UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number                            811-09491                                                                           

Allianz Variable Insurance Products Trust

 (Exact name of registrant as specified in charter)

5701 Golden Hills Drive, Minneapolis, MN                              55416-1297

(Address of principal executive offices)                                 (Zip code)

Amanda Farren, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297

(Name and address of agent for service)

Registrant’s telephone number, including area code:   800-624-0197     

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

Item 1. Reports to Stockholders.

AZL DFA International Core Equity Fund 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL DFA International Core Equity Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL DFA International Core Equity Fund	$52	1.01%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL DFA International Core Equity Fund	21.28%	9.03%	9.47%
MSCI EAFE Index (gross of withholding taxes)	20.80%	9.60%	10.20%
MSCI World Ex-USA Index (gross of withholding taxes)	21.58%	9.90%	10.40%

 Fund Statistics

Table Summary

Net Assets	$296,524,304
Number of Portfolio Holdings	3,458
Portfolio Turnover Rate	4%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
Financials	21.9%
Industrials	18.4%
Materials	10.5%
Consumer Discretionary	9.5%
Information Technology	7.7%
Health Care	7.5%
Consumer Staples	6.8%
Energy	6.2%
Communication Services	4.5%
Utilities	3.4%
Real Estate	1.9%
Money Market Funds	1.7%
Rights	0.0%
Warrant	0.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL DFA International Core Equity Fund 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821322 08/26

AZL DFA U.S. Core Equity Fund 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL DFA U.S. Core Equity Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL DFA U.S. Core Equity Fund	$40	0.77%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL DFA U.S. Core Equity Fund	22.97%	11.31%	14.17%
Russell 3000 Index	22.82%	12.31%	15.06%

 Fund Statistics

Table Summary

Net Assets	$746,806,124
Number of Portfolio Holdings	2,001
Portfolio Turnover Rate	1%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
Information Technology	30.2%
Financials	14.7%
Industrials	12.7%
Consumer Discretionary	9.8%
Health Care	9.2%
Communication Services	8.1%
Consumer Staples	4.8%
Energy	4.4%
Materials	3.1%
Utilities	2.3%
Money Market Funds	0.5%
Real Estate	0.2%
Rights	0.0%
Warrant	0.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL DFA U.S. Core Equity Fund 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821298 08/26

AZL Enhanced Bond Index Fund 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL Enhanced Bond Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Enhanced Bond Index Fund	$32	0.64%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL Enhanced Bond Index Fund	3.40%	(0.28)%	1.19%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.54%

 Fund Statistics

Table Summary

Net Assets	$2,474,283,468
Number of Portfolio Holdings	1,764
Portfolio Turnover Rate	34%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
U.S. Government Agency Mortgages	29.0%
Corporate Bonds	23.3%
U.S. Treasury Obligations	20.9%
Collateralized Mortgage Obligations	8.9%
Collateralized Mortgage Backed Securities	5.7%
Asset Backed Securities	4.9%
Money Market Funds	4.1%
Yankee Debt Obligations	2.7%
Municipal Bonds	0.5%
Foreign Bond	0.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL Enhanced Bond Index Fund 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821470 08/26

AZL Fidelity Institutional Asset Management Multi-Strategy Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL Fidelity Institutional Asset Management Multi-Strategy Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026.  You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 1	$23	0.46%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	Since Inception 6/21/21
AZL Fidelity Institutional Asset Management Multi-Strategy Fund — Class 1	11.41%	5.93%	6.16%
S&P 500 Index	22.32%	13.41%	14.02%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	0.08%
Income and Growth Composite Index	11.16%	5.46%	5.60%

 Fund Statistics

Table Summary

Net Assets	$1,284,972,094
Number of Portfolio Holdings	1,713
Portfolio Turnover Rate	29%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Type of Security	Percent of Total Investments
Common Stocks	41.9%
U.S. Treasury Obligations	21.8%
Corporate Bonds	13.9%
U.S. Government Agency Mortgages	9.2%
Collateralized Mortgage Obligations	3.3%
Yankee Debt Obligations	3.0%
Collateralized Mortgage Backed Securities	2.4%
Money Market Funds	2.3%
Asset Backed Securities	1.5%
Bank Loans	0.6%
Convertible Bonds	0.1%
Preferred Stocks	0.0%
Warrant	0.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821173 08/26

AZL Fidelity Institutional Asset Management Multi-Strategy Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL Fidelity Institutional Asset Management Multi-Strategy Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026.  You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 2	$36	0.71%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL Fidelity Institutional Asset Management Multi-Strategy Fund — Class 2	11.13%	5.68%	7.85%
S&P 500 Index	22.32%	13.41%	15.51%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.54%
Income and Growth Composite Index	11.16%	5.46%	7.27%

 Fund Statistics

Table Summary

Net Assets	$1,284,972,094
Number of Portfolio Holdings	1,713
Portfolio Turnover Rate	29%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Type of Security	Percent of Total Investments
Common Stocks	41.9%
U.S. Treasury Obligations	21.8%
Corporate Bonds	13.9%
U.S. Government Agency Mortgages	9.2%
Collateralized Mortgage Obligations	3.3%
Yankee Debt Obligations	3.0%
Collateralized Mortgage Backed Securities	2.4%
Money Market Funds	2.3%
Asset Backed Securities	1.5%
Bank Loans	0.6%
Convertible Bonds	0.1%
Preferred Stocks	0.0%
Warrant	0.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821413 08/26

AZL Fidelity Institutional Asset Management Total Bond Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL Fidelity Institutional Asset Management Total Bond Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Fidelity Institutional Asset Management Total Bond Fund, Class 1	$34	0.68%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	Since Inception 10/28/16
AZL Fidelity Institutional Asset Management Total Bond Fund — Class 1	3.81%	0.67%	2.44%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.64%

 Fund Statistics

Table Summary

Net Assets	$120,784,670
Number of Portfolio Holdings	1,182
Portfolio Turnover Rate	19%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Type of Security	Percent of Total Investments
U.S. Treasury Obligations	32.1%
Corporate Bonds	24.8%
U.S. Government Agency Mortgages	16.0%
Yankee Debt Obligations	6.7%
Collateralized Mortgage Obligations	6.1%
Collateralized Mortgage Backed Securities	5.1%
Asset Backed Securities	3.9%
Money Market Funds	3.6%
Bank Loans	1.1%
Convertible Bonds	0.3%
Common Stocks	0.2%
Preferred Stocks	0.1%
Right	0.0%
Warrant	0.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL Fidelity Institutional Asset Management Total Bond Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821199 08/26

AZL Fidelity Institutional Asset Management Total Bond Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL Fidelity Institutional Asset Management Total Bond Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2	$46	0.93%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL Fidelity Institutional Asset Management Total Bond Fund — Class 2	3.57%	0.42%	2.25%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.54%

 Fund Statistics

Table Summary

Net Assets	$120,784,670
Number of Portfolio Holdings	1,182
Portfolio Turnover Rate	19%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Type of Security	Percent of Total Investments
U.S. Treasury Obligations	32.1%
Corporate Bonds	24.8%
U.S. Government Agency Mortgages	16.0%
Yankee Debt Obligations	6.7%
Collateralized Mortgage Obligations	6.1%
Collateralized Mortgage Backed Securities	5.1%
Asset Backed Securities	3.9%
Money Market Funds	3.6%
Bank Loans	1.1%
Convertible Bonds	0.3%
Common Stocks	0.2%
Preferred Stocks	0.1%
Right	0.0%
Warrant	0.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL Fidelity Institutional Asset Management Total Bond Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

01882V102 08/26

AZL Government Money Market Fund 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL Government Money Market Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Government Money Market Fund	$31	0.63%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL Government Money Market Fund	3.36%	2.93%	1.72%
Three-Month U.S. Treasury Bill Index	3.76%	3.58%	2.33%

 Fund Statistics

Table Summary

Net Assets	$521,412,728
Number of Portfolio Holdings	155

The Fund's past performance is not a good predictor of the Fund's future performance.Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. 

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Type of Security	Percent of Total Investments
Repurchase Agreement	47.7%
U.S. Treasury Obligations	28.0%
U.S. Government Agency Mortgages	24.3%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL Government Money Market Fund 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821868 08/26

AZL International Index Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL International Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL International Index Fund, Class 1	$22	0.43%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	Since Inception 10/17/16
AZL International Index Fund — Class 1	19.75%	8.80%	9.24%
MSCI EAFE Index (gross of withholding taxes)	20.80%	9.60%	10.05%

 Fund Statistics

Table Summary

Net Assets	$1,171,988,526
Number of Portfolio Holdings	712
Portfolio Turnover Rate	2%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
Financials	24.8%
Industrials	18.8%
Information Technology	12.1%
Health Care	10.3%
Consumer Discretionary	8.1%
Consumer Staples	6.7%
Materials	5.9%
Utilities	3.8%
Communication Services	3.8%
Energy	3.3%
Real Estate	1.6%
Money Market Funds	0.8%
Right	0.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL International Index Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821231 08/26

AZL International Index Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL International Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL International Index Fund, Class 2	$35	0.68%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL International Index Fund — Class 2	19.42%	8.53%	9.05%
MSCI EAFE Index (gross of withholding taxes)	20.80%	9.60%	10.20%

 Fund Statistics

Table Summary

Net Assets	$1,171,988,526
Number of Portfolio Holdings	712
Portfolio Turnover Rate	2%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
Financials	24.8%
Industrials	18.8%
Information Technology	12.1%
Health Care	10.3%
Consumer Discretionary	8.1%
Consumer Staples	6.7%
Materials	5.9%
Utilities	3.8%
Communication Services	3.8%
Energy	3.3%
Real Estate	1.6%
Money Market Funds	0.8%
Right	0.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL International Index Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821462 08/26

AZL Mid Cap Index Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL Mid Cap Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Mid Cap Index Fund, Class 1	$17	0.32%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	Since Inception 10/17/16
AZL Mid Cap Index Fund — Class 1	25.55%	8.76%	11.56%
Russell 3000 Index	22.82%	12.31%	15.24%
S&P MidCap 400 Index	25.89%	9.07%	11.79%

 Fund Statistics

Table Summary

Net Assets	$483,841,048
Number of Portfolio Holdings	406
Portfolio Turnover Rate	8%

The Fund's past performance is not a good predictor of the Fund's future performance.Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
Industrials	26.0%
Information Technology	15.3%
Financials	14.6%
Consumer Discretionary	10.6%
Health Care	8.6%
Real Estate	6.5%
Materials	5.7%
Energy	4.3%
Consumer Staples	3.1%
Utilities	3.0%
Communication Services	1.5%
Money Market Funds	0.8%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL Mid Cap Index Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821249 08/26

AZL Mid Cap Index Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL Mid Cap Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Mid Cap Index Fund, Class 2	$31	0.57%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL Mid Cap Index Fund — Class 2	25.24%	8.48%	11.14%
Russell 3000 Index	22.82%	12.31%	15.06%
S&P MidCap 400 Index	25.89%	9.07%	11.65%

 Fund Statistics

Table Summary

Net Assets	$483,841,048
Number of Portfolio Holdings	406
Portfolio Turnover Rate	8%

The Fund's past performance is not a good predictor of the Fund's future performance.Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
Industrials	26.0%
Information Technology	15.3%
Financials	14.6%
Consumer Discretionary	10.6%
Health Care	8.6%
Real Estate	6.5%
Materials	5.7%
Energy	4.3%
Consumer Staples	3.1%
Utilities	3.0%
Communication Services	1.5%
Money Market Funds	0.8%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL Mid Cap Index Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821454 08/26

AZL Moderate Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL Moderate Index Strategy Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Moderate Index Strategy Fund	$4	0.08%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL Moderate Index Strategy Fund	14.40%	6.42%	8.54%
S&P 500 Index	22.32%	13.41%	15.51%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.54%
Moderate Composite Index	14.87%	8.12%	10.07%

 Fund Statistics

Table Summary

Net Assets	$1,222,096,895
Number of Portfolio Holdings	5
Portfolio Turnover Rate	0%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Type of Security	Percent of Total Investments
Domestic Equity Funds	44.3%
Fixed Income Fund	39.0%
International Equity Fund	16.7%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL Moderate Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821728 08/26

AZL MSCI Global Equity Index Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL MSCI Global Equity Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL MSCI Global Equity Index Fund, Class 1	$19	0.37%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	Since Inception 6/21/21
AZL MSCI Global Equity Index Fund — Class 1	21.08%	11.43%	11.81%
MSCI World Index (gross of withholding taxes)	21.81%	11.98%	12.38%

 Fund Statistics

Table Summary

Net Assets	$348,956,118
Number of Portfolio Holdings	1,267
Portfolio Turnover Rate	2%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
Information Technology	30.1%
Financials	15.7%
Industrials	11.5%
Health Care	9.0%
Consumer Discretionary	8.9%
Communication Services	8.0%
Consumer Staples	4.9%
Energy	3.6%
Materials	3.3%
Utilities	2.6%
Real Estate	1.7%
Money Market Funds	0.7%
Rights	0.0%
Warrant	0.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL MSCI Global Equity Index Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821181 08/26

AZL MSCI Global Equity Index Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL MSCI Global Equity Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL MSCI Global Equity Index Fund, Class 2	$32	0.62%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL MSCI Global Equity Index Fund — Class 2	20.73%	11.15%	12.83%
MSCI World Index (gross of withholding taxes)	21.81%	11.98%	13.70%

 Fund Statistics

Table Summary

Net Assets	$348,956,118
Number of Portfolio Holdings	1,267
Portfolio Turnover Rate	2%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
Information Technology	30.1%
Financials	15.7%
Industrials	11.5%
Health Care	9.0%
Consumer Discretionary	8.9%
Communication Services	8.0%
Consumer Staples	4.9%
Energy	3.6%
Materials	3.3%
Utilities	2.6%
Real Estate	1.7%
Money Market Funds	0.7%
Rights	0.0%
Warrant	0.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL MSCI Global Equity Index Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821439 08/26

AZL Russell 1000 Growth Index Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL Russell 1000 Growth Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026.  You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Russell 1000 Growth Index Fund, Class 1	$20	0.40%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	Since Inception 10/17/16
AZL Russell 1000 Growth Index Fund — Class 1	17.17%	13.38%	18.49%
Russell 1000 Index	22.02%	12.66%	15.52%
Russell 1000 Growth Index	17.71%	13.71%	18.86%

 Fund Statistics

Table Summary

Net Assets	$596,594,661
Number of Portfolio Holdings	362
Portfolio Turnover Rate	23%

The Fund's past performance is not a good predictor of the Fund's future performance.Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
Information Technology	53.9%
Communication Services	16.0%
Industrials	8.9%
Consumer Discretionary	8.1%
Health Care	5.4%
Financials	4.3%
Consumer Staples	1.2%
Money Market Funds	0.8%
Energy	0.4%
Real Estate	0.4%
Utilities	0.3%
Materials	0.3%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL Russell 1000 Growth Index Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821215 08/26

AZL Russell 1000 Growth Index Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL Russell 1000 Growth Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026.  You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Russell 1000 Growth Index Fund, Class 2	$33	0.65%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL Russell 1000 Growth Index Fund — Class 2	16.93%	13.12%	17.93%
Russell 1000 Index	22.02%	12.66%	15.30%
Russell 1000 Growth Index	17.71%	13.71%	18.58%

 Fund Statistics

Table Summary

Net Assets	$596,594,661
Number of Portfolio Holdings	362
Portfolio Turnover Rate	23%

The Fund's past performance is not a good predictor of the Fund's future performance.Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
Information Technology	53.9%
Communication Services	16.0%
Industrials	8.9%
Consumer Discretionary	8.1%
Health Care	5.4%
Financials	4.3%
Consumer Staples	1.2%
Money Market Funds	0.8%
Energy	0.4%
Real Estate	0.4%
Utilities	0.3%
Materials	0.3%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL Russell 1000 Growth Index Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821363 08/26

AZL Russell 1000 Value Index Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL Russell 1000 Value Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026.  You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Russell 1000 Value Index Fund, Class 1	$21	0.40%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	Since Inception 10/17/16
AZL Russell 1000 Value Index Fund — Class 1	26.58%	10.87%	11.28%
Russell 1000 Index	22.02%	12.66%	15.52%
Russell 1000 Value Index	27.12%	11.17%	11.67%

 Fund Statistics

Table Summary

Net Assets	$667,970,999
Number of Portfolio Holdings	856
Portfolio Turnover Rate	21%

The Fund's past performance is not a good predictor of the Fund's future performance.Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
Financials	18.9%
Information Technology	18.4%
Health Care	12.5%
Industrials	11.2%
Consumer Discretionary	10.5%
Consumer Staples	7.4%
Energy	5.4%
Utilities	3.9%
Materials	3.8%
Real Estate	3.6%
Communication Services	3.3%
Money Market Funds	1.1%
Right	0.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL Russell 1000 Value Index Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821223 08/26

AZL Russell 1000 Value Index Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL Russell 1000 Value Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026.  You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Russell 1000 Value Index Fund, Class 2	$35	0.65%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL Russell 1000 Value Index Fund — Class 2	26.33%	10.60%	10.86%
Russell 1000 Index	22.02%	12.66%	15.30%
Russell 1000 Value Index	27.12%	11.17%	11.52%

 Fund Statistics

Table Summary

Net Assets	$667,970,999
Number of Portfolio Holdings	856
Portfolio Turnover Rate	21%

The Fund's past performance is not a good predictor of the Fund's future performance.Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
Financials	18.9%
Information Technology	18.4%
Health Care	12.5%
Industrials	11.2%
Consumer Discretionary	10.5%
Consumer Staples	7.4%
Energy	5.4%
Utilities	3.9%
Materials	3.8%
Real Estate	3.6%
Communication Services	3.3%
Money Market Funds	1.1%
Right	0.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL Russell 1000 Value Index Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821371 08/26

AZL S&P 500 Index Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL S&P 500 Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026.  You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL S&P 500 Index Fund, Class 1	$11	0.21%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL S&P 500 Index Fund — Class 1	22.08%	13.13%	15.22%
S&P 500 Index	22.32%	13.41%	15.51%

 Fund Statistics

Table Summary

Net Assets	$2,558,228,580
Number of Portfolio Holdings	507
Portfolio Turnover Rate	1%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
Information Technology	37.8%
Financials	11.7%
Communication Services	9.6%
Consumer Discretionary	9.3%
Industrials	8.9%
Health Care	8.8%
Consumer Staples	4.6%
Energy	3.0%
Utilities	2.2%
Real Estate	1.8%
Materials	1.8%
Money Market Funds	0.5%
Right	0.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL S&P 500 Index Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821553 08/26

AZL S&P 500 Index Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL S&P 500 Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026.  You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL S&P 500 Index Fund, Class 2	$24	0.46%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL S&P 500 Index Fund — Class 2	21.78%	12.85%	14.94%
S&P 500 Index	22.32%	13.41%	15.51%

 Fund Statistics

Table Summary

Net Assets	$2,558,228,580
Number of Portfolio Holdings	507
Portfolio Turnover Rate	1%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
Information Technology	37.8%
Financials	11.7%
Communication Services	9.6%
Consumer Discretionary	9.3%
Industrials	8.9%
Health Care	8.8%
Consumer Staples	4.6%
Energy	3.0%
Utilities	2.2%
Real Estate	1.8%
Materials	1.8%
Money Market Funds	0.5%
Right	0.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL S&P 500 Index Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821546 08/26

AZL Small Cap Stock Index Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL Small Cap Stock Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026.  You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Small Cap Stock Index Fund, Class 1	$18	0.33%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	Since Inception 10/17/16
AZL Small Cap Stock Index Fund — Class 1	37.16%	7.00%	11.03%
Russell 3000 Index	22.82%	12.31%	15.24%
S&P SmallCap 600 Index	37.50%	7.37%	11.39%

 Fund Statistics

Table Summary

Net Assets	$471,417,965
Number of Portfolio Holdings	608
Portfolio Turnover Rate	13%

The Fund's past performance is not a good predictor of the Fund's future performance.Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
Financials	18.0%
Industrials	17.0%
Information Technology	13.8%
Consumer Discretionary	13.5%
Health Care	12.1%
Real Estate	6.4%
Energy	4.9%
Materials	4.2%
Communication Services	3.5%
Consumer Staples	3.3%
Utilities	1.9%
Money Market Funds	1.4%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL Small Cap Stock Index Fund 

 Class 1 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821256 08/26

AZL Small Cap Stock Index Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL Small Cap Stock Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026.  You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Small Cap Stock Index Fund, Class 2	$32	0.58%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL Small Cap Stock Index Fund — Class 2	36.89%	6.73%	10.89%
Russell 3000 Index	22.82%	12.31%	15.06%
S&P SmallCap 600 Index	37.50%	7.37%	11.52%

 Fund Statistics

Table Summary

Net Assets	$471,417,965
Number of Portfolio Holdings	608
Portfolio Turnover Rate	13%

The Fund's past performance is not a good predictor of the Fund's future performance.Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Investment Categories	Percent of Total Investments
Financials	18.0%
Industrials	17.0%
Information Technology	13.8%
Consumer Discretionary	13.5%
Health Care	12.1%
Real Estate	6.4%
Energy	4.9%
Materials	4.2%
Communication Services	3.5%
Consumer Staples	3.3%
Utilities	1.9%
Money Market Funds	1.4%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL Small Cap Stock Index Fund 

 Class 2 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821538 08/26

AZL T. Rowe Price Capital Appreciation Fund 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL T. Rowe Price Capital Appreciation Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026.  You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL T. Rowe Price Capital Appreciation Fund	$48	0.94%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL T. Rowe Price Capital Appreciation Fund	10.68%	8.08%	10.87%
S&P 500 Index	22.32%	13.41%	15.51%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.54%
Moderate Composite Index	14.87%	8.12%	10.07%

 Fund Statistics

Table Summary

Net Assets	$909,805,017
Number of Portfolio Holdings	267
Portfolio Turnover Rate	55%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Type of Security	Percent of Total Investments
Common Stocks	63.6%
U.S. Treasury Obligations	15.5%
Bank Loans	8.6%
Corporate Bonds	8.5%
Money Market Funds	4.2%
Asset Backed Securities	0.2%
Right	0.0%
Written Options	(0.6)%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL T. Rowe Price Capital Appreciation Fund 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018821306 08/26

(b)           Not applicable.

Item 2. Code of Ethics.

                Not applicable.

Item 3. Audit Committee Financial Expert.

                Not applicable.

Item 4. Principal Accountant Fees and Services.

                Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)                 The Schedule of Investments in securities of unaffiliated issuers is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b)                Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Allianz

Variable

Insurance

Products

Trust

Semi-Annual

Financial

Statements

and

Other

Information

June

30,

2026

(Unaudited)

AZL

®

DFA

International

Core

Equity

Fund

AZL

®

DFA

U.S.

Core

Equity

Fund

AZL

®

Enhanced

Bond

Index

Fund

AZL

®

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

AZL

®

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

AZL

®

Government

Money

Market

Fund

AZL

®

International

Index

Fund

AZL

®

Mid

Cap

Index

Fund

AZL

®

Moderate

Index

Strategy

Fund

AZL

®

MSCI

Global

Equity

Index

Fund

AZL

®

Russell

1000

Growth

Index

Fund

AZL

®

Russell

1000

Value

Index

Fund

AZL

®

S&P

500

Index

Fund

AZL

®

Small

Cap

Stock

Index

Fund

AZL

®

T.

Rowe

Price

Capital

Appreciation

Fund

Allianz

Variable

Insurance

Products

Trust

Table

of

Contents

Page

Financial

Statements

(Form

N-CSR

Item

7)

(Unaudited)

Schedules

of

Portfolio

Investments

AZL

DFA

International

Core

Equity

Fund

3

AZL

DFA

U.S.

Core

Equity

Fund

40

AZL

Enhanced

Bond

Index

Fund

62

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

95

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

131

AZL

Government

Money

Market

Fund

159

AZL

International

Index

Fund

162

AZL

Mid

Cap

Index

Fund

173

AZL

Moderate

Index

Strategy

Fund

180

AZL

MSCI

Global

Equity

Index

Fund

181

AZL

Russell

1000

Growth

Index

Fund

197

AZL

Russell

1000

Value

Index

Fund

203

AZL

S&P

500

Index

Fund

214

AZL

Small

Cap

Stock

Index

Fund

222

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

231

Statements

of

Assets

and

Liabilities

238

Statements

of

Operations

243

Statements

of

Changes

in

Net

Assets

248

Financial

Highlights

256

Notes

to

the

Financial

Statements

271

Other

Information

(Form

N-CSR

Items

8-11)

(Unaudited)

Item

8.  

Changes

in

and

Disagreements

with

Accountants

294

Item

9.  

Proxy

Disclosures

294

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

294

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

and

Subadvisory

Contracts

294

This

report

is

submitted

for

the

general

information

of

the

shareholders

of

the

Funds.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Funds

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

3

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks

(98.9%):

Aerospace

&

Defense

(1.6%):

1,806

Airbus

SE

$

401,941‌

8,498

Austal,

Ltd.*

24,076‌

7,463

Babcock

International

Group

plc

94,239‌

13,792

BAE

Systems

plc

337,347‌

110

Bet

Shemesh

Engines

Holdings

1997,

Ltd.*

31,389‌

940

Bombardier,

Inc.,

Class

B*

216,450‌

6,062

CAE,

Inc.*

151,796‌

5,345

Chemring

Group

plc

36,307‌

51

Dassault

Aviation

SA

16,741‌

42

Elbit

Systems,

Ltd.

31,971‌

403

Exosens

Sas

26,302‌

89

FACC

AG

1,838‌

1,632

Hensoldt

AG

126,366‌

611

INVISIO

AB

12,926‌

1,540

Kongsberg

Gruppen

ASA

46,445‌

1,339

Leonardo

SpA

71,798‌

394

LISI

SA

29,643‌

1,814

MDA

Space,

Ltd.*

74,960‌

13,768

Melrose

Industries

plc

86,803‌

1,022

MTU

Aero

Engines

AG

425,031‌

12,593

QinetiQ

Group

plc

70,571‌

292

Rheinmetall

AG

330,493‌

47,917

Rolls-Royce

Holdings

plc

919,846‌

250

Saab

AB,

Class

B

12,972‌

2,037

Safran

SA

805,286‌

15,312

Senior

plc

58,493‌

18,600

Singapore

Technologies

Engineering,

Ltd.

150,117‌

705

Thales

SA

181,117‌

65

TKMS

AG

&

Co.

KGaA*

5,541‌

4,778,805‌

Air

Freight

&

Logistics

(0.6%):

2,500

AZ-COM

MARUWA

Holdings,

Inc.

12,321‌

4,417

bpost

SA*

7,825‌

283

CTT-Correios

de

Portugal

SA

1,871‌

8,483

Deutsche

Post

AG

514,703‌

879

DSV

A/S

208,683‌

5,752

Freightways

Group,

Ltd.

45,475‌

1,800

Hamakyorex

Co.,

Ltd.

20,196‌

138

ID

Logistics

Group

SACA*

53,959‌

20,500

KLN

Logistics

Group,

Ltd.

14,371‌

1,200

Konoike

Transport

Co.,

Ltd.

20,063‌

1,984

Logista

Integral

SA

76,505‌

958

Mainfreight,

Ltd.

33,778‌

2,300

Mitsui-Soko

Holdings

Co.,

Ltd.

48,003‌

7,500

NIPPON

EXPRESS

HOLDINGS,

Inc.^

233,561‌

783

Oesterreichische

Post

AG

27,738‌

1,800

Sankyu,

Inc.

96,003‌

900

SBS

Holdings,

Inc.

23,989‌

3,900

Senko

Group

Holdings

Co.,

Ltd.

47,182‌

5,700

SG

Holdings

Co.,

Ltd.

54,192‌

2,000

Shibusawa

Logistics

Corp.

19,591‌

Shares

Value

Common

Stocks,

continued

Air

Freight

&

Logistics,

continued

51,000

Singapore

Post,

Ltd.

$

13,422‌

4,700

Yamato

Holdings

Co.,

Ltd.

53,180‌

1,626,611‌

Automobile

Components

(1.5%):

1,000

Aisan

Industry

Co.,

Ltd.

11,668‌

9,900

Aisin

Corp.

133,784‌

7,300

Akebono

Brake

Industry

Co.,

Ltd.*

4,799‌

1,027

AKWEL

SADIR

7,979‌

6,206

Amotiv,

Ltd.

27,030‌

2,496

ARB

Corp.,

Ltd.

32,731‌

2,319

Aumovio

SE*

95,350‌

104

Autoneum

Holding

AG

13,909‌

1,920

Brembo

NV

22,463‌

10,800

Bridgestone

Corp.

227,415‌

1,647

Bulten

AB*

7,349‌

906

CIE

Automotive

SA

27,601‌

10,458

Cie

Generale

des

Etablissements

Michelin

SCA

403,914‌

12,732

CIR

SpA-Compagnie

Industriali*

10,109‌

2,089

Continental

AG

172,263‌

2,800

Daido

Metal

Co.,

Ltd.

29,233‌

2,400

Daikyonishikawa

Corp.

14,847‌

518

Dauch

Corp.*

2,682‌

9,500

Denso

Corp.

109,743‌

8,380

Dometic

Group

AB*

(a)

21,547‌

600

Eagle

Industry

Co.,

Ltd.

10,572‌

542

EDAG

Engineering

Group

AG*

1,969‌

1,724

ElringKlinger

AG

9,614‌

1,500

Exco

Technologies,

Ltd.

8,124‌

1,000

Exedy

Corp.

35,821‌

1,700

FCC

Co.,

Ltd.

35,468‌

342

Feintool

International

Holding

AG,

Registered

Shares*

3,987‌

4,399

Forvia

SE*

43,977‌

1,000

F-Tech,

Inc.

3,999‌

800

Futaba

Industrial

Co.,

Ltd.

4,648‌

6,562

Gestamp

Automocion

SA

(a)

21,415‌

3,200

GS

Yuasa

Corp.

128,273‌

1,400

G-Tekt

Corp.

17,892‌

400

HI-LEX

Corp.

4,984‌

700

H-One

Co.,

Ltd.

6,601‌

300

Imasen

Electric

Industrial

1,694‌

13,642

Johnson

Electric

Holdings,

Ltd.

33,988‌

5,100

JTEKT

Corp.

63,275‌

287

Kendrion

NV

6,435‌

5,100

Koito

Manufacturing

Co.,

Ltd.

80,630‌

25,060

Kongsberg

Automotive

ASA*

5,054‌

1,400

KYB

Corp.

33,301‌

1,033

Linamar

Corp.

73,259‌

6,513

Magna

International,

Inc.

428,321‌

3,466

Martinrea

International,

Inc.

24,441‌

2,000

Mitsuba

Corp.

14,539‌

400

Murakami

Corp.

16,613‌

2,500

Musashi

Seimitsu

Industry

Co.,

Ltd.

61,287‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

4

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Automobile

Components,

continued

5,100

NHK

Spring

Co.,

Ltd.

$

123,784‌

600

Nichirin

Co.,

Ltd.

15,001‌

3,200

Nifco,

Inc.

95,628‌

2,200

Nippon

Seiki

Co.,

Ltd.

33,662‌

2,300

Niterra

Co.,

Ltd.

153,013‌

2,700

NOK

Corp.

48,473‌

4,057

Nokian

Renkaat

Oyj

55,518‌

1,300

NPR-RIKEN

Corp.

31,116‌

1,743

Opmobility

27,193‌

1,500

Piolax,

Inc.

14,478‌

14,795

Pirelli

&

C

SpA

(a)

111,816‌

3,500

Press

Kogyo

Co.,

Ltd.

16,876‌

1,900

Sanoh

Industrial

Co.,

Ltd.^

11,176‌

2,535

Schaeffler

AG

24,565‌

1,300

Seiren

Co.,

Ltd.

26,255‌

2,400

Shoei

Co.,

Ltd.

26,234‌

3,700

Stanley

Electric

Co.,

Ltd.

80,351‌

22,400

Sumitomo

Electric

Industries,

Ltd.

413,511‌

5,000

Sumitomo

Rubber

Industries,

Ltd.

64,947‌

1,400

Tachi-S

Co.,

Ltd.,

Class

S

18,290‌

800

Taiho

Kogyo

Co.,

Ltd.,

Class

A

5,285‌

2,500

Tokai

Rika

Co.,

Ltd.

45,842‌

1,000

Topre

Corp.

16,348‌

4,400

Toyo

Tire

Corp.

101,639‌

2,800

Toyoda

Gosei

Co.,

Ltd.

88,969‌

2,900

Toyota

Boshoku

Corp.

38,235‌

1,000

TPR

Co.,

Ltd.

8,581‌

2,600

TS

Tech

Co.,

Ltd.

27,785‌

2,000

Unipres

Corp.

14,918‌

4,944

Valeo

SE

72,585‌

3,400

Yokohama

Rubber

Co.,

Ltd.

(The)

153,847‌

600

Yorozu

Corp.

3,082‌

4,525,600‌

Automobiles

(1.0%):

2,511

Bayerische

Motoren

Werke

AG

164,306‌

335

Ferrari

NV

124,142‌

171

Ferrari

NV,

ADR

63,662‌

20,500

Honda

Motor

Co.,

Ltd.

185,731‌

15,300

Isuzu

Motors,

Ltd.

202,334‌

298

Knaus

Tabbert

AG*

3,725‌

15,600

Mazda

Motor

Corp.

105,126‌

5,893

Mercedes-Benz

Group

AG

295,762‌

22,000

Mitsubishi

Motors

Corp.^

42,454‌

28,600

Nissan

Motor

Co.,

Ltd.*^

53,096‌

2,700

Nissan

Shatai

Co.,

Ltd.

15,801‌

4,101

Renault

SA

117,638‌

23,310

Stellantis

NV,

NYS*

132,883‌

2,055

Stellantis

NV*

11,796‌

7,400

Subaru

Corp.

109,054‌

20,500

Suzuki

Motor

Corp.

246,784‌

51,720

Toyota

Motor

Corp.

867,438‌

197

Trigano

SA

31,647‌

530

Volkswagen

AG

43,637‌

12,581

Volvo

Car

AB,

Class

B*^

24,455‌

Shares

Value

Common

Stocks,

continued

Automobiles,

continued

13,200

Yamaha

Motor

Co.,

Ltd.

$

99,943‌

2,941,414‌

Banks

(12.7%):

4,800

77

Bank,

Ltd.

(The)

98,503‌

7,892

ABN

AMRO

Bank

NV,

Class

CV

335,626‌

536

Addiko

Bank

AG*

16,863‌

36,413

AIB

Group

plc

427,871‌

800

Akita

Bank,

Ltd.

(The)

33,734‌

1,530

Aktia

Bank

Oyj

19,730‌

2,404

AL

Sydbank

211,850‌

189

Alandsbanken

Abp,

Class

B

9,459‌

16,341

ANZ

Group

Holdings,

Ltd.

400,342‌

3,500

Aozora

Bank,

Ltd.^

58,520‌

1,305

Avarda

Bank

AB

24,161‌

1,000

Awa

Bank,

Ltd.

(The)

44,787‌

15,575

Banca

Monte

dei

Paschi

di

Siena

SpA

193,379‌

49,047

Banco

Bilbao

Vizcaya

Argentaria

SA

1,230,292‌

18,777

Banco

Bilbao

Vizcaya

Argentaria

SA,

ADR

470,552‌

17,769

Banco

BPM

SpA

306,876‌

199,239

Banco

Comercial

Portugues

SA,

Class

R

235,831‌

155,480

Banco

de

Sabadell

SA

552,247‌

2,101

Banco

di

Desio

e

della

Brianza

SpA

31,884‌

81,839

Banco

Santander

SA

1,132,077‌

9,759

Bank

Hapoalim

BM

225,267‌

16,869

Bank

Leumi

Le-Israel

BM,

Class

IS

377,699‌

32,912

Bank

of

East

Asia,

Ltd.

(The)

52,692‌

15,183

Bank

of

Ireland

Group

plc

302,610‌

2,400

Bank

of

Iwate,

Ltd.

(The)

30,341‌

1,271

Bank

of

Montreal

224,668‌

4,062

Bank

of

Montreal,

ADR

717,755‌

1,500

Bank

of

Nagoya,

Ltd.

(The)

55,301‌

1,899

Bank

of

Nova

Scotia

(The)

165,073‌

8,317

Bank

of

Nova

Scotia

(The),

ADR

722,248‌

21,633

Bank

of

Queensland,

Ltd.

94,678‌

800

Bank

of

Saga,

Ltd.

(The)

26,084‌

2,000

Bank

of

the

Ryukyus,

Ltd.

32,266‌

12,593

Bankinter

SA

211,268‌

710

Banque

Cantonale

de

Geneve,

Class

BR

29,890‌

844

Banque

Cantonale

Vaudoise,

Registered

Shares^

123,696‌

79,226

Barclays

plc

531,946‌

2,182

BAWAG

Group

AG

(a)

437,456‌

11,907

Bendigo

&

Adelaide

Bank,

Ltd.

87,159‌

256

Berner

Kantonalbank

AG,

Registered

Shares

121,547‌

5,565

BNP

Paribas

SA

650,367‌

19,542

BOC

Hong

Kong

Holdings,

Ltd.

105,992‌

18,661

BPER

Banca

SpA

292,883‌

31,551

CaixaBank

SA

447,787‌

750

Canadian

Imperial

Bank

of

Commerce

86,376‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

5

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Banks,

continued

4,827

Canadian

Imperial

Bank

of

Commerce,

ADR

$

555,105‌

6,200

CCI

Group,

Inc.

39,159‌

7,100

Chiba

Bank,

Ltd.

(The)

107,989‌

1,900

Chiba

Kogyo

Bank,

Ltd.

(The)

28,071‌

4,200

Chugin

Financial

Group,

Inc.

80,059‌

3,308

Close

Brothers

Group

plc*

17,792‌

9,513

Commerzbank

AG^

404,749‌

4,220

Commonwealth

Bank

of

Australia

482,213‌

5,991

Credit

Agricole

SA

120,504‌

2,418

Credito

Emiliano

SpA

47,021‌

16,000

Dah

Sing

Banking

Group,

Ltd.

23,652‌

5,600

Dah

Sing

Financial

Holdings,

Ltd.

27,006‌

7,600

Daishi

Hokuetsu

Financial

Group,

Inc.

100,101‌

4,998

Danske

Bank

A/S

268,180‌

15,061

DBS

Group

Holdings,

Ltd.

761,190‌

11,894

Deutsche

Bank

AG,

Registered

Shares

402,686‌

4,211

DNB

Bank

ASA

125,291‌

1,600

Ehime

Bank,

Ltd.

(The)

21,233‌

682

EQB,

Inc.

63,963‌

2,912

Erste

Group

Bank

AG

390,097‌

650

FIDEA

Holdings

Co.,

Ltd.

7,838‌

13,904

FinecoBank

Banca

Fineco

SpA

348,793‌

1,400

First

Bank

of

Toyama,

Ltd.

(The)

22,024‌

1,095

First

International

Bank

Of

Israel,

Ltd.

(The)

77,545‌

1,000

Fukui

Bank,

Ltd.

(The)

34,066‌

2,200

Fukuoka

Financial

Group,

Inc.

92,714‌

8,100

Gunma

Bank,

Ltd.

(The)

117,433‌

7,200

Hachijuni

Nagano

Bank,

Ltd.

106,947‌

34,267

Heartland

Group

Holdings,

Ltd.

23,628‌

9,200

Hirogin

Holdings,

Inc.

118,977‌

2,700

Hokuhoku

Financial

Group,

Inc.

111,609‌

62,150

HSBC

Holdings

plc

1,180,351‌

3,281

HSBC

Holdings

plc,

ADR

311,990‌

7,600

Hyakugo

Bank,

Ltd.

(The)

92,767‌

4,000

Hyakujushi

Bank,

Ltd.

(The)

63,553‌

3

Hypothekarbank

Lenzburg

AG,

Class

R

15,227‌

16,126

ING

Groep

NV

510,142‌

92,770

Intesa

Sanpaolo

SpA

635,421‌

11,744

Israel

Discount

Bank,

Ltd.,

Class

A

116,572‌

3,300

Iyogin

Holdings,

Inc.

64,346‌

10,800

Japan

Post

Bank

Co.,

Ltd.

205,750‌

44,262

Judo

Capital

Holdings,

Ltd.*

28,958‌

6,500

Juroku

Financial

Group,

Inc.

93,806‌

1,407

Jyske

Bank

A/S,

Registered

Shares

203,526‌

4,075

KBC

Group

NV

555,785‌

3,200

Keiyo

Bank,

Ltd.

(The)

49,064‌

400

Kita-Nippon

Bank,

Ltd.

(The)

13,365‌

2,400

Kiyo

Bank,

Ltd.

(The)

65,625‌

3,400

Kyoto

Financial

Group,

Inc.

94,434‌

7,790

Kyushu

Financial

Group,

Inc.

69,035‌

787

Laurentian

Bank

of

Canada

22,288‌

Shares

Value

Common

Stocks,

continued

Banks,

continued

381

Liechtensteinische

Landesbank

AG

$

49,059‌

1,414

Lion

Finance

Group

plc

212,626‌

339,112

Lloyds

Banking

Group

plc

500,291‌

583

Luzerner

Kantonalbank

AG,

Registered

Shares

79,546‌

10,470

Mebuki

Financial

Group,

Inc.

92,139‌

47,500

Mitsubishi

UFJ

Financial

Group,

Inc.

942,396‌

3,000

Miyazaki

Bank,

Ltd.

(The)

39,448‌

1,267

Mizrahi

Tefahot

Bank,

Ltd.

83,840‌

9,980

Mizuho

Financial

Group,

Inc.

479,274‌

3,900

Musashino

Bank,

Ltd.

(The)

60,612‌

6,113

MyState,

Ltd.

19,395‌

4,000

Nanto

Bank,

Ltd.

(The)

43,469‌

15,286

National

Australia

Bank,

Ltd.

401,971‌

1,407

National

Bank

of

Canada

222,157‌

59,003

NatWest

Group

plc

519,956‌

3,100

Nishi-Nippon

Financial

Holdings,

Inc.

79,403‌

19,472

Nordea

Bank

Abp

369,784‌

3,786

Norion

Bank

AB*

23,713‌

9,500

North

Pacific

Bank,

Ltd.

65,526‌

1,200

Ogaki

Kyoritsu

Bank,

Ltd.

(The)

54,218‌

3,000

Oita

Bank,

Ltd.

(The)

44,788‌

820

Okinawa

Financial

Group,

Inc.

32,240‌

461

Oma

Saastopankki

Oyj

6,072‌

17,646

Oversea-Chinese

Banking

Corp.,

Ltd.

339,544‌

2,493

Pareto

Bank

ASA

17,138‌

5,215

Permanent

TSB

Group

Holdings

plc

17,880‌

1,522

Procrea

Holdings,

Inc.

35,003‌

28,000

Public

Financial

Holdings,

Ltd.

4,937‌

3,857

Raiffeisen

Bank

International

AG

246,319‌

1,000

Rakuten

Bank,

Ltd.*

31,921‌

7,675

Resona

Holdings,

Inc.

100,113‌

781

Ringkjoebing

Landbobank

A/S

185,483‌

12,035

Royal

Bank

of

Canada

2,492,376‌

5,793

Royal

Bank

of

Canada,

ADR

1,198,977‌

3,560

San

ju

San

Financial

Group,

Inc.

37,933‌

4,900

San-In

Godo

Bank,

Ltd.

(The)

69,126‌

7,500

Senshu

Ikeda

Holdings,

Inc.

45,230‌

26,300

Seven

Bank,

Ltd.

45,564‌

7,500

Shiga

Bank,

Ltd.

(The)

120,409‌

2,100

Shikoku

Bank,

Ltd.

(The)

39,015‌

400

Shimizu

Bank,

Ltd.

(The)

5,838‌

5,900

Shizuoka

Financial

Group,

Inc.

110,033‌

8,685

Skandinaviska

Enskilda

Banken

AB,

Class

A

172,892‌

8,330

Societe

Generale

SA

737,539‌

538

SpareBank

1

Oestlandet

10,293‌

1,426

SpareBank

1

Sor-Norge

ASA

27,880‌

1,551

Sparebanken

More

16,983‌

1,150

Sparebanken

Norge

21,602‌

523

Sparekassen

Sjaelland-Fyn

A/S

29,587‌

126

St.

Galler

Kantonalbank

AG,

Registered

Shares

100,102‌

14,492

Standard

Chartered

plc

392,730‌

16,600

Sumitomo

Mitsui

Financial

Group,

Inc.

649,062‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

6

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Banks,

continued

3,500

Sumitomo

Mitsui

Trust

Group,

Inc.

$

130,670‌

4,100

Suruga

Bank,

Ltd.

62,006‌

8,846

Svenska

Handelsbanken

AB,

Class

A

130,196‌

5,769

Swedbank

AB,

Class

A

215,508‌

1,853

TBC

Bank

Group

plc

108,969‌

4,500

Tochigi

Bank,

Ltd.

(The)

25,996‌

6,500

Toho

Bank,

Ltd.

(The)

31,241‌

6,400

Tokyo

Kiraboshi

Financial

Group,

Inc.

71,657‌

7,500

TOMONY

Holdings,

Inc.

40,600‌

4,953

Toronto-Dominion

Bank

(The)

601,443‌

4,701

Toronto-Dominion

Bank

(The),

ADR

571,638‌

2,100

Towa

Bank,

Ltd.

(The)

18,949‌

1,200

Tsukuba

Bank,

Ltd.

4,568‌

39,799

Unicaja

Banco

SA

(a)

141,870‌

9,339

UniCredit

SpA

835,465‌

8,527

United

Overseas

Bank,

Ltd.

262,972‌

743

Valiant

Holding

AG

147,838‌

900

VersaBank

20,889‌

239

Walliser

Kantonalbank,

Registered

Shares

46,901‌

19,776

Westpac

Banking

Corp.

483,395‌

1,600

Yamagata

Bank,

Ltd.

(The)

34,896‌

4,400

Yamaguchi

Financial

Group,

Inc.

77,412‌

700

Yamanashi

Chuo

Bank,

Ltd.

(The)

26,942‌

14,100

Yokohama

Financial

Group,

Inc.

150,642‌

6

Zuger

Kantonalbank,

Class

BR

76,159‌

37,549,527‌

Beverages

(1.1%):

2,757

AG

Barr

plc

23,149‌

1,900

Andrew

Peller,

Ltd.,

Class

A

10,638‌

12,147

Anheuser-Busch

InBev

SA/NV

1,001,398‌

13,000

Asahi

Group

Holdings,

Ltd.

123,693‌

30,200

Budweiser

Brewing

Co.

APAC,

Ltd.

(a)

23,570‌

14,772

C&C

Group

plc

18,430‌

1,210

Carlsberg

AS,

Class

B

158,791‌

2,400

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

63,344‌

2,736

Coca-Cola

Europacific

Partners

plc

273,792‌

2,713

Coca-Cola

HBC

AG*

177,058‌

9,206

Davide

Campari-Milano

NV,

Class

M

57,307‌

2,045

Diageo

plc,

ADR^

164,377‌

9,254

Diageo

plc

185,970‌

2,583

Heineken

NV

217,240‌

2,400

Ito

En,

Ltd.

43,408‌

8,900

Kirin

Holdings

Co.,

Ltd.

152,517‌

109

Laurent-Perrier

10,539‌

1,200

Lifedrink

Co.,

Inc.

12,202‌

653

Olvi

Oyj,

A

Shares

23,883‌

2,951

Pernod

Ricard

SA

215,464‌

456

Remy

Cointreau

SA

22,460‌

1,532

Royal

Unibrew

A/S

101,092‌

4,800

Sapporo

Holdings,

Ltd.^

59,889‌

2,400

Suntory

Beverage

&

Food,

Ltd.

66,407‌

2,900

Takara

Holdings,

Inc.

39,998‌

Shares

Value

Common

Stocks,

continued

Beverages,

continued

12,746

Treasury

Wine

Estates,

Ltd.

$

42,083‌

3,288,699‌

Biotechnology

(0.3%):

28

Argenx

SE,

ADR*

25,977‌

63

Argenx

SE*

58,435‌

181

Basilea

Pharmaceutica

Ag

Allschwil,

Registered

Shares*

11,968‌

2,965

Bavarian

Nordic

A/S*

82,911‌

415

BioArctic

AB,

Class

B

(a)

14,099‌

1,017

BioGaia

AB,

B

Shares

12,268‌

760

Clinuvel

Pharmaceuticals,

Ltd.

5,416‌

1,439

CSL,

Ltd.

114,585‌

688

Genmab

A/S*

188,487‌

6,461

Grifols

SA

66,184‌

1,490

Lakefront

Biotherapeutics

NV*

44,650‌

8,774

Mesoblast,

Ltd.*

11,940‌

123

Pharma

Mar

SA*

10,611‌

20,503

Pharming

Group

NV*

28,170‌

378

Swedish

Orphan

Biovitrum

AB*

18,023‌

1,382

Telix

Pharmaceuticals,

Ltd.*

15,953‌

1,960

Vitrolife

AB

17,746‌

1,105

Zealand

Pharma

A/S*

48,995‌

776,418‌

Broadline

Retail

(0.9%):

300

ASKUL

Corp.

2,205‌

24,109

B&M

European

Value

Retail

plc

62,374‌

1,900

Belluna

Co.,

Ltd.

11,107‌

2,059

Canadian

Tire

Corp.,

Class

A

283,637‌

3,143

Dollarama,

Inc.

415,831‌

6,374

Europris

ASA

(a)

56,896‌

17,501

Harvey

Norman

Holdings,

Ltd.

58,559‌

2,500

Isetan

Mitsukoshi

Holdings,

Ltd.

63,658‌

3,000

Izumi

Co.,

Ltd.

17,741‌

8,200

J.

Front

Retailing

Co.,

Ltd.

182,480‌

4,015

Lindex

Group

OYJ*

9,569‌

2,918

Max

Stock,

Ltd.

35,417‌

2,800

Mercari,

Inc.*

70,750‌

30,000

Metro

Holdings,

Ltd.

10,906‌

10,327

Myer

Holdings,

Ltd.

2,172‌

1,465

Next

plc

282,670‌

14,500

Pan

Pacific

International

Holdings

Corp.

74,014‌

5,399

Prosus

NV*

234,646‌

2,236

Puuilo

Oyj

45,903‌

12,000

Rakuten

Group,

Inc.*

55,992‌

6,900

Ryohin

Keikaku

Co.,

Ltd.

150,758‌

1,600

Seria

Co.,

Ltd.

35,875‌

9,000

Takashimaya

Co.,

Ltd.

139,177‌

24,280

THG

plc*^

9,693‌

1,077

Tokmanni

Group

Corp.^

8,716‌

3,646

Warehouse

Group,

Ltd.

(The)*

1,188‌

6,822

Wesfarmers,

Ltd.

428,063‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

7

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Broadline

Retail,

continued

4,000

Wing

On

Co.

International,

Ltd.

$

6,639‌

2,756,636‌

Building

Products

(1.2%):

3,100

AGC,

Inc.

134,073‌

2,028

Arbonia

AG*

8,940‌

2,091

Ariston

Holding

NV

8,579‌

2,613

Assa

Abloy

AB,

Class

B

92,324‌

136

Belimo

Holding

AG,

Class

R

153,379‌

2,400

Bunka

Shutter

Co.,

Ltd.

28,422‌

1,300

Central

Glass

Co.,

Ltd.

35,638‌

7,597

Cie

de

Saint-Gobain

SA

687,737‌

2,300

Daikin

Industries,

Ltd.

349,401‌

5,524

Deceuninck

NV

13,794‌

1,026

Dormakaba

Holding

AG

66,342‌

24,693

Fletcher

Building,

Ltd.*

47,613‌

35

Forbo

Holding

AG,

Registered

Shares^

32,189‌

537

Geberit

AG,

Registered

Shares

358,431‌

5,720

Genuit

Group

plc

21,024‌

12,753

GWA

Group,

Ltd.

20,322‌

3,039

Inrom

Construction

Industries,

Ltd.

24,551‌

1,684

Inwido

AB

25,010‌

5,198

James

Halstead

plc

8,758‌

3,006

Kingspan

Group

plc

274,929‌

1,300

Kondotec,

Inc.

12,133‌

2,281

Lindab

International

AB

30,672‌

9,000

Lixil

Corp.

100,266‌

297

Meier

Tobler

Group

AG

11,437‌

1,598

Munters

Group

AB

(a)

28,444‌

641

Nederman

Holding

AB

8,677‌

8,093

Nibe

Industrier

AB,

Class

B

30,091‌

4,000

Nichias

Corp.

98,253‌

1,100

Nichiha

Corp.

20,764‌

1,200

Nihon

Dengi

Co.,

Ltd.

17,430‌

1,800

Nihon

Flush

Co.,

Ltd.

8,023‌

4,900

Nippon

Sheet

Glass

Co.,

Ltd.*

14,577‌

2

Norcros

plc

8‌

1,400

Okabe

Co.,

Ltd.

7,699‌

1,958

Recticel

SA

24,529‌

19,244

Reliance

Worldwide

Corp.,

Ltd.

52,397‌

1,867

ROCKWOOL

A/S,

Class

A

61,906‌

3,440

ROCKWOOL

A/S,

Class

B

110,578‌

1,900

Sankyo

Tateyama,

Inc.

7,355‌

4,100

Sanwa

Holdings

Corp.

96,121‌

47

Schweiter

Technologies

AG

17,154‌

700

Sekisui

Jushi

Corp.

11,149‌

700

Shin

Nippon

Air

Technologies

Co.,

Ltd.

16,264‌

2,700

Sinko

Industries,

Ltd.

20,894‌

3,824

Systemair

AB

32,407‌

1,800

Takara

Standard

Co.,

Ltd.

34,490‌

1,400

Takasago

Thermal

Engineering

Co.,

Ltd.

44,295‌

1,100

TOTO,

Ltd.

59,050‌

3,919

Volution

Group

plc

31,788‌

Shares

Value

Common

Stocks,

continued

Building

Products,

continued

41,175

Xinyi

Glass

Holdings,

Ltd.

$

44,877‌

306

Zehnder

Group

AG,

Registered

Shares

23,698‌

3,468,882‌

Capital

Markets

(2.9%):

8,071

3i

Group

plc

266,326‌

54,618

Aberdeen

Group

plc

172,697‌

11,831

ABG

Sundal

Collier

Holding

ASA

8,509‌

2,350

AGF

Management,

Ltd.,

Class

B

33,408‌

11,052

AJ

Bell

plc

89,655‌

9,083

Allfunds

Group

plc

87,289‌

903

Altamir

23,524‌

1,347

Amundi

SA

(a)

129,263‌

9,979

Ashmore

Group

plc

26,642‌

939

ASX,

Ltd.

34,671‌

4,100

Australian

Ethical

Investment,

Ltd.

11,940‌

1,518

Avanza

Bank

Holding

AB

60,804‌

3,866

Azimut

Holding

SpA

156,832‌

1,968

Banca

Generali

SpA

146,599‌

521

Bellevue

Group

AG,

Class

BR

4,409‌

12,000

Bright

Smart

Securities

&

Commodities

Group,

Ltd.*

10,635‌

921

Brookfield

Corp.,

ADR

39,225‌

1,985

Brookfield

Corp.,

Class

A

84,699‌

563

Brooks

Macdonald

Group

plc

9,338‌

1,527

Bure

Equity

AB

42,021‌

1,500

Canaccord

Genuity

Group,

Inc.

15,443‌

150

Cie

Financiere

Tradition

SA,

Class

BR

55,884‌

5,668

CMC

Markets

plc

(a)

34,324‌

12,600

Daiwa

Securities

Group,

Inc.

123,904‌

552

Deutsche

Beteiligungs

AG

13,875‌

1,369

Deutsche

Boerse

AG

373,524‌

1,036

DWS

Group

GmbH

&

Co.

KGaA

(a)

77,724‌

4,307

EFG

International

AG*

86,409‌

170

eQ

Oyj

1,923‌

728

EQT

AB

20,602‌

899

EQT

Holdings,

Ltd.

10,151‌

981

Euronext

NV

(a)

156,931‌

4,000

Fiera

Capital

Corp.,

Class

A

14,865‌

2,430

flatexDEGIRO

SE

104,129‌

838

Flow

Traders,

Ltd.*

24,712‌

1,819

Foresight

Group

Holdings,

Ltd.

10,573‌

1,973

Georgia

Capital

plc*

109,431‌

557

Gimv

NV

29,474‌

2,400

GMO

Financial

Holdings,

Inc.

14,607‌

44,000

Guotai

Junan

International

Holdings,

Ltd.^

11,063‌

7,694

Hong

Kong

Exchanges

&

Clearing,

Ltd.

357,609‌

1,131

HUB24,

Ltd.

57,362‌

2,880

ICG

plc

64,552‌

5,100

iFAST

Corp.,

Ltd.^

34,950‌

7,787

IG

Group

Holdings

plc

186,837‌

2,332

IGM

Financial,

Inc.

130,208‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

8

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

4,298

Impax

Asset

Management

Group

plc

$

5,627‌

4,942

IntegraFin

Holdings

plc

23,250‌

13,081

Investec

plc

104,225‌

28,448

IP

Group

plc*

24,720‌

200

IwaiCosmo

Holdings,

Inc.

4,926‌

2,600

JAFCO

Group

Co.,

Ltd.

37,949‌

11,900

Japan

Exchange

Group,

Inc.

149,990‌

3,861

Julius

Baer

Group,

Ltd.

333,818‌

17,082

Jupiter

Fund

Management

plc

37,097‌

800

Kyokuto

Securities

Co.,

Ltd.

7,682‌

13,152

L1

Group,

Ltd.

10,304‌

2,122

Liontrust

Asset

Management

plc

9,836‌

1,870

London

Stock

Exchange

Group

plc

202,457‌

1,015

MA

Financial

Group,

Ltd.

4,170‌

1,408

Macquarie

Group,

Ltd.

244,983‌

9,183

Magellan

Financial

Group,

Ltd.

61,881‌

22,059

Man

Group

plc

85,528‌

2,300

Marusan

Securities

Co.,

Ltd.

15,215‌

2,300

Matsui

Securities

Co.,

Ltd.

13,611‌

1,540

Meitav

Investment

House,

Ltd.

67,066‌

2,900

Mito

Securities

Co.,

Ltd.

11,737‌

3,035

MLP

SE

25,351‌

595

Mutares

SE

&

Co.

KGaA

18,493‌

20,271

Navigator

Global

Investments,

Ltd.

35,254‌

3,405

Netwealth

Group,

Ltd.

48,404‌

11,700

Nihon

M&A

Center

Holdings,

Inc.

45,878‌

9,608

Ninety

One

plc

26,924‌

24,100

Nomura

Holdings,

Inc.

210,316‌

1,900

Nordnet

AB

(publ)

72,248‌

18,105

NZX,

Ltd.

14,506‌

7,300

Okasan

Securities

Group,

Inc.

43,335‌

2,367

Onex

Corp.

177,028‌

231

Partners

Group

Holding

AG

189,190‌

2,699

Perpetual,

Ltd.

29,056‌

2,662

Plus500,

Ltd.

168,983‌

2,595

Polar

Capital

Holdings

plc

30,675‌

40,781

Quilter

plc

(a)

104,060‌

942

Rathbones

Group

plc

20,030‌

9,785

Ratos

AB,

B

Shares

33,580‌

8,000

SBI

Holdings,

Inc.

130,131‌

11,100

Singapore

Exchange,

Ltd.

207,704‌

840

Sparx

Group

Co.,

Ltd.

11,355‌

500

Sprott,

Inc.

56,343‌

12,819

St

James's

Place

plc

206,111‌

2,100

Strike

Group

Co.,

Ltd.

16,320‌

3,640

Swissquote

Group

Holding

SA,

Registered

Shares

170,899‌

1,296

Taaleri

plc

10,592‌

2,584

Tamburi

Investment

Partners

SpA

25,839‌

1,520

Tel

Aviv

Stock

Exchange,

Ltd.

63,230‌

800

Tikehau

Capital

SCA

15,144‌

2,255

TMX

Group,

Ltd.

73,831‌

8,500

Tokai

Tokyo

Financial

Holdings,

Inc.

39,489‌

26,693

TP

ICAP

Group

plc

119,842‌

18,493

UBS

Group

AG

916,345‌

5,986

UOB-Kay

Hian

Holdings,

Ltd.

17,110‌

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

22,000

Value

Partners

Group,

Ltd.

$

5,774‌

1,171

Van

Lanschot

Kempen

NV

88,946‌

947

VIEL

&

Cie

SA

19,541‌

1,096

Vontobel

Holding

AG,

Class

R

99,648‌

128

VP

Bank

AG,

Class

A

14,231‌

289

VZ

Holding

AG

54,180‌

3,692

XPS

Pensions

Group

plc

15,068‌

8,686,608‌

Chemicals

(3.2%):

4,100

5N

Plus,

Inc.*

126,576‌

900

Achilles

Corp.

6,460‌

2,300

ADEKA

Corp.

59,417‌

1,800

Aica

Kogyo

Co.,

Ltd.

40,933‌

3,715

Aimia,

Inc.*^

7,047‌

2,419

Air

Liquide

SA

479,004‌

7,900

Air

Water,

Inc.

134,599‌

3,964

Akzo

Nobel

NV

268,829‌

143

Alzchem

Group

AG

28,368‌

700

Arakawa

Chemical

Industries,

Ltd.

9,116‌

1,396

Arkema

SA

88,005‌

1,200

Artience

Co.,

Ltd.

31,880‌

28,200

Asahi

Kasei

Corp.

311,085‌

400

ASAHI

YUKIZAI

Corp.

17,827‌

13,890

BASF

SE

742,427‌

772

Borregaard

ASA

11,629‌

400

C

Uyemura

&

Co.,

Ltd.

68,309‌

1,400

Chugoku

Marine

Paints,

Ltd.

28,836‌

5,498

Clariant

AG,

Registered

Shares*

48,029‌

987

Corbion

NV

22,720‌

1,776

Croda

International

plc

71,280‌

1,000

Dai

Nippon

Toryo

Co.,

Ltd.

8,217‌

8,400

Daicel

Corp.

71,261‌

800

Dainichiseika

Color

&

Chemicals

Manufacturing

Co.,

Ltd.

5,165‌

3,200

Denka

Co.,

Ltd.

86,420‌

3,300

DIC

Corp.

97,780‌

200

DKS

Co.,

Ltd.

15,401‌

144

DSM-Firmenich

AG

13,660‌

57,661

Dyno

Nobel,

Ltd.

156,862‌

19,833

Elementis

plc

40,478‌

14,426

Elkem

ASA*

(a)

46,661‌

84

EMS-Chemie

Holding

AG

72,100‌

9,485

Essentra

plc

10,056‌

4,814

Evonik

Industries

AG

87,344‌

1,021

FUCHS

SE

37,916‌

1,600

Fujimi,

Inc.

45,754‌

1,800

Fuso

Chemical

Co.,

Ltd.

50,718‌

41

Givaudan

SA,

Registered

Shares

173,784‌

200

Gurit

Holding

AG,

Class

BR*

10,255‌

5,343

Hexpol

AB

39,838‌

3,363

ICL

Group,

Ltd.

16,886‌

1,500

Ishihara

Sangyo

Kaisha,

Ltd.

26,470‌

500

JCU

Corp.

23,884‌

4,610

Johnson

Matthey

plc

115,720‌

700

JSP

Corp.

10,786‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

9

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

3,115

K+S

AG,

Registered

Shares

$

47,013‌

1,900

Kaneka

Corp.

66,872‌

6,100

Kansai

Paint

Co.,

Ltd.

99,838‌

1,300

Kanto

Denka

Kogyo

Co.,

Ltd.

28,991‌

600

KeePer

Technical

Laboratory

Co.,

Ltd.

10,055‌

1,600

KEIWA,

Inc.

11,953‌

4,979

Kemira

Oyj

93,438‌

88,854

Keppel

Infrastructure

Trust

36,794‌

1,400

KH

Neochem

Co,

Ltd.

25,669‌

1,500

Koatsu

Gas

Kogyo

Co.,

Ltd.

10,103‌

2,000

Konishi

Co.,

Ltd.

18,194‌

3,400

Kumiai

Chemical

Industry

Co.,

Ltd.

15,053‌

10,500

Kuraray

Co.,

Ltd.^

107,851‌

900

Kureha

Corp.

21,468‌

1,200

Kuriyama

Holdings

Corp.

11,562‌

1,374

LANXESS

AG

23,800‌

549

Lenzing

AG*

15,193‌

1,200

Lintec

Corp.

53,026‌

400

MEC

Co.,

Ltd.

27,295‌

1,400

Methanex

Corp.

64,674‌

19,400

Mitsubishi

Chemical

Group

Corp.

134,802‌

2,800

Mitsubishi

Gas

Chemical

Co.,

Inc.

88,794‌

6,800

Mitsui

Chemicals,

Inc.

89,889‌

600

Moriroku

Co.,

Ltd.

8,719‌

12,400

Nanofilm

Technologies

International,

Ltd.

11,694‌

800

Nihon

Kagaku

Sangyo

Co.,

Ltd.

10,241‌

2,300

Nihon

Nohyaku

Co.,

Ltd.

14,237‌

4,000

Nihon

Parkerizing

Co.,

Ltd.

41,742‌

600

Nippon

Chemical

Industrial

Co.,

Ltd.

17,445‌

5,400

Nippon

Kayaku

Co.,

Ltd.

66,462‌

10,400

Nippon

Paint

Holdings

Co.,

Ltd.

67,697‌

2,500

Nippon

Sanso

Holdings

Corp.

92,248‌

3,900

Nippon

Shokubai

Co.,

Ltd.

50,204‌

1,300

Nippon

Soda

Co.,

Ltd.

28,288‌

2,900

Nissan

Chemical

Corp.

151,334‌

9,200

Nitto

Denko

Corp.

181,247‌

3,600

NOF

Corp.

58,498‌

4,753

Novonesis

(Novozymes)

B

300,390‌

6,341

Nufarm,

Ltd.*

11,937‌

4,544

Nutrien,

Ltd.

286,303‌

3,137

Nutrien,

Ltd.,

ADR

197,474‌

500

Okamoto

Industries,

Inc.

16,284‌

600

Okura

Industrial

Co.,

Ltd.

17,619‌

6,697

Orica,

Ltd.

110,171‌

900

Osaka

Organic

Chemical

Industry,

Ltd.

33,504‌

600

PILLAR

Corp.

40,458‌

1,400

Resonac

Holdings

Corp.

156,125‌

1,000

Riken

Technos

Corp.

10,375‌

15

Robertet

SA^

13,818‌

500

Sakai

Chemical

Industry

Co.,

Ltd.

14,464‌

1,100

Sakata

INX

Corp.

16,111‌

700

Sanyo

Chemical

Industries,

Ltd.

21,138‌

900

Sekisui

Kasei

Co.,

Ltd.

2,949‌

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

2,200

Shikoku

Kasei

Holdings

Corp.

$

48,551‌

10,400

Shin-Etsu

Chemical

Co.,

Ltd.

453,561‌

1,800

Shin-Etsu

Polymer

Co.,

Ltd.

26,858‌

866

Sika

AG,

Registered

Shares

178,478‌

300

SK

Kaken

Co.,

Ltd.

17,349‌

1,125

SOL

SpA

74,814‌

1,216

Solvay

SA,

Class

A

36,519‌

285

SP

Group

A/S

17,559‌

400

Stella

Chemifa

Corp.

16,403‌

300

Sumitomo

Bakelite

Co.,

Ltd.

13,939‌

27,427

Sumitomo

Chemical

Co.,

Ltd.

87,248‌

1,500

Sumitomo

Seika

Chemicals

Co.,

Ltd.

11,813‌

1,479

Syensqo

SA

109,208‌

1,897

Symrise

AG,

Class

A

190,360‌

4,585

Synthomer

plc*

4,854‌

700

T.

Hasegawa

Co.,

Ltd.

13,744‌

3,600

Taiyo

Holdings

Co.,

Ltd.

110,013‌

3,000

Takasago

International

Corp.

20,666‌

600

Tayca

Corp.

8,716‌

6,900

Teijin,

Ltd.

69,336‌

205

Tessenderlo

Group

SA

4,532‌

2,400

Toagosei

Co.,

Ltd.

25,809‌

9,200

Tokai

Carbon

Co.,

Ltd.

97,880‌

2,200

Tokuyama

Corp.

66,976‌

1,000

Tokyo

Ohka

Kogyo

Co.,

Ltd.

71,146‌

16,400

Toray

Industries,

Inc.

113,853‌

6,300

Tosoh

Corp.

114,204‌

200

Toyo

Gosei

Co.,

Ltd.

20,768‌

3,400

Toyobo

Co.,

Ltd.

33,893‌

3,300

UBE

Corp.

64,897‌

2,209

Umicore

SA

51,538‌

700

Valqua,

Ltd.

31,335‌

2,109

Victrex

plc

16,079‌

571

Wacker

Chemie

AG*

59,309‌

1,291

Yara

International

ASA

56,780‌

800

Yushiro,

Inc.

14,021‌

2,800

Zacros

Corp.

23,878‌

5,600

Zeon

Corp.

81,205‌

9,475,387‌

Commercial

Services

&

Supplies

(1.2%):

6,000

ALSOK

Co.,

Ltd.

39,447‌

22,328

AMA

Group,

Ltd.*

7,058‌

1,123

Befesa

SA

(a)

38,306‌

896

Bilfinger

SE

82,276‌

3,449

Black

Diamond

Group,

Ltd.

44,921‌

500

BOYD

GROUP,

Inc.

47,349‌

11,094

Brambles,

Ltd.

149,747‌

7,404

Bravida

Holding

AB

(a)

94,429‌

200

Calian

Group,

Ltd.

11,919‌

300

Central

Security

Patrols

Co.,

Ltd.

4,750‌

250

Cewe

Stiftung

&

Co.

KGAA

26,024‌

59,285

Cleanaway

Waste

Management,

Ltd.

96,714‌

3,808

Coor

Service

Management

Holding

AB

(a)

19,860‌

2,400

CTS

Co.,

Ltd.

12,336‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

10

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

4,100

Dai

Nippon

Printing

Co.,

Ltd.

$

75,086‌

1,500

Daiseki

Co.,

Ltd.

36,336‌

3,731

Derichebourg

SA

40,675‌

2,180

Dexterra

Group,

Inc.

21,260‌

104

DO

&

CO

AG

25,811‌

4,446

doValue

SpA

(a)

10,924‌

26,433

Downer

EDI,

Ltd.

147,468‌

1,100

Duskin

Co.,

Ltd.

29,511‌

12,559

Element

Fleet

Management

Corp.

259,221‌

6,853

Elis

SA

212,279‌

1,243

GFL

Environmental,

Inc.

45,711‌

435

GL

Events

SACA

16,679‌

800

grems,

Inc.

11,951‌

1,460

Hargreaves

Services

plc

15,767‌

900

Inaba

Seisakusho

Co.,

Ltd.

9,826‌

4,768

ISS

A/S

195,173‌

1,800

Itoki

Corp.

29,651‌

5,200

Japan

Elevator

Service

Holdings

Co.,

Ltd.

55,809‌

21,513

Johnson

Service

Group

plc

47,028‌

9,900

Kokuyo

Co.,

Ltd.

48,718‌

4,600

Kosaido

Holdings

Co.,

Ltd.

15,958‌

1,600

Kyodo

Printing

Co.,

Ltd.

15,578‌

2,302

Lassila

&

Tikanoja

Oyj

17,941‌

2,724

Loomis

AB,

Class

B

133,611‌

2,302

Luotea

plc

4,655‌

700

Matsuda

Sangyo

Co.,

Ltd.

24,958‌

5,449

Mears

Group

plc

29,496‌

39,904

Mitie

Group

plc

79,268‌

600

Mitsubishi

Pencil

Co.,

Ltd.

9,990‌

2,800

NAC

Co.,

Ltd.

8,677‌

900

Nichiban

Co.,

Ltd.

10,389‌

10,600

Nippon

Parking

Development

Co.,

Ltd.

16,409‌

1,600

Okamura

Corp.

22,601‌

1,100

Oyo

Corp.

18,878‌

4,100

Park24

Co.,

Ltd.

50,864‌

3,300

Pilot

Corp.

34,378‌

2,400

Prestige

International,

Inc.

9,536‌

22,243

Prosegur

Cash

SA

(a)

16,092‌

1,281

RB

Global,

Inc.

149,147‌

9,054

Rentokil

Initial

plc

51,250‌

900

Sato

Corp.

13,216‌

952

Sdiptech

AB,

Class

B*

23,892‌

95

Seche

Environnement

SACA

8,641‌

1,400

Secom

Co.,

Ltd.

55,639‌

6,718

Securitas

AB,

Class

B

110,354‌

24,072

Serco

Group

plc

69,993‌

641

Societe

BIC

SA

41,754‌

5,573

SPIE

SA

321,399‌

700

Studio

Alice

Co.,

Ltd.

7,996‌

1,817

Takkt

AG*

4,760‌

2,580

TOPPAN

Holdings,

Inc.

81,833‌

2,000

TRE

Holdings

Corp.

25,782‌

800

Waste

Connections,

Inc.

133,356‌

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

418

Waste

Connections,

Inc.,

ADR

$

69,676‌

3,697,987‌

Communications

Equipment

(0.2%):

700

Aiphone

Co.,

Ltd.

11,598‌

1,000

AudioCodes,

Ltd.

9,680‌

700

DKK

Co.,

Ltd.

13,195‌

1,700

Evertz

Technologies,

Ltd.

22,897‌

726

EVS

Broadcast

Equipment

SA

22,701‌

573

Gilat

Satellite

Networks,

Ltd.*

7,634‌

500

Icom,

Inc.

9,443‌

13,969

Nokia

Oyj

184,906‌

16,000

Plover

Bay

Technologies,

Ltd.

16,262‌

10,200

Quarterhill,

Inc.*

17,262‌

418

RTX

A/S*

6,102‌

600

Sangoma

Technologies

Corp.*

2,289‌

684

Telefonaktiebolaget

LM

Ericsson,

Class

A

7,625‌

29,389

Telefonaktiebolaget

LM

Ericsson,

Class

B

328,121‌

7,500

VTech

Holdings,

Ltd.^

49,263‌

708,978‌

Construction

&

Engineering

(2.6%):

859

Ackermans

&

van

Haaren

NV

280,606‌

2,213

ACS

Actividades

de

Construccion

y

Servicios

SA

326,760‌

1,453

Aecon

Group,

Inc.

46,640‌

1,375

AF

Gruppen

ASA

26,902‌

3,000

Asanuma

Corp.

15,578‌

1,130

Ashtrom

Group,

Ltd.

23,743‌

1,762

AtkinsRealis

Group,

Inc.

109,440‌

1,210

Badger

Infrastructure

Solutions,

Ltd.

79,370‌

6,990

Balfour

Beatty

plc

80,471‌

1,900

Bird

Construction,

Inc.

86,727‌

11,372

Boustead

Singapore,

Ltd.

18,077‌

7,969

Bouygues

SA

444,588‌

268

Burkhalter

Holding

AG

51,109‌

1,300

Chudenko

Corp.

43,551‌

494

Cie

d'Entreprises

CFE

7,453‌

3,721

COMSYS

Holdings

Corp.

125,670‌

6,325

Costain

Group

plc

17,423‌

1,000

CTI

Engineering

Co.,

Ltd.

17,565‌

3,000

Dai-Dan

Co.,

Ltd.

53,752‌

310

Danya

Cebus,

Ltd.

12,737‌

335

Deme

Group

NV

67,014‌

1,000

Ebara

Jitsugyo

Co.,

Ltd.

15,156‌

2,529

Eiffage

SA

373,349‌

818

Elecnor

SA

37,169‌

816

Electra,

Ltd./Israel

30,890‌

7,737

Eltel

AB*

9,659‌

37,002

Empresas

ICA

SAB

de

CV*

(b)

—‌

5,200

EXEO

Group,

Inc.

89,018‌

1,751

Ferrovial

NV

120,110‌

440

Fudo

Tetra

Corp.

7,431‌

2,931

Fugro

NV

31,671‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

11

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

400

Fukuda

Corp.

$

9,140‌

4,363

Galliford

Try

Holdings

plc

30,446‌

3,400

Hazama

Ando

Corp.

37,694‌

900

Hibiya

Engineering,

Ltd.

17,165‌

212

HOCHTIEF

AG

122,830‌

783

Implenia

AG,

Registered

Shares

69,025‌

5,936

INFRONEER

Holdings,

Inc.

98,534‌

5,765

Instalco

AB

22,762‌

5,200

JGC

Holdings

Corp.

81,079‌

1,100

Kajima

Corp.

40,169‌

1,100

Kandenko

Co.,

Ltd.

45,999‌

600

Kawada

Technologies,

Inc.

4,855‌

2,069

Keller

Group

plc

72,853‌

19,638

Kier

Group

plc

56,883‌

500

Kinden

Corp.

24,688‌

11,711

Koninklijke

BAM

Groep

NV

164,305‌

1,747

Koninklijke

Heijmans

NV

227,731‌

500

Kraftia

Corp.

28,889‌

2,800

Kumagai

Gumi

Co.,

Ltd.

24,816‌

770

Kvutzat

Acro,

Ltd.*

11,269‌

1,447

Lycopodium,

Ltd.

18,070‌

4,354

Maas

Group

Holdings,

Ltd.

16,010‌

5,316

Maire

SpA

87,017‌

31,500

MECOM

Power

and

Construction,

Ltd.*

568‌

1,700

Meisei

Industrial

Co.,

Ltd.

19,400‌

3,300

MIRAIT

ONE

Corp.

78,915‌

300

Mitsubishi

Kakoki

Kaisha,

Ltd.

6,825‌

1,800

Miyaji

Engineering

Group,

Inc.

17,013‌

3,129

Monadelphous

Group,

Ltd.

67,596‌

1,042

Morgan

Sindall

Group

plc

67,983‌

2,652

Mota-Engil

SGPS

SA^

14,142‌

824

Multiconsult

ASA

(a)

12,074‌

3,753

NCC

AB,

Class

B

73,868‌

1,000

Nichireki

Group

Co.,

Ltd.

12,916‌

1,600

Nippon

Densetsu

Kogyo

Co.,

Ltd.

43,525‌

18,618

NRW

Holdings,

Ltd.

96,512‌

3,100

Obayashi

Corp.

62,757‌

19,012

Obrascon

Huarte

Lain

SA*

9,924‌

1,100

Okumura

Corp.

38,321‌

4,000

Oriental

Shiraishi

Corp.

8,319‌

6,889

Peab

AB,

Class

B

64,773‌

6,900

Penta-Ocean

Construction

Co.,

Ltd.

73,042‌

635

Per

Aarsleff

Holding

A/S

71,768‌

999

Porr

AG

50,532‌

1,500

Raito

Kogyo

Co.,

Ltd.

37,776‌

2,254

Renew

Holdings

plc

26,497‌

6,006

Sacyr

SA

32,109‌

2,700

Sanki

Engineering

Co.,

Ltd.

49,674‌

1,700

Seikitokyu

Kogyo

Co.,

Ltd.

15,217‌

25,671

Service

Stream,

Ltd.

47,222‌

16,220

Severfield

plc*

7,431‌

1,612

Shapir

Engineering

and

Industry,

Ltd.

24,414‌

4,498

Shikun

&

Binui,

Ltd.*

28,783‌

16,082

Shikun

Binui

Soltec

Renewable

Energy*

21,908‌

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

1,500

Shimizu

Corp.

$

23,789‌

1,500

Shinnihon

Corp.

19,148‌

4,400

SHO-BOND

Holdings

Co.,

Ltd.

33,917‌

4,619

Skanska

AB,

Class

B

123,651‌

31,648

SRG

Global,

Ltd.

87,581‌

1,061

Stantec,

Inc.

73,187‌

1,244

Stantec,

Inc.,

ADR^

85,724‌

669

Strabag

SE,

Class

BR

68,151‌

2,413

Sweco

AB,

Class

B

31,653‌

2,100

Taihei

Dengyo

Kaisha,

Ltd.

33,197‌

1,600

Taikisha,

Ltd.

49,200‌

700

Taisei

Corp.

62,045‌

800

Takamatsu

Construction

Group

Co.,

Ltd.

17,733‌

400

Tekken

Corp.

10,784‌

2,000

Toa

Corp.

Tokyo

25,876‌

400

TOA

ROAD

Corp.

3,818‌

130

Tobishima

Holdings,

Inc.

1,590‌

8,600

Toda

Corp.

86,817‌

2,000

Toenec

Corp.

27,879‌

1,000

Tokyo

Energy

&

Systems,

Inc.

12,898‌

3,400

Tokyu

Construction

Co.,

Ltd.

24,781‌

500

Totetsu

Kogyo

Co.,

Ltd.

13,058‌

3,108

Veidekke

ASA

59,594‌

25,655

Ventia

Services

Group

Pty,

Ltd.

110,241‌

7,347

Vinci

SA

1,074,450‌

16,795

Webuild

SpA

43,732‌

910

West

Holdings

Corp.

13,403‌

11,845

Worley,

Ltd.

90,860‌

980

WSP

Global,

Inc.

121,524‌

1,700

Yahagi

Construction

Co.,

Ltd.

19,128‌

1,400

Yokogawa

Bridge

Holdings

Corp.

24,541‌

1,500

Yondenko

Corp.

19,205‌

1,200

Yurtec

Corp.

18,007‌

7,654,824‌

Construction

Materials

(0.7%):

6,549

Amrize,

Ltd.*

346,716‌

1,800

Asia

Pile

Holdings

Corp.

16,206‌

4,647

Breedon

Group

plc

18,225‌

2,655

Buzzi

SpA

135,922‌

1,108

Cementir

Holding

NV

18,435‌

4,586

Forterra

plc

(a)

8,227‌

1,160

H+H

International

A/S,

Class

B*

17,139‌

2,196

Heidelberg

Materials

AG

418,865‌

7,265

Holcim

AG*

657,907‌

15,092

Ibstock

plc

(a)

18,380‌

800

Imerys

SA

19,280‌

2,308

Inmocemento

SA*

9,888‌

3,808

James

Hardie

Industries

plc*^

100,243‌

1,200

Maeda

Kosen

Co.,

Ltd.

13,001‌

8,852

Marshalls

plc

17,631‌

2,500

Nippon

Concrete

Industries

Co.,

Ltd.

5,004‌

666

RHI

Magnesita

NV

24,198‌

1,500

Shinagawa

Refra

Co.,

Ltd.

17,843‌

22,814

SigmaRoc

plc*

38,726‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

12

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Construction

Materials,

continued

1,500

Sumitomo

Osaka

Cement

Co.,

Ltd.

$

56,659‌

4,200

Taiheiyo

Cement

Corp.

102,649‌

1,300

TYK

Corp.

5,506‌

2,000

Vertex

Corp.

16,271‌

998

Vicat

SACA

72,561‌

2,029

Wienerberger

AG

52,332‌

100

Yotai

Refractories

Co.,

Ltd.

1,078‌

2,208,892‌

Consumer

Finance

(0.3%):

9,400

Acom

Co.,

Ltd.

26,275‌

3,500

AEON

Financial

Service

Co.,

Ltd.

31,676‌

11,339

Axactor

ASA*

5,674‌

4,614

B2

Impact

ASA

11,198‌

1,142

Cembra

Money

Bank

AG

133,678‌

3,533

Credit

Corp.

Group,

Ltd.

31,652‌

4,500

Credit

Saison

Co.,

Ltd.

122,144‌

3,324

FleetPartners

Group,

Ltd.

6,622‌

7,892

Funding

Circle

Holdings

plc*

(a)

15,479‌

300

goeasy,

Ltd.

9,203‌

2,509

Hoist

Finance

AB

(a)

46,267‌

11,800

Hong

Leong

Finance,

Ltd.

22,712‌

14,415

International

Personal

Finance

plc

47,412‌

6,715

Isracard,

Ltd.

25,421‌

5,602

J

Trust

Co.,

Ltd.

28,307‌

900

Jaccs

Co.,

Ltd.

19,532‌

5,100

Marui

Group

Co.,

Ltd.

89,913‌

272

Moltiply

Group

SpA

10,550‌

7,800

Muninova

Holdings,

Inc.

21,178‌

1,520

Orient

Corp.

7,949‌

213,600

Oshidori

International

Holdings,

Ltd.*

61,034‌

2,100

Premium

Group

Co.,

Ltd.

26,898‌

10,234

Solvar,

Ltd.

10,472‌

38,000

Sun

Hung

Kai

&

Co.,

Ltd.

19,504‌

10,046

Vanquis

Banking

Group

plc*

15,544‌

22,416

Zip

Co.,

Ltd.*

50,762‌

897,056‌

Consumer

Staples

Distribution

&

Retail

(1.9%):

702

Acomo

NV

18,094‌

16,615

Aeon

Co.,

Ltd.

137,136‌

1,100

Ain

Holdings,

Inc.

37,453‌

6,472

Alimentation

Couche-Tard,

Inc.

412,572‌

1,800

Arcs

Co.,

Ltd.

37,599‌

1,386

Axfood

AB

36,803‌

3,200

Axial

Retailing,

Inc.

21,955‌

600

Belc

Co.,

Ltd.

23,967‌

3,500

Blue

Zones

Holdings

Co.,

Ltd.

37,713‌

21,362

Carrefour

SA

396,784‌

17,108

Coles

Group,

Ltd.

288,759‌

875

Colruyt

Group

NV

35,951‌

800

Cosmos

Pharmaceutical

Corp.

30,374‌

1,300

Create

SD

Holdings

Co.,

Ltd.

25,984‌

500

Daikokutenbussan

Co.,

Ltd.

13,084‌

12,300

DFI

Retail

Group

Holdings,

Ltd.

46,731‌

4,760

Empire

Co.,

Ltd.

166,723‌

Shares

Value

Common

Stocks,

continued

Consumer

Staples

Distribution

&

Retail,

continued

33,434

Endeavour

Group,

Ltd.

$

75,219‌

900

Fuji

Co.,

Ltd./Ehime

11,006‌

1,000

G-7

Holdings,

Inc.

8,436‌

1,000

Genky

DrugStores

Co.,

Ltd.

20,814‌

2,179

George

Weston,

Ltd.

156,422‌

3,700

H2O

Retailing

Corp.

65,142‌

500

Halows

Co.,

Ltd.

11,456‌

1,600

Heiwado

Co.,

Ltd.

24,914‌

3,009

HelloFresh

SE*

13,572‌

10,000

Hong

Kong

Technology

Venture

Co.,

Ltd.*

1,378‌

57,232

J

Sainsbury

plc

242,841‌

3,770

Jeronimo

Martins

SGPS

SA

72,207‌

1,200

JM

Holdings

Co.,

Ltd.

9,031‌

900

Kato

Sangyo

Co.,

Ltd.

32,995‌

3,850

Kesko

Oyj,

Class

A

85,891‌

10,165

Kesko

Oyj,

Class

B

227,244‌

2,300

Kobe

Bussan

Co.,

Ltd.

37,367‌

11,313

Koninklijke

Ahold

Delhaize

NV

455,257‌

1,800

Kusuri

no

Aoki

Holdings

Co.,

Ltd.

39,922‌

2,200

Life

Corp.

35,738‌

3,896

Loblaw

Cos.,

Ltd.

176,764‌

215

M

Yochananof

&

Sons,

Ltd.

24,599‌

32,929

Marks

&

Spencer

Group

plc

162,546‌

689

MARR

SpA^

5,165‌

6,740

MatsukiyoCocokara

&

Co.

99,644‌

600

Maxvalu

Tokai

Co.,

Ltd.

11,724‌

38,038

Metcash,

Ltd.

77,862‌

3,317

Metro,

Inc.,

Class

A

212,105‌

901

North

West

Co.,

Inc.

(The)

31,374‌

5,999

Ocado

Group

plc*

14,264‌

10,925

Olam

Group,

Ltd.

10,258‌

1,200

Qol

Holdings

Co.,

Ltd.

13,715‌

337

Rami

Levy

Chain

Stores

Hashikma

Marketing

2006,

Ltd.

41,380‌

1,000

Retail

Partners

Co.,

Ltd.

8,281‌

2,000

San-A

Co.,

Ltd.

39,524‌

17,700

Seven

&

i

Holdings

Co.,

Ltd.

213,387‌

28,900

Sheng

Siong

Group,

Ltd.

72,283‌

4,438

Shufersal,

Ltd.

63,613‌

38,447

Sonae

SGPS

SA

88,529‌

3,300

Sugi

Holdings

Co.,

Ltd.

63,850‌

2,400

Sundrug

Co.,

Ltd.

56,140‌

85,411

Tesco

plc

521,427‌

2,520

Tsuruha

Holdings,

Inc.

31,867‌

2,100

United

Super

Markets

Holdings,

Inc.

10,341‌

1,700

Valor

Holdings

Co.,

Ltd.

40,772‌

1,400

Watahan

&

Co.,

Ltd.

11,705‌

7,136

Woolworths

Group,

Ltd.

197,663‌

800

YAKUODO

Holdings

Co.,

Ltd.

8,214‌

800

Yamatane

Corp.

9,989‌

2,800

Yokorei

Co.,

Ltd.

35,958‌

5,749,477‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

13

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Containers

&

Packaging

(0.4%):

6,052

Billerud

AB

$

39,096‌

4,231

Cascades,

Inc.

34,759‌

4,483

CCL

Industries,

Inc.,

Class

B

292,323‌

2,123

Corticeira

Amorim

SGPS

SA

15,504‌

3,926

Elopak

ASA

13,958‌

2,100

FP

Corp.

33,549‌

1,900

Fuji

Seal

International,

Inc.

33,126‌

1,000

Hokkan

Holdings,

Ltd.

14,392‌

1,951

Huhtamaki

Oyj

58,640‌

7,104

International

Paper

Co.

270,662‌

282

Mayr

Melnhof

Karton

AG

24,535‌

3,531

Metsa

Board

Oyj*

10,999‌

50,822

Orora,

Ltd.

48,905‌

1,500

Pack

Corp.

(The)

12,529‌

7,600

Rengo

Co.,

Ltd.

66,091‌

6,633

SIG

Group

AG*

110,977‌

500

Taisei

Lamick

Group

Head

Quarter

&

Innovation

Co.,

Ltd.

7,425‌

600

Tomoku

Co.,

Ltd.

14,328‌

2,800

Toyo

Seikan

Group

Holdings,

Ltd.

70,404‌

3,570

Transcontinental,

Inc.,

Class

A^

14,324‌

83

Vetropack

Holding

AG,

Class

A

1,853‌

537

Vidrala

SA

51,513‌

1,200

Winpak,

Ltd.

36,742‌

501

Zignago

Vetro

SpA

4,111‌

1,280,745‌

Distributors

(0.1%):

1,200

Arata

Corp.

18,436‌

18,778

Bapcor,

Ltd.

5,676‌

2,000

Central

Automotive

Products,

Ltd.

25,024‌

418

D'ieteren

Group

81,433‌

1,000

Doshisha

Co.,

Ltd.

17,481‌

1,200

Happinet

Corp.

22,213‌

4,313

Headlam

Group

plc*

1,133‌

10,764

Inchcape

plc

110,098‌

500

Media

Do

Co.,

Ltd.

4,025‌

1,681

MEKO

AB

13,304‌

1,000

PALTAC

Corp.

40,943‌

85

Tadiran

Group,

Ltd.*

6,218‌

345,984‌

Diversified

Consumer

Services

(0.1%):

3,986

AcadeMedia

AB

(a)

41,453‌

3,907

Auction

Technology

Group

plc*

21,266‌

27,000

EC

Healthcare*

1,398‌

24,848

G8

Education,

Ltd.^

2,414‌

1,700

IBJ,

Inc.

8,137‌

3,637

IDP

Education,

Ltd.

5,765‌

3,200

JP-Holdings,

Inc.

11,483‌

1,200

LITALICO,

Inc.

11,707‌

5,138

ME

GROUP

INTERNATIONAL

plc

6,842‌

6,596

Pearson

plc

104,711‌

25,000

Perfect

Medical

Health

Management,

Ltd.

3,446‌

600

PIA

Corp.

9,251‌

Shares

Value

Common

Stocks,

continued

Diversified

Consumer

Services,

continued

900

QB

Net

Holdings

Co.,

Ltd.

$

6,926‌

931

Riso

Kyoiku

Group

Corp.

1,147‌

1,600

San

Holdings,

Inc.

13,274‌

249,220‌

Diversified

Telecommunication

Services

(2.3%):

3,878

Aussie

Broadband,

Ltd.

13,243‌

2,820

BCE,

Inc.

60,751‌

492

BCE,

Inc.,

ADR

10,583‌

28,186

Bezeq

The

Israeli

Telecommunication

Corp.,

Ltd.

66,689‌

198,972

BT

Group

plc

501,679‌

6,133

Cellnex

Telecom

SA*

(a)

183,640‌

7,604

Chorus,

Ltd.

43,062‌

90,000

CITIC

Telecom

International

Holdings,

Ltd.

28,365‌

701

Cogeco

Communications,

Inc.

31,320‌

47,136

Deutsche

Telekom

AG

1,284,544‌

2,543

Elisa

Oyj

106,759‌

1,192

Eurotelesites

AG*

6,021‌

2,209

Gamma

Communications

plc

24,638‌

24,829

Helios

Towers

plc*

65,964‌

89,295

HKT

Trust

&

HKT,

Ltd.,

Class

SS

132,805‌

2,425

Infrastrutture

Wireless

Italiane

SpA

(a)

17,075‌

2,700

Internet

Initiative

Japan,

Inc.

53,260‌

141,424

Koninklijke

KPN

NV

701,529‌

41,300

NETLINK

NBN

TRUST

31,176‌

8,252

NOS

SGPS

SA

47,571‌

124,300

NTT,

Inc.

110,870‌

60,235

Orange

SA

1,136,070‌

628

Ovzon

AB*

2,852‌

57,202

PCCW,

Ltd.

38,918‌

3,796

Proximus

SADP

25,377‌

4,622

Quebecor,

Inc.,

Class

B

220,621‌

4,571

RAI

Way

SpA

(a)

26,428‌

27,400

Singapore

Telecommunications,

Ltd.

93,916‌

22,616

Spark

New

Zealand,

Ltd.

24,080‌

1,465

Sunrise

Communications

AG*

72,872‌

12,209

Superloop,

Ltd.*

27,992‌

556

Swisscom

AG,

Registered

Shares

429,197‌

59,537

Telecom

Italia

Spa*

542,591‌

47,699

Telefonica

SA

191,697‌

3,601

Telekom

Austria

AG,

Class

A

39,911‌

3,510

Telenor

ASA

50,458‌

28,958

Telia

Co.

AB

141,036‌

27,105

Telstra

Group,

Ltd.

95,304‌

708

TELUS

Corp.

7,489‌

10,029

TPG

Telecom,

Ltd.

25,057‌

2,802

Tuas,

Ltd.*

4,413‌

1,900

U-Next

Holdings

Co.,

Ltd.

19,239‌

2,332

United

Internet

AG,

Class

RE

61,277‌

1,900

Vision,

Inc.

11,367‌

6,809,706‌

Electric

Utilities

(1.3%):

882

Acciona

SA

279,508‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

14

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Electric

Utilities,

continued

442

BKW

AG

$

74,436‌

5,900

Chubu

Electric

Power

Co.,

Inc.

110,958‌

6,700

Chugoku

Electric

Power

Co.,

Inc.

(The)

36,569‌

5,000

CK

Infrastructure

Holdings,

Ltd.

38,159‌

6,564

CLP

Holdings,

Ltd.

61,355‌

6,116

Contact

Energy,

Ltd.

32,394‌

38,410

EDP

-

Energias

de

Portugal

SA

201,070‌

405

Elia

Group

SA/NV,

Class

B

64,411‌

3,812

Elmera

Group

ASA

(a)

17,918‌

3,100

Emera,

Inc.

164,455‌

4,061

Endesa

SA

185,052‌

63,820

Enel

SpA

733,201‌

772

EVN

AG

25,222‌

2,748

Fortis,

Inc.

157,447‌

1,244

Fortis,

Inc./Canada

71,194‌

8,051

Fortum

Oyj

185,984‌

25,063

Genesis

Energy,

Ltd.

36,837‌

31,000

HK

Electric

Investments

&

HK

Electric

Investments,

Ltd.^

24,412‌

4,600

Hokkaido

Electric

Power

Co.,

Inc.^

26,215‌

3,500

Hokuriku

Electric

Power

Co.

18,682‌

2,900

Hydro

One,

Ltd.

(a)

119,632‌

10,428

Iberdrola

SA

260,243‌

7,900

Kansai

Electric

Power

Co.,

Inc.

(The)

111,040‌

2,800

Kyushu

Electric

Power

Co.,

Inc.

28,281‌

2,468

Mercury

NZ,

Ltd.

9,676‌

532

Naturenergie

Holding

AG

20,286‌

1,800

Okinawa

Electric

Power

Co.,

Inc.

(The)

10,008‌

16,345

Origin

Energy,

Ltd.

124,224‌

8,000

Power

Assets

Holdings,

Ltd.

58,377‌

4,891

Redeia

Corp.

SA

83,219‌

246

Romande

Energie

Holding

SA,

Registered

Shares

14,742‌

3,500

Shikoku

Electric

Power

Co.,

Inc.

31,600‌

4,853

SSE

plc

156,817‌

15,042

Terna

-

Rete

Elettrica

Nazionale

175,980‌

6,400

Tohoku

Electric

Power

Co.,

Inc.

41,873‌

14,600

Tokyo

Electric

Power

Co.

Holdings,

Inc.*^

41,433‌

522

Verbund

AG

33,154‌

3,866,064‌

Electrical

Equipment

(1.8%):

2,947

ABB,

Ltd.,

Registered

Shares

319,832‌

4,098

Accelleron

Industries

AG

421,352‌

138

Alfen

N.V.*

(a)

2,481‌

1,361

AQ

Group

AB

30,876‌

6,056

Ballard

Power

Systems,

Inc.*

23,616‌

38

Carlo

Gavazzi

Holding

AG,

Registered

Shares*

6,799‌

600

Chiyoda

Integre

Co.,

Ltd.

11,824‌

1,500

Cosel

Co.,

Ltd.

14,023‌

700

Denyo

Co.,

Ltd.^

15,659‌

355

DiscoverIE

Group

plc

3,184‌

Shares

Value

Common

Stocks,

continued

Electrical

Equipment,

continued

299

Energiekontor

AG

$

13,321‌

3,114

Fagerhult

Group

AB

5,536‌

1,900

Fuji

Electric

Co.,

Ltd.

160,794‌

9,000

Fujikura,

Ltd.

349,398‌

7,000

Furukawa

Electric

Co.,

Ltd.

208,195‌

1,200

Futaba

Corp.

4,102‌

485

GARO

AB*

562‌

3,993

Hexatronic

Group

AB*

16,235‌

441

Hirakawa

Hewtech

Corp.

10,393‌

580

Huber

+

Suhner

AG,

Registered

Shares

160,217‌

800

Idec

Corp.

16,183‌

2,076

Legrand

SA

350,382‌

4,700

Mabuchi

Motor

Co.,

Ltd.^

45,787‌

754

Mersen

SA

35,931‌

2,800

Mitsubishi

Electric

Corp.

102,689‌

15,831

NEL

ASA*

3,791‌

1,236

Nexans

SA

205,335‌

5,500

NIDEC

Corp.*

90,356‌

500

Nippon

Carbon

Co.,

Ltd.

14,310‌

1,000

Nitto

Kogyo

Corp.

29,599‌

1,522

NKT

A/S*

227,938‌

3,813

Nordex

SE*

201,288‌

38

Phoenix

Mecano

AG,

Registered

Shares

19,286‌

2,372

Prysmian

SpA

398,427‌

600

Sanyo

Denki

Co.,

Ltd.

24,400‌

1,284

Schneider

Electric

SE

421,224‌

1,000

SEC

Carbon,

Ltd.

14,833‌

2,150

SGL

Carbon

SE*

10,920‌

3,173

Siemens

Energy

AG

601,320‌

4,566

Signify

NV

(a)

87,117‌

600

Sinfonia

Technology

Co.,

Ltd.

59,898‌

371

SMA

Solar

Technology

AG*

26,685‌

1,100

SWCC

Corp.

93,115‌

921

TKH

Group

NV

45,977‌

700

Ushio,

Inc.

19,566‌

12,178

Vestas

Wind

Systems

A/S

344,109‌

4,268

Volex

plc

31,890‌

2,117

Zumtobel

Group

AG

9,670‌

5,310,425‌

Electronic

Equipment,

Instruments

&

Components

(2.0%):

500

A&D

HOLON

Holdings

Co.,

Ltd.

8,955‌

600

Ai

Holdings

Corp.

9,939‌

800

Aichi

Tokei

Denki

Co.,

Ltd.

14,720‌

5,560

Alps

Alpine

Co.,

Ltd.

70,730‌

121

ALSO

Holding

AG,

Registered

Shares

28,848‌

2,000

Amano

Corp.

45,006‌

619

Arad,

Ltd.

12,122‌

1,200

Arisawa

Manufacturing

Co.,

Ltd.

19,504‌

883

AT&S

Austria

Technologie

&

Systemtechnik

AG*

213,220‌

1,617

Audinate

Group,

Ltd.*

2,727‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

15

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

8,000

Azbil

Corp.

$

85,385‌

868

Barco

NV

8,327‌

2,200

Canon

Marketing

Japan,

Inc.

46,909‌

1,548

Celestica,

Inc.*

564,620‌

157

Cicor

Technologies,

Ltd.,

Registered

Shares*

23,771‌

5,800

Citizen

Watch

Co.,

Ltd.

87,313‌

3,400

CMK

Corp.

13,852‌

2,095

Codan,

Ltd.

64,337‌

6,000

Cowell

e

Holdings,

Inc.

18,011‌

1,000

Daitron

Co.,

Ltd.

22,865‌

3,500

Daiwabo

Holdings

Co.,

Ltd.

74,541‌

4,500

Dexerials

Corp.

119,791‌

878

Dicker

Data,

Ltd.

7,667‌

53,316

Dustin

Group

AB*

(a)

8,968‌

59,000

FIT

Hon

Teng,

Ltd.*

(a)

54,166‌

400

Furuno

Electric

Co.,

Ltd.

14,199‌

900

Furuya

Metal

Co.,

Ltd.

45,751‌

1,680

Gooch

&

Housego

plc

21,086‌

2,048

Halma

plc

106,975‌

3,300

Hamamatsu

Photonics

KK

55,014‌

1,373

Hanza

AB

20,407‌

8,786

Hexagon

AB,

Class

B

72,696‌

500

Hioki

EE

Corp.

38,075‌

400

Hirose

Electric

Co.,

Ltd.

71,739‌

1,000

Horiba,

Ltd.

171,099‌

1,300

Hosiden

Corp.

21,670‌

1,800

Ibiden

Co.,

Ltd.

270,272‌

1,122

Incap

Oyj*

11,361‌

172

Inficon

Holding

AG

38,836‌

1,000

Iriso

Electronics

Co.,

Ltd.

18,092‌

1,800

Japan

Aviation

Electronics

Industry,

Ltd.

25,752‌

1,100

Japan

Cash

Machine

Co.,

Ltd.

6,729‌

1,226

Jenoptik

AG

65,770‌

1,000

Jeol,

Ltd.

46,366‌

1,400

Kaga

Electronics

Co.,

Ltd.

36,577‌

300

Keyence

Corp.

151,162‌

1,894

Kitron

ASA

20,438‌

1,200

Koa

Corp.

21,772‌

6,700

Kyocera

Corp.

148,560‌

3,500

Kyosan

Electric

Manufacturing

Co.,

Ltd.

20,368‌

4,068

Lagercrantz

Group

AB,

B

Shares

107,052‌

527

Landis+Gyr

Group

AG*

28,267‌

315

LPKF

Laser

&

Electronics

SE*

7,839‌

1,000

Macnica

Holdings,

Inc.

19,585‌

200

Maruwa

Co.,

Ltd.

88,797‌

1,900

Maxell,

Ltd.

25,013‌

500

Meiko

Electronics

Co.,

Ltd.

97,347‌

2,414

Midwich

Group

plc

4,285‌

1,922

Miraini

Holdings

Co.,

Ltd.

26,622‌

4,100

Murata

Manufacturing

Co.,

Ltd.

295,521‌

3,146

Mycronic

AB

104,310‌

2,911

NCAB

Group

AB

25,239‌

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

75

Nedap

NV

$

8,188‌

399

Next

Vision

Stabilized

Systems,

Ltd.

32,316‌

600

Nichicon

Corp.

15,580‌

2,200

Nihon

Dempa

Kogyo

Co.,

Ltd.

47,006‌

600

Nippon

Chemi-Con

Corp.

20,616‌

1,800

Nippon

Electric

Glass

Co.,

Ltd.

73,459‌

2,100

Nippon

Signal

Co.,

Ltd.

20,340‌

1,800

Nissha

Co.,

Ltd.

15,203‌

685

Note

AB*

11,140‌

24,877

Novonix,

Ltd.*

2,592‌

3,600

Oki

Electric

Industry

Co.,

Ltd.

78,604‌

3,100

Omron

Corp.

111,915‌

1,200

Optex

Group

Co.,

Ltd.

31,213‌

900

Osaki

Electric

Co.,

Ltd.

8,335‌

30,000

PAX

Global

Technology,

Ltd.

12,859‌

4,407

Pricer

AB,

Class

B*

1,527‌

1,100

Restar

Corp.

28,611‌

1,200

Riken

Keiki

Co.,

Ltd.

27,603‌

900

Ryoyo

Ryosan

Holdings,

Inc.

14,932‌

221

Sesa

SpA

22,675‌

2,400

Shimadzu

Corp.

61,255‌

1,200

Shinko

Shoji

Co.,

Ltd.

11,809‌

2,000

Siix

Corp.

16,148‌

4,611

Softwareone

Holding

AG*

44,523‌

2,000

Sumida

Corp.

17,025‌

700

Tachibana

Eletech

Co.,

Ltd.

14,000‌

3,300

Taiyo

Yuden

Co.,

Ltd.

417,920‌

2,500

Tamura

Corp.

14,647‌

16,500

TDK

Corp.

368,581‌

245

Telsys,

Ltd.

29,545‌

700

Tokyo

Electron

Device,

Ltd.

16,945‌

7,103

TT

Electronics

plc*

10,894‌

483

Vaisala

Oyj,

A

Shares

31,576‌

6,800

Venture

Corp.,

Ltd.

90,089‌

10,000

VSTECS

Holdings,

Ltd.

11,340‌

1,100

Yashima

Denki

Co.,

Ltd.

19,065‌

3,300

Yokogawa

Electric

Corp.

115,937‌

200

Yokowo

Co.,

Ltd.

7,642‌

5,860,592‌

Energy

Equipment

&

Services

(0.6%):

7,314

Akastor

ASA*

10,023‌

6,540

Aker

Solutions

ASA

29,351‌

2,991

BW

Offshore,

Ltd.

13,216‌

3,100

Calfrac

Well

Services,

Ltd.*

14,078‌

8,074

CES

Energy

Solutions

Corp.

94,342‌

4,087

DOF

Group

ASA

46,861‌

4,858

Enerflex,

Ltd.

119,317‌

106,730

Ezion

Holdings,

Ltd.*

(b)

—‌

3,519

Hunting

plc

20,683‌

800

Modec,

Inc.

45,606‌

1,564

North

American

Construction

Group,

Ltd.

20,801‌

2,980

Odfjell

Drilling,

Ltd.

25,236‌

1,211

Odfjell

Technology,

Ltd.

6,695‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

16

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Energy

Equipment

&

Services,

continued

2,850

Pason

Systems,

Inc.

$

24,780‌

1,600

PHX

Energy

Services

Corp.

12,005‌

518

Precision

Drilling

Corp.*

39,786‌

50,343

Saipem

SpA^

252,953‌

5,609

SBM

Offshore

NV

193,766‌

174

SBO

AG

5,727‌

3,416

Solstad

Maritime

ASA

8,450‌

2,859

Solstad

Offshore

ASA

15,573‌

3,678

Subsea

7

SA

125,605‌

4,631

Technip

Energies

NV

175,278‌

1,654

Tecnicas

Reunidas

SA*

54,682‌

3,678

Tenaris

SA

101,774‌

435

TerraVest

Industries,

Inc.

35,610‌

4,441

TGS

ASA

57,630‌

2,300

Total

Energy

Services,

Inc.

35,811‌

800

Toyo

Kanetsu

KK

12,073‌

7,311

Trican

Well

Service,

Ltd.

34,645‌

7,098

Vallourec

SACA*

165,677‌

294

Viridien*

27,955‌

1,825,989‌

Entertainment

(0.3%):

800

Akatsuki,

Inc.

14,279‌

1,100

Amuse,

Inc.

12,224‌

800

Anycolor,

Inc.

11,077‌

1,400

Avex,

Inc.

10,322‌

2,427

Borussia

Dortmund

GmbH

&

Co.

KGaA

8,319‌

4,300

Capcom

Co.,

Ltd.

79,813‌

4,900

COLOPL,

Inc.^

11,100‌

1,370

CTS

Eventim

AG

&

Co.

KGaA

79,923‌

2,100

Daiichikosho

Co.,

Ltd.

22,137‌

1,400

DeNA

Co.,

Ltd.

21,143‌

702

Embracer

Group

AB,

Class

B*

4,573‌

5,146

EVT,

Ltd.

45,925‌

649

G5

Entertainment

AB

4,406‌

2,400

GREE

Holdings,

Inc.

5,558‌

1,500

GungHo

Online

Entertainment,

Inc.

20,207‌

38,000

IGG,

Inc.

15,783‌

400

Kinepolis

Group

NV

16,207‌

800

Konami

Group

Corp.

87,442‌

1,000

MIXI,

Inc.

16,658‌

3,270

Modern

Times

Group

MTG

AB,

Class

B*

41,291‌

2,200

Nexon

Co.,

Ltd.

29,267‌

1,000

Nintendo

Co.,

Ltd.

41,998‌

3,400

Square

Enix

Holdings

Co.,

Ltd.

50,099‌

21,268

Stillfront

Group

AB*

9,352‌

1,400

Toei

Animation

Co.,

Ltd.

20,977‌

400

Toei

Co.,

Ltd.

14,218‌

4,100

Toho

Co.,

Ltd.

32,777‌

1,040

Ubisoft

Entertainment

SA*

6,394‌

10,012

Universal

Music

Group

NV

209,710‌

18,998

Vivendi

SE

46,939‌

990,118‌

Shares

Value

Common

Stocks,

continued

Financial

Services

(1.0%):

129

Adyen

NV*

(a)

$

120,463‌

85,105

AMP,

Ltd.

94,788‌

9,449

Australian

Finance

Group,

Ltd.

10,392‌

1,008

Banca

IFIS

SpA

14,598‌

4,735

Banca

Mediolanum

SpA

117,910‌

3,852

BFF

Bank

SpA*

(a)

13,544‌

4,421

Burford

Capital,

Ltd.

18,093‌

22,106

Challenger,

Ltd.

153,373‌

3,889

Deutsche

Pfandbriefbank

AG*

(a)

14,205‌

2,900

Edenred

SE

74,581‌

800

eGuarantee,

Inc.

8,482‌

5,345

EML

Payments,

Ltd.*

1,129‌

807

Eurazeo

SE

36,912‌

1,900

Financial

Partners

Group

Co.,

Ltd.

18,073‌

2,400

Firm

Capital

Mortgage

Investment

Corp.

20,529‌

2,200

Fuyo

General

Lease

Co.,

Ltd.

57,170‌

200

GMO

Financial

Gate,

Inc.

8,452‌

800

GMO

Payment

Gateway,

Inc.

45,788‌

698

GRENKE

AG

9,588‌

4,600

G-Resources

Group,

Ltd.

4,588‌

1,036

HAL

Trust

195,341‌

10,134

Helia

Group,

Ltd.

38,887‌

2,540

Infratil,

Ltd.

22,277‌

1,600

Japan

Investment

Adviser

Co.,

Ltd.

20,084‌

2,400

Japan

Securities

Finance

Co.,

Ltd.

34,555‌

51,009

M&G

plc

227,559‌

28,620

Mitsubishi

HC

Capital,

Inc.

231,598‌

82

Mivtach

Shamir

Holdings,

Ltd.

11,564‌

4,000

Mizuho

Leasing

Co.,

Ltd.

30,966‌

915

Mortgage

Advice

Bureau

Holdings,

Ltd.

6,255‌

14,213

Nexi

SpA

(a)

57,556‌

16,085

OFX

Group,

Ltd.*

6,185‌

7,289

Omni

Bridgeway,

Ltd.*

8,336‌

10,100

ORIX

Corp.

382,824‌

13,641

OSB

Group

plc

93,941‌

5,857

Paragon

Banking

Group

plc

59,497‌

2,488

Paypoint

plc

18,932‌

10,548

Pepper

Money,

Ltd.

11,013‌

926

Pluxee

NV

12,140‌

3,742

Poste

Italiane

SpA^

122,390‌

400

Ricoh

Leasing

Co.,

Ltd.

15,073‌

543

SBI

ARUHI

Corp.

2,618‌

3

Schweizerische

Nationalbank,

Registered

Shares

11,476‌

106,300

Sony

Financial

Group,

Inc.

93,526‌

3,600

Timbercreek

Financial

Corp.

16,602‌

5,500

Tokyo

Century

Corp.

84,690‌

613

Valor

Gold

Corp.*

1,599‌

3,429

Washington

H

Soul

Pattinson

&

Co.,

Ltd.

109,737‌

1,637

Wise

Group

plc*

19,640‌

912

Worldline

SA

France*^

(a)

10,725‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

17

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Financial

Services,

continued

1,800

Zenkoku

Hosho

Co.,

Ltd.

$

33,688‌

2,833,932‌

Food

Products

(2.5%):

5,530

a2

Milk

Co.,

Ltd.

(The)

28,715‌

1,484

AAK

AB

35,070‌

13,130

AEP

Plantations

plc

25,546‌

364

Agrana

Beteiligungs

AG

4,909‌

4,600

Ajinomoto

Co.,

Inc.

167,349‌

502

Aryzta

AG*

34,881‌

4,137

Associated

British

Foods

plc

109,023‌

772

Atria

Oyj,

Class

A

13,409‌

1,699

Austevoll

Seafood

ASA

13,322‌

9,834

Australian

Agricultural

Co.,

Ltd.*

9,057‌

163

Bakkafrost

P/F

6,635‌

58

Barry

Callebaut

AG,

Registered

Shares

80,424‌

8,863

Bega

Cheese,

Ltd.

36,191‌

48

Bell

Food

Group

AG

10,635‌

854

Bonduelle

SCA

7,420‌

3,100

Calbee,

Inc.

56,327‌

360

Canada

Packers,

Inc.

4,861‌

2

Chocoladefabriken

Lindt

&

Spruengli

AG

237,713‌

12

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

PC

139,654‌

800

Chubu

Shiryo

Co.,

Ltd.

9,096‌

6,342

Cloetta

AB,

B

Shares

32,180‌

1,228

Cranswick

plc

89,613‌

3,890

Danone

SA

319,005‌

17,600

Delfi,

Ltd.

12,275‌

1,000

DyDo

Group

Holdings,

Inc.

16,402‌

2,372

Ebro

Foods

SA

48,464‌

6,815

Elders,

Ltd.

24,327‌

49

Emmi

AG,

Registered

Shares

53,434‌

1,300

Ezaki

Glico

Co.,

Ltd.

42,749‌

1,600

Feed

One

Co.,

Ltd.

12,091‌

90,669

First

Pacific

Co.,

Ltd.

55,656‌

27,100

First

Resources,

Ltd.

65,123‌

5,564

Fonterra

Co-operative

Group,

Ltd.

22,392‌

12,240

Food

Empire

Holdings,

Ltd.

22,507‌

1,616

ForFarmers

NV

11,489‌

9,500

Fraser

and

Neave,

Ltd.

10,502‌

1,900

Fuji

Oil

Co.,

Ltd.

46,180‌

1,600

Fujicco

Co.,

Ltd.

14,727‌

700

Fujiya

Co.,

Ltd.

10,125‌

4,907

Glanbia

plc

137,169‌

289,700

Golden

Agri-Resources,

Ltd.

60,499‌

6,985

GrainCorp,

Ltd.,

Class

A

23,734‌

14,632

Greencore

Group

plc

38,602‌

1,502

Grieg

Seafood

ASA

4,153‌

1,100

High

Liner

Foods,

Inc.

11,441‌

710

Hilton

Food

Group

plc

4,846‌

800

Hokuto

Corp.

9,007‌

2,000

House

Foods

Group,

Inc.

46,084‌

700

Imuraya

Group

Co.,

Ltd.

10,178‌

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

5,374

Inghams

Group,

Ltd.

$

7,664‌

940

Itoham

Yonekyu

Holdings,

Inc.

27,179‌

600

Iwatsuka

Confectionery

Co.,

Ltd.

11,304‌

600

J-Oil

Mills,

Inc.

7,548‌

1,300

Kagome

Co.,

Ltd.

21,098‌

1,200

Kameda

Seika

Co.,

Ltd.

9,025‌

700

Kenko

Mayonnaise

Co.,

Ltd.

8,590‌

2,429

Kerry

Group

plc,

Class

A

223,053‌

1,200

Kewpie

Corp.

32,239‌

3,900

Kikkoman

Corp.

40,003‌

2,600

Kotobuki

Spirits

Co.,

Ltd.

39,824‌

518

KWS

Saat

SE

&

Co.

KGaA

39,875‌

500

Kyokuyo

Co.,

Ltd.

13,469‌

147

Lassonde

Industries,

Inc.,

Class

A

22,286‌

5,357

Leroy

Seafood

Group

ASA

20,747‌

10

Lotus

Bakeries

NV

132,811‌

1,065

M.P.

Evans

Group

plc

21,389‌

1,449

Magnum

Ice

Cream

Co.

NV

(The)*

25,228‌

5,677

Magnum

Ice

Cream

Co.,

NV

(The),

ADR*

98,837‌

1,815

Maple

Leaf

Foods,

Inc.

39,049‌

1,200

Marudai

Food

Co.,

Ltd.

16,492‌

2,000

Megmilk

Snow

Brand

Co.,

Ltd.

44,723‌

4,800

MEIJI

Holdings

Co.,

Ltd.

111,645‌

800

Mitsui

DM

Sugar

Co.,

Ltd.

15,817‌

2,600

Morinaga

&

Co.,

Ltd.

41,540‌

9,200

Morinaga

Milk

Industry

Co.,

Ltd.

71,909‌

2,725

Mowi

ASA

50,414‌

22,644

Nestle

SA,

Registered

Shares

2,325,980‌

389

Neto

Malinda

Trading,

Ltd.

17,959‌

1,800

NH

Foods,

Ltd.

65,868‌

6,800

Nichirei

Corp.

90,737‌

1,800

Nippn

Corp.

31,056‌

3,600

Nisshin

Oillio

Group,

Ltd.

(The)

40,779‌

3,900

Nisshin

Seifun

Group,

Inc.

47,600‌

10,000

Nissin

Foods

Co.,

Ltd.

8,418‌

3,900

Nissin

Foods

Holdings

Co.,

Ltd.

66,916‌

9,700

Nissui

Corp.

76,652‌

326

Orior

AG*

5,928‌

149

Orkla

ASA

1,570‌

20,925

Premier

Foods

plc

56,696‌

1,180

Premium

Brands

Holdings

Corp.^

69,980‌

1,300

Prima

Meat

Packers,

Ltd.

18,877‌

4,461

Raisio

Oyj,

Class

V

13,025‌

13,979

Ridley

Corp.,

Ltd.

25,700‌

1,300

Riken

Vitamin

Co.,

Ltd.

24,508‌

4,400

Rogers

Sugar,

Inc.

21,192‌

1,300

Rokko

Butter

Co.,

Ltd.

8,552‌

600

S

Foods,

Inc.

9,775‌

800

S&B

Foods,

Inc.

25,837‌

400

Sakata

Seed

Corp.

10,285‌

2,346

Sanford,

Ltd.

9,392‌

5,028

Saputo,

Inc.

145,653‌

127

Savencia

SA

9,664‌

3,496

Scales

Corp.,

Ltd.

12,854‌

1,119

Scandi

Standard

AB

16,786‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

18

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

476

Schouw

&

Co.

A/S

$

42,452‌

3,426

Select

Harvests,

Ltd.

8,747‌

800

Showa

Sangyo

Co.,

Ltd.

16,684‌

306

Sipef

NV

32,201‌

274

Societe

LDC

SADIR

37,831‌

1,800

Starzen

Co.,

Ltd.

13,296‌

817

Strauss

Group,

Ltd.

31,613‌

737

Suedzucker

AG

8,842‌

7,095

Tate

&

Lyle

plc

52,148‌

700

Toyo

Suisan

Kaisha,

Ltd.

44,763‌

3,900

Umios

Corp.

31,378‌

798

Viscofan

SA

53,250‌

24,000

Vitasoy

International

Holdings,

Ltd.

19,891‌

400

Warabeya

Nichiyo

Holdings

Co.,

Ltd.

6,505‌

800

Wellneo

Sugar

Co.,

Ltd.

12,748‌

197,415

WH

Group,

Ltd.

(a)

209,290‌

22,400

Wilmar

International,

Ltd.

62,748‌

3,000

Yakult

Honsha

Co.,

Ltd.

50,624‌

2,400

Yamazaki

Baking

Co.,

Ltd.

47,286‌

1,500

Yukiguni

Factory

Co.,

Ltd.

10,394‌

7,529,879‌

Gas

Utilities

(0.5%):

8,684

AltaGas,

Ltd.

320,820‌

9,902

APA

Group

69,558‌

1,174

Ascopiave

SpA

3,944‌

900

Brookfield

Infrastructure

Corp.

34,709‌

4,572

Enagas

SA^

88,434‌

77,850

Hong

Kong

&

China

Gas

Co.,

Ltd.

64,719‌

17,057

Italgas

SpA

197,531‌

200

K&O

Energy

Group,

Inc.

2,331‌

2,607

Naturgy

Energy

Group

SA

81,798‌

4,400

Nippon

Gas

Co.,

Ltd.

77,621‌

3,100

Osaka

Gas

Co.,

Ltd.

104,287‌

1,812

Rubis

SCA

63,574‌

1,300

Shizuoka

Gas

Co.,

Ltd.

9,998‌

9,280

Snam

SpA

66,788‌

7,604

Superior

Plus

Corp.^

41,878‌

5,600

Toho

Gas

Co.,

Ltd.

41,771‌

2,600

Tokyo

Gas

Co.,

Ltd.

97,775‌

1,367,536‌

Ground

Transportation

(0.9%):

64,153

Aurizon

Holdings,

Ltd.

185,702‌

1,170

Ayvens

SA

(a)

15,424‌

1,300

Canadian

National

Railway

Co.

155,155‌

1,849

Canadian

National

Railway

Co.,

ADR

220,475‌

2,788

Canadian

Pacific

Kansas

City,

Ltd.

241,741‌

724

Canadian

Pacific

Kansas

City,

Ltd.,

ADR

62,735‌

3,100

Central

Japan

Railway

Co.

66,536‌

54,400

ComfortDelGro

Corp.,

Ltd.^

56,493‌

4,500

East

Japan

Railway

Co.

94,329‌

24,945

Firstgroup

plc

62,136‌

500

Fukuyama

Transporting

Co.,

Ltd.

17,102‌

4,100

Hankyu

Hanshin

Holdings,

Inc.

107,835‌

Shares

Value

Common

Stocks,

continued

Ground

Transportation,

continued

1,100

Ichinen

Holdings

Co.,

Ltd.

$

15,020‌

206

Jungfraubahn

Holding

AG,

Registered

Shares

66,764‌

4,900

Keikyu

Corp.

44,500‌

10,500

Keio

Corp.

48,432‌

3,300

Keisei

Electric

Railway

Co.,

Ltd.

23,623‌

4,820

Kelsian

Group,

Ltd.

14,932‌

3,400

Kintetsu

Group

Holdings

Co.,

Ltd.

70,820‌

2,700

Kyushu

Railway

Co.

58,070‌

19,924

Lindsay

Australia,

Ltd.

7,797‌

400

Maruzen

Showa

Unyu

Co.,

Ltd.

18,216‌

7,711

MTR

Corp.,

Ltd.^

30,088‌

3,700

Mullen

Group,

Ltd.^

56,722‌

3,800

Nagoya

Railroad

Co.,

Ltd.

43,161‌

2,700

NANKAI

Co.,

Ltd.

47,291‌

1,800

Nikkon

Holdings

Co.,

Ltd.

65,673‌

1,300

Nishi-Nippon

Railroad

Co.,

Ltd.

23,385‌

588

NTG

Nordic

Transport

Group

A/S*

17,348‌

4,500

Odakyu

Electric

Railway

Co.,

Ltd.

46,192‌

1,000

Sakai

Moving

Service

Co.,

Ltd.

17,917‌

700

Sanyo

Electric

Railway

Co.,

Ltd.

8,336‌

3,300

Seibu

Holdings,

Inc.

64,475‌

2,200

Seino

Holdings

Co.,

Ltd.

35,646‌

323

Sixt

SE

23,512‌

1,700

Sotetsu

Holdings,

Inc.

26,044‌

141

Stef

SA

19,015‌

1,708

TFI

International,

Inc.

245,884‌

200

TFI

International,

Inc.,

ADR

28,714‌

2,800

Tobu

Railway

Co.,

Ltd.

50,444‌

3,400

Tokyo

Metro

Co.,

Ltd.

29,692‌

5,000

Tokyu

Corp.

51,565‌

4,383

Tourism

Holdings,

Ltd.

7,223‌

17,033

Transport

International

Holdings,

Ltd.

20,797‌

3,200

West

Japan

Railway

Co.

53,672‌

8,809

Zigup

plc

53,081‌

2,719,714‌

Health

Care

Equipment

&

Supplies

(1.2%):

6,242

Advanced

Medical

Solutions

Group

plc

23,134‌

795

Alcon

AG,

ADR

53,344‌

4,885

Alcon

AG

330,398‌

5,018

Ambu

A/S,

Class

B

46,903‌

5,475

Ansell,

Ltd.

120,664‌

6,703

Arjo

AB,

Class

B

17,004‌

3,700

Asahi

Intecc

Co.,

Ltd.

86,835‌

1,537

Bausch

+

Lomb

Corp.*

25,453‌

600

BioMerieux

47,113‌

362

Carl

Zeiss

Meditec

AG,

Class

BR

11,012‌

246

Cellavision

AB

3,456‌

630

Cochlear,

Ltd.

53,217‌

976

Coloplast

A/S,

Class

B

55,666‌

251

Coltene

Holding

AG,

Registered

Shares

15,914‌

22,519

Convatec

Group

plc

(a)

64,243‌

3,084

Demant

A/S*

126,273‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

19

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

1,374

Eckert

&

Ziegler

SE

$

23,995‌

5,167

Elekta

AB,

Class

B

26,348‌

607

EssilorLuxottica

SA

113,871‌

2,617

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

57,859‌

500

Fukuda

Denshi

Co.,

Ltd.

34,729‌

3,444

Getinge

AB,

B

Shares

70,433‌

405

Guerbet*

4,189‌

2,200

Hoya

Corp.

354,823‌

537

Ion

Beam

Applications

10,373‌

2,000

Japan

Lifeline

Co.,

Ltd.

15,921‌

6,332

Koninklijke

Philips

NV

172,038‌

1,761

Koninklijke

Philips

NV,

NYS

47,882‌

1,600

Mani,

Inc.

17,030‌

133

Medacta

Group

SA

(a)

22,408‌

671

Medistim

ASA

15,535‌

849

Medmix

AG

(a)

8,304‌

2,700

Menicon

Co.,

Ltd.

27,436‌

10

Metall

Zug

AG,

Registered

Shares*

9,014‌

19,000

Modern

Dental

Group,

Ltd.

14,467‌

2,300

Nakanishi,

Inc.

42,387‌

4,923

Nanosonics,

Ltd.*^

11,382‌

3,900

Nihon

Kohden

Corp.

34,189‌

7,100

Nipro

Corp.

68,620‌

15,000

Olympus

Corp.

157,686‌

458

Pentixapharm

Holding

AG*

1,226‌

2,100

PHC

Holdings

Corp.

13,312‌

457

Revenio

Group

Oyj*

6,372‌

600

Rion

Co.,

Ltd.

14,463‌

16,500

Riverstone

Holdings,

Ltd.

10,918‌

1,400

Shofu,

Inc.

17,417‌

4,665

Siemens

Healthineers

AG

(a)

182,287‌

2,518

Smith

&

Nephew

plc

36,189‌

4,124

Smith

&

Nephew

plc,

ADR^

118,812‌

795

Sonova

Holding

AG

188,861‌

360

STRATEC

SE

6,911‌

1,215

Straumann

Holding

AG,

Class

R

159,833‌

10,500

Sysmex

Corp.

95,485‌

10,700

Terumo

Corp.

147,249‌

53

Ypsomed

Holding

AG,

Registered

Shares

23,941‌

3,464,824‌

Health

Care

Providers

&

Services

(0.8%):

5,600

Alfresa

Holdings

Corp.

74,706‌

3,647

Ambea

AB

(a)

56,259‌

2,889

Amplifon

SpA

31,293‌

1,500

Amvis

Holdings,

Inc.

3,091‌

1,700

As

One

Corp.

23,654‌

6,164

Attendo

AB

(a)

78,041‌

5,975

Australian

Clinical

Labs,

Ltd.^

9,241‌

700

BML,

Inc.

15,471‌

6,760

Clariane

SE*

31,761‌

20,000

C-Mer

Medical

Holdings,

Ltd.

2,402‌

2,319

CVS

Group

plc

36,083‌

2,189

EBOS

Group,

Ltd.

25,929‌

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

263

Elan

Corp.

$

1,204‌

1,263

Emeis

SA*

20,283‌

2,912

Extendicare,

Inc.

72,015‌

2,701

Fagron

74,405‌

1,400

France

Bed

Holdings

Co.,

Ltd.

10,573‌

6,241

Fresenius

Medical

Care

AG

282,342‌

5,456

Fresenius

SE

&

Co.

KGaA

249,134‌

2,134

Galenica

AG

(a)

222,627‌

1,500

H.U.

Group

Holdings,

Inc.

30,313‌

26,644

Healius,

Ltd.*

7,206‌

2,572

Humana

AB

17,117‌

4,878

Integral

Diagnostics,

Ltd.

6,774‌

1,000

Japan

Medical

Dynamic

Marketing,

Inc.^

5,449‌

225

LNA

Sante

SA

8,921‌

1,304

Medical

Facilities

Corp.

16,460‌

1,574

Medicover

AB,

Class

B

37,361‌

56

Medios

AG*

773‌

4,900

Medipal

Holdings

Corp.

78,911‌

3,565

Mediterranean

Towers,

Ltd.

19,014‌

24,681

Monash

IVF

Group,

Ltd.

12,431‌

1,110

NMC

Health

plc*

(b)

—‌

11,023

Novolog,

Ltd.

2,776‌

23,114

Oceania

Healthcare,

Ltd.*

9,975‌

6,310

Oriola

Oyj,

Class

B

6,506‌

13,300

Raffles

Medical

Group,

Ltd.

9,419‌

4,739

Ramsay

Health

Care,

Ltd.

144,629‌

3,761

Regis

Healthcare,

Ltd.

16,920‌

15,555

Ryman

Healthcare,

Ltd.*

19,932‌

3,800

Ship

Healthcare

Holdings,

Inc.

50,578‌

1,474

Sienna

Senior

Living,

Inc.

22,753‌

3,229

Sigma

Healthcare,

Ltd.

6,152‌

8,487

Sonic

Healthcare,

Ltd.

121,839‌

9,842

Spire

Healthcare

Group

plc

(a)

28,077‌

9,450

Summerset

Group

Holdings,

Ltd.

46,812‌

2,200

Suzuken

Co.,

Ltd.

66,709‌

2,745

Terveystalo

Oyj

(a)

24,033‌

176,600

Thomson

Medical

Group,

Ltd.*

7,098‌

1,100

Toho

Holdings

Co.,

Ltd.

26,396‌

1,300

Tokai

Corp./Gifu

18,509‌

1,600

Vital

KSK

Holdings,

Inc.

14,942‌

6,991

Well

Health

Technologies

Corp.*

20,409‌

2,225,708‌

Health

Care

Technology

(0.1%):

7,980

AGFA-Gevaert

NV*

3,903‌

2,802

Ascom

Holding

AG,

Registered

Shares

20,211‌

6,500

M3,

Inc.

72,603‌

800

Medley,

Inc.*

9,993‌

800

NNIT

A/S*

(a)

4,781‌

648

Pro

Medicus,

Ltd.

91,722‌

1,213

RaySearch

Laboratories

AB,

Class

B

27,541‌

1,731

Sectra

AB,

Class

B

49,080‌

279,834‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

20

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure

(1.5%):

2,323

Accor

SA

$

135,044‌

600

Aeon

Fantasy

Co.,

Ltd.

9,595‌

1,000

Airtrip

Corp.

4,683‌

4,661

Amadeus

IT

Group

SA

267,663‌

2,067

Aristocrat

Leisure,

Ltd.

88,041‌

1,638

Basic-Fit

NV*

(a)

61,052‌

5,071

Betsson

AB,

Class

B

44,334‌

20,000

Cafe

de

Coral

Holdings,

Ltd.

13,142‌

970

Cie

des

Alpes

24,451‌

23,206

Coast

Entertainment

Holdings,

Ltd.*

7,237‌

5,293

Collins

Foods,

Ltd.

29,894‌

4,300

Colowide

Co.,

Ltd.

48,735‌

12,553

Compass

Group

plc

405,580‌

3,168

Corporate

Travel

Management,

Ltd.*

6,608‌

8,200

Create

Restaurants

Holdings,

Inc.^

37,138‌

2,300

Curves

Holdings

Co.,

Ltd.

13,034‌

1,643

Domino's

Pizza

Enterprises,

Ltd.

17,835‌

5,120

Domino's

Pizza

Group

plc

12,303‌

400

Doutor

Nichires

Holdings

Co.,

Ltd.

6,674‌

4,906

Elior

Group

SA^

(a)

10,976‌

1,774

Evolution

AB*

(a)

122,281‌

6,500

Fairwood

Holdings,

Ltd.

3,745‌

131

Fattal

Holdings

1998,

Ltd.*

30,987‌

2,190

FDJ

UNITED^

53,540‌

4,764

Flight

Centre

Travel

Group,

Ltd.

39,668‌

3,000

Food

&

Life

Cos.,

Ltd.

89,840‌

900

Fuji

Kyuko

Co.,

Ltd.

14,135‌

1,000

Fujita

Kanko,

Inc.

11,754‌

557

Fuller

Smith

&

Turner

plc,

Class

A

5,362‌

14,000

Galaxy

Entertainment

Group,

Ltd.

52,721‌

400

Genki

Global

Dining

Concepts

Corp.

7,792‌

143,500

Genting

Singapore,

Ltd.

67,893‌

1,960

Greggs

plc^

41,603‌

10,742

Gym

Group

plc*

(a)

30,068‌

600

Hiday

Hidaka

Corp.

9,411‌

2,000

HIS

Co.,

Ltd.

12,054‌

5,443

Hollywood

Bowl

Group

plc

19,829‌

18,230

Hongkong

&

Shanghai

Hotels,

Ltd.

(The)*

12,265‌

1,416

Ibersol

SGPS

SA

15,938‌

1,900

Ichibanya

Co.,

Ltd.

10,233‌

435

InterContinental

Hotels

Group

plc,

ADR

75,307‌

808

InterContinental

Hotels

Group

plc

139,368‌

535

Issta,

Ltd.

16,635‌

3,676

J

D

Wetherspoon

plc^

33,289‌

868

Jumbo

Interactive,

Ltd.

3,911‌

1,100

KOMEDA

Holdings

Co,

Ltd.

18,794‌

3,200

Koshidaka

Holdings

Co.,

Ltd.

18,951‌

2,800

Kyoritsu

Maintenance

Co.,

Ltd.

52,344‌

29,337

Lottery

Corp.,

Ltd.

(The)

117,008‌

3,698

Lottomatica

Group

SpA

102,667‌

33,812

Marston's

plc*

22,831‌

300

Matsuyafoods

Holdings

Co.,

Ltd.

8,817‌

1,200

McDonald's

Holdings

Co.

Japan,

Ltd.

55,264‌

3,184

Melia

Hotels

International

SA

44,221‌

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

15,600

MGM

China

Holdings,

Ltd.

$

20,231‌

14,000

Miramar

Hotel

&

Investment

17,748‌

11,969

Mitchells

&

Butlers

plc*

38,761‌

1,200

Monogatari

Corp.

(The)

35,259‌

413

MTY

Food

Group,

Inc.

10,948‌

46,867

NagaCorp,

Ltd.

21,157‌

600

Ohsho

Food

Service

Corp.

10,513‌

5,176

On

the

Beach

Group

plc

(a)

12,010‌

7,400

Oriental

Land

Co.,

Ltd.

113,290‌

900

Pizza

Pizza

Royalty

Corp.

8,193‌

7,247

Playtech

plc*

30,636‌

600

Pollard

Banknote,

Ltd.

7,455‌

12,439

Rank

Group

plc

15,655‌

4,800

Resorttrust,

Inc.

51,353‌

3,149

Restaurant

Brands

International,

Inc.

228,431‌

700

Ringer

Hut

Co.,

Ltd.

9,372‌

4,600

Round

One

Corp.

32,897‌

1,200

Royal

Holdings

Co.,

Ltd.

9,015‌

1,100

Saizeriya

Co.,

Ltd.

36,805‌

18,188

Sands

China,

Ltd.

30,396‌

2,638

Sats

ASA*

11,208‌

5,957

Scandic

Hotels

Group

AB

(a)

55,488‌

36,000

Shangri-La

Asia,

Ltd.

18,408‌

42,585

SJM

Holdings,

Ltd.*^

7,947‌

913

SkiStar

AB

14,988‌

23,951

SKYCITY

Entertainment

Group,

Ltd.*

7,491‌

5,000

Skylark

Holdings

Co.,

Ltd.

86,251‌

1,749

Sodexo

SA

101,233‌

22,232

SSP

Group

plc

55,375‌

91,665

Tabcorp

Holdings,

Ltd.

53,116‌

137

Tivoli

A/S

13,156‌

800

Tokyotokeiba

Co.,

Ltd.

23,728‌

1,400

Toridoll

Holdings

Corp.

33,117‌

5,230

Trainline

plc*

(a)

14,155‌

6,237

TUI

AG

51,613‌

11,838

TUI

AG

Frankfurt

97,963‌

6,523

WEB

Travel

Group,

Ltd.*

13,473‌

6,523

Webjet

Group,

Ltd.

1,855‌

4,802

Whitbread

plc

152,403‌

31,600

Wynn

Macau,

Ltd.

20,382‌

1,900

Yoshinoya

Holdings

Co.,

Ltd.

36,606‌

1,308

Young

&

Co.'s

Brewery

plc,

Class

A

14,594‌

1,515

Young

&

Co.'s

Brewery

plc,

Class

NV

13,869‌

1,200

Zensho

Holdings

Co.,

Ltd.

59,538‌

4,302,627‌

Household

Durables

(1.1%):

2,404

Azorim-Investment

Development

&

Construction

Co.,

Ltd.

13,462‌

4,812

Bang

&

Olufsen

A/S*

6,673‌

27,373

Barratt

Redrow

plc

102,121‌

2,739

Bellway

plc

70,448‌

1,610

Berkeley

Group

Holdings

plc*

74,748‌

11,184

Bonava

AB,

B

Shares*

10,606‌

2,349

Breville

Group,

Ltd.

52,675‌

27,975

Cairn

Homes

plc

78,988‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

21

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Household

Durables,

continued

500

Casio

Computer

Co.,

Ltd.

$

5,930‌

600

Chofu

Seisakusho

Co.,

Ltd.

7,347‌

9,402

Crest

Nicholson

Holdings

plc

9,019‌

889

De'

Longhi

SpA

37,723‌

451

Electra

Consumer

Products

1970,

Ltd.

11,476‌

9,528

Electrolux

AB,

Class

B*

30,181‌

1,200

ES-Con

Japan,

Ltd.

7,957‌

715

Fiskars

OYJ

Abp

10,785‌

1,300

FJ

Next

Holdings

Co.,

Ltd.

14,303‌

1,000

Foster

Electric

Co.,

Ltd.

18,966‌

1,600

Fuji

Corp.,

Ltd.

7,510‌

7,325

Glenveagh

Properties

plc*

(a)

20,981‌

4,025

GN

Store

Nord

A/S*^

53,822‌

7,600

Haseko

Corp.

132,990‌

2,710

Henry

Boot

plc

5,967‌

700

Hoosiers

Holdings

Co.,

Ltd.

5,145‌

3,400

Iida

Group

Holdings

Co.,

Ltd.

45,673‌

1,337

JM

AB

18,240‌

7,000

JVCKenwood

Corp.

48,852‌

692

Kaufman

&

Broad

SA

19,021‌

600

Ki-Star

Real

Estate

Co.,

Ltd.

13,708‌

1,300

LEC,

Inc.

7,403‌

540

Leifheit

AG

8,978‌

73,600

Man

Wah

Holdings,

Ltd.

28,140‌

1,659

Maytronics,

Ltd.*

1,369‌

1,363

Neinor

Homes

SA*

(a)

25,631‌

6,500

Nikon

Corp.

91,212‌

5,018

Nobia

AB*

6,965‌

1,500

Noritz

Corp.

21,170‌

1,200

Open

House

Group

Co.,

Ltd.

62,544‌

11,200

Panasonic

Holdings

Corp.

314,500‌

8,393

Persimmon

plc

117,029‌

1,900

Rinnai

Corp.

41,686‌

567

Sabaf

SpA

8,130‌

1,200

Sangetsu

Corp.

21,908‌

693

SEB

SA

36,512‌

4,900

Sekisui

House,

Ltd.

101,962‌

5,800

Sharp

Corp.*

23,306‌

53,000

Sony

Group

Corp.

1,062,888‌

14,400

Sumitomo

Forestry

Co.,

Ltd.

119,661‌

212

Surteco

Group

SE*

2,338‌

400

Tama

Home

Co.,

Ltd.^

7,455‌

4,800

Tamron

Co.,

Ltd.

34,091‌

89,907

Taylor

Wimpey

plc

96,288‌

1,000

Toa

Corp.

Hyogo

9,690‌

100

Token

Corp.

7,798‌

7,319

Vistry

Group

plc*

24,928‌

100

V-ZUG

Holding

AG

5,014‌

3,849

YIT

Oyj*

11,582‌

1,200

Zojirushi

Corp.

9,833‌

3,245,328‌

Household

Products

(0.3%):

636

Essity

AB,

Class

A

18,078‌

5,634

Essity

AB,

Class

B

159,445‌

Shares

Value

Common

Stocks,

continued

Household

Products,

continued

1,423

Henkel

AG

&

Co.

KGaA

$

112,517‌

5,600

Lion

Corp.

59,057‌

2,861

McBride

plc

5,919‌

3,600

Pigeon

Corp.

45,929‌

4,330

Reckitt

Benckiser

Group

plc

282,234‌

1,100

ST

Corp.

10,092‌

1,600

Transaction

Co.,

Ltd.

13,830‌

12,000

Unicharm

Corp.

69,823‌

776,924‌

Independent

Power

and

Renewable

Electricity

Producers

(0.6%):

1,688

7C

Solarparken

AG*

3,240‌

3,000

Capital

Power

Corp.

156,357‌

7,088

Cloudberry

Clean

Energy

ASA*

8,950‌

1,098

Corp

ACCIONA

Energias

Renovables

SA

29,053‌

14,274

Drax

Group

plc

143,757‌

7,194

EDP

Renovaveis

SA

116,506‌

2,600

Electric

Power

Development

Co.,

Ltd.

58,545‌

2,893

Energix-Renewable

Energies,

Ltd.

25,442‌

249

Enlight

Renewable

Energy,

Ltd.*

22,078‌

1,000

eRex

Co.,

Ltd.

4,574‌

881

ERG

SpA

24,080‌

161

Grenergy

Renovables

SA*

21,129‌

445

Kenon

Holdings,

Ltd.

30,147‌

9,223

Meridian

Energy,

Ltd.

30,505‌

7,372

Northland

Power,

Inc.

116,135‌

691

OPC

Energy,

Ltd.*

21,519‌

2,011

Orron

Energy

ab*

1,560‌

3,969

Orsted

AS*

(a)

89,246‌

255

Oy

Nofar

Energy,

Ltd.*

17,797‌

1,500

Polaris

Renewable

Energy,

Inc.

16,184‌

2,100

RENOVA,

Inc.*^

12,795‌

8,652

RWE

AG

560,502‌

2,554

Scatec

ASA*

(a)

25,092‌

11,000

Shandong

Hi-Speed

Holdings

Group,

Ltd.*

731‌

2,520

Solaria

Energia

y

Medio

Ambiente

SA*

57,328‌

6,992

TransAlta

Corp.

96,737‌

882

Voltalia

SA,

Registered

Shares*

7,398‌

1,697,387‌

Industrial

Conglomerates

(0.7%):

125

Aker

ASA,

A

Shares

14,485‌

865

Bonheur

ASA

20,118‌

8,000

Chevalier

International

Holdings,

Ltd.

4,488‌

13,930

CK

Hutchison

Holdings,

Ltd.

118,402‌

49,379

CTF

Services,

Ltd.

48,644‌

2,932

DCC

plc

242,764‌

2,300

Gakken

Holdings

Co.,

Ltd.

14,136‌

2,000

Guoco

Group,

Ltd.

17,089‌

100

Hikari

Tsushin,

Inc.

21,883‌

18,500

Hitachi,

Ltd.

514,154‌

545

Indus

Holding

AG

16,098‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

22

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Industrial

Conglomerates,

continued

515

Italmobiliare

SpA

$

16,449‌

2,100

Jardine

Cycle

&

Carriage,

Ltd.

43,789‌

3,600

Keihan

Holdings

Co.,

Ltd.

70,564‌

9,000

Keppel,

Ltd.

76,691‌

1,187

Lifco

AB,

Class

B

38,904‌

2,900

Mie

Kotsu

Group

Holdings,

Inc.

9,408‌

5,400

Nisshinbo

Holdings,

Inc.

83,243‌

7,406

Nolato

AB,

Class

B

37,181‌

5,800

Sekisui

Chemical

Co.,

Ltd.

92,839‌

1,230

Siemens

AG,

Registered

Shares

395,203‌

3,581

Smiths

Group

plc

121,656‌

27,456

Storskogen

Group

AB,

Class

B

24,187‌

4,146

Swire

Pacific,

Ltd.,

Class

A

43,342‌

5,000

Swire

Pacific,

Ltd.,

Class

B

7,975‌

5,400

TOKAI

Holdings

Corp.

38,191‌

933

Volati

AB

2,353‌

2,134,236‌

Insurance

(5.3%):

4,475

Admiral

Group

plc

211,350‌

32,466

Aegon,

Ltd.

276,020‌

7,175

Aegon,

Ltd.,

Registered

Shares

60,557‌

4,666

Ageas

SA/NV

373,262‌

73,040

AIA

Group,

Ltd.

669,941‌

33,031

Alm

Brand

A/S

81,835‌

2,500

Anicom

Holdings,

Inc.

18,827‌

5,157

ASR

Nederland

NV

389,223‌

4,196

AUB

Group,

Ltd.

83,112‌

30,482

Aviva

plc

262,957‌

6,922

AXA

SA

346,879‌

7,652

Beazley

plc

130,609‌

500

Brookfield

Wealth

Solutions,

Ltd.*

21,310‌

6,720

Chesnara

plc

29,502‌

2,054

Clal

Insurance

Enterprises

Holdings,

Ltd.

158,118‌

3,983

Coface

SA

68,554‌

26,600

Daiichi

Life

Group,

Inc.

291,575‌

3,500

Definity

Financial

Corp.

185,699‌

5,700

E-L

Financial

Corp.,

Ltd.

68,130‌

207

Fairfax

Financial

Holdings,

Ltd.

340,510‌

1,054

FBD

Holdings

plc

20,585‌

300

FP

Partner,

Inc.

3,976‌

928

Generali

45,185‌

274

Gjensidige

Forsikring

ASA

7,421‌

597

Great-West

Lifeco,

Inc.

38,045‌

922

Hannover

Rueck

SE

255,374‌

1,246

Harel

Insurance

Investments

&

Financial

Services,

Ltd.

65,754‌

2,129

Helvetia

Baloise

Holding

AG

549,889‌

9,627

Hiscox,

Ltd.

235,873‌

3,086

iA

Financial

Corp.,

Inc.

426,156‌

506

IDI

Insurance

Co.,

Ltd.

39,206‌

42,553

Insurance

Australia

Group,

Ltd.

238,524‌

2,403

Intact

Financial

Corp.

496,003‌

9,300

Japan

Post

Holdings

Co.,

Ltd.

124,690‌

6,900

Japan

Post

Insurance

Co.,

Ltd.

65,067‌

Shares

Value

Common

Stocks,

continued

Insurance,

continued

7,712

Lancashire

Holdings,

Ltd.

$

66,061‌

46,278

Legal

&

General

Group

plc

175,712‌

13,545

Linea

Directa

Aseguradora

SA

Cia

de

Seguros

y

Reaseguros

18,610‌

6,273

Mandatum

Oyj

39,383‌

953

Manulife

Financial

Corp.

38,655‌

8,627

Manulife

Financial

Corp.,

ADR

349,480‌

28,427

Mapfre

SA

140,685‌

24,385

Medibank

Pvt,

Ltd.

83,861‌

384

Menora

Mivtachim

Holdings,

Ltd.

57,760‌

6,642

Migdal

Insurance

&

Financial

Holdings,

Ltd.*

37,062‌

7,100

MS&AD

Insurance

Group

Holdings,

Inc.

185,448‌

1,012

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class

R

564,892‌

14,653

nib

holdings,

Ltd.

71,574‌

8,032

NN

Group

NV

703,715‌

2,268

Phoenix

Financial,

Ltd.

125,777‌

382

Protector

Forsikring

ASA

18,431‌

7,758

Prudential

plc,

ADR

207,992‌

16,140

Prudential

plc

214,891‌

26,931

QBE

Insurance

Group,

Ltd.

469,937‌

8,346

Sabre

Insurance

Group

plc

(a)

19,267‌

3,822

Saga

plc*

32,504‌

47,192

Sampo

Oyj,

A

Shares

495,985‌

5,589

SCOR

SE

202,774‌

445

Solid

Forsakring

AB

4,550‌

5,200

Sompo

Holdings,

Inc.

198,376‌

1,922

Standard

Life

plc

21,244‌

22,981

Steadfast

Group,

Ltd.

81,086‌

3,669

Storebrand

ASA

68,924‌

5,300

Sun

Life

Financial,

Inc.

416,159‌

14,633

Suncorp

Group,

Ltd.

195,234‌

335

Swiss

Life

Holding

AG

368,641‌

4,396

Swiss

Re

AG

699,586‌

4,100

T&D

Holdings,

Inc.

121,465‌

1,209

Talanx

AG

152,794‌

16,600

Tokio

Marine

Holdings,

Inc.

735,126‌

18,588

TOWER,

Ltd.

19,729‌

892

Trisura

Group,

Ltd.*

27,909‌

7,516

Tryg

A/S

171,152‌

7,996

Unipol

Assicurazioni

SpA

223,148‌

3,657

UNIQA

Insurance

Group

AG

73,738‌

54

Vaudoise

Assurances

Holding

SA

52,559‌

1,397

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

102,856‌

1,001

Wuestenrot

&

Wuerttembergische

AG

16,699‌

1,109

Zurich

Insurance

Group

AG

819,254‌

15,570,403‌

Interactive

Media

&

Services

(0.2%):

12,713

Autotrader

Group

plc

(a)

84,184‌

1,065

Better

Collective

A/S*

12,863‌

2,932

CAR

Group,

Ltd.

52,458‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

23

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Interactive

Media

&

Services,

continued

1,202

Hemnet

Group

AB

$

9,127‌

3,500

Kakaku.com,

Inc.

73,122‌

1,170

Karnov

Group

AB,

Class

B*

8,221‌

25,700

LY

Corp.

68,753‌

600

MarkLines

Co.,

Ltd.

4,541‌

14,381

MONY

Group

plc

35,361‌

424

REA

Group,

Ltd.

40,959‌

11,674

Rightmove

plc

67,881‌

1,542

Scout24

SE

(a)

127,486‌

3,759

SEEK,

Ltd.

35,146‌

430

Vend

Marketplaces

ASA,

Class

B

10,357‌

630,459‌

IT

Services

(0.9%):

3,641

Addnode

Group

AB,

Class

B

15,405‌

114

Adesso

SE

6,581‌

370

Allgeier

SE

6,765‌

847

Alten

SA

51,338‌

1,244

Appen,

Ltd.*

815‌

1,600

Argo

Graphics,

Inc.

11,963‌

2,661

Atea

ASA*

46,588‌

211

Aubay

13,242‌

600

Avant

Group

Corp.

4,034‌

600

Base

Co.,

Ltd.

10,596‌

1,894

Bechtle

AG

67,050‌

1,800

BIPROGY,

Inc.

47,325‌

1,186

CANCOM

SE

31,508‌

2,574

Capgemini

SE

258,857‌

1,100

CGI,

Inc.

71,107‌

1,233

CGI,

Inc.,

ADR

79,615‌

500

Change

Holdings,

Inc.

2,788‌

4,933

Columbus

A/S

7,499‌

1,120

Computacenter

plc

63,500‌

1,100

Comture

Corp.

8,707‌

5,733

Data#3,

Ltd.

39,254‌

1,200

Dentsu

Soken,

Inc.

15,837‌

3,600

DTS

Corp.

22,171‌

4,883

Econocom

Group

SA/NV

8,381‌

558

Enea

AB*

4,266‌

3,891

FDM

Group

Holdings

plc

5,353‌

283

Formula

Systems

1985,

Ltd.

29,516‌

8,200

Fujitsu,

Ltd.

163,656‌

2,500

Future

Corp.

23,602‌

824

GFT

Technologies

SE

19,408‌

1,900

GMO

internet

group,

Inc.

39,400‌

1,799

Indra

Sistemas

SA

98,870‌

1,400

Ines

Corp.

18,464‌

227

Infotel

SA

9,911‌

705

IONOS

Group

SE*

21,943‌

600

JBCC

Holdings,

Inc.

4,607‌

600

JIG-SAW,

Inc.*

8,831‌

1,495

Kainos

Group

plc

15,214‌

816

KNOW

IT

AB

6,635‌

1,146

Kontron

AG*

30,408‌

226

Macquarie

Technology

Group,

Ltd.*

10,994‌

1,665

Matrix

IT,

Ltd.

42,435‌

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

1,404

Megaport,

Ltd.*

$

21,375‌

300

Mitsubishi

Research

Institute,

Inc.

8,222‌

114

Nagarro

SE

9,721‌

10,057

NCC

Group

plc

16,085‌

6,700

NEC

Corp.

162,668‌

1,040

Netcompany

Group

A/S*

(a)

47,418‌

12,283

NEXTDC,

Ltd.*

124,751‌

3,256

Nomura

Research

Institute,

Ltd.

92,259‌

300

NS

Solutions

Corp.

6,294‌

2,800

NSD

Co.,

Ltd.

42,486‌

2,300

Obic

Co.,

Ltd.

53,932‌

1,128

One

Software

Technologies,

Ltd.

21,606‌

2,500

Otsuka

Corp.

42,807‌

1,200

Pole

To

Win

Holdings,

Inc.

2,396‌

1,470

Proact

IT

Group

AB

18,781‌

385

Reply

SpA

40,246‌

60

Secunet

Security

Networks

AG

11,573‌

5,900

SHIFT,

Inc.*

24,532‌

300

Shopify,

Inc.,

Class

A*

34,326‌

650

Shopify,

Inc.,

ADR,

Class

A*

74,217‌

4,800

Simplex

Holdings,

Inc.

27,773‌

4,396

Softcat

plc

106,772‌

273

Sopra

Steria

Group

43,572‌

23,000

SUNeVision

Holdings,

Ltd.

12,838‌

464

Sword

Group

15,193‌

1,700

TechMatrix

Corp.

17,911‌

2,780

Tieto

Oyj

58,159‌

3,500

TISI,

Inc.

68,309‌

2,500

Uchida

Yoko

Co.,

Ltd.

30,725‌

153

Wavestone

6,829‌

573

Wiit

SpA

22,586‌

2,710,801‌

Leisure

Products

(0.3%):

702

Asmodee

Group

AB,

Class

B*

10,280‌

4,900

Bandai

Namco

Holdings,

Inc.

114,520‌

1,496

Beneteau

SACA

11,048‌

1,005

BRP,

Inc.

61,394‌

777

Games

Workshop

Group

plc

222,701‌

1,000

GLOBERIDE,

Inc.

14,385‌

391

Harvia

Oyj

18,597‌

600

Kawai

Musical

Instruments

Manufacturing

Co.,

Ltd.

11,919‌

500

Mars

Group

Holdings

Corp.

9,061‌

1,300

Mizuno

Corp.

26,911‌

1,500

Noritsu

Koki

Co.,

Ltd.

18,742‌

800

Roland

Corp.

20,385‌

6,200

Sankyo

Co.,

Ltd.

60,172‌

216

Sanlorenzo

SpA/Ameglia

8,840‌

1,700

Sega

Sammy

Holdings,

Inc.

23,057‌

600

Shimano,

Inc.

64,087‌

700

Spin

Master

Corp.^

(a)

10,060‌

4,547

Technogym

SpA

(a)

78,989‌

1,446

Thule

Group

AB

(a)

30,747‌

2,500

Tomy

Co.,

Ltd.

49,187‌

1,800

Tsuburaya

Fields

Holdings,

Inc.

15,434‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

24

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Leisure

Products,

continued

700

Universal

Entertainment

Corp.*

$

2,733‌

7,500

Yamaha

Corp.

52,695‌

1,100

Yonex

Co.,

Ltd.

15,691‌

951,635‌

Life

Sciences

Tools

&

Services

(0.4%):

1,587

AddLife

AB,

Class

B

26,757‌

321

Chemometec

A/S

17,798‌

3,683

Eurofins

Scientific

SE

288,705‌

2,062

Evotec

SE*

11,777‌

945

Gerresheimer

AG*^

30,045‌

716

Lonza

Group

AG,

Registered

Shares

483,324‌

101

Medcap

AB*

5,467‌

386

PolyPeptide

Group

AG*

(a)

22,491‌

731

Qiagen

NV

28,323‌

6,831

Qiagen

NV,

ADR

267,092‌

82

Sartorius

Stedim

Biotech

17,028‌

835

Siegfried

Holding

AG,

Registered

Shares*

73,243‌

255

Tecan

Group

AG,

Class

R

51,011‌

1,323,061‌

Machinery

(4.0%):

1,879

Aalberts

NV

83,790‌

2,100

Aida

Engineering,

Ltd.

14,976‌

900

Airman

Corp.

10,183‌

1,345

Alfa

Laval

AB

80,098‌

2,008

Alimak

Group

AB

(a)

24,626‌

900

Alinco,

Inc.

5,844‌

9,393

Alstom

SA*

163,421‌

6,600

Amada

Co.,

Ltd.

121,769‌

2,403

ANDRITZ

AG

207,750‌

7,900

ARCHION

Corp.*^

14,099‌

2,700

Asahi

Diamond

Industrial

Co.,

Ltd.

20,319‌

11,197

Atlas

Copco

AB,

Class

A

227,339‌

7,276

Atlas

Copco

AB,

Class

B

128,982‌

1,049

ATS

Corp.*

30,240‌

1,300

Bando

Chemical

Industries,

Ltd.

17,745‌

1,134

Beijer

Alma

AB,

Class

B

34,754‌

5,403

Bodycote

plc

47,669‌

275

Bucher

Industries

AG,

Registered

Shares

108,339‌

62

Burckhardt

Compression

Holding

AG

36,264‌

56

Bystronic

AG

9,875‌

1,400

CKD

Corp.

65,788‌

755

Construcciones

y

Auxiliar

de

Ferrocarriles

SA

54,809‌

152

Daetwyler

Holding

AG,

Class

BR

29,065‌

3,600

Daifuku

Co.,

Ltd.

160,167‌

500

Daihatsu

Infinearth

Mfg

Co.,

Ltd.

7,934‌

5,799

Daimler

Truck

Holding

AG

279,640‌

233

Danieli

&

C

Officine

Meccaniche

SpA

17,937‌

1,585

Danieli

&

C

Officine

Meccaniche

SpA,

Savings

Share

83,585‌

3,900

DMG

Mori

Co.,

Ltd.

84,892‌

1,587

Duerr

AG

32,139‌

Shares

Value

Common

Stocks,

continued

Machinery,

continued

5,300

Ebara

Corp.

$

207,873‌

3,512

Electrolux

Professional

AB,

Class

B

15,348‌

2,998

Epiroc

AB,

Class

A

82,267‌

1,306

Epiroc

AB,

Class

B

30,321‌

900

FANUC

Corp.

41,156‌

1,348

Fincantieri

SpA*

15,324‌

1,473

FLSmidth

&

Co.

A/S

107,802‌

2,437

Fluidra

SA

55,261‌

13,800

Frencken

Group,

Ltd.

32,396‌

700

Fuji

Corp./Aichi

36,812‌

1,100

Furukawa

Co.,

Ltd.

24,304‌

1,000

Galilei

Holdings

Co.,

Ltd.

20,328‌

5,606

GEA

Group

AG

384,521‌

1,134

Georg

Fischer

AG,

Registered

Shares

58,862‌

371

Gesco

SE

5,595‌

2,000

Glory,

Ltd.

48,282‌

16,185

Heidelberger

Druckmaschinen

AG*

25,561‌

5,448

Hexagon

Composites

ASA*

4,713‌

186

Hexagon

Purus

ASA*

226‌

981

Hiab

Oyj,

Class

B

62,190‌

500

Hirata

Corp.

9,365‌

1,200

Hisaka

Works,

Ltd.

12,804‌

2,300

Hitachi

Construction

Machinery

Co.,

Ltd.

75,282‌

2,000

Hoshizaki

Corp.

65,316‌

700

Hosokawa

Micron

Corp.

21,265‌

679

Husqvarna

AB,

A

Shares

2,656‌

6,775

Husqvarna

AB,

B

Shares

26,348‌

6,300

IHI

Corp.

106,459‌

5,440

IMI

plc

213,983‌

2,434

Indutrade

AB

50,363‌

12

Interroll

Holding

AG,

Class

R

18,904‌

1,300

Iseki

&

Co.,

Ltd.

14,015‌

9,031

Iveco

Group

NV

143,583‌

300

Japan

Steel

Works,

Ltd.

(The)

14,316‌

768

JOST

Werke

SE

(a)

45,632‌

1,572

Kalmar

Oyj,

Class

B

69,106‌

5,600

Kanadevia

Corp.

44,009‌

157

Kardex

Holding

AG,

Registered

Shares

44,063‌

900

Kato

Works

Co.,

Ltd.

6,908‌

5,000

Kawasaki

Heavy

Industries,

Ltd.

91,070‌

1,845

KION

Group

AG

81,750‌

400

Kitagawa

Corp.

4,042‌

2,600

Kitz

Corp.

40,924‌

1,589

Knorr-Bremse

AG

184,488‌

572

Koenig

&

Bauer

AG*

5,915‌

10,500

Komatsu,

Ltd.

411,014‌

79

Komax

Holding

AG,

Class

R*

4,194‌

900

Komori

Corp.

8,335‌

4,232

Kone

Oyj,

Class

B

240,817‌

6,675

Konecranes

Oyj

205,166‌

1,540

Kongsberg

Maritime

A/S*

7,976‌

665

Krones

AG

85,239‌

13,100

Kubota

Corp.

219,337‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

25

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

2,600

Kurita

Water

Industries,

Ltd.

$

148,452‌

1,200

Kyokuto

Kaihatsu

Kogyo

Co.,

Ltd.

15,735‌

1,200

Maezawa

Kyuso

Industries

Co.,

Ltd.

11,081‌

1,300

Makino

Milling

Machine

Co.,

Ltd.

122,461‌

1,400

Makita

Corp.

50,127‌

586

Manitou

BF

SA

12,660‌

3,200

Max

Co.,

Ltd.

33,747‌

1,200

Meidensha

Corp.

73,250‌

800

METAWATER

Co.,

Ltd.

16,526‌

11,036

Metso

Oyj

191,839‌

9,032

MINEBEA

MITSUMI,

Inc.

268,047‌

2,200

MISUMI

Group,

Inc.

54,433‌

6,200

Mitsubishi

Heavy

Industries,

Ltd.

141,184‌

700

Mitsuboshi

Belting,

Ltd.

17,060‌

1,500

Mitsui

E&S

Co.,

Ltd.

38,373‌

1,300

Miura

Co.,

Ltd.

25,325‌

6,671

Morgan

Advanced

Materials

plc

18,870‌

1,500

Morita

Holdings

Corp.

22,527‌

800

Nachi-Fujikoshi

Corp.

29,561‌

2,000

Namura

Shipbuilding

Co.,

Ltd.

43,984‌

956

NFI

Group,

Inc.*

16,058‌

2,700

NGK

Corp.

127,003‌

2,300

Nikkiso

Co.,

Ltd.

57,974‌

2,700

Nikko

Co.,

Ltd.

15,575‌

700

Nippon

Thompson

Co.,

Ltd.

9,472‌

400

Nissei

ASB

Machine

Co.,

Ltd.

22,539‌

800

Nitta

Corp.

29,228‌

500

Nitto

Kohki

Co.,

Ltd.

5,220‌

1,900

Nitto

Seiko

Co.,

Ltd.

8,992‌

900

Nittoku

Co.,

Ltd.

16,202‌

900

Nomura

Micro

Science

Co.,

Ltd.^

27,707‌

1,000

Noritake

Co.,

Ltd.

25,299‌

820

Norma

Group

SE

16,435‌

9,300

NSK,

Ltd.

65,959‌

22,000

NTN

Corp.

54,383‌

400

Obara

Group,

Inc.^

15,100‌

4,495

OC

Oerlikon

Corp.

AG

22,664‌

800

Oiles

Corp.

13,678‌

400

Okamoto

Machine

Tool

Works,

Ltd.

13,919‌

1,400

OKUMA

Corp.

40,346‌

700

Organo

Corp.^

71,383‌

2,000

OSG

Corp.

45,132‌

692

Palfinger

AG

25,198‌

150

Plasson

Industries,

Ltd.

7,916‌

116

Rational

AG

84,903‌

1,458

Renk

Group

AG

70,262‌

1,820

Rieter

Holding

AG,

Registered

Shares*

6,693‌

17,511

Rotork

plc

68,630‌

500

Ryobi,

Ltd.

8,027‌

5,052

Sandvik

AB

208,592‌

500

Savaria

Corp.

10,451‌

296

Schindler

Holding

AG,

Class

PC

98,143‌

178

Schindler

Holding

AG,

Registered

Shares

56,621‌

63,000

Seatrium,

Ltd.

96,201‌

Shares

Value

Common

Stocks,

continued

Machinery,

continued

360

SFS

Group

AG

$

59,315‌

1,100

Shibaura

Machine

Co.,

Ltd.

30,658‌

500

Shibuya

Corp.

13,698‌

1,200

Shima

Seiki

Manufacturing,

Ltd.

6,382‌

1,900

Shinmaywa

Industries,

Ltd.

23,600‌

78,000

Singamas

Container

Holdings,

Ltd.

4,433‌

2,200

Sintokogio,

Ltd.

16,332‌

7,590

Skellerup

Holdings,

Ltd.

28,456‌

5,262

SKF

AB,

B

Shares

135,148‌

100

SMC

Corp.

44,501‌

2,300

Sodick

Co.,

Ltd.

27,703‌

623

Spirax

Group

plc

56,517‌

772

Stabilus

SE

13,356‌

1,498

Stadler

Rail

AG

43,126‌

671

Sulzer

AG,

Registered

Shares

111,375‌

2,600

Sumitomo

Heavy

Industries,

Ltd.

82,054‌

3,900

Tadano,

Ltd.

30,522‌

1,500

Takeuchi

Manufacturing

Co.,

Ltd.

65,624‌

3,785

Talgo

SA*

(a)

11,439‌

478

Technotrans

SE

17,613‌

11,687

Techtronic

Industries

Co.,

Ltd.

195,116‌

700

Teikoku

Sen-I

Co.,

Ltd.

14,745‌

1,300

THK

Co.,

Ltd.

59,472‌

2,100

Tocalo

Co.,

Ltd.

42,510‌

1,392

TOMRA

Systems

ASA

13,390‌

2,410

Trelleborg

AB,

Class

B

100,399‌

1,100

Tsubaki

Nakashima

Co.,

Ltd.*

2,674‌

2,600

Tsubakimoto

Chain

Co.

41,211‌

1,800

Tsugami

Corp.

90,600‌

1,200

Tsukishima

Holdings

Co.,

Ltd.

19,367‌

1,200

Tsurumi

Manufacturing

Co.,

Ltd.

17,273‌

3,924

Valmet

Oyj

94,802‌

163

VAT

Group

AG

(a)

142,637‌

707

VBG

Group

AB,

Class

B

23,164‌

6,879

Vesuvius

plc

40,892‌

2,091

Volvo

AB,

Class

A

71,272‌

14,717

Volvo

AB,

Class

B

500,452‌

208

Vossloh

AG

14,938‌

1,416

Wacker

Neuson

SE

30,259‌

6,472

Wartsila

OYJ

Abp

247,051‌

560

Washtec

AG

24,762‌

3,582

Weir

Group

plc

(The)

114,283‌

1,600

YAMABIKO

Corp.

37,570‌

58,500

Yangzijiang

Shipbuilding

Holdings,

Ltd.

155,368‌

1,400

Yaskawa

Electric

Corp.

61,617‌

11,812,647‌

Marine

Transportation

(0.4%):

600

Algoma

Central

Corp.

9,384‌

35

AP

Moller

-

Maersk

A/S,

Class

A

80,775‌

55

AP

Moller

-

Maersk

A/S,

Class

B

130,518‌

196

Clarkson

plc

10,832‌

894

D/S

Norden

A/S

37,606‌

1,478

DFDS

A/S*

25,356‌

423

Hapag-Lloyd

AG

(a)

53,896‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

26

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Marine

Transportation,

continued

773

Himalaya

Shipping,

Ltd.*

$

10,327‌

3,326

Hoegh

Autoliners

ASA

48,692‌

3,300

Iino

Kaiun

Kaisha,

Ltd.

28,359‌

1,400

Inui

Global

Logistics

Co.,

Ltd.

12,405‌

3,976

Irish

Continental

Group

plc

28,258‌

2,300

Japan

Transcity

Corp.

15,958‌

4,300

Kawasaki

Kisen

Kaisha,

Ltd.

65,937‌

1,189

Klaveness

Combination

Carriers

ASA

(a)

10,480‌

506

Kuehne

+

Nagel

International

AG,

Class

R

122,802‌

4,700

Mitsui

OSK

Lines,

Ltd.

150,475‌

6,500

MPC

Container

Ships

ASA

16,649‌

5,100

Nippon

Yusen

KK

164,030‌

600

NS

United

Kaiun

Kaisha,

Ltd.

23,896‌

1,260

Odfjell

SE,

A

Shares

13,265‌

190,000

Pacific

Basin

Shipping,

Ltd.

65,681‌

30,000

SITC

International

Holdings

Co.,

Ltd.

120,474‌

329

Stolt-Nielsen,

Ltd.

9,698‌

2,499

Wallenius

Wilhelmsen

ASA,

Class

B

33,165‌

318

Wilh

Wilhelmsen

Holding

ASA,

A

Shares

22,095‌

1,311,013‌

Media

(0.7%):

336

4imprint

Group

plc

16,427‌

996

Alma

Media

Oyj

14,913‌

65

APG

SGA

SA

15,253‌

8,376

ARN

Media,

Ltd.

1,432‌

4,886

Atresmedia

Corp.

de

Medios

de

Comunicacion

SA^

26,636‌

1,951

Bloomsbury

Publishing

plc

16,071‌

19,285

Canal+

SA

62,559‌

8,400

CyberAgent,

Inc.

71,610‌

4,400

Dentsu

Group,

Inc.*

84,449‌

9,975

Eutelsat

Communications

SACA*

27,512‌

400

Fuji

Media

Holdings,

Inc.

9,434‌

2,193

Future

plc

8,792‌

7,000

Hakuhodo

DY

Holdings,

Inc.^

49,547‌

1,912

Havas

NV

37,261‌

13,469

Informa

plc

161,609‌

500

Intage

Holdings,

Inc.

5,315‌

841

IPSOS

SA

33,501‌

112,358

ITV

plc

120,153‌

9,582

IVE

Group,

Ltd.

18,809‌

2,241

JCDecaux

SE

49,307‌

4,254

M&C

Saatchi

plc*

7,506‌

1,664

Metropole

Television

SA

22,898‌

7,548

MFE-MediaForEurope

NV,

Class

A

24,030‌

9,408

MFE-MediaForEurope

NV,

Class

A

30,284‌

2,046

MFE-MediaForEurope

NV,

Class

B^

7,944‌

3,263

Next

15

Group

plc

10,998‌

48,093

Nine

Entertainment

Co.

Holdings,

Ltd.

29,540‌

900

Nippon

Television

Holdings,

Inc.

15,465‌

1,307

NRJ

Group

10,095‌

Shares

Value

Common

Stocks,

continued

Media,

continued

19,083

oOh!media,

Ltd.

$

19,208‌

602

Perion

Network,

Ltd.*

5,777‌

68,000

Pico

Far

East

Holdings,

Ltd.

18,835‌

4,371

Publicis

Groupe

SA

431,984‌

12,118

Reach

plc

8,409‌

1,338

RTL

Group

SA

47,621‌

10,874

S4

Capital

plc

4,545‌

3,679

Sanoma

Oyj

35,570‌

11,237

SES

SA,

Class

A

91,998‌

6,212

SKY

Network

Television,

Ltd.

11,542‌

2,600

SKY

Perfect

JSAT

Corp.

43,327‌

24,480

Southern

Cross

Media

Group,

Ltd.

8,729‌

880

Stroeer

SE

&

Co.

KGaA

34,295‌

900

TBS

Holdings,

Inc.

34,670‌

5,942

Team

Internet

Group

plc*

3,626‌

15,000

Television

Broadcasts,

Ltd.*

4,285‌

2,236

Television

Francaise

1

SA

17,018‌

700

TV

Asahi

Holdings

Corp.

13,578‌

500

TV

Tokyo

Holdings

Corp.

11,192‌

124

TX

Group

AG

19,129‌

1,000

ValueCommerce

Co.,

Ltd.

2,806‌

1,600

Vector,

Inc.

17,251‌

23,328

Viaplay

Group

AB,

Class

B*

2,942‌

500

Wowow,

Inc.

3,072‌

2,369

WPP

plc,

ADR^

36,696‌

12,238

WPP

plc

38,033‌

700

Zenrin

Co.,

Ltd.^

3,734‌

1,959,222‌

Metals

&

Mining

(5.8%):

5,810

Acerinox

SA

101,859‌

1,200

ADF

Group,

Inc.

14,479‌

2,163

Agnico

Eagle

Mines,

Ltd.

336,111‌

1,934

Agnico

Eagle

Mines,

Ltd.,

ADR

300,021‌

1,600

Aichi

Steel

Corp.

29,556‌

5,407

Alamos

Gold,

Inc.,

Class

A

163,952‌

6,600

Algoma

Steel

Group,

Inc.*

26,730‌

41,565

Alkane

Resources,

Ltd.*

39,485‌

6,565

Alleima

AB

60,103‌

500

Altius

Minerals

Corp.

22,396‌

723

AMG

Critical

Materials

NV

27,076‌

1,728

Anglo

American

plc

84,617‌

3,572

Antofagasta

plc

181,393‌

1,631

APERAM

SA

79,442‌

74,602

Arafura

Rare

Earths,

Ltd.*

12,732‌

5,391

ArcelorMittal

SA

324,134‌

2,800

ARE

Holdings,

Inc.

51,144‌

3,752

Atalaya

Mining

Copper

SA

40,701‌

21,161

Aurelia

Metals,

Ltd.*

4,063‌

1,113

Aurubis

AG

230,452‌

25,622

AVZ

Minerals,

Ltd.*

2,686‌

42,842

B2Gold

Corp.

160,722‌

7,834

Barrick

Mining

Corp.

288,092‌

13,509

Barrick

Mining

Corp.,

ADR

496,186‌

1,188

Bekaert

SA

53,049‌

20,726

Bellevue

Gold,

Ltd.*

17,490‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

27

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

41,746

BHP

Group,

Ltd.,

ADR

$

1,742,048‌

6,804

BlueScope

Steel,

Ltd.

149,793‌

5,097

Boliden

AB

287,855‌

9,940

Capital,

Ltd.

13,779‌

7,978

Capricorn

Metals,

Ltd.

70,009‌

10,700

Capstone

Copper

Corp.*

98,315‌

9,300

Centerra

Gold,

Inc.

147,491‌

8,967

Central

Asia

Metals

plc

15,751‌

8,376

Champion

Iron,

Ltd.

22,847‌

16,254

China

Gold

International

Resources

Corp.,

Ltd.

257,662‌

400

CK-San-Etsu

Co.,

Ltd.

13,075‌

16,568

Coeur

Mining,

Inc.

270,817‌

5,000

Daido

Steel

Co.,

Ltd.

85,982‌

1,400

Daiki

Aluminium

Industry

Co.,

Ltd.

12,885‌

6,671

Deterra

Royalties,

Ltd.

21,648‌

1,000

Dowa

Holdings

Co.,

Ltd.

54,061‌

6,248

DPM

Metals,

Inc.

202,936‌

2,800

Dynacor

Group,

Inc.

11,946‌

7,200

Ecora

Royalties

plc

13,112‌

8,362

Eldorado

Gold

Corp.

260,277‌

14,809

Emerald

Resources

NL*

56,428‌

6,695

Endeavour

Mining

plc

335,718‌

15,607

Equinox

Gold

Corp.

152,097‌

216

Eramet

SA*^

11,098‌

1,599

ERO

Copper

Corp.*

42,701‌

41,069

Evolution

Mining,

Ltd.

335,292‌

4,900

First

Majestic

Silver

Corp.

83,204‌

5,571

First

Quantum

Minerals,

Ltd.*

152,190‌

4,900

Foraco

International

SA*

9,398‌

21,514

Fortescue,

Ltd.

286,518‌

13,552

Fortuna

Mining

Corp.*

114,582‌

5,500

Fortuna

Mining

Corp.,

ADR*

46,475‌

805

Franco-Nevada

Corp.

167,988‌

4,743

Fresnillo

plc

172,816‌

8,215

Galiano

Gold,

Inc.*

15,351‌

13,966

Genesis

Minerals,

Ltd.*

50,525‌

51,226

Glencore

plc*

349,332‌

200

Godo

Steel,

Ltd.

3,184‌

8,900

GoGold

Resources,

Inc.*

19,958‌

3,735

Granges

AB

66,151‌

34

Griffin

Mining,

Ltd.*

138‌

1,976

Hill

&

Smith

plc

71,984‌

9,715

Hochschild

Mining

plc

59,696‌

9,462

Hudbay

Minerals,

Inc.

223,456‌

19,832

IAMGOLD

Corp.*

314,800‌

9,517

IGO,

Ltd.*

48,861‌

11,751

Iluka

Resources,

Ltd.

57,955‌

10,231

Imdex,

Ltd.

28,944‌

1,991

Imperial

Metals

Corp.*

8,691‌

9,717

Ivanhoe

Mines,

Ltd.,

Class

A*

76,127‌

8,000

JFE

Holdings,

Inc.

77,065‌

50,009

Jupiter

Mines,

Ltd.

9,360‌

630

JX

Advanced

Metals

Corp.

17,429‌

9,836

K92

Mining,

Inc.*

154,396‌

10,422

Kinross

Gold

Corp.

246,788‌

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

13,800

Kobe

Steel,

Ltd.

$

159,701‌

1,000

Kurimoto,

Ltd.

8,531‌

1,000

Kyoei

Steel,

Ltd.

10,713‌

2,000

Labrador

Iron

Ore

Royalty

Corp.

39,348‌

2,100

Largo,

Inc.*

1,303‌

14,207

Lucara

Diamond

Corp.*

1,503‌

1,594

Lundin

Gold,

Inc.

86,000‌

5,207

Lundin

Mining

Corp.

126,898‌

332

Lunr

Royalties

Corp.*

4,425‌

2,387

Lynas

Rare

Earths,

Ltd.*

29,903‌

48,387

Macmahon

Holdings,

Ltd.

32,042‌

3,114

Major

Drilling

Group

International,

Inc.*

33,092‌

7,800

Maruichi

Steel

Tube,

Ltd.

90,354‌

48,808

Metals

X,

Ltd.*

44,913‌

27,183

MGX

Resources,

Ltd.*

6,581‌

176,000

Midas

Holdings,

Ltd.*

(b)

—‌

2,456

Mineral

Resources,

Ltd.*

106,250‌

3,400

Mitsubishi

Materials

Corp.

91,634‌

500

Mitsubishi

Steel

Manufacturing

Co.,

Ltd.

6,660‌

700

Mitsui

Kinzoku

Co.,

Ltd.

187,456‌

30,000

Mongolian

Mining

Corp.*

23,848‌

1,800

Nakayama

Steel

Works,

Ltd.

6,675‌

2,200

Neturen

Co.,

Ltd.

17,434‌

35,440

Nickel

Industries,

Ltd.*

23,217‌

6,200

Nippon

Denko

Co.,

Ltd.

16,740‌

2,700

Nippon

Light

Metal

Holdings

Co.,

Ltd.

45,722‌

32,875

Nippon

Steel

Corp.

108,900‌

130

Nippon

Yakin

Kogyo

Co.,

Ltd.

3,754‌

1,500

Nittetsu

Mining

Co.,

Ltd.

21,612‌

2,014

Norsk

Hydro

ASA

18,160‌

17,688

Northern

Star

Resources,

Ltd.

232,913‌

11,709

OceanaGold

Corp.

293,530‌

21,175

OM

Holdings,

Ltd.

3,377‌

1,304

OR

Royalties,

Inc.

41,297‌

19,890

Ora

Banda

Mining,

Ltd.*

14,554‌

500

Osaka

Steel

Co.,

Ltd.*

7,044‌

1,400

OSAKA

Titanium

Technologies

Co.,

Ltd.

23,770‌

9,047

Outokumpu

Oyj

52,163‌

900

Pacific

Metals

Co.,

Ltd.

12,125‌

53,360

Pan

African

Resources

plc

68,009‌

3,938

Pan

American

Silver

Corp.

176,559‌

33,353

Perenti,

Ltd.

51,742‌

51,864

Perseus

Mining,

Ltd.

172,882‌

11,976

PLS

Group,

Ltd.*

41,916‌

46,182

Ramelius

Resources,

Ltd.

93,731‌

37,118

Regis

Resources,

Ltd.

155,331‌

70,587

Resolute

Mining,

Ltd.*

46,315‌

3,187

Rio

Tinto

plc

301,380‌

1,422

Rio

Tinto

plc,

ADR

134,990‌

4,730

Rio

Tinto,

Ltd.

563,101‌

997

Salzgitter

AG

51,331‌

19,433

Sandfire

Resources,

Ltd.*

261,052‌

1,200

Seabridge

Gold,

Inc.*

30,971‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

28

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

3,431

Sims,

Ltd.

$

65,220‌

56,381

South32,

Ltd.

151,586‌

2,078

SSAB

AB,

Class

A

19,276‌

8,788

SSAB

AB,

Class

B

81,309‌

5,949

SSR

Mining,

Inc.*

168,221‌

39,661

St

Barbara,

Ltd.*

12,666‌

15,147

Stanmore

Resources,

Ltd.

24,493‌

4,892

Straits

Trading

Co.,

Ltd.

6,175‌

2,400

Sumitomo

Metal

Mining

Co.,

Ltd.

112,168‌

37,895

Syrah

Resources,

Ltd.*

2,764‌

6,038

Teck

Resources,

Ltd.,

Class

B

359,657‌

15,172

thyssenkrupp

AG

180,419‌

700

Toho

Zinc

Co.,

Ltd.*

3,396‌

300

Tokyo

Rope

Manufacturing

Co.,

Ltd.

3,583‌

2,300

Tokyo

Steel

Manufacturing

Co.,

Ltd.

23,915‌

1,200

Tokyo

Tekko

Co.,

Ltd.

13,503‌

100

Topy

Industries,

Ltd.

1,676‌

3,585

Torex

Gold

Resources,

Inc.

142,707‌

4,474

Trekor

Metals,

Ltd.*

30,855‌

969

Trevali

Mining

Corp.*

(b)

—‌

700

Triple

Flag

Precious

Metals

Corp.

20,974‌

3,573

Tubacex

SA^

13,689‌

6,800

UACJ

Corp.

106,772‌

28,821

Vault

Minerals,

Ltd.

83,380‌

2,097

Victoria

Gold

Corp.*

—‌

2,734

voestalpine

AG

127,751‌

2,068

Vulcan

Steel,

Ltd.

7,311‌

5,500

Wesdome

Gold

Mines,

Ltd.*

94,440‌

54,361

West

African

Resources,

Ltd.*

100,944‌

43,691

Westgold

Resources,

Ltd.

142,571‌

416

Wheaton

Precious

Metals

Corp.

46,801‌

600

Yamato

Kogyo

Co.,

Ltd.

45,100‌

4,000

Yodoko,

Ltd.

31,643‌

17,176,073‌

Multi-Utilities

(1.0%):

64,938

A2A

SpA

167,693‌

1,540

ACEA

SpA

38,216‌

7,439

AGL

Energy,

Ltd.

42,951‌

3,800

Algonquin

Power

&

Utilities

Corp.^

22,348‌

5,995

Algonquin

Power

&

Utilities

Corp.,

ADR^

35,131‌

1,724

Atco,

Ltd.,

Class

I

90,084‌

1,866

Canadian

Utilities,

Ltd.,

Class

A

69,371‌

66,444

Centrica

plc

150,557‌

21,875

E.ON

SE

451,290‌

29,538

Engie

SA

931,300‌

29,629

Hera

SpA

123,625‌

15,986

Iren

SpA

45,264‌

18,281

National

Grid

plc

302,620‌

388

National

Grid

plc,

ADR,

ADR

32,154‌

9,377

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

40,461‌

18,300

Sembcorp

Industries,

Ltd.^

90,157‌

2,957

Telecom

Plus

plc

29,138‌

Shares

Value

Common

Stocks,

continued

Multi-Utilities,

continued

5,516

Veolia

Environnement

SA

$

229,724‌

2,892,084‌

Office

REITs

(0.0%

†

):

5,187

Helical

plc

13,246‌

Oil,

Gas

&

Consumable

Fuels

(5.7%):

7,481

Advantage

Energy,

Ltd.*

54,389‌

5,553

Aker

BP

ASA

168,967‌

15,563

Amplitude

Energy,

Ltd.*

13,787‌

3,770

Ampol,

Ltd.

85,476‌

14,756

ARC

Resources,

Ltd.

310,083‌

507

Ashdod

Refinery,

Ltd.*

17,222‌

17,909

Athabasca

Oil

Corp.*

129,067‌

19,094

Baytex

Energy

Corp.

76,613‌

58,994

Beach

Energy,

Ltd.

34,705‌

7,041

Birchcliff

Energy,

Ltd.

30,734‌

351

BLUENORD

ASA*

17,586‌

12,929

Bollore

SE^

59,948‌

2,100

Bonterra

Energy

Corp.*

8,071‌

6,703

Boss

Energy,

Ltd.*

4,753‌

15,890

BP

plc,

ADR

587,136‌

151,966

BP

plc

935,092‌

173,000

Brightoil

Petroleum

Holdings,

Ltd.*

(b)

—‌

3,350

BW

LPG,

Ltd.

(a)

58,273‌

379

Cameco

Corp.,

ADR

38,605‌

1,527

Canacol

Energy,

Ltd.*

—‌

3,514

Canadian

Natural

Resources,

Ltd.

139,063‌

13,764

Canadian

Natural

Resources,

Ltd.,

ADR

543,678‌

4,612

Cardinal

Energy,

Ltd.^

35,417‌

15,369

Cenovus

Energy,

Inc.

381,380‌

2,956

Cenovus

Energy,

Inc.,

ADR

73,338‌

8,421

Channel

Infrastructure

NZ,

Ltd.

15,305‌

13,100

China

Aviation

Oil

Singapore

Corp.,

Ltd.

18,578‌

2,622

CMB

Tech

NV

36,989‌

1,031

CMB

Tech

NV,

ADR

14,424‌

3,800

Cosmo

Energy

Holdings

Co.,

Ltd.

88,354‌

7,840

Deep

Yellow,

Ltd.*

7,655‌

264

Delek

Group,

Ltd.

67,347‌

2,097

Diversified

Energy

Co.

28,455‌

5,671

DNO

ASA

9,311‌

4,023

Enbridge,

Inc.

218,087‌

5,285

Enbridge,

Inc.,

ADR

286,630‌

24,100

ENEOS

Holdings,

Inc.

177,428‌

5,890

Energean

plc

53,394‌

11,914

Eni

SpA

278,653‌

28,229

EnQuest

plc

8,229‌

9,360

Equinor

ASA

294,203‌

201

Equital,

Ltd.*

7,030‌

968

Etablissements

Maurel

et

Prom

SA

8,504‌

762

FLEX

LNG,

Ltd.*^

21,382‌

4,800

Freehold

Royalties,

Ltd.^

54,597‌

420

Friedrich

Vorwerk

Group

SE

32,350‌

2,118

Frontera

Energy

Corp.

12,710‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

29

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

498

Frontline

plc

$

17,283‌

11,493

Galp

Energia

SGPS

SA

244,669‌

1,292

Gaztransport

Et

Technigaz

SA

273,630‌

6,249

Genel

Energy

plc*

4,326‌

6,350

Gibson

Energy,

Inc.^

128,648‌

5,883

Gulf

Keystone

Petroleum,

Ltd.

13,697‌

3,092

Hafnia,

Ltd.

20,166‌

5,124

Harbour

Energy

plc

14,433‌

9,800

Headwater

Exploration,

Inc.

81,753‌

9,700

Idemitsu

Kosan

Co.,

Ltd.

71,253‌

1,473

Imperial

Oil,

Ltd.

165,426‌

14,900

Inpex

Corp.

300,258‌

2,823

International

Petroleum

Corp.

Stockholm*

61,495‌

2,244

International

Petroleum

Corp.

Toronto*

48,770‌

4,920

Ithaca

Energy

PLC

14,047‌

2,400

Itochu

Enex

Co.,

Ltd.

29,461‌

6,600

Iwatani

Corp.

77,106‌

3,100

Japan

Petroleum

Exploration

Co.,

Ltd.

30,195‌

2,500

Journey

Energy,

Inc.*

7,210‌

34,924

Karoon

Energy,

Ltd.

34,819‌

6,400

Kelt

Exploration,

Ltd.*

39,489‌

5,450

Keyera

Corp.

218,945‌

1,478

Koninklijke

Vopak

NV

76,933‌

10,558

Meren

Energy,

Inc.

14,369‌

1,700

Mitsuuroko

Group

Holdings

Co.,

Ltd.

20,500‌

3,760

Neste

Oyj

122,217‌

21,426

New

Hope

Corp.,

Ltd.

79,076‌

64,000

NewOcean

Energy

Holdings,

Ltd.*

(b)

—‌

134

North

Atlantic

Energies

6,731‌

2,800

Obsidian

Energy,

Ltd.*

22,924‌

62,710

Oil

Refineries,

Ltd.

33,204‌

771

Okeanis

Eco

Tankers

Corp.

(a)

38,097‌

4,510

OMV

AG

282,913‌

1,541

Ovintiv,

Inc.

81,163‌

4,512

Paladin

Energy,

Ltd.*

29,374‌

5,770

Panoro

Energy

ASA*

14,910‌

3,407

Paramount

Resources,

Ltd.,

Class

A

65,204‌

1,973

Parex

Resources,

Inc.

29,760‌

326

Paz

Retail

And

Energy,

Ltd.

86,866‌

6,336

Pembina

Pipeline

Corp.

293,187‌

1,584

Pembina

Pipeline

Corp.,

ADR

73,260‌

8,660

Peyto

Exploration

&

Development

Corp.^

144,486‌

12,892

Pharos

Energy

plc

4,221‌

10,900

Pine

Cliff

Energy,

Ltd.

4,381‌

2,832

PrairieSky

Royalty,

Ltd.

63,386‌

15,138

Repsol

SA^

376,828‌

1,600

Sala

Corp.

10,579‌

2,300

San-Ai

Obbli

Co.,

Ltd.

29,622‌

61,022

Santos,

Ltd.

302,894‌

7,382

Secure

Waste

Infrastructure

Corp.^

115,355‌

8,575

Serica

Energy

plc

24,647‌

51,129

Shell

plc

1,980,083‌

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

4,447

South

Bow

Corp.^

$

156,669‌

363

South

Bow

Corp.,

ADR

12,792‌

2,000

Spartan

Delta

Corp.*

16,148‌

487

Strathcona

Resources,

Ltd.

12,937‌

11,312

Suncor

Energy,

Inc.

608,635‌

9,010

Suncor

Energy,

Inc.,

ADR

483,657‌

1,448

Sunococorp

LLC

97,986‌

1,871

Surge

Energy,

Inc.

12,178‌

1,411

Tamar

Petroleum,

Ltd.

(a)

11,395‌

23,200

Tamarack

Valley

Energy,

Ltd.

202,372‌

972

TC

Energy

Corp.

64,375‌

1,817

TC

Energy

Corp.,

ADR

120,449‌

670

Tidewater

Midstream

And

Infrastructure,

Ltd.*

7,999‌

2,100

Topaz

Energy

Corp.

44,100‌

1,569

TORM

plc,

Class

A

40,428‌

17,634

TotalEnergies

SE

1,369,709‌

6,452

Tourmaline

Oil

Corp.

269,800‌

64,721

Tullow

Oil

plc*

9,929‌

2,990

Var

Energi

ASA

12,353‌

542

Verbio

SE*

18,452‌

2,297

Vermilion

Energy,

Inc.

21,494‌

35,940

Viva

Energy

Group,

Ltd.

(a)

51,275‌

40,866

Whitecap

Resources,

Inc.

424,481‌

9,220

Whitecap

Resources,

Inc.,

ADR

95,704‌

24,779

Whitehaven

Coal,

Ltd.

130,458‌

28,199

Woodside

Energy

Group,

Ltd.

545,822‌

10,322

Yancoal

Australia,

Ltd.

39,060‌

16,747,904‌

Paper

&

Forest

Products

(0.3%):

800

Acadian

Timber

Corp.

9,985‌

1,498

Canfor

Corp.*

14,240‌

168

CPH

Group

AG

11,482‌

2,200

Daio

Paper

Corp.

12,445‌

1,086

Ence

Energia

y

Celulosa

SA*^

2,845‌

2,900

Hokuetsu

Corp.

15,655‌

807

Holmen

AB,

B

Shares

25,366‌

539

Iberpapel

Gestion

SA

11,364‌

2,427

Interfor

Corp.*

22,334‌

7,920

Mondi

plc

71,905‌

2,362

Navigator

Co.

SA

(The)^

8,708‌

4,800

Nippon

Paper

Industries

Co.,

Ltd.

37,687‌

21,500

Oji

Holdings

Corp.

105,271‌

770

Semapa-Sociedade

de

Investimento

e

Gestao

17,868‌

1,107

Stella-Jones,

Inc.

61,185‌

13,685

Stora

Enso

Oyj,

Class

R

146,012‌

7,679

Svenska

Cellulosa

AB

SCA,

Class

B

78,546‌

1,800

Tokushu

Tokai

Paper

Co.,

Ltd.

20,693‌

10,276

UPM-Kymmene

Oyj

272,567‌

1,061

West

Fraser

Timber

Co.,

Ltd.

71,819‌

820

Western

Forest

Products,

Inc.*

10,223‌

1,028,200‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

30

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Passenger

Airlines

(0.3%):

3,316

Air

Canada*

$

57,851‌

1,552

Air

France-KLM*

24,297‌

80,763

Air

New

Zealand,

Ltd.

20,275‌

1,100

ANA

Holdings,

Inc.

20,149‌

47,347

Cathay

Pacific

Airways,

Ltd.

78,857‌

7,555

Deutsche

Lufthansa

AG,

Registered

Shares

86,437‌

5,559

easyJet

plc

41,223‌

7,034

El

Al

Israel

Airlines

35,110‌

1,028

Exchange

Income

Corp.

95,913‌

5,300

Japan

Airlines

Co.,

Ltd.

93,407‌

2,549

JET2

plc

43,707‌

6,981

Qantas

Airways,

Ltd.

51,683‌

30,900

Singapore

Airlines,

Ltd.

184,267‌

833,176‌

Personal

Care

Products

(0.5%):

1,685

Beiersdorf

AG^

145,033‌

838

Intercos

SpA

12,414‌

744

Interparfums

SA

21,575‌

1,114

Jamieson

Wellness,

Inc.

(a)

32,742‌

7,600

Kao

Corp.

150,677‌

300

Kose

Holdings

Corp.

9,294‌

982

L'Oreal

SA

430,796‌

1,000

Milbon

Co.,

Ltd.

16,402‌

600

Noevir

Holdings

Co.,

Ltd.

16,201‌

161

Pharmanutra

SpA

16,134‌

5,635

PZ

Cussons

plc

7,789‌

3,000

Rohto

Pharmaceutical

Co.,

Ltd.

44,078‌

3,400

Shiseido

Co.,

Ltd.

54,987‌

8,801

Unilever

plc,

ADR

529,116‌

1,487,238‌

Pharmaceuticals

(4.8%):

1,266

ALK-Abello

A/S

47,306‌

730

Almirall

SA

9,395‌

800

ASKA

Pharmaceutical

Holdings

Co.,

Ltd.

11,397‌

28,500

Astellas

Pharma,

Inc.

383,184‌

6,024

AstraZeneca

plc

1,126,754‌

2,815

AstraZeneca

plc,

ADR

533,780‌

49

Aurora

Cannabis,

Inc.*

136‌

3,586

Bausch

Health

Cos.,

Inc.*

17,676‌

1,145

Bausch

Health

Cos.,

Inc.,

ADR*

5,645‌

22,998

Bayer

AG,

Registered

Shares

1,271,317‌

298

Boiron

SA

9,433‌

129

Camurus

AB*

7,535‌

90

Canopy

Growth

Corp.*

88‌

4,400

Chugai

Pharmaceutical

Co.,

Ltd.

203,735‌

207

Cosmo

NV

17,061‌

1,700

Cronos

Group,

Inc.*

4,726‌

9,600

Daiichi

Sankyo

Co.,

Ltd.

154,074‌

2,060

Daito

Pharmaceutical

Co.,

Ltd.

15,594‌

50

Dermapharm

Holding

SE

2,694‌

1,900

Eisai

Co.,

Ltd.

48,021‌

192

Euroapi

SA*

293‌

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

5,156

Faes

Farma

SA

$

27,050‌

700

Fuji

Pharma

Co.,

Ltd.

8,604‌

500

Fuso

Pharmaceutical

Industries,

Ltd.

6,462‌

458

Galderma

Group

AG*

104,176‌

11,310

GSK

plc,

ADR

592,870‌

14,025

GSK

plc

367,934‌

10,077

H

Lundbeck

A/S

65,581‌

2,536

H

Lundbeck

A/S,

Class

A

14,197‌

66,133

Haleon

plc

305,102‌

3,600

Haw

Par

Corp.,

Ltd.

44,262‌

2,599

Hikma

Pharmaceuticals

plc

52,320‌

1,245

Ipsen

SA

240,157‌

1,100

Kaken

Pharmaceutical

Co.,

Ltd.

25,977‌

1,000

Kissei

Pharmaceutical

Co.,

Ltd.

24,986‌

2,747

Knight

Therapeutics,

Inc.*

19,080‌

800

Kyorin

Pharmaceutical

Co.,

Ltd.

5,684‌

3,000

Kyowa

Kirin

Co.,

Ltd.

47,924‌

363

Laboratorios

Farmaceuticos

Rovi

SA

24,009‌

4,918

Mayne

Pharma

Group,

Ltd.*

9,528‌

701

Merck

KGaA

117,634‌

1,000

Mochida

Pharmaceutical

Co.,

Ltd.

19,563‌

2,142

Neuren

Pharmaceuticals,

Ltd.*

26,484‌

2,000

Nippon

Shinyaku

Co.,

Ltd.

49,512‌

4,406

Novartis

AG,

ADR

690,508‌

10,301

Novartis

AG,

Registered

Shares

1,613,405‌

21,389

Novo

Nordisk

A/S,

Class

B

1,026,235‌

1,600

Nxera

Pharma

Co.,

Ltd.*

9,822‌

3,900

Ono

Pharmaceutical

Co.,

Ltd.

57,425‌

5,000

Organigram

Global,

Inc.*^

5,095‌

751

Orion

Oyj,

Class

A

61,553‌

3,926

Orion

Oyj,

Class

B

322,981‌

3,600

Otsuka

Holdings

Co.,

Ltd.

238,473‌

2,135

Recordati

Industria

Chimica

e

Farmaceutica

SpA

125,150‌

4,512

Roche

Holding

AG

1,857,701‌

213

Roche

Holding

AG,

Class

BR

89,471‌

933

Salix

Group

AB*

6,150‌

4,874

Sandoz

Group

AG

440,560‌

5,313

Sanofi

SA

453,971‌

5,200

Santen

Pharmaceutical

Co.,

Ltd.

67,945‌

2,500

Sawai

Group

Holdings

Co.,

Ltd.

25,988‌

1,300

Seikagaku

Corp.

5,752‌

3,800

Shionogi

&

Co.,

Ltd.

65,024‌

2,832

SNDL,

Inc.*

3,823‌

1,800

Sumitomo

Pharma

Co.,

Ltd.*

16,543‌

8,800

Takeda

Pharmaceutical

Co.,

Ltd.

277,854‌

2,648

Teva

Pharmaceutical

Industries,

Ltd.*

89,138‌

3,966

Teva

Pharmaceutical

Industries,

Ltd.,

ADR*

134,368‌

1,200

Towa

Pharmaceutical

Co.,

Ltd.

28,045‌

1,300

Tsumura

&

Co.

29,685‌

1,354

UCB

SA

405,397‌

48,000

United

Laboratories

International

Holdings,

Ltd.

(The)

51,721‌

166

Vetoquinol

SA

13,450‌

98

Virbac

SACA

37,240‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

31

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

1,100

ZERIA

Pharmaceutical

Co.,

Ltd.

$

13,826‌

14,333,239‌

Professional

Services

(1.2%):

4,278

Adecco

Group

AG

78,952‌

2,453

AFRY

AB

26,438‌

4,471

ALS,

Ltd.

71,153‌

2,310

Altech

Corp.

10,825‌

203

Amadeus

Fire

AG*

4,537‌

1,079

Arcadis

NV

41,476‌

1,900

BayCurrent,

Inc.

70,794‌

1,800

Bell

System24

Holdings,

Inc.

15,015‌

372

Bertrandt

AG*

3,777‌

7,369

Bureau

Veritas

SA

225,716‌

1,774

Capita

plc*

6,458‌

5,418

Computershare,

Ltd.

143,788‌

700

Creek

&

River

Co.,

Ltd.

5,687‌

141

Danel

Adir

Yeoshua,

Ltd.

21,617‌

1,400

dip

Corp.

16,055‌

900

EJ

Holdings,

Inc.

8,956‌

900

en,

Inc.,

Japan

6,316‌

9,546

Experian

plc

320,951‌

1,200

FULLCAST

Holdings

Co.,

Ltd.

11,156‌

3,000

Funai

Soken

Holdings,

Inc.

19,690‌

175

Groupe

Crit

SA

10,357‌

35,410

Hays

plc

14,645‌

349

Hilan,

Ltd.

22,546‌

10,200

Infomart

Corp.

24,192‌

1,600

Insource

Co.,

Ltd.

6,023‌

2,958

Intertek

Group

plc

227,877‌

5,324

IPH,

Ltd.

14,267‌

300

IR

Japan

Holdings,

Ltd.

1,309‌

4,000

JAC

Recruitment

Co.,

Ltd.

21,063‌

1,000

LIKE,

Inc.

9,068‌

1,000

Management

Solutions

Co.,

Ltd.

8,024‌

1,344

McMillan

Shakespeare,

Ltd.^

18,169‌

2,700

MEITEC

Group

Holdings,

Inc.

51,671‌

1,900

Open

Up

Group,

Inc.

22,452‌

9,157

Pagegroup

plc

12,919‌

1,400

Pasona

Group,

Inc.

12,951‌

43,400

Persol

Holdings

Co.,

Ltd.

66,101‌

2,100

Quick

Co.,

Ltd.

9,310‌

2,226

Randstad

NV

64,149‌

9,100

Recruit

Holdings

Co.,

Ltd.

633,504‌

1,821

RELX

plc,

ADR

57,671‌

6,345

RELX

plc

199,818‌

3,902

Robert

Walters

plc*

4,349‌

10,192

RWS

Holdings

plc

9,644‌

3,490

SGS

SA,

Registered

Shares

404,564‌

2,600

SIGMAXYZ

Holdings,

Inc.

8,592‌

1,501

SmartGroup

Corp.,

Ltd.

13,308‌

2,900

SMS

Co.,

Ltd.

39,937‌

3,200

S-Pool,

Inc.

5,076‌

4,264

SThree

plc

8,957‌

1,633

Talenom

OYJ

2,132‌

1,100

Tanseisha

Co.,

Ltd.

9,272‌

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

1,195

Teleperformance

SE^

$

62,798‌

579

Thomson

Reuters

Corp.

47,297‌

288

Thomson

Reuters

Corp.,

ADR

23,521‌

1,000

TKC

Corp.

21,007‌

1,200

Transcosmos,

Inc.

26,534‌

16,500

UT

Group

Co.,

Ltd.

17,624‌

700

Visional,

Inc.*

33,580‌

800

WDB

Holdings

Co.,

Ltd.

8,570‌

1,200

Weathernews,

Inc.

14,806‌

2,443

Wolters

Kluwer

NV

157,881‌

3,536,892‌

Real

Estate

Management

&

Development

(1.9%):

183

AFI

Properties,

Ltd.*

11,921‌

65

Africa

Israel

Residences,

Ltd.

4,746‌

1

Airport

City,

Ltd.*

13‌

2,300

Airport

Facilities

Co.,

Ltd.

13,162‌

664

Allreal

Holding

AG,

Registered

Shares

174,213‌

2,672

Alony

Hetz

Properties

&

Investments,

Ltd.

29,815‌

492

Alrov

Properties

and

Lodgings,

Ltd.

44,604‌

1,983

Altra

Fastigheter

AB

14,140‌

100

Altus

Group,

Ltd.

3,177‌

2,393

Amot

Investments,

Ltd.

14,927‌

3,174

Annehem

Fastigheter

AB,

Class

B*

5,452‌

300

Aoyama

Zaisan

Networks

Co.,

Ltd.

2,313‌

264

Argo

Properties

NV*

11,861‌

18,993

Aroundtown

SA*

50,400‌

3,508

Atrium

Ljungberg

AB,

B

Shares

9,520‌

77

Azrieli

Group,

Ltd.

10,488‌

110

Big

Shopping

Centers,

Ltd.

25,004‌

116

Blue

Square

Real

Estate,

Ltd.

12,677‌

1,139

BRANICKS

Group

AG*

1,334‌

3,700

Bukit

Sembawang

Estates,

Ltd.

13,544‌

376

CA

Immobilien

Anlagen

AG

9,798‌

31,443

Capitaland

India

Trust

24,879‌

40,500

CapitaLand

Investment,

Ltd.

78,212‌

3,868

Castellum

AB

50,808‌

781

Catena

AB

33,545‌

3,021

Cedar

Woods

Properties,

Ltd.

14,508‌

218

Cham

Swiss

Properties

AG

6,370‌

18,000

Chinese

Estates

Holdings,

Ltd.

2,412‌

44,000

Chuang's

Consortium

International,

Ltd.*

1,459‌

851

Cibus

Nordic

Real

Estate

AB

(publ)

12,960‌

17,200

City

Developments,

Ltd.

103,687‌

24,175

CK

Asset

Holdings,

Ltd.

136,837‌

840

Colliers

International

Group,

Inc.

78,835‌

127

Colliers

International

Group,

Inc.,

ADR

11,911‌

725

CPI

Europe

AG*

12,743‌

476,000

CSI

Properties,

Ltd.*

11,309‌

2,686

CTP

NV

(a)

49,029‌

4,900

Daito

Trust

Construction

Co.,

Ltd.

93,470‌

10,000

Daiwa

House

Industry

Co.,

Ltd.

270,743‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

32

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

1,800

Dear

Life

Co.,

Ltd.

$

11,294‌

478

Deutsche

EuroShop

AG

9,591‌

1,307

Deutsche

Wohnen

SE

27,959‌

2,651

Dios

Fastigheter

AB

17,548‌

800

DREAM

Unlimited

Corp.,

Class

A

11,113‌

3,016

Eastnine

AB

13,990‌

1,172

Entra

ASA

(a)

12,508‌

2,467

Fabege

AB

18,913‌

91,904

Far

East

Consortium

International,

Ltd.*

7,854‌

5,271

Fastighets

AB

Balder,

B

Shares*

28,129‌

168

Fastighetsbolaget

Emilshus

AB,

Class

B*

953‌

862

FastPartner

AB,

Class

A

3,384‌

100

FirstService

Corp.

14,221‌

436

FirstService

Corp.,

ADR

61,960‌

11,092

Foxtons

Group

plc

6,613‌

16,000

Frasers

Property,

Ltd.

13,250‌

600

Goldcrest

Co.,

Ltd.

12,046‌

26,076

Grainger

plc

58,742‌

10,516

Great

Eagle

Holdings,

Ltd.

19,705‌

6,700

GuocoLand,

Ltd.

11,042‌

28,000

Hang

Lung

Group,

Ltd.

44,807‌

37,486

Hang

Lung

Properties,

Ltd.

33,049‌

7,709

Harworth

Group

plc

12,247‌

17,706

Henderson

Land

Development

Co.,

Ltd.

56,190‌

86

Hiag

Immobilien

Holding

AG

14,432‌

37,840

HKR

International,

Ltd.*

4,747‌

9,400

Ho

Bee

Land,

Ltd.

14,855‌

18,500

Hong

Fok

Corp.,

Ltd.

13,416‌

18,600

Hongkong

Land

Holdings,

Ltd.

133,094‌

2,049

Hufvudstaden

AB,

Class

A

25,283‌

8,300

Hulic

Co.,

Ltd.

86,583‌

11,000

Hysan

Development

Co.,

Ltd.

23,234‌

151

IES

Holdings,

Ltd.*

35,753‌

242

Immobel

SA*

6,472‌

700

Information

Services

Corp.,

Class

A

25,175‌

1,430

Instone

Real

Estate

Group

SE

(a)

12,189‌

11,338

International

Workplace

Group

plc

27,841‌

145

Intershop

Holding

AG

30,972‌

164

Investis

Holding

SA

31,063‌

1,643

Israel

Canada

T.R,

Ltd.

9,729‌

59

Isras

Investment

Co.,

Ltd.

16,677‌

348

Jeudan

A/S

10,963‌

800

JINUSHI

Co.,

Ltd.

14,165‌

25,000

K.

Wah

International

Holdings,

Ltd.

6,167‌

1,700

Katitas

Co.,

Ltd.

34,858‌

2,400

Keihanshin

Building

Co.,

Ltd.

16,001‌

16,225

Kerry

Properties,

Ltd.

37,431‌

2,347

K-fast

Holding

AB,

Class

B*

2,425‌

28,863

Kowloon

Development

Co.,

Ltd.

17,354‌

1,200

La

Holdings

Co.,

Ltd.

20,646‌

17,100

Lai

Sun

Development

Co.,

Ltd.*

1,557‌

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

759

Land

Development

Nimrodi

Group,

Ltd.

$

8,884‌

45,902

Langham

Hospitality

Investments

and

Langham

Hospitality

Investments,

Ltd.,

Class

SS

2,697‌

1,038

LEG

Immobilien

SE

65,535‌

21,734

Lendlease

Corp.,

Ltd.

48,736‌

4,300

Leopalace21

Corp.

17,204‌

3,878

Lifestyle

Communities,

Ltd.*

14,161‌

8,000

Liu

Chong

Hing

Investment,

Ltd.

4,360‌

4,644

LSL

Property

Services

plc

12,691‌

3,270

Lumo

Kodit

Oyj

27,749‌

100

Mainstreet

Equity

Corp.

11,991‌

353

Mega

Or

Holdings,

Ltd.

71,313‌

226

Melisron,

Ltd.

31,777‌

4,200

Mirarth

Holdings,

Inc.

10,366‌

2,300

Mitsubishi

Estate

Co.,

Ltd.

58,545‌

11,900

Mitsui

Fudosan

Co.,

Ltd.

109,644‌

9,306

Mivne

Real

Estate

KD,

Ltd.

40,705‌

298

Mobimo

Holding

AG,

Registered

Shares

128,144‌

100

Morguard

Corp.

8,774‌

51,087

New

World

Development

Co.,

Ltd.*

41,416‌

1,539

Nexity

SA*

13,811‌

1,700

Nisshin

Group

Holdings

Co.,

Ltd.

6,745‌

12,500

Nomura

Real

Estate

Holdings,

Inc.

71,791‌

844

NP3

Fastigheter

AB

23,213‌

17,900

OUE,

Ltd.

13,855‌

54,608

Oxley

Holdings,

Ltd.*

3,250‌

1,965

Pandox

AB,

Class

B

35,084‌

1,455

PATRIZIA

SE

12,819‌

11,336

Peet,

Ltd.

13,853‌

4,226

PEXA

Group,

Ltd.*

30,027‌

1,195

Platzer

Fastigheter

Holding

AB,

Class

B

8,447‌

32

Plazza

AG,

Registered

Shares

17,271‌

222

Prashkovsky

Investments

and

Construction,

Ltd.

11,319‌

1,027

PSP

Swiss

Property

AG,

Registered

Shares

183,153‌

3,100

Relo

Group,

Inc.

38,057‌

1,892

Sagax

AB,

Class

B

30,110‌

22,824

Samhallsbyggnadsbolaget

i

Norden

AB*^

8,312‌

3,634

Savills

plc

41,176‌

1,875

Selvaag

Bolig

ASA

6,329‌

3,363

Servcorp,

Ltd.

15,288‌

70,000

Shun

Tak

Holdings,

Ltd.*

4,562‌

41,933

Sino

Land

Co.,

Ltd.

55,175‌

5,000

Soundwill

Holdings,

Ltd.

3,953‌

200

SRE

Holdings

Corp.

2,901‌

1,400

Starts

Corp.,

Inc.

39,027‌

716

Stendorren

Fastigheter

AB,

Class

B*

12,931‌

5,367

StorageVault

Canada,

Inc.

17,636‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

33

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

3,000

Sumitomo

Realty

&

Development

Co.,

Ltd.

$

69,027‌

1,493

Summit

Real

Estate

Holdings,

Ltd.

23,863‌

300

Sun

Frontier

Fudousan

Co.,

Ltd.

4,491‌

7,921

Sun

Hung

Kai

Properties,

Ltd.

114,156‌

10,000

Swire

Properties,

Ltd.

26,287‌

2,489

Swiss

Prime

Site

AG,

Registered

Shares

406,308‌

4,836

TAG

Immobilien

AG

77,976‌

21,000

TAI

Cheung

Holdings,

Ltd.

8,998‌

2,900

TOC

Co.,

Ltd.

17,045‌

5,300

Tokyo

Tatemono

Co.,

Ltd.

107,313‌

15,100

Tokyu

Fudosan

Holdings

Corp.

120,273‌

1,800

Tosei

Corp.

18,749‌

213

UBM

Development

AG*

4,150‌

12,900

UOL

Group,

Ltd.

95,283‌

409

VGP

NV

39,393‌

7,651

Vonovia

SE

188,767‌

5,039

Wallenstam

AB,

B

Shares

20,466‌

7

Warteck

Invest

AG,

Registered

Shares

17,027‌

6,203

Watkin

Jones

plc*

1,525‌

22,829

Wharf

Real

Estate

Investment

Co.,

Ltd.

62,543‌

3,217

Wihlborgs

Fastigheter

AB

24,964‌

7,300

Wing

Tai

Holdings,

Ltd.

8,687‌

16,000

Wing

Tai

Properties,

Ltd.

4,080‌

148

YH

Dimri

Construction

&

Development,

Ltd.

17,869‌

13

Zug

Estates

Holding

AG,

Class

B

33,799‌

5,584,842‌

Residential

REITs

(0.0%

†

):

1

REIT

Azorim

Hf

Living,

Ltd.*

1‌

Retail

REITs

(0.0%

†

):

13,324

Investore

Property,

Ltd.

7,865‌

Semiconductors

&

Semiconductor

Equipment

(3.6%):

4,600

Advantest

Corp.

935,154‌

8,383

AEM

Holdings,

Ltd.

69,856‌

1,944

ams-OSRAM

AG*

42,053‌

375

ASM

International

NV

429,228‌

1,128

ASML

Holding

NV

2,236,910‌

1,184

ASML

Holding

NV,

NYS,

NYS

2,355,497‌

3,319

ASMPT,

Ltd.

102,416‌

436

BE

Semiconductor

Industries

NV

143,155‌

156

Camtek,

Ltd.*

24,732‌

600

Disco

Corp.

304,969‌

189

Elmos

Semiconductor

SE

38,965‌

1,700

Ferrotec

Corp.

101,321‌

4,024

Infineon

Technologies

AG

375,635‌

24,323

IQE

plc*

15,324‌

2,200

Japan

Material

Co.,

Ltd.

35,459‌

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

2,100

Kokusai

Electric

Corp.

$

143,398‌

500

Lasertec

Corp.

155,585‌

447

Melexis

NV

39,920‌

900

Micronics

Japan

Co.,

Ltd.

94,559‌

4,000

Mitsui

High-Tec,

Inc.

23,821‌

34

Nova,

Ltd.*

18,090‌

349

PVA

TePla

AG*

18,015‌

98

Qualitau,

Ltd.

15,417‌

4,500

Renesas

Electronics

Corp.

135,948‌

2,700

Rohm

Co.,

Ltd.

90,441‌

2,000

Rorze

Corp.

60,804‌

700

Sanken

Electric

Co.,

Ltd.*

49,722‌

2,000

SCREEN

Holdings

Co.,

Ltd.

223,591‌

2,000

Shibaura

Mechatronics

Corp.

57,913‌

300

Shindengen

Electric

Manufacturing

Co.,

Ltd.

7,057‌

597

Siltronic

AG*

55,611‌

3,500

Socionext,

Inc.

55,793‌

403

SOITEC*

54,125‌

6,865

STMicroelectronics

NV

512,570‌

4,100

SUMCO

Corp.

103,916‌

409

SUSS

MicroTec

SE

43,502‌

2,800

Tokyo

Electron,

Ltd.

1,354,187‌

700

Tokyo

Seimitsu

Co.,

Ltd.

88,528‌

1,200

Torex

Semiconductor,

Ltd.

19,293‌

168

Tower

Semiconductor,

Ltd.*

43,788‌

1,978

X-Fab

Silicon

Foundries

SE*

(a)

17,905‌

700

Yamaichi

Electronics

Co.,

Ltd.

41,912‌

10,736,085‌

Software

(0.7%):

36

accesso

Technology

Group

plc*

153‌

7,046

Alfa

Financial

Software

Holdings

plc

(a)

14,492‌

600

Alpha

Systems,

Inc.

12,212‌

339

Atoss

Software

SE

25,916‌

4,889

BlackBerry,

Ltd.*

61,746‌

10,781

Bravura

Solutions,

Ltd.

15,130‌

3,916

Bytes

Technology

Group

plc

19,634‌

1,500

Celsys,

Inc.

17,424‌

13,182

Cint

Group

AB*

8,038‌

500

Computer

Engineering

&

Consulting,

Ltd.

6,508‌

1,926

Computer

Modelling

Group,

Ltd.

4,862‌

101

Constellation

Software,

Inc.

190,163‌

1,200

Cybozu,

Inc.

16,716‌

1,168

Dassault

Systemes

SE

23,787‌

300

Descartes

Systems

Group,

Inc.

(The)*

20,781‌

564

Descartes

Systems

Group,

Inc.

(The),

ADR*

39,051‌

300

Digital

Arts,

Inc.

6,876‌

8,979

dotdigital

group

plc

5,026‌

989

Dye

&

Durham,

Ltd.*

962‌

1,633

Easor

OYJ*

1,063‌

1,000

Enghouse

Systems,

Ltd.

11,325‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

34

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Software,

continued

567

Fabasoft

AG

$

9,007‌

1,600

Fixstars

Corp.^

23,337‌

1,966

F-Secure

Oyj

4,630‌

2,775

GB

Group

plc

7,266‌

1,235

Gentrack

Group,

Ltd.*

2,729‌

5,283

Hansen

Technologies,

Ltd.

16,260‌

700

I'll,

Inc.

9,567‌

369

Init

Innovation

In

Traffic

Systems

Se

19,568‌

3,230

IRESS,

Ltd.

13,856‌

550

IVU

Traffic

Technologies

AG

12,758‌

800

Justsystems

Corp.

18,077‌

200

Kinaxis,

Inc.*

21,475‌

3,411

Lightspeed

Commerce,

Inc.*

35,719‌

314

Lime

Technologies

AB

6,416‌

36

Linedata

Services

1,691‌

3,655

LINK

Mobility

Group

Holding

ASA*

9,377‌

500

Miroku

Jyoho

Service

Co.,

Ltd.

5,349‌

2,800

m-up

Holdings,

Inc.

12,388‌

672

Nemetschek

SE

40,641‌

145

Nice,

Ltd.*

13,111‌

1,335

Objective

Corp.,

Ltd.

9,561‌

878

Octave

Intelligence

plc*

14,165‌

6,227

Open

Text

Corp.

137,836‌

896

Open

Text

Corp.,

ADR

19,846‌

600

Oracle

Corp.

30,696‌

3,833

Pinewood

Technologies

Group

plc*

13,528‌

1,000

Plus

Alpha

Consulting

Co.,

Ltd.

16,601‌

308

QT

Group

Oyj*

8,158‌

6,000

Rakus

Co.,

Ltd.^

35,091‌

11,134

Sage

Group

plc

(The)

120,557‌

1,527

SAP

SE

233,829‌

22,650

Sinch

AB*

(a)

88,741‌

500

SRA

Holdings

13,665‌

8,800

Systena

Corp.

21,543‌

1,187

TeamViewer

SE*

(a)

6,657‌

5,164

Technology

One,

Ltd.

105,830‌

1,437

Temenos

AG,

Registered

Shares

117,601‌

3,670

TomTom

NV*

19,482‌

2,000

Trend

Micro,

Inc.

74,264‌

9,354

Truecaller

AB,

Class

B

13,602‌

5,420

Vista

Group

International,

Ltd.*

7,226‌

778

Vitec

Software

Group

AB,

B

Shares

18,322‌

400

WingArc1st,

Inc.

5,786‌

871

WiseTech

Global,

Ltd.

20,164‌

1,457

Xero,

Ltd.*

73,221‌

2,011,059‌

Specialty

Retail

(1.4%):

1,200

ABC-Mart,

Inc.

20,671‌

16,866

Accent

Group,

Ltd.

8,314‌

13,426

Adairs,

Ltd.

13,610‌

900

Alpen

Co.,

Ltd.

11,343‌

1,300

and

ST

HD

Co.,

Ltd.

27,756‌

1,700

AOKI

Holdings,

Inc.

17,150‌

4,500

Aoyama

Trading

Co.,

Ltd.

19,071‌

1,470

ARCLANDS

Corp.

17,408‌

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

1,865

Aritzia,

Inc.*

$

205,675‌

2,500

Autobacs

Seven

Co.,

Ltd.

22,428‌

613

AutoCanada,

Inc.*

9,895‌

2,250

Autosports

Group,

Ltd.

2,720‌

3,578

Avolta

AG*

239,804‌

8,196

BHG

Group

AB*

18,424‌

2,300

Bic

Camera,

Inc.

23,390‌

2,768

Bilia

AB,

A

Shares

41,395‌

3,245

Byggmax

Group

AB

15,674‌

712

Carasso

Motors,

Ltd.

7,998‌

614

Card

Factory

plc

547‌

3,919

CECONOMY

AG*

18,535‌

14,275

Cettire,

Ltd.*

1,941‌

800

Chiyoda

Co.,

Ltd.

4,818‌

869

Clas

Ohlson

AB,

B

Shares

38,381‌

40,320

Currys

plc

85,368‌

4,700

DCM

Holdings

Co.,

Ltd.

44,161‌

928

Delek

Automotive

Systems,

Ltd.

5,033‌

7,507

DFS

Furniture

plc

13,652‌

291

Dor

Alon

Energy

in

Israel

1988,

Ltd.

17,613‌

4,223

Dunelm

Group

plc

44,084‌

5,339

Eagers

Automotive,

Ltd.

78,978‌

3,700

EDION

Corp.

51,322‌

1,595

Esprit

Holdings,

Ltd.*

90‌

1,200

Fast

Retailing

Co.,

Ltd.

613,769‌

567

Fielmann

Group

AG

27,728‌

617

Fnac

Darty

SA

24,321‌

138

Fox

Wizel,

Ltd.

13,104‌

4,126

Frasers

Group

plc*

39,371‌

1,200

Geo

Holdings

Corp.

14,887‌

100,000

Giordano

International,

Ltd.

17,345‌

424

Groupe

Dynamite,

Inc.

16,008‌

3,424

H

&

M

Hennes

&

Mauritz

AB,

Class

B^

58,922‌

10,860

Halfords

Group

plc

33,216‌

2,045

Hallenstein

Glasson

Holdings,

Ltd.

11,604‌

1,000

Honeys

Holdings

Co.,

Ltd.

8,566‌

485

Hornbach

Holding

AG

&

Co.

KGaA

43,501‌

7,100

Hour

Glass,

Ltd.

(The)

14,394‌

2,800

IDOM,

Inc.

23,566‌

5,471

Industria

de

Diseno

Textil

SA

344,777‌

3,000

Istyle,

Inc.

6,956‌

1,000

Jade

Group,

Inc.

9,523‌

1,330

JB

Hi-Fi,

Ltd.

73,929‌

69,594

JD

Sports

Fashion

plc

78,271‌

700

JINS

Holdings,

Inc.

34,727‌

1,500

Joshin

Corp.

36,265‌

1,900

Joyful

Honda

Co.,

Ltd.

26,451‌

2,166

Kamux

Corp.^

3,740‌

233

Kid

ASA

(a)

2,814‌

42,353

Kingfisher

plc

159,267‌

2,678

KMD

Brands,

Ltd.*^

2,823‌

900

Kohnan

Shoji

Co.,

Ltd.

23,285‌

600

Komeri

Co.,

Ltd.

13,138‌

3,300

K's

Holdings

Corp.

38,669‌

1,166

Leon's

Furniture,

Ltd.

19,585‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

35

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

1,809

Lovisa

Holdings,

Ltd.

$

29,796‌

9,000

Luk

Fook

Holdings

International,

Ltd.

25,488‌

394

Maisons

du

Monde

SA*

(a)

102‌

1,279

Matas

A/S^

17,178‌

450

Mobilezone

Holding

AG,

Registered

Shares

7,561‌

7,872

Moonpig

Group

plc

25,005‌

1,800

Nextage

Co.,

Ltd.

45,460‌

3,447

Nick

Scali,

Ltd.

39,167‌

400

Nishimatsuya

Chain

Co.,

Ltd.

4,802‌

7,400

Nitori

Holdings

Co.,

Ltd.

109,997‌

8,100

Nojima

Corp.

65,922‌

28,290

Oriental

Watch

Holdings

11,840‌

2,200

PAL

GROUP

Holdings

Co.,

Ltd.

19,937‌

1,951

Pet

Valu

Holdings,

Ltd.

25,287‌

10,167

Pets

at

Home

Group

plc

23,928‌

3,066

Premier

Investments,

Ltd.

31,809‌

688

Retailors,

Ltd.*

5,662‌

10,500

Sanrio

Co.,

Ltd.

70,975‌

200

Scroll

Corp.

2,011‌

2,100

Shimamura

Co.,

Ltd.

43,181‌

6,121

Super

Retail

Group,

Ltd.

56,019‌

5,990

Synsam

AB

33,374‌

1,400

Syuppin

Co.,

Ltd.

9,331‌

1,018

Temple

&

Webster

Group,

Ltd.*

4,402‌

200

United

Arrows,

Ltd.

2,931‌

6,400

USS

Co.,

Ltd.

74,960‌

13,891

Vertu

Motors

plc

13,635‌

5,000

VT

Holdings

Co.,

Ltd.

13,841‌

6,954

Watches

of

Switzerland

Group

plc*

(a)

65,461‌

1,489

WH

Smith

plc

7,771‌

9,835

Wickes

Group

plc

24,500‌

100

Workman

Co.,

Ltd.

4,215‌

1,600

World

Co.,

Ltd.

15,785‌

700

Xebio

Holdings

Co.,

Ltd.

4,538‌

14,900

Yamada

Holdings

Co.,

Ltd.

60,290‌

2,000

Yellow

Hat,

Ltd.

21,667‌

4,980

Zalando

SE*

(a)

144,272‌

6,400

ZOZO,

Inc.

45,251‌

4,169,122‌

Technology

Hardware,

Storage

&

Peripherals

(0.3%):

5,700

Brother

Industries,

Ltd.

129,725‌

2,600

Canon,

Inc.^

66,446‌

3,519

Dynavox

Group

AB

21,229‌

1,400

Eizo

Corp.

21,543‌

1,800

Elecom

Co.,

Ltd.

19,846‌

8,000

FUJIFILM

Holdings

Corp.

172,083‌

16,600

Konica

Minolta,

Inc.

56,699‌

739

Logitech

International

SA,

Class

R

69,325‌

1,313

Logitech

International

SA,

ADR,

Class

R

123,474‌

1,173

Quadient

SA

15,821‌

12,600

Ricoh

Co.,

Ltd.

109,419‌

6,800

Seiko

Epson

Corp.

113,930‌

Shares

Value

Common

Stocks,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

1,500

Toshiba

TEC

Corp.

$

26,440‌

4,400

Wacom

Co.,

Ltd.

21,081‌

967,061‌

Textiles,

Apparel

&

Luxury

Goods

(1.5%):

1,638

adidas

AG

335,812‌

8,800

Asics

Corp.

239,336‌

625

Brunello

Cucinelli

SpA^

59,033‌

5,848

Burberry

Group

plc*

82,471‌

25

Calida

Holding

AG,

Registered

Shares

605‌

408

Canada

Goose

Holdings,

Inc.*

3,880‌

18,000

Chow

Sang

Sang

Holdings

International,

Ltd.

22,423‌

2,524

Cie

Financiere

Richemont

SA,

Registered

Shares

585,827‌

47,372

Coats

Group

plc

49,001‌

26,500

Crystal

International

Group,

Ltd.

(a)

19,168‌

95

Delta

Galil,

Ltd.

5,213‌

14,425

Dr

Martens

plc

13,227‌

1,200

Fujibo

Holdings,

Inc.

31,824‌

1,956

Gildan

Activewear,

Inc.

100,855‌

900

Goldwin,

Inc.

12,012‌

900

Gunze,

Ltd.

21,478‌

145

Hermes

International

SCA

265,306‌

989

HUGO

BOSS

AG

42,459‌

1,500

Japan

Wool

Textile

Co.,

Ltd.

(The)

15,742‌

668

Kering

SA

189,925‌

500

Kurabo

Industries,

Ltd.^

30,889‌

2,071

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,146,759‌

1,211

Marimekko

Oyj

14,597‌

3,697

Moncler

SpA

214,487‌

3,357

New

Wave

Group

AB,

Class

B

31,573‌

5,000

Onward

Holdings

Co.,

Ltd.

22,372‌

7,149

OVS

SpA

(a)

49,388‌

44,000

Pacific

Textiles

Holdings,

Ltd.

4,843‌

1,333

Pandora

A/S

153,746‌

8,600

PRADA

SpA

43,525‌

2,064

Puma

SE*

62,671‌

7,277

Safilo

Group

SpA*

14,242‌

1,885

Salvatore

Ferragamo

SpA*

23,463‌

40,200

Samsonite

Group

SA

(a)

70,160‌

2,100

Sankyo

Seiko

Co.,

Ltd.

9,946‌

500

Sanyo

Shokai,

Ltd.

12,746‌

1,400

Seiko

Group

Corp.

70,347‌

17,500

Stella

International

Holdings,

Ltd.

27,652‌

1,053

Swatch

Group

AG

(The)

51,115‌

744

Swatch

Group

AG

(The),

Class

BR

182,051‌

11,500

Texhong

International

Group,

Ltd.*

8,769‌

60,000

Texwinca

Holdings,

Ltd.

8,498‌

377

Van

de

Velde

NV

13,001‌

96,000

Viva

Goods

Company,

Ltd.

4,676‌

1,100

Wacoal

Holdings

Corp.

29,761‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

36

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Textiles,

Apparel

&

Luxury

Goods,

continued

33,514

Yue

Yuen

Industrial

Holdings,

Ltd.

$

52,433‌

4,449,307‌

Tobacco

(0.4%):

11,494

British

American

Tobacco

plc

708,799‌

11,693

Imperial

Brands

plc

432,257‌

1,800

Japan

Tobacco,

Inc.

66,152‌

1,363

Scandinavian

Tobacco

Group

A/S,

DEL

(a)

13,884‌

1,221,092‌

Trading

Companies

&

Distributors

(1.6%):

18,251

Acrow,

Ltd.^

11,329‌

2,837

AddTech

AB,

B

Shares

100,023‌

900

ADENTRA,

Inc.

24,529‌

1,000

Alconix

Corp.

15,443‌

1,271

Alligo

AB,

Class

B

17,468‌

2,358

Ashtead

Technology

Holdings

plc

12,965‌

1,980

Azelis

Group

NV

21,063‌

1,959

BayWa

AG*^

5,809‌

2,058

Beijer

Ref

AB,

Class

B

30,162‌

731

Bergman

&

Beving

AB

21,986‌

145

Bossard

Holding

AG,

Registered

Shares

35,027‌

3,281

Brenntag

SE

199,359‌

2,490

Bufab

AB

32,593‌

4,986

Bunzl

plc

173,933‌

500

Chori

Co.,

Ltd.

11,884‌

70,000

CSC

Holdings,

Ltd.*

187‌

500

Daiichi

Jitsugyo

Co.,

Ltd.

9,423‌

130,000

Deep

Source

Holdings,

Ltd.*

8,471‌

1,063

Diploma

plc

100,575‌

1,320

DKSH

Holding

AG

101,573‌

4,000

Doman

Building

Materials

Group,

Ltd.

32,184‌

3,998

Finning

International,

Inc.

282,434‌

5,497

Grafton

Group

plc

65,694‌

5,000

Hanwa

Co.,

Ltd.

52,544‌

17,744

Howden

Joinery

Group

plc

197,196‌

979

IMCD

NV

88,402‌

3,600

Inaba

Denki

Sangyo

Co.,

Ltd.

60,590‌

1,900

Inabata

&

Co.,

Ltd.

45,589‌

14,900

ITOCHU

Corp.

171,345‌

616

Jacquet

Metals

SACA

14,396‌

1,500

Japan

Pulp

&

Paper

Co.,

Ltd.

9,906‌

700

Kamei

Corp.

14,723‌

900

Kanaden

Corp.

14,003‌

1,300

Kanamoto

Co.,

Ltd.

42,671‌

7,000

Kanematsu

Corp.

89,568‌

900

Kyokuto

Boeki

Kaisha,

Ltd.

9,435‌

1,600

Marubeni

Corp.

46,596‌

1,500

Mitani

Corp.

23,246‌

4,400

Mitsubishi

Corp.

118,367‌

8,500

Mitsui

&

Co.,

Ltd.

236,758‌

1,271

Momentum

Group

AB,

Class

B

14,897‌

3,800

MonotaRO

Co.,

Ltd.^

43,368‌

12,400

Nagase

&

Co.,

Ltd.

89,895‌

Shares

Value

Common

Stocks,

continued

Trading

Companies

&

Distributors,

continued

600

Nichiden

Corp.

$

9,497‌

500

Nishio

Holdings

Co.,

Ltd.

12,096‌

3,414

OEM

International

AB,

Class

B

58,837‌

700

Onoken

Co.,

Ltd.

5,758‌

3,537

Reece,

Ltd.

42,569‌

6,117

Rexel

SA

267,283‌

1,492

Richelieu

Hardware,

Ltd.

42,884‌

5,567

RS

GROUP

plc

42,943‌

2,211

Russel

Metals,

Inc.

93,782‌

2,600

Sanyo

Trading

Co.,

Ltd.

12,517‌

900

Sato

Shoji

Corp.

15,670‌

207

Scope

Metals

Group,

Ltd.

19,671‌

600

Senshu

Electric

Co.,

Ltd.

26,172‌

2,417

SGH,

Ltd.

78,405‌

22,549

SIG

plc*

2,363‌

2,700

Sojitz

Corp.

86,568‌

409

Solar

A/S,

B

Shares*

11,787‌

17,864

Speedy

Hire

plc

4,812‌

16,400

Sumitomo

Corp.

157,576‌

6,506

Sunbelt

Rentals

Holdings,

Inc.

474,740‌

269

Thermador

Groupe

24,177‌

1,693

Toromont

Industries,

Ltd.

278,430‌

700

Totech

Corp.

18,014‌

5,700

Toyota

Tsusho

Corp.

212,675‌

4,274

Travis

Perkins

plc

31,351‌

2,400

Trusco

Nakayama

Corp.

33,717‌

800

Tsubakimoto

Kogyo

Co.,

Ltd.^

13,316‌

800

UNISOL

Holdings

Corp.

10,622‌

800

Wajax

Corp.

17,415‌

1,800

Wakita

&

Co.,

Ltd.

19,208‌

2,700

Yamazen

Corp.

27,991‌

800

Yuasa

Co.,

Ltd.

26,146‌

4,876,601‌

Transportation

Infrastructure

(0.5%):

8,418

Aena

SME

SA

(a)

256,583‌

954

Aeroports

de

Paris

SA

124,333‌

14,079

Atlas

Arteria,

Ltd.

49,711‌

7,086

Auckland

International

Airport,

Ltd.

33,618‌

3,265

Dalrymple

Bay

Infrastructure,

Ltd.

12,994‌

4,596

Enav

SpA

(a)

27,283‌

819

Flughafen

Zurich

AG,

Registered

Shares

253,233‌

1,437

Fraport

AG

Frankfurt

Airport

Services

Worldwide

119,626‌

182,200

Hutchison

Port

Holdings

Trust,

Class

U

31,188‌

1,940

James

Fisher

&

Sons

plc*

11,887‌

2,200

Japan

Airport

Terminal

Co.,

Ltd.

68,517‌

1,300

Kamigumi

Co.,

Ltd.

40,843‌

4,800

Mitsubishi

Logistics

Corp.

45,847‌

2,553

Port

of

Tauranga,

Ltd.

12,908‌

34,191

Qube

Holdings,

Ltd.

120,765‌

22,376

SATS,

Ltd.

78,643‌

1,600

Sumitomo

Warehouse

Co.,

Ltd.

(The)

36,876‌

13,167

Transurban

Group

131,409‌

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

37

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Transportation

Infrastructure,

continued

1,041

Westshore

Terminals

Investment

Corp.^

$

27,499‌

1,483,763‌

Water

Utilities

(0.1%):

11,551

Pennon

Group

plc

71,269‌

3,229

Severn

Trent

plc

126,176‌

8,773

United

Utilities

Group

plc

152,190‌

349,635‌

Wireless

Telecommunication

Services

(1.1%):

695

1&1

AG

15,041‌

34,968

Airtel

Africa

plc

(a)

151,998‌

3,670

Cellcom

Israel,

Ltd.

37,999‌

5,312

Freenet

AG

136,830‌

88,000

Hutchison

Telecommunications

Hong

Kong

Holdings,

Ltd.

12,356‌

29,300

KDDI

Corp.

494,305‌

1,400

Okinawa

Cellular

Telephone

Co.

31,642‌

328

Orange

Belgium

SA*

8,054‌

3,569

Partner

Communications

Co.,

Ltd.

43,674‌

6,303

Rogers

Communications,

Inc.,

Class

B

205,078‌

187,000

SoftBank

Corp.

239,367‌

36,800

SoftBank

Group

Corp.

1,380,776‌

21,800

StarHub,

Ltd.

17,372‌

8,416

Tele2

AB,

B

Shares

146,428‌

236,345

Vodafone

Group

plc

312,227‌

3,233,147‌

Total

Common

Stocks

(Cost

$198,456,529)

293,315,446‌

Preferred

Stocks

(0.4%):

Automobiles

(0.2%):

414

Bayerische

Motoren

Werke

AG,

7.69%

27,179‌

1,930

Dr.

Ing

hc

F

Porsche

AG,

2.32%^

95,973‌

2,286

Porsche

Automobil

Holding

SE,

5.60%

70,425‌

3,835

Volkswagen

AG,

7.50%

307,211‌

500,788‌

Chemicals

(0.1%):

2,875

FUCHS

SE,

3.22%

125,607‌

Construction

Materials

(0.0%

†

):

123

STO

SE

&

Co

KGaA,

0.34%

12,831‌

Ground

Transportation

(0.0%

†

):

910

Sixt

SE,

5.91%

56,670‌

Shares

Value

Preferred

Stocks,

continued

Health

Care

Equipment

&

Supplies

(0.0%

†

):

411

Draegerwerk

AG

&

Co.

KGaA,

2.75%

$

38,747‌

Household

Durables

(0.0%

†

):

299

Einhell

Germany

AG,

Class

P,

2.17%

23,634‌

Household

Products

(0.1%):

2,084

Henkel

AG

&

Co.

KGaA,

2.81%

175,121‌

Life

Sciences

Tools

&

Services

(0.0%

†

):

154

Sartorius

AG,

0.32%

40,407‌

Machinery

(0.0%

†

):

2,224

Jungheinrich

AG,

1.25%

58,764‌

Total

Preferred

Stocks

(Cost

$1,298,985)

1,032,569‌

Contracts

Warrant

(0.0%

†

):

Software

(0.0%

†

):

201‌

Constellation

Software,

Inc.,

3/31/40*

(b)

—‌

Total

Warrant

(Cost

$—)

—‌

Shares

Rights

(0.0%

†

):

Financial

Services

(0.0%

†

):

2,213

ACS

Actividades

de

Construccion

y

Servicios

SA,

Expires

on

7/13/26*

4,644‌

Food

Products

(0.0%

†

):

6,504

Greencore

Group

CVR,

Expires

on

1/19/27*

4,043‌

Total

Rights

(Cost

$4,718)

8,687‌

Unaffiliated

Investment

Companies

(1.7%):

Money

Market

Funds

(1.7%):

4,841,758

BlackRock

Liquidity

FedFund,

Institutional

Class,

3.54%

(c)(d)

4,841,758‌

309,421

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.53%

(d)

309,421‌

Total

Unaffiliated

Investment

Companies

(Cost

$5,151,179)

5,151,179‌

Total

Investment

Securities

(Cost

$204,911,411

)

—

101.0%

299,507,881‌

Net

other

assets

(liabilities)

—

(1.0)%

(2,

983,577‌

)

Net

Assets

—

100.0%

$

296,

524,304‌

ADR—American

Depository

Receipt

CVR—Contingent

Valued

Rights

NYS—New

York

Shares

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

38

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026

.

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

June

30,

2026

:

REIT—Real

Estate

Investment

Trust

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

June

30,

2026.

The

total

value

of

securities

on

loan

as

of

June

30,

2026

was

$4,605,377.

†

Represents

less

than

0.05%.

(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

June

30,

2026.

(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

June

30,

2026.

(d)

The

rate

represents

the

effective

yield

at

June

30,

2026.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Country

Percentage

Australia

5.9%

Austria

0.9%

Belgium

1.3%

Bermuda

0.1%

Cambodia

—%

†

Canada

11.9%

Chile

0.1%

China

0.1%

Curacao

0.1%

Denmark

1.9%

Faroe

Islands

—%

†

Finland

1.5%

France

6.9%

Georgia

0.1%

Germany

6.3%

Greece

—%

†

Hong

Kong

1.6%

Ireland

0.8%

Isle

of

Man

—%

†

Israel

1.3%

Italy

3.0%

Japan

22.8%

Jersey

—%

†

Liechtenstein

—%

†

Luxembourg

0.3%

Macau

—%

†

Malaysia

—%

†

Mauritius

—%

†

Mexico

0.1%

Mongolia

—%

†

Netherlands

4.2%

New

Zealand

0.3%

Norway

0.7%

Peru

—%

†

Portugal

0.3%

Singapore

1.3%

South

Africa

0.1%

Spain

2.9%

Sweden

2.6%

Switzerland

8.1%

Taiwan,

Province

Of

China

—%

†

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

39

See

accompanying

notes

to

the

financial

statements.

Country

Percentage

United

Arab

Emirates

—%

†

United

Kingdom

10.1%

United

States

2.4%

100.0%

†

Represents

less

than

0.05%.

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

40

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks

(99.8%):

Aerospace

&

Defense

(1.8%):

1,210

AAR

Corp.*

$

172,945

712

Astronics

Corp.*

57,857

640

Astronics

Corp.,

Class

B*

48,640

1,606

ATI,

Inc.*

316,543

478

Axon

Enterprise,

Inc.*

267,972

1,771

Boeing

Co.

(The)*

383,368

1,829

BWX

Technologies,

Inc.

356,015

1,164

Cadre

Holdings,

Inc.

33,186

534

Carpenter

Technology

Corp.

329,393

685

CPI

Aerostructures,

Inc.*

3,555

316

Curtiss-Wright

Corp.

239,452

397

Ducommun,

Inc.*

73,528

1,283

FTAI

Aviation,

Ltd.

347,090

1,963

General

Dynamics

Corp.

695,373

570

HEICO

Corp.

203,028

803

HEICO

Corp.,

Class

A

207,102

1,861

Hexcel

Corp.

186,212

2,896

Honeywell

Aerospace,

Inc.*

640,248

2,801

Howmet

Aerospace,

Inc.

753,077

1,079

Huntington

Ingalls

Industries,

Inc.

302,001

4,565

Kratos

Defense

&

Security

Solutions,

Inc.*

227,611

2,226

L3Harris

Technologies,

Inc.

646,853

4,572

Leonardo

DRS,

Inc.

195,087

903

Loar

Holdings,

Inc.*

72,791

2,580

Lockheed

Martin

Corp.

1,314,407

1,520

Mercury

Systems,

Inc.*

185,942

690

Moog,

Inc.,

Class

A

292,450

343

National

Presto

Industries,

Inc.

42,872

1,156

Northrop

Grumman

Corp.

588,762

953

Park

Aerospace

Corp.

36,366

1,545

Rocket

Lab

Corp.*

157,049

10,720

RTX

Corp.

2,033,906

5,931

StandardAero,

Inc.*

177,396

4,158

Textron,

Inc.

381,413

454

TransDigm

Group,

Inc.

604,746

1,234

V2X,

Inc.*

92,007

624

VSE

Corp.

142,584

1,151

Woodward,

Inc.

489,681

13,298,508

Air

Freight

&

Logistics

(0.5%):

2,437

CH

Robinson

Worldwide,

Inc.

458,985

3,483

Expeditors

International

of

Washington,

Inc.

567,659

2,539

FedEx

Corp.

795,037

1,330

FedEx

Freight

Holding

Co.,

Inc.*

200,830

2,422

GXO

Logistics,

Inc.*

122,795

1,147

Hub

Group,

Inc.,

Class

A

50,227

3,266

Radiant

Logistics,

Inc.*

30,896

10,739

United

Parcel

Service,

Inc.,

Class

B

1,154,443

3,380,872

Automobile

Components

(0.3%):

2,086

Adient

plc*

38,341

Shares

Value

Common

Stocks,

continued

Automobile

Components,

continued

5,189

Aptiv

plc*

$

318,501

2,846

Autoliv,

Inc.

330,620

5,768

BorgWarner,

Inc.

382,995

1,256

Cooper-Standard

Holdings,

Inc.*

33,975

4,066

Dana,

Inc.

110,636

6,775

Dauch

Corporation*

36,720

938

Dorman

Products,

Inc.*

127,990

1,423

Fox

Factory

Holding

Corp.*

24,113

4,300

Garrett

Motion,

Inc.

155,789

4,241

Gentex

Corp.

107,170

999

Gentherm,

Inc.*

34,076

9,399

Goodyear

Tire

&

Rubber

Co.

(The)*

62,033

469

LCI

Industries

49,658

997

Lear

Corp.

133,658

1,190

Motorcar

Parts

of

America,

Inc.*

18,231

1,292

Patrick

Industries,

Inc.

115,996

1,374

Phinia,

Inc.

113,176

6,438

QuantumScape

Corp.,

Class

A*

48,671

616

Standard

Motor

Products,

Inc.

24,005

587

Stoneridge,

Inc.*

4,297

275

Strattec

Security

Corp.*

22,399

1,953

Versigent

plc*

82,045

789

Visteon

Corp.

78,277

810

XPEL,

Inc.*

40,176

2,493,548

Automobiles

(1.1%):

87,705

Ford

Motor

Co.

1,219,100

17,569

General

Motors

Co.

1,354,219

1,998

Harley-Davidson,

Inc.

48,871

468

Lucid

Group,

Inc.,

Class

A*^

3,131

28,378

Rivian

Automotive,

Inc.,

Class

A*

492,358

11,430

Tesla,

Inc.*

4,807,458

1,140

Thor

Industries,

Inc.

85,682

655

Winnebago

Industries,

Inc.

20,462

8,031,281

Banks

(5.3%):

859

1st

Source

Corp.

70,077

504

ACNB

Corp.

29,928

1,092

Amalgamated

Financial

Corp.

50,123

1,132

Amerant

Bancorp,

Inc.,

Class

A

28,889

2,122

Ameris

Bancorp

191,532

704

Ames

National

Corp.

20,845

1,076

Arrow

Financial

Corp.

44,105

4,856

Associated

Banc-Corp.

149,419

4,554

Atlantic

Union

Bankshares

Corp.

192,680

1,851

Axos

Financial,

Inc.*

180,269

3,331

Banc

of

California,

Inc.

68,052

994

BancFirst

Corp.

110,463

1,559

Bancorp,

Inc.

(The)*

97,656

210

Bank

First

Corp.

31,153

53,989

Bank

of

America

Corp.

3,076,293

1,028

Bank

of

Hawaii

Corp.

83,772

724

Bank

of

Marin

Bancorp

20,055

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

41

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Banks,

continued

1,570

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

$

93,415

3,075

Bank

OZK

160,177

2,152

BankUnited,

Inc.

104,264

1,389

Banner

Corp.

92,285

433

Bar

Harbor

Bankshares

16,350

842

BCB

Bancorp,

Inc.

9,026

3,034

Beacon

Financial

Corp.

92,385

1,600

BOK

Financial

Corp.

222,208

280

Burke

&

Herbert

Financial

Services

Corp.

20,121

977

Byline

Bancorp,

Inc.

36,794

74

C&F

Financial

Corp.

5,920

843

Camden

National

Corp.

45,707

489

Capital

City

Bank

Group,

Inc.

24,166

6,737

Capitol

Federal

Financial,

Inc.

57,332

1,023

Carter

Bankshares,

Inc.

34,792

1,957

Cathay

General

Bancorp

121,314

1,402

Central

Pacific

Financial

Corp.

53,556

377

Chemung

Financial

Corp.

28,117

13,622

Citigroup,

Inc.

1,906,535

943

Citizens

&

Northern

Corp.

21,981

6,085

Citizens

Financial

Group,

Inc.

426,376

604

City

Holding

Co.

80,115

938

Civista

Bancshares,

Inc.

26,470

1,465

CNB

Financial

Corp.

49,385

449

Coastal

Financial

Corp.*

34,802

56

Colony

Bankcorp,

Inc.

1,125

8,632

Columbia

Banking

System,

Inc.

276,656

4,298

Columbia

Financial,

Inc.*

91,204

4,224

Commerce

Bancshares,

Inc.

243,936

1,755

Community

Financial

System,

Inc.

117,796

517

Community

Trust

Bancorp,

Inc.

37,410

1,470

Community

West

Bancshares

39,484

1,968

ConnectOne

Bancorp,

Inc.

65,810

1,703

Cullen/Frost

Bankers,

Inc.

263,148

1,289

Customers

Bancorp,

Inc.*

101,960

6,003

CVB

Financial

Corp.

135,368

1,876

Dime

Community

Bancshares,

Inc.

76,259

1,065

Eagle

Bancorp,

Inc.

30,235

3,797

East

West

Bancorp,

Inc.

490,155

7,314

Eastern

Bankshares,

Inc.

162,663

1,277

Enterprise

Financial

Services

Corp.

84,129

682

Equity

Bancshares,

Inc.,

Class

A

33,411

1,329

Farmers

National

Banc

Corp.

19,403

1,860

FB

Financial

Corp.

102,951

11,840

Fifth

Third

Bancorp

667,421

1,053

Financial

Institutions,

Inc.

41,035

4,938

First

BanCorp

128,734

814

First

Bancorp,

Inc.

(The)

28,343

1,640

First

Bancorp/Southern

Pines

NC

104,845

2,494

First

Busey

Corp.

73,573

664

First

Business

Financial

Services,

Inc.

41,945

408

First

Capital,

Inc.

26,373

Shares

Value

Common

Stocks,

continued

Banks,

continued

200

First

Citizens

BancShares,

Inc.,

Class

A

$

416,158

4,143

First

Commonwealth

Financial

Corp.

84,227

512

First

Community

Bankshares,

Inc.

22,743

3,231

First

Financial

Bancorp

109,305

4,155

First

Financial

Bankshares,

Inc.

143,763

536

First

Financial

Corp.

41,508

2,989

First

Hawaiian,

Inc.

87,578

12,040

First

Horizon

Corp.

308,706

3,138

First

Interstate

BancSystem,

Inc.,

Class

A

121,001

2,381

First

Merchants

Corp.

104,026

660

First

Mid

Bancshares,

Inc.

31,739

185

Firstsun

Capital

BanCorp*

7,174

853

Five

Star

Bancorp

41,533

3,344

Flagstar

Bank

NA

49,959

9,159

FNB

Corp.

174,754

4,825

Fulton

Financial

Corp.

116,717

769

German

American

Bancorp,

Inc.

36,497

3,424

Glacier

Bancorp,

Inc.

176,610

397

Great

Southern

Bancorp,

Inc.

31,129

16

Greene

County

Bancorp,

Inc.

537

2,543

Hancock

Whitney

Corp.

190,013

1,437

Hanmi

Financial

Corp.

46,559

45

Hawthorn

Bancshares,

Inc.

1,769

636

HBT

Financial,

Inc.

20,346

1,197

Heritage

Financial

Corp.

35,455

2,336

Hilltop

Holdings,

Inc.

90,590

62

Hingham

Institution

For

Savings

(The)^

19,043

6,511

Home

BancShares,

Inc.

185,889

484

HomeTrust

Bancshares,

Inc.

24,147

5,059

Hope

Bancorp,

Inc.

69,207

1,071

Horizon

Bancorp,

Inc.

21,399

27,817

Huntington

Bancshares,

Inc.

493,195

1,520

Independent

Bank

Corp.

(Massachusetts)

127,254

855

Independent

Bank

Corp.

(Michigan)

30,840

2,031

International

Bancshares

Corp.

154,254

30,669

JPMorgan

Chase

&

Co.

10,038,884

2,442

Kearny

Financial

Corp.

23,101

1,249

Kentucky

First

Federal

Bancorp*

6,345

24,778

KeyCorp

571,133

1,016

Lake

Shore

Bancorp,

Inc.

18,095

788

Lakeland

Financial

Corp.

48,635

668

Landmark

Bancorp,

Inc.

20,514

712

LCNB

Corp.

12,524

2,203

Live

Oak

Bancshares,

Inc.

89,971

1,996

M&T

Bank

Corp.

475,068

628

Mechanics

Bancorp

9,985

472

Mercantile

Bank

Corp.

27,102

684

Metrocity

Bankshares,

Inc.

24,549

407

Metropolitan

Bank

Holding

Corp.

40,195

556

Mid

Penn

Bancorp,

Inc.

19,371

241

Midland

States

Bancorp,

Inc.

7,505

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

42

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Banks,

continued

1,928

National

Bank

Holdings

Corp.,

Class

A

$

85,661

514

National

Bankshares,

Inc.

18,674

1,295

NBT

Bancorp,

Inc.

63,934

575

Nicolet

Bankshares,

Inc.

95,099

279

Northeast

Bank

36,976

1,501

Northfield

Bancorp,

Inc.

22,110

5,982

Northwest

Bancshares,

Inc.

90,687

511

Norwood

Financial

Corp.

16,429

4,718

OceanFirst

Financial

Corp.

92,143

1,712

OFG

Bancorp

84,008

440

Ohio

Valley

Banc

Corp.

19,109

10,569

Old

National

Bancorp

273,737

2,225

Old

Second

Bancorp,

Inc.

51,887

1,531

Origin

Bancorp,

Inc.

78,311

712

Orrstown

Financial

Services,

Inc.

29,071

600

Park

National

Corp.

109,794

940

Pathward

Financial,

Inc.

81,836

1,165

Peapack-Gladstone

Financial

Corp.

55,139

608

Peoples

Bancorp

of

North

Carolina,

Inc.

26,199

1,117

Peoples

Bancorp,

Inc.

42,904

3,802

Pinnacle

Financial

Partners,

Inc.

383,546

3,348

PNC

Financial

Services

Group,

Inc.

(The)

824,345

1,867

Popular,

Inc.

306,524

432

Preferred

Bank

45,904

707

Primis

Financial

Corp.

11,574

2,839

Prosperity

Bancshares,

Inc.

207,332

679

Provident

Financial

Holdings,

Inc.

11,679

3,622

Provident

Financial

Services,

Inc.

85,624

606

QCR

Holdings,

Inc.

58,994

487

RBB

Bancorp

13,351

16,778

Regions

Financial

Corp.

506,696

3,148

Renasant

Corp.

133,916

917

Republic

Bancorp,

Inc.,

Class

A

82,924

420

Riverview

Bancorp,

Inc.

2,281

1,756

S&T

Bancorp,

Inc.

86,184

1,366

Seacoast

Banking

Corp.

of

Florida

45,420

1,694

ServisFirst

Bancshares,

Inc.

146,955

1,113

Shore

Bancshares,

Inc.

25,543

1,028

Sierra

Bancorp

41,901

5,361

Simmons

First

National

Corp.,

Class

A

121,427

783

SmartFinancial,

Inc.

36,738

100

South

Plains

Financial,

Inc.

4,308

561

Southern

Missouri

Bancorp,

Inc.

42,754

950

Southside

Bancshares,

Inc.

33,430

3,088

Southstate

Bank

Corp.

308,491

1,230

Stellar

Bancorp,

Inc.

48,364

1,764

Sterling

Bancorp,

Inc.*

—

1,160

Stock

Yards

Bancorp,

Inc.

88,705

1,339

Texas

Capital

Bancshares,

Inc.

138,265

6,088

TFS

Financial

Corp.

107,879

490

Tompkins

Financial

Corp.

46,315

2,786

Towne

Bank

100,965

Shares

Value

Common

Stocks,

continued

Banks,

continued

1,020

TriCo

Bancshares

$

54,927

809

Triumph

Financial,

Inc.*

61,735

15,995

Truist

Financial

Corp.

796,871

559

TrustCo

Bank

Corp.

30,695

1,835

Trustmark

Corp.

84,428

2,271

UMB

Financial

Corp.

324,208

4,005

United

Bankshares,

Inc.

183,549

4,128

United

Community

Banks,

Inc.

144,852

42

Unity

Bancorp,

Inc.

2,465

850

Univest

Financial

Corp.

37,188

12,851

US

Bancorp

776,200

15,740

Valley

National

Bancorp

230,591

2,680

WaFd,

Inc.

102,832

501

Washington

Trust

Bancorp,

Inc.

18,276

4,145

Webster

Financial

Corp.

316,761

34,944

Wells

Fargo

&

Co.

2,887,772

3,220

WesBanco,

Inc.

125,677

1,062

West

BanCorp,

Inc.

28,175

1,404

Westamerica

BanCorp

82,373

3,240

Western

Alliance

Bancorp

266,328

1,498

Western

New

England

Bancorp,

Inc.

21,421

1,951

Wintrust

Financial

Corp.

313,565

1,388

WSFS

Financial

Corp.

106,501

4,533

Zions

Bancorp

NA

313,638

39,525,947

Beverages

(0.9%):

285

Boston

Beer

Co.,

Inc.

(The),

Class

A*

50,453

1,890

Brown-Forman

Corp.,

Class

A

51,710

5,717

Brown-Forman

Corp.,

Class

B

152,358

31,463

Coca-Cola

Co.

(The)

2,556,998

1,315

Coca-Cola

Consolidated,

Inc.

251,060

2,527

Constellation

Brands,

Inc.,

Class

A

351,480

17,442

Keurig

Dr

Pepper,

Inc.

570,877

838

MGP

Ingredients,

Inc.

14,682

4,761

Molson

Coors

Beverage

Co.,

Class

B

185,488

3,864

Monster

Beverage

Corp.*

371,408

2,073

National

Beverage

Corp.*

64,678

12,250

PepsiCo,

Inc.

1,658,650

1,362

Vita

Coco

Co.,

Inc.

(The)*

90,083

6,369,925

Biotechnology

(2.0%):

13,650

AbbVie,

Inc.

3,434,886

4,350

ACADIA

Pharmaceuticals,

Inc.*

110,055

5,117

ADMA

Biologics,

Inc.*

42,829

3,000

Alector,

Inc.*

6,030

3,628

Alkermes

plc*

190,089

4,027

Allogene

Therapeutics,

Inc.*

8,376

603

Alnylam

Pharmaceuticals,

Inc.*

181,521

4,823

Altimmune,

Inc.*

14,662

6,556

Amgen,

Inc.

2,374,059

955

Anika

Therapeutics,

Inc.*

13,972

2,832

Arcus

Biosciences,

Inc.*

87,311

1,693

Beam

Therapeutics,

Inc.*

58,104

2,049

Biogen,

Inc.*

442,707

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

43

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

2,999

BioMarin

Pharmaceutical,

Inc.*

$

171,603

200

Bridgebio

Pharma,

Inc.*

14,896

2,711

Catalyst

Pharmaceuticals,

Inc.*

85,207

2,134

CRISPR

Therapeutics

AG*

116,388

3,046

Denali

Therapeutics,

Inc.*

78,343

1,656

Emergent

BioSolutions,

Inc.*

13,877

585

Enanta

Pharmaceuticals,

Inc.*

8,529

8,100

Exelixis,

Inc.*

440,721

5,379

Fate

Therapeutics,

Inc.*

14,523

12,624

Gilead

Sciences,

Inc.

1,594,916

430

GRAIL,

Inc.*

29,356

2,383

Halozyme

Therapeutics,

Inc.*

186,517

449

Ideaya

Biosciences,

Inc.*

16,734

5,068

Incyte

Corp.*

574,509

1,060

Insmed,

Inc.*

113,017

3,835

Intellia

Therapeutics,

Inc.*

64,888

1,025

Kiniksa

Pharmaceuticals

International

plc,

Class

A*

65,549

200

Kodiak

Sciences,

Inc.*

7,792

505

Krystal

Biotech,

Inc.*

187,693

1,156

Kura

Oncology,

Inc.*

12,681

1,449

MacroGenics,

Inc.*

6,694

1,335

MannKind

Corp.*

5,687

2,956

MiMedx

Group,

Inc.*

11,381

3,379

Moderna,

Inc.*

236,631

2,752

Myriad

Genetics,

Inc.*

15,714

834

Natera,

Inc.*

226,389

2,508

Neurocrine

Biosciences,

Inc.*

422,686

24,422

PDL

BioPharma,

Inc.*

9,407

491

Protagonist

Therapeutics,

Inc.*

60,187

1,321

Prothena

Corp

plc*

12,933

903

Regeneron

Pharmaceuticals,

Inc.

563,057

1,759

REGENXBIO,

Inc.*

21,073

3,704

Relay

Therapeutics,

Inc.*

69,302

2,810

Replimune

Group,

Inc.*

31,107

1,347

Revolution

Medicines,

Inc.*

252,266

1,042

Rocket

Pharmaceuticals,

Inc.*

3,564

18,777

Roivant

Sciences,

Ltd.*

664,518

2,441

Sarepta

Therapeutics,

Inc.*

43,865

1,408

TG

Therapeutics,

Inc.*

77,356

1,065

United

Therapeutics

Corp.*

577,049

1,179

Vanda

Pharmaceuticals,

Inc.*

7,215

2,439

Veracyte,

Inc.*

143,242

638

Vericel

Corp.*

28,385

1,508

Vertex

Pharmaceuticals,

Inc.*

749,069

4,355

Vir

Biotechnology,

Inc.*

44,377

2,359

Viridian

Therapeutics,

Inc.*

43,335

2,800

Voyager

Therapeutics,

Inc.*

9,800

2,293

Xencor,

Inc.*

36,917

2,020

Zentalis

Pharmaceuticals,

Inc.*

9,797

15,145,343

Broadline

Retail

(3.1%):

90,353

Amazon.com,

Inc.*

21,534,734

10,705

Coupang,

Inc.,

Class

A*

185,946

360

Dillard's,

Inc.,

Class

A

190,231

Shares

Value

Common

Stocks,

continued

Broadline

Retail,

continued

5,446

eBay,

Inc.

$

608,590

1,076

Etsy,

Inc.*

81,055

2,548

Kohl's

Corp.

45,151

8,857

Macy's,

Inc.

208,582

629

Ollie's

Bargain

Outlet

Holdings,

Inc.*

48,358

22,902,647

Building

Products

(0.9%):

3,282

A

O

Smith

Corp.

205,847

1,208

AAON,

Inc.

153,247

1,834

Advanced

Drainage

Systems,

Inc.

287,865

1,489

Allegion

plc,

ADR*

209,190

1,011

Allegion

US

plc

142,035

351

Apogee

Enterprises,

Inc.

16,055

1,196

Armstrong

World

Industries,

Inc.

191,862

668

AZZ,

Inc.

103,573

2,084

Builders

FirstSource,

Inc.*

186,476

1,142

Carlisle

Cos.,

Inc.

414,260

10,703

Carrier

Global

Corp.

785,065

294

CSW

Industrials,

Inc.

81,820

1,588

Fortune

Brands

Innovations,

Inc.

87,181

930

Gibraltar

Industries,

Inc.*

41,943

1,030

Griffon

Corp.

100,456

7,176

Hayward

Holdings,

Inc.*

124,217

1,209

Insteel

Industries,

Inc.

36,512

2,896

Janus

International

Group,

Inc.*

16,073

3,895

JELD-WEN

Holding,

Inc.*

5,843

3,722

Johnson

Controls

International

plc

543,821

591

Lennox

International,

Inc.

338,613

4,291

Masco

Corp.

349,159

7,728

Masterbrand,

Inc.*

79,521

1,063

Modine

Manufacturing

Co.*

283,842

2,059

Owens

Corning

327,299

1,160

Quanex

Building

Products

Corp.

21,599

4,778

Resideo

Technologies,

Inc.*

148,596

1,014

Simpson

Manufacturing

Co.,

Inc.

212,281

1,514

Tecnoglass,

Inc.

70,870

1,999

Trane

Technologies

plc

981,829

1,382

Trex

Co.,

Inc.*

69,155

1,605

UFP

Industries,

Inc.

145,638

4,137

Zurn

Elkay

Water

Solutions

Corp.

209,043

6,970,786

Capital

Markets

(2.8%):

902

Acadian

Asset

Management,

Inc.

64,511

731

Affiliated

Managers

Group,

Inc.

247,370

1,822

Ameriprise

Financial,

Inc.

835,861

1,088

Ares

Management

Corp.,

Class

A

121,105

2,215

Artisan

Partners

Asset

Management,

Inc.,

Class

A

76,484

7,793

Bank

of

New

York

Mellon

Corp.

(The)

1,126,946

11,120

BGC

Group,

Inc.,

Class

A

118,873

932

Blackrock,

Inc.

896,174

3,071

Blackstone,

Inc.

361,365

8,426

Carlyle

Group,

Inc.

(The)

354,819

969

Cboe

Global

Markets,

Inc.

235,147

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

44

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

13,020

Charles

Schwab

Corp.

(The)

$

1,201,355

2,169

CME

Group,

Inc.,

Class

A

478,980

1,126

Cohen

&

Steers,

Inc.

85,734

1,318

Coinbase

Global,

Inc.,

Class

A*

192,678

4,739

DigitalBridge

Group,

Inc.

74,781

1,257

Donnelley

Financial

Solutions,

Inc.*

52,731

863

FactSet

Research

Systems,

Inc.

198,559

2,635

Federated

Hermes,

Inc.,

Class

B

145,505

10,808

Franklin

Resources,

Inc.

359,582

2,665

Goldman

Sachs

Group,

Inc.

(The)

2,695,301

847

Hamilton

Lane,

Inc.,

Class

A

66,769

211

Hennessy

Advisors,

Inc.

2,142

1,101

Houlihan

Lokey,

Inc.,

Class

A

147,677

1,687

Interactive

Brokers

Group,

Inc.,

Class

A

146,836

4,921

Intercontinental

Exchange,

Inc.

605,824

10,531

Invesco,

Ltd.

277,913

4,759

Jefferies

Financial

Group,

Inc.

237,855

3,375

KKR

&

Co.,

Inc.

309,758

852

Lazard,

Inc.,

Class

A

35,733

1,711

LPL

Financial

Holdings,

Inc.

481,954

591

MarketAxess

Holdings,

Inc.

67,073

1,724

Moelis

&

Co.,

Class

A

112,784

1,617

Moody's

Corp.

732,372

8,825

Morgan

Stanley

1,844,778

900

Morningstar,

Inc.

140,418

707

MSCI,

Inc.,

Class

A

395,948

7,837

Nasdaq,

Inc.

617,712

2,851

Northern

Trust

Corp.

495,618

1,608

Open

Lending

Corp.*

5,001

365

Oppenheimer

Holdings,

Inc.,

Class

A

38,522

1,736

Piper

Sandler

Cos.

125,582

394

PJT

Partners,

Inc.,

Class

A

59,470

3,016

Raymond

James

Financial,

Inc.

458,522

4,131

Robinhood

Markets,

Inc.,

Class

A*

414,257

2,023

S&P

Global,

Inc.

823,887

2,893

SEI

Investments

Co.

253,745

660

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

6,673

3,684

State

Street

Corp.

624,806

3,831

Stifel

Financial

Corp.

267,289

1,835

StoneX

Group,

Inc.*

217,448

4,711

T.

Rowe

Price

Group,

Inc.

535,594

609

TPG,

Inc.,

Class

A

24,695

1,632

Tradeweb

Markets,

Inc.,

Class

A

162,645

1,975

Victory

Capital

Holdings,

Inc.,

Class

A

166,019

3,647

Virtu

Financial,

Inc.,

Class

A

217,252

384

Virtus

Investment

Partners,

Inc.

55,104

425

Westwood

Holdings

Group,

Inc.

8,143

5,349

WisdomTree,

Inc.

90,612

21,198,291

Chemicals

(1.5%):

1,366

AdvanSix,

Inc.

27,156

2,524

Air

Products

and

Chemicals,

Inc.

739,986

1,858

Albemarle

Corp.

250,886

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

1,157

American

Vanguard

Corp.*

$

3,240

759

Ascent

Industries

Co.*

11,408

1,307

Ashland,

Inc.

86,118

2,280

Aspen

Aerogels,

Inc.*

14,455

2,052

Avient

Corp.

75,842

7,013

Axalta

Coating

Systems,

Ltd.*

239,985

866

Balchem

Corp.

146,311

1,813

Cabot

Corp.

164,657

1,578

Celanese

Corp.,

Class

A

72,588

5,474

CF

Industries

Holdings,

Inc.

592,615

1,736

Chemours

Co.

(The)

35,623

9,012

Corteva,

Inc.

763,226

9,723

Dow,

Inc.

266,021

2,123

DuPont

de

Nemours,

Inc.

287,964

2,670

Eastman

Chemical

Co.

178,837

2,165

Ecolab,

Inc.

603,191

4,830

Ecovyst,

Inc.*

60,133

4,811

Element

Solutions,

Inc.

229,725

2,252

FMC

Corp.

25,898

629

Hawkins,

Inc.

89,381

1,167

HB

Fuller

Co.

68,024

4,875

Huntsman

Corp.

51,772

1,105

Ingevity

Corp.*

82,510

976

Innospec,

Inc.

79,437

4,579

International

Flavors

&

Fragrances,

Inc.

362,748

1,037

Intrepid

Potash,

Inc.*

33,993

783

Koppers

Holdings,

Inc.

35,157

2,011

Kronos

Worldwide,

Inc.

12,730

3,754

Linde

plc

1,948,101

2,398

LSB

Industries,

Inc.*

25,922

6,086

LyondellBasell

Industries

NV,

Class

A

320,428

2,017

Mativ

Holdings,

Inc.

15,269

1,189

Minerals

Technologies,

Inc.

87,950

8,816

Mosaic

Co.

(The)

186,811

329

NewMarket

Corp.

260,318

2,958

Olin

Corp.

58,627

3,909

Perimeter

Solutions,

Inc.*

139,356

3,266

PPG

Industries,

Inc.

396,133

405

Quaker

Chemical

Corp.

64,342

3,631

Rayonier

Advanced

Materials,

Inc.*

28,540

3,403

RPM

International,

Inc.

378,243

1,138

Scotts

Miracle-Gro

Co.

(The)

77,509

1,166

Sensient

Technologies

Corp.

143,756

2,433

Sherwin-Williams

Co.

(The)

837,731

1,581

Solstice

Advanced

Materials,

Inc.

140,077

744

Stepan

Co.

41,456

5,093

Tronox

Holdings

plc

32,086

1,374

Westlake

Corp.

100,302

10,974,574

Commercial

Services

&

Supplies

(0.7%):

1,835

ABM

Industries,

Inc.

81,180

2,927

ACCO

Brands

Corp.

12,176

1,392

ACV

Auctions,

Inc.,

Class

A*

10,009

1,452

Brady

Corp.,

Class

A

132,960

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

45

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

3,454

BrightView

Holdings,

Inc.*

$

48,943

1,061

Brink's

Co.

(The)

100,254

761

Casella

Waste

Systems,

Inc.,

Class

A*

73,794

718

Cimpress

plc*

73,021

3,447

Cintas

Corp.

586,266

433

Civeo

Corp.*

15,155

1,436

Clean

Harbors,

Inc.*

429,005

7,760

Copart,

Inc.*

218,754

1,498

Deluxe

Corp.

35,772

1,613

Ennis,

Inc.

34,276

834

Enviri

Corp.*

18,306

2,148

Healthcare

Services

Group,

Inc.*

52,755

1,365

HNI

Corp.

55,160

2,041

Interface,

Inc.,

Class

A

73,150

1,201

Liquidity

Services,

Inc.*

46,983

2,593

MillerKnoll,

Inc.

53,053

1,050

MSA

Safety,

Inc.

183,309

1,552

NL

Industries,

Inc.

9,234

400

Onterris,

Inc.*

8,084

2,418

OPENLANE,

Inc.*

99,718

4,712

Pitney

Bowes,

Inc.

82,554

2,606

Quad/Graphics,

Inc.

21,969

3,273

Republic

Services,

Inc.,

Class

A

697,411

6,164

Rollins,

Inc.

257,285

4,988

Tetra

Tech,

Inc.

144,103

421

UniFirst

Corp.

111,338

3,794

Veralto

Corp.

336,452

4,135

Vestis

Corp.*

60,040

3,929

Waste

Management,

Inc.

875,696

5,038,165

Communications

Equipment

(1.0%):

752

Applied

Optoelectronics,

Inc.*

111,416

5,080

Arista

Networks,

Inc.*

862,990

1,420

Calix,

Inc.*

52,995

2,745

Ciena

Corp.*

1,346,587

21,161

Cisco

Systems,

Inc.

2,485,571

756

Comtech

Telecommunications

Corp.*

1,588

1,262

Digi

International,

Inc.*

94,587

1,266

F5,

Inc.*

526,605

2,194

Harmonic,

Inc.*

35,828

909

KVH

Industries,

Inc.*

9,008

1,037

Lumentum

Holdings,

Inc.*

889,808

1,931

Motorola

Solutions,

Inc.

801,925

1,010

NETGEAR,

Inc.*

23,584

2,564

NetScout

Systems,

Inc.*

111,662

3,679

Ribbon

Communications,

Inc.*

8,609

2,004

Viasat,

Inc.*

179,979

2,934

Viavi

Solutions,

Inc.*

140,099

7,682,841

Construction

&

Engineering

(0.9%):

3,519

AECOM

245,626

10,917

API

Group

Corp.*

462,335

1,390

Arcosa,

Inc.

201,953

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

277

Argan,

Inc.

$

221,198

486

Comfort

Systems

USA,

Inc.

963,228

1,733

Concrete

Pumping

Holdings,

Inc.*

20,883

970

Construction

Partners,

Inc.,

Class

A*

115,207

858

Dycom

Industries,

Inc.*

433,796

606

EMCOR

Group,

Inc.

502,907

1,345

Everus

Construction

Group,

Inc.*

223,203

3,709

Fluor

Corp.*

194,314

1,277

Granite

Construction,

Inc.

201,868

412

IES

Holdings,

Inc.*

302,680

300

Limbach

Holdings,

Inc.*

23,100

847

MasTec,

Inc.*

352,403

1,750

Matrix

Service

Co.*

23,975

292

MYR

Group,

Inc.*

146,117

2,101

Orion

Group

Holdings,

Inc.*

35,339

1,692

Primoris

Services

Corp.

167,711

700

Quanta

Services,

Inc.

504,028

742

Sterling

Infrastructure,

Inc.*

622,805

1,482

Tutor

Perini

Corp.

122,962

485

Valmont

Industries,

Inc.

280,136

6,523

WillScot

Holdings

Corp.

188,254

6,556,028

Construction

Materials

(0.2%):

3,861

CRH

plc

413,127

1,149

Eagle

Materials,

Inc.

258,525

1,680

Knife

River

Corp.*

140,532

714

Martin

Marietta

Materials,

Inc.

411,764

655

United

States

Lime

&

Minerals,

Inc.

68,559

1,810

Vulcan

Materials

Co.

533,968

1,826,475

Consumer

Finance

(0.8%):

7,388

Ally

Financial,

Inc.

339,479

5,103

American

Express

Co.

1,726,090

283

Atlanticus

Holdings

Corp.*

28,937

1,206

Bread

Financial

Holdings,

Inc.

130,670

4,727

Capital

One

Financial

Corp.

948,331

1,912

Consumer

Portfolio

Services,

Inc.*

18,346

322

Credit

Acceptance

Corp.*

205,030

245

Dave,

Inc.*

91,284

672

Enova

International,

Inc.*

161,771

2,158

EZCORP,

Inc.,

Class

A*

74,602

1,445

FirstCash

Holdings,

Inc.

312,582

1,425

Green

Dot

Corp.,

Class

A*

19,252

3,133

Happen,

Inc.*

64,978

194

LendingTree,

Inc.*

8,592

5,097

Navient

Corp.

43,375

889

Nelnet,

Inc.,

Class

A

118,530

4,076

OneMain

Holdings,

Inc.,

Class

A

248,514

1,683

PRA

Group,

Inc.*

31,960

1,271

PROG

Holdings,

Inc.

59,241

568

Regional

Management

Corp.

23,402

5,562

SLM

Corp.

144,278

16,883

SoFi

Technologies,

Inc.*

302,712

6,052

Synchrony

Financial

460,255

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

46

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Consumer

Finance,

continued

835

Upstart

Holdings,

Inc.*

$

29,584

237

World

Acceptance

Corp.*

53,048

5,644,843

Consumer

Staples

Distribution

&

Retail

(1.8%):

16,074

Albertsons

Cos.,

Inc.,

Class

A

217,481

1,137

Andersons,

Inc.

(The)

77,771

4,192

BJ's

Wholesale

Club

Holdings,

Inc.*

365,626

357

Casey's

General

Stores,

Inc.

283,740

1,143

Chefs'

Warehouse,

Inc.

(The)*

109,842

3,277

Costco

Wholesale

Corp.

3,065,535

3,569

Dollar

General

Corp.

410,828

4,041

Dollar

Tree,

Inc.*

488,759

3,290

Grocery

Outlet

Holding

Corp.*

32,834

613

Ingles

Markets,

Inc.,

Class

A

54,300

19,629

Kroger

Co.

(The)

1,089,998

5,908

Maplebear,

Inc.*

279,744

1,320

Natural

Grocers

by

Vitamin

Cottage,

Inc.

40,946

3,951

Performance

Food

Group

Co.*

441,682

790

PriceSmart,

Inc.

154,319

2,972

Sprouts

Farmers

Market,

Inc.*

251,372

7,058

Sysco

Corp.

589,908

8,897

Target

Corp.

1,162,037

2,137

United

Natural

Foods,

Inc.*

97,597

7,158

US

Foods

Holding

Corp.*

731,905

738

Village

Super

Market,

Inc.,

Class

A

31,129

33,443

Walmart,

Inc.

3,787,754

857

Weis

Markets,

Inc.

67,112

13,832,219

Containers

&

Packaging

(0.5%):

9,817

Amcor

plc,

ADR

425,567

1,453

AptarGroup,

Inc.

181,916

14,926

Ardagh

Metal

Packaging

SA

70,749

2,277

Avery

Dennison

Corp.

369,671

6,941

Ball

Corp.

433,118

4,073

Crown

Holdings,

Inc.

455,443

12,138

Graphic

Packaging

Holding

Co.

128,299

930

Greif,

Inc.,

Class

A

69,276

710

Greif,

Inc.,

Class

B

66,413

6,807

International

Paper

Co.

259,347

1,253

Myers

Industries,

Inc.

44,243

5,191

O-I

Glass,

Inc.*

49,989

2,974

Packaging

Corp.

of

America

708,645

1,374

Silgan

Holdings,

Inc.

63,740

10,188

Smurfit

WestRock

plc

471,297

2,731

Sonoco

Products

Co.

153,892

1,718

TriMas

Corp.

77,361

4,028,966

Distributors

(0.1%):

3,269

Genuine

Parts

Co.

385,677

981

Gold.com,

Inc.

40,819

4,647

LKQ

Corp.

122,356

795

Pool

Corp.

170,845

Shares

Value

Common

Stocks,

continued

Distributors,

continued

811

Weyco

Group,

Inc.

$

31,897

751,594

Diversified

Consumer

Services

(0.3%):

24,109

ADT,

Inc.

156,709

541

American

Public

Education,

Inc.*

29,052

1,088

Bright

Horizons

Family

Solutions,

Inc.*

77,117

418

Carriage

Services,

Inc.,

Class

A

16,026

5,672

Chegg,

Inc.*

5,729

1,590

Coursera,

Inc.*

8,968

1,050

Covista,

Inc.*

130,893

5,284

Driven

Brands

Holdings,

Inc.*

73,659

510

Duolingo,

Inc.,

Class

A*

58,660

2,016

Frontdoor,

Inc.*

156,421

112

Graham

Holdings

Co.,

Class

B

127,839

783

Grand

Canyon

Education,

Inc.*

112,055

1,825

H&R

Block,

Inc.

69,496

4,916

Laureate

Education,

Inc.,

Class

A*

178,549

919

Matthews

International

Corp.,

Class

A

24,740

2,352

OneSpaWorld

Holdings,

Ltd.

66,420

2,522

Perdoceo

Education

Corp.

80,704

3,911

Service

Corp.

International

297,080

1,012

Strategic

Education,

Inc.

77,539

938

Stride,

Inc.*

80,893

1,696

Universal

Technical

Institute,

Inc.*

72,538

1,901,087

Diversified

Telecommunication

Services

(0.7%):

398

Anterix,

Inc.*

40,970

1,035

AST

SpaceMobile,

Inc.,

Class

A*^

91,970

91,871

AT&T,

Inc.

1,901,730

461

ATN

International,

Inc.

12,212

1,080

IDT

Corp.,

Class

B

62,813

2,992

Iridium

Communications,

Inc.

164,111

66

Liberty

Capital

Corp.,

Class

A*

1,445

1,147

Liberty

Capital

Corp.,

Class

C*

24,729

3,593

Liberty

Global,

Ltd.,

Class

A*

40,852

7,480

Liberty

Global,

Ltd.,

Class

C*

82,280

1,489

Liberty

Latin

America,

Ltd.,

Class

A*

11,674

4,461

Liberty

Latin

America,

Ltd.,

Class

C*

34,751

4,963

Lumen

Technologies,

Inc.*

38,116

1,333

Shenandoah

Telecommunications

Co.

20,102

71,393

Verizon

Communications,

Inc.

3,022,780

5,550,535

Electric

Utilities

(1.3%):

5,179

Alliant

Energy

Corp.

395,106

5,342

American

Electric

Power

Co.,

Inc.

730,839

2,679

Constellation

Energy

Corp.

665,383

6,060

Duke

Energy

Corp.

767,075

3,534

Edison

International

263,106

4,529

Entergy

Corp.

520,201

4,768

Evergy,

Inc.

412,098

4,109

Eversource

Energy

296,957

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

47

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Electric

Utilities,

continued

10,064

Exelon

Corp.

$

469,184

6,017

FirstEnergy

Corp.

286,048

1,272

Genie

Energy,

Ltd.,

Class

B

18,380

1,318

Hawaiian

Electric

Industries,

Inc.*

17,833

1,110

IDACORP,

Inc.

167,943

1,002

MGE

Energy,

Inc.

81,703

15,262

NextEra

Energy,

Inc.

1,339,546

2,904

NRG

Energy,

Inc.

424,158

4,390

OGE

Energy

Corp.

213,617

974

Otter

Tail

Corp.

87,641

17,484

PG&E

Corp.

294,081

2,502

Pinnacle

West

Capital

Corp.

267,714

1,932

Portland

General

Electric

Co.

100,136

7,714

PPL

Corp.

280,404

8,776

Southern

Co.

(The)

839,951

6,267

Xcel

Energy,

Inc.

503,240

9,442,344

Electrical

Equipment

(1.3%):

747

Acuity,

Inc.

281,365

424

Allient,

Inc.

43,642

3,092

AMETEK,

Inc.

748,079

1,088

Atkore,

Inc.

82,732

3,238

Bloom

Energy

Corp.,

Class

A*

980,143

2,021

Eaton

Corp.

plc

861,189

4,723

Emerson

Electric

Co.

676,097

1,023

EnerSys

239,198

326

FuelCell

Energy,

Inc.*

11,739

1,078

GE

Vernova,

Inc.

1,266,499

1,272

Generac

Holdings,

Inc.*

372,454

809

Hubbell,

Inc.,

Class

B

423,269

1,831

LSI

Industries,

Inc.

48,668

3,753

Nextpower,

Inc.,

Class

A*

447,132

1,659

nVent

Electric

plc

281,383

14,602

Plug

Power,

Inc.*

39,571

1,029

Powell

Industries,

Inc.

294,664

175

Preformed

Line

Products

Co.

71,848

1,493

Regal

Rexnord

Corp.

355,618

1,242

Rockwell

Automation,

Inc.

614,889

2,405

Sensata

Technologies

Holding

plc

114,815

3,376

Shoals

Technologies

Group,

Inc.,

Class

A*

33,422

3,407

Sunrun,

Inc.*

45,586

3,285

Vertiv

Holdings

Co.,

Class

A

1,099,884

604

Vicor

Corp.*

229,387

9,663,273

Electronic

Equipment,

Instruments

&

Components

(1.8%):

825

Advanced

Energy

Industries,

Inc.

307,618

10,454

Amphenol

Corp.,

Class

A

1,843,249

1,518

Arrow

Electronics,

Inc.*

323,956

2,219

Avnet,

Inc.

197,092

592

Badger

Meter,

Inc.

87,841

365

Bel

Fuse,

Inc.,

Class

B

121,560

734

Belden,

Inc.

88,014

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

1,054

Benchmark

Electronics,

Inc.

$

103,998

2,087

CDW

Corp.

293,516

800

Climb

Global

Solutions,

Inc.

18,568

1,563

Cognex

Corp.

113,192

2,596

Coherent

Corp.*

1,024,044

4,629

Corning,

Inc.

1,182,385

1,712

Crane

NXT

Co.

87,586

1,231

CTS

Corp.

80,249

2,838

Daktronics,

Inc.*

55,511

1,053

ePlus,

Inc.

87,641

642

Fabrinet*

360,855

3,389

Flex,

Ltd.*

549,255

640

Frequency

Electronics,

Inc.*

42,464

430

Insight

Enterprises,

Inc.*

52,374

1,251

IPG

Photonics

Corp.*

146,767

906

Itron,

Inc.*

78,396

1,472

Jabil,

Inc.

567,427

1,714

Keysight

Technologies,

Inc.*

600,020

1,603

Kimball

Electronics,

Inc.*

41,037

2,314

Knowles

Corp.*

95,985

415

Littelfuse,

Inc.

188,962

1,471

Methode

Electronics,

Inc.

27,905

6,599

Mirion

Technologies,

Inc.,

Class

A*

118,320

1,008

Napco

Security

Technologies,

Inc.

38,284

373

Novanta,

Inc.*

60,516

426

OSI

Systems,

Inc.*

93,166

1,121

PC

Connection,

Inc.

81,822

636

Plexus

Corp.*

191,226

2,063

Ralliant

Corp.

151,899

581

Rogers

Corp.*

95,127

1,638

Sanmina

Corp.*

414,545

738

ScanSource,

Inc.*

38,442

1,892

TD

SYNNEX

Corp.

505,807

4,280

TE

Connectivity

plc

862,891

605

Teledyne

Technologies,

Inc.*

403,475

4,918

Trimble,

Inc.*

251,703

4,437

TTM

Technologies,

Inc.*

829,808

3,058

Vishay

Intertechnology,

Inc.

164,459

5,158

Vontier

Corp.

149,582

1,123

Zebra

Technologies

Corp.*

295,641

13,514,180

Energy

Equipment

&

Services

(0.6%):

5,227

Archrock,

Inc.

212,791

3,346

Atlas

Energy

Solutions,

Inc.,

Class

A

55,577

13,329

Baker

Hughes

Co.,

Class

A

739,760

519

Bristow

Group,

Inc.

21,445

1,828

Cactus,

Inc.,

Class

A

93,648

1,337

Core

Laboratories,

Inc.

15,576

562

DMC

Global,

Inc.*

3,265

1,095

Expro

Group

Holdings

NV*

16,173

1,078

Expro

Group

Holdings

NV,

ADR*

15,922

306

Forum

Energy

Technologies,

Inc.*

15,370

760

Geospace

Technologies

Corp.*

5,145

13,253

Halliburton

Co.

449,939

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

48

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Energy

Equipment

&

Services,

continued

5,456

Helix

Energy

Solutions

Group,

Inc.*

$

47,686

2,507

Helmerich

&

Payne,

Inc.

82,079

1,028

Innovex

International,

Inc.*

25,494

3,291

Kodiak

Gas

Services,

Inc.

247,253

6,339

Liberty

Energy,

Inc.,

Class

A

166,018

1,436

Mammoth

Energy

Services,

Inc.*

4,667

935

Natural

Gas

Services

Group,

Inc.

40,336

2,249

Noble

Corp

PLC

83,888

6,806

NOV,

Inc.

126,251

2,644

Oceaneering

International,

Inc.*

107,135

3,066

Oil

States

International,

Inc.*

24,559

3,281

ProPetro

Holding

Corp.*

47,050

3,679

RPC,

Inc.

21,449

493

SEACOR

Marine

Holdings,

Inc.*

3,772

1,954

Seadrill,

Ltd.*

73,900

3,974

Select

Water

Solutions,

Inc.,

Class

A

79,401

12,700

SLB,

Ltd.

590,423

762

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

61,311

8,914

TechnipFMC

plc

590,998

4,086

TETRA

Technologies,

Inc.*

46,294

1,878

Tidewater,

Inc.*

125,131

21,064

Transocean,

Ltd.*

103,003

1,518

Valaris,

Ltd.*

110,207

2,446

Weatherford

International

plc

199,349

4,652,265

Entertainment

(1.0%):

247

Atlanta

Braves

Holdings,

Inc.*

13,908

1,311

Atlanta

Braves

Holdings,

Inc.,

Class

C*

68,041

3,007

Cinemark

Holdings,

Inc.

95,412

2,003

IMAX

Corp.*

79,840

1,139

Liberty

Live

Holdings,

Inc.,

Class

A*

115,335

2,653

Liberty

Live

Holdings,

Inc.,

Class

C*

280,263

619

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A*

54,187

2,832

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C*

269,436

6,794

Lionsgate

Studios

Corp.*

104,016

2,512

Live

Nation

Entertainment,

Inc.*

459,972

894

Madison

Square

Garden

Entertainment

Corp.,

Class

A*

72,316

1,459

Marcus

Corp.

(The)

34,228

33,979

Netflix,

Inc.*

2,426,101

2,020

ROBLOX

Corp.,

Class

A*

109,848

2,369

Roku,

Inc.,

Class

A*

327,254

894

Sphere

Entertainment

Co.*

154,689

689

Spotify

Technology

SA*

316,340

452

Starz

Entertainment

Corp.*

13,045

987

Take-Two

Interactive

Software,

Inc.*

246,730

547

TKO

Group

Holdings,

Inc.,

Class

A

110,116

13,767

Walt

Disney

Co.

(The)

1,325,074

38,783

Warner

Bros

Discovery,

Inc.*

1,033,955

Shares

Value

Common

Stocks,

continued

Entertainment,

continued

3,625

Warner

Music

Group

Corp.,

Class

A

$

98,129

7,808,235

Financial

Services

(3.0%):

3,675

Affirm

Holdings,

Inc.,

Class

A*

299,696

3,381

Apollo

Global

Management,

Inc.

400,006

12,964

Berkshire

Hathaway,

Inc.,

Class

B*

6,487,056

6,310

Block,

Inc.,

Class

A*

479,560

687

Cass

Information

Systems,

Inc.

35,257

11,760

Corebridge

Financial,

Inc.

336,689

1,715

Corpay,

Inc.*

571,558

2,817

Enact

Holdings,

Inc.

128,765

5,674

Equitable

Holdings,

Inc.

248,975

2,667

Essent

Group,

Ltd.

171,435

1,694

Euronet

Worldwide,

Inc.*

123,984

1,053

EVERTEC,

Inc.

29,252

403

Federal

Agricultural

Mortgage

Corp.,

Class

C

80,306

7,974

Fidelity

National

Information

Services,

Inc.

310,029

5,587

Fiserv,

Inc.*

274,042

2,700

Flywire

Corp.*

47,439

4,256

Global

Payments,

Inc.

308,815

1,781

Jack

Henry

&

Associates,

Inc.

245,315

2,670

Jackson

Financial,

Inc.,

Class

A

273,381

11,557

Marqeta,

Inc.,

Class

A*

46,921

7,615

Mastercard,

Inc.,

Class

A

3,911,064

1,324

Merchants

Bancorp

66,200

7,149

MGIC

Investment

Corp.

201,602

1,800

NCR

Atleos

Corp.*

78,138

2,807

NMI

Holdings,

Inc.,

Class

A*

115,340

465

Onity

Group,

Inc.*

18,484

1,242

Paymentus

Holdings,

Inc.,

Class

A*

30,007

8,549

Payoneer

Global,

Inc.*

60,869

14,238

PayPal

Holdings,

Inc.

614,797

1,468

Paysafe,

Ltd.*

10,966

1,676

PennyMac

Financial

Services,

Inc.

145,980

4,334

Radian

Group,

Inc.

163,262

2,127

Remitly

Global,

Inc.*

47,666

3,168

Repay

Holdings

Corp.,

Class

A*

13,306

14,005

Rocket

Cos.,

Inc.,

Class

A*

220,579

3,907

Toast,

Inc.,

Class

A*

108,693

1,200

Velocity

Financial,

Inc.*

22,152

14,353

Visa,

Inc.,

Class

A

4,924,371

2,716

Voya

Financial,

Inc.

245,879

859

Walker

&

Dunlop,

Inc.

46,987

728

Waterstone

Financial,

Inc.

15,091

13,449

Western

Union

Co.

(The)^

103,557

1,064

WEX,

Inc.*

150,120

22,213,591

Food

Products

(0.7%):

6,678

Archer-Daniels-Midland

Co.

510,199

2,035

B&G

Foods,

Inc.

8,099

3,050

Bunge

Global

SA

325,527

1,746

Cal-Maine

Foods,

Inc.

140,658

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

49

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

5,132

Campbell's

Company

(The)^

$

114,290

7,244

Conagra

Brands,

Inc.

97,504

2,669

Darling

Ingredients,

Inc.*

145,781

2,403

Del

Monte

Corp.

67,068

3,515

Dole

PLC

48,226

4,611

Flowers

Foods,

Inc.

36,427

585

Freshpet,

Inc.*

34,585

12,544

General

Mills,

Inc.

436,531

2,250

Hain

Celestial

Group,

Inc.

(The)*

1,260

2,139

Hershey

Co.

(The)

375,288

11,394

Hormel

Foods

Corp.

282,799

1,390

Ingredion,

Inc.

131,647

518

J

&

J

Snack

Foods

Corp.

38,047

3,057

JM

Smucker

Co.

(The)

343,913

300

John

B

Sanfilippo

&

Son,

Inc.

25,797

14,999

Kraft

Heinz

Co.

(The)

354,276

4,168

Lamb

Weston

Holdings,

Inc.

179,974

618

Marzetti

Company

(The)

70,551

4,436

McCormick

&

Co.,

Inc.

223,663

778

McCormick

&

Co.,

Inc.

(Maryland)

39,289

3,409

Mission

Produce,

Inc.*

40,192

10,955

Mondelez

International,

Inc.,

Class

A

633,637

4,202

Pilgrim's

Pride

Corp.

118,118

1,414

Post

Holdings,

Inc.*

124,800

29

Seaboard

Corp.

129,466

266

Seneca

Foods

Corp.,

Class

A*

46,268

3,683

Simply

Good

Foods

Co.

(The)*

48,910

1,171

Tootsie

Roll

Industries,

Inc.

46,313

4,785

Tyson

Foods,

Inc.,

Class

A

273,941

1,200

Utz

Brands,

Inc.

9,240

1,400

Vital

Farms,

Inc.*

16,282

5,518,566

Gas

Utilities

(0.2%):

1,639

Atmos

Energy

Corp.

282,351

685

Chesapeake

Utilities

Corp.

83,899

6,133

MDU

Resources

Group,

Inc.

130,081

1,560

National

Fuel

Gas

Co.

120,448

3,238

New

Jersey

Resources

Corp.

181,457

1,466

Northwest

Natural

Holding

Co.

71,922

1,398

ONE

Gas,

Inc.

107,744

232

RGC

Resources,

Inc.

5,545

1,409

Southwest

Gas

Holdings,

Inc.

124,950

1,360

Spire,

Inc.

106,202

4,141

UGI

Corp.

143,030

1,357,629

Ground

Transportation

(1.1%):

627

ArcBest

Corp.

90,000

838

Covenant

Logistics

Group,

Inc.,

Class

A

37,023

19,921

CSX

Corp.

946,845

1,925

Heartland

Express,

Inc.

29,298

14,347

Hertz

Global

Holdings,

Inc.*^

32,496

2,599

JB

Hunt

Transport

Services,

Inc.

752,229

Shares

Value

Common

Stocks,

continued

Ground

Transportation,

continued

4,007

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

$

312,025

357

Landstar

System,

Inc.

73,831

2,625

Lyft,

Inc.,

Class

A*

38,351

3,042

Marten

Transport,

Ltd.

52,779

2,937

Norfolk

Southern

Corp.

923,951

2,123

Old

Dominion

Freight

Line,

Inc.

459,842

1,600

PAMT

Corp.*

22,416

4,704

RXO,

Inc.*

129,783

1,466

Ryder

System,

Inc.

386,687

378

Saia,

Inc.*

159,198

2,310

Schneider

National,

Inc.,

Class

B

84,384

11,865

Uber

Technologies,

Inc.*

856,178

670

U-Haul

Holding

Co.,

Class

A*^

43,845

4,693

U-Haul

Holding

Co.,

Class

B

270,786

5,879

Union

Pacific

Corp.

1,599,088

1,564

Universal

Logistics

Holdings,

Inc.

23,147

2,380

Werner

Enterprises,

Inc.

103,792

2,395

XPO,

Inc.*

491,670

7,919,644

Health

Care

Equipment

&

Supplies

(1.3%):

14,000

Abbott

Laboratories

1,270,360

262

Accuray,

Inc.*

68

1,146

Align

Technology,

Inc.*

193,284

912

AngioDynamics,

Inc.*

11,865

1,619

Artivion,

Inc.*

36,379

1,507

AtriCure,

Inc.*

42,166

7,103

Baxter

International,

Inc.

151,436

3,687

Becton

Dickinson

&

Co.

557,954

10,001

Boston

Scientific

Corp.*

426,843

1,408

CONMED

Corp.

46,084

4,120

Cooper

Cos.,

Inc.

(The)*

295,445

4,674

DENTSPLY

SIRONA,

Inc.

49,591

4,104

Dexcom,

Inc.*

276,404

4,976

Edwards

Lifesciences

Corp.*

450,129

994

Embecta

Corp.

3,240

1,499

Enovis

Corp.*

31,029

5,573

Envista

Holdings

Corp.*

146,849

5,900

GE

HealthCare

Technologies,

Inc.

377,659

2,168

Globus

Medical,

Inc.,

Class

A*

171,294

1,277

Haemonetics

Corp.*

95,775

612

ICU

Medical,

Inc.*

89,719

972

IDEXX

Laboratories,

Inc.*

511,700

433

Inogen,

Inc.*

2,793

430

Inspire

Medical

Systems,

Inc.*

19,182

1,321

Insulet

Corp.*

201,122

979

Integer

Holdings

Corp.*

91,488

2,383

Integra

LifeSciences

Holdings

Corp.*

42,799

1,668

Intuitive

Surgical,

Inc.*

663,330

400

iRadimed

Corp.

38,224

1,570

Lantheus

Holdings,

Inc.*

174,176

619

LeMaitre

Vascular,

Inc.

59,399

983

LivaNova

plc*

80,832

10,297

Medtronic

plc

805,534

1,046

Merit

Medical

Systems,

Inc.*

72,530

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

50

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

6,551

Neogen

Corp.*

$

58,894

1,974

Omnicell,

Inc.*

81,960

2,205

OraSure

Technologies,

Inc.*

9,834

825

Orthofix

Medical,

Inc.*

7,541

1,309

OrthoPediatrics

Corp.*

25,041

616

Penumbra,

Inc.*^

194,502

1,798

QuidelOrtho

Corp.*

31,492

1,711

ResMed,

Inc.

333,440

1,569

STAAR

Surgical

Co.*

45,015

1,554

STERIS

plc

327,226

2,172

Stryker

Corp.

683,832

749

Teleflex,

Inc.

94,943

284

TransMedics

Group,

Inc.*

18,863

193

UFP

Technologies,

Inc.*

51,170

227

Utah

Medical

Products,

Inc.

15,658

1,100

Varex

Imaging

Corp.*

11,473

3,451

Zimmer

Biomet

Holdings,

Inc.

297,097

9,774,663

Health

Care

Providers

&

Services

(1.9%):

2,574

Acadia

Healthcare

Co.,

Inc.*

76,010

2,580

Accendra

Health,

Inc.*

8,824

5,283

AdaptHealth

Corp.,

Class

A*

55,049

643

Addus

HomeCare

Corp.*

64,602

730

AMN

Healthcare

Services,

Inc.*

23,630

1,845

Astrana

Health,

Inc.*

85,626

1,805

Brightspring

Health

Services,

Inc.*

125,881

7,303

Brookdale

Senior

Living,

Inc.*

117,505

2,405

Cardinal

Health,

Inc.

571,332

431

Castle

Biosciences,

Inc.*

10,279

2,489

Cencora,

Inc.

704,337

6,931

Centene

Corp.*

444,901

276

Chemed

Corp.

128,544

3,164

Cigna

Group

(The)

872,252

5,028

Community

Health

Systems,

Inc.*

16,794

4,538

Concentra

Group

Holdings

Parent,

Inc.

135,006

1,197

CorVel

Corp.*

74,836

1,732

Cross

Country

Healthcare,

Inc.*

22,880

10,868

CVS

Health

Corp.

1,124,295

1,270

DaVita,

Inc.*

282,550

1,813

Elevance

Health,

Inc.

701,141

2,821

Encompass

Health

Corp.

285,147

1,538

Ensign

Group,

Inc.

(The)

246,541

790

Fulgent

Genetics,

Inc.*

16,211

435

GeneDx

Holdings

Corp.,

Class

A*

29,863

1,170

HCA

Healthcare,

Inc.

456,171

1,808

HealthEquity,

Inc.*

163,299

3,659

Henry

Schein,

Inc.*

305,600

1,565

Humana,

Inc.

621,649

1,529

InfuSystem

Holdings,

Inc.*^

14,755

1,601

Labcorp

Holdings,

Inc.

448,280

1,629

Lifestance

Health

Group,

Inc.*

17,447

905

McKesson

Corp.

683,818

1,078

Molina

Healthcare,

Inc.*

246,539

575

National

HealthCare

Corp.

121,532

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

819

National

Research

Corp.

$

17,666

2,819

NeoGenomics,

Inc.*

41,129

10,235

OPKO

Health,

Inc.*

15,352

2,855

Option

Care

Health,

Inc.*

59,869

259

Pacs

Group,

Inc.*

11,044

3,424

Pediatrix

Medical

Group,

Inc.*

86,730

792

Pennant

Group,

Inc.

(The)*

29,264

3,140

Privia

Health

Group,

Inc.*

80,792

2,024

Progyny,

Inc.*

58,352

2,702

Quest

Diagnostics,

Inc.

572,689

2,093

RadNet,

Inc.*

129,075

5,624

Select

Medical

Holdings

Corp.

92,852

1,128

Solventum

Corp.*

87,025

3,605

Surgery

Partners,

Inc.*

60,564

2,980

Tenet

Healthcare

Corp.*

557,498

6,088

UnitedHealth

Group,

Inc.

2,530,355

1,596

Universal

Health

Services,

Inc.,

Class

B

237,309

542

US

Physical

Therapy,

Inc.

37,225

14,007,916

Health

Care

Technology

(0.1%):

447

American

Well

Corp.,

Class

A*

4,077

5,067

Certara,

Inc.*

33,189

3,003

Definitive

Healthcare

Corp.,

Class

A*

2,495

2,865

Doximity,

Inc.,

Class

A*

59,420

3,122

Evolent

Health,

Inc.,

Class

A*

16,921

3,097

GoodRx

Holdings,

Inc.,

Class

A*

8,919

1,056

Health

Catalyst,

Inc.*

2,101

1,357

HealthStream,

Inc.

36,978

1,588

Phreesia,

Inc.*

16,341

859

Schrodinger,

Inc.*

13,959

394

Simulations

Plus,

Inc.*

7,214

5,449

Teladoc

Health,

Inc.*

46,208

339

TruBridge,

Inc.*

8,885

1,445

Veeva

Systems,

Inc.,

Class

A*

256,444

513,151

Hotels,

Restaurants

&

Leisure

(1.7%):

2,045

Airbnb,

Inc.,

Class

A*

292,639

6,558

Aramark

373,150

6

Biglari

Holdings,

Inc.,

Class

A*

12,628

67

Biglari

Holdings,

Inc.,

Class

B*

28,544

1,126

BJ's

Restaurants,

Inc.*

68,388

4,525

Bloomin'

Brands,

Inc.

41,358

5,754

Booking

Holdings,

Inc.

1,025,593

1,059

Boyd

Gaming

Corp.

93,541

992

Brinker

International,

Inc.*

166,656

3,815

Caesars

Entertainment,

Inc.*

115,137

19,031

Carnival

Corp.,

Ltd.

543,716

697

Cava

Group,

Inc.*

54,700

1,507

Cheesecake

Factory,

Inc.

(The)

119,867

12,672

Chipotle

Mexican

Grill,

Inc.,

Class

A*

430,848

867

Choice

Hotels

International,

Inc.^

95,604

1,209

Churchill

Downs,

Inc.

108,375

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

51

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

718

Cracker

Barrel

Old

Country

Store,

Inc.^

$

38,269

1,966

Darden

Restaurants,

Inc.

405,016

1,810

Dave

&

Buster's

Entertainment,

Inc.*

20,634

362

Dine

Brands

Global,

Inc.^

12,996

575

Domino's

Pizza,

Inc.

170,223

1,751

DoorDash,

Inc.,

Class

A*

323,112

1,264

Dutch

Bros,

Inc.,

Class

A*

90,768

1,288

El

Pollo

Loco

Holdings,

Inc.*

21,844

1,372

Expedia

Group,

Inc.

351,067

2,093

First

Watch

Restaurant

Group,

Inc.*

26,979

315

Flutter

Entertainment

plc,

Class

DI*

32,183

4,503

Global

Business

Travel

Group

I*

42,283

2,695

Hilton

Grand

Vacations,

Inc.*

141,137

2,246

Hilton

Worldwide

Holdings,

Inc.

742,213

789

Hyatt

Hotels

Corp.,

Class

A

152,940

6,834

Krispy

Kreme,

Inc.*

24,124

7,352

Las

Vegas

Sands

Corp.

339,589

7,099

Life

Time

Group

Holdings,

Inc.*

289,923

1,683

Marriott

International,

Inc.,

Class

A

623,703

1,169

Marriott

Vacations

Worldwide

Corp.

119,098

5,331

McDonald's

Corp.

1,441,023

1,328

MGM

Resorts

International*

63,492

16,062

Norwegian

Cruise

Line

Holdings,

Ltd.*

339,069

4,460

Penn

Entertainment,

Inc.*

95,266

1,564

Planet

Fitness,

Inc.,

Class

A*

81,594

1,003

Pursuit

Attractions

and

Hospitality,

Inc.*

56,138

2,722

Royal

Caribbean

Cruises,

Ltd.

864,317

778

Shake

Shack,

Inc.,

Class

A*

43,584

8,588

Starbucks

Corp.

877,608

4,289

Sweetgreen,

Inc.,

Class

A*

37,786

1,788

Texas

Roadhouse,

Inc.,

Class

A

345,495

1,660

Travel

+

Leisure

Co.

126,874

819

United

Parks

&

Resorts,

Inc.*

39,099

504

Vail

Resorts,

Inc.

68,620

153

Viking

Holdings,

Ltd.*

16,014

7,813

Wendy's

Co.

(The)^

64,770

173

Wingstop,

Inc.

30,000

2,059

Wyndham

Hotels

&

Resorts,

Inc.

173,388

2,232

Wynn

Resorts,

Ltd.

216,705

2,756

Yum!

Brands,

Inc.

440,574

12,960,261

Household

Durables

(0.8%):

906

Beazer

Homes

USA,

Inc.*

25,413

216

Cavco

Industries,

Inc.*

132,706

1,260

Century

Communities,

Inc.

90,292

864

Champion

Homes,

Inc.*

76,136

3,837

D.R.

Horton,

Inc.

624,971

1,479

Dream

Finders

Homes,

Inc.,

Class

A*

25,527

1,530

Ethan

Allen

Interiors,

Inc.

34,180

431

Flexsteel

Industries,

Inc.

32,101

2,577

Garmin,

Ltd.

612,141

2,761

GoPro,

Inc.,

Class

A*

2,148

Shares

Value

Common

Stocks,

continued

Household

Durables,

continued

1,329

Green

Brick

Partners,

Inc.*

$

106,373

996

Helen

of

Troy,

Ltd.*

28,954

500

Hooker

Furnishings

Corp.

8,915

145

Hovnanian

Enterprises,

Inc.,

Class

A*

20,649

619

Installed

Building

Products,

Inc.

142,271

971

KB

Home

60,775

2,050

La-Z-Boy,

Inc.,

Class

Z

82,246

900

Legacy

Housing

Corp.*

23,643

4,316

Leggett

&

Platt,

Inc.

50,540

2,851

Lennar

Corp.,

Class

A

257,987

119

Lennar

Corp.,

Class

B

10,556

663

LGI

Homes,

Inc.*

42,220

1,017

Lifetime

Brands,

Inc.

8,675

233

M/I

Homes,

Inc.*

37,464

374

Meritage

Homes

Corp.

31,360

1,935

Mohawk

Industries,

Inc.*

234,774

11,047

Newell

Brands,

Inc.

67,829

87

NVR,

Inc.*

592,766

3,574

PulteGroup,

Inc.

490,389

3,423

SharkNinja,

Inc.*

521,220

4,489

Somnigroup

International,

Inc.

351,938

2,742

Taylor

Morrison

Home

Corp.,

Class

A*

196,711

2,550

Toll

Brothers,

Inc.

420,112

806

TopBuild

Corp.*

285,751

320

Universal

Electronics,

Inc.*

1,526

905

Whirlpool

Corp.

35,675

5,766,934

Household

Products

(0.8%):

2,328

Central

Garden

&

Pet

Co.,

Class

A*

90,257

3,717

Church

&

Dwight

Co.,

Inc.

360,103

1,579

Clorox

Co.

(The)

150,700

9,263

Colgate-Palmolive

Co.

849,232

2,927

Energizer

Holdings,

Inc.^

62,755

4,238

Kimberly-Clark

Corp.

465,205

666

Oil-Dri

Corp.

of

America

68,072

25,147

Procter

&

Gamble

Co.

(The)

3,687,556

3,003

Reynolds

Consumer

Products,

Inc.

80,630

679

Spectrum

Brands

Holdings,

Inc.

58,224

245

WD-40

Co.

59,692

5,932,426

Independent

Power

and

Renewable

Electricity

Producers

(0.1%):

6,117

AES

Corp.

(The)

89,675

2,701

Clearway

Energy,

Inc.,

Class

C

92,320

1,384

Ormat

Technologies,

Inc.

150,718

124

Talen

Energy

Corp.*

47,648

4,727

Vistra

Corp.

749,844

1,130,205

Industrial

Conglomerates

(0.6%):

6,244

3M

Co.

1,010,966

7,467

General

Electric

Co.

2,790,642

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

52

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Industrial

Conglomerates,

continued

2,896

Honeywell

International,

Inc.

$

648,414

4,450,022

Insurance

(2.9%):

6,536

Aflac,

Inc.

766,346

4,245

Allstate

Corp.

(The)

1,010,055

1,900

American

Coastal

Insurance

Corp.

21,090

2,591

American

Financial

Group,

Inc.

362,585

7,542

American

International

Group,

Inc.

562,105

745

AMERISAFE,

Inc.

25,203

2,472

Aon

plc,

Class

A

819,938

5,459

Arch

Capital

Group,

Ltd.*

529,851

2,117

Arthur

J.

Gallagher

&

Co.

486,000

1,440

Assurant,

Inc.

386,683

1,601

Assured

Guaranty,

Ltd.

128,336

2,131

Axis

Capital

Holdings,

Ltd.

228,955

1,546

Baldwin

Insurance

Group,

Inc.

(The),

Class

A*

41,093

2,229

Brighthouse

Financial,

Inc.*

141,096

4,389

Brown

&

Brown,

Inc.

281,554

3,122

Chubb,

Ltd.

1,063,790

2,244

Cincinnati

Financial

Corp.

415,454

2,176

Citizens,

Inc.,

Class

A*^

12,490

2,783

CNO

Financial

Group,

Inc.

141,877

895

Crawford

&

Co.,

Class

A

10,087

2,354

Crawford

&

Co.,

Class

B

24,552

1,631

Donegal

Group,

Inc.,

Class

A

30,761

800

eHealth,

Inc.*

1,192

1,144

Employers

Holdings,

Inc.

57,749

377

Erie

Indemnity

Co.,

Class

A

90,386

851

Everest

Group,

Ltd.

304,003

2,136

F&G

Annuities

&

Life,

Inc.

56,796

7,502

Fidelity

National

Financial,

Inc.

353,794

2,829

First

American

Financial

Corp.

194,041

12,514

Genworth

Financial,

Inc.,

Class

A*

118,508

2,197

Globe

Life,

Inc.

392,560

318

Goosehead

Insurance,

Inc.,

Class

A*

15,423

2,383

Greenlight

Capital

Re,

Ltd.,

Class

A*

38,557

1,122

Hanover

Insurance

Group,

Inc.

(The)

240,243

6,821

Hartford

Insurance

Group,

Inc.

(The)

903,919

397

HCI

Group,

Inc.

69,574

387

Heritage

Insurance

Holdings,

Inc.*

10,093

802

Hippo

Holdings,

Inc.*

22,664

1,553

Horace

Mann

Educators

Corp.

80,212

153

Investors

Title

Co.

41,873

1,185

James

River

Group

Holdings,

Inc.

5,214

2,388

Kemper

Corp.

64,380

277

Kestrel

Group,

Ltd.*

2,493

537

Kinsale

Capital

Group,

Inc.

177,108

6,038

Lincoln

National

Corp.

213,443

4,808

Loews

Corp.

544,314

209

Markel

Group,

Inc.*

408,179

4,650

Marsh

&

McLennan

Cos.,

Inc.

775,015

1,852

Mercury

General

Corp.

197,460

9,809

MetLife,

Inc.

829,939

5,949

Old

Republic

International

Corp.

243,433

Shares

Value

Common

Stocks,

continued

Insurance,

continued

2,416

Oscar

Health,

Inc.,

Class

A*

$

68,904

551

Palomar

Holdings,

Inc.*

69,641

1,285

Pelagos

Insurance

Capital,

Ltd.

31,290

1,132

Primerica,

Inc.

321,714

5,950

Principal

Financial

Group,

Inc.

641,291

6,184

Progressive

Corp.

(The)

1,350,895

4,772

Prudential

Financial,

Inc.

515,042

1,386

Reinsurance

Group

of

America,

Inc.

294,733

1,121

RenaissanceRe

Holdings,

Ltd.

355,245

1,268

RLI

Corp.

74,901

825

Safety

Insurance

Group,

Inc.

61,759

1,539

Selective

Insurance

Group,

Inc.

149,298

11,528

Selectquote,

Inc.*

9,696

3,957

SiriusPoint,

Ltd.*

94,968

1,533

Skyward

Specialty

Insurance

Group,

Inc.*

89,451

876

Stewart

Information

Services

Corp.

57,834

1,767

Tiptree,

Inc.

31,665

6,501

Travelers

Cos.,

Inc.

(The)

2,146,110

1,346

Trupanion,

Inc.*

33,340

728

United

Fire

Group,

Inc.

38,176

1,869

Universal

Insurance

Holdings,

Inc.

77,302

3,844

Unum

Group

343,654

6,035

W

R

Berkley

Corp.

425,649

86

White

Mountains

Insurance

Group,

Ltd.

178,312

1,888

Willis

Towers

Watson

plc

493,467

21,896,803

Interactive

Media

&

Services

(5.5%):

43,788

Alphabet,

Inc.,

Class

A

15,648,518

35,239

Alphabet,

Inc.,

Class

C

12,450,996

1,991

Bumble,

Inc.,

Class

A*

6,371

2,229

Cargurus,

Inc.,

Class

A*

75,987

1,955

Cars.com,

Inc.*

21,388

2,881

DHI

Group,

Inc.*

10,688

4,348

Match

Group,

Inc.

165,441

22,452

Meta

Platforms,

Inc.,

Class

A

12,646,987

6,045

Pinterest,

Inc.,

Class

A*

127,126

1,563

QuinStreet,

Inc.*

22,898

212

Reddit,

Inc.,

Class

A*

36,799

764

Shutterstock,

Inc.

10,658

9,269

Snap,

Inc.,

Class

A*

41,154

1,344

Travelzoo*

15,698

2,345

TripAdvisor,

Inc.*

32,150

1,315

Yelp,

Inc.,

Class

A*

32,244

664

Zedge,

Inc.,

Class

B

2,058

830

Ziff

Davis,

Inc.*

43,467

7,176

ZoomInfo

Technologies,

Inc.,

Class

A*

21,026

41,411,654

IT

Services

(0.9%):

6,511

Accenture

plc,

Class

A

810,229

3,287

Akamai

Technologies,

Inc.*

388,556

1,923

Amdocs,

Ltd.

97,188

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

53

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

876

Cloudflare,

Inc.,

Class

A*

$

214,865

7,395

Cognizant

Technology

Solutions

Corp.,

Class

A

286,408

948

CoreWeave,

Inc.,

Class

A*

94,364

1,925

DigitalOcean

Holdings,

Inc.*

302,283

6,069

DXC

Technology

Co.*

53,711

943

EPAM

Systems,

Inc.*

74,827

726

Everforth,

Inc.*

12,974

4,318

Fastly,

Inc.,

Class

A*

79,278

772

Gartner,

Inc.*

100,067

452

Globant

SA*

13,081

2,021

GoDaddy,

Inc.,

Class

A*

171,542

2,548

Grid

Dynamics

Holdings,

Inc.*

14,473

1,357

Hackett

Group,

Inc.

(The)

14,615

8,532

International

Business

Machines

Corp.

2,399,284

7,305

Kyndryl

Holdings,

Inc.*

82,620

565

MongoDB,

Inc.,

Class

A*

189,783

3,678

Okta,

Inc.,

Class

A*

501,863

468

Snowflake,

Inc.,

Class

A*

119,106

1,983

Twilio,

Inc.,

Class

A*

409,152

2,221

Unisys

Corp.*

8,129

964

VeriSign,

Inc.

242,504

6,680,902

Leisure

Products

(0.1%):

1,614

Acushnet

Holdings

Corp.

191,308

895

American

Outdoor

Brands,

Inc.*

10,507

1,271

Brunswick

Corp.

107,069

4,498

Callaway

Golf

Co.*

84,518

2,100

Clarus

Corp.

6,615

658

Escalade,

Inc.

12,357

1,267

Funko,

Inc.,

Class

A*

7,450

1,564

Hasbro,

Inc.

129,171

303

Johnson

Outdoors,

Inc.,

Class

A

13,950

931

Malibu

Boats,

Inc.,

Class

A*

25,537

604

MasterCraft

Boat

Holdings,

Inc.*

15,595

8,550

Mattel,

Inc.*

118,674

1,038

Polaris,

Inc.

71,041

1,410

Smith

&

Wesson

Brands,

Inc.

21,206

593

Sturm

Ruger

&

Co.,

Inc.

22,445

2,016

YETI

Holdings,

Inc.*

99,913

937,356

Life

Sciences

Tools

&

Services

(0.8%):

237

10X

Genomics,

Inc.,

Class

A*

9,087

3,716

Agilent

Technologies,

Inc.

493,596

9,130

Avantor,

Inc.*

90,387

1,287

Azenta,

Inc.*

32,844

1,634

BioLife

Solutions,

Inc.*

46,144

486

Bio-Rad

Laboratories,

Inc.,

Class

A*

142,695

1,373

Bio-Techne

Corp.

97,002

1,904

Bruker

Corp.

114,583

882

Charles

River

Laboratories

International,

Inc.*

200,029

2,030

CryoPort,

Inc.*

31,871

Shares

Value

Common

Stocks,

continued

Life

Sciences

Tools

&

Services,

continued

4,103

Danaher

Corp.

$

781,539

2,171

Fortrea

Holdings,

Inc.*

37,775

157

ICON

plc*

27,273

1,684

Illumina,

Inc.*

296,098

3,609

IQVIA

Holdings,

Inc.*

697,331

4,035

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

25,178

521

Medpace

Holdings,

Inc.*

275,916

125

Mesa

Laboratories,

Inc.

12,444

186

Mettler-Toledo

International,

Inc.*

237,617

1,666

OmniAb,

Inc.*

4,098

442

OmniAb,

Inc.

-

Vesting

12.5*

(a)

—

442

OmniAb,

Inc.

-

Vesting

15*

(a)

—

10,633

Pacific

Biosciences

of

California,

Inc.*

17,863

453

Quanterix

Corp.*

1,957

852

Repligen

Corp.*

116,247

2,408

Revvity,

Inc.

267,914

3,826

Sotera

Health

Co.*

67,912

2,178

Thermo

Fisher

Scientific,

Inc.

1,091,962

1,305

Waters

Corp.*

489,427

920

West

Pharmaceutical

Services,

Inc.

330,280

6,037,069

Machinery

(2.8%):

7,267

3D

Systems

Corp.*

21,946

636

Aebi

Schmidt

Holding

AG

7,982

2,213

AGCO

Corp.

264,896

463

Alamo

Group,

Inc.

76,159

935

Albany

International

Corp.,

Class

A

69,657

2,830

Allison

Transmission

Holdings,

Inc.

319,054

1,018

Astec

Industries,

Inc.

62,291

1,512

Atmus

Filtration

Technologies,

Inc.

77,097

837

Blue

Bird

Corp.*

66,090

4,039

Caterpillar,

Inc.

4,301,131

1,818

CECO

Environmental

Corp.*

164,965

33,567

CNH

Industrial

NV

376,957

504

Columbus

McKinnon

Corp.

7,626

707

Commercial

Vehicle

Group,

Inc.*

3,266

1,385

Crane

Co.

308,952

1,171

Cummins,

Inc.

835,169

1,572

Deere

&

Co.

997,167

2,768

Donaldson

Co.,

Inc.

248,483

471

Douglas

Dynamics,

Inc.

25,410

1,853

Dover

Corp.

415,591

475

Energy

Recovery,

Inc.*

4,284

1,760

Enerpac

Tool

Group

Corp.,

Class

A

63,114

463

Enpro,

Inc.

174,519

1,465

Esab

Corp.

144,493

617

ESCO

Technologies,

Inc.

215,975

1,605

Federal

Signal

Corp.

206,226

3,010

Flowserve

Corp.^

223,222

6,191

Fortive

Corp.

378,208

1,073

Franklin

Electric

Co.,

Inc.

115,015

8,009

Gates

Industrial

Corp.

plc*

224,012

889

Gencor

Industries,

Inc.*

13,264

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

54

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

606

Gorman-Rupp

Co.

(The)

$

55,594

4,017

Graco,

Inc.

303,725

1,381

Greenbrier

Cos.,

Inc.

(The)

67,683

650

Helios

Technologies,

Inc.

58,012

4,909

Hillman

Solutions

Corp.*

41,432

490

Hurco

Cos.,

Inc.*

11,219

896

Hyster-Yale,

Inc.

31,414

1,133

IDEX

Corp.

257,134

3,592

Illinois

Tool

Works,

Inc.

971,528

4,211

Ingersoll

Rand,

Inc.

345,260

2,021

ITT,

Inc.

399,673

363

Kadant,

Inc.

114,065

1,862

Kennametal,

Inc.

65,263

787

L.B.

Foster

Co.,

Class

A*

35,549

1,324

Lincoln

Electric

Holdings,

Inc.

351,535

221

Lindsay

Corp.

27,360

1,300

Luxfer

Holdings

plc

23,452

2,529

Manitowoc

Co.,

Inc.

(The)*

35,128

1,453

Middleby

Corp.

(The)*

249,931

285

Miller

Industries,

Inc.

14,578

2,816

Mueller

Industries,

Inc.

346,171

3,961

Mueller

Water

Products,

Inc.,

Class

A

102,313

1,258

NN,

Inc.*

4,516

864

Nordson

Corp.

260,660

158

Omega

Flex,

Inc.

4,960

1,789

Oshkosh

Corp.

274,576

3,688

Otis

Worldwide

Corp.

264,061

6,035

PACCAR,

Inc.

724,924

654

Parker-Hannifin

Corp.

639,690

1,058

Park-Ohio

Holdings

Corp.

40,680

3,365

Pentair

plc

257,961

713

Proto

Labs,

Inc.*

58,117

744

RBC

Bearings,

Inc.*

479,181

1,172

Snap-on,

Inc.

471,613

1,058

SPX

Technologies,

Inc.*

259,390

232

Standex

International

Corp.

82,979

3,210

Stanley

Black

&

Decker,

Inc.

302,125

1,047

Symbotic,

Inc.,

Class

A*

47,063

537

Tennant

Co.

47,009

2,923

Terex

Corp.

211,596

1,565

Timken

Co.

(The)

227,426

3,046

Titan

International,

Inc.*

23,485

2,332

Toro

Co.

(The)

227,183

2,767

Trinity

Industries,

Inc.

95,683

1,855

Wabash

National

Corp.

25,042

677

Watts

Water

Technologies,

Inc.,

Class

A

265,012

2,300

Westinghouse

Air

Brake

Technologies

Corp.

620,080

1,232

Worthington

Enterprises,

Inc.

66,232

3,043

Xylem,

Inc.

359,713

20,661,197

Marine

Transportation

(0.1%):

795

Costamare

Bulkers

Holdings,

Ltd.*

13,960

3,979

Costamare,

Inc.

55,786

Shares

Value

Common

Stocks,

continued

Marine

Transportation,

continued

1,300

Genco

Shipping

&

Trading,

Ltd.

$

32,214

1,113

Kirby

Corp.*

151,335

1,014

Matson,

Inc.

194,921

448,216

Media

(0.6%):

386

Advantage

Solutions,

Inc.*^

16,691

1,413

AMC

Global

Media,

Inc.,

Class

A*^

14,102

1,200

Boston

Omaha

Corp.,

Class

A*

16,368

3,213

Charter

Communications,

Inc.,

Class

A*

456,921

62,307

Comcast

Corp.,

Class

A

1,529,637

3,378

DoubleVerify

Holdings,

Inc.*

36,618

2,167

EchoStar

Corp.,

Class

A*

219,950

2,931

EW

Scripps

Co.

(The),

Class

A*

8,119

3,424

Fox

Corp.,

Class

A

178,596

4,178

Fox

Corp.,

Class

B

195,698

2,099

John

Wiley

&

Sons,

Inc.,

Class

A

101,822

334

Liberty

Broadband

Corp.,

Class

A*

11,115

1,606

Liberty

Broadband

Corp.,

Class

C*

53,416

3,830

Magnite,

Inc.*

72,693

131

Marchex,

Inc.,

Class

B*

211

3,983

New

York

Times

Co.

(The),

Class

A

278,730

8,845

News

Corp.,

Class

A

219,621

4,045

News

Corp.,

Class

B

113,503

1,195

Nexstar

Media

Group,

Inc.,

Class

A

213,415

6,702

Omnicom

Group,

Inc.

488,107

8,141

Paramount

Skydance

Corp.,

Class

B^

80,270

1,353

Scholastic

Corp.

62,238

1,768

Sinclair,

Inc.

25,194

1,471

Sirius

XM

Holdings,

Inc.

43,453

4,755

Stagwell,

Inc.,

Class

A*

35,330

1,890

TechTarget,

Inc.*

6,804

1,103

Thryv

Holdings,

Inc.*

4,346

2,390

Trade

Desk,

Inc.

(The),

Class

A*

43,211

7,573

USA

TODAY

Co.,

Inc.*

64,749

2,638

Versant

Media

Group,

Inc.

94,994

4,685,922

Metals

&

Mining

(0.8%):

4,652

Alcoa

Corp.

242,555

438

Alpha

Metallurgical

Resources,

Inc.*

72,244

799

Ampco-Pittsburgh

Corp.*

6,911

3,215

Century

Aluminum

Co.*

147,922

6,342

Cleveland-Cliffs,

Inc.*

59,551

18,225

Coeur

Mining,

Inc.

297,432

3,541

Commercial

Metals

Co.

222,198

2,118

Compass

Minerals

International,

Inc.*

65,933

7,664

Ferroglobe

plc

24,371

841

Fortitude

Gold

Corp.

4,197

11,907

Freeport-McMoRan,

Inc.

748,831

16,906

Hecla

Mining

Co.

260,860

389

Kaiser

Aluminum

Corp.

76,100

594

Materion

Corp.

176,650

1,230

McEwen,

Inc.*

22,300

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

55

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

2,052

Metallus,

Inc.*

$

38,352

4,360

MP

Materials

Corp.*

244,204

12,214

Newmont

Corp.

1,140,788

3,268

Nucor

Corp.

727,947

3,009

Ramaco

Resources,

Inc.,

Class

A*

39,809

117

Ramaco

Resources,

Inc.,

Class

B*

1,000

1,233

Reliance,

Inc.

460,649

1,995

Royal

Gold,

Inc.

398,222

1,197

Ryerson

Holding

Corp.

29,458

881

Southern

Copper

Corp.

153,523

2,001

Steel

Dynamics,

Inc.

459,149

3,673

SunCoke

Energy,

Inc.

29,568

1,070

Tredegar

Corp.*

8,517

1,717

Warrior

Met

Coal,

Inc.

139,352

1,732

Worthington

Steel,

Inc.

58,161

6,356,754

Multi-Utilities

(0.6%):

2,774

Ameren

Corp.

313,573

2,050

Avista

Corp.

83,865

1,575

Black

Hills

Corp.

117,180

6,847

CenterPoint

Energy,

Inc.

301,542

4,376

CMS

Energy

Corp.

334,764

3,685

Consolidated

Edison,

Inc.

407,672

8,372

Dominion

Energy,

Inc.

571,724

2,101

DTE

Energy

Co.

320,129

9,580

NiSource,

Inc.

455,529

1,067

Northwestern

Energy

Group,

Inc.

76,419

4,897

Public

Service

Enterprise

Group,

Inc.

397,441

6,587

Sempra

610,681

305

Unitil

Corp.

16,070

3,199

WEC

Energy

Group,

Inc.

373,547

4,380,136

Oil,

Gas

&

Consumable

Fuels

(3.8%):

11,559

Antero

Midstream

Corp.

262,967

7,853

Antero

Resources

Corp.*

275,954

8,630

APA

Corp.

281,079

1,287

Ardmore

Shipping

Corp.

18,031

2,954

California

Resources

Corp.

156,178

600

Centrus

Energy

Corp.,

Class

A*^

100,722

2,649

Cheniere

Energy,

Inc.

633,138

14,769

Chevron

Corp.

2,448,109

479

Chord

Energy

Corp.

54,750

7,534

Clean

Energy

Fuels

Corp.*

15,445

4,859

CNX

Resources

Corp.*

164,866

8,223

Comstock

Resources,

Inc.*

122,687

21,730

ConocoPhillips

2,259,051

765

Core

Natural

Resources,

Inc.

61,215

1,513

Crescent

Energy

Co.,

Class

A

14,858

2,160

CVR

Energy,

Inc.

59,486

26,357

Devon

Energy

Corp.

1,089,071

3,726

DHT

Holdings,

Inc.

61,591

4,198

Diamondback

Energy,

Inc.

737,925

2,590

DT

Midstream,

Inc.

380,057

11,018

EOG

Resources,

Inc.

1,429,365

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

8,732

EQT

Corp.

$

464,280

4,177

Expand

Energy

Corp.

380,901

48,070

Exxon

Mobil

Corp.

6,572,130

3,222

FutureFuel

Corp.

14,563

3,367

Green

Plains,

Inc.*

51,785

682

Gulfport

Energy

Corp.*

115,735

3,447

HF

Sinclair

Corp.

240,084

1,748

International

Seaways,

Inc.

133,879

22,427

Kinder

Morgan,

Inc.

716,991

1,205

Kinetik

Holdings,

Inc.,

Class

A

58,250

25,708

Kosmos

Energy,

Ltd.*

54,244

6,621

Magnolia

Oil

&

Gas

Corp.,

Class

A

169,365

4,408

Marathon

Petroleum

Corp.

1,126,993

3,574

Matador

Resources

Co.

177,914

2,021

Murphy

Oil

Corp.

65,804

4,784

Nordic

American

Tankers,

Ltd.

26,503

3,456

Northern

Oil

&

Gas,

Inc.

62,726

17,352

Occidental

Petroleum

Corp.

842,787

8,104

ONEOK,

Inc.

704,562

7,754

Ovintiv,

Inc.

408,248

2,100

Par

Pacific

Holdings,

Inc.*

117,768

2,707

PBF

Energy,

Inc.,

Class

A

123,223

3,867

Peabody

Energy

Corp.

89,405

10,904

Permian

Resources

Corp.,

Class

A

200,743

5,794

Phillips

66

979,476

6

PrimeEnergy

Resources

Corp.*

1,001

7,227

Range

Resources

Corp.

268,772

916

Scorpio

Tankers,

Inc.

63,442

4,935

SFL

Corp.,

Ltd.,

Class

B

50,337

3,241

SM

Energy

Co.

84,590

3,310

Talos

Energy,

Inc.*

42,732

3,252

Targa

Resources

Corp.

871,991

779

Teekay

Tankers,

Ltd.,

Class

A

50,534

891

Texas

Pacific

Land

Corp.

389,937

7,849

Uranium

Energy

Corp.*

83,670

6,929

VAALCO

Energy,

Inc.

35,199

3,870

Valero

Energy

Corp.

1,007,903

732

Viper

Energy,

Inc.,

Class

A

31,037

622

Vitesse

Energy,

Inc.

9,809

9,330

W&T

Offshore,

Inc.

29,390

9,479

Williams

Cos.,

Inc.

(The)

704,669

2,201

World

Kinect

Corp.

72,501

28,322,418

Paper

&

Forest

Products

(0.0%

†

):

545

Clearwater

Paper

Corp.*

8,546

1,658

Louisiana-Pacific

Corp.

130,418

3,875

Mercer

International,

Inc.

2,557

1,802

Sylvamo

Corp.

68,116

209,637

Passenger

Airlines

(0.6%):

1,721

Alaska

Air

Group,

Inc.*

89,836

1,065

Allegiant

Travel

Co.*

125,244

8,590

American

Airlines

Group,

Inc.*

155,221

1,181

Copa

Holdings

SA,

Class

A

183,728

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

56

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Passenger

Airlines,

continued

12,501

Delta

Air

Lines,

Inc.

$

1,170,844

2,340

Frontier

Group

Holdings,

Inc.*

18,510

15,406

JetBlue

Airways

Corp.*

88,276

1,095

SkyWest,

Inc.*

108,766

8,797

Southwest

Airlines

Co.

452,342

13,099

United

Airlines

Holdings,

Inc.*

1,781,333

4,174,100

Personal

Care

Products

(0.1%):

3,523

BellRing

Brands,

Inc.*

45,588

15,106

Coty,

Inc.,

Class

A*

32,629

565

Edgewell

Personal

Care

Co.

15,176

1,654

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

130,583

2,298

Herbalife,

Ltd.*

30,219

871

Interparfums,

Inc.

97,430

24,254

Kenvue,

Inc.

463,494

654

Medifast,

Inc.*

6,939

1,236

Nature's

Sunshine

Products,

Inc.*

26,945

1,616

Nu

Skin

Enterprises,

Inc.,

Class

A

8,532

340

United-Guardian,

Inc.

2,427

645

USANA

Health

Sciences,

Inc.*

13,771

873,733

Pharmaceuticals

(3.1%):

2,030

Aclaris

Therapeutics,

Inc.*

10,739

7,684

Amneal

Pharmaceuticals,

Inc.*

133,010

1,017

Amphastar

Pharmaceuticals,

Inc.*

20,523

900

ANI

Pharmaceuticals,

Inc.*

74,502

34,764

Bristol-Myers

Squibb

Co.

2,003,102

1,180

Collegium

Pharmaceutical,

Inc.*

42,716

1,313

Crinetics

Pharmaceuticals,

Inc.*

49,132

1,468

Cumberland

Pharmaceuticals,

Inc.*

9,513

1,559

Edgewise

Therapeutics,

Inc.*

63,342

9,737

Elanco

Animal

Health,

Inc.*

239,628

7,542

Eli

Lilly

&

Co.

9,046,101

2,317

Harmony

Biosciences

Holdings,

Inc.*

84,362

3,292

Innoviva,

Inc.*

74,761

1,528

Jazz

Pharmaceuticals

plc,

ADR*

368,202

15,025

Johnson

&

Johnson

3,815,899

399

Ligand

Pharmaceuticals,

Inc.*

126,120

30,598

Merck

&

Co.,

Inc.

3,931,843

6,919

Organon

&

Co.

93,683

1,467

Pacira

BioSciences,

Inc.*

37,218

4,791

Perrigo

Co.

plc

49,778

66,184

Pfizer,

Inc.

1,593,711

793

Phibro

Animal

Health

Corp.,

Class

A

24,900

2,307

Pliant

Therapeutics,

Inc.*

2,630

1,833

Prestige

Consumer

Healthcare,

Inc.*

86,646

997

Rafael

Holdings,

Inc.,

Class

B*

3,270

5,723

Royalty

Pharma

plc,

Class

A

320,889

2,134

SIGA

Technologies,

Inc.

7,768

2,269

Supernus

Pharmaceuticals,

Inc.*

105,531

22,924

Viatris,

Inc.

364,033

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

4,857

Zoetis,

Inc.,

Class

A

$

349,024

23,132,576

Professional

Services

(0.8%):

8,391

Alight,

Inc.,

Class

A*

4,699

2,592

Amentum

Holdings,

Inc.*

53,577

3,991

Automatic

Data

Processing,

Inc.

893,784

1,376

Barrett

Business

Services,

Inc.

48,875

1,162

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

70,499

1,737

Broadridge

Financial

Solutions,

Inc.

237,882

584

CACI

International,

Inc.,

Class

A*

270,544

1,145

CBIZ,

Inc.*

36,732

9,227

Clarivate

plc*

19,930

1,162

Concentrix

Corp.

26,035

6,347

Conduent,

Inc.*

9,267

387

CRA

International,

Inc.

55,070

1,561

Equifax,

Inc.

247,762

3,805

ExlService

Holdings,

Inc.*

98,397

1,216

Exponent,

Inc.

71,452

5,623

First

Advantage

Corp.*

101,495

825

Forrester

Research,

Inc.*

6,938

483

FTI

Consulting,

Inc.*

71,972

3,362

Genpact,

Ltd.

92,455

560

Huron

Consulting

Group,

Inc.*

50,490

600

ICF

International,

Inc.

43,716

614

Insperity,

Inc.

25,364

2,941

Jacobs

Solutions,

Inc.

370,566

3,590

KBR,

Inc.

123,963

1,042

Kelly

Services,

Inc.,

Class

A

12,796

720

Kforce,

Inc.

33,782

1,807

Korn

Ferry

120,310

3,343

Legalzoom.com,

Inc.*

20,493

2,680

Leidos

Holdings,

Inc.

275,960

1,553

ManpowerGroup,

Inc.

52,445

1,556

Maximus,

Inc.

83,651

659

Mistras

Group,

Inc.*

11,513

1,830

Parsons

Corp.*

95,874

4,933

Paychex,

Inc.

485,062

1,259

Paycom

Software,

Inc.

158,231

1,313

Paylocity

Holding

Corp.*

137,248

1,615

Planet

Labs

PBC*

53,505

2,125

Resources

Connection,

Inc.

9,031

1,275

Robert

Half,

Inc.

39,142

1,513

Science

Applications

International

Corp.

167,050

5,295

SS&C

Technologies

Holdings,

Inc.

328,555

2,755

TIC

Solutions,

Inc.*

22,288

4,362

TransUnion

314,675

914

TriNet

Group,

Inc.

45,234

1,029

TrueBlue,

Inc.*

7,172

2,127

TTEC

Holdings,

Inc.*^

4,126

882

Ul

Solutions,

Inc.,

Class

A

89,840

3,454

Upwork,

Inc.*

28,875

1,536

Verisk

Analytics,

Inc.,

Class

A

275,758

4,212

Verra

Mobility

Corp.,

Class

A*

17,901

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

57

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

633

Willdan

Group,

Inc.*

$

50,070

5,972,051

Real

Estate

Management

&

Development

(0.3%):

1,163

AGNT,

Inc.

6,292

4,111

CBRE

Group,

Inc.,

Class

A*

553,711

5,428

CoStar

Group,

Inc.*

153,721

8,528

Cushman

&

Wakefield,

Ltd.*

114,190

1,626

Douglas

Elliman,

Inc.*

2,878

1,407

Forestar

Group,

Inc.*

44,532

464

FRP

Holdings,

Inc.*

11,595

1,724

Howard

Hughes

Holdings,

Inc.*

123,249

1,114

Jones

Lang

LaSalle,

Inc.*

345,284

2,147

Marcus

&

Millichap,

Inc.

66,922

4,888

Newmark

Group,

Inc.,

Class

A

73,858

15,028

Opendoor

Technologies,

Inc.*

69,429

910

RE/MAX

Holdings,

Inc.,

Class

A*

8,973

357

RMR

Group,

Inc.

(The),

Class

A

7,329

693

Seaport

Entertainment

Group,

Inc.*

18,434

1,337

St.

Joe

Co.

(The)

83,736

1,447

Tejon

Ranch

Co.*

27,059

1,463

Zillow

Group,

Inc.,

Class

A*

45,894

4,251

Zillow

Group,

Inc.,

Class

C*

133,991

1,891,077

Semiconductors

&

Semiconductor

Equipment

(13.8%):

694

ACM

Research,

Inc.,

Class

A*

88,062

6,808

Advanced

Micro

Devices,

Inc.*

3,954,835

2,564

Allegro

MicroSystems,

Inc.*

178,506

1,120

Alpha

&

Omega

Semiconductor,

Ltd.*

53,010

392

Ambarella,

Inc.*

33,634

3,194

Amkor

Technology,

Inc.

275,419

3,107

Analog

Devices,

Inc.

1,234,007

5,993

Applied

Materials,

Inc.

4,332,939

490

Astera

Labs,

Inc.*

236,680

815

Axcelis

Technologies,

Inc.*

154,402

32,909

Broadcom,

Inc.

12,431,375

437

CEVA,

Inc.*

20,609

719

Cirrus

Logic,

Inc.*

106,793

808

Cohu,

Inc.*

59,719

440

Credo

Technology

Group

Holding,

Ltd.*

119,658

1,151

Diodes,

Inc.*

125,965

1,785

Enphase

Energy,

Inc.*

87,893

1,826

Entegris,

Inc.

328,424

1,510

First

Solar,

Inc.*

356,300

1,170

FormFactor,

Inc.*

187,118

2,205

GLOBALFOUNDRIES,

Inc.

181,714

948

Ichor

Holdings,

Ltd.*

106,441

32,016

Intel

Corp.*

4,470,394

12,756

KLA

Corp.

3,848,613

934

Kulicke

&

Soffa

Industries,

Inc.

124,932

9,791

Lam

Research

Corp.

4,242,734

1,388

Lattice

Semiconductor

Corp.*

212,308

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

526

MACOM

Technology

Solutions

Holdings,

Inc.*

$

200,075

3,843

Marvell

Technology,

Inc.

1,144,791

4,122

Microchip

Technology,

Inc.

375,926

10,110

Micron

Technology,

Inc.

11,669,872

851

MKS,

Inc.

378,525

270

Monolithic

Power

Systems,

Inc.

373,237

150

NVE

Corp.

15,682

213,746

NVIDIA

Corp.

42,768,437

2,263

NXP

Semiconductors

NV

635,971

5,606

ON

Semiconductor

Corp.*

529,991

651

Onto

Innovation,

Inc.*

246,371

896

PDF

Solutions,

Inc.*

63,428

1,050

Penguin

Solutions,

Inc.*

79,810

1,058

Photronics,

Inc.*

34,417

1,089

Power

Integrations,

Inc.

91,215

2,773

Qnity

Electronics,

Inc.

452,859

1,551

Qorvo,

Inc.*

144,662

10,304

QUALCOMM,

Inc.

1,904,076

2,376

Rambus,

Inc.*

315,390

599

Silicon

Laboratories,

Inc.*

130,917

399

SiTime

Corp.*

297,478

2,582

Skyworks

Solutions,

Inc.

175,060

787

SolarEdge

Technologies,

Inc.*

45,992

935

Synaptics,

Inc.*

116,155

1,230

Teradyne,

Inc.

595,123

7,844

Texas

Instruments,

Inc.

2,338,061

728

Ultra

Clean

Holdings,

Inc.*

103,806

524

Universal

Display

Corp.

45,373

1,442

Veeco

Instruments,

Inc.*

109,304

102,934,488

Software

(5.7%):

1,802

A10

Networks,

Inc.

67,323

2,400

ACI

Worldwide,

Inc.*

120,696

2,725

Adeia,

Inc.

89,734

3,252

Adobe,

Inc.*

666,725

300

Agilysys,

Inc.*

31,350

1,449

Alarm.com

Holdings,

Inc.*

67,697

425

Appfolio,

Inc.,

Class

A*

68,149

2,217

AppLovin

Corp.,

Class

A*

1,142,265

596

Atlassian

Corp.,

Class

A*

46,363

13,119

Aurora

Innovation,

Inc.,

Class

A*

89,472

2,360

Autodesk,

Inc.*

458,831

2,272

Aware,

Inc.*

3,067

5,520

Bentley

Systems,

Inc.,

Class

B

164,993

2,187

BILL

Holdings,

Inc.*

79,082

1,326

Blackbaud,

Inc.*

39,276

987

BlackLine,

Inc.*

27,705

3,382

Box,

Inc.,

Class

A*

89,758

1,411

Cadence

Design

Systems,

Inc.*

529,577

16,691

CCC

Intelligent

Solutions

Holdings,

Inc.*

86,126

2,772

Cerence,

Inc.*

31,379

4,099

Cleanspark,

Inc.*

59,640

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

58

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Software,

continued

1,976

Clear

Secure,

Inc.,

Class

A

$

110,123

407

Commvault

Systems,

Inc.*

57,684

491

Consensus

Cloud

Solutions,

Inc.*

18,732

628

Crowdstrike

Holdings,

Inc.,

Class

A*

479,252

71

Daily

Journal

Corp.*

42,685

1,370

Datadog,

Inc.,

Class

A*

356,693

4,872

Digital

Turbine,

Inc.*

62,849

3,046

Docusign,

Inc.,

Class

A*

135,303

1,588

Dolby

Laboratories,

Inc.,

Class

A

83,497

3,517

Dropbox,

Inc.,

Class

A*

96,612

5,606

Dynatrace,

Inc.*

246,159

196

Fair

Isaac

Corp.*

234,177

1,378

Five9,

Inc.*

29,379

5,917

Fortinet,

Inc.*

908,970

3,553

Freshworks,

Inc.,

Class

A*

35,956

16,010

Gen

Digital,

Inc.

398,489

991

Guidewire

Software,

Inc.*

121,943

412

HubSpot,

Inc.*

75,194

1,101

I3

Verticals,

Inc.,

Class

A*

23,517

729

Intapp,

Inc.*

18,378

856

InterDigital,

Inc.

242,359

1,644

Intuit,

Inc.

429,084

1,376

Klaviyo,

Inc.,

Class

A*

20,778

444

Life360,

Inc.*

24,580

2,986

LiveRamp

Holdings,

Inc.*

112,393

903

Manhattan

Associates,

Inc.*

125,743

68,005

Microsoft

Corp.

25,367,225

4,817

N-able,

Inc.*

17,678

3,127

nCino,

Inc.*

51,126

3,866

NCR

Voyix

Corp.*

31,585

4,888

Nutanix,

Inc.,

Class

A*

249,092

879

OneSpan,

Inc.

12,614

14,821

Oracle

Corp.

2,172,018

5,848

Palantir

Technologies,

Inc.,

Class

A*

682,286

3,106

Palo

Alto

Networks,

Inc.*

1,059,208

770

PAR

Technology

Corp.*

13,413

2,454

Pegasystems,

Inc.

73,546

1,464

Progress

Software

Corp.*

49,161

1,456

PTC,

Inc.*

165,416

877

Q2

Holdings,

Inc.*

42,184

899

Qualys,

Inc.*

123,604

947

RingCentral,

Inc.,

Class

A

36,914

9,443

Riot

Platforms,

Inc.*

258,549

854

Roper

Technologies,

Inc.

288,985

6,603

Salesforce,

Inc.

1,034,426

1,627

Samsara,

Inc.,

Class

A*

52,764

4,881

SentinelOne,

Inc.,

Class

A*

82,831

4,511

ServiceNow,

Inc.*

447,852

3,394

Sprinklr,

Inc.,

Class

A*

17,513

577

SPS

Commerce,

Inc.*

32,987

1,103

Synopsys,

Inc.*

492,015

1,758

Teradata

Corp.*

60,915

493

Tyler

Technologies,

Inc.*

144,183

6,213

UiPath,

Inc.,

Class

A*

67,535

10,394

Unity

Software,

Inc.*

297,061

1,088

Vertex,

Inc.,

Class

A*

12,490

Shares

Value

Common

Stocks,

continued

Software,

continued

1,396

Workday,

Inc.,

Class

A*

$

170,898

1,862

Xperi,

Inc.*

15,324

3,400

Yext,

Inc.*

15,878

1,061

Zeta

Global

Holdings

Corp.,

Class

A*

20,880

3,296

Zoom

Communications,

Inc.,

Class

A*

284,478

690

Zscaler,

Inc.*

97,394

42,491,765

Specialty

Retail

(2.0%):

893

1-800-Flowers.com,

Inc.,

Class

A*

3,108

1,573

Abercrombie

&

Fitch

Co.*

141,586

1,965

Academy

Sports

&

Outdoors,

Inc.

92,610

1,580

Advance

Auto

Parts,

Inc.

98,308

4,153

American

Eagle

Outfitters,

Inc.

71,432

5,080

Arko

Corp.

40,792

497

Asbury

Automotive

Group,

Inc.*

99,937

1,296

AutoNation,

Inc.*

240,784

159

AutoZone,

Inc.*

508,154

2,163

Bath

&

Body

Works,

Inc.

50,030

1,432

Bed

Bath

&

Beyond,

Inc.*

8,291

7,542

Best

Buy

Co.,

Inc.

572,287

710

Boot

Barn

Holdings,

Inc.*

116,632

1,798

Buckle,

Inc.

(The)

75,876

583

Build-A-Bear

Workshop,

Inc.,

Class

A^

17,846

1,344

Burlington

Stores,

Inc.*

425,779

1,672

Camping

World

Holdings,

Inc.,

Class

A

12,757

3,040

CarMax,

Inc.*

160,786

6,030

Carvana

Co.,

Class

A*

396,895

1,987

Cato

Corp.

(The),

Class

A*

6,438

3,328

Chewy,

Inc.,

Class

A*

65,395

566

Citi

Trends,

Inc.*

32,737

3,425

Designer

Brands,

Inc.,

Class

A

19,968

2,730

Destination

XL

Group,

Inc.*

1,829

1,680

Dick's

Sporting

Goods,

Inc.

381,041

896

Five

Below,

Inc.*

161,092

1,700

Floor

&

Decor

Holdings,

Inc.,

Class

A*

100,912

11,299

GameStop

Corp.,

Class

A*

249,482

13,519

Gap,

Inc.

(The)

252,535

435

Genesco,

Inc.*

14,690

326

Group

1

Automotive,

Inc.

94,921

583

Haverty

Furniture

Cos.,

Inc.

14,884

10,024

Home

Depot,

Inc.

(The)

3,535,264

1,517

Lands'

End,

Inc.*

15,898

486

Lithia

Motors,

Inc.,

Class

A

141,178

4,218

Lowe's

Cos.,

Inc.

930,027

527

MarineMax,

Inc.*

19,299

1,792

Monro,

Inc.

30,661

404

Murphy

USA,

Inc.

217,703

1,294

National

Vision

Holdings,

Inc.*

24,599

6,549

O'Reilly

Automotive,

Inc.*

603,097

1,471

Penske

Automotive

Group,

Inc.

263,235

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

59

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

11,500

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A*

$

31,280

588

PetMed

Express,

Inc.*

1,129

1,458

Revolve

Group,

Inc.,

Class

A*

33,374

255

RH*

42,006

3,990

Ross

Stores,

Inc.

849,272

4,033

Sally

Beauty

Holdings,

Inc.*

57,027

1,200

Shoe

Carnival,

Inc.

17,796

1,023

Signet

Jewelers,

Ltd.

88,183

844

Sonic

Automotive,

Inc.,

Class

A

71,563

1,606

Sportsman's

Warehouse

Holdings,

Inc.*

2,136

4,730

Stitch

Fix,

Inc.,

Class

A*

19,440

854

Tilly's,

Inc.,

Class

A*^

3,587

9,877

TJX

Cos.,

Inc.

(The)

1,496,365

7,680

Tractor

Supply

Co.

242,765

621

Ulta

Beauty,

Inc.*

280,059

2,049

Upbound

Group,

Inc.

43,480

2,615

Urban

Outfitters,

Inc.*

185,299

3,056

Valvoline,

Inc.*

120,834

2,113

Victoria's

Secret

&

Co.*

176,393

2,316

Warby

Parker,

Inc.,

Class

A*

70,267

509

Wayfair,

Inc.,

Class

A*

47,042

1,785

Williams-Sonoma,

Inc.

416,083

75

Winmark

Corp.

31,731

729

Zumiez,

Inc.*

12,976

14,650,862

Technology

Hardware,

Storage

&

Peripherals

(7.0%):

132,480

Apple,

Inc.

38,334,413

728

AstroNova,

Inc.*

20,726

2,960

Corsair

Gaming,

Inc.*

28,623

2,299

Dell

Technologies,

Inc.,

Class

C

991,926

1,231

Diebold

Nixdorf,

Inc.*

104,660

2,491

Everpure,

Inc.,

Class

A*

196,266

17,397

Hewlett

Packard

Enterprise

Co.

784,779

9,409

HP,

Inc.

206,433

351

IonQ,

Inc.*

18,694

3,022

NetApp,

Inc.

467,685

2,214

Sandisk

Corp.*

5,034,038

2,606

Seagate

Technology

Holdings

plc

2,514,790

5,158

Super

Micro

Computer,

Inc.*

151,284

5,876

Western

Digital

Corp.

3,753,119

52,607,436

Textiles,

Apparel

&

Luxury

Goods

(0.4%):

2,021

Birkenstock

Holding

plc*^

86,964

3,285

Capri

Holdings,

Ltd.*

61,003

1,121

Columbia

Sportswear

Co.

69,300

1,159

Crocs,

Inc.*

139,822

810

Culp,

Inc.*

2,511

4,367

Deckers

Outdoor

Corp.*

433,599

5,644

Figs,

Inc.,

Class

A*

57,738

1,494

Fossil

Group,

Inc.*

6,185

1,294

G-III

Apparel

Group,

Ltd.

43,621

Shares

Value

Common

Stocks,

continued

Textiles,

Apparel

&

Luxury

Goods,

continued

1,895

Kontoor

Brands,

Inc.

$

157,929

1,811

Levi

Strauss

&

Co.,

Class

A

44,967

2,609

Lululemon

Athletica,

Inc.*

297,896

1,088

Movado

Group,

Inc.

42,769

6,202

NIKE,

Inc.,

Class

B

254,592

469

Oxford

Industries,

Inc.

16,354

966

PVH

Corp.

71,735

1,083

Ralph

Lauren

Corp.,

Class

A

434,727

570

Rocky

Brands,

Inc.

23,507

2,124

Steven

Madden,

Ltd.

89,420

700

Superior

Group

of

Cos.,

Inc.

9,184

2,523

Tapestry,

Inc.

369,317

6,570

Under

Armour,

Inc.,

Class

A*

41,982

1,027

Unifi,

Inc.*

4,878

802

Vera

Bradley,

Inc.*

3,120

7,133

VF

Corp.

118,979

623

Wolverine

World

Wide,

Inc.

10,298

2,892,397

Tobacco

(0.4%):

12,515

Altria

Group,

Inc.

900,454

12,176

Philip

Morris

International,

Inc.

2,202,760

400

Turning

Point

Brands,

Inc.

33,924

947

Universal

Corp.

49,405

3,186,543

Trading

Companies

&

Distributors

(0.9%):

871

Applied

Industrial

Technologies,

Inc.

294,529

424

BlueLinx

Holdings,

Inc.*

26,237

954

Boise

Cascade

Co.

74,059

5,061

Core

&

Main,

Inc.,

Class

A*

244,193

5,864

Custom

Truck

One

Source,

Inc.*

69,254

1,158

Distribution

Solutions

Group,

Inc.*

31,671

5,918

DNOW,

Inc.*

76,756

382

DXP

Enterprises,

Inc.*

64,459

12,113

Fastenal

Co.

581,787

3,969

Ferguson

Enterprises,

Inc.

941,963

1,098

GATX

Corp.

194,555

977

Global

Industrial

Co.

32,690

1,214

Herc

Holdings,

Inc.

174,015

2,780

Hudson

Technologies,

Inc.*

15,957

730

McGrath

RentCorp

88,352

1,295

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

154,040

4,799

NPK

International,

Inc.*

76,352

1,941

Rush

Enterprises,

Inc.,

Class

A

141,664

547

Rush

Enterprises,

Inc.,

Class

B

41,845

1,018

SiteOne

Landscape

Supply,

Inc.*

116,469

173

Transcat,

Inc.*

16,049

1,457

United

Rentals,

Inc.

1,650,621

579

W.W.

Grainger,

Inc.

787,672

467

Watsco,

Inc.

194,613

84

Watsco,

Inc.,

Class

B

34,705

1,227

WESCO

International,

Inc.

423,843

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

60

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Trading

Companies

&

Distributors,

continued

152

Willis

Lease

Finance

Corp.

$

34,778

6,583,128

Water

Utilities

(0.1%):

830

American

States

Water

Co.

68,583

2,086

American

Water

Works

Co.,

Inc.

274,476

491

Artesian

Resources

Corp.,

Class

A

16,689

1,755

California

Water

Service

Group

85,380

4,829

Essential

Utilities,

Inc.

184,999

626

H2O

America

38,042

355

Middlesex

Water

Co.

19,937

669

Pure

Cycle

Corp.*

7,165

372

York

Water

Co.

(The)

11,402

706,673

Wireless

Telecommunication

Services

(0.2%):

1,790

Array

Digital

Infrastructure,

Inc.

64,905

5,179

Gogo,

Inc.*

16,055

745

Old

Market

Capital

Corp.*

3,241

1,649

Spok

Holdings,

Inc.

16,886

3,580

Telephone

and

Data

Systems,

Inc.

132,496

7,098

T-Mobile

US,

Inc.

1,190,547

1,424,130

Total

Common

Stocks

(Cost

$355,451,230)

745,278,803

Preferred

Stock

(0.0%

†

):

Diversified

Telecommunication

Services

(0.0%

†

):

594

Liberty

Latin

American,

Series

A,

9.00%*

12,884

Total

Preferred

Stock

(Cost

$18,697)

12,884

Contracts

Warrant

(0.0%

†

):

Real

Estate

Management

&

Development

(0.0%

†

):

500

Opendoor

Technologies,

Inc.,

Series

A,

11/20/26*

141

Total

Warrant

(Cost

$—)

141

Shares

Rights

(0.0%

†

):

Biotechnology

(0.0%

†

):

1,262

Albireo

Pharma,

Inc.

CVR,

Expires

on

3/2/27*

7,798

Shares

Value

Rights,

continued

Biotechnology,

continued

6,176

Chinook

Therapeutics

CVR,

Expires

on

1/4/27*

$

—

2,004

Chinook

Therapeutics

CVR,

Expires

on

12/31/49*

762

4,602

Poseida

Therapeutics,

Inc.

CVR,

Expires

on

1/2/29*

6,601

15,161

Containers

&

Packaging

(0.0%

†

):

7,745

Resolute

Fst

CVR,

Expires

on

1/4/27*

2,062

Health

Care

(0.0%

†

):

3,435

Mirati

Therapeutics,

Inc.

CVR,

Expires

on

1/4/27*

10,222

Health

Care

Equipment

&

Supplies

(0.0%

†

):

278

ABIOMED,

Inc.

CVR,

Expires

on

1/4/27*

4,340

Pharmaceuticals

(0.0%

†

):

11,626

Spectrum

-

Crv

CVR,

Expires

on

1/4/27*

—

1,793

Supernus

Pharmaceuticals

CVR,

Expires

on

12/31/26*

6

6

Total

Rights

(Cost

$23,402)

31,791

Unaffiliated

Investment

Companies

(0.5%):

Money

Market

Funds

(0.5%):

1,418,386

BlackRock

Liquidity

FedFund,

Institutional

Class,

3.54%

(b)(c)

1,418,386

2,396,972

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.53%

(c)

2,396,972

Total

Unaffiliated

Investment

Companies

(Cost

$3,815,358)

3,815,358

Total

Investment

Securities

(Cost

$359,308,687

)

—

100.3%

749,138,977

Net

other

assets

(liabilities)

—

(0.3)%

(2,332,853)

Net

Assets

—

100.0%

$

746,806,124

ADR—American

Depository

Receipt

CVR—Contingent

Valued

Rights

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

Allianz

Variable

Insurance

Products

Trust

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

61

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

20

26

.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

June

30,

2026.

The

total

value

of

securities

on

loan

as

of

June

30,

2026

was

$1,347,039.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

June

30,

2026.

(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

June

30,

2026.

(c)

The

rate

represents

the

effective

yield

at

June

30,

2026.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

62

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Asset-Backed

Securities

(5.0%):

$

605,683

Affirm

Asset

Securitization

Trust,

Class

A,

Series

2025-X2,

4.45%,

10/15/30,

Callable

5/15/27

@

100

(a)

$

606,076

5,044,000

Affirm

Master

Trust,

Class

A,

Series

2025-3A,

4.45%,

10/16/34,

Callable

10/15/28

@

100

(a)

5,002,511

1,235,000

ALLO

Issuer

LLC,

Class

A2,

Series

2026-1A,

5.61%,

6/20/56,

Callable

6/20/29

@

100

(a)

1,245,493

412,950

ARI

Fleet

Lease

Trust,

Class

A2,

Series

2024-A,

5.30%,

11/15/32,

Callable

8/15/27

@

100

(a)

414,024

300,000

Bbva

Consumer

Auto,

Class

B,

Series

2026-1,

3.07%

(EUR003M+85bps),

2/25/42,

Callable

2/25/33

@

100

(a)

342,305

500,000

Bbva

Consumer

Auto,

Class

A,

Series

2026-1,

2.82%

(EUR003M+60bps),

2/25/42,

Callable

2/25/33

@

100

(a)

571,043

73,032

College

Ave

Student

Loans

LLC,

Class

A1,

Series

2021-A,

4.86%

(TSFR1M+121bps),

7/25/51,

Callable

1/25/32

@

100

(a)

73,302

1,047,444

College

Ave

Student

Loans

LLC,

Class

A2,

Series

2023-A,

5.33%,

5/25/55,

Callable

4/25/37

@

100

(a)

1,037,148

588,287

College

Ave

Student

Loans

LLC,

Class

A2,

Series

2021-B,

1.76%,

6/25/52,

Callable

1/25/34

@

100

(a)

530,102

560,682

College

Ave

Student

Loans

LLC,

Class

A2,

Series

2021-C,

2.32%,

7/26/55

(a)

519,434

1,652,000

Compass

Datacenters

Issuer

III

LLC,

Class

A21,

Series

2026-1A,

4.90%,

2/25/56,

Callable

2/25/29

@

100

(a)

1,633,685

960,000

Compass

Datacenters

Issuer

III

LLC,

Class

A22,

Series

2026-1A,

5.29%,

2/25/56,

Callable

2/25/29

@

100

(a)

951,120

1,962,000

DB

Master

Finance

LLC,

Class

A2I,

Series

2026-1A,

5.20%,

5/20/56,

Callable

8/20/31

@

100

(a)

1,960,761

575,000

Dell

Equipment

Finance

Trust,

Class

A3,

Series

2026-1A,

4.32%,

12/22/31,

Callable

11/22/28

@

100

(a)

572,995

600,000

ECARAT

DE

SA

Compartment

Lease,

Class

B,

Series

2026-1

(EUR001M+95bps),

10/25/34,

Callable

3/25/30

@

100

(a)

685,558

1,700,000

ECARAT

DE

SA

Compartment

Lease,

Class

A,

Series

2026-1

(EUR001M+62bps),

10/25/34,

Callable

3/25/30

@

100

(a)

1,942,336

Principal

Amount

Value

Asset-Backed

Securities,

continued

$

111,000

E-Carat

UK

plc,

Class

B,

Series

2026-1,

4.73%

(SONIO/N+100bps),

1/26/34,

Callable

4/26/30

@

100

(a)

$

147,251

201,688

EDvestinU

Private

Education

Loan

Issue

No

3

LLC,

Class

A,

Series

2021-A,

1.80%,

11/25/45

(a)

186,607

2,271,140

ELFI

Graduate

Loan

Program

LLC,

Class

A,

Series

2023-A,

6.37%,

2/4/48,

Callable

3/25/34

@

100

(a)

2,322,933

342,295

Enterprise

Fleet

Financing

LLC,

Class

A3,

Series

2022-3,

4.29%,

7/20/29,

Callable

7/20/26

@

100

(a)

342,260

4,208,000

Enterprise

Fleet

Financing

LLC,

Class

A3,

Series

2026-2,

4.51%,

6/20/30,

Callable

3/20/30

@

100

(a)

4,199,536

1,892,000

Enterprise

Fleet

Financing

LLC,

Class

A3,

Series

2026-1,

4.12%,

3/20/30,

Callable

11/20/29

@

100

(a)

1,873,825

423,000

Enterprise

Fleet

Financing

LLC,

Class

A3,

Series

2024-1,

5.16%,

9/20/30,

Callable

7/20/27

@

100

(a)

426,803

100,000

Finance

Ireland

Auto

Receivables

Dac

,

Class

B,

Series

3,

3.18%

(EUR001M+95bps),

6/15/34,

Callable

2/15/30

@

100

(a)

114,240

1,706,000

Finance

Ireland

Auto

Receivables

Dac

,

Class

A,

Series

3,

2.91%

(EUR001M+68bps),

6/15/34,

Callable

2/15/30

@

100

(a)

1,948,760

790,000

Firstlight

Issuer

LLC,

Class

A2,

Series

2026-1A,

5.87%,

6/20/56,

Callable

12/20/29

@

100

(a)

793,120

1,627,618

Foundation

Finance

Trust,

Class

A,

Series

2024-1A,

5.50%,

12/15/49,

Callable

8/15/30

@

100

(a)

1,643,613

100,000

GAMMA

Sociedade

de

Titularizacao

de

Creditos

SA

Consumer

Totta

4,

Class

B,

Series

4,

3.47%

(EUR003M+105bps),

12/23/36,

Callable

12/23/31

@

100

(a)

114,300

700,000

GAMMA

Sociedade

de

Titularizacao

de

Creditos

SA

Consumer

Totta

4,

Class

A,

Series

4,

3.16%

(EUR003M+74bps),

12/23/36,

Callable

12/23/31

@

100

(a)

799,976

299,675

GoodLeap

Sustainable

Home

Solutions

Trust,

Class

A,

Series

2022-1GS,

2.70%,

1/20/49,

Callable

3/20/40

@

100

(a)

255,225

243,184

GreatAmerica

Leasing

Receivables

Funding

LLC,

Class

A2,

Series

2024-2,

5.28%,

3/15/27

(a)

243,485

565,000

Greensky

Home

Improvement

Issuer

Trust,

Class

A,

Series

2026-

REV1,

4.93%,

5/15/41

(a)

564,759

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

63

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Asset-Backed

Securities,

continued

$

190,000

Greensky

Home

Improvement

Issuer

Trust,

Class

C,

Series

2026-

REV1,

5.45%,

5/15/41

(a)

$

190,176

1,339,000

Hermitage

2026

PLC,

Class

A,

Series

2026-1

(SONIO/N+88bps),

7/21/46,

Callable

10/21/30

@

100

(a)

1,776,025

219,000

Hermitage

2026

PLC,

Class

B,

Series

2026-1

(SONIO/N+105bps),

7/21/46,

Callable

10/21/30

@

100

(a)

290,439

1,176,000

Hill

FL,

Class

A,

Series

2026-1FL,

2.94%

(EUR001M+73bps),

6/18/34,

Callable

5/18/30

@

100

(a)

1,343,327

409,000

Hill

FL,

Class

B,

Series

2026-

1FL,

3.21%

(EUR001M+100bps),

6/18/34,

Callable

5/18/30

@

100

(a)

467,378

215,000

Hive

BV,

Class

B,

Series

2026-

1

(EUR001M+95bps),

6/21/46,

Callable

6/21/30

@

100

(a)

245,638

1,278,000

Hive

BV,

Class

A,

Series

2026-

1

(EUR001M+76bps),

6/21/46,

Callable

6/21/30

@

100

(a)

1,460,875

1,386,000

Iskandar

Enterprise

LLC,

Class

A21,

Series

2026-1A,

5.05%,

4/17/56,

Callable

4/15/29

@

100

(a)

1,378,644

228,428

Jersey

Mike's

Funding

LLC,

Class

A2I,

Series

2026-1A,

4.95%,

2/15/56,

Callable

11/15/29

@

100

(a)

224,741

535,000

JPMorgan

Mortgage

Trust,

Class

A3,

Series

2024-CES1,

6.40%,

6/25/54,

Callable

3/25/27

@

100

(a)(b)

537,015

781,649

Lyra

Music

Assets

Delaware,

LP,

Class

A2,

Series

2025-1A,

5.60%,

9/20/65,

Callable

12/20/27

@

100

(a)

785,701

1,370,850

M&T

Bank

RV

Trust,

Class

A,

Series

2026-1A,

4.35%,

1/15/46,

Callable

10/15/30

@

100

(a)

1,350,322

428,416

M&T

Equipment

Notes,

Class

A2,

Series

2025-1A,

4.70%,

12/16/27

(a)

429,003

683

Mercedes-Benz

Auto

Receivables

Trust,

Class

A3,

Series

2022-1,

5.21%,

8/16/27,

Callable

12/15/26

@

100

683

117,413

Mosaic

Solar

Loan

Trust,

Class

A,

Series

2022-2A,

4.38%,

1/21/53,

Callable

5/20/37

@

100

(a)

110,759

510,000

Mtp

ABS

Funding

LLC,

Class

A2,

Series

2026-1A,

5.20%,

4/25/56,

Callable

4/25/29

@

100

(a)

508,748

192,743

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2021-A,

0.84%,

5/15/69,

Callable

3/15/29

@

100

(a)

176,202

2,987,226

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2021-EA,

0.97%,

12/16/69,

Callable

10/15/30

@

100

(a)

2,669,695

Principal

Amount

Value

Asset-Backed

Securities,

continued

$

474,025

Navient

Private

Education

Refi

Loan

Trust,

Class

A1B,

Series

2020-IA,

4.74%

(TSFR1M+111bps),

4/15/69,

Callable

4/15/32

@

100

(a)

$

470,659

1,072,838

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2021-DA,

4.76%

(PRIME-(199)bps),

4/15/60

(a)

1,042,845

857,107

Navient

Private

Education

Refi

Loan

Trust,

Class

A2A,

Series

2019-D,

3.01%,

12/15/59,

Callable

9/15/31

@

100

(a)

833,263

482,074

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2020-FA,

1.22%,

7/15/69,

Callable

4/15/28

@

100

(a)

454,812

2,946,666

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2023-A,

5.51%,

10/15/71,

Callable

10/15/33

@

100

(a)

2,962,254

2,055,522

Nelnet

Student

Loan

Trust,

Class

A1B,

Series

2025-BA,

4.94%

(SOFR30A+135bps),

5/17/55,

Callable

6/15/36

@

100

(a)

2,058,087

1,387,066

Nelnet

Student

Loan

Trust,

Class

AFL,

Series

2021-CA,

4.49%

(TSFR1M+85bps),

4/20/62,

Callable

12/20/31

@

100

(a)

1,378,470

2,439,778

Nelnet

Student

Loan

Trust,

Class

A1B,

Series

2025-AA,

4.69%

(SOFR30A+110bps),

3/15/57,

Callable

4/15/36

@

100

(a)

2,428,355

3,028,507

Nelnet

Student

Loan

Trust,

Class

A1,

Series

2025-1A,

4.38%

(SOFR30A+75bps),

10/25/33

(a)

3,028,507

1,163,582

Nelnet

Student

Loan

Trust,

Class

APT2,

Series

2021-A,

1.36%,

4/20/62,

Callable

1/20/29

@

100

(a)

1,094,427

2,231,646

Nelnet

Student

Loan

Trust,

Class

AFL,

Series

2021-BA,

4.53%

(TSFR1M+89bps),

4/20/62

(a)

2,206,590

3,255,000

Newday

Funding,

Class

A,

Series

2026-1X

(SONIO/N+83bps),

7/15/34,

Callable

7/15/29

@

100

(a)

4,316,804

622,000

Newday

Funding,

Class

B,

Series

2026-1X

(SONIO/N+105bps),

7/15/34,

Callable

7/15/29

@

100

(a)

824,901

947,000

Oban

Cards

plc,

Class

A,

Series

2026-1,

4.58%

(SONIO/N+85bps),

6/17/35,

Callable

6/15/29

@

100

(a)

1,255,914

205,000

Oban

Cards

plc,

Class

B,

Series

2026-1,

4.93%

(SONIO/N+120bps),

6/17/35,

Callable

6/15/29

@

100

(a)

271,871

1,837,000

PCL

Funding

XII

plc,

Class

A,

Series

2026-1,

4.58%

(SONIO/N+85bps),

6/15/30,

Callable

6/15/28

@

100

(a)

2,436,749

4,930,000

PFS

Financing

Corp.,

Class

A,

Series

2025-B,

4.85%,

2/15/30

(a)

4,950,332

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

64

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Asset-Backed

Securities,

continued

$

1,388,000

PFS

Financing

Corp.,

Class

A,

Series

2024-D,

5.34%,

4/15/29

(a)

$

1,398,729

809,000

Point

Broadband

Funding

LLC,

Class

A2,

Series

2025-1A,

5.34%,

7/20/55,

Callable

7/20/28

@

100

(a)

802,600

123,633

Prodigy

Finance

CM2021-1

DAC,

Class

A,

Series

2021-1A,

5.01%

(TSFR1M+136bps),

7/25/51,

Callable

11/25/26

@

100

(a)

123,253

3,810,000

Qts

Issuer

ABS

II

LLC,

Class

A2,

Series

2025-1A,

5.04%,

10/5/55,

Callable

10/5/28

@

100

(a)

3,720,818

514,000

Qts

Issuer

ABS

II

LLC,

Class

A21,

Series

2026-6A,

5.34%,

7/5/56,

Callable

7/5/29

@

100

(a)

513,661

2,374,000

Qts

Issuer

ABS

II

LLC,

Class

A2,

Series

2026-4A,

5.70%,

3/5/56,

Callable

3/5/29

@

100

(a)

2,363,671

543,000

Quarzo

Srl

,

Class

B,

Series

2026-

1,

3.40%

(EUR003M+100bps),

9/15/43,

Callable

12/15/31

@

100

(a)

620,378

921,310

RCKT

Mortgage

Trust,

Class

A1A,

Series

2024-CES2,

6.14%,

4/25/44,

Callable

4/25/27

@

100

(a)(b)

922,036

671,000

Regional

Management

Issuance

Trust,

Class

A,

Series

2024-2,

5.11%,

12/15/33,

Callable

12/15/26

@

100

(a)

671,496

1,874,000

Regional

Management

Issuance

Trust,

Class

A,

Series

2021-2,

1.90%,

8/15/33,

Callable

8/15/26

@

100

(a)

1,827,224

1,251,624

SAIF

Securitization

Trust,

Class

A1A,

Series

2026-CES1,

5.40%,

2/25/56,

Callable

3/25/29

@

100

(a)(b)

1,250,363

2,102,000

SC

Sweden

I

Sarl

,

Class

A1,

Series

1,

2.83%

(EUR001M+63bps),

12/25/39,

Callable

5/25/29

@

100

(a)

2,401,250

317,000

SFS

Auto

Receivables

Securitization

Trust,

Class

A3,

Series

2025-1A,

4.75%,

7/22/30,

Callable

2/20/29

@

100

(a)

318,290

913,950

SMB

Private

Education

Loan

Trust,

Class

A1B,

Series

2024-A,

5.04%

(SOFR30A+145bps),

3/15/56

(a)

920,517

85,187

SMB

Private

Education

Loan

Trust,

Class

A2B,

Series

2020-A,

4.57%

(TSFR1M+94bps),

9/15/37

(a)

84,689

575,801

SMB

Private

Education

Loan

Trust,

Class

A1A,

Series

2020-B,

1.29%,

7/15/53

(a)

547,712

1,746,676

SMB

Private

Education

Loan

Trust,

Class

A2A1,

Series

2021-A,

4.47%

(TSFR1M+84bps),

1/15/53

(a)

1,725,215

101,026

SMB

Private

Education

Loan

Trust,

Class

B,

Series

2021-A,

2.31%,

1/15/53

(a)

97,997

Principal

Amount

Value

Asset-Backed

Securities,

continued

$

560,951

SMB

Private

Education

Loan

Trust,

Class

APT1,

Series

2021-C,

1.39%,

1/15/53

(a)

$

514,394

6,125,934

SMB

Private

Education

Loan

Trust,

Class

A1B,

Series

2023-B,

5.39%

(SOFR30A+180bps),

10/16/56

(a)

6,190,202

3,255,027

SMB

Private

Education

Loan

Trust,

Class

A1B,

Series

2022-D,

5.39%

(SOFR30A+180bps),

10/15/58

(a)

3,280,362

1,611,078

SMB

Private

Education

Loan

Trust,

Class

APT,

Series

2022-A,

2.85%,

11/16/54

(a)

1,501,382

5,241,257

SoFi

Consumer

Loan

Program

Trust,

Class

A,

Series

2026-B,

4.40%,

2/25/36,

Callable

10/25/29

@

100

(a)

5,230,860

260,921

SoFi

Personal

Loan

Trust,

Class

A,

Series

2024-1A,

6.06%,

2/12/31

(a)

261,693

118,616

SoFi

Professional

Loan

Program

LLC,

Class

A2FX,

Series

2019-B,

3.09%,

8/17/48,

Callable

1/15/27

@

100

(a)

116,905

246,593

SoFi

Professional

Loan

Program

Trust,

Class

AFX,

Series

2020-C,

1.95%,

2/15/46,

Callable

1/15/29

@

100

(a)

230,608

414,197

SoFi

Professional

Loan

Program

Trust,

Class

A2FX,

Series

2020-A,

2.54%,

5/15/46,

Callable

4/15/28

@

100

(a)

399,718

1,849,000

Summit

Issuer

LLC,

Class

A2,

Series

2025-1A,

5.21%,

11/20/55,

Callable

11/20/28

@

100

(a)

1,815,316

1,694,000

Taco

Bell

Funding

LLC,

Class

A2II,

Series

2025-1A,

5.05%,

8/25/55,

Callable

8/25/29

@

100

(a)

1,658,081

1,006,000

Taco

Bell

Funding

LLC,

Class

A2I,

Series

2025-1A,

4.82%,

8/25/55,

Callable

2/25/28

@

100

(a)

992,500

636,303

Towd

Point

Mortgage

Trust,

Class

A1A,

Series

2023-CES2,

7.29%,

10/25/63,

Callable

10/25/26

@

100

(a)

(b)

640,209

977,950

UPX

HIL

2025-1

Issuer

Trust,

Class

A,

Series

2025-1,

5.16%,

1/25/47

(a)

952,813

493,000

Wireless

Propco

Funding

LLC,

Class

A2,

Series

2025-1A,

4.07%,

6/25/55,

Callable

11/25/27

@

100

(a)

469,379

Total

Asset-Backed

Securities

(Cost

$125,804,608)

124,589,118

Collateralized

Mortgage

Obligations

(9.2%):

500,000

1988

Asset

Management

Euro

Clo

1

DAC,

Class

A,

Series

1X

(EUR003M+129bps),

4/15/40,

Callable

1/15/28

@

100

(a)

571,252

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

65

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

853,205

A&D

Mortgage

Trust,

Class

A1,

Series

2023-NQM5,

7.05%,

11/25/68,

Callable

11/25/26

@

100

(a)

(b)

$

857,717

2,499,086

A&D

Mortgage

Trust,

Class

A1,

Series

2025-NQM2,

5.79%,

6/25/70,

Callable

5/25/28

@

100

(a)(b)

2,502,004

1,194,473

A&D

Mortgage

Trust,

Class

A1,

Series

2026-NQM1,

4.91%,

2/25/71,

Callable

1/25/30

@

100

(a)(b)

1,181,537

475,000

AGL

CLO

10,

Ltd.,

Class

A1R2,

Series

2021-10A,

4.84%

(TSFR3M+117bps),

4/15/39,

Callable

4/15/28

@

100

(a)

474,737

335,000

Aimco

CLO

22,

Ltd.,

Class

D1R,

Series

2024-22A,

6.13%

(TSFR3M+250bps),

4/19/39,

Callable

7/19/28

@

100

(a)

334,075

1,847,000

Aldbrook

Mortgage

Transaction

plc,

Class

A,

Series

2026-1,

4.59%

(SONIO/N+85bps),

2/18/68,

Callable

8/18/30

@

100

(a)

2,449,405

3,000,661

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2024-1,

5.21%,

8/25/68,

Callable

1/25/27

@

100

(a)(b)

3,025,830

3,442,626

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2024-2,

5.99%,

1/25/69,

Callable

1/25/27

@

100

(a)(b)

3,465,992

890,443

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2023-1,

4.75%,

9/26/67,

Callable

7/25/26

@

100

(a)(b)

885,791

1,861,821

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2025-11,

4.98%,

10/25/70,

Callable

10/25/28

@

100

(a)

(b)

1,852,796

1,368,703

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2025-2,

5.64%,

2/25/70,

Callable

2/25/28

@

100

(a)(b)

1,374,691

863,826

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2023-6,

6.50%,

12/25/67,

Callable

8/25/26

@

100

(a)(b)

863,306

640,000

Apidos

CLO

LIII,

Class

A1,

Series

2025-53A,

5.00%

(TSFR3M+132bps),

7/20/38,

Callable

7/20/27

@

100

(a)

640,872

4,495,000

ARES

Loan

Funding

I,

Ltd.,

Class

AR,

Series

2021-ALFA,

4.84%

(TSFR3M+117bps),

4/15/39,

Callable

4/15/28

@

100

(a)

4,486,456

750,000

Arini

European

CLO

X

DAC,

Class

A,

Series

10X,

3.62%

(EUR003M+128bps),

7/15/40,

Callable

1/15/28

@

100

(a)

856,878

670,000

Arini

US

CLO

V,

Ltd.,

Class

A,

Series

5A,

4.90%

(TSFR3M+123bps),

4/15/39,

Callable

4/15/28

@

100

(a)

670,790

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

1,006,083

Arroyo

Mortgage

Trust,

Class

A1,

Series

2022-2,

5.95%,

7/25/57,

Callable

7/25/26

@

100

(a)

$

1,002,221

972,942

Battalion

CLO

IX,

Ltd.,

Class

ARR,

Series

2015-9A,

4.63%

(TSFR3M+96bps),

7/15/31,

Callable

7/15/26

@

100

(a)

972,942

488,474

Battalion

CLO

X,

Ltd.,

Class

A1R3,

Series

2016-10A,

4.81%

(TSFR3M+114bps),

1/24/35,

Callable

10/24/26

@

100

(a)

488,698

1,300,000

Battalion

CLO

XIX,

Ltd.,

Class

AR,

Series

2021-19A,

4.65%

(TSFR3M+104bps),

4/15/34,

Callable

1/15/27

@

100

(a)

1,299,839

1,750,000

Benefit

Street

Partners

CLO,

Ltd.,

Class

A1R,

Series

2015-6BR,

4.86%

(TSFR3M+118bps),

4/20/38,

Callable

4/20/27

@

100

(a)

1,749,137

2,375,000

Bethpage

Park

CLO,

Ltd.,

Class

AR,

Series

2021-1A,

4.70%

(TSFR3M+106bps),

10/15/36,

Callable

1/15/27

@

100

(a)

2,375,005

640,000

Birch

Grove

CLO

16,

Ltd.,

Class

D1,

Series

2026-16A,

6.61%

(TSFR3M+295bps),

4/23/39,

Callable

4/23/28

@

100

(a)

639,917

1,331,000

Bletchley

Park

Funding

plc,

Class

A,

Series

2026-1,

4.54%

(SONIO/

N+80bps),

1/27/70,

Callable

6/27/30

@

100

(a)

1,763,439

134,000

Bletchley

Park

Funding

plc,

Class

B,

Series

2026-1,

4.74%

(SONIO/

N+100bps),

1/27/70,

Callable

6/27/30

@

100

(a)

177,706

1,989,871

BRAVO

Residential

Funding

Trust,

Class

A1,

Series

2025-NQM4,

5.61%,

2/25/65,

Callable

4/25/28

@

100

(a)(b)

1,991,703

1,506,216

BRAVO

Residential

Funding

Trust,

Class

A1,

Series

2023-NQM6,

6.60%,

9/25/63,

Callable

8/25/26

@

100

(a)(b)

1,526,807

1,872,552

BRAVO

Residential

Funding

Trust,

Class

A1,

Series

2025-NQM2,

5.68%,

11/25/64,

Callable

2/25/28

@

100

(a)(b)

1,883,299

1,234,739

BRAVO

Residential

Funding

Trust,

Class

A1,

Series

2025-NQM3,

5.57%,

3/25/65,

Callable

3/25/28

@

100

(a)(b)

1,238,632

3,550,000

Bridge

Street

CLO

IV,

Ltd.,

Class

A1R,

Series

2024-1A,

4.93%

(TSFR3M+129bps),

4/20/39,

Callable

4/20/28

@

100

(a)

3,548,320

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

66

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

335,000

Bryant

Park

Funding,

Ltd.,

Class

D1R,

Series

2024-23A,

6.60%

(TSFR3M+295bps),

5/15/37,

Callable

5/15/27

@

100

(a)

$

335,786

335,000

Bryant

Park

Funding,

Ltd.,

Class

A1R,

Series

2023-19A,

4.87%

(TSFR3M+120bps),

4/15/38,

Callable

4/15/27

@

100

(a)

335,141

740,000

Canyon

CLO

2020-1,

Ltd.,

Class

BR2,

Series

2020-1A,

5.32%

(TSFR3M+165bps),

7/15/34,

Callable

7/15/26

@

100

740,601

355,000

Canyon

CLO,

Ltd.,

Class

AR,

Series

2021-4A,

4.77%

(TSFR3M+110bps),

10/15/34,

Callable

10/15/26

@

100

(a)

354,991

850,000

Canyon

CLO,

Ltd.,

Class

AR,

Series

2021-3A,

4.76%

(TSFR3M+109bps),

7/15/34,

Callable

7/15/26

@

100

(a)

849,979

335,000

Carlyle

US

CLO,

Ltd.,

Class

DR,

Series

2024-1A,

6.92%

(TSFR3M+325bps),

4/15/39,

Callable

4/15/28

@

100

(a)

332,079

565,000

CarVal

CLO

IX-C,

Ltd.,

Class

AR,

Series

2024-1A,

4.98%

(TSFR3M+132bps),

4/20/37,

Callable

10/20/27

@

100

(a)

566,301

172,148

Chase

Home

Lending

Mortgage

Trust,

Class

A11,

Series

2019-ATR2,

4.66%

(TSFR1M+101bps),

7/25/49,

Callable

6/25/27

@

100

(a)

168,644

3,099,240

Chase

Home

Lending

Mortgage

Trust,

Class

A11,

Series

2025-

11,

4.93%

(SOFR30A+130bps),

2/25/56,

Callable

4/25/40

@

100

(a)

3,087,409

1,903,837

Chase

Home

Lending

Mortgage

Trust,

Class

A11,

Series

2025-

2,

4.83%

(SOFR30A+120bps),

12/25/55,

Callable

9/25/35

@

100

(a)

1,910,015

2,010,661

Chase

Home

Lending

Mortgage

Trust,

Class

A11,

Series

2025-

8,

4.93%

(SOFR30A+130bps),

6/25/56,

Callable

2/25/34

@

100

(a)

2,017,002

450,000

CIFC

Funding,

Ltd.,

Class

CR3,

Series

2017-1AR

(TSFR3M+180bps),

4/21/37

(a)

449,975

250,000

CIFC

Funding,

Ltd.,

Class

A1,

Series

2026-1A,

4.82%

(TSFR3M+117bps),

4/25/38,

Callable

4/25/28

@

100

(a)

249,861

79,475

CIM

Trust,

Class

A1,

Series

2021-R6,

1.43%,

7/25/61,

Callable

9/25/26

@

100

(a)(b)

73,456

469,396

CIM

Trust,

Class

A11,

Series

2019-

INV3,

4.69%

(SOFR30A+106bps),

8/25/49,

Callable

10/25/30

@

100

(a)

466,217

1,137,194

COLT

Mortgage

Loan

Trust,

Class

A1,

Series

2025-INV2,

5.60%,

2/25/70,

Callable

2/25/28

@

100

(a)(b)

1,136,136

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

385,902

COLT

Mortgage

Loan

Trust,

Class

A1,

Series

2023-4,

7.16%,

10/25/68,

Callable

10/25/26

@

100

(a)(b)

$

390,049

1,263,400

Cross

Mortgage

Trust,

Class

A1,

Series

2025-H6,

5.18%,

7/25/70,

Callable

7/25/28

@

100

(a)(b)

1,254,371

1,937,432

Cross

Mortgage

Trust,

Class

A1,

Series

2025-H2,

5.36%,

3/25/70,

Callable

2/25/28

@

100

(a)(b)

1,940,072

462,047

Cross

Mortgage

Trust,

Class

A1A,

Series

2023-H2,

7.14%,

11/25/68,

Callable

10/25/26

@

100

(a)(b)

471,319

3,810,000

Cross

Mortgage

Trust,

Class

A1,

Series

2026-NQM7,

5.46%,

6/25/71,

Callable

5/25/29

@

100

(a)(b)

3,811,030

378,337

CSMC,

Class

A1,

Series

2021-

NQM4,

1.10%,

5/25/66,

Callable

7/25/26

@

100

(a)(b)

334,496

1,165,582

CSMC,

Class

A1,

Series

2021-

NQM8,

2.84%,

10/25/66,

Callable

7/25/26

@

100

(a)(b)

1,060,835

515,000

Diameter

Capital

CLO

6,

Ltd.,

Class

A1R,

Series

2024-6A,

4.95%

(TSFR3M+128bps),

4/15/39,

Callable

4/15/28

@

100

(a)

516,290

118,693

Dryden

37

Senior

Loan

Fund,

Class

AR,

Series

2015-37A,

5.03%

(TSFR3M+136bps),

1/15/31,

Callable

7/15/26

@

100

(a)

118,691

335,000

Dryden

61

CLO,

Ltd.,

Class

B2R,

Series

2018-61A,

5.26%

(TSFR3M+158bps),

1/17/32,

Callable

7/17/26

@

100

(a)

335,491

940,951

EFMT,

Class

A1,

Series

2025-

NQM4,

4.97%,

9/25/70,

Callable

8/25/28

@

100

(a)(b)

932,379

650,000

Elmwood

CLO

20,

Ltd.,

Class

AR2,

Series

20

2022-7A,

4.83%

(TSFR3M+120bps),

1/20/39,

Callable

1/20/28

@

100

(a)

650,366

645,000

Elmwood

CLO

VI,

Ltd.,

Class

BRR,

Series

2020-3A,

5.38%

(TSFR3M+170bps),

7/18/37

(a)

646,633

500,000

Elmwood

European

CLO

2

Dac

,

Class

A,

Series

2026-2X

(EUR003M+128bps),

7/15/38,

Callable

4/15/28

@

100

(a)

571,341

327,450

Flagstar

Mortgage

Trust,

Class

A11,

Series

2019-1INV,

4.71%

(TSFR1M+106bps),

10/25/49,

Callable

2/25/29

@

100

(a)

323,900

1,120,000

Flatiron

CLO

23

LLC,

Class

AR,

Series

2023-1A,

4.92%

(TSFR3M+124bps),

4/17/36,

Callable

7/17/26

@

100

(a)

1,120,295

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

67

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

1,834,000

Frontier

Mortgage

Funding

plc,

Class

A,

Series

2026-1,

4.53%

(SONIO/N+80bps),

12/20/66,

Callable

9/20/29

@

100

(a)

$

2,432,216

316,000

Frontier

Mortgage

Funding

plc,

Class

B,

Series

2026-1,

4.73%

(SONIO/N+100bps),

12/20/66,

Callable

9/20/29

@

100

(a)

417,834

102,093

FS

RIALTO,

Class

A,

Series

2021-

FL2,

5.22%

(TSFR1M+158bps),

5/16/38,

Callable

7/16/26

@

100

(a)

101,997

1,600,000

Garnet

CLO

2,

Ltd.,

Class

A,

Series

2025-2A,

5.03%

(TSFR3M+135bps),

10/20/38,

Callable

10/20/27

@

100

(a)

1,604,800

1,524,451

GCAT

Trust,

Class

A1,

Series

2021-

NQM7,

1.92%,

8/25/66,

Callable

6/25/29

@

100

(a)(b)

1,436,998

1,295,571

GCAT

Trust,

Class

A1,

Series

2025-

NQM6,

4.94%,

10/25/70,

Callable

11/25/28

@

100

(a)(b)

1,280,538

2,031,648

GCAT

Trust,

Class

A1,

Series

2025-

INV2,

6.00%,

5/25/55,

Callable

1/25/37

@

100

(a)(b)

2,068,471

335,000

Goldentree

Loan

Management

US

CLO

17,

Ltd.,

Class

BR,

Series

2023-17A,

5.33%

(TSFR3M+165bps),

1/20/39,

Callable

7/20/27

@

100

(a)

335,764

1,325,000

Golub

Capital

Partners

CLO

81

B,

Ltd.,

Class

A1,

Series

2025-81A,

4.99%

(TSFR3M+131bps),

7/20/38,

Callable

7/20/27

@

100

(a)

1,326,811

1,038,248

GS

Mortgage

Backed

Securities

Trust,

Class

A1,

Series

2025-NQM4,

5.01%,

10/25/65,

Callable

9/25/28

@

100

(a)(b)

1,028,435

1,514,882

GS

Mortgage

Backed

Securities

Trust,

Class

A1,

Series

2025-DSC2,

5.04%,

1/25/66,

Callable

10/25/28

@

100

(a)(b)

1,500,422

1,011,594

GS

Mortgage

Backed

Securities

Trust,

Class

A1,

Series

2025-NQM5,

5.01%,

7/25/65,

Callable

11/25/28

@

100

(a)(b)

1,003,019

1,500,000

Halseypoint

CLO

7,

Ltd.,

Class

A1R,

Series

2023-7A,

5.13%

(TSFR3M+145bps),

7/20/38,

Callable

7/20/27

@

100

(a)

1,504,114

2,020,269

Homes

Trust,

Class

A1,

Series

2025-NQM2,

5.43%,

2/25/70,

Callable

4/25/28

@

100

(a)(b)

2,013,646

1,879,000

Hops

Hill

NO

6

PLC,

Class

B,

Series

6

(SONIO/N+100bps),

6/21/58,

Callable

4/21/30

@

100

(a)

2,491,943

510,000

ICG

US

CLO

2025-2,

Ltd.,

Class

C,

Series

2025-2A,

5.68%

(TSFR3M+200bps),

1/18/39,

Callable

1/18/28

@

100

(a)

511,542

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

3,245,000

INCREF

LLC,

Class

A,

Series

2025-

FL1,

5.37%

(TSFR1M+173bps),

10/19/42,

Callable

11/19/27

@

100

(a)

$

3,254,115

525,000

Invesco

US

CLO

2024

1,

Ltd.,

Class

BR2,

Series

2024-1RA,

5.42%

(TSFR3M+175bps),

4/15/37,

Callable

4/15/27

@

100

(a)

526,313

3,038

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2020-LTV1,

4.70%

(TSFR1M+111bps),

6/25/50,

Callable

8/25/30

@

100

(a)

3,040

480,639

J.P.

Morgan

Mortgage

Trust,

Class

A3,

Series

2024-2,

6.00%,

8/25/54,

Callable

3/25/31

@

100

(a)(b)

487,398

243,050

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-INV3,

4.76%

(TSFR1M+111bps),

5/25/50,

Callable

8/25/33

@

100

(a)

242,207

781,357

J.P.

Morgan

Mortgage

Trust,

Class

A12,

Series

2021-12,

5.00%,

2/25/52,

Callable

10/25/47

@

100

(a)

(b)

764,753

115,339

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-7,

4.66%

(TSFR1M+101bps),

2/25/50,

Callable

3/25/32

@

100

(a)

113,164

302,902

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-INV2,

4.66%

(TSFR1M+101bps),

2/25/50,

Callable

9/25/33

@

100

(a)

300,898

1,254,870

J.P.

Morgan

Mortgage

Trust,

Class

A12,

Series

2021-14,

5.00%,

5/25/52,

Callable

2/25/41

@

100

(a)(b)

1,228,204

788,837

J.P.

Morgan

Mortgage

Trust,

Class

A4,

Series

2021-10,

2.50%,

12/25/51,

Callable

10/25/46

@

100

(a)

(b)

701,070

2,000,000

Jamestown

CLO

XVII

Ltd,

Class

AR,

Series

2021-17A,

4.87%

(TSFR3M+120bps),

1/25/35,

Callable

7/25/26

@

100

(a)

1,999,586

315,000

Kennedy

Lewis

CLO

6,

Ltd.,

Class

AR2,

Series

6A,

5.06%

(TSFR3M+140bps),

10/22/37,

Callable

10/22/26

@

100

(a)

315,658

2,600,000

KKR

CLO

27,

Ltd.,

Class

A1R2,

Series

2027A,

4.78%

(TSFR3M+111bps),

1/15/35,

Callable

7/15/26

@

100

(a)

2,600,269

1,600,000

KKR

CLO

38,

Ltd.,

Class

BR,

Series

38A,

5.35%

(TSFR3M+168bps),

1/15/38,

Callable

1/15/27

@

100

(a)

1,602,465

1,040,000

KKR

CLO

50,

Ltd.,

Class

A1R,

Series

2024-50A,

4.92%

(TSFR3M+127bps),

4/20/39,

Callable

4/20/28

@

100

(a)

1,040,501

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

68

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

350,000

KKR

CLO

58,

Ltd.,

Class

D1,

Series

2025-58A,

6.57%

(TSFR3M+290bps),

10/15/38,

Callable

10/15/27

@

100

(a)

$

350,884

1,535,000

KKR

CLO

59,

Ltd.,

Class

A1,

Series

2025-59A,

4.92%

(TSFR3M+124bps),

1/15/39,

Callable

1/15/28

@

100

(a)

1,534,358

1,235,000

KKR

CLO

63,

Ltd.,

Class

A1,

Series

2026-63A,

4.86%

(TSFR3M+118bps),

4/20/39,

Callable

4/20/28

@

100

(a)

1,233,503

830,000

Madison

Park

Funding

LII,

Ltd.,

Class

BR,

Series

2021-52A,

5.21%

(TSFR3M+155bps),

1/22/35,

Callable

7/22/26

@

100

(a)

826,683

515,000

Madison

Park

Funding

LX,

Ltd.,

Class

A1R,

Series

2022-60A,

5.04%

(TSFR3M+137bps),

10/25/37,

Callable

10/25/26

@

100

(a)

515,195

2,960,000

Madison

Park

Funding

XXXIII,

Ltd.,

Class

AR2,

Series

2019-33A,

4.67%

(TSFR3M+103bps),

10/15/32,

Callable

1/15/27

@

100

(a)

2,961,378

1,510,000

Madison

Park

Funding

XXXIX,

Ltd.,

Class

ARR,

Series

2021-

39AR,

4.66%

(TSFR3M+103bps),

10/22/34

(a)

1,509,996

3,585,000

Marble

Point

CLO

Xxiii

,

Ltd.,

Class

A1R,

Series

23

2021-4A,

4.82%

(TSFR3M+116bps),

1/22/35,

Callable

10/22/26

@

100

(a)

3,586,314

895,332

MFA

Trust,

Class

A1,

Series

2023-

INV2,

6.78%,

10/25/58,

Callable

9/25/26

@

100

(a)(b)

898,672

2,631,193

MFA

Trust,

Class

A1,

Series

2026-

NQM2,

5.51%,

5/25/71,

Callable

5/25/29

@

100

(a)(b)

2,629,600

4,232,875

MFA

Trust,

Class

A1,

Series

2025-

NQM1,

5.44%,

3/25/70,

Callable

2/25/28

@

100

(a)(b)

4,220,274

1,886,989

MFA

Trust,

Class

A1,

Series

2023-

NQM3,

6.62%,

7/25/68,

Callable

8/25/26

@

100

(a)(b)

1,902,176

1,275,201

MFA

Trust,

Class

A1,

Series

2025-

NQM2,

5.68%,

5/27/70,

Callable

5/25/28

@

100

(a)(b)

1,274,759

1,660,157

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Class

A1,

Series

2025-NQM8,

4.96%,

9/25/70,

Callable

10/25/28

@

100

(a)(b)

1,641,610

6,900,225

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Class

A1,

Series

2025-NQM3,

5.53%,

5/25/70,

Callable

5/25/28

@

100

(a)(b)

6,880,088

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

600,000

Neuberger

Berman

Loan

Advisers

CLO

40,

Ltd.,

Class

AR,

Series

2021-40A,

4.91%

(TSFR3M+123bps),

10/16/37,

Callable

10/16/26

@

100

(a)

$

600,600

525,000

Neuberger

Berman

Loan

Advisers

CLO

42,

Ltd.,

Class

DR,

Series

2021-42A,

6.18%

(TSFR3M+250bps),

7/16/36,

Callable

7/16/26

@

100

(a)

510,571

530,000

New

Mountain

CLO

6,

Ltd.,

Class

A,

Series

CLO-6A,

5.08%

(TSFR3M+140bps),

10/15/37,

Callable

10/20/26

@

100

(a)

530,872

2,113,554

New

Residential

Mortgage

Loan

Trust,

Class

A2,

Series

2026-NQM7,

5.57%,

6/25/66,

Callable

5/25/29

@

100

(a)(b)

2,110,517

3,120,000

New

Residential

Mortgage

Loan

Trust,

Class

A1,

Series

2026-NQM7,

5.42%,

6/25/66,

Callable

5/25/29

@

100

(a)(b)

3,115,523

2,197,824

NYMT

Loan

Trust,

Class

A1,

Series

2026-INV3,

5.31%,

6/27/61,

Callable

6/25/29

@

100

(a)(b)

2,192,272

1,260,000

Oaktree

CLO

2021-2,

Ltd.,

Class

AR,

Series

2021-2A,

4.64%

(TSFR3M+97bps),

1/15/35,

Callable

7/15/26

@

100

(a)

1,259,445

1,799,177

OBX

Trust,

Class

A1,

Series

2025-

NQM4,

5.40%,

2/25/55,

Callable

2/25/28

@

100

(a)(b)

1,794,088

907,970

OBX

Trust,

Class

A1,

Series

2025-

NQM3,

5.65%,

12/1/64,

Callable

2/25/28

@

100

(a)(b)

910,241

1,478,622

OBX

Trust,

Class

A1,

Series

2025-

NQM6,

5.60%,

3/25/65,

Callable

3/25/28

@

100

(a)(b)

1,476,947

364,154

OBX

Trust,

Class

A1,

Series

2023-

NQM9,

7.16%,

10/25/63,

Callable

10/25/26

@

100

(a)(b)

371,983

335,000

OCP

CLO

2024-32,

Ltd.,

Class

D1R,

Series

2024-32A,

6.23%

(TSFR3M+260bps),

7/23/39

(a)

333,527

1,175,000

OCP

CLO

2025-40,

Ltd.,

Class

A,

Series

2025-40A,

4.82%

(TSFR3M+114bps),

4/16/38,

Callable

4/16/27

@

100

(a)

1,171,125

725,000

PARK

BLUE

CLO,

Ltd.,

Class

A1R,

Series

2023-3A,

5.16%

(TSFR3M+148bps),

4/20/37,

Callable

4/20/27

@

100

(a)

726,937

1,000,000

Penta

CLO

14

DAC,

Class

ARR,

Series

2023-14X,

3.75%

(EUR003M+127bps),

4/20/40,

Callable

1/20/28

@

100

(a)

1,146,150

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

69

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

455,000

Pikes

Peak

CLO

18,

Class

A1,

Series

2025-18A,

4.90%

(TSFR3M+122bps),

4/20/38,

Callable

7/20/27

@

100

(a)

$

455,114

2,934,733

PMT

Loan

Trust,

Class

A35,

Series

2025-CNF1,

4.98%

(SOFR30A+135bps),

10/25/56,

Callable

9/25/42

@

100

(a)

2,944,807

1,460,000

Polaris

2026-2

plc,

Class

A,

Series

2026-2X,

4.62%

(SONIO/N+89bps),

3/27/69,

Callable

5/27/30

@

100

(a)

1,936,809

115,000

Polaris

2026-2

plc,

Class

B,

Series

2026-2X,

4.73%

(SONIO/

N+100bps),

3/27/69,

Callable

5/27/30

@

100

(a)

152,519

645,000

Post

CLO,

Ltd.,

Class

A1R,

Series

2024-1A,

4.88%

(TSFR3M+127bps),

3/30/39,

Callable

7/20/28

@

100

(a)

645,646

583,103

PRET

Trust,

Class

A1,

Series

2025-

RPL2,

4.00%,

8/25/64,

Callable

3/25/27

@

100

(a)(b)

563,524

1,648,514

PRKCM

Trust,

Class

A1,

Series

2021-AFC2,

2.07%,

11/25/56,

Callable

10/25/43

@

100

(a)(b)

1,396,981

3,224,632

PRKCM

Trust,

Class

A1,

Series

2026-AFC2,

5.37%,

4/25/61,

Callable

3/25/29

@

100

(a)(b)

3,207,543

522,978

PRPM

LLC,

Class

A1,

Series

2024-

RCF1,

4.00%,

1/25/54,

Callable

7/25/26

@

100

(a)(b)

514,625

2,227,824

PRPM

Trust,

Class

A1,

Series

2026-

NQM1,

5.13%,

2/25/71,

Callable

3/25/29

@

100

(a)(b)

2,211,055

550,643

PRPM

Trust,

Class

A1,

Series

2024-

NQM2,

6.33%,

6/25/69,

Callable

7/25/27

@

100

(a)(b)

553,150

1,441,833

PRPM

Trust,

Class

A1,

Series

2025-

NQM1,

5.80%,

11/25/69,

Callable

2/25/28

@

100

(a)(b)

1,451,407

210,775

RATE

Mortgage

Trust,

Class

A8,

Series

2024-J3,

5.50%,

10/25/54,

Callable

1/25/29

@

100

(a)(b)

210,156

250,000

Regatta

36

Funding,

Ltd.,

Class

D1,

Series

2026-1A,

6.67%

(TSFR3M+300bps),

4/15/39,

Callable

4/15/28

@

100

(a)

251,744

3,885,000

Regatta

Xvi

Funding,

Ltd.,

Class

A1R2,

Series

16

2019-2A,

4.86%

(TSFR3M+119bps),

4/15/39,

Callable

4/15/28

@

100

(a)

3,882,085

1,400,967

Regatta

XVIII

Funding,

Ltd.,

Class

A1R,

Series

2021-1A,

4.83%

(TSFR3M+116bps),

4/15/38,

Callable

4/15/27

@

100

(a)

1,398,585

1,535,000

Rockford

Tower

CLO

2024-1,

Ltd.,

Class

A1,

Series

2024-1A,

5.29%

(TSFR3M+161bps),

4/20/37,

Callable

7/20/26

@

100

(a)

1,535,000

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

750,000

Sculptor

European

CLO

VIII

Dac

,

Class

A1R,

Series

8X,

3.46%

(EUR003M+128bps),

1/17/38

(a)

$

857,303

955,333

Seasoned

Credit

Risk

Transfer

Trust,

Class

MA,

Series

2019-2,

3.50%,

8/26/58,

Callable

8/25/51

@

100

906,502

334,981

Seasoned

Credit

Risk

Transfer

Trust,

Class

MA,

Series

2018-2,

3.50%,

11/25/57,

Callable

6/25/43

@

100

322,440

3,154,007

Sequoia

Mortgage

Trust,

Class

A26F,

Series

2025-10,

4.88%

(SOFR30A+125bps),

11/25/55,

Callable

6/25/35

@

100

(a)

3,136,642

2,109,533

Sequoia

Mortgage

Trust,

Class

A1A,

Series

2024-HYB1,

4.51%,

11/25/63,

Callable

6/25/33

@

100

(a)

(b)

2,111,447

441,695

Sequoia

Mortgage

Trust,

Class

A1,

Series

2022-1,

2.50%,

2/25/52,

Callable

6/25/43

@

100

(a)(b)

363,468

2,411,165

Sequoia

Mortgage

Trust,

Class

A1A,

Series

2026-HYB1,

4.67%,

4/25/56,

Callable

12/25/41

@

100

(a)(b)

2,344,603

562,632

SG

Residential

Mortgage

Trust,

Class

A1,

Series

2021-1,

1.16%,

7/25/61,

Callable

7/25/26

@

100

(a)(b)

462,624

1,695,947

SG

Residential

Mortgage

Trust,

Class

A1,

Series

2026-2,

5.25%,

4/25/66,

Callable

3/25/29

@

100

(a)(b)

1,693,200

705,000

Sixth

Street

CLO

32,

Ltd.,

Class

D1,

Series

2026-32A,

6.76%

(TSFR3M+310bps),

4/21/39,

Callable

4/21/28

@

100

(a)

707,053

2,575,000

Sixth

Street

CLO

XXII,

Ltd.,

Class

AR,

Series

2023-22A,

4.80%

(TSFR3M+113bps),

4/21/38,

Callable

7/21/26

@

100

(a)

2,571,104

394,674

Sound

Point

CLO

XIX,

Ltd.,

Class

B1,

Series

2018-1A,

5.38%

(TSFR3M+171bps),

4/15/31,

Callable

7/15/26

@

100

(a)

394,859

1,370,000

Sound

Point

Clo

XXXI,

Ltd.,

Class

AR,

Series

2021-3A,

4.69%

(TSFR3M+107bps),

10/25/34,

Callable

1/25/27

@

100

(a)

1,369,495

425,000

Tikehau

US

CLO

IV,

Ltd.,

Class

C1R,

Series

2023-1A,

5.97%

(TSFR3M+230bps),

3/15/38,

Callable

10/15/27

@

100

(a)

427,247

3,200,000

TRESTLES

CLO

2017-1,

Ltd.,

Class

A1RR,

Series

2017-1A,

5.13%

(TSFR3M+146bps),

7/25/37,

Callable

7/25/26

@

100

(a)

3,206,335

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

70

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

2,179,850

Trinitas

CLO

XII,

Ltd.,

Class

A1R2,

Series

2020-12A,

4.72%

(TSFR3M+105bps),

4/25/33,

Callable

7/25/26

@

100

(a)

$

2,180,615

6,190,000

Trinitas

CLO

XVIII,

Ltd.,

Class

A1R,

Series

2021-18A,

4.90%

(TSFR3M+122bps),

1/20/35,

Callable

7/20/26

@

100

(a)

6,193,343

1,448,000

Twin

Bridges

plc,

Class

A,

Series

2026-1X

(SONIO/N+86bps),

10/17/71,

Callable

10/17/29

@

100

(a)

1,920,573

201,000

Twin

Bridges

plc,

Class

B,

Series

2026-1X

(SONIO/N+100bps),

10/17/71,

Callable

10/17/29

@

100

(a)

266,568

2,465,433

UWM

Mortgage

Trust,

Class

A10,

Series

2021-INV5,

5.00%,

1/25/52,

Callable

10/25/45

@

100

(a)(b)

2,406,879

1,838,092

Verus

Securitization

Trust,

Class

A1,

Series

2025-9,

4.94%,

10/27/70,

Callable

10/25/28

@

100

(a)(b)

1,817,618

1,322,334

Verus

Securitization

Trust,

Class

A1,

Series

2022-2,

4.26%,

2/25/67,

Callable

12/25/27

@

100

(a)(b)

1,259,517

2,569,492

Verus

Securitization

Trust,

Class

A2,

Series

2026-5,

5.62%,

5/25/71,

Callable

6/25/29

@

100

(a)(b)

2,567,970

3,250,000

Verus

Securitization

Trust,

Class

M1,

Series

2024-5,

6.70%,

6/25/69,

Callable

6/25/27

@

100

(a)(b)

3,285,510

280,000

Voya

CLO

2017-3,

Ltd.,

Class

AAR2,

Series

2017-3A,

5.28%

(TSFR3M+160bps),

4/20/34,

Callable

7/20/26

@

100

(a)

280,136

330,000

Wellfleet

CLO

2021

4,

Ltd.,

Class

A1R,

Series

2021-4A,

4.97%

(TSFR3M+130bps),

10/25/38,

Callable

10/25/27

@

100

(a)

330,429

250,000

Wind

River

2024

1

CLO,

Ltd.,

Class

AR,

Series

2024-1A,

4.98%

(TSFR3M+133bps),

4/20/37,

Callable

4/20/27

@

100

(a)

249,992

Total

Collateralized

Mortgage

Obligations

(Cost

$228,480,261)

228,101,646

Collateralized

Mortgage-Backed

Securities

(5.9%):

2,045,000

1345T,

Class

A,

Series

2025-

AOA,

5.23%

(TSFR1M+160bps),

6/15/42

(a)

2,049,489

2,415,000

425

Trust,

Class

C,

Series

425

2026-LEX,

6.34%

(TSFR1M+270bps),

7/15/43

(a)

2,415,000

1,220,000

425

Trust,

Class

B,

Series

425

2026-LEX,

5.74%

(TSFR1M+210bps),

7/15/43

(a)

1,220,000

1,693,000

425

Trust,

Class

A,

Series

425

2026-LEX,

5.31%

(TSFR1M+167bps),

7/15/43

(a)

1,693,000

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

1,454,000

ALA

Trust,

Class

B,

Series

2025-

OANA,

5.47%

(TSFR1M+184bps),

6/15/40

(a)

$

1,459,343

2,308,000

ALA

Trust,

Class

A,

Series

2025-

OANA,

5.37%

(TSFR1M+174bps),

6/15/40

(a)

2,318,138

2,810,000

Alen

Mortgage

Trust,

Class

A,

Series

2021-ACEN,

4.89%

(TSFR1M+126bps),

4/15/34

(a)

2,671,146

290,000

ARES

Commercial  Mortgage

Trust,

Class

C,

Series

2026-AZURE,

5.53%

(TSFR1M+190bps),

3/15/38

(a)

290,367

713,000

ARES

Commercial  Mortgage

Trust,

Class

B,

Series

2026-AZURE,

5.23%

(TSFR1M+160bps),

3/15/38

(a)

712,997

1,015,000

Atrium

Hotel

Portfolio

Trust

2024

Atrm

,

Class

A,

Series

2024-ATRM,

5.59%,

11/10/29

(a)(b)

1,018,273

2,720,000

BAY

Mortgage

Trust,

Class

A,

Series

2025-LIVN,

5.43%

(TSFR1M+180bps),

5/15/35

(a)

2,720,943

563,000

BBCMS

Mortgage

Trust,

Class

D,

Series

2025-C35,

4.50%,

7/15/58,

Callable

7/15/35

@

100

(a)

436,850

4,229,000

BBCMS

Mortgage

Trust,

Class

A,

Series

2018-TALL,

4.55%

(TSFR1M+92bps),

3/15/37

(a)

3,996,578

1,405,000

BBCMS

Mortgage

Trust,

Class

A4,

Series

2023-C22,

6.52%,

11/15/56,

Callable

10/15/33

@

100

(b)

1,495,665

3,120,000

Benchmark

Mortgage

Trust,

Class

A5,

Series

2019-B12,

3.12%,

8/15/52,

Callable

8/15/29

@

100

2,945,433

1,040,000

Benchmark

Mortgage

Trust,

Class

B,

Series

2019-B15,

3.56%,

12/15/72,

Callable

12/15/29

@

100

896,996

2,340,000

BFLD

Commercial

Mortgage

Trust,

Class

A,

Series

2025-660F,

5.13%

(TSFR1M+150bps),

11/15/42

(a)

2,345,478

750,000

BFLD

Commercial

Mortgage

Trust,

Class

A,

Series

2024-UNIV,

5.12%

(TSFR1M+149bps),

11/15/41

(a)

750,759

1,641,000

BFLD

Commercial

Mortgage

Trust,

Class

B,

Series

2025-660F,

5.43%

(TSFR1M+180bps),

11/15/42

(a)

1,647,068

2,636,000

BFLD

Commercial

Mortgage

Trust,

Class

B,

Series

2025-5MW,

5.33%,

10/10/42

(a)(b)

2,619,629

560,000

BFLD

Commercial

Mortgage

Trust,

Class

B,

Series

2024-UNIV,

5.47%

(TSFR1M+184bps),

11/15/41

(a)

560,556

2,141,363

BFLD

Mortgage

Trust,

Class

A,

Series

2024-WRHS,

5.12%

(TSFR1M+149bps),

7/15/39

(a)

2,142,732

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

71

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

1,185,000

BFLD

Trust,

Class

A,

Series

2025-

FPM,

5.18%,

10/10/40

(a)(b)

$

1,181,897

1,493,000

BFLD

Trust,

Class

B,

Series

2025-

FPM,

5.78%,

10/10/40

(a)(b)

1,494,121

1,270,000

BMO

Mortgage

Trust,

Class

A3,

Series

2024-5C8,

5.63%,

12/15/57,

Callable

12/15/29

@

100

(b)

1,297,057

2,360,000

BPR

Commercial

Mortgage

Trust,

Class

A,

Series

2025-STAR,

5.11%,

11/5/42

(a)(b)

2,340,576

2,435,000

Bridge

Commercial  Mortgage

Trust,

Class

A,

Series

1

2026-MF,

4.85%

(TSFR1M+125bps),

6/15/39

(a)

2,439,313

805,000

BSTN

Commercial

Mortgage

Trust,

Class

A,

Series

2025-HUB,

5.06%,

4/13/41

(a)(b)

798,126

1,426,000

BSTN

Commercial

Mortgage

Trust,

Class

A,

Series

2025-1C,

5.55%,

6/15/44

(a)(b)

1,446,272

2,000,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2020-VIV4,

2.84%,

3/9/44,

Callable

3/9/30

@

100

(a)

1,849,139

3,015,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2026-VLT9,

5.33%

(TSFR1M+170bps),

3/15/45

(a)

3,013,723

947,436

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-MF,

5.32%

(TSFR1M+169bps),

2/15/39

(a)

949,104

827,790

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL4,

5.07%

(TSFR1M+144bps),

2/15/39

(a)

829,269

1,538,485

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-BRBK,

6.51%

(TSFR1M+288bps),

10/15/41

(a)

1,542,516

2,410,958

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-AIRC,

5.32%

(TSFR1M+169bps),

8/15/41

(a)

2,420,148

2,220,163

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-AIRC,

5.77%

(TSFR1M+214bps),

8/15/41

(a)

2,228,522

2,978,000

BX

Trust,

Class

B,

Series

2026-

PNDA,

5.13%

(TSFR1M+150bps),

5/15/43

(a)

2,985,751

940,000

BX

Trust,

Class

B,

Series

2024-

BIO,

5.57%

(TSFR1M+194bps),

2/15/41

(a)

939,323

2,691,398

BX

Trust,

Class

A,

Series

2024-

VLT4,

5.12%

(TSFR1M+149bps),

6/15/41

(a)

2,692,980

1,530,000

BX

Trust,

Class

A,

Series

2025-

VLT6,

5.07%

(TSFR1M+144bps),

3/15/42

(a)

1,528,078

1,273,000

BX

Trust,

Class

A,

Series

2025-

TAIL,

5.03%

(TSFR1M+140bps),

6/15/35

(a)

1,275,298

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

1,170,000

BX

Trust,

Class

A,

Series

2026-

PNDA,

4.93%

(TSFR1M+130bps),

5/15/43

(a)

$

1,172,549

3,049,000

BX

Trust,

Class

A,

Series

2025-

LIFE,

6.08%,

6/13/47

(a)(b)

3,028,468

1,272,000

BX

Trust,

Class

A,

Series

2026-

CLS,

5.03%

(TSFR1M+140bps),

5/15/43

(a)

1,274,210

4,289,598

BX

Trust,

Class

A,

Series

2025-

ROIC,

4.77%

(TSFR1M+114bps),

3/15/30

(a)

4,282,808

446,426

Cantor

Commercial

Real

Estate

Lending,

Class

A4,

Series

2019-

CF2,

2.62%,

11/15/52,

Callable

10/15/29

@

100

410,358

1,950,000

CEDR

Commercial

Mortgage

Trust,

Class

A,

Series

2022-SNAI,

4.61%

(TSFR1M+99bps),

2/15/39

(a)

1,915,021

1,460,000

CONE

Trust,

Class

A,

Series

2024-

DFW1,

5.27%

(TSFR1M+164bps),

8/15/41

(a)

1,454,142

485,000

CSAIL

Commercial

Mortgage

Trust,

Class

B,

Series

2019-C15,

4.48%,

3/15/52,

Callable

2/15/29

@

100

459,563

2,135,000

CSMC,

Class

B,

Series

2021-

BHAR,

5.24%

(TSFR1M+161bps),

11/15/38

(a)

2,127,782

833,000

CSTL

Commercial

Mortgage

Trust,

Class

B,

Series

2026-GATE3,

5.10%,

2/10/43

(a)(b)

816,492

1,900,000

DBC

Mortgage

Trust,

Class

A,

Series

2025-DBC,

4.98%

(TSFR1M+135bps),

11/15/42,

Callable

11/15/27

@

100

(a)

1,901,796

664,000

DK

Trust,

Class

A,

Series

2025-

LXP,

5.23%

(TSFR1M+159bps),

8/15/37

(a)

666,037

5,430,000

ELM

Trust,

Class

A15,

Series

2024-

ELM,

5.99%,

6/10/39

(a)(b)

5,429,849

5,430,000

ELM

Trust,

Class

A10,

Series

2024-

ELM,

5.99%,

6/10/39

(a)(b)

5,429,849

1,010,000

GS

Mortgage

Securities

Corp.

Trust,

Class

A,

Series

2024-RVR,

5.37%,

8/10/41

(a)(b)

1,011,144

1,900,000

Hudson

Yards

Mortgage

Trust,

Class

A,

Series

2025-SPRL,

5.65%,

1/13/40

(a)(b)

1,931,913

934,000

Idun

European

Loan

Conduit

NO

42

Sarl

,

Class

A,

Series

42X

(EUR003M+135bps),

7/28/38

(a)

1,067,370

2,299,000

INTOWN

Mortgage

Trust,

Class

A,

Series

2025-STAY,

4.98%

(TSFR1M+135bps),

3/15/42

(a)

2,298,990

1,160,000

INV

Mortgage

Trust,

Class

A,

Series

2024-IND,

5.37%

(TSFR1M+174bps),

11/15/41

(a)

1,150,001

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

72

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

270,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

D,

Series

2022-OPO,

3.56%,

1/5/39

(a)(b)

$

227,754

2,732,000

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

A,

Series

2026-FUN,

5.25%

(TSFR1M+165bps),

6/15/39

(a)

2,731,995

252,118

LBA

Trust,

Class

A,

Series

2024-

7IND,

5.07%

(TSFR1M+144bps),

10/15/41

(a)

252,372

851,000

LQR

Trust,

Class

A,

Series

2025-

CALI,

5.23%

(TSFR1M+160bps),

1/15/43

(a)

850,996

1,545,000

Manhattan

West

Mortgage

Trust,

Class

A,

Series

2020-1MW,

2.13%,

9/10/39

(a)

1,495,775

271,623

MCR

Mortgage

Trust,

Class

A,

Series

2024-HF1,

5.42%

(TSFR1M+179bps),

12/15/41

(a)

271,994

630,000

MF1,

Class

A,

Series

2021-

W10,

4.70%

(TSFR1M+107bps),

12/15/34

(a)

627,393

1,115,000

MIRA

Trust,

Class

A,

Series

2023-

MILE,

6.75%,

6/10/38

(a)

1,137,559

872,000

MLTI

Trust,

Class

C10,

Series

2026-

MLTI,

5.42%

(TSFR1M+180bps),

6/15/31

(a)

874,283

1,974,000

MLTI

Trust,

Class

B,

Series

2026-

SF75,

5.33%

(TSFR1M+170bps),

3/15/36

(a)

1,974,817

1,540,000

Morgan

Stanley

Capital

I

Trust,

Class

A4,

Series

2016-BNK2,

3.05%,

11/15/49,

Callable

11/15/26

@

100

1,525,074

2,876,000

NCMF

Trust,

Class

A,

Series

2025-

MFS,

5.05%,

6/10/33

(a)(b)

2,856,066

1,755,000

NCMF

Trust,

Class

B,

Series

2025-

MFS,

5.69%,

6/10/33

(a)(b)

1,755,286

1,910,000

NRTH

Commercial

Mortgage

Trust,

Class

A,

Series

2025-PARK,

5.02%

(TSFR1M+139bps),

10/15/40

(a)

1,914,680

345,000

NY

Commercial

Mortgage

Trust,

Class

A,

Series

2025-299P,

5.85%,

2/10/47

(a)(b)

356,818

1,630,000

NYC

Commercial

Mortgage

Trust,

Class

A,

Series

2025-11X,

5.37%

(TSFR1M+174bps),

10/15/40

(a)

1,636,979

1,881,000

NYC

Commercial

Mortgage

Trust,

Class

A,

Series

2025-3BP,

4.84%

(TSFR1M+121bps),

2/15/42

(a)

1,880,407

1,425,302

One

New

York

Plaza

Trust,

Class

A,

Series

2020-1NYP,

4.69%

(TSFR1M+106bps),

1/15/36

(a)

1,384,280

701,000

ONNI

Commerical

Mortgage

Trust,

Class

A,

Series

2024-APT,

5.75%,

7/15/39

(a)(b)

705,793

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

1,117,000

PRM5

Trust,

Class

A,

Series

2025-

PRM5,

4.62%,

3/10/33

(a)(b)

$

1,107,187

732,000

SCG

Commercial

Mortgage

Trust,

Class

B,

Series

2025-DLFN,

5.13%

(TSFR1M+150bps),

3/15/35

(a)

732,495

3,018,000

SCG

Commercial

Mortgage

Trust,

Class

A,

Series

2025-DLFN,

4.83%

(TSFR1M+120bps),

3/15/35

(a)

3,017,988

8,697

SG

Commercial

Mortgage

Securities

Trust,

Class

A4,

Series

2016-C5,

3.06%,

10/10/48,

Callable

7/10/26

@

100

8,688

2,900,000

TCO

Commercial

Mortgage

Trust,

Class

A,

Series

2024-DPM,

4.87%

(TSFR1M+124bps),

12/15/39

(a)

2,901,190

2,537,000

TEXAS

Commercial

Mortgage

Trust,

Class

A,

Series

2025-TWR,

4.92%

(TSFR1M+129bps),

4/15/42

(a)

2,530,897

198,000

Together

Asset

Backed

Securitisation

,

Class

B,

Series

2026-

CRE1,

4.93%

(SONIO/N+120bps),

2/20/58,

Callable

6/20/30

@

100

(a)

262,665

528,614

Together

Asset

Backed

Securitisation

,

Class

A,

Series

2026-

CRE1,

4.73%

(SONIO/N+100bps),

2/20/58,

Callable

6/20/30

@

100

(a)

701,852

5,852,987

Wells

Fargo

Commercial

Mortgage

Trust,

Class

XA,

Series

2016-LC25,

1.00%,

12/15/59,

Callable

9/15/26

@

100

(b)

7,779

316,000

WHARF

Commercial

Mortgage

Trust,

Class

B,

Series

2025-DC,

5.73%,

7/15/40

(a)(b)

317,782

Total

Collateralized

Mortgage-Backed

Securities

(Cost

$146,071,310)

145,534,839

Corporate

Bonds

(24.1%):

Aerospace

&

Defense

(0.2%):

1,359,000

Boeing

Co.

(The),

7.01%,

5/1/64,

Callable

11/1/63

@

100

1,542,072

1,355,000

L3Harris

Technologies,

Inc.,

4.40%,

6/15/28,

Callable

3/15/28

@

100

1,348,584

147,000

L3Harris

Technologies,

Inc.,

5.60%,

7/31/53,

Callable

1/31/53

@

100

144,099

1,690,000

Northrop

Grumman

Corp.,

4.95%,

3/15/53,

Callable

9/15/52

@

100

1,514,037

238,000

Textron,

Inc.,

3.00%,

6/1/30,

Callable

3/1/30

@

100

222,889

182,000

Textron,

Inc.,

2.45%,

3/15/31,

Callable

12/15/30

@

100

163,917

4,935,598

Automobiles

(0.1%):

2,069,000

General

Motors

Financial

Co.,

Inc.,

3.10%,

1/12/32,

Callable

10/12/31

@

100

1,865,712

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

73

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Banks

(3.4%):

$

1,129,000

Bank

of

America

Corp.,

3.42%

(TSFR3M),

12/20/28,

Callable

12/20/27

@

100

$

1,110,771

5,996,000

Bank

of

America

Corp.,

2.09%

(SOFR),

6/14/29,

Callable

6/14/28

@

100

5,710,590

5,108,000

Bank

of

America

Corp.,

3.97%

(TSFR3M),

2/7/30,

Callable

2/7/29

@

100,

MTN

5,013,369

1,202,000

Bank

of

America

Corp.,

1.92%

(SOFR),

10/24/31,

Callable

10/24/30

@

100,

MTN

1,065,557

3,151,000

Bank

of

America

Corp.,

2.57%

(SOFR),

10/20/32,

Callable

10/20/31

@

100

2,805,736

708,000

Bank

of

America

Corp.,

2.97%

(SOFR),

2/4/33,

Callable

2/4/32

@

100

638,978

149,000

Bank

of

America

Corp.,

5.02%

(SOFR),

7/22/33,

Callable

7/22/32

@

100

149,230

3,801,000

Bank

of

America

Corp.,

4.24%

(TSFR3M),

4/24/38,

Callable

4/24/37

@

100

3,453,904

4,034,000

Citigroup,

Inc.,

4.64%

(SOFR),

5/7/28,

Callable

5/7/27

@

100

4,035,610

608,000

Citigroup,

Inc.,

5.17%

(SOFR),

2/13/30,

Callable

2/13/29

@

100

612,891

6,652,000

Citigroup,

Inc.,

2.67%

(SOFR),

1/29/31,

Callable

1/29/30

@

100

6,179,814

2,915,000

Citigroup,

Inc.,

2.52%

(SOFR),

11/3/32,

Callable

11/3/31

@

100

2,576,802

2,450,000

Citigroup,

Inc.,

3.06%

(SOFR),

1/25/33,

Callable

1/25/32

@

100

2,214,969

57,000

FNB

Corp.,

5.72%

(SOFRINDX),

12/11/30,

Callable

12/11/29

@

100

57,240

9,126,000

JPMorgan

Chase

&

Co.,

4.92%

(SOFR),

1/24/29,

Callable

1/24/28

@

100

9,169,668

1,347,000

JPMorgan

Chase

&

Co.,

2.07%

(SOFR),

6/1/29,

Callable

6/1/28

@

100

1,284,928

154,000

JPMorgan

Chase

&

Co.,

5.58%

(SOFR),

4/22/30,

Callable

4/22/29

@

100

157,113

1,942,000

JPMorgan

Chase

&

Co.,

2.74%

(TSFR3M),

10/15/30,

Callable

10/15/29

@

100

1,823,705

9,753,000

JPMorgan

Chase

&

Co.,

4.60%

(SOFR),

10/22/30,

Callable

10/22/29

@

100

9,691,829

2,870,000

JPMorgan

Chase

&

Co.,

5.14%

(SOFR),

1/24/31,

Callable

1/24/30

@

100

2,903,037

298,000

JPMorgan

Chase

&

Co.,

5.29%

(SOFR),

7/22/35,

Callable

7/22/34

@

100

301,499

Principal

Amount

Value

Corporate

Bonds,

continued

Banks,

continued

$

5,607,000

JPMorgan

Chase

&

Co.,

3.88%

(TSFR3M),

7/24/38,

Callable

7/24/37

@

100

$

4,936,414

2,195,000

KeyBank

NA,

5.00%,

1/26/33,

Callable

10/26/32

@

100

2,170,510

8,964,000

Wells

Fargo

&

Co,

5.71%

(SOFR),

4/22/28,

Callable

4/22/27

@

100

9,039,620

1,122,000

Wells

Fargo

&

Co.,

5.24%

(SOFR),

1/24/31,

Callable

1/24/30

@

100

1,135,502

4,048,000

Wells

Fargo

&

Co.,

5.39%

(SOFR),

4/24/34,

Callable

4/24/33

@

100

4,104,623

208,000

Wells

Fargo

&

Co.,

3.90%,

5/1/45

163,888

463,000

Wells

Fargo

&

Co.,

5.01%

(TSFR3M),

4/4/51,

Callable

4/4/50

@

100,

MTN

417,117

82,924,914

Biotechnology

(0.1%):

545,000

Amgen,

Inc.,

4.40%,

2/22/62,

Callable

8/22/61

@

100

423,712

1,235,000

Ascension

Health,

Series

2025,

4.08%,

11/15/28,

Callable

10/15/28

@

100

1,224,912

1,648,624

Broadline

Retail

(0.2%):

2,243,000

Amazon.com,

Inc.,

3.95%,

4/13/52,

Callable

10/13/51

@

100

1,699,833

3,495,000

Amazon.com,

Inc.,

5.95%,

3/13/66,

Callable

9/13/65

@

100

3,456,268

318,000

Mercadolibre

,

Inc.,

4.90%,

1/15/33,

Callable

11/15/32

@

100

308,838

5,464,939

Capital

Markets

(2.9%):

1,491,000

Goldman

Sachs

Group,

Inc.

(The),

1.95%

(SOFR),

10/21/27,

Callable

10/21/26

@

100

1,479,475

3,426,000

Goldman

Sachs

Group,

Inc.

(The),

3.62%

(SOFR),

3/15/28,

Callable

3/15/27

@

100

3,404,546

3,273,000

Goldman

Sachs

Group,

Inc.

(The),

4.48%

(SOFR),

8/23/28,

Callable

8/23/27

@

100

3,269,095

2,746,000

Goldman

Sachs

Group,

Inc.

(The),

3.81%

(TSFR3M),

4/23/29,

Callable

4/23/28

@

100

2,704,945

6,002,000

Goldman

Sachs

Group,

Inc.

(The),

6.48%

(SOFR),

10/24/29,

Callable

10/24/28

@

100

6,216,770

839,000

Goldman

Sachs

Group,

Inc.

(The),

4.69%

(SOFR),

10/23/30,

Callable

10/23/29

@

100

833,757

4,030,000

Goldman

Sachs

Group,

Inc.

(The),

5.21%

(SOFR),

1/28/31,

Callable

1/28/30

@

100

4,073,600

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

74

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Capital

Markets,

continued

$

2,088,000

Goldman

Sachs

Group,

Inc.

(The),

5.22%

(SOFR),

4/23/31,

Callable

4/23/30

@

100

$

2,106,047

1,209,000

Goldman

Sachs

Group,

Inc.

(The),

4.37%

(SOFR),

10/21/31,

Callable

10/21/30

@

100

1,182,345

3,469,000

Goldman

Sachs

Group,

Inc.

(The),

3.10%

(SOFR),

2/24/33,

Callable

2/24/32

@

100

3,134,786

196,000

Goldman

Sachs

Group,

Inc.

(The),

4.02%

(TSFR3M),

10/31/38,

Callable

10/31/37

@

100

172,184

1,073,000

Morgan

Stanley,

2.48%

(SOFR),

1/21/28,

Callable

1/21/27

@

100

1,060,878

3,602,000

Morgan

Stanley,

5.65%

(SOFR),

4/13/28,

Callable

4/13/27

@

100

3,632,221

130,000

Morgan

Stanley,

3.77%

(TSFR3M),

1/24/29,

Callable

1/24/28

@

100

128,238

2,412,000

Morgan

Stanley,

5.16%

(SOFR),

4/20/29,

Callable

4/20/28

@

100

2,431,959

6,845,000

Morgan

Stanley,

5.45%

(SOFR),

7/20/29,

Callable

7/20/28

@

100

6,922,499

2,575,000

Morgan

Stanley,

Series

I,

4.13%

(SOFR),

10/18/29,

Callable

10/18/28

@

100

2,533,530

761,000

Morgan

Stanley,

6.41%

(SOFR),

11/1/29,

Callable

11/1/28

@

100

787,205

925,000

Morgan

Stanley,

5.66%

(SOFR),

4/18/30,

Callable

4/18/29

@

100

943,067

373,000

Morgan

Stanley,

4.65%

(SOFR),

10/18/30,

Callable

10/18/29

@

100

370,000

1,691,000

Morgan

Stanley,

5.23%

(SOFR),

1/15/31,

Callable

1/15/30

@

100

1,706,714

1,612,000

Morgan

Stanley,

2.70%

(SOFR),

1/22/31,

Callable

1/22/30

@

100,

MTN

1,497,340

6,463,000

Morgan

Stanley,

5.19%

(SOFR),

4/17/31,

Callable

4/17/30

@

100

6,516,171

1,014,000

Morgan

Stanley,

1.79%

(SOFR),

2/13/32,

Callable

2/13/31

@

100,

MTN

881,360

1,135,000

Morgan

Stanley,

2.24%

(SOFR),

7/21/32,

Callable

7/21/31

@

100,

MTN

992,904

4,918,000

Morgan

Stanley,

2.51%

(SOFR),

10/20/32,

Callable

10/20/31

@

100,

MTN

4,340,155

548,000

Morgan

Stanley,

2.94%

(SOFR),

1/21/33,

Callable

1/21/32

@

100

490,976

888,000

Morgan

Stanley,

5.25%

(SOFR),

4/21/34,

Callable

4/21/33

@

100

892,469

3,073,000

Morgan

Stanley,

5.42%

(SOFR),

7/21/34,

Callable

7/21/33

@

100

3,116,083

1,127,000

MSCI,

Inc.,

3.63%,

9/1/30,

Callable

8/1/26

@

101.21

(a)

1,064,331

646,000

MSCI,

Inc.,

3.88%,

2/15/31,

Callable

8/1/26

@

101.29

(a)

612,424

Principal

Amount

Value

Corporate

Bonds,

continued

Capital

Markets,

continued

$

1,932,000

MSCI,

Inc.,

5.25%,

9/1/35,

Callable

6/1/35

@

100

$

1,891,973

510,000

MSCI,

Inc.,

5.15%,

3/15/36,

Callable

12/15/35

@

100

493,549

71,883,596

Chemicals

(0.3%):

1,487,000

FirstEnergy

Transmission

LLC,

4.75%,

1/15/33,

Callable

11/15/32

@

100

1,462,488

1,670,000

FirstEnergy

Transmission

LLC,

5.00%,

1/15/35,

Callable

10/15/34

@

100

1,641,279

1,055,000

FirstEnergy

Transmission

LLC,

5.45%,

7/15/44,

Callable

1/15/44

@

100

(a)

1,002,397

3,127,000

FirstEnergy

Transmission

LLC,

4.55%,

4/1/49,

Callable

10/1/48

@

100

(a)

2,616,620

990,000

FMC

Corp.,

8.00%,

6/1/31,

Callable

6/1/28

@

104

(a)

1,028,854

295,000

Franciscan

Missionaries

of

Our

Lady

Health

System,

Inc.,

Series

B,

3.91%,

7/1/49,

Callable

1/1/49

@

100

221,565

7,973,203

Communications

Equipment

(0.1%):

1,933,000

Motorola

Solutions,

Inc.,

5.55%,

8/15/35,

Callable

5/15/35

@

100

1,961,208

Consumer

Finance

(0.7%):

1,214,000

Ford

Motor

Credit

Co.

LLC,

5.92%,

3/20/28,

Callable

2/20/28

@

100

1,228,921

1,039,000

Ford

Motor

Credit

Co.

LLC,

6.80%,

11/7/28,

Callable

10/7/28

@

100

1,071,609

910,000

Ford

Motor

Credit

Co.

LLC,

2.90%,

2/10/29,

Callable

12/10/28

@

100

855,425

1,270,000

Ford

Motor

Credit

Co.

LLC,

4.97%,

4/6/29,

Callable

3/6/29

@

100

1,257,371

256,000

Ford

Motor

Credit

Co.

LLC,

5.88%,

11/7/29,

Callable

10/7/29

@

100

259,064

710,000

Synchrony

Financial,

3.95%,

12/1/27,

Callable

9/1/27

@

100

702,774

825,000

Synchrony

Financial,

5.02%

(SOFR),

7/29/29,

Callable

7/29/28

@

100

824,859

4,494,000

Synchrony

Financial,

5.94%

(SOFRINDX),

8/2/30,

Callable

8/2/29

@

100

4,567,782

6,918,000

Synchrony

Financial,

5.45%

(SOFR),

3/6/31,

Callable

3/6/30

@

100

6,910,522

17,678,327

Diversified

Consumer

Services

(0.0%

†

):

145,000

California

Institute

of

Technology,

4.32%,

8/1/45

125,883

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

75

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

Consumer

Services,

continued

$

360,000

Massachusetts

Institute

of

Technology,

4.68%,

7/1/14

$

296,846

422,729

Diversified

REITs

(0.2%):

5,602,000

Store

Capital

LLC,

2.75%,

11/18/30,

Callable

8/18/30

@

100

5,054,438

Diversified

Telecommunication

Services

(0.7%):

2,304,000

AT&T,

Inc.,

5.15%,

11/15/46,

Callable

5/15/46

@

100

2,065,695

1,814,000

AT&T,

Inc.,

6.05%,

8/15/56,

Callable

2/15/56

@

100

1,761,530

9,426,000

AT&T,

Inc.,

3.65%,

9/15/59,

Callable

3/15/59

@

100

6,038,295

2,215,000

Verizon

Communications,

Inc.,

5.25%,

4/2/35,

Callable

1/2/35

@

100

2,208,280

169,000

Verizon

Communications,

Inc.,

5.40%,

7/2/37,

Callable

4/2/37

@

100

167,890

3,804,000

Verizon

Communications,

Inc.,

5.88%,

11/30/55,

Callable

5/30/55

@

100

3,686,224

1,939,000

Verizon

Communications,

Inc.,

6.00%,

11/30/65,

Callable

5/30/65

@

100

1,873,107

17,801,021

Electric

Utilities

(2.4%):

195,000

AEP

Transmission

Co.

LLC,

5.38%,

6/15/35,

Callable

3/15/35

@

100

198,104

675,000

AEP

Transmission

Co.

LLC,

3.15%,

9/15/49,

Callable

3/15/49

@

100

449,256

958,000

AEP

Transmission

Co.

LLC,

Series

N,

2.75%,

8/15/51,

Callable

2/15/51

@

100

585,220

461,000

Baltimore

Gas

and

Electric

Co.,

3.20%,

9/15/49,

Callable

3/15/49

@

100

310,644

203,000

Dominion

Energy

South

Carolina,

Inc.,

6.25%,

10/15/53,

Callable

4/15/53

@

100

218,228

1,724,000

Duke

Energy

Carolinas

LLC,

4.95%,

1/15/33,

Callable

10/15/32

@

100

1,735,085

169,000

Duke

Energy

Carolinas

LLC,

5.25%,

3/15/35,

Callable

12/15/34

@

100

171,232

164,000

Duke

Energy

Carolinas

LLC,

3.95%,

3/15/48,

Callable

9/15/47

@

100

127,825

745,000

Duke

Energy

Carolinas

LLC,

3.20%,

8/15/49,

Callable

2/15/49

@

100

503,896

1,386,000

Duke

Energy

Carolinas

LLC,

3.45%,

4/15/51,

Callable

10/15/50

@

100

978,164

527,000

Duke

Energy

Corp.,

3.95%,

8/15/47,

Callable

2/15/47

@

100

402,320

2,118,000

Duke

Energy

Corp.,

3.50%,

6/15/51,

Callable

12/15/50

@

100

1,444,080

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

2,445,000

Duke

Energy

Corp.,

5.80%,

6/15/54,

Callable

12/15/53

@

100

$

2,387,648

1,597,000

Duke

Energy

Florida

LLC,

1.75%,

6/15/30,

Callable

3/15/30

@

100

1,430,934

959,000

Duke

Energy

Ohio,

Inc.,

5.55%,

3/15/54,

Callable

9/15/53

@

100

923,046

1,076,000

Duke

Energy

Progress

LLC,

2.00%,

8/15/31,

Callable

5/15/31

@

100

949,504

1,069,000

Duke

Energy

Progress

LLC,

5.25%,

3/15/33,

Callable

12/15/32

@

100

1,090,720

1,630,000

Duke

Energy

Progress

LLC,

4.38%,

3/30/44,

Callable

9/30/43

@

100

1,387,644

156,000

Duke

Energy

Progress

LLC,

4.20%,

8/15/45,

Callable

2/15/45

@

100

128,453

1,050,000

Duke

Energy

Progress

LLC,

2.50%,

8/15/50,

Callable

2/15/50

@

100

609,953

3,868,000

FirstEnergy

Corp.,

2.65%,

3/1/30,

Callable

12/1/29

@

100

3,577,668

2,619,000

FirstEnergy

Corp.,

Series

C,

3.40%,

3/1/50,

Callable

9/1/49

@

100

1,780,129

1,554,000

Florida

Power

&

Light

Co.,

2.88%,

12/4/51,

Callable

6/4/51

@

100

975,056

1,807,000

Georgia

Power

Co.,

4.70%,

5/15/32,

Callable

2/15/32

@

100

1,803,122

1,605,000

Georgia

Power

Co.,

5.25%,

3/15/34,

Callable

9/15/33

@

100

1,629,736

538,000

Georgia

Power

Co.,

5.20%,

3/15/35,

Callable

9/15/34

@

100

545,121

1,000,000

NextEra

Energy

Capital

Holdings,

Inc.,

4.69%,

9/1/27

1,002,264

609,000

NRG

Energy,

Inc.,

4.45%,

6/15/29,

Callable

3/15/29

@

100

(a)

597,531

5,907,000

NRG

Energy,

Inc.,

7.00%,

3/15/33,

Callable

12/15/32

@

100

(a)

6,384,735

349,000

Ohio

Power

Co.,

Series

G,

6.60%,

2/15/33

376,640

783,000

Ohio

Power

Co.,

5.00%,

6/1/33,

Callable

3/1/33

@

100

779,376

178,000

Ohio

Power

Co.,

4.15%,

4/1/48,

Callable

10/1/47

@

100

140,484

632,000

Ohio

Power

Co.,

Series

R,

2.90%,

10/1/51,

Callable

4/1/51

@

100

386,680

854,000

Pacific

Gas

and

Electric

Co.,

6.15%,

1/15/33,

Callable

10/15/32

@

100

891,316

3,560,000

Pacific

Gas

and

Electric

Co.,

6.40%,

6/15/33,

Callable

3/15/33

@

100

3,772,165

140,000

Pacific

Gas

and

Electric

Co.,

5.80%,

5/15/34,

Callable

2/15/34

@

100

143,069

475,000

Pacific

Gas

and

Electric

Co.,

4.50%,

7/1/40,

Callable

1/1/40

@

100

409,099

181,000

Pacific

Gas

and

Electric

Co.,

3.75%,

8/15/42,

Callable

2/15/42

@

100

136,464

395,000

Pacific

Gas

and

Electric

Co.,

4.75%,

2/15/44,

Callable

8/15/43

@

100

334,956

2,674,000

Pacific

Gas

and

Electric

Co.,

4.00%,

12/1/46,

Callable

6/1/46

@

100

1,990,633

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

76

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

3,461,000

Pacific

Gas

and

Electric

Co.,

4.95%,

7/1/50,

Callable

1/1/50

@

100

$

2,869,602

3,367,000

Pacific

Gas

and

Electric

Co.,

3.50%,

8/1/50,

Callable

2/1/50

@

100

2,236,301

220,000

Pacific

Gas

and

Electric

Co.,

5.25%,

3/1/52,

Callable

9/1/51

@

100

189,407

2,513,000

Pacific

Gas

and

Electric

Co.,

6.75%,

1/15/53,

Callable

7/15/52

@

100

2,617,493

1,452,000

Pacific

Gas

and

Electric

Co.,

5.90%,

10/1/54,

Callable

4/1/54

@

100

1,373,226

2,955,000

Pacific

Gas

And

Electric

Co.,

6.10%,

10/15/55,

Callable

4/15/55

@

100

2,859,846

2,324,000

Southern

Co.

(The),

4.25%,

7/1/36,

Callable

1/1/36

@

100

2,143,723

1,350,007

Texas

Electric

Market

Stabilization

Funding

N

LLC,

Series

A-1,

4.27%,

8/1/34

(a)

1,320,572

59,298,370

Financial

Services

(0.5%):

8,265,000

Beignet

Investor

LLC,

6.58%,

5/30/49

(a)

8,414,084

1,156,000

BP

Capital

Markets

America,

Inc.,

2.77%,

11/10/50,

Callable

5/10/50

@

100

708,191

342,000

DAE

Funding

LLC,

3.38%,

3/20/28,

Callable

1/20/28

@

100

(a)

331,106

1,082,000

Equinix

Europe

2

Financing

Corp.

LLC,

5.50%,

6/15/34,

Callable

3/15/34

@

100

1,099,638

915,000

Northwest

Florida

Timber

Finance

LLC,

4.75%,

3/4/29

(a)

898,401

11,451,420

Gas

Utilities

(0.0%

†

):

301,000

Piedmont

Natural

Gas

Co.,

Inc.,

3.50%,

6/1/29,

Callable

3/1/29

@

100

291,675

208,000

Piedmont

Natural

Gas

Co.,

Inc.,

2.50%,

3/15/31,

Callable

12/15/30

@

100

188,012

479,687

Health

Care

Equipment

&

Supplies

(0.1%):

2,495,000

Sutter

Health,

Series

2025,

5.54%,

8/15/35,

Callable

2/15/35

@

100

2,572,330

Health

Care

Providers

&

Services

(0.7%):

275,000

AHS

Hospital

Corp.,

Series

2021,

2.78%,

7/1/51,

Callable

1/1/51

@

100

170,654

610,000

City

of

Hope,

Series

2013,

5.62%,

11/15/43

595,695

350,000

CommonSpirit

Health,

2.78%,

10/1/30,

Callable

4/1/30

@

100

322,176

130,000

CommonSpirit

Health,

3.82%,

10/1/49,

Callable

4/1/49

@

100

96,547

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

965,000

Corewell

Health

Obligated

Group,

Series

2019-A,

3.49%,

7/15/49,

Callable

1/15/49

@

100

$

690,800

1,531,000

CVS

Health

Corp.,

1.75%,

8/21/30,

Callable

5/21/30

@

100

1,355,874

1,240,000

Duke

University

Health

System,

Inc.,

Series

2017,

3.92%,

6/1/47,

Callable

12/1/46

@

100

981,469

235,000

Elevance

Health,

Inc.,

3.13%,

5/15/50,

Callable

11/15/49

@

100

153,471

236,000

Elevance

Health,

Inc.,

5.13%,

2/15/53,

Callable

8/15/52

@

100

209,577

138,000

Elevance

Health,

Inc.,

5.65%,

6/15/54,

Callable

12/15/53

@

100

131,822

2,462,000

HCA,

Inc.,

5.00%,

3/1/28,

Callable

2/1/28

@

100

2,476,307

518,000

HCA,

Inc.,

5.63%,

9/1/28,

Callable

3/1/28

@

100

525,251

493,000

HCA,

Inc.,

5.88%,

2/1/29,

Callable

8/1/28

@

100

503,510

3,035,000

HCA,

Inc.,

4.60%,

11/15/32,

Callable

9/15/32

@

100

2,945,777

1,379,000

HCA,

Inc.,

5.50%,

6/1/33,

Callable

3/1/33

@

100

1,402,756

1,050,000

HCA,

Inc.,

5.45%,

9/15/34,

Callable

6/15/34

@

100

1,058,381

1,044,000

HCA,

Inc.,

5.75%,

3/1/35,

Callable

12/1/34

@

100

1,075,879

1,119,000

HCA,

Inc.,

4.90%,

11/15/35,

Callable

8/15/35

@

100

1,079,406

2,969,000

HCA,

Inc.,

3.50%,

7/15/51,

Callable

1/15/51

@

100

1,988,740

353,000

HCA,

Inc.,

6.10%,

4/1/64,

Callable

10/1/63

@

100

346,721

197,000

Hoag

Memorial

Hospital

Presbyterian,

3.80%,

7/15/52,

Callable

1/15/52

@

100

148,683

410,000

Mount

Nittany

Medical

Center

Obligated

Group,

Series

2022,

3.80%,

11/15/52

302,758

18,562,254

Hotels,

Restaurants

&

Leisure

(0.1%):

1,644,000

Expedia

Group,

Inc.,

4.63%,

8/1/27,

Callable

5/1/27

@

100

1,644,962

139,000

Expedia

Group,

Inc.,

5.40%,

2/15/35,

Callable

11/15/34

@

100

137,532

1,782,494

Independent

Power

and

Renewable

Electricity

Producers

(0.5%):

500,000

Vistra

Operations

Co.

LLC,

5.05%,

12/30/26

(a)

501,446

525,000

Vistra

Operations

Co.

LLC,

4.60%,

10/15/30,

Callable

9/15/30

@

100

(a)

514,661

2,908,000

Vistra

Operations

Co.

LLC,

6.95%,

10/15/33,

Callable

7/15/33

@

100

(a)

3,163,363

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

77

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Independent

Power

and

Renewable

Electricity

Producers,

continued

$

4,901,000

Vistra

Operations

Co.

LLC,

6.00%,

4/15/34,

Callable

1/15/34

@

100

(a)

$

5,041,835

3,204,000

Vistra

Operations

Co.

LLC,

5.70%,

12/30/34,

Callable

9/30/34

@

100

(a)

3,225,323

12,446,628

Interactive

Media

&

Services

(0.5%):

2,899,000

Alphabet,

Inc.,

4.10%,

11/15/30,

Callable

10/15/30

@

100

2,849,894

1,525,000

Alphabet,

Inc.,

5.65%,

2/15/56,

Callable

8/15/55

@

100

1,504,332

3,881,000

Alphabet,

Inc.,

5.70%,

11/15/75,

Callable

5/15/75

@

100

3,737,356

280,000

Meta

Platforms,

Inc.,

5.60%,

5/15/53,

Callable

11/15/52

@

100

253,900

145,000

Meta

Platforms,

Inc.,

5.40%,

8/15/54,

Callable

2/15/54

@

100

127,735

5,684,000

Meta

Platforms,

Inc.,

4.65%,

8/15/62,

Callable

2/15/62

@

100

4,306,244

660,000

Meta

Platforms,

Inc.,

5.55%,

8/15/64,

Callable

2/15/64

@

100

575,041

13,354,502

IT

Services

(0.3%):

1,508,000

Gartner,

Inc.,

4.50%,

7/1/28,

Callable

8/1/26

@

100

(a)

1,481,150

6,014,000

Gartner,

Inc.,

3.63%,

6/15/29,

Callable

8/1/26

@

100

(a)

5,671,924

958,000

Gartner,

Inc.,

3.75%,

10/1/30,

Callable

7/12/26

@

101.88

(a)

875,948

8,029,022

Media

(0.5%):

190,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.65%,

2/1/34,

Callable

11/1/33

@

100

194,110

1,134,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.55%,

6/1/34,

Callable

3/1/34

@

100

1,154,378

95,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

3.50%,

3/1/42,

Callable

9/1/41

@

100

65,371

125,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.75%,

4/1/48,

Callable

10/1/47

@

100

104,992

741,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.80%,

3/1/50,

Callable

9/1/49

@

100

551,534

84,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

3.70%,

4/1/51,

Callable

10/1/50

@

100

52,048

Principal

Amount

Value

Corporate

Bonds,

continued

Media,

continued

$

219,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

3.90%,

6/1/52,

Callable

12/1/51

@

100

$

139,529

188,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.25%,

4/1/53,

Callable

10/1/52

@

100

146,789

933,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.40%,

12/1/61,

Callable

6/1/61

@

100

599,578

4,168,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

3.95%,

6/30/62,

Callable

12/30/61

@

100

2,464,634

5,165,000

Discovery

Global

Holdings,

Inc.,

3.76%,

3/15/27,

Callable

2/15/27

@

100

5,119,806

588,000

Paramount

Global,

3.70%,

10/4/26,

Callable

7/17/26

@

100

583,634

345,000

Paramount

Global,

2.90%,

1/15/27,

Callable

10/15/26

@

100

339,981

678,000

Paramount

Global,

5.85%,

9/1/43,

Callable

3/1/43

@

100

505,621

210,000

Paramount

Global,

5.25%,

4/1/44,

Callable

10/1/43

@

100

143,435

162,000

Paramount

Global,

4.90%,

8/15/44,

Callable

2/15/44

@

100

106,217

234,000

Paramount

Global,

4.60%,

1/15/45,

Callable

7/15/44

@

100

148,582

220,000

Paramount

Global,

4.95%,

5/19/50,

Callable

11/19/49

@

100

141,910

12,562,149

Metals

&

Mining

(0.1%):

567,000

Glencore

Funding

LLC,

4.88%,

3/12/29,

Callable

12/12/28

@

100

(a)

569,113

2,233,000

Glencore

Funding

LLC,

2.50%,

9/1/30,

Callable

6/1/30

@

100

(a)

2,034,511

2,603,624

Multi-Utilities

(0.1%):

1,298,000

Dominion

Energy,

Inc.,

Series

B,

7.00%

(H15T5Y),

6/1/54,

Callable

3/3/34

@

100

1,368,422

Oil,

Gas

&

Consumable

Fuels

(4.2%):

186,000

APA

Corp.,

4.25%,

1/15/30,

Callable

10/15/29

@

100

182,716

704,000

Cameron

LNG

LLC,

2.90%,

7/15/31,

Callable

4/15/31

@

100

(a)

642,023

2,424,000

Cameron

LNG

LLC,

3.30%,

1/15/35,

Callable

9/15/34

@

100

(a)

2,118,804

524,000

Cameron

LNG

LLC,

3.40%,

1/15/38,

Callable

7/15/37

@

100

(a)

456,306

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

78

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

5,136,000

Cheniere

Corpus

Christi

Holdings

LLC,

5.13%,

6/30/27,

Callable

1/1/27

@

100

$

5,135,281

5,461,000

Cheniere

Corpus

Christi

Holdings

LLC,

3.70%,

11/15/29,

Callable

5/18/29

@

100

5,283,386

3,829,000

Cheniere

Energy

Partners,

LP,

5.95%,

6/30/33,

Callable

12/30/32

@

100

3,997,028

1,614,000

Cheniere

Energy

Partners,

LP,

5.75%,

8/15/34,

Callable

2/15/34

@

100

1,660,930

6,786,000

Cheniere

Energy,

Inc.,

5.65%,

4/15/34,

Callable

10/15/33

@

100

6,974,936

2,527,000

Diamondback

Energy,

Inc.,

3.50%,

12/1/29,

Callable

9/1/29

@

100

2,437,251

2,990,000

Diamondback

Energy,

Inc.,

3.13%,

3/24/31,

Callable

12/24/30

@

100

2,775,868

2,280,000

Diamondback

Energy,

Inc.,

5.75%,

4/18/54,

Callable

10/18/53

@

100

2,202,995

270,000

Energy

Transfer

LP,

6.40%,

12/1/30,

Callable

10/1/30

@

100

285,365

2,409,000

Energy

Transfer,

LP,

5.95%,

5/15/54,

Callable

11/15/53

@

100

2,291,017

6,513,000

EQT

Corp.,

3.90%,

10/1/27,

Callable

7/1/27

@

100

6,456,943

5,138,000

EQT

Corp.,

5.70%,

4/1/28,

Callable

3/1/28

@

100

5,220,090

1,958,000

EQT

Corp.,

4.50%,

1/15/29,

Callable

7/15/28

@

100

1,943,936

3,239,000

EQT

Corp.,

5.00%,

1/15/29,

Callable

7/15/28

@

100

3,251,146

5,600,000

EQT

Corp.,

7.00%,

2/1/30,

Callable

11/1/29

@

100

5,955,639

4,856,000

EQT

Corp.,

7.50%,

6/1/30,

Callable

12/1/29

@

100

5,233,214

17,366,000

EQT

Corp.,

4.75%,

1/15/31,

Callable

7/15/30

@

100

17,183,501

3,436,000

EQT

Corp.,

3.63%,

5/15/31,

Callable

5/15/30

@

100

(a)

3,212,715

9,202,000

Expand

Energy

Corp.,

5.70%,

1/15/35,

Callable

10/15/34

@

100

9,293,247

563,000

Hess

Corp.,

5.80%,

4/1/47,

Callable

10/1/46

@

100

569,172

350,000

Repsol

E&P

Capital

Markets

US

LLC,

4.81%,

9/16/28,

Callable

8/16/28

@

100

(a)

349,850

820,000

Repsol

E&P

Capital

Markets

US

LLC,

5.20%,

9/16/30,

Callable

8/16/30

@

100

(a)

824,099

1,080,000

Repsol

E&P

Capital

Markets

US

LLC,

5.98%,

9/16/35,

Callable

6/16/35

@

100

(a)

1,097,941

3,000

Sabine

Pass

Liquefaction

LLC,

4.20%,

3/15/28,

Callable

9/15/27

@

100

2,980

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

2,458,098

Sabine

Pass

Liquefaction

LLC,

5.90%,

9/15/37,

Callable

3/15/37

@

100

$

2,561,050

365,000

Targa

Resources

Corp.,

5.20%,

7/1/27,

Callable

6/1/27

@

100

366,297

1,677,000

Targa

Resources

Corp.,

4.20%,

2/1/33,

Callable

11/1/32

@

100

1,584,653

1,894,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

5.50%,

3/1/30,

Callable

7/12/26

@

101.83

1,907,525

760,000

Viper

Energy

Partners

LLC,

4.90%,

8/1/30,

Callable

7/1/30

@

100

758,100

725,000

Viper

Energy

Partners

LLC,

5.70%,

8/1/35,

Callable

5/1/35

@

100

734,969

104,950,973

Passenger

Airlines

(0.0%

†

):

256,760

United

Airlines

Pass

Through

Trust,

Series

2019-1,

Class

AA,

4.15%,

8/25/31

248,560

Pharmaceuticals

(0.0%

†

):

163,000

Pfizer,

Inc.,

4.00%,

12/15/36

149,225

152,000

Pfizer,

Inc.,

4.30%,

6/15/43

129,892

752,000

Pfizer,

Inc.,

2.70%,

5/28/50,

Callable

11/28/49

@

100

464,664

743,781

Residential

REITs

(0.1%):

2,913,534

AT&T

Reign

II

Multi-Property

Lease-

Backed

Pass-Through

Trust,

6.09%,

12/15/44

(a)

2,870,678

Semiconductors

&

Semiconductor

Equipment

(0.6%):

1,337,000

Broadcom,

Inc.,

4.35%,

2/15/30,

Callable

12/15/29

@

100

1,322,841

130,000

Broadcom,

Inc.,

4.55%,

2/15/32,

Callable

12/15/31

@

100

127,942

3,470,000

Broadcom,

Inc.,

4.30%,

11/15/32,

Callable

8/15/32

@

100

3,351,715

453,000

Broadcom,

Inc.,

3.42%,

4/15/33,

Callable

1/15/33

@

100

412,352

4,370,000

Broadcom,

Inc.,

3.19%,

11/15/36,

Callable

8/15/36

@

100

(a)

3,655,763

415,000

Foundry

JV

Holdco

LLC,

5.90%,

1/25/33,

Callable

11/25/32

@

100

(a)

431,089

286,000

Foundry

JV

Holdco

LLC,

6.25%,

1/25/35,

Callable

10/25/34

@

100

(a)

302,841

200,000

Foundry

JV

Holdco

LLC,

6.10%,

1/25/36,

Callable

10/24/35

@

100

(a)

210,795

200,000

Foundry

JV

Holdco

LLC,

6.20%,

1/25/37,

Callable

10/25/36

@

100

(a)

210,955

2,708,000

Foundry

JV

Holdco

LLC,

6.40%,

1/25/38,

Callable

10/25/37

@

100

(a)

2,893,742

617,000

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.,

4.30%,

6/18/29,

Callable

3/18/29

@

100

608,822

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

79

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

$

494,000

TSMC

Arizona

Corp.,

4.25%,

4/22/32,

Callable

1/22/32

@

100

$

487,042

14,015,899

Software

(1.1%):

2,606,000

AppLovin

Corp.,

5.13%,

12/1/29,

Callable

11/1/29

@

100

2,625,347

2,347,000

AppLovin

Corp.,

5.38%,

12/1/31,

Callable

10/1/31

@

100

2,367,776

562,000

AppLovin

Corp.,

5.50%,

12/1/34,

Callable

9/1/34

@

100

566,729

3,289,000

AppLovin

Corp.,

5.95%,

12/1/54,

Callable

6/1/54

@

100

3,157,105

2,424,000

Microsoft

Corp.,

2.92%,

3/17/52,

Callable

9/17/51

@

100

1,531,612

987,000

Oracle

Corp.,

4.38%,

5/15/55,

Callable

11/15/54

@

100

655,858

4,836,000

Oracle

Corp.,

5.95%,

9/26/55,

Callable

3/26/55

@

100

4,111,499

891,000

Oracle

Corp.,

6.70%,

2/4/56,

Callable

8/4/55

@

100

838,511

1,381,000

Oracle

Corp.,

3.85%,

4/1/60,

Callable

10/1/59

@

100

807,244

4,655,000

Oracle

Corp.,

4.10%,

3/25/61,

Callable

9/25/60

@

100

2,829,216

193,000

Oracle

Corp.,

6.10%,

9/26/65,

Callable

3/26/65

@

100

160,963

1,658,000

Salesforce,

Inc.,

4.50%,

3/15/28,

Callable

2/15/28

@

100

1,656,067

3,216,000

Salesforce,

Inc.,

5.20%,

3/15/33,

Callable

1/15/33

@

100

3,221,753

1,610,000

Salesforce,

Inc.,

5.55%,

3/15/36,

Callable

12/15/35

@

100

1,601,993

26,131,673

Specialized

REITs

(2.3%):

4,283,000

American

Tower

Corp.,

5.80%,

11/15/28,

Callable

10/15/28

@

100

4,386,105

4,139,000

American

Tower

Corp.,

1.88%,

10/15/30,

Callable

7/15/30

@

100

3,673,222

2,511,000

American

Tower

Corp.,

2.70%,

4/15/31,

Callable

1/15/31

@

100

2,284,043

964,000

Crown

Castle,

Inc.,

5.00%,

1/11/28,

Callable

12/11/27

@

100

968,167

366,000

Crown

Castle,

Inc.,

3.80%,

2/15/28,

Callable

11/15/27

@

100

361,399

598,000

Crown

Castle,

Inc.,

4.80%,

9/1/28,

Callable

8/1/28

@

100

598,777

6,302,000

Equinix,

Inc.,

2.00%,

5/15/28,

Callable

3/15/28

@

100

6,004,438

4,727,000

Equinix,

Inc.,

3.90%,

4/15/32,

Callable

1/15/32

@

100

4,459,891

1,700,000

Extra

Space

Storage,

LP,

5.40%,

2/1/34,

Callable

11/1/33

@

100

1,718,896

627,000

Extra

Space

Storage,

LP,

5.40%,

6/15/35,

Callable

3/15/35

@

100

631,386

Principal

Amount

Value

Corporate

Bonds,

continued

Specialized

REITs,

continued

$

23,189,000

VICI

Properties

LP,

4.75%,

2/15/28,

Callable

1/15/28

@

100

$

23,183,667

4,898,000

VICI

Properties

LP,

4.75%,

4/1/28,

Callable

3/1/28

@

100

4,879,554

1,675,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

5.75%,

2/1/27,

Callable

11/1/26

@

100

(a)

1,679,405

129,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

3.75%,

2/15/27,

Callable

8/1/26

@

100

(a)

127,842

1,825,000

VICI

Properties,

LP,

6.13%,

4/1/54,

Callable

10/1/53

@

100

1,777,676

56,734,468

Technology

Hardware,

Storage

&

Peripherals

(0.0%

†

):

1,119,000

Apple,

Inc.,

2.65%,

2/8/51,

Callable

8/8/50

@

100

676,653

Tobacco

(0.8%):

366,000

Altria

Group,

Inc.,

6.20%,

11/1/28,

Callable

10/1/28

@

100

378,686

1,738,000

Altria

Group,

Inc.,

4.80%,

2/14/29,

Callable

11/14/28

@

100

1,744,472

153,000

Altria

Group,

Inc.,

5.25%,

8/6/35,

Callable

5/6/35

@

100

152,809

4,011,000

Altria

Group,

Inc.,

3.70%,

2/4/51,

Callable

8/4/50

@

100

2,776,073

2,758,000

BAT

Capital

Corp.,

3.56%,

8/15/27,

Callable

5/15/27

@

100

2,731,471

3,676,000

BAT

Capital

Corp.,

2.26%,

3/25/28,

Callable

1/25/28

@

100

3,533,051

3,456,000

BAT

Capital

Corp.,

4.76%,

9/6/49,

Callable

3/6/49

@

100

2,898,648

5,452,000

BAT

Capital

Corp.,

5.65%,

3/16/52,

Callable

9/16/51

@

100

5,139,829

19,355,039

Wireless

Telecommunication

Services

(0.3%):

1,424,000

T-Mobile

USA,

Inc.,

2.05%,

2/15/28,

Callable

12/15/27

@

100

1,368,415

369,000

T-Mobile

USA,

Inc.,

3.38%,

4/15/29,

Callable

7/12/26

@

100

356,306

706,000

T-Mobile

USA,

Inc.,

4.20%,

10/1/29,

Callable

9/1/29

@

100

696,245

1,205,000

T-Mobile

USA,

Inc.,

3.88%,

4/15/30,

Callable

1/15/30

@

100

1,165,776

443,000

T-Mobile

USA,

Inc.,

3.60%,

11/15/60,

Callable

5/15/60

@

100

288,448

2,984,000

T-Mobile

USA,

Inc.,

5.80%,

9/15/62,

Callable

3/15/62

@

100

2,869,546

6,744,736

Total

Corporate

Bonds

(Cost

$601,917,092)

596,597,671

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

80

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Foreign

Bond

(0.0%

†

):

Electric

Utilities

(0.0%

†

):

$

140,000

NE

Property

BV,

3.88%,

9/30/33,

Callable

6/30/33

@

100,

MTN

(a)

$

158,289

Total

Foreign

Bond

(Cost

$164,256)

158,289

Yankee

Debt

Obligations

(2.8%):

Banks

(0.3%):

1,000,000

AFFIN

Bank

Bhd

,

5.11%,

6/4/30,

MTN

(a)

1,002,950

200,000

Banco

Nacional

de

Panama,

2.50%,

8/11/30,

Callable

5/11/30

@

100

(a)

178,500

200,000

Bank

Gospodarstwa

Krajowego

,

6.25%,

10/31/28

(a)

207,568

731,000

Bank

Gospodarstwa

Krajowego

,

5.75%,

7/9/34

(a)

756,150

200,000

Corp

Financiera

de

Desarrollo

SA,

5.50%,

5/6/30,

Callable

4/6/30

@

100

(a)

202,853

402,000

Corp.

Financiera

de

Desarrollo

SA,

5.95%,

4/30/29,

Callable

3/30/29

@

100

(a)

412,637

339,000

Gaci

First

Investment

Co.,

5.25%,

5/14/33,

Callable

4/14/33

@

100,

MTN

337,281

339,000

Gaci

First

Investment

Co.,

6.25%,

5/14/56,

Callable

11/14/55

@

100,

MTN

338,281

1,000,000

HDFC

Bank,

Ltd.,

5.07%,

6/24/31,

MTN

(a)

993,980

1,000,000

HSBC

Holdings

PLC,

4.88%

(SOFR),

3/10/32,

Callable

3/10/31

@

100

1,006,875

348,000

Intercorp

Peru,

Ltd.,

3.88%,

8/15/29,

Callable

5/15/29

@

100

(a)

335,453

1,000,000

Mizuho

Financial

Group,

Inc.,

4.76%

(SOFR),

7/13/32,

Callable

7/13/31

@

100

1,000,800

825,000

Sumitomo

Mitsui

Financial

Group,

Inc.,

4.73%

(SOFR),

7/7/32,

Callable

7/7/31

@

100

824,959

7,598,287

Broadline

Retail

(0.0%

†

):

228,000

Prosus

NV,

4.19%,

1/19/32,

Callable

10/19/31

@

100

(a)

217,439

Capital

Markets

(0.2%):

272,000

Abu

Dhabi

Developmental

Holding

Co.

PJSC,

5.38%,

5/8/29,

Callable

4/8/29

@

100

(a)

276,012

1,000,000

Axis

Bank,

Ltd.,

5.35%,

6/30/31,

MTN

(a)

1,003,860

329,000

Ma'aden

Sukuk,

Ltd.,

5.25%,

2/13/30,

Callable

1/13/30

@

100

(a)

330,274

265,000

Ma'aden

Sukuk,

Ltd.,

5.50%,

2/13/35,

Callable

11/13/34

@

100

(a)

266,692

915,000

NH

Investment

&

Securities

Co.,

Ltd.,

5.00%,

6/29/31

(a)

909,382

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Capital

Markets,

continued

$

1,000,000

Nomura

Holdings,

Inc.,

4.82%

(SOFR),

7/14/31

$

1,001,223

3,787,443

Chemicals

(0.1%):

860,000

Equate

Petrochemical

Co.

KSCC,

4.25%,

11/3/26

(a)

856,801

625,000

Freeport

Indonesia

PT,

Registered

Shares,

4.76%,

4/14/27,

Callable

3/14/27

@

100

(a)

624,160

213,000

Freeport

Indonesia

PT,

5.32%,

4/14/32,

Callable

1/14/32

@

100

(a)

210,676

761,000

SABIC

Capital

II

BV,

4.50%,

10/10/28

(a)

754,755

515,000

Sociedad

Quimica

y

Minera

de

Chile

SA,

4.25%,

1/22/50,

Callable

7/22/49

@

100

(a)

408,870

2,855,262

Commercial

Services

&

Supplies

(0.0%

†

):

100,000

Embraer

Netherlands

Finance

BV,

5.98%,

2/11/35,

Callable

11/11/34

@

100

103,908

Construction

&

Engineering

(0.1%):

1,000,000

CIMIC

Finance

USA

Pty,

Ltd.,

7.00%,

3/25/34,

Callable

12/25/33

@

100

(a)

1,062,631

1,000,000

Tata

Capital,

Ltd.,

5.39%,

7/21/28,

Callable

4/23/28

@

100,

MTN

(a)

1,004,140

2,066,771

Consumer

Finance

(0.1%):

820,000

India

Vehicle

Finance,

5.85%,

3/25/29

(a)

825,125

200,000

Kaspi.KZ

JSC,

5.90%,

4/28/31,

Callable

1/28/31

@

100

(a)

199,501

1,000,000

Shinhan

Card

Co.,

Ltd.,

4.49%

(SOFR),

12/24/29

(a)

1,000,930

1,000,000

Shriram

Finance,

Ltd.,

6.15%,

4/3/28,

Callable

2/3/28

@

100,

MTN

(a)

1,015,000

3,040,556

Diversified

REITs

(0.0%

†

):

312,000

Gerdau

Trade,

Inc.,

5.75%,

6/9/35,

Callable

3/9/35

@

100

319,410

Electric

Utilities

(0.1%):

340,000

Kallpa

Generacion

SA,

5.88%,

1/30/32,

Callable

11/30/31

@

100

(a)

347,271

375,000

Korea

Mine

Rehabilitation

&

Mineral

Resources

Corp.,

4.88%,

4/13/31

(a)

376,526

306,000

Minejesa

Capital

BV,

5.63%,

8/10/37

(a)

290,544

204,000

Pertamina

Persero

PT,

6.45%,

5/30/44

(a)

206,119

910,000

Philippine

Government

International

Bond,

1.65%,

6/10/31

787,657

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

81

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Electric

Utilities,

continued

$

150,000

Pluspetrol

Camisea

SA/

Pluspetrol

Lote

56

SA,

6.24%,

7/3/36,

Callable

4/3/36

@

100

(a)

$

156,501

481,000

Republic

of

Poland

Government

International

Bond,

Series

30Y,

5.50%,

4/4/53,

Callable

10/4/52

@

100

453,303

2,617,921

Electrical

Equipment

(0.0%

†

):

407,000

LG

Energy

Solution,

Ltd.,

5.25%,

4/2/31

(a)

406,015

Financial

Services

(0.4%):

962,000

Consorcio

Transmantaro

SA,

4.70%,

4/16/34

(a)

939,379

1,000,000

Far

East

Horizon,

Ltd.,

5.88%,

3/5/28,

MTN

(a)

1,005,660

1,000,000

Far

East

Horizon,

Ltd.,

6.00%,

10/1/28,

MTN

(a)

1,009,020

500,000

Latvia

Government

International

Bond,

5.13%,

7/30/34

(a)

503,536

1,000,000

NTT

Finance

Corp.,

4.70%

(SOFR),

6/20/31

(a)

999,819

2,110,000

NTT

Finance

Corp.,

5.17%,

7/16/32,

Callable

5/16/32

@

100

(a)

2,103,090

305,000

Oman

Government

International

Bond,

6.75%,

10/28/27

(a)

312,039

281,632

Oriental

Republic

of

Uruguay,

5.25%,

9/10/60,

Callable

3/10/60

@

100

260,382

1,500,000

Power

Finance

Corp.,

Ltd.,

5.32%,

6/30/31,

MTN

(a)

1,504,425

1,000,000

Rec,

Ltd.,

5.63%,

4/11/28,

MTN

(a)

1,009,190

9,646,540

Food

Products

(0.0%

†

):

897,000

Grupo

Bimbo

SAB

de

CV,

4.00%,

9/6/49

(a)

686,239

Hotels,

Restaurants

&

Leisure

(0.0%

†

):

655,000

Royal

Caribbean

Cruises,

Ltd.,

5.38%,

1/15/36,

Callable

10/15/35

@

100

649,052

Independent

Power

and

Renewable

Electricity

Producers

(0.0%

†

):

249,937

AES

Panama

Generation

Holdings

SRL,

4.38%,

5/31/30,

Callable

2/28/30

@

100

(a)

236,503

506,000

Colbun

SA,

3.15%,

1/19/32,

Callable

10/19/31

@

100

(a)

456,466

692,969

Industrial

Conglomerates

(0.0%

†

):

344,000

CK

Hutchison

International

23,

Ltd.,

4.75%,

4/21/28,

Callable

3/21/28

@

100

(a)

345,567

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Insurance

(0.2%):

$

1,000,000

CIMIC

Finance,

Ltd.,

6.00%,

4/22/36,

Callable

1/22/36

@

100

(a)

$

984,770

1,000,000

Fwd

Group

Holdings,

Ltd.,

7.78%,

12/6/33,

MTN

(a)

1,134,220

393,000

Mexico

City

Airport

Trust,

5.50%,

10/31/46,

Callable

4/30/46

@

100

(a)

334,871

750,000

Nippon

Life

Insurance

Co.,

4.75%,

4/2/31,

Callable

3/2/31

@

100

(a)

745,064

350,000

Nippon

Life

Insurance

Co.,

5.05%,

4/2/33,

Callable

2/2/33

@

100

(a)

349,961

3,548,886

Metals

&

Mining

(0.4%):

5,765,000

Anglo

American

Capital

plc,

2.88%,

3/17/31,

Callable

12/17/30

@

100

(a)

5,279,990

923,000

Anglo

American

Capital

plc,

5.50%,

5/2/33,

Callable

2/2/33

@

100

(a)

939,437

1,006,000

Anglo

American

Capital

plc,

4.75%,

3/16/52,

Callable

9/16/51

@

100

(a)

847,278

535,000

Anglo

American

Capital

plc,

6.00%,

4/5/54,

Callable

10/5/53

@

100

(a)

534,690

725,000

Antofagasta

plc,

2.38%,

10/14/30,

Callable

7/14/30

@

100

(a)

654,047

269,000

Antofagasta

plc,

6.25%,

5/2/34,

Callable

2/2/34

@

100

(a)

283,586

239,000

Corp

Nacional

del

Cobre

de

Chile,

Registered

Shares,

6.44%,

1/26/36,

Callable

10/26/35

@

100

(a)

253,199

1,058,000

Corp.

Nacional

del

Cobre

de

Chile,

Registered

Shares,

3.63%,

8/1/27,

Callable

5/1/27

@

100

(a)

1,045,590

319,000

Nexa

Resources

SA,

6.75%,

4/9/34,

Callable

1/9/34

@

100^

(a)

335,298

10,173,115

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.0%

†

):

195,000

Fondo

Mivivienda

SA,

5.40%,

3/31/31,

Callable

2/28/31

@

100

(a)

195,653

316,000

MFB

Magyar

Fejlesztesi

Bank

Zrt

,

6.50%,

6/29/28

(a)

323,129

140,000

Vale

Overseas,

Ltd.,

6.40%,

6/28/54,

Callable

12/28/53

@

100

141,399

660,181

Multi-Utilities

(0.0%

†

):

219,000

MVM

Energetika

Zrt

,

7.50%,

6/9/28,

Callable

3/9/28

@

100

(a)

228,038

Oil,

Gas

&

Consumable

Fuels

(0.1%):

915,000

EIG

Pearl

Holdings

Sarl

,

4.39%,

11/30/46

(a)

745,725

285,000

Empresa

Nacional

del

Petroleo

,

6.15%,

5/10/33,

Callable

2/10/33

@

100

(a)

295,670

200,000

Empresa

Nacional

del

Petroleo

,

5.95%,

7/30/34,

Callable

4/30/34

@

100

(a)

203,813

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

82

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

696,106

Galaxy

Pipeline

Assets

Bidco

,

Ltd.,

2.94%,

9/30/40

(a)

$

577,944

495,000

QatarEnergy

,

2.25%,

7/12/31,

Callable

4/12/31

@

100

(a)

439,234

623,000

Saudi

Arabian

Oil

Co.,

3.25%,

11/24/50,

Callable

5/24/50

@

100

(a)

405,779

383,000

Saudi

Arabian

Oil

Co.,

5.88%,

7/17/64,

Callable

1/17/64

@

100

(a)

357,405

3,025,570

Paper

&

Forest

Products

(0.0%

†

):

381,000

Suzano

Austria

GmbH,

3.75%,

1/15/31,

Callable

10/15/30

@

100

356,257

Passenger

Airlines

(0.0%

†

):

577,000

Empresa

de

Transporte

de

Pasajeros

Metro

SA,

4.70%,

5/7/50,

Callable

11/7/49

@

100

(a)

490,101

Semiconductors

&

Semiconductor

Equipment

(0.1%):

1,000,000

Kioxia

Holdings

Corp.,

6.25%,

7/24/30,

Callable

7/24/27

@

103.13

(a)

1,030,000

200,000

SK

Hynix,

Inc.,

Registered

Shares,

6.50%,

1/17/33

(a)

216,900

1,246,900

Sovereign

Bond

(0.6%):

434,000

Abu

Dhabi

Government

International

Bond,

3.88%,

4/16/50

(a)

331,680

825,733

Chile

Government

International

Bond,

4.95%,

1/5/36,

Callable

10/5/35

@

100

816,162

425,000

Hungary

Government

International

Bond,

5.25%,

6/16/29

(a)

429,386

200,000

Hungary

Government

International

Bond,

6.00%,

9/26/35

(a)

207,882

134,000

Hungary

Government

International

Bond,

Series

30Y,

7.63%,

3/29/41

158,357

236,000

Indonesia

Government

International

Bond,

7.75%,

1/17/38

(a)

277,789

449,000

Kazakhstan

Government

International

Bond,

6.50%,

7/21/45

(a)

484,388

486,000

Kuwait

International

Government

Bond,

4.14%,

10/9/30

(a)

478,296

200,000

Mexico

Government

International

Bond,

3.75%,

1/11/28

198,000

236,000

Mexico

Government

International

Bond,

4.75%,

4/27/32,

Callable

1/27/32

@

100

226,606

250,000

Mexico

Government

International

Bond,

5.38%,

3/22/33,

Callable

1/22/33

@

100

244,826

310,000

Mexico

Government

International

Bond,

6.25%,

8/27/37,

Callable

5/27/37

@

100

306,878

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Sovereign

Bond,

continued

$

296,000

Mexico

Government

International

Bond,

6.13%,

2/9/38,

Callable

11/9/37

@

100

$

290,858

320,000

Mexico

Government

International

Bond,

6.75%,

2/9/56,

Callable

8/9/55

@

100

313,451

322,000

Mexico

Government

International

Bond,

5.75%,

10/12/10

263,055

502,000

Peruvian

Government

International

Bond,

2.78%,

1/23/31,

Callable

10/23/30

@

100

461,889

232,000

Peruvian

Government

International

Bond,

1.86%,

12/1/32,

Callable

9/1/32

@

100

192,210

135,000

Peruvian

Government

International

Bond,

3.00%,

1/15/34,

Callable

10/15/33

@

100

116,836

325,000

Peruvian

Government

International

Bond,

6.20%,

6/30/55,

Callable

12/30/54

@

100

334,215

3,600,000

Province

of

British

Columbia

Canada,

4.75%,

6/12/34

3,630,510

200,000

Qatar

Government

International

Bond,

3.75%,

4/16/30

(a)

194,294

200,000

Qatar

Government

International

Bond,

Registered

Shares,

5.10%,

4/23/48

(a)

190,270

324,000

Romanian

Government

International

Bond,

5.25%,

11/25/27

(a)

324,137

150,000

Romanian

Government

International

Bond,

Registered

Shares,

6.63%,

2/17/28

(a)

152,945

314,000

Romanian

Government

International

Bond,

Registered

Shares,

5.88%,

1/30/29

(a)

315,976

190,000

Romanian

Government

International

Bond,

Registered

Shares,

2.50%,

2/8/30,

MTN

(a)

205,679

430,000

Romanian

Government

International

Bond,

3.63%,

3/27/32

(a)

384,385

130,000

Romanian

Government

International

Bond,

7.13%,

1/17/33

(a)

137,652

366,000

Romanian

Government

International

Bond,

5.75%,

7/4/36

(a)

348,943

212,000

Saudi

Government

International

Bond,

2.75%,

2/3/32

(a)

189,511

200,000

Saudi

Government

International

Bond,

Registered

Shares,

3.25%,

11/17/51,

MTN

(a)

129,117

478,000

Saudi

Government

International

Bond,

3.75%,

1/21/55

(a)

329,834

320,000

Saudi

Government

International

Bond,

5.88%,

1/12/56

(a)

309,372

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

83

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Sovereign

Bond,

continued

$

683,214

Uruguay

Government

International

Bond,

5.75%,

10/28/34,

Callable

7/28/34

@

100

$

713,443

13,688,832

Transportation

Infrastructure

(0.1%):

1,000,000

Adani

Ports

&

Special

Economic

Zone,

Ltd.,

3.83%,

2/2/32,

Callable

8/2/31

@

100

(a)

908,121

555,000

Mirae

Asset

Securities

Co.,

Ltd.,

5.13%,

7/6/29,

MTN

(a)

554,661

1,462,782

Wireless

Telecommunication

Services

(0.0%

†

):

280,000

Bharti

Airtel,

Ltd.,

3.25%,

6/3/31,

Callable

3/5/31

@

100

(a)

260,348

Total

Yankee

Debt

Obligations

(Cost

$70,370,922)

70,174,389

Municipal

Bonds

(0.5%):

Arizona

(0.1%):

1,045,000

Maricopa

County

Industrial

Development

Authority

Revenue,

7.38%,

10/1/29,

Continuously

Callable

@

100

1,091,484

California

(0.1%):

905,000

California

State

University

Revenue,

Series

B,

2.72%,

11/1/52

586,242

435,000

State

of

California,

GO,

7.50%,

4/1/34

493,671

440,000

University

of

California

Revenue,

Series

BF,

2.65%,

5/15/50,

Continuously

Callable

@

100

282,026

347,000

University

of

California

Revenue,

Series

AQ,

4.77%,

5/15/15

282,925

50,000

University

of

California

Revenue,

Series

AD,

4.86%,

5/15/12

41,507

1,686,371

Louisiana

(0.1%):

2,870,000

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue,

Series

A1-A3,

5.05%,

12/1/34

2,906,700

Massachusetts

(0.1%):

2,035,000

Massachusetts

Educational

Financing

Authority

Revenue,

Series

A,

6.35%,

7/1/49,

Continuously

Callable

@

100

2,120,064

Michigan

(0.0%

†

):

801,000

University

of

Michigan

Revenue,

Series

B,

3.50%,

4/1/52,

Continuously

Callable

@

100

590,757

Principal

Amount

Value

Municipal

Bonds,

continued

Minnesota

(0.0%

†

):

$

406,000

University

of

Minnesota

Revenue,

4.05%,

4/1/52

$

323,396

New

Jersey

(0.0%

†

):

575,000

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

B,

6.56%,

12/15/40

630,021

New

York

(0.1%):

1,420,000

New

York

State

Dormitory

Authority

Revenue,

Series

C,

2.15%,

3/15/31

1,285,424

1,045,000

New

York

State

Dormitory

Authority

Revenue,

Series

C,

2.05%,

3/15/30

965,220

165,000

United

Nations

Development

Corp.

Revenue,

Series

A,

6.01%,

8/1/40,

Continuously

Callable

@

100

173,947

2,424,591

Oklahoma

(0.0%

†

):

255,000

Oklahoma

Development

Finance

Authority

Revenue,

Series

A2,

4.62%,

6/1/44

242,945

Texas

(0.0%

†

):

430,000

State

of

Texas,

GO,

Series

B,

2.75%,

10/1/41,

Continuously

Callable

@

100

314,612

Total

Municipal

Bonds

(Cost

$13,273,377)

12,330,941

U.S.

Government

Agency

Mortgages

(34.0%):

Federal

Farm

Credit

Banks

Funding

Corp.

(0.7%):

625,000

3.50%,

9/1/32

597,359

1,045,000

3.88%,

9/20/32

1,019,600

6,095,000

1.68%,

9/17/35,

Callable

7/9/26

@

100

4,727,483

3,450,000

1.84%,

1/25/36,

Callable

7/9/26

@

100

2,697,479

4,730,000

2.10%,

2/25/36,

Callable

7/9/26

@

100

3,781,455

2,569,000

2.50%,

4/14/36,

Callable

7/9/26

@

100

2,128,897

2,875,000

2.49%,

5/19/36,

Callable

7/9/26

@

100

2,375,687

17,327,960

Federal

Home

Loan

Banks

(0.7%):

4,530,000

3.88%,

6/4/27

4,520,215

4,080,000

3.56%,

5/16/33

3,875,865

1,435,000

1.85%,

1/25/36,

Callable

7/25/26

@

100

1,123,099

1,720,000

1.87%,

2/8/36,

Callable

8/8/26

@

100

1,347,329

920,000

1.87%,

2/8/36,

Callable

8/8/26

@

100

720,665

1,430,000

2.00%,

2/26/36,

Callable

8/26/26

@

100

1,132,110

4,545,000

2.65%,

11/5/41,

Callable

7/9/26

@

100

3,347,424

16,066,707

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

84

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation

(8.7%):

$

8,704

3.00%,

9/1/27,

Pool

#U70060

$

8,644

6,267

3.00%,

7/1/28,

Pool

#U79018

6,207

4,382,454

Class

XFX,Series

KL06,

1.46%,

12/25/29

148,198

8,661

3.00%,

1/1/30,

Pool

#V60724

8,394

6,127

3.00%,

1/1/30,

Pool

#V60696

5,901

14,934

2.50%,

3/1/30,

Pool

#V60770

14,485

27,882

3.00%,

5/1/30,

Pool

#J31689

27,279

35,201

2.50%,

5/1/30,

Pool

#J31728

34,328

24,035

2.50%,

5/1/30,

Pool

#V60796

23,410

15,986

2.50%,

5/1/30,

Pool

#J31418

15,582

55,691

3.00%,

6/1/30,

Pool

#V60840

54,403

5,241

2.50%,

7/1/30,

Pool

#J32209

5,107

6,250

2.50%,

7/1/30,

Pool

#J32204

5,970

1,186

2.50%,

7/1/30,

Pool

#J32491

1,154

3,308

3.00%,

7/1/30,

Pool

#J32181

3,237

1,602

2.50%,

7/1/30,

Pool

#V60905

1,562

28,635

3.00%,

7/1/30,

Pool

#G15520

27,913

5,582

3.00%,

8/1/30,

Pool

#V60909

5,446

3,844

3.00%,

8/1/30,

Pool

#J32436

3,743

20,915

2.50%,

8/1/30,

Pool

#V60902

20,342

26,643

2.50%,

8/1/30,

Pool

#V60886

25,940

22,186

2.50%,

9/1/30,

Pool

#V60903

21,571

67,911

2.50%,

9/1/30,

Pool

#V60904

66,034

6,985,637

Class

X1,Series

K121,

1.11%,

10/25/30

244,643

126,032

2.50%,

4/1/31,

Pool

#G16186

122,376

2,403,421

1.50%,

5/1/31,

Pool

#RD5057

2,269,455

378,278

1.50%,

6/1/31,

Pool

#RD5059

356,809

3,370

3.00%,

10/1/32,

Pool

#J37706

3,239

4,225

3.00%,

11/1/32,

Pool

#J37835

4,061

3,096

3.00%,

12/1/32,

Pool

#J38060

2,976

1,085,624

2.50%,

4/1/33,

Pool

#ZS8087

1,042,984

307,464

Class

A2,Series

KG08,

4.13%,

5/25/33

299,867

4,491,000

Class

A3,Series

K156,

3.70%,

6/25/33

4,214,911

54,802

3.50%,

1/1/34,

Pool

#ZS9068

54,320

590,771

2.50%,

1/1/35,

Pool

#SB0298

560,158

35,451

5.50%,

2/1/35,

Pool

#G04692

36,352

187,467

3.50%,

5/1/35,

Pool

#SC0063

181,543

542,577

2.00%,

9/1/35,

Pool

#SB0539

498,735

1,080,731

2.00%,

1/1/36,

Pool

#SB0546

994,433

720,078

2.00%,

2/1/36,

Pool

#SB8507

664,444

618,791

2.00%,

2/1/36,

Pool

#RC1819

569,417

231,134

2.00%,

3/1/36,

Pool

#SB0544

211,314

201,559

1.50%,

4/1/36,

Pool

#SB0510

180,883

1,355,980

1.50%,

4/1/36,

Pool

#SB0514

1,222,979

287,589

1.50%,

5/1/36,

Pool

#RC1975

259,368

1,351,808

2.00%,

5/1/36,

Pool

#RC1999

1,243,897

3,138,034

2.00%,

6/1/36,

Pool

#RC2071

2,890,277

1,348,170

2.00%,

7/1/36,

Pool

#RC2097

1,241,727

1,095,039

2.00%,

4/1/37,

Pool

#SB0679

1,003,701

28,118

3.00%,

9/1/37,

Pool

#ZA2471

26,486

563,278

3.00%,

6/1/38,

Pool

#SC0111

533,833

54,946

6.00%,

4/1/39,

Pool

#G07613

57,219

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

10,488

4.50%,

12/1/39,

Pool

#A90196

$

10,408

303,494

3.50%,

1/1/40,

Pool

#RB5028

285,219

37,419

3.50%,

2/1/40,

Pool

#RB5034

35,167

10,590

4.50%,

7/1/40,

Pool

#A93010

10,495

11,376

4.00%,

8/1/40,

Pool

#A93534

11,025

70,300

4.00%,

9/1/40,

Pool

#A93851

67,221

199,832

4.50%,

9/1/40,

Pool

#A93700

197,816

14,773

4.00%,

10/1/40,

Pool

#A95923

14,237

10,694

4.00%,

11/1/40,

Pool

#A94779

10,307

9,310

4.00%,

11/1/40,

Pool

#A94977

8,973

10,348

4.00%,

11/1/40,

Pool

#A95144

9,973

701

4.00%,

4/1/41,

Pool

#Q00093

674

24,605

4.50%,

5/1/41,

Pool

#Q00959

24,410

23,408

4.50%,

5/1/41,

Pool

#Q00804

23,222

161,113

5.50%,

6/1/41,

Pool

#G07553

165,922

38,388

5.00%,

10/1/41,

Pool

#G07642

38,424

15,562

4.00%,

10/1/41,

Pool

#Q04022

15,009

14,217

4.00%,

10/1/41,

Pool

#Q03841

13,712

272,428

2.00%,

2/1/42,

Pool

#RB5145

233,210

1,433,711

2.00%,

3/1/42,

Pool

#RB5148

1,227,367

288,261

2.00%,

4/1/42,

Pool

#RB5153

246,773

91,118

3.50%,

4/1/42,

Pool

#C03811

85,903

94,815

3.50%,

4/1/42,

Pool

#Q07417

90,324

8,087

3.50%,

5/1/42,

Pool

#Q08239

7,628

2,962

3.50%,

5/1/42,

Pool

#Q08306

2,794

71,174

3.50%,

8/1/42,

Pool

#G07106

67,804

12,191

3.50%,

8/1/42,

Pool

#Q12162

11,613

4,284

3.50%,

10/1/42,

Pool

#Q11909

4,082

115,863

3.00%,

1/1/43,

Pool

#Q14866

105,662

49,026

3.00%,

3/1/43,

Pool

#Q16403

43,843

94,070

3.00%,

3/1/43,

Pool

#Q16673

84,122

55,585

3.50%,

6/1/43,

Pool

#Q18718

52,920

77,130

3.50%,

7/1/43,

Pool

#Q20206

72,569

33,032

4.00%,

9/1/43,

Pool

#Q21579

31,670

66,316

4.50%,

12/1/43,

Pool

#Q23779

66,113

63,955

4.50%,

12/1/43,

Pool

#G60018

63,598

9,566

3.50%,

1/1/44,

Pool

#Q24368

9,000

368,703

3.50%,

4/1/44,

Pool

#G07848

346,851

37,334

4.00%,

4/1/44,

Pool

#Q25643

35,797

5,796

3.50%,

5/1/44,

Pool

#Q26218

5,486

1,247,455

3.00%,

6/1/44,

Pool

#SD0498

1,136,225

46,337

3.50%,

6/1/44,

Pool

#Q28764

44,142

9,063

3.50%,

7/1/44,

Pool

#Q27319

8,578

33,458

4.00%,

7/1/44,

Pool

#G60901

32,077

13,816

3.50%,

9/1/44,

Pool

#Q28604

13,076

1,254,047

4.00%,

1/1/45,

Pool

#SD0478

1,207,281

1,407,026

4.00%,

1/1/45,

Pool

#SD0490

1,361,939

8,314

4.00%,

2/1/45,

Pool

#Q31338

7,999

4,389

4.00%,

2/1/45,

Pool

#Q31128

4,223

1,750,891

4.00%,

9/1/45,

Pool

#SD0507

1,680,676

8,906

3.50%,

9/1/45,

Pool

#Q36302

8,463

11,281

4.00%,

12/1/45,

Pool

#Q37957

10,827

11,981

4.00%,

12/1/45,

Pool

#Q37955

11,527

909,711

3.50%,

3/1/46,

Pool

#SD0485

861,097

510,714

3.00%,

9/1/46,

Pool

#Q42979

459,997

171,491

3.50%,

9/1/46,

Pool

#SD0486

159,316

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

85

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

150,466

3.00%,

9/1/46,

Pool

#G60718

$

135,517

573,500

3.00%,

12/1/46,

Pool

#V82781

511,466

171,640

3.00%,

12/1/46,

Pool

#Q45064

154,587

93,109

3.00%,

12/1/46,

Pool

#Q45080

83,107

41,810

3.00%,

12/1/46,

Pool

#Q45083

38,139

464,852

3.00%,

2/1/47,

Pool

#SD0496

421,976

224,912

3.50%,

3/1/47,

Pool

#G60968

208,539

476,521

4.00%,

7/1/47,

Pool

#SD0504

453,520

574,979

4.50%,

7/1/47,

Pool

#G61047

561,322

248,736

3.50%,

10/1/47,

Pool

#G61178

231,164

283,835

3.50%,

12/1/47,

Pool

#G61208

263,771

37,971

3.50%,

1/1/48,

Pool

#Q53630

35,287

63,061

3.50%,

1/1/48,

Pool

#Q53648

58,991

291,360

3.50%,

1/1/48,

Pool

#ZS4751

268,462

289,757

3.50%,

2/1/48,

Pool

#ZT1353

267,717

2,057,036

3.50%,

4/1/48,

Pool

#G08808

1,890,772

403,829

4.00%,

4/1/48,

Pool

#SD0489

385,912

194,252

4.00%,

4/1/48,

Pool

#ZM6153

184,239

2,283,964

3.50%,

4/1/48,

Pool

#Q55389

2,099,460

2,088,142

3.50%,

5/1/48,

Pool

#G08813

1,919,362

2,045,892

4.00%,

8/1/48,

Pool

#SD0492

1,953,758

1,646,388

4.00%,

5/1/49,

Pool

#SD0488

1,565,080

1,281,036

4.50%,

3/1/50,

Pool

#SD0294

1,247,348

1,872,590

4.00%,

3/1/50,

Pool

#SD0296

1,779,563

637,573

4.00%,

6/1/50,

Pool

#SD0520

601,384

1,239,448

4.00%,

7/1/50,

Pool

#SD1146

1,169,043

365,208

2.50%,

7/1/50,

Pool

#QB1193

311,956

80,116

3.00%,

7/1/50,

Pool

#QB1479

71,283

444,049

4.00%,

7/1/50,

Pool

#SD0878

420,873

814,030

3.00%,

8/1/50,

Pool

#SD0519

723,753

214,392

2.00%,

8/1/50,

Pool

#QB2296

174,828

613,042

3.00%,

8/1/50,

Pool

#RA3282

544,611

615,941

3.00%,

8/1/50,

Pool

#RA3313

545,418

633,174

1.50%,

8/1/50,

Pool

#RA3217

483,986

3,989,429

3.00%,

9/1/50,

Pool

#SL3070

3,553,890

907,401

2.00%,

9/1/50,

Pool

#SI2075

730,038

1,598,661

1.50%,

10/1/50,

Pool

#SD8082

1,222,006

470,982

2.00%,

11/1/50,

Pool

#SD7528

383,101

2,817,787

2.50%,

2/1/51,

Pool

#SD7534

2,415,737

4,360,312

2.00%,

3/1/51,

Pool

#SD8134

3,509,853

24,609,849

2.00%,

3/1/51,

Pool

#SD2903

19,828,266

1,555,676

2.00%,

4/1/51,

Pool

#SD7539

1,273,020

1,784,062

2.50%,

5/1/51,

Pool

#SD0702

1,536,721

860,479

2.00%,

5/1/51,

Pool

#SD7541

700,832

4,861,062

2.50%,

5/1/51,

Pool

#RA5077

4,123,832

2,080,681

1.50%,

5/1/51,

Pool

#SD8145

1,593,170

874,404

3.00%,

7/1/51,

Pool

#SD7544

776,969

2,707,521

2.00%,

7/1/51,

Pool

#SD0716

2,185,892

826,481

2.00%,

9/1/51,

Pool

#SD0732

670,716

606,174

2.00%,

9/1/51,

Pool

#SD0730

493,116

172,205

1.50%,

10/1/51,

Pool

#QC9344

131,854

748,141

3.00%,

10/1/51,

Pool

#RA6015

660,565

2,762,345

2.00%,

10/1/51,

Pool

#RA6071

2,233,114

5,697,540

2.50%,

11/1/51,

Pool

#SD7548

4,864,041

1,753,198

2.50%,

11/1/51,

Pool

#RA6397

1,499,265

3,414,739

2.50%,

12/1/51,

Pool

#RA6388

2,896,986

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

819,743

2.00%,

12/1/51,

Pool

#SD0785

$

670,270

854,597

2.00%,

12/1/51,

Pool

#SD0786

694,081

158,032

2.00%,

12/1/51,

Pool

#SD0789

127,599

324,627

2.00%,

12/1/51,

Pool

#SD0783

264,406

6,384,734

2.00%,

1/1/52,

Pool

#SD7549

5,224,223

17,974,198

2.50%,

1/1/52,

Pool

#SD7552

15,307,704

2,065,311

2.00%,

1/1/52,

Pool

#SD0892

1,677,386

1,467,822

2.00%,

1/1/52,

Pool

#SD0894

1,185,007

5,463,991

2.50%,

1/1/52,

Pool

#SD0923

4,649,723

644,338

3.00%,

2/1/52,

Pool

#SD7550

573,252

1,101,952

2.00%,

2/1/52,

Pool

#RA6768

864,939

17,694,430

3.00%,

3/1/52,

Pool

#SD7553

15,706,524

445,362

4.00%,

6/1/52,

Pool

#SD1952

423,230

67,043

5.00%,

6/1/52,

Pool

#QE4965

66,674

807,027

3.50%,

6/1/52,

Pool

#SD1053

741,147

862,209

3.50%,

6/1/52,

Pool

#SD1049

788,656

312,351

3.50%,

6/1/52,

Pool

#SD1086

284,930

1,007,556

5.00%,

7/1/52,

Pool

#SD1300

1,003,799

2,000,978

4.50%,

7/1/52,

Pool

#RA7506

1,933,287

2,565,596

5.00%,

8/1/52,

Pool

#SD1465

2,550,139

2,596,897

3.00%,

8/1/52,

Pool

#SD7556

2,296,939

103,514

5.00%,

9/1/52,

Pool

#QF0409

102,943

294,243

5.00%,

10/1/52,

Pool

#QF0895

292,891

292,591

6.00%,

11/1/52,

Pool

#RA8216

300,374

1,530,765

4.50%,

11/1/52,

Pool

#SD2000

1,480,081

1,157,651

5.50%,

1/1/53,

Pool

#QF6560

1,172,536

395,268

5.50%,

1/1/53,

Pool

#SD2275

401,347

1,315,369

6.00%,

1/1/53,

Pool

#SD2163

1,372,271

3,878,094

5.00%,

2/1/53,

Pool

#SL3072

3,846,948

864,153

6.00%,

2/1/53,

Pool

#RA8560

889,234

3,184,806

5.50%,

3/1/53,

Pool

#RA8758

3,225,728

335,386

6.00%,

3/1/53,

Pool

#SD2598

345,105

926,565

6.00%,

4/1/53,

Pool

#SD2760

950,844

2,784,461

5.50%,

5/1/53,

Pool

#RA9063

2,820,235

2,556,599

5.50%,

5/1/53,

Pool

#SD2893

2,595,697

382,322

5.50%,

8/1/53,

Pool

#RA9625

385,502

134,228

6.50%,

9/1/53,

Pool

#RA9868

140,322

786,369

6.50%,

11/1/53,

Pool

#RJ0320

816,741

4,533,044

6.00%,

12/1/53,

Pool

#SL3074

4,669,830

135,389

6.00%,

3/1/54,

Pool

#QI1182

138,984

1,038,798

6.00%,

4/1/54,

Pool

#RJ1274

1,066,369

3,673,880

5.00%,

5/1/54,

Pool

#SL2537

3,665,943

1,770,586

6.00%,

5/1/54,

Pool

#RJ1528

1,817,466

851,968

6.00%,

6/1/54,

Pool

#RJ1718

874,494

1,960,476

6.00%,

6/1/54,

Pool

#RJ1783

2,012,371

204,530

6.00%,

11/1/54,

Pool

#QJ9080

209,894

2,754,389

5.50%,

12/1/54,

Pool

#RJ3084

2,786,369

7,250,759

5.50%,

1/1/55,

Pool

#SL3073

7,339,322

803,120

5.00%,

1/1/56,

Pool

#RJ5674

803,702

696,916

5.00%,

2/1/56,

Pool

#RJ5995

695,881

215,674,560

Federal

Home

Loan

Mortgage

Corporation

-

REMICS

(2.0%):

123,527

Class

FL,Series

4248,

4.16%

(SOFR30A+56bps),

5/15/41

122,941

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

86

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation

-

REMICS,

continued

$

737,006

Class

XZ,Series

4316,

4.50%,

3/15/44

$

710,569

634,357

Class

ZX,Series

4352,

4.00%,

4/15/44

608,253

248,418

Class

FB,Series

4606,

4.21%

(SOFR30A+61bps),

8/15/46

246,934

654,971

Class

AO,Series

5341,

1.25%,

6/25/50

485,379

1,872,312

Class

AK,Series

4988,

1.00%,

7/25/50

1,473,327

1,860,469

Class

TJ,Series

5002,

2.00%,

7/25/50

1,532,031

3,094,243

Class

PO,Series

5319,

1.42%,

8/25/50

2,194,623

847,572

Class

ID,Series

5109,

2.50%,

5/25/51

130,770

421,532

Class

FB,Series

5479,

5.03%

(SOFR30A+140bps),

12/25/54

424,699

3,096,866

Class

FA,Series

5491,

4.93%

(SOFR30A+130bps),

1/25/55

3,111,265

590,601

Class

FB,Series

5515,

5.03%

(SOFR30A+140bps),

3/25/55

596,863

3,569,913

Class

FC,Series

5518,

4.95%

(SOFR30A+132bps),

3/25/55

3,589,930

753,722

Class

FC,Series

5539,

5.13%

(SOFR30A+150bps),

5/25/55

758,693

4,896,025

Class

FA,Series

5570,

5.03%

(SOFR30A+140bps),

5/25/55

4,931,145

25,953,789

Class

FD,Series

5545,

5.13%

(SOFR30A+150bps),

6/25/55

26,320,194

771,378

Class

FM,Series

5543,

5.13%

(SOFR30A+150bps),

6/25/55

776,461

584,037

Class

FG,Series

5543,

5.13%

(SOFR30A+150bps),

6/25/55

587,730

572,875

Class

FC,Series

5543,

5.13%

(SOFR30A+150bps),

6/25/55

576,609

49,178,416

Federal

National

Mortgage

Association

(14.8%):

6,996

2.50%,

9/1/27,

Pool

#AB6194

6,919

5,224

2.50%,

9/1/27,

Pool

#AP5205

5,164

3,297

2.50%,

2/1/28,

Pool

#AB8446

3,251

6,038

2.50%,

4/1/28,

Pool

#AB8870

5,955

5,351

3.00%,

4/1/28,

Pool

#AT3121

5,298

6,007

3.00%,

5/1/28,

Pool

#AT6033

5,949

22,230

2.50%,

8/1/28,

Pool

#AS0190

21,870

31,119

3.50%,

10/1/28,

Pool

#AV0198

30,576

1,298

3.00%,

10/1/28,

Pool

#AQ4132

1,273

16,118

3.00%,

10/1/28,

Pool

#AU8774

15,934

57,725

3.50%,

11/1/28,

Pool

#AV1360

56,691

1,952

3.00%,

11/1/28,

Pool

#AV0298

1,912

45,426

3.00%,

4/1/29,

Pool

#AW0937

44,496

48,099

3.00%,

5/1/29,

Pool

#AW2544

47,320

65,929

3.00%,

6/1/29,

Pool

#AS2676

64,571

79,790

3.00%,

7/1/29,

Pool

#AW4229

78,403

15,747

3.00%,

7/1/29,

Pool

#AW1281

15,475

104,834

3.00%,

9/1/29,

Pool

#AL6897

103,203

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

12,311

3.50%,

9/1/29,

Pool

#AX0105

$

12,132

42,906

3.00%,

9/1/29,

Pool

#AS3220

41,942

4,774

3.50%,

10/1/29,

Pool

#AX2741

4,696

24,545

3.00%,

10/1/29,

Pool

#AS3594

24,098

95,170

3.00%,

1/1/30,

Pool

#AL6144

92,886

3,543

2.50%,

2/1/30,

Pool

#AS4485

3,455

8,625

2.50%,

2/1/30,

Pool

#BM3403

8,471

4,189

2.50%,

2/1/30,

Pool

#AS4488

4,080

22,382

3.00%,

3/1/30,

Pool

#AL6583

21,887

30,082

2.50%,

3/1/30,

Pool

#AS4688

29,294

11,417

2.50%,

4/1/30,

Pool

#AY3416

11,135

18,187

3.00%,

4/1/30,

Pool

#AL6584

17,798

5,169

2.50%,

5/1/30,

Pool

#AY0828

5,013

9,501

3.00%,

5/1/30,

Pool

#AL6761

9,289

54,096

3.00%,

6/1/30,

Pool

#AL9381

52,859

4,435

2.50%,

7/1/30,

Pool

#AS5405

4,288

3,019

3.00%,

7/1/30,

Pool

#AZ2297

2,943

8,175

2.50%,

7/1/30,

Pool

#AZ2170

7,958

23,637

3.00%,

7/1/30,

Pool

#AX9701

23,079

4,572

3.00%,

7/1/30,

Pool

#AX9700

4,461

25,127

2.50%,

7/1/30,

Pool

#AS5403

24,435

16,716

3.00%,

7/1/30,

Pool

#AL7139

16,322

23,322

2.50%,

8/1/30,

Pool

#AS5616

22,664

17,202

3.00%,

8/1/30,

Pool

#AS5622

16,802

14,488

2.50%,

8/1/30,

Pool

#AS5614

14,091

3,567

3.00%,

8/1/30,

Pool

#AX3298

3,479

14,848

3.50%,

8/1/30,

Pool

#AS5708

14,608

22,390

3.00%,

8/1/30,

Pool

#AS5623

21,887

30,791

2.50%,

8/1/30,

Pool

#BM3552

29,994

1,294

3.00%,

8/1/30,

Pool

#AZ8597

1,263

3,370

3.00%,

8/1/30,

Pool

#AZ7833

3,282

20,207

3.00%,

8/1/30,

Pool

#AL7227

19,742

12,052

2.50%,

8/1/30,

Pool

#AS5548

11,713

28,266

3.00%,

8/1/30,

Pool

#AL7225

27,598

22,281

2.50%,

9/1/30,

Pool

#AS5872

21,636

4,297

3.00%,

9/1/30,

Pool

#AL7320

4,217

16,699

2.50%,

9/1/30,

Pool

#AS5786

16,223

19,725

3.00%,

9/1/30,

Pool

#AS5728

19,220

7,333

3.00%,

9/1/30,

Pool

#AZ5719

7,148

17,960

3.00%,

9/1/30,

Pool

#AS5714

17,530

17,880

2.50%,

11/1/30,

Pool

#AS6116

17,262

2,595

2.50%,

11/1/30,

Pool

#AL7800

2,522

17,622

2.50%,

11/1/30,

Pool

#AS6115

17,101

15,530

2.50%,

11/1/30,

Pool

#AS6142

15,078

22,506

2.50%,

11/1/30,

Pool

#AS6141

21,843

132,391

3.00%,

1/1/31,

Pool

#BM3537

129,883

12,006

2.50%,

3/1/31,

Pool

#BM1595

11,825

34,774

2.50%,

6/1/31,

Pool

#AS7320

33,373

590,183

1.50%,

6/1/31,

Pool

#MA4367

556,613

1,095,399

1.50%,

7/1/31,

Pool

#MA4389

1,032,080

59,392

2.50%,

7/1/31,

Pool

#AS7617

56,931

53,392

2.50%,

7/1/31,

Pool

#AS7605

51,183

6,393

4.00%,

8/1/31,

Pool

#AY4688

6,265

9,464

4.00%,

8/1/31,

Pool

#AY4707

9,370

311,988

3.00%,

8/1/31,

Pool

#AL9376

304,185

2,191

2.50%,

8/1/31,

Pool

#BC2777

2,112

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

87

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

35,759

3.00%,

9/1/31,

Pool

#AL9378

$

34,808

77,587

2.50%,

10/1/31,

Pool

#AS8009

74,665

106,613

2.50%,

10/1/31,

Pool

#AS8193

102,543

21,500

2.00%,

10/1/31,

Pool

#MA2774

20,398

144,251

2.50%,

10/1/31,

Pool

#AS8208

138,731

448,771

2.50%,

10/1/31,

Pool

#BC4773

433,944

223,012

2.50%,

10/1/31,

Pool

#AS8195

215,372

86,550

2.50%,

11/1/31,

Pool

#AS8240

83,146

40,061

2.50%,

11/1/31,

Pool

#AS8245

38,672

38,221

2.50%,

11/1/31,

Pool

#BC2629

36,782

76,088

2.50%,

11/1/31,

Pool

#BC2631

73,196

49,243

2.50%,

11/1/31,

Pool

#AS8241

47,379

38,877

2.50%,

11/1/31,

Pool

#BC2628

37,505

35,273

2.00%,

11/1/31,

Pool

#BC9040

33,454

7,159

2.00%,

11/1/31,

Pool

#AS8291

6,787

112,505

2.00%,

11/1/31,

Pool

#AS8251

106,658

129,404

2.00%,

11/1/31,

Pool

#BM3054

122,880

31,237

2.00%,

12/1/31,

Pool

#MA2845

29,606

7,767

2.50%,

2/1/32,

Pool

#BM1036

7,471

5,220

3.00%,

2/1/32,

Pool

#BE5670

5,030

208,493

2.00%,

3/1/32,

Pool

#BM3061

197,481

154,415

2.50%,

3/1/32,

Pool

#AS9318

148,743

152,500

2.50%,

3/1/32,

Pool

#AS9321

144,422

116,179

3.00%,

3/1/32,

Pool

#AS9327

111,965

166,948

2.50%,

3/1/32,

Pool

#AS9319

159,890

79,847

2.50%,

3/1/32,

Pool

#AS9316

76,691

79,323

2.50%,

3/1/32,

Pool

#AS9317

74,947

543,296

3.50%,

4/1/32,

Pool

#BM3503

527,602

395,398

3.50%,

5/1/32,

Pool

#BM1602

386,359

597,544

3.00%,

6/1/32,

Pool

#BM1791

576,077

188,516

2.50%,

8/1/32,

Pool

#BM3578

181,316

56,599

3.00%,

9/1/32,

Pool

#BM3240

55,181

26,561

3.50%,

11/1/32,

Pool

#BJ2054

25,793

15,840

3.50%,

1/1/33,

Pool

#BJ2096

15,320

25,245

5.50%,

1/1/33,

Pool

#676661

25,689

312,281

2.50%,

2/1/33,

Pool

#BM3793

301,734

842,446

3.00%,

5/1/33,

Pool

#FM1880

815,650

19,514

5.50%,

5/1/33,

Pool

#555424

19,760

33,989

4.00%,

9/1/33,

Pool

#BK7642

33,208

76,547

4.00%,

10/1/33,

Pool

#CA2527

76,405

75,827

4.00%,

11/1/33,

Pool

#CA2555

74,053

138,981

2.50%,

12/1/33,

Pool

#FM1680

132,748

48,514

5.50%,

2/1/35,

Pool

#735989

49,133

151,126

5.00%,

2/1/35,

Pool

#735226

152,078

12,877

5.00%,

3/1/35,

Pool

#735288

12,958

4,510

6.00%,

4/1/35,

Pool

#735504

4,662

368,224

2.00%,

6/1/35,

Pool

#CA5933

339,213

188,887

2.00%,

6/1/35,

Pool

#CA5939

174,149

95,758

3.00%,

8/1/35,

Pool

#CA6849

91,749

97,415

3.00%,

8/1/35,

Pool

#CA6876

92,694

195,398

2.00%,

9/1/35,

Pool

#CA7136

179,530

22,617

5.00%,

9/1/35,

Pool

#889974

22,516

175,581

2.00%,

9/1/35,

Pool

#CA6840

161,388

579,454

2.50%,

12/1/35,

Pool

#CA8387

542,781

25,809

3.00%,

12/1/35,

Pool

#CA8391

24,516

65,130

3.00%,

12/1/35,

Pool

#CA8389

61,972

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

650,599

2.50%,

12/1/35,

Pool

#CA8388

$

610,106

674,876

1.50%,

12/1/35,

Pool

#CA8377

604,761

69,243

4.00%,

1/1/36,

Pool

#AB0686

66,477

252,122

2.00%,

2/1/36,

Pool

#FM6149

231,740

246,538

2.50%,

3/1/36,

Pool

#CA9444

231,309

172,994

1.50%,

3/1/36,

Pool

#CA9422

155,245

351,791

2.00%,

3/1/36,

Pool

#CA9432

322,607

431,304

2.00%,

4/1/36,

Pool

#FM7495

397,257

323,808

2.00%,

5/1/36,

Pool

#CB0428

297,961

290,783

1.50%,

5/1/36,

Pool

#CB0622

260,946

1,016,932

1.50%,

6/1/36,

Pool

#FM7423

916,961

506,113

2.00%,

7/1/36,

Pool

#FM8117

464,271

123,163

5.50%,

9/1/36,

Pool

#995113

126,106

1,129,369

2.00%,

9/1/36,

Pool

#FM8695

1,043,383

1,210,147

2.00%,

9/1/36,

Pool

#FM8733

1,114,643

15,353

3.00%,

10/1/36,

Pool

#AL9227

14,515

246,872

2.00%,

11/1/36,

Pool

#FM9318

226,323

45,183

3.00%,

11/1/36,

Pool

#AS8349

41,738

115,487

3.00%,

11/1/36,

Pool

#AS8348

109,419

116,042

3.00%,

12/1/36,

Pool

#BE1896

109,711

151,238

3.00%,

12/1/36,

Pool

#AS8553

139,704

3,988,108

1.50%,

12/1/36,

Pool

#FS0003

3,566,325

232,562

2.00%,

1/1/37,

Pool

#FS0216

214,642

290,370

1.50%,

2/1/37,

Pool

#FS3221

260,498

105,183

2.00%,

2/1/37,

Pool

#FS0610

95,971

239,625

2.00%,

2/1/37,

Pool

#FS0754

219,085

566,332

2.00%,

2/1/37,

Pool

#CB2967

516,158

982,483

2.00%,

3/1/37,

Pool

#FS1331

900,561

1,232,885

2.00%,

3/1/37,

Pool

#FS1330

1,130,930

289,876

2.00%,

3/1/37,

Pool

#CB2966

265,127

736,611

2.00%,

4/1/37,

Pool

#FS3325

676,432

6,656

5.50%,

2/1/38,

Pool

#961545

6,825

5,266

6.00%,

3/1/38,

Pool

#889529

5,525

13,190

6.00%,

5/1/38,

Pool

#889466

13,839

30,774

5.50%,

5/1/38,

Pool

#889692

31,531

29,914

5.50%,

5/1/38,

Pool

#889441

30,548

21,057

5.50%,

6/1/38,

Pool

#995018

21,496

6,244

5.50%,

9/1/38,

Pool

#889995

6,396

14,678

6.00%,

10/1/38,

Pool

#889983

15,282

105,918

5.50%,

1/1/39,

Pool

#AB0200

108,972

28,577

4.50%,

4/1/39,

Pool

#930922

28,288

23,063

3.50%,

5/1/39,

Pool

#MA3660

22,344

32,974

4.50%,

5/1/39,

Pool

#AL1472

32,586

280,770

5.00%,

6/1/39,

Pool

#AL7521

279,478

221,181

6.00%,

7/1/39,

Pool

#BF0056

227,508

16,622

5.50%,

10/1/39,

Pool

#AD0362

17,245

94,064

3.50%,

12/1/39,

Pool

#MA3869

88,397

142,456

5.50%,

12/1/39,

Pool

#AC6680

145,367

15,832

5.50%,

12/1/39,

Pool

#AD0571

16,425

42,996

3.50%,

1/1/40,

Pool

#MA3891

40,413

1,572,955

4.50%,

1/1/40,

Pool

#AC8568

1,561,886

77,258

3.50%,

2/1/40,

Pool

#MA3935

72,614

13,800

5.50%,

3/1/40,

Pool

#AL5304

14,198

96,130

6.00%,

4/1/40,

Pool

#AL4141

100,025

12,131

4.50%,

4/1/40,

Pool

#AD4038

12,047

18,309

6.50%,

5/1/40,

Pool

#AL1704

19,106

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

88

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

22,157

4.50%,

7/1/40,

Pool

#AD7127

$

21,847

23,122

4.50%,

7/1/40,

Pool

#AB1226

22,959

12,320

6.00%,

9/1/40,

Pool

#AE0823

12,853

10,997

4.00%,

1/1/41,

Pool

#AL7167

10,633

26,948

6.00%,

6/1/41,

Pool

#AL4142

28,107

169,165

5.00%,

7/1/41,

Pool

#AL7524

171,288

9,554

4.50%,

7/1/41,

Pool

#AB3314

9,467

1,058,000

4.00%,

7/25/41,

TBA

1,027,252

752,000

2.50%,

7/25/41,

TBA

702,885

6,333,000

4.50%,

7/25/41,

TBA

6,254,827

16,721

4.50%,

9/1/41,

Pool

#AI8961

16,605

291,035

5.50%,

9/1/41,

Pool

#AL8430

297,739

11,163,925

1.50%,

11/1/41,

Pool

#FS0316

9,318,875

5,700,086

1.50%,

12/1/41,

Pool

#MA4500

4,759,579

1,741,633

2.00%,

12/1/41,

Pool

#MA4501

1,503,755

372,627

4.00%,

1/1/42,

Pool

#AB4307

359,714

95,957

3.50%,

1/1/42,

Pool

#AW8154

90,576

438,560

2.00%,

2/1/42,

Pool

#MA4540

375,447

4,258,440

2.00%,

3/1/42,

Pool

#MA4570

3,645,552

16,119

3.50%,

4/1/42,

Pool

#AK7510

15,151

36,319

3.50%,

4/1/42,

Pool

#AO0777

34,636

674,467

2.00%,

4/1/42,

Pool

#MA4586

577,364

81,081

4.00%,

5/1/42,

Pool

#AO2961

77,926

16,147

4.00%,

5/1/42,

Pool

#AO2114

15,519

5,874

3.50%,

5/1/42,

Pool

#AO2881

5,521

5,700

3.50%,

6/1/42,

Pool

#AO3048

5,357

8,235

3.50%,

6/1/42,

Pool

#AK9225

7,740

19,296

3.50%,

7/1/42,

Pool

#AO9707

18,137

74,989

4.50%,

9/1/42,

Pool

#AL2482

74,153

465,650

4.50%,

1/1/43,

Pool

#AL8206

460,314

38,083

3.00%,

3/1/43,

Pool

#AR7576

34,248

33,072

3.00%,

3/1/43,

Pool

#AR7568

29,394

46,389

3.00%,

3/1/43,

Pool

#AR9218

42,580

41,042

3.00%,

4/1/43,

Pool

#AB8923

37,671

65,472

3.00%,

4/1/43,

Pool

#AT2040

60,099

45,561

3.00%,

4/1/43,

Pool

#AR8630

41,820

472

3.50%,

4/1/43,

Pool

#CA1530

434

16,338

3.00%,

4/1/43,

Pool

#AT2037

14,521

39,571

3.00%,

4/1/43,

Pool

#AT2043

35,587

39,878

3.00%,

4/1/43,

Pool

#AB8924

35,862

4,677

3.00%,

6/1/43,

Pool

#AB9564

4,309

316,478

5.00%,

12/1/43,

Pool

#AL7777

320,394

139,475

5.00%,

11/1/44,

Pool

#AL8878

140,640

432,678

3.50%,

2/1/45,

Pool

#FM5294

406,171

131,623

3.50%,

2/1/45,

Pool

#BM1100

123,613

74,441

5.00%,

6/1/45,

Pool

#BM3784

75,178

64,131

4.50%,

9/1/45,

Pool

#AL7936

63,219

2,727

4.50%,

11/1/45,

Pool

#AS6233

2,682

39,413

4.50%,

11/1/45,

Pool

#AL9501

38,587

85,087

4.50%,

12/1/45,

Pool

#BM1756

83,139

10,528

3.00%,

6/1/46,

Pool

#AS7365

9,491

256,878

4.50%,

7/1/46,

Pool

#BM1920

252,827

556,279

3.50%,

7/1/46,

Pool

#BA7748

515,128

209,578

4.50%,

7/1/46,

Pool

#BM3053

206,595

11,811

3.00%,

8/1/46,

Pool

#AL9031

10,714

756,057

3.00%,

9/1/46,

Pool

#BD1469

678,605

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

70,729

3.00%,

11/1/46,

Pool

#BD9643

$

63,627

253,005

3.00%,

11/1/46,

Pool

#BD9644

227,607

101,270

3.00%,

11/1/46,

Pool

#BD9645

90,350

692,311

3.00%,

12/1/46,

Pool

#AS8486

621,343

172,393

3.50%,

12/1/46,

Pool

#BE2103

158,056

269,929

3.50%,

2/1/47,

Pool

#BE1534

247,117

618,089

3.50%,

2/1/47,

Pool

#AL9920

568,888

65,329

3.50%,

3/1/47,

Pool

#BH0158

59,801

150,305

3.50%,

5/1/47,

Pool

#BE9375

137,594

198,300

4.00%,

5/1/47,

Pool

#BH0398

189,072

366,747

3.50%,

5/1/47,

Pool

#BD2417

335,734

243,883

3.50%,

5/1/47,

Pool

#BM1174

227,082

95,532

3.50%,

6/1/47,

Pool

#BH0567

87,452

148,843

4.00%,

7/1/47,

Pool

#BH3401

141,920

223,893

4.00%,

8/1/47,

Pool

#BM1619

213,474

15,208

4.00%,

9/1/47,

Pool

#MA3121

14,426

98,909

4.50%,

10/1/47,

Pool

#BM3052

97,102

479,870

3.50%,

11/1/47,

Pool

#MA3182

442,165

132,173

4.50%,

12/1/47,

Pool

#BH7067

128,752

483,748

3.50%,

12/1/47,

Pool

#MA3210

445,141

293,526

3.50%,

1/1/48,

Pool

#MA3238

270,462

326,103

4.00%,

1/1/48,

Pool

#BH9222

309,349

218,014

3.50%,

2/1/48,

Pool

#BH9277

200,309

42,624

4.00%,

2/1/48,

Pool

#BJ9057

40,520

54,048

4.00%,

2/1/48,

Pool

#BJ9058

51,352

282,375

3.50%,

3/1/48,

Pool

#BJ4916

259,447

149,188

3.50%,

3/1/48,

Pool

#BJ0648

137,073

86,387

3.50%,

3/1/48,

Pool

#BK1958

79,374

26,625

4.00%,

4/1/48,

Pool

#MA3333

25,253

2,495,296

4.50%,

4/1/48,

Pool

#FM7783

2,442,753

159,592

3.50%,

4/1/48,

Pool

#FM5295

149,643

99,034

4.50%,

4/1/48,

Pool

#BM3846

96,861

33,485

4.00%,

5/1/48,

Pool

#CA2708

31,759

22,421

4.00%,

6/1/48,

Pool

#MA3384

21,265

101,326

5.00%,

6/1/48,

Pool

#CA2317

102,804

52,758

4.50%,

7/1/48,

Pool

#BK6113

51,610

22,097

4.00%,

7/1/48,

Pool

#MA3415

20,958

6,932

4.50%,

7/1/48,

Pool

#BK4471

6,793

204,402

4.00%,

8/1/48,

Pool

#BK4772

194,158

301,356

4.00%,

9/1/48,

Pool

#FM5566

285,537

424,211

5.00%,

9/1/48,

Pool

#MA3472

425,236

31,372

5.00%,

10/1/48,

Pool

#MA3501

31,448

92,928

5.00%,

10/1/48,

Pool

#BK7881

93,153

63,430

4.00%,

10/1/48,

Pool

#CA2469

60,157

58,434

5.00%,

11/1/48,

Pool

#MA3527

58,575

7,050

3.50%,

11/1/48,

Pool

#FM1543

6,481

16,718

5.00%,

12/1/48,

Pool

#BN4404

16,774

19,171

5.00%,

1/1/49,

Pool

#BN4430

19,214

880,916

4.00%,

1/1/49,

Pool

#FM5296

842,166

57,171

5.00%,

1/1/49,

Pool

#BN3949

57,309

202,243

3.50%,

6/1/49,

Pool

#FM5315

186,424

595,808

4.00%,

9/1/49,

Pool

#FM3665

565,057

252,315

4.00%,

3/1/50,

Pool

#CA5368

239,332

3,486,400

3.00%,

3/1/50,

Pool

#FM5290

3,112,943

239,941

4.00%,

5/1/50,

Pool

#FM7973

227,042

323,413

4.00%,

6/1/50,

Pool

#CA6106

304,855

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

89

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

1,284,117

2.50%,

7/1/50,

Pool

#CA6359

$

1,100,866

2,261,174

2.50%,

7/1/50,

Pool

#CA6341

1,931,725

2,175,762

2.50%,

7/1/50,

Pool

#CA6342

1,858,761

2,276,706

2.50%,

7/1/50,

Pool

#CA6343

1,945,055

1,339,735

3.00%,

8/1/50,

Pool

#FM5292

1,191,289

2,577,968

2.50%,

8/1/50,

Pool

#CA6577

2,202,428

2,117,714

2.50%,

8/1/50,

Pool

#CA6636

1,809,219

661,180

2.50%,

8/1/50,

Pool

#CA6711

564,863

1,540,324

2.00%,

8/1/50,

Pool

#FP0025

1,238,150

199,071

4.00%,

8/1/50,

Pool

#FM7703

188,563

314,485

2.00%,

9/1/50,

Pool

#BQ0697

253,634

1,004,614

2.00%,

9/1/50,

Pool

#MA4119

810,649

1,812,088

2.00%,

10/1/50,

Pool

#MA4158

1,462,180

1,656,348

1.50%,

10/1/50,

Pool

#MA4157

1,266,169

237,183

2.00%,

11/1/50,

Pool

#BQ6334

191,818

404,953

2.50%,

11/1/50,

Pool

#FM4874

347,184

1,476,345

2.50%,

11/1/50,

Pool

#CA7597

1,265,657

1,444,534

1.50%,

11/1/50,

Pool

#MA4181

1,104,218

1,463,922

1.50%,

12/1/50,

Pool

#MA4209

1,120,373

325,460

2.00%,

12/1/50,

Pool

#FM5305

264,589

1,080,078

2.00%,

12/1/50,

Pool

#FM5176

880,776

396,272

2.50%,

1/1/51,

Pool

#CA8592

338,524

340,188

3.50%,

1/1/51,

Pool

#FM7599

311,688

1,206,483

4.00%,

1/1/51,

Pool

#FM7031

1,142,139

9,187,787

2.00%,

1/1/51,

Pool

#MA4237

7,413,202

1,108,236

2.50%,

2/1/51,

Pool

#CA9038

942,729

2,284,072

2.00%,

2/1/51,

Pool

#BR1615

1,837,186

146,978

2.50%,

3/1/51,

Pool

#BR4654

125,019

1,948,956

1.50%,

3/1/51,

Pool

#MA4280

1,492,077

397,692

2.00%,

3/1/51,

Pool

#BN9004

323,901

1,350,715

4.00%,

3/1/51,

Pool

#FM7460

1,278,686

713,363

2.00%,

3/1/51,

Pool

#BN8997

580,246

223,234

2.00%,

4/1/51,

Pool

#FS0599

181,591

955,702

2.00%,

4/1/51,

Pool

#FM6863

782,987

667,278

2.00%,

4/1/51,

Pool

#BR7802

542,804

178,493

2.50%,

4/1/51,

Pool

#BR8896

151,845

98,542

2.50%,

4/1/51,

Pool

#BR8283

83,826

1,642,740

2.50%,

5/1/51,

Pool

#CB0383

1,399,990

102,941

2.50%,

5/1/51,

Pool

#BR8915

87,570

6,813,377

4.00%,

5/1/51,

Pool

#FS1463

6,447,342

52,978

2.50%,

5/1/51,

Pool

#BR8296

45,065

493,212

1.50%,

6/1/51,

Pool

#BR9265

377,664

4,823,917

3.00%,

6/1/51,

Pool

#CB0848

4,270,786

1,966,758

2.00%,

7/1/51,

Pool

#MA4378

1,582,080

160,858

2.50%,

7/1/51,

Pool

#BP3574

136,834

559,353

2.50%,

10/1/51,

Pool

#CB1806

476,650

3,169,055

4.00%,

10/1/51,

Pool

#FS1133

3,000,049

52,168

2.50%,

10/1/51,

Pool

#BT8452

44,383

1,819,960

2.00%,

11/1/51,

Pool

#CB2079

1,471,489

945,851

2.00%,

11/1/51,

Pool

#CB2139

771,644

2,445,304

2.00%,

11/1/51,

Pool

#FS1334

1,959,627

1,971,882

2.00%,

11/1/51,

Pool

#CB2054

1,606,117

1,979,756

3.00%,

11/1/51,

Pool

#CB2165

1,747,397

689,193

2.50%,

11/1/51,

Pool

#FS0026

586,750

1,280,752

2.00%,

12/1/51,

Pool

#FS0211

1,033,636

215,382

2.00%,

12/1/51,

Pool

#FS0598

176,219

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

1,213,267

2.00%,

12/1/51,

Pool

#FS0212

$

986,703

432,352

2.50%,

12/1/51,

Pool

#CB2372

368,416

549,544

2.00%,

12/1/51,

Pool

#FM9730

447,599

846,223

3.00%,

12/1/51,

Pool

#CB2418

749,618

1,435,433

2.00%,

1/1/52,

Pool

#FS0497

1,158,763

1,836,043

2.50%,

1/1/52,

Pool

#FS0208

1,564,267

2,259,733

2.50%,

1/1/52,

Pool

#FS0209

1,925,589

1,476,901

2.50%,

1/1/52,

Pool

#CB2620

1,263,078

1,819,619

2.50%,

1/1/52,

Pool

#CB2621

1,550,190

1,982,431

2.50%,

1/1/52,

Pool

#FS0378

1,699,577

1,421,914

2.50%,

1/1/52,

Pool

#FS0193

1,209,701

833,694

2.50%,

1/1/52,

Pool

#CB2633

718,381

2,711,583

2.50%,

1/1/52,

Pool

#CB2622

2,310,097

5,674,767

2.00%,

2/1/52,

Pool

#FS2040

4,543,464

278,223

2.50%,

2/1/52,

Pool

#CB2863

241,313

2,992,298

2.00%,

2/1/52,

Pool

#CB2838

2,433,733

1,544,981

2.50%,

2/1/52,

Pool

#CB2855

1,310,858

577,900

2.00%,

2/1/52,

Pool

#CB2836

462,500

429,474

2.50%,

2/1/52,

Pool

#CB2854

363,275

1,847,357

2.50%,

2/1/52,

Pool

#CB2856

1,576,012

225,182

3.00%,

3/1/52,

Pool

#CB3115

199,303

1,851,868

2.00%,

3/1/52,

Pool

#CB3101

1,506,068

704,269

2.50%,

3/1/52,

Pool

#FS1661

600,001

3,388,550

2.00%,

3/1/52,

Pool

#CB3102

2,759,917

620,842

3.00%,

4/1/52,

Pool

#FS1520

549,926

9,321,880

2.00%,

4/1/52,

Pool

#FA2772

7,558,959

602,731

4.00%,

4/1/52,

Pool

#FS1267

570,464

1,027,393

3.00%,

5/1/52,

Pool

#FS1522

908,686

404,147

3.50%,

5/1/52,

Pool

#BV8545

371,575

3,815,486

4.00%,

5/1/52,

Pool

#FS3377

3,616,344

578,525

5.00%,

7/1/52,

Pool

#FS2409

576,367

898,175

5.00%,

7/1/52,

Pool

#FS2473

895,739

484,126

3.50%,

7/1/52,

Pool

#FS2812

441,193

726,399

5.00%,

7/1/52,

Pool

#FS2458

726,516

7,862,960

4.50%,

8/1/52,

Pool

#CB4345

7,625,456

342,552

3.50%,

8/1/52,

Pool

#CB4324

314,900

76,925

3.50%,

9/1/52,

Pool

#CB4657

70,519

382,921

3.50%,

9/1/52,

Pool

#CB4661

349,004

243,857

3.50%,

9/1/52,

Pool

#CB4658

223,826

291,480

3.50%,

9/1/52,

Pool

#CB4660

266,695

307,248

6.00%,

11/1/52,

Pool

#FS3251

316,514

753,122

5.00%,

12/1/52,

Pool

#MA4841

744,040

2,034,705

5.00%,

1/1/53,

Pool

#CB5450

2,012,374

1,791,813

6.00%,

1/1/53,

Pool

#FS3832

1,869,846

726,228

5.50%,

1/1/53,

Pool

#CB5462

733,981

994,087

5.50%,

1/1/53,

Pool

#BX6108

1,006,201

309,218

5.00%,

1/1/53,

Pool

#BX4207

306,289

213,948

5.50%,

2/1/53,

Pool

#BX6449

217,357

1,587,133

6.00%,

4/1/53,

Pool

#CB6094

1,629,039

6,828,407

5.00%,

4/1/53,

Pool

#CB6063

6,776,802

284,300

6.50%,

5/1/53,

Pool

#CB6340

297,219

2,235,882

6.00%,

5/1/53,

Pool

#CB6329

2,304,875

275,002

6.00%,

5/1/53,

Pool

#BY0568

281,752

571,495

5.50%,

5/1/53,

Pool

#BY0557

578,839

560,617

5.50%,

5/1/53,

Pool

#BY2967

567,819

674,224

6.00%,

5/1/53,

Pool

#FS4641

691,579

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

90

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

3,031,999

5.50%,

5/1/53,

Pool

#CB6321

$

3,070,970

945,777

5.50%,

5/1/53,

Pool

#CB6322

960,853

2,311,892

5.50%,

5/1/53,

Pool

#FS4629

2,341,599

1,716,660

5.50%,

6/1/53,

Pool

#CB6463

1,738,635

2,751,401

6.00%,

7/1/53,

Pool

#CB6757

2,837,439

2,493,864

6.50%,

8/1/53,

Pool

#FS5537

2,605,384

5,144,572

6.00%,

8/1/53,

Pool

#CB6872

5,288,174

3,400,638

5.50%,

8/1/53,

Pool

#CB6868

3,437,012

381,964

6.50%,

8/1/53,

Pool

#CB6884

399,320

529,108

6.50%,

9/1/53,

Pool

#CB7142

554,398

1,355,689

6.50%,

10/1/53,

Pool

#CB7349

1,420,564

2,585,630

6.50%,

2/1/54,

Pool

#CB8018

2,688,983

208,839

6.00%,

2/1/54,

Pool

#DA8030

214,359

1,732,970

5.50%,

3/1/54,

Pool

#FS7428

1,748,587

2,871,638

6.00%,

3/1/54,

Pool

#CB8154

2,947,685

3,028,121

6.50%,

8/1/54,

Pool

#FS8574

3,144,299

264,184

6.00%,

11/1/54,

Pool

#DC5681

271,148

421,624

5.00%,

11/1/55,

Pool

#CC1503

421,889

786,392

5.00%,

2/1/56,

Pool

#CC1947

785,499

579,819

5.00%,

3/1/56,

Pool

#CC2214

579,725

970,985

5.00%,

4/1/56,

Pool

#CC2336

969,546

1,074,951

5.00%,

5/1/56,

Pool

#CC2735

1,073,359

4,197,000

6.50%,

7/25/56,

TBA

4,339,960

5,881,000

6.00%,

7/25/56,

TBA

6,008,728

76,678,000

5.50%,

7/25/56,

TBA

76,929,600

8,512,000

5.00%,

7/25/56,

TBA

8,361,710

1,870,000

4.50%,

7/25/56,

TBA

1,791,109

5,796,000

3.50%,

7/25/56,

TBA

5,257,153

1,300,000

3.50%,

8/25/56,

TBA

1,178,734

366,615,039

Federal

National

Mortgage

Association

-

REMICS

(0.6%):

1,765,917

Class

CY,Series

2010-136,

4.00%,

12/25/40

1,705,528

1,897,197

Class

ZA,Series

2011-8,

4.00%,

2/25/41

1,834,210

281,031

Class

UF,Series

2016-48,

4.14%

(SOFR30A+51bps),

8/25/46

280,160

1,608,616

Class

AO,Series

2023-36,

1.54%,

8/25/50

1,109,271

862,408

Class

IO,Series

2021-88,

2.50%,

12/25/51

111,752

392,379

Class

FH,Series

2025-18,

5.03%

(SOFR30A+140bps),

8/25/54

395,812

238,865

Class

FC,Series

2024-95,

5.03%

(SOFR30A+140bps),

12/25/54

243,973

1,517,256

Class

FG,Series

2025-2,

5.08%

(SOFR30A+145bps),

2/25/55

1,530,180

903,424

Class

FJ,Series

2025-35,

5.23%

(SOFR30A+160bps),

5/25/55

910,661

544,505

Class

FA,Series

2025-42,

5.13%

(SOFR30A+150bps),

6/25/55

552,252

1,017,623

Class

FE,Series

2025-42,

5.18%

(SOFR30A+155bps),

6/25/55

1,024,679

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association

-

REMICS,

continued

$

4,955,505

Class

AF,Series

2025-63,

5.03%

(SOFR30A+140bps),

8/25/55

$

5,014,250

14,712,728

FRESB

Mortgage

Trust

(0.1%):

2,166,442

Class

A10F,Series

2021-SB93,

1.81%,

10/25/31,

Callable

9/25/31

@

100

1,901,199

231,955

Class

A10F,Series

2024-SB115,

4.41%,

8/25/34,

Callable

7/25/34

@

100

220,121

824,121

Class

A10H,Series

2019-SB60,

3.50%,

1/25/39,

Callable

12/25/28

@

100

790,775

2,912,095

Government

National

Mortgage

Association

(6.3%):

3,902

4.50%,

9/15/33,

Pool

#615516

3,836

15,734

5.00%,

12/15/33,

Pool

#783571

16,006

6,562

6.50%,

8/20/38,

Pool

#4223

6,959

2,555

6.50%,

10/15/38,

Pool

#673213

2,697

3,597

6.50%,

11/20/38,

Pool

#4292

3,815

7,361

6.50%,

12/15/38,

Pool

#782510

7,705

64,101

5.00%,

1/15/39,

Pool

#782557

64,636

45,051

5.00%,

4/15/39,

Pool

#782619

45,535

35,089

5.00%,

4/15/39,

Pool

#711939

35,733

4,273

4.00%,

4/20/39,

Pool

#4422

4,085

4,443

5.00%,

6/15/39,

Pool

#782696

4,491

15,648

4.00%,

7/20/39,

Pool

#4494

14,956

26,678

5.00%,

10/20/39,

Pool

#4559

27,045

3,026

4.50%,

12/20/39,

Pool

#4598

3,005

8,292

4.50%,

1/15/40,

Pool

#728627

8,175

3,681

4.50%,

1/20/40,

Pool

#4617

3,656

3,029

4.50%,

2/20/40,

Pool

#4636

2,987

23,512

5.00%,

5/15/40,

Pool

#782958

23,903

193

4.50%,

5/20/40,

Pool

#4696

190

14,561

5.00%,

6/15/40,

Pool

#697862

14,831

16,168

4.50%,

7/15/40,

Pool

#745793

15,981

144,889

4.50%,

7/15/40,

Pool

#733795

142,852

7,574

4.50%,

7/20/40,

Pool

#4746

7,468

13,647

4.50%,

8/20/40,

Pool

#4771

13,455

4,130

4.00%,

9/20/40,

Pool

#4800

3,960

8,331

4.50%,

9/20/40,

Pool

#748948

8,227

30,731

4.50%,

10/15/40,

Pool

#783609

30,367

107,616

4.00%,

10/20/40,

Pool

#4833

103,187

13,893

4.50%,

10/20/40,

Pool

#4834

13,793

202,578

4.00%,

11/20/40,

Pool

#4853

194,241

99,821

4.00%,

12/20/40,

Pool

#4882

95,714

60,797

4.00%,

1/15/41,

Pool

#759138

57,612

89,703

4.00%,

1/20/41,

Pool

#4922

86,012

8,963

4.50%,

2/15/41,

Pool

#738019

8,775

413,504

4.00%,

2/20/41,

Pool

#742887

395,693

1,531

4.00%,

2/20/41,

Pool

#4945

1,452

29,473

4.00%,

3/15/41,

Pool

#762838

27,929

2,208

5.00%,

4/20/41,

Pool

#5018

2,197

36,026

4.50%,

6/20/41,

Pool

#783590

35,519

4,834

5.00%,

6/20/41,

Pool

#5083

4,812

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

91

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

55,290

4.00%,

7/20/41,

Pool

#742895

$

52,899

24,940

4.50%,

7/20/41,

Pool

#783584

24,589

2,568

5.00%,

7/20/41,

Pool

#5116

2,556

84,054

4.50%,

7/20/41,

Pool

#5115

83,001

26,670

4.50%,

11/15/41,

Pool

#783610

27,331

71,089

3.50%,

1/15/42,

Pool

#553461

66,051

101,924

4.00%,

4/20/42,

Pool

#MA0023

96,617

43,328

5.00%,

7/20/42,

Pool

#MA0223

43,524

103,278

3.50%,

4/15/43,

Pool

#AD2334

95,200

195,326

3.50%,

4/20/43,

Pool

#MA0934

181,068

111,214

3.50%,

5/20/43,

Pool

#MA1012

103,096

9,548

4.00%,

7/20/43,

Pool

#MA1158

9,051

378,733

4.50%,

6/20/44,

Pool

#MA1997

366,400

8,080

4.00%,

8/20/44,

Pool

#AJ4687

7,773

5,642

4.00%,

8/20/44,

Pool

#AJ2723

5,428

305,206

4.00%,

8/20/44,

Pool

#MA2149

292,374

11,927

4.00%,

8/20/44,

Pool

#AI4167

11,473

168,032

5.00%,

12/20/44,

Pool

#MA2448

167,245

14,817

3.00%,

12/20/44,

Pool

#MA2444

13,414

178,799

3.00%,

2/15/45,

Pool

#784439

162,082

784,116

3.50%,

5/20/45,

Pool

#MA2826

725,899

102,393

5.00%,

12/20/45,

Pool

#MA3313

101,914

3,978,354

3.50%,

3/20/46,

Pool

#MA3521

3,654,191

757,964

3.50%,

5/20/46,

Pool

#MA3663

696,215

254,490

3.50%,

7/20/46,

Pool

#MA3803

233,755

1,030,941

3.50%,

9/20/46,

Pool

#MA3937

946,940

4,627

4.00%,

10/20/46,

Pool

#AQ0542

4,410

42,798

3.50%,

10/20/46,

Pool

#AX4341

39,346

69,229

3.50%,

10/20/46,

Pool

#AX4345

63,362

112,228

3.50%,

10/20/46,

Pool

#AX4344

103,001

43,975

3.50%,

10/20/46,

Pool

#AX4343

40,293

57,823

3.50%,

10/20/46,

Pool

#AX4342

53,170

60,906

4.50%,

3/15/47,

Pool

#AZ8560

58,535

52,797

4.50%,

4/15/47,

Pool

#AZ8597

50,736

77,019

4.50%,

4/15/47,

Pool

#AZ8596

75,124

50,092

4.50%,

5/15/47,

Pool

#BA7888

48,857

966,930

4.00%,

6/20/47,

Pool

#MA4511

920,406

9,484

4.00%,

9/15/47,

Pool

#BC5919

8,916

13,939

4.00%,

10/15/47,

Pool

#BE1031

12,942

12,171

4.00%,

10/15/47,

Pool

#BD3187

11,546

12,076

4.00%,

11/15/47,

Pool

#BE1030

11,487

751,377

4.00%,

11/20/47,

Pool

#MA4838

715,222

13,797

4.00%,

12/15/47,

Pool

#BE4664

12,811

376,041

4.00%,

12/20/47,

Pool

#MA4901

355,015

12,816

4.00%,

1/15/48,

Pool

#BE0204

12,167

19,439

4.00%,

1/15/48,

Pool

#BE0143

18,047

155,559

4.50%,

9/20/48,

Pool

#BD0560

150,546

302,079

4.50%,

3/20/49,

Pool

#MA5818

295,452

12,895

4.50%,

4/20/49,

Pool

#MA5877

12,612

134,938

4.50%,

5/20/49,

Pool

#MA5932

131,979

439,726

3.00%,

4/20/50,

Pool

#MA6599

391,150

248,571

4.50%,

4/20/50,

Pool

#MA6602

243,626

195,710

4.00%,

5/20/50,

Pool

#MA6658

184,899

56,733

3.00%,

5/20/50,

Pool

#MA6656

50,462

1,410,921

Class

LP,Series

2020-127,

1.50%,

6/20/50

1,148,883

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

4,479,552

2.00%,

8/20/50,

Pool

#MA6818

$

3,671,525

997,105

3.00%,

10/20/50,

Pool

#MA6932

887,072

789,696

2.00%,

11/20/50,

Pool

#MA6994

646,802

14,050,913

2.00%,

12/20/50,

Pool

#MA7051

11,512,857

9,764,862

2.00%,

1/20/51,

Pool

#MA7135

7,998,004

913,554

3.00%,

1/20/51,

Pool

#MA7137

813,728

1,481,545

2.00%,

2/20/51,

Pool

#MA7192

1,213,473

4,342,754

2.50%,

4/20/51,

Pool

#MA7312

3,709,003

4,870,780

3.00%,

6/20/51,

Pool

#MA7419

4,326,803

6,324,656

3.00%,

8/20/51,

Pool

#MA7535

5,616,736

1,565,406

3.00%,

12/20/51,

Pool

#MA7768

1,390,266

66,231

3.00%,

1/20/52,

Pool

#MA7828

58,840

3,637,827

2.50%,

5/20/52,

Pool

#MA8042

3,106,395

6,656,918

3.50%,

5/20/52,

Pool

#MA8044

6,066,664

14,293,913

2.50%,

6/20/52,

Pool

#MA8097

12,205,974

4,090,392

2.50%,

7/20/52,

Pool

#MA8147

3,492,955

171,312

2.50%,

8/20/52,

Pool

#MA8197

146,293

987,377

3.50%,

9/20/52,

Pool

#MA8266

898,447

179,526

3.50%,

10/20/52,

Pool

#MA8345

162,512

950,590

2.50%,

12/20/52,

Pool

#MA8485

811,839

3,866,551

4.00%,

12/20/52,

Pool

#MA8488

3,600,046

3,029,600

2.50%,

1/20/53,

Pool

#MA8564

2,587,432

180,974

6.00%,

4/20/53,

Pool

#CT7444

188,171

878,000

5.00%,

7/20/56,

TBA

865,242

644,000

3.00%,

7/20/56,

TBA

571,248

1,722,000

4.00%,

7/20/56,

TBA

1,598,500

159,000

4.50%,

7/20/56,

TBA

152,590

153,000

5.50%,

7/20/56,

TBA

153,693

12,388,000

4.50%,

8/1/56,

TBA

11,880,866

3,896,000

6.50%,

8/20/56,

TBA

4,029,316

9,169,000

6.00%,

8/20/56,

TBA

9,336,621

18,220,000

5.50%,

8/20/56,

TBA

18,274,091

20,083,000

5.00%,

8/20/56,

TBA

19,769,203

156,681,787

Resolution

Funding

Corp.

Principal

Strip

(0.1%):

1,290,000

4.63%,

4/15/30

(c)

1,094,992

Total

U.S.

Government

Agency

Mortgages

(Cost

$875,890,512)

840,264,284

U.S.

Treasury

Obligations

(21.7%):

U.S.

Treasury

Bonds

(11.5%):

1,990,000

5.38%,

2/15/31

2,086,468

14,025,000

4.75%,

2/15/37

14,413,427

7,185,000

5.00%,

5/15/37

7,537,514

1,480,000

1.88%,

2/15/41

1,026,981

12,070,000

2.25%,

5/15/41

8,805,442

17,500,000

1.75%,

8/15/41

11,727,734

16,085,000

3.13%,

11/15/41

13,141,948

4,940,000

2.00%,

11/15/41

3,421,915

2,220,000

2.38%,

2/15/42

1,620,253

16,285,000

2.75%,

11/15/42

12,379,781

19,770,000

4.00%,

11/15/42

17,852,464

1,360,000

3.88%,

2/15/43

1,205,725

8,855,000

4.38%,

8/15/43

8,330,618

4,712,500

3.63%,

8/15/43

4,015,565

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

92

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Bonds,

continued

$

6,000,000

4.75%,

11/15/43

$

5,903,203

2,865,000

4.50%,

2/15/44

2,729,472

445,000

4.13%,

8/15/44

402,447

4,380,000

4.63%,

11/15/44

4,223,449

9,005,000

4.75%,

2/15/45

8,809,423

955,000

3.00%,

5/15/45

726,098

825,000

5.00%,

5/15/45

832,187

775,000

2.88%,

8/15/45

574,893

2,415,000

4.88%,

8/15/45

2,396,605

3,800,000

4.63%,

11/15/45

3,650,078

3,315,000

4.63%,

2/15/46

3,181,494

3,595,000

5.00%,

5/15/46

3,622,384

4,770,000

2.25%,

8/15/46

3,112,425

6,855,000

2.88%,

11/15/46

5,006,024

3,105,000

2.75%,

11/15/47

2,189,146

5,645,000

3.00%,

2/15/48

4,155,249

44,535,000

3.13%,

5/15/48

33,444,741

4,055,000

3.38%,

11/15/48

3,169,553

3,935,000

3.00%,

2/15/49

2,869,015

125,000

2.88%,

5/15/49

88,774

11,445,000

1.25%,

5/15/50

5,442,187

19,355,000

1.38%,

8/15/50

9,489,998

9,174,000

1.63%,

11/15/50

4,794,490

4,135,000

1.88%,

2/15/51

2,297,832

5,850,000

2.38%,

5/15/51

3,659,221

5,830,000

2.00%,

8/15/51

3,319,229

1,102,000

1.88%,

11/15/51

605,497

1,054,000

2.25%,

2/15/52

634,706

11,498,000

2.88%,

5/15/52

7,953,382

5,054,000

3.00%,

8/15/52

3,582,417

1,052,000

3.63%,

2/15/53

841,353

2,252,000

3.63%,

5/15/53

1,799,225

875,000

4.75%,

11/15/53

846,221

7,880,000

4.25%,

8/15/54

7,036,286

5,305,000

4.50%,

11/15/54

4,939,245

10,678,000

4.63%,

2/15/55

10,151,191

6,072,000

4.75%,

5/15/55

5,890,314

598,000

4.75%,

8/15/55

580,247

3,700,000

4.75%,

2/15/56

3,593,770

8,148,000

5.00%,

5/15/56

8,233,618

284,342,924

U.S.

Treasury

Inflation

Indexed

Bonds

(0.3%):

7,348,390

1.88%,

1/15/36

7,145,448

U.S.

Treasury

Notes

(9.9%):

22,515,000

4.13%,

9/30/27

22,507,964

7,400,000

3.50%,

2/15/29

7,278,594

17,170,000

3.50%,

3/15/29

16,882,268

1,697,000

4.63%,

4/30/29

1,717,351

20,705,000

3.88%,

5/15/29

20,548,095

8,995,000

4.13%,

6/15/29

8,987,621

6,632,000

4.25%,

6/30/29

6,647,544

8,665,000

4.00%,

7/31/29

8,624,383

4,134,000

3.63%,

8/31/29

4,068,276

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Notes,

continued

$

5,850,000

3.13%,

8/31/29

$

5,669,473

10,336,000

3.50%,

9/30/29

10,127,261

2,000

4.13%,

10/31/29

1,997

1,000

4.13%,

11/30/29

998

2,327,000

3.75%,

5/31/30

2,290,368

882,000

4.00%,

7/31/30

875,661

9,835,000

3.63%,

8/31/30

9,622,549

1,419,000

3.63%,

9/30/30

1,387,904

895,000

4.63%,

9/30/30

909,788

12,471,000

3.63%,

10/31/30

12,191,377

3,960,000

3.63%,

12/31/30

3,867,652

2,637,000

3.75%,

12/31/30

2,588,380

3,825,000

3.75%,

1/31/31

3,753,431

10,598,000

4.00%,

1/31/31

10,507,337

2,770,000

3.88%,

3/31/31

2,731,155

28,033,802

1.25%,

4/15/31

27,165,411

3,250,000

3.88%,

4/30/31

3,203,789

3,239,000

4.13%,

5/31/31

3,227,992

7,910,000

4.25%,

6/30/31

7,922,359

3,000

3.75%,

8/31/31

2,934

3,000

4.38%,

1/31/32

3,020

1,000

4.13%,

2/29/32

994

1,000

4.13%,

3/31/32

994

2,000

4.13%,

5/31/32

1,986

3,000

3.75%,

10/31/32

2,912

14,585,000

4.25%,

3/31/33

14,541,701

2,946,000

4.63%,

2/15/35

2,993,412

18,435,000

4.13%,

2/15/36

17,990,688

3,130,000

4.38%,

5/15/36

3,113,494

243,959,113

Total

U.S.

Treasury

Obligations

(Cost

$578,323,844)

535,447,485

Shares

Affiliated

Investment

Company

(0.0%

†

):

Money

Market

Funds

(0.0%

†

):

97,526

BlackRock

Liquidity

FedFund

,

Institutional

Class,

3.54%

+(c)(d)

97,526

Total

Affiliated

Investment

Company

(Cost

$97,526)

97,526

Unaffiliated

Investment

Company

(4.3%):

Money

Market

Funds

(4.3%):

105,860,607

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.53%

(c)

105,860,607

Total

Unaffiliated

Investment

Company

(Cost

$105,860,607)

105,860,607

Total

Investment

Securities

(Cost

$2,746,254,315

)

—

107.5%

2,659,156,795

Net

other

assets

(liabilities)

—

(7.5)%

(184,873,327)

Net

Assets

—

100.0%

$

2,474,283,468

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

93

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

EUR003M—3

Month

Euribor

GO—General

Obligation

H15T5Y—5

Year

Treasury

Constant

Maturity

Rate

MTN—Medium

Term

Note

REIT—Real

Estate

Investment

Trust

SOFR—Secured

Overnight

Financing

Rate

SONIO/N—Sterling

Overnight

Index

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

June

30,

2026.

The

total

value

of

securities

on

loan

as

of

June

30,

2026

was

$93,190.

†

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

June

30,

2026.

(c)

The

rate

represents

the

effective

yield

at

June

30,

2026.

(d)

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

June

30,

2026.

Securities

Sold

Short

(-3.9%):

At

June

30,

2026,

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

1.50%

7/25/41

$

(1,781,000‌)

$

(1,580,185‌)

$

(1,586,203‌)

Federal

National

Mortgage

Association,

TBA

2.00%

7/25/41

(10,402,000‌)

(9,492,174‌)

(9,472,321‌)

Federal

National

Mortgage

Association,

TBA

3.00%

7/25/41

(166,000‌)

(156,572‌)

(156,792‌)

Federal

National

Mortgage

Association,

TBA

3.50%

7/25/41

(391,000‌)

(371,603‌)

(372,427‌)

Federal

National

Mortgage

Association,

TBA

2.00%

7/25/56

(18,234,000‌)

(14,522,758‌)

(14,541,615‌)

Federal

National

Mortgage

Association,

TBA

2.50%

7/25/56

(7,941,000‌)

(6,630,923‌)

(6,630,735‌)

Federal

National

Mortgage

Association,

TBA

3.00%

7/25/56

(8,234,000‌)

(7,181,547‌)

(7,175,159‌)

Federal

National

Mortgage

Association,

TBA

4.00%

7/25/56

(12,218,000‌)

(11,421,444‌)

(11,412,376‌)

Federal

National

Mortgage

Association,

TBA

6.00%

8/25/56

(31,528,000‌)

(32,031,969‌)

(32,114,224‌)

Government

National

Mortgage

Association

Government

National

Mortgage

Association,

TBA

2.00%

7/20/56

(7,630,000‌)

(6,198,481‌)

(6,242,294‌)

Government

National

Mortgage

Association,

TBA

2.50%

7/20/56

(7,424,000‌)

(

6,356,510‌)

(6,331,280‌)

Government

National

Mortgage

Association,

TBA

3.50%

7/20/56

(1,210,000‌)

(1,082,897‌)

(1,085,691‌)

Government

National

Mortgage

Association,

TBA

6.00%

7/20/56

(182,000‌)

(185,688‌)

(

185,640‌)

Government

National

Mortgage

Association,

TBA

6.50%

7/20/56

(61,000‌)

(63,172‌)

(63,183‌)

$

(97,275,923‌)

$

(97,369,940‌)

Allianz

Variable

Insurance

Products

Trust

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

94

See

accompanying

notes

to

the

financial

statements.

Futures

Contracts

At

June

30,

2026,

the

Fund's

open

futures

contracts

were

as

follows:

Short

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

30-Day

Federal

Funds

June

Futures

(U.S.

Dollar)

6/30/26

92

$

(36,946,706‌)

$

(167‌)

U.S.

Treasury

30-Year

Bond

September

Futures

(U.S.

Dollar)

9/21/26

37

(4,199,500‌)

(47,993‌)

$

(48,160‌)

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/21/26

427

$

48,024,156‌

$

64,403‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/21/26

561

61,648,641‌

(10,176‌)

U.S.

Treasury

2-Year

Note

September

Futures

(U.S.

Dollar)

9/30/26

1,048

216,027,188‌

217,112‌

U.S.

Treasury

5-Year

Note

September

Futures

(U.S.

Dollar)

9/30/26

1,791

191,720,953‌

659,853‌

$

931,192‌

Total

Net

Futures

Contracts

$

883,032‌

Forward

Currency

Contracts

At

June

30,

2026,

the

Fund's

open

forward

currency

contracts

were

as

follows:

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

U.S.

Dollar

200,180‌

European

Euro

169,020‌

BNP

Paribas

SA

7/16/26

$

6,944

U.S.

Dollar

165,728‌

European

Euro

139,930‌

BNP

Paribas

SA

7/16/26

5,749

U.S.

Dollar

2,776,805‌

European

Euro

2,385,000‌

BNP

Paribas

SA

9/16/26

42,923

U.S.

Dollar

4,009,042‌

British

Pound

2,989,000‌

BNP

Paribas

SA

9/16/26

45,072

U.S.

Dollar

3,045,538‌

European

Euro

2,613,000‌

HSBC

9/16/26

50,303

U.S.

Dollar

3,796,661‌

European

Euro

3,299,000‌

HSBC

9/16/26

15,077

U.S.

Dollar

2,455,275‌

British

Pound

1,837,000‌

JPMorgan

Chase

9/16/26

19,071

U.S.

Dollar

5,528,103‌

British

Pound

4,119,000‌

JPMorgan

Chase

9/16/26

65,543

U.S.

Dollar

1,163,085‌

European

Euro

1,000,000‌

Natwest

Capital

Markets,

Ltd.

9/16/26

16,803

U.S.

Dollar

2,642,780‌

European

Euro

2,300,000‌

Natwest

Capital

Markets,

Ltd.

9/16/26

6,332

$273,817

U.S.

Dollar

2,456,032‌

British

Pound

1,855,000‌

HSBC

9/16/26

(4,043)

U.S.

Dollar

1,070,936‌

European

Euro

935,000‌

JPMorgan

Chase

9/16/26

(838)

U.S.

Dollar

1,473,186‌

European

Euro

1,293,000‌

Morgan

Stanley

9/16/26

(8,957)

$(13,838)

Total

Net

Forward

Currency

Contracts

$259,979

Balances

Reported

in

the

Statement

of

Assets

and

Liabilities

for

Forward

Currency

Contracts.

Unrealized

Unrealized

Appreciation

Depreciation

Forward

currency

contracts

$

273,81

7

$

(13,838)

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

95

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks

(42.5%):

Aerospace

&

Defense

(1.2%):

145

Boeing

Co.

(The)*

$

31,388

6,029

General

Dynamics

Corp.

2,135,713

4,591

Honeywell

Aerospace,

Inc.*

1,014,978

14,178

Howmet

Aerospace,

Inc.

3,811,897

2,961

L3Harris

Technologies,

Inc.

860,437

3,393

Lockheed

Martin

Corp.

1,728,598

1,310

Northrop

Grumman

Corp.

667,196

26,310

RTX

Corp.

4,991,796

285

Woodward,

Inc.

121,251

15,363,254

Air

Freight

&

Logistics

(0.1%):

2,524

FedEx

Corp.

790,340

1,262

FedEx

Freight

Holding

Co.,

Inc.*

190,562

980,902

Automobiles

(1.0%):

208,611

Ford

Motor

Co.

2,899,693

41,821

General

Motors

Co.

3,223,563

17,264

Tesla,

Inc.*

7,261,238

13,384,494

Banks

(1.5%):

72,308

Bank

of

America

Corp.

4,120,110

17,861

Citigroup,

Inc.

2,499,825

25,132

JPMorgan

Chase

&

Co.

8,226,457

18,792

US

Bancorp

1,135,037

47,334

Wells

Fargo

&

Co.

3,911,682

19,893,111

Beverages

(0.2%):

8,715

Coca-Cola

Co.

(The)

708,268

17,727

PepsiCo,

Inc.

2,400,236

3,108,504

Biotechnology

(1.2%):

23,107

AbbVie,

Inc.

5,814,645

28,246

Gilead

Sciences,

Inc.

3,568,600

20,647

Incyte

Corp.*

2,340,544

6,557

Neurocrine

Biosciences,

Inc.*

1,105,084

10,715

PTC

Therapeutics,

Inc.*

874,023

3,241

Regeneron

Pharmaceuticals,

Inc.

2,020,893

15,723,789

Broadline

Retail

(1.7%):

89,644

Amazon.com,

Inc.*

21,365,751

Building

Products

(0.5%):

15,292

Johnson

Controls

International

plc

2,234,314

8,044

Trane

Technologies

plc

3,950,891

1,726

Zurn

Elkay

Water

Solutions

Corp.

87,215

6,272,420

Capital

Markets

(1.5%):

1,910

Ameriprise

Financial,

Inc.

876,232

22,980

Bank

of

New

York

Mellon

Corp.

(The)

3,323,138

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

2,658

Cboe

Global

Markets,

Inc.

$

645,017

46,479

Charles

Schwab

Corp.

(The)

4,288,617

3,839

CME

Group,

Inc.,

Class

A

847,766

2,336

Goldman

Sachs

Group,

Inc.

(The)

2,362,560

13,789

KKR

&

Co.,

Inc.

1,265,554

14,895

Morgan

Stanley

3,113,651

767

Morningstar,

Inc.

119,667

4,864

S&P

Global,

Inc.

1,980,913

6,190

State

Street

Corp.

1,049,824

707

White

Iris

Temp

Shares*

9,177

19,882,116

Chemicals

(0.0%

†

):

52

CF

Industries

Holdings,

Inc.

5,629

2,292

Dow,

Inc.

62,709

820

Linde

plc

425,531

493,869

Commercial

Services

&

Supplies

(0.2%):

3,809

Cintas

Corp.

647,835

25,496

Veralto

Corp.

2,260,985

2,908,820

Communications

Equipment

(0.9%):

14,241

Arista

Networks,

Inc.*

2,419,261

2,706

Ciena

Corp.*

1,327,455

44,878

Cisco

Systems,

Inc.

5,271,370

1,963

F5,

Inc.*

816,529

5,292

Motorola

Solutions,

Inc.

2,197,715

12,032,330

Construction

&

Engineering

(0.4%):

10,007

AECOM

698,488

1,365

Comfort

Systems

USA,

Inc.

2,705,362

14,129

Tutor

Perini

Corp.

1,172,283

4,576,133

Consumer

Finance

(0.0%

†

):

3,125

Capital

One

Financial

Corp.

626,937

Consumer

Staples

Distribution

&

Retail

(0.5%):

40

Casey's

General

Stores,

Inc.

31,792

2,216

Costco

Wholesale

Corp.

2,073,001

19,921

Maplebear

,

Inc.*

943,259

2,558

Sysco

Corp.

213,798

31,738

Walmart,

Inc.

3,594,646

6,856,496

Diversified

Telecommunication

Services

(0.2%):

122,971

AT&T,

Inc.

2,545,500

Electric

Utilities

(0.3%):

2,243

Constellation

Energy

Corp.

557,094

81,804

PPL

Corp.

2,973,576

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

96

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Electric

Utilities,

continued

6,806

Southern

Co.

(The)

$

651,402

4,182,072

Electrical

Equipment

(0.8%):

11,046

AMETEK,

Inc.

2,672,469

3,859

Eaton

Corp.

plc

1,644,397

4,203

GE

Vernova

,

Inc.

4,937,937

440

nVent

Electric

plc

74,629

829

Rockwell

Automation,

Inc.

410,421

1,789

Vertiv

Holdings

Co.,

Class

A

598,993

10,338,846

Electronic

Equipment,

Instruments

&

Components

(0.7%):

28,751

Amphenol

Corp.,

Class

A

5,069,376

9,606

Keysight

Technologies,

Inc.*

3,362,773

3,657

Zebra

Technologies

Corp.*

962,742

9,394,891

Energy

Equipment

&

Services

(0.1%):

4,075

Halliburton

Co.

138,346

8,418

TechnipFMC

plc

558,114

696,460

Entertainment

(0.4%):

14,268

Electronic

Arts,

Inc.

2,925,511

16,804

Netflix,

Inc.*

1,199,805

3,956

Roku,

Inc.,

Class

A*

546,482

21,988

Warner

Bros

Discovery,

Inc.*

586,200

5,257,998

Financial

Services

(1.9%):

21,529

Berkshire

Hathaway,

Inc.,

Class

B*

10,772,896

3,936

Block,

Inc.,

Class

A*

299,136

25,710

Fidelity

National

Information

Services,

Inc.

999,605

57,987

Fiserv,

Inc.*

2,844,262

11,900

Mastercard,

Inc.,

Class

A

6,111,840

8,451

Visa,

Inc.,

Class

A

2,899,454

23,927,193

Gas

Utilities

(0.1%):

3,746

Atmos

Energy

Corp.

645,323

Ground

Transportation

(0.4%):

84,127

Lyft,

Inc.,

Class

A*

1,229,095

534

Norfolk

Southern

Corp.

167,991

48,697

Uber

Technologies,

Inc.*

3,513,976

4,911,062

Health

Care

Equipment

&

Supplies

(0.2%):

25,349

Abbott

Laboratories

2,300,168

Health

Care

Providers

&

Services

(0.5%):

11,087

Cano

Health

LLC*

—

9,989

Centene

Corp.*

641,194

2,101

Elevance

Health,

Inc.

812,520

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

8,656

HealthEquity,

Inc.*

$

781,810

1,641

Tenet

Healthcare

Corp.*

306,998

9,303

UnitedHealth

Group,

Inc.

3,866,606

6,409,128

Health

Care

REITs

(0.1%):

6,837

Welltower,

Inc.

1,551,794

Hotels,

Restaurants

&

Leisure

(0.4%):

24,485

Airbnb,

Inc.,

Class

A*

3,503,803

4,010

Expedia

Group,

Inc.

1,026,079

52,425

Global

Business

Travel

Group

I*

492,271

7,413

Navan,

Inc.*

169,535

5,191,688

Household

Durables

(0.0%

†

):

676

Garmin,

Ltd.

160,577

Household

Products

(0.1%):

7,228

Procter

&

Gamble

Co.

(The)

1,059,914

Industrial

Conglomerates

(0.6%):

17,242

General

Electric

Co.

6,443,853

4,591

Honeywell

International,

Inc.

1,027,925

7,471,778

Industrial

REITs

(0.1%):

7,274

Prologis,

Inc.

985,409

Insurance

(0.7%):

5,714

Acrisure

Holdings,

Inc.*

181,705

9,200

Allstate

Corp.

(The)

2,189,048

4,367

Hartford

Insurance

Group,

Inc.

(The)

578,715

4,753

Loews

Corp.

538,087

30,468

Oscar

Health,

Inc.,

Class

A*

868,948

18,285

Progressive

Corp.

(The)

3,994,358

8,350,861

Interactive

Media

&

Services

(3.6%):

52,859

Alphabet,

Inc.,

Class

A

18,890,221

42,697

Alphabet,

Inc.,

Class

C

15,086,131

21,663

Meta

Platforms,

Inc.,

Class

A

12,202,551

46,178,903

IT

Services

(0.1%):

115

Cloudflare,

Inc.,

Class

A*

28,207

3,510

GoDaddy,

Inc.,

Class

A*

297,929

3,751

VeriSign,

Inc.

943,602

1,269,738

Leisure

Products

(0.1%):

10,737

Hasbro,

Inc.

886,769

Life

Sciences

Tools

&

Services

(0.3%):

9,341

Danaher

Corp.

1,779,274

8,399

Illumina,

Inc.*

1,476,796

3,256,070

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

97

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Machinery

(0.4%):

1,311

Caterpillar,

Inc.

$

1,396,084

10,476

Crane

Co.

2,336,881

758

Graco,

Inc.

57,313

2,375

IDEX

Corp.

539,006

3,522

Illinois

Tool

Works,

Inc.

952,595

111

Parker-Hannifin

Corp.

108,571

357

Toro

Co.

(The)

34,779

5,425,229

Media

(0.2%):

116,572

Comcast

Corp.,

Class

A

2,861,843

Metals

&

Mining

(0.3%):

20,158

Commercial

Metals

Co.

1,264,915

1,886

Newmont

Corp.

176,152

10,613

Nucor

Corp.

2,364,046

3,805,113

Multi-Utilities

(0.3%):

10,773

Consolidated

Edison,

Inc.

1,191,817

30,788

Sempra

2,854,355

4,046,172

Oil,

Gas

&

Consumable

Fuels

(1.1%):

18,701

Chevron

Corp.

3,099,878

12,309

ConocoPhillips

1,279,643

1,478

Devon

Energy

Corp.

61,071

7,941

EOG

Resources,

Inc.

1,030,186

41,790

Exxon

Mobil

Corp.

5,713,529

30,294

Kinder

Morgan,

Inc.

968,499

23,951

Occidental

Petroleum

Corp.

1,163,300

9,672

Sanchez

Energy

Corp.*

(a)

148,758

5,182

Williams

Cos.,

Inc.

(The)

385,230

13,850,094

Pharmaceuticals

(1.5%):

67,889

Bristol-Myers

Squibb

Co.

3,911,764

6,530

Eli

Lilly

&

Co.

7,832,278

12,741

Johnson

&

Johnson

3,235,832

21,783

Merck

&

Co.,

Inc.

2,799,116

4,028

Organon

&

Co.

54,539

42,065

Pfizer,

Inc.

1,012,925

18,846,454

Real

Estate

Management

&

Development

(0.0%

†

):

7,476

Zillow

Group,

Inc.,

Class

C*

235,644

Semiconductors

&

Semiconductor

Equipment

(8.2%):

8,225

Advanced

Micro

Devices,

Inc.*

4,777,985

5,432

Analog

Devices,

Inc.

2,157,427

9,421

Applied

Materials,

Inc.

6,811,383

46,973

Broadcom,

Inc.

17,744,051

10,734

Cirrus

Logic,

Inc.*

1,594,321

100

Credo

Technology

Group

Holding,

Ltd.*

27,195

31,011

Intel

Corp.*

4,330,066

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

12,169

Kulicke

&

Soffa

Industries,

Inc.

$

1,627,725

14,921

Lam

Research

Corp.

6,465,717

2,389

MaxLinear

,

Inc.,

Class

A*

305,864

10,244

Micron

Technology,

Inc.

11,824,547

219,495

NVIDIA

Corp.

43,918,755

1,662

Qnity

Electronics,

Inc.

271,421

15,873

Qorvo,

Inc.*

1,480,475

294

QUALCOMM,

Inc.

54,328

252

Silicon

Laboratories,

Inc.*

55,077

5,662

Texas

Instruments,

Inc.

1,687,672

105,134,009

Software

(3.0%):

17,422

Adobe,

Inc.*

3,571,858

1,114

Crowdstrike

Holdings,

Inc.,

Class

A*

850,138

26,335

Docusign

,

Inc.,

Class

A*

1,169,801

7,625

Elastic

NV*

434,778

25,849

Fortinet,

Inc.*

3,970,923

4,106

HubSpot,

Inc.*

749,386

2,798

Intuit,

Inc.

730,278

61,721

Microsoft

Corp.

23,023,167

8,178

Salesforce,

Inc.

1,281,165

33,617

Tenable

Holdings,

Inc.*

1,239,795

26,851

Unity

Software,

Inc.*

767,402

3,122

Zoom

Communications,

Inc.,

Class

A*

269,460

38,058,151

Specialized

REITs

(0.1%):

120

Equinix,

Inc.

125,087

15,172

Millrose

Properties,

Inc.

455,919

1,170

National

Storage

Affiliates

Trust

52,030

39,423

Outfront

Media,

Inc.

1,291,497

1,924,533

Specialty

Retail

(0.6%):

4,178

Abercrombie

&

Fitch

Co.*

376,062

4,760

Five

Below,

Inc.*

855,800

2,271

Home

Depot,

Inc.

(The)

800,936

14,034

Ross

Stores,

Inc.

2,987,137

20,321

TJX

Cos.,

Inc.

(The)

3,078,632

8,098,567

Technology

Hardware,

Storage

&

Peripherals

(3.7%):

134,537

Apple,

Inc.

38,929,626

16,135

Hewlett

Packard

Enterprise

Co.

727,850

1,626

NetApp,

Inc.

251,640

1,137

Sandisk

Corp.*

2,585,231

2,398

Seagate

Technology

Holdings

plc

2,314,070

4,366

Western

Digital

Corp.

2,788,651

47,597,068

Tobacco

(0.3%):

21,945

Altria

Group,

Inc.

1,578,943

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

98

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Tobacco,

continued

9,537

Philip

Morris

International,

Inc.

$

1,725,338

3,304,281

Trading

Companies

&

Distributors

(0.0%

†

):

1,099

Applied

Industrial

Technologies,

Inc.

371,627

Wireless

Telecommunication

Services

(0.2%):

13,871

T-Mobile

US,

Inc.

2,326,583

Total

Common

Stocks

(Cost

$361,262,048)

546,326,436

Preferred

Stocks

(0.0%

†

):

Household

Durables

(0.0%

†

):

2,352

Whirlpool

Corp.,

Series

A,

8.50%,

2/15/29

82,602

Interactive

Media

&

Services

(0.0%

†

):

1,244

Alphabet,

Inc.,

Series

A,

6.25%

63,307

1,242

Alphabet,

Inc.,

Series

B,

6.25%

62,473

125,780

Software

(0.0%

†

):

1,139

Oracle

Corp.,

Series

D,

6.50%,

1/15/29

51,198

950

Strategy,

Inc.,

Series

A,

12.00%*

80,617

131,815

Total

Preferred

Stocks

(Cost

$379,726)

340,197

Contracts

Warrant

(0.0%

†

):

Health

Care

Providers

&

Services

(0.0%

†

):

434

Cano

Health

LLC,

12/30/28*

—

Total

Warrant

(Cost

$35,000)

—

Principal

Amount

Asset-Backed

Securities

(1.5%):

$

336,903

AASET,

Class

A1,

Series

2024-1A,

6.26%,

5/16/49

(b)

337,685

305,221

AASET,

Class

A2,

Series

2024-1A,

6.26%,

5/16/49

(b)

310,032

310,719

AASET,

Class

A,

Series

2025-1A,

5.94%,

2/16/50

(b)

311,172

38,887

AASET

Trust,

Class

B,

Series

2020-

1A,

4.34%,

1/16/40

(b)

38,594

27,472

AASET

Trust,

Class

A,

Series

2020-

1A,

3.35%,

1/16/40

(b)

27,170

248,078

AASET

Trust,

Class

A,

Series

2021-

1A,

2.95%,

11/16/41

(b)

238,602

276,360

AASET

Trust,

Class

A,

Series

2021-

2A,

2.80%,

1/15/47

(b)

261,053

300,000

Aligned

Data

Centers

Issuer

LLC,

Class

A2I,

Series

2026-1A,

5.91%,

6/15/56,

Callable

6/15/29

@

100

(b)

300,209

409,125

ALTDE

Trust,

Class

A,

Series

2025-

1A,

5.90%,

8/15/50

(b)

406,299

Principal

Amount

Value

Asset-Backed

Securities,

continued

$

1,576,278

Blackbird

Capital

II

Aircraft

Lease,

Ltd.,

Class

A,

Series

2021-1A,

2.44%,

7/15/46,

Callable

7/15/28

@

100

(b)

$

1,482,964

36,513

Castlelake

Aircraft

Securitization

Trust,

Class

A,

Series

2018-1,

4.13%,

6/15/43

(b)

36,314

186,315

Castlelake

Aircraft

Structured

Trust,

Class

B,

Series

2019-1A,

5.10%,

4/15/39

(b)

183,252

42,757

Castlelake

Aircraft

Structured

Trust,

Class

A,

Series

2019-1A,

3.97%,

4/15/39

(b)

42,071

300,000

DB

Master

Finance

LLC,

Class

A2I,

Series

2026-1A,

5.20%,

5/20/56,

Callable

8/20/31

@

100

(b)

299,810

337,640

DB

Master

Finance

LLC,

Class

A2II,

Series

2017-1A,

4.03%,

11/20/47,

Callable

8/20/26

@

100

(b)

333,997

285,000

DB

Master

Finance

LLC,

Class

A2II,

Series

2026-1A,

5.43%,

5/20/56,

Callable

8/20/33

@

100

(b)

284,545

388,050

DB

Master

Finance

LLC,

Class

A2I,

Series

2025-1A,

4.89%,

8/20/55,

Callable

11/20/28

@

100

(b)

383,440

313,425

DB

Master

Finance

LLC,

Class

A2II,

Series

2025-1A,

5.17%,

8/20/55,

Callable

11/20/29

@

100

(b)

307,523

772,213

Domino's

Pizza

Master

Issuer

LLC,

Class

A2II,

Series

2018-1A,

4.33%,

7/25/48,

Callable

7/25/26

@

100

(b)

765,899

1,137,825

Domino's

Pizza

Master

Issuer

LLC,

Class

A2I,

Series

2021-1A,

2.66%,

4/25/51,

Callable

7/25/26

@

100

(b)

1,081,663

340,000

FTAI

MRE

Cayman,

Ltd.,

Class

A,

Series

2026-1A,

5.63%,

6/15/51

(b)

339,711

390,000

Ggam

Master

Trust

International,

Ltd.,

Class

A,

Series

2026-1A,

5.86%,

9/30/60

(b)

389,986

985,978

GGAM

Master

Trust

International,

Ltd.,

Class

A,

Series

2025-1A,

5.92%,

9/30/60

(b)

978,563

1,458,740

Gilead

Aviation

LLC,

Class

A,

Series

2025-1A,

5.79%,

3/15/50

(b)

1,446,619

425,000

GMF

Floorplan

Owner

Revolving

Trust,

Class

A1,

Series

2024-4A,

4.73%,

11/15/29

(b)

427,074

119,713

Horizon

Aircraft

Finance

I,

Ltd.,

Class

A,

Series

2018-1,

4.46%,

12/15/38

(b)

120,050

53,373

Horizon

Aircraft

Finance

II,

Ltd.,

Class

A,

Series

2019-1,

3.72%,

7/15/39

(b)

53,082

302,713

Jersey

Mike's

Funding,

Class

A2,

Series

2025-1A,

5.61%,

8/16/55,

Callable

8/15/29

@

100

(b)

303,068

439,438

Jersey

Mike's

Funding

LLC,

Class

A2,

Series

2024-1A,

5.64%,

2/15/55,

Callable

2/15/29

@

100

(b)

443,211

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

99

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Asset-Backed

Securities,

continued

$

686,050

Navigator

Aviation,

Ltd.,

Class

A,

Series

2025-1,

5.11%,

10/15/50

(b)

$

687,792

246,104

Phantom

Aviation,

Class

A,

Series

2026-1A,

5.24%,

1/15/51

(b)

247,102

156,618

PK

Alift

Loan

Funding

3

LP,

Class

A1,

Series

2024-1,

5.84%,

9/15/39,

Callable

6/15/29

@

100

(b)

156,766

532,370

Planet

Fitness

Master

Issuer

LLC,

Class

A2II,

Series

2022-1A,

4.01%,

12/5/51,

Callable

12/5/27

@

100

(b)

493,145

309,225

Planet

Fitness

Master

Issuer

LLC,

Class

A2I,

Series

2025-1A,

5.27%,

12/6/55,

Callable

12/5/28

@

100

(b)

305,560

205,700

Planet

Fitness

Master

Issuer

LLC,

Class

A2,

Series

2019-1A,

3.86%,

12/5/49,

Callable

9/5/26

@

100

(b)

197,341

113,894

Project

Silver,

Class

A,

Series

2019-

1,

3.97%,

7/15/44

(b)

113,449

327,020

SLAM,

Ltd.,

Class

A,

Series

2025-1A,

5.81%,

5/15/50

(b)

328,616

499,395

Subway

Funding

LLC,

Class

A23,

Series

2024-1A,

6.51%,

7/30/54,

Callable

7/30/30

@

100

(b)

498,830

957,420

Subway

Funding

LLC,

Class

A2I,

Series

2024-1A,

6.03%,

7/30/54,

Callable

7/30/27

@

100

(b)

961,424

688,515

Subway

Funding

LLC,

Class

A23,

Series

2024-3A,

5.91%,

7/30/54,

Callable

7/30/30

@

100

(b)

664,700

339,825

Subway

Funding

LLC,

Class

A2II,

Series

2024-3A,

5.57%,

7/30/54,

Callable

7/30/28

@

100

(b)

332,795

718,065

Subway

Funding

LLC,

Class

A2I,

Series

2024-3A,

5.25%,

7/30/54,

Callable

7/30/27

@

100

(b)

702,113

569,330

Subway

Funding

LLC,

Class

A2II,

Series

2024-1A,

6.27%,

7/30/54,

Callable

7/30/28

@

100

(b)

572,567

675,000

Taco

Bell

Funding

LLC,

Class

A2I,

Series

2025-1A,

4.82%,

8/25/55,

Callable

2/25/28

@

100

(b)

665,942

2,755

Thunderbolt

II

Aircraft

Lease,

Ltd.,

Class

A,

Series

2018-A,

5.96%,

9/15/38

(b)(c)

2,755

57,515

Thunderbolt

III

Aircraft

Lease,

Ltd.,

Class

A,

Series

2019-1,

3.67%,

11/15/39

(b)

56,799

250,000

US

Bank

NA,

Class

E,

Series

2026-

SUP1,

7.09%

(SOFR30A+350bps),

6/27/33,

Callable

9/25/30

@

100

(b)

249,087

110,950

Volofin

Finance

Designated

Activity

Co.,

Class

A,

Series

2024-1A,

5.94%,

6/15/37

(b)

111,211

Principal

Amount

Value

Asset-Backed

Securities,

continued

$

390,764

Willis

Engine

Structured

Trust

VIII,

Class

A,

Series

2025-A,

5.58%,

6/15/50

(b)

$

387,475

Total

Asset-Backed

Securities

(Cost

$19,867,630)

19,669,127

Collateralized

Mortgage

Obligations

(3.3%):

527,000

Aimco

CLO

10,

Ltd.,

Class

A1R3,

Series

2019-10AR,

4.89%

(TSFR3M+119bps),

7/22/39

(b)

526,973

370,000

Aimco

CLO

11,

Ltd.,

Class

A1R2,

Series

2020-11A,

5.02%

(TSFR3M+134bps),

7/17/37,

Callable

10/17/26

@

100

(b)

371,035

387,000

Aimco

CLO

14,

Ltd.,

Class

A1R,

Series

2021-14A,

4.90%

(TSFR3M+122bps),

10/20/38,

Callable

10/20/27

@

100

(b)

387,548

250,000

Aimco

CLO

19,

Ltd.,

Class

A,

Series

2024-19A,

5.03%

(TSFR3M+135bps),

10/20/37,

Callable

10/20/26

@

100

(b)

250,410

558,000

Aimco

CLO

21,

Ltd.,

Class

A1R,

Series

2024-21A,

4.93%

(TSFR3M+125bps),

4/18/39,

Callable

4/18/28

@

100

(b)

558,554

565,000

Aimco

CLO

22,

Ltd.,

Class

A1R,

Series

2024-22A,

4.83%

(TSFR3M+120bps),

4/19/39,

Callable

7/19/28

@

100

(b)

565,278

250,000

Allegro

CLO

XIII,

Ltd.,

Class

A1R,

Series

2021-1A,

5.02%

(TSFR3M+134bps),

7/20/38,

Callable

7/20/27

@

100

(b)

250,456

624,000

Allegro

CLO

XV,

Ltd.,

Class

A1R,

Series

2022-1A,

4.86%

(TSFR3M+118bps),

4/20/38,

Callable

4/20/27

@

100

(b)

623,407

707,000

Ares

LIV

CLO,

Ltd.,

Class

AR2,

Series

2019-54A,

4.98%

(TSFR3M+131bps),

7/15/38,

Callable

7/15/27

@

100

(b)

708,993

603,000

Ares

LV

CLO,

Ltd.,

Class

A1R2,

Series

2020-55A,

5.04%

(TSFR3M+137bps),

10/15/37,

Callable

10/15/26

@

100

(b)

604,262

543,000

Ares

LVIII

CLO,

Ltd.,

Class

A1R2,

Series

2020-58A,

4.91%

(TSFR3M+124bps),

4/15/38,

Callable

4/15/27

@

100

(b)

543,976

449,000

Ares

LXX

CLO,

Ltd.,

Class

A1R,

Series

2023-70A,

4.92%

(TSFR3M+125bps),

1/25/39,

Callable

1/25/28

@

100

(b)

449,207

548,000

Bain

Capital

Credit

CLO,

Ltd.,

Class  A1R,

Series

2023-2A,

5.00%

(TSFR3M+132bps),

7/18/38,

Callable

10/18/27

@

100

(b)

548,746

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

100

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

527,000

Bain

Capital

Credit

CLO,

Ltd.,

Class

A1R,

Series

2023-4A,

4.90%

(TSFR3M+123bps),

1/21/39,

Callable

1/21/28

@

100

(b)

$

527,509

495,636

Barings

2026-SBP

Issuer

LLC,

Class

A,

Series

2026-SBP,

4.82%,

2/26/59,

Callable

1/26/33

@

100

(b)

488,996

560,000

Barings

CLO,

Ltd.,

Class

AR,

Series

2020-4A,

5.05%

(TSFR3M+137bps),

10/20/37,

Callable

10/20/26

@

100

(b)

560,980

786,000

Barings

CLO,

Ltd.,

Class

A1R2,

Series

2020-1A,

4.93%

(TSFR3M+126bps),

1/15/38,

Callable

1/15/27

@

100

(b)

788,044

275,015

BCRED

BSL

Static

CLO,

Ltd.,

Class

AR,

Series

2025-1A,

4.92%

(TSFR3M+125bps),

7/24/35,

Callable

7/24/26

@

100

(b)

275,020

451,000

Benefit

Street

Partners

CLO

44,

Ltd.,

Class

A1,

Series

2025-44A,

4.89%

(TSFR3M+122bps),

1/15/39,

Callable

1/15/28

@

100

(b)

451,199

295,000

Benefit

Street

Partners

CLO

V

B,

Ltd.,

Class

A1RR,

Series

2018-

5BAR,

4.85%

(TSFR3M+121bps),

7/20/39,

Callable

7/20/28

@

100

(b)

294,994

391,000

Benefit

Street

Partners

CLO

Xxiii

,

Ltd.,

Class

A1RR,

Series

2021-23A,

4.90%

(TSFR3M+126bps),

4/25/39,

Callable

4/25/28

@

100

(b)

391,593

409,000

Benefit

Street

Partners

CLO

Xxxv

,

Ltd.,

Class

AR,

Series

2024-35AR,

4.82%

(TSFR3M+120bps),

7/25/39

(b)

409,307

501,000

Benefit

Street

Partners

CLO,

Ltd.,

Class

A,

Series

2025-43A,

4.95%

(TSFR3M+127bps),

10/20/38,

Callable

10/20/27

@

100

(b)

502,194

462,000

Benefit

Street

Partners

CLO,

Ltd.,

Class

AR,

Series

2023-33A,

4.86%

(TSFR3M+119bps),

1/25/39,

Callable

1/25/28

@

100

(b)

461,748

733,000

Blueberry

Park

CLO,

Ltd.,

Class

A,

Series

2024-1A,

5.03%

(TSFR3M+135bps),

10/20/37,

Callable

10/20/26

@

100

(b)

733,370

738,000

Carlyle

US

CLO,

Ltd.,

Class

A1R,

Series

2021-11A,

5.08%

(TSFR3M+141bps),

7/25/37,

Callable

7/25/26

@

100

(b)

739,769

409,000

Carlyle

US

CLO,

Ltd.,

Class

A1R,

Series

2021-10A,

4.99%

(TSFR3M+131bps),

1/20/38,

Callable

1/20/27

@

100

(b)

409,883

518,000

Carlyle

US

CLO,

Ltd.,

Class

A1,

Series

2025-6A,

4.88%

(TSFR3M+122bps),

1/20/39,

Callable

1/20/28

@

100

(b)

518,215

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

643,000

Cedar

Funding

X

CLO,

Ltd.,

Class

AR2,

Series

2019-10A,

5.04%

(TSFR3M+136bps),

10/20/37,

Callable

10/20/26

@

100

(b)

$

643,246

506,000

Cedar

Funding

XII

CLO,

Ltd.,

Class

ARR,

Series

2020-12A,

4.87%

(TSFR3M+120bps),

1/25/38,

Callable

1/25/27

@

100

(b)

505,995

311,000

CIFC

Funding,

Ltd.,

Class

A1,

Series

2025-6A,

4.92%

(TSFR3M+125bps),

10/23/38,

Callable

10/23/27

@

100

(b)

311,743

515,000

CIFC

Funding,

Ltd.,

Class

A1R,

Series

2021-6A,

4.88%

(TSFR3M+121bps),

7/15/39

(b)

515,258

479,000

CIFC

Funding,

Ltd.,

Class

A1R2,

Series

2019-5A,

4.94%

(TSFR3M+127bps),

10/15/38,

Callable

10/15/27

@

100

(b)

479,671

858,000

CIFC

Funding,

Ltd.,

Class

A1R,

Series

2021-3A,

4.90%

(TSFR3M+123bps),

10/15/38,

Callable

10/15/27

@

100

(b)

859,205

1,010,000

Dryden

108

CLO,

Ltd.,

Class

A1R,

Series

2022-108A,

5.04%

(TSFR3M+136bps),

7/18/37,

Callable

7/18/26

@

100

(b)

1,010,883

836,000

Dryden

85

CLO,

Ltd.,

Class

A1R2,

Series

2020-85A,

5.05%

(TSFR3M+138bps),

7/15/37,

Callable

7/15/26

@

100

(b)

836,648

667,000

Eaton

Vance

CLO

2020-1,

Ltd.,

Class

ARR,

Series

2020-1A,

5.06%

(TSFR3M+139bps),

10/15/37,

Callable

10/15/26

@

100

(b)

667,339

930,000

Eaton

Vance

CLO

2020-2,

Ltd.,

Class

AR2,

Series

2020-2A,

5.05%

(TSFR3M+138bps),

10/15/37,

Callable

7/15/26

@

100

(b)

930,358

515,000

Flatiron

CLO

21,

Ltd.,

Class

A1R,

Series

2021-1A,

5.04%

(TSFR3M+136bps),

10/19/37,

Callable

10/19/26

@

100

(b)

516,030

591,000

Flatiron

CLO

26,

Ltd.,

Class

A,

Series

2024-4A,

5.00%

(TSFR3M+133bps),

1/15/38,

Callable

1/15/27

@

100

(b)

592,011

452,000

Flatiron

CLO

31,

Ltd.,

Class

A1,

Series

2025-31A,

4.88%

(TSFR3M+120bps),

1/18/39,

Callable

1/18/28

@

100

(b)

452,888

481,000

Flatiron

CLO

32,

Ltd.,

Class

A1,

Series

2025-32A,

4.95%

(TSFR3M+129bps),

10/22/38,

Callable

10/22/27

@

100

(b)

481,682

541,000

Flatiron

RR

CLO

30,

Ltd.,

Class

A1,

Series

2025-30A,

4.83%

(TSFR3M+116bps),

4/15/38,

Callable

4/15/27

@

100

(b)

540,982

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

101

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

267,000

Goldentree

Loan

Management

US

CLO

28,

Ltd.,

Class

A,

Series

2026-

28A,

4.84%

(TSFR3M+117bps),

10/20/39,

Callable

4/20/28

@

100

(b)

$

266,850

504,000

Goldentree

Loan

Management

US

CLO

30,

Ltd.,

Class

A,

Series

2026-

30A,

4.96%

(TSFR3M+118bps),

7/20/39,

Callable

7/20/28

@

100

(b)

503,994

542,000

Green

Lakes

Park

CLO

LLC,

Class

ARR,

Series

2025-1A,

4.85%

(TSFR3M+118bps),

1/25/38,

Callable

1/25/27

@

100

(b)

542,458

584,000

Hamlin

Park

CLO,

Ltd.,

Class

A,

Series

2024-1A,

5.02%

(TSFR3M+134bps),

10/20/37,

Callable

10/20/26

@

100

(b)

585,168

394,000

Lakeside

Park

CLO,

Ltd.,

Class

A,

Series

2025-1A,

4.82%

(TSFR3M+115bps),

4/15/38,

Callable

4/15/27

@

100

(b)

393,448

337,000

Magnetite

Xli

,

Ltd.,

Class

A,

Series

2024-41A,

4.96%

(TSFR3M+129bps),

1/25/38,

Callable

1/25/27

@

100

(b)

337,724

380,000

Magnetite

Xlv

,

Ltd.,

Class

A1,

Series

2025-45A,

4.82%

(TSFR3M+115bps),

4/15/38,

Callable

4/15/27

@

100

(b)

379,435

680,000

Magnetite

XXIX,

Ltd.,

Class

AR,

Series

2021-29A,

5.02%

(TSFR3M+135bps),

7/15/37,

Callable

7/15/26

@

100

(b)

681,329

520,000

Magnetite

XXVI,

Ltd.,

Class

AR2,

Series

2020-26A,

4.82%

(TSFR3M+115bps),

1/25/38,

Callable

1/25/27

@

100

(b)

519,486

827,000

Magnetite

XXVIII,

Ltd.,

Class

A1RR,

Series

2020-28A,

4.91%

(TSFR3M+124bps),

1/15/38,

Callable

1/15/27

@

100

(b)

827,912

968,000

Magnetite

Xxx

,

Ltd.,

Class

AR,

Series

2021-30A,

5.02%

(TSFR3M+135bps),

10/25/37,

Callable

10/25/26

@

100

(b)

969,984

496,000

Magnetite

XXXVI,

Ltd.,

Class

AR,

Series

2023-36A,

4.99%

(TSFR3M+132bps),

7/25/38,

Callable

7/25/27

@

100

(b)

497,142

432,000

Magnetite

XXXVIII,

Ltd.,

Class

A1R,

Series

2024-38AR,

4.88%

(TSFR3M+119bps),

7/15/39

(b)

431,914

650,000

Morgan

Stanley

Eaton

Vance

CLO

2025-21,

Ltd.,

Class

A1,

Series

2025-

21A,

4.84%

(TSFR3M+117bps),

4/15/38,

Callable

4/15/27

@

100

(b)

649,978

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

375,000

Morgan

Stanley

Eaton

Vance

CLO,

Ltd.,

Class

A1R,

Series

2023-20A,

5.00%

(TSFR3M+132bps),

1/20/37,

Callable

4/20/27

@

100

(b)

$

375,748

589,000

OCP

Aegis

CLO

2024-39,

Ltd.,

Class

AR,

Series

2024-39A,

4.77%

(TSFR3M+109bps),

4/16/38,

Callable

4/16/27

@

100

(b)

588,748

413,000

OCP

Aegis

CLO

2025-47,

Ltd.,

Class

A1,

Series

2025-47A,

4.78%

(TSFR3M+111bps),

1/21/38,

Callable

1/21/27

@

100

(b)

412,512

320,000

OCP

CLO

2018-15,

Ltd.,

Class

AR,

Series

2018-15A,

4.93%

(TSFR3M+125bps),

1/20/38,

Callable

1/20/27

@

100

(b)

320,270

457,000

OCP

CLO

2020-8R,

Ltd.,

Class

AR2,

Series

2020-8RA,

4.90%

(TSFR3M+122bps),

10/17/38,

Callable

10/17/27

@

100

(b)

457,425

518,000

OCP

CLO

2025-44,

Ltd.,

Class

A,

Series

2025-44A,

4.97%

(TSFR3M+130bps),

10/24/38,

Callable

10/24/27

@

100

(b)

519,559

325,000

OCP

CLO

2025-46,

Ltd.,

Class

A,

Series

2025-46A,

5.05%

(TSFR3M+120bps),

10/15/38,

Callable

10/15/27

@

100

(b)

324,793

403,000

Ocp

CLO,

Ltd.,

Class

A1R,

Series

2024-33A,

4.89%

(TSFR3M+119bps),

7/20/39

(b)

402,993

356,000

OHA

Credit

Funding

14-R,

Ltd.,

Class

A,

Series

2023-14RA,

4.91%

(TSFR3M+123bps),

4/20/38,

Callable

4/20/27

@

100

(b)

356,627

438,000

OHA

Credit

Funding

26,

Ltd.,

Class

A1,

Series

2026-26A,

4.97%

(TSFR3M+119bps),

7/20/39

(b)

438,033

615,000

OHA

Credit

Funding

4,

Ltd.,

Class

AR2,

Series

2019-4A,

4.95%

(TSFR3M+129bps),

1/22/38,

Callable

1/22/27

@

100

(b)

615,502

494,000

OHA

Credit

Funding

6,

Ltd.,

Class

AR2,

Series

2020-6A,

5.01%

(TSFR3M+133bps),

10/20/37,

Callable

10/20/26

@

100

(b)

494,741

684,000

OHA

Credit

Partners

VII,

Ltd.,

Class

AR4,

Series

2012-7A,

4.78%

(TSFR3M+114bps),

2/20/38,

Callable

2/20/27

@

100

(b)

683,063

250,000

OHA

Credit

Partners

XVII,

Ltd.,

Class

A,

Series

2024-17A,

5.00%

(TSFR3M+132bps),

1/18/38,

Callable

1/18/27

@

100

(b)

250,584

513,000

Palmer

Square

CLO

2025-5,

Ltd.,

Class

A,

Series

2025-5A,

4.89%

(TSFR3M+121bps),

10/20/38,

Callable

1/20/28

@

100

(b)

513,478

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

102

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

383,000

Palmer

Square

CLO

2026-1,

Ltd.,

Class

A,

Series

2026-1A,

4.86%

(TSFR3M+119bps),

4/20/39,

Callable

4/20/28

@

100

(b)

$

383,096

412,282

Palmer

Square

Loan

Funding,

Ltd.,

Class

A1,

Series

2025-2A,

4.61%

(TSFR3M+94bps),

7/15/33,

Callable

10/15/26

@

100

(b)

412,075

463,972

Palmer

Square

Loan

Funding,

Ltd.,

Class

A1,

Series

2025-1A,

4.45%

(TSFR3M+80bps),

2/15/33,

Callable

8/15/26

@

100

(b)

462,936

326,000

Peace

Park

CLO,

Ltd.,

Class

AR,

Series

2021-1A,

4.93%

(TSFR3M+125bps),

10/20/38,

Callable

10/20/27

@

100

(b)

326,624

307,000

RR

16,

Ltd.,

Class

A1A2,

Series

2021-16A,

4.91%

(TSFR3M+122bps),

7/15/41

(b)

307,472

272,000

RR

34,

Ltd.,

Class

A1R,

Series

2024-

34RA,

5.02%

(TSFR3M+135bps),

10/15/39,

Callable

10/15/26

@

100

(b)

272,219

490,000

RR

44,

Ltd.,

Class

A1A,

Series

2026-

44A,

4.84%

(TSFR3M+117bps),

4/15/41,

Callable

4/15/28

@

100

(b)

489,641

315,000

Sixth

Street

CLO

XIX,

Ltd.,

Class

A1R,

Series

2021-19A,

4.96%

(TSFR3M+128bps),

7/17/38,

Callable

7/17/27

@

100

(b)

315,158

475,000

Sixth

Street

CLO

XVIII,

Ltd.,

Class

A1R,

Series

2021-18A,

4.93%

(TSFR3M+125bps),

10/17/38,

Callable

10/17/27

@

100

(b)

475,438

401,000

Sixth

Street

CLO

XX,

Ltd.,

Class

A1R,

Series

2021-20A,

5.00%

(TSFR3M+132bps),

7/17/38,

Callable

7/17/27

@

100

(b)

401,802

250,000

Voya

CLO

2020-2,

Ltd.,

Class

A1RR,

Series

2020-2A,

4.99%

(TSFR3M+131bps),

1/20/38,

Callable

1/20/27

@

100

(b)

250,872

370,000

Voya

CLO

2024-1,

Ltd.,

Class

A1,

Series

2024-1A,

5.19%

(TSFR3M+152bps),

4/15/37,

Callable

7/15/26

@

100

(b)

370,000

600,000

Voya

CLO,

Ltd.,

Class

A1AR,

Series

2024-1AR

(TSFR3M+122bps),

7/15/39

(b)

599,997

Total

Collateralized

Mortgage

Obligations

(Cost

$42,655,702)

42,693,833

Collateralized

Mortgage-Backed

Securities

(2.4%):

124,637

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

ANM,

Series

2019-BPR,

3.11%,

11/5/32

(b)

119,845

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

30,000

BANK,

Class

A5,

Series

2019-BN21,

2.85%,

10/17/52,

Callable

10/15/29

@

100

$

28,018

34,000

Benchmark

Mortgage

Trust,

Class

A5,

Series

2018-B4,

4.12%,

7/15/51,

Callable

7/15/28

@

100

(c)

33,437

257,224

BLP

Commercial

Mortgage

Trust,

Class

A,

Series

2024-IND2,

4.97%

(TSFR1M+134bps),

3/15/41

(b)

257,434

151,000

BMP

Commercial  Mortgage

Trust,

Class

C,

Series

2024-MF23,

5.47%

(TSFR1M+184bps),

6/15/41

(b)

151,296

433,000

BMP

Commercial  Mortgage

Trust,

Class

A,

Series

2024-MF23,

5.00%

(TSFR1M+137bps),

6/15/41

(b)

433,262

214,000

BMP

Commercial  Mortgage

Trust,

Class

B,

Series

2024-MF23,

5.27%

(TSFR1M+164bps),

6/15/41

(b)

214,186

74,845

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-XL4,

5.42%

(TSFR1M+179bps),

2/15/39

(b)

74,978

965,972

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL5,

5.02%

(TSFR1M+139bps),

3/15/41

(b)

967,242

220,500

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-XL5,

5.32%

(TSFR1M+169bps),

3/15/41

(b)

220,843

292,600

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2024-XL5,

5.57%

(TSFR1M+194bps),

3/15/41

(b)

293,124

172,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2019-IMC,

4.97%

(TSFR1M+135bps),

4/15/34

(b)

171,599

113,000

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2019-IMC,

5.27%

(TSFR1M+165bps),

4/15/34

(b)

112,693

119,000

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2019-IMC,

5.57%

(TSFR1M+195bps),

4/15/34

(b)

118,630

1,074,371

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2025-SPOT,

5.07%

(TSFR1M+144bps),

4/15/40

(b)

1,074,865

386,230

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2025-SPOT,

5.37%

(TSFR1M+174bps),

4/15/40

(b)

386,534

561,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2026-ALOHA,

4.98%

(TSFR1M+135bps),

4/15/43

(b)

560,998

658,251

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2026-XL6,

4.83%

(TSFR1M+120bps),

3/15/43

(b)

658,237

90,419

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2026-XL6,

5.08%

(TSFR1M+145bps),

3/15/43

(b)

90,609

592,007

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-MDHS,

5.27%

(TSFR1M+164bps),

5/15/41

(b)

592,821

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

103

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

587,536

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL4,

5.07%

(TSFR1M+144bps),

2/15/39

(b)

$

588,586

704,324

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2026-LP3,

5.01%

(TSFR1M+138bps),

4/15/43

(b)

706,438

151,752

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-GPA3,

4.92%

(TSFR1M+129bps),

12/15/39

(b)

152,058

2,362,904

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2019-IMC,

4.67%

(TSFR1M+105bps),

4/15/34

(b)

2,359,244

162,000

BX

Mortgage

Trust,

Class

B,

Series

2021-PAC,

4.64%

(TSFR1M+101bps),

10/15/36

(b)

161,772

2,708,000

BX

Mortgage

Trust,

Class

A,

Series

2021-PAC,

4.43%

(TSFR1M+80bps),

10/15/36

(b)

2,707,143

210,000

BX

Mortgage

Trust,

Class

D,

Series

2021-PAC,

5.04%

(TSFR1M+141bps),

10/15/36

(b)

209,556

730,000

BX

Mortgage

Trust,

Class

E,

Series

2021-PAC,

5.69%

(TSFR1M+206bps),

10/15/36

(b)

728,478

216,000

BX

Mortgage

Trust,

Class

C,

Series

2021-PAC,

4.84%

(TSFR1M+121bps),

10/15/36

(b)

215,696

279,805

BX

Trust,

Class

A,

Series

2022-IND,

5.12%

(TSFR1M+149bps),

4/15/37

(b)

279,894

220,746

BX

Trust,

Class

B,

Series

2025-

ROIC,

5.02%

(TSFR1M+139bps),

3/15/30

(b)

220,170

530,000

BX

Trust,

Class

A,

Series

2025-

DIME,

4.78%

(TSFR1M+115bps),

2/15/35

(b)

528,044

493,254

BX

Trust,

Class

A,

Series

2026-CIP,

4.83%

(TSFR1M+120bps),

5/15/38,

Callable

5/15/28

@

100

(b)

494,115

1,917,306

BX

Trust,

Class

A,

Series

2025-

ROIC,

4.77%

(TSFR1M+114bps),

3/15/30

(b)

1,914,271

311,357

BX

Trust,

Class

C,

Series

2025-

ROIC,

5.17%

(TSFR1M+154bps),

3/15/30

(b)

310,545

352,800

BX

Trust,

Class

B,

Series

2022-IND,

5.57%

(TSFR1M+194bps),

4/15/37

(b)

353,019

79,800

BX

Trust,

Class

C,

Series

2022-IND,

5.92%

(TSFR1M+229bps),

4/15/37

(b)

79,874

809,166

BX

Trust,

Class

A,

Series

2024-

CNYN,

5.07%

(TSFR1M+144bps),

4/15/41

(b)

810,265

66,500

BX

Trust,

Class

D,

Series

2022-IND,

6.46%

(TSFR1M+284bps),

4/15/37

(b)

66,603

605,000

BX

Trust,

Class

A,

Series

2026-

ORBT,

5.03%

(TSFR1M+140bps),

7/15/43

(b)

605,000

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

108,500

BX

Trust,

Class

C,

Series

2024-

CNYN,

5.57%

(TSFR1M+194bps),

4/15/41

(b)

$

108,644

130,200

BX

Trust,

Class

B,

Series

2024-

CNYN,

5.32%

(TSFR1M+169bps),

4/15/41

(b)

130,375

194,000

BX

Trust,

Class

A,

Series

2025-TAIL,

5.03%

(TSFR1M+140bps),

6/15/35

(b)

194,350

404,000

CENT,

Class

A,

Series

2025-CITY,

5.09%,

7/10/40

(b)(c)

403,450

860,000

CSMC

Trust,

Class

D,

Series

2017-

PFHP,

5.92%

(TSFR1M+230bps),

12/15/30

(b)

795,627

157,000

DTP

Commercial

Mortgage

Trust,

Class

A,

Series

2023-STE2,

6.04%,

1/15/41

(b)(c)

157,440

310,000

ELP

Commercial

Mortgage

Trust,

Class

A,

Series

2025-ELP,

4.76%,

11/13/42

(b)(c)

305,966

762,653

Extended

Stay

America

Trust,

Class

A,

Series

2026-ESH2,

4.83%

(TSFR1M+120bps),

2/15/43

(b)

763,600

78,701

Extended

Stay

America

Trust,

Class

B,

Series

2026-ESH2,

5.03%

(TSFR1M+140bps),

2/15/43

(b)

78,930

77,051

Extended

Stay

America

Trust,

Class

C,

Series

2025-ESH,

5.48%

(TSFR1M+185bps),

10/15/42

(b)

77,437

158,917

Extended

Stay

America

Trust,

Class

B,

Series

2025-ESH,

5.23%

(TSFR1M+160bps),

10/15/42

(b)

159,409

905,345

Extended

Stay

America

Trust,

Class

A,

Series

2025-ESH,

4.93%

(TSFR1M+130bps),

10/15/42

(b)

907,460

53,404

Extended

Stay

America

Trust,

Class

C,

Series

2026-ESH2,

5.23%

(TSFR1M+160bps),

2/15/43

(b)

53,715

544,000

GS

Mortgage

Securities

Trust,

Class

A4,

Series

2020-GC47,

2.12%,

5/12/53,

Callable

5/12/30

@

100

495,383

280,000

INT

Commercial

Mortgage

Trust,

Class

A,

Series

2025-PLAZA,

5.04%,

11/5/37

(b)(c)

279,069

64,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

DFX,

Series

2018-WPT,

5.35%,

7/5/33

(b)

36,712

41,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

CFX,

Series

2018-WPT,

4.95%,

7/5/33

(b)

27,622

1,420,000

Life

Mortgage

Trust,

Class

A1,

Series

2022-BMR2,

4.92%

(TSFR1M+130bps),

5/15/39,

Callable

5/15/27

@

100

(b)

1,352,590

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

104

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

10,680

Life

Mortgage

Trust,

Class

C,

Series

2021-BMR,

4.84%

(TSFR1M+121bps),

3/15/38

(b)

$

10,480

70,000

Life

Mortgage

Trust,

Class

E,

Series

2021-BMR,

5.49%

(TSFR1M+186bps),

3/15/38

(b)

64,292

70,000

Life

Mortgage

Trust,

Class

D,

Series

2021-BMR,

5.14%

(TSFR1M+151bps),

3/15/38

(b)

65,446

855,000

Life

Mortgage

Trust,

Class

B,

Series

2022-BMR2,

5.42%

(TSFR1M+179bps),

5/15/39,

Callable

5/15/27

@

100

(b)

731,226

479,000

Life

Mortgage

Trust,

Class

C,

Series

2022-BMR2,

5.72%

(TSFR1M+209bps),

5/15/39,

Callable

5/15/27

@

100

(b)

404,871

426,000

Life

Mortgage

Trust,

Class

D,

Series

2022-BMR2,

6.17%

(TSFR1M+254bps),

5/15/39,

Callable

5/15/27

@

100

(b)

340,889

132,000

Morgan

Stanley

Capital

I

Trust,

Class

A4,

Series

2018-H4,

4.31%,

12/15/51,

Callable

12/15/28

@

100

130,211

140,000

PLYM

Commercial

Mortgage

Trust,

Class

C,

Series

2026-IND,

5.28%

(TSFR1M+165bps),

3/15/43

(b)

139,995

126,000

PLYM

Commercial

Mortgage

Trust,

Class

B,

Series

2026-IND,

5.08%

(TSFR1M+145bps),

3/15/43

(b)

126,044

775,000

PLYM

Commercial

Mortgage

Trust,

Class

A,

Series

2026-IND,

4.88%

(TSFR1M+125bps),

3/15/43

(b)

775,325

458,000

SHOPS

Commercial  Mortgage

Trust,

Class

A,

Series

2026-CSTL,

4.97%,

5/5/39

(b)(c)

454,870

112,000

TCO

Commercial

Mortgage

Trust,

Class

C,

Series

2024-DPM,

5.62%

(TSFR1M+199bps),

12/15/39

(b)

112,148

625,000

TCO

Commercial

Mortgage

Trust,

Class

A,

Series

2024-DPM,

4.87%

(TSFR1M+124bps),

12/15/39

(b)

625,256

152,000

TCO

Commercial

Mortgage

Trust,

Class

B,

Series

2024-DPM,

5.22%

(TSFR1M+159bps),

12/15/39

(b)

152,011

285,000

VLS

Commercial

Mortgage

Trust,

Class

A,

Series

2020-LAB,

2.13%,

10/10/42

(b)

243,029

20,000

VLS

Commercial

Mortgage

Trust,

Class

B,

Series

2020-LAB,

2.45%,

10/10/42

(b)

16,458

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

155,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

A5,

Series

2018-C48,

4.30%,

1/15/52,

Callable

12/15/28

@

100

$

153,051

Total

Collateralized

Mortgage-Backed

Securities

(Cost

$31,394,780)

30,924,803

Convertible

Bonds

(0.2%):

Electric

Utilities

(0.0%

†

):

241,000

PG&E

Corp,

4.25%,

12/1/27

244,986

Electrical

Components

&

Equipment

(0.0%

†

):

227,000

Eos

Energy

Enterprises,

Inc.,

1.75%,

12/1/31

(b)

170,982

Oil,

Gas

&

Consumable

Fuels

(0.1%):

143,000

Golar

LNG,

Ltd.,

2.75%,

12/15/30

(b)

163,248

308,000

Kosmos

Energy,

Ltd.,

3.13%,

3/15/30

223,868

387,116

Real

Estate

Management

&

Development

(0.0%

†

):

350,000

Redfin

Corp.,

0.50%,

4/1/27

339,436

Semiconductors

&

Semiconductor

Equipment

(0.0%

†

):

32,000

MKS,

Inc.,

1.25%,

6/1/30

93,826

41,000

ON

Semiconductor

Corp.,

0.00%,

5/1/27

74,681

168,507

Software

(0.1%):

168,000

Riot

Platforms,

Inc.,

0.75%,

1/15/30

336,650

246,000

Strategy,

Inc.,

0.00%,

12/1/29

210,249

106,000

Terawulf

,

Inc.,

0.00%,

5/1/32

(b)

155,708

702,607

Total

Convertible

Bonds

(Cost

$1,675,169)

2,013,634

Bank

Loans

(0.6%):

Automobile

Components

(0.0%

†

):

34,913

Blue

Compass

Term

B

1Ln,

8.15%

(Term

SOFR+450bps),

2/26/33

(b)

33,673

Building

Products

(0.0%

†

):

328,887

Cornerstone

Building

Brands

Term

B,

6.90%

(Term

SOFR+325bps),

4/12/28

(b)

199,635

19,846

Cornerstone

Building

Products

Term

1Ln,

9.28%

(Term

SOFR+562.5bps),

8/1/28

(b)

11,312

79,860

Cornerstone

Building

Products

Term

C

1Ln,

8.15%

(Term

SOFR+450bps),

5/15/31

(b)

40,569

251,516

Chemicals

(0.1%):

5,000

Angus

Chemical

Term

1Ln,

8.40%

(Term

SOFR+475bps),

11/24/27

(b)

4,575

121,000

Angus

Chemical

Term

2Ln,

11.40%

(Term

SOFR+775bps),

11/24/28

(b)

90,750

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

105

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Bank

Loans,

continued

Chemicals,

continued

$

306,765

Angus

Chemical

Term

B

1Ln,

7.65%

(Term

SOFR+400bps),

11/24/27

(b)

$

280,690

274,995

Hexion

Term

1Ln,

7.65%

(Term

SOFR+400bps),

3/15/29

(b)

265,428

97,500

Hexion

Term

2Ln,

11.09%

(Term

SOFR+743.75bps),

3/15/30

(b)

90,309

297,325

Lonza

Specialty

Ingredients

Term

B

1Ln,

7.58%

(Term

SOFR+392.5bps),

7/3/28

(b)

281,029

42,938

Natgasoline

Term

B

1Ln,

9.15%

(Term

SOFR

+

550bps),

3/29/30

(b)

42,831

134,332

Tronox

Term

B

1Ln,

6.15%

(Term

SOFR+250bps),

9/30/31

(b)

109,001

1,164,613

Commercial

Services

&

Supplies

(0.1%):

262,219

Brandsafway

Term

B

1Ln,

8.15%

(Term

SOFR+450bps),

8/1/30

(b)

204,476

101,000

Crash

Champions

Term

B

1Ln,

8.40%

(Term

SOFR+475bps),

2/23/29

(b)

94,037

89,344

Staples

Term

B

1Ln,

9.40%

(Term

SOFR+575bps),

9/4/29

(b)

82,876

90,000

TKC

Holdings

Term

1Ln,

8.15%

(Term

SOFR+450bps),

8/19/30

(b)

89,550

80,000

Vericast

Term

1Ln,

11.40%

(Term

SOFR+775bps),

6/15/30

(b)

79,300

550,239

Construction

&

Engineering

(0.0%

†

):

224,543

Artera

Services

Term

1Ln,

8.15%

(Term

SOFR+450bps),

2/15/31

(b)

197,986

Consumer

Staples

Distribution

&

Retail

(0.0%

†

):

89,550

C&S

Wholesale

Grocers

Term

B

1Ln,

8.65%

(Term

SOFR+500bps),

9/20/30

(b)

85,856

Containers

&

Packaging

(0.0%

†

):

165,000

Novolex

Term

1Ln,

6.83%

(Term

SOFR+317.5bps),

4/13/29

(b)

161,886

Diversified

Telecommunication

Services

(0.0%

†

):

7,938

Altice

Financing

Term

B

1Ln,

8.65%

(Term

SOFR+500bps),

10/31/27

(b)

5,934

24,000

Brightspeed

Term

B

1Ln,

8.65%

(Term

SOFR+500bps),

10/3/31

(b)

17,454

220,000

Brightspeed

Term

B-DD

1Ln,

7.90%

(Term

SOFR+425bps),

4/3/31

(b)

206,312

229,700

Electrical

Equipment

(0.0%

†

):

159,075

Esdec

Solar

Term

B

1Ln,

8.65%

(Term

SOFR+500bps),

8/30/28

(b)

80,599

Financial

Services

(0.0%

†

):

53,000

Team

Services

Term

B

1Ln,

8.90%

(Term

SOFR+525bps),

3/31/33

(b)

51,725

Principal

Amount

Value

Bank

Loans,

continued

Financial

Services,

continued

$

55,000

VCI

Asset

Holdings

3

LLC

Term

Tl,

10.53%

(Term

SOFR+687.5bps),

4/15/31

(b)

$

55,733

107,458

Health

Care

Providers

&

Services

(0.0%

†

):

78,566

Cano

Health

Term

Initial

Exchange

Term

Loans

1Ln,

13.65%

(Term

SOFR+1000bps),

6/28/29

(b)

11,384

55,000

Gentiva

Term

B

1Ln,

8.40%

(Term

SOFR+475bps),

6/11/31

(b)

54,902

66,286

Hotels,

Restaurants

&

Leisure

(0.1%):

211,747

M2S

Group

Term

B

1Ln,

8.40%

(Term

SOFR+475bps),

8/25/31

(b)

209,763

167,469

Sizzling

Platter

Term

1Ln,

8.65%

(Term

SOFR+500bps),

7/2/32

(b)

155,830

615

Sizzling

Platter

Term

DD

1Ln,

6.15%

(Term

SOFR+250bps),

7/2/32

(b)

572

6,545

Sizzling

Platter

Term

DD

1Ln,

6.15%

(Term

SOFR+250bps),

7/2/32+

(b)

6,090

166,836

The

Travel

Corp

Term

B

1Ln,

8.40%

(Term

SOFR+475bps),

10/31/31

(b)

155,574

448,954

United

Planet

Fitness

Term

1Ln,

7.65%

(Term

SOFR+400bps),

12/30/26

(b)

314,268

842,097

Household

Durables

(0.0%

†

):

198,920

Weber

Blackstone

Term

B

1Ln,

7.40%

(Term

SOFR+375bps),

10/1/32

(b)

196,256

Insurance

(0.0%

†

):

225,000

Asurion

Term

B14

1Ln,

7.40%

(Term

SOFR+375bps),

2/23/33

(b)

212,344

Interactive

Media

&

Services

(0.1%):

149,578

Constant

Contact

Term

B

1Ln,

7.65%

(Term

SOFR+400bps),

2/10/28

(b)

144,877

15,000

Constant

Contact,

Inc.

Term

B

2Ln,

11.15%

(Term

SOFR+750bps),

2/12/29

(b)

13,575

79,949

Internet

Brands

Term

B

1Ln,

7.90%

(Term

SOFR+425bps),

5/3/28

(b)

77,616

175,000

Yahoo

Term

B

1Ln,

10.15%

(Term

SOFR+650bps),

5/15/31

(b)

173,961

410,029

Leisure

Products

(0.0%

†

):

193,824

Club

Car

Term

1Ln,

7.65%

(Term

SOFR+400bps),

6/1/28

(b)

185,631

200,851

Traeger

Grills

Term

B

1Ln,

6.90%

(Term

SOFR+325bps),

6/29/28

(b)

188,912

374,543

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

106

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Bank

Loans,

continued

Media

(0.0%

†

):

$

99,471

COX

Media

Group

Term

B2

1Ln,

7.15%

(Term

SOFR+350bps),

6/18/29

(b)

$

89,634

165,000

Nielsen

Holdings

Term

B

1Ln,

8.65%

(Term

SOFR+500bps),

2/3/33

(b)

163,487

253,121

Metals

&

Mining

(0.0%

†

):

136,351

American

Rock

Salt

Term

1Ln,

7.65%

(Term

SOFR+400bps),

6/9/28

(b)

124,216

Oil,

Gas

&

Consumable

Fuels

(0.1%):

145,000

Consolidated

Energy

Term

1Ln,

8.40%

(Term

SOFR+475bps),

11/15/30

(b)

140,408

174,253

Consolidated

Energy

Term

B

1Ln,

8.15%

(Term

SOFR+450bps),

11/15/30

(b)

169,940

834,187

New

Fortress

Energy

Term

B

1Ln,

9.15%

(Term

SOFR+550bps),

10/30/28

(b)

491,478

801,826

Paper

&

Forest

Products

(0.0%

†

):

113,983

Ahlstrom

Term

B

1Ln,

7.90%

(Term

SOFR+425bps),

5/23/30

(b)

113,318

125,000

Mativ

Holdings

Term

B

1Ln,

8.15%

(Term

SOFR+450bps),

4/4/33

(b)

125,000

238,318

Passenger

Airlines

(0.0%

†

):

195,000

American

Airlines

Term

B

1Ln,

6.90%

(Term

SOFR+325bps),

5/29/33

(b)

192,401

Pharmaceuticals

(0.1%):

498,581

Bausch

Health

Term

B

1Ln,

9.90%

(Term

SOFR+625bps),

10/8/30

(b)

482,920

Software

(0.0%

†

):

399,995

Proofpoint

Term

B

1Ln,

6.65%

(Term

SOFR+300bps),

8/31/28

(b)

385,495

Specialty

Retail

(0.0%

†

):

79,892

Camping

World

Term

B

1Ln,

6.15%

(Term

SOFR+250bps),

6/3/28

(b)

75,928

60,000

Michaels

Term

1Ln,

8.65%

(Term

SOFR+500bps),

3/15/33

(b)

59,640

135,568

Technology

Hardware,

Storage

&

Peripherals

(0.0%

†

):

5,000

Bending

Spoons

US

Term

B

1Ln,

8.90%

(Term

SOFR+525bps),

3/7/31

(b)

4,905

Textiles,

Apparel

&

Luxury

Goods

(0.0%

†

):

10,000

Tory

Burch

Term

B

1Ln,

7.65%

(Term

SOFR

+

400bps),

4/30/31

(b)

9,952

Principal

Amount

Value

Bank

Loans,

continued

Trading

Companies

&

Distributors

(0.0%

†

):

$

183

US

LBM

Term

B

1Ln,

8.65%

(Term

SOFR+500bps),

6/6/31

(b)

$

163

Total

Bank

Loans

(Cost

$8,023,471)

7,593,966

Corporate

Bonds

(14.1%):

Aerospace

&

Defense

(0.2%):

1,145,000

Boeing

Co.

(The),

5.04%,

5/1/27,

Callable

3/1/27

@

100

1,149,084

145,000

Boeing

Co.

(The),

5.15%,

5/1/30,

Callable

2/1/30

@

100

146,623

165,000

Boeing

Co.

(The),

6.39%,

5/1/31,

Callable

3/1/31

@

100

175,161

176,000

Boeing

Co.

(The),

6.53%,

5/1/34,

Callable

2/1/34

@

100

191,327

100,000

Boeing

Co.

(The),

5.81%,

5/1/50,

Callable

11/1/49

@

100

98,831

266,000

Boeing

Co.

(The),

6.86%,

5/1/54,

Callable

11/1/53

@

100

296,925

180,000

BWX

Technologies,

Inc.,

4.13%,

6/30/28,

Callable

7/17/26

@

100

(b)

176,175

105,000

Carpenter

Technology

Corp.,

5.63%,

3/1/34,

Callable

3/1/29

@

102.81

(b)

104,869

240,000

TransDigm

,

Inc.,

6.38%,

3/1/29,

Callable

7/12/26

@

103.19

(b)

243,300

95,000

TransDigm

,

Inc.,

7.13%,

12/1/31,

Callable

12/1/26

@

103.56

(b)

98,206

160,000

TransDigm

,

Inc.,

6.38%,

5/31/33,

Callable

5/31/28

@

103.19

(b)

161,400

30,000

TransDigm

,

Inc.,

6.25%,

1/31/34,

Callable

8/31/28

@

103.13

(b)

30,562

110,000

TransDigm

,

Inc.,

6.75%,

1/31/34,

Callable

8/31/28

@

103.38

(b)

112,888

125,000

TransDigm

,

Inc.,

6.13%,

7/31/34,

Callable

2/15/29

@

103.06

(b)

124,688

3,110,039

Air

Freight

&

Logistics

(0.0%

†

):

93,000

Azul

Secured

Finance

LLP,

9.88%,

2/15/31,

Callable

2/15/28

@

104.94

(b)

89,280

45,000

Beacon

Mobility

Corp.,

7.25%,

8/1/30,

Callable

8/1/27

@

103.63

(b)

46,688

85,000

Rand

Parent

LLC,

8.50%,

2/15/30,

Callable

7/12/26

@

104.25

(b)

87,975

223,943

Automobile

Components

(0.0%

†

):

55,000

American

Axle

&

Manufacturing,

Inc.,

6.38%,

10/15/32,

Callable

10/15/28

@

103.19

(b)

54,794

95,000

American

Axle

&

Manufacturing,

Inc.,

7.75%,

10/15/33,

Callable

10/15/28

@

103.88

(b)

93,812

159,000

Champions

Financing,

Inc.,

8.75%,

2/15/29,

Callable

8/1/26

@

104.38

(b)

155,025

10,000

Clarios

Global

LP/

Clarios

US

Finance

Co.,

6.75%,

2/15/30,

Callable

2/15/27

@

103.38

(b)

10,300

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

107

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Automobile

Components,

continued

$

113,000

Clarios

Global

LP/

Clarios

US

Finance

Co.,

6.75%,

9/15/32,

Callable

9/15/28

@

103.38

(b)

$

115,260

102,000

Cooper

Standard

Automotive,

Inc.,

9.25%,

3/1/31,

Callable

3/1/28

@

104.63

(b)

102,765

50,000

ZF

North

America

Capital,

Inc.,

7.50%,

3/24/31,

Callable

1/24/31

@

100

(b)

50,312

75,000

ZF

North

America

Capital,

Inc.,

6.88%,

4/23/32,

Callable

2/23/32

@

100

(b)

73,688

655,956

Automobiles

(0.0%

†

):

195,000

Rivian

Holdings

LLC/Rivian

LLC/

Rivian

Automotive

LLC,

10.00%,

1/15/31,

Callable

1/15/28

@

105

(b)

194,025

Banks

(2.4%):

1,300,000

Bank

of

America

Corp.,

3.42%

(TSFR3M),

12/20/28,

Callable

12/20/27

@

100

1,279,010

980,000

Bank

of

America

Corp.,

2.30%

(SOFR),

7/21/32,

Callable

7/21/31

@

100

863,967

6,359,000

Bank

of

America

Corp.,

5.02%

(SOFR),

7/22/33,

Callable

7/22/32

@

100

6,368,825

75,000

Bank

of

America

Corp.,

6.25%

(H15T5Y),

12/31/99,

Callable

7/26/30

@

100

75,750

250,000

Capital

One

NA,

Series

BKNT,

5.97%

(USISOA05),

8/9/28

254,929

1,098,000

Citigroup,

Inc.,

4.30%,

11/20/26

1,096,651

1,156,000

Citigroup,

Inc.,

4.41%

(SOFR),

3/31/31,

Callable

3/31/30

@

100

1,140,229

2,635,000

Citigroup,

Inc.,

4.91%

(SOFR),

5/24/33,

Callable

5/24/32

@

100

2,619,235

100,000

Citigroup,

Inc.,

6.63%

(H15T5Y),

Callable

2/15/31

@

100

101,750

40,000

Citigroup,

Inc.,

Series

JJ,

6.50%

(H15T5Y),

12/31/99,

Callable

5/15/31

@

100

40,250

144,000

First-Citizens

Bank

&

Trust

Co.,

6.13%,

3/9/28

146,486

2,500,000

JPMorgan

Chase

&

Co.,

4.49%

(TSFR3M),

3/24/31,

Callable

3/24/30

@

100

2,478,868

181,000

JPMorgan

Chase

&

Co.,

2.96%

(TSFR3M),

5/13/31,

Callable

5/13/30

@

100

169,092

4,247,000

JPMorgan

Chase

&

Co.,

4.59%

(SOFR),

4/26/33,

Callable

4/26/32

@

100

4,184,429

937,000

JPMorgan

Chase

&

Co.,

4.91%

(SOFR),

7/25/33,

Callable

7/25/32

@

100

936,234

Principal

Amount

Value

Corporate

Bonds,

continued

Banks,

continued

$

633,000

JPMorgan

Chase

&

Co.,

5.57%

(SOFR),

4/22/36,

Callable

4/22/35

@

100

$

650,092

205,000

JPMorgan

Chase

&

Co.,

Series

PP,

6.10%

(H15T5Y),

12/31/99,

Callable

7/1/31

@

100

207,050

250,000

Morgan

Stanley

Bank

NA,

Series

BKNT,

4.79%

(SOFRINDX),

5/10/30,

Callable

5/10/29

@

100

250,212

436,000

Pacific

LifeCorp

,

5.13%,

1/30/43

(b)

400,329

724,000

Santander

Holdings

USA,

Inc.,

6.50%

(SOFR),

3/9/29,

Callable

3/9/28

@

100

743,103

90,000

Truist

Financial

Corp.,

Series

S,

6.25%

(H15T5Y),

12/31/99,

Callable

6/15/31

@

100

89,888

1,099,000

Wells

Fargo

&

Co.,

3.53%

(SOFR),

3/24/28,

Callable

3/24/27

@

100

1,090,554

2,645,000

Wells

Fargo

&

Co.,

4.48%

(TSFR3M),

4/4/31,

Callable

4/4/30

@

100,

MTN

2,611,226

2,221,000

Wells

Fargo

&

Co.,

5.15%

(SOFR),

4/23/31,

Callable

4/23/30

@

100

2,240,194

428,000

Wells

Fargo

&

Co.,

5.50%

(SOFR),

1/23/35,

Callable

1/23/34

@

100

435,625

637,000

Wells

Fargo

&

Co.,

5.61%

(SOFR),

4/23/36,

Callable

4/23/35

@

100

650,656

125,000

Wells

Fargo

&

Co.,

Series

GG,

6.13%

(H15T5Y),

12/31/99,

Callable

6/15/31

@

100

126,562

100,000

Western

Alliance

Bancorp,

5.92%

(TSFR3M),

6/15/31,

Callable

9/15/26

@

100

96,452

31,347,648

Biotechnology

(0.0%

†

):

275,000

Emergent

BioSolutions,

Inc.,

3.88%,

8/15/28,

Callable

7/17/26

@

100

(b)

254,375

Building

Products

(0.1%):

70,000

Builders

FirstSource

,

Inc.,

4.25%,

2/1/32,

Callable

8/1/26

@

102.13

(b)

65,188

160,000

Builders

FirstSource

,

Inc.,

6.75%,

5/15/35,

Callable

5/15/30

@

103.38

(b)

163,000

50,000

Camelot

Return

Merger

Sub,

Inc.,

8.75%,

8/1/28,

Callable

8/1/26

@

100

(b)

31,000

73,000

Carrier

Global

Corp.,

5.90%,

3/15/34,

Callable

12/15/33

@

100

76,704

45,000

Carrier

Global

Corp.,

6.20%,

3/15/54,

Callable

9/15/53

@

100

48,068

45,000

Cornerstone

Building

Brands,

Inc.,

9.50%,

8/15/29,

Callable

8/15/26

@

104.75

(b)

27,506

40,000

Resideo

Funding,

Inc.,

6.50%,

7/15/32,

Callable

7/15/27

@

103.25

(b)

40,200

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

108

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Building

Products,

continued

$

145,000

Standard

Building

Solutions,

Inc.,

6.25%,

8/1/33,

Callable

8/1/28

@

103.13

(b)

$

143,731

70,000

Standard

Building

Solutions,

Inc.,

5.88%,

3/15/34,

Callable

3/15/29

@

102.94

(b)

67,375

662,772

Capital

Markets

(1.5%):

120,000

BCPE

Flavor

Debt

Merger

Sub

LLC

and

BCPE

Flavor

Issuer,

Inc.,

9.50%,

7/1/32,

Callable

7/1/28

@

104.75

(b)

113,400

900,000

Blackstone

Private

Credit

Fund,

7.30%,

11/27/28,

Callable

10/27/28

@

100

927,667

155,000

FS

KKR

Capital

Corp.,

7.50%,

8/1/31,

Callable

5/1/31

@

100

155,552

2,880,000

Goldman

Sachs

Group,

Inc.

(The),

3.80%,

3/15/30,

Callable

12/15/29

@

100

2,782,970

1,263,000

Goldman

Sachs

Group,

Inc.

(The),

2.38%

(SOFR),

7/21/32,

Callable

7/21/31

@

100

1,112,735

3,062,000

Goldman

Sachs

Group,

Inc.

(The),

3.10%

(SOFR),

2/24/33,

Callable

2/24/32

@

100

2,766,998

128,000

Goldman

Sachs

Group,

Inc.

(The),

6.75%,

10/1/37

139,484

1,452,000

HPS

Corporate

Lending

Fund,

5.45%,

1/14/28,

Callable

12/14/27

@

100

1,445,923

462,000

Hut

8

Dc

LLC,

6.19%,

11/15/42,

Callable

5/15/42

@

100

(b)

467,432

142,000

Jefferies

Finance

LLC

/

JFIN

Co-Issuer

Corp.,

5.00%,

8/15/28,

Callable

8/1/26

@

101.25

(b)

136,770

160,000

Jefferies

Finance

LLC

/

JFIN

Co-

Issuer

Corp.,

6.63%,

10/15/31,

Callable

10/15/27

@

103.31

(b)

156,892

2,534,000

Morgan

Stanley,

3.62%

(SOFR),

4/1/31,

Callable

4/1/30

@

100

2,429,683

483,000

Morgan

Stanley,

5.19%

(SOFR),

4/17/31,

Callable

4/17/30

@

100

486,974

184,000

Morgan

Stanley,

4.81%

(SOFRINDX),

4/16/32,

Callable

4/16/31

@

100

182,687

2,236,000

Morgan

Stanley,

4.89%

(SOFR),

7/20/33,

Callable

7/20/32

@

100

2,221,055

1,700,000

Morgan

Stanley,

6.34%

(SOFR),

10/18/33,

Callable

10/18/32

@

100

1,811,789

383,000

Morgan

Stanley,

5.66%

(SOFR),

4/17/36,

Callable

4/17/35

@

100

392,434

547,000

MSCI,

Inc.,

5.25%,

9/1/35,

Callable

6/1/35

@

100

535,667

143,000

MSCI,

Inc.,

5.15%,

3/15/36,

Callable

12/15/35

@

100

138,387

Principal

Amount

Value

Corporate

Bonds,

continued

Capital

Markets,

continued

$

135,000

Olympus

Water

US

Holding

Corp.,

6.75%,

8/1/32,

Callable

8/1/28

@

103.38

(b)

$

131,794

125,000

Olympus

Water

US

Holding

Corp.,

7.25%,

2/15/33,

Callable

10/1/28

@

103.63

(b)

123,594

140,000

OT

Midco,

Inc.,

10.00%,

2/15/30,

Callable

2/15/27

@

105

(b)

56,000

300,000

Pine

Street

Trust

II,

5.57%,

2/15/49,

Callable

8/15/48

@

100

(b)

280,009

308,000

Sixth

Street

Specialty

Lending,

Inc.,

6.13%,

3/1/29,

Callable

2/1/29

@

100

310,778

19,306,674

Chemicals

(0.2%):

313,909

Advancion

Sciences,

Inc.,

9.25%,

11/1/26,

Callable

8/1/26

@

100

(b)

250,342

249,000

Celanese

US

Holdings

LLC,

7.35%,

11/15/28,

Callable

10/15/28

@

100

259,583

405,000

Celanese

US

Holdings

LLC,

7.55%,

11/15/30,

Callable

9/15/30

@

100

429,300

150,000

Celanese

US

Holdings

LLC,

6.75%,

4/15/33,

Callable

4/15/28

@

103.38^

152,648

291,000

Celanese

US

Holdings

LLC,

7.70%,

11/15/33,

Callable

8/15/33

@

100

311,006

240,000

Celanese

US

Holdings

LLC,

7.38%,

2/15/34,

Callable

2/15/29

@

103.69

247,500

132,000

Chemours

Co.

(The),

5.75%,

11/15/28,

Callable

7/12/26

@

100.96

(b)

131,175

30,000

Chemours

Co.

(The),

4.63%,

11/15/29,

Callable

8/1/26

@

101.16

(b)

28,500

125,000

Chemours

Co.

(The),

8.00%,

1/15/33,

Callable

1/15/28

@

104

(b)

126,406

100,000

Chemours

Co.

(The),

7.88%,

3/15/34,

Callable

3/15/29

@

103.94

(b)

100,375

81,980

GPD

Cos.,

Inc.,

12.50%,

12/31/29,

Callable

8/1/26

@

106.25

(b)

55,849

146,000

Mativ

Holdings,

Inc.,

8.00%,

10/1/29,

Callable

10/1/26

@

104

(b)

144,540

90,000

Methanex

US

Operations,

Inc.,

6.25%,

3/15/32,

Callable

9/15/31

@

100

(b)

91,125

75,000

Olin

Corp.,

5.63%,

8/1/29,

Callable

8/1/26

@

100.94

74,344

270,000

Olin

Corp.,

6.63%,

4/1/33,

Callable

4/1/28

@

103.31

(b)

266,625

85,000

Perimeter

Holdings

LLC,

6.25%,

1/15/34,

Callable

1/15/29

@

103.13

(b)

84,575

187,000

Tronox,

Inc.,

4.63%,

3/15/29,

Callable

8/1/26

@

100

(b)

130,900

50,000

WR

Grace

Holdings

LLC,

6.63%,

8/15/32,

Callable

8/15/28

@

103.31

(b)

48,437

2,933,230

Commercial

Services

&

Supplies

(0.1%):

75,000

ADT

Security

Corp.

(The),

5.88%,

10/15/33,

Callable

10/15/32

@

100

(b)

73,594

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

109

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Commercial

Services

&

Supplies,

continued

$

45,000

CoreCivic

,

Inc.,

8.25%,

4/15/29,

Callable

8/1/26

@

104.13

$

46,800

85,000

GEO

Group,

Inc.

(The),

8.63%,

4/15/29,

Callable

7/12/26

@

104.31

88,506

90,000

GEO

Group,

Inc.

(The),

10.25%,

4/15/31,

Callable

4/15/27

@

105.13

97,087

155,000

GFL

Environmental

Holdings

U.S.,

Inc.,

5.63%,

7/1/31,

Callable

7/1/28

@

102.81

(b)

155,000

40,000

GFL

Environmental

Holdings

U.S.,

Inc.,

5.50%,

2/1/34,

Callable

2/1/29

@

102.75

(b)

39,050

45,000

JH

North

America

Holdings,

Inc.,

6.13%,

7/31/32,

Callable

7/31/28

@

103.06

(b)

45,225

50,000

Reworld

Holding

Corp.,

4.88%,

12/1/29,

Callable

8/1/26

@

101.22

(b)

47,625

85,000

Williams

Scotsman,

Inc.,

6.63%,

4/15/30,

Callable

4/15/27

@

103.31

(b)

87,444

680,331

Construction

&

Engineering

(0.1%):

165,000

AECOM,

6.00%,

8/1/33,

Callable

8/1/28

@

103

(b)

165,206

421,000

Artera

Services

LLC,

8.50%,

2/15/31,

Callable

2/15/27

@

104.25^

(b)

378,900

180,000

Brand

Industrial

Services,

Inc.,

10.38%,

8/1/30,

Callable

8/1/26

@

105.19

(b)

146,700

160,000

Composecure

Holdings

LLC,

5.63%,

2/1/33,

Callable

2/1/29

@

102.81

(b)

155,600

105,000

Global

Infrastructure

Solutions,

Inc.,

6.38%,

7/15/34,

Callable

7/15/29

@

103.19

(b)

105,525

50,000

Granite

Construction,

Inc.,

6.38%,

6/15/34,

Callable

6/15/29

@

103.19

(b)

50,938

1,002,869

Construction

Materials

(0.0%

†

):

75,000

Ameritex

Holdco

Intermediate

LLC,

7.63%,

8/15/33,

Callable

8/15/28

@

103.81

(b)

78,375

95,000

Quikrete

Holdings,

Inc.,

6.38%,

3/1/32,

Callable

3/1/28

@

103.19

(b)

96,781

175,156

Consumer

Finance

(0.4%):

1,000,000

Ally

Financial,

Inc.,

7.10%,

11/15/27,

Callable

10/15/27

@

100

1,029,559

295,000

Ally

Financial,

Inc.,

6.65%

(H15T5Y),

1/17/40,

Callable

10/19/34

@

100

290,033

100,000

Ally

Financial,

Inc.,

Series

D,

7.10%

(H15T5Y),

12/31/99,

Callable

8/15/31

@

100

102,433

150,000

Ally

Financial,

Inc.,

Series

C,

4.70%

(H15T7Y),

Callable

5/15/28

@

100

146,170

Principal

Amount

Value

Corporate

Bonds,

continued

Consumer

Finance,

continued

$

738,000

Capital

One

Financial

Corp.,

3.27%

(SOFR),

3/1/30,

Callable

3/1/29

@

100

$

708,876

200,000

Ford

Motor

Credit

Co.

LLC,

4.97%,

4/6/29,

Callable

3/6/29

@

100

198,011

105,000

Navient

Corp.,

5.00%,

3/15/27,

Callable

9/15/26

@

100

104,213

55,000

Navient

Corp.,

4.88%,

3/15/28,

Callable

6/15/27

@

100

53,969

45,000

Navient

Corp.,

5.50%,

3/15/29,

Callable

6/15/28

@

100

43,088

40,000

Navient

Corp.,

9.38%,

10/15/31,

Callable

7/15/31

@

100

39,850

88,000

Navient

Corp.,

7.88%,

6/15/32,

Callable

9/15/31

@

100

82,500

180,000

OneMain

Finance

Corp.,

4.00%,

9/15/30,

Callable

8/1/26

@

102

166,050

120,000

OneMain

Finance

Corp.,

7.13%,

9/15/32,

Callable

6/15/28

@

103.56

121,800

45,000

OneMain

Finance

Corp.,

6.50%,

3/15/33,

Callable

9/15/28

@

103.25

44,156

40,000

OneMain

Finance

Corp.,

6.75%,

9/15/33,

Callable

12/15/28

@

103.38

39,550

65,000

SLM

Corp.,

6.50%,

1/31/30,

Callable

12/31/29

@

100

65,975

85,000

SLM

Corp.,

6.50%

(SOFRINDX),

5/15/32,

Callable

5/15/31

@

100

84,681

100,000

Smyrna

Ready

Mix

Concrete

LLC,

6.00%,

11/1/28,

Callable

8/1/26

@

101

(b)

100,125

100,000

Smyrna

Ready

Mix

Concrete

LLC,

8.88%,

11/15/31,

Callable

11/15/26

@

104.44

(b)

105,250

1,303,000

Synchrony

Financial,

3.95%,

12/1/27,

Callable

9/1/27

@

100

1,289,739

4,816,028

Consumer

Staples

Distribution

&

Retail

(0.1%):

70,000

Albertsons

Cos.,  Inc./Safeway,

Inc./

New

Albertsons

LP/Albertsons

LLC,

5.63%,

3/31/32,

Callable

3/31/28

@

102.81

(b)

67,550

210,000

Albertsons

Cos.,

Inc./Safeway,

Inc./

New

Albertsons

LP/Albertsons

LLC,

5.75%,

3/31/34,

Callable

11/15/28

@

102.88

(b)

199,500

5,000

Avis

Budget

Car

Rental

LLC/

Avis

Budget

Finance,

Inc.,

8.00%,

2/15/31,

Callable

11/15/26

@

104

(b)

5,044

85,000

Avis

Budget

Car

Rental

LLC/

Avis

Budget

Finance,

Inc.,

8.38%,

6/15/32,

Callable

6/15/28

@

104.19

(b)

85,637

65,000

C&S

Group

Enterprises

LLC,

5.00%,

12/15/28,

Callable

8/1/26

@

100

(b)

61,100

30,000

Kehe

Distributors

LLC

Kehe

Finance

Corp.

Nextwa

,

7.13%,

4/30/33,

Callable

4/30/29

@

103.56

(b)

30,525

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

110

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Consumer

Staples

Distribution

&

Retail,

continued

$

100,000

KeHE

Distributors

LLC/

KeHE

Finance

Corp./

NextWave

Distribution,

Inc.,

9.00%,

2/15/29,

Callable

8/1/26

@

104.5

(b)

$

104,750

40,000

Performance

Food

Group,

Inc.,

6.13%,

9/15/32,

Callable

9/15/27

@

103.06

(b)

40,450

95,000

Performance

Food

Group,

Inc.,

5.63%,

3/1/34,

Callable

3/1/29

@

102.81

(b)

92,981

310,000

US

Foods,

Inc.,

4.63%,

6/1/30,

Callable

8/1/26

@

101.16

(b)

302,250

70,000

US

Foods,

Inc.,

7.25%,

1/15/32,

Callable

9/15/26

@

103.63

(b)

72,538

1,062,325

Containers

&

Packaging

(0.0%

†

):

160,000

Ardagh

Metal

Packaging

Finance

USA

LLC/Ardagh

Metal

Packaging

Finance

plc,

6.25%,

1/30/31,

Callable

12/1/27

@

103.13

(b)

161,600

77,000

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%,

4/15/30,

Callable

8/1/26

@

102.19

(b)

75,941

95,000

Clydesdale

Acquisition

Holdings,

Inc.,

6.75%,

4/15/32,

Callable

4/15/28

@

103.38

(b)

91,913

100,000

Crown

Americas

LLC,

5.88%,

6/1/33,

Callable

6/1/28

@

102.94

100,625

60,000

Graphic

Packaging

International

LLC,

3.75%,

2/1/30,

Callable

8/1/29

@

100

(b)

56,250

95,000

Graphic

Packaging

International

LLC,

6.38%,

7/15/32,

Callable

5/15/27

@

103.19^

(b)

95,831

582,160

Distributors

(0.0%

†

):

55,000

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.,

4.63%,

4/1/30,

Callable

8/1/26

@

101.16

(b)

52,181

45,000

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.,

6.88%,

8/1/33,

Callable

8/1/28

@

103.44

(b)

44,550

96,731

Diversified

Consumer

Services

(0.0%

†

):

70,000

Champions

Financing,

Inc.,

8.45%,

2/23/29

65,207

205,000

Sotheby's,

8.25%,

4/15/31,

Callable

4/30/28

@

104.13

(b)

203,975

70,000

Sotheby's/

Bidfair

Holdings,

Inc.,

5.88%,

6/1/29,

Callable

8/1/26

@

100

(b)

66,150

258,000

StoneMor

,

Inc.,

8.50%,

5/15/29,

Callable

8/1/26

@

100

(b)

253,485

588,817

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

REITs

(0.1%):

$

210,000

CBRE

Services,

Inc.,

2.50%,

4/1/31,

Callable

1/1/31

@

100

$

188,069

30,000

CTR

Partnership

LP/

CareTrust

Capital

Corp.,

3.88%,

6/30/28,

Callable

3/30/28

@

100

(b)

29,250

166,000

Rd

Michigan

Property

Owner

I

LLC,

7.50%,

3/30/45,

Callable

4/30/29

@

100

(b)

165,160

96,000

Store

Capital

LLC,

4.63%,

3/15/29,

Callable

12/15/28

@

100

94,917

1,277,000

Store

Capital

LLC,

2.75%,

11/18/30,

Callable

8/18/30

@

100

1,152,181

100,000

SV

RNO

Property

Owner

1

LLC,

5.88%,

3/1/31,

Callable

3/1/28

@

102.94

(b)

98,500

66,000

WP

Carey,

Inc.,

3.85%,

7/15/29,

Callable

4/15/29

@

100

64,489

1,792,566

Diversified

Telecommunication

Services

(0.4%):

120,000

APLD

Compute

Co.

2

LLC,

6.75%,

3/15/31,

Callable

3/15/28

@

103.38

(b)

120,450

310,000

APLD

Compute

Co.

LLC,

9.25%,

12/15/30,

Callable

12/15/27

@

104.63

(b)

334,413

71,000

Black

Pearl

Compute

LLC,

6.13%,

2/15/31,

Callable

2/15/28

@

103.06

(b)

71,976

145,000

Cogent

Communications

Group

LLC/Cogent

Finance,

Inc.,

7.00%,

6/15/27,

Callable

8/1/26

@

100^

(b)

143,912

230,000

Cogent

Communications

Group

LLC/Cogent

Finance,

Inc.,

7.00%,

6/15/27,

Callable

7/12/26

@

100

(b)

227,988

8,000

Level

3

Financing,

Inc.,

3.75%,

7/15/29,

Callable

8/1/26

@

100

(b)

7,720

135,000

Level

3

Financing,

Inc.,

6.88%,

6/30/33,

Callable

6/30/28

@

103.44

(b)

138,375

105,000

Level

3

Financing,

Inc.,

7.00%,

3/31/34,

Callable

8/31/28

@

103.5

(b)

108,281

190,000

Level

3

Financing,

Inc.,

8.50%,

1/15/36,

Callable

1/15/31

@

104.25

(b)

203,775

100,000

Level

3

Financing,

Inc.,

7.50%,

2/15/37,

Callable

8/15/31

@

103.75

(b)

102,375

1,020,000

Space

Exploration

Technologies

Corp.,

5.35%,

7/15/31,

Callable

6/15/31

@

100

(b)

1,016,558

1,427,000

Space

Exploration

Technologies

Corp.,

5.65%,

7/15/33,

Callable

5/15/33

@

100

(b)

1,416,333

165,000

Uniti

Group

LP/

Uniti

Fiber

Holdings,

Inc./CSL

Capital

LLC,

6.00%,

1/15/30,

Callable

8/1/26

@

101.5

(b)

161,081

185,000

Uniti

Group

LP/

Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

6.50%,

2/15/29,

Callable

7/12/26

@

100

(b)

183,381

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

111

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

Telecommunication

Services,

continued

$

305,000

Uniti

Group

LP/

Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

8.63%,

6/15/32,

Callable

6/15/28

@

104.31

(b)

$

318,725

105,000

Uniti

Group

LP/

Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

8.63%,

6/15/32,

Callable

6/15/28

@

104.31

(b)

109,856

4,665,199

Electric

Utilities

(0.5%):

133,000

AEP

Texas,

Inc.,

Series

Q,

5.20%,

4/15/36,

Callable

1/15/36

@

100

131,302

75,000

Alpha

Generation

LLC,

6.75%,

10/15/32,

Callable

10/15/27

@

103.38

(b)

76,312

190,000

Alpha

Generation

LLC,

6.25%,

1/15/34,

Callable

10/15/28

@

103.13

(b)

186,438

165,000

Cleco

Corporate

Holdings

LLC,

3.38%,

9/15/29,

Callable

6/15/29

@

100

154,564

54,000

Duquesne

Light

Holdings,

Inc.,

2.53%,

10/1/30,

Callable

7/1/30

@

100

(b)

48,310

638,000

Duquesne

Light

Holdings,

Inc.,

2.78%,

1/7/32,

Callable

10/7/31

@

100

(b)

560,655

75,000

Edison

International,

6.25%,

3/15/30,

Callable

2/15/30

@

100

77,053

72,000

Edison

International,

4.80%,

3/15/31,

Callable

2/15/31

@

100

70,057

65,000

Edison

International,

8.13%

(H15T5Y),

6/15/53,

Callable

3/15/28

@

100

66,625

70,000

Edison

International,

7.88%

(H15T5Y),

6/15/54,

Callable

3/15/29

@

100

71,838

173,000

Exelon

Corp.,

2.75%,

3/15/27,

Callable

2/15/27

@

100

171,116

1,075,000

Exelon

Corp.,

4.05%,

4/15/30,

Callable

1/15/30

@

100

1,046,449

210,000

Exelon

Corp.,

3.35%,

3/15/32,

Callable

12/15/31

@

100

194,140

65,000

Hawaiian

Electric

Co.,

Inc.,

6.00%,

10/1/33,

Callable

10/1/28

@

103

(b)

64,188

180,000

NRG

Energy,

Inc.,

5.75%,

1/15/28,

Callable

7/17/26

@

100

180,000

40,000

NRG

Energy,

Inc.,

3.63%,

2/15/31,

Callable

7/12/26

@

101.81

(b)

37,155

95,000

NRG

Energy,

Inc.,

5.75%,

1/15/34,

Callable

10/15/28

@

102.88

(b)

94,288

45,000

NRG

Energy,

Inc.,

5.88%,

5/15/34,

Callable

5/15/29

@

102.94

(b)

44,775

55,000

NRG

Energy,

Inc.,

6.25%,

11/1/34,

Callable

11/1/29

@

103.13

(b)

55,687

95,000

NRG

Energy,

Inc.,

6.00%,

1/15/36,

Callable

10/15/30

@

103

(b)

94,762

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

50,000

NRG

Energy,

Inc.,

6.13%,

5/15/36,

Callable

5/15/31

@

103.06

(b)

$

49,937

2,000

Pacific

Gas

And

Electric

Co.,

5.20%,

5/1/36,

Callable

2/1/36

@

100

1,943

14,000

Pacific

Gas

And

Electric

Co.,

6.00%,

5/1/56,

Callable

11/1/55

@

100

13,377

105,000

PacifiCorp,

7.38%

(H15T5Y),

9/15/55,

Callable

6/17/30

@

100

106,050

114,000

PG&E

Corp,

7.38%

(H15T5Y),

3/15/55,

Callable

12/15/29

@

100

115,995

140,000

PG&E

Corp.,

5.00%,

7/1/28,

Callable

7/12/26

@

100

138,600

305,000

PG&E

Corp.,

5.25%,

7/1/30,

Callable

7/12/26

@

101.75

299,663

118,000

PG&E

Corp.,

6.85%

(H15T5Y),

9/15/56,

Callable

6/15/31

@

100

117,557

140,000

Puget

Energy,

Inc.,

4.10%,

6/15/30,

Callable

3/15/30

@

100

134,905

714,000

Puget

Energy,

Inc.,

4.22%,

3/15/32,

Callable

12/15/31

@

100

682,590

164,000

Sierra

Pacific

Power

Co.,

6.38%

(H15T5Y),

9/15/56,

Callable

6/17/31

@

100

163,385

260,000

Southwestern

Electric

Power

Co.,

5.30%,

4/1/33,

Callable

1/1/33

@

100

263,359

215,000

Southwestern

Electric

Power

Co.,

5.20%,

4/1/36,

Callable

1/1/36

@

100

212,137

15,000

XPLR

Infrastructure

Operating

Partners

LP,

7.25%,

1/15/29,

Callable

10/15/28

@

100

(b)

15,506

105,000

XPLR

Infrastructure

Operating

Partners

LP,

8.38%,

1/15/31,

Callable

9/15/27

@

104.19

(b)

111,694

123,000

XPLR

Infrastructure

Operating

Partners

LP,

8.63%,

3/15/33,

Callable

3/15/28

@

104.31

(b)

131,917

160,000

XPLR

Infrastructure

Operating

Partners

LP,

7.75%,

4/15/34,

Callable

4/15/29

@

103.88

(b)

168,200

6,152,529

Electronic

Equipment,

Instruments

&

Components

(0.0%

†

):

120,000

Coherent

Corp.,

5.00%,

12/15/29,

Callable

7/12/26

@

101.25

(b)

118,050

195,000

Wrangler

Holdco

Corp.,

6.63%,

4/1/32,

Callable

4/1/27

@

103.31

(b)

199,631

135,000

Wulf

Compute

LLC,

7.75%,

10/15/30,

Callable

10/15/27

@

103.88

(b)

141,750

459,431

Energy

Equipment

&

Services

(0.0%

†

):

160,000

Archrock

Services

LP/

Archrock

Partners

Finance

Corp.,

6.00%,

2/1/34,

Callable

2/1/29

@

103

(b)

158,600

45,000

Kodiak

Gas

Services

LLC,

6.50%,

10/1/33,

Callable

10/1/28

@

103.25

(b)

45,563

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

112

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Energy

Equipment

&

Services,

continued

$

70,000

Kodiak

Gas

Services

LLC,

6.75%,

10/1/35,

Callable

10/1/30

@

103.38

(b)

$

71,837

80,000

Oceaneering

International,

Inc.,

6.88%,

7/15/34,

Callable

7/15/29

@

103.44

(b)

81,100

40,000

Star

Holding

LLC,

8.75%,

8/1/31,

Callable

8/1/27

@

104.38

(b)

40,200

397,300

Entertainment

(0.0%

†

):

110,000

OAK-Eagle

Acquireco

,

Inc.,

7.25%,

7/1/33,

Callable

7/1/29

@

103.63

(b)

114,950

110,000

OAK-Eagle

Acquireco

,

Inc.,

8.75%,

7/1/34,

Callable

7/1/29

@

104.38

(b)

116,738

231,688

Financial

Services

(0.6%):

421,000

Ares

Strategic

Income

Fund,

5.45%,

9/9/28,

Callable

8/9/28

@

100

419,062

340,000

Ares

Strategic

Income

Fund,

5.80%,

9/9/30,

Callable

8/9/30

@

100

334,879

55,000

Block,

Inc.,

5.63%,

8/15/30,

Callable

8/15/27

@

102.81

(b)

55,069

40,000

Block,

Inc.,

3.50%,

6/1/31,

Callable

3/1/31

@

100

36,850

180,000

Block,

Inc.,

6.50%,

5/15/32,

Callable

5/15/27

@

103.25

183,825

105,000

Block,

Inc.,

6.00%,

8/15/33,

Callable

8/15/28

@

103

(b)

105,656

91,000

Burford

Capital

Global

Finance

LLC,

7.50%,

7/15/33,

Callable

7/15/28

@

103.75^

(b)

76,895

824,000

Corebridge

Financial,

Inc.,

3.65%,

4/5/27,

Callable

3/5/27

@

100

818,777

339,000

Corebridge

Financial,

Inc.,

3.85%,

4/5/29,

Callable

2/5/29

@

100

330,577

404,000

Corebridge

Financial,

Inc.,

3.90%,

4/5/32,

Callable

1/5/32

@

100

379,368

271,000

Corebridge

Financial,

Inc.,

6.05%,

9/15/33,

Callable

6/15/33

@

100

283,163

92,000

Corebridge

Financial,

Inc.,

4.35%,

4/5/42,

Callable

10/5/41

@

100

77,285

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)

89,438

590,000

Equitable

Holdings,

Inc.,

4.57%,

2/15/29,

Callable

11/15/28

@

100

(b)

582,962

518,000

Grand

River

Funding

Trust

I,

6.31%,

2/15/36,

Callable

11/15/35

@

100

(b)

519,126

23,000

HA

Sustainable

Infrastructure

Capital,

Inc.,

5.95%,

7/15/33,

Callable

5/15/33

@

100

(b)

23,086

132,000

HA

Sustainable

Infrastructure

Capital,

Inc.,

6.00%,

3/15/36,

Callable

12/15/35

@

100

130,185

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services,

continued

$

101,000

HA

Sustainable

Infrastructure

Capital,

Inc.,

8.00%

(H15T5Y),

6/1/56,

Callable

3/1/31

@

100

$

106,555

71,000

HA

Sustainable

Infrastructure

Capital,

Inc.,

7.13%

(H15T5Y),

11/15/56,

Callable

8/17/31

@

100

71,773

40,000

Hightower

Holding

LLC,

6.75%,

4/15/29,

Callable

8/1/26

@

100

(b)

39,700

460,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

5.25%,

5/15/27,

Callable

11/15/26

@

100

453,100

35,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

10.00%,

11/15/29,

Callable

5/15/29

@

100

(b)

34,475

35,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

9.00%,

6/15/30,

Callable

12/15/29

@

100

32,637

358,000

Jackson

Financial,

Inc.,

5.17%,

6/8/27,

Callable

5/8/27

@

100

359,341

91,000

Jackson

Financial,

Inc.,

3.13%,

11/23/31,

Callable

8/23/31

@

100

81,493

386,000

Jackson

Financial,

Inc.,

5.67%,

6/8/32,

Callable

3/8/32

@

100

387,631

125,000

Jane

Street

Group/JSG

Finance,

Inc.,

6.13%,

11/1/32,

Callable

11/1/27

@

103.06

(b)

125,000

190,000

Jane

Street

Group/JSG

Finance,

Inc.,

6.75%,

5/1/33,

Callable

5/1/28

@

103.38

(b)

195,225

40,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.,

4.75%,

6/15/29,

Callable

8/1/26

@

100

(b)

39,050

65,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.,

7.00%,

7/15/31,

Callable

7/15/27

@

103.5

(b)

67,356

125,000

LFS

Topco

LLC,

8.75%,

7/15/30,

Callable

7/15/27

@

104.38

(b)

125,312

505,000

Sixth

Street

Lending

Partners,

6.13%,

7/15/30,

Callable

6/15/30

@

100

507,316

251,000

Sumisho

Air

Lease

Corp.,

4.40%,

3/24/28

(b)

249,270

249,000

Sumisho

Air

Lease

Corp.,

4.50%,

3/24/29,

Callable

2/24/29

@

100

(b)

246,888

312,000

Sumisho

Air

Lease

Corp.,

4.85%,

3/24/31,

Callable

2/24/31

@

100

(b)

308,454

80,000

Toucan

FinCo

.,

Ltd./Toucan

FinCo

.

Can,

Inc./Toucan

FinCo

.

US

LLC,

9.50%,

5/15/30,

Callable

5/15/27

@

104.75

(b)

75,400

65,000

Walker

&

Dunlop,

Inc.,

6.63%,

4/1/33,

Callable

4/1/28

@

103.31

(b)

65,894

8,018,073

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

113

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Food

Products

(0.2%):

$

5,000

B&G

Foods,

Inc.,

5.25%,

9/15/27

$

5,000

154,000

JBS

USA

Food

Co.,

3.63%,

1/15/32,

Callable

1/15/27

@

101.81

(b)

138,645

175,000

Lamb

Weston

Holdings,

Inc.,

4.38%,

1/31/32,

Callable

1/31/27

@

102.19

(b)

164,062

538,000

Mars,

Inc.,

4.80%,

3/1/30,

Callable

2/1/30

@

100

(b)

539,583

404,000

Mars,

Inc.,

5.00%,

3/1/32,

Callable

1/1/32

@

100

(b)

406,439

336,000

Mars,

Inc.,

5.20%,

3/1/35,

Callable

12/1/34

@

100

(b)

337,238

250,000

Post

Holdings,

Inc.,

6.38%,

3/1/33,

Callable

9/1/27

@

103.19

(b)

247,500

65,000

Post

Holdings,

Inc.,

6.25%,

10/15/34,

Callable

10/15/29

@

103.13

(b)

63,700

35,000

Post

Holdings,

Inc.,

6.50%,

3/15/36,

Callable

3/15/31

@

103.25

(b)

34,650

75,000

Viking

Baked

Goods

Acquisition

Corp.,

8.63%,

11/1/31,

Callable

11/1/27

@

104.31

(b)

75,844

2,012,661

Ground

Transportation

(0.1%):

100,000

Genesee

&

Wyoming,

Inc.,

6.25%,

4/15/32,

Callable

4/15/27

@

103.13

(b)

101,500

337,000

Uber

Technologies,

Inc.,

4.15%,

1/15/31,

Callable

12/15/30

@

100

328,138

266,000

Uber

Technologies,

Inc.,

4.80%,

9/15/35,

Callable

6/15/35

@

100

257,674

687,312

Health

Care

Equipment

&

Supplies

(0.1%):

14,000

DENTSPLY

SIRONA,

Inc.,

8.38%

(H15T5Y),

9/12/55,

Callable

6/12/30

@

100

13,947

68,000

Medline

Borrower

LP/Medline

Co-

Issuer,

Inc.,

Class

I,

6.25%,

4/1/29,

Callable

8/1/26

@

103.13

(b)

69,275

750,000

Medline

Borrower

LP/Medline

Co-

Issuer,

Inc.,

5.00%,

6/15/31,

Callable

5/15/31

@

100

(b)

743,782

308,000

Medline

Borrower

LP/Medline

Co-

Issuer,

Inc.,

5.25%,

6/15/33,

Callable

4/15/33

@

100

(b)

304,874

1,131,878

Health

Care

Providers

&

Services

(0.7%):

75,000

Acadia

Healthcare

Co.,

Inc.,

7.38%,

3/15/33,

Callable

3/15/28

@

103.69^

(b)

77,156

35,000

Accendra

Health,

Inc.,

9.00%,

6/15/32,

Callable

6/15/29

@

104.5

(b)

32,462

275,070

Accendra

Health,

Inc.,

9.75%,

6/15/33,

Callable

6/15/29

@

104.88

(b)

187,048

741,000

Centene

Corp.,

4.25%,

12/15/27,

Callable

7/17/26

@

100

737,047

1,325,000

Centene

Corp.,

2.45%,

7/15/28,

Callable

5/15/28

@

100

1,255,183

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

560,000

Centene

Corp.,

4.63%,

12/15/29,

Callable

8/1/26

@

101.54

$

541,445

325,000

Centene

Corp.,

3.38%,

2/15/30,

Callable

7/17/26

@

101.13

300,781

610,000

Centene

Corp.,

2.63%,

8/1/31,

Callable

5/1/31

@

100

528,921

150,000

CHS/Community

Health

Systems,

Inc.,

6.13%,

4/1/30,

Callable

8/1/26

@

101.53

(b)

134,438

125,000

CHS/Community

Health

Systems,

Inc.,

5.25%,

5/15/30,

Callable

8/1/26

@

101.31

(b)

117,813

65,000

CHS/Community

Health

Systems,

Inc.,

9.75%,

1/15/34,

Callable

8/15/28

@

104.88

(b)

67,762

343,000

CVS

Health

Corp.,

5.00%,

1/30/29,

Callable

12/30/28

@

100

345,599

140,000

CVS

Health

Corp.,

5.25%,

1/30/31,

Callable

11/30/30

@

100

142,257

445,000

CVS

Health

Corp.,

6.75%

(H15T5Y),

12/10/54,

Callable

9/10/34

@

100^

456,783

240,000

DaVita,

Inc.,

4.63%,

6/1/30,

Callable

8/1/26

@

101.54

(b)

231,900

95,000

DaVita,

Inc.,

6.75%,

7/15/33,

Callable

7/15/28

@

103.38

(b)

97,731

534,000

HCA,

Inc.,

5.63%,

9/1/28,

Callable

3/1/28

@

100

541,475

503,000

HCA,

Inc.,

5.88%,

2/1/29,

Callable

8/1/28

@

100

513,723

510,000

HCA,

Inc.,

3.50%,

9/1/30,

Callable

3/1/30

@

100

484,048

99,000

HCA,

Inc.,

3.63%,

3/15/32,

Callable

12/15/31

@

100

92,022

280,000

Humana,

Inc.,

6.63%

(H15T5Y),

9/15/56,

Callable

6/15/31

@

100

278,600

80,000

LifePoint

Health,

Inc.,

10.00%,

6/1/32,

Callable

6/1/27

@

105

(b)

79,900

260,000

Meridian

ARC

Holdco

LLC,

6.25%,

4/30/31,

Callable

4/30/28

@

103.13

(b)

260,000

105,000

Molina

Healthcare,

Inc.,

6.50%,

2/15/31,

Callable

12/15/27

@

103.25

(b)

106,838

130,000

Molina

Healthcare,

Inc.,

3.88%,

5/15/32,

Callable

2/15/32

@

100

(b)

117,162

115,000

Molina

Healthcare,

Inc.,

6.25%,

1/15/33,

Callable

1/15/28

@

103.13

(b)

115,144

110,000

National

Mentor

Holdings,

Inc.,

10.50%,

12/15/30,

Callable

12/15/27

@

105.25

(b)

115,775

80,000

Surgery

Center

Holdings,

Inc.,

7.25%,

4/15/32,

Callable

4/15/27

@

103.63

(b)

80,800

191,000

Tenet

Healthcare

Corp.,

6.13%,

10/1/28,

Callable

7/17/26

@

100

191,716

80,000

Tenet

Healthcare

Corp.,

4.38%,

1/15/30,

Callable

7/17/26

@

101.09

77,400

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

114

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

110,000

Tenet

Healthcare

Corp.,

5.50%,

11/15/32,

Callable

11/15/28

@

102.75

(b)

$

109,312

65,000

Tenet

Healthcare

Corp.,

6.00%,

11/15/33,

Callable

11/15/28

@

103

(b)

65,406

117,000

Toledo

Hospital

(The),

Series

B,

5.33%,

11/15/28

117,293

210,000

US

Acute

Care

Solutions

LLC,

9.75%,

5/15/29,

Callable

8/1/26

@

104.88

(b)

196,875

8,797,815

Health

Care

REITs

(0.4%):

63,000

Healthcare

Realty

Holdings

LP,

3.10%,

2/15/30,

Callable

11/15/29

@

100

59,196

100,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

0.99%,

10/15/26,

Callable

9/15/26

@

100

112,006

315,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.00%,

10/15/27,

Callable

8/1/26

@

100

304,763

55,000

MPT

Operating

Partnership

LP/

MPT

Finance

Corp.,

4.63%,

8/1/29,

Callable

7/12/26

@

101.16

44,138

80,000

MPT

Operating

Partnership

LP/

MPT

Finance

Corp.,

3.50%,

3/15/31,

Callable

7/12/26

@

101.75

55,000

2,482,000

Omega

Healthcare

Investors,

Inc.,

3.63%,

10/1/29,

Callable

7/1/29

@

100

2,379,138

105,000

Omega

Healthcare

Investors,

Inc.,

3.38%,

2/1/31,

Callable

11/1/30

@

100

97,423

130,000

Omega

Healthcare

Investors,

Inc.,

3.25%,

4/15/33,

Callable

1/15/33

@

100

115,492

1,214,000

Sabra

Health

Care

LP,

3.20%,

12/1/31,

Callable

9/1/31

@

100

1,100,188

367,000

Ventas

Realty

LP,

3.00%,

1/15/30,

Callable

10/15/29

@

100

345,753

4,613,097

Health

Care

Technology

(0.0%

†

):

25,000

Charlotte

Buyer,

Inc.,

8.00%,

6/30/31,

Callable

6/30/28

@

104

(b)

25,313

145,000

IQVIA,

Inc.,

6.25%,

6/1/32,

Callable

6/1/28

@

103.13

(b)

147,356

172,669

Hotel

&

Resort

REITs

(0.0%

†

):

85,000

RHP

Hotel

Properties,

LP/RHP

Finance

Corp.,

6.50%,

6/15/33,

Callable

6/15/28

@

103.25

(b)

87,019

Principal

Amount

Value

Corporate

Bonds,

continued

Hotels,

Restaurants

&

Leisure

(0.1%):

$

235,000

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.,

6.75%,

1/15/30,

Callable

8/1/26

@

101.69

(b)

$

230,300

140,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.50%,

9/15/31,

Callable

5/15/28

@

102.75

(b)

140,175

255,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.88%,

3/15/33,

Callable

3/15/28

@

102.94

(b)

256,594

75,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.75%,

9/15/33,

Callable

7/1/28

@

102.88

(b)

75,094

40,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.50%,

3/31/34,

Callable

12/1/28

@

102.75

(b)

39,550

80,000

Hilton

Grand

Vacations

Borrower

LLC/Hilton

Grand

Vacations

Borrower,

Inc.,

6.63%,

1/15/32,

Callable

1/15/27

@

103.31

(b)

81,100

80,000

Light

&

Wonder

International,

Inc.,

6.25%,

10/1/33,

Callable

10/1/28

@

103.13

(b)

79,500

495,822

Spin

Holdco,

Inc.,

0.00%,

9/30/30

508,138

110,000

TKC

Holdings,

Inc.,

8.50%,

8/15/30,

Callable

8/15/27

@

104.25

(b)

113,162

38,000

TKC

Holdings,

Inc.,

12.00%,

2/15/31,

Callable

2/15/28

@

106

(b)

40,042

1,563,655

Household

Durables

(0.1%):

80,000

Beazer

Homes

USA,

Inc.,

7.50%,

3/15/31,

Callable

3/15/27

@

103.75

(b)

79,600

20,000

Beazer

Homes

USA,

Inc.,

8.00%,

1/15/32,

Callable

7/15/28

@

104

(b)

20,050

90,000

Century

Communities,

Inc.,

6.63%,

9/15/33,

Callable

9/15/28

@

103.31

(b)

90,788

95,000

Dream

Finders

Homes,

Inc.,

6.88%,

9/15/30,

Callable

9/15/27

@

103.44

(b)

93,931

275,000

LGI

Homes,

Inc.,

7.00%,

11/15/32,

Callable

11/15/27

@

103.5

(b)

273,625

85,000

Risewell

Homes,

Inc.,

8.50%,

11/1/30,

Callable

11/1/27

@

104.25

(b)

86,700

40,000

Whirlpool

Corp.,

7.50%,

7/1/31,

Callable

7/1/28

@

103.75

(b)

40,539

295,000

Whirlpool

Corp.,

6.50%,

6/15/33,

Callable

3/15/33

@

100^

255,175

15,000

Whirlpool

Corp.,

5.75%,

3/1/34,

Callable

12/1/33

@

100

11,585

75,000

Whirlpool

Corp.,

7.88%,

7/1/34,

Callable

7/1/29

@

103.94

(b)

75,283

1,027,276

Independent

Power

and

Renewable

Electricity

Producers

(0.3%):

92,000

AES

Corp.

(The),

5.20%,

7/15/29,

Callable

6/15/29

@

100

92,541

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

115

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Independent

Power

and

Renewable

Electricity

Producers,

continued

$

1,412,000

AES

Corp.

(The),

3.95%,

7/15/30,

Callable

4/15/30

@

100

(b)

$

1,351,291

149,000

AES

Corp.

(The),

2.45%,

1/15/31,

Callable

10/15/30

@

100

132,836

92,000

AES

Corp.

(The),

6.95%

(H15T5Y),

7/15/55,

Callable

4/15/30

@

100

90,735

30,000

Clearway

Energy

Operating

LLC,

4.75%,

3/15/28,

Callable

7/12/26

@

100

(b)

29,738

105,000

Clearway

Energy

Operating

LLC,

3.75%,

1/15/32,

Callable

1/15/27

@

101.88

(b)

95,287

100,000

Clearway

Energy

Operating

LLC,

5.75%,

1/15/34,

Callable

1/15/29

@

102.88

(b)

97,875

230,000

Sunnova

Energy

Corp.,

5.88%,

9/1/26,

Callable

8/1/26

@

100

(b)(d)

472

105,000

Talen

Energy

Supply

LLC,

6.25%,

2/1/34,

Callable

10/15/28

@

103.13

(b)

104,344

105,000

Talen

Energy

Supply

LLC,

6.50%,

2/1/36,

Callable

10/15/30

@

103.25

(b)

105,656

295,000

Vistra

Operations

Co.

LLC,

5.00%,

7/31/27,

Callable

7/12/26

@

100

(b)

294,262

96,000

Vistra

Operations

Co.

LLC,

4.55%,

10/30/28

(b)

95,256

235,000

Vistra

Operations

Co.

LLC,

5.00%,

4/30/31,

Callable

3/30/31

@

100

(b)

232,914

115,000

Vistra

Operations

Co.

LLC,

7.75%,

10/15/31,

Callable

10/15/26

@

103.88

(b)

120,175

249,000

Vistra

Operations

Co.

LLC,

5.25%,

4/30/33,

Callable

2/28/33

@

100

(b)

246,656

451,000

Vistra

Operations

Co.

LLC,

5.55%,

4/30/36,

Callable

1/30/36

@

100

(b)

448,620

3,538,658

Insurance

(0.4%):

135,000

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)

136,519

200,000

Asurion

LLC/

Asurion

Co-Issuer,

Inc.,

8.00%,

12/31/32,

Callable

12/31/28

@

104

(b)

202,250

170,000

Asurion

LLC/

Asurion

Co-Issuer,

Inc.,

8.38%,

2/1/34,

Callable

2/1/29

@

104.19

(b)

157,250

1,268,000

Athene

Global

Funding,

5.34%,

1/15/27

(b)

1,272,392

740,000

Athene

Global

Funding,

4.62%

(SOFR),

4/19/27

(b)

741,039

573,000

Athene

Global

Funding,

5.58%,

1/9/29

(b)

581,317

299,000

Liberty

Mutual

Group,

Inc.,

5.25%,

5/1/36,

Callable

2/1/36

@

100

(b)

294,771

Principal

Amount

Value

Corporate

Bonds,

continued

Insurance,

continued

$

334,000

Sammons

Financial

Group,

Inc.,

5.95%,

6/15/36,

Callable

3/15/36

@

100

(b)

$

334,345

146,000

Team

Services

Holding,

Inc.,

9.00%,

2/15/33,

Callable

2/15/29

@

104.5^

(b)

147,278

949,000

Unum

Group,

5.75%,

8/15/42

941,825

4,808,986

Interactive

Media

&

Services

(0.1%):

554,000

Meta

Platforms,

Inc.,

4.88%,

5/15/33,

Callable

3/15/33

@

100

548,189

375,000

Meta

Platforms,

Inc.,

5.25%,

5/15/36,

Callable

2/15/36

@

100

371,522

75,000

Snap,

Inc.,

6.88%,

3/1/33,

Callable

3/1/28

@

103.44

(b)

72,937

45,000

Snap,

Inc.,

6.88%,

3/15/34,

Callable

9/15/28

@

103.44

(b)

43,538

1,036,186

IT

Services

(0.1%):

71,000

Cipher

Compute

LLC,

7.13%,

11/15/30,

Callable

11/15/27

@

103.56

(b)

73,751

140,000

CoreWeave

,

Inc.,

9.25%,

6/1/30,

Callable

6/1/27

@

104.63

(b)

140,875

360,000

CoreWeave

,

Inc.,

9.00%,

2/1/31,

Callable

2/1/28

@

104.5

(b)

355,050

210,000

CoreWeave

,

Inc.,

9.75%,

10/1/31,

Callable

10/1/28

@

104.88

(b)

209,213

55,000

CoreWeave

,

Inc.,

9.63%,

7/15/32,

Callable

7/15/29

@

104.81

(b)

54,175

283,000

Edged

Compute

LLC,

7.50%,

4/30/31,

Callable

4/30/28

@

103.75

(b)

275,571

125,000

Flash

Compute

LLC,

7.25%,

12/31/30,

Callable

12/31/27

@

103.63

(b)

128,594

1,237,229

Leisure

Products

(0.0%

†

):

176,000

MajorDrive

Holdings

IV

LLC,

6.38%,

6/1/29,

Callable

8/1/26

@

100

(b)

147,400

Machinery

(0.0%

†

):

80,000

Allison

Transmission,

Inc.,

5.88%,

12/1/33,

Callable

12/1/28

@

102.94

(b)

79,500

82,000

Columbus

McKinnon

Corp.,

7.13%,

2/1/33,

Callable

2/1/29

@

103.56

(b)

82,000

25,000

Enpro

,

Inc.,

6.13%,

6/1/33,

Callable

6/1/28

@

103.06

(b)

25,344

40,000

Synergy

Infrastructure

Holdings

LLC,

7.88%,

12/1/30,

Callable

12/1/27

@

103.94

(b)

41,900

15,000

Synergy

Infrastructure

Holdings

LLC,

7.00%,

7/15/34,

Callable

7/15/29

@

103.5

(b)

15,206

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

116

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Machinery,

continued

$

150,000

United

Rentals

North

America,

Inc.,

6.13%,

3/15/34,

Callable

3/15/29

@

103.06

(b)

$

153,750

397,700

Media

(0.6%):

40,000

CCO

Holdings

LLC

CCO

Holdings

Capital

Corp.,

7.00%,

2/1/33,

Callable

2/1/29

@

103.5^

(b)

39,200

30,000

CCO

Holdings

LLC

CCO

Holdings

Capital

Corp.,

7.38%,

2/1/36,

Callable

2/1/31

@

103.69^

(b)

29,513

140,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.25%,

2/1/31,

Callable

8/1/26

@

101.42

(b)

126,000

55,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.75%,

2/1/32,

Callable

2/1/27

@

102.38

(b)

48,950

135,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.50%,

5/1/32,

Callable

7/12/26

@

102.25

119,137

80,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.50%,

6/1/33,

Callable

6/1/27

@

102.25^

(b)

69,200

90,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.25%,

1/15/34,

Callable

1/15/28

@

102.13^

(b)

76,163

405,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.10%,

6/1/29,

Callable

5/1/29

@

100

414,000

95,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

2.30%,

2/1/32,

Callable

11/1/31

@

100

80,409

695,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.40%,

4/1/33,

Callable

1/1/33

@

100

638,309

392,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.55%,

6/1/34,

Callable

3/1/34

@

100

399,044

1,256,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.38%,

5/1/47,

Callable

11/1/46

@

100

1,015,955

394,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.75%,

4/1/48,

Callable

10/1/47

@

100

330,934

332,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.80%,

3/1/50,

Callable

9/1/49

@

100

247,111

Principal

Amount

Value

Corporate

Bonds,

continued

Media,

continued

$

1,064,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.50%,

4/1/63,

Callable

10/1/62

@

100

$

813,639

80,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.75%,

4/15/28,

Callable

7/21/26

@

100

(b)

80,100

90,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.50%,

6/1/29,

Callable

7/21/26

@

100

(b)

89,887

65,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.88%,

4/1/30,

Callable

10/1/26

@

103.94^

(b)

67,600

105,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.13%,

2/15/31,

Callable

8/15/27

@

103.56

(b)

108,806

105,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.50%,

3/15/33,

Callable

9/15/28

@

103.75

(b)

110,512

30,000

CMG

Media

Corp.,

8.88%,

6/18/29,

Callable

7/12/26

@

104.44

(b)

21,750

270,000

CSC

Holdings

LLC,

4.13%,

12/1/30,

Callable

8/1/26

@

102.06

(b)

159,300

135,000

CSC

Holdings

LLC,

4.63%,

12/1/30,

Callable

8/1/26

@

102.31

(b)

31,050

165,000

CSC

Holdings

LLC,

3.38%,

2/15/31,

Callable

8/1/26

@

101.69

(b)

97,762

175,000

CSC

Holdings

LLC,

4.50%,

11/15/31,

Callable

11/15/26

@

102.25

(b)

103,250

85,000

EW

Scripps

Co.

(The),

9.88%,

8/15/30,

Callable

8/15/27

@

104.94

(b)

74,375

57,867

Grubhub

Holdings,

Inc.,

13.00%,

7/31/30,

Callable

3/31/27

@

106.5

(b)

47,451

75,000

Lamar

Media

Corp.,

5.38%,

11/1/33,

Callable

11/1/28

@

102.69

(b)

73,406

90,000

Neptune

Bidco

US,

Inc.,

9.50%,

2/15/33,

Callable

2/15/29

@

104.75

(b)

91,013

81,000

Nexstar

Media,

Inc.,

6.50%,

9/15/33,

Callable

3/15/29

@

103.25

(b)

80,899

1,620,000

Time

Warner

Cable

LLC,

6.55%,

5/1/37

1,605,122

280,000

Time

Warner

Cable

LLC,

7.30%,

7/1/38

287,960

69,000

Time

Warner

Cable

LLC,

5.50%,

9/1/41,

Callable

3/1/41

@

100

58,927

145,000

Univision

Communications,

Inc.,

8.50%,

7/31/31,

Callable

7/31/27

@

104.25

(b)

145,725

60,000

Univision

Communications,

Inc.,

9.38%,

8/1/32,

Callable

8/1/28

@

104.69

(b)

60,900

65,000

Univision

Communications,

Inc.,

8.88%,

4/15/33,

Callable

4/15/29

@

104.44

(b)

63,862

1,000

Vericast

Corp.,

11.50%,

6/17/30

991

7,908,212

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

117

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Metals

&

Mining

(0.1%):

$

50,000

Cleveland-Cliffs,

Inc.,

7.38%,

5/1/33,

Callable

5/1/28

@

103.69

(b)

$

49,938

105,000

Cleveland-Cliffs,

Inc.,

7.63%,

1/15/34,

Callable

1/15/29

@

103.81

(b)

104,869

55,000

Commercial

Metals

Co.,

4.38%,

3/15/32,

Callable

3/15/27

@

102.19

51,838

85,000

Commercial

Metals

Co.,

5.75%,

11/15/33,

Callable

11/15/28

@

102.88

(b)

84,469

105,000

Commercial

Metals

Co.,

6.00%,

12/15/35,

Callable

12/15/30

@

103

(b)

104,737

90,000

Kaiser

Aluminum

Corp.,

5.88%,

3/1/34,

Callable

3/1/29

@

102.94

(b)

88,762

160,000

Novelis

Corp.,

3.88%,

8/15/31,

Callable

8/15/26

@

101.94

(b)

145,200

40,000

Novelis

Corp.,

6.38%,

8/15/33,

Callable

8/15/28

@

103.19

(b)

40,200

670,013

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.1%):

90,000

BW

Real

Estate,

Inc.,

9.50%

(H15T5Y),

Callable

3/30/30

@

100

(b)

90,920

65,000

Rithm

Capital

Corp.,

8.00%,

4/1/29,

Callable

7/12/26

@

104

(b)

65,162

75,000

Rithm

Capital

Corp.,

8.00%,

7/15/30,

Callable

7/15/27

@

104

(b)

74,813

25,000

Rithm

Capital

Corp.,

8.50%,

6/1/31,

Callable

6/1/28

@

104.25

(b)

25,094

45,000

Starwood

Property

Trust,

Inc.,

5.25%,

10/15/28,

Callable

7/15/28

@

100

(b)

44,647

80,000

Starwood

Property

Trust,

Inc.,

5.88%,

8/15/29,

Callable

5/15/29

@

100

(b)

80,000

85,000

Starwood

Property

Trust,

Inc.,

6.50%,

7/1/30,

Callable

1/1/30

@

100

(b)

86,594

115,000

Starwood

Property

Trust,

Inc.,

6.50%,

10/15/30,

Callable

4/15/30

@

100

(b)

117,444

80,000

Starwood

Property

Trust,

Inc.,

5.75%,

1/15/31,

Callable

7/15/30

@

100

(b)

79,300

25,000

Starwood

Property

Trust,

Inc.,

6.13%,

6/1/31,

Callable

12/1/30

@

100

(b)

25,125

689,099

Multi-Utilities

(0.2%):

1,100,000

NiSource,

Inc.,

2.95%,

9/1/29,

Callable

6/1/29

@

100

1,044,881

1,000,000

NiSource,

Inc.,

5.25%,

2/15/43,

Callable

8/15/42

@

100

939,999

1,984,880

Office

REITs

(0.2%):

1,265,000

Brandywine

Operating

Partnership

LP,

3.95%,

11/15/27,

Callable

8/15/27

@

100

1,234,462

719,000

Brandywine

Operating

Partnership

LP,

8.30%,

3/15/28,

Callable

2/15/28

@

100

746,632

Principal

Amount

Value

Corporate

Bonds,

continued

Office

REITs,

continued

$

25,000

Brandywine

Operating

Partnership

LP,

4.55%,

10/1/29,

Callable

7/1/29

@

100

$

23,469

68,000

COPT

Defense

Properties

LP,

2.00%,

1/15/29,

Callable

11/15/28

@

100

63,587

67,000

COPT

Defense

Properties

LP,

4.50%,

10/15/30,

Callable

9/15/30

@

100

65,956

93,000

COPT

Defense

Properties

LP,

2.75%,

4/15/31,

Callable

1/15/31

@

100

84,230

400,000

Hudson

Pacific

Properties

LP,

4.65%,

4/1/29,

Callable

1/1/29

@

100^

378,000

189,000

Piedmont

Operating

Partnership

LP,

2.75%,

4/1/32,

Callable

1/1/32

@

100

161,610

2,757,946

Oil,

Gas

&

Consumable

Fuels

(1.7%):

40,000

Antero

Midstream

Partners

LP/

Antero

Midstream

Finance

Corp.,

5.75%,

10/15/33,

Callable

10/15/28

@

102.88

(b)

39,650

180,000

Antero

Midstream

Partners

LP/Antero

Midstream

Finance

Corp.,

5.75%,

7/1/34,

Callable

1/1/29

@

102.88

(b)

177,300

30,000

Ascent

Resources

Utica

Holdings

LLC/ARU

Finance

Corp.,

6.63%,

10/15/32,

Callable

10/15/27

@

103.31

(b)

30,300

45,000

Ascent

Resources

Utica

Holdings

LLC/ARU

Finance

Corp.,

6.63%,

7/15/33,

Callable

7/15/28

@

103.31

(b)

45,450

80,000

California

Resources

Corp.,

7.00%,

1/15/34,

Callable

1/15/29

@

103.5

(b)

78,800

40,000

California

Resources

Corp.,

7.25%,

1/15/35,

Callable

7/15/29

@

103.63

(b)

39,600

156,000

Calumet

Specialty

Products

Partners

LP/Calumet

Finance

Corp.,

9.75%,

7/15/28,

Callable

7/12/26

@

104.88

(b)

159,705

65,000

Calumet

Specialty

Products

Partners

LP/Calumet

Finance

Corp.,

9.75%,

2/15/31,

Callable

2/15/28

@

104.88

(b)

68,737

282,000

Cheniere

Energy

Partners,

LP,

5.35%,

11/30/36,

Callable

5/30/36

@

100

(b)

279,597

205,000

Cheniere

Energy,

Inc.,

5.20%,

7/30/36,

Callable

1/30/36

@

100

(b)

201,041

41,000

Cheniere

Energy,

Inc.,

6.00%,

7/30/56,

Callable

1/30/56

@

100

(b)

40,761

40,000

CITGO

Petroleum

Corp.,

8.38%,

1/15/29,

Callable

8/1/26

@

104.19

(b)

41,150

105,000

CNX

Midstream

Partners

LP,

4.75%,

4/15/30,

Callable

8/1/26

@

101.19

(b)

100,275

125,000

CNX

Resources

Corp.,

7.25%,

3/1/32,

Callable

3/1/27

@

103.63

(b)

128,594

75,000

CNX

Resources

Corp.,

5.88%,

3/1/34,

Callable

3/1/29

@

102.94

(b)

72,750

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

118

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

114,000

Columbia

Pipelines

Operating

Co.

LLC,

5.93%,

8/15/30,

Callable

6/15/30

@

100

(b)

$

118,438

309,000

Columbia

Pipelines

Operating

Co.

LLC,

6.04%,

11/15/33,

Callable

8/15/33

@

100

(b)

323,465

92,000

Columbia

Pipelines

Operating

Co.

LLC,

6.50%,

8/15/43,

Callable

2/15/43

@

100

(b)

97,941

166,000

Columbia

Pipelines

Operating

Co.

LLC,

6.54%,

11/15/53,

Callable

5/15/53

@

100

(b)

176,569

99,000

Columbia

Pipelines

Operating

Co.

LLC,

6.71%,

8/15/63,

Callable

2/15/63

@

100

(b)

107,543

145,000

Comstock

Resources,

Inc.,

6.75%,

3/1/29,

Callable

7/17/26

@

101.13

(b)

142,463

65,000

Comstock

Resources,

Inc.,

5.88%,

1/15/30,

Callable

8/1/26

@

101.96

(b)

61,344

180,000

CQP

Holdco

LP/BIP-V

Chinook

Holdco

LLC,

7.50%,

12/15/33,

Callable

12/15/28

@

103.75

(b)

188,100

80,000

CVR

Energy,

Inc.,

7.50%,

2/15/31,

Callable

2/15/28

@

103.75

(b)

80,800

40,000

CVR

Energy,

Inc.,

7.88%,

2/15/34,

Callable

2/15/29

@

103.94

(b)

39,500

40,000

DBR

Land

Holdings

LLC,

6.25%,

12/1/30,

Callable

12/1/27

@

103.13

(b)

40,550

2,500,000

DCP

Midstream

Operating

LP,

5.63%,

7/15/27,

Callable

4/15/27

@

100

2,521,913

321,000

DCP

Midstream

Operating

LP,

5.13%,

5/15/29,

Callable

2/15/29

@

100

323,759

133,000

Delek

Logistics

Partners

LP/

Delek

Logistics

Finance

Corp.,

8.63%,

3/15/29,

Callable

7/12/26

@

104.31

(b)

137,987

50,000

Delek

Logistics

Partners

LP/

Delek

Logistics

Finance

Corp.,

7.38%,

6/30/33,

Callable

6/30/28

@

103.69

(b)

51,000

2,229,000

Energy

Transfer

LP,

4.95%,

6/15/28,

Callable

3/15/28

@

100

2,239,864

106,000

Energy

Transfer

LP,

5.25%,

4/15/29,

Callable

1/15/29

@

100

107,213

109,000

Energy

Transfer

LP,

3.75%,

5/15/30,

Callable

2/15/30

@

100

104,936

128,000

Energy

Transfer

LP,

Series

20Y,

5.80%,

6/15/38,

Callable

12/15/37

@

100

129,996

391,000

Energy

Transfer

LP,

5.00%,

5/15/50,

Callable

11/15/49

@

100

328,973

39,000

Energy

Transfer

LP,

6.50%

(H15T5Y),

2/15/56,

Callable

11/15/30

@

100

39,341

9,000

Energy

Transfer

LP,

6.75%

(H15T5Y),

2/15/56,

Callable

11/15/35

@

100

9,169

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

190,000

Energy

Transfer

LP,

Series

G,

7.13%

(H15T5Y),

Callable

5/15/30

@

100

$

195,700

185,000

Genesis

Energy,

LP

Genesis

Energy

Finance

Corp.,

6.75%,

3/15/34,

Callable

3/15/29

@

103.38

183,613

60,000

Global

Partners

LP/GLP

Finance

Corp.,

8.25%,

1/15/32,

Callable

1/15/27

@

104.13

(b)

62,850

35,000

Global

Partners

LP/GLP

Finance

Corp.,

7.13%,

7/1/33,

Callable

7/1/28

@

103.56

(b)

35,350

150,000

Gran

Tierra

Energy,

Inc.,

9.75%,

4/15/31,

Callable

4/15/28

@

104.88

(b)

132,000

130,000

Harvest

Midstream

I

LP,

7.50%,

5/15/32,

Callable

5/15/27

@

103.75

(b)

134,550

100,000

Harvest

Midstream

I,

LP,

6.75%,

5/15/34,

Callable

5/15/29

@

103.38

(b)

101,250

71,000

Hess

Corp.,

7.30%,

8/15/31

78,974

50,000

Hess

Corp.,

7.13%,

3/15/33

56,168

1,166,000

Hess

Corp.,

5.80%,

4/1/47,

Callable

10/1/46

@

100

1,178,782

145,000

Hess

Midstream

Operations

LP,

5.13%,

6/15/28,

Callable

8/1/26

@

100

(b)

144,456

65,000

Howard

Midstream

Energy

Partners

LLC,

7.38%,

7/15/32,

Callable

7/15/27

@

103.69

(b)

67,112

45,000

Howard

Midstream

Energy

Partners

LLC,

6.63%,

1/15/34,

Callable

1/15/29

@

103.31

(b)

45,337

160,000

Kinetik

Holdings

LP,

6.63%,

12/15/28,

Callable

8/1/26

@

103.31

(b)

162,600

65,000

Kinetik

Holdings

LP,

5.88%,

6/15/30,

Callable

8/1/26

@

101.47

(b)

65,162

125,000

Kosmos

Energy,

Ltd.,

7.75%,

5/1/27,

Callable

7/12/26

@

100

(b)

123,906

160,000

Kosmos

Energy,

Ltd.,

7.50%,

3/1/28,

Callable

8/1/26

@

100

(b)

151,800

85,000

Kosmos

Energy,

Ltd.,

8.75%,

10/1/31,

Callable

10/1/27

@

104.38

(b)

69,594

278,000

Mesquite

Energy,

Inc.,

7.25%,

2/15/23

(d)

28

125,000

Moss

Creek

Resources

Holdings,

Inc.,

8.25%,

9/1/31,

Callable

9/1/27

@

104.13

(b)

123,750

779,000

Occidental

Petroleum

Corp.,

7.50%,

5/1/31

859,821

78,000

Occidental

Petroleum

Corp.,

6.45%,

9/15/36

83,460

301,000

Occidental

Petroleum

Corp.,

6.60%,

3/15/46,

Callable

9/15/45

@

100

319,436

197,000

ONEOK,

Inc.,

4.25%,

9/24/27,

Callable

8/24/27

@

100

196,105

206,000

ONEOK,

Inc.,

4.40%,

10/15/29,

Callable

9/15/29

@

100

203,618

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

119

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

401,000

ONEOK,

Inc.,

4.75%,

10/15/31,

Callable

8/15/31

@

100

$

395,479

85,000

Par

Petroleum

LLC,

7.38%,

6/1/34,

Callable

6/1/29

@

103.69

(b)

85,850

60,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

9.88%,

3/15/30,

Callable

3/15/27

@

104.94

(b)

64,050

75,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

7.88%,

9/15/30,

Callable

9/15/26

@

103.94

(b)

76,312

115,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

7.25%,

6/1/34,

Callable

6/1/29

@

103.63

(b)

113,850

210,000

Plains

All

American

Pipeline

LP,

Series

B,

8.02%

(TSFR3M),

Callable

8/1/26

@

100

212,200

60,000

Prairie

Acquiror

LP,

9.00%,

8/1/29,

Callable

8/1/26

@

104.5

(b)

62,325

118,000

Rio

Grande

Lng

LLC,

5.25%,

6/30/31,

Callable

5/30/31

@

100

(b)

117,888

150,000

Rio

Grande

Lng

LLC,

5.50%,

1/30/34,

Callable

11/30/33

@

100

(b)

148,986

340,000

Rio

Grande

Lng

LLC,

5.75%,

6/30/36,

Callable

3/30/36

@

100

(b)

337,784

60,000

Rockies

Express

Pipeline

LLC,

6.75%,

3/15/33,

Callable

3/15/28

@

103.38

(b)

61,800

335,000

Sabine

Pass

Liquefaction

LLC,

4.50%,

5/15/30,

Callable

11/15/29

@

100

331,172

115,000

Sunoco,

LP,

5.38%,

7/15/31,

Callable

3/15/28

@

102.69

(b)

113,419

135,000

Sunoco,

LP,

6.63%,

8/15/32,

Callable

8/15/27

@

103.31

(b)

137,363

45,000

Sunoco,

LP,

5.88%,

3/15/34,

Callable

9/15/28

@

102.94

(b)

44,213

145,000

Sunoco,

LP,

5.63%,

7/15/34,

Callable

3/15/29

@

102.81

(b)

141,375

125,000

Sunoco,

LP,

7.88%

(H15T5Y),

Callable

9/18/30

@

100

(b)

132,816

112,000

Sunoco,

LP/Sunoco

Finance

Corp.,

5.88%,

3/15/28,

Callable

8/1/26

@

100

111,720

190,000

Sunoco,

LP/Sunoco

Finance

Corp.,

4.50%,

5/15/29,

Callable

7/17/26

@

100.75

185,488

322,000

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corp.,

6.00%,

12/31/30,

Callable

8/1/26

@

103

(b)

321,598

270,000

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corp.,

6.00%,

9/1/31,

Callable

9/1/26

@

103

(b)

266,625

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

45,000

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corp.,

6.75%,

3/15/34,

Callable

3/15/29

@

103.38

(b)

$

45,450

177,000

Targa

Resources

Corp.,

4.35%,

1/15/29,

Callable

12/15/28

@

100

175,601

257,000

Targa

Resources

Corp.,

4.90%,

9/15/30,

Callable

8/15/30

@

100

257,064

199,000

Targa

Resources

Corp.,

4.35%,

4/15/31,

Callable

3/15/31

@

100

194,350

619,000

Targa

Resources

Corp.,

5.65%,

2/15/36,

Callable

11/15/35

@

100

627,626

43,000

Transcontinental

Gas

Pipe

Line

Co.

LLC,

3.25%,

5/15/30,

Callable

2/15/30

@

100

40,792

10,000

TTGP

Holdings

III

LLC,

7.00%,

6/29/28

9,406

75,000

USA

Compression

Partners

LP/USA

Compression

Finance

Corp.,

6.25%,

10/1/33,

Callable

10/1/28

@

103.13

(b)

74,344

75,000

Venture

Global

Plaquemines

LNG

LLC,

6.13%,

12/15/30,

Callable

9/15/30

@

100

(b)

76,781

75,000

Venture

Global

Plaquemines

LNG

LLC,

7.50%,

5/1/33,

Callable

12/1/32

@

100

(b)

82,312

125,000

Venture

Global

Plaquemines

LNG

LLC,

6.50%,

1/15/34,

Callable

7/15/33

@

100

(b)

130,000

50,000

Venture

Global

Plaquemines

LNG

LLC,

6.50%,

6/15/34,

Callable

12/15/33

@

100

(b)

52,063

205,000

Venture

Global

Plaquemines

LNG

LLC,

6.75%,

1/15/36,

Callable

7/15/35

@

100

(b)

217,300

40,000

WBI

Operating

LLC,

6.50%,

10/15/33,

Callable

10/15/28

@

103.25

(b)

40,250

1,000,000

Western

Midstream

Operating

LP,

4.50%,

3/1/28,

Callable

12/1/27

@

100

995,843

66,000

Western

Midstream

Operating

LP,

4.75%,

8/15/28,

Callable

5/15/28

@

100

66,090

477,000

Western

Midstream

Operating,

LP,

5.70%,

7/1/36,

Callable

4/1/36

@

100

475,807

755,000

Williams

Cos.,

Inc.

(The),

4.65%,

8/15/32,

Callable

5/15/32

@

100

743,705

171,000

Williams

Cos.,

Inc.

(The),

5.30%,

8/15/52,

Callable

2/15/52

@

100

156,248

21,573,341

Passenger

Airlines

(0.0%

†

):

115,000

Allegiant

Travel

Co.,

7.13%,

7/1/31,

Callable

7/1/28

@

103.56

(b)

116,438

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

120

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Passenger

Airlines,

continued

$

135,000

JetBlue

Airways

Corp./JetBlue

Loyalty

LP,

9.88%,

9/20/31,

Callable

8/27/27

@

104.94

(b)

$

121,837

110,000

United

Airlines

Holdings,

Inc.,

4.88%,

3/1/29,

Callable

12/1/28

@

100

108,762

75,000

United

Airlines

Holdings,

Inc.,

5.38%,

3/1/31,

Callable

9/1/30

@

100

74,438

110,000

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.,

6.38%,

2/1/30,

Callable

8/1/26

@

101.59^

(b)

104,733

526,208

Pharmaceuticals

(0.0%

†

):

76,000

Elanco

Animal

Health,

Inc.,

6.40%,

8/28/28,

Callable

5/28/28

@

100

77,825

Professional

Services

(0.0%

†

):

100,000

AP

Core

Holdings

II

LLC,

11.00%,

5/15/31,

Callable

5/15/27

@

105.5

(b)

104,625

120,000

CACI

International,

Inc.,

6.38%,

6/15/33,

Callable

6/15/28

@

103.19

(b)

121,500

67,000

Paychex,

Inc.,

5.10%,

4/15/30,

Callable

3/15/30

@

100

67,590

94,000

Paychex,

Inc.,

5.35%,

4/15/32,

Callable

2/15/32

@

100

95,114

73,000

Paychex,

Inc.,

5.60%,

4/15/35,

Callable

1/15/35

@

100^

73,556

90,000

Verisk

Analytics,

Inc.,

4.45%,

3/15/31,

Callable

2/15/31

@

100

88,082

550,467

Real

Estate

Management

&

Development

(0.1%):

40,400

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp.,

Class

I,

7.00%,

4/15/30,

Callable

7/17/26

@

101.31

(b)

40,652

37,000

Anywhere

Real

Estate

Group

LLC

/

Realogy

Co-Issuer

Corp.,

5.75%,

1/15/29,

Callable

7/17/26

@

100

(b)

36,769

75,000

Anywhere

Real

Estate

Group

LLC

/

Realogy

Co-Issuer

Corp.,

9.75%,

4/15/30,

Callable

4/15/27

@

104.88

(b)

80,531

125,000

Cyprium

Corp./

Cyprium

Holdings

Luxembourg

Sarl

,

6.13%,

4/15/31,

Callable

4/15/28

@

103.06

(b)

125,000

115,000

Cyprium

Corp./

Cyprium

Holdings

Luxembourg

Sarl

,

6.38%,

4/15/34,

Callable

4/15/29

@

103.19

(b)

114,712

110,000

Forestar

Group,

Inc.,

6.50%,

3/15/33,

Callable

3/15/28

@

103.25

(b)

111,788

120,000

Howard

Hughes

Corp.

(The),

4.38%,

2/1/31,

Callable

7/17/26

@

102.19

(b)

113,400

155,000

Kennedy

Wilson,

Inc.,

7.00%,

6/1/31,

Callable

6/1/28

@

103.5

(b)

158,294

160,000

Kennedy

Wilson,

Inc.,

7.25%,

6/1/33,

Callable

6/1/29

@

103.63

(b)

163,200

Principal

Amount

Value

Corporate

Bonds,

continued

Real

Estate

Management

&

Development,

continued

$

375,000

Pr

Rno

Property

Owner

1

LLC,

6.50%,

5/1/31,

Callable

5/1/28

@

103.25

(b)

$

373,594

70,000

RHP

Hotel

Properties,

LP/RHP

Finance

Corp.,

5.75%,

3/15/34,

Callable

3/15/29

@

102.88

(b)

69,125

1,387,065

Residential

REITs

(0.1%):

371,000

American

Homes

4

Rent

LP,

3.63%,

4/15/32,

Callable

1/15/32

@

100

344,616

550,000

Invitation

Homes

Operating

Partnership

LP,

4.15%,

4/15/32,

Callable

1/15/32

@

100

522,646

867,262

Retail

REITs

(0.3%):

15,000

Kite

Realty

Group

Trust,

4.75%,

9/15/30,

Callable

6/15/30

@

100

14,947

185,000

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP,

4.75%,

3/15/33,

Callable

1/15/33

@

100

181,162

212,000

Sun

Communities

Operating

LP,

2.30%,

11/1/28,

Callable

9/1/28

@

100

200,893

272,000

Sun

Communities

Operating

LP,

2.70%,

7/15/31,

Callable

4/15/31

@

100

244,734

2,200,000

Tanger

Properties

LP,

3.13%,

9/1/26,

Callable

8/1/26

@

100

2,194,218

581,000

Tanger

Properties

LP,

2.75%,

9/1/31,

Callable

6/1/31

@

100

521,813

3,357,767

Semiconductors

&

Semiconductor

Equipment

(0.4%):

45,000

Amkor

Technology,

Inc.,

5.88%,

10/1/33,

Callable

10/1/28

@

102.94

(b)

45,056

65,000

Broadcom,

Inc.,

1.95%,

2/15/28,

Callable

12/15/27

@

100

62,550

2,830,000

Broadcom,

Inc.,

2.45%,

2/15/31,

Callable

11/15/30

@

100

2,560,066

564,000

Broadcom,

Inc.,

2.60%,

2/15/33,

Callable

11/15/32

@

100

489,542

184,000

Broadcom,

Inc.,

3.42%,

4/15/33,

Callable

1/15/33

@

100

167,490

140,000

Entegris

,

Inc.,

4.38%,

4/15/28,

Callable

7/12/26

@

100

(b)

137,725

205,000

Entegris

,

Inc.,

3.63%,

5/1/29,

Callable

8/1/26

@

100.91

(b)

195,519

145,000

Entegris

,

Inc.,

5.95%,

6/15/30,

Callable

7/12/26

@

101.98

(b)

146,087

212,000

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.,

4.85%,

8/19/32,

Callable

6/19/32

@

100

209,384

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

121

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

$

609,000

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.,

5.25%,

8/19/35,

Callable

5/19/35

@

100

$

608,153

30,000

ON

Semiconductor

Corp.,

3.88%,

9/1/28,

Callable

8/1/26

@

100

(b)

29,063

113,062

Wolfspeed

,

Inc.,

7.00%,

6/15/31,

Callable

9/29/27

@

100

103,169

4,753,804

Software

(0.2%):

230,000

Cloud

Software

Group

LLC,

9.00%,

9/30/29,

Callable

8/1/26

@

104.5

(b)

223,100

269,000

Core

Scientific

Finance

I

LLC,

7.75%,

5/15/31,

Callable

5/15/28

@

103.88

(b)

272,363

40,000

Oracle

Corp.,

4.55%,

2/4/29,

Callable

1/4/29

@

100

39,437

40,000

Oracle

Corp.,

4.75%

(SOFRINDX),

2/4/29

39,966

252,000

Oracle

Corp.,

4.45%,

9/26/30,

Callable

8/26/30

@

100

243,022

81,000

Oracle

Corp.,

4.95%,

2/4/31,

Callable

1/4/31

@

100

79,292

421,000

Oracle

Corp.,

4.80%,

9/26/32,

Callable

7/26/32

@

100

400,601

85,000

Oracle

Corp.,

5.35%,

5/4/33,

Callable

3/4/33

@

100

82,438

383,000

Oracle

Corp.,

5.20%,

9/26/35,

Callable

6/26/35

@

100

357,795

41,000

Oracle

Corp.,

5.70%,

2/4/36,

Callable

11/4/35

@

100

39,714

579,000

Oracle

Corp.,

3.60%,

4/1/40,

Callable

10/1/39

@

100

420,356

236,000

Oracle

Corp.,

5.88%,

9/26/45,

Callable

3/26/45

@

100

206,131

56,000

Oracle

Corp.,

6.55%,

2/4/46,

Callable

8/4/45

@

100

52,762

296,000

Oracle

Corp.,

5.95%,

9/26/55,

Callable

3/26/55

@

100

251,655

41,000

Oracle

Corp.,

6.70%,

2/4/56,

Callable

8/4/55

@

100

38,585

305,000

Oracle

Corp.,

6.10%,

9/26/65,

Callable

3/26/65

@

100

254,372

8,000

Oracle

Corp.,

6.85%,

2/4/66,

Callable

8/4/65

@

100

7,446

3,009,035

Specialized

REITs

(0.2%):

70,000

Millrose

Properties,

Inc.,

6.38%,

8/1/30,

Callable

8/1/27

@

103.19

(b)

70,700

45,000

Millrose

Properties,

Inc.,

6.25%,

9/15/32,

Callable

9/15/28

@

103.13

(b)

45,281

74,000

SBA

Tower

Trust,

2.33%,

1/15/28,

Callable

8/1/26

@

100

(b)

71,144

731,000

VICI

Properties

LP,

4.75%,

2/15/28,

Callable

1/15/28

@

100

730,832

126,000

VICI

Properties

LP,

4.75%,

4/1/28,

Callable

3/1/28

@

100

125,526

Principal

Amount

Value

Corporate

Bonds,

continued

Specialized

REITs,

continued

$

1,082,000

VICI

Properties

LP,

4.95%,

2/15/30,

Callable

12/15/29

@

100

$

1,080,175

249,000

VICI

Properties

LP,

5.13%,

5/15/32,

Callable

2/15/32

@

100

246,300

99,000

VICI

Properties

LP,

5.75%,

4/1/34,

Callable

1/1/34

@

100

100,426

60,000

Yondr

Jk

1

LLC,

6.88%,

6/30/31,

Callable

6/30/28

@

103.44

(b)

60,150

2,530,534

Specialty

Retail

(0.3%):

30,000

Advance

Auto

Parts,

Inc.,

1.75%,

10/1/27,

Callable

8/1/27

@

100

28,842

45,000

Advance

Auto

Parts,

Inc.,

3.90%,

4/15/30,

Callable

1/15/30

@

100

42,260

73,000

Advance

Auto

Parts,

Inc.,

7.00%,

8/1/30,

Callable

8/1/27

@

103.5

(b)

74,766

45,000

Advance

Auto

Parts,

Inc.,

3.50%,

3/15/32,

Callable

12/15/31

@

100

39,484

223,000

Advance

Auto

Parts,

Inc.,

7.38%,

8/1/33,

Callable

8/1/28

@

103.69

(b)

229,745

32,000

AutoNation,

Inc.,

4.75%,

6/1/30,

Callable

3/1/30

@

100

31,710

1,229,000

AutoZone,

Inc.,

4.00%,

4/15/30,

Callable

1/15/30

@

100

1,196,245

150,000

Carvana

Co.,

5.88%,

10/1/28,

Callable

7/12/26

@

101.47

(b)

146,625

135,000

Carvana

Co.,

4.88%,

9/1/29,

Callable

9/1/26

@

100

(b)

126,225

110,000

Carvana

Co.,

10.25%,

5/1/30,

Callable

5/1/27

@

105.13

(b)

116,600

15,000

MajorDrive

Holdings

IV

LLC,

7.73%,

6/1/28

14,366

140,000

Michaels

Cos.,

Inc.

(The),

8.50%,

3/15/33,

Callable

3/15/29

@

104.25

(b)

138,600

130,000

Michaels

Cos.,

Inc.

(The),

11.00%,

3/15/34,

Callable

3/15/29

@

105.5

(b)

127,075

160,000

Railworks

Holdings

LP/

Railworks

Rally,

Inc.,

8.25%,

11/15/28,

Callable

8/1/26

@

102.06

(b)

159,800

125,000

Staples,

Inc.,

10.75%,

9/1/29,

Callable

9/1/26

@

105.38

(b)

119,219

135,000

Staples,

Inc.,

12.75%,

1/15/30,

Callable

6/15/27

@

106.38

(b)

102,600

185,000

Wayfair

LLC,

7.25%,

10/31/29,

Callable

10/31/26

@

103.63

(b)

190,550

235,000

Wayfair

LLC,

7.75%,

9/15/30,

Callable

9/15/27

@

103.88

(b)

246,750

125,000

Wayfair

LLC,

6.75%,

11/15/32,

Callable

11/15/28

@

103.38

(b)

128,125

85,000

Wayfair

LLC,

7.13%,

5/31/34,

Callable

5/31/29

@

103.56

(b)

87,338

3,346,925

Technology

Hardware,

Storage

&

Peripherals

(0.2%):

190,000

APLD

Compute

Co.

3

LLC,

7.00%,

6/15/31,

Callable

6/15/28

@

103.5

(b)

190,000

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

122

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

$

417,000

Dell

International

LLC

EMC

Corp.,

5.00%,

2/15/34,

Callable

12/15/33

@

100

$

411,039

532,000

Dell

International

LLC

EMC

Corp.,

5.25%,

2/15/37,

Callable

11/15/36

@

100

522,414

87,000

Dell

International

LLC/EMC

Corp.,

6.20%,

7/15/30,

Callable

4/15/30

@

100

91,225

665,000

Dell

International

LLC/EMC

Corp.,

4.50%,

2/15/31,

Callable

1/15/31

@

100

655,071

443,000

Dell

International

LLC/EMC

Corp.,

4.75%,

10/6/32,

Callable

8/6/32

@

100

437,194

790,000

Dell

International

LLC/EMC

Corp.,

5.10%,

2/15/36,

Callable

11/15/35

@

100

777,114

78,000

Stingray

Compute

LLC,

6.00%,

6/15/31,

Callable

6/15/28

@

103

(b)

78,098

3,162,155

Textiles,

Apparel

&

Luxury

Goods

(0.0%

†

):

159,188

Beach

Acquisition

Bidco

LLC,

10.00%,

7/15/33,

Callable

7/15/28

@

103

(b)

180,679

Trading

Companies

&

Distributors

(0.1%):

70,000

FTAI

Aviation

Investors

LLC,

7.88%,

12/1/30,

Callable

12/1/26

@

103.94

(b)

73,062

60,000

FTAI

Aviation

Investors

LLC,

7.00%,

6/15/32,

Callable

6/15/27

@

103.5

(b)

62,100

130,000

Herc

Holdings,

Inc.,

7.00%,

6/15/30,

Callable

6/15/27

@

103.5

(b)

134,550

50,000

Herc

Holdings,

Inc.,

5.75%,

3/15/31,

Callable

3/15/28

@

102.88

(b)

49,812

90,000

Herc

Holdings,

Inc.,

7.25%,

6/15/33,

Callable

6/15/28

@

103.63

(b)

93,713

45,000

Herc

Holdings,

Inc.,

6.00%,

3/15/34,

Callable

3/15/29

@

103

(b)

44,719

130,000

LBM

Acquisition

LLC,

6.25%,

1/15/29,

Callable

8/1/26

@

100

(b)

94,250

50,000

QXO

Building

Products,

Inc.,

6.50%,

7/15/31,

Callable

7/15/28

@

103.25

(b)

50,875

105,000

QXO

Building

Products,

Inc.,

6.75%,

4/30/32,

Callable

4/30/28

@

103.38

(b)

108,281

50,000

QXO

Building

Products,

Inc.,

6.88%,

7/15/34,

Callable

7/15/29

@

103.44

(b)

51,312

90,000

Sumisho

Air

Lease

Corp.,

Series

B,

8.26%

(H15T5Y),

Callable

9/15/26

@

100

90,671

272,000

Sumisho

Air

Lease

Corp.,

Series

C,

4.13%

(H15T5Y),

Callable

12/15/26

@

100

267,059

70,000

WESCO

Distribution,

Inc.,

5.25%,

4/15/31,

Callable

4/15/28

@

102.63

(b)

69,475

Principal

Amount

Value

Corporate

Bonds,

continued

Trading

Companies

&

Distributors,

continued

$

35,000

WESCO

Distribution,

Inc.,

6.38%,

3/15/33,

Callable

3/15/28

@

103.19

(b)

$

35,919

110,000

WESCO

Distribution,

Inc.,

5.50%,

4/15/34,

Callable

4/15/29

@

102.75

(b)

108,488

1,334,286

Total

Corporate

Bonds

(Cost

$187,412,384)

181,336,909

Yankee

Debt

Obligations

(3.0%):

Aerospace

&

Defense

(0.0%

†

):

75,000

Bombardier,

Inc.,

6.75%,

6/15/33,

Callable

6/15/28

@

103.38

(b)

77,625

Automobile

Components

(0.0%

†

):

75,000

Forvia

SE,

6.75%,

9/15/33,

Callable

9/15/28

@

103.38

(b)

75,000

Automobiles

(0.0%

†

):

134,000

Aston

Martin

Capital

Holdings,

Ltd.,

10.00%,

3/31/29,

Callable

8/1/26

@

105

(b)

105,860

Banks

(0.4%):

2,377,000

Barclays

plc,

5.09%

(SOFR),

6/20/30,

Callable

6/20/29

@

100

2,383,187

778,000

BNP

Paribas

SA,

5.79%

(SOFR),

1/13/33,

Callable

1/13/32

@

100

(b)

803,285

125,000

BNP

Paribas

SA,

7.20%

(H15T5Y),

12/31/99,

Callable

4/17/36

@

100

(b)

125,469

140,000

BNP

Paribas

SA,

7.45%

(H15T5Y),

Callable

6/27/35

@

100

(b)

144,200

200,000

Commonwealth

Bank

of

Australia,

3.61%

(H15T5Y),

9/12/34,

Callable

9/12/29

@

100

(b)

191,755

171,000

Deutsche

Bank

AG,

5.06%

(SOFR),

4/14/32,

Callable

4/14/31

@

100

170,451

100,000

HSBC

Holdings

PLC,

6.75%

(H15T5Y),

12/31/99,

Callable

3/24/31

@

100

101,000

40,000

HSBC

Holdings

PLC,

7.00%

(H15T5Y),

Callable

9/24/35

@

100

41,050

200,000

Mitsubishi

UFJ

Financial

Group,

Inc.,

4.59%

(H15T1Y),

4/18/30,

Callable

4/18/29

@

100

198,869

200,000

Mitsubishi

UFJ

Financial

Group,

Inc.,

4.85%

(H15T1Y),

4/21/32,

Callable

4/21/31

@

100

198,553

531,000

Societe

Generale

SA,

5.50%

(H15T1Y),

4/13/29,

Callable

4/13/28

@

100

(b)

536,645

200,000

Sumitomo

Mitsui

Financial

Group,

Inc.,

4.93%

(SOFR),

7/7/32,

Callable

7/7/31

@

100

199,422

186,000

Westpac

Banking

Corp.,

4.11%

(H15T5Y),

7/24/34,

Callable

7/24/29

@

100

181,363

5,275,249

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

123

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Capital

Markets

(0.1%):

$

774,000

UBS

Group

AG,

1.49%

(H15T1Y),

8/10/27,

Callable

8/10/26

@

100

(b)

$

771,412

314,000

UBS

Group

AG,

4.19%

(SOFR),

4/1/31,

Callable

4/1/30

@

100

(b)

306,486

1,077,898

Chemicals

(0.1%):

382,000

Herens

Holdco

Sarl

,

4.75%,

5/15/28,

Callable

8/1/26

@

100

(b)

334,250

135,000

Methanex

Corp.,

5.25%,

12/15/29,

Callable

9/15/29

@

100^

133,987

220,000

Methanex

Corp.,

5.65%,

12/1/44,

Callable

6/1/44

@

100

195,800

664,037

Commercial

Services

&

Supplies

(0.0%

†

):

347,000

Ambipar

Lux

Sarl

,

9.88%,

2/6/31,

Callable

2/6/27

@

104.94

(b)(d)

82,412

75,000

GFL

Environmental,

Inc.,

6.75%,

1/15/31,

Callable

1/15/27

@

103.38

(b)

77,250

159,662

Containers

&

Packaging

(0.0%

†

):

70,000

Ahlstrom

Holding

3

Oy,

4.88%,

2/4/28,

Callable

8/1/26

@

100

(b)

69,313

Diversified

Telecommunication

Services

(0.1%):

197,000

Altice

France

Lux

3/Altice

Holdings

1,

10.00%,

1/15/33,

Callable

10/1/26

@

101

(b)

193,060

336,804

Altice

France

SA,

6.50%,

4/15/32,

Callable

10/1/26

@

101

(b)

325,858

381,439

Altice

France

SA,

6.88%,

7/15/32,

Callable

10/15/26

@

100

(b)

369,996

115,000

C&W

Senior

Finance,

Ltd.,

9.00%,

1/15/33,

Callable

1/15/28

@

104.5

(b)

116,150

100,000

IHS

Holding,

Ltd.,

5.63%,

11/29/26,

Callable

8/1/26

@

100

(b)

99,494

43,000

TELUS

Corp.,

7.00%

(H15T5Y),

10/15/55,

Callable

7/15/35

@

100

44,344

67,000

TELUS

Corp.,

6.63%

(H15T5Y),

10/15/55,

Callable

7/15/30

@

100

67,921

305,000

Vmed

O2

UK

Financing

I

plc,

4.25%,

1/31/31,

Callable

8/1/26

@

102.13

(b)

251,625

1,468,448

Energy

Equipment

&

Services

(0.0%

†

):

175,000

Consolidated

Energy

Finance

SA,

5.63%,

10/15/28,

Callable

7/12/26

@

101.41

(b)

169,750

115,000

Consolidated

Energy

Finance

SA,

12.00%,

2/15/31,

Callable

2/15/27

@

106

(b)

118,163

40,000

TGS

ASA,

8.50%,

1/15/30,

Callable

1/15/27

@

104.25

(b)

42,050

25,000

Transocean

International,

Ltd.,

7.88%,

10/15/32,

Callable

10/15/28

@

103.94

(b)

26,062

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Energy

Equipment

&

Services,

continued

$

175,000

Vallourec

SACA,

7.50%,

4/15/32,

Callable

4/15/27

@

103.75

(b)

$

182,875

538,900

Financial

Services

(0.7%):

503,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

2.45%,

10/29/26,

Callable

9/29/26

@

100

499,754

3,068,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

6.45%,

4/15/27,

Callable

3/15/27

@

100

3,106,921

527,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.00%,

10/29/28,

Callable

8/29/28

@

100

506,146

82,000

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust,

6.50%

(H15T5Y),

1/31/56,

Callable

10/31/30

@

100

82,708

108,000

Altice

Financing

SA,

9.63%,

7/15/27,

Callable

8/1/26

@

100

(b)

82,080

249,000

Altice

Financing

SA,

5.75%,

8/15/29,

Callable

8/1/26

@

101.44

(b)

173,055

845,000

Avolon

Holdings

Funding,

Ltd.,

6.38%,

5/4/28,

Callable

4/4/28

@

100

(b)

866,674

55,000

Avolon

Holdings

Funding,

Ltd.,

5.15%,

1/15/30,

Callable

12/15/29

@

100

(b)

55,188

301,000

Avolon

Holdings

Funding,

Ltd.,

5.38%,

5/30/30,

Callable

4/30/30

@

100

(b)

303,140

710,000

Avolon

Holdings

Funding,

Ltd.,

4.70%,

1/30/31,

Callable

12/30/30

@

100

(b)

693,891

41,000

Avolon

Holdings

Funding,

Ltd.,

4.85%,

4/1/33,

Callable

2/1/33

@

100

(b)

39,552

95,000

GGAM

Finance,

Ltd.,

6.88%,

4/15/29,

Callable

8/1/26

@

103.44

(b)

97,138

305,000

GGAM

Finance,

Ltd.,

5.88%,

3/15/30,

Callable

9/15/26

@

102.94

(b)

305,381

250,000

Global

Aircraft

Leasing

Co.,

Ltd.,

8.75%,

9/1/27,

Callable

8/1/26

@

104.38

(b)

254,063

40,000

Macquarie

Airfinance

Holdings,

Ltd.,

6.40%,

3/26/29,

Callable

2/26/29

@

100

(b)

41,202

200,000

NTT

Finance

Corp.,

4.57%,

7/16/27

(b)

200,146

200,000

NTT

Finance

Corp.,

4.62%,

7/16/28

(b)

199,492

259,000

NTT

Finance

Corp.,

4.88%,

7/16/30,

Callable

6/16/30

@

100

(b)

258,407

332,000

NTT

Finance

Corp.,

5.01%,

11/1/31,

Callable

10/1/31

@

100

(b)

331,001

478,000

NTT

Finance

Corp.,

5.26%,

11/1/33,

Callable

9/1/33

@

100

(b)

476,485

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

124

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Financial

Services,

continued

$

200,000

Sable

International

Finance,

Ltd.,

7.13%,

10/15/32,

Callable

10/15/27

@

103.56

(b)

$

198,500

8,770,924

Hotels,

Restaurants

&

Leisure

(0.1%):

115,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

6.13%,

6/15/29,

Callable

7/12/26

@

103.06

(b)

116,581

180,000

A&K

Travel

Group

Holdings,

Ltd.,

7.50%,

5/15/33,

Callable

5/15/29

@

103.75

(b)

181,350

130,000

Carnival

Corp.,

Ltd.,

5.88%,

6/15/31,

Callable

3/15/31

@

100

(b)

132,275

135,000

Carnival

Corp.,

Ltd.,

5.75%,

8/1/32,

Callable

5/1/32

@

100

(b)

136,012

75,000

NCL

Corp.,

Ltd.,

6.25%,

9/15/33,

Callable

9/15/28

@

103.13

(b)

72,750

115,000

Viking

Cruises,

Ltd.,

9.13%,

7/15/31,

Callable

7/17/26

@

104.56

(b)

120,463

170,000

Viking

Cruises,

Ltd.,

5.88%,

10/15/33,

Callable

10/15/28

@

102.94

(b)

170,000

929,431

Independent

Power

and

Renewable

Electricity

Producers

(0.1%):

220,000

California

Buyer,

Ltd./Atlantica

Sustainable

Infrastructure

plc,

6.38%,

2/15/32,

Callable

11/15/27

@

103.19

(b)

220,550

94,084

EnfraGen

Energia

Sur

SA/

EnfraGen

Spain

SA/Prime

Energia

SpA

,

5.38%,

12/30/30,

Callable

8/1/26

@

102.69

(b)

88,791

70,000

EnfraGen

Energia

Sur

SAU/

EnfraGen

Chile

SpA

/

EnfraGen

Spain

SAU,

8.50%,

6/30/32,

Callable

6/30/28

@

104.25

(b)

73,150

110,000

Transalta

Corp.,

5.88%,

2/1/34,

Callable

2/1/29

@

102.94

108,350

70,000

Transalta

Corp.,

6.50%,

3/15/40

68,863

559,704

Industrial

REITs

(0.0%

†

):

135,000

Liquid

Telecommunications

Financing

plc,

10.75%,

4/14/31,

Callable

4/14/28

@

105.38

(b)

139,725

Insurance

(0.0%

†

):

200,000

Swiss

Re

Finance

Luxembourg

SA,

5.00%

(H15T5Y),

4/2/49,

Callable

4/2/29

@

100

(b)

200,272

Marine

Transportation

(0.0%

†

):

80,000

Danaos

Corp.,

6.88%,

10/15/32,

Callable

10/15/28

@

103.44

(b)

82,600

Metals

&

Mining

(0.1%):

40,000

Alcoa

Nederland

Holding

BV,

7.13%,

3/15/31,

Callable

3/15/27

@

103.56

(b)

41,493

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Metals

&

Mining,

continued

$

185,000

Alumina

Pty,

Ltd.,

6.38%,

9/15/32,

Callable

3/15/28

@

103.19

(b)

$

187,775

90,000

Capstone

Copper

Corp.,

6.75%,

3/31/33,

Callable

3/31/28

@

103.38

(b)

90,788

120,000

ERO

Copper

Corp.,

6.50%,

2/15/30,

Callable

8/1/26

@

101.63

(b)

119,850

220,000

First

Quantum

Minerals,

Ltd.,

8.00%,

3/1/33,

Callable

3/1/28

@

104

(b)

229,350

150,000

First

Quantum

Minerals,

Ltd.,

7.25%,

2/15/34,

Callable

2/15/29

@

103.63

(b)

153,562

180,000

First

Quantum

Minerals,

Ltd.,

6.38%,

2/15/36,

Callable

2/15/31

@

103.19

(b)

175,950

57,000

Mineral

Resources,

Ltd.,

9.25%,

10/1/28,

Callable

8/1/26

@

104.63

(b)

58,853

95,000

Mineral

Resources,

Ltd.,

8.50%,

5/1/30,

Callable

8/1/26

@

102.83

(b)

97,850

45,000

Mineral

Resources,

Ltd.,

7.00%,

4/1/31,

Callable

4/1/28

@

103.5

(b)

46,631

35,000

Mineral

Resources,

Ltd.,

6.00%,

5/1/32,

Callable

11/1/28

@

103

(b)

34,650

35,000

Mineral

Resources,

Ltd.,

6.25%,

5/1/34,

Callable

5/1/29

@

103.13

(b)

34,475

149,384

Samarco

Mineracao

SA,

9.50%,

6/30/31,

Callable

7/17/26

@

100

(b)

150,131

100,000

Volcan

Cia

Minera

SAA,

Class

B,

8.50%,

10/28/32,

Callable

10/28/28

@

104.25

(b)

103,092

1,524,450

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.0%

†

):

345,000

EG

Global

Finance

plc,

12.00%,

11/30/28,

Callable

7/6/26

@

106

(b)

366,994

Oil,

Gas

&

Consumable

Fuels

(0.8%):

105,000

Breakwater

Energy

Holdings

Sarl

,

9.25%,

11/15/30,

Callable

11/15/27

@

104.63

(b)

110,644

540,000

Canacol

Energy,

Ltd.,

5.75%,

11/24/28,

Callable

8/1/26

@

101.44

(b)

(d)

186,975

140,000

Cenovus

Energy,

Inc.,

4.65%,

3/20/31,

Callable

2/20/31

@

100

138,384

108,000

Cenovus

Energy,

Inc.,

5.40%,

3/20/36,

Callable

12/20/35

@

100

106,992

200,000

Golar

LNG,

Ltd.,

7.75%,

9/19/29,

Callable

9/19/27

@

103.1

(b)

203,000

70,000

Golar

LNG,

Ltd.,

7.50%,

10/2/30,

Callable

10/2/27

@

103.75

(b)

70,962

4,920,000

Petroleos

Mexicanos

,

5.95%,

1/28/31,

Callable

10/28/30

@

100

4,864,650

776,000

Petroleos

Mexicanos

,

6.70%,

2/16/32,

Callable

11/16/31

@

100

781,820

2,228,000

Petroleos

Mexicanos

,

6.75%,

9/21/47

1,904,940

600,000

Petroleos

Mexicanos

,

6.35%,

2/12/48

495,000

336,000

Petroleos

Mexicanos

,

6.95%,

1/28/60,

Callable

7/28/59

@

100

284,340

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

125

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

85,000

South

Bow

Canadian

Infrastructure

Holdings,

Ltd.,

7.50%

(H15T5Y),

3/1/55,

Callable

12/1/34

@

100

$

90,844

55,385

Transocean

Aquila,

Ltd.,

8.00%,

9/30/28,

Callable

7/12/26

@

104

(b)

56,492

275,750

Tullow

Holdco

2,

Ltd.,

15.00%,

11/15/28,

Callable

7/12/26

@

101

(b)

277,129

9,572,172

Pharmaceuticals

(0.1%):

448,000

1261229

BC,

Ltd.,

10.00%,

4/15/32,

Callable

4/15/28

@

105

(b)

453,600

14,000

Bausch

Health

Cos.,

Inc.,

11.00%,

9/30/28

(b)

14,245

54,000

Teva

Pharmaceutical

Finance

III

BV,

3.15%,

10/1/26

53,797

240,000

Teva

Pharmaceutical

Finance

III

BV,

5.75%,

12/1/30,

Callable

9/1/30

@

100

245,700

250,000

Teva

Pharmaceutical

Finance

III

BV,

6.00%,

12/1/32,

Callable

9/1/32

@

100

259,375

1,026,717

Sovereign

Bond

(0.3%):

770,000

Colombia

Government

International

Bond,

7.38%,

4/25/30,

Callable

3/25/30

@

100

811,590

3,150,000

Dominican

Republic

International

Bond,

6.00%,

7/19/28

(b)

3,193,313

200,000

Saudi

Government

International

Bond,

3.25%,

10/22/30

(b)

187,907

200,000

Saudi

Government

International

Bond,

4.50%,

4/22/60

(b)

155,857

4,348,667

Technology

Hardware,

Storage

&

Peripherals

(0.0%

†

):

55,000

Seagate

Data

Storage

Technology

Pte,

Ltd.,

8.25%,

12/15/29,

Callable

7/15/26

@

104.13

(b)

57,406

75,000

Seagate

Data

Storage

Technology

Pte,

Ltd.,

5.88%,

7/15/30

76,219

133,625

Textiles,

Apparel

&

Luxury

Goods

(0.0%

†

):

198,000

Gildan

Activewear,

Inc.,

4.70%,

10/7/30,

Callable

9/7/30

@

100

(b)

194,056

Trading

Companies

&

Distributors

(0.0%

†

):

420,000

Avilease

Capital,

Ltd.,

5.50%,

6/30/31,

Callable

5/30/31

@

100

(b)

422,110

Transportation

Infrastructure

(0.0%

†

):

90,000

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.,

8.75%,

1/15/32,

Callable

7/15/28

@

104.38^

(b)

88,987

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Wireless

Telecommunication

Services

(0.1%):

$

145,000

Iliad

Holding

SAS,

7.00%,

4/15/32,

Callable

12/1/27

@

103.5

(b)

$

147,481

450,000

Millicom

International

Cellular

SA,

6.25%,

3/25/29,

Callable

7/12/26

@

101.04

(b)

451,688

165,000

Millicom

International

Cellular

SA,

4.50%,

4/27/31,

Callable

7/12/26

@

102.25

(b)

153,656

752,825

Total

Yankee

Debt

Obligations

(Cost

$39,220,732)

38,625,251

U.S.

Government

Agency

Mortgages

(9.5%):

Federal

Home

Loan

Mortgage

Corporation

(3.1%):

10,664

2.50%,

6/1/31,

Pool

#J34501

10,248

15,277

2.50%,

7/1/31,

Pool

#V61246

14,659

25,800

2.50%,

8/1/31,

Pool

#V61273

24,733

72,216

3.50%,

3/1/32,

Pool

#C91403

71,080

242,536

3.50%,

7/1/32,

Pool

#C91467

238,717

55,274

3.00%,

4/1/33,

Pool

#G18684

53,119

77,805

3.50%,

10/1/34,

Pool

#C91793

75,209

307,421

1.50%,

8/1/35,

Pool

#SB8066

275,063

374,659

1.50%,

11/1/35,

Pool

#SB8073

335,210

11,425

1.50%,

12/1/35,

Pool

#SB8078

10,222

362,992

1.50%,

1/1/36,

Pool

#SB8083

324,764

235,862

4.00%,

5/1/37,

Pool

#C91938

229,714

18,187

2.50%,

6/1/40,

Pool

#QK0306

16,354

112,914

4.00%,

11/1/40,

Pool

#A95150

108,249

25,012

1.50%,

12/1/40,

Pool

#RB5089

21,048

42,139

1.50%,

2/1/41,

Pool

#RB5099

35,190

42,568

1.50%,

3/1/41,

Pool

#RB5104

35,548

349,636

2.00%,

3/1/41,

Pool

#SC0136

304,864

42,303

1.50%,

4/1/41,

Pool

#RB5107

35,326

537,845

2.00%,

7/1/41,

Pool

#SC0162

467,243

15,940

2.00%,

7/1/41,

Pool

#RB5118

13,790

66,041

2.50%,

10/1/41,

Pool

#RB5132

58,926

16,616

2.00%,

10/1/41,

Pool

#RB5131

14,347

257,909

2.00%,

11/1/41,

Pool

#RB5135

222,689

129,081

2.50%,

1/1/42,

Pool

#RB5142

115,170

59,766

3.50%,

7/1/42,

Pool

#ZA1231

56,074

140,489

3.50%,

7/1/42,

Pool

#ZA1228

132,384

174,016

3.50%,

9/1/42,

Pool

#ZL3774

162,453

55,929

3.50%,

11/1/42,

Pool

#ZL4397

52,701

160,871

3.50%,

1/1/44,

Pool

#G60271

151,052

318,185

3.50%,

1/1/44,

Pool

#G07922

297,396

39,419

4.00%,

2/1/45,

Pool

#G07949

38,107

38,142

3.50%,

11/1/45,

Pool

#Q37467

35,928

5,339

4.00%,

4/1/46,

Pool

#Q39975

5,093

10,377

4.00%,

4/1/46,

Pool

#V82292

9,919

73,191

3.50%,

9/1/46,

Pool

#Q43257

67,921

125,169

3.00%,

12/1/46,

Pool

#G60989

112,880

3,119

4.50%,

12/1/46,

Pool

#Q45028

3,066

3,224

4.50%,

1/1/47,

Pool

#Q45635

3,169

6,177

4.50%,

2/1/47,

Pool

#Q46222

6,056

19,587

4.50%,

5/1/47,

Pool

#Q48095

19,202

13,795

4.50%,

5/1/47,

Pool

#Q47935

13,523

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

126

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

6,418

4.50%,

5/1/47,

Pool

#Q47942

$

6,292

26,889

4.50%,

6/1/47,

Pool

#Q48759

26,360

154,136

4.00%,

6/1/47,

Pool

#Q48877

146,630

11,925

4.50%,

7/1/47,

Pool

#Q49393

11,691

67,607

4.50%,

12/1/47,

Pool

#Q53017

66,170

19,182

4.00%,

2/1/48,

Pool

#G61343

18,308

7,866

4.00%,

2/1/48,

Pool

#Q54499

7,482

12,418

4.50%,

4/1/48,

Pool

#Q55724

12,096

12,171

4.50%,

4/1/48,

Pool

#Q55500

11,856

30,272

4.50%,

4/1/48,

Pool

#Q55660

29,489

24,511

4.50%,

5/1/48,

Pool

#Q55839

23,877

70,818

4.00%,

5/1/48,

Pool

#Q55992

67,371

99,740

4.00%,

6/1/48,

Pool

#G67713

94,876

33,779

4.00%,

7/1/48,

Pool

#Q59935

32,780

16,944

4.50%,

10/1/48,

Pool

#G67716

16,540

106,572

3.00%,

6/1/49,

Pool

#ZT2090

94,046

489,660

4.50%,

7/1/49,

Pool

#RA1171

475,781

11,411

3.00%,

10/1/49,

Pool

#SD8016

10,069

20,569

3.00%,

3/1/50,

Pool

#SD0517

18,151

110,163

3.00%,

4/1/50,

Pool

#QA9049

97,165

20,828

3.00%,

4/1/50,

Pool

#SD0516

18,350

256,848

2.00%,

6/1/50,

Pool

#RA2677

208,935

830,600

2.00%,

8/1/50,

Pool

#SD8097

669,883

242,146

2.50%,

8/1/50,

Pool

#SD0430

204,861

47,557

2.00%,

8/1/50,

Pool

#RA3205

38,764

31,706

2.00%,

9/1/50,

Pool

#SD8090

25,593

23,699

3.00%,

11/1/50,

Pool

#SD8108

20,909

324,056

2.50%,

11/1/50,

Pool

#SD7530

276,772

195,891

3.00%,

12/1/50,

Pool

#SD8115

172,845

34,789

2.00%,

1/1/51,

Pool

#QB7563

28,179

1,637,427

2.50%,

2/1/51,

Pool

#SD7535

1,398,610

256,848

2.50%,

3/1/51,

Pool

#RA4749

217,199

4,006,961

1.50%,

4/1/51,

Pool

#SD8139

3,067,076

1,009,175

2.00%,

5/1/51,

Pool

#SD7541

821,940

493,900

2.50%,

5/1/51,

Pool

#SI2106

416,249

35,362

2.00%,

5/1/51,

Pool

#QC1514

28,763

57,948

3.00%,

5/1/51,

Pool

#RA5267

51,071

1,614,120

2.50%,

5/1/51,

Pool

#SD7540

1,378,551

35,691

2.00%,

7/1/51,

Pool

#QC4665

28,731

266,239

2.50%,

7/1/51,

Pool

#RA5574

225,873

121,822

2.00%,

7/1/51,

Pool

#QC4827

98,094

21,282

2.00%,

7/1/51,

Pool

#QC4163

17,313

64,520

3.00%,

9/1/51,

Pool

#RA5901

56,866

335,969

3.00%,

10/1/51,

Pool

#QC9077

296,099

525,646

2.00%,

10/1/51,

Pool

#RA6076

426,534

116,516

2.50%,

10/1/51,

Pool

#QC9148

98,619

321,949

2.00%,

11/1/51,

Pool

#RA6302

260,717

71,007

3.00%,

11/1/51,

Pool

#RA6347

62,610

937,808

2.00%,

11/1/51,

Pool

#RA6241

760,998

1,606,919

2.50%,

12/1/51,

Pool

#RA6435

1,365,317

115,860

2.50%,

12/1/51,

Pool

#SD8183

97,621

370,280

2.00%,

12/1/51,

Pool

#RA6510

301,218

482,962

2.50%,

12/1/51,

Pool

#RA6434

409,296

294,000

3.00%,

1/1/52,

Pool

#RA6604

259,181

216,298

3.00%,

1/1/52,

Pool

#QD5561

189,206

500,993

3.00%,

1/1/52,

Pool

#SL0417

442,177

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

816,254

2.00%,

2/1/52,

Pool

#RA6823

$

663,127

803,387

2.00%,

2/1/52,

Pool

#RA6824

654,372

925,253

3.50%,

3/1/52,

Pool

#RA6987

848,617

485,670

3.50%,

3/1/52,

Pool

#RA6949

444,022

151,910

3.50%,

4/1/52,

Pool

#SD0927

139,780

21,931

5.00%,

7/1/52,

Pool

#RA7617

21,760

139,877

5.00%,

9/1/52,

Pool

#SD1572

139,320

584,605

4.00%,

10/1/52,

Pool

#SD1772

552,946

231,123

5.00%,

11/1/52,

Pool

#SD1862

230,261

301,858

6.00%,

12/1/52,

Pool

#RA8306

314,470

505,337

5.00%,

12/1/52,

Pool

#SD1924

503,312

468,397

3.50%,

2/1/53,

Pool

#SL4855

430,350

1,466,298

5.50%,

5/1/53,

Pool

#RA9058

1,496,268

182,012

6.00%,

6/1/53,

Pool

#RA9276

188,254

716,890

5.50%,

6/1/53,

Pool

#RA9161

728,704

145,099

6.00%,

6/1/53,

Pool

#RA9278

150,038

68,632

5.00%,

11/1/53,

Pool

#SD6961

68,749

628,195

5.50%,

3/1/54,

Pool

#RJ1067

632,714

473,583

6.00%,

4/1/54,

Pool

#SD7569

489,947

20,184

5.00%,

4/1/54,

Pool

#SD5961

20,222

628,711

6.00%,

5/1/54,

Pool

#SD7570

648,881

838,068

6.50%,

6/1/54,

Pool

#SD5521

883,668

995,596

6.50%,

9/1/54,

Pool

#SD6620

1,049,791

319,812

6.00%,

9/1/54,

Pool

#SD6419

332,767

77,475

6.00%,

9/1/54,

Pool

#SD7574

80,293

324,430

6.00%,

11/1/54,

Pool

#RJ2748

334,042

358,171

6.50%,

3/1/55,

Pool

#RJ3704

376,744

332,673

6.50%,

3/1/55,

Pool

#RJ3703

349,588

647,974

6.00%,

3/1/55,

Pool

#RJ3645

670,623

97,500

6.50%,

3/1/55,

Pool

#RJ3700

103,116

437,604

6.00%,

4/1/55,

Pool

#RJ4028

452,003

1,155,362

6.00%,

8/1/55,

Pool

#RJ4642

1,198,901

145,371

6.50%,

11/1/55,

Pool

#SL4427

151,756

149,715

6.00%,

12/1/55,

Pool

#SL3650

155,007

292,477

5.00%,

1/1/56,

Pool

#TA2986

288,666

2,550,000

4.50%,

3/1/56,

Pool

#RQ0101

2,443,787

802,182

5.00%,

3/1/56,

Pool

#RQ0102

788,480

873,914

6.00%,

6/1/56,

Pool

#RJ6909

905,784

39,917,586

Federal

National

Mortgage

Association

(4.0%):

13,117

2.50%,

5/1/31,

Pool

#BC0919

12,582

18,673

2.50%,

8/1/31,

Pool

#BC2778

17,908

13,525

2.50%,

10/1/31,

Pool

#AS8010

13,016

110,250

2.50%,

1/1/32,

Pool

#BE3032

106,190

16,782

2.50%,

9/1/32,

Pool

#MA3124

16,029

11,002

1.50%,

11/1/35,

Pool

#FM4368

9,841

11,308

1.50%,

11/1/35,

Pool

#MA4178

10,117

19,197

1.50%,

12/1/35,

Pool

#MA4205

17,175

11,427

1.50%,

12/1/35,

Pool

#FM4701

10,221

359,402

1.50%,

1/1/36,

Pool

#MA4228

321,552

124,258

1.50%,

2/1/36,

Pool

#FM6507

110,833

12,797

1.50%,

3/1/36,

Pool

#FM6804

11,415

22,982

1.50%,

5/1/36,

Pool

#BR1069

20,501

176,942

6.00%,

5/1/36,

Pool

#745512

181,359

23,778

1.50%,

6/1/36,

Pool

#BR2059

21,211

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

127

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

34,497

2.50%,

9/1/36,

Pool

#MA4419

$

32,338

1,254,732

2.50%,

11/1/36,

Pool

#CB2246

1,174,835

326,970

4.50%,

5/1/39,

Pool

#FM1194

330,391

29,957

2.50%,

3/1/40,

Pool

#FM2646

27,128

21,570

2.50%,

5/1/40,

Pool

#MA4016

19,533

116,096

2.50%,

11/1/40,

Pool

#FM9485

104,385

38,677

1.50%,

11/1/40,

Pool

#MA4175

32,548

671,854

2.00%,

11/1/40,

Pool

#MA4176

589,582

8,040

3.50%,

12/1/40,

Pool

#AH1556

7,614

38,797

1.50%,

12/1/40,

Pool

#MA4202

32,649

44,375

2.00%,

12/1/40,

Pool

#FM5042

38,775

13,621

2.00%,

12/1/40,

Pool

#MA4204

11,813

40,501

1.50%,

1/1/41,

Pool

#MA4231

34,082

41,634

1.50%,

2/1/41,

Pool

#MA4266

34,769

14,615

2.00%,

2/1/41,

Pool

#MA4268

12,620

94,224

2.50%,

2/1/41,

Pool

#MA4269

84,074

42,519

1.50%,

3/1/41,

Pool

#MA4286

35,507

14,928

2.00%,

3/1/41,

Pool

#MA4287

12,890

152,263

2.00%,

4/1/41,

Pool

#CB0116

132,761

89,310

2.50%,

4/1/41,

Pool

#MA4312

79,686

37,044

2.50%,

5/1/41,

Pool

#CB0469

32,950

108,833

2.00%,

6/1/41,

Pool

#FM7891

94,893

16,036

2.00%,

6/1/41,

Pool

#MA4364

13,929

62,872

2.50%,

7/1/41,

Pool

#CB2014

56,096

131,389

2.50%,

7/1/41,

Pool

#CB1076

116,874

147,699

2.00%,

7/1/41,

Pool

#CB1069

128,306

216,269

2.50%,

8/1/41,

Pool

#CB1342

192,372

109,821

2.50%,

9/1/41,

Pool

#FM8850

98,156

102,314

2.00%,

9/1/41,

Pool

#FM8862

88,322

59,933

2.00%,

10/1/41,

Pool

#BQ6615

51,750

218,323

2.00%,

10/1/41,

Pool

#FM9396

188,460

124,760

2.50%,

10/1/41,

Pool

#CB1842

110,973

16,246

2.00%,

10/1/41,

Pool

#MA4446

14,028

82,018

2.50%,

11/1/41,

Pool

#MA4475

73,182

189,777

2.00%,

11/1/41,

Pool

#CB2110

163,816

240,950

2.00%,

11/1/41,

Pool

#FS0106

207,937

133,836

2.50%,

11/1/41,

Pool

#FM9558

119,410

159,904

2.00%,

12/1/41,

Pool

#BU7091

138,063

3,530,094

2.00%,

5/1/42,

Pool

#FS4603

3,053,984

21,402

4.00%,

10/1/43,

Pool

#BM1167

20,664

193,486

4.50%,

3/1/44,

Pool

#AV0957

190,894

120,548

4.50%,

7/1/44,

Pool

#AS3062

119,209

97,817

4.50%,

12/1/44,

Pool

#AS4176

96,369

58,050

4.00%,

5/1/45,

Pool

#AZ1207

55,242

94,699

4.00%,

6/1/45,

Pool

#AY8096

90,122

33,265

4.00%,

6/1/45,

Pool

#AY8126

31,631

15,457

4.00%,

12/1/45,

Pool

#AS6352

14,698

6,416

4.50%,

1/1/46,

Pool

#AY3890

6,308

39,840

4.00%,

2/1/46,

Pool

#BC1578

37,946

41,284

4.50%,

3/1/46,

Pool

#BM4548

40,824

2,087

4.50%,

3/1/46,

Pool

#BC0287

2,055

153,294

4.00%,

4/1/46,

Pool

#AL8468

147,526

16,532

4.00%,

4/1/46,

Pool

#AS7024

15,826

60,069

3.00%,

5/1/46,

Pool

#BC0887

54,211

115,556

4.00%,

6/1/46,

Pool

#AL9282

110,060

14,064

4.50%,

6/1/46,

Pool

#BD1238

13,750

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

59,884

4.00%,

7/1/46,

Pool

#BC1443

$

57,371

70,855

4.00%,

9/1/46,

Pool

#BC2843

68,155

23,671

4.00%,

9/1/46,

Pool

#BD1489

22,539

149,023

3.00%,

10/1/46,

Pool

#AL9371

134,445

11,552

4.00%,

10/1/46,

Pool

#BD7599

11,000

35,843

4.50%,

10/1/46,

Pool

#BE1671

34,943

66,429

4.00%,

10/1/46,

Pool

#BC4754

63,898

44,948

4.50%,

11/1/46,

Pool

#BE2386

44,146

185,521

3.00%,

11/1/46,

Pool

#BC9026

166,906

180,721

3.00%,

11/1/46,

Pool

#AL9547

162,586

177,760

3.50%,

12/1/46,

Pool

#BC9077

163,992

59,810

4.50%,

12/1/46,

Pool

#BE4488

58,744

525,679

3.50%,

12/1/46,

Pool

#BM5096

497,101

2,900

4.50%,

12/1/46,

Pool

#BC9079

2,848

24,981

4.50%,

1/1/47,

Pool

#BE6506

24,443

16,616

4.50%,

1/1/47,

Pool

#BE7087

16,269

28,421

4.50%,

2/1/47,

Pool

#BE8498

27,685

248,248

4.00%,

2/1/47,

Pool

#AL9779

237,327

65,423

3.00%,

3/1/47,

Pool

#BM3114

58,921

30,935

4.00%,

5/1/47,

Pool

#BM1277

29,480

34,349

4.50%,

6/1/47,

Pool

#BE3663

33,633

5,223

4.50%,

6/1/47,

Pool

#BE9387

5,113

5,949

4.50%,

6/1/47,

Pool

#BH0561

5,768

4,638

4.00%,

6/1/47,

Pool

#BH4269

4,420

28,972

4.50%,

7/1/47,

Pool

#BE3749

28,367

18,100

4.00%,

7/1/47,

Pool

#AS9968

17,249

34,867

4.00%,

4/1/48,

Pool

#BM3700

33,227

9,845

4.50%,

4/1/48,

Pool

#BJ5454

9,616

5,634

4.50%,

5/1/48,

Pool

#BJ5507

5,504

169,564

4.50%,

10/1/48,

Pool

#CA2432

165,983

187,577

4.50%,

12/1/48,

Pool

#CA2797

183,795

38,883

3.00%,

8/1/49,

Pool

#MA3744

34,313

114,268

4.50%,

9/1/49,

Pool

#FM1534

111,583

166,639

4.00%,

11/1/49,

Pool

#CA4628

158,178

465,617

3.50%,

1/1/50,

Pool

#FS3728

439,445

93,122

3.00%,

1/1/50,

Pool

#CA5019

82,128

126,977

3.00%,

1/1/50,

Pool

#MA3905

112,051

95,823

3.00%,

4/1/50,

Pool

#MA3991

84,592

97,459

2.00%,

7/1/50,

Pool

#CA6275

79,472

62,756

2.00%,

7/1/50,

Pool

#FM3897

51,177

60,775

2.00%,

8/1/50,

Pool

#MA4100

49,041

211,027

3.50%,

8/1/50,

Pool

#FM7147

193,944

428,628

3.00%,

8/1/50,

Pool

#FM6118

378,703

37,531

3.00%,

9/1/50,

Pool

#FM4317

32,937

95,902

3.00%,

9/1/50,

Pool

#CA6998

84,733

64,269

2.00%,

9/1/50,

Pool

#MA4119

51,860

113,575

2.50%,

10/1/50,

Pool

#CA7229

97,031

96,924

2.00%,

10/1/50,

Pool

#CA7323

79,238

109,079

2.00%,

10/1/50,

Pool

#BQ3004

87,976

33,514

2.00%,

10/1/50,

Pool

#MA4158

27,043

69,826

2.00%,

11/1/50,

Pool

#MA4182

56,251

70,646

2.00%,

11/1/50,

Pool

#BQ5112

56,979

67,780

2.00%,

11/1/50,

Pool

#CA7616

54,917

35,273

3.00%,

11/1/50,

Pool

#MA4184

31,123

56,358

2.00%,

12/1/50,

Pool

#FM5215

45,655

107,410

3.00%,

12/1/50,

Pool

#FM7827

94,796

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

128

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

71,548

2.00%,

12/1/50,

Pool

#BQ5162

$

57,706

324,584

3.00%,

12/1/50,

Pool

#MA4211

286,391

178,798

3.00%,

1/1/51,

Pool

#MA4239

157,761

24,083

2.00%,

1/1/51,

Pool

#BQ8400

19,507

150,460

2.00%,

1/1/51,

Pool

#BQ9683

121,120

73,407

2.00%,

1/1/51,

Pool

#BQ9687

59,092

149,879

2.50%,

1/1/51,

Pool

#FM5651

126,848

35,654

2.00%,

2/1/51,

Pool

#FM5984

29,060

116,257

2.00%,

4/1/51,

Pool

#BR4435

93,581

757,972

2.50%,

4/1/51,

Pool

#FM6540

652,207

79,671

2.00%,

4/1/51,

Pool

#BR7792

64,135

354,684

2.50%,

5/1/51,

Pool

#MA4326

298,658

418,508

3.00%,

5/1/51,

Pool

#CB0531

368,693

574,238

3.00%,

6/1/51,

Pool

#FS4922

510,126

968,109

3.00%,

6/1/51,

Pool

#CB0850

853,328

192,984

2.00%,

7/1/51,

Pool

#BT0491

155,392

17,253

2.00%,

7/1/51,

Pool

#BT1461

14,035

77,428

2.50%,

8/1/51,

Pool

#MA4399

65,123

31,744

2.00%,

8/1/51,

Pool

#FM8176

25,859

66,785

2.50%,

10/1/51,

Pool

#FM9068

56,569

369,009

2.00%,

10/1/51,

Pool

#CB1799

299,702

737,980

2.50%,

10/1/51,

Pool

#MA4438

620,560

603,478

2.50%,

11/1/51,

Pool

#MA4466

507,669

623,947

2.00%,

11/1/51,

Pool

#FM9568

508,202

394,480

2.00%,

11/1/51,

Pool

#FM9539

320,897

986,052

2.50%,

11/1/51,

Pool

#FM9501

838,799

380,153

2.50%,

11/1/51,

Pool

#FM9517

322,096

289,794

2.50%,

11/1/51,

Pool

#FM9505

245,356

122,171

2.00%,

11/1/51,

Pool

#FM9500

99,139

262,610

2.50%,

12/1/51,

Pool

#CB2376

223,126

288,310

2.00%,

12/1/51,

Pool

#CB2350

233,962

216,222

2.00%,

12/1/51,

Pool

#CB2348

175,897

303,124

2.50%,

12/1/51,

Pool

#CB2321

256,921

74,492

3.00%,

12/1/51,

Pool

#FM9777

65,171

666,024

2.50%,

12/1/51,

Pool

#CB2289

564,317

278,212

2.50%,

12/1/51,

Pool

#CB2320

236,690

240,383

3.50%,

1/1/52,

Pool

#MA4514

219,908

199,252

3.00%,

1/1/52,

Pool

#CB2662

175,850

116,835

2.50%,

1/1/52,

Pool

#MA4512

98,256

68,133

3.50%,

1/1/52,

Pool

#CB2679

62,411

701,066

3.00%,

2/1/52,

Pool

#FS0631

617,928

208,997

3.50%,

2/1/52,

Pool

#CB2906

191,094

496,906

3.00%,

3/1/52,

Pool

#BV0350

436,286

308,617

3.50%,

3/1/52,

Pool

#CB3174

281,577

302,095

2.50%,

3/1/52,

Pool

#BV4139

256,469

572,053

3.00%,

3/1/52,

Pool

#FA1625

503,049

525,475

4.00%,

4/1/52,

Pool

#FS1647

494,017

816,660

5.00%,

8/1/52,

Pool

#CB4354

814,138

36,667

5.00%,

10/1/52,

Pool

#CB4893

36,521

300,171

5.50%,

10/1/52,

Pool

#CB4843

302,054

116,784

5.00%,

11/1/52,

Pool

#FS3295

115,806

206,573

5.00%,

11/1/52,

Pool

#FS3248

205,749

364,771

5.00%,

11/1/52,

Pool

#CB5128

363,410

116,870

5.00%,

12/1/52,

Pool

#CB5273

116,404

586,527

5.50%,

6/1/53,

Pool

#CB6527

596,200

263,301

6.00%,

6/1/53,

Pool

#CB6538

271,517

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

493,298

6.00%,

7/1/53,

Pool

#FS5067

$

508,686

539,454

6.00%,

5/1/55,

Pool

#CC0404

558,324

224,807

6.00%,

7/1/55,

Pool

#FA2249

232,212

742,960

6.00%,

7/1/55,

Pool

#CC0730

763,191

117,670

5.00%,

3/1/56,

Pool

#MA5997

115,660

174,936

6.00%,

4/1/56,

Pool

#CC2465

180,708

58,271

6.00%,

4/1/56,

Pool

#CC2391

60,821

449,888

5.50%,

4/1/56,

Pool

#CC2377

459,159

120,815

6.00%,

4/1/56,

Pool

#CC2392

125,789

117,712

6.00%,

4/1/56,

Pool

#CC2353

122,373

449,956

5.00%,

4/1/56,

Pool

#MA6029

442,274

437,764

5.50%,

4/1/56,

Pool

#CC2342

447,083

141,692

6.50%,

4/1/56,

Pool

#FA5662

147,911

999,999

5.00%,

5/1/56,

Pool

#DH0033

983,176

299,566

5.50%,

6/1/56,

Pool

#CC2842

304,964

1,099,102

6.00%,

6/1/56,

Pool

#CC2857

1,144,227

125,000

6.50%,

7/25/56,

TBA

129,258

1,100,000

2.50%,

7/25/56,

TBA

918,500

450,000

3.00%,

7/25/56,

TBA

392,133

3,325,000

5.50%,

7/25/56,

TBA

3,335,910

1,400,000

2.00%,

7/25/56,

TBA

1,116,500

9,825,000

2.00%,

8/25/56,

TBA

7,823,156

50,653,760

Government

National

Mortgage

Association

(2.4%):

11,467

4.00%,

10/20/40,

Pool

#4833

10,995

34,868

4.00%,

1/20/41,

Pool

#4922

33,433

38,014

4.00%,

8/15/41,

Pool

#430354

36,643

406,931

4.00%,

1/20/42,

Pool

#5280

386,119

55,871

4.00%,

11/20/42,

Pool

#MA0535

52,962

135,133

3.00%,

12/20/42,

Pool

#AA5872

123,647

16,237

3.50%,

3/20/43,

Pool

#AD8884

14,759

89,005

3.00%,

3/20/43,

Pool

#AA6146

80,574

36,533

3.00%,

3/20/43,

Pool

#AD8812

32,938

17,299

3.50%,

4/20/43,

Pool

#AD9075

15,723

6,939

3.50%,

4/20/43,

Pool

#AB9891

6,307

35,932

4.00%,

5/20/46,

Pool

#MA3664

34,254

179,330

3.00%,

12/20/46,

Pool

#MA4126

161,772

32,098

4.00%,

1/15/47,

Pool

#AX5857

30,415

33,222

4.00%,

1/15/47,

Pool

#AX5831

31,235

255,073

3.00%,

1/20/47,

Pool

#MA4195

230,102

105,014

4.00%,

3/20/47,

Pool

#MA4322

99,960

54,271

4.00%,

4/20/47,

Pool

#784303

51,622

60,287

4.00%,

4/20/47,

Pool

#784304

57,344

17,877

4.00%,

4/20/47,

Pool

#MA4383

17,017

12,642

3.50%,

2/20/48,

Pool

#MA5019

11,633

9,297

4.00%,

4/20/48,

Pool

#BG7744

8,753

9,177

4.00%,

4/20/48,

Pool

#BG3507

8,640

1,721

3.50%,

12/20/49,

Pool

#BR8984

1,572

5,605

3.50%,

12/20/49,

Pool

#BR8985

5,171

2,482

3.50%,

12/20/49,

Pool

#BR8987

2,288

135,472

2.00%,

9/20/50,

Pool

#MA6864

110,955

5,907,860

2.00%,

10/20/50,

Pool

#MA6930

4,838,812

97,315

2.00%,

1/20/51,

Pool

#MA7135

79,707

1,367,653

2.00%,

2/20/51,

Pool

#MA7192

1,120,188

923,540

2.50%,

7/20/51,

Pool

#MA7472

788,558

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

129

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

186,610

2.50%,

12/20/51,

Pool

#785792

$

157,255

50,950

2.50%,

12/20/51,

Pool

#MA7767

43,506

1,340,661

2.50%,

1/20/52,

Pool

#MA7827

1,144,796

968,226

2.50%,

2/20/52,

Pool

#MA7881

826,796

4,516,764

3.00%,

3/20/52,

Pool

#MA7937

4,011,270

25,000

2.50%,

4/20/52,

Pool

#MA7987

21,346

150,000

2.50%,

5/20/52,

Pool

#MA8042

128,087

4,873,224

2.50%,

6/20/52,

Pool

#MA8097

4,161,383

1,232,770

3.00%,

6/20/52,

Pool

#MA8098

1,094,740

813,445

3.50%,

7/20/52,

Pool

#MA8149

731,773

1,894,287

3.50%,

9/20/52,

Pool

#MA8266

1,723,674

988,252

4.00%,

10/20/52,

Pool

#MA8346

931,000

1,394,885

3.50%,

10/20/52,

Pool

#MA8345

1,262,686

2,568,097

4.50%,

4/20/53,

Pool

#MA8799

2,469,430

660,006

5.00%,

9/20/53,

Pool

#MA9170

654,822

147,030

6.50%,

11/20/53,

Pool

#MA9307

152,831

369,807

3.50%,

5/20/54,

Pool

#MA9664

332,793

74,128

5.50%,

12/20/54,

Pool

#MB0092

74,760

309,346

5.50%,

2/20/55,

Pool

#MB0205

311,308

1,225,000

5.50%,

7/20/56,

TBA

1,230,551

1,400,000

5.50%,

8/20/56,

TBA

1,404,156

31,353,061

Total

U.S.

Government

Agency

Mortgages

(Cost

$126,794,490)

121,924,407

U.S.

Treasury

Obligations

(22.2%):

U.S.

Treasury

Bonds

(7.5%):

3,315,000

4.50%,

2/15/44

3,158,185

22,071,000

4.88%,

8/15/45

21,902,881

305,000

4.63%,

2/15/46

292,717

1,031,000

4.00%,

11/15/52

881,787

27,993,000

4.13%,

8/15/53

24,449,043

4,200,000

4.25%,

2/15/54

3,746,531

27,400,000

4.63%,

5/15/54

26,020,367

2,905,000

4.25%,

8/15/54

2,593,961

4,955,600

4.75%,

5/15/55

4,807,319

6,529,000

4.75%,

8/15/55

6,335,170

1,800,000

4.75%,

2/15/56

1,748,320

400,000

5.00%,

5/15/56

404,203

96,340,484

U.S.

Treasury

Notes

(14.7%):

600,000

3.50%,

2/28/31

582,516

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Notes,

continued

$

16,119,100

4.13%,

11/30/31

$

16,037,245

19,672,000

2.88%,

5/15/32

18,264,991

19,288,500

4.13%,

5/31/32

19,156,645

6,900,000

4.00%,

6/30/32

6,805,125

2,340,000

3.88%,

8/31/32

2,289,635

2,500,000

4.00%,

1/31/33

2,457,520

27,800,000

3.50%,

2/15/33

26,528,367

3,000,000

3.75%,

2/28/33

2,906,250

9,900,000

4.13%,

4/30/33

9,792,492

3,560,000

4.25%,

6/30/33

3,546,372

6,986,000

3.88%,

8/15/33

6,793,885

1,795,000

4.00%,

2/15/34

1,754,402

29,365,800

3.88%,

8/15/34

28,364,380

13,225,500

4.25%,

8/15/35

13,057,598

9,900,000

4.00%,

11/15/35

9,577,863

19,971,000

4.13%,

2/15/36

19,489,668

700,000

4.38%,

5/15/36

696,309

188,101,263

Total

U.S.

Treasury

Obligations

(Cost

$293,607,022)

284,441,747

Shares

Unaffiliated

Investment

Companies

(2.4%):

Money

Market

Funds

(2.4%):

2,572,282

BlackRock

Liquidity

FedFund

,

Institutional

Class,

3.54%

(e)(f)

2,572,282

28,168,711

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.53%

(f)

28,168,711

Total

Unaffiliated

Investment

Companies

(Cost

$30,740,993)

30,740,993

Total

Investment

Securities

(Cost

$1,143,069,147

)

—

101.7%

1,306,631,303

Net

other

assets

(liabilities)

—

(1.7)%

(21,659,209)

Net

Assets

—

100.0%

$

1,284,972,094

H15T1Y—1

Year

Treasury

Constant

Maturity

Rate

H15T5Y—5

Year

Treasury

Constant

Maturity

Rate

MTN—Medium

Term

Note

REIT—Real

Estate

Investment

Trust

SOFR—Secured

Overnight

Financing

Rate

TSFR1M—Term

Secured

Overnight

Financing

Rate

1

Month

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

130

See

accompanying

notes

to

the

financial

statements.

TSFR3M—Term

Secured

Overnight

Financing

Rate

3

Month

SOFR30A—Secured

Overnight

Financing

Rate

30-day

Average

TBA—To

Be

Announced

Security

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

June

30,

2026.

The

total

value

of

securities

on

loan

as

of

June

30,

2026

was

$2,464,912.

+

This

security

represents

an

unfunded

loan

commitment.

The

Fund’s

total

unfunded

commitment

at

June

30,

2026,

was

$6,545

and

was

valued

at

$6,090

(0.0%

of

net

assets).

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

June

30,

2026.

(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

June

30,

2026.

(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

June

30,

2026.

(f)

The

rate

represents

the

effective

yield

at

June

30,

2026.

Securities

Sold

Short

(0.0%):

At

June

30,

2026,

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

3.50%

7/25/56

$

(375,000‌)

$

(340,137‌)

$

(340,137‌)

Federal

National

Mortgage

Association,

TBA

6.00%

7/25/56

(200,000‌)

(203,828‌)

(204,343‌)

$

(543,965‌)

$

(544,480‌)

Futures

Contracts

At

June

30,

2026,

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

September

Futures

(U.S.

Dollar)

9/18/26

3

$

1,132,238‌

$

8,760‌

U.S.

Treasury

5-Year

Note

September

Futures

(U.S.

Dollar)

9/30/26

427

45,709,016‌

86,000‌

$

94,760‌

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

131

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks

(0.2%):

Capital

Markets

(0.0%

†

):

327

White

Iris

Temp

Shares*

$

4,245

Health

Care

Providers

&

Services

(0.0%

†

):

4,657

Cano

Health

LLC*

—

Insurance

(0.0%

†

):

963

Acrisure

Holdings,

Inc.*

30,623

Oil,

Gas

&

Consumable

Fuels

(0.2%):

14,199

Sanchez

Energy

Corp.*

(a)(b)

218,383

Total

Common

Stocks

(Cost

$287,515)

253,251

Preferred

Stocks

(0.0%

†

):

Household

Durables

(0.0%

†

):

383

Whirlpool

Corp.,

Series

A,

8.50%,

2/15/29

13,451

Interactive

Media

&

Services

(0.0%

†

):

203

Alphabet,

Inc.,

Series

A,

6.25%

10,331

202

Alphabet,

Inc.,

Series

B,

6.25%

10,160

20,491

Software

(0.0%

†

):

186

Oracle

Corp.,

Series

D,

6.50%,

1/15/29

8,361

140

Strategy,

Inc.,

Series

A,

12.00%*

11,880

20,241

Total

Preferred

Stocks

(Cost

$60,211)

54,183

Contracts

Warrant

(0.0%

†

):

Health

Care

Providers

&

Services

(0.0%

†

):

156

Cano

Health

LLC,

12/30/28*

—

Total

Warrant

(Cost

$5,000)

—

Shares

Right

(0.0%

†

):

Media

(0.0%

†

):

13

SES

Intelsat

CVR,

Expires

on

12/31/26*

192

Total

Right

(Cost

$–)

192

Principal

Amount

Asset-Backed

Securities

(4.0%):

$

193,178

AASET,

Class

A2,

Series

2024-1A,

6.26%,

5/16/49

(a)

196,223

224,508

AASET,

Class

A,

Series

2025-1A,

5.94%,

2/16/50

(a)

224,835

193,178

AASET,

Class

A1,

Series

2024-1A,

6.26%,

5/16/49

(a)

193,627

38,887

AASET

Trust,

Class

B,

Series

2020-

1A,

4.34%,

1/16/40

(a)

38,594

27,472

AASET

Trust,

Class

A,

Series

2020-

1A,

3.35%,

1/16/40

(a)

27,170

Principal

Amount

Value

Asset-Backed

Securities,

continued

$

50,000

Aligned

Data

Centers

Issuer

LLC,

Class

A2I,

Series

2026-1A,

5.91%,

6/15/56,

Callable

6/15/29

@

100

(a)

$

50,035

220,434

ALTDE

Trust,

Class

A,

Series

2025-

1A,

5.90%,

8/15/50

(a)

218,911

55,669

Castlelake

Aircraft

Securitization

Trust,

Class

A,

Series

2018-1,

4.13%,

6/15/43

(a)

55,365

186,315

Castlelake

Aircraft

Structured

Trust,

Class

B,

Series

2019-1A,

5.10%,

4/15/39

(a)

183,252

49,750

DB

Master

Finance

LLC,

Class

A2II,

Series

2025-1A,

5.17%,

8/20/55,

Callable

11/20/29

@

100

(a)

48,813

64,675

DB

Master

Finance

LLC,

Class

A2I,

Series

2025-1A,

4.89%,

8/20/55,

Callable

11/20/28

@

100

(a)

63,907

50,000

DB

Master

Finance

LLC,

Class

A2I,

Series

2026-1A,

5.20%,

5/20/56,

Callable

8/20/31

@

100

(a)

49,968

50,000

DB

Master

Finance

LLC,

Class

A2II,

Series

2026-1A,

5.43%,

5/20/56,

Callable

8/20/33

@

100

(a)

49,920

189,638

Domino's

Pizza

Master

Issuer

LLC,

Class

A2I,

Series

2021-1A,

2.66%,

4/25/51,

Callable

7/25/26

@

100

(a)

180,277

128,860

Domino's

Pizza

Master

Issuer

LLC,

Class

A2II,

Series

2018-1A,

4.33%,

7/25/48,

Callable

7/25/26

@

100

(a)

127,806

250,000

FTAI

MRE

Cayman,

Ltd.,

Class

A,

Series

2026-1A,

5.63%,

6/15/51

(a)

249,787

250,000

Ggam

Master

Trust

International,

Ltd.,

Class

A,

Series

2026-1A,

5.86%,

9/30/60

(a)

249,991

224,086

GGAM

Master

Trust

International,

Ltd.,

Class

A,

Series

2025-1A,

5.92%,

9/30/60

(a)

222,401

234,223

Gilead

Aviation

LLC,

Class

A,

Series

2025-1A,

5.79%,

3/15/50

(a)

232,277

100,000

GMF

Floorplan

Owner

Revolving

Trust,

Class

A1,

Series

2024-4A,

4.73%,

11/15/29

(a)

100,488

81,951

Horizon

Aircraft

Finance

I,

Ltd.,

Class

A,

Series

2018-1,

4.46%,

12/15/38

(a)

82,182

53,373

Horizon

Aircraft

Finance

II,

Ltd.,

Class

A,

Series

2019-1,

3.72%,

7/15/39

(a)

53,082

49,625

Jersey

Mike's

Funding,

Class

A2,

Series

2025-1A,

5.61%,

8/16/55,

Callable

8/15/29

@

100

(a)

49,683

74,063

Jersey

Mike's

Funding

LLC,

Class

A2,

Series

2024-1A,

5.64%,

2/15/55,

Callable

2/15/29

@

100

(a)

74,698

239,878

Navigator

Aviation,

Ltd.,

Class

A,

Series

2025-1,

5.11%,

10/15/50

(a)

240,487

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

132

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Asset-Backed

Securities,

continued

$

140,753

Planet

Fitness

Master

Issuer

LLC,

Class

A2II,

Series

2022-1A,

4.01%,

12/5/51,

Callable

12/5/27

@

100

(a)

$

130,382

49,875

Planet

Fitness

Master

Issuer

LLC,

Class

A2I,

Series

2025-1A,

5.27%,

12/6/55,

Callable

12/5/28

@

100

(a)

49,284

137,445

Planet

Fitness

Master

Issuer

LLC,

Class

A2,

Series

2019-1A,

3.86%,

12/5/49,

Callable

9/5/26

@

100

(a)

131,860

176,133

Project

Silver,

Class

A,

Series

2019-

1,

3.97%,

7/15/44

(a)

175,446

115,245

Subway

Funding

LLC,

Class

A23,

Series

2024-3A,

5.91%,

7/30/54,

Callable

7/30/30

@

100

(a)

111,259

84,710

Subway

Funding

LLC,

Class

A23,

Series

2024-1A,

6.51%,

7/30/54,

Callable

7/30/30

@

100

(a)

84,614

162,525

Subway

Funding

LLC,

Class

A2I,

Series

2024-1A,

6.03%,

7/30/54,

Callable

7/30/27

@

100

(a)

163,205

96,530

Subway

Funding

LLC,

Class

A2II,

Series

2024-1A,

6.27%,

7/30/54,

Callable

7/30/28

@

100

(a)

97,079

57,130

Subway

Funding

LLC,

Class

A2II,

Series

2024-3A,

5.57%,

7/30/54,

Callable

7/30/28

@

100

(a)

55,948

120,170

Subway

Funding

LLC,

Class

A2I,

Series

2024-3A,

5.25%,

7/30/54,

Callable

7/30/27

@

100

(a)

117,500

115,000

Taco

Bell

Funding

LLC,

Class

A2I,

Series

2025-1A,

4.82%,

8/25/55,

Callable

2/25/28

@

100

(a)

113,457

4,201

Thunderbolt

II

Aircraft

Lease,

Ltd.,

Class

A,

Series

2018-A,

5.96%,

9/15/38

(a)(c)

4,201

94,345

Volofin

Finance

Designated

Activity

Co.,

Class

A,

Series

2024-1A,

5.94%,

6/15/37

(a)

94,568

241,212

Willis

Engine

Structured

Trust

VIII,

Class

A,

Series

2025-A,

5.58%,

6/15/50

(a)

239,182

Total

Asset-Backed

Securities

(Cost

$4,864,262)

4,831,764

Collateralized

Mortgage

Obligations

(6.3%):

250,000

Aimco

CLO

11,

Ltd.,

Class

A1R2,

Series

2020-11A,

5.02%

(TSFR3M+134bps),

7/17/37,

Callable

10/17/26

@

100

(a)

250,699

250,000

Aimco

CLO

21,

Ltd.,

Class

A1R,

Series

2024-21A,

4.93%

(TSFR3M+125bps),

4/18/39,

Callable

4/18/28

@

100

(a)

250,248

273,000

Allegro

CLO

XIII,

Ltd.,

Class

A1R,

Series

2021-1A,

5.02%

(TSFR3M+134bps),

7/20/38,

Callable

7/20/27

@

100

(a)

273,498

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

150,000

Allegro

CLO

XV,

Ltd.,

Class

A1R,

Series

2022-1A,

4.86%

(TSFR3M+118bps),

4/20/38,

Callable

4/20/27

@

100

(a)

$

149,857

250,000

Ares

LIV

CLO,

Ltd.,

Class

AR2,

Series

2019-54A,

4.98%

(TSFR3M+131bps),

7/15/38,

Callable

7/15/27

@

100

(a)

250,705

100,000

Ares

LVIII

CLO,

Ltd.,

Class

A1R2,

Series

2020-58A,

4.91%

(TSFR3M+124bps),

4/15/38,

Callable

4/15/27

@

100

(a)

100,180

250,000

Bain

Capital

Credit

CLO,

Ltd.,

Class  A1R,

Series

2023-2A,

5.00%

(TSFR3M+132bps),

7/18/38,

Callable

10/18/27

@

100

(a)

250,340

98,340

Barings

2026-SBP

Issuer

LLC,

Class

A,

Series

2026-SBP,

4.82%,

2/26/59,

Callable

1/26/33

@

100

(a)

97,023

250,000

Barings

CLO,

Ltd.,

Class

AR,

Series

2020-4A,

5.05%

(TSFR3M+137bps),

10/20/37,

Callable

10/20/26

@

100

(a)

250,438

250,000

Benefit

Street

Partners

CLO

Xxiii

,

Ltd.,

Class

A1RR,

Series

2021-23A,

4.90%

(TSFR3M+126bps),

4/25/39,

Callable

4/25/28

@

100

(a)

250,379

250,000

Carlyle

US

CLO,

Ltd.,

Class

A1R,

Series

2021-10A,

4.99%

(TSFR3M+131bps),

1/20/38,

Callable

1/20/27

@

100

(a)

250,540

264,000

Cedar

Funding

X

CLO,

Ltd.,

Class

AR2,

Series

2019-10A,

5.04%

(TSFR3M+136bps),

10/20/37,

Callable

10/20/26

@

100

(a)

264,101

100,000

Cedar

Funding

XII

CLO,

Ltd.,

Class

ARR,

Series

2020-12A,

4.87%

(TSFR3M+120bps),

1/25/38,

Callable

1/25/27

@

100

(a)

99,999

100,000

CIFC

Funding,

Ltd.,

Class

A1,

Series

2025-6A,

4.92%

(TSFR3M+125bps),

10/23/38,

Callable

10/23/27

@

100

(a)

100,239

250,000

CIFC

Funding,

Ltd.,

Class

A1R2,

Series

2019-5A,

4.94%

(TSFR3M+127bps),

10/15/38,

Callable

10/15/27

@

100

(a)

250,350

378,000

Eaton

Vance

CLO

2020-2,

Ltd.,

Class

AR2,

Series

2020-2A,

5.05%

(TSFR3M+138bps),

10/15/37,

Callable

7/15/26

@

100

(a)

378,146

250,000

Flatiron

CLO

21,

Ltd.,

Class

A1R,

Series

2021-1A,

5.04%

(TSFR3M+136bps),

10/19/37,

Callable

10/19/26

@

100

(a)

250,500

250,000

Flatiron

CLO

26,

Ltd.,

Class

A,

Series

2024-4A,

5.00%

(TSFR3M+133bps),

1/15/38,

Callable

1/15/27

@

100

(a)

250,428

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

133

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

150,000

Flatiron

RR

CLO

30,

Ltd.,

Class

A1,

Series

2025-30A,

4.83%

(TSFR3M+116bps),

4/15/38,

Callable

4/15/27

@

100

(a)

$

149,995

250,000

Green

Lakes

Park

CLO

LLC,

Class

ARR,

Series

2025-1A,

4.85%

(TSFR3M+118bps),

1/25/38,

Callable

1/25/27

@

100

(a)

250,211

250,000

Lakeside

Park

CLO,

Ltd.,

Class

A,

Series

2025-1A,

4.82%

(TSFR3M+115bps),

4/15/38,

Callable

4/15/27

@

100

(a)

249,650

100,000

Magnetite

Xlv

,

Ltd.,

Class

A1,

Series

2025-45A,

4.82%

(TSFR3M+115bps),

4/15/38,

Callable

4/15/27

@

100

(a)

99,851

250,000

Magnetite

XXVI,

Ltd.,

Class

AR2,

Series

2020-26A,

4.82%

(TSFR3M+115bps),

1/25/38,

Callable

1/25/27

@

100

(a)

249,753

400,000

Magnetite

Xxx

,

Ltd.,

Class

AR,

Series

2021-30A,

5.02%

(TSFR3M+135bps),

10/25/37,

Callable

10/25/26

@

100

(a)

400,820

107,000

Morgan

Stanley

Eaton

Vance

CLO

2025-21,

Ltd.,

Class

A1,

Series

2025-

21A,

4.84%

(TSFR3M+117bps),

4/15/38,

Callable

4/15/27

@

100

(a)

106,996

250,000

OCP

CLO

2018-15,

Ltd.,

Class

AR,

Series

2018-15A,

4.93%

(TSFR3M+125bps),

1/20/38,

Callable

1/20/27

@

100

(a)

250,211

250,000

OCP

CLO

2025-44,

Ltd.,

Class

A,

Series

2025-44A,

4.97%

(TSFR3M+130bps),

10/24/38,

Callable

10/24/27

@

100

(a)

250,752

250,000

OHA

Credit

Funding

4,

Ltd.,

Class

AR2,

Series

2019-4A,

4.95%

(TSFR3M+129bps),

1/22/38,

Callable

1/22/27

@

100

(a)

250,204

250,000

OHA

Credit

Partners

VII,

Ltd.,

Class

AR4,

Series

2012-7A,

4.78%

(TSFR3M+114bps),

2/20/38,

Callable

2/20/27

@

100

(a)

249,658

250,000

Palmer

Square

CLO

2025-5,

Ltd.,

Class

A,

Series

2025-5A,

4.89%

(TSFR3M+121bps),

10/20/38,

Callable

1/20/28

@

100

(a)

250,233

211,644

Palmer

Square

Loan

Funding,

Ltd.,

Class

A1,

Series

2025-2A,

4.61%

(TSFR3M+94bps),

7/15/33,

Callable

10/15/26

@

100

(a)

211,538

184,997

Palmer

Square

Loan

Funding,

Ltd.,

Class

A1,

Series

2025-1A,

4.45%

(TSFR3M+80bps),

2/15/33,

Callable

8/15/26

@

100

(a)

184,583

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

250,000

Sixth

Street

CLO

XX,

Ltd.,

Class

A1R,

Series

2021-20A,

5.00%

(TSFR3M+132bps),

7/17/38,

Callable

7/17/27

@

100

(a)

$

250,500

250,000

Voya

CLO

2020-2,

Ltd.,

Class

A1RR,

Series

2020-2A,

4.99%

(TSFR3M+131bps),

1/20/38,

Callable

1/20/27

@

100

(a)

250,872

Total

Collateralized

Mortgage

Obligations

(Cost

$7,617,454)

7,623,497

Collateralized

Mortgage-Backed

Securities

(5.2%):

100,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

BNM,

Series

2019-BPR,

3.47%,

11/5/32

(a)

95,765

192,237

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

ANM,

Series

2019-BPR,

3.11%,

11/5/32

(a)

184,846

76,102

BLP

Commercial

Mortgage

Trust,

Class

A,

Series

2024-IND2,

4.97%

(TSFR1M+134bps),

3/15/41

(a)

76,164

100,000

BMP

Commercial  Mortgage

Trust,

Class

A,

Series

2024-MF23,

5.00%

(TSFR1M+137bps),

6/15/41

(a)

100,060

100,000

BMP

Commercial  Mortgage

Trust,

Class

B,

Series

2024-MF23,

5.27%

(TSFR1M+164bps),

6/15/41

(a)

100,087

188,392

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2019-IMC,

4.67%

(TSFR1M+105bps),

4/15/34

(a)

188,100

24,280

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-GPA3,

4.92%

(TSFR1M+129bps),

12/15/39

(a)

24,329

98,863

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-MDHS,

5.27%

(TSFR1M+164bps),

5/15/41

(a)

98,999

70,000

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2024-XL5,

5.57%

(TSFR1M+194bps),

3/15/41

(a)

70,125

104,035

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL4,

5.07%

(TSFR1M+144bps),

2/15/39

(a)

104,221

110,311

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2026-XL6,

4.83%

(TSFR1M+120bps),

3/15/43

(a)

110,309

70,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-XL5,

5.32%

(TSFR1M+169bps),

3/15/41

(a)

70,109

117,883

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2026-LP3,

5.01%

(TSFR1M+138bps),

4/15/43

(a)

118,236

266,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2019-IMC,

4.97%

(TSFR1M+135bps),

4/15/34

(a)

265,380

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

134

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

100,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2026-ALOHA,

4.98%

(TSFR1M+135bps),

4/15/43

(a)

$

100,000

90,419

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2026-XL6,

5.08%

(TSFR1M+145bps),

3/15/43

(a)

90,609

176,000

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2019-IMC,

5.27%

(TSFR1M+165bps),

4/15/34

(a)

175,521

74,845

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-XL4,

5.42%

(TSFR1M+179bps),

2/15/39

(a)

74,978

165,715

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL5,

5.02%

(TSFR1M+139bps),

3/15/41

(a)

165,933

176,795

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2025-SPOT,

5.07%

(TSFR1M+144bps),

4/15/40

(a)

176,877

185,000

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2019-IMC,

5.57%

(TSFR1M+195bps),

4/15/34

(a)

184,425

100,000

BX

Mortgage

Trust,

Class

C,

Series

2021-PAC,

4.84%

(TSFR1M+121bps),

10/15/36

(a)

99,859

302,000

BX

Mortgage

Trust,

Class

E,

Series

2021-PAC,

5.69%

(TSFR1M+206bps),

10/15/36

(a)

301,370

100,000

BX

Mortgage

Trust,

Class

D,

Series

2021-PAC,

5.04%

(TSFR1M+141bps),

10/15/36

(a)

99,789

51,090

BX

Trust,

Class

C,

Series

2025-

ROIC,

5.17%

(TSFR1M+154bps),

3/15/30

(a)

50,956

99,000

BX

Trust,

Class

A,

Series

2025-

DIME,

4.78%

(TSFR1M+115bps),

2/15/35

(a)

98,635

27,300

BX

Trust,

Class

D,

Series

2022-IND,

6.46%

(TSFR1M+284bps),

4/15/37

(a)

27,342

32,200

BX

Trust,

Class

C,

Series

2022-IND,

5.92%

(TSFR1M+229bps),

4/15/37

(a)

32,230

36,630

BX

Trust,

Class

B,

Series

2025-

ROIC,

5.02%

(TSFR1M+139bps),

3/15/30

(a)

36,535

70,000

BX

Trust,

Class

B,

Series

2024-

CNYN,

5.32%

(TSFR1M+169bps),

4/15/41

(a)

70,094

246,772

BX

Trust,

Class

A,

Series

2025-

ROIC,

4.77%

(TSFR1M+114bps),

3/15/30

(a)

246,382

100,000

BX

Trust,

Class

A,

Series

2026-

ORBT,

5.03%

(TSFR1M+140bps),

7/15/43

(a)

100,000

138,437

BX

Trust,

Class

A,

Series

2024-

CNYN,

5.07%

(TSFR1M+144bps),

4/15/41

(a)

138,625

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

70,000

BX

Trust,

Class

C,

Series

2024-

CNYN,

5.57%

(TSFR1M+194bps),

4/15/41

(a)

$

70,093

98,651

BX

Trust,

Class

A,

Series

2026-CIP,

4.83%

(TSFR1M+120bps),

5/15/38,

Callable

5/15/28

@

100

(a)

98,823

100,000

BX

Trust,

Class

A,

Series

2025-TAIL,

5.03%

(TSFR1M+140bps),

6/15/35

(a)

100,180

100,000

CENT,

Class

A,

Series

2025-CITY,

5.09%,

7/10/40

(a)(c)

99,864

137,000

CSMC

Trust,

Class

D,

Series

2017-

PFHP,

5.92%

(TSFR1M+230bps),

12/15/30

(a)

126,745

100,000

DTP

Commercial

Mortgage

Trust,

Class

A,

Series

2023-STE2,

6.04%,

1/15/41

(a)(c)

100,281

100,000

ELP

Commercial

Mortgage

Trust,

Class

A,

Series

2025-ELP,

4.76%,

11/13/42

(a)(c)

98,699

9,369

Extended

Stay

America

Trust,

Class

C,

Series

2026-ESH2,

5.23%

(TSFR1M+160bps),

2/15/43

(a)

9,424

13,117

Extended

Stay

America

Trust,

Class

B,

Series

2026-ESH2,

5.03%

(TSFR1M+140bps),

2/15/43

(a)

13,155

128,358

Extended

Stay

America

Trust,

Class

A,

Series

2026-ESH2,

4.83%

(TSFR1M+120bps),

2/15/43

(a)

128,517

14,447

Extended

Stay

America

Trust,

Class

C,

Series

2025-ESH,

5.48%

(TSFR1M+185bps),

10/15/42

(a)

14,519

28,894

Extended

Stay

America

Trust,

Class

B,

Series

2025-ESH,

5.23%

(TSFR1M+160bps),

10/15/42

(a)

28,984

154,101

Extended

Stay

America

Trust,

Class

A,

Series

2025-ESH,

4.93%

(TSFR1M+130bps),

10/15/42

(a)

154,461

100,000

INT

Commercial

Mortgage

Trust,

Class

A,

Series

2025-PLAZA,

5.04%,

11/5/37

(a)(c)

99,668

63,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

CFX,

Series

2018-WPT,

4.95%,

7/5/33

(a)

42,444

97,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

DFX,

Series

2018-WPT,

5.35%,

7/5/33

(a)

55,642

10,680

Life

Mortgage

Trust,

Class

C,

Series

2021-BMR,

4.84%

(TSFR1M+121bps),

3/15/38

(a)

10,479

194,000

Life

Mortgage

Trust,

Class

C,

Series

2022-BMR2,

5.72%

(TSFR1M+209bps),

5/15/39,

Callable

5/15/27

@

100

(a)

163,977

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

135

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Collateralized

Mortgage-Backed

Securities,

continued

$

173,000

Life

Mortgage

Trust,

Class

D,

Series

2022-BMR2,

6.17%

(TSFR1M+254bps),

5/15/39,

Callable

5/15/27

@

100

(a)

$

138,436

70,000

Life

Mortgage

Trust,

Class

D,

Series

2021-BMR,

5.14%

(TSFR1M+151bps),

3/15/38

(a)

65,446

70,000

Life

Mortgage

Trust,

Class

E,

Series

2021-BMR,

5.49%

(TSFR1M+186bps),

3/15/38

(a)

64,292

130,000

PLYM

Commercial

Mortgage

Trust,

Class

A,

Series

2026-IND,

4.88%

(TSFR1M+125bps),

3/15/43

(a)

130,055

100,000

PLYM

Commercial

Mortgage

Trust,

Class

B,

Series

2026-IND,

5.08%

(TSFR1M+145bps),

3/15/43

(a)

100,035

100,000

PLYM

Commercial

Mortgage

Trust,

Class

C,

Series

2026-IND,

5.28%

(TSFR1M+165bps),

3/15/43

(a)

99,997

100,000

SHOPS

Commercial  Mortgage

Trust,

Class

A,

Series

2026-CSTL,

4.97%,

5/5/39

(a)(c)

99,317

106,000

TCO

Commercial

Mortgage

Trust,

Class

A,

Series

2024-DPM,

4.87%

(TSFR1M+124bps),

12/15/39

(a)

106,043

100,000

TCO

Commercial

Mortgage

Trust,

Class

C,

Series

2024-DPM,

5.62%

(TSFR1M+199bps),

12/15/39

(a)

100,132

100,000

TCO

Commercial

Mortgage

Trust,

Class

B,

Series

2024-DPM,

5.22%

(TSFR1M+159bps),

12/15/39

(a)

100,007

20,000

VLS

Commercial

Mortgage

Trust,

Class

B,

Series

2020-LAB,

2.45%,

10/10/42

(a)

16,458

Total

Collateralized

Mortgage-Backed

Securities

(Cost

$6,477,695)

6,313,063

Convertible

Bonds

(0.3%):

Electric

Utilities

(0.0%

†

):

40,000

PG&E

Corp,

4.25%,

12/1/27

40,662

Electrical

Equipment

(0.0%

†

):

38,000

Eos

Energy

Enterprises,

Inc.,

1.75%,

12/1/31

(a)

28,622

Oil,

Gas

&

Consumable

Fuels

(0.1%):

24,000

Golar

LNG,

Ltd.,

2.75%,

12/15/30

(a)

27,398

52,000

Kosmos

Energy,

Ltd.,

3.13%,

3/15/30

37,796

65,194

Real

Estate

Management

&

Development

(0.1%):

59,000

Redfin

Corp.,

0.50%,

4/1/27

57,219

Semiconductors

&

Semiconductor

Equipment

(0.0%

†

):

6,000

MKS,

Inc.,

1.25%,

6/1/30

17,592

Principal

Amount

Value

Convertible

Bonds,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

$

7,000

ON

Semiconductor

Corp.,

0.00%,

5/1/27

$

12,751

30,343

Software

(0.1%):

32,000

Riot

Platforms,

Inc.,

0.75%,

1/15/30

64,124

42,000

Strategy,

Inc.,

0.00%,

12/1/29

35,896

17,000

Terawulf

,

Inc.,

0.00%,

5/1/32

(a)

24,972

124,992

Total

Convertible

Bonds

(Cost

$290,989)

347,032

Bank

Loans

(1.1%):

Automobile

Components

(0.0%

†

):

9,975

Blue

Compass

Term

B

1Ln,

8.15%

(Term

SOFR+450bps),

2/26/33

(a)

9,621

Building

Products

(0.1%):

57,775

Cornerstone

Building

Brands

Term

B,

6.90%

(Term

SOFR+325bps),

4/12/28

(a)

35,069

4,962

Cornerstone

Building

Products

Term

1Ln,

9.28%

(Term

SOFR+562.5bps),

8/1/28

(a)

2,828

14,987

Cornerstone

Building

Products

Term

C

1Ln,

8.15%

(Term

SOFR+450bps),

5/15/31

(a)

7,614

45,511

Chemicals

(0.2%):

5,000

Angus

Chemical

Term

1Ln,

8.40%

(Term

SOFR+475bps),

11/24/27

(a)

4,575

20,000

Angus

Chemical

Term

2Ln,

11.40%

(Term

SOFR+775bps),

11/24/28

(a)

15,000

48,961

Angus

Chemical

Term

B

1Ln,

7.65%

(Term

SOFR+400bps),

11/24/27

(a)

44,799

46,011

Hexion

Term

1Ln,

7.65%

(Term

SOFR+400bps),

3/15/29

(a)

44,410

16,500

Hexion

Term

2Ln,

11.09%

(Term

SOFR+743.75bps),

3/15/30

(a)

15,283

51,537

Lonza

Specialty

Ingredients

Term

B

1Ln,

7.58%

(Term

SOFR+392.5bps),

7/3/28

(a)

48,713

22,894

Tronox

Term

B

1Ln,

6.15%

(Term

SOFR+250bps),

9/30/31

(a)

18,577

191,357

Commercial

Services

&

Supplies

(0.1%):

49,495

Brandsafway

Term

B

1Ln,

8.15%

(Term

SOFR+450bps),

8/1/30

(a)

38,596

19,000

Crash

Champions

Term

B

1Ln,

8.40%

(Term

SOFR+475bps),

2/23/29

(a)

17,690

26,836

Staples

Term

B

1Ln,

9.40%

(Term

SOFR+575bps),

9/4/29

(a)

24,893

15,000

TKC

Holdings

Term

1Ln,

8.15%

(Term

SOFR+450bps),

8/19/30

(a)

14,925

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

136

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Bank

Loans,

continued

Commercial

Services

&

Supplies,

continued

$

13,000

Vericast

Term

1Ln,

11.40%

(Term

SOFR+775bps),

6/15/30

(a)

$

12,887

108,991

Construction

&

Engineering

(0.0%

†

):

35,916

Artera

Services

Term

1Ln,

8.15%

(Term

SOFR+450bps),

2/15/31

(a)

31,669

Consumer

Staples

Distribution

&

Retail

(0.0%

†

):

14,925

C&S

Wholesale

Grocers

Term

B

1Ln,

8.65%

(Term

SOFR+500bps),

9/20/30

(a)

14,309

Containers

&

Packaging

(0.0%

†

):

25,000

Novolex

Term

1Ln,

6.83%

(Term

SOFR+317.5bps),

4/13/29

(a)

24,528

Diversified

Telecommunication

Services

(0.0%

†

):

1,985

Altice

Financing

Term

B

1Ln,

8.65%

(Term

SOFR+500bps),

10/31/27

(a)

1,484

4,000

Brightspeed

Term

B

1Ln,

8.65%

(Term

SOFR+500bps),

10/3/31

(a)

2,909

35,000

Brightspeed

Term

B-DD

1Ln,

7.90%

(Term

SOFR+425bps),

4/3/31

(a)

32,822

37,215

Electrical

Equipment

(0.0%

†

):

33,949

Esdec

Solar

Term

B

1Ln,

8.65%

(Term

SOFR+500bps),

8/30/28

(a)

17,201

Financial

Services

(0.0%

†

):

8,000

Team

Services

Term

B

1Ln,

8.90%

(Term

SOFR+525bps),

3/31/33

(a)

7,808

10,000

VCI

Asset

Holdings

3

LLC

Term

Tl,

10.53%

(Term

SOFR+687.5bps),

4/15/31

(a)

10,133

17,941

Health

Care

Providers

&

Services

(0.0%

†

):

32,998

Cano

Health

Term

Initial

Exchange

Term

Loans

1Ln,

13.65%

(Term

SOFR+1000bps),

6/28/29

(a)

4,781

10,000

Gentiva

Term

B

1Ln,

8.40%

(Term

SOFR+475bps),

6/11/31

(a)

9,982

14,763

Hotels,

Restaurants

&

Leisure

(0.1%):

35,318

M2S

Group

Term

B

1Ln,

8.40%

(Term

SOFR+475bps),

8/25/31

(a)

34,987

28,706

Sizzling

Platter

Term

1Ln,

8.65%

(Term

SOFR+500bps),

7/2/32

(a)

26,711

1,063

Sizzling

Platter

Term

DD

1Ln,

6.15%

(Term

SOFR+250bps),

7/2/32+

(a)

989

164

Sizzling

Platter

Term

DD

1Ln,

6.15%

(Term

SOFR+250bps),

7/2/32

(a)

153

27,796

The

Travel

Corp

Term

B

1Ln,

8.40%

(Term

SOFR+475bps),

10/31/31

(a)

25,920

72,003

United

Planet

Fitness

Term

1Ln,

7.65%

(Term

SOFR+400bps),

12/30/26

(a)

50,402

139,162

Principal

Amount

Value

Bank

Loans,

continued

Household

Durables

(0.0%

†

):

$

32,990

Weber

Blackstone

Term

B

1Ln,

7.40%

(Term

SOFR+375bps),

10/1/32

(a)

$

32,548

Insurance

(0.0%

†

):

36,000

Asurion

Term

B14

1Ln,

7.40%

(Term

SOFR+375bps),

2/23/33

(a)

33,975

Interactive

Media

&

Services

(0.1%):

24,612

Constant

Contact

Term

B

1Ln,

7.65%

(Term

SOFR+400bps),

2/10/28

(a)

23,838

2,000

Constant

Contact,

Inc.

Term

B

2Ln,

11.15%

(Term

SOFR+750bps),

2/12/29

(a)

1,810

13,985

Internet

Brands

Term

B

1Ln,

7.90%

(Term

SOFR+425bps),

5/3/28

(a)

13,577

29,000

Yahoo

Term

B

1Ln,

10.15%

(Term

SOFR+650bps),

5/15/31

(a)

28,828

68,053

Leisure

Products

(0.1%):

35,654

Club

Car

Term

1Ln,

7.65%

(Term

SOFR+400bps),

6/1/28

(a)

34,146

33,974

Traeger

Grills

Term

B

1Ln,

6.90%

(Term

SOFR+325bps),

6/29/28

(a)

31,955

66,101

Media

(0.1%):

16,298

COX

Media

Group

Term

B2

1Ln,

7.15%

(Term

SOFR+350bps),

6/18/29

(a)

14,686

28,000

Nielsen

Holdings

Term

B

1Ln,

8.65%

(Term

SOFR+500bps),

2/3/33

(a)

27,743

42,429

Metals

&

Mining

(0.0%

†

):

24,322

American

Rock

Salt

Term

1Ln,

7.65%

(Term

SOFR+400bps),

6/9/28

(a)

22,157

Oil,

Gas

&

Consumable

Fuels

(0.1%):

21,000

Consolidated

Energy

Term

1Ln,

8.40%

(Term

SOFR+475bps),

11/15/30

(a)

20,335

30,770

Consolidated

Energy

Term

B

1Ln,

8.15%

(Term

SOFR+450bps),

11/15/30

(a)

30,008

138,490

New

Fortress

Energy

Term

B

1Ln,

9.15%

(Term

SOFR+550bps),

10/30/28

(a)

81,594

131,937

Paper

&

Forest

Products

(0.0%

†

):

20,000

Ahlstrom

Term

B

1Ln,

7.90%

(Term

SOFR+425bps),

5/23/30

(a)

19,883

20,000

Mativ

Holdings

Term

B

1Ln,

8.15%

(Term

SOFR+450bps),

4/4/33

(a)

20,000

39,883

Passenger

Airlines

(0.0%

†

):

32,000

American

Airlines

Term

B

1Ln,

6.90%

(Term

SOFR+325bps),

5/29/33

(a)

31,573

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

137

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Bank

Loans,

continued

Pharmaceuticals

(0.1%):

$

105,355

Bausch

Health

Term

B

1Ln,

9.90%

(Term

SOFR+625bps),

10/8/30

(a)

$

102,046

Software

(0.1%):

65,000

Proofpoint

Term

B

1Ln,

6.65%

(Term

SOFR+300bps),

8/31/28

(a)

62,644

Specialty

Retail

(0.0%

†

):

12,984

Camping

World

Term

B

1Ln,

6.15%

(Term

SOFR+250bps),

6/3/28

(a)

12,340

11,000

Michaels

Term

1Ln,

8.65%

(Term

SOFR+500bps),

3/15/33

(a)

10,934

23,274

Technology

Hardware,

Storage

&

Peripherals

(0.0%

†

):

5,000

Bending

Spoons

US

Term

B

1Ln,

8.90%

(Term

SOFR+525bps),

3/7/31

(a)

4,905

Trading

Companies

&

Distributors

(0.0%

†

):

33

US

LBM

Term

B

1Ln,

8.65%

(Term

SOFR+500bps),

6/6/31

(a)

29

Total

Bank

Loans

(Cost

$1,403,646)

1,313,822

Corporate

Bonds

(25.5%):

Aerospace

&

Defense

(0.5%):

10,000

Boeing

Co.

(The),

6.30%,

5/1/29,

Callable

4/1/29

@

100

10,404

214,000

Boeing

Co.

(The),

5.15%,

5/1/30,

Callable

2/1/30

@

100

216,395

28,000

Boeing

Co.

(The),

6.39%,

5/1/31,

Callable

3/1/31

@

100

29,724

29,000

Boeing

Co.

(The),

6.53%,

5/1/34,

Callable

2/1/34

@

100

31,526

100,000

Boeing

Co.

(The),

5.71%,

5/1/40,

Callable

11/1/39

@

100

101,588

44,000

Boeing

Co.

(The),

6.86%,

5/1/54,

Callable

11/1/53

@

100

49,115

10,000

Carpenter

Technology

Corp.,

5.63%,

3/1/34,

Callable

3/1/29

@

102.81

(a)

9,988

36,000

TransDigm

,

Inc.,

6.38%,

3/1/29,

Callable

7/12/26

@

103.19

(a)

36,495

21,000

TransDigm

,

Inc.,

6.00%,

1/15/33,

Callable

9/15/27

@

103

(a)

21,210

21,000

TransDigm

,

Inc.,

6.38%,

5/31/33,

Callable

5/31/28

@

103.19

(a)

21,184

5,000

TransDigm

,

Inc.,

6.25%,

1/31/34,

Callable

8/31/28

@

103.13

(a)

5,094

18,000

TransDigm

,

Inc.,

6.75%,

1/31/34,

Callable

8/31/28

@

103.38

(a)

18,472

21,000

TransDigm

,

Inc.,

6.13%,

7/31/34,

Callable

2/15/29

@

103.06

(a)

20,948

572,143

Air

Freight

&

Logistics

(0.0%

†

):

15,000

Azul

Secured

Finance

LLP,

9.88%,

2/15/31,

Callable

2/15/28

@

104.94

(a)

14,400

Principal

Amount

Value

Corporate

Bonds,

continued

Air

Freight

&

Logistics,

continued

$

8,000

Beacon

Mobility

Corp.,

7.25%,

8/1/30,

Callable

8/1/27

@

103.63

(a)

$

8,300

15,000

Rand

Parent

LLC,

8.50%,

2/15/30,

Callable

7/12/26

@

104.25

(a)

15,525

38,225

Automobile

Components

(0.1%):

10,000

American

Axle

&

Manufacturing,

Inc.,

6.38%,

10/15/32,

Callable

10/15/28

@

103.19

(a)

9,963

11,000

American

Axle

&

Manufacturing,

Inc.,

7.75%,

10/15/33,

Callable

10/15/28

@

103.88

(a)

10,862

26,000

Champions

Financing,

Inc.,

8.75%,

2/15/29,

Callable

8/1/26

@

104.38

(a)

25,350

5,000

Clarios

Global

LP/

Clarios

US

Finance

Co.,

6.75%,

2/15/30,

Callable

2/15/27

@

103.38

(a)

5,150

15,000

Clarios

Global

LP/

Clarios

US

Finance

Co.,

6.75%,

9/15/32,

Callable

9/15/28

@

103.38

(a)

15,300

17,000

Cooper

Standard

Automotive,

Inc.,

9.25%,

3/1/31,

Callable

3/1/28

@

104.63

(a)

17,128

5,000

ZF

North

America

Capital,

Inc.,

7.50%,

3/24/31,

Callable

1/24/31

@

100

(a)

5,031

10,000

ZF

North

America

Capital,

Inc.,

6.88%,

4/23/32,

Callable

2/23/32

@

100

(a)

9,825

98,609

Automobiles

(0.0%

†

):

32,000

Rivian

Holdings

LLC/Rivian

LLC/

Rivian

Automotive

LLC,

10.00%,

1/15/31,

Callable

1/15/28

@

105

(a)

31,840

Banks

(4.5%):

269,000

Bank

of

America

Corp.,

4.62%

(SOFR),

5/9/29,

Callable

5/9/28

@

100

268,486

790,000

Bank

of

America

Corp.,

5.02%

(SOFR),

7/22/33,

Callable

7/22/32

@

100

791,221

770,000

Citigroup,

Inc.,

4.30%,

11/20/26

769,054

150,000

Citigroup,

Inc.,

4.91%

(SOFR),

5/24/33,

Callable

5/24/32

@

100

149,103

17,000

Citigroup,

Inc.,

6.63%

(H15T5Y),

Callable

2/15/31

@

100

17,297

5,000

Citigroup,

Inc.,

Series

JJ,

6.50%

(H15T5Y),

12/31/99,

Callable

5/15/31

@

100

5,031

100,000

Citizens

Financial

Group,

Inc.,

2.64%,

9/30/32,

Callable

7/2/32

@

100

85,504

105,000

First-Citizens

Bank

&

Trust

Co.,

6.13%,

3/9/28

106,813

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

138

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Banks,

continued

$

91,000

JPMorgan

Chase

&

Co.,

5.10%

(SOFR),

4/22/31,

Callable

4/22/30

@

100

$

91,902

1,250,000

JPMorgan

Chase

&

Co.,

4.59%

(SOFR),

4/26/33,

Callable

4/26/32

@

100

1,231,584

108,000

JPMorgan

Chase

&

Co.,

5.57%

(SOFR),

4/22/36,

Callable

4/22/35

@

100

110,916

31,000

JPMorgan

Chase

&

Co.,

Series

PP,

6.10%

(H15T5Y),

12/31/99,

Callable

7/1/31

@

100

31,310

250,000

Morgan

Stanley

Bank

NA,

Series

BKNT,

4.79%

(SOFRINDX),

5/10/30,

Callable

5/10/29

@

100

250,212

160,000

Pacific

LifeCorp

,

5.13%,

1/30/43

(a)

146,910

15,000

Truist

Financial

Corp.,

Series

S,

6.25%

(H15T5Y),

12/31/99,

Callable

6/15/31

@

100

14,981

449,000

Wells

Fargo

&

Co.,

3.53%

(SOFR),

3/24/28,

Callable

3/24/27

@

100

445,549

123,000

Wells

Fargo

&

Co.,

5.15%

(SOFR),

4/23/31,

Callable

4/23/30

@

100

124,063

662,000

Wells

Fargo

&

Co.,

4.90%

(SOFR),

7/25/33,

Callable

7/25/32

@

100

656,376

108,000

Wells

Fargo

&

Co.,

5.61%

(SOFR),

4/23/36,

Callable

4/23/35

@

100

110,315

21,000

Wells

Fargo

&

Co.,

Series

GG,

6.13%

(H15T5Y),

12/31/99,

Callable

6/15/31

@

100

21,262

15,000

Western

Alliance

Bancorp,

5.92%

(TSFR3M),

6/15/31,

Callable

9/15/26

@

100

14,468

5,442,357

Biotechnology

(0.0%

†

):

45,000

Emergent

BioSolutions,

Inc.,

3.88%,

8/15/28,

Callable

7/17/26

@

100

(a)

41,625

Building

Products

(0.1%):

10,000

Builders

FirstSource

,

Inc.,

4.25%,

2/1/32,

Callable

8/1/26

@

102.13

(a)

9,313

34,000

Builders

FirstSource

,

Inc.,

6.75%,

5/15/35,

Callable

5/15/30

@

103.38

(a)

34,638

5,000

Camelot

Return

Merger

Sub,

Inc.,

8.75%,

8/1/28,

Callable

8/1/26

@

100

(a)

3,100

14,000

Carrier

Global

Corp.,

5.90%,

3/15/34,

Callable

12/15/33

@

100

14,710

8,000

Carrier

Global

Corp.,

6.20%,

3/15/54,

Callable

9/15/53

@

100

8,545

5,000

Cornerstone

Building

Brands,

Inc.,

9.50%,

8/15/29,

Callable

8/15/26

@

104.75

(a)

3,056

6,000

Resideo

Funding,

Inc.,

6.50%,

7/15/32,

Callable

7/15/27

@

103.25

(a)

6,030

Principal

Amount

Value

Corporate

Bonds,

continued

Building

Products,

continued

$

21,000

Standard

Building

Solutions,

Inc.,

6.25%,

8/1/33,

Callable

8/1/28

@

103.13

(a)

$

20,816

13,000

Standard

Building

Solutions,

Inc.,

5.88%,

3/15/34,

Callable

3/15/29

@

102.94

(a)

12,513

112,721

Capital

Markets

(2.4%):

19,000

BCPE

Flavor

Debt

Merger

Sub

LLC

and

BCPE

Flavor

Issuer,

Inc.,

9.50%,

7/1/32,

Callable

7/1/28

@

104.75

(a)

17,955

150,000

Blackstone

Private

Credit

Fund,

7.30%,

11/27/28,

Callable

10/27/28

@

100

154,611

25,000

FS

KKR

Capital

Corp.,

7.50%,

8/1/31,

Callable

5/1/31

@

100

25,089

530,000

Goldman

Sachs

Group,

Inc.

(The),

3.80%,

3/15/30,

Callable

12/15/29

@

100

512,144

270,000

Goldman

Sachs

Group,

Inc.

(The),

3.10%

(SOFR),

2/24/33,

Callable

2/24/32

@

100

243,987

90,000

Goldman

Sachs

Group,

Inc.

(The),

6.75%,

10/1/37

98,074

242,000

HPS

Corporate

Lending

Fund,

5.45%,

1/14/28,

Callable

12/14/27

@

100

240,987

78,000

Hut

8

Dc

LLC,

6.19%,

11/15/42,

Callable

5/15/42

@

100

(a)

78,917

22,000

Jefferies

Finance

LLC

/

JFIN

Co-Issuer

Corp.,

5.00%,

8/15/28,

Callable

8/1/26

@

101.25

(a)

21,190

21,000

Jefferies

Finance

LLC

/

JFIN

Co-

Issuer

Corp.,

6.63%,

10/15/31,

Callable

10/15/27

@

103.31

(a)

20,592

82,000

Morgan

Stanley,

5.19%

(SOFR),

4/17/31,

Callable

4/17/30

@

100

82,675

31,000

Morgan

Stanley,

4.81%

(SOFRINDX),

4/16/32,

Callable

4/16/31

@

100

30,779

965,000

Morgan

Stanley,

6.34%

(SOFR),

10/18/33,

Callable

10/18/32

@

100

1,028,456

65,000

Morgan

Stanley,

5.66%

(SOFR),

4/17/36,

Callable

4/17/35

@

100

66,601

92,000

MSCI,

Inc.,

5.25%,

9/1/35,

Callable

6/1/35

@

100

90,094

23,000

MSCI,

Inc.,

5.15%,

3/15/36,

Callable

12/15/35

@

100

22,258

62,000

Olympus

Water

US

Holding

Corp.,

7.25%,

2/15/33,

Callable

10/1/28

@

103.63

(a)

61,303

25,000

OT

Midco,

Inc.,

10.00%,

2/15/30,

Callable

2/15/27

@

105

(a)

10,000

100,000

Pine

Street

Trust

II,

5.57%,

2/15/49,

Callable

8/15/48

@

100

(a)

93,337

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

139

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Capital

Markets,

continued

$

52,000

Sixth

Street

Specialty

Lending,

Inc.,

6.13%,

3/1/29,

Callable

2/1/29

@

100

$

52,469

2,951,518

Chemicals

(0.4%):

75,510

Advancion

Sciences,

Inc.,

9.25%,

11/1/26,

Callable

8/1/26

@

100

(a)

60,219

45,000

Celanese

US

Holdings

LLC,

7.35%,

11/15/28,

Callable

10/15/28

@

100

46,912

72,000

Celanese

US

Holdings

LLC,

7.55%,

11/15/30,

Callable

9/15/30

@

100

76,320

26,000

Celanese

US

Holdings

LLC,

6.75%,

4/15/33,

Callable

4/15/28

@

103.38^

26,459

51,000

Celanese

US

Holdings

LLC,

7.70%,

11/15/33,

Callable

8/15/33

@

100

54,506

41,000

Celanese

US

Holdings

LLC,

7.38%,

2/15/34,

Callable

2/15/29

@

103.69

42,281

32,000

Chemours

Co.

(The),

5.75%,

11/15/28,

Callable

7/12/26

@

100.96

(a)

31,800

5,000

Chemours

Co.

(The),

4.63%,

11/15/29,

Callable

8/1/26

@

101.16

(a)

4,750

18,000

Chemours

Co.

(The),

8.00%,

1/15/33,

Callable

1/15/28

@

104

(a)

18,203

13,000

Chemours

Co.

(The),

7.88%,

3/15/34,

Callable

3/15/29

@

103.94

(a)

13,049

12,296

GPD

Cos.,

Inc.,

12.50%,

12/31/29,

Callable

8/1/26

@

106.25

(a)

8,377

24,000

Mativ

Holdings,

Inc.,

8.00%,

10/1/29,

Callable

10/1/26

@

104

(a)

23,760

13,000

Methanex

US

Operations,

Inc.,

6.25%,

3/15/32,

Callable

9/15/31

@

100

(a)

13,163

13,000

Olin

Corp.,

5.63%,

8/1/29,

Callable

8/1/26

@

100.94

12,886

44,000

Olin

Corp.,

6.63%,

4/1/33,

Callable

4/1/28

@

103.31

(a)

43,450

14,000

Perimeter

Holdings

LLC,

6.25%,

1/15/34,

Callable

1/15/29

@

103.13

(a)

13,930

31,000

Tronox,

Inc.,

4.63%,

3/15/29,

Callable

8/1/26

@

100

(a)

21,700

511,765

Commercial

Services

&

Supplies

(0.1%):

11,000

ADT

Security

Corp.

(The),

5.88%,

10/15/33,

Callable

10/15/32

@

100

(a)

10,794

10,000

CoreCivic

,

Inc.,

8.25%,

4/15/29,

Callable

8/1/26

@

104.13

10,400

21,000

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.,

6.63%,

12/15/30,

Callable

8/1/26

@

103.31

(a)

21,420

13,000

GEO

Group,

Inc.

(The),

8.63%,

4/15/29,

Callable

7/12/26

@

104.31

13,536

13,000

GEO

Group,

Inc.

(The),

10.25%,

4/15/31,

Callable

4/15/27

@

105.13

14,024

25,000

GFL

Environmental

Holdings

U.S.,

Inc.,

5.63%,

7/1/31,

Callable

7/1/28

@

102.81

(a)

25,000

Principal

Amount

Value

Corporate

Bonds,

continued

Commercial

Services

&

Supplies,

continued

$

5,000

GFL

Environmental

Holdings

U.S.,

Inc.,

5.50%,

2/1/34,

Callable

2/1/29

@

102.75

(a)

$

4,881

6,000

JH

North

America

Holdings,

Inc.,

6.13%,

7/31/32,

Callable

7/31/28

@

103.06

(a)

6,030

10,000

Reworld

Holding

Corp.,

4.88%,

12/1/29,

Callable

8/1/26

@

101.22

(a)

9,525

10,000

Williams

Scotsman,

Inc.,

6.63%,

4/15/30,

Callable

4/15/27

@

103.31

(a)

10,287

125,897

Construction

&

Engineering

(0.1%):

21,000

AECOM,

6.00%,

8/1/33,

Callable

8/1/28

@

103

(a)

21,026

2,992

Artera

Services

LLC,

8.15%,

2/10/31,

Callable

8/3/26

@

100

(a)

2,638

68,000

Artera

Services

LLC,

8.50%,

2/15/31,

Callable

2/15/27

@

104.25^

(a)

61,200

22,000

Brand

Industrial

Services,

Inc.,

10.38%,

8/1/30,

Callable

8/1/26

@

105.19

(a)

17,930

23,000

Composecure

Holdings

LLC,

5.63%,

2/1/33,

Callable

2/1/29

@

102.81

(a)

22,368

15,000

Global

Infrastructure

Solutions,

Inc.,

6.38%,

7/15/34,

Callable

7/15/29

@

103.19

(a)

15,075

10,000

Granite

Construction,

Inc.,

6.38%,

6/15/34,

Callable

6/15/29

@

103.19

(a)

10,188

150,425

Construction

Materials

(0.0%

†

):

10,000

Ameritex

Holdco

Intermediate

LLC,

7.63%,

8/15/33,

Callable

8/15/28

@

103.81

(a)

10,450

15,000

Quikrete

Holdings,

Inc.,

6.38%,

3/1/32,

Callable

3/1/28

@

103.19

(a)

15,281

25,731

Consumer

Finance

(1.2%):

370,000

Ally

Financial,

Inc.,

7.10%,

11/15/27,

Callable

10/15/27

@

100

380,937

49,000

Ally

Financial,

Inc.,

6.65%

(H15T5Y),

1/17/40,

Callable

10/19/34

@

100

48,175

21,000

Ally

Financial,

Inc.,

Series

C,

4.70%

(H15T7Y),

Callable

5/15/28

@

100

20,464

18,000

Ally

Financial,

Inc.,

Series

D,

7.10%

(H15T5Y),

12/31/99,

Callable

8/15/31

@

100

18,438

355,000

Capital

One

Financial

Corp.,

4.10%,

2/9/27,

Callable

11/9/26

@

100

354,468

275,000

Capital

One

Financial

Corp.,

5.25%

(SOFR),

7/26/30,

Callable

7/26/29

@

100

277,218

16,000

Navient

Corp.,

5.00%,

3/15/27,

Callable

9/15/26

@

100

15,880

8,000

Navient

Corp.,

4.88%,

3/15/28,

Callable

6/15/27

@

100

7,850

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

140

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Consumer

Finance,

continued

$

7,000

Navient

Corp.,

5.50%,

3/15/29,

Callable

6/15/28

@

100

$

6,703

5,000

Navient

Corp.,

9.38%,

10/15/31,

Callable

7/15/31

@

100

4,981

5,000

Navient

Corp.,

7.88%,

6/15/32,

Callable

9/15/31

@

100

4,687

24,000

OneMain

Finance

Corp.,

4.00%,

9/15/30,

Callable

8/1/26

@

102

22,140

10,000

OneMain

Finance

Corp.,

7.13%,

9/15/32,

Callable

6/15/28

@

103.56

10,150

10,000

OneMain

Finance

Corp.,

6.50%,

3/15/33,

Callable

9/15/28

@

103.25

9,812

29,000

OneMain

Finance

Corp.,

6.75%,

9/15/33,

Callable

12/15/28

@

103.38

28,674

10,000

SLM

Corp.,

6.50%,

1/31/30,

Callable

12/31/29

@

100

10,150

15,000

SLM

Corp.,

6.50%

(SOFRINDX),

5/15/32,

Callable

5/15/31

@

100

14,944

21,000

Smyrna

Ready

Mix

Concrete

LLC,

6.00%,

11/1/28,

Callable

8/1/26

@

101

(a)

21,026

13,000

Smyrna

Ready

Mix

Concrete

LLC,

8.88%,

11/15/31,

Callable

11/15/26

@

104.44

(a)

13,682

215,000

Synchrony

Financial,

3.95%,

12/1/27,

Callable

9/1/27

@

100

212,812

1,483,191

Consumer

Staples

Distribution

&

Retail

(0.1%):

13,000

Albertsons

Cos.,  Inc./Safeway,

Inc./

New

Albertsons

LP/Albertsons

LLC,

5.63%,

3/31/32,

Callable

3/31/28

@

102.81

(a)

12,545

18,000

Albertsons

Cos.,

Inc./Safeway,

Inc./

New

Albertsons

LP/Albertsons

LLC,

5.75%,

3/31/34,

Callable

11/15/28

@

102.88

(a)

17,100

5,000

Avis

Budget

Car

Rental

LLC/

Avis

Budget

Finance,

Inc.,

8.00%,

2/15/31,

Callable

11/15/26

@

104

(a)

5,044

10,000

Avis

Budget

Car

Rental

LLC/

Avis

Budget

Finance,

Inc.,

8.38%,

6/15/32,

Callable

6/15/28

@

104.19

(a)

10,075

9,000

C&S

Group

Enterprises

LLC,

5.00%,

12/15/28,

Callable

8/1/26

@

100

(a)

8,460

5,000

Kehe

Distributors

LLC

Kehe

Finance

Corp.

Nextwa

,

7.13%,

4/30/33,

Callable

4/30/29

@

103.56

(a)

5,088

15,000

KeHE

Distributors

LLC/

KeHE

Finance

Corp./

NextWave

Distribution,

Inc.,

9.00%,

2/15/29,

Callable

8/1/26

@

104.5

(a)

15,712

7,000

Performance

Food

Group,

Inc.,

6.13%,

9/15/32,

Callable

9/15/27

@

103.06

(a)

7,079

Principal

Amount

Value

Corporate

Bonds,

continued

Consumer

Staples

Distribution

&

Retail,

continued

$

15,000

Performance

Food

Group,

Inc.,

5.63%,

3/1/34,

Callable

3/1/29

@

102.81

(a)

$

14,681

8,000

US

Foods,

Inc.,

4.63%,

6/1/30,

Callable

8/1/26

@

101.16

(a)

7,800

8,000

US

Foods,

Inc.,

7.25%,

1/15/32,

Callable

9/15/26

@

103.63

(a)

8,290

10,000

US

Foods,

Inc.,

5.75%,

4/15/33,

Callable

10/15/27

@

102.88

(a)

10,000

121,874

Containers

&

Packaging

(0.1%):

29,000

Ardagh

Metal

Packaging

Finance

USA

LLC/Ardagh

Metal

Packaging

Finance

plc,

4.00%,

9/1/29,

Callable

8/1/26

@

100

(a)

27,586

30,000

Ardagh

Metal

Packaging

Finance

USA

LLC/Ardagh

Metal

Packaging

Finance

plc,

6.25%,

1/30/31,

Callable

12/1/27

@

103.13

(a)

30,300

13,000

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%,

4/15/30,

Callable

8/1/26

@

102.19

(a)

12,821

18,000

Clydesdale

Acquisition

Holdings,

Inc.,

6.75%,

4/15/32,

Callable

4/15/28

@

103.38

(a)

17,415

15,000

Crown

Americas

LLC,

5.88%,

6/1/33,

Callable

6/1/28

@

102.94

15,094

18,000

Graphic

Packaging

International

LLC,

3.75%,

2/1/30,

Callable

8/1/29

@

100

(a)

16,875

13,000

Graphic

Packaging

International

LLC,

6.38%,

7/15/32,

Callable

5/15/27

@

103.19^

(a)

13,114

133,205

Distributors

(0.0%

†

):

15,000

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.,

4.63%,

4/1/30,

Callable

8/1/26

@

101.16

(a)

14,231

10,000

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.,

6.88%,

8/1/33,

Callable

8/1/28

@

103.44

(a)

9,900

24,131

Diversified

Consumer

Services

(0.1%):

12,000

Champions

Financing,

Inc.,

8.45%,

2/23/29

11,178

42,000

Sotheby's,

8.25%,

4/15/31,

Callable

4/30/28

@

104.13

(a)

41,790

8,000

Sotheby's/

Bidfair

Holdings,

Inc.,

5.88%,

6/1/29,

Callable

8/1/26

@

100

(a)

7,560

42,000

StoneMor

,

Inc.,

8.50%,

5/15/29,

Callable

8/1/26

@

100

(a)

41,265

101,793

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

141

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

REITs

(0.2%):

$

150,000

CBRE

Services,

Inc.,

2.50%,

4/1/31,

Callable

1/1/31

@

100

$

134,335

15,000

CTR

Partnership

LP/

CareTrust

Capital

Corp.,

3.88%,

6/30/28,

Callable

3/30/28

@

100

(a)

14,625

27,000

Rd

Michigan

Property

Owner

I

LLC,

7.50%,

3/30/45,

Callable

4/30/29

@

100

(a)

26,863

112,000

Store

Capital

LLC,

2.75%,

11/18/30,

Callable

8/18/30

@

100

101,053

17,000

SV

RNO

Property

Owner

1

LLC,

5.88%,

3/1/31,

Callable

3/1/28

@

102.94

(a)

16,745

293,621

Diversified

Telecommunication

Services

(0.6%):

21,000

APLD

Compute

Co.

2

LLC,

6.75%,

3/15/31,

Callable

3/15/28

@

103.38

(a)

21,079

46,000

APLD

Compute

Co.

LLC,

9.25%,

12/15/30,

Callable

12/15/27

@

104.63

(a)

49,623

11,000

Black

Pearl

Compute

LLC,

6.13%,

2/15/31,

Callable

2/15/28

@

103.06

(a)

11,151

20,000

Cogent

Communications

Group

LLC/Cogent

Finance,

Inc.,

7.00%,

6/15/27,

Callable

8/1/26

@

100^

(a)

19,850

41,000

Cogent

Communications

Group

LLC/Cogent

Finance,

Inc.,

7.00%,

6/15/27,

Callable

7/12/26

@

100

(a)

40,641

2,000

Level

3

Financing,

Inc.,

3.75%,

7/15/29,

Callable

8/1/26

@

100

(a)

1,930

21,000

Level

3

Financing,

Inc.,

6.88%,

6/30/33,

Callable

6/30/28

@

103.44

(a)

21,525

18,000

Level

3

Financing,

Inc.,

7.00%,

3/31/34,

Callable

8/31/28

@

103.5

(a)

18,562

28,000

Level

3

Financing,

Inc.,

8.50%,

1/15/36,

Callable

1/15/31

@

104.25

(a)

30,030

18,000

Level

3

Financing,

Inc.,

7.50%,

2/15/37,

Callable

8/15/31

@

103.75

(a)

18,428

166,000

Space

Exploration

Technologies

Corp.,

5.35%,

7/15/31,

Callable

6/15/31

@

100

(a)

165,440

233,000

Space

Exploration

Technologies

Corp.,

5.65%,

7/15/33,

Callable

5/15/33

@

100

(a)

231,258

13,000

Uniti

Group

LP/

Uniti

Fiber

Holdings,

Inc./CSL

Capital

LLC,

6.00%,

1/15/30,

Callable

8/1/26

@

101.5

(a)

12,691

10,000

Uniti

Group

LP/

Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

6.50%,

2/15/29,

Callable

7/12/26

@

100

(a)

9,913

21,000

Uniti

Group

LP/

Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

8.63%,

6/15/32,

Callable

6/15/28

@

104.31

(a)

21,971

42,000

Uniti

Group

LP/

Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

8.63%,

6/15/32,

Callable

6/15/28

@

104.31

(a)

43,890

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

Telecommunication

Services,

continued

$

21,000

Windstream

Services

LLC/

Windstream

Escrow

Finance

Corp.,

8.25%,

10/1/31,

Callable

10/1/27

@

104.13

(a)

$

22,155

740,137

Electric

Utilities

(0.9%):

22,000

AEP

Texas,

Inc.,

Series

Q,

5.20%,

4/15/36,

Callable

1/15/36

@

100

21,719

13,000

Alpha

Generation

LLC,

6.75%,

10/15/32,

Callable

10/15/27

@

103.38

(a)

13,227

6,000

Alpha

Generation

LLC,

6.25%,

1/15/34,

Callable

10/15/28

@

103.13

(a)

5,888

130,000

Cleco

Corporate

Holdings

LLC,

3.38%,

9/15/29,

Callable

6/15/29

@

100

121,778

169,000

Duquesne

Light

Holdings,

Inc.,

2.78%,

1/7/32,

Callable

10/7/31

@

100

(a)

148,512

13,000

Edison

International,

6.25%,

3/15/30,

Callable

2/15/30

@

100

13,356

12,000

Edison

International,

4.80%,

3/15/31,

Callable

2/15/31

@

100

11,676

10,000

Edison

International,

8.13%

(H15T5Y),

6/15/53,

Callable

3/15/28

@

100

10,250

11,000

Edison

International,

7.88%

(H15T5Y),

6/15/54,

Callable

3/15/29

@

100

11,289

110,000

Exelon

Corp.,

4.05%,

4/15/30,

Callable

1/15/30

@

100

107,079

10,000

Hawaiian

Electric

Co.,

Inc.,

6.00%,

10/1/33,

Callable

10/1/28

@

103

(a)

9,875

11,000

NRG

Energy,

Inc.,

5.75%,

1/15/28,

Callable

7/17/26

@

100

11,000

25,000

NRG

Energy,

Inc.,

3.63%,

2/15/31,

Callable

7/12/26

@

101.81

(a)

23,222

13,000

NRG

Energy,

Inc.,

5.75%,

1/15/34,

Callable

10/15/28

@

102.88

(a)

12,902

5,000

NRG

Energy,

Inc.,

5.88%,

5/15/34,

Callable

5/15/29

@

102.94

(a)

4,975

16,000

NRG

Energy,

Inc.,

6.25%,

11/1/34,

Callable

11/1/29

@

103.13

(a)

16,200

11,000

NRG

Energy,

Inc.,

6.00%,

1/15/36,

Callable

10/15/30

@

103

(a)

10,972

10,000

NRG

Energy,

Inc.,

6.13%,

5/15/36,

Callable

5/15/31

@

103.06

(a)

9,987

2,000

Pacific

Gas

And

Electric

Co.,

5.20%,

5/1/36,

Callable

2/1/36

@

100

1,943

9,000

Pacific

Gas

And

Electric

Co.,

6.00%,

5/1/56,

Callable

11/1/55

@

100

8,600

15,000

PacifiCorp,

7.38%

(H15T5Y),

9/15/55,

Callable

6/17/30

@

100

15,150

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

142

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

14,000

PG&E

Corp,

7.38%

(H15T5Y),

3/15/55,

Callable

12/15/29

@

100

$

14,245

21,000

PG&E

Corp.,

5.00%,

7/1/28,

Callable

7/12/26

@

100

20,790

50,000

PG&E

Corp.,

5.25%,

7/1/30,

Callable

7/12/26

@

101.75

49,125

22,000

PG&E

Corp.,

6.85%

(H15T5Y),

9/15/56,

Callable

6/15/31

@

100

21,917

100,000

Puget

Energy,

Inc.,

4.10%,

6/15/30,

Callable

3/15/30

@

100

96,360

141,000

Puget

Energy,

Inc.,

4.22%,

3/15/32,

Callable

12/15/31

@

100

134,797

27,000

Sierra

Pacific

Power

Co.,

6.38%

(H15T5Y),

9/15/56,

Callable

6/17/31

@

100

26,899

43,000

Southwestern

Electric

Power

Co.,

5.30%,

4/1/33,

Callable

1/1/33

@

100

43,556

36,000

Southwestern

Electric

Power

Co.,

5.20%,

4/1/36,

Callable

1/1/36

@

100

35,521

13,000

XPLR

Infrastructure

Operating

Partners

LP,

8.38%,

1/15/31,

Callable

9/15/27

@

104.19

(a)

13,829

23,000

XPLR

Infrastructure

Operating

Partners

LP,

8.63%,

3/15/33,

Callable

3/15/28

@

104.31

(a)

24,667

32,000

XPLR

Infrastructure

Operating

Partners

LP,

7.75%,

4/15/34,

Callable

4/15/29

@

103.88

(a)

33,640

1,104,946

Electronic

Equipment,

Instruments

&

Components

(0.1%):

20,000

Coherent

Corp.,

5.00%,

12/15/29,

Callable

7/12/26

@

101.25

(a)

19,675

31,000

Wrangler

Holdco

Corp.,

6.63%,

4/1/32,

Callable

4/1/27

@

103.31

(a)

31,736

23,000

Wulf

Compute

LLC,

7.75%,

10/15/30,

Callable

10/15/27

@

103.88

(a)

24,150

75,561

Energy

Equipment

&

Services

(0.1%):

21,000

Archrock

Services

LP/

Archrock

Partners

Finance

Corp.,

6.00%,

2/1/34,

Callable

2/1/29

@

103

(a)

20,816

11,000

Kodiak

Gas

Services

LLC,

6.50%,

10/1/33,

Callable

10/1/28

@

103.25

(a)

11,138

10,000

Kodiak

Gas

Services

LLC,

6.75%,

10/1/35,

Callable

10/1/30

@

103.38

(a)

10,262

14,000

Oceaneering

International,

Inc.,

6.88%,

7/15/34,

Callable

7/15/29

@

103.44

(a)

14,193

5,000

Star

Holding

LLC,

8.75%,

8/1/31,

Callable

8/1/27

@

104.38

(a)

5,025

61,434

Entertainment

(0.0%

†

):

18,000

OAK-Eagle

Acquireco

,

Inc.,

7.25%,

7/1/33,

Callable

7/1/29

@

103.63

(a)

18,810

Principal

Amount

Value

Corporate

Bonds,

continued

Entertainment,

continued

$

19,000

OAK-Eagle

Acquireco

,

Inc.,

8.75%,

7/1/34,

Callable

7/1/29

@

104.38

(a)

$

20,164

38,974

Financial

Services

(1.2%):

71,000

Ares

Strategic

Income

Fund,

5.45%,

9/9/28,

Callable

8/9/28

@

100

70,673

58,000

Ares

Strategic

Income

Fund,

5.80%,

9/9/30,

Callable

8/9/30

@

100

57,126

11,000

Block,

Inc.,

5.63%,

8/15/30,

Callable

8/15/27

@

102.81

(a)

11,014

15,000

Block,

Inc.,

3.50%,

6/1/31,

Callable

3/1/31

@

100

13,819

13,000

Block,

Inc.,

6.50%,

5/15/32,

Callable

5/15/27

@

103.25

13,276

11,000

Block,

Inc.,

6.00%,

8/15/33,

Callable

8/15/28

@

103

(a)

11,069

14,000

Burford

Capital

Global

Finance

LLC,

7.50%,

7/15/33,

Callable

7/15/28

@

103.75^

(a)

11,830

190,000

Corebridge

Financial,

Inc.,

3.65%,

4/5/27,

Callable

3/5/27

@

100

188,796

130,000

Corebridge

Financial,

Inc.,

3.90%,

4/5/32,

Callable

1/5/32

@

100

122,074

70,000

Corebridge

Financial,

Inc.,

6.05%,

9/15/33,

Callable

6/15/33

@

100

73,142

11,000

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

(a)

10,931

60,000

Equitable

Holdings,

Inc.,

4.57%,

2/15/29,

Callable

11/15/28

@

100

(a)

59,284

100,000

Grand

River

Funding

Trust

I,

6.31%,

2/15/36,

Callable

11/15/35

@

100

(a)

100,217

2,000

HA

Sustainable

Infrastructure

Capital,

Inc.,

5.95%,

7/15/33,

Callable

5/15/33

@

100

(a)

2,008

22,000

HA

Sustainable

Infrastructure

Capital,

Inc.,

6.00%,

3/15/36,

Callable

12/15/35

@

100

21,697

16,000

HA

Sustainable

Infrastructure

Capital,

Inc.,

8.00%

(H15T5Y),

6/1/56,

Callable

3/1/31

@

100

16,880

13,000

HA

Sustainable

Infrastructure

Capital,

Inc.,

7.13%

(H15T5Y),

11/15/56,

Callable

8/17/31

@

100

13,142

6,000

Hightower

Holding

LLC,

6.75%,

4/15/29,

Callable

8/1/26

@

100

(a)

5,955

68,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

5.25%,

5/15/27,

Callable

11/15/26

@

100

66,980

10,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

10.00%,

11/15/29,

Callable

5/15/29

@

100

(a)

9,850

8,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

9.00%,

6/15/30,

Callable

12/15/29

@

100

7,460

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

143

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services,

continued

$

70,000

Jackson

Financial,

Inc.,

5.17%,

6/8/27,

Callable

5/8/27

@

100

$

70,262

17,000

Jackson

Financial,

Inc.,

3.13%,

11/23/31,

Callable

8/23/31

@

100

15,224

76,000

Jackson

Financial,

Inc.,

5.67%,

6/8/32,

Callable

3/8/32

@

100

76,321

23,000

Jane

Street

Group/JSG

Finance,

Inc.,

6.13%,

11/1/32,

Callable

11/1/27

@

103.06

(a)

23,000

26,000

Jane

Street

Group/JSG

Finance,

Inc.,

6.75%,

5/1/33,

Callable

5/1/28

@

103.38

(a)

26,715

15,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.,

4.75%,

6/15/29,

Callable

8/1/26

@

100

(a)

14,644

10,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.,

7.00%,

7/15/31,

Callable

7/15/27

@

103.5

(a)

10,362

22,000

LFS

Topco

LLC,

8.75%,

7/15/30,

Callable

7/15/27

@

104.38

(a)

22,055

84,000

Sixth

Street

Lending

Partners,

6.13%,

7/15/30,

Callable

6/15/30

@

100

84,385

42,000

Sumisho

Air

Lease

Corp.,

4.40%,

3/24/28

(a)

41,710

42,000

Sumisho

Air

Lease

Corp.,

4.50%,

3/24/29,

Callable

2/24/29

@

100

(a)

41,644

52,000

Sumisho

Air

Lease

Corp.,

4.85%,

3/24/31,

Callable

2/24/31

@

100

(a)

51,409

15,000

Toucan

FinCo

.,

Ltd./Toucan

FinCo

.

Can,

Inc./Toucan

FinCo

.

US

LLC,

9.50%,

5/15/30,

Callable

5/15/27

@

104.75

(a)

14,138

10,000

Walker

&

Dunlop,

Inc.,

6.63%,

4/1/33,

Callable

4/1/28

@

103.31

(a)

10,138

1,389,230

Food

Products

(0.3%):

5,000

B&G

Foods,

Inc.,

5.25%,

9/15/27

5,000

26,000

Lamb

Weston

Holdings,

Inc.,

4.38%,

1/31/32,

Callable

1/31/27

@

102.19

(a)

24,375

88,000

Mars,

Inc.,

4.80%,

3/1/30,

Callable

2/1/30

@

100

(a)

88,259

66,000

Mars,

Inc.,

5.00%,

3/1/32,

Callable

1/1/32

@

100

(a)

66,398

55,000

Mars,

Inc.,

5.20%,

3/1/35,

Callable

12/1/34

@

100

(a)

55,203

21,000

Post

Holdings,

Inc.,

6.38%,

3/1/33,

Callable

9/1/27

@

103.19

(a)

20,790

13,000

Post

Holdings,

Inc.,

6.25%,

10/15/34,

Callable

10/15/29

@

103.13

(a)

12,740

13,000

Post

Holdings,

Inc.,

6.50%,

3/15/36,

Callable

3/15/31

@

103.25

(a)

12,870

Principal

Amount

Value

Corporate

Bonds,

continued

Food

Products,

continued

$

12,000

Viking

Baked

Goods

Acquisition

Corp.,

8.63%,

11/1/31,

Callable

11/1/27

@

104.31

(a)

$

12,135

297,770

Ground

Transportation

(0.1%):

15,000

Genesee

&

Wyoming,

Inc.,

6.25%,

4/15/32,

Callable

4/15/27

@

103.13

(a)

15,225

57,000

Uber

Technologies,

Inc.,

4.15%,

1/15/31,

Callable

12/15/30

@

100

55,501

45,000

Uber

Technologies,

Inc.,

4.80%,

9/15/35,

Callable

6/15/35

@

100

43,592

114,318

Health

Care

Equipment

&

Supplies

(0.0%

†

):

4,000

DENTSPLY

SIRONA,

Inc.,

8.38%

(H15T5Y),

9/12/55,

Callable

6/12/30

@

100

3,985

Health

Care

Providers

&

Services

(1.3%):

12,000

Acadia

Healthcare

Co.,

Inc.,

7.38%,

3/15/33,

Callable

3/15/28

@

103.69^

(a)

12,345

5,000

Accendra

Health,

Inc.,

9.00%,

6/15/32,

Callable

6/15/29

@

104.5

(a)

4,638

44,980

Accendra

Health,

Inc.,

9.75%,

6/15/33,

Callable

6/15/29

@

104.88

(a)

30,586

655,000

Centene

Corp.,

4.63%,

12/15/29,

Callable

8/1/26

@

101.54

633,297

13,000

Centene

Corp.,

3.38%,

2/15/30,

Callable

7/17/26

@

101.13

12,031

24,000

CHS/Community

Health

Systems,

Inc.,

6.13%,

4/1/30,

Callable

8/1/26

@

101.53

(a)

21,510

24,000

CHS/Community

Health

Systems,

Inc.,

5.25%,

5/15/30,

Callable

8/1/26

@

101.31

(a)

22,620

8,000

CHS/Community

Health

Systems,

Inc.,

9.75%,

1/15/34,

Callable

8/15/28

@

104.88

(a)

8,340

62,000

CVS

Health

Corp.,

5.00%,

1/30/29,

Callable

12/30/28

@

100

62,470

25,000

CVS

Health

Corp.,

5.25%,

1/30/31,

Callable

11/30/30

@

100

25,403

48,000

CVS

Health

Corp.,

6.75%

(H15T5Y),

12/10/54,

Callable

9/10/34

@

100

49,271

34,000

DaVita,

Inc.,

4.63%,

6/1/30,

Callable

8/1/26

@

101.54

(a)

32,852

13,000

DaVita,

Inc.,

6.75%,

7/15/33,

Callable

7/15/28

@

103.38

(a)

13,374

203,000

HCA,

Inc.,

5.88%,

2/1/29,

Callable

8/1/28

@

100

207,328

110,000

HCA,

Inc.,

3.50%,

9/1/30,

Callable

3/1/30

@

100

104,403

46,000

Humana,

Inc.,

6.63%

(H15T5Y),

9/15/56,

Callable

6/15/31

@

100

45,770

14,000

LifePoint

Health,

Inc.,

10.00%,

6/1/32,

Callable

6/1/27

@

105

(a)

13,982

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

144

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

43,000

Meridian

ARC

Holdco

LLC,

6.25%,

4/30/31,

Callable

4/30/28

@

103.13

(a)

$

43,000

15,000

Molina

Healthcare,

Inc.,

3.88%,

11/15/30,

Callable

8/17/30

@

100

(a)

13,987

17,000

Molina

Healthcare,

Inc.,

6.50%,

2/15/31,

Callable

12/15/27

@

103.25

(a)

17,297

25,000

Molina

Healthcare,

Inc.,

6.25%,

1/15/33,

Callable

1/15/28

@

103.13

(a)

25,031

16,000

National

Mentor

Holdings,

Inc.,

10.50%,

12/15/30,

Callable

12/15/27

@

105.25

(a)

16,840

13,000

Surgery

Center

Holdings,

Inc.,

7.25%,

4/15/32,

Callable

4/15/27

@

103.63

(a)

13,130

77,000

Tenet

Healthcare

Corp.,

6.13%,

10/1/28,

Callable

7/17/26

@

100

77,289

26,000

Tenet

Healthcare

Corp.,

4.38%,

1/15/30,

Callable

7/17/26

@

101.09

25,155

10,000

Tenet

Healthcare

Corp.,

5.50%,

11/15/32,

Callable

11/15/28

@

102.75

(a)

9,938

10,000

Tenet

Healthcare

Corp.,

6.00%,

11/15/33,

Callable

11/15/28

@

103

(a)

10,063

35,000

US

Acute

Care

Solutions

LLC,

9.75%,

5/15/29,

Callable

8/1/26

@

104.88

(a)

32,813

1,584,763

Health

Care

REITs

(0.7%):

98,000

Healthcare

Realty

Holdings

LP,

3.10%,

2/15/30,

Callable

11/15/29

@

100

92,083

51,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.00%,

10/15/27,

Callable

8/1/26

@

100

49,343

10,000

MPT

Operating

Partnership

LP/

MPT

Finance

Corp.,

4.63%,

8/1/29,

Callable

7/12/26

@

101.16

8,025

21,000

MPT

Operating

Partnership

LP/

MPT

Finance

Corp.,

3.50%,

3/15/31,

Callable

7/12/26

@

101.75

14,438

435,000

Omega

Healthcare

Investors,

Inc.,

3.63%,

10/1/29,

Callable

7/1/29

@

100

416,972

20,000

Omega

Healthcare

Investors,

Inc.,

3.25%,

4/15/33,

Callable

1/15/33

@

100

17,768

230,000

Sabra

Health

Care

LP,

3.20%,

12/1/31,

Callable

9/1/31

@

100

208,437

807,066

Health

Care

Technology

(0.0%

†

):

5,000

Charlotte

Buyer,

Inc.,

8.00%,

6/30/31,

Callable

6/30/28

@

104

(a)

5,063

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Technology,

continued

$

20,000

IQVIA,

Inc.,

6.25%,

6/1/32,

Callable

6/1/28

@

103.13

(a)

$

20,325

25,388

Hotel

&

Resort

REITs

(0.0%

†

):

10,000

RHP

Hotel

Properties,

LP/RHP

Finance

Corp.,

6.50%,

6/15/33,

Callable

6/15/28

@

103.25

(a)

10,237

Hotels,

Restaurants

&

Leisure

(0.2%):

39,000

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.,

6.75%,

1/15/30,

Callable

8/1/26

@

101.69

(a)

38,220

25,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.50%,

9/15/31,

Callable

5/15/28

@

102.75

(a)

25,031

47,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.88%,

3/15/33,

Callable

3/15/28

@

102.94

(a)

47,294

13,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.75%,

9/15/33,

Callable

7/1/28

@

102.88

(a)

13,016

10,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.50%,

3/31/34,

Callable

12/1/28

@

102.75

(a)

9,887

13,000

Hilton

Grand

Vacations

Borrower

LLC/Hilton

Grand

Vacations

Borrower,

Inc.,

6.63%,

1/15/32,

Callable

1/15/27

@

103.31

(a)

13,179

13,000

Light

&

Wonder

International,

Inc.,

6.25%,

10/1/33,

Callable

10/1/28

@

103.13

(a)

12,919

81,774

Spin

Holdco,

Inc.,

0.00%,

9/30/30

83,805

18,000

TKC

Holdings,

Inc.,

8.50%,

8/15/30,

Callable

8/15/27

@

104.25

(a)

18,518

6,000

TKC

Holdings,

Inc.,

12.00%,

2/15/31,

Callable

2/15/28

@

106

(a)

6,322

268,191

Household

Durables

(0.1%):

15,000

Beazer

Homes

USA,

Inc.,

7.50%,

3/15/31,

Callable

3/15/27

@

103.75

(a)

14,925

5,000

Beazer

Homes

USA,

Inc.,

8.00%,

1/15/32,

Callable

7/15/28

@

104

(a)

5,013

15,000

Century

Communities,

Inc.,

6.63%,

9/15/33,

Callable

9/15/28

@

103.31

(a)

15,131

16,000

Dream

Finders

Homes,

Inc.,

6.88%,

9/15/30,

Callable

9/15/27

@

103.44

(a)

15,820

45,000

LGI

Homes,

Inc.,

7.00%,

11/15/32,

Callable

11/15/27

@

103.5

(a)

44,775

14,000

Risewell

Homes,

Inc.,

8.50%,

11/1/30,

Callable

11/1/27

@

104.25

(a)

14,280

5,000

Whirlpool

Corp.,

7.50%,

7/1/31,

Callable

7/1/28

@

103.75

(a)

5,067

49,000

Whirlpool

Corp.,

6.50%,

6/15/33,

Callable

3/15/33

@

100^

42,385

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

145

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Household

Durables,

continued

$

5,000

Whirlpool

Corp.,

5.75%,

3/1/34,

Callable

12/1/33

@

100

$

3,862

13,000

Whirlpool

Corp.,

7.88%,

7/1/34,

Callable

7/1/29

@

103.94

(a)

13,049

174,307

Independent

Power

and

Renewable

Electricity

Producers

(0.5%):

15,000

AES

Corp.

(The),

5.20%,

7/15/29,

Callable

6/15/29

@

100

15,088

280,000

AES

Corp.

(The),

3.95%,

7/15/30,

Callable

4/15/30

@

100

(a)

267,961

11,000

AES

Corp.

(The),

6.95%

(H15T5Y),

7/15/55,

Callable

4/15/30

@

100

10,849

15,000

Clearway

Energy

Operating

LLC,

4.75%,

3/15/28,

Callable

7/12/26

@

100

(a)

14,869

16,000

Clearway

Energy

Operating

LLC,

3.75%,

1/15/32,

Callable

1/15/27

@

101.88

(a)

14,520

13,000

Clearway

Energy

Operating

LLC,

5.75%,

1/15/34,

Callable

1/15/29

@

102.88

(a)

12,724

20,000

Sunnova

Energy

Corp.,

5.88%,

9/1/26,

Callable

8/1/26

@

100

(a)(d)

41

18,000

Talen

Energy

Supply

LLC,

6.25%,

2/1/34,

Callable

10/15/28

@

103.13

(a)

17,888

18,000

Talen

Energy

Supply

LLC,

6.50%,

2/1/36,

Callable

10/15/30

@

103.25

(a)

18,112

39,000

Vistra

Operations

Co.

LLC,

5.00%,

7/31/27,

Callable

7/12/26

@

100

(a)

38,902

16,000

Vistra

Operations

Co.

LLC,

4.55%,

10/30/28

(a)

15,876

39,000

Vistra

Operations

Co.

LLC,

5.00%,

4/30/31,

Callable

3/30/31

@

100

(a)

38,654

21,000

Vistra

Operations

Co.

LLC,

7.75%,

10/15/31,

Callable

10/15/26

@

103.88

(a)

21,945

42,000

Vistra

Operations

Co.

LLC,

5.25%,

4/30/33,

Callable

2/28/33

@

100

(a)

41,605

76,000

Vistra

Operations

Co.

LLC,

5.55%,

4/30/36,

Callable

1/30/36

@

100

(a)

75,599

604,633

Insurance

(0.6%):

22,000

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

(a)

22,247

34,000

Asurion

LLC/

Asurion

Co-Issuer,

Inc.,

8.00%,

12/31/32,

Callable

12/31/28

@

104

(a)

34,382

27,000

Asurion

LLC/

Asurion

Co-Issuer,

Inc.,

8.38%,

2/1/34,

Callable

2/1/29

@

104.19

(a)

24,975

224,000

Athene

Global

Funding,

5.34%,

1/15/27

(a)

224,776

Principal

Amount

Value

Corporate

Bonds,

continued

Insurance,

continued

$

120,000

Athene

Global

Funding,

4.62%

(SOFR),

4/19/27

(a)

$

120,169

101,000

Athene

Global

Funding,

5.58%,

1/9/29

(a)

102,466

50,000

Liberty

Mutual

Group,

Inc.,

5.25%,

5/1/36,

Callable

2/1/36

@

100

(a)

49,293

58,000

Sammons

Financial

Group,

Inc.,

5.95%,

6/15/36,

Callable

3/15/36

@

100

(a)

58,060

24,000

Team

Services

Holding,

Inc.,

9.00%,

2/15/33,

Callable

2/15/29

@

104.5^

(a)

24,210

660,578

Interactive

Media

&

Services

(0.1%):

93,000

Meta

Platforms,

Inc.,

4.88%,

5/15/33,

Callable

3/15/33

@

100

92,025

63,000

Meta

Platforms,

Inc.,

5.25%,

5/15/36,

Callable

2/15/36

@

100

62,416

11,000

Snap,

Inc.,

6.88%,

3/1/33,

Callable

3/1/28

@

103.44

(a)

10,697

10,000

Snap,

Inc.,

6.88%,

3/15/34,

Callable

9/15/28

@

103.44

(a)

9,675

174,813

IT

Services

(0.2%):

11,000

Cipher

Compute

LLC,

7.13%,

11/15/30,

Callable

11/15/27

@

103.56

(a)

11,426

19,000

CoreWeave

,

Inc.,

9.25%,

6/1/30,

Callable

6/1/27

@

104.63

(a)

19,119

62,000

CoreWeave

,

Inc.,

9.00%,

2/1/31,

Callable

2/1/28

@

104.5

(a)

61,147

32,000

CoreWeave

,

Inc.,

9.75%,

10/1/31,

Callable

10/1/28

@

104.88

(a)

31,880

10,000

CoreWeave

,

Inc.,

9.63%,

7/15/32,

Callable

7/15/29

@

104.81

(a)

9,850

46,000

Edged

Compute

LLC,

7.50%,

4/30/31,

Callable

4/30/28

@

103.75

(a)

44,793

18,000

Flash

Compute

LLC,

7.25%,

12/31/30,

Callable

12/31/27

@

103.63

(a)

18,517

196,732

Leisure

Products

(0.0%

†

):

29,000

MajorDrive

Holdings

IV

LLC,

6.38%,

6/1/29,

Callable

8/1/26

@

100

(a)

24,287

Machinery

(0.0%

†

):

10,000

Allison

Transmission,

Inc.,

5.88%,

12/1/33,

Callable

12/1/28

@

102.94

(a)

9,937

14,000

Columbus

McKinnon

Corp.,

7.13%,

2/1/33,

Callable

2/1/29

@

103.56

(a)

14,000

5,000

Synergy

Infrastructure

Holdings

LLC,

7.88%,

12/1/30,

Callable

12/1/27

@

103.94

(a)

5,238

5,000

Synergy

Infrastructure

Holdings

LLC,

7.00%,

7/15/34,

Callable

7/15/29

@

103.5

(a)

5,069

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

146

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Machinery,

continued

$

21,000

United

Rentals

North

America,

Inc.,

6.13%,

3/15/34,

Callable

3/15/29

@

103.06

(a)

$

21,525

55,769

Media

(1.0%):

5,000

CCO

Holdings

LLC

CCO

Holdings

Capital

Corp.,

7.00%,

2/1/33,

Callable

2/1/29

@

103.5^

(a)

4,900

5,000

CCO

Holdings

LLC

CCO

Holdings

Capital

Corp.,

7.38%,

2/1/36,

Callable

2/1/31

@

103.69^

(a)

4,919

19,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.25%,

2/1/31,

Callable

8/1/26

@

101.42

(a)

17,100

8,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.75%,

2/1/32,

Callable

2/1/27

@

102.38

(a)

7,120

21,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.50%,

5/1/32,

Callable

7/12/26

@

102.25

18,533

13,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.50%,

6/1/33,

Callable

6/1/27

@

102.25^

(a)

11,245

15,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.25%,

1/15/34,

Callable

1/15/28

@

102.13^

(a)

12,694

68,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.10%,

6/1/29,

Callable

5/1/29

@

100

69,511

16,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

2.30%,

2/1/32,

Callable

11/1/31

@

100

13,543

137,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.40%,

4/1/33,

Callable

1/1/33

@

100

125,825

69,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.55%,

6/1/34,

Callable

3/1/34

@

100

70,240

80,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.38%,

5/1/47,

Callable

11/1/46

@

100

64,710

109,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.75%,

4/1/48,

Callable

10/1/47

@

100

91,553

103,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.80%,

3/1/50,

Callable

9/1/49

@

100

76,664

Principal

Amount

Value

Corporate

Bonds,

continued

Media,

continued

$

6,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.75%,

4/15/28,

Callable

7/21/26

@

100

(a)

$

6,007

16,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.50%,

6/1/29,

Callable

7/21/26

@

100

(a)

15,980

15,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.88%,

4/1/30,

Callable

10/1/26

@

103.94

(a)

15,600

20,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.13%,

2/15/31,

Callable

8/15/27

@

103.56

(a)

20,725

20,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.50%,

3/15/33,

Callable

9/15/28

@

103.75

(a)

21,050

85,000

CSC

Holdings

LLC,

4.13%,

12/1/30,

Callable

8/1/26

@

102.06

(a)

50,150

24,000

CSC

Holdings

LLC,

4.63%,

12/1/30,

Callable

8/1/26

@

102.31

(a)

5,520

13,000

CSC

Holdings

LLC,

4.50%,

11/15/31,

Callable

11/15/26

@

102.25

(a)

7,670

14,000

EW

Scripps

Co.

(The),

9.88%,

8/15/30,

Callable

8/15/27

@

104.94

(a)

12,250

10,016

Grubhub

Holdings,

Inc.,

13.00%,

7/31/30,

Callable

3/31/27

@

106.5

(a)

8,213

15,000

Lamar

Media

Corp.,

5.38%,

11/1/33,

Callable

11/1/28

@

102.69

(a)

14,681

15,000

Neptune

Bidco

US,

Inc.,

9.50%,

2/15/33,

Callable

2/15/29

@

104.75

(a)

15,169

14,000

Nexstar

Media,

Inc.,

6.50%,

9/15/33,

Callable

3/15/29

@

103.25

(a)

13,982

243,000

Time

Warner

Cable

LLC,

6.75%,

6/15/39

237,375

107,000

Time

Warner

Cable,

Inc.,

4.50%,

9/15/42,

Callable

3/15/42

@

100

80,656

20,000

Univision

Communications,

Inc.,

8.50%,

7/31/31,

Callable

7/31/27

@

104.25

(a)

20,100

13,000

Univision

Communications,

Inc.,

9.38%,

8/1/32,

Callable

8/1/28

@

104.69

(a)

13,195

13,000

Univision

Communications,

Inc.,

8.88%,

4/15/33,

Callable

4/15/29

@

104.44

(a)

12,772

1,159,652

Metals

&

Mining

(0.1%):

10,000

Cleveland-Cliffs,

Inc.,

7.38%,

5/1/33,

Callable

5/1/28

@

103.69

(a)

9,987

10,000

Cleveland-Cliffs,

Inc.,

7.63%,

1/15/34,

Callable

1/15/29

@

103.81

(a)

9,987

13,000

Commercial

Metals

Co.,

5.75%,

11/15/33,

Callable

11/15/28

@

102.88

(a)

12,919

18,000

Commercial

Metals

Co.,

6.00%,

12/15/35,

Callable

12/15/30

@

103

(a)

17,955

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

147

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Metals

&

Mining,

continued

$

11,000

Kaiser

Aluminum

Corp.,

5.88%,

3/1/34,

Callable

3/1/29

@

102.94

(a)

$

10,849

16,000

Novelis

Corp.,

3.88%,

8/15/31,

Callable

8/15/26

@

101.94

(a)

14,520

10,000

Novelis

Corp.,

6.38%,

8/15/33,

Callable

8/15/28

@

103.19

(a)

10,050

86,267

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.1%):

13,000

BW

Real

Estate,

Inc.,

9.50%

(H15T5Y),

Callable

3/30/30

@

100

(a)

13,133

11,000

Rithm

Capital

Corp.,

8.00%,

4/1/29,

Callable

7/12/26

@

104

(a)

11,027

10,000

Rithm

Capital

Corp.,

8.00%,

7/15/30,

Callable

7/15/27

@

104

(a)

9,975

5,000

Rithm

Capital

Corp.,

8.50%,

6/1/31,

Callable

6/1/28

@

104.25

(a)

5,019

10,000

Starwood

Property

Trust,

Inc.,

5.25%,

10/15/28,

Callable

7/15/28

@

100

(a)

9,922

15,000

Starwood

Property

Trust,

Inc.,

5.88%,

8/15/29,

Callable

5/15/29

@

100

(a)

15,000

13,000

Starwood

Property

Trust,

Inc.,

6.50%,

7/1/30,

Callable

1/1/30

@

100

(a)

13,244

16,000

Starwood

Property

Trust,

Inc.,

6.50%,

10/15/30,

Callable

4/15/30

@

100

(a)

16,340

8,000

Starwood

Property

Trust,

Inc.,

5.75%,

1/15/31,

Callable

7/15/30

@

100

(a)

7,930

5,000

Starwood

Property

Trust,

Inc.,

6.13%,

6/1/31,

Callable

12/1/30

@

100

(a)

5,025

106,615

Office

REITs

(0.9%):

421,000

Brandywine

Operating

Partnership

LP,

3.95%,

11/15/27,

Callable

8/15/27

@

100

410,836

288,000

Brandywine

Operating

Partnership

LP,

8.30%,

3/15/28,

Callable

2/15/28

@

100

299,068

27,000

COPT

Defense

Properties

LP,

2.00%,

1/15/29,

Callable

11/15/28

@

100

25,248

11,000

COPT

Defense

Properties

LP,

4.50%,

10/15/30,

Callable

9/15/30

@

100

10,829

85,000

COPT

Defense

Properties

LP,

2.75%,

4/15/31,

Callable

1/15/31

@

100

76,984

290,000

Hudson

Pacific

Properties

LP,

4.65%,

4/1/29,

Callable

1/1/29

@

100^

274,050

35,000

Piedmont

Operating

Partnership

LP,

2.75%,

4/1/32,

Callable

1/1/32

@

100

29,928

1,126,943

Oil,

Gas

&

Consumable

Fuels

(2.7%):

10,000

Antero

Midstream

Partners

LP/

Antero

Midstream

Finance

Corp.,

5.75%,

10/15/33,

Callable

10/15/28

@

102.88

(a)

9,912

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

16,000

Antero

Midstream

Partners

LP/Antero

Midstream

Finance

Corp.,

5.75%,

7/1/34,

Callable

1/1/29

@

102.88

(a)

$

15,760

10,000

Ascent

Resources

Utica

Holdings

LLC/ARU

Finance

Corp.,

6.63%,

10/15/32,

Callable

10/15/27

@

103.31

(a)

10,100

5,000

Ascent

Resources

Utica

Holdings

LLC/ARU

Finance

Corp.,

6.63%,

7/15/33,

Callable

7/15/28

@

103.31

(a)

5,050

18,000

California

Resources

Corp.,

7.00%,

1/15/34,

Callable

1/15/29

@

103.5

(a)

17,730

5,000

California

Resources

Corp.,

7.25%,

1/15/35,

Callable

7/15/29

@

103.63

(a)

4,950

22,000

Calumet

Specialty

Products

Partners

LP/Calumet

Finance

Corp.,

9.75%,

7/15/28,

Callable

7/12/26

@

104.88

(a)

22,523

10,000

Calumet

Specialty

Products

Partners

LP/Calumet

Finance

Corp.,

9.75%,

2/15/31,

Callable

2/15/28

@

104.88

(a)

10,575

46,000

Cheniere

Energy

Partners,

LP,

5.35%,

11/30/36,

Callable

5/30/36

@

100

(a)

45,608

34,000

Cheniere

Energy,

Inc.,

5.20%,

7/30/36,

Callable

1/30/36

@

100

(a)

33,343

32,000

Cheniere

Energy,

Inc.,

6.00%,

7/30/56,

Callable

1/30/56

@

100

(a)

31,814

6,000

CITGO

Petroleum

Corp.,

8.38%,

1/15/29,

Callable

8/1/26

@

104.19

(a)

6,173

34,000

CNX

Midstream

Partners

LP,

4.75%,

4/15/30,

Callable

8/1/26

@

101.19

(a)

32,470

13,000

CNX

Resources

Corp.,

5.88%,

3/1/34,

Callable

3/1/29

@

102.94

(a)

12,610

20,000

Columbia

Pipelines

Operating

Co.

LLC,

5.93%,

8/15/30,

Callable

6/15/30

@

100

(a)

20,779

55,000

Columbia

Pipelines

Operating

Co.

LLC,

6.04%,

11/15/33,

Callable

8/15/33

@

100

(a)

57,575

16,000

Columbia

Pipelines

Operating

Co.

LLC,

6.50%,

8/15/43,

Callable

2/15/43

@

100

(a)

17,033

30,000

Columbia

Pipelines

Operating

Co.

LLC,

6.54%,

11/15/53,

Callable

5/15/53

@

100

(a)

31,910

18,000

Columbia

Pipelines

Operating

Co.

LLC,

6.71%,

8/15/63,

Callable

2/15/63

@

100

(a)

19,553

34,000

Comstock

Resources,

Inc.,

6.75%,

3/1/29,

Callable

7/17/26

@

101.13

(a)

33,405

10,000

CVR

Energy,

Inc.,

7.50%,

2/15/31,

Callable

2/15/28

@

103.75

(a)

10,100

7,000

CVR

Energy,

Inc.,

7.88%,

2/15/34,

Callable

2/15/29

@

103.94

(a)

6,912

8,000

DBR

Land

Holdings

LLC,

6.25%,

12/1/30,

Callable

12/1/27

@

103.13

(a)

8,110

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

148

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

60,000

DCP

Midstream

Operating

LP,

5.13%,

5/15/29,

Callable

2/15/29

@

100

$

60,516

100,000

DCP

Midstream

Operating

LP,

5.60%,

4/1/44,

Callable

10/1/43

@

100

96,235

12,000

Delek

Logistics

Partners

LP/

Delek

Logistics

Finance

Corp.,

8.63%,

3/15/29,

Callable

7/12/26

@

104.31

(a)

12,450

8,000

Delek

Logistics

Partners

LP/

Delek

Logistics

Finance

Corp.,

7.38%,

6/30/33,

Callable

6/30/28

@

103.69

(a)

8,160

190,000

Energy

Transfer

LP,

4.95%,

6/15/28,

Callable

3/15/28

@

100

190,926

87,000

Energy

Transfer

LP,

5.00%,

5/15/50,

Callable

11/15/49

@

100

73,198

7,000

Energy

Transfer

LP,

6.50%

(H15T5Y),

2/15/56,

Callable

11/15/30

@

100

7,061

2,000

Energy

Transfer

LP,

6.75%

(H15T5Y),

2/15/56,

Callable

11/15/35

@

100

2,037

6,000

Energy

Transfer

LP,

Series

G,

7.13%

(H15T5Y),

Callable

5/15/30

@

100

6,180

26,000

Genesis

Energy,

LP

Genesis

Energy

Finance

Corp.,

6.75%,

3/15/34,

Callable

3/15/29

@

103.38

25,805

10,000

Global

Partners

LP/GLP

Finance

Corp.,

8.25%,

1/15/32,

Callable

1/15/27

@

104.13

(a)

10,475

5,000

Global

Partners

LP/GLP

Finance

Corp.,

7.13%,

7/1/33,

Callable

7/1/28

@

103.56

(a)

5,050

25,000

Gran

Tierra

Energy,

Inc.,

9.75%,

4/15/31,

Callable

4/15/28

@

104.88

(a)

22,000

20,000

Harvest

Midstream

I

LP,

7.50%,

5/15/32,

Callable

5/15/27

@

103.75

(a)

20,700

15,000

Harvest

Midstream

I,

LP,

6.75%,

5/15/34,

Callable

5/15/29

@

103.38

(a)

15,188

109,000

Hess

Corp.,

7.30%,

8/15/31

121,242

25,000

Hess

Midstream

Operations

LP,

5.13%,

6/15/28,

Callable

8/1/26

@

100

(a)

24,906

10,000

Howard

Midstream

Energy

Partners

LLC,

7.38%,

7/15/32,

Callable

7/15/27

@

103.69

(a)

10,325

10,000

Howard

Midstream

Energy

Partners

LLC,

6.63%,

1/15/34,

Callable

1/15/29

@

103.31

(a)

10,075

21,000

Kinetik

Holdings

LP,

6.63%,

12/15/28,

Callable

8/1/26

@

103.31

(a)

21,341

13,000

Kinetik

Holdings

LP,

5.88%,

6/15/30,

Callable

8/1/26

@

101.47

(a)

13,032

22,000

Kosmos

Energy,

Ltd.,

7.75%,

5/1/27,

Callable

7/12/26

@

100

(a)

21,807

32,000

Kosmos

Energy,

Ltd.,

7.50%,

3/1/28,

Callable

8/1/26

@

100

(a)

30,360

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

4,000

Kosmos

Energy,

Ltd.,

8.75%,

10/1/31,

Callable

10/1/27

@

104.38

(a)

$

3,275

408,000

Mesquite

Energy,

Inc.,

7.25%,

2/15/23

(d)

41

20,000

Moss

Creek

Resources

Holdings,

Inc.,

8.25%,

9/1/31,

Callable

9/1/27

@

104.13

(a)

19,800

112,000

Occidental

Petroleum

Corp.,

7.50%,

5/1/31

123,620

33,000

ONEOK,

Inc.,

4.25%,

9/24/27,

Callable

8/24/27

@

100

32,850

34,000

ONEOK,

Inc.,

4.40%,

10/15/29,

Callable

9/15/29

@

100

33,607

67,000

ONEOK,

Inc.,

4.75%,

10/15/31,

Callable

8/15/31

@

100

66,078

15,000

Par

Petroleum

LLC,

7.38%,

6/1/34,

Callable

6/1/29

@

103.69

(a)

15,150

6,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

9.88%,

3/15/30,

Callable

3/15/27

@

104.94

(a)

6,405

6,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

7.88%,

9/15/30,

Callable

9/15/26

@

103.94

(a)

6,105

19,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

7.25%,

6/1/34,

Callable

6/1/29

@

103.63

(a)

18,810

30,000

Plains

All

American

Pipeline

LP,

Series

B,

8.02%

(TSFR3M),

Callable

8/1/26

@

100

30,314

13,000

Prairie

Acquiror

LP,

9.00%,

8/1/29,

Callable

8/1/26

@

104.5

(a)

13,504

19,000

Rio

Grande

Lng

LLC,

5.25%,

6/30/31,

Callable

5/30/31

@

100

(a)

18,982

24,000

Rio

Grande

Lng

LLC,

5.50%,

1/30/34,

Callable

11/30/33

@

100

(a)

23,838

55,000

Rio

Grande

Lng

LLC,

5.75%,

6/30/36,

Callable

3/30/36

@

100

(a)

54,641

8,000

Rockies

Express

Pipeline

LLC,

6.75%,

3/15/33,

Callable

3/15/28

@

103.38

(a)

8,240

230,000

Sabine

Pass

Liquefaction

LLC,

4.50%,

5/15/30,

Callable

11/15/29

@

100

227,372

16,000

Sunoco,

LP,

5.38%,

7/15/31,

Callable

3/15/28

@

102.69

(a)

15,780

16,000

Sunoco,

LP,

6.63%,

8/15/32,

Callable

8/15/27

@

103.31

(a)

16,280

10,000

Sunoco,

LP,

5.88%,

3/15/34,

Callable

9/15/28

@

102.94

(a)

9,825

13,000

Sunoco,

LP,

5.63%,

7/15/34,

Callable

3/15/29

@

102.81

(a)

12,675

21,000

Sunoco,

LP,

7.88%

(H15T5Y),

Callable

9/18/30

@

100

(a)

22,313

39,000

Sunoco,

LP/Sunoco

Finance

Corp.,

5.88%,

3/15/28,

Callable

8/1/26

@

100

38,902

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

149

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

48,000

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corp.,

6.00%,

12/31/30,

Callable

8/1/26

@

103

(a)

$

47,940

39,000

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corp.,

6.00%,

9/1/31,

Callable

9/1/26

@

103

(a)

38,513

15,000

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corp.,

6.75%,

3/15/34,

Callable

3/15/29

@

103.38

(a)

15,150

29,000

Targa

Resources

Corp.,

4.35%,

1/15/29,

Callable

12/15/28

@

100

28,771

43,000

Targa

Resources

Corp.,

4.90%,

9/15/30,

Callable

8/15/30

@

100

43,011

33,000

Targa

Resources

Corp.,

4.35%,

4/15/31,

Callable

3/15/31

@

100

32,229

105,000

Targa

Resources

Corp.,

5.65%,

2/15/36,

Callable

11/15/35

@

100

106,463

11,000

USA

Compression

Partners

LP/USA

Compression

Finance

Corp.,

6.25%,

10/1/33,

Callable

10/1/28

@

103.13

(a)

10,904

13,000

Venture

Global

Plaquemines

LNG

LLC,

6.13%,

12/15/30,

Callable

9/15/30

@

100

(a)

13,309

13,000

Venture

Global

Plaquemines

LNG

LLC,

7.50%,

5/1/33,

Callable

12/1/32

@

100

(a)

14,267

18,000

Venture

Global

Plaquemines

LNG

LLC,

6.50%,

1/15/34,

Callable

7/15/33

@

100

(a)

18,720

10,000

Venture

Global

Plaquemines

LNG

LLC,

6.50%,

6/15/34,

Callable

12/15/33

@

100

(a)

10,413

29,000

Venture

Global

Plaquemines

LNG

LLC,

6.75%,

1/15/36,

Callable

7/15/35

@

100

(a)

30,740

7,000

WBI

Operating

LLC,

6.50%,

10/15/33,

Callable

10/15/28

@

103.25

(a)

7,044

400,000

Western

Midstream

Operating

LP,

4.50%,

3/1/28,

Callable

12/1/27

@

100

398,337

79,000

Western

Midstream

Operating,

LP,

5.70%,

7/1/36,

Callable

4/1/36

@

100

78,803

220,000

Williams

Cos.,

Inc.

(The),

4.65%,

8/15/32,

Callable

5/15/32

@

100

216,709

3,202,794

Passenger

Airlines

(0.1%):

20,000

Allegiant

Travel

Co.,

7.13%,

7/1/31,

Callable

7/1/28

@

103.56

(a)

20,250

22,000

JetBlue

Airways

Corp./JetBlue

Loyalty

LP,

9.88%,

9/20/31,

Callable

8/27/27

@

104.94

(a)

19,855

Principal

Amount

Value

Corporate

Bonds,

continued

Passenger

Airlines,

continued

$

11,000

United

Airlines

Holdings,

Inc.,

4.88%,

3/1/29,

Callable

12/1/28

@

100

$

10,876

12,000

United

Airlines

Holdings,

Inc.,

5.38%,

3/1/31,

Callable

9/1/30

@

100

11,910

19,000

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.,

6.38%,

2/1/30,

Callable

8/1/26

@

101.59^

(a)

18,091

80,982

Professional

Services

(0.1%):

15,000

AP

Core

Holdings

II

LLC,

11.00%,

5/15/31,

Callable

5/15/27

@

105.5

(a)

15,694

20,000

CACI

International,

Inc.,

6.38%,

6/15/33,

Callable

6/15/28

@

103.19

(a)

20,250

11,000

Paychex,

Inc.,

5.10%,

4/15/30,

Callable

3/15/30

@

100

11,097

15,000

Paychex,

Inc.,

5.35%,

4/15/32,

Callable

2/15/32

@

100

15,178

12,000

Paychex,

Inc.,

5.60%,

4/15/35,

Callable

1/15/35

@

100^

12,091

15,000

Verisk

Analytics,

Inc.,

4.45%,

3/15/31,

Callable

2/15/31

@

100

14,680

88,990

Real

Estate

Management

&

Development

(0.2%):

9,000

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp.,

Class

I,

7.00%,

4/15/30,

Callable

7/17/26

@

101.31

(a)

9,056

5,000

Anywhere

Real

Estate

Group

LLC

/

Realogy

Co-Issuer

Corp.,

5.75%,

1/15/29,

Callable

7/17/26

@

100

(a)

4,969

11,000

Anywhere

Real

Estate

Group

LLC

/

Realogy

Co-Issuer

Corp.,

9.75%,

4/15/30,

Callable

4/15/27

@

104.88

(a)

11,811

23,000

Cyprium

Corp./

Cyprium

Holdings

Luxembourg

Sarl

,

6.13%,

4/15/31,

Callable

4/15/28

@

103.06

(a)

23,000

21,000

Cyprium

Corp./

Cyprium

Holdings

Luxembourg

Sarl

,

6.38%,

4/15/34,

Callable

4/15/29

@

103.19

(a)

20,948

15,000

Forestar

Group,

Inc.,

6.50%,

3/15/33,

Callable

3/15/28

@

103.25

(a)

15,244

20,000

Howard

Hughes

Corp.

(The),

4.38%,

2/1/31,

Callable

7/17/26

@

102.19

(a)

18,900

25,000

Kennedy

Wilson,

Inc.,

7.00%,

6/1/31,

Callable

6/1/28

@

103.5

(a)

25,531

25,000

Kennedy

Wilson,

Inc.,

7.25%,

6/1/33,

Callable

6/1/29

@

103.63

(a)

25,500

60,000

Pr

Rno

Property

Owner

1

LLC,

6.50%,

5/1/31,

Callable

5/1/28

@

103.25

(a)

59,775

10,000

RHP

Hotel

Properties,

LP/RHP

Finance

Corp.,

5.75%,

3/15/34,

Callable

3/15/29

@

102.88

(a)

9,875

224,609

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

150

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Retail

REITs

(0.8%):

$

22,000

Kite

Realty

Group

Trust,

4.75%,

9/15/30,

Callable

6/15/30

@

100

$

21,922

31,000

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP,

4.75%,

3/15/33,

Callable

1/15/33

@

100

30,357

87,000

Sun

Communities

Operating

LP,

2.30%,

11/1/28,

Callable

9/1/28

@

100

82,442

232,000

Sun

Communities

Operating

LP,

2.70%,

7/15/31,

Callable

4/15/31

@

100

208,744

387,000

Tanger

Properties

LP,

3.13%,

9/1/26,

Callable

8/1/26

@

100

385,983

237,000

Tanger

Properties

LP,

2.75%,

9/1/31,

Callable

6/1/31

@

100

212,856

942,304

Semiconductors

&

Semiconductor

Equipment

(0.7%):

10,000

Amkor

Technology,

Inc.,

5.88%,

10/1/33,

Callable

10/1/28

@

102.94

(a)

10,012

597,000

Broadcom,

Inc.,

2.60%,

2/15/33,

Callable

11/15/32

@

100

518,186

55,000

Broadcom,

Inc.,

3.42%,

4/15/33,

Callable

1/15/33

@

100

50,065

21,000

Entegris

,

Inc.,

3.63%,

5/1/29,

Callable

8/1/26

@

100.91

(a)

20,029

34,000

Entegris

,

Inc.,

5.95%,

6/15/30,

Callable

7/12/26

@

101.98

(a)

34,255

35,000

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.,

4.85%,

8/19/32,

Callable

6/19/32

@

100

34,568

102,000

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.,

5.25%,

8/19/35,

Callable

5/19/35

@

100

101,858

10,000

ON

Semiconductor

Corp.,

3.88%,

9/1/28,

Callable

8/1/26

@

100

(a)

9,688

18,548

Wolfspeed

,

Inc.,

7.00%,

6/15/31,

Callable

9/29/27

@

100

16,925

795,586

Software

(0.4%):

38,000

Cloud

Software

Group

LLC,

9.00%,

9/30/29,

Callable

8/1/26

@

104.5

(a)

36,860

44,000

Core

Scientific

Finance

I

LLC,

7.75%,

5/15/31,

Callable

5/15/28

@

103.88

(a)

44,550

15,000

Oracle

Corp.,

4.75%

(SOFRINDX),

2/4/29

14,987

43,000

Oracle

Corp.,

4.45%,

9/26/30,

Callable

8/26/30

@

100

41,468

13,000

Oracle

Corp.,

4.95%,

2/4/31,

Callable

1/4/31

@

100

12,726

71,000

Oracle

Corp.,

4.80%,

9/26/32,

Callable

7/26/32

@

100

67,560

15,000

Oracle

Corp.,

5.35%,

5/4/33,

Callable

3/4/33

@

100

14,548

65,000

Oracle

Corp.,

5.20%,

9/26/35,

Callable

6/26/35

@

100

60,722

Principal

Amount

Value

Corporate

Bonds,

continued

Software,

continued

$

7,000

Oracle

Corp.,

5.70%,

2/4/36,

Callable

11/4/35

@

100

$

6,781

97,000

Oracle

Corp.,

3.60%,

4/1/40,

Callable

10/1/39

@

100

70,422

40,000

Oracle

Corp.,

5.88%,

9/26/45,

Callable

3/26/45

@

100

34,938

7,000

Oracle

Corp.,

6.55%,

2/4/46,

Callable

8/4/45

@

100

6,595

50,000

Oracle

Corp.,

5.95%,

9/26/55,

Callable

3/26/55

@

100

42,509

7,000

Oracle

Corp.,

6.70%,

2/4/56,

Callable

8/4/55

@

100

6,588

52,000

Oracle

Corp.,

6.10%,

9/26/65,

Callable

3/26/65

@

100

43,368

2,000

Oracle

Corp.,

6.85%,

2/4/66,

Callable

8/4/65

@

100

1,861

506,483

Specialized

REITs

(0.4%):

10,000

Millrose

Properties,

Inc.,

6.38%,

8/1/30,

Callable

8/1/27

@

103.19

(a)

10,100

10,000

Millrose

Properties,

Inc.,

6.25%,

9/15/32,

Callable

9/15/28

@

103.13

(a)

10,062

21,000

VICI

Properties

LP,

4.75%,

4/1/28,

Callable

3/1/28

@

100

20,921

390,000

VICI

Properties

LP,

4.95%,

2/15/30,

Callable

12/15/29

@

100

389,342

17,000

VICI

Properties

LP,

5.75%,

4/1/34,

Callable

1/1/34

@

100

17,245

10,000

Yondr

Jk

1

LLC,

6.88%,

6/30/31,

Callable

6/30/28

@

103.44

(a)

10,025

457,695

Specialty

Retail

(0.5%):

5,000

Advance

Auto

Parts,

Inc.,

1.75%,

10/1/27,

Callable

8/1/27

@

100

4,807

7,000

Advance

Auto

Parts,

Inc.,

3.90%,

4/15/30,

Callable

1/15/30

@

100^

6,574

12,000

Advance

Auto

Parts,

Inc.,

7.00%,

8/1/30,

Callable

8/1/27

@

103.5

(a)

12,290

8,000

Advance

Auto

Parts,

Inc.,

3.50%,

3/15/32,

Callable

12/15/31

@

100

7,019

37,000

Advance

Auto

Parts,

Inc.,

7.38%,

8/1/33,

Callable

8/1/28

@

103.69

(a)

38,119

47,000

AutoNation,

Inc.,

4.75%,

6/1/30,

Callable

3/1/30

@

100

46,574

200,000

AutoZone,

Inc.,

4.00%,

4/15/30,

Callable

1/15/30

@

100

194,670

41,000

Carvana

Co.,

5.88%,

10/1/28,

Callable

7/12/26

@

101.47

(a)

40,077

10,000

Carvana

Co.,

4.88%,

9/1/29,

Callable

9/1/26

@

100

(a)

9,350

29,000

Carvana

Co.,

10.25%,

5/1/30,

Callable

5/1/27

@

105.13

(a)

30,740

21,000

Michaels

Cos.,

Inc.

(The),

8.50%,

3/15/33,

Callable

3/15/29

@

104.25

(a)

20,790

21,000

Michaels

Cos.,

Inc.

(The),

11.00%,

3/15/34,

Callable

3/15/29

@

105.5

(a)

20,528

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

151

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Specialty

Retail,

continued

$

26,000

Railworks

Holdings

LP/

Railworks

Rally,

Inc.,

8.25%,

11/15/28,

Callable

8/1/26

@

102.06

(a)

$

25,968

17,000

Staples,

Inc.,

10.75%,

9/1/29,

Callable

9/1/26

@

105.38

(a)

16,214

16,000

Staples,

Inc.,

12.75%,

1/15/30,

Callable

6/15/27

@

106.38

(a)

12,160

31,000

Wayfair

LLC,

7.25%,

10/31/29,

Callable

10/31/26

@

103.63

(a)

31,930

34,000

Wayfair

LLC,

7.75%,

9/15/30,

Callable

9/15/27

@

103.88

(a)

35,700

23,000

Wayfair

LLC,

6.75%,

11/15/32,

Callable

11/15/28

@

103.38

(a)

23,575

15,000

Wayfair

LLC,

7.13%,

5/31/34,

Callable

5/31/29

@

103.56

(a)

15,412

592,497

Technology

Hardware,

Storage

&

Peripherals

(0.4%):

31,000

APLD

Compute

Co.

3

LLC,

7.00%,

6/15/31,

Callable

6/15/28

@

103.5

(a)

31,000

67,000

Dell

International

LLC

EMC

Corp.,

5.00%,

2/15/34,

Callable

12/15/33

@

100

66,042

86,000

Dell

International

LLC

EMC

Corp.,

5.25%,

2/15/37,

Callable

11/15/36

@

100

84,450

100,000

Dell

International

LLC/EMC

Corp.,

4.50%,

2/15/31,

Callable

1/15/31

@

100

98,507

75,000

Dell

International

LLC/EMC

Corp.,

4.75%,

10/6/32,

Callable

8/6/32

@

100

74,017

130,000

Dell

International

LLC/EMC

Corp.,

5.10%,

2/15/36,

Callable

11/15/35

@

100

127,880

13,000

Stingray

Compute

LLC,

6.00%,

6/15/31,

Callable

6/15/28

@

103

(a)

13,016

494,912

Textiles,

Apparel

&

Luxury

Goods

(0.0%

†

):

32,892

Beach

Acquisition

Bidco

LLC,

10.00%,

7/15/33,

Callable

7/15/28

@

103

(a)

37,332

Trading

Companies

&

Distributors

(0.2%):

10,000

FTAI

Aviation

Investors

LLC,

7.88%,

12/1/30,

Callable

12/1/26

@

103.94

(a)

10,438

10,000

FTAI

Aviation

Investors

LLC,

7.00%,

6/15/32,

Callable

6/15/27

@

103.5

(a)

10,350

21,000

Herc

Holdings,

Inc.,

7.00%,

6/15/30,

Callable

6/15/27

@

103.5

(a)

21,735

10,000

Herc

Holdings,

Inc.,

5.75%,

3/15/31,

Callable

3/15/28

@

102.88

(a)

9,962

13,000

Herc

Holdings,

Inc.,

7.25%,

6/15/33,

Callable

6/15/28

@

103.63

(a)

13,536

10,000

Herc

Holdings,

Inc.,

6.00%,

3/15/34,

Callable

3/15/29

@

103

(a)

9,938

Principal

Amount

Value

Corporate

Bonds,

continued

Trading

Companies

&

Distributors,

continued

$

22,000

LBM

Acquisition

LLC,

6.25%,

1/15/29,

Callable

8/1/26

@

100

(a)

$

15,950

10,000

QXO

Building

Products,

Inc.,

6.50%,

7/15/31,

Callable

7/15/28

@

103.25

(a)

10,175

15,000

QXO

Building

Products,

Inc.,

6.75%,

4/30/32,

Callable

4/30/28

@

103.38

(a)

15,469

10,000

QXO

Building

Products,

Inc.,

6.88%,

7/15/34,

Callable

7/15/29

@

103.44

(a)

10,262

15,000

Sumisho

Air

Lease

Corp.,

Series

B,

8.26%

(H15T5Y),

Callable

9/15/26

@

100

15,112

44,000

Sumisho

Air

Lease

Corp.,

Series

C,

4.13%

(H15T5Y),

Callable

12/15/26

@

100

43,201

12,000

WESCO

Distribution,

Inc.,

5.25%,

4/15/31,

Callable

4/15/28

@

102.63

(a)

11,910

8,000

WESCO

Distribution,

Inc.,

6.38%,

3/15/33,

Callable

3/15/28

@

103.19

(a)

8,210

16,000

WESCO

Distribution,

Inc.,

5.50%,

4/15/34,

Callable

4/15/29

@

102.75

(a)

15,780

222,028

Total

Corporate

Bonds

(Cost

$31,616,846)

30,799,479

Yankee

Debt

Obligations

(6.9%):

Aerospace

&

Defense

(0.0%

†

):

26,000

Bombardier,

Inc.,

7.00%,

6/1/32,

Callable

6/1/27

@

103.5

(a)

26,877

Automobile

Components

(0.0%

†

):

15,000

Forvia

SE,

6.75%,

9/15/33,

Callable

9/15/28

@

103.38

(a)

15,000

Automobiles

(0.0%

†

):

22,000

Aston

Martin

Capital

Holdings,

Ltd.,

10.00%,

3/31/29,

Callable

8/1/26

@

105

(a)

17,380

Banks

(1.6%):

270,000

Barclays

plc,

5.09%

(SOFR),

6/20/30,

Callable

6/20/29

@

100

270,703

129,000

BNP

Paribas

SA,

5.79%

(SOFR),

1/13/33,

Callable

1/13/32

@

100

(a)

133,193

13,000

BNP

Paribas

SA,

7.45%

(H15T5Y),

Callable

6/27/35

@

100

(a)

13,390

200,000

Commonwealth

Bank

of

Australia,

3.61%

(H15T5Y),

9/12/34,

Callable

9/12/29

@

100

(a)

191,755

150,000

Deutsche

Bank

AG,

5.06%

(SOFR),

4/14/32,

Callable

4/14/31

@

100

149,518

200,000

Mitsubishi

UFJ

Financial

Group,

Inc.,

4.59%

(H15T1Y),

4/18/30,

Callable

4/18/29

@

100

198,869

200,000

Mitsubishi

UFJ

Financial

Group,

Inc.,

4.85%

(H15T1Y),

4/21/32,

Callable

4/21/31

@

100

198,553

286,000

NatWest

Group

plc,

3.07%

(H15T1Y),

5/22/28,

Callable

5/22/27

@

100

282,004

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

152

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Banks,

continued

$

200,000

Societe

Generale

SA,

5.50%

(H15T1Y),

4/13/29,

Callable

4/13/28

@

100

(a)

$

202,126

200,000

Sumitomo

Mitsui

Financial

Group,

Inc.,

4.93%

(SOFR),

7/7/32,

Callable

7/7/31

@

100

199,422

135,000

Westpac

Banking

Corp.,

4.11%

(H15T5Y),

7/24/34,

Callable

7/24/29

@

100

131,634

1,971,167

Capital

Markets

(0.3%):

314,000

UBS

Group

AG,

1.49%

(H15T1Y),

8/10/27,

Callable

8/10/26

@

100

(a)

312,950

Chemicals

(0.1%):

62,000

Herens

Holdco

Sarl

,

4.75%,

5/15/28,

Callable

8/1/26

@

100

(a)

54,250

21,000

Methanex

Corp.,

5.25%,

12/15/29,

Callable

9/15/29

@

100

20,842

34,000

Methanex

Corp.,

5.65%,

12/1/44,

Callable

6/1/44

@

100

30,260

105,352

Commercial

Services

&

Supplies

(0.0%

†

):

64,000

Ambipar

Lux

Sarl

,

9.88%,

2/6/31,

Callable

2/6/27

@

104.94

(a)(d)

15,200

13,000

GFL

Environmental,

Inc.,

6.75%,

1/15/31,

Callable

1/15/27

@

103.38

(a)

13,390

28,590

Containers

&

Packaging

(0.0%

†

):

10,000

Ahlstrom

Holding

3

Oy,

4.88%,

2/4/28,

Callable

8/1/26

@

100

(a)

9,902

Diversified

Telecommunication

Services

(0.2%):

36,000

Altice

France

Lux

3/Altice

Holdings

1,

10.00%,

1/15/33,

Callable

10/1/26

@

101

(a)

35,280

48,424

Altice

France

SA,

6.50%,

10/15/31,

Callable

10/1/26

@

101

(a)

46,850

21,590

Altice

France

SA,

6.50%,

4/15/32,

Callable

10/1/26

@

101

(a)

20,888

47,055

Altice

France

SA,

6.88%,

7/15/32,

Callable

10/15/26

@

100

(a)

45,643

21,000

C&W

Senior

Finance,

Ltd.,

9.00%,

1/15/33,

Callable

1/15/28

@

104.5

(a)

21,210

20,000

IHS

Holding,

Ltd.,

5.63%,

11/29/26,

Callable

8/1/26

@

100

(a)

19,899

8,000

TELUS

Corp.,

7.00%

(H15T5Y),

10/15/55,

Callable

7/15/35

@

100

8,250

10,000

TELUS

Corp.,

6.63%

(H15T5Y),

10/15/55,

Callable

7/15/30

@

100

10,138

208,158

Energy

Equipment

&

Services

(0.0%

†

):

26,000

Consolidated

Energy

Finance

SA,

5.63%,

10/15/28,

Callable

7/12/26

@

101.41

(a)

25,220

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Energy

Equipment

&

Services,

continued

$

18,000

Consolidated

Energy

Finance

SA,

12.00%,

2/15/31,

Callable

2/15/27

@

106

(a)

$

18,495

7,000

TGS

ASA,

8.50%,

1/15/30,

Callable

1/15/27

@

104.25

(a)

7,359

5,000

Transocean

International,

Ltd.,

7.88%,

10/15/32,

Callable

10/15/28

@

103.94

(a)

5,212

56,286

Financial

Services

(1.3%):

209,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

2.45%,

10/29/26,

Callable

9/29/26

@

100

207,651

234,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.30%,

1/30/32,

Callable

10/30/31

@

100

213,881

14,000

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust,

6.50%

(H15T5Y),

1/31/56,

Callable

10/31/30

@

100

14,121

28,000

Altice

Financing

SA,

9.63%,

7/15/27,

Callable

8/1/26

@

100

(a)

21,280

34,000

Altice

Financing

SA,

5.75%,

8/15/29,

Callable

8/1/26

@

101.44

(a)

23,630

14,000

Avolon

Holdings

Funding,

Ltd.,

6.38%,

5/4/28,

Callable

4/4/28

@

100

(a)

14,359

10,000

Avolon

Holdings

Funding,

Ltd.,

5.15%,

1/15/30,

Callable

12/15/29

@

100

(a)

10,034

49,000

Avolon

Holdings

Funding,

Ltd.,

5.38%,

5/30/30,

Callable

4/30/30

@

100

(a)

49,349

250,000

Avolon

Holdings

Funding,

Ltd.,

4.70%,

1/30/31,

Callable

12/30/30

@

100

(a)

244,328

7,000

Avolon

Holdings

Funding,

Ltd.,

4.85%,

4/1/33,

Callable

2/1/33

@

100

(a)

6,753

13,000

GGAM

Finance,

Ltd.,

6.88%,

4/15/29,

Callable

8/1/26

@

103.44

(a)

13,293

53,000

GGAM

Finance,

Ltd.,

5.88%,

3/15/30,

Callable

9/15/26

@

102.94

(a)

53,066

41,000

Global

Aircraft

Leasing

Co.,

Ltd.,

8.75%,

9/1/27,

Callable

8/1/26

@

104.38

(a)

41,666

5,000

Macquarie

Airfinance

Holdings,

Ltd.,

6.40%,

3/26/29,

Callable

2/26/29

@

100

(a)

5,150

200,000

NTT

Finance

Corp.,

4.62%,

7/16/28

(a)

199,492

200,000

NTT

Finance

Corp.,

5.01%,

11/1/31,

Callable

10/1/31

@

100

(a)

199,398

200,000

NTT

Finance

Corp.,

5.26%,

11/1/33,

Callable

9/1/33

@

100

(a)

199,366

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

153

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Financial

Services,

continued

$

27,000

Sable

International

Finance,

Ltd.,

7.13%,

10/15/32,

Callable

10/15/27

@

103.56

(a)

$

26,798

1,543,615

Hotels,

Restaurants

&

Leisure

(0.1%):

20,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

5.63%,

9/15/29,

Callable

9/15/26

@

102.81

(a)

20,100

35,000

A&K

Travel

Group

Holdings,

Ltd.,

7.50%,

5/15/33,

Callable

5/15/29

@

103.75

(a)

35,262

14,000

Carnival

Corp.,

Ltd.,

5.88%,

6/15/31,

Callable

3/15/31

@

100

(a)

14,245

6,000

Carnival

Corp.,

Ltd.,

5.75%,

8/1/32,

Callable

5/1/32

@

100

(a)

6,045

40,000

Carnival

Corp.,

Ltd.,

6.13%,

2/15/33,

Callable

2/15/28

@

103.06

(a)

40,500

13,000

NCL

Corp.,

Ltd.,

6.75%,

2/1/32,

Callable

2/1/28

@

103.38

(a)

12,951

13,000

NCL

Corp.,

Ltd.,

6.25%,

9/15/33,

Callable

9/15/28

@

103.13

(a)

12,610

21,000

Viking

Cruises,

Ltd.,

9.13%,

7/15/31,

Callable

7/17/26

@

104.56

(a)

21,998

21,000

Viking

Cruises,

Ltd.,

5.88%,

10/15/33,

Callable

10/15/28

@

102.94

(a)

21,000

184,711

Independent

Power

and

Renewable

Electricity

Producers

(0.1%):

33,000

California

Buyer,

Ltd./Atlantica

Sustainable

Infrastructure

plc,

6.38%,

2/15/32,

Callable

11/15/27

@

103.19

(a)

33,083

26,740

EnfraGen

Energia

Sur

SA/

EnfraGen

Spain

SA/Prime

Energia

SpA

,

5.38%,

12/30/30,

Callable

8/1/26

@

102.69

(a)

25,235

18,000

Transalta

Corp.,

5.88%,

2/1/34,

Callable

2/1/29

@

102.94

17,730

13,000

Transalta

Corp.,

6.50%,

3/15/40

12,789

88,837

Industrial

REITs

(0.0%

†

):

25,000

Liquid

Telecommunications

Financing

plc,

10.75%,

4/14/31,

Callable

4/14/28

@

105.38

(a)

25,875

Insurance

(0.2%):

200,000

Swiss

Re

Finance

Luxembourg

SA,

5.00%

(H15T5Y),

4/2/49,

Callable

4/2/29

@

100

(a)

200,272

Media

(0.0%

†

):

34,000

Virgin

Media

Finance

plc,

5.00%,

7/15/30,

Callable

8/1/26

@

101.25

(a)

25,712

Metals

&

Mining

(0.2%):

10,000

Alcoa

Nederland

Holding

BV,

7.13%,

3/15/31,

Callable

3/15/27

@

103.56

(a)

10,373

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Metals

&

Mining,

continued

$

29,000

Alumina

Pty,

Ltd.,

6.38%,

9/15/32,

Callable

3/15/28

@

103.19

(a)

$

29,435

15,000

Capstone

Copper

Corp.,

6.75%,

3/31/33,

Callable

3/31/28

@

103.38

(a)

15,131

20,000

ERO

Copper

Corp.,

6.50%,

2/15/30,

Callable

8/1/26

@

101.63

(a)

19,975

21,000

First

Quantum

Minerals,

Ltd.,

8.00%,

3/1/33,

Callable

3/1/28

@

104

(a)

21,893

34,000

First

Quantum

Minerals,

Ltd.,

6.38%,

2/15/36,

Callable

2/15/31

@

103.19

(a)

33,235

9,000

Mineral

Resources,

Ltd.,

9.25%,

10/1/28,

Callable

8/1/26

@

104.63

(a)

9,292

11,000

Mineral

Resources,

Ltd.,

8.50%,

5/1/30,

Callable

8/1/26

@

102.83

(a)

11,330

8,000

Mineral

Resources,

Ltd.,

7.00%,

4/1/31,

Callable

4/1/28

@

103.5

(a)

8,290

5,000

Mineral

Resources,

Ltd.,

6.00%,

5/1/32,

Callable

11/1/28

@

103

(a)

4,950

5,000

Mineral

Resources,

Ltd.,

6.25%,

5/1/34,

Callable

5/1/29

@

103.13

(a)

4,925

24,469

Samarco

Mineracao

SA,

9.50%,

6/30/31,

Callable

7/17/26

@

100

(a)

24,592

19,000

Volcan

Cia

Minera

SAA,

Class

B,

8.50%,

10/28/32,

Callable

10/28/28

@

104.25

(a)

19,588

213,009

Oil,

Gas

&

Consumable

Fuels

(1.3%):

14,000

Breakwater

Energy

Holdings

Sarl

,

9.25%,

11/15/30,

Callable

11/15/27

@

104.63

(a)

14,753

93,000

Canacol

Energy,

Ltd.,

5.75%,

11/24/28,

Callable

8/1/26

@

101.44

(a)

(d)

32,201

23,000

Cenovus

Energy,

Inc.,

4.65%,

3/20/31,

Callable

2/20/31

@

100

22,734

18,000

Cenovus

Energy,

Inc.,

5.40%,

3/20/36,

Callable

12/20/35

@

100

17,832

14,000

Golar

LNG,

Ltd.,

7.50%,

10/2/30,

Callable

10/2/27

@

103.75

(a)

14,193

120,000

Petroleos

Mexicanos

,

5.95%,

1/28/31,

Callable

10/28/30

@

100

118,650

665,000

Petroleos

Mexicanos

,

6.70%,

2/16/32,

Callable

11/16/31

@

100

669,987

662,000

Petroleos

Mexicanos

,

6.75%,

9/21/47

566,010

10,000

South

Bow

Canadian

Infrastructure

Holdings,

Ltd.,

7.50%

(H15T5Y),

3/1/55,

Callable

12/1/34

@

100

10,688

6,154

Transocean

Aquila,

Ltd.,

8.00%,

9/30/28,

Callable

7/12/26

@

104

(a)

6,277

43,284

Tullow

Holdco

2,

Ltd.,

15.00%,

11/15/28,

Callable

7/12/26

@

101

(a)

43,500

1,516,825

Pharmaceuticals

(0.4%):

36,000

1261229

BC,

Ltd.,

10.00%,

4/15/32,

Callable

4/15/28

@

105

(a)

36,450

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

154

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Pharmaceuticals,

continued

$

3,000

Bausch

Health

Cos.,

Inc.,

11.00%,

9/30/28

(a)

$

3,052

11,000

Teva

Pharmaceutical

Finance

III

BV,

3.15%,

10/1/26

10,959

208,000

Teva

Pharmaceutical

Finance

III

BV,

5.75%,

12/1/30,

Callable

9/1/30

@

100

212,940

200,000

Teva

Pharmaceutical

Finance

III

BV,

6.00%,

12/1/32,

Callable

9/1/32

@

100

207,500

470,901

Sovereign

Bond

(0.6%):

200,000

Colombia

Government

International

Bond,

7.38%,

4/25/30,

Callable

3/25/30

@

100

210,803

250,000

Dominican

Republic

International

Bond,

6.00%,

7/19/28

(a)

253,437

230,000

Saudi

Government

International

Bond,

3.25%,

10/22/30

(a)

216,093

680,333

Technology

Hardware,

Storage

&

Peripherals

(0.0%

†

):

10,000

Seagate

Data

Storage

Technology

Pte,

Ltd.,

8.25%,

12/15/29,

Callable

7/15/26

@

104.13

(a)

10,438

10,000

Seagate

Data

Storage

Technology

Pte,

Ltd.,

5.88%,

7/15/30

10,162

20,600

Textiles,

Apparel

&

Luxury

Goods

(0.0%

†

):

33,000

Gildan

Activewear,

Inc.,

4.70%,

10/7/30,

Callable

9/7/30

@

100

(a)

32,343

Trading

Companies

&

Distributors

(0.2%):

200,000

Avilease

Capital,

Ltd.,

5.50%,

6/30/31,

Callable

5/30/31

@

100

(a)

201,005

Transportation

Infrastructure

(0.0%

†

):

13,000

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.,

8.75%,

1/15/32,

Callable

7/15/28

@

104.38^

(a)

12,854

Wireless

Telecommunication

Services

(0.3%):

20,000

Iliad

Holding

SAS,

7.00%,

4/15/32,

Callable

12/1/27

@

103.5

(a)

20,342

315,000

Millicom

International

Cellular

SA,

6.25%,

3/25/29,

Callable

7/12/26

@

101.04

(a)

316,181

26,000

Millicom

International

Cellular

SA,

4.50%,

4/27/31,

Callable

7/12/26

@

102.25

(a)

24,213

360,736

Total

Yankee

Debt

Obligations

(Cost

$8,399,474)

8,329,290

Principal

Amount

Value

U.S.

Government

Agency

Mortgages

(16.7%):

Federal

Home

Loan

Mortgage

Corporation

(4.7%):

$

15,277

2.50%,

7/1/31,

Pool

#V61246

$

14,659

25,800

2.50%,

8/1/31,

Pool

#V61273

24,733

98,476

3.50%,

3/1/32,

Pool

#C91403

96,927

330,731

3.50%,

7/1/32,

Pool

#C91467

325,523

32,672

3.00%,

4/1/33,

Pool

#G18684

31,398

136,158

3.50%,

10/1/34,

Pool

#C91793

131,615

294,828

4.00%,

5/1/37,

Pool

#C91938

287,143

15,005

3.50%,

4/1/40,

Pool

#V81744

13,883

27,609

3.50%,

5/1/40,

Pool

#V81750

25,545

25,262

3.50%,

6/1/40,

Pool

#V81792

23,373

16,214

3.50%,

8/1/40,

Pool

#V81886

15,000

11,002

3.50%,

9/1/40,

Pool

#V81958

10,179

16,998

4.50%,

1/1/41,

Pool

#A96051

16,718

18,177

4.50%,

3/1/41,

Pool

#A97673

18,033

99,896

2.00%,

3/1/41,

Pool

#SC0136

87,104

28,534

4.50%,

4/1/41,

Pool

#A97942

28,307

92,923

5.00%,

6/1/41,

Pool

#G06596

95,509

15,940

2.00%,

7/1/41,

Pool

#RB5118

13,790

16,616

2.00%,

10/1/41,

Pool

#RB5131

14,347

326,961

4.50%,

1/1/42,

Pool

#G60517

316,439

50,501

3.00%,

12/1/42,

Pool

#C04320

46,015

12,429

4.00%,

5/1/43,

Pool

#Q18481

11,891

18,539

4.00%,

7/1/43,

Pool

#Q19597

17,737

17,451

4.00%,

10/1/43,

Pool

#Q22499

16,696

119,320

3.50%,

1/1/44,

Pool

#G07922

111,524

60,326

3.50%,

1/1/44,

Pool

#G60271

56,644

16,665

4.00%,

1/1/44,

Pool

#V80950

15,892

80,353

4.00%,

1/1/45,

Pool

#Q30720

77,233

59,129

4.00%,

2/1/45,

Pool

#G07949

57,160

20,303

3.50%,

3/1/45,

Pool

#Q31974

19,124

26,578

3.50%,

3/1/45,

Pool

#Q32008

25,036

12,995

3.50%,

3/1/45,

Pool

#Q32328

12,241

9,925

3.00%,

5/1/45,

Pool

#Q33468

9,084

77,815

3.50%,

5/1/45,

Pool

#Q33547

72,407

15,097

3.50%,

6/1/45,

Pool

#Q33791

14,048

92,564

3.50%,

6/1/45,

Pool

#Q34164

86,131

88,570

3.00%,

6/1/45,

Pool

#Q34156

80,298

20,933

3.00%,

7/1/45,

Pool

#Q34759

19,042

7,607

3.00%,

7/1/45,

Pool

#Q34979

6,962

42,036

4.00%,

8/1/45,

Pool

#Q35845

40,101

6,813

4.00%,

9/1/45,

Pool

#Q37853

6,512

2,728

4.00%,

11/1/45,

Pool

#Q38812

2,594

114,416

3.50%,

11/1/45,

Pool

#Q37467

107,777

5,456

4.00%,

2/1/46,

Pool

#Q38782

5,204

10,401

4.00%,

2/1/46,

Pool

#Q38783

9,919

1,245

4.00%,

2/1/46,

Pool

#Q38879

1,216

5,338

4.00%,

4/1/46,

Pool

#Q39975

5,092

19,430

4.00%,

4/1/46,

Pool

#V82292

18,571

126,041

3.50%,

5/1/46,

Pool

#G60553

116,950

42,896

3.50%,

5/1/46,

Pool

#G60603

39,922

36,962

3.50%,

5/1/46,

Pool

#Q40647

34,280

109,786

3.50%,

9/1/46,

Pool

#Q43257

101,882

6,792

4.00%,

9/1/47,

Pool

#Q50433

6,558

13,272

4.00%,

10/1/47,

Pool

#Q51189

12,813

8,087

4.00%,

2/1/48,

Pool

#Q54192

7,693

87,211

4.00%,

5/1/48,

Pool

#Q55992

82,966

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

155

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

259,325

4.00%,

6/1/48,

Pool

#G67713

$

246,678

33,779

4.00%,

7/1/48,

Pool

#Q59935

32,780

259,289

2.00%,

8/1/50,

Pool

#SD8097

209,118

255,905

2.50%,

10/1/50,

Pool

#SD7525

218,903

378,065

2.50%,

11/1/50,

Pool

#SD7530

322,901

95,484

2.00%,

2/1/51,

Pool

#SD8128

76,862

29,772

2.50%,

2/1/51,

Pool

#SD7535

25,429

159,850

2.00%,

3/1/51,

Pool

#SD2903

128,792

99,733

2.00%,

3/1/51,

Pool

#SD8134

80,281

19,783

2.50%,

3/1/51,

Pool

#RA4749

16,729

100,766

2.00%,

5/1/51,

Pool

#SD7541

82,071

10,641

2.00%,

7/1/51,

Pool

#QC4163

8,657

143,088

2.00%,

11/1/51,

Pool

#RA6302

115,874

148,112

2.00%,

12/1/51,

Pool

#RA6510

120,487

197,782

2.00%,

6/1/52,

Pool

#SL5025

159,285

66,413

5.50%,

9/1/52,

Pool

#SD1579

67,561

77,041

5.00%,

11/1/52,

Pool

#SD1862

76,754

53,269

6.00%,

12/1/52,

Pool

#RA8306

55,495

75,773

6.00%,

4/1/54,

Pool

#SD7569

78,392

121,662

6.00%,

5/1/54,

Pool

#SD7570

125,565

27,035

6.50%,

6/1/54,

Pool

#SD5521

28,506

32,116

6.50%,

9/1/54,

Pool

#SD6620

33,864

79,953

6.00%,

9/1/54,

Pool

#SD6419

83,191

101,384

6.00%,

11/1/54,

Pool

#RJ2748

104,388

18,045

6.50%,

3/1/55,

Pool

#RJ3700

19,085

28,698

6.50%,

3/1/55,

Pool

#RJ3703

30,158

31,219

6.50%,

3/1/55,

Pool

#RJ3704

32,838

138,643

6.00%,

8/1/55,

Pool

#RJ4642

143,868

5,669,952

Federal

National

Mortgage

Association

(7.7%):

32,993

2.50%,

6/1/29,

Pool

#MA3734

32,004

22,653

2.50%,

9/1/31,

Pool

#AS8012

21,817

81,055

2.50%,

12/1/32,

Pool

#CA3748

77,419

483

4.50%,

7/1/33,

Pool

#720240

482

1,042

4.50%,

7/1/33,

Pool

#729327

1,042

2,519

4.50%,

8/1/33,

Pool

#723124

2,518

5,279

4.50%,

8/1/33,

Pool

#726956

5,276

574

4.50%,

8/1/33,

Pool

#727029

574

1,219

4.50%,

8/1/33,

Pool

#729713

1,211

7,801

4.50%,

8/1/33,

Pool

#729380

7,798

3,978

4.50%,

8/1/33,

Pool

#726928

3,977

1,227

4.50%,

8/1/33,

Pool

#727160

1,227

7,564

4.50%,

9/1/33,

Pool

#727147

7,561

2,537

4.50%,

9/1/33,

Pool

#734922

2,536

11,891

4.50%,

12/1/33,

Pool

#AL5321

11,886

8,834

6.00%,

10/1/34,

Pool

#AL2130

9,037

16,418

4.50%,

9/1/35,

Pool

#AB8198

16,409

176,942

6.00%,

5/1/36,

Pool

#745512

181,359

96,125

6.00%,

1/1/37,

Pool

#932030

99,708

16,773

6.00%,

3/1/37,

Pool

#889506

17,667

24,047

6.00%,

1/1/38,

Pool

#889371

25,053

9,115

6.00%,

3/1/38,

Pool

#889219

9,612

4,020

6.00%,

7/1/38,

Pool

#889733

4,242

22,385

4.50%,

3/1/39,

Pool

#AB0051

22,373

105,913

4.50%,

4/1/39,

Pool

#AB0043

105,859

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

104,474

2.50%,

8/1/39,

Pool

#MA3761

$

94,414

12,020

4.50%,

11/1/39,

Pool

#AC5442

11,912

34,366

6.00%,

5/1/40,

Pool

#AL2129

35,803

92,553

2.00%,

11/1/40,

Pool

#MA4176

81,219

13,621

2.00%,

12/1/40,

Pool

#MA4204

11,812

17,633

4.50%,

2/1/41,

Pool

#AH5580

17,475

14,615

2.00%,

2/1/41,

Pool

#MA4268

12,620

14,928

2.00%,

3/1/41,

Pool

#MA4287

12,890

43,504

2.00%,

4/1/41,

Pool

#CB0116

37,932

16,036

2.00%,

6/1/41,

Pool

#MA4364

13,929

31,095

2.00%,

6/1/41,

Pool

#FM7891

27,112

122,218

2.00%,

10/1/41,

Pool

#MA4446

105,531

345,845

1.50%,

11/1/41,

Pool

#MA4473

288,786

2,203

6.00%,

1/1/42,

Pool

#AL2128

2,224

627,404

2.00%,

5/1/42,

Pool

#FS4603

542,785

102,036

2.50%,

2/1/43,

Pool

#AB8465

90,206

110,844

4.50%,

3/1/44,

Pool

#AL5082

109,201

32,466

3.00%,

5/1/45,

Pool

#AS4972

29,285

21,754

5.00%,

6/1/45,

Pool

#AZ3448

22,033

67,517

3.00%,

8/1/45,

Pool

#AS5634

60,901

8,994

3.00%,

8/1/45,

Pool

#AZ3728

8,114

22,807

3.00%,

8/1/45,

Pool

#AZ8288

20,574

24,645

4.50%,

2/1/46,

Pool

#BM5199

24,372

20,791

4.50%,

8/1/46,

Pool

#AL9111

20,502

275,791

4.50%,

2/1/47,

Pool

#AL9846

272,457

20,189

3.00%,

5/1/49,

Pool

#MA3670

17,819

77,136

3.50%,

1/1/50,

Pool

#FS3728

72,800

97,088

3.00%,

7/1/50,

Pool

#FA4775

86,950

151,811

1.50%,

12/1/50,

Pool

#CA8005

116,430

137,043

2.00%,

4/1/51,

Pool

#MA4305

110,323

189,493

2.50%,

4/1/51,

Pool

#FM6540

163,052

114,847

3.00%,

6/1/51,

Pool

#FS4922

102,025

387,243

3.00%,

6/1/51,

Pool

#CB0850

341,331

8,626

2.00%,

7/1/51,

Pool

#BT1461

7,017

64,674

3.00%,

8/1/51,

Pool

#FM9973

57,303

184,504

2.00%,

10/1/51,

Pool

#CB1799

149,851

149,723

3.00%,

11/1/51,

Pool

#CB2164

132,525

258,185

2.00%,

11/1/51,

Pool

#FM9568

210,291

163,233

2.00%,

11/1/51,

Pool

#FM9539

132,785

563,454

2.50%,

11/1/51,

Pool

#FM9501

479,310

108,648

3.00%,

11/1/51,

Pool

#FM9632

96,166

47,183

3.00%,

12/1/51,

Pool

#CB2420

41,765

72,074

2.00%,

12/1/51,

Pool

#CB2348

58,633

139,106

2.50%,

12/1/51,

Pool

#CB2320

118,345

105,942

5.50%,

10/1/52,

Pool

#CB4843

106,606

68,858

5.00%,

11/1/52,

Pool

#FS3248

68,583

145,908

5.00%,

11/1/52,

Pool

#CB5128

145,364

38,928

5.00%,

11/1/52,

Pool

#FS3295

38,602

33,863

5.50%,

6/1/53,

Pool

#CB6642

34,476

73,316

5.50%,

6/1/53,

Pool

#CB6527

74,525

65,825

6.00%,

6/1/53,

Pool

#CB6538

67,879

223,518

5.50%,

7/1/53,

Pool

#CB6673

227,159

89,690

6.00%,

7/1/53,

Pool

#FS5067

92,488

114,265

5.50%,

8/1/53,

Pool

#CB6911

116,333

98,775

6.50%,

9/1/53,

Pool

#CB7134

103,525

137,978

3.00%,

10/1/53,

Pool

#FA2612

121,177

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

156

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

298,285

2.50%,

1/1/54,

Pool

#FA4958

$

252,134

269,727

6.00%,

5/1/55,

Pool

#CC0404

279,161

66,458

6.50%,

8/1/55,

Pool

#CC0888

69,905

74,981

5.50%,

4/1/56,

Pool

#CC2377

76,527

72,961

5.50%,

4/1/56,

Pool

#CC2342

74,514

200,000

2.00%,

7/25/56,

TBA

159,500

750,000

5.50%,

7/25/56,

TBA

752,461

300,000

3.00%,

7/25/56,

TBA

261,422

1,275,000

2.00%,

8/25/56,

TBA

1,015,219

9,255,017

Government

National

Mortgage

Association

(4.3%):

1,838

5.00%,

6/15/34,

Pool

#629493

1,853

1,258

5.00%,

3/15/38,

Pool

#676766

1,275

1,074

5.00%,

4/15/38,

Pool

#672672

1,089

4,049

5.00%,

8/15/38,

Pool

#687818

4,105

30,843

5.00%,

1/15/39,

Pool

#705997

31,408

60,779

5.00%,

3/15/39,

Pool

#646746

61,893

420

5.00%,

3/15/39,

Pool

#697946

427

63,106

4.00%,

10/15/40,

Pool

#783143

60,962

17,200

4.00%,

10/20/40,

Pool

#4833

16,492

52,301

4.00%,

1/20/41,

Pool

#4922

50,149

143,435

4.50%,

3/20/41,

Pool

#4978

141,639

50,578

4.50%,

5/20/41,

Pool

#5055

49,945

103,984

4.00%,

5/20/41,

Pool

#5054

98,668

51,772

4.50%,

6/15/41,

Pool

#366975

50,696

33,902

4.50%,

6/20/41,

Pool

#5082

33,478

135,898

3.50%,

12/20/41,

Pool

#5258

126,019

240,460

4.00%,

1/20/42,

Pool

#5280

228,162

86,295

3.00%,

12/20/42,

Pool

#MA0624

78,638

135,133

3.00%,

12/20/42,

Pool

#AA5872

123,647

15,015

3.00%,

1/20/43,

Pool

#MA0698

13,733

189,296

3.50%,

2/20/43,

Pool

#MA0783

175,475

36,533

3.00%,

3/20/43,

Pool

#AD8812

32,938

24,356

3.50%,

3/20/43,

Pool

#AD8884

22,138

89,005

3.00%,

3/20/43,

Pool

#AA6146

80,574

10,408

3.50%,

4/20/43,

Pool

#AB9891

9,460

25,949

3.50%,

4/20/43,

Pool

#AD9075

23,585

2,165

4.00%,

7/20/44,

Pool

#MA2074

2,074

92,490

4.00%,

4/15/46,

Pool

#784232

86,575

13,885

3.50%,

7/20/46,

Pool

#784391

12,826

7,961

3.00%,

10/20/46,

Pool

#MA4003

7,169

416,072

3.00%,

12/20/46,

Pool

#MA4126

375,336

45,681

4.00%,

1/15/47,

Pool

#AX5831

42,948

44,135

4.00%,

1/15/47,

Pool

#AX5857

41,821

131,283

3.00%,

1/20/47,

Pool

#MA4195

118,431

79,705

3.00%,

2/20/47,

Pool

#MA4261

71,705

132,631

4.00%,

4/20/47,

Pool

#784304

126,158

119,398

4.00%,

4/20/47,

Pool

#784303

113,568

36,708

4.00%,

4/20/48,

Pool

#BG3507

34,559

37,189

4.00%,

4/20/48,

Pool

#BG7744

35,012

45,159

2.00%,

9/20/50,

Pool

#MA6864

36,986

82,791

2.00%,

10/20/50,

Pool

#MA6930

67,810

229,246

2.00%,

11/20/50,

Pool

#MA6994

187,764

1,109,035

2.50%,

6/20/51,

Pool

#MA7418

946,904

43,219

2.00%,

1/20/52,

Pool

#MA7826

35,402

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

39,352

4.00%,

10/20/52,

Pool

#MA8346

$

37,072

561,771

4.50%,

4/20/53,

Pool

#MA8799

540,188

72,787

5.50%,

2/20/55,

Pool

#MB0205

73,249

19,589

5.50%,

5/20/55,

Pool

#MB0366

19,696

300,000

5.50%,

7/20/56,

TBA

301,359

375,000

5.50%,

8/20/56,

TBA

376,113

5,209,173

Total

U.S.

Government

Agency

Mortgages

(Cost

$21,323,821)

20,134,142

U.S.

Treasury

Obligations

(33.1%):

U.S.

Treasury

Bonds

(12.9%):

2,112,000

4.88%,

8/15/45

2,095,912

49,000

4.63%,

2/15/46

47,027

721,000

4.00%,

11/15/52

616,652

3,690,000

3.63%,

2/15/53

2,951,135

8,364,000

4.13%,

8/15/53

7,305,105

810,000

4.25%,

8/15/54

723,273

1,035,700

4.75%,

5/15/55

1,004,710

628,000

4.75%,

8/15/55

609,356

180,000

5.00%,

5/15/56

181,891

15,535,061

U.S.

Treasury

Notes

(20.2%):

660,000

3.50%,

2/28/31

640,767

281,600

4.13%,

5/31/32

279,675

7,400,000

3.50%,

2/15/33

7,061,508

2,363,400

3.38%,

5/15/33

2,232,490

160,000

4.25%,

6/30/33

159,387

469,000

4.00%,

2/15/34

458,393

3,958,300

3.88%,

8/15/34

3,823,316

2,170,000

4.25%,

11/15/34

2,148,724

2,395,700

4.25%,

8/15/35

2,365,286

2,258,300

4.00%,

11/15/35

2,184,817

3,156,000

4.13%,

2/15/36

3,079,935

24,434,298

Total

U.S.

Treasury

Obligations

(Cost

$42,032,005)

39,969,359

Shares

Unaffiliated

Investment

Companies

(3.7%):

Money

Market

Funds

(3.7%):

564,148

BlackRock

Liquidity

FedFund

,

Institutional

Class,

3.54%

(e)(f)

564,148

3,909,433

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.53%

(f)

3,909,433

Total

Unaffiliated

Investment

Companies

(Cost

$4,473,581)

4,473,581

Total

Investment

Securities

(Cost

$128,852,500

)

—

103.0%

124,442,655

Net

other

assets

(liabilities)

—

(3.0)%

(3,657,985)

Net

Assets

—

100.0%

$

120,784,670

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

157

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026

.

CVR—Contingent

Valued

Rights

H15T1Y—1

Year

Treasury

Constant

Maturity

Rate

H15T5Y—5

Year

Treasury

Constant

Maturity

Rate

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

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

June

30,

2026.

The

total

value

of

securities

on

loan

as

of

June

30,

2026

was

$541,041.

+

This

security

represents

an

unfunded

loan

commitment.

The

Fund’s

total

unfunded

commitment

at

June

30,

2026,

was

$1,063

and

was

valued

at

$989

(0.0%

of

net

assets).

(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

June

30,

2026.

(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

June

30,

2026.

(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

June

30,

2026.

(f)

The

rate

represents

the

effective

yield

at

June

30,

2026.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Securities

Sold

Short

(-0.3%):

At

June

30,

2026,

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

2.50%

7/25/56

$

(300,000‌)

$

(249,868‌)

$

(250,500‌)

Federal

National

Mortgage

Association,

TBA

3.50%

7/25/56

(75,000‌)

(68,027‌)

(68,027‌)

$

(317,895‌)

$

(318,527‌)

Futures

Contracts

At

June

30,

2026,

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

September

Futures

(U.S.

Dollar)

9/21/26

10

$

1,098,906‌

$

7,560‌

U.S.

Treasury

5-Year

Note

September

Futures

(U.S.

Dollar)

9/30/26

100

10,704,688‌

20,140‌

$

27,700‌

Allianz

Variable

Insurance

Products

Trust

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

158

See

accompanying

notes

to

the

financial

statements.

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

June

30,

2026

:

(Unaudited)

Country

Percentage

Australia

0.3%

Bermuda

0.1%

Brazil

—%

†

Canada

0.3%

Cayman

Islands

6.1%

Colombia

0.2%

Dominican

Republic

0.2%

Finland

—%

†

France

0.4%

Germany

0.1%

Ghana

—%

†

Ireland

0.4%

Japan

1.0%

Jersey

0.8%

Luxembourg

0.6%

Mexico

1.1%

Netherlands

0.4%

Norway

—%

†

Panama

—%

Peru

—%

†

Saudi

Arabia

0.3%

Singapore

—%

†

South

Africa

—%

†

Spain

—%

†

Switzerland

0.3%

United

Kingdom

0.5%

United

States

86.9%

100.0%

†

Represents

less

than

0.05%.

Allianz

Variable

Insurance

Products

Trust

AZL

Government

Money

Market

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

159

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages

(

21

.1

%

):

Federal

Farm

Credit

Bank

(

1

.2

%

):

$

1,145,000‌

3.70%

(SOFR+4bps),

5/10/27

$

1,145,000‌

470,000‌

3.72%

(SOFR+6bps),

5/24/27

470,000‌

325,000‌

3.72%

(SOFR+6bps),

7/23/27

325,000‌

310,000‌

3.72%

(SOFR+6bps),

9/13/27

310,000‌

240,000‌

3.75%

(SOFR+9bps),

2/9/28

240,000‌

260,000‌

3.74%

(SOFR+8bps),

2/11/28

260,000‌

400,000‌

3.75%

(SOFR+9bps),

3/16/28

400,000‌

2,250,000‌

3.75%

(SOFR+9bps),

3/24/28

2,250,000‌

335,000‌

3.75%

(SOFR+9bps),

4/10/28

335,000‌

460,000‌

3.75%

(SOFR+9bps),

5/19/28

460,000‌

6,195,000‌

Federal

Farm

Credit

Banks

Funding

Corp.

(

3

.0

%

):

3,600,000‌

3.80%

(SOFR+14bps),

10/15/26

3,599,942‌

2,000,000‌

4.04%

(USBMMY3M+27bps),

10/16/26

2,000,000‌

860,000‌

3.71%

(SOFR+5bps),

11/6/26

860,000‌

147,000‌

3.70%

(SOFR+4bps),

11/19/26

147,000‌

1,095,000‌

3.70%

(SOFR+4bps),

1/20/27

1,095,000‌

371,000‌

3.75%

(SOFR+9bps),

1/27/27

371,000‌

1,100,000‌

3.74%

(SOFR+8bps),

2/1/27

1,100,000‌

4,290,000‌

3.73%

(SOFR+7bps),

3/5/27

4,290,000‌

585,000‌

3.71%

(SOFR+5bps),

3/15/27

585,000‌

395,000‌

3.73%

(SOFR+7bps),

3/26/27

395,000‌

170,000‌

3.71%

(SOFR+5bps),

4/19/27

170,000‌

510,000‌

3.71%

(SOFR+5bps),

5/24/27

510,000‌

390,000‌

3.77%

(SOFR+11bps),

11/19/27

390,000‌

120,000‌

3.74%

(SOFR+8bps),

11/23/27

120,000‌

15,632,942‌

Federal

Home

Loan

Banks

(

13

.6

%

):

1,400,000‌

0.00%,

7/1/26(a)

1,400,000‌

1,070,000‌

3.65%

(SOFR+3bps),

7/2/26

1,070,000‌

270,000‌

3.62%,

7/2/26

270,000‌

360,000‌

3.62%,

7/2/26

360,000‌

500,000‌

3.66%,

7/7/26

500,000‌

1,000,000‌

3.12%,

7/8/26(a)

999,307‌

1,440,000‌

3.14%,

7/10/26(a)

1,438,744‌

1,400,000‌

3.25%,

7/13/26(a)

1,398,360‌

920,000‌

3.68%

(SOFR+2bps),

7/17/26

920,000‌

1,995,000‌

3.32%,

7/17/26(a)

1,991,881‌

950,000‌

Series

3,

3.67%

(SOFR+1bps),

7/21/26

950,000‌

500,000‌

Series

2,

3.67%

(SOFR+1bps),

7/21/26

500,000‌

800,000‌

3.67%

(SOFR+1bps),

7/22/26

800,000‌

500,000‌

3.67%

(SOFR+1bps),

7/22/26

500,000‌

940,000‌

3.67%

(SOFR+1bps),

7/24/26

940,000‌

500,000‌

3.67%

(SOFR+1bps),

7/28/26

500,000‌

2,700,000‌

3.51%,

7/29/26(a)

2,692,379‌

1,500,000‌

3.45%,

7/31/26(a)

1,495,562‌

980,000‌

3.67%

(SOFR+1bps),

8/4/26

980,000‌

1,700,000‌

3.46%,

8/5/26(a)

1,694,141‌

200,000‌

3.67%

(SOFR+1bps),

8/18/26

199,999‌

470,000‌

3.67%

(SOFR+1bps),

8/19/26

470,000‌

500,000‌

3.68%

(SOFR+2bps),

8/20/26

500,005‌

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Banks,

continued

$

200,000‌

3.49%,

8/21/26(a)

$

198,998‌

3,320,000‌

3.67%

(SOFR+1bps),

8/21/26

3,320,000‌

470,000‌

3.67%

(SOFR+1bps),

8/24/26

470,000‌

200,000‌

3.50%,

8/28/26(a)

198,860‌

980,000‌

3.68%

(SOFR+2bps),

9/3/26

980,000‌

500,000‌

3.67%

(SOFR+1bps),

9/4/26

499,991‌

1,300,000‌

3.67%

(SOFR+1bps),

9/8/26

1,300,000‌

1,300,000‌

3.68%

(SOFR+2bps),

9/11/26

1,300,000‌

1,300,000‌

3.47%,

9/14/26(a)

1,290,534‌

950,000‌

3.68%

(SOFR+2bps),

9/23/26

950,000‌

1,300,000‌

3.68%

(SOFR+2bps),

10/6/26

1,300,000‌

900,000‌

3.68%

(SOFR+2bps),

10/7/26

900,000‌

960,000‌

3.68%

(SOFR+2bps),

10/7/26

960,000‌

960,000‌

3.68%

(SOFR+2bps),

10/13/26

960,000‌

485,000‌

3.68%

(SOFR+2bps),

10/14/26

485,000‌

680,000‌

3.68%

(SOFR+2bps),

10/21/26

680,000‌

780,000‌

3.68%

(SOFR+2bps),

10/23/26

780,000‌

1,430,000‌

3.68%

(SOFR+2bps),

10/26/26

1,430,000‌

980,000‌

3.69%

(SOFR+3bps),

10/29/26

980,000‌

900,000‌

3.69%

(SOFR+3bps),

11/3/26

900,000‌

1,365,000‌

3.69%

(SOFR+3bps),

11/12/26

1,365,000‌

960,000‌

3.69%

(SOFR+3bps),

11/18/26

960,000‌

670,000‌

3.69%

(SOFR+3bps),

11/19/26

670,000‌

890,000‌

3.69%

(SOFR+3bps),

11/23/26

890,000‌

1,010,000‌

3.69%

(SOFR+3bps),

11/23/26

1,010,000‌

270,000‌

3.62%,

11/27/26(a)

265,988‌

4,500,000‌

3.69%

(SOFR+3bps),

11/30/26

4,500,000‌

490,000‌

3.69%

(SOFR+3bps),

11/30/26

490,000‌

925,000‌

3.69%

(SOFR+3bps),

12/9/26

925,000‌

910,000‌

3.69%

(SOFR+3bps),

12/11/26

910,000‌

1,275,000‌

3.70%

(SOFR+4bps),

12/14/26

1,275,000‌

1,400,000‌

3.71%

(SOFR+5bps),

12/28/26

1,400,000‌

1,470,000‌

3.63%,

12/31/26(a)

1,443,211‌

500,000‌

3.69%

(SOFR+3bps),

1/4/27

500,000‌

2,800,000‌

3.50%,

1/11/27,

Callable

9/11/26

@

100

2,800,000‌

905,000‌

3.71%

(SOFR+5bps),

1/25/27

905,000‌

980,000‌

3.70%

(SOFR+4bps),

1/28/27

980,000‌

455,000‌

3.72%

(SOFR+6bps),

2/24/27

455,000‌

1,730,000‌

3.70%

(SOFR+4bps),

2/25/27

1,730,000‌

1,060,000‌

3.76%

(SOFR+10bps),

3/18/27

1,060,000‌

860,000‌

3.73%

(SOFR+7bps),

3/25/27

860,000‌

1,800,000‌

3.85%,

4/9/27,

Callable

9/9/26

@

100

1,800,000‌

1,200,000‌

3.74%

(SOFR+8bps),

1/24/28

1,200,000‌

385,000‌

3.75%

(SOFR+9bps),

5/12/28

385,000‌

71,232,960‌

Federal

Home

Loan

Mortgage

Corporation

(

0

.6

%

):

1,200,000‌

3.80%

(SOFR+14bps),

9/23/26

1,200,000‌

900,000‌

3.80%

(SOFR+14bps),

10/16/26

900,000‌

800,000‌

3.78%

(SOFR+12bps),

5/5/27

800,000‌

2,900,000‌

Federal

National

Mortgage

Association

(

2

.7

%

):

3,810,000‌

3.78%

(SOFR+12bps),

7/29/26

3,810,000‌

1,250,000‌

3.80%

(SOFR+14bps),

8/21/26

1,250,000‌

Allianz

Variable

Insurance

Products

Trust

AZL

Government

Money

Market

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

160

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

1,415,000‌

3.80%

(SOFR+14bps),

10/23/26

$

1,415,000‌

1,900,000‌

3.80%

(SOFR+14bps),

11/20/26

1,900,000‌

1,000,000‌

3.74%

(SOFR+8bps),

1/7/28

1,000,145‌

420,000‌

3.75%

(SOFR+9bps),

2/2/28

420,000‌

900,000‌

3.75%

(SOFR+9bps),

3/6/28

900,000‌

2,200,000‌

3.75%

(SOFR+9bps),

4/6/28

2,200,000‌

1,100,000‌

3.75%

(SOFR+9bps),

5/8/28

1,100,000‌

13,995,145‌

Total

U.S.

Government

Agency

Mortgages

(Cost

$109,956,047)

109,956,047‌

U.S.

Treasury

Obligations

(

24

.3

%

):

U.S.

Treasury

Bills

(

15

.2

%

):

345,000‌

1.75%,

7/2/26(a)

344,967‌

4,000,000‌

3.13%,

7/9/26(a)

3,996,868‌

1,300,000‌

3.34%,

7/14/26(a)

1,298,312‌

1,700,000‌

3.43%,

7/21/26(a)

1,696,602‌

891,000‌

3.53%,

8/6/26(a)

887,778‌

10,490,000‌

3.53%,

8/11/26(a)

10,446,991‌

5,400,000‌

3.43%,

8/13/26(a)

5,377,425‌

9,750,000‌

3.51%,

8/20/26(a)

9,701,750‌

300,000‌

3.58%,

8/27/26(a)

298,278‌

14,772,000‌

3.57%,

9/3/26(a)

14,677,312‌

1,780,000‌

3.60%,

9/15/26(a)

1,766,416‌

70,000‌

3.59%,

10/1/26(a)

69,356‌

4,414,100‌

3.63%,

10/6/26(a)

4,370,867‌

1,502,500‌

3.61%,

10/8/26(a)

1,487,563‌

1,945,000‌

3.68%,

10/20/26(a)

1,922,991‌

1,070,000‌

3.64%,

11/12/26(a)

1,055,602‌

3,400,000‌

3.72%,

12/17/26(a)

3,341,263‌

7,374,800‌

3.50%,

12/24/26(a)

7,250,020‌

5,015,100‌

3.44%,

1/21/27(a)

4,918,745‌

400,000‌

3.45%,

2/18/27(a)

391,268‌

3,900,000‌

3.56%,

3/18/27(a)

3,801,839‌

79,102,213‌

U.S.

Treasury

Notes

(

9

.1

%

):

3,905,000‌

3.96%

(USBMMY3M+18bps),

7/31/26

3,904,824‌

6,915,000‌

3.98%

(USBMMY3M+21bps),

10/31/26

6,915,000‌

188,000‌

4.13%,

10/31/26

188,242‌

1,245,000‌

4.25%,

11/30/26

1,248,239‌

1,285,000‌

4.25%,

12/31/26

1,289,307‌

400,000‌

4.00%,

1/15/27

400,915‌

8,435,000‌

3.87%

(USBMMY3M+10bps),

1/31/27

8,434,901‌

2,900,000‌

4.13%,

2/28/27

2,910,623‌

1,000,000‌

1.88%,

2/28/27

989,490‌

1,500,000‌

4.25%,

3/15/27

1,507,427‌

1,500,000‌

3.88%,

3/31/27

1,503,451‌

400,000‌

2.50%,

3/31/27

396,985‌

360,000‌

2.75%,

4/30/27

357,158‌

1,170,000‌

3.75%,

4/30/27

1,170,155‌

540,000‌

2.63%,

5/31/27

534,438‌

500,000‌

0.50%,

5/31/27

485,266‌

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Notes,

continued

$

850,000‌

3.88%,

5/31/27

$

850,735‌

600,000‌

3.25%,

6/30/27

596,159‌

2,042,400‌

3.75%,

6/30/27

2,039,071‌

3,160,000‌

3.93%

(USBMMY3M+16bps),

7/31/27

3,158,741‌

3,780,000‌

3.97%

(USBMMY3M+19bps),

10/31/27

3,781,284‌

900,000‌

3.87%

(USBMMY3M+10bps),

1/31/28

899,987‌

3,755,300‌

3.88%

(USBMMY3M+10bps),

4/30/28

3,756,260‌

47,318,658‌

Total

U.S.

Treasury

Obligations

(Cost

$126,420,871)

126,420,871‌

Repurchase

Agreements

(

41

.4

%

):

22,000,000‌

Bank

of

Montreal,

3.64%,

7/1/26,

(Purchased

on

6/30/26,

proceeds

at

maturity

$22,002,224,

Collateralized

by

U.S.

Treasury

Bills,

0.00%,

7/7/26

-

7/28/26,

fair

value

of

$22,440,060)

22,000,000‌

32,000,000‌

Bank

of

Nova

Scotia,

3.64%,

7/1/26,

(Purchased

on

6/30/26,

proceeds

at

maturity

$32,003,236,

Collateralized

by

U.S.

Treasury

Obligations,

1.00%

-

4.25%,

1/31/28

-

8/15/54,

fair

value

of

$32,643,308)

32,000,000‌

30,000,000‌

BNP

Paribas,

3.65%,

7/1/26,

(Purchased

on

6/30/26,

proceeds

at

maturity

$30,003,042,

Collateralized

by

U.S.

Government

Agency

Obligations,

2.00%

-

7.00%,

11/1/29

-

6/20/56,

fair

value

of

$30,679,663)

30,000,000‌

32,000,000‌

Citigroup

Global

Markets,

3.65%,

7/1/26,

(Purchased

on

6/30/26,

proceeds

at

maturity

$32,003,244,

Collateralized

by

U.S.

Government

Agency

Obligations,

4.81%

-

6.76%,

8/20/27

-

5/20/76,

fair

value

of

$32,640,000)

32,000,000‌

30,000,000‌

Natixis,

3.64%,

7/1/26,

(Purchased

on

6/30/26,

proceeds

at

maturity

$30,003,033,

Collateralized

by

U.S.

Treasury

Obligations,

0.00%

-

4.63%,

10/22/26

-

2/15/55,

fair

value

of

$30,600,005)

30,000,000‌

35,000,000‌

Sumitomo

Mitsui,

3.64%,

7/1/26,

(Purchased

on

6/30/26,

proceeds

at

maturity

$35,003,539,

Collateralized

by

U.S.

Treasury

Obligations,

0.00%

-

4.25%,

9/17/26

-

8/15/50,

fair

value

of

$35,700,000)

35,000,000‌

Allianz

Variable

Insurance

Products

Trust

AZL

Government

Money

Market

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

161

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

Principal

Amount

Value

Repurchase

Agreements,

continued

$

10,000,000‌

Toronto

Dominion

Bank

NY,

3.64%,

7/1/26,

(Purchased

on

6/30/26,

proceeds

at

maturity

$10,001,011,

Collateralized

by

U.S.

Treasury

Note,

3.75%,

4/30/27,

fair

value

of

$10,200,078)

$

10,000,000‌

Principal

Amount

Value

Repurchase

Agreements,

continued

$

25,000,000‌

Toronto

Dominion

Bank

NY,

3.65%,

7/1/26,

(Purchased

on

6/30/26,

proceeds

at

maturity

$25,002,535,

Collateralized

by

U.S.

Government

Agency

Obligation,

3.71%,

4/6/28,

fair

value

of

$25,500,775)

$

25,000,000‌

Total

Repurchase

Agreements

(Cost

$216,000,000)

216,000,000‌

Total

Investment

Securities

(Cost

$

452,376,918

)

—

86

.8

%

452,376,918‌

Net

other

assets

(liabilities)

—

13

.2

%

69,035,810‌

Net

Assets

—

100.0%

$

521,412,728‌

SOFR—Secured

Overnight

Financing

Rate

USBMMY3M—3

Month

Treasury

Bill

Rate

(a)

The

rate

represents

the

effective

yield

at

June

30,

2026.

Allianz

Variable

Insurance

Products

Trust

AZL

International

Index

Fund

‡

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

162

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks

(98.6%):

Aerospace

&

Defense

(3.2%):

31,792

Airbus

SE

$

7,075,578‌

156,921

BAE

Systems

plc

3,838,231‌

8,314

CSG

NV*

121,368‌

987

Dassault

Aviation

SA

323,981‌

1,503

Elbit

Systems,

Ltd.

1,144,101‌

3,296

Hensoldt

AG

255,211‌

23,173

Kongsberg

Gruppen

ASA

698,871‌

21,918

Leonardo

SpA

1,175,265‌

66,235

Melrose

Industries

plc

417,592‌

2,839

MTU

Aero

Engines

AG

1,180,689‌

2,493

Rheinmetall

AG

2,821,640‌

449,661

Rolls-Royce

Holdings

plc

8,631,984‌

17,377

Saab

AB,

Class

B

901,667‌

18,493

Safran

SA

7,310,824‌

83,200

Singapore

Technologies

Engineering,

Ltd.

671,491‌

4,946

Thales

SA

1,270,644‌

37,839,137‌

Air

Freight

&

Logistics

(0.5%):

49,263

Deutsche

Post

AG

2,989,018‌

10,274

DSV

A/S

2,439,148‌

12,145

InPost

SA*

213,833‌

5,641,999‌

Automobile

Components

(0.6%):

25,800

Aisin

Corp.

348,648‌

58,600

Bridgestone

Corp.

1,233,940‌

32,924

Cie

Generale

des

Etablissements

Michelin

SCA

1,271,607‌

5,947

Continental

AG

490,402‌

87,300

Denso

Corp.

1,008,480‌

151,600

Sumitomo

Electric

Industries,

Ltd.

2,798,581‌

7,151,658‌

Automobiles

(1.6%):

15,056

Bayerische

Motoren

Werke

AG

985,179‌

6,432

Ferrari

NV

2,383,522‌

195,400

Honda

Motor

Co.,

Ltd.

1,770,336‌

27,700

Isuzu

Motors,

Ltd.

366,318‌

38,566

Mercedes-Benz

Group

AG

1,935,581‌

134,600

Nissan

Motor

Co.,

Ltd.*^

249,887‌

8,983

Renault

SA

257,680‌

110,172

Stellantis

NV,

NYS*

628,055‌

1,047

Stellantis

NV

Milan*

5,958‌

28,200

Subaru

Corp.

415,585‌

85,300

Suzuki

Motor

Corp.

1,026,862‌

508,630

Toyota

Motor

Corp.

8,530,644‌

43,900

Yamaha

Motor

Co.,

Ltd.^

332,388‌

18,887,995‌

Banks

(15.5%):

33,480

ABN

AMRO

Bank

NV,

Class

CV

1,423,815‌

113,779

AIB

Group

plc

1,336,961‌

161,975

ANZ

Group

Holdings,

Ltd.

3,968,267‌

Shares

Value

Common

Stocks,

continued

Banks,

continued

99,892

Banca

Monte

dei

Paschi

di

Siena

SpA

$

1,240,258‌

301,857

Banco

Bilbao

Vizcaya

Argentaria

SA

7,571,765‌

61,793

Banco

BPM

SpA

1,067,184‌

455,211

Banco

Comercial

Portugues

SA,

Class

R

538,815‌

250,035

Banco

de

Sabadell

SA

888,095‌

770,602

Banco

Santander

SA

10,659,718‌

66,526

Bank

Hapoalim

BM

1,535,621‌

79,310

Bank

Leumi

Le-Israel

BM,

Class

IS

1,775,761‌

50,602

Bank

of

Ireland

Group

plc

1,008,539‌

32,840

Bankinter

SA

550,945‌

1,647

Banque

Cantonale

Vaudoise

,

Registered

Shares

241,383‌

734,242

Barclays

plc

4,929,911‌

3,883

BAWAG

Group

AG

778,478‌

52,979

BNP

Paribas

SA

6,191,513‌

197,000

BOC

Hong

Kong

Holdings,

Ltd.

1,068,485‌

84,342

BPER

Banca

SpA

1,323,743‌

188,746

CaixaBank

SA

2,678,772‌

29,400

Chiba

Bank,

Ltd.

(The)

447,166‌

34,112

Commerzbank

AG^

1,451,359‌

89,537

Commonwealth

Bank

of

Australia

10,231,259‌

48,491

Credit

Agricole

SA

975,359‌

33,439

Danske

Bank

A/S

1,794,251‌

110,040

DBS

Group

Holdings,

Ltd.

5,561,475‌

96,544

Deutsche

Bank

AG,

Registered

Shares

3,268,614‌

44,340

DNB

Bank

ASA

1,319,259‌

16,494

Erste

Group

Bank

AG

2,209,570‌

31,970

FinecoBank

Banca

Fineco

SpA

801,992‌

920,655

HSBC

Holdings

plc

17,485,058‌

157,098

ING

Groep

NV

4,969,752‌

749,135

Intesa

Sanpaolo

SpA

5,131,145‌

66,085

Israel

Discount

Bank,

Ltd.,

Class

A

655,965‌

94,800

Japan

Post

Bank

Co.,

Ltd.

1,806,031‌

12,219

KBC

Group

NV

1,666,537‌

3,127,266

Lloyds

Banking

Group

plc

4,613,644‌

571,100

Mitsubishi

UFJ

Financial

Group,

Inc.

11,330,581‌

8,427

Mizrahi

Tefahot

Bank,

Ltd.

557,633‌

126,563

Mizuho

Financial

Group,

Inc.

6,077,993‌

165,064

National

Australia

Bank,

Ltd.

4,340,638‌

428,246

NatWest

Group

plc

3,773,860‌

165,401

Nordea

Bank

Abp

3,141,054‌

175,399

Oversea-Chinese

Banking

Corp.,

Ltd.

3,375,024‌

6,619

Raiffeisen

Bank

International

AG

422,709‌

110,687

Resona

Holdings,

Inc.

1,443,813‌

317,881

Sberbank

of

Russia

PJSC*

(a)

(b)

—‌

77,373

Skandinaviska

Enskilda

Banken

AB,

Class

A

1,540,266‌

34,318

Societe

Generale

SA

3,038,519‌

96,176

Standard

Chartered

plc

2,606,351‌

195,007

Sumitomo

Mitsui

Financial

Group,

Inc.

7,624,803‌

32,906

Sumitomo

Mitsui

Trust

Group,

Inc.

1,228,525‌

Allianz

Variable

Insurance

Products

Trust

AZL

International

Index

Fund

‡

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

163

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Banks,

continued

74,474

Svenska

Handelsbanken

AB,

Class

A

$

1,096,110‌

44,461

Swedbank

AB,

Class

A

1,660,892‌

3,719

T-

Tekhnologii

MKPAO,

GDR*

(a)

—‌

72,717

UniCredit

SpA

6,505,248‌

66,373

United

Overseas

Bank,

Ltd.

2,046,936‌

19,456

VTB

Bank

PJSC*

(a)

(b)

—‌

181,849

Westpac

Banking

Corp.

4,445,033‌

54,400

Yokohama

Financial

Group,

Inc.

581,201‌

182,003,654‌

Beverages

(1.1%):

48,505

Anheuser-Busch

InBev

SA/NV

3,998,748‌

75,600

Asahi

Group

Holdings,

Ltd.

719,324‌

4,991

Carlsberg

AS,

Class

B

654,980‌

10,713

Coca-Cola

Europacific

Partners

plc

1,072,050‌

10,507

Coca-Cola

HBC

AG*

685,718‌

29,231

Davide

Campari-Milano

NV,

Class

M

181,961‌

118,697

Diageo

plc

2,385,349‌

6,280

Heineken

Holding

NV

479,054‌

15,139

Heineken

NV

1,273,249‌

41,300

Kirin

Holdings

Co.,

Ltd.

707,747‌

10,817

Pernod

Ricard

SA

789,790‌

6,700

Suntory

Beverage

&

Food,

Ltd.

185,387‌

13,133,357‌

Biotechnology

(0.6%):

2,860

Abivax

SA*

379,720‌

3,316

Argenx

SE*

3,075,723‌

26,075

CSL,

Ltd.

2,076,310‌

3,244

Genmab

A/S*

888,739‌

9,929

Swedish

Orphan

Biovitrum

AB*

473,404‌

6,893,896‌

Broadline

Retail

(1.0%):

6,045

Next

plc

1,166,377‌

321

Ozon

Holdings

plc*

(a)

(b)

—‌

965

Ozon

Holdings

plc,

Class

AD,

ADR*

(a)

—‌

105,700

Pan

Pacific

International

Holdings

Corp.

539,540‌

70,457

Prosus

NV*

3,062,129‌

79,600

Rakuten

Group,

Inc.*

371,417‌

26,500

Ryohin

Keikaku

Co.,

Ltd.

578,996‌

20,286

Sea,

Ltd.,

ADR*

1,944,008‌

60,998

Wesfarmers,

Ltd.

3,827,471‌

11,489,938‌

Building

Products

(0.8%):

10,900

AGC,

Inc.

471,417‌

52,793

Assa

Abloy

AB,

Class

B

1,865,310‌

507

Belimo

Holding

AG,

Class

R

571,789‌

23,924

Cie

de

Saint-Gobain

SA

2,165,780‌

14,000

Daikin

Industries,

Ltd.

2,126,786‌

1,732

Geberit

AG,

Registered

Shares

1,156,057‌

8,486

Kingspan

Group

plc

776,131‌

81,263

Nibe

Industrier

AB,

Class

B

302,153‌

Shares

Value

Common

Stocks,

continued

Building

Products,

continued

4,595

ROCKWOOL

A/S,

Class

B

$

147,705‌

9,583,128‌

Capital

Markets

(2.6%):

52,662

3i

Group

plc

1,737,734‌

3,294

Amundi

SA

316,103‌

10,180

ASX,

Ltd.

375,875‌

12,365

CVC

Capital

Partners

plc

179,665‌

70,000

Daiwa

Securities

Group,

Inc.

688,355‌

9,708

Deutsche

Boerse

AG

2,648,775‌

23,516

EQT

AB

665,477‌

4,193

Euronext

NV

670,755‌

2,802

Futu

Holdings,

Ltd.,

ADR

262,659‌

63,693

Hong

Kong

Exchanges

&

Clearing,

Ltd.

2,960,381‌

50,800

Japan

Exchange

Group,

Inc.

640,294‌

11,064

Julius

Baer

Group,

Ltd.

956,581‌

23,987

London

Stock

Exchange

Group

plc

2,596,972‌

19,484

Macquarie

Group,

Ltd.

3,390,097‌

155,800

Nomura

Holdings,

Inc.

1,359,636‌

1,161

Partners

Group

Holding

AG

950,863‌

28,080

SBI

Holdings,

Inc.

456,760‌

38,684

Schroders

plc

301,420‌

41,500

Singapore

Exchange,

Ltd.

776,550‌

45,462

The

Moscow

Exchange*

(a)

(b)

—‌

170,378

UBS

Group

AG

8,442,386‌

30,377,338‌

Chemicals

(2.2%):

34,139

Air

Liquide

SA

6,760,121‌

8,178

Akzo

Nobel

NV

554,612‌

64,500

Asahi

Kasei

Corp.

711,525‌

48,155

BASF

SE

2,573,908‌

8,706

DSM-

Firmenich

AG

825,833‌

357

EMS-

Chemie

Holding

AG

306,423‌

15,297

Evonik

Industries

AG

277,546‌

499

Givaudan

SA,

Registered

Shares

2,115,076‌

35,336

ICL

Group,

Ltd.

177,421‌

67,000

Mitsubishi

Chemical

Group

Corp.

465,553‌

49,000

Nippon

Paint

Holdings

Co.,

Ltd.

318,958‌

8,600

Nippon

Sanso

Holdings

Corp.

317,333‌

36,000

Nitto

Denko

Corp.

709,227‌

18,552

Novonesis

(Novozymes)

B

1,172,487‌

27

PhosAgro

PJSC,

GDR*

(a)

—‌

1,447

PhosAgro

PJSC*

(a)

(b)

—‌

9,500

Resonac

Holdings

Corp.

1,059,420‌

88,000

Shin-Etsu

Chemical

Co.,

Ltd.

3,837,820‌

8,307

Sika

AG,

Registered

Shares

1,712,026‌

4,071

Syensqo

SA

300,600‌

7,332

Symrise

AG,

Class

A

735,752‌

69,400

Toray

Industries,

Inc.

481,792‌

7,742

Yara

International

ASA

340,502‌

25,753,935‌

Commercial

Services

&

Supplies

(0.3%):

73,260

Brambles,

Ltd.

988,864‌

Allianz

Variable

Insurance

Products

Trust

AZL

International

Index

Fund

‡

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

164

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

17,800

Dai

Nippon

Printing

Co.,

Ltd.

$

325,983‌

138,167

Rentokil

Initial

plc

782,087‌

21,900

Secom

Co.,

Ltd.

870,354‌

25,366

Securitas

AB,

Class

B

416,677‌

12,200

TOPPAN

Holdings,

Inc.

386,964‌

14,066

Verisure

plc*

156,972‌

3,927,901‌

Communications

Equipment

(0.4%):

270,156

Nokia

Oyj

3,576,025‌

139,360

Telefonaktiebolaget

LM

Ericsson,

Class

B

1,555,919‌

5,131,944‌

Construction

&

Engineering

(1.0%):

9,435

ACS

Actividades

de

Construccion

y

Servicios

SA

1,393,123‌

11,800

Bouygues

SA

658,319‌

3,520

Eiffage

SA

519,648‌

25,549

Ferrovial

NV

1,752,530‌

784

HOCHTIEF

AG

454,240‌

21,100

Kajima

Corp.

770,505‌

34,900

Obayashi

Corp.

706,519‌

27,300

Shimizu

Corp.

432,963‌

17,977

Skanska

AB,

Class

B

481,244‌

7,400

Taisei

Corp.

655,899‌

24,938

Vinci

SA

3,647,017‌

11,472,007‌

Construction

Materials

(0.3%):

3,518

Buzzi

SpA

180,103‌

7,141

Heidelberg

Materials

AG

1,362,074‌

27,232

Holcim

AG*

2,466,089‌

4,008,266‌

Consumer

Staples

Distribution

&

Retail

(1.0%):

118,300

Aeon

Co.,

Ltd.

976,423‌

30,890

Carrefour

SA

573,759‌

69,700

Coles

Group,

Ltd.

1,176,436‌

89,868

J

Sainsbury

plc

381,318‌

16,064

Jeronimo

Martins

SGPS

SA

307,675‌

14,547

Kesko

Oyj

,

Class

B

325,207‌

47,298

Koninklijke

Ahold

Delhaize

NV

1,903,364‌

2,004

Magnit

PJSC*

(a)

(b)

—‌

111,016

Marks

&

Spencer

Group

plc

548,002‌

103,300

Seven

&

i

Holdings

Co.,

Ltd.

1,245,359‌

342,262

Tesco

plc

2,089,480‌

65,547

Woolworths

Group,

Ltd.

1,815,613‌

11,342,636‌

Distributors

(0.0%

†

):

1,103

D'ieteren

Group

214,881‌

Diversified

Consumer

Services

(0.0%

†

):

24,226

Pearson

plc

384,584‌

Shares

Value

Common

Stocks,

continued

Diversified

REITs

(0.1%):

325,237

CapitaLand

Integrated

Commercial

Trust

$

597,960‌

2,651

Covivio

SA

162,422‌

37,299

Land

Securities

Group

plc

322,231‌

126,604

Stockland

358,636‌

1,441,249‌

Diversified

Telecommunication

Services

(1.5%):

299,317

BT

Group

plc

754,685‌

24,951

Cellnex

Telecom

SA*

747,107‌

184,229

Deutsche

Telekom

AG

5,020,585‌

7,261

Elisa

Oyj

304,828‌

198,525

HKT

Trust

&

HKT,

Ltd.,

Class

SS

295,258‌

207,711

Koninklijke

KPN

NV

1,030,343‌

1,598,200

NTT,

Inc.

1,425,528‌

99,365

Orange

SA

1,874,086‌

402,400

Singapore

Telecommunications,

Ltd.

1,379,268‌

1,390

Swisscom

AG,

Registered

Shares

1,072,992‌

93,668

Telecom

Italia

Spa*

853,644‌

202,986

Telefonica

SA

815,779‌

34,830

Telenor

ASA

500,703‌

125,254

Telia

Co.

AB

610,031‌

207,633

Telstra

Group,

Ltd.

730,058‌

17,414,895‌

Electric

Utilities

(2.0%):

1,342

Acciona

SA^

425,283‌

919

BKW

AG

154,766‌

35,200

Chubu

Electric

Power

Co.,

Inc.

661,989‌

35,570

CK

Infrastructure

Holdings,

Ltd.

271,467‌

85,000

CLP

Holdings,

Ltd.

794,509‌

45,124

Contact

Energy,

Ltd.

239,007‌

152,316

EDP

-

Energias

de

Portugal

SA

797,348‌

2,245

Elia

Group

SA/NV,

Class

B

357,045‌

17,406

Endesa

SA^

793,157‌

408,531

Enel

SpA

4,693,441‌

23,826

Fortum

Oyj

550,397‌

325,863

Iberdrola

SA

8,132,308‌

952,130

Inter

Rao

Ues

PJSC*

(a)

(b)

—‌

50,600

Kansai

Electric

Power

Co.,

Inc.

(The)

711,215‌

90,281

Origin

Energy,

Ltd.

686,150‌

77,000

Power

Assets

Holdings,

Ltd.

561,881‌

20,751

Redeia

Corp.

SA^

353,071‌

64,379

SSE

plc

2,080,299‌

76,919

Terna

-

Rete

Elettrica

Nazionale

899,895‌

3,583

Verbund

AG

227,571‌

23,390,799‌

Electrical

Equipment

(3.6%):

83,973

ABB,

Ltd.,

Registered

Shares

9,113,419‌

7,600

Fuji

Electric

Co.,

Ltd.

643,177‌

80,400

Fujikura,

Ltd.

3,121,293‌

34,000

Furukawa

Electric

Co.,

Ltd.

1,011,231‌

13,658

Legrand

SA

2,305,165‌

101,900

Mitsubishi

Electric

Corp.

3,737,136‌

43,300

NIDEC

Corp.*

711,348‌

Allianz

Variable

Insurance

Products

Trust

AZL

International

Index

Fund

‡

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

165

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Electrical

Equipment,

continued

15,226

Prysmian

SpA

$

2,557,523‌

29,375

Schneider

Electric

SE

9,636,653‌

41,637

Siemens

Energy

AG

7,890,685‌

52,158

Vestas

Wind

Systems

A/S

1,473,808‌

42,201,438‌

Electronic

Equipment,

Instruments

&

Components

(1.6%):

19,167

Halma

plc

1,001,169‌

111,772

Hexagon

AB,

Class

B

924,807‌

12,500

Ibiden

Co.,

Ltd.

1,876,889‌

10,080

Keyence

Corp.

5,079,043‌

61,500

Kyocera

Corp.

1,363,645‌

86,900

Murata

Manufacturing

Co.,

Ltd.

6,263,593‌

102,800

TDK

Corp.

2,296,368‌

12,400

Yokogawa

Electric

Corp.

435,643‌

19,241,157‌

Energy

Equipment

&

Services

(0.1%):

17,998

Tenaris

SA

498,023‌

Entertainment

(0.7%):

14,500

Capcom

Co.,

Ltd.

269,137‌

2,807

CTS

Eventim

AG

&

Co.

KGaA

163,755‌

5,300

Konami

Group

Corp.

579,303‌

16,000

Nexon

Co.,

Ltd.

212,851‌

58,100

Nintendo

Co.,

Ltd.

2,440,109‌

7,876

Spotify

Technology

SA*

3,616,108‌

27,000

Toho

Co.,

Ltd.

215,851‌

55,315

Universal

Music

Group

NV

1,158,618‌

8,655,732‌

Financial

Services

(1.1%):

1,449

Adyen

NV*

1,353,105‌

11,770

Banca

Mediolanum

SpA

293,094‌

4,439

EXOR

NV

340,060‌

3,901

Groupe

Bruxelles

Lambert

NV

355,433‌

6,010

Industrivarden

AB,

Class

A

337,078‌

8,707

Industrivarden

AB,

Class

C

478,115‌

49,579

Infratil

,

Ltd.

434,831‌

93,015

Investor

AB,

Class

B

3,864,774‌

3,210

L

E

Lundbergforetagen

AB,

Class

B

185,096‌

113,808

M&G

plc

507,715‌

46,700

Mitsubishi

HC

Capital,

Inc.

377,904‌

58,300

ORIX

Corp.

2,209,767‌

25,204

Poste

Italiane

SpA

^

824,348‌

717

Sofina

SA

182,440‌

18,119

Washington

H

Soul

Pattinson

&

Co.,

Ltd.

579,858‌

40,006

Wise

Group

plc*

479,977‌

12,803,595‌

Food

Products

(2.1%):

45,100

Ajinomoto

Co.,

Inc.

1,640,752‌

15,888

Associated

British

Foods

plc

418,698‌

193

Barry

Callebaut

AG,

Registered

Shares

267,617‌

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

274,400

China

Huishan

Dairy

Holdings

Co.,

Ltd.*

(a)

$

—‌

5

Chocoladefabriken

Lindt

&

Spruengli

AG

594,282‌

51

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

PC

593,529‌

33,831

Danone

SA

2,774,358‌

8,360

Kerry

Group

plc,

Class

A

767,690‌

37,700

Kikkoman

Corp.

386,692‌

21

Lotus

Bakeries

NV

278,904‌

25,408

Magnum

Ice

Cream

Co.

NV

(The)*

442,373‌

24,334

Mowi

ASA

450,191‌

138,039

Nestle

SA,

Registered

Shares

14,179,298‌

36,955

Orkla

ASA

389,398‌

3,689

Salmar

ASA

172,860‌

405,797

WH

Group,

Ltd.

430,207‌

79,500

Wilmar

International,

Ltd.

222,698‌

24,009,547‌

Gas

Utilities

(0.4%):

68,092

APA

Group

478,322‌

624,135

Hong

Kong

&

China

Gas

Co.,

Ltd.

518,862‌

33,163

Italgas

SpA

384,049‌

22,469

Naturgy

Energy

Group

SA

704,995‌

17,300

Osaka

Gas

Co.,

Ltd.

581,987‌

110,483

Snam

SpA

795,147‌

16,100

Tokyo

Gas

Co.,

Ltd.

605,451‌

4,068,813‌

Ground

Transportation

(0.3%):

19,195

Ayvens

SA

253,046‌

39,700

Central

Japan

Railway

Co.

852,092‌

50,839

East

Japan

Railway

Co.

1,065,689‌

128,935

Grab

Holdings,

Ltd.*

486,085‌

12,500

Hankyu

Hanshin

Holdings,

Inc.

328,766‌

80,494

MTR

Corp.,

Ltd.^

314,087‌

10,400

Seibu

Holdings,

Inc.

203,194‌

21,800

West

Japan

Railway

Co.

365,639‌

3,868,598‌

Health

Care

Equipment

&

Supplies

(1.3%):

26,835

Alcon

AG

1,814,990‌

2,194

BioMerieux

172,277‌

3,457

Cochlear,

Ltd.

292,017‌

6,914

Coloplast

A/S,

Class

B

394,339‌

4,743

Demant

A/S*

194,199‌

16,026

EssilorLuxottica

SA

3,006,429‌

29,914

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

661,364‌

18,000

Hoya

Corp.

2,903,099‌

41,835

Koninklijke

Philips

NV

1,136,642‌

58,700

Olympus

Corp.

617,077‌

18,617

Siemens

Healthineers

AG

727,468‌

42,144

Smith

&

Nephew

plc

605,694‌

2,578

Sonova

Holding

AG

612,432‌

5,865

Straumann

Holding

AG,

Class

R

771,542‌

Allianz

Variable

Insurance

Products

Trust

AZL

International

Index

Fund

‡

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

166

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

71,500

Terumo

Corp.

$

983,956‌

14,893,525‌

Health

Care

Providers

&

Services

(0.2%):

10,493

Fresenius

Medical

Care

AG

474,702‌

22,809

Fresenius

SE

&

Co.

KGaA

1,041,514‌

270,640

Sigma

Healthcare,

Ltd.

515,608‌

23,999

Sonic

Healthcare,

Ltd.

344,530‌

2,376,354‌

Health

Care

Technology

(0.0%

†

):

3,250

Pro

Medicus

,

Ltd.

460,024‌

Hotels,

Restaurants

&

Leisure

(0.9%):

10,411

Accor

SA

605,227‌

23,303

Amadeus

IT

Group

SA

1,338,200‌

29,232

Aristocrat

Leisure,

Ltd.

1,245,098‌

91,203

Compass

Group

plc

2,946,714‌

9,107

Delivery

Hero

SE,

Class

A*

374,636‌

6,203

Evolution

AB*

427,571‌

105,000

Galaxy

Entertainment

Group,

Ltd.

395,405‌

7,813

InterContinental

Hotels

Group

plc

1,347,625‌

115,872

Lottery

Corp.,

Ltd.

(The)

462,147‌

58,900

Oriental

Land

Co.,

Ltd.

901,731‌

135,932

Sands

China,

Ltd.

227,174‌

3,841

Sodexo

SA

222,318‌

5,200

Zensho

Holdings

Co.,

Ltd.

258,000‌

10,751,846‌

Household

Durables

(0.9%):

124,700

Panasonic

Holdings

Corp.

3,501,615‌

30,900

Sekisui

House,

Ltd.

642,987‌

312,700

Sony

Group

Corp.

6,271,037‌

10,415,639‌

Household

Products

(0.3%):

30,337

Essity

AB,

Class

B

858,553‌

4,764

Henkel

AG

&

Co.

KGaA

376,690‌

34,629

Reckitt

Benckiser

Group

plc

2,257,156‌

55,100

Unicharm

Corp.^

320,605‌

3,813,004‌

Independent

Power

and

Renewable

Electricity

Producers

(0.4%):

18,495

ACEN

Corp.

911‌

14,979

EDP

Renovaveis

SA

242,583‌

7,645

Enlight

Renewable

Energy,

Ltd.*

677,574‌

67,249

Meridian

Energy,

Ltd.

222,423‌

9,303

OPC

Energy,

Ltd.*

289,871‌

25,339

Orsted

AS*

569,767‌

34,471

RWE

AG

2,233,132‌

4,236,261‌

Industrial

Conglomerates

(2.0%):

141,744

CK

Hutchison

Holdings,

Ltd.

1,204,798‌

900

Hikari

Tsushin,

Inc.

196,952‌

236,900

Hitachi,

Ltd.

6,583,952‌

Shares

Value

Common

Stocks,

continued

Industrial

Conglomerates,

continued

7,682

Investment

AB

Latour,

Class

B

$

152,702‌

8,800

Jardine

Matheson

Holdings,

Ltd.

543,891‌

73,500

Keppel,

Ltd.

626,310‌

10,365

Lifco

AB,

Class

B

339,713‌

39,956

Siemens

AG,

Registered

Shares

12,838,003‌

16,615

Smiths

Group

plc

564,453‌

19,464

Swire

Pacific,

Ltd.,

Class

A

203,473‌

23,254,247‌

Industrial

REITs

(0.3%):

221,310

CapitaLand

Ascendas

REIT

427,042‌

107,639

Goodman

Group

2,332,928‌

62,710

Segro

plc

728,550‌

3,488,520‌

Insurance

(5.5%):

14,378

Admiral

Group

plc

679,060‌

64,946

Aegon,

Ltd.

552,159‌

7,625

Ageas

SA/NV

609,970‌

565,000

AIA

Group,

Ltd.

5,182,316‌

20,382

Allianz

SE,

Registered

Shares

+

9,644,832‌

8,714

ASR

Nederland

NV

657,686‌

164,221

Aviva

plc

1,416,675‌

84,064

AXA

SA

4,212,662‌

185,500

Daiichi

Life

Group,

Inc.

2,033,353‌

43,275

Generali

2,107,098‌

10,681

Gjensidige

Forsikring

ASA

289,265‌

3,221

Hannover

Rueck

SE

892,146‌

6,459

Harel

Insurance

Investments

&

Financial

Services,

Ltd.

340,853‌

4,229

Helvetia

Baloise

Holding

AG

1,092,288‌

117,461

Insurance

Australia

Group,

Ltd.

658,410‌

89,700

Japan

Post

Holdings

Co.,

Ltd.

1,202,660‌

30,600

Japan

Post

Insurance

Co.,

Ltd.

288,559‌

279,958

Legal

&

General

Group

plc

1,062,965‌

42,929

Mapfre

SA

212,456‌

145,695

Medibank

Pvt,

Ltd.

501,051‌

63,133

MS&AD

Insurance

Group

Holdings,

Inc.

1,649,002‌

7,012

Muenchener

Rueckversicherungs

-

Gesellschaft

AG

in

Muenchen

,

Class

R

3,914,051‌

13,762

NN

Group

NV

1,205,743‌

12,765

Phoenix

Financial,

Ltd.

707,913‌

136,225

Prudential

plc

1,813,729‌

79,629

QBE

Insurance

Group,

Ltd.

1,389,499‌

128,588

Sampo

Oyj

,

A

Shares

1,351,453‌

44,475

Sompo

Holdings,

Inc.

1,696,683‌

35,128

Standard

Life

plc

388,270‌

59,632

Suncorp

Group,

Ltd.

795,613‌

1,473

Swiss

Life

Holding

AG

1,620,919‌

16,053

Swiss

Re

AG

2,554,698‌

22,836

T&D

Holdings,

Inc.

676,532‌

2,936

Talanx

AG

371,052‌

95,600

Tokio

Marine

Holdings,

Inc.

4,233,620‌

17,500

Tryg

A/S

398,505‌

Allianz

Variable

Insurance

Products

Trust

AZL

International

Index

Fund

‡

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

167

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

19,303

Unipol

Assicurazioni

SpA

$

538,699‌

8,033

Zurich

Insurance

Group

AG

5,934,236‌

64,876,681‌

Interactive

Media

&

Services

(0.1%):

19,892

CAR

Group,

Ltd.

355,895‌

143,900

LY

Corp.

384,963‌

2,759

REA

Group,

Ltd.

266,526‌

3,583

Scout24

SE

296,226‌

3,760

VK

IPJSC,

GDR*

(a)

—‌

1,303,610‌

IT

Services

(0.5%):

8,362

Capgemini

SE

840,932‌

92,600

Fujitsu,

Ltd.

1,848,119‌

4,326

Indra

Sistemas

SA

237,750‌

66,100

NEC

Corp.

1,604,829‌

19,238

Nomura

Research

Institute,

Ltd.

545,112‌

15,900

Obic

Co.,

Ltd.

372,836‌

11,700

Otsuka

Corp.

200,336‌

5,649,914‌

Leisure

Products

(0.1%):

27,600

Bandai

Namco

Holdings,

Inc.

645,051‌

3,800

Shimano,

Inc.

405,886‌

1,050,937‌

Life

Sciences

Tools

&

Services

(0.3%):

6,140

Eurofins

Scientific

SE

481,306‌

3,770

Lonza

Group

AG,

Registered

Shares

2,544,878‌

11,494

Qiagen

NV

445,344‌

1,691

Sartorius

Stedim

Biotech

351,154‌

3,822,682‌

Machinery

(3.1%):

15,839

Alfa

Laval

AB

943,245‌

19,169

Alstom

SA*

333,506‌

133,946

Atlas

Copco

AB,

Class

A

2,719,575‌

78,550

Atlas

Copco

AB,

Class

B

1,392,456‌

16,400

Daifuku

Co.,

Ltd.

729,650‌

24,690

Daimler

Truck

Holding

AG

1,190,604‌

23,900

Ebara

Corp.

937,389‌

32,984

Epiroc

AB,

Class

A

905,102‌

20,504

Epiroc

AB,

Class

B

476,041‌

50,200

FANUC

Corp.

2,295,611‌

7,619

GEA

Group

AG

522,595‌

51,900

IHI

Corp.

877,016‌

13,818

Indutrade

AB

285,917‌

40,000

Kawasaki

Heavy

Industries,

Ltd.

728,558‌

3,415

Knorr-

Bremse

AG

396,492‌

47,000

Komatsu,

Ltd.

1,839,779‌

17,517

Kone

Oyj

,

Class

B

996,784‌

51,300

Kubota

Corp.

858,932‌

12,300

Makita

Corp.

440,401‌

35,479

Metso

Oyj

616,731‌

17,800

MINEBEA

MITSUMI,

Inc.

528,259‌

172,300

Mitsubishi

Heavy

Industries,

Ltd.

3,923,538‌

Shares

Value

Common

Stocks,

continued

Machinery,

continued

280

Rational

AG

$

204,938‌

56,068

Sandvik

AB

2,314,993‌

2,084

Schindler

Holding

AG,

Class

PC

690,980‌

1,122

Schindler

Holding

AG,

Registered

Shares

356,902‌

18,218

SKF

AB,

B

Shares

467,905‌

2,800

SMC

Corp.

1,246,023‌

4,155

Spirax

Group

plc

376,933‌

72,000

Techtronic

Industries

Co.,

Ltd.

1,202,051‌

10,212

Trelleborg

AB,

Class

B

425,425‌

1,419

VAT

Group

AG

1,241,725‌

83,536

Volvo

AB,

Class

B

2,840,642‌

26,161

Wartsila

OYJ

Abp

998,627‌

130,600

Yangzijiang

Shipbuilding

Holdings,

Ltd.

346,855‌

36,652,180‌

Marine

Transportation

(0.3%):

134

AP

Moller

-

Maersk

A/S,

Class

A

309,251‌

175

AP

Moller

-

Maersk

A/S,

Class

B

415,283‌

20,500

Kawasaki

Kisen

Kaisha,

Ltd.

314,349‌

2,645

Kuehne

+

Nagel

International

AG,

Class

R

641,921‌

17,800

Mitsui

OSK

Lines,

Ltd.

569,885‌

20,800

Nippon

Yusen

KK

668,986‌

66,000

SITC

International

Holdings

Co.,

Ltd.

265,043‌

3,184,718‌

Media

(0.2%):

69,819

Informa

plc

837,729‌

12,239

Publicis

Groupe

SA

1,209,576‌

2,047,305‌

Metals

&

Mining

(3.3%):

77,337

Alrosa

PJSC*

(a)

(b)

—‌

56,301

Anglo

American

plc

2,756,972‌

19,107

Antofagasta

plc

970,292‌

23,196

ArcelorMittal

SA

1,394,659‌

271,827

BHP

Group,

Ltd.,

ADR

11,343,261‌

15,207

Boliden

AB

858,822‌

11,485

Endeavour

Mining

plc

568,143‌

108,386

Evolution

Mining,

Ltd.

884,877‌

84,926

Fortescue,

Ltd.

1,131,023‌

10,307

Fresnillo

plc

375,547‌

500,481

Glencore

plc*

3,412,998‌

29,500

JFE

Holdings,

Inc.

284,178‌

29,200

JX

Advanced

Metals

Corp.

807,797‌

48,361

Lynas

Rare

Earths,

Ltd.*

605,845‌

2,900

Mitsui

Kinzoku

Co.,

Ltd.

776,602‌

185,700

MMC

Norilsk

Nickel

PJSC*

(a)

(b)

—‌

261,140

Nippon

Steel

Corp.

865,037‌

69,616

Norsk

Hydro

ASA

627,722‌

73,571

Northern

Star

Resources,

Ltd.

968,773‌

42,350

Novolipetsk

Steel

PJSC*

(a)

(b)

—‌

170,168

PLS

Group,

Ltd.*

595,590‌

1,026

Polyus

PJSC*

(a)

(b)

—‌

Allianz

Variable

Insurance

Products

Trust

AZL

International

Index

Fund

‡

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

168

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

57,451

Rio

Tinto

plc

$

5,432,874‌

19,647

Rio

Tinto,

Ltd.

2,338,952‌

6,613

Severstal

PAO*

(a)

(b)

—‌

235,955

South32,

Ltd.

634,390‌

12,600

Sumitomo

Metal

Mining

Co.,

Ltd.

588,884‌

84,297

United

Co.

RUSAL

International

PJSC*

(a)

(b)

—‌

38,223,238‌

Multi-Utilities

(1.0%):

250,851

Centrica

plc

568,409‌

120,545

E.ON

SE

2,486,890‌

96,090

Engie

SA

3,029,611‌

266,876

National

Grid

plc

4,417,807‌

43,600

Sembcorp

Industries,

Ltd.^

214,800‌

31,460

Veolia

Environnement

SA

1,310,210‌

12,027,727‌

Office

REITs

(0.1%):

2,056

Gecina

SA

172,958‌

430

Nippon

Building

Fund,

Inc.

332,653‌

505,611‌

Oil,

Gas

&

Consumable

Fuels

(3.2%):

17,254

Aker

BP

ASA

525,007‌

29,116

Bollore

SE^

135,003‌

838,852

BP

plc

5,161,705‌

135,120

ENEOS

Holdings,

Inc.

994,775‌

97,440

Eni

SpA

2,278,993‌

36,650

Equinor

ASA

1,151,982‌

22,524

Galp

Energia

SGPS

SA

479,503‌

354,974

Gazprom

PJSC*

(a)

(b)

—‌

39,935

Idemitsu

Kosan

Co.,

Ltd.

293,347‌

46,400

Inpex

Corp.

935,031‌

12,219

LUKOIL

PJSC*

(a)

(b)

—‌

23,454

Neste

Oyj

762,363‌

27,220

Novatek

PJSC*

(a)

(b)

—‌

7,722

OMV

AG

484,402‌

60,128

Repsol

SA^

1,496,756‌

34,912

Rosneft

Oil

Co.

PJSC*

(a)

(b)

—‌

175,047

Santos,

Ltd.

868,878‌

301,965

Shell

plc

11,694,261‌

171,452

Surgutneftegas

PAO*

(a)

(b)

—‌

43,241

Tatneft

PJSC*

(a)

(b)

—‌

105,525

TotalEnergies

SE

8,196,580‌

47,649

Var

Energi

ASA

196,866‌

101,976

Woodside

Energy

Group,

Ltd.

1,973,857‌

37,629,309‌

Paper

&

Forest

Products

(0.1%):

30,804

Stora

Enso

Oyj

,

Class

R

328,663‌

33,117

Svenska

Cellulosa

AB

SCA,

Class

B

338,741‌

28,802

UPM-

Kymmene

Oyj

763,962‌

1,431,366‌

Passenger

Airlines

(0.2%):

9,000

ANA

Holdings,

Inc.

164,856‌

Shares

Value

Common

Stocks,

continued

Passenger

Airlines,

continued

29,978

Deutsche

Lufthansa

AG,

Registered

Shares

$

342,977‌

59,139

International

Consolidated

Airlines

Group

SA

375,184‌

43,692

Qantas

Airways,

Ltd.

323,469‌

22,705

Ryanair

Holdings

plc

710,781‌

82,250

Singapore

Airlines,

Ltd.

490,485‌

2,407,752‌

Personal

Care

Products

(1.2%):

4,707

Beiersdorf

AG^

405,147‌

49,200

Kao

Corp.

975,436‌

12,895

L'Oreal

SA

5,656,937‌

22,800

Shiseido

Co.,

Ltd.

368,738‌

116,587

Unilever

plc

6,996,615‌

14,402,873‌

Pharmaceuticals

(7.8%):

93,800

Astellas

Pharma,

Inc.

1,261,145‌

81,021

AstraZeneca

plc

15,154,509‌

52,660

Bayer

AG,

Registered

Shares

2,911,016‌

36,300

Chugai

Pharmaceutical

Co.,

Ltd.

1,680,816‌

91,600

Daiichi

Sankyo

Co.,

Ltd.

1,470,123‌

13,200

Eisai

Co.,

Ltd.

333,622‌

1,190

Financiere

de

Tubize

SA

314,186‌

9,795

Galderma

Group

AG*

2,227,962‌

216,769

GSK

plc

5,686,750‌

476,413

Haleon

plc

2,197,916‌

1,787

Ipsen

SA

344,707‌

2,251

Kangmei

Pharmaceutical

Co.*

(a)

—‌

10,900

Kyowa

Kirin

Co.,

Ltd.

174,125‌

6,747

Merck

KGaA

1,132,205‌

98,119

Novartis

AG,

Registered

Shares

15,367,993‌

172,722

Novo

Nordisk

A/S,

Class

B

8,287,125‌

5,975

Orion

Oyj

,

Class

B

491,547‌

22,300

Otsuka

Holdings

Co.,

Ltd.

1,477,209‌

5,724

Recordati

Industria

Chimica

e

Farmaceutica

SpA

335,531‌

37,642

Roche

Holding

AG

15,498,131‌

1,582

Roche

Holding

AG,

Class

BR

664,524‌

22,487

Sandoz

Group

AG

2,032,594‌

58,134

Sanofi

SA

4,967,282‌

40,000

Shionogi

&

Co.,

Ltd.

684,460‌

85,473

Takeda

Pharmaceutical

Co.,

Ltd.

2,698,747‌

62,104

Teva

Pharmaceutical

Industries,

Ltd.,

ADR*

2,104,084‌

6,607

UCB

SA

1,978,183‌

91,476,492‌

Professional

Services

(1.1%):

16,905

Bureau

Veritas

SA

517,809‌

28,501

Computershare,

Ltd.

756,387‌

48,600

Experian

plc

1,634,005‌

7,913

Intertek

Group

plc

609,598‌

71,400

Recruit

Holdings

Co.,

Ltd.

4,970,574‌

95,996

RELX

plc

3,023,127‌

Allianz

Variable

Insurance

Products

Trust

AZL

International

Index

Fund

‡

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

169

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

9,030

SGS

SA,

Registered

Shares

$

1,046,766‌

11,707

Wolters

Kluwer

NV

756,573‌

13,314,839‌

Real

Estate

Management

&

Development

(0.9%):

2,307

Azrieli

Group,

Ltd.

314,228‌

139,300

CapitaLand

Investment,

Ltd.

269,011‌

60,000

China

Evergrande

Group*

1,247‌

98,744

CK

Asset

Holdings,

Ltd.

558,919‌

14,100

Daito

Trust

Construction

Co.,

Ltd.

268,965‌

29,400

Daiwa

House

Industry

Co.,

Ltd.

795,984‌

40,156

Fastighets

AB

Balder,

B

Shares*^

214,298‌

73,956

Henderson

Land

Development

Co.,

Ltd.

234,698‌

52,000

Hongkong

Land

Holdings,

Ltd.

372,090‌

23,900

Hulic

Co.,

Ltd.

249,317‌

55,700

Mitsubishi

Estate

Co.,

Ltd.

1,417,804‌

134,900

Mitsui

Fudosan

Co.,

Ltd.

1,242,936‌

10,811

Sagax

AB,

Class

B

172,050‌

202,601

Sino

Land

Co.,

Ltd.

266,579‌

30,900

Sumitomo

Realty

&

Development

Co.,

Ltd.

710,976‌

68,000

Sun

Hung

Kai

Properties,

Ltd.

980,007‌

4,195

Swiss

Prime

Site

AG,

Registered

Shares

684,798‌

38,492

Vonovia

SE

949,681‌

86,300

Wharf

Real

Estate

Investment

Co.,

Ltd.

236,429‌

9,940,017‌

Retail

REITs

(0.3%):

12,213

Klepierre

SA

510,559‌

143,420

Link

REIT

669,090‌

274,397

Scentre

Group

734,788‌

5,861

Unibail

-

Rodamco

-Westfield*

685,482‌

211,704

Vicinity,

Ltd.

376,946‌

2,976,865‌

Semiconductors

&

Semiconductor

Equipment

(8.0%):

39,200

Advantest

Corp.

7,969,142‌

2,511

ASM

International

NV

2,874,112‌

20,796

ASML

Holding

NV

41,240,055‌

3,726

BE

Semiconductor

Industries

NV

1,223,381‌

4,700

Disco

Corp.

2,388,922‌

69,937

Infineon

Technologies

AG

6,528,532‌

16,700

Kioxia

Holdings

Corp.*

9,482,167‌

4,200

Lasertec

Corp.

1,306,913‌

1,681

Nova,

Ltd.*

894,370‌

92,300

Renesas

Electronics

Corp.

2,788,449‌

8,000

SCREEN

Holdings

Co.,

Ltd.

894,366‌

33,782

STMicroelectronics

NV

2,522,306‌

24,000

Tokyo

Electron,

Ltd.

11,607,316‌

6,124

Tower

Semiconductor,

Ltd.*

1,577,920‌

93,297,951‌

Shares

Value

Common

Stocks,

continued

Software

(1.3%):

4,091

Check

Point

Software

Technologies,

Ltd.*

$

537,680‌

2,750

Cyberark

Software,

Ltd.*

123,750‌

36,155

Dassault

Systemes

SE

736,327‌

10,813

Nebius

Group

NV,

Class

A*(b)

2,986,226‌

2,837

Nemetschek

SE

171,575‌

11,177

Octave

Intelligence

plc*

180,324‌

50,700

Sage

Group

plc

(The)

548,968‌

56,043

SAP

SE

8,581,860‌

11,033

WiseTech

Global,

Ltd.

255,420‌

9,241

Xero,

Ltd.*

464,400‌

14,586,530‌

Specialty

Retail

(0.9%):

5,181

Avolta

AG*

347,240‌

10,200

Fast

Retailing

Co.,

Ltd.

5,217,037‌

22,755

H

&

M

Hennes

&

Mauritz

AB,

Class

B^

391,577‌

58,974

Industria

de

Diseno

Textil

SA

3,716,483‌

85,848

Kingfisher

plc

322,828‌

18,500

Nitori

Holdings

Co.,

Ltd.

274,992‌

55,500

Sanrio

Co.,

Ltd.^

375,153‌

10,454

Zalando

SE*

302,856‌

10,948,166‌

Technology

Hardware,

Storage

&

Peripherals

(0.3%):

43,900

Canon,

Inc.^

1,121,924‌

61,500

FUJIFILM

Holdings

Corp.

1,322,889‌

7,893

Logitech

International

SA,

Class

R

740,432‌

3,185,245‌

Textiles,

Apparel

&

Luxury

Goods

(1.9%):

8,805

adidas

AG

1,805,144‌

37,000

Asics

Corp.

1,006,298‌

28,765

Cie

Financiere

Richemont

SA,

Registered

Shares

6,676,437‌

2,316

FF

Group*

(a)

—‌

1,401

Hermes

International

SCA

2,563,400‌

3,827

Kering

SA

1,088,088‌

13,304

LVMH

Moet

Hennessy

Louis

Vuitton

SE

7,366,725‌

11,316

Moncler

SpA

656,515‌

3,949

Pandora

A/S

455,472‌

1,567

Swatch

Group

AG

(The),

Class

BR

383,433‌

22,001,512‌

Tobacco

(0.9%):

108,047

British

American

Tobacco

plc

6,662,916‌

40,181

Imperial

Brands

plc

1,485,379‌

58,700

Japan

Tobacco,

Inc.

2,157,280‌

10,305,575‌

Trading

Companies

&

Distributors

(1.9%):

14,336

AddTech

AB,

B

Shares

505,438‌

8,694

AerCap

Holdings

NV

1,267,411‌

23,474

Beijer

Ref

AB,

Class

B

344,034‌

Allianz

Variable

Insurance

Products

Trust

AZL

International

Index

Fund

‡

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

170

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Trading

Companies

&

Distributors,

continued

6,299

Brenntag

SE

$

382,739‌

17,641

Bunzl

plc

615,393‌

297,900

ITOCHU

Corp.

3,425,748‌

75,400

Marubeni

Corp.

2,195,835‌

160,600

Mitsubishi

Corp.

4,320,395‌

127,000

Mitsui

&

Co.,

Ltd.

3,537,439‌

11,404

Rexel

SA

498,298‌

11,585

SGH,

Ltd.

375,807‌

215,200

Sumitomo

Corp.

2,067,712‌

21,945

Sunbelt

Rentals

Holdings,

Inc.

1,601,317‌

34,900

Toyota

Tsusho

Corp.

1,302,166‌

22,439,732‌

Transportation

Infrastructure

(0.3%):

39,210

Aena

SME

SA

1,195,133‌

1,705

Aeroports

de

Paris

SA

222,209‌

96,608

Auckland

International

Airport,

Ltd.

458,332‌

13,667

Getlink

SE

290,620‌

166,502

Transurban

Group

1,661,723‌

3,828,017‌

Water

Utilities

(0.1%):

14,304

Severn

Trent

plc

558,942‌

39,170

United

Utilities

Group

plc

679,505‌

1,238,447‌

Wireless

Telecommunication

Services

(1.2%):

37,680

Airtel

Africa

plc

163,786‌

156,800

KDDI

Corp.

2,645,290‌

5,048

Millicom

International

Cellular

SA*

458,156‌

29,884

Mobile

TeleSystems

PJSC*

(a)

(b)

—‌

1,537,000

SoftBank

Corp.

1,967,420‌

199,700

SoftBank

Group

Corp.

7,492,962‌

28,842

Tele2

AB,

B

Shares

501,817‌

997,213

Vodafone

Group

plc

1,317,382‌

14,546,813‌

Total

Common

Stocks

(Cost

$469,852,763)

1,155,823,624‌

Preferred

Stocks

(0.2%):

Automobiles

(0.1%):

3,081

Bayerische

Motoren

Werke

AG,

7.69%

202,268‌

5,520

Dr.

Ing

hc

F

Porsche

AG,

2.32%^

274,492‌

Shares

Value

Preferred

Stocks,

continued

Automobiles,

continued

8,529

Porsche

Automobil

Holding

SE,

5.60%

$

262,755‌

11,103

Volkswagen

AG,

7.50%

889,429‌

1,628,944‌

Household

Products

(0.1%):

7,704

Henkel

AG

&

Co.

KGaA

,

2.81%

647,376‌

Life

Sciences

Tools

&

Services

(0.0%

†

):

1,293

Sartorius

AG,

0.32%

339,263‌

Oil,

Gas

&

Consumable

Fuels

(0.0%

†

):

199,091

Surgutneftegas

PAO*

(a)

(b)

—‌

Total

Preferred

Stocks

(Cost

$2,930,014)

2,615,583‌

Right

(0.0%

†

):

Financial

Services

(0.0%

†

):

9,435

ACS

Actividades

de

Construccion

y

Servicios

SA,

Expires

on

7/13/26*

19,802‌

Total

Right

(Cost

$20,113)

19,802‌

Affiliated

Investment

Company

(0.8%):

Money

Market

Funds

(0.8%):

9,012,215

BlackRock

Liquidity

FedFund

,

Institutional

Class,

3.54%

+(c)(d)

9,012,215‌

Total

Affiliated

Investment

Company

(Cost

$9,012,215)

9,012,215‌

Unaffiliated

Investment

Company

(0.0%

†

):

Money

Market

Funds

(0.0%

†

):

71

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.53%

(d)

71‌

Total

Unaffiliated

Investment

Company

(Cost

$71)

71‌

Total

Investment

Securities

(Cost

$481,815,176

)

—

99.6%

1,167,471,295‌

Net

other

assets

(liabilities)

—

0.4%

4,517,231‌

Net

Assets

—

100.0%

$

1,171,988,526‌

ADR—American

Depository

Receipt

GDR—Global

Depositary

Receipt

NYS—New

York

Shares

REIT—Real

Estate

Investment

Trust

‡

Statement

has

been

consolidated.

See

Note

2

in

Notes

to

the

Financial

statement

for

the

basis

of

consolidation.

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

June

30,

2026.

The

total

value

of

securities

on

loan

as

of

June

30,

2026

was

$8,584,891.

Allianz

Variable

Insurance

Products

Trust

AZL

International

Index

Fund

‡

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

171

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

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

June

30,

2026:

†

Represents

less

than

0.05%.

+

Affiliated

Securities

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

June

30,

2026.

(b)

These

securities

are

held

by

the

AZL

MSCI

Emerging

Markets

Equity

Index

Fund

(the

“Subsidiary”).

See

Note

2

in

Notes

to

the

Financial

Statements.

(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

June

30,

2026.

(d)

The

rate

represents

the

effective

yield

at

June

30,

2026.

Futures

Contracts

At

June

30,

2026,

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

September

Futures

(Australian

Dollar)

9/17/26

9

$

1,366,817‌

$

2,014‌

DJ

EURO

STOXX

50

September

Futures

(Euro)

9/18/26

55

3,993,968‌

47,754‌

FTSE

100

Index

September

Futures

(British

Pounds)

9/18/26

18

2,516,438‌

6,346‌

SGX

Nikkei

225

Index

September

Futures

(Japanese

Yen)

9/10/26

8

1,729,241‌

11,440‌

$

67,554‌

Country

Percentage

Australia

6.4%

Austria

0.4%

Belgium

0.9%

Chile

0.1%

China

—%

†

Cyprus

—%

†

Czech

Republic

—%

†

Denmark

1.7%

Finland

1.2%

France

9.4%

Germany

8.6%

Greece

—%

†

Hong

Kong

1.9%

Ireland

0.6%

Israel

1.1%

Italy

3.2%

Japan

23.6%

Luxembourg

0.3%

Macau

—%

†

Mexico

—%

†

Netherlands

6.6%

New

Zealand

0.2%

Norway

0.6%

Allianz

Variable

Insurance

Products

Trust

AZL

International

Index

Fund

‡

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

172

See

accompanying

notes

to

the

financial

statements.

Country

Percentage

Philippines

—%

†

Poland

—%

†

Portugal

0.2%

Russia

—%

†

Russian

Federation

—%

†

Singapore

1.6%

Spain

3.8%

Sweden

3.3%

Switzerland

10.1%

United

Kingdom

13.3%

United

States

0.9%

100.0%

Allianz

Variable

Insurance

Products

Trust

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

173

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks

(99.5%):

Aerospace

&

Defense

(4.6%):

4,288

AeroVironment,

Inc.*

$

707,820‌

18,027

ATI,

Inc.*

3,553,122‌

12,088

BWX

Technologies,

Inc.

2,352,929‌

6,566

Carpenter

Technology

Corp.

4,050,171‌

4,876

Curtiss-Wright

Corp.

3,694,838‌

10,075

Hexcel

Corp.

1,008,105‌

24,729

Kratos

Defense

&

Security

Solutions,

Inc.*

1,232,988‌

3,760

Moog,

Inc.,

Class

A

1,593,638‌

24,837

StandardAero,

Inc.*

742,875‌

7,866

Woodward,

Inc.

3,346,511‌

22,282,997‌

Air

Freight

&

Logistics

(0.2%):

15,435

GXO

Logistics,

Inc.*

782,554‌

Automobile

Components

(1.0%):

9,011

Autoliv,

Inc.

1,046,808‌

27,032

BorgWarner,

Inc.

1,794,925‌

27,915

Gentex

Corp.

705,412‌

37,639

Goodyear

Tire

&

Rubber

Co.

(The)*

248,417‌

6,691

Lear

Corp.

896,996‌

3,544

Visteon

Corp.

351,600‌

5,044,158‌

Automobiles

(0.2%):

14,368

Harley-Davidson,

Inc.

351,441‌

6,995

Thor

Industries,

Inc.

525,744‌

877,185‌

Banks

(5.9%):

21,821

Associated

Banc-Corp.

671,432‌

13,718

Bank

OZK

714,571‌

38,669

Columbia

Banking

System,

Inc.

1,239,341‌

17,674

Commerce

Bancshares,

Inc.

1,020,673‌

8,269

Cullen/Frost

Bankers,

Inc.

1,277,726‌

18,099

East

West

Bancorp,

Inc.

2,336,400‌

17,193

First

Financial

Bankshares,

Inc.

594,878‌

63,397

First

Horizon

Corp.

1,625,499‌

40,022

Flagstar

Bank

NA

597,929‌

47,548

FNB

Corp.

907,216‌

16,845

Glacier

Bancorp,

Inc.

868,865‌

10,416

Hancock

Whitney

Corp.

778,284‌

25,163

Home

BancShares,

Inc.

718,404‌

7,152

International

Bancshares

Corp.

543,194‌

45,933

Old

National

Bancorp

1,189,665‌

19,824

Pinnacle

Financial

Partners,

Inc.

1,999,845‌

13,050

Prosperity

Bancshares,

Inc.

953,042‌

12,754

Southstate

Bank

Corp.

1,274,125‌

5,632

Texas

Capital

Bancshares,

Inc.

581,560‌

9,434

UMB

Financial

Corp.

1,346,798‌

17,863

United

Bankshares,

Inc.

818,661‌

63,656

Valley

National

Bancorp

932,560‌

21,152

Webster

Financial

Corp.

1,616,436‌

13,484

Western

Alliance

Bancorp

1,108,385‌

8,913

Wintrust

Financial

Corp.

1,432,497‌

Shares

Value

Common

Stocks,

continued

Banks,

continued

18,991

Zions

Bancorp

NA

$

1,313,987‌

28,461,973‌

Beverages

(0.5%):

1,028

Boston

Beer

Co.,

Inc.

(The),

Class

A*

181,987‌

20,852

Celsius

Holdings,

Inc.*

610,546‌

7,478

Coca-Cola

Consolidated,

Inc.

1,427,700‌

2,220,233‌

Biotechnology

(3.1%):

18,605

Arrowhead

Pharmaceuticals,

Inc.*

1,516,494‌

25,443

BioMarin

Pharmaceutical,

Inc.*

1,455,849‌

17,923

Cytokinetics,

Inc.*

1,526,860‌

33,179

Exelixis,

Inc.*

1,805,269‌

15,631

Halozyme

Therapeutics,

Inc.*

1,223,438‌

13,278

Neurocrine

Biosciences,

Inc.*

2,237,808‌

59,618

Roivant

Sciences,

Ltd.*

2,109,881‌

5,605

United

Therapeutics

Corp.*

3,036,957‌

14,912,556‌

Broadline

Retail

(0.3%):

35,313

Macy's,

Inc.

831,621‌

7,895

Ollie's

Bargain

Outlet

Holdings,

Inc.*

606,968‌

1,438,589‌

Building

Products

(2.0%):

9,059

AAON,

Inc.

1,149,225‌

9,434

Advanced

Drainage

Systems,

Inc.

1,480,761‌

5,319

Carlisle

Cos.,

Inc.

1,929,467‌

15,573

Fortune

Brands

Innovations,

Inc.

854,958‌

10,592

Owens

Corning

1,683,704‌

5,536

Simpson

Manufacturing

Co.,

Inc.

1,158,961‌

13,846

Trex

Co.,

Inc.*

692,854‌

7,562

UFP

Industries,

Inc.

686,176‌

9,636,106‌

Capital

Markets

(2.3%):

3,486

Affiliated

Managers

Group,

Inc.

1,179,662‌

34,049

Carlyle

Group,

Inc.

(The)

1,433,803‌

5,109

Evercore,

Inc.,

Class

A

1,744,417‌

9,730

Federated

Hermes,

Inc.,

Class

B

537,291‌

5,389

Hamilton

Lane,

Inc.,

Class

A

424,815‌

7,216

Houlihan

Lokey,

Inc.,

Class

A

967,882‌

16,325

Janus

Henderson

Group

plc

848,084‌

21,500

Jefferies

Financial

Group,

Inc.

1,074,570‌

2,995

Morningstar,

Inc.

467,280‌

12,199

SEI

Investments

Co.

1,069,974‌

20,076

Stifel

Financial

Corp.

1,400,703‌

11,148,481‌

Chemicals

(1.7%):

6,018

Ashland,

Inc.

396,526‌

12,295

Avient

Corp.

454,423‌

28,191

Axalta

Coating

Systems,

Ltd.*

964,696‌

6,664

Cabot

Corp.

605,224‌

1,020

NewMarket

Corp.

807,065‌

Allianz

Variable

Insurance

Products

Trust

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

174

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

15,214

Olin

Corp.

$

301,542‌

16,791

RPM

International,

Inc.

1,866,320‌

6,103

Scotts

Miracle-Gro

Co.

(The)

415,675‌

20,948

Solstice

Advanced

Materials,

Inc.

1,855,993‌

4,453

Westlake

Corp.

325,069‌

7,992,533‌

Commercial

Services

&

Supplies

(1.5%):

5,571

Brink's

Co.

(The)

526,404‌

6,530

Clean

Harbors,

Inc.*

1,950,837‌

4,838

MSA

Safety,

Inc.

844,618‌

24,499

RB

Global,

Inc.

2,852,909‌

34,144

Tetra

Tech,

Inc.

986,420‌

7,161,188‌

Communications

Equipment

(0.3%):

31,144

Viavi

Solutions,

Inc.*

1,487,126‌

Construction

&

Engineering

(3.2%):

16,828

AECOM

1,174,595‌

50,855

API

Group

Corp.*

2,153,709‌

3,963

Dycom

Industries,

Inc.*

2,003,653‌

18,390

Fluor

Corp.*

963,452‌

1,175

IES

Holdings,

Inc.*

863,226‌

8,138

MasTec,

Inc.*

3,385,896‌

4,055

Sterling

Infrastructure,

Inc.*

3,403,605‌

2,564

Valmont

Industries,

Inc.

1,480,966‌

15,429,102‌

Construction

Materials

(0.3%):

4,174

Eagle

Materials,

Inc.

939,150‌

7,611

Knife

River

Corp.*

636,660‌

1,575,810‌

Consumer

Finance

(0.7%):

36,516

Ally

Financial,

Inc.

1,677,910‌

5,153

FirstCash

Holdings,

Inc.

1,114,697‌

25,191

SLM

Corp.

653,455‌

3,446,062‌

Consumer

Staples

Distribution

&

Retail

(2.0%):

47,561

Albertsons

Cos.,

Inc.,

Class

A

643,501‌

16,751

BJ's

Wholesale

Club

Holdings,

Inc.*

1,461,022‌

21,655

Maplebear,

Inc.*

1,025,364‌

20,729

Performance

Food

Group

Co.*

2,317,295‌

12,341

Sprouts

Farmers

Market,

Inc.*

1,043,802‌

29,061

US

Foods

Holding

Corp.*

2,971,487‌

9,462,471‌

Containers

&

Packaging

(1.0%):

8,525

AptarGroup,

Inc.

1,067,330‌

14,456

Crown

Holdings,

Inc.

1,616,470‌

39,523

Graphic

Packaging

Holding

Co.

417,758‌

3,304

Greif,

Inc.,

Class

A

246,115‌

11,771

Silgan

Holdings,

Inc.

546,057‌

Shares

Value

Common

Stocks,

continued

Containers

&

Packaging,

continued

12,871

Sonoco

Products

Co.

$

725,281‌

4,619,011‌

Diversified

Consumer

Services

(0.7%):

5,274

Duolingo,

Inc.,

Class

A*

606,616‌

441

Graham

Holdings

Co.,

Class

B

503,366‌

3,502

Grand

Canyon

Education,

Inc.*

501,171‌

16,653

H&R

Block,

Inc.

634,146‌

18,122

Service

Corp.

International

1,376,547‌

3,621,846‌

Diversified

REITs

(0.4%):

29,035

WP

Carey,

Inc.

2,076,002‌

Electric

Utilities

(0.8%):

7,353

IDACORP,

Inc.^

1,112,509‌

27,566

OGE

Energy

Corp.

1,341,362‌

15,121

Portland

General

Electric

Co.

783,721‌

13,054

TXNM

Energy,

Inc.

741,206‌

3,978,798‌

Electrical

Equipment

(2.6%):

3,976

Acuity,

Inc.

1,497,600‌

4,858

EnerSys

1,135,897‌

19,604

Nextpower,

Inc.,

Class

A*

2,335,621‌

21,365

nVent

Electric

plc

3,623,718‌

8,791

Regal

Rexnord

Corp.

2,093,928‌

19,089

Sensata

Technologies

Holding

plc

911,309‌

3,091

Vicor

Corp.*

1,173,900‌

12,771,973‌

Electronic

Equipment,

Instruments

&

Components

(4.1%):

5,023

Advanced

Energy

Industries,

Inc.

1,872,926‌

6,749

Arrow

Electronics,

Inc.*

1,440,304‌

10,765

Avnet,

Inc.

956,147‌

5,202

Belden,

Inc.

623,772‌

21,953

Cognex

Corp.

1,589,836‌

6,519

Crane

NXT

Co.

333,512‌

4,728

Fabrinet*

2,657,514‌

3,353

IPG

Photonics

Corp.*

393,374‌

3,371

Littelfuse,

Inc.

1,534,918‌

4,757

Novanta,

Inc.*

771,776‌

7,086

Sanmina

Corp.*

1,793,325‌

9,880

TD

SYNNEX

Corp.

2,641,319‌

13,717

TTM

Technologies,

Inc.*

2,565,353‌

18,676

Vontier

Corp.

541,604‌

19,715,680‌

Energy

Equipment

&

Services

(1.2%):

47,939

NOV,

Inc.

889,268‌

52,610

TechnipFMC

plc

3,488,043‌

8,491

Valaris,

Ltd.*

616,447‌

9,433

Weatherford

International

plc

768,790‌

5,762,548‌

Allianz

Variable

Insurance

Products

Trust

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

175

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Entertainment

(0.6%):

17,237

Roku,

Inc.,

Class

A*

$

2,381,119‌

19,602

Warner

Music

Group

Corp.,

Class

A

530,626‌

2,911,745‌

Financial

Services

(1.7%):

32,334

Corebridge

Financial,

Inc.

925,723‌

36,930

Equitable

Holdings,

Inc.

1,620,488‌

12,114

Essent

Group,

Ltd.

778,688‌

4,859

Euronet

Worldwide,

Inc.*

355,630‌

28,184

MGIC

Investment

Corp.

794,789‌

7,841

Shift4

Payments,

Inc.,

Class

A*^

381,386‌

62,711

Toast,

Inc.,

Class

A*

1,744,620‌

11,871

Voya

Financial,

Inc.

1,074,682‌

4,588

WEX,

Inc.*

647,321‌

8,323,327‌

Food

Products

(0.6%):

20,944

Darling

Ingredients,

Inc.*

1,143,961‌

8,086

Ingredion,

Inc.

765,825‌

2,612

Marzetti

Company

(The)

298,186‌

5,704

Pilgrim's

Pride

Corp.

160,340‌

5,400

Post

Holdings,

Inc.*

476,604‌

2,844,916‌

Gas

Utilities

(1.0%):

12,694

National

Fuel

Gas

Co.

980,104‌

13,478

New

Jersey

Resources

Corp.

755,307‌

7,909

ONE

Gas,

Inc.

609,547‌

8,605

Southwest

Gas

Holdings,

Inc.

763,091‌

7,897

Spire,

Inc.

616,677‌

28,638

UGI

Corp.

989,156‌

4,713,882‌

Ground

Transportation

(1.8%):

2,261

Avis

Budget

Group,

Inc.*

334,244‌

21,377

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

1,664,627‌

4,526

Landstar

System,

Inc.

936,022‌

5,088

Ryder

System,

Inc.

1,342,062‌

3,522

Saia,

Inc.*

1,483,325‌

15,505

XPO,

Inc.*

3,183,021‌

8,943,301‌

Health

Care

Equipment

&

Supplies

(1.2%):

26,458

DENTSPLY

SIRONA,

Inc.

280,719‌

21,938

Envista

Holdings

Corp.*

578,066‌

14,936

Globus

Medical,

Inc.,

Class

A*

1,180,093‌

6,154

Haemonetics

Corp.*

461,550‌

8,553

Lantheus

Holdings,

Inc.*

948,870‌

7,280

LivaNova

plc*

598,635‌

5,177

Penumbra,

Inc.*

1,634,638‌

5,682,571‌

Health

Care

Providers

&

Services

(1.6%):

1,769

Chemed

Corp.

823,894‌

13,041

Encompass

Health

Corp.

1,318,184‌

7,652

Ensign

Group,

Inc.

(The)

1,226,616‌

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

11,092

HealthEquity,

Inc.*

$

1,001,829‌

27,927

Hims

&

Hers

Health,

Inc.*^

968,229‌

21,167

Option

Care

Health,

Inc.*

443,872‌

11,362

Tenet

Healthcare

Corp.*

2,125,603‌

7,908,227‌

Health

Care

REITs

(1.2%):

25,303

American

Healthcare

REIT,

Inc.

1,319,551‌

30,934

CareTrust

REIT,

Inc.

1,248,187‌

46,287

Healthcare

Realty

Trust,

Inc.,

Class

A

933,609‌

39,310

Omega

Healthcare

Investors,

Inc.

1,874,301‌

33,686

Sabra

Health

Care

REIT,

Inc.

657,214‌

6,032,862‌

Health

Care

Technology

(0.1%):

17,874

Doximity,

Inc.,

Class

A*

370,707‌

Hotel

&

Resort

REITs

(0.1%):

27,496

Park

Hotels

&

Resorts,

Inc.

391,818‌

Hotels,

Restaurants

&

Leisure

(2.6%):

34,667

Aramark

1,972,552‌

7,347

Boyd

Gaming

Corp.

648,961‌

13,199

Cava

Group,

Inc.*

1,035,858‌

2,770

Choice

Hotels

International,

Inc.^

305,448‌

8,757

Churchill

Downs,

Inc.

784,978‌

16,817

Dutch

Bros,

Inc.,

Class

A*

1,207,629‌

7,901

Hilton

Grand

Vacations,

Inc.*

413,775‌

5,401

Hyatt

Hotels

Corp.,

Class

A

1,046,930‌

10,271

Planet

Fitness,

Inc.,

Class

A*

535,838‌

8,674

Texas

Roadhouse,

Inc.,

Class

A

1,676,077‌

8,108

Travel

+

Leisure

Co.

619,694‌

4,781

Vail

Resorts,

Inc.

650,933‌

3,640

Wingstop,

Inc.

631,212‌

9,973

Wyndham

Hotels

&

Resorts,

Inc.

839,826‌

12,369,711‌

Household

Durables

(1.8%):

8,008

KB

Home

501,221‌

9,331

SharkNinja,

Inc.*

1,420,831‌

27,663

Somnigroup

International,

Inc.

2,168,779‌

12,223

Taylor

Morrison

Home

Corp.,

Class

A*

876,878‌

12,494

Toll

Brothers,

Inc.

2,058,387‌

3,793

TopBuild

Corp.*

1,344,732‌

8,393

Whirlpool

Corp.

330,852‌

8,701,680‌

Independent

Power

and

Renewable

Electricity

Producers

(0.7%):

8,208

Ormat

Technologies,

Inc.

893,851‌

5,989

Talen

Energy

Corp.*

2,301,333‌

3,195,184‌

Industrial

REITs

(0.9%):

7,046

EastGroup

Properties,

Inc.

1,427,026‌

17,373

First

Industrial

Realty

Trust,

Inc.

1,065,139‌

Allianz

Variable

Insurance

Products

Trust

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

176

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Industrial

REITs,

continued

29,915

Rexford

Industrial

Realty,

Inc.

$

1,002,153‌

25,507

STAG

Industrial,

Inc.

970,796‌

4,465,114‌

Insurance

(3.4%):

9,212

American

Financial

Group,

Inc.

1,289,127‌

7,638

Brighthouse

Financial,

Inc.*

483,485‌

12,286

CNO

Financial

Group,

Inc.

626,340‌

33,406

Fidelity

National

Financial,

Inc.

1,575,427‌

13,350

First

American

Financial

Corp.

915,676‌

4,638

Hanover

Insurance

Group,

Inc.

(The)

993,089‌

2,927

Kinsale

Capital

Group,

Inc.

965,354‌

29,930

Old

Republic

International

Corp.

1,224,736‌

4,165

Primerica,

Inc.

1,183,693‌

8,605

Reinsurance

Group

of

America,

Inc.

1,829,853‌

5,604

RenaissanceRe

Holdings,

Ltd.

1,775,908‌

12,208

RLI

Corp.

721,127‌

15,252

Ryan

Specialty

Holdings,

Inc.,

Class

A

575,915‌

7,781

Selective

Insurance

Group,

Inc.

754,835‌

19,300

Unum

Group

1,725,420‌

16,639,985‌

Interactive

Media

&

Services

(0.3%):

63,445

Pinterest,

Inc.,

Class

A*

1,334,248‌

IT

Services

(1.9%):

10,751

DigitalOcean

Holdings,

Inc.*

1,688,229‌

30,185

Kyndryl

Holdings,

Inc.*

341,392‌

22,137

Okta,

Inc.,

Class

A*

3,020,594‌

20,045

Twilio,

Inc.,

Class

A*

4,135,885‌

9,186,100‌

Leisure

Products

(0.5%):

8,680

Brunswick

Corp.

731,203‌

38,751

Mattel,

Inc.*

537,864‌

7,193

Polaris,

Inc.

492,289‌

10,046

YETI

Holdings,

Inc.*

497,880‌

2,259,236‌

Life

Sciences

Tools

&

Services

(1.9%):

90,879

Avantor,

Inc.*

899,702‌

2,411

Bio-Rad

Laboratories,

Inc.,

Class

A*

707,894‌

14,759

Bruker

Corp.

888,197‌

19,980

Illumina,

Inc.*

3,513,083‌

2,982

Medpace

Holdings,

Inc.*

1,579,237‌

6,988

Repligen

Corp.*

953,443‌

34,394

Sotera

Health

Co.*

610,493‌

9,152,049‌

Machinery

(5.7%):

7,992

AGCO

Corp.

956,642‌

5,878

Chart

Industries,

Inc.*

1,228,149‌

117,595

CNH

Industrial

NV

1,320,592‌

6,481

Crane

Co.

1,445,717‌

15,197

Donaldson

Co.,

Inc.

1,364,235‌

7,657

Esab

Corp.

755,210‌

Shares

Value

Common

Stocks,

continued

Machinery,

continued

16,846

Flowserve

Corp.^

$

1,249,299‌

21,754

Graco,

Inc.

1,644,820‌

11,763

ITT,

Inc.

2,326,251‌

7,210

Lincoln

Electric

Holdings,

Inc.

1,914,327‌

5,556

Middleby

Corp.

(The)*

955,688‌

14,770

Mueller

Industries,

Inc.

1,815,676‌

8,210

Oshkosh

Corp.

1,260,071‌

4,169

RBC

Bearings,

Inc.*

2,685,086‌

6,624

SPX

Technologies,

Inc.*

1,624,006‌

15,041

Terex

Corp.

1,088,818‌

8,327

Timken

Co.

(The)

1,210,080‌

12,932

Toro

Co.

(The)

1,259,835‌

3,629

Watts

Water

Technologies,

Inc.,

Class

A

1,420,572‌

27,525,074‌

Marine

Transportation

(0.2%):

7,050

Kirby

Corp.*

958,588‌

Media

(0.6%):

21,128

New

York

Times

Co.

(The),

Class

A

1,478,538‌

3,849

Nexstar

Media

Group,

Inc.,

Class

A

687,393‌

25,097

Sirius

XM

Holdings,

Inc.

741,365‌

2,907,296‌

Metals

&

Mining

(2.6%):

34,800

Alcoa

Corp.

1,814,472‌

75,993

Cleveland-Cliffs,

Inc.*

713,574‌

136,792

Coeur

Mining,

Inc.

2,232,445‌

14,506

Commercial

Metals

Co.

910,252‌

88,663

Hecla

Mining

Co.

1,368,070‌

17,851

MP

Materials

Corp.*

999,835‌

6,737

Reliance,

Inc.

2,516,943‌

10,755

Royal

Gold,

Inc.

2,146,806‌

12,702,397‌

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.6%):

96,591

Annaly

Capital

Management,

Inc.

2,159,775‌

46,552

Starwood

Property

Trust,

Inc.

762,521‌

2,922,296‌

Multi-Utilities

(0.3%):

10,106

Black

Hills

Corp.

751,886‌

8,198

Northwestern

Energy

Group,

Inc.

587,141‌

1,339,027‌

Office

REITs

(0.5%):

15,190

COPT

Defense

Properties

552,764‌

21,978

Cousins

Properties,

Inc.

658,900‌

14,148

Kilroy

Realty

Corp.

530,126‌

21,162

Vornado

Realty

Trust

831,667‌

2,573,457‌

Oil,

Gas

&

Consumable

Fuels

(3.1%):

44,412

Antero

Midstream

Corp.

1,010,373‌

38,549

Antero

Resources

Corp.*

1,354,612‌

Allianz

Variable

Insurance

Products

Trust

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

177

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

7,520

Chord

Energy

Corp.

$

859,536‌

19,125

CNX

Resources

Corp.*

648,911‌

13,459

DT

Midstream,

Inc.

1,974,974‌

20,168

HF

Sinclair

Corp.

1,404,701‌

15,620

Matador

Resources

Co.

777,564‌

18,120

Murphy

Oil

Corp.

589,987‌

35,915

Ovintiv,

Inc.

1,890,925‌

11,216

PBF

Energy,

Inc.,

Class

A

510,552‌

103,610

Permian

Resources

Corp.,

Class

A

1,907,460‌

30,620

Range

Resources

Corp.

1,138,758‌

25,771

Viper

Energy,

Inc.,

Class

A

1,092,690‌

15,161,043‌

Paper

&

Forest

Products

(0.1%):

8,385

Louisiana-Pacific

Corp.

659,564‌

Passenger

Airlines

(0.5%):

14,525

Alaska

Air

Group,

Inc.*

758,205‌

87,466

American

Airlines

Group,

Inc.*

1,580,511‌

2,338,716‌

Personal

Care

Products

(0.1%):

7,865

elf

Beauty,

Inc.*

582,010‌

Pharmaceuticals

(0.7%):

65,984

Elanco

Animal

Health,

Inc.*

1,623,866‌

8,065

Jazz

Pharmaceuticals

plc*

1,943,423‌

219

Jazz

Pharmaceuticals

plc,

ADR*

52,773‌

3,620,062‌

Professional

Services

(2.0%):

15,800

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

958,586‌

2,944

CACI

International,

Inc.,

Class

A*

1,363,837‌

20,352

ExlService

Holdings,

Inc.*

526,303‌

6,387

Exponent,

Inc.

375,300‌

3,962

FTI

Consulting,

Inc.*

590,378‌

21,305

Genpact,

Ltd.

585,888‌

16,879

KBR,

Inc.

582,832‌

7,099

Maximus,

Inc.

381,642‌

7,130

Parsons

Corp.*

373,541‌

5,625

Paylocity

Holding

Corp.*

587,981‌

5,637

Science

Applications

International

Corp.

622,381‌

25,260

TransUnion

1,822,256‌

10,393

Ul

Solutions,

Inc.,

Class

A

1,058,631‌

9,829,556‌

Real

Estate

Management

&

Development

(0.4%):

6,122

Jones

Lang

LaSalle,

Inc.*

1,897,514‌

Residential

REITs

(0.7%):

41,515

American

Homes

4

Rent,

Class

A

1,391,583‌

25,334

Equity

LifeStyle

Properties,

Inc.

1,632,776‌

31,694

Independence

Realty

Trust,

Inc.

528,973‌

3,553,332‌

Shares

Value

Common

Stocks,

continued

Retail

REITs

(0.9%):

15,567

Agree

Realty

Corp.

$

1,179,045‌

40,986

Brixmor

Property

Group,

Inc.

1,292,289‌

27,125

Kite

Realty

Group

Trust

769,807‌

24,668

NNN

REIT,

Inc.

1,147,802‌

4,388,943‌

Semiconductors

&

Semiconductor

Equipment

(5.7%):

16,556

Allegro

MicroSystems,

Inc.*

1,152,629‌

15,019

Amkor

Technology,

Inc.

1,295,088‌

6,805

Cirrus

Logic,

Inc.*

1,010,747‌

20,133

Entegris,

Inc.

3,621,121‌

18,088

Lattice

Semiconductor

Corp.*

2,766,740‌

8,670

MACOM

Technology

Solutions

Holdings,

Inc.*

3,297,808‌

8,923

MKS,

Inc.

3,968,950‌

6,570

Onto

Innovation,

Inc.*

2,486,417‌

14,270

Rambus,

Inc.*

1,894,200‌

12,289

Semtech

Corp.*

1,988,975‌

4,401

Silicon

Laboratories,

Inc.*

961,883‌

2,930

SiTime

Corp.*

2,184,491‌

5,079

Synaptics,

Inc.*

630,964‌

5,594

Universal

Display

Corp.

484,384‌

27,744,397‌

Software

(2.7%):

3,210

Appfolio,

Inc.,

Class

A*

514,723‌

19,882

Bentley

Systems,

Inc.,

Class

B

594,273‌

11,756

BILL

Holdings,

Inc.*

425,097‌

5,510

Commvault

Systems,

Inc.*

780,932‌

25,442

Docusign,

Inc.,

Class

A*

1,130,134‌

8,038

Dolby

Laboratories,

Inc.,

Class

A

422,638‌

19,827

Dropbox,

Inc.,

Class

A*

544,648‌

38,695

Dynatrace,

Inc.*

1,699,097‌

11,143

Guidewire

Software,

Inc.*

1,371,146‌

3,414

InterDigital,

Inc.

966,606‌

7,782

Manhattan

Associates,

Inc.*

1,083,644‌

34,950

Nutanix,

Inc.,

Class

A*

1,781,052‌

12,145

Pegasystems,

Inc.

363,986‌

4,607

Qualys,

Inc.*

633,416‌

56,629

UiPath,

Inc.,

Class

A*

615,557‌

12,926,949‌

Specialized

REITs

(1.3%):

29,548

CubeSmart

1,175,124‌

10,305

EPR

Properties

597,793‌

37,117

Gaming

and

Leisure

Properties,

Inc.

1,652,820‌

11,463

Lamar

Advertising

Co.,

Class

A

1,787,999‌

9,446

National

Storage

Affiliates

Trust

420,064‌

36,959

Rayonier,

Inc.

786,487‌

6,420,287‌

Specialty

Retail

(3.0%):

5,976

Abercrombie

&

Fitch

Co.*

537,900‌

3,363

AutoNation,

Inc.*

624,812‌

26,747

Bath

&

Body

Works,

Inc.

618,658‌

Allianz

Variable

Insurance

Products

Trust

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

178

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

8,284

Burlington

Stores,

Inc.*

$

2,624,371‌

31,921

Chewy,

Inc.,

Class

A*

627,247‌

8,662

Dick's

Sporting

Goods,

Inc.

1,964,628‌

7,282

Five

Below,

Inc.*

1,309,231‌

14,163

Floor

&

Decor

Holdings,

Inc.,

Class

A*

840,716‌

54,962

GameStop

Corp.,

Class

A*

1,213,561‌

29,966

Gap,

Inc.

(The)

559,765‌

3,042

Lithia

Motors,

Inc.,

Class

A

883,670‌

2,218

Murphy

USA,

Inc.

1,195,214‌

2,478

Penske

Automotive

Group,

Inc.

443,438‌

2,054

RH*

338,355‌

17,042

Valvoline,

Inc.*

673,841‌

14,455,407‌

Technology

Hardware,

Storage

&

Peripherals

(0.7%):

41,645

Everpure,

Inc.,

Class

A*

3,281,210‌

Textiles,

Apparel

&

Luxury

Goods

(0.5%):

15,778

Capri

Holdings,

Ltd.*

292,997‌

3,211

Columbia

Sportswear

Co.

198,504‌

6,499

Crocs,

Inc.*

784,039‌

6,107

PVH

Corp.

453,506‌

43,276

VF

Corp.

721,844‌

2,450,890‌

Trading

Companies

&

Distributors

(1.8%):

4,868

Applied

Industrial

Technologies,

Inc.

1,646,114‌

24,771

Core

&

Main,

Inc.,

Class

A*

1,195,201‌

4,755

GATX

Corp.

842,538‌

6,008

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

714,652‌

4,616

Watsco,

Inc.

1,923,626‌

6,419

WESCO

International,

Inc.

2,217,315‌

8,539,446‌

Shares

Value

Common

Stocks,

continued

Water

Utilities

(0.3%):

37,886

Essential

Utilities,

Inc.

$

1,451,413‌

Total

Common

Stocks

(Cost

$280,472,574)

481,560,519‌

Affiliated

Investment

Company

(0.6%):

Money

Market

Funds

(0.6%):

2,893,091

BlackRock

Liquidity

FedFund,

Institutional

Class,

3.54%

+(a)(b)

2,893,091‌

Total

Affiliated

Investment

Company

(Cost

$2,893,091)

2,893,091‌

Unaffiliated

Investment

Company

(0.2%):

Money

Market

Funds

(0.2%):

867,739

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.53%

(b)

867,739‌

Total

Unaffiliated

Investment

Company

(Cost

$867,739)

867,739‌

Total

Investment

Securities

(Cost

$284,233,404

)

—

100.3%

485,321,349‌

Net

other

assets

(liabilities)

—

(0.3)%

(1,480,30

1‌

)

Net

Assets

—

100.0%

$

483,841,04

8‌

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

June

30,

2026.

The

total

value

of

securities

on

loan

as

of

June

30,

2026

was

$2,857,857.

+

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

June

30,

2026.

(b)

The

rate

represents

the

effective

yield

at

June

30,

2026.

Allianz

Variable

Insurance

Products

Trust

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

179

See

accompanying

notes

to

the

financial

statements.

Futures

Contracts

At

June

30,

2026,

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

September

Future

(U.S.

Dollar)

9/18/26

15

$

5,827,500‌

$

32,648‌

$

32,648‌

Allianz

Variable

Insurance

Products

Trust

AZL

Moderate

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

180

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

Shares

Value

Affiliated

Investment

Companies

(

100

.2

%

):

Domestic

Equity

Funds

(

44

.4

%

):

2,352,244

AZL

Mid

Cap

Index

Fund,

Class

2

$

45,210,128

18,322,683

AZL

S&P

500

Index

Fund,

Class

2

463,747,100

2,384,474

AZL

Small

Cap

Stock

Index

Fund,

Class

2

32,905,742

541,862,970

Fixed

Income

Fund

(

39

.1

%

):

48,718,570

AZL

Enhanced

Bond

Index

Fund

477,929,175

International

Equity

Fund

(

16

.7

%

):

8,503,611

AZL

International

Index

Fund,

Class

2

204,256,731

Total

Affiliated

Investment

Companies

(Cost

$1,083,020,236)

1,224,048,876

Total

Investment

Securities

(Cost

$

1,083,020,236

)

—

100

.2

%

1,224,048,876

Net

other

assets

(liabilities)

—

(

0

.2

)

%

(

1,951,981

)

Net

Assets

—

100.0%

$

1,222,096,895

Allianz

Variable

Insurance

Products

Trust

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

181

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks

(

99

.6

%

):

Aerospace

&

Defense

(

2

.1

%

):

2,302

Airbus

SE

$

512,330

302

Axon

Enterprise,

Inc.*

169,304

11,801

BAE

Systems

plc

288,648

2,900

Boeing

Co.

(The)*

627,763

324

Bombardier,

Inc.,

Class

B*

74,606

1,009

CAE,

Inc.*

25,266

153

Curtiss-Wright

Corp.

115,937

42

Dassault

Aviation

SA

13,786

103

Elbit

Systems,

Ltd.

78,405

363

FTAI

Aviation,

Ltd.

98,202

877

General

Dynamics

Corp.

310,669

145

HEICO

Corp.

51,648

317

HEICO

Corp.,

Class

A

81,757

240

Hensoldt

AG

18,583

1,255

Honeywell

Aerospace,

Inc.*

277,455

1,591

Howmet

Aerospace,

Inc.

427,756

1,671

Kongsberg

Gruppen

ASA

50,395

711

L3Harris

Technologies,

Inc.

206,610

1,617

Leonardo

SpA

86,705

803

Lockheed

Martin

Corp.

409,096

4,838

Melrose

Industries

plc

30,502

214

MTU

Aero

Engines

AG

88,999

537

Northrop

Grumman

Corp.

273,500

182

Rheinmetall

AG

205,992

2,077

Rocket

Lab

Corp.*

211,127

32,814

Rolls-Royce

Holdings

plc

629,919

5,266

RTX

Corp.

999,118

1,282

Saab

AB,

Class

B

66,521

1,360

Safran

SA

537,648

6,400

Singapore

Technologies

Engineering,

Ltd.

51,653

776

Textron,

Inc.

71,183

377

Thales

SA

96,853

216

TransDigm

Group,

Inc.

287,721

7,475,657

Air

Freight

&

Logistics

(

0

.4

%

):

466

CH

Robinson

Worldwide,

Inc.

87,766

3,771

Deutsche

Post

AG

228,804

794

DSV

A/S

188,503

549

Expeditors

International

of

Washington,

Inc.

89,476

844

FedEx

Corp.

264,282

448

FedEx

Freight

Holding

Co.,

Inc.*

67,648

2,943

United

Parcel

Service,

Inc.,

Class

B

316,373

1,242,852

Automobile

Components

(

0

.2

%

):

2,400

Aisin

Corp.

32,432

988

Aptiv

plc*

60,644

3,500

Bridgestone

Corp.

73,700

2,225

Cie

Generale

des

Etablissements

Michelin

SCA

85,935

513

Continental

AG

42,303

6,000

Denso

Corp.

69,311

Shares

Value

Common

Stocks,

continued

Automobile

Components,

continued

1,166

Magna

International,

Inc.

$

76,681

10,800

Sumitomo

Electric

Industries,

Ltd.

199,371

640,377

Automobiles

(

1

.9

%

):

1,096

Bayerische

Motoren

Werke

AG,

ADR

71,716

471

Ferrari

NV

174,540

15,002

Ford

Motor

Co.

208,528

3,532

General

Motors

Co.

272,247

14,000

Honda

Motor

Co.,

Ltd.

126,841

2,100

Isuzu

Motors,

Ltd.

27,771

2,787

Mercedes-Benz

Group

AG

139,876

11,300

Nissan

Motor

Co.,

Ltd.*^

20,979

950

Renault

SA

27,251

3,269

Rivian

Automotive,

Inc.,

Class

A*

56,717

8,011

Stellantis

NV,

NYS*

45,668

2,200

Subaru

Corp.

32,421

6,100

Suzuki

Motor

Corp.

73,433

10,972

Tesla,

Inc.*

4,614,823

37,700

Toyota

Motor

Corp.

632,297

5,200

Yamaha

Motor

Co.,

Ltd.^

39,372

6,564,480

Banks

(

7

.3

%

):

1,998

ABN

AMRO

Bank

NV,

Class

CV

84,970

8,889

AIB

Group

plc

104,450

11,726

ANZ

Group

Holdings,

Ltd.

287,278

7,381

Banca

Monte

dei

Paschi

di

Siena

SpA

91,642

22,197

Banco

Bilbao

Vizcaya

Argentaria

SA

556,788

4,873

Banco

BPM

SpA

84,158

32,342

Banco

Comercial

Portugues

SA,

Class

R

38,282

19,945

Banco

de

Sabadell

SA

70,842

56,305

Banco

Santander

SA

778,866

4,899

Bank

Hapoalim

BM

113,084

5,548

Bank

Leumi

Le-Israel

BM,

Class

IS

124,220

26,448

Bank

of

America

Corp.

1,507,007

3,706

Bank

of

Ireland

Group

plc

73,864

2,670

Bank

of

Montreal

471,962

4,844

Bank

of

Nova

Scotia

(The)

421,070

2,277

Bankinter

SA

38,200

93

Banque

Cantonale

Vaudoise,

Registered

Shares^

13,630

53,275

Barclays

plc

357,704

319

BAWAG

Group

AG

63,954

3,915

BNP

Paribas

SA

457,536

15,500

BOC

Hong

Kong

Holdings,

Ltd.

84,069

5,891

BPER

Banca

SpA

92,459

13,695

CaixaBank

SA

194,366

3,636

Canadian

Imperial

Bank

of

Commerce^

418,752

2,800

Chiba

Bank,

Ltd.

(The)

42,587

6,661

Citigroup,

Inc.

932,274

1,536

Citizens

Financial

Group,

Inc.

107,628

Allianz

Variable

Insurance

Products

Trust

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

182

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Banks,

continued

2,694

Commerzbank

AG^

$

114,621

6,550

Commonwealth

Bank

of

Australia

748,459

3,262

Credit

Agricole

SA

65,613

2,458

Danske

Bank

A/S

131,890

7,860

DBS

Group

Holdings,

Ltd.

397,248

7,314

Deutsche

Bank

AG,

Registered

Shares

247,624

3,360

DNB

Bank

ASA

99,971

1,158

Erste

Group

Bank

AG

155,128

3,435

Fifth

Third

Bancorp

193,631

2,224

FinecoBank

Banca

Fineco

SpA

55,791

32

First

Citizens

BancShares,

Inc.,

Class

A

66,585

67,119

HSBC

Holdings

plc

1,274,722

7,391

Huntington

Bancshares,

Inc.

131,042

11,428

ING

Groep

NV

361,522

53,460

Intesa

Sanpaolo

SpA

366,170

5,286

Israel

Discount

Bank,

Ltd.,

Class

A

52,469

6,600

Japan

Post

Bank

Co.,

Ltd.

125,736

10,457

JPMorgan

Chase

&

Co.

3,422,890

912

KBC

Group

NV

124,387

3,497

KeyCorp

80,606

223,285

Lloyds

Banking

Group

plc

329,412

533

M&T

Bank

Corp.

126,859

41,800

Mitsubishi

UFJ

Financial

Group,

Inc.

829,309

608

Mizrahi

Tefahot

Bank,

Ltd.

40,233

9,050

Mizuho

Financial

Group,

Inc.

434,612

11,660

National

Australia

Bank,

Ltd.

306,619

1,447

National

Bank

of

Canada

228,473

30,527

NatWest

Group

plc

269,015

11,473

Nordea

Bank

Abp

217,878

12,900

Oversea-Chinese

Banking

Corp.,

Ltd.

248,222

646

Pinnacle

Financial

Partners,

Inc.

65,168

1,583

PNC

Financial

Services

Group,

Inc.

(The)

389,766

446

Raiffeisen

Bank

International

AG

28,483

3,406

Regions

Financial

Corp.

102,861

8,900

Resona

Holdings,

Inc.

116,093

5,472

Royal

Bank

of

Canada

1,133,218

5,623

Skandinaviska

Enskilda

Banken

AB,

Class

A

111,937

2,398

Societe

Generale

SA

212,319

6,861

Standard

Chartered

plc

185,932

14,200

Sumitomo

Mitsui

Financial

Group,

Inc.

555,222

2,400

Sumitomo

Mitsui

Trust

Group,

Inc.

89,602

5,761

Svenska

Handelsbanken

AB,

Class

A

84,791

3,453

Swedbank

AB,

Class

A

128,991

6,497

Toronto-Dominion

Bank

(The)

790,031

4,770

Truist

Financial

Corp.

237,641

5,260

UniCredit

SpA

470,559

5,004

United

Overseas

Bank,

Ltd.

154,323

6,132

US

Bancorp

370,373

11,912

Wells

Fargo

&

Co.

984,408

13,635

Westpac

Banking

Corp.

333,288

Shares

Value

Common

Stocks,

continued

Banks,

continued

4,700

Yokohama

Financial

Group,

Inc.

$

50,214

25,453,599

Beverages

(

1

.0

%

):

3,418

Anheuser-Busch

InBev

SA/NV

281,780

5,000

Asahi

Group

Holdings,

Ltd.

47,574

395

Carlsberg

AS,

Class

B

51,837

15,193

Coca-Cola

Co.

(The)

1,234,735

774

Coca-Cola

Europacific

Partners

plc

77,454

931

Coca-Cola

HBC

AG*

60,760

550

Constellation

Brands,

Inc.,

Class

A

76,500

8,517

Diageo

plc

171,159

436

Heineken

Holding

NV

33,259

1,107

Heineken

NV

93,103

5,151

Keurig

Dr

Pepper,

Inc.

168,592

3,400

Kirin

Holdings

Co.,

Ltd.

58,265

2,847

Monster

Beverage

Corp.*

273,654

5,371

PepsiCo,

Inc.

727,233

895

Pernod

Ricard

SA

65,347

3,421,252

Biotechnology

(

1

.5

%

):

6,929

AbbVie,

Inc.

1,743,614

204

Abivax

SA*

27,085

499

Alnylam

Pharmaceuticals,

Inc.*

150,214

2,119

Amgen,

Inc.

767,332

247

Argenx

SE*

229,102

504

Biogen,

Inc.*

108,894

1,744

CSL,

Ltd.

138,872

239

Genmab

A/S*

65,477

4,867

Gilead

Sciences,

Inc.

614,897

740

Incyte

Corp.*

83,886

825

Insmed,

Inc.*

87,962

531

Natera,

Inc.*

144,140

385

Neurocrine

Biosciences,

Inc.*

64,886

393

Regeneron

Pharmaceuticals,

Inc.

245,051

601

Revolution

Medicines,

Inc.*

112,555

832

Swedish

Orphan

Biovitrum

AB*

39,669

143

United

Therapeutics

Corp.*

77,482

997

Vertex

Pharmaceuticals,

Inc.*

495,240

5,196,358

Broadline

Retail

(

3

.0

%

):

37,734

Amazon.com,

Inc.*

8,993,522

221

Canadian

Tire

Corp.,

Class

A

30,444

1,023

Dollarama,

Inc.

135,347

1,623

eBay,

Inc.

181,370

180

MercadoLibre,

Inc.*

305,530

455

Next

plc

87,792

9,000

Pan

Pacific

International

Holdings

Corp.

45,940

5,262

Prosus

NV*

228,691

5,100

Rakuten

Group,

Inc.*

23,797

1,600

Ryohin

Keikaku

Co.,

Ltd.

34,958

1,465

Sea,

Ltd.,

ADR*

140,391

Allianz

Variable

Insurance

Products

Trust

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

183

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Broadline

Retail,

continued

4,298

Wesfarmers,

Ltd.

$

269,689

10,477,471

Building

Products

(

0

.5

%

):

1,000

AGC,

Inc.

43,249

357

Allegion

plc,

ADR*

50,155

3,572

Assa

Abloy

AB,

Class

B

126,208

46

Belimo

Holding

AG,

Class

R

51,878

183

Carlisle

Cos.,

Inc.

66,383

2,852

Carrier

Global

Corp.

209,194

1,795

Cie

de

Saint-Gobain

SA

162,497

900

Daikin

Industries,

Ltd.

136,722

136

Geberit

AG,

Registered

Shares

90,776

2,416

Johnson

Controls

International

plc

353,002

618

Kingspan

Group

plc

56,522

118

Lennox

International,

Inc.

67,608

732

Masco

Corp.

59,563

4,215

Nibe

Industrier

AB,

Class

B

15,672

859

Trane

Technologies

plc

421,907

1,911,336

Capital

Markets

(

2

.9

%

):

3,756

3i

Group

plc

123,940

340

Ameriprise

Financial,

Inc.

155,978

158

Amundi

SA

15,162

885

Ares

Management

Corp.,

Class

A

98,509

934

ASX,

Ltd.

34,486

2,689

Bank

of

New

York

Mellon

Corp.

(The)

388,856

573

Blackrock,

Inc.

+

550,974

2,856

Blackstone,

Inc.

336,066

1,299

Brookfield

Asset

Management,

Ltd.,

Class

A

58,277

7,933

Brookfield

Corp.,

Class

A

338,499

1,101

Carlyle

Group,

Inc.

(The)

46,363

383

Cboe

Global

Markets,

Inc.

92,943

6,530

Charles

Schwab

Corp.

(The)

602,523

1,415

CME

Group,

Inc.,

Class

A

312,474

881

Coinbase

Global,

Inc.,

Class

A*

128,793

1,102

CVC

Capital

Partners

plc

16,012

6,000

Daiwa

Securities

Group,

Inc.

59,002

681

Deutsche

Boerse

AG

185,807

1,614

EQT

AB

45,674

279

Euronext

NV

44,632

175

Futu

Holdings,

Ltd.,

ADR

16,405

1,154

Goldman

Sachs

Group,

Inc.

(The)

1,167,121

4,500

Hong

Kong

Exchanges

&

Clearing,

Ltd.

209,155

1,705

Interactive

Brokers

Group,

Inc.,

Class

A

148,403

2,251

Intercontinental

Exchange,

Inc.

277,121

3,700

Japan

Exchange

Group,

Inc.

46,636

797

Julius

Baer

Group,

Ltd.

68,908

2,345

KKR

&

Co.,

Inc.

215,224

1,773

London

Stock

Exchange

Group

plc

191,955

268

LPL

Financial

Holdings,

Inc.

75,490

1,430

Macquarie

Group,

Ltd.

248,811

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

595

Moody's

Corp.

$

269,487

4,645

Morgan

Stanley

970,991

280

MSCI,

Inc.,

Class

A

156,811

1,807

Nasdaq,

Inc.

142,428

10,800

Nomura

Holdings,

Inc.

94,249

722

Northern

Trust

Corp.

125,513

85

Partners

Group

Holding

AG

69,615

657

Raymond

James

Financial,

Inc.

99,884

2,941

Robinhood

Markets,

Inc.,

Class

A*

294,924

1,180

S&P

Global,

Inc.

480,567

2,000

SBI

Holdings,

Inc.

32,533

2,664

Schroders

plc

20,758

3,200

Singapore

Exchange,

Ltd.

59,879

1,136

State

Street

Corp.

192,666

806

T.

Rowe

Price

Group,

Inc.

91,634

1,169

TMX

Group,

Ltd.

38,274

376

Tradeweb

Markets,

Inc.,

Class

A

37,472

12,382

UBS

Group

AG

613,539

10,091,423

Chemicals

(

1

.3

%

):

2,547

Air

Liquide

SA

504,351

827

Air

Products

and

Chemicals,

Inc.

242,460

722

Akzo

Nobel

NV

48,964

5,000

Asahi

Kasei

Corp.

55,157

3,461

BASF

SE

184,992

598

CF

Industries

Holdings,

Inc.

64,739

2,533

Corteva,

Inc.

214,520

2,709

Dow,

Inc.

74,118

624

DSM-Firmenich

AG

59,191

495

DuPont

de

Nemours,

Inc.

67,142

1,001

Ecolab,

Inc.

278,889

36

EMS-Chemie

Holding

AG

30,900

988

Evonik

Industries

AG

17,926

38

Givaudan

SA,

Registered

Shares

161,068

2,385

ICL

Group,

Ltd.

11,975

968

International

Flavors

&

Fragrances,

Inc.

76,685

1,791

Linde

plc

929,422

970

LyondellBasell

Industries

NV,

Class

A

51,070

4,700

Mitsubishi

Chemical

Group

Corp.

32,658

3,800

Nippon

Paint

Holdings

Co.,

Ltd.

24,736

600

Nippon

Sanso

Holdings

Corp.

22,139

2,700

Nitto

Denko

Corp.

53,192

1,496

Novonesis

(Novozymes)

B

94,547

1,871

Nutrien,

Ltd.^

117,886

933

PPG

Industries,

Inc.

113,164

700

Resonac

Holdings

Corp.

78,062

463

RPM

International,

Inc.

51,462

902

Sherwin-Williams

Co.

(The)

310,577

6,200

Shin-Etsu

Chemical

Co.,

Ltd.

270,392

579

Sika

AG,

Registered

Shares

119,329

456

Syensqo

SA

33,671

440

Symrise

AG,

Class

A

44,153

6,300

Toray

Industries,

Inc.

43,736

Allianz

Variable

Insurance

Products

Trust

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

184

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

557

Yara

International

ASA

$

24,498

4,507,771

Commercial

Services

&

Supplies

(

0

.4

%

):

5,864

Brambles,

Ltd.

79,152

1,296

Cintas

Corp.

220,424

3,800

Copart,

Inc.*

107,122

1,300

Dai

Nippon

Printing

Co.,

Ltd.

23,808

1,877

Element

Fleet

Management

Corp.

38,742

1,105

GFL

Environmental,

Inc.

40,636

675

RB

Global,

Inc.

78,591

9,519

Rentokil

Initial

plc

53,882

771

Republic

Services,

Inc.,

Class

A

164,285

1,131

Rollins,

Inc.

47,208

1,400

Secom

Co.,

Ltd.

55,639

1,439

Securitas

AB,

Class

B

23,638

900

TOPPAN

Holdings,

Inc.

28,546

814

Veralto

Corp.

72,186

1,311

Verisure

plc*

14,630

979

Waste

Connections,

Inc.

163,189

1,588

Waste

Management,

Inc.

353,933

1,565,611

Communications

Equipment

(

1

.1

%

):

4,194

Arista

Networks,

Inc.*

712,477

565

Ciena

Corp.*

277,166

15,347

Cisco

Systems,

Inc.

1,802,659

216

F5,

Inc.*

89,847

276

Lumentum

Holdings,

Inc.*

236,825

660

Motorola

Solutions,

Inc.

274,091

18,892

Nokia

Oyj

250,071

9,718

Telefonaktiebolaget

LM

Ericsson,

Class

B

108,499

3,751,635

Construction

&

Engineering

(

0

.5

%

):

711

ACS

Actividades

de

Construccion

y

Servicios

SA

104,983

504

AtkinsRealis

Group,

Inc.

31,304

977

Bouygues

SA

54,507

141

Comfort

Systems

USA,

Inc.

279,455

239

Eiffage

SA

35,283

178

EMCOR

Group,

Inc.

147,719

1,755

Ferrovial

NV

120,384

57

HOCHTIEF

AG

33,025

1,700

Kajima

Corp.

62,079

239

MasTec,

Inc.*

99,438

2,400

Obayashi

Corp.

48,586

582

Quanta

Services,

Inc.

419,063

2,100

Shimizu

Corp.

33,305

1,177

Skanska

AB,

Class

B

31,508

534

Stantec,

Inc.

36,835

500

Taisei

Corp.

44,317

1,801

Vinci

SA

263,384

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

553

WSP

Global,

Inc.

$

68,574

1,913,749

Construction

Materials

(

0

.3

%

):

1,833

Amrize,

Ltd.*

97,699

340

Buzzi

SpA

17,406

2,621

CRH

plc

280,447

496

Heidelberg

Materials

AG

94,607

1,943

Holcim

AG*

175,955

240

Martin

Marietta

Materials,

Inc.

138,408

529

Vulcan

Materials

Co.

156,061

960,583

Consumer

Finance

(

0

.4

%

):

2,094

American

Express

Co.

708,298

2,363

Capital

One

Financial

Corp.

474,065

4,718

SoFi

Technologies,

Inc.*

84,594

1,285

Synchrony

Financial

97,724

1,364,681

Consumer

Staples

Distribution

&

Retail

(

1

.6

%

):

7,600

Aeon

Co.,

Ltd.

62,729

2,671

Alimentation

Couche-Tard,

Inc.

170,269

2,172

Carrefour

SA

40,343

154

Casey's

General

Stores,

Inc.

122,398

5,817

Coles

Group,

Ltd.

98,183

1,740

Costco

Wholesale

Corp.

1,627,718

882

Dollar

General

Corp.

101,527

770

Dollar

Tree,

Inc.*

93,132

274

Empire

Co.,

Ltd.

9,597

714

George

Weston,

Ltd.

51,255

5,394

J

Sainsbury

plc

22,887

807

Kesko

Oyj,

Class

B

18,041

3,395

Koninklijke

Ahold

Delhaize

NV

136,621

2,044

Kroger

Co.

(The)

113,503

2,477

Loblaw

Cos.,

Ltd.

112,383

888

Metro,

Inc.,

Class

A

56,783

7,900

Seven

&

i

Holdings

Co.,

Ltd.

95,240

1,797

Sysco

Corp.

150,193

1,707

Target

Corp.

222,951

23,954

Tesco

plc

146,237

17,053

Walmart,

Inc.

1,931,423

4,924

Woolworths

Group,

Ltd.

136,392

5,519,805

Containers

&

Packaging

(

0

.1

%

):

1,783

Amcor

plc,

ADR

77,293

345

Avery

Dennison

Corp.

56,011

921

Ball

Corp.

57,470

681

CCL

Industries,

Inc.,

Class

B

44,406

1,688

International

Paper

Co.

64,313

384

Packaging

Corp.

of

America

91,499

1,370

Smurfit

WestRock

plc

63,376

599

Smurfit

WestRock

plc,

ADR

27,710

482,078

Allianz

Variable

Insurance

Products

Trust

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

185

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Distributors

(

0

.0

%

†

):

91

D'ieteren

Group

$

17,728

628

Genuine

Parts

Co.

74,092

91,820

Diversified

Consumer

Services

(

0

.0

%

†

):

1,931

Pearson

plc

30,654

Diversified

REITs

(

0

.0

%

†

):

22,973

CapitaLand

Integrated

Commercial

Trust

42,237

316

Covivio

SA

19,361

1,994

Land

Securities

Group

plc

17,226

9,485

Stockland

26,868

900

WP

Carey,

Inc.

64,350

170,042

Diversified

Telecommunication

Services

(

0

.9

%

):

933

AST

SpaceMobile,

Inc.,

Class

A*^

82,906

26,951

AT&T,

Inc.

557,886

915

BCE,

Inc.

19,712

25,258

BT

Group

plc

63,684

1,863

Cellnex

Telecom

SA*

55,784

13,168

Deutsche

Telekom

AG

358,852

602

Elisa

Oyj

25,273

20,000

HKT

Trust

&

HKT,

Ltd.,

Class

SS

29,745

15,541

Koninklijke

KPN

NV

77,090

110,000

NTT,

Inc.

98,115

7,205

Orange

SA

135,891

30,200

Singapore

Telecommunications,

Ltd.

103,514

2,044

Space

Exploration

Technologies

Corp.,

Class

A*

349,238

104

Swisscom

AG,

Registered

Shares

80,281

5,982

Telecom

Italia

Spa*

54,517

15,654

Telefonica

SA

62,912

1,907

Telenor

ASA

27,414

11,109

Telia

Co.

AB

54,105

16,754

Telstra

Group,

Ltd.

58,909

1,970

TELUS

Corp.

20,838

16,470

Verizon

Communications,

Inc.

697,340

3,014,006

Electric

Utilities

(

1

.6

%

):

94

Acciona

SA^

29,789

1,052

Alliant

Energy

Corp.

80,257

2,082

American

Electric

Power

Co.,

Inc.

284,838

77

BKW

AG

12,967

2,600

Chubu

Electric

Power

Co.,

Inc.

48,897

7,500

CLP

Holdings,

Ltd.

70,104

1,215

Constellation

Energy

Corp.

301,770

4,136

Contact

Energy,

Ltd.

21,907

2,998

Duke

Energy

Corp.

379,487

1,408

Edison

International

104,826

12,692

EDP

-

Energias

de

Portugal

SA

66,440

164

Elia

Group

SA/NV,

Class

B

26,083

1,024

Emera,

Inc.

54,323

1,281

Endesa

SA^

58,373

Shares

Value

Common

Stocks,

continued

Electric

Utilities,

continued

28,705

Enel

SpA

$

329,780

1,853

Entergy

Corp.

212,836

833

Evergy,

Inc.

71,996

1,439

Eversource

Energy

103,996

3,804

Exelon

Corp.

177,342

2,111

FirstEnergy

Corp.

100,357

2,039

Fortis,

Inc.

116,824

1,820

Fortum

Oyj

42,043

1,170

Hydro

One,

Ltd.

48,265

23,372

Iberdrola

SA

583,277

3,900

Kansai

Electric

Power

Co.,

Inc.

(The)

54,817

8,131

NextEra

Energy,

Inc.

713,658

828

NRG

Energy,

Inc.

120,938

7,022

Origin

Energy,

Ltd.

53,368

8,912

PG&E

Corp.

149,900

6,500

Power

Assets

Holdings,

Ltd.

47,431

3,041

PPL

Corp.

110,540

1,850

Redeia

Corp.

SA^

31,477

4,449

Southern

Co.

(The)

425,814

4,700

SSE

plc

151,873

6,068

Terna

-

Rete

Elettrica

Nazionale

70,991

453

Verbund

AG

28,772

2,473

Xcel

Energy,

Inc.

198,582

5,484,938

Electrical

Equipment

(

1

.9

%

):

6,129

ABB,

Ltd.,

Registered

Shares

665,168

898

AMETEK,

Inc.

217,262

1,076

Bloom

Energy

Corp.,

Class

A*

325,705

1,497

Eaton

Corp.

plc

637,902

2,205

Emerson

Electric

Co.

315,646

500

Fuji

Electric

Co.,

Ltd.

42,314

6,000

Fujikura,

Ltd.

232,932

2,000

Furukawa

Electric

Co.,

Ltd.

59,484

1,058

GE

Vernova,

Inc.

1,243,002

203

Hubbell,

Inc.,

Class

B

106,210

1,040

Legrand

SA

175,529

7,500

Mitsubishi

Electric

Corp.

275,059

2,900

NIDEC

Corp.*

47,642

1,092

Prysmian

SpA

183,424

455

Rockwell

Automation,

Inc.

225,261

2,115

Schneider

Electric

SE

693,839

2,999

Siemens

Energy

AG

568,345

1,405

Vertiv

Holdings

Co.,

Class

A

470,422

4,019

Vestas

Wind

Systems

A/S

113,563

6,598,709

Electronic

Equipment,

Instruments

&

Components

(

1

.3

%

):

4,754

Amphenol

Corp.,

Class

A

838,225

484

CDW

Corp.

68,070

449

Celestica,

Inc.*

163,769

737

Coherent

Corp.*

290,724

3,132

Corning,

Inc.

800,007

139

Fabrinet*

78,129

1,420

Flex,

Ltd.*

230,139

Allianz

Variable

Insurance

Products

Trust

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

186

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

1,688

Halma

plc

$

88,171

8,241

Hexagon

AB,

Class

B

68,186

1,000

Ibiden

Co.,

Ltd.

150,151

414

Jabil,

Inc.

159,589

700

Keyence

Corp.

352,711

659

Keysight

Technologies,

Inc.*

230,696

4,400

Kyocera

Corp.

97,562

6,300

Murata

Manufacturing

Co.,

Ltd.

454,093

7,600

TDK

Corp.

169,770

1,114

TE

Connectivity

plc

224,594

172

Teledyne

Technologies,

Inc.*

114,707

725

Trimble,

Inc.*

37,106

1,200

Yokogawa

Electric

Corp.

42,159

4,658,558

Energy

Equipment

&

Services

(

0

.2

%

):

3,717

Baker

Hughes

Co.,

Class

A

206,293

3,522

Halliburton

Co.

119,572

5,914

SLB,

Ltd.

274,942

1,607

TechnipFMC

plc

106,544

1,426

Tenaris

SA

39,459

746,810

Entertainment

(

1

.0

%

):

1,500

Capcom

Co.,

Ltd.

27,842

323

CTS

Eventim

AG

&

Co.

KGaA

18,843

854

Electronic

Arts,

Inc.

175,104

300

Konami

Group

Corp.

32,791

754

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C*

71,736

618

Live

Nation

Entertainment,

Inc.*

113,162

16,295

Netflix,

Inc.*

1,163,463

1,400

Nexon

Co.,

Ltd.

18,624

4,500

Nintendo

Co.,

Ltd.

188,993

2,261

ROBLOX

Corp.,

Class

A*

122,953

585

Spotify

Technology

SA*

268,591

633

Take-Two

Interactive

Software,

Inc.*

158,237

3,400

Toho

Co.,

Ltd.

27,181

4,009

Universal

Music

Group

NV

83,972

6,876

Walt

Disney

Co.

(The)

661,815

9,030

Warner

Bros

Discovery,

Inc.*

240,740

3,374,047

Financial

Services

(

2

.5

%

):

109

Adyen

NV*

101,786

1,009

Affirm

Holdings,

Inc.,

Class

A*

82,284

1,636

Apollo

Global

Management,

Inc.

193,555

5,419

Berkshire

Hathaway,

Inc.,

Class

B*

2,711,613

1,925

Block,

Inc.,

Class

A*

146,300

1,121

Corebridge

Financial,

Inc.

32,094

230

Corpay,

Inc.*

76,652

330

EXOR

NV

25,280

1,891

Fidelity

National

Information

Services,

Inc.

73,522

2,244

Fiserv,

Inc.*

110,068

Shares

Value

Common

Stocks,

continued

Financial

Services,

continued

823

Global

Payments,

Inc.

$

59,717

359

Groupe

Bruxelles

Lambert

NV

32,710

417

Industrivarden

AB,

Class

A

23,388

504

Industrivarden

AB,

Class

C

27,676

2,796

Infratil,

Ltd.

24,522

6,651

Investor

AB,

Class

B

276,349

418

L

E

Lundbergforetagen

AB,

Class

B

24,103

3,214

Mastercard,

Inc.,

Class

A

1,650,710

3,500

Mitsubishi

HC

Capital,

Inc.

28,323

4,400

ORIX

Corp.

166,775

3,514

PayPal

Holdings,

Inc.

151,735

2,089

Poste

Italiane

SpA^

68,325

4,120

Rocket

Cos.,

Inc.,

Class

A*

64,890

67

Sofina

SA^

17,048

1,929

Toast,

Inc.,

Class

A*

53,665

6,541

Visa,

Inc.,

Class

A

2,244,152

1,571

Washington

H

Soul

Pattinson

&

Co.,

Ltd.

50,276

2,757

Wise

Group

plc*

33,078

8,550,596

Food

Products

(

0

.7

%

):

3,300

Ajinomoto

Co.,

Inc.

120,055

1,879

Archer-Daniels-Midland

Co.

143,556

1,259

Associated

British

Foods

plc

33,178

11

Barry

Callebaut

AG,

Registered

Shares

15,253

460

Bunge

Global

SA

49,096

4

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

PC

46,551

2,588

Danone

SA

212,232

1,876

General

Mills,

Inc.

65,285

607

Hershey

Co.

(The)

106,498

680

Kerry

Group

plc,

Class

A

62,444

2,400

Kikkoman

Corp.

24,617

3,016

Kraft

Heinz

Co.

(The)

71,238

1

Lotus

Bakeries

NV

13,281

2,156

Magnum

Ice

Cream

Co.

NV

(The)*

37,506

922

McCormick

&

Co.,

Inc.

46,487

4,999

Mondelez

International,

Inc.,

Class

A

289,142

1,492

Mowi

ASA

27,603

10,105

Nestle

SA,

Registered

Shares

1,037,981

3,513

Orkla

ASA

37,017

461

Salmar

ASA

21,602

1,273

Saputo,

Inc.

36,877

1,186

Tyson

Foods,

Inc.,

Class

A

67,898

25,033

WH

Group,

Ltd.

26,539

4,100

Wilmar

International,

Ltd.

11,485

2,603,421

Gas

Utilities

(

0

.1

%

):

1,037

AltaGas,

Ltd.

38,311

5,182

APA

Group

36,402

691

Atmos

Energy

Corp.

119,038

56,117

Hong

Kong

&

China

Gas

Co.,

Ltd.

46,652

1,756

Italgas

SpA

20,336

Allianz

Variable

Insurance

Products

Trust

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

187

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Gas

Utilities,

continued

1,643

Naturgy

Energy

Group

SA

$

51,551

1,400

Osaka

Gas

Co.,

Ltd.

47,097

7,878

Snam

SpA

56,698

1,100

Tokyo

Gas

Co.,

Ltd.

41,366

457,451

Ground

Transportation

(

0

.8

%

):

1,354

Ayvens

SA

17,849

2,063

Canadian

National

Railway

Co.

246,219

3,458

Canadian

Pacific

Kansas

City,

Ltd.

299,835

3,600

Central

Japan

Railway

Co.

77,268

7,217

CSX

Corp.

343,024

3,900

East

Japan

Railway

Co.

81,752

8,772

Grab

Holdings,

Ltd.*

33,070

1,400

Hankyu

Hanshin

Holdings,

Inc.

36,822

288

JB

Hunt

Transport

Services,

Inc.

83,356

5,000

MTR

Corp.,

Ltd.^

19,510

904

Norfolk

Southern

Corp.

284,389

762

Old

Dominion

Freight

Line,

Inc.

165,049

275

TFI

International,

Inc.

39,589

6,880

Uber

Technologies,

Inc.*

496,461

2,310

Union

Pacific

Corp.

628,320

800

West

Japan

Railway

Co.

13,418

451

XPO,

Inc.*

92,586

2,958,517

Health

Care

Equipment

&

Supplies

(

1

.3

%

):

6,821

Abbott

Laboratories

618,938

1,868

Alcon

AG

126,343

1,066

Becton

Dickinson

&

Co.

161,318

5,958

Boston

Scientific

Corp.*

254,287

275

Cochlear,

Ltd.

23,230

597

Coloplast

A/S,

Class

B

34,050

743

Cooper

Cos.,

Inc.

(The)*

53,280

1,527

Dexcom,

Inc.*

102,843

2,256

Edwards

Lifesciences

Corp.*

204,078

1,145

EssilorLuxottica

SA

214,798

2,286

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

50,541

1,805

GE

HealthCare

Technologies,

Inc.

115,538

1,300

Hoya

Corp.

209,668

320

IDEXX

Laboratories,

Inc.*

168,461

257

Insulet

Corp.*

39,128

1,375

Intuitive

Surgical,

Inc.*

546,810

3,150

Koninklijke

Philips

NV

85,584

1,411

Medline,

Inc.,

Class

A*

55,650

5,099

Medtronic

plc

398,895

4,500

Olympus

Corp.

47,306

560

ResMed,

Inc.

109,133

1,391

Siemens

Healthineers

AG

54,354

2,880

Smith

&

Nephew

plc

41,391

205

Sonova

Holding

AG

48,700

371

STERIS

plc

78,121

445

Straumann

Holding

AG,

Class

R

58,540

1,344

Stryker

Corp.

423,145

6,100

Terumo

Corp.

83,946

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

846

Zimmer

Biomet

Holdings,

Inc.

$

72,832

4,480,908

Health

Care

Providers

&

Services

(

1

.2

%

):

912

Cardinal

Health,

Inc.

216,655

754

Cencora,

Inc.

213,367

1,936

Centene

Corp.*

124,272

1,028

Cigna

Group

(The)

283,399

4,980

CVS

Health

Corp.

515,181

846

Elevance

Health,

Inc.

327,174

559

Fresenius

Medical

Care

AG

25,289

1,848

Fresenius

SE

&

Co.

KGaA

84,384

600

HCA

Healthcare,

Inc.

233,934

472

Humana,

Inc.

187,488

319

Labcorp

Holdings,

Inc.

89,320

469

McKesson

Corp.

354,376

429

Quest

Diagnostics,

Inc.

90,926

22,963

Sigma

Healthcare,

Ltd.

43,748

2,275

Sonic

Healthcare,

Ltd.

32,660

3,532

UnitedHealth

Group,

Inc.

1,468,005

4,290,178

Health

Care

REITs

(

0

.2

%

):

1,914

Ventas,

Inc.

169,963

2,718

Welltower,

Inc.

616,905

786,868

Health

Care

Technology

(

0

.0

%

†

):

127

Pro

Medicus,

Ltd.

17,976

552

Veeva

Systems,

Inc.,

Class

A*

97,964

115,940

Hotels,

Restaurants

&

Leisure

(

1

.4

%

):

701

Accor

SA

40,751

1,705

Airbnb,

Inc.,

Class

A*

243,985

1,780

Amadeus

IT

Group

SA

102,218

1,935

Aristocrat

Leisure,

Ltd.

82,419

3,085

Booking

Holdings,

Inc.

549,870

4,899

Carnival

Corp.,

Ltd.

139,964

4,898

Chipotle

Mexican

Grill,

Inc.,

Class

A*

166,532

6,834

Compass

Group

plc

220,802

459

Darden

Restaurants,

Inc.

94,559

464

Delivery

Hero

SE,

Class

A*

19,088

127

Domino's

Pizza,

Inc.

37,597

1,460

DoorDash,

Inc.,

Class

A*

269,414

605

Evolution

AB*

41,703

425

Expedia

Group,

Inc.

108,749

523

Flutter

Entertainment

plc,

Class

DI*

53,435

8,000

Galaxy

Entertainment

Group,

Ltd.

30,126

900

Hilton

Worldwide

Holdings,

Inc.

297,414

145

Hyatt

Hotels

Corp.,

Class

A

28,107

573

InterContinental

Hotels

Group

plc

98,834

1,263

Las

Vegas

Sands

Corp.

58,338

8,492

Lottery

Corp.,

Ltd.

(The)

33,870

837

Marriott

International,

Inc.,

Class

A

310,184

2,763

McDonald's

Corp.

746,867

Allianz

Variable

Insurance

Products

Trust

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

188

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

3,200

Oriental

Land

Co.,

Ltd.

$

48,990

1,302

Restaurant

Brands

International,

Inc.

94,408

967

Royal

Caribbean

Cruises,

Ltd.

307,052

8,400

Sands

China,

Ltd.

14,038

370

Sodexo

SA^

21,416

4,375

Starbucks

Corp.

447,081

1,135

Yum!

Brands,

Inc.

181,441

500

Zensho

Holdings

Co.,

Ltd.

24,808

4,914,060

Household

Durables

(

0

.4

%

):

1,050

D.R.

Horton,

Inc.

171,024

653

Garmin,

Ltd.

155,114

860

Lennar

Corp.,

Class

A

77,821

10

NVR,

Inc.*

68,134

9,000

Panasonic

Holdings

Corp.

252,723

666

PulteGroup,

Inc.

91,382

2,600

Sekisui

House,

Ltd.

54,102

311

SharkNinja,

Inc.*

47,356

23,100

Sony

Group

Corp.

463,259

1,380,915

Household

Products

(

0

.6

%

):

959

Church

&

Dwight

Co.,

Inc.

92,908

482

Clorox

Co.

(The)

46,002

3,072

Colgate-Palmolive

Co.

281,641

2,076

Essity

AB,

Class

B

58,752

411

Henkel

AG

&

Co.

KGaA

32,498

1,308

Kimberly-Clark

Corp.

143,579

9,046

Procter

&

Gamble

Co.

(The)

1,326,505

2,677

Reckitt

Benckiser

Group

plc

174,490

2,156,375

Independent

Power

and

Renewable

Electricity

Producers

(

0

.2

%

):

387

Brookfield

Renewable

Corp.

14,387

1,055

EDP

Renovaveis

SA

17,086

564

Enlight

Renewable

Energy,

Ltd.*

49,987

7,411

Meridian

Energy,

Ltd.

24,511

697

OPC

Energy,

Ltd.*

21,718

1,895

Orsted

AS*

42,611

2,524

RWE

AG

163,512

1,296

Vistra

Corp.

205,584

539,396

Industrial

Conglomerates

(

1

.1

%

):

2,043

3M

Co.

330,782

11,000

CK

Hutchison

Holdings,

Ltd.

93,498

4,054

General

Electric

Co.

1,515,101

17,300

Hitachi,

Ltd.

480,804

1,255

Honeywell

International,

Inc.

280,994

700

Jardine

Matheson

Holdings,

Ltd.

43,264

5,000

Keppel,

Ltd.

42,606

474

Lifco

AB,

Class

B

15,535

2,896

Siemens

AG,

Registered

Shares

930,495

1,145

Smiths

Group

plc

38,899

Shares

Value

Common

Stocks,

continued

Industrial

Conglomerates,

continued

2,000

Swire

Pacific,

Ltd.,

Class

A

$

20,908

3,792,886

Industrial

REITs

(

0

.2

%

):

20,194

CapitaLand

Ascendas

REIT

38,967

7,884

Goodman

Group

170,875

3,590

Prologis,

Inc.

486,337

5,450

Segro

plc

63,317

759,496

Insurance

(

2

.8

%

):

1,160

Admiral

Group

plc

54,786

3,937

Aegon,

Ltd.

33,472

1,838

Aflac,

Inc.

215,505

586

Ageas

SA/NV

46,878

40,800

AIA

Group,

Ltd.

374,227

1,454

Allianz

SE,

Registered

Shares

+

688,038

968

Allstate

Corp.

(The)

230,326

2,195

American

International

Group,

Inc.

163,593

782

Aon

plc,

Class

A

259,382

1,294

Arch

Capital

Group,

Ltd.*

125,596

990

Arthur

J.

Gallagher

&

Co.

227,274

708

ASR

Nederland

NV

53,436

12,858

Aviva

plc

110,921

6,186

AXA

SA

309,996

1,198

Brown

&

Brown,

Inc.

76,852

1,350

Chubb,

Ltd.

459,999

609

Cincinnati

Financial

Corp.

112,750

13,100

Daiichi

Life

Group,

Inc.

143,595

85

Erie

Indemnity

Co.,

Class

A

20,379

174

Everest

Group,

Ltd.

62,158

70

Fairfax

Financial

Holdings,

Ltd.

115,148

846

Fidelity

National

Financial,

Inc.

39,897

3,385

Generali

164,819

1,310

Gjensidige

Forsikring

ASA

35,478

922

Great-West

Lifeco,

Inc.

58,755

226

Hannover

Rueck

SE

62,597

478

Harel

Insurance

Investments

&

Financial

Services,

Ltd.

25,225

1,104

Hartford

Insurance

Group,

Inc.

(The)

146,302

261

Helvetia

Baloise

Holding

AG

67,412

315

iA

Financial

Corp.,

Inc.

43,499

9,533

Insurance

Australia

Group,

Ltd.

53,436

657

Intact

Financial

Corp.

135,611

7,100

Japan

Post

Holdings

Co.,

Ltd.

95,194

1,900

Japan

Post

Insurance

Co.,

Ltd.

17,917

23,027

Legal

&

General

Group

plc

87,431

654

Loews

Corp.

74,039

6,504

Manulife

Financial

Corp.

263,811

46

Markel

Group,

Inc.*

89,838

1,874

Marsh

&

McLennan

Cos.,

Inc.

312,340

11,639

Medibank

Pvt,

Ltd.

40,027

2,133

MetLife,

Inc.

180,473

4,600

MS&AD

Insurance

Group

Holdings,

Inc.

120,150

Allianz

Variable

Insurance

Products

Trust

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

189

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

522

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class

R

$

291,377

1,049

NN

Group

NV

91,907

1,003

Phoenix

Financial,

Ltd.

55,624

2,113

Power

Corp.

of

Canada^

131,748

922

Principal

Financial

Group,

Inc.

99,373

2,282

Progressive

Corp.

(The)

498,503

1,323

Prudential

Financial,

Inc.

142,791

10,239

Prudential

plc

136,324

6,031

QBE

Insurance

Group,

Ltd.

105,239

10,161

Sampo

Oyj,

A

Shares

106,792

2,900

Sompo

Holdings,

Inc.

110,633

3,380

Standard

Life

plc

37,359

2,167

Sun

Life

Financial,

Inc.

170,154

3,307

Suncorp

Group,

Ltd.

44,122

104

Swiss

Life

Holding

AG

114,444

1,189

Swiss

Re

AG

189,219

2,100

T&D

Holdings,

Inc.

62,214

207

Talanx

AG

26,161

6,800

Tokio

Marine

Holdings,

Inc.

301,136

818

Travelers

Cos.,

Inc.

(The)

270,038

904

Tryg

A/S

20,586

1,488

Unipol

Assicurazioni

SpA

41,526

767

W

R

Berkley

Corp.

54,097

387

Willis

Towers

Watson

plc

101,150

576

Zurich

Insurance

Group

AG

425,510

9,626,589

Interactive

Media

&

Services

(

5

.6

%

):

22,698

Alphabet,

Inc.,

Class

A

8,111,584

18,021

Alphabet,

Inc.,

Class

C

6,367,360

1,633

CAR

Group,

Ltd.

29,216

5,500

LY

Corp.

14,714

8,562

Meta

Platforms,

Inc.,

Class

A

4,822,889

154

REA

Group,

Ltd.

14,877

484

Reddit,

Inc.,

Class

A*

84,013

134

Scout24

SE

11,078

19,455,731

IT

Services

(

1

.0

%

):

2,382

Accenture

plc,

Class

A

296,416

629

Capgemini

SE

63,256

845

CGI,

Inc.

54,623

1,171

Cloudflare,

Inc.,

Class

A*

287,223

2,096

Cognizant

Technology

Solutions

Corp.,

Class

A

81,178

1,081

CoreWeave,

Inc.,

Class

A*

107,603

7,100

Fujitsu,

Ltd.

141,702

288

Indra

Sistemas

SA

15,828

3,641

International

Business

Machines

Corp.

1,023,886

295

MongoDB,

Inc.,

Class

A*

99,090

4,800

NEC

Corp.

116,538

1,420

Nomura

Research

Institute,

Ltd.

40,236

1,000

Obic

Co.,

Ltd.

23,449

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

629

Okta,

Inc.,

Class

A*

$

85,827

1,000

Otsuka

Corp.

17,123

4,737

Shopify,

Inc.,

Class

A*

542,011

1,297

Snowflake,

Inc.,

Class

A*

330,086

543

Twilio,

Inc.,

Class

A*

112,037

351

VeriSign,

Inc.

88,298

3,526,410

Leisure

Products

(

0

.0

%

†

):

1,800

Bandai

Namco

Holdings,

Inc.

42,068

400

Shimano,

Inc.

42,725

84,793

Life

Sciences

Tools

&

Services

(

0

.6

%

):

1,058

Agilent

Technologies,

Inc.

140,534

2,483

Danaher

Corp.

472,962

454

Eurofins

Scientific

SE

35,588

625

Illumina,

Inc.*

109,894

612

IQVIA

Holdings,

Inc.*

118,251

284

Lonza

Group

AG,

Registered

Shares

191,709

78

Mettler-Toledo

International,

Inc.*

99,646

749

Qiagen

NV

29,020

104

Sartorius

Stedim

Biotech

21,597

1,463

Thermo

Fisher

Scientific,

Inc.

733,490

374

Waters

Corp.*

140,265

301

West

Pharmaceutical

Services,

Inc.

108,059

2,201,015

Machinery

(

2

.2

%

):

1,215

Alfa

Laval

AB

72,356

1,428

Alstom

SA*

24,845

9,984

Atlas

Copco

AB,

Class

A

202,710

4,408

Atlas

Copco

AB,

Class

B

78,141

1,813

Caterpillar,

Inc.

1,930,664

3,004

CNH

Industrial

NV

34,262

544

Cummins,

Inc.

387,986

1,300

Daifuku

Co.,

Ltd.

57,838

1,874

Daimler

Truck

Holding

AG

90,368

935

Deere

&

Co.

593,099

494

Dover

Corp.

110,794

1,900

Ebara

Corp.

74,520

2,430

Epiroc

AB,

Class

A

66,681

1,398

Epiroc

AB,

Class

B

32,457

3,700

FANUC

Corp.

169,198

1,030

Fortive

Corp.

62,923

686

GEA

Group

AG

47,053

610

Graco,

Inc.

46,122

288

IDEX

Corp.

65,362

4,200

IHI

Corp.

70,972

1,034

Illinois

Tool

Works,

Inc.

279,666

1,318

Indutrade

AB

27,272

1,413

Ingersoll

Rand,

Inc.

115,852

3,500

Kawasaki

Heavy

Industries,

Ltd.

63,749

213

Knorr-Bremse

AG

24,730

3,300

Komatsu,

Ltd.

129,176

1,368

Kone

Oyj,

Class

B

77,844

Allianz

Variable

Insurance

Products

Trust

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

190

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

4,000

Kubota

Corp.

$

66,973

900

Makita

Corp.

32,225

2,406

Metso

Oyj

41,824

1,200

MINEBEA

MITSUMI,

Inc.

35,613

12,500

Mitsubishi

Heavy

Industries,

Ltd.

284,644

194

Nordson

Corp.

58,528

1,613

Otis

Worldwide

Corp.

115,491

2,059

PACCAR,

Inc.

247,327

488

Parker-Hannifin

Corp.

477,323

750

Pentair

plc

57,495

32

Rational

AG

23,421

4,239

Sandvik

AB

175,024

153

Schindler

Holding

AG,

Class

PC

50,729

56

Schindler

Holding

AG,

Registered

Shares

17,813

1,412

SKF

AB,

B

Shares

36,265

200

SMC

Corp.

89,002

206

Snap-on,

Inc.

82,894

223

Spirax

Group

plc

20,230

4,500

Techtronic

Industries

Co.,

Ltd.

75,128

786

Trelleborg

AB,

Class

B

32,744

114

VAT

Group

AG

99,758

6,153

Volvo

AB,

Class

B

209,233

1,984

Wartsila

OYJ

Abp

75,734

676

Westinghouse

Air

Brake

Technologies

Corp.

182,250

965

Xylem,

Inc.

114,073

12,900

Yangzijiang

Shipbuilding

Holdings,

Ltd.

34,261

7,672,642

Marine

Transportation

(

0

.1

%

):

7

AP

Moller

-

Maersk

A/S,

Class

A

16,155

16

AP

Moller

-

Maersk

A/S,

Class

B

37,969

1,100

Kawasaki

Kisen

Kaisha,

Ltd.

16,868

194

Kuehne

+

Nagel

International

AG,

Class

R

47,082

1,500

Mitsui

OSK

Lines,

Ltd.

48,024

1,200

Nippon

Yusen

KK

38,595

4,000

SITC

International

Holdings

Co.,

Ltd.

16,063

220,756

Media

(

0

.2

%

):

304

Charter

Communications,

Inc.,

Class

A*

43,232

14,211

Comcast

Corp.,

Class

A

348,880

473

EchoStar

Corp.,

Class

A*

48,010

856

Fox

Corp.,

Class

A

44,649

566

Fox

Corp.,

Class

B

26,511

5,466

Informa

plc

65,584

1,068

News

Corp.,

Class

A

26,518

1,183

Omnicom

Group,

Inc.

86,158

913

Publicis

Groupe

SA

90,232

779,774

Shares

Value

Common

Stocks,

continued

Metals

&

Mining

(

1

.6

%

):

2,003

Agnico

Eagle

Mines,

Ltd.

$

311,248

1,608

Alamos

Gold,

Inc.,

Class

A

48,758

4,018

Anglo

American

plc

196,755

1,395

Antofagasta

plc

70,841

1,549

ArcelorMittal

SA

93,134

6,499

Barrick

Mining

Corp.

238,998

19,724

BHP

Group,

Ltd.,

ADR

823,077

1,090

Boliden

AB

61,558

4,250

Coeur

Mining,

Inc.

69,360

847

Endeavour

Mining

plc

41,900

2,579

Equinox

Gold

Corp.

25,133

8,342

Evolution

Mining,

Ltd.

68,105

3,038

First

Quantum

Minerals,

Ltd.*

82,993

5,675

Fortescue,

Ltd.

75,578

787

Franco-Nevada

Corp.

164,232

5,713

Freeport-McMoRan,

Inc.

359,290

990

Fresnillo

plc

36,072

37,343

Glencore

plc*

254,658

2,745

Ivanhoe

Mines,

Ltd.,

Class

A*

21,505

1,800

JFE

Holdings,

Inc.

17,340

2,300

JX

Advanced

Metals

Corp.

63,628

4,542

Kinross

Gold

Corp.

107,553

476

Lundin

Gold,

Inc.

25,681

2,775

Lundin

Mining

Corp.

67,628

3,971

Lynas

Rare

Earths,

Ltd.*

49,747

200

Mitsui

Kinzoku

Co.,

Ltd.

53,559

4,257

Newmont

Corp.

397,604

21,000

Nippon

Steel

Corp.

69,563

5,163

Norsk

Hydro

ASA

46,554

5,735

Northern

Star

Resources,

Ltd.

75,518

865

Nucor

Corp.

192,679

1,719

Pan

American

Silver

Corp.

77,071

12,113

PLS

Group,

Ltd.*

42,396

196

Reliance,

Inc.

73,226

4,047

Rio

Tinto

plc

382,706

1,372

Rio

Tinto,

Ltd.

163,335

17,850

South32,

Ltd.

47,992

511

Steel

Dynamics,

Inc.

117,254

800

Sumitomo

Metal

Mining

Co.,

Ltd.

37,389

1,795

Teck

Resources,

Ltd.,

Class

B

106,920

1,735

Wheaton

Precious

Metals

Corp.

195,192

5,453,730

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.0

%

†

):

2,345

Annaly

Capital

Management,

Inc.

52,434

Multi-Utilities

(

0

.7

%

):

1,021

Ameren

Corp.

115,414

310

Canadian

Utilities,

Ltd.,

Class

A

11,525

2,763

CenterPoint

Energy,

Inc.

121,682

16,567

Centrica

plc

37,540

1,153

CMS

Energy

Corp.

88,204

1,445

Consolidated

Edison,

Inc.

159,860

3,384

Dominion

Energy,

Inc.

231,093

807

DTE

Energy

Co.

122,963

Allianz

Variable

Insurance

Products

Trust

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

191

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Multi-Utilities,

continued

9,213

E.ON

SE

$

190,068

6,861

Engie

SA

216,320

20,338

National

Grid

plc

336,671

1,805

NiSource,

Inc.

85,828

1,908

Public

Service

Enterprise

Group,

Inc.

154,853

2,543

Sempra

235,762

2,403

Veolia

Environnement

SA

100,077

1,225

WEC

Energy

Group,

Inc.

143,043

2,350,903

Office

REITs

(

0

.0

%

†

):

236

Gecina

SA

19,853

31

Nippon

Building

Fund,

Inc.

23,982

43,835

Oil,

Gas

&

Consumable

Fuels

(

3

.4

%

):

1,926

ARC

Resources,

Ltd.

40,473

2,610

Bollore

SE^

12,102

62,069

BP

plc

381,929

1,739

Cameco

Corp.

177,272

8,134

Canadian

Natural

Resources,

Ltd.

321,896

4,936

Cenovus

Energy,

Inc.

122,486

780

Cheniere

Energy,

Inc.

186,428

7,220

Chevron

Corp.

1,196,787

4,814

ConocoPhillips

500,463

4,094

Devon

Energy

Corp.

169,164

714

Diamondback

Energy,

Inc.

125,507

8,648

Enbridge,

Inc.

469,020

10,650

ENEOS

Holdings,

Inc.

78,407

7,496

Eni

SpA

175,322

2,089

EOG

Resources,

Inc.

271,006

2,459

EQT

Corp.

130,745

2,489

Equinor

ASA

78,234

865

Expand

Energy

Corp.

78,879

16,280

Exxon

Mobil

Corp.

2,225,802

1,351

Galp

Energia

SGPS

SA

28,761

4,410

Idemitsu

Kosan

Co.,

Ltd.

32,394

640

Imperial

Oil,

Ltd.

71,875

3,500

Inpex

Corp.

70,530

1,180

Keyera

Corp.

47,405

7,511

Kinder

Morgan,

Inc.

240,127

1,113

Marathon

Petroleum

Corp.

284,561

1,950

Neste

Oyj

63,384

2,915

Occidental

Petroleum

Corp.

141,582

358

OMV

AG

22,457

2,549

ONEOK,

Inc.

221,610

2,261

Pembina

Pipeline

Corp.

104,624

1,522

Phillips

66

257,294

4,084

Repsol

SA^

101,662

12,300

Santos,

Ltd.

61,053

21,894

Shell

plc

847,893

4,658

Suncor

Energy,

Inc.

250,621

832

Targa

Resources

Corp.

223,092

4,148

TC

Energy

Corp.^

274,720

228

Texas

Pacific

Land

Corp.

99,782

7,596

TotalEnergies

SE

590,014

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

1,447

Tourmaline

Oil

Corp.

$

60,509

1,195

Valero

Energy

Corp.

311,226

5,143

Var

Energi

ASA

21,249

4,195

Whitecap

Resources,

Inc.

43,574

4,735

Williams

Cos.,

Inc.

(The)

352,000

7,567

Woodside

Energy

Group,

Ltd.

146,468

11,712,389

Paper

&

Forest

Products

(

0

.0

%

†

):

2,811

Stora

Enso

Oyj,

Class

R

29,992

2,963

Svenska

Cellulosa

AB

SCA,

Class

B

30,307

2,028

UPM-Kymmene

Oyj

53,792

114,091

Passenger

Airlines

(

0

.1

%

):

639

Delta

Air

Lines,

Inc.

59,849

1,788

Deutsche

Lufthansa

AG,

Registered

Shares

20,456

2,183

Qantas

Airways,

Ltd.

16,162

1,628

Ryanair

Holdings

plc

50,965

5,250

Singapore

Airlines,

Ltd.

31,307

269

United

Airlines

Holdings,

Inc.*

36,581

215,320

Personal

Care

Products

(

0

.4

%

):

450

Beiersdorf

AG^

38,733

947

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

74,766

4,000

Kao

Corp.

79,304

7,796

Kenvue,

Inc.

148,981

921

L'Oreal

SA

404,036

1,300

Shiseido

Co.,

Ltd.

21,024

8,432

Unilever

plc

506,021

1,272,865

Pharmaceuticals

(

4

.4

%

):

6,700

Astellas

Pharma,

Inc.

90,082

5,897

AstraZeneca

plc

1,103,000

3,695

Bayer

AG,

Registered

Shares

204,258

8,036

Bristol-Myers

Squibb

Co.

463,034

2,700

Chugai

Pharmaceutical

Co.,

Ltd.

125,019

6,400

Daiichi

Sankyo

Co.,

Ltd.

102,716

1,200

Eisai

Co.,

Ltd.

30,329

3,131

Eli

Lilly

&

Co.

3,755,415

78

Financiere

de

Tubize

SA

20,594

743

Galderma

Group

AG*

169,002

15,769

GSK

plc

413,686

35,498

Haleon

plc

163,769

123

Ipsen

SA

23,726

9,390

Johnson

&

Johnson

2,384,778

9,676

Merck

&

Co.,

Inc.

1,243,366

510

Merck

KGaA

85,582

7,096

Novartis

AG,

Registered

Shares

1,111,419

12,748

Novo

Nordisk

A/S,

Class

B

611,643

379

Orion

Oyj,

Class

B

31,179

1,600

Otsuka

Holdings

Co.,

Ltd.

105,988

Allianz

Variable

Insurance

Products

Trust

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

192

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

21,891

Pfizer,

Inc.

$

527,135

582

Recordati

Industria

Chimica

e

Farmaceutica

SpA

34,116

2,756

Roche

Holding

AG

1,134,713

90

Roche

Holding

AG,

Class

BR

37,805

1,624

Royalty

Pharma

plc,

Class

A

91,058

1,487

Sandoz

Group

AG

134,410

4,317

Sanofi

SA

368,868

3,400

Shionogi

&

Co.,

Ltd.

58,179

6,250

Takeda

Pharmaceutical

Co.,

Ltd.

197,339

4,527

Teva

Pharmaceutical

Industries,

Ltd.,

ADR*

153,375

443

UCB

SA

132,637

1,681

Zoetis,

Inc.,

Class

A

120,797

15,229,017

Professional

Services

(

0

.5

%

):

1,547

Automatic

Data

Processing,

Inc.

346,451

447

Broadridge

Financial

Solutions,

Inc.

61,217

1,383

Bureau

Veritas

SA

42,362

2,101

Computershare,

Ltd.

55,758

470

Equifax,

Inc.

74,598

3,246

Experian

plc

109,136

594

Intertek

Group

plc

45,760

470

Jacobs

Solutions,

Inc.

59,220

429

Leidos

Holdings,

Inc.

44,174

1,213

Paychex,

Inc.

119,274

5,400

Recruit

Holdings

Co.,

Ltd.

375,926

7,160

RELX

plc

225,484

607

SGS

SA,

Registered

Shares

70,364

671

SS&C

Technologies

Holdings,

Inc.

41,636

495

Thomson

Reuters

Corp.

40,435

802

TransUnion

57,856

500

Verisk

Analytics,

Inc.,

Class

A

89,765

920

Wolters

Kluwer

NV

59,456

1,918,872

Real

Estate

Management

&

Development

(

0

.3

%

):

8,900

CapitaLand

Investment,

Ltd.

17,187

1,189

CBRE

Group,

Inc.,

Class

A*

160,146

8,500

CK

Asset

Holdings,

Ltd.

48,112

1,699

CoStar

Group,

Inc.*

48,116

1,500

Daito

Trust

Construction

Co.,

Ltd.

28,613

2,200

Daiwa

House

Industry

Co.,

Ltd.

59,563

745

Fastighets

AB

Balder,

B

Shares*

3,976

158

FirstService

Corp.

22,469

6,324

Henderson

Land

Development

Co.,

Ltd.

20,069

3,700

Hongkong

Land

Holdings,

Ltd.

26,476

2,400

Hulic

Co.,

Ltd.

25,036

4,300

Mitsubishi

Estate

Co.,

Ltd.

109,454

9,200

Mitsui

Fudosan

Co.,

Ltd.

84,767

1,352

Sagax

AB,

Class

B

21,516

8,117

Sino

Land

Co.,

Ltd.

10,680

5,000

Sun

Hung

Kai

Properties,

Ltd.

72,059

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

371

Swiss

Prime

Site

AG,

Registered

Shares

$

60,563

2,887

Vonovia

SE

71,229

4,000

Wharf

Real

Estate

Investment

Co.,

Ltd.

10,959

900,990

Residential

REITs

(

0

.1

%

):

591

AvalonBay

Communities,

Inc.

111,516

1,317

Equity

Residential

89,464

225

Essex

Property

Trust,

Inc.

65,608

2,052

Invitation

Homes,

Inc.

61,991

398

Mid-America

Apartment

Communities,

Inc.

55,298

562

Sun

Communities,

Inc.

67,389

451,266

Retail

REITs

(

0

.2

%

):

2,443

Kimco

Realty

Corp.

61,930

672

Klepierre

SA

28,093

9,700

Link

REIT

45,253

3,719

Realty

Income

Corp.

230,429

651

Regency

Centers

Corp.

51,911

20,751

Scentre

Group

55,567

1,238

Simon

Property

Group,

Inc.

276,879

416

Unibail-Rodamco-Westfield*

48,654

13,569

Vicinity,

Ltd.

24,160

822,876

Semiconductors

&

Semiconductor

Equipment

(

15

.5

%

):

6,356

Advanced

Micro

Devices,

Inc.*

3,692,264

2,900

Advantest

Corp.

589,554

1,897

Analog

Devices,

Inc.

753,431

3,083

Applied

Materials,

Inc.

2,229,009

176

ASM

International

NV

201,451

1,522

ASML

Holding

NV

3,018,242

540

Astera

Labs,

Inc.*

260,831

296

BE

Semiconductor

Industries

NV

97,187

17,536

Broadcom,

Inc.

6,624,224

683

Credo

Technology

Group

Holding,

Ltd.*

185,742

300

Disco

Corp.

152,484

560

Entegris,

Inc.

100,722

417

First

Solar,

Inc.*

98,395

5,170

Infineon

Technologies

AG

482,613

17,189

Intel

Corp.*

2,400,100

1,200

Kioxia

Holdings

Corp.*

681,353

5,141

KLA

Corp.

1,551,091

4,852

Lam

Research

Corp.

2,102,517

300

Lasertec

Corp.

93,351

3,293

Marvell

Technology,

Inc.

980,952

2,099

Microchip

Technology,

Inc.

191,429

4,397

Micron

Technology,

Inc.

5,075,413

178

Monolithic

Power

Systems,

Inc.

246,060

Allianz

Variable

Insurance

Products

Trust

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

193

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

129

Nova,

Ltd.*

$

68,634

90,001

NVIDIA

Corp.

18,008,300

991

NXP

Semiconductors

NV

278,501

1,588

ON

Semiconductor

Corp.*

150,129

782

Qnity

Electronics,

Inc.

127,708

4,164

QUALCOMM,

Inc.

769,466

6,500

Renesas

Electronics

Corp.

196,370

600

SCREEN

Holdings

Co.,

Ltd.

67,077

2,482

STMicroelectronics

NV

185,317

615

Teradyne,

Inc.

297,562

3,551

Texas

Instruments,

Inc.

1,058,447

1,700

Tokyo

Electron,

Ltd.

822,185

444

Tower

Semiconductor,

Ltd.*

114,402

53,952,513

Software

(

5

.7

%

):

1,590

Adobe,

Inc.*

325,982

902

AppLovin

Corp.,

Class

A*

464,737

679

Atlassian

Corp.,

Class

A*

52,819

840

Autodesk,

Inc.*

163,313

1,072

Cadence

Design

Systems,

Inc.*

402,343

313

Check

Point

Software

Technologies,

Ltd.*

41,138

585

Circle

Internet

Group,

Inc.,

Class

A*

36,639

78

Constellation

Software,

Inc.

146,858

969

Crowdstrike

Holdings,

Inc.,

Class

A*

739,483

221

Cyberark

Software,

Ltd.*

9,945

2,772

Dassault

Systemes

SE

56,454

1,229

Datadog,

Inc.,

Class

A*

319,982

173

Descartes

Systems

Group,

Inc.

(The)*

11,983

95

Fair

Isaac

Corp.*

113,504

2,453

Fortinet,

Inc.*

376,830

2,191

Gen

Digital,

Inc.

54,534

1,097

Intuit,

Inc.

286,317

1,362

IREN,

Ltd.*

62,284

27,503

Microsoft

Corp.

10,259,169

757

Nebius

Group

NV,

Class

A*^

209,061

236

Nemetschek

SE

14,273

824

Octave

Intelligence

plc*

13,294

6,700

Oracle

Corp.

981,885

8,555

Palantir

Technologies,

Inc.,

Class

A*

998,112

3,179

Palo

Alto

Networks,

Inc.*

1,084,103

524

PTC,

Inc.*

59,532

395

Roper

Technologies,

Inc.

133,664

3,873

Sage

Group

plc

(The)

41,936

3,069

Salesforce,

Inc.

480,790

1,301

Samsara,

Inc.,

Class

A*

42,191

4,065

SAP

SE

622,473

4,031

ServiceNow,

Inc.*

400,198

1,001

Strategy,

Inc.,

Class

A*

87,017

719

Synopsys,

Inc.*

320,724

164

Tyler

Technologies,

Inc.*

47,963

846

WiseTech

Global,

Ltd.

19,585

829

Workday,

Inc.,

Class

A*

101,486

Shares

Value

Common

Stocks,

continued

Software,

continued

757

Xero,

Ltd.*

$

38,042

905

Zoom

Communications,

Inc.,

Class

A*

78,111

364

Zscaler,

Inc.*

51,379

19,750,133

Specialized

REITs

(

0

.5

%

):

1,793

American

Tower

Corp.

293,281

1,777

Crown

Castle,

Inc.

134,572

1,303

Digital

Realty

Trust,

Inc.

233,993

384

Equinix,

Inc.

400,278

843

Extra

Space

Storage,

Inc.

122,488

1,147

Gaming

and

Leisure

Properties,

Inc.

51,076

1,117

Iron

Mountain,

Inc.

141,088

644

Public

Storage

204,992

401

SBA

Communications

Corp.,

Class

A

70,760

4,530

VICI

Properties,

Inc.,

Class

A

120,272

3,076

Weyerhaeuser

Co.

73,639

1,846,439

Specialty

Retail

(

1

.3

%

):

66

AutoZone,

Inc.*

210,932

297

Avolta

AG*

19,905

571

Best

Buy

Co.,

Inc.

43,327

211

Burlington

Stores,

Inc.*

66,845

2,517

Carvana

Co.,

Class

A*

165,669

261

Dick's

Sporting

Goods,

Inc.

59,197

700

Fast

Retailing

Co.,

Ltd.

358,032

2,097

H

&

M

Hennes

&

Mauritz

AB,

Class

B

36,086

3,870

Home

Depot,

Inc.

(The)

1,364,872

4,348

Industria

de

Diseno

Textil

SA

274,007

7,650

Kingfisher

plc

28,768

2,161

Lowe's

Cos.,

Inc.

476,479

2,200

Nitori

Holdings

Co.,

Ltd.

32,702

3,324

O'Reilly

Automotive,

Inc.*

306,107

1,220

Ross

Stores,

Inc.

259,677

4,500

Sanrio

Co.,

Ltd.^

30,418

4,341

TJX

Cos.,

Inc.

(The)

657,662

2,308

Tractor

Supply

Co.

72,956

177

Ulta

Beauty,

Inc.*

79,823

452

Williams-Sonoma,

Inc.

105,361

829

Zalando

SE*

24,016

4,672,841

Technology

Hardware,

Storage

&

Peripherals

(

5

.6

%

):

57,237

Apple,

Inc.

16,562,098

3,100

Canon,

Inc.^

79,225

1,162

Dell

Technologies,

Inc.,

Class

C

501,357

1,332

Everpure,

Inc.,

Class

A*

104,948

3,900

FUJIFILM

Holdings

Corp.

83,891

5,210

Hewlett

Packard

Enterprise

Co.

235,023

3,238

HP,

Inc.

71,042

1,295

IonQ,

Inc.*

68,972

677

Logitech

International

SA,

Class

R

63,508

729

NetApp,

Inc.

112,820

Allianz

Variable

Insurance

Products

Trust

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

194

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

848

Seagate

Technology

Holdings

plc

$

818,320

1,925

Super

Micro

Computer,

Inc.*

56,460

1,352

Western

Digital

Corp.

863,549

19,621,213

Textiles,

Apparel

&

Luxury

Goods

(

0

.6

%

):

602

adidas

AG

123,418

2,500

Asics

Corp.

67,993

2,096

Cie

Financiere

Richemont

SA,

Registered

Shares

486,488

468

Deckers

Outdoor

Corp.*

46,468

709

Gildan

Activewear,

Inc.

36,557

104

Hermes

International

SCA

190,288

299

Kering

SA

85,011

421

Lululemon

Athletica,

Inc.*

48,070

964

LVMH

Moet

Hennessy

Louis

Vuitton

SE

533,789

955

Moncler

SpA

55,406

4,743

NIKE,

Inc.,

Class

B

194,700

281

Pandora

A/S

32,410

120

Swatch

Group

AG

(The),

Class

BR

29,363

830

Tapestry,

Inc.

121,495

2,051,456

Tobacco

(

0

.7

%

):

6,637

Altria

Group,

Inc.

477,532

7,918

British

American

Tobacco

plc

488,278

2,934

Imperial

Brands

plc

108,462

4,200

Japan

Tobacco,

Inc.

154,354

6,077

Philip

Morris

International,

Inc.

1,099,390

2,328,016

Trading

Companies

&

Distributors

(

0

.8

%

):

969

AddTech

AB,

B

Shares

34,164

659

AerCap

Holdings

NV

96,069

1,995

Beijer

Ref

AB,

Class

B

29,239

341

Brenntag

SE

20,720

1,532

Bunzl

plc

53,443

4,646

Fastenal

Co.

223,147

715

Ferguson

Enterprises,

Inc.

169,691

22,700

ITOCHU

Corp.

261,042

5,600

Marubeni

Corp.

163,086

12,000

Mitsubishi

Corp.

322,819

9,300

Mitsui

&

Co.,

Ltd.

259,041

758

Rexel

SA

33,121

1,046

SGH,

Ltd.

33,931

16,400

Sumitomo

Corp.

157,576

1,717

Sunbelt

Rentals

Holdings,

Inc.

125,289

305

Toromont

Industries,

Ltd.

50,160

2,100

Toyota

Tsusho

Corp.

78,354

244

United

Rentals,

Inc.

276,425

167

W.W.

Grainger,

Inc.

227,187

120

Watsco,

Inc.

50,007

2,664,511

Shares

Value

Common

Stocks,

continued

Transportation

Infrastructure

(

0

.1

%

):

2,967

Aena

SME

SA

$

90,435

70

Aeroports

de

Paris

SA

9,123

8,354

Auckland

International

Airport,

Ltd.

39,634

902

Getlink

SE

19,180

11,380

Transurban

Group

113,575

271,947

Water

Utilities

(

0

.1

%

):

822

American

Water

Works

Co.,

Inc.

108,159

1,203

Severn

Trent

plc

47,008

2,410

United

Utilities

Group

plc

41,808

196,975

Wireless

Telecommunication

Services

(

0

.4

%

):

3,926

Airtel

Africa

plc

17,065

11,600

KDDI

Corp.

195,698

385

Millicom

International

Cellular

SA*

34,943

1,306

Rogers

Communications,

Inc.,

Class

B

42,493

113,300

SoftBank

Corp.

145,028

14,500

SoftBank

Group

Corp.

544,056

2,292

Tele2

AB,

B

Shares

39,878

1,956

T-Mobile

US,

Inc.

328,080

74,774

Vodafone

Group

plc

98,781

1,446,022

Total

Common

Stocks

(Cost

$142,431,017)

347,405,673

Preferred

Stocks

(

0

.1

%

):

Automobiles

(

0

.1

%

):

132

Bayerische

Motoren

Werke

AG,

7.69%

8,666

299

Dr.

Ing

hc

F

Porsche

AG,

2.32%^

14,868

796

Porsche

Automobil

Holding

SE,

5.60%

24,523

667

Volkswagen

AG,

7.50%

53,431

101,488

Household

Products

(

0

.0

%

†

):

607

Henkel

AG

&

Co.

KGaA,

2.81%

51,007

Life

Sciences

Tools

&

Services

(

0

.0

%

†

):

83

Sartorius

AG,

0.32%

21,778

Total

Preferred

Stocks

(Cost

$269,580)

174,273

Contracts

Warrant

(

0

.0

%

†

):

Software

(

0

.0

%

†

):

147

Constellation

Software,

Inc.,

3/31/40*(a)

—

Total

Warrant

(Cost

$—)

—

Allianz

Variable

Insurance

Products

Trust

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

195

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

Shares

Value

Rights

(

0

.0

%

†

):

Capital

Markets

(

0

.0

%

†

):

964

TPG,

Inc.,

Expires

on

4/9/29*

$

10

Construction

&

Engineering

(

0

.0

%

†

):

711

ACS

Actividades

de

Construccion

y

Servicios

SA,

Expires

on

7/13/26*

1,492

Total

Rights

(Cost

$1,516)

1,502

Affiliated

Investment

Company

(

0

.6

%

):

Money

Market

Funds

(

0

.6

%

):

2,262,672

BlackRock

Liquidity

FedFund,

Institutional

Class,

3.54%

+

(b)(c)

2,262,672

Total

Affiliated

Investment

Company

(Cost

$2,262,672)

2,262,672

Shares

Value

Unaffiliated

Investment

Company

(

0

.1

%

):

Money

Market

Funds

(

0

.1

%

):

400,324

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.53%(c)

$

400,324

Total

Unaffiliated

Investment

Company

(Cost

$400,324)

400,324

Total

Investment

Securities

(Cost

$

145,365,109

)

—

100

.4

%

350,244,444

Net

other

assets

(liabilities)

—

(

0

.4

)

%

(

1,288,326

)

Net

Assets

—

100.0%

$

348,956,118

ADR—American

Depository

Receipt

NYS—New

York

Shares

REIT—Real

Estate

Investment

Trust

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

June

30,

2026.

The

total

value

of

securities

on

loan

as

of

June

30,

2026

was

$1,874,044.

+

Affiliated

Securities

†

Represents

less

than

0.05%.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

June

30,

2026.

(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

June

30,

2026.

(c)

The

rate

represents

the

effective

yield

at

June

30,

2026.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Futures

Contracts

At

June

30,

2026,

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

September

Futures

(Euro)

9/18/26

1

$

72,618‌

$

1,175‌

FTSE

100

Index

September

Futures

(British

Pounds)

9/18/26

1

139,802‌

1,164‌

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/18/26

3

1,132,238‌

19,684‌

$

22,023‌

Allianz

Variable

Insurance

Products

Trust

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

196

See

accompanying

notes

to

the

financial

statements.

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

June

30,

2026:

Country

Percentage

Australia

1.6%

Austria

0.1%

Belgium

0.2%

Bermuda

0.1%

Britain

0.1%

Canada

3.3%

Chile

—%

†

China

—%

†

Denmark

0.4%

Finland

0.3%

France

2.3%

Germany

2.1%

Hong

Kong

0.4%

Ireland

0.9%

Israel

0.3%

Italy

0.8%

Japan

5.7%

Luxembourg

0.1%

Macau

—%

†

Mexico

—%

†

Netherlands

1.7%

New

Zealand

0.1%

Norway

0.1%

Portugal

—%

†

Singapore

0.4%

Spain

0.9%

Sweden

0.8%

Switzerland

2.7%

Thailand

—%

†

United

Kingdom

3.3%

United

States

71.2%

Uruguay

0.1%

100.0%

†

Represents

less

than

0.05%.

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

197

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks

(

99

.4

%

):

Aerospace

&

Defense

(

1

.9

%

):

2,421

ATI,

Inc.*

$

477,179

1,370

Axon

Enterprise,

Inc.*

768,036

8,657

Boeing

Co.

(The)*

1,873,981

1,496

BWX

Technologies,

Inc.

291,196

861

Carpenter

Technology

Corp.

531,099

324

Curtiss-Wright

Corp.

245,514

1,816

FTAI

Aviation,

Ltd.

491,282

773

HEICO

Corp.

275,335

1,300

HEICO

Corp.,

Class

A

335,283

230

Hexcel

Corp.

23,014

7,002

Howmet

Aerospace,

Inc.

1,882,558

1,039

Karman

Holdings,

Inc.*

51,867

362

Kratos

Defense

&

Security

Solutions,

Inc.*

18,049

3,573

Lockheed

Martin

Corp.

1,820,301

9,447

Rocket

Lab

Corp.*

960,287

499

TransDigm

Group,

Inc.

664,688

1,024

Woodward,

Inc.

435,651

11,145,320

Air

Freight

&

Logistics

(

0

.1

%

):

1,872

CH

Robinson

Worldwide,

Inc.

352,572

Automobiles

(

3

.6

%

):

2,036

Rivian

Automotive,

Inc.,

Class

A*

35,325

51,384

Tesla,

Inc.*

21,612,110

21,647,435

Banks

(

0

.3

%

):

8,068

Bank

of

America

Corp.

459,714

4,556

Citigroup,

Inc.

637,658

61,108

NU

Holdings,

Ltd.,

Class

A*

816,403

169

Pinnacle

Financial

Partners,

Inc.

17,049

56

Popular,

Inc.

9,194

462

Western

Alliance

Bancorp

37,976

1,977,994

Beverages

(

0

.3

%

):

3,170

Celsius

Holdings,

Inc.*

92,818

7,905

Coca-Cola

Co.

(The)

642,439

156

Coca-Cola

Consolidated,

Inc.

29,783

5,696

Monster

Beverage

Corp.*

547,500

2,784

PepsiCo,

Inc.

376,954

1,689,494

Biotechnology

(

1

.2

%

):

2,505

AbbVie,

Inc.

630,358

2,371

Alnylam

Pharmaceuticals,

Inc.*

713,742

6,716

Amgen,

Inc.

2,431,998

1,466

Arrowhead

Pharmaceuticals,

Inc.*

119,494

811

Ascendis

Pharma

A/S*

216,310

2,755

Bridgebio

Pharma,

Inc.*

205,192

1,908

Caris

Life

Sciences,

Inc.*

34,001

1,097

Exelixis,

Inc.*

59,688

2,014

Halozyme

Therapeutics,

Inc.*

157,636

3,783

Insmed,

Inc.*

403,343

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

2,793

Ionis

Pharmaceuticals,

Inc.*

$

221,457

309

Madrigal

Pharmaceuticals,

Inc.*

165,917

2,408

Natera,

Inc.*

653,652

1,464

Neurocrine

Biosciences,

Inc.*

246,735

3,394

Revolution

Medicines,

Inc.*

635,628

2,391

Summit

Therapeutics,

Inc.*

34,837

176

Viking

Therapeutics,

Inc.*

6,866

6,936,854

Broadline

Retail

(

0

.7

%

):

14,263

Amazon.com,

Inc.*

3,399,443

21,491

Coupang,

Inc.,

Class

A*

373,299

1,674

eBay,

Inc.

187,070

877

Etsy,

Inc.*

66,064

4,025,876

Building

Products

(

0

.4

%

):

1,209

AAON,

Inc.

153,374

219

Armstrong

World

Industries,

Inc.

35,132

100

Carlisle

Cos.,

Inc.

36,275

676

Johnson

Controls

International

plc

98,770

160

Lennox

International,

Inc.

91,672

897

Modine

Manufacturing

Co.*

239,517

3,886

Trane

Technologies

plc

1,908,648

2,563,388

Capital

Markets

(

0

.8

%

):

132

Ameriprise

Financial,

Inc.

60,556

3,427

Ares

Management

Corp.,

Class

A

381,459

736

Bank

of

New

York

Mellon

Corp.

(The)

106,433

10,353

Blackstone,

Inc.

1,218,237

6,101

Brookfield

Asset

Management,

Ltd.,

Class

A

273,630

2,114

Charles

Schwab

Corp.

(The)

195,059

307

Freedom

Holding

Corp.

NV*^

40,054

2,990

Interactive

Brokers

Group,

Inc.,

Class

A

260,250

2,587

KKR

&

Co.,

Inc.

237,435

436

Lazard,

Inc.,

Class

A

18,286

492

LPL

Financial

Holdings,

Inc.

138,587

1,236

Moody's

Corp.

559,809

22

Morningstar,

Inc.

3,432

63

MSCI,

Inc.,

Class

A

35,283

163

Northern

Trust

Corp.

28,336

11,190

Robinhood

Markets,

Inc.,

Class

A*

1,122,133

200

Tradeweb

Markets,

Inc.,

Class

A

19,932

4,698,911

Chemicals

(

0

.1

%

):

1,053

Sherwin-Williams

Co.

(The)

362,569

2,745

Solstice

Advanced

Materials,

Inc.

243,207

605,776

Commercial

Services

&

Supplies

(

0

.3

%

):

5,998

Cintas

Corp.

1,020,140

165

Clean

Harbors,

Inc.*

49,294

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

198

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

5,126

Rollins,

Inc.

$

213,959

1,804

Waste

Management,

Inc.

402,075

1,685,468

Communications

Equipment

(

1

.1

%

):

1,331

Applied

Optoelectronics,

Inc.*

197,201

18,369

Arista

Networks,

Inc.*

3,120,526

2,475

Ciena

Corp.*

1,214,136

1,250

Lumentum

Holdings,

Inc.*

1,072,575

1,129

Motorola

Solutions,

Inc.

468,862

86

Ubiquiti,

Inc.

45,926

3,989

Viavi

Solutions,

Inc.*

190,475

6,309,701

Construction

&

Engineering

(

0

.8

%

):

613

Comfort

Systems

USA,

Inc.

1,214,935

204

Dycom

Industries,

Inc.*

103,140

785

EMCOR

Group,

Inc.

651,456

757

Everus

Construction

Group,

Inc.*

125,624

150

IES

Holdings,

Inc.*

110,199

1,113

MasTec,

Inc.*

463,075

2,625

Quanta

Services,

Inc.

1,890,105

540

Sterling

Infrastructure,

Inc.*

453,255

5,011,789

Consumer

Finance

(

0

.2

%

):

455

Ally

Financial,

Inc.

20,907

2,719

American

Express

Co.

919,702

1,129

Figure

Technology

Solutions,

Inc.,

Class

A*

34,672

2,554

SoFi

Technologies,

Inc.*

45,793

1,021,074

Consumer

Staples

Distribution

&

Retail

(

0

.8

%

):

584

Casey's

General

Stores,

Inc.

464,157

3,414

Costco

Wholesale

Corp.

3,193,695

1,232

Maplebear,

Inc.*

58,335

3,920

Sysco

Corp.

327,634

6,650

Walmart,

Inc.

753,179

4,797,000

Diversified

Consumer

Services

(

0

.0

%

†

):

102

Grand

Canyon

Education,

Inc.*

14,597

246

H&R

Block,

Inc.

9,368

23,965

Diversified

Telecommunication

Services

(

0

.3

%

):

4,225

AST

SpaceMobile,

Inc.,

Class

A*^

375,433

888

Globalstar,

Inc.*

72,186

504

Iridium

Communications,

Inc.

27,644

8,414

Space

Exploration

Technologies

Corp.,

Class

A*

1,437,616

1,912,879

Electric

Utilities

(

0

.1

%

):

369

Constellation

Energy

Corp.

91,649

Shares

Value

Common

Stocks,

continued

Electric

Utilities,

continued

3,624

NRG

Energy,

Inc.

$

529,321

620,970

Electrical

Equipment

(

1

.9

%

):

4,721

Bloom

Energy

Corp.,

Class

A*

1,429,047

1,079

Eaton

Corp.

plc

459,784

2,204

Forgent

Power

Solutions,

Inc.,

Class

A*

123,115

4,733

GE

Vernova,

Inc.

5,560,612

1,131

nVent

Electric

plc

191,829

498

Powell

Industries,

Inc.

142,607

1,631

Rockwell

Automation,

Inc.

807,476

6,748

Vertiv

Holdings

Co.,

Class

A

2,259,365

425

Vicor

Corp.*

161,407

11,135,242

Electronic

Equipment,

Instruments

&

Components

(

1

.7

%

):

617

Advanced

Energy

Industries,

Inc.

230,061

21,574

Amphenol

Corp.,

Class

A

3,803,928

635

Coherent

Corp.*

250,489

13,907

Corning,

Inc.

3,552,265

618

Fabrinet*

347,365

1,846

Jabil,

Inc.

711,596

1,732

Keysight

Technologies,

Inc.*

606,321

283

Sanmina

Corp.*

71,622

1,516

TTM

Technologies,

Inc.*

283,522

9,857,169

Energy

Equipment

&

Services

(

0

.0

%

†

):

2,690

TechnipFMC

plc

178,347

Entertainment

(

1

.5

%

):

593

Electronic

Arts,

Inc.

121,589

2,853

Live

Nation

Entertainment,

Inc.*

522,413

149

Madison

Square

Garden

Sports

Corp.*

59,874

73,801

Netflix,

Inc.*

5,269,392

11,314

ROBLOX

Corp.,

Class

A*

615,255

2,124

Roku,

Inc.,

Class

A*

293,409

2,778

Spotify

Technology

SA*

1,275,463

3,231

Take-Two

Interactive

Software,

Inc.*

807,685

410

TKO

Group

Holdings,

Inc.,

Class

A

82,537

9,047,617

Financial

Services

(

3

.0

%

):

5,046

Affirm

Holdings,

Inc.,

Class

A*

411,501

407

Corpay,

Inc.*

135,641

2,642

Equitable

Holdings,

Inc.

115,931

14,209

Mastercard,

Inc.,

Class

A

7,297,742

366

Shift4

Payments,

Inc.,

Class

A*^

17,802

8,220

Toast,

Inc.,

Class

A*

228,681

29,044

Visa,

Inc.,

Class

A

9,964,706

18,172,004

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

199

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Food

Products

(

0

.0

%

†

):

262

Hershey

Co.

(The)

$

45,968

Ground

Transportation

(

0

.2

%

):

72

Avis

Budget

Group,

Inc.*

10,644

189

Landstar

System,

Inc.

39,087

1,306

Lyft,

Inc.,

Class

A*

19,081

667

Old

Dominion

Freight

Line,

Inc.

144,472

3,332

Uber

Technologies,

Inc.*

240,437

90

U-Haul

Holding

Co.

5,193

693

Union

Pacific

Corp.

188,496

2,050

XPO,

Inc.*

420,844

1,068,254

Health

Care

Equipment

&

Supplies

(

0

.7

%

):

6,861

Dexcom,

Inc.*

462,088

1,176

IDEXX

Laboratories,

Inc.*

619,093

1,185

Insulet

Corp.*

180,416

6,201

Intuitive

Surgical,

Inc.*

2,466,014

690

Penumbra,

Inc.*^

217,868

3,945,479

Health

Care

Providers

&

Services

(

0

.5

%

):

1,921

Cardinal

Health,

Inc.

456,353

3,284

Cencora,

Inc.

929,306

684

Centene

Corp.*

43,906

30

DaVita,

Inc.*

6,674

1,950

Guardant

Health,

Inc.*

292,559

2,022

McKesson

Corp.

1,527,823

3,256,621

Hotels,

Restaurants

&

Leisure

(

2

.2

%

):

7,274

Airbnb,

Inc.,

Class

A*

1,040,909

13,617

Booking

Holdings,

Inc.

2,427,094

1,850

Cava

Group,

Inc.*

145,188

22,537

Chipotle

Mexican

Grill,

Inc.,

Class

A*

766,258

480

Choice

Hotels

International,

Inc.^

52,930

176

Churchill

Downs,

Inc.

15,777

2,008

Darden

Restaurants,

Inc.

413,668

27

Domino's

Pizza,

Inc.

7,993

6,592

DoorDash,

Inc.,

Class

A*

1,216,422

8,224

DraftKings,

Inc.*

207,738

2,024

Dutch

Bros,

Inc.,

Class

A*

145,343

2,033

Expedia

Group,

Inc.

520,204

3,925

Hilton

Worldwide

Holdings,

Inc.

1,297,056

642

Hyatt

Hotels

Corp.,

Class

A

124,445

4,758

Las

Vegas

Sands

Corp.

219,772

2,867

Marriott

International,

Inc.,

Class

A

1,062,482

1,498

Planet

Fitness,

Inc.,

Class

A*

78,151

3,387

Restaurant

Brands

International,

Inc.

245,591

2,513

Royal

Caribbean

Cruises,

Ltd.

797,953

11,028

Starbucks

Corp.

1,126,951

362

Texas

Roadhouse,

Inc.,

Class

A

69,949

411

Travel

+

Leisure

Co.

31,413

493

Vail

Resorts,

Inc.^

67,122

3,151

Viking

Holdings,

Ltd.*

329,815

454

Wingstop,

Inc.

78,728

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

1,198

Wyndham

Hotels

&

Resorts,

Inc.

$

100,884

1,112

Wynn

Resorts,

Ltd.

107,964

1,424

Yum!

Brands,

Inc.

227,641

12,925,441

Household

Durables

(

0

.0

%

†

):

18

NVR,

Inc.*

122,641

300

SharkNinja,

Inc.*

45,681

581

Somnigroup

International,

Inc.

45,551

53

TopBuild

Corp.*

18,790

232,663

Household

Products

(

0

.1

%

):

6,098

Colgate-Palmolive

Co.

559,065

1,831

Kimberly-Clark

Corp.

200,989

760,054

Independent

Power

and

Renewable

Electricity

Producers

(

0

.2

%

):

680

Solv

Energy,

Inc.,

Class

A*

23,154

544

Talen

Energy

Corp.*

209,037

5,917

Vistra

Corp.

938,614

1,170,805

Industrial

Conglomerates

(

1

.2

%

):

1,255

3M

Co.

203,197

18,168

General

Electric

Co.

6,789,927

6,993,124

Insurance

(

0

.0

%

†

):

285

Ryan

Specialty

Holdings,

Inc.,

Class

A^

10,762

Interactive

Media

&

Services

(

14

.1

%

):

102,493

Alphabet,

Inc.,

Class

A

36,627,923

83,634

Alphabet,

Inc.,

Class

C

29,550,401

31,633

Meta

Platforms,

Inc.,

Class

A

17,818,553

2,301

Reddit,

Inc.,

Class

A*

399,408

84,396,285

IT

Services

(

0

.8

%

):

5,559

Cloudflare,

Inc.,

Class

A*

1,363,512

6,177

CoreWeave,

Inc.,

Class

A*

614,859

1,398

DigitalOcean

Holdings,

Inc.*

219,528

1,125

Gartner,

Inc.*

145,822

2,272

GoDaddy,

Inc.,

Class

A*

192,847

1,279

MongoDB,

Inc.,

Class

A*

429,616

5,891

Snowflake,

Inc.,

Class

A*

1,499,260

352

Twilio,

Inc.,

Class

A*

72,628

4,538,072

Leisure

Products

(

0

.0

%

†

):

606

Hasbro,

Inc.

50,050

Life

Sciences

Tools

&

Services

(

0

.1

%

):

392

Medpace

Holdings,

Inc.*

207,599

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

200

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Life

Sciences

Tools

&

Services,

continued

1,962

Tempus

AI,

Inc.,

Class

A*

$

113,659

321,258

Machinery

(

1

.7

%

):

288

Allison

Transmission

Holdings,

Inc.

32,469

7,990

Caterpillar,

Inc.

8,508,551

1,105

Cummins,

Inc.

788,097

1,442

Illinois

Tool

Works,

Inc.

390,018

217

Lincoln

Electric

Holdings,

Inc.

57,615

95

RBC

Bearings,

Inc.*

61,186

9,837,936

Media

(

0

.0

%

†

):

2,046

EchoStar

Corp.,

Class

A*

207,669

2,101

Trade

Desk,

Inc.

(The),

Class

A*

37,986

245,655

Metals

&

Mining

(

0

.1

%

):

3,555

Almonty

Industries,

Inc.

58,871

8,091

Anglogold

Ashanti

plc

654,481

700

Aura

Minerals,

Inc.

44,065

1,097

Hecla

Mining

Co.

16,927

364

Southern

Copper

Corp.

63,430

192

Steel

Dynamics,

Inc.

44,056

881,830

Oil,

Gas

&

Consumable

Fuels

(

0

.4

%

):

243

Cheniere

Energy,

Inc.

58,079

2,657

Marathon

Petroleum

Corp.

679,315

342

Matador

Resources

Co.

17,025

1,669

Permian

Resources

Corp.,

Class

A

30,726

406

Phillips

66

68,634

3,734

Targa

Resources

Corp.

1,001,235

1,015

Texas

Pacific

Land

Corp.

444,205

613

Valero

Energy

Corp.

159,650

2,458,869

Passenger

Airlines

(

0

.1

%

):

405

Alaska

Air

Group,

Inc.*

21,141

11,254

American

Airlines

Group,

Inc.*

203,360

692

Delta

Air

Lines,

Inc.

64,813

741

Southwest

Airlines

Co.

38,102

331

United

Airlines

Holdings,

Inc.*

45,012

372,428

Personal

Care

Products

(

0

.0

%

†

):

762

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

60,160

Pharmaceuticals

(

3

.0

%

):

744

Axsome

Therapeutics,

Inc.*

182,109

1,656

Corcept

Therapeutics,

Inc.*

143,989

14,043

Eli

Lilly

&

Co.

16,843,596

5,940

Zoetis,

Inc.,

Class

A

426,848

17,596,542

Shares

Value

Common

Stocks,

continued

Professional

Services

(

0

.1

%

):

2,543

Automatic

Data

Processing,

Inc.

$

569,505

462

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

28,029

394

ExlService

Holdings,

Inc.*

10,189

52

Paylocity

Holding

Corp.*

5,436

4,812

Planet

Labs

PBC*

159,421

459

Ul

Solutions,

Inc.,

Class

A

46,754

819,334

Real

Estate

Management

&

Development

(

0

.0

%

†

):

476

CBRE

Group,

Inc.,

Class

A*

64,112

1,059

CoStar

Group,

Inc.*

29,991

41

Jones

Lang

LaSalle,

Inc.*

12,708

106,811

Retail

REITs

(

0

.2

%

):

5,622

Simon

Property

Group,

Inc.

1,257,360

Semiconductors

&

Semiconductor

Equipment

(

32

.9

%

):

28,611

Advanced

Micro

Devices,

Inc.*

16,620,416

2,139

Allegro

MicroSystems,

Inc.*

148,917

597

Analog

Devices,

Inc.

237,111

13,945

Applied

Materials,

Inc.

10,082,235

2,693

Astera

Labs,

Inc.*

1,300,773

81,830

Broadcom,

Inc.

30,911,283

2,914

Credo

Technology

Group

Holding,

Ltd.*

792,462

370

Entegris,

Inc.

66,548

92

First

Solar,

Inc.*

21,708

1,338

FormFactor,

Inc.*

213,986

23,009

KLA

Corp.

6,942,045

21,983

Lam

Research

Corp.

9,525,893

2,349

Lattice

Semiconductor

Corp.*

359,303

1,201

MACOM

Technology

Solutions

Holdings,

Inc.*

456,824

15,343

Marvell

Technology,

Inc.

4,570,526

9,355

Microchip

Technology,

Inc.

853,176

19,828

Micron

Technology,

Inc.

22,887,262

99

MKS,

Inc.

44,035

832

Monolithic

Power

Systems,

Inc.

1,150,124

410,327

NVIDIA

Corp.

82,102,330

355

ON

Semiconductor

Corp.*

33,562

180

Onto

Innovation,

Inc.*

68,121

1,854

Rambus,

Inc.*

246,100

1,599

Semtech

Corp.*

258,798

383

SiTime

Corp.*

285,550

2,755

Teradyne,

Inc.

1,332,979

15,995

Texas

Instruments,

Inc.

4,767,630

196,279,697

Software

(

9

.2

%

):

4,951

Adobe,

Inc.*

1,015,054

431

Appfolio,

Inc.,

Class

A*

69,111

4,221

AppLovin

Corp.,

Class

A*

2,174,786

2,912

Atlassian

Corp.,

Class

A*

226,524

3,729

Autodesk,

Inc.*

724,992

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

201

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Software,

continued

568

Bentley

Systems,

Inc.,

Class

B

$

16,978

4,851

Cadence

Design

Systems,

Inc.*

1,820,677

4,414

Crowdstrike

Holdings,

Inc.,

Class

A*

3,368,500

5,778

Datadog,

Inc.,

Class

A*

1,504,360

210

Docusign,

Inc.,

Class

A*

9,328

902

Dynatrace,

Inc.*

39,607

802

Elastic

NV*

45,730

320

Fair

Isaac

Corp.*

382,330

10,661

Fortinet,

Inc.*

1,637,743

1,221

Gen

Digital,

Inc.

30,391

764

Guidewire

Software,

Inc.*

94,010

757

HubSpot,

Inc.*

138,160

1,470

Intuit,

Inc.

383,670

685

IREN,

Ltd.*

31,325

1,145

Klaviyo,

Inc.,

Class

A*

17,290

1,054

Manhattan

Associates,

Inc.*

146,769

65,341

Microsoft

Corp.

24,373,500

30,147

Oracle

Corp.

4,418,043

39,060

Palantir

Technologies,

Inc.,

Class

A*

4,557,130

14,184

Palo

Alto

Networks,

Inc.*

4,837,028

485

Pegasystems,

Inc.

14,535

2,104

Procore

Technologies,

Inc.*

85,464

133

RingCentral,

Inc.,

Class

A

5,184

1,908

Rubrik,

Inc.,

Class

A*

153,174

5,799

Samsara,

Inc.,

Class

A*

188,062

4,305

SentinelOne,

Inc.,

Class

A*

73,056

18,052

ServiceNow,

Inc.*

1,792,203

6,235

Terawulf,

Inc.*^

154,004

267

Workday,

Inc.,

Class

A*

32,686

1,784

Zscaler,

Inc.*

251,812

54,813,216

Specialized

REITs

(

0

.2

%

):

5,306

American

Tower

Corp.

867,902

329

Lamar

Advertising

Co.,

Class

A

51,317

305

Public

Storage

97,085

1,016,304

Specialty

Retail

(

1

.5

%

):

39

AutoZone,

Inc.*

124,642

1,080

Burlington

Stores,

Inc.*

342,144

12,232

Carvana

Co.,

Class

A*

805,110

4,350

Chewy,

Inc.,

Class

A*

85,478

374

Five

Below,

Inc.*

67,241

12,987

Home

Depot,

Inc.

(The)

4,580,255

288

Murphy

USA,

Inc.

155,195

4,844

Ross

Stores,

Inc.

1,031,045

8,883

TJX

Cos.,

Inc.

(The)

1,345,774

164

Ulta

Beauty,

Inc.*

73,961

2,053

Valvoline,

Inc.*

81,176

284

Williams-Sonoma,

Inc.

66,200

8,758,221

Technology

Hardware,

Storage

&

Peripherals

(

8

.4

%

):

137,777

Apple,

Inc.

39,867,153

Shares

Value

Common

Stocks,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

614

Dell

Technologies,

Inc.,

Class

C

$

264,917

4,641

Everpure,

Inc.,

Class

A*

365,664

1,203

NetApp,

Inc.

186,176

2,559

Sandisk

Corp.*

5,818,475

902

Super

Micro

Computer,

Inc.*

26,456

5,946

Western

Digital

Corp.

3,797,829

50,326,670

Textiles,

Apparel

&

Luxury

Goods

(

0

.1

%

):

499

Amer

Sports,

Inc.*

16,886

192

Deckers

Outdoor

Corp.*

19,064

4,080

On

Holding

AG,

Class

A*

144,514

410

Ralph

Lauren

Corp.,

Class

A

164,578

3,616

Tapestry,

Inc.

529,310

874,352

Trading

Companies

&

Distributors

(

0

.3

%

):

16,564

Fastenal

Co.

795,569

201

Ferguson

Enterprises,

Inc.

47,703

248

United

Rentals,

Inc.

280,957

657

W.W.

Grainger,

Inc.

893,783

2,018,012

Total

Common

Stocks

(Cost

$256,876,643)

592,855,078

Affiliated

Investment

Company

(

0

.1

%

):

Money

Market

Funds

(

0

.1

%

):

783,536

BlackRock

Liquidity

FedFund,

Institutional

Class,

3.54%

+

(a)(b)

783,536

Total

Affiliated

Investment

Company

(Cost

$783,536)

783,536

Unaffiliated

Investment

Company

(

0

.7

%

):

Money

Market

Funds

(

0

.7

%

):

4,065,121

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.53%(b)

4,065,121

Total

Unaffiliated

Investment

Company

(Cost

$4,065,121)

4,065,121

Total

Investment

Securities

(Cost

$

261,725,300

)

—

100

.2

%

597,703,735

Net

other

assets

(liabilities)

—

(

0

.2

)

%

(

1,109,074

)

Net

Assets

—

100.0%

$

596,594,661

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

202

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

REIT—Real

Estate

Investment

Trust

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

June

30,

2026.

The

total

value

of

securities

on

loan

as

of

June

30,

2026

was

$768,792.

+

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

June

30,

2026.

(b)

The

rate

represents

the

effective

yield

at

June

30,

2026.

Futures

Contracts

At

June

30,

2026,

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

September

Futures

(U.S.

Dollar)

9/18/26

18

$

4,541,850

$

171,278

$

171,278

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

203

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks

(

99

.0

%

):

Aerospace

&

Defense

(

2

.0

%

):

707

AeroVironment,

Inc.*

$

116,704

4,973

Boeing

Co.

(The)*

1,076,505

88

BWX

Technologies,

Inc.

17,129

335

Curtiss-Wright

Corp.

253,850

4,749

General

Dynamics

Corp.

1,682,286

1,146

Hexcel

Corp.

114,669

5,890

Honeywell

Aerospace,

Inc.*

1,302,051

753

Huntington

Ingalls

Industries,

Inc.

210,757

3,198

Kratos

Defense

&

Security

Solutions,

Inc.*

159,452

3,453

L3Harris

Technologies,

Inc.

1,003,407

1,024

Leonardo

DRS,

Inc.

43,694

818

Loar

Holdings,

Inc.*

65,939

2,479

Northrop

Grumman

Corp.

1,262,580

25,034

RTX

Corp.

4,749,701

4,207

StandardAero,

Inc.*

125,831

3,360

Textron,

Inc.

308,213

515

TransDigm

Group,

Inc.

686,001

13,178,769

Air

Freight

&

Logistics

(

0

.5

%

):

169

CH

Robinson

Worldwide,

Inc.

31,830

2,532

Expeditors

International

of

Washington,

Inc.

412,665

4,063

FedEx

Corp.

1,272,247

2,094

FedEx

Freight

Holding

Co.,

Inc.*

316,194

2,016

GXO

Logistics,

Inc.*

102,211

13,860

United

Parcel

Service,

Inc.,

Class

B

1,489,950

3,625,097

Automobile

Components

(

0

.1

%

):

3,812

Aptiv

plc*

233,980

3,801

BorgWarner,

Inc.

252,386

4,058

Gentex

Corp.

102,546

1,013

Lear

Corp.

135,803

9,262

QuantumScape

Corp.,

Class

A*

70,021

794,736

Automobiles

(

0

.4

%

):

72,536

Ford

Motor

Co.

1,008,250

16,734

General

Motors

Co.

1,289,857

13,417

Rivian

Automotive,

Inc.,

Class

A*

232,785

1,046

Thor

Industries,

Inc.

78,617

2,609,509

Banks

(

6

.4

%

):

114,381

Bank

of

America

Corp.

6,517,429

1,850

Bank

OZK

96,367

420

BOK

Financial

Corp.

58,330

26,717

Citigroup,

Inc.

3,739,311

7,841

Citizens

Financial

Group,

Inc.

549,419

5,291

Columbia

Banking

System,

Inc.

169,577

2,462

Commerce

Bancshares,

Inc.

142,181

1,057

Cullen/Frost

Bankers,

Inc.

163,328

2,523

East

West

Bancorp,

Inc.

325,694

16,784

Fifth

Third

Bancorp

946,114

Shares

Value

Common

Stocks,

continued

Banks,

continued

149

First

Citizens

BancShares,

Inc.,

Class

A

$

310,038

2,198

First

Hawaiian,

Inc.

64,401

8,724

First

Horizon

Corp.

223,683

6,931

FNB

Corp.

132,243

37,382

Huntington

Bancshares,

Inc.

662,783

49,623

JPMorgan

Chase

&

Co.

16,243,097

17,187

KeyCorp

396,160

2,724

M&T

Bank

Corp.

648,339

2,597

Pinnacle

Financial

Partners,

Inc.

261,985

7,511

PNC

Financial

Services

Group,

Inc.

(The)

1,849,358

1,097

Popular,

Inc.

180,105

1,959

Prosperity

Bancshares,

Inc.

143,066

15,846

Regions

Financial

Corp.

478,549

1,824

Southstate

Bank

Corp.

182,218

690

TFS

Financial

Corp.

12,227

23,134

Truist

Financial

Corp.

1,152,536

28,883

US

Bancorp

1,744,533

3,099

Webster

Financial

Corp.

236,826

56,853

Wells

Fargo

&

Co.

4,698,332

1,691

Western

Alliance

Bancorp

139,000

1,263

Wintrust

Financial

Corp.

202,989

2,789

Zions

Bancorp

NA

192,971

42,863,189

Beverages

(

1

.6

%

):

746

Brown-Forman

Corp.,

Class

A

20,410

2,606

Brown-Forman

Corp.,

Class

B

69,450

63,850

Coca-Cola

Co.

(The)

5,189,089

889

Coca-Cola

Consolidated,

Inc.

169,728

2,562

Constellation

Brands,

Inc.,

Class

A

356,349

24,048

Keurig

Dr

Pepper,

Inc.

787,091

2,959

Molson

Coors

Beverage

Co.,

Class

B

115,283

7,072

Monster

Beverage

Corp.*

679,761

22,335

PepsiCo,

Inc.

3,024,159

4,845

Primo

Brands

Corp.,

Class

A

118,412

10,529,732

Biotechnology

(

2

.7

%

):

30,237

AbbVie,

Inc.

7,608,839

2,931

Amgen,

Inc.

1,061,374

929

Arrowhead

Pharmaceuticals,

Inc.*

75,723

2,722

Biogen,

Inc.*

588,115

3,524

BioMarin

Pharmaceutical,

Inc.*

201,643

3,445

Exelixis,

Inc.*

187,443

23,056

Gilead

Sciences,

Inc.

2,912,895

3,075

Incyte

Corp.*

348,582

101

Ionis

Pharmaceuticals,

Inc.*

8,008

6,989

Moderna,

Inc.*

489,440

312

Neurocrine

Biosciences,

Inc.*

52,583

1,876

Regeneron

Pharmaceuticals,

Inc.

1,169,761

8,393

Roivant

Sciences,

Ltd.*

297,028

768

United

Therapeutics

Corp.*

416,125

4,718

Vertex

Pharmaceuticals,

Inc.*

2,343,572

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

204

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

2,241

Viking

Therapeutics,

Inc.*

$

87,421

17,848,552

Broadline

Retail

(

6

.0

%

):

164,987

Amazon.com,

Inc.*

39,323,002

51

Dillard's,

Inc.,

Class

A

26,949

6,446

eBay,

Inc.

720,340

799

Etsy,

Inc.*

60,189

4,971

Macy's,

Inc.

117,067

1,190

Ollie's

Bargain

Outlet

Holdings,

Inc.*

91,487

40,339,034

Building

Products

(

0

.7

%

):

1,973

A

O

Smith

Corp.

123,747

1,309

Advanced

Drainage

Systems,

Inc.

205,461

1,528

Allegion

plc

214,669

638

Armstrong

World

Industries,

Inc.

102,348

1,944

Builders

FirstSource,

Inc.*

173,949

669

Carlisle

Cos.,

Inc.

242,680

14,492

Carrier

Global

Corp.

1,062,988

2,039

Fortune

Brands

Innovations,

Inc.

111,941

2,751

Hayward

Holdings,

Inc.*

47,620

10,633

Johnson

Controls

International

plc

1,553,588

413

Lennox

International,

Inc.

236,628

3,744

Masco

Corp.

304,649

1,572

Owens

Corning

249,885

741

Simpson

Manufacturing

Co.,

Inc.

155,128

1,850

Trex

Co.,

Inc.*

92,574

4,877,855

Capital

Markets

(

4

.9

%

):

462

Affiliated

Managers

Group,

Inc.

156,341

1,541

Ameriprise

Financial,

Inc.

706,949

11,939

Bank

of

New

York

Mellon

Corp.

(The)

1,726,499

2,834

Blackrock,

Inc.

+

2,725,061

2,895

Blackstone,

Inc.

340,655

12,216

Blue

Owl

Capital,

Inc.,

Class

A

106,890

466

Brookfield

Asset

Management,

Ltd.,

Class

A

20,900

5,205

Carlyle

Group,

Inc.

(The)

219,183

1,945

Cboe

Global

Markets,

Inc.

471,993

28,059

Charles

Schwab

Corp.

(The)

2,589,004

6,706

CME

Group,

Inc.,

Class

A

1,480,886

3,956

Coinbase

Global,

Inc.,

Class

A*

578,328

704

Evercore,

Inc.,

Class

A

240,374

648

FactSet

Research

Systems,

Inc.

149,092

5,380

Franklin

Resources,

Inc.

178,993

3,468

Galaxy

Digital,

Inc.,

Class

A*

94,815

5,352

Goldman

Sachs

Group,

Inc.

(The)

5,412,852

310

Hamilton

Lane,

Inc.,

Class

A

24,437

1,011

Houlihan

Lokey,

Inc.,

Class

A

135,605

4,839

Interactive

Brokers

Group,

Inc.,

Class

A

421,187

10,430

Intercontinental

Exchange,

Inc.

1,284,037

6,819

Invesco,

Ltd.

179,953

2,293

Janus

Henderson

Group

plc

119,121

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

2,813

Jefferies

Financial

Group,

Inc.

$

140,594

9,809

KKR

&

Co.,

Inc.

900,270

1,614

Lazard,

Inc.,

Class

A

67,691

957

LPL

Financial

Holdings,

Inc.

269,568

622

MarketAxess

Holdings,

Inc.

70,591

1,497

Moody's

Corp.

678,021

20,800

Morgan

Stanley

4,348,032

169

Morningstar,

Inc.

26,367

1,238

MSCI,

Inc.,

Class

A

693,330

8,295

Nasdaq,

Inc.

653,812

3,233

Northern

Trust

Corp.

562,025

3,280

Raymond

James

Financial,

Inc.

498,658

2,451

Robinhood

Markets,

Inc.,

Class

A*

245,786

5,487

S&P

Global,

Inc.

2,234,636

1,866

SEI

Investments

Co.

163,667

4,965

State

Street

Corp.

842,064

2,872

Stifel

Financial

Corp.

200,379

3,909

T.

Rowe

Price

Group,

Inc.

444,414

2,693

TPG,

Inc.,

Class

A

109,201

2,037

Tradeweb

Markets,

Inc.,

Class

A

203,007

1,429

Virtu

Financial,

Inc.,

Class

A

85,126

7,220

XP,

Inc.,

Class

A

117,397

32,917,791

Chemicals

(

1

.9

%

):

4,064

Air

Products

and

Chemicals,

Inc.

1,191,483

2,217

Albemarle

Corp.

299,361

4,230

Axalta

Coating

Systems,

Ltd.*

144,751

2,120

Celanese

Corp.,

Class

A

97,520

2,914

CF

Industries

Holdings,

Inc.

315,470

12,472

Corteva,

Inc.

1,056,254

13,847

Dow,

Inc.

378,854

2,743

DuPont

de

Nemours,

Inc.

372,060

1,996

Eastman

Chemical

Co.

133,692

4,603

Ecolab,

Inc.

1,282,442

4,260

Element

Solutions,

Inc.

203,415

4,906

International

Flavors

&

Fragrances,

Inc.

388,653

8,558

Linde

plc

4,441,089

4,750

LyondellBasell

Industries

NV,

Class

A*

250,087

6,261

Mosaic

Co.

(The)

132,671

105

NewMarket

Corp.

83,080

1,651

Olin

Corp.

32,723

4,140

PPG

Industries,

Inc.

502,141

2,298

RPM

International,

Inc.

255,423

892

Scotts

Miracle-Gro

Co.

(The)

60,754

3,165

Sherwin-Williams

Co.

(The)

1,089,773

666

Westlake

Corp.

48,618

12,760,314

Commercial

Services

&

Supplies

(

0

.6

%

):

765

Clean

Harbors,

Inc.*

228,544

16,368

Copart,

Inc.*

461,414

4,826

GFL

Environmental,

Inc.

177,549

720

MSA

Safety,

Inc.

125,698

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

205

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

3,374

RB

Global,

Inc.

$

392,902

3,693

Republic

Services,

Inc.,

Class

A

786,904

4,316

Tetra

Tech,

Inc.

124,689

4,555

Veralto

Corp.

403,937

5,048

Waste

Management,

Inc.

1,125,098

3,826,735

Communications

Equipment

(

1

.5

%

):

73,325

Cisco

Systems,

Inc.

8,612,755

1,048

F5,

Inc.*

435,926

1,862

Motorola

Solutions,

Inc.

773,270

9,821,951

Construction

&

Engineering

(

0

.2

%

):

2,318

AECOM

161,796

7,134

API

Group

Corp.*

302,125

331

Dycom

Industries,

Inc.*

167,350

130

Everus

Construction

Group,

Inc.*

21,574

944

Primoris

Services

Corp.

93,569

351

Valmont

Industries,

Inc.

202,738

2,274

WillScot

Holdings

Corp.

65,628

1,014,780

Construction

Materials

(

0

.4

%

):

12,407

CRH

plc

1,327,549

610

Eagle

Materials,

Inc.

137,250

2,770

James

Hardie

Industries

plc*

72,519

1,108

Martin

Marietta

Materials,

Inc.

638,983

2,406

Vulcan

Materials

Co.

709,794

2,886,095

Consumer

Finance

(

0

.9

%

):

4,697

Ally

Financial,

Inc.

215,827

7,010

American

Express

Co.

2,371,133

11,570

Capital

One

Financial

Corp.

2,321,173

51

Credit

Acceptance

Corp.*

32,474

1,410

Figure

Technology

Solutions,

Inc.,

Class

A*

43,301

2,152

OneMain

Holdings,

Inc.,

Class

A

131,207

3,225

SLM

Corp.

83,657

19,866

SoFi

Technologies,

Inc.*

356,197

6,233

Synchrony

Financial

474,020

6,028,989

Consumer

Staples

Distribution

&

Retail

(

2

.5

%

):

7,124

Albertsons

Cos.,

Inc.,

Class

A

96,388

2,283

BJ's

Wholesale

Club

Holdings,

Inc.*

199,123

79

Casey's

General

Stores,

Inc.

62,788

4,634

Costco

Wholesale

Corp.

4,334,968

4,082

Dollar

General

Corp.

469,879

3,439

Dollar

Tree,

Inc.*

415,947

10,343

Kroger

Co.

(The)

574,347

1,517

Maplebear,

Inc.*

71,830

2,547

Performance

Food

Group

Co.*

284,729

1,737

Sprouts

Farmers

Market,

Inc.*

146,916

4,268

Sysco

Corp.

356,719

8,424

Target

Corp.

1,100,259

Shares

Value

Common

Stocks,

continued

Consumer

Staples

Distribution

&

Retail,

continued

4,064

US

Foods

Holding

Corp.*

$

415,544

74,469

Walmart,

Inc.

8,434,359

16,963,796

Containers

&

Packaging

(

0

.4

%

):

8,868

Amcor

plc,

ADR

384,428

1,139

AptarGroup,

Inc.

142,603

1,402

Avery

Dennison

Corp.

227,615

4,933

Ball

Corp.

307,819

2,002

Crown

Holdings,

Inc.

223,863

6,268

Graphic

Packaging

Holding

Co.

66,253

9,737

International

Paper

Co.

370,980

1,610

Packaging

Corp.

of

America

383,631

1,670

Silgan

Holdings,

Inc.

77,471

9,694

Smurfit

WestRock

plc

448,444

1,871

Sonoco

Products

Co.

105,431

2,738,538

Distributors

(

0

.1

%

):

2,619

Genuine

Parts

Co.

308,990

5,181

LKQ

Corp.

136,416

565

Pool

Corp.

121,418

566,824

Diversified

Consumer

Services

(

0

.1

%

):

11,107

ADT,

Inc.

72,196

973

Bright

Horizons

Family

Solutions,

Inc.*

68,966

714

Duolingo,

Inc.,

Class

A*

82,124

353

Grand

Canyon

Education,

Inc.*

50,518

1,917

H&R

Block,

Inc.

72,999

2,658

Service

Corp.

International

201,902

548,705

Diversified

REITs

(

0

.0

%

†

):

4,278

WP

Carey,

Inc.

305,877

Diversified

Telecommunication

Services

(

0

.9

%

):

125,729

AT&T,

Inc.

2,602,590

1,192

Iridium

Communications,

Inc.

65,381

3,029

Liberty

Global,

Ltd.,

Class

A*

34,440

2,114

Liberty

Global,

Ltd.,

Class

C*

23,254

942

Space

Exploration

Technologies

Corp.,

Class

A*

160,950

77,704

Verizon

Communications,

Inc.

3,289,988

6,176,603

Electric

Utilities

(

2

.5

%

):

4,894

Alliant

Energy

Corp.

373,363

10,110

American

Electric

Power

Co.,

Inc.

1,383,149

5,555

Constellation

Energy

Corp.

1,379,695

14,459

Duke

Energy

Corp.

1,830,220

7,055

Edison

International

525,245

8,490

Entergy

Corp.

975,162

4,275

Evergy,

Inc.

369,488

6,979

Eversource

Energy

504,372

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

206

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Electric

Utilities,

continued

19,018

Exelon

Corp.

$

886,619

10,188

FirstEnergy

Corp.

484,338

1,110

IDACORP,

Inc.^

167,943

38,744

NextEra

Energy,

Inc.

3,400,561

4,065

OGE

Energy

Corp.

197,803

2,608

Oklo,

Inc.,

Class

A*

136,477

40,716

PG&E

Corp.

684,843

2,355

Pinnacle

West

Capital

Corp.

251,985

13,902

PPL

Corp.

505,338

20,944

Southern

Co.

(The)

2,004,550

11,377

Xcel

Energy,

Inc.

913,573

16,974,724

Electrical

Equipment

(

1

.1

%

):

593

Acuity,

Inc.

223,359

4,245

AMETEK,

Inc.

1,027,035

6,097

Eaton

Corp.

plc

2,598,054

10,427

Emerson

Electric

Co.

1,492,625

1,102

Generac

Holdings,

Inc.*

322,677

983

Hubbell,

Inc.,

Class

B

514,306

2,747

Nextpower,

Inc.,

Class

A*

327,277

1,765

nVent

Electric

plc

299,362

1,249

Regal

Rexnord

Corp.

297,499

368

Rockwell

Automation,

Inc.

182,189

2,701

Sensata

Technologies

Holding

plc

128,946

7,413,329

Electronic

Equipment,

Instruments

&

Components

(

0

.8

%

):

986

Arrow

Electronics,

Inc.*

210,422

1,398

Avnet,

Inc.

124,170

2,324

CDW

Corp.

326,847

3,211

Cognex

Corp.

232,541

2,603

Coherent

Corp.*

1,026,805

6,796

Flex,

Ltd.*

1,101,428

514

IPG

Photonics

Corp.*

60,303

1,362

Keysight

Technologies,

Inc.*

476,795

490

Littelfuse,

Inc.

223,112

2,104

Ralliant

Corp.

154,918

637

Sanmina

Corp.*

161,212

1,421

TD

SYNNEX

Corp.

379,890

854

Teledyne

Technologies,

Inc.*

569,533

4,291

Trimble,

Inc.*

219,613

260

TTM

Technologies,

Inc.*

48,625

2,781

Vontier

Corp.

80,649

890

Zebra

Technologies

Corp.*

234,301

5,631,164

Energy

Equipment

&

Services

(

0

.5

%

):

18,425

Baker

Hughes

Co.,

Class

A

1,022,587

15,410

Halliburton

Co.

523,169

7,156

NOV,

Inc.

132,744

27,748

SLB,

Ltd.

1,290,005

4,437

TechnipFMC

plc

294,173

Shares

Value

Common

Stocks,

continued

Energy

Equipment

&

Services,

continued

1,393

Weatherford

International

plc

$

113,530

3,376,208

Entertainment

(

0

.9

%

):

4,010

Electronic

Arts,

Inc.

822,211

278

Liberty

Live

Holdings,

Inc.,

Class

A*

28,150

873

Liberty

Live

Holdings,

Inc.,

Class

C*

92,224

334

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A*

29,238

4,032

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C*

383,605

138

Madison

Square

Garden

Sports

Corp.*

55,454

138

Roku,

Inc.,

Class

A*

19,063

685

TKO

Group

Holdings,

Inc.,

Class

A

137,897

32,927

Walt

Disney

Co.

(The)

3,169,224

44,649

Warner

Bros

Discovery,

Inc.*

1,190,342

5,927,408

Financial

Services

(

3

.4

%

):

7,792

Apollo

Global

Management,

Inc.

921,871

34,562

Berkshire

Hathaway,

Inc.,

Class

B*

17,294,479

9,663

Block,

Inc.,

Class

A*

734,388

4,573

Chime

Financial,

Inc.,

Class

A*

93,655

4,568

Corebridge

Financial,

Inc.

130,782

745

Corpay,

Inc.*

248,286

2,442

Equitable

Holdings,

Inc.

107,155

799

Euronet

Worldwide,

Inc.*

58,479

9,603

Fidelity

National

Information

Services,

Inc.

373,365

9,841

Fiserv,

Inc.*

482,701

4,269

Global

Payments,

Inc.

309,759

1,367

Jack

Henry

&

Associates,

Inc.

188,290

3,909

MGIC

Investment

Corp.

110,234

16,623

PayPal

Holdings,

Inc.

717,781

18,904

Rocket

Cos.,

Inc.,

Class

A*

297,738

1,828

Voya

Financial,

Inc.

165,489

6,578

Western

Union

Co.

(The)^

50,651

555

WEX,

Inc.*

78,305

22,363,408

Food

Products

(

0

.8

%

):

8,901

Archer-Daniels-Midland

Co.

680,036

2,439

Bunge

Global

SA

260,314

4,152

Campbell's

Company

(The)^

92,465

9,514

Conagra

Brands,

Inc.

128,058

2,722

Darling

Ingredients,

Inc.*

148,676

776

Freshpet,

Inc.*

45,877

9,896

General

Mills,

Inc.

344,381

2,471

Hershey

Co.

(The)

433,537

5,285

Hormel

Foods

Corp.

131,174

1,250

Ingredion,

Inc.

118,388

6,053

JBS

NV,

Class

A

71,728

1,952

JM

Smucker

Co.

(The)

219,600

15,870

Kraft

Heinz

Co.

(The)

374,849

2,301

Lamb

Weston

Holdings,

Inc.

99,357

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

207

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

4,677

McCormick

&

Co.,

Inc.

$

235,814

23,825

Mondelez

International,

Inc.,

Class

A

1,378,038

925

Pilgrim's

Pride

Corp.

26,002

754

Post

Holdings,

Inc.*

66,548

3

Seaboard

Corp.

13,393

5,250

Tyson

Foods,

Inc.,

Class

A

300,563

5,168,798

Gas

Utilities

(

0

.1

%

):

3,107

Atmos

Energy

Corp.

535,243

3,657

MDU

Resources

Group,

Inc.

77,565

1,763

National

Fuel

Gas

Co.

136,121

4,265

UGI

Corp.

147,313

896,242

Ground

Transportation

(

1

.5

%

):

221

Avis

Budget

Group,

Inc.*

32,670

34,465

CSX

Corp.

1,638,121

1,395

JB

Hunt

Transport

Services,

Inc.

403,755

2,908

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

226,446

423

Landstar

System,

Inc.

87,481

6,482

Lyft,

Inc.,

Class

A*

94,702

4,175

Norfolk

Southern

Corp.

1,313,413

2,746

Old

Dominion

Freight

Line,

Inc.

594,783

723

Ryder

System,

Inc.

190,706

493

Saia,

Inc.*

207,632

1,105

Schneider

National,

Inc.,

Class

B

40,366

32,774

Uber

Technologies,

Inc.*

2,364,972

1,780

U-Haul

Holding

Co.

102,706

10,269

Union

Pacific

Corp.

2,793,168

10,090,921

Health

Care

Equipment

&

Supplies

(

1

.9

%

):

32,160

Abbott

Laboratories

2,918,198

1,303

Align

Technology,

Inc.*

219,764

9,563

Baxter

International,

Inc.

203,883

5,275

Becton

Dickinson

&

Co.

798,266

27,519

Boston

Scientific

Corp.*

1,174,511

3,651

Cooper

Cos.,

Inc.

(The)*

261,813

10,578

Edwards

Lifesciences

Corp.*

956,886

3,156

Envista

Holdings

Corp.*

83,161

8,415

GE

HealthCare

Technologies,

Inc.

538,644

2,046

Globus

Medical,

Inc.,

Class

A*

161,654

235

IDEXX

Laboratories,

Inc.*

123,713

7,972

Medline,

Inc.,

Class

A*

314,416

23,805

Medtronic

plc

1,862,265

2,696

ResMed,

Inc.

525,397

1,872

STERIS

plc

394,187

6,418

Stryker

Corp.

2,020,643

772

Teleflex,

Inc.

97,859

3,559

Zimmer

Biomet

Holdings,

Inc.

306,394

12,961,654

Health

Care

Providers

&

Services

(

2

.7

%

):

2,281

Cardinal

Health,

Inc.

541,874

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

8,420

Centene

Corp.*

$

540,480

248

Chemed

Corp.

115,504

4,846

Cigna

Group

(The)

1,335,945

23,819

CVS

Health

Corp.

2,464,076

566

DaVita,

Inc.*

125,924

4,029

Elevance

Health,

Inc.

1,558,135

1,889

Encompass

Health

Corp.

190,940

1,048

Ensign

Group,

Inc.

(The)

167,994

264

Guardant

Health,

Inc.*

39,608

2,772

HCA

Healthcare,

Inc.

1,080,775

1,936

Henry

Schein,

Inc.*

161,695

2,229

Humana,

Inc.

885,403

1,522

Labcorp

Holdings,

Inc.

426,160

142

McKesson

Corp.

107,295

955

Molina

Healthcare,

Inc.*

218,408

2,049

Quest

Diagnostics,

Inc.

434,286

2,787

Solventum

Corp.*

215,017

1,585

Tenet

Healthcare

Corp.*

296,522

16,758

UnitedHealth

Group,

Inc.

6,965,128

905

Universal

Health

Services,

Inc.,

Class

B

134,564

18,005,733

Health

Care

REITs

(

0

.7

%

):

3,542

American

Healthcare

REIT,

Inc.

184,715

6,289

Healthcare

Realty

Trust,

Inc.,

Class

A

126,849

13,289

Healthpeak

Properties,

Inc.

284,385

9,189

Medical

Properties

Trust,

Inc.

42,453

5,370

Omega

Healthcare

Investors,

Inc.

256,042

9,171

Ventas,

Inc.

814,385

13,122

Welltower,

Inc.

2,978,300

4,687,129

Health

Care

Technology

(

0

.1

%

):

2,415

Doximity,

Inc.,

Class

A*

50,087

2,769

Veeva

Systems,

Inc.,

Class

A*

491,415

541,502

Hotel

&

Resort

REITs

(

0

.0

%

†

):

12,491

Host

Hotels

&

Resorts,

Inc.

296,162

Hotels,

Restaurants

&

Leisure

(

1

.3

%

):

4,906

Aramark

279,151

1,075

Boyd

Gaming

Corp.

94,955

4,143

Caesars

Entertainment,

Inc.*

125,036

23,672

Carnival

Corp.,

Ltd.

676,309

1,030

Churchill

Downs,

Inc.

92,329

449

Domino's

Pizza,

Inc.

132,922

2,628

Flutter

Entertainment

plc,

Class

DI*

268,503

45

Hyatt

Hotels

Corp.,

Class

A

8,723

998

Marriott

International,

Inc.,

Class

A

369,849

13,069

McDonald's

Corp.

3,532,681

3,452

MGM

Resorts

International*

165,040

8,475

Norwegian

Cruise

Line

Holdings,

Ltd.*

178,907

2,356

Restaurant

Brands

International,

Inc.

170,834

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

208

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

2,021

Royal

Caribbean

Cruises,

Ltd.

$

641,728

9,538

Starbucks

Corp.

974,688

830

Texas

Roadhouse,

Inc.,

Class

A

160,381

674

Travel

+

Leisure

Co.

51,514

169

Vail

Resorts,

Inc.

23,009

176

Wyndham

Hotels

&

Resorts,

Inc.

14,821

212

Wynn

Resorts,

Ltd.

20,583

3,656

Yum!

Brands,

Inc.

584,448

8,566,411

Household

Durables

(

0

.6

%

):

4,664

D.R.

Horton,

Inc.

759,672

3,168

Garmin,

Ltd.

752,527

3,926

Lennar

Corp.,

Class

A

355,264

245

Lennar

Corp.,

Class

B

21,734

995

Mohawk

Industries,

Inc.*

120,723

29

NVR,

Inc.*

197,589

3,510

PulteGroup,

Inc.

481,607

1,300

SharkNinja,

Inc.*

197,951

3,152

Somnigroup

International,

Inc.

247,117

1,802

Toll

Brothers,

Inc.

296,880

495

TopBuild

Corp.*

175,492

1,153

Whirlpool

Corp.^

45,451

3,652,007

Household

Products

(

1

.2

%

):

4,395

Church

&

Dwight

Co.,

Inc.

425,788

2,220

Clorox

Co.

(The)

211,877

8,095

Colgate-Palmolive

Co.

742,149

4,142

Kimberly-Clark

Corp.

454,667

43,278

Procter

&

Gamble

Co.

(The)

6,346,286

807

Reynolds

Consumer

Products,

Inc.

21,668

8,202,435

Independent

Power

and

Renewable

Electricity

Producers

(

0

.1

%

):

12,724

AES

Corp.

(The)

186,534

2,837

Brookfield

Renewable

Corp.

105,310

2,057

Clearway

Energy,

Inc.,

Class

C

70,308

251

Talen

Energy

Corp.*

96,449

458,601

Industrial

Conglomerates

(

0

.4

%

):

8,340

3M

Co.

1,350,329

5,890

Honeywell

International,

Inc.

1,318,659

2,668,988

Industrial

REITs

(

0

.5

%

):

5,212

Americold

Realty

Trust,

Inc.

81,933

1,043

EastGroup

Properties,

Inc.

211,239

2,522

First

Industrial

Realty

Trust,

Inc.

154,624

1,201

Lineage,

Inc.

51,943

17,297

Prologis,

Inc.

2,343,225

4,541

Rexford

Industrial

Realty,

Inc.

152,123

3,405

STAG

Industrial,

Inc.

129,594

3,124,681

Shares

Value

Common

Stocks,

continued

Insurance

(

3

.2

%

):

8,450

Aflac,

Inc.

$

990,763

4,761

Allstate

Corp.

(The)

1,132,832

1,192

American

Financial

Group,

Inc.

166,808

9,888

American

International

Group,

Inc.

736,953

3,862

Aon

plc,

Class

A

1,280,987

6,452

Arch

Capital

Group,

Ltd.*

626,231

4,634

Arthur

J.

Gallagher

&

Co.

1,063,827

958

Assurant,

Inc.

257,252

818

Assured

Guaranty,

Ltd.

65,571

1,330

Axis

Capital

Holdings,

Ltd.

142,895

989

Brighthouse

Financial,

Inc.*

62,604

5,036

Brown

&

Brown,

Inc.

323,059

6,530

Chubb,

Ltd.

2,225,032

2,825

Cincinnati

Financial

Corp.

523,021

546

CNA

Financial

Corp.

26,541

663

Everest

Group,

Ltd.

236,844

4,709

Fidelity

National

Financial,

Inc.

222,076

1,765

First

American

Financial

Corp.

121,061

1,449

Globe

Life,

Inc.

258,907

638

Hanover

Insurance

Group,

Inc.

(The)

136,609

5,080

Hartford

Insurance

Group,

Inc.

(The)

673,202

405

Kinsale

Capital

Group,

Inc.

133,573

3,200

Lincoln

National

Corp.

113,120

3,094

Loews

Corp.

350,272

229

Markel

Group,

Inc.*

447,239

8,951

Marsh

&

McLennan

Cos.,

Inc.

1,491,863

10,029

MetLife,

Inc.

848,554

4,463

Old

Republic

International

Corp.

182,626

592

Primerica,

Inc.

168,246

3,972

Principal

Financial

Group,

Inc.

428,102

10,745

Progressive

Corp.

(The)

2,347,245

6,457

Prudential

Financial,

Inc.

696,904

1,273

Reinsurance

Group

of

America,

Inc.

270,703

775

RenaissanceRe

Holdings,

Ltd.

245,598

1,585

RLI

Corp.

93,626

1,755

Ryan

Specialty

Holdings,

Inc.,

Class

A

66,269

3,935

Travelers

Cos.,

Inc.

(The)

1,299,022

2,918

Unum

Group

260,869

4,238

W

R

Berkley

Corp.

298,906

46

White

Mountains

Insurance

Group,

Ltd.

95,376

1,751

Willis

Towers

Watson

plc

457,659

21,568,847

Interactive

Media

&

Services

(

0

.7

%

):

4,303

Match

Group,

Inc.

163,729

7,419

Meta

Platforms,

Inc.,

Class

A

4,179,048

1,020

People,

Inc.*

47,083

9,087

Pinterest,

Inc.,

Class

A*

191,100

4,580,960

IT

Services

(

1

.3

%

):

11,390

Accenture

plc,

Class

A

1,417,372

2,802

Akamai

Technologies,

Inc.*

331,224

1,849

Amdocs,

Ltd.

93,449

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

209

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

4,727

Applied

Digital

Corp.*

$

176,317

8,805

Cognizant

Technology

Solutions

Corp.,

Class

A

341,018

1,015

EPAM

Systems,

Inc.*

80,540

17,461

International

Business

Machines

Corp.

4,910,208

4,830

Kyndryl

Holdings,

Inc.*

54,627

129

MongoDB,

Inc.,

Class

A*

43,331

3,127

Okta,

Inc.,

Class

A*

426,679

2,297

Twilio,

Inc.,

Class

A*

473,940

1,514

VeriSign,

Inc.

380,862

8,729,567

Leisure

Products

(

0

.1

%

):

1,127

Brunswick

Corp.

94,938

1,959

Hasbro,

Inc.

161,794

6,252

Mattel,

Inc.*

86,778

1,662

YETI

Holdings,

Inc.*

82,369

425,879

Life

Sciences

Tools

&

Services

(

1

.6

%

):

5,242

Agilent

Technologies,

Inc.

696,295

13,032

Avantor,

Inc.*

129,017

343

Bio-Rad

Laboratories,

Inc.,

Class

A*

100,708

2,966

Bio-Techne

Corp.

209,548

1,852

Bruker

Corp.

111,453

981

Charles

River

Laboratories

International,

Inc.*

222,481

11,728

Danaher

Corp.

2,233,949

2,799

Illumina,

Inc.*

492,148

3,088

IQVIA

Holdings,

Inc.*

596,663

375

Mettler-Toledo

International,

Inc.*

479,066

4,127

QIAGEN

NV

161,366

914

Repligen

Corp.*

124,706

2,044

Revvity,

Inc.

227,416

3,490

Sotera

Health

Co.*

61,948

6,900

Thermo

Fisher

Scientific,

Inc.

3,459,384

1,824

Waters

Corp.*

684,073

1,298

West

Pharmaceutical

Services,

Inc.

465,982

10,456,203

Machinery

(

2

.6

%

):

1,040

AGCO

Corp.

124,488

1,387

Allison

Transmission

Holdings,

Inc.

156,370

885

Chart

Industries,

Inc.*

184,912

15,898

CNH

Industrial

NV

178,535

942

Crane

Co.

210,132

1,401

Cummins,

Inc.

999,207

4,582

Deere

&

Co.

2,906,500

2,110

Donaldson

Co.,

Inc.

189,415

2,473

Dover

Corp.

554,644

1,113

Esab

Corp.

109,775

2,365

Flowserve

Corp.^

175,388

5,648

Fortive

Corp.

345,036

4,471

Gates

Industrial

Corp.

plc*

125,054

3,000

Graco,

Inc.

226,830

Shares

Value

Common

Stocks,

continued

Machinery,

continued

1,374

IDEX

Corp.

$

311,829

3,789

Illinois

Tool

Works,

Inc.

1,024,811

7,263

Ingersoll

Rand,

Inc.

595,493

1,686

ITT,

Inc.

333,423

755

Lincoln

Electric

Holdings,

Inc.

200,460

871

Middleby

Corp.

(The)*

149,821

2,098

Mueller

Industries,

Inc.

257,907

979

Nordson

Corp.

295,355

1,139

Oshkosh

Corp.

174,814

7,130

Otis

Worldwide

Corp.

510,508

9,587

PACCAR,

Inc.

1,151,590

2,343

Parker-Hannifin

Corp.

2,291,735

2,974

Pentair

plc

227,987

476

RBC

Bearings,

Inc.*

306,573

930

Snap-on,

Inc.

374,232

903

SPX

Technologies,

Inc.*

221,389

2,918

Stanley

Black

&

Decker,

Inc.

274,642

1,217

Timken

Co.

(The)

176,854

1,728

Toro

Co.

(The)

168,342

506

Watts

Water

Technologies,

Inc.,

Class

A

198,074

3,131

Westinghouse

Air

Brake

Technologies

Corp.

844,118

4,403

Xylem,

Inc.

520,479

17,096,722

Marine

Transportation

(

0

.0

%

†

):

1,080

Kirby

Corp.*

146,848

Media

(

0

.5

%

):

1,449

Charter

Communications,

Inc.,

Class

A*

206,062

65,793

Comcast

Corp.,

Class

A

1,615,218

348

EchoStar

Corp.,

Class

A*

35,322

3,929

Fox

Corp.,

Class

A

204,937

2,468

Fox

Corp.,

Class

B

115,601

335

Liberty

Broadband

Corp.,

Class

A*

11,149

1,773

Liberty

Broadband

Corp.,

Class

C*

58,970

2,857

New

York

Times

Co.

(The),

Class

A

199,933

6,876

News

Corp.,

Class

A

170,731

2,249

News

Corp.,

Class

B

63,107

474

Nexstar

Media

Group,

Inc.,

Class

A

84,652

5,254

Omnicom

Group,

Inc.

382,649

3,508

Sirius

XM

Holdings,

Inc.

103,626

5,502

Trade

Desk,

Inc.

(The),

Class

A*

99,476

2,497

Versant

Media

Group,

Inc.

89,917

3,441,350

Metals

&

Mining

(

1

.0

%

):

5,059

Alcoa

Corp.

263,776

895

Anglogold

Ashanti

plc

72,397

10,359

Cleveland-Cliffs,

Inc.*

97,271

19,065

Coeur

Mining,

Inc.

311,141

26,553

Freeport-McMoRan,

Inc.

1,669,918

11,102

Hecla

Mining

Co.

171,304

2,545

MP

Materials

Corp.*^

142,545

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

210

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

19,808

Newmont

Corp.

$

1,850,067

4,091

Nucor

Corp.

911,270

945

Reliance,

Inc.

353,052

1,642

Royal

Gold,

Inc.

327,760

1,316

Southern

Copper

Corp.

229,326

2,295

Steel

Dynamics,

Inc.

526,611

6,926,438

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.1

%

):

21,691

AGNC

Investment

Corp.

236,432

13,565

Annaly

Capital

Management,

Inc.

303,313

9,639

Rithm

Capital

Corp.

90,510

6,697

Starwood

Property

Trust,

Inc.

109,697

739,952

Multi-Utilities

(

1

.1

%

):

5,127

Ameren

Corp.

579,556

12,139

CenterPoint

Energy,

Inc.

534,602

5,853

CMS

Energy

Corp.

447,754

6,973

Consolidated

Edison,

Inc.

771,423

16,306

Dominion

Energy,

Inc.

1,113,537

3,854

DTE

Energy

Co.

587,234

8,820

NiSource,

Inc.

419,391

9,264

Public

Service

Enterprise

Group,

Inc.

751,866

12,134

Sempra

1,124,943

6,049

WEC

Energy

Group,

Inc.

706,342

7,036,648

Office

REITs

(

0

.1

%

):

3,403

Alexandria

Real

Estate

Equities,

Inc.

179,849

2,966

BXP,

Inc.

196,675

3,145

Cousins

Properties,

Inc.

94,287

2,460

Kilroy

Realty

Corp.

92,176

3,220

Vornado

Realty

Trust

126,546

689,533

Oil,

Gas

&

Consumable

Fuels

(

4

.9

%

):

6,535

Antero

Midstream

Corp.

148,671

5,314

Antero

Resources

Corp.*

186,734

6,703

APA

Corp.

218,317

3,623

Cheniere

Energy,

Inc.

865,933

34,433

Chevron

Corp.

5,707,614

1,108

Chord

Energy

Corp.

126,644

22,633

ConocoPhillips

2,352,927

20,918

Devon

Energy

Corp.

864,332

3,555

Diamondback

Energy,

Inc.

624,898

1,895

DT

Midstream,

Inc.

278,072

9,938

EOG

Resources,

Inc.

1,289,257

11,195

EQT

Corp.

595,238

4,316

Expand

Energy

Corp.

393,576

77,237

Exxon

Mobil

Corp.

10,559,843

2,780

HF

Sinclair

Corp.

193,627

36,089

Kinder

Morgan,

Inc.

1,153,765

2,675

Marathon

Petroleum

Corp.

683,917

1,855

Matador

Resources

Co.

92,342

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

13,416

Occidental

Petroleum

Corp.

$

651,615

11,698

ONEOK,

Inc.

1,017,024

5,451

Ovintiv,

Inc.

286,995

12,707

Permian

Resources

Corp.,

Class

A

233,936

6,985

Phillips

66

1,180,814

4,251

Range

Resources

Corp.

158,095

4,831

Valero

Energy

Corp.

1,258,186

3,296

Viper

Energy,

Inc.,

Class

A

139,751

22,392

Williams

Cos.,

Inc.

(The)

1,664,621

32,926,744

Paper

&

Forest

Products

(

0

.0

%

†

):

1,127

Louisiana-Pacific

Corp.

88,650

Passenger

Airlines

(

0

.4

%

):

1,943

Alaska

Air

Group,

Inc.*

101,425

11,408

Delta

Air

Lines,

Inc.

1,068,473

7,772

Southwest

Airlines

Co.

399,636

5,642

United

Airlines

Holdings,

Inc.*

767,256

2,336,790

Personal

Care

Products

(

0

.2

%

):

1,223

elf

Beauty,

Inc.*

90,502

3,760

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

296,852

35,183

Kenvue,

Inc.

672,347

1,059,701

Pharmaceuticals

(

3

.5

%

):

37,900

Bristol-Myers

Squibb

Co.

2,183,798

9,704

Elanco

Animal

Health,

Inc.*

238,815

221

Jazz

Pharmaceuticals

plc*

53,254

913

Jazz

Pharmaceuticals

plc,

ADR*

220,006

44,720

Johnson

&

Johnson

11,357,538

45,914

Merck

&

Co.,

Inc.

5,899,949

5,755

Organon

&

Co.

77,923

105,674

Pfizer,

Inc.

2,544,630

7,387

Royalty

Pharma

plc,

Class

A

414,189

21,835

Viatris,

Inc.

346,740

1,738

Zoetis,

Inc.,

Class

A

124,893

23,461,735

Professional

Services

(

0

.7

%

):

2,568

Amentum

Holdings,

Inc.*

53,081

4,705

Automatic

Data

Processing,

Inc.

1,053,685

1,723

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

104,534

2,140

Broadridge

Financial

Solutions,

Inc.

293,073

413

CACI

International,

Inc.,

Class

A*

191,326

2,012

Equifax,

Inc.

319,345

2,323

ExlService

Holdings,

Inc.*

60,073

629

FTI

Consulting,

Inc.*

93,727

3,082

Genpact,

Ltd.

84,755

2,135

Jacobs

Solutions,

Inc.

269,010

2,176

KBR,

Inc.

75,137

2,326

Leidos

Holdings,

Inc.

239,508

587

Parsons

Corp.*

30,753

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

211

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

5,974

Paychex,

Inc.

$

587,423

760

Paycom

Software,

Inc.

95,517

750

Paylocity

Holding

Corp.*

78,397

1,894

Robert

Half,

Inc.

58,146

848

Science

Applications

International

Corp.

93,628

3,995

SS&C

Technologies

Holdings,

Inc.

247,890

3,700

TransUnion

266,918

931

Ul

Solutions,

Inc.,

Class

A

94,832

2,430

Verisk

Analytics,

Inc.,

Class

A

436,258

4,827,016

Real

Estate

Management

&

Development

(

0

.2

%

):

4,906

CBRE

Group,

Inc.,

Class

A*

660,789

6,651

CoStar

Group,

Inc.*

188,356

564

Howard

Hughes

Holdings,

Inc.*

40,320

810

Jones

Lang

LaSalle,

Inc.*

251,060

1,090

Zillow

Group,

Inc.,

Class

A*

34,193

3,126

Zillow

Group,

Inc.,

Class

C*

98,532

1,273,250

Residential

REITs

(

0

.5

%

):

6,438

American

Homes

4

Rent,

Class

A

215,802

2,577

AvalonBay

Communities,

Inc.

486,254

1,828

Camden

Property

Trust

209,288

3,617

Equity

LifeStyle

Properties,

Inc.

233,116

6,920

Equity

Residential

470,076

1,187

Essex

Property

Trust,

Inc.

346,117

10,991

Invitation

Homes,

Inc.

332,038

2,146

Mid-America

Apartment

Communities,

Inc.

298,165

2,265

Sun

Communities,

Inc.

271,596

5,932

UDR,

Inc.

236,805

3,099,257

Retail

REITs

(

0

.4

%

):

2,221

Agree

Realty

Corp.

168,219

5,991

Brixmor

Property

Group,

Inc.

188,896

1,550

Federal

Realty

Investment

Trust

191,332

12,268

Kimco

Realty

Corp.

310,994

3,654

NNN

REIT,

Inc.

170,021

17,323

Realty

Income

Corp.

1,073,333

3,533

Regency

Centers

Corp.

281,721

2,384,516

Semiconductors

&

Semiconductor

Equipment

(

3

.3

%

):

2,276

Amkor

Technology,

Inc.

196,260

8,417

Analog

Devices,

Inc.

3,342,980

986

Cirrus

Logic,

Inc.*

146,451

2,377

Enphase

Energy,

Inc.*

117,044

2,457

Entegris,

Inc.

441,916

1,791

First

Solar,

Inc.*

422,604

2,283

GLOBALFOUNDRIES,

Inc.

188,142

81,386

Intel

Corp.*

11,363,927

1,138

MKS,

Inc.

506,182

6,911

ON

Semiconductor

Corp.*

653,366

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

702

Onto

Innovation,

Inc.*

$

265,672

3,891

Qnity

Electronics,

Inc.

635,439

1,555

Qorvo,

Inc.*

145,035

19,580

QUALCOMM,

Inc.

3,618,188

2,895

Skyworks

Solutions,

Inc.

196,281

783

Universal

Display

Corp.

67,800

22,307,287

Software

(

5

.4

%

):

2,275

Adobe,

Inc.*

466,420

21,995

Aurora

Innovation,

Inc.,

Class

A*

150,006

2,417

Bentley

Systems,

Inc.,

Class

B

72,244

1,552

BILL

Holdings,

Inc.*

56,120

10,459

BitMine

Immersion

Technologies,

Inc.

139,209

10,677

CCC

Intelligent

Solutions

Holdings,

Inc.*

55,093

3,319

Circle

Internet

Group,

Inc.,

Class

A*

207,869

3,368

Docusign,

Inc.,

Class

A*

149,607

1,122

Dolby

Laboratories,

Inc.,

Class

A

58,995

2,172

Dropbox,

Inc.,

Class

A*

59,665

4,523

Dynatrace,

Inc.*

198,605

824

Elastic

NV*

46,984

79

Fair

Isaac

Corp.*

94,388

3,955

Figma,

Inc.,

Class

A*

71,546

9,418

Gen

Digital,

Inc.

234,414

2,646

Gitlab,

Inc.,

Class

A*

80,782

747

Guidewire

Software,

Inc.*

91,918

3,441

Intuit,

Inc.

898,101

5,256

IREN,

Ltd.*

240,357

68,941

Microsoft

Corp.

25,716,372

4,807

Nutanix,

Inc.,

Class

A*

244,965

1,298

Pegasystems,

Inc.

38,901

2,006

PTC,

Inc.*

227,902

1,222

RingCentral,

Inc.,

Class

A

47,634

1,898

Roper

Technologies,

Inc.

642,264

874

Rubrik,

Inc.,

Class

A*

70,165

1,342

SailPoint,

Inc.*^

19,647

14,752

Salesforce,

Inc.

2,311,048

1,811

SentinelOne,

Inc.,

Class

A*

30,733

6,074

Strategy,

Inc.,

Class

A*

528,013

3,457

Synopsys,

Inc.*

1,542,064

780

Tyler

Technologies,

Inc.*

228,119

8,104

UiPath,

Inc.,

Class

A*

88,090

6,194

Unity

Software,

Inc.*

177,024

3,526

Workday,

Inc.,

Class

A*

431,653

4,934

Zoom

Communications,

Inc.,

Class

A*

425,854

36,142,771

Specialized

REITs

(

1

.3

%

):

3,052

American

Tower

Corp.

499,216

8,098

Crown

Castle,

Inc.

613,261

4,450

CubeSmart

176,976

6,488

Digital

Realty

Trust,

Inc.

1,165,115

1,526

EPR

Properties

88,523

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

212

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Specialized

REITs,

continued

1,828

Equinix,

Inc.

$

1,905,489

3,886

Extra

Space

Storage,

Inc.

564,636

3,810

Fermi,

Inc.*

34,900

5,016

Gaming

and

Leisure

Properties,

Inc.

223,362

5,486

Iron

Mountain,

Inc.

692,937

1,229

Lamar

Advertising

Co.,

Class

A

191,699

2,534

Millrose

Properties,

Inc.

76,147

1,498

National

Storage

Affiliates

Trust

66,616

2,600

Public

Storage

827,606

5,314

Rayonier,

Inc.

113,082

1,956

SBA

Communications

Corp.,

Class

A

345,156

20,145

VICI

Properties,

Inc.,

Class

A

534,850

13,852

Weyerhaeuser

Co.

331,617

8,451,188

Specialty

Retail

(

1

.6

%

):

523

AutoNation,

Inc.*

97,168

264

AutoZone,

Inc.*

843,728

3,524

Bath

&

Body

Works,

Inc.

81,510

3,790

Best

Buy

Co.,

Inc.

287,585

2,836

CarMax,

Inc.*

149,996

1,196

Dick's

Sporting

Goods,

Inc.

271,265

605

Five

Below,

Inc.*

108,773

1,417

Floor

&

Decor

Holdings,

Inc.,

Class

A*

84,113

7,896

GameStop

Corp.,

Class

A*^

174,344

4,520

Gap,

Inc.

(The)

84,434

4,810

Home

Depot,

Inc.

(The)

1,696,391

446

Lithia

Motors,

Inc.,

Class

A

129,558

10,405

Lowe's

Cos.,

Inc.

2,294,198

15,403

O'Reilly

Automotive,

Inc.*

1,418,462

319

Penske

Automotive

Group,

Inc.

57,085

752

Ross

Stores,

Inc.

160,063

11,160

TJX

Cos.,

Inc.

(The)

1,690,740

9,757

Tractor

Supply

Co.

308,419

614

Ulta

Beauty,

Inc.*

276,902

1,931

Wayfair,

Inc.,

Class

A*

178,463

1,867

Williams-Sonoma,

Inc.

435,198

10,828,395

Technology

Hardware,

Storage

&

Peripherals

(

6

.0

%

):

122,958

Apple,

Inc.

35,579,127

4,925

Dell

Technologies,

Inc.,

Class

C

2,124,940

770

Everpure,

Inc.,

Class

A*

60,668

24,577

Hewlett

Packard

Enterprise

Co.

1,108,668

16,908

HP,

Inc.

370,962

6,810

IonQ,

Inc.*

362,701

2,318

NetApp,

Inc.

358,734

9,368

Super

Micro

Computer,

Inc.*

274,763

40,240,563

Textiles,

Apparel

&

Luxury

Goods

(

0

.3

%

):

2,770

Amer

Sports,

Inc.*

93,737

689

Birkenstock

Holding

plc*^

29,648

486

Columbia

Sportswear

Co.

30,044

Shares

Value

Common

Stocks,

continued

Textiles,

Apparel

&

Luxury

Goods,

continued

954

Crocs,

Inc.*

$

115,091

2,408

Deckers

Outdoor

Corp.*

239,090

1,851

Lululemon

Athletica,

Inc.*

211,347

21,903

NIKE,

Inc.,

Class

B

899,118

868

PVH

Corp.

64,458

251

Ralph

Lauren

Corp.,

Class

A

100,754

6,234

VF

Corp.

103,983

1,887,270

Tobacco

(

1

.1

%

):

31,021

Altria

Group,

Inc.

2,231,961

28,942

Philip

Morris

International,

Inc.

5,235,897

7,467,858

Trading

Companies

&

Distributors

(

0

.6

%

):

713

Applied

Industrial

Technologies,

Inc.

241,101

3,478

Core

&

Main,

Inc.,

Class

A*

167,813

4,087

Fastenal

Co.

196,299

3,372

Ferguson

Enterprises,

Inc.

800,277

791

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

94,089

12,511

QXO,

Inc.*^

216,190

606

SiteOne

Landscape

Supply,

Inc.*

69,332

7,613

Sunbelt

Rentals

Holdings,

Inc.

569,529

892

United

Rentals,

Inc.

1,010,538

123

W.W.

Grainger,

Inc.

167,329

627

Watsco,

Inc.

261,290

932

WESCO

International,

Inc.

321,941

4,115,728

Water

Utilities

(

0

.1

%

):

3,616

American

Water

Works

Co.,

Inc.

475,793

5,561

Essential

Utilities,

Inc.

213,042

688,835

Wireless

Telecommunication

Services

(

0

.3

%

):

1,678

Millicom

International

Cellular

SA*

152,295

9,044

T-Mobile

US,

Inc.

1,516,950

1,669,245

Total

Common

Stocks

(Cost

$436,517,933)

661,326,722

Right

(

0

.0

%

†

):

Capital

Markets

(

0

.0

%

†

):

4,464

TPG,

Inc.

CVR,

Expires

on

4/9/29*

45

Total

Right

(Cost

$–)

45

Affiliated

Investment

Company

(

0

.2

%

):

Money

Market

Funds

(

0

.2

%

):

763,676

BlackRock

Liquidity

FedFund,

Institutional

Class,

3.54%

+(a)(b)

763,676

Total

Affiliated

Investment

Company

(Cost

$763,676)

763,676

Allianz

Variable

Insurance

Products

Trust

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

213

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

Shares

Value

Unaffiliated

Investment

Company

(

1

.0

%

):

Money

Market

Funds

(

1

.0

%

):

6,963,365

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.53%

(b)

$

6,963,365

Total

Unaffiliated

Investment

Company

(Cost

$6,963,365)

6,963,365

Total

Investment

Securities

(Cost

$

444,244,974

)

—

100

.2

%

669,053,808

Net

other

assets

(liabilities)

—

(

0

.2

)

%

(

1,082,809

)

Net

Assets

—

100.0%

$

667,970,999

ADR—American

Depository

Receipt

CVR—Contingent

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

June

30,

2026.

The

total

value

of

securities

on

loan

as

of

June

30,

2026

was

$728,290.

+

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

June

30,

2026.

(b)

The

rate

represents

the

effective

yield

at

June

30,

2026.

Futures

Contracts

At

June

30,

2026,

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

September

Futures

(U.S.

Dollar)

9/18/26

67

$

8,042,680

$

16,734

$

16,734

Allianz

Variable

Insurance

Products

Trust

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

214

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks

(

99

.5

%

):

Aerospace

&

Defense

(

1

.7

%

):

3,126

Axon

Enterprise,

Inc.*

$

1,752,467‌

31,338

Boeing

Co.

(The)*

6,783,737‌

10,054

General

Dynamics

Corp.

3,561,529‌

12,535

Honeywell

Aerospace,

Inc.*

2,771,238‌

15,865

Howmet

Aerospace,

Inc.

4,265,464‌

1,690

Huntington

Ingalls

Industries,

Inc.

473,014‌

7,492

L3Harris

Technologies,

Inc.

2,177,100‌

7,980

Lockheed

Martin

Corp.

4,065,491‌

5,343

Northrop

Grumman

Corp.

2,721,243‌

52,924

RTX

Corp.

10,041,271‌

7,081

Textron,

Inc.

649,540‌

2,155

TransDigm

Group,

Inc.

2,870,546‌

42,132,640‌

Air

Freight

&

Logistics

(

0

.3

%

):

4,602

CH

Robinson

Worldwide,

Inc.

866,741‌

5,124

Expeditors

International

of

Washington,

Inc.

835,110‌

8,595

FedEx

Corp.

2,691,352‌

4,416

FedEx

Freight

Holding

Co.,

Inc.*

666,816‌

29,209

United

Parcel

Service,

Inc.,

Class

B

3,139,967‌

8,199,986‌

Automobile

Components

(

0

.0

%

†

):

8,255

Aptiv

plc*

506,692‌

Automobiles

(

2

.0

%

):

152,769

Ford

Motor

Co.

2,123,489‌

36,066

General

Motors

Co.

2,779,967‌

111,165

Tesla,

Inc.*

46,755,999‌

51,659,455‌

Banks

(

3

.4

%

):

257,228

Bank

of

America

Corp.

14,656,852‌

67,552

Citigroup,

Inc.

9,454,578‌

16,543

Citizens

Financial

Group,

Inc.

1,159,168‌

36,647

Fifth

Third

Bancorp

2,065,791‌

79,354

Huntington

Bancshares,

Inc.

1,406,946‌

105,801

JPMorgan

Chase

&

Co.

34,631,841‌

35,424

KeyCorp

816,523‌

5,800

M&T

Bank

Corp.

1,380,458‌

15,576

PNC

Financial

Services

Group,

Inc.

(The)

3,835,123‌

33,775

Regions

Financial

Corp.

1,020,005‌

49,273

Truist

Financial

Corp.

2,454,781‌

60,965

US

Bancorp

3,682,286‌

120,297

Wells

Fargo

&

Co.

9,941,344‌

86,505,696‌

Beverages

(

1

.0

%

):

7,657

Brown-Forman

Corp.,

Class

B

204,059‌

153,364

Coca-Cola

Co.

(The)

12,463,892‌

5,667

Constellation

Brands,

Inc.,

Class

A

788,223‌

54,064

Keurig

Dr

Pepper,

Inc.

1,769,515‌

6,830

Molson

Coors

Beverage

Co.,

Class

B

266,097‌

28,247

Monster

Beverage

Corp.*

2,715,101‌

Shares

Value

Common

Stocks,

continued

Beverages,

continued

53,605

PepsiCo,

Inc.

$

7,258,117‌

25,465,004‌

Biotechnology

(

1

.6

%

):

69,630

AbbVie,

Inc.

17,521,693‌

21,135

Amgen,

Inc.

7,653,406‌

5,743

Biogen,

Inc.*

1,240,833‌

48,569

Gilead

Sciences,

Inc.

6,136,208‌

6,765

Incyte

Corp.*

766,880‌

14,248

Moderna,

Inc.*

997,787‌

3,949

Regeneron

Pharmaceuticals,

Inc.

2,462,360‌

10,085

Vertex

Pharmaceuticals,

Inc.*

5,009,522‌

41,788,689‌

Broadline

Retail

(

3

.7

%

):

386,528

Amazon.com,

Inc.*

92,125,083‌

16,881

eBay,

Inc.

1,886,452‌

94,011,535‌

Building

Products

(

0

.5

%

):

4,266

A

O

Smith

Corp.

267,563‌

3,127

Allegion

plc

439,312‌

4,673

Builders

FirstSource,

Inc.*

418,140‌

30,820

Carrier

Global

Corp.

2,260,647‌

24,380

Johnson

Controls

International

plc

3,562,162‌

1,062

Lennox

International,

Inc.

608,473‌

7,680

Masco

Corp.

624,922‌

8,817

Trane

Technologies

plc

4,330,558‌

12,511,777‌

Capital

Markets

(

3

.0

%

):

3,397

Ameriprise

Financial,

Inc.

1,558,408‌

8,496

Ares

Management

Corp.,

Class

A

945,690‌

27,375

Bank

of

New

York

Mellon

Corp.

(The)

3,958,699‌

5,732

Blackrock,

Inc.

+

5,511,662‌

29,669

Blackstone,

Inc.

3,491,151‌

4,140

Cboe

Global

Markets,

Inc.

1,004,654‌

64,747

Charles

Schwab

Corp.

(The)

5,974,206‌

14,395

CME

Group,

Inc.,

Class

A

3,178,848‌

8,793

Coinbase

Global,

Inc.,

Class

A*

1,285,449‌

1,414

FactSet

Research

Systems,

Inc.

325,333‌

12,785

Franklin

Resources,

Inc.

425,357‌

11,684

Goldman

Sachs

Group,

Inc.

(The)

11,816,847‌

16,566

Interactive

Brokers

Group,

Inc.,

Class

A

1,441,905‌

22,480

Intercontinental

Exchange,

Inc.

2,767,513‌

17,366

Invesco,

Ltd.

458,289‌

27,441

KKR

&

Co.,

Inc.

2,518,535‌

5,785

Moody's

Corp.

2,620,142‌

47,477

Morgan

Stanley

9,924,592‌

2,899

MSCI,

Inc.,

Class

A

1,623,556‌

17,250

Nasdaq,

Inc.

1,359,645‌

7,243

Northern

Trust

Corp.

1,259,123‌

6,925

Raymond

James

Financial,

Inc.

1,052,808‌

31,477

Robinhood

Markets,

Inc.,

Class

A*

3,156,513‌

12,009

S&P

Global,

Inc.

4,890,785‌

Allianz

Variable

Insurance

Products

Trust

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

215

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

10,794

State

Street

Corp.

$

1,830,662‌

8,656

T.

Rowe

Price

Group,

Inc.

984,100‌

75,364,472‌

Chemicals

(

1

.0

%

):

8,943

Air

Products

and

Chemicals,

Inc.

2,621,909‌

4,920

Albemarle

Corp.

664,348‌

6,045

CF

Industries

Holdings,

Inc.

654,432‌

26,444

Corteva,

Inc.

2,239,542‌

29,545

Dow,

Inc.

808,351‌

5,231

DuPont

de

Nemours,

Inc.

709,533‌

9,751

Ecolab,

Inc.

2,716,726‌

9,775

International

Flavors

&

Fragrances,

Inc.

774,376‌

18,312

Linde

plc

9,502,829‌

9,877

LyondellBasell

Industries

NV,

Class

A*

520,024‌

11,412

Mosaic

Co.

(The)

241,820‌

8,595

PPG

Industries,

Inc.

1,042,488‌

8,845

Sherwin-Williams

Co.

(The)

3,045,510‌

25,541,888‌

Commercial

Services

&

Supplies

(

0

.4

%

):

13,421

Cintas

Corp.

2,282,644‌

35,966

Copart,

Inc.*

1,013,881‌

7,821

Republic

Services,

Inc.,

Class

A

1,666,499‌

12,340

Rollins,

Inc.

515,072‌

9,484

Veralto

Corp.

841,041‌

14,770

Waste

Management,

Inc.

3,291,937‌

9,611,074‌

Communications

Equipment

(

1

.3

%

):

40,761

Arista

Networks,

Inc.*

6,924,479‌

5,583

Ciena

Corp.*

2,738,796‌

155,795

Cisco

Systems,

Inc.

18,299,681‌

2,212

F5,

Inc.*

920,103‌

3,081

Lumentum

Holdings,

Inc.*

2,643,683‌

6,496

Motorola

Solutions,

Inc.

2,697,724‌

34,224,466‌

Construction

&

Engineering

(

0

.3

%

):

1,385

Comfort

Systems

USA,

Inc.

2,745,000‌

1,735

EMCOR

Group,

Inc.

1,439,842‌

5,798

Quanta

Services,

Inc.

4,174,792‌

8,359,634‌

Construction

Materials

(

0

.2

%

):

25,783

CRH

plc

2,758,781‌

2,371

Martin

Marietta

Materials,

Inc.

1,367,356‌

4,883

Vulcan

Materials

Co.

1,440,534‌

5,566,671‌

Consumer

Finance

(

0

.5

%

):

21,079

American

Express

Co.

7,129,972‌

24,515

Capital

One

Financial

Corp.

4,918,199‌

Shares

Value

Common

Stocks,

continued

Consumer

Finance,

continued

12,910

Synchrony

Financial

$

981,806‌

13,029,977‌

Consumer

Staples

Distribution

&

Retail

(

1

.7

%

):

1,507

Casey's

General

Stores,

Inc.

1,197,748‌

17,493

Costco

Wholesale

Corp.

16,364,177‌

9,073

Dollar

General

Corp.

1,044,393‌

6,868

Dollar

Tree,

Inc.*

830,685‌

22,680

Kroger

Co.

(The)

1,259,420‌

18,665

Sysco

Corp.

1,560,021‌

17,213

Target

Corp.

2,248,190‌

172,998

Walmart,

Inc.

19,593,753‌

44,098,387‌

Containers

&

Packaging

(

0

.2

%

):

17,498

Amcor

plc,

ADR

758,538‌

3,203

Avery

Dennison

Corp.

520,007‌

11,107

Ball

Corp.

693,077‌

20,086

International

Paper

Co.

765,277‌

3,447

Packaging

Corp.

of

America

821,351‌

20,426

Smurfit

WestRock

plc

944,907‌

4,503,157‌

Distributors

(

0

.0

%

†

):

5,211

Genuine

Parts

Co.

614,794‌

Diversified

Telecommunication

Services

(

0

.5

%

):

275,196

AT&T,

Inc.

5,696,557‌

165,377

Verizon

Communications,

Inc.

7,002,062‌

12,698,619‌

Electric

Utilities

(

1

.4

%

):

10,769

Alliant

Energy

Corp.

821,567‌

21,615

American

Electric

Power

Co.,

Inc.

2,957,148‌

12,447

Constellation

Energy

Corp.

3,091,461‌

31,029

Duke

Energy

Corp.

3,927,651‌

15,794

Edison

International

1,175,863‌

17,867

Entergy

Corp.

2,052,204‌

9,671

Evergy,

Inc.

835,865‌

15,543

Eversource

Energy

1,123,293‌

40,439

Exelon

Corp.

1,885,266‌

20,443

FirstEnergy

Corp.

971,860‌

82,841

NextEra

Energy,

Inc.

7,270,955‌

8,690

NRG

Energy,

Inc.

1,269,261‌

87,629

PG&E

Corp.

1,473,920‌

4,483

Pinnacle

West

Capital

Corp.

479,681‌

29,445

PPL

Corp.

1,070,326‌

43,943

Southern

Co.

(The)

4,205,784‌

23,477

Xcel

Energy,

Inc.

1,885,203‌

36,497,308‌

Electrical

Equipment

(

1

.3

%

):

9,164

AMETEK,

Inc.

2,217,138‌

15,190

Eaton

Corp.

plc

6,472,763‌

22,447

Emerson

Electric

Co.

3,213,288‌

10,643

GE

Vernova,

Inc.

12,504,035‌

2,294

Generac

Holdings,

Inc.*

671,706‌

Allianz

Variable

Insurance

Products

Trust

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

216

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Electrical

Equipment,

continued

1,890

Hubbell,

Inc.,

Class

B

$

988,848‌

4,350

Rockwell

Automation,

Inc.

2,153,598‌

15,307

Vertiv

Holdings

Co.,

Class

A

5,125,090‌

33,346,466‌

Electronic

Equipment,

Instruments

&

Components

(

1

.2

%

):

48,937

Amphenol

Corp.,

Class

A

8,628,572‌

5,256

CDW

Corp.

739,204‌

7,447

Coherent

Corp.*

2,937,618‌

30,890

Corning,

Inc.

7,890,233‌

14,562

Flex,

Ltd.*

2,360,063‌

4,142

Jabil,

Inc.

1,596,658‌

6,784

Keysight

Technologies,

Inc.*

2,374,875‌

11,841

TE

Connectivity

plc

2,387,264‌

1,801

Teledyne

Technologies,

Inc.*

1,201,087‌

9,332

Trimble,

Inc.*

477,612‌

1,787

Zebra

Technologies

Corp.*

470,445‌

31,063,631‌

Energy

Equipment

&

Services

(

0

.2

%

):

38,713

Baker

Hughes

Co.,

Class

A

2,148,571‌

33,962

Halliburton

Co.

1,153,010‌

58,567

SLB,

Ltd.

2,722,780‌

6,024,361‌

Entertainment

(

1

.0

%

):

9,024

Electronic

Arts,

Inc.

1,850,281‌

6,330

Live

Nation

Entertainment,

Inc.*

1,159,086‌

165,795

Netflix,

Inc.*

11,837,763‌

6,856

Take-Two

Interactive

Software,

Inc.*

1,713,863‌

2,360

TKO

Group

Holdings,

Inc.,

Class

A

475,092‌

68,776

Walt

Disney

Co.

(The)

6,619,690‌

98,766

Warner

Bros

Discovery,

Inc.*

2,633,101‌

26,288,876‌

Financial

Services

(

3

.3

%

):

18,451

Apollo

Global

Management,

Inc.

2,182,938‌

72,390

Berkshire

Hathaway,

Inc.,

Class

B*

36,223,232‌

20,992

Block,

Inc.,

Class

A*

1,595,392‌

2,589

Corpay,

Inc.*

862,836‌

19,984

Fidelity

National

Information

Services,

Inc.

776,978‌

21,304

Fiserv,

Inc.*

1,044,961‌

9,098

Global

Payments,

Inc.

660,151‌

3,059

Jack

Henry

&

Associates,

Inc.

421,346‌

31,803

Mastercard,

Inc.,

Class

A

16,334,021‌

34,883

PayPal

Holdings,

Inc.

1,506,248‌

65,502

Visa,

Inc.,

Class

A

22,473,081‌

84,081,184‌

Food

Products

(

0

.4

%

):

19,204

Archer-Daniels-Midland

Co.

1,467,186‌

5,222

Bunge

Global

SA

557,344‌

21,534

General

Mills,

Inc.

749,383‌

5,913

Hershey

Co.

(The)

1,037,436‌

11,926

Hormel

Foods

Corp.

296,003‌

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

4,292

JM

Smucker

Co.

(The)

$

482,850‌

32,763

Kraft

Heinz

Co.

(The)

773,862‌

10,785

McCormick

&

Co.,

Inc.

543,780‌

50,855

Mondelez

International,

Inc.,

Class

A

2,941,453‌

11,874

Tyson

Foods,

Inc.,

Class

A

679,786‌

9,529,083‌

Gas

Utilities

(

0

.1

%

):

6,739

Atmos

Energy

Corp.

1,160,928‌

Ground

Transportation

(

0

.8

%

):

73,867

CSX

Corp.

3,510,898‌

3,018

JB

Hunt

Transport

Services,

Inc.

873,500‌

8,984

Norfolk

Southern

Corp.

2,826,277‌

7,271

Old

Dominion

Freight

Line,

Inc.

1,574,899‌

80,622

Uber

Technologies,

Inc.*

5,817,683‌

23,414

Union

Pacific

Corp.

6,368,608‌

20,971,865‌

Health

Care

Equipment

&

Supplies

(

1

.4

%

):

69,033

Abbott

Laboratories

6,264,054‌

2,424

Align

Technology,

Inc.*

408,832‌

14,913

Baxter

International,

Inc.

317,945‌

10,689

Becton

Dickinson

&

Co.

1,617,566‌

59,638

Boston

Scientific

Corp.*

2,545,350‌

7,256

Cooper

Cos.,

Inc.

(The)*

520,328‌

15,387

Dexcom,

Inc.*

1,036,315‌

23,171

Edwards

Lifesciences

Corp.*

2,096,049‌

18,126

GE

HealthCare

Technologies,

Inc.

1,160,245‌

3,181

IDEXX

Laboratories,

Inc.*

1,674,606‌

2,789

Insulet

Corp.*

424,625‌

14,027

Intuitive

Surgical,

Inc.*

5,578,257‌

51,368

Medtronic

plc

4,018,519‌

5,892

ResMed,

Inc.

1,148,233‌

4,047

STERIS

plc

852,177‌

13,637

Stryker

Corp.

4,293,473‌

7,301

Zimmer

Biomet

Holdings,

Inc.

628,543‌

34,585,117‌

Health

Care

Providers

&

Services

(

1

.7

%

):

9,434

Cardinal

Health,

Inc.

2,241,141‌

7,788

Cencora,

Inc.

2,203,848‌

18,700

Centene

Corp.*

1,200,353‌

10,421

Cigna

Group

(The)

2,872,861‌

49,635

CVS

Health

Corp.

5,134,741‌

1,133

DaVita,

Inc.*

252,070‌

8,601

Elevance

Health,

Inc.

3,326,265‌

6,210

HCA

Healthcare,

Inc.

2,421,217‌

4,203

Henry

Schein,

Inc.*

351,034‌

4,678

Humana,

Inc.

1,858,195‌

3,226

Labcorp

Holdings,

Inc.

903,280‌

4,761

McKesson

Corp.

3,597,412‌

4,459

Quest

Diagnostics,

Inc.

945,085‌

6,198

Solventum

Corp.*

478,176‌

35,779

UnitedHealth

Group,

Inc.

14,870,826‌

Allianz

Variable

Insurance

Products

Trust

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

217

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

2,348

Universal

Health

Services,

Inc.,

Class

B

$

349,124‌

43,005,628‌

Health

Care

REITs

(

0

.3

%

):

26,834

Healthpeak

Properties,

Inc.

574,248‌

18,528

Ventas,

Inc.

1,645,286‌

27,861

Welltower,

Inc.

6,323,611‌

8,543,145‌

Health

Care

Technology

(

0

.0

%

†

):

5,785

Veeva

Systems,

Inc.,

Class

A*

1,026,664‌

Hotel

&

Resort

REITs

(

0

.0

%

†

):

23,877

Host

Hotels

&

Resorts,

Inc.

566,124‌

Hotels,

Restaurants

&

Leisure

(

1

.6

%

):

16,553

Airbnb,

Inc.,

Class

A*

2,368,734‌

30,690

Booking

Holdings,

Inc.

5,470,186‌

46,996

Carnival

Corp.,

Ltd.

1,342,676‌

50,495

Chipotle

Mexican

Grill,

Inc.,

Class

A*

1,716,830‌

4,692

Darden

Restaurants,

Inc.

966,599‌

1,230

Domino's

Pizza,

Inc.

364,129‌

14,866

DoorDash,

Inc.,

Class

A*

2,743,223‌

4,563

Expedia

Group,

Inc.

1,167,581‌

8,940

Hilton

Worldwide

Holdings,

Inc.

2,954,312‌

12,190

Las

Vegas

Sands

Corp.

563,056‌

8,748

Marriott

International,

Inc.,

Class

A

3,241,921‌

28,140

McDonald's

Corp.

7,606,523‌

8,194

MGM

Resorts

International*

391,755‌

16,051

Norwegian

Cruise

Line

Holdings,

Ltd.*

338,837‌

9,929

Royal

Caribbean

Cruises,

Ltd.

3,152,755‌

44,313

Starbucks

Corp.

4,528,346‌

3,591

Wynn

Resorts,

Ltd.

348,650‌

11,052

Yum!

Brands,

Inc.

1,766,773‌

41,032,886‌

Household

Durables

(

0

.2

%

):

10,569

D.R.

Horton,

Inc.

1,721,479‌

6,513

Garmin,

Ltd.

1,547,098‌

8,273

Lennar

Corp.,

Class

A

748,624‌

101

NVR,

Inc.*

688,153‌

6,779

PulteGroup,

Inc.

930,146‌

5,635,500‌

Household

Products

(

0

.8

%

):

9,554

Church

&

Dwight

Co.,

Inc.

925,592‌

5,101

Clorox

Co.

(The)

486,840‌

31,316

Colgate-Palmolive

Co.

2,871,051‌

13,038

Kimberly-Clark

Corp.

1,431,181‌

91,721

Procter

&

Gamble

Co.

(The)

13,449,967‌

19,164,631‌

Independent

Power

and

Renewable

Electricity

Producers

(

0

.1

%

):

27,980

AES

Corp.

(The)

410,187‌

Shares

Value

Common

Stocks,

continued

Independent

Power

and

Renewable

Electricity

Producers,

continued

12,806

Vistra

Corp.

$

2,031,416‌

2,441,603‌

Industrial

Conglomerates

(

0

.8

%

):

20,605

3M

Co.

3,336,156‌

41,103

General

Electric

Co.

15,361,424‌

12,535

Honeywell

International,

Inc.

2,806,586‌

21,504,166‌

Industrial

REITs

(

0

.2

%

):

36,979

Prologis,

Inc.

5,009,545‌

Insurance

(

1

.6

%

):

17,487

Aflac,

Inc.

2,050,351‌

10,215

Allstate

Corp.

(The)

2,430,557‌

21,397

American

International

Group,

Inc.

1,594,718‌

8,561

Aon

plc,

Class

A

2,839,598‌

13,623

Arch

Capital

Group,

Ltd.*

1,322,248‌

10,295

Arthur

J.

Gallagher

&

Co.

2,363,423‌

1,980

Assurant,

Inc.

531,689‌

11,835

Brown

&

Brown,

Inc.

759,215‌

14,052

Chubb,

Ltd.

4,788,079‌

5,985

Cincinnati

Financial

Corp.

1,108,063‌

1,057

Erie

Indemnity

Co.,

Class

A

253,416‌

1,491

Everest

Group,

Ltd.

532,630‌

2,842

Globe

Life,

Inc.

507,809‌

10,872

Hartford

Insurance

Group,

Inc.

(The)

1,440,757‌

6,696

Loews

Corp.

758,054‌

19,031

Marsh

&

McLennan

Cos.,

Inc.

3,171,897‌

21,407

MetLife,

Inc.

1,811,246‌

7,621

Principal

Financial

Group,

Inc.

821,391‌

23,201

Progressive

Corp.

(The)

5,068,259‌

13,514

Prudential

Financial,

Inc.

1,458,566‌

8,536

Travelers

Cos.,

Inc.

(The)

2,817,904‌

12,099

W

R

Berkley

Corp.

853,343‌

3,759

Willis

Towers

Watson

plc

982,490‌

40,265,703‌

Interactive

Media

&

Services

(

7

.7

%

):

231,588

Alphabet,

Inc.,

Class

A

82,762,604‌

186,721

Alphabet,

Inc.,

Class

C

65,974,131‌

86,714

Meta

Platforms,

Inc.,

Class

A

48,845,129‌

197,581,864‌

IT

Services

(

0

.7

%

):

24,462

Accenture

plc,

Class

A

3,044,051‌

5,600

Akamai

Technologies,

Inc.*

661,976‌

19,676

Cognizant

Technology

Solutions

Corp.,

Class

A

762,052‌

2,732

Gartner,

Inc.*

354,122‌

4,869

GoDaddy,

Inc.,

Class

A*

413,281‌

37,264

International

Business

Machines

Corp.

10,479,009‌

3,259

VeriSign,

Inc.

819,834‌

16,534,325‌

Allianz

Variable

Insurance

Products

Trust

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

218

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Leisure

Products

(

0

.0

%

†

):

5,447

Hasbro,

Inc.

$

449,868‌

Life

Sciences

Tools

&

Services

(

0

.8

%

):

11,132

Agilent

Technologies,

Inc.

1,478,664‌

6,911

Bio-Techne

Corp.

488,262‌

1,765

Charles

River

Laboratories

International,

Inc.*

400,284‌

25,158

Danaher

Corp.

4,792,096‌

6,642

IQVIA

Holdings,

Inc.*

1,283,367‌

791

Mettler-Toledo

International,

Inc.*

1,010,510‌

4,151

Revvity,

Inc.

461,840‌

14,718

Thermo

Fisher

Scientific,

Inc.

7,379,017‌

3,917

Waters

Corp.*

1,469,032‌

2,832

West

Pharmaceutical

Services,

Inc.

1,016,688‌

19,779,760‌

Machinery

(

2

.0

%

):

18,160

Caterpillar,

Inc.

19,338,584‌

5,421

Cummins,

Inc.

3,866,311‌

9,939

Deere

&

Co.

6,304,606‌

5,347

Dover

Corp.

1,199,225‌

11,609

Fortive

Corp.

709,194‌

2,893

IDEX

Corp.

656,566‌

10,264

Illinois

Tool

Works,

Inc.

2,776,104‌

14,390

Ingersoll

Rand,

Inc.

1,179,836‌

2,017

Nordson

Corp.

608,509‌

15,202

Otis

Worldwide

Corp.

1,088,463‌

20,724

PACCAR,

Inc.

2,489,367‌

4,912

Parker-Hannifin

Corp.

4,804,525‌

6,898

Pentair

plc

528,801‌

2,044

Snap-on,

Inc.

822,506‌

5,995

Stanley

Black

&

Decker,

Inc.

564,249‌

6,885

Westinghouse

Air

Brake

Technologies

Corp.

1,856,196‌

9,608

Xylem,

Inc.

1,135,762‌

49,928,804‌

Media

(

0

.3

%

):

3,495

Charter

Communications,

Inc.,

Class

A*

497,024‌

139,742

Comcast

Corp.,

Class

A

3,430,666‌

5,219

EchoStar

Corp.,

Class

A*

529,729‌

7,964

Fox

Corp.,

Class

A

415,402‌

5,219

Fox

Corp.,

Class

B

244,458‌

15,162

News

Corp.,

Class

A

376,472‌

4,576

News

Corp.,

Class

B

128,403‌

11,288

Omnicom

Group,

Inc.

822,105‌

10,929

Paramount

Skydance

Corp.,

Class

B^

107,760‌

16,903

Trade

Desk,

Inc.

(The),

Class

A*

305,606‌

6,857,625‌

Metals

&

Mining

(

0

.4

%

):

57,311

Freeport-McMoRan,

Inc.

3,604,289‌

42,281

Newmont

Corp.

3,949,045‌

8,933

Nucor

Corp.

1,989,826‌

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

5,487

Steel

Dynamics,

Inc.

$

1,259,047‌

10,802,207‌

Multi-Utilities

(

0

.6

%

):

11,144

Ameren

Corp.

1,259,718‌

25,910

CenterPoint

Energy,

Inc.

1,141,076‌

12,387

CMS

Energy

Corp.

947,605‌

14,660

Consolidated

Edison,

Inc.

1,621,836‌

33,984

Dominion

Energy,

Inc.

2,320,767‌

7,530

DTE

Energy

Co.

1,147,346‌

19,350

NiSource,

Inc.

920,093‌

19,799

Public

Service

Enterprise

Group,

Inc.

1,606,887‌

26,078

Sempra

2,417,691‌

12,679

WEC

Energy

Group,

Inc.

1,480,527‌

14,863,546‌

Office

REITs

(

0

.0

%

†

):

5,494

Alexandria

Real

Estate

Equities,

Inc.

290,358‌

6,150

BXP,

Inc.

407,806‌

698,164‌

Oil,

Gas

&

Consumable

Fuels

(

2

.7

%

):

14,106

APA

Corp.

459,432‌

73,718

Chevron

Corp.

12,219,496‌

48,252

ConocoPhillips

5,016,278‌

45,757

Devon

Energy

Corp.

1,890,679‌

7,493

Diamondback

Energy,

Inc.

1,317,120‌

20,992

EOG

Resources,

Inc.

2,723,292‌

25,116

EQT

Corp.

1,335,418‌

9,758

Expand

Energy

Corp.

889,832‌

163,622

Exxon

Mobil

Corp.

22,370,400‌

78,297

Kinder

Morgan,

Inc.

2,503,155‌

11,451

Marathon

Petroleum

Corp.

2,927,677‌

29,354

Occidental

Petroleum

Corp.

1,425,724‌

25,264

ONEOK,

Inc.

2,196,452‌

15,846

Phillips

66

2,678,766‌

8,598

Targa

Resources

Corp.

2,305,468‌

2,269

Texas

Pacific

Land

Corp.

993,005‌

11,761

Valero

Energy

Corp.

3,063,035‌

48,530

Williams

Cos.,

Inc.

(The)

3,607,720‌

69,922,949‌

Passenger

Airlines

(

0

.2

%

):

25,812

Delta

Air

Lines,

Inc.

2,417,552‌

19,897

Southwest

Airlines

Co.

1,023,104‌

12,739

United

Airlines

Holdings,

Inc.*

1,732,376‌

5,173,032‌

Personal

Care

Products

(

0

.1

%

):

9,693

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

765,263‌

76,420

Kenvue,

Inc.

1,460,386‌

2,225,649‌

Pharmaceuticals

(

3

.4

%

):

81,628

Bristol-Myers

Squibb

Co.

4,703,405‌

31,236

Eli

Lilly

&

Co.

37,465,395‌

Allianz

Variable

Insurance

Products

Trust

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

219

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

95,012

Johnson

&

Johnson

$

24,130,198‌

97,820

Merck

&

Co.,

Inc.

12,569,870‌

222,319

Pfizer,

Inc.

5,353,442‌

45,460

Viatris,

Inc.

721,905‌

16,548

Zoetis,

Inc.,

Class

A

1,189,139‌

86,133,354‌

Professional

Services

(

0

.3

%

):

15,661

Automatic

Data

Processing,

Inc.

3,507,281‌

4,725

Broadridge

Financial

Solutions,

Inc.

647,089‌

4,666

Equifax,

Inc.

740,587‌

4,771

Jacobs

Solutions,

Inc.

601,146‌

4,929

Leidos

Holdings,

Inc.

507,539‌

12,713

Paychex,

Inc.

1,250,069‌

5,411

Verisk

Analytics,

Inc.,

Class

A

971,437‌

8,225,148‌

Real

Estate

Management

&

Development

(

0

.1

%

):

11,755

CBRE

Group,

Inc.,

Class

A*

1,583,281‌

16,218

CoStar

Group,

Inc.*

459,294‌

2,042,575‌

Residential

REITs

(

0

.2

%

):

5,708

AvalonBay

Communities,

Inc.

1,077,043‌

4,103

Camden

Property

Trust

469,752‌

13,064

Equity

Residential

887,438‌

2,430

Essex

Property

Trust,

Inc.

708,564‌

22,478

Invitation

Homes,

Inc.

679,060‌

4,477

Mid-America

Apartment

Communities,

Inc.

622,034‌

12,335

UDR,

Inc.

492,413‌

4,936,304‌

Retail

REITs

(

0

.3

%

):

3,058

Federal

Realty

Investment

Trust

377,480‌

28,323

Kimco

Realty

Corp.

717,988‌

36,977

Realty

Income

Corp.

2,291,095‌

6,437

Regency

Centers

Corp.

513,286‌

12,750

Simon

Property

Group,

Inc.

2,851,537‌

6,751,386‌

Semiconductors

&

Semiconductor

Equipment

(

19

.1

%

):

64,386

Advanced

Micro

Devices,

Inc.*

37,402,471‌

19,336

Analog

Devices,

Inc.

7,679,679‌

31,296

Applied

Materials,

Inc.

22,627,008‌

186,951

Broadcom,

Inc.

70,620,740‌

4,344

First

Solar,

Inc.*

1,025,010‌

186,369

Intel

Corp.*

26,022,703‌

51,736

KLA

Corp.

15,609,269‌

49,321

Lam

Research

Corp.

21,372,269‌

34,677

Marvell

Technology,

Inc.

10,329,932‌

21,348

Microchip

Technology,

Inc.

1,946,938‌

44,530

Micron

Technology,

Inc.

51,400,534‌

1,957

Monolithic

Power

Systems,

Inc.

2,705,278‌

956,356

NVIDIA

Corp.

191,357,272‌

9,881

NXP

Semiconductors

NV

2,776,857‌

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

15,601

ON

Semiconductor

Corp.*

$

1,474,919‌

8,318

Qnity

Electronics,

Inc.

1,358,413‌

41,745

QUALCOMM,

Inc.

7,714,059‌

5,599

Skyworks

Solutions,

Inc.

379,612‌

6,248

Teradyne,

Inc.

3,023,032‌

36,011

Texas

Instruments,

Inc.

10,733,799‌

487,559,794‌

Software

(

7

.4

%

):

16,009

Adobe,

Inc.*

3,282,165‌

10,656

AppLovin

Corp.,

Class

A*

5,490,291‌

8,502

Autodesk,

Inc.*

1,652,959‌

10,806

Cadence

Design

Systems,

Inc.*

4,055,708‌

10,001

Crowdstrike

Holdings,

Inc.,

Class

A*

7,632,163‌

13,188

Datadog,

Inc.,

Class

A*

3,433,628‌

932

Fair

Isaac

Corp.*

1,113,535‌

24,588

Fortinet,

Inc.*

3,777,209‌

23,328

Gen

Digital,

Inc.

580,634‌

11,054

Intuit,

Inc.

2,885,094‌

293,317

Microsoft

Corp.

109,413,107‌

67,206

Oracle

Corp.

9,849,039‌

90,713

Palantir

Technologies,

Inc.,

Class

A*

10,583,486‌

32,020

Palo

Alto

Networks,

Inc.*

10,919,460‌

4,618

PTC,

Inc.*

524,651‌

3,997

Roper

Technologies,

Inc.

1,352,545‌

31,924

Salesforce,

Inc.

5,001,214‌

40,846

ServiceNow,

Inc.*

4,055,191‌

7,370

Synopsys,

Inc.*

3,287,536‌

1,598

Tyler

Technologies,

Inc.*

467,351‌

8,001

Workday,

Inc.,

Class

A*

979,482‌

190,336,448‌

Specialized

REITs

(

0

.7

%

):

18,408

American

Tower

Corp.

3,010,996‌

16,958

Crown

Castle,

Inc.

1,284,229‌

12,703

Digital

Realty

Trust,

Inc.

2,281,205‌

3,920

Equinix,

Inc.

4,086,169‌

8,500

Extra

Space

Storage,

Inc.

1,235,050‌

12,055

Iron

Mountain,

Inc.

1,522,667‌

6,399

Public

Storage

2,036,866‌

4,083

SBA

Communications

Corp.,

Class

A

720,486‌

42,149

VICI

Properties,

Inc.,

Class

A

1,119,056‌

27,139

Weyerhaeuser

Co.

649,708‌

17,946,432‌

Specialty

Retail

(

1

.5

%

):

652

AutoZone,

Inc.*

2,083,753‌

7,260

Best

Buy

Co.,

Inc.

550,889‌

28,393

Carvana

Co.,

Class

A*

1,868,827‌

39,449

Home

Depot,

Inc.

(The)

13,912,873‌

21,838

Lowe's

Cos.,

Inc.

4,815,061‌

33,287

O'Reilly

Automotive,

Inc.*

3,065,400‌

12,641

Ross

Stores,

Inc.

2,690,637‌

43,334

TJX

Cos.,

Inc.

(The)

6,565,101‌

19,832

Tractor

Supply

Co.

626,889‌

Allianz

Variable

Insurance

Products

Trust

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

220

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

1,785

Ulta

Beauty,

Inc.*

$

804,999‌

4,539

Williams-Sonoma,

Inc.

1,058,041‌

38,042,470‌

Technology

Hardware,

Storage

&

Peripherals

(

8

.1

%

):

579,942

Apple,

Inc.

167,812,017‌

11,457

Dell

Technologies,

Inc.,

Class

C

4,943,237‌

53,082

Hewlett

Packard

Enterprise

Co.

2,394,529‌

35,643

HP,

Inc.

782,008‌

7,972

NetApp,

Inc.

1,233,747‌

5,885

Sandisk

Corp.*

13,380,901‌

8,806

Seagate

Technology

Holdings

plc

8,497,790‌

20,619

Super

Micro

Computer,

Inc.*

604,755‌

13,486

Western

Digital

Corp.

8,613,778‌

208,262,762‌

Textiles,

Apparel

&

Luxury

Goods

(

0

.2

%

):

5,396

Deckers

Outdoor

Corp.*

535,769‌

4,485

Lululemon

Athletica,

Inc.*

512,097‌

48,280

NIKE,

Inc.,

Class

B

1,981,894‌

1,559

Ralph

Lauren

Corp.,

Class

A

625,798‌

7,333

Tapestry,

Inc.

1,073,405‌

4,728,963‌

Tobacco

(

0

.6

%

):

65,759

Altria

Group,

Inc.

4,731,360‌

61,728

Philip

Morris

International,

Inc.

11,167,213‌

15,898,573‌

Trading

Companies

&

Distributors

(

0

.3

%

):

43,433

Fastenal

Co.

2,086,086‌

2,406

United

Rentals,

Inc.

2,725,733‌

1,744

W.W.

Grainger,

Inc.

2,372,538‌

7,184,357‌

Shares

Value

Common

Stocks,

continued

Water

Utilities

(

0

.0

%

†

):

7,930

American

Water

Works

Co.,

Inc.

$

1,043,429‌

Wireless

Telecommunication

Services

(

0

.1

%

):

18,385

T-Mobile

US,

Inc.

3,083,717‌

Total

Common

Stocks

(Cost

$454,459,086)

2,545,132,532‌

Right

(

0

.0

%

†

):

Capital

Markets

(

0

.0

%

†

):

9,748

TPG,

Inc.,

Expires

on

4/9/29*

97‌

Total

Right

(Cost

$–)

97‌

Affiliated

Investment

Company

(

0

.0

%

†

):

Money

Market

Funds

(

0

.0

%

†

):

107,636

BlackRock

Liquidity

FedFund,

Institutional

Class,

3.54%

+

(a)(b)

107,636‌

Total

Affiliated

Investment

Company

(Cost

$107,636)

107,636‌

Unaffiliated

Investment

Company

(

0

.5

%

):

Money

Market

Funds

(

0

.5

%

):

13,048,460

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.53%(b)

13,048,460‌

Total

Unaffiliated

Investment

Company

(Cost

$13,048,460)

13,048,460‌

Total

Investment

Securities

(Cost

$

467,615,182

)

—

100

.0

%

2,558,288,725‌

Net

other

assets

(liabilities)

—

0

.0

%

†

(

60,145‌

)

Net

Assets

—

100.0%

$

2,558,228,580‌

ADR—American

Depository

Receipt

REIT—Real

Estate

Investment

Trust

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

+

Affiliated

Securities

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

June

30,

2026.

The

total

value

of

securities

on

loan

as

of

June

30,

2026

was

$105,601.

(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

June

30,

2026.

(b)

The

rate

represents

the

effective

yield

at

June

30,

2026.

Allianz

Variable

Insurance

Products

Trust

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

221

See

accompanying

notes

to

the

financial

statements.

Futures

Contracts

At

June

30,

2026,

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

September

Futures

(U.S.

Dollar)

9/18/26

38

$

14,341,675

$

(

10,503

)

$

(

10,503

)

Allianz

Variable

Insurance

Products

Trust

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

222

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks

(

100

.1

%

):

Aerospace

&

Defense

(

1

.0

%

):

9,994

AAR

Corp.*

$

1,428,442

13,551

Mercury

Systems,

Inc.*

1,657,694

1,383

National

Presto

Industries,

Inc.

172,861

7,211

VSE

Corp.

1,647,714

4,906,711

Air

Freight

&

Logistics

(

0

.1

%

):

15,392

Hub

Group,

Inc.,

Class

A

674,016

Automobile

Components

(

1

.4

%

):

20,380

Adient

plc*

374,584

28,000

Dana,

Inc.

761,880

63,938

Dauch

Corporation*

346,544

6,915

Dorman

Products,

Inc.*

943,552

11,058

Fox

Factory

Holding

Corp.*

187,378

7,861

Gentherm,

Inc.*

268,139

6,255

LCI

Industries

662,279

8,408

Patrick

Industries,

Inc.

754,870

9,316

Phinia,

Inc.

767,359

5,600

Standard

Motor

Products,

Inc.

218,232

18,191

Versigent

plc*

764,204

6,585

XPEL,

Inc.*

326,616

6,375,637

Automobiles

(

0

.1

%

):

7,240

Winnebago

Industries,

Inc.

226,178

Banks

(

8

.8

%

):

16,013

Ameris

Bancorp

1,445,333

38,207

Atlantic

Union

Bankshares

Corp.

1,616,538

14,518

Axos

Financial,

Inc.*

1,413,908

36,260

Banc

of

California,

Inc.

740,792

6,039

BancFirst

Corp.

671,114

10,580

Bancorp,

Inc.

(The)*

662,731

10,178

Bank

of

Hawaii

Corp.

829,405

19,193

BankUnited,

Inc.

929,901

8,507

Banner

Corp.

565,205

22,374

Beacon

Financial

Corp.

681,288

35,560

Capitol

Federal

Financial,

Inc.

302,616

17,234

Cathay

General

Bancorp

1,068,336

7,782

Central

Pacific

Financial

Corp.

297,272

3,821

City

Holding

Co.

506,817

13,572

Community

Financial

System,

Inc.

910,953

8,319

Customers

Bancorp,

Inc.*

658,033

43,784

CVB

Financial

Corp.

987,329

11,030

Dime

Community

Bancshares,

Inc.

448,370

7,822

Eagle

Bancorp,

Inc.

222,067

21,348

Eastern

Bankshares,

Inc.

474,780

12,436

FB

Financial

Corp.

688,333

39,892

First

BanCorp

1,039,984

10,948

First

Bancorp/Southern

Pines

NC

699,906

28,128

First

Commonwealth

Financial

Corp.

571,842

27,407

First

Financial

Bancorp

927,179

32,563

First

Hawaiian,

Inc.

954,096

22,590

First

Interstate

BancSystem,

Inc.,

Class

A

871,070

Shares

Value

Common

Stocks,

continued

Banks,

continued

51,214

Fulton

Financial

Corp.

$

1,238,867

8,154

Hanmi

Financial

Corp.

264,190

9,895

Heritage

Financial

Corp.

293,090

11,027

Hilltop

Holdings,

Inc.

427,627

38,846

Hope

Bancorp,

Inc.

531,413

12,970

Independent

Bank

Corp.

1,085,848

6,536

Lakeland

Financial

Corp.

403,402

11,906

National

Bank

Holdings

Corp.,

Class

A

528,984

13,639

NBT

Bancorp,

Inc.

673,357

5,124

Nicolet

Bankshares,

Inc.

847,458

40,682

Northwest

Bancshares,

Inc.

616,739

10,664

OFG

Bancorp

523,282

4,223

Park

National

Corp.

772,767

5,408

Pathward

Financial,

Inc.

470,820

2,857

Preferred

Bank

303,585

35,749

Provident

Financial

Services,

Inc.

845,106

25,244

Renasant

Corp.

1,073,880

9,406

S&T

Bancorp,

Inc.

461,646

25,015

Seacoast

Banking

Corp.

of

Florida

831,749

13,184

ServisFirst

Bancshares,

Inc.

1,143,712

38,551

Simmons

First

National

Corp.,

Class

A

873,180

8,437

Southside

Bancshares,

Inc.

296,898

12,563

Stellar

Bancorp,

Inc.

493,977

3,790

Tompkins

Financial

Corp.

358,231

5,922

Triumph

Financial,

Inc.*

451,908

4,885

TrustCo

Bank

Corp.

268,235

15,467

Trustmark

Corp.

711,637

30,731

United

Community

Banks,

Inc.

1,078,351

19,727

WaFd,

Inc.

756,925

6,752

WesBanco,

Inc.

263,531

5,795

Westamerica

BanCorp

339,993

13,411

WSFS

Financial

Corp.

1,029,026

41,444,612

Beverages

(

0

.2

%

):

5,883

National

Beverage

Corp.*

183,550

11,359

Vita

Coco

Co.,

Inc.

(The)*

751,284

934,834

Biotechnology

(

3

.4

%

):

32,711

ACADIA

Pharmaceuticals,

Inc.*

827,588

60,086

ADMA

Biologics,

Inc.*

502,920

145

Alkermes

plc*

7,597

42,327

Alkermes

plc,

ADR*

2,217,723

22,422

Arcus

Biosciences,

Inc.*

691,270

29,158

Catalyst

Pharmaceuticals,

Inc.*

916,436

6,715

Krystal

Biotech,

Inc.*

2,495,764

15,623

Protagonist

Therapeutics,

Inc.*

1,915,067

21,143

PTC

Therapeutics,

Inc.*

1,724,635

26,988

Sarepta

Therapeutics,

Inc.*

484,974

33,694

TG

Therapeutics,

Inc.*

1,851,149

20,494

Veracyte,

Inc.*

1,203,613

12,819

Vericel

Corp.*

570,317

Allianz

Variable

Insurance

Products

Trust

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

223

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

31,728

Vir

Biotechnology,

Inc.*

$

323,308

19,166

Xencor,

Inc.*

308,573

16,040,934

Broadline

Retail

(

0

.5

%

):

24,182

Etsy,

Inc.*

1,821,630

28,838

Kohl's

Corp.

511,009

2,332,639

Building

Products

(

2

.2

%

):

5,191

Apogee

Enterprises,

Inc.

237,436

10,901

Armstrong

World

Industries,

Inc.

1,748,738

7,724

AZZ,

Inc.

1,197,606

4,235

CSW

Industrials,

Inc.

1,178,601

7,768

Gibraltar

Industries,

Inc.*

350,337

9,856

Griffon

Corp.

961,256

50,388

Hayward

Holdings,

Inc.*

872,216

52,374

Masterbrand,

Inc.*

538,929

12,555

Quanex

Building

Products

Corp.

233,774

36,380

Resideo

Technologies,

Inc.*

1,131,418

38,110

Zurn

Elkay

Water

Solutions

Corp.

1,925,698

10,376,009

Capital

Markets

(

3

.0

%

):

7,500

Acadian

Asset

Management,

Inc.

536,400

18,616

Artisan

Partners

Asset

Management,

Inc.,

Class

A

642,811

99,981

BGC

Group,

Inc.,

Class

A

1,068,797

7,668

Cohen

&

Steers,

Inc.

583,842

6,331

Donnelley

Financial

Solutions,

Inc.*

265,585

6,045

Lazard,

Inc.,

Class

A

253,527

9,305

MarketAxess

Holdings,

Inc.

1,056,024

19,545

Moelis

&

Co.,

Class

A

1,278,634

17,877

Piper

Sandler

Cos.

1,293,222

7,112

PJT

Partners,

Inc.,

Class

A

1,073,485

19,652

StepStone

Group,

Inc.,

Class

A

812,807

18,243

StoneX

Group,

Inc.*

2,161,796

12,567

Victory

Capital

Holdings,

Inc.,

Class

A

1,056,382

21,241

Virtu

Financial,

Inc.,

Class

A

1,265,326

2,246

Virtus

Investment

Partners,

Inc.

322,301

32,999

WisdomTree,

Inc.

559,003

14,229,942

Chemicals

(

3

.0

%

):

8,070

Balchem

Corp.

1,363,426

28,041

Celanese

Corp.,

Class

A

1,289,886

38,864

Chemours

Co.

(The)

797,489

29,105

Eastman

Chemical

Co.

1,949,453

58,910

Element

Solutions,

Inc.

2,812,953

32,980

FMC

Corp.

379,270

5,357

Hawkins,

Inc.

761,230

13,642

HB

Fuller

Co.

795,192

8,871

Ingevity

Corp.*

662,398

6,110

Innospec,

Inc.

497,293

4,640

Koppers

Holdings,

Inc.

208,336

7,860

Minerals

Technologies,

Inc.

581,404

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

3,542

Quaker

Chemical

Corp.

$

562,718

10,845

Sensient

Technologies

Corp.

1,337,080

5,552

Stepan

Co.

309,357

14,307,485

Commercial

Services

&

Supplies

(

2

.3

%

):

15,011

ABM

Industries,

Inc.

664,087

11,179

Brady

Corp.,

Class

A

1,023,661

16,363

Casella

Waste

Systems,

Inc.,

Class

A*

1,586,720

25,528

CoreCivic,

Inc.*

775,541

12,064

Deluxe

Corp.

288,088

33,766

GEO

Group,

Inc.

(The)*

997,785

17,681

Healthcare

Services

Group,

Inc.*

434,245

19,019

HNI

Corp.

768,558

14,257

Interface,

Inc.,

Class

A

510,971

6,042

Liquidity

Services,

Inc.*

236,363

18,100

MillerKnoll,

Inc.

370,326

27,322

OPENLANE,

Inc.*

1,126,759

31,932

Pitney

Bowes,

Inc.

559,449

3,807

UniFirst

Corp.

1,006,799

29,829

Vestis

Corp.*

433,117

10,782,469

Communications

Equipment

(

1

.4

%

):

14,806

Calix,

Inc.*

552,560

9,657

Digi

International,

Inc.*

723,792

33,870

Extreme

Networks,

Inc.*

1,096,372

27,355

Harmonic,

Inc.*

446,707

18,127

NetScout

Systems,

Inc.*

789,431

34,830

Viasat,

Inc.*

3,128,082

6,736,944

Construction

&

Engineering

(

2

.8

%

):

12,516

Arcosa,

Inc.

1,818,450

3,609

Argan,

Inc.

2,881,967

13,126

Everus

Construction

Group,

Inc.*

2,178,260

11,169

Granite

Construction,

Inc.

1,765,595

3,997

MYR

Group,

Inc.*

2,000,099

14,170

Primoris

Services

Corp.

1,404,530

46,668

WillScot

Holdings

Corp.

1,346,838

13,395,739

Construction

Materials

(

0

.1

%

):

2,510

United

States

Lime

&

Minerals,

Inc.

262,722

Consumer

Finance

(

1

.4

%

):

10,347

Bread

Financial

Holdings,

Inc.

1,121,097

1,531

Credit

Acceptance

Corp.*

974,849

2,675

Dave,

Inc.*

996,678

5,681

Encore

Capital

Group,

Inc.*

529,981

6,415

Enova

International,

Inc.*

1,544,283

15,800

EZCORP,

Inc.,

Class

A*

546,206

22,957

Navient

Corp.

195,364

10,295

PROG

Holdings,

Inc.

479,850

Allianz

Variable

Insurance

Products

Trust

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

224

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Consumer

Finance,

continued

776

World

Acceptance

Corp.*

$

173,692

6,562,000

Consumer

Staples

Distribution

&

Retail

(

0

.8

%

):

8,689

Andersons,

Inc.

(The)

594,327

9,428

Chefs'

Warehouse,

Inc.

(The)*

906,031

26,419

Grocery

Outlet

Holding

Corp.*

263,662

6,563

PriceSmart,

Inc.

1,282,016

15,982

United

Natural

Foods,

Inc.*

729,898

3,775,934

Containers

&

Packaging

(

0

.1

%

):

39,034

O-I

Glass,

Inc.*

375,897

Distributors

(

0

.7

%

):

64,854

LKQ

Corp.

1,707,606

8,171

Pool

Corp.

1,755,948

3,463,554

Diversified

Consumer

Services

(

1

.9

%

):

145,217

ADT,

Inc.

943,910

13,395

Bright

Horizons

Family

Solutions,

Inc.*

949,438

8,714

Covista,

Inc.*

1,086,287

18,134

Frontdoor,

Inc.*

1,407,017

33,155

Laureate

Education,

Inc.,

Class

A*

1,204,190

8,904

Matthews

International

Corp.,

Class

A

239,696

26,419

OneSpaWorld

Holdings,

Ltd.

746,073

15,134

Perdoceo

Education

Corp.

484,288

5,846

Strategic

Education,

Inc.

447,920

10,737

Stride,

Inc.*

925,959

13,243

Universal

Technical

Institute,

Inc.*

566,403

9,001,181

Diversified

REITs

(

0

.8

%

):

11,964

American

Assets

Trust,

Inc.

295,391

50,813

Broadstone

Net

Lease,

Inc.,

Class

A

1,050,305

56,584

Essential

Properties

Realty

Trust,

Inc.

1,689,032

54,983

Global

Net

Lease,

Inc.

491,548

3,526,276

Diversified

Telecommunication

Services

(

0

.9

%

):

13,041

Cogent

Communications

Holdings,

Inc.

181,009

27,248

Iridium

Communications,

Inc.

1,494,553

243,635

Lumen

Technologies,

Inc.*

1,871,117

12,214

Shenandoah

Telecommunications

Co.

184,187

47,121

Uniti

Group,

Inc.*

540,478

4,271,344

Electric

Utilities

(

0

.5

%

):

44,377

Hawaiian

Electric

Industries,

Inc.*

600,421

9,612

MGE

Energy,

Inc.

783,762

10,752

Otter

Tail

Corp.

967,465

2,351,648

Shares

Value

Common

Stocks,

continued

Electrical

Equipment

(

0

.6

%

):

7,324

Powell

Industries,

Inc.

$

2,097,301

61,805

Sunrun,

Inc.*

826,951

2,924,252

Electronic

Equipment,

Instruments

&

Components

(

3

.3

%

):

27,667

Arlo

Technologies,

Inc.*

372,951

7,402

Badger

Meter,

Inc.

1,098,309

9,294

Benchmark

Electronics,

Inc.

917,039

7,105

CTS

Corp.

463,175

6,990

ePlus,

Inc.

581,778

7,780

Insight

Enterprises,

Inc.*

947,604

11,036

Itron,

Inc.*

954,945

21,650

Knowles

Corp.*

898,042

62,599

Mirion

Technologies,

Inc.,

Class

A*

1,122,400

8,874

Napco

Security

Technologies,

Inc.

337,035

3,944

OSI

Systems,

Inc.*

862,553

3,175

PC

Connection,

Inc.

231,743

6,801

Plexus

Corp.*

2,044,857

28,613

Ralliant

Corp.

2,106,775

4,170

Rogers

Corp.*

682,754

4,689

ScanSource,

Inc.*

244,250

31,789

Vishay

Intertechnology,

Inc.

1,709,612

15,575,822

Energy

Equipment

&

Services

(

2

.5

%

):

44,896

Archrock,

Inc.

1,827,716

20,752

Atlas

Energy

Solutions,

Inc.,

Class

A^

344,691

6,596

Bristow

Group,

Inc.

272,547

17,679

Cactus,

Inc.,

Class

A

905,695

12,875

Core

Laboratories,

Inc.

149,994

34,766

Helix

Energy

Solutions

Group,

Inc.*

303,855

25,834

Helmerich

&

Payne,

Inc.

845,805

9,841

Innovex

International,

Inc.*

244,057

25,693

Kodiak

Gas

Services,

Inc.

1,930,315

41,967

Liberty

Energy,

Inc.,

Class

A

1,099,116

32,417

Noble

Corp

PLC

1,209,154

25,507

Oceaneering

International,

Inc.*

1,033,544

89,738

Patterson-UTI

Energy,

Inc.

823,795

25,614

RPC,

Inc.

149,329

11,610

Tidewater,

Inc.*

773,574

11,913,187

Entertainment

(

0

.8

%

):

26,348

Cinemark

Holdings,

Inc.

836,022

4,648

Madison

Square

Garden

Sports

Corp.*

1,867,752

6,915

Sphere

Entertainment

Co.*

1,196,503

3,900,277

Financial

Services

(

2

.1

%

):

7,967

Enact

Holdings,

Inc.

364,172

16,246

EVERTEC,

Inc.

451,314

33,935

HA

Sustainable

Infrastructure

Capital,

Inc.

1,325,162

13,161

Jackson

Financial,

Inc.,

Class

A

1,347,555

7,858

Merchants

Bancorp

392,900

Allianz

Variable

Insurance

Products

Trust

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

225

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Financial

Services,

continued

18,990

NCR

Atleos

Corp.*

$

824,356

19,421

NMI

Holdings,

Inc.,

Class

A*

798,009

71,268

Payoneer

Global,

Inc.*

507,428

34,068

Radian

Group,

Inc.

1,283,341

28,879

Remitly

Global,

Inc.*

647,178

4,341

Sezzle,

Inc.*

745,046

9,044

Walker

&

Dunlop,

Inc.

494,707

76,000

Western

Union

Co.

(The)^

585,200

9,766,368

Food

Products

(

1

.6

%

):

11,303

Cal-Maine

Foods,

Inc.

910,570

49,449

Campbell's

Company

(The)^

1,101,229

120,688

Conagra

Brands,

Inc.

1,624,460

8,580

Del

Monte

Corp.

239,468

56,765

Flowers

Foods,

Inc.

448,443

12,555

Freshpet,

Inc.*

742,252

3,946

J

&

J

Snack

Foods

Corp.

289,834

2,517

John

B

Sanfilippo

&

Son,

Inc.

216,437

35,339

Lamb

Weston

Holdings,

Inc.

1,525,938

21,344

Simply

Good

Foods

Co.

(The)*

283,448

5,482

Tootsie

Roll

Industries,

Inc.

216,813

7,598,892

Gas

Utilities

(

0

.5

%

):

6,041

Chesapeake

Utilities

Corp.

739,902

52,654

MDU

Resources

Group,

Inc.

1,116,791

11,038

Northwest

Natural

Holding

Co.

541,524

2,398,217

Ground

Transportation

(

1

.1

%

):

5,711

ArcBest

Corp.

819,757

13,085

Heartland

Express,

Inc.

199,154

34,044

Hertz

Global

Holdings,

Inc.*^

77,110

96,742

Lyft,

Inc.,

Class

A*

1,413,401

14,673

Marten

Transport,

Ltd.

254,576

42,455

RXO,

Inc.*

1,171,333

12,809

Schneider

National,

Inc.,

Class

B

467,913

15,246

Werner

Enterprises,

Inc.

664,878

5,068,122

Health

Care

Equipment

&

Supplies

(

2

.5

%

):

11,173

Artivion,

Inc.*

251,057

11,936

Avanos

Medical,

Inc.*

296,968

7,598

CONMED

Corp.

248,683

14,748

Enovis

Corp.*

305,284

15,066

Glaukos

Corp.*

2,105,624

6,407

ICU

Medical,

Inc.*

939,266

6,796

Inspire

Medical

Systems,

Inc.*

303,170

8,649

Integer

Holdings

Corp.*

808,249

17,508

Integra

LifeSciences

Holdings

Corp.*

314,444

5,442

LeMaitre

Vascular,

Inc.

522,214

15,389

Merit

Medical

Systems,

Inc.*

1,067,073

56,861

Neogen

Corp.*

511,180

11,862

Omnicell,

Inc.*

492,510

18,066

QuidelOrtho

Corp.*

316,426

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

13,058

STAAR

Surgical

Co.*

$

374,634

17,837

Tandem

Diabetes

Care,

Inc.*

269,160

11,425

Teleflex,

Inc.

1,448,233

8,859

TransMedics

Group,

Inc.*

588,415

1,980

UFP

Technologies,

Inc.*

524,957

11,687,547

Health

Care

Providers

&

Services

(

3

.4

%

):

23,628

Acadia

Healthcare

Co.,

Inc.*

697,735

28,775

AdaptHealth

Corp.,

Class

A*

299,835

4,696

Addus

HomeCare

Corp.*

471,807

20,310

Alignment

Healthcare,

Inc.*

483,581

10,028

AMN

Healthcare

Services,

Inc.*

324,606

11,094

Astrana

Health,

Inc.*

514,873

40,653

Brightspring

Health

Services,

Inc.*

2,835,140

31,281

Concentra

Group

Holdings

Parent,

Inc.

930,610

8,021

CorVel

Corp.*

501,473

60,038

Lifestance

Health

Group,

Inc.*

643,007

13,704

Molina

Healthcare,

Inc.*

3,134,105

3,501

National

HealthCare

Corp.

739,971

34,613

NeoGenomics,

Inc.*

505,004

20,387

Pediatrix

Medical

Group,

Inc.*

516,403

30,834

Privia

Health

Group,

Inc.*

793,359

20,357

Progyny,

Inc.*

586,892

18,155

RadNet,

Inc.*

1,119,619

28,436

Select

Medical

Holdings

Corp.

469,478

4,147

US

Physical

Therapy,

Inc.

284,816

15,852,314

Health

Care

REITs

(

0

.4

%

):

12,588

LTC

Properties,

Inc.

484,009

135,341

Medical

Properties

Trust,

Inc.

625,275

12,440

National

Health

Investors,

Inc.^

948,674

2,057,958

Health

Care

Technology

(

0

.3

%

):

31,448

Certara,

Inc.*

205,985

6,437

HealthStream,

Inc.

175,408

15,305

Schrodinger,

Inc.*

248,706

30,079

Waystar

Holding

Corp.*

617,522

1,247,621

Hotel

&

Resort

REITs

(

1

.1

%

):

57,482

Apple

Hospitality

REIT,

Inc.

966,272

53,492

DiamondRock

Hospitality

Co.

651,533

29,239

Pebblebrook

Hotel

Trust

567,529

16,335

Ryman

Hospitality

Properties,

Inc.

2,099,864

50,671

Sunstone

Hotel

Investors,

Inc.

580,183

23,094

Xenia

Hotels

&

Resorts,

Inc.

470,194

5,335,575

Hotels,

Restaurants

&

Leisure

(

2

.7

%

):

5,369

BJ's

Restaurants,

Inc.*

326,086

10,909

Brinker

International,

Inc.*

1,832,712

52,587

Caesars

Entertainment,

Inc.*

1,587,076

11,929

Cheesecake

Factory,

Inc.

(The)

948,833

Allianz

Variable

Insurance

Products

Trust

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

226

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

5,601

Cracker

Barrel

Old

Country

Store,

Inc.^

$

298,533

39,393

Life

Time

Group

Holdings,

Inc.*

1,608,810

6,987

Marriott

Vacations

Worldwide

Corp.

711,835

3,153

Monarch

Casino

&

Resort,

Inc.

414,966

8,581

Papa

John's

International,

Inc.^

315,523

32,553

Penn

Entertainment,

Inc.*

695,332

5,038

Pursuit

Attractions

and

Hospitality,

Inc.*

281,977

12,065

Red

Rock

Resorts,

Inc.,

Class

A

784,949

23,143

Rush

Street

Interactive,

Inc.,

Class

A*

688,273

108,865

Sabre

Corp.*

227,528

10,339

Shake

Shack,

Inc.,

Class

A*

579,191

26,437

Six

Flags

Entertainment

Corp.*

563,108

5,923

United

Parks

&

Resorts,

Inc.*

282,764

42,827

Wendy's

Co.

(The)^

355,036

12,502,532

Household

Durables

(

2

.4

%

):

1,970

Cavco

Industries,

Inc.*

1,210,329

6,749

Century

Communities,

Inc.

483,633

13,980

Champion

Homes,

Inc.*

1,231,918

8,122

Dream

Finders

Homes,

Inc.,

Class

A*

140,186

7,732

Green

Brick

Partners,

Inc.*

618,869

5,753

Installed

Building

Products,

Inc.

1,322,270

10,260

La-Z-Boy,

Inc.,

Class

Z

411,631

34,616

Leggett

&

Platt,

Inc.

405,353

5,218

LGI

Homes,

Inc.*

332,282

6,497

M/I

Homes,

Inc.*

1,044,653

17,009

Meritage

Homes

Corp.

1,426,205

13,144

Mohawk

Industries,

Inc.*

1,594,761

109,414

Newell

Brands,

Inc.

671,802

30,183

Sonos,

Inc.*

408,376

11,302,268

Household

Products

(

0

.5

%

):

3,246

Central

Garden

&

Pet

Co.*

143,928

12,162

Central

Garden

&

Pet

Co.,

Class

A*

471,521

15,751

Energizer

Holdings,

Inc.

337,701

13,536

Reynolds

Consumer

Products,

Inc.

363,442

3,449

WD-40

Co.

840,314

2,156,906

Independent

Power

and

Renewable

Electricity

Producers

(

0

.2

%

):

31,398

Clearway

Energy,

Inc.,

Class

C

1,073,184

Industrial

REITs

(

0

.6

%

):

7,412

Innovative

Industrial

Properties,

Inc.,

Class

A

459,396

14,832

LXP

Industrial

Trust

799,148

27,248

Terreno

Realty

Corp.

1,764,853

3,023,397

Insurance

(

2

.0

%

):

5,670

AMERISAFE,

Inc.

191,816

10,560

Assured

Guaranty,

Ltd.

846,490

Shares

Value

Common

Stocks,

continued

Insurance,

continued

5,476

Employers

Holdings,

Inc.

$

276,428

113,021

Genworth

Financial,

Inc.,

Class

A*

1,070,309

6,285

Goosehead

Insurance,

Inc.,

Class

A*

304,822

2,767

HCI

Group,

Inc.

484,917

11,201

Horace

Mann

Educators

Corp.

578,532

14,594

Kemper

Corp.

393,454

46,827

Lincoln

National

Corp.

1,655,334

7,088

Mercury

General

Corp.

755,723

7,032

Palomar

Holdings,

Inc.*

888,774

4,792

Safety

Insurance

Group,

Inc.

358,729

25,933

SiriusPoint,

Ltd.*

622,392

8,277

Stewart

Information

Services

Corp.

546,448

11,197

Trupanion,

Inc.*

277,350

6,176

United

Fire

Group,

Inc.

323,869

9,575,387

Interactive

Media

&

Services

(

1

.1

%

):

19,545

Cargurus,

Inc.,

Class

A*

666,289

59,727

Match

Group,

Inc.

2,272,612

16,269

People,

Inc.*

750,977

15,747

QuinStreet,

Inc.*

230,694

30,178

TripAdvisor,

Inc.*

413,740

13,195

Yelp,

Inc.,

Class

A*

323,541

9,427

Ziff

Davis,

Inc.*

493,692

65,680

ZoomInfo

Technologies,

Inc.,

Class

A*

192,443

5,343,988

IT

Services

(

0

.4

%

):

44,655

DXC

Technology

Co.*

395,197

13,503

EPAM

Systems,

Inc.*

1,071,463

10,446

Everforth,

Inc.*

186,670

1,653,330

Leisure

Products

(

0

.5

%

):

6,893

Acushnet

Holdings

Corp.

817,027

34,646

Callaway

Golf

Co.*

650,998

107,748

Peloton

Interactive,

Inc.,

Class

A*

636,791

2,104,816

Life

Sciences

Tools

&

Services

(

0

.2

%

):

10,420

Azenta,

Inc.*

265,919

10,263

BioLife

Solutions,

Inc.*

289,827

24,468

Fortrea

Holdings,

Inc.*

425,743

4,420

OmniAb,

Inc.

-

Vesting

12.5*(a)

—

4,420

OmniAb,

Inc.

-

Vesting

15*(a)

—

981,489

Machinery

(

4

.4

%

):

2,752

Alamo

Group,

Inc.

452,676

7,301

Albany

International

Corp.,

Class

A

543,925

5,933

Astec

Industries,

Inc.

363,040

20,827

Atmus

Filtration

Technologies,

Inc.

1,061,969

12,239

Enerpac

Tool

Group

Corp.,

Class

A

438,891

5,517

Enpro,

Inc.

2,079,523

6,708

ESCO

Technologies,

Inc.

2,348,068

15,629

Federal

Signal

Corp.

2,008,170

Allianz

Variable

Insurance

Products

Trust

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

227

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

9,809

Franklin

Electric

Co.,

Inc.

$

1,051,427

64,785

Gates

Industrial

Corp.

plc*

1,812,036

7,813

Greenbrier

Cos.,

Inc.

(The)

382,915

13,347

JBT

Marel

Corp.

1,935,315

3,021

Kadant,

Inc.

949,289

19,432

Kennametal,

Inc.

681,092

2,538

Lindsay

Corp.

314,204

39,122

Mueller

Water

Products,

Inc.,

Class

A

1,010,521

6,084

Proto

Labs,

Inc.*

495,907

3,096

Standex

International

Corp.

1,107,346

4,236

Tennant

Co.

370,819

20,772

Trinity

Industries,

Inc.

718,296

7,897

Worthington

Enterprises,

Inc.

424,543

20,549,972

Marine

Transportation

(

0

.3

%

):

7,694

Matson,

Inc.

1,479,018

Media

(

0

.5

%

):

33,792

DoubleVerify

Holdings,

Inc.*

366,305

9,932

John

Wiley

&

Sons,

Inc.,

Class

A

481,802

4,298

Scholastic

Corp.

197,708

35,909

Versant

Media

Group,

Inc.

1,293,083

2,338,898

Metals

&

Mining

(

1

.1

%

):

2,729

Alpha

Metallurgical

Resources,

Inc.*

450,121

14,714

Century

Aluminum

Co.*

676,991

4,130

Kaiser

Aluminum

Corp.

807,952

5,342

Materion

Corp.

1,588,657

9,583

Metallus,

Inc.*

179,106

13,417

Warrior

Met

Coal,

Inc.

1,088,924

8,758

Worthington

Steel,

Inc.

294,094

5,085,845

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

1

.0

%

):

22,512

Adamas

Trust,

Inc.

211,163

51,781

Arbor

Realty

Trust,

Inc.

280,653

32,241

ARMOUR

Residential

REIT,

Inc.

562,606

40,331

Blackstone

Mortgage

Trust,

Inc.,

Class

A

683,610

29,489

Ellington

Financial,

Inc.

401,345

22,221

Franklin

BSP

Realty

Trust,

Inc.

180,879

26,768

PennyMac

Mortgage

Investment

Trust

301,943

37,956

Redwood

Trust,

Inc.

179,911

145,768

Rithm

Capital

Corp.

1,368,762

27,266

Two

Harbors

Investment

Corp.

338,371

4,509,243

Multi-Utilities

(

0

.2

%

):

21,027

Avista

Corp.

860,215

4,495

Unitil

Corp.

236,841

1,097,056

Shares

Value

Common

Stocks,

continued

Office

REITs

(

0

.6

%

):

44,911

Douglas

Emmett,

Inc.

$

529,950

11,785

Easterly

Government

Properties,

Inc.,

Class

A

293,800

28,786

Highwoods

Properties,

Inc.

868,186

16,398

JBG

SMITH

Properties

240,559

18,359

SL

Green

Realty

Corp.

950,445

2,882,940

Oil,

Gas

&

Consumable

Fuels

(

2

.4

%

):

19,864

California

Resources

Corp.

1,050,210

20,269

Comstock

Resources,

Inc.*

302,413

12,909

Core

Natural

Resources,

Inc.

1,032,978

64,428

Crescent

Energy

Co.,

Class

A

632,683

7,851

CVR

Energy,

Inc.

216,216

9,346

Dorian

LPG,

Ltd.

325,054

3,728

Gulfport

Energy

Corp.*

632,642

10,316

International

Seaways,

Inc.

790,102

13,195

Kinetik

Holdings,

Inc.,

Class

A

637,846

46,767

Magnolia

Oil

&

Gas

Corp.,

Class

A

1,196,300

26,297

Northern

Oil

&

Gas,

Inc.

477,291

12,657

Par

Pacific

Holdings,

Inc.*

709,805

31,273

Peabody

Energy

Corp.

723,032

6,893

REX

American

Resources

Corp.*

311,219

58,144

SM

Energy

Co.

1,517,558

32,380

Talos

Energy,

Inc.*

418,026

12,716

World

Kinect

Corp.

418,865

11,392,240

Paper

&

Forest

Products

(

0

.1

%

):

8,529

Sylvamo

Corp.

322,396

Passenger

Airlines

(

0

.4

%

):

5,646

Allegiant

Travel

Co.*

663,969

80,071

JetBlue

Airways

Corp.*

458,807

9,851

SkyWest,

Inc.*

978,500

2,101,276

Personal

Care

Products

(

0

.2

%

):

74,645

Coty,

Inc.,

Class

A*

161,233

11,849

Edgewell

Personal

Care

Co.

318,264

4,648

Interparfums,

Inc.

519,927

999,424

Pharmaceuticals

(

2

.5

%

):

44,270

Amneal

Pharmaceuticals,

Inc.*

766,314

8,896

Amphastar

Pharmaceuticals,

Inc.*

179,521

4,649

ANI

Pharmaceuticals,

Inc.*

384,844

8,252

Collegium

Pharmaceutical,

Inc.*

298,722

24,475

Corcept

Therapeutics,

Inc.*

2,128,101

10,129

Harmony

Biosciences

Holdings,

Inc.*

368,797

31,649

Indivior

Pharmaceuticals,

Inc.*

1,298,558

17,503

Innoviva,

Inc.*

397,493

5,145

Ligand

Pharmaceuticals,

Inc.*

1,626,283

18,062

Liquidia

Corp.*

1,440,083

67,281

Organon

&

Co.

910,985

10,243

Pacira

BioSciences,

Inc.*

259,865

36,897

Perrigo

Co.

plc

383,360

Allianz

Variable

Insurance

Products

Trust

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

228

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

5,707

Phibro

Animal

Health

Corp.,

Class

A

$

179,200

12,069

Prestige

Consumer

Healthcare,

Inc.*

570,502

14,864

Supernus

Pharmaceuticals,

Inc.*

691,325

11,883,953

Professional

Services

(

1

.3

%

):

39,573

Amentum

Holdings,

Inc.*

817,974

11,059

Concentrix

Corp.

247,777

21,006

First

Advantage

Corp.*^

379,158

9,463

Insperity,

Inc.

390,917

13,295

Korn

Ferry

885,181

32,860

Legalzoom.com,

Inc.*

201,432

12,163

ManpowerGroup,

Inc.

410,745

10,861

Paycom

Software,

Inc.

1,365,010

25,621

Robert

Half,

Inc.

786,565

32,419

Upwork,

Inc.*

271,023

42,542

Verra

Mobility

Corp.,

Class

A*

180,803

5,936,585

Real

Estate

Management

&

Development

(

0

.4

%

):

26,020

AGNT,

Inc.

140,768

60,235

Cushman

&

Wakefield,

Ltd.*

806,547

6,279

Marcus

&

Millichap,

Inc.

195,716

10,140

St.

Joe

Co.

(The)

635,068

1,778,099

Residential

REITs

(

0

.1

%

):

4,607

Centerspace

258,867

6,260

NexPoint

Residential

Trust,

Inc.

174,779

433,646

Retail

REITs

(

1

.7

%

):

34,509

Acadia

Realty

Trust

721,583

25,944

Curbline

Properties

Corp.

788,698

14,084

Getty

Realty

Corp.

469,842

13,268

Inventrust

Properties

Corp.

469,687

73,154

Macerich

Co.

(The)

1,842,749

12,037

Netstreit

Corp.^

254,342

32,002

Phillips

Edison

&

Co.,

Inc.

1,331,923

3,692

Saul

Centers,

Inc.

138,044

29,487

Tanger,

Inc.

1,163,852

32,874

Urban

Edge

Properties

752,157

11,975

Whitestone

REIT,

Class

B

227,046

8,159,923

Semiconductors

&

Semiconductor

Equipment

(

5

.6

%

):

14,673

ACM

Research,

Inc.,

Class

A*

1,861,857

6,476

Alpha

&

Omega

Semiconductor,

Ltd.*

306,509

7,912

Axcelis

Technologies,

Inc.*

1,498,928

12,111

Cohu,

Inc.*

895,124

11,793

Diodes,

Inc.*

1,290,626

33,820

Enphase

Energy,

Inc.*

1,665,297

20,012

FormFactor,

Inc.*

3,200,519

8,931

Ichor

Holdings,

Ltd.*

1,002,773

6,985

Impinj,

Inc.*

1,000,462

13,423

Kulicke

&

Soffa

Industries,

Inc.

1,795,460

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

21,631

MaxLinear,

Inc.,

Class

A*

$

2,769,417

9,690

PDF

Solutions,

Inc.*

685,955

11,918

Penguin

Solutions,

Inc.*

905,887

15,253

Photronics,

Inc.*

496,180

14,285

Power

Integrations,

Inc.

1,196,512

20,483

Qorvo,

Inc.*

1,910,449

15,727

SolarEdge

Technologies,

Inc.*

919,086

11,501

Ultra

Clean

Holdings,

Inc.*

1,639,928

15,705

Veeco

Instruments,

Inc.*

1,190,439

26,231,408

Software

(

3

.2

%

):

18,757

A10

Networks,

Inc.

700,762

26,273

ACI

Worldwide,

Inc.*

1,321,269

28,330

Adeia,

Inc.

932,907

6,628

Agilysys,

Inc.*

692,626

12,577

Alarm.com

Holdings,

Inc.*

587,597

7,612

Blackbaud,

Inc.*

225,467

12,830

BlackLine,

Inc.*

360,138

35,757

Box,

Inc.,

Class

A*

948,991

66,670

Cleanspark,

Inc.*

970,049

23,618

Clear

Secure,

Inc.,

Class

A

1,316,231

20,892

Life360,

Inc.*

1,156,581

16,087

LiveRamp

Holdings,

Inc.*

605,515

99,722

MARA

Holdings,

Inc.*

1,385,139

21,917

N-able,

Inc.*

80,435

36,270

NCR

Voyix

Corp.*

296,326

10,922

Progress

Software

Corp.*

366,761

16,108

Q2

Holdings,

Inc.*

774,795

19,108

RingCentral,

Inc.,

Class

A

744,830

35,170

Sprinklr,

Inc.,

Class

A*

181,477

9,462

SPS

Commerce,

Inc.*

540,943

24,429

Teradata

Corp.*

846,465

15,035,304

Specialized

REITs

(

0

.7

%

):

29,526

Four

Corners

Property

Trust,

Inc.

724,863

40,274

Millrose

Properties,

Inc.

1,210,234

39,602

Outfront

Media,

Inc.

1,297,361

12,961

Safehold,

Inc.

203,488

3,435,946

Specialty

Retail

(

2

.9

%

):

16,442

Academy

Sports

&

Outdoors,

Inc.

774,911

15,593

Advance

Auto

Parts,

Inc.

970,196

39,828

American

Eagle

Outfitters,

Inc.

685,042

4,713

Asbury

Automotive

Group,

Inc.*

947,690

7,706

Boot

Barn

Holdings,

Inc.*

1,265,865

7,820

Buckle,

Inc.

(The)

330,004

36,091

CarMax,

Inc.*

1,908,853

2,982

Group

1

Automotive,

Inc.

868,269

4,987

MarineMax,

Inc.*

182,624

20,310

National

Vision

Holdings,

Inc.*

386,093

24,290

Sally

Beauty

Holdings,

Inc.*

343,461

10,237

Signet

Jewelers,

Ltd.

882,429

Allianz

Variable

Insurance

Products

Trust

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

229

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

3,472

Sonic

Automotive,

Inc.,

Class

A

$

294,391

13,993

Upbound

Group,

Inc.

296,931

13,028

Urban

Outfitters,

Inc.*

923,164

20,302

Victoria's

Secret

&

Co.*

1,694,811

25,809

Warby

Parker,

Inc.,

Class

A*

783,045

744

Winmark

Corp.

314,772

13,852,551

Technology

Hardware,

Storage

&

Peripherals

(

0

.2

%

):

11,152

Corsair

Gaming,

Inc.*

107,840

8,911

Diebold

Nixdorf,

Inc.*

757,613

865,453

Textiles,

Apparel

&

Luxury

Goods

(

0

.7

%

):

9,334

Carter's,

Inc.

384,187

8,518

G-III

Apparel

Group,

Ltd.

287,142

12,954

Kontoor

Brands,

Inc.

1,079,586

18,881

Steven

Madden,

Ltd.

794,890

57,743

Under

Armour,

Inc.,

Class

A*

368,978

23,184

Under

Armour,

Inc.,

Class

C*

144,204

21,406

Wolverine

World

Wide,

Inc.

353,841

3,412,828

Tobacco

(

0

.1

%

):

6,765

Universal

Corp.

352,930

Trading

Companies

&

Distributors

(

0

.6

%

):

8,854

Boise

Cascade

Co.

687,336

47,949

DNOW,

Inc.*

621,899

3,270

DXP

Enterprises,

Inc.*

551,780

15,664

Rush

Enterprises,

Inc.,

Class

A

1,143,237

3,004,252

Shares

Value

Common

Stocks,

continued

Water

Utilities

(

0

.5

%

):

10,014

American

States

Water

Co.

$

827,457

15,249

California

Water

Service

Group

741,864

9,852

H2O

America^

598,706

4,920

Middlesex

Water

Co.

276,307

2,444,334

Wireless

Telecommunication

Services

(

0

.2

%

):

24,589

Telephone

and

Data

Systems,

Inc.

910,039

Total

Common

Stocks

(Cost

$302,778,216)

471,893,713

Affiliated

Investment

Company

(

1

.1

%

):

Money

Market

Funds

(

1

.1

%

):

5,123,540

BlackRock

Liquidity

FedFund,

Institutional

Class,

3.54%

+

(b)(c)

5,123,540

Total

Affiliated

Investment

Company

(Cost

$5,123,540)

5,123,540

Unaffiliated

Investment

Company

(

0

.3

%

):

Money

Market

Funds

(

0

.3

%

):

1,289,162

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.53%(c)

1,289,162

Total

Unaffiliated

Investment

Company

(Cost

$1,289,162)

1,289,162

Total

Investment

Securities

(Cost

$

309,190,918

)

—

101

.5

%

478,306,415

Net

other

assets

(liabilities)

—

(

1

.5

)

%

(

6,888,450

)

Net

Assets

—

100.0%

$

471,417,965

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

June

30,

2026.

The

total

value

of

securities

on

loan

as

of

June

30,

2026

was

$4,889,410.

+

Affiliated

Securities

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

June

30,

2026.

(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

June

30,

2026.

(c)

The

rate

represents

the

effective

yield

at

June

30,

2026.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Allianz

Variable

Insurance

Products

Trust

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

230

See

accompanying

notes

to

the

financial

statements.

Futures

Contracts

At

June

30,

2026,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

Russell

2000

Mini

Index

September

Futures

(U.S.Dollar)

9/18/26

11

$

1,675,080‌

$

11,154‌

$

11,154‌

Allianz

Variable

Insurance

Products

Trust

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

231

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks

(

63

.1

%

):

Aerospace

&

Defense

(

1

.4

%

):

20,014

Arxis,

Inc.,

Class

A*^

$

923,446

11,100

Lockheed

Martin

Corp.

5,655,006

9,112

Northrop

Grumman

Corp.

4,640,833

4,121

Woodward,

Inc.

1,753,238

12,972,523

Banks

(

0

.4

%

):

10,200

JPMorgan

Chase

&

Co.

3,338,766

Beverages

(

1

.7

%

):

469,700

Keurig

Dr

Pepper,

Inc.

15,373,281

Biotechnology

(

4

.7

%

):

28,090

Alnylam

Pharmaceuticals,

Inc.*

8,455,933

45,098

Ascendis

Pharma

A/S*

12,028,538

33,936

CG

oncology,

Inc.*

2,411,153

89,560

Cytokinetics,

Inc.*

7,629,616

65,600

Denali

Therapeutics,

Inc.*

1,687,232

44,344

Dyne

Therapeutics,

Inc.*

984,880

93,800

Erasca,

Inc.*

1,718,416

27,245

Kymera

Therapeutics,

Inc.*

3,124,184

20,914

Moonlake

Immunotherapeutics,

Class

A*

407,196

7,086

Stoke

Therapeutics,

Inc.*

231,854

54,805

Vaxcyte,

Inc.*

3,185,815

17,848

Xenon

Pharmaceuticals,

Inc.*

1,077,305

42,942,122

Broadline

Retail

(

3

.5

%

):

134,370

Amazon.com,

Inc.

#

*

32,025,746

Capital

Markets

(

1

.3

%

):

22,941

Ares

Management

Corp.,

Class

A

2,553,563

46,900

KKR

&

Co.,

Inc.

4,304,482

8,000

MSCI,

Inc.,

Class

A

4,480,320

11,338,365

Commercial

Services

&

Supplies

(

0

.5

%

):

53,600

Veralto

Corp.

4,753,248

Communications

Equipment

(

1

.1

%

):

42,636

Arista

Networks,

Inc.*

7,243,004

1,976

Ciena

Corp.*

969,346

1,900

Lumentum

Holdings,

Inc.*

1,630,314

9,842,664

Electric

Utilities

(

1

.1

%

):

265,188

PPL

Corp.

9,639,584

Electronic

Equipment,

Instruments

&

Components

(

0

.3

%

):

12,803

TE

Connectivity

plc

2,581,213

Energy

Equipment

&

Services

(

0

.0

%

†

):

8,915

SLB,

Ltd.

414,458

Shares

Value

Common

Stocks,

continued

Entertainment

(

0

.1

%

):

2,680

Madison

Square

Garden

Sports

Corp.*

$

1,076,931

Financial

Services

(

2

.7

%

):

28,659

Mastercard,

Inc.,

Class

A

14,719,262

27,297

Visa,

Inc.,

Class

A

9,365,328

24,084,590

Health

Care

Equipment

&

Supplies

(

0

.5

%

):

28,497

Becton

Dickinson

&

Co.

4,312,451

Health

Care

Providers

&

Services

(

2

.5

%

):

62,435

Cencora,

Inc.

17,667,856

8,144

HCA

Healthcare,

Inc.

3,175,264

4,276

UnitedHealth

Group,

Inc.

1,777,234

22,620,354

Hotels,

Restaurants

&

Leisure

(

2

.2

%

):

42,856

DoorDash,

Inc.,

Class

A*

7,908,218

55,457

Starbucks

Corp.

5,667,151

42,891

Yum!

Brands,

Inc.

#

6,856,555

20,431,924

Insurance

(

0

.9

%

):

17,742

Arthur

J.

Gallagher

&

Co.

4,073,031

25,492

Ryan

Specialty

Holdings,

Inc.,

Class

A

962,578

12,699

Willis

Towers

Watson

plc

3,319,138

8,354,747

Interactive

Media

&

Services

(

6

.6

%

):

69,760

Alphabet,

Inc.,

Class

A

#

24,930,131

40,658

Alphabet,

Inc.,

Class

C

14,365,691

37,431

Meta

Platforms,

Inc.,

Class

A

#

21,084,508

60,380,330

IT

Services

(

0

.1

%

):

2,387

International

Business

Machines

Corp.

671,248

Life

Sciences

Tools

&

Services

(

4

.3

%

):

54,400

Danaher

Corp.

10,362,112

154,811

Revvity,

Inc.

17,224,272

29,501

Waters

Corp.*

11,064,055

38,650,439

Machinery

(

0

.8

%

):

83,009

Ingersoll

Rand,

Inc.

6,805,908

Multi-Utilities

(

5

.2

%

):

100,008

Ameren

Corp.

11,304,904

566,748

CenterPoint

Energy,

Inc.

24,959,582

238,034

NiSource,

Inc.

11,318,517

47,583,003

Allianz

Variable

Insurance

Products

Trust

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

232

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels

(

1

.0

%

):

170,655

Canadian

Natural

Resources,

Ltd.,

ADR

$

6,740,873

25,700

ConocoPhillips

2,671,772

9,412,645

Pharmaceuticals

(

0

.0

%

†

):

12,886

Maze

Therapeutics,

Inc.*

384,518

Professional

Services

(

0

.0

%

†

):

2,299

TransUnion

165,850

Semiconductors

&

Semiconductor

Equipment

(

11

.4

%

):

32,961

Advanced

Micro

Devices,

Inc.

#

*

19,147,374

2,761

ASML

Holding

NV,

NYS

5,492,844

65,261

Broadcom,

Inc.

24,652,343

1,230

Cerebras

Systems,

Inc.,

Class

A*^

271,830

8,544

Micron

Technology,

Inc.

9,862,254

139,172

NVIDIA

Corp.

#

27,846,925

32,422

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.,

ADR

15,483,775

2,182

Texas

Instruments,

Inc.

650,389

103,407,734

Software

(

7

.0

%

):

2,381,961

Aurora

Innovation,

Inc.,

Class

A*

16,244,974

56,279

Bentley

Systems,

Inc.,

Class

B

1,682,179

9,500

Cadence

Design

Systems,

Inc.*

3,565,540

86,370

Microsoft

Corp.

#

32,217,738

61,072

PTC,

Inc.*

6,938,390

641

Quantinuum,

Inc.,

Class

A*

52,395

7,500

Synopsys,

Inc.*

3,345,525

64,046,741

Technology

Hardware,

Storage

&

Peripherals

(

1

.8

%

):

57,387

Apple,

Inc.

16,605,502

Total

Common

Stocks

(Cost

$496,366,002)

574,216,885

Right

(

0

.0

%

†

):

Biotechnology

(

0

.0

%

†

):

20,447

Arcellx,

Inc.

CVR,

Expires

on

4/1/30*

—

Total

Right

(Cost

$–)

—

Principal

Amount

Asset-Backed

Securities

(

0

.1

%

):

$

619,200

Domino's

Pizza

Master

Issuer

LLC,

Class

A2,

Series

2019-1A,

3.67%,

10/25/49,

Callable

10/25/26

@

100

(a)

594,517

809,340

Domino's

Pizza

Master

Issuer

LLC,

Class

A23,

Series

2017-1A,

4.12%,

7/25/47,

Callable

7/25/26

@

100

(a)

803,717

Total

Asset-Backed

Securities

(Cost

$1,420,693)

1,398,234

Principal

Amount

Value

Bank

Loans

(

8

.6

%

):

Aerospace

&

Defense

(

0

.6

%

):

$

4,727,332

TransDigm

Inc.

New

Tranche

K

Term

Loan,

5.90%

(Term

SOFR+225bps),

3/22/30

$

4,727,616

411,000

TransDigm

Inc.

Tranche

N

Term

Loan,

6.15%

(Term

SOFR+250bps),

2/13/33

410,934

5,138,550

Capital

Markets

(

0

.2

%

):

292,000

EP

Wealth

Advisors

LLC

TLB,

3.65%

(Term

SOFR+0bps),

10/18/32

291,757

1,566,074

Mariner

Wealth

Advisors

LLC

Amendment

No.

9

Refinancing

Term

Loan,

5.90%

(Term

SOFR+225bps),

12/31/30

1,563,553

1,855,310

Consumer

Finance

(

0

.7

%

):

6,647,027

AmWINS

Group,

Inc.

2026

Refinancing

Term

Loan,

5.65%

(Term

SOFR+200bps),

1/30/32

6,493,813

Hotels,

Restaurants

&

Leisure

(

1

.0

%

):

2,727,709

CPI

Holdco

B,

LLC

2025

Fourth

Amendment

Incremental

Term

Loan,

5.65%

(Term

SOFR+200bps),

5/17/31

2,715,489

3,392,852

Hilton

Worldwide

Series

B-4

Term

Loan,

3.68%

(SOFR+0bps),

11/8/30

3,397,670

2,801,068

Loire

UK

Midco

3

Ltd.

Facility

B3

(USD),

7.65%

(Term

SOFR+400bps),

1/21/30

2,803,057

577,005

Wyndham

Hotels

&

Resorts

2024

Term

B

Loan,

5.40%

(Term

SOFR+175bps),

5/24/30

577,062

9,493,278

Insurance

(

2

.6

%

):

6,899,805

Broadstreet

Partners,

Inc.

2025

Tranche

B

Term

Loan,

6.15%

(Term

SOFR+250bps),

6/13/31

6,648,307

11,597,310

Hub

International

Limited

2025

Incremental

Term

Loan,

5.90%

(Term

SOFR+225bps),

6/20/30

11,578,290

119,325

Ryan

Specialty

Group,

LLC

2024

Term

Loan,

5.65%

(Term

SOFR+200bps),

9/15/31

118,990

2,677,634

USI,

Inc.

2024-C

Term

Loan,

5.90%

(Term

SOFR+225bps),

9/29/30

2,663,576

2,620,578

USI,

Inc.

2024-D

Term

Loan,

5.90%

(Term

SOFR+225bps),

11/21/29

2,610,096

23,619,259

Machinery

(

0

.5

%

):

1,022,238

Filtration

Group

Corporation

2025

Incremental

Euro

Term

Loan,

2.73%

(EURIBOR

RFR+0bps),

10/21/28

1,025,816

Allianz

Variable

Insurance

Products

Trust

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

233

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Bank

Loans,

continued

Machinery,

continued

$

3,128,801

Filtration

Group

Corporation

2025-B

Incremental

Dollar

Term

Loan,

6.15%

(Term

SOFR+250bps),

10/21/28

$

3,128,801

4,154,617

Software

(

2

.1

%

):

2,050,146

Applied

Systems,

Inc.

Initial

Term

Loan

(2024)

(Second

Lien),

8.15%

(Term

SOFR+450bps),

2/23/32

2,018,758

13,124,711

Applied

Systems,

Inc.

Tranche

B-1

Term

Loan

(First

Lien),

5.90%

(Term

SOFR+225bps),

2/24/31

12,878,623

1,470,787

Epicor

Software

Corporation

(fka

Eagle

Parent

Inc.)

Term

E

Loan,

6.43%

(SOFR+275bps),

5/30/31

1,402,764

2,128,501

Sophia,

L.P.

Initial

Term

Loan

(First

Lien),

6.15%

(Term

SOFR+250bps),

10/9/29

2,049,619

1,216,024

Storable,

Inc.

Initial

Term

Loan

(First

Lien),

6.90%

(Term

SOFR+325bps),

4/16/31

1,081,252

19,431,016

Specialized

REITs

(

0

.2

%

):

1,644,290

SBA

Senior

Finance

II

LLC

Initial

Term

Loan

(2024),

5.43%

(SOFR+175bps),

1/25/31

1,645,326

Technology

Hardware,

Storage

&

Peripherals

(

0

.3

%

):

2,808,450

Bending

Spoons

US

Amendment

No.

4

Dollar

Term

Loan,

9.53%

(Term

SOFR+587.5bps),

3/7/31

2,759,302

179,652

Bending

Spoons

US

Tranche

B

Term

Loan,

8.90%

(Term

SOFR+525bps),

3/7/31

176,238

2,935,540

Textiles,

Apparel

&

Luxury

Goods

(

0

.4

%

):

3,245,751

Varsity

Brands

LLC

2025-2

Replacement

Term

Loan,

6.40%

(Term

SOFR+275bps),

8/26/31

3,248,640

Total

Bank

Loans

(Cost

$78,895,777)

78,015,349

Corporate

Bonds

(

8

.4

%

):

Aerospace

&

Defense

(

1

.6

%

):

419,000

TransDigm,

Inc.,

6.75%,

8/15/28,

Callable

7/12/26

@

101.69

(a)

423,190

762,000

TransDigm,

Inc.,

4.63%,

1/15/29,

Callable

8/1/26

@

100

748,665

2,571,000

TransDigm,

Inc.,

6.38%,

3/1/29,

Callable

7/12/26

@

103.19

(a)

2,606,351

1,272,000

TransDigm,

Inc.,

7.13%,

12/1/31,

Callable

12/1/26

@

103.56

(a)

1,314,930

3,474,000

TransDigm,

Inc.,

6.63%,

3/1/32,

Callable

3/1/27

@

103.31

(a)

3,556,507

2,745,000

TransDigm,

Inc.,

6.38%,

5/31/33,

Callable

5/31/28

@

103.19

(a)

2,769,019

Principal

Amount

Value

Corporate

Bonds,

continued

Aerospace

&

Defense,

continued

$

171,000

TransDigm,

Inc.,

6.25%,

1/31/34,

Callable

8/31/28

@

103.13

(a)

$

174,206

1,910,000

TransDigm,

Inc.,

6.75%,

1/31/34,

Callable

8/31/28

@

103.38

(a)

1,960,138

1,012,000

TransDigm,

Inc.,

6.13%,

7/31/34,

Callable

2/15/29

@

103.06

(a)

1,009,470

14,562,476

Capital

Markets

(

0

.1

%

):

1,313,000

MSCI,

Inc.,

5.25%,

9/1/35,

Callable

6/1/35

@

100

1,285,797

Diversified

Consumer

Services

(

0

.1

%

):

103,000

Service

Corp.

International,

4.63%,

12/15/27,

Callable

8/1/26

@

100

102,228

340,000

Service

Corp.

International,

3.38%,

8/15/30,

Callable

7/12/26

@

101.69

315,350

580,000

Service

Corp.

International,

5.75%,

10/15/32,

Callable

10/15/27

@

102.88

582,175

999,753

Electric

Utilities

(

1

.0

%

):

299,000

Alliant

Energy

Corp.,

5.75%

(H15T5Y),

4/1/56,

Callable

1/1/31

@

100

295,263

1,894,000

American

Electric

Power

Co.,

Inc.,

Series

D,

6.05%

(H15T5Y),

3/15/56,

Callable

12/15/35

@

100

1,882,162

1,958,000

American

Electric

Power

Co.,

Inc.,

Series

C,

5.80%

(H15T5Y),

3/15/56,

Callable

12/15/30

@

100

1,938,420

1,454,000

Entergy

Corp.,

6.10%

(H15T5Y),

6/15/56,

Callable

3/15/36

@

100

1,455,818

1,583,000

Entergy

Corp.,

5.88%

(H15T5Y),

6/15/56,

Callable

3/15/31

@

100

1,583,000

2,220,000

Southern

Co.

(The),

6.00%

(H15T5Y),

4/1/58,

Callable

1/1/33

@

100

2,220,000

9,374,663

Financial

Services

(

0

.1

%

):

517,000

AmWINS

Group,

Inc.,

6.38%,

2/15/29,

Callable

8/1/26

@

103.19

(a)

518,939

Health

Care

Providers

&

Services

(

0

.1

%

):

451,000

Surgery

Center

Holdings,

Inc.,

7.25%,

4/15/32,

Callable

4/15/27

@

103.63

(a)

455,510

Health

Care

Technology

(

0

.1

%

):

417,000

IQVIA,

Inc.,

5.00%,

5/15/27,

Callable

7/12/26

@

100

(a)

415,957

574,000

IQVIA,

Inc.,

6.50%,

5/15/30,

Callable

7/12/26

@

103.25

(a)

584,045

1,000,002

Allianz

Variable

Insurance

Products

Trust

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

234

See

accompanying

notes

to

the

financial

statements.

Principal

Amount

Value

Corporate

Bonds,

continued

Hotels,

Restaurants

&

Leisure

(

1

.9

%

):

$

599,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.88%,

4/1/29,

Callable

8/1/26

@

102.94

(a)

$

606,488

1,237,000

Hilton

Domestic

Operating

Co.,

Inc.,

3.75%,

5/1/29,

Callable

8/1/26

@

100

(a)

1,193,705

1,166,000

Hilton

Domestic

Operating

Co.,

Inc.,

4.88%,

1/15/30,

Callable

7/12/26

@

101.63

1,160,170

1,710,000

Hilton

Domestic

Operating

Co.,

Inc.,

4.00%,

5/1/31,

Callable

8/1/26

@

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)

1,080,966

1,189,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.75%,

9/15/33,

Callable

7/1/28

@

102.88

(a)

1,190,486

1,124,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.50%,

3/31/34,

Callable

12/1/28

@

102.75

(a)

1,111,355

771,000

Hilton

Worldwide

Finance

LLC/Hilton

Worldwide

Finance

Corp.,

4.88%,

4/1/27,

Callable

7/17/26

@

100

771,000

1,883,000

KFC

Holding

Co./Pizza

Hut

Holdings

LLC/Taco

Bell

of

America

LLC,

4.75%,

6/1/27,

Callable

8/1/26

@

100

(a)

1,878,292

582,000

Life

Time,

Inc.,

6.00%,

11/15/31,

Callable

11/15/27

@

103

(a)

590,003

564,000

Vail

Resorts,

Inc.,

6.50%,

5/15/32,

Callable

5/15/27

@

103.25

(a)

573,165

448,000

Yum!

Brands,

Inc.,

4.75%,

1/15/30,

Callable

10/15/29

@

100

(a)

440,160

628,000

Yum!

Brands,

Inc.,

3.63%,

3/15/31,

Callable

12/15/30

@

100

584,825

1,561,000

Yum!

Brands,

Inc.,

4.63%,

1/31/32,

Callable

10/1/26

@

102.31

1,494,657

1,492,000

Yum!

Brands,

Inc.,

5.38%,

4/1/32,

Callable

4/1/27

@

102.69

1,484,540

484,000

Yum!

Brands,

Inc.,

6.88%,

11/15/37

523,325

998,000

Yum!

Brands,

Inc.,

5.35%,

11/1/43,

Callable

5/1/43

@

100

935,625

17,234,712

Insurance

(

2

.1

%

):

1,824,000

Broadstreet

Partners

Group

LLC,

5.88%,

4/15/29,

Callable

8/1/26

@

100

(a)

1,773,840

993,000

HUB

International,

Ltd.,

5.63%,

12/1/29,

Callable

8/1/26

@

101.41

(a)

985,553

8,222,000

HUB

International,

Ltd.,

7.25%,

6/15/30,

Callable

8/1/26

@

103.63

(a)

8,417,272

4,489,000

HUB

International,

Ltd.,

7.38%,

1/31/32,

Callable

1/31/27

@

103.69

(a)

4,567,557

465,000

Ryan

Specialty

LLC,

4.38%,

2/1/30,

Callable

8/1/26

@

101.09

(a)

447,563

Principal

Amount

Value

Corporate

Bonds,

continued

Insurance,

continued

$

1,053,000

Ryan

Specialty

LLC,

5.88%,

8/1/32,

Callable

8/1/27

@

102.94

(a)

$

1,035,889

1,597,000

USI,

Inc.,

7.50%,

1/15/32,

Callable

1/15/27

@

103.75

(a)

1,612,970

18,840,644

IT

Services

(

0

.0

%

†

):

441,000

Ellucian

Holdings,

Inc.,

6.50%,

12/1/29,

Callable

12/1/26

@

103.25

(a)

426,668

Multi-Utilities

(

0

.7

%

):

1,818,000

CenterPoint

Energy,

Inc.,

5.95%

(H15T5Y),

4/1/56,

Callable

1/1/31

@

100

1,808,910

1,708,000

DTE

Energy

Co.,

Series

C,

6.20%

(H15T5Y),

7/1/58,

Callable

4/1/33

@

100

1,722,945

2,678,000

NiSource,

Inc.,

5.75%

(H15T5Y),

7/15/56,

Callable

4/15/31

@

100

2,671,305

6,203,160

Oil,

Gas

&

Consumable

Fuels

(

0

.1

%

):

99,000

Murphy

Oil

USA,

Inc.,

3.75%,

2/15/31,

Callable

7/17/26

@

101.88

(a)

92,318

374,000

Murphy

Oil

USA,

Inc.,

5.88%,

6/1/34,

Callable

6/1/29

@

102.94

(a)

374,000

466,318

Professional

Services

(

0

.1

%

):

311,000

Booz

Allen

Hamilton,

Inc.,

4.00%,

7/1/29,

Callable

7/12/26

@

100

(a)

303,488

541,000

Booz

Allen

Hamilton,

Inc.,

5.95%,

8/4/33,

Callable

5/4/33

@

100

542,262

397,000

Korn

Ferry,

4.63%,

12/15/27,

Callable

8/1/26

@

100

(a)

395,015

1,240,765

Software

(

0

.1

%

):

60,000

Crowdstrike

Holdings,

Inc.,

3.00%,

2/15/29,

Callable

7/12/26

@

100

57,000

696,000

Fair

Isaac

Corp.,

6.00%,

5/15/33,

Callable

5/15/28

@

103

(a)

685,560

545,000

PTC,

Inc.,

4.00%,

2/15/28,

Callable

7/12/26

@

100

(a)

532,737

1,275,297

Specialized

REITs

(

0

.3

%

):

1,201,000

SBA

Communications

Corp.,

3.88%,

2/15/27,

Callable

7/12/26

@

100

1,191,992

1,332,000

SBA

Communications

Corp.,

3.13%,

2/1/29,

Callable

8/1/26

@

100

1,272,060

63,000

SBA

Tower

Trust,

6.60%,

1/15/28,

Callable

1/15/27

@

100

(a)

63,624

2,527,676

Total

Corporate

Bonds

(Cost

$76,012,691)

76,412,380

Allianz

Variable

Insurance

Products

Trust

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

235

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

Principal

Amount

Value

U.S.

Treasury

Obligations

(

15

.4

%

):

U.S.

Treasury

Notes

(

15

.4

%

):

$

19,088,000

3.63%,

10/31/30

$

18,660,011

14,620,000

3.50%,

11/30/30

14,211,097

5,904,000

3.63%,

12/31/30

5,766,317

10,179,000

3.75%,

1/31/31

9,988,541

23,451,600

3.50%,

2/28/31

22,768,206

14,495,000

3.88%,

3/31/31

14,291,730

11,533,000

3.88%,

12/31/32

11,262,245

9,149,000

4.00%,

1/31/33

8,993,538

16,010,800

3.75%,

2/28/33

15,510,463

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Notes,

continued

$

18,699,000

4.25%,

5/31/33

$

18,633,261

140,085,409

Total

U.S.

Treasury

Obligations

(Cost

$142,048,187)

140,085,409

Shares

Unaffiliated

Investment

Companies

(

4

.2

%

):

Money

Market

Funds

(

4

.2

%

):

1,187,514

BlackRock

Liquidity

FedFund,

Institutional

Class,

3.54%

(b)(c)

1,187,514

36,828,982

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

3.53%

(c)

36,828,982

Total

Unaffiliated

Investment

Companies

(Cost

$38,016,496)

38,016,496

Total

Investment

Securities

(Cost

$

832,759,846

)

—

99

.8

%

908,144,753

Net

other

assets

(liabilities)

—

0

.2

%

1,660,264

Net

Assets

—

100.0%

$

909,805,017

ADR—American

Depository

Receipt

CVR—Contingent

Valued

Rights

EURIBOR

RFR—Euro

Interbank

Offered

Rate

Risk-Free

Rate

H15T5Y—5

Year

Treasury

Constant

Maturity

Rate

NYS—New

York

Shares

REIT—Real

Estate

Investment

Trust

SOFR—Secured

Overnight

Financing

Rate

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

June

30,

2026.

The

total

value

of

securities

on

loan

as

of

June

30,

2026

was

$1,171,249.

#

All

or

a

portion

of

this

security

has

been

pledged

as

collateral

for

outstanding

call

options

written.

†

Represents

less

than

0.05%.

(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

June

30,

2026.

(c)

The

rate

represents

the

effective

yield

at

June

30,

2026.

Options

Contracts

At

June

30,

2026,

the

Fund's

over-the-counter

written

options

were

as

follows.

Description

Counterparty

Put/

Call

Strike

Price

Expiration

Date

Contracts

Notional

Amount

(a)

Value

Advanced

Micro

Devices,

Inc.

JPMorgan

Chase

Call

310.00

USD

1/15/27

23‌

$

713,000‌

$

(

676,810‌

)

Advanced

Micro

Devices,

Inc.

JPMorgan

Chase

Call

320.00

USD

1/15/27

23‌

736,000‌

(

658,099‌

)

Alphabet,

Inc.

UBS

Call

340.00

USD

1/15/27

20‌

680,000‌

(

101,001‌

)

Alphabet,

Inc.

UBS

Call

350.00

USD

1/15/27

20‌

700,000‌

(

90,192‌

)

Alphabet,

Inc.

JPMorgan

Chase

Call

360.00

USD

1/15/27

19‌

684,000‌

(

76,305‌

)

Alphabet,

Inc.

UBS

Call

360.00

USD

1/15/27

20‌

720,000‌

(

80,321‌

)

Alphabet,

Inc.

JPMorgan

Chase

Call

370.00

USD

1/15/27

19‌

703,000‌

(

67,791‌

)

Allianz

Variable

Insurance

Products

Trust

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

236

See

accompanying

notes

to

the

financial

statements.

Description

Counterparty

Put/

Call

Strike

Price

Expiration

Date

Contracts

Notional

Amount

(a)

Value

Alphabet,

Inc.

JPMorgan

Chase

Call

380.00

USD

1/15/27

19‌

$

722,000‌

$

(

60,087‌

)

Alphabet,

Inc.

JPMorgan

Chase

Call

400.00

USD

1/15/27

34‌

1,360,000‌

(

83,842‌

)

Alphabet,

Inc.

JPMorgan

Chase

Call

415.00

USD

1/15/27

34‌

1,411,000‌

(

69,065‌

)

Alphabet,

Inc.

JPMorgan

Chase

Call

430.00

USD

6/17/27

15‌

645,000‌

(

43,678‌

)

Alphabet,

Inc.

JPMorgan

Chase

Call

440.00

USD

6/17/27

15‌

660,000‌

(

40,119‌

)

Alphabet,

Inc.

JPMorgan

Chase

Call

450.00

USD

6/17/27

15‌

675,000‌

(

36,827‌

)

Alphabet,

Inc.

JPMorgan

Chase

Call

460.00

USD

6/17/27

15‌

690,000‌

(

33,776‌

)

Amazon.com,

Inc.

UBS

Call

300.00

USD

1/15/27

25‌

750,000‌

(

24,037‌

)

Amazon.com,

Inc.

UBS

Call

305.00

USD

1/15/27

25‌

762,500‌

(

21,939‌

)

Amazon.com,

Inc.

UBS

Call

310.00

USD

1/15/27

25‌

775,000‌

(

20,031‌

)

Amazon.com,

Inc.

UBS

Call

315.00

USD

1/15/27

25‌

787,500‌

(

18,294‌

)

Amazon.com,

Inc.

UBS

Call

320.00

USD

1/15/27

25‌

800,000‌

(

16,714‌

)

Amazon.com,

Inc.

UBS

Call

300.00

USD

6/17/27

21‌

630,000‌

(

41,083‌

)

Amazon.com,

Inc.

UBS

Call

310.00

USD

6/17/27

24‌

744,000‌

(

41,848‌

)

Amazon.com,

Inc.

UBS

Call

320.00

USD

6/17/27

24‌

768,000‌

(

37,338‌

)

Amazon.com,

Inc.

UBS

Call

330.00

USD

6/17/27

24‌

792,000‌

(

33,381‌

)

Apple,

Inc.

Bank

of

America

Call

300.00

USD

1/15/27

56‌

1,680,000‌

(

116,157‌

)

Apple,

Inc.

Bank

of

America

Call

340.00

USD

6/17/27

21‌

714,000‌

(

34,388‌

)

Apple,

Inc.

Bank

of

America

Call

350.00

USD

6/17/27

21‌

735,000‌

(

28,882‌

)

Apple,

Inc.

Bank

of

America

Call

360.00

USD

6/17/27

21‌

756,000‌

(

24,180‌

)

Apple,

Inc.

Bank

of

America

Call

370.00

USD

6/17/27

21‌

777,000‌

(

20,176‌

)

Broadcom,

Inc.

Goldman

Sachs

Call

390.00

USD

1/15/27

35‌

1,365,000‌

(

188,081‌

)

Broadcom,

Inc.

Goldman

Sachs

Call

410.00

USD

1/15/27

35‌

1,435,000‌

(

161,572‌

)

Canadian

Natural

Resources,

Ltd.

JPMorgan

Chase

Call

50.00

USD

1/15/27

61‌

305,000‌

(

5,597‌

)

Canadian

Natural

Resources,

Ltd.

JPMorgan

Chase

Call

52.50

USD

1/15/27

61‌

320,250‌

(

3,933‌

)

Canadian

Natural

Resources,

Ltd.

JPMorgan

Chase

Call

55.00

USD

1/15/27

61‌

335,500‌

(

2,773‌

)

Canadian

Natural

Resources,

Ltd.

JPMorgan

Chase

Call

57.50

USD

1/15/27

61‌

350,750‌

(

1,963‌

)

Doordash,

Inc.

Nomura

Call

230.00

USD

1/15/27

24‌

552,000‌

(

38,154‌

)

DoorDash,

Inc.

Bank

of

America

Call

175.00

USD

3/19/27

31‌

542,500‌

(

127,395‌

)

DoorDash,

Inc.

Bank

of

America

Call

180.00

USD

3/19/27

31‌

558,000‌

(

119,811‌

)

DoorDash,

Inc.

Bank

of

America

Call

185.00

USD

3/19/27

31‌

573,500‌

(

112,639‌

)

DoorDash,

Inc.

Bank

of

America

Call

190.00

USD

3/19/27

31‌

589,000‌

(

105,872‌

)

Ingersoll

Rand,

Inc.

Goldman

Sachs

Call

95.00

USD

1/15/27

56‌

532,000‌

(

24,541‌

)

Ingersoll

Rand,

Inc.

Goldman

Sachs

Call

100.00

USD

1/15/27

56‌

560,000‌

(

18,300‌

)

Ingersoll

Rand,

Inc.

Goldman

Sachs

Call

80.00

USD

3/19/27

40‌

320,000‌

(

48,829‌

)

Ingersoll

Rand,

Inc.

Goldman

Sachs

Call

85.00

USD

3/19/27

40‌

340,000‌

(

38,283‌

)

JPMorgan

Chase

&

Co.

Wells

Fargo

Call

340.00

USD

6/17/27

34‌

1,156,000‌

(

99,935‌

)

JPMorgan

Chase

&

Co.

Wells

Fargo

Call

350.00

USD

6/17/27

34‌

1,190,000‌

(

85,166‌

)

JPMorgan

Chase

&

Co.

Wells

Fargo

Call

360.00

USD

6/17/27

34‌

1,224,000‌

(

72,032‌

)

Mastercard,

Inc.

Barclays

Bank

Call

570.00

USD

1/15/27

10‌

570,000‌

(

19,738‌

)

Mastercard,

Inc.

Barclays

Bank

Call

580.00

USD

1/15/27

15‌

870,000‌

(

25,563‌

)

Mastercard,

Inc.

Barclays

Bank

Call

600.00

USD

1/15/27

25‌

1,500,000‌

(

31,572‌

)

Mastercard,

Inc.

Barclays

Bank

Call

550.00

USD

6/17/27

10‌

550,000‌

(

45,039‌

)

Mastercard,

Inc.

Barclays

Bank

Call

560.00

USD

6/17/27

10‌

560,000‌

(

41,269‌

)

Mastercard,

Inc.

Barclays

Bank

Call

580.00

USD

6/17/27

10‌

580,000‌

(

34,562‌

)

Mastercard,

Inc.

Barclays

Bank

Call

590.00

USD

6/17/27

10‌

590,000‌

(

31,549‌

)

Meta

Plateform,

Inc.

Wells

Fargo

Call

740.00

USD

6/17/27

13‌

962,000‌

(

54,621‌

)

Meta

Plateform,

Inc.

Wells

Fargo

Call

760.00

USD

6/17/27

13‌

988,000‌

(

49,706‌

)

Microsoft

Corp.

Wells

Fargo

Call

470.00

USD

6/17/27

14‌

658,000‌

(

38,730‌

)

Microsoft

Corp.

Wells

Fargo

Call

490.00

USD

6/17/27

14‌

686,000‌

(

32,923‌

)

Microsoft

Corp.

Wells

Fargo

Call

500.00

USD

6/17/27

14‌

700,000‌

(

30,354‌

)

PTC,

Inc.

JPMorgan

Chase

Call

155.00

USD

1/15/27

8‌

124,000‌

(

2,953‌

)

PTC,

Inc.

JPMorgan

Chase

Call

160.00

USD

1/15/27

8‌

128,000‌

(

2,502‌

)

PTC,

Inc.

JPMorgan

Chase

Call

165.00

USD

1/15/27

8‌

132,000‌

(

2,122‌

)

PTC,

Inc.

JPMorgan

Chase

Call

170.00

USD

1/15/27

8‌

136,000‌

(

1,802‌

)

Revvity,

Inc.

Wells

Fargo

Call

105.00

USD

12/18/26

13‌

136,500‌

(

23,279‌

)

Revvity,

Inc.

Wells

Fargo

Call

110.00

USD

12/18/26

13‌

143,000‌

(

19,783‌

)

Revvity,

Inc.

Wells

Fargo

Call

115.00

USD

12/18/26

13‌

149,500‌

(

16,645‌

)

Allianz

Variable

Insurance

Products

Trust

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

237

See

accompanying

notes

to

the

financial

statements.

Description

Counterparty

Put/

Call

Strike

Price

Expiration

Date

Contracts

Notional

Amount

(a)

Value

Revvity,

Inc.

Wells

Fargo

Call

120.00

USD

12/18/26

13‌

$

156,000‌

$

(

13,876‌

)

Starbucks

Corp.

UBS

Call

105.00

USD

1/15/27

111‌

1,165,500‌

(

89,533‌

)

Starbucks

Corp.

UBS

Call

110.00

USD

1/15/27

111‌

1,221,000‌

(

66,976‌

)

Starbucks

Corp.

UBS

Call

115.00

USD

1/15/27

128‌

1,472,000‌

(

56,933‌

)

UnitedHealth

Group,

Inc.

Citigroup

Call

420.00

USD

6/17/27

10‌

420,000‌

(

57,003‌

)

UnitedHealth

Group,

Inc.

Citigroup

Call

440.00

USD

6/17/27

10‌

440,000‌

(

48,190‌

)

UnitedHealth

Group,

Inc.

Citigroup

Call

450.00

USD

6/17/27

10‌

450,000‌

(

44,202‌

)

UnitedHealth

Group,

Inc.

Citigroup

Call

460.00

USD

6/17/27

10‌

460,000‌

(

40,485‌

)

Visa,

Inc.

Citigroup

Call

345.00

USD

1/15/27

12‌

414,000‌

(

32,011‌

)

Visa,

Inc.

Citigroup

Call

360.00

USD

1/15/27

21‌

756,000‌

(

41,116‌

)

Visa,

Inc.

Citigroup

Call

365.00

USD

1/15/27

12‌

438,000‌

(

21,062‌

)

Visa,

Inc.

Citigroup

Call

375.00

USD

1/15/27

21‌

787,500‌

(

29,369‌

)

Visa,

Inc.

Goldman

Sachs

Call

360.00

USD

6/17/27

15‌

540,000‌

(

45,704‌

)

Visa,

Inc.

Goldman

Sachs

Call

370.00

USD

6/17/27

15‌

555,000‌

(

39,361‌

)

Visa,

Inc.

Goldman

Sachs

Call

380.00

USD

6/17/27

15‌

570,000‌

(

33,741‌

)

Visa,

Inc.

Goldman

Sachs

Call

390.00

USD

6/17/27

15‌

585,000‌

(

28,804‌

)

Waters

Corp.

Wells

Fargo

Call

380.00

USD

1/15/27

9‌

342,000‌

(

36,591‌

)

Waters

Corp.

Wells

Fargo

Call

390.00

USD

1/15/27

9‌

351,000‌

(

32,177‌

)

Waters

Corp.

Wells

Fargo

Call

400.00

USD

1/15/27

9‌

360,000‌

(

28,126‌

)

Waters

Corp.

Wells

Fargo

Call

410.00

USD

1/15/27

9‌

369,000‌

(

24,440‌

)

Yum!

Brands,

Inc.

UBS

Call

165.00

USD

1/15/27

38‌

627,000‌

(

31,333‌

)

Yum!

Brands,

Inc.

UBS

Call

180.00

USD

1/15/27

29‌

522,000‌

(

10,083‌

)

Yum!

Brands,

Inc.

UBS

Call

185.00

USD

1/15/27

29‌

536,500‌

(

7,350‌

)

Yum!

Brands,

Inc.

UBS

Call

165.00

USD

6/17/27

13‌

214,500‌

(

17,199‌

)

Yum!

Brands,

Inc.

UBS

Call

170.00

USD

6/17/27

13‌

221,000‌

(

14,417‌

)

Yum!

Brands,

Inc.

UBS

Call

175.00

USD

6/17/27

13‌

227,500‌

(

11,987‌

)

Yum!

Brands,

Inc.

UBS

Call

180.00

USD

6/17/27

13‌

234,000‌

(

9,885‌

)

Total

(Premiums

$4,085,298)

$

(

5,267,903‌

)

(a)

Notional

amount

is

expressed

as

the

number

of

contracts

multiplied

by

the

contract

size

multiplied

by

the

strike

price

of

the

underlying

asset.

Balances

Reported

in

the

Statement

of

Assets

and

Liabilities

for

Written

Options

Value

Written

Options

$

(

5,267,903

)

Allianz

Variable

Insurance

Products

Trust

Statements

of

Assets

and

Liabilities

June

30,

2026

(Unaudited)

238

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

DFA

International

Core

Equity

Fund

AZL

DFA

U.S.

Core

Equity

Fund

AZL

Enhanced

Bond

Index

Fund

Assets:

Investments

in

non-affiliates,

at

cost

$

204,911,411‌

$

359,308,687‌

$

2,746,156,789‌

Investments

in

affiliates,

at

cost

—‌

—‌

97,526‌

aaa

aaa

aaa

aaa

Investments

in

non-affiliates,

at

value

(a)

$

299,507,881‌

$

749,138,977‌

$

2,659,059,269‌

Investments

in

affiliates,

at

value

—‌

—‌

97,526‌

Cash

83,275‌

30‌

1,235‌

Deposit

at

broker

for

futures

contracts

collateral

—‌

—‌

45,000‌

Interest

and

dividends

receivable

342,504‌

338,362‌

18,065,235‌

Foreign

currency,

at

value

(cost

$399,307,

$–

and

$43,481)

397,605‌

—‌

30,699‌

Unrealized

appreciation

on

forward

currency

contracts

—‌

—‌

273,817‌

Receivable

for

capital

shares

issued

—‌

—‌

323‌

Receivable

for

investments

sold

256,719‌

690,581‌

22,162,743‌

Receivable

for

TBA

investments

sold

—‌

—‌

260,219,848‌

Prepaid

expenses

679‌

1,677‌

5,824‌

Reclaims

receivable

1,055,831‌

3,305‌

—‌

Total

Assets

301,64

4

,4

94‌

750,172,932‌

2,959,961,519‌

Liabilities:

Unrealized

depreciation

on

forward

currency

contracts

—‌

—‌

13,838‌

Payable

for

investments

purchased

45,208‌

224,066‌

43,890,914‌

Payable

for

TBA

investments

purchased

—‌

—‌

342,227,782‌

Payable

for

capital

shares

redeemed

—‌

1,235,709‌

20,170‌

Payable

for

collateral

received

on

loaned

securities

4,841,758‌

1,418,386‌

97,526‌

Securities

sold

short

(Proceeds

received

$–,

$–

and

$97,275,923)

—‌

—‌

97,369,940‌

Payable

for

variation

margin

on

futures

contracts

—‌

—‌

705,551‌

Management

fees

payable

159,927‌

295,597‌

681,760‌

Administration

fees

payable

4,265‌

10,528‌

43,740‌

Distribution

fees

payable

61,510‌

153,957‌

507,429‌

Custodian

fees

payable

5,500‌

4,821‌

17,066‌

Administrative

and

compliance

services

fees

payable

273‌

3,604‌

16,211‌

Transfer

agent

fees

payable

282‌

1,513‌

2,277‌

Trustee

fees

payable

520‌

6,869‌

30,900‌

Other

accrued

liabilities

947‌

11,758‌

52,947‌

Total

Liabilities

5,1

20

,

190‌

3,366,808‌

485,678,051‌

Commitments

and

contingent

liabilities

^

Net

Assets

$

296,5

24

,

304‌

$

746,806,124‌

$

2,474,283,468‌

Net

Assets

Consist

of:

Paid-in

capital

$

159,905,662‌

$

268,841,909‌

$

2,726,464,480‌

Total

distributable

earnings

136,6

18

,

642‌

477,964,215‌

(252,181,012‌)

Net

Assets

$

296,5

24

,

304‌

$

746,806,124‌

$

2,474,283,468‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

21,347,393‌

41,459,937‌

252,126,291‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

13.89‌

$

18.01‌

$

9.81‌

(a)

Includes

securities

on

loan

of

$4,605,377,

$1,347,039

and

$93,190.

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Allianz

Variable

Insurance

Products

Trust

Statements

of

Assets

and

Liabilities

June

30,

2026

(Unaudited)

239

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

AZL

Government

Money

Market

Fund

Assets:

Investment

securities,

at

cost

$

1,143,069,147‌

$

128,852,492‌

$

236,376,918‌

aaa

aaa

aaa

aaa

Investment

securities,

at

value

(a)

$

1,306,631,303‌

$

124,442,655‌

$

236,376,918‌

Repurchase

agreements,

at

value/cost

—‌

—‌

216,000,000‌

Cash

53,395‌

9,971‌

259,835‌

Deposit

at

broker

for

futures

contracts

collateral

225,346‌

—‌

—‌

Interest

and

dividends

receivable

7,532,495‌

1,252,714‌

773,830‌

Foreign

currency,

at

value

(cost

$8,296,

$509

and

$–)

8,902‌

509‌

—‌

Receivable

for

capital

shares

issued

—‌

52,319‌

69,624,260‌

Receivable

for

investments

sold

393,500‌

79,935‌

—‌

Receivable

for

TBA

investments

sold

10,340,310‌

1,710,645‌

—‌

Prepaid

expenses

3,000‌

298‌

987‌

Total

Assets

1,325,188,251‌

127,549,046‌

523,035,830‌

Liabilities:

Payable

for

investments

purchased

8,795,879‌

1,494,796‌

1,400,000‌

Payable

for

TBA

investments

purchased

26,107,197‌

4,252,733‌

—‌

Payable

for

capital

shares

redeemed

1,332,581‌

434‌

—‌

Payable

for

collateral

received

on

loaned

securities

2,572,282‌

564,148‌

—‌

Securities

sold

short

(Proceeds

received

$543,965,

$317,895

and

$–)

544,481‌

318,527‌

—‌

Payable

for

variation

margin

on

futures

contracts

68,320‌

21,720‌

—‌

Management

fees

payable

410,259‌

48,623‌

115,053‌

Administration

fees

payable

57,962‌

29,879‌

6,460‌

Distribution

fees

payable

248,671‌

22,286‌

84,597‌

Custodian

fees

payable

14,326‌

3,578‌

1,448‌

Administrative

and

compliance

services

fees

payable

8,758‌

629‌

2,096‌

Transfer

agent

fees

payable

4,205‌

2,922‌

1,480‌

Trustee

fees

payable

16,693‌

1,199‌

3,996‌

Other

accrued

liabilities

34,543‌

2,902‌

7,972‌

Total

Liabilities

40,216,157‌

6,764,376‌

1,623,102‌

Commitments

and

contingent

liabilities

^

Net

Assets

$

1,284,972,094‌

$

120,784,670‌

$

521,412,728‌

Net

Assets

Consist

of:

Paid-in

capital

$

998,296,118‌

$

168,256,333‌

$

521,326,764‌

Total

distributable

earnings

286,675,976‌

(47,471,663‌)

85,964‌

Net

Assets

$

1,284,972,094‌

$

120,784,670‌

$

521,412,728‌

Class

1

Net

Assets

$

78,835,947‌

$

12,276,504‌

$

—‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

3,860,351‌

1,480,526‌

—‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

20.42‌

$

8.29‌

$

—‌

Class

2

(b)

Net

Assets

$

1,206,136,147‌

$

108,508,166‌

$

521,412,728‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

71,942,567‌

12,485,575‌

521,326,887‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

16.77‌

$

8.69‌

$

1.00‌

(a)

Includes

securities

on

loan

of

$2,464,912,

$541,041

and

$–.

(b)

The

AZL

Government

Money

Market

Fund's

single

share

class

is

shown

as

Class

2.

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Allianz

Variable

Insurance

Products

Trust

Statements

of

Assets

and

Liabilities

June

30,

2026

(Unaudited)

240

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

International

Index

Fund

‡

AZL

Mid

Cap

Index

Fund

AZL

Moderate

Index

Strategy

Fund

Assets:

Investments

in

non-affiliates,

at

cost

$

470,298,961‌

$

281,340,313‌

$

—‌

Investments

in

affiliates,

at

cost

11,516,215‌

2,893,091‌

1,083,020,236‌

aaa

aaa

aaa

aaa

Investments

in

non-affiliates,

at

value

(a)

$

1,148,814,248‌

$

482,428,258‌

$

—‌

Investments

in

affiliates,

at

value

18,657,047‌

2,893,091‌

1,224,048,876‌

Deposit

at

broker

for

futures

contracts

collateral

674,384‌

367,000‌

—‌

Interest

and

dividends

receivable

1,119,117‌

405,953‌

—‌

Foreign

currency,

at

value

(cost

$7,692,158,

$–

and

$–)

7,693,605‌

—‌

—‌

Receivable

for

investments

sold

188,697‌

5,298,646‌

1,008,770‌

Receivable

for

variation

margin

on

futures

contracts

75,104‌

11,538‌

—‌

Prepaid

expenses

2,619‌

1,020‌

2,779‌

Reclaims

receivable

6,262,368‌

—‌

—‌

Total

Assets

1,183,487,189‌

491,405,506‌

1,225,060,425‌

Liabilities:

Cash

overdraft

86,283‌

—‌

1,008,770‌

Payable

for

investments

purchased

189,651‌

2,852,384‌

—‌

Payable

for

capital

shares

redeemed

1,482,027‌

1,587,576‌

1,836,802‌

Payable

for

collateral

received

on

loaned

securities

9,012,215‌

2,893,091‌

—‌

Management

fees

payable

337,906‌

97,541‌

50,312‌

Administration

fees

payable

14,915‌

7,536‌

18,097‌

Distribution

fees

payable

221,119‌

89,332‌

—‌

Custodian

fees

payable

37,933‌

5,135‌

6,906‌

Administrative

and

compliance

services

fees

payable

5,281‌

1,765‌

6,159‌

Transfer

agent

fees

payable

2,834‌

2,288‌

1,638‌

Trustee

fees

payable

10,066‌

3,365‌

11,740‌

Other

accrued

liabilities

98,433‌

24,445‌

23,106‌

Total

Liabilities

11,498,663‌

7,564,458‌

2,963,530‌

Commitments

and

contingent

liabilities

^

Net

Assets

$

1,171,988,526‌

$

483,841,048‌

$

1,222,096,895‌

Net

Assets

Consist

of:

Paid-in

capital

$

342,626,148‌

$

202,706,813‌

$

988,830,709‌

Total

distributable

earnings

829,362,378‌

281,134,235‌

233,266,186‌

Net

Assets

$

1,171,988,526‌

$

483,841,048‌

$

1,222,096,895‌

Class

1

(b)

Net

Assets

$

99,099,318‌

$

49,539,236‌

$

1,222,096,895‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

6,782,450‌

2,522,429‌

76,196,115‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

14.61‌

$

19.64‌

$

16.04‌

Class

2

Net

Assets

$

1,072,889,208‌

$

434,301,812‌

$

—‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

44,661,973‌

22,598,399‌

—‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

24.02‌

$

19.22‌

$

—‌

‡

Statement

has

been

consolidated.

See

Note

2

in

Notes

to

the

Financial

Statements

for

the

basis

of

consolidation.

(a)

Includes

securities

on

loan

of

$8,584,891,

$2,857,857

and

$–.

(b)

The

AZL

Moderate

Index

Strategy

Fund's

single

share

class

is

shown

as

Class

1.

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Allianz

Variable

Insurance

Products

Trust

Statements

of

Assets

and

Liabilities

June

30,

2026

(Unaudited)

241

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

MSCI

Global

Equity

Index

Fund

AZL

Russell

1000

Growth

Index

Fund

AZL

Russell

1000

Value

Index

Fund

Assets:

Investments

in

non-affiliates,

at

cost

$

142,554,862‌

$

260,941,764‌

$

442,774,667‌

Investments

in

affiliates,

at

cost

2,810,247‌

783,536‌

1,470,307‌

aaa

aaa

aaa

aaa

Investments

in

non-affiliates,

at

value

(a)

$

346,742,760‌

$

596,920,199‌

$

665,565,071‌

Investments

in

affiliates,

at

value

3,501,684‌

783,536‌

3,488,737‌

Deposit

at

broker

for

futures

contracts

collateral

89,669‌

339,980‌

541,745‌

Interest

and

dividends

receivable

209,724‌

93,775‌

532,044‌

Foreign

currency,

at

value

(cost

$639,499,

$–

and

$–)

637,286‌

—‌

—‌

Receivable

for

investments

sold

139,832‌

1,000‌

32,000‌

Receivable

for

variation

margin

on

futures

contracts

9,716‌

74,698‌

—‌

Prepaid

expenses

782‌

1,354‌

1,326‌

Reclaims

receivable

444,261‌

1,141‌

5,043‌

Total

Assets

351,775,714‌

598,215,683‌

670,165,966‌

Liabilities:

Payable

for

investments

purchased

99,736‌

—‌

—‌

Payable

for

capital

shares

redeemed

295,391‌

493,767‌

1,058,254‌

Payable

for

collateral

received

on

loaned

securities

2,262,672‌

783,536‌

763,676‌

Payable

for

variation

margin

on

futures

contracts

—‌

—‌

14,602‌

Management

fees

payable

86,488‌

170,888‌

192,027‌

Administration

fees

payable

2,973‌

10,655‌

9,359‌

Distribution

fees

payable

61,768‌

106,693‌

97,810‌

Custodian

fees

payable

1,620‌

5,193‌

5,648‌

Administrative

and

compliance

services

fees

payable

323‌

2,914‌

3,151‌

Transfer

agent

fees

payable

565‌

3,175‌

3,005‌

Trustee

fees

payable

615‌

5,554‌

6,005‌

Other

accrued

liabilities

7,445‌

38,647‌

41,430‌

Total

Liabilities

2,819,596‌

1,621,022‌

2,194,967‌

Commitments

and

contingent

liabilities

^

Net

Assets

$

348,956,118‌

$

596,594,661‌

$

667,970,999‌

Net

Assets

Consist

of:

Paid-in

capital

$

102,543,310‌

$

30,739,610‌

$

268,824,073‌

Total

distributable

earnings

246,412,808‌

565,855,051‌

399,146,926‌

Net

Assets

$

348,956,118‌

$

596,594,661‌

$

667,970,999‌

Class

1

Net

Assets

$

50,346,781‌

$

74,959,008‌

$

192,410,875‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

3,973,723‌

2,889,359‌

8,997,092‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

12.67‌

$

25.94‌

$

21.39‌

Class

2

Net

Assets

$

298,609,337‌

$

521,635,653‌

$

475,560,124‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

13,099,932‌

28,825,816‌

28,535,079‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

22.79‌

$

18.10‌

$

16.67‌

(a)

Includes

securities

on

loan

of

$1,874,044,

$768,792

and

$728,290.

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Allianz

Variable

Insurance

Products

Trust

Statements

of

Assets

and

Liabilities

June

30,

2026

(Unaudited)

242

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

S&P

500

Index

Fund

AZL

Small

Cap

Stock

Index

Fund

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Assets:

Investments

in

non-affiliates,

at

cost

$

466,605,375‌

$

304,067,378‌

$

832,759,846‌

Investments

in

affiliates,

at

cost

1,009,807‌

5,123,540‌

—‌

aaa

aaa

aaa

aaa

Investments

in

non-affiliates,

at

value

(a)

$

2,552,669,427‌

$

473,182,875‌

$

908,144,753‌

Investments

in

affiliates,

at

value

5,619,298‌

5,123,540‌

—‌

Cash

—‌

—‌

109,718‌

Deposit

at

broker

for

futures

contracts

collateral

962,000‌

122,600‌

—‌

Interest

and

dividends

receivable

1,163,198‌

384,052‌

2,638,947‌

Foreign

currency,

at

value

(cost

$82,083,

$–

and

$1,492,747)

76,086‌

—‌

1,509,819‌

Receivable

for

investments

sold

—‌

168,000‌

12,682,068‌

Receivable

for

variation

margin

on

futures

contracts

91,200‌

13,615‌

—‌

Prepaid

expenses

5,718‌

928‌

2,143‌

Reclaims

receivable

14,089‌

—‌

2,438‌

Total

Assets

2,560,601,016‌

478,995,610‌

925,089,886‌

Liabilities:

Payable

for

investments

purchased

—‌

645,612‌

7,177,354‌

Payable

for

capital

shares

redeemed

1,334,431‌

1,581,993‌

937,223‌

Written

Options

(Premiums

received

$–,

$–

and

$4,085,298)

—‌

—‌

5,267,903‌

Payable

for

collateral

received

on

loaned

securities

107,636‌

5,123,540‌

1,187,514‌

Management

fees

payable

357,034‌

99,128‌

484,919‌

Administration

fees

payable

6,337‌

5,116‌

2,153‌

Distribution

fees

payable

506,245‌

88,539‌

186,507‌

Custodian

fees

payable

4,153‌

6,283‌

7,095‌

Administrative

and

compliance

services

fees

payable

3,216‌

1,503‌

4,958‌

Transfer

agent

fees

payable

834‌

2,065‌

1,741‌

Trustee

fees

payable

6,129‌

2,864‌

9,451‌

Other

accrued

liabilities

46,421‌

21,002‌

18,051‌

Total

Liabilities

2,372,436‌

7,577,645‌

15,284,869‌

Commitments

and

contingent

liabilities

^

Net

Assets

$

2,558,228,580‌

$

471,417,965‌

$

909,805,017‌

Net

Assets

Consist

of:

Paid-in

capital

$

(25,841,742‌)

$

219,798,388‌

$

651,892,400‌

Total

distributable

earnings

2,584,070,322‌

251,619,577‌

257,912,617‌

Net

Assets

$

2,558,228,580‌

$

471,417,965‌

$

909,805,017‌

Class

1

Net

Assets

$

92,005,591‌

$

34,156,246‌

$

—‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

3,580,606‌

2,101,419‌

—‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

25.70‌

$

16.25‌

$

—‌

Class

2

(b)

Net

Assets

$

2,466,222,989‌

$

437,261,719‌

$

909,805,017‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

97,447,764‌

31,689,546‌

51,285,506‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

25.31‌

$

13.80‌

$

17.74‌

(a)

Includes

securities

on

loan

of

$105,601,

$4,889,410

and

$1,171,249.

(b)

The

AZL

T.

Rowe

Capital

Appreciation

Fund's

single

share

class

is

shown

as

Class

2.

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Allianz

Variable

Insurance

Products

Trust

Statements

of

Operations

June

30,

2026

(Unaudited)

243

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

DFA

International

Core

Equity

Fund

AZL

DFA

U.S.

Core

Equity

Fund

AZL

Enhanced

Bond

Index

Fund

Investment

Income:

Interest

$

2,282‌

$

—‌

$

55,056,805‌

Dividends

from

non-affiliates

6,047,662‌

4,909,273‌

1,516,882‌

Income

from

affiliated

securities

lending

(net

of

rebates

and

fees)

—‌

—‌

13,212‌

Income

from

securities

lending

(net

of

rebates

and

fees)

29,947‌

4,493‌

—‌

Foreign

withholding

tax

(643,658‌)

(2,570‌)

(931‌)

Total

Investment

Income

5,436,233‌

4,911,196‌

56,585,968‌

Expenses:

Management

fees

1,410,517‌

2,998,780‌

4,379,310‌

Administration

fees

61

,

0

9

5‌

78,396‌

275,470‌

Distribution

fees

371,189‌

937,119‌

3,128,079‌

Custodian

fees

74

,

046‌

11,612‌

32,797‌

Administrative

and

compliance

services

fees

3,6

47‌

8,684‌

31,010‌

Transfer

agent

fees

4

,1

46‌

4,021‌

4,776‌

Trustee

fees

8

,

178‌

19,421‌

69,297‌

Professional

fees

8

,7

93‌

19,354‌

69,295‌

Shareholder

reports

833‌

1,673‌

5,747‌

Other

expenses

4

,

227‌

10,373‌

36,735‌

Total

expenses

before

reductions

1,9

46

,

671‌

4,089,433‌

8,032,516‌

Less

Management

fees

contractually

waived

(445,426‌)

(1,199,512‌)

—‌

Net

expenses

1,

501

,

245‌

2,889,921‌

8,032,516‌

Net

Investment

Income/(Loss)

3,9

3

4,9

88‌

2,021,275‌

48,553,452‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

security

and

foreign

currency

transactions

16,269,378‌

41,283,020‌

(12,642,633‌)

Net

realized

gains/(losses)

on

forward

currency

contract

transactions

—‌

—‌

76,505‌

Net

realized

gains/(losses)

on

futures

contracts

—‌

—‌

(11,201,208‌)

Net

realized

gains/(losses)

on

securities

sold

short

transactions

—‌

—‌

979,503‌

Change

in

net

unrealized

appreciation/(depreciation)

on

securities

and

foreign

currencies

5,812,517‌

40,408,513‌

(15,803,683‌)

Change

in

net

unrealized

appreciation/(depreciation)

on

forward

currency

contracts

—‌

—‌

262,229‌

Change

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

—‌

—‌

764,188‌

Change

in

net

unrealized

appreciation/(depreciation)

on

securities

sold

short

—‌

—‌

(159,311‌)

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

22,081,895‌

81,691,533‌

(37,724,410‌)

Change

in

Net

Assets

Resulting

From

Operations

$

26,01

6

,

883‌

$

83,712,808‌

$

10,829,042‌

Allianz

Variable

Insurance

Products

Trust

Statements

of

Operations

June

30,

2026

(Unaudited)

244

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

AZL

Government

Money

Market

Fund

Investment

Income:

Interest

$

16,515,711‌

$

2,881,533‌

$

7,686,872‌

Dividends

from

non-affiliates

4,556,204‌

990,642‌

—‌

Income

from

securities

lending

(net

of

rebates

and

fees)

26,057‌

5,313‌

—‌

Foreign

withholding

tax

60‌

—‌

—‌

Total

Investment

Income

21,098,032‌

3,877,488‌

7,686,872‌

Expenses:

Management

fees

2,776,525‌

310,869‌

723,730‌

Administration

fees

206,964‌

82,284‌

39,000‌

Distribution

fees

—‌

—‌

516,950‌

Distribution

fees

-

Class

2

1,516,830‌

139,574‌

—‌

Custodian

fees

26,356‌

7,928‌

3,199‌

Administrative

and

compliance

services

fees

16,114‌

1,407‌

4,590‌

Transfer

agent

fees

8,536‌

7,236‌

3,598‌

Trustee

fees

36,019‌

3,137‌

10,199‌

Professional

fees

35,860‌

3,115‌

9,930‌

Shareholder

reports

13,145‌

2,085‌

3,561‌

Other

expenses

19,147‌

12,497‌

5,261‌

Total

expenses

before

reductions

4,655,496‌

570,132‌

1,320,018‌

Less

Management

fees

contractually

waived

—‌

(6,218‌)

(20,662‌)

Less

expenses

contractually

waived/reimbursed

by

the

Manager

(168,444‌)

(407‌)

—‌

Net

expenses

4,487,052‌

563,507‌

1,299,356‌

Net

Investment

Income/(Loss)

16,610,980‌

3,313,981‌

6,387,516‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

security

and

foreign

currency

transactions

38,999,825‌

(687,496‌)

5,040‌

Net

realized

gains/(losses)

on

futures

contracts

(1,037,660‌)

(304,334‌)

—‌

Net

realized

gains/(losses)

on

securities

sold

short

transactions

100‌

—‌

—‌

Change

in

net

unrealized

appreciation/(depreciation)

on

securities

and

foreign

currencies

3,053,301‌

(1,595,834‌)

—‌

Change

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

217,811‌

50,279‌

—‌

Change

in

net

unrealized

appreciation/(depreciation)

on

securities

sold

short

3,336‌

110‌

—‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

41,236,713‌

(2,537,275‌)

5,040‌

Change

in

Net

Assets

Resulting

From

Operations

$

57,847,693‌

$

776,706‌

$

6,392,556‌

Allianz

Variable

Insurance

Products

Trust

Statements

of

Operations

June

30,

2026

(Unaudited)

245

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

International

Index

Fund

‡

AZL

Mid

Cap

Index

Fund

AZL

Moderate

Index

Strategy

Fund

Investment

Income:

Interest

$

7,936‌

$

3,248‌

$

—‌

Dividends

from

non-affiliates

22,148,752‌

3,266,264‌

—‌

Dividends

from

affiliates

411,482‌

—‌

—‌

Income

from

affiliated

securities

lending

(net

of

rebates

and

fees)

64,403‌

10,554‌

—‌

Foreign

withholding

tax

(2,298,520‌)

(2,392‌)

—‌

Total

Investment

Income

20,334,053‌

3,277,674‌

—‌

Expenses:

Management

fees

2,044,369‌

588,668‌

1,223,605‌

Administration

fees

115,861‌

57,910‌

44,947‌

Distribution

fees

-

Class

2

1,338,221‌

530,075‌

—‌

Custodian

fees

93,456‌

14,199‌

15,848‌

Administrative

and

compliance

services

fees

12,868‌

4,855‌

13,832‌

Transfer

agent

fees

7,604‌

6,948‌

4,048‌

Trustee

fees

28,836‌

10,855‌

30,942‌

Professional

fees

30,248‌

10,841‌

30,868‌

Licensing

fees

174,435‌

50,119‌

—‌

Shareholder

reports

8,433‌

4,390‌

8,772‌

Other

expenses

15,577‌

6,043‌

16,677‌

Total

expenses

before

reductions

3,869,908‌

1,284,903‌

1,389,539‌

Less

Management

fees

contractually

waived

—‌

—‌

(917,703‌)

Net

expenses

3,869,908‌

1,284,903‌

471,836‌

Net

Investment

Income/(Loss)

16,464,145‌

1,992,771‌

(471,836‌)

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

security

and

foreign

currency

transactions

64,635,031‌

43,387,047‌

—‌

Net

realized

gains/(losses)

on

affiliated

underlying

fund

transactions

—‌

—‌

3,764,439‌

Net

realized

gains/(losses)

on

affiliated

security

transactions

712,838‌

—‌

—‌

Net

realized

gains/(losses)

on

futures

contracts

1,135,957‌

598,274‌

—‌

Change

in

net

unrealized

appreciation/(depreciation)

on

securities

and

foreign

currencies

29,002,785‌

29,261,247‌

—‌

Change

in

net

unrealized

appreciation/(depreciation)

on

affiliated

underlying

funds

—‌

—‌

76,765,102‌

Change

in

net

unrealized

appreciation/(depreciation)

on

affiliated

securities

(442,139‌)

—‌

—‌

Change

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

(20,650‌)

66,400‌

—‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

95,023,822‌

73,312,968‌

80,529,541‌

Change

in

Net

Assets

Resulting

From

Operations

$

111,487,967‌

$

75,305,739‌

$

80,057,705‌

‡

Statement

has

been

consolidated.

See

Note

2

in

Notes

to

the

Financial

Statements

for

the

basis

of

consolidation.

Allianz

Variable

Insurance

Products

Trust

Statements

of

Operations

June

30,

2026

(Unaudited)

246

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

MSCI

Global

Equity

Index

Fund

AZL

Russell

1000

Growth

Index

Fund

AZL

Russell

1000

Value

Index

Fund

Investment

Income:

Interest

$

1,149‌

$

3,245‌

$

4,045‌

Dividends

from

non-affiliates

3,279,524‌

1,744,895‌

5,978,692‌

Dividends

from

affiliates

37,196‌

—‌

35,096‌

Income

from

affiliated

securities

lending

(net

of

rebates

and

fees)

6,830‌

2,254‌

4,234‌

Foreign

withholding

tax

(208,195‌)

(1,310‌)

(3,016‌)

Total

Investment

Income

3,116,504‌

1,749,084‌

6,019,051‌

Expenses:

Management

fees

1,218,152‌

1,280,498‌

1,414,231‌

Administration

fees

44,625‌

62,665‌

66,906‌

Distribution

fees

-

Class

2

374,365‌

636,036‌

575,128‌

Custodian

fees

11,676‌

8,769‌

9,561‌

Administrative

and

compliance

services

fees

2,311‌

4,975‌

5,288‌

Transfer

agent

fees

4,462‌

5,965‌

5,572‌

Trustee

fees

5,180‌

11,234‌

11,794‌

Professional

fees

5,415‌

11,232‌

11,771‌

Licensing

fees

40,373‌

42,049‌

43,468‌

Shareholder

reports

1,979‌

4,438‌

5,739‌

Other

expenses

3,078‌

6,424‌

6,748‌

Total

expenses

before

reductions

1,711,616‌

2,074,285‌

2,156,206‌

Less

Management

fees

contractually

waived

(696,087‌)

(261,920‌)

(289,275‌)

Net

expenses

1,015,529‌

1,812,365‌

1,866,931‌

Net

Investment

Income/(Loss)

2,100,975‌

(63,281‌)

4,152,120‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

security

and

foreign

currency

transactions

16,320,354‌

125,875,196‌

112,154,196‌

Net

realized

gains/(losses)

on

affiliated

security

transactions

66,493‌

—‌

261,952‌

Net

realized

gains/(losses)

on

futures

contracts

55,743‌

64,812‌

463,809‌

Change

in

net

unrealized

appreciation/(depreciation)

on

securities

and

foreign

currencies

13,932,853‌

(98,026,779‌)

(20,718,526‌)

Change

in

net

unrealized

appreciation/(depreciation)

on

affiliated

securities

(109,160‌)

—‌

(592,506‌)

Change

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

11,142‌

165,650‌

13,419‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

30,277,425‌

28,078,879‌

91,582,344‌

Change

in

Net

Assets

Resulting

From

Operations

$

32,378,400‌

$

28,015,598‌

$

95,734,464‌

Allianz

Variable

Insurance

Products

Trust

Statements

of

Operations

June

30,

2026

(Unaudited)

247

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

S&P

500

Index

Fund

AZL

Small

Cap

Stock

Index

Fund

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Investment

Income:

Interest

$

16,051‌

$

4,056‌

$

7,849,972‌

Dividends

from

non-affiliates

15,374,121‌

3,933,578‌

3,238,409‌

Dividends

from

affiliates

68,663‌

—‌

—‌

Income

from

affiliated

securities

lending

(net

of

rebates

and

fees)

1,420‌

13,161‌

—‌

Income

from

securities

lending

(net

of

rebates

and

fees)

—‌

—‌

6,061‌

Foreign

withholding

tax

(3,121‌)

(3,830‌)

(29,791‌)

Total

Investment

Income

15,457,134‌

3,946,965‌

11,064,651‌

Expenses:

Management

fees

2,162,172‌

579,426‌

3,424,026‌

Administration

fees

201,826‌

56,488‌

90,189‌

Distribution

fees

—‌

—‌

1,141,342‌

Distribution

fees

-

Class

2

3,069,629‌

518,341‌

—‌

Custodian

fees

21,280‌

19,382‌

15,109‌

Administrative

and

compliance

services

fees

16,604‌

4,543‌

10,526‌

Transfer

agent

fees

4,736‌

6,896‌

4,069‌

Trustee

fees

37,202‌

10,152‌

23,631‌

Professional

fees

37,073‌

10,130‌

23,547‌

Licensing

fees

171,778‌

46,771‌

—‌

Shareholder

reports

6,202‌

5,232‌

5,499‌

Other

expenses

22,664‌

5,580‌

12,747‌

Total

expenses

before

reductions

5,751,166‌

1,262,941‌

4,750,685‌

Less

Management

fees

contractually

waived

—‌

—‌

(456,537‌)

Net

expenses

5,751,166‌

1,262,941‌

4,294,148‌

Net

Investment

Income/(Loss)

9,705,968‌

2,684,024‌

6,770,503‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

security

and

foreign

currency

transactions

214,920,431‌

38,081,625‌

53,060,396‌

Net

realized

gains/(losses)

on

affiliated

security

transactions

287,292‌

—‌

—‌

Net

realized

gains/(losses)

on

futures

contracts

426,283‌

758,279‌

—‌

Net

realized

gains/(losses)

on

written

options

contracts

—‌

—‌

1,575,910‌

Change

in

net

unrealized

appreciation/(depreciation)

on

securities

and

foreign

currencies

20,831,896‌

54,916,055‌

(14,997,941‌)

Change

in

net

unrealized

appreciation/(depreciation)

on

affiliated

securities

(929,115‌)

—‌

—‌

Change

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

(21,055‌)

14,706‌

—‌

Change

in

net

unrealized

appreciation/(depreciation)

on

written

options

contracts

—‌

—‌

(429,992‌)

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

235,515,732‌

93,770,665‌

39,208,373‌

Change

in

Net

Assets

Resulting

From

Operations

$

245,221,700‌

$

96,454,689‌

$

45,978,876‌

Allianz

Variable

Insurance

Products

Trust

Statements

of

Changes

in

Net

Assets

248

See

accompanying

notes

to

the

financial

statements.

AZL

DFA

International

Core

Equity

Fund

AZL

DFA

U.S.

Core

Equity

Fund

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

(Unaudited)

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

3,9

34

,9

88‌

$

6,829,617‌

$

2,021,275‌

$

4,609,739‌

Net

realized

gains/(losses)

on

investment

transactions

16,269,378‌

19,509,452‌

41,283,020‌

41,725,944‌

Change

in

unrealized

appreciation/(depreciation)

on

investments

5,812,517‌

68,488,366‌

40,408,513‌

66,026,374‌

Change

in

net

assets

resulting

from

operations

26,0

16

,

883‌

94,827,435‌

83,712,808‌

112,362,057‌

Distributions

to

Shareholders:

Total

Distributions

—‌

(15,313,405‌)

—‌

(76,072,613‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(15,313,405‌)

—‌

(76,072,613‌)

Capital

Transactions:

Proceeds

from

shares

issued

4,963‌

—‌

—‌

36,797,643‌

Proceeds

from

dividends

reinvested

—‌

15,313,404‌

—‌

76,072,613‌

Value

of

shares

redeemed

(35,396,433‌)

(107,074,316‌)

(100,098,123‌)

(193,446,303‌)

Change

in

net

assets

resulting

from

capital

transactions

(35,391,470‌)

(91,760,912‌)

(100,098,123‌)

(80,576,047‌)

Change

in

net

assets

(9,3

74

,

587‌

)

(12,246,882‌)

(16,385,315‌)

(44,286,603‌)

Net

Assets:

Beginning

of

period

305,898,891‌

318,145,773‌

763,191,439‌

807,478,042‌

End

of

period

$

296,5

24

,

304‌

$

305,898,891‌

$

746,806,124‌

$

763,191,439‌

Share

Transactions:

Shares

issued

372‌

—‌

—‌

2,571,373‌

Dividends

reinvested

—‌

1,253,143‌

—‌

4,793,485‌

Shares

redeemed

(2,596,743‌)

(9,309,752‌)

(5,849,483‌)

(12,093,840‌)

Change

in

shares

(2,596,371‌)

(8,056,609‌)

(5,849,483‌)

(4,728,982‌)

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

Allianz

Variable

Insurance

Products

Trust

Statements

of

Changes

in

Net

Assets

249

See

accompanying

notes

to

the

financial

statements.

AZL

Enhanced

Bond

Index

Fund

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

(a)

(Unaudited)

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

48,553,452‌

$

104,454,061‌

$

16,610,980‌

$

35,328,901‌

Net

realized

gains/(losses)

on

investment

transactions

(22,787,833‌)

(30,016,107‌)

37,962,265‌

47,274,099‌

Change

in

unrealized

appreciation/

(depreciation)

on

investments

(14,936,577‌)

103,690,308‌

3,274,448‌

63,173,073‌

Change

in

net

assets

resulting

from

operations

10,829,042‌

178,128,262‌

57,847,693‌

145,776,073‌

Distributions

to

Shareholders:

Class

1

—‌

—‌

—‌

(3,213,022‌)

Class

2

(b)

—‌

(118,018,324‌)

—‌

(58,234,676‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(118,018,324‌)

—‌

(61,447,698‌)

Capital

Transactions:

Class

1

Proceeds

from

shares

issued

—‌

—‌

40,571‌

46,330‌

Proceeds

from

dividends

reinvested

—‌

—‌

—‌

3,213,018‌

Value

of

shares

redeemed

—‌

—‌

(4,674,651‌)

(10,945,070‌)

Total

Class

1

Shares

—‌

—‌

(4,634,080‌)

(7,685,722‌)

Class

2

(b)

Proceeds

from

shares

issued

4,295,016‌

6,253,551‌

887,090‌

5,467,962‌

Proceeds

from

dividends

reinvested

—‌

118,018,324‌

—‌

58,234,676‌

Value

of

shares

redeemed

(143,193,912‌)

(403,164,005‌)

(106,088,154‌)

(247,634,907‌)

Total

Class

2

Shares

(138,898,896‌)

(278,892,130‌)

(105,201,064‌)

(183,932,269‌)

Change

in

net

assets

resulting

from

capital

transactions

(138,898,896‌)

(278,892,130‌)

(109,835,144‌)

(191,617,991‌)

Change

in

net

assets

(128,069,854‌)

(218,782,192‌)

(51,987,451‌)

(107,289,616‌)

Net

Assets:

Beginning

of

period

2,602,353,322‌

2,821,135,514‌

1,336,959,545‌

1,444,249,161‌

End

of

period

$

2,474,283,468‌

$

2,602,353,322‌

$

1,284,972,094‌

$

1,336,959,545‌

Share

Transactions:

Class

1

Shares

issued

—‌

—‌

1,995‌

2,546‌

Dividends

reinvested

—‌

—‌

—‌

166,823‌

Shares

redeemed

—‌

—‌

(236,389‌)

(581,782‌)

Total

Class

1

Shares

—‌

—‌

(234,394‌)

(412,413‌)

Class

2

(b)

Shares

issued

438,316‌

639,733‌

54,024‌

359,187‌

Dividends

reinvested

—‌

12,166,838‌

—‌

3,676,432‌

Shares

redeemed

(14,592,630‌)

(41,392,015‌)

(6,516,299‌)

(15,915,283‌)

Total

Class

2

Shares

(14,154,314‌)

(28,585,444‌)

(6,462,275‌)

(11,879,664‌)

Change

in

shares

(14,154,314‌)

(28,585,444‌)

(6,696,669‌)

(12,292,077‌)

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

(a)

Class

1

share

transactions

reflect

a

2

to

1

reverse

share

split

which

occurred

on

September

19,

2025.

(b)

The

AZL

Enhanced

Bond

Index

Fund’s

single

share

class

is

shown

as

Class

2.

Allianz

Variable

Insurance

Products

Trust

Statements

of

Changes

in

Net

Assets

250

See

accompanying

notes

to

the

financial

statements.

(a)

The

AZL

Government

Money

Market

Fund’s

single

share

class

is

shown

as

Class

2.

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

AZL

Government

Money

Market

Fund

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

(Unaudited)

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

3,313,981

$

5,352,931

$

6,387,516

$

15,608,676

Net

realized

gains/(losses)

on

investment

transactions

(991,830

)

(3,487,937

)

5,040

42,840

Change

in

unrealized

appreciation/

(depreciation)

on

investments

(1,545,445

)

8,055,377

—

—

Change

in

net

assets

resulting

from

operations

776,706

9,920,371

6,392,556

15,651,516

Distributions

to

Shareholders:

Class

1

—

(651,533

)

—

—

Class

2

(a)

—

(5,071,467

)

(6,394,242

)

(15,608,708

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—

(5,723,000

)

(6,394,242

)

(15,608,708

)

Capital

Transactions:

Class

1

Proceeds

from

shares

issued

33,532

489,308

—

—

Proceeds

from

dividends

reinvested

—

651,533

—

—

Value

of

shares

redeemed

(1,265,530

)

(3,787,689

)

—

—

Total

Class

1

Shares

(1,231,998

)

(2,646,848

)

—

—

Class

2

(a)

Proceeds

from

shares

issued

1,242,396

4,683,300

712,431,234

1,446,891,793

Proceeds

from

dividends

reinvested

—

5,071,467

6,394,241

15,608,705

Value

of

shares

redeemed

(9,882,514

)

(22,485,419

)

(748,472,078

)

(1,423,284,622

)

Total

Class

2

Shares

(8,640,118

)

(12,730,652

)

(29,646,603

)

39,215,876

Change

in

net

assets

resulting

from

capital

transactions

(9,872,116

)

(15,377,500

)

(29,646,603

)

39,215,876

Change

in

net

assets

(9,095,410

)

(11,180,129

)

(29,648,289

)

39,258,684

Net

Assets:

Beginning

of

period

129,880,080

141,060,209

551,061,017

511,802,333

End

of

period

$

120,784,670

$

129,880,080

$

521,412,728

$

551,061,017

Share

Transactions:

Class

1

Shares

issued

4,056

58,866

—

—

Dividends

reinvested

—

79,747

—

—

Shares

redeemed

(153,018

)

(464,109

)

—

—

Total

Class

1

Shares

(148,962

)

(325,496

)

—

—

Class

2

(a)

Shares

issued

143,033

539,608

712,431,234

1,446,891,794

Dividends

reinvested

—

591,080

6,394,241

15,608,705

Shares

redeemed

(1,139,966

)

(2,612,457

)

(748,472,078

)

(1,423,284,622

)

Total

Class

2

Shares

(996,933

)

(1,481,769

)

(29,646,603

)

39,215,877

Change

in

shares

(1,145,895

)

(1,807,265

)

(29,646,603

)

39,215,877

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

Allianz

Variable

Insurance

Products

Trust

Statements

of

Changes

in

Net

Assets

251

See

accompanying

notes

to

the

financial

statements.

AZL

International

Index

Fund

‡

AZL

Mid

Cap

Index

Fund

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

(Unaudited)

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

16,464,145‌

$

25,801,287‌

$

1,992,771‌

$

4,277,046‌

Net

realized

gains/(losses)

on

investment

transactions

66,483,826‌

85,826,034‌

43,985,321‌

40,896,296‌

Change

in

unrealized

appreciation/

(depreciation)

on

investments

28,539,996‌

212,327,055‌

29,327,647‌

(12,660,373‌)

Change

in

net

assets

resulting

from

operations

111,487,967‌

323,954,376‌

75,305,739‌

32,512,969‌

Distributions

to

Shareholders:

Class

1

—‌

(5,729,512‌)

—‌

(13,374,377‌)

Class

2

—‌

(38,871,862‌)

—‌

(126,706,553‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(44,601,374‌)

—‌

(140,080,930‌)

Capital

Transactions:

Class

1

Proceeds

from

shares

issued

47,151‌

436,298‌

—‌

1,191,564‌

Proceeds

from

dividends

reinvested

—‌

5,729,512‌

—‌

13,374,375‌

Value

of

shares

redeemed

(6,852,694‌)

(11,691,827‌)

(3,457,508‌)

(6,259,790‌)

Total

Class

1

Shares

(6,805,543‌)

(5,526,017‌)

(3,457,508‌)

8,306,149‌

Class

2

Proceeds

from

shares

issued

699,419‌

4,000,917‌

133,631‌

8,738,660‌

Proceeds

from

dividends

reinvested

—‌

38,871,862‌

—‌

126,706,553‌

Value

of

shares

redeemed

(132,359,275‌)

(310,354,326‌)

(54,635,311‌)

(73,302,177‌)

Total

Class

2

Shares

(131,659,856‌)

(267,481,547‌)

(54,501,680‌)

62,143,036‌

Change

in

net

assets

resulting

from

capital

transactions

(138,465,399‌)

(273,007,564‌)

(57,959,188‌)

70,449,185‌

Change

in

net

assets

(26,977,432‌)

6,345,438‌

17,346,551‌

(37,118,776‌)

Net

Assets:

Beginning

of

period

1,198,965,958‌

1,192,620,520‌

466,494,497‌

503,613,273‌

End

of

period

$

1,171,988,526‌

$

1,198,965,958‌

$

483,841,048‌

$

466,494,497‌

Share

Transactions:

Class

1

Shares

issued

3,278‌

35,658‌

—‌

57,923‌

Dividends

reinvested

—‌

444,148‌

—‌

804,233‌

Shares

redeemed

(487,960‌)

(935,855‌)

(190,716‌)

(309,758‌)

Total

Class

1

Shares

(484,682‌)

(456,049‌)

(190,716‌)

552,398‌

Class

2

Shares

issued

29,969‌

207,978‌

7,844‌

447,774‌

Dividends

reinvested

—‌

1,829,264‌

—‌

7,773,408‌

Shares

redeemed

(5,697,796‌)

(15,631,536‌)

(3,051,977‌)

(3,714,451‌)

Total

Class

2

Shares

(5,667,827‌)

(13,594,294‌)

(3,044,133‌)

4,506,731‌

Change

in

shares

(6,152,509‌)

(14,050,343‌)

(3,234,849‌)

5,059,129‌

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

‡

Statement

has

been

consolidated.

See

Note

2

in

Notes

to

the

Financial

Statements

for

the

basis

of

consolidation.

Allianz

Variable

Insurance

Products

Trust

Statements

of

Changes

in

Net

Assets

252

See

accompanying

notes

to

the

financial

statements.

(a)

The

AZL

Moderate

Index

Strategy

Fund’s

single

share

class

is

shown

as

Class

1.

AZL

Moderate

Index

Strategy

Fund

AZL

MSCI

Global

Equity

Index

Fund

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

(Unaudited)

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

(471,836‌)

$

32,124,458‌

$

2,100,975‌

$

3,717,041‌

Net

realized

gains/(losses)

on

investment

transactions

3,764,439‌

98,438,842‌

16,442,590‌

23,811,012‌

Change

in

unrealized

appreciation/

(depreciation)

on

investments

76,765,102‌

44,309,053‌

13,834,835‌

41,276,021‌

Change

in

net

assets

resulting

from

operations

80,057,705‌

174,872,353‌

32,378,400‌

68,804,074‌

Distributions

to

Shareholders:

Class

1

(a)

—‌

(32,284,120‌)

—‌

(2,617,803‌)

Class

2

—‌

—‌

—‌

(8,753,995‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(32,284,120‌)

—‌

(11,371,798‌)

Capital

Transactions:

Class

1

(a)

Proceeds

from

shares

issued

70,368‌

438,666‌

228,763‌

30,741‌

Proceeds

from

dividends

reinvested

—‌

32,284,120‌

—‌

2,617,803‌

Value

of

shares

redeemed

(116,215,752‌)

(232,391,631‌)

(3,178,091‌)

(6,639,768‌)

Total

Class

1

Shares

(116,145,384‌)

(199,668,845‌)

(2,949,328‌)

(3,991,224‌)

Class

2

Proceeds

from

shares

issued

—‌

—‌

477,050‌

8,848,865‌

Proceeds

from

dividends

reinvested

—‌

—‌

—‌

8,753,995‌

Value

of

shares

redeemed

—‌

—‌

(38,225,141‌)

(85,908,135‌)

Total

Class

2

Shares

—‌

—‌

(37,748,091‌)

(68,305,275‌)

Change

in

net

assets

resulting

from

capital

transactions

(116,145,384‌)

(199,668,845‌)

(40,697,419‌)

(72,296,499‌)

Change

in

net

assets

(36,087,679‌)

(57,080,612‌)

(8,319,019‌)

(14,864,223‌)

Net

Assets:

Beginning

of

period

1,258,184,574‌

1,315,265,186‌

357,275,137‌

372,139,360‌

End

of

period

$

1,222,096,895‌

$

1,258,184,574‌

$

348,956,118‌

$

357,275,137‌

Share

Transactions:

Class

1

(a)

Shares

issued

4,481‌

31,270‌

18,699‌

2,682‌

Dividends

reinvested

—‌

2,178,416‌

—‌

231,051‌

Shares

redeemed

(7,516,401‌)

(16,374,534‌)

(267,103‌)

(610,056‌)

Total

Class

1

Shares

(7,511,920‌)

(14,164,848‌)

(248,404‌)

(376,323‌)

Class

2

Shares

issued

—‌

—‌

22,305‌

516,961‌

Dividends

reinvested

—‌

—‌

—‌

428,696‌

Shares

redeemed

—‌

—‌

(1,752,581‌)

(4,508,933‌)

Total

Class

2

Shares

—‌

—‌

(1,730,276‌)

(3,563,276‌)

Change

in

shares

(7,511,920‌)

(14,164,848‌)

(1,978,680‌)

(3,939,599‌)

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

Allianz

Variable

Insurance

Products

Trust

Statements

of

Changes

in

Net

Assets

253

See

accompanying

notes

to

the

financial

statements.

AZL

Russell

1000

Growth

Index

Fund

AZL

Russell

1000

Value

Index

Fund

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

(a)

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

(b)

(Unaudited)

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

(63,281‌)

$

(403,445‌)

$

4,152,120‌

$

8,721,649‌

Net

realized

gains/(losses)

on

investment

transactions

125,940,008‌

104,817,941‌

112,879,957‌

57,534,722‌

Change

in

unrealized

appreciation/

(depreciation)

on

investments

(97,861,129‌)

(5,785,456‌)

(21,297,613‌)

21,559,773‌

Change

in

net

assets

resulting

from

operations

28,015,598‌

98,629,040‌

95,734,464‌

87,816,144‌

Distributions

to

Shareholders:

Class

1

—‌

(7,732,269‌)

—‌

(12,780,296‌)

Class

2

—‌

(74,098,105‌)

—‌

(40,041,685‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(81,830,374‌)

—‌

(52,821,981‌)

Capital

Transactions:

Class

1

Proceeds

from

shares

issued

477,366‌

309,008‌

57,310‌

721,570‌

Proceeds

from

dividends

reinvested

—‌

7,732,266‌

—‌

12,780,296‌

Value

of

shares

redeemed

(5,640,982‌)

(11,134,728‌)

(12,573,362‌)

(24,354,917‌)

Total

Class

1

Shares

(5,163,616‌)

(3,093,454‌)

(12,516,052‌)

(10,853,051‌)

Class

2

Proceeds

from

shares

issued

219,114‌

4,107,963‌

140,042‌

5,709,839‌

Proceeds

from

dividends

reinvested

—‌

74,098,105‌

—‌

40,041,685‌

Value

of

shares

redeemed

(41,715,923‌)

(97,648,734‌)

(46,853,133‌)

(80,275,875‌)

Total

Class

2

Shares

(41,496,809‌)

(19,442,666‌)

(46,713,091‌)

(34,524,351‌)

Change

in

net

assets

resulting

from

capital

transactions

(46,660,425‌)

(22,536,120‌)

(59,229,143‌)

(45,377,402‌)

Change

in

net

assets

(18,644,827‌)

(5,737,454‌)

36,505,321‌

(10,383,239‌)

Net

Assets:

Beginning

of

period

615,239,488‌

620,976,942‌

631,465,678‌

641,848,917‌

End

of

period

$

596,594,661‌

$

615,239,488‌

$

667,970,999‌

$

631,465,678‌

Share

Transactions:

Class

1

Shares

issued

19,554‌

13,953‌

2,728‌

40,824‌

Dividends

reinvested

—‌

312,163‌

—‌

714,382‌

Shares

redeemed

(228,838‌)

(465,115‌)

(635,460‌)

(1,358,933‌)

Total

Class

1

Shares

(209,284‌)

(138,999‌)

(632,732‌)

(603,727‌)

Class

2

Shares

issued

13,295‌

260,199‌

8,809‌

412,419‌

Dividends

reinvested

—‌

4,280,653‌

—‌

2,868,316‌

Shares

redeemed

(2,436,457‌)

(5,698,449‌)

(3,035,459‌)

(5,728,667‌)

Total

Class

2

Shares

(2,423,162‌)

(1,157,597‌)

(3,026,650‌)

(2,447,932‌)

Change

in

shares

(2,632,446‌)

(1,296,596‌)

(3,659,382‌)

(3,051,659‌)

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

(a)

Class

1

share

transactions

reflect

a

4

to

1

reverse

share

split

which

occurred

on

September

19,

2025.

(b)

Class

1

share

transactions

reflect

a

2

to

1

reverse

share

split

which

occurred

on

September

19,

2025.

Allianz

Variable

Insurance

Products

Trust

Statements

of

Changes

in

Net

Assets

254

See

accompanying

notes

to

the

financial

statements.

AZL

S&P

500

Index

Fund

AZL

Small

Cap

Stock

Index

Fund

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

(a)

(Unaudited)

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

9,705,968‌

$

20,363,006‌

$

2,684,024‌

$

3,400,127‌

Net

realized

gains/(losses)

on

investment

transactions

215,634,006‌

274,295,946‌

38,839,904‌

48,705,168‌

Change

in

unrealized

appreciation/

(depreciation)

on

investments

19,881,726‌

128,582,586‌

54,930,761‌

(29,024,780‌)

Change

in

net

assets

resulting

from

operations

245,221,700‌

423,241,538‌

96,454,689‌

23,080,515‌

Distributions

to

Shareholders:

Class

1

—‌

(15,896,299‌)

—‌

(4,025,056‌)

Class

2

—‌

(456,137,022‌)

—‌

(63,345,224‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(472,033,321‌)

—‌

(67,370,280‌)

Capital

Transactions:

Class

1

Proceeds

from

shares

issued

12,825‌

1,456,388‌

114,115‌

244,101‌

Proceeds

from

dividends

reinvested

—‌

15,896,299‌

—‌

4,025,056‌

Value

of

shares

redeemed

(6,045,493‌)

(13,451,647‌)

(2,329,673‌)

(5,005,753‌)

Total

Class

1

Shares

(6,032,668‌)

3,901,040‌

(2,215,558‌)

(736,596‌)

Class

2

Proceeds

from

shares

issued

2,514,391‌

54,962,244‌

608,325‌

13,405,591‌

Proceeds

from

dividends

reinvested

—‌

456,137,022‌

—‌

63,345,224‌

Value

of

shares

redeemed

(291,230,997‌)

(617,285,939‌)

(58,201,874‌)

(67,982,202‌)

Total

Class

2

Shares

(288,716,606‌)

(106,186,673‌)

(57,593,549‌)

8,768,613‌

Change

in

net

assets

resulting

from

capital

transactions

(294,749,274‌)

(102,285,633‌)

(59,809,107‌)

8,032,017‌

Change

in

net

assets

(49,527,574‌)

(151,077,416‌)

36,645,582‌

(36,257,748‌)

Net

Assets:

Beginning

of

period

2,607,756,154‌

2,758,833,570‌

434,772,383‌

471,030,131‌

End

of

period

$

2,558,228,580‌

$

2,607,756,154‌

$

471,417,965‌

$

434,772,383‌

Share

Transactions:

Class

1

Shares

issued

524‌

58,957‌

7,729‌

17,944‌

Dividends

reinvested

—‌

691,745‌

—‌

310,336‌

Shares

redeemed

(253,694‌)

(559,760‌)

(161,349‌)

(368,151‌)

Total

Class

1

Shares

(253,170‌)

190,942‌

(153,620‌)

(39,871‌)

Class

2

Shares

issued

105,856‌

2,471,678‌

49,576‌

1,193,964‌

Dividends

reinvested

—‌

20,120,733‌

—‌

5,742,994‌

Shares

redeemed

(12,063,845‌)

(25,595,249‌)

(4,679,205‌)

(5,811,159‌)

Total

Class

2

Shares

(11,957,989‌)

(3,002,838‌)

(4,629,629‌)

1,125,799‌

Change

in

shares

(12,211,159‌)

(2,811,896‌)

(4,783,249‌)

1,085,928‌

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

(a)

Class

1

share

transactions

reflect

a

2

to

1

reverse

share

split

which

occurred

on

September

19,

2025.

Allianz

Variable

Insurance

Products

Trust

Statements

of

Changes

in

Net

Assets

255

See

accompanying

notes

to

the

financial

statements.

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

6,770,503‌

$

16,256,609‌

Net

realized

gains/(losses)

on

investment

transactions

54,636,306‌

125,837,051‌

Change

in

unrealized

appreciation/(depreciation)

on

investments

(15,427,933‌)

(35,117,242‌)

Change

in

net

assets

resulting

from

operations

45,978,876‌

106,976,418‌

Distributions

to

Shareholders:

Total

Distributions

—‌

(144,453,020‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(144,453,020‌)

Capital

Transactions:

Proceeds

from

shares

issued

1,383,287‌

3,734,493‌

Proceeds

from

dividends

reinvested

—‌

144,453,020‌

Value

of

shares

redeemed

(91,807,955‌)

(203,407,893‌)

Change

in

net

assets

resulting

from

capital

transactions

(90,424,668‌)

(55,220,380‌)

Change

in

net

assets

(44,445,792‌)

(92,696,982‌)

Net

Assets:

Beginning

of

period

954,250,809‌

1,046,947,791‌

End

of

period

$

909,805,017‌

$

954,250,809‌

Share

Transactions:

Shares

issued

79,88

6‌

208,846‌

Dividends

reinvested

—‌

8,522,302‌

Shares

redeemed

(5,380,342‌)

(11,398,955‌)

Change

in

shares

(5,300,45

6‌

)

(2,667,807‌)

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

Allianz

Variable

Insurance

Products

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

256

See

accompanying

notes

to

the

financial

statements.

AZL

DFA

International

Core

Equity

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

12.78‌

$

9.94‌

$

10.27‌

$

9.37‌

$

12.32‌

$

11.06‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

0.18‌

0.25‌

0.22‌

0.23‌

0.24‌

0.19‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.93‌

3.21‌

0.14‌

1.19‌

(2.04‌)

1.25‌

Total

from

Investment

Activities

1.11‌

3.46‌

0.36‌

1.42‌

(1.80‌)

1.44‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.31‌)

(0.26‌)

(0.19‌)

(0.26‌)

(0.18‌)

Net

Realized

Gains

—‌

(0.31‌)

(0.43‌)

(0.33‌)

(0.89‌)

—‌

Total

Dividends

—‌

(0.62‌)

(0.69‌)

(0.52‌)

(1.15‌)

(0.18‌)

Net

Asset

Value,

End

of

Period

$

13.89‌

$

12.78‌

$

9.94‌

$

10.27‌

$

9.37‌

$

12.32‌

Total

Return

(b)

8.69‌%

(c)

35.16‌%

3.03‌%

15.93‌%

(13.49‌)%

13.05‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

296,5

24‌

$

305,899‌

$

318,146‌

$

260,172‌

$

191,539‌

$

251,818‌

Net

Investment

Income/(Loss)

(d)

2.6

5‌

%

2.16‌%

2.08‌%

2.33‌%

2.30‌%

1.61‌%

Expenses

Before

Reductions

(d)(e)

1.3

1‌

%

1.31‌%

1.34‌%

1.33‌%

1.30‌%

1.31‌%

Expenses

Net

of

Reductions

(d)

1.0

1‌

%

1.01‌%

1.04‌%

1.03‌%

1.08‌%

1.11‌%

Portfolio

Turnover

Rate

4‌%

(c)

5‌%

21‌%

34‌%

13‌%

7‌%

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

Allianz

Variable

Insurance

Products

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

257

See

accompanying

notes

to

the

financial

statements.

AZL

DFA

U.S.

Core

Equity

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

16.13‌

$

15.52‌

$

14.18‌

$

12.27‌

$

16.91‌

$

14.61‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

0.04‌

0.09‌

0.10‌

0.12‌

0.12‌

0.11‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

1.84‌

2.21‌

2.73‌

2.32‌

(2.78‌)

3.76‌

Total

from

Investment

Activities

1.88‌

2.30‌

2.83‌

2.44‌

(2.66‌)

3.87‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.12‌)

(0.12‌)

(0.07‌)

(0.11‌)

(0.16‌)

Net

Realized

Gains

—‌

(1.57‌)

(1.37‌)

(0.46‌)

(1.87‌)

(1.41‌)

Total

Dividends

—‌

(1.69‌)

(1.49‌)

(0.53‌)

(1.98‌)

(1.57‌)

Net

Asset

Value,

End

of

Period

$

18.01‌

$

16.13‌

$

15.52‌

$

14.18‌

$

12.27‌

$

16.91‌

Total

Return

(b)

11.66‌%

(c)

15.03‌%

20.24‌%

20.43‌%

(15.38‌)%

27.31‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

746,806‌

$

763,191‌

$

807,478‌

$

770,203‌

$

381,536‌

$

503,931‌

Net

Investment

Income/(Loss)

(d)

0.54‌%

0.59‌%

0.67‌%

0.92‌%

0.83‌%

0.64‌%

Expenses

Before

Reductions

(d)(e)

1.09‌%

1.11‌%

1.10‌%

1.10‌%

1.09‌%

1.10‌%

Expenses

Net

of

Reductions

(d)

0.77‌%

0.79‌%

0.78‌%

0.78‌%

0.82‌%

0.84‌%

Portfolio

Turnover

Rate

1‌%

(c)

5‌%

15‌%

29‌%

4‌%

9‌%

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

Allianz

Variable

Insurance

Products

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

258

See

accompanying

notes

to

the

financial

statements.

AZL

Enhanced

Bond

Index

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

9.77‌

$

9.57‌

$

9.82‌

$

9.48‌

$

11.17‌

$

11.78‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

0.19‌

0.39‌

0.39‌

0.38‌

0.20‌

0.09‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

(0.15‌)

0.26‌

(0.26‌)

0.12‌

(1.73‌)

(0.32‌)

Total

from

Investment

Activities

0.04‌

0.65‌

0.13‌

0.50‌

(1.53‌)

(0.23‌)

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.45‌)

(0.38‌)

(0.16‌)

(0.15‌)

(0.09‌)

Net

Realized

Gains

—‌

—‌

—‌

—‌

(0.01‌)

(0.29‌)

Total

Dividends

—‌

(0.45‌)

(0.38‌)

(0.16‌)

(0.16‌)

(0.38‌)

Net

Asset

Value,

End

of

Period

$

9.81‌

$

9.77‌

$

9.57‌

$

9.82‌

$

9.48‌

$

11.17‌

Total

Return

(b)

0.41‌%

(c)

6.86‌%

1.19‌%

5.39‌%

(13.68‌)%

(1.94‌)%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

2,474,283‌

$

2,602,353‌

$

2,821,136‌

$

3,027,128‌

$

2,087,869‌

$

2,689,733‌

Net

Investment

Income/(Loss)

(d)

3.88‌%

3.94‌%

3.98‌%

3.93‌%

2.03‌%

0.80‌%

Expenses

Before

Reductions

(d)(e)

0.64‌%

0.66‌%

0.65‌%

0.65‌%

0.64‌%

0.66‌%

Expenses

Net

of

Reductions

(d)

0.64‌%

0.66‌%

0.65‌%

0.65‌%

0.64‌%

0.66‌%

Portfolio

Turnover

Rate

34‌%

(c)

86‌%

110‌%

105‌%

133‌%

137‌%

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

Allianz

Variable

Insurance

Products

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

259

See

accompanying

notes

to

the

financial

statements.

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

(a)

Year

Ended

December

31,

2024

(a)

Year

Ended

December

31,

2023

(a)

Year

Ended

December

31,

2022

(a)

Year

Ended

December

31,

2021

^(a)

(Unaudited)

Class

1

Net

Asset

Value,

Beginning

of

Period

$

19.51‌

$

18.20‌

$

17.02‌

$

15.38‌

$

20.58‌

$

20.00‌

Investment

Activities:

Net

Investment

Income/(Loss)

(b)

0.28‌

0.53‌

0.50‌

0.42‌

0.34‌

0.14‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.63‌

1.57‌

1.46‌

1.72‌

(3.34‌)

1.04‌

Total

from

Investment

Activities

0.91‌

2.10‌

1.96‌

2.14‌

(3.00‌)

1.18‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.51‌)

(0.78‌)

(0.50‌)

(0.28‌)

(0.16‌)

Net

Realized

Gains

—‌

(0.28‌)

—‌

—‌

(1.92‌)

(0.44‌)

Total

Dividends

—‌

(0.79‌)

(0.78‌)

(0.50‌)

(2.20‌)

(0.60‌)

Net

Asset

Value,

End

of

Period

$

20.42‌

$

19.51‌

$

18.20‌

$

17.02‌

$

15.38‌

$

20.58‌

Total

Return

(c)

4.66‌%

(d)

11.60‌%

11.56‌%

14.24‌%

(14.40‌)%

6.03‌%

(d)

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

78,836‌

$

79,873‌

$

82,057‌

$

85,079‌

$

85,004‌

$

113,445‌

Net

Investment

Income/(Loss)

(e)

2.81‌%

2.80‌%

2.77‌%

2.58‌%

1.95‌%

1.35‌%

Expenses

Before

Reductions

(e)(f)

0.49‌%

0.50‌%

0.48‌%

0.48‌%

0.47‌%

0.51‌%

Expenses

Net

of

Reductions

(e)

0.46‌%

0.46‌%

0.46‌%

0.46‌%

0.46‌%

0.46‌%

Portfolio

Turnover

Rate

(g)

29‌%

(d)

62‌%

62‌%

61‌%

72‌%

115‌%

Class

2

Net

Asset

Value,

Beginning

of

Period

$

16.03‌

$

15.09‌

$

13.87‌

$

12.39‌

$

15.81‌

$

14.44‌

Investment

Activities:

Net

Investment

Income/(Loss)

(b)

0.21‌

0.40‌

0.37‌

0.30‌

0.24‌

0.19‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.53‌

1.29‌

1.20‌

1.40‌

(2.56‌)

1.48‌

Total

from

Investment

Activities

0.74‌

1.69‌

1.57‌

1.70‌

(2.32‌)

1.67‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.47‌)

(0.35‌)

(0.22‌)

(0.14‌)

(0.08‌)

Net

Realized

Gains

—‌

(0.28‌)

—‌

—‌

(0.96‌)

(0.22‌)

Total

Dividends

—‌

(0.75‌)

(0.35‌)

(0.22‌)

(1.10‌)

(0.30‌)

Net

Asset

Value,

End

of

Period

$

16.77‌

$

16.03‌

$

15.09‌

$

13.87‌

$

12.39‌

$

15.81‌

Total

Return

(c)

4.62‌%

(d)

11.22‌%

11.35‌%

13.87‌%

(14.56‌)%

11.65‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

1,206,136‌

$

1,257,087‌

$

1,362,192‌

$

1,491,382‌

$

1,310,095‌

$

1,754,265‌

Net

Investment

Income/(Loss)

(e)

2.56‌%

2.55‌%

2.52‌%

2.33‌%

1.70‌%

1.22‌%

Expenses

Before

Reductions

(e)(f)

0.74‌%

0.75‌%

0.73‌%

0.73‌%

0.72‌%

0.80‌%

Expenses

Net

of

Reductions

(e)

0.71‌%

0.71‌%

0.71‌%

0.71‌%

0.71‌%

0.71‌%

Portfolio

Turnover

Rate

(g)

29‌%

(d)

62‌%

62‌%

61‌%

72‌%

115‌%

^

Class

1

activity

is

for

the

period

June

21,

2021

(commencement

of

operations)

to

December

31,

2021.

(a)

Class

1

had

a

2

to

1

reverse

share

split

effective

September

19,

2025.

Prior

year

net

asset

values

and

per

share

amounts

have

been

retrospectively

adjusted

to

reflect

the

impact

of

the

reverse

share

split.

(b)

Calculated

using

the

average

shares

method.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

(g)

Portfolio

turnover

rate

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

classes

of

shares

issued.

Allianz

Variable

Insurance

Products

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

260

See

accompanying

notes

to

the

financial

statements.

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Class

1

Net

Asset

Value,

Beginning

of

Period

$

8.23‌

$

8.01‌

$

8.32‌

$

8.39‌

$

10.27‌

$

10.73‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

0.23‌

0.35‌

0.33‌

0.36‌

0.27‌

0.23‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

(0.17‌)

0.27‌

(0.14‌)

0.17‌

(1.64‌)

(0.17‌)

Total

from

Investment

Activities

0.06‌

0.62‌

0.19‌

0.53‌

(1.37‌)

0.06‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.40‌)

(0.50‌)

(0.60‌)

(0.27‌)

(0.31‌)

Net

Realized

Gains

—‌

—‌

—‌

—‌

(0.24‌)

(0.21‌)

Total

Dividends

—‌

(0.40‌)

(0.50‌)

(0.60‌)

(0.51‌)

(0.52‌)

Net

Asset

Value,

End

of

Period

$

8.29‌

$

8.23‌

$

8.01‌

$

8.32‌

$

8.39‌

$

10.27‌

Total

Return

(b)

0.73‌%

(c)

7.81‌%

2.07‌%

6.92‌%

(13.20‌)%

0.59‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

12,277‌

$

13,414‌

$

15,653‌

$

16,651‌

$

16,553‌

$

21,203‌

Net

Investment

Income/(Loss)

(d)

5.55‌%

4.21‌%

4.02‌%

4.26‌%

2.89‌%

2.21‌%

Expenses

Before

Reductions

(d)(e)

0.69‌%

0.67‌%

0.65‌%

0.61‌%

0.56‌%

0.57‌%

Expenses

Net

of

Reductions

(d)

0.68‌%

0.66‌%

0.64‌%

0.60‌%

0.56‌%

0.57‌%

Portfolio

Turnover

Rate

(f)

19‌%

(c)

37‌%

26‌%

83‌%

24‌%

76‌%

Class

2

Net

Asset

Value,

Beginning

of

Period

$

8.64‌

$

8.38‌

$

8.68‌

$

8.69‌

$

10.60‌

$

11.06‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

0.23‌

0.34‌

0.33‌

0.34‌

0.25‌

0.21‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

(0.18‌)

0.30‌

(0.16‌)

0.19‌

(1.68‌)

(0.18‌)

Total

from

Investment

Activities

0.05‌

0.64‌

0.17‌

0.53‌

(1.43‌)

0.03‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.38‌)

(0.47‌)

(0.54‌)

(0.24‌)

(0.28‌)

Net

Realized

Gains

—‌

—‌

—‌

—‌

(0.24‌)

(0.21‌)

Total

Dividends

—‌

(0.38‌)

(0.47‌)

(0.54‌)

(0.48‌)

(0.49‌)

Net

Asset

Value,

End

of

Period

$

8.69‌

$

8.64‌

$

8.38‌

$

8.68‌

$

8.69‌

$

10.60‌

Total

Return

(b)

0.58‌%

(c)

7.64‌%

1.75‌%

6.68‌%

(13.37‌)%

0.31‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

108,508‌

$

116,466‌

$

125,408‌

$

146,162‌

$

319,231‌

$

425,299‌

Net

Investment

Income/(Loss)

(d)

5.31‌%

3.96‌%

3.77‌%

3.93‌%

2.64‌%

1.96‌%

Expenses

Before

Reductions

(d)(e)

0.94‌%

0.92‌%

0.90‌%

0.85‌%

0.81‌%

0.82‌%

Expenses

Net

of

Reductions

(d)

0.93‌%

0.91‌%

0.89‌%

0.84‌%

0.81‌%

0.82‌%

Portfolio

Turnover

Rate

(f)

19‌%

(c)

37‌%

26‌%

83‌%

24‌%

76‌%

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

(f)

Portfolio

turnover

rate

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

classes

of

shares

issued.

Allianz

Variable

Insurance

Products

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

261

See

accompanying

notes

to

the

financial

statements.

AZL

Government

Money

Market

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

0.02‌

0.04‌

0.04‌

0.04‌

0.01‌

—‌

(b)

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

(b)

—‌

—‌

—‌

—‌

—‌

—‌

Total

from

Investment

Activities

0.02‌

0.04‌

0.04‌

0.04‌

0.01‌

—‌

(b)

Distributions

to

Shareholders

From:

Net

Investment

Income

(0.02‌)

(0.04‌)

(0.04‌)

(0.04‌)

(0.01‌)

—‌

(b)

Total

Dividends

(0.02‌)

(0.04‌)

(0.04‌)

(0.04‌)

(0.01‌)

—‌

(b)

Net

Asset

Value,

End

of

Period

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(c)

1.54‌%

(d)

3.69‌%

4.42‌%

4.27‌%

0.77‌%

0.00‌

(b)

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

521,413‌

$

551,061‌

$

511,802‌

$

500,276‌

$

517,210‌

$

539,896‌

Net

Investment

Income/(Loss)

(e)

3.09‌%

3.63‌%

4.34‌%

4.19‌%

0.77‌%

0.00‌%

(b)

Expenses

Before

Reductions

(e)(f)

0.64‌%

0.66‌%

0.88‌%

0.88‌%

0.88‌%

0.65‌%

Expenses

Net

of

Reductions

(e)

0.63‌%

0.65‌%

0.87‌%

0.87‌%

0.87‌%

0.08‌%

(g)

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.005

or

0.005%.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

(g)

The

expense

ratio

for

the

period

reflects

the

reduction

of

certain

expenses

to

maintain

a

certain

minimum

yield.

Allianz

Variable

Insurance

Products

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

262

See

accompanying

notes

to

the

financial

statements.

AZL

International

Index

Fund

‡

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Class

1

Net

Asset

Value,

Beginning

of

Period

$

13.30‌

$

10.79‌

$

11.08‌

$

9.87‌

$

12.69‌

$

11.76‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

0.21‌

0.29‌

0.29‌

0.28‌

0.29‌

0.27‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

1.10‌

3.03‌

0.11‌

1.39‌

(2.21‌)

0.99‌

Total

from

Investment

Activities

1.31‌

3.32‌

0.40‌

1.67‌

(1.92‌)

1.26‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.58‌)

(0.54‌)

(0.46‌)

(0.51‌)

(0.33‌)

Net

Realized

Gains

—‌

(0.23‌)

(0.15‌)

—‌

(0.39‌)

—‌

Total

Dividends

—‌

(0.81‌)

(0.69‌)

(0.46‌)

(0.90‌)

(0.33‌)

Net

Asset

Value,

End

of

Period

$

14.61‌

$

13.30‌

$

10.79‌

$

11.08‌

$

9.87‌

$

12.69‌

Total

Return

(b)

9.85‌%

(c)

31.04‌%

3.14‌%

17.55‌%

(14.25‌)%

10.80‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

99,099‌

$

96,685‌

$

83,362‌

$

91,133‌

$

76,241‌

$

99,304‌

Net

Investment

Income/(Loss)

(d)

3.06‌%

2.34‌%

2.49‌%

2.61‌%

2.72‌%

2.13‌%

Expenses

Before

Reductions

(d)(e)

0.43‌%

0.45‌%

0.46‌%

0.46‌%

0.43‌%

0.45‌%

Expenses

Net

of

Reductions

(d)

0.43‌%

0.45‌%

0.46‌%

0.46‌%

0.43‌%

0.45‌%

Portfolio

Turnover

Rate

(f)

2‌%

(c)

4‌%

8‌%

9‌%

2‌%

14‌%

Class

2

Net

Asset

Value,

Beginning

of

Period

$

21.90‌

$

17.35‌

$

17.44‌

$

15.26‌

$

18.97‌

$

17.43‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

0.32‌

0.42‌

0.41‌

0.38‌

0.40‌

0.35‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

1.80‌

4.88‌

0.15‌

2.21‌

(3.26‌)

1.48‌

Total

from

Investment

Activities

2.12‌

5.30‌

0.56‌

2.59‌

(2.86‌)

1.83‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.52‌)

(0.50‌)

(0.41‌)

(0.46‌)

(0.29‌)

Net

Realized

Gains

—‌

(0.23‌)

(0.15‌)

—‌

(0.39‌)

—‌

Total

Dividends

—‌

(0.75‌)

(0.65‌)

(0.41‌)

(0.85‌)

(0.29‌)

Net

Asset

Value,

End

of

Period

$

24.02‌

$

21.90‌

$

17.35‌

$

17.44‌

$

15.26‌

$

18.97‌

Total

Return

(b)

9.68‌%

(c)

30.72‌%

2.89‌%

17.33‌%

(14.52‌)%

10.55‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

1,072,889‌

$

1,102,281‌

$

1,109,258‌

$

1,156,946‌

$

1,215,886‌

$

1,650,118‌

Net

Investment

Income/(Loss)

(d)

2.79‌%

2.11‌%

2.24‌%

2.33‌%

2.47‌%

1.85‌%

Expenses

Before

Reductions

(d)(e)

0.68‌%

0.70‌%

0.71‌%

0.71‌%

0.68‌%

0.70‌%

Expenses

Net

of

Reductions

(d)

0.68‌%

0.70‌%

0.71‌%

0.71‌%

0.68‌%

0.70‌%

Portfolio

Turnover

Rate

(f)

2‌%

(c)

4‌%

8‌%

9‌%

2‌%

14‌%

‡

Statement

has

been

consolidated.

See

Note

2

in

Notes

to

the

Financial

Statements

for

the

basis

of

consolidation.

Not

consolidated

for

years

ended

prior

for

December

31,

2023.

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

(f)

Portfolio

turnover

rate

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

classes

of

shares

issued.

Allianz

Variable

Insurance

Products

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

263

See

accompanying

notes

to

the

financial

statements.

AZL

Mid

Cap

Index

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

(a)

Year

Ended

December

31,

2022

(a)

Year

Ended

December

31,

2021

(a)

(Unaudited)

Class

1

Net

Asset

Value,

Beginning

of

Period

$

16.76‌

$

21.92‌

$

21.57‌

$

30.29‌

$

115.03‌

$

109.19‌

Investment

Activities:

Net

Investment

Income/(Loss)

(b)

0.10‌

0.23‌

0.26‌

0.35‌

0.78‌

1.17‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

2.78‌

1.29‌

2.67‌

2.83‌

(18.83‌)

23.78‌

Total

from

Investment

Activities

2.88‌

1.52‌

2.93‌

3.18‌

(18.05‌)

24.95‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.33‌)

(0.49‌)

(2.80‌)

(3.38‌)

(3.38‌)

Net

Realized

Gains

—‌

(6.35‌)

(2.09‌)

(9.10‌)

(63.31‌)

(15.73‌)

Total

Dividends

—‌

(6.68‌)

(2.58‌)

(11.90‌)

(66.69‌)

(19.11‌)

Net

Asset

Value,

End

of

Period

$

19.64‌

$

16.76‌

$

21.92‌

$

21.57‌

$

30.29‌

$

115.03‌

Total

Return

(c)

17.18‌%

(d)

7.19‌%

13.69‌%

16.16‌%

(13.34‌)%

24.03‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

49,539‌

$

45,467‌

$

47,364‌

$

46,526‌

$

44,716‌

$

58,070‌

Net

Investment

Income/(Loss)

(e)

1.07‌%

1.12‌%

1.15‌%

1.25‌%

1.14‌%

1.01‌%

Expenses

Before

Reductions

(e)(f)

0.32‌%

0.35‌%

0.33‌%

0.32‌%

0.31‌%

0.32‌%

Expenses

Net

of

Reductions

(e)

0.32‌%

0.35‌%

0.33‌%

0.32‌%

0.31‌%

0.32‌%

Portfolio

Turnover

Rate

(g)

8‌%

(d)

15‌%

17‌%

23‌%

11‌%

30‌%

Class

2

Net

Asset

Value,

Beginning

of

Period

$

16.42‌

$

21.59‌

$

21.24‌

$

19.17‌

$

28.25‌

$

24.06‌

Investment

Activities:

Net

Investment

Income/(Loss)

(b)

0.07‌

0.17‌

0.20‌

0.20‌

0.21‌

0.21‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

2.73‌

1.27‌

2.63‌

2.72‌

(4.24‌)

5.39‌

Total

from

Investment

Activities

2.80‌

1.44‌

2.83‌

2.92‌

(4.03‌)

5.60‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.26‌)

(0.39‌)

(0.15‌)

(0.18‌)

(0.20‌)

Net

Realized

Gains

—‌

(6.35‌)

(2.09‌)

(0.70‌)

(4.87‌)

(1.21‌)

Total

Dividends

—‌

(6.61‌)

(2.48‌)

(0.85‌)

(5.05‌)

(1.41‌)

Net

Asset

Value,

End

of

Period

$

19.22‌

$

16.42‌

$

21.59‌

$

21.24‌

$

19.17‌

$

28.25‌

Total

Return

(c)

17.05‌%

(d)

6.90‌%

13.44‌%

15.88‌%

(13.55‌)%

23.66‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

434,302‌

$

421,027‌

$

456,250‌

$

768,162‌

$

796,467‌

$

1,107,212‌

Net

Investment

Income/(Loss)

(e)

0.82‌%

0.87‌%

0.90‌%

1.00‌%

0.88‌%

0.76‌%

Expenses

Before

Reductions

(e)(f)

0.57‌%

0.60‌%

0.58‌%

0.57‌%

0.56‌%

0.57‌%

Expenses

Net

of

Reductions

(e)

0.57‌%

0.60‌%

0.58‌%

0.57‌%

0.56‌%

0.57‌%

Portfolio

Turnover

Rate

(g)

8‌%

(d)

15‌%

17‌%

23‌%

11‌%

30‌%

(a)

Class

1

had

a

13

to

1

reverse

share

split

effective

December

8,

2023.

Prior

year

net

asset

values

and

per

share

amounts

have

been

retrospectively

adjusted

to

reflect

the

impact

of

the

reverse

share

split.

(b)

Calculated

using

the

average

shares

method.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

(g)

Portfolio

turnover

rate

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

classes

of

shares

issued.

Allianz

Variable

Insurance

Products

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

264

See

accompanying

notes

to

the

financial

statements.

AZL

Moderate

Index

Strategy

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

15.03‌

$

13.44‌

$

12.40‌

$

11.98‌

$

15.63‌

$

14.20‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

(0.01‌)

0.36‌

0.30‌

0.18‌

0.18‌

0.20‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

1.02‌

1.61‌

0.94‌

1.46‌

(2.63‌)

1.50‌

Total

from

Investment

Activities

1.01‌

1.97‌

1.24‌

1.64‌

(2.45‌)

1.70‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.38‌)

(0.20‌)

(0.25‌)

(0.31‌)

(0.09‌)

Net

Realized

Gains

—‌

—‌

—‌

(0.97‌)

(0.89‌)

(0.18‌)

Total

Dividends

—‌

(0.38‌)

(0.20‌)

(1.22‌)

(1.20‌)

(0.27‌)

Net

Asset

Value,

End

of

Period

$

16.04‌

$

15.03‌

$

13.44‌

$

12.40‌

$

11.98‌

$

15.63‌

Total

Return

(b)

6.72‌%

(c)

14.69‌%

9.98‌%

14.82‌%

(15.37‌)%

12.06‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

1,222,097‌

$

1,258,185‌

$

1,315,265‌

$

1,423,311‌

$

1,433,224‌

$

1,927,598‌

Net

Investment

Income/(Loss)

(d)

(0.08‌)%

2.51‌%

2.30‌%

1.42‌%

1.35‌%

1.30‌%

Expenses

Before

Reductions

*(d)(e)

0.23‌%

0.23‌%

0.23‌%

0.23‌%

0.22‌%

0.26‌%

Expenses

Net

of

Reductions

*(d)

0.08‌%

0.08‌%

0.08‌%

0.08‌%

0.07‌%

0.07‌%

Portfolio

Turnover

Rate

—‌%

(c)

13‌%

12‌%

3‌%

8‌%

14‌%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

Allianz

Variable

Insurance

Products

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

265

See

accompanying

notes

to

the

financial

statements.

AZL

MSCI

Global

Equity

Index

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

^

(Unaudited)

Class

1

Net

Asset

Value,

Beginning

of

Period

$

11.55‌

$

10.07‌

$

8.75‌

$

7.30‌

$

10.43‌

$

10.00‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

0.08‌

0.13‌

0.13‌

0.13‌

0.14‌

0.06‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

1.04‌

1.98‌

1.49‌

1.56‌

(2.07‌)

0.91‌

Total

from

Investment

Activities

1.12‌

2.11‌

1.62‌

1.69‌

(1.93‌)

0.97‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.29‌)

(0.30‌)

(0.22‌)

(0.17‌)

(0.13‌)

Net

Realized

Gains

—‌

(0.34‌)

—‌

(0.02‌)

(1.03‌)

(0.41‌)

Total

Dividends

—‌

(0.63‌)

(0.30‌)

(0.24‌)

(1.20‌)

(0.54‌)

Net

Asset

Value,

End

of

Period

$

12.67‌

$

11.55‌

$

10.07‌

$

8.75‌

$

7.30‌

$

10.43‌

Total

Return

(b)

9.70‌%

(c)

21.12‌%

18.48‌%

23.66‌%

(18.08‌)%

10.00‌%

(c)

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

50,347‌

$

48,760‌

$

46,322‌

$

43,841‌

$

39,839‌

$

54,468‌

Net

Investment

Income/(Loss)

(d)

1.42‌%

1.23‌%

1.39‌%

1.67‌%

1.65‌%

1.06‌%

Expenses

Before

Reductions

(d)(e)

0.77‌%

0.83‌%

0.79‌%

0.80‌%

0.79‌%

0.83‌%

Expenses

Net

of

Reductions

(d)

0.37‌%

0.43‌%

0.39‌%

0.40‌%

0.39‌%

0.44‌%

Portfolio

Turnover

Rate

(f)

2‌%

(c)

3‌%

1‌%

7‌%

2‌%

49‌%

Class

2

Net

Asset

Value,

Beginning

of

Period

$

20.80‌

$

17.71‌

$

15.20‌

$

12.51‌

$

16.82‌

$

14.35‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

0.13‌

0.19‌

0.19‌

0.20‌

0.20‌

0.16‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

1.86‌

3.48‌

2.57‌

2.70‌

(3.31‌)

2.85‌

Total

from

Investment

Activities

1.99‌

3.67‌

2.76‌

2.90‌

(3.11‌)

3.01‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.24‌)

(0.25‌)

(0.19‌)

(0.17‌)

(0.13‌)

Net

Realized

Gains

—‌

(0.34‌)

—‌

(0.02‌)

(1.03‌)

(0.41‌)

Total

Dividends

—‌

(0.58‌)

(0.25‌)

(0.21‌)

(1.20‌)

(0.54‌)

Net

Asset

Value,

End

of

Period

$

22.79‌

$

20.80‌

$

17.71‌

$

15.20‌

$

12.51‌

$

16.82‌

Total

Return

(b)

9.57‌%

(c)

20.77‌%

18.16‌%

23.37‌%

(18.23‌)%

21.18‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

298,609‌

$

308,515‌

$

325,817‌

$

353,777‌

$

332,195‌

$

463,557‌

Net

Investment

Income/(Loss)

(d)

1.17‌%

0.99‌%

1.15‌%

1.43‌%

1.40‌%

1.03‌%

Expenses

Before

Reductions

(d)(e)

1.02‌%

1.08‌%

1.04‌%

1.05‌%

1.04‌%

1.09‌%

Expenses

Net

of

Reductions

(d)

0.62‌%

0.68‌%

0.64‌%

0.65‌%

0.65‌%

0.70‌%

Portfolio

Turnover

Rate

(f)

2‌%

(c)

3‌%

1‌%

7‌%

2‌%

49‌%

^

Class

1

activity

is

for

the

period

June

21,

2021

(commencement

of

operations)

to

December

31,

2021.

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

(f)

Portfolio

turnover

rate

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

classes

of

shares

issued.

Allianz

Variable

Insurance

Products

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

266

See

accompanying

notes

to

the

financial

statements.

AZL

Russell

1000

Growth

Index

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

(a)

Year

Ended

December

31,

2024

(a)

Year

Ended

December

31,

2023

(a)

Year

Ended

December

31,

2022

(a)

Year

Ended

December

31,

2021

(a)

(Unaudited)

Class

1

Net

Asset

Value,

Beginning

of

Period

$

24.69‌

$

23.17‌

$

35.96‌

$

29.16‌

$

61.52‌

$

58.72‌

Investment

Activities:

Net

Investment

Income/(Loss)

(b)

0.02‌

(c)

0.04‌

0.08‌

0.20‌

0.24‌

0.20‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

1.23‌

4.14‌

9.84‌

11.64‌

(17.84‌)

14.48‌

Total

from

Investment

Activities

1.25‌

4.18‌

9.92‌

11.84‌

(17.60‌)

14.68‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.05‌)

(0.40‌)

(0.52‌)

(0.32‌)

(0.48‌)

Net

Realized

Gains

—‌

(2.61‌)

(22.32‌)

(4.52‌)

(14.44‌)

(11.40‌)

Total

Dividends

—‌

(2.66‌)

(22.72‌)

(5.04‌)

(14.76‌)

(11.88‌)

Net

Asset

Value,

End

of

Period

$

25.94‌

$

24.69‌

$

23.16‌

$

35.96‌

$

29.16‌

$

61.52‌

Total

Return

(d)

5.06‌%

(

e

)

18.07‌%

32.87‌%

43.05‌%

(29.45‌)%

27.14‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

74,959‌

$

76,492‌

$

74,959‌

$

63,501‌

$

50,561‌

$

80,919‌

Net

Investment

Income/(Loss)

(f)

0.20‌%

0.15‌%

0.26‌%

0.53‌%

0.54‌%

0.31‌%

Expenses

Before

Reductions

(f)(g)

0.49‌%

0.53‌%

0.52‌%

0.51‌%

0.50‌%

0.51‌%

Expenses

Net

of

Reductions

(f)

0.40‌%

0.44‌%

0.43‌%

0.42‌%

0.41‌%

0.42‌%

Portfolio

Turnover

Rate

(h)

23‌%

(

e

)

15‌%

11‌%

11‌%

12‌%

18‌%

Class

2

Net

Asset

Value,

Beginning

of

Period

$

17.24‌

$

16.85‌

$

17.32‌

$

13.09‌

$

23.56‌

$

21.11‌

Investment

Activities:

Net

Investment

Income/(Loss)

(b)

—‌

(

i

)

(0.02‌)

—‌

(

i

)

0.05‌

0.05‌

0.01‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.86‌

3.02‌

5.16‌

5.37‌

(6.90‌)

5.35‌

Total

from

Investment

Activities

0.86‌

3.00‌

5.16‌

5.42‌

(6.85‌)

5.36‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

—‌

(

i

)

(0.05‌)

(0.06‌)

(0.01‌)

(0.06‌)

Net

Realized

Gains

—‌

(2.61‌)

(5.58‌)

(1.13‌)

(3.61‌)

(2.85‌)

Total

Dividends

—‌

(2.61‌)

(5.63‌)

(1.19‌)

(3.62‌)

(2.91‌)

Net

Asset

Value,

End

of

Period

$

18.10‌

$

17.24‌

$

16.85‌

$

17.32‌

$

13.09‌

$

23.56‌

Total

Return

(d)

4.99‌%

(

e

)

17.79‌%

32.45‌%

42.69‌%

(29.59‌)%

26.87‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

521,636‌

$

538,747‌

$

546,018‌

$

498,497‌

$

650,264‌

$

1,036,843‌

Net

Investment

Income/(Loss)

(f)

(0.05‌)%

(0.10‌)%

0.01‌%

0.30‌%

0.29‌%

0.06‌%

Expenses

Before

Reductions

(f)(g)

0.74‌%

0.78‌%

0.77‌%

0.76‌%

0.75‌%

0.76‌%

Expenses

Net

of

Reductions

(f)

0.65‌%

0.69‌%

0.68‌%

0.67‌%

0.66‌%

0.67‌%

Portfolio

Turnover

Rate

(h)

23‌%

(

e

)

15‌%

11‌%

11‌%

12‌%

18‌%

(a)

Class

1

had

a

4

to

1

reverse

share

split

effective

September

19,

2025.

Prior

year

net

asset

values

and

per

share

amounts

have

been

retrospectively

adjusted

to

reflect

the

impact

of

the

reverse

share

split.

(b)

Calculated

using

the

average

shares

method.

(c)

Net

Investment

Income/(Loss)

per

share

for

this

class

does

not

bear

certain

class-specific

expenses

and

may

not

be

comparable

to

the

Fund’s

Net

Investment

Income/(Loss)

reported

on

the

Statements

of

Operations.

(d)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(e)

Not

annualized

for

periods

less

than

one

year.

(f)

Annualized

for

periods

less

than

one

year.

(g)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

(h)

Portfolio

turnover

rate

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

classes

of

shares

issued.

(i)

Represents

less

than

$0.005

or

0.005%.

Allianz

Variable

Insurance

Products

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

267

See

accompanying

notes

to

the

financial

statements.

AZL

Russell

1000

Value

Index

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

(a)

Year

Ended

December

31,

2024

(a)

Year

Ended

December

31,

2023

(a)

Year

Ended

December

31,

2022

(a)

Year

Ended

December

31,

2021

(a)

(Unaudited)

Class

1

Net

Asset

Value,

Beginning

of

Period

$

18.43‌

$

17.19‌

$

16.46‌

$

16.80‌

$

21.96‌

$

18.04‌

Investment

Activities:

Net

Investment

Income/(Loss)

(b)

0.14‌

0.28‌

0.30‌

0.32‌

0.34‌

0.32‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

2.82‌

2.34‌

2.02‌

1.42‌

(2.28‌)

4.08‌

Total

from

Investment

Activities

2.96‌

2.62‌

2.32‌

1.74‌

(1.94‌)

4.40‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.29‌)

(0.52‌)

(0.66‌)

(0.44‌)

(0.40‌)

Net

Realized

Gains

—‌

(1.09‌)

(1.06‌)

(1.42‌)

(2.78‌)

(0.08‌)

Total

Dividends

—‌

(1.38‌)

(1.58‌)

(2.08‌)

(3.22‌)

(0.48‌)

Net

Asset

Value,

End

of

Period

$

21.39‌

$

18.43‌

$

17.20‌

$

16.46‌

$

16.80‌

$

21.96‌

Total

Return

(c)

16.06‌%

(d)

15.41‌%

13.95‌%

11.69‌%

(7.88‌)%

24.55‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

192,411‌

$

177,513‌

$

176,096‌

$

177,871‌

$

180,772‌

$

221,723‌

Net

Investment

Income/(Loss)

(e)

1.47‌%

1.57‌%

1.72‌%

1.93‌%

1.75‌%

1.52‌%

Expenses

Before

Reductions

(e)(f)

0.49‌%

0.53‌%

0.51‌%

0.51‌%

0.50‌%

0.52‌%

Expenses

Net

of

Reductions

(e)

0.40‌%

0.44‌%

0.42‌%

0.42‌%

0.41‌%

0.43‌%

Portfolio

Turnover

Rate

(g)

21‌%

(d)

13‌%

13‌%

13‌%

12‌%

38‌%

(h)

Class

2

Net

Asset

Value,

Beginning

of

Period

$

14.38‌

$

13.69‌

$

12.70‌

$

12.36‌

$

15.28‌

$

12.48‌

Investment

Activities:

Net

Investment

Income/(Loss)

(b)

0.09‌

0.19‌

0.20‌

0.21‌

0.21‌

0.18‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

2.20‌

1.84‌

1.54‌

1.11‌

(1.56‌)

2.83‌

Total

from

Investment

Activities

2.29‌

2.03‌

1.74‌

1.32‌

(1.35‌)

3.01‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.25‌)

(0.22‌)

(0.27‌)

(0.18‌)

(0.17‌)

Net

Realized

Gains

—‌

(1.09‌)

(0.53‌)

(0.71‌)

(1.39‌)

(0.04‌)

Total

Dividends

—‌

(1.34‌)

(0.75‌)

(0.98‌)

(1.57‌)

(0.21‌)

Net

Asset

Value,

End

of

Period

$

16.67‌

$

14.38‌

$

13.69‌

$

12.70‌

$

12.36‌

$

15.28‌

Total

Return

(c)

15.92‌%

(d)

15.11‌%

13.62‌%

11.56‌%

(8.18‌)%

24.25‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

475,560‌

$

453,952‌

$

465,753‌

$

482,189‌

$

746,787‌

$

997,324‌

Net

Investment

Income/(Loss)

(e)

1.22‌%

1.32‌%

1.47‌%

1.68‌%

1.50‌%

1.27‌%

Expenses

Before

Reductions

(e)(f)

0.74‌%

0.78‌%

0.76‌%

0.76‌%

0.75‌%

0.77‌%

Expenses

Net

of

Reductions

(e)

0.65‌%

0.69‌%

0.67‌%

0.67‌%

0.66‌%

0.68‌%

Portfolio

Turnover

Rate

(g)

21‌%

(d)

13‌%

13‌%

13‌%

12‌%

38‌%

(h)

(a)

Class

1

had

a

2

to

1

reverse

share

split

effective

September

19,

2025.

Prior

year

net

asset

values

and

per

share

amounts

have

been

retrospectively

adjusted

to

reflect

the

impact

of

the

reverse

share

split.

(b)

Calculated

using

the

average

shares

method.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

(g)

Portfolio

turnover

rate

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

classes

of

shares

issued.

(h)

Excludes

impact

of

in-kind

transactions.

Allianz

Variable

Insurance

Products

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

268

See

accompanying

notes

to

the

financial

statements.

AZL

S&P

500

Index

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Class

1

Net

Asset

Value,

Beginning

of

Period

$

23.34‌

$

24.04‌

$

20.39‌

$

17.12‌

$

24.64‌

$

20.53‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

0.12‌

0.25‌

0.26‌

0.27‌

0.28‌

0.26‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

2.24‌

3.90‌

4.74‌

4.04‌

(4.84‌)

5.42‌

Total

from

Investment

Activities

2.36‌

4.15‌

5.00‌

4.31‌

(4.56‌)

5.68‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.32‌)

(0.30‌)

(0.29‌)

(0.29‌)

(0.29‌)

Net

Realized

Gains

—‌

(4.53‌)

(1.05‌)

(0.75‌)

(2.67‌)

(1.28‌)

Total

Dividends

—‌

(4.85‌)

(1.35‌)

(1.04‌)

(2.96‌)

(1.57‌)

Net

Asset

Value,

End

of

Period

$

25.70‌

$

23.34‌

$

24.04‌

$

20.39‌

$

17.12‌

$

24.64‌

Total

Return

(b)

10.11‌%

(c)

17.60‌%

24.74‌%

25.93‌%

(18.31‌)%

28.42‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

92,006‌

$

89,485‌

$

87,584‌

$

79,843‌

$

71,530‌

$

99,137‌

Net

Investment

Income/(Loss)

(d)

1.00‌%

1.01‌%

1.14‌%

1.42‌%

1.37‌%

1.15‌%

Expenses

Before

Reductions

(d)(e)

0.21‌%

0.25‌%

0.23‌%

0.23‌%

0.22‌%

0.24‌%

Expenses

Net

of

Reductions

(d)

0.21‌%

0.25‌%

0.23‌%

0.23‌%

0.22‌%

0.24‌%

Portfolio

Turnover

Rate

(f)

1‌%

(c)

4‌%

11‌%

7‌%

2‌%

17‌%

Class

2

Net

Asset

Value,

Beginning

of

Period

$

23.02‌

$

23.76‌

$

20.18‌

$

16.94‌

$

24.40‌

$

20.35‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

0.09‌

0.18‌

0.20‌

0.22‌

0.23‌

0.20‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

2.20‌

3.86‌

4.68‌

4.01‌

(4.79‌)

5.37‌

Total

from

Investment

Activities

2.29‌

4.04‌

4.88‌

4.23‌

(4.56‌)

5.57‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.25‌)

(0.25‌)

(0.24‌)

(0.23‌)

(0.24‌)

Net

Realized

Gains

—‌

(4.53‌)

(1.05‌)

(0.75‌)

(2.67‌)

(1.28‌)

Total

Dividends

—‌

(4.78‌)

(1.30‌)

(0.99‌)

(2.90‌)

(1.52‌)

Net

Asset

Value,

End

of

Period

$

25.31‌

$

23.02‌

$

23.76‌

$

20.18‌

$

16.94‌

$

24.40‌

Total

Return

(b)

9.95‌%

(c)

17.33‌%

24.37‌%

25.68‌%

(18.51‌)%

28.12‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

2,466,223‌

$

2,518,271‌

$

2,671,250‌

$

2,516,908‌

$

2,331,499‌

$

3,233,900‌

Net

Investment

Income/(Loss)

(d)

0.75‌%

0.76‌%

0.89‌%

1.17‌%

1.12‌%

0.89‌%

Expenses

Before

Reductions

(d)(e)

0.46‌%

0.50‌%

0.48‌%

0.48‌%

0.47‌%

0.49‌%

Expenses

Net

of

Reductions

(d)

0.46‌%

0.50‌%

0.48‌%

0.48‌%

0.47‌%

0.49‌%

Portfolio

Turnover

Rate

(f)

1‌%

(c)

4‌%

11‌%

7‌%

2‌%

17‌%

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

(f)

Portfolio

turnover

rate

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

classes

of

shares

issued.

Allianz

Variable

Insurance

Products

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

269

See

accompanying

notes

to

the

financial

statements.

AZL

Small

Cap

Stock

Index

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

(a)

Year

Ended

December

31,

2024

(a)

Year

Ended

December

31,

2023

(a)

Year

Ended

December

31,

2022

(a)

Year

Ended

December

31,

2021

(a)

(Unaudited)

Class

1

Net

Asset

Value,

Beginning

of

Period

$

13.13‌

$

14.32‌

$

14.72‌

$

14.44‌

$

23.50‌

$

19.52‌

Investment

Activities:

Net

Investment

Income/(Loss)

(b)

0.10‌

0.14‌

0.18‌

0.20‌

0.20‌

0.22‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

3.02‌

0.65‌

1.04‌

1.76‌

(4.22‌)

4.88‌

Total

from

Investment

Activities

3.12‌

0.79‌

1.22‌

1.96‌

(4.02‌)

5.10‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.20‌)

(0.42‌)

(0.32‌)

(0.32‌)

(0.28‌)

Net

Realized

Gains

—‌

(1.78‌)

(1.20‌)

(1.36‌)

(4.72‌)

(0.84‌)

Total

Dividends

—‌

(1.98‌)

(1.62‌)

(1.68‌)

(5.04‌)

(1.12‌)

Net

Asset

Value,

End

of

Period

$

16.25‌

$

13.13‌

$

14.32‌

$

14.72‌

$

14.44‌

$

23.50‌

Total

Return

(c)

23.76‌%

(d)

5.71‌%

8.30‌%

15.64‌%

(16.45‌)%

26.37‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

34,156‌

$

29,597‌

$

32,862‌

$

35,207‌

$

34,525‌

$

46,174‌

Net

Investment

Income/(Loss)

(e)

1.44‌%

1.01‌%

1.18‌%

1.36‌%

1.08‌%

0.95‌%

Expenses

Before

Reductions

(e)(f)

0.33‌%

0.36‌%

0.34‌%

0.33‌%

0.32‌%

0.33‌%

Expenses

Net

of

Reductions

(e)

0.33‌%

0.36‌%

0.34‌%

0.33‌%

0.32‌%

0.33‌%

Portfolio

Turnover

Rate

(g)

13‌%

(d)

22‌%

19‌%

27‌%

12‌%

20‌%

Class

2

Net

Asset

Value,

Beginning

of

Period

$

11.16‌

$

12.45‌

$

12.24‌

$

11.43‌

$

16.77‌

$

13.74‌

Investment

Activities:

Net

Investment

Income/(Loss)

(b)

0.07‌

0.09‌

0.12‌

0.13‌

0.12‌

0.12‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

2.57‌

0.56‌

0.85‌

1.48‌

(2.98‌)

3.44‌

Total

from

Investment

Activities

2.64‌

0.65‌

0.97‌

1.61‌

(2.86‌)

3.56‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.16‌)

(0.16‌)

(0.12‌)

(0.12‌)

(0.11‌)

Net

Realized

Gains

—‌

(1.78‌)

(0.60‌)

(0.68‌)

(2.36‌)

(0.42‌)

Total

Dividends

—‌

(1.94‌)

(0.76‌)

(0.80‌)

(2.48‌)

(0.53‌)

Net

Asset

Value,

End

of

Period

$

13.80‌

$

11.16‌

$

12.45‌

$

12.24‌

$

11.43‌

$

16.77‌

Total

Return

(c)

23.66‌%

(d)

5.46‌%

7.99‌%

15.36‌%

(16.65‌)%

26.04‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

437,262‌

$

405,175‌

$

438,169‌

$

585,025‌

$

585,701‌

$

825,440‌

Net

Investment

Income/(Loss)

(e)

1.19‌%

0.76‌%

0.94‌%

1.12‌%

0.82‌%

0.71‌%

Expenses

Before

Reductions

(e)(f)

0.58‌%

0.61‌%

0.59‌%

0.58‌%

0.57‌%

0.58‌%

Expenses

Net

of

Reductions

(e)

0.58‌%

0.61‌%

0.59‌%

0.58‌%

0.57‌%

0.58‌%

Portfolio

Turnover

Rate

(g)

13‌%

(d)

22‌%

19‌%

27‌%

12‌%

20‌%

(a)

Class

1

had

a

2

to

1

reverse

share

split

effective

September

19,

2025.

Prior

year

net

asset

values

and

per

share

amounts

have

been

retrospectively

adjusted

to

reflect

the

impact

of

the

reverse

share

split.

(b)

Calculated

using

the

average

shares

method.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

(g)

Portfolio

turnover

rate

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

classes

of

shares

issued.

Allianz

Variable

Insurance

Products

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

270

See

accompanying

notes

to

the

financial

statements.

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

16.86‌

$

17.67‌

$

16.40‌

$

16.26‌

$

21.94‌

$

21.14‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

0.13‌

0.29‌

0.35‌

0.37‌

0.23‌

0.16‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.75‌

1.76‌

1.65‌

2.40‌

(2.92‌)

3.54‌

Total

from

Investment

Activities

0.88‌

2.05‌

2.00‌

2.77‌

(2.69‌)

3.70‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.44‌)

(0.41‌)

(0.25‌)

(0.14‌)

(0.23‌)

Net

Realized

Gains

—‌

(2.42‌)

(0.32‌)

(2.38‌)

(2.85‌)

(2.67‌)

Total

Dividends

—‌

(2.86‌)

(0.73‌)

(2.63‌)

(2.99‌)

(2.90‌)

Net

Asset

Value,

End

of

Period

$

17.74‌

$

16.86‌

$

17.67‌

$

16.40‌

$

16.26‌

$

21.94‌

Total

Return

(b)

5.22‌%

(c)

11.50‌%

12.21‌%

18.47‌%

(12.09‌)%

18.12‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

909,805‌

$

954,251‌

$

1,046,948‌

$

1,100,468‌

$

1,076,877‌

$

1,423,754‌

Net

Investment

Income/(Loss)

(d)

1.48‌%

1.63‌%

2.02‌%

2.16‌%

1.21‌%

0.70‌%

Expenses

Before

Reductions

(d)(e)

1.04‌%

1.06‌%

1.05‌%

1.05‌%

1.04‌%

1.05‌%

Expenses

Net

of

Reductions

(d)

0.94‌%

1.00‌%

1.00‌%

1.00‌%

0.99‌%

1.00‌%

Portfolio

Turnover

Rate

55‌%

(c)

120‌%

81‌%

68‌%

86‌%

49‌%

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

271

1.

Organization

The

Allianz

Variable

Insurance

Products

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

July

13,

1999.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies.”

The

Trust

consists

of 15

separate

investment

portfolios,

as

shown

below

(individually,

a

“Fund”,

and

collectively,

the

“Funds”).

Each

Fund

is

a

diversified

series

of

the

Trust.

AZL

DFA

International

Core

Equity

Fund

AZL

DFA U.S.

Core

Equity Fund

AZL

Enhanced

Bond

Index

Fund

AZL

Fidelity

Institutional

Asset Management

Multi-Strategy

Fund

AZL

Fidelity

Institutional

Asset Management

Total

Bond

Fund

AZL

Government

Money

Market

Fund

AZL

International

Index

Fund

AZL

Mid

Cap

Index

Fund

AZL

Moderate

Index

Strategy

Fund

AZL

MSCI

Global

Equity

Index

Fund

AZL

Russell

1000

Growth

Index

Fund

AZL

Russell

1000

Value

Index

Fund

AZL

S&P

500

Index

Fund

AZL

Small

Cap

Stock

Index

Fund

AZL

T.

Rowe

Price

Capital

Appreciation

Fund 

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

each

Fund

without

par

value.

Shares

of

the

Funds

are

available

through

the

variable

annuity

contracts

and

variable

life

insurance

policies offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Funds

only

offer their

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

The

AZL

Moderate

Index

Strategy

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

“Underlying

Funds”).

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

may

enter

into

contracts

with their

vendors

and

others

that

provide

for

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2.

 Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

preparation

of their

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Security

Valuation

The

Funds,

except

the

AZL

Government

Money

Market

Fund,

record

their

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

The

AZL

Government

Money

Market

Fund,

which

operates

as

a

government

money

market

fund,

is

eligible

and

has

elected

to

use

the

amortized

cost

method

of

valuation

pursuant

to

Rule

2a-7

under

the

1940

Act.

This

involves

valuing

an

instrument

at

its

cost

initially

and

thereafter

assuming

a

constant

accretion

or

amortization

to

maturity

of

any

discount

or

premium,

respectively,

regardless

of

the

impact

of

fluctuating

interest

rates

on

the

market

value

of

the

instrument.

This

method

may

result

in

periods

during

which

value,

as

determined

by

amortized

cost,

is

higher

or

lower

than

the

price

the

Fund

would

receive

if

it

sold

the

investment.

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

272

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

the

trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Foreign

Currency

Translation

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

are

translated

into

U.S.

dollars

at

the

current

rate

of

exchange

to

determine

the

fair

value

of

investments,

assets

and

liabilities.

Purchases

and

sales

of

securities,

and

income

and

expenses

are

translated

at

the

prevailing

rate

of

exchange

on

the

respective

dates

of

such

transactions.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations

are

included

in

the

net

realized

and

unrealized

gain

or

loss

on

investments

and

foreign

currencies.

Withholding

Taxes

and

Reclaims

Income

received

by

the

Funds

from

sources

within

foreign

countries

may

be

subject

to

withholding

and

other

income

or

similar

taxes

imposed

by

such

countries.

The

Funds

accrue

such

taxes,

as

applicable,

based

on

their

current

interpretation

of

tax

rules

in

the

foreign

markets

in

which

they

invest.

Amounts

withheld

in

excess

of

the

Funds’

estimated

tax

obligation

are

recorded

as

tax

reclaims

receivables

when

recovery

is

considered

probable

and

can

be

reasonably

estimated.  These

receivables

are

reflected

on

the

Funds’

Statements

of

Assets

and

Liabilities,

as

applicable.  Recovery

of

the

tax

reclaims

may

not

be

successful.  Foreign

tax

reclaims

are

reviewed

periodically

based

on

status

with

the

relevant

tax

authorities

and

adjusted

as

necessary.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Funds,

except

the

AZL

Government

Money

Market

Fund,

distribute

their

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

AZL

Government

Money

Market

Fund

declares

daily

and

distributes

monthly

dividends

from

net

investment

income,

if

any,

and

distributes

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/

tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

a

specific

Fund

are

charged

directly

to

that

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Each

class

of

shares,

as

applicable, bears

its

pro-rata

portion

of

expenses

attributable

to

its

series,

except

that

each

class

separately

bears

expenses

related

specifically

to

that

class,

such

as

distribution

fees. Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Trust,

the

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

the AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”)

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Funds

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Funds

serve

as investment

vehicles.

Class

Allocation

The

investment

income,

expenses

(other

than

class

specific

expenses

charged

to

a

class),

realized

and

unrealized

gains

and

losses

on

investments

of

the

Funds

are

allocated

to

each

class

of

shares,

as

applicable, based

upon

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

All

share

classes

have

equal

voting

rights,

except

that

voting

with

respect

to

matters

that

affect

a

single

class

is

limited

to

shares

of

that

class.

Consolidation

of

Subsidiary

Effective

as

of

the

close

of

business

March

10,

2023,

the

AZL

International

Index

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

June

30,

2026,

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

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

273

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

for

the

period ended

June

30,

2026.

All

intercompany

transactions

have

been

eliminated.

Bank

Loans

Certain Funds

may

invest

in

bank

loans,

which

generally

have

interest

rates

which

are

reset

periodically

by

reference

to

a

base

lending

rate

plus

a

premium

as

shown

in

the

Schedules

of

Portfolio

Investments.

Bank

loans

often

require

prepayments

from

excess

cash

flows

or

allow

the

borrower

to

repay

at

its

election.

The

rate

at

which

the

borrower

repays

cannot

be

predicted

with

accuracy.

Therefore,

the

anticipated

or

actual

maturity

may

be

considerably

earlier

than

the

stated

maturity

shown

in

the

Schedules

of

Portfolio

Investments.

All

or

a

portion

of

any

bank

loans

may

be

unfunded.

The

Funds

separately

reflect

both

the

funded

portion

of

a

bank

loan and

its

unfunded

commitment,

if

any, in the

Schedules

of

Portfolio

Investments.

The

portfolio

is

obligated

to

fund

any

commitments

at

the

borrower’s

discretion.

Therefore,

the

portfolio

must

have

funds

sufficient

to

cover

its

contractual

obligation.

Private

Placements

Certain

Funds

may

invest

in

private

placement

securities

which

are

securities

issued

by

corporations

without

registration

under

the

Securities

Act

of

1933,

as

amended

(the

“1933

Act”),

in

reliance

on

a

“private

placement”

exemption.

These

unregistered

securities

may

be

restricted

and

generally

are

sold

to

institutional

investors,

such

as

the

Funds,

who

agree

that

they

are

purchasing

the

securities

for

investment

and

not

with

a

view

to

public

distribution.

Unregistered

securities

are

normally

resold

to

other

institutional

investors

through

or

with

the

assistance

of

the

issuer

or

investment

dealers

who

make

a

market

in

such

securities.

Real

Estate

Investment

Trusts

Certain

Funds

may

own

shares

of

real

estate

investment

trusts

(“REITs”)

which

report

information

on

the

source

of

their

distributions

annually.

Distributions

from

REITs

may

be

characterized

as

ordinary

income,

net

capital

gain

and/or

a

return

of

capital.

A

return

of

capital

is

recorded

as

a

reduction

of

cost

of

the

individual

REIT.

A

REIT

may

focus

on

particular

types

of

projects,

such

as

apartment

complexes

or

shopping

centers,

or

on

particular

geographic

regions,

or

both.

An

investment

in

a

REIT

may

be

subject

to

certain

risks

similar

to

those

associated

with

direct

ownership

of

real

estate,

including:

declines

in

the

value

of

real

estate;

risks

related

to

general

and

local

economic

conditions,

overbuilding

and

competition;

increases

in

property

taxes

and

operating

expenses;

and

variations

in

rental

income.

Repurchase

Agreements

The

AZL

Government

Money

Market

Fund may

invest

in

repurchase

agreements

with

financial

institutions

such

as

member

banks

of

the

Federal

Reserve

System

or

from

registered

broker/dealers

that

the

Manager

deems

creditworthy

under

guidelines

approved

by

the

Board,

subject

to

the

seller’s

agreement

to

repurchase

such

securities

at

a

mutually

agreed-upon

date

and

price.

The

repurchase

price

generally

equals

the

price

paid

by the

Fund

plus

interest

negotiated

on

the

basis

of

current

short-term

rates.

The

seller

under

a

repurchase

agreement

is

required

to

maintain

the

value

of

collateral

held

pursuant

to

the

agreement

at

not

less

than

the

repurchase

price

(including

accrued

interest).

Securities

subject

to

repurchase

agreements

are

held

by

the

Fund’s

custodian,

another

qualified

sub-custodian,

or

in

the

Federal

Reserve

book-entry

system.

Master

Repurchase

Agreements

(“MRA”)

permit

the

Fund,

under

certain

circumstances,

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

receivables

under

the

MRA

with

collateral

posted

by

the

counterparty

and

create

one

net

payment

due

to

or

from

the

Fund.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

MRA

counterparty’s

bankruptcy

or

insolvency.

Pursuant

to

the

terms

of

the

MRA,

the

Fund

receives

securities

as

collateral

with

a

market

value

in

excess

of

the

repurchase

price

to

be

received

by

the

Fund

upon

the

maturity

of

the

transaction.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty,

the

Fund

would

recognize

a

liability

with

respect

to

such

excess

collateral

to

reflect

the

Fund’s

obligation

under

bankruptcy

law

to

return

the

excess

to

the

counterparty.

Securities

Purchased

on

a

When-Issued

Basis

Certain

Funds

may

purchase

securities

on

a

when-issued

basis.

When-issued

securities

are

securities

purchased

for

delivery

beyond

the

normal

settlement

date

at

a

stated

price

and

yield

and

thereby

involve

risk

that

the

yield

obtained

in

the

transaction

will

be

less

than

that

available

in

the

market

when

the

delivery

takes

place.

The

Funds

will

not

pay

for

such

securities

or

start

earning

interest

on

them

until

they

are

received.

When

the

Funds

agree

to

purchase

securities

on

a

when-issued

basis,

the

Funds

will

segregate

or

designate

cash

or

liquid

assets

equal

to

the

amount

of

the

commitment.

Securities

purchased

on

a

when-issued

basis

are

recorded

as

an

asset

and

are

subject

to

changes

in

the

value

based

upon

changes

in

the

general

level

of

interest

rates.

The

Funds

may

sell

when-issued

securities

before

they

are

delivered,

which

may

result

in

a

capital

gain

or

loss.

Short

Sales

Certain

Funds

may

engage

in

short

sales

against

the

box

(i.e.,

where

the

Funds

own

or

have

an

unconditional

right

to

acquire

at

no

additional

cost

a

security

substantially

similar

to

the

security

sold

short)

for

hedging

purposes

to

limit

exposure

to

a

possible

market

decline

in

the

value

of

its

portfolio

securities.

In

a

short

sale,

the

Fund

sells

a

borrowed

security

and

has

a

corresponding

obligation

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

274

to

the

lender

to

return

the

identical

security.

The

Funds

may

also

incur

an

interest

expense

if

a

security

that

has

been

sold

short

has

an

interest

payment.

When

the

Funds

engage

in

a

short

sale,

the

Funds

record

a

liability

for

securities

sold

short

and

record

an

asset

equal

to

the

proceeds

received.

The

amount

of

the

liability

is

subsequently

marked

to

market

to

reflect

the

market

value

of

the

securities

sold

short.

To

borrow

the

security,

the

Funds

also

may

be

required

to

pay

a

premium,

which

would

increase

the

cost

of

the

security

sold.

Structured

Notes

Certain

Funds

may

invest

in

structured

notes,

the

values

of

which

are

based

on

the

price

movements

of

a

reference

security

or

index.

Structured

notes

are

derivative

debt

securities,

the

interest

rate

or

principal

of

which

is

determined

by

an

unrelated

indicator.

The

terms

of

the

structured

notes

may

provide

that

in

certain

circumstances

no

principal

is

due

at

maturity

and

therefore,

may

result

in

a

loss

of

invested

capital.

Structured

notes

may

be

positively

or

negatively

indexed,

so

that

appreciation

of

the

reference

security

or

index may

produce

an

increase

or

a

decrease

in

the

interest

rate

or

the

value

of

the

structured

note

at

maturity

may

be

calculated

as

a

specified

multiple

of

the

change

in

the

value

of

the

reference

security

or

index;

therefore,

the

value

of

such

security

may

be

very

volatile.

Structured

notes

may

entail

a

greater

degree

of

market

risk

than

other

types

of

debt

securities

because

the

investor

bears

the

risk

of

the

reference

security

or

index.

Structured

notes

may

also

be

more

volatile,

less

liquid,

and

more

difficult

to

accurately

price

than

less

complex

securities

or

more

traditional

debt

securities.

TBA

Purchase

and

Sales

Commitments

Certain

Funds

may

enter

into

to-be-announced

(“TBA”)

purchase

or

sale

commitments,

pursuant

to

which

they

agree

to

purchase

or

sell,

respectively,

mortgage-backed

securities

for

a

fixed

unit

price,

with

payment

and

delivery

at

a

scheduled

future

date

beyond

the

customary

settlement

period

for

such

securities.

With

TBA

transactions,

the

particular

securities

to

be

delivered

are

not

identified

at

the

trade

date;

however,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate,

and

mortgage

term,

and

be

within

industry-accepted

“good

delivery”

standards.

The

Funds

may

enter

into

TBA

purchase

transactions

with

the

intention

of

taking

possession

of

the

underlying

securities,

may

elect

to

extend

the

settlement

by

“rolling”

the

transaction,

and/or

may

use

TBAs

to

gain

interim

exposure

to

underlying

securities.

Until

settlement,

the

Funds

maintain

liquid

assets

sufficient

to

settle their

TBA

commitments.

To

mitigate

counterparty

risk,

the

Funds

have

entered

into

agreements

with

TBA

counterparties

that

provide

for

collateral

and

the

right

to

offset

amounts

due

to

or

from

those

counterparties

under

specified

conditions.

Subject

to

minimum

transfer

amounts,

collateral

requirements

are

determined

and

transfers

made

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

TBA

commitments

with

a

particular

counterparty.

At

any

time,

the

Funds’

risk

of

loss

from

a

particular

counterparty

related

to their

TBA

commitments

is

the

aggregate

unrealized

gain

on

appreciated

TBAs

in

excess

of

unrealized

loss

on

depreciated

TBAs

and

collateral

held,

if

any,

by

such

counterparty.

As

of

June

30,

2026,

no

collateral

had

been

posted

by

the

Funds

to

counterparties

for

TBAs.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

certain

Funds

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager

and

Subadvisers,

as

applicable.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended

June

30,

2026,

the

Funds

did

not

engage

in

any

Rule

17a-7

transactions. 

Securities

Lending

To

generate

additional

income,

the

Funds,

except

the

AZL

Government

Money

Market

Fund

and

AZL

Moderate

Index

Strategy

Fund,

may

lend

up

to

33

1⁄3%

of

their

respective

assets

pursuant

to

agreements

requiring

that

the

loan

be

continuously

secured

by

any

combination

of

cash,

U.S.

government

or

U.S.

government

agency

securities,

equal

initially

to

at

least

102%

of

the

fair

value

plus

accrued

interest

on

the

securities

loaned

(105%

for

foreign

securities).

The

borrower

of

securities

is

at

all

times

required

to

post

collateral

to

the

Funds

in

an

amount

equal

to

100%

of

the

fair

value

of

the

securities

loaned

based

on

the

previous

day’s

fair

value

of

the

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

are

adjusted

the

next

business

day.

The

Funds

bear

all

of

the

gains

and

losses

on

such

investments.

The

Funds

receive

payments

from

borrowers

equivalent

to

the

dividends

and

interest

that

would

have

been

earned

on

securities

lent

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral

received.

In

extremely

low

interest

rate

environments,

the

broker

rebate

fee

may

exceed

the

interest

earned

on

the

cash

collateral

which

would

result

in

a

loss

to

the

specific Fund.

The

investment

of

cash

collateral

deposited

by

the

borrower

is

subject

to

inherent

market

risks

such

as

interest

rate

risk,

credit

risk,

liquidity

risk,

and

other

risks

that

are

present

in

the

market,

and

as

such,

the

value

of

these

investments

may

not

be

sufficient,

when

liquidated,

to

repay

the

borrower

when

the

loaned

security

is

returned.

There

may

be

risks

of

delay

in

recovery

of

the

securities

or

even

loss

of

rights

in

the

collateral

should

the

borrower

of

the

securities

fail

financially.

However,

loans

will

be

made

only

to

borrowers,

such

as

broker-dealers,

banks

or

institutional

borrowers

of

securities,

deemed

by

the

Manager

to

be

of

good

standing

and

credit

worthy

and

when

in

its

judgment,

the

consideration

which

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

275

can

be

earned

currently

from

such

securities

loans

justifies

the

attendant

risks.

Loans

are

subject

to

termination

by

the

Trust

or

the

borrower

at

any

time,

and

are,

therefore,

not

considered

to

be

illiquid

investments.

Securities

on

loan

at June

30,

2026 are

presented

on

the

Funds’

Schedules

of

Portfolio

Investments.

Cash

collateral

received

in

connection

with

securities

lending

is

invested

on

behalf

of

the

Funds

in

the

BlackRock

Liquidity

FedFund,

Institutional

Class,

a

money

market

fund

which

invests

in

short-term

investments

that

have

a

remaining

maturity

of

397

days

or

less

in

accordance

with

Rule

2a-7

under

the

1940

Act.

The

Funds

pay

the

securities

lending

agent

9%

of

the

gross

revenues

received

from

securities

lending

activities

and

keep

91%.

The

Funds

paid

securities

lending

fees

during

the

period

ended June

30,

2026 as

follows:

These

fees

have

been

netted

against

“Income

from

securities

lending

(net

of

rebates

and

fees)”

on

the

Funds’

Statements

of

Operations.

The

Funds

had

securities

lending

transactions

accounted

for

as

secured

borrowings

with

cash

collateral

of

overnight

and

continuous

maturities

as

of

June

30,

2026 as

noted

on

the

Funds’

Statements

of

Assets

and

Liabilities.

At

June

30,

2026,

there

were

no

master

netting

provisions

in

the

securities

lending

agreement.

Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Funds’

Schedules

of

Portfolio

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Funds,

including

the

primary

underlying

risk

exposures

related

to

each

instrument

type.

Forward

Currency

Contracts

During

the

period

ended June

30,

2026,

the

AZL

Enhanced

Bond

Index

Fund

entered

into

forward

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

or

to

hedge

the

U.S.

dollar

value

of

securities

denominated

in

a

particular

currency.

In

addition

to

the

foreign

currency

risk

related

to

the

use

of

these

contracts,

the

Fund

could

be

exposed

to

risks

if

the

counterparties

to

the

contracts

are

unable

to

meet

the

terms

of

their

contracts

and

from

unanticipated

movements

in

the

value

of

a

foreign

currency

relative

to

the

U.S.

dollar.

In

the

event

of

default

by

the

counterparty

to

the

transaction,

the

Fund’s

maximum

amount

of

loss,

as

either

the

buyer

or

the

seller,

is

the

unrealized

appreciation

of

the

contract.

The

forward

currency

contracts

are

adjusted

by

the

daily

exchange

rate

of

the

underlying

currency

and

any

gains

or

losses

are

recorded

for

financial

statement

purposes

as

unrealized

gains

or

losses

until

the

contract

settlement

date.

When

the

contract

is

closed,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

For

the

period

ended June

30,

2026,

the

monthly

average

notional

amount

for

long

contracts

was

$3.2

million.

There

was

no

short

contract

activity

during

the

period.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

forward

currency

contracts”

on

the

Fund’s Statement

of

Operations.

Futures

Contracts

During

the

period

ended

June

30,

2026, certain Funds

invested

in

futures

contracts

to

provide

market

exposure

on

the

Funds’

cash

balances. Futures

contracts

are

valued

based

upon

their

quoted

daily

settlement

prices.

Upon

entering

into

a

futures

contract,

the

Funds are

required

to

segregate

liquid

assets

in

accordance

with

the

initial

margin

requirements

of

the

broker

or

exchange.

Futures

contracts

are

marked-to-market

daily

and

a

payable

or

receivable

for

the

change

in

value

(“variation

margin”),

if

any,

is

recorded

by

the

Funds.

Gains

or

losses

are

recognized

but

not

considered

realized

until

the

contracts

expire

or

are

closed.

Futures

contracts

involve,

to

varying

degrees,

elements

of

market

risk

(generally

equity

price

risk

related

to

stock

futures,

interest

rate

risk

related

to

bond

futures,

and

foreign

currency

risk

related

to

currency

futures)

and

exposure

to

loss

in

excess

of

the

variation

Fund

Name

Value

of

Collateral

Received

Value

of

Securities

on

Loan

Securities

Lending

Fees

Paid

AZL

DFA

International

Core

Equity

Fund

$

4,841,758‌

$

4,605,377‌

$

2,955‌

AZL

DFA

U.S.

Core

Equity

Fund

1,418,386‌

1,347,039‌

447‌

AZL

Enhanced

Bond

Index

Fund

97,526‌

93,190‌

1,307‌

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

2,572,282‌

2,464,912‌

2,574‌

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

564,148‌

541,041‌

523‌

AZL

International

Index

Fund

9,012,215‌

8,584,891‌

6,271‌

AZL

Mid

Cap

Index

Fund

2,893,091‌

2,857,857‌

1,040‌

AZL

MSCI

Global

Equity

Index

Fund

2,262,672‌

1,874,044‌

669‌

AZL

Russell

1000

Growth

Index

Fund

783,536‌

768,792‌

222‌

AZL

Russell

1000

Value

Index

Fund

763,676‌

728,290‌

420‌

AZL

S&P

500

Index

Fund

107,63

6‌

105,601‌

140‌

AZL

Small

Cap

Stock

Index

Fund

5,123,540‌

4,889,410‌

1,343‌

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

1,187,514‌

1,171,249‌

587‌

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

276

margin

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

the

imperfect

correlation

between

the

change

in

value

of

the

underlying

securities

and

the

prices

of

futures

contracts,

the

possibility

of

an

illiquid

market,

and

the

inability

of

the

counterparty

to

meet

the

terms

of

the

contract.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statements

of

Operations. 

For

the

period

ended

June

30,

2026,

the

monthly

average

notional

amounts

were

as

follows:

Options

Contracts

Certain

Funds

may

purchase

or

write

put

and

call

options

on

a

security

or

an

index

of

securities.

During

the

period

ended June

30,

2026,

the

AZL

T.

Rowe

Price

Capital

Appreciation Fund

wrote

call

and

put

options

to

increase

or

decrease

its

exposure

to

underlying

instruments

(including

equity

risk,

interest

rate

risk

and/or

foreign

currency

exchange

rate

risk)

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

Purchased

Options

Contracts

—

The

Fund

pays

a

premium

which

is

included

in

“Investments,

at

value”

on

the

Statement

of

Assets

and

Liabilities

and

marked-to-market

to

reflect

the

current

value

of

the

option

when

purchasing

options.

Premiums

paid

for

purchasing

options

that

expire

are

treated

as

realized

losses.

When

a

put

option

is

exercised

or

closed,

premiums

paid

for

purchasing

options

are

offset

against

proceeds

to

determine

the

realized

gain/loss

on

the

transaction.

The

Fund

bears

the

risk

of

loss

of

the

premium

and

change

in

value

should

the

counterparty

not

perform

under

the

contract.

There

was

no

purchased

option

activity

during

the

period.

Written

Options

Contracts

—

The

Fund

receives

a

premium

which

is

recorded

as

a

liability

and

is

subsequently

adjusted

to

the

current

value

of

the

options

written.

Premiums

received

from

writing

options

that

expire

are

treated

as

realized

gains.

Premiums

received

from

writing

options

that

are

either

exercised

or

closed

are

offset

against

the

proceeds

received

or

the

amount

paid

on

the

transaction

to

determine

realized

gains

or

losses.

The

risk

associated

with

writing

an

option

is

that

the

Fund

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

an

underlying

asset

and

is

required

to

buy

or

sell

an

underlying

asset

under

the

contractual

terms

of

the

option

at

a

price

different

from

the

current

value.

As

of

June

30,

2026,

securities

valued

at

$1,715,746

have

been

segregated

as

collateral

as

reported

on

the

Fund’s

Schedule

of

Portfolio

Investments.

For

the

period

ended June

30,

2026,

the

monthly

average

notional

amount

for

written

options

contracts

was

$47.2 million.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

written

options

contracts”

on

the

Fund’s Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Funds’

Statements

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2026: 

Fund

Name

Long

Contracts

Short

Contracts

AZL

Enhanced

Bond

Index

Fund

$

720,775,767‌

$

217,020,443‌

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

51,858,798‌

–‌

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

12,496,233‌

–‌

AZL

International

Index

Fund

8,861,297‌

–‌

AZL

Mid

Cap

Index

Fund

2,622,408‌

–‌

AZL

MSCI

Global

Equity

Index

Fund

1,640,943‌

–‌

AZL

Russell

1000

Growth

Index

Fund

2,199,849‌

–‌

AZL

Russell

1000

Value

Index

Fund

3,947,656‌

–‌

AZL

S&P

500

Index

Fund

13,438,873‌

–‌

AZL

Small

Cap

Stock

Index

Fund

2,435,647‌

–‌

Primary

Risk

Exposure

Derivative

Classification

Asset

Derivatives*

Liability

Derivatives*

Equity

Risk:

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Futures

Contracts

$

8,760

$

–

AZL

International

Index

Fund

Futures

Contracts

67,554

–

AZL

Mid

Cap

Index

Fund

Futures

Contracts

32,648

–

AZL

MSCI

Global

Equity

Index

Fund

Futures

Contracts

22,023

–

AZL

Russell

1000

Growth

Index

Fund

Futures

Contracts

171,278

–

AZL

Russell

1000

Value

Index

Fund

Futures

Contracts

16,734

–

AZL

S&P

500

Index

Fund

Futures

Contracts

–

10,503

AZL

Small

Cap

Stock

Index

Fund

Futures

Contracts

11,154

–

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Options

Contracts

–

5,267,903

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

277

*

For

futures

contracts,

the

amounts

represent

the

cumulative

appreciation/depreciation

of

these

futures

contracts

as

reported

in

the

Schedule

of

Portfolio

Investments.

Only

the

current

day’s

variation

margin,

if

any,

is

reported

within

the

Statement

of

Assets

and

Liabilities

as

Variation

margin

on

futures

contracts.

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Funds’

Statements

of

Operations,

categorized

by

risk

exposure, for

the

period ended

June

30,

2026: 

*

Realized

gains

and

losses

of

futures

contracts

are

reported

as

“Net

realized

gains/(losses)

on

futures

contract

transactions”

on

the

Funds’

Statements

of

Operations.

Changes

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

are

reported

as

“Change

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts”

on

the

Funds’

Statements

of

Operations.

Realized

gains

and

losses

of

written

options

contracts

are

reported

as

“Net

realized

gains/(losses)

on

written

option

contract

transactions”

on

the

Funds’

Statements

of

Operations.

Changes

in

net

unrealized

appreciation/(depreciation)

on

written

option

contracts

are

reported

as

“Change

in

net

unrealized

appreciation/(depreciation)

on

written

option

contracts”

on

the

Funds’

Statements

of

Operations.

Realized

gains

and

losses

of

forward

currency

contracts

are

reported

as

“Net

realized

gains/

(losses)

on

forward

currency

contract

transactions”

on

the

Funds’

Statements

of

Operations.

Changes

in

net

unrealized

appreciation/(depreciation)

on

forward

currency

contracts

are

reported

as

“Change

in

net

unrealized

appreciation/(depreciation)

on

forward

currency

contracts”

on

the

Funds’

Statements

of

Operations.

The

AZL

Enhanced

Bond Index

Fund

and

the

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

are

generally

subject

to

master

netting

agreements

that

allow

for

amounts

owed

between

the

specific Fund

and

the

counterparty

to

be

netted.

The

party

that

has

the

larger

payable

pays

the

excess

of

the

larger

amount

over

the

smaller

amount

to

the

other

party.

The

master

netting

agreements

do

not

apply

to

amounts

owed

to/from

different

counterparties.

The

amounts

shown

in

the

Statements

of

Assets

and

Liabilities

do

not

take

into

consideration

the

effects

of

legally

enforceable

master

netting

agreements.

The

table

below

presents

the

gross

and

net

amounts

of

these

assets

and

liabilities

with

any

offsets

to

reflect each Fund’s

ability

to

transact

net

amounts

in

accordance

with

the

master

netting

agreements

at

June

30,

2026.

For

financial

reporting

purposes,

the Funds

do

not

offset

derivative

assets

Primary

Risk

Exposure

Derivative

Classification

Asset

Derivatives*

Liability

Derivatives*

Foreign

Exchange

Risk:

AZL

Enhanced

Bond

Index

Fund

Forward

Currency

Contracts

$

273,817

$

13,838

Interest

Rate

Risk:

AZL

Enhanced

Bond

Index

Fund

Futures

Contracts

$

941,368

$

58,336

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Futures

Contracts

86,000

–

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Futures

Contracts

27,700

–

Primary

Risk

Exposure

Derivative

Classification

Realized

Gains/(Losses)

on

Derivatives

Recognized

*

Change

in

Net

Unrealized

Appreciation/

(Depreciation)

Derivatives

Recognized

*

Equity

Risk:

AZL

Enhanced

Bond

Index

Fund

Futures

Contracts

$

(526

)

$

–

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Futures

Contracts

119,052

51,628

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Futures

Contracts

(27

)

–

AZL

International

Index

Fund

Futures

Contracts

1,135,957

(20,650

)

AZL

Mid

Cap

Index

Fund

Futures

Contracts

598,274

66,400

AZL

MSCI

Global

Equity

Index

Fund

Futures

Contracts

55,743

11,142

AZL

Russell

1000

Growth

Index

Fund

Futures

Contracts

64,812

165,650

AZL

Russell

1000

Value

Index

Fund

Futures

Contracts

463,809

13,419

AZL

S&P

500

Index

Fund

Futures

Contracts

426,283

(21,055

)

AZL

Small

Cap

Stock

Index

Fund

Futures

Contracts

758,279

14,706

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Options

Contracts

1,575,910

(429,992

)

Foreign

Exchange

Risk:

AZL

Enhanced

Bond

Index

Fund

Forward

Currency

Contracts

$

76,505

$

262,229

Interest

Rate

Risk:

AZL

Enhanced

Bond

Index

Fund

Futures

Contracts

$

(11,200,682

)

$

764,188

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Futures

Contracts

(1,156,712

)

166,183

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Futures

Contracts

(304,307

)

50,279

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

278

and

derivative

liabilities

that

are

subject

to

master

netting

arrangements

in

the

Statements

of

Assets

and

Liabilities.

This

table

also

summarizes

the

fair

values

of

derivative

instruments

on

the Funds’

Statements

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2026.

As

of

June

30,

2026,

the Funds’

derivative

assets

and

liabilities

by

type

were

as

follows:

The

following

table

presents

the

Funds’

derivative assets

by

counterparty

net

of

amounts

available

for

offset

under

MNA

and

net

of

the

related

collateral

pledged

by

the

Funds

as

of

June

30,

2026:  

*

The

actual

collateral

received

may

be

in

excess

of

the

amounts

shown

in

the

table.

The

table

only

reflects

collateral

amounts

up

to

the

amounts

of

the

financial

instruments

disclosed

on

the

Statements

of

Assets

and

Liabilities.

The

following

table

presents

the

Funds’

derivative liabilities

by

counterparty

net

of

amounts

available

for

offset

under

MNA

and

net

of

the

related

collateral

pledged

by

the

Funds

as

of

June

30,

2026:  

*

The

actual

collateral

pledged

may

be

in

excess

of

the

amounts

shown

in

the

table.

The

table

only

reflects

collateral

amounts

up

to

the

amounts

of

the

financial

instruments

disclosed

on

the

Statements

of

Assets

and

Liabilities.

Assets

Liabilities

AZL

Enhanced

Bond

Index

Fund

Derivative

Financial

Instruments:

Forward

currency

contracts

$

273,817‌

$

13,838‌

Futures

contracts

—‌

705,551‌

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

273,817‌

719,389‌

Derivatives

not

subject

to

a

master

netting

agreement

or

similar

agreement

(“MNA”)

—‌

(705,551‌)

Total

derivative

assets

and

liabilities

subject

to

a

MNA

$

273,817‌

$

13,838‌

AZL

T.

Rowe

Price

Capital

Appreciation Fund

Derivative

Financial

Instruments:

Written

options

contracts

$

—‌

$

5,267,903‌

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

—‌

5,267,903‌

Derivatives

not

subject

to

a

master

netting

agreement

or

similar

agreement

(“MNA”)

—‌

—‌

Total

derivative

assets

and

liabilities

subject

to

a

MNA

$

—‌

$

5,267,903‌

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

Non-Cash

Collateral

Received

*

Cash

Collateral

Received

*

Net

Amount

of

Derivative

Assets

AZL

Enhanced

Bond

Index

Fund

BNP

Paribas

SA

$

100,688

$

—

$

—

$

—

$

100,688

HSBC

65,380

(4,043)

—

—

61,337

JPMorgan

Chase

84,614

(838)

—

—

83,776

Natwest

Capital

Markets,

Ltd.

23,135

—

—

—

23,135

Total

$

273,817

$

(4,881)

$

—

$

—

$

268,936

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

Non-Cash

Collateral

Pledged

*

Cash

Collateral

Pledged

*

Net

Amount

of

Derivative

Liabilities

AZL

Enhanced

Bond

Index

Fund

HSBC

$

4,043

$

(4,043)

$

—

$

—

$

—

JPMorgan

Chase

838

(838)

—

—

—

Morgan

Stanley

8,957

—

—

—

8,957

Total

$

13,838

$

(4,881)

$

—

$

—

$

8,957

AZL

T.

Rowe

Price

Capital

Appreciation Fund

Bank

of

America

$

689,500

$

—

$

(604,943)

$

—

$

84,557

Barclays

Bank

229,292

—

—

—

229,292

Citigroup

313,438

—

—

—

313,438

Goldman

Sachs

627,216

—

(593,596)

—

33,620

JPMorgan

Chase

1,870,044

—

—

—

1,870,044

Nomura

38,154

—

—

—

38,154

UBS

841,875

—

—

—

841,875

Wells

Fargo

658,384

—

(517,207)

—

141,177

Total

$

5,267,903

$

—

$

(1,715,746)

$

—

$

3,552,157

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

279

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Funds.

The

Manager

is

entitled

to

a

fee,

computed

daily

and

paid

monthly,

based

on

the

average

daily

net

assets

of

each

Fund.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statements

of

Operations

as

“Management

fees.”

The

Manager

has

contractually

agreed

to

waive

fees

and

assume

certain

expenses

of

each

Fund

to

limit

the

annual

expenses,

excluding

(i)

brokerage

expenses

(including

any

costs

incidental

to

transactions

in

portfolio

securities

or

instruments),

(ii)

acquired

fund

fees

and

expenses,

(iii)

taxes,

(iv)

interest

(including

borrowing

costs

and

dividend

expenses

on

securities

sold

short

and

overdraft

charges),

(v)

litigation

expenses

(including

litigation

to

which

the

Trust

or

the Fund

may

be

a

party

and

indemnification

of

the

Trustees

and

officers

with

respect

thereto),

and

(vi)

other

extraordinary

or

non-routine

expenses

(including

expenses

arising

from

mergers,

acquisitions

or

similar

transactions

involving

any

Fund),

based

on

the

average

net

assets

of

each

Fund,

through

April

30,

2027.

For

the

period

ended

June

30,

2026,

the

annual

management

fee

rates

due

to

the

Manager

and

the

annual

expense

limits

were

as

follows:

(a)

The

annual

rate

due

to

the

Manager

is

0.43%

of

the

first

$20

billion

of

the

Fund’s

average

daily

net

assets

and

0.40%

of

the

Fund’s

average

daily

net

assets

over

$20

billion.

(b)

The

annual

rate

due

to

the

Manager

is

0.50%

of

the

first

$2.5

billion

of

the

Fund’s

average

daily

net

assets,

0.40%

of

the

next

$15

billion

of

the

Fund’s

average

daily

net

assets,

and

0.37%

on

the

Fund’s

average

daily

net

assets

over

$17.5

billion.

(c)

The

annual

rate

due

to

the

Manager

is

0.70%

of

the

first

$5

billion

of

the

Fund’s

net

assets,

0.65%

of

the

next

$5

billion

of

the

Fund’s

net

assets,

and

0.61%

of

the

Fund’s

assets

over

$10

billion.

Fund

Name

Annual

Rate

Annual

Expense

Limit

AZL

DFA

International

Core

Equity

Fund

0.95%

1.39%

AZL

DFA

U.S.

Core

Equity

Fund

0.80%

1.20%

AZL

Enhanced

Bond

Index

Fund

0.35%

0.70%

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund,

Class

1

(a)

0.43%

0.46%

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund,

Class

2

(a)

0.43%

0.71%

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund,

Class

1

(b)

0.50%

0.70%

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund,

Class

2

(b)

0.50%

0.95%

AZL

Government

Money

Market

Fund

0.35%

0.87%

AZL

International

Index

Fund,

Class

1

0.35%

0.52%

AZL

International

Index

Fund,

Class

2

0.35%

0.77%

AZL

Mid

Cap

Index

Fund,

Class

1

0.25%

0.46%

AZL

Mid

Cap

Index

Fund,

Class

2

0.25%

0.71%

AZL

Moderate

Index

Strategy

Fund

0.20%

0.20%

AZL

MSCI

Global

Equity

Index

Fund,

Class

1

(c)

0.70%

0.55%

AZL

MSCI

Global

Equity

Index

Fund,

Class

2

(c)

0.70%

0.80%

AZL

Russell

1000

Growth

Index

Fund,

Class

1

0.44%

0.59%

AZL

Russell

1000

Growth

Index

Fund,

Class

2

0.44%

0.84%

AZL

Russell

1000

Value

Index

Fund,

Class

1

0.44%

0.59%

AZL

Russell

1000

Value

Index

Fund,

Class

2

0.44%

0.84%

AZL

S&P

500

Index

Fund,

Class

1

0.17%

0.46%

AZL

S&P

500

Index

Fund,

Class

2

0.17%

0.71%

AZL

Small

Cap

Stock

Index

Fund,

Class

1

0.26%

0.46%

AZL

Small

Cap

Stock

Index

Fund,

Class

2

0.26%

0.71%

AZL

T.

Rowe

Price

Capital

Appreciation Fund

0.75%

1.20%

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

280

The

Manager

waived,

prior

to

any

application

of

expense

limit,

the

management

fee

of

certain

Funds

to

the

following

annual

rates

for

such

Fund’s

net

assets

in

order

to

maintain

a

more

competitive

expense

ratio.

The

Manager

reserves

the

right

to

increase

the

management

fee

to

the

amount

shown

in

the

table

above

(i.e.,

discontinue

the

waiver)

at

any

time

after

April

30,

2027. 

Any

amounts

contractually

waived

or

assumed

by

the

Manager

with

respect

to

each

Fund’s

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund’s

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statements

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2026,

the

contractual

reimbursements

subject

to

repayment

by

the

Funds

in

subsequent

years

were

as

follows:

Management

fees,

which

the

Manager

may

waive

in

order

to

maintain

more

competitive

expense

ratios,

are

not

subject

to

repayment

in

subsequent

years.

Information

on

the

total

amount

waived/reimbursed

by

the

Manager

or

repaid

to

the

Manager

by

the

Funds

during

the

period

can

be

found

on

the

Statements

of

Operations,

as

applicable.

The

Manager,

the

Distributor

and

the

AZL

Government

Money

Market

Fund

have

entered

into

a

written

agreement

to

waive,

reimburse,

or

pay

Fund

expenses

to

the

extent

necessary

in

order

to

maintain

a

minimum

daily

yield

for

the

Fund

of

0.00%.

The

Distributor

may

waive

its

Rule

12b-1

fees

under

this

agreement.

This

agreement

will

continue

from

year

to

year

in

accordance

with

its

terms

and

will

terminate

upon

termination

of

the

investment

management

agreement

with

the

Manager.

There

is

no

guarantee

the

Fund

will

avoid

a

negative

yield.

Such

amounts

waived,

reimbursed,

or

paid

by

the

Manager

and/or

the

Distributor

will

be

repaid

to

the

Manager

and/or

the

Distributor

subject

to

the

following

limitations:

1.

The

repayments

will

not

cause

the

Fund’s

net

investment

income

to

fall

below

0.00%.

2.

The

repayments

must

be

made

no

later

than

three

years

after

the

waiver,

reimbursement

or

payment,

calculated

monthly

from

when

the

waiver,

reimbursement

or

payment

was

recorded.

3.

Any

expense

recovery

paid

by

the

Fund

will

not

cause

its

expense

ratio

to

exceed

0.87%.

The

ability

of

the

Manager

and/or

Distributor

to

receive

such

payments

could

negatively

affect

the

AZL

Government

Money

Market

Fund’s

future

yield.

Amounts

waived

under

this

agreement

during

the

period

ended

June

30,

2026,

if

any,

are

reflected

on

the

Fund’s

Statement

of

Operations

as

“Expenses

waived/reimbursed

by

the

Manager

for

minimum

daily

yield.”

At

June

30,

2026,

there

were

no

waivers

subject

to

repayment

by

the

Fund

in

subsequent

years.

The

Manager

has

entered

into

agreements

(the

“Subadvisory

Agreements”)

with

various

Subadvisers

with

respect

to

each

Fund

managed

by

the

Manager

(other

than

AZL

Moderate

Index

Strategy

Fund).

Each

Subadviser

provides

investment

advisory

services

for

and

makes

investment

decisions

on

behalf

of

the

respective

Fund

subject

to

the

general

supervision

of

the

Trustees

and

Fund

Name

Annual

Rate

AZL

DFA

International

Core

Equity

Fund

0.65%

AZL

DFA

U.S.

Core

Equity

Fund

0.48%

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund,

Class

1

0.49%

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund,

Class

2

0.49%

AZL

Government

Money

Market

Fund

0.34%

AZL

Moderate

Index

Strategy

Fund

0.05%

AZL

MSCI

Global

Equity

Index

Fund,

Class

1

0.30%

AZL

MSCI

Global

Equity

Index

Fund,

Class

2

0.30%

AZL

Russell

1000

Growth

Index

Fund,

Class

1

0.35%

AZL

Russell

1000

Growth

Index

Fund,

Class

2

0.35%

AZL

Russell

1000

Value

Index

Fund,

Class

1

0.35%

AZL

Russell

1000

Value

Index

Fund,

Class

2

0.35%

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

0.65%

Fund

Name

Expires

12/31/2026

Expires

12/31/2027

Expires

12/31/2028

Expires

12/31/2029

Total

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

$

323,102

$

328,677

$

532,565

$

168,444

$

1,352,788

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

—

—

—

407

407

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

281

the

Manager.

For

their

services,

the

Subadvisers

are

entitled

to

a

fee

payable

by

the

Manager.

Additional

information

about

the

subadvisory

fees

is

provided

in

the

Trust’s

Statement

of

Additional

Information.

The

Manager

serves

as

the

investment

adviser

of

the

Underlying

Funds

in

which

the

AZL

Moderate

Index

Strategy

Fund

invests.

At

June

30,

2026,

these

Underlying

Funds

are

noted

as

Affiliated

Investment

Companies

in

the

Fund’s

Schedule

of

Portfolio

Investments.

Additional

information,

including

financial

statements,

about

these

Funds

is

available

at

www.allianzlife.com.

The

Manager

is

paid

a

separate

fee

from

the

Underlying

Funds

for

such

services.

At June

30,

2026, the

following

investments

are

noted

as

Affiliated

Securities

in

the

Funds’

Schedules

of

Portfolio

Investments

(in

U.S.

dollars):

Fund

Subadviser

AZL

DFA

International

Core

Equity

Fund 

Dimensional

Fund

Advisors

LP 

AZL

DFA

U.S.

Core

Equity

Fund 

Dimensional

Fund

Advisors

LP 

AZL

Enhanced

Bond

Index

Fund 

BlackRock

Financial

Management,

Inc.

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund 

FIAM

LLC 

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund 

FIAM

LLC 

AZL

Government

Money

Market

Fund 

BlackRock

Advisors,

LLC

AZL

International

Index

Fund 

BlackRock

Investment

Management,

LLC

AZL

Mid

Cap

Index

Fund 

BlackRock

Investment

Management,

LLC

AZL

MSCI

Global

Equity

Index

Fund 

BlackRock

Investment

Management,

LLC

AZL

Russell

1000

Growth

Index

Fund 

BlackRock

Investment

Management,

LLC

AZL

Russell

1000

Value

Index

Fund 

BlackRock

Investment

Management,

LLC

AZL

S&P

500

Index

Fund 

BlackRock

Investment

Management,

LLC

AZL

Small

Cap

Stock

Index

Fund 

BlackRock

Investment

Management,

LLC

AZL

T.

Rowe

Price

Capital

Appreciation

Fund 

T.

Rowe

Price

Associates,

Inc. 

Value

12/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains/

(Losses)

Change

in

Net

Unrealized

Appreciation/

(Depreciation)

Value

6/30/26

Shares

as

of

6/30/26

Dividend

Income

Net

Realized

Capital

Gains

Distributions

AZL

Enhanced

Bond

Index

Fund

BlackRock

Liquidity

FedFund,

Institutional

Class

(a)

16

97,510

—

—

—

97,526

97,526

13,212

—

AZL

International

Index

Fund

Allianz

SE,

Registered

Shares

10,315,964

137,997

(1,079,828)

712,838

(442,139)

9,644,832

20,382

411,482

—

BlackRock

Liquidity

FedFund,

Institutional

Class

(a)

5,453,784

3,558,431

—

—

—

9,012,215

9,012,215

64,403

—

15,769,748

3,696,428

(1,079,828)

712,838

(442,139)

18,657,047

475,885

—

AZL

Mid

Cap

Index

Fund

BlackRock

Liquidity

FedFund,

Institutional

Class

(a)

4,139,831

—

(1,246,740)

—

—

2,893,091

2,893,091

10,554

—

AZL

Moderate

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

502,219,015

—

(26,360,325)

(4,631,819)

6,702,304

477,929,175

48,718,570

—

—

AZL

International

Index

Fund,

Class

2

209,472,549

—

(24,678,406)

4,417,315

15,045,273

204,256,731

8,503,611

—

—

AZL

Mid

Cap

Index

Fund,

Class

2

44,282,743

—

(6,186,859)

(271,724)

7,385,968

45,210,128

2,352,244

—

—

AZL

S&P

500

Index

Fund,

Class

2

472,069,906

—

(53,221,173)

3,550,542

41,347,825

463,747,100

18,322,683

—

—

AZL

Small

Cap

Stock

Index

Fund,

Class

2

31,512,514

—

(5,590,629)

700,125

6,283,732

32,905,742

2,384,474

—

—

1,259,556,727

—

(116,037,392)

3,764,439

76,765,102

1,224,048,876

—

—

AZL

MSCI

Global

Equity

Index

Fund

BlackRock,

Inc.

667,892

—

(55,159)

27,499

(89,258)

550,974

573

6,761

—

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

282

Pursuant

to

separate

agreements

between

the

Trust

and

the

Manager,

the

Manager

provides

a

Chief

Compliance

Officer

(“CCO”)

and

certain

compliance

oversight

and

regulatory

filing

services

to

the

Trust.

Under

these

agreements,

the

Manager

is

entitled

to

an

amount

equal

to

a

portion

of

the

compensation

and

certain

other

expenses

related

to

the

individuals

performing

the

CCO

and

compliance

oversight

services,

as

well

as

$100

per

hour

for

time

incurred

in

connection

with

the

preparation

and

filing

of

certain

documents

with

the

SEC.

The

fees

are

paid

to

the

Manager

on

a

quarterly

basis.

Adviser

Compliance

Associates,

LLC

(“ACA”)

provides

Principal

Financial

Officer

(“PFO”)

and

support

services

to

the

CCO

of

the

Trust.

For

these

services,

ACA

receives

an

annual

base

fee

and

additional

per

fund

fees.

The

total

expenses

incurred

by

the

Funds

for

these

services

are

reflected

on

the

Statements

of

Operations

as

“Administrative

and

compliance

services

fees.”

Citi

Fund

Services

Ohio,

Inc.

(“Citi”

or

the

“Administrator”),

a

wholly

owned

subsidiary

of

Citigroup,

Inc.,

serves

as

the

Trust’s

administrator

and

fund

accountant,

and

assists

the

Trust

in

all

aspects

of

its

administration

and

operation.

The

Administrator

is

entitled

to

a

Trust-wide

asset-based

fee,

which

is

based

on

the

following

schedule:

0.047%

of

combined

average

daily

net

assets

of

the

Funds

on

the

first

$4

billion,

0.04%

of

combined

average

daily

net

assets

of

the

Funds

from

$4

billion

to

$6

billion,

0.02%

of

combined

average

daily

net

assets

of

the

Funds from

$6

billion

to

$8 billion

and

0.01%

of

combined

average

daily

net

assets

of

the

Funds

over

$8

billion.

The

overall

Trust-wide

asset-based

fee

excludes

the

net

assets

of

the

AZL

Moderate

Index

Strategy

Fund

and is

accrued

daily

and

paid

monthly

and

is

subject

to

a

minimum

annual

fee.

The

AZL

Moderate

Index

Strategy

Fund

is

entitled

to

a

separate

fee,

accrued

daily

and

paid

monthly.

The

Administrator

is also

entitled

to

an

annual

fee

for

each

additional

class

of

shares

of

any

Fund,

certain

annual

fees

for

services,

including

fair

value,

support

services,

Form

N-PORT

and

liquidity

risk

management

support.

The

Administrator

is

also

reimbursed

for

certain

expenses

incurred.

The

total

expenses

incurred

by

the

Funds

for

these

services

are

reflected

on

the

Statements

of

Operations

as

“Administration

fees.”

FIS

Investor

Services

LLC

(“FIS”)

serves

as

the

Funds’

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Value

12/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains/

(Losses)

Change

in

Net

Unrealized

Appreciation/

(Depreciation)

Value

6/30/26

Shares

as

of

6/30/26

Dividend

Income

Net

Realized

Capital

Gains

Distributions

AZL

MSCI

Global

Equity

Index

Fund

(continued)

Allianz

SE,

Registered

Shares

759,033

—

(90,087)

38,994

(19,902)

688,038

1,454

30,435

—

BlackRock

Liquidity

FedFund,

Institutional

Class

(a)

1,053,523

1,209,149

—

—

—

2,262,672

2,262,672

6,830

—

2,480,448

1,209,149

(145,246)

66,493

(109,160)

3,501,684

44,026

—

AZL

Russell

1000

Growth

Index

Fund

BlackRock

Liquidity

FedFund,

Institutional

Class

(a)

364,730

418,806

—

—

—

783,536

783,536

—

—

AZL

Russell

1000

Value

Index

Fund

BlackRock,

Inc.

3,449,706

—

(394,091)

261,952

(592,506)

2,725,061

2,834

35,096

—

BlackRock

Liquidity

FedFund,

Institutional

Class

(a)

1,070,060

—

(306,384)

—

—

763,676

763,676

4,234

—

4,519,766

—

(700,475)

261,952

(592,506)

3,488,737

39,330

—

AZL

S&P

500

Index

Fund

BlackRock,

Inc.

6,842,684

—

(689,199)

287,292

(929,115)

5,511,662

5,732

68,663

—

BlackRock

Liquidity

FedFund,

Institutional

Class

(a)

—

107,636

—

—

—

107,636

107,636

1,420

—

6,842,684

107,636

(689,199)

287,292

(929,115)

5,619,298

70,083

—

AZL

Small

Cap

Stock

Index

Fund

BlackRock

Liquidity

FedFund,

Institutional

Class

(a)

3,353,547

1,769,993

—

—

—

5,123,540

5,123,540

13,161

—

(a)

Amounts

shown

in

“Purchases

at

Cost”

or

“Proceeds

from

Sales”

represent

net

amount

purchased

(sold).

All

or

portion

of

“Dividend

Income”

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

securities

lending

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

283

The

Bank

of

New

York

Mellon

(“BNY”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian

and

securities

lending

agent.

For

these

services

as

custodian,

the

Funds

pay

BNY

a

fee

based

on

a

percentage

of

assets

held

on

behalf

of

the

Funds,

plus

certain

out-of-

pocket

charges.

Allianz

Life

Financial

Services,

LLC

(“ALFS”),

an

affiliate

of

the

Manager,

serves

as

distributor

of

the

Funds.

ALFS

receives

an

annual

12b-1

fee

in

the

maximum

amount

of

0.25%

of

the

average

daily

net

assets

attributable

to

each

Fund’s

Class

2

shares,

as

applicable,

plus

a

Trust-wide

annual

fee

of

$42,500

paid

by

the

Manager

from

its

profits

and

not

by

the

Trust,

for

recordkeeping

and

reporting

services.

Certain

Officers

and

Trustees

of

the

Trust

are

affiliated

with

the

Manager.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Funds,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds’

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

—

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

—

significant

unobservable

inputs

(including

the

Funds’

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

The

AZL

Government

Money

Market

Fund

uses

the

amortized

cost

method

of

valuation

pursuant

to

Rule

2a-7

under

the

1940

Act.

These

valuations

are

considered

as

Level

2

in

the

fair

value

hierarchy.

The

following

is

an

overview

of

the

valuation

techniques

for

the

remainder

of

the

Funds.

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

Equity

securities

are

valued

at

the

last

quoted

sale

price

or,

if

there

is

no

sale,

the

last

quoted

bid

price

is

used.

Securities

listed

on

Nasdaq,

Inc.

(“Nasdaq”)

are

valued

at

the

Nasdaq official

closing

price.

In

each

of

these

situations,

valuations

are

typically

categorized

as

a

Level

1

in

the

fair

value

hierarchy.

The

independent

third

party

pricing

service

may

also

use

systematic

valuations

models

or

provide

evaluated

bid

or

mean

prices.

These

valuations

are

considered

as

Level

2

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies

are

valued

at

their

respective

net

asset

values

as

reported

by

such

companies

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

prices

established

each

day

on

the

primary

exchange

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Options

are

generally

valued

at

the

average

of

the

closing

bid

and

ask

quotations

on

the

principal

exchange

on

which

the

option

is

traded,

which

are

then

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

For

options

where

market

quotations

are

not

readily

available,

fair

value

procedures

as

described

below

may

be

applied.

Debt

and

other

fixed

income

securities

are

generally

valued

at

an

evaluated

bid

price

provided

by

an

independent

pricing

source

in

accordance

with

valuation

procedures

approved

by

the

Board.

To

value

debt

securities,

pricing

services

may

use

various

pricing

techniques

which

take

into

account

appropriate

factors

such

as

market

activity,

yield,

quality,

coupon

rate,

maturity,

type

of

issue,

trading

characteristics,

call

features,

credit

ratings

and

other

data,

as

well

as

broker

quotes.

Short-term

securities

of

sufficient

credit

quality

with

sixty

days

or

less

remaining

until

maturity

may

be

valued

at

amortized

cost,

which

approximates

fair

value.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

Forward

currency

contracts

are

generally

valued

at

the

forward

foreign

currency

exchange

rate

as

of

the

close

of

the

NYSE

and

are

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

Other

assets

and

securities

for

which

market

quotations

have

become

unreliable

or

are

not

readily

available

as

defined

in

Rule

2a-5

under

the

1940

Act

are

valued

in

accordance

with

valuation

procedures

approved

by

the

Board.

Fair

value

pricing

may

be

used

for

significant

events

such

as

securities

whose

trading

has

been

suspended,

whose

price

has

become

stale

or

for

which

there

is

no

currently

available

price

at

the

close

of

the

NYSE.

Depending

on

the

source

and

relative

significance

of

valuation

inputs,

these

instruments

may

be

classified

as

Level

2

or

Level

3

in

the

fair

value

hierarchy.

The

Funds

utilize

a

pricing

service

to

assist

in

determining

the

fair

value

of

securities

when

certain

significant

events

occur

that

may

affect

the

value

of

foreign

securities.

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

284

In

accordance

with

valuation

procedures

approved

by

the

Board,

fair

value

pricing

may

be

used

if

events

materially

affecting

the

value

of

foreign

securities

occur

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds’

net

asset

values

are

calculated.

These

procedures

include

the

Funds’

use

of

a

systematic

valuation

model

provided

by

an

independent

third

party

to

fair

value

international

equity

securities

which

are

then

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

In

the

event

that

unobservable

inputs

are

used

when

determining

valuations,

the

securities

will

be

classified

as

Level

3

in

the

fair

value

hierarchy.

Altering

one

or

more

unobservable

inputs

may

result

in

a

significant

change

to

a

Level

3

security’s

fair

value

measurement.

When

determining

the

fair

value

of

securities,

some

of

the

factors

influencing

the

valuation

include:

the

nature

of

any

restrictions

on

disposition

of

the

securities;

assessment

of

the

general

liquidity

of

the

securities;

the

issuer’s

financial

condition

and

the

markets

in

which

it

does

business;

the

cost

of

the

investment;

the

size

of

the

holding

and

the

capitalization

of

the

issuer;

the

prices

of

any

recent

transactions

or

bids/offers

for

such

securities

or

any

comparable

securities;

and

any

other

information

deemed

reliable

by

the

Manager

regarding

the

issuer

or

the

markets

or

industry

in

which

it

operates.

The

Board

has

designated

the

Manager

to

perform

the

Funds’

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Funds’

net

asset

values

will

be

subject

to

the

judgment

of

the

Manager.

The

Manager’s

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

The

following

is

a

summary

of

the

valuation

inputs

used

as

of

June

30,

2026

in

valuing

the

Funds’

investments

based

upon

the

three

levels

defined

above:

Investment

Securities:

Level

1

Level

2

Level

3

Total

AZL

DFA

International

Core

Equity

Fund

—‌

—‌

—‌

Common

Stocks

+

$

45,812,537‌

$

247,502,909‌

$

—‌

#

$

293,315,446‌

Preferred

Stocks

+

—‌

1,032,569‌

—‌

1,032,569‌

Warrant

+

—‌

—‌

—‌

#

—‌

Rights

+

4,644‌

4,043‌

—‌

8,687‌

Unaffiliated

Investment

Companies

5,151,179‌

—‌

—‌

5,151,179‌

Total

Investment

Securities

$

50,968,360‌

$

248,539,521‌

$

—‌

$

299,507,881‌

AZL

DFA

U.S.

Core

Equity

Fund

—‌

—‌

—‌

Common

Stocks

+

$

745,269,396‌

$

9,407‌

$

—‌

#

$

745,278,803‌

Preferred

Stock

+

12,884‌

—‌

—‌

12,884‌

Warrant

+

141‌

—‌

—‌

141‌

Rights

+

—‌

31,791‌

—‌

31,791‌

Unaffiliated

Investment

Companies

3,815,358‌

—‌

—‌

3,815,358‌

Total

Investment

Securities

$

749,097,779‌

$

41,198‌

$

—‌

$

749,138,977‌

AZL

Enhanced

Bond

Index

Fund

—‌

—‌

—‌

Asset-Backed

Securities

$

—‌

$

124,589,118‌

$

—‌

$

124,589,118‌

Collateralized

Mortgage

Obligations

—‌

228,101,646‌

—‌

228,101,646‌

Collateralized

Mortgage-Backed

Securities

—‌

145,534,839‌

—‌

145,534,839‌

Corporate

Bonds

+

—‌

596,597,671‌

—‌

596,597,671‌

Foreign

Bonds

+

—‌

158,289‌

—‌

158,289‌

Yankee

Debt

Obligations

+

—‌

70,174,389‌

—‌

70,174,389‌

Municipal

Bonds

—‌

12,330,941‌

—‌

12,330,941‌

U.S.

Government

Agency

Mortgages

—‌

840,264,284‌

—‌

840,264,284‌

U.S.

Treasury

Obligations

—‌

535,447,485‌

—‌

535,447,485‌

Affiliated

Investment

Companies

97,526‌

—‌

—‌

97,526‌

Unaffiliated

Investment

Companies

105,860,607‌

—‌

—‌

105,860,607‌

Total

Investment

Securities

105,958,133‌

2,553,198,662‌

—‌

2,659,156,795‌

Securities

Sold

Short

—‌

(97,369,940‌)

—‌

(97,369,940‌)

Other

Financial

Instruments:

*

Forward

Currency

Contracts

—‌

259,979‌

—‌

259,979‌

Futures

Contracts

883,032‌

—‌

—‌

883,032‌

—‌

—‌

—‌

—‌

Total

Investments

$

106,841,165‌

$

2,456,088,701‌

$

—‌

$

2,562,929,866‌

AZL

Fidelity

Institutional

Asset

Management

Multi-

Strategy

Fund

—‌

—‌

—‌

Common

Stocks

+

$

545,986,796‌

$

190,882‌

$

148,758‌

$

546,326,436‌

Preferred

Stocks

+

340,197‌

—‌

—‌

340,197‌

Warrant

+

—‌

—‌

#

—‌

—‌

Asset-Backed

Securities

—‌

19,669,127‌

—‌

19,669,127‌

Collateralized

Mortgage

Obligations

—‌

42,693,833‌

—‌

42,693,833‌

Collateralized

Mortgage-Backed

Securities

—‌

30,924,803‌

—‌

30,924,803‌

Convertible

Bonds

+

—‌

2,013,634‌

—‌

2,013,634‌

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

285

Investment

Securities:

Level

1

Level

2

Level

3

Total

Bank

Loans

+

$

—‌

$

7,593,966‌

$

—‌

$

7,593,966‌

Corporate

Bonds

+

—‌

181,336,909‌

—‌

181,336,909‌

Yankee

Debt

Obligations

+

—‌

38,625,251‌

—‌

38,625,251‌

U.S.

Government

Agency

Mortgages

—‌

121,924,407‌

—‌

121,924,407‌

U.S.

Treasury

Obligations

—‌

284,441,747‌

—‌

284,441,747‌

Unaffiliated

Investment

Companies

30,740,993‌

—‌

—‌

30,740,993‌

Total

Investment

Securities

577,067,986‌

729,414,559‌

148,758‌

1,306,631,303‌

Securities

Sold

Short

—‌

(544,480‌)

—‌

(544,480‌)

Other

Financial

Instruments:

*

Futures

Contracts

94,760‌

—‌

—‌

94,760‌

—‌

—‌

—‌

—‌

Total

Investments

$

577,162,746‌

$

728,870,079‌

$

148,758‌

$

1,306,181,583‌

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

—‌

—‌

—‌

Common

Stocks

+

$

—‌

$

34,868‌

$

218,383‌

$

253,251‌

Preferred

Stocks

+

54,183‌

—‌

—‌

54,183‌

Warrant

+

—‌

—‌

#

—‌

—‌

Right

+

192‌

—‌

—‌

192‌

Asset-Backed

Securities

—‌

4,831,764‌

—‌

4,831,764‌

Collateralized

Mortgage

Obligations

—‌

7,623,497‌

—‌

7,623,497‌

Collateralized

Mortgage-Backed

Securities

—‌

6,313,063‌

—‌

6,313,063‌

Convertible

Bonds

+

—‌

347,032‌

—‌

347,032‌

Bank

Loans

+

—‌

1,313,822‌

—‌

1,313,822‌

Corporate

Bonds

+

—‌

30,799,479‌

—‌

30,799,479‌

Yankee

Debt

Obligations

+

—‌

8,329,290‌

—‌

8,329,290‌

U.S.

Government

Agency

Mortgages

—‌

20,134,142‌

—‌

20,134,142‌

U.S.

Treasury

Obligations

—‌

39,969,359‌

—‌

39,969,359‌

Unaffiliated

Investment

Companies

4,473,581‌

—‌

—‌

4,473,581‌

Total

Investment

Securities

4,527,956‌

119,696,316‌

218,383‌

124,442,655‌

Securities

Sold

Short

—‌

(318,527‌)

—‌

(318,527‌)

Other

Financial

Instruments:

*

Futures

Contracts

27,700‌

—‌

—‌

27,700‌

—‌

—‌

—‌

—‌

Total

Investments

$

4,555,656‌

$

119,377,789‌

$

218,383‌

$

124,151,828‌

AZL

Government

Money

Market

Fund

—‌

—‌

—‌

U.S.

Government

Agency

Mortgages

$

—‌

$

109,956,047‌

$

—‌

$

109,956,047‌

U.S.

Treasury

Obligations

—‌

126,420,871‌

—‌

126,420,871‌

Repurchase

Agreements

—‌

216,000,000‌

—‌

216,000,000‌

Total

Investment

Securities

$

—‌

$

452,376,918‌

$

—‌

$

452,376,918‌

AZL

International

Index

Fund

—‌

—‌

—‌

Common

Stocks

+

$

14,914,79

2‌

$

1,140,908,832‌

$

—‌

#

$

1,155,823,62

4‌

Preferred

Stocks

+

—‌

2,615,583‌

—‌

#

2,615,583‌

Right

+

19,802‌

—‌

—‌

19,802‌

Affiliated

Investment

Company

9,012,215‌

—‌

—‌

9,012,215‌

Unaffiliated

Investment

Company

71‌

—‌

—‌

71‌

Total

Investment

Securities

23,946,8

80‌

1,143,524,415‌

—‌

1,167,471,29

5‌

Other

Financial

Instruments:

*

Futures

Contracts

67,554‌

—‌

—‌

67,554‌

—‌

—‌

—‌

—‌

Total

Investments

$

24,014,43

4‌

$

1,143,524,415‌

$

—‌

$

1,167,538,84

9‌

AZL

Mid

Cap

Index

Fund

—‌

—‌

—‌

Common

Stocks

+

$

481,560,519‌

$

—‌

$

—‌

$

481,560,519‌

Affiliated

Investment

Company

2,893,091‌

—‌

—‌

2,893,091‌

Unaffiliated

Investment

Company

867,739‌

—‌

—‌

867,739‌

Total

Investment

Securities

485,321,349‌

—‌

—‌

485,321,349‌

Other

Financial

Instruments:

*

Futures

Contracts

32,648‌

—‌

—‌

32,648‌

—‌

—‌

—‌

—‌

Total

Investments

$

485,353,997‌

$

—‌

$

—‌

$

485,353,997‌

AZL

Moderate

Index

Strategy

Fund

—‌

—‌

—‌

Affiliated

Investment

Companies

$

1,224,048,876‌

$

—‌

$

—‌

$

1,224,048,876‌

Total

Investment

Securities

$

1,224,048,876‌

$

—‌

$

—‌

$

1,224,048,876‌

AZL

MSCI

Global

Equity

Index

Fund

—‌

—‌

—‌

Common

Stocks

+

$

264,332,193‌

$

83,073,480‌

$

—‌

$

347,405,673‌

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

286

Investment

Securities:

Level

1

Level

2

Level

3

Total

Preferred

Stocks

+

$

—‌

$

174,273‌

$

—‌

$

174,273‌

Warrant

+

—‌

—‌

—‌

#

—‌

Rights

+

1,492‌

10‌

—‌

1,502‌

Affiliated

Investment

Company

2,262,67

2‌

—‌

—‌

2,262,67

2‌

Unaffiliated

Investment

Company

400,324‌

—‌

—‌

400,324‌

Total

Investment

Securities

266,996,68

1‌

83,247,763‌

—‌

350,244,44

4‌

Other

Financial

Instruments:

*

Futures

Contracts

22,023‌

—‌

—‌

22,023‌

—‌

—‌

—‌

—‌

Total

Investments

$

267,018,70

4‌

$

83,247,763‌

$

—‌

$

350,266,46

7‌

AZL

Russell

1000

Growth

Index

Fund

—‌

—‌

—‌

Common

Stocks

+

$

592,855,078‌

$

—‌

$

—‌

$

592,855,078‌

Affiliated

Investment

Company

783,536‌

—‌

—‌

783,536‌

Unaffiliated

Investment

Company

4,065,121‌

—‌

—‌

4,065,121‌

Total

Investment

Securities

597,703,735‌

—‌

—‌

597,703,735‌

Other

Financial

Instruments:

*

Futures

Contracts

171,278‌

—‌

—‌

171,278‌

—‌

—‌

—‌

—‌

Total

Investments

$

597,875,013‌

$

—‌

$

—‌

$

597,875,013‌

AZL

Russell

1000

Value

Index

Fund

—‌

—‌

—‌

Common

Stocks

+

$

661,326,722‌

$

—‌

$

—‌

$

661,326,722‌

Right

+

—‌

45‌

—‌

45‌

Affiliated

Investment

Company

763,676‌

—‌

—‌

763,676‌

Unaffiliated

Investment

Company

6,963,365‌

—‌

—‌

6,963,365‌

Total

Investment

Securities

669,053,763‌

45‌

—‌

669,053,808‌

Other

Financial

Instruments:

*

Futures

Contracts

16,734‌

—‌

—‌

16,734‌

—‌

—‌

—‌

—‌

Total

Investments

$

669,070,497‌

$

45‌

$

—‌

$

669,070,542‌

AZL

S&P

500

Index

Fund

—‌

—‌

—‌

Common

Stocks

+

$

2,545,132,532‌

$

—‌

$

—‌

$

2,545,132,532‌

Right

+

—‌

97‌

—‌

97‌

Affiliated

Investment

Company

107,636‌

—‌

—‌

107,636‌

Unaffiliated

Investment

Company

13,048,460‌

—‌

—‌

13,048,460‌

Total

Investment

Securities

2,558,288,628‌

97‌

—‌

2,558,288,725‌

Other

Financial

Instruments:

*

Futures

Contracts

(10,503‌)

—‌

—‌

(10,503‌)

—‌

—‌

—‌

—‌

Total

Investments

$

2,558,278,125‌

$

97‌

$

—‌

$

2,558,278,222‌

AZL

Small

Cap

Stock

Index

Fund

—‌

—‌

—‌

Common

Stocks

+

$

471,893,71

3‌

$

—‌

$

—‌

#

$

471,893,71

3‌

Affiliated

Investment

Company

5,123,54

0‌

—‌

—‌

5,123,54

0‌

Unaffiliated

Investment

Company

1,289,162‌

—‌

—‌

1,289,162‌

Total

Investment

Securities

478,306,415‌

—‌

—‌

478,306,415‌

Other

Financial

Instruments:

*

Futures

Contracts

11,154‌

—‌

—‌

11,154‌

—‌

—‌

—‌

—‌

Total

Investments

$

478,317,569‌

$

—‌

$

—‌

$

478,317,569‌

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

—‌

—‌

—‌

Common

Stocks

+

$

574,216,885‌

$

—‌

$

—‌

$

574,216,885‌

Right

+

—‌

—‌

#

—‌

—‌

Asset-Backed

Securities

—‌

1,398,234‌

—‌

1,398,234‌

Bank

Loans

+

—‌

78,015,349‌

—‌

78,015,349‌

Corporate

Bonds

+

—‌

76,412,380‌

—‌

76,412,380‌

U.S.

Treasury

Obligations

—‌

140,085,409‌

—‌

140,085,409‌

Unaffiliated

Investment

Companies

38,016,496‌

—‌

—‌

38,016,496‌

Total

Investment

Securities

612,233,381‌

295,911,372‌

—‌

908,144,753‌

Other

Financial

Instruments:

*

Written

Options

—‌

(5,267,903‌)

—‌

(5,267,903‌)

—‌

—‌

—‌

—‌

Total

Investments

$

612,233,381‌

$

290,643,469‌

$

—‌

$

902,876,850‌

+

For

detailed

industry

descriptions,

see

the

accompanying

Schedule

of

Portfolio

Investments.

#

Represents

the

interest

in

securities

that

were

determined

to

have

a

value

of

zero

at

June

30,

2026.

*

Other

Financial

Instruments

would

include

any

derivative

instruments,

such

as

futures

contracts.  These

investments

are

generally

recorded

in

the

financial

statements

at

the

unrealized

gain

or

loss

on

the

investment.

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

287

5.

Security

Purchases

and

Sales

For

the period

ended June

30,

2026,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

For

the

period

ended June

30,

2026,

cost

of

purchases

and

proceeds

from

sales

of

long-term

U.S.

government securities

were

as

follows: 

6.

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

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

June

30,

2026 are

identified

below.

(a)

Acquisition

date

represents

the

initial

purchase

date

of

the

security.

Fund

Name

Purchases

Sales

AZL

DFA

International

Core

Equity

Fund

$

10,884,863‌

$

44,165,859‌

AZL

DFA

U.S.

Core

Equity

Fund

5,819,019‌

102,639,562‌

AZL

Enhanced

Bond

Index

Fund

811,881,971‌

926,807,169‌

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

363,576,459‌

415,016,275‌

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

22,766,288‌

28,463,305‌

AZL

Government

Money

Market

Fund

44,811,236‌

26,055,957‌

AZL

International

Index

Fund

24,690,986‌

149,489,393‌

AZL

Mid

Cap

Index

Fund

37,046,391‌

91,917,284‌

AZL

Moderate

Index

Strategy

Fund

–‌

116,037,39

2‌

AZL

MSCI

Global

Equity

Index

Fund

6,909,371‌

44,512,792‌

AZL

Russell

1000

Growth

Index

Fund

138,056,362‌

187,541,308‌

AZL

Russell

1000

Value

Index

Fund

137,688,728‌

196,747,095‌

AZL

S&P

500

Index

Fund

29,979,065‌

322,571,001‌

AZL

Small

Cap

Stock

Index

Fund

56,502,895‌

108,751,208‌

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

488,806,946‌

591,207,268‌

Purchases

Sales

AZL

Enhanced

Bond

Index

Fund

$

529,336,845‌

$

729,304,873‌

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

63,969,370‌

62,490,908‌

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

10,073,485‌

15,256,904‌

AZL

Government

Money

Market

Fund

44,811,236‌

26,055,957‌

AZL

T.

Rowe

Price

Capital

Appreciation Fund

125,518,391‌

138,408,953‌

Security

Acquisition

Date

(a)

Acquisition

Cost

Shares

or

Principal

Amount

Value

Percentage

of

Net

Assets

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Cano

Health

Term

Initial

Exchange

Term

Loans

1Ln,

13.65%,

6/28/29

2/12/24

$

60,312‌

$

78,566‌

$

11,384‌

0.00%

Sunnova

Energy

Corp.,

5.88%,

9/1/26,

Callable

8/1/26

@

100

4/9/25

81,631‌

230,000‌

472‌

0.00%

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Cano

Health

Term

Initial

Exchange

Term

Loans

1Ln,

13.65%,

6/28/29

2/12/24

25,331‌

32,998‌

4,781‌

0.00%

Sunnova

Energy

Corp.,

5.88%,

9/1/26,

Callable

8/1/26

@

100

4/9/25

8,000‌

20,000‌

41‌

0.00%

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

288

7.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Funds.

With

respect

to

the

AZL

Government

Money

Market

Fund:

You

could

lose

money

by

investing

in

the

Fund.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

cannot

guarantee

it

will

do

so.

An

investment

in

the

Fund

is

not

a

bank

account

and

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Fund’s

sponsor

is

not

required

to

reimburse

the

Fund

for

losses,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Fund

at

any

time,

including

during

periods

of

market

stress.

Bank

Loan

Risk:

There

are

a

number

of

risks

associated

with

an

investment

in

bank

loans

including

credit

risk,

interest

rate

risk,

liquidity

risk

and

prepayment

risk.

Lack

of

an

active

trading

market,

restrictions

on

resale,

irregular

trading

activity,

wide

bid/ask

spreads

and

extended

trade

settlement

periods

may

impair

a

Fund’s

ability

to

sell

bank

loans

within

its

desired

time

frame

or

at

an

acceptable

price

and

its

ability

to

accurately

value

existing

and

prospective

investments.

Extended

trade

settlement

periods

may

result

in

cash

not

being

immediately

available

to

the

Fund.

As

a

result,

the

Fund

may

have

to

sell

other

investments

or

engage

in

borrowing

transactions

to

raise

cash

to

meet

its

obligations.

The

risk

of

holding

bank

loans

is

also

directly

tied

to

the

risk

of

insolvency

or

bankruptcy

of

the

issuing

banks.

These

risks

could

cause

a

Fund

to

lose

income

or

principal

on

a

particular

investment,

which

in

turn

could

affect the

Fund’s

returns.

The

value

of

bank

loans

can

be

affected

by

and

sensitive

to

changes

in

government

regulation

and

to

economic

downturns

in

the

United

States

and

abroad.

Bank

loans

generally

are

floating

rate

loans,

which

are

subject

to

interest

rate

risk

as

the

interest

paid

on

the

floating

rate

loans

adjusts

periodically

based

on

changes

in

widely

accepted

reference

rates.

Concentration

Risk:

A

Fund

may

be

susceptible

to

an

increased

risk

of

loss,

including

losses

due

to

adverse

events

that

affect a

specific Fund’s

investments

more

than

the

market

as

a

whole,

to

the

extent

that

a

Fund’s

investments

are

concentrated

in

the

securities

of

a

particular

issuer

or

issuers,

country,

group

of

countries,

region,

market,

industry,

group

of

industries,

sector

or

asset

class.

Derivatives

Risk:

A

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

counterparty

risk,

and

selection

risk.

Derivatives

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

may

not

correlate

perfectly

with

the

underlying

asset,

rate,

or

index.

Using

derivatives

may

result

in

losses,

possibly

in

excess

of

the

principal

amount

invested.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances.

The

other

party

to

a

derivatives

contract

could

default.

Emerging

Markets

Risk:

Emerging

markets

may

have

less

developed

trading

markets

and

exchanges

which

may

make

it

more

difficult

to

sell

securities

at

an

acceptable

price

and

their

prices

may

be

more

volatile

than

securities

of

companies

in

more

developed

markets.

Settlements

of

trades

may

be

subject

to

greater

delays,

and

a Fund

may

not

receive

the

proceeds

of

a

sale

of

a

security

on

a

timely

basis.

Emerging

countries

may

also

have

less

developed

legal

and

accounting

systems

and

investments

may

be

subject

to

greater

risks

of

government

restrictions,

nationalization,

or

confiscation.

Foreign

Securities

Risk:

Investing

in

the

securities

of

non-U.S.

issuers

involves

a

number

of

risks,

such

as

fluctuations

in

currency

values,

adverse

political,

social

or

economic

developments,

and

differences

in

social

and

economic

developments

or

policies.

Such

risks

include

future

political

and

economic

developments,

and

the

possible

imposition

of

exchange

controls

or

other

foreign

governmental

laws

and

restrictions.

In

addition,

with

respect

to

certain

countries,

there

is

the

possibility

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability

or

diplomatic

developments

which

could

adversely

affect

investments

in

those

securities.

Certain

foreign

companies

may

be

subject

to

sanctions,

embargoes,

or

other

governmental

actions

that

may

impair

or

otherwise

limit

the

ability

to

invest

in,

receive,

hold

or

sell

the

securities

of

such

companies.

Fund

of

Funds

Risk:

The

AZL Moderate

Index

Strategy Fund,

as

a

shareholder

of

the

underlying

funds,

indirectly

bears

its

proportionate

share

of

any

investment

management

fees

and

other

expenses

of

the

underlying

funds.

Further

due

to

the

fees

and

expenses

paid

by

the AZL

Moderate

Index

Strategy

Fund,

as

well

as

small

variations

in

the

Fund’s

actual

allocations

to

the

underlying

funds

and

any

futures

and

cash

held

in

the

Fund’s

portfolio,

the

performance

and

income

distributions

of

the

Fund

will

not

be

the

same

as

the

performance

and

income

distributions

of

the

underlying

funds.

In

addition, AZL

Moderate

Index

Strategy

Fund

maintains

indirect

exposure

to

various

types

of

risk

which

may

exist

in

the

underlying

funds,

such

as

foreign

securities

risk,

fixed

income

securities

risk

and

other

risks.

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

289

Index

Fund

Risk:

The

Funds

and

certain

underlying

funds

that

seek

to

match

the

performance

of

an

underlying

index

do

not

attempt

to

manage

market

volatility

or

reduce

the

effects

of

poor

performance.

In

addition,

factors

such

as

fund

expenses,

selection

of

a

representative

portfolio,

changes

in

the

composition

of

the

index,

or

the

timing

of

purchases

or

redemptions

of

Fund

shares

or

shares

of

the

underlying

funds

may

affect

the

correlation

between

the

performance

of

the

index

and

such

Funds’

or

underlying

funds’

performance.

Interest

Rate

Risk:

Debt

securities

held

by

a

Fund

or

an

underlying

fund

may

decline

in

value

due

to

rising

interest

rates.

The

price

of

a

bond

is

also

affected

by

its

maturity.

Bonds

with

longer

maturities

generally

have

greater

sensitivity

to

changes

in

interest

rates.

Macroeconomic

factors,

such

as

inflationary

trends,

can

heighten

interest

rate

risk. 

Market

Risk:

The

market

price

of

securities

owned

by

a

Fund

or underlying

fund

may

go

up

or

down,

sometimes

rapidly

and

unpredictably.

Securities

may

decline

in

value

due

to

factors

affecting

securities

markets

generally

or

particular

industries

represented

in

the

securities

markets.

The

value

of

a

security

may

decline

due

to

general

market

conditions

including

economic,

political,

and

financial

conditions,

widespread

disease

or

other

public

health

issues,

war,

military

conflict,

acts

of

terrorism,

adverse

investor

sentiments,

or

instability

or

other

disruptive

events

in

the

local,

regional,

or

global

markets.

Certain

changes

in

the

U.S.

economy,

such

as

a decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

economic

recession,

may

have

an

adverse

effect

on

the

value

of

the

securities

of

the

Fund

or

underlying

fund.

Mortgage-Related

and

Other

Asset-Backed

Securities

Risk:

A

Fund

may

invest

in

a

variety

of

mortgage-related

and

other

asset-backed

securities,

which

are

subject

to

certain

additional

risks.

Generally,

rising

interest

rates

tend

to

extend

the

duration

of

fixed

rate

mortgage-related

securities,

making

them

more

sensitive

to

changes

in

interest

rates.

As

a

result,

in

a

period

of

rising

interest

rates,

investments

in

mortgage-related

securities

may

cause

a

Fund

to

exhibit

additional

volatility.

This

is

known

as

extension

risk.

In

addition,

adjustable

and

fixed

rate

mortgage-related

securities

are

subject

to

call

risk.

When

interest

rates

decline,

borrowers

may

pay

off

their

mortgages

sooner

than

expected.

This

can

reduce

the

returns

of

a

Fund

because

the

Fund

will

have

to

reinvest

that

money

at

the

lower

prevailing

interest

rates.

If

a

Fund

purchases

mortgage-backed

or

asset-backed

securities

that

are

subordinated

to

other

interests

in

the

same

mortgage

pool,

the

Fund

may

receive

payments

only

after

the

pool’s

obligations

to

other

investors

have

been

satisfied.

An

unexpectedly

high

rate

of

defaults

on

the

mortgages

held

by

a

mortgage

pool

may

limit

substantially

the

pool’s

ability

to

make

payments

of

principal

or

interest

to

the

Fund

as

a

holder

of

such

subordinated

securities,

reducing

the

values

of

those

securities

or

in

some

cases

rendering

them

worthless.

An

unexpectedly

high

or

low

rate

of

prepayments

on

a

pool’s

underlying

mortgages

may

have

a

similar

effect

on

subordinated

securities.

A

mortgage

pool

may

issue

securities

subject

to

various

levels

of

subordination.

The

risk

of

non-payment

affects

securities

at

each

level,

although

the

risk

is

greater

in

the

case

of

more

highly

subordinated

securities.

A

Fund’s

investments

in

other

asset-backed

securities

are

subject

to

risks

similar

to

those

associated

with

mortgage-related

securities,

as

well

as

additional

risks

associated

with

the

nature

of

the

assets

and

the

servicing

of

those

assets.

Non-Diversification

Risk:

To

the

extent

the

AZL

Russell

1000

Growth

Index

Fund

or

the

AZL

S&P

500

Index

Fund

become

non-

diversified,

such

Fund

may

invest

a

larger

percentage

of

its

assets

in

securities

issued

by

or

representing

a

small

number

of

issuers

than

can

a

diversified

fund.

As

a

result,

the

Fund’s

shares

may

experience

greater

price

volatility

and

the

Fund

may

be

more

susceptible

to

the

risks

associated

with

these

particular

issuers

or

to

a

single

economic,

political

or

regulatory

occurrence

affecting

these

issuers,

which

may

negatively

impact

the

Fund’s

performance.

Repurchase

Agreement

Risk:

The

AZL

Government

Money

Market

Fund

may

invest

in

repurchase

agreements

as

a

principal

strategy.

There

is

a

potential

for

loss

to

the

Fund

if

the

seller

defaults

and

the

Fund is

delayed

or

prevented

from

exercising

its

rights

to

dispose

of

the

collateral

securities.

It

is

possible

the

fair

value

of

the

collateral

securities

could

decline

in

value

during

the

period

in

which

the

Fund

seeks

to

assert its

rights.

Short

Sale

Risk:

A

Fund

may

engage

in

short

sales,

which

are

transactions

in

which

a

Fund

sells

securities

borrowed

from

others

with

the

expectation

that

the

price

of

the

security

will

fall

before

that

Fund

must

purchase

the

security

to

return

it

to

the

lender.

The

Fund

may

make

short

sales

of

securities,

either

as

a

hedge

against

potential

declines

in

value

of

a

portfolio

security

or

to

realize

appreciation

when

a

security

that

the

Fund

does

not

own

declines

in

value.

Because

making

short

sales

in

securities

that

it

does

not

own

exposes

the

Fund

to

the

risks

associated

with

those

securities,

such

short

sales

involve

speculative

exposure

risk.

The

Fund

will

incur

a

loss

as

a

result

of

a

short

sale

if

the

price

of

the

security

increases

between

the

date

of

the

short

sale

and

the

date

on

which

the

Fund

replaces

the

security

sold

short.

The

Fund

will

realize

a

gain

if

the

security

declines

in

price

between

those

dates.

As

a

result,

if

the

Fund

makes

short

sales

in

securities

that

increase

in

value,

it

will

likely

underperform

similar

funds

that

do

not

make

short

sales

in

securities

they

do

not

own.

There

can

be

no

assurance

that

the

Fund

will

be

able

to

close

out

a

short

sale

position

at

any

particular

time

or

at

an

acceptable

price.

Although

the

Fund’s

gain

is

limited

to

the

amount

at

which

it

sold

a

security

short,

its

potential

loss

is

limited

only

by

the

maximum

attainable

price

of

the

security,

less

the

price

at

which

the

security

was

sold.

The

Fund

may

also

pay

transaction

costs

and

borrowing

fees

in

connection

with

short

sales.

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

290

Technology

Sector

Risk:

Technology

companies,

including

information

technology

companies,

may

have

limited

product

lines,

markets,

financial

resources

or

personnel.

Technology

companies

typically

face

intense

competition

and

potentially

rapid

product

obsolescence.

They

are

also

heavily

dependent

on

intellectual

property

rights

and

may

be

adversely

affected

by

the

loss

or

impairment

of

those

rights.

Treasury

Obligations

Risk:

Direct

obligations

of

the

U.S.

Treasury

have

historically

involved

little

risk

of

loss

of

principal

if

held

to

maturity.

However,

due

to

fluctuations

in

interest

rates,

the

market

value

of

such

securities

may

vary

during

the

period

shareholders

own

shares

of

the

Funds.

Because

U.S.

Treasury

obligations

trade

actively

outside

the

United

States,

their

prices

may

rise

and

fall

as

changes

in

global

economic

conditions

affect

the

demand

for

these

securities.

In

addition,

changes

in

the

credit

rating

or

financial

condition

of

the

U.S.

government

may

cause

the

value

of

U.S.

Treasury

Obligations

to

decline.

Although

the

Funds

may

hold

securities

that

carry

U.S.

government

guarantees,

these

guarantees

do

not

extend

to

shares

of

the

Funds.

U.S.

Government

Obligations

Risk

:

Certain

securities

in

which

the

Funds

may

invest,

including

securities

issued

by

certain

government

agencies

and

government

sponsored

enterprises,

are

not

guaranteed

by

the

U.S.

government

or

supported

by

the

full

faith

and

credit

of

the

United

States.

It

is

possible

that

issuers

of

U.S.

government

securities

will

not

have

the

funds

to

meet

their

payment

obligations

in

the

future.

No

assurance

can

be

given

that

the

U.S.

government

will

provide

financial

support

to

its

agencies

and

authorities

if

it

is

not

obligated

by

law

to

do

so.

Value

Stocks

Risk:

Value

stocks

may

perform

differently

from

the

market

as

a

whole

and

following

a

value-oriented

investment

strategy

may

cause

the

Funds

to

at

times

underperform

equity

funds

that

use

other

investment

strategies.

Value

stocks

can

react

differently

to

political,

economic,

and

industry

developments

than

the

market

as

a

whole

and

other

types

of

stocks.

If

the

market

does

not

recognize

that

a

selected

security

is

undervalued,

the

prices

of

that

security

might

not

appreciate

as

anticipated.

Value

stocks

also

may

underperform

the

market

for

long

periods

of

time.

8.

Federal

Tax

Information

It

is

the

policy

of

each

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

In

accordance

with

FASB

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)

—

Improvements

to

Income

Tax

Disclosures

(“ASU

2023-09”),

the

Funds’

income

tax

disclosures

require

greater

disclosure

of

income

taxes

paid

by

jurisdiction

if

a

quantitative

threshold

is

met.

The

Funds

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

and

the

gross

unrealized

appreciation/(depreciation)

on

a

tax

basis

at

December

31,

2025

were

as

follows:

Fund

Name

Cost

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation/

(Depreciation)

AZL

DFA

International

Core

Equity

Fund

$

226,612,652‌

$

101,651,470‌

$

(18,053,012‌)

$

83,598,458‌

AZL

DFA

U.S.

Core

Equity

Fund

415,174,703‌

373,410,968‌

(24,993,935‌)

348,417,033‌

AZL

Enhanced

Bond

Index

Fund

2,697,862,407‌

24,575,555‌

(97,624,447‌)

(73,048,892‌)

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

1,197,827,805‌

180,724,527‌

(30,116,946‌)

150,607,581‌

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

131,918,573‌

2,254,878‌

(5,094,487‌)

(2,839,609‌)

AZL

Government

Money

Market

Fund

521,761,890‌

–‌

(45‌)

(45‌)

AZL

International

Index

Fund

587,459,229‌

617,290,787‌

(10,348,629‌)

606,942,158‌

AZL

Mid

Cap

Index

Fund

308,835,955‌

182,736,052‌

(20,310,255‌)

162,425,797‌

AZL

Moderate

Index

Strategy

Fund

1,211,838,082‌

116,990,827‌

(69,272,182‌)

47,718,645‌

AZL

MSCI

Global

Equity

Index

Fund

169,668,660‌

193,282,929‌

(6,939,966‌)

186,342,963‌

AZL

Russell

1000

Growth

Index

Fund

182,738,605‌

435,817,101‌

(2,782,681‌)

433,034,420‌

AZL

Russell

1000

Value

Index

Fund

394,899,980‌

260,921,689‌

(23,401,864‌)

237,519,825‌

AZL

S&P

500

Index

Fund

559,122,088‌

2,068,584,058‌

(20,328,168‌)

2,048,255,890‌

AZL

Small

Cap

Stock

Index

Fund

330,728,415‌

144,039,430‌

(39,890,293‌)

104,149,137‌

AZL

T.

Rowe

Price

Capital

Appreciation Fund

886,230,871‌

89,878,405‌

(12,265,866‌)

77,612,539‌

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

291

For

the

tax

year

ended

December

31,

2025,

the

Funds

had

capital

loss

carry

forwards

(“CLCFs”)

as

summarized

in

the

table

below.

The

Board

does

not

intend

to

authorize

a

distribution

of

any

realized

gain

for

the

Funds

until

any

applicable

CLCF

has

been

offset.

CLCFs

not

subject

to

expiration: 

During

the

tax

year

ended

December

31,

2025,

the

AZL

Moderate

Index

Strategy

Fund

utilized

$26,191,084

in

CLCFs

to

offset

capital

gains.

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31, 2025 were

as

follows: 

Fund

Name

Short-Term

Amount

Long-Term

Amount

Total

AZL

Enhanced

Bond

Index

Fund

$

72,626,142

$

220,373,097

$

292,999,239

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

8,602,347

42,183,196

50,785,543

Fund

Name

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

(a)

AZL

DFA

International

Core

Equity

Fund

$

8,651,492‌

$

6,661,913‌

$

15,313,405‌

AZL

DFA

U.S.

Core

Equity

Fund

7,643,891‌

68,428,722‌

76,072,613‌

AZL

Enhanced

Bond

Index

Fund

118,018,324‌

–‌

118,018,324‌

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

53,828,554‌

7,619,144‌

61,447,698‌

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

5,723,000‌

–‌

5,723,000‌

AZL

Government

Money

Market

Fund

15,608,314‌

394‌

15,608,708‌

AZL

International

Index

Fund

30,891,207‌

13,710,167‌

44,601,374‌

AZL

Mid

Cap

Index

Fund

19,449,082‌

120,631,848‌

140,080,930‌

AZL

Moderate

Index

Strategy

Fund

32,284,120‌

–‌

32,284,120‌

AZL

MSCI

Global

Equity

Index

Fund

11,371,798‌

–‌

11,371,798‌

AZL

Russell

1000

Growth

Index

Fund

8,490,014‌

73,340,360‌

81,830,374‌

AZL

Russell

1000

Value

Index

Fund

10,917,947‌

41,904,034‌

52,821,981‌

AZL

S&P

500

Index

Fund

26,409,735‌

445,623,586‌

472,033,321‌

AZL

Small

Cap

Stock

Index

Fund

5,681,228‌

61,689,052‌

67,370,280‌

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

39,837,850‌

104,615,170‌

144,453,020‌

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

292

At

December

31,

2025,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

9.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

Section

2(a)(9)

of

the

1940

Act.

As

of June

30,

2026,

shareholder

accounts

which

are

affiliated

with

the

Manager representing

ownership

in

excess

of

25%

of

a

Fund

were

as

follows:

Investment

activities

of

these

shareholders

could

have

a

material

impact

to

such

Funds. 

10.

Segment

Reporting

In

accordance

with

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

—

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”),

subject

to

the

oversight

and,

when

applicable,

approval

of

the

Board,

the

officers

of

the

Trust,

as

listed

in

the

Trust’s

Statement

of

Additional

Information,

act

as each

Fund’s

chief

operating

decision

maker

(“CODM”).

The

CODM

has

determined

that each

Fund

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Funds

as

a

whole

and each

Fund’s

long-term

strategic

asset

allocation

is

determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

each

Fund’s

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Funds’

financial

statements.

Fund

Name

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

(Depreciation)

(a)

Total

Accumulated

Earnings/(Deficit)

AZL

DFA

International

Core

Equity

Fund

$

9,894,051‌

$

17,047,756‌

$

—‌

$

83,659,952‌

$

110,601,759‌

AZL

DFA

U.S.

Core

Equity

Fund

5,279,462‌

40,554,912‌

—‌

348,417,033‌

394,251,407‌

AZL

Enhanced

Bond

Index

Fund

104,542,300‌

—‌

(292,999,239‌)

(73,048,094‌)

(261,505,033‌)

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

42,907,817‌

35,312,103‌

—‌

150,608,363‌

228,828,283‌

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

5,376,783‌

—‌

(50,785,543‌)

(2,839,609‌)

(48,248,369‌)

AZL

Government

Money

Market

Fund

87,695‌

—‌

—‌

(45‌)

87,650‌

AZL

International

Index

Fund

37,396,073‌

73,143,500‌

—‌

607,334,838‌

717,874,411‌

AZL

Mid

Cap

Index

Fund

5,261,2

56‌

38,141,443‌

—‌

162,425,797‌

205,828,4

96‌

AZL

Moderate

Index

Strategy

Fund

33,720,998‌

71,768,838‌

—‌

47,718,645‌

153,208,481‌

AZL

MSCI

Global

Equity

Index

Fund

7,237,569‌

20,421,881‌

—‌

186,375,575‌

214,035,025‌

AZL

Russell

1000

Growth

Index

Fund

—‌

104,805,033‌

—‌

433,034,420‌

537,839,453‌

AZL

Russell

1000

Value

Index

Fund

10,642,018‌

55,250,619‌

—‌

237,519,825‌

303,412,462‌

AZL

S&P

500

Index

Fund

21,647,371‌

268,951,439‌

—‌

2,048,249,812‌

2,338,848,622‌

AZL

Small

Cap

Stock

Index

Fund

22,498,742‌

28,517,009‌

—‌

104,149,137‌

155,164,888‌

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

44,473,350‌

93,905,386‌

—‌

77,672,499‌

216,051,235‌

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

foreign

currency

gains

or

losses,

mark-to-market

of

futures

contracts,

investments

in

real

estate

investment

trusts,

mark-to-market

of

passive

foreign

investment

companies,

straddles

and

other

miscellaneous

differences.

Fund

Name

Ownership

in

excess

of

AZL

DFA

International

Core

Equity

Fund

95%

AZL

DFA

U.S.

Core

Equity

Fund

95%

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

70%

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

85%

AZL

Government

Money

Market

Fund

85%

AZL

International

Index

Fund

65%

AZL

Mid

Cap

Index

Fund

60%

AZL

Moderate

Index

Strategy

Fund

90%

AZL

MSCI

Global

Equity

Index

Fund

95%

AZL

Russell

1000

Growth

Index

Fund

95%

AZL

Russell

1000

Value

Index

Fund

90%

AZL

S&P

500

Index

Fund

55%

AZL

Small

Cap

Stock

Index

Fund

70%

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

95%

Allianz

Variable

Insurance

Products

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

293

11.

Subsequent

Events

Management

of

the

Funds

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Funds’

financial

statements.

294

Allianz

Variable

Insurance

Products

Trust

Other

Information

(Unaudited)

Item

8.  

Changes

in

and

Disagreements

with

Accountants

On

February

24,

2026,

the

Board

of

Trustees

(the

"Board") of

Allianz

Variable

Insurance

Products

Trust

(the

"Trust"),

upon

recommendation

of

its

Audit

Committee,

approved

the

appointment

of

Cohen

&

Company,

Ltd.

("Cohen")

as

the

independent

registered public

accounting

firm for

each

series

of

the

Trust

(each,

a

"Fund")

for

the

fiscal

year

ending

December

31,

2026,

effectively

dismissing

PricewaterhouseCoopers

LLP ("PwC")

as

each

Fund's

independent

registered

public

accounting

firm

effective

February

26,

2026.      

The

audit

reports

of

PwC

on

the

financial

statements

of

each

Fund

for

the

fiscal

years

ended

December

31,

2024

and

December

31,

2025

did

not

contain

an

adverse

opinion

or

disclaimer

of

opinion,

and

were

not

qualified

or

modified

as

to

uncertainty,

audit

scope,

or

accounting

principles.

During

each

of

the

Fund’s

two

fiscal

years

ended

December

31,

2024

and

December

31,

2025,

and

the

subsequent

interim

period

through

February

26,

2026,

there

were

no

disagreements

with

PwC

on

any

matter

of

accounting

principles

or

practices,

financial

statement

disclosure,

or

auditing

scope

or

procedure,

which,

if

not

resolved

to

the

satisfaction

of

PwC,

would

have

caused

PwC

to

make

reference

to

the

subject

matter

of

the

disagreement

in

connection

with

PwC’s

reports

on

the

financial

statements.

In

addition,

there

have

been

no

“reportable

events”

of

the

kind

described

in

Item

304(a)(1)(v)

of

Regulation

S-K

under

the

Securities

Exchange

Act

of

1934.   

During

each

of

the

Fund’s

two

fiscal

years

ended

December

31,

2024

and

December

31,

2025

and

the

subsequent

interim

period

through

February

26,

2026,

neither

the

Trust

nor

anyone

on

its

behalf

has

consulted

with

Cohen

at

any

time

prior

to

their

selection

with

respect

to

(i)

the

application

of

accounting

principles

to

a

specified

transaction,

either

completed

or

proposed

or

the

type

of

audit

opinion

that

might

be

rendered

on

a

Fund’s

financial

statements;

or

(ii)

the

subject

of

a

disagreement

(as

defined

in

Item

304(a)(1)(iv)

of

Regulation

S-K)

or

reportable

events

(as

described

in

Item

304(a)(1)(v)

of

Regulation

S-K).

The

Trust

has

requested

that

PwC

furnish

it

with

a

letter

addressed

to

the

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

stating

whether

PwC

agrees

with

the

above

statements.

Item

9.  

Proxy

Disclosures

There

were

no

matters

submitted

for

vote

by

shareholders

of

the

Funds

during

the

reporting

period.

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Remuneration

paid

to

Directors/Trustees,

Officers

and

others,

if

any,

are

reflected

on

the

Statements

of

Operations

and

described

in

Note

3

of

the

Notes

to

Financial

Statements

included

in

Item

7.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

and

Subadvisory

Contracts

Not

applicable.

SARRPT0626

08/26

The

Allianz

VIP

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

(b)           The Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Changes in and disagreements with accountants, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Trustees, Officers, and others are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 16. Controls and Procedures.

(a)           The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)           There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

                Not applicable. 

Item 19. Exhibits.

(a)(1)      Not applicable. 

(a)(2)      Not applicable. 

(a)(3)      The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.

(a)(4)      Not applicable.

(a)(5)      A change in the Registrant’s independent public accountant during the period covered by the report is attached hereto. 

(b)           The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  Allianz Variable Insurance Products Trust                            

By (Signature and Title)   /s/ Brian Muench                                                                 

                                                Brian Muench, Principal Executive Officer

Date August 14, 2026                       

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Brian Muench                                                                                   

                                                Brian Muench, Principal Executive Officer

Date Auguat 14, 2026                                      

By (Signature and Title) /s/ Monique Labbe                                                                                                                                 

                                                Monique Labbe, Principal Financial Officer

Date August 14, 2026