Pool

#RA5077

5,937,332

1,912,830

2.50%,

5/1/51,

Pool

#SD0702

1,660,824

911,528

2.00%,

5/1/51,

Pool

#SD7541

746,192

2,184,690

1.50%,

5/1/51,

Pool

#SD8145

1,679,575

938,801

3.00%,

7/1/51,

Pool

#SD7544

840,261

2,896,771

2.00%,

7/1/51,

Pool

#SD0716

2,362,389

633,953

2.00%,

9/1/51,

Pool

#SD0730

519,609

866,854

2.00%,

9/1/51,

Pool

#SD0732

711,277

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

180,146

1.50%,

10/1/51,

Pool

#QC9344

$

138,437

2,930,360

2.00%,

10/1/51,

Pool

#RA6071

2,393,453

815,877

3.00%,

10/1/51,

Pool

#RA6015

725,594

25,557,826

2.50%,

10/1/51,

Pool

#SD8173

21,649,341

1,881,845

2.50%,

11/1/51,

Pool

#RA6397

1,609,841

6,071,633

2.50%,

11/1/51,

Pool

#SD7548

5,225,155

166,083

2.00%,

12/1/51,

Pool

#SD0789

135,451

875,460

2.00%,

12/1/51,

Pool

#SD0785

715,896

345,707

2.00%,

12/1/51,

Pool

#SD0783

282,682

904,535

2.00%,

12/1/51,

Pool

#SD0786

741,990

3,659,767

2.50%,

12/1/51,

Pool

#RA6388

3,130,123

1,583,041

2.00%,

1/1/52,

Pool

#SD0894

1,290,863

19,278,728

2.50%,

1/1/52,

Pool

#SD7552

16,509,324

2,185,559

2.00%,

1/1/52,

Pool

#SD0892

1,792,866

5,863,637

2.50%,

1/1/52,

Pool

#SD0923

5,024,626

6,804,754

2.00%,

1/1/52,

Pool

#SD7549

5,583,520

1,149,726

2.00%,

2/1/52,

Pool

#RA6768

915,188

691,202

3.00%,

2/1/52,

Pool

#SD7550

622,198

19,071,188

3.00%,

3/1/52,

Pool

#SD7553

16,884,867

862,562

3.50%,

6/1/52,

Pool

#SD1053

799,339

336,829

3.50%,

6/1/52,

Pool

#SD1086

309,320

912,118

3.50%,

6/1/52,

Pool

#SD1049

840,359

478,900

4.00%,

6/1/52,

Pool

#SD1952

458,505

72,243

5.00%,

6/1/52,

Pool

#QE4965

72,628

2,223,063

4.50%,

7/1/52,

Pool

#RA7506

2,173,581

385,190

4.50%,

7/1/52,

Pool

#SD8231

375,635

1,094,911

5.00%,

7/1/52,

Pool

#SD1300

1,097,707

2,752,723

5.00%,

8/1/52,

Pool

#SD1465

2,767,396

2,781,920

3.00%,

8/1/52,

Pool

#SD7556

2,478,643

747,056

4.50%,

8/1/52,

Pool

#QE8252

727,218

110,619

5.00%,

9/1/52,

Pool

#QF0409

110,683

321,655

5.00%,

10/1/52,

Pool

#QF0895

321,840

1,075,603

4.50%,

10/1/52,

Pool

#SD3782

1,049,622

581,524

5.00%,

11/1/52,

Pool

#SD1882

584,200

1,674,940

4.50%,

11/1/52,

Pool

#SD2000

1,640,195

330,066

6.00%,

11/1/52,

Pool

#RA8216

338,787

748,530

5.00%,

12/1/52,

Pool

#RA8295

751,974

646,850

5.00%,

12/1/52,

Pool

#SD2081

649,824

1,243,552

5.00%,

12/1/52,

Pool

#SD1991

1,249,147

435,741

5.50%,

1/1/53,

Pool

#SD2275

443,098

1,606,152

6.00%,

1/1/53,

Pool

#SD2163

1,673,718

786,411

5.00%,

1/1/53,

Pool

#RA8404

790,028

1,336,878

5.50%,

1/1/53,

Pool

#QF6560

1,360,404

919,428

6.00%,

2/1/53,

Pool

#RA8560

942,629

294,522

5.00%,

2/1/53,

Pool

#SD2306

295,876

544,462

6.00%,

3/1/53,

Pool

#SD2598

558,148

3,589,525

5.50%,

3/1/53,

Pool

#RA8758

3,653,266

201,738

5.50%,

4/1/53,

Pool

#QG1462

204,324

68,074

5.50%,

4/1/53,

Pool

#QG2199

68,946

1,126,328

6.00%,

4/1/53,

Pool

#SD2760

1,155,571

3,230,515

5.50%,

5/1/53,

Pool

#RA9063

3,287,881

2,766,539

5.50%,

5/1/53,

Pool

#SD2893

2,813,317

2,453,737

6.00%,

5/1/53,

Pool

#RA9073

2,532,231

971,311

6.00%,

5/1/53,

Pool

#SD2886

996,972

684,803

5.50%,

6/1/53,

Pool

#QG6259

693,567

2,001,233

6.00%,

6/1/53,

Pool

#SD3176

2,053,033

4,946,228

5.50%,

7/1/53,

Pool

#SD3384

5,008,421

387,509

5.50%,

8/1/53,

Pool

#QG9484

392,471

427,215

5.50%,

8/1/53,

Pool

#RA9625

432,782

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

75

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

165,196

6.50%,

9/1/53,

Pool

#RA9868

$

171,509

1,747,503

5.50%,

9/1/53,

Pool

#RA9849

1,769,929

890,821

6.50%,

11/1/53,

Pool

#RJ0320

924,269

3,109,810

5.50%,

12/1/54,

Pool

#RJ3084

3,159,556

1,140,239

6.00%,

4/1/55,

Pool

#RJ3896

1,170,846

2,393,868

6.00%,

5/1/55,

Pool

#RJ4166

2,458,509

259,794,901

Federal

Home

Loan

Mortgage

Corporation

-

REMICS

(1.7%):

144,466

Class

FL

,

Series

4248,

4.94%(SOFR30A+56bps),

5/15/41

142,931

830,962

Class

XZ

,

Series

4316,

4.50%,

3/15/44

821,147

690,646

Class

ZX

,

Series

4352,

4.00%,

4/15/44

666,299

279,711

Class

FB

,

Series

4606,

4.99%(SOFR30A+61bps),

8/15/46

275,149

715,825

Class

AO

,

Series

5341,

,

0.00%,

6/25/50

538,532

2,040,578

Class

AK

,

Series

4988,

1.00%,

7/25/50

1,629,239

2,023,698

Class

TJ

,

Series

5002,

2.00%,

7/25/50

1,670,770

3,295,455

Class

PO

,

Series

5319,

,

0.00%,

8/25/50

2,279,551

881,583

Class

ID

,

Series

5109,

2.50%,

5/25/51

123,052

36,393,748

Class

FD

,

Series

5545,

5.86%(SOFR30A+150bps),

6/25/55

36,762,413

44,909,083

FRESB

Mortgage

Trust

(0.1%):

2,310,345

Class

A10F

,

Series

2021-SB93,

1.81%,

10/25/31,

Callable

9/25/31

@

100.00

2,014,273

249,647

Class

A10F

,

Series

2024-SB115,

4.41%,

8/25/34,

Callable

7/25/34

@

100.00

240,879

837,513

Class

A10H

,

Series

2019-SB60,

3.50%(LIBOR01M+350bps),

1/25/39,

Callable

12/25/28

@

100.00

808,047

3,063,199

Federal

Farm

Credit

Banks

Funding

Corp.

(0.7%):

625,000

3.50%,

9/1/32

603,730

1,045,000

3.88%,

9/20/32

1,032,788

6,095,000

1.68%,

9/17/35,

Callable

10/10/25

@

100.00

4,697,142

3,450,000

1.84%,

1/25/36,

Callable

10/10/25

@

100.00

2,665,808

4,730,000

2.10%,

2/25/36,

Callable

10/10/25

@

100.00

3,744,244

2,569,000

2.50%,

4/14/36,

Callable

10/10/25

@

100.00

2,112,232

2,875,000

2.49%,

5/19/36,

Callable

10/10/25

@

100.00

2,356,422

17,212,366

Federal

Home

Loan

Banks

(0.6%):

4,530,000

3.88%,

6/4/27

4,545,656

4,080,000

3.56%,

5/16/33

3,921,855

1,435,000

1.85%,

1/25/36,

Callable

10/25/25

@

100.00

1,110,002

1,720,000

1.87%,

2/8/36,

Callable

11/8/25

@

100.00

1,332,971

920,000

1.87%,

2/8/36,

Callable

11/8/25

@

100.00

712,337

4,545,000

2.65%,

11/5/41,

Callable

10/10/25

@

100.00

3,316,855

14,939,676

Resolution

Funding

Corp.

Principal

Strip

(0.0%

†

):

1,290,000

4.24%,

4/15/30(c)

1,079,266

Total

U.S.

Government

Agency

Mortgages

(Cost

$926,790,095)

891,484,619

U.S.

Treasury

Obligations

(26.2%):

U.S.

Treasury

Bonds

(11.6%):

1,990,000

5.38%,

2/15/31

2,138,550

14,025,000

4.75%,

2/15/37

14,717,484

7,185,000

5.00%,

5/15/37

7,700,019

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Bonds,

continued

$

18,720,000

1.38%,

11/15/40

$

12,202,369

27,370,000

1.88%,

2/15/41

19,226,356

16,085,000

3.13%,

11/15/41

13,391,391

2,795,000

2.00%,

11/15/41

1,961,195

2,220,000

2.38%,

2/15/42

1,643,841

16,285,000

2.75%,

11/15/42

12,600,519

19,770,000

4.00%,

11/15/42

18,272,577

1,360,000

3.88%,

2/15/43

1,233,775

4,712,500

3.63%,

8/15/43

4,109,999

8,855,000

4.38%,

8/15/43

8,545,421

6,000,000

4.75%,

11/15/43

6,061,641

2,865,000

4.50%,

2/15/44

2,801,433

445,000

4.13%,

8/15/44

413,033

4,380,000

4.63%,

11/15/44

4,339,793

17,085,000

4.75%,

2/15/45

17,191,781

955,000

3.00%,

5/15/45

742,960

4,325,000

5.00%,

5/15/45

4,492,087

775,000

2.88%,

8/15/45

588,485

800,000

4.88%,

8/15/45

817,906

18,635,000

2.25%,

8/15/46

12,420,664

6,855,000

2.88%,

11/15/46

5,128,665

3,105,000

2.75%,

11/15/47

2,243,484

5,645,000

3.00%,

2/15/48

4,261,093

44,535,000

3.13%,

5/15/48(d)

34,318,045

4,055,000

3.38%,

11/15/48

3,256,038

3,935,000

3.00%,

2/15/49

2,945,716

125,000

2.88%,

5/15/49

91,157

11,445,000

1.25%,

5/15/50

5,612,074

19,355,000

1.38%,

8/15/50

9,726,643

2,954,000

1.63%,

11/15/50

1,584,198

16,305,000

2.38%,

5/15/51

10,485,516

1,102,000

1.88%,

11/15/51

623,276

1,054,000

2.25%,

2/15/52

653,521

11,498,000

2.88%,

5/15/52

8,203,104

5,054,000

3.00%,

8/15/52

3,695,737

1,052,000

3.63%,

2/15/53

869,503

2,252,000

3.63%,

5/15/53

1,859,571

875,000

4.75%,

11/15/53

876,299

7,880,000

4.25%,

8/15/54

7,275,764

5,305,000

4.50%,

11/15/54

5,107,928

10,908,000

4.63%,

2/15/55

10,721,371

18,046,000

4.75%,

5/15/55

18,102,394

2,965,000

4.75%,

8/15/55

2,975,655

308,230,031

U.S.

Treasury

Notes

(14.6%):

2,430,000

3.88%,

3/15/28

2,445,282

25,405,000

3.75%,

4/15/28

25,482,406

66,070,000

3.75%,

5/15/28

66,284,211

19,011,000

3.88%,

6/15/28

19,135,760

6,535,000

3.88%,

7/15/28

6,577,631

39,200,000

3.63%,

8/15/28

39,201,531

6,700,000

3.38%,

9/15/28

6,654,461

818,200

1.50%,

11/30/28

766,040

1,697,000

4.63%,

4/30/29

1,751,092

6,632,000

4.25%,

6/30/29

6,764,122

8,665,000

4.00%,

7/31/29

8,760,450

5,850,000

3.13%,

8/31/29

5,729,344

4,134,000

3.63%,

8/31/29

4,123,988

10,336,000

3.50%,

9/30/29

10,264,132

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

76

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Notes,

continued

$

6,032,000

4.13%,

10/31/29

$

6,128,135

5,416,000

4.13%,

11/30/29

5,503,164

6,955,000

4.38%,

12/31/29

7,135,395

9,054,000

4.25%,

1/31/30

9,246,398

10,493,000

4.00%,

2/28/30

10,615,145

6,325,000

3.88%,

4/30/30

6,365,520

3,087,000

3.75%,

5/31/30

3,088,929

9,090,000

3.88%,

7/31/30

9,144,682

882,000

4.00%,

7/31/30

891,922

9,835,000

3.63%,

8/31/30

9,784,672

895,000

4.63%,

9/30/30

930,276

2,637,000

3.75%,

12/31/30

2,634,322

10,598,000

4.00%,

1/31/31

10,708,120

7,910,000

4.25%,

6/30/31

8,083,340

3,000

3.75%,

8/31/31

2,986

3,000

4.38%,

1/31/32

3,083

1,000

4.13%,

2/29/32

1,014

1,000

4.13%,

3/31/32

1,013

40,525,000

4.00%,

4/30/32

40,767,200

3,972,000

4.13%,

5/31/32

4,022,891

1,598,000

4.00%,

6/30/32

1,606,489

14,584,000

4.00%,

7/31/32

14,654,641

3,946,000

4.63%,

2/15/35

4,101,374

13,297,000

4.25%,

5/15/35

13,422,179

12,445,000

4.25%,

8/15/35

12,546,602

385,329,942

Total

U.S.

Treasury

Obligations

(Cost

$739,667,328)

693,559,973

Commercial

Paper

(0.2%):

5,575,000

National

Bank

of

Canada,

4.14%,

2/5/26(a)(c)

5,494,051

Total

Commercial

Paper

(Cost

$5,490,332)

5,494,051

Shares

Affiliated

Investment

Company

(0.0%

†

):

Money

Market

Funds

(0.0%

†

):

330,450

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.03%

+

(c)(e)

330,450

Total

Affiliated

Investment

Company

(Cost

$330,450)

330,450

Unaffiliated

Investment

Company

(1.2%):

Money

Market

Funds

(1.2%):

31,390,919

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.98%(c)

31,390,919

Total

Unaffiliated

Investment

Company

(Cost

$31,390,918)

31,390,919

Total

Investment

Securities

(Cost

$2,808,207,567

)

—

103.5%

2,736,972,009

Net

other

assets

(liabilities)

—

(3.5)%

(92,598,652)

Net

Assets

—

100.0%

$

2,644,373,357

GO—General

Obligation

H15T5Y—5

Year

Treasury

Constant

Maturity

Rate

LIBOR—London

Interbank

Offered

Rate

LIBOR01M—1

Month

US

Dollar

LIBOR

MTN—Medium

Term

Note

SOFR—Secured

Overnight

Financing

Rate

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

77

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025

.

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

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$315,287.

†

Represents

less

than

0.05%.

+

Affiliated

Securities

(a)

Rule

144A,

Section

4(2)

or

other

security

which

is

restricted

to

resale

to

institutional

investors.

(b)

The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

presented

is

the

rate

in

effect

at

September

30,

2025.

(c)

The

rate

represents

the

effective

yield

at

September

30,

2025.

(d)

All

or

a

portion

of

this

security

has

been

pledged

as

collateral

for

open

derivative

positions.

(e)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2025.

Securities

Sold

Short

(-3.8%):

At

September

30,

2025,

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

3.00%

10/25/55

$

(4,882,000‌)

$

(4,310,254‌)

$

(4,287,006‌)

Federal

National

Mortgage

Association,

TBA

3.50%

10/25/55

(8,992,000‌)

(8,254,077‌)

(8,213,630‌)

Federal

National

Mortgage

Association,

TBA

1.50%

10/25/40

(1,781,000‌)

(1,612,223‌)

(1,592,604‌)

Federal

National

Mortgage

Association,

TBA

2.50%

10/25/55

(30,388,000‌)

(25,677,373‌)

(25,592,394‌)

Federal

National

Mortgage

Association,

TBA

2.00%

10/25/55

(26,814,000‌)

(21,653,143‌)

(21,612,503‌)

Federal

National

Mortgage

Association,

TBA

2.00%

10/25/40

(8,355,000‌)

(7,719,922‌)

(7,678,767‌)

Federal

National

Mortgage

Association,

TBA

3.50%

10/25/40

(302,000‌)

(294,426‌)

(292,374‌)

Federal

National

Mortgage

Association,

TBA

4.00%

10/25/55

(12,044,000‌)

(11,452,132‌)

(11,349,588‌)

Federal

National

Mortgage

Association,

TBA

5.50%

10/25/55

(2,378,000‌)

(2,405,960‌)

(2,398,064‌)

Federal

National

Mortgage

Association,

TBA

4.50%

10/25/55

(5,465,000‌)

(5,321,220‌)

(5,300,196‌)

Government

National

Mortgage

Association

Government

National

Mortgage

Association,

TBA

2.50%

10/20/55

(10,010,000‌)

(8,733,587‌)

(8,614,856‌)

Government

National

Mortgage

Association,

TBA

2.00%

10/20/55

(5,639,000‌)

(4,697,075‌)

(4,660,986‌)

$

(102,131,392‌)

$

(101,592,968‌)

Futures

Contracts

At

September

30,

2025,

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

Fund

October

Futures

(U.S.

Dollar)

10/31/25

12

$

(4,796,384‌)

$

(144‌)

30-Day

Federal

Fund

September

Futures

(U.S.

Dollar)

9/30/25

44

(17,560,155‌)

(534‌)

U.S.

Treasury

30-Year

Bond

December

Futures

(U.S.

Dollar)

12/19/25

36

(4,197,375‌)

(90,588‌)

$

(91,266‌)

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

Euro

Schatz

Index

December

Futures

(Euro)

12/8/25

235

$

29,512,244‌

$

(24,982‌)

U.S.

Treasury

10-Year

Note

December

Futures

(U.S.

Dollar)

12/19/25

451

50,737,500‌

15,289‌

U.S.

Treasury

2-Year

Note

December

Futures

(U.S.

Dollar)

12/31/25

891

185,683,008‌

142,079‌

U.S.

Treasury

5-Year

Note

December

Futures

(U.S.

Dollar)

12/31/25

1,172

127,976,906‌

(124,922‌)

$

7,464‌

Total

Net

Futures

Contracts

$

(83,802‌)

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

78

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Forward

Currency

Contracts

At

September

30,

2025,

the

Fund's

open

forward

currency

contracts

were

as

follows:

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

U.S.

Dollar

198,805‌

European

Euro

169,020‌

Citigroup

10/16/25

$

187‌

U.S.

Dollar

164,204‌

European

Euro

139,930‌

CADN

Imperial

Bank

of

Commerce

10/16/25

(230)

Total

Net

Forward

Currency

Contracts

$

(43‌)

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

79

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(41.1%):

Aerospace

&

Defense

(0.5%):

1,378

Axon

Enterprise,

Inc.*

$

988,908

4,188

Boeing

Co.

(The)*

903,896

26

Curtiss-Wright

Corp.

14,116

7,972

General

Dynamics

Corp.

2,718,452

291

HEICO

Corp.

93,941

345

Lockheed

Martin

Corp.

172,227

2,233

Northrop

Grumman

Corp.

1,360,612

1,308

Textron,

Inc.

110,513

6,362,665

Automobile

Components

(0.0%

†

):

11,361

BorgWarner,

Inc.

499,430

Automobiles

(1.4%):

245,182

Ford

Motor

Co.

2,932,377

55,739

General

Motors

Co.

3,398,407

29,628

Tesla,

Inc.*

13,176,164

19,506,948

Banks

(1.5%):

88,507

Bank

of

America

Corp.

4,566,076

34,238

JPMorgan

Chase

&

Co.

10,799,692

9,577

PNC

Financial

Services

Group,

Inc.

(The)

1,924,307

66,081

US

Bancorp

3,193,695

20,483,770

Beverages

(0.2%):

35,348

Keurig

Dr

Pepper,

Inc.

901,727

10,456

PepsiCo,

Inc.

1,468,441

2,370,168

Biotechnology

(1.1%):

31,554

AbbVie,

Inc.

7,306,013

2,427

Biogen,

Inc.*

339,974

12,828

Exelixis,

Inc.*

529,796

35,682

Gilead

Sciences,

Inc.

3,960,702

35,891

Incyte

Corp.*

3,043,916

3,058

PTC

Therapeutics,

Inc.*

187,670

444

Regeneron

Pharmaceuticals,

Inc.

249,648

15,617,719

Broadline

Retail

(1.7%):

103,945

Amazon.com,

Inc.*

22,823,204

Building

Products

(0.4%):

7,720

A

O

Smith

Corp.

566,725

2,738

Armstrong

World

Industries,

Inc.

536,675

4,863

Johnson

Controls

International

plc

534,687

9,385

Resideo

Technologies,

Inc.*

405,244

7,409

Trane

Technologies

plc

3,126,302

5,169,633

Capital

Markets

(1.2%):

12,862

Bank

of

New

York

Mellon

Corp.

(The)

1,401,443

42,330

Charles

Schwab

Corp.

(The)

4,041,245

4,994

Goldman

Sachs

Group,

Inc.

(The)

3,976,972

17,857

Morgan

Stanley

2,838,549

109

Morningstar,

Inc.

25,289

3,781

S&P

Global,

Inc.

1,840,250

24,883

SEI

Investments

Co.

2,111,323

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

3,678

T.

Rowe

Price

Group,

Inc.

$

377,510

16,612,581

Chemicals

(0.4%):

33,100

Corteva,

Inc.

2,238,553

13,158

Ecolab,

Inc.

3,603,450

5,842,003

Commercial

Services

&

Supplies

(0.3%):

17,276

Cintas

Corp.

3,546,072

2,688

Republic

Services,

Inc.

616,842

4,162,914

Communications

Equipment

(0.4%):

45,683

Cisco

Systems,

Inc.

3,125,631

5,043

Motorola

Solutions,

Inc.

2,306,113

5,431,744

Construction

&

Engineering

(0.1%):

883

Comfort

Systems

USA,

Inc.

728,634

1,252

EMCOR

Group,

Inc.

813,224

1,258

Valmont

Industries,

Inc.

487,764

2,029,622

Construction

Materials

(0.2%):

24,920

CRH

plc

2,987,908

Consumer

Finance

(0.4%):

11,511

Capital

One

Financial

Corp.

2,447,008

37,356

Synchrony

Financial

2,654,144

5,101,152

Consumer

Staples

Distribution

&

Retail

(0.5%):

1,532

Costco

Wholesale

Corp.

1,418,065

52,395

Walmart,

Inc.

5,399,829

6,817,894

Diversified

Consumer

Services

(0.1%):

84,397

ADT,

Inc.

735,098

Diversified

Telecommunication

Services

(0.2%):

33,079

AT&T,

Inc.

934,151

44,988

Verizon

Communications,

Inc.

1,977,223

2,911,374

Electric

Utilities

(0.3%):

39,743

NextEra

Energy,

Inc.

3,000,199

8,255

NRG

Energy,

Inc.

1,336,897

4,337,096

Electrical

Equipment

(0.3%):

4,183

AMETEK,

Inc.

786,404

5,326

Eaton

Corp.

plc

1,993,255

29,454

Sensata

Technologies

Holding

plc

899,820

3,679,479

Electronic

Equipment,

Instruments

&

Components

(0.3%):

11,923

Itron,

Inc.*

1,485,129

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

80

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

10,029

Zebra

Technologies

Corp.*

$

2,980,218

4,465,347

Energy

Equipment

&

Services

(0.0%

†

):

560

TechnipFMC

plc

22,092

Entertainment

(1.1%):

8,519

Electronic

Arts,

Inc.

1,718,282

6,477

Netflix,

Inc.*

7,765,405

4,319

ROBLOX

Corp.,

Class

A*

598,268

42,069

Walt

Disney

Co.

(The)

4,816,901

14,898,856

Financial

Services

(2.1%):

23,919

Berkshire

Hathaway,

Inc.,

Class

B*

12,025,038

26,767

Fiserv,

Inc.*

3,451,069

392

Global

Payments,

Inc.

32,568

13,193

Mastercard,

Inc.,

Class

A

7,504,310

29,634

PayPal

Holdings,

Inc.*

1,987,256

15,392

Remitly

Global,

Inc.*

250,890

10,827

Visa,

Inc.,

Class

A

3,696,121

28,947,252

Food

Products

(0.1%):

12,940

Cal-Maine

Foods,

Inc.

1,217,654

Ground

Transportation

(0.8%):

93,063

CSX

Corp.

3,304,667

135,643

Lyft,

Inc.,

Class

A*

2,985,502

348

Norfolk

Southern

Corp.

104,543

26,203

Uber

Technologies,

Inc.*

2,567,108

11,127

Union

Pacific

Corp.

2,630,089

11,591,909

Health

Care

Equipment

&

Supplies

(0.2%):

32,232

Boston

Scientific

Corp.*

3,146,810

Health

Care

Providers

&

Services

(0.5%):

11,087

Cano

Health

LLC*

134,153

4,159

Cardinal

Health,

Inc.

652,797

2,124

Cigna

Group

(The)

612,243

6,186

CVS

Health

Corp.

466,362

6,850

Elevance

Health,

Inc.

2,213,372

1,781

Humana,

Inc.

463,363

51,228

Option

Care

Health,

Inc.*

1,422,089

872

UnitedHealth

Group,

Inc.

301,102

6,265,481

Health

Care

REITs

(0.3%):

22,042

Welltower,

Inc.

3,926,562

Health

Care

Technology

(0.1%):

5,057

Veeva

Systems,

Inc.,

Class

A*

1,506,531

Hotels,

Restaurants

&

Leisure

(0.8%):

27,249

Airbnb,

Inc.,

Class

A*

3,308,574

882

Booking

Holdings,

Inc.

4,762,156

5,408

DraftKings,

Inc.*

202,259

157,907

Global

Business

Travel

Group

I*

1,275,888

3,639

McDonald's

Corp.

1,105,856

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

17,739

Wendy's

Co.

(The)

$

162,489

10,817,222

Household

Durables

(0.1%):

7,728

Garmin,

Ltd.

1,902,788

1

Toll

Brothers,

Inc.

138

1,902,926

Household

Products

(0.2%):

4,143

Colgate-Palmolive

Co.

331,191

18,484

Procter

&

Gamble

Co.

(The)

2,840,067

3,171,258

Industrial

Conglomerates

(0.8%):

20,517

General

Electric

Co.

6,171,924

19,757

Honeywell

International,

Inc.

4,158,848

10,330,772

Insurance

(0.9%):

10,346

Aflac,

Inc.

1,155,648

16,077

Allstate

Corp.

(The)

3,450,928

9,098

Marsh

&

McLennan

Cos.,

Inc.

1,833,520

17,404

Progressive

Corp.

(The)

4,297,918

5,442

Prudential

Financial,

Inc.

564,553

4,991

Travelers

Cos.,

Inc.

(The)

1,393,587

12,696,154

Interactive

Media

&

Services

(3.4%):

58,020

Alphabet,

Inc.,

Class

A

14,104,662

58,715

Alphabet,

Inc.,

Class

C

14,300,038

24,655

Meta

Platforms,

Inc.,

Class

A

18,106,139

46,510,839

IT

Services

(0.0%

†

):

2,662

Okta,

Inc.*

244,105

Life

Sciences

Tools

&

Services

(0.1%):

9,232

Illumina,

Inc.*

876,763

Machinery

(0.0%

†

):

910

Flowserve

Corp.

48,357

Media

(0.3%):

121,030

Comcast

Corp.,

Class

A

3,802,763

Metals

&

Mining

(0.1%):

30,727

Commercial

Metals

Co.

1,760,043

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.0%

†

):

29,511

Rithm

Capital

Corp.

336,130

Multi-Utilities

(0.1%):

7,588

Sempra

682,768

Oil,

Gas

&

Consumable

Fuels

(1.1%):

4,239

Cheniere

Energy,

Inc.

996,080

5,902

Chevron

Corp.

916,522

7,742

ConocoPhillips

732,316

22,123

EOG

Resources,

Inc.

2,480,431

9,242

Expand

Energy

Corp.

981,870

18,650

Exxon

Mobil

Corp.

2,102,787

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

81

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

18,460

Marathon

Petroleum

Corp.

$

3,557,980

4,011

Sanchez

Energy

Corp.*(a)

816,568

48,321

Williams

Cos.,

Inc.

(The)

3,061,135

15,645,689

Paper

&

Forest

Products

(0.0%

†

):

5,714

Acrisure

Holdings,

Inc.*

147,650

Passenger

Airlines

(0.0%

†

):

4,269

SkyWest,

Inc.*

429,547

Pharmaceuticals

(1.2%):

84,304

Bristol-Myers

Squibb

Co.

3,802,110

4,606

Eli

Lilly

&

Co.

3,514,378

7,913

Johnson

&

Johnson

1,467,229

58,771

Merck

&

Co.,

Inc.

4,932,650

88,870

Pfizer,

Inc.

2,264,408

71,806

Viatris,

Inc.

710,879

16,691,654

Professional

Services

(0.2%):

12,548

Leidos

Holdings,

Inc.

2,371,070

2,058

Verisk

Analytics,

Inc.

517,608

2,888,678

Real

Estate

Management

&

Development

(0.0%

†

):

28,800

Compass,

Inc.,

Class

A*

231,264

Semiconductors

&

Semiconductor

Equipment

(5.7%):

8,822

Advanced

Micro

Devices,

Inc.*

1,427,311

5,408

Analog

Devices,

Inc.

1,328,746

1,861

Applied

Materials,

Inc.

381,021

55,745

Broadcom,

Inc.

18,390,833

10,039

Cirrus

Logic,

Inc.*

1,257,786

32,927

Intel

Corp.*

1,104,701

3,251

Lam

Research

Corp.

435,309

5,260

Micron

Technology,

Inc.

880,103

259,970

NVIDIA

Corp.

48,505,203

29,240

QUALCOMM,

Inc.

4,864,366

78,575,379

Software

(4.6%):

12,254

Adobe,

Inc.*

4,322,598

30,908

Alarm.com

Holdings,

Inc.*

1,640,597

1,095

Atlassian

Corp.,

Class

A*

174,872

6,567

Autodesk,

Inc.*

2,086,139

3,413

Docusign,

Inc.*

246,043

69,977

Microsoft

Corp.

36,244,587

6,495

Oracle

Corp.,

ADR

1,826,654

24,239

Palantir

Technologies,

Inc.,

Class

A*

4,421,678

21,052

Salesforce,

Inc.

4,989,324

36,027

Tenable

Holdings,

Inc.*

1,050,547

22,993

Teradata

Corp.*

494,579

11,493

Workday,

Inc.,

Class

A*

2,766,710

36,285

Zoom

Communications,

Inc.*

2,993,513

63,257,841

Specialized

REITs

(0.1%):

200

Digital

Realty

Trust,

Inc.

34,576

713

Equinix,

Inc.

558,450

Shares

Value

Common

Stocks,

continued

Specialized

REITs,

continued

37,276

VICI

Properties,

Inc.

$

1,215,570

1,808,596

Specialty

Retail

(1.0%):

9,627

Abercrombie

&

Fitch

Co.*

823,590

68,583

Gap,

Inc.

(The)

1,466,990

17,186

Home

Depot,

Inc.

(The)

6,963,595

1,415

Lowe's

Cos.,

Inc.

355,604

1

Party

City

Holdco,

Inc.*(a)

—

31,304

TJX

Cos.,

Inc.

(The)

4,524,680

30

Ulta

Beauty,

Inc.*

16,403

14,150,862

Technology

Hardware,

Storage

&

Peripherals

(3.1%):

159,939

Apple,

Inc.

40,725,268

2,864

NetApp,

Inc.

339,269

11,282

Western

Digital

Corp.

1,354,517

42,419,054

Textiles,

Apparel

&

Luxury

Goods

(0.0%

†

):

2,096

Ralph

Lauren

Corp.

657,222

Tobacco

(0.3%):

14,882

Altria

Group,

Inc.

983,105

21,408

Philip

Morris

International,

Inc.

3,472,378

4,455,483

Trading

Companies

&

Distributors

(0.3%):

6,908

Ferguson

Enterprises,

Inc.

1,551,399

13,091

Rush

Enterprises,

Inc.,

Class

A

699,976

2,011

W.W.

Grainger,

Inc.

1,916,402

4,167,777

Total

Common

Stocks

(Cost

$389,090,983)

568,177,692

Preferred

Stocks

(0.0%

†

):

Chemicals

(0.0%

†

):

1,202

Albemarle

Corp.,

7.25%,

3/1/27

45,532

Financial

Services

(0.0%

†

):

600

Apollo

Global

Management,

Inc.,

6.75%,

7/31/26

42,168

IT

Services

(0.0%

†

):

2,000

Strategy,

Inc.,

Series

A,

10.00%

157,420

450

Strategy,

Inc.,

Variable,

Series

A,

10.00%

43,677

201,097

Total

Preferred

Stocks

(Cost

$301,336)

288,797

Contracts

Warrant

(0.0%

†

):

Health

Care

Providers

&

Services

(0.0%

†

):

434

Cano

Health,

Inc.,

12/30/28*

1,454

Total

Warrant

(Cost

$35,000)

1,454

Principal

Amount

Asset-

Backed

Securities

(1.1%):

$

367,815

AASET,

Class

A2,

Series

2024-1A,

6.26%,

5/16/49(b)

379,716

405,994

AASET,

Class

A1,

Series

2024-1A,

6.26%,

5/16/49(b)

418,225

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

82

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Asset-Backed

Securities,

continued

$

331,060

AASET

2025-1,

Class

A,

Series

2025-1A,

5.94%,

2/16/50(b)

$

338,504

46,558

AASET

Trust,

Class

A,

Series

2020-1A,

3.35%,

1/16/40(b)

45,507

60,181

AASET

Trust,

Class

B,

Series

2020-1A,

4.34%,

1/16/40(b)

54,667

27,666

AASET

Trust,

Class

A,

Series

2019-2,

3.38%,

10/16/39(b)

26,962

360,637

AASET

Trust,

Class

A,

Series

2021-1A,

2.95%,

11/16/41(b)

345,430

977,054

AASET

Trust,

Class

A,

Series

2021-2A,

2.80%,

1/15/47(b)

916,737

446,351

ALTDE

Trust,

Class

A,

Series

2025-1A,

5.90%,

8/15/50(b)

454,302

132,953

Blackbird

Capital

Aircraft

Lease

Securitization,

Ltd.,

Class

A,

Series

2016-1A,

4.21%,

12/16/41(b)(c)

132,991

761,983

Blackbird

Capital

II

Aircraft

Lease,

Ltd.,

Class

A,

Series

2021-1A,

2.44%,

7/15/46,

Callable

7/15/28

@

100(b)

719,852

41,891

Castlelake

Aircraft

Securitization

Trust,

Class

A,

Series

2018-1,

4.13%,

6/15/43(b)

41,782

20,156

Castlelake

Aircraft

Structured

Trust,

Class

A,

Series

2021-1A,

3.47%,

1/15/46(b)

20,017

186,315

Castlelake

Aircraft

Structured

Trust,

Class

B,

Series

2019-1A,

5.10%,

4/15/39(b)

176,472

103,396

Castlelake

Aircraft

Structured

Trust,

Class

A,

Series

2019-1A,

3.97%,

4/15/39(b)

99,898

340,400

DB

Master

Finance

LLC,

Class

A2II,

Series

2017-1A,

4.03%,

11/20/47,

Callable

11/20/25

@

100(b)

336,176

216,563

DB

Master

Finance

LLC,

Class

A2I,

Series

2021-1A,

2.05%,

11/20/51,

Callable

11/20/25

@

100(b)

211,156

757,843

Gilead

Aviation

LLC,

Class

A,

Series

2025-1A,

5.79%,

3/15/50(b)

763,472

425,000

GMF

Floorplan

Owner

Revolving

Trust,

Class

A1,

Series

2024-4A,

4.73%,

11/15/29(b)

430,190

159,470

Horizon

Aircraft

Finance

I,

Ltd.,

Class

A,

Series

2018-1,

4.46%,

12/15/38(b)

157,895

69,807

Horizon

Aircraft

Finance

II,

Ltd.,

Class

A,

Series

2019-1,

3.72%,

7/15/39(b)

68,109

305,000

Jersey

Mike's

Funding,

Class

A2,

Series

2025-1A,

5.61%,

8/16/55,

Callable

8/15/29

@

100(b)

310,699

442,775

Jersey

Mike's

Funding

LLC,

Class

A2,

Series

2024-

1A,

5.64%,

2/15/55,

Callable

2/15/29

@

100(b)

451,709

715,000

Navigator

Aviation,

Ltd.,

Class

A,

Series

2025-1,

5.11%,

10/15/50(b)

714,985

193,559

PK

Alift

Loan

Funding

3

LP,

Class

A1,

Series

2024-1,

5.84%,

9/15/39(b)

196,417

597,335

Planet

Fitness

Master

Issuer

LLC,

Class

A2I,

Series

2022-1A,

3.25%,

12/5/51,

Callable

12/5/25

@

100(b)

586,998

207,350

Planet

Fitness

Master

Issuer

LLC,

Class

A2,

Series

2019-1A,

3.86%,

12/5/49,

Callable

12/5/25

@

100(b)

199,328

536,540

Planet

Fitness

Master

Issuer

LLC,

Class

A2II,

Series

2022-1A,

4.01%,

12/5/51,

Callable

12/5/27

@

100(b)

490,350

163,117

Project

Silver,

Class

A,

Series

2019-1,

3.97%,

7/15/44(b)

159,779

142,733

Sapphire

Aviation

Finance

II,

Ltd.,

Class

A,

Series

2020-1A,

3.23%,

3/15/40(b)

136,347

Principal

Amount

Value

Asset-Backed

Securities,

continued

$

342,974

SLAM,

Ltd.,

Class

A,

Series

2025-1A,

5.81%,

5/15/50(b)

$

352,119

693,758

Subway

Funding

LLC,

Class

A23,

Series

2024-3A,

5.91%,

7/30/54,

Callable

7/30/30

@

100(b)

688,868

342,413

Subway

Funding

LLC,

Class

A2II,

Series

2024-3A,

5.57%,

7/30/54,

Callable

7/30/28

@

100(b)

347,354

573,665

Subway

Funding

LLC,

Class

A2II,

Series

2024-1A,

6.27%,

7/30/54,

Callable

7/30/28

@

100(b)

587,440

503,198

Subway

Funding

LLC,

Class

A23,

Series

2024-1A,

6.51%,

7/30/54,

Callable

7/30/30

@

100(b)

522,726

964,710

Subway

Funding

LLC,

Class

A2I,

Series

2024-1A,

6.03%,

7/30/54,

Callable

7/30/27

@

100(b)

978,046

723,533

Subway

Funding

LLC,

Class

A2I,

Series

2024-3A,

5.25%,

7/30/54,

Callable

7/30/27

@

100(b)

722,596

675,000

Taco

Bell

Funding

LLC,

Class

A2I,

Series

2025-1A,

4.82%,

8/25/55(b)

678,480

108,881

Thunderbolt

II

Aircraft

Lease,

Ltd.,

Class

A,

Series

2018-A,

5.96%,

9/15/38(b)(c)

108,813

145,163

Thunderbolt

III

Aircraft

Lease,

Ltd.,

Class

A,

Series

2019-1,

3.67%,

11/15/39(b)

140,330

216,157

Volofin

Finance

Designated

Activity

Co.,

Class

A,

Series

2024-1A,

5.94%,

6/15/37(b)

219,677

401,516

Willis

Engine

Structured

Trust

VIII,

Class

A,

Series

2025-A,

5.58%,

6/15/50(b)

406,965

Total

Asset-Backed

Securities

(Cost

$15,208,827)

15,138,086

Collateralized

Mortgage

Obligations

(3.4%):

370,000

Aimco

CLO

11,

Ltd.,

Class

A1R2,

Series

2020-11A,

5.66%(TSFR3M+134bps),

7/17/37,

Callable

10/17/26

@

100(b)

370,839

387,000

Aimco

CLO

14,

Ltd.,

Class

A1R,

Series

14A(TSFR3M+122bps),

10/20/38(b)

387,169

387,000

Aimco

CLO

14,

Ltd.,

Class

A,

Series

2021-14A,

5.58%(TSFR3M+125bps),

4/20/34,

Callable

10/20/25

@

100(b)

387,000

250,000

Aimco

CLO

19,

Ltd.,

Class

A,

Series

2024-19A,

5.68%(TSFR3M+135bps),

10/20/37,

Callable

10/20/26

@

100(b)

250,589

250,000

Allegro

CLO

XIII,

Ltd.,

Class

A1R,

Series

21-1A,

5.66%(TSFR3M+134bps),

7/20/38,

Callable

7/20/27

@

100(b)

251,036

624,000

Allegro

CLO

XV,

Ltd.,

Class

A1R,

Series

2022-1A,

5.51%(TSFR3M+118bps),

4/20/38,

Callable

4/20/27

@

100(b)

624,936

707,000

Ares

LIV

CLO

Ltd.,

Class

AR2,

Series

2019-54A,

5.62%(TSFR3M+131bps),

7/15/38,

Callable

7/15/27

@

100(b)

710,332

637,000

Ares

Loan

Funding

V,

Ltd.,

Class

A1,

Series

2024-ALF5A,

5.82%(TSFR3M+150bps),

7/27/37,

Callable

7/25/26

@

100(b)

640,503

603,000

Ares

LV

CLO,

Ltd.,

Class

A1R2,

Series

2020-55A,

5.69%(TSFR3M+137bps),

10/15/37,

Callable

10/15/26

@

100(b)

604,429

543,000

Ares

LVIII

CLO,

Ltd.,

Class

A1R2,

Series

2020-58A,

5.56%(TSFR3M+124bps),

4/15/38,

Callable

4/15/27

@

100(b)

544,648

660,000

Ares

XLI

CLO,

Ltd.,

Class

AR2,

Series

2016-41A,

5.65%(TSFR3M+133bps),

4/15/34,

Callable

10/15/25

@

100(b)

660,775

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

83

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

548,000

Bain

Capital

Credit

CLO,

Ltd.,

Class  A1R,

Series

2023-2A,

5.55%(TSFR3M+132bps),

7/18/38(b)

$

550,278

560,000

Barings

CLO,

Ltd.,

Class

AR,

Series

2020-4A,

5.70%(TSFR3M+137bps),

10/20/37,

Callable

10/20/26

@

100(b)

561,329

786,000

Barings

CLO,

Ltd.,

Class

A1R2,

Series

2020-1A,

5.58%(TSFR3M+126bps),

1/15/38,

Callable

1/15/27

@

100(b)

788,316

507,000

BCRED

BSL

Static

CLO,

Ltd.,

Class

AR,

Series

2025-

1A,

5.54%(TSFR3M+125bps),

7/24/35,

Callable

4/24/26

@

100(b)

506,946

417,000

Beechwood

Park

CLO,

Ltd.,

Class

A1R,

Series

2019-

1A,

5.62%(TSFR3M+130bps),

1/17/35,

Callable

10/17/25

@

100(b)

418,360

501,000

Benefit

Street

Partners

CLO,

Ltd.,

Class

A,

Series

2025-43A(TSFR3M+127bps),

10/20/38,

Callable

10/20/27

@

100(b)

501,216

889,000

Bethpage

Park

CLO,

Ltd.,

Class

A,

Series

2021-1A,

5.71%(TSFR3M+139bps),

1/15/35,

Callable

10/15/25

@

100(b)

889,824

733,000

Blueberry

Park

CLO,

Ltd.,

Class

A,

Series

2024-1A,

5.68%(TSFR3M+135bps),

10/20/37,

Callable

10/20/26

@

100(b)

734,743

625,000

Bowling

Green

Park

CLO

LLC,

Class

ARR,

Series

2020-1A,

5.27%(TSFR3M+100bps),

4/18/35,

Callable

1/18/26

@

100(b)

627,069

150,000

Carlyle

US

CLO,

Ltd.,

Class

E,

Series

2024-6A,

10.07%(TSFR3M+575bps),

10/25/37,

Callable

10/25/26

@

100(b)

152,743

409,000

Carlyle

US

CLO,

Ltd.,

Class

A1R,

Series

2021-10A,

5.64%(TSFR3M+131bps),

1/20/38,

Callable

1/20/27

@

100(b)

410,609

738,000

Carlyle

US

CLO,

Ltd.,

Class

A1R,

Series

2021-11A,

5.73%(TSFR3M+141bps),

7/25/37,

Callable

7/25/26

@

100(b)

740,011

8,513,631

Cedar

Funding

V

CLO,

Ltd.,

Class

A1R,

Series

2016-

5A,

5.68%(TSFR3M+136bps),

7/17/31,

Callable

10/17/25

@

100(b)

8,523,495

235,000

Cedar

Funding

VI

CLO,

Ltd.,

Class

ARR,

Series

2016-

6A,

5.64%(TSFR3M+131bps),

4/20/34,

Callable

10/20/25

@

100(b)

235,328

643,000

Cedar

Funding

X

CLO,

Ltd.,

Class

AR2,

Series

2019-

10A,

5.69%(TSFR3M+136bps),

10/20/37,

Callable

10/20/26

@

100(b)

644,525

506,000

Cedar

Funding

XII

CLO,

Ltd.,

Class

ARR,

Series

2020-12A,

5.52%(TSFR3M+120bps),

1/25/38,

Callable

1/25/27

@

100(b)

506,990

942,000

Cedar

Funding

XV

CLO,

Ltd.,

Class

A,

Series

2022-

15A,

5.65%(TSFR3M+132bps),

4/20/35,

Callable

10/20/25

@

100(b)

945,359

479,000

CIFC

Funding,

Ltd.,

Class

A1R2,

Series

2019-5A,

5.36%(TSFR3M+127bps),

10/15/38(b)

480,135

311,000

CIFC

Funding,

Ltd.,

Class

A1,

Series

2025-6A(TSFR3M+125bps),

10/23/38(b)

310,604

1,010,000

Dryden

108

CLO,

Ltd.,

Class

A1R,

Series

2022-

108A,

5.69%(TSFR3M+136bps),

7/18/37,

Callable

7/18/26

@

100(b)

1,014,039

836,000

Dryden

85

CLO,

Ltd.,

Class

A1R2,

Series

2020-85A,

5.70%(TSFR3M+138bps),

7/15/37,

Callable

7/15/26

@

100(b)

837,910

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

670,000

Dryden

90

CLO,

Ltd.,

Class

A1A,

Series

2021-90A,

5.60%(TSFR3M+139bps),

2/20/35,

Callable

11/20/25

@

100(b)

$

672,167

594,000

Eaton

Vance

CLO,

Ltd.,

Class

AR2,

Series

2019-1A,

5.83%(TSFR3M+151bps),

7/15/37,

Callable

7/15/26

@

100(b)

596,722

667,000

Eaton

Vance

CLO,

Ltd.,

Class

ARR,

Series

2020-1A,

5.71%(TSFR3M+139bps),

10/15/37,

Callable

10/15/26

@

100(b)

668,569

930,000

Eaton

Vance

CLO,

Ltd.,

Class

AR2,

Series

2020-2A,

5.70%(TSFR3M+138bps),

10/15/37,

Callable

7/15/26

@

100(b)

932,189

515,000

Flatiron

CLO

21,

Ltd.,

Class

A1R,

Series

2021-1A,

5.69%(TSFR3M+136bps),

10/19/37,

Callable

10/19/26

@

100(b)

516,780

591,000

Flatiron

CLO

26,

Ltd.,

Class

A,

Series

2024-4A,

5.65%(TSFR3M+133bps),

1/15/38,

Callable

1/15/27

@

100(b)

593,611

481,000

Flatiron

CLO

32,

Ltd.,

Class

A1,

Series

2025-32A,

5.61%(TSFR3M+129bps),

10/22/38,

Callable

10/22/27

@

100(b)

480,730

541,000

Flatiron

RR

CLO

30,

Ltd.,

Class

A1,

Series

2025-

30A,

5.44%(TSFR3M+116bps),

4/15/38,

Callable

4/15/27

@

100(b)

541,252

542,000

Green

Lakes

Park

CLO

LLC,

Class

ARR,

Series

2025-

1A,

5.50%(TSFR3M+118bps),

1/25/38,

Callable

1/25/27

@

100(b)

542,786

584,000

Hamlin

Park

CLO,

Ltd.,

Class

A,

Series

2024-1A,

5.67%(TSFR3M+134bps),

10/20/37,

Callable

10/20/26

@

100(b)

584,865

488,000

Invesco

US

CLO,

Ltd.,

Class

A,

Series

2024-3A,

5.84%(TSFR3M+151bps),

7/20/37,

Callable

7/20/26

@

100(b)

490,471

394,000

Lakeside

Park

CLO,

Ltd.,

Class

A,

Series

2025-1A,

5.44%(TSFR3M+115bps),

4/15/38,

Callable

4/15/27

@

100(b)

394,184

320,000

Madison

Park

Funding

L,

Ltd.,

Class

A,

Series

2021-

50A,

5.73%(TSFR3M+140bps),

4/19/34,

Callable

10/19/25

@

100(b)

320,493

379,000

Madison

Park

Funding

XIX,

Ltd.,

Class

AR3,

Series

2015-19A,

5.93%(TSFR3M+160bps),

1/22/37,

Callable

1/22/26

@

100(b)

380,137

250,000

Madison

Park

Funding

XLV,

Ltd.,

Class

ARR,

Series

2020-45A,

5.40%(TSFR3M+108bps),

7/15/34,

Callable

10/15/25

@

100(b)

250,250

337,000

Magnetite

Xli,

Ltd.,

Class

A,

Series

2024-41A,

5.61%(TSFR3M+129bps),

1/25/38,

Callable

1/25/27

@

100(b)

337,987

380,000

Magnetite

Xlv,

Ltd.,

Class

A1,

Series

2025-45A,

5.43%(TSFR3M+115bps),

4/15/38,

Callable

4/15/27

@

100(b)

380,174

250,000

Magnetite

XXI,

Ltd.,

Class

AR,

Series

2019-21A,

5.61%(TSFR3M+128bps),

4/20/34,

Callable

10/20/25

@

100(b)

250,297

680,000

Magnetite

XXIX,

Ltd.,

Class

AR,

Series

2021-29A,

5.67%(TSFR3M+135bps),

7/15/37,

Callable

7/15/26

@

100(b)

681,539

520,000

Magnetite

XXVI,

Ltd.,

Class

AR2,

Series

2020-26A,

5.47%(TSFR3M+115bps),

1/25/38,

Callable

1/25/27

@

100(b)

520,232

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

84

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

827,000

Magnetite

XXVIII,

Ltd.,

Class

A1RR,

Series

2020-

28A,

5.56%(TSFR3M+124bps),

1/15/38,

Callable

1/15/27

@

100(b)

$

829,431

968,000

Magnetite

XXX,

Ltd.,

Class

AR,

Series

2021-30A,

5.67%(TSFR3M+135bps),

10/25/37,

Callable

10/25/26

@

100(b)

970,259

496,000

Magnetite

XXXVI,

Ltd.,

Class

AR,

Series

2023-36A,

5.64%(TSFR3M+132bps),

7/25/38,

Callable

7/25/27

@

100(b)

498,327

650,000

Morgan

Stanley

Eaton

Vance

CLO,

Ltd.,

Class

A1,

Series

2025-21A,

5.28%(TSFR3M+117bps),

4/15/38,

Callable

4/15/27

@

100(b)

650,620

457,000

OCP

CLO,

Ltd.,

Class

AR2,

Series

2020-8RA(TSFR3M+122bps),

10/17/38(b)

457,000

320,000

OCP

CLO,

Ltd.,

Class

AR,

Series

2018-15A,

5.58%(TSFR3M+125bps),

1/20/38,

Callable

1/20/27

@

100(b)

320,949

518,000

OCP

CLO,

Ltd.,

Class

A,

Series

2025-44A,

5.56%(TSFR3M+130bps),

10/24/38,

Callable

10/24/27

@

100(b)

518,935

356,000

OHA

Credit

Funding

14-R,

Ltd.,

Class

A,

Series

2023-14RA,

5.56%(TSFR3M+123bps),

4/20/38,

Callable

4/20/27

@

100(b)

357,068

615,000

OHA

Credit

Funding

4,

Ltd.,

Class

AR2,

Series

2019-

4A,

5.62%(TSFR3M+129bps),

1/22/38,

Callable

1/22/27

@

100(b)

617,349

494,000

OHA

Credit

Funding

6,

Ltd.,

Class

AR2,

Series

2020-

6A,

5.66%(TSFR3M+133bps),

10/20/37,

Callable

10/20/26

@

100(b)

496,444

684,000

OHA

Credit

Partners

VII,

Ltd.,

Class

AR4,

Series

2012-7A,

5.34%(TSFR3M+114bps),

2/20/38,

Callable

2/20/27

@

100(b)

683,966

250,000

OHA

Credit

Partners

XVII,

Ltd.,

Class

A,

Series

2024-17A,

5.65%(TSFR3M+132bps),

1/18/38,

Callable

1/18/27

@

100(b)

250,589

275,813

Palmer

Square

Loan

Funding,

Ltd.,

Class

A1N,

Series

2024-2A,

5.32%(TSFR3M+100bps),

1/15/33,

Callable

1/15/26

@

100(b)

275,959

585,864

Palmer

Square

Loan

Funding,

Ltd.,

Class

A1,

Series

2025-1A,

5.01%(TSFR3M+80bps),

2/15/33,

Callable

5/15/26

@

100(b)

582,003

487,000

Palmer

Square

Loan

Funding,

Ltd.,

Class

A1,

Series

2025-2A,

5.23%(TSFR3M+94bps),

7/15/33,

Callable

10/15/26

@

100(b)

486,408

326,000

Peace

Park

CLO,

Ltd.,

Class

AR,

Series

2021-1A,

5.41%(TSFR3M+125bps),

10/20/38(b)

326,962

272,000

RR

34,

Ltd.,

Class

A1R,

Series

2024-34RA,

5.67%(TSFR3M+135bps),

10/15/39,

Callable

10/15/26

@

100(b)

272,641

315,000

Sixth

Street

CLO

XIX,

Ltd.,

Class

A1R,

Series

2021-

19A,

5.56%(TSFR3M+128bps),

7/17/38(b)

315,800

475,000

Sixth

Street

CLO

XVIII,

Ltd.,

Class

A1R,

Series

2021-

18A,

5.46%(TSFR3M+125bps),

10/17/38(b)

476,523

401,000

Sixth

Street

CLO

XX,

Ltd.,

Class

A1R,

Series

2021-

20A,

5.58%(TSFR3M+132bps),

7/17/38,

Callable

7/17/27

@

100(b)

402,866

377,379

Symphony

CLO

XXVI,

Ltd.,

Class

AR,

Series

2021-

26A,

5.67%(TSFR3M+134bps),

4/20/33,

Callable

10/20/25

@

100(b)

377,978

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

370,000

Voya

CLO,

Ltd.,

Class

A1,

Series

2024-1A,

5.84%(TSFR3M+152bps),

4/15/37,

Callable

7/15/26

@

100(b)

$

371,131

250,000

Voya

CLO,

Ltd.,

Class

A1RR,

Series

2020-2A,

5.64%(TSFR3M+131bps),

1/20/38,

Callable

1/20/27

@

100(b)

250,987

Total

Collateralized

Mortgage

Obligations

(Cost

$46,618,557)

46,737,715

Collateralized

Mortgage-

Backed

Securities

(2.8%):

136,435

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

ANM,

Series

2019-BPR,

3.11%,

11/5/32(b)

128,998

30,000

BANK,

Class

A5,

Series

2019-BN21,

2.85%,

10/17/52,

Callable

10/15/29

@

100

28,366

34,000

Benchmark

Mortgage

Trust,

Class

A5,

Series

2018-

B4,

4.12%,

7/15/51,

Callable

7/15/28

@

100(c)

33,850

320,704

BLP

Commercial

Mortgage

Trust,

Class

A,

Series

2024-IND2,

5.49%(TSFR1M+134bps),

3/15/41(b)

321,346

151,000

BMP,

Class

C,

Series

2024-MF23,

5.99%(TSFR1M+184bps),

6/15/41(b)

151,315

214,000

BMP,

Class

B,

Series

2024-MF23,

5.79%(TSFR1M+164bps),

6/15/41(b)

214,450

433,000

BMP,

Class

A,

Series

2024-MF23,

5.52%(TSFR1M+137bps),

6/15/41(b)

433,474

1,297,708

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL5,

5.54%(TSFR1M+139bps),

3/15/41(b)

1,298,607

221,921

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-XL5,

5.84%(TSFR1M+169bps),

3/15/41(b)

222,213

294,485

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2024-XL5,

6.09%(TSFR1M+194bps),

3/15/41(b)

294,962

1,183,023

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2025-SPOT,

5.59%(TSFR1M+144bps),

4/15/40(b)

1,185,134

425,289

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2025-SPOT,

5.89%(TSFR1M+174bps),

4/15/40(b)

425,512

507,338

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2022-LP2,

5.16%(TSFR1M+101bps),

2/15/39(b)

506,879

294,700

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2022-LP2,

5.46%(TSFR1M+131bps),

2/15/39(b)

294,350

172,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2019-IMC,

5.50%(TSFR1M+135bps),

4/15/34(b)

170,289

83,057

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2023-XL3,

6.34%(TSFR1M+219bps),

12/9/40(b)

83,157

2,362,904

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2019-IMC,

5.20%(TSFR1M+105bps),

4/15/34(b)

2,351,067

92,804

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-XL4,

5.94%(TSFR1M+179bps),

2/15/39(b)

93,041

113,000

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2019-IMC,

5.80%(TSFR1M+165bps),

4/15/34(b)

111,596

119,000

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2019-IMC,

6.10%(TSFR1M+195bps),

4/15/34(b)

117,219

769,540

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-MDHS,

5.79%(TSFR1M+164bps),

5/15/41(b)

770,601

174,504

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-GPA3,

5.44%(TSFR1M+129bps),

12/15/39(b)

174,928

294,700

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2022-LP2,

5.71%(TSFR1M+156bps),

2/15/39(b)

294,348

294,700

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2022-LP2,

6.11%(TSFR1M+196bps),

2/15/39(b)

294,346

71,601

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2023-XL3,

6.79%(TSFR1M+264bps),

12/9/40(b)

71,727

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

85

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

728,508

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL4,

5.59%(TSFR1M+144bps),

2/15/39(b)

$

729,240

375,905

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2023-XL3,

5.91%(TSFR1M+176bps),

12/9/40(b)

376,368

4,383,689

BX

Commercial

Mortgage

Trust

2021-SOAR,

Class

A,

Series

2021-SOAR,

4.94%(TSFR1M+78bps),

6/15/38(b)

4,381,033

210,000

BX

Mortgage

Trust,

Class

D,

Series

2021-PAC,

5.56%(TSFR1M+141bps),

10/15/36(b)

209,210

216,000

BX

Mortgage

Trust,

Class

C,

Series

2021-PAC,

5.36%(TSFR1M+121bps),

10/15/36(b)

215,187

730,000

BX

Mortgage

Trust,

Class

E,

Series

2021-PAC,

6.21%(TSFR1M+206bps),

10/15/36(b)

727,255

2,708,000

BX

Mortgage

Trust,

Class

A,

Series

2021-PAC,

4.95%(TSFR1M+80bps),

10/15/36(b)

2,701,135

162,000

BX

Mortgage

Trust,

Class

B,

Series

2021-PAC,

5.16%(TSFR1M+101bps),

10/15/36(b)

161,490

119,183

BX

Trust,

Class

C,

Series

2024-CNYN,

6.09%(TSFR1M+194bps),

4/15/41(b)

119,342

66,500

BX

Trust,

Class

D,

Series

2022-IND,

6.99%(TSFR1M+284bps),

4/15/37(b)

66,587

79,800

BX

Trust,

Class

C,

Series

2022-IND,

6.44%(TSFR1M+229bps),

4/15/37(b)

79,871

194,000

BX

Trust,

Class

A,

Series

2025-TAIL,

5.55%(TSFR1M+140bps),

6/15/35(b)

193,668

500,274

BX

Trust,

Class

A,

Series

2022-IND

A,

5.64%(TSFR1M+149bps),

4/15/37(b)

500,429

898,870

BX

Trust,

Class

A,

Series

2024-CNYN,

5.59%(TSFR1M+144bps),

4/15/41(b)

900,699

143,020

BX

Trust,

Class

B,

Series

2024-CNYN,

5.84%(TSFR1M+169bps),

4/15/41(b)

143,167

352,800

BX

Trust,

Class

B,

Series

2022-IND,

6.09%(TSFR1M+194bps),

4/15/37(b)

352,903

530,000

BX

Trust

2025-DIME,

Class

A,

Series

2025-DIME,

5.30%(TSFR1M+115bps),

2/15/35(b)

528,933

1,560,912

BX

Trust

2025-ROIC,

Class

A,

Series

2025-ROIC,

5.29%(TSFR1M+114bps),

3/15/30(b)

1,557,317

228,110

BX

Trust

2025-ROIC,

Class

B,

Series

2025-ROIC,

5.54%(TSFR1M+139bps),

3/15/30(b)

227,494

321,745

BX

Trust

2025-ROIC,

Class

C,

Series

2025-ROIC,

5.69%(TSFR1M+154bps),

3/15/30(b)

320,878

404,000

CENT

2025-CITY,

Class

A,

Series

2025-CITY,

5.09%,

7/10/40(b)(c)

408,637

860,000

CSMC

Trust,

Class

D,

Series

2017-PFHP,

6.45%(TSFR1M+230bps),

12/15/30(b)

795,427

157,000

DTP

Commercial

Mortgage

Trust,

Class

A,

Series

2023-STE2,

6.04%,

1/15/41(b)(c)

161,171

1,456,861

ELP

Commercial

Mortgage

Trust,

Class

A,

Series

2021-ELP,

4.97%(TSFR1M+82bps),

11/15/38(b)

1,455,487

165,000

Extended

Stay

America

Trust,

Class

B,

Series

2025-

ESH,

5.75%(TSFR1M+160bps),

10/15/42(b)

165,000

940,000

Extended

Stay

America

Trust,

Class

A,

Series

2025-

ESH,

5.45%(TSFR1M+130bps),

10/15/42(b)

940,000

257,199

Extended

Stay

America

Trust,

Class

B,

Series

2021-

ESH,

5.64%(TSFR1M+149bps),

7/15/38(b)

257,207

189,737

Extended

Stay

America

Trust,

Class

C,

Series

2021-

ESH,

5.96%(TSFR1M+181bps),

7/15/38(b)

189,743

379,474

Extended

Stay

America

Trust,

Class

D,

Series

2021-

ESH,

6.51%(TSFR1M+236bps),

7/15/38(b)

379,485

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

80,000

Extended

Stay

America

Trust,

Class

C,

Series

2025-

ESH,

6.00%(TSFR1M+185bps),

10/15/42(b)

$

80,000

451,153

Extended

Stay

America

Trust,

Class

A,

Series

2021-

ESH,

5.34%(TSFR1M+119bps),

7/15/38(b)

451,166

100,000

GS

Mortgage

Securities

Corp.

Trust,

Class

B,

Series

2021-IP,

5.42%(TSFR1M+126bps),

10/15/36(b)

99,442

100,000

GS

Mortgage

Securities

Corp.

Trust,

Class

C,

Series

2021-IP,

5.82%(TSFR1M+166bps),

10/15/36(b)

99,503

643,000

GS

Mortgage

Securities

Corp.

Trust,

Class

A,

Series

2021-IP,

5.22%(TSFR1M+106bps),

10/15/36(b)

640,192

41,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

CFX,

Series

2018-WPT,

4.95%,

7/5/33(b)

27,832

64,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

DFX,

Series

2018-WPT,

5.35%,

7/5/33(b)

41,134

426,000

Life

Mortgage

Trust,

Class

D,

Series

2022-BMR2,

6.69%(TSFR1M+254bps),

5/15/39,

Callable

5/15/26

@

100(b)

385,427

1,420,000

Life

Mortgage

Trust,

Class

A1,

Series

2022-BMR2,

5.45%(TSFR1M+130bps),

5/15/39,

Callable

5/15/26

@

100(b)

1,381,049

855,000

Life

Mortgage

Trust,

Class

B,

Series

2022-BMR2,

5.94%(TSFR1M+179bps),

5/15/39,

Callable

5/15/26

@

100(b)

788,814

479,000

Life

Mortgage

Trust,

Class

C,

Series

2022-BMR2,

6.24%(TSFR1M+209bps),

5/15/39,

Callable

5/15/26

@

100(b)

437,761

70,000

Life

Mortgage

Trust,

Class

E,

Series

2021-BMR,

6.01%(TSFR1M+186bps),

3/15/38(b)

69,391

10,680

Life

Mortgage

Trust,

Class

C,

Series

2021-BMR,

5.36%(TSFR1M+121bps),

3/15/38(b)

10,634

70,000

Life

Mortgage

Trust,

Class

D,

Series

2021-BMR,

5.66%(TSFR1M+151bps),

3/15/38(b)

69,564

32,082

MHC

Commercial

Mortgage

Trust,

Class

A,

Series

2021-MHC,

5.07%(TSFR1M+92bps),

4/15/38(b)

32,073

132,000

Morgan

Stanley

Capital

I

Trust,

Class

A4,

Series

2018-H4,

4.31%,

12/15/51,

Callable

1/15/29

@

100

130,617

30,231

OPEN

Trust,

Class

A,

Series

2023-AIR,

7.24%(TSFR1M+309bps),

11/15/40(b)

30,230

224,000

OPEN

Trust,

Class

B,

Series

2023-AIR,

7.99%(TSFR1M+384bps),

11/15/40(b)

224,112

250,000

SPGN

Mortgage

Trust,

Class

B,

Series

2022-TFLM,

6.15%(TSFR1M+200bps),

2/15/39,

Callable

2/15/26

@

100(b)

246,307

130,000

SPGN

Mortgage

Trust,

Class

C,

Series

2022-TFLM,

6.80%(TSFR1M+265bps),

2/15/39,

Callable

2/15/26

@

100(b)

127,441

849,746

SREIT

Trust,

Class

A,

Series

2021-MFP,

5.00%(TSFR1M+85bps),

11/15/38(b)

848,943

486,528

SREIT

Trust,

Class

B,

Series

2021-MFP,

5.34%(TSFR1M+119bps),

11/15/38(b)

486,064

301,983

SREIT

Trust,

Class

C,

Series

2021-MFP,

5.59%(TSFR1M+144bps),

11/15/38(b)

301,692

198,805

SREIT

Trust,

Class

D,

Series

2021-MFP,

5.84%(TSFR1M+169bps),

11/15/38(b)

198,612

112,000

TCO

Commercial

Mortgage

Trust,

Class

C,

Series

2024-DPM,

6.14%(TSFR1M+199bps),

12/15/39(b)

112,264

625,000

TCO

Commercial

Mortgage

Trust,

Class

A,

Series

2024-DPM,

5.39%(TSFR1M+124bps),

12/15/39(b)

625,793

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

86

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

152,000

TCO

Commercial

Mortgage

Trust,

Class

B,

Series

2024-DPM,

5.74%(TSFR1M+159bps),

12/15/39(b)

$

151,896

285,000

VLS

Commercial

Mortgage

Trust,

Class

A,

Series

2020-LAB,

2.13%,

10/10/42(b)

243,613

20,000

VLS

Commercial

Mortgage

Trust,

Class

B,

Series

2020-LAB,

2.45%,

10/10/42(b)

16,339

185,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

A,

Series

2021-FCMT,

5.47%(TSFR1M+131bps),

5/15/31(b)

184,546

155,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

A5,

Series

2018-C48,

4.30%,

1/15/52,

Callable

12/15/28

@

100

154,433

Total

Collateralized

Mortgage-

Backed

Securities

(Cost

$38,308,200)

38,013,022

Convertible

Bonds

(0.2%):

Electric

Utilities

(0.0%

†

):

87,000

PG&E

Corp,

4.25%,

12/1/27

88,175

Electronic

Equipment,

Instruments

&

Components

(0.0%

†

):

109,000

MKS,

Inc.,

1.25%,

6/1/30

119,802

IT

Services

(0.1%):

310,000

Redfin

Corp.,

0.50%,

4/1/27

287,850

180,000

Riot

Platforms,

Inc.,

0.75%,

1/15/30(b)

276,806

564,656

Media

(0.1%):

328,992

EchoStar

Corp.,

3.88%,

11/30/30

799,813

Oil,

Gas

&

Consumable

Fuels

(0.0%

†

):

93,000

Golar

LNG,

Ltd.,

2.75%,

12/15/30(b)

93,326

Semiconductors

&

Semiconductor

Equipment

(0.0%

†

):

84,000

ON

Semiconductor

Corp.,

0.00%,

5/1/27

95,270

445,000

Wolfspeed,

Inc.,

1.88%,

12/1/29(d)

192,354

287,624

Total

Convertible

Bonds

(Cost

$1,319,554)

1,953,396

Bank

Loans

(0.5%):

Beverages

(0.0%

†

):

120,000

Actus

Nutrition

Term

B

1Ln,

8.63%

(Term

SOFR+450bps),

7/12/32(b)

119,850

Building

Products

(0.0%

†

):

60,000

Cornerstone

Building

Brands

Term

B,

7.38%

(Term

SOFR+325bps),

4/12/28(b)

56,870

20,000

Cornerstone

Building

Products

Term

1Ln,

9.75%

(Term

SOFR+562.5bps),

8/1/28(b)

19,167

76,037

Capital

Markets

(0.0%

†

):

10,000

Primesource

Term

B

1Ln,

8.63%

(Term

SOFR+450bps),

9/25/31(b)

9,997

140,000

TPC

Group

Term

1Ln,

4.13%

(Term

SOFR+0bps),

12/16/31(b)

134,575

10,000

X

Ai

Term

1Ln,

12.50%,

6/28/30(b)

10,345

160,000

X

Ai

Term

B

1Ln,

11.38%

(Term

SOFR+725bps),

6/28/30(b)

154,600

309,517

Chemicals

(0.1%):

129,399

Hexion

Term

1Ln,

8.13%

(Term

SOFR+400bps),

3/15/29

129,145

Principal

Amount

Value

Bank

Loans,

continued

Chemicals,

continued

$

55,000

Hexion

Term

2Ln,

11.57%

(Term

SOFR+743.75bps),

3/15/30(b)

$

54,203

160,000

Ineos

Quattro

Term

B

1Ln,

8.38%

(Term

SOFR+425bps),

4/2/29(b)

144,133

84,469

Natgasoline

Term

B

1Ln,

9.63%

(Term

SOFR+550bps),

3/29/30(b)

85,243

412,724

Commercial

Services

&

Supplies

(0.0%

†

):

90,000

Atlas

Air

Term

B

1Ln,

7.13%

(Term

SOFR+300bps),

3/18/30(b)

89,534

Construction

&

Engineering

(0.0%

†

):

19,949

Artera

Services

Term

1Ln,

8.63%

(Term

SOFR+450bps),

2/15/31(b)

17,771

20,000

Brandsafway

Term

B

1Ln,

8.63%

(Term

SOFR+450bps),

8/1/30

18,080

35,851

Consumer

Finance

(0.0%

†

):

332,218

United

Planet

Fitness

Term

1Ln,

8.13%

(Term

SOFR+400bps),

12/30/26(b)

318,654

Consumer

Staples

Distribution

&

Retail

(0.0%

†

):

150,000

C&S

Wholesale

Groceries

Term

B

1Ln,

9.13%

(Term

SOFR+500bps),

8/6/30,

Callable

8/2/25

@

101.25(b)

135,562

162,407

TKC

Holdings

Term

1Ln,

16.09%

(LIBOR+1200bps),

2/15/27(b)

163,219

298,781

Distributors

(0.1%):

14,961

US

LBM

Term

B

1Ln,

4.13%

(Term

SOFR+375bps),

12/17/27

14,889

25,000

US

LBM

Term

B

1Ln,

4.13%,

6/6/31(b)

24,880

160,000

US

LBM

Term

B

1Ln,

9.13%

(Term

SOFR+500bps),

6/6/31(b)

167,400

340,127

US

LBM

Term

B

1Ln,

7.88%

(Term

SOFR+375bps),

6/6/31(b)

338,487

545,656

Diversified

Consumer

Services

(0.0%

†

):

282

Prince

Term

1Ln,

8.38%

(Term

SOFR+425bps),

4/23/29(b)

227

Diversified

Telecommunication

Services

(0.0%

†

):

58,849

Altice

USA

Term

B6

1Ln,

8.63%

(Term

SOFR+450bps),

1/18/28(b)

58,433

200,000

Brightspeed

Term

B-DD

1Ln,

8.38%

(Term

SOFR+425bps),

4/3/31(b)

183,000

74,809

Lumen

Technologies

Term

B1

1Ln,

6.48%

(Term

SOFR+235bps),

4/16/29(b)

74,259

79,797

Lumen

Technologies

Term

B2

1Ln

Super

Priority,

6.48%

(Term

SOFR+235bps),

4/15/30(b)

79,209

394,901

Energy

Equipment

&

Services

(0.0%

†

):

603,675

New

Fortress

Energy

Term

B

1Ln,

9.63%

(Term

SOFR+550bps),

10/30/28(b)

290,313

Financial

Services

(0.0%

†

):

8,000

Altice

Financing

Term

B

1Ln,

9.13%

(Term

SOFR+500bps),

10/31/27(b)

6,700

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

87

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Bank

Loans,

continued

Financial

Services,

continued

$

30,000

Level

3

Term

B

1Ln,

8.38%

(Term

SOFR+425bps),

3/29/32(b)

$

30,000

139,644

SFR

Term

B14

1Ln,

9.63%

(Term

SOFR+550bps),

8/15/28(b)

134,757

105,000

Whp

Term

B

1Ln,

8.63%

(Term

SOFR+450bps),

2/20/32(b)

104,983

276,440

Health

Care

Equipment

&

Supplies

(0.0%

†

):

70,000

Quidelortho

Term

B

1Ln,

8.13%

(Term

SOFR+400bps),

8/23/32(b)

69,592

Health

Care

Providers

&

Services

(0.0%

†

):

70,847

Cano

Health

Term

1Ln,

13.63%

(Term

SOFR+950bps),

6/28/29(b)

57,918

45,000

Global

Medical

Response,

Inc.

Term

B

1Ln,

7.63%

(Term

SOFR+350bps),

10/1/32(b)

46,181

64,862

Help

At

Home

Term

1Ln,

9.13%

(Term

SOFR+500bps),

9/24/31(b)

58,234

30,000

Radiology

Partners

Term

B

1Ln,

8.63%

(Term

SOFR+450bps),

6/30/32(b)

29,900

45,000

Team

Health

Term

B

1Ln,

8.63%

(Term

SOFR+450bps),

6/30/28(b)

44,878

237,111

Hotels,

Restaurants

&

Leisure

(0.0%

†

):

151,485

Sizzling

Platter

Term

1Ln,

9.13%

(Term

SOFR+500bps),

7/2/32(b)

148,758

28,515

Sizzling

Platter

Term

DD

1Ln,

6.63%

(Term

SOFR+250bps),

7/2/32+(b)

28,002

75,000

The

Travel

Corp

Term

B

1Ln,

8.63%

(Term

SOFR+450bps),

10/31/31(b)

73,406

250,166

Household

Durables

(0.1%):

214,930

Traeger

Grills

Term

B

1Ln,

7.38%

(Term

SOFR+325bps),

6/29/28(b)

200,265

270,000

Weber

Blackstone

Term

B

1Ln,

7.88%

(Term

SOFR+375bps),

9/17/32(b)

266,962

173,870

Weber-Stephen

Products

Term

B

1Ln,

7.38%

(Term

SOFR+325bps),

10/30/27(b)

171,914

34,731

Weber-Stephen

Products

Term

B

1Ln,

8.38%

(Term

SOFR+425bps),

10/30/27(b)

34,635

673,776

Independent

Power

and

Renewable

Electricity

Producers

(0.0%

†

):

164,000

Esdec

Solar

Term

B

1Ln,

9.13%

(Term

SOFR+500bps),

8/30/28(b)

85,280

Insurance

(0.0%

†

):

130,000

Asurion

Term

B3

2Ln,

9.38%

(Term

SOFR+525bps),

1/31/28(b)

126,425

Interactive

Media

&

Services

(0.0%

†

):

159,122

Constant

Contact

Term

B

1Ln,

8.13%

(Term

SOFR+400bps),

2/10/28(b)

147,237

10,000

Constant

Contact,

Inc.

Term

B

2Ln,

4.13%

(Term

SOFR+0bps),

2/12/29(b)

8,550

155,787

Media

(0.0%

†

):

100,267

COX

Media

Group

Term

B2

1Ln,

7.63%

(Term

SOFR+350bps),

6/18/29(b)

95,686

Principal

Amount

Value

Bank

Loans,

continued

Media,

continued

$

104,922

CSC

Serviceworks

Term

B

1Ln,

8.13%

(Term

SOFR+400bps),

3/4/28

$

87,497

19,949

Nielsen

Holdings

Term

A

1Ln,

8.88%

(Term

SOFR+475bps),

10/11/28(b)

18,952

84,859

Twitter

Term

B1

1Ln,

10.63%

(Term

SOFR+650bps),

10/26/29(b)

83,174

285,309

Metals

&

Mining

(0.0%

†

):

137,424

American

Rock

Salt

Term

1Ln,

8.13%

(Term

SOFR+400bps),

6/9/28(b)

102,296

26,408

American

Rock

Salt

Term

1Ln,

11.13%

(Term

SOFR+700bps),

6/12/28(b)

26,194

7,566

American

Rock

Salt

Term

1Ln

DD,

11.13%

(Term

SOFR+700bps),

6/12/28(b)

7,504

8,647

American

Rock

Salt

Term

1Ln

DD,

11.13%

(Term

SOFR+700bps),

6/12/28(b)+

8,577

144,571

Multi-Utilities

(0.0%

†

):

92,902

Club

Car

Term

1Ln,

8.13%

(Term

SOFR+400bps),

6/1/28(b)

90,450

Oil,

Gas

&

Consumable

Fuels

(0.0%

†

):

74,811

Consolidated

Energy

Term

B

1Ln,

8.63%

(Term

SOFR+450bps),

11/15/30(b)

69,774

125

CVR

Energy

Term

B

1Ln,

8.13%

(Term

SOFR+400bps),

12/30/27(b)

125

69,899

Paper

&

Forest

Products

(0.0%

†

):

100,000

Ahlstrom

Term

B

1Ln,

8.13%

(Term

SOFR+400bps),

5/23/30(b)

99,875

Pharmaceuticals

(0.1%):

365,000

Bausch

Health

Term

B

1Ln,

10.38%

(Term

SOFR+625bps),

10/8/30(b)

359,182

198,977

Lonza

Specialty

Ingredients

Term

B

1Ln,

8.05%

(Term

SOFR+392.5bps),

7/3/28(b)

179,105

538,287

Professional

Services

(0.0%

†

):

215,000

X

Term

1Ln,

4.13%

(Term

SOFR+0bps),

10/26/29(b)

215,508

Semiconductors

&

Semiconductor

Equipment

(0.0%

†

):

205,929

Wolfspeed,

Inc.

PIK

VAR,

4.13%

(Term

SOFR+0bps),

6/23/30(b)(d)

205,929

Software

(0.1%):

92,438

Finastra

Term

1Ln,

11.38%

(Term

SOFR+725bps),

9/13/29(b)

92,438

2,086

ION

Analytics

Term

1Ln,

7.88%

(Term

SOFR+375bps),

2/16/28(b)

2,085

216,024

M2s

Group

Term

B

1Ln,

8.88%

(Term

SOFR+475bps),

8/25/31(b)

213,756

94,689

Solera

Term

B

1Ln,

8.13%

(Term

SOFR+400bps),

6/2/28(b)

91,152

45,000

Solera

Term

PIK

Term

2Ln,

13.13%

(Term

SOFR+900bps),

6/4/29(b)

42,750

442,181

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

88

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Bank

Loans,

continued

Specialized

REITs

(0.0%

†

):

$

160,000

Uniti

Group

Term

B

1Ln,

8.13%

(Term

SOFR+400bps),

9/27/32(b)

$

158,400

Specialty

Retail

(0.0%

†

):

40,000

American

Axle

Manufacturing

Term

C

1Ln,

7.38%

(Term

SOFR+325bps),

9/20/32(b)

39,750

1,867

At

Home

Group

Inc

Term

A,

12.13%

(Term

SOFR+800bps),

10/17/25(b)

1,858

1,787

At

Home

Group

Inc

Term

A,

12.13%

(Term

SOFR+800bps),

10/17/25(b)

1,778

703

At

Home

Group

Inc

Term

A,

12.13%,

10/17/25(b)+

700

65,000

At

Home

Group

Inc.

Term

B,

8.13%

(Term

SOFR+400bps),

10/17/25(b)(d)

65

75

Mavis

Tire

Term

B

1Ln,

4.13%

(Term

SOFR+300bps),

5/4/28

75

49,874

Staples

Term

B

1Ln,

9.88%

(Term

SOFR+575bps),

9/4/29(b)

47,186

91,412

Textiles,

Apparel

&

Luxury

Goods

(0.0%

†

):

73,469

Tory

Burch

Term

B

1Ln,

7.38%

(Term

SOFR+325bps),

11/4/28(b)

72,262

Trading

Companies

&

Distributors

(0.0%

†

):

117

Foundation

Building

Materials

Term

1Ln,

4.13%

(Term

SOFR+325bps),

1/31/28(b)

117

Total

Bank

Loans

(Cost

$7,306,653)

7,180,822

Corporate

Bonds

(13.8%):

Aerospace

&

Defense

(0.2%):

1,145,000

Boeing

Co.

(The),

5.04%,

5/1/27,

Callable

3/1/27

@

100

1,157,518

145,000

Boeing

Co.

(The),

5.15%,

5/1/30,

Callable

2/1/30

@

100

148,709

165,000

Boeing

Co.

(The),

6.39%,

5/1/31,

Callable

3/1/31

@

100

179,602

176,000

Boeing

Co.

(The),

6.53%,

5/1/34,

Callable

2/1/34

@

100

194,378

100,000

Boeing

Co.

(The),

5.81%,

5/1/50,

Callable

11/1/49

@

100

98,964

266,000

Boeing

Co.

(The),

6.86%,

5/1/54,

Callable

11/1/53

@

100

302,525

200,000

BWX

Technologies,

Inc.,

4.13%,

6/30/28,

Callable

10/18/25

@

100(b)

194,750

400,000

TransDigm,

Inc.,

6.38%,

3/1/29,

Callable

3/1/26

@

103.19(b)

408,000

150,000

TransDigm,

Inc.,

7.13%,

12/1/31,

Callable

12/1/26

@

103.56(b)

156,187

215,000

TransDigm,

Inc.,

6.38%,

5/31/33,

Callable

5/31/28

@

103.19(b)

217,688

30,000

TransDigm,

Inc.,

6.25%,

1/31/34,

Callable

8/31/28

@

103.13(b)

30,750

150,000

TransDigm,

Inc.,

6.75%,

1/31/34,

Callable

8/31/28

@

103.38(b)

155,062

3,244,133

Air

Freight

&

Logistics

(0.0%

†

):

50,000

Clue

Opco

LLC,

9.50%,

10/15/31,

Callable

10/15/26

@

104.75^(b)

53,375

Principal

Amount

Value

Corporate

Bonds,

continued

Automobile

Components

(0.0%

†

):

$

10,000

Clarios

Global

LP/Clarios

US

Finance

Co.,

6.75%,

2/15/30,

Callable

2/15/27

@

103.38(b)

$

10,300

133,000

Clarios

Global

LP/Clarios

US

Finance

Co.,

6.75%,

9/15/32,

Callable

9/15/28

@

103.38(b)

135,992

35,000

MIWD

Holdco

II

LLC/MIWD

Finance

Corp.,

5.50%,

2/1/30,

Callable

11/2/25

@

102.75(b)

34,125

115,000

Patrick

Industries,

Inc.,

6.38%,

11/1/32,

Callable

11/1/27

@

103.19(b)

116,438

75,000

Rivian

Holdings

LLC/Rivian

LLC/Rivian

Automotive

LLC,

10.00%,

1/15/31,

Callable

1/15/28

@

105(b)

69,562

50,000

ZF

North

America

Capital,

Inc.,

7.50%,

3/24/31,

Callable

1/24/31

@

100(b)

49,625

95,000

ZF

North

America

Capital,

Inc.,

6.88%,

4/23/32,

Callable

2/23/32

@

100(b)

90,844

506,886

Automobiles

(0.0%

†

):

55,000

GPD

Cos.,

Inc.,

12.50%,

12/31/29,

Callable

6/30/26

@

106.25(b)

41,800

Banks

(2.2%):

151,000

Bank

of

America

Corp.,

4.45%,

3/3/26,

MTN

150,988

1,300,000

Bank

of

America

Corp.,

3.42%

(TSFR3M),

12/20/28,

Callable

12/20/27

@

100

1,280,743

980,000

Bank

of

America

Corp.,

2.30%

(SOFR),

7/21/32,

Callable

7/21/31

@

100

869,796

6,359,000

Bank

of

America

Corp.,

5.02%

(SOFR),

7/22/33,

Callable

7/22/32

@

100

6,494,033

90,000

Bank

of

America

Corp.,

6.25%

(H15T5Y),

12/31/99,

Callable

7/26/30

@

100

91,238

1,098,000

Citigroup,

Inc.,

4.30%,

11/20/26

1,100,802

1,156,000

Citigroup,

Inc.,

4.41%

(SOFR),

3/31/31,

Callable

3/31/30

@

100

1,154,495

2,635,000

Citigroup,

Inc.,

4.91%

(SOFR),

5/24/33,

Callable

5/24/32

@

100

2,665,187

165,000

First-Citizens

Bank

&

Trust

Co.,

6.13%,

3/9/28

171,148

2,500,000

JPMorgan

Chase

&

Co.,

4.49%

(TSFR3M),

3/24/31,

Callable

3/24/30

@

100

2,519,188

181,000

JPMorgan

Chase

&

Co.,

2.96%

(TSFR3M),

5/13/31,

Callable

5/13/30

@

100

169,766

4,247,000

JPMorgan

Chase

&

Co.,

4.59%

(SOFR),

4/26/33,

Callable

4/26/32

@

100

4,252,011

937,000

JPMorgan

Chase

&

Co.,

4.91%

(SOFR),

7/25/33,

Callable

7/25/32

@

100

956,804

633,000

JPMorgan

Chase

&

Co.,

5.57%

(SOFR),

4/22/36,

Callable

4/22/35

@

100

668,009

724,000

Santander

Holdings

USA,

Inc.,

6.50%

(SOFR),

3/9/29,

Callable

3/9/28

@

100

753,834

1,099,000

Wells

Fargo

&

Co.,

3.53%

(SOFR),

3/24/28,

Callable

3/24/27

@

100

1,089,231

2,645,000

Wells

Fargo

&

Co.,

4.48%

(TSFR3M),

4/4/31,

Callable

4/4/30

@

100,

MTN

2,661,518

2,221,000

Wells

Fargo

&

Co.,

5.15%

(SOFR),

4/23/31,

Callable

4/23/30

@

100

2,293,696

428,000

Wells

Fargo

&

Co.,

5.50%

(SOFR),

1/23/35,

Callable

1/23/34

@

100

446,448

637,000

Wells

Fargo

&

Co.,

5.61%

(SOFR),

4/23/36,

Callable

4/23/35

@

100

667,622

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

89

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Banks,

continued

$

115,000

Western

Alliance

Bancorp,

3.00%

(TSFR3M),

6/15/31,

Callable

6/15/26

@

100

$

111,672

30,568,229

Biotechnology

(0.0%

†

):

155,000

Emergent

BioSolutions,

Inc.,

3.88%,

8/15/28,

Callable

10/18/25

@

100(b)

127,488

Building

Products

(0.1%):

120,000

Builders

FirstSource,

Inc.,

4.25%,

2/1/32,

Callable

8/1/26

@

102.13(b)

112,800

210,000

Builders

FirstSource,

Inc.,

6.75%,

5/15/35,

Callable

5/15/30

@

103.38(b)

218,662

73,000

Carrier

Global

Corp.,

5.90%,

3/15/34,

Callable

12/15/33

@

100

78,310

45,000

Carrier

Global

Corp.,

6.20%,

3/15/54,

Callable

9/15/53

@

100

49,007

50,000

Cornerstone

Building

Brands,

Inc.,

6.13%,

1/15/29,

Callable

11/2/25

@

100(b)

40,625

45,000

Cornerstone

Building

Brands,

Inc.,

9.50%,

8/15/29,

Callable

8/15/26

@

104.75(b)

43,594

45,000

JELD-WEN,

Inc.,

4.88%,

12/15/27,

Callable

11/2/25

@

100.81^(b)

43,762

115,000

Resideo

Funding,

Inc.,

6.50%,

7/15/32,

Callable

7/15/27

@

103.25(b)

118,019

704,779

Capital

Markets

(1.3%):

421,000

Ares

Strategic

Income

Fund,

5.45%,

9/9/28,

Callable

8/9/28

@

100(b)

423,887

340,000

Ares

Strategic

Income

Fund,

5.80%,

9/9/30,

Callable

8/9/30

@

100(b)

344,526

90,000

BCPE

Flavor

Debt

Merger

Sub

LLC

and

BCPE

Flavor

Issuer,

Inc.,

9.50%,

7/1/32,

Callable

7/1/28

@

104.75(b)

93,712

200,000

Beach

Acquisition

Bidco

LLC,

10.00%,

7/15/33,

Callable

7/15/28

@

103(b)

216,000

90,000

CrossCountry

Intermediate

Holdco,

LLC,

6.50%,

10/1/30,

Callable

10/1/27

@

103.25(b)

90,225

90,000

EF

Holdco

/

EF

Cayman

Hold

/

Ellington

Fin

REIT

Cayman/TRS

/

EF

Cayman

Non-MTM,

7.38%,

9/30/30,

Callable

9/30/27

@

103.69(b)

90,000

2,880,000

Goldman

Sachs

Group,

Inc.

(The),

3.80%,

3/15/30,

Callable

12/15/29

@

100

2,836,201

1,263,000

Goldman

Sachs

Group,

Inc.

(The),

2.38%

(SOFR),

7/21/32,

Callable

7/21/31

@

100

1,125,970

3,062,000

Goldman

Sachs

Group,

Inc.

(The),

3.10%

(SOFR),

2/24/33,

Callable

2/24/32

@

100

2,810,337

128,000

Goldman

Sachs

Group,

Inc.

(The),

6.75%,

10/1/37

143,655

145,000

HAH

Group

Holding

Co.

LLC,

9.75%,

10/1/31,

Callable

10/1/27

@

104.88(b)

137,750

200,000

Inversion

Escrow

Issuer

LLC,

6.75%,

8/1/32,

Callable

8/1/28

@

103.38(b)

196,500

210,000

Jefferies

Finance

LLC/JFIN

Co.-Issuer

Corp.,

6.63%,

10/15/31,

Callable

10/15/27

@

103.31(b)

211,307

140,000

Kronos

Acquisition

Holdings,

Inc.,

8.25%,

6/30/31,

Callable

6/30/27

@

104.13(b)

108,850

110,000

MajorDrive

Holdings

IV

LLC,

6.38%,

6/1/29,

Callable

11/2/25

@

101.59(b)

89,512

2,534,000

Morgan

Stanley,

3.62%

(SOFR),

4/1/31,

Callable

4/1/30

@

100

2,458,434

Principal

Amount

Value

Corporate

Bonds,

continued

Capital

Markets,

continued

$

483,000

Morgan

Stanley,

5.19%

(SOFR),

4/17/31,

Callable

4/17/30

@

100

$

498,697

2,236,000

Morgan

Stanley,

4.89%

(SOFR),

7/20/33,

Callable

7/20/32

@

100

2,270,050

1,700,000

Morgan

Stanley,

6.34%

(SOFR),

10/18/33,

Callable

10/18/32

@

100

1,867,396

383,000

Morgan

Stanley,

5.66%

(SOFR),

4/17/36,

Callable

4/17/35

@

100

404,746

55,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

4.63%,

8/1/29,

Callable

10/13/25

@

101.16

45,375

425,000

MSCI,

Inc.,

5.25%,

9/1/35,

Callable

6/1/35

@

100

428,522

125,000

Olympus

Water

US

Holding

Corp.,

7.25%,

6/15/31,

Callable

6/15/27

@

103.63(b)

126,719

225,000

Olympus

Water

US

Holding

Corp.,

7.25%,

2/15/33,

Callable

10/1/28

@

103.63(b)

225,000

96,809

SGUS

LLC,

11.00%,

12/15/29,

Callable

6/30/26

@

103(b)

91,000

308,000

Sixth

Street

Specialty

Lending,

Inc.,

6.13%,

3/1/29,

Callable

2/1/29

@

100^

317,397

45,000

Stonex

Escrow

Issuer

LLC,

6.88%,

7/15/32,

Callable

7/15/28

@

103.44(b)

46,125

17,697,893

Chemicals

(0.3%):

321,006

Advancion

Sciences,

Inc.,

9.25%,

11/1/26,

Callable

11/2/25

@

100(b)

283,689

220,000

Allied

Universal

Holdco

LLC,

7.88%,

2/15/31,

Callable

2/15/27

@

103.94(b)

229,900

399,000

Celanese

US

Holdings

LLC,

6.85%,

11/15/28,

Callable

10/15/28

@

100

413,963

70,000

Celanese

US

Holdings

LLC,

6.50%,

4/15/30,

Callable

4/15/27

@

103.25

70,290

405,000

Celanese

US

Holdings

LLC,

7.05%,

11/15/30,

Callable

9/15/30

@

100

418,163

160,000

Celanese

US

Holdings

LLC,

6.75%,

4/15/33,

Callable

4/15/28

@

103.38^

159,015

236,000

Celanese

US

Holdings

LLC,

7.20%,

11/15/33,

Callable

8/15/33

@

100

244,555

185,000

Chemours

Co.

(The),

5.75%,

11/15/28,

Callable

10/13/25

@

101.92(b)

180,375

95,000

Chemours

Co.

(The),

8.00%,

1/15/33,

Callable

1/15/28

@

104(b)

94,525

230,000

Entegris,

Inc.,

3.63%,

5/1/29,

Callable

11/2/25

@

101.81(b)

218,500

210,000

Entegris,

Inc.,

5.95%,

6/15/30,

Callable

10/13/25

@

102.98(b)

212,100

95,000

Mativ

Holdings,

Inc.,

8.00%,

10/1/29,

Callable

10/1/26

@

104^(b)

94,050

115,000

Methanex

US

Operations,

Inc.,

6.25%,

3/15/32,

Callable

9/15/31

@

100(b)

117,444

85,000

Olin

Corp.,

5.63%,

8/1/29,

Callable

11/2/25

@

101.88

85,212

350,000

Olin

Corp.,

6.63%,

4/1/33,

Callable

4/1/28

@

103.31(b)

352,187

265,000

Tronox,

Inc.,

4.63%,

3/15/29,

Callable

11/2/25

@

101.16(b)

172,250

220,000

WR

Grace

Holdings

LLC,

5.63%,

8/15/29,

Callable

11/2/25

@

101.41(b)

204,875

40,000

WR

Grace

Holdings

LLC,

7.38%,

3/1/31,

Callable

3/1/26

@

103.69(b)

40,650

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

90

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Chemicals,

continued

$

130,000

WR

Grace

Holdings

LLC,

6.63%,

8/15/32,

Callable

8/15/28

@

103.31(b)

$

128,375

3,720,118

Commercial

Services

&

Supplies

(0.1%):

90,000

ADT

Security

Corp.

(The),

5.88%,

10/15/33,

Callable

10/15/32

@

100(b)

90,000

125,000

Allied

Universal

Holdco

LLC/Allied

Universal

Finance

Corp.,

6.88%,

6/15/30,

Callable

6/15/27

@

103.44(b)

128,281

75,000

Beacon

Mobility

Corp.,

7.25%,

8/1/30,

Callable

8/1/27

@

103.63(b)

77,906

40,000

Clean

Harbors,

Inc.,

6.38%,

2/1/31,

Callable

2/1/26

@

103.19(b)

40,800

150,000

CoreCivic,

Inc.,

8.25%,

4/15/29,

Callable

4/15/26

@

104.13

157,875

110,000

GEO

Group,

Inc.

(The),

8.63%,

4/15/29,

Callable

4/15/26

@

104.31

116,050

120,000

GEO

Group,

Inc.

(The),

10.25%,

4/15/31,

Callable

4/15/27

@

105.13

132,000

45,000

JH

North

America

Holdings,

Inc.,

6.13%,

7/31/32,

Callable

7/31/28

@

103.06(b)

46,069

130,000

OT

Midco,

Inc.,

10.00%,

2/15/30,

Callable

2/15/27

@

105(b)

87,912

300,000

Rand

Parent

LLC,

8.50%,

2/15/30,

Callable

2/15/26

@

104.25^(b)

310,875

90,000

Reworld

Holding

Corp.,

4.88%,

12/1/29,

Callable

11/2/25

@

102.44(b)

84,825

110,000

TKC

Holdings,

Inc.,

6.88%,

5/15/28,

Callable

11/2/25

@

101.72(b)

110,825

130,000

TKC

Holdings,

Inc.,

10.50%,

5/15/29,

Callable

11/2/25

@

102.63(b)

133,250

50,000

Waste

Pro

USA,

Inc.,

7.00%,

2/1/33,

Callable

2/1/28

@

103.5(b)

51,813

1,568,481

Construction

&

Engineering

(0.1%):

220,000

AECOM,

6.00%,

8/1/33,

Callable

8/1/28

@

103(b)

224,400

486,000

Artera

Services

LLC,

8.50%,

2/15/31,

Callable

2/15/27

@

104.25(b)

428,895

85,000

Pike

Corp.,

8.63%,

1/31/31,

Callable

1/31/27

@

104.31(b)

90,844

210,000

Railworks

Holdings

LP/Railworks

Rally,

Inc.,

8.25%,

11/15/28,

Callable

11/2/25

@

104.13(b)

212,625

85,000

Williams

Scotsman,

Inc.,

6.63%,

4/15/30,

Callable

4/15/27

@

103.31(b)

87,125

1,043,889

Construction

Materials

(0.0%

†

):

90,000

Ameritex

Holdco

Intermediate

LLC,

7.63%,

8/15/33,

Callable

8/15/28

@

103.81(b)

93,262

170,000

Smyrna

Ready

Mix

Concrete

LLC,

6.00%,

11/1/28,

Callable

11/2/25

@

101(b)

169,363

130,000

Smyrna

Ready

Mix

Concrete

LLC,

8.88%,

11/15/31,

Callable

11/15/26

@

104.44(b)

136,825

55,000

Star

Holding

LLC,

8.75%,

8/1/31,

Callable

8/1/27

@

104.38(b)

54,381

453,831

Principal

Amount

Value

Corporate

Bonds,

continued

Consumer

Finance

(0.7%):

$

1,500,000

Ally

Financial,

Inc.,

5.75%,

11/20/25,

Callable

11/2/25

@

100

$

1,500,764

1,000,000

Ally

Financial,

Inc.,

7.10%,

11/15/27,

Callable

10/15/27

@

100

1,052,001

220,000

Ally

Financial,

Inc.,

6.65%

(H15T5Y),

1/17/40,

Callable

10/19/34

@

100

219,956

380,000

Ally

Financial,

Inc.,

Series

B,

4.70%

(H15T5Y),

Callable

5/15/26

@

100

371,832

2,253,000

Capital

One

Financial

Corp.,

4.50%,

1/30/26,

Callable

11/30/25

@

100

2,250,206

738,000

Capital

One

Financial

Corp.,

3.27%

(SOFR),

3/1/30,

Callable

3/1/29

@

100^

710,423

250,000

Capital

One

NA,

5.97%

(USISOA05),

8/9/28

258,651

200,000

Encore

Capital

Group,

Inc.,

9.25%,

4/1/29,

Callable

4/1/26

@

104.63(b)

210,000

89,000

Ford

Motor

Credit

Co.

LLC,

5.73%,

9/5/30,

Callable

8/5/30

@

100

89,926

50,000

Navient

Corp.,

5.00%,

3/15/27,

Callable

9/15/26

@

100

49,812

85,000

Navient

Corp.,

4.88%,

3/15/28,

Callable

6/15/27

@

100

83,513

45,000

Navient

Corp.,

5.50%,

3/15/29,

Callable

6/15/28

@

100

44,156

128,000

Navient

Corp.,

7.88%,

6/15/32,

Callable

9/15/31

@

100

135,040

95,000

OneMain

Finance

Corp.,

3.88%,

9/15/28,

Callable

11/2/25

@

100.97

90,962

115,000

OneMain

Finance

Corp.,

6.63%,

5/15/29,

Callable

11/15/28

@

100

118,019

130,000

OneMain

Finance

Corp.,

6.13%,

5/15/30,

Callable

11/15/29

@

100

131,788

250,000

OneMain

Finance

Corp.,

4.00%,

9/15/30,

Callable

11/2/25

@

102

232,500

170,000

OneMain

Finance

Corp.,

7.13%,

9/15/32,

Callable

6/15/28

@

103.56

175,950

45,000

OneMain

Finance

Corp.,

6.50%,

3/15/33,

Callable

9/15/28

@

103.25

45,056

80,000

PRA

Group,

Inc.,

8.88%,

1/31/30,

Callable

6/1/26

@

104.44(b)

82,600

80,000

SLM

Corp.,

6.50%,

1/31/30,

Callable

12/31/29

@

100

83,400

1,613,000

Synchrony

Financial,

3.95%,

12/1/27,

Callable

9/1/27

@

100

1,594,792

9,531,347

Consumer

Staples

Distribution

&

Retail

(0.1%):

40,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

3.50%,

3/15/29,

Callable

11/2/25

@

100(b)

37,850

90,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

6.25%,

3/15/33,

Callable

3/15/28

@

103.13(b)

92,138

120,000

KeHE

Distributors

LLC/KeHE

Finance

Corp./

NextWave

Distribution,

Inc.,

9.00%,

2/15/29,

Callable

2/15/26

@

104.5(b)

126,300

85,000

Performance

Food

Group,

Inc.,

6.13%,

9/15/32,

Callable

9/15/27

@

103.06(b)

86,806

420,000

US

Foods,

Inc.,

4.63%,

6/1/30,

Callable

11/2/25

@

102.31(b)

411,075

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

91

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Consumer

Staples

Distribution

&

Retail,

continued

$

80,000

US

Foods,

Inc.,

7.25%,

1/15/32,

Callable

9/15/26

@

103.63(b)

$

83,800

90,000

Wholesale

Grocers

Term,

0.00%,

8/5/30

87,750

925,719

Containers

&

Packaging

(0.1%):

195,000

Ardagh

Metal

Packaging

Finance

USA

LLC/Ardagh

Metal

Packaging

Finance

plc,

6.00%,

6/15/27,

Callable

11/2/25

@

101.5(b)

194,004

340,000

Clydesdale

Acquisition

Holdings,

Inc.,

6.63%,

4/15/29,

Callable

11/2/25

@

103.31(b)

343,400

80,000

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%,

4/15/30,

Callable

11/2/25

@

104.38(b)

82,000

125,000

Clydesdale

Acquisition

Holdings,

Inc.,

6.75%,

4/15/32,

Callable

4/15/28

@

103.38(b)

128,281

120,000

Crown

Americas

LLC,

5.88%,

6/1/33,

Callable

6/1/28

@

102.94(b)

120,900

65,000

Graphic

Packaging

International

LLC,

3.75%,

2/1/30,

Callable

8/1/29

@

100(b)

60,775

135,000

Graphic

Packaging

International

LLC,

6.38%,

7/15/32,

Callable

5/15/27

@

103.19(b)

136,856

25,000

Sealed

Air

Corp.,

5.00%,

4/15/29,

Callable

11/2/25

@

102.5(b)

24,813

1,091,029

Distributors

(0.0%

†

):

169,100

Saks

Global

Enterprises

LLC,

11.00%,

12/15/29,

Callable

12/15/26

@

105.5(b)

86,241

Diversified

Consumer

Services

(0.1%):

45,000

Service

Corp.

International,

5.75%,

10/15/32,

Callable

10/15/27

@

102.88

45,506

140,000

Sotheby's,

7.38%,

10/15/27,

Callable

10/13/25

@

100(b)

139,825

211,000

StoneMor,

Inc.,

8.50%,

5/15/29,

Callable

11/2/25

@

102.13(b)

205,989

100,000

Wand

NewCo.

3,

Inc.,

7.63%,

1/30/32,

Callable

1/30/27

@

103.81(b)

105,250

245,000

Wayfair

LLC,

7.25%,

10/31/29,

Callable

10/31/26

@

103.63(b)

253,269

310,000

Wayfair

LLC,

7.75%,

9/15/30,

Callable

9/15/27

@

103.88(b)

325,500

1,075,339

Diversified

REITs

(0.2%):

130,000

BW

Real

Estate,

Inc.,

9.50%

(H15T5Y),

Callable

3/30/30

@

100(b)

134,114

189,000

Piedmont

Operating

Partnership

LP,

2.75%,

4/1/32,

Callable

1/1/32

@

100

161,178

96,000

Store

Capital

LLC,

4.63%,

3/15/29,

Callable

12/15/28

@

100

95,263

1,277,000

Store

Capital

LLC,

2.75%,

11/18/30,

Callable

8/18/30

@

100

1,158,949

145,000

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

10.50%,

2/15/28,

Callable

10/6/25

@

105.25(b)

152,612

367,000

Ventas

Realty

LP,

3.00%,

1/15/30,

Callable

10/15/29

@

100

347,412

66,000

WP

Carey,

Inc.,

3.85%,

7/15/29,

Callable

4/15/29

@

100

64,950

2,114,478

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

Telecommunication

Services

(0.1%):

$

90,000

ATP

Tower

Holdings/Andean

Telecom

Partners

Chile

SpA/Andean

Tower

Partners

C,

7.88%,

2/3/30,

Callable

2/3/27

@

103.94(b)

$

92,138

60,000

Cablevision

Lightpath

LLC,

3.88%,

9/15/27,

Callable

10/13/25

@

100(b)

58,200

15,000

Cablevision

Lightpath

LLC,

5.63%,

9/15/28,

Callable

10/13/25

@

100(b)

14,719

225,000

Cogent

Communications

Group

LLC/Cogent

Finance,

Inc.,

7.00%,

6/15/27,

Callable

10/13/25

@

101.75(b)

224,156

190,000

Cogent

Communications

Group

LLC/Cogent

Finance,

Inc.,

7.00%,

6/15/27,

Callable

11/2/25

@

101.75(b)

189,287

85,000

Connect

Holding

II

LLC,

10.50%,

4/3/31,

Callable

12/24/27

@

100(b)

84,928

40,000

Discovery

Communications

LLC,

5.00%,

9/20/37,

Callable

3/20/37

@

100

34,300

50,000

Discovery

Communications

LLC,

6.35%,

6/1/40

45,750

160,000

Windstream

Services

LLC,

7.50%,

10/15/33,

Callable

10/15/28

@

103.75(b)

159,800

903,278

Electric

Utilities

(0.4%):

92,000

AES

Corp.

(The),

6.95%

(H15T5Y),

7/15/55,

Callable

4/15/30

@

100

90,390

95,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

5.88%,

11/1/29,

Callable

11/2/25

@

101.47(b)

94,287

165,000

Cleco

Corporate

Holdings

LLC,

3.38%,

9/15/29,

Callable

6/15/29

@

100

154,024

54,000

Duquesne

Light

Holdings,

Inc.,

2.53%,

10/1/30,

Callable

7/1/30

@

100(b)

48,081

587,000

Duquesne

Light

Holdings,

Inc.,

2.78%,

1/7/32,

Callable

10/7/31

@

100(b)

520,080

85,000

Edison

International,

6.25%,

3/15/30,

Callable

2/15/30

@

100

88,311

90,000

Edison

International,

8.13%

(H15T5Y),

6/15/53,

Callable

3/15/28

@

100^

91,912

90,000

Edison

International,

7.88%

(H15T5Y),

6/15/54,

Callable

3/15/29

@

100

91,463

50,000

Edison

International,

Series

B,

5.00%

(H15T5Y),

Callable

12/15/26

@

100

47,611

173,000

Exelon

Corp.,

2.75%,

3/15/27,

Callable

2/15/27

@

100

169,592

1,075,000

Exelon

Corp.,

4.05%,

4/15/30,

Callable

1/15/30

@

100

1,060,605

210,000

Exelon

Corp.,

3.35%,

3/15/32,

Callable

12/15/31

@

100

196,175

65,000

Hawaiian

Electric

Co.,

Inc.,

6.00%,

10/1/33,

Callable

10/1/28

@

103(b)

65,325

260,000

NRG

Energy,

Inc.,

5.75%,

1/15/28,

Callable

10/18/25

@

100.96

260,325

20,000

NRG

Energy,

Inc.,

3.38%,

2/15/29,

Callable

10/13/25

@

100.84(b)

18,888

40,000

NRG

Energy,

Inc.,

3.63%,

2/15/31,

Callable

2/15/26

@

101.81(b)

36,973

135,000

NRG

Energy,

Inc.,

5.75%,

1/15/34,

Callable

10/15/28

@

102.88(b)

134,831

65,000

NRG

Energy,

Inc.,

6.25%,

11/1/34,

Callable

11/1/29

@

103.13(b)

66,544

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

92

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

135,000

NRG

Energy,

Inc.,

6.00%,

1/15/36,

Callable

10/15/30

@

103(b)

$

135,041

125,000

PacifiCorp,

7.38%

(H15T5Y),

9/15/55,

Callable

6/17/30

@

100

131,406

164,000

PG&E

Corp,

7.38%

(H15T5Y),

3/15/55,

Callable

12/15/29

@

100

169,125

220,000

PG&E

Corp.,

5.25%,

7/1/30,

Callable

10/13/25

@

102.63

216,700

140,000

Puget

Energy,

Inc.,

4.10%,

6/15/30,

Callable

3/15/30

@

100

136,643

714,000

Puget

Energy,

Inc.,

4.22%,

3/15/32,

Callable

12/15/31

@

100

683,446

385,000

Vistra

Operations

Co.

LLC,

5.00%,

7/31/27,

Callable

10/13/25

@

100(b)

384,037

150,000

Vistra

Operations

Co.

LLC,

7.75%,

10/15/31,

Callable

10/15/26

@

103.88(b)

158,437

15,000

XPLR

Infrastructure

Operating

Partners

LP,

7.25%,

1/15/29,

Callable

10/15/28

@

100^(b)

15,356

5,265,608

Electrical

Equipment

(0.0%

†

):

125,000

WESCO

Distribution,

Inc.,

6.38%,

3/15/33,

Callable

3/15/28

@

103.19(b)

129,375

Electronic

Equipment,

Instruments

&

Components

(0.0%

†

):

185,000

Coherent

Corp.,

5.00%,

12/15/29,

Callable

11/2/25

@

102.5(b)

182,225

100,000

Insight

Enterprises,

Inc.,

6.63%,

5/15/32,

Callable

5/15/27

@

103.31(b)

102,500

284,725

Energy

Equipment

&

Services

(0.0%

†

):

65,000

Kodiak

Gas

Services

LLC,

6.50%,

10/1/33,

Callable

10/1/28

@

103.25(b)

66,138

70,000

Kodiak

Gas

Services

LLC,

6.75%,

10/1/35,

Callable

10/1/30

@

103.38(b)

71,837

102,000

Nabors

Industries,

Inc.,

7.38%,

5/15/27,

Callable

11/2/25

@

101.84(b)

103,275

95,000

Nabors

Industries,

Inc.,

8.88%,

8/15/31,

Callable

8/15/27

@

104.44^(b)

87,875

30,000

SESI

LLC,

7.88%,

9/30/30,

Callable

9/30/27

@

103.94(b)

30,000

140,000

XPLR

Infrastructure

Operating

Partners

LP,

8.38%,

1/15/31,

Callable

9/15/27

@

104.19^(b)

146,475

143,000

XPLR

Infrastructure

Operating

Partners

LP,

8.63%,

3/15/33,

Callable

3/15/28

@

104.31^(b)

149,614

655,214

Entertainment

(0.0%

†

):

35,000

Park

River

Holdings,

Inc.,

8.00%,

3/15/31,

Callable

9/15/26

@

104(b)

35,438

Financial

Services

(1.1%):

45,000

Acrisure

LLC/Acrisure

Finance,

Inc.,

6.75%,

7/1/32,

Callable

7/1/28

@

103.38(b)

46,238

195,000

Acuris

Finance

U.S.,

Inc./Acuris

Finance

SARL,

5.00%,

5/1/28,

Callable

11/2/25

@

101.25(b)

189,150

225,000

Air

Lease

Corp.,

Series

C,

4.13%

(H15T5Y),

Callable

12/15/26

@

100

218,662

140,000

APH

Somerset

Investor

2

LLC/APH2

Somerset

Investor

2

LLC/APH3

Somerset

Investor

2

LLC,

7.88%,

11/1/29,

Callable

11/1/26

@

103.94(b)

146,125

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services,

continued

$

45,000

Ascent

Resources

Utica

Holdings

LLC/ARU

Finance

Corp.,

6.63%,

10/15/32,

Callable

10/15/27

@

103.31(b)

$

45,787

45,000

Ascent

Resources

Utica

Holdings

LLC/ARU

Finance

Corp.,

6.63%,

7/15/33,

Callable

7/15/28

@

103.31(b)

45,675

1,268,000

Athene

Global

Funding,

5.34%,

1/15/27(b)

1,283,447

573,000

Athene

Global

Funding,

5.58%,

1/9/29(b)

591,807

900,000

Blackstone

Private

Credit

Fund,

7.30%,

11/27/28,

Callable

10/27/28

@

100

958,658

40,000

Block,

Inc.,

2.75%,

6/1/26,

Callable

5/1/26

@

100

39,450

85,000

Block,

Inc.,

5.63%,

8/15/30,

Callable

8/15/27

@

102.81(b)

86,169

40,000

Block,

Inc.,

3.50%,

6/1/31,

Callable

3/1/31

@

100

37,100

65,000

Block,

Inc.,

6.00%,

8/15/33,

Callable

8/15/28

@

103(b)

66,300

130,000

Boost

Newco

Borrower

LLC,

7.50%,

1/15/31,

Callable

1/15/27

@

103.75(b)

137,963

90,000

Burford

Capital

Global

Finance,

7.50%,

7/15/33,

Callable

7/15/28

@

103.75(b)

91,463

75,000

Camelot

Return

Merger

Sub,

Inc.,

8.75%,

8/1/28,

Callable

11/2/25

@

103.28(b)

72,375

45,000

Champions

Financing,

Inc.,

8.75%,

2/15/29,

Callable

2/15/26

@

104.38^(b)

43,088

824,000

Corebridge

Financial,

Inc.,

3.65%,

4/5/27,

Callable

3/5/27

@

100

816,749

339,000

Corebridge

Financial,

Inc.,

3.85%,

4/5/29,

Callable

2/5/29

@

100

333,764

404,000

Corebridge

Financial,

Inc.,

3.90%,

4/5/32,

Callable

1/5/32

@

100

384,895

92,000

Corebridge

Financial,

Inc.,

4.35%,

4/5/42,

Callable

10/5/41

@

100

79,860

271,000

Corebridge

Financial,

Inc.,

4.40%,

4/5/52,

Callable

10/5/51

@

100

223,185

590,000

Equitable

Holdings,

Inc.,

4.57%,

2/15/29,

Callable

11/15/28

@

100(b)

593,974

410,000

Hightower

Holding

LLC,

6.75%,

4/15/29,

Callable

11/2/25

@

101.69(b)

404,875

1,452,000

Hps

Corporate

Lending

Fund,

5.45%,

1/14/28,

Callable

12/14/27

@

100

1,464,815

71,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

6.25%,

5/15/26,

Callable

11/2/25

@

100

70,911

455,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

5.25%,

5/15/27,

Callable

11/15/26

@

100

447,037

85,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

10.00%,

11/15/29,

Callable

5/15/29

@

100(b)

85,425

270,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

9.00%,

6/15/30,

Callable

12/15/29

@

100

260,550

150,000

Ion

Platform

Finance

US,

Inc.,

7.88%,

9/30/32,

Callable

9/30/28

@

103.94(b)

149,015

358,000

Jackson

Financial,

Inc.,

5.17%,

6/8/27,

Callable

5/8/27

@

100

362,270

91,000

Jackson

Financial,

Inc.,

3.13%,

11/23/31,

Callable

8/23/31

@

100

82,117

386,000

Jackson

Financial,

Inc.,

5.67%,

6/8/32,

Callable

3/8/32

@

100

400,303

165,000

Jane

Street

Group/JSG

Finance,

Inc.,

6.13%,

11/1/32,

Callable

11/1/27

@

103.06(b)

167,062

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

93

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services,

continued

$

250,000

Jane

Street

Group/JSG

Finance,

Inc.,

6.75%,

5/1/33,

Callable

5/1/28

@

103.38(b)

$

258,750

125,000

Jefferson

Capital

Holdings

LLC,

8.25%,

5/15/30,

Callable

5/15/27

@

104.13(b)

130,781

40,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.,

4.75%,

6/15/29,

Callable

11/2/25

@

101.19(b)

39,150

80,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.,

7.00%,

7/15/31,

Callable

7/15/27

@

103.5(b)

83,800

105,000

Level

3

Financing,

Inc.,

3.63%,

1/15/29,

Callable

10/13/25

@

100.91(b)

91,088

45,000

Level

3

Financing,

Inc.,

4.88%,

6/15/29,

Callable

3/22/26

@

102.31(b)

42,581

55,000

Level

3

Financing,

Inc.,

3.75%,

7/15/29,

Callable

11/2/25

@

100.94(b)

46,887

220,000

Level

3

Financing,

Inc.,

4.50%,

4/1/30,

Callable

3/22/26

@

102.13(b)

200,475

200,000

Level

3

Financing,

Inc.,

3.88%,

10/15/30,

Callable

10/13/25

@

101.81(b)

174,500

125,000

Level

3

Financing,

Inc.,

4.00%,

4/15/31,

Callable

10/13/25

@

101.88(b)

107,656

235,000

Level

3

Financing,

Inc.,

6.88%,

6/30/33,

Callable

6/30/28

@

103.44(b)

238,819

155,000

Level

3

Financing,

Inc.,

7.00%,

3/31/34,

Callable

8/31/28

@

103.5(b)

157,712

395,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.00%,

10/15/27,

Callable

11/2/25

@

100^

382,162

80,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

3.50%,

3/15/31,

Callable

3/15/26

@

101.75

58,900

85,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

8.50%,

2/15/32,

Callable

2/15/28

@

104.25(b)

90,206

75,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

9.88%,

3/15/30,

Callable

3/15/27

@

104.94(b)

78,375

85,000

PennyMac

Financial

Services,

Inc.,

6.88%,

2/15/33,

Callable

2/15/28

@

103.44(b)

87,763

90,000

PennyMac

Financial

Services,

Inc.,

6.75%,

2/15/34,

Callable

8/15/28

@

103.38(b)

91,688

85,000

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.,

6.75%,

8/15/32,

Callable

8/15/27

@

103.38(b)

87,869

505,000

Sixth

Street

Lending

Partners,

6.13%,

7/15/30,

Callable

6/15/30

@

100(b)

521,426

212,000

Sun

Communities

Operating

LP,

2.30%,

11/1/28,

Callable

9/1/28

@

100

200,516

272,000

Sun

Communities

Operating

LP,

2.70%,

7/15/31,

Callable

4/15/31

@

100

245,969

225,000

Uniti

Group

LP/Uniti

Fiber

Holdings,

Inc./CSL

Capital

LLC,

6.00%,

1/15/30,

Callable

11/2/25

@

103(b)

203,344

170,000

UWM

Holdings

LLC,

6.63%,

2/1/30,

Callable

2/1/27

@

103.31(b)

172,975

90,000

UWM

Holdings

LLC,

6.25%,

3/15/31,

Callable

3/15/28

@

103.13(b)

89,550

60,000

VFH

Parent

LLC/Valor

Co.-Issuer,

Inc.,

7.50%,

6/15/31,

Callable

6/15/27

@

103.75(b)

61,875

65,000

Walker

&

Dunlop,

Inc.,

6.63%,

4/1/33,

Callable

4/1/28

@

103.31(b)

66,869

90,000

WEX,

Inc.,

6.50%,

3/15/33,

Callable

3/15/28

@

103.25(b)

91,687

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services,

continued

$

285,000

Wrangler

Holdco

Corp.,

6.63%,

4/1/32,

Callable

4/1/27

@

103.31(b)

$

296,756

14,826,393

Food

Products

(0.2%):

154,000

JBS

USA

Food

Co.,

3.63%,

1/15/32,

Callable

1/15/27

@

101.81(b)

139,105

230,000

Lamb

Weston

Holdings,

Inc.,

4.38%,

1/31/32,

Callable

1/31/27

@

102.19(b)

217,350

538,000

Mars,

Inc.,

4.80%,

3/1/30,

Callable

2/1/30

@

100(b)

547,940

404,000

Mars,

Inc.,

5.00%,

3/1/32,

Callable

1/1/32

@

100(b)

412,720

336,000

Mars,

Inc.,

5.20%,

3/1/35,

Callable

12/1/34

@

100(b)

343,206

326,000

Mars,

Inc.,

5.65%,

5/1/45,

Callable

11/1/44

@

100(b)

329,987

651,000

Mars,

Inc.,

5.70%,

5/1/55,

Callable

11/1/54

@

100(b)

657,627

69,000

Post

Holdings,

Inc.,

4.50%,

9/15/31,

Callable

9/15/26

@

102.25(b)

64,342

335,000

Post

Holdings,

Inc.,

6.38%,

3/1/33,

Callable

9/1/27

@

103.19(b)

338,350

105,000

Post

Holdings,

Inc.,

6.25%,

10/15/34,

Callable

10/15/29

@

103.13(b)

105,919

125,000

Quikrete

Holdings,

Inc.,

6.38%,

3/1/32,

Callable

3/1/28

@

103.19(b)

129,219

3,285,765

Ground

Transportation

(0.1%):

85,000

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.,

8.38%,

6/15/32,

Callable

6/15/28

@

104.19(b)

88,825

120,000

Genesee

&

Wyoming,

Inc.,

6.25%,

4/15/32,

Callable

4/15/27

@

103.13(b)

121,800

337,000

Uber

Technologies,

Inc.,

4.15%,

1/15/31,

Callable

12/15/30

@

100

332,497

266,000

Uber

Technologies,

Inc.,

4.80%,

9/15/35,

Callable

6/15/35

@

100

263,033

150,000

XPO,

Inc.,

7.13%,

2/1/32,

Callable

2/1/27

@

103.56(b)

157,125

963,280

Health

Care

Equipment

&

Supplies

(0.0%

†

):

125,000

DaVita,

Inc.,

6.75%,

7/15/33,

Callable

7/15/28

@

103.38(b)

128,906

340,000

Medline

Borrower

LP,

3.88%,

4/1/29,

Callable

11/2/25

@

100.97(b)

328,100

80,000

Sotera

Health

Holdings

LLC,

7.38%,

6/1/31,

Callable

6/1/27

@

103.69(b)

83,900

540,906

Health

Care

Providers

&

Services

(0.8%):

65,000

Acadia

Healthcare

Co.,

Inc.,

7.38%,

3/15/33,

Callable

3/15/28

@

103.69^(b)

67,519

95,000

AdaptHealth

LLC,

5.13%,

3/1/30,

Callable

10/13/25

@

102.56(b)

90,487

1,365,000

Centene

Corp.,

4.25%,

12/15/27,

Callable

10/18/25

@

100.71

1,335,949

1,325,000

Centene

Corp.,

2.45%,

7/15/28,

Callable

5/15/28

@

100

1,230,916

410,000

Centene

Corp.,

4.63%,

12/15/29,

Callable

11/2/25

@

102.31

394,773

245,000

Centene

Corp.,

3.38%,

2/15/30,

Callable

10/18/25

@

101.69

225,695

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

94

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

610,000

Centene

Corp.,

2.63%,

8/1/31,

Callable

5/1/31

@

100

$

522,819

270,000

CHS/Community

Health

Systems,

Inc.,

6.13%,

4/1/30,

Callable

11/2/25

@

103.06(b)

195,750

295,000

CHS/Community

Health

Systems,

Inc.,

5.25%,

5/15/30,

Callable

11/2/25

@

102.63(b)

266,238

755,000

CHS/Community

Health

Systems,

Inc.,

4.75%,

2/15/31,

Callable

2/15/26

@

102.38(b)

651,188

90,000

CHS/Community

Health

Systems,

Inc.,

9.75%,

1/15/34,

Callable

8/15/28

@

104.88(b)

92,025

343,000

CVS

Health

Corp.,

5.00%,

1/30/29,

Callable

12/30/28

@

100

349,321

140,000

CVS

Health

Corp.,

5.25%,

1/30/31,

Callable

11/30/30

@

100

143,845

580,000

CVS

Health

Corp.,

6.75%

(H15T5Y),

12/10/54,

Callable

9/10/34

@

100

594,352

315,000

DaVita,

Inc.,

4.63%,

6/1/30,

Callable

11/2/25

@

102.31(b)

301,612

534,000

HCA,

Inc.,

5.63%,

9/1/28,

Callable

3/1/28

@

100

548,469

503,000

HCA,

Inc.,

5.88%,

2/1/29,

Callable

8/1/28

@

100

523,500

510,000

HCA,

Inc.,

3.50%,

9/1/30,

Callable

3/1/30

@

100

486,033

99,000

HCA,

Inc.,

3.63%,

3/15/32,

Callable

12/15/31

@

100

92,881

314,000

Humana,

Inc.,

3.70%,

3/23/29,

Callable

2/23/29

@

100

306,390

190,000

IQVIA,

Inc.,

6.25%,

6/1/32,

Callable

6/1/28

@

103.13(b)

195,225

50,000

LifePoint

Health,

Inc.,

10.00%,

6/1/32,

Callable

6/1/27

@

105(b)

52,375

120,000

Medline

Borrower

LP/Medline

Co-Issuer,

Inc.,

6.25%,

4/1/29,

Callable

4/1/26

@

103.13(b)

122,700

15,000

ModivCare,

Inc.,

5.00%,

10/1/29,

Callable

11/2/25

@

101.25(b)

19

170,000

Molina

Healthcare,

Inc.,

3.88%,

5/15/32,

Callable

2/15/32

@

100(b)

153,850

115,000

Molina

Healthcare,

Inc.,

6.25%,

1/15/33,

Callable

1/15/28

@

103.13(b)

116,150

205,000

Organon

&

Co./Organon

Foreign

Debt

Co-Issuer

BV,

4.13%,

4/30/28,

Callable

11/2/25

@

101.03(b)

198,081

50,000

Owens

&

Minor,

Inc.,

4.50%,

3/31/29,

Callable

11/2/25

@

101.13^(b)

40,250

70,000

Owens

&

Minor,

Inc.,

6.63%,

4/1/30,

Callable

11/2/25

@

103.31^(b)

57,750

85,000

Prime

Healthcare

Services,

Inc.,

9.38%,

9/1/29,

Callable

9/1/26

@

104.69(b)

88,400

45,000

Radiology

Partners,

Inc.,

8.50%,

7/15/32,

Callable

7/15/28

@

104.25(b)

46,519

45,000

Sally

Holdings

LLC/Sally

Capital,

Inc.,

6.75%,

3/1/32,

Callable

3/1/27

@

103.38^

46,631

115,000

Select

Medical

Corp.,

6.25%,

12/1/32,

Callable

12/1/27

@

103.13(b)

114,712

45,000

Surgery

Center

Holdings,

Inc.,

7.25%,

4/15/32,

Callable

4/15/27

@

103.63(b)

46,125

75,000

Team

Health

Holdings,

Inc.,

8.38%,

6/30/28,

Callable

8/1/26

@

100(b)

76,219

310,000

Tenet

Healthcare

Corp.,

6.13%,

10/1/28,

Callable

11/2/25

@

100

309,612

85,000

Tenet

Healthcare

Corp.,

4.25%,

6/1/29,

Callable

10/18/25

@

101.06

82,875

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

140,000

Tenet

Healthcare

Corp.,

4.38%,

1/15/30,

Callable

11/2/25

@

102.19

$

135,800

117,000

Toledo

Hospital

(The),

Series

B,

5.33%,

11/15/28

119,194

210,000

US

Acute

Care

Solutions

LLC,

9.75%,

5/15/29,

Callable

5/15/26

@

104.88(b)

214,725

10,636,974

Health

Care

REITs

(0.3%):

45,000

CTR

Partnership

LP/CareTrust

Capital

Corp.,

3.88%,

6/30/28,

Callable

3/30/28

@

100(b)

43,650

66,000

Healthcare

Realty

Holdings

LP,

3.50%,

8/1/26,

Callable

5/1/26

@

100

65,542

63,000

Healthcare

Realty

Holdings

LP,

3.10%,

2/15/30,

Callable

11/15/29

@

100

59,121

2,482,000

Omega

Healthcare

Investors,

Inc.,

3.63%,

10/1/29,

Callable

7/1/29

@

100

2,382,194

105,000

Omega

Healthcare

Investors,

Inc.,

3.38%,

2/1/31,

Callable

11/1/30

@

100

97,244

150,000

Omega

Healthcare

Investors,

Inc.,

3.25%,

4/15/33,

Callable

1/15/33

@

100

132,283

1,214,000

Sabra

Health

Care

LP,

3.20%,

12/1/31,

Callable

9/1/31

@

100

1,104,740

3,884,774

Hotels,

Restaurants

&

Leisure

(0.1%):

185,000

Caesars

Entertainment,

Inc.,

6.50%,

2/15/32,

Callable

2/15/27

@

103.25(b)

188,700

310,000

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.,

6.75%,

1/15/30,

Callable

11/2/25

@

103.38(b)

289,850

80,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.88%,

4/1/29,

Callable

4/1/26

@

102.94(b)

81,600

370,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.88%,

3/15/33,

Callable

3/15/28

@

102.94(b)

376,937

85,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.75%,

9/15/33,

Callable

7/1/28

@

102.88(b)

85,850

140,000

Hilton

Grand

Vacations

Borrower

LLC/Hilton

Grand

Vacations

Borrower,

Inc.,

6.63%,

1/15/32,

Callable

1/15/27

@

103.31(b)

141,400

155,000

LFS

Topco

LLC,

8.75%,

7/15/30,

Callable

7/15/27

@

104.38(b)

155,775

135,000

Life

Time,

Inc.,

6.00%,

11/15/31,

Callable

11/15/27

@

103(b)

136,519

50,000

Lindblad

Expeditions

LLC,

7.00%,

9/15/30,

Callable

9/15/27

@

103.5(b)

50,938

70,000

Mohegan

Tribal

Gaming

Authority/MS

Digital

Entertainment

Holdings

LLC,

8.25%,

4/15/30,

Callable

4/15/27

@

104.13(b)

72,537

85,000

Mohegan

Tribal

Gaming

Authority/MS

Digital

Entertainment

Holdings

LLC,

11.88%,

4/15/31,

Callable

4/15/27

@

105.94(b)

88,719

1,668,825

Household

Durables

(0.2%):

70,000

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.,

4.63%,

4/1/30,

Callable

11/2/25

@

102.31(b)

66,062

45,000

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.,

6.88%,

8/1/33,

Callable

8/1/28

@

103.44(b)

45,394

95,000

Beazer

Homes

USA,

Inc.,

7.50%,

3/15/31,

Callable

3/15/27

@

103.75(b)

96,425

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

95

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Household

Durables,

continued

$

90,000

Century

Communities,

Inc.,

6.63%,

9/15/33,

Callable

9/15/28

@

103.31(b)

$

90,787

85,000

Dream

Finders

Homes,

Inc.,

6.88%,

9/15/30,

Callable

9/15/27

@

103.44(b)

85,531

100,000

LGI

Homes,

Inc.,

8.75%,

12/15/28,

Callable

12/15/25

@

104.38(b)

104,125

200,000

LGI

Homes,

Inc.,

7.00%,

11/15/32,

Callable

11/15/27

@

103.5(b)

194,750

45,000

New

Home

Co.,

Inc.

(The),

8.50%,

11/1/30,

Callable

11/1/27

@

104.25(b)

46,406

140,000

Newell

Brands,

Inc.,

8.50%,

6/1/28,

Callable

3/1/28

@

100(b)

148,575

115,000

Newell

Brands,

Inc.,

6.38%,

5/15/30,

Callable

2/15/30

@

100^

113,994

90,000

Newell

Brands,

Inc.,

6.63%,

5/15/32,

Callable

2/15/32

@

100^

88,650

160,000

Newell

Brands,

Inc.,

7.38%,

4/1/36,

Callable

10/1/35

@

100

158,800

440,711

Spin

Holdco,

Inc.,

0.00%

(Term

SOFR+400bps),

3/6/28,

Callable

11/2/25

@

100(b)

367,522

165,000

TopBuild

Corp.,

4.13%,

2/15/32,

Callable

10/15/26

@

102.06(b)

154,275

90,000

TopBuild

Corp.,

5.63%,

1/31/34,

Callable

9/30/28

@

102.81(b)

89,663

180,000

Whirlpool

Corp.,

6.13%,

6/15/30,

Callable

3/15/30

@

100

180,000

200,000

Whirlpool

Corp.,

6.50%,

6/15/33,

Callable

3/15/33

@

100

200,000

10,000

Whirlpool

Corp.,

5.75%,

3/1/34,

Callable

12/1/33

@

100^

9,621

2,240,580

Independent

Power

and

Renewable

Electricity

Producers

(0.1%):

1,412,000

AES

Corp.

(The),

3.95%,

7/15/30,

Callable

4/15/30

@

100(b)

1,361,167

218,000

AES

Corp.

(The),

2.45%,

1/15/31,

Callable

10/15/30

@

100

195,267

30,000

Clearway

Energy

Operating

LLC,

4.75%,

3/15/28,

Callable

10/13/25

@

101.19(b)

29,550

145,000

Clearway

Energy

Operating

LLC,

3.75%,

1/15/32,

Callable

1/15/27

@

101.88(b)

130,137

105,000

Lightning

Power

LLC,

7.25%,

8/15/32,

Callable

8/15/27

@

103.63(b)

111,037

230,000

Sunnova

Energy

Corp.,

5.88%,

9/1/26,

Callable

11/2/25

@

100(b)(d)

575

1,827,733

Industrial

Conglomerates

(0.0%

†

):

290,000

Brand

Industrial

Services,

Inc.,

10.38%,

8/1/30,

Callable

8/1/26

@

105.19(b)

287,825

158,627

Brand

Industrial

Services,

Inc.,

0.00%

(Term

SOFR+450bps),

8/1/30,

Callable

11/2/25

@

100(b)

143,399

85,000

Enpro,

Inc.,

6.13%,

6/1/33,

Callable

6/1/28

@

103.06(b)

87,019

75,000

Global

Partners

LP/GLP

Finance

Corp.,

8.25%,

1/15/32,

Callable

1/15/27

@

104.13(b)

78,937

597,180

Principal

Amount

Value

Corporate

Bonds,

continued

Insurance

(0.1%):

$

375,000

Acrisure

LLC/Acrisure

Finance,

Inc.,

6.00%,

8/1/29,

Callable

11/2/25

@

101.5(b)

$

370,313

45,000

AmWINS

Group,

Inc.,

4.88%,

6/30/29,

Callable

11/2/25

@

101.22(b)

43,538

436,000

Pacific

LifeCorp,

5.13%,

1/30/43(b)

415,148

45,000

Station

Casinos

LLC,

6.63%,

3/15/32,

Callable

3/15/27

@

103.31(b)

46,069

949,000

Unum

Group,

5.75%,

8/15/42

943,117

210,000

Western-Southern

Global

Funding,

4.90%,

5/1/30(b)

214,004

2,032,189

Interactive

Media

&

Services

(0.0%

†

):

85,000

Snap,

Inc.,

6.88%,

3/1/33,

Callable

3/1/28

@

103.44(b)

86,700

45,000

Snap,

Inc.,

6.88%,

3/15/34,

Callable

9/15/28

@

103.44(b)

45,619

132,319

IT

Services

(0.1%):

85,000

Amentum

Holdings,

Inc.,

7.25%,

8/1/32,

Callable

8/1/27

@

103.63(b)

87,975

260,000

Block,

Inc.,

6.50%,

5/15/32,

Callable

5/15/27

@

103.25

268,125

170,000

CoreWeave,

Inc.,

9.25%,

6/1/30,

Callable

6/1/27

@

104.63(b)

175,313

205,000

CoreWeave,

Inc.,

9.00%,

2/1/31,

Callable

2/1/28

@

104.5(b)

208,331

67,000

Paychex,

Inc.,

5.10%,

4/15/30,

Callable

3/15/30

@

100

68,848

94,000

Paychex,

Inc.,

5.35%,

4/15/32,

Callable

2/15/32

@

100

97,374

230,000

X

Ai

LLC/X

Ai

Co.

Issuer

Corp.,

12.50%,

6/30/30,

Callable

7/15/27

@

106.25

241,500

1,147,466

Leisure

Products

(0.0%

†

):

80,000

Amer

Sports

Co.,

6.75%,

2/16/31,

Callable

2/16/27

@

103.38(b)

83,200

45,000

Fiesta

Purchaser,

Inc.,

7.88%,

3/1/31,

Callable

3/1/27

@

103.94(b)

47,362

40,000

Fiesta

Purchaser,

Inc.,

9.63%,

9/15/32,

Callable

9/15/27

@

104.81(b)

43,100

173,662

Life

Sciences

Tools

&

Services

(0.0%

†

):

15,000

Charles

River

Laboratories

International,

Inc.,

4.25%,

5/1/28,

Callable

10/18/25

@

100.71(b)

14,644

Machinery

(0.0%

†

):

40,000

New

Flyer

Holdings,

Inc.,

9.25%,

7/1/30,

Callable

7/1/27

@

104.63(b)

42,800

Media

(0.8%):

120,000

Advantage

Sales

&

Marketing,

Inc.,

6.50%,

11/15/28,

Callable

10/13/25

@

101.63^(b)

103,350

550,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.50%,

8/15/30,

Callable

11/2/25

@

102.25(b)

518,375

475,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.50%,

5/1/32,

Callable

5/1/26

@

102.25

431,062

405,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.10%,

6/1/29,

Callable

5/1/29

@

100

424,935

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

96

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Media,

continued

$

95,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

2.30%,

2/1/32,

Callable

11/1/31

@

100

$

81,152

813,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.40%,

4/1/33,

Callable

1/1/33

@

100

769,628

279,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.55%,

6/1/34,

Callable

3/1/34

@

100

296,462

1,256,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.38%,

5/1/47,

Callable

11/1/46

@

100

1,082,180

809,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.80%,

3/1/50,

Callable

9/1/49

@

100

639,982

1,064,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.50%,

4/1/63,

Callable

10/1/62

@

100

888,519

95,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.75%,

4/15/28,

Callable

11/2/25

@

101.94(b)

94,762

135,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.50%,

6/1/29,

Callable

11/2/25

@

101.88^(b)

131,119

80,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.88%,

4/1/30,

Callable

10/1/26

@

103.94(b)

84,000

130,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.13%,

2/15/31,

Callable

8/15/27

@

103.56(b)

134,225

130,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.50%,

3/15/33,

Callable

9/15/28

@

103.75(b)

135,850

40,000

CMG

Media

Corp.,

8.88%,

6/18/29,

Callable

11/1/25

@

104.44(b)

36,800

395,000

CSC

Holdings

LLC,

4.13%,

12/1/30,

Callable

12/1/25

@

102.06(b)

258,725

295,000

CSC

Holdings

LLC,

4.63%,

12/1/30,

Callable

12/1/25

@

102.31(b)

103,250

195,000

CSC

Holdings

LLC,

3.38%,

2/15/31,

Callable

2/15/26

@

101.69(b)

126,019

85,000

CSC

Holdings

LLC,

4.50%,

11/15/31,

Callable

11/15/26

@

102.25(b)

55,250

230,000

DISH

DBS

Corp.,

7.75%,

7/1/26

227,700

20,000

DISH

DBS

Corp.,

5.25%,

12/1/26,

Callable

6/1/26

@

100(b)

19,600

65,000

DISH

DBS

Corp.,

7.38%,

7/1/28,

Callable

10/13/25

@

100

59,637

345,000

DISH

DBS

Corp.,

5.13%,

6/1/29

294,975

605,801

EchoStar

Corp.,

6.75%,

11/30/30,

Callable

11/30/26

@

102

623,218

45,000

EW

Scripps

Co.

The,

9.88%,

8/15/30,

Callable

8/15/27

@

104.94(b)

42,244

135,000

Lamar

Media

Corp.,

5.38%,

11/1/33,

Callable

11/1/28

@

102.69(b)

133,987

1,620,000

Time

Warner

Cable

LLC,

6.55%,

5/1/37

1,679,495

280,000

Time

Warner

Cable

LLC,

7.30%,

7/1/38

305,106

69,000

Time

Warner

Cable

LLC,

5.50%,

9/1/41,

Callable

3/1/41

@

100

62,904

350,000

Uniti

Group

LP

/

Uniti

Group

Finance

2019

Inc

/

CSL

Capital

LLC,

8.63%,

6/15/32,

Callable

6/15/28

@

104.31(b)

334,250

Principal

Amount

Value

Corporate

Bonds,

continued

Media,

continued

$

250,000

Uniti

Group

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

6.50%,

2/15/29,

Callable

10/13/25

@

101.63(b)

$

234,375

180,000

Univision

Communications,

Inc.,

8.00%,

8/15/28,

Callable

11/2/25

@

104(b)

186,300

50,000

Univision

Communications,

Inc.,

4.50%,

5/1/29,

Callable

11/2/25

@

101.13(b)

47,188

360,000

Univision

Communications,

Inc.,

8.50%,

7/31/31,

Callable

7/31/27

@

104.25(b)

371,250

145,000

Univision

Communications,

Inc.,

9.38%,

8/1/32,

Callable

8/1/28

@

104.69(b)

154,062

20,000

Warnermedia

Holdings,

Inc.,

4.28%,

3/15/32,

Callable

12/15/31

@

100

18,250

90,000

Warnermedia

Holdings,

Inc.,

5.05%,

3/15/42,

Callable

9/15/41

@

100

71,775

25,000

Warnermedia

Holdings,

Inc.,

5.14%,

3/15/52,

Callable

9/15/51

@

100

18,625

11,280,586

Metals

&

Mining

(0.1%):

85,000

Century

Aluminum

Co.,

6.88%,

8/1/32,

Callable

8/1/28

@

103.44(b)

88,081

45,000

Cleveland-Cliffs,

Inc.,

4.88%,

3/1/31,

Callable

3/1/26

@

102.44(b)

41,794

35,000

Cleveland-Cliffs,

Inc.,

7.00%,

3/15/32,

Callable

3/15/27

@

103.5^(b)

35,306

60,000

Cleveland-Cliffs,

Inc.,

7.38%,

5/1/33,

Callable

5/1/28

@

103.69(b)

61,050

45,000

Cleveland-Cliffs,

Inc.,

7.63%,

1/15/34,

Callable

1/15/29

@

103.81(b)

46,350

45,000

Commercial

Metals

Co.,

4.13%,

1/15/30,

Callable

10/13/25

@

102.06

43,088

60,000

Commercial

Metals

Co.,

4.38%,

3/15/32,

Callable

3/15/27

@

102.19

56,850

135,000

Light

&

Wonder

International,

Inc.,

6.25%,

10/1/33,

Callable

10/1/28

@

103.13(b)

135,169

220,000

Novelis

Corp.,

3.88%,

8/15/31,

Callable

8/15/26

@

101.94(b)

199,925

45,000

Novelis

Corp.,

6.38%,

8/15/33,

Callable

8/15/28

@

103.19(b)

45,450

753,063

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.1%):

115,000

PennyMac

Financial

Services,

Inc.,

6.88%,

5/15/32,

Callable

5/15/28

@

103.44(b)

118,881

75,000

Rithm

Capital

Corp.,

8.00%,

4/1/29,

Callable

4/1/26

@

104(b)

76,781

35,000

Rithm

Capital

Corp.,

8.00%,

7/15/30,

Callable

7/15/27

@

104(b)

35,831

300,000

Rocket

Cos.,

Inc.,

6.13%,

8/1/30,

Callable

8/1/27

@

103.06(b)

308,250

300,000

Rocket

Cos.,

Inc.,

6.38%,

8/1/33,

Callable

8/1/28

@

103(b)

310,500

45,000

Starwood

Property

Trust,

Inc.,

5.25%,

10/15/28,

Callable

7/15/28

@

100(b)

45,008

120,000

Starwood

Property

Trust,

Inc.,

6.50%,

7/1/30,

Callable

1/1/30

@

100(b)

123,750

165,000

Starwood

Property

Trust,

Inc.,

6.50%,

10/15/30,

Callable

4/15/30

@

100(b)

170,775

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

97

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Mortgage

Real

Estate

Investment

Trusts

(REITs),

continued

$

90,000

Starwood

Property

Trust,

Inc.,

5.75%,

1/15/31,

Callable

7/15/30

@

100(b)

$

89,748

1,279,524

Multi-Utilities

(0.1%):

1,100,000

NiSource,

Inc.,

2.95%,

9/1/29,

Callable

6/1/29

@

100

1,047,120

1,000,000

NiSource,

Inc.,

5.25%,

2/15/43,

Callable

8/15/42

@

100

970,849

2,017,969

Office

REITs

(0.0%

†

):

67,000

COPT

Defense

Properties

LP,

4.50%,

10/15/30,

Callable

9/15/30

@

100

66,354

400,000

Hudson

Pacific

Properties

LP,

4.65%,

4/1/29,

Callable

1/1/29

@

100^

373,000

72,000

Vornado

Realty

LP,

2.15%,

6/1/26,

Callable

5/1/26

@

100

70,681

510,035

Oil,

Gas

&

Consumable

Fuels

(1.7%):

85,000

Alpha

Generation

LLC,

6.75%,

10/15/32,

Callable

10/15/27

@

103.38(b)

87,762

45,000

Antero

Midstream

Partners

LP/Antero

Midstream

Finance

Corp.,

5.75%,

10/15/33,

Callable

10/15/28

@

102.88(b)

44,775

255,000

California

Resources

Corp.,

8.25%,

6/15/29,

Callable

6/15/26

@

104.13(b)

265,837

10,000

California

Resources

Corp.,

7.00%,

1/15/34(b)

9,913

120,000

Calumet

Specialty

Products

Partners

LP/Calumet

Finance

Corp.,

8.13%,

1/15/27,

Callable

11/2/25

@

102.03(b)

118,500

196,000

Calumet

Specialty

Products

Partners

LP/Calumet

Finance

Corp.,

9.75%,

7/15/28,

Callable

10/13/25

@

104.88(b)

193,550

190,000

CITGO

Petroleum

Corp.,

6.38%,

6/15/26,

Callable

11/2/25

@

100(b)

190,000

125,000

CITGO

Petroleum

Corp.,

8.38%,

1/15/29,

Callable

11/2/25

@

104.19(b)

130,156

145,000

CNX

Midstream

Partners

LP,

4.75%,

4/15/30,

Callable

11/2/25

@

102.38(b)

138,475

20,000

CNX

Resources

Corp.,

6.00%,

1/15/29,

Callable

11/2/25

@

103(b)

20,000

165,000

CNX

Resources

Corp.,

7.25%,

3/1/32,

Callable

3/1/27

@

103.63(b)

170,362

114,000

Columbia

Pipelines

Operating

Co.

LLC,

5.93%,

8/15/30,

Callable

6/15/30

@

100(b)

120,724

309,000

Columbia

Pipelines

Operating

Co.

LLC,

6.04%,

11/15/33,

Callable

8/15/33

@

100(b)

329,504

92,000

Columbia

Pipelines

Operating

Co.

LLC,

6.50%,

8/15/43,

Callable

2/15/43

@

100(b)

98,009

166,000

Columbia

Pipelines

Operating

Co.

LLC,

6.54%,

11/15/53,

Callable

5/15/53

@

100(b)

177,230

99,000

Columbia

Pipelines

Operating

Co.

LLC,

6.71%,

8/15/63,

Callable

2/15/63

@

100(b)

108,213

185,000

Comstock

Resources,

Inc.,

6.75%,

3/1/29,

Callable

10/18/25

@

102.25(b)

184,306

80,000

Comstock

Resources,

Inc.,

5.88%,

1/15/30,

Callable

11/2/25

@

102.94(b)

76,800

250,000

CQP

Holdco

LP/BIP-V

Chinook

Holdco

LLC,

7.50%,

12/15/33,

Callable

12/15/28

@

103.75(b)

270,938

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

155,000

CVR

Energy,

Inc.,

8.50%,

1/15/29,

Callable

1/15/26

@

104.25(b)

$

157,712

2,500,000

DCP

Midstream

Operating

LP,

5.63%,

7/15/27,

Callable

4/15/27

@

100

2,552,765

321,000

DCP

Midstream

Operating

LP,

5.13%,

5/15/29,

Callable

2/15/29

@

100

327,166

110,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

7.13%,

6/1/28,

Callable

11/2/25

@

101.78(b)

110,275

275,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

8.63%,

3/15/29,

Callable

3/15/26

@

104.31(b)

286,344

60,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

7.38%,

6/30/33,

Callable

6/30/28

@

103.69(b)

61,200

1,000,000

Emera

US

Finance

LP,

3.55%,

6/15/26,

Callable

3/15/26

@

100

993,486

2,229,000

Energy

Transfer

LP,

4.95%,

6/15/28,

Callable

3/15/28

@

100

2,265,761

106,000

Energy

Transfer

LP,

5.25%,

4/15/29,

Callable

1/15/29

@

100

109,013

109,000

Energy

Transfer

LP,

3.75%,

5/15/30,

Callable

2/15/30

@

100

105,844

90,000

Energy

Transfer

LP,

7.38%,

2/1/31,

Callable

2/1/26

@

103.69(b)

93,936

128,000

Energy

Transfer

LP,

Series

20Y,

5.80%,

6/15/38,

Callable

12/15/37

@

100

130,243

692,000

Energy

Transfer

LP,

5.00%,

5/15/50,

Callable

11/15/49

@

100

590,671

255,000

Energy

Transfer

LP,

Series

G,

7.13%

(H15T5Y),

Callable

5/15/30

@

100

262,500

9,000

Energy

Transfer,

LP,

6.75%

(H15T5Y),

2/15/56,

Callable

11/15/35

@

100

8,978

9,000

Energy

Transfer,

LP,

6.50%

(H15T5Y),

2/15/56,

Callable

11/15/30

@

100

8,978

40,000

Excelerate

Energy,

LP,

8.00%,

5/15/30,

Callable

5/15/27

@

104(b)

42,400

35,000

Global

Partners

LP/GLP

Finance

Corp.,

7.13%,

7/1/33,

Callable

7/1/28

@

103.56(b)

35,787

135,000

Gran

Tierra

Energy,

Inc.,

9.50%,

10/15/29,

Callable

10/15/26

@

104.75^(b)

113,906

150,000

Harvest

Midstream

I

LP,

7.50%,

5/15/32,

Callable

5/15/27

@

103.75(b)

153,375

650,000

Hess

Corp.,

4.30%,

4/1/27,

Callable

1/1/27

@

100

651,691

71,000

Hess

Corp.,

7.30%,

8/15/31

81,619

50,000

Hess

Corp.,

7.13%,

3/15/33

57,946

1,166,000

Hess

Corp.,

5.80%,

4/1/47,

Callable

10/1/46

@

100

1,209,725

170,000

Hess

Midstream

Operations

LP,

5.13%,

6/15/28,

Callable

11/2/25

@

100.85(b)

169,788

85,000

Howard

Midstream

Energy

Partners

LLC,

7.38%,

7/15/32,

Callable

7/15/27

@

103.69(b)

87,975

45,000

Howard

Midstream

Energy

Partners

LLC,

6.63%,

1/15/34,

Callable

1/15/29

@

103.31(b)

45,788

210,000

Kinetik

Holdings

LP,

6.63%,

12/15/28,

Callable

12/15/25

@

103.31(b)

215,513

85,000

Kinetik

Holdings

LP,

5.88%,

6/15/30,

Callable

11/2/25

@

102.94(b)

85,425

135,000

Kosmos

Energy,

Ltd.,

7.13%,

4/4/26,

Callable

10/13/25

@

100(b)

133,987

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

98

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

80,000

Kosmos

Energy,

Ltd.,

7.75%,

5/1/27,

Callable

10/13/25

@

101.94(b)

$

77,900

278,000

Mesquite

Energy,

Inc.,

7.25%,

Callable

0

@

–(d)

28

140,000

Moss

Creek

Resources

Holdings,

Inc.,

8.25%,

9/1/31,

Callable

9/1/27

@

104.13(b)

136,850

722,000

MPLX

LP,

4.95%,

9/1/32,

Callable

6/1/32

@

100

723,377

45,000

New

Fortress

Energy,

Inc.,

6.50%,

9/30/26,

Callable

11/2/25

@

100(b)

11,250

226,617

NFE

Financing

LLC,

12.00%,

11/15/29,

Callable

11/15/26

@

106(b)

63,453

779,000

Occidental

Petroleum

Corp.,

7.50%,

5/1/31

872,480

78,000

Occidental

Petroleum

Corp.,

6.45%,

9/15/36

82,680

410,000

Occidental

Petroleum

Corp.,

6.60%,

3/15/46,

Callable

9/15/45

@

100

428,245

197,000

ONEOK,

Inc.,

4.25%,

9/24/27,

Callable

8/24/27

@

100

197,374

206,000

ONEOK,

Inc.,

4.40%,

10/15/29,

Callable

9/15/29

@

100

205,749

401,000

ONEOK,

Inc.,

4.75%,

10/15/31,

Callable

8/15/31

@

100

399,639

155,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

6.00%,

2/15/28,

Callable

11/2/25

@

100

153,450

115,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

7.88%,

9/15/30,

Callable

9/15/26

@

103.94(b)

113,563

225,000

Plains

All

American

Pipeline

LP,

Series

B,

8.58%

(TSFR3M),

Callable

11/2/25

@

100

227,240

85,000

Prairie

Acquiror,

LP,

9.00%,

8/1/29,

Callable

2/1/26

@

104.5(b)

87,975

335,000

Sabine

Pass

Liquefaction

LLC,

4.50%,

5/15/30,

Callable

11/15/29

@

100

336,233

5,000

Sunoco

LP/Sunoco

Finance

Corp.,

6.00%,

4/15/27,

Callable

11/2/25

@

100

5,000

152,000

Sunoco

LP/Sunoco

Finance

Corp.,

5.88%,

3/15/28,

Callable

11/2/25

@

100.98

152,000

270,000

Sunoco

LP/Sunoco

Finance

Corp.,

4.50%,

5/15/29,

Callable

10/18/25

@

101.5

262,575

45,000

Sunoco,

LP,

5.63%,

3/15/31,

Callable

9/15/27

@

102.81(b)

44,662

45,000

Sunoco,

LP,

5.88%,

3/15/34,

Callable

9/15/28

@

102.94(b)

44,550

135,000

Sunoco,

LP,

7.88%

(H15T5Y),

Callable

9/18/30

@

100(b)

137,409

360,000

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp,

6.00%,

12/31/30,

Callable

12/31/25

@

103(b)

354,600

415,000

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp,

6.00%,

9/1/31,

Callable

9/1/26

@

103(b)

404,625

45,000

Tallgrass

Energy

Partners

LP/Tallgrass

Energy

Finance

Corp.,

6.75%,

3/15/34,

Callable

3/15/29

@

103.38(b)

44,550

50,000

Talos

Production,

Inc.,

9.00%,

2/1/29,

Callable

2/1/26

@

104.5(b)

51,562

45,000

Talos

Production,

Inc.,

9.38%,

2/1/31,

Callable

2/1/27

@

104.69(b)

46,912

257,000

Targa

Resources

Corp.,

4.90%,

9/15/30,

Callable

8/15/30

@

100

260,993

619,000

Targa

Resources

Corp.,

5.65%,

2/15/36,

Callable

11/15/35

@

100

630,903

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

43,000

Transcontinental

Gas

Pipe

Line

Co.

LLC,

3.25%,

5/15/30,

Callable

2/15/30

@

100

$

40,973

39,000

TransMontaigne

Partners

LLC,

8.50%,

6/15/30,

Callable

3/15/27

@

104.25(b)

40,609

170,000

USA

Compression

Partners

LP/USA

Compression

Finance

Corp.,

6.88%,

9/1/27,

Callable

10/15/25

@

100

170,000

90,000

USA

Compression

Partners,

LP,

6.25%,

10/1/33,

Callable

10/1/28

@

103.13(b)

90,337

85,000

Venture

Global

Plaquemines

LNG

LLC,

7.50%,

5/1/33,

Callable

12/1/32

@

100(b)

93,819

175,000

Venture

Global

Plaquemines

LNG

LLC,

6.50%,

1/15/34,

Callable

7/15/33

@

100(b)

183,969

135,000

Venture

Global

Plaquemines

LNG

LLC,

6.75%,

1/15/36,

Callable

7/15/35

@

100(b)

143,606

70,000

WBI

Operating

LLC,

6.25%,

10/15/30,

Callable

10/15/27

@

103.13(b)

70,000

70,000

WBI

Operating

LLC,

6.50%,

10/15/33,

Callable

10/15/28

@

103.25(b)

70,000

127,000

Western

Midstream

Operating

LP,

4.65%,

7/1/26,

Callable

4/1/26

@

100

127,116

1,000,000

Western

Midstream

Operating

LP,

4.50%,

3/1/28,

Callable

12/1/27

@

100

1,001,121

66,000

Western

Midstream

Operating

LP,

4.75%,

8/15/28,

Callable

5/15/28

@

100

66,440

755,000

Williams

Cos.,

Inc.

(The),

4.65%,

8/15/32,

Callable

5/15/32

@

100

752,746

171,000

Williams

Cos.,

Inc.

(The),

5.30%,

8/15/52,

Callable

2/15/52

@

100

159,661

23,453,075

Passenger

Airlines

(0.1%):

135,000

JetBlue

Airways

Corp./JetBlue

Loyalty

LP,

9.88%,

9/20/31,

Callable

8/27/27

@

104.94^(b)

137,025

80,000

OneSky

Flight

LLC,

8.88%,

12/15/29,

Callable

12/15/26

@

104.44(b)

84,300

290,000

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.,

7.88%,

5/1/27,

Callable

11/2/25

@

101.97^(b)

294,294

145,000

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.,

6.38%,

2/1/30,

Callable

11/2/25

@

103.19(b)

141,750

657,369

Pharmaceuticals

(0.1%):

55,000

Bausch

Health

Americas,

Inc.,

8.50%,

1/31/27,

Callable

11/2/25

@

100(b)

54,450

1,000,000

Bayer

US

Finance

II

LLC,

4.25%,

12/15/25,

Callable

11/2/25

@

100(b)

999,115

76,000

Elanco

Animal

Health,

Inc.,

6.65%,

8/28/28,

Callable

5/28/28

@

100

78,833

185,000

Organon

&

Co./Organon

Foreign

Debt

Co-Issuer

BV,

5.13%,

4/30/31,

Callable

4/30/26

@

102.56(b)

161,644

100,000

Organon

&

Co./Organon

Foreign

Debt

Co-Issuer

BV,

7.88%,

5/15/34,

Callable

5/15/29

@

103.94(b)

92,750

45,000

Organon

&

Co./Organon

Foreign

Debt

Co-Issuer

BV,

6.75%,

5/15/34,

Callable

5/15/29

@

103.38(b)

42,975

1,429,767

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

99

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Professional

Services

(0.1%):

$

60,000

ASGN,

Inc.,

4.63%,

5/15/28,

Callable

10/13/25

@

100(b)

$

58,800

150,000

CACI

International,

Inc.,

6.38%,

6/15/33,

Callable

6/15/28

@

103.19(b)

154,312

73,000

Paychex,

Inc.,

5.60%,

4/15/35,

Callable

1/15/35

@

100

76,398

135,000

Science

Applications

International

Corp.,

5.88%,

11/1/33,

Callable

11/1/28

@

102.94(b)

135,000

80,000

TriNet

Group,

Inc.,

7.13%,

8/15/31,

Callable

8/15/26

@

103.56(b)

82,500

172,000

Verisk

Analytics,

Inc.,

4.50%,

8/15/30,

Callable

7/15/30

@

100

172,414

386,000

Verisk

Analytics,

Inc.,

5.13%,

2/15/36,

Callable

11/15/35

@

100

388,935

1,068,359

Real

Estate

Management

&

Development

(0.3%):

371,000

American

Homes

4

Rent

LP,

3.63%,

4/15/32,

Callable

1/15/32

@

100

347,857

45,400

Anywhere

Real

Estate

Group

LLC/Anywhere

Co.-

Issuer

Corp.,

7.00%,

4/15/30,

Callable

10/18/25

@

102.63^(b)

45,854

52,000

Anywhere

Real

Estate

Group

LLC/Realogy

Co.-Issuer

Corp.,

5.75%,

1/15/29,

Callable

10/18/25

@

101.44(b)

49,790

40,000

Anywhere

Real

Estate

Group

LLC/Realogy

Co.-

Issuer

Corp.,

9.75%,

4/15/30,

Callable

4/15/27

@

104.88(b)

43,650

1,265,000

Brandywine

Operating

Partnership

LP,

3.95%,

11/15/27,

Callable

8/15/27

@

100

1,239,014

719,000

Brandywine

Operating

Partnership

LP,

8.30%,

3/15/28,

Callable

2/15/28

@

100

758,493

62,000

Brandywine

Operating

Partnership

LP,

4.55%,

10/1/29,

Callable

7/1/29

@

100^

59,210

210,000

CBRE

Services,

Inc.,

2.50%,

4/1/31,

Callable

1/1/31

@

100

189,576

68,000

COPT

Defense

Properties

LP,

2.25%,

3/15/26,

Callable

2/15/26

@

100

67,262

68,000

COPT

Defense

Properties

LP,

2.00%,

1/15/29,

Callable

11/15/28

@

100

62,995

93,000

COPT

Defense

Properties

LP,

2.75%,

4/15/31,

Callable

1/15/31

@

100

83,904

130,000

Forestar

Group,

Inc.,

6.50%,

3/15/33,

Callable

3/15/28

@

103.25(b)

132,763

140,000

Howard

Hughes

Corp.

(The),

4.38%,

2/1/31,

Callable

2/1/26

@

102.19(b)

131,250

550,000

Invitation

Homes

Operating

Partnership

LP,

4.15%,

4/15/32,

Callable

1/15/32

@

100

530,832

115,000

Kennedy-Wilson,

Inc.,

4.75%,

2/1/30,

Callable

11/2/25

@

101.19

106,950

300,000

Pine

Street

Trust

II,

5.57%,

2/15/49,

Callable

8/15/48

@

100(b)

283,603

85,000

RHP

Hotel

Properties

LP/RHP

Finance

Corp.,

6.50%,

6/15/33,

Callable

6/15/28

@

103.25(b)

87,231

4,220,234

Retail

REITs

(0.3%):

15,000

Kite

Realty

Group

Trust,

4.75%,

9/15/30,

Callable

6/15/30

@

100

15,053

Principal

Amount

Value

Corporate

Bonds,

continued

Retail

REITs,

continued

$

2,200,000

Tanger

Properties

LP,

3.13%,

9/1/26,

Callable

6/1/26

@

100

$

2,175,397

581,000

Tanger

Properties

LP,

2.75%,

9/1/31,

Callable

6/1/31

@

100

523,148

731,000

VICI

Properties

LP,

4.75%,

2/15/28,

Callable

1/15/28

@

100

736,954

1,082,000

VICI

Properties

LP,

4.95%,

2/15/30,

Callable

12/15/29

@

100

1,090,720

249,000

VICI

Properties

LP,

5.13%,

5/15/32,

Callable

2/15/32

@

100

250,388

4,791,660

Semiconductors

&

Semiconductor

Equipment

(0.3%):

50,000

Amkor

Technology,

Inc.,

5.88%,

10/1/33,

Callable

10/1/28

@

102.94(b)

50,312

65,000

Broadcom,

Inc.,

1.95%,

2/15/28,

Callable

12/15/27

@

100(b)

61,881

2,830,000

Broadcom,

Inc.,

2.45%,

2/15/31,

Callable

11/15/30

@

100(b)

2,572,311

564,000

Broadcom,

Inc.,

2.60%,

2/15/33,

Callable

11/15/32

@

100(b)

492,721

184,000

Broadcom,

Inc.,

3.42%,

4/15/33,

Callable

1/15/33

@

100(b)

169,611

200,000

Entegris,

Inc.,

4.38%,

4/15/28,

Callable

10/13/25

@

100(b)

195,250

50,000

ON

Semiconductor

Corp.,

3.88%,

9/1/28,

Callable

11/2/25

@

100(b)

48,500

135,000

Solstice

Advanced

Materials,

Inc.,

5.63%,

9/30/33,

Callable

9/30/28

@

102.81(b)

135,000

3,725,586

Software

(0.2%):

255,000

Cloud

Software

Group,

Inc.,

9.00%,

9/30/29,

Callable

11/2/25

@

104.5(b)

264,562

245,000

Cloud

Software

Group,

Inc.,

8.25%,

6/30/32,

Callable

6/30/27

@

104.13(b)

259,700

45,000

Cloud

Software

Group,

Inc.,

6.63%,

8/15/33,

Callable

8/15/28

@

103.31(b)

46,181

255,000

Fair

Isaac

Corp.,

6.00%,

5/15/33,

Callable

5/15/28

@

103(b)

258,187

70,000

Gen

Digital,

Inc.,

6.25%,

4/1/33,

Callable

4/1/28

@

103.13(b)

71,750

85,000

Helios

Software

Holdings,

Inc.

/

ION

Corporate

Solutions

Finance

Sarl,

8.75%,

5/1/29,

Callable

5/1/26

@

104.38(b)

87,975

345,000

Neptune

Bidco

US,

Inc.,

9.13%

(Term

SOFR+500bps),

4/11/29,

Callable

11/2/25

@

104.65(b)

337,238

252,000

Oracle

Corp.,

4.45%,

9/26/30,

Callable

8/26/30

@

100

251,581

421,000

Oracle

Corp.,

4.80%,

9/26/32,

Callable

7/26/32

@

100

420,817

383,000

Oracle

Corp.,

5.20%,

9/26/35,

Callable

6/26/35

@

100

384,562

236,000

Oracle

Corp.,

5.88%,

9/26/45,

Callable

3/26/45

@

100

236,346

296,000

Oracle

Corp.,

5.95%,

9/26/55,

Callable

3/26/55

@

100

294,027

305,000

Oracle

Corp.,

6.10%,

9/26/65,

Callable

3/26/65

@

100

303,633

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

100

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Software,

continued

$

81,000

UKG,

Inc.,

6.88%,

2/1/31,

Callable

2/1/27

@

103.44(b)

$

83,329

3,299,888

Specialized

REITs

(0.0%

†

):

90,000

Millrose

Properties,

Inc.,

6.38%,

8/1/30,

Callable

8/1/27

@

103.19(b)

91,350

45,000

Millrose

Properties,

Inc.,

6.25%,

9/15/32,

Callable

9/15/28

@

103.13(b)

45,056

97,000

SBA

Tower

Trust,

1.88%,

1/15/26,

Callable

11/2/25

@

100(b)

96,254

74,000

SBA

Tower

Trust,

2.33%,

1/15/28,

Callable

7/15/26

@

100(b)

70,182

99,000

VICI

Properties

LP,

5.75%,

4/1/34,

Callable

1/1/34

@

100

102,745

126,000

VICI

Properties,

LP,

4.75%,

4/1/28,

Callable

3/1/28

@

100

127,081

532,668

Specialty

Retail

(0.2%):

70,000

American

Axle

&

Manufacturing,

Inc.,

6.38%,

10/15/32,

Callable

10/15/28

@

103.19(b)

69,825

130,000

American

Axle

&

Manufacturing,

Inc.,

7.75%,

10/15/33,

Callable

10/15/28

@

103.88(b)

130,975

32,000

AutoNation,

Inc.,

4.75%,

6/1/30,

Callable

3/1/30

@

100

32,167

1,229,000

AutoZone,

Inc.,

4.00%,

4/15/30,

Callable

1/15/30

@

100

1,212,922

150,000

Carvana

Co.,

5.88%,

10/1/28,

Callable

10/13/25

@

101.47(b)

146,625

160,000

Carvana

Co.,

4.88%,

9/1/29,

Callable

9/1/26

@

100(b)

147,200

125,000

Carvana

Co.,

10.25%,

5/1/30,

Callable

5/1/27

@

105.13(b)

135,938

100,000

GrubHub

Holdings,

Inc.,

5.50%,

7/1/27,

Callable

10/6/25

@

100^

100,000

140,000

Staples,

Inc.,

10.75%,

9/1/29,

Callable

9/1/26

@

105.38(b)

138,600

165,000

Staples,

Inc.,

12.75%,

1/15/30,

Callable

6/15/27

@

106.38(b)

132,413

90,000

ZF

North

America

Capital,

Inc.,

6.88%,

4/14/28,

Callable

3/14/28

@

100(b)

91,237

2,337,902

Technology

Hardware,

Storage

&

Peripherals

(0.2%):

337,000

Dell

International

LLC/EMC

Corp.,

4.15%,

2/15/29,

Callable

1/15/29

@

100

336,035

87,000

Dell

International

LLC/EMC

Corp.,

6.20%,

7/15/30,

Callable

4/15/30

@

100

93,271

665,000

Dell

International

LLC/EMC

Corp.,

4.50%,

2/15/31,

Callable

1/15/31

@

100

662,682

443,000

Dell

International

LLC/EMC

Corp.,

4.75%,

10/6/32,

Callable

8/6/32

@

100

440,987

790,000

Dell

International

LLC/EMC

Corp.,

5.10%,

2/15/36,

Callable

11/15/35

@

100

783,930

2,316,905

Textiles,

Apparel

&

Luxury

Goods

(0.0%

†

):

40,000

Wolverine

World

Wide,

Inc.,

4.00%,

8/15/29,

Callable

11/2/25

@

101(b)

36,500

Principal

Amount

Value

Corporate

Bonds,

continued

Tobacco

(0.0%

†

):

$

294,000

Altria

Group,

Inc.,

4.25%,

8/9/42

$

246,398

191,000

Altria

Group,

Inc.,

4.50%,

5/2/43

163,766

72,000

Altria

Group,

Inc.,

5.95%,

2/14/49,

Callable

8/14/48

@

100

73,622

483,786

Trading

Companies

&

Distributors

(0.1%):

95,000

FTAI

Aviation

Investors

LLC,

7.88%,

12/1/30,

Callable

12/1/26

@

103.94(b)

100,819

60,000

FTAI

Aviation

Investors

LLC,

7.00%,

6/15/32,

Callable

6/15/27

@

103.5(b)

62,700

170,000

Herc

Holdings,

Inc.,

7.00%,

6/15/30,

Callable

6/15/27

@

103.5(b)

175,950

120,000

Herc

Holdings,

Inc.,

7.25%,

6/15/33,

Callable

6/15/28

@

103.63(b)

124,950

125,000

QXO

Building

Products,

Inc.,

6.75%,

4/30/32,

Callable

4/30/28

@

103.38(b)

129,375

195,000

United

Rentals

North

America,

Inc.,

6.13%,

3/15/34,

Callable

3/15/29

@

103.06(b)

202,312

796,106

Transportation

Infrastructure

(0.0%

†

):

70,000

Rockies

Express

Pipeline

LLC,

6.75%,

3/15/33,

Callable

3/15/28

@

103.38(b)

72,888

Water

Utilities

(0.0%

†

):

185,000

Standard

Building

Solutions,

Inc.,

6.25%,

8/1/33,

Callable

8/1/28

@

103.13(b)

187,081

Total

Corporate

Bonds

(Cost

$195,122,423)

191,095,134

Yankee

Debt

Obligations

(3.4%):

Aerospace

&

Defense

(0.0%

†

):

75,000

Bombardier,

Inc.,

6.75%,

6/15/33,

Callable

6/15/28

@

103.38(b)

78,281

Air

Freight

&

Logistics

(0.0%

†

):

85,000

Azorra

Finance,

Ltd.,

7.25%,

1/15/31,

Callable

7/15/27

@

103.63(b)

88,506

Automobile

Components

(0.0%

†

):

90,000

Forvia

SE,

6.75%,

9/15/33,

Callable

9/15/28

@

103.38(b)

90,900

Automobiles

(0.0%

†

):

150,000

Aston

Martin

Capital

Holdings,

Ltd.,

10.00%,

3/31/29,

Callable

3/15/26

@

105(b)

146,813

Banks

(0.5%):

2,377,000

Barclays

PLC,

5.09%

(US0003M),

6/20/30,

Callable

6/20/29

@

100

2,402,895

778,000

BNP

Paribas

SA,

5.79%

(SOFR),

1/13/33,

Callable

1/13/32

@

100(b)

815,927

200,000

BNP

Paribas

SA,

7.45%

(H15T5Y),

12/31/99,

Callable

6/27/35

@

100(b)

208,750

200,000

Commonwealth

Bank

of

Australia,

3.61%

(H15T5Y),

9/12/34,

Callable

9/12/29

@

100(b)

191,756

3,069,000

Intesa

Sanpaolo

SpA,

5.71%,

1/15/26(b)

3,076,473

531,000

Societe

Generale

SA,

5.50%

(H15T1Y),

4/13/29,

Callable

4/13/28

@

100(b)

540,293

186,000

Westpac

Banking

Corp.,

4.11%

(H15T5Y),

7/24/34,

Callable

7/24/29

@

100

182,163

7,418,257

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

101

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Biotechnology

(0.0%

†

):

$

60,000

Grifols

SA,

4.75%,

10/15/28,

Callable

11/2/25

@

101.19(b)

$

57,600

Capital

Markets

(0.2%):

190,000

C&W

Senior

Finance,

Ltd.,

9.00%,

1/15/33,

Callable

1/15/28

@

104.5(b)

198,550

245,000

Global

Aircraft

Leasing

Co.,

Ltd.,

8.75%,

9/1/27,

Callable

3/1/26

@

104.38(b)

251,738

135,000

Herens

Holdco

Sarl,

4.75%,

5/15/28,

Callable

11/2/25

@

101.88(b)

117,237

200,000

NTT

Finance

Corp.,

4.57%,

7/16/27(b)

201,407

200,000

NTT

Finance

Corp.,

4.62%,

7/16/28(b)

201,931

259,000

NTT

Finance

Corp.,

4.88%,

7/16/30,

Callable

6/16/30

@

100(b)

263,061

774,000

UBS

Group

AG,

1.49%

(H15T1Y),

8/10/27,

Callable

8/10/26

@

100(b)

754,464

314,000

UBS

Group

AG,

4.19%

(SOFR),

4/1/31,

Callable

4/1/30

@

100(b)

309,809

2,298,197

Chemicals

(0.0%

†

):

150,000

Axalta

Coating

Systems

Dutch

Holding

B

B.V.,

7.25%,

2/15/31,

Callable

11/15/26

@

103.63(b)

156,938

175,000

Methanex

Corp.,

5.25%,

12/15/29,

Callable

9/15/29

@

100

174,781

115,000

Methanex

Corp.,

5.65%,

12/1/44,

Callable

6/1/44

@

100

96,600

428,319

Commercial

Services

&

Supplies

(0.0%

†

):

202,000

Ambipar

Lux

Sarl,

9.88%,

2/6/31,

Callable

2/6/27

@

104.94(b)

35,350

85,000

GFL

Environmental,

Inc.,

6.75%,

1/15/31,

Callable

1/15/27

@

103.38(b)

88,506

123,856

Consumer

Staples

Distribution

&

Retail

(0.1%):

1,375,000

JBS

USA

Holding

Lux

Sarl/JBS

USA

Food

Co./JBS

Lux

Co.

Sarl,

3.00%,

5/15/32,

Callable

2/15/32

@

100

1,226,275

Diversified

Telecommunication

Services

(0.1%):

215,000

Altice

France

Holding

SA,

6.00%,

2/15/28(b)

75,250

520,000

Altice

France

SA,

5.13%,

7/15/29(b)

449,800

375,000

Altice

France

SA,

5.50%,

10/15/29(b)

324,375

90,000

Axian

Telecom

Holding

&

Management

plc,

7.25%,

7/11/30,

Callable

7/11/27

@

103.63(b)

92,138

85,000

IHS

Holding,

Ltd.,

5.63%,

11/29/26,

Callable

11/2/25

@

101.41(b)

84,123

200,000

IHS

Holding,

Ltd.,

7.88%,

5/29/30,

Callable

11/29/26

@

103.94(b)

204,250

241,000

Liquid

Telecommunications

Financing

plc,

5.50%,

9/4/26,

Callable

11/2/25

@

100(b)

209,971

43,000

TELUS

Corp.,

7.00%

(H15T5Y),

10/15/55,

Callable

7/15/35

@

100

45,365

87,000

TELUS

Corp.,

6.63%

(H15T5Y),

10/15/55,

Callable

7/15/30

@

100

88,849

500,000

Vmed

O2

UK

Financing

I

plc,

4.25%,

1/31/31,

Callable

1/31/26

@

102.13(b)

460,529

2,034,650

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Electric

Utilities

(0.0%

†

):

$

150,000

EnfraGen

Energia

Sur

SA/EnfraGen

Spain

SA/Prime

Energia

SpA,

5.38%,

12/30/30,

Callable

12/30/25

@

102.69(b)

$

139,312

85,000

EnfraGen

Energia

Sur

SAU/EnfraGen

Chile

SpA/

EnfraGen

Spain

SAU,

8.50%,

6/30/32,

Callable

6/30/28

@

104.25(b)

88,825

228,137

Electrical

Equipment

(0.0%

†

):

425,000

Sensata

Technologies

BV,

4.00%,

4/15/29,

Callable

11/2/25

@

101(b)

407,469

Energy

Equipment

&

Services

(0.0%

†

):

50,000

Nabors

Industries,

Ltd.,

7.50%,

1/15/28,

Callable

11/2/25

@

101.88(b)

49,875

85,000

TGS

ASA,

8.50%,

1/15/30,

Callable

1/15/27

@

104.25(b)

87,231

25,000

Transocean

International,

Ltd.,

7.88%,

10/15/32,

Callable

10/15/28

@

103.94(b)

25,000

205,000

Vallourec

SACA,

7.50%,

4/15/32,

Callable

4/15/27

@

103.75(b)

217,813

90,000

Viridien,

10.00%,

10/15/30,

Callable

4/15/27

@

105(b)

92,700

472,619

Entertainment

(0.0%

†

):

420,000

Flutter

Treasury

DAC,

5.88%,

6/4/31,

Callable

4/15/27

@

102.94(b)

427,334

Financial

Services

(0.6%):

315,000

1261229

BC,

Ltd.,

10.00%,

4/15/32,

Callable

4/15/28

@

105(b)

322,087

163,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

4.45%,

4/3/26,

Callable

2/3/26

@

100

162,934

503,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

2.45%,

10/29/26,

Callable

9/29/26

@

100

494,613

3,068,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

6.45%,

4/15/27,

Callable

3/15/27

@

100

3,160,040

527,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.00%,

10/29/28,

Callable

8/29/28

@

100

507,781

165,000

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.,

7.00%,

5/21/30,

Callable

5/21/27

@

103.5(b)

170,981

48,000

Altice

Financing

SA,

9.63%,

7/15/27,

Callable

11/2/25

@

104.81(b)

43,200

359,000

Altice

Financing

SA,

5.75%,

8/15/29,

Callable

11/2/25

@

101.44(b)

270,148

845,000

Avolon

Holdings

Funding,

Ltd.,

6.38%,

5/4/28,

Callable

4/4/28

@

100(b)

882,782

55,000

Avolon

Holdings

Funding,

Ltd.,

5.15%,

1/15/30,

Callable

12/15/29

@

100(b)

55,825

301,000

Avolon

Holdings

Funding,

Ltd.,

5.38%,

5/30/30,

Callable

4/30/30

@

100(b)

308,318

85,000

Belron

UK

Finance

plc,

5.75%,

10/15/29,

Callable

10/15/26

@

102.88(b)

86,063

150,000

GGAM

Finance,

Ltd.,

7.75%,

5/15/26,

Callable

11/15/25

@

100(b)

149,921

125,000

GGAM

Finance,

Ltd.,

6.88%,

4/15/29,

Callable

4/15/26

@

103.44(b)

129,375

170,000

GGAM

Finance,

Ltd.,

5.88%,

3/15/30,

Callable

9/15/26

@

102.94(b)

172,338

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

102

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Financial

Services,

continued

$

100,000

HTA

Group,

Ltd.,

7.50%,

6/4/29,

Callable

6/4/26

@

103.75(b)

$

104,125

40,000

Macquarie

Airfinance

Holdings,

Ltd.,

6.40%,

3/26/29,

Callable

2/26/29

@

100(b)

41,979

120,000

Macquarie

Airfinance

Holdings,

Ltd.,

8.13%,

3/30/29,

Callable

10/8/25

@

104.06(b)

124,889

285,000

Sable

International

Finance,

Ltd.,

7.13%,

10/15/32,

Callable

10/15/27

@

103.56(b)

289,247

85,000

TrueNoord

Capital

DAC,

8.75%,

3/1/30,

Callable

3/1/27

@

104.38(b)

90,312

240,000

VTR

Finance

NV,

6.38%,

7/15/28,

Callable

11/2/25

@

100(b)

234,600

7,801,558

Hotels,

Restaurants

&

Leisure

(0.2%):

155,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

6.13%,

6/15/29,

Callable

6/15/26

@

103.06(b)

158,487

335,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

4.00%,

10/15/30,

Callable

10/15/25

@

102(b)

315,738

90,000

Carnival

Corp.,

5.13%,

5/1/29,

Callable

2/1/29

@

100(b)

90,000

85,000

Carnival

Corp.,

5.75%,

3/15/30,

Callable

12/15/29

@

100(b)

86,700

170,000

Carnival

Corp.,

5.88%,

6/15/31,

Callable

3/15/31

@

100(b)

173,825

175,000

Carnival

Corp.,

5.75%,

8/1/32,

Callable

5/1/32

@

100(b)

177,844

90,000

NCL

Corp.,

Ltd.,

5.88%,

1/15/31,

Callable

9/15/27

@

102.94(b)

90,000

90,000

NCL

Corp.,

Ltd.,

6.25%,

9/15/33,

Callable

9/15/28

@

103.13(b)

90,450

115,000

Royal

Caribbean

Cruises,

Ltd.,

5.63%,

9/30/31,

Callable

9/30/27

@

102.81(b)

117,300

390,000

Royal

Caribbean

Cruises,

Ltd.,

6.00%,

2/1/33,

Callable

8/1/27

@

103(b)

399,750

150,000

Viking

Cruises,

Ltd.,

9.13%,

7/15/31,

Callable

7/15/26

@

104.56(b)

160,875

270,000

Viking

Cruises,

Ltd.,

5.88%,

10/15/33,

Callable

10/15/28

@

102.94(b)

269,759

2,130,728

Independent

Power

and

Renewable

Electricity

Producers

(0.0%

†

):

185,000

California

Buyer,

Ltd./Atlantica

Sustainable

Infrastructure

plc,

6.38%,

2/15/32,

Callable

11/15/27

@

103.19(b)

189,625

85,000

South

Bow

Canadian

Infrastructure

Holdings,

Ltd.,

7.50%

(H15T5Y),

3/1/55,

Callable

12/1/34

@

100

90,312

279,937

Insurance

(0.0%

†

):

200,000

Swiss

Re

Finance

Luxembourg

SA,

5.00%

(H15T5Y),

4/2/49,

Callable

4/2/29

@

100(b)

201,460

IT

Services

(0.0%

†

):

170,000

Maya

SAS,

7.00%,

4/15/32,

Callable

12/1/27

@

103.5(b)

173,825

75,000

Seagate

Data

Storage

Technology

Pte,

Ltd.,

8.25%,

12/15/29,

Callable

7/15/26

@

104.13(b)

79,406

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

IT

Services,

continued

$

75,000

Seagate

Data

Storage

Technology

Pte,

Ltd.,

5.88%,

7/15/30,

Callable

6/1/27

@

102.94(b)

$

76,500

329,731

Media

(0.0%

†

):

45,000

Ziggo

BV,

4.88%,

1/15/30,

Callable

11/2/25

@

101.22(b)

42,355

Metals

&

Mining

(0.2%):

45,000

Alcoa

Nederland

Holding

BV,

4.13%,

3/31/29,

Callable

10/17/25

@

101.03(b)

43,431

45,000

Alcoa

Nederland

Holding

BV,

7.13%,

3/15/31,

Callable

3/15/27

@

103.56(b)

47,105

255,000

Alumina

Pty,

Ltd.,

6.38%,

9/15/32,

Callable

3/15/28

@

103.19(b)

262,056

105,000

Capstone

Copper

Corp.,

6.75%,

3/31/33,

Callable

3/31/28

@

103.38(b)

107,887

35,000

Champion

Iron

Canada,

Inc.,

7.88%,

7/15/32,

Callable

7/15/28

@

103.94(b)

36,619

175,000

ERO

Copper

Corp.,

6.50%,

2/15/30,

Callable

11/2/25

@

103.25(b)

174,781

285,000

First

Quantum

Minerals,

Ltd.,

8.00%,

3/1/33,

Callable

3/1/28

@

104(b)

300,675

200,000

First

Quantum

Minerals,

Ltd.,

7.25%,

2/15/34,

Callable

2/15/29

@

103.63(b)

206,250

125,000

Ivanhoe

Mines,

Ltd.,

7.88%,

1/23/30,

Callable

1/23/27

@

103.94(b)

129,063

125,000

Mineral

Resources,

Ltd.,

8.13%,

5/1/27(b)

125,000

85,000

Mineral

Resources,

Ltd.,

8.00%,

11/1/27,

Callable

11/2/25

@

102(b)

86,487

110,000

Mineral

Resources,

Ltd.,

9.25%,

10/1/28,

Callable

11/2/25

@

104.63(b)

114,950

130,000

Mineral

Resources,

Ltd.,

8.50%,

5/1/30,

Callable

11/2/25

@

104.25(b)

134,712

50,000

Mineral

Resources,

Ltd.,

7.00%,

4/1/31,

Callable

4/1/28

@

103.5(b)

50,625

173,171

Samarco

Mineracao

SA,

9.50%,

6/30/31,

Callable

10/18/25

@

100(b)

174,037

120,000

Volcan

Cia

Minera

SAA,

Class

B,

8.75%,

1/24/30,

Callable

9/10/26

@

103(b)

124,800

2,118,478

Oil,

Gas

&

Consumable

Fuels

(0.8%):

90,000

Baytex

Energy

Corp.,

7.38%,

3/15/32,

Callable

3/15/27

@

103.69(b)

87,412

310,000

Canacol

Energy,

Ltd.,

5.75%,

11/24/28,

Callable

11/2/25

@

102.88(b)

106,175

20,000

Consolidated

Energy

Finance

SA,

6.50%,

5/15/26,

Callable

10/13/25

@

100(b)

19,500

110,000

Consolidated

Energy

Finance

SA,

5.63%,

10/15/28,

Callable

11/2/25

@

101.41(b)

91,438

150,000

Consolidated

Energy

Finance

SA,

12.00%,

2/15/31,

Callable

2/15/27

@

106^(b)

137,625

440,000

EG

Global

Finance

plc,

12.00%,

11/30/28,

Callable

5/30/26

@

106(b)

483,468

130,000

Energean

PLC,

6.50%,

4/30/27,

Callable

11/2/25

@

100(b)

129,187

400,000

Golar

LNG,

Ltd.,

7.75%,

9/19/29,

Callable

9/19/27

@

103.1

402,480

170,000

Golar

LNG,

Ltd.,

7.50%,

10/2/30,

Callable

10/2/27

@

103.75(b)

168,300

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

103

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

185,000

Parkland

Corp.,

6.63%,

8/15/32,

Callable

8/15/27

@

103.31(b)

$

189,163

4,920,000

Petroleos

Mexicanos,

5.95%,

1/28/31,

Callable

10/28/30

@

100

4,741,650

776,000

Petroleos

Mexicanos,

6.70%,

2/16/32,

Callable

11/16/31

@

100

766,300

2,228,000

Petroleos

Mexicanos,

6.75%,

9/21/47

1,835,315

600,000

Petroleos

Mexicanos,

6.35%,

2/12/48

477,900

336,000

Petroleos

Mexicanos,

6.95%,

1/28/60,

Callable

7/28/59

@

100

275,100

81,538

Transocean

Aquila,

Ltd.,

8.00%,

9/30/28,

Callable

10/13/25

@

104(b)

83,577

172,500

Transocean

International,

Ltd.,

8.75%,

2/15/30,

Callable

2/15/26

@

104.38(b)

181,125

245,000

Tullow

Oil

PLC,

10.25%,

5/15/26,

Callable

11/2/25

@

100(b)

207,637

29,433

Yinson

Boronia

Production

BV,

8.95%,

7/31/42,

Callable

7/31/40

@

100(b)

32,744

10,416,096

Paper

&

Forest

Products

(0.0%

†

):

90,000

Ahlstrom

Holding

3

Oy,

4.88%,

2/4/28,

Callable

11/2/25

@

101.22(b)

86,666

Pharmaceuticals

(0.1%):

35,000

Bausch

Health

Cos,

Inc.,

5.25%,

1/30/30,

Callable

10/18/25

@

102.63(b)

24,675

85,000

Bausch

Health

Cos.,

Inc.,

4.88%,

6/1/28,

Callable

11/2/25

@

101.22(b)

76,075

217,000

Bausch

Health

Cos.,

Inc.,

11.00%,

9/30/28(b)

226,494

34,000

Teva

Pharmaceutical

Finance

III

BV,

3.15%,

10/1/26

33,320

285,000

Teva

Pharmaceutical

Finance

III

BV,

6.00%,

12/1/32,

Callable

9/1/32

@

100

295,687

245,000

Teva

Pharmaceutical

Finance

IV

BV,

5.75%,

12/1/30,

Callable

9/1/30

@

100

251,738

907,989

Software

(0.0%

†

):

150,000

ION

Trading

Technologies

Sarl,

5.75%,

5/15/28,

Callable

11/2/25

@

101.44(b)

147,472

60,000

Open

Text

Corp.,

3.88%,

2/15/28,

Callable

11/2/25

@

100(b)

58,350

175,000

Open

Text

Corp.,

3.88%,

12/1/29,

Callable

11/2/25

@

101.94(b)

165,156

370,978

Sovereign

Bond

(0.4%):

770,000

Colombia

Government

International

Bond,

7.38%,

4/25/30,

Callable

3/25/30

@

100

822,965

790,000

Colombia

Government

International

Bond,

8.50%,

4/25/35,

Callable

1/25/35

@

100

874,787

3,150,000

Dominican

Republic

International

Bond,

6.00%,

7/19/28(b)

3,260,250

200,000

Saudi

Government

International

Bond,

3.25%,

10/22/30(b)

190,341

200,000

Saudi

Government

International

Bond,

4.50%,

4/22/60(b)

163,511

5,311,854

Technology

Hardware,

Storage

&

Peripherals

(0.1%):

212,000

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.,

4.85%,

8/19/32,

Callable

6/19/32

@

100

212,133

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

$

609,000

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.,

5.25%,

8/19/35,

Callable

5/19/35

@

100

$

616,524

828,657

Textiles,

Apparel

&

Luxury

Goods

(0.0%

†

):

58,000

Gildan

Activewear,

Inc.,

4.70%,

10/7/30,

Callable

9/7/30

@

100(b)

57,912

Trading

Companies

&

Distributors

(0.0%

†

):

130,000

Aircastle,

Ltd.,

5.25%

(H15T5Y),

Callable

6/15/26

@

100(b)

129,350

Transportation

Infrastructure

(0.0%

†

):

60,000

Phoenix

Aviation

Capital,

Ltd.,

9.25%,

7/15/30,

Callable

7/15/27

@

104.63(b)

63,675

Wireless

Telecommunication

Services

(0.1%):

450,000

Millicom

International

Cellular

SA,

6.25%,

3/25/29,

Callable

10/13/25

@

102.08(b)

453,375

220,000

Millicom

International

Cellular

SA,

4.50%,

4/27/31,

Callable

4/27/26

@

102.25(b)

207,900

661,275

Total

Yankee

Debt

Obligations

(Cost

$47,738,097)

47,265,912

U.S.

Government

Agency

Mortgages

(9.6%):

Federal

National

Mortgage

Association

(4.0%):

16,547

2.50%,

5/1/31,

Pool

#BC0919

15,969

23,131

2.50%,

8/1/31,

Pool

#BC2778

22,513

16,742

2.50%,

10/1/31,

Pool

#AS8010

16,163

125,388

2.50%,

1/1/32,

Pool

#BE3032

121,979

20,368

2.50%,

9/1/32,

Pool

#MA3124

19,729

–

3.00%,

3/1/33,

Pool

#BM4614

—

–

2.00%,

10/1/35,

Pool

#BK5705

—

12,560

1.50%,

11/1/35,

Pool

#MA4178

11,382

12,259

1.50%,

11/1/35,

Pool

#FM4368

11,107

21,369

1.50%,

12/1/35,

Pool

#MA4205

19,365

12,728

1.50%,

12/1/35,

Pool

#FM4701

11,533

400,028

1.50%,

1/1/36,

Pool

#MA4228

362,524

137,739

1.50%,

2/1/36,

Pool

#FM6507

123,493

–

1.50%,

2/1/36,

Pool

#FM5367

—

–

1.50%,

2/1/36,

Pool

#MA4260

—

–

1.50%,

3/1/36,

Pool

#MA4278

—

–

1.50%,

3/1/36,

Pool

#BR4700

—

14,313

1.50%,

3/1/36,

Pool

#FM6804

12,833

–

1.50%,

4/1/36,

Pool

#MA4302

—

–

1.50%,

4/1/36,

Pool

#FM6100

—

–

1.50%,

5/1/36,

Pool

#MA4328

—

25,418

1.50%,

5/1/36,

Pool

#BR1069

22,791

201,345

6.00%,

5/1/36,

Pool

#745512

211,321

–

2.00%,

6/1/36,

Pool

#BP3507

—

26,565

1.50%,

6/1/36,

Pool

#BR2059

23,819

–

1.50%,

6/1/36,

Pool

#MA4359

—

–

1.50%,

7/1/36,

Pool

#MA4382

—

–

1.50%,

8/1/36,

Pool

#MA4402

—

–

1.50%,

9/1/36,

Pool

#MA4417

—

38,668

2.50%,

9/1/36,

Pool

#MA4419

36,517

1,469,576

2.50%,

11/1/36,

Pool

#CB2246

1,386,101

360,590

4.50%,

5/1/39,

Pool

#FM1194

368,585

31,985

2.50%,

3/1/40,

Pool

#FM2646

29,228

23,489

2.50%,

5/1/40,

Pool

#MA4016

21,463

–

2.00%,

10/1/40,

Pool

#FM4644

—

127,244

2.50%,

11/1/40,

Pool

#FM9485

111,592

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

104

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

722,729

2.00%,

11/1/40,

Pool

#MA4176

$

636,819

41,254

1.50%,

11/1/40,

Pool

#MA4175

34,873

8,480

3.50%,

12/1/40,

Pool

#AH1556

8,087

14,679

2.00%,

12/1/40,

Pool

#MA4204

12,935

41,541

1.50%,

12/1/40,

Pool

#MA4202

35,115

49,300

2.00%,

12/1/40,

Pool

#FM5042

43,481

43,465

1.50%,

1/1/41,

Pool

#MA4231

36,742

44,482

1.50%,

2/1/41,

Pool

#MA4266

37,211

102,540

2.50%,

2/1/41,

Pool

#MA4269

92,684

15,671

2.00%,

2/1/41,

Pool

#MA4268

13,580

16,056

2.00%,

3/1/41,

Pool

#MA4287

13,854

45,429

1.50%,

3/1/41,

Pool

#MA4286

38,002

162,937

2.00%,

4/1/41,

Pool

#CB0116

143,407

96,657

2.50%,

4/1/41,

Pool

#MA4312

87,363

39,980

2.50%,

5/1/41,

Pool

#CB0469

35,420

117,660

2.00%,

6/1/41,

Pool

#FM7891

103,554

17,201

2.00%,

6/1/41,

Pool

#MA4364

14,842

–

2.00%,

7/1/41,

Pool

#CB1071

—

141,964

2.50%,

7/1/41,

Pool

#CB1076

125,778

65,856

2.50%,

7/1/41,

Pool

#CB2014

59,523

158,325

2.00%,

7/1/41,

Pool

#CB1069

138,834

–

2.00%,

7/1/41,

Pool

#FM8066

—

–

2.00%,

8/1/41,

Pool

#FM8393

—

151,244

2.00%,

8/1/41,

Pool

#FM8334

130,504

233,612

2.50%,

8/1/41,

Pool

#CB1342

206,973

–

2.00%,

8/1/41,

Pool

#FM8410

—

110,710

2.00%,

9/1/41,

Pool

#FM8862

95,516

117,991

2.50%,

9/1/41,

Pool

#FM8850

106,638

17,465

2.00%,

10/1/41,

Pool

#MA4446

15,071

234,065

2.00%,

10/1/41,

Pool

#FM9396

201,936

65,567

2.00%,

10/1/41,

Pool

#BQ6615

56,575

134,628

2.50%,

10/1/41,

Pool

#CB1842

119,272

205,544

2.00%,

11/1/41,

Pool

#CB2110

179,567

65,167

2.00%,

11/1/41,

Pool

#BU6530

56,232

258,460

2.00%,

11/1/41,

Pool

#FS0106

225,727

300,094

2.00%,

11/1/41,

Pool

#BQ6743

258,923

91,224

2.50%,

11/1/41,

Pool

#MA4475

82,457

141,726

2.50%,

11/1/41,

Pool

#FM9558

128,097

172,596

2.00%,

12/1/41,

Pool

#BU7091

148,926

3,796,479

2.00%,

5/1/42,

Pool

#FS4603

3,297,857

314,278

4.50%,

9/1/42,

Pool

#MA4766

315,428

23,514

4.00%,

10/1/43,

Pool

#BM1167

23,022

199,826

4.50%,

3/1/44,

Pool

#AV0957

199,498

123,570

4.50%,

7/1/44,

Pool

#AS3062

123,460

100,198

4.50%,

12/1/44,

Pool

#AS4176

99,917

59,458

4.00%,

5/1/45,

Pool

#AZ1207

57,460

101,262

4.00%,

6/1/45,

Pool

#AY8096

97,861

34,127

4.00%,

6/1/45,

Pool

#AY8126

32,938

17,340

4.00%,

12/1/45,

Pool

#AS6352

16,794

6,558

4.50%,

1/1/46,

Pool

#AY3890

6,493

40,992

4.00%,

2/1/46,

Pool

#BC1578

39,360

45,400

4.50%,

3/1/46,

Pool

#BM4548

45,540

2,143

4.50%,

3/1/46,

Pool

#BC0287

2,135

168,853

4.00%,

4/1/46,

Pool

#AL8468

163,908

16,917

4.00%,

4/1/46,

Pool

#AS7024

16,429

64,725

3.00%,

5/1/46,

Pool

#BC0887

59,447

14,361

4.50%,

6/1/46,

Pool

#BD1238

14,339

130,807

4.00%,

6/1/46,

Pool

#AL9282

125,604

63,838

4.00%,

7/1/46,

Pool

#BC1443

61,826

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

24,229

4.00%,

9/1/46,

Pool

#BD1489

$

23,266

76,193

4.00%,

9/1/46,

Pool

#BC2843

73,791

11,809

4.00%,

10/1/46,

Pool

#BD7599

11,340

158,190

3.00%,

10/1/46,

Pool

#AL9371

145,250

71,160

4.00%,

10/1/46,

Pool

#BC4754

68,917

36,722

4.50%,

10/1/46,

Pool

#BE1671

36,256

195,356

3.00%,

11/1/46,

Pool

#AL9547

179,425

200,473

3.00%,

11/1/46,

Pool

#BC9026

184,120

46,161

4.50%,

11/1/46,

Pool

#BE2386

45,989

190,801

3.50%,

12/1/46,

Pool

#BC9077

177,198

61,164

4.50%,

12/1/46,

Pool

#BE4488

60,936

565,679

3.50%,

12/1/46,

Pool

#BM5096

538,926

4,327

4.50%,

12/1/46,

Pool

#BC9079

4,311

26,057

4.50%,

1/1/47,

Pool

#BE6506

25,992

16,947

4.50%,

1/1/47,

Pool

#BE7087

16,844

29,000

4.50%,

2/1/47,

Pool

#BE8498

28,886

263,279

4.00%,

2/1/47,

Pool

#AL9779

255,407

–

2.50%,

3/1/47,

Pool

#FS0976

—

71,815

3.00%,

3/1/47,

Pool

#BM3114

65,940

33,333

4.00%,

5/1/47,

Pool

#BM1277

32,100

4,775

4.00%,

6/1/47,

Pool

#BH4269

4,599

11,939

4.50%,

6/1/47,

Pool

#BH0561

11,730

5,332

4.50%,

6/1/47,

Pool

#BE9387

5,299

38,321

4.50%,

6/1/47,

Pool

#BE3663

38,086

19,490

4.00%,

7/1/47,

Pool

#AS9968

18,769

29,681

4.50%,

7/1/47,

Pool

#BE3749

29,499

10,422

4.50%,

4/1/48,

Pool

#BJ5454

10,416

37,257

4.00%,

4/1/48,

Pool

#BM3700

35,879

5,734

4.50%,

5/1/48,

Pool

#BJ5507

5,730

183,468

4.50%,

10/1/48,

Pool

#CA2432

181,701

214,407

4.50%,

12/1/48,

Pool

#CA2797

212,812

41,552

3.00%,

8/1/49,

Pool

#MA3744

37,161

122,932

4.50%,

9/1/49,

Pool

#FM1534

121,600

180,969

4.00%,

11/1/49,

Pool

#CA4628

173,295

134,961

3.00%,

1/1/50,

Pool

#MA3905

119,888

98,640

3.00%,

1/1/50,

Pool

#CA5019

87,968

504,623

3.50%,

1/1/50,

Pool

#FS3728

479,830

379,555

4.00%,

3/1/50,

Pool

#FM3663

362,219

102,266

3.00%,

4/1/50,

Pool

#MA3991

90,960

68,484

2.00%,

7/1/50,

Pool

#FM3897

56,226

102,208

2.00%,

7/1/50,

Pool

#CA6275

84,110

445,417

3.00%,

8/1/50,

Pool

#FM6118

397,499

226,293

3.50%,

8/1/50,

Pool

#FM7147

210,423

103,010

3.00%,

9/1/50,

Pool

#CA6998

91,925

39,590

3.00%,

9/1/50,

Pool

#FM4317

35,131

122,337

2.50%,

10/1/50,

Pool

#CA7229

105,654

103,121

2.00%,

10/1/50,

Pool

#CA7323

85,325

37,970

3.00%,

11/1/50,

Pool

#MA4184

33,774

72,047

2.00%,

11/1/50,

Pool

#CA7616

59,135

115,065

3.00%,

12/1/50,

Pool

#FM7827

102,406

349,184

3.00%,

12/1/50,

Pool

#MA4211

310,603

165,163

2.50%,

1/1/51,

Pool

#FM5651

141,180

189,927

3.00%,

1/1/51,

Pool

#MA4239

168,941

–

2.00%,

3/1/51,

Pool

#MA4281

—

820,963

2.50%,

4/1/51,

Pool

#FM6540

703,937

–

2.00%,

4/1/51,

Pool

#MA4305

—

453,046

3.00%,

5/1/51,

Pool

#CB0531

402,217

375,076

2.50%,

5/1/51,

Pool

#MA4326

317,872

–

2.50%,

5/1/51,

Pool

#CB0388

—

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

105

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

611,658

3.00%,

6/1/51,

Pool

#FS4922

$

547,429

1,043,613

3.00%,

6/1/51,

Pool

#CB0850

928,656

–

2.00%,

7/1/51,

Pool

#BQ1010

—

18,097

2.00%,

7/1/51,

Pool

#BT1461

14,834

–

3.00%,

7/1/51,

Pool

#FM8077

—

82,239

2.50%,

8/1/51,

Pool

#MA4399

69,699

394,417

2.00%,

10/1/51,

Pool

#CB1799

323,593

782,927

2.50%,

10/1/51,

Pool

#MA4438

660,219

533,455

2.00%,

10/1/51,

Pool

#CB1801

437,253

71,241

2.50%,

10/1/51,

Pool

#FM9068

60,945

663,834

2.00%,

11/1/51,

Pool

#FM9568

545,124

1,050,928

2.50%,

11/1/51,

Pool

#FM9501

900,592

416,601

2.00%,

11/1/51,

Pool

#FM9539

341,454

–

2.00%,

11/1/51,

Pool

#FM9646

—

639,692

2.50%,

11/1/51,

Pool

#MA4466

540,396

405,445

2.50%,

11/1/51,

Pool

#FM9517

346,851

307,856

2.50%,

11/1/51,

Pool

#FM9505

263,358

294,222

2.50%,

12/1/51,

Pool

#CB2320

252,155

81,108

3.00%,

12/1/51,

Pool

#FM9777

71,483

280,093

2.50%,

12/1/51,

Pool

#CB2376

239,967

307,168

2.00%,

12/1/51,

Pool

#CB2350

252,029

874,440

2.00%,

12/1/51,

Pool

#CB2349

716,708

229,024

2.00%,

12/1/51,

Pool

#CB2348

187,718

323,722

2.50%,

12/1/51,

Pool

#CB2321

276,930

–

3.00%,

12/1/51,

Pool

#BT9503

—

712,511

2.50%,

12/1/51,

Pool

#CB2289

609,541

261,400

3.50%,

1/1/52,

Pool

#MA4514

241,586

72,423

3.50%,

1/1/52,

Pool

#CB2679

67,106

1,306,444

2.00%,

1/1/52,

Pool

#FS0286

1,070,822

569,749

2.00%,

1/1/52,

Pool

#FS0288

466,220

211,292

3.00%,

1/1/52,

Pool

#CB2662

187,170

123,952

2.50%,

1/1/52,

Pool

#MA4512

105,050

1,361,277

2.00%,

2/1/52,

Pool

#CB2842

1,106,280

742,969

3.00%,

2/1/52,

Pool

#FS0631

661,031

–

2.00%,

2/1/52,

Pool

#CB2765

—

226,258

3.50%,

2/1/52,

Pool

#CB2906

208,473

323,384

2.50%,

3/1/52,

Pool

#BV4139

276,793

505,893

3.00%,

3/1/52,

Pool

#BV0350

447,890

605,035

3.00%,

3/1/52,

Pool

#FA1625

535,963

–

2.00%,

3/1/52,

Pool

#CB3155

—

328,962

3.50%,

3/1/52,

Pool

#CB3174

303,159

564,077

4.00%,

4/1/52,

Pool

#FS1647

534,831

24,919

2.50%,

4/1/52,

Pool

#CB3356

21,085

1,231,307

4.50%,

8/1/52,

Pool

#CB4387

1,203,843

30,504

4.50%,

9/1/52,

Pool

#BW7712

29,753

622,722

4.50%,

10/1/52,

Pool

#CB4891

604,751

201,904

4.50%,

10/1/52,

Pool

#BX0507

195,931

324,387

5.50%,

10/1/52,

Pool

#CB4843

328,035

39,907

5.00%,

10/1/52,

Pool

#CB4893

40,192

388,095

5.00%,

11/1/52,

Pool

#CB5128

390,420

227,846

5.00%,

11/1/52,

Pool

#FS3248

229,470

122,833

5.00%,

11/1/52,

Pool

#FS3295

123,292

284,872

5.00%,

12/1/52,

Pool

#MA4841

284,041

125,532

5.00%,

12/1/52,

Pool

#CB5273

126,428

640,218

5.50%,

6/1/53,

Pool

#CB6527

653,321

318,419

6.00%,

6/1/53,

Pool

#CB6538

329,079

–

6.00%,

6/1/53,

Pool

#CB6539

—

539,932

6.00%,

7/1/53,

Pool

#FS5067

558,016

–

5.50%,

4/1/54,

Pool

#CB8330

—

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

–

5.50%,

8/1/54,

Pool

#MA5444

$

—

–

5.50%,

9/1/54,

Pool

#CB9209

—

2,153,266

6.00%,

9/1/54,

Pool

#CB9216

2,206,757

578,937

6.00%,

5/1/55,

Pool

#CC0404

600,053

–

5.50%,

7/1/55,

Pool

#CC0715

—

791,818

6.00%,

7/1/55,

Pool

#CC0730

813,351

2,550,000

2.00%,

10/25/55,

TBA

2,055,340

425,000

6.50%,

10/25/55,

TBA

439,145

875,000

5.00%,

10/25/55,

TBA

867,754

650,000

2.50%,

10/25/55,

TBA

547,422

625,000

3.50%,

10/25/55,

TBA

570,898

1,650,000

2.50%,

11/25/55,

TBA

1,389,352

8,650,000

2.00%,

11/25/55,

TBA

6,969,332

375,000

6.50%,

11/25/55,

TBA

387,598

55,556,501

Federal

Home

Loan

Mortgage

Corporation

(2.8%):

14,691

2.50%,

6/1/31,

Pool

#J34501

14,073

19,236

2.50%,

7/1/31,

Pool

#V61246

18,693

32,380

2.50%,

8/1/31,

Pool

#V61273

31,514

89,225

3.50%,

3/1/32,

Pool

#C91403

88,370

287,896

3.50%,

7/1/32,

Pool

#C91467

285,133

66,882

3.00%,

4/1/33,

Pool

#G18684

65,237

88,548

3.50%,

10/1/34,

Pool

#C91793

88,829

–

3.00%,

5/1/35,

Pool

#SB0836

—

–

2.00%,

6/1/35,

Pool

#QN2416

—

343,347

1.50%,

8/1/35,

Pool

#SB8066

311,178

–

1.50%,

11/1/35,

Pool

#QN4142

—

418,298

1.50%,

11/1/35,

Pool

#SB8073

379,092

12,734

1.50%,

12/1/35,

Pool

#SB8078

11,540

403,668

1.50%,

1/1/36,

Pool

#SB8083

365,822

–

1.50%,

2/1/36,

Pool

#SB8088

—

–

1.50%,

3/1/36,

Pool

#SB8092

—

–

1.50%,

4/1/36,

Pool

#SB8097

—

–

1.50%,

6/1/36,

Pool

#SB8106

—

–

2.00%,

6/1/36,

Pool

#SB8107

—

–

1.50%,

7/1/36,

Pool

#SB8110

—

–

2.50%,

7/1/36,

Pool

#SB0535

—

–

1.50%,

8/1/36,

Pool

#SB8114

—

–

1.50%,

12/1/36,

Pool

#SB8131

—

–

2.50%,

3/1/37,

Pool

#RC2527

—

262,686

4.00%,

5/1/37,

Pool

#C91938

257,946

20,384

2.50%,

6/1/40,

Pool

#QK0306

18,673

125,048

4.00%,

11/1/40,

Pool

#A95150

120,959

26,843

1.50%,

12/1/40,

Pool

#RB5089

22,691

44,905

1.50%,

2/1/41,

Pool

#RB5099

37,565

45,467

1.50%,

3/1/41,

Pool

#RB5104

38,035

384,329

2.00%,

3/1/41,

Pool

#SC0136

338,280

45,268

1.50%,

4/1/41,

Pool

#RB5107

37,868

–

2.00%,

4/1/41,

Pool

#RB5108

—

584,584

2.00%,

7/1/41,

Pool

#SC0162

512,637

17,117

2.00%,

7/1/41,

Pool

#RB5118

14,769

72,129

2.50%,

10/1/41,

Pool

#RB5132

65,195

17,791

2.00%,

10/1/41,

Pool

#RB5131

15,352

276,975

2.00%,

11/1/41,

Pool

#RB5135

238,999

133,522

2.00%,

11/1/41,

Pool

#QK1180

115,211

139,547

2.50%,

1/1/42,

Pool

#RB5142

126,128

151,693

3.50%,

7/1/42,

Pool

#ZA1228

143,969

65,213

3.50%,

7/1/42,

Pool

#ZA1231

61,194

192,052

3.50%,

9/1/42,

Pool

#ZL3774

182,525

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

106

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

167,448

4.50%,

10/1/42,

Pool

#RB5189

$

166,947

61,377

3.50%,

11/1/42,

Pool

#ZL4397

58,253

109,232

4.50%,

12/1/42,

Pool

#RB5198

108,906

177,027

3.50%,

1/1/44,

Pool

#G60271

167,407

349,675

3.50%,

1/1/44,

Pool

#G07922

329,150

42,904

4.00%,

2/1/45,

Pool

#G07949

41,305

41,481

3.50%,

11/1/45,

Pool

#Q37467

39,355

5,484

4.00%,

4/1/46,

Pool

#Q39975

5,334

11,116

4.00%,

4/1/46,

Pool

#V82292

10,870

86,342

3.50%,

9/1/46,

Pool

#Q43257

81,472

134,830

3.00%,

12/1/46,

Pool

#G60989

120,375

3,185

4.50%,

12/1/46,

Pool

#Q45028

3,171

3,303

4.50%,

1/1/47,

Pool

#Q45635

3,288

7,534

4.50%,

2/1/47,

Pool

#Q46222

7,496

–

2.50%,

4/1/47,

Pool

#SD0978

—

20,672

4.50%,

5/1/47,

Pool

#Q48095

20,569

14,706

4.50%,

5/1/47,

Pool

#Q47935

14,632

6,572

4.50%,

5/1/47,

Pool

#Q47942

6,539

28,728

4.50%,

6/1/47,

Pool

#Q48759

28,584

163,749

4.00%,

6/1/47,

Pool

#Q48877

158,217

12,223

4.50%,

7/1/47,

Pool

#Q49393

12,162

69,113

4.50%,

12/1/47,

Pool

#Q53017

67,903

10,233

4.00%,

2/1/48,

Pool

#Q54499

9,827

20,100

4.00%,

2/1/48,

Pool

#G61343

19,356

12,425

4.50%,

4/1/48,

Pool

#Q55500

12,262

31,953

4.50%,

4/1/48,

Pool

#Q55660

31,533

12,648

4.50%,

4/1/48,

Pool

#Q55724

12,482

25,070

4.50%,

5/1/48,

Pool

#Q55839

24,740

75,823

4.00%,

5/1/48,

Pool

#Q55992

72,816

108,596

4.00%,

6/1/48,

Pool

#G67713

104,912

36,067

4.00%,

7/1/48,

Pool

#Q59935

35,312

18,406

4.50%,

10/1/48,

Pool

#G67716

18,070

114,065

3.00%,

6/1/49,

Pool

#ZT2090

102,006

512,412

4.50%,

7/1/49,

Pool

#RA1171

506,946

12,127

3.00%,

10/1/49,

Pool

#SD8016

10,773

22,006

3.00%,

3/1/50,

Pool

#SD0517

19,548

22,178

3.00%,

4/1/50,

Pool

#SD0516

19,778

119,046

3.00%,

4/1/50,

Pool

#QA9049

105,405

275,205

2.00%,

6/1/50,

Pool

#RA2677

225,942

261,381

2.50%,

8/1/50,

Pool

#SD0430

222,933

346,201

2.50%,

11/1/50,

Pool

#SD7530

297,327

25,057

3.00%,

11/1/50,

Pool

#SD8108

22,286

–

2.00%,

11/1/50,

Pool

#SD8106

—

207,315

3.00%,

12/1/50,

Pool

#SD8115

184,400

296,063

2.50%,

2/1/51,

Pool

#RA4575

252,679

1,747,285

2.50%,

2/1/51,

Pool

#SD7535

1,509,840

270,851

2.50%,

3/1/51,

Pool

#RA4749

231,163

4,203,086

1.50%,

4/1/51,

Pool

#SD8139

3,230,008

522,274

2.50%,

5/1/51,

Pool

#SI2106

442,306

1,718,912

2.50%,

5/1/51,

Pool

#SD7540

1,481,444

1,069,046

2.00%,

5/1/51,

Pool

#SD7541

875,138

37,634

2.00%,

5/1/51,

Pool

#QC1514

30,847

62,347

3.00%,

5/1/51,

Pool

#RA5267

55,573

22,252

2.00%,

7/1/51,

Pool

#QC4163

18,239

282,180

2.50%,

7/1/51,

Pool

#RA5574

241,767

–

3.00%,

9/1/51,

Pool

#QC7496

—

68,557

3.00%,

9/1/51,

Pool

#RA5901

61,108

122,796

2.50%,

10/1/51,

Pool

#QC9148

105,037

554,456

2.00%,

10/1/51,

Pool

#RA6076

454,910

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

364,474

3.00%,

10/1/51,

Pool

#QC9077

$

324,871

–

3.00%,

11/1/51,

Pool

#QD1240

—

76,727

3.00%,

11/1/51,

Pool

#RA6347

68,393

997,695

2.00%,

11/1/51,

Pool

#RA6241

818,587

343,241

2.00%,

11/1/51,

Pool

#RA6302

280,888

123,368

2.50%,

12/1/51,

Pool

#SD8183

104,253

1,722,202

2.50%,

12/1/51,

Pool

#RA6435

1,475,635

–

3.00%,

12/1/51,

Pool

#QD3200

—

391,959

2.00%,

12/1/51,

Pool

#RA6510

321,268

514,517

2.50%,

12/1/51,

Pool

#RA6434

440,147

318,346

3.00%,

1/1/52,

Pool

#RA6604

283,770

531,738

3.00%,

1/1/52,

Pool

#SL0417

472,913

223,951

3.00%,

1/1/52,

Pool

#QD5561

197,690

–

2.00%,

2/1/52,

Pool

#SD8193

—

868,208

2.00%,

2/1/52,

Pool

#RA6823

711,797

847,576

2.00%,

2/1/52,

Pool

#RA6824

695,456

980,465

3.50%,

3/1/52,

Pool

#RA6987

905,315

–

2.00%,

3/1/52,

Pool

#SD8199

—

209,782

3.00%,

3/1/52,

Pool

#SD2219

186,555

522,080

3.50%,

3/1/52,

Pool

#RA6949

481,032

161,619

3.50%,

4/1/52,

Pool

#SD0927

150,430

263,571

3.00%,

5/1/52,

Pool

#RA7375

233,373

–

2.00%,

6/1/52,

Pool

#SD1556

—

23,050

5.00%,

7/1/52,

Pool

#RA7617

23,183

153,221

5.00%,

9/1/52,

Pool

#SD1572

154,139

621,927

4.00%,

10/1/52,

Pool

#SD1772

594,812

248,510

5.00%,

11/1/52,

Pool

#SD1862

250,003

360,570

6.00%,

12/1/52,

Pool

#RA8306

373,127

551,234

5.00%,

12/1/52,

Pool

#SD1924

555,077

1,645,854

5.50%,

5/1/53,

Pool

#RA9058

1,686,306

201,962

6.00%,

6/1/53,

Pool

#RA9276

208,738

168,560

6.00%,

6/1/53,

Pool

#RA9278

173,921

815,584

5.50%,

6/1/53,

Pool

#RA9161

832,277

–

6.00%,

6/1/53,

Pool

#RA9277

—

75,365

5.00%,

11/1/53,

Pool

#SD6961

75,744

712,078

5.50%,

3/1/54,

Pool

#RJ1067

718,981

537,647

6.00%,

4/1/54,

Pool

#SD7569

558,025

22,070

5.00%,

4/1/54,

Pool

#SD5961

22,415

707,565

6.00%,

5/1/54,

Pool

#SD7570

730,307

–

5.00%,

6/1/54,

Pool

#SD8437

—

958,408

6.50%,

6/1/54,

Pool

#SD5521

1,010,677

359,564

6.00%,

9/1/54,

Pool

#SD6419

375,764

1,140,938

6.50%,

9/1/54,

Pool

#SD6620

1,203,774

90,619

6.00%,

9/1/54,

Pool

#SD7574

93,644

379,169

6.00%,

11/1/54,

Pool

#RJ2748

388,083

–

5.50%,

11/1/54,

Pool

#QJ8957

—

–

5.50%,

1/1/55,

Pool

#SL0307

—

124,239

6.50%,

3/1/55,

Pool

#RJ3700

131,292

743,328

6.00%,

3/1/55,

Pool

#RJ3645

768,276

431,445

6.50%,

3/1/55,

Pool

#RJ3704

454,189

388,604

6.50%,

3/1/55,

Pool

#RJ3703

409,387

489,696

6.00%,

4/1/55,

Pool

#RJ4028

506,685

1,244,792

6.00%,

8/1/55,

Pool

#RJ4642

1,294,211

99,420

5.00%,

8/1/55,

Pool

#RJ4685

99,115

38,352,650

Government

National

Mortgage

Association

(2.8%):

12,592

4.00%,

10/20/40,

Pool

#4833

12,284

38,167

4.00%,

1/20/41,

Pool

#4922

37,234

41,039

4.00%,

8/15/41,

Pool

#430354

39,774

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

107

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

442,237

4.00%,

1/20/42,

Pool

#5280

$

426,894

61,465

4.00%,

11/20/42,

Pool

#MA0535

59,409

147,505

3.00%,

12/20/42,

Pool

#AA5872

136,942

17,817

3.50%,

3/20/43,

Pool

#AD8884

16,437

39,386

3.00%,

3/20/43,

Pool

#AD8812

35,737

95,812

3.00%,

3/20/43,

Pool

#AA6146

87,292

18,999

3.50%,

4/20/43,

Pool

#AD9075

17,527

7,387

3.50%,

4/20/43,

Pool

#AB9891

6,815

38,365

4.00%,

5/20/46,

Pool

#MA3664

36,571

193,043

3.00%,

12/20/46,

Pool

#MA4126

175,056

32,868

4.00%,

1/15/47,

Pool

#AX5857

31,523

34,076

4.00%,

1/15/47,

Pool

#AX5831

32,711

273,764

3.00%,

1/20/47,

Pool

#MA4195

248,256

113,225

4.00%,

3/20/47,

Pool

#MA4322

107,930

19,216

4.00%,

4/20/47,

Pool

#MA4383

18,478

62,490

4.00%,

4/20/47,

Pool

#784304

59,184

59,209

4.00%,

4/20/47,

Pool

#784303

56,079

13,593

3.50%,

2/20/48,

Pool

#MA5019

12,634

11,044

4.00%,

4/20/48,

Pool

#BG7744

10,609

10,120

4.00%,

4/20/48,

Pool

#BG3507

9,721

2,608

3.50%,

12/20/49,

Pool

#BR8984

2,394

5,765

3.50%,

12/20/49,

Pool

#BR8985

5,327

2,536

3.50%,

12/20/49,

Pool

#BR8987

2,340

144,184

2.00%,

9/20/50,

Pool

#MA6864

119,302

6,305,657

2.00%,

10/20/50,

Pool

#MA6930

5,217,479

6,447,736

2.00%,

11/20/50,

Pool

#MA6994

5,333,085

788,615

2.00%,

12/20/50,

Pool

#MA7051

653,134

824,644

2.00%,

1/20/51,

Pool

#MA7135

682,606

1,459,896

2.00%,

2/20/51,

Pool

#MA7192

1,207,505

880,606

2.50%,

7/20/51,

Pool

#MA7472

758,554

167,747

2.50%,

8/20/51,

Pool

#785575

143,409

725,915

2.50%,

9/20/51,

Pool

#MA7589

625,188

147,660

2.50%,

9/20/51,

Pool

#785616

126,232

54,440

2.50%,

12/20/51,

Pool

#MA7767

46,914

197,678

2.50%,

12/20/51,

Pool

#785792

169,009

891,428

2.50%,

1/20/52,

Pool

#MA7827

768,190

4,862,369

3.00%,

3/20/52,

Pool

#MA7937

4,343,186

849,352

2.50%,

5/20/52,

Pool

#MA8042

731,482

5,231,469

2.50%,

6/20/52,

Pool

#MA8097

4,508,675

1,323,712

3.00%,

6/20/52,

Pool

#MA8098

1,182,661

874,011

3.50%,

7/20/52,

Pool

#MA8149

798,041

2,033,081

3.50%,

9/20/52,

Pool

#MA8266

1,858,433

1,071,622

4.00%,

10/20/52,

Pool

#MA8346

1,018,255

1,493,170

3.50%,

10/20/52,

Pool

#MA8345

1,363,367

2,775,961

4.50%,

4/20/53,

Pool

#MA8799

2,695,468

720,136

5.00%,

9/20/53,

Pool

#MA9170

720,996

208,665

6.50%,

11/20/53,

Pool

#MA9307

215,197

413,406

3.50%,

5/20/54,

Pool

#MA9664

377,564

95,872

5.50%,

12/20/54,

Pool

#MB0092

96,726

423,191

5.50%,

2/20/55,

Pool

#MB0205

426,791

472,525

5.50%,

6/20/55,

Pool

#MB0424

476,422

897,854

5.50%,

7/20/55,

Pool

#MB0485

905,263

39,254,292

Total

U.S.

Government

Agency

Mortgages

(Cost

$138,120,822)

133,163,443

U.S.

Treasury

Obligations

(21.2%):

U.S.

Treasury

Bonds

(7.6%):

32,428,000

1.75%,

8/15/41

21,990,237

3,796,700

3.38%,

8/15/42

3,233,276

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Bonds,

continued

$

3,395,000

4.00%,

11/15/52

$

3,003,647

1,860,000

3.63%,

2/15/53

1,537,334

27,993,000

4.13%,

8/15/53

25,299,767

4,200,000

4.25%,

2/15/54

3,876,797

27,400,000

4.63%,

5/15/54

26,920,500

2,905,000

4.25%,

8/15/54

2,682,245

2,430,000

4.63%,

2/15/55

2,388,424

6,948,000

4.75%,

5/15/55

6,969,712

6,529,000

4.75%,

8/15/55

6,552,464

104,454,403

U.S.

Treasury

Notes

(13.6%):

45,000

3.75%,

5/31/30

45,028

6,800,000

4.00%,

5/31/30

6,880,219

21,250,000

4.13%,

11/30/31

21,553,809

19,672,000

2.88%,

5/15/32

18,493,985

24,227,000

4.13%,

5/31/32

24,537,408

6,900,000

4.00%,

6/30/32

6,936,656

3,400,000

4.00%,

7/31/32

3,416,469

6,600,000

3.88%,

8/31/32

6,581,695

4,664,000

4.13%,

11/15/32

4,717,745

27,800,000

3.50%,

2/15/33

26,989,891

6,986,000

3.88%,

8/15/33

6,929,239

1,570,000

4.00%,

2/15/34

1,566,075

32,600,000

3.88%,

8/15/34

32,103,359

4,000,000

4.25%,

11/15/34

4,045,781

9,000,000

4.25%,

5/15/35

9,084,727

14,600,000

4.25%,

8/15/35

14,719,195

188,601,281

Total

U.S.

Treasury

Obligations

(Cost

$305,530,015)

293,055,684

Shares

Unaffiliated

Investment

Companies

(4.6%):

Money

Market

Funds

(4.6%):

4,204,578

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.03%(e)(f)

4,204,578

58,830,405

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.98%(f)

58,830,405

Total

Unaffiliated

Investment

Companies

(Cost

$63,034,983)

63,034,983

Total

Investment

Securities

(Cost

$1,247,735,450

)

—

101.7%

1,405,106,140

Net

other

assets

(liabilities)

—

(1.7)%

(23,696,414)

Net

Assets

—

100.0%

$

1,381,409,726

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

108

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025.

ADR—American

Depository

Receipt

H15T1Y—1

Year

Treasury

Constant

Maturity

Rate

H15T5Y—5

Year

Treasury

Constant

Maturity

Rate

LIBOR—London

Interbank

Offered

Rate

MTN—Medium

Term

Note

PIK—Payment-in

Kind

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

TBA—To

Be

Announced

Security

US0003M—3

Month

US

Dollar

LIBOR

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

+

This

security,

in

part

or

entirely,

represents

an

unfunded

loan

commitment.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$3,810,217.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2025.

(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

September

30,

2025.

(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

September

30,

2025.

(f)

The

rate

represents

the

effective

yield

at

September

30,

2025.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Securities

Sold

Short

(-0.6%):

At

September

30,

2025,

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

6.00%

10/25/55

$

(1,450,000‌)

$

(1,486,987‌)

$

(1,481,265‌)

Government

National

Mortgage

Association

Government

National

Mortgage

Association,

TBA

2.00%

10/20/55

(7,900,000‌)

(6,565,949‌)

(6,529,844‌)

$

(8,052,936‌)

$

(8,011,109‌)

Futures

Contracts

At

September

30,

2025,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

December

Futures

(U.S.

Dollar)

12/19/25

16

$

5,391,000

$

38,669

U.S.

Treasury

5-Year

Note

December

Futures

(U.S.

Dollar)

12/31/25

668

72,942,469

151,406

$

190,075

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

109

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(1.0%):

Diversified

Telecommunication

Services

(0.0%

†

):

13

Intelsat

SA*

$

—

Health

Care

Providers

&

Services

(0.1%):

4,657

Cano

Health

LLC*

56,350

Oil,

Gas

&

Consumable

Fuels

(0.9%):

5,889

Sanchez

Energy

Corp.*(a)

1,198,749

Paper

&

Forest

Products

(0.0%

†

):

963

Acrisure

Holdings,

Inc.*

24,884

Specialty

Retail

(0.0%

†

):

1

Party

City

Holdco,

Inc.*(a)

—

Total

Common

Stocks

(Cost

$257,515)

1,279,983

Preferred

Stocks

(0.0%

†

):

Chemicals

(0.0%

†

):

211

Albemarle

Corp.,

7.25%,

3/1/27

7,992

Financial

Services

(0.0%

†

):

100

Apollo

Global

Management,

Inc.,

6.75%,

7/31/26

7,028

IT

Services

(0.0%

†

):

400

Strategy,

Inc.,

Series

A,

10.00%

31,484

Software

(0.0%

†

):

80

Strategy,

Inc.,

ADR,

Series

A,

10.00%

7,765

Total

Preferred

Stocks

(Cost

$56,761)

54,269

Contracts

Warrant

(0.0%

†

):

Health

Care

Providers

&

Services

(0.0%

†

):

156

Cano

Health,

Inc.,

12/30/28*

523

Total

Warrant

(Cost

$5,000)

523

Shares

Right

(0.0%

†

):

Diversified

Telecommunication

Services

(0.0%

†

):

13

SES

Intelsat

CVR,

Expires

on

12/31/26*

176

Total

Right

(Cost

$–)

176

Principal

Amount

Asset-

Backed

Securities

(3.2%):

$

232,795

AASET,

Class

A1,

Series

2024-1A,

6.26%,

5/16/49(b)

239,808

232,795

AASET,

Class

A2,

Series

2024-1A,

6.26%,

5/16/49(b)

240,326

239,205

AASET

2025-1,

Class

A,

Series

2025-1A,

5.94%,

2/16/50(b)

244,584

46,558

AASET

Trust,

Class

A,

Series

2020-1A,

3.35%,

1/16/40(b)

45,507

60,181

AASET

Trust,

Class

B,

Series

2020-1A,

4.34%,

1/16/40(b)

54,667

240,491

ALTDE

Trust,

Class

A,

Series

2025-1A,

5.90%,

8/15/50(b)

244,775

138,949

Blackbird

Capital

Aircraft

Lease

Securitization,

Ltd.,

Class

A,

Series

2016-1A,

4.21%,

12/16/41(b)(c)

138,989

Principal

Amount

Value

Asset-Backed

Securities,

continued

$

63,868

Castlelake

Aircraft

Securitization

Trust,

Class

A,

Series

2018-1,

4.13%,

6/15/43(b)

$

63,701

18,233

Castlelake

Aircraft

Structured

Trust,

Class

A,

Series

2021-1A,

3.47%,

1/15/46(b)

18,107

186,315

Castlelake

Aircraft

Structured

Trust,

Class

B,

Series

2019-1A,

5.10%,

4/15/39(b)

176,472

48,125

DB

Master

Finance

LLC,

Class

A2I,

Series

2021-1A,

2.05%,

11/20/51,

Callable

11/20/25

@

100(b)

46,924

243,836

Gilead

Aviation

LLC,

Class

A,

Series

2025-1A,

5.79%,

3/15/50(b)

245,647

100,000

GMF

Floorplan

Owner

Revolving

Trust,

Class

A1,

Series

2024-4A,

4.73%,

11/15/29(b)

101,221

109,168

Horizon

Aircraft

Finance

I,

Ltd.,

Class

A,

Series

2018-1,

4.46%,

12/15/38(b)

108,089

69,807

Horizon

Aircraft

Finance

II,

Ltd.,

Class

A,

Series

2019-1,

3.72%,

7/15/39(b)

68,109

50,000

Jersey

Mike's

Funding,

Class

A2,

Series

2025-1A,

5.61%,

8/16/55,

Callable

8/15/29

@

100(b)

50,934

74,625

Jersey

Mike's

Funding

LLC,

Class

A2,

Series

2024-

1A,

5.64%,

2/15/55,

Callable

2/15/29

@

100(b)

76,131

250,000

Navigator

Aviation,

Ltd.,

Class

A,

Series

2025-1,

5.11%,

10/15/50(b)

249,995

141,855

Planet

Fitness

Master

Issuer

LLC,

Class

A2II,

Series

2022-1A,

4.01%,

12/5/51,

Callable

12/5/27

@

100(b)

129,643

138,548

Planet

Fitness

Master

Issuer

LLC,

Class

A2,

Series

2019-1A,

3.86%,

12/5/49,

Callable

12/5/25

@

100(b)

133,187

252,255

Project

Silver,

Class

A,

Series

2019-1,

3.97%,

7/15/44(b)

247,094

97,265

Subway

Funding

LLC,

Class

A2II,

Series

2024-1A,

6.27%,

7/30/54,

Callable

7/30/28

@

100(b)

99,601

163,763

Subway

Funding

LLC,

Class

A2I,

Series

2024-1A,

6.03%,

7/30/54,

Callable

7/30/27

@

100(b)

166,026

85,355

Subway

Funding

LLC,

Class

A23,

Series

2024-1A,

6.51%,

7/30/54,

Callable

7/30/30

@

100(b)

88,668

116,123

Subway

Funding

LLC,

Class

A23,

Series

2024-3A,

5.91%,

7/30/54,

Callable

7/30/30

@

100(b)

115,304

57,565

Subway

Funding

LLC,

Class

A2II,

Series

2024-3A,

5.57%,

7/30/54,

Callable

7/30/28

@

100(b)

58,396

121,085

Subway

Funding

LLC,

Class

A2I,

Series

2024-3A,

5.25%,

7/30/54,

Callable

7/30/27

@

100(b)

120,928

115,000

Taco

Bell

Funding

LLC,

Class

A2I,

Series

2025-1A,

4.82%,

8/25/55(b)

115,593

166,029

Thunderbolt

II

Aircraft

Lease,

Ltd.,

Class

A,

Series

2018-A,

5.96%,

9/15/38(b)(c)

165,926

183,807

Volofin

Finance

Designated

Activity

Co.,

Class

A,

Series

2024-1A,

5.94%,

6/15/37(b)

186,800

247,849

Willis

Engine

Structured

Trust

VIII,

Class

A,

Series

2025-A,

5.58%,

6/15/50(b)

251,213

Total

Asset-Backed

Securities

(Cost

$4,288,429)

4,292,365

Collateralized

Mortgage

Obligations

(7.3%):

250,000

Aimco

CLO

11,

Ltd.,

Class

A1R2,

Series

2020-11A,

5.66%(TSFR3M+134bps),

7/17/37,

Callable

10/17/26

@

100(b)

250,567

273,000

Allegro

CLO

XIII,

Ltd.,

Class

A1R,

Series

21-1A,

5.66%(TSFR3M+134bps),

7/20/38,

Callable

7/20/27

@

100(b)

274,131

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

110

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

150,000

Allegro

CLO

XV,

Ltd.,

Class

A1R,

Series

2022-1A,

5.51%(TSFR3M+118bps),

4/20/38,

Callable

4/20/27

@

100(b)

$

150,225

250,000

Ares

LIV

CLO

Ltd.,

Class

AR2,

Series

2019-54A,

5.62%(TSFR3M+131bps),

7/15/38,

Callable

7/15/27

@

100(b)

251,178

100,000

Ares

LVIII

CLO,

Ltd.,

Class

A1R2,

Series

2020-58A,

5.56%(TSFR3M+124bps),

4/15/38,

Callable

4/15/27

@

100(b)

100,303

250,000

Bain

Capital

Credit

CLO,

Ltd.,

Class  A1R,

Series

2023-2A,

5.55%(TSFR3M+132bps),

7/18/38(b)

251,039

250,000

Barings

CLO,

Ltd.,

Class

AR,

Series

2020-4A,

5.70%(TSFR3M+137bps),

10/20/37,

Callable

10/20/26

@

100(b)

250,593

250,000

Blueberry

Park

CLO,

Ltd.,

Class

A,

Series

2024-1A,

5.68%(TSFR3M+135bps),

10/20/37,

Callable

10/20/26

@

100(b)

250,594

250,000

Carlyle

US

CLO,

Ltd.,

Class

A1R,

Series

2021-10A,

5.64%(TSFR3M+131bps),

1/20/38,

Callable

1/20/27

@

100(b)

250,983

336,000

Cedar

Funding

VI

CLO,

Ltd.,

Class

ARR,

Series

2016-

6A,

5.64%(TSFR3M+131bps),

4/20/34,

Callable

10/20/25

@

100(b)

336,469

264,000

Cedar

Funding

X

CLO,

Ltd.,

Class

AR2,

Series

2019-

10A,

5.69%(TSFR3M+136bps),

10/20/37,

Callable

10/20/26

@

100(b)

264,626

100,000

Cedar

Funding

XII

CLO,

Ltd.,

Class

ARR,

Series

2020-12A,

5.52%(TSFR3M+120bps),

1/25/38,

Callable

1/25/27

@

100(b)

100,196

387,000

Cedar

Funding

XV

CLO,

Ltd.,

Class

A,

Series

2022-

15A,

5.65%(TSFR3M+132bps),

4/20/35,

Callable

10/20/25

@

100(b)

388,380

250,000

CIFC

Funding,

Ltd.,

Class

A1R2,

Series

2019-5A,

5.36%(TSFR3M+127bps),

10/15/38(b)

250,592

100,000

CIFC

Funding,

Ltd.,

Class

A1,

Series

2025-6A(TSFR3M+125bps),

10/23/38(b)

99,873

250,000

Dryden

98

CLO,

Ltd.,

Class

A,

Series

2022-98A,

5.63%(TSFR3M+130bps),

4/20/35,

Callable

10/20/25

@

100(b)

250,860

250,000

Eaton

Vance

CLO,

Ltd.,

Class

AR2,

Series

2019-1A,

5.83%(TSFR3M+151bps),

7/15/37,

Callable

7/15/26

@

100(b)

251,146

378,000

Eaton

Vance

CLO,

Ltd.,

Class

AR2,

Series

2020-2A,

5.70%(TSFR3M+138bps),

10/15/37,

Callable

7/15/26

@

100(b)

378,890

250,000

Flatiron

CLO

21,

Ltd.,

Class

A1R,

Series

2021-1A,

5.69%(TSFR3M+136bps),

10/19/37,

Callable

10/19/26

@

100(b)

250,864

250,000

Flatiron

CLO

26,

Ltd.,

Class

A,

Series

2024-4A,

5.65%(TSFR3M+133bps),

1/15/38,

Callable

1/15/27

@

100(b)

251,105

150,000

Flatiron

RR

CLO

30,

Ltd.,

Class

A1,

Series

2025-

30A,

5.44%(TSFR3M+116bps),

4/15/38,

Callable

4/15/27

@

100(b)

150,070

250,000

Green

Lakes

Park

CLO

LLC,

Class

ARR,

Series

2025-

1A,

5.50%(TSFR3M+118bps),

1/25/38,

Callable

1/25/27

@

100(b)

250,363

250,000

Hamlin

Park

CLO,

Ltd.,

Class

A,

Series

2024-1A,

5.67%(TSFR3M+134bps),

10/20/37,

Callable

10/20/26

@

100(b)

250,370

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

250,000

Lakeside

Park

CLO,

Ltd.,

Class

A,

Series

2025-1A,

5.44%(TSFR3M+115bps),

4/15/38,

Callable

4/15/27

@

100(b)

$

250,117

100,000

Magnetite

Xlv,

Ltd.,

Class

A1,

Series

2025-45A,

5.43%(TSFR3M+115bps),

4/15/38,

Callable

4/15/27

@

100(b)

100,046

250,000

Magnetite

XXVI,

Ltd.,

Class

AR2,

Series

2020-26A,

5.47%(TSFR3M+115bps),

1/25/38,

Callable

1/25/27

@

100(b)

250,112

250,000

Magnetite

XXVIII,

Ltd.,

Class

A1RR,

Series

2020-

28A,

5.56%(TSFR3M+124bps),

1/15/38,

Callable

1/15/27

@

100(b)

250,735

400,000

Magnetite

XXX,

Ltd.,

Class

AR,

Series

2021-30A,

5.67%(TSFR3M+135bps),

10/25/37,

Callable

10/25/26

@

100(b)

400,933

250,000

Magnetite

XXXVI,

Ltd.,

Class

AR,

Series

2023-36A,

5.64%(TSFR3M+132bps),

7/25/38,

Callable

7/25/27

@

100(b)

251,173

107,000

Morgan

Stanley

Eaton

Vance

CLO,

Ltd.,

Class

A1,

Series

2025-21A,

5.28%(TSFR3M+117bps),

4/15/38,

Callable

4/15/27

@

100(b)

107,102

250,000

OCP

CLO,

Ltd.,

Class

A,

Series

2025-44A,

5.56%(TSFR3M+130bps),

10/24/38,

Callable

10/24/27

@

100(b)

250,451

250,000

OCP

CLO,

Ltd.,

Class

AR,

Series

2018-15A,

5.58%(TSFR3M+125bps),

1/20/38,

Callable

1/20/27

@

100(b)

250,741

250,000

OHA

Credit

Funding

4,

Ltd.,

Class

AR2,

Series

2019-

4A,

5.62%(TSFR3M+129bps),

1/22/38,

Callable

1/22/27

@

100(b)

250,955

250,000

OHA

Credit

Partners

VII,

Ltd.,

Class

AR4,

Series

2012-7A,

5.34%(TSFR3M+114bps),

2/20/38,

Callable

2/20/27

@

100(b)

249,988

250,000

Palmer

Square

Loan

Funding,

Ltd.,

Class

A1,

Series

2025-2A,

5.23%(TSFR3M+94bps),

7/15/33,

Callable

10/15/26

@

100(b)

249,696

233,598

Palmer

Square

Loan

Funding,

Ltd.,

Class

A1,

Series

2025-1A,

5.01%(TSFR3M+80bps),

2/15/33,

Callable

5/15/26

@

100(b)

232,059

420,000

RR

7,

Ltd.,

Class

A1AB,

Series

2019-7A,

5.66%(TSFR3M+134bps),

1/15/37,

Callable

10/15/25

@

100(b)

421,372

250,000

Sixth

Street

CLO

XX,

Ltd.,

Class

A1R,

Series

2021-

20A,

5.58%(TSFR3M+132bps),

7/17/38,

Callable

7/17/27

@

100(b)

251,163

264,165

Symphony

CLO

XXVI,

Ltd.,

Class

AR,

Series

2021-

26A,

5.67%(TSFR3M+134bps),

4/20/33,

Callable

10/20/25

@

100(b)

264,584

250,000

Voya

CLO,

Ltd.,

Class

A1RR,

Series

2020-2A,

5.64%(TSFR3M+131bps),

1/20/38,

Callable

1/20/27

@

100(b)

250,987

Total

Collateralized

Mortgage

Obligations

(Cost

$9,763,258)

9,785,631

Collateralized

Mortgage-

Backed

Securities

(4.8%):

210,433

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

ANM,

Series

2019-BPR,

3.11%,

11/5/32(b)

198,963

100,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

BNM,

Series

2019-BPR,

3.47%,

11/5/32(b)

93,036

94,883

BLP

Commercial

Mortgage

Trust,

Class

A,

Series

2024-IND2,

5.49%(TSFR1M+134bps),

3/15/41(b)

95,073

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

111

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

100,000

BMP,

Class

B,

Series

2024-MF23,

5.79%(TSFR1M+164bps),

6/15/41(b)

$

100,210

100,000

BMP,

Class

A,

Series

2024-MF23,

5.52%(TSFR1M+137bps),

6/15/41(b)

100,109

121,100

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2022-LP2,

5.71%(TSFR1M+156bps),

2/15/39(b)

120,956

92,804

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-XL4,

5.94%(TSFR1M+179bps),

2/15/39(b)

93,041

128,997

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL4,

5.59%(TSFR1M+144bps),

2/15/39(b)

129,127

70,451

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2024-XL5,

6.09%(TSFR1M+194bps),

3/15/41(b)

70,565

128,510

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-MDHS,

5.79%(TSFR1M+164bps),

5/15/41(b)

128,687

194,675

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2025-SPOT,

5.59%(TSFR1M+144bps),

4/15/40(b)

195,022

121,100

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2022-LP2,

5.46%(TSFR1M+131bps),

2/15/39(b)

120,956

222,625

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL5,

5.54%(TSFR1M+139bps),

3/15/41(b)

222,779

176,000

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2019-IMC,

5.80%(TSFR1M+165bps),

4/15/34(b)

173,813

266,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2019-IMC,

5.50%(TSFR1M+135bps),

4/15/34(b)

263,354

185,000

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2019-IMC,

6.10%(TSFR1M+195bps),

4/15/34(b)

182,232

70,451

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-XL5,

5.84%(TSFR1M+169bps),

3/15/41(b)

70,544

121,100

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2022-LP2,

6.11%(TSFR1M+196bps),

2/15/39(b)

120,954

71,601

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2023-XL3,

6.79%(TSFR1M+264bps),

12/9/40(b)

71,727

71,601

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2023-XL3,

6.34%(TSFR1M+219bps),

12/9/40(b)

71,687

27,921

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-GPA3,

5.44%(TSFR1M+129bps),

12/15/39(b)

27,988

188,392

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2019-IMC,

5.20%(TSFR1M+105bps),

4/15/34(b)

187,448

71,601

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2023-XL3,

5.91%(TSFR1M+176bps),

12/9/40(b)

71,689

100,000

BX

Mortgage

Trust,

Class

D,

Series

2021-PAC,

5.56%(TSFR1M+141bps),

10/15/36(b)

99,624

302,000

BX

Mortgage

Trust,

Class

E,

Series

2021-PAC,

6.21%(TSFR1M+206bps),

10/15/36(b)

300,864

100,000

BX

Mortgage

Trust,

Class

C,

Series

2021-PAC,

5.36%(TSFR1M+121bps),

10/15/36(b)

99,624

153,785

BX

Trust,

Class

A,

Series

2024-CNYN,

5.59%(TSFR1M+144bps),

4/15/41(b)

154,097

100,000

BX

Trust,

Class

A,

Series

2025-TAIL,

5.55%(TSFR1M+140bps),

6/15/35(b)

99,829

76,892

BX

Trust,

Class

B,

Series

2024-CNYN,

5.84%(TSFR1M+169bps),

4/15/41(b)

76,971

76,892

BX

Trust,

Class

C,

Series

2024-CNYN,

6.09%(TSFR1M+194bps),

4/15/41(b)

76,995

27,300

BX

Trust,

Class

D,

Series

2022-IND,

6.99%(TSFR1M+284bps),

4/15/37(b)

27,336

32,200

BX

Trust,

Class

C,

Series

2022-IND,

6.44%(TSFR1M+229bps),

4/15/37(b)

32,228

99,000

BX

Trust

2025-DIME,

Class

A,

Series

2025-DIME,

5.30%(TSFR1M+115bps),

2/15/35(b)

98,801

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

52,794

BX

Trust

2025-ROIC,

Class

C,

Series

2025-ROIC,

5.69%(TSFR1M+154bps),

3/15/30(b)

$

52,652

37,852

BX

Trust

2025-ROIC,

Class

B,

Series

2025-ROIC,

5.54%(TSFR1M+139bps),

3/15/30(b)

37,750

255,005

BX

Trust

2025-ROIC,

Class

A,

Series

2025-ROIC,

5.29%(TSFR1M+114bps),

3/15/30(b)

254,418

100,000

CENT

2025-CITY,

Class

A,

Series

2025-CITY,

5.09%,

7/10/40(b)(c)

101,148

137,000

CSMC

Trust,

Class

D,

Series

2017-PFHP,

6.45%(TSFR1M+230bps),

12/15/30(b)

126,713

100,000

DTP

Commercial

Mortgage

Trust,

Class

A,

Series

2023-STE2,

6.04%,

1/15/41(b)(c)

102,657

84,328

Extended

Stay

America

Trust,

Class

C,

Series

2021-

ESH,

5.96%(TSFR1M+181bps),

7/15/38(b)

84,330

160,000

Extended

Stay

America

Trust,

Class

A,

Series

2025-

ESH,

5.45%(TSFR1M+130bps),

10/15/42(b)

160,000

113,842

Extended

Stay

America

Trust,

Class

D,

Series

2021-

ESH,

6.51%(TSFR1M+236bps),

7/15/38(b)

113,845

15,000

Extended

Stay

America

Trust,

Class

C,

Series

2025-

ESH,

6.00%(TSFR1M+185bps),

10/15/42(b)

15,000

30,000

Extended

Stay

America

Trust,

Class

B,

Series

2025-

ESH,

5.75%(TSFR1M+160bps),

10/15/42(b)

30,000

100,000

GS

Mortgage

Securities

Corp.

Trust,

Class

B,

Series

2021-IP,

5.42%(TSFR1M+126bps),

10/15/36(b)

99,443

63,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

CFX,

Series

2018-WPT,

4.95%,

7/5/33(b)

42,766

97,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

DFX,

Series

2018-WPT,

5.35%,

7/5/33(b)

62,344

173,000

Life

Mortgage

Trust,

Class

D,

Series

2022-BMR2,

6.69%(TSFR1M+254bps),

5/15/39,

Callable

5/15/26

@

100(b)

156,523

70,000

Life

Mortgage

Trust,

Class

D,

Series

2021-BMR,

5.66%(TSFR1M+151bps),

3/15/38(b)

69,564

194,000

Life

Mortgage

Trust,

Class

C,

Series

2022-BMR2,

6.24%(TSFR1M+209bps),

5/15/39,

Callable

5/15/26

@

100(b)

177,298

10,680

Life

Mortgage

Trust,

Class

C,

Series

2021-BMR,

5.36%(TSFR1M+121bps),

3/15/38(b)

10,634

70,000

Life

Mortgage

Trust,

Class

E,

Series

2021-BMR,

6.01%(TSFR1M+186bps),

3/15/38(b)

69,391

80,000

OPEN

Trust,

Class

B,

Series

2023-AIR,

7.99%(TSFR1M+384bps),

11/15/40(b)

80,040

6,501

OPEN

Trust,

Class

A,

Series

2023-AIR,

7.24%(TSFR1M+309bps),

11/15/40(b)

6,501

53,000

SPGN

Mortgage

Trust,

Class

C,

Series

2022-TFLM,

6.80%(TSFR1M+265bps),

2/15/39,

Callable

2/15/26

@

100(b)

51,957

103,000

SPGN

Mortgage

Trust,

Class

B,

Series

2022-TFLM,

6.15%(TSFR1M+200bps),

2/15/39,

Callable

2/15/26

@

100(b)

101,478

83,884

SREIT

Trust,

Class

D,

Series

2021-MFP,

5.84%(TSFR1M+169bps),

11/15/38(b)

83,803

122,471

SREIT

Trust,

Class

C,

Series

2021-MFP,

5.59%(TSFR1M+144bps),

11/15/38(b)

122,353

106,000

TCO

Commercial

Mortgage

Trust,

Class

A,

Series

2024-DPM,

5.39%(TSFR1M+124bps),

12/15/39(b)

106,135

100,000

TCO

Commercial

Mortgage

Trust,

Class

C,

Series

2024-DPM,

6.14%(TSFR1M+199bps),

12/15/39(b)

100,235

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

112

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

100,000

TCO

Commercial

Mortgage

Trust,

Class

B,

Series

2024-DPM,

5.74%(TSFR1M+159bps),

12/15/39(b)

$

99,932

20,000

VLS

Commercial

Mortgage

Trust,

Class

B,

Series

2020-LAB,

2.45%,

10/10/42(b)

16,339

Total

Collateralized

Mortgage-Backed

Securities

(Cost

$6,638,663)

6,511,578

Convertible

Bonds

(0.3%):

Electric

Utilities

(0.0%

†

):

15,000

PG&E

Corp,

4.25%,

12/1/27

15,203

Electronic

Equipment,

Instruments

&

Components

(0.0%

†

):

19,000

MKS,

Inc.,

1.25%,

6/1/30

20,883

IT

Services

(0.1%):

54,000

Redfin

Corp.,

0.50%,

4/1/27

50,142

31,000

Riot

Platforms,

Inc.,

0.75%,

1/15/30(b)

47,672

97,814

Media

(0.1%):

61,845

EchoStar

Corp.,

3.88%,

11/30/30

150,351

Oil,

Gas

&

Consumable

Fuels

(0.0%

†

):

17,000

Golar

LNG,

Ltd.,

2.75%,

12/15/30(b)

17,060

Semiconductors

&

Semiconductor

Equipment

(0.1%):

15,000

ON

Semiconductor

Corp.,

0.00%,

5/1/27

17,012

78,000

Wolfspeed,

Inc.,

1.88%,

12/1/29(d)

33,716

50,728

Total

Convertible

Bonds

(Cost

$249,522)

352,039

Bank

Loans

(1.0%):

Beverages

(0.0%

†

):

20,000

Actus

Nutrition

Term

B

1Ln,

8.63%

(Term

SOFR+450bps),

7/12/32(b)

19,975

Building

Products

(0.0%

†

):

15,000

Cornerstone

Building

Brands

Term

B,

7.38%

(Term

SOFR+325bps),

4/12/28(b)

14,217

5,000

Cornerstone

Building

Products

Term

1Ln,

9.75%

(Term

SOFR+562.5bps),

8/1/28(b)

4,792

19,009

Capital

Markets

(0.1%):

5,000

Primesource

Term

B

1Ln,

8.63%

(Term

SOFR+450bps),

9/25/31(b)

4,999

25,000

TPC

Group

Term

1Ln,

4.13%

(Term

SOFR+0bps),

12/16/31(b)

24,031

4,000

X

Ai

Term

1Ln,

12.50%,

6/28/30(b)

4,138

30,000

X

Ai

Term

B

1Ln,

11.38%

(Term

SOFR+725bps),

6/28/30(b)

28,987

62,155

Chemicals

(0.1%):

19,925

Hexion

Term

1Ln,

8.13%

(Term

SOFR+400bps),

3/15/29

19,886

5,000

Hexion

Term

2Ln,

11.57%

(Term

SOFR+743.75bps),

3/15/30(b)

4,927

30,000

Ineos

Quattro

Term

B

1Ln,

8.38%

(Term

SOFR+425bps),

4/2/29(b)

27,025

13,913

Natgasoline

Term

B

1Ln,

9.63%

(Term

SOFR+550bps),

3/29/30(b)

14,040

65,878

Principal

Amount

Value

Bank

Loans,

continued

Commercial

Services

&

Supplies

(0.0%

†

):

$

10,000

Atlas

Air

Term

B

1Ln,

7.13%

(Term

SOFR+300bps),

3/18/30(b)

$

9,948

Construction

&

Engineering

(0.0%

†

):

4,987

Artera

Services

Term

1Ln,

8.63%

(Term

SOFR+450bps),

2/15/31(b)

4,443

5,000

Brandsafway

Term

B

1Ln,

8.63%

(Term

SOFR+450bps),

8/1/30

4,520

8,963

Consumer

Finance

(0.1%):

59,543

United

Planet

Fitness

Term

1Ln,

8.13%

(Term

SOFR+400bps),

12/30/26(b)

57,112

Consumer

Staples

Distribution

&

Retail

(0.0%

†

):

25,000

C&S

Wholesale

Groceries

Term

B

1Ln,

9.13%

(Term

SOFR+500bps),

8/6/30(b)

22,594

28,001

TKC

Holdings

Term

1Ln,

16.09%

(LIBOR+1200bps),

2/15/27(b)

28,141

50,735

Distributors

(0.1%):

4,987

US

LBM

Term

B

1Ln,

4.13%

(Term

SOFR+375bps),

12/17/27

4,963

6,000

US

LBM

Term

B

1Ln,

4.13%,

6/6/31(b)

5,971

25,000

US

LBM

Term

B

1Ln,

9.13%

(Term

SOFR+500bps),

6/6/31(b)

26,156

54,221

US

LBM

Term

B

1Ln,

7.88%

(Term

SOFR+375bps),

6/6/31(b)

53,960

91,050

Diversified

Consumer

Services

(0.0%

†

):

64

Prince

Term

1Ln,

8.38%

(Term

SOFR+425bps),

4/23/29(b)

52

Diversified

Telecommunication

Services

(0.1%):

9,974

Altice

USA

Term

B6

1Ln,

8.63%

(Term

SOFR+450bps),

1/18/28(b)

9,904

35,000

Brightspeed

Term

B-DD

1Ln,

8.38%

(Term

SOFR+425bps),

4/3/31(b)

32,025

9,975

Lumen

Technologies

Term

B1

1Ln,

6.48%

(Term

SOFR+235bps),

4/16/29(b)

9,901

19,949

Lumen

Technologies

Term

B2

1Ln

Super

Priority,

6.48%

(Term

SOFR+235bps),

4/15/30(b)

19,803

71,633

Energy

Equipment

&

Services

(0.0%

†

):

109,752

New

Fortress

Energy

Term

B

1Ln,

9.63%

(Term

SOFR+550bps),

10/30/28(b)

52,781

Financial

Services

(0.0%

†

):

2,000

Altice

Financing

Term

B

1Ln,

9.13%

(Term

SOFR+500bps),

10/31/27(b)

1,675

5,000

Level

3

Term

B

1Ln,

8.38%

(Term

SOFR+425bps),

3/29/32(b)

5,000

24,936

SFR

Term

B14

1Ln,

9.63%

(Term

SOFR+550bps),

8/15/28(b)

24,063

15,000

Whp

Term

B

1Ln,

8.63%

(Term

SOFR+450bps),

2/20/32(b)

14,998

45,736

Health

Care

Equipment

&

Supplies

(0.0%

†

):

15,000

Quidelortho

Term

B

1Ln,

8.13%

(Term

SOFR+400bps),

8/23/32(b)

14,913

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

113

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Bank

Loans,

continued

Health

Care

Providers

&

Services

(0.1%):

$

29,756

Cano

Health

Term

1Ln,

13.63%

(Term

SOFR+950bps),

6/28/29(b)

$

24,325

10,000

Global

Medical

Response,

Inc.

Term

B

1Ln,

7.63%

(Term

SOFR+350bps),

10/1/32(b)

10,263

14,975

Help

At

Home

Term

1Ln,

9.13%

(Term

SOFR+500bps),

9/24/31(b)

13,445

5,000

Radiology

Partners

Term

B

1Ln,

8.63%

(Term

SOFR+450bps),

6/30/32(b)

4,983

5,000

Team

Health

Term

B

1Ln,

8.63%

(Term

SOFR+450bps),

6/30/28(b)

4,986

58,002

Hotels,

Restaurants

&

Leisure

(0.0%

†

):

21,040

Sizzling

Platter

Term

1Ln,

9.13%

(Term

SOFR+500bps),

7/2/32(b)

20,661

3,168

Sizzling

Platter

Term

DD

1Ln,

6.63%,

6/24/32(b)+

3,111

792

Sizzling

Platter

Term

DD

1Ln,

6.63%

(Term

SOFR+250bps),

7/2/32(b)

778

15,000

The

Travel

Corp

Term

B

1Ln,

8.63%

(Term

SOFR+450bps),

10/31/31(b)

14,681

39,231

Household

Durables

(0.1%):

35,987

Traeger

Grills

Term

B

1Ln,

7.38%

(Term

SOFR+325bps),

6/29/28(b)

33,532

45,000

Weber

Blackstone

Term

B

1Ln,

7.88%

(Term

SOFR+375bps),

9/17/32(b)

44,494

4,962

Weber-Stephen

Products

Term

B

1Ln,

8.38%

(Term

SOFR+425bps),

10/30/27(b)

4,948

24,825

Weber-Stephen

Products

Term

B

1Ln,

7.38%

(Term

SOFR+325bps),

10/30/27(b)

24,545

107,519

Independent

Power

and

Renewable

Electricity

Producers

(0.0%

†

):

35,000

Esdec

Solar

Term

B

1Ln,

9.13%

(Term

SOFR+500bps),

8/30/28(b)

18,200

Insurance

(0.0%

†

):

26,000

Asurion

Term

B3

2Ln,

9.38%

(Term

SOFR+525bps),

1/31/28(b)

25,285

Interactive

Media

&

Services

(0.0%

†

):

24,772

Constant

Contact

Term

B

1Ln,

8.13%

(Term

SOFR+400bps),

2/10/28(b)

22,922

1,000

Constant

Contact,

Inc.

Term

B

2Ln,

4.13%

(Term

SOFR+0bps),

2/12/29(b)

855

23,777

Media

(0.1%):

16,422

COX

Media

Group

Term

B2

1Ln,

7.63%

(Term

SOFR+350bps),

6/18/29(b)

15,672

14,990

CSC

Serviceworks

Term

B

1Ln,

8.13%

(Term

SOFR+400bps),

3/4/28

12,500

4,987

Nielsen

Holdings

Term

A

1Ln,

8.88%

(Term

SOFR+475bps),

10/11/28(b)

4,738

5,000

Nielsen

Holdings

Term

B

1Ln,

0.00%

(Term

SOFR+500bps),

4/11/29(b)

4,755

20,972

Twitter

Term

B1

1Ln,

10.63%

(Term

SOFR+650bps),

10/26/29(b)

20,555

58,220

Principal

Amount

Value

Bank

Loans,

continued

Metals

&

Mining

(0.0%

†

):

$

24,513

American

Rock

Salt

Term

1Ln,

8.13%

(Term

SOFR+400bps),

6/9/28(b)

$

18,247

5,021

American

Rock

Salt

Term

1Ln,

11.13%

(Term

SOFR+700bps),

6/12/28(b)

4,980

1,440

American

Rock

Salt

Term

1Ln

DD,

11.13%

(Term

SOFR+700bps),

6/12/28(b)

1,428

1,646

American

Rock

Salt

Term

1Ln

DD,

11.13%

(Term

SOFR+700bps),

6/12/28(b)+

1,633

26,288

Multi-Utilities

(0.0%

†

):

15,858

Club

Car

Term

1Ln,

8.13%

(Term

SOFR+400bps),

6/1/28(b)

15,439

Oil,

Gas

&

Consumable

Fuels

(0.0%

†

):

19,949

Consolidated

Energy

Term

B

1Ln,

8.63%

(Term

SOFR+450bps),

11/15/30(b)

18,606

13

CVR

Energy

Term

B

1Ln,

8.13%

(Term

SOFR+400bps),

12/30/27(b)

13

18,619

Paper

&

Forest

Products

(0.0%

†

):

15,000

Ahlstrom

Term

B

1Ln,

8.13%

(Term

SOFR+400bps),

5/23/30(b)

14,981

Pharmaceuticals

(0.1%):

75,000

Bausch

Health

Term

B

1Ln,

10.38%

(Term

SOFR+625bps),

10/8/30(b)

73,805

35,823

Lonza

Specialty

Ingredients

Term

B

1Ln,

8.05%

(Term

SOFR+392.5bps),

7/3/28(b)

32,245

106,050

Professional

Services

(0.0%

†

):

38,000

X

Term

1Ln,

4.13%

(Term

SOFR+0bps),

10/26/29(b)

38,090

Semiconductors

&

Semiconductor

Equipment

(0.0%

†

):

35,158

Wolfspeed,

Inc.

PIK

VAR,

4.13%

(Term

SOFR+0bps),

6/23/30(b)(d)

35,158

Software

(0.1%):

15,176

Finastra

Term

1Ln,

11.38%

(Term

SOFR+725bps),

9/13/29(b)

15,176

4,173

ION

Analytics

Term

1Ln,

7.88%

(Term

SOFR+375bps),

2/16/28(b)

4,171

33,803

M2s

Group

Term

B

1Ln,

8.88%

(Term

SOFR+475bps),

8/25/31(b)

33,448

15,959

Solera

Term

B

1Ln,

8.13%

(Term

SOFR+400bps),

6/2/28(b)

15,362

10,000

Solera

Term

PIK

Term

2Ln,

13.13%

(Term

SOFR+900bps),

6/4/29(b)

9,500

77,657

Specialized

REITs

(0.0%

†

):

30,000

Uniti

Group

Term

B

1Ln,

8.13%

(Term

SOFR+400bps),

9/27/32(b)

29,700

Specialty

Retail

(0.0%

†

):

5,000

American

Axle

Manufacturing

Term

C

1Ln,

7.38%

(Term

SOFR+325bps),

9/20/32(b)

4,969

862

At

Home

Group

Inc

Term

A,

12.13%

(Term

SOFR+800bps),

10/17/25(b)

857

825

At

Home

Group

Inc

Term

A,

12.13%

(Term

SOFR+800bps),

10/17/25(b)

821

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

114

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Bank

Loans,

continued

Specialty

Retail,

continued

$

324

At

Home

Group

Inc

Term

A,

12.13%,

10/17/25(b)+

$

323

30,000

At

Home

Group

Inc

Term

B,

8.13%

(Term

SOFR+400bps),

10/17/25(b)(d)

30

14,975

Staples

Term

B

1Ln,

9.88%

(Term

SOFR+575bps),

9/4/29(b)

14,168

21,168

Textiles,

Apparel

&

Luxury

Goods

(0.0%

†

):

9,796

Tory

Burch

Term

B

1Ln,

7.38%

(Term

SOFR+325bps),

11/4/28(b)

9,635

Trading

Companies

&

Distributors

(0.0%

†

):

–

Foundation

Building

Materials

Term

1Ln,

4.13%

(Term

SOFR+325bps),

1/31/28(b)

—

Total

Bank

Loans

(Cost

$1,342,770)

1,292,959

Corporate

Bonds

(24.0%):

Aerospace

&

Defense

(0.5%):

10,000

Boeing

Co.

(The),

6.30%,

5/1/29,

Callable

4/1/29

@

100

10,614

214,000

Boeing

Co.

(The),

5.15%,

5/1/30,

Callable

2/1/30

@

100

219,474

28,000

Boeing

Co.

(The),

6.39%,

5/1/31,

Callable

3/1/31

@

100

30,478

29,000

Boeing

Co.

(The),

6.53%,

5/1/34,

Callable

2/1/34

@

100

32,028

100,000

Boeing

Co.

(The),

5.71%,

5/1/40,

Callable

11/1/39

@

100

101,380

44,000

Boeing

Co.

(The),

6.86%,

5/1/54,

Callable

11/1/53

@

100

50,042

65,000

TransDigm,

Inc.,

6.38%,

3/1/29,

Callable

3/1/26

@

103.19(b)

66,300

35,000

TransDigm,

Inc.,

6.00%,

1/15/33,

Callable

9/15/27

@

103(b)

35,350

35,000

TransDigm,

Inc.,

6.38%,

5/31/33,

Callable

5/31/28

@

103.19(b)

35,438

5,000

TransDigm,

Inc.,

6.25%,

1/31/34,

Callable

8/31/28

@

103.13(b)

5,125

25,000

TransDigm,

Inc.,

6.75%,

1/31/34,

Callable

8/31/28

@

103.38(b)

25,844

612,073

Air

Freight

&

Logistics

(0.0%

†

):

10,000

Clue

Opco

LLC,

9.50%,

10/15/31,

Callable

10/15/26

@

104.75(b)

10,675

Automobile

Components

(0.1%):

5,000

Clarios

Global

LP/Clarios

US

Finance

Co.,

6.75%,

2/15/30,

Callable

2/15/27

@

103.38(b)

5,150

20,000

Clarios

Global

LP/Clarios

US

Finance

Co.,

6.75%,

9/15/32,

Callable

9/15/28

@

103.38(b)

20,450

15,000

MIWD

Holdco

II

LLC/MIWD

Finance

Corp.,

5.50%,

2/1/30,

Callable

11/2/25

@

102.75(b)

14,625

20,000

Patrick

Industries,

Inc.,

6.38%,

11/1/32,

Callable

11/1/27

@

103.19(b)

20,250

13,000

Rivian

Holdings

LLC/Rivian

LLC/Rivian

Automotive

LLC,

10.00%,

1/15/31,

Callable

1/15/28

@

105(b)

12,058

5,000

ZF

North

America

Capital,

Inc.,

7.50%,

3/24/31,

Callable

1/24/31

@

100(b)

4,962

Principal

Amount

Value

Corporate

Bonds,

continued

Automobile

Components,

continued

$

15,000

ZF

North

America

Capital,

Inc.,

6.88%,

4/23/32,

Callable

2/23/32

@

100(b)

$

14,344

91,839

Automobiles

(0.0%

†

):

10,000

GPD

Cos.,

Inc.,

12.50%,

12/31/29,

Callable

6/30/26

@

106.25(b)

7,600

Banks

(3.9%):

128,000

Bank

of

America

Corp.,

4.45%,

3/3/26,

MTN

127,990

269,000

Bank

of

America

Corp.,

4.62%

(SOFR),

5/9/29,

Callable

5/9/28

@

100

272,361

790,000

Bank

of

America

Corp.,

5.02%

(SOFR),

7/22/33,

Callable

7/22/32

@

100

806,776

770,000

Citigroup,

Inc.,

4.30%,

11/20/26

771,965

150,000

Citigroup,

Inc.,

4.91%

(SOFR),

5/24/33,

Callable

5/24/32

@

100

151,718

100,000

Citizens

Financial

Group,

Inc.,

2.64%,

9/30/32,

Callable

7/2/32

@

100

85,349

120,000

First-Citizens

Bank

&

Trust

Co.,

6.13%,

3/9/28

124,471

91,000

JPMorgan

Chase

&

Co.,

5.10%

(SOFR),

4/22/31,

Callable

4/22/30

@

100

93,848

1,250,000

JPMorgan

Chase

&

Co.,

4.59%

(SOFR),

4/26/33,

Callable

4/26/32

@

100

1,251,475

108,000

JPMorgan

Chase

&

Co.,

5.57%

(SOFR),

4/22/36,

Callable

4/22/35

@

100

113,973

449,000

Wells

Fargo

&

Co.,

3.53%

(SOFR),

3/24/28,

Callable

3/24/27

@

100

445,009

123,000

Wells

Fargo

&

Co.,

5.15%

(SOFR),

4/23/31,

Callable

4/23/30

@

100

127,026

662,000

Wells

Fargo

&

Co.,

4.90%

(SOFR),

7/25/33,

Callable

7/25/32

@

100

672,905

108,000

Wells

Fargo

&

Co.,

5.61%

(SOFR),

4/23/36,

Callable

4/23/35

@

100

113,192

20,000

Western

Alliance

Bancorp,

3.00%

(TSFR3M),

6/15/31,

Callable

6/15/26

@

100

19,421

5,177,479

Biotechnology

(0.0%

†

):

31,000

Emergent

BioSolutions,

Inc.,

3.88%,

8/15/28,

Callable

10/18/25

@

100(b)

25,497

Building

Products

(0.1%):

15,000

Builders

FirstSource,

Inc.,

4.25%,

2/1/32,

Callable

8/1/26

@

102.13(b)

14,100

50,000

Builders

FirstSource,

Inc.,

6.75%,

5/15/35,

Callable

5/15/30

@

103.38(b)

52,063

14,000

Carrier

Global

Corp.,

5.90%,

3/15/34,

Callable

12/15/33

@

100

15,018

8,000

Carrier

Global

Corp.,

6.20%,

3/15/54,

Callable

9/15/53

@

100

8,712

10,000

Cornerstone

Building

Brands,

Inc.,

6.13%,

1/15/29,

Callable

11/2/25

@

100(b)

8,125

10,000

Cornerstone

Building

Brands,

Inc.,

9.50%,

8/15/29,

Callable

8/15/26

@

104.75(b)

9,688

10,000

JELD-WEN,

Inc.,

4.88%,

12/15/27,

Callable

11/2/25

@

100.81^(b)

9,725

20,000

Resideo

Funding,

Inc.,

6.50%,

7/15/32,

Callable

7/15/27

@

103.25(b)

20,525

137,956

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

115

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Capital

Markets

(2.1%):

$

71,000

Ares

Strategic

Income

Fund,

5.45%,

9/9/28,

Callable

8/9/28

@

100(b)

$

71,487

58,000

Ares

Strategic

Income

Fund,

5.80%,

9/9/30,

Callable

8/9/30

@

100(b)

58,772

15,000

BCPE

Flavor

Debt

Merger

Sub

LLC

and

BCPE

Flavor

Issuer,

Inc.,

9.50%,

7/1/32,

Callable

7/1/28

@

104.75(b)

15,619

50,000

Beach

Acquisition

Bidco

LLC,

10.00%,

7/15/33,

Callable

7/15/28

@

103(b)

54,000

10,000

CrossCountry

Intermediate

Holdco,

LLC,

6.50%,

10/1/30,

Callable

10/1/27

@

103.25(b)

10,025

16,000

EF

Holdco

/

EF

Cayman

Hold

/

Ellington

Fin

REIT

Cayman/TRS

/

EF

Cayman

Non-MTM,

7.38%,

9/30/30,

Callable

9/30/27

@

103.69(b)

16,000

530,000

Goldman

Sachs

Group,

Inc.

(The),

3.80%,

3/15/30,

Callable

12/15/29

@

100

521,940

270,000

Goldman

Sachs

Group,

Inc.

(The),

3.10%

(SOFR),

2/24/33,

Callable

2/24/32

@

100

247,809

90,000

Goldman

Sachs

Group,

Inc.

(The),

6.75%,

10/1/37

101,007

28,000

HAH

Group

Holding

Co.

LLC,

9.75%,

10/1/31,

Callable

10/1/27

@

104.88(b)

26,600

50,000

Inversion

Escrow

Issuer

LLC,

6.75%,

8/1/32,

Callable

8/1/28

@

103.38(b)

49,125

30,000

Jefferies

Finance

LLC/JFIN

Co.-Issuer

Corp.,

6.63%,

10/15/31,

Callable

10/15/27

@

103.31(b)

30,187

25,000

Kronos

Acquisition

Holdings,

Inc.,

8.25%,

6/30/31,

Callable

6/30/27

@

104.13(b)

19,437

20,000

MajorDrive

Holdings

IV

LLC,

6.38%,

6/1/29,

Callable

11/2/25

@

101.59(b)

16,275

82,000

Morgan

Stanley,

5.19%

(SOFR),

4/17/31,

Callable

4/17/30

@

100

84,665

965,000

Morgan

Stanley,

6.34%

(SOFR),

10/18/33,

Callable

10/18/32

@

100

1,060,022

65,000

Morgan

Stanley,

5.66%

(SOFR),

4/17/36,

Callable

4/17/35

@

100

68,690

10,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

4.63%,

8/1/29,

Callable

10/13/25

@

101.16

8,250

71,000

MSCI,

Inc.,

5.25%,

9/1/35,

Callable

6/1/35

@

100

71,588

25,000

Olympus

Water

US

Holding

Corp.,

7.25%,

6/15/31,

Callable

6/15/27

@

103.63(b)

25,344

120,000

Olympus

Water

US

Holding

Corp.,

7.25%,

2/15/33,

Callable

10/1/28

@

103.63(b)

120,000

16,847

SGUS

LLC,

11.00%,

12/15/29,

Callable

6/30/26

@

103(b)

15,836

52,000

Sixth

Street

Specialty

Lending,

Inc.,

6.13%,

3/1/29,

Callable

2/1/29

@

100^

53,587

10,000

Stonex

Escrow

Issuer

LLC,

6.88%,

7/15/32,

Callable

7/15/28

@

103.44(b)

10,250

2,756,515

Chemicals

(0.5%):

77,560

Advancion

Sciences,

Inc.,

9.25%,

11/1/26,

Callable

11/2/25

@

100(b)

68,544

40,000

Allied

Universal

Holdco

LLC,

7.88%,

2/15/31,

Callable

2/15/27

@

103.94(b)

41,800

71,000

Celanese

US

Holdings

LLC,

6.85%,

11/15/28,

Callable

10/15/28

@

100

73,662

10,000

Celanese

US

Holdings

LLC,

6.50%,

4/15/30,

Callable

4/15/27

@

103.25

10,041

Principal

Amount

Value

Corporate

Bonds,

continued

Chemicals,

continued

$

72,000

Celanese

US

Holdings

LLC,

7.05%,

11/15/30,

Callable

9/15/30

@

100

$

74,340

30,000

Celanese

US

Holdings

LLC,

6.75%,

4/15/33,

Callable

4/15/28

@

103.38^

29,815

42,000

Celanese

US

Holdings

LLC,

7.20%,

11/15/33,

Callable

8/15/33

@

100

43,522

70,000

Chemours

Co.

(The),

5.75%,

11/15/28,

Callable

10/13/25

@

101.92(b)

68,250

15,000

Chemours

Co.

(The),

8.00%,

1/15/33,

Callable

1/15/28

@

104(b)

14,925

40,000

Entegris,

Inc.,

3.63%,

5/1/29,

Callable

11/2/25

@

101.81(b)

38,000

50,000

Entegris,

Inc.,

5.95%,

6/15/30,

Callable

10/13/25

@

102.98(b)

50,500

16,000

Mativ

Holdings,

Inc.,

8.00%,

10/1/29,

Callable

10/1/26

@

104^(b)

15,840

20,000

Methanex

US

Operations,

Inc.,

6.25%,

3/15/32,

Callable

9/15/31

@

100(b)

20,425

15,000

Olin

Corp.,

5.63%,

8/1/29,

Callable

11/2/25

@

101.88

15,038

60,000

Olin

Corp.,

6.63%,

4/1/33,

Callable

4/1/28

@

103.31(b)

60,375

51,000

Tronox,

Inc.,

4.63%,

3/15/29,

Callable

11/2/25

@

101.16(b)

33,150

35,000

WR

Grace

Holdings

LLC,

5.63%,

8/15/29,

Callable

11/2/25

@

101.41(b)

32,594

15,000

WR

Grace

Holdings

LLC,

7.38%,

3/1/31,

Callable

3/1/26

@

103.69(b)

15,244

25,000

WR

Grace

Holdings

LLC,

6.63%,

8/15/32,

Callable

8/15/28

@

103.31(b)

24,688

730,753

Commercial

Services

&

Supplies

(0.2%):

16,000

ADT

Security

Corp.

(The),

5.88%,

10/15/33,

Callable

10/15/32

@

100(b)

16,000

20,000

Allied

Universal

Holdco

LLC/Allied

Universal

Finance

Corp.,

6.88%,

6/15/30,

Callable

6/15/27

@

103.44(b)

20,525

15,000

Beacon

Mobility

Corp.,

7.25%,

8/1/30,

Callable

8/1/27

@

103.63(b)

15,581

5,000

Clean

Harbors,

Inc.,

6.38%,

2/1/31,

Callable

2/1/26

@

103.19(b)

5,100

20,000

CoreCivic,

Inc.,

8.25%,

4/15/29,

Callable

4/15/26

@

104.13

21,050

20,000

GEO

Group,

Inc.

(The),

8.63%,

4/15/29,

Callable

4/15/26

@

104.31

21,100

20,000

GEO

Group,

Inc.

(The),

10.25%,

4/15/31,

Callable

4/15/27

@

105.13

22,000

6,000

JH

North

America

Holdings,

Inc.,

6.13%,

7/31/32,

Callable

7/31/28

@

103.06(b)

6,143

23,000

OT

Midco,

Inc.,

10.00%,

2/15/30,

Callable

2/15/27

@

105(b)

15,554

53,000

Rand

Parent

LLC,

8.50%,

2/15/30,

Callable

2/15/26

@

104.25^(b)

54,921

15,000

Reworld

Holding

Corp.,

4.88%,

12/1/29,

Callable

11/2/25

@

102.44(b)

14,138

20,000

TKC

Holdings,

Inc.,

6.88%,

5/15/28,

Callable

11/2/25

@

101.72(b)

20,150

20,000

TKC

Holdings,

Inc.,

10.50%,

5/15/29,

Callable

11/2/25

@

102.63(b)

20,500

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

116

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Commercial

Services

&

Supplies,

continued

$

10,000

Waste

Pro

USA,

Inc.,

7.00%,

2/1/33,

Callable

2/1/28

@

103.5(b)

$

10,362

263,124

Construction

&

Engineering

(0.1%):

30,000

AECOM,

6.00%,

8/1/33,

Callable

8/1/28

@

103(b)

30,600

85,000

Artera

Services

LLC,

8.50%,

2/15/31,

Callable

2/15/27

@

104.25(b)

75,012

15,000

Pike

Corp.,

8.63%,

1/31/31,

Callable

1/31/27

@

104.31(b)

16,031

35,000

Railworks

Holdings

LP/Railworks

Rally,

Inc.,

8.25%,

11/15/28,

Callable

11/2/25

@

104.13(b)

35,438

10,000

Williams

Scotsman,

Inc.,

6.63%,

4/15/30,

Callable

4/15/27

@

103.31(b)

10,250

167,331

Construction

Materials

(0.1%):

15,000

Ameritex

Holdco

Intermediate

LLC,

7.63%,

8/15/33,

Callable

8/15/28

@

103.81(b)

15,544

30,000

Smyrna

Ready

Mix

Concrete

LLC,

6.00%,

11/1/28,

Callable

11/2/25

@

101(b)

29,888

20,000

Smyrna

Ready

Mix

Concrete

LLC,

8.88%,

11/15/31,

Callable

11/15/26

@

104.44(b)

21,050

10,000

Star

Holding

LLC,

8.75%,

8/1/31,

Callable

8/1/27

@

104.38(b)

9,887

76,369

Consumer

Finance

(1.2%):

370,000

Ally

Financial,

Inc.,

7.10%,

11/15/27,

Callable

10/15/27

@

100

389,240

40,000

Ally

Financial,

Inc.,

6.65%

(H15T5Y),

1/17/40,

Callable

10/19/34

@

100

39,992

5,000

Ally

Financial,

Inc.,

Series

C,

4.70%

(H15T7Y),

12/31/99,

Callable

5/15/28

@

100

4,624

55,000

Ally

Financial,

Inc.,

Series

B,

4.70%

(H15T5Y),

Callable

5/15/26

@

100

53,818

355,000

Capital

One

Financial

Corp.,

4.10%,

2/9/27,

Callable

11/9/26

@

100

353,920

275,000

Capital

One

Financial

Corp.,

5.25%

(SOFR),

7/26/30,

Callable

7/26/29

@

100

282,567

15,000

Ford

Motor

Credit

Co.

LLC,

5.73%,

9/5/30,

Callable

8/5/30

@

100

15,156

10,000

Navient

Corp.,

5.00%,

3/15/27,

Callable

9/15/26

@

100

9,962

15,000

Navient

Corp.,

4.88%,

3/15/28,

Callable

6/15/27

@

100

14,738

7,000

Navient

Corp.,

5.50%,

3/15/29,

Callable

6/15/28

@

100

6,869

10,000

Navient

Corp.,

7.88%,

6/15/32,

Callable

9/15/31

@

100

10,550

15,000

OneMain

Finance

Corp.,

6.13%,

5/15/30,

Callable

11/15/29

@

100

15,206

45,000

OneMain

Finance

Corp.,

4.00%,

9/15/30,

Callable

11/2/25

@

102

41,850

15,000

OneMain

Finance

Corp.,

7.13%,

9/15/32,

Callable

6/15/28

@

103.56

15,525

10,000

OneMain

Finance

Corp.,

6.50%,

3/15/33,

Callable

9/15/28

@

103.25

10,013

14,000

PRA

Group,

Inc.,

8.88%,

1/31/30,

Callable

6/1/26

@

104.44(b)

14,455

Principal

Amount

Value

Corporate

Bonds,

continued

Consumer

Finance,

continued

$

14,000

SLM

Corp.,

6.50%,

1/31/30,

Callable

12/31/29

@

100

$

14,595

266,000

Synchrony

Financial,

3.95%,

12/1/27,

Callable

9/1/27

@

100

262,997

1,556,077

Consumer

Staples

Distribution

&

Retail

(0.1%):

45,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

3.50%,

3/15/29,

Callable

11/2/25

@

100(b)

42,581

20,000

KeHE

Distributors

LLC/KeHE

Finance

Corp./

NextWave

Distribution,

Inc.,

9.00%,

2/15/29,

Callable

2/15/26

@

104.5(b)

21,050

15,000

Performance

Food

Group,

Inc.,

6.13%,

9/15/32,

Callable

9/15/27

@

103.06(b)

15,319

10,000

US

Foods,

Inc.,

4.63%,

6/1/30,

Callable

11/2/25

@

102.31(b)

9,788

10,000

US

Foods,

Inc.,

7.25%,

1/15/32,

Callable

9/15/26

@

103.63(b)

10,475

20,000

US

Foods,

Inc.,

5.75%,

4/15/33,

Callable

10/15/27

@

102.88(b)

20,100

15,000

Wholesale

Grocers

Term,

0.00%,

8/5/30(b)

14,625

133,938

Containers

&

Packaging

(0.1%):

39,000

Ardagh

Metal

Packaging

Finance

USA

LLC/Ardagh

Metal

Packaging

Finance

plc,

4.00%,

9/1/29,

Callable

11/2/25

@

101(b)

36,075

15,000

Clydesdale

Acquisition

Holdings,

Inc.,

6.63%,

4/15/29,

Callable

11/2/25

@

103.31(b)

15,150

50,000

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%,

4/15/30,

Callable

11/2/25

@

104.38(b)

51,250

20,000

Clydesdale

Acquisition

Holdings,

Inc.,

6.75%,

4/15/32,

Callable

4/15/28

@

103.38(b)

20,525

20,000

Crown

Americas

LLC,

5.88%,

6/1/33,

Callable

6/1/28

@

102.94(b)

20,150

20,000

Graphic

Packaging

International

LLC,

3.75%,

2/1/30,

Callable

8/1/29

@

100(b)

18,700

25,000

Graphic

Packaging

International

LLC,

6.38%,

7/15/32,

Callable

5/15/27

@

103.19(b)

25,344

4,000

Sealed

Air

Corp.,

5.00%,

4/15/29,

Callable

11/2/25

@

102.5(b)

3,970

191,164

Distributors

(0.0%

†

):

30,244

Saks

Global

Enterprises

LLC,

11.00%,

12/15/29,

Callable

12/15/26

@

105.5(b)

15,424

Diversified

Consumer

Services

(0.1%):

5,000

Service

Corp.

International,

5.75%,

10/15/32,

Callable

10/15/27

@

102.88

5,056

22,000

Sotheby's,

7.38%,

10/15/27,

Callable

10/13/25

@

100(b)

21,972

37,000

StoneMor,

Inc.,

8.50%,

5/15/29,

Callable

11/2/25

@

102.13(b)

36,121

15,000

Wand

NewCo.

3,

Inc.,

7.63%,

1/30/32,

Callable

1/30/27

@

103.81(b)

15,788

45,000

Wayfair

LLC,

7.25%,

10/31/29,

Callable

10/31/26

@

103.63(b)

46,519

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

117

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

Consumer

Services,

continued

$

53,000

Wayfair

LLC,

7.75%,

9/15/30,

Callable

9/15/27

@

103.88(b)

$

55,650

181,106

Diversified

REITs

(0.1%):

22,000

BW

Real

Estate,

Inc.,

9.50%

(H15T5Y),

Callable

3/30/30

@

100(b)

22,696

35,000

Piedmont

Operating

Partnership

LP,

2.75%,

4/1/32,

Callable

1/1/32

@

100

29,848

112,000

Store

Capital

LLC,

2.75%,

11/18/30,

Callable

8/18/30

@

100

101,646

16,000

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

10.50%,

2/15/28,

Callable

10/6/25

@

105.25(b)

16,840

171,030

Diversified

Telecommunication

Services

(0.1%):

16,000

ATP

Tower

Holdings/Andean

Telecom

Partners

Chile

SpA/Andean

Tower

Partners

C,

7.88%,

2/3/30,

Callable

2/3/27

@

103.94(b)

16,380

5,000

Cablevision

Lightpath

LLC,

3.88%,

9/15/27,

Callable

10/13/25

@

100(b)

4,850

15,000

Cogent

Communications

Group

LLC/Cogent

Finance,

Inc.,

7.00%,

6/15/27,

Callable

11/2/25

@

101.75(b)

14,944

40,000

Cogent

Communications

Group

LLC/Cogent

Finance,

Inc.,

7.00%,

6/15/27,

Callable

10/13/25

@

101.75(b)

39,850

15,000

Connect

Holding

II

LLC,

10.50%,

4/3/31,

Callable

12/24/27

@

100(b)

14,987

10,000

Discovery

Communications

LLC,

5.00%,

9/20/37,

Callable

3/20/37

@

100

8,575

10,000

Discovery

Communications

LLC,

6.35%,

6/1/40

9,150

30,000

Windstream

Services

LLC,

7.50%,

10/15/33,

Callable

10/15/28

@

103.75(b)

29,963

45,000

Windstream

Services

LLC/Windstream

Escrow

Finance

Corp.,

8.25%,

10/1/31,

Callable

10/1/27

@

104.13(b)

46,575

185,274

Electric

Utilities

(0.8%):

16,000

AES

Corp.

(The),

6.95%

(H15T5Y),

7/15/55,

Callable

4/15/30

@

100

15,720

35,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

5.88%,

11/1/29,

Callable

11/2/25

@

101.47(b)

34,737

130,000

Cleco

Corporate

Holdings

LLC,

3.38%,

9/15/29,

Callable

6/15/29

@

100

121,353

160,000

Duquesne

Light

Holdings,

Inc.,

2.78%,

1/7/32,

Callable

10/7/31

@

100(b)

141,760

15,000

Edison

International,

6.25%,

3/15/30,

Callable

2/15/30

@

100

15,584

15,000

Edison

International,

8.13%

(H15T5Y),

6/15/53,

Callable

3/15/28

@

100^

15,319

15,000

Edison

International,

7.88%

(H15T5Y),

6/15/54,

Callable

3/15/29

@

100

15,244

10,000

Edison

International,

Series

B,

5.00%

(H15T5Y),

Callable

12/15/26

@

100

9,522

110,000

Exelon

Corp.,

4.05%,

4/15/30,

Callable

1/15/30

@

100

108,527

10,000

Hawaiian

Electric

Co.,

Inc.,

6.00%,

10/1/33,

Callable

10/1/28

@

103(b)

10,050

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

15,000

NRG

Energy,

Inc.,

5.75%,

1/15/28,

Callable

10/18/25

@

100.96

$

15,019

30,000

NRG

Energy,

Inc.,

3.38%,

2/15/29,

Callable

10/13/25

@

100.84(b)

28,332

25,000

NRG

Energy,

Inc.,

3.63%,

2/15/31,

Callable

2/15/26

@

101.81(b)

23,108

25,000

NRG

Energy,

Inc.,

5.75%,

1/15/34,

Callable

10/15/28

@

102.88(b)

24,969

20,000

NRG

Energy,

Inc.,

6.25%,

11/1/34,

Callable

11/1/29

@

103.13(b)

20,475

25,000

NRG

Energy,

Inc.,

6.00%,

1/15/36,

Callable

10/15/30

@

103(b)

25,007

20,000

PacifiCorp,

7.38%

(H15T5Y),

9/15/55,

Callable

6/17/30

@

100

21,025

26,000

PG&E

Corp,

7.38%

(H15T5Y),

3/15/55,

Callable

12/15/29

@

100

26,812

35,000

PG&E

Corp.,

5.25%,

7/1/30,

Callable

10/13/25

@

102.63

34,475

100,000

Puget

Energy,

Inc.,

4.10%,

6/15/30,

Callable

3/15/30

@

100

97,602

141,000

Puget

Energy,

Inc.,

4.22%,

3/15/32,

Callable

12/15/31

@

100

134,966

70,000

Vistra

Operations

Co.

LLC,

5.00%,

7/31/27,

Callable

10/13/25

@

100(b)

69,825

25,000

Vistra

Operations

Co.

LLC,

7.75%,

10/15/31,

Callable

10/15/26

@

103.88(b)

26,406

1,035,837

Electrical

Equipment

(0.0%

†

):

10,000

WESCO

Distribution,

Inc.,

6.38%,

3/15/33,

Callable

3/15/28

@

103.19(b)

10,350

Electronic

Equipment,

Instruments

&

Components

(0.0%

†

):

30,000

Coherent

Corp.,

5.00%,

12/15/29,

Callable

11/2/25

@

102.5(b)

29,550

15,000

Insight

Enterprises,

Inc.,

6.63%,

5/15/32,

Callable

5/15/27

@

103.31(b)

15,375

44,925

Energy

Equipment

&

Services

(0.1%):

11,000

Kodiak

Gas

Services

LLC,

6.50%,

10/1/33,

Callable

10/1/28

@

103.25(b)

11,192

15,000

Kodiak

Gas

Services

LLC,

6.75%,

10/1/35,

Callable

10/1/30

@

103.38(b)

15,394

11,000

Nabors

Industries,

Inc.,

7.38%,

5/15/27,

Callable

11/2/25

@

101.84(b)

11,137

15,000

Nabors

Industries,

Inc.,

8.88%,

8/15/31,

Callable

8/15/27

@

104.44^(b)

13,875

5,000

SESI

LLC,

7.88%,

9/30/30,

Callable

9/30/27

@

103.94(b)

5,000

20,000

XPLR

Infrastructure

Operating

Partners

LP,

8.38%,

1/15/31,

Callable

9/15/27

@

104.19^(b)

20,925

22,000

XPLR

Infrastructure

Operating

Partners

LP,

8.63%,

3/15/33,

Callable

3/15/28

@

104.31^(b)

23,018

100,541

Entertainment

(0.0%

†

):

5,000

Park

River

Holdings,

Inc.,

8.00%,

3/15/31,

Callable

9/15/26

@

104(b)

5,063

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

118

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services

(2.0%):

$

5,000

Acrisure

LLC/Acrisure

Finance,

Inc.,

6.75%,

7/1/32,

Callable

7/1/28

@

103.38(b)

$

5,138

10,000

Acuris

Finance

U.S.,

Inc./Acuris

Finance

SARL,

5.00%,

5/1/28,

Callable

11/2/25

@

101.25(b)

9,700

20,000

Acuris

Finance

U.S.,

Inc./Acuris

Finance

SARL,

9.00%,

8/1/29,

Callable

8/1/26

@

104.5(b)

20,825

39,000

Air

Lease

Corp.,

Series

C,

4.13%

(H15T5Y),

Callable

12/15/26

@

100

37,901

25,000

APH

Somerset

Investor

2

LLC/APH2

Somerset

Investor

2

LLC/APH3

Somerset

Investor

2

LLC,

7.88%,

11/1/29,

Callable

11/1/26

@

103.94(b)

26,094

10,000

Ascent

Resources

Utica

Holdings

LLC/ARU

Finance

Corp.,

6.63%,

10/15/32,

Callable

10/15/27

@

103.31(b)

10,175

5,000

Ascent

Resources

Utica

Holdings

LLC/ARU

Finance

Corp.,

6.63%,

7/15/33,

Callable

7/15/28

@

103.31(b)

5,075

224,000

Athene

Global

Funding,

5.34%,

1/15/27(b)

226,729

101,000

Athene

Global

Funding,

5.58%,

1/9/29(b)

104,315

150,000

Blackstone

Private

Credit

Fund,

7.30%,

11/27/28,

Callable

10/27/28

@

100

159,776

15,000

Block,

Inc.,

2.75%,

6/1/26,

Callable

5/1/26

@

100

14,794

15,000

Block,

Inc.,

5.63%,

8/15/30,

Callable

8/15/27

@

102.81(b)

15,206

25,000

Block,

Inc.,

3.50%,

6/1/31,

Callable

3/1/31

@

100

23,188

10,000

Block,

Inc.,

6.00%,

8/15/33,

Callable

8/15/28

@

103(b)

10,200

15,000

Camelot

Return

Merger

Sub,

Inc.,

8.75%,

8/1/28,

Callable

11/2/25

@

103.28(b)

14,475

10,000

Champions

Financing,

Inc.,

8.75%,

2/15/29,

Callable

2/15/26

@

104.38^(b)

9,575

190,000

Corebridge

Financial,

Inc.,

3.65%,

4/5/27,

Callable

3/5/27

@

100

188,328

130,000

Corebridge

Financial,

Inc.,

3.90%,

4/5/32,

Callable

1/5/32

@

100

123,852

70,000

Corebridge

Financial,

Inc.,

4.40%,

4/5/52,

Callable

10/5/51

@

100

57,649

30,000

EMRLD

Borrower

LP/Emerald

Co.-Issuer,

Inc.,

6.63%,

12/15/30,

Callable

6/15/26

@

103.31(b)

30,750

60,000

Equitable

Holdings,

Inc.,

4.57%,

2/15/29,

Callable

11/15/28

@

100(b)

60,404

45,000

Hightower

Holding

LLC,

6.75%,

4/15/29,

Callable

11/2/25

@

101.69(b)

44,438

242,000

Hps

Corporate

Lending

Fund,

5.45%,

1/14/28,

Callable

12/14/27

@

100

244,136

5,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

6.25%,

5/15/26,

Callable

11/2/25

@

100

4,994

55,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

5.25%,

5/15/27,

Callable

11/15/26

@

100

54,037

25,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

10.00%,

11/15/29,

Callable

5/15/29

@

100(b)

25,125

40,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

9.00%,

6/15/30,

Callable

12/15/29

@

100

38,600

70,000

Jackson

Financial,

Inc.,

5.17%,

6/8/27,

Callable

5/8/27

@

100

70,835

17,000

Jackson

Financial,

Inc.,

3.13%,

11/23/31,

Callable

8/23/31

@

100

15,341

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services,

continued

$

76,000

Jackson

Financial,

Inc.,

5.67%,

6/8/32,

Callable

3/8/32

@

100

$

78,816

30,000

Jane

Street

Group/JSG

Finance,

Inc.,

6.13%,

11/1/32,

Callable

11/1/27

@

103.06(b)

30,375

30,000

Jane

Street

Group/JSG

Finance,

Inc.,

6.75%,

5/1/33,

Callable

5/1/28

@

103.38(b)

31,050

22,000

Jefferson

Capital

Holdings

LLC,

8.25%,

5/15/30,

Callable

5/15/27

@

104.13(b)

23,018

15,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.,

4.75%,

6/15/29,

Callable

11/2/25

@

101.19(b)

14,681

15,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.,

7.00%,

7/15/31,

Callable

7/15/27

@

103.5(b)

15,713

20,000

Level

3

Financing,

Inc.,

3.63%,

1/15/29,

Callable

10/13/25

@

100.91(b)

17,350

10,000

Level

3

Financing,

Inc.,

4.88%,

6/15/29,

Callable

3/22/26

@

102.31(b)

9,463

10,000

Level

3

Financing,

Inc.,

3.75%,

7/15/29,

Callable

11/2/25

@

100.94(b)

8,525

35,000

Level

3

Financing,

Inc.,

4.50%,

4/1/30,

Callable

3/22/26

@

102.13(b)

31,894

40,000

Level

3

Financing,

Inc.,

3.88%,

10/15/30,

Callable

10/13/25

@

101.81(b)

34,900

20,000

Level

3

Financing,

Inc.,

4.00%,

4/15/31,

Callable

10/13/25

@

101.88(b)

17,225

40,000

Level

3

Financing,

Inc.,

6.88%,

6/30/33,

Callable

6/30/28

@

103.44(b)

40,650

30,000

Level

3

Financing,

Inc.,

7.00%,

3/31/34,

Callable

8/31/28

@

103.5(b)

30,525

63,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.00%,

10/15/27,

Callable

11/2/25

@

100^

60,952

25,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

3.50%,

3/15/31,

Callable

3/15/26

@

101.75

18,406

15,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

8.50%,

2/15/32,

Callable

2/15/28

@

104.25(b)

15,919

15,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

9.88%,

3/15/30,

Callable

3/15/27

@

104.94(b)

15,675

15,000

PennyMac

Financial

Services,

Inc.,

6.88%,

2/15/33,

Callable

2/15/28

@

103.44(b)

15,487

15,000

PennyMac

Financial

Services,

Inc.,

6.75%,

2/15/34,

Callable

8/15/28

@

103.38(b)

15,281

15,000

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.,

6.75%,

8/15/32,

Callable

8/15/27

@

103.38(b)

15,506

84,000

Sixth

Street

Lending

Partners,

6.13%,

7/15/30,

Callable

6/15/30

@

100(b)

86,732

87,000

Sun

Communities

Operating

LP,

2.30%,

11/1/28,

Callable

9/1/28

@

100

82,287

232,000

Sun

Communities

Operating

LP,

2.70%,

7/15/31,

Callable

4/15/31

@

100

209,797

20,000

Uniti

Group

LP/Uniti

Fiber

Holdings,

Inc./CSL

Capital

LLC,

6.00%,

1/15/30,

Callable

11/2/25

@

103(b)

18,075

30,000

UWM

Holdings

LLC,

6.63%,

2/1/30,

Callable

2/1/27

@

103.31(b)

30,525

15,000

UWM

Holdings

LLC,

6.25%,

3/15/31,

Callable

3/15/28

@

103.13(b)

14,925

8,000

VFH

Parent

LLC/Valor

Co.-Issuer,

Inc.,

7.50%,

6/15/31,

Callable

6/15/27

@

103.75(b)

8,250

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

119

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services,

continued

$

10,000

Walker

&

Dunlop,

Inc.,

6.63%,

4/1/33,

Callable

4/1/28

@

103.31(b)

$

10,288

15,000

WEX,

Inc.,

6.50%,

3/15/33,

Callable

3/15/28

@

103.25(b)

15,281

50,000

Wrangler

Holdco

Corp.,

6.63%,

4/1/32,

Callable

4/1/27

@

103.31(b)

52,062

2,721,288

Food

Products

(0.4%):

40,000

Lamb

Weston

Holdings,

Inc.,

4.38%,

1/31/32,

Callable

1/31/27

@

102.19(b)

37,800

88,000

Mars,

Inc.,

4.80%,

3/1/30,

Callable

2/1/30

@

100(b)

89,626

66,000

Mars,

Inc.,

5.00%,

3/1/32,

Callable

1/1/32

@

100(b)

67,425

55,000

Mars,

Inc.,

5.20%,

3/1/35,

Callable

12/1/34

@

100(b)

56,180

54,000

Mars,

Inc.,

5.65%,

5/1/45,

Callable

11/1/44

@

100(b)

54,660

100,000

Mars,

Inc.,

5.70%,

5/1/55,

Callable

11/1/54

@

100(b)

101,018

18,000

Post

Holdings,

Inc.,

4.50%,

9/15/31,

Callable

9/15/26

@

102.25(b)

16,785

45,000

Post

Holdings,

Inc.,

6.38%,

3/1/33,

Callable

9/1/27

@

103.19(b)

45,450

15,000

Post

Holdings,

Inc.,

6.25%,

10/15/34,

Callable

10/15/29

@

103.13(b)

15,131

20,000

Quikrete

Holdings,

Inc.,

6.38%,

3/1/32,

Callable

3/1/28

@

103.19(b)

20,675

504,750

Ground

Transportation

(0.1%):

15,000

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.,

8.38%,

6/15/32,

Callable

6/15/28

@

104.19(b)

15,675

20,000

Genesee

&

Wyoming,

Inc.,

6.25%,

4/15/32,

Callable

4/15/27

@

103.13(b)

20,300

57,000

Uber

Technologies,

Inc.,

4.15%,

1/15/31,

Callable

12/15/30

@

100

56,238

45,000

Uber

Technologies,

Inc.,

4.80%,

9/15/35,

Callable

6/15/35

@

100

44,498

136,711

Health

Care

Equipment

&

Supplies

(0.1%):

20,000

DaVita,

Inc.,

6.75%,

7/15/33,

Callable

7/15/28

@

103.38(b)

20,625

60,000

Medline

Borrower

LP,

3.88%,

4/1/29,

Callable

11/2/25

@

100.97(b)

57,900

15,000

Sotera

Health

Holdings

LLC,

7.38%,

6/1/31,

Callable

6/1/27

@

103.69(b)

15,731

94,256

Health

Care

Providers

&

Services

(1.4%):

10,000

Acadia

Healthcare

Co.,

Inc.,

7.38%,

3/15/33,

Callable

3/15/28

@

103.69^(b)

10,387

15,000

AdaptHealth

LLC,

5.13%,

3/1/30,

Callable

10/13/25

@

102.56(b)

14,288

630,000

Centene

Corp.,

4.63%,

12/15/29,

Callable

11/2/25

@

102.31

606,603

50,000

CHS/Community

Health

Systems,

Inc.,

6.13%,

4/1/30,

Callable

11/2/25

@

103.06(b)

36,250

60,000

CHS/Community

Health

Systems,

Inc.,

5.25%,

5/15/30,

Callable

11/2/25

@

102.63(b)

54,150

115,000

CHS/Community

Health

Systems,

Inc.,

4.75%,

2/15/31,

Callable

2/15/26

@

102.38(b)

99,188

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

15,000

CHS/Community

Health

Systems,

Inc.,

9.75%,

1/15/34,

Callable

8/15/28

@

104.88(b)

$

15,337

62,000

CVS

Health

Corp.,

5.00%,

1/30/29,

Callable

12/30/28

@

100

63,143

25,000

CVS

Health

Corp.,

5.25%,

1/30/31,

Callable

11/30/30

@

100

25,687

71,000

CVS

Health

Corp.,

6.75%

(H15T5Y),

12/10/54,

Callable

9/10/34

@

100

72,757

55,000

DaVita,

Inc.,

4.63%,

6/1/30,

Callable

11/2/25

@

102.31(b)

52,662

203,000

HCA,

Inc.,

5.88%,

2/1/29,

Callable

8/1/28

@

100

211,273

110,000

HCA,

Inc.,

3.50%,

9/1/30,

Callable

3/1/30

@

100

104,831

64,000

Humana,

Inc.,

3.70%,

3/23/29,

Callable

2/23/29

@

100

62,449

32,000

IQVIA,

Inc.,

6.25%,

6/1/32,

Callable

6/1/28

@

103.13(b)

32,880

10,000

LifePoint

Health,

Inc.,

10.00%,

6/1/32,

Callable

6/1/27

@

105(b)

10,475

5,000

ModivCare,

Inc.,

5.00%,

10/1/29,

Callable

11/2/25

@

101.25(b)

6

15,000

Molina

Healthcare,

Inc.,

3.88%,

11/15/30,

Callable

8/17/30

@

100(b)

13,875

30,000

Molina

Healthcare,

Inc.,

6.25%,

1/15/33,

Callable

1/15/28

@

103.13(b)

30,300

45,000

Organon

&

Co./Organon

Foreign

Debt

Co-Issuer

BV,

4.13%,

4/30/28,

Callable

11/2/25

@

101.03(b)

43,481

10,000

Owens

&

Minor,

Inc.,

4.50%,

3/31/29,

Callable

11/2/25

@

101.13^(b)

8,050

15,000

Owens

&

Minor,

Inc.,

6.63%,

4/1/30,

Callable

11/2/25

@

103.31^(b)

12,375

15,000

Prime

Healthcare

Services,

Inc.,

9.38%,

9/1/29,

Callable

9/1/26

@

104.69(b)

15,600

10,000

Radiology

Partners,

Inc.,

8.50%,

7/15/32,

Callable

7/15/28

@

104.25(b)

10,337

8,000

Sally

Holdings

LLC/Sally

Capital,

Inc.,

6.75%,

3/1/32,

Callable

3/1/27

@

103.38^

8,290

20,000

Select

Medical

Corp.,

6.25%,

12/1/32,

Callable

12/1/27

@

103.13^(b)

19,950

8,000

Surgery

Center

Holdings,

Inc.,

7.25%,

4/15/32,

Callable

4/15/27

@

103.63(b)

8,200

10,000

Team

Health

Holdings,

Inc.,

8.38%,

6/30/28,

Callable

8/1/26

@

100(b)

10,162

125,000

Tenet

Healthcare

Corp.,

6.13%,

10/1/28,

Callable

11/2/25

@

100

124,844

40,000

Tenet

Healthcare

Corp.,

4.38%,

1/15/30,

Callable

11/2/25

@

102.19

38,800

37,000

US

Acute

Care

Solutions

LLC,

9.75%,

5/15/29,

Callable

5/15/26

@

104.88(b)

37,833

1,854,463

Health

Care

REITs

(0.6%):

20,000

CTR

Partnership

LP/CareTrust

Capital

Corp.,

3.88%,

6/30/28,

Callable

3/30/28

@

100(b)

19,400

98,000

Healthcare

Realty

Holdings

LP,

3.10%,

2/15/30,

Callable

11/15/29

@

100

91,966

435,000

Omega

Healthcare

Investors,

Inc.,

3.63%,

10/1/29,

Callable

7/1/29

@

100

417,508

25,000

Omega

Healthcare

Investors,

Inc.,

3.25%,

4/15/33,

Callable

1/15/33

@

100

22,047

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

120

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

REITs,

continued

$

230,000

Sabra

Health

Care

LP,

3.20%,

12/1/31,

Callable

9/1/31

@

100

$

209,300

760,221

Hotels,

Restaurants

&

Leisure

(0.2%):

5,000

Caesars

Entertainment,

Inc.,

6.00%,

10/15/32,

Callable

10/15/27

@

103^(b)

4,925

55,000

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.,

6.75%,

1/15/30,

Callable

11/2/25

@

103.38(b)

51,425

75,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.88%,

3/15/33,

Callable

3/15/28

@

102.94(b)

76,406

15,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.75%,

9/15/33,

Callable

7/1/28

@

102.88(b)

15,150

15,000

Hilton

Grand

Vacations

Borrower

LLC/Hilton

Grand

Vacations

Borrower,

Inc.,

6.63%,

1/15/32,

Callable

1/15/27

@

103.31(b)

15,150

27,000

LFS

Topco

LLC,

8.75%,

7/15/30,

Callable

7/15/27

@

104.38(b)

27,135

25,000

Life

Time,

Inc.,

6.00%,

11/15/31,

Callable

11/15/27

@

103(b)

25,281

10,000

Lindblad

Expeditions

LLC,

7.00%,

9/15/30,

Callable

9/15/27

@

103.5(b)

10,188

10,000

Mohegan

Tribal

Gaming

Authority/MS

Digital

Entertainment

Holdings

LLC,

8.25%,

4/15/30,

Callable

4/15/27

@

104.13(b)

10,363

15,000

Mohegan

Tribal

Gaming

Authority/MS

Digital

Entertainment

Holdings

LLC,

11.88%,

4/15/31,

Callable

4/15/27

@

105.94(b)

15,656

10,000

Yum!

Brands,

Inc.,

4.63%,

1/31/32,

Callable

10/1/26

@

102.31

9,700

261,379

Household

Durables

(0.3%):

20,000

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.,

4.63%,

4/1/30,

Callable

11/2/25

@

102.31(b)

18,875

10,000

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.,

6.88%,

8/1/33,

Callable

8/1/28

@

103.44(b)

10,088

15,000

Beazer

Homes

USA,

Inc.,

7.50%,

3/15/31,

Callable

3/15/27

@

103.75(b)

15,225

15,000

Century

Communities,

Inc.,

6.63%,

9/15/33,

Callable

9/15/28

@

103.31(b)

15,131

14,000

Dream

Finders

Homes,

Inc.,

6.88%,

9/15/30,

Callable

9/15/27

@

103.44(b)

14,088

15,000

LGI

Homes,

Inc.,

8.75%,

12/15/28,

Callable

12/15/25

@

104.38(b)

15,619

36,000

LGI

Homes,

Inc.,

7.00%,

11/15/32,

Callable

11/15/27

@

103.5(b)

35,055

8,000

New

Home

Co.,

Inc.

(The),

8.50%,

11/1/30,

Callable

11/1/27

@

104.25(b)

8,250

25,000

Newell

Brands,

Inc.,

8.50%,

6/1/28,

Callable

3/1/28

@

100(b)

26,531

25,000

Newell

Brands,

Inc.,

6.38%,

5/15/30,

Callable

2/15/30

@

100^

24,781

15,000

Newell

Brands,

Inc.,

6.63%,

5/15/32,

Callable

2/15/32

@

100

14,775

20,000

Newell

Brands,

Inc.,

7.38%,

4/1/36,

Callable

10/1/35

@

100

19,850

79,276

Spin

Holdco,

Inc.,

0.00%

(Term

SOFR+400bps),

3/6/28,

Callable

11/2/25

@

100(b)

66,111

Principal

Amount

Value

Corporate

Bonds,

continued

Household

Durables,

continued

$

15,000

TopBuild

Corp.,

4.13%,

2/15/32,

Callable

10/15/26

@

102.06(b)

$

14,025

16,000

TopBuild

Corp.,

5.63%,

1/31/34,

Callable

9/30/28

@

102.81(b)

15,940

35,000

Whirlpool

Corp.,

6.13%,

6/15/30,

Callable

3/15/30

@

100

35,000

35,000

Whirlpool

Corp.,

6.50%,

6/15/33,

Callable

3/15/33

@

100

35,000

5,000

Whirlpool

Corp.,

5.75%,

3/1/34,

Callable

12/1/33

@

100^

4,810

389,154

Independent

Power

and

Renewable

Electricity

Producers

(0.2%):

280,000

AES

Corp.

(The),

3.95%,

7/15/30,

Callable

4/15/30

@

100(b)

269,920

20,000

Clearway

Energy

Operating

LLC,

4.75%,

3/15/28,

Callable

10/13/25

@

101.19(b)

19,700

25,000

Clearway

Energy

Operating

LLC,

3.75%,

1/15/32,

Callable

1/15/27

@

101.88(b)

22,437

15,000

Lightning

Power

LLC,

7.25%,

8/15/32,

Callable

8/15/27

@

103.63(b)

15,863

20,000

Sunnova

Energy

Corp.,

5.88%,

9/1/26,

Callable

11/2/25

@

100(b)(d)

50

327,970

Industrial

Conglomerates

(0.1%):

50,000

Brand

Industrial

Services,

Inc.,

10.38%,

8/1/30,

Callable

8/1/26

@

105.19(b)

49,625

24,788

Brand

Industrial

Services,

Inc.,

0.00%

(Term

SOFR+450bps),

8/1/30,

Callable

11/2/25

@

100(b)

22,408

15,000

Enpro,

Inc.,

6.13%,

6/1/33,

Callable

6/1/28

@

103.06(b)

15,356

15,000

Global

Partners

LP/GLP

Finance

Corp.,

8.25%,

1/15/32,

Callable

1/15/27

@

104.13(b)

15,788

103,177

Insurance

(0.2%):

25,000

Acrisure

LLC/Acrisure

Finance,

Inc.,

8.50%,

6/15/29,

Callable

6/15/26

@

104.25(b)

26,219

10,000

AmWINS

Group,

Inc.,

4.88%,

6/30/29,

Callable

11/2/25

@

101.22(b)

9,675

160,000

Pacific

LifeCorp,

5.13%,

1/30/43(b)

152,348

10,000

Station

Casinos

LLC,

6.63%,

3/15/32,

Callable

3/15/27

@

103.31(b)

10,238

36,000

Western-Southern

Global

Funding,

4.90%,

5/1/30(b)

36,686

235,166

Interactive

Media

&

Services

(0.0%

†

):

15,000

Snap,

Inc.,

6.88%,

3/1/33,

Callable

3/1/28

@

103.44(b)

15,300

10,000

Snap,

Inc.,

6.88%,

3/15/34,

Callable

9/15/28

@

103.44(b)

10,137

25,437

IT

Services

(0.1%):

15,000

Amentum

Holdings,

Inc.,

7.25%,

8/1/32,

Callable

8/1/27

@

103.63(b)

15,525

25,000

Block,

Inc.,

6.50%,

5/15/32,

Callable

5/15/27

@

103.25

25,781

29,000

CoreWeave,

Inc.,

9.25%,

6/1/30,

Callable

6/1/27

@

104.63(b)

29,906

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

121

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

IT

Services,

continued

$

36,000

CoreWeave,

Inc.,

9.00%,

2/1/31,

Callable

2/1/28

@

104.5(b)

$

36,585

11,000

Paychex,

Inc.,

5.10%,

4/15/30,

Callable

3/15/30

@

100

11,304

15,000

Paychex,

Inc.,

5.35%,

4/15/32,

Callable

2/15/32

@

100

15,538

38,000

X

Ai

LLC/X

Ai

Co.

Issuer

Corp.,

12.50%,

6/30/30,

Callable

7/15/27

@

106.25

39,900

174,539

Leisure

Products

(0.0%

†

):

15,000

Amer

Sports

Co.,

6.75%,

2/16/31,

Callable

2/16/27

@

103.38(b)

15,600

5,000

Fiesta

Purchaser,

Inc.,

7.88%,

3/1/31,

Callable

3/1/27

@

103.94(b)

5,263

5,000

Fiesta

Purchaser,

Inc.,

9.63%,

9/15/32,

Callable

9/15/27

@

104.81(b)

5,387

26,250

Machinery

(0.0%

†

):

5,000

New

Flyer

Holdings,

Inc.,

9.25%,

7/1/30,

Callable

7/1/27

@

104.63(b)

5,350

Media

(1.3%):

25,000

Advantage

Sales

&

Marketing,

Inc.,

6.50%,

11/15/28,

Callable

10/13/25

@

101.63^(b)

21,531

160,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.75%,

3/1/30,

Callable

11/2/25

@

101.58(b)

153,200

68,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.10%,

6/1/29,

Callable

5/1/29

@

100

71,347

16,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

2.30%,

2/1/32,

Callable

11/1/31

@

100

13,668

160,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.40%,

4/1/33,

Callable

1/1/33

@

100

151,464

47,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.55%,

6/1/34,

Callable

3/1/34

@

100

49,942

80,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.38%,

5/1/47,

Callable

11/1/46

@

100

68,929

252,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.80%,

3/1/50,

Callable

9/1/49

@

100

199,352

10,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.75%,

4/15/28,

Callable

11/2/25

@

101.94(b)

9,975

25,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.50%,

6/1/29,

Callable

11/2/25

@

101.88^(b)

24,281

20,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.88%,

4/1/30,

Callable

10/1/26

@

103.94(b)

21,000

25,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.13%,

2/15/31,

Callable

8/15/27

@

103.56(b)

25,813

25,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.50%,

3/15/33,

Callable

9/15/28

@

103.75(b)

26,125

5,000

CMG

Media

Corp.,

8.88%,

6/18/29,

Callable

11/1/25

@

104.44(b)

4,600

49,000

CSC

Holdings

LLC,

4.63%,

12/1/30,

Callable

12/1/25

@

102.31(b)

17,150

Principal

Amount

Value

Corporate

Bonds,

continued

Media,

continued

$

130,000

CSC

Holdings

LLC,

4.13%,

12/1/30,

Callable

12/1/25

@

102.06(b)

$

85,150

42,000

DISH

DBS

Corp.,

7.75%,

7/1/26

41,580

5,000

DISH

DBS

Corp.,

5.25%,

12/1/26,

Callable

6/1/26

@

100(b)

4,900

14,000

DISH

DBS

Corp.,

7.38%,

7/1/28,

Callable

10/13/25

@

100

12,845

56,000

DISH

DBS

Corp.,

5.13%,

6/1/29

47,880

109,004

EchoStar

Corp.,

6.75%,

11/30/30,

Callable

11/30/26

@

102

112,138

10,000

EW

Scripps

Co.

The,

9.88%,

8/15/30,

Callable

8/15/27

@

104.94(b)

9,387

25,000

Lamar

Media

Corp.,

5.38%,

11/1/33,

Callable

11/1/28

@

102.69(b)

24,812

243,000

Time

Warner

Cable

LLC,

6.75%,

6/15/39

253,146

107,000

Time

Warner

Cable,

Inc.,

4.50%,

9/15/42,

Callable

3/15/42

@

100

85,655

65,000

Uniti

Group

LP

/

Uniti

Group

Finance

2019

Inc

/

CSL

Capital

LLC,

8.63%,

6/15/32,

Callable

6/15/28

@

104.31(b)

62,075

15,000

Uniti

Group

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

6.50%,

2/15/29,

Callable

10/13/25

@

101.63(b)

14,063

40,000

Univision

Communications,

Inc.,

8.00%,

8/15/28,

Callable

11/2/25

@

104(b)

41,400

62,000

Univision

Communications,

Inc.,

8.50%,

7/31/31,

Callable

7/31/27

@

104.25(b)

63,937

25,000

Univision

Communications,

Inc.,

9.38%,

8/1/32,

Callable

8/1/28

@

104.69(b)

26,563

4,000

Warnermedia

Holdings,

Inc.,

4.28%,

3/15/32,

Callable

12/15/31

@

100

3,650

15,000

Warnermedia

Holdings,

Inc.,

5.05%,

3/15/42,

Callable

9/15/41

@

100

11,962

5,000

Warnermedia

Holdings,

Inc.,

5.14%,

3/15/52,

Callable

9/15/51

@

100

3,725

1,763,245

Metals

&

Mining

(0.1%):

15,000

Century

Aluminum

Co.,

6.88%,

8/1/32,

Callable

8/1/28

@

103.44(b)

15,544

20,000

Cleveland-Cliffs,

Inc.,

7.50%,

9/15/31,

Callable

3/15/28

@

103.75(b)

20,625

10,000

Cleveland-Cliffs,

Inc.,

7.38%,

5/1/33,

Callable

5/1/28

@

103.69(b)

10,175

10,000

Cleveland-Cliffs,

Inc.,

7.63%,

1/15/34,

Callable

1/15/29

@

103.81(b)

10,300

10,000

Commercial

Metals

Co.,

4.13%,

1/15/30,

Callable

10/13/25

@

102.06

9,575

24,000

Light

&

Wonder

International,

Inc.,

6.25%,

10/1/33,

Callable

10/1/28

@

103.13(b)

24,030

30,000

Novelis

Corp.,

3.88%,

8/15/31,

Callable

8/15/26

@

101.94(b)

27,262

10,000

Novelis

Corp.,

6.38%,

8/15/33,

Callable

8/15/28

@

103.19(b)

10,100

127,611

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.2%):

20,000

PennyMac

Financial

Services,

Inc.,

6.88%,

5/15/32,

Callable

5/15/28

@

103.44(b)

20,675

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

122

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Mortgage

Real

Estate

Investment

Trusts

(REITs),

continued

$

15,000

Rithm

Capital

Corp.,

8.00%,

4/1/29,

Callable

4/1/26

@

104(b)

$

15,356

5,000

Rithm

Capital

Corp.,

8.00%,

7/15/30,

Callable

7/15/27

@

104(b)

5,119

55,000

Rocket

Cos.,

Inc.,

6.13%,

8/1/30,

Callable

8/1/27

@

103.06(b)

56,512

55,000

Rocket

Cos.,

Inc.,

6.38%,

8/1/33,

Callable

8/1/28

@

103(b)

56,925

10,000

Starwood

Property

Trust,

Inc.,

5.25%,

10/15/28,

Callable

7/15/28

@

100(b)

10,002

20,000

Starwood

Property

Trust,

Inc.,

6.50%,

7/1/30,

Callable

1/1/30

@

100(b)

20,625

30,000

Starwood

Property

Trust,

Inc.,

6.50%,

10/15/30,

Callable

4/15/30

@

100(b)

31,050

10,000

Starwood

Property

Trust,

Inc.,

5.75%,

1/15/31,

Callable

7/15/30

@

100(b)

9,972

226,236

Multi-Utilities

(0.0%

†

):

55,000

Sempra,

6.00%,

10/15/39

57,184

Office

REITs

(0.3%):

11,000

COPT

Defense

Properties

LP,

4.50%,

10/15/30,

Callable

9/15/30

@

100

10,894

290,000

Hudson

Pacific

Properties

LP,

4.65%,

4/1/29,

Callable

1/1/29

@

100^

270,425

50,000

Vornado

Realty

LP,

2.15%,

6/1/26,

Callable

5/1/26

@

100

49,084

330,403

Oil,

Gas

&

Consumable

Fuels

(2.6%):

15,000

Alpha

Generation

LLC,

6.75%,

10/15/32,

Callable

10/15/27

@

103.38(b)

15,487

10,000

Antero

Midstream

Partners

LP/Antero

Midstream

Finance

Corp.,

5.75%,

10/15/33,

Callable

10/15/28

@

102.88(b)

9,950

35,000

California

Resources

Corp.,

8.25%,

6/15/29,

Callable

6/15/26

@

104.13(b)

36,488

5,000

California

Resources

Corp.,

7.00%,

1/15/34(b)

4,956

17,000

Calumet

Specialty

Products

Partners

LP/Calumet

Finance

Corp.,

8.13%,

1/15/27,

Callable

11/2/25

@

102.03(b)

16,788

36,000

Calumet

Specialty

Products

Partners

LP/Calumet

Finance

Corp.,

9.75%,

7/15/28,

Callable

10/13/25

@

104.88(b)

35,550

30,000

CITGO

Petroleum

Corp.,

6.38%,

6/15/26,

Callable

11/2/25

@

100(b)

30,000

15,000

CITGO

Petroleum

Corp.,

8.38%,

1/15/29,

Callable

11/2/25

@

104.19(b)

15,619

55,000

CNX

Midstream

Partners

LP,

4.75%,

4/15/30,

Callable

11/2/25

@

102.38(b)

52,525

15,000

CNX

Resources

Corp.,

6.00%,

1/15/29,

Callable

11/2/25

@

103(b)

15,000

20,000

Columbia

Pipelines

Operating

Co.

LLC,

5.93%,

8/15/30,

Callable

6/15/30

@

100(b)

21,180

55,000

Columbia

Pipelines

Operating

Co.

LLC,

6.04%,

11/15/33,

Callable

8/15/33

@

100(b)

58,650

16,000

Columbia

Pipelines

Operating

Co.

LLC,

6.50%,

8/15/43,

Callable

2/15/43

@

100(b)

17,045

30,000

Columbia

Pipelines

Operating

Co.

LLC,

6.54%,

11/15/53,

Callable

5/15/53

@

100(b)

32,029

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

18,000

Columbia

Pipelines

Operating

Co.

LLC,

6.71%,

8/15/63,

Callable

2/15/63

@

100(b)

$

19,675

50,000

Comstock

Resources,

Inc.,

6.75%,

3/1/29,

Callable

10/18/25

@

102.25(b)

49,813

30,000

CVR

Energy,

Inc.,

8.50%,

1/15/29,

Callable

1/15/26

@

104.25(b)

30,525

60,000

DCP

Midstream

Operating

LP,

5.13%,

5/15/29,

Callable

2/15/29

@

100

61,153

100,000

DCP

Midstream

Operating

LP,

5.60%,

4/1/44,

Callable

10/1/43

@

100

96,396

35,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

7.13%,

6/1/28,

Callable

11/2/25

@

101.78(b)

35,087

30,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

8.63%,

3/15/29,

Callable

3/15/26

@

104.31(b)

31,237

10,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

7.38%,

6/30/33,

Callable

6/30/28

@

103.69(b)

10,200

190,000

Energy

Transfer

LP,

4.95%,

6/15/28,

Callable

3/15/28

@

100

193,133

35,000

Energy

Transfer

LP,

7.38%,

2/1/31,

Callable

2/1/26

@

103.69(b)

36,531

155,000

Energy

Transfer

LP,

5.00%,

5/15/50,

Callable

11/15/49

@

100

132,304

8,000

Energy

Transfer

LP,

Series

G,

7.13%

(H15T5Y),

Callable

5/15/30

@

100

8,235

2,000

Energy

Transfer,

LP,

6.50%

(H15T5Y),

2/15/56,

Callable

11/15/30

@

100

1,995

2,000

Energy

Transfer,

LP,

6.75%

(H15T5Y),

2/15/56,

Callable

11/15/35

@

100

1,995

8,000

Excelerate

Energy,

LP,

8.00%,

5/15/30,

Callable

5/15/27

@

104(b)

8,480

5,000

Global

Partners

LP/GLP

Finance

Corp.,

7.13%,

7/1/33,

Callable

7/1/28

@

103.56(b)

5,113

24,000

Gran

Tierra

Energy,

Inc.,

9.50%,

10/15/29,

Callable

10/15/26

@

104.75^(b)

20,250

25,000

Harvest

Midstream

I

LP,

7.50%,

5/15/32,

Callable

5/15/27

@

103.75(b)

25,563

150,000

Hess

Corp.,

4.30%,

4/1/27,

Callable

1/1/27

@

100

150,390

109,000

Hess

Corp.,

7.30%,

8/15/31

125,302

30,000

Hess

Midstream

Operations

LP,

5.13%,

6/15/28,

Callable

11/2/25

@

100.85(b)

29,962

15,000

Howard

Midstream

Energy

Partners

LLC,

7.38%,

7/15/32,

Callable

7/15/27

@

103.69(b)

15,525

10,000

Howard

Midstream

Energy

Partners

LLC,

6.63%,

1/15/34,

Callable

1/15/29

@

103.31(b)

10,175

30,000

Kinetik

Holdings

LP,

6.63%,

12/15/28,

Callable

12/15/25

@

103.31(b)

30,787

20,000

Kinetik

Holdings

LP,

5.88%,

6/15/30,

Callable

11/2/25

@

102.94(b)

20,100

22,000

Kosmos

Energy,

Ltd.,

7.13%,

4/4/26,

Callable

10/13/25

@

100(b)

21,835

15,000

Kosmos

Energy,

Ltd.,

7.75%,

5/1/27,

Callable

10/13/25

@

101.94(b)

14,606

408,000

Mesquite

Energy,

Inc.,

7.25%,

Callable

0

@

–(d)

41

25,000

Moss

Creek

Resources

Holdings,

Inc.,

8.25%,

9/1/31,

Callable

9/1/27

@

104.13(b)

24,437

200,000

MPLX

LP,

4.95%,

9/1/32,

Callable

6/1/32

@

100

200,381

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

123

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

8,000

New

Fortress

Energy,

Inc.,

6.50%,

9/30/26,

Callable

11/2/25

@

100(b)

$

2,000

38,000

NFE

Financing

LLC,

12.00%,

11/15/29,

Callable

11/15/26

@

106(b)

10,640

112,000

Occidental

Petroleum

Corp.,

7.50%,

5/1/31

125,440

33,000

ONEOK,

Inc.,

4.25%,

9/24/27,

Callable

8/24/27

@

100

33,063

34,000

ONEOK,

Inc.,

4.40%,

10/15/29,

Callable

9/15/29

@

100

33,959

67,000

ONEOK,

Inc.,

4.75%,

10/15/31,

Callable

8/15/31

@

100

66,773

25,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

6.00%,

2/15/28,

Callable

11/2/25

@

100

24,750

20,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

7.88%,

9/15/30,

Callable

9/15/26

@

103.94(b)

19,750

30,000

Plains

All

American

Pipeline

LP,

Series

B,

8.58%

(TSFR3M),

Callable

11/2/25

@

100

30,299

15,000

Prairie

Acquiror,

LP,

9.00%,

8/1/29,

Callable

2/1/26

@

104.5(b)

15,525

230,000

Sabine

Pass

Liquefaction

LLC,

4.50%,

5/15/30,

Callable

11/15/29

@

100

230,846

5,000

Sunoco

LP/Sunoco

Finance

Corp.,

6.00%,

4/15/27,

Callable

11/2/25

@

100

5,000

60,000

Sunoco

LP/Sunoco

Finance

Corp.,

5.88%,

3/15/28,

Callable

11/2/25

@

100.98

60,000

10,000

Sunoco,

LP,

5.63%,

3/15/31,

Callable

9/15/27

@

102.81(b)

9,925

10,000

Sunoco,

LP,

5.88%,

3/15/34,

Callable

9/15/28

@

102.94(b)

9,900

25,000

Sunoco,

LP,

7.88%

(H15T5Y),

Callable

9/18/30

@

100(b)

25,446

60,000

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp,

6.00%,

12/31/30,

Callable

12/31/25

@

103(b)

59,100

60,000

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp,

6.00%,

9/1/31,

Callable

9/1/26

@

103(b)

58,500

15,000

Tallgrass

Energy

Partners

LP/Tallgrass

Energy

Finance

Corp.,

6.75%,

3/15/34,

Callable

3/15/29

@

103.38(b)

14,850

15,000

Talos

Production,

Inc.,

9.38%,

2/1/31,

Callable

2/1/27

@

104.69(b)

15,638

43,000

Targa

Resources

Corp.,

4.90%,

9/15/30,

Callable

8/15/30

@

100

43,668

105,000

Targa

Resources

Corp.,

5.65%,

2/15/36,

Callable

11/15/35

@

100

107,019

5,000

TransMontaigne

Partners

LLC,

8.50%,

6/15/30,

Callable

3/15/27

@

104.25(b)

5,206

30,000

USA

Compression

Partners

LP/USA

Compression

Finance

Corp.,

6.88%,

9/1/27,

Callable

10/15/25

@

100

30,000

16,000

USA

Compression

Partners,

LP,

6.25%,

10/1/33,

Callable

10/1/28

@

103.13^(b)

16,060

15,000

Venture

Global

Plaquemines

LNG

LLC,

7.50%,

5/1/33,

Callable

12/1/32

@

100(b)

16,556

30,000

Venture

Global

Plaquemines

LNG

LLC,

6.50%,

1/15/34,

Callable

7/15/33

@

100(b)

31,538

25,000

Venture

Global

Plaquemines

LNG

LLC,

6.75%,

1/15/36,

Callable

7/15/35

@

100(b)

26,594

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

15,000

WBI

Operating

LLC,

6.25%,

10/15/30,

Callable

10/15/27

@

103.13(b)

$

15,000

15,000

WBI

Operating

LLC,

6.50%,

10/15/33,

Callable

10/15/28

@

103.25(b)

15,000

400,000

Western

Midstream

Operating

LP,

4.50%,

3/1/28,

Callable

12/1/27

@

100

400,448

220,000

Williams

Cos.,

Inc.

(The),

4.65%,

8/15/32,

Callable

5/15/32

@

100

219,343

3,550,329

Passenger

Airlines

(0.1%):

23,000

JetBlue

Airways

Corp./JetBlue

Loyalty

LP,

9.88%,

9/20/31,

Callable

8/27/27

@

104.94^(b)

23,345

14,000

OneSky

Flight

LLC,

8.88%,

12/15/29,

Callable

12/15/26

@

104.44(b)

14,752

21,000

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.,

7.88%,

5/1/27,

Callable

11/2/25

@

101.97^(b)

21,311

61,000

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.,

6.38%,

2/1/30,

Callable

11/2/25

@

103.19(b)

59,633

119,041

Pharmaceuticals

(0.0%

†

):

10,000

Bausch

Health

Americas,

Inc.,

8.50%,

1/31/27,

Callable

11/2/25

@

100(b)

9,900

27,000

Organon

&

Co./Organon

Foreign

Debt

Co-Issuer

BV,

5.13%,

4/30/31,

Callable

4/30/26

@

102.56(b)

23,591

20,000

Organon

&

Co./Organon

Foreign

Debt

Co-Issuer

BV,

7.88%,

5/15/34,

Callable

5/15/29

@

103.94(b)

18,550

10,000

Organon

&

Co./Organon

Foreign

Debt

Co-Issuer

BV,

6.75%,

5/15/34,

Callable

5/15/29

@

103.38(b)

9,550

61,591

Professional

Services

(0.1%):

10,000

ASGN,

Inc.,

4.63%,

5/15/28,

Callable

10/13/25

@

100(b)

9,800

25,000

CACI

International,

Inc.,

6.38%,

6/15/33,

Callable

6/15/28

@

103.19(b)

25,719

12,000

Paychex,

Inc.,

5.60%,

4/15/35,

Callable

1/15/35

@

100

12,558

25,000

Science

Applications

International

Corp.,

5.88%,

11/1/33,

Callable

11/1/28

@

102.94(b)

25,000

15,000

TriNet

Group,

Inc.,

7.13%,

8/15/31,

Callable

8/15/26

@

103.56(b)

15,469

29,000

Verisk

Analytics,

Inc.,

4.50%,

8/15/30,

Callable

7/15/30

@

100

29,070

65,000

Verisk

Analytics,

Inc.,

5.13%,

2/15/36,

Callable

11/15/35

@

100

65,494

183,110

Real

Estate

Management

&

Development

(0.9%):

10,000

Anywhere

Real

Estate

Group

LLC/Anywhere

Co.-

Issuer

Corp.,

7.00%,

4/15/30,

Callable

10/18/25

@

102.63^(b)

10,100

10,000

Anywhere

Real

Estate

Group

LLC/Realogy

Co.-Issuer

Corp.,

5.75%,

1/15/29,

Callable

10/18/25

@

101.44(b)

9,575

5,000

Anywhere

Real

Estate

Group

LLC/Realogy

Co.-

Issuer

Corp.,

9.75%,

4/15/30,

Callable

4/15/27

@

104.88(b)

5,456

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

124

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Real

Estate

Management

&

Development,

continued

$

421,000

Brandywine

Operating

Partnership

LP,

3.95%,

11/15/27,

Callable

8/15/27

@

100

$

412,352

288,000

Brandywine

Operating

Partnership

LP,

8.30%,

3/15/28,

Callable

2/15/28

@

100

303,819

150,000

CBRE

Services,

Inc.,

2.50%,

4/1/31,

Callable

1/1/31

@

100

135,411

98,000

COPT

Defense

Properties

LP,

2.25%,

3/15/26,

Callable

2/15/26

@

100

96,937

27,000

COPT

Defense

Properties

LP,

2.00%,

1/15/29,

Callable

11/15/28

@

100

25,013

85,000

COPT

Defense

Properties

LP,

2.75%,

4/15/31,

Callable

1/15/31

@

100

76,687

20,000

Forestar

Group,

Inc.,

6.50%,

3/15/33,

Callable

3/15/28

@

103.25(b)

20,425

25,000

Howard

Hughes

Corp.

(The),

4.38%,

2/1/31,

Callable

2/1/26

@

102.19(b)

23,438

20,000

Kennedy-Wilson,

Inc.,

4.75%,

2/1/30,

Callable

11/2/25

@

101.19

18,600

100,000

Pine

Street

Trust

II,

5.57%,

2/15/49,

Callable

8/15/48

@

100(b)

94,534

10,000

RHP

Hotel

Properties

LP/RHP

Finance

Corp.,

6.50%,

6/15/33,

Callable

6/15/28

@

103.25(b)

10,262

1,242,609

Retail

REITs

(0.8%):

22,000

Kite

Realty

Group

Trust,

4.75%,

9/15/30,

Callable

6/15/30

@

100

22,078

387,000

Tanger

Properties

LP,

3.13%,

9/1/26,

Callable

6/1/26

@

100

382,672

237,000

Tanger

Properties

LP,

2.75%,

9/1/31,

Callable

6/1/31

@

100

213,401

390,000

VICI

Properties

LP,

4.95%,

2/15/30,

Callable

12/15/29

@

100

393,143

1,011,294

Semiconductors

&

Semiconductor

Equipment

(0.5%):

10,000

Amkor

Technology,

Inc.,

5.88%,

10/1/33,

Callable

10/1/28

@

102.94(b)

10,062

597,000

Broadcom,

Inc.,

2.60%,

2/15/33,

Callable

11/15/32

@

100(b)

521,551

55,000

Broadcom,

Inc.,

3.42%,

4/15/33,

Callable

1/15/33

@

100(b)

50,699

20,000

ON

Semiconductor

Corp.,

3.88%,

9/1/28,

Callable

11/2/25

@

100(b)

19,400

24,000

Solstice

Advanced

Materials,

Inc.,

5.63%,

9/30/33,

Callable

9/30/28

@

102.81(b)

24,000

625,712

Software

(0.4%):

60,000

Cloud

Software

Group,

Inc.,

9.00%,

9/30/29,

Callable

11/2/25

@

104.5(b)

62,250

10,000

Cloud

Software

Group,

Inc.,

6.63%,

8/15/33,

Callable

8/15/28

@

103.31(b)

10,262

35,000

Fair

Isaac

Corp.,

6.00%,

5/15/33,

Callable

5/15/28

@

103(b)

35,437

10,000

Gen

Digital,

Inc.,

6.25%,

4/1/33,

Callable

4/1/28

@

103.13(b)

10,250

15,000

Helios

Software

Holdings,

Inc.

/

ION

Corporate

Solutions

Finance

Sarl,

8.75%,

5/1/29,

Callable

5/1/26

@

104.38(b)

15,525

Principal

Amount

Value

Corporate

Bonds,

continued

Software,

continued

$

56,000

Neptune

Bidco

US,

Inc.,

9.13%

(Term

SOFR+500bps),

4/11/29,

Callable

11/2/25

@

104.65(b)

$

54,740

43,000

Oracle

Corp.,

4.45%,

9/26/30,

Callable

8/26/30

@

100

42,929

71,000

Oracle

Corp.,

4.80%,

9/26/32,

Callable

7/26/32

@

100

70,969

65,000

Oracle

Corp.,

5.20%,

9/26/35,

Callable

6/26/35

@

100

65,265

40,000

Oracle

Corp.,

5.88%,

9/26/45,

Callable

3/26/45

@

100

40,059

50,000

Oracle

Corp.,

5.95%,

9/26/55,

Callable

3/26/55

@

100

49,667

52,000

Oracle

Corp.,

6.10%,

9/26/65,

Callable

3/26/65

@

100

51,767

8,000

UKG,

Inc.,

6.88%,

2/1/31,

Callable

2/1/27

@

103.44(b)

8,230

517,350

Specialized

REITs

(0.1%):

10,000

Millrose

Properties,

Inc.,

6.38%,

8/1/30,

Callable

8/1/27

@

103.19(b)

10,150

15,000

Millrose

Properties,

Inc.,

6.25%,

9/15/32,

Callable

9/15/28

@

103.13(b)

15,019

17,000

VICI

Properties

LP,

5.75%,

4/1/34,

Callable

1/1/34

@

100

17,643

21,000

VICI

Properties,

LP,

4.75%,

4/1/28,

Callable

3/1/28

@

100

21,180

63,992

Specialty

Retail

(0.3%):

10,000

American

Axle

&

Manufacturing,

Inc.,

6.38%,

10/15/32,

Callable

10/15/28

@

103.19(b)

9,975

25,000

American

Axle

&

Manufacturing,

Inc.,

7.75%,

10/15/33,

Callable

10/15/28

@

103.88(b)

25,188

47,000

AutoNation,

Inc.,

4.75%,

6/1/30,

Callable

3/1/30

@

100

47,245

200,000

AutoZone,

Inc.,

4.00%,

4/15/30,

Callable

1/15/30

@

100

197,384

41,000

Carvana

Co.,

5.88%,

10/1/28,

Callable

10/13/25

@

101.47(b)

40,078

10,000

Carvana

Co.,

4.88%,

9/1/29,

Callable

9/1/26

@

100(b)

9,200

35,000

Carvana

Co.,

10.25%,

5/1/30,

Callable

5/1/27

@

105.13(b)

38,062

18,000

GrubHub

Holdings,

Inc.,

5.50%,

7/1/27,

Callable

10/6/25

@

100

18,000

20,000

Staples,

Inc.,

10.75%,

9/1/29,

Callable

9/1/26

@

105.38(b)

19,800

30,000

Staples,

Inc.,

12.75%,

1/15/30,

Callable

6/15/27

@

106.38(b)

24,075

15,000

ZF

North

America

Capital,

Inc.,

6.88%,

4/14/28,

Callable

3/14/28

@

100(b)

15,206

444,213

Technology

Hardware,

Storage

&

Peripherals

(0.3%):

58,000

Dell

International

LLC/EMC

Corp.,

4.15%,

2/15/29,

Callable

1/15/29

@

100

57,834

100,000

Dell

International

LLC/EMC

Corp.,

4.50%,

2/15/31,

Callable

1/15/31

@

100

99,652

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

125

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

$

75,000

Dell

International

LLC/EMC

Corp.,

4.75%,

10/6/32,

Callable

8/6/32

@

100

$

74,659

130,000

Dell

International

LLC/EMC

Corp.,

5.10%,

2/15/36,

Callable

11/15/35

@

100

129,001

361,146

Textiles,

Apparel

&

Luxury

Goods

(0.0%

†

):

7,000

Wolverine

World

Wide,

Inc.,

4.00%,

8/15/29,

Callable

11/2/25

@

101(b)

6,387

Trading

Companies

&

Distributors

(0.1%):

15,000

FTAI

Aviation

Investors

LLC,

7.88%,

12/1/30,

Callable

12/1/26

@

103.94(b)

15,919

10,000

FTAI

Aviation

Investors

LLC,

7.00%,

6/15/32,

Callable

6/15/27

@

103.5(b)

10,450

30,000

Herc

Holdings,

Inc.,

7.00%,

6/15/30,

Callable

6/15/27

@

103.5(b)

31,050

20,000

Herc

Holdings,

Inc.,

7.25%,

6/15/33,

Callable

6/15/28

@

103.63(b)

20,825

20,000

QXO

Building

Products,

Inc.,

6.75%,

4/30/32,

Callable

4/30/28

@

103.38(b)

20,700

35,000

United

Rentals

North

America,

Inc.,

6.13%,

3/15/34,

Callable

3/15/29

@

103.06(b)

36,312

135,256

Transportation

Infrastructure

(0.0%

†

):

10,000

Rockies

Express

Pipeline

LLC,

6.75%,

3/15/33,

Callable

3/15/28

@

103.38(b)

10,413

Water

Utilities

(0.0%

†

):

35,000

Standard

Building

Solutions,

Inc.,

6.25%,

8/1/33,

Callable

8/1/28

@

103.13(b)

35,394

Total

Corporate

Bonds

(Cost

$32,616,782)

32,180,567

Yankee

Debt

Obligations

(6.7%):

Aerospace

&

Defense

(0.0%

†

):

40,000

Bombardier,

Inc.,

7.00%,

6/1/32,

Callable

6/1/27

@

103.5(b)

41,750

Air

Freight

&

Logistics

(0.0%

†

):

15,000

Azorra

Finance,

Ltd.,

7.25%,

1/15/31,

Callable

7/15/27

@

103.63(b)

15,619

Automobile

Components

(0.0%

†

):

15,000

Forvia

SE,

6.75%,

9/15/33,

Callable

9/15/28

@

103.38(b)

15,150

Automobiles

(0.0%

†

):

25,000

Aston

Martin

Capital

Holdings,

Ltd.,

10.00%,

3/31/29,

Callable

3/15/26

@

105(b)

24,469

Banks

(1.3%):

270,000

Barclays

PLC,

5.09%

(US0003M),

6/20/30,

Callable

6/20/29

@

100

272,941

129,000

BNP

Paribas

SA,

5.79%

(SOFR),

1/13/33,

Callable

1/13/32

@

100(b)

135,289

200,000

Commonwealth

Bank

of

Australia,

3.61%

(H15T5Y),

9/12/34,

Callable

9/12/29

@

100(b)

191,756

550,000

Intesa

Sanpaolo

SpA,

5.71%,

1/15/26(b)

551,339

286,000

NatWest

Group

plc,

3.07%

(H15T1Y),

5/22/28,

Callable

5/22/27

@

100

280,995

200,000

Societe

Generale

SA,

5.50%

(H15T1Y),

4/13/29,

Callable

4/13/28

@

100(b)

203,500

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Banks,

continued

$

135,000

Westpac

Banking

Corp.,

4.11%

(H15T5Y),

7/24/34,

Callable

7/24/29

@

100

$

132,215

1,768,035

Biotechnology

(0.0%

†

):

10,000

Grifols

SA,

4.75%,

10/15/28,

Callable

11/2/25

@

101.19(b)

9,600

Capital

Markets

(0.5%):

35,000

C&W

Senior

Finance,

Ltd.,

9.00%,

1/15/33,

Callable

1/15/28

@

104.5(b)

36,575

42,000

Global

Aircraft

Leasing

Co.,

Ltd.,

8.75%,

9/1/27,

Callable

3/1/26

@

104.38(b)

43,155

25,000

Herens

Holdco

Sarl,

4.75%,

5/15/28,

Callable

11/2/25

@

101.88(b)

21,711

200,000

NTT

Finance

Corp.,

4.62%,

7/16/28(b)

201,931

314,000

UBS

Group

AG,

1.49%

(H15T1Y),

8/10/27,

Callable

8/10/26

@

100(b)

306,074

609,446

Chemicals

(0.0%

†

):

30,000

Methanex

Corp.,

5.25%,

12/15/29,

Callable

9/15/29

@

100

29,962

20,000

Methanex

Corp.,

5.65%,

12/1/44,

Callable

6/1/44

@

100

16,800

46,762

Commercial

Services

&

Supplies

(0.0%

†

):

39,000

Ambipar

Lux

Sarl,

9.88%,

2/6/31,

Callable

2/6/27

@

104.94(b)

6,825

15,000

GFL

Environmental,

Inc.,

6.75%,

1/15/31,

Callable

1/15/27

@

103.38(b)

15,619

22,444

Consumer

Staples

Distribution

&

Retail

(0.4%):

550,000

JBS

USA

Holding

Lux

Sarl/JBS

USA

Food

Co./JBS

Lux

Co.

Sarl,

3.00%,

5/15/32,

Callable

2/15/32

@

100

490,510

Diversified

Telecommunication

Services

(0.2%):

40,000

Altice

France

Holding

SA,

6.00%,

2/15/28,

Callable

8/2/25

@

–(b)

14,000

100,000

Altice

France

SA,

5.13%,

1/15/29,

Callable

8/2/25

@

–(b)

86,500

40,000

Altice

France

SA,

5.13%,

7/15/29,

Callable

8/2/25

@

–(b)

34,600

25,000

Altice

France

SA,

5.50%,

10/15/29,

Callable

8/2/25

@

–(b)

21,625

15,000

Axian

Telecom

Holding

&

Management

plc,

7.25%,

7/11/30,

Callable

7/11/27

@

103.63(b)

15,356

25,000

IHS

Holding,

Ltd.,

5.63%,

11/29/26,

Callable

11/2/25

@

101.41(b)

24,742

46,000

Liquid

Telecommunications

Financing

plc,

5.50%,

9/4/26,

Callable

11/2/25

@

100(b)

40,078

8,000

TELUS

Corp.,

7.00%

(H15T5Y),

10/15/55,

Callable

7/15/35

@

100

8,440

15,000

TELUS

Corp.,

6.63%

(H15T5Y),

10/15/55,

Callable

7/15/30

@

100

15,319

260,660

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

126

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Electric

Utilities

(0.0%

†

):

$

31,000

EnfraGen

Energia

Sur

SA/EnfraGen

Spain

SA/Prime

Energia

SpA,

5.38%,

12/30/30,

Callable

12/30/25

@

102.69(b)

$

28,791

Electrical

Equipment

(0.0%

†

):

30,000

Sensata

Technologies

BV,

4.00%,

4/15/29,

Callable

11/2/25

@

101(b)

28,762

Energy

Equipment

&

Services

(0.0%

†

):

10,000

Nabors

Industries,

Ltd.,

7.50%,

1/15/28,

Callable

11/2/25

@

101.88(b)

9,975

15,000

TGS

ASA,

8.50%,

1/15/30,

Callable

1/15/27

@

104.25(b)

15,394

5,000

Transocean

International,

Ltd.,

7.88%,

10/15/32,

Callable

10/15/28

@

103.94(b)

5,000

15,000

Viridien,

10.00%,

10/15/30,

Callable

4/15/27

@

105(b)

15,450

45,819

Entertainment

(0.1%):

80,000

Flutter

Treasury

DAC,

5.88%,

6/4/31,

Callable

4/15/27

@

102.94(b)

81,397

Financial

Services

(0.8%):

25,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

5.63%,

9/15/29,

Callable

9/15/26

@

102.81(b)

25,281

15,000

1261229

BC,

Ltd.,

10.00%,

4/15/32,

Callable

4/15/28

@

105(b)

15,337

251,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

4.45%,

4/3/26,

Callable

2/3/26

@

100

250,899

209,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

2.45%,

10/29/26,

Callable

9/29/26

@

100

205,515

234,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.30%,

1/30/32,

Callable

10/30/31

@

100

215,073

7,000

Altice

Financing

SA,

9.63%,

7/15/27,

Callable

11/2/25

@

104.81(b)

6,300

62,000

Altice

Financing

SA,

5.75%,

8/15/29,

Callable

11/2/25

@

101.44(b)

46,655

14,000

Avolon

Holdings

Funding,

Ltd.,

6.38%,

5/4/28,

Callable

4/4/28

@

100(b)

14,626

10,000

Avolon

Holdings

Funding,

Ltd.,

5.15%,

1/15/30,

Callable

12/15/29

@

100(b)

10,150

49,000

Avolon

Holdings

Funding,

Ltd.,

5.38%,

5/30/30,

Callable

4/30/30

@

100(b)

50,191

25,000

GGAM

Finance,

Ltd.,

7.75%,

5/15/26,

Callable

11/15/25

@

100(b)

24,987

20,000

GGAM

Finance,

Ltd.,

6.88%,

4/15/29,

Callable

4/15/26

@

103.44(b)

20,700

30,000

GGAM

Finance,

Ltd.,

5.88%,

3/15/30,

Callable

9/15/26

@

102.94(b)

30,413

5,000

Macquarie

Airfinance

Holdings,

Ltd.,

6.40%,

3/26/29,

Callable

2/26/29

@

100(b)

5,247

20,000

Macquarie

Airfinance

Holdings,

Ltd.,

8.13%,

3/30/29,

Callable

10/8/25

@

104.06(b)

20,815

45,000

Sable

International

Finance,

Ltd.,

7.13%,

10/15/32,

Callable

10/15/27

@

103.56(b)

45,671

14,000

TrueNoord

Capital

DAC,

8.75%,

3/1/30,

Callable

3/1/27

@

104.38(b)

14,875

45,000

VTR

Finance

NV,

6.38%,

7/15/28,

Callable

11/2/25

@

100(b)

43,988

1,046,723

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Hotels,

Restaurants

&

Leisure

(0.3%):

$

50,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

4.00%,

10/15/30,

Callable

10/15/25

@

102(b)

$

47,125

10,000

Carnival

Corp.,

5.13%,

5/1/29,

Callable

2/1/29

@

100(b)

10,000

15,000

Carnival

Corp.,

5.75%,

3/15/30,

Callable

12/15/29

@

100(b)

15,300

30,000

Carnival

Corp.,

5.88%,

6/15/31,

Callable

3/15/31

@

100(b)

30,675

10,000

Carnival

Corp.,

5.75%,

8/1/32,

Callable

5/1/32

@

100(b)

10,163

55,000

Carnival

Corp.,

6.13%,

2/15/33,

Callable

2/15/28

@

103.06(b)

56,375

15,000

NCL

Corp.,

Ltd.,

5.88%,

1/15/31,

Callable

9/15/27

@

102.94(b)

15,000

30,000

NCL

Corp.,

Ltd.,

6.75%,

2/1/32,

Callable

2/1/28

@

103.38(b)

30,825

15,000

NCL

Corp.,

Ltd.,

6.25%,

9/15/33,

Callable

9/15/28

@

103.13(b)

15,075

20,000

Royal

Caribbean

Cruises,

Ltd.,

5.63%,

9/30/31,

Callable

9/30/27

@

102.81(b)

20,400

65,000

Royal

Caribbean

Cruises,

Ltd.,

6.00%,

2/1/33,

Callable

8/1/27

@

103(b)

66,625

30,000

Viking

Cruises,

Ltd.,

9.13%,

7/15/31,

Callable

7/15/26

@

104.56(b)

32,175

40,000

Viking

Cruises,

Ltd.,

5.88%,

10/15/33,

Callable

10/15/28

@

102.94(b)

39,964

389,702

Independent

Power

and

Renewable

Electricity

Producers

(0.0%

†

):

32,000

California

Buyer,

Ltd./Atlantica

Sustainable

Infrastructure

plc,

6.38%,

2/15/32,

Callable

11/15/27

@

103.19(b)

32,800

15,000

South

Bow

Canadian

Infrastructure

Holdings,

Ltd.,

7.50%

(H15T5Y),

3/1/55,

Callable

12/1/34

@

100

15,937

48,737

Insurance

(0.2%):

200,000

Swiss

Re

Finance

Luxembourg

SA,

5.00%

(H15T5Y),

4/2/49,

Callable

4/2/29

@

100(b)

201,460

IT

Services

(0.1%):

25,000

Maya

SAS,

7.00%,

4/15/32,

Callable

12/1/27

@

103.5(b)

25,563

15,000

Seagate

Data

Storage

Technology

Pte,

Ltd.,

8.25%,

12/15/29,

Callable

7/15/26

@

104.13(b)

15,881

15,000

Seagate

Data

Storage

Technology

Pte,

Ltd.,

5.88%,

7/15/30,

Callable

6/1/27

@

102.94(b)

15,300

56,744

Media

(0.0%

†

):

50,000

Virgin

Media

Finance

plc,

5.00%,

7/15/30,

Callable

11/2/25

@

102.5(b)

46,067

10,000

Ziggo

BV,

4.88%,

1/15/30,

Callable

11/2/25

@

101.22(b)

9,412

55,479

Metals

&

Mining

(0.2%):

10,000

Alcoa

Nederland

Holding

BV,

7.13%,

3/15/31,

Callable

3/15/27

@

103.56(b)

10,468

15,000

Capstone

Copper

Corp.,

6.75%,

3/31/33,

Callable

3/31/28

@

103.38(b)

15,413

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

127

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Metals

&

Mining,

continued

$

5,000

Champion

Iron

Canada,

Inc.,

7.88%,

7/15/32,

Callable

7/15/28

@

103.94(b)

$

5,231

30,000

ERO

Copper

Corp.,

6.50%,

2/15/30,

Callable

11/2/25

@

103.25(b)

29,962

35,000

First

Quantum

Minerals,

Ltd.,

8.00%,

3/1/33,

Callable

3/1/28

@

104(b)

36,925

9,000

Ivanhoe

Mines,

Ltd.,

7.88%,

1/23/30,

Callable

1/23/27

@

103.94(b)

9,292

15,000

Mineral

Resources,

Ltd.,

8.13%,

5/1/27,

Callable

8/2/25

@

–(b)

15,000

15,000

Mineral

Resources,

Ltd.,

8.00%,

11/1/27,

Callable

11/2/25

@

102(b)

15,263

20,000

Mineral

Resources,

Ltd.,

9.25%,

10/1/28,

Callable

11/2/25

@

104.63(b)

20,900

25,000

Mineral

Resources,

Ltd.,

8.50%,

5/1/30,

Callable

11/2/25

@

104.25(b)

25,906

10,000

Mineral

Resources,

Ltd.,

7.00%,

4/1/31,

Callable

4/1/28

@

103.5(b)

10,125

32,611

Samarco

Mineracao

SA,

9.50%,

6/30/31,

Callable

10/18/25

@

100(b)

32,774

24,000

Volcan

Cia

Minera

SAA,

Class

B,

8.75%,

1/24/30,

Callable

9/10/26

@

103(b)

24,960

252,219

Oil,

Gas

&

Consumable

Fuels

(1.2%):

15,000

Baytex

Energy

Corp.,

7.38%,

3/15/32,

Callable

3/15/27

@

103.69(b)

14,569

55,000

Canacol

Energy,

Ltd.,

5.75%,

11/24/28,

Callable

11/2/25

@

102.88(b)

18,837

5,000

Consolidated

Energy

Finance

SA,

6.50%,

5/15/26,

Callable

10/13/25

@

100(b)

4,875

20,000

Consolidated

Energy

Finance

SA,

5.63%,

10/15/28,

Callable

11/2/25

@

101.41(b)

16,625

20,000

Consolidated

Energy

Finance

SA,

12.00%,

2/15/31,

Callable

2/15/27

@

106^(b)

18,350

80,000

EG

Global

Finance

plc,

12.00%,

11/30/28,

Callable

5/30/26

@

106(b)

87,903

20,000

Energean

PLC,

6.50%,

4/30/27,

Callable

11/2/25

@

100(b)

19,875

30,000

Golar

LNG,

Ltd.,

7.50%,

10/2/30,

Callable

10/2/27

@

103.75(b)

29,700

30,000

Parkland

Corp.,

6.63%,

8/15/32,

Callable

8/15/27

@

103.31(b)

30,675

120,000

Petroleos

Mexicanos,

5.95%,

1/28/31,

Callable

10/28/30

@

100

115,650

665,000

Petroleos

Mexicanos,

6.70%,

2/16/32,

Callable

11/16/31

@

100

656,687

662,000

Petroleos

Mexicanos,

6.75%,

9/21/47

545,323

8,154

Transocean

Aquila,

Ltd.,

8.00%,

9/30/28,

Callable

10/13/25

@

104(b)

8,358

45,000

Transocean

International,

Ltd.,

8.75%,

2/15/30,

Callable

2/15/26

@

104.38(b)

47,250

41,000

Tullow

Oil

PLC,

10.25%,

5/15/26,

Callable

11/2/25

@

100(b)

34,748

4,905

Yinson

Boronia

Production

BV,

8.95%,

7/31/42,

Callable

7/31/40

@

100(b)

5,457

1,654,882

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Paper

&

Forest

Products

(0.0%

†

):

$

15,000

Ahlstrom

Holding

3

Oy,

4.88%,

2/4/28,

Callable

11/2/25

@

101.22(b)

$

14,444

Pharmaceuticals

(0.4%):

5,000

Bausch

Health

Cos,

Inc.,

5.25%,

1/30/30,

Callable

10/18/25

@

102.63(b)

3,525

15,000

Bausch

Health

Cos.,

Inc.,

4.88%,

6/1/28,

Callable

11/2/25

@

101.22(b)

13,425

37,000

Bausch

Health

Cos.,

Inc.,

11.00%,

9/30/28(b)

38,619

6,000

Teva

Pharmaceutical

Finance

III

BV,

3.15%,

10/1/26

5,880

200,000

Teva

Pharmaceutical

Finance

III

BV,

6.00%,

12/1/32,

Callable

9/1/32

@

100

207,500

210,000

Teva

Pharmaceutical

Finance

IV

BV,

5.75%,

12/1/30,

Callable

9/1/30

@

100

215,775

484,724

Software

(0.1%):

30,000

ION

Trading

Technologies

Sarl,

5.75%,

5/15/28,

Callable

11/2/25

@

101.44(b)

29,494

60,000

Open

Text

Corp.,

3.88%,

2/15/28,

Callable

11/2/25

@

100(b)

58,350

87,844

Sovereign

Bond

(0.5%):

200,000

Colombia

Government

International

Bond,

7.38%,

4/25/30,

Callable

3/25/30

@

100

213,757

250,000

Dominican

Republic

International

Bond,

6.00%,

7/19/28(b)

258,750

230,000

Saudi

Government

International

Bond,

3.25%,

10/22/30(b)

218,893

691,400

Technology

Hardware,

Storage

&

Peripherals

(0.1%):

35,000

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.,

4.85%,

8/19/32,

Callable

6/19/32

@

100

35,022

102,000

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.,

5.25%,

8/19/35,

Callable

5/19/35

@

100

103,260

138,282

Textiles,

Apparel

&

Luxury

Goods

(0.0%

†

):

10,000

Gildan

Activewear,

Inc.,

4.70%,

10/7/30,

Callable

9/7/30

@

100(b)

9,985

Trading

Companies

&

Distributors

(0.0%

†

):

15,000

Aircastle,

Ltd.,

5.25%

(H15T5Y),

Callable

6/15/26

@

100(b)

14,925

Transportation

Infrastructure

(0.0%

†

):

9,000

Phoenix

Aviation

Capital,

Ltd.,

9.25%,

7/15/30,

Callable

7/15/27

@

104.63(b)

9,551

Wireless

Telecommunication

Services

(0.3%):

315,000

Millicom

International

Cellular

SA,

6.25%,

3/25/29,

Callable

10/13/25

@

102.08(b)

317,363

40,000

Millicom

International

Cellular

SA,

4.50%,

4/27/31,

Callable

4/27/26

@

102.25(b)

37,800

355,163

Total

Yankee

Debt

Obligations

(Cost

$9,095,160)

9,001,478

U.S.

Government

Agency

Mortgages

(19.3%):

Federal

Home

Loan

Mortgage

Corporation

(6.0%):

19,236

2.50%,

7/1/31,

Pool

#V61246

18,693

32,380

2.50%,

8/1/31,

Pool

#V61273

31,514

121,671

3.50%,

3/1/32,

Pool

#C91403

120,505

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

128

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

392,586

3.50%,

7/1/32,

Pool

#C91467

$

388,818

39,534

3.00%,

4/1/33,

Pool

#G18684

38,561

154,959

3.50%,

10/1/34,

Pool

#C91793

155,450

328,358

4.00%,

5/1/37,

Pool

#C91938

322,433

15,667

3.50%,

4/1/40,

Pool

#V81744

14,616

30,705

3.50%,

5/1/40,

Pool

#V81750

28,645

26,570

3.50%,

6/1/40,

Pool

#V81792

24,787

17,219

3.50%,

8/1/40,

Pool

#V81886

16,063

13,761

3.50%,

9/1/40,

Pool

#V81958

12,838

18,249

4.50%,

1/1/41,

Pool

#A96051

18,355

109,808

2.00%,

3/1/41,

Pool

#SC0136

96,652

20,285

4.50%,

3/1/41,

Pool

#A97673

20,395

30,728

4.50%,

4/1/41,

Pool

#A97942

30,894

–

2.00%,

4/1/41,

Pool

#RB5108

—

102,884

5.00%,

6/1/41,

Pool

#G06596

106,746

17,117

2.00%,

7/1/41,

Pool

#RB5118

14,769

17,791

2.00%,

10/1/41,

Pool

#RB5131

15,352

373,498

4.50%,

1/1/42,

Pool

#G60517

366,907

–

2.00%,

4/1/42,

Pool

#SC0481

—

55,383

3.00%,

12/1/42,

Pool

#C04320

50,822

14,476

4.00%,

5/1/43,

Pool

#Q18481

13,985

20,451

4.00%,

7/1/43,

Pool

#Q19597

19,757

18,529

4.00%,

10/1/43,

Pool

#Q22499

17,900

17,326

4.00%,

1/1/44,

Pool

#V80950

16,673

66,384

3.50%,

1/1/44,

Pool

#G60271

62,777

131,129

3.50%,

1/1/44,

Pool

#G07922

123,432

82,999

4.00%,

1/1/45,

Pool

#Q30720

80,447

64,355

4.00%,

2/1/45,

Pool

#G07949

61,957

13,574

3.50%,

3/1/45,

Pool

#Q32328

12,879

31,144

3.50%,

3/1/45,

Pool

#Q32008

29,548

21,308

3.50%,

3/1/45,

Pool

#Q31974

20,215

10,296

3.00%,

5/1/45,

Pool

#Q33468

9,490

83,913

3.50%,

5/1/45,

Pool

#Q33547

79,330

16,413

3.50%,

6/1/45,

Pool

#Q33791

15,517

92,678

3.00%,

6/1/45,

Pool

#Q34156

83,053

100,988

3.50%,

6/1/45,

Pool

#Q34164

95,474

8,102

3.00%,

7/1/45,

Pool

#Q34979

7,325

23,469

3.00%,

7/1/45,

Pool

#Q34759

21,515

43,082

4.00%,

8/1/45,

Pool

#Q35845

41,781

6,976

4.00%,

9/1/45,

Pool

#Q37853

6,793

124,435

3.50%,

11/1/45,

Pool

#Q37467

118,055

2,808

4.00%,

11/1/45,

Pool

#Q38812

2,679

5,602

4.00%,

2/1/46,

Pool

#Q38782

5,448

1,395

4.00%,

2/1/46,

Pool

#Q38879

1,366

10,674

4.00%,

2/1/46,

Pool

#Q38783

10,249

5,483

4.00%,

4/1/46,

Pool

#Q39975

5,333

20,814

4.00%,

4/1/46,

Pool

#V82292

20,352

46,592

3.50%,

5/1/46,

Pool

#G60603

43,963

137,014

3.50%,

5/1/46,

Pool

#G60553

128,808

39,472

3.50%,

5/1/46,

Pool

#Q40647

37,059

129,513

3.50%,

9/1/46,

Pool

#Q43257

122,207

7,054

4.00%,

9/1/47,

Pool

#Q50433

6,872

13,604

4.00%,

10/1/47,

Pool

#Q51189

13,252

8,256

4.00%,

2/1/48,

Pool

#Q54192

7,928

93,375

4.00%,

5/1/48,

Pool

#Q55992

89,671

282,350

4.00%,

6/1/48,

Pool

#G67713

272,771

36,067

4.00%,

7/1/48,

Pool

#Q59935

35,312

235,243

2.50%,

8/1/50,

Pool

#SD0430

200,640

274,982

2.50%,

10/1/50,

Pool

#SD7525

236,182

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

–

2.00%,

11/1/50,

Pool

#SD8106

$

—

403,902

2.50%,

11/1/50,

Pool

#SD7530

346,881

31,769

2.50%,

2/1/51,

Pool

#SD7535

27,452

26,966

2.50%,

2/1/51,

Pool

#RA4575

23,015

20,862

2.50%,

3/1/51,

Pool

#RA4749

17,805

303,956

1.50%,

4/1/51,

Pool

#QC0798

233,591

531,055

3.00%,

5/1/51,

Pool

#QC1881

470,380

106,744

2.00%,

5/1/51,

Pool

#SD7541

87,383

11,126

2.00%,

7/1/51,

Pool

#QC4163

9,119

–

3.00%,

9/1/51,

Pool

#QC7496

—

258,746

2.00%,

10/1/51,

Pool

#RA6076

212,291

383,729

2.00%,

11/1/51,

Pool

#RA6241

314,842

152,552

2.00%,

11/1/51,

Pool

#RA6302

124,839

898,540

2.50%,

12/1/51,

Pool

#RA6435

769,897

156,784

2.00%,

12/1/51,

Pool

#RA6510

128,507

236,784

2.00%,

2/1/52,

Pool

#RA6823

194,127

72,196

5.50%,

9/1/52,

Pool

#SD1579

73,572

82,837

5.00%,

11/1/52,

Pool

#SD1862

83,334

63,630

6.00%,

12/1/52,

Pool

#RA8306

65,846

86,024

6.00%,

4/1/54,

Pool

#SD7569

89,284

136,921

6.00%,

5/1/54,

Pool

#SD7570

141,321

30,917

6.50%,

6/1/54,

Pool

#SD5521

32,603

36,804

6.50%,

9/1/54,

Pool

#SD6620

38,831

89,890

6.00%,

9/1/54,

Pool

#SD6419

93,940

118,490

6.00%,

11/1/54,

Pool

#RJ2748

121,276

–

5.50%,

1/1/55,

Pool

#SL0307

—

33,523

6.50%,

3/1/55,

Pool

#RJ3703

35,316

22,994

6.50%,

3/1/55,

Pool

#RJ3700

24,299

37,606

6.50%,

3/1/55,

Pool

#RJ3704

39,588

149,375

6.00%,

8/1/55,

Pool

#RJ4642

155,305

8,026,454

Federal

National

Mortgage

Association

(8.6%):

44,260

2.50%,

6/1/29,

Pool

#MA3734

42,849

28,698

2.50%,

9/1/31,

Pool

#AS8012

27,715

92,930

2.50%,

12/1/32,

Pool

#CA3748

90,015

615

4.50%,

7/1/33,

Pool

#720240

621

1,236

4.50%,

7/1/33,

Pool

#729327

1,250

6,317

4.50%,

8/1/33,

Pool

#726928

6,396

5,750

4.50%,

8/1/33,

Pool

#726956

5,822

766

4.50%,

8/1/33,

Pool

#727029

775

1,369

4.50%,

8/1/33,

Pool

#727160

1,386

8,616

4.50%,

8/1/33,

Pool

#729380

8,722

1,440

4.50%,

8/1/33,

Pool

#729713

1,444

2,809

4.50%,

8/1/33,

Pool

#723124

2,844

2,940

4.50%,

9/1/33,

Pool

#734922

2,976

8,880

4.50%,

9/1/33,

Pool

#727147

8,991

13,292

4.50%,

12/1/33,

Pool

#AL5321

13,460

–

3.50%,

8/1/34,

Pool

#CA4090

—

10,229

6.00%,

10/1/34,

Pool

#AL2130

10,619

–

3.50%,

2/1/35,

Pool

#CA5291

—

22,527

4.50%,

9/1/35,

Pool

#AB8198

22,806

–

2.00%,

10/1/35,

Pool

#BK5705

—

201,345

6.00%,

5/1/36,

Pool

#745512

211,321

104,274

6.00%,

1/1/37,

Pool

#932030

109,910

19,105

6.00%,

3/1/37,

Pool

#889506

20,068

27,796

6.00%,

1/1/38,

Pool

#889371

29,334

10,356

6.00%,

3/1/38,

Pool

#889219

10,767

4,659

6.00%,

7/1/38,

Pool

#889733

4,844

24,886

4.50%,

3/1/39,

Pool

#AB0051

25,198

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

129

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

125,698

4.50%,

4/1/39,

Pool

#AB0043

$

127,284

114,485

2.50%,

8/1/39,

Pool

#MA3761

100,680

13,104

4.50%,

11/1/39,

Pool

#AC5442

13,166

38,702

6.00%,

5/1/40,

Pool

#AL2129

40,222

–

2.00%,

10/1/40,

Pool

#FM4644

—

99,561

2.00%,

11/1/40,

Pool

#MA4176

87,726

14,679

2.00%,

12/1/40,

Pool

#MA4204

12,934

19,558

4.50%,

2/1/41,

Pool

#AH5580

19,588

15,671

2.00%,

2/1/41,

Pool

#MA4268

13,580

16,056

2.00%,

3/1/41,

Pool

#MA4287

13,854

46,554

2.00%,

4/1/41,

Pool

#CB0116

40,974

33,617

2.00%,

6/1/41,

Pool

#FM7891

29,587

17,201

2.00%,

6/1/41,

Pool

#MA4364

14,842

131,388

2.00%,

10/1/41,

Pool

#MA4446

113,374

370,837

1.50%,

11/1/41,

Pool

#MA4473

310,192

2,666

6.00%,

1/1/42,

Pool

#AL2128

2,690

674,749

2.00%,

5/1/42,

Pool

#FS4603

586,129

106,483

2.50%,

2/1/43,

Pool

#AB8465

95,105

114,041

4.50%,

3/1/44,

Pool

#AL5082

113,696

34,057

3.00%,

5/1/45,

Pool

#AS4972

31,106

22,284

5.00%,

6/1/45,

Pool

#AZ3448

22,722

9,248

3.00%,

8/1/45,

Pool

#AZ3728

8,446

75,052

3.00%,

8/1/45,

Pool

#AS5634

68,548

25,164

3.00%,

8/1/45,

Pool

#AZ8288

22,984

26,095

4.50%,

2/1/46,

Pool

#BM5199

26,159

22,739

4.50%,

8/1/46,

Pool

#AL9111

22,697

299,123

4.50%,

2/1/47,

Pool

#AL9846

299,396

21,670

3.00%,

5/1/49,

Pool

#MA3670

19,381

83,597

3.50%,

1/1/50,

Pool

#FS3728

79,490

162,510

1.50%,

12/1/50,

Pool

#CA8005

125,207

205,241

2.50%,

4/1/51,

Pool

#FM6540

175,984

–

2.00%,

4/1/51,

Pool

#MA4305

—

–

2.50%,

5/1/51,

Pool

#MA4326

—

–

2.50%,

5/1/51,

Pool

#CB0388

—

417,445

3.00%,

6/1/51,

Pool

#CB0850

371,462

122,331

3.00%,

6/1/51,

Pool

#FS4922

109,485

393,328

1.50%,

6/1/51,

Pool

#MA4354

302,250

9,048

2.00%,

7/1/51,

Pool

#BT1461

7,417

69,176

3.00%,

8/1/51,

Pool

#FM9973

61,801

197,208

2.00%,

10/1/51,

Pool

#CB1799

161,796

266,728

2.00%,

10/1/51,

Pool

#CB1801

218,627

172,387

2.00%,

11/1/51,

Pool

#FM9539

141,292

274,690

2.00%,

11/1/51,

Pool

#FM9568

225,569

115,411

3.00%,

11/1/51,

Pool

#FM9632

103,080

600,526

2.50%,

11/1/51,

Pool

#FM9501

514,620

157,897

3.00%,

11/1/51,

Pool

#CB2164

141,074

–

2.00%,

11/1/51,

Pool

#FM9646

—

–

3.00%,

11/1/51,

Pool

#CB2095

—

–

3.00%,

12/1/51,

Pool

#BT9503

—

105,035

2.50%,

12/1/51,

Pool

#CB2376

89,988

49,578

3.00%,

12/1/51,

Pool

#CB2420

44,290

147,111

2.50%,

12/1/51,

Pool

#CB2320

126,077

76,342

2.00%,

12/1/51,

Pool

#CB2348

62,573

115,188

2.00%,

12/1/51,

Pool

#CB2350

94,511

437,219

2.00%,

12/1/51,

Pool

#CB2349

358,354

707,658

2.00%,

1/1/52,

Pool

#FS0286

580,029

517,600

2.00%,

2/1/52,

Pool

#CB2842

420,643

114,489

5.50%,

10/1/52,

Pool

#CB4843

115,776

155,238

5.00%,

11/1/52,

Pool

#CB5128

156,168

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

75,949

5.00%,

11/1/52,

Pool

#FS3248

$

76,490

40,944

5.00%,

11/1/52,

Pool

#FS3295

41,097

79,605

6.00%,

6/1/53,

Pool

#CB6538

82,270

80,027

5.50%,

6/1/53,

Pool

#CB6527

81,665

37,052

5.50%,

6/1/53,

Pool

#CB6642

37,861

240,697

5.50%,

7/1/53,

Pool

#CB6673

245,623

98,169

6.00%,

7/1/53,

Pool

#FS5067

101,457

128,295

5.50%,

8/1/53,

Pool

#CB6911

131,093

118,501

6.50%,

9/1/53,

Pool

#CB7134

124,209

–

6.50%,

11/1/53,

Pool

#CB7520

—

289,468

6.00%,

5/1/55,

Pool

#CC0404

300,026

75,000

3.50%,

10/25/55,

TBA

68,508

2,150,000

2.00%,

10/25/55,

TBA

1,732,934

175,000

3.00%,

10/25/55

153,672

50,000

6.50%,

10/25/55,

TBA

51,664

150,000

5.50%,

10/25/55,

TBA

151,266

500,000

2.50%,

10/25/55,

TBA

421,094

50,000

6.50%,

11/25/55,

TBA

51,680

11,557,367

Government

National

Mortgage

Association

(4.7%):

2,132

5.00%,

6/15/34,

Pool

#629493

2,112

1,317

5.00%,

3/15/38,

Pool

#676766

1,347

1,126

5.00%,

4/15/38,

Pool

#672672

1,152

4,287

5.00%,

8/15/38,

Pool

#687818

4,384

34,092

5.00%,

1/15/39,

Pool

#705997

35,144

63,648

5.00%,

3/15/39,

Pool

#646746

65,617

441

5.00%,

3/15/39,

Pool

#697946

455

69,547

4.00%,

10/15/40,

Pool

#783143

67,994

18,887

4.00%,

10/20/40,

Pool

#4833

18,426

57,250

4.00%,

1/20/41,

Pool

#4922

55,851

157,101

4.50%,

3/20/41,

Pool

#4978

156,667

55,324

4.50%,

5/20/41,

Pool

#5055

55,171

114,634

4.00%,

5/20/41,

Pool

#5054

110,658

55,230

4.50%,

6/15/41,

Pool

#366975

54,607

36,988

4.50%,

6/20/41,

Pool

#5082

36,885

148,665

3.50%,

12/20/41,

Pool

#5258

140,442

261,323

4.00%,

1/20/42,

Pool

#5280

252,256

93,556

3.00%,

12/20/42,

Pool

#MA0624

86,558

147,505

3.00%,

12/20/42,

Pool

#AA5872

136,942

16,285

3.00%,

1/20/43,

Pool

#MA0698

15,068

204,363

3.50%,

2/20/43,

Pool

#MA0783

191,730

95,812

3.00%,

3/20/43,

Pool

#AA6146

87,292

26,725

3.50%,

3/20/43,

Pool

#AD8884

24,656

39,386

3.00%,

3/20/43,

Pool

#AD8812

35,737

11,080

3.50%,

4/20/43,

Pool

#AB9891

10,222

28,498

3.50%,

4/20/43,

Pool

#AD9075

26,291

2,356

4.00%,

7/20/44,

Pool

#MA2074

2,289

100,475

4.00%,

4/15/46,

Pool

#784232

97,332

15,068

3.50%,

7/20/46,

Pool

#784391

13,921

8,570

3.00%,

10/20/46,

Pool

#MA4003

7,771

447,888

3.00%,

12/20/46,

Pool

#MA4126

406,155

45,193

4.00%,

1/15/47,

Pool

#AX5857

43,345

46,855

4.00%,

1/15/47,

Pool

#AX5831

44,977

140,903

3.00%,

1/20/47,

Pool

#MA4195

127,774

85,655

3.00%,

2/20/47,

Pool

#MA4261

77,376

130,261

4.00%,

4/20/47,

Pool

#784303

123,375

137,479

4.00%,

4/20/47,

Pool

#784304

130,205

44,175

4.00%,

4/20/48,

Pool

#BG7744

42,435

40,481

4.00%,

4/20/48,

Pool

#BG3507

38,886

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

130

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

48,063

2.00%,

9/20/50,

Pool

#MA6864

$

39,768

88,365

2.00%,

10/20/50,

Pool

#MA6930

73,116

244,256

2.00%,

11/20/50,

Pool

#MA6994

202,030

42,672

4.00%,

10/20/52,

Pool

#MA8346

40,547

607,242

4.50%,

4/20/53,

Pool

#MA8799

589,634

99,574

5.50%,

2/20/55,

Pool

#MB0205

100,421

149,292

5.50%,

3/20/55,

Pool

#MB0259

150,520

24,850

5.50%,

5/20/55,

Pool

#MB0366

25,057

74,609

5.50%,

6/20/55,

Pool

#MB0424

75,225

1,575,000

2.50%,

10/20/55,

TBA

1,355,484

900,000

2.00%,

10/20/55

743,906

50,000

2.00%,

11/20/55,

TBA

41,305

6,266,518

Federal

National

Mortgage

Assoc.

(0.0%

†

):

74,041

6.50%,

8/1/55,

Pool

#CC0888

77,890

Total

U.S.

Government

Agency

Mortgages

(Cost

$27,919,198)

25,928,229

U.S.

Treasury

Obligations

(33.2%):

U.S.

Treasury

Bonds

(12.7%):

3,103,000

1.75%,

8/15/41

2,104,222

946,000

4.00%,

11/15/52

836,951

3,690,000

3.63%,

2/15/53

3,049,872

8,364,000

4.13%,

8/15/53

7,559,292

810,000

4.25%,

8/15/54

747,889

480,000

4.63%,

2/15/55

471,788

1,601,000

4.75%,

5/15/55

1,606,003

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Bonds,

continued

$

628,000

4.75%,

8/15/55

$

630,257

17,006,274

U.S.

Treasury

Notes

(20.5%):

1,850,000

4.00%,

5/31/30

1,871,824

3,303,000

4.13%,

5/31/32

3,345,320

190,000

4.00%,

7/31/32

190,920

8,100,000

3.50%,

2/15/33

7,863,961

3,200,000

3.38%,

5/15/33

3,073,625

132,000

4.00%,

2/15/34

131,670

4,500,000

3.88%,

8/15/34

4,431,445

2,170,000

4.25%,

11/15/34

2,194,836

2,140,000

4.25%,

5/15/35

2,160,146

2,270,000

4.25%,

8/15/35

2,288,533

27,552,280

Total

U.S.

Treasury

Obligations

(Cost

$46,509,522)

44,558,554

Shares

Unaffiliated

Investment

Companies

(3.8%):

Money

Market

Funds

(3.8%):

852,795

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.03%(e)(f)

852,795

4,227,382

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.98%(f)

4,227,382

Total

Unaffiliated

Investment

Companies

(Cost

$5,080,177)

5,080,177

Total

Investment

Securities

(Cost

$143,822,757

)

—

104.6%

140,318,528

Net

other

assets

(liabilities)

—

(4.6)%

(6,147,796)

Net

Assets

—

100.0%

$

134,170,732

ADR—American

Depository

Receipt

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

PIK—Payment-in

Kind

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

TBA—To

Be

Announced

Security

US0003M—3

Month

US

Dollar

LIBOR

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$816,713.

+

This

security,

in

part

or

entirely,

represents

an

unfunded

loan

commitment.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2025.

(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

September

30,

2025.

(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

September

30,

2025.

(f)

The

rate

represents

the

effective

yield

at

September

30,

2025.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025.

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

131

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

The

following

represents

the

concentrations

by

country

of

risk

(based

on

the

domicile

of

the

security

issuer)

relative

to

the

total

value

of

investments

as

of

September

30,

2025

:

(Unaudited)

Futures

Contracts

At

September

30,

2025,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

U.S.

Treasury

10-Year

Note

December

Futures

(U.S.

Dollar)

12/19/25

10

$

1,125,000‌

$

6,198‌

U.S.

Treasury

5-Year

Note

December

Futures

(U.S.

Dollar)

12/31/25

120

13,103,438‌

27,200‌

$

33,398‌

Securities

Sold

Short

(-3.1%):

At

September

30,

2025,

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%

11/25/55

$

(600,000‌)

$

(483,656‌)

$

(483,422‌)

Federal

National

Mortgage

Association,

TBA

2.50%

10/25/55

(500,000‌)

(424,258‌)

(421,094‌)

Federal

National

Mortgage

Association,

TBA

3.00%

10/25/55

(600,000‌)

(531,188‌)

(526,875‌)

Federal

National

Mortgage

Association,

TBA

6.00%

10/25/55

(200,000‌)

(205,102‌)

(204,312‌)

Federal

National

Mortgage

Association,

TBA

2.50%

11/25/55

(325,000‌)

(273,806‌)

(273,660‌)

Federal

National

Mortgage

Association

2.00%

10/25/55

(2,150,000‌)

(1,744,691‌)

(1,732,934‌)

Government

National

Mortgage

Association

Government

National

Mortgage

Association,

TBA

2.00%

10/20/55

(700,000‌)

(581,793‌)

(578,594‌)

$

(4,244,494‌)

$

(4,220,891‌)

Country

Percentage

Australia

0.3‌%

Bermuda

0.2‌%

Brazil

—‌%

†

Canada

0.4‌%

Cayman

Islands

7.0‌%

Colombia

0.2‌%

Dominican

Republic

0.2‌%

Finland

—‌%

†

France

0.4‌%

Ireland

0.6‌%

Italy

0.4‌%

Japan

0.1‌%

Jersey

0.9‌%

Liberia

0.1‌%

Luxembourg

0.9‌%

Mexico

1.0‌%

Netherlands

0.4‌%

Norway

—‌%

†

Panama

0.1‌%

Peru

—‌%

†

Saudi

Arabia

0.2‌%

Singapore

—‌%

†

Spain

—‌%

†

Switzerland

0.2‌%

United

Arab

Emirates

—‌%

†

United

Kingdom

0.6‌%

United

States

85.8‌%

100.0‌%

†

Represents

less

than

0.05%.

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

132

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(98.5%):

Aerospace

&

Defense

(3.8%):

36,823

Airbus

SE

$

8,606,849

185,796

BAE

Systems

plc

5,147,616

1,137

Dassault

Aviation

SA

379,473

1,682

Elbit

Systems,

Ltd.

852,896

3,991

Hensoldt

AG

516,834

28,305

Kongsberg

Gruppen

ASA

904,782

24,820

Leonardo

SpA

1,576,461

80,553

Melrose

Industries

plc

663,600

3,381

MTU

Aero

Engines

AG

1,551,588

2,844

Rheinmetall

AG

6,619,595

524,763

Rolls-Royce

Holdings

plc

8,400,105

20,082

Saab

AB,

Class

B

1,223,869

22,259

Safran

SA

7,881,820

99,900

Singapore

Technologies

Engineering,

Ltd.

667,936

5,758

Thales

SA

1,804,203

46,797,627

Air

Freight

&

Logistics

(0.5%):

59,437

Deutsche

Post

AG

2,650,557

12,566

DSV

A/S

2,509,065

15,962

InPost

SA*

195,990

19,900

SG

Holdings

Co.,

Ltd.

205,451

5,561,063

Automobile

Components

(0.6%):

29,100

Aisin

Corp.

502,744

35,000

Bridgestone

Corp.

1,618,536

41,022

Cie

Generale

des

Etablissements

Michelin

SCA

1,473,296

6,690

Continental

AG

441,009

109,700

Denso

Corp.

1,579,905

44,700

Sumitomo

Electric

Industries,

Ltd.

1,270,095

6,885,585

Automobiles

(2.2%):

17,368

Bayerische

Motoren

Werke

AG

1,742,550

7,864

Ferrari

NV

3,806,889

243,400

Honda

Motor

Co.,

Ltd.^

2,500,824

31,000

Isuzu

Motors,

Ltd.^

391,306

44,736

Mercedes-Benz

Group

AG

2,810,532

132,100

Nissan

Motor

Co.,

Ltd.*

324,077

12,284

Renault

SA

505,837

122,206

Stellantis

NV

1,135,028

1,047

Stellantis

NV

Milan

9,690

37,800

Subaru

Corp.

774,770

97,900

Suzuki

Motor

Corp.

1,427,207

586,930

Toyota

Motor

Corp.

11,233,602

59,800

Yamaha

Motor

Co.,

Ltd.

449,428

27,111,740

Banks

(14.0%):

36,635

ABN

AMRO

Bank

NV

1,173,063

130,745

AIB

Group

plc

1,186,390

185,391

ANZ

Group

Holdings,

Ltd.

4,063,869

36,925

Banca

Monte

dei

Paschi

di

Siena

SpA

327,823

355,931

Banco

Bilbao

Vizcaya

Argentaria

SA

6,846,713

69,765

Banco

BPM

SpA

1,044,597

522,239

Banco

Comercial

Portugues

SA,

Class

R

463,198

314,089

Banco

de

Sabadell

SA

1,220,033

926,247

Banco

Santander

SA

9,679,250

Shares

Value

Common

Stocks,

continued

Banks,

continued

76,325

Bank

Hapoalim

BM

$

1,553,063

92,113

Bank

Leumi

Le-Israel

BM

1,817,811

60,316

Bank

of

Ireland

Group

plc

998,317

39,961

Bankinter

SA

630,261

1,647

Banque

Cantonale

Vaudoise,

Registered

Shares

194,972

871,191

Barclays

plc

4,466,631

62,730

BNP

Paribas

SA

5,717,630

233,000

BOC

Hong

Kong

Holdings,

Ltd.

1,095,371

88,055

BPER

Banca

SpA

978,301

241,763

CaixaBank

SA

2,545,149

34,500

Chiba

Bank,

Ltd.

(The)

361,813

46,811

Commerzbank

AG

1,762,953

103,705

Commonwealth

Bank

of

Australia

11,463,122

65,588

Credit

Agricole

SA

1,291,353

41,340

Danske

Bank

A/S

1,766,785

131,940

DBS

Group

Holdings,

Ltd.

5,226,891

55,365

DNB

Bank

ASA

1,512,716

19,094

Erste

Group

Bank

AG

1,866,308

36,821

FinecoBank

Banca

Fineco

SpA

797,535

48,900

Hang

Seng

Bank,

Ltd.

745,113

1,080,937

HSBC

Holdings

plc

15,254,908

187,408

ING

Groep

NV

4,883,427

885,330

Intesa

Sanpaolo

SpA

5,854,047

77,333

Israel

Discount

Bank,

Ltd.,

Class

A

765,321

110,700

Japan

Post

Bank

Co.,

Ltd.

1,356,714

14,016

KBC

Group

NV

1,679,726

3,727,792

Lloyds

Banking

Group

plc

4,198,547

709,100

Mitsubishi

UFJ

Financial

Group,

Inc.

11,234,257

9,814

Mizrahi

Tefahot

Bank,

Ltd.

646,440

156,063

Mizuho

Financial

Group,

Inc.

5,223,949

189,785

National

Australia

Bank,

Ltd.

5,553,002

500,685

NatWest

Group

plc

3,513,831

194,738

Nordea

Bank

Abp

3,205,277

209,899

Oversea-Chinese

Banking

Corp.,

Ltd.

2,677,489

126,387

Resona

Holdings,

Inc.

1,286,746

317,881

Sberbank

of

Russia*(a)(b)

—

94,678

Skandinaviska

Enskilda

Banken

AB,

Class

A

1,853,166

44,850

Societe

Generale

SA

2,982,836

121,799

Standard

Chartered

plc

2,360,056

228,707

Sumitomo

Mitsui

Financial

Group,

Inc.

6,402,946

40,806

Sumitomo

Mitsui

Trust

Group,

Inc.

1,184,111

92,287

Svenska

Handelsbanken

AB,

Class

A

1,206,781

53,118

Swedbank

AB,

Class

A

1,607,158

3,719

TCS

Group

Holding

plc,

GDR*(a)

—

—

Turkiye

Is

Bankasi

AS

—

86,525

UniCredit

SpA

6,568,467

78,173

United

Overseas

Bank,

Ltd.

2,097,712

19,456

VTB

Bank

PJSC*(a)(b)

—

211,614

Westpac

Banking

Corp.

5,442,726

61,200

Yokohama

Financial

Group,

Inc.

469,506

172,306,177

Beverages

(1.2%):

60,653

Anheuser-Busch

InBev

SA/NV

3,626,333

87,400

Asahi

Group

Holdings,

Ltd.

1,048,757

5,919

Carlsberg

AS,

Class

B

688,225

14,523

Coca-Cola

Europacific

Partners

plc

1,313,024

13,657

Coca-Cola

HBC

AG*

644,156

37,056

Davide

Campari-Milano

NV,

Class

M^

233,436

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

133

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Beverages,

continued

136,859

Diageo

plc

$

3,257,558

7,905

Heineken

Holding

NV

543,181

18,111

Heineken

NV

1,414,305

49,100

Kirin

Holdings

Co.,

Ltd.

720,033

12,747

Pernod

Ricard

SA

1,253,194

8,700

Suntory

Beverage

&

Food,

Ltd.

272,200

15,014,402

Biotechnology

(0.7%):

3,751

Argenx

SE*

2,755,067

30,056

CSL,

Ltd.

3,947,325

3,812

Genmab

A/S*

1,175,223

17,194

Grifols

SA

250,296

13,185

Swedish

Orphan

Biovitrum

AB*

403,426

8,531,337

Broadline

Retail

(1.1%):

7,001

Next

plc

1,166,026

965

Ozon

Holdings

plc,

ADR*(a)

—

321

Ozon

Holdings

plc,

ADR*(a)(b)

—

116,000

Pan

Pacific

International

Holdings

Corp.

765,286

81,233

Prosus

NV*

5,760,213

89,600

Rakuten

Group,

Inc.*

580,656

31,800

Ryohin

Keikaku

Co.,

Ltd.

633,242

70,704

Wesfarmers,

Ltd.

4,312,156

13,217,579

Building

Products

(0.9%):

12,700

AGC,

Inc.

414,520

62,029

Assa

Abloy

AB,

Class

B

2,177,487

618

Belimo

Holding

AG,

Class

R

650,801

28,017

Cie

de

Saint-Gobain

SA

3,051,804

16,000

Daikin

Industries,

Ltd.

1,841,019

2,050

Geberit

AG,

Registered

Shares

1,549,668

9,915

Kingspan

Group

plc

834,674

96,583

Nibe

Industrier

AB,

Class

B

383,384

6,360

ROCKWOOL

A/S,

Class

B

237,529

11,140,886

Capital

Markets

(3.2%):

60,397

3i

Group

plc

3,329,588

4,065

Amundi

SA

323,700

11,709

ASX,

Ltd.

453,299

12,365

CVC

Capital

Partners

plc

215,348

82,700

Daiwa

Securities

Group,

Inc.

671,147

114,592

Deutsche

Bank

AG,

Registered

Shares

4,029,854

11,740

Deutsche

Boerse

AG

3,145,823

23,279

EQT

AB

813,650

5,024

Euronext

NV

750,794

3,752

Futu

Holdings,

Ltd.,

ADR

652,510

74,393

Hong

Kong

Exchanges

&

Clearing,

Ltd.

4,228,450

60,800

Japan

Exchange

Group,

Inc.

687,046

12,553

Julius

Baer

Group,

Ltd.

873,263

29,229

London

Stock

Exchange

Group

plc

3,355,930

22,438

Macquarie

Group,

Ltd.

3,262,444

183,500

Nomura

Holdings,

Inc.

1,343,848

1,407

Partners

Group

Holding

AG

1,838,610

16,990

SBI

Holdings,

Inc.

737,701

50,212

Schroders

plc

254,318

52,900

Singapore

Exchange,

Ltd.

678,826

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

45,462

The

Moscow

Exchange*(a)(b)

$

—

197,535

UBS

Group

AG

8,121,918

39,768,067

Chemicals

(2.3%):

35,771

Air

Liquide

SA

7,443,411

10,844

Akzo

Nobel

NV

772,330

3,666

Arkema

SA

232,638

76,300

Asahi

Kasei

Corp.

599,988

56,114

BASF

SE

2,796,586

10,914

Covestro

AG*

747,029

11,602

DSM-Firmenich

AG

991,927

432

EMS-Chemie

Holding

AG

306,722

16,251

Evonik

Industries

AG

282,229

576

Givaudan

SA,

Registered

Shares

2,348,419

53,836

ICL

Group,

Ltd.

336,791

75,400

Mitsubishi

Chemical

Group

Corp.

434,744

58,200

Nippon

Paint

Holdings

Co.,

Ltd.

397,927

10,400

Nippon

Sanso

Holdings

Corp.

368,562

43,800

Nitto

Denko

Corp.

1,038,320

21,445

Novonesis

(Novozymes)

B

1,314,682

27

PhosAgro

PJSC,

GDR*(a)

—

1,447

PhosAgro

PJSC*(a)(b)

—

104,000

Shin-Etsu

Chemical

Co.,

Ltd.

3,403,500

9,476

Sika

AG,

Registered

Shares

2,124,043

4,835

Syensqo

SA

392,441

8,075

Symrise

AG

703,605

86,500

Toray

Industries,

Inc.

551,947

9,037

Yara

International

ASA

330,036

27,917,877

Commercial

Services

&

Supplies

(0.4%):

84,513

Brambles,

Ltd.

1,393,148

24,800

Dai

Nippon

Printing

Co.,

Ltd.

421,221

158,383

Rentokil

Initial

plc

800,229

25,800

Secom

Co.,

Ltd.

946,003

28,825

Securitas

AB,

Class

B

434,419

14,300

TOPPAN

Holdings,

Inc.

367,655

4,362,675

Communications

Equipment

(0.2%):

320,591

Nokia

Oyj

1,535,959

172,848

Telefonaktiebolaget

LM

Ericsson,

Class

B^

1,434,472

2,970,431

Construction

&

Engineering

(0.9%):

11,145

ACS

Actividades

de

Construccion

y

Servicios

SA

891,310

11,968

Bouygues

SA

540,506

4,342

Eiffage

SA

558,380

32,247

Ferrovial

SE

1,855,868

25,600

Kajima

Corp.

746,172

41,100

Obayashi

Corp.

674,460

19,974

Skanska

AB,

Class

B

520,723

9,600

Taisei

Corp.

659,406

30,593

Vinci

SA

4,259,189

10,706,014

Construction

Materials

(0.5%):

31,575

Amrize,

Ltd.*

1,530,429

8,357

Heidelberg

Materials

AG

1,881,168

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

134

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

Materials,

continued

31,731

Holcim

AG*

$

2,701,044

35,463

James

Hardie

Industries

plc*

659,668

6,772,309

Consumer

Finance

(0.0%

†

):

—

Isracard,

Ltd.

2

Consumer

Staples

Distribution

&

Retail

(1.1%):

139,500

Aeon

Co.,

Ltd.

1,694,028

34,082

Carrefour

SA

515,986

85,247

Coles

Group,

Ltd.

1,315,979

103,472

J

Sainsbury

plc

465,641

16,064

Jeronimo

Martins

SGPS

SA

391,285

17,215

Kesko

Oyj,

Class

B

366,409

9,300

Kobe

Bussan

Co.,

Ltd.

255,824

55,606

Koninklijke

Ahold

Delhaize

NV

2,249,318

123,326

Marks

&

Spencer

Group

plc

605,395

21,900

MatsukiyoCocokara

&

Co.

444,706

130,300

Seven

&

i

Holdings

Co.,

Ltd.

1,752,619

410,572

Tesco

plc

2,460,708

77,292

Woolworths

Group,

Ltd.

1,364,913

3,565

X5

Retail

Group

NV,

GDR*(a)

—

13,882,811

Containers

&

Packaging

(0.0%

†

):

20,497

SIG

Group

AG*

212,533

Distributors

(0.0%

†

):

1,374

D'ieteren

Group

258,121

Diversified

Consumer

Services

(0.0%

†

):

37,336

Pearson

plc

530,556

Diversified

REITs

(0.1%):

44,366

Land

Securities

Group

plc

348,251

143,331

Stockland

582,077

930,328

Diversified

Telecommunication

Services

(1.8%):

368,285

BT

Group

plc

947,877

30,535

Cellnex

Telecom

SA

1,058,593

216,149

Deutsche

Telekom

AG,

Registered

7,363,382

8,356

Elisa

Oyj

438,389

238,525

HKT

Trust

&

HKT,

Ltd.,

Class

SS

353,112

18,241

Infrastrutture

Wireless

Italiane

SpA

214,333

244,624

Koninklijke

KPN

NV

1,174,409

1,838,400

NTT,

Inc.

1,922,583

116,413

Orange

SA

1,888,309

451,400

Singapore

Telecommunications,

Ltd.

1,444,505

1,623

Swisscom

AG,

Registered

Shares

1,178,464

708,996

Telecom

Italia

SpA/Milano*

371,042

229,690

Telefonica

SA

1,187,004

38,962

Telenor

ASA

646,879

153,838

Telia

Co.

AB

587,652

242,089

Telstra

Group,

Ltd.

772,415

21,548,948

Electric

Utilities

(1.9%):

1,609

Acciona

SA

324,458

1,257

BKW

AG

268,384

43,000

Chubu

Electric

Power

Co.,

Inc.

598,891

Shares

Value

Common

Stocks,

continued

Electric

Utilities,

continued

35,570

CK

Infrastructure

Holdings,

Ltd.

$

233,750

105,000

CLP

Holdings,

Ltd.

870,307

56,079

Contact

Energy,

Ltd.

295,254

200,558

EDP

-

Energias

de

Portugal

SA

952,501

2,653

Elia

Group

SA/NV

306,098

19,037

Endesa

SA

608,230

502,843

Enel

SpA

4,768,579

26,374

Fortum

Oyj

498,463

394,392

Iberdrola

SA

7,472,097

952,130

Inter

Rao

Ues

PJSC*(a)(b)

—

57,900

Kansai

Electric

Power

Co.,

Inc.

(The)

829,414

105,177

Origin

Energy,

Ltd.

870,242

11,068

Orsted

AS*^

198,930

86,000

Power

Assets

Holdings,

Ltd.

545,031

23,990

Redeia

Corp.

SA

463,504

68,160

SSE

plc

1,597,086

88,378

Terna

-

Rete

Elettrica

Nazionale

897,668

4,398

Verbund

AG

319,670

22,918,557

Electrical

Equipment

(2.7%):

97,659

ABB,

Ltd.,

Registered

Shares

7,039,974

8,500

Fuji

Electric

Co.,

Ltd.

581,060

15,700

Fujikura,

Ltd.

1,526,553

16,253

Legrand

SA

2,710,841

117,500

Mitsubishi

Electric

Corp.

3,059,240

51,400

NIDEC

Corp.

912,992

17,545

Prysmian

SpA

1,752,245

33,890

Schneider

Electric

SE

9,566,121

42,103

Siemens

Energy

AG*

4,922,392

61,105

Vestas

Wind

Systems

A/S

1,186,088

33,257,506

Electronic

Equipment,

Instruments

&

Components

(1.0%):

24,007

Halma

plc

1,114,136

127,302

Hexagon

AB,

Class

B

1,527,800

12,080

Keyence

Corp.

4,498,221

79,200

Kyocera

Corp.

1,076,164

103,000

Murata

Manufacturing

Co.,

Ltd.

1,954,871

15,700

Shimadzu

Corp.

395,958

119,300

TDK

Corp.

1,725,979

14,300

Yokogawa

Electric

Corp.

410,484

12,703,613

Energy

Equipment

&

Services

(0.0%

†

):

23,094

Tenaris

SA

413,302

Entertainment

(1.8%):

38,316

Bollore

SE

216,841

22,000

Capcom

Co.,

Ltd.

598,915

3,692

CTS

Eventim

AG

&

Co.

KGaA

361,878

6,200

Konami

Group

Corp.

894,714

20,300

Nexon

Co.,

Ltd.

446,306

68,600

Nintendo

Co.,

Ltd.

5,877,307

23,836

Sea,

Ltd.,

ADR*

4,260,208

9,485

Spotify

Technology

SA*

6,620,530

6,700

Toho

Co.,

Ltd.

431,190

67,864

Universal

Music

Group

NV

1,969,442

21,677,331

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

135

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Financial

Services

(1.1%):

1,572

Adyen

NV*

$

2,522,504

14,590

Banca

Mediolanum

SpA

292,696

14,108

Edenred

SE

336,121

5,294

EXOR

NV

519,725

5,161

Groupe

Bruxelles

Lambert

NV

462,967

7,124

Industrivarden

AB,

Class

A

284,016

10,108

Industrivarden

AB,

Class

C

402,859

108,445

Investor

AB,

Class

B

3,408,140

4,233

L

E

Lundbergforetagen

AB,

Class

B

220,695

143,598

M&G

plc

490,946

53,700

Mitsubishi

HC

Capital,

Inc.

443,553

33,006

Nexi

SpA

186,783

71,400

ORIX

Corp.

1,864,689

947

Sofina

SA

279,196

380,800

Sony

Financial

Group,

Inc.*

422,339

18,177

Washington

H

Soul

Pattinson

&

Co.,

Ltd.^

463,606

39,982

Wise

plc,

Class

A*

558,223

13,159,058

Food

&

Staples

Retailing

(0.0%

†

):

2,004

Magnit

PJSC*(a)(b)

—

Food

Products

(2.2%):

56,200

Ajinomoto

Co.,

Inc.

1,612,422

20,395

Associated

British

Foods

plc

562,447

230

Barry

Callebaut

AG,

Registered

Shares^

316,023

274,400

China

Huishan

Dairy

Holdings

Co.,

Ltd.*(a)

—

6

Chocoladefabriken

Lindt

&

Spruengli

AG

904,132

60

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

PC

919,872

40,085

Danone

SA

3,491,937

10,282

JDE

Peet's

NV

376,527

10,397

Kerry

Group

plc,

Class

A

936,165

44,400

Kikkoman

Corp.

376,421

27

Lotus

Bakeries

NV

254,564

13,904

MEIJI

Holdings

Co.,

Ltd.

288,317

29,734

Mowi

ASA

630,722

159,667

Nestle

SA,

Registered

Shares

14,669,485

12,400

Nissin

Foods

Holdings

Co.,

Ltd.^

233,628

41,440

Orkla

ASA

433,841

3,689

Salmar

ASA

197,593

510,797

WH

Group,

Ltd.

555,215

122,400

Wilmar

International,

Ltd.

270,903

15,900

Yakult

Honsha

Co.,

Ltd.^

259,248

27,289,462

Gas

Utilities

(0.3%):

77,785

APA

Group

457,055

690,135

Hong

Kong

&

China

Gas

Co.,

Ltd.

599,925

22,300

Osaka

Gas

Co.,

Ltd.

646,460

129,778

Snam

SpA

779,706

19,100

Tokyo

Gas

Co.,

Ltd.

679,724

3,162,870

Ground

Transportation

(0.5%):

48,800

Central

Japan

Railway

Co.

1,401,081

60,639

East

Japan

Railway

Co.

1,486,084

140,863

Grab

Holdings,

Ltd.*

847,995

14,800

Hankyu

Hanshin

Holdings,

Inc.

436,632

95,994

MTR

Corp.,

Ltd.

325,606

15,800

Tokyo

Metro

Co.,

Ltd.^

181,214

Shares

Value

Common

Stocks,

continued

Ground

Transportation,

continued

29,900

Tokyu

Corp.

$

364,914

27,700

West

Japan

Railway

Co.

607,298

5,650,824

Health

Care

Equipment

&

Supplies

(1.8%):

30,616

Alcon

AG

2,293,733

2,677

BioMerieux

358,995

4,114

Cochlear,

Ltd.

760,814

7,583

Coloplast

A/S,

Class

B

649,156

4,743

Demant

A/S*

164,448

18,719

EssilorLuxottica

SA

6,104,914

35,227

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

755,869

21,300

Hoya

Corp.

2,942,689

48,176

Koninklijke

Philips

NV

1,318,677

69,700

Olympus

Corp.

883,167

20,950

Siemens

Healthineers

AG

1,133,240

52,472

Smith

&

Nephew

plc

945,298

3,237

Sonova

Holding

AG

887,116

6,808

Straumann

Holding

AG,

Class

R

729,768

30,500

Sysmex

Corp.

378,257

84,000

Terumo

Corp.

1,386,458

21,692,599

Health

Care

Providers

&

Services

(0.3%):

13,306

Fresenius

Medical

Care

AG

698,100

25,864

Fresenius

SE

&

Co.

KGaA

1,440,208

301,271

Sigma

Healthcare,

Ltd.

592,796

27,954

Sonic

Healthcare,

Ltd.

396,554

3,127,658

Health

Care

Technology

(0.1%):

27,300

M3,

Inc.

448,889

3,612

Pro

Medicus,

Ltd.

739,043

1,187,932

Hotels,

Restaurants

&

Leisure

(1.3%):

12,720

Accor

SA

602,533

27,725

Amadeus

IT

Group

SA

2,194,067

34,156

Aristocrat

Leisure,

Ltd.

1,585,846

106,150

Compass

Group

plc

3,615,947

11,173

Delivery

Hero

SE*

320,947

37,433

Entain

plc

438,751

8,951

Evolution

AB

735,010

7,646

FDJ

UNITED

256,174

135,000

Galaxy

Entertainment

Group,

Ltd.

744,862

328,657

Genting

Singapore,

Ltd.

187,217

9,123

InterContinental

Hotels

Group

plc

1,105,541

132,382

Lottery

Corp.,

Ltd.

(The)

516,043

65,600

Oriental

Land

Co.,

Ltd.

1,576,943

157,932

Sands

China,

Ltd.

441,204

5,895

Sodexo

SA

371,076

10,693

Whitbread

plc

465,446

6,200

Zensho

Holdings

Co.,

Ltd.

405,911

15,563,518

Household

Durables

(1.2%):

79,776

Barratt

Redrow

plc

418,930

145,100

Panasonic

Holdings

Corp.

1,576,163

22,500

Sekisui

Chemical

Co.,

Ltd.

418,432

36,100

Sekisui

House,

Ltd.

820,596

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

136

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Household

Durables,

continued

380,800

Sony

Group

Corp.

$

10,928,244

14,162,365

Household

Products

(0.4%):

38,736

Essity

AB,

Class

B

1,013,569

6,320

Henkel

AG

&

Co.

KGaA

468,734

42,031

Reckitt

Benckiser

Group

plc

3,245,604

65,400

Unicharm

Corp.

426,467

5,154,374

Independent

Power

and

Renewable

Electricity

Producers

(0.2%):

18,495

ACEN

Corp.

747

18,749

EDP

Renovaveis

SA

247,610

85,677

Meridian

Energy,

Ltd.

276,662

39,140

RWE

AG

1,738,034

2,263,053

Industrial

Conglomerates

(2.0%):

165,744

CK

Hutchison

Holdings,

Ltd.

1,093,883

6,340

DCC

plc^

409,043

1,200

Hikari

Tsushin,

Inc.

334,600

284,000

Hitachi,

Ltd.

7,458,598

58,786

Infratil,

Ltd.

420,079

10,177

Investment

AB

Latour,

Class

B

242,435

10,600

Jardine

Matheson

Holdings,

Ltd.

670,455

87,900

Keppel,

Ltd.

607,950

13,879

Lifco

AB,

Class

B

472,098

47,064

Siemens

AG,

Registered

Shares

12,697,112

20,121

Smiths

Group

plc

641,772

25,048,025

Industrial

REITs

(0.3%):

242,083

CapitaLand

Ascendas

REIT^

524,984

124,766

Goodman

Group

2,715,690

81,103

Segro

plc

717,545

3,958,219

Insurance

(5.9%):

15,823

Admiral

Group

plc

715,289

80,541

Aegon,

Ltd.

650,230

9,239

Ageas

SA/NV

641,363

657,200

AIA

Group,

Ltd.

6,299,621

24,003

Allianz

SE,

Registered

Shares

+

10,088,203

9,554

ASR

Nederland

NV

650,124

191,529

Aviva

plc

1,773,318

109,690

AXA

SA

5,251,389

2,573

Baloise

Holding

AG,

Registered

Shares

636,784

220,000

Dai-ichi

Life

Holdings,

Inc.

1,730,885

53,174

Generali

2,089,141

12,667

Gjensidige

Forsikring

ASA

372,455

3,625

Hannover

Rueck

SE

1,093,141

2,324

Helvetia

Holding

AG,

Registered

Shares

569,904

151,075

Insurance

Australia

Group,

Ltd.

817,902

110,200

Japan

Post

Holdings

Co.,

Ltd.

1,094,157

12,400

Japan

Post

Insurance

Co.,

Ltd.

351,106

347,299

Legal

&

General

Group

plc

1,116,047

164,810

Medibank

Pvt,

Ltd.

524,651

79,433

MS&AD

Insurance

Group

Holdings,

Inc.

1,802,254

Shares

Value

Common

Stocks,

continued

Insurance,

continued

8,111

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Class

R

$

5,181,914

16,807

NN

Group

NV

1,186,478

14,195

Phoenix

Financial,

Ltd.

532,206

41,077

Phoenix

Group

Holdings

plc

356,451

27,523

Poste

Italiane

SpA

652,675

160,082

Prudential

plc

2,253,067

92,180

QBE

Insurance

Group,

Ltd.

1,257,055

149,661

Sampo

Oyj,

A

Shares

1,722,420

55,275

Sompo

Holdings,

Inc.

1,707,326

69,361

Suncorp

Group,

Ltd.

932,996

1,744

Swiss

Life

Holding

AG

1,880,165

18,527

Swiss

Re

AG

3,434,042

30,436

T&D

Holdings,

Inc.

743,911

3,871

Talanx

AG

514,639

114,100

Tokio

Marine

Holdings,

Inc.

4,827,557

20,010

Tryg

A/S

508,573

21,861

Unipol

Assicurazioni

SpA

469,539

9,108

Zurich

Insurance

Group

AG

6,502,269

72,931,247

Interactive

Media

&

Services

(0.2%):

54,217

Auto

Trader

Group

plc

575,179

22,839

CAR

Group,

Ltd.

556,796

168,900

LY

Corp.

544,734

3,239

REA

Group,

Ltd.

496,415

4,808

Scout24

SE

601,911

3,760

VK

IPJSC,

GDR*(a)

—

2,775,035

IT

Services

(0.8%):

9,990

Capgemini

SE

1,453,532

109,600

Fujitsu,

Ltd.

2,577,214

79,400

NEC

Corp.

2,538,604

23,138

Nomura

Research

Institute,

Ltd.

887,563

20,200

Obic

Co.,

Ltd.

705,229

14,600

Otsuka

Corp.

305,014

10,400

SCSK

Corp.

311,721

13,600

TIS,

Inc.

448,714

3,383

Wix.com,

Ltd.*

600,922

9,828,513

Leisure

Products

(0.1%):

36,300

Bandai

Namco

Holdings,

Inc.

1,206,738

4,400

Shimano,

Inc.

499,987

1,706,725

Life

Sciences

Tools

&

Services

(0.4%):

7,725

Eurofins

Scientific

SE

562,320

4,307

Lonza

Group

AG,

Registered

Shares

2,891,132

13,414

Qiagen

NV

595,694

1,691

Sartorius

Stedim

Biotech

342,307

4,391,453

Machinery

(3.1%):

18,205

Alfa

Laval

AB

835,521

21,200

Alstom

SA*

556,997

164,363

Atlas

Copco

AB,

Class

A

2,800,168

96,113

Atlas

Copco

AB,

Class

B

1,450,960

19,700

Daifuku

Co.,

Ltd.

630,224

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

137

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

29,850

Daimler

Truck

Holding

AG

$

1,229,809

39,672

Epiroc

AB,

Class

A

838,208

22,893

Epiroc

AB,

Class

B

433,472

58,500

FANUC

Corp.

1,667,124

9,241

GEA

Group

AG

682,608

63,000

IHI

Corp.

1,171,902

16,242

Indutrade

AB

374,149

9,500

Kawasaki

Heavy

Industries,

Ltd.

625,318

4,430

Knorr-Bremse

AG

415,961

57,900

Komatsu,

Ltd.

2,014,916

21,088

Kone

Oyj,

Class

B

1,438,598

58,300

Kubota

Corp.

732,611

14,200

Makita

Corp.

460,478

43,075

Metso

Oyj^

593,463

22,800

MINEBEA

MITSUMI,

Inc.

428,759

199,500

Mitsubishi

Heavy

Industries,

Ltd.

5,213,466

355

Rational

AG

270,522

66,034

Sandvik

AB

1,850,123

2,580

Schindler

Holding

AG,

Class

PC

981,033

1,475

Schindler

Holding

AG,

Registered

Shares

533,378

20,349

SKF

AB,

B

Shares

508,029

3,600

SMC

Corp.

1,101,743

4,815

Spirax

Group

plc

444,123

90,000

Techtronic

Industries

Co.,

Ltd.

1,154,674

9,900

Toyota

Industries

Corp.

1,114,249

13,198

Trelleborg

AB,

Class

B

494,978

1,610

VAT

Group

AG

640,791

97,911

Volvo

AB,

Class

B

2,824,999

30,883

Wartsila

OYJ

Abp

924,734

155,500

Yangzijiang

Shipbuilding

Holdings,

Ltd.

407,570

37,845,658

Marine

Transportation

(0.3%):

190

AP

Moller

-

Maersk

A/S,

Class

A

372,016

253

AP

Moller

-

Maersk

A/S,

Class

B^

496,222

20,500

Kawasaki

Kisen

Kaisha,

Ltd.^

291,611

2,905

Kuehne

+

Nagel

International

AG,

Class

R

543,650

21,300

Mitsui

OSK

Lines,

Ltd.^

647,738

26,800

Nippon

Yusen

KK

914,461

82,000

SITC

International

Holdings

Co.,

Ltd.

315,902

3,581,600

Media

(0.2%):

79,792

Informa

plc

985,929

14,136

Publicis

Groupe

SA

1,356,700

62,604

WPP

plc

312,787

2,655,416

Metals

&

Mining

(2.5%):

77,337

Alrosa

PAO*(a)(b)

—

69,731

Anglo

American

plc

2,624,978

24,755

Antofagasta

plc

921,997

29,389

ArcelorMittal

SA

1,061,912

312,985

BHP

Group,

Ltd.

8,742,569

26,631

BlueScope

Steel,

Ltd.

400,617

17,002

Boliden

AB*

694,246

120,894

Evolution

Mining,

Ltd.

870,677

105,985

Fortescue,

Ltd.

1,314,325

13,888

Fresnillo

plc

440,838

630,356

Glencore

plc*

2,912,602

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

34,200

JFE

Holdings,

Inc.^

$

420,756

185,700

MMC

Norilsk

Nickel

PJSC*(a)(b)

—

304,740

Nippon

Steel

Corp.^

1,253,882

89,571

Norsk

Hydro

ASA

607,300

83,544

Northern

Star

Resources,

Ltd.

1,317,181

42,350

Novolipetsk

Steel

PJSC*(a)(b)

—

1,026

Polyus

PJSC*(a)(b)

—

69,862

Rio

Tinto

plc

4,603,237

23,289

Rio

Tinto,

Ltd.

1,882,329

6,613

Severstal*(a)(b)

—

282,929

South32,

Ltd.

513,521

15,300

Sumitomo

Metal

Mining

Co.,

Ltd.

493,610

84,297

United

Co.

RUSAL

International

PJSC*(a)(b)

—

31,076,577

Multi-Utilities

(1.0%):

299,951

Centrica

plc

671,896

138,895

E.ON

SE

2,611,203

113,298

Engie

SA

2,429,999

305,399

National

Grid

plc

4,402,163

55,700

Sembcorp

Industries,

Ltd.^

260,628

39,344

Veolia

Environnement

SA

1,344,002

11,719,891

Office

REITs

(0.1%):

3,599

Covivio

SA

242,705

2,741

Gecina

SA

274,714

495

Nippon

Building

Fund,

Inc.

467,106

984,525

Oil,

Gas

&

Consumable

Fuels

(3.1%):

19,548

Aker

BP

ASA

497,646

981,335

BP

plc

5,628,542

166,720

ENEOS

Holdings,

Inc.

1,058,537

128,501

Eni

SpA^

2,243,569

47,970

Equinor

ASA

1,173,938

25,983

Galp

Energia

SGPS

SA

492,612

354,974

Gazprom

PJSC*(a)(b)

—

47,635

Idemitsu

Kosan

Co.,

Ltd.

327,269

55,000

Inpex

Corp.

989,326

12,219

LUKOIL

PJSC*(a)(b)

—

26,034

Neste

Oyj

476,920

27,220

Novatek

PJSC*(a)(b)

—

8,651

OMV

AG

461,275

71,791

Repsol

SA

1,274,001

34,912

Rosneft

Oil

Co.

PJSC*(a)(b)

—

201,545

Santos,

Ltd.

902,374

364,973

Shell

plc

12,992,425

171,452

Surgutneftegas

PJSC*(a)(b)

—

199,091

Surgutneftegas

Preference*(a)(b)

—

43,241

Tatneft

PJSC*(a)(b)

—

126,766

TotalEnergies

SE

7,734,404

119,537

Woodside

Energy

Group,

Ltd.

1,794,982

38,047,820

Paper

&

Forest

Products

(0.2%):

4,415

Holmen

AB,

B

Shares

167,752

29,533

Mondi

plc

408,943

35,841

Stora

Enso

Oyj,

Class

R^

394,347

37,689

Svenska

Cellulosa

AB

SCA,

Class

B

499,585

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

138

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Paper

&

Forest

Products,

continued

33,114

UPM-Kymmene

Oyj^

$

906,667

2,377,294

Passenger

Airlines

(0.3%):

9,000

ANA

Holdings,

Inc.

174,198

35,460

Deutsche

Lufthansa

AG,

Registered

Shares

300,478

81,092

International

Consolidated

Airlines

Group

SA

425,265

8,770

Japan

Airlines

Co.,

Ltd.

177,147

43,692

Qantas

Airways,

Ltd.

316,715

51,314

Ryanair

Holdings

plc

1,500,986

94,150

Singapore

Airlines,

Ltd.^

477,205

3,371,994

Personal

Care

Products

(1.4%):

5,956

Beiersdorf

AG

623,053

29,100

Kao

Corp.

1,268,411

14,934

L'Oreal

SA

6,470,121

26,100

Shiseido

Co.,

Ltd.

446,513

151,937

Unilever

plc

8,979,993

17,788,091

Pharmaceuticals

(7.6%):

111,100

Astellas

Pharma,

Inc.

1,211,794

96,095

AstraZeneca

plc

14,676,656

60,980

Bayer

AG,

Registered

Shares

2,021,622

40,900

Chugai

Pharmaceutical

Co.,

Ltd.

1,809,405

106,600

Daiichi

Sankyo

Co.,

Ltd.

2,386,201

17,100

Eisai

Co.,

Ltd.

574,592

7,953

Galderma

Group

AG

1,388,859

251,778

GSK

plc

5,412,511

560,844

Haleon

plc

2,532,926

10,247

Hikma

Pharmaceuticals

plc

235,838

2,549

Ipsen

SA

343,102

2,276

Kangmei

Pharmaceutical

Co.*(a)

—

15,000

Kyowa

Kirin

Co.,

Ltd.

233,192

7,983

Merck

KGaA

1,026,721

117,808

Novartis

AG,

Registered

Shares

15,151,848

199,286

Novo

Nordisk

A/S,

Class

B

11,001,377

6,787

Orion

Oyj,

Class

B

519,807

26,500

Otsuka

Holdings

Co.,

Ltd.

1,415,879

6,807

Recordati

Industria

Chimica

e

Farmaceutica

SpA

413,416

43,533

Roche

Holding

AG

14,330,771

1,998

Roche

Holding

AG,

Class

BR

689,010

25,650

Sandoz

Group

AG

1,525,630

68,467

Sanofi

SA

6,470,973

46,000

Shionogi

&

Co.,

Ltd.

813,641

99,073

Takeda

Pharmaceutical

Co.,

Ltd.

2,892,605

72,113

Teva

Pharmaceutical

Industries,

Ltd.,

ADR*

1,456,683

7,821

UCB

SA

2,163,555

92,698,614

Professional

Services

(1.5%):

20,712

Bureau

Veritas

SA

650,245

33,653

Computershare,

Ltd.

808,335

57,263

Experian

plc

2,883,467

9,640

Intertek

Group

plc

616,150

6,544

Randstad

NV

280,269

82,400

Recruit

Holdings

Co.,

Ltd.

4,421,546

113,494

RELX

plc

5,419,922

10,074

SGS

SA,

Registered

Shares

1,048,049

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

3,121

Teleperformance

SE

$

232,643

14,915

Wolters

Kluwer

NV

2,035,754

18,396,380

Real

Estate

Management

&

Development

(1.1%):

2,743

Azrieli

Group,

Ltd.

272,830

139,300

CapitaLand

Investment,

Ltd.

291,034

60,000

China

Evergrande

Group*

1,257

119,744

CK

Asset

Holdings,

Ltd.

581,137

17,500

Daito

Trust

Construction

Co.,

Ltd.

383,876

34,600

Daiwa

House

Industry

Co.,

Ltd.

1,243,967

47,911

Fastighets

AB

Balder,

B

Shares*

344,354

88,956

Henderson

Land

Development

Co.,

Ltd.

314,016

68,200

Hongkong

Land

Holdings,

Ltd.

431,570

29,800

Hulic

Co.,

Ltd.

326,640

4,631

LEG

Immobilien

SE

368,118

65,400

Mitsubishi

Estate

Co.,

Ltd.

1,506,224

163,000

Mitsui

Fudosan

Co.,

Ltd.

1,780,826

13,604

Sagax

AB,

Class

B

284,656

248,601

Sino

Land

Co.,

Ltd.

314,741

19,100

Sumitomo

Realty

&

Development

Co.,

Ltd.

842,715

88,000

Sun

Hung

Kai

Properties,

Ltd.

1,055,509

19,464

Swire

Pacific,

Ltd.,

Class

A

165,178

4,901

Swiss

Prime

Site

AG,

Registered

Shares

686,060

46,871

Vonovia

SE

1,462,675

81,931

Wharf

Holdings,

Ltd.

(The)

234,196

103,300

Wharf

Real

Estate

Investment

Co.,

Ltd.

305,481

13,197,060

Retail

REITs

(0.3%):

358,437

CapitaLand

Integrated

Commercial

Trust

636,538

13,801

Klepierre

SA

537,510

156,620

Link

REIT

805,642

318,194

Scentre

Group

860,682

7,412

Unibail-Rodamco-Westfield

781,534

247,202

Vicinity,

Ltd.

412,885

4,034,791

Semiconductors

&

Semiconductor

Equipment

(3.7%):

47,400

Advantest

Corp.

4,739,551

2,930

ASM

International

NV

1,761,035

24,406

ASML

Holding

NV

23,791,914

4,567

BE

Semiconductor

Industries

NV

684,871

5,600

Disco

Corp.

1,759,349

81,095

Infineon

Technologies

AG

3,164,877

5,100

Lasertec

Corp.

704,727

1,841

Nova,

Ltd.*

586,594

105,300

Renesas

Electronics

Corp.

1,209,887

5,200

SCREEN

Holdings

Co.,

Ltd.

470,875

41,652

STMicroelectronics

NV

1,177,242

27,600

Tokyo

Electron,

Ltd.

4,976,785

45,027,707

Software

(2.1%):

5,371

Check

Point

Software

Technologies,

Ltd.*

1,111,314

3,014

CyberArk

Software,

Ltd.*

1,456,214

42,275

Dassault

Systemes

SE

1,421,909

2,370

Monday.com,

Ltd.*

459,045

3,511

Nemetschek

SE

456,838

4,107

Nice,

Ltd.*

597,580

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

139

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Software,

continued

2,300

Oracle

Corp.

$

235,040

60,122

Sage

Group

plc

(The)

892,532

64,711

SAP

SE

17,346,279

7,700

Trend

Micro,

Inc.

420,646

12,372

WiseTech

Global,

Ltd.

739,645

10,030

Xero,

Ltd.*

1,048,020

26,185,062

Specialty

Retail

(0.9%):

5,181

Avolta

AG*

281,868

11,800

Fast

Retailing

Co.,

Ltd.

3,583,642

35,506

H

&

M

Hennes

&

Mauritz

AB,

Class

B

662,513

67,876

Industria

de

Diseno

Textil

SA

3,749,415

137,007

JD

Sports

Fashion

plc

175,732

114,190

Kingfisher

plc

476,802

26,000

Nitori

Holdings

Co.,

Ltd.^

501,244

11,700

Sanrio

Co.,

Ltd.^

547,993

14,451

Zalando

SE*

442,971

25,300

ZOZO,

Inc.^

232,435

10,654,615

Technology

Hardware,

Storage

&

Peripherals

(0.4%):

54,500

Canon,

Inc.

1,595,564

69,900

FUJIFILM

Holdings

Corp.

1,741,983

9,618

Logitech

International

SA,

Class

R

1,059,494

4,397,041

Textiles,

Apparel

&

Luxury

Goods

(2.2%):

10,714

adidas

AG

2,259,526

43,800

Asics

Corp.

1,143,755

33,451

Cie

Financiere

Richemont

SA,

Registered

Shares

6,419,750

2,316

FF

Group*(a)

—

1,951

Hermes

International

SCA

4,784,078

4,548

Kering

SA

1,515,412

15,499

LVMH

Moet

Hennessy

Louis

Vuitton

SE

9,482,390

14,001

Moncler

SpA

821,258

5,067

Pandora

A/S

662,548

1,845

Swatch

Group

AG

(The),

Class

BR

347,405

27,436,122

Tobacco

(0.9%):

128,838

British

American

Tobacco

plc

6,835,931

48,612

Imperial

Brands

plc

2,064,718

73,800

Japan

Tobacco,

Inc.

2,425,869

11,326,518

Trading

Companies

&

Distributors

(2.0%):

15,980

AddTech

AB,

B

Shares

522,631

10,974

AerCap

Holdings

NV

1,327,854

26,174

Ashtead

Group

plc

1,758,642

23,474

Beijer

Ref

AB

366,022

7,213

Brenntag

SE

432,202

19,800

Bunzl

plc

624,983

3,364

IMCD

NV

347,733

74,100

ITOCHU

Corp.

4,261,611

87,000

Marubeni

Corp.

2,171,114

199,600

Mitsubishi

Corp.

4,758,515

152,900

Mitsui

&

Co.,

Ltd.

3,797,227

15,500

MonotaRO

Co.,

Ltd.

225,127

14,597

Rexel

SA

481,942

Shares

Value

Common

Stocks,

continued

Trading

Companies

&

Distributors,

continued

13,421

SGH,

Ltd.

$

445,683

68,300

Sumitomo

Corp.

1,976,795

43,400

Toyota

Tsusho

Corp.

1,200,670

24,698,751

Transportation

Infrastructure

(0.3%):

47,499

Aena

SME

SA

1,301,256

2,169

Aeroports

de

Paris

SA

287,574

109,858

Auckland

International

Airport,

Ltd.

501,744

19,583

Getlink

SE

360,267

190,585

Transurban

Group

1,744,810

4,195,651

Water

Utilities

(0.1%):

17,523

Severn

Trent

plc

610,586

42,893

United

Utilities

Group

plc

661,156

1,271,742

Wireless

Telecommunication

Services

(1.2%):

193,700

KDDI

Corp.

3,104,073

29,884

Mobile

TeleSystems

PJSC(a)(b)

—

1,795,800

SoftBank

Corp.

2,641,578

59,300

SoftBank

Group

Corp.

7,532,464

32,144

Tele2

AB,

B

Shares

548,634

1,217,790

Vodafone

Group

plc

1,411,936

15,238,685

Total

Common

Stocks

(Cost

$567,114,842)

1,208,657,912

Preferred

Stocks

(0.3%):

Automobiles

(0.2%):

3,722

Bayerische

Motoren

Werke

AG,

5.46%

345,406

6,748

Dr.

Ing

hc

F

Porsche

AG,

1.98%^

327,554

9,962

Porsche

Automobil

Holding

SE,

5.71%

391,348

12,614

Volkswagen

AG,

6.90%

1,364,106

2,428,414

Household

Products

(0.1%):

9,796

Henkel

AG

&

Co.

KGaA,

2.97%

790,602

Life

Sciences

Tools

&

Services

(0.0%

†

):

1,737

Sartorius

AG,

0.37%

403,944

Total

Preferred

Stocks

(Cost

$3,551,174)

3,622,960

Rights

(0.0%

†

):

Financial

Services

(0.0%

†

):

687

Sofina

SA

CVR,

Expires

on

10/3/25*

1,533

Independent

Power

and

Renewable

Electricity

Producers

(0.0%

†

):

166,020

Orsted

AS

CVR,

Expires

on

10/3/25*^

165,312

Total

Rights

(Cost

$187,674)

166,845

Affiliated

Investment

Company

(1.2%):

Money

Market

Funds

(1.2%):

15,092,594

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.03%

+

(c)(d)

15,092,594

Total

Affiliated

Investment

Company

(Cost

$15,092,594)

15,092,594

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

140

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025

.

The

following

represents

the

concentrations

by

country

of

risk

(based

on

the

domicile

of

the

security

issuer)

relative

to

the

total

value

of

investments

as

of

September

30,

2025

:

Shares

Value

Unaffiliated

Investment

Company

(0.1%):

Money

Market

Funds

(0.1%):

619,629

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.98%(d)

$

619,629

Total

Unaffiliated

Investment

Company

(Cost

$619,629)

619,629

Total

Investment

Securities

(Cost

$586,565,913

)

—

100.1%

1,228,159,940

Net

other

assets

(liabilities)

—

(0.1)%

(1,831,119)

Net

Assets

—

100.0%

$

1,226,328,821

ADR—American

Depository

Receipt

CVR—Contingency

Valued

Rights

GDR—Global

Depositary

Receipt

REIT—Real

Estate

Investment

Trust

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$13,446,515.

†

Represents

less

than

0.05%.

+

Affiliated

Securities

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2025.

(b)

These

securities

are

held

by

the

AZL

MSCI

Emerging

Markets

Equity

Index

Fund

(the

“Subsidiary”).

See

Note

1

in

the

Notes

to

the

Schedules

of

Portfolio

Investments.

(c)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2025.

(d)

The

rate

represents

the

effective

yield

at

September

30,

2025.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Country

Percentage

Australia

6.6‌%

Austria

0.2‌%

Belgium

0.8‌%

Chile

0.1‌%

China

—‌%

†

Cyprus

—‌%

†

Denmark

1.9‌%

Finland

1.1‌%

France

10.5‌%

Germany

9.7‌%

Greece

—‌%

†

Hong

Kong

2.2‌%

Ireland

0.9‌%

Israel

1.1‌%

Italy

3.0‌%

Japan

21.9‌%

Luxembourg

0.2‌%

Macau

—‌%

†

Mexico

—‌%

†

Netherlands

5.1‌%

New

Zealand

0.3‌%

Norway

0.6‌%

Philippines

—‌%

†

Poland

—‌%

†

Portugal

0.2‌%

Russia

—‌%

†

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

141

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Country

Percentage

Russian

Federation

—‌%

†

Singapore

1.7‌%

Spain

3.4‌%

Sweden

3.6‌%

Switzerland

9.7‌%

Turkey

—‌%

†

United

Kingdom

13.9‌%

United

States

1.3‌%

100.0‌%

†

Represents

less

than

0.05%.

Futures

Contracts

At

September

30,

2025,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

ASX

SPI

200

Index

December

Futures

(Australian

Dollar)

12/18/25

9

$

1,320,631‌

$

6,593‌

DJ

EURO

STOXX

50

December

Futures

(Euro)

12/19/25

60

3,902,754‌

53,912‌

FTSE

100

Index

December

Futures

(British

Pounds)

12/19/25

18

2,277,049‌

28,446‌

SGX

NIKKEI

225

Index

December

Futures

(Japanese

Yen)

12/11/25

12

1,822,073‌

17,389‌

$

106,340‌

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

142

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(99.3%):

Aerospace

&

Defense

(2.6%):

4,905

AeroVironment,

Inc.*

$

1,544,535‌

14,088

BWX

Technologies,

Inc.

2,597,405‌

5,830

Curtiss-Wright

Corp.

3,165,340‌

12,278

Hexcel

Corp.

769,831‌

25,585

Kratos

Defense

&

Security

Solutions,

Inc.*

2,337,701‌

9,301

Woodward,

Inc.

2,350,456‌

12,765,268‌

Air

Freight

&

Logistics

(0.2%):

17,724

GXO

Logistics,

Inc.*

937,422‌

Automobile

Components

(0.8%):

10,973

Autoliv,

Inc.

1,355,165‌

33,932

Gentex

Corp.

960,276‌

45,140

Goodyear

Tire

&

Rubber

Co.

(The)*

337,647‌

8,170

Lear

Corp.

821,984‌

4,307

Visteon

Corp.

516,237‌

3,991,309‌

Automobiles

(0.3%):

17,342

Harley-Davidson,

Inc.

483,842‌

8,164

Thor

Industries,

Inc.

846,525‌

1,330,367‌

Banks

(6.5%):

25,906

Associated

Banc-Corp.

666,043‌

16,320

Bank

OZK

831,994‌

28,341

Cadence

Bank

1,063,921‌

46,331

Columbia

Banking

System,

Inc.

1,192,560‌

19,738

Comerica,

Inc.

1,352,448‌

18,714

Commerce

Bancshares,

Inc.

1,118,349‌

9,843

Cullen/Frost

Bankers,

Inc.

1,247,797‌

21,301

East

West

Bancorp,

Inc.

2,267,491‌

20,315

First

Financial

Bankshares,

Inc.

683,600‌

78,639

First

Horizon

Corp.

1,778,028‌

46,657

Flagstar

Financial,

Inc.

538,888‌

57,097

FNB

Corp.

919,833‌

18,100

Glacier

Bancorp,

Inc.

880,927‌

12,791

Hancock

Whitney

Corp.

800,844‌

29,191

Home

BancShares,

Inc.

826,105‌

8,463

International

Bancshares

Corp.

581,831‌

51,504

Old

National

Bancorp

1,130,513‌

11,933

Pinnacle

Financial

Partners,

Inc.

1,119,196‌

14,006

Prosperity

Bancshares,

Inc.

929,298‌

15,196

Southstate

Bank

Corp.

1,502,428‌

21,482

Synovus

Financial

Corp.

1,054,337‌

7,025

Texas

Capital

Bancshares,

Inc.*

593,823‌

11,147

UMB

Financial

Corp.

1,319,247‌

21,841

United

Bankshares,

Inc.

812,704‌

75,528

Valley

National

Bancorp

800,597‌

25,584

Webster

Financial

Corp.

1,520,713‌

16,058

Western

Alliance

Bancorp

1,392,550‌

10,488

Wintrust

Financial

Corp.

1,389,031‌

22,170

Zions

Bancorp

NA

1,254,379‌

31,569,475‌

Beverages

(0.6%):

1,221

Boston

Beer

Co.,

Inc.

(The),

Class

A*

258,144‌

24,474

Celsius

Holdings,

Inc.*

1,407,010‌

Shares

Value

Common

Stocks,

continued

Beverages,

continued

9,135

Coca-Cola

Consolidated,

Inc.

$

1,070,257‌

2,735,411‌

Biotechnology

(2.4%):

29,443

BioMarin

Pharmaceutical,

Inc.*

1,594,633‌

18,566

Cytokinetics,

Inc.*

1,020,387‌

41,479

Exelixis,

Inc.*

1,713,083‌

18,049

Halozyme

Therapeutics,

Inc.*

1,323,714‌

15,289

Neurocrine

Biosciences,

Inc.*

2,146,270‌

66,420

Roivant

Sciences,

Ltd.*

1,004,934‌

6,967

United

Therapeutics

Corp.*

2,920,636‌

11,723,657‌

Broadline

Retail

(0.4%):

42,059

Macy's,

Inc.

754,118‌

9,465

Ollie's

Bargain

Outlet

Holdings,

Inc.*

1,215,306‌

1,969,424‌

Building

Products

(2.1%):

10,454

AAON,

Inc.

976,822‌

10,974

Advanced

Drainage

Systems,

Inc.

1,522,094‌

6,572

Carlisle

Cos.,

Inc.

2,161,925‌

18,226

Fortune

Brands

Innovations,

Inc.

973,086‌

12,867

Owens

Corning

1,820,166‌

6,416

Simpson

Manufacturing

Co.,

Inc.

1,074,423‌

16,570

Trex

Co.,

Inc.*

856,172‌

9,130

UFP

Industries,

Inc.

853,564‌

10,238,252‌

Capital

Markets

(3.1%):

4,497

Affiliated

Managers

Group,

Inc.

1,072,220‌

39,494

Carlyle

Group,

Inc.

(The)

2,476,274‌

5,823

Evercore,

Inc.

1,964,214‌

11,294

Federated

Hermes,

Inc.

586,497‌

6,412

Hamilton

Lane,

Inc.,

Class

A

864,273‌

8,427

Houlihan

Lokey,

Inc.

1,730,232‌

19,287

Janus

Henderson

Group

plc

858,464‌

25,359

Jefferies

Financial

Group,

Inc.

1,658,986‌

3,862

Morningstar,

Inc.

896,023‌

14,543

SEI

Investments

Co.

1,233,974‌

15,868

Stifel

Financial

Corp.

1,800,542‌

15,141,699‌

Chemicals

(1.4%):

6,899

Ashland,

Inc.

330,531‌

14,467

Avient

Corp.

476,688‌

33,620

Axalta

Coating

Systems,

Ltd.*

962,204‌

8,050

Cabot

Corp.

612,203‌

1,191

NewMarket

Corp.

986,398‌

17,652

Olin

Corp.

441,123‌

19,786

RPM

International,

Inc.

2,332,374‌

6,592

Scotts

Miracle-Gro

Co.

(The)

375,414‌

5,103

Westlake

Corp.

393,237‌

6,910,172‌

Commercial

Services

&

Supplies

(1.7%):

6,446

Brink's

Co.

(The)

753,280‌

7,828

Clean

Harbors,

Inc.*

1,817,818‌

5,792

MSA

Safety,

Inc.

996,629‌

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

143

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

28,620

RB

Global,

Inc.

$

3,101,263‌

40,571

Tetra

Tech,

Inc.

1,354,260‌

8,023,250‌

Communications

Equipment

(1.0%):

21,779

Ciena

Corp.*

3,172,547‌

10,721

Lumentum

Holdings,

Inc.*

1,744,414‌

4,916,961‌

Construction

&

Engineering

(2.8%):

20,377

AECOM

2,658,587‌

57,053

API

Group

Corp.*

1,960,912‌

5,428

Comfort

Systems

USA,

Inc.

4,479,077‌

24,907

Fluor

Corp.*

1,047,838‌

9,454

MasTec,

Inc.*

2,011,906‌

3,054

Valmont

Industries,

Inc.

1,184,127‌

13,342,447‌

Construction

Materials

(0.4%):

5,031

Eagle

Materials,

Inc.

1,172,424‌

8,747

Knife

River

Corp.*

672,382‌

1,844,806‌

Consumer

Finance

(0.7%):

42,889

Ally

Financial,

Inc.

1,681,249‌

6,109

FirstCash

Holdings,

Inc.

967,788‌

32,578

SLM

Corp.

901,759‌

3,550,796‌

Consumer

Staples

Distribution

&

Retail

(2.5%):

62,835

Albertsons

Cos.,

Inc.,

Class

A

1,100,241‌

5,748

Casey's

General

Stores,

Inc.

3,249,459‌

27,934

Maplebear,

Inc.*

1,026,854‌

24,089

Performance

Food

Group

Co.*

2,506,220‌

15,073

Sprouts

Farmers

Market,

Inc.*

1,639,942‌

34,722

US

Foods

Holding

Corp.*

2,660,400‌

12,183,116‌

Containers

&

Packaging

(1.1%):

10,157

AptarGroup,

Inc.

1,357,585‌

17,623

Crown

Holdings,

Inc.

1,702,205‌

46,429

Graphic

Packaging

Holding

Co.

908,615‌

3,897

Greif,

Inc.,

Class

A

232,885‌

13,179

Silgan

Holdings,

Inc.

566,829‌

15,264

Sonoco

Products

Co.

657,726‌

5,425,845‌

Diversified

Consumer

Services

(1.3%):

6,114

Duolingo,

Inc.*

1,967,730‌

537

Graham

Holdings

Co.,

Class

B

632,215‌

4,319

Grand

Canyon

Education,

Inc.*

948,107‌

20,435

H&R

Block,

Inc.

1,033,398‌

21,599

Service

Corp.

International

1,797,469‌

6,378,919‌

Diversified

REITs

(0.5%):

33,761

WP

Carey,

Inc.

2,281,231‌

Diversified

Telecommunication

Services

(0.7%):

20,706

EchoStar

Corp.,

Class

A*

1,581,110‌

38,023

Frontier

Communications

Parent,

Inc.*

1,420,159‌

Shares

Value

Common

Stocks,

continued

Diversified

Telecommunication

Services,

continued

16,270

Iridium

Communications,

Inc.

$

284,074‌

3,285,343‌

Electric

Utilities

(1.0%):

8,838

ALLETE,

Inc.

586,843‌

8,425

IDACORP,

Inc.

1,113,364‌

31,706

OGE

Energy

Corp.

1,467,037‌

17,489

Portland

General

Electric

Co.

769,516‌

14,281

TXNM

Energy,

Inc.

807,590‌

4,744,350‌

Electrical

Equipment

(1.8%):

4,703

Acuity,

Inc.

1,619,666‌

5,748

EnerSys

649,294‌

22,688

NEXTracker,

Inc.,

Class

A*

1,678,685‌

24,832

nVent

Electric

plc

2,449,429‌

10,173

Regal

Rexnord

Corp.

1,459,215‌

22,379

Sensata

Technologies

Holding

plc

683,678‌

8,539,967‌

Electronic

Equipment,

Instruments

&

Components

(3.5%

):

7,856

Arrow

Electronics,

Inc.*

950,576‌

12,714

Avnet,

Inc.

664,688‌

6,067

Belden,

Inc.

729,678‌

26,064

Cognex

Corp.

1,180,699‌

23,933

Coherent

Corp.*

2,578,063‌

7,551

Crane

NXT

Co.

506,445‌

5,521

Fabrinet*

2,013,067‌

57,845

Flex,

Ltd.*

3,353,275‌

3,979

IPG

Photonics

Corp.*

315,097‌

3,902

Littelfuse,

Inc.

1,010,657‌

5,680

Novanta,

Inc.*

568,852‌

11,689

TD

SYNNEX

Corp.

1,914,074‌

22,547

Vontier

Corp.

946,298‌

16,731,469‌

Energy

Equipment

&

Services

(0.9%):

59,415

NOV,

Inc.

787,249‌

63,323

TechnipFMC

plc

2,498,092‌

9,922

Valaris,

Ltd.*

483,896‌

10,846

Weatherford

International

plc

742,192‌

4,511,429‌

Entertainment

(0.2%):

22,604

Warner

Music

Group

Corp.,

Class

A

769,892‌

Financial

Services

(1.7%):

45,498

Equitable

Holdings,

Inc.

2,310,389‌

15,106

Essent

Group,

Ltd.

960,138‌

5,989

Euronet

Worldwide,

Inc.*

525,894‌

35,638

MGIC

Investment

Corp.

1,011,050‌

10,433

Shift4

Payments,

Inc.,

Class

A*

807,514‌

14,935

Voya

Financial,

Inc.

1,117,138‌

52,580

Western

Union

Co.

(The)

420,114‌

5,291

WEX,

Inc.*

833,491‌

7,985,728‌

Food

Products

(0.8%):

24,448

Darling

Ingredients,

Inc.*

754,710‌

31,095

Flowers

Foods,

Inc.

405,790‌

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

144

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

9,930

Ingredion,

Inc.

$

1,212,552‌

3,042

Marzetti

Company

(The)

525,627‌

6,410

Pilgrim's

Pride

Corp.

261,015‌

7,085

Post

Holdings,

Inc.*

761,496‌

3,921,190‌

Gas

Utilities

(1.1%

):

14,132

National

Fuel

Gas

Co.

1,305,373‌

15,978

New

Jersey

Resources

Corp.

769,341‌

8,963

ONE

Gas,

Inc.

725,465‌

9,474

Southwest

Gas

Holdings,

Inc.

742,193‌

9,163

Spire,

Inc.

746,968‌

33,489

UGI

Corp.

1,113,844‌

5,403,184‌

Ground

Transportation

(1.4%):

2,666

Avis

Budget

Group,

Inc.*^

428,093‌

24,882

Knight-Swift

Transportation

Holdings,

Inc.

983,088‌

5,384

Landstar

System,

Inc.

659,863‌

6,291

Ryder

System,

Inc.

1,186,734‌

4,104

Saia,

Inc.*

1,228,574‌

18,131

XPO,

Inc.*

2,343,794‌

6,830,146‌

Health

Care

Equipment

&

Supplies

(1.2%):

31,488

DENTSPLY

SIRONA,

Inc.

399,583‌

25,926

Envista

Holdings

Corp.*

528,112‌

17,270

Globus

Medical,

Inc.*

989,053‌

7,404

Haemonetics

Corp.*

360,871‌

10,473

Lantheus

Holdings,

Inc.*

537,160‌

8,605

LivaNova

plc*

450,730‌

7,103

Masimo

Corp.*

1,048,048‌

6,028

Penumbra,

Inc.*

1,527,013‌

5,840,570‌

Health

Care

Providers

&

Services

(2.3%):

2,217

Chemed

Corp.

992,639‌

15,466

Encompass

Health

Corp.

1,964,491‌

8,883

Ensign

Group,

Inc.

(The)

1,534,716‌

13,354

HealthEquity,

Inc.*

1,265,559‌

31,775

Hims

&

Hers

Health,

Inc.*

1,802,278‌

25,060

Option

Care

Health,

Inc.*

695,666‌

13,636

Tenet

Healthcare

Corp.*

2,768,653‌

11,024,002‌

Health

Care

REITs

(0.7%):

55,486

Healthcare

Realty

Trust,

Inc.

1,000,413‌

45,052

Omega

Healthcare

Investors,

Inc.

1,902,095‌

37,609

Sabra

Health

Care

REIT,

Inc.

701,032‌

3,603,540‌

Health

Care

Technology

(0.3%):

20,999

Doximity,

Inc.,

Class

A*

1,536,077‌

Hotel

&

Resort

REITs

(0.1%):

31,816

Park

Hotels

&

Resorts,

Inc.

352,521‌

Hotels,

Restaurants

&

Leisure

(2.9%):

40,778

Aramark

1,565,875‌

9,073

Boyd

Gaming

Corp.

784,361‌

15,210

Cava

Group,

Inc.*

918,836‌

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

3,267

Choice

Hotels

International,

Inc.^

$

349,275‌

10,419

Churchill

Downs,

Inc.

1,010,747‌

9,542

Hilton

Grand

Vacations,

Inc.*

398,951‌

6,419

Hyatt

Hotels

Corp.,

Class

A

911,049‌

12,950

Light

&

Wonder,

Inc.*

1,087,023‌

4,335

Marriott

Vacations

Worldwide

Corp.

288,538‌

12,911

Planet

Fitness,

Inc.,

Class

A*

1,340,162‌

10,262

Texas

Roadhouse,

Inc.

1,705,031‌

9,990

Travel

+

Leisure

Co.

594,305‌

5,701

Vail

Resorts,

Inc.

852,699‌

4,293

Wingstop,

Inc.

1,080,462‌

11,700

Wyndham

Hotels

&

Resorts,

Inc.

934,830‌

13,822,144‌

Household

Durables

(1.8%):

10,363

KB

Home

659,501‌

32,114

Somnigroup

International,

Inc.

2,708,174‌

15,259

Taylor

Morrison

Home

Corp.*

1,007,247‌

15,150

Toll

Brothers,

Inc.

2,092,821‌

4,313

TopBuild

Corp.*

1,685,779‌

8,570

Whirlpool

Corp.

673,602‌

8,827,124‌

Household

Products

(0

.4%):

20,341

BJ's

Wholesale

Club

Holdings,

Inc.*

1,896,798‌

Independent

Power

and

Renewable

Electricity

Producers

(0.8%):

9,146

Ormat

Technologies,

Inc.

880,303‌

7,056

Talen

Energy

Corp.*

3,001,481‌

3,881,784‌

Industrial

REITs

(1.0%):

8,081

EastGroup

Properties,

Inc.

1,367,790‌

20,434

First

Industrial

Realty

Trust,

Inc.

1,051,738‌

36,541

Rexford

Industrial

Realty,

Inc.

1,502,201‌

29,377

STAG

Industrial,

Inc.

1,036,714‌

4,958,443‌

Insurance

(4.2%):

10,765

American

Financial

Group,

Inc.

1,568,676‌

9,065

Brighthouse

Financial,

Inc.*

481,170‌

14,965

CNO

Financial

Group,

Inc.

591,866‌

39,519

Fidelity

National

Financial,

Inc.

2,390,504‌

15,698

First

American

Financial

Corp.

1,008,439‌

5,585

Hanover

Insurance

Group,

Inc.

(The)

1,014,404‌

9,495

Kemper

Corp.

489,467‌

3,452

Kinsale

Capital

Group,

Inc.

1,467,998‌

35,566

Old

Republic

International

Corp.

1,510,488‌

5,051

Primerica,

Inc.

1,402,107‌

10,189

Reinsurance

Group

of

America,

Inc.

1,957,613‌

7,285

RenaissanceRe

Holdings,

Ltd.

1,849,880‌

12,984

RLI

Corp.

846,816‌

16,984

Ryan

Specialty

Holdings,

Inc.

957,218‌

9,395

Selective

Insurance

Group,

Inc.

761,653‌

24,117

Unum

Group

1,875,820‌

20,174,119‌

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

145

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Interactive

Media

&

Services

(0.1%):

41,017

ZoomInfo

Technologies,

Inc.*

$

447,495‌

IT

Services

(1.2%):

35,636

Kyndryl

Holdings,

Inc.*

1,070,149‌

25,743

Okta,

Inc.*

2,360,633‌

23,631

Twilio,

Inc.,

Class

A*

2,365,227‌

5,796,009‌

Leisure

Products

(0.5%):

9,811

Brunswick

Corp.

620,448‌

50,013

Mattel,

Inc.*

841,719‌

8,316

Polaris,

Inc.

483,409‌

12,539

YETI

Holdings,

Inc.*

416,044‌

2,361,620‌

Life

Sciences

Tools

&

Services

(1.7%):

105,670

Avantor,

Inc.*

1,318,762‌

2,812

Bio-Rad

Laboratories,

Inc.,

Class

A*

788,457‌

17,018

Bruker

Corp.

552,915‌

23,697

Illumina,

Inc.*

2,250,504‌

3,422

Medpace

Holdings,

Inc.*

1,759,455‌

8,102

Repligen

Corp.*

1,082,994‌

27,321

Sotera

Health

Co.*

429,759‌

8,182,846‌

Machinery

(5.1%):

9,570

AGCO

Corp.

1,024,660‌

6,794

Chart

Industries,

Inc.*

1,359,819‌

138,217

CNH

Industrial

NV

1,499,654‌

7,539

Crane

Co.

1,388,232‌

17,967

Donaldson

Co.,

Inc.

1,470,599‌

8,857

Esab

Corp.

989,681‌

20,262

Flowserve

Corp.

1,076,723‌

25,418

Graco,

Inc.

2,159,513‌

12,081

ITT,

Inc.

2,159,600‌

8,570

Lincoln

Electric

Holdings,

Inc.

2,021,063‌

7,238

Middleby

Corp.

(The)*

962,147‌

17,038

Mueller

Industries,

Inc.

1,722,712‌

9,835

Oshkosh

Corp.

1,275,600‌

4,849

RBC

Bearings,

Inc.*

1,892,516‌

10,071

Terex

Corp.

516,642‌

9,643

Timken

Co.

(The)

724,961‌

15,148

Toro

Co.

(The)

1,154,278‌

4,223

Watts

Water

Technologies,

Inc.,

Class

A

1,179,399‌

24,577,799‌

Marine

Transportation

(0.2%):

8,401

Kirby

Corp.*

701,063‌

Media

(0.5%):

24,880

New

York

Times

Co.

(The),

Class

A

1,428,112‌

4,479

Nexstar

Media

Group,

Inc.

885,677‌

2,313,789‌

Metals

&

Mining

(2.6%):

40,183

Alcoa

Corp.

1,321,619‌

21,229

ATI,

Inc.*

1,726,767‌

7,677

Carpenter

Technology

Corp.

1,885,011‌

76,518

Cleveland-Cliffs,

Inc.*

933,520‌

17,141

Commercial

Metals

Co.

981,836‌

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

20,576

MP

Materials

Corp.*

$

1,380,032‌

8,083

Reliance,

Inc.

2,269,949‌

10,173

Royal

Gold,

Inc.

2,040,500‌

12,539,234‌

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.6%):

95,491

Annaly

Capital

Management,

Inc.

1,929,873‌

54,783

Starwood

Property

Trust,

Inc.

1,061,147‌

2,991,020‌

Multi-Utilities

(0.3%):

10,804

Black

Hills

Corp.

665,418‌

9,760

Northwestern

Energy

Group,

Inc.

572,034‌

1,237,452‌

Office

REITs

(0.6%):

17,314

COPT

Defense

Properties

503,145‌

26,529

Cousins

Properties,

Inc.

767,749‌

16,346

Kilroy

Realty

Corp.

690,619‌

25,065

Vornado

Realty

Trust

1,015,884‌

2,977,397‌

Oil,

Gas

&

Consumable

Fuels

(3.0%):

52,136

Antero

Midstream

Corp.

1,013,524‌

45,393

Antero

Resources

Corp.*

1,523,389‌

8,846

Chord

Energy

Corp.

879,027‌

12,831

Civitas

Resources,

Inc.

417,007‌

21,764

CNX

Resources

Corp.*

699,060‌

15,662

DT

Midstream,

Inc.

1,770,746‌

24,439

HF

Sinclair

Corp.

1,279,137‌

17,825

Matador

Resources

Co.

800,877‌

20,546

Murphy

Oil

Corp.

583,712‌

39,365

Ovintiv,

Inc.

1,589,559‌

12,844

PBF

Energy,

Inc.,

Class

A

387,503‌

107,527

Permian

Resources

Corp.

1,376,346‌

36,598

Range

Resources

Corp.

1,377,549‌

26,159

Viper

Energy,

Inc.,

Class

A

999,797‌

14,697,233‌

Paper

&

Forest

Products

(0.2%):

9,588

Louisiana-Pacific

Corp.

851,798‌

Passenger

Airlines

(0.4%):

17,679

Alaska

Air

Group,

Inc.*

880,061‌

102,531

American

Airlines

Group,

Inc.*

1,152,448‌

2,032,509‌

Personal

Care

Products

(0.4%):

19,529

BellRing

Brands,

Inc.*

709,879‌

58,020

Coty,

Inc.,

Class

A*

234,401‌

9,103

elf

Beauty,

Inc.*

1,205,965‌

2,150,245‌

Pharmaceuticals

(0.7%):

76,558

Elanco

Animal

Health,

Inc.*

1,541,878‌

9,328

Jazz

Pharmaceuticals

plc*

1,229,430‌

21,024

Perrigo

Co

plc

468,205‌

3,239,513‌

Professional

Services

(2.6%):

6,914

ASGN,

Inc.*

327,378‌

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

146

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

3,392

CACI

International,

Inc.,

Class

A*

$

1,691,862‌

6,945

Concentrix

Corp.

320,512‌

25,263

ExlService

Holdings,

Inc.*

1,112,330‌

7,777

Exponent,

Inc.

540,346‌

4,926

FTI

Consulting,

Inc.*

796,288‌

25,050

Genpact,

Ltd.

1,049,345‌

5,367

Insperity,

Inc.

264,056‌

19,791

KBR,

Inc.

935,916‌

8,701

Maximus,

Inc.

795,010‌

8,023

Parsons

Corp.*

665,267‌

6,708

Paylocity

Holding

Corp.*

1,068,383‌

7,239

Science

Applications

International

Corp.

719,339‌

29,020

TransUnion

2,431,296‌

12,717,328‌

Real

Estate

Management

&

Development

(0.5%):

7,306

Jones

Lang

LaSalle,

Inc.*

2,179,234‌

Residential

REITs

(0.8%):

49,497

American

Homes

4

Rent,

Class

A

1,645,775‌

29,525

Equity

LifeStyle

Properties,

Inc.

1,792,167‌

36,853

Independence

Realty

Trust,

Inc.

604,021‌

4,041,963‌

Retail

REITs

(0.9%):

16,902

Agree

Realty

Corp.

1,200,718‌

48,356

Brixmor

Property

Group,

Inc.

1,338,494‌

34,691

Kite

Realty

Group

Trust

773,610‌

29,051

NNN

REIT,

Inc.

1,236,701‌

4,549,523‌

Semiconductors

&

Semiconductor

Equipment

(2.8%):

19,277

Allegro

MicroSystems,

Inc.*

562,888‌

17,950

Amkor

Technology,

Inc.

509,780‌

7,966

Cirrus

Logic,

Inc.*

998,060‌

23,328

Entegris,

Inc.

2,156,907‌

21,085

Lattice

Semiconductor

Corp.*

1,545,952‌

9,642

MACOM

Technology

Solutions

Holdings,

Inc.*

1,200,333‌

10,368

MKS,

Inc.

1,283,247‌

7,554

Onto

Innovation,

Inc.*

976,128‌

8,545

Power

Integrations,

Inc.

343,595‌

16,712

Rambus,

Inc.*

1,741,390‌

5,138

Silicon

Laboratories,

Inc.*

673,746‌

6,081

Synaptics,

Inc.*

415,576‌

6,722

Universal

Display

Corp.

965,481‌

13,373,083‌

Software

(3.9%):

3,549

Appfolio,

Inc.,

Class

A*

978,317‌

14,139

BILL

Holdings,

Inc.*

748,943‌

5,746

Blackbaud,

Inc.*

369,525‌

6,877

Commvault

Systems,

Inc.*

1,298,240‌

31,153

Docusign,

Inc.*

2,245,820‌

9,420

Dolby

Laboratories,

Inc.,

Class

A

681,726‌

28,938

Dropbox,

Inc.,

Class

A*

874,217‌

46,565

Dynatrace,

Inc.*

2,256,074‌

12,979

Guidewire

Software,

Inc.*

2,983,353‌

9,330

Manhattan

Associates,

Inc.*

1,912,463‌

40,860

Nutanix,

Inc.,

Class

A*

3,039,575‌

14,040

Pegasystems,

Inc.

807,300‌

Shares

Value

Common

Stocks,

continued

Software,

continued

5,614

Qualys,

Inc.*

$

742,901‌

18,938,454‌

Specialized

REITs

(1.5

%):

35,130

CubeSmart

1,428,386‌

11,499

EPR

Properties

667,057‌

42,469

Gaming

and

Leisure

Properties,

Inc.

1,979,480‌

13,558

Lamar

Advertising

Co.,

Class

A^

1,659,770‌

10,685

National

Storage

Affiliates

Trust

322,901‌

11,302

PotlatchDeltic

Corp.

460,557‌

21,582

Rayonier,

Inc.

572,786‌

7,090,937‌

Specialty

Retail

(3.6%):

7,330

Abercrombie

&

Fitch

Co.*

627,081‌

4,122

AutoNation,

Inc.*

901,770‌

32,478

Bath

&

Body

Works,

Inc.

836,633‌

9,611

Burlington

Stores,

Inc.*

2,445,999‌

34,118

Chewy,

Inc.,

Class

A*

1,380,073‌

10,221

Dick's

Sporting

Goods,

Inc.

2,271,311‌

8,475

Five

Below,

Inc.*

1,311,082‌

16,528

Floor

&

Decor

Holdings,

Inc.,

Class

A*

1,218,114‌

63,385

GameStop

Corp.,

Class

A*

1,729,143‌

35,068

Gap,

Inc.

(The)

750,105‌

3,962

Lithia

Motors,

Inc.

1,251,992‌

2,718

Murphy

USA,

Inc.

1,055,291‌

2,928

Penske

Automotive

Group,

Inc.

509,208‌

2,394

RH*

486,365‌

19,625

Valvoline,

Inc.*

704,734‌

17,478,901‌

Technology

Hardware,

Storage

&

Peripherals

(0.8%):

47,821

Pure

Storage,

Inc.,

Class

A*

4,007,878‌

Textiles,

Apparel

&

Luxury

Goods

(0.6%):

18,609

Capri

Holdings,

Ltd.*

370,691‌

4,027

Columbia

Sportswear

Co.

210,612‌

8,399

Crocs,

Inc.*

701,737‌

7,369

PVH

Corp.

617,301‌

24,357

Under

Armour,

Inc.,

Class

A*

121,541‌

26,523

Under

Armour,

Inc.,

Class

C*

128,106‌

50,916

VF

Corp.

734,718‌

2,884,706‌

Trading

Companies

&

Distributors

(

1.7%):

5,899

Applied

Industrial

Technologies,

Inc.

1,539,934‌

29,203

Core

&

Main,

Inc.,

Class

A*

1,571,997‌

5,534

GATX

Corp.

967,343‌

6,815

MSC

Industrial

Direct

Co.,

Inc.

627,934‌

5,384

Watsco,

Inc.

2,176,751‌

7,209

WESCO

International,

Inc.

1,524,704‌

8,408,663‌

Water

Utilities

(0.3%):

41,676

Essential

Utilities,

Inc.

1,662,871‌

Total

Common

Stocks

(Cost

$303,326,852)

480,330,210‌

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

147

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025

.

Shares

Value

Affiliated

Investment

Company

(0

.1%):

Money

Market

Funds

(0.1%):

617,193

BlackRock

Liquidity

FedFund,

Institutional

Class

,

4.03%

+

(a)(b)

$

617,193‌

Total

Affiliated

Investment

Company

(Cost

$617,193)

617,193‌

Unaffiliated

Investment

Company

(0.7%):

Money

Market

Funds

(0.7%):

3,274,717

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.98%(b)

3,274,717‌

Shares

Value

Unaffiliated

Investment

Company,

continued

Money

Market

Funds,

continued

Total

Unaffiliated

Investment

Company

(Cost

$3,274,717)

$

3,274,717‌

Total

Investment

Securities

(Cost

$

307,218,762

)

—

100.1%

484,222,120‌

Net

other

assets

(liabilities)

—

(0.1)%

(319,976‌)

Net

Assets

—

100.0%

$

483,902,144‌

REIT—Real

Estate

Investment

Trust

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$601,489.

+

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

September

30,

2025.

(b)

The

rate

represents

the

effective

yield

at

September

30,

2025.

Futures

Contracts

At

September

30,

2025,

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

400

Index

E-Mini

December

Futures

(U.S.

Dollar)

12/19/25

11

$

3,614,820‌

$

(24,681‌)

$

(24,681‌)

AZL

Moderate

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

148

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025.

Shares

Value

Affiliated

Investment

Companies

(100.0%):

Domestic

Equity

Funds

(44.1%):

2,084,628

AZL

Mid

Cap

Index

Fund,

Class

2

$

47,383,584

17,924,659

AZL

S&P

500

Index

Fund,

Class

2

487,371,486

2,698,317

AZL

Small

Cap

Stock

Index

Fund,

Class

2

34,862,257

569,617,327

Fixed

Income

Fund

(39.1%):

49,757,876

AZL

Enhanced

Bond

Index

Fund

504,047,285

International

Equity

Fund

(16.8%):

9,961,733

AZL

International

Index

Fund,

Class

2

216,468,464

Total

Affiliated

Investment

Companies

(Cost

$1,119,400,003)

1,290,133,076

Total

Investment

Securities

(Cost

$1,119,400,003

)

—

100.0%

1,290,133,076

Net

other

assets

(liabilities)

—

0.0%

†

(631,183)

Net

Assets

—

100.0%

$

1,289,501,893

†

Represents

less

than

0.05%.

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

149

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(99.3%):

Aerospace

&

Defense

(2.2%):

2,706

Airbus

SE

$

632,489

333

Axon

Enterprise,

Inc.*

238,974

13,803

BAE

Systems

plc

382,422

3,419

Boeing

Co.

(The)*

737,923

410

Bombardier,

Inc.,

Class

B*

57,465

1,669

CAE,

Inc.*

49,428

94

Dassault

Aviation

SA

31,372

124

Elbit

Systems,

Ltd.

62,877

1,029

General

Dynamics

Corp.

350,889

206

HEICO

Corp.

66,501

317

HEICO

Corp.,

Class

A

80,546

1,722

Howmet

Aerospace,

Inc.

337,908

2,195

Kongsberg

Gruppen

ASA

70,164

826

L3Harris

Technologies,

Inc.

252,269

1,848

Leonardo

SpA

117,377

967

Lockheed

Martin

Corp.

482,736

6,986

Melrose

Industries

plc

57,551

254

MTU

Aero

Engines

AG

116,564

624

Northrop

Grumman

Corp.

380,216

210

Rheinmetall

AG

488,789

2,014

Rocket

Lab

Corp.*

96,491

38,325

Rolls-Royce

Holdings

plc

613,485

6,030

RTX

Corp.

1,009,000

1,519

Saab

AB,

Class

B

92,573

1,615

Safran

SA

571,865

6,400

Singapore

Technologies

Engineering,

Ltd.

42,791

776

Textron,

Inc.

65,564

441

Thales

SA

138,182

260

TransDigm

Group,

Inc.

342,685

7,967,096

Air

Freight

&

Logistics

(0.3%):

584

CH

Robinson

Worldwide,

Inc.

77,321

4,419

Deutsche

Post

AG

197,063

952

DSV

A/S

190,087

697

Expeditors

International

of

Washington,

Inc.

85,445

1,007

FedEx

Corp.

237,461

1,800

SG

Holdings

Co.,

Ltd.

18,583

3,292

United

Parcel

Service,

Inc.,

Class

B

274,981

1,080,941

Automobile

Components

(0.2%):

2,400

Aisin

Corp.

41,464

988

Aptiv

plc*

85,185

2,600

Bridgestone

Corp.

120,234

3,249

Cie

Generale

des

Etablissements

Michelin

SCA

116,687

513

Continental

AG

33,817

7,500

Denso

Corp.

108,015

1,166

Magna

International,

Inc.

55,254

3,000

Sumitomo

Electric

Industries,

Ltd.

85,241

645,897

Automobiles

(2.3%):

1,268

Bayerische

Motoren

Werke

AG

127,220

572

Ferrari

NV

276,900

17,667

Ford

Motor

Co.

211,297

4,463

General

Motors

Co.

272,109

18,500

Honda

Motor

Co.,

Ltd.^

190,079

2,100

Isuzu

Motors,

Ltd.

26,508

Shares

Value

Common

Stocks,

continued

Automobiles,

continued

3,353

Mercedes-Benz

Group

AG

$

210,652

11,300

Nissan

Motor

Co.,

Ltd.*

27,722

950

Renault

SA

39,120

3,269

Rivian

Automotive,

Inc.,

Class

A*

47,989

9,925

Stellantis

NV

92,182

2,200

Subaru

Corp.

45,092

7,300

Suzuki

Motor

Corp.

106,421

13,173

Tesla,

Inc.*

5,858,296

43,000

Toyota

Motor

Corp.

823,002

5,400

Yamaha

Motor

Co.,

Ltd.

40,584

8,395,173

Banks

(6.8%):

1,998

ABN

AMRO

Bank

NV

63,976

8,889

AIB

Group

plc

80,659

13,962

ANZ

Group

Holdings,

Ltd.

306,054

2,572

Banca

Monte

dei

Paschi

di

Siena

SpA

22,834

26,017

Banco

Bilbao

Vizcaya

Argentaria

SA

500,465

4,873

Banco

BPM

SpA

72,964

24,936

Banco

de

Sabadell

SA

96,860

67,098

Banco

Santander

SA

701,172

5,606

Bank

Hapoalim

BM

114,071

7,161

Bank

Leumi

Le-Israel

BM

141,319

32,680

Bank

of

America

Corp.

1,685,961

4,624

Bank

of

Ireland

Group

plc

76,534

3,288

Bank

of

Montreal

428,515

5,558

Bank

of

Nova

Scotia

(The)

359,443

3,353

Bankinter

SA

52,883

93

Banque

Cantonale

Vaudoise,

Registered

Shares

11,009

65,147

Barclays

plc

334,011

4,639

BNP

Paribas

SA

422,829

15,500

BOC

Hong

Kong

Holdings,

Ltd.

72,868

7,330

BPER

Banca

SpA

81,437

17,937

CaixaBank

SA

188,831

4,187

Canadian

Imperial

Bank

of

Commerce^

334,629

2,800

Chiba

Bank,

Ltd.

(The)

29,364

8,382

Citigroup,

Inc.

850,773

1,797

Citizens

Financial

Group,

Inc.

95,529

3,595

Commerzbank

AG

135,392

7,668

Commonwealth

Bank

of

Australia

847,589

5,089

Credit

Agricole

SA

100,197

3,233

Danske

Bank

A/S

138,172

9,960

DBS

Group

Holdings,

Ltd.

394,572

3,895

DNB

Bank

ASA

106,422

1,304

Erste

Group

Bank

AG

127,457

3,137

Fifth

Third

Bancorp

139,753

2,912

FinecoBank

Banca

Fineco

SpA

63,073

41

First

Citizens

BancShares,

Inc.,

Class

A

73,356

3,900

Hang

Seng

Bank,

Ltd.

59,426

78,724

HSBC

Holdings

plc

1,111,006

6,279

Huntington

Bancshares,

Inc.

108,438

14,024

ING

Groep

NV

365,434

63,649

Intesa

Sanpaolo

SpA

420,865

5,286

Israel

Discount

Bank,

Ltd.,

Class

A

52,313

7,700

Japan

Post

Bank

Co.,

Ltd.

94,369

12,612

JPMorgan

Chase

&

Co.

3,978,203

1,044

KBC

Group

NV

125,117

4,335

KeyCorp

81,021

277,852

Lloyds

Banking

Group

plc

312,940

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

150

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

700

M&T

Bank

Corp.

$

138,334

52,600

Mitsubishi

UFJ

Financial

Group,

Inc.

833,341

859

Mizrahi

Tefahot

Bank,

Ltd.

56,582

11,450

Mizuho

Financial

Group,

Inc.

383,270

14,099

National

Australia

Bank,

Ltd.

412,529

1,863

National

Bank

of

Canada^

197,921

36,896

NatWest

Group

plc

258,938

14,303

Nordea

Bank

Abp

235,419

16,300

Oversea-Chinese

Banking

Corp.,

Ltd.

207,924

1,759

PNC

Financial

Services

Group,

Inc.

(The)

353,436

4,017

Regions

Financial

Corp.

105,928

9,000

Resona

Holdings,

Inc.

91,629

6,441

Royal

Bank

of

Canada

949,463

6,517

Skandinaviska

Enskilda

Banken

AB,

Class

A

127,560

3,278

Societe

Generale

SA

218,010

9,042

Standard

Chartered

plc

175,204

16,500

Sumitomo

Mitsui

Financial

Group,

Inc.

461,939

2,900

Sumitomo

Mitsui

Trust

Group,

Inc.

84,152

7,175

Svenska

Handelsbanken

AB,

Class

A

93,823

3,996

Swedbank

AB,

Class

A

120,904

7,795

Toronto-Dominion

Bank

(The)

623,376

5,873

Truist

Financial

Corp.

268,514

6,366

UniCredit

SpA

483,269

6,304

United

Overseas

Bank,

Ltd.

169,163

7,149

US

Bancorp

345,511

14,598

Wells

Fargo

&

Co.

1,223,604

15,637

Westpac

Banking

Corp.

402,185

4,700

Yokohama

Financial

Group,

Inc.

36,057

25,018,090

Beverages

(1.0%):

4,459

Anheuser-Busch

InBev

SA/NV

266,596

6,900

Asahi

Group

Holdings,

Ltd.

82,797

1,086

Brown-Forman

Corp.,

Class

B

29,409

395

Carlsberg

AS,

Class

B

45,928

18,476

Coca-Cola

Co.

(The)

1,225,328

942

Coca-Cola

Europacific

Partners

plc

85,166

931

Coca-Cola

HBC

AG*

43,912

664

Constellation

Brands,

Inc.,

Class

A

89,421

3,162

Davide

Campari-Milano

NV,

Class

M^

19,919

10,187

Diageo

plc

242,474

687

Heineken

Holding

NV

47,206

1,331

Heineken

NV

103,939

5,800

Keurig

Dr

Pepper,

Inc.

147,958

3,400

Kirin

Holdings

Co.,

Ltd.

49,860

664

Molson

Coors

Beverage

Co.,

Class

B

30,046

3,318

Monster

Beverage

Corp.*

223,335

6,183

PepsiCo,

Inc.

868,340

895

Pernod

Ricard

SA

87,990

800

Suntory

Beverage

&

Food,

Ltd.

25,030

3,714,654

Biotechnology

(1.5%):

8,052

AbbVie,

Inc.

1,864,360

600

Alnylam

Pharmaceuticals,

Inc.*

273,600

2,440

Amgen,

Inc.

688,568

2,527

Amrize,

Ltd.*

122,483

270

Argenx

SE*

198,312

695

Biogen,

Inc.*

97,356

863

BioMarin

Pharmaceutical,

Inc.*

46,740

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

2,164

CSL,

Ltd.

$

284,203

293

Genmab

A/S*

90,331

5,697

Gilead

Sciences,

Inc.

632,367

1,231

Grifols

SA^

17,920

740

Incyte

Corp.*

62,759

645

Natera,

Inc.*

103,826

517

Neurocrine

Biosciences,

Inc.*

72,576

468

Regeneron

Pharmaceuticals,

Inc.

263,142

832

Swedish

Orphan

Biovitrum

AB*

25,457

175

United

Therapeutics

Corp.*

73,362

1,154

Vertex

Pharmaceuticals,

Inc.*

451,952

5,369,314

Broadline

Retail

(3.1%):

43,418

Amazon.com,

Inc.*

9,533,290

221

Canadian

Tire

Corp.,

Ltd.,

Class

A

26,312

1,300

Dollarama,

Inc.

171,471

2,193

eBay,

Inc.

199,453

207

MercadoLibre,

Inc.*

483,747

554

Next

plc

92,269

9,000

Pan

Pacific

International

Holdings

Corp.

59,376

5,875

Prosus

NV*

416,595

8,000

Rakuten

Group,

Inc.*

51,844

2,400

Ryohin

Keikaku

Co.,

Ltd.

47,792

5,238

Wesfarmers,

Ltd.

319,460

11,401,609

Building

Products

(0.6%):

600

AGC,

Inc.

19,584

357

Allegion

plc,

ADR*

63,314

4,512

Assa

Abloy

AB,

Class

B

158,391

46

Belimo

Holding

AG,

Class

R

48,441

500

Builders

FirstSource,

Inc.*

60,625

183

Carlisle

Cos.,

Inc.

60,200

3,456

Carrier

Global

Corp.

206,323

1,965

Cie

de

Saint-Gobain

SA

214,041

1,100

Daikin

Industries,

Ltd.

126,570

160

Geberit

AG,

Registered

Shares

120,950

3,047

Johnson

Controls

International

plc

335,018

833

Kingspan

Group

plc

70,124

152

Lennox

International,

Inc.

80,463

999

Masco

Corp.

70,319

7,728

Nibe

Industrier

AB,

Class

B

30,676

453

Owens

Corning

64,081

520

ROCKWOOL

A/S,

Class

B

19,421

1,024

Trane

Technologies

plc

432,087

2,180,628

Capital

Markets

(3.5%):

4,244

3i

Group

plc

233,965

450

Ameriprise

Financial,

Inc.

221,062

375

Amundi

SA

29,862

988

Ares

Management

Corp.,

Class

A

157,971

934

ASX,

Ltd.

36,159

3,299

Bank

of

New

York

Mellon

Corp.

(The)

359,459

674

Blackrock,

Inc.

+

785,796

3,364

Blackstone,

Inc.

574,739

1,764

Brookfield

Asset

Management,

Ltd.,

Class

A

100,402

6,351

Brookfield

Corp.

435,830

1,101

Carlyle

Group,

Inc.

(The)

69,033

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

151

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

509

Cboe

Global

Markets,

Inc.

$

124,832

7,837

Charles

Schwab

Corp.

(The)

748,198

1,671

CME

Group,

Inc.

451,487

928

Coinbase

Global,

Inc.,

Class

A*

313,191

1,102

CVC

Capital

Partners

plc

19,192

6,000

Daiwa

Securities

Group,

Inc.

48,693

8,324

Deutsche

Bank

AG,

Registered

Shares

292,730

871

Deutsche

Boerse

AG

233,391

1,617

EQT

AB

56,518

380

Euronext

NV

56,788

151

FactSet

Research

Systems,

Inc.

43,260

285

Futu

Holdings,

Ltd.,

ADR

49,564

1,402

Goldman

Sachs

Group,

Inc.

(The)

1,116,483

5,300

Hong

Kong

Exchanges

&

Clearing,

Ltd.

301,248

160

IGM

Financial,

Inc.

5,825

1,947

Interactive

Brokers

Group,

Inc.

133,973

2,579

Intercontinental

Exchange,

Inc.

434,510

5,200

Japan

Exchange

Group,

Inc.

58,760

1,072

Julius

Baer

Group,

Ltd.

74,575

2,840

KKR

&

Co.,

Inc.

369,058

2,201

London

Stock

Exchange

Group

plc

252,708

380

LPL

Financial

Holdings,

Inc.

126,422

1,675

Macquarie

Group,

Ltd.

243,542

723

Moody's

Corp.

344,495

5,443

Morgan

Stanley

865,219

341

MSCI,

Inc.

193,487

2,008

Nasdaq,

Inc.

177,608

12,800

Nomura

Holdings,

Inc.

93,740

843

Northern

Trust

Corp.

113,468

101

Partners

Group

Holding

AG

131,983

880

Raymond

James

Financial,

Inc.

151,888

3,146

Robinhood

Markets,

Inc.,

Class

A*

450,444

1,409

S&P

Global,

Inc.

685,774

1,400

SBI

Holdings,

Inc.

60,788

2,664

Schroders

plc

13,493

3,200

Singapore

Exchange,

Ltd.

41,063

1,271

State

Street

Corp.

147,449

988

T.

Rowe

Price

Group,

Inc.

101,408

1,169

TMX

Group,

Ltd.

44,727

538

Tradeweb

Markets,

Inc.,

Class

A

59,707

14,386

UBS

Group

AG

591,500

12,827,467

Chemicals

(1.3%):

2,585

Air

Liquide

SA

537,900

1,040

Air

Products

and

Chemicals,

Inc.

283,629

722

Akzo

Nobel

NV

51,422

205

Arkema

SA

13,009

6,500

Asahi

Kasei

Corp.

51,113

4,107

BASF

SE

204,683

766

CF

Industries

Holdings,

Inc.

68,710

3,007

Corteva,

Inc.

203,363

776

Covestro

AG*

53,115

3,474

Dow,

Inc.

79,659

855

DSM-Firmenich

AG

73,099

1,832

DuPont

de

Nemours,

Inc.

142,713

1,133

Ecolab,

Inc.

310,283

36

EMS-Chemie

Holding

AG

25,560

988

Evonik

Industries

AG

17,158

43

Givaudan

SA,

Registered

Shares

175,316

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

2,385

ICL

Group,

Ltd.

$

14,920

1,232

International

Flavors

&

Fragrances,

Inc.

75,817

2,142

Linde

plc

1,017,450

1,344

LyondellBasell

Industries

NV,

Class

A

65,910

4,700

Mitsubishi

Chemical

Group

Corp.

27,099

3,800

Nippon

Paint

Holdings

Co.,

Ltd.

25,982

600

Nippon

Sanso

Holdings

Corp.

21,263

3,500

Nitto

Denko

Corp.

82,971

1,496

Novonesis

(Novozymes)

B

91,712

2,174

Nutrien,

Ltd.

127,690

1,107

PPG

Industries,

Inc.

116,357

615

RPM

International,

Inc.

72,496

1,062

Sherwin-Williams

Co.

(The)

367,728

7,800

Shin-Etsu

Chemical

Co.,

Ltd.

255,263

674

Sika

AG,

Registered

Shares

151,077

456

Syensqo

SA

37,012

641

Symrise

AG

55,853

6,300

Toray

Industries,

Inc.

40,200

557

Yara

International

ASA

20,342

4,957,874

Commercial

Services

&

Supplies

(0.6%):

5,864

Brambles,

Ltd.

96,665

1,595

Cintas

Corp.

327,390

4,264

Copart,

Inc.*

191,752

2,200

Dai

Nippon

Printing

Co.,

Ltd.

37,366

1,877

Element

Fleet

Management

Corp.

48,615

1,105

GFL

Environmental,

Inc.

52,379

844

RB

Global,

Inc.

91,430

12,446

Rentokil

Initial

plc

62,883

978

Republic

Services,

Inc.

224,431

1,446

Rollins,

Inc.

84,938

1,900

Secom

Co.,

Ltd.

69,667

2,676

Securitas

AB,

Class

B

40,330

900

TOPPAN

Holdings,

Inc.

23,139

1,191

Veralto

Corp.

126,973

1,196

Waste

Connections,

Inc.

210,257

1,834

Waste

Management,

Inc.

405,002

2,093,217

Communications

Equipment

(0.7%):

4,838

Arista

Networks,

Inc.*

704,945

18,060

Cisco

Systems,

Inc.

1,235,665

270

F5,

Inc.*

87,261

748

Motorola

Solutions,

Inc.

342,053

24,781

Nokia

Oyj

118,727

13,148

Telefonaktiebolaget

LM

Ericsson,

Class

B

109,116

2,597,767

Construction

&

Engineering

(0.4%):

708

ACS

Actividades

de

Construccion

y

Servicios

SA

56,622

605

AECOM

78,934

775

AtkinsRealis

Group,

Inc.

55,940

977

Bouygues

SA

44,124

382

Eiffage

SA

49,125

206

EMCOR

Group,

Inc.

133,805

2,271

Ferrovial

SE

130,700

1,700

Kajima

Corp.

49,551

3,200

Obayashi

Corp.

52,513

679

Quanta

Services,

Inc.

281,391

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

152

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

1,831

Skanska

AB,

Class

B

$

47,734

534

Stantec,

Inc.

57,598

700

Taisei

Corp.

48,082

2,286

Vinci

SA

318,259

553

WSP

Global,

Inc.

108,693

1,513,071

Construction

Materials

(0.3%):

3,083

CRH

plc

369,652

580

Heidelberg

Materials

AG

130,558

2,310

Holcim

AG*

196,635

2,297

James

Hardie

Industries

plc*

42,728

268

Martin

Marietta

Materials,

Inc.

168,915

588

Vulcan

Materials

Co.

180,880

1,089,368

Consumer

Finance

(0.5%):

2,531

American

Express

Co.

840,697

2,896

Capital

One

Financial

Corp.

615,632

1

Isracard,

Ltd.

2

5,161

SoFi

Technologies,

Inc.*

136,354

1,778

Synchrony

Financial

126,327

1,719,012

Consumer

Staples

Distribution

&

Retail

(1.7%):

9,600

Aeon

Co.,

Ltd.

116,578

2,104

Albertsons

Cos.,

Inc.,

Class

A

36,841

3,614

Alimentation

Couche-Tard,

Inc.

192,842

2,172

Carrefour

SA

32,883

5,817

Coles

Group,

Ltd.

89,799

2,009

Costco

Wholesale

Corp.

1,859,591

1,052

Dollar

General

Corp.

108,724

926

Dollar

Tree,

Inc.*

87,387

787

Empire

Co.,

Ltd.

28,251

714

George

Weston,

Ltd.

43,558

5,394

J

Sainsbury

plc

24,274

1,662

Jeronimo

Martins

SGPS

SA

40,483

807

Kesko

Oyj,

Class

B

17,176

1,000

Kobe

Bussan

Co.,

Ltd.

27,508

4,204

Koninklijke

Ahold

Delhaize

NV

170,056

2,858

Kroger

Co.

(The)

192,658

2,912

Loblaw

Cos.,

Ltd.

112,650

10,779

Marks

&

Spencer

Group

plc

52,913

1,300

MatsukiyoCocokara

&

Co.

26,398

888

Metro,

Inc.

59,649

9,200

Seven

&

i

Holdings

Co.,

Ltd.

123,746

2,257

Sysco

Corp.

185,841

2,019

Target

Corp.

181,104

29,841

Tesco

plc

178,848

20,027

Walmart,

Inc.

2,063,983

5,770

Woolworths

Group,

Ltd.

101,893

6,155,634

Containers

&

Packaging

(0.2%):

4,267

Amcor

plc

34,904

6,765

Amcor

plc,

ADR

55,338

345

Avery

Dennison

Corp.

55,949

1,191

Ball

Corp.

60,050

681

CCL

Industries,

Inc.

38,388

545

Crown

Holdings,

Inc.

52,642

Shares

Value

Common

Stocks,

continued

Containers

&

Packaging,

continued

2,244

International

Paper

Co.

$

104,122

384

Packaging

Corp.

of

America

83,685

1,420

SIG

Group

AG*

14,724

1,370

Smurfit

WestRock

plc

57,794

1,069

Smurfit

WestRock

plc,

ADR

45,507

603,103

Distributors

(0.0%

†

):

91

D'ieteren

Group

17,095

628

Genuine

Parts

Co.

87,041

153

Pool

Corp.

47,441

151,577

Diversified

Consumer

Services

(0.0%

†

):

3,287

Pearson

plc

46,709

Diversified

REITs

(0.0%

†

):

4,133

Land

Securities

Group

plc

32,442

9,485

Stockland

38,519

900

WP

Carey,

Inc.

60,813

131,774

Diversified

Telecommunication

Services

(0.9%):

32,576

AT&T,

Inc.

919,946

113

BCE,

Inc.

2,641

25,258

BT

Group

plc

65,008

2,443

Cellnex

Telecom

SA

84,694

16,073

Deutsche

Telekom

AG,

Registered

547,547

602

Elisa

Oyj

31,583

20,000

HKT

Trust

&

HKT,

Ltd.,

Class

SS

29,608

528

Infrastrutture

Wireless

Italiane

SpA

6,204

19,439

Koninklijke

KPN

NV

93,324

146,100

NTT,

Inc.

152,790

8,034

Orange

SA

130,318

35,300

Singapore

Telecommunications,

Ltd.

112,962

124

Swisscom

AG,

Registered

Shares

90,037

59,823

Telecom

Italia

SpA/Milano*

31,307

15,654

Telefonica

SA

80,898

3,268

Telenor

ASA

54,258

11,109

Telia

Co.

AB

42,436

16,754

Telstra

Group,

Ltd.

53,456

1,970

TELUS

Corp.

31,033

19,310

Verizon

Communications,

Inc.

848,674

3,408,724

Electric

Utilities

(1.6%):

35

Acciona

SA

7,058

1,052

Alliant

Energy

Corp.

70,915

2,365

American

Electric

Power

Co.,

Inc.

266,062

77

BKW

AG

16,440

2,700

Chubu

Electric

Power

Co.,

Inc.

37,605

3,500

CK

Infrastructure

Holdings,

Ltd.

23,000

7,500

CLP

Holdings,

Ltd.

62,165

1,436

Constellation

Energy

Corp.

472,545

4,136

Contact

Energy,

Ltd.

21,776

3,574

Duke

Energy

Corp.

442,283

1,665

Edison

International

92,041

15,813

EDP

-

Energias

de

Portugal

SA

75,100

1,347

Emera,

Inc.

64,635

1,281

Endesa

SA

40,928

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

153

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electric

Utilities,

continued

37,688

Enel

SpA

$

357,404

2,044

Entergy

Corp.

190,480

1,046

Evergy,

Inc.

79,517

1,693

Eversource

Energy

120,440

4,610

Exelon

Corp.

207,496

2,490

FirstEnergy

Corp.

114,092

2,376

Fortis,

Inc.

120,533

1,820

Fortum

Oyj

34,398

1,632

Hydro

One,

Ltd.

58,231

29,508

Iberdrola

SA

559,055

3,900

Kansai

Electric

Power

Co.,

Inc.

(The)

55,867

9,346

NextEra

Energy,

Inc.

705,530

937

NRG

Energy,

Inc.

151,747

7,022

Origin

Energy,

Ltd.

58,101

603

Orsted

AS*^

10,838

10,020

PG&E

Corp.

151,102

6,500

Power

Assets

Holdings,

Ltd.

41,194

3,537

PPL

Corp.

131,435

1,850

Redeia

Corp.

SA

35,743

5,021

Southern

Co.

(The)

475,840

5,186

SSE

plc

121,515

6,068

Terna

-

Rete

Elettrica

Nazionale

61,634

453

Verbund

AG

32,926

2,697

Xcel

Energy,

Inc.

217,513

5,785,184

Electrical

Equipment

(1.3%):

7,155

ABB,

Ltd.,

Registered

Shares

515,785

1,065

AMETEK,

Inc.

200,220

1,788

Eaton

Corp.

plc

669,159

2,590

Emerson

Electric

Co.

339,756

700

Fuji

Electric

Co.,

Ltd.

47,852

1,000

Fujikura,

Ltd.

97,233

1,245

GE

Vernova,

Inc.

765,550

239

Hubbell,

Inc.

102,844

1,146

Legrand

SA

191,142

8,700

Mitsubishi

Electric

Corp.

226,514

4,100

NIDEC

Corp.

72,826

1,430

Prysmian

SpA

142,816

498

Rockwell

Automation,

Inc.

174,066

2,477

Schneider

Electric

SE

699,182

3,001

Siemens

Energy

AG*

350,856

1,616

Vertiv

Holdings

Co.,

Class

A

243,790

4,641

Vestas

Wind

Systems

A/S

90,085

4,929,676

Electronic

Equipment,

Instruments

&

Components

(0.8%):

5,507

Amphenol

Corp.,

Class

A

681,491

624

CDW

Corp.

99,391

506

Celestica,

Inc.*

124,535

3,634

Corning,

Inc.

298,097

1,688

Halma

plc

78,338

9,750

Hexagon

AB,

Class

B

117,013

482

Jabil,

Inc.

104,676

800

Keyence

Corp.

297,895

795

Keysight

Technologies,

Inc.*

139,061

6,700

Kyocera

Corp.

91,039

7,300

Murata

Manufacturing

Co.,

Ltd.

138,549

1,400

Shimadzu

Corp.

35,308

8,800

TDK

Corp.

127,315

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

1,352

TE

Connectivity

plc

$

296,805

200

Teledyne

Technologies,

Inc.*

117,208

1,040

Trimble,

Inc.*

84,916

1,200

Yokogawa

Electric

Corp.

34,446

223

Zebra

Technologies

Corp.*

66,267

2,932,350

Energy

Equipment

&

Services

(0.2%):

4,337

Baker

Hughes

Co.

211,299

4,240

Halliburton

Co.

104,304

6,706

Schlumberger

NV

230,485

2,056

Tenaris

SA

36,795

582,883

Entertainment

(1.6%):

2,610

Bollore

SE

14,771

1,500

Capcom

Co.,

Ltd.

40,835

323

CTS

Eventim

AG

&

Co.

KGaA

31,659

1,121

Electronic

Arts,

Inc.

226,106

500

Konami

Group

Corp.

72,154

949

Liberty

Media

Corp.-Liberty

Formula

One*

99,123

742

Live

Nation

Entertainment,

Inc.*

121,243

1,936

Netflix,

Inc.*

2,321,109

1,400

Nexon

Co.,

Ltd.

30,780

5,100

Nintendo

Co.,

Ltd.

436,943

2,410

ROBLOX

Corp.,

Class

A*

333,833

1,758

Sea,

Ltd.,

ADR*

314,207

680

Spotify

Technology

SA*

474,640

868

Take-Two

Interactive

Software,

Inc.*

224,257

600

Toho

Co.,

Ltd.

38,614

4,809

Universal

Music

Group

NV

139,559

8,208

Walt

Disney

Co.

(The)

939,816

10,289

Warner

Bros

Discovery,

Inc.*

200,944

6,060,593

Financial

Services

(2.9%):

109

Adyen

NV*

174,906

1,250

Affirm

Holdings,

Inc.*

91,350

2,051

Apollo

Global

Management,

Inc.

273,337

6,177

Berkshire

Hathaway,

Inc.,

Class

B*

3,105,425

2,651

Block,

Inc.*

191,588

1,482

Edenred

SE

35,308

1,361

Equitable

Holdings,

Inc.

69,112

541

EXOR

NV

53,111

2,543

Fidelity

National

Information

Services,

Inc.

167,685

2,517

Fiserv,

Inc.*

324,517

1,072

Global

Payments,

Inc.

89,062

576

Groupe

Bruxelles

Lambert

NV

51,670

417

Industrivarden

AB,

Class

A

16,625

840

Industrivarden

AB,

Class

C

33,479

8,040

Investor

AB,

Class

B

252,676

331

Jack

Henry

&

Associates,

Inc.

49,296

418

L

E

Lundbergforetagen

AB,

Class

B

21,793

9,161

M&G

plc

31,320

3,903

Mastercard,

Inc.,

Class

A

2,220,065

4,100

Mitsubishi

HC

Capital,

Inc.

33,865

4,062

Nexi

SpA

22,987

5,600

ORIX

Corp.

146,250

4,201

PayPal

Holdings,

Inc.*

281,719

67

Sofina

SA

19,753

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

154

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Financial

Services,

continued

28,600

Sony

Financial

Group,

Inc.*

$

31,720

1,929

Toast,

Inc.,

Class

A*

70,428

7,774

Visa,

Inc.,

Class

A

2,653,888

985

Washington

H

Soul

Pattinson

&

Co.,

Ltd.

25,123

2,757

Wise

plc,

Class

A*

38,493

10,576,551

Food

Products

(0.9%):

3,900

Ajinomoto

Co.,

Inc.

111,894

2,119

Archer-Daniels-Midland

Co.

126,589

1,259

Associated

British

Foods

plc

34,720

23

Barry

Callebaut

AG,

Registered

Shares^

31,602

599

Bunge

Global

SA

48,669

3

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

PC

45,994

2,989

Danone

SA

260,382

2,367

General

Mills,

Inc.

119,344

714

Hershey

Co.

(The)

133,554

1,634

Hormel

Foods

Corp.

40,425

476

JDE

Peet's

NV

17,431

512

JM

Smucker

Co.

(The)

55,603

1,370

Kellanova

112,367

876

Kerry

Group

plc,

Class

A

78,877

2,400

Kikkoman

Corp.

20,347

3,761

Kraft

Heinz

Co.

(The)

97,936

1,213

McCormick

&

Co.,

Inc.

81,162

1,600

MEIJI

Holdings

Co.,

Ltd.

33,178

5,885

Mondelez

International,

Inc.,

Class

A

367,636

2,304

Mowi

ASA

48,873

11,708

Nestle

SA,

Registered

Shares

1,075,678

900

Nissin

Foods

Holdings

Co.,

Ltd.

16,957

3,513

Orkla

ASA

36,778

461

Salmar

ASA

24,692

1,273

Saputo,

Inc.

30,922

1,186

Tyson

Foods,

Inc.,

Class

A

64,400

41,033

WH

Group,

Ltd.

44,601

10,600

Wilmar

International,

Ltd.

23,461

1,800

Yakult

Honsha

Co.,

Ltd.

29,349

3,213,421

Gas

Utilities

(0.1%):

1,573

AltaGas,

Ltd.

48,473

5,182

APA

Group

30,449

691

Atmos

Energy

Corp.

117,988

56,117

Hong

Kong

&

China

Gas

Co.,

Ltd.

48,782

1,400

Osaka

Gas

Co.,

Ltd.

40,585

10,274

Snam

SpA

61,726

1,700

Tokyo

Gas

Co.,

Ltd.

60,499

408,502

Ground

Transportation

(0.9%):

2,401

Canadian

National

Railway

Co.

226,451

4,110

Canadian

Pacific

Kansas

City,

Ltd.

306,146

3,600

Central

Japan

Railway

Co.

103,358

8,581

CSX

Corp.

304,711

3,900

East

Japan

Railway

Co.

95,578

8,772

Grab

Holdings,

Ltd.*

52,807

700

Hankyu

Hanshin

Holdings,

Inc.

20,652

423

JB

Hunt

Transport

Services,

Inc.

56,754

5,000

MTR

Corp.,

Ltd.

16,960

1,023

Norfolk

Southern

Corp.

307,319

Shares

Value

Common

Stocks,

continued

Ground

Transportation,

continued

875

Old

Dominion

Freight

Line,

Inc.

$

123,182

395

TFI

International,

Inc.

34,768

1,500

Tokyo

Metro

Co.,

Ltd.

17,204

2,900

Tokyu

Corp.

35,393

9,076

Uber

Technologies,

Inc.*

889,176

612

U-Haul

Holding

Co.

31,151

2,747

Union

Pacific

Corp.

649,308

1,900

West

Japan

Railway

Co.

41,656

3,312,574

Health

Care

Equipment

&

Supplies

(1.8%):

7,915

Abbott

Laboratories

1,060,135

2,364

Alcon

AG

177,109

346

Align

Technology,

Inc.*

43,326

2,628

Baxter

International,

Inc.

59,840

1,303

Becton

Dickinson

&

Co.

243,883

245

BioMerieux

32,855

6,780

Boston

Scientific

Corp.*

661,931

275

Cochlear,

Ltd.

50,857

597

Coloplast

A/S,

Class

B

51,107

961

Cooper

Cos.,

Inc.

(The)*

65,886

522

Demant

A/S*

18,099

1,771

Dexcom,

Inc.*

119,171

2,679

Edwards

Lifesciences

Corp.*

208,346

1,343

EssilorLuxottica

SA

437,999

2,286

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

49,051

2,014

GE

HealthCare

Technologies,

Inc.

151,251

964

Hologic,

Inc.*

65,060

1,400

Hoya

Corp.

193,416

377

IDEXX

Laboratories,

Inc.*

240,862

329

Insulet

Corp.*

101,572

1,630

Intuitive

Surgical,

Inc.*

728,985

3,786

Koninklijke

Philips

NV

103,631

5,847

Medtronic

plc

556,868

4,500

Olympus

Corp.

57,019

635

ResMed,

Inc.

173,819

1,391

Siemens

Healthineers

AG

75,243

3,943

Smith

&

Nephew

plc

71,034

272

Sonova

Holding

AG

74,543

448

STERIS

plc

110,853

585

Straumann

Holding

AG,

Class

R

62,708

1,550

Stryker

Corp.

572,988

2,200

Sysmex

Corp.

27,284

6,200

Terumo

Corp.

102,334

846

Zimmer

Biomet

Holdings,

Inc.

83,331

6,832,396

Health

Care

Providers

&

Services

(1.2%):

1,088

Cardinal

Health,

Inc.

170,772

866

Cencora,

Inc.

270,651

2,456

Centene

Corp.*

87,630

1,218

Cigna

Group

(The)

351,089

5,864

CVS

Health

Corp.

442,087

149

DaVita,

Inc.*

19,798

1,003

Elevance

Health,

Inc.

324,089

969

Fresenius

Medical

Care

AG

50,839

1,848

Fresenius

SE

&

Co.

KGaA

102,904

805

HCA

Healthcare,

Inc.

343,091

538

Humana,

Inc.

139,971

382

Labcorp

Holdings,

Inc.

109,657

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

155

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

556

McKesson

Corp.

$

429,532

277

Molina

Healthcare,

Inc.*

53,007

517

Quest

Diagnostics,

Inc.

98,530

22,963

Sigma

Healthcare,

Ltd.

45,183

604

Solventum

Corp.*

44,092

2,275

Sonic

Healthcare,

Ltd.

32,273

4,150

UnitedHealth

Group,

Inc.

1,432,995

288

Universal

Health

Services,

Inc.,

Class

B

58,879

4,607,069

Health

Care

REITs

(

0.2%):

3,283

Healthpeak

Properties,

Inc.

62,869

2,176

Ventas,

Inc.

152,298

2,983

Welltower,

Inc.

531,392

746,559

Health

Care

Technology

(0.1%):

1,400

M3,

Inc.

23,020

312

Pro

Medicus,

Ltd.

63,838

727

Veeva

Systems,

Inc.,

Class

A*

216,580

303,438

Hotels,

Restaurants

&

Leisure

(1.7%):

1,023

Accor

SA

48,458

1,980

Airbnb,

Inc.,

Class

A*

240,412

2,070

Amadeus

IT

Group

SA

163,813

2,449

Aristocrat

Leisure,

Ltd.

113,706

149

Booking

Holdings,

Inc.

804,491

4,798

Carnival

Corp.*

138,710

6,355

Chipotle

Mexican

Grill,

Inc.*

249,053

7,952

Compass

Group

plc

270,881

545

Darden

Restaurants,

Inc.

103,746

858

Delivery

Hero

SE*

24,646

170

Domino's

Pizza,

Inc.

73,391

1,640

DoorDash,

Inc.,

Class

A*

446,064

2,081

DraftKings,

Inc.*

77,829

1,939

Entain

plc

22,727

605

Evolution

AB

49,680

570

Expedia

Group,

Inc.

121,838

397

FDJ

UNITED

13,301

803

Flutter

Entertainment

plc*

203,962

8,000

Galaxy

Entertainment

Group,

Ltd.

44,140

24,200

Genting

Singapore,

Ltd.

13,785

1,080

Hilton

Worldwide

Holdings,

Inc.

280,195

145

Hyatt

Hotels

Corp.,

Class

A

20,580

711

InterContinental

Hotels

Group

plc

86,160

1,521

Las

Vegas

Sands

Corp.

81,815

8,492

Lottery

Corp.,

Ltd.

(The)

33,103

1,044

Marriott

International,

Inc.,

Class

A

271,899

3,226

McDonald's

Corp.

980,349

5,400

Oriental

Land

Co.,

Ltd.

129,809

1,302

Restaurant

Brands

International,

Inc.

83,510

1,150

Royal

Caribbean

Cruises,

Ltd.

372,117

15,600

Sands

China,

Ltd.

43,581

370

Sodexo

SA

23,291

5,119

Starbucks

Corp.

433,067

808

Whitbread

plc

35,171

1,254

Yum!

Brands,

Inc.

190,608

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

500

Zensho

Holdings

Co.,

Ltd.

$

32,735

6,322,623

Household

Durables

(0.5%):

6,179

Barratt

Redrow

plc

32,448

1,282

D.R.

Horton,

Inc.

217,261

724

Garmin,

Ltd.

178,263

1,011

Lennar

Corp.,

Class

A

127,426

13

NVR,

Inc.*

104,451

9,900

Panasonic

Holdings

Corp.

107,540

958

PulteGroup,

Inc.

126,580

2,100

Sekisui

Chemical

Co.,

Ltd.

39,054

2,600

Sekisui

House,

Ltd.

59,101

28,600

Sony

Group

Corp.

820,766

1,812,890

Household

Products

(0.7%):

1,174

Church

&

Dwight

Co.,

Inc.

102,878

631

Clorox

Co.

(The)

77,802

3,486

Colgate-Palmolive

Co.

278,671

2,741

Essity

AB,

Class

B

71,721

411

Henkel

AG

&

Co.

KGaA

30,482

1,487

Kimberly-Clark

Corp.

184,894

10,715

Procter

&

Gamble

Co.

(The)

1,646,360

3,010

Reckitt

Benckiser

Group

plc

232,430

4,800

Unicharm

Corp.

31,300

2,656,538

Independent

Power

and

Renewable

Electricity

Producers

(0.1%):

787

Brookfield

Renewable

Corp.

27,097

2,093

EDP

Renovaveis

SA

27,641

7,411

Meridian

Energy,

Ltd.

23,931

2,828

RWE

AG

125,579

1,517

Vistra

Corp.

297,211

501,459

Industrial

Conglomerates

(1.2%):

2,497

3M

Co.

387,484

14,000

CK

Hutchison

Holdings,

Ltd.

92,398

377

DCC

plc^

24,323

4,856

General

Electric

Co.

1,460,782

21,000

Hitachi,

Ltd.

551,516

2,935

Honeywell

International,

Inc.

617,818

4,767

Infratil,

Ltd.

34,065

315

Investment

AB

Latour,

Class

B

7,504

700

Jardine

Matheson

Holdings,

Ltd.

44,275

7,700

Keppel,

Ltd.

53,256

1,031

Lifco

AB,

Class

B

35,070

3,456

Siemens

AG,

Registered

Shares

932,373

1,653

Smiths

Group

plc

52,723

4,293,587

Industrial

REITs

(0.2%):

19,644

CapitaLand

Ascendas

REIT^

42,600

8,801

Goodman

Group

191,565

4,274

Prologis,

Inc.

489,459

5,450

Segro

plc

48,218

771,842

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

156

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance

(3.1%):

1,160

Admiral

Group

plc

$

52,439

6,025

Aegon,

Ltd.

48,642

2,343

Aflac,

Inc.

261,713

810

Ageas

SA/NV

56,229

48,000

AIA

Group,

Ltd.

460,106

1,732

Allianz

SE,

Registered

Shares

+

727,941

1,209

Allstate

Corp.

(The)

259,512

355

American

Financial

Group,

Inc.

51,731

2,659

American

International

Group,

Inc.

208,838

893

Aon

plc,

Class

A

318,426

1,672

Arch

Capital

Group,

Ltd.

151,701

1,140

Arthur

J.

Gallagher

&

Co.

353,104

708

ASR

Nederland

NV

48,178

14,819

Aviva

plc

137,205

8,106

AXA

SA

388,073

209

Baloise

Holding

AG,

Registered

Shares

51,725

1,417

Brown

&

Brown,

Inc.

132,900

1,741

Chubb,

Ltd.

491,397

719

Cincinnati

Financial

Corp.

113,674

17,100

Dai-ichi

Life

Holdings,

Inc.

134,537

141

Erie

Indemnity

Co.,

Class

A

44,861

174

Everest

Group,

Ltd.

60,940

92

Fairfax

Financial

Holdings,

Ltd.

160,979

1,192

Fidelity

National

Financial,

Inc.

72,104

3,803

Generali

149,415

673

Gjensidige

Forsikring

ASA

19,789

1,253

Great-West

Lifeco,

Inc.

50,858

286

Hannover

Rueck

SE

86,245

1,367

Hartford

Insurance

Group,

Inc.

(The)

182,344

192

Helvetia

Holding

AG,

Registered

Shares

47,083

447

iA

Financial

Corp.,

Inc.

50,829

9,533

Insurance

Australia

Group,

Ltd.

51,611

827

Intact

Financial

Corp.

160,925

9,100

Japan

Post

Holdings

Co.,

Ltd.

90,352

600

Japan

Post

Insurance

Co.,

Ltd.

16,989

28,760

Legal

&

General

Group

plc

92,420

816

Loews

Corp.

81,918

8,012

Manulife

Financial

Corp.

249,659

55

Markel

Group,

Inc.*

105,125

2,263

Marsh

&

McLennan

Cos.,

Inc.

456,062

11,639

Medibank

Pvt,

Ltd.

37,051

2,587

MetLife,

Inc.

213,091

6,100

MS&AD

Insurance

Group

Holdings,

Inc.

138,403

607

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Class

R

387,797

1,266

NN

Group

NV

89,372

3,380

Phoenix

Group

Holdings

plc

29,330

2,089

Poste

Italiane

SpA

49,538

2,469

Power

Corp.

of

Canada^

106,851

922

Principal

Financial

Group,

Inc.

76,443

2,698

Progressive

Corp.

(The)

666,271

1,676

Prudential

Financial,

Inc.

173,868

11,355

Prudential

plc

159,816

7,447

QBE

Insurance

Group,

Ltd.

101,554

11,654

Sampo

Oyj,

A

Shares

134,124

3,900

Sompo

Holdings,

Inc.

120,463

2,436

Sun

Life

Financial,

Inc.

146,300

4,738

Suncorp

Group,

Ltd.

63,732

138

Swiss

Life

Holding

AG

148,775

Shares

Value

Common

Stocks,

continued

Insurance,

continued

1,395

Swiss

Re

AG

$

258,568

2,100

T&D

Holdings,

Inc.

51,328

335

Talanx

AG

44,537

8,600

Tokio

Marine

Holdings,

Inc.

363,865

997

Travelers

Cos.,

Inc.

(The)

278,382

1,645

Tryg

A/S

41,809

1,310

W

R

Berkley

Corp.

100,372

442

Willis

Towers

Watson

plc

152,689

680

Zurich

Insurance

Group

AG

485,457

11,298,365

Interactive

Media

&

Services

(5.3%):

26,447

Alphabet,

Inc.,

Class

A

6,429,266

22,326

Alphabet,

Inc.,

Class

C

5,437,497

4,250

Auto

Trader

Group

plc

45,088

1,633

CAR

Group,

Ltd.

39,811

12,600

LY

Corp.

40,637

9,866

Meta

Platforms,

Inc.,

Class

A

7,245,393

2,707

Pinterest,

Inc.,

Class

A*

87,084

296

REA

Group,

Ltd.

45,365

339

Reddit,

Inc.,

Class

A*

77,967

349

Scout24

SE

43,691

5,042

Snap,

Inc.,

Class

A*

38,874

19,530,673

IT

Services

(1.3%):

2,864

Accenture

plc,

Class

A

706,262

654

Akamai

Technologies,

Inc.*

49,547

748

Capgemini

SE

108,833

845

CGI,

Inc.

75,276

1,436

Cloudflare,

Inc.,

Class

A*

308,151

2,371

Cognizant

Technology

Solutions

Corp.,

Class

A

159,023

7,800

Fujitsu,

Ltd.

183,415

359

Gartner,

Inc.*

94,370

674

GoDaddy,

Inc.,

Class

A*

92,224

4,217

International

Business

Machines

Corp.

1,189,869

349

MongoDB,

Inc.*

108,323

6,000

NEC

Corp.

191,834

1,920

Nomura

Research

Institute,

Ltd.

73,650

1,700

Obic

Co.,

Ltd.

59,351

761

Okta,

Inc.*

69,784

1,000

Otsuka

Corp.

20,891

900

SCSK

Corp.

26,976

5,490

Shopify,

Inc.,

Class

A*

815,747

1,464

Snowflake,

Inc.*

330,205

800

TIS,

Inc.

26,395

637

Twilio,

Inc.,

Class

A*

63,757

351

VeriSign,

Inc.

98,129

301

Wix.com,

Ltd.*

53,467

4,905,479

Leisure

Products

(0.0%

†

):

2,600

Bandai

Namco

Holdings,

Inc.

86,433

400

Shimano,

Inc.

45,453

131,886

Life

Sciences

Tools

&

Services

(0.7%):

1,324

Agilent

Technologies,

Inc.

169,935

2,907

Danaher

Corp.

576,342

702

Eurofins

Scientific

SE

51,100

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

157

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Life

Sciences

Tools

&

Services,

continued

775

Illumina,

Inc.*

$

73,602

805

IQVIA

Holdings,

Inc.*

152,902

311

Lonza

Group

AG,

Registered

Shares

208,763

92

Mettler-Toledo

International,

Inc.*

112,940

1,129

Qiagen

NV

50,137

508

Revvity,

Inc.^

44,526

104

Sartorius

Stedim

Biotech

21,053

1,695

Thermo

Fisher

Scientific,

Inc.

822,109

259

Waters

Corp.*

77,651

301

West

Pharmaceutical

Services,

Inc.

78,961

2,440,021

Machinery

(1.8%):

1,215

Alfa

Laval

AB

55,763

1,428

Alstom

SA*

37,518

11,773

Atlas

Copco

AB,

Class

A

200,571

7,180

Atlas

Copco

AB,

Class

B

108,392

2,153

Caterpillar,

Inc.

1,027,304

4,485

CNH

Industrial

NV

48,675

603

Cummins,

Inc.

254,689

1,300

Daifuku

Co.,

Ltd.

41,588

2,224

Daimler

Truck

Holding

AG

91,628

1,173

Deere

&

Co.

536,366

582

Dover

Corp.

97,095

3,076

Epiroc

AB,

Class

A

64,991

1,398

Epiroc

AB,

Class

B

26,471

4,100

FANUC

Corp.

116,841

1,630

Fortive

Corp.

79,854

686

GEA

Group

AG

50,673

820

Graco,

Inc.

69,667

399

IDEX

Corp.

64,941

4,900

IHI

Corp.

91,148

1,235

Illinois

Tool

Works,

Inc.

322,039

1,318

Indutrade

AB

30,361

1,863

Ingersoll

Rand,

Inc.

153,921

700

Kawasaki

Heavy

Industries,

Ltd.

46,076

395

Knorr-Bremse

AG

37,089

4,300

Komatsu,

Ltd.

149,640

1,603

Kone

Oyj,

Class

B

109,355

4,000

Kubota

Corp.

50,265

900

Makita

Corp.

29,185

3,536

Metso

Oyj^

48,717

1,200

MINEBEA

MITSUMI,

Inc.

22,566

14,500

Mitsubishi

Heavy

Industries,

Ltd.

378,924

254

Nordson

Corp.

57,645

1,817

Otis

Worldwide

Corp.

166,128

2,355

PACCAR,

Inc.

231,544

590

Parker-Hannifin

Corp.

447,309

750

Pentair

plc

83,070

32

Rational

AG

24,385

4,648

Sandvik

AB

130,226

204

Schindler

Holding

AG,

Class

PC

77,570

110

Schindler

Holding

AG,

Registered

Shares

39,777

1,412

SKF

AB,

B

Shares

35,252

200

SMC

Corp.

61,208

261

Snap-on,

Inc.

90,444

405

Spirax

Group

plc

37,356

7,500

Techtronic

Industries

Co.,

Ltd.

96,223

800

Toyota

Industries

Corp.

90,040

786

Trelleborg

AB,

Class

B

29,478

Shares

Value

Common

Stocks,

continued

Machinery,

continued

144

VAT

Group

AG

$

57,313

7,280

Volvo

AB,

Class

B

210,048

1,984

Wartsila

OYJ

Abp

59,407

743

Westinghouse

Air

Brake

Technologies

Corp.

148,949

1,090

Xylem,

Inc.

160,775

13,400

Yangzijiang

Shipbuilding

Holdings,

Ltd.

35,122

6,811,582

Marine

Transportation

(0.1%):

7

AP

Moller

-

Maersk

A/S,

Class

A

13,706

24

AP

Moller

-

Maersk

A/S,

Class

B

47,073

1,100

Kawasaki

Kisen

Kaisha,

Ltd.

15,647

272

Kuehne

+

Nagel

International

AG,

Class

R

50,903

1,500

Mitsui

OSK

Lines,

Ltd.

45,615

1,800

Nippon

Yusen

KK

61,419

4,000

SITC

International

Holdings

Co.,

Ltd.

15,410

249,773

Media

(0.3%):

377

Charter

Communications,

Inc.,

Class

A*

103,715

16,728

Comcast

Corp.,

Class

A

525,594

856

Fox

Corp.,

Class

A

53,979

566

Fox

Corp.,

Class

B

32,426

5,466

Informa

plc

67,539

1,746

News

Corp.,

Class

A

53,620

959

Omnicom

Group,

Inc.

78,187

1,092

Publicis

Groupe

SA

104,804

2,087

Trade

Desk,

Inc.

(The),

Class

A*

102,284

5,465

WPP

plc

27,305

1,149,453

Metals

&

Mining

(1.3%):

2,276

Agnico

Eagle

Mines,

Ltd.

383,395

2,091

Alamos

Gold,

Inc.

72,896

5,236

Anglo

American

plc

197,106

1,719

Antofagasta

plc

64,024

2,306

ArcelorMittal

SA

83,323

7,814

Barrick

Mining

Corp.

256,686

23,445

BHP

Group,

Ltd.

654,886

1,746

BlueScope

Steel,

Ltd.

26,265

1,507

Boliden

AB*

61,536

10,021

Evolution

Mining,

Ltd.

72,171

3,038

First

Quantum

Minerals,

Ltd.*

68,729

8,268

Fortescue,

Ltd.

102,532

858

Franco-Nevada

Corp.

191,004

6,691

Freeport-McMoRan,

Inc.

262,421

45,250

Glencore

plc*

209,081

2,745

Ivanhoe

Mines,

Ltd.*

29,117

3,100

JFE

Holdings,

Inc.

38,139

5,885

Kinross

Gold

Corp.

146,078

2,775

Lundin

Mining

Corp.

41,401

5,107

Newmont

Corp.

430,571

21,000

Nippon

Steel

Corp.

86,406

6,687

Norsk

Hydro

ASA

45,339

5,735

Northern

Star

Resources,

Ltd.

90,420

1,050

Nucor

Corp.

142,201

1,988

Pan

American

Silver

Corp.

77,048

257

Reliance,

Inc.

72,173

5,253

Rio

Tinto

plc

346,122

1,669

Rio

Tinto,

Ltd.

134,897

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

158

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

23,062

South32,

Ltd.

$

41,858

693

Steel

Dynamics,

Inc.

96,625

1,100

Sumitomo

Metal

Mining

Co.,

Ltd.

35,488

2,120

Teck

Resources,

Ltd.,

Class

B

93,012

2,013

Wheaton

Precious

Metals

Corp.

225,300

4,878,250

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.0%

†

):

2,345

Annaly

Capital

Management,

Inc.

47,393

Multi-Utilities

(0.7%):

1,177

Ameren

Corp.

122,855

310

Canadian

Utilities,

Ltd.,

Class

A

8,673

2,763

CenterPoint

Energy,

Inc.

107,205

23,210

Centrica

plc

51,991

1,365

CMS

Energy

Corp.

100,000

1,617

Consolidated

Edison,

Inc.

162,541

3,961

Dominion

Energy,

Inc.

242,294

939

DTE

Energy

Co.

132,803

10,205

E.ON

SE

191,852

8,090

Engie

SA

173,513

22,607

National

Grid

plc

325,868

2,232

NiSource,

Inc.

96,646

2,350

Public

Service

Enterprise

Group,

Inc.

196,131

4,600

Sembcorp

Industries,

Ltd.^

21,524

2,932

Sempra

263,821

2,827

Veolia

Environnement

SA

96,571

1,381

WEC

Energy

Group,

Inc.

158,249

2,452,537

Office

REITs

(0.0%

†

):

720

Alexandria

Real

Estate

Equities,

Inc.

60,005

594

BXP,

Inc.

44,158

316

Covivio

SA

21,310

236

Gecina

SA

23,653

31

Nippon

Building

Fund,

Inc.

29,253

178,379

Oil,

Gas

&

Consumable

Fuels

(3.2%):

1,032

Aker

BP

ASA

26,272

2,696

ARC

Resources,

Ltd.^

49,173

72,767

BP

plc

417,362

1,879

Cameco

Corp.

157,720

9,527

Canadian

Natural

Resources,

Ltd.

304,672

6,575

Cenovus

Energy,

Inc.

111,655

1,002

Cheniere

Energy,

Inc.

235,450

8,918

Chevron

Corp.

1,384,876

5,638

ConocoPhillips

533,299

3,642

Coterra

Energy,

Inc.

86,133

2,880

Devon

Energy

Corp.

100,973

802

Diamondback

Energy,

Inc.

114,766

10,071

Enbridge,

Inc.

508,146

13,450

ENEOS

Holdings,

Inc.

85,397

9,828

Eni

SpA^

171,593

2,543

EOG

Resources,

Inc.

285,121

2,726

EQT

Corp.

148,376

3,680

Equinor

ASA

90,058

1,050

Expand

Energy

Corp.

111,552

19,543

Exxon

Mobil

Corp.

2,203,473

2,144

Galp

Energia

SGPS

SA

40,648

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

4,610

Idemitsu

Kosan

Co.,

Ltd.

$

31,672

778

Imperial

Oil,

Ltd.

70,554

3,500

Inpex

Corp.

62,957

1,180

Keyera

Corp.

39,594

8,798

Kinder

Morgan,

Inc.

249,071

1,353

Marathon

Petroleum

Corp.

260,777

1,950

Neste

Oyj

35,722

3,257

Occidental

Petroleum

Corp.

153,893

601

OMV

AG

32,046

2,792

ONEOK,

Inc.

203,732

2,644

Pembina

Pipeline

Corp.

106,919

1,867

Phillips

66

253,949

4,778

Repsol

SA

84,790

16,397

Santos,

Ltd.

73,414

26,518

Shell

plc

943,996

5,771

Suncor

Energy,

Inc.

241,540

1,007

Targa

Resources

Corp.

168,713

4,737

TC

Energy

Corp.^

257,599

96

Texas

Pacific

Land

Corp.

89,630

9,274

TotalEnergies

SE

565,837

1,864

Tourmaline

Oil

Corp.

80,401

1,363

Valero

Energy

Corp.

232,064

6,224

Whitecap

Resources,

Inc.

47,502

5,513

Williams

Cos.,

Inc.

(The)

349,249

8,634

Woodside

Energy

Group,

Ltd.

129,649

11,931,985

Paper

&

Forest

Products

(0.0%

†

):

239

Holmen

AB,

B

Shares

9,081

2,152

Mondi

plc

29,799

2,811

Stora

Enso

Oyj,

Class

R^

30,928

2,963

Svenska

Cellulosa

AB

SCA,

Class

B

39,276

2,612

UPM-Kymmene

Oyj^

71,517

180,601

Passenger

Airlines

(0.1%):

1,000

ANA

Holdings,

Inc.

19,355

638

Delta

Air

Lines,

Inc.

36,207

1,788

Deutsche

Lufthansa

AG,

Registered

Shares

15,151

1,000

Japan

Airlines

Co.,

Ltd.

20,199

2,183

Qantas

Airways,

Ltd.

15,824

4,228

Ryanair

Holdings

plc

123,673

8,850

Singapore

Airlines,

Ltd.^

44,857

423

United

Airlines

Holdings,

Inc.*

40,820

316,086

Personal

Care

Products

(0.5%):

450

Beiersdorf

AG

47,074

1,114

Estee

Lauder

Cos.,

Inc.

(The)

98,166

38,819

Haleon

plc

175,317

2,000

Kao

Corp.

87,176

8,821

Kenvue,

Inc.

143,165

1,088

L'Oreal

SA

471,373

2,100

Shiseido

Co.,

Ltd.

35,926

11,089

Unilever

plc

655,398

1,713,595

Pharmaceuticals

(3.7%):

7,900

Astellas

Pharma,

Inc.

86,167

7,017

AstraZeneca

plc

1,071,711

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

159

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

4,655

Bayer

AG,

Registered

Shares

$

154,324

9,413

Bristol-Myers

Squibb

Co.

424,526

3,100

Chugai

Pharmaceutical

Co.,

Ltd.

137,143

7,500

Daiichi

Sankyo

Co.,

Ltd.

167,885

1,200

Eisai

Co.,

Ltd.

40,322

3,661

Eli

Lilly

&

Co.

2,793,343

507

Galderma

Group

AG

88,539

18,521

GSK

plc

398,149

1,106

Hikma

Pharmaceuticals

plc

25,455

123

Ipsen

SA

16,556

10,907

Johnson

&

Johnson

2,022,376

1,400

Kyowa

Kirin

Co.,

Ltd.

21,765

11,518

Merck

&

Co.,

Inc.

966,706

627

Merck

KGaA

80,641

8,706

Novartis

AG,

Registered

Shares

1,119,720

14,589

Novo

Nordisk

A/S,

Class

B

805,371

379

Orion

Oyj,

Class

B

29,027

2,000

Otsuka

Holdings

Co.,

Ltd.

106,859

26,021

Pfizer,

Inc.

663,015

582

Recordati

Industria

Chimica

e

Farmaceutica

SpA

35,347

3,229

Roche

Holding

AG

1,062,965

131

Roche

Holding

AG,

Class

BR

45,175

1,624

Royalty

Pharma

plc,

Class

A

57,295

1,922

Sandoz

Group

AG

114,318

5,073

Sanofi

SA

479,461

3,400

Shionogi

&

Co.,

Ltd.

60,139

7,450

Takeda

Pharmaceutical

Co.,

Ltd.

217,515

5,004

Teva

Pharmaceutical

Industries,

Ltd.,

ADR*

101,081

562

UCB

SA

155,468

1,979

Zoetis,

Inc.

289,567

13,837,931

Professional

Services

(0.8%):

1,846

Automatic

Data

Processing,

Inc.

541,801

515

Booz

Allen

Hamilton

Holding

Corp.

51,474

533

Broadridge

Financial

Solutions,

Inc.

126,945

1,383

Bureau

Veritas

SA

43,419

2,101

Computershare,

Ltd.

50,465

547

Equifax,

Inc.

140,322

4,144

Experian

plc

208,670

594

Intertek

Group

plc

37,966

588

Jacobs

Solutions,

Inc.

88,118

548

Leidos

Holdings,

Inc.

103,550

1,536

Paychex,

Inc.

194,703

238

Paycom

Software,

Inc.

49,537

647

Randstad

NV

27,710

6,200

Recruit

Holdings

Co.,

Ltd.

332,689

8,493

RELX

plc

405,584

767

SGS

SA,

Registered

Shares

79,795

937

SS&C

Technologies

Holdings,

Inc.

83,168

227

Teleperformance

SE

16,921

719

Thomson

Reuters

Corp.

111,661

802

TransUnion

67,192

604

Verisk

Analytics,

Inc.

151,912

1,095

Wolters

Kluwer

NV

149,457

3,063,059

Real

Estate

Management

&

Development

(0.4%):

116

Azrieli

Group,

Ltd.

11,538

8,900

CapitaLand

Investment,

Ltd.

18,594

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

1,411

CBRE

Group,

Inc.,

Class

A*

$

222,317

8,500

CK

Asset

Holdings,

Ltd.

41,252

1,977

CoStar

Group,

Inc.*

166,799

1,500

Daito

Trust

Construction

Co.,

Ltd.

32,904

2,200

Daiwa

House

Industry

Co.,

Ltd.

79,096

3,858

Fastighets

AB

Balder,

B

Shares*

27,729

158

FirstService

Corp.,

Class

WI

30,108

6,324

Henderson

Land

Development

Co.,

Ltd.

22,324

3,700

Hongkong

Land

Holdings,

Ltd.

23,414

2,400

Hulic

Co.,

Ltd.

26,307

403

LEG

Immobilien

SE

32,034

5,100

Mitsubishi

Estate

Co.,

Ltd.

117,458

12,900

Mitsui

Fudosan

Co.,

Ltd.

140,936

1,352

Sagax

AB,

Class

B

28,290

8,117

Sino

Land

Co.,

Ltd.

10,276

1,600

Sumitomo

Realty

&

Development

Co.,

Ltd.

70,594

7,500

Sun

Hung

Kai

Properties,

Ltd.

89,958

2,000

Swire

Pacific,

Ltd.,

Class

A

16,973

371

Swiss

Prime

Site

AG,

Registered

Shares

51,934

3,524

Vonovia

SE

109,971

4,000

Wharf

Real

Estate

Investment

Co.,

Ltd.

11,829

751

Zillow

Group,

Inc.,

Class

C*

57,865

1,440,500

Residential

REITs

(0.2%):

1,454

American

Homes

4

Rent,

Class

A

48,345

689

AvalonBay

Communities,

Inc.

133,094

556

Camden

Property

Trust

59,370

839

Equity

LifeStyle

Properties,

Inc.

50,927

1,582

Equity

Residential

102,403

289

Essex

Property

Trust,

Inc.

77,354

2,727

Invitation

Homes,

Inc.

79,983

535

Mid-America

Apartment

Communities,

Inc.

74,756

562

Sun

Communities,

Inc.

72,498

1,276

UDR,

Inc.

47,544

746,274

Retail

REITs

(0.3%):

22,973

CapitaLand

Integrated

Commercial

Trust

40,797

3,182

Kimco

Realty

Corp.

69,527

1,137

Klepierre

SA

44,283

13,100

Link

REIT

67,386

4,024

Realty

Income

Corp.

244,619

906

Regency

Centers

Corp.

66,047

20,751

Scentre

Group

56,129

1,508

Simon

Property

Group,

Inc.

283,006

572

Unibail-Rodamco-Westfield

60,313

13,569

Vicinity,

Ltd.

22,663

954,770

Semiconductors

&

Semiconductor

Equipment

(10

.6%):

7,422

Advanced

Micro

Devices,

Inc.*

1,200,805

3,500

Advantest

Corp.

349,967

2,227

Analog

Devices,

Inc.

547,174

3,664

Applied

Materials,

Inc.

750,167

222

ASM

International

NV

133,430

1,785

ASML

Holding

NV

1,740,087

296

BE

Semiconductor

Industries

NV

44,388

20,305

Broadcom,

Inc.

6,698,823

400

Disco

Corp.

125,668

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

160

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

768

Entegris,

Inc.

$

71,009

495

First

Solar,

Inc.*

109,162

6,190

Infineon

Technologies

AG

241,576

19,821

Intel

Corp.*

664,995

606

KLA

Corp.

653,632

5,837

Lam

Research

Corp.

781,574

400

Lasertec

Corp.

55,273

3,843

Marvell

Technology,

Inc.

323,081

2,346

Microchip

Technology,

Inc.

150,660

5,069

Micron

Technology,

Inc.

848,145

222

Monolithic

Power

Systems,

Inc.

204,382

110,878

NVIDIA

Corp.

20,687,617

1,126

NXP

Semiconductors

NV

256,424

1,880

ON

Semiconductor

Corp.*

92,703

4,926

QUALCOMM,

Inc.

819,489

7,200

Renesas

Electronics

Corp.

82,727

500

SCREEN

Holdings

Co.,

Ltd.

45,277

3,170

STMicroelectronics

NV

89,596

750

Teradyne,

Inc.

103,230

4,130

Texas

Instruments,

Inc.

758,805

2,000

Tokyo

Electron,

Ltd.

360,637

38,990,503

Software

(8.7%):

1,905

Adobe,

Inc.*

671,989

1,061

AppLovin

Corp.,

Class

A*

762,371

790

Atlassian

Corp.,

Class

A*

126,163

969

Autodesk,

Inc.*

307,822

817

Bentley

Systems,

Inc.,

Class

B

42,059

1,233

Cadence

Design

Systems,

Inc.*

433,104

410

Check

Point

Software

Technologies,

Ltd.*

84,833

95

Constellation

Software,

Inc.

257,929

279

Corpay,

Inc.*

80,369

1,145

Crowdstrike

Holdings,

Inc.,

Class

A*

561,485

221

CyberArk

Software,

Ltd.*

106,776

3,301

Dassault

Systemes

SE

111,028

1,345

Datadog,

Inc.,

Class

A*

191,528

425

Descartes

Systems

Group,

Inc.

(The)*

40,023

990

Docusign,

Inc.*

71,369

1,408

Dynatrace,

Inc.*

68,218

107

Fair

Isaac

Corp.*

160,129

2,894

FORTINET

INC*

243,328

2,191

Gen

Digital,

Inc.

62,202

214

HubSpot,

Inc.*

100,109

1,267

Intuit,

Inc.

865,247

32,086

Microsoft

Corp.

16,618,944

219

Monday.com,

Ltd.*

42,418

236

Nemetschek

SE

30,707

278

Nice,

Ltd.*

40,450

1,125

Nutanix,

Inc.,

Class

A*

83,689

1,019

Open

Text

Corp.

38,094

100

Oracle

Corp.

10,219

7,688

Oracle

Corp.,

ADR

2,162,173

10,247

Palantir

Technologies,

Inc.,

Class

A*

1,869,258

3,066

Palo

Alto

Networks,

Inc.*

624,299

524

PTC,

Inc.*

106,382

491

Roper

Technologies,

Inc.

244,857

5,098

Sage

Group

plc

(The)

75,682

4,349

Salesforce,

Inc.

1,030,713

1,209

Samsara,

Inc.,

Class

A*

45,035

Shares

Value

Common

Stocks,

continued

Software,

continued

4,735

SAP

SE

$

1,269,253

937

ServiceNow,

Inc.*

862,302

1,131

Strategy,

Inc.*

364,419

832

Synopsys,

Inc.*

410,500

500

Trend

Micro,

Inc.

27,315

204

Tyler

Technologies,

Inc.*

106,725

846

WiseTech

Global,

Ltd.

50,577

953

Workday,

Inc.,

Class

A*

229,416

757

Xero,

Ltd.*

79,098

1,082

Zoom

Communications,

Inc.*

89,265

465

Zscaler,

Inc.*

139,342

31,999,213

Specialized

REITs

(0.6%):

2,176

American

Tower

Corp.

418,488

1,979

Crown

Castle,

Inc.

190,954

1,501

Digital

Realty

Trust,

Inc.

259,493

447

Equinix,

Inc.

350,108

980

Extra

Space

Storage,

Inc.

138,121

1,147

Gaming

and

Leisure

Properties,

Inc.

53,462

1,427

Iron

Mountain,

Inc.

145,468

709

Public

Storage

204,795

479

SBA

Communications

Corp.

92,615

5,086

VICI

Properties,

Inc.

165,854

3,076

Weyerhaeuser

Co.

76,254

2,095,612

Specialty

Retail

(1.5%):

76

AutoZone,

Inc.*

326,058

852

Best

Buy

Co.,

Inc.

64,428

265

Burlington

Stores,

Inc.*

67,443

554

Carvana

Co.*

208,991

261

Dick's

Sporting

Goods,

Inc.

57,999

900

Fast

Retailing

Co.,

Ltd.

273,329

2,998

H

&

M

Hennes

&

Mauritz

AB,

Class

B

55,940

4,518

Home

Depot,

Inc.

(The)

1,830,648

4,997

Industria

de

Diseno

Textil

SA

276,030

17,355

JD

Sports

Fashion

plc

22,260

7,650

Kingfisher

plc

31,943

2,525

Lowe's

Cos.,

Inc.

634,558

1,000

Nitori

Holdings

Co.,

Ltd.

19,279

3,874

O'Reilly

Automotive,

Inc.*

417,656

1,478

Ross

Stores,

Inc.

225,232

900

Sanrio

Co.,

Ltd.

42,153

5,022

TJX

Cos.,

Inc.

(The)

725,880

2,308

Tractor

Supply

Co.

131,256

205

Ulta

Beauty,

Inc.*

112,084

541

Williams-Sonoma,

Inc.

105,738

829

Zalando

SE*

25,412

1,200

ZOZO,

Inc.

11,025

5,665,342

Technology

Hardware,

Storage

&

Peripherals

(5.1%):

67,871

Apple,

Inc.

17,281,993

3,800

Canon,

Inc.

111,250

1,546

Dell

Technologies,

Inc.,

Class

C

219,176

5,600

FUJIFILM

Holdings

Corp.

139,558

5,945

Hewlett

Packard

Enterprise

Co.

146,009

4,065

HP,

Inc.

110,690

677

Logitech

International

SA,

Class

R

74,577

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

161

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

898

NetApp,

Inc.

$

106,377

1,332

Pure

Storage,

Inc.,

Class

A*

111,635

992

Seagate

Technology

Holdings

plc

234,172

2,281

Super

Micro

Computer,

Inc.*

109,351

1,521

Western

Digital

Corp.

182,611

18,827,399

Textiles,

Apparel

&

Luxury

Goods

(0.7%):

787

adidas

AG

165,974

3,200

Asics

Corp.

83,562

2,452

Cie

Financiere

Richemont

SA,

Registered

Shares

470,576

627

Deckers

Outdoor

Corp.*

63,559

709

Gildan

Activewear,

Inc.

40,966

141

Hermes

International

SCA

345,748

348

Kering

SA

115,955

526

Lululemon

Athletica,

Inc.*

93,591

1,135

LVMH

Moet

Hennessy

Louis

Vuitton

SE

694,401

1,224

Moncler

SpA

71,796

5,333

NIKE,

Inc.,

Class

B

371,870

416

Pandora

A/S

54,395

120

Swatch

Group

AG

(The),

Class

BR

22,596

970

Tapestry,

Inc.

109,823

2,704,812

Tobacco

(0.7%):

7,712

Altria

Group,

Inc.

509,455

9,203

British

American

Tobacco

plc

488,296

3,357

Imperial

Brands

plc

142,583

5,800

Japan

Tobacco,

Inc.

190,651

7,063

Philip

Morris

International,

Inc.

1,145,619

2,476,604

Trading

Companies

&

Distributors

(0.8%):

969

AddTech

AB,

B

Shares

31,691

776

AerCap

Holdings

NV

93,896

1,997

Ashtead

Group

plc

134,179

1,995

Beijer

Ref

AB

31,107

609

Brenntag

SE

36,491

1,532

Bunzl

plc

48,357

5,054

Fastenal

Co.

247,848

868

Ferguson

Enterprises,

Inc.

194,936

327

IMCD

NV

33,802

5,500

ITOCHU

Corp.

316,314

6,100

Marubeni

Corp.

152,228

14,700

Mitsubishi

Corp.

350,452

11,100

Mitsui

&

Co.,

Ltd.

275,665

1,400

MonotaRO

Co.,

Ltd.

20,334

758

Rexel

SA

25,027

1,046

SGH,

Ltd.

34,735

5,300

Sumitomo

Corp.

153,397

305

Toromont

Industries,

Ltd.

33,869

3,100

Toyota

Tsusho

Corp.

85,762

304

United

Rentals,

Inc.

290,217

217

W.W.

Grainger,

Inc.

206,792

160

Watsco,

Inc.

64,688

2,861,787

Transportation

Infrastructure

(0.1%):

3,640

Aena

SME

SA

99,719

215

Aeroports

de

Paris

SA

28,506

Shares

Value

Common

Stocks,

continued

Transportation

Infrastructure,

continued

8,354

Auckland

International

Airport,

Ltd.

$

38,154

902

Getlink

SE

16,594

14,856

Transurban

Group

136,007

318,980

Water

Utilities

(0.1%):

957

American

Water

Works

Co.,

Inc.

133,205

1,161

Essential

Utilities,

Inc.

46,324

1,203

Severn

Trent

plc

41,918

3,366

United

Utilities

Group

plc

51,884

273,331

Wireless

Telecommunication

Services

(0.5%):

14,400

KDDI

Corp.

230,762

1,807

Rogers

Communications,

Inc.,

Class

B

62,216

126,000

SoftBank

Corp.

185,343

4,300

SoftBank

Group

Corp.

546,199

2,292

Tele2

AB,

B

Shares

39,120

2,308

T-Mobile

US,

Inc.

552,489

87,790

Vodafone

Group

plc

101,786

1,717,915

Total

Common

Stocks

(Cost

$176,504,284)

365,908,924

Preferred

Stocks

(0.1%):

Automobiles

(0.1%):

132

Bayerische

Motoren

Werke

AG,

5.46%

12,250

634

Dr.

Ing

hc

F

Porsche

AG,

1.98%^

30,775

796

Porsche

Automobil

Holding

SE,

5.71%

31,270

980

Volkswagen

AG,

6.90%

105,979

180,274

Household

Products

(0.0%

†

):

829

Henkel

AG

&

Co.

KGaA,

2.97%

66,906

Life

Sciences

Tools

&

Services

(0.0%

†

):

144

Sartorius

AG,

0.37%

33,488

Total

Preferred

Stocks

(Cost

$408,484)

280,668

Contracts

Warrant

(0.0%

†

):

Software

(0.0%

†

):

147

Constellation

Software,

Inc.,

3/31/40*(a)

—

Total

Warrant

(Cost

$—)

—

Shares

Rights

(0.0%

†

):

Financial

Services

(0.0%

†

):

49

Sofina

SA

CVR,

Expires

on

10/3/25*

109

Independent

Power

and

Renewable

Electricity

Producers

(0.0%

†

):

9,045

Orsted

AS

CVR,

Expires

on

10/3/25*

9,007

Total

Rights

(Cost

$20,130)

9,116

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

162

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025.

Shares

Value

Affiliated

Investment

Company

(0.5%):

Money

Market

Funds

(0.5%):

1,711,928

BlackRock

Liquidity

FedFund,

Institutional

Class

,

4.03%

+

(b)(c)

$

1,711,928

Total

Affiliated

Investment

Company

(Cost

$1,711,928)

1,711,928

Unaffiliated

Investment

Company

(0.3%):

Money

Market

Funds

(0.3%):

958,755

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.98%(c)

958,755

Total

Unaffiliated

Investment

Company

(Cost

$958,755)

958,755

Total

Investment

Securities

(Cost

$179,603,581

)

—

100.2%

368,869,391

Net

other

assets

(liabilities)

—

(0.2)%

(571,671)

Net

Assets

—

100.0%

$

368,297,720

ADR—American

Depository

Receipt

CVR—Contingency

Valued

Rights

REIT—Real

Estate

Investment

Trust

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$1,622,507.

+

Affiliated

Securities

†

Represents

less

than

0.05%.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2025.

(b)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2025.

(c)

The

rate

represents

the

effective

yield

at

September

30,

2025.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

163

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

The

following

represents

the

concentrations

by

country

of

risk

(based

on

the

domicile

of

the

security

issuer)

relative

to

the

total

value

of

investments

as

of

September

30,

2025:

Country

Percentage

Australia

1.6‌%

Austria

0.1‌%

Belgium

0.2‌%

Bermuda

0.1‌%

Britain

0.1‌%

Canada

3.3‌%

Chile

—‌%

†

China

—‌%

†

Denmark

0.5‌%

Finland

0

.3‌%

France

2.6‌%

Germany

2.4‌%

Hong

Kong

0.5‌%

Ireland

1.0‌%

Israel

0.2‌%

Italy

0.7‌%

Japan

5.4‌%

Luxembourg

0.1‌%

Macau

—‌%

†

Netherlands

1.3‌%

New

Zealand

0.1‌%

Norway

0.1‌%

Portugal

—‌%

†

Singapore

0.4‌%

Spain

0.8‌%

Sweden

0.9‌%

Switzerland

2.6‌%

United

Kingdom

3.5‌%

United

States

71.1‌%

Uruguay

0.1‌%

100.0‌%

†

Represents

less

than

0.05%.

Futures

Contracts

At

September

30,

2025,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

DJ

EURO

STOXX

50

December

Futures

(Euro)

12/19/25

4

$

260,184‌

$

3,002‌

FTSE

100

Index

December

Futures

(British

Pounds)

12/19/25

2

253,005‌

2,567‌

S&P

500

Index

E-Mini

December

Futures

(U.S.

Dollar)

12/19/25

5

1,684,688‌

12,499‌

SGX

NIKKEI

225

Index

December

Futures

(Japanese

Yen)

12/11/25

1

151,839‌

(510‌)

$

17,558‌

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

164

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(99.3%):

Aerospace

&

Defense

(0.8%):

1,523

Axon

Enterprise,

Inc.*

$

1,092,966

2,107

Boeing

Co.

(The)*

454,754

280

BWX

Technologies,

Inc.

51,623

878

HEICO

Corp.

283,436

1,531

HEICO

Corp.,

Class

A

389,012

8,088

Howmet

Aerospace,

Inc.

1,587,108

537

Karman

Holdings,

Inc.*

38,771

607

Leonardo

DRS,

Inc.

27,558

657

Loar

Holdings,

Inc.*

52,560

1,187

Lockheed

Martin

Corp.

592,562

8,447

Rocket

Lab

Corp.*

404,696

198

TransDigm

Group,

Inc.

260,968

5,236,014

Automobiles

(3.9%):

55,975

Tesla,

Inc.*

24,893,202

Banks

(0.4%):

10,768

Bank

of

America

Corp.

555,521

6,569

Citigroup,

Inc.

666,753

68,295

NU

Holdings,

Ltd.,

Class

A*

1,093,403

56

Popular,

Inc.

7,113

462

Western

Alliance

Bancorp

40,065

2,362,855

Beverages

(0.7%):

3,170

Celsius

Holdings,

Inc.*

182,243

38,510

Coca-Cola

Co.

(The)

2,553,983

156

Coca-Cola

Consolidated,

Inc.

18,277

14,243

Monster

Beverage

Corp.*

958,696

3,844

PepsiCo,

Inc.

539,852

4,253,051

Biotechnology

(2.6%):

35,928

AbbVie,

Inc.

8,318,769

2,548

Alnylam

Pharmaceuticals,

Inc.*

1,161,888

8,032

Amgen,

Inc.

2,266,630

2,288

Apellis

Pharmaceuticals,

Inc.*

51,778

210

Exact

Sciences

Corp.*

11,489

4,286

Exelixis,

Inc.*

177,012

6,845

Gilead

Sciences,

Inc.

759,795

2,508

Halozyme

Therapeutics,

Inc.*

183,937

837

Incyte

Corp.*

70,986

3,564

Insmed,

Inc.*

513,252

2,948

Ionis

Pharmaceuticals,

Inc.*

192,858

2,653

Natera,

Inc.*

427,053

1,696

Neurocrine

Biosciences,

Inc.*

238,085

1,822

Sarepta

Therapeutics,

Inc.*

35,110

2,391

Summit

Therapeutics,

Inc.*^

49,398

1,855

Ultragenyx

Pharmaceutical,

Inc.*

55,798

5,203

Vertex

Pharmaceuticals,

Inc.*

2,037,703

176

Viking

Therapeutics,

Inc.*^

4,625

16,556,166

Broadline

Retail

(0.1%):

25,349

Coupang,

Inc.*

816,238

1,192

Etsy,

Inc.*

79,137

895,375

Shares

Value

Common

Stocks,

continued

Building

Products

(0.4%):

1,398

AAON,

Inc.^

$

130,629

219

Armstrong

World

Industries,

Inc.

42,926

100

Carlisle

Cos.,

Inc.

32,896

644

Lennox

International,

Inc.

340,908

110

Simpson

Manufacturing

Co.,

Inc.

18,421

4,506

Trane

Technologies

plc

1,901,352

2,467,132

Capital

Markets

(1.4%):

1,696

Ameriprise

Financial,

Inc.

833,160

3,842

Ares

Management

Corp.,

Class

A

614,297

1,064

Bank

of

New

York

Mellon

Corp.

(The)

115,933

14,836

Blackstone,

Inc.

2,534,731

12,487

Blue

Owl

Capital,

Inc.

211,405

2,701

Brookfield

Asset

Management,

Ltd.,

Class

A

153,795

3,030

Charles

Schwab

Corp.

(The)

289,274

412

Coinbase

Global,

Inc.,

Class

A*

139,046

51

FactSet

Research

Systems,

Inc.

14,611

307

Freedom

Holding

Corp.

NV*^

52,844

335

Goldman

Sachs

Group,

Inc.

(The)

266,777

533

Hamilton

Lane,

Inc.,

Class

A

71,843

422

Houlihan

Lokey,

Inc.

86,645

468

Interactive

Brokers

Group,

Inc.

32,203

611

Jefferies

Financial

Group,

Inc.

39,972

3,464

KKR

&

Co.,

Inc.

450,147

436

Lazard,

Inc.

23,012

1,627

LPL

Financial

Holdings,

Inc.

541,287

3,134

Moody's

Corp.

1,493,288

327

Morningstar,

Inc.

75,867

756

MSCI,

Inc.

428,962

2,028

Robinhood

Markets,

Inc.,

Class

A*

290,369

2,487

TPG,

Inc.

142,878

200

Tradeweb

Markets,

Inc.,

Class

A

22,196

705

XP,

Inc.,

Class

A

13,247

8,937,789

Chemicals

(0.3%):

1,256

Ecolab,

Inc.

343,968

4,261

Sherwin-Williams

Co.

(The)

1,475,414

1,819,382

Commercial

Services

&

Supplies

(0.7%):

6,927

Cintas

Corp.

1,421,836

16,817

Copart,

Inc.*

756,261

230

RB

Global,

Inc.

24,923

5,652

Rollins,

Inc.

331,998

1,225

Tetra

Tech,

Inc.

40,891

1,922

Veralto

Corp.

204,904

7,466

Waste

Management,

Inc.

1,648,717

4,429,530

Communications

Equipment

(0.6%):

20,921

Arista

Networks,

Inc.*

3,048,399

113

Lumentum

Holdings,

Inc.*

18,386

1,435

Motorola

Solutions,

Inc.

656,211

86

Ubiquiti,

Inc.

56,810

3,779,806

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

165

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering

(0.3%):

710

Comfort

Systems

USA,

Inc.

$

585,878

309

EMCOR

Group,

Inc.

200,708

268

MasTec,

Inc.*

57,033

2,329

Quanta

Services,

Inc.

965,184

498

WillScot

Holdings

Corp.

10,513

1,819,316

Construction

Materials

(0.0%

†

):

41

Eagle

Materials,

Inc.

9,554

1,984

James

Hardie

Industries

plc*

38,113

47,667

Consumer

Finance

(0.2%):

855

Ally

Financial,

Inc.

33,516

3,677

American

Express

Co.

1,221,352

15

Credit

Acceptance

Corp.*^

7,004

2,833

SoFi

Technologies,

Inc.*

74,848

1,336,720

Consumer

Staples

Distribution

&

Retail

(1.6%):

101

Casey's

General

Stores,

Inc.

57,097

9,002

Costco

Wholesale

Corp.

8,332,521

316

Performance

Food

Group

Co.*

32,877

2,004

Sprouts

Farmers

Market,

Inc.*

218,035

5,322

Sysco

Corp.

438,213

8,876

Walmart,

Inc.

914,761

9,993,504

Distributors

(0.0%

†

):

137

Pool

Corp.

42,480

Diversified

Consumer

Services

(0.1%):

181

Bright

Horizons

Family

Solutions,

Inc.*

19,651

745

Duolingo,

Inc.*

239,771

196

Grand

Canyon

Education,

Inc.*

43,026

246

H&R

Block,

Inc.

12,440

314,888

Diversified

Telecommunication

Services

(0.0%

†

):

3,721

AST

SpaceMobile,

Inc.*

182,626

5

GCI

Liberty,

Inc.,

Class

A*

188

182,814

Electric

Utilities

(0.1%):

3,837

NRG

Energy,

Inc.

621,402

Electrical

Equipment

(0.7%):

5,544

GE

Vernova,

Inc.

3,409,006

186

Rockwell

Automation,

Inc.

65,012

7,767

Vertiv

Holdings

Co.,

Class

A

1,171,730

4,645,748

Electronic

Equipment,

Instruments

&

Components

(0.5%):

24,453

Amphenol

Corp.,

Class

A

3,026,059

194

CDW

Corp.

30,900

1,409

Jabil,

Inc.

305,993

3,362,952

Energy

Equipment

&

Services

(0.0%

†

):

2,407

Schlumberger

NV

82,729

Shares

Value

Common

Stocks,

continued

Entertainment

(2.4%):

1,246

Liberty

Media

Corp.-Liberty

Formula

One*

$

130,145

202

Liberty

Media

Corp.-Liberty

Formula

One,

ADR*

19,235

3,231

Live

Nation

Entertainment,

Inc.*

527,945

8,595

Netflix,

Inc.*

10,304,717

12,339

ROBLOX

Corp.,

Class

A*

1,709,198

391

Roku,

Inc.*

39,151

3,115

Spotify

Technology

SA*

2,174,270

1,261

Take-Two

Interactive

Software,

Inc.*

325,792

599

TKO

Group

Holdings,

Inc.

120,974

15,351,427

Financial

Services

(3.7%):

3,266

Affirm

Holdings,

Inc.*

238,679

5,862

Apollo

Global

Management,

Inc.

781,229

4,140

Block,

Inc.*

299,198

5,948

Equitable

Holdings,

Inc.

302,040

2,985

Fiserv,

Inc.*

384,856

16,499

Mastercard,

Inc.,

Class

A

9,384,796

1,186

Shift4

Payments,

Inc.,

Class

A*

91,796

9,223

Toast,

Inc.,

Class

A*

336,732

34,542

Visa,

Inc.,

Class

A

11,791,948

89

WEX,

Inc.*

14,020

23,625,294

Food

Products

(0.0%

†

):

318

Freshpet,

Inc.*

17,525

369

Hershey

Co.

(The)

69,021

86,546

Ground

Transportation

(0.7%):

72

Avis

Budget

Group,

Inc.*^

11,561

1,306

Lyft,

Inc.,

Class

A*

28,745

215

Old

Dominion

Freight

Line,

Inc.

30,268

40,830

Uber

Technologies,

Inc.*

4,000,115

787

U-Haul

Holding

Co.

40,058

966

Union

Pacific

Corp.

228,334

483

XPO,

Inc.*

62,437

4,401,518

Health

Care

Equipment

&

Supplies

(1.1%):

5,225

Boston

Scientific

Corp.*

510,117

8,012

Dexcom,

Inc.*

539,127

1,648

IDEXX

Laboratories,

Inc.*

1,052,891

636

Inspire

Medical

Systems,

Inc.*

47,191

1,385

Insulet

Corp.*

427,591

7,238

Intuitive

Surgical,

Inc.*

3,237,051

922

Masimo

Corp.*

136,041

747

Penumbra,

Inc.*

189,230

701

ResMed,

Inc.

191,885

1,807

Stryker

Corp.

667,994

6,999,118

Health

Care

Providers

&

Services

(0.6%):

2,486

Cardinal

Health,

Inc.

390,202

3,738

Cencora,

Inc.

1,168,237

415

Cigna

Group

(The)

119,624

777

DaVita,

Inc.*

103,240

712

HCA

Healthcare,

Inc.

303,454

2,340

McKesson

Corp.

1,807,744

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

166

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

602

Molina

Healthcare,

Inc.*

$

115,199

4,007,700

Health

Care

Technology

(0.1%):

2,673

Doximity,

Inc.,

Class

A*

195,530

2,409

Veeva

Systems,

Inc.,

Class

A*

717,665

913,195

Hotels,

Restaurants

&

Leisure

(2.6%):

8,683

Airbnb,

Inc.,

Class

A*

1,054,290

620

Booking

Holdings,

Inc.

3,347,547

6,824

Carnival

Corp.*

197,282

2,042

Cava

Group,

Inc.*

123,357

27,387

Chipotle

Mexican

Grill,

Inc.*

1,073,297

169

Choice

Hotels

International,

Inc.^

18,068

1,114

Churchill

Downs,

Inc.

108,069

2,271

Darden

Restaurants,

Inc.

432,308

196

Domino's

Pizza,

Inc.

84,615

7,255

DoorDash,

Inc.,

Class

A*

1,973,287

9,812

DraftKings,

Inc.*

366,969

2,367

Dutch

Bros,

Inc.,

Class

A*

123,889

2,470

Expedia

Group,

Inc.

527,962

2,892

Flutter

Entertainment

plc*

734,568

4,639

Hilton

Worldwide

Holdings,

Inc.

1,203,542

6,188

Las

Vegas

Sands

Corp.

332,853

1,661

Light

&

Wonder,

Inc.*

139,424

3,566

Marriott

International,

Inc.,

Class

A

928,729

827

McDonald's

Corp.

251,317

8,110

Norwegian

Cruise

Line

Holdings,

Ltd.*

199,749

1,718

Planet

Fitness,

Inc.,

Class

A*

178,328

4,228

Restaurant

Brands

International,

Inc.

271,184

5,115

Royal

Caribbean

Cruises,

Ltd.

1,655,112

3,106

Starbucks

Corp.

262,768

1,336

Texas

Roadhouse,

Inc.

221,976

411

Travel

+

Leisure

Co.

24,450

630

Vail

Resorts,

Inc.

94,229

3,535

Viking

Holdings,

Ltd.*

219,736

1,932

Wendy's

Co.

(The)

17,697

573

Wingstop,

Inc.

144,213

1,392

Wyndham

Hotels

&

Resorts,

Inc.

111,221

1,920

Yum!

Brands,

Inc.

291,840

16,713,876

Household

Durables

(0.1%):

300

SharkNinja,

Inc.*

30,945

4,144

Somnigroup

International,

Inc.

349,463

53

TopBuild

Corp.*

20,716

401,124

Household

Products

(0.2%):

396

BJ's

Wholesale

Club

Holdings,

Inc.*

36,927

7,809

Colgate-Palmolive

Co.

624,251

2,443

Kimberly-Clark

Corp.

303,763

964,941

Independent

Power

and

Renewable

Electricity

Producers

(0.2%):

6,907

Vistra

Corp.

1,353,219

Shares

Value

Common

Stocks,

continued

Industrial

Conglomerates

(1.1%):

1,775

3M

Co.

$

275,445

21,326

General

Electric

Co.

6,415,287

6,690,732

Insurance

(0.4%):

3,960

Aon

plc,

Class

A

1,412,057

281

Arthur

J.

Gallagher

&

Co.

87,037

597

Brown

&

Brown,

Inc.

55,992

91

Everest

Group,

Ltd.

31,871

439

Kinsale

Capital

Group,

Inc.

186,689

48

Markel

Group,

Inc.*

91,745

1,198

Marsh

&

McLennan

Cos.,

Inc.

241,433

602

Progressive

Corp.

(The)

148,664

1,972

Ryan

Specialty

Holdings,

Inc.

111,142

2,366,630

Interactive

Media

&

Services

(8.9%):

72,687

Alphabet,

Inc.,

Class

A

17,670,210

59,185

Alphabet,

Inc.,

Class

C

14,414,507

32,395

Meta

Platforms,

Inc.,

Class

A

23,790,240

6,004

Pinterest,

Inc.,

Class

A*

193,149

2,382

Reddit,

Inc.,

Class

A*

547,836

1,910

Trump

Media

&

Technology

Group

Corp.*^

31,362

56,647,304

Internet

&

Catalog

Retail

(4.1%):

120,257

Amazon.com,

Inc.*

26,404,829

IT

Services

(0.6%):

6,300

Cloudflare,

Inc.,

Class

A*

1,351,917

1,500

Gartner,

Inc.*

394,305

86

Globant

SA*

4,935

2,714

GoDaddy,

Inc.,

Class

A*

371,357

154

MongoDB,

Inc.*

47,798

1,395

Okta,

Inc.*

127,921

6,298

Snowflake,

Inc.*

1,420,514

442

Twilio,

Inc.,

Class

A*

44,240

3,762,987

Life

Sciences

Tools

&

Services

(0.1%):

464

Medpace

Holdings,

Inc.*

238,570

183

Repligen

Corp.*

24,462

1,685

Tempus

AI,

Inc.*

135,996

637

Waters

Corp.*

190,979

590,007

Machinery

(0.2%):

288

Allison

Transmission

Holdings,

Inc.

24,445

1,165

Caterpillar,

Inc.

555,880

1,964

Illinois

Tool

Works,

Inc.

512,133

129

RBC

Bearings,

Inc.*

50,347

1,142,805

Media

(0.1%):

26

Liberty

Broadband

Corp.,

Class

A*

1,647

410

Liberty

Broadband

Corp.,

Class

C*

26,051

34

Nexstar

Media

Group,

Inc.

6,723

8,933

Trade

Desk,

Inc.

(The),

Class

A*

437,806

472,227

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

167

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining

(0.0%

†

):

1,250

Anglogold

Ashanti

plc

$

87,912

174

Carpenter

Technology

Corp.

42,724

276

Steel

Dynamics,

Inc.

38,483

169,119

Oil,

Gas

&

Consumable

Fuels

(0.3%):

2,033

Cheniere

Energy,

Inc.

477,714

367

HF

Sinclair

Corp.

19,209

597

Phillips

66

81,204

4,385

Targa

Resources

Corp.

734,663

382

Texas

Pacific

Land

Corp.

356,650

1,322

Williams

Cos.,

Inc.

(The)

83,749

1,753,189

Passenger

Airlines

(0.0%

†

):

405

Alaska

Air

Group,

Inc.*

20,161

1,101

Southwest

Airlines

Co.

35,133

55,294

Pharmaceuticals

(2.2%):

8,051

Bristol-Myers

Squibb

Co.

363,100

1,924

Corcept

Therapeutics,

Inc.*

159,904

16,247

Eli

Lilly

&

Co.

12,396,461

7,268

Zoetis,

Inc.

1,063,454

13,982,919

Professional

Services

(0.7%):

7,648

Automatic

Data

Processing,

Inc.

2,244,688

2,411

Booz

Allen

Hamilton

Holding

Corp.

240,979

2,162

Broadridge

Financial

Solutions,

Inc.

514,924

322

Dayforce,

Inc.*

22,183

424

Equifax,

Inc.

108,769

3,239

ExlService

Holdings,

Inc.*

142,613

2,052

Paychex,

Inc.

260,111

570

Paycom

Software,

Inc.

118,640

798

Paylocity

Holding

Corp.*

127,097

1,725

Verisk

Analytics,

Inc.

433,855

4,213,859

Real

Estate

Management

&

Development

(0.0%

†

):

669

CBRE

Group,

Inc.,

Class

A*

105,407

1,059

CoStar

Group,

Inc.*

89,348

271

Jones

Lang

LaSalle,

Inc.*

80,834

275,589

Residential

REITs

(0.0%

†

):

495

Sun

Communities,

Inc.

63,855

502

UDR,

Inc.

18,705

82,560

Retail

REITs

(0.0%

†

):

1,472

Simon

Property

Group,

Inc.

276,250

Semiconductors

&

Semiconductor

Equipment

(19.9%):

19,104

Advanced

Micro

Devices,

Inc.*

3,090,836

4,645

Applied

Materials,

Inc.

951,017

2,572

Astera

Labs,

Inc.*

503,598

89,389

Broadcom,

Inc.

29,490,325

2,598

Enphase

Energy,

Inc.*

91,943

500

Entegris,

Inc.

46,230

2,699

KLA

Corp.

2,911,141

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

25,931

Lam

Research

Corp.

$

3,472,161

2,320

Lattice

Semiconductor

Corp.*

170,103

321

MACOM

Technology

Solutions

Holdings,

Inc.*

39,961

1,119

Marvell

Technology,

Inc.

94,074

945

Monolithic

Power

Systems,

Inc.

870,005

444,422

NVIDIA

Corp.

82,920,257

143

Onto

Innovation,

Inc.*

18,479

5,042

QUALCOMM,

Inc.

838,787

7,592

Texas

Instruments,

Inc.

1,394,878

126,903,795

Software

(19.5%):

8,631

Adobe,

Inc.*

3,044,585

431

Appfolio,

Inc.,

Class

A*

118,810

4,835

AppLovin

Corp.,

Class

A*

3,474,141

3,304

Atlassian

Corp.,

Class

A*

527,649

4,291

Autodesk,

Inc.*

1,363,122

3,214

Bentley

Systems,

Inc.,

Class

B

165,457

5,516

Cadence

Design

Systems,

Inc.*

1,937,550

150

Circle

Internet

Group,

Inc.*

19,887

5,908

Confluent,

Inc.,

Class

A*

116,978

1,362

Corpay,

Inc.*

392,338

4,948

Crowdstrike

Holdings,

Inc.,

Class

A*

2,426,400

6,298

Datadog,

Inc.,

Class

A*

896,835

3,106

Docusign,

Inc.*

223,912

1,860

DoubleVerify

Holdings,

Inc.*

22,283

1,177

Dropbox,

Inc.,

Class

A*

35,557

5,818

Dynatrace,

Inc.*

281,882

1,804

Elastic

NV*

152,420

396

Fair

Isaac

Corp.*

592,626

12,991

FORTINET

INC*

1,092,283

1,221

Gen

Digital,

Inc.

34,664

2,778

Gitlab,

Inc.,

Class

A*

125,232

1,710

Guidewire

Software,

Inc.*

393,061

1,038

HubSpot,

Inc.*

485,576

5,537

Intuit,

Inc.

3,781,273

1,180

Manhattan

Associates,

Inc.*

241,876

141,055

Microsoft

Corp.

73,059,437

304

nCino,

Inc.*

8,241

1,177

Nutanix,

Inc.,

Class

A*

87,557

33,581

Oracle

Corp.,

ADR

9,444,320

44,299

Palantir

Technologies,

Inc.,

Class

A*

8,081,024

13,319

Palo

Alto

Networks,

Inc.*

2,712,015

485

Pegasystems,

Inc.

27,888

2,414

Procore

Technologies,

Inc.*

176,029

282

PTC,

Inc.*

57,252

1,786

RingCentral,

Inc.,

Class

A*

50,615

1,437

Rubrik,

Inc.,

Class

A*

118,193

2,147

Salesforce,

Inc.

508,839

5,491

Samsara,

Inc.,

Class

A*

204,540

4,305

SentinelOne,

Inc.,

Class

A*

75,811

4,191

ServiceNow,

Inc.*

3,856,894

300

Strategy,

Inc.*

96,663

2,726

Synopsys,

Inc.*

1,344,981

444

Teradata

Corp.*

9,550

706

Tyler

Technologies,

Inc.*

369,351

378

Unity

Software,

Inc.*

15,135

4,393

Workday,

Inc.,

Class

A*

1,057,527

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

168

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

ba

sed

on

net

assets

as

of

September

30

,

2025.

Shares

Value

Common

Stocks,

continued

Software,

continued

2,001

Zscaler,

Inc.*

$

599,620

123,907,879

Specialized

REITs

(0.3%):

9,452

American

Tower

Corp.

1,817,808

1,793

Lamar

Advertising

Co.,

Class

A^

219,499

422

Public

Storage

121,895

2,159,202

Specialty

Retail

(2.0%):

54

AutoZone,

Inc.*

231,673

1,254

Burlington

Stores,

Inc.*

319,143

2,695

Carvana

Co.*

1,016,662

4,350

Chewy,

Inc.,

Class

A*

175,957

698

Floor

&

Decor

Holdings,

Inc.,

Class

A*

51,443

15,388

Home

Depot,

Inc.

(The)

6,235,064

59

Lithia

Motors,

Inc.

18,644

365

Murphy

USA,

Inc.

141,715

15,816

O'Reilly

Automotive,

Inc.*

1,705,123

68

RH*

13,815

1,308

Ross

Stores,

Inc.

199,326

11,287

TJX

Cos.,

Inc.

(The)

1,631,423

10,854

Tractor

Supply

Co.

617,267

231

Ulta

Beauty,

Inc.*

126,299

2,053

Valvoline,

Inc.*

73,723

348

Wayfair,

Inc.,

Class

A*

31,087

362

Williams-Sonoma,

Inc.

70,753

12,659,117

Technology

Hardware,

Storage

&

Peripherals

(11.3%):

277,789

Apple,

Inc.

70,733,413

755

Dell

Technologies,

Inc.,

Class

C

107,037

1,629

NetApp,

Inc.

192,971

5,436

Pure

Storage,

Inc.,

Class

A*

455,591

4,818

Super

Micro

Computer,

Inc.*

230,975

71,719,987

Shares

Value

Common

Stocks,

continued

Textiles,

Apparel

&

Luxury

Goods

(0.2%):

411

Birkenstock

Holding

plc*

$

18,598

2,946

Deckers

Outdoor

Corp.*

298,636

1,242

Lululemon

Athletica,

Inc.*

220,989

4,509

On

Holding

AG,

Class

A*

190,956

60

Ralph

Lauren

Corp.

18,814

3,873

Tapestry,

Inc.

438,501

1,186,494

Trading

Companies

&

Distributors

(0.3%):

2,206

Core

&

Main,

Inc.,

Class

A*

118,749

19,249

Fastenal

Co.

943,971

201

Ferguson

Enterprises,

Inc.

45,140

2,080

FTAI

Aviation,

Ltd.

347,069

232

SiteOne

Landscape

Supply,

Inc.*

29,882

772

W.W.

Grainger,

Inc.

735,685

2,220,496

Total

Common

Stocks

(Cost

$175,943,978)

632,541,750

Affiliated

Investment

Company

(0.1%):

Money

Market

Funds

(0.1%):

518,823

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.03%

+

(a)(b)

518,823

Total

Affiliated

Investment

Company

(Cost

$518,823)

518,823

Unaffiliated

Investment

Company

(0.1%):

Money

Market

Funds

(0.1%):

530,382

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.98%(b)

530,382

Total

Unaffiliated

Investment

Company

(Cost

$530,382)

530,382

Total

Investment

Securities

(Cost

$176,993,183

)

—

99.5%

633,590,955

Net

other

assets

(liabilities)

—

0.5%

3,299,124

Net

Assets

—

100.0%

$

636,890,079

ADR—American

Depository

Receipt

REIT—Real

Estate

Investment

Trust

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$510,541.

+

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

September

30,

2025.

(b)

The

rate

represents

the

effective

yield

at

September

30,

2025.

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

169

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Futures

Contracts

At

September

30,

2025,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

E-Mini

Russell

1000

Growth

Index

December

Futures

(U.S.

Dollar)

12/19/25

19

$

4,522,285‌

$

2,951‌

$

2,951‌

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

170

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(99.7%):

Aerospace

&

Defense

(2.8%):

3,077

ATI,

Inc.*

$

250,283

13,510

Boeing

Co.

(The)*

2,915,863

1,609

BWX

Technologies,

Inc.

296,651

802

Curtiss-Wright

Corp.

435,438

5,523

General

Dynamics

Corp.

1,883,343

1,688

Hexcel

Corp.

105,838

855

Huntington

Ingalls

Industries,

Inc.

246,163

4,101

L3Harris

Technologies,

Inc.

1,252,486

1,024

Leonardo

DRS,

Inc.

46,490

3,277

Lockheed

Martin

Corp.

1,635,911

2,952

Northrop

Grumman

Corp.

1,798,713

29,113

RTX

Corp.

4,871,478

2,193

Spirit

AeroSystems

Holdings,

Inc.,

Class

A*

84,650

2,884

StandardAero,

Inc.*

78,704

3,789

Textron,

Inc.

320,133

992

TransDigm

Group,

Inc.

1,307,476

1,324

Woodward,

Inc.

334,588

17,864,208

Air

Freight

&

Logistics

(0.5%):

2,614

CH

Robinson

Worldwide,

Inc.

346,094

3,061

Expeditors

International

of

Washington,

Inc.

375,248

4,664

FedEx

Corp.

1,099,818

2,418

GXO

Logistics,

Inc.*

127,888

15,984

United

Parcel

Service,

Inc.,

Class

B

1,335,143

3,284,191

Automobile

Components

(0.2%):

4,643

Aptiv

plc*

400,319

4,661

BorgWarner,

Inc.

204,898

4,937

Gentex

Corp.

139,717

1,161

Lear

Corp.

116,808

9,262

QuantumScape

Corp.*

114,108

975,850

Automobiles

(0.4%):

85,521

Ford

Motor

Co.

1,022,831

20,718

General

Motors

Co.

1,263,176

2,497

Harley-Davidson,

Inc.

69,666

2,545

Lucid

Group,

Inc.*^

60,546

17,306

Rivian

Automotive,

Inc.,

Class

A*

254,052

1,046

Thor

Industries,

Inc.

108,460

2,778,731

Banks

(7.4%):

135,106

Bank

of

America

Corp.

6,970,118

2,242

Bank

OZK

114,297

420

BOK

Financial

Corp.

46,805

32,640

Citigroup,

Inc.

3,312,960

9,323

Citizens

Financial

Group,

Inc.

495,611

6,580

Columbia

Banking

System,

Inc.

169,369

2,640

Comerica,

Inc.

180,893

2,714

Commerce

Bancshares,

Inc.

162,189

1,327

Cullen/Frost

Bankers,

Inc.

168,224

3,045

East

West

Bancorp,

Inc.

324,140

14,457

Fifth

Third

Bancorp

644,059

207

First

Citizens

BancShares,

Inc.,

Class

A

370,356

2,963

First

Hawaiian,

Inc.

73,571

11,226

First

Horizon

Corp.

253,820

Shares

Value

Common

Stocks,

continued

Banks,

continued

8,157

FNB

Corp.

$

131,409

31,147

Huntington

Bancshares,

Inc.

537,909

60,435

JPMorgan

Chase

&

Co.

19,063,012

21,062

KeyCorp

393,649

3,407

M&T

Bank

Corp.

673,291

1,587

Pinnacle

Financial

Partners,

Inc.

148,845

8,634

PNC

Financial

Services

Group,

Inc.

(The)

1,734,830

1,375

Popular,

Inc.

174,639

1,959

Prosperity

Bancshares,

Inc.

129,980

19,320

Regions

Financial

Corp.

509,468

2,239

Southstate

Bank

Corp.

221,370

3,096

Synovus

Financial

Corp.

151,952

690

TFS

Financial

Corp.

9,091

28,071

Truist

Financial

Corp.

1,283,406

34,084

US

Bancorp

1,647,280

3,660

Webster

Financial

Corp.

217,550

70,177

Wells

Fargo

&

Co.

5,882,236

1,905

Western

Alliance

Bancorp

165,201

1,391

Wintrust

Financial

Corp.

184,224

3,104

Zions

Bancorp

NA

175,624

46,721,378

Beverages

(1.3%):

201

Boston

Beer

Co.,

Inc.

(The),

Class

A*

42,495

746

Brown-Forman

Corp.,

Class

A

20,075

3,298

Brown-Forman

Corp.,

Class

B

89,310

43,184

Coca-Cola

Co.

(The)

2,863,963

998

Coca-Cola

Consolidated,

Inc.

116,926

3,144

Constellation

Brands,

Inc.,

Class

A

423,403

28,382

Keurig

Dr

Pepper,

Inc.

724,025

3,745

Molson

Coors

Beverage

Co.,

Class

B

169,461

25,716

PepsiCo,

Inc.

3,611,555

5,733

Primo

Brands

Corp.

126,699

8,187,912

Biotechnology

(1.0%):

3,087

Amgen,

Inc.

871,151

3,130

Biogen,

Inc.*

438,450

4,245

BioMarin

Pharmaceutical,

Inc.*

229,909

3,930

Exact

Sciences

Corp.*

215,010

855

Exelixis,

Inc.*

35,312

19,831

Gilead

Sciences,

Inc.

2,201,241

2,619

Incyte

Corp.*

222,117

254

Insmed,

Inc.*

36,579

101

Ionis

Pharmaceuticals,

Inc.*

6,607

7,717

Moderna,

Inc.*

199,330

312

Neurocrine

Biosciences,

Inc.*

43,799

2,270

Regeneron

Pharmaceuticals,

Inc.

1,276,353

3,870

Revolution

Medicines,

Inc.*

180,729

8,393

Roivant

Sciences,

Ltd.*

126,986

977

United

Therapeutics

Corp.*

409,568

2,241

Viking

Therapeutics,

Inc.*^

58,894

6,552,035

Broadline

Retail

(2.2%):

57,388

Amazon.com,

Inc.*

12,600,683

51

Dillard's,

Inc.,

Class

A^

31,338

10,087

eBay,

Inc.

917,413

799

Etsy,

Inc.*

53,046

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

171

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Broadline

Retail,

continued

5,915

Macy's,

Inc.

$

106,056

1,367

Ollie's

Bargain

Outlet

Holdings,

Inc.*

175,523

13,884,059

Building

Products

(0.8%):

2,581

A

O

Smith

Corp.

189,471

1,577

Advanced

Drainage

Systems,

Inc.

218,730

1,921

Allegion

plc

340,689

638

Armstrong

World

Industries,

Inc.

125,054

2,384

Builders

FirstSource,

Inc.*

289,060

845

Carlisle

Cos.,

Inc.

277,971

17,263

Carrier

Global

Corp.

1,030,601

2,527

Fortune

Brands

Innovations,

Inc.

134,917

2,751

Hayward

Holdings,

Inc.*

41,595

14,390

Johnson

Controls

International

plc

1,582,181

4,711

Masco

Corp.

331,607

1,895

Owens

Corning

268,067

843

Simpson

Manufacturing

Co.,

Inc.

141,169

2,383

Trex

Co.,

Inc.*

123,130

5,094,242

Capital

Markets

(6.0%):

587

Affiliated

Managers

Group,

Inc.

139,958

209

Ameriprise

Financial,

Inc.

102,671

14,240

Bank

of

New

York

Mellon

Corp.

(The)

1,551,590

3,318

Blackrock,

Inc.

+

3,868,357

5,592

Brookfield

Asset

Management,

Ltd.,

Class

A

318,408

5,840

Carlyle

Group,

Inc.

(The)

366,168

2,259

Cboe

Global

Markets,

Inc.

554,020

33,839

Charles

Schwab

Corp.

(The)

3,230,609

7,824

CME

Group,

Inc.

2,113,967

4,047

Coinbase

Global,

Inc.,

Class

A*

1,365,822

824

Evercore,

Inc.

277,952

793

FactSet

Research

Systems,

Inc.

227,187

6,943

Franklin

Resources,

Inc.

160,592

6,190

Goldman

Sachs

Group,

Inc.

(The)

4,929,406

310

Hamilton

Lane,

Inc.,

Class

A

41,785

747

Houlihan

Lokey,

Inc.

153,374

8,659

Interactive

Brokers

Group,

Inc.

595,826

12,429

Intercontinental

Exchange,

Inc.

2,094,038

7,534

Invesco,

Ltd.

172,830

2,650

Janus

Henderson

Group

plc

117,951

2,528

Jefferies

Financial

Group,

Inc.

165,382

11,074

KKR

&

Co.,

Inc.

1,439,066

1,614

Lazard,

Inc.

85,187

790

MarketAxess

Holdings,

Inc.

137,657

2,534

Millrose

Properties,

Inc.

85,168

25,054

Morgan

Stanley

3,982,584

169

Morningstar,

Inc.

39,210

819

MSCI,

Inc.

464,709

9,018

Nasdaq,

Inc.

797,642

4,171

Northern

Trust

Corp.

561,417

3,970

Raymond

James

Financial,

Inc.

685,222

13,942

Robinhood

Markets,

Inc.,

Class

A*

1,996,215

6,677

S&P

Global,

Inc.

3,249,763

2,313

SEI

Investments

Co.

196,258

6,097

State

Street

Corp.

707,313

2,231

Stifel

Financial

Corp.

253,152

4,709

T.

Rowe

Price

Group,

Inc.

483,332

178

TPG,

Inc.

10,226

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

2,385

Tradeweb

Markets,

Inc.,

Class

A

$

264,687

1,896

Virtu

Financial,

Inc.,

Class

A

67,308

8,250

XP,

Inc.,

Class

A

155,017

38,209,026

Chemicals

(2.0%):

4,831

Air

Products

and

Chemicals,

Inc.

1,317,510

2,462

Albemarle

Corp.

199,619

1,050

Ashland,

Inc.

50,306

4,830

Axalta

Coating

Systems,

Ltd.*

138,235

2,491

Celanese

Corp.

104,821

3,478

CF

Industries

Holdings,

Inc.

311,977

15,016

Corteva,

Inc.

1,015,532

15,032

Dow,

Inc.

344,684

9,099

DuPont

de

Nemours,

Inc.

708,812

2,563

Eastman

Chemical

Co.

161,597

4,138

Ecolab,

Inc.

1,133,233

4,704

Element

Solutions,

Inc.

118,400

2,873

FMC

Corp.

96,619

4,149

Huntsman

Corp.

37,258

5,720

International

Flavors

&

Fragrances,

Inc.

352,009

10,219

Linde

plc

4,854,025

5,384

LyondellBasell

Industries

NV,

Class

A

264,031

6,940

Mosaic

Co.

(The)

240,679

132

NewMarket

Corp.

109,324

2,575

Olin

Corp.

64,349

4,901

PPG

Industries,

Inc.

515,144

2,838

RPM

International,

Inc.

334,543

892

Scotts

Miracle-Gro

Co.

(The)

50,799

472

Sherwin-Williams

Co.

(The)

163,435

666

Westlake

Corp.

51,322

12,738,263

Commercial

Services

&

Supplies

(0.4%):

1,131

Clean

Harbors,

Inc.*

262,641

1,340

Copart,

Inc.*

60,260

825

MSA

Safety,

Inc.

141,958

3,724

RB

Global,

Inc.

403,532

4,444

Republic

Services,

Inc.

1,019,809

4,894

Tetra

Tech,

Inc.

163,362

3,223

Veralto

Corp.

343,604

2,395,166

Communications

Equipment

(1.3%):

3,011

Ciena

Corp.*

438,612

86,612

Cisco

Systems,

Inc.

5,925,993

1,286

F5,

Inc.*

415,622

1,419

Lumentum

Holdings,

Inc.*

230,886

2,093

Motorola

Solutions,

Inc.

957,108

4,238

Sirius

XM

Holdings,

Inc.

98,640

8,066,861

Construction

&

Engineering

(0.3%):

2,955

AECOM

385,539

8,098

API

Group

Corp.*

278,328

622

EMCOR

Group,

Inc.

404,014

1,086

Everus

Construction

Group,

Inc.*

93,125

1,096

MasTec,

Inc.*

233,240

4,525

MDU

Resources

Group,

Inc.

80,590

741

Quanta

Services,

Inc.

307,085

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

172

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

440

Valmont

Industries,

Inc.

$

170,601

3,020

WillScot

Holdings

Corp.

63,752

2,016,274

Construction

Materials

(0.6%):

14,778

CRH

plc

1,771,882

691

Eagle

Materials,

Inc.

161,031

1,229

James

Hardie

Industries

plc*

23,609

1,308

Martin

Marietta

Materials,

Inc.

824,406

2,887

Vulcan

Materials

Co.

888,099

3,669,027

Consumer

Finance

(1.1%):

5,115

Ally

Financial,

Inc.

200,508

8,064

American

Express

Co.

2,678,538

13,656

Capital

One

Financial

Corp.

2,902,993

87

Credit

Acceptance

Corp.*

40,623

2,506

OneMain

Holdings,

Inc.

141,489

4,027

SLM

Corp.

111,467

20,271

SoFi

Technologies,

Inc.*

535,560

8,000

Synchrony

Financial

568,400

7,179,578

Consumer

Staples

Distribution

&

Retail

(2.1%):

9,248

Albertsons

Cos.,

Inc.,

Class

A

161,932

668

Casey's

General

Stores,

Inc.

377,634

4,735

Dollar

General

Corp.

489,362

4,377

Dollar

Tree,

Inc.*

413,057

13,292

Kroger

Co.

(The)

896,014

3,903

Maplebear,

Inc.*

143,474

2,942

Performance

Food

Group

Co.*

306,086

4,796

Sysco

Corp.

394,903

9,974

Target

Corp.

894,668

4,957

US

Foods

Holding

Corp.*

379,805

85,214

Walmart,

Inc.

8,782,155

13,239,090

Containers

&

Packaging

(0.5%):

27,961

Amcor

plc

228,721

20,945

Amcor

plc,

ADR

171,330

1,461

AptarGroup,

Inc.

195,277

1,737

Avery

Dennison

Corp.

281,689

5,929

Ball

Corp.

298,940

2,584

Crown

Holdings,

Inc.

249,589

6,268

Graphic

Packaging

Holding

Co.

122,665

11,321

International

Paper

Co.

525,294

1,972

Packaging

Corp.

of

America

429,758

2,432

Sealed

Air

Corp.

85,971

2,133

Silgan

Holdings,

Inc.

91,740

11,210

Smurfit

WestRock

plc

477,210

2,308

Sonoco

Products

Co.

99,452

3,257,636

Distributors

(0.1%):

2,961

Genuine

Parts

Co.

410,394

5,794

LKQ

Corp.

176,949

652

Pool

Corp.

202,166

789,509

Shares

Value

Common

Stocks,

continued

Diversified

Consumer

Services

(0.1%):

11,107

ADT,

Inc.

$

96,742

1,159

Bright

Horizons

Family

Solutions,

Inc.*

125,833

461

Grand

Canyon

Education,

Inc.*

101,199

2,415

H&R

Block,

Inc.

122,126

3,111

Service

Corp.

International

258,897

704,797

Diversified

REITs

(0.1%):

4,813

WP

Carey,

Inc.

325,214

Diversified

Telecommunication

Services

(1.4%):

152,645

AT&T,

Inc.

4,310,695

5,236

Frontier

Communications

Parent,

Inc.*

195,565

5,506

GCI

Liberty,

Inc.*

—

67

GCI

Liberty,

Inc.,

Class

A*

2,516

413

GCI

Liberty,

Inc.,

Class

C*

15,392

1,733

Iridium

Communications,

Inc.

30,258

3,029

Liberty

Global,

Ltd.,

Class

A*

34,712

3,840

Liberty

Global,

Ltd.,

Class

C*

45,120

91,887

Verizon

Communications,

Inc.

4,038,434

8,672,692

Electric

Utilities

(2.9%):

5,735

Alliant

Energy

Corp.

386,596

11,597

American

Electric

Power

Co.,

Inc.

1,304,662

6,816

Constellation

Energy

Corp.

2,242,941

16,912

Duke

Energy

Corp.

2,092,860

8,175

Edison

International

451,914

9,419

Entergy

Corp.

877,757

5,007

Evergy,

Inc.

380,632

7,909

Eversource

Energy

562,646

22,160

Exelon

Corp.

997,422

11,821

FirstEnergy

Corp.

541,638

1,252

IDACORP,

Inc.

165,452

44,812

NextEra

Energy,

Inc.

3,382,858

4,485

OGE

Energy

Corp.

207,521

47,727

PG&E

Corp.

719,723

2,543

Pinnacle

West

Capital

Corp.

228,005

16,011

PPL

Corp.

594,969

24,006

Southern

Co.

(The)

2,275,049

12,617

Xcel

Energy,

Inc.

1,017,561

18,430,206

Electrical

Equipment

(1.3%):

657

Acuity,

Inc.

226,264

5,042

AMETEK,

Inc.

947,896

8,515

Eaton

Corp.

plc

3,186,739

12,310

Emerson

Electric

Co.

1,614,826

1,304

Generac

Holdings,

Inc.*

218,290

1,151

Hubbell,

Inc.

495,287

3,637

nVent

Electric

plc

358,754

1,426

Regal

Rexnord

Corp.

204,545

2,268

Rockwell

Automation,

Inc.

792,734

3,239

Sensata

Technologies

Holding

plc

98,951

8,144,286

Electronic

Equipment,

Instruments

&

Components

(0.9%):

1,118

Arrow

Electronics,

Inc.*

135,278

1,789

Avnet,

Inc.

93,529

2,609

CDW

Corp.

415,561

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

173

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

3,567

Cognex

Corp.

$

161,585

3,425

Coherent

Corp.*

368,941

16,911

Corning,

Inc.

1,387,209

1,052

Crane

NXT

Co.

70,558

8,161

Flex,

Ltd.*

473,093

514

IPG

Photonics

Corp.*

40,704

818

Jabil,

Inc.

177,645

3,727

Keysight

Technologies,

Inc.*

651,927

555

Littelfuse,

Inc.

143,751

1,728

TD

SYNNEX

Corp.

282,960

1,003

Teledyne

Technologies,

Inc.*

587,798

5,087

Trimble,

Inc.*

415,353

3,259

Vontier

Corp.

136,780

1,135

Zebra

Technologies

Corp.*

337,277

5,879,949

Energy

Equipment

&

Services

(0.5%):

21,719

Baker

Hughes

Co.

1,058,150

18,310

Halliburton

Co.

450,426

8,253

NOV,

Inc.

109,352

30,375

Schlumberger

NV

1,043,989

8,793

TechnipFMC

plc

346,884

1,589

Weatherford

International

plc

108,735

3,117,536

Entertainment

(1.3%):

5,472

Electronic

Arts,

Inc.

1,103,702

334

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A*

31,803

3,113

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C*

325,153

278

Liberty

Media

Corp.-Liberty

Live,

Class

A*

26,215

1,080

Liberty

Media

Corp.-Liberty

Live,

Class

C*

104,728

341

Madison

Square

Garden

Sports

Corp.*

77,407

2,518

Roku,

Inc.*

252,127

2,564

Take-Two

Interactive

Software,

Inc.*

662,435

881

TKO

Group

Holdings,

Inc.

177,927

39,407

Walt

Disney

Co.

(The)

4,512,102

50,681

Warner

Bros

Discovery,

Inc.*

989,800

8,263,399

Financial

Services

(4.1%):

2,428

Affirm

Holdings,

Inc.*

177,438

2,795

Apollo

Global

Management,

Inc.

372,490

40,135

Berkshire

Hathaway,

Inc.,

Class

B*

20,177,470

7,548

Block,

Inc.*

545,494

799

Euronet

Worldwide,

Inc.*

70,160

11,498

Fidelity

National

Information

Services,

Inc.

758,178

8,519

Fiserv,

Inc.*

1,098,355

5,228

Global

Payments,

Inc.

434,342

1,621

Jack

Henry

&

Associates,

Inc.

241,416

5,209

MGIC

Investment

Corp.

147,779

1,401

Mr.

Cooper

Group,

Inc.

295,317

20,816

PayPal

Holdings,

Inc.*

1,395,921

4,553

Rocket

Cos.,

Inc.,

Class

A^

88,237

2,107

Voya

Financial,

Inc.

157,604

6,678

Western

Union

Co.

(The)

53,357

687

WEX,

Inc.*

108,223

26,121,781

Food

Products

(1.1%):

10,370

Archer-Daniels-Midland

Co.

619,504

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

2,965

Bunge

Global

SA

$

240,906

4,152

Campbell's

Company

(The)^

131,120

10,627

Conagra

Brands,

Inc.

194,580

3,101

Darling

Ingredients,

Inc.*

95,728

3,898

Flowers

Foods,

Inc.

50,869

776

Freshpet,

Inc.*

42,765

11,847

General

Mills,

Inc.

597,326

2,759

Hershey

Co.

(The)

516,071

6,217

Hormel

Foods

Corp.

153,809

1,413

Ingredion,

Inc.

172,542

2,314

JM

Smucker

Co.

(The)

251,300

6,121

Kellanova

502,045

18,400

Kraft

Heinz

Co.

(The)

479,136

3,042

Lamb

Weston

Holdings,

Inc.

176,679

5,654

McCormick

&

Co.,

Inc.

378,309

28,319

Mondelez

International,

Inc.,

Class

A

1,769,088

925

Pilgrim's

Pride

Corp.

37,666

996

Post

Holdings,

Inc.*

107,050

7

Seaboard

Corp.

25,529

6,247

Tyson

Foods,

Inc.,

Class

A

339,212

6,881,234

Gas

Utilities

(0.1%):

3,420

Atmos

Energy

Corp.

583,965

2,002

National

Fuel

Gas

Co.

184,925

4,750

UGI

Corp.

157,985

926,875

Ground

Transportation

(1.2%):

283

Avis

Budget

Group,

Inc.*^

45,443

40,782

CSX

Corp.

1,448,169

1,644

JB

Hunt

Transport

Services,

Inc.

220,575

3,515

Knight-Swift

Transportation

Holdings,

Inc.

138,878

744

Landstar

System,

Inc.

91,184

7,463

Lyft,

Inc.,

Class

A*

164,260

4,902

Norfolk

Southern

Corp.

1,472,610

3,801

Old

Dominion

Freight

Line,

Inc.

535,105

898

Ryder

System,

Inc.

169,399

595

Saia,

Inc.*

178,119

1,105

Schneider

National,

Inc.,

Class

B

23,382

1,396

U-Haul

Holding

Co.

71,056

12,037

Union

Pacific

Corp.

2,845,186

2,033

XPO,

Inc.*

262,806

7,666,172

Health

Care

Equipment

&

Supplies

(2.9%):

37,680

Abbott

Laboratories

5,046,859

1,530

Align

Technology,

Inc.*

191,587

11,438

Baxter

International,

Inc.

260,443

6,189

Becton

Dickinson

&

Co.

1,158,395

26,513

Boston

Scientific

Corp.*

2,588,464

4,448

Cooper

Cos.,

Inc.

(The)*

304,955

4,595

DENTSPLY

SIRONA,

Inc.

58,311

12,616

Edwards

Lifesciences

Corp.*

981,146

4,016

Envista

Holdings

Corp.*

81,806

10,017

GE

HealthCare

Technologies,

Inc.

752,277

2,504

Globus

Medical,

Inc.*

143,404

4,981

Hologic,

Inc.*

336,168

27,818

Medtronic

plc

2,649,386

2,457

ResMed,

Inc.

672,555

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

174

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

2,116

STERIS

plc

$

523,583

5,562

Stryker

Corp.

2,056,105

932

Teleflex,

Inc.

114,039

4,243

Zimmer

Biomet

Holdings,

Inc.

417,935

18,337,418

Health

Care

Providers

&

Services

(2.8%):

2,388

Acadia

Healthcare

Co.,

Inc.*

59,127

2,557

Cardinal

Health,

Inc.

401,347

10,511

Centene

Corp.*

375,032

292

Chemed

Corp.

130,740

5,277

Cigna

Group

(The)

1,521,095

27,120

CVS

Health

Corp.

2,044,577

4,935

Elevance

Health,

Inc.

1,594,597

2,224

Encompass

Health

Corp.

282,492

2,932

HCA

Healthcare,

Inc.

1,249,618

2,446

Henry

Schein,

Inc.*

162,341

2,625

Humana,

Inc.

682,946

1,796

Labcorp

Holdings,

Inc.

515,560

216

McKesson

Corp.

166,869

532

Molina

Healthcare,

Inc.*

101,803

2,384

Quest

Diagnostics,

Inc.

454,343

3,070

Solventum

Corp.*

224,110

1,895

Tenet

Healthcare

Corp.*

384,761

19,802

UnitedHealth

Group,

Inc.

6,837,631

1,229

Universal

Health

Services,

Inc.,

Class

B

251,257

17,440,246

Health

Care

REITs

(0.6%):

7,327

Healthcare

Realty

Trust,

Inc.

132,106

15,478

Healthpeak

Properties,

Inc.

296,404

9,189

Medical

Properties

Trust,

Inc.^

46,588

6,181

Omega

Healthcare

Investors,

Inc.

260,962

9,461

Ventas,

Inc.

662,175

14,562

Welltower,

Inc.

2,594,075

3,992,310

Health

Care

Technology

(0.0%

†

):

1,478

Certara,

Inc.*

18,061

672

Veeva

Systems,

Inc.,

Class

A*

200,196

218,257

Hotel

&

Resort

REITs

(0.1%):

15,312

Host

Hotels

&

Resorts,

Inc.

260,610

5,069

Park

Hotels

&

Resorts,

Inc.^

56,165

316,775

Hotels,

Restaurants

&

Leisure

(1.5%):

5,778

Aramark

221,875

44

Booking

Holdings,

Inc.

237,568

1,297

Boyd

Gaming

Corp.

112,126

4,863

Caesars

Entertainment,

Inc.*

131,423

16,088

Carnival

Corp.*

465,104

420

Choice

Hotels

International,

Inc.^

44,902

131

Darden

Restaurants,

Inc.

24,937

494

Domino's

Pizza,

Inc.

213,265

676

Flutter

Entertainment

plc*

171,704

905

Hyatt

Hotels

Corp.,

Class

A

128,447

1,183

Marriott

International,

Inc.,

Class

A

308,100

14,676

McDonald's

Corp.

4,459,890

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

4,575

MGM

Resorts

International*

$

158,569

3,688

Penn

Entertainment,

Inc.*

71,031

2,619

Restaurant

Brands

International,

Inc.

167,983

21,410

Starbucks

Corp.

1,811,286

943

Travel

+

Leisure

Co.

56,099

169

Vail

Resorts,

Inc.

25,277

2,435

Wendy's

Co.

(The)

22,305

176

Wyndham

Hotels

&

Resorts,

Inc.

14,062

1,865

Wynn

Resorts,

Ltd.

239,223

4,024

Yum!

Brands,

Inc.

611,648

9,696,824

Household

Durables

(0.7%):

5,794

D.R.

Horton,

Inc.

981,909

3,616

Garmin,

Ltd.

890,331

4,957

Lennar

Corp.,

Class

A

624,780

245

Lennar

Corp.,

Class

B^

29,398

1,145

Mohawk

Industries,

Inc.*

147,613

7,747

Newell

Brands,

Inc.

40,594

60

NVR,

Inc.*

482,080

4,308

PulteGroup,

Inc.

569,216

1,300

SharkNinja,

Inc.*

134,095

2,076

Toll

Brothers,

Inc.

286,779

586

TopBuild

Corp.*

229,044

1,153

Whirlpool

Corp.^

90,626

4,506,465

Household

Products

(1.6%):

2,487

BJ's

Wholesale

Club

Holdings,

Inc.*

231,913

5,297

Church

&

Dwight

Co.,

Inc.

464,176

2,752

Clorox

Co.

(The)

339,322

9,226

Colgate-Palmolive

Co.

737,526

4,689

Kimberly-Clark

Corp.

583,030

51,113

Procter

&

Gamble

Co.

(The)

7,853,513

807

Reynolds

Consumer

Products,

Inc.

19,747

10,229,227

Independent

Power

and

Renewable

Electricity

Producers

(0.1%):

15,273

AES

Corp.

(The)

200,993

2,837

Brookfield

Renewable

Corp.

97,650

581

Clearway

Energy,

Inc.,

Class

A

15,646

2,013

Clearway

Energy,

Inc.,

Class

C

56,867

1,013

Talen

Energy

Corp.*

430,910

802,066

Industrial

Conglomerates

(0.7%):

9,736

3M

Co.

1,510,832

13,838

Honeywell

International,

Inc.

2,912,899

4,423,731

Industrial

REITs

(0.5%):

6,705

Americold

Realty

Trust,

Inc.

82,069

1,143

EastGroup

Properties,

Inc.

193,464

2,857

First

Industrial

Realty

Trust,

Inc.

147,050

1,660

Lineage,

Inc.^

64,143

20,185

Prologis,

Inc.

2,311,586

5,058

Rexford

Industrial

Realty,

Inc.

207,934

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

175

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Industrial

REITs,

continued

3,930

STAG

Industrial,

Inc.

$

138,690

3,144,936

Insurance

(3.8%):

10,524

Aflac,

Inc.

1,175,531

5,795

Allstate

Corp.

(The)

1,243,897

1,476

American

Financial

Group,

Inc.

215,083

12,538

American

International

Group,

Inc.

984,734

358

Aon

plc,

Class

A

127,656

7,937

Arch

Capital

Group,

Ltd.

720,124

5,196

Arthur

J.

Gallagher

&

Co.

1,609,409

1,132

Assurant,

Inc.

245,191

1,040

Assured

Guaranty,

Ltd.

88,036

1,694

Axis

Capital

Holdings,

Ltd.

162,285

1,300

Brighthouse

Financial,

Inc.*

69,004

5,305

Brown

&

Brown,

Inc.

497,556

8,106

Chubb,

Ltd.

2,287,918

3,317

Cincinnati

Financial

Corp.

524,418

546

CNA

Financial

Corp.

25,367

780

Everest

Group,

Ltd.

273,179

5,805

Fidelity

National

Financial,

Inc.

351,144

2,060

First

American

Financial

Corp.

132,334

1,851

Globe

Life,

Inc.

264,637

734

Hanover

Insurance

Group,

Inc.

(The)

133,316

6,194

Hartford

Insurance

Group,

Inc.

(The)

826,218

1,272

Kemper

Corp.

65,572

3,721

Lincoln

National

Corp.

150,068

3,815

Loews

Corp.

382,988

211

Markel

Group,

Inc.*

403,297

9,440

Marsh

&

McLennan

Cos.,

Inc.

1,902,443

12,321

MetLife,

Inc.

1,014,881

4,917

Old

Republic

International

Corp.

208,825

736

Primerica,

Inc.

204,306

4,724

Principal

Financial

Group,

Inc.

391,667

12,089

Progressive

Corp.

(The)

2,985,379

7,739

Prudential

Financial,

Inc.

802,844

1,464

Reinsurance

Group

of

America,

Inc.

281,278

989

RenaissanceRe

Holdings,

Ltd.

251,137

1,585

RLI

Corp.

103,374

4,905

Travelers

Cos.,

Inc.

(The)

1,369,574

3,614

Unum

Group

281,097

6,260

W

R

Berkley

Corp.

479,641

55

White

Mountains

Insurance

Group,

Ltd.

91,934

2,157

Willis

Towers

Watson

plc

745,136

24,072,478

Interactive

Media

&

Services

(4.2%):

44,897

Alphabet,

Inc.,

Class

A

10,914,461

36,557

Alphabet,

Inc.,

Class

C

8,903,457

1,494

IAC,

Inc.*

50,901

5,458

Match

Group,

Inc.

192,776

8,474

Meta

Platforms,

Inc.,

Class

A

6,223,136

6,639

Pinterest,

Inc.,

Class

A*

213,577

7,070

ZoomInfo

Technologies,

Inc.*

77,134

26,575,442

IT

Services

(1.9%):

13,603

Accenture

plc,

Class

A

3,354,500

3,204

Akamai

Technologies,

Inc.*

242,735

2,465

Amdocs,

Ltd.

202,253

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

10,759

Cognizant

Technology

Solutions

Corp.,

Class

A

$

721,606

4,606

DXC

Technology

Co.*

62,780

1,160

EPAM

Systems,

Inc.*

174,916

870

Globant

SA*

49,921

20,246

International

Business

Machines

Corp.

5,712,611

4,830

Kyndryl

Holdings,

Inc.*

145,045

1,534

MongoDB,

Inc.*

476,123

2,204

Okta,

Inc.*

202,107

2,618

Twilio,

Inc.,

Class

A*

262,036

1,786

VeriSign,

Inc.

499,312

12,105,945

Leisure

Products

(0.1%):

1,371

Brunswick

Corp.

86,702

2,951

Hasbro,

Inc.

223,834

7,170

Mattel,

Inc.*

120,671

1,662

YETI

Holdings,

Inc.*

55,145

486,352

Life

Sciences

Tools

&

Services

(1.7%):

6,202

Agilent

Technologies,

Inc.

796,027

14,731

Avantor,

Inc.*

183,843

406

Bio-Rad

Laboratories,

Inc.,

Class

A*

113,838

3,309

Bio-Techne

Corp.

184,080

2,306

Bruker

Corp.

74,922

1,068

Charles

River

Laboratories

International,

Inc.*

167,099

13,845

Danaher

Corp.

2,744,910

3,532

Illumina,

Inc.*

335,434

3,676

IQVIA

Holdings,

Inc.*

698,219

449

Mettler-Toledo

International,

Inc.*

551,197

4,743

Qiagen

NV,

ADR

211,917

1,030

Repligen

Corp.*

137,680

2,459

Revvity,

Inc.^

215,531

3,490

Sotera

Health

Co.*

54,898

8,214

Thermo

Fisher

Scientific,

Inc.

3,983,954

634

Waters

Corp.*

190,080

1,598

West

Pharmaceutical

Services,

Inc.

419,203

11,062,832

Machinery

(3.3%):

1,361

AGCO

Corp.

145,722

1,578

Allison

Transmission

Holdings,

Inc.

133,941

8,831

Caterpillar,

Inc.

4,213,712

19,599

CNH

Industrial

NV

212,649

1,049

Crane

Co.

193,163

2,977

Cummins,

Inc.

1,257,396

5,296

Deere

&

Co.

2,421,649

2,535

Donaldson

Co.,

Inc.

207,490

2,921

Dover

Corp.

487,310

1,261

Esab

Corp.

140,904

2,909

Flowserve

Corp.

154,584

7,531

Fortive

Corp.

368,944

5,198

Gates

Industrial

Corp.

plc*

129,014

3,707

Graco,

Inc.

314,947

1,688

IDEX

Corp.

274,739

4,308

Illinois

Tool

Works,

Inc.

1,123,354

8,771

Ingersoll

Rand,

Inc.

724,660

1,690

ITT,

Inc.

302,104

1,211

Lincoln

Electric

Holdings,

Inc.

285,590

1,126

Middleby

Corp.

(The)*

149,679

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

176

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

2,421

Mueller

Industries,

Inc.

$

244,787

1,203

Nordson

Corp.

273,021

1,428

Oshkosh

Corp.

185,212

8,638

Otis

Worldwide

Corp.

789,772

11,129

PACCAR,

Inc.

1,094,203

2,796

Parker-Hannifin

Corp.

2,119,787

3,472

Pentair

plc

384,559

552

RBC

Bearings,

Inc.*

215,440

1,086

Snap-on,

Inc.

376,332

3,451

Stanley

Black

&

Decker,

Inc.

256,513

1,423

Timken

Co.

(The)

106,981

2,144

Toro

Co.

(The)

163,373

3,689

Westinghouse

Air

Brake

Technologies

Corp.

739,534

5,304

Xylem,

Inc.

782,340

20,973,405

Marine

Transportation

(0.0%

†

):

1,227

Kirby

Corp.*

102,393

Media

(0.8%):

1,954

Charter

Communications,

Inc.,

Class

A*

537,555

79,696

Comcast

Corp.,

Class

A

2,504,048

1,756

DoubleVerify

Holdings,

Inc.*

21,037

4,498

Fox

Corp.,

Class

A

283,644

2,913

Fox

Corp.,

Class

B

166,886

8,236

Interpublic

Group

of

Cos.,

Inc.

(The)

229,867

335

Liberty

Broadband

Corp.,

Class

A*

21,216

2,065

Liberty

Broadband

Corp.,

Class

C*

131,210

3,432

New

York

Times

Co.

(The),

Class

A

196,997

8,454

News

Corp.,

Class

A

259,622

2,249

News

Corp.,

Class

B

77,703

577

Nexstar

Media

Group,

Inc.

114,096

4,316

Omnicom

Group,

Inc.

351,883

2,434

Ralliant

Corp.

106,439

5,002,203

Metals

&

Mining

(1.0%):

5,766

Alcoa

Corp.

189,644

9,883

Anglogold

Ashanti

plc

695,071

885

Carpenter

Technology

Corp.

217,303

8,755

Cleveland-Cliffs,

Inc.*

106,811

31,101

Freeport-McMoRan,

Inc.

1,219,781

2,545

MP

Materials

Corp.*^

170,693

23,907

Newmont

Corp.

2,015,599

4,996

Nucor

Corp.

676,608

1,179

Reliance,

Inc.

331,099

1,467

Royal

Gold,

Inc.

294,251

1,843

Southern

Copper

Corp.

223,666

2,836

Steel

Dynamics,

Inc.

395,424

6,535,950

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.1%):

21,691

AGNC

Investment

Corp.^

212,355

12,810

Annaly

Capital

Management,

Inc.

258,890

11,790

Rithm

Capital

Corp.

134,288

6,697

Starwood

Property

Trust,

Inc.

129,721

735,254

Multi-Utilities

(1.2%):

5,838

Ameren

Corp.

609,370

Shares

Value

Common

Stocks,

continued

Multi-Utilities,

continued

14,055

CenterPoint

Energy,

Inc.

$

545,334

6,378

CMS

Energy

Corp.

467,252

7,872

Consolidated

Edison,

Inc.

791,293

18,758

Dominion

Energy,

Inc.

1,147,427

4,488

DTE

Energy

Co.

634,738

10,507

NiSource,

Inc.

454,953

10,925

Public

Service

Enterprise

Group,

Inc.

911,801

14,124

Sempra

1,270,878

6,964

WEC

Energy

Group,

Inc.

798,005

7,631,051

Office

REITs

(0.2%):

3,757

Alexandria

Real

Estate

Equities,

Inc.

313,108

3,537

BXP,

Inc.

262,941

3,898

Cousins

Properties,

Inc.

112,808

2,352

Highwoods

Properties,

Inc.

74,841

2,460

Kilroy

Realty

Corp.

103,935

3,776

Vornado

Realty

Trust

153,041

1,020,674

Oil,

Gas

&

Consumable

Fuels

(5.4%):

7,468

Antero

Midstream

Corp.

145,178

6,414

Antero

Resources

Corp.*

215,254

7,919

APA

Corp.

192,273

2,656

Cheniere

Energy,

Inc.

624,107

41,796

Chevron

Corp.

6,490,501

1,319

Chord

Energy

Corp.

131,069

1,427

Civitas

Resources,

Inc.

46,378

27,668

ConocoPhillips

2,617,116

16,845

Coterra

Energy,

Inc.

398,384

13,370

Devon

Energy

Corp.

468,752

4,132

Diamondback

Energy,

Inc.

591,289

2,181

DT

Midstream,

Inc.

246,584

11,892

EOG

Resources,

Inc.

1,333,331

13,175

EQT

Corp.

717,115

4,716

Expand

Energy

Corp.

501,028

94,295

Exxon

Mobil

Corp.

10,631,761

3,124

HF

Sinclair

Corp.

163,510

42,050

Kinder

Morgan,

Inc.

1,190,436

6,687

Marathon

Petroleum

Corp.

1,288,852

2,700

Matador

Resources

Co.

121,311

15,346

Occidental

Petroleum

Corp.

725,099

13,706

ONEOK,

Inc.

1,000,127

5,619

Ovintiv,

Inc.

226,895

14,690

Permian

Resources

Corp.

188,032

8,297

Phillips

66

1,128,558

5,271

Range

Resources

Corp.

198,401

6,831

Valero

Energy

Corp.

1,163,046

3,756

Viper

Energy,

Inc.,

Class

A

143,554

25,054

Williams

Cos.,

Inc.

(The)

1,587,171

34,475,112

Paper

&

Forest

Products

(0.0%

†

):

1,407

Louisiana-Pacific

Corp.

124,998

Passenger

Airlines

(0.3%):

1,943

Alaska

Air

Group,

Inc.*

96,723

13,644

American

Airlines

Group,

Inc.*

153,359

14,219

Delta

Air

Lines,

Inc.

806,928

9,173

Southwest

Airlines

Co.

292,710

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

177

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Passenger

Airlines,

continued

7,088

United

Airlines

Holdings,

Inc.*

$

683,992

2,033,712

Personal

Care

Products

(0.2%):

2,777

BellRing

Brands,

Inc.*

100,944

6,908

Coty,

Inc.,

Class

A*

27,908

1,223

elf

Beauty,

Inc.*

162,023

5,012

Estee

Lauder

Cos.,

Inc.

(The)

441,657

41,568

Kenvue,

Inc.

674,649

1,407,181

Pharmaceuticals

(3.2%):

35,958

Bristol-Myers

Squibb

Co.

1,621,706

10,502

Elanco

Animal

Health,

Inc.*

211,510

359

Jazz

Pharmaceuticals

plc*

47,316

1,005

Jazz

Pharmaceuticals

plc,

ADR*

132,459

52,366

Johnson

&

Johnson

9,709,704

54,829

Merck

&

Co.,

Inc.

4,601,798

5,755

Organon

&

Co.

61,463

2,835

Perrigo

Co

plc

63,135

123,389

Pfizer,

Inc.

3,143,952

8,174

Royalty

Pharma

plc,

Class

A

288,379

26,482

Viatris,

Inc.

262,172

1,895

Zoetis,

Inc.

277,276

20,420,870

Professional

Services

(0.8%):

3,514

Amentum

Holdings,

Inc.*

84,160

634

Automatic

Data

Processing,

Inc.

186,079

203

Broadridge

Financial

Solutions,

Inc.

48,348

485

CACI

International,

Inc.,

Class

A*

241,908

6,596

Clarivate

plc*

25,263

902

Concentrix

Corp.

41,627

3,112

Dayforce,

Inc.*

214,386

2,201

Equifax,

Inc.

564,623

747

FTI

Consulting,

Inc.*

120,753

3,575

Genpact,

Ltd.

149,757

2,582

Jacobs

Solutions,

Inc.

386,938

2,652

KBR,

Inc.

125,413

2,743

Leidos

Holdings,

Inc.

518,317

823

ManpowerGroup,

Inc.

31,192

990

Parsons

Corp.*

82,091

4,783

Paychex,

Inc.

606,293

434

Paycom

Software,

Inc.

90,333

2,446

Robert

Half,

Inc.

83,115

1,049

Science

Applications

International

Corp.

104,239

4,722

SS&C

Technologies

Holdings,

Inc.

419,125

4,222

TransUnion

353,719

1,249

Verisk

Analytics,

Inc.

314,136

4,791,815

Real

Estate

Management

&

Development

(0.4%):

5,791

CBRE

Group,

Inc.,

Class

A*

912,430

7,973

CoStar

Group,

Inc.*

672,682

774

Howard

Hughes

Holdings,

Inc.*

63,599

753

Jones

Lang

LaSalle,

Inc.*

224,605

1,090

Zillow

Group,

Inc.,

Class

A*

81,140

3,540

Zillow

Group,

Inc.,

Class

C*

272,757

2,227,213

Shares

Value

Common

Stocks,

continued

Residential

REITs

(0.6%):

7,629

American

Homes

4

Rent,

Class

A

$

253,664

3,075

AvalonBay

Communities,

Inc.

593,998

2,393

Camden

Property

Trust

255,525

4,232

Equity

LifeStyle

Properties,

Inc.

256,882

8,165

Equity

Residential

528,520

1,423

Essex

Property

Trust,

Inc.

380,880

13,044

Invitation

Homes,

Inc.

382,581

2,598

Mid-America

Apartment

Communities,

Inc.

363,019

2,281

Sun

Communities,

Inc.

294,249

6,973

UDR,

Inc.

259,814

3,569,132

Retail

REITs

(0.6%):

2,221

Agree

Realty

Corp.

157,780

6,696

Brixmor

Property

Group,

Inc.

185,345

1,899

Federal

Realty

Investment

Trust

192,387

14,848

Kimco

Realty

Corp.

324,429

4,103

NNN

REIT,

Inc.

174,665

19,622

Realty

Income

Corp.

1,192,821

4,033

Regency

Centers

Corp.

294,006

5,513

Simon

Property

Group,

Inc.

1,034,625

3,556,058

Semiconductors

&

Semiconductor

Equipment

(4.0%):

14,584

Advanced

Micro

Devices,

Inc.*

2,359,545

2,090

Allegro

MicroSystems,

Inc.*

61,028

2,276

Amkor

Technology,

Inc.

64,638

10,842

Analog

Devices,

Inc.

2,663,879

12,503

Applied

Materials,

Inc.

2,559,864

1,124

Cirrus

Logic,

Inc.*

140,826

2,802

Entegris,

Inc.

259,073

2,176

First

Solar,

Inc.*

479,873

2,283

GLOBALFOUNDRIES,

Inc.*

81,823

95,094

Intel

Corp.*

3,190,404

1,062

MACOM

Technology

Solutions

Holdings,

Inc.*

132,208

17,417

Marvell

Technology,

Inc.

1,464,247

11,487

Microchip

Technology,

Inc.

737,695

24,302

Micron

Technology,

Inc.

4,066,211

1,413

MKS,

Inc.

174,887

9,031

ON

Semiconductor

Corp.*

445,319

911

Onto

Innovation,

Inc.*

117,720

1,754

Qorvo,

Inc.*

159,754

18,134

QUALCOMM,

Inc.

3,016,772

3,164

Skyworks

Solutions,

Inc.

243,565

3,591

Teradyne,

Inc.

494,265

11,713

Texas

Instruments,

Inc.

2,152,030

981

Universal

Display

Corp.

140,901

25,206,527

Software

(1.8%):

21,995

Aurora

Innovation,

Inc.*

118,553

1,906

BILL

Holdings,

Inc.*

100,961

10,677

CCC

Intelligent

Solutions

Holdings,

Inc.*

97,267

868

Circle

Internet

Group,

Inc.*

115,079

1,096

Docusign,

Inc.*

79,011

1,426

Dolby

Laboratories,

Inc.,

Class

A

103,200

2,874

Dropbox,

Inc.,

Class

A*

86,824

92

Fair

Isaac

Corp.*

137,681

10,935

Gen

Digital,

Inc.

310,445

1,775

Informatica,

Inc.,

Class

A*

44,091

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

178

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Software,

continued

2,046

nCino,

Inc.*

$

55,467

4,272

Nutanix,

Inc.,

Class

A*

317,794

1,298

Pegasystems,

Inc.

74,635

2,266

PTC,

Inc.*

460,043

13,293

QXO,

Inc.*

253,365

2,324

Roper

Technologies,

Inc.

1,158,956

874

Rubrik,

Inc.,

Class

A*

71,886

1,342

SailPoint,

Inc.*

29,631

18,041

Salesforce,

Inc.

4,275,717

1,811

SentinelOne,

Inc.,

Class

A*

31,892

5,427

Strategy,

Inc.*

1,748,634

1,087

Synopsys,

Inc.*

536,315

1,642

Teradata

Corp.*

35,319

145

Tyler

Technologies,

Inc.*

75,858

8,104

UiPath,

Inc.,

Class

A*

108,431

6,660

Unity

Software,

Inc.*

266,666

5,638

Zoom

Communications,

Inc.*

465,135

11,158,856

Specialized

REITs

(1.3%):

9,511

Crown

Castle,

Inc.

917,716

4,956

CubeSmart

201,511

7,316

Digital

Realty

Trust,

Inc.

1,264,790

1,526

EPR

Properties

88,523

2,120

Equinix,

Inc.

1,660,469

4,570

Extra

Space

Storage,

Inc.

644,096

5,893

Gaming

and

Leisure

Properties,

Inc.

274,673

6,341

Iron

Mountain,

Inc.

646,401

1,498

National

Storage

Affiliates

Trust

45,270

2,997

Public

Storage

865,683

3,251

Rayonier,

Inc.

86,281

2,314

SBA

Communications

Corp.

447,412

23,021

VICI

Properties,

Inc.

750,715

16,183

Weyerhaeuser

Co.

401,177

8,294,717

Specialty

Retail

(1.9%):

613

AutoNation,

Inc.*

134,106

305

AutoZone,

Inc.*

1,308,523

4,481

Bath

&

Body

Works,

Inc.

115,431

4,316

Best

Buy

Co.,

Inc.

326,376

3,265

CarMax,

Inc.*

146,500

1,372

Dick's

Sporting

Goods,

Inc.

304,886

1,202

Five

Below,

Inc.*

185,949

1,673

Floor

&

Decor

Holdings,

Inc.,

Class

A*

123,300

8,677

GameStop

Corp.,

Class

A*

236,709

5,204

Gap,

Inc.

(The)

111,314

5,132

Home

Depot,

Inc.

(The)

2,079,435

507

Lithia

Motors,

Inc.

160,212

12,181

Lowe's

Cos.,

Inc.

3,061,207

1,462

O'Reilly

Automotive,

Inc.*

157,618

438

Penske

Automotive

Group,

Inc.

76,173

302

RH*

61,354

5,629

Ross

Stores,

Inc.

857,803

12,172

TJX

Cos.,

Inc.

(The)

1,759,341

756

Ulta

Beauty,

Inc.*

413,343

1,717

Wayfair,

Inc.,

Class

A*

153,380

2,151

Williams-Sonoma,

Inc.

420,413

12,193,373

Shares

Value

Common

Stocks,

continued

Technology

Hardware,

Storage

&

Peripherals

(0.6%):

5,672

Dell

Technologies,

Inc.,

Class

C

$

804,119

28,453

Hewlett

Packard

Enterprise

Co.

698,806

20,413

HP,

Inc.

555,846

2,654

NetApp,

Inc.

314,393

1,032

Pure

Storage,

Inc.,

Class

A*

86,492

2,899

Sandisk

Corp.*

325,268

6,209

Super

Micro

Computer,

Inc.*

297,659

7,500

Western

Digital

Corp.

900,450

3,983,033

Textiles,

Apparel

&

Luxury

Goods

(0.4%):

3,331

Amer

Sports,

Inc.*

115,752

689

Birkenstock

Holding

plc*

31,177

486

Columbia

Sportswear

Co.

25,418

1,180

Crocs,

Inc.*

98,589

996

Lululemon

Athletica,

Inc.*

177,218

25,290

NIKE,

Inc.,

Class

B

1,763,472

1,108

PVH

Corp.

92,817

749

Ralph

Lauren

Corp.

234,856

382

Tapestry,

Inc.

43,250

4,348

Under

Armour,

Inc.,

Class

A*

21,697

4,201

Under

Armour,

Inc.,

Class

C*

20,291

7,412

VF

Corp.

106,955

2,731,492

Tobacco

(1.3%):

36,784

Altria

Group,

Inc.

2,429,951

33,903

Philip

Morris

International,

Inc.

5,499,067

7,929,018

Trading

Companies

&

Distributors

(0.6%):

2,164

Air

Lease

Corp.

137,739

851

Applied

Industrial

Technologies,

Inc.

222,154

1,582

Core

&

Main,

Inc.,

Class

A*

85,159

4,492

Fastenal

Co.

220,288

3,987

Ferguson

Enterprises,

Inc.

895,400

981

MSC

Industrial

Direct

Co.,

Inc.

90,389

606

SiteOne

Landscape

Supply,

Inc.*

78,053

1,397

United

Rentals,

Inc.

1,333,660

140

W.W.

Grainger,

Inc.

133,414

777

Watsco,

Inc.

314,141

991

WESCO

International,

Inc.

209,597

3,719,994

Water

Utilities

(0.1%):

4,216

American

Water

Works

Co.,

Inc.

586,825

6,063

Essential

Utilities,

Inc.

241,914

828,739

Wireless

Telecommunication

Services

(0.4%):

2,294

Millicom

International

Cellular

SA

111,351

9,909

T-Mobile

US,

Inc.

2,372,016

2,483,367

Total

Common

Stocks

(Cost

$401,353,393)

632,584,618

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

179

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Affiliated

Investment

Company

(0.2%):

Money

Market

Funds

(0.2%):

1,089,415

BlackRock

Liquidity

FedFund,

Institutional

Class

,

4.03%

+

(a)(b)

$

1,089,415

Total

Affiliated

Investment

Company

(Cost

$1,089,415)

1,089,415

Unaffiliated

Investment

Company

(0.3%):

Money

Market

Funds

(0.3%):

1,949,955

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.98%(b)

1,949,955

Shares

Value

Unaffiliated

Investment

Company,

continued

Money

Market

Funds,

continued

Total

Unaffiliated

Investment

Company

(Cost

$1,949,955)

$

1,949,955

Total

Investment

Securities

(Cost

$404,392,763

)

—

100.2%

635,623,988

Net

other

assets

(liabilities)

—

(0.2)%

(1,306,596)

Net

Assets

—

100.0%

$

634,317,392

ADR—American

Depository

Receipt

REIT—Real

Estate

Investment

Trust

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$1,067,062.

+

Affiliated

Securities

†

Represents

less

than

0.05%.

(a)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2025.

(b)

The

rate

represents

the

effective

yield

at

September

30,

2025.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Percentages

indicated

are

based

on

n

et

assets

as

of

September

30,

2025.

Futures

Contracts

At

September

30,

2025,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

E-Mini

Russell

1000

Value

Index

December

Futures

(U.S.

Dollar)

12/19/25

24

$

2,420,640‌

$

10,403‌

$

10,403‌

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

180

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(100.0%):

Aerospace

&

Defense

(1.7%):

3,738

Axon

Enterprise,

Inc.*

$

2,682,538

35,625

Boeing

Co.

(The)*

7,688,944

11,885

General

Dynamics

Corp.

4,052,785

18,863

Howmet

Aerospace,

Inc.

3,701,487

1,942

Huntington

Ingalls

Industries,

Inc.

559,121

8,713

L3Harris

Technologies,

Inc.

2,661,037

9,726

Lockheed

Martin

Corp.

4,855,316

6,348

Northrop

Grumman

Corp.

3,867,963

63,239

RTX

Corp.

10,581,782

8,848

Textron,

Inc.

747,568

2,650

TransDigm

Group,

Inc.

3,492,753

44,891,294

Air

Freight

&

Logistics

(0.3%):

5,528

CH

Robinson

Worldwide,

Inc.

731,907

6,764

Expeditors

International

of

Washington,

Inc.

829,199

10,333

FedEx

Corp.

2,436,625

34,673

United

Parcel

Service,

Inc.,

Class

B

2,896,235

6,893,966

Automobile

Components

(0.0%

†

):

10,506

Aptiv

plc*

905,827

Automobiles

(2.4%):

182,235

Ford

Motor

Co.

2,179,531

45,117

General

Motors

Co.

2,750,783

132,576

Tesla,

Inc.*

58,959,199

63,889,513

Banks

(3.6%):

321,946

Bank

of

America

Corp.

16,609,194

86,864

Citigroup,

Inc.

8,816,696

20,636

Citizens

Financial

Group,

Inc.

1,097,010

31,040

Fifth

Third

Bancorp

1,382,832

68,534

Huntington

Bancshares,

Inc.

1,183,582

129,912

JPMorgan

Chase

&

Co.

40,978,142

42,805

KeyCorp

800,026

7,342

M&T

Bank

Corp.

1,450,926

18,514

PNC

Financial

Services

Group,

Inc.

(The)

3,720,018

42,736

Regions

Financial

Corp.

1,126,948

60,738

Truist

Financial

Corp.

2,776,941

74,300

US

Bancorp

3,590,919

151,347

Wells

Fargo

&

Co.

12,685,906

96,219,140

Beverages

(1.0%):

7,657

Brown-Forman

Corp.,

Class

B

207,352

182,994

Coca-Cola

Co.

(The)

12,136,162

6,735

Constellation

Brands,

Inc.,

Class

A

907,002

65,580

Keurig

Dr

Pepper,

Inc.

1,672,946

8,680

Molson

Coors

Beverage

Co.,

Class

B

392,770

33,227

Monster

Beverage

Corp.*

2,236,509

65,009

PepsiCo,

Inc.

9,129,864

26,682,605

Biotechnology

(1.6%):

83,461

AbbVie,

Inc.

19,324,560

25,367

Amgen,

Inc.

7,158,567

7,093

Biogen,

Inc.*

993,587

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

58,280

Gilead

Sciences,

Inc.

$

6,469,080

7,544

Incyte

Corp.*

639,807

16,081

Moderna,

Inc.*

415,372

4,850

Regeneron

Pharmaceuticals,

Inc.

2,727,010

12,014

Vertex

Pharmaceuticals,

Inc.*

4,705,163

42,433,146

Broadline

Retail

(3.8%):

458,517

Amazon.com,

Inc.*

100,676,578

21,648

eBay,

Inc.

1,968,885

102,645,463

Building

Products

(0.5%):

5,383

A

O

Smith

Corp.

395,166

4,189

Allegion

plc

742,919

5,378

Builders

FirstSource,

Inc.*

652,083

37,211

Carrier

Global

Corp.

2,221,497

31,140

Johnson

Controls

International

plc

3,423,843

1,512

Lennox

International,

Inc.

800,392

10,060

Masco

Corp.

708,123

10,586

Trane

Technologies

plc

4,466,869

13,410,892

Capital

Markets

(3.5%):

4,404

Ameriprise

Financial,

Inc.

2,163,465

33,202

Bank

of

New

York

Mellon

Corp.

(The)

3,617,690

6,785

Blackrock,

Inc.

+

7,910,428

34,885

Blackstone,

Inc.

5,960,102

4,919

Cboe

Global

Markets,

Inc.

1,206,385

80,615

Charles

Schwab

Corp.

(The)

7,696,314

17,138

CME

Group,

Inc.

4,630,516

10,767

Coinbase

Global,

Inc.,

Class

A*

3,633,755

1,733

FactSet

Research

Systems,

Inc.

496,487

16,181

Franklin

Resources,

Inc.

374,266

14,302

Goldman

Sachs

Group,

Inc.

(The)

11,389,398

21,323

Interactive

Brokers

Group,

Inc.

1,467,236

26,906

Intercontinental

Exchange,

Inc.

4,533,123

20,428

Invesco,

Ltd.

468,618

32,387

KKR

&

Co.,

Inc.

4,208,691

7,203

Moody's

Corp.

3,432,085

57,257

Morgan

Stanley

9,101,573

3,716

MSCI,

Inc.

2,108,495

21,582

Nasdaq,

Inc.

1,908,928

8,749

Northern

Trust

Corp.

1,177,615

8,381

Raymond

James

Financial,

Inc.

1,446,561

36,848

Robinhood

Markets,

Inc.,

Class

A*

5,275,897

14,717

S&P

Global,

Inc.

7,162,911

13,613

State

Street

Corp.

1,579,244

10,145

T.

Rowe

Price

Group,

Inc.

1,041,283

93,991,066

Chemicals

(1.1%):

10,618

Air

Products

and

Chemicals,

Inc.

2,895,741

5,374

Albemarle

Corp.

435,724

7,676

CF

Industries

Holdings,

Inc.

688,537

31,557

Corteva,

Inc.

2,134,200

34,988

Dow,

Inc.

802,275

19,883

DuPont

de

Nemours,

Inc.

1,548,886

5,757

Eastman

Chemical

Co.

362,979

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

181

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

12,079

Ecolab,

Inc.

$

3,307,955

11,944

International

Flavors

&

Fragrances,

Inc.

735,034

22,154

Linde

plc

10,523,150

12,617

LyondellBasell

Industries

NV,

Class

A

618,737

14,716

Mosaic

Co.

(The)

510,351

10,729

PPG

Industries,

Inc.

1,127,725

10,983

Sherwin-Williams

Co.

(The)

3,802,973

29,494,267

Commercial

Services

&

Supplies

(0.5%):

16,032

Cintas

Corp.

3,290,728

42,109

Copart,

Inc.*

1,893,642

9,636

Republic

Services,

Inc.

2,211,269

13,578

Rollins,

Inc.

797,572

12,005

Veralto

Corp.

1,279,853

17,633

Waste

Management,

Inc.

3,893,895

13,366,959

Communications

Equipment

(0.9%):

48,507

Arista

Networks,

Inc.*

7,067,955

187,090

Cisco

Systems,

Inc.

12,800,698

2,736

F5,

Inc.*

884,248

7,804

Motorola

Solutions,

Inc.

3,568,691

24,321,592

Construction

&

Engineering

(0.2%):

2,131

EMCOR

Group,

Inc.

1,384,170

6,995

Quanta

Services,

Inc.

2,898,868

4,283,038

Construction

Materials

(0.1%):

2,883

Martin

Marietta

Materials,

Inc.

1,817,097

6,213

Vulcan

Materials

Co.

1,911,243

3,728,340

Consumer

Finance

(0.6%):

25,604

American

Express

Co.

8,504,625

30,213

Capital

One

Financial

Corp.

6,422,680

17,127

Synchrony

Financial

1,216,873

16,144,178

Consumer

Staples

Distribution

&

Retail

(1.8%):

20,952

Costco

Wholesale

Corp.

19,393,800

10,453

Dollar

General

Corp.

1,080,317

8,851

Dollar

Tree,

Inc.*

835,269

29,248

Kroger

Co.

(The)

1,971,608

22,860

Sysco

Corp.

1,882,292

21,254

Target

Corp.

1,906,484

207,369

Walmart,

Inc.

21,371,449

48,441,219

Containers

&

Packaging

(0.2%):

106,802

Amcor

plc

873,640

3,638

Avery

Dennison

Corp.

589,974

12,269

Ball

Corp.

618,603

25,777

International

Paper

Co.

1,196,053

4,199

Packaging

Corp.

of

America

915,088

24,636

Smurfit

WestRock

plc

1,048,755

5,242,113

Shares

Value

Common

Stocks,

continued

Distributors

(0.1%):

6,639

Genuine

Parts

Co.

$

920,165

13,398

LKQ

Corp.

409,175

1,522

Pool

Corp.

471,927

1,801,267

Diversified

Telecommunication

Services

(0.7%):

337,632

AT&T,

Inc.

9,534,727

198,864

Verizon

Communications,

Inc.

8,740,073

18,274,800

Electric

Utilities

(1.5%):

11,934

Alliant

Energy

Corp.

804,471

25,348

American

Electric

Power

Co.,

Inc.

2,851,650

14,870

Constellation

Energy

Corp.

4,893,271

36,679

Duke

Energy

Corp.

4,539,026

18,207

Edison

International

1,006,483

20,896

Entergy

Corp.

1,947,298

10,666

Evergy,

Inc.

810,829

17,705

Eversource

Energy

1,259,534

47,325

Exelon

Corp.

2,130,098

23,971

FirstEnergy

Corp.

1,098,351

97,000

NextEra

Energy,

Inc.

7,322,530

8,989

NRG

Energy,

Inc.

1,455,769

101,532

PG&E

Corp.

1,531,103

5,243

Pinnacle

West

Capital

Corp.

470,087

35,919

PPL

Corp.

1,334,750

52,300

Southern

Co.

(The)

4,956,471

27,381

Xcel

Energy,

Inc.

2,208,278

40,619,999

Electrical

Equipment

(0.9%):

10,996

AMETEK,

Inc.

2,067,248

18,321

Eaton

Corp.

plc

6,856,634

26,357

Emerson

Electric

Co.

3,457,511

12,911

GE

Vernova,

Inc.

7,938,974

2,593

Generac

Holdings,

Inc.*

434,068

2,529

Hubbell,

Inc.

1,088,254

5,292

Rockwell

Automation,

Inc.

1,849,713

23,692,402

Electronic

Equipment,

Instruments

&

Components

(0.7%):

57,793

Amphenol

Corp.,

Class

A

7,151,884

6,345

CDW

Corp.

1,010,632

36,734

Corning,

Inc.

3,013,290

4,932

Jabil,

Inc.

1,071,082

8,298

Keysight

Technologies,

Inc.*

1,451,486

14,004

TE

Connectivity

plc

3,074,298

2,200

Teledyne

Technologies,

Inc.*

1,289,288

11,465

Trimble,

Inc.*

936,117

2,403

Zebra

Technologies

Corp.*

714,076

19,712,153

Energy

Equipment

&

Services

(0.2%):

46,746

Baker

Hughes

Co.

2,277,465

41,003

Halliburton

Co.

1,008,674

69,914

Schlumberger

NV

2,402,944

5,689,083

Entertainment

(1.6%):

10,572

Electronic

Arts,

Inc.

2,132,372

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

182

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Entertainment,

continued

7,396

Live

Nation

Entertainment,

Inc.*

$

1,208,506

20,076

Netflix,

Inc.*

24,069,518

8,200

Take-Two

Interactive

Software,

Inc.*

2,118,552

3,089

TKO

Group

Holdings,

Inc.

623,854

84,943

Walt

Disney

Co.

(The)

9,725,974

117,871

Warner

Bros

Discovery,

Inc.*

2,302,021

42,180,797

Financial

Services

(4.0%):

21,494

Apollo

Global

Management,

Inc.

2,864,505

86,635

Berkshire

Hathaway,

Inc.,

Class

B*

43,554,880

25,675

Block,

Inc.*

1,855,532

24,636

Fidelity

National

Information

Services,

Inc.

1,624,498

25,762

Fiserv,

Inc.*

3,321,495

11,110

Global

Payments,

Inc.

923,019

3,485

Jack

Henry

&

Associates,

Inc.

519,021

39,000

Mastercard,

Inc.,

Class

A

22,183,590

45,486

PayPal

Holdings,

Inc.*

3,050,291

80,254

Visa,

Inc.,

Class

A

27,397,111

107,293,942

Food

Products

(0.5%):

22,481

Archer-Daniels-Midland

Co.

1,343,015

6,721

Bunge

Global

SA

546,081

8,738

Campbell's

Company

(The)^

275,946

23,255

Conagra

Brands,

Inc.

425,799

25,328

General

Mills,

Inc.

1,277,038

7,153

Hershey

Co.

(The)

1,337,969

15,302

Hormel

Foods

Corp.

378,571

4,999

JM

Smucker

Co.

(The)

542,891

12,928

Kellanova

1,060,355

39,317

Kraft

Heinz

Co.

(The)

1,023,815

6,361

Lamb

Weston

Holdings,

Inc.

369,447

12,013

McCormick

&

Co.,

Inc.

803,790

61,488

Mondelez

International,

Inc.,

Class

A

3,841,155

13,270

Tyson

Foods,

Inc.,

Class

A

720,561

13,946,433

Gas

Utilities

(0.0%

†

):

7,612

Atmos

Energy

Corp.

1,299,749

Ground

Transportation

(0.9%):

87,125

CSX

Corp.

3,093,809

3,802

JB

Hunt

Transport

Services,

Inc.

510,115

10,542

Norfolk

Southern

Corp.

3,166,922

9,053

Old

Dominion

Freight

Line,

Inc.

1,274,481

98,333

Uber

Technologies,

Inc.*

9,633,684

27,865

Union

Pacific

Corp.

6,586,450

24,265,461

Health

Care

Equipment

&

Supplies

(2.0%):

82,082

Abbott

Laboratories

10,994,063

2,893

Align

Technology,

Inc.*

362,261

25,909

Baxter

International,

Inc.

589,948

13,496

Becton

Dickinson

&

Co.

2,526,046

69,743

Boston

Scientific

Corp.*

6,809,009

9,330

Cooper

Cos.,

Inc.

(The)*

639,665

18,856

Dexcom,

Inc.*

1,268,820

28,012

Edwards

Lifesciences

Corp.*

2,178,493

21,449

GE

HealthCare

Technologies,

Inc.

1,610,820

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

10,842

Hologic,

Inc.*

$

731,727

3,809

IDEXX

Laboratories,

Inc.*

2,433,532

3,428

Insulet

Corp.*

1,058,326

17,006

Intuitive

Surgical,

Inc.*

7,605,593

60,897

Medtronic

plc

5,799,830

6,890

ResMed,

Inc.

1,886,000

4,690

STERIS

plc

1,160,494

16,156

Stryker

Corp.

5,972,389

8,971

Zimmer

Biomet

Holdings,

Inc.

883,644

54,510,660

Health

Care

Providers

&

Services

(1.7%):

11,434

Cardinal

Health,

Inc.

1,794,681

9,231

Cencora,

Inc.

2,884,964

22,214

Centene

Corp.*

792,595

12,664

Cigna

Group

(The)

3,650,398

59,768

CVS

Health

Corp.

4,505,909

1,549

DaVita,

Inc.*

205,816

10,602

Elevance

Health,

Inc.

3,425,718

7,798

HCA

Healthcare,

Inc.

3,323,508

5,413

Henry

Schein,

Inc.*

359,261

5,778

Humana,

Inc.

1,503,262

3,828

Labcorp

Holdings,

Inc.

1,098,866

5,870

McKesson

Corp.

4,534,810

2,707

Molina

Healthcare,

Inc.*

518,012

5,264

Quest

Diagnostics,

Inc.

1,003,213

7,122

Solventum

Corp.*

519,906

42,789

UnitedHealth

Group,

Inc.

14,775,042

2,696

Universal

Health

Services,

Inc.,

Class

B

551,170

45,447,131

Health

Care

REITs

(0.3%):

31,476

Healthpeak

Properties,

Inc.

602,765

21,441

Ventas,

Inc.

1,500,656

31,843

Welltower,

Inc.

5,672,512

7,775,933

Hotel

&

Resort

REITs

(0.0%

†

):

32,034

Host

Hotels

&

Resorts,

Inc.

545,219

Hotels,

Restaurants

&

Leisure

(1.9%):

20,113

Airbnb,

Inc.,

Class

A*

2,442,120

1,528

Booking

Holdings,

Inc.

8,250,085

49,438

Carnival

Corp.*

1,429,253

63,616

Chipotle

Mexican

Grill,

Inc.*

2,493,111

5,534

Darden

Restaurants,

Inc.

1,053,452

1,429

Domino's

Pizza,

Inc.

616,914

17,624

DoorDash,

Inc.,

Class

A*

4,793,552

5,627

Expedia

Group,

Inc.

1,202,771

10,983

Hilton

Worldwide

Holdings,

Inc.

2,849,430

14,706

Las

Vegas

Sands

Corp.

791,036

10,673

Marriott

International,

Inc.,

Class

A

2,779,676

33,664

McDonald's

Corp.

10,230,153

10,667

MGM

Resorts

International*

369,718

20,362

Norwegian

Cruise

Line

Holdings,

Ltd.*

501,516

11,868

Royal

Caribbean

Cruises,

Ltd.

3,840,247

54,185

Starbucks

Corp.

4,584,051

4,227

Wynn

Resorts,

Ltd.

542,197

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

183

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

13,091

Yum!

Brands,

Inc.

$

1,989,832

50,759,114

Household

Durables

(0.3%):

13,110

D.R.

Horton,

Inc.

2,221,752

7,501

Garmin,

Ltd.

1,846,896

10,502

Lennar

Corp.,

Class

A

1,323,672

2,283

Mohawk

Industries,

Inc.*

294,324

137

NVR,

Inc.*

1,100,749

9,239

PulteGroup,

Inc.

1,220,749

8,008,142

Household

Products

(0.9%):

11,259

Church

&

Dwight

Co.,

Inc.

986,626

5,787

Clorox

Co.

(The)

713,537

38,675

Colgate-Palmolive

Co.

3,091,680

15,989

Kimberly-Clark

Corp.

1,988,072

110,665

Procter

&

Gamble

Co.

(The)

17,003,677

23,783,592

Independent

Power

and

Renewable

Electricity

Producers

(0.1%):

33,158

AES

Corp.

(The)

436,359

15,163

Vistra

Corp.

2,970,735

3,407,094

Industrial

Conglomerates

(0.9%):

25,029

3M

Co.

3,884,000

50,100

General

Electric

Co.

15,071,082

29,839

Honeywell

International,

Inc.

6,281,110

25,236,192

Industrial

REITs

(0.2%):

44,129

Prologis,

Inc.

5,053,653

Insurance

(1.9%):

22,543

Aflac,

Inc.

2,518,053

12,452

Allstate

Corp.

(The)

2,672,822

26,376

American

International

Group,

Inc.

2,071,571

10,186

Aon

plc,

Class

A

3,632,124

17,776

Arch

Capital

Group,

Ltd.

1,612,817

12,008

Arthur

J.

Gallagher

&

Co.

3,719,358

2,314

Assurant,

Inc.

501,212

12,944

Brown

&

Brown,

Inc.

1,214,018

17,506

Chubb,

Ltd.

4,941,069

7,372

Cincinnati

Financial

Corp.

1,165,513

1,302

Erie

Indemnity

Co.,

Class

A

414,244

1,945

Everest

Group,

Ltd.

681,197

3,886

Globe

Life,

Inc.

555,581

13,230

Hartford

Insurance

Group,

Inc.

(The)

1,764,750

8,158

Loews

Corp.

818,982

23,419

Marsh

&

McLennan

Cos.,

Inc.

4,719,631

26,309

MetLife,

Inc.

2,167,072

9,228

Principal

Financial

Group,

Inc.

765,094

27,686

Progressive

Corp.

(The)

6,837,058

16,533

Prudential

Financial,

Inc.

1,715,133

10,579

Travelers

Cos.,

Inc.

(The)

2,953,868

14,402

W

R

Berkley

Corp.

1,103,481

Shares

Value

Common

Stocks,

continued

Insurance,

continued

4,555

Willis

Towers

Watson

plc

$

1,573,525

50,118,173

Interactive

Media

&

Services

(7.3%):

274,824

Alphabet,

Inc.,

Class

A

66,809,714

220,625

Alphabet,

Inc.,

Class

C

53,733,219

11,668

Match

Group,

Inc.

412,114

102,473

Meta

Platforms,

Inc.,

Class

A

75,254,122

196,209,169

IT

Services

(0.9%):

29,630

Accenture

plc,

Class

A

7,306,758

7,175

Akamai

Technologies,

Inc.*

543,578

22,935

Cognizant

Technology

Solutions

Corp.,

Class

A

1,538,250

2,687

EPAM

Systems,

Inc.*

405,173

3,582

Gartner,

Inc.*

941,600

6,493

GoDaddy,

Inc.,

Class

A*

888,437

44,010

International

Business

Machines

Corp.

12,417,862

3,844

VeriSign,

Inc.

1,074,667

25,116,325

Leisure

Products

(0.0%

†

):

6,265

Hasbro,

Inc.

475,200

Life

Sciences

Tools

&

Services

(0.8%):

13,572

Agilent

Technologies,

Inc.

1,741,966

6,911

Bio-Techne

Corp.

384,459

2,210

Charles

River

Laboratories

International,

Inc.*

345,777

30,228

Danaher

Corp.

5,993,003

7,855

IQVIA

Holdings,

Inc.*

1,491,979

973

Mettler-Toledo

International,

Inc.*

1,194,464

5,745

Revvity,

Inc.^

503,549

17,840

Thermo

Fisher

Scientific,

Inc.

8,652,757

2,897

Waters

Corp.*

868,550

3,371

West

Pharmaceutical

Services,

Inc.

884,314

22,060,818

Machinery

(1.5%):

22,132

Caterpillar,

Inc.

10,560,284

6,494

Cummins,

Inc.

2,742,871

11,862

Deere

&

Co.

5,424,018

6,500

Dover

Corp.

1,084,395

15,811

Fortive

Corp.

774,581

3,746

IDEX

Corp.

609,699

12,655

Illinois

Tool

Works,

Inc.

3,299,918

17,220

Ingersoll

Rand,

Inc.

1,422,716

2,647

Nordson

Corp.

600,737

18,095

Otis

Worldwide

Corp.

1,654,426

24,868

PACCAR,

Inc.

2,445,022

6,067

Parker-Hannifin

Corp.

4,599,696

7,682

Pentair

plc

850,858

2,484

Snap-on,

Inc.

860,781

6,998

Stanley

Black

&

Decker,

Inc.

520,161

8,217

Westinghouse

Air

Brake

Technologies

Corp.

1,647,262

11,455

Xylem,

Inc.

1,689,612

40,787,037

Media

(0.4%):

4,512

Charter

Communications,

Inc.,

Class

A*

1,241,274

174,756

Comcast

Corp.,

Class

A

5,490,833

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

184

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Media,

continued

10,414

Fox

Corp.,

Class

A

$

656,707

6,587

Fox

Corp.,

Class

B

377,369

18,338

Interpublic

Group

of

Cos.,

Inc.

(The)

511,814

18,064

News

Corp.,

Class

A

554,745

4,576

News

Corp.,

Class

B

158,101

9,177

Omnicom

Group,

Inc.

748,201

10,929

Paramount

Skydance

Corp.

206,777

21,686

Trade

Desk,

Inc.

(The),

Class

A*

1,062,831

11,008,652

Metals

&

Mining

(0.3%):

67,060

Freeport-McMoRan,

Inc.

2,630,093

52,297

Newmont

Corp.

4,409,160

11,026

Nucor

Corp.

1,493,251

6,747

Steel

Dynamics,

Inc.

940,735

9,473,239

Multi-Utilities

(0.6%):

12,603

Ameren

Corp.

1,315,501

31,755

CenterPoint

Energy,

Inc.

1,232,094

14,467

CMS

Energy

Corp.

1,059,852

16,788

Consolidated

Edison,

Inc.

1,687,530

40,254

Dominion

Energy,

Inc.

2,462,337

9,685

DTE

Energy

Co.

1,369,750

22,797

NiSource,

Inc.

987,110

23,715

Public

Service

Enterprise

Group,

Inc.

1,979,254

31,150

Sempra

2,802,877

14,822

WEC

Energy

Group,

Inc.

1,698,453

16,594,758

Office

REITs

(0.0%

†

):

7,058

Alexandria

Real

Estate

Equities,

Inc.

588,214

7,252

BXP,

Inc.

539,113

1,127,327

Oil,

Gas

&

Consumable

Fuels

(2.7%):

17,124

APA

Corp.

415,771

90,925

Chevron

Corp.

14,119,743

59,462

ConocoPhillips

5,624,511

36,547

Coterra

Energy,

Inc.

864,336

29,411

Devon

Energy

Corp.

1,031,150

8,814

Diamondback

Energy,

Inc.

1,261,283

26,106

EOG

Resources,

Inc.

2,927,005

27,897

EQT

Corp.

1,518,434

10,553

Expand

Energy

Corp.

1,121,151

201,417

Exxon

Mobil

Corp.

22,709,767

93,712

Kinder

Morgan,

Inc.

2,652,987

14,354

Marathon

Petroleum

Corp.

2,766,590

33,954

Occidental

Petroleum

Corp.

1,604,326

30,054

ONEOK,

Inc.

2,193,040

19,359

Phillips

66

2,633,211

10,027

Targa

Resources

Corp.

1,679,924

869

Texas

Pacific

Land

Corp.

811,333

14,694

Valero

Energy

Corp.

2,501,800

57,754

Williams

Cos.,

Inc.

(The)

3,658,716

72,095,078

Passenger

Airlines

(0.1%):

30,213

Delta

Air

Lines,

Inc.

1,714,588

26,138

Southwest

Airlines

Co.

834,063

Shares

Value

Common

Stocks,

continued

Passenger

Airlines,

continued

15,188

United

Airlines

Holdings,

Inc.*

$

1,465,642

4,014,293

Personal

Care

Products

(0.1%):

11,552

Estee

Lauder

Cos.,

Inc.

(The)

1,017,962

89,921

Kenvue,

Inc.

1,459,418

2,477,380

Pharmaceuticals

(2.8%):

96,249

Bristol-Myers

Squibb

Co.

4,340,830

37,561

Eli

Lilly

&

Co.

28,659,043

113,782

Johnson

&

Johnson

21,097,458

117,912

Merck

&

Co.,

Inc.

9,896,354

267,162

Pfizer,

Inc.

6,807,288

58,535

Viatris,

Inc.

579,497

20,762

Zoetis,

Inc.

3,037,896

74,418,366

Professional

Services

(0.6%):

19,009

Automatic

Data

Processing,

Inc.

5,579,141

5,540

Broadridge

Financial

Solutions,

Inc.

1,319,462

7,131

Dayforce,

Inc.*

491,255

5,885

Equifax,

Inc.

1,509,679

5,857

Jacobs

Solutions,

Inc.

877,730

5,961

Leidos

Holdings,

Inc.

1,126,390

15,655

Paychex,

Inc.

1,984,428

2,283

Paycom

Software,

Inc.

475,184

6,562

Verisk

Analytics,

Inc.

1,650,409

15,013,678

Real

Estate

Management

&

Development

(0.1%):

13,830

CBRE

Group,

Inc.,

Class

A*

2,179,055

19,635

CoStar

Group,

Inc.*

1,656,605

3,835,660

Residential

REITs

(0.2%):

6,572

AvalonBay

Communities,

Inc.

1,269,513

4,832

Camden

Property

Trust

515,961

16,725

Equity

Residential

1,082,609

3,018

Essex

Property

Trust,

Inc.

807,798

27,939

Invitation

Homes,

Inc.

819,451

5,682

Mid-America

Apartment

Communities,

Inc.

793,946

14,465

UDR,

Inc.

538,966

5,828,244

Retail

REITs

(0.3%):

3,829

Federal

Realty

Investment

Trust

387,916

32,243

Kimco

Realty

Corp.

704,510

43,323

Realty

Income

Corp.

2,633,605

7,392

Regency

Centers

Corp.

538,877

15,544

Simon

Property

Group,

Inc.

2,917,142

7,182,050

Semiconductors

&

Semiconductor

Equipment

(13.8%):

76,612

Advanced

Micro

Devices,

Inc.*

12,395,056

23,578

Analog

Devices,

Inc.

5,793,115

37,803

Applied

Materials,

Inc.

7,739,786

222,216

Broadcom,

Inc.

73,311,281

5,039

First

Solar,

Inc.*

1,111,251

206,129

Intel

Corp.*

6,915,628

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

185

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

6,235

KLA

Corp.

$

6,725,071

59,643

Lam

Research

Corp.

7,986,198

25,317

Microchip

Technology,

Inc.

1,625,858

52,873

Micron

Technology,

Inc.

8,846,710

2,280

Monolithic

Power

Systems,

Inc.

2,099,059

1,152,779

NVIDIA

Corp.

215,085,506

12,102

NXP

Semiconductors

NV

2,755,988

20,185

ON

Semiconductor

Corp.*

995,322

50,872

QUALCOMM,

Inc.

8,463,066

6,640

Skyworks

Solutions,

Inc.

511,147

7,264

Teradyne,

Inc.

999,817

42,843

Texas

Instruments,

Inc.

7,871,544

371,231,403

Software

(11.4%):

20,041

Adobe,

Inc.*

7,069,463

12,763

AppLovin

Corp.,

Class

A*

9,170,726

10,234

Autodesk,

Inc.*

3,251,035

12,874

Cadence

Design

Systems,

Inc.*

4,522,121

3,421

Corpay,

Inc.*

985,453

11,837

Crowdstrike

Holdings,

Inc.,

Class

A*

5,804,628

15,113

Datadog,

Inc.,

Class

A*

2,152,091

1,158

Fair

Isaac

Corp.*

1,732,982

30,253

FORTINET

INC*

2,543,672

26,392

Gen

Digital,

Inc.

749,269

13,143

Intuit,

Inc.

8,975,486

351,180

Microsoft

Corp.

181,893,681

78,295

Oracle

Corp.,

ADR

22,019,686

107,448

Palantir

Technologies,

Inc.,

Class

A*

19,600,664

31,387

Palo

Alto

Networks,

Inc.*

6,391,021

5,599

PTC,

Inc.*

1,136,709

5,078

Roper

Technologies,

Inc.

2,532,348

45,166

Salesforce,

Inc.

10,704,342

9,801

ServiceNow,

Inc.*

9,019,664

8,742

Synopsys,

Inc.*

4,313,215

2,023

Tyler

Technologies,

Inc.*

1,058,353

10,385

Workday,

Inc.,

Class

A*

2,499,981

308,126,590

Specialized

REITs

(0.8%):

22,287

American

Tower

Corp.

4,286,236

20,514

Crown

Castle,

Inc.

1,979,396

15,306

Digital

Realty

Trust,

Inc.

2,646,101

4,588

Equinix,

Inc.

3,593,505

10,131

Extra

Space

Storage,

Inc.

1,427,863

13,656

Iron

Mountain,

Inc.

1,392,093

7,464

Public

Storage

2,155,977

5,235

SBA

Communications

Corp.

1,012,187

50,098

VICI

Properties,

Inc.

1,633,696

33,727

Weyerhaeuser

Co.

836,092

20,963,146

Specialty

Retail

(1.8%):

787

AutoZone,

Inc.*

3,376,419

9,715

Best

Buy

Co.,

Inc.

734,648

7,043

CarMax,

Inc.*

316,020

47,005

Home

Depot,

Inc.

(The)

19,045,956

26,474

Lowe's

Cos.,

Inc.

6,653,181

39,931

O'Reilly

Automotive,

Inc.*

4,304,961

15,293

Ross

Stores,

Inc.

2,330,500

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

52,533

TJX

Cos.,

Inc.

(The)

$

7,593,120

25,300

Tractor

Supply

Co.

1,438,811

2,195

Ulta

Beauty,

Inc.*

1,200,116

5,698

Williams-Sonoma,

Inc.

1,113,674

48,107,406

Technology

Hardware,

Storage

&

Peripherals

(7.0%):

701,135

Apple,

Inc.

178,530,005

14,128

Dell

Technologies,

Inc.,

Class

C

2,002,927

61,740

Hewlett

Packard

Enterprise

Co.

1,516,334

45,453

HP,

Inc.

1,237,685

9,339

NetApp,

Inc.

1,106,298

10,149

Seagate

Technology

Holdings

plc

2,395,773

23,226

Super

Micro

Computer,

Inc.*

1,113,454

16,674

Western

Digital

Corp.

2,001,881

189,904,357

Textiles,

Apparel

&

Luxury

Goods

(0.3%):

6,764

Deckers

Outdoor

Corp.*

685,667

5,383

Lululemon

Athletica,

Inc.*

957,797

55,497

NIKE,

Inc.,

Class

B

3,869,806

1,778

Ralph

Lauren

Corp.

557,509

10,208

Tapestry,

Inc.

1,155,750

7,226,529

Tobacco

(0.6%):

79,890

Altria

Group,

Inc.

5,277,533

73,514

Philip

Morris

International,

Inc.

11,923,971

17,201,504

Trading

Companies

&

Distributors

(0.3%):

53,938

Fastenal

Co.

2,645,119

3,012

United

Rentals,

Inc.

2,875,436

2,106

W.W.

Grainger,

Inc.

2,006,934

7,527,489

Water

Utilities

(0.0%

†

):

9,109

American

Water

Works

Co.,

Inc.

1,267,882

Wireless

Telecommunication

Services

(0.2%):

22,863

T-Mobile

US,

Inc.

5,472,945

Total

Common

Stocks

(Cost

$577,451,692)

2,695,152,132

Affiliated

Investment

Company

(0.0%

†

):

Money

Market

Funds

(0.0%

†

):

288,655

BlackRock

Liquidity

FedFund,

Institutional

Class

,

4.03%

+

(a)(b)

288,655

Total

Affiliated

Investment

Company

(Cost

$288,655)

288,655

Unaffiliated

Investment

Company

(0.1%):

Money

Market

Funds

(0.1%):

3,267,722

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.98%(b)

3,267,722

Total

Unaffiliated

Investment

Company

(Cost

$3,267,722)

3,267,722

Total

Investment

Securities

(Cost

$581,008,069

)

—

100.1%

2,698,708,509

Net

other

assets

(liabilities)

—

(0.1)%

(2,584,383)

Net

Assets

—

100.0%

$

2,696,124,126

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

186

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025

.

ADR—American

Depository

Receipt

REIT—Real

Estate

Investment

Trust

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$289,703.

+

Affiliated

Securities

†

Represents

less

than

0.05%.

(a)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2025.

(b)

The

rate

represents

the

effective

yield

at

September

30,

2025.

Futures

Contracts

At

September

30,

2025,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

December

Futures

(U.S.

Dollar)

12/19/25

11

$

3,706,313‌

$

19,472‌

$

19,472‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

187

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

629

Shares

Value

Common

Stocks

(99.1%):

Aerospace

&

Defense

(0.9%):

10,700

AAR

Corp.*

$

959,469‌

15,791

Mercury

Systems,

Inc.*

1,222,223‌

8,891

Moog,

Inc.,

Class

A

1,846,394‌

1,507

National

Presto

Industries,

Inc.

169,010‌

4,197,096‌

Air

Freight

&

Logistics

(0.2%):

6,528

Forward

Air

Corp.*

167,378‌

18,631

Hub

Group,

Inc.,

Class

A

641,652‌

809,030‌

Automobile

Components

(2.1%):

24,658

Adient

plc*

593,765‌

37,853

American

Axle

&

Manufacturing

Holdings,

Inc.*

227,497‌

67,914

BorgWarner,

Inc.

2,985,499‌

39,108

Dana,

Inc.

783,724‌

8,375

Dorman

Products,

Inc.*

1,305,495‌

13,077

Fox

Factory

Holding

Corp.*

317,640‌

9,642

Gentherm,

Inc.*

328,406‌

7,359

LCI

Industries

685,491‌

10,385

Patrick

Industries,

Inc.

1,074,121‌

11,093

Phinia,

Inc.

637,626‌

5,634

Standard

Motor

Products,

Inc.

229,980‌

7,334

XPEL,

Inc.*

242,535‌

9,411,779‌

Automobiles

(0.1%):

8,987

Winnebago

Industries,

Inc.

300,525‌

Banks

(8.5%):

20,271

Ameris

Bancorp

1,486,067‌

45,109

Atlantic

Union

Bankshares

Corp.

1,591,897‌

17,009

Axos

Financial,

Inc.*

1,439,812‌

39,274

Banc

of

California,

Inc.

649,985‌

6,254

BancFirst

Corp.

790,818‌

13,713

Bancorp,

Inc.

(The)*

1,026,967‌

11,747

Bank

of

Hawaii

Corp.

771,073‌

22,463

BankUnited,

Inc.

857,188‌

10,670

Banner

Corp.

698,885‌

27,237

Beacon

Financial

Corp.

645,789‌

38,717

Capitol

Federal

Financial,

Inc.

245,853‌

21,033

Cathay

General

Bancorp

1,009,794‌

7,472

Central

Pacific

Financial

Corp.

226,700‌

4,483

City

Holding

Co.

555,309‌

15,974

Community

Financial

System,

Inc.

936,715‌

8,671

Customers

Bancorp,

Inc.*

566,823‌

40,851

CVB

Financial

Corp.

772,492‌

12,505

Dime

Community

Bancshares,

Inc.

373,024‌

8,701

Eagle

Bancorp,

Inc.

175,934‌

11,902

FB

Financial

Corp.

663,418‌

48,750

First

BanCorp

1,074,938‌

12,242

First

Bancorp/Southern

Pines

NC

647,479‌

31,931

First

Commonwealth

Financial

Corp.

544,424‌

30,290

First

Financial

Bancorp

764,823‌

38,207

First

Hawaiian,

Inc.

948,680‌

56,406

Fulton

Financial

Corp.

1,050,844‌

8,664

Hanmi

Financial

Corp.

213,914‌

10,791

Heritage

Financial

Corp.

261,034‌

13,832

Hilltop

Holdings,

Inc.

462,265‌

Shares

Value

Common

Stocks,

continued

Banks,

continued

41,401

Hope

Bancorp,

Inc.

$

445,889‌

14,929

Independent

Bank

Corp.

1,032,639‌

7,802

Lakeland

Financial

Corp.

500,888‌

11,305

National

Bank

Holdings

Corp.,

Class

A

436,825‌

16,345

NBT

Bancorp,

Inc.

682,567‌

46,005

Northwest

Bancshares,

Inc.

570,002‌

13,550

OFG

Bancorp

589,290‌

4,561

Park

National

Corp.

741,299‌

7,248

Pathward

Financial,

Inc.

536,425‌

3,726

Preferred

Bank

336,793‌

39,166

Provident

Financial

Services,

Inc.

755,121‌

28,256

Renasant

Corp.

1,042,364‌

12,216

S&T

Bancorp,

Inc.

459,199‌

25,505

Seacoast

Banking

Corp.

of

Florida

776,117‌

15,758

ServisFirst

Bancshares,

Inc.

1,268,992‌

42,475

Simmons

First

National

Corp.,

Class

A

814,246‌

8,903

Southside

Bancshares,

Inc.

251,510‌

14,032

Stellar

Bancorp,

Inc.

425,731‌

3,919

Tompkins

Financial

Corp.

259,477‌

6,936

Triumph

Financial,

Inc.*

347,077‌

5,501

TrustCo

Bank

Corp.

199,686‌

17,780

Trustmark

Corp.

704,088‌

37,265

United

Community

Banks,

Inc.

1,168,258‌

15,565

Veritex

Holdings,

Inc.

521,894‌

24,812

WaFd,

Inc.

751,556‌

8,454

Westamerica

BanCorp

422,615‌

17,803

WSFS

Financial

Corp.

960,116‌

38,453,608‌

Beverages

(0.1%):

4,392

MGP

Ingredients,

Inc.

106,243‌

7,423

National

Beverage

Corp.*

274,057‌

380,300‌

Biotechnology

(2.8%):

38,411

ACADIA

Pharmaceuticals,

Inc.*

819,691‌

72,475

ADMA

Biologics,

Inc.*

1,062,484‌

50,679

Alkermes

plc,

ADR*

1,520,370‌

21,174

Arcus

Biosciences,

Inc.*

287,966‌

41,436

Arrowhead

Pharmaceuticals,

Inc.*

1,429,128‌

35,572

Catalyst

Pharmaceuticals,

Inc.*

700,768‌

31,396

Dynavax

Technologies

Corp.*

311,762‌

7,875

Krystal

Biotech,

Inc.*

1,390,174‌

28,937

Myriad

Genetics,

Inc.*

209,215‌

17,658

Protagonist

Therapeutics,

Inc.*

1,173,021‌

30,768

Sarepta

Therapeutics,

Inc.*

592,899‌

41,257

TG

Therapeutics,

Inc.*

1,490,409‌

24,194

Veracyte,

Inc.*

830,580‌

15,705

Vericel

Corp.*

494,236‌

28,738

Vir

Biotechnology,

Inc.*

164,094‌

22,186

Xencor,

Inc.*

260,242‌

12,737,039‌

Broadline

Retail

(0.6%):

30,446

Etsy,

Inc.*

2,021,310‌

34,241

Kohl's

Corp.

526,284‌

2,547,594‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

188

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Building

Products

(2.8%):

4,708

American

Woodmark

Corp.*

$

314,306‌

6,791

Apogee

Enterprises,

Inc.

295,884‌

13,633

Armstrong

World

Industries,

Inc.

2,672,204‌

8,852

AZZ,

Inc.

966,019‌

5,172

CSW

Industrials,

Inc.

1,255,503‌

9,161

Gibraltar

Industries,

Inc.*

575,311‌

11,826

Griffon

Corp.

900,550‌

55,402

Hayward

Holdings,

Inc.*

837,678‌

5,689

Insteel

Industries,

Inc.

218,116‌

39,902

Masterbrand,

Inc.*

525,510‌

14,673

Quanex

Building

Products

Corp.

208,650‌

41,406

Resideo

Technologies,

Inc.*

1,787,911‌

47,299

Zurn

Elkay

Water

Solutions

Corp.

2,224,472‌

12,782,114‌

Capital

Markets

(3.5%):

8,433

Acadian

Asset

Management,

Inc.

406,133‌

23,238

Artisan

Partners

Asset

Management,

Inc.,

Class

A

1,008,529‌

119,132

BGC

Group,

Inc.,

Class

A

1,126,989‌

9,543

Cohen

&

Steers,

Inc.

626,116‌

8,374

Donnelley

Financial

Solutions,

Inc.*

430,675‌

1,627

MarketAxess

Holdings,

Inc.

283,505‌

36,940

Millrose

Properties,

Inc.

1,241,553‌

22,655

Moelis

&

Co.,

Class

A

1,615,755‌

5,288

Piper

Sandler

Cos.

1,834,883‌

7,839

PJT

Partners,

Inc.,

Class

A

1,393,225‌

23,197

StepStone

Group,

Inc.,

Class

A

1,514,996‌

14,317

StoneX

Group,

Inc.*

1,444,872‌

15,940

Victory

Capital

Holdings,

Inc.,

Class

A

1,032,274‌

25,564

Virtu

Financial,

Inc.,

Class

A

907,522‌

2,260

Virtus

Investment

Partners,

Inc.

429,468‌

36,301

WisdomTree,

Inc.

504,584‌

15,801,079‌

Chemicals

(2.9%):

8,642

AdvanSix,

Inc.

167,482‌

10,212

Balchem

Corp.

1,532,413‌

33,876

Celanese

Corp.

1,425,502‌

46,438

Chemours

Co.

(The)

735,578‌

69,942

Element

Solutions,

Inc.

1,760,440‌

38,778

FMC

Corp.

1,304,104‌

5,908

Hawkins,

Inc.

1,079,510‌

16,572

HB

Fuller

Co.

982,388‌

11,015

Ingevity

Corp.*

607,918‌

7,730

Innospec,

Inc.

596,447‌

6,410

Koppers

Holdings,

Inc.

179,480‌

9,781

Minerals

Technologies,

Inc.

607,595‌

4,207

Quaker

Chemical

Corp.

554,272‌

12,768

Sensient

Technologies

Corp.

1,198,277‌

6,663

Stepan

Co.

317,825‌

13,049,231‌

Commercial

Services

&

Supplies

(2.0%):

19,204

ABM

Industries,

Inc.

885,688‌

13,381

Brady

Corp.,

Class

A

1,044,119‌

32,170

CoreCivic,

Inc.*

654,659‌

14,114

Deluxe

Corp.

273,247‌

24,404

Enviri

Corp.*

309,687‌

42,046

GEO

Group,

Inc.

(The)*

861,523‌

22,853

Healthcare

Services

Group,

Inc.*

384,616‌

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

14,323

HNI

Corp.

$

671,033‌

17,045

Interface,

Inc.

493,282‌

7,157

Liquidity

Services,

Inc.*

196,316‌

9,777

Matthews

International

Corp.,

Class

A

237,386‌

21,423

MillerKnoll,

Inc.

380,044‌

31,249

OPENLANE,

Inc.*

899,346‌

46,616

Pitney

Bowes,

Inc.

531,889‌

7,152

Pursuit

Attractions

and

Hospitality,

Inc.*

258,759‌

4,662

UniFirst

Corp.

779,440‌

35,618

Vestis

Corp.

161,350‌

9,022,384‌

Communications

Equipment

(1

.1%):

17,037

Calix,

Inc.*

1,045,560‌

10,856

Digi

International,

Inc.*

395,810‌

38,338

Extreme

Networks,

Inc.*

791,680‌

35,336

Harmonic,

Inc.*

359,720‌

20,537

NetScout

Systems,

Inc.*

530,471‌

40,147

Viasat,

Inc.*

1,176,307‌

66,378

Viavi

Solutions,

Inc.*

842,337‌

5,141,885‌

Construction

&

Engineering

(2.9%):

15,043

Arcosa,

Inc.

1,409,680‌

8,937

Dycom

Industries,

Inc.*

2,607,459‌

15,468

Everus

Construction

Group,

Inc.*

1,326,381‌

12,986

Granite

Construction,

Inc.

1,423,915‌

61,703

MDU

Resources

Group,

Inc.

1,098,930‌

4,629

MYR

Group,

Inc.*

962,971‌

9,322

Sterling

Infrastructure,

Inc.*

3,166,497‌

58,834

WillScot

Holdings

Corp.

1,241,986‌

13,237,819‌

Consumer

Finance

(0.7%):

14,047

Bread

Financial

Holdings,

Inc.

783,401‌

7,349

Encore

Capital

Group,

Inc.*

306,747‌

7,858

Enova

International,

Inc.*

904,377‌

16,448

EZCORP,

Inc.,

Class

A*

313,170‌

24,327

Navient

Corp.

319,900‌

12,909

PRA

Group,

Inc.*

199,315‌

12,583

PROG

Holdings,

Inc.

407,186‌

1,013

World

Acceptance

Corp.*

171,339‌

3,405,435‌

Consumer

Staples

Distribution

&

Retail

(0.7%):

10,294

Andersons,

Inc.

(The)

409,804‌

10,265

Chefs'

Warehouse,

Inc.

(The)*

598,757‌

29,905

Grocery

Outlet

Holding

Corp.*

479,975‌

7,351

PriceSmart,

Inc.

890,868‌

17,898

United

Natural

Foods,

Inc.*

673,323‌

3,052,727‌

Containers

&

Packaging

(0.5%):

48,345

O-I

Glass,

Inc.*

627,035‌

45,638

Sealed

Air

Corp.

1,613,303‌

2,240,338‌

Diversified

Consumer

Services

(1.4%):

10,702

Adtalem

Global

Education,

Inc.*

1,652,924‌

22,202

Frontdoor,

Inc.*

1,493,973‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

189

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Diversified

Consumer

Services,

continued

29,094

Mister

Car

Wash,

Inc.*

$

155,071‌

17,649

Perdoceo

Education

Corp.

664,661‌

7,374

Strategic

Education,

Inc.

634,238‌

13,115

Stride,

Inc.*

1,953,348‌

6,554,215‌

Diversified

REITs

(0.7%):

21,641

Alexander

&

Baldwin,

Inc.

393,650‌

14,953

American

Assets

Trust,

Inc.

303,845‌

22,670

Armada

Hoffler

Properties,

Inc.

158,917‌

62,120

Essential

Properties

Realty

Trust,

Inc.

1,848,691‌

60,022

Global

Net

Lease,

Inc.

487,979‌

3,193,082‌

Diversified

Telecommunication

Services

(0.6%):

14,424

Cogent

Communications

Holdings,

Inc.

553,161‌

292,600

Lumen

Technologies,

Inc.*

1,790,712‌

14,310

Shenandoah

Telecommunications

Co.*

192,040‌

2,535,913‌

Electric

Utilities

(0

.4%):

11,375

MGE

Energy,

Inc.

957,547‌

12,605

Otter

Tail

Corp.

1,033,232‌

1,990,779‌

Electrical

Equipment

(0.5%):

2,812

Powell

Industries,

Inc.

857,126‌

70,240

Sunrun,

Inc.*

1,214,449‌

7,162

Vicor

Corp.*

356,095‌

2,427,670‌

Electronic

Equipment,

Instruments

&

Components

(4.0%):

11,545

Advanced

Energy

Industries,

Inc.

1,964,266‌

30,832

Arlo

Technologies,

Inc.*

522,602‌

9,102

Badger

Meter,

Inc.

1,625,435‌

10,676

Benchmark

Electronics,

Inc.

411,560‌

8,901

CTS

Corp.

355,506‌

8,238

ePlus,

Inc.

584,980‌

9,648

Insight

Enterprises,

Inc.*

1,094,180‌

14,053

Itron,

Inc.*

1,750,442‌

24,057

Knowles

Corp.*

560,769‌

76,436

Mirion

Technologies,

Inc.*

1,777,901‌

4,659

OSI

Systems,

Inc.*

1,161,209‌

3,738

PC

Connection,

Inc.

231,719‌

8,158

Plexus

Corp.*

1,180,381‌

5,077

Rogers

Corp.*

408,495‌

16,153

Sanmina

Corp.*

1,859,372‌

6,635

ScanSource,

Inc.*

291,874‌

30,784

TTM

Technologies,

Inc.*

1,773,158‌

35,856

Vishay

Intertechnology,

Inc.

548,597‌

18,102,446‌

Energy

Equipment

&

Services

(2.0%):

55,017

Archrock,

Inc.

1,447,497‌

22,397

Atlas

Energy

Solutions,

Inc.^

254,654‌

7,767

Bristow

Group,

Inc.*

280,233‌

22,877

Cactus,

Inc.,

Class

A

902,955‌

14,951

Core

Laboratories,

Inc.

184,794‌

45,428

Helix

Energy

Solutions

Group,

Inc.*

298,008‌

31,884

Helmerich

&

Payne,

Inc.

704,318‌

Shares

Value

Common

Stocks,

continued

Energy

Equipment

&

Services,

continued

12,482

Innovex

International,

Inc.*

$

231,416‌

19,749

Kodiak

Gas

Services,

Inc.

730,121‌

52,812

Liberty

Energy,

Inc.

651,700‌

35,350

Noble

Corp

PLC

999,698‌

32,310

Oceaneering

International,

Inc.*

800,642‌

111,195

Patterson-UTI

Energy,

Inc.

575,990‌

27,191

RPC,

Inc.

129,429‌

14,357

Tidewater,

Inc.*

765,659‌

8,957,114‌

Entertainment

(0.5%):

31,324

Cinemark

Holdings,

Inc.

877,698‌

5,567

Madison

Square

Garden

Sports

Corp.*

1,263,709‌

2,141,407‌

Financial

Services

(2.5%):

10,194

Enact

Holdings,

Inc.

390,838‌

19,850

EVERTEC,

Inc.

670,533‌

13,661

Jackson

Financial,

Inc.,

Class

A

1,382,903‌

19,891

Mr.

Cooper

Group,

Inc.

4,192,824‌

22,243

NCR

Atleos

Corp.*

874,372‌

24,957

NMI

Holdings,

Inc.*

956,852‌

86,643

Payoneer

Global,

Inc.*

524,190‌

42,065

Radian

Group,

Inc.

1,523,594‌

10,204

Walker

&

Dunlop,

Inc.

853,259‌

11,369,365‌

Food

Products

(0.9%):

13,666

Cal-Maine

Foods,

Inc.

1,285,971‌

9,327

Fresh

Del

Monte

Produce,

Inc.

323,833‌

15,312

Freshpet,

Inc.*

843,844‌

4,864

J

&

J

Snack

Foods

Corp.

467,382‌

2,799

John

B

Sanfilippo

&

Son,

Inc.

179,920‌

28,510

Simply

Good

Foods

Co.

(The)*

707,618‌

4,776

Tootsie

Roll

Industries,

Inc.

200,210‌

15,089

TreeHouse

Foods,

Inc.*

304,949‌

4,313,727‌

Gas

Utilities

(0.3%):

7,147

Chesapeake

Utilities

Corp.

962,630‌

10,794

Northwest

Natural

Holding

Co.

484,974‌

1,447,604‌

Ground

Transportation

(0.6%):

7,303

ArcBest

Corp.

510,261‌

13,522

Heartland

Express,

Inc.

113,314‌

38,687

Hertz

Global

Holdings,

Inc.*^

263,072‌

17,104

Marten

Transport,

Ltd.

182,329‌

49,208

RXO,

Inc.*

756,819‌

15,103

Schneider

National,

Inc.,

Class

B

319,579‌

18,959

Werner

Enterprises,

Inc.

499,001‌

2,644,375‌

Health

Care

Equipment

&

Supplies

(3.1%):

11,975

Artivion,

Inc.*

507,022‌

14,720

Avanos

Medical,

Inc.*

170,163‌

9,697

CONMED

Corp.

456,050‌

18,354

Embecta

Corp.

258,975‌

17,598

Enovis

Corp.*

533,923‌

17,744

Glaukos

Corp.*

1,447,023‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

190

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

7,591

ICU

Medical,

Inc.*

$

910,616‌

8,400

Inspire

Medical

Systems,

Inc.*

623,280‌

10,762

Integer

Holdings

Corp.*

1,112,038‌

20,950

Integra

LifeSciences

Holdings

Corp.*

300,214‌

6,381

LeMaitre

Vascular,

Inc.

558,401‌

18,479

Merit

Medical

Systems,

Inc.*

1,538,007‌

64,268

Neogen

Corp.*

366,970‌

4,420

OmniAb,

Inc.

-

Vesting

12.5*(a)(b)

—‌

4,420

OmniAb,

Inc.

-

Vesting

15*(a)(b)

—‌

14,529

Omnicell,

Inc.*

442,408‌

20,774

QuidelOrtho

Corp.*

611,794‌

15,437

STAAR

Surgical

Co.*

414,792‌

21,010

Tandem

Diabetes

Care,

Inc.*

255,062‌

14,004

Teleflex,

Inc.

1,713,530‌

10,394

TransMedics

Group,

Inc.*

1,166,207‌

2,277

UFP

Technologies,

Inc.*

454,489‌

13,840,964‌

Health

Care

Providers

&

Services

(2.0%):

27,500

Acadia

Healthcare

Co.,

Inc.*

680,900‌

33,279

AdaptHealth

Corp.*

297,847‌

5,661

Addus

HomeCare

Corp.*

667,941‌

11,937

AMN

Healthcare

Services,

Inc.*

231,100‌

13,005

Astrana

Health,

Inc.*

368,692‌

34,750

Concentra

Group

Holdings

Parent,

Inc.

727,317‌

8,968

CorVel

Corp.*

694,303‌

3,759

National

HealthCare

Corp.

456,756‌

40,369

NeoGenomics,

Inc.*

311,649‌

25,118

Pediatrix

Medical

Group,

Inc.*

420,727‌

24,191

Premier,

Inc.,

Class

A

672,510‌

32,569

Privia

Health

Group,

Inc.*

810,968‌

23,748

Progyny,

Inc.*

511,057‌

21,038

RadNet,

Inc.*

1,603,306‌

33,085

Select

Medical

Holdings

Corp.

424,811‌

4,736

US

Physical

Therapy,

Inc.

402,323‌

9,282,207‌

Health

Care

REITs

(0.8%):

69,425

CareTrust

REIT,

Inc.

2,407,659‌

12,214

LTC

Properties,

Inc.

450,208‌

154,317

Medical

Properties

Trust,

Inc.^

782,387‌

3,970

Universal

Health

Realty

Income

Trust

155,505‌

3,795,759‌

Health

Care

Technology

(0.5%):

36,098

Certara,

Inc.*

441,117‌

7,260

HealthStream,

Inc.

205,022‌

17,593

Schrodinger,

Inc.*

352,916‌

34,039

Waystar

Holding

Corp.*

1,290,759‌

2,289,814‌

Hotel

&

Resort

REITs

(1.1%):

70,583

Apple

Hospitality

REIT,

Inc.

847,702‌

65,885

DiamondRock

Hospitality

Co.

524,445‌

37,287

Pebblebrook

Hotel

Trust

424,699‌

19,779

Ryman

Hospitality

Properties,

Inc.

1,772,001‌

34,976

Summit

Hotel

Properties,

Inc.

192,018‌

62,907

Sunstone

Hotel

Investors,

Inc.

589,438‌

Shares

Value

Common

Stocks,

continued

Hotel

&

Resort

REITs,

continued

31,315

Xenia

Hotels

&

Resorts,

Inc.

$

429,642‌

4,779,945‌

Hotels,

Restaurants

&

Leisure

(2.0%):

6,970

BJ's

Restaurants,

Inc.*

212,794‌

23,915

Bloomin'

Brands,

Inc.

171,471‌

13,629

Brinker

International,

Inc.*

1,726,522‌

13,682

Caesars

Entertainment,

Inc.*

369,756‌

14,083

Cheesecake

Factory,

Inc.

(The)^

769,495‌

6,981

Cracker

Barrel

Old

Country

Store,

Inc.^

307,583‌

8,823

Dave

&

Buster's

Entertainment,

Inc.*

160,226‌

9,285

Golden

Entertainment,

Inc.

218,940‌

4,574

Monarch

Casino

&

Resort,

Inc.

484,112‌

10,179

Papa

John's

International,

Inc.

490,119‌

47,028

Penn

Entertainment,

Inc.*

905,759‌

121,552

Sabre

Corp.*

222,440‌

12,468

Shake

Shack,

Inc.,

Class

A*

1,167,130‌

32,488

Six

Flags

Entertainment

Corp.*

738,127‌

9,963

United

Parks

&

Resorts,

Inc.*

515,087‌

49,176

Wendy's

Co.

(The)

450,452‌

8,910,013‌

Household

Durables

(2.8%):

2,368

Cavco

Industries,

Inc.*

1,375,169‌

8,356

Century

Communities,

Inc.

529,520‌

16,941

Champion

Homes,

Inc.*

1,293,784‌

8,971

Dream

Finders

Homes,

Inc.,

Class

A*^

232,528‌

6,991

Ethan

Allen

Interiors,

Inc.

205,955‌

8,514

Green

Brick

Partners,

Inc.*

628,844‌

7,209

Helen

of

Troy,

Ltd.*

181,667‌

6,986

Installed

Building

Products,

Inc.

1,723,167‌

12,936

La-Z-Boy,

Inc.

443,963‌

42,374

Leggett

&

Platt,

Inc.

376,281‌

6,491

LGI

Homes,

Inc.*

335,650‌

7,579

M/I

Homes,

Inc.*

1,094,711‌

22,412

Meritage

Homes

Corp.

1,623,301‌

130,951

Newell

Brands,

Inc.

686,183‌

36,044

Sonos,

Inc.*

569,495‌

28,176

Tri

Pointe

Homes,

Inc.*

957,139‌

9,248

Worthington

Enterprises,

Inc.

513,171‌

12,770,528‌

Household

Products

(0.5%):

3,645

Central

Garden

&

Pet

Co.*

119,009‌

14,399

Central

Garden

&

Pet

Co.,

Class

A*

425,203‌

18,696

Energizer

Holdings,

Inc.

465,343‌

16,653

Reynolds

Consumer

Products,

Inc.

407,499‌

4,153

WD-40

Co.

820,633‌

2,237,687‌

Independent

Power

and

Renewable

Electricity

Producers

(0.2%):

13,008

Clearway

Energy,

Inc.,

Class

A

350,305‌

24,434

Clearway

Energy,

Inc.,

Class

C

690,261‌

1,040,566‌

Industrial

REITs

(0.7%):

8,811

Innovative

Industrial

Properties,

Inc.

472,093‌

93,282

LXP

Industrial

Trust

835,807‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

191

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Industrial

REITs,

continued

32,844

Terreno

Realty

Corp.

$

1,863,897‌

3,171,797‌

Insurance

(2.5%):

6,669

AMERISAFE,

Inc.

292,369‌

14,266

Assured

Guaranty,

Ltd.

1,207,617‌

8,245

Employers

Holdings,

Inc.

350,248‌

133,851

Genworth

Financial,

Inc.*

1,191,274‌

7,894

Goosehead

Insurance,

Inc.,

Class

A

587,471‌

2,957

HCI

Group,

Inc.

567,537‌

12,250

Horace

Mann

Educators

Corp.

553,333‌

53,419

Lincoln

National

Corp.

2,154,388‌

8,189

Mercury

General

Corp.

694,263‌

8,446

Palomar

Holdings,

Inc.*

986,071‌

15,426

ProAssurance

Corp.*

370,070‌

5,089

Safety

Insurance

Group,

Inc.

359,741‌

25,933

SiriusPoint,

Ltd.*

469,128‌

8,873

Stewart

Information

Services

Corp.

650,568‌

11,025

Trupanion,

Inc.*

477,162‌

6,817

United

Fire

Group,

Inc.

207,373‌

11,118,613‌

Interactive

Media

&

Services

(0.9%):

12,891

Angi,

Inc.*

209,608‌

25,539

Cargurus,

Inc.*

950,817‌

18,618

Cars.com,

Inc.*

227,512‌

20,162

IAC,

Inc.*

686,919‌

17,947

QuinStreet,

Inc.*

277,640‌

8,005

Shutterstock,

Inc.

166,904‌

35,045

TripAdvisor,

Inc.*

569,832‌

18,659

Yelp,

Inc.*

582,161‌

13,321

Ziff

Davis,

Inc.*

507,530‌

4,178,923‌

IT

Services

(0.4%):

20,849

DigitalOcean

Holdings,

Inc.*

712,202‌

57,572

DXC

Technology

Co.*

784,706‌

19,339

Grid

Dynamics

Holdings,

Inc.*

149,104‌

1,646,012‌

Leisure

Products

(0.3%):

8,266

Acushnet

Holdings

Corp.

648,798‌

5,030

Sturm

Ruger

&

Co.,

Inc.

218,654‌

44,268

Topgolf

Callaway

Brands

Corp.*

420,546‌

1,287,998‌

Life

Sciences

Tools

&

Services

(0.2%):

13,097

Azenta,

Inc.*

376,146‌

11,751

BioLife

Solutions,

Inc.*

299,768‌

32,297

Cytek

Biosciences,

Inc.*

112,070‌

28,385

Fortrea

Holdings,

Inc.*

239,002‌

1,026,986‌

Machinery

(5.0%):

3,220

Alamo

Group,

Inc.

614,698‌

9,226

Albany

International

Corp.

491,746‌

6,462

Astec

Industries,

Inc.

311,016‌

16,568

Enerpac

Tool

Group

Corp.

679,288‌

6,345

Enpro,

Inc.

1,433,970‌

8,219

ESCO

Technologies,

Inc.

1,735,113‌

Shares

Value

Common

Stocks,

continued

Machinery,

continued

19,226

Federal

Signal

Corp.

$

2,287,702‌

11,981

Franklin

Electric

Co.,

Inc.

1,140,591‌

76,988

Gates

Industrial

Corp.

plc*

1,910,842‌

9,875

Greenbrier

Cos.,

Inc.

(The)

455,929‌

21,720

Hillenbrand,

Inc.

587,309‌

16,182

JBT

Marel

Corp.

2,272,762‌

3,651

Kadant,

Inc.

1,086,465‌

24,071

Kennametal,

Inc.

503,806‌

3,136

Lindsay

Corp.

440,796‌

46,879

Mueller

Water

Products,

Inc.,

Class

A

1,196,352‌

6,878

Proto

Labs,

Inc.*

344,106‌

15,476

SPX

Technologies,

Inc.*

2,890,607‌

3,580

Standex

International

Corp.

758,602‌

5,708

Tennant

Co.

462,690‌

15,483

Titan

International,

Inc.*

117,052‌

25,350

Trinity

Industries,

Inc.

710,814‌

22,432,256‌

Marine

Transportation

(0.2%):

10,123

Matson,

Inc.

998,027‌

Media

(0.8%):

1,434

Cable

One,

Inc.

253,890‌

12,570

John

Wiley

&

Sons,

Inc.,

Class

A

508,708‌

34,835

Ralliant

Corp.

1,523,334‌

7,452

Scholastic

Corp.

204,036‌

49,084

TEGNA,

Inc.

997,878‌

12,283

Thryv

Holdings,

Inc.*

148,133‌

3,635,979‌

Metals

&

Mining

(1.4%):

3,425

Alpha

Metallurgical

Resources,

Inc.*

562,008‌

15,845

Century

Aluminum

Co.*

465,209‌

202,269

Hecla

Mining

Co.

2,447,455‌

4,887

Kaiser

Aluminum

Corp.

377,081‌

6,286

Materion

Corp.

759,412‌

11,539

Metallus,

Inc.*

190,740‌

26,647

SunCoke

Energy,

Inc.

217,439‌

15,888

Warrior

Met

Coal,

Inc.

1,011,112‌

10,376

Worthington

Steel,

Inc.

315,327‌

6,345,783‌

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(1.3%):

27,610

Adamas

Trust,

Inc.

192,442‌

40,433

Apollo

Commercial

Real

Estate

Finance,

Inc.

409,586‌

60,821

Arbor

Realty

Trust,

Inc.^

742,624‌

29,949

ARMOUR

Residential

REIT,

Inc.^

447,438‌

49,570

Blackstone

Mortgage

Trust,

Inc.,

Class

A^

912,584‌

28,044

Ellington

Financial,

Inc.

364,011‌

26,818

Franklin

BSP

Realty

Trust,

Inc.

291,244‌

38,356

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

1,177,529‌

18,905

KKR

Real

Estate

Finance

Trust,

Inc.

170,145‌

28,280

PennyMac

Mortgage

Investment

Trust

346,713‌

53,675

Ready

Capital

Corp.^

207,722‌

43,432

Redwood

Trust,

Inc.

251,471‌

34,262

Two

Harbors

Investment

Corp.

338,166‌

5,851,675‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

192

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Multi-Utilities

(0.3%):

24,709

Avista

Corp.

$

934,247‌

5,115

Unitil

Corp.

244,804‌

1,179,051‌

Office

REITs

(0.9%):

55,458

Brandywine

Realty

Trust

231,260‌

50,769

Douglas

Emmett,

Inc.

790,473‌

12,866

Easterly

Government

Properties,

Inc.

295,018‌

31,856

Highwoods

Properties,

Inc.

1,013,658‌

17,876

JBG

SMITH

Properties

397,741‌

21,625

SL

Green

Realty

Corp.

1,293,391‌

4,021,541‌

Oil,

Gas

&

Consumable

Fuels

(2.5%):

21,723

California

Resources

Corp.

1,155,229‌

24,325

Comstock

Resources,

Inc.*^

482,365‌

15,552

Core

Natural

Resources,

Inc.

1,298,281‌

57,148

Crescent

Energy

Co.,

Class

A

509,760‌

9,267

CVR

Energy,

Inc.*

338,060‌

11,404

Dorian

LPG,

Ltd.

339,839‌

12,548

International

Seaways,

Inc.

578,212‌

13,762

Kinetik

Holdings,

Inc.

588,188‌

58,679

Magnolia

Oil

&

Gas

Corp.,

Class

A

1,400,668‌

30,486

Northern

Oil

&

Gas,

Inc.

756,053‌

15,428

Par

Pacific

Holdings,

Inc.*

546,460‌

38,010

Peabody

Energy

Corp.

1,008,025‌

8,980

REX

American

Resources

Corp.*

274,967‌

35,712

SM

Energy

Co.

891,729‌

38,587

Talos

Energy,

Inc.*

370,049‌

8,525

Vital

Energy,

Inc.*

143,987‌

17,759

World

Kinect

Corp.

460,846‌

11,142,718‌

Paper

&

Forest

Products

(0.1%):

10,657

Sylvamo

Corp.

471,253‌

Passenger

Airlines

(0.5%):

4,450

Allegiant

Travel

Co.*

270,427‌

95,298

JetBlue

Airways

Corp.*

468,866‌

12,465

SkyWest,

Inc.*

1,254,228‌

15,297

Sun

Country

Airlines

Holdings,

Inc.*

180,658‌

2,174,179‌

Personal

Care

Products

(0.2%):

15,166

Edgewell

Personal

Care

Co.

308,780‌

5,594

Interparfums,

Inc.

550,338‌

3,412

USANA

Health

Sciences,

Inc.*

94,000‌

953,118‌

Pharmaceuticals

(1.8%):

11,426

Amphastar

Pharmaceuticals,

Inc.*

304,503‌

4,934

ANI

Pharmaceuticals,

Inc.*

451,954‌

9,926

Collegium

Pharmaceutical,

Inc.*

347,311‌

28,901

Corcept

Therapeutics,

Inc.*

2,401,962‌

11,972

Harmony

Biosciences

Holdings,

Inc.*

329,948‌

16,786

Innoviva,

Inc.*

306,344‌

5,656

Ligand

Pharmaceuticals,

Inc.*

1,001,904‌

82,041

Organon

&

Co.

876,198‌

12,902

Pacira

BioSciences,

Inc.*

332,485‌

5,712

Phibro

Animal

Health

Corp.,

Class

A

231,108‌

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

14,986

Prestige

Consumer

Healthcare,

Inc.*

$

935,126‌

16,411

Supernus

Pharmaceuticals,

Inc.*

784,282‌

8,303,125‌

Professional

Services

(1.3%):

46,766

Amentum

Holdings,

Inc.*

1,120,046‌

7,913

CSG

Systems

International,

Inc.

509,439‌

6,155

Heidrick

&

Struggles

International,

Inc.

306,334‌

15,775

Korn

Ferry

1,103,935‌

13,389

ManpowerGroup,

Inc.

507,443‌

31,450

Robert

Half,

Inc.

1,068,671‌

49,162

Verra

Mobility

Corp.*

1,214,301‌

5,830,169‌

Real

Estate

Management

&

Development

(0.6%):

69,490

Cushman

&

Wakefield

plc*

1,106,281‌

27,071

eXp

World

Holdings,

Inc.^

288,577‌

37,453

Kennedy-Wilson

Holdings,

Inc.

311,609‌

7,818

Marcus

&

Millichap,

Inc.

229,458‌

11,630

St.

Joe

Co.

(The)

575,452‌

2,511,377‌

Residential

REITs

(0.3%):

5,196

Centerspace

306,045‌

25,205

Elme

Communities

424,956‌

6,856

NexPoint

Residential

Trust,

Inc.

220,900‌

25,540

Veris

Residential,

Inc.

388,208‌

1,340,109‌

Retail

REITs

(1.5%):

38,810

Acadia

Realty

Trust

782,022‌

29,111

Curbline

Properties

Corp.

649,175‌

14,848

Getty

Realty

Corp.

398,372‌

77,421

Macerich

Co.

(The)

1,409,062‌

38,202

Phillips

Edison

&

Co.,

Inc.

1,311,475‌

3,692

Saul

Centers,

Inc.

117,664‌

15,440

SITE

Centers

Corp.

139,114‌

33,446

Tanger,

Inc.

1,131,813‌

38,691

Urban

Edge

Properties

792,005‌

13,897

Whitestone

REIT

170,655‌

6,901,357‌

Semiconductors

&

Semiconductor

Equipment

(3.7%):

16,028

ACM

Research,

Inc.,

Class

A*

627,176‌

7,628

Alpha

&

Omega

Semiconductor,

Ltd.*

213,279‌

9,910

Axcelis

Technologies,

Inc.*

967,612‌

7,440

CEVA,

Inc.*

196,490‌

14,476

Cohu,

Inc.*

294,297‌

14,336

Diodes,

Inc.*

762,819‌

39,955

Enphase

Energy,

Inc.*

1,414,008‌

23,615

FormFactor,

Inc.*

860,058‌

10,772

Ichor

Holdings,

Ltd.*

188,725‌

7,838

Impinj,

Inc.*

1,416,719‌

15,343

Kulicke

&

Soffa

Industries,

Inc.

623,540‌

24,478

MaxLinear,

Inc.*

393,606‌

9,556

PDF

Solutions,

Inc.*

246,736‌

16,347

Penguin

Solutions,

Inc.*

429,599‌

19,642

Photronics,

Inc.*

450,784‌

26,203

Qorvo,

Inc.*

2,386,569‌

26,303

Semtech

Corp.*

1,879,349‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

193

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

6,556

SiTime

Corp.*

$

1,975,388‌

18,441

SolarEdge

Technologies,

Inc.*

682,317‌

14,166

Ultra

Clean

Holdings,

Inc.*

386,024‌

18,523

Veeco

Instruments,

Inc.*

563,655‌

16,958,750‌

Software

(4.3%):

22,185

A10

Networks,

Inc.

402,658‌

31,989

ACI

Worldwide,

Inc.*

1,688,060‌

34,043

Adeia,

Inc.

571,922‌

7,540

Agilysys,

Inc.*

793,585‌

15,506

Alarm.com

Holdings,

Inc.*

823,058‌

16,186

BlackLine,

Inc.*

859,477‌

44,941

Box,

Inc.,

Class

A*

1,450,246‌

85,896

Cleanspark,

Inc.*

1,245,492‌

26,645

Clear

Secure,

Inc.,

Class

A

889,410‌

42,206

DoubleVerify

Holdings,

Inc.*

505,628‌

7,945

InterDigital,

Inc.

2,742,852‌

20,516

LiveRamp

Holdings,

Inc.*

556,804‌

113,326

MARA

Holdings,

Inc.*^

2,069,333‌

22,608

N-able,

Inc.*

176,342‌

43,483

NCR

Voyix

Corp.*

545,712‌

13,382

Progress

Software

Corp.*

587,871‌

18,576

Q2

Holdings,

Inc.*

1,344,717‌

35,453

Sprinklr,

Inc.,

Class

A*

273,697‌

11,864

SPS

Commerce,

Inc.*

1,235,517‌

29,680

Teradata

Corp.*

638,417‌

19,400,798‌

Specialized

REITs

(0.4%):

29,560

Four

Corners

Property

Trust,

Inc.

721,264‌

42,999

Outfront

Media,

Inc.

787,742‌

14,678

Safehold,

Inc.

227,362‌

1,736,368‌

Specialty

Retail

(

3.1%):

20,706

Academy

Sports

&

Outdoors,

Inc.

1,035,714‌

18,188

Advance

Auto

Parts,

Inc.

1,116,743‌

49,486

American

Eagle

Outfitters,

Inc.

846,705‌

6,083

Asbury

Automotive

Group,

Inc.*

1,486,989‌

9,384

Boot

Barn

Holdings,

Inc.*

1,555,117‌

7,922

Buckle,

Inc.

(The)

464,705‌

11,091

Caleres,

Inc.

144,627‌

3,902

Group

1

Automotive,

Inc.

1,707,164‌

8,730

Guess?,

Inc.

145,878‌

5,962

MarineMax,

Inc.*

151,018‌

9,347

Monro,

Inc.

167,966‌

23,559

National

Vision

Holdings,

Inc.*

687,687‌

29,955

Sally

Beauty

Holdings,

Inc.*

487,667‌

5,752

Shoe

Carnival,

Inc.

119,584‌

12,496

Signet

Jewelers,

Ltd.

1,198,616‌

4,187

Sonic

Automotive,

Inc.,

Class

A

318,589‌

15,762

Upbound

Group,

Inc.

372,456‌

16,443

Urban

Outfitters,

Inc.*

1,174,524‌

24,787

Victoria's

Secret

&

Co.*

672,719‌

13,854,468‌

Technology

Hardware,

Storage

&

Peripherals

(1.1%):

14,349

Corsair

Gaming,

Inc.*

127,993‌

Shares

Value

Common

Stocks,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

42,112

Sandisk

Corp.*

$

4,724,966‌

4,852,959‌

Telecommunication

Services

(0.1%):

52,751

Uniti

Group,

Inc.*

322,836‌

Textiles,

Apparel

&

Luxury

Goods

(0.9%):

11,402

Carter's,

Inc.

321,764‌

12,134

G-III

Apparel

Group,

Ltd.*

322,886‌

110,825

Hanesbrands,

Inc.*

730,337‌

15,508

Kontoor

Brands,

Inc.

1,237,073‌

4,436

Oxford

Industries,

Inc.

179,835‌

22,220

Steven

Madden,

Ltd.

743,926‌

24,199

Wolverine

World

Wide,

Inc.

664,021‌

4,199,842‌

Tobacco

(0.1%):

7,305

Universal

Corp.

408,130‌

Trading

Companies

&

Distributors

(1.1%):

33,178

Air

Lease

Corp.

2,111,780‌

11,707

Boise

Cascade

Co.

905,185‌

33,040

DNOW,

Inc.*

503,860‌

3,671

DXP

Enterprises,

Inc.*

437,106‌

19,065

Rush

Enterprises,

Inc.,

Class

A

1,019,405‌

4,977,336‌

Water

Utilities

(0.5%):

11,468

American

States

Water

Co.

840,834‌

18,603

California

Water

Service

Group

853,692‌

9,645

H2O

America

469,711‌

5,571

Middlesex

Water

Co.

301,502‌

2,465,739‌

Wireless

Telecommunication

Services

(0.3%):

21,601

Gogo,

Inc.*

185,553‌

29,744

Telephone

and

Data

Systems,

Inc.

1,167,153‌

1,352,706‌

Total

Common

Stocks

(Cost

$318,126,822)

448,247,141‌

Affiliated

Investment

Company

(1.1%):

Money

Market

Funds

(1.1%):

5,006,203

BlackRock

Liquidity

FedFund,

Institutional

Class

,

4.03%

+

(c)(d)

5,006,203‌

Total

Affiliated

Investment

Company

(Cost

$5,006,203)

5,006,203‌

Unaffiliated

Investment

Company

(0.8%):

Money

Market

Funds

(0.8%):

3,696,429

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.98%(d)

3,696,429‌

Total

Unaffiliated

Investment

Company

(Cost

$3,696,429)

3,696,429‌

Total

Investment

Securities

(Cost

$326,829,454

)

—

101.0%

456,949,773‌

Net

other

assets

(liabilities)

—

(1.0)%

(4,677,144‌)

Net

Assets

—

100.0%

$

452,272,629‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

194

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025.

ADR—American

Depository

Receipt

REIT—Real

Estate

Investment

Trust

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$4,867,525.

+

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

September

30,

2025.

(c)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2025.

(d)

The

rate

represents

the

effective

yield

at

September

30,

2025.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Futures

Contracts

At

September

30,

2025,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

E-Mini

Russell

2000

Index

December

Futures

(U.S.

Dollar)

12/19/25

36

$

4,419,900‌

$

39,094‌

$

39,094‌

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

195

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(63.8%):

Aerospace

&

Defense

(0.4%):

7,910

Lockheed

Martin

Corp.

$

3,948,751

Biotechnology

(0.8%):

19,100

Arcellx,

Inc.*

1,568,110

24,943

BioNTech

SE,

ADR*

2,459,879

37,919

Cytokinetics,

Inc.*

2,084,028

11,722

Ionis

Pharmaceuticals,

Inc.*

766,853

23,027

Vaxcyte,

Inc.*

829,433

7,708,303

Broadline

Retail

(4.2%):

189,758

Amazon.com,

Inc.

#

*

41,665,164

Commercial

Services

&

Supplies

(0.3%):

31,485

Veralto

Corp.

3,356,616

Construction

Materials

(0.5%):

15,376

Vulcan

Materials

Co.

4,729,965

Electric

Utilities

(1.2%):

323,620

PPL

Corp.

12,025,719

Electronic

Equipment,

Instruments

&

Components

(0.7%):

59,277

Amphenol

Corp.,

Class

A

7,335,529

Financial

Services

(2.2%):

17,728

Mastercard,

Inc.,

Class

A

10,083,864

32,724

Visa,

Inc.,

Class

A

#

11,171,319

21,255,183

Health

Care

Equipment

&

Supplies

(5.4%):

166,012

Abbott

Laboratories

22,235,647

151,813

Becton

Dickinson

&

Co.

28,414,839

11,600

GE

HealthCare

Technologies,

Inc.

871,160

27,624

Hologic,

Inc.*

1,864,344

53,385,990

Health

Care

Providers

&

Services

(3.4%):

23,831

Cencora,

Inc.

7,447,902

34,373

Cigna

Group

(The)

9,908,017

14,649

McKesson

Corp.

11,316,939

15,173

UnitedHealth

Group,

Inc.

5,239,237

33,912,095

Hotels,

Restaurants

&

Leisure

(2.9%):

183,513

Chipotle

Mexican

Grill,

Inc.

#

*

7,191,874

107,809

Starbucks

Corp.

#

9,120,641

82,692

Yum!

Brands,

Inc.

#

12,569,184

28,881,699

Insurance

(1.8%):

22,608

Arthur

J.

Gallagher

&

Co.

7,002,602

30,797

Willis

Towers

Watson

plc

10,638,824

17,641,426

Interactive

Media

&

Services

(4.3%):

85,123

Alphabet,

Inc.,

Class

A

20,693,401

29,967

Meta

Platforms,

Inc.,

Class

A

22,007,166

42,700,567

Shares

Value

Common

Stocks,

continued

Life

Sciences

Tools

&

Services

(3.1%):

58,787

Danaher

Corp.

$

11,655,111

220,853

Revvity,

Inc.^

19,357,765

31,012,876

Machinery

(1.0%):

82,740

Ingersoll

Rand,

Inc.

6,835,979

29,414

Otis

Worldwide

Corp.

2,689,322

9,525,301

Multi-Utilities

(5.8%):

140,357

Ameren

Corp.

14,650,464

469,149

CenterPoint

Energy,

Inc.

18,202,981

56,200

DTE

Energy

Co.

7,948,366

393,777

NiSource,

Inc.

17,050,544

57,852,355

Oil,

Gas

&

Consumable

Fuels

(1.2%):

375,042

Canadian

Natural

Resources,

Ltd.,

ADR

11,986,342

Pharmaceuticals

(0.8%):

9,692

Eli

Lilly

&

Co.

7,394,996

Semiconductors

&

Semiconductor

Equipment

(7.7%):

92,373

Advanced

Micro

Devices,

Inc.

#

*

14,945,028

28,039

Broadcom,

Inc.

9,250,346

268,578

NVIDIA

Corp.

#

50,111,283

6,600

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.,

ADR

1,843,314

76,149,971

Software

(11.7%):

2,240,410

Aurora

Innovation,

Inc.*

12,075,810

3,850

Intuit,

Inc.

2,629,203

108,043

Microsoft

Corp.

55,960,872

101,882

PTC,

Inc.*

20,684,083

26,236

Roper

Technologies,

Inc.

13,083,631

12,319

Salesforce,

Inc.

2,919,603

37,049

Workday,

Inc.,

Class

A*

8,918,806

116,272,008

Technology

Hardware,

Storage

&

Peripherals

(4.4%):

172,698

Apple,

Inc.

43,974,092

Total

Common

Stocks

(Cost

$517,508,864)

632,714,948

Preferred

Stock

(0.0%

†

):

Multi-Utilities

(0.0%

†

):

4,974

CMS

Energy

Corp.,

5.88%,

10/15/78

118,282

Total

Preferred

Stock

(Cost

$124,350)

118,282

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

10/25/25

@

100(a)

809,122

619,200

Domino's

Pizza

Master

Issuer

LLC,

Class

A2,

Series

2019-1A,

3.67%,

10/25/49,

Callable

10/25/26

@

100(a)

586,192

Total

Asset-

Backed

Securities

(Cost

$1,420,521)

1,395,314

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

196

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Bank

Loans

(9.7%):

Aerospace

&

Defense

(0.5%):

$

4,751,505

TransDigm,

Inc.

New

Tranche

K

Term

Loan,

6.38%

(Term

SOFR+225bps),

3/22/30

$

4,745,803

Biotechnology

(0.4%):

3,390,834

Icon

Parent,

Inc.

2025

Term

Loan

(First

Lien),

6.88%

(Term

SOFR+275bps),

11/13/31

3,385,002

980,400

Icon

Parent,

Inc.

Initial

Term

Loan

(Second

Lien),

4.24%

(SOFR+0bps),

11/12/32

991,126

4,376,128

Building

Products

(0.7%):

1,022,238

Filtration

Group

Corporation

2025

Incremental

Euro

Term

Loan,

2.19%

(EURIBOR

RFR+0bps),

10/21/28

1,030,549

5,794,211

Filtration

Group

Corporation

2025-B

Incremental

Dollar

Term

Loan,

6.88%

(Term

SOFR+275bps),

10/21/28

5,815,939

6,846,488

Capital

Markets

(0.2%):

2,568,000

CPI

Holdco

B,

LLC

Initial

Term

Loan,

6.13%

(Term

SOFR+200bps),

5/17/31

2,564,790

Diversified

Consumer

Services

(0.3%):

2,418,795

Ascend

Learning

LLC,

Amendment

No.

5

Incremental

Term

Loan,

7.13%

(Term

SOFR+300bps),

12/11/28

2,415,263

487,435

Mister

Car

Wash

Holdings,

Inc.

2024

Term

Loan,

6.63%

(Term

SOFR+250bps),

3/27/31

487,869

2,903,132

Financial

Services

(3.0%):

6,586,267

AmWINS

Group,

Inc.

Initial

Term

Loan,

6.38%

(Term

SOFR+225bps),

1/30/32

6,581,920

302,972

Azalea

TopCo,

Inc.

Existing

Term

Loan

(First

Lien),

7.13%

(Term

SOFR+300bps),

4/30/31

302,027

13,365,263

Hub

International

Limited

2025

Incremental

Term

Loan,

6.38%

(Term

SOFR+225bps),

6/20/30

13,381,568

1,487,627

Mariner

Wealth

Advisors

LLC  Amendment

No.

8

Refinancing

Term

Loan,

6.63%

(Term

SOFR+250bps),

12/31/30

1,490,052

2,198,906

SBA

Senior

Finance

II

LLC

Initial

Term

Loan

(2024),

5.99%

(SOFR+175bps),

1/25/31

2,205,392

151,288

Trans

Union

LLC

2019

Replacement

Term

B-5

Loan,

5.88%

(Term

SOFR+175bps),

11/16/26

151,383

2,691,226

USI,

Inc.

2024-C

Term

Loan,

6.38%

(Term

SOFR+225bps),

9/29/30

2,686,920

2,633,881

USI,

Inc.

2024-D

Term

Loan,

6.38%

(Term

SOFR+225bps),

11/21/29

2,630,378

29,429,640

Health

Care

Equipment

&

Supplies

(0.3%):

3,069,555

Loire

UK

Midco

3

Ltd.

Facility

B3

(USD),

8.13%

(Term

SOFR+400bps),

1/21/30

3,071,090

Hotels,

Restaurants

&

Leisure

(0.4%):

3,392,852

Hilton

Worldwide

Series

B-4

Term

Loan,

4.24%

(SOFR+0bps),

11/8/30

3,395,024

581,420

Wyndham

Hotels

&

Resorts

2024

Term

B

Loan,

5.88%

(Term

SOFR+175bps),

5/24/30

583,083

3,978,107

Insurance

(0.7%):

6,677,793

Broadstreet

Partners,

Inc.

2025

Tranche

B

Term

Loan,

6.88%

(Term

SOFR+275bps),

6/13/31

6,683,068

Principal

Amount

Value

Bank

Loans,

continued

Insurance,

continued

$

120,234

Ryan

Specialty

Group,

LLC

2024

Term

Loan,

6.13%

(Term

SOFR+200bps),

9/15/31

$

120,196

6,803,264

IT

Services

(0.1%):

675,063

Quartz

AcquireCo,

LLC

Term

B-2

Loan,

6.38%

(Term

SOFR+225bps),

6/28/30

671,971

Software

(2.8%):

1,903,146

Applied

Systems,

Inc.

Initial

Term

Loan

(2024)

(Second

Lien),

8.63%

(Term

SOFR+450bps),

2/23/32

1,943,987

13,793,373

Applied

Systems,

Inc.

Tranche

B-1

Term

Loan

(First

Lien),

6.38%

(Term

SOFR+225bps),

2/24/31

13,797,235

1,516,380

athenahealth

Group

Inc.

Initial

Term

Loan,

6.88%

(Term

SOFR+275bps),

2/15/29

1,512,589

908,489

CCC

Intelligent

Solutions

Inc.

Initial

Term

Loan,

6.13%

(Term

SOFR+200bps),

1/23/32

907,072

2,293,044

Epicor

Software

Corporation

(fka

Eagle

Parent

Inc.)

Term

E

Loan,

6.74%

(SOFR+250bps),

5/30/31

2,294,809

907,754

Informatica

Corp.

Term

B

Loan,

6.38%

(Term

SOFR+225bps),

10/27/28

908,889

2,187,147

Sophia,

L.P.

Initial

Term

Loan

(First

Lien),

6.88%

(Term

SOFR+275bps),

10/9/29

2,185,791

1,446,714

Storable,

Inc.

Initial

Term

Loan

(First

Lien),

7.38%

(Term

SOFR+325bps),

4/16/31

1,449,434

3,140,536

UKG

Inc.

2024

Refinancing

Term

Loan

(First

Lien),

4.24%

(SOFR+0bps),

2/10/31

3,136,484

28,136,290

Textiles,

Apparel

&

Luxury

Goods

(0.3%):

2,940,630

Varsity

Brands

LLC

2025-2

Replacement

Term

Loan,

4.13%

(Term

SOFR+0bps),

8/26/31

2,939,160

Total

Bank

Loans

(Cost

$96,279,274)

96,465,863

Corporate

Bonds

(7.6%):

Aerospace

&

Defense

(1.4%):

419,000

TransDigm,

Inc.,

6.75%,

8/15/28,

Callable

11/2/25

@

103.38(a)

426,856

762,000

TransDigm,

Inc.,

4.63%,

1/15/29,

Callable

11/2/25

@

101.16

745,808

2,571,000

TransDigm,

Inc.,

6.38%,

3/1/29,

Callable

3/1/26

@

103.19(a)

2,622,420

1,880,000

TransDigm,

Inc.,

7.13%,

12/1/31,

Callable

12/1/26

@

103.56(a)

1,957,550

3,474,000

TransDigm,

Inc.,

6.63%,

3/1/32,

Callable

3/1/27

@

103.31(a)

3,573,878

2,267,000

TransDigm,

Inc.,

6.38%,

5/31/33,

Callable

5/31/28

@

103.19(a)

2,295,337

171,000

TransDigm,

Inc.,

6.25%,

1/31/34,

Callable

8/31/28

@

103.13(a)

175,275

1,584,000

TransDigm,

Inc.,

6.75%,

1/31/34,

Callable

8/31/28

@

103.38(a)

1,637,460

13,434,584

Capital

Markets

(0.1%):

1,313,000

MSCI,

Inc.,

5.25%,

9/1/35,

Callable

6/1/35

@

100

1,323,881

Distributors

(0.2%):

2,135,000

USI,

Inc.,

7.50%,

1/15/32,

Callable

1/15/27

@

103.75(a)

2,231,075

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

197

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

Consumer

Services

(0.1%):

$

103,000

Service

Corp.

International,

4.63%,

12/15/27,

Callable

11/2/25

@

100.77

$

102,356

605,000

Service

Corp.

International,

3.38%,

8/15/30,

Callable

10/13/25

@

101.69

558,869

580,000

Service

Corp.

International,

5.75%,

10/15/32,

Callable

10/15/27

@

102.88

586,525

1,247,750

Financial

Services

(1.1%):

681,000

AmWINS

Group,

Inc.,

6.38%,

2/15/29,

Callable

2/15/26

@

103.19(a)

692,917

1,136,000

HUB

International,

Ltd.,

5.63%,

12/1/29,

Callable

11/2/25

@

102.81(a)

1,133,160

8,573,000

HUB

International,

Ltd.,

7.25%,

6/15/30,

Callable

6/15/26

@

103.63(a)

8,915,920

10,741,997

Health

Care

Equipment

&

Supplies

(0.2%):

1,100,000

Avantor

Funding,

Inc.,

4.63%,

7/15/28,

Callable

11/2/25

@

100(a)

1,082,125

775,000

Avantor

Funding,

Inc.,

3.88%,

11/1/29,

Callable

11/2/25

@

100.97(a)

735,281

622,000

Hologic,

Inc.,

3.25%,

2/15/29,

Callable

10/18/25

@

100(a)

600,230

2,417,636

Health

Care

Providers

&

Services

(0.2%):

417,000

IQVIA,

Inc.,

5.00%,

5/15/27,

Callable

11/2/25

@

100(a)

415,957

574,000

IQVIA,

Inc.,

6.50%,

5/15/30,

Callable

5/15/26

@

103.25(a)

593,373

451,000

Surgery

Center

Holdings,

Inc.,

7.25%,

4/15/32,

Callable

4/15/27

@

103.63(a)

462,275

1,471,605

Hotels,

Restaurants

&

Leisure

(2.4%):

1,480,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.75%,

5/1/28,

Callable

11/2/25

@

100(a)

1,478,150

829,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.88%,

4/1/29,

Callable

4/1/26

@

102.94(a)

845,580

1,237,000

Hilton

Domestic

Operating

Co.,

Inc.,

3.75%,

5/1/29,

Callable

11/2/25

@

100.94(a)

1,190,612

1,595,000

Hilton

Domestic

Operating

Co.,

Inc.,

4.88%,

1/15/30,

Callable

10/13/25

@

102.44

1,587,025

1,710,000

Hilton

Domestic

Operating

Co.,

Inc.,

4.00%,

5/1/31,

Callable

5/1/26

@

102(a)

1,615,950

1,183,000

Hilton

Domestic

Operating

Co.,

Inc.,

3.63%,

2/15/32,

Callable

8/15/26

@

101.81(a)

1,078,009

1,189,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.75%,

9/15/33,

Callable

7/1/28

@

102.88(a)

1,200,890

771,000

Hilton

Worldwide

Finance

LLC/Hilton

Worldwide

Finance

Corp.,

4.88%,

4/1/27,

Callable

10/18/25

@

100

768,109

1,883,000

KFC

Holding

Co./Pizza

Hut

Holdings

LLC/Taco

Bell

of

America

LLC,

4.75%,

6/1/27,

Callable

11/2/25

@

100(a)

1,878,293

499,000

Life

Time,

Inc.,

6.00%,

11/15/31,

Callable

11/15/27

@

103(a)

504,614

1,443,000

Six

Flags

Entertainment

Corp.,

5.50%,

4/15/27,

Callable

11/2/25

@

100(a)

1,439,392

Principal

Amount

Value

Corporate

Bonds,

continued

Hotels,

Restaurants

&

Leisure,

continued

$

505,000

Six

Flags

Entertainment

Corp.,

7.25%,

5/15/31,

Callable

5/15/26

@

103.63(a)

$

504,369

1,064,000

Six

Flags

Entertainment

Corp./Canada's

Wonderland

Co./Magnum

Management

Corp.,

5.38%,

4/15/27,

Callable

11/2/25

@

100

1,061,340

1,084,000

Six

Flags

Entertainment

Corp./Canada's

Wonderland

Co./Magnum

Management

Corp.,

6.50%,

10/1/28,

Callable

10/18/25

@

101.08

1,086,710

567,000

Six

Flags

Entertainment

Corp./Canada's

Wonderland

Co./Magnum

Management

Corp.,

5.25%,

7/15/29,

Callable

10/18/25

@

101.75

548,572

302,000

Vail

Resorts,

Inc.,

5.63%,

7/15/30,

Callable

7/15/27

@

102.81(a)

303,888

724,000

Vail

Resorts,

Inc.,

6.50%,

5/15/32,

Callable

5/15/27

@

103.25(a)

748,435

1,021,000

Yum!

Brands,

Inc.,

4.75%,

1/15/30,

Callable

10/15/29

@

100(a)

1,015,895

628,000

Yum!

Brands,

Inc.,

3.63%,

3/15/31,

Callable

12/15/30

@

100

585,610

1,561,000

Yum!

Brands,

Inc.,

4.63%,

1/31/32,

Callable

10/1/26

@

102.31

1,514,170

1,492,000

Yum!

Brands,

Inc.,

5.38%,

4/1/32,

Callable

4/1/27

@

102.69

1,497,595

687,000

Yum!

Brands,

Inc.,

6.88%,

11/15/37

759,135

998,000

Yum!

Brands,

Inc.,

5.35%,

11/1/43,

Callable

5/1/43

@

100

961,822

24,174,165

Insurance

(0.8%):

1,798,000

Broadstreet

Partners

Group

LLC,

5.88%,

4/15/29,

Callable

11/2/25

@

101.47(a)

1,786,762

4,489,000

HUB

International,

Ltd.,

7.38%,

1/31/32,

Callable

1/31/27

@

103.69(a)

4,657,338

465,000

Ryan

Specialty

LLC,

4.38%,

2/1/30,

Callable

11/2/25

@

102.19(a)

449,306

1,053,000

Ryan

Specialty

LLC,

5.88%,

8/1/32,

Callable

8/1/27

@

102.94(a)

1,062,214

7,955,620

Media

(0.3%):

1,676,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

5.13%,

5/1/27,

Callable

11/2/25

@

100(a)

1,663,430

754,000

Lamar

Media

Corp.,

3.75%,

2/15/28,

Callable

10/18/25

@

100

732,323

124,000

Lamar

Media

Corp.,

4.88%,

1/15/29,

Callable

11/2/25

@

101.22

122,915

120,000

Lamar

Media

Corp.,

3.63%,

1/15/31,

Callable

1/15/26

@

101.81

111,450

2,630,118

Multi-Utilities

(0.1%):

994,000

CenterPoint

Energy,

Inc.,

5.95%

(H15T5Y),

4/1/56,

Callable

1/1/31

@

100

994,000

Professional

Services

(0.0%

†

):

397,000

Korn

Ferry,

4.63%,

12/15/27,

Callable

11/2/25

@

100(a)

393,526

Software

(0.3%):

511,000

Booz

Allen

Hamilton,

Inc.,

4.00%,

7/1/29,

Callable

10/13/25

@

101^(a)

498,701

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

198

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025

Principal

Amount

Value

Corporate

Bonds,

continued

Software,

continued

$

541,000

Booz

Allen

Hamilton,

Inc.,

5.95%,

8/4/33,

Callable

5/4/33

@

100

$

566,341

60,000

Crowdstrike

Holdings,

Inc.,

3.00%,

2/15/29,

Callable

10/13/25

@

100.75

57,150

718,000

Ellucian

Holdings,

Inc.,

6.50%,

12/1/29,

Callable

12/1/26

@

103.25(a)

730,5

65

696,000

Fair

Isaac

Corp.,

6.00%,

5/15/33,

Callable

5/15/28

@

103(a)

704,700

766,000

PTC,

Inc.,

4.00%,

2/15/28,

Callable

11/2/25

@

100.67(a)

748,765

3,306,222

Specialized

REITs

(0.3%):

1,703,000

SBA

Communications

Corp.,

3.88%,

2/15/27,

Callable

10/13/25

@

100

1,675,326

1,332,000

SBA

Communications

Corp.,

3.13%,

2/1/29,

Callable

11/2/25

@

100.78

1,245,420

63,000

SBA

Tower

Trust,

6.60%,

1/15/28,

Callable

1/15/27

@

100(a)

64,680

2,985,426

Technology

Hardware,

Storage

&

Peripherals

(0.1%):

32,530

Bending

Spoons

US,

Inc.,

0.00%,

3/7/31

32,774

451,000

Capstone

Borrower,

Inc.,

8.00%,

6/15/30,

Callable

6/15/26

@

104(a)

470,168

502,942

Total

Corporate

Bonds

(Cost

$74,501,969)

75,810,547

Principal

Amount

Value

U.S.

Treasury

Obligations

(16.8%):

U.S.

Treasury

Notes

(16.8%):

$

16,154,000

3.88%,

4/30/30

$

16,257,487

36,127,000

4.00%,

5/31/30

36,553,185

33,784,000

3.88%,

6/30/30

33,992,510

33,188,000

3.88%,

7/31/30

33,387,646

16,525,700

3.63%,

8/31/30

16,441,135

22,613,000

4.00%,

6/30/32

22,733,132

7,719,000

4.00%,

7/31/32

7,756,389

167,121,484

Total

U.S.

Treasury

Obligations

(Cost

$165,758,502)

167,121,484

Shares

Unaffiliated

Investment

Companies

(2.3%):

Money

Market

Funds

(2.3%):

1,175,643

BlackRock

Liquidity

FedFund,

Institutional

Class,

4.03%(b)(c)

1,175,643

21,075,039

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.98%(c)

21,075,039

Total

Unaffiliated

Investment

Companies

(Cost

$22,250,682)

22,250,682

Total

Investment

Securities

(Cost

$877,844,162

)

—

100.3%

995,877,120

Net

other

assets

(liabilities)

—

(0.3)%

(3,267,919)

Net

Assets

—

100.0%

$

992,609,201

ADR—American

Depository

Receipt

EURIBOR

RFR—Euro

Interbank

Offered

Rate

Risk-Free

Rate

H15T5Y—5

Year

Treasury

Constant

Maturity

Rate

SOFR—Secured

Overnight

Financing

Rate

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$1,171,161.

#

All

or

a

portion

of

this

security

has

been

pledged

as

collateral

for

outstanding

call

options

written.

(a)

Rule

144A,

Section

4(2)

or

other

security

which

is

restricted

to

resale

to

institutional

investors.

(b)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2025.

(c)

The

rate

represents

the

effective

yield

at

September

30,

2025.

Options

Contracts

At

September

30,

2025,

the

Fund's

over-the-counter

options

written

were

as

follows.

Description

Counterparty

Put/

Call

Strike

Price

Expiration

Date

Contracts

Notional

Amount(a)

Value

Abbott

Laboratories

Bank

of

America

Call

130.00

USD

1/16/26

100‌

$

1,300,000‌

$

(91,975‌)

Abbott

Laboratories

Bank

of

America

Call

140.00

USD

1/16/26

51‌

714,000‌

(20,657‌)

Abbott

Laboratories

Bank

of

America

Call

145.00

USD

1/16/26

49‌

710,500‌

(11,979‌)

Advanced

Micro

Devices,

Inc.

Barclays

Bank

Call

175.00

USD

1/16/26

51‌

892,500‌

(63,392‌)

Advanced

Micro

Devices,

Inc.

Barclays

Bank

Call

180.00

USD

1/16/26

51‌

918,000‌

(55,065‌)

Alphabet,

Inc.

UBS

Call

205.00

USD

1/16/26

51‌

1,045,500‌

(228,283‌)

Alphabet,

Inc.

UBS

Call

215.00

USD

1/16/26

51‌

1,096,500‌

(187,644‌)

Amazon.com,

Inc.

Citigroup

Call

250.00

USD

1/16/26

51‌

1,275,000‌

(29,272‌)

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

199

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Description

Counterparty

Put/

Call

Strike

Price

Expiration

Date

Contracts

Notional

Amount(a)

Value

Amazon.com,

Inc.

Citigroup

Call

260.00

USD

1/16/26

51‌

$

1,326,000‌

$

(19,883‌)

Amphenol

Corp.

UBS

Call

115.00

USD

1/16/26

30‌

345,000‌

(46,003‌)

Amphenol

Corp.

UBS

Call

120.00

USD

1/16/26

30‌

360,000‌

(36,874‌)

Apple,

Inc.

Barclays

Bank

Call

235.00

USD

1/16/26

51‌

1,198,500‌

(142,606‌)

Apple,

Inc.

Barclays

Bank

Call

245.00

USD

1/16/26

51‌

1,249,500‌

(106,225‌)

Canadian

Natural

Resources,

Ltd.

Barclays

Bank

Call

32.50

USD

1/16/26

152‌

494,000‌

(25,559‌)

Canadian

Natural

Resources,

Ltd.

Barclays

Bank

Call

35.00

USD

1/16/26

152‌

532,000‌

(11,648‌)

Cencora,

Inc.

UBS

Call

260.00

USD

1/16/26

33‌

858,000‌

(188,354‌)

Cencora,

Inc.

UBS

Call

270.00

USD

1/16/26

25‌

675,000‌

(121,132‌)

CenterPoint

Energy,

Inc.

Bank

of

America

Call

35.00

USD

12/19/25

263‌

920,500‌

(115,237‌)

Cigna

Group

(The)

Wells

Fargo

Call

330.00

USD

1/16/26

21‌

693,000‌

(10,684‌)

Danaher

Corp.

UBS

Call

220.00

USD

1/16/26

41‌

902,000‌

(21,081‌)

Danaher

Corp.

UBS

Call

330.00

USD

1/16/26

61‌

2,013,000‌

(5‌)

DTE

Energy

Co.

Wells

Fargo

Call

145.00

USD

1/16/26

87‌

1,261,500‌

(30,406‌)

Eli

Lilly

&

Co.

Citigroup

Call

850.00

USD

1/16/26

4‌

340,000‌

(11,642‌)

Eli

Lilly

&

Co.

Citigroup

Call

890.00

USD

1/16/26

4‌

356,000‌

(8,052‌)

GE

HealthCare

Technologies,

Inc.

Wells

Fargo

Call

97.50

USD

1/16/26

61‌

594,750‌

(2,013‌)

GE

HealthCare

Technologies,

Inc.

Wells

Fargo

Call

100.00

USD

1/16/26

55‌

550,000‌

(1,272‌)

Ingersoll

Rand,

Inc.

Wells

Fargo

Call

95.00

USD

1/16/26

71‌

674,500‌

(10,066‌)

Ingersoll

Rand,

Inc.

Wells

Fargo

Call

100.00

USD

1/16/26

71‌

710,000‌

(5,260‌)

Intuit,

Inc.

UBS

Call

840.00

USD

1/16/26

11‌

924,000‌

(4,863‌)

Intuit,

Inc.

UBS

Call

860.00

USD

1/16/26

11‌

946,000‌

(3,536‌)

Lockheed

Martin

Corp.

Bank

of

America

Call

500.00

USD

1/16/26

13‌

650,000‌

(33,699‌)

Lockheed

Martin

Corp.

Bank

of

America

Call

520.00

USD

1/16/26

20‌

1,040,000‌

(34,210‌)

Lockheed

Martin

Corp.

Bank

of

America

Call

480.00

USD

6/18/26

21‌

1,008,000‌

(109,766‌)

Lockheed

Martin

Corp.

Bank

of

America

Call

500.00

USD

6/18/26

21‌

1,050,000‌

(86,934‌)

Mastercard,

Inc.

Barclays

Bank

Call

580.00

USD

1/16/26

23‌

1,334,000‌

(57,557‌)

Mastercard,

Inc.

Barclays

Bank

Call

585.00

USD

1/16/26

19‌

1,111,500‌

(43,064‌)

Mastercard,

Inc.

Barclays

Bank

Call

610.00

USD

1/16/26

18‌

1,098,000‌

(23,684‌)

Mastercard,

Inc.

Barclays

Bank

Call

620.00

USD

1/16/26

11‌

682,000‌

(11,403‌)

Mastercard,

Inc.

Barclays

Bank

Call

640.00

USD

1/16/26

20‌

1,280,000‌

(12,537‌)

Mastercard,

Inc.

Barclays

Bank

Call

670.00

USD

6/18/26

20‌

1,340,000‌

(27,570‌)

McKesson

Corp.

Goldman

Sachs

Call

660.00

USD

1/16/26

8‌

528,000‌

(101,383‌)

McKesson

Corp.

Goldman

Sachs

Call

680.00

USD

1/16/26

9‌

612,000‌

(98,449‌)

McKesson

Corp.

Goldman

Sachs

Call

760.00

USD

1/16/26

11‌

836,000‌

(54,834‌)

McKesson

Corp.

Goldman

Sachs

Call

780.00

USD

1/16/26

11‌

858,000‌

(42,570‌)

Meta

Platforms,

Inc.

JPMorgan

Chase

Call

775.00

USD

1/16/26

21‌

1,627,500‌

(83,444‌)

Meta

Platforms,

Inc.

JPMorgan

Chase

Call

810.00

USD

1/16/26

21‌

1,701,000‌

(58,458‌)

Microsoft

Corp.

JPMorgan

Chase

Call

565.00

USD

1/16/26

21‌

1,186,500‌

(22,131‌)

Microsoft

Corp.

JPMorgan

Chase

Call

590.00

USD

1/16/26

21‌

1,239,000‌

(11,797‌)

NVIDIA

Corp.

Goldman

Sachs

Call

190.00

USD

1/16/26

56‌

1,064,000‌

(85,388‌)

NVIDIA

Corp.

Goldman

Sachs

Call

200.00

USD

1/16/26

56‌

1,120,000‌

(61,597‌)

Salesforce,

Inc.

Goldman

Sachs

Call

290.00

USD

1/16/26

12‌

348,000‌

(4,832‌)

Salesforce,

Inc.

Goldman

Sachs

Call

300.00

USD

1/16/26

12‌

360,000‌

(3,551‌)

Starbucks

Corp.

Wells

Fargo

Call

100.00

USD

1/16/26

81‌

810,000‌

(13,239‌)

Starbucks

Corp.

Wells

Fargo

Call

105.00

USD

1/16/26

191‌

2,005,500‌

(19,565‌)

Starbucks

Corp.

Wells

Fargo

Call

125.00

USD

1/16/26

47‌

587,500‌

(766‌)

Veralto

Corp.

UBS

Call

110.00

USD

1/16/26

31‌

341,000‌

(9,595‌)

Visa,

Inc.

Goldman

Sachs

Call

360.00

USD

1/16/26

34‌

1,224,000‌

(34,581‌)

Visa,

Inc.

Goldman

Sachs

Call

370.00

USD

1/16/26

31‌

1,147,000‌

(21,498‌)

Visa,

Inc.

Goldman

Sachs

Call

380.00

USD

1/16/26

30‌

1,140,000‌

(13,805‌)

Visa,

Inc.

Goldman

Sachs

Call

390.00

USD

1/16/26

36‌

1,404,000‌

(10,864‌)

Visa,

Inc.

Goldman

Sachs

Call

400.00

USD

1/16/26

31‌

1,240,000‌

(6,180‌)

Visa,

Inc.

Goldman

Sachs

Call

395.00

USD

6/18/26

30‌

1,185,000‌

(27,715‌)

Vulcan

Materials

Co.

JPMorgan

Chase

Call

290.00

USD

12/19/25

26‌

754,000‌

(68,151‌)

Vulcan

Materials

Co.

JPMorgan

Chase

Call

300.00

USD

12/19/25

26‌

780,000‌

(50,524‌)

Willis

Towers

Watson

plc

Bank

of

America

Call

330.00

USD

1/16/26

10‌

330,000‌

(28,003‌)

Willis

Towers

Watson

plc

Bank

of

America

Call

340.00

USD

1/16/26

10‌

340,000‌

(21,372‌)

Workday,

Inc.

Wells

Fargo

Call

260.00

USD

1/16/26

41‌

1,066,000‌

(44,079‌)

Workday,

Inc.

Wells

Fargo

Call

270.00

USD

1/16/26

41‌

1,107,000‌

(31,858‌)

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

200

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Description

Counterparty

Put/

Call

Strike

Price

Expiration

Date

Contracts

Notional

Amount(a)

Value

Yum!

Brands,

Inc.

Wells

Fargo

Call

145.00

USD

1/16/26

39‌

$

565,500‌

$

(46,431‌)

Yum!

Brands,

Inc.

Wells

Fargo

Call

160.00

USD

1/16/26

71‌

1,136,000‌

(27,031‌)

Yum!

Brands,

Inc.

Wells

Fargo

Call

165.00

USD

1/16/26

21‌

346,500‌

(4,859‌)

Total

(Premiums

$2,432,973)

$

(3,159,642‌)

(a)

Notional

amount

is

expressed

as

the

number

of

contracts

multiplied

by

the

contract

size

multiplied

by

the

strike

price

of

the

underlying

asset.

ALLIANZ

VARIABLE

INSURANCE

PRODUCTS

TRUST

NOTES

TO

THE

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2025

(Unaudited)

201

$

(13,406,288)(a)

1.

Consolidation

of

Subsidiary

Effective

as

of

the

close

of

business

March

10,

2023,

the

International

Index

Fund

(the

“Fund”)

via

a

Purchase

Agreement

invested

in

shares

of

another

series

of

the

Trust

managed

by

the

Manager,

the

AZL

MSCI

Emerging

Markets

Equity

Index

Fund

(the

“Subsidiary”),

a

wholly-owned

and

controlled

subsidiary

of

the

Fund.

As

of

September

30,

2025,

the

Fund’s

aggregate

investment

in

the

Subsidiary

was

$1,

representing

less

than

0.01%

of

the

Fund’s

net

assets.

The

Subsidiary

is

a

disregarded

entity

for

federal

income

tax

purposes

and

holds

certain

Russian-based

securities

which

have

settlement

restrictions.

The

Subsidiary’s

financial

statements,

including

its

investments,

and

its

operating

results

have

been

consolidated

with

those

of

the

Fund.

All

intercompany

transactions

have

been

eliminated.

2.

Related

Party

Transactions

Allianz

Investment

Management

LLC

(the

“Manager”)

or

an

affiliate

of

the

Manager

serves

as

the

investment

adviser

of

certain

underlying

funds

in

which

each

Fund

invests

or

is

an

affiliate

of

the

security.

At

September

30,

2025,

the

following

investments

are

noted

as

affiliated

securities

in

each

Fund’s

Schedule

of

Portfolio

Investments.

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

Enhanced

Bond

Index

Fund

BlackRock

Liquidity

Fed

Fund,

Institutional

Class

$

13,736,738

$

—

$

—

$

—

$

330,450

330,450

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

International

Index

Fund

Allianz

SE,

Registered

Shares

$

8,835,326

$

59,406

$

(1,899,178

)

$

882,542

$

2,210,107

$

10,088,203

24,003

BlackRock

Liquidity

FedFund

,

Institutional

Class.

2,948,840

12,143,754

(a)

—

—

—

15,092,594

15,092,594

$

11,784,166

$

12,203,160

$

(1,899,178

)

$

882,542

$

2,210,107

$

25,180,797

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

Mid

Cap

Index

Fund

BlackRock

Liquidity

Fed

Fund,

Institutional

Class

$

551,175

$

66,018

(a)

$

—

$

—

$

—

$

617,193

617,193

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

Moderate

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

531,524,906

$

—

$

(56,278,695

)

$

(10,455,584)

$

39,256,658

$

504,047,285

49,757,876

AZL

International

Index

Fund,

Class

2

212,452,305

—

(44,318,427

)

729,154

47,605,432

216,468,464

9,961,733

AZL

Mid

Cap

Index

Fund,

Class

2.

46,803,379

2,562,475

(4,781,415

)

780,522

2,018,623

47,383,584

2,084,628

AZL

S&P

500

Index

Fund,

Class

2

491,802,634

22,547,328

(93,957,014

)

6,649,115

60,329,423

487,371,486

17,924,659

AZL

Small

Cap

Stock

Index

Fund,

Class

2

33,499,293

2,415,759

(2,785,213

)

163,965

1,568,453

34,862,257

2,698,317

$

1,316,082,517

$

27,525,562

$

(202,120,764

)

$

(2,132,828)

$

150,778,589

$

1,290,133,076

ALLIANZ

VARIABLE

INSURANCE

PRODUCTS

TRUST

NOTES

TO

THE

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2025

(Unaudited)

202

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

MSCI

Global

Equity

Index

Fund

Allianz

SE,

Registered

Shares

$

636,391

$

—

$

(132,218

)

$

43,998

$

179,770

$

727,941

1,732

BlackRock

Finance,

Inc.

802,661

—

(110,146

)

17,708

75,573

785,796

674

BlackRock

Liquidity

FedFund

,

Institutional

Class

467,753

1,244,175

(a)

—

—

—

1,711,928

1,711,928

$

1,906,805

$

1,244,175

$

(242,364

)

$

61,706

$

255,343

$

3,225,665

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

Russell

1000

Growth

Index

Fund

BlackRock

Liquidity

Fed

Fund,

Institutional

Class

$

174,808

$

344,015(a)

$

—

$

—

$

—

$

518,823

518,823

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

Russell

1000

Value

Index

Fund

BlackRock,

Inc.

$

3,939,498

$

—

$

(519,242

)

$

340,905

$

107,196

$

3,868,357

3,318

BlackRock

Liquidity

Fed

Fund,

Institutional

Class

1,268,410

—

(178,995

)(a)

—

—

1,089,415

1,089,415

$

5,207,908

$

—

$

(698,237

)

$

340,905

$

107,196

$

4,957,772

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

S&P

500

Index

Fund

BlackRock,

Inc.

$

8,256,236

$

83,429

$

(1,410,575

)

$

668,511

$

312,827

$

7,910,428

6,785

BlackRock

Liquidity

Fed

Fund,

Institutional

Class

295,324

—

(6,669

)(a)

—

—

288,655

288,655

$

8,551,560

$

83,429

$

(1,417,244

)

$

668,511

$

312,827

$

8,199,083

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

Small

Cap

Stock

Index

Fund

BlackRock

Liquidity

Fed

Fund,

Institutional

Class

$

4,141,438

$

864,765(a)

$

—

$

—

$

—

$

5,006,203

5,006,203

(a)

Represents

net

amount

purchased

(sold).

ALLIANZ

VARIABLE

INSURANCE

PRODUCTS

TRUST

NOTES

TO

THE

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2025

(Unaudited)

203

3.

Restricted

Securities

A

restricted

security

is

a

security

which

has

been

purchased

through

a

private

offering

and

cannot

be

resold

to

the

general

public

without

prior

registration

under

the

Securities

Act

of

1933

(the

“1933

Act”)

or

pursuant

to

the

resale

limitations

provided

by

Rule

144A

under

the

1933

Act,

or

an

exemption

from

the

registration

requirements

of

the

1933

Act.

Whether

a

restricted

security

is

illiquid

is

determined

pursuant

to

guidelines

established

by

the

Trustees.

Not

all

restricted

securities

are

considered

illiquid.

The

illiquid

restricted

securities

held

as

of

September

30,

2025

are

identified

below.

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

Finastra

Term

1Ln,

11.38%,

9/13/29

9/22/23

$

90,589

92,438

$

92,438

0.02%

Wolfspeed

,

Inc.

PIK,

4.13%,

6/23/30

10/11/24

196,800

205,929

205,929

0.01%

Security

Acquisition

Date

(a)

Acquisition

Cost

Shares

or

Principal

Amount

Value

Percentage

of

Net

Assets

Finastra

Term

1Ln,

11.38%,

9/13/29

9/22/23

$

14,873

15,176

15,176

0.00%

Wolfspeed

,

Inc.

PIK,

4.13%,

6/23/30

10/11/24

33,600

35,158

35,158

0.03%