REVISED SCHEDULE A

To the Subadvisory Agreement, made the 1st day of May, 2007 by and between Allianz Investment Management LLC, a Minnesota limited liability company, and Schroder Investment Management North America Inc., a Delaware corporation (the "Subadviser").

Compensation pursuant to Section 4 of Subadvisory Agreement shall be calculated in accordance with the following schedule:

AZL Schroder Emerging Markets Equity Fund

Average Daily Net AssetsRate

All assets0.60%*

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*If average monthly AUM falls below $150 million, the Rate will be 65 basis points (0.65%) on all assets.

The rates set forth above apply to the aggregate average daily net assets that are subject to the Subadviser's investment discretion in the fund.

Acknowledged:

ALLIANZ INVESTMENTSCHRODER INVESTMENT MANAGEMENT LLCMANAGEMENT NORTHAMERICA INC.

By: /s/ Brian MuenchBy:   /s/ Shanak Patnaik

Name:  Brian MuenchName:Shanak Patnaik

Title:  PresidentTitle:   Authorized Signatory

SCHRODER INVESTMENTMANAGEMENT NORTHAMERICA INC.

By: /s/Kishor Kshatriya

Name: Kishor Kshtriya

Title:  Authorized Signatory

Effective as of November 1, 2015, the schedule is revised to reflect a fee change to the Fund.