UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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)

Citi Fund Services Ohio, Inc., 3435 Stelzer Road, Columbus, OH 43219-8000

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-624-0197

Date of fiscal year end: December 31

Date of reporting period: March 31, 2015

Item 1. Schedule of Investments.

AZL BlackRock Capital Appreciation Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (99.6%):
Aerospace & Defense (0.6%):
17,821	Precision Castparts Corp.	$	3,742,410
Airlines (1.4%):
106,834	Spirit Airlines, Inc. *		8,264,678
Auto Components (0.8%):
56,143	Delphi Automotive plc		4,476,843
Banks (1.3%):
123,353	JPMorgan Chase & Co.		7,472,725
Beverages (1.2%):
58,953	Constellation Brands, Inc., Class A *		6,850,928
Biotechnology (8.3%):
15,907	Regeneron Pharmaceuticals, Inc. *^		7,181,692
127,896	United Therapeutics Corp. *^		22,053,747
160,672	Vertex Pharmaceuticals, Inc. *		18,954,476
			48,189,915
Chemicals (0.6%):
32,460	Ecolab, Inc.		3,712,775
Consumer Finance (1.3%):
129,859	Discover Financial Services		7,317,555
Diversified Financial Services (2.8%):
52,404	Berkshire Hathaway, Inc., Class B *		7,562,945
83,679	Moody’s Corp.		8,685,880
			16,248,825
Food & Staples Retailing (1.6%):
41,390	CVS Health Corp.		4,271,862
100,809	Whole Foods Market, Inc. ^		5,250,133
			9,521,995
Food Products (1.1%):
65,642	Hershey Co. ^		6,623,934
Health Care Providers & Services (4.4%):
109,582	Express Scripts Holding Co. *		9,508,430
50,475	Humana, Inc.		8,985,560
57,648	UnitedHealth Group, Inc.		6,819,182
			25,313,172
Health Care Technology (0.4%):
21,911	athenahealth, Inc. *^		2,615,954
Internet & Catalog Retail (6.4%):
106,557	Alibaba Group Holding, Ltd., ADR *^		8,869,805
33,833	Netflix, Inc. *		14,097,873
176,295	TripAdvisor, Inc. *^		14,662,455
			37,630,133
Internet Software & Services (15.7%):
67,600	Baidu, Inc., ADR *		14,087,840
321,222	Facebook, Inc., Class A *		26,409,267
32,566	Google, Inc., Class A *		18,064,360
50,588	LinkedIn Corp., Class A *		12,639,918
559,600	Tencent Holdings, Ltd. ^		10,579,374
207,257	Yahoo!, Inc. *		9,209,465
			90,990,224
IT Services (7.5%):
47,609	Alliance Data Systems Corp. *^		14,104,166
87,481	MasterCard, Inc., Class A		7,557,484
336,437	Visa, Inc., Class A		22,006,344
			43,667,994
Media (6.8%):
301,291	Liberty Global plc, Class A *		15,507,448
480,379	Twenty-First Century Fox, Inc.		16,256,025

Shares		Fair Value
Common Stocks, continued
Media, continued
71,906	Walt Disney Co. (The) ^	$	7,542,220
			39,305,693
Multiline Retail (2.7%):
212,073	Dollar General Corp. *		15,986,063
Oil, Gas & Consumable Fuels (4.1%):
95,589	Concho Resources, Inc. *		11,080,677
841,419	Palantir Technologies, Inc. *(a)		7,480,215
30,680	Pioneer Natural Resources Co.		5,016,487
			23,577,379
Pharmaceuticals (9.9%):
297,374	AbbVie, Inc.		17,408,274
31,786	Actavis plc *		9,460,149
54,563	Mallinckrodt plc *		6,910,404
73,143	Perrigo Co. plc		12,108,824
58,109	Valeant Pharmaceuticals International, Inc. *		11,541,609
			57,429,260
Real Estate Investment Trusts (REITs) (1.0%):
73,813	Crown Castle International Corp.		6,092,525
Road & Rail (2.9%):
154,817	Union Pacific Corp.		16,768,229
Software (6.1%):
278,428	Oracle Corp.		12,014,168
241,448	Salesforce.com, Inc. *		16,131,140
55,248	Splunk, Inc. *^		3,270,682
51,492	Workday, Inc., Class A *^		4,346,440
			35,762,430
Specialty Retail (2.6%):
89,924	Home Depot, Inc. (The)		10,216,265
48,525	Restoration Hardware Holdings, Inc. *^		4,813,195
			15,029,460
Technology Hardware, Storage & Peripherals (5.9%):
242,251	Apple, Inc.		30,143,292
62,541	SanDisk Corp. ^		3,978,858
			34,122,150
Textiles, Apparel & Luxury Goods (2.2%):
117,180	Lululemon Athletica, Inc. *^		7,501,864
54,334	Nike, Inc., Class B		5,451,330
			12,953,194
Total Common Stocks (Cost $476,260,212)			579,666,443
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (13.2%):
$76,806,021	Allianz Variable Insurance Products Securities Lending Collateral Trust (b)		76,806,021
Total Securities Held as Collateral for Securities on Loan (Cost $76,806,021)			76,806,021

Continued

AZL BlackRock Capital Appreciation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Unaffiliated Investment Company (0.5%):
2,782,054	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (c)	$	2,782,054
Total Unaffiliated Investment Company (Cost $2,782,054)			2,782,054
Total Investment Securities (Cost $555,848,287)(d) - 113.3%			659,254,518
Net other assets (liabilities) - (13.3)%			(77,442,053	)
Net Assets - 100.0%		$	581,812,465

Percentages indicated are based on net assets as of March 31, 2015.

ADR  - American Depositary Receipt

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $75,184,539.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of March 31, 2015, these securities represent 1.29% of the net assets of the fund.

(b) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(c) The rate represents the effective yield at March 31, 2015.

(d) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
Canada		2.9	%
Cayman Islands		2.1	%
China		3.0	%
Ireland (Republic of)		1.8	%
United Kingdom		0.7	%
United States		89.5	%
		100.0	%

See accompanying notes to the schedules of portfolio investments.

AZL BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares			Fair Value
	Common Stocks (53.9%):
	Aerospace & Defense (1.2%):
	989	Boeing Co. (The)	$	148,429
	748	Dassault Aviation SA		904,538
	25,636	European Aeronautic Defence & Space Co. NV		1,665,599
	1,444	General Dynamics Corp.		195,994
	1,326	L-3 Communications Holdings, Inc.		166,798
	1,519	Northrop Grumman Corp.		244,498
	7,624	Precision Castparts Corp.		1,601,040
	1,892	Raytheon Co.		206,701
	36,554	Safran SA		2,554,241
	14,482	United Technologies Corp.		1,697,290
				9,385,128
	Air Freight & Logistics (0.5%):
	12,373	Deutsche Post AG		387,003
	10,749	FedEx Corp.		1,778,422
	19,421	United Parcel Service, Inc., Class B		1,882,672
				4,048,097
	Airlines (0.4%):
	57,700	Japan Airlines Co., Ltd.		1,799,516
	19,550	United Continental Holdings, Inc. *		1,314,738
				3,114,254
	Auto Components (1.4%):
	21,800	Aisin Sieki Co., Ltd.		792,595
	11,509	BorgWarner, Inc.		696,065
	48,800	Bridgestone Corp.		1,959,813
	136,683	Cheng Shin Rubber Industry Co., Ltd.		314,128
	12,661	Delphi Automotive plc		1,009,588
	49,800	Denso Corp.		2,276,963
	400	Exedy Corp.		9,550
	24,900	Futaba Industrial Co., Ltd. ^		116,070
	2,082	Hyundai Wia Corp.		265,599
	9,700	Koito Manufacturing Co., Ltd.		292,407
	2,098	Lear Corp.		232,500
	3,300	Stanley Electric Co., Ltd.		74,767
	41,100	Toyota Industries Corp.		2,357,973
				10,398,018
	Automobiles (2.0%):
	7,208	Bayerische Motoren Werke AG (BMW)		901,954
	1,900	Daihatsu Motor Co., Ltd. ^		29,121
	108,000	Dongfeng Motor Corp., H Shares		173,573
	132,517	Ford Motor Co.		2,138,824
	112,300	Fuji Heavy Industries, Ltd.		3,737,401
	39,100	Honda Motor Co., Ltd.		1,272,576
	5,313	Hyundai Motor Co.		807,105
	54,100	Isuzu Motors, Ltd.		720,687
	9,302	Maruti Suzuki India, Ltd.		549,213
	4,138	Renault SA		377,063
	59,300	Suzuki Motor Corp.		1,786,368
	1,841	Tesla Motors, Inc. *^		347,526
	31,600	Toyota Motor Corp.		2,208,996
	270	Volkswagen AG		69,677
	168,770	Yulon Motor Co., Ltd.		230,619
				15,350,703
	Banks (4.0%):
	66,988	Banco Bilbao Vizcaya Argentaria SA		675,938
	3,699	Banco Popolare SC *		57,902

Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	48,939	Banco Santander SA	$	368,019
	232,742	Bank of America Corp.		3,581,899
	23,000	Bank of Yokohama, Ltd. (The)		135,023
	63,170	Barclays plc		226,635
	22,799	BNP Paribas SA		1,386,386
	20,000	Chiba Bank, Ltd. (The)		147,098
	52,568	Citigroup, Inc.		2,708,303
	11,059	Commonwealth Bank of Australia		784,579
	81,000	Fukuoka Financial Group, Inc.		418,104
	260,714	HSBC Holdings plc		2,218,417
	252,810	Intesa Sanpaolo SpA		860,503
	70,458	JPMorgan Chase & Co.		4,268,347
	632,976	Lloyds Banking Group plc *		734,580
	310,400	Mitsubishi UFJ Financial Group, Inc.		1,924,987
	95,807	Regions Financial Corp.		905,376
	13,000	Shizuoka Bank, Ltd. (The)		130,087
	8,086	Societe Generale		390,881
	22,145	Standard Chartered plc		358,516
	43,000	Sumitomo Mitsui Financial Group, Inc.		1,649,971
	9,633	SunTrust Banks, Inc.		395,820
	8,035	Svenska Handelsbanken AB, A Shares		363,399
	13,504	Toronto-Dominion Bank (The)		578,057
	30,257	U.S. Bancorp		1,321,323
	8,706	UBI Banca - Unione di Banche Italiane SCPA		68,186
	60,802	UniCredit SpA		413,779
	73,663	Wells Fargo & Co.		4,007,267
	17,781	Westpac Banking Corp.		531,862
				31,611,244
	Beverages (0.9%):
	5,000	Asahi Breweries, Ltd.		159,002
	61,674	Coca-Cola Co. (The)		2,500,880
	1,881	Constellation Brands, Inc., Class A *		218,591
	8,527	Diageo plc, ADR		942,830
	6,653	Diageo plc		183,419
	22,900	Kirin Holdings Co., Ltd.		301,145
	9,630	PepsiCo, Inc.		920,821
	26,196	SABMiller plc		1,370,615
	10,900	Suntory Beverage & Food, Ltd.		468,104
				7,065,407
	Biotechnology (1.0%):
	4,336	Alexion Pharmaceuticals, Inc. *		751,429
	16,755	Amgen, Inc.		2,678,287
	2,296	Biogen Idec, Inc. *		969,463
	8,892	Celgene Corp. *		1,025,070
	8,576	Gilead Sciences, Inc. *		841,563
	63,198	Mesoblast, Ltd. *^		174,049
	120	Receptos, Inc. *		19,787
	782	Regeneron Pharmaceuticals, Inc. *		353,057
	8,325	Vertex Pharmaceuticals, Inc. *		982,100
				7,794,805

Continued

AZL BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares			Fair Value
	Common Stocks, continued
	Building Products (0.2%):
	15,110	Compagnie de Saint-Gobain SA	$	662,803
	13,100	Daikin Industries, Ltd.		878,941
				1,541,744
	Capital Markets (0.8%):
	1,250	Ameriprise Financial, Inc.		163,550
	20,093	Bank of New York Mellon Corp. (The)		808,542
	26,089	Charles Schwab Corp. (The)		794,149
	9,108	Credit Suisse Group AG		245,443
	19,770	Deutsche Bank AG, Registered Shares		687,740
	4,961	Goldman Sachs Group, Inc. (The)		932,519
	11,120	Morgan Stanley		396,873
	98,958	UBS Group AG		1,866,094
				5,894,910
	Chemicals (2.0%):
	15,632	Akzo Nobel NV		1,183,471
	9,033	Arkema, Inc.		712,881
	87,000	Asahi Kasei Corp.		833,581
	3,536	BASF SE		351,803
	546	CF Industries Holdings, Inc.		154,889
	9,941	Dow Chemical Co. (The)		476,969
	18,023	FMC Corp.		1,031,817
	33,200	Hitachi Chemical Co., Ltd.		712,061
	37,100	JSR Corp.		644,424
	14,282	Koninklijke DSM NV		797,974
	37,900	Kuraray Co., Ltd.		514,204
	2,024	Linde AG		412,572
	7,201	LyondellBasell Industries NV, Class A		632,248
	6,228	Monsanto Co.		700,899
	25,400	Nitto Denko Corp.		1,700,817
	9,349	Potash Corp. of Saskatchewan, Inc.		301,421
	1,041	PPG Industries, Inc.		234,787
	31,400	Shin-Etsu Chemical Co., Ltd.		2,055,453
	5,569	Syngenta AG, Registered Shares		1,895,696
	261,000	Ube Industries, Ltd.		409,173
				15,757,140
	Commercial Services & Supplies (0.0%):
	2,086	Cintas Corp. ^		170,280
	1,700	SECOM Co., Ltd.		113,763
	4,500	Sohgo Security Services Co., Ltd. ^		153,665
				437,708
	Communications Equipment (0.7%):
	102,438	Cisco Systems, Inc.		2,819,606
	18,395	El Towers SpA *^		980,513
	1,891	Harris Corp.		148,935
	3,000	Hitachi Kokusai Electric, Inc.		40,327
	1,960	Motorola Solutions, Inc.		130,673
	20,188	QUALCOMM, Inc.		1,399,836
				5,519,890
	Construction & Engineering (0.2%):
	4,791	Bouygues SA		188,188
	5,000	Chiyoda Corp.		42,862
	1,700	Comsys Holdings Corp.		21,052

Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering, continued
	22,000	JGC Corp.	$	438,183
	7,000	Kinden Corp.		87,675
	3,000	Maeda Road Construction Co., Ltd.		48,758
	1,000	Nippo Corp.		16,561
	82,000	Okumura Corp. ^		384,290
	300	Sho-Bond Holdings Co., Ltd.		13,209
	97,000	Toda Corp. ^		410,098
				1,650,876
	Consumer Finance (0.4%):
	21,300	American Express Co.		1,663,955
	10,375	Capital One Financial Corp.		817,758
	11,879	Discover Financial Services		669,382
				3,151,095
	Containers & Packaging (0.2%):
	14,806	Crown Holdings, Inc. *		799,820
	16,402	Sealed Air Corp. ^		747,275
				1,547,095
	Distributors (0.0%):
	2,900	Canon Marketing Japan, Inc.		58,305
	Diversified Consumer Services (0.0%):
	900	Benesse Holdings, Inc. ^		28,369
	Diversified Financial Services (0.4%):
	13,360	Berkshire Hathaway, Inc., Class B *		1,928,115
	7,390	CME Group, Inc.		699,907
	60,790	ING Groep NV *		891,770
				3,519,792
	Diversified Telecommunication Services (1.0%):
	52,071	AT&T, Inc. ^		1,700,118
	114,563	BT Group plc		742,133
	42,017	Deutsche Telekom AG, Registered Shares		769,258
	20,867	France Telecom SA		335,676
	11,800	Nippon Telegraph & Telephone Corp.		727,857
	259,600	Singapore Telecommunications, Ltd.		828,752
	23,018	TDC A/S ^		164,920
	32,883	Telecom Italia SpA		30,933
	135,227	Telecom Italia SpA		158,757
	139,100	Telekom Malaysia Berhad		273,165
	8,438	Verizon Communications, Inc.		410,258
	57,596	Verizon Communications, Inc. ^		2,800,894
				8,942,721
	Electric Utilities (0.4%):
	18,019	American Electric Power Co., Inc.		1,013,569
	37,900	Chubu Electric Power Co., Inc.		453,207
	134,308	Enel SpA		608,187
	5,590	NRG Yield, Inc. ^		283,581
	9,034	PPL Corp.		304,084
				2,662,628
	Electrical Equipment (0.8%):
	27,774	Eaton Corp. plc		1,886,965
	80,000	GS Yuasa Corp. ^		360,907

Continued

AZL BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Electrical Equipment, continued
3,100	Mabuchi Motor Co., Ltd.	$	164,668
105,000	Mitsubishi Electric Corp.		1,250,772
14,404	Rockwell Automation, Inc.		1,670,720
9,159	Schneider Electric SA		712,318
42,900	Sumitomo Electric Industries, Ltd.		563,438
			6,609,788
Electronic Equipment, Instruments & Components (0.5%):
3,065	Avnet, Inc.		136,393
4,600	Hitachi High-Technologies Corp.		140,585
221,000	Hitachi, Ltd.		1,517,071
18,700	HOYA Corp.		751,228
500	Keyence Corp.		273,516
15,300	Kyocera Corp.		841,041
3,100	Murata Manufacturing Co., Ltd.		427,439
6,500	Omron Corp.		293,779
2,753	TE Connectivity, Ltd.		197,170
			4,578,222
Energy Equipment & Services (0.7%):
36	Baker Hughes, Inc.		2,289
95,700	Dropbox, Inc. *(a)(b)		1,782,891
67	Halliburton Co.		2,940
1,698	Helmerich & Payne, Inc.		115,583
24,594	Ocean Rig UDW, Inc. ^		162,074
30,845	Oceaneering International, Inc.		1,663,471
149,440	SBM Offshore NV *^		1,859,666
103	Schlumberger, Ltd.		8,594
			5,597,508
Food & Staples Retailing (0.2%):
2,061	CVS Health Corp.		212,716
8,400	FamilyMart Co., Ltd.		353,035
2,520	Fresh Market, Inc. (The) *		102,413
3,287	Kroger Co. (The)		251,981
8,138	Wal-Mart Stores, Inc.		669,351
			1,589,496
Food Products (0.9%):
22,000	Ajinomoto Co., Inc.		483,314
3,207	Archer-Daniels-Midland Co.		152,012
1,987	Boulder Brands, Inc. *		18,936
45,987	Cosan, Ltd., A Shares		291,098
6,123	Danone SA		412,001
10,967	Mondelez International, Inc., Class A		395,799
49,274	Nestle SA, Registered Shares		3,722,812
27,712	SLC Agricola SA		152,426
17,519	Unilever plc		730,587
			6,358,985
Gas Utilities (0.2%):
5,707	Gas Natural SDG SA		128,100
273,000	Tokyo Gas Co., Ltd.		1,721,503
			1,849,603
Health Care Equipment & Supplies (0.4%):
10,126	Abbott Laboratories		469,138
1,302	Becton, Dickinson & Co.		186,988
913	C.R. Bard, Inc.		152,791
8,621	Getinge AB, B Shares		213,930
17,377	Medtronic plc		1,355,232

Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies, continued
	15,437	Mindray Medical International, Ltd., ADR	$	422,202
	5,214	Zimmer Holdings, Inc.		612,749
				3,413,030
	Health Care Providers & Services (2.0%):
	16,251	Aetna, Inc.		1,731,219
	36,197	Al Noor Hospitals Group plc		544,145
	1,846	AmerisourceBergen Corp.		209,835
	1,441	Anthem, Inc.		222,505
	1,238,700	Bangkok Dusit Medical Services Public Co., Ltd., Class F		750,150
	89,200	Bumrungrad Hospital Public Co., Ltd.		416,797
	2,262	Cardinal Health, Inc.		204,191
	13,351	Catamaran Corp. *		794,919
	24,298	Envision Healthcare Holdings, Inc. *		931,828
	24,333	HCA Holdings, Inc. *		1,830,572
	436,104	Healthscope, Ltd.		1,014,158
	9,871	HealthSouth Corp. ^		437,878
	6,319	Humana, Inc.		1,124,908
	645,600	IHH Healthcare Berhad		1,048,097
	107,261	Life Healthcare Group Holdings Pte, Ltd.		374,471
	8,612	McKesson, Inc.		1,948,033
	1,300	Medipal Holdings Corp.		16,965
	61,358	NMC Health plc		604,208
	382,799	PT Siloam International Hospital Tbk *		392,417
	104,000	Raffles Medical Group, Ltd.		297,901
	10,500	Ship Healthcare Holdings, Inc.		239,998
	98,397	Sinopharm Group Co., H Shares		400,779
	138,592	Spire Healthcare Group plc *		768,138
	22,927	Tenet Healthcare Corp. *^		1,135,116
	4,693	UnitedHealth Group, Inc.		555,135
				17,994,363
	Hotels, Restaurants & Leisure (0.3%):
	4,298	Las Vegas Sands Corp.		236,562
	19,068	McDonald’s Corp.		1,857,986
	12,361	SeaWorld Entertainment, Inc.		238,320
	1,889	Wyndham Worldwide Corp.		170,898
				2,503,766
	Household Durables (0.2%):
	4,100	Alpine Electronics, Inc. ^		68,481
	31,698	Cyrela Brazil Realty SA Empreendimentos e Participacoes		132,626
	164,000	Haier Electronics Group Co., Ltd.		428,158
	1,906	MRV Engenharia e Participacoes SA		4,761
	9,000	Rinnai Corp.		668,696
	15,500	Sony Corp.		412,317
				1,715,039
	Household Products (0.8%):
	15,181	Colgate-Palmolive Co.		1,052,651
	1,083	Energizer Holdings, Inc.		149,508
	8,911	Kimberly-Clark Corp.		954,457

Continued

AZL BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Household Products, continued
51,019	Procter & Gamble Co. (The)	$	4,180,497
			6,337,113
Independent Power and Renewable Electricity Producers (0.5%):
41,264	AES Corp. (The)		530,242
43,683	Calpine Corp. *		999,030
5,296	NextEra Energy Partners LP ^		232,071
11,296	NextEra Energy, Inc.		1,175,349
32,794	NRG Energy, Inc.		826,081
9,032	TerraForm Power, Inc. (c)		329,758
3,476	TerraForm Power, Inc., Class A *^		126,909
			4,219,440
Industrial Conglomerates (0.9%):
1,009	3M Co.		166,435
173,719	Beijing Enterprises Holdings, Ltd.		1,368,152
8,096	Danaher Corp.		687,350
172,584	General Electric Co.		4,281,809
198,000	Keppel Corp., Ltd.		1,298,834
12,697	Koninklijke Philips Electronics NV		360,714
3,108	Siemens AG, Registered Shares		336,438
			8,499,732
Insurance (1.7%):
1,430	ACE, Ltd.		159,431
126,800	AIA Group, Ltd.		794,745
8,237	Allstate Corp. (The)		586,227
27,818	American International Group, Inc.		1,524,148
45,664	AXA SA		1,151,328
2,505	Axis Capital Holdings, Ltd.		129,208
7	Berkshire Hathaway, Inc., Class A *		1,522,500
1,227	Chubb Corp. (The)		124,050
3,301	CNA Financial Corp.		136,760
122,908	Legal & General Group plc		507,266
4,209	Lincoln National Corp.		241,849
16,700	Marsh & McLennan Cos., Inc.		936,703
14,847	MetLife, Inc.		750,516
17,300	MS&AD Insurance Group Holdings, Inc.		486,166
11,000	NKSJ Holdings, Inc.		342,603
6,067	Prudential Financial, Inc.		487,241
52,844	Prudential plc		1,308,248
1,725	Reinsurance Group of America, Inc. ^		160,753
37,500	Sony Financial Holdings, Inc.		604,153
35,100	Tokio Marine Holdings, Inc.		1,328,397
15,932	XL Group plc		586,298
1,304	Zurich Insurance Group AG		442,004
			14,310,594
Internet & Catalog Retail (0.0%):
200	Askul Corp.		4,715
Internet Software & Services (2.5%):
17,500	DeNA Co., Ltd. ^		343,083
36,808	eBay, Inc. *		2,123,085
15,503	Facebook, Inc., Class A *		1,274,579
4,920	Google, Inc., Class A *		2,729,124

Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services, continued
	8,283	Google, Inc., Class C *	$	4,539,085
	71,300	Gree, Inc. ^		496,460
	26,112	SINA Corp. *		839,762
	80,581	Twitter, Inc. *		4,035,496
	68,532	Uber Technologies, Inc. *(a)(b)		2,328,046
	2,508	VeriSign, Inc. *		167,961
	36,600	Yahoo! Japan Corp.		151,381
				19,028,062
	IT Services (1.2%):
	1,704	Accenture plc, Class A		159,648
	523	Alliance Data Systems Corp. *		154,939
	3,091	Amdocs, Ltd.		168,150
	10,289	Atos Origin SA		706,361
	2,890	Computer Sciences Corp.		188,659
	3,045	Fidelity National Information Services, Inc.		207,243
	8,747	International Business Machines Corp.		1,403,894
	31,194	MasterCard, Inc., Class A		2,694,850
	300	NS Solutions Corp.		9,269
	700	SCSK Corp.		19,642
	54,628	Visa, Inc., Class A ^		3,573,216
	48,519	Worldline SA *^		881,227
				10,167,098
	Leisure Products (0.2%):
	5,900	Namco Bandai Holdings, Inc.		115,028
	46,800	Nikon Corp. ^		628,319
	31,200	Sega Sammy Holdings, Inc.		456,344
	8,100	Yamaha Corp.		142,115
				1,341,806
	Life Sciences Tools & Services (0.6%):
	24,990	Agilent Technologies, Inc.		1,038,335
	14,164	PerkinElmer, Inc.		724,347
	15,482	Thermo Fisher Scientific, Inc.		2,079,851
	4,825	Waters Corp. *		599,844
				4,442,377
	Machinery (1.1%):
	4,015	CNH Industrial NV		32,762
	29,901	Colfax Corp. *^		1,427,174
	35,795	Cummins India, Ltd.		503,650
	1,915	Dover Corp.		132,365
	3,700	Fanuc, Ltd.		809,916
	164,090	Haitian International Holdings, Ltd.		376,243
	125,000	IHI Corp.		586,850
	22,200	Komatsu, Ltd.		437,354
	30,000	Kubota Corp.		476,067
	137,000	Mitsubishi Heavy Industries, Ltd.		756,630
	7,800	Nabtesco Corp.		226,351
	11,668	PACCAR, Inc.		736,718
	1,106	Parker Hannifin Corp. ^		131,371
	1,100	SMC Corp.		328,798
	14,618	Stanley Black & Decker, Inc.		1,393,972
	3,200	THK Co., Ltd.		81,654
				8,437,875
	Media (1.2%):
	41,779	Comcast Corp., Class A		2,359,259

Continued

AZL BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares			Fair Value
	Common Stocks, continued
	Media, continued
	11,712	DISH Network Corp., Class A *	$	820,543
	18,716	Liberty Broadband Corp., Class C *		1,059,326
	7,085	Liberty Broadband Corp., Class A *		400,161
	46,252	Liberty Media Corp., Class C *		1,766,826
	20,570	Liberty Media Corp. *		792,974
	2,490	Manchester United plc, Class A *		39,616
	102,623	RAI Way SpA *		441,318
	817	RTL Group		78,553
	1,128	Time Warner Cable, Inc., Class A		169,065
	2,900	TV Asahi Holdings Corp. ^		48,486
	1,429	Viacom, Inc., Class B		97,601
	6,790	Walt Disney Co. (The) ^		712,203
	57,542	Zon Multimedia Servicos de Telecommunicacoes e Multimedia SGPS SA		417,019
				9,202,950
	Metals & Mining (2.2%):
	201,652	Antofagasta plc		2,174,356
	64,441	Barrick Gold Corp., ADR		706,273
	30,256	BHP Billiton plc		656,820
	54,205	Constellium NV *		1,101,446
	90,068	Eldorado Gold Corp.		413,215
	158,451	First Quantum Minerals, Ltd.		1,920,581
	181,197	Freeport-McMoRan Copper & Gold, Inc.		3,433,683
	115,936	Gerdau SA, ADR		370,995
	77,742	Goldcorp, Inc.		1,408,685
	121,000	Nippon Steel Corp.		305,225
	88,088	Platinum Group Metals, Ltd. *		49,391
	324,986	Platinum Group Metals, Ltd. *		177,069
	64,183	Rio Tinto plc		2,621,644
	67,172	Southern Copper Corp. ^		1,960,079
	400	Yamato Kogyo Co., Ltd.		9,686
				17,309,148
	Multiline Retail (0.1%):
	2,175	Kohl’s Corp. ^		170,194
	2,073	Macy’s, Inc.		134,558
	3,000	Ryohin Keikaku Co., Ltd.		436,791
				741,543
	Multi-Utilities (0.5%):
	23,712	CenterPoint Energy, Inc.		483,962
	14,877	Dominion Resources, Inc.		1,054,333
	32,816	GDF Suez		649,252
	60,315	National Grid plc		771,022
	9,909	Sempra Energy		1,080,279
				4,038,848
	Oil, Gas & Consumable Fuels (4.7%):
	64,779	Anadarko Petroleum Corp.		5,364,348
	115,052	Athabasca Oil Corp. *		190,784
	60,794	Cameco Corp.		846,860
	3,104	Chevron Corp.		325,858
	110	ConocoPhillips		6,849
	31,488	Consol Energy, Inc. ^		878,200
	16,412	Diamondback Energy, Inc. *		1,261,098
	30,140	Eclipse Resources Corp. *^		169,387

Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	751	Enbridge, Inc.	$	36,204
	49	EOG Resources, Inc.		4,493
	4,852	EQT Corp.		402,085
	234	Exxon Mobil Corp.		19,890
	15,310	Gulfport Energy Corp. *		702,882
	144,200	INPEX Corp.		1,593,872
	27,615	KazMunaiGas Exploration Production JSC, Registered Shares, GDR		341,045
	139	Kinder Morgan, Inc.		5,846
	5,547	Lookout, Inc. *(b)		63,364
	114,812	Lundin Petroleum AB *^		1,575,252
	3,387	Marathon Oil Corp.		88,435
	1,986	Marathon Petroleum Corp.		203,347
	67	Occidental Petroleum Corp.		4,891
	155,805	Oil & Natural Gas Corp., Ltd.		762,423
	282,736	Ophir Energy plc *		563,580
	116,157	Palantir Technologies, Inc. *(a)(b)		1,032,636
	71,761	Petroleo Brasileiro SA, ADR ^		431,283
	46,446	Phillips 66		3,650,656
	5,436	Pioneer Natural Resources Co.		888,840
	19,901	Royal Dutch Shell plc, A Shares		595,543
	69,945	Royal Dutch Shell plc, ADR		4,172,219
	185,896	Statoil ASA		3,296,855
	23,133	Stone Energy Corp. *		339,592
	4,475	Suncor Energy, Inc.		130,894
	1,310	Suncor Energy, Inc.		38,284
	20,560	Total SA		1,022,740
	45,165	Total SA, ADR		2,242,894
	47,701	TransCanada Corp. ^		2,040,024
	3,537	Valero Energy Corp.		225,024
	54	Williams Cos., Inc. (The)		2,732
				35,521,209
	Paper & Forest Products (0.0%):
	3,070	International Paper Co.		170,354
	Personal Products (0.0%):
	2,257	Beiersdorf AG		196,280
	53,232	Hypermarcas SA *		328,832
				525,112
	Pharmaceuticals (4.2%):
	60,424	AbbVie, Inc.		3,537,221
	10,406	Actavis plc *		3,097,034
	32,900	Astellas Pharma, Inc.		539,782
	27,719	AstraZeneca plc		1,900,156
	6,026	AstraZeneca plc, ADR		412,359
	2,665	Bayer AG		400,373
	21,284	Bristol-Myers Squibb Co.		1,372,818
	23,517	Catalent, Inc. *		732,555
	4,700	Eisai Co., Ltd.		334,511
	3,559	Eli Lilly & Co.		258,561
	28,950	Merck & Co., Inc.		1,664,046
	31,354	Mylan NV *		1,860,860
	24,120	Novartis AG, Registered Shares		2,387,171
	16,800	Otsuka Holdings Co., Ltd.		526,681
	4,730	Perrigo Co. plc		783,052
	112,073	Pfizer, Inc.		3,899,019
	8,235	Roche Holding AG		2,272,572
	14,441	Sanofi-Aventis SA		1,420,805

Continued

AZL BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Pharmaceuticals, continued
2,200	Sawai Pharmaceutical Co., Ltd.	$	130,437
18,692	Shire plc		1,486,189
472,000	Sino Biopharmaceutical, Ltd.		476,953
32,911	Teva Pharmaceutical Industries, Ltd., ADR		2,050,355
			31,543,510
Professional Services (0.0%):
43,342	Qualicorp SA *		312,157
Real Estate Investment Trusts (REITs) (0.3%):
10,016	American Capital Agency Corp.		213,641
9,020	American Tower Corp.		849,233
10,640	Crown Castle International Corp.		878,226
290,141	Fibra UNO Amdinistracion SA		768,576
95,491	TF Administradora Industrial S de RL de C.V.		193,471
			2,903,147
Real Estate Management & Development (1.6%):
76,373	BR Malls Participacoes SA		406,435
522,800	CapitaLand, Ltd.		1,364,157
316,000	China Overseas Land & Investment, Ltd.		1,022,185
40,000	Daikyo, Inc.		60,374
4,700	Daito Trust Construction Co., Ltd.		526,163
64,900	Dalian Wanda Commercial Properties Co., Ltd., H Shares *		401,662
734,900	Global Logistic Properties, Ltd.		1,419,450
25,000	Mitsubishi Estate Co., Ltd.		581,013
22,200	Nomura Real Estate Holdings, Inc.		400,977
67,467	St. Joe Co. (The) *^		1,252,188
139,666	Sun Hung Kai Properties, Ltd.		2,150,173
210,000	Wharf Holdings, Ltd. (The)		1,463,948
			11,048,725
Road & Rail (1.0%):
14,113	Canadian National Railway Co.		943,736
20,740	CSX Corp.		686,909
29,200	East Japan Railway Co.		2,347,298
12,368	J.B. Hunt Transport Services, Inc. ^		1,056,165
6,890	Kansas City Southern Industries, Inc.		703,331
34,000	Nippon Express Co., Ltd.		190,527
9,100	Seino Holdings Co., Ltd.		98,877
18,893	Union Pacific Corp.		2,046,301
			8,073,144
Semiconductors & Semiconductor Equipment (0.5%):
3,592	Intel Corp.		112,322
5,757	KLA-Tencor Corp.		335,575
20,500	ROHM Co., Ltd.		1,406,896

Shares		Fair Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
519	Samsung Electronics Co., Ltd.	$	674,250
5,692	SK Hynix, Inc.		233,746
177,000	Taiwan Semiconductor Manufacturing Co., Ltd.		823,191
			3,585,980
Software (1.8%):
87,957	Activision Blizzard, Inc.		1,998,823
2,269	Adobe Systems, Inc. *		167,770
2,045	Check Point Software Technologies, Ltd. *		167,629
10,481	Electronic Arts, Inc. *		616,440
87,400	Gungho Online Enetertainment, Inc.		342,545
1,755	Intuit, Inc.		170,165
15,212	King Digital Entertainment plc ^		244,000
64,957	Microsoft Corp.		2,640,826
70,638	Mobileye NV *		2,968,915
17,700	Nexon Co., Ltd.		188,926
8,400	Nintendo Co., Ltd.		1,238,075
22,782	Nuance Communications, Inc. *		326,922
57,284	Oracle Corp.		2,471,805
4,589	SAP AG		333,185
5,900	Trend Micro, Inc.		194,830
19,408	UbiSoft Entertainment SA *		358,813
54,462	Veeva Systems, Inc., Class A *^		1,390,415
			15,820,084
Specialty Retail (0.3%):
2,400	Autobacs Seven Co., Ltd. ^		37,965
1,316	Home Depot, Inc. (The)		149,511
2,044	Lowe’s Cos., Inc.		152,053
21,700	Sanrio Co., Ltd. ^		581,767
800	Shimamura Co., Ltd. ^		74,183
4,501	Tiffany & Co.		396,133
156,400	Yamada Denki Co., Ltd. ^		645,581
222,760	Zhongsheng Group Holdings, Ltd. ^		147,358
			2,184,551
Technology Hardware, Storage & Peripherals (0.4%):
16,960	Apple, Inc.		2,110,333
10,600	Canon, Inc.		375,490
223,000	NEC Corp.		656,430
1,630	Samsung SDI Co., Ltd.		200,591
2,372	SanDisk Corp. ^		150,907
2,543	Seagate Technology plc		132,312
2,432	Western Digital Corp.		221,336
			3,847,399
Textiles, Apparel & Luxury Goods (0.2%):
33,400	Coach, Inc. ^		1,383,762
Tobacco (0.3%):
11,300	Japan Tobacco, Inc.		358,119
30,780	Philip Morris International, Inc.		2,318,657
			2,676,776
Trading Companies & Distributors (0.6%):
71,900	Mitsubishi Corp.		1,451,250
172,200	Mitsui & Co., Ltd.		2,314,763
71,500	Sumitomo Corp.		766,455

Continued

AZL BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Trading Companies & Distributors, continued
6,200	Toyota Tsushu Corp.	$	164,668
			4,697,136
Transportation Infrastructure (0.0%):
615,711	Delta Topco, Ltd. (a)(b)		319,739
6,000	Kamigumi Co., Ltd.		56,788
16,337	Novorossiysk Commercial Sea Trade Port JSC, Registered Shares, GDR		30,060
			406,587
Water Utilities (0.1%):
14,420	American Water Works Co., Inc.		781,708
Wireless Telecommunication Services (0.5%):
38,922	America Movil SAB de C.V., Series L, ADR ^		796,344
310,000	Axiata Group Berhad		592,869
105,029	Far EasTone Telecommunications Co., Ltd.		253,466
31,500	KDDI Corp.		714,608
10,400	NTT DoCoMo, Inc.		180,864
73,000	Taiwan Mobile Co., Ltd.		255,506
130,954	Vodafone Group plc		427,904
15,453	Vodafone Group plc, ADR		505,004
			3,726,565
Total Common Stocks (Cost $393,917,403)			428,978,936
Preferred Stocks (1.8%):
Automobiles (0.3%):
8,360	Volkswagen AG, Preferred Shares		2,224,380
Banks (0.9%):
26,482	Citigroup Capital XIII, Series A, Preferred Shares ^		702,303
176,000	Deutsche Bank Capital Funding Trust VII, Preferred Shares ^(c)		180,400
35,500	GMAC Capital Trust I, Series 2, Preferred Shares		931,874
15,683	HSBC Holdings plc, Series 2, Preferred Shares		411,366
38,941	Itau Unibanco Holding SA, Preferred Shares		432,284
21,833	RBS Capital Fund Trust V, Series E, Preferred Shares		536,000
27,501	RBS Capital Funding Trust VII, Series G, Preferred Shares		681,200
14,719	Royal Bank of Scotland Group plc, Series T, Preferred Shares, ADR		376,070
12,375	Royal Bank of Scotland Group plc, Series M, Preferred Shares, ADR		309,251
9,710	Royal Bank of Scotland Group plc, Series Q, Preferred Shares, ADR		244,595
7,409	U.S. Bancorp, Series G, Preferred Shares ^		202,340
14,159	U.S. Bancorp, Series F, Preferred Shares ^		420,664

Shares		Fair Value
Preferred Stocks, continued
Banks, continued
541,000	USB Capital IX, Preferred Shares	$	447,678
			5,876,025
Diversified Financial Services (0.0%):
37,073	Fannie Mae, Series S, Preferred Shares ^		154,224
Food & Staples Retailing (0.0%):
11,174	Companhia Brasileira de Destribuicao Grupo Pao de Acucar, Series A, Preferred Shares		334,271
Health Care Providers & Services (0.1%):
143,925	Grand Rounds, Inc., Series C, Series C, Preferred Shares (a)(b)		399,608
31,073	Invitae Corp., Series F, Preferred Shares (a)(b)		494,744
			894,352
Machinery (0.0%):
2,123	Stanley Black & Decker, Inc., Preferred Shares ^		248,922
Multi-Utilities (0.0%):
7,500	Dominion Resources, Inc., Preferred Shares		363,000
Oil, Gas & Consumable Fuels (0.1%):
63,925	Lookout, Inc., Series F, Series F, Preferred Shares *(a)(b)		730,222
Real Estate Investment Trusts (REITs) (0.2%):
2,976	American Tower Corp., Series A, Preferred Shares		307,718
13,044	Health Care REIT, Inc., Series 2, Preferred Shares		883,324
			1,191,042
Real Estate Management & Development (0.0%):
15,600	Forestar Group, Inc., Preferred Shares		329,550
Semiconductors & Semiconductor Equipment (0.2%):
1,918	Samsung Electronics Co., Ltd., Preferred Shares		1,909,008
Total Preferred Stocks (Cost $13,445,610)			14,254,996
Warrant (0.0%):
Paper & Forest Products (0.0%):
157,250	TFS Corp., Ltd. *(c)		94,120
Total Warrant (Cost $–)			94,120
Convertible Preferred Stocks (0.5%):
Aerospace & Defense (0.0%):
5,063	United Technologies Corp., 0.49%		311,577
Banks (0.0%):
272	Wells Fargo & Co., Series L, Class A, 0.02%		331,840
Electric Utilities (0.1%):
10,884	NextEra Energy, Inc., 0.33%		740,983

Continued

AZL BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Convertible Preferred Stocks, continued
Metals & Mining (0.0%):
11,422	Cliffs Natural Resources, Inc., Series A, 5.30%	$	60,308
Pharmaceuticals (0.3%):
1,366	Actavis plc, Series A		1,382,392
Real Estate Investment Trusts (REITs) (0.1%):
8,784	Crown Castle International Corp., Series A		920,827
Total Convertible Preferred Stocks (Cost $3,684,154)			3,747,927
Right (0.0%):
Banks (0.0%):
66,988	Banco Bilbao Vizcaya Argentaria SA *		9,650
Total Right (Cost $–)			9,650
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Convertible Bonds (2.2%):
Automobiles (0.2%):
$800,000	Volkswagen International Finance NV, 5.50%, 11/9/15+(c)		1,232,352
Banks (0.1%):
753,000	JPMorgan Chase & Co., Series Q, 5.15%, 12/29/49, Callable 5/1/23 @ 100, Perpetual Bond^(d)		735,116
Biotechnology (0.3%):
178,000	BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18		264,886
175,000	BioMarin Pharmaceutical, Inc., 1.50%, 10/15/20		265,016
331,000	Gilead Sciences, Inc., Series D, 1.63%, 5/1/16		1,425,989
			1,955,891
Energy Equipment and Services (0.0%):
191,000	Suzlon Energy, Ltd., Series SUEL, 3.25%, 7/16/19(c)(d)		295,095
Food & Staples Retailing (0.1%):
500,000	Olam International, Ltd., 6.00%, 10/15/16(c)		521,250
Food Products (0.0%):
400,000	REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14(a)(e)		20,000
Health Care Providers & Services (0.1%):
72,000	Brookdale Senior Living, Inc., 2.75%, 6/15/18		99,990
463,000	WellPoint, Inc., 2.75%, 10/15/42		956,384
			1,056,374
Internet Software & Services (0.0%):
380,000	SINA Corp., 1.00%, 12/1/18, Callable 12/1/16 @ 100		344,850

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Convertible Bonds, continued
Internet Software & Services, continued
$375,000	Twitter, Inc., 1.00%, 9/15/21(c)	$	364,688
			709,538
Oil, Gas & Consumable Fuels (0.4%):
886,000	Cobalt International Energy, Inc., 2.63%, 12/1/19		644,012
1,111,000	Cobalt International Energy, Inc., 3.13%, 5/15/24		820,056
501,340	Dana Gas Sukuk, Ltd., 9.00%, 10/31/17, Callable 10/13/17 @ 103(c)		396,811
1,168,330	Dana Gas Sukuk, Ltd., 7.00%, 10/31/17(c)		917,139
			2,778,018
Pharmaceuticals (0.3%):
402,000	Mylan, Inc., 3.75%, 9/15/15		1,787,141
Real Estate Management & Development (0.3%):
750,000	CapitaLand, Ltd., 2.10%, 11/15/16+(c)		545,281
1,500,000	CapitaLand, Ltd., Series CAPL, 2.95%, 6/20/22, Callable 6/20/17 @ 100+(c)		1,095,918
750,000	CapitaLand, Ltd., 1.95%, 10/17/23, Callable 10/17/18 @ 100+(c)		576,986
406,000	Forest City Enterprises, Inc., 4.25%, 8/15/18		510,545
			2,728,730
Semiconductors & Semiconductor Equipment (0.0%):
246,000	Intel Corp., 3.25%, 8/1/39^		388,373
Software (0.1%):
420,000	Salesforce.com, Inc., 0.25%, 4/1/18^		502,950
428,000	Take-Two Interactive Software, Inc., 1.75%, 12/1/16		601,340
			1,104,290
Wireless Telecommunication Services (0.3%):
500,000	Telecom Italia Finance SA, Registered Shares, 6.13%, 11/15/16+(c)		752,029
300,000	Telefonica SA, Series TIT, 6.00%, 7/24/17+(c)		383,938
900,000	Telefonica SA, Series TEF, 4.90%, 9/25/17+		1,056,120
			2,192,087
Total Convertible Bonds (Cost $16,291,413)			17,504,255

Continued

AZL BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Floating Rate Loans (1.1%):
Biotechnology (0.2%):
$1,481,622	Grifols Worldwide Operations USA, 3.18%, 3/3/21(d)	$	1,479,281
Construction & Engineering (0.1%):
304,147	Autobahn Tank & Rast Holding GmbH, 3.33%, 12/10/18(d)		327,583
122,640	Autobahn Tank & Rast Holding GmbH, 3.52%, 12/10/19(d)		132,080
			459,663
Energy Equipment & Services (0.3%):
376,101	Drillships Financing Holdings, Inc., 6.00%, 3/31/21(d)		286,073
476,808	Drillships Ocean Ventures, Inc., 5.50%, 7/9/21(d)		396,494
405,533	Fieldwood Energy LLC, 8.38%, 9/20/20(d)		295,751
1,293,150	Seadrill, Ltd., 4.00%, 2/21/21(d)		1,023,671
			2,001,989
Hotels, Restaurants & Leisure (0.2%):
1,676,720	Hilton Worldwide Finance LLC, 3.50%, 10/25/20(d)		1,678,246
Media (0.2%):
292,000	AP One Channel Center Owner LP, Series 4814, 5.00%, 7/15/19(b)(d)		292,000
472,000	Charter Communications Operating LLC, 4.25%, 8/12/21(d)		475,672
719,176	Univision Communications, Inc., 4.00%, 3/1/20(d)		717,508
389,246	Univision Communications, Inc., 4.00%, 3/1/20(d)		388,343
			1,873,523
Oil, Gas & Consumable Fuels (0.1%):
104,600	Sheridan Production Partners, 4.25%, 12/2/20(d)		90,828
751,772	Sheridan Production Partners, 4.25%, 12/2/20(d)		652,786
39,021	Sheridan Production Partners, 4.25%, 12/2/20(d)		33,883
			777,497
Pharmaceuticals (0.0%):
188,199	Mallinckrodt International Finance SA, 3.25%, 2/24/21(d)		187,612
Total Floating Rate Loans (Cost $9,188,955)			8,457,811

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds (2.7%):
	Automobiles (0.1%):
	$620,000	General Motors Financial Co., Inc., 3.50%, 7/10/19^	$	636,531
	Banks (0.6%):
	307,000	Bank of America Corp., 1.33%, 3/22/18, MTN(d)		310,495
	385,000	Bank of America Corp., 2.60%, 1/15/19		391,850
	1,135,000	Citigroup, Inc., 1.80%, 2/5/18		1,137,370
	410,000	HSBC USA, Inc., 1.63%, 1/16/18		410,010
	315,000	JPMorgan Chase & Co., 6.13%, 6/27/17		345,160
	1,565,000	JPMorgan Chase & Co., Series X, 6.10%, 10/29/49, Callable 10/1/24 @ 100^(d)		1,611,949
				4,206,834
	Beverages (0.0%):
	258,000	Anheuser-Busch InBev NV Worldwide, Inc., 1.38%, 7/15/17		259,594
	Capital Markets (0.6%):
	1,258,000	Ford Motor Credit Co. LLC, 1.72%, 12/6/17		1,255,214
	408,000	Ford Motor Credit Co. LLC, 2.38%, 1/16/18		415,060
	395,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18		430,734
	662,000	Goldman Sachs Group, Inc. (The), Series L, 5.70%, 12/29/49, Callable 5/10/19 @ 100^(d)		681,033
	361,000	Merrill Lynch & Co., 6.88%, 4/25/18, MTN		412,933
	268,000	Morgan Stanley, Series G, 7.30%, 5/13/19		320,613
	489,000	Morgan Stanley, Series H, 5.45%, 7/29/49, Callable 7/15/19 @ 100(d)		492,668
				4,008,255
	Communications Equipment (0.0%):
	110,000	Hughes Satellite Systems Corp., 7.63%, 6/15/21		121,000
	Consumer Finance (0.2%):
	578,000	Ally Financial, Inc., 2.75%, 1/30/17		575,867
	431,000	Ally Financial, Inc., 3.50%, 1/27/19		425,613
	430,000	American Express Co., Series C, 4.90%, 12/29/49, Callable 3/15/20 @ 100^(d)		436,235

Continued

AZL BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Consumer Finance, continued
	$370,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100	$	383,691
				1,821,406
	Diversified Consumer Services (0.0%):
	255,000	Hyundai Capital America, Inc., 2.00%, 3/19/18(c)		259,085
	Diversified Financial Services (0.4%):
	558,000	Bank of America Corp., 2.00%, 1/11/18, MTN		562,212
	298,000	Citigroup, Inc., Series A, 5.95%, 12/29/49, Callable 1/30/23 @ 100(d)		301,725
	799,000	Citigroup, Inc., 5.87%, 12/29/49, Callable 3/27/20 @ 100(d)		806,990
	307,000	General Electric Capital Corp., Series A, 5.55%, 5/4/20, MTN		357,042
	600,000	General Electric Capital Corp., Series B, 6.25%, 12/29/49, Callable 12/15/22 @ 100^(d)		675,000
	420,000	General Electric Capital Corp., 6.38%, 11/15/67, Callable 11/15/17 @ 100(d)		455,700
	222,000	Hyundai Capital America, Inc., 2.13%, 10/2/17(c)		224,192
				3,382,861
	Health Care Equipment & Supplies (0.1%):
	870,000	Medtronic, Inc., 3.15%, 3/15/22(c)		903,377
	IT Services (0.0%):
	130,000	SunGard Data Systems, Inc., 7.38%, 11/15/18, Callable 5/11/15 @ 103.69		135,200
	Media (0.1%):
	245,000	Cablevision Systems Corp., 5.88%, 9/15/22^		256,638
	200,000	NBCUniversal Enterprise, Inc., 5.25%, 12/31/99, Callable 3/19/21 @ 100(c)		212,040
				468,678
	Oil, Gas & Consumable Fuels (0.2%):
	399,000	Chesapeake Energy Corp., 3.50%, 4/15/19, Callable 4/15/15 @ 101(d)		384,038
	325,000	Reliance Holdings USA, Inc., 4.50%, 10/19/20(c)		346,864
	250,000	Reliance Holdings USA, Inc., 5.40%, 2/14/22(c)		274,737

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$270,000	Sabine Pass Liquefaction LLC, 5.63%, 4/15/23	$	269,325
			1,274,964
Pharmaceuticals (0.2%):
475,000	Forest Laboratories, Inc., 4.38%, 2/1/19(c)		508,818
331,000	Forest Laboratories, Inc., 5.00%, 12/15/21, Callable 9/16/21 @ 100(c)		368,057
513,000	Mylan, Inc., 2.55%, 3/28/19		515,690
			1,392,565
Real Estate Investment Trusts (REITs) (0.0%):
162,000	American Tower Corp., 3.40%, 2/15/19		167,295
Technology Hardware, Storage & Peripherals (0.0%):
263,000	Xerox Corp., 6.35%, 5/15/18		297,018
Thrifts & Mortgage Finance (0.0%):
365,000	Capital One Bank USA NA, Series BNKT, 2.15%, 11/21/18, Callable 10/21/18 @ 100		367,828
Transportation Infrastructure (0.1%):
567,978	Delta Topco, Ltd., 10.00%, 11/24/60(a)(b)		570,966
Wireless Telecommunication Services (0.1%):
1,070,000	AT&T, Inc., 2.38%, 11/27/18		1,083,773
Total Corporate Bonds (Cost $20,958,688)			21,357,230
Foreign Bonds (11.1%):
Banks (0.2%):
610,000	Lloyds TSB Bank plc, Series E, 13.00%, 1/29/49, Callable 1/21/29 @ 100+(d)		1,600,860
Metals & Mining (0.0%):
270,000	Constellium NV, 7.00%, 1/15/23, Callable 1/15/18 @ 105.25+(c)		293,904
Sovereign Bonds (10.9%):
10,229,000	Australian Government, Series 143, 2.75%, 10/21/19+		8,108,889
5,453,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.32%, 1/1/17+(f)(g)		1,665,692
7,165,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.83%, 1/1/21+(f)(g)		2,041,177
9,556,000	Buoni del Tesoro Poliennali, 1.50%, 6/1/25+		10,482,567
159,750,000	Government of Japan, Series 350, 0.10%, 3/15/17+		1,333,593

Continued

AZL BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
	$3,688,000	Government of Poland, 5.75%, 10/25/21+	$	1,194,107
	24,694,000,000	Indonesia Government, Series FR69, 7.88%, 4/15/19+		1,932,820
	6,272,000,000	Indonesia Government, Series FR70, 8.38%, 3/15/24+		509,390
	160,000,000	Japan Treasury Discount Bill, Series 506, 0.00%, 4/20/15+(f)		1,334,191
	280,000,000	Japan Treasury Discount Bill, Series 509, 0.00%, 5/7/15+(f)		2,334,871
	240,000,000	Japan Treasury Discount Bill, Series 510, 0.01%, 5/12/15+(f)		2,001,316
	270,000,000	Japan Treasury Discount Bill, Series 515, 0.01%, 6/1/15+(f)		2,251,472
	330,000,000	Japan Treasury Discount Bill, Series 520, 0.01%, 6/22/15+(f)		2,751,785
	160,000,000	Japan Treasury Discount Bill, Series 505, 0.00%, 7/10/15+(f)		1,334,199
	200,000,000	Japan Treasury Discount Bill, Series 511, 0.00%, 8/10/15+(f)		1,667,769
	48,783,000	Mexican Bonos Desarr, 8.00%, 12/7/23+(d)(h)		3,649,219
	95,881,800	Mexican Bonos Desarr, Series M 20, 10.00%, 12/5/24+(d)(h)		8,164,715
	150,698,400	Mexican Cetes, Series BI, 0.00%, 4/1/15+(h)		988,029
	115,860,000	Mexican Cetes, Series BI, 0.00%, 4/16/15+(h)		758,645
	152,284,900	Mexican Cetes, Series BI, 0.00%, 4/30/15+(h)		995,975
	235,914,000	Mexican Cetes, Series BI, 0.00%, 5/28/15+(h)		1,539,121
	231,730,000	Mexican Cetes, Series BI, 0.00%, 6/11/15+(h)		1,510,305
	156,844,200	Mexican Cetes, Series BI, 0.00%, 6/25/15+(h)		1,020,898
	327,876,600	Mexican Cetes, Series BI, 0.00%, 7/9/15+(h)		2,131,353
	279,878,000	Mexican Cetes, Series BI, 0.00%, 7/23/15+(h)		1,816,862
	318,460,000	Mexican Cetes, Series B, 0.00%, 8/6/15+(h)		2,064,502
	158,614,800	Mexican Cetes, Series BI, 0.00%, 8/20/15+(h)		1,027,015
	121,411,000	Mexican Cetes, Series BI, 0.00%, 8/20/15+(h)		786,124
	119,620,300	Mexican Cetes, Series BI, 0.00%, 9/3/15+(h)		773,510
	319,970,500	Mexican Cetes, Series BI, 0.00%, 9/17/15+(h)		2,066,008

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Foreign Bonds, continued
Sovereign Bonds, continued
$322,000	Nota do Tesouro Nacional, Series NTNB, 6.00%, 5/15/23+(g)	$	262,058
12,330,000	Nota do Tesouro Nacional, Series NTNF, 1.46%, 1/1/25+(f)(g)		3,354,415
7,478,000	Poland Government Bond, Series 1020, 5.25%, 10/25/20+		2,311,831
6,171,633	United Kingdom Treasury, 2.25%, 9/7/23+(c)		9,691,885
			85,856,308
Total Foreign Bonds (Cost $93,230,060)			87,751,072
Yankee Dollars (3.8%):
Banks (1.2%):
275,000	Banco Estado Chile, 2.03%, 4/2/15		275,000
450,000	Banco Santander Chile SA, 2.14%, 6/7/18(c)(d)		458,100
1,172,000	BNP Paribas SA, 2.40%, 12/12/18		1,195,097
2,490,000	Credit Suisse AG, Series 0004, 7.88%, 1/15/16(c)		2,481,932
253,000	Export-Import Bank of Korea, 2.88%, 9/17/18		261,692
1,275,000	HSBC Holdings plc, 6.38%, 12/29/49, Callable 9/17/24 @ 100(d)		1,302,093
221,000	Intesa Sanpaolo SpA, 3.88%, 1/16/18		231,869
1,065,000	Intesa Sanpaolo SpA, 3.88%, 1/15/19		1,123,244
200,000	Lloyds Bank plc, 2.30%, 11/27/18^		203,339
250,000	Rabobank Nederland, 3.95%, 11/9/22		258,801
455,000	Standard Chartered plc, 0.00%, 12/31/49, Callable 4/2/20 @ 100(c)(d)		457,958
553,000	State Bank of India, 3.62%, 4/17/19(c)		574,023
460,000	Sumitomo Mitsui Banking Corp., 2.45%, 1/10/19		467,315
366,000	UBS AG Stamford CT, 2.38%, 8/14/19		368,919
			9,659,382
Capital Markets (0.1%):
475,000	Deutsche Bank AG, 1.88%, 2/13/18		475,669
Diversified Financial Services (0.1%):
400,000	CSG Guernsey I, Ltd., Registered Shares, 7.87%, 2/24/41, Callable 8/24/16 @ 100(c)(d)		424,000

Continued

AZL BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Diversified Financial Services, continued
	$400,000	Odebrecht Finance, Ltd., 4.38%, 4/25/25(c)	$	334,000
				758,000
	Diversified Telecommunication Services (0.1%):
	489,000	Intelsat Jackson Holdings SA, 7.50%, 4/1/21, Callable 4/1/15 @ 103.75		503,059
	Electric Utilities (0.0%):
	85,000	Empresa Distribuidora Y Comercializadora Norte SA, 9.75%, 10/25/22, Callable 10/25/18 @ 104.88(c)		62,900
	Government (0.0%):
	178,000	Provincia de Buenos Aires, 10.88%, 1/26/21(c)		186,455
	Industrial Conglomerates (0.1%):
	400,000	Hutchison Whampoa International 11, Ltd., 3.50%, 1/13/17(c)		413,656
	Internet & Catalog Retail (0.2%):
	670,000	Alibaba Group Holding, Ltd., 3.13%, 11/28/21, Callable 9/28/21 @ 100(c)		674,724
	725,000	Alibaba Group Holding, Ltd., 3.60%, 11/28/24, Callable 8/28/24 @ 100(c)		727,340
				1,402,064
	Media (0.0%):
	200,000	Unitymedia Hessen, 5.50%, 1/15/23, Callable 1/15/18 @ 103(c)		209,260
	Oil, Gas & Consumable Fuels (0.6%):
	240,000	Bumi Investment Pte, Ltd., 10.75%, 10/6/17, Callable 5/21/15 @ 105.38(c)		76,800
	1,102,000	Petrobras Global Finance BV, 2.39%, 1/15/19^(d)		954,607
	533,000	Petrobras Global Finance BV, 6.25%, 3/17/24^		502,512
	229,000	Petrobras International Finance Co., 5.38%, 1/27/21		207,737
	750,000	Petroleos Mexicanos, 3.50%, 7/23/20(c)		766,875
	1,195,000	Petronas Capital, Ltd., 3.50%, 3/18/25^(c)		1,209,620
	469,000	YPF SA, 8.88%, 12/19/18^(c)		481,171
	283,000	YPF SA, 8.75%, 4/4/24(c)		289,537
				4,488,859

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Yankee Dollars, continued
Paper & Forest Products (0.1%):
$989,000	TFS Corp., Ltd., 11.00%, 7/15/18, Callable 7/15/15 @ 108(c)	$	1,058,230
Pharmaceuticals (0.1%):
675,000	Actavis Funding SCS, 3.00%, 3/12/20, Callable 2/12/20 @ 100		690,582
Real Estate Investment Trusts (REITs) (0.0%):
316,000	Trust F/1401, 5.25%, 12/15/24(c)		339,700
Real Estate Management & Development (0.0%):
200,000	Sun Hung Kai Properties, Ltd., Series E, 4.50%, 2/14/22(c)		217,018
Road & Rail (0.1%):
495,000	Inversiones Alsacia SA, 0.00%, 8/18/18(a)(b)(j)		—
533,779	Inversiones Alsacia SA, 8.00%, 12/31/18, Callable 4/24/15 @ 100(c)		384,321
435,000	Viterra, Inc., 5.95%, 8/1/20(c)		489,331
			873,652
Sovereign Bonds (1.0%):
388,000	City of Buenos Aires Agrentina, 8.95%, 2/19/21(c)		407,400
516,000	Federal Republic of Brazil, 6.00%, 1/17/17		552,765
243,000	Federal Republic of Brazil, 4.88%, 1/22/21		255,150
1,583,590	Republic of Argentina, Series X, 1.37%, 4/17/17(f)		1,540,041
1,254,979	Republic of Argentina, 8.75%, 5/7/24(f)		1,312,708
781,000	Republic of Colombia, 7.38%, 1/27/17		863,005
860,000	Republic of Hungary, 4.13%, 2/19/18		899,044
289,000	Republic of Indonesia, 6.88%, 1/17/18(c)		325,848
1,542,000	Republic of Turkey, 6.75%, 4/3/18		1,707,580
			7,863,541
Tobacco (0.0%):
375,000	B.A.T. International Finance plc, 2.13%, 6/7/17(c)		381,137
Wireless Telecommunication Services (0.1%):
200,000	Colombia Telecomm SA ESP, 5.38%, 9/27/22, Callable 9/27/17 @ 102.69(c)		203,690

Continued

AZL BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Yankee Dollars, continued
Wireless Telecommunication Services, continued
$572,000	Telecom Italia SpA, 5.30%, 5/30/24(c)	$	599,170
			802,860
Total Yankee Dollars (Cost $30,328,817)			30,386,024
U.S. Government Agency Mortgage (0.4%):
2,779,000	Federal National Mortgage Association, 3.00%, 4/25/44		2,841,093
Total U.S. Government Agency Mortgage (Cost $2,823,290)			2,841,093
U.S. Treasury Obligations (20.7%):
U.S. Treasury Bills (15.3%)
20,000,000	0.03%, 4/9/15(f)		19,999,919
8,500,000	0.01%, 4/30/15(f)		8,499,745
12,250,000	0.04%, 5/14/15(f)		12,249,633
33,500,000	0.05%, 5/21/15(f)		33,498,827
12,000,000	0.02%, 5/28/15(f)		11,999,388
16,000,000	0.02%, 6/4/15(f)		15,999,568
8,000,000	0.02%, 6/11/15(f)		7,999,720
3,000,000	0.03%, 6/18/15(f)		2,999,901
2,500,000	0.04%, 7/16/15(f)		2,499,760
5,000,000	0.06%, 7/23/15(f)		4,999,370
			120,745,831
U.S. Treasury Notes (5.4%)
1,940,000	0.25%, 7/31/15(i)		1,940,910
510,000	0.25%, 10/31/15		510,731
4,017,300	1.25%, 10/31/18		4,038,957
5,297,000	1.63%, 7/31/19		5,376,455
2,343,500	1.63%, 8/31/19		2,377,736
5,647,500	2.25%, 4/30/21		5,861,930
5,695,900	2.00%, 5/31/21		5,832,510
17,139,400	2.25%, 11/15/24		17,620,109
			43,559,338
U.S. Treasury Inflation Index Notes (0.0%)
315,400	0.25%, 1/15/25		317,521
Total U.S. Treasury Obligations (Cost $163,824,782)			164,622,690
Purchased Swaptions (0.1%):
Total Purchased Swaptions (Cost $896,430)			989,826
Purchased Options (1.1%):
Total Purchased Options (Cost $7,802,238)			10,802,110
Exchange Traded Funds (0.7%):
4,667	ETFS Platinum Trust (i)		516,684
5,528	ETFS Physical Palladium Share (i)		394,202
112,395	iShares Gold Trust (i)		1,286,923
28,636	SPDR Gold Trust (i)		3,254,767
Total Exchange Traded Fund (Cost $6,560,807)			5,452,576

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (4.9%):
$39,165,832	Allianz Variable Insurance Products Securities Lending Collateral Trust (k)	$	39,165,832
Total Securities Held as Collateral for Securities on Loan (Cost $39,165,832)			39,165,832
Unaffiliated Investment Company (0.7%):
5,419,019	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (f)		5,419,019
Total Unaffiliated Investment Company (Cost $5,419,019)			5,419,019
Total Investment Securities (Cost $807,537,498)(l) - 105.7%			841,835,167
Net other assets (liabilities) - (5.7)%			(47,925,203	)
Net Assets - 100.0%		$	793,909,964

Percentages indicated are based on net assets as of March 31, 2015.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

MTN - Medium Term Note

SPDR - Standard & Poor’s Depository Receipts

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $37,886,112.

+ The principal amount is disclosed in local currency and the fair value is disclosed in U.S. Dollars.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of March 31, 2015, these securities represent 0.97% of the net assets of the fund.

(b) Security was valued in good faith pursuant to procedures approved by the Board of Trustees as of March 31, 2015. The total of all such securities represent 1.01% of the net assets of the fund.

(c) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(d) Variable rate security. The rate presented represents the rate in effect at March 31, 2015. The date presented represents the final maturity date.

(e) Defaulted bond.

(f) The rate represents the effective yield at March 31, 2015.

(g) Principal amount is stated in 1,000 Brazilian Real Units.

(h) Principal amount is stated in 100 Mexican Peso Units.

(i) All or a portion of these securities are held by the AZL Cayman Global Allocation Fund, Ltd. (the “Subsidiary”).

Continued

AZL BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

(j) Escrow security due to bankruptcy.

(k) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(l) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

Amounts shown as “—” are either $0 or round to less than $1.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
		—	%
Argentina		0.6	%
Australia		1.4	%
Bermuda		0.1	%
Brazil		1.4	%
Canada		1.2	%
Cayman Islands		0.6	%
Chile		0.1	%
China		0.2	%
Colombia		0.1	%
Cyprus		—	%NM
Denmark		—	%NM
European Community		0.4	%
France		2.1	%
Germany		1.0	%
Guernsey		0.1	%
Hong Kong		1.0	%
Hungary		0.1	%
India		0.3	%
Indonesia		0.3	%
Ireland		—	%NM
Ireland (Republic of)		0.4	%
Israel		0.6	%
Italy		1.9	%
Japan		11.1	%
Jersey		0.2	%
Kazakhstan		—	%NM
Korea, Republic Of		0.3	%
Luxembourg		0.2	%
Malaysia		0.3	%
Mexico		3.7	%
Netherlands		1.3	%
Norway		0.4	%
Poland		0.4	%
Portugal		—	%
Republic of Korea (South)		0.2	%
Russian Federation		—	%NM
Singapore		0.9	%
South Africa		—	%NM
Spain		0.3	%
Sweden		0.3	%
Switzerland		1.7	%
Taiwan		0.2	%
Thailand		0.1	%
Turkey		0.2	%
United Arab Emirates		0.1	%
United Kingdom		5.3	%
United States		58.9	%
		100.0	%

NM     Not meaningful, amount is less than 0.05%.

Continued

AZL BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Cash of $1,969,996 has been deposited with a Prime broker for securities sold short as of March 31, 2015.

Securities Sold Short (-0.0%):

Security Description	Coupon Rate			Maturity Date		Par Amount			Proceeds Received			Fair Value			Unrealized Appreciation/ Deprecation
Brookdale Senior Living, Inc.		2.75	%		6/15/18	$	(72,000	)	$	(100,369	)	$	(99,990	)	$	379
									$	(100,369	)	$	(99,990	)	$	379

Securities Sold Short (-0.2%):

Security Description	Proceeds Received			Fair Value			Unrealized Appreciation/ Deprecation
Avery Dennison Corp.	$	(778,902	)	$	(803,491	)	$	(24,589	)
Camden Property Trust		(479,060	)		(478,234	)		826
Equity Residential Property Trust		(383,736	)		(385,874	)		(2,138	)
Mead Johnson Nutrition Co.		(462,551	)		(468,269	)		(5,718	)
	$	(2,104,249	)	$	(2,135,868	)	$	(31,619	)

Futures Contracts

Cash of $1,723,000 has been segregated to cover margin requirements for the following open contracts as of March 31, 2015:

Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index June Futures (U.S. Dollar)		Short		6/19/15		(27	)	$	(3,372,030	)	$	(66,788	)
S&P 500 Index E-Mini June Futures (U.S. Dollar)		Short		6/19/15		(189	)		(19,474,560	)		(92,761	)
CAC 40 10 Euro June Futures (Euro)		Short		4/17/15		(3	)		(162,425	)		(293	)
ASX SPI 200 Index June Futures (Australian Dollar)		Long		6/18/15		1			112,055			909
Tokyo Price Index June Futures (Japanese Yen)		Long		6/11/15		65			8,366,203			61,757
DJ EURO STOXX 50 June Futures (Euro)		Long		6/19/15		30			1,171,101			5,767
German Stock Index June Futures (Euro)		Long		6/19/15		13			4,196,541			(14,327	)
NASDAQ 100 E-Mini June Futures (U.S. Dollar)		Long		6/19/15		4			346,360			(3,304	)
S&P/Toronto Stock Exchange 60 Index June Futures (Canadian Dollar)		Long		6/18/15		1			136,655			(221	)
Total											$	(109,261	)

Option Contracts

Over-the-counter options purchased as of March 31, 2015 were as follows:

Description	Counterparty	Put/ Call		Strike Price		Expiration Date		Contracts		Fair Value
Abbott Laboratories	Citigroup Global Markets	Call	USD		49.00		01/15/16		39,100	$	63,475
Abbvie, Inc.	Barclays Bank	Call	USD		55.00		06/19/15		36,800		172,394
Activision Blizzard, Inc.	Deutsche Bank	Call	USD		19.00		01/15/16		40,927		194,582
Aetna, Inc.	Barclays Bank	Call	USD		80.00		06/19/15		30,000		810,914
Bank of America Corp.	Goldman Sachs	Call	USD		16.50		01/15/16		109,500		86,075
Citigroup, Inc.	Goldman Sachs	Call	USD		50.50		01/15/16		50,800		241,075
Devon Energy Corp.	Barclays Bank	Call	USD		75.00		04/17/15		14,653		43
Devon Energy Corp.	Citigroup Global Markets	Call	USD		75.00		04/17/15		14,652		43
Euro Stoxx 50 Index	Goldman Sachs	Call	EUR		3500.00		03/16/18		424		212,602
Euro Stoxx 50 Index	Morgan Stanley	Call	EUR		3450.00		03/20/17		495		232,483
Euro Stoxx 50 Index	UBS Warburg	Call	EUR		3600.00		06/15/18		206		91,853
Euro Stoxx 50 Index	Citigroup Global Markets	Call	EUR		3500.00		06/16/17		462		197,781
Euro Stoxx 50 Index	Bank of America	Call	EUR		3600.00		09/15/17		477		194,159

See accompanying notes to the schedules of portfolio investments.

AZL BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Euro Stoxx 50 Index	Deutsche Bank	Call	EUR	3426.55	09/21/18	225	$	122,805
Euro Stoxx 50 Index	Barclays Bank	Call	EUR	3500.00	12/15/17	488		233,939
Euro Stoxx 50 Index	Goldman Sachs	Call	EUR	3293.01	12/16/16	1,161		629,678
Euro Stoxx 50 Index	JPMorgan Chase	Call	EUR	3325.00	12/18/15	515		235,094
Gilead Sciences, Inc.	Citigroup Global Markets	Call	USD	95.00	01/15/16	7,700		89,809
GlaxoSmithKline Plc	Barclays Bank	Call	USD	44.00	08/21/15	77,164		228,139
GLDR Gold Shares(a)	JPMorgan Chase	Call	USD	120.00	09/18/15	16,400		43,934
Goldman Sachs Group, Inc.	Deutsche Bank	Call	USD	220.00	01/15/16	5,500		16,315
Humana, Inc.	Goldman Sachs	Call	USD	125.00	06/19/15	18,048		975,150
International Business Machines Corp.	Deutsche Bank	Call	USD	182.00	01/15/16	7,500		22,954
International Business Machines Corp.	Barclays Bank	Call	USD	182.00	01/15/16	7,500		22,954
Johnson & Johnson	Deutsche Bank	Call	USD	110.00	07/17/15	76,700		32,899
JPMorgan Chase & Co.	Goldman Sachs	Call	USD	59.00	01/15/16	39,100		185,498
Marathon Petroleum Corp.	Deutsche Bank	Call	USD	90.00	04/17/15	14,559		183,370
Marathon Petroleum Corp.	Goldman Sachs	Call	USD	100.00	04/17/15	18,250		68,641
Merck & Co., Inc.	Goldman Sachs	Call	USD	59.00	01/15/16	78,450		221,160
MetLife, Inc.	Goldman Sachs	Call	USD	57.50	01/15/16	60,533		72,769
MS Japan Custom Index	Morgan Stanley	Call	JPY	131.28	12/11/15	1,352,770		239,283
MS Japan Custom Index	Morgan Stanley	Call	JPY	139.99	12/11/15	349,532		43,072
Pfizer, Inc.	Citigroup Global Markets	Call	USD	33.00	01/15/16	151,300		449,537
Phillips 66	Deutsche Bank	Call	USD	75.00	05/15/15	3,737		19,432
Phillips 66	Citigroup Global Markets	Call	USD	75.00	05/15/15	18,767		97,586
Prudential Financial, Inc.	Citigroup Global Markets	Call	USD	90.00	01/15/16	46,970		132,467
Stoxx Europe 600 Index	Credit Suisse First Boston	Call	EUR	355.61	03/17/17	4,134		236,161
Stoxx Europe 600 Index	JPMorgan Chase	Call	EUR	372.06	09/15/17	3,057		148,466
Stoxx Europe 600 Index	JPMorgan Chase	Call	EUR	348.12	09/16/16	4,376		256,697
Stoxx Europe 600 Index	Credit Suisse First Boston	Call	EUR	347.97	12/16/16	3,668		221,399
Taiwan Stock Exchange	Citigroup Global Markets	Call	TWD	9000.77	09/21/16	6,700		152,597
Taiwan Stock Exchange Weighted Index	Citigroup Global Markets	Call	TWD	9483.14	09/21/16	6,239		96,428
Taiwan Stock Exchange Weighted Index	Goldman Sachs	Call	TWD	9677.00	12/21/16	6,300		94,631
Tokyo Stock Exchange Index	Goldman Sachs	Call	JPY	1550.00	06/12/15	275,275		114,628
Tokyo Stock Exchange Index Topix	UBS Warburg	Call	JPY	1425.00	12/11/15	134,400		181,753
Tokyo Stock Exchange Price Index	Citigroup Global Markets	Call	JPY	1585.00	03/11/16	393,100		286,781
Tokyo Stock Exchange Price Index	Bank of America	Call	JPY	1525.00	12/11/15	263,891		222,439
Tokyo Stock Exchange Tokyo Price	Morgan Stanley	Call	JPY	1560.00	05/08/15	328,160		82,115
Tokyo Stock Exchange Tokyo Price	BNP Paribas	Call	JPY	1600.00	09/11/15	126,888		55,463
Tokyo Stock Exchange Tokyo Price	Bank of America	Call	JPY	1615.00	09/11/15	196,900		76,751
Tokyo Stock Exchange Tokyo Price	Citigroup Global Markets	Call	JPY	1585.00	12/11/15	278,384		169,600
Tokyo Stock Price Index	Morgan Stanley	Call	JPY	1600.00	06/12/15	200,892		68,684
Wells Fargo & Co.	Goldman Sachs	Call	USD	60.00	01/15/16	18,400		19,930

See accompanying notes to the schedules of portfolio investments.

AZL BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Chevron Corp.	Citigroup Global Markets	Put	USD	95.00	06/19/15	23,334	$	31,632
CONSOL Energy, Inc.	UBS Warburg	Put	USD	38.00	04/17/15	18,350		188,555
Ibovespa Brasil Sao Paulo Index	Goldman Sachs	Put	BRL	48000.00	06/17/15	105		36,301
Ibovespa Brasil Sao Paulo Index	Bank of America	Put	BRL	47604.37	08/12/15	132		62,225
Russell 2000 Index	UBS Warburg	Put	USD	1190.00	04/17/15	3,180		12,169
Russell 2000 Index	Credit Suisse First Boston	Put	USD	1235.00	04/17/15	3,043		33,509
Russell 2000 Index	Deutsche Bank	Put	USD	1200.00	05/15/15	3,216		44,459
Russell 2000 Index	Morgan Stanley	Put	USD	1210.00	05/15/15	1,902		30,498
S&P 500 Index	Morgan Stanley	Put	USD	2025.00	04/17/15	1,181		12,722
S&P 500 Index	Morgan Stanley	Put	USD	2100.00	04/17/15	962		38,687
S&P 500 Index	Morgan Stanley	Put	USD	2025.00	04/24/15	1,181		17,988
S&P 500 Index	Morgan Stanley	Put	USD	2000.00	04/30/15	1,970		27,150
S&P 500 Index	Morgan Stanley	Put	USD	2025.00	04/30/15	1,181		22,096
S&P 500 Index	BNP Paribas	Put	USD	2050.00	04/30/15	3,544		90,329
S&P 500 Index	Citigroup Global Markets	Put	USD	2000.00	05/15/15	985		21,069
S&P 500 Index	UBS Warburg	Put	USD	2000.00	05/15/15	985		21,069
S&P 500 Index	Morgan Stanley	Put	USD	2025.00	05/15/15	1,181		32,062
Time Warner Cable, Inc.	Morgan Stanley	Put	USD	125.00	04/17/15	1,128		168
Transocean, Ltd.	Citigroup Global Markets	Put	USD	26.00	05/15/15	59,581		705,379
Total							$	10,776,554

Over-the-counter options written as of March 31, 2015 were as follows:

Description	Counterparty	Put/ Call		Strike Price		Expiration Date		Contracts		Fair Value
Abbott Laboratories	Citigroup Global Markets	Call	USD		55.00		01/15/16		39,100	$	(16,933	)
Abbvie, Inc.	Citigroup Global Markets	Call	USD		60.00		05/15/15		15,600		(20,211	)
Abbvie, Inc.	Barclays Bank	Call	USD		65.00		06/19/15		36,800		(23,676	)
Activision Blizzard, Inc.	Deutsche Bank	Call	USD		24.00		01/15/16		40,927		(73,992	)
Aetna, Inc.	Barclays Bank	Call	USD		90.00		06/19/15		30,000		(524,700	)
Bank of America Corp.	Goldman Sachs	Call	USD		19.00		01/15/16		109,500		(26,615	)
Citigroup, Inc.	Goldman Sachs	Call	USD		57.50		01/15/16		50,800		(89,975	)
GlaxoSmithKline Plc	Barclays Bank	Call	USD		50.00		08/21/15		77,164		(36,123	)
Humana, Inc.	Goldman Sachs	Call	USD		155.00		06/19/15		18,048		(459,551	)
Ibovespa Brasil Sao Paulo Index	Goldman Sachs	Call	BRL		54500.00		06/17/15		105		(49,919	)
Ibovespa Brasil Sao Paulo Index	Bank of America	Call	BRL		55416.37		08/12/15		132		(88,232	)
JPMorgan Chase & Co.	Goldman Sachs	Call	USD		66.00		01/15/16		39,100		(68,799	)
Marathon Petroleum Corp.	Deutsche Bank	Call	USD		100.00		04/17/15		18,250		(68,641	)
Merck & Co., Inc.	Goldman Sachs	Call	USD		65.00		01/15/16		78,450		(84,058	)
MetLife, Inc.	Goldman Sachs	Call	USD		67.50		01/15/16		60,533		(12,359	)

See accompanying notes to the schedules of portfolio investments.

AZL BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Pfizer, Inc.	Citigroup Global Markets	Call	USD	37.50	01/15/16	151,300	$	(137,020	)
Prudential Financial, Inc.	Citigroup Global Markets	Call	USD	105.00	01/15/16	46,970		(37,052	)
Russell 2000 Index	UBS Warburg	Call	USD	1270.00	04/17/15	3,180		(20,583	)
Russell 2000 Index	Morgan Stanley	Call	USD	1300.00	05/15/15	1,902		(12,086	)
Russell 2000 Index	Deutsche Bank	Call	USD	1300.00	05/15/15	3,216		(20,436	)
Tenet Healthcare Corp.	Goldman Sachs	Call	USD	49.00	08/21/15	9,341		(52,144	)
Tesla Motors, Inc.	Deutsche Bank	Call	USD	210.00	06/19/15	1,841		(14,529	)
Tokyo Stock Exchange Tokyo Price	Citigroup Global Markets	Call	JPY	1800.00	12/11/15	278,384		(44,587	)
Twitter, Inc.	Citigroup Global Markets	Call	USD	50.00	06/19/15	9,726		(49,417	)
Twitter, Inc.	Credit Suisse First Boston	Call	USD	55.00	06/19/15	7,900		(19,200	)
CONSOL Energy, Inc.	Barclays Bank	Put	USD	38.00	04/17/15	18,350		(188,555	)
CONSOL Energy, Inc.	UBS Warburg	Put	USD	39.00	04/17/15	29,252		(329,806	)
Euro Stoxx 50 Index	Deutsche Bank	Put	EUR	2586.07	09/21/18	225		(52,285	)
General Electric Co.	Deutsche Bank	Put	USD	23.00	06/19/15	73,725		(21,442	)
Ibovespa Brasil Sao Paulo Index	Goldman Sachs	Put	BRL	39600.00	06/17/15	105		(4,914	)
Ibovespa Brasil Sao Paulo Index	Bank of America	Put	BRL	41501.25	08/12/15	132		(21,350	)
MS Japan Custom Index	Morgan Stanley	Put	JPY	128.68	12/11/15	1,352,770		(32,774	)
MS Japan Custom Index	Morgan Stanley	Put	JPY	137.22	12/11/15	349,532		(14,143	)
Russell 2000 Index	Credit Suisse First Boston	Put	USD	1150.00	04/17/15	3,043		(4,265	)
Russell 2000 Index	Deutsche Bank	Put	USD	1100.00	05/15/15	3,216		(9,903	)
Russell 2000 Index	Morgan Stanley	Put	USD	1110.00	05/15/15	1,902		(6,883	)
S&P 500 Index	BNP Paribas	Put	USD	1965.00	04/30/15	3,544		(31,826	)
Taiwan Stock Exchange	Citigroup Global Markets	Put	TWD	8100.70	09/21/16	6,700		(55,845	)
Taiwan Stock Exchange Weighted Index	Citigroup Global Markets	Put	TWD	8691.29	09/21/16	6,239		(87,858	)
Taiwan Stock Exchange Weighted Index	Goldman Sachs	Put	TWD	8868.97	12/21/16	6,300		(113,557	)
Tokyo Stock Exchange Index	Goldman Sachs	Put	JPY	1425.00	06/12/15	275,275		(41,503	)
Tokyo Stock Exchange Index Topix	UBS Warburg	Put	JPY	1225.00	12/11/15	134,400		(18,671	)
Tokyo Stock Exchange Price Index	Citigroup Global Markets	Put	JPY	1435.00	03/11/16	393,100		(229,991	)
Tokyo Stock Exchange Price Index	Bank of America	Put	JPY	1425.00	12/11/15	263,891		(118,362	)
Tokyo Stock Exchange Tokyo Price	Morgan Stanley	Put	JPY	1460.00	05/08/15	328,160		(36,816	)
Tokyo Stock Exchange Tokyo Price	Bank of America	Put	JPY	1435.00	09/11/15	196,900		(65,146	)
Tokyo Stock Exchange Tokyo Price	Citigroup Global Markets	Put	JPY	1400.00	12/11/15	278,384		(108,238	)
Tokyo Stock Price Index	Morgan Stanley	Put	JPY	1475.00	06/12/15	200,892		(31,829	)
Total							$	(3,676,800	)

See accompanying notes to the schedules of portfolio investments.

AZL BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Exchange-traded options purchased as of March 31, 2015 were as follows:

Description	Put/ Call		Strike Price		Expiration Date		Contracts		Fair Value
SPDR Gold Shares(a)	Call	USD		135.00		06/19/15		146	$	1,606
Total									$	1,606

Exchange-traded currency options purchased as of March 31, 2015 were as follows:

Description	Counterparty	Strike Price		Expiration Date		Notional Amount		Fair Value
Japanese Yen Put Currency Option (USD/JPY)	JPMorgan Chase		116.00		06/19/15		39,096	$	23,950
Total								$	23,950

Over-the-counter interest rate swaptions purchased as of March 31, 2015 were as follows:

Description	Counterparty	Put/ Call		Exercise Rate		Expiration Date		Notional Amount		Market Value
5-Year Interest Rate, Pay 6-Month USD LIBOR	Deutsche Bank	Call	USD		1.50		06/30/15		4,001	$	200,839
5-Year Interest Rate, Pay 6-Month USD LIBOR	Deutsche Bank	Call	USD		1.70		07/15/15		5,196		519,220
5-Year Interest Rate, Pay 6-Month USD LIBOR	Goldman Sachs	Call	USD		1.65		07/23/15		2,777		243,151
10-Year Interest Rate, Pay 6-Month JPY LIBOR	Goldman Sachs	Put	JPY		1.35		01/25/16		30,000		7,498
10-Year Interest Rate, Pay 6-Month JPY LIBOR	Goldman Sachs	Put	JPY		1.35		01/25/16		13,882		3,470
10-Year Interest Rate, Pay 6-Month JPY LIBOR	Deutsche Bank	Put	JPY		1.25		08/01/16		1,937,700		10,255
5-Year Interest Rate, Pay 6-Month JPY LIBOR	Deutsche Bank	Put	JPY		1.07		04/04/18		1,006,980		5,393
Total										$	989,826

Over-the-counter interest rate swaptions written as of March 31, 2015 were as follows:

Description	Counterparty	Put/ Call		Exercise Rate		Expiration Date		Notional Amount		Market Value
5-Year Interest Rate, Pay 6-Month USD LIBOR	Deutsche Bank	Call	USD		1.25		06/30/15		4,001	$	(65,531	)
5-Year Interest Rate, Pay 6-Month USD LIBOR	Goldman Sachs	Call	USD		1.40		07/23/15		1,190		(45,265	)
5-Year Interest Rate, Pay 6-Month USD LIBOR	Goldman Sachs	Put	USD		2.05		07/23/15		793		(171,548	)
Total										$	(282,344	)

See accompanying notes to the schedules of portfolio investments.

AZL BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Forward Currency Contracts

At March 31, 2015, the Fund’s open forward currency contracts were as follows:

Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
Australian Dollar	Credit Suisse First Boston	4/16/15		1,019,000	$	793,801	$	775,206	$	18,595
Australian Dollar	UBS Warburg	4/16/15		1,341,000		1,045,108		1,020,168		24,940
Australian Dollar	Deutsche Bank	4/23/15		2,177,701		1,699,042		1,655,978		43,064
Australian Dollar	Morgan Stanley	4/24/15		2,168,000		1,691,365		1,648,500		42,865
Australian Dollar	Deutsche Bank	5/7/15		2,195,700		1,668,732		1,668,312		420
Australian Dollar	Morgan Stanley	5/8/15		945,200		713,697		718,132		(4,435	)
Brazilian Real	BNP Paribas	4/10/15		5,170,687		1,764,619		1,616,317		148,302
Brazilian Real	Morgan Stanley	4/10/15		4,683,262		1,599,638		1,463,951		135,687
Brazilian Real	Deutsche Bank	5/22/15		1,430,620		446,887		441,764		5,123
British Pound	UBS Warburg	4/23/15		1,312,000		1,964,202		1,945,643		18,559
Canadian Dollar	Credit Suisse First Boston	4/24/15		1,501,916		1,180,000		1,185,643		(5,643	)
Chilean Peso	Morgan Stanley	8/24/15		458,662,190		763,000		725,408		37,592
Chilean Peso	UBS Warburg	8/26/15		460,660,910		766,000		728,430		37,570
Chilean Peso	JPMorgan Chase	9/15/15		468,006,000		770,000		738,632		31,368
Chinese Renminbi	JPMorgan Chase	6/9/15		7,350,064		1,169,000		1,176,370		(7,370	)
Chinese Renminbi	Morgan Stanley	8/7/15		5,027,277		787,000		800,264		(13,264	)
European Euro	Deutsche Bank	4/2/15		1,614,251		1,811,755		1,735,474		76,281
European Euro	Deutsche Bank	4/9/15		2,403,000		2,651,119		2,583,771		67,348
European Euro	Credit Suisse First Boston	4/10/15		1,317,000		1,488,487		1,416,094		72,393
European Euro	UBS Warburg	4/16/15		2,029,211		2,206,712		2,182,071		24,641
European Euro	BNP Paribas	6/4/15		1,057,177		1,156,471		1,137,568		18,903
Indonesian Rupiah	Credit Suisse First Boston	5/29/15		10,524,385,000		797,000		793,907		3,093
Japanese Yen	Credit Suisse First Boston	4/2/15		174,640,128		1,467,564		1,456,305		11,259
Japanese Yen	UBS Warburg	4/2/15		174,802,944		1,468,315		1,457,663		10,652
Japanese Yen	Deutsche Bank	4/20/15		160,000,000		1,369,259		1,334,656		34,603
Japanese Yen	BNP Paribas	4/24/15		173,572,532		1,450,818		1,447,967		2,851
Japanese Yen	Credit Suisse First Boston	4/30/15		149,504,150		1,248,391		1,247,306		1,085
Japanese Yen	HSBC Bank	4/30/15		163,526,060		1,365,363		1,364,291		1,072
Japanese Yen	Credit Suisse First Boston	5/7/15		280,000,000		2,373,555		2,336,210		37,345
Japanese Yen	JPMorgan Chase	5/7/15		692,718,305		5,716,226		5,779,768		(63,542	)
Japanese Yen	Morgan Stanley	5/8/15		386,625,830		3,241,955		3,225,890		16,065
Japanese Yen	UBS Warburg	5/8/15		157,227,800		1,317,213		1,311,861		5,352
Japanese Yen	Deutsche Bank	5/12/15		240,000,000		2,044,293		2,002,577		41,716
Japanese Yen	Deutsche Bank	5/14/15		475,268,331		3,921,000		3,965,761		(44,761	)
Japanese Yen	JPMorgan Chase	5/14/15		475,699,641		3,921,000		3,969,360		(48,360	)
Japanese Yen	BNP Paribas	5/15/15		477,274,619		3,946,000		3,982,546		(36,546	)
Japanese Yen	Credit Suisse First Boston	5/21/15		174,640,128		1,456,263		1,457,355		(1,092	)
Japanese Yen	UBS Warburg	5/21/15		174,802,944		1,457,590		1,458,714		(1,124	)
Japanese Yen	Credit Suisse First Boston	5/22/15		239,224,168		1,994,000		1,996,325		(2,325	)
Japanese Yen	UBS Warburg	6/1/15		270,000,000		2,265,671		2,253,426		12,245
Japanese Yen	UBS Warburg	6/22/15		330,000,000		2,734,742		2,755,156		(20,414	)
Japanese Yen	Credit Suisse First Boston	7/10/15		160,000,000		1,347,936		1,336,246		11,690
Japanese Yen	Deutsche Bank	8/10/15		200,000,000		1,687,764		1,671,211		16,553
Korean Won	Credit Suisse First Boston	5/5/15		1,738,304,400		1,554,000		1,565,828		(11,828	)
Korean Won	Deutsche Bank	5/5/15		2,106,297,120		1,916,000		1,897,308		18,692
Korean Won	Morgan Stanley	6/12/15		2,214,686,800		1,982,000		1,996,332		(14,332	)
Mexican Peso	Credit Suisse First Boston	4/1/15		15,069,840		1,100,261		988,108		112,153
Mexican Peso	Credit Suisse First Boston	4/10/15		11,460,330		755,062		750,930		4,132
Mexican Peso	UBS Warburg	4/10/15		11,721,951		781,000		768,072		12,928
Mexican Peso	UBS Warburg	4/16/15		11,586,000		776,490		758,856		17,634
Mexican Peso	BNP Paribas	4/17/15		11,662,609		777,310		763,822		13,488
Mexican Peso	Deutsche Bank	4/17/15		11,671,400		777,342		764,398		12,944
Mexican Peso	UBS Warburg	4/23/15		4,075,979		269,328		266,841		2,487
Mexican Peso	JPMorgan Chase	4/30/15		15,228,490		1,115,804		996,485		119,319
Mexican Peso	BNP Paribas	5/28/15		23,591,400		1,608,304		1,540,613		67,691
Mexican Peso	JPMorgan Chase	6/11/15		23,173,000		1,548,459		1,511,975		36,484
Mexican Peso	Morgan Stanley	6/25/15		15,684,420		1,040,460		1,022,500		17,960
Mexican Peso	UBS Warburg	7/9/15		32,787,660		2,232,914		2,135,377		97,537
Mexican Peso	Credit Suisse First Boston	7/23/15		15,844,030		1,070,275		1,030,798		39,477
Mexican Peso	Deutsche Bank	7/23/15		12,143,770		803,399		790,062		13,337
Mexican Peso	Credit Suisse First Boston	8/6/15		31,846,000		2,134,093		2,069,693		64,400
Mexican Peso	BNP Paribas	8/20/15		12,141,100		802,097		788,228		13,869
Mexican Peso	Deutsche Bank	8/20/15		15,861,480		1,038,497		1,029,763		8,734

See accompanying notes to the schedules of portfolio investments.

AZL BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Mexican Peso	BNP Paribas	9/3/15		11,962,030	$	755,465	$	775,784	$	(20,319	)
Mexican Peso	Morgan Stanley	9/17/15		31,997,050		2,078,829		2,072,945		5,884
Singapore Dollar	Morgan Stanley	5/7/15		1,095,252		786,000		797,663		(11,663	)
Swiss Franc	BNP Paribas	4/24/15		1,977,435		1,967,000		2,037,526		(70,526	)
					$	106,398,942	$	105,088,104	$	1,310,838
Long Contracts:
British Pound	Brown Brothers Harriman	4/27/15		139,400	$	212,353	$	206,719	$	(5,634	)
Chilean Peso	JPMorgan Chase	9/15/15		468,006,000		749,197		738,632		(10,565	)
European Euro	Deutsche Bank	4/2/15		1,614,251		1,703,698		1,735,474		31,776
European Euro	Deutsche Bank	4/9/15		814,667		854,512		875,952		21,440
European Euro	Credit Suisse First Boston	4/10/15		1,317,000		1,392,688		1,416,094		23,406
European Euro	UBS Warburg	4/16/15		2,029,211		2,151,574		2,182,071		30,497
European Euro	Brown Brothers Harriman	4/27/15		689,900		762,402		741,981		(20,421	)
Indian Rupee	Credit Suisse First Boston	6/26/15		89,750,618		1,407,627		1,407,813		186
Indian Rupee	Credit Suisse First Boston	8/5/15		48,714,560		752,000		757,921		5,921
					$	9,986,051	$	10,062,657	$	76,606

Centrally Cleared Credit Default Swap Agreements - Buy Protection(b)

At March 31, 2015, the Fund’s open centrally cleared credit default swap agreements were as follows:

Underlying Instrument	Clearing Agent	Expiration Date	Implied Credit Spread at March 31, 2015 (%)(c)		Notional Amount ($)(d)		Fixed Rate (%)		Value ($)			Premiums Paid/ (Received) ($)			Unrealized Appreciation/ (Depreciation) ($)
CDX North America High Yield Index Swap Agreement with JPMorgan Chase Bank, N.A., Series 23	JPMorgan Chase	12/20/19		3.06		17,068		5.00		(1,398	)		(1,181	)		(217	)
CDX North America High Yield Index Swap Agreement with JPMorgan Chase Bank, N.A., Series 24	JPMorgan Chase	6/20/20		3.43		853,396		5.00		(61,445	)		(61,445	)		—
										(62,843	)	$	(62,626	)		(217	)

Centrally Cleared Credit Default Swap Agreements - Sell Protection(b)

At March 31, 2015, the Fund’s open centrally cleared credit default swap agreements were as follows:

Underlying Instrument	Clearing Agent	Expiration Date	Implied Credit Spread at March 31, 2015 (%)(c)		Notional Amount (€)(d)		Fixed Rate (%)		Value ($)		Premiums Paid/ (Received) ($)		Unrealized Appreciation/ (Depreciation) ($)
iTraxx Europe Crossover Swap Agreement with JPMorgan Chase Bank, N.A., Series 23	JPMorgan Chase	6/20/20		2.61		1,576,469		5.00		180,143		193,697		(13,554	)
										180,143		193,697		(13,554	)

See accompanying notes to the schedules of portfolio investments.

AZL BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Over-the-Counter Interest Rate Swap Agreements

At March 31, 2015, the Fund’s open over-the-counter interest rate swap agreements were as follows:

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate (%)		Expiration Date	Counterparty	Notional Amount (Local)			Value ($)			Unrealized Appreciation/ (Depreciation) ($)
Pay	3-Month U.S. Dollar LIBOR BBA		1.23	3/15/17	Bank of America		1,597,500	JPY		(8,387	)		(8,387	)
Receive	3-Month U.S. Dollar LIBOR BBA		2.06	3/17/20	Deutsche Bank		2,463,000	PLN		6,336			6,336
Receive	3-Month U.S. Dollar LIBOR BBA		2.05	3/19/20	Deutsche Bank		821,000	PLN		2,043			2,043
										(8	)		(8	)

Centrally Cleared Interest Rate Swap Agreements

At March 31, 2015, the Fund’s open centrally cleared interest rate swap agreements were as follows:

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate (%)		Expiration Date	Clearing Agent	Notional Amount (Local)			Premiums Paid/ (Received) ($)		Value ($)			Unrealized Appreciation/ (Depreciation) ($)
Receive	3-Month U.S. Dollar LIBOR BBA		1.03	3/11/17	JPMorgan Chase		20,300,000	USD		243		(104,674	)		(104,917	)
Pay	3-Month U.S. Dollar LIBOR BBA		0.99	3/17/17	JPMorgan Chase		39,700,000	USD		515		(167,053	)		(167,568	)
Pay	3-Month U.S. Dollar LIBOR BBA		0.97	3/17/17	JPMorgan Chase		9,920,000	USD		128		(37,796	)		(37,924	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.08	4/7/17	JPMorgan Chase		39,600,000	USD		489		(210,834	)		(211,323	)
Receive	3-Month U.S. Dollar LIBOR BBA		3.48	2/5/20	JPMorgan Chase		1,187,843	NZD		13		(5,906	)		(5,919	)
Receive	3-Month U.S. Dollar LIBOR BBA		3.59	2/9/20	JPMorgan Chase		2,032,000	NZD		22		(2,145	)		(2,167	)
Receive	3-Month U.S. Dollar LIBOR BBA		3.60	2/9/20	JPMorgan Chase		2,383,000	NZD		—		(1,702	)		(1,702	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.88	3/11/20	JPMorgan Chase		8,260,000	USD		120		147,732			147,612
Pay	3-Month U.S. Dollar LIBOR BBA		2.89	6/12/20	JPMorgan Chase		963,198	AUD		12		19,180			19,168
Receive	3-Month U.S. Dollar LIBOR BBA		2.16	3/17/25	JPMorgan Chase		2,180,000	USD		38		27,359			27,321
Receive	3-Month U.S. Dollar LIBOR BBA		2.18	3/17/25	JPMorgan Chase		4,360,000	USD		76		63,812			63,736
Receive	3-Month U.S. Dollar LIBOR BBA		2.23	3/17/25	JPMorgan Chase		4,370,000	USD		76		85,734			85,658
Receive	3-Month U.S. Dollar LIBOR BBA		2.22	4/7/25	JPMorgan Chase		8,590,000	USD		148		145,972			145,824
												(40,321	)		(42,201	)

See accompanying notes to the schedules of portfolio investments.

AZL BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Total Return Swaps at March 31, 2015
Counterparty	Receive/Pay Total Return	Expiration Date	Notional Amount (Local)			Unrealized Appreciation/(Depreciation)
BNP Paribas SA	NIKKEI 225 Dividend Index E-Mini March Futures	3/31/16		26,350,000	JPY	$	29,603
BNP Paribas SA	NIKKEI 225 Dividend Index E-Mini March Futures	3/31/16		26,800,000	JPY		25,851
BNP Paribas SA	NIKKEI 225 Dividend Index E-Mini March Futures	3/31/17		27,850,000	JPY		49,366
BNP Paribas SA	NIKKEI 225 Dividend Index E-Mini March Futures	3/31/17		25,515,000	JPY		40,677
Citibank NA	PT Siloam International Hospitals Tbk	4/13/15		132,258	USD		869
Credit Suisse First Boston	PT Siloam International Hospitals Tbk	2/11/16		175,702	USD		2,837
						$	149,203

Amounts shown as “—” are either $0 or round to less than $1.

(a) All or a portion of these securities are held by the AZL Cayman Global Allocation Fund, Ltd. (the “Subsidiary”).

(b) When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. Alternatively, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the par value of the defaulted reference entity and deliver the reference entity to the seller or (ii) receive a net amount of equal to the par value of the defaulted reference entity less its recovery value.

(c) Implied credit spread, represented in absolute terms, utilized in determining the market value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include upfront or daily payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.

(d) The notional amount represents the maximum potential amount the Fund could be required to make as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement.

See accompanying notes to the schedules of portfolio investments.

AZL Dreyfus Research Growth Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares			Fair Value
	Common Stocks (99.6%):
	Aerospace & Defense (5.8%):
	64,917	Honeywell International, Inc.	$	6,771,492
	21,026	Precision Castparts Corp.		4,415,460
	32,418	Raytheon Co.		3,541,667
	38,465	United Technologies Corp.		4,508,098
				19,236,717
	Air Freight & Logistics (1.0%):
	21,309	FedEx Corp.		3,525,574
	Auto Components (0.9%):
	36,800	Delphi Automotive plc		2,934,432
	Automobiles (0.5%):
	9,672	Tesla Motors, Inc. *		1,825,783
	Beverages (4.1%):
	103,527	Coca-Cola Enterprises, Inc.		4,575,893
	97,106	PepsiCo, Inc.		9,285,277
				13,861,170
	Biotechnology (6.9%):
	23,437	Alexion Pharmaceuticals, Inc. *		4,061,632
	14,718	Biogen Idec, Inc. *		6,214,528
	48,571	Celgene Corp. *		5,599,265
	7,641	Regeneron Pharmaceuticals, Inc. *		3,449,759
	32,704	Vertex Pharmaceuticals, Inc. *		3,858,091
				23,183,275
	Capital Markets (2.4%):
	31,605	Ameriprise Financial, Inc.		4,135,198
	11,315	BlackRock, Inc., Class A		4,139,479
				8,274,677
	Chemicals (2.0%):
	70,577	Dow Chemical Co. (The)		3,386,284
	28,154	Praxair, Inc.		3,399,315
				6,785,599
	Commercial Services & Supplies (1.3%):
	102,227	Tyco International plc		4,401,895
	Construction Materials (1.0%):
	24,089	Martin Marietta Materials, Inc.		3,367,642
	Diversified Financial Services (1.4%):
	19,819	IntercontinentalExchange Group, Inc.		4,623,178
	Diversified Telecommunication Services (2.1%):
	142,650	Verizon Communications, Inc.		6,937,070
	Energy Equipment & Services (1.9%):
	76,343	Schlumberger, Ltd.		6,370,060
	Food & Staples Retailing (1.4%):
	46,383	CVS Health Corp.		4,787,189
	Food Products (2.6%):
	110,031	ConAgra Foods, Inc.		4,019,432
	128,951	Mondelez International, Inc., Class A		4,653,842
				8,673,274
	Health Care Equipment & Supplies (1.0%):
	195,213	Boston Scientific Corp. *		3,465,031
	Health Care Providers & Services (3.0%):
	24,389	McKesson, Inc.		5,516,792
	38,569	UnitedHealth Group, Inc.		4,562,327
				10,079,119
	Industrial Conglomerates (1.2%):
	48,537	Danaher Corp.		4,120,791
	Insurance (1.3%):
	77,217	Marsh & McLennan Cos., Inc.		4,331,102

Shares			Fair Value
	Common Stocks, continued
	Internet & Catalog Retail (1.7%):
	4,946	Priceline Group, Inc. (The) *	$	5,757,886
	Internet Software & Services (8.5%):
	44,217	Akamai Technologies, Inc. *		3,141,397
	118,735	Facebook, Inc., Class A *		9,761,797
	11,239	Google, Inc., Class C *		6,158,972
	11,239	Google, Inc., Class A *		6,234,273
	14,953	LinkedIn Corp., Class A *		3,736,157
				29,032,596
	IT Services (4.9%):
	35,174	Accenture plc, Class A		3,295,452
	64,557	Cognizant Technology Solutions Corp., Class A *		4,027,711
	138,036	Visa, Inc., Class A		9,028,935
				16,352,098
	Life Sciences Tools & Services (1.0%):
	18,724	Illumina, Inc. *		3,475,923
	Machinery (1.2%):
	28,855	Cummins, Inc.		4,000,457
	Media (5.2%):
	37,921	AMC Networks, Inc., Class A *		2,906,265
	70,937	CBS Corp., Class B		4,300,910
	114,920	Comcast Corp., Class A		6,489,533
	160,811	Interpublic Group of Cos., Inc. (The)		3,557,139
				17,253,847
	Multiline Retail (1.9%):
	41,672	Dollar General Corp. *		3,141,235
	40,431	Dollar Tree, Inc. *		3,280,774
				6,422,009
	Oil, Gas & Consumable Fuels (2.4%):
	52,104	EOG Resources, Inc.		4,777,416
	80,641	Kinder Morgan, Inc.		3,391,760
				8,169,176
	Personal Products (1.5%):
	59,551	Estee Lauder Co., Inc. (The), Class A		4,952,261
	Pharmaceuticals (4.4%):
	21,264	Actavis plc *		6,328,591
	69,746	Bristol-Myers Squibb Co.		4,498,617
	23,072	Perrigo Co. plc		3,819,570
				14,646,778
	Real Estate Investment Trusts (REITs) (1.3%):
	45,677	American Tower Corp.		4,300,490
	Semiconductors & Semiconductor Equipment (0.7%):
	18,017	Avago Technologies, Ltd.		2,287,799
	Software (7.7%):
	47,860	Adobe Systems, Inc. *		3,538,768
	87,131	Fortinet, Inc. *		3,045,228
	58,523	Intuit, Inc.		5,674,390
	188,603	Oracle Corp.		8,138,219
	80,118	Salesforce.com, Inc. *		5,352,684
				25,749,289
	Specialty Retail (3.6%):
	72,670	Home Depot, Inc. (The)		8,256,039
	26,007	Ulta Salon, Cosmetics & Fragrance, Inc. *		3,923,156
				12,179,195

Continued

AZL Dreyfus Research Growth Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Technology Hardware, Storage & Peripherals (7.6%):
205,113	Apple, Inc.	$	25,522,211
Textiles, Apparel & Luxury Goods (4.2%):
100,700	Hanesbrands, Inc.		3,374,457
52,170	Michael Kors Holdings, Ltd. *		3,430,178
51,499	Nike, Inc., Class B		5,166,894
26,578	Under Armour, Inc., Class A *		2,146,174
			14,117,703
Total Common Stocks (Cost $242,146,449)			335,003,296
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Affiliated Investment Company (0.5%):
1,758,754	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (a)		1,758,754
Total Affiliated Investment Company (Cost $1,758,754)			1,758,754
Total Investment Securities
(Cost $243,905,203)(b) - 100.1%			336,762,050
Net other assets (liabilities) - (0.1)%			(372,206	)
Net Assets - 100.0%		$	336,389,844

Percentages indicated are based on net assets as of March 31, 2015.

* Non-income producing security.

(a) The rate represents the effective yield at March 31, 2015.

(b) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

See accompanying notes to the schedules of portfolio investments.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Principal Amount			Fair Value
	Asset Backed Securities (9.6%):
	$2,979,563	American Homes 4 Rent LLC, Class A, Series 2014-SFR2, 3.79%, 10/17/36(a)	$	3,102,724
	2,623,507	American Homes 4 Rent LLC, Class A, Series 2014-SFR3, 3.68%, 12/17/36(a)		2,707,813
	2,360,000	AmeriCredit Automobile Receivables Trust, Class A3, Series 2013-5, 0.90%, 9/8/18		2,360,784
	3,210,000	AmeriCredit Automobile Receivables Trust, Class A2A, Series 2014-4, 0.72%, 4/9/18		3,209,608
	149,556	Auto ABS Compartiment, Class A, Series 2012-2, 2.80%, 4/27/25(a)		161,775
	2,160,000	Cabela’s Master Credit Card Trust, Class A2, Series 2013-2A, 0.82%, 8/16/21(a)(b)		2,173,167
	143,484	Capital Auto Receivables Asset Trust, Class A2, Series 2013-1, 0.62%, 7/20/16		143,478
	2,560,000	Chrysler Capital Auto Receivables Trust, Class A3, Series 2013-BA, 0.85%, 5/15/18(a)		2,560,632
	1,270,000	Chrysler Capital Auto Receivables Trust, Class B, Series 2013-BA, 1.78%, 6/17/19(a)		1,280,757
	2,210,000	Citibank Credit Card Issuance Trust, Class A1, Series 2014-A1, 2.88%, 1/23/23		2,299,821
	1,204,207	CNH Equipment Trust, Class A3, Series 2013-A, 0.69%, 6/15/18		1,204,592
	1,920,000	Credit Acceptance Auto Loan Trust, Class A, Series 2013-1A, 1.21%, 10/15/20(a)		1,921,261
	2,840,000	Credit Acceptance Auto Loan Trust, Class A, Series 2014-1A, 1.55%, 10/15/21(a)		2,836,444
	3,190,000	Credit Acceptance Auto Loan Trust, Class A, Series 2014-2A, 1.88%, 3/15/22(a)		3,201,139
	427,896	First Investors Auto Owner Trust, Class A2, Series 2013-1A, 0.90%, 10/15/18(a)		427,876
	1,004,240	Ford Credit Auto Owner Trust, Class A3, Series 2013-A, 0.55%, 7/15/17		1,004,323
	2,025,000	Ford Credit Floorplan Master Owner Trust, Class A, Series 2012-2, 1.92%, 1/15/19		2,055,258
	1,595,000	Golden Credit Card Trust, Class A, Series 2013-1A, 0.42%, 2/15/18(a)(b)		1,593,577
	3,290,000	Golden Credit Card Trust, Class A, Series 2014-1A, 0.51%, 3/15/19(a)(b)		3,287,223

Principal Amount			Fair Value
	Asset Backed Securities, continued
	$2,190,000	GoldenTree Loan Opportunities VII, Ltd., Class A, Series 2013-7A, 1.38%, 4/25/25(a)(b)	$	2,149,286
	2,340,000	Invitation Homes Trust, Class A, Series 2014-SFR2, 1.27%, 9/17/31(a)(b)		2,316,064
	2,345,000	Invitation Homes Trust, Class A, Series 2014-SFR3, 1.37%, 12/17/31(a)(b)		2,336,652
	3,041,091	Invitation Homes Trust, Class A, Series 2015-SFR1, 1.62%, 3/17/32(a)(b)		3,055,573
	2,140,000	Nextgear Floorplan Master Owner Trust, Class A, Series 2014-1A, 1.92%, 10/15/19(a)		2,149,125
	1,830,000	Nissan Master Owner Trust Receivables, Class A, Series 2013-A, 0.47%, 2/15/18(b)		1,829,788
	2,205,000	Nomad CLO, Ltd., Class A1, Series 2013-1A, 1.43%, 1/15/25(a)(b)		2,176,791
	2,975,000	OneMain Financial Issuance Trust, Class A, Series 2014-2A, 2.47%, 9/18/24(a)		2,967,354
	3,195,000	OneMain Financial Issuance Trust, Class A, Series 2015-1A, 3.19%, 3/18/26(a)		3,223,947
	1,735,000	PFS Financing Corp., Class A, Series 2013-AA, 0.72%, 2/15/18(a)(b)		1,734,984
	399,161	Prestige Auto Receivables Trust, Class A2, Series 2013-1A, 1.09%, 2/15/18(a)		399,502
	2,300,000	Prestige Auto Receivables Trust, Class C, Series 2014-1A, 2.39%, 5/15/20(a)		2,308,779
	2,470,000	Progress Residential Trust, Class A, Series 2015-SFR1, 1.58%, 2/17/32(a)(b)		2,476,905
	2,000,000	Santander Drive Auto Receivables Trust, Class B, Series 2013-5, 1.55%, 10/15/18		2,008,498
	75,389	Santander Drive Auto Receivables Trust, Class C, Series 2011-3, 3.09%, 5/15/17		75,627
	886,567	Santander Drive Auto Receivables Trust, Class B, Series 2012-5, 1.56%, 8/15/18		888,024
	105,496	Santander Drive Auto Receivables Trust, Class B, Series 2012-3, 1.94%, 12/15/16		105,538
	1,200,000	Santander Drive Auto Receivables Trust, Class C, Series 2012-6, 1.94%, 4/16/18		1,207,192

Continued

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
Asset Backed Securities, continued
$1,785,000	Santander Drive Auto Receivables Trust, Class B, Series 2013-2, 1.33%, 3/15/18	$	1,786,678
1,900,000	Santander Drive Auto Receivables Trust, Class C, Series 2013-4, 3.25%, 1/15/20		1,963,462
1,777,196	Santander Drive Auto Receivables Trust, Class A3, Series 2013-A, 1.02%, 1/16/18(a)		1,778,612
2,075,000	Santander Drive Auto Receivables Trust, Class B, Series 2013-A, 1.89%, 10/15/19(a)		2,086,900
1,047,103	Santander Drive Auto Receivables Trust, Class R, Series 2014-S6, 1.43%, 12/16/19(a)		1,050,684
3,330,203	Silver Bay Realty 2014-1 Trust, Class A, Series 2014-1, 1.17%, 9/17/31(a)(b)		3,283,301
348,685	SLM Student Loan Trust, Class A2, Series 2004-B, 0.47%, 6/15/21(b)		346,481
2,048,714	SLM Student Loan Trust, Class A4, Series 2006-A, 0.46%, 12/15/23(b)		2,027,938
538,788	SLM Student Loan Trust, Class A1, Series 2012-A, 1.57%, 4/15/16(a)(b)		543,835
3,555,000	Springleaf Funding Trust, Class A, Series 2015-AA, 3.16%, 11/15/24(a)		3,560,482
2,121,381	Sway Residential Trust, Class A, Series 2014-1, 1.47%, 1/17/20(a)(b)		2,118,463
3,970,000	Synchrony Credit Card Master Note Trust, Class A, Series 2015-1, 2.37%, 3/15/23		4,021,422
1,115,000	World Financial Network Credit Card Master Trust, Class A, Series 2012-A, 3.14%, 1/17/23		1,170,152
Total Asset Backed Securities (Cost $96,214,511)			96,680,291
Collateralized Mortgage Obligations (6.8%):
1,308,879	Banc of America Commercial Mortgage, Inc., Class A1A, Series 2007-3, 5.58%, 6/10/49(b)		1,406,064
100,096	Banc of America Large Loan, Class A4B, Series 2010-UB4, 5.11%, 12/20/41(a)(b)		99,989
50,000	Bear Stearns Commercial Mortgage Securities, Inc., Class AM, Series 2005-PW10, 5.45%, 12/15/15(b)		51,162

Principal Amount			Fair Value
	Collateralized Mortgage Obligations, continued
	$1,576,088	Bear Stearns Commercial Mortgage Securities, Inc., Class A1A, Series 2006-PW14, 5.19%, 12/11/38	$	1,661,882
	3,063,627	Bear Stearns Commercial Mortgage Securities, Inc., Class A1A, Series 2007-PW15, 5.32%, 2/11/44		3,240,784
	625,000	Bear Stearns Commercial Mortgage Securities, Inc., Class AM, Series 2007-PW16, 5.71%, 6/1/40(b)		680,376
	2,540,000	BHMS Mortgage Trust, Class AFL, Series 2014-ATLS, 1.67%, 7/5/33(a)(b)		2,584,475
	1,170,000	Citigroup Commercial Mortgage Trust, Class A, Series 2014-388G, 0.92%, 6/15/33(a)(b)		1,164,437
	1,290,000	Citigroup Commercial Mortgage Trust, Class A5, Series 2015-GC27, 3.14%, 2/10/48		1,321,046
	2,024,400	Commercial Mortgage Loan Trust, Class A1A, Series 2008-LS1, 6.04%, 12/10/49(b)		2,202,315
	590,000	Commercial Mortgage Pass-Through Certificates, Class AM, Series 2006-C8, 5.35%, 12/10/16		628,874
	575,000	Commercial Mortgage Trust, Class A4, Series 2014-UBS3, 3.82%, 6/10/47		622,060
	2,360,000	Commercial Mortgage Trust, Class A3, Series 2014-CR21, 3.53%, 12/10/47		2,498,529
	428,000	Commercial Mortgage Trust, Class B, Series 2012-LTRT, 3.80%, 10/5/30(a)		442,917
	1,901,684	Commercial Mortgage Trust, Class A, Series 2013-FL3, 1.52%, 10/13/28(a)(b)		1,905,986
	1,510,000	Commercial Mortgage Trust, Class C, Series 2014-CR17, 4.74%, 5/10/47(b)		1,624,666
	1,975,000	Commercial Mortgage Trust, Class A, Series 2014-TWC, 1.02%, 2/13/32(a)(b)		1,971,451
	2,245,000	Commerical Mortgage Trust, Class B, Series 2014-FL5, 2.32%, 10/15/31(a)(b)		2,237,675
	855,000	Credit Suisse Commercial Mortgage Trust, Class AM, Series 2006-C5, 5.34%, 12/15/39		896,940
	100,000	Credit Suisse Mortgage Capital Certificates, Class AM, Series 2006-C3, 5.81%, 6/15/16(b)		104,760

Continued

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount			Fair Value
	Collateralized Mortgage Obligations, continued
	$1,940	Credit Suisse Mortgage Capital Certificates, Class A2, Series 2007-C2, 5.45%, 1/15/49(b)	$	1,934
	1,921,596	DBRR Trust, Class A, Series 2013-EZ3, 1.64%, 12/18/49(a)(b)		1,930,628
	1,320,000	DBUBS Mortgage Trust, Class A2, Series 2011-LC1A, 4.53%, 7/1/19(a)		1,426,929
	1,013,886	DBUBS Mortgage Trust, Class A1, Series 2011-LC1A, 3.74%, 6/10/17(a)		1,031,707
	3,595,000	GAHR Commercial Mortgage Trust, Class AFL1, Series 2015-NRF, 1.45%, 12/15/16(a)(b)		3,594,072
	10,673,091	GS Mortgage Securities Trust, Class XA, Series 2013-GC10, 1.73%, 2/10/46(b)		1,012,834
	1,100,000	GS Mortgage Securities Trust, Class A, Series 2012-SHOP, 2.93%, 6/5/31(a)		1,142,885
	9,238,062	GS Mortgage Securities Trust, Class XA, Series 2014-GC20, 1.21%, 4/10/47(b)		691,543
	1,065,000	GS Mortgage Securities Trust, Class B, Series 2014-GC22, 4.39%, 6/10/47		1,149,110
	1,500,000	Hilton USA Trust, Class AFX, Series 2013-HLT, 2.66%, 11/5/30(a)		1,503,411
	1,580,000	JPMBB Commercial Mortgage Securities Trust, Class A4, Series 2014-C22, 3.80%, 9/15/47		1,704,302
	600,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class A, Series 2012-WLDN, 3.90%, 5/5/30(a)		637,951
	11,400,434	JPMorgan Chase Commercial Mortgage Securities Corp., Class XA, Series 2013-LC11, 1.57%, 4/15/46(b)		964,750
	1,025,321	Lanark Master Issuer plc, Class 1A, Series 2012-2A, 1.66%, 12/22/54(a)(b)		1,033,911
	1,200,000	LB Commercial Conduit Mortgage Trust, Class AM, Series 2007-C3, 5.91%, 7/15/44(b)		1,305,901
	2,761,735	LB-UBS Commercial Mortgage Trust, Class A1A, Series 2007-C2, 5.39%, 2/15/40		2,963,676
	1,459,152	Merrill Lynch Mortgage Trust, Class A1A, Series 2007-C1, 5.82%, 6/12/50(b)		1,528,194

Principal Amount		Fair Value
Collateralized Mortgage Obligations, continued
$1,227,946	ML-CFC Commercial Mortgage Trust, Class A1A, Series 2006-4, 5.17%, 12/12/49(b)	$	1,284,070
2,095,039	ML-CFC Commercial Mortgage Trust, Class A1A, Series 2006-3, 5.41%, 7/12/46(b)		2,206,671
1,395,000	Morgan Stanley BAML Trust, Class C, Series 2013-C13, 4.90%, 11/15/46(b)		1,517,065
1,190,920	Morgan Stanley Capital I Trust, Class A1A, Series 2007-IQ13, 5.31%, 3/15/44		1,260,986
2,715,000	Morgan Stanley Capital I Trust, Class A, Series 2014-MP, 3.47%, 8/11/29(a)		2,857,283
163,217	Morgan Stanley Re-REMIC Trust, Class B, Series 2011-IO, 0.07%, 3/23/51(a)		161,993
555,280	Morgan Stanley Re-REMIC Trust, Class A, Series 2012-XA, 2.00%, 7/28/49(a)		555,724
614,250	RBSCF Trust, Class WBTA, Series 2010-RR3, 5.94%, 4/16/17(a)(b)		639,649
2,050,000	Sfave Commercial Mortgage Securities Trust, Class A2A, Series 2015-5AVE, 3.66%, 1/5/35(a)(b)		2,126,565
340,589	STRIPS, Class A, Series 2012-1A, 1.50%, 12/25/44(a)		340,589
2,780,000	Wells Fargo Commercial Mortgage Trust, Class A5, Series 2015-C27, 3.45%, 2/15/48		2,918,525
18,333,627	WF-RBS Commercial Mortgage Trust, Class XA, Series 2014-C20, 1.24%, 5/15/47(b)		1,365,837
Total Collateralized Mortgage Obligations (Cost $68,335,271)			68,205,083
Corporate Bonds (19.0%):
Aerospace & Defense (0.1%):
345,000	Boeing Co. (The), 2.85%, 10/30/24, Callable 7/30/24 @ 100^		354,138
80,000	Boeing Co. (The), 3.30%, 3/1/35, Callable 9/1/34 @ 100		79,496
40,000	Boeing Co. (The), 3.50%, 3/1/45, Callable 9/1/44 @ 100		39,680
185,000	Lockheed Martin Corp., 3.60%, 3/1/35, Callable 9/1/34 @ 100		184,905
135,000	Lockheed Martin Corp., 3.80%, 3/1/45, Callable 9/1/44 @ 100		134,197

Continued

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount			Fair Value
	Corporate Bonds, continued
	Aerospace & Defense, continued
	$300,000	Northrop Grumman Corp., 3.85%, 4/15/45, Callable 10/15/44 @ 100	$	295,316
				1,087,732
	Aerospace/Defense (0.1%):
	785,000	Precision Castparts Corp., 3.90%, 1/15/43, Callable 7/15/42 @ 100		804,514
	400,000	United Technologies Corp., 4.50%, 6/1/42		443,656
				1,248,170
	Air Freight & Logistics (0.1%):
	500,000	FedEx Corp., 3.88%, 8/1/42^		482,523
	Airlines (0.1%):
	695,000	American Airlines 15-1, Series A, 3.38%, 5/1/27		700,213
	Banks (4.6%):
	1,650,000	Bank of America Corp., 1.50%, 10/9/15		1,657,005
	430,000	Bank of America Corp., Series 1, 3.75%, 7/12/16		443,223
	1,245,000	Bank of America Corp., 6.50%, 8/1/16		1,328,725
	820,000	Bank of America Corp., 5.63%, 10/14/16		873,035
	1,315,000	Bank of America Corp., 0.51%, 10/14/16(b)		1,310,227
	1,050,000	Bank of America Corp., Series L, 1.35%, 11/21/16^		1,050,021
	1,065,000	Bank of America Corp., 1.33%, 3/22/18, MTN(b)		1,077,125
	3,702,000	Bank of America Corp., 2.60%, 1/15/19		3,767,864
	700,000	Bank of America Corp., 4.20%, 8/26/24		724,196
	585,000	Bank of America Corp., 4.00%, 1/22/25, MTN		589,734
	345,000	Bank of America Corp., 5.00%, 1/21/44, MTN		395,999
	1,185,000	Capital One NA, Series BKNT, 1.65%, 2/5/18, Callable 1/5/18 @ 100		1,180,309
	1,035,000	Citigroup, Inc., 1.05%, 4/1/16(b)		1,037,756
	1,260,000	Citigroup, Inc., 1.30%, 4/1/16		1,264,405
	2,580,000	Citigroup, Inc., 1.80%, 2/5/18^		2,585,386
	1,180,000	Citigroup, Inc., 2.50%, 7/29/19^		1,196,824
	1,230,000	Citigroup, Inc., 2.40%, 2/18/20^		1,234,389
	170,000	Citigroup, Inc., 4.95%, 11/7/43^		196,451
	1,205,000	HSBC USA, Inc., 1.70%, 3/5/18		1,207,256
	2,290,000	HSBC USA, Inc., 2.35%, 3/5/20		2,301,451
	1,630,000	HSBC USA, Inc., 3.50%, 6/23/24^		1,703,262
	1,350,000	JPMorgan Chase & Co., Series G, 0.88%, 2/26/16(b)		1,353,498
	730,000	JPMorgan Chase & Co., 2.00%, 8/15/17		740,818

Principal Amount			Fair Value
	Corporate Bonds, continued
	Banks, continued
	$720,000	JPMorgan Chase & Co., 6.00%, 1/15/18	$	805,346
	775,000	JPMorgan Chase & Co., 1.16%, 1/25/18(b)		784,461
	1,380,000	JPMorgan Chase & Co., Series H, 1.70%, 3/1/18, Callable 2/1/18 @ 100		1,385,545
	1,095,000	JPMorgan Chase & Co., 2.20%, 10/22/19		1,097,980
	1,180,000	JPMorgan Chase & Co., 2.25%, 1/23/20, Callable 12/23/19 @ 100		1,182,528
	125,000	JPMorgan Chase & Co., 4.50%, 1/24/22		138,168
	130,000	JPMorgan Chase & Co., 3.25%, 9/23/22		132,952
	2,205,000	JPMorgan Chase & Co., 3.63%, 5/13/24		2,292,737
	515,000	JPMorgan Chase & Co., 3.88%, 9/10/24		528,333
	1,565,000	Wells Fargo & Co., 1.25%, 7/20/16		1,573,623
	1,300,000	Wells Fargo & Co., 1.40%, 9/8/17^		1,305,749
	1,170,000	Wells Fargo & Co., 0.89%, 4/23/18(b)		1,177,405
	1,145,000	Wells Fargo & Co., 2.15%, 1/30/20		1,150,907
	1,080,000	Wells Fargo & Co., 3.30%, 9/9/24^		1,115,457
	1,105,000	Wells Fargo & Co., 3.00%, 2/19/25, MTN		1,109,752
	1,040,000	Wells Fargo & Co., 4.10%, 6/3/26^		1,097,271
				46,097,173
	Beverages (0.0%):
	375,000	Anheuser-Busch InBev NV, 3.75%, 7/15/42		365,693
	Biotechnology (0.2%):
	450,000	Amgen, Inc., 3.63%, 5/15/22, Callable 2/15/22 @ 100		476,505
	545,000	Amgen, Inc., 5.15%, 11/15/41, Callable 5/15/41 @ 100		627,709
	395,000	Amgen, Inc., 5.38%, 5/15/43, Callable 11/15/42 @ 100		471,260
				1,575,474
	Capital Markets (2.4%):
	205,000	Bank of New York Mellon Corp. (The), Series G, 3.00%, 2/24/25, Callable 1/24/25 @ 100		207,977
	1,045,000	Ford Motor Credit Co. LLC, 1.72%, 12/6/17		1,042,686
	1,055,000	Ford Motor Credit Co. LLC, 8.13%, 1/15/20		1,318,228
	370,000	General Electric Capital Corp., 4.38%, 9/16/20		410,739
	555,000	General Electric Capital Corp., Series G, 6.15%, 8/7/37, MTN		736,704
	905,000	Goldman Sachs Group, Inc. (The), 0.71%, 3/22/16(b)		904,759

Continued

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount			Fair Value
	Corporate Bonds, continued
	Capital Markets, continued
	$1,175,000	Goldman Sachs Group, Inc. (The), 2.38%, 1/22/18^	$	1,199,006
	915,000	Goldman Sachs Group, Inc. (The), 1.45%, 4/30/18(b)		927,694
	1,962,000	Goldman Sachs Group, Inc. (The), 2.90%, 7/19/18^		2,027,751
	192,000	Goldman Sachs Group, Inc. (The), 2.63%, 1/31/19^		196,160
	3,000,000	Goldman Sachs Group, Inc. (The), 2.55%, 10/23/19^		3,041,699
	610,000	Goldman Sachs Group, Inc. (The), 2.60%, 4/23/20, Callable 3/23/20 @ 100^		616,490
	190,000	Goldman Sachs Group, Inc. (The), 3.63%, 1/22/23		196,531
	795,000	Goldman Sachs Group, Inc. (The), 3.50%, 1/23/25, Callable 10/23/24 @ 100^		810,276
	360,000	Goldman Sachs Group, Inc. (The), 4.80%, 7/8/44, Callable 1/8/44 @ 100		399,812
	2,525,000	Morgan Stanley, 6.00%, 4/28/15, MTN		2,533,322
	1,070,000	Morgan Stanley, 4.75%, 3/22/17		1,139,115
	311,000	Morgan Stanley, 1.88%, 1/5/18		313,128
	414,000	Morgan Stanley, 2.13%, 4/25/18		418,547
	470,000	Morgan Stanley, 2.38%, 7/23/19^		473,507
	425,000	Morgan Stanley, 2.65%, 1/27/20		430,917
	870,000	Morgan Stanley, 3.75%, 2/25/23		911,185
	290,000	Morgan Stanley, Series F, 3.88%, 4/29/24		304,959
	730,000	Morgan Stanley, 3.70%, 10/23/24		761,085
	1,020,000	Morgan Stanley, 4.30%, 1/27/45		1,056,952
	1,740,000	State Street Capital Trust IV, 1.27%, 6/15/37, Callable 5/11/15 @ 100(b)		1,470,300
	260,863	SteelRiver Transmission Co. LLC, 4.71%, 6/30/17(a)		272,928
				24,122,457
	Chemicals (0.2%):
	233,000	Dow Chemical Co. (The), 4.25%, 10/1/34, Callable 4/1/34 @ 100		237,012
	265,000	Dow Chemical Co. (The), 4.38%, 11/15/42, Callable 5/15/42 @ 100		265,898
	555,000	Eastman Chemical Co., 2.40%, 6/1/17		566,638
	410,000	Eastman Chemical Co., 2.70%, 1/15/20, Callable 12/15/19 @ 100		415,927
	690,000	Eastman Chemical Co., 3.80%, 3/15/25, Callable 12/15/24 @ 100^		716,730

Principal Amount			Fair Value
	Corporate Bonds, continued
	Chemicals, continued
	$70,000	Eastman Chemical Co., 4.65%, 10/15/44, Callable 4/15/44 @ 100	$	73,462
				2,275,667
	Commercial Services & Supplies (0.1%):
	535,000	Republic Services, Inc., 3.20%, 3/15/25, Callable 12/15/24 @ 100		537,295
	140,000	Waste Management, Inc., 3.90%, 3/1/35, Callable 9/1/34 @ 100		143,488
	175,000	Waste Management, Inc., 4.10%, 3/1/45, Callable 9/1/44 @ 100		178,817
				859,600
	Consumer Finance (0.5%):
	1,135,000	American Express Credit Corp., 1.13%, 6/5/17		1,134,776
	975,000	Capital One Bank USA NA, Series BKNT, 1.15%, 11/21/16, Callable 10/21/16 @ 100		974,864
	290,000	Capital One Bank USA NA, 1.30%, 6/5/17, Callable 5/5/17 @ 100^		288,346
	2,575,000	Capital One Bank USA NA, Series BKNT, 2.25%, 2/13/19, Callable 1/13/19 @ 100^		2,588,633
	125,000	Synchrony Financial, 2.70%, 2/3/20, Callable 1/3/20 @ 100		125,543
				5,112,162
	Diversified Financial Services (0.3%):
	1,155,000	Caterpillar Financial Services Corp., 1.10%, 5/29/15, MTN		1,156,711
	1,090,000	Daimler Finance NA LLC, 1.88%, 1/11/18^(a)		1,102,533
	1,090,000	General Electric Capital Corp., 0.97%, 4/2/18^(b)		1,101,611
				3,360,855
	Diversified Telecommunication Services (0.9%):
	860,000	AT&T, Inc., 0.90%, 2/12/16		861,364
	317,000	AT&T, Inc., 2.30%, 3/11/19		319,427
	3,000,000	AT&T, Inc., 3.74%, 11/27/22, Callable 5/27/15 @ 70(a)(d)		2,329,694
	940,000	AT&T, Inc., 2.63%, 12/1/22, Callable 9/1/22 @ 100^		915,457
	257,000	AT&T, Inc., 4.80%, 6/15/44, Callable 12/15/43 @ 100		263,176
	550,000	Verizon Communications, Inc., 2.45%, 11/1/22, Callable 8/1/22 @ 100^		533,128
	1,195,000	Verizon Communications, Inc., 5.15%, 9/15/23		1,370,048
	2,120,000	Verizon Communications, Inc., 4.40%, 11/1/34, Callable 5/1/34 @ 100		2,159,546
	525,000	Verizon Communications, Inc., 5.01%, 8/21/54		544,735
				9,296,575

Continued

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount			Fair Value
	Corporate Bonds, continued
	Education (0.1%):
	$700,000	Massachusetts Institute of Technology, 4.68%, 7/1/14	$	834,852
	Electric Utilities (0.5%):
	425,000	Alabama Power Co., 4.15%, 8/15/44, Callable 2/15/44 @ 100		459,988
	430,000	Carolina Power & Light Co., 4.10%, 3/15/43, Callable 9/15/42 @ 100^		465,423
	355,000	DTE Electric Co., Series A, 4.00%, 4/1/43, Callable 10/1/42 @ 100		376,132
	195,000	DTE Electric Co., 3.70%, 3/15/45, Callable 9/15/44 @ 100		198,972
	900,000	DTE Energy Co., Series F, 3.85%, 12/1/23, Callable 9/1/23 @ 100		960,468
	615,000	Duke Energy Progress, Inc., 4.10%, 5/15/42, Callable 11/15/41 @ 100		669,235
	180,000	Oncor Electric Delivery Co. LLC, 7.00%, 9/1/22		230,583
	350,000	PPL Capital Funding, Inc., 5.00%, 3/15/44, Callable 9/15/43 @ 100		413,825
	220,000	Southern California Edison Co., Series 06-E, 5.55%, 1/15/37		283,057
	185,000	Virginia Electric & Power Co., Series A, 6.00%, 5/15/37		248,577
	25,000	Virginia Electric & Power Co., 6.35%, 11/30/37		35,155
	200,000	Virginia Electric & Power Co., 4.00%, 1/15/43, Callable 7/15/42 @ 100		211,126
				4,552,541
	Electrical Equipment (0.3%):
	840,000	Eaton Corp., 1.50%, 11/2/17		843,192
	255,000	Eaton Corp., 4.00%, 11/2/32^		268,078
	1,720,000	General Electric Co., 2.70%, 10/9/22		1,749,418
				2,860,688
	Electronic Equipment, Instruments & Components (0.0%):
	111,000	Agilent Technologies, Inc., 6.50%, 11/1/17		122,825
	Food & Staples Retailing (0.0%):
	305,000	Wal-Mart Stores, Inc., 4.00%, 4/11/43, Callable 10/11/42 @ 100		323,525
	Food Products (0.1%):
	1,425,000	Wm. Wrigley Jr. Co., 1.40%, 10/21/16(a)		1,430,228
	Health Care Equipment & Supplies (0.3%):
	840,000	Abbott Laboratories, 2.95%, 3/15/25, Callable 12/15/24 @ 100		849,977
	210,000	Baxter International, Inc., 3.20%, 6/15/23, Callable 3/15/23 @ 100		213,033

Principal Amount		Fair Value
Corporate Bonds, continued
Health Care Equipment & Supplies, continued
$170,000	Becton, Dickinson & Co., 1.80%, 12/15/17	$	171,303
125,000	Becton, Dickinson & Co., 2.68%, 12/15/19		127,677
180,000	Becton, Dickinson & Co., 3.73%, 12/15/24, Callable 9/15/24 @ 100		188,388
270,000	CareFusion Corp., 3.88%, 5/15/24, Callable 2/15/24 @ 100		284,405
515,000	Medtronic, Inc., 3.50%, 3/15/25(a)		538,376
665,000	Medtronic, Inc., 4.63%, 3/15/45(a)		753,759
			3,126,918
Health Care Providers & Services (0.5%):
380,000	Aetna, Inc., 4.13%, 11/15/42, Callable 5/15/42 @ 100		400,221
410,000	CIGNA Corp., 3.25%, 4/15/25, Callable 1/15/25 @ 100^		418,304
325,000	Memorial Sloan-Kettering, Series 2015, 4.20%, 7/1/55		329,229
725,000	UnitedHealth Group, Inc., 1.40%, 10/15/17^		732,048
610,000	UnitedHealth Group, Inc., 2.88%, 12/15/21		626,211
410,000	UnitedHealth Group, Inc., 4.25%, 3/15/43, Callable 9/15/42 @ 100^		443,585
325,000	WellPoint, Inc., 3.30%, 1/15/23		330,143
1,180,000	WellPoint, Inc., 3.50%, 8/15/24, Callable 5/15/24 @ 100		1,209,728
300,000	WellPoint, Inc., 5.10%, 1/15/44		344,094
			4,833,563
Household Products (0.0%):
160,000	Kimberly-Clark Corp., 2.65%, 3/1/25		160,286
Independent Power and Renewable Electricity Producers (0.6%):
220,000	Carolina Power & Light Co., 5.70%, 4/1/35		278,577
300,000	Columbus Southern Power Co., 6.05%, 5/1/18		338,329
65,000	Florida Power & Light Co., 5.95%, 2/1/38		88,403
845,000	Florida Power Corp., 6.40%, 6/15/38		1,200,018
40,000	MidAmerican Energy Holdings Co., 5.95%, 5/15/37		50,904
450,000	MidAmerican Energy Holdings Co., 6.50%, 9/15/37		609,206
850,000	PacifiCorp, 5.65%, 7/15/18		961,852
395,000	PacifiCorp, 5.75%, 4/1/37		516,931
630,000	PacifiCorp, 4.10%, 2/1/42, Callable 8/1/41 @ 100^		679,519
350,000	Progress Energy Carolinas, Inc., 5.30%, 1/15/19		395,960

Continued

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
Corporate Bonds, continued
Independent Power and Renewable Electricity Producers, continued
$865,000	Public Service Electric & Gas Co., 2.38%, 5/15/23, Callable 2/15/23 @ 100^	$	849,646
			5,969,345
Industrial Conglomerates (0.1%):
495,000	3M Co., 3.88%, 6/15/44		529,383
Insurance (1.1%):
410,000	ACE INA Holdings, Inc., 4.15%, 3/13/43^		442,823
125,000	American International Group, Inc., Series MP, 5.45%, 5/18/17, MTN		136,044
1,080,000	American International Group, Inc., 4.88%, 6/1/22		1,227,369
690,000	American International Group, Inc., 4.13%, 2/15/24		746,943
305,000	American International Group, Inc., 3.88%, 1/15/35, Callable 7/15/34 @ 100		306,526
695,000	American International Group, Inc., 4.50%, 7/16/44, Callable 1/16/44 @ 100		746,025
526,000	American International Group, Inc., 4.38%, 1/15/55, Callable 7/15/54 @ 100		530,108
405,000	Berkshire Hathaway Finance Corp., 4.30%, 5/15/43^		442,118
410,000	Hartford Financial Services Group, Inc. (The), 4.30%, 4/15/43^		435,026
115,000	Lincoln National Corp., 3.35%, 3/9/25		116,316
555,000	Loews Corp., 4.13%, 5/15/43, Callable 11/15/42 @ 100		547,398
1,710,000	MetLife Institutional Funding II LLC, 1.63%, 4/2/15(a)		1,709,999
1,125,000	MetLife, Inc., 6.75%, 6/1/16		1,200,691
310,000	MetLife, Inc., 4.05%, 3/1/45		321,042
905,000	New York Life Global Funding, 1.65%, 5/15/17(a)		917,665
90,000	Prudential Financial, Inc., Series D, 4.75%, 9/17/15, MTN		91,606
720,000	Prudential Financial, Inc., 3.50%, 5/15/24^		736,978
			10,654,677
IT Services (0.1%):
450,000	MasterCard, Inc., 3.38%, 4/1/24		473,753
Life Sciences Tools & Services (0.0%):
280,000	Thermo Fisher Scientific, Inc., 5.30%, 2/1/44, Callable 8/1/43 @ 100^		334,441
Machinery (0.1%):
605,000	Deere & Co., 2.60%, 6/8/22, Callable 3/8/22 @ 100^		607,320
Media (0.9%):
875,000	Comcast Corp., 4.20%, 8/15/34, Callable 2/15/34 @ 100		947,917

Principal Amount			Fair Value
	Corporate Bonds, continued
	Media, continued
	$200,000	Comcast Corp., 6.50%, 11/15/35	$	271,843
	330,000	Comcast Corp., 6.45%, 3/15/37		446,858
	935,000	Comcast Corp., 4.65%, 7/15/42^		1,042,235
	575,000	Cox Communications, Inc., 4.70%, 12/15/42(a)		585,881
	575,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 3.50%, 3/1/16		587,651
	730,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.20%, 3/15/20^		823,912
	150,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 4.45%, 4/1/24, Callable 1/1/24 @ 100		160,199
	185,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 3.95%, 1/15/25, Callable 10/15/24 @ 100		190,601
	111,000	Discovery Communications, Inc., 4.88%, 4/1/43		115,986
	1,135,000	NBCUniversal Enterprise, Inc., 0.94%, 4/15/18(a)(b)		1,143,340
	280,000	NBCUniversal Media LLC, 5.15%, 4/30/20		321,355
	816,000	NBCUniversal Media LLC, 4.45%, 1/15/43		886,085
	525,000	Omnicom Group, Inc., 5.90%, 4/15/16		549,543
	820,000	Scripps Networks Interactive, Inc., 2.70%, 12/15/16^		844,194
				8,917,600
	Metals & Mining (0.1%):
	870,000	Freeport-McMoRan, Inc., 4.00%, 11/14/21^		849,147
	340,000	Freeport-McMoRan, Inc., 5.40%, 11/14/34, Callable 5/14/34 @ 100		310,857
				1,160,004
	Multiline Retail (0.0%):
	390,000	Target Corp., 4.00%, 7/1/42^		413,184
	Multi-Utilities (0.2%):
	155,000	CenterPoint Energy Resources Corp., 6.25%, 2/1/37		200,403
	505,000	Duke Energy Carolinas LLC, 6.10%, 6/1/37		669,819
	555,000	Duke Energy Carolinas LLC, 3.75%, 6/1/45, Callable 12/1/44 @ 100		570,344
	470,000	Northwest Florida Timber Finance LLC, 4.75%, 3/4/29(a)		447,969
				1,888,535
	Oil, Gas & Consumable Fuels (1.8%):
	2,025,000	Anadarko Petroleum Corp., 6.38%, 9/15/17		2,253,078
	225,000	Continental Resources, Inc., 4.90%, 6/1/44, Callable 12/1/43 @ 100^		198,430

Continued

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
	$690,000	El Paso Pipeline Partners LP, 5.00%, 10/1/21, Callable 7/1/21 @ 100	$	740,152
	216,000	El Paso Pipeline Partners Operating Co. LLC, 6.50%, 4/1/20		246,956
	220,000	El Paso Pipeline Partners Operating Co. LLC, 4.30%, 5/1/24, Callable 2/1/24 @ 100		223,979
	1,390,000	Energy Transfer Partners LP, 6.50%, 2/1/42, Callable 8/1/41 @ 100		1,612,382
	500,000	Enterprise Products Operating LLC, 3.90%, 2/15/24, Callable 11/15/23 @ 100		523,115
	370,000	Enterprise Products Operating LLC, 3.75%, 2/15/25, Callable 11/15/24 @ 100		381,942
	200,000	Enterprise Products Operating LLC, 4.85%, 8/15/42, Callable 2/15/42 @ 100		213,815
	810,000	Enterprise Products Operating LLC, 5.10%, 2/15/45, Callable 8/15/44 @ 100		907,473
	1,415,000	Enterprise Products Operating LLC, Series A, 8.38%, 8/1/66, Callable 8/1/16 @ 100		1,491,056
	530,000	EOG Resources, Inc., 2.45%, 4/1/20, Callable 3/1/20 @ 100		538,339
	520,000	EOG Resources, Inc., 3.90%, 4/1/35, Callable 10/1/34 @ 100		533,223
	925,000	Kinder Morgan (Delaware), Inc., 3.05%, 12/1/19, Callable 11/1/19 @ 100		934,180
	520,000	Kinder Morgan Energy Partners LP, 3.50%, 3/1/21, Callable 1/1/21 @ 100		524,130
	165,000	Kinder Morgan Energy Partners LP, 3.95%, 9/1/22, Callable 6/1/22 @ 100		167,581
	60,000	Kinder Morgan Energy Partners LP, 3.50%, 9/1/23, Callable 6/1/23 @ 100^		58,823
	220,000	Kinder Morgan Energy Partners LP, 4.15%, 2/1/24		224,870
	910,000	Kinder Morgan Energy Partners LP, 5.40%, 9/1/44, Callable 5/15/24 @ 100		942,802
	668,000	Marathon Petroleum Corp., 4.75%, 9/15/44, Callable 3/15/44 @ 100^		679,798
	515,000	Noble Energy, Inc., 5.25%, 11/15/43, Callable 5/15/43 @ 100		538,208
	1,045,000	Phillips 66, 4.65%, 11/15/34, Callable 5/15/34 @ 100		1,107,267

Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
	$335,000	Plains All American Pipeline LP, 4.90%, 2/15/45, Callable 8/15/44 @ 100^	$	352,238
	900,000	Williams Partners LP, 4.00%, 11/15/21		923,867
	870,000	Williams Partners LP, 3.60%, 3/15/22, Callable 1/15/22 @ 100		867,283
	220,000	Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100^		228,111
	120,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100^		119,739
				17,532,837
	Paper & Forest Products (0.1%):
	400,000	Georgia-Pacific LLC, 7.70%, 6/15/15		405,051
	821,000	International Paper Co., 3.65%, 6/15/24, Callable 3/15/24 @ 100^		837,072
	191,000	International Paper Co., 4.80%, 6/15/44, Callable 12/15/43 @ 100^		196,166
				1,438,289
	Pharmaceuticals (0.8%):
	795,000	Abbvie, Inc., 2.00%, 11/6/18		794,506
	535,000	Abbvie, Inc., 4.40%, 11/6/42		550,738
	400,000	Bristol-Myers Squibb Co., 4.50%, 3/1/44, Callable 9/1/43 @ 100^		454,544
	205,000	Eli Lilly & Co., 3.70%, 3/1/45, Callable 9/1/44 @ 100		205,057
	635,000	Forest Laboratories, Inc., 5.00%, 12/15/21, Callable 9/16/21 @ 100(a)		706,091
	1,020,000	Merck & Co., Inc., 0.62%, 5/18/18(b)		1,023,146
	160,000	Merck & Co., Inc., 2.35%, 2/10/22		160,141
	290,000	Merck & Co., Inc., 2.75%, 2/10/25, Callable 11/10/24 @ 100		289,765
	450,000	Merck & Co., Inc., 3.70%, 2/10/45, Callable 8/10/44 @ 100		452,128
	265,000	Mylan, Inc., 5.40%, 11/29/43, Callable 5/29/43 @ 100		305,948
	710,000	Pfizer, Inc., 3.40%, 5/15/24		745,238
	125,000	Pfizer, Inc., 4.30%, 6/15/43		134,994
	130,000	Pfizer, Inc., 4.40%, 5/15/44		142,971
	995,000	Watson Pharmaceuticals, Inc., 1.88%, 10/1/17		997,309
	1,174,000	Watson Pharmaceuticals, Inc., 3.25%, 10/1/22, Callable 7/1/22 @ 100		1,172,895
				8,135,471
	Property & Casualty Insurance (0.0%):
	325,000	ACE INA Holdings, Inc., 3.35%, 5/15/24^		339,032

Continued

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount			Fair Value
	Corporate Bonds, continued
	Real Estate Investment Trusts (REITs) (0.3%):
	$835,000	Boston Properties LP, 3.85%, 2/1/23, Callable 11/1/22 @ 100	$	882,204
	380,000	ERP Operating LP, 4.50%, 7/1/44, Callable 1/1/44 @ 100		408,973
	1,225,000	HCP, Inc., 3.88%, 8/15/24, Callable 5/15/24 @ 100		1,244,849
	485,000	UDR, Inc., 3.75%, 7/1/24, Callable 4/1/24 @ 100		503,026
				3,039,052
	Road & Rail (0.2%):
	370,000	Burlington North Santa Fe LLC, 4.45%, 3/15/43, Callable 9/15/42 @ 100		396,398
	445,000	Burlington North Santa Fe LLC, 4.90%, 4/1/44, Callable 10/1/43 @ 100		508,006
	130,000	Burlington North Santa Fe LLC, 4.15%, 4/1/45, Callable 10/1/44 @ 100^		135,231
	95,000	Union Pacific Corp., 3.38%, 2/1/35, Callable 8/1/34 @ 100		92,800
	240,000	Union Pacific Corp., 4.85%, 6/15/44, Callable 12/15/43 @ 100^		285,747
	70,000	Union Pacific Corp., 3.88%, 2/1/55, Callable 8/1/54 @ 100		68,284
	505,000	Union Pacific Railroad Co., Series 14-1, 3.23%, 5/14/26		513,228
				1,999,694
	Software (0.3%):
	260,000	Microsoft Corp., 3.50%, 2/12/35, Callable 8/12/34 @ 100		259,315
	280,000	Microsoft Corp., 3.75%, 2/12/45, Callable 8/12/44 @ 100		281,067
	1,401,000	Oracle Corp., 3.40%, 7/8/24, Callable 4/8/24 @ 100		1,472,715
	1,040,000	Oracle Corp., 4.30%, 7/8/34, Callable 1/8/34 @ 100		1,128,467
				3,141,564
	Specialty Retail (0.2%):
	215,000	Home Depot, Inc., 4.40%, 3/15/45, Callable 9/15/44 @ 100		240,055
	465,000	Lowe’s Cos., Inc., 4.65%, 4/15/42, Callable 10/15/41 @ 100		532,949
	510,000	Lowe’s Cos., Inc., 5.00%, 9/15/43, Callable 3/15/43 @ 100		611,975
	815,000	Penske Truck Leasing Co. LP, 3.13%, 5/11/15(a)		816,722
				2,201,701
	Technology Hardware, Storage & Peripherals (0.2%):
	860,000	Apple, Inc., 2.85%, 5/6/21		896,058
	410,000	Apple, Inc., 3.45%, 5/6/24		435,153
	230,000	Apple, Inc., 2.50%, 2/9/25^		225,083

Principal Amount		Fair Value
Corporate Bonds, continued
Technology Hardware, Storage & Peripherals, continued
$340,000	Apple, Inc., 3.45%, 2/9/45	$	322,741
			1,879,035
Tobacco (0.3%):
680,000	Altria Group, Inc., 5.38%, 1/31/44		795,271
1,360,000	Lorillard Inc., 3.75%, 5/20/23, Callable 2/20/23 @ 100		1,384,702
155,000	Philip Morris International, Inc., 4.50%, 3/20/42		168,024
20,000	Philip Morris International, Inc., 3.88%, 8/21/42		19,689
370,000	Philip Morris International, Inc., 4.13%, 3/4/43		379,087
425,000	Philip Morris International, Inc., 4.88%, 11/15/43^		484,194
			3,230,967
Trading Companies & Distributors (0.1%):
825,000	GATX Corp., 2.50%, 7/30/19		831,362
Wireless Telecommunication Services (0.1%):
316,000	AT&T, Inc., 2.38%, 11/27/18		320,068
122,000	AT&T, Inc., 5.35%, 9/1/40		133,141
295,000	AT&T, Inc., 5.55%, 8/15/41		331,768
535,000	Crown Castle Towers LLC, 6.11%, 1/15/20(a)		610,316
			1,395,293
Total Corporate Bonds (Cost $185,344,905)			190,942,259
Yankee Dollars (8.7%):
Banks (3.2%):
1,965,000	Asian Development Bank, Series G, 0.75%, 1/11/17^		1,969,556
1,045,000	Barclays Bank plc, 2.75%, 11/8/19^		1,055,295
210,000	Barclays Bank plc, 5.14%, 10/14/20		233,313
2,235,000	Barclays Bank plc, 3.75%, 5/15/24^		2,353,233
675,000	BPCE SA, 5.70%, 10/22/23(a)		746,512
430,000	BPCE SA, 4.50%, 3/15/25(a)		436,219
790,000	Caixa Economica Federal, 2.38%, 11/6/17(a)		745,918
645,000	Commonwealth Bank of Australia NY, Series G, 2.30%, 3/12/20, MTN		650,807
920,000	Credit Agricole SA, 3.88%, 4/15/24(a)		974,321
565,000	Credit Agricole SA, 4.38%, 3/17/25(a)		571,301
710,000	HSBC Holdings plc, 5.25%, 3/14/44		808,424
1,115,000	ING Bank NV, 3.75%, 3/7/17(a)		1,165,764
2,005,000	ING Bank NV, 1.80%, 3/16/18(a)		2,017,417
314,000	ING Bank NV, 5.80%, 9/25/23(a)		355,485
1,914,000	KFW, 0.50%, 7/15/16		1,914,727
1,856,000	Kommunalbanken AS, 0.38%, 10/31/16(a)(b)		1,857,264

Continued

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount			Fair Value
	Yankee Dollars, continued
	Banks, continued
	$1,110,000	National Bank of Canada, 1.50%, 6/26/15	$	1,113,005
	805,000	Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, Series G, 1.50%, 2/12/18(a)		812,472
	1,185,000	Nordea Bank AB, 2.38%, 4/4/19(a)		1,206,751
	555,000	Nordea Eiendomskreditt AS, 2.13%, 9/22/16(a)		565,797
	2,610,000	Oesterreichische Kontrollbank AG, Series G, 1.13%, 7/6/15		2,615,531
	386,000	Oriental Republic of Uruguay, 4.50%, 8/14/24		418,810
	1,020,000	Rabobank Nederland NY, 2.25%, 1/14/20, MTN		1,030,336
	2,005,000	Royal Bank of Canada, 1.13%, 7/22/16^		2,017,016
	2,670,000	Royal Bank of Canada, 2.20%, 9/23/19		2,718,858
	1,275,000	Royal Bank of Canada, Series G, 2.15%, 3/6/20, MTN		1,283,799
	650,000	Swedbank AB, 2.20%, 3/4/20(a)		652,959
	1,490,000	Westpac Banking Corp., 2.45%, 11/28/16^(a)		1,528,412
				33,819,302
	Capital Markets (0.4%):
	1,035,000	Credit Suisse Group AG, 2.75%, 3/26/20^(a)		1,040,905
	1,355,000	Credit Suisse Guernsey, Ltd., 2.60%, 5/27/16(a)		1,385,170
	1,155,000	Deutsche Bank AG, 1.88%, 2/13/18		1,156,627
				3,582,702
	Chemicals (0.0%):
	145,000	Agrium, Inc., 4.13%, 3/15/35, Callable 9/15/34 @ 100		143,760
	Diversified Financial Services (0.7%):
	2,190,000	CDP Financial, Inc., 4.40%, 11/25/19(a)		2,437,310
	3,685,000	NRAM plc, 5.63%, 6/22/17(a)		4,031,066
				6,468,376
	Energy Equipment & Services (0.1%):
	600,000	Schlumberger Investment SA, 3.30%, 9/14/21, Callable 6/14/21 @ 100(a)		629,448
	Government (0.1%):
	689,000	Province of Manitoba Canada, 3.05%, 5/14/24		730,575
	Hotels, Restaurants & Leisure (0.2%):
	1,595,000	Carnival Corp., 1.20%, 2/5/16		1,597,397
	Insurance (0.1%):
	185,000	Aon plc, 4.60%, 6/14/44, Callable 3/14/44 @ 100		198,834
	310,000	Manulife Financial Corp., 3.40%, 9/17/15		313,818
				512,652

Principal Amount			Fair Value
	Yankee Dollars, continued
	Internet & Catalog Retail (0.1%):
	$885,000	Alibaba Group Holding, Ltd., 2.50%, 11/28/19, Callable 10/28/19 @ 100^(a)	$	885,304
	Machinery (0.1%):
	580,000	Ingersoll-Rand Luxembourg Finance SA, 3.55%, 11/1/24, Callable 8/1/24 @ 100		589,727
	Media (0.0%):
	370,000	British Sky Broadcasting Group plc, 3.75%, 9/16/24(a)		382,523
	Multi-National (0.8%):
	1,885,000	African Development Bank, 0.75%, 10/18/16		1,890,235
	1,640,000	FMS Wertmanagement, 0.63%, 4/18/16		1,643,026
	1,415,000	FMS Wertmanagement, 1.13%, 9/5/17		1,423,697
	2,790,000	FMS Wertmanagement, 1.63%, 11/20/18		2,828,982
				7,785,940
	Oil, Gas & Consumable Fuels (1.2%):
	945,000	BP Capital Markets plc, 0.77%, 5/10/18(b)		944,428
	575,000	BP Capital Markets plc, 4.74%, 3/11/21		641,771
	575,000	BP Capital Markets plc, 2.75%, 5/10/23		560,914
	555,000	Ecopetrol SA, 4.13%, 1/16/25		531,346
	525,000	Ensco plc, 4.50%, 10/1/24, Callable 7/1/24 @ 100^		508,858
	55,000	Ensco plc, 5.75%, 10/1/44, Callable 4/1/44 @ 100		53,269
	774,000	Petrobras Global Finance BV, 6.25%, 3/17/24^		729,727
	1,080,000	Petrobras International Finance Co., 3.88%, 1/27/16^		1,059,351
	50,000	Petroleos Mexicanos, 8.00%, 5/3/19		59,813
	107,000	Petroleos Mexicanos, 6.00%, 3/5/20^		122,034
	2,923,000	Petroleos Mexicanos, 4.88%, 1/24/22		3,102,033
	270,000	Petroleos Mexicanos, 4.88%, 1/18/24		285,795
	888,000	Petroleos Mexicanos, 5.63%, 1/23/46(a)		901,320
	295,000	Shell International Finance BV, 4.55%, 8/12/43		334,387
	800,000	Statoil ASA, 2.45%, 1/17/23		787,182
	1,100,000	Statoil ASA, 3.70%, 3/1/24		1,174,897
	175,000	TransCanada Pipelines, Ltd., 4.63%, 3/1/34, Callable 12/1/33 @ 100		188,361
	460,000	TransCanada Pipelines, Ltd., 7.63%, 1/15/39		662,575
	175,000	Transocean, Inc., 3.80%, 10/15/22, Callable 7/15/22 @ 100		127,695
				12,775,756
	Personal Products (0.1%):
	690,000	GlaxoSmithKline Capital plc, 2.85%, 5/8/22		700,680

Continued

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
Yankee Dollars, continued
Personal Products, continued
$670,000	Takeda Pharmaceutical Co., Ltd., 1.63%, 3/17/17(a)	$	675,992
			1,376,672
Pharmaceuticals (0.7%):
2,270,000	Actavis Funding SCS, 2.35%, 3/12/18		2,300,700
1,770,000	Actavis Funding SCS, 3.00%, 3/12/20, Callable 2/12/20 @ 100		1,810,860
1,115,000	Actavis Funding SCS, 3.85%, 6/15/24, Callable 3/15/24 @ 100^		1,151,727
505,000	Actavis Funding SCS, 3.80%, 3/15/25, Callable 12/15/24 @ 100		521,175
625,000	Actavis Funding SCS, 4.55%, 3/15/35, Callable 9/15/34 @ 100		651,449
750,000	Actavis Funding SCS, 4.85%, 6/15/44, Callable 12/15/43 @ 100		796,616
160,000	Actavis Funding SCS, 4.75%, 3/15/45, Callable 9/15/44 @ 100		170,057
			7,402,584
Sovereign Bonds (0.8%):
620,000	Canada Government, 1.63%, 2/27/19^		629,201
1,349,000	Federal Republic of Brazil, 4.88%, 1/22/21^		1,416,450
1,070,000	Federal Republic of Brazil, 2.63%, 1/5/23^		960,325
1,041,000	Federal Republic of Brazil, 4.25%, 1/7/25^		1,020,180
1,270,000	Republic of Colombia, 4.00%, 2/26/24		1,309,370
281,000	Republic of Peru, 5.63%, 11/18/50		343,523
430,000	Republic of South Africa, 5.38%, 7/24/44^		462,078
262,000	United Mexican States, 3.50%, 1/21/21^		272,742
562,000	United Mexican States, 4.00%, 10/2/23		594,596
940,000	United Mexican States, 3.60%, 1/30/25		964,675
			7,973,140
Wireless Telecommunication Services (0.1%):
646,000	Vodafone Group plc, 2.95%, 2/19/23^		635,527
74,000	Vodafone Group plc, 6.15%, 2/27/37		89,794
			725,321
Total Yankee Dollars (Cost $86,061,033)			87,381,179
Municipal Bonds (1.1%):
California (0.1%):
700,000	California State, GO, 5.00%, 9/1/42, Callable 9/1/22 @ 100		801,297

Principal Amount		Fair Value
Municipal Bonds
California, continued
$360,000	California State Health Facilities Financing Authority Revenue, Series A, 5.00%, 8/15/52, Callable 8/15/23 @ 100	$	409,205
			1,210,502
Illinois (0.2%):
1,320,000	Illinois State, GO, 5.50%, 7/1/24, Callable 7/1/23 @ 100		1,536,137
Nevada (0.1%):
1,100,000	Las Vegas Valley Nevada Water District, GO, 5.00%, 6/1/39, Callable 12/1/24 @ 100		1,273,162
Massachusetts (0.1%):
450,000	Massachusetts State School Building Authority Sales Tax Revenue, Series B, 5.00%, 10/15/41, Callable 10/15/21 @ 100		509,877
Missouri (0.1%):
460,000	Metropolitan Saint Louis Sewer District West Water System Revenue, Series A, 5.00%, 5/1/42, Callable 5/1/22 @ 100		525,826
New Jersey (0.3%):
2,005,000	New Jersey State Transportation Trust Fund Authority Revenue, Series AA, 5.00%, 6/15/36, Callable 6/15/23 @ 100		2,142,422
420,000	New Jersey State Health Care Facilities Financing Authority Revenue, 5.00%, 7/1/44		469,757
			2,612,179
New York (0.2%):
895,000	New York State Urban Development Corp. Revenue, Series E, 5.00%, 3/15/24, Callable 3/15/23 @ 100		1,088,499
670,000	New York City Municipal Finance Authority Water & Sewer System Revenue, Series EE, 5.00%, 6/15/47, Callable 6/15/23 @ 100		759,968
			1,848,467
Total Municipal Bonds (Cost $9,154,884)			9,516,150
U.S. Government Agency Mortgages (29.2%):
Federal Farm Credit Bank (0.2%)
2,120,000	2.35%, 4/24/23, Callable 4/15/15 @ 100		2,115,510
Federal Home Loan Mortgage Corporation (4.7%)
1,299,000	1.00%, 9/27/17		1,303,987
1,014,704	Class BW, Series 3738, 3.50%, 10/15/28		1,052,084
591,000	4.47%, 9/15/29(d)		378,762
1,694,000	4.65%, 12/17/29(d)		1,094,831
197,000	4.74%, 3/15/31(d)		122,064

Continued

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$190,000	6.75%, 3/15/31	$	290,043
150,846	5.00%, 7/1/35, Pool #G01840		168,003
199,591	5.00%, 7/1/35, Pool #G01838		222,181
466,601	6.00%, 4/1/39, Pool #G07613		534,268
100,994	4.50%, 7/1/40, Pool #A93010		110,222
87,635	4.00%, 10/1/40, Pool #A95923		94,969
88,502	4.00%, 11/1/40, Pool #A94977		95,909
90,180	4.00%, 11/1/40, Pool #A94779		97,721
93,350	4.00%, 11/1/40, Pool #A95144		101,169
134,731	3.12%, 3/1/41, Pool #1B8062(b)		142,198
1,808,361	5.50%, 6/1/41, Pool #G07553		2,027,661
174,703	4.00%, 10/1/41, Pool #Q04022		189,345
81,915	4.00%, 10/1/41, Pool #Q03841		88,794
329,060	5.00%, 10/1/41, Pool #G07642		365,178
3,100,000	5.00%, 11/1/41, Pool #G07962		3,444,576
1,537,816	Class BU, Series 4150, 4.00%, 2/15/42		1,671,022
530,534	3.50%, 4/1/42, Pool #C03811		560,481
278,768	2.03%, 7/1/42, Pool #2B0646(b)		289,722
549,681	3.00%, 1/1/43, Pool #Q14866		562,229
95,103	3.50%, 2/1/43, Pool #Q15442		100,677
366,940	3.00%, 3/1/43, Pool #Q16403		375,316
539,343	3.00%, 3/1/43, Pool #Q16673		551,452
644,830	3.00%, 3/1/43, Pool #Q16567		659,353
174,208	3.00%, 4/1/43, Pool #Q17095		178,314
368,040	3.50%, 7/1/43, Pool #Q20021		389,610
3,661,214	3.00%, 7/1/43, Pool #V80169		3,744,743
366,023	3.50%, 7/1/43, Pool #Q20206		386,681
838,724	3.50%, 8/1/43, Pool #V80355		887,881
2,012,454	3.00%, 8/1/43, Pool #G07550		2,058,122
167,666	4.00%, 9/1/43, Pool #Q21579		182,083
798,842	4.50%, 12/1/43, Pool #Q23779		870,288
46,201	3.50%, 1/1/44, Pool #Q24368		48,810
300,000	4.00%, 4/1/44, Pool #Q25643		325,194
37,234	3.50%, 4/1/44, Pool #Q25812		39,334
2,400,000	3.00%, 4/15/44		2,448,375

Principal Amount		Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$95,509	3.50%, 5/1/44, Pool #Q26362	$	100,903
33,911	3.50%, 5/1/44, Pool #Q26452		35,823
52,573	3.50%, 5/1/44, Pool #Q26218		55,653
23,686	3.50%, 5/1/44, Pool #Q25988		25,024
47,636	3.50%, 6/1/44, Pool #Q26707		50,317
41,441	3.50%, 7/1/44, Pool #Q27319		43,867
374,421	4.50%, 7/1/44, Pool #Q27375		409,595
194,762	3.50%, 8/1/44, Pool #Q27843		205,751
1,039,207	4.00%, 8/1/44, Pool #G07786		1,129,043
192,084	3.50%, 9/1/44, Pool #Q28605		202,946
87,576	3.50%, 9/1/44, Pool #Q28604		92,718
235,289	4.50%, 10/1/44, Pool #Q29187		257,500
3,580,815	4.00%, 1/1/45, Pool #G08624		3,828,181
28,886	4.00%, 2/1/45, Pool #Q31128		31,491
71,697	4.00%, 2/1/45, Pool #Q31338		78,161
1,600,000	3.50%, 4/15/45		1,676,844
3,300,000	4.50%, 5/15/45		3,589,524
2,900,000	3.50%, 5/15/45		3,032,086
700,000	5.50%, 5/15/45		784,875
2,675,000	4.00%, 5/15/45		2,852,636
			46,736,590
Federal National Mortgage Association (18.2%)
170,060	4.00%, 7/1/19, Pool #AE0968		179,688
21,286	Class NT, Series 2009-70, 4.00%, 8/25/19		21,997
191,551	5.50%, 3/1/20, Pool #888557		201,353
359,894	4.00%, 7/1/24, Pool #AL1938		382,660
406,408	5.50%, 7/1/25, Pool #AE0096		457,319
3,298,153	3.50%, 12/1/25, Pool #AH1359		3,536,123
466,784	4.00%, 9/1/26, Pool #AL2683		497,323
4,786,997	4.00%, 5/1/27, Pool #AL5956		5,068,333
5,849,682	2.50%, 5/1/28, Pool #310125		6,024,856
2,863,723	3.50%, 9/1/28, Pool #AL4245		3,069,552
897,510	3.50%, 10/1/28, Pool #AV0198		961,786
1,154,919	3.50%, 11/1/28, Pool #AV1360		1,237,509
771,166	Class CD, Series 2011-56, 3.50%, 1/25/29		796,607
808,783	3.50%, 2/1/29, Pool #AL4922		866,698
928,142	3.00%, 4/1/29, Pool #AW0937		977,916
400,000	2.50%, 4/25/29		410,812
4,275,000	3.00%, 4/25/29		4,481,402
661,466	3.00%, 5/1/29, Pool #AW2544		697,730

Continued

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
	$1,223,869	3.00%, 6/1/29, Pool #AS2676	$	1,289,629
	2,757,915	3.50%, 8/1/29, Pool #AL5884		2,955,971
	885,094	3.50%, 9/1/29, Pool #AL5806		948,651
	595,669	3.50%, 9/1/29, Pool #AX0105		638,517
	847,228	3.00%, 9/1/29, Pool #AS3220		892,857
	99,100	3.50%, 10/1/29, Pool #AX2741		106,241
	3,881,867	3.50%, 12/1/29, Pool #AL6161		4,167,452
	2,605,000	5.67%, 1/15/30(d)		1,645,196
	1,700,000	2.00%, 4/25/30		1,701,926
	1,100,000	5.00%, 4/25/30		1,155,845
	100,000	4.50%, 4/25/30		104,827
	3,901,000	5.20%, 5/15/30(d)		2,437,715
	300,000	2.50%, 5/25/30		307,488
	3,800,000	3.00%, 5/25/30		3,976,047
	354,255	5.50%, 1/1/33, Pool #676661		400,815
	359,726	5.00%, 2/1/33, Pool #AB0107		401,813
	240,565	5.50%, 5/1/33, Pool #555424		272,477
	490,718	5.00%, 7/1/33, Pool #709212		548,037
	1,917,405	5.00%, 9/1/33, Pool #741878		2,141,477
	164,755	5.00%, 7/1/34, Pool #725589		184,110
	2,556,498	5.00%, 2/1/35, Pool #931574		2,846,872
	1,542,768	5.00%, 2/1/35, Pool #AB0117		1,724,956
	88,182	5.00%, 2/1/35, Pool #AB0108		98,501
	2,353,503	5.00%, 2/1/35, Pool #AB0112		2,629,267
	559,250	5.50%, 2/1/35, Pool #735989		633,419
	46,746	6.00%, 4/1/35, Pool #735504		53,715
	2,465,741	5.00%, 4/1/36, Pool #AB0111		2,754,044
	1,314,532	5.50%, 9/1/36, Pool #995113		1,488,543
	107,517	5.50%, 2/1/38, Pool #961545		120,986
	46,804	6.00%, 3/1/38, Pool #889529		53,863
	147,837	6.00%, 5/1/38, Pool #889466		170,394
	253,484	5.50%, 5/1/38, Pool #889441		285,287
	348,375	5.50%, 5/1/38, Pool #889692		392,017
	243,563	5.50%, 6/1/38, Pool #995018		274,074
	67,096	5.50%, 9/1/38, Pool #889995		75,501
	164,021	6.00%, 10/1/38, Pool #889983		187,085
	295,512	4.50%, 4/1/39, Pool #930922		325,447
	300,079	4.50%, 5/1/39, Pool #AL1472		331,183
	171,263	5.50%, 10/1/39, Pool #AD0362		194,319
	169,258	5.50%, 12/1/39, Pool #AD0571		192,451
	1,065,273	6.00%, 4/1/40, Pool #AL4141		1,214,702
	98,776	4.50%, 4/1/40, Pool #AD4038		108,877
	212,275	6.50%, 5/1/40, Pool #AL1704		243,712
	549,315	4.50%, 7/1/40, Pool #AD7127		601,158
	248,450	4.50%, 7/1/40, Pool #AB1226		271,644
	1,502,062	4.50%, 8/1/40, Pool #AD8036		1,644,085

Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
	$119,048	6.00%, 9/1/40, Pool #AE0823	$	135,823
	2,680,000	Class CY, Series 2010-136, 4.00%, 12/25/40		2,953,293
	164,858	2.89%, 2/1/41, Pool #AH6958(b)		173,700
	1,990,427	5.00%, 4/1/41, Pool #AH6176		2,228,383
	1,531,160	5.00%, 4/1/41, Pool #AH6283		1,714,440
	2,217,183	4.50%, 4/1/41, Pool #AL6302		2,428,200
	235,990	6.00%, 6/1/41, Pool #AL4142		269,086
	130,010	4.50%, 7/1/41, Pool #AB3314		142,403
	300,874	3.25%, 7/1/41, Pool #AL0533(b)		319,968
	99,799	4.50%, 9/1/41, Pool #AI8961		111,068
	96,429	3.50%, 1/1/42, Pool #AK2073		102,030
	166,152	4.00%, 5/1/42, Pool #AT6144		181,225
	81,479	3.50%, 6/1/42, Pool #AL2168		86,263
	80,125	3.50%, 6/1/42, Pool #AO3107		84,777
	1,577,347	4.00%, 7/1/42, Pool #AL4244		1,720,438
	90,125	2.24%, 7/1/42, Pool #AO6482(b)		93,855
	351,921	2.02%, 7/1/42, Pool #AP0006(b)		367,085
	877,573	4.50%, 9/1/42, Pool #AL2482		959,089
	1,570,000	4.50%, 9/1/42, Pool #AL5231		1,714,919
	95,513	3.50%, 10/1/42, Pool #AQ0393		101,328
	378,654	3.00%, 12/1/42, Pool #AB7271		388,231
	315,038	3.00%, 12/1/42, Pool #AB7425		322,986
	951,873	3.00%, 1/1/43, Pool #AB7458		975,614
	648,689	3.00%, 1/1/43, Pool #AB7755		665,075
	1,027,986	3.00%, 1/1/43, Pool #AB7567		1,053,670
	946,675	3.00%, 1/1/43, Pool #AB7497		970,269
	470,901	3.50%, 2/1/43, Pool #AL2935		498,919
	1,315,457	3.00%, 2/1/43, Pool #AL3162		1,349,522
	356,320	3.00%, 2/1/43, Pool #AB8558		365,557
	356,300	3.00%, 2/1/43, Pool #AB7762		365,519
	229,134	3.00%, 3/1/43, Pool #AB8830		234,928
	651,892	3.00%, 3/1/43, Pool #AB8701		668,374
	178,443	3.00%, 3/1/43, Pool #AR7576		182,765
	251,286	3.00%, 3/1/43, Pool #AR9218		257,450
	697,542	3.00%, 3/1/43, Pool #AR9194		715,584
	146,348	3.00%, 3/1/43, Pool #AR7568		149,904

Continued

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$85,247	3.00%, 3/1/43, Pool #AB8712	$	87,404
86,145	3.00%, 4/1/43, Pool #AB9033		88,323
173,688	3.00%, 4/1/43, Pool #AB8924		177,938
337,910	3.00%, 4/1/43, Pool #AT2040		346,199
609,697	3.00%, 4/1/43, Pool #AB9016		625,096
184,711	3.00%, 4/1/43, Pool #AT2043		189,217
112,799	3.00%, 4/1/43, Pool #AT2037		115,544
275,603	3.00%, 4/1/43, Pool #AR8630		282,301
185,719	3.00%, 4/1/43, Pool #AB8923		190,233
443,218	3.00%, 5/1/43, Pool #AB9173		454,708
313,979	3.00%, 5/1/43, Pool #AB9462		322,583
2,535,468	3.00%, 5/1/43, Pool #AT5974		2,601,090
261,224	3.00%, 5/1/43, Pool #AT6654		267,980
699,651	3.00%, 5/1/43, Pool #AT2719		717,756
269,135	3.00%, 5/1/43, Pool #AL3759		276,114
375,402	3.00%, 6/1/43, Pool #AB9662		385,709
124,241	3.00%, 6/1/43, Pool #AT7676		127,463
24,151	3.00%, 6/1/43, Pool #AB9564		24,814
1,522,421	3.50%, 7/1/43, Pool #AU1633		1,611,793
315,252	3.50%, 7/1/43, Pool #AT4327		334,442
341,106	3.50%, 7/1/43, Pool #AT8464		361,131
2,762,304	3.50%, 7/1/43, Pool #AL4014		2,924,441
975,159	3.50%, 7/1/43, Pool #AT7940		1,034,518
2,684,077	3.50%, 7/1/43, Pool #AL4009		2,847,457
806,703	3.50%, 7/1/43, Pool #AL4010		853,547
93,259	3.50%, 8/1/43, Pool #AU3267		98,937
22,472	3.50%, 8/1/43, Pool #AT7333		23,789
184,377	3.50%, 8/1/43, Pool #AU0570		195,087
184,991	3.50%, 8/1/43, Pool #AU0613		195,737
2,607,540	4.50%, 8/1/43, Pool #AL5097		2,851,360
92,097	3.50%, 8/1/43, Pool #AU3270		97,446
22,162	3.50%, 8/1/43, Pool #AU3032		23,463
905,539	3.50%, 8/1/43, Pool #AS0209		958,138
35,690	3.50%, 9/1/43, Pool #AT7267		37,783
39,078	3.50%, 10/1/43, Pool #AU7247		41,456
924,247	3.50%, 12/1/43, Pool #AL4682		980,478
165,639	3.50%, 1/1/44, Pool #AS1703		175,338
2,498,660	2.91%, 1/1/44, Pool #AV7743(b)		2,597,731
173,513	3.50%, 1/1/44, Pool #AS1539		183,698
106,605	3.50%, 1/1/44, Pool #AS1453		113,095

Principal Amount		Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$200,000	4.00%, 3/1/44, Pool #AV6577	$	217,013
600,000	5.50%, 4/25/44		676,031
4,625,000	3.00%, 4/25/44		4,728,340
231,053	4.00%, 5/1/44, Pool #AS2488		249,993
362,112	4.00%, 5/1/44, Pool #AW1007		391,795
5,200,000	4.50%, 5/25/44		5,658,658
8,700,000	4.00%, 5/25/44		9,287,249
34,476	3.50%, 6/1/44, Pool #AV8080		36,494
47,270	3.50%, 6/1/44, Pool #AW6405		50,038
22,957	3.50%, 6/1/44, Pool #AS2591		24,307
52,069	3.50%, 7/1/44, Pool #AW9544		55,117
355,804	3.50%, 8/1/44, Pool #AS3031		376,683
222,031	3.50%, 8/1/44, Pool #AS3034		235,539
23,283	3.50%, 8/1/44, Pool #AW9207		24,703
25,622	3.50%, 8/1/44, Pool #AW4287		27,129
48,226	3.50%, 9/1/44, Pool #AW8188		51,168
107,991	3.50%, 9/1/44, Pool #AX0830		114,572
49,556	3.50%, 9/1/44, Pool #AW8191		52,471
28,925	4.00%, 12/1/44, Pool #AX6255		31,564
29,203	4.00%, 12/1/44, Pool #AY0299		31,867
97,689	4.00%, 1/1/45, Pool #AX8713		106,240
302,085	4.00%, 1/1/45, Pool #AY0367		328,527
39,882	4.00%, 2/1/45, Pool #AY1866		43,521
200,000	4.00%, 2/1/45, Pool #AY2693		218,249
2,900,000	4.50%, 4/25/45		3,163,719
5,432,500	3.50%, 4/25/45		5,705,823
20,050,000	4.00%, 4/25/45		21,437,836
2,300,000	6.00%, 5/25/45		2,621,639
1,200,000	2.50%, 5/25/45		1,184,436
			183,066,655
Government National Mortgage Association (6.1%)
51,878	4.50%, 9/15/33, Pool #615516		57,686
185,143	5.00%, 12/15/33, Pool #783571		208,042
53,810	6.50%, 8/20/38, Pool #4223		62,149
71,168	6.50%, 10/15/38, Pool #673213		86,337
30,541	6.50%, 11/20/38, Pool #4292		35,183
60,550	6.50%, 12/15/38, Pool #782510		71,471
582,092	5.00%, 1/15/39, Pool #782557		650,069

Continued

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$409,653	5.00%, 4/15/39, Pool #782619	$	458,212
40,870	5.00%, 6/15/39, Pool #782696		46,042
330,401	5.00%, 10/20/39, Pool #4559		370,615
96,032	4.50%, 1/15/40, Pool #728627		106,327
246,504	5.00%, 5/15/40, Pool #782958		275,662
276,130	4.50%, 7/15/40, Pool #745793		305,901
47,453	4.00%, 9/20/40, Pool #G24800		50,949
444,129	4.50%, 10/15/40, Pool #783609		491,546
88,725	4.00%, 10/20/40, Pool #G24833		95,271
1,236,377	4.00%, 12/20/40, Pool #G24882		1,327,589
930,649	4.00%, 1/20/41, Pool #004922		999,265
134,119	4.50%, 2/15/41, Pool #738019		148,417
15,867	4.00%, 2/20/41, Pool #4945		17,039
23,869	5.00%, 4/20/41, Pool #5018		26,771
402,012	4.50%, 6/20/41, Pool #783590		438,393
52,591	5.00%, 6/20/41, Pool #5083		59,000
26,806	5.00%, 7/20/41, Pool #5116		30,069
268,334	4.50%, 7/20/41, Pool #783584		292,624
904,345	4.50%, 7/20/41, Pool #5115		986,207
300,707	4.50%, 11/15/41, Pool #783610		332,812
180,739	3.50%, 10/20/42, Pool #MA0462		190,716
180,268	3.50%, 1/20/43, Pool #MA0699		190,220
4,289,599	3.50%, 4/20/43, Pool #MA0934		4,526,419
3,300,000	4.50%, 4/20/43		3,585,656
8,900,000	3.00%, 4/20/43		9,164,043
3,400,000	3.50%, 4/20/43		3,577,570
88,102	4.00%, 7/20/43, Pool #MA1158		94,442
500,000	5.00%, 4/15/44		557,207
2,100,000	3.50%, 4/15/44		2,211,563
1,100,000	3.00%, 4/15/44		1,132,141
76,018	4.00%, 8/20/44, Pool #AI4167		82,371
24,715	4.00%, 8/20/44, Pool #AI4166		26,930
56,848	4.00%, 8/20/44, Pool #AJ2723		61,623
28,366	4.00%, 8/20/44, Pool #AJ4687		30,747
6,669,928	4.00%, 11/20/44, Pool #MA2372		7,150,824
7,391,589	4.00%, 12/20/44, Pool #MA2446		7,889,078
7,200,000	3.50%, 2/20/45, Pool #MA2678		7,590,299
400,000	4.50%, 4/15/45		441,013
2,800,000	4.00%, 4/15/45		3,004,750

Principal Amount		Fair Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$2,000,000	3.00%, 5/20/45	$	2,054,491
			61,591,751
Total U.S. Government Agency
Mortgages (Cost $289,082,891)			293,510,506
U.S. Treasury Obligations (24.3%):
U.S. Treasury Bonds (3.5%)
13,640,000	4.75%, 2/15/37		19,194,044
350,000	3.75%, 11/15/43		437,227
475,200	3.13%, 8/15/44		532,410
15,480,000	2.50%, 2/15/45^		15,337,290
			35,500,971
U.S. Treasury Inflation Index Bonds (0.2%)
1,550,000	1.38%, 2/15/44		1,826,921
U.S. Treasury Notes (20.6%)
60,540,000	0.50%, 3/31/17^		60,469,048
11,250,000	0.88%, 8/15/17		11,301,851
10,155,000	0.88%, 10/15/17		10,189,913
4,170,000	0.63%, 11/30/17		4,152,407
4,390,000	2.63%, 1/31/18		4,608,130
5,910,000	0.75%, 2/28/18		5,890,609
2,460,000	1.38%, 12/31/18		2,481,333
6,385,000	1.50%, 12/31/18		6,469,799
7,160,000	1.38%, 2/28/19		7,213,700
4,500,000	1.63%, 3/31/19		4,575,938
5,945,000	3.13%, 5/15/19		6,395,518
540,000	1.38%, 3/31/20^		540,084
40,400,000	1.75%, 2/28/22^		40,513,605
11,825,000	1.75%, 3/31/22		11,852,715
20,185,000	2.00%, 2/15/25^		20,304,848
7,490,000	4.25%, 5/15/39		9,890,313
			206,849,811
Total U.S. Treasury Obligations (Cost $242,532,612)			244,177,703
Securities Held as Collateral for
Securities on Loan (14.4%):
144,930,965	Allianz Variable Insurance Products Securities Lending Collateral Trust (d)		144,930,965
Total Securities Held as Collateral for Securities on Loan (Cost $144,930,965)			144,930,965
Shares		Fair Value
Unaffiliated Investment Company (11.8%):
118,070,758	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (c)		118,070,758
Total Unaffiliated Investment Company (Cost $118,070,758)			118,070,758
Total Investment Securities (Cost $1,239,727,830)(e) - 124.9%			1,253,414,894
Net other assets (liabilities) - (24.9)%			(249,840,477	)
Net Assets - 100.0%		$	1,003,574,417

Percentages indicated are based on net assets as of March 31, 2015.

GO	-	General Obligation
MTN	-	Medium Term Note
Re-	-	Restructured Real Estate Mortgage Investment
REMIC		Conduit

Continued

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

^{^}  This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $142,563,662.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(b) Variable rate security. The rate presented represents the rate in effect at March 31, 2015. The date presented represents the final maturity date.

(c) The rate represents the effective yield at March 31, 2015.

(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 March 31, 2015.

(e) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

Continued

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Securities Sold Short (-3.0%):

Security Description	Coupon Rate			Maturity Date		Par Amount			Proceeds Received			Fair Value			Unrealized Appreciation/ Deprecation
Federal Home Loan Mortgage Corporation		5.00	%		4/15/45	$	(2,900,000	)	$	(3,199,516	)	$	(3,215,828	)	$	(16,312	)
Federal National Mortgage Association		5.00	%		5/25/44		(3,800,000	)		(4,218,250	)		(4,219,856	)		(1,606	)
Federal National Mortgage Association		3.50	%		4/25/30		(6,800,000	)		(7,188,684	)		(7,214,375	)		(25,691	)
Federal National Mortgage Association		3.50	%		5/25/30		(6,400,000	)		(6,781,246	)		(6,781,750	)		(504	)
Government National Mortgage Association		4.00	%		4/20/43		(7,900,000	)		(8,382,312	)		(8,416,895	)		(34,583	)
									$	(29,770,008	)	$	(29,848,704	)	$	(78,696	)

Futures Contracts

Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
Euro-Buxl 30-Year Bond June Futures		Short		6/8/15		(48	)	$	(9,090,663	)	$	(438,177	)
U.S. Treasury 10-Year Note June Futures		Long		6/19/15		63			8,121,094			53,803
Ultra Long Term U.S. Treasury Bond June Futures		Long		6/19/15		9			1,528,875			28,297
U.S. Treasury 5-Year Note June Futures		Long		6/30/15		188			22,599,656			197,660
Euro-Bund June Futures		Long		6/8/15		40			6,827,286			107,919
U.S. Treasury 2-Year Note June Futures		Long		6/30/15		123			26,956,219			100,240
Total											$	49,742

See accompanying notes to the schedules of portfolio investments.

AZL Federated Clover Small Value Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (97.3%):
Aerospace & Defense (3.4%):
63,800	Curtiss-Wright Corp.	$	4,717,372
43,515	Esterline Technologies Corp. *^		4,978,986
80,500	Hexcel Corp. ^		4,139,310
			13,835,668
Auto Components (0.8%):
57,750	Tenneco, Inc. *^		3,316,005
Banks (13.2%):
52,725	Ameris Bancorp		1,391,413
123,643	Capital Bank Financial Corp. *		3,413,783
150,200	First Midwest Bancorp, Inc.		2,608,974
219,525	Great Western Bancorp, Inc. ^		4,831,745
659,823	Investors Bancorp, Inc. ^		7,733,126
68,150	Opus Bank ^		2,104,472
193,675	Popular, Inc. *		6,660,483
6,850	Simmons First National Corp., Class A ^		311,470
292,428	Synovus Financial Corp. ^		8,190,907
187,525	Talmer Bancorp, Inc., Class A		2,871,945
372,700	TCF Financial Corp. ^		5,858,844
257,150	Umpqua Holdings Corp. ^		4,417,837
101,625	Webster Financial Corp. ^		3,765,206
			54,160,205
Commercial Services & Supplies (2.2%):
289,025	R.R. Donnelley & Sons Co.		5,546,390
30,375	UniFirst Corp. ^		3,574,834
			9,121,224
Communications Equipment (1.8%):
192,475	Ciena Corp. *^		3,716,692
64,000	ViaSat, Inc. *^		3,815,040
			7,531,732
Construction & Engineering (1.2%):
59,200	Granite Construction, Inc.		2,080,288
119,925	Tutor Perini Corp. *		2,800,249
			4,880,537
Containers & Packaging (1.7%):
192,775	Berry Plastics Group, Inc. *^		6,976,527
Diversified Consumer Services (0.4%):
183,575	Bridgepoint Education, Inc. *		1,771,499
Diversified Financial Services (0.9%):
158,075	PHH Corp. *^		3,820,673
Electric Utilities (2.4%):
53,950	IDACORP, Inc. ^		3,391,837
173,825	Portland General Electric Co. ^		6,447,169
			9,839,006
Electrical Equipment (1.1%):
87,675	Brady Corp., Class A ^		2,480,326
108,575	General Cable Corp.		1,870,747
			4,351,073
Electronic Equipment, Instruments & Components (0.7%):
39,000	Anixter International, Inc. *		2,969,070
Food Products (1.0%):
452,225	Rite AID Corp. *		3,929,835
Gas Utilities (1.8%):
130,925	Atmos Energy Corp. ^		7,240,153
Health Care Equipment & Supplies (1.8%):
60,425	Alere, Inc. *^		2,954,783

Shares		Fair Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
164,975	Wright Medical Group, Inc. *	$	4,256,355
			7,211,138
Health Care Providers & Services (4.2%):
111,925	Capital Senior Living Corp. *		2,903,335
60,900	IPC The Hospitalist Co. *		2,840,376
65,375	Magellan Health Services, Inc. *		4,629,858
61,200	Owens & Minor, Inc. ^		2,071,008
50,700	WellCare Health Plans, Inc. *^		4,637,021
			17,081,598
Hotels Restaurants & Leisure (0.8%):
275,600	Belmond, Ltd., Class A *		3,384,368
Household Durables (2.2%):
89,975	La-Z-Boy, Inc.		2,529,197
46,175	Tempur-Pedic International, Inc. *^		2,666,145
245,450	TRI Pointe Homes, Inc. *^		3,787,293
			8,982,635
Household Products (0.6%):
29,500	Spectrum Brands Holdings, Inc. ^		2,642,020
Independent Power and Renewable Electricity Producers (1.2%):
158,425	Dynegy, Inc. *		4,979,298
Insurance (7.9%):
106,050	American Equity Investment Life Holding Co.		3,089,237
87,804	Argo Group International Holdings, Ltd.		4,403,370
336,900	CNO Financial Group, Inc. ^		5,801,417
161,725	Fidelity & Guaranty Life ^		3,428,570
97,300	First American Financial Corp. ^		3,471,664
58,325	Hanover Insurance Group, Inc. (The) ^		4,233,229
203,500	Hilltop Holdings, Inc. *^		3,956,040
263,375	Maiden Holdings, Ltd.		3,905,851
			32,289,378
IT Services (1.1%):
87,725	Evertec, Inc.		1,917,669
97,375	Unisys Corp. *^		2,260,074
			4,177,743
Life Sciences Tools & Services (0.6%):
131,600	Bruker Corp. *		2,430,652
Machinery (1.7%):
100,250	Barnes Group, Inc. ^		4,059,123
133,375	Manitowoc Co., Inc. (The) ^		2,875,565
			6,934,688
Media (3.3%):
72,075	Carmike Cinemas, Inc. *		2,421,720
80,850	Cinemark Holdings, Inc.		3,643,909
73,575	Eros International Plc *		1,285,355
114,625	Lions Gate Entertainment Corp. ^		3,888,080
67,750	Sinclair Broadcast Group, Inc., Class A ^		2,128,028
			13,367,092
Metals & Mining (0.9%):
183,725	Stillwater Mining Co. *^		2,373,727
374,375	Yamana Gold, Inc.		1,344,006
			3,717,733

Continued

AZL Federated Clover Small Value Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares			Fair Value
	Common Stocks, continued
	Multiline Retail (0.8%):
	64,650	Big Lots, Inc. ^	$	3,105,140
	Multi-Utilities (1.0%):
	215,375	TECO Energy, Inc.		4,178,275
	Oil, Gas & Consumable Fuels (4.0%):
	171,175	Newfield Exploration Co. *^		6,006,531
	79,100	PDC Energy, Inc. *		4,274,564
	129,550	Teekay Shipping Corp.		6,033,144
				16,314,239
	Paper & Forest Products (0.6%):
	35,000	Clearwater Paper Corp. *^		2,285,500
	Pharmaceuticals (1.4%):
	71,900	Impax Laboratories, Inc. *^		3,369,953
	83,450	Medicines Co. (The) *^		2,338,269
				5,708,222
	Professional Services (0.9%):
	28,350	Dun & Bradstreet Corp. ^		3,639,006
	Real Estate Investment Trusts (0.7%):
	125,600	STAG Industrial, Inc. ^		2,954,112
	Real Estate Investment Trusts (REITs) (14.4%):
	257,925	Colony Financial, Inc. ^		6,685,415
	64,925	EPR Properties ^		3,897,448
	331,825	FelCor Lodging Trust, Inc. ^		3,812,669
	307,975	First Potomac Realty Trust		3,661,823
	70,725	Highwoods Properties, Inc. ^		3,237,791
	128,375	LaSalle Hotel Properties ^		4,988,653
	567,350	Lexington Realty Trust ^		5,577,051
	242,900	MFA Financial, Inc.		1,909,194
	373,337	New Residential Investment Corp.		5,611,255
	371,087	NorthStar Realty Finance Corp.		6,724,095
	197,950	Starwood Property Trust, Inc. ^		4,810,185
	134,560	Starwood Waypoint Residential Trust ^		3,478,376
	77,500	Sun Communities, Inc. ^		5,170,800
				59,564,755
	Road & Rail (1.3%):
	208,500	Swift Transportation Co. *^		5,425,170
	Semiconductors & Semiconductor Equipment (3.1%):
	385,150	Atmel Corp. ^		3,169,785
	317,675	Brooks Automation, Inc.		3,694,560
	71,800	Fairchild Semiconductor International, Inc. *^		1,305,324
	68,525	MKS Instruments, Inc.		2,316,830
	79,475	Veeco Instruments, Inc. *^		2,427,961
				12,914,460
	Software (0.6%):
	40,675	Verint Systems, Inc. *^		2,519,003
	Specialty Retail (1.4%):
	72,775	Men’s Wearhouse, Inc. (The) ^		3,798,855
	224,300	Office Depot, Inc. *^		2,063,560
				5,862,415
	Technology Hardware, Storage & Peripherals (1.0%):
	1,234,616	Quantum Corp. *		1,975,386
	583,850	Violin Memory, Inc. *		2,201,114
				4,176,500

Shares		Fair Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods (0.8%):
46,825	Deckers Outdoor Corp. *^	$	3,412,138
Thrifts & Mortgage Finance (5.1%):
228,003	Flushing Financial Corp.		4,576,020
264,225	Provident Financial Services, Inc.		4,927,796
364,825	Radian Group, Inc. ^		6,125,412
67,825	WSFS Financial Corp. ^		5,129,605
			20,758,833
Tobacco (0.9%):
172,062	Vector Group, Ltd. ^		3,780,202
Trading Companies & Distributors (0.4%):
67,575	H&E Equipment Services, Inc. ^		1,688,699
Total Common Stocks (Cost $351,073,139)			399,228,219
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (28.9%):
$118,614,924	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)		118,614,924
Total Securities Held as Collateral for Securities on Loan (Cost $118,614,924)			118,614,924
Unaffiliated Investment Company (2.0%):
8,044,818	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (b)		8,044,818
Total Unaffiliated Investment Company (Cost $8,044,818)			8,044,818
Total Investment Securities (Cost $477,732,881)(c) - 128.2%			525,887,961
Net other assets (liabilities) - (28.2)%			(115,683,334	)
Net Assets - 100.0%		$	410,204,627

Percentages indicated are based on net assets as of March 31, 2015.

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $115,879,433.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(b) The rate represents the effective yield at March 31, 2015.

(c) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

See accompanying notes to the schedules of portfolio investments.

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares			Fair Value
	Common Stocks (58.6%):
	Aerospace & Defense (1.0%):
	91,580	BAE Systems plc	$	709,928
	19,530	BE Aerospace, Inc.		1,242,499
	6,360	Boeing Co. (The)		954,509
	15,858	Huntington Ingalls Industries, Inc.		2,222,498
	9,765	KLX, Inc. *		376,343
	7,200	Lockheed Martin Corp.		1,461,312
	6,370	Raytheon Co.		695,923
	2,000	United Technologies Corp.		234,400
				7,897,412
	Air Freight & Logistics (0.3%):
	204,142	TNT Express NV		1,299,494
	7,860	United Parcel Service, Inc., Class B		761,948
				2,061,442
	Airlines (0.6%):
	205,190	Deutsche Lufthansa AG, Registered Shares		2,885,152
	93,740	International Consolidated Airlines Group SA *		837,871
				3,723,023
	Auto Components (0.4%):
	28,141	Compagnie Generale des Establissements Michelin SCA, Class B (a)		2,801,522
	Automobiles (1.4%):
	77,000	Ford Motor Co.		1,242,780
	137,382	General Motors Co.		5,151,825
	276,700	Nissan Motor Co., Ltd.		2,824,222
	27,900	Toyota Motor Corp.		1,950,348
				11,169,175
	Banks (6.0%):
	492,980	Barclays plc		1,768,661
	39,100	BNP Paribas SA		2,377,635
	33,262	CIT Group, Inc.		1,500,781
	127,390	Citigroup, Inc.		6,563,132
	69,953	Citizens Financial Group, Inc.		1,687,966
	9,886	Columbia Banking System, Inc.		286,397
	51,180	Commerzbank AG *		705,566
	2,806	Commonwealth Bank of Australia		199,071
	159,870	Credit Agricole SA		2,350,087
	115,800	DBS Group Holdings, Ltd.		1,718,431
	260,152	HSBC Holdings plc (b)		2,232,351
	106,460	JPMorgan Chase & Co.		6,449,347
	83,046	KB Financial Group, Inc.		2,942,398
	49,962	PNC Financial Services Group, Inc.		4,658,457
	9,100	Royal Bank of Canada		547,840
	7,304	Societe Generale		353,079
	97,963	SunTrust Banks, Inc.		4,025,300
	380,159	UniCredit SpA		2,587,116
	60,611	Wells Fargo & Co.		3,297,238
				46,250,853
	Beverages (0.5%):
	42,014	PepsiCo, Inc.		4,017,379
	Biotechnology (0.6%):
	24,280	Amgen, Inc.		3,881,158
	1,251	FCB Financial Holdings, Inc., Class A *		34,240

Shares			Fair Value
	Common Stocks, continued
	Biotechnology, continued
	5,470	Gilead Sciences, Inc. *	$	536,771
				4,452,169
	Capital Markets (0.6%):
	98,898	Credit Suisse Group AG		2,665,105
	74,040	Morgan Stanley		2,642,488
				5,307,593
	Chemicals (1.5%):
	12,000	Agrium, Inc.		1,251,240
	39,228	Akzo Nobel NV		2,969,882
	10,000	BASF SE		994,919
	62,170	Dow Chemical Co. (The)		2,982,917
	27,620	E.I. du Pont de Nemours & Co.		1,974,001
	15,000	LyondellBasell Industries NV, Class A		1,317,000
	16,000	Mosaic Co. (The)		736,960
				12,226,919
	Commercial Services & Supplies (0.4%):
	230	CEVA Group plc *		166,496
	28,550	Republic Services, Inc., Class A		1,157,988
	216,304	Serco Group plc ^		441,204
	16,210	Waste Management, Inc.		879,068
				2,644,756
	Communications Equipment (1.1%):
	256,489	Cisco Systems, Inc.		7,059,860
	145,920	Telefonaktiebolaget LM Ericsson, B Shares		1,837,625
				8,897,485
	Construction & Engineering (0.2%):
	32,800	FLSmidth & Co. A/S ^		1,476,831
	Construction Materials (0.4%):
	120,048	CRH plc		3,127,198
	Consumer Finance (0.2%):
	44,980	Ally Financial, Inc. *		943,680
	6,200	Capital One Financial Corp.		488,684
				1,432,364
	Containers & Packaging (0.3%):
	47,384	MeadWestvaco Corp.		2,363,040
	Diversified Consumer Services (0.0%):
	7,063	Cengage Learning Holdings II LP *		158,918
	Diversified Financial Services (0.6%):
	316,784	ING Groep NV *		4,647,120
	Diversified Telecommunication Services (1.8%):
	76,170	AT&T, Inc. ^		2,486,951
	10,000	CenturyLink, Inc.		345,500
	28,592	China Telecom Corp., Ltd., ADR ^		1,839,609
	403,330	Koninklijke (Royal) KPN NV		1,369,800
	572,220	Singapore Telecommunications, Ltd.		1,826,767
	214,522	Telefonica SA		3,052,135
	84,310	Telstra Corp., Ltd.		404,531
	56,133	Verizon Communications, Inc.		2,729,747
				14,055,040
	Electric Utilities (1.4%):
	15,000	American Electric Power Co., Inc.		843,750
	30,897	Duke Energy Corp.		2,372,272

Continued

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Electric Utilities, continued
14,000	Entergy Corp.	$	1,084,860
85,050	Exelon Corp. ^		2,858,531
16,000	FirstEnergy Corp.		560,960
22,920	PPL Corp.		771,487
65,960	Southern Co. (The)		2,920,708
			11,412,568
Electrical Equipment (0.0%):
54,015	Dongfang Electric Corp., Ltd.		104,098
Electronic Equipment, Instruments & Components (0.1%):
49,730	Flextronics International, Ltd. *		630,328
Energy Equipment & Services (1.1%):
73,039	Baker Hughes, Inc.		4,643,820
9,063	Halliburton Co.		397,684
95,250	Noble Corp. plc ^		1,360,170
23,389	Saipem SpA *^		238,756
7,000	Schlumberger, Ltd.		584,080
15,040	Technip-Coflexip SA		911,402
33,656	Transocean, Ltd. ^		493,734
			8,629,646
Food & Staples Retailing (1.8%):
40,406	CVS Health Corp.		4,170,303
30,053	Kroger Co. (The)		2,303,863
57,540	Metro AG ^		1,954,353
536,964	Tesco plc		1,921,379
51,073	Walgreens Boots Alliance, Inc.		4,324,862
			14,674,760
Gas Utilities (0.0%):
2,870	AGL Resources, Inc.		142,496
Health Care Equipment & Supplies (2.0%):
105,040	Getinge AB, B Shares		2,606,567
125,800	Medtronic plc		9,811,142
28,822	Stryker Corp.		2,658,830
			15,076,539
Health Care Providers & Services (0.3%):
18,506	CIGNA Corp.		2,395,417
Hotels, Restaurants & Leisure (0.0%):
5,000	Las Vegas Sands Corp.		275,200
Household Products (0.2%):
9,153	Energizer Holdings, Inc.		1,263,572
Independent Power and Renewable Electricity Producers (0.5%):
15,370	Dynegy, Inc. *		483,079
16,670	NextEra Energy, Inc.		1,734,514
61,463	NRG Energy, Inc.		1,548,253
			3,765,846
Industrial Conglomerates (0.7%):
124,820	General Electric Co.		3,096,784
37,630	Koninklijke Philips Electronics NV		1,069,046
14,360	Siemens AG, Registered Shares		1,554,456
			5,720,286
Insurance (3.9%):
27,677	ACE, Ltd.		3,085,708
186,850	AEGON NV ^		1,476,279
5,453	Alleghany Corp. *		2,655,611
31,483	Allstate Corp. (The)		2,240,645

Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	136,796	American International Group, Inc.	$	7,495,053
	170,657	Aviva plc		1,366,040
	90,313	AXA SA		2,277,065
	67,211	MetLife, Inc.		3,397,516
	27,000	NN Group NV *		765,747
	23,740	Swiss Re AG		2,299,469
	980	White Mountains Insurance Group, Ltd.		670,830
	58,328	XL Group plc, Class B		2,146,470
				29,876,433
	Life Sciences Tools & Services (0.1%):
	34,300	QIAGEN NV *		865,409
	Machinery (0.5%):
	26,944	Caterpillar, Inc.		2,156,328
	134,634	CNH Industrial NV		1,102,952
	3,788	Federal Signal Corp.		59,813
	41,856	Navistar International Corp. *^		1,234,752
				4,553,845
	Marine (0.3%):
	1,295	A.P. Moeller - Maersk A/S, Class B ^		2,708,568
	Media (3.3%):
	143,517	British Sky Broadcasting Group plc		2,111,604
	47,115	CBS Corp., Class B		2,856,582
	83,482	Comcast Corp., Class A ^		4,680,418
	83,860	News Corp., Class A *		1,342,599
	162,339	Reed Elsevier plc		2,788,115
	25,671	Time Warner Cable, Inc.		3,847,569
	19,939	Time Warner, Inc., Class A		1,683,649
	5,216	Tribune Co. #*(b)(c)		—
	2,462	Tribune Co., B Shares (a)		149,714
	1,618	Tribune Publishing Co.		31,389
	66,690	Twenty-First Century Fox, Inc.		2,256,790
	123,724	Twenty-First Century Fox, Inc., Class B		4,068,045
	7,740	Walt Disney Co. (The) ^		811,849
				26,628,323
	Metals & Mining (1.5%):
	65,240	BHP Billiton plc		1,416,278
	127,985	Freeport-McMoRan Copper & Gold, Inc.		2,425,316
	33,460	Goldcorp, Inc.		606,295
	105,428	Mining and Metallurgical Co. Norilsk Nickel, ADR		1,871,347
	8,879	POSCO		1,957,190
	67,180	Rio Tinto plc, Registered Shares, ADR ^		2,781,252
	60,616	ThyssenKrupp AG		1,591,455
				12,649,133
	Multiline Retail (0.9%):
	163,380	Marks & Spencer Group plc		1,295,919
	64,120	Target Corp.		5,262,328
				6,558,247
	Multi-Utilities (0.9%):
	20,000	Dominion Resources, Inc.		1,417,400
	55,430	PG&E Corp.		2,941,671
	22,060	Public Service Enterprise Group, Inc.		924,755
	11,070	Sempra Energy		1,206,851

Continued

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Multi-Utilities, continued
3,650	TECO Energy, Inc.	$	70,810
27,390	Xcel Energy, Inc.		953,446
			7,514,933
Oil, Gas & Consumable Fuels (5.7%):
13,280	Anadarko Petroleum Corp.		1,099,717
40,280	Apache Corp.		2,430,092
75,548	BG Group plc		927,951
415,341	BP plc		2,683,147
80,765	BP plc, ADR		3,158,719
39,300	Canadian Oil Sands, Ltd. (b)		305,674
61,760	Chesapeake Energy Corp. ^		874,522
30,620	Chevron Corp.		3,214,487
465,000	China Shenhua Energy Co., Ltd.		1,188,591
33,229	Consol Energy, Inc. ^		926,757
7,500	Devon Energy Corp.		452,325
108,249	Eni SpA		1,877,177
155,100	Galp Energia SGPS SA		1,678,312
1,899,100	Kunlun Energy Co., Ltd. ^		1,841,124
84,406	Marathon Oil Corp.		2,203,841
22,280	Murphy Oil Corp.		1,038,248
5,000	Occidental Petroleum Corp.		365,000
202,726	Petroleo Brasileiro SA, ADR		1,234,601
94,347	Royal Dutch Shell plc, A Shares		2,823,360
56,209	Royal Dutch Shell plc, ADR		3,352,866
54,908	Royal Dutch Shell plc, B Shares		1,705,539
460	Royal Dutch Shell plc, A Shares		13,669
22,490	Spectra Energy Corp.		813,463
5,000	Suncor Energy, Inc.		146,123
108,613	Talisman Energy, Inc.		834,147
387,254	Talisman Energy, Inc.		2,969,232
3,020	Talisman Energy, Inc.		23,194
54,930	Total SA		2,732,448
23,740	Total SA, ADR		1,178,928
28,663	Whiting Petroleum Corp. *		885,687
23,280	Williams Cos., Inc. (The)		1,177,735
			46,156,676
Paper & Forest Products (0.4%):
51,708	International Paper Co.		2,869,277
Personal Products (0.1%):
73,425	Avon Products, Inc. ^		586,666
Pharmaceuticals (6.1%):
5,957	Actavis plc *		1,772,922
76,910	Eli Lilly & Co.		5,587,512
117,242	GlaxoSmithKline plc		2,684,463
37,001	Hospira, Inc. *		3,250,168
10,000	Johnson & Johnson Co.		1,006,000
163,924	Merck & Co., Inc.		9,422,351
22,930	Merck KGaA		2,573,064
162,360	Pfizer, Inc.		5,648,504
11,900	Roche Holding AG		3,283,984
22,400	Sanofi-Aventis SA		2,203,866
35,000	Sanofi-Aventis SA, ADR		1,730,400
152,655	Teva Pharmaceutical Industries, Ltd., ADR		9,510,407
			48,673,641
Real Estate Investment Trusts (REITs) (0.1%):
2,556	Alexander’s, Inc.		1,167,018

Shares		Fair Value
Common Stocks, continued
Real Estate Management & Development (0.0%):
2,292	Forestar Group, Inc. *	$	36,145
Semiconductors & Semiconductor Equipment (1.4%):
49,140	Intel Corp.		1,536,608
6,189	Samsung Electronics Co., Ltd.		8,040,344
19,910	Texas Instruments, Inc.		1,138,553
12,300	Xilinx, Inc.		520,290
			11,235,795
Software (2.4%):
59,294	CA, Inc. ^		1,933,577
307,510	Microsoft Corp.		12,501,818
14,870	Oracle Corp.		641,641
12,060	SAP AG		875,619
145,068	Symantec Corp.		3,389,514
			19,342,169
Sovereign Bonds (0.1%):
85,800	Bangkok Bank Public Co., Ltd.		486,631
Specialty Retail (0.6%):
34,252	Best Buy Co., Inc.		1,294,383
525,554	Kingfisher plc		2,965,374
			4,259,757
Technology Hardware, Storage & Peripherals (1.8%):
40,089	Apple, Inc.		4,988,274
142,350	Hewlett-Packard Co.		4,435,626
166,600	Konica Minolta Holdings, Inc.		1,696,286
230,335	Xerox Corp.		2,959,805
			14,079,991
Textiles, Apparel & Luxury Goods (0.1%):
13,430	Michael Kors Holdings, Ltd. *		883,023
Tobacco (1.5%):
44,997	Altria Group, Inc.		2,250,750
64,957	British American Tobacco plc		3,355,550
48,728	Imperial Tobacco Group plc		2,138,798
52,720	Lorillard, Inc.		3,445,252
13,457	Philip Morris International, Inc.		1,013,716
			12,204,066
Wireless Telecommunication Services (0.9%):
49,000	China Mobile, Ltd.		638,734
171,550	Turkcell Iletisim Hizmetleri AS, ADR *		2,235,297
1,227,719	Vodafone Group plc		4,011,685
			6,885,716
Total Common Stocks (Cost $398,644,644)			463,022,457
Preferred Stocks (0.4%):
Automobiles (0.2%):
5,955	Volkswagen AG, Preferred Shares		1,584,472
Banks (0.0%):
4,507	GMAC Capital Trust I		118,309
Capital Markets (0.0%):
10,000	Morgan Stanley, Series I		260,400

Continued

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Preferred Stocks, continued
Metals & Mining (0.1%):
20,000	Alcoa, Inc., Series 1	$	876,799
Multi-Utilities (0.1%):
9,300	Dominion Resources, Inc.		450,120
Total Preferred Stocks (Cost $3,364,976)			3,290,100
Convertible Preferred Stocks (0.3%):
Banks (0.2%):
800	Bank of America Corp., Series L		925,599
416	Wells Fargo & Co., Series L, Class A, 0.02%		507,520
			1,433,119
Commercial Services & Supplies (0.0%):
6	CEVA Group plc, Series A-1		6,000
49	CEVA Group plc, Series A-2		35,199
			41,199
Multi-Utilities (0.0%):
2,500	Dominion Resources, Inc., Series B ^		141,000
2,500	Dominion Resources, Inc., Series A		140,400
			281,400
Oil, Gas & Consumable Fuels (0.0%):
100	Chesapeake Energy Corp., Series A (a)		86,375
3,500	SandRidge Energy, Inc., 0.73%		134,313
			220,688
Pharmaceuticals (0.1%):
500	Actavis plc, Series A		506,000
Real Estate Investment Trusts (REITs) (0.0%):
2,500	FelCor Lodging Trust, Inc., Series A, 29.82%^		65,391
Total Convertible Preferred Stocks (Cost $2,373,266)			2,547,797
Rights (0.0%):
Commercial Services & Supplies (0.0%):
216,304	Serco Group plc *		131,536
Diversified Telecommunication Services (0.0%):
214,522	Telefonica SA *		34,595
Total Rights (Cost $352,300)			166,131

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Convertible Bonds (0.8%):
	Automobiles (0.5%):
	$1,000,000	Fiat Chrysler Automobiles NV, Series FCAU, 7.88%, 12/15/16		1,377,500
	1,500,000	Volkswagen International Finance NV, 5.50%, 11/9/15+(a)		2,310,660
				3,688,160

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Convertible Bonds, continued
Banks (0.1%):
$1,000,000	JPMorgan Chase & Co., Series Q, 5.15%, 12/29/49, Callable 5/1/23 @ 100, Perpetual Bond(d)	$	976,250
Construction Materials (0.0%):
300,000	Cemex SAB de C.V., 3.75%, 3/15/18		355,125
Oil, Gas & Consumable Fuels (0.2%):
2,000,000	Cobalt International Energy, Inc., 3.13%, 5/15/24^		1,476,250
Total Convertible Bonds (Cost $6,159,796)			6,495,785
Floating Rate Loans (0.6%):
Diversified Financial Services (0.1%):
3,860,813	Lehman Brothers Holdings, Inc., 0.00%, 12/31/49(d)		535,688
Electric Utilities (0.0%):
149,307	Texas Competitive Electric Holdings Co. LLC, 4.65%, 10/10/17(d)(e)		89,547
Hotels, Restaurants & Leisure (0.1%):
367,155	Caesars Entertainment Operating Co., Inc., 9.75%, 3/1/17(d)(e)		333,652
89,801	Caesars Entertainment Operating Co., Inc., 4.45%, 1/28/18(d)(e)		81,681
429,156	Caesars Entertainment Operating Co., Inc., 5.45%, 1/28/18(d)(e)		393,618
			808,951
Machinery (0.1%):
483,718	Navistar International Corp., 5.75%, 8/17/17(d)		485,532
Media (0.1%):
43,670	Cengage Learning Acquisitions, Inc., 7.00%, 3/31/20(d)		43,795
430,631	iHeartcommunications, Inc., 6.91%, 1/30/19(d)		408,906
138,444	iHeartcommunications, Inc., 7.66%, 7/30/19(d)		133,213
			585,914
Oil, Gas & Consumable Fuels (0.1%):
1,000,000	Fieldwood Energy LLC, 8.38%, 9/30/20(d)		729,289
25,502	NGPL PipeCo LLC, 6.75%, 9/15/17(d)		24,281
459,113	Walter Energy, Inc., 7.25%, 4/1/18(d)		276,781
			1,030,351
Specialty Retail (0.1%):
105,000	Toys “R” US, 7.25%, 10/24/19(d)		103,425

Continued

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Floating Rate Loans, continued
Specialty Retail, continued
$881,730	Toys “R” US, 9.75%, 4/24/20(d)	$	818,907
			922,332
Total Floating Rate Loans (Cost $6,143,291)			4,458,315
Corporate Bonds (7.1%):
Aerospace & Defense (0.0%):
100,000	TransDigm Group, Inc., 6.00%, 7/15/22, Callable 7/15/17 @ 105		100,000
100,000	TransDigm Group, Inc., 6.50%, 7/15/24, Callable 7/15/19 @ 103		100,500
			200,500
Auto Components (0.2%):
100,000	Goodyear Tire & Rubber Co., 8.25%, 8/15/20, Callable 8/15/15 @ 104.13		105,750
1,600,000	Goodyear Tire & Rubber Co., 6.50%, 3/1/21, Callable 3/1/16 @ 104.88^		1,704,000
			1,809,750
Automobiles (0.1%):
200,000	Chrysler GP / Chrysler CG Co. Issuer, 8.00%, 6/15/19, Callable 6/15/15 @ 104		209,750
400,000	Chrysler GP / Chrysler CG Co. Issuer, 8.25%, 6/15/21, Callable 6/15/15 @ 104^		443,644
			653,394
Banks (0.1%):
500,000	Bank of America Corp., Series AA, 6.10%, 12/29/49, Callable 3/17/25 @ 100(d)		507,187
250,000	JPMorgan Chase & Co., Series 1, 7.90%, 4/29/49, Callable 4/30/18 @ 100(d)		269,063
200,000	Wells Fargo & Co., Series S, 5.90%, 12/31/49, Callable 6/15/24 @ 100(d)		208,250
			984,500
Capital Markets (0.1%):
400,000	Morgan Stanley, Series J, 5.55%, 12/29/49, Callable 7/15/20 @ 100(d)		404,000
Commercial Services & Supplies (0.1%):
475,000	CEVA Group plc, 4.00%, 5/1/18, Callable 5/8/15 @ 100(a)		431,063

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Consumer Finance (0.1%):
$500,000	OneMain Financial Holdings, Inc., 7.25%, 12/15/21, Callable 12/15/17 @ 103.63(a)	$	517,500
Diversified Consumer Services (0.1%):
500,000	Laureate Education, Inc., 10.00%, 9/1/19, Callable 9/1/15 @ 106.94(a)		472,500
Diversified Financial Services (0.2%):
1,500,000	Citigroup, Inc., 5.87%, 12/29/49, Callable 3/27/20 @ 100(d)		1,515,000
Diversified Telecommunication Services (0.3%):
200,000	CenturyLink, Inc., Series W, 6.75%, 12/1/23^		220,250
1,700,000	Verizon Communications, Inc., 5.15%, 9/15/23		1,949,023
			2,169,273
Electric Utilities (0.2%):
1,000,000	Dynegy Finance I, Inc., 6.75%, 11/1/19, Callable 5/1/17 @ 103.38(a)		1,035,000
330,000	NGL Energy Partners LP, 6.88%, 10/15/21, Callable 10/15/16 @ 105.16		344,850
200,000	NRG Yield Operating LLC, 5.38%, 8/15/24, Callable 8/15/19 @ 103(a)		208,000
			1,587,850
Food & Staples Retailing (0.1%):
500,000	Cott Beverages, Inc., 5.38%, 7/1/22, Callable 7/1/17 @ 104.03(a)		481,875
300,000	JBS USA LLC / JBS USA Finance Corp., 8.25%, 2/1/20, Callable 5/8/15 @ 106(a)		318,750
161,000	JBS USA LLC / JBS USA Finance Corp., 7.25%, 6/1/21, Callable 6/1/15 @ 105.44(a)		170,056
200,000	US Foods, Inc., 8.50%, 6/30/19, Callable 5/11/15 @ 106		210,000
			1,180,681
Health Care Providers & Services (0.4%):
100,000	Community Health Systems, Inc., 5.13%, 8/1/21, Callable 2/1/17 @ 104		103,000
300,000	Community Health Systems, Inc., 6.88%, 2/1/22, Callable 2/1/18 @ 103^		320,625
800,000	HCA, Inc., 7.50%, 2/15/22		933,000

Continued

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$500,000	HCA, Inc., 5.88%, 5/1/23	$	540,000
1,400,000	Tenet Healthcare Corp., 8.13%, 4/1/22		1,543,500
			3,440,125
Hotels, Restaurants & Leisure (0.1%):
500,000	MGM Resorts International, 10.00%, 11/1/16^		553,750
200,000	MGM Resorts International, 6.75%, 10/1/20^		214,500
			768,250
Household Products (0.2%):
300,000	Reynolds Group Issuer LLC / Reynolds Group Issuer, Inc., 7.88%, 8/15/19, Callable 8/15/15 @ 104^		316,875
200,000	Reynolds Group Issuer LLC / Reynolds Group Issuer, Inc., 9.88%, 8/15/19, Callable 8/15/15 @ 105		214,000
500,000	Reynolds Group Issuer LLC / Reynolds Group Issuer, Inc., 5.75%, 10/15/20, Callable 10/15/15 @ 104.31^		516,875
600,000	Reynolds Group Issuer LLC / Reynolds Group Issuer, Inc., 8.25%, 2/15/21, Callable 2/15/16 @ 104^		642,000
			1,689,750
Independent Power and Renewable Electricity Producers (0.5%):
1,000,000	AES Corp., 4.88%, 5/15/23, Callable 5/15/18 @ 102		975,000
350,000	Calpine Corp., 7.88%, 1/15/23, Callable 1/15/17 @ 103.94(a)		386,820
500,000	Calpine Corp., 5.38%, 1/15/23, Callable 10/15/18 @ 103^		500,000
500,000	Calpine Corp., 5.75%, 1/15/25, Callable 10/15/19 @ 103^		503,750
2,581,000	Texas Competitive Electric Holdings Co. LLC, 11.50%, 10/1/20, Callable 4/1/16 @ 106^(a)(e)		1,613,125
			3,978,695
IT Services (0.0%):
200,000	SRA International, Inc., 11.00%, 10/1/19, Callable 10/1/15 @ 106		212,000

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Machinery (0.0%):
$400,000	Navistar International Corp., 8.25%, 11/1/21, Callable 5/11/15 @ 104^	$	389,000
Media (1.2%):
325,000	Cablevision Systems Corp., 8.63%, 9/15/17		365,625
100,000	Cablevision Systems Corp., 7.75%, 4/15/18^		111,000
500,000	CCO Holdings LLC / CCO Holdings Capital Corp., 6.50%, 4/30/21, Callable 4/30/15 @ 104.88		525,000
700,000	CSC Holdings LLC, 6.75%, 11/15/21^		777,000
175,000	Cumulus Media Holdings, Inc., 7.75%, 5/1/19, Callable 5/1/15 @ 104^		171,500
1,000,000	Dish DBS Corp., 5.88%, 7/15/22^		1,016,250
500,000	Dish DBS Corp., 5.00%, 3/15/23		486,150
2,048,000	iHeartcommunications, Inc., 9.00%, 12/15/19, Callable 7/15/15 @ 105		2,027,520
1,000,000	iHeartcommunications, Inc., 9.00%, 3/1/21, Callable 3/1/16 @ 105		957,500
1,500,000	iHeartCommunications, Inc., 9.00%, 9/15/22, Callable 9/15/22 @ 106.75		1,432,500
200,000	Sirius XM Radio, Inc., 6.00%, 7/15/24, Callable 7/15/19 @ 103^(a)		210,000
1,000,000	Univision Communications, Inc., 5.13%, 5/15/23, Callable 5/15/18 @ 102.56(a)		1,015,000
200,000	Visant Corp., 10.00%, 10/1/17, Callable 5/11/15 @ 105^		179,000
			9,274,045
Multiline Retail (0.1%):
842,243	J.C. Penney Co., Inc., 6.00%, 5/22/18(d)		839,683
Oil, Gas & Consumable Fuels (1.5%):
200,000	Alpha Natural Resources, Inc., 7.50%, 8/1/20, Callable 8/1/16 @ 106^(a)		83,447
200,000	Antero Resources Finance Corp., 5.38%, 11/1/21, Callable 11/1/16 @ 104^		194,000

Continued

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
	$250,000	Arch Coal, Inc., 7.00%, 6/15/19, Callable 6/15/15 @ 104	$	58,750
	750,000	Arch Coal, Inc., 7.25%, 6/15/21, Callable 6/15/16 @ 104		172,500
	500,000	Bill Barrett Corp., 7.00%, 10/15/22, Callable 10/15/17 @ 103.5^		434,688
	200,000	BreitBurn Energy / BreitBurn Finance, 7.88%, 4/15/22, Callable 1/15/17 @ 104		144,000
	800,000	California Resources Corp., 6.00%, 11/15/24, Callable 8/15/24 @ 100^(a)		702,000
	345,000	Chesapeake Energy Corp., 6.50%, 8/15/17^		363,113
	200,000	Chesapeake Energy Corp., 7.25%, 12/15/18		216,000
	1,700,000	Chesapeake Energy Corp., 5.75%, 3/15/23^		1,657,499
	500,000	CONSOL Energy, Inc., 5.88%, 4/15/22, Callable 4/15/17 @ 104.41		452,500
	350,000	Denbury Resources, Inc., 5.50%, 5/1/22, Callable 5/1/17 @ 104^		314,125
	500,000	Energy XXI Gulf Coast, Inc., 9.25%, 12/15/17, Callable 5/8/15 @ 105^		335,000
	400,000	Energy XXI Gulf Coast, Inc., 11.00%, 3/15/20, Callable 3/15/20 @ 100^(a)		380,500
	500,000	EP Energy/EP Finance, Inc., 9.38%, 5/1/20, Callable 5/1/16 @ 105^		523,750
	500,000	Halcon Resources Corp., 9.75%, 7/15/20, Callable 7/15/16 @ 105^		352,500
	400,000	Halcon Resources Corp., 8.88%, 5/15/21, Callable 11/15/16 @ 104^		278,000
	1,300,000	Kinder Morgan (Delaware), Inc., 5.63%, 11/15/23, Callable 8/15/23 @ 100(a)		1,429,527
	100,000	Linn Energy LLC / Linn Energy Finance Corp., 8.63%, 4/15/20, Callable 4/15/15 @ 104.31^		85,250

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
	$325,000	Midstates Petroleum Co., Inc. / Midstates Petroleum Co. LLC, 10.75%, 10/1/20, Callable 10/1/16 @ 105^	$	175,500
	315,000	NGPL PipeCo LLC, 7.12%, 12/15/17^(a)		313,819
	469,000	NGPL PipeCo LLC, 9.63%, 6/1/19, Callable 6/1/15 @ 107^(a)		464,310
	200,000	Peabody Energy Corp., 6.25%, 11/15/21^		123,000
	1,000,000	Peabody Energy Corp., 10.00%, 3/15/22, Callable 3/15/18 @ 107.5^(a)		890,000
	100,000	Regency Energy Partners LP / Regency Energy Finance Corp., 5.88%, 3/1/22, Callable 12/1/21 @ 100		108,500
	100,000	Rice Energy, Inc., 6.25%, 5/1/22, Callable 5/1/17 @ 104.69^		97,500
	300,000	Sabine Pass Liquefaction LLC, 5.75%, 5/15/24, Callable 2/15/24 @ 100		301,500
	713,000	Samson Investment Co., 9.75%, 2/15/20, Callable 2/15/16 @ 105		192,510
	900,000	Sanchez Energy Corp., 7.75%, 6/15/21, Callable 6/15/17 @ 104^		873,000
	500,000	SandRidge Energy, Inc., 8.75%, 1/15/20, Callable 5/8/15 @ 104.38^		325,000
	300,000	SandRidge Energy, Inc., 7.50%, 3/15/21, Callable 3/15/16 @ 103.75^		186,000
	400,000	W&T Offshore, Inc., 8.50%, 6/15/19, Callable 6/15/15 @ 104		242,000
	256,000	Walter Energy, Inc., 9.50%, 10/15/19, Callable 10/15/16 @ 107^(a)		153,600
	217,000	Walter Energy, Inc., 11.00%, 4/1/20, Callable 4/1/17 @ 106(a)		19,530
				12,642,918
	Professional Services (0.0%):
	100,000	United Rentals (North America), Inc., 8.38%, 9/15/20, Callable 9/15/15 @ 104		107,530

Continued

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Real Estate Investment Trusts (REITs) (0.2%):
$1,000,000	iStar Financial, Inc., 5.00%, 7/1/19, Callable 7/1/16 @ 102.5	$	1,000,000
100,000	Outfront Media Capital LLC, 5.25%, 2/15/22, Callable 2/15/17 @ 103.94		104,750
100,000	Outfront Media Capital LLC, 5.63%, 2/15/24, Callable 2/15/19 @ 102.81^		104,750
			1,209,500
Retail (0.1%):
800,000	Family Tree Escrow LLC, 5.75%, 3/1/23, Callable 3/1/18 @ 104.31(a)		842,000
Semiconductors & Semiconductor Equipment (0.1%):
408,000	Freescale Semiconductor, Inc., 10.75%, 8/1/20, Callable 8/1/15 @ 105^		443,700
Software (0.4%):
500,000	BMC Software Finance, Inc., 8.13%, 7/15/21, Callable 7/15/16 @ 106(a)		457,500
1,389,000	First Data Corp., 8.25%, 1/15/21, Callable 1/15/16 @ 104^(a)		1,486,230
600,000	First Data Corp., 12.63%, 1/15/21, Callable 1/15/16 @ 113^		711,000
141,000	First Data Corp., 8.75%, 1/15/22, Callable 1/15/16 @ 104(a)		151,751
200,000	Infor (US), Inc., 9.38%, 4/1/19, Callable 4/1/15 @ 107.03		214,460
			3,020,941
Specialty Retail (0.1%):
400,000	Academy, Ltd., 9.25%, 8/1/19, Callable 5/8/15 @ 106.94(a)		424,000
Trading Companies & Distributors (0.0%):
250,000	HD Supply, Inc., 5.25%, 12/15/21, Callable 12/15/17 @ 104(a)		257,500
Wireless Telecommunication Services (0.6%):
505,954	Avaya, Inc., 4.67%, 10/26/17(d)		497,560
124,428	Avaya, Inc., 6.50%, 3/31/18(d)		124,031
339,000	Avaya, Inc., 7.00%, 4/1/19, Callable 4/1/15 @ 104^(a)		336,458

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Wireless Telecommunication Services, continued
$1,326,000	Avaya, Inc., 10.50%, 3/1/21, Callable 3/1/17 @ 108(a)	$	1,127,100
100,000	Frontier Communications Corp., 8.50%, 4/15/20^		112,250
500,000	Sprint Communications, Inc., 9.00%, 11/15/18(a)		573,750
700,000	Sprint Nextel Corp., 9.13%, 3/1/17^		764,750
500,000	Sprint Nextel Corp., 11.50%, 11/15/21		603,750
900,000	T-Mobile USA, Inc., 6.54%, 4/28/20, Callable 4/28/16 @ 103.27^		947,250
			5,086,899
Total Corporate Bonds (Cost $57,406,534)			56,552,547
Equity-Linked Securities (0.9%):
Banks (0.4%):
7,000	Barclays Bank plc, 6.00%(a)		596,820
6,000	Credit Suisse NY, 6.00%(a)		355,680
13,000	Deutsche AG, Series 0006, 8.00%(a)		488,709
60,000	Goldman Sachs Group, Inc. (The), 6.00%(a)		957,900
8,000	JPMorgan Chase & Co., 7.00%(a)		686,640
			3,085,749
Capital Markets (0.1%):
27,000	Bank of America Corp., 7.00%(a)		712,098
Diversified Financial Services (0.3%):
20,000	Citigroup, Inc., 6.00%(a)		602,600
13,000	Citigroup, Inc., 7.00%(a)		576,030
13,000	Citigroup, Inc., 7.00%*(a)		1,623,050
			2,801,680
Semiconductors & Semiconductor Equipment (0.1%):
30,000	Bank of America Corp., 6.50%(a)		908,100
Total Equity-Linked Securities (Cost $7,681,221)			7,507,627
Foreign Bonds (14.7%):
Chemicals (0.0%):
100,000	Kerling plc, 10.63%, 2/1/17, Callable 2/1/17 @ 103+(a)		109,391
Sovereign Bonds (14.7%):
220,000	Bank Negara Monetary Notes, Series 4514, 3.16%, 4/7/15+(f)		59,396
810,000	Bank Negara Monetary Notes, Series 1614, 2.93%, 4/16/15+(f)		218,515
1,350,000	Bank Negara Monetary Notes, Series 4814, 3.21%, 4/23/15+(f)		363,970

Continued

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
	$17,220,000	Bank Negara Monetary Notes, Series 1914, 2.91%, 4/28/15+(f)	$	4,640,622
	690,000	Bank Negara Monetary Notes, Series 2014, 2.96%, 5/5/15+(f)		185,833
	8,425,000	Bank Negara Monetary Notes, Series 2214, 3.06%, 5/19/15+(f)		2,266,302
	930,000	Bank Negara Monetary Notes, 3.31%, 5/28/15+(f)		249,971
	440,000	Bank Negara Monetary Notes, Series 2514, 3.10%, 6/3/15+(f)		118,204
	860,000	Bank Negara Monetary Notes, Series 5814, 3.22%, 6/4/15+(f)		231,014
	680,000	Bank Negara Monetary Notes, Series 2814, 3.08%, 6/16/15+(f)		182,471
	170,000	Bank Negara Monetary Notes, Series 6114, 3.15%, 6/18/15+(f)		45,618
	1,000,000	Bank Negara Monetary Notes, Series 3014, 3.08%, 6/30/15+(f)		268,010
	500,000	Bank Negara Monetary Notes, Series 3014, 3.12%, 6/30/15+(f)		134,005
	4,290,000	Bank Negara Monetary Notes, Series 3314, 3.04%, 7/16/15+(f)		1,148,146
	1,290,000	Bank Negara Monetary Notes, Series 3314, 3.13%, 7/16/15+(f)		345,247
	540,000	Bank Negara Monetary Notes, Series 3514, 3.01%, 8/4/15+(f)		144,275
	510,000	Bank Negara Monetary Notes, Series 3714, 3.18%, 8/11/15+(f)		136,180
	2,510,000	Bank Negara Monetary Notes, Series 3714, 3.15%, 8/11/15+(f)		670,217
	560,000	Bank Negara Monetary Notes, Series 4014, 3.16%, 8/18/15+(f)		149,437
	370,000	Bank Negara Monetary Notes, Series 4314, 3.32%, 9/8/15+(f)		98,550
	320,000	Bank Negara Monetary Notes, Series 4714, 3.15%, 9/22/15+(f)		85,125
	400,000	Bank Negara Monetary Notes, Series 5014, 3.19%, 10/1/15+(f)		106,320
	120,000	Bank Negara Monetary Notes, Series 5414, 3.23%, 10/27/15+(f)		31,821

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
	$520,000	Bank Negara Monetary Notes, Series 5714, 3.20%, 11/3/15+(f)	$	137,804
	170,000	Bank Negara Monetary Notes, Series 6014, 3.17%, 11/12/15+(f)		45,022
	250,000	Bank Negara Monetary Notes, Series 6214, 3.19%, 11/24/15+(f)		66,135
	365,000	Brazil Nota do Tesouro Nacional, Series NTNB, 6.00%, 5/15/15+(g)		305,580
	75,000	Brazil Nota do Tesouro Nacional, Series NTNB, 6.00%, 8/15/16+(g)		61,275
	3,200,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.31%, 1/1/17+(f)(g)		977,483
	230,000	Brazil Nota do Tesouro Nacional, Series NTNB, 6.00%, 8/15/18+(g)		186,944
	4,910,000	Brazil Nota do Tesouro Nacional, Series NTNF, 2.83%, 1/1/19+(g)		1,442,621
	630,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.04%, 1/1/21+(f)(g)		179,475
	910,000	Brazil Nota do Tesouro Nacional, Series NTNB, 6.00%, 8/15/22+(g)		732,159
	1,790,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.01%, 1/1/23+(g)		497,318
	140,000	Brazil Nota do Tesouro Nacional, Series NTNB, 6.00%, 5/15/45+(g)		110,383
	12,500,000	Hungary Government Bond, Series 16/C, 5.50%, 2/12/16+		46,225
	1,257,570,000	Hungary Government Bond, Series 16/D, 5.50%, 12/22/16+		4,792,037
	491,980,000	Hungary Government Bond, Series 17/B, 6.75%, 2/24/17+		1,925,980
	309,150,000	Hungary Government Bond, Series 17/A, 6.75%, 11/24/17+		1,248,220
	141,790,000	Hungary Government Bond, Series 18/B, 4.00%, 4/25/18+		534,461
	333,880,000	Hungary Government Bond, Series 18/A, 5.50%, 12/20/18+		1,331,739
	204,600,000	Hungary Government Bond, Series 19/A, 6.50%, 6/24/19+		850,797
	9,040,000	Hungary Government Bond, Series 20/A, 7.50%, 11/12/20+		40,285

Continued

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
	$19,760,000	Hungary Government Bond, Series 22/A, 7.00%, 6/24/22+	$	88,116
	387,060,000	Hungary Government Bond, Series 23/A, 6.00%, 11/24/23+		1,672,217
	15,660,000	Hungary Government Bond, Series 25/B, 5.50%, 6/24/25+		66,455
	14,241,000,000	Indonesia Government, Series FR69, 7.88%, 4/15/19+		1,114,655
	47,000,000	Indonesia Government, Series FR31, 11.00%, 11/15/20+		4,198
	5,300,000,000	Indonesia Government, Series FR34, 12.80%, 6/15/21+		514,388
	120,000,000	Indonesia Government, Series FR53, 8.25%, 7/15/21+		9,579
	35,860,000,000	Indonesia Government, Series FR70, 8.38%, 3/15/24+		2,912,424
	3,200,000,000	Indonesia Government, Series FR44, 10.00%, 9/15/24+		285,723
	3,300,000,000	Indonesia Government, Series FR47, 10.00%, 2/15/28+		301,722
	16,550,000,000	Indonesia Government, Series FR68, 8.38%, 3/15/34+		1,343,500
	162,000,000	Indonesia Treasury Bill, Series 113, 5.66%, 5/4/15+(f)		12,340
	5,150,000,000	Indonesia Treasury Bill, Series 112, 6.35%, 1/7/16+(f)		376,246
	3,177,000,000	Indonesia Treasury Bill, Series 114, 6.15%, 2/4/16+(f)		230,689
	958,580	Irish Government, 5.40%, 3/13/25+		1,487,219
	434,060,000	Korea Monetary Stab Bond, Series 1504, 2.47%, 4/2/15+		391,327
	242,280,000	Korea Monetary Stab Bond, Series MA05, 1.97%, 5/5/15+(f)		218,078
	1,618,900,000	Korea Monetary Stab Bond, Series 1506, 2.76%, 6/2/15+		1,461,962
	368,750,000	Korea Monetary Stab Bond, Series 1506, 2.66%, 6/9/15+		333,324
	489,000,000	Korea Monetary Stab Bond, Series 0721, 1.93%, 7/21/15+(f)		438,632
	2,757,580,000	Korea Monetary Stab Bond, Series 1508, 2.80%, 8/2/15+		2,494,971

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
	$161,520,000	Korea Monetary Stab Bond, Series 0804, 1.95%, 8/4/15+(f)	$	144,765
	6,041,000,000	Korea Monetary Stab Bond, Series 1510, 2.81%, 10/2/15+		5,475,404
	508,900,000	Korea Monetary Stab Bond, Series 1510, 2.13%, 10/8/15+		461,167
	2,862,700,000	Korea Monetary Stab Bond, Series 1512, 2.90%, 12/2/15+		2,600,917
	211,700,000	Korea Monetary Stab Bond, Series 1602, 2.78%, 2/2/16+		192,539
	3,372,650,000	Korea Monetary Stab Bond, Series 1604, 2.80%, 4/2/16+		3,072,956
	797,300,000	Korea Monetary Stab Bond, Series 1606, 2.79%, 6/2/16+		727,705
	1,750,600,000	Korea Monetary Stab Bond, Series 1608, 2.46%, 8/2/16+		1,593,535
	426,200,000	Korea Monetary Stab Bond, Series 1610, 2.22%, 10/2/16+		387,001
	908,600,000	Korea Monetary Stab Bond, Series 1612, 2.07%, 12/2/16+		823,658
	350,300,000	Korea Monetary Stab Bond, Series 1702, 1.96%, 2/2/17+		317,097
	314,700,000	Korea Treasury Bond, Series 1506, 3.25%, 6/10/15+		284,519
	2,224,930,000	Korea Treasury Bond, Series 1512, 2.75%, 12/10/15+		2,020,332
	1,053,800,000	Korea Treasury Bond, Series 1606, 2.75%, 6/10/16+		961,574
	1,234,000,000	Korea Treasury Bond, Series 1612, 3.00%, 12/10/16+		1,135,822
	160,000	Letra do Tesouro Nacional, Series LTN, 11.32%, 10/1/15+(f)(g)		47,073
	2,050,000	Letra do Tesouro Nacional, Series LTN, 11.91%, 1/1/16+(f)(g)		583,942
	1,500,000	Letra do Tesouro Nacional, Series LTN, 12.38%, 7/1/16+(f)(g)		401,181
	150,000	Letra do Tesouro Nacional, Series LTN, 12.15%, 10/1/16+(f)(g)		38,819
	3,160,000	Letra do Tesouro Nacional, Series LTN, 13.41%, 1/1/17+(f)(g)		794,036
	1,820,000	Letra do Tesouro Nacional, Series LTN, 14.77%, 1/1/18+(f)(g)		405,232

Continued

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
	$670,000	Malaysia Treasury Bill, Series 0815, 3.16%, 5/13/15+(f)	$	180,320
	90,000	Malaysia Treasury Bill, Series 1115, 2.99%, 6/5/15+(f)		24,173
	240,000	Malaysia Treasury Bill, Series 1515, 2.96%, 6/26/15+(f)		64,355
	130,000	Malaysia Treasury Bill, Series 3114, 2.94%, 7/24/15+(f)		34,770
	430,000	Malaysia Treasury Bill, Series 0915, 3.18%, 8/14/15+(f)		114,793
	340,000	Malaysia Treasury Bill, Series 0915, 3.14%, 8/14/15+(f)		90,767
	140,000	Malaysia Treasury Bill, Series 1315, 2.96%, 9/11/15+(f)		37,277
	280,000	Malaysia Treasury Bill, Series 1615, 3.00%, 9/25/15+(f)		74,496
	50,000	Malaysia Treasury Bill, Series 0515, 3.21%, 1/22/16+(f)		13,151
	140,000	Malaysia Treasury Bill, Series 1415, 2.94%, 3/18/16+(f)		36,681
	10,685,000	Malaysian Government, Series 0110, 3.84%, 8/12/15+		2,894,895
	3,195,000	Malaysian Government, Series 2/05, 4.72%, 9/30/15+		870,283
	21,050,000	Malaysian Government, Series 0312, 3.20%, 10/15/15+		5,691,397
	7,910,000	Malaysian Government, Series 0113, 3.17%, 7/15/16+		2,134,452
	182,810,000	Mexican Cetes, Series BI, 0.00%, 4/1/15+(h)		1,198,660
	43,258,000	Mexican Cetes, Series BI, 0.00%, 4/16/15+(h)		283,251
	33,120,000	Mexican Cetes, Series BI, 0.00%, 5/28/15+(h)		216,077
	33,834,000	Mexican Cetes, Series BI, 0.00%, 6/11/15+(h)		220,514
	12,010,000	Mexican Cetes, Series BI, 0.00%, 7/23/15+(h)		77,964
	48,797,000	Mexican Cetes, Series BI, 0.00%, 9/17/15+(h)		315,076
	25,153,000	Mexican Cetes, Series BI, 0.00%, 10/1/15+(h)		162,205
	4,168,000	Mexican Cetes, Series BI, 0.00%, 11/12/15+(h)		26,750
	8,604,000	Mexican Cetes, Series BI, 0.00%, 12/10/15+(h)		55,101

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
	$2,167,000	Mexican Cetes, Series BI, 0.00%, 1/7/16+(h)	$	13,846
	4,107,000	Mexican Cetes, Series BI, 0.00%, 2/4/16+(h)		26,148
	17,063,000	Mexican Cetes, Series BI, 0.00%, 3/3/16+(h)		108,351
	1,913,734	Mexican Udibonos, 5.00%, 6/16/16+(d)(h)		131,498
	1,627,810	Mexican Udibonos, 3.50%, 12/14/17+(d)(h)		112,376
	983,028	Mexican Udibonos, 4.00%, 6/13/19+(d)(h)		69,022
	792,765	Mexican Udibonos, 2.50%, 12/10/20+(d)(h)		52,116
	33,640,000	Mexico Bonos Desarr, Series M, 6.00%, 6/18/15+(d)(h)		2,218,778
	21,310,000	Mexico Bonos Desarr, Series M 10, 8.00%, 12/17/15+(d)(h)		1,443,007
	29,696,000	Mexico Bonos Desarr, Series M, 6.25%, 6/16/16+(d)(h)		2,003,824
	4,437,000	Mexico Bonos Desarr, Series M 10, 7.25%, 12/15/16+(d)(h)		306,957
	1,010,000	Monetary Authority of Singapore Bill, Series 87, 0.73%, 4/6/15+(f)		736,060
	540,000	Monetary Authority of Singapore Bill, Series 84, 0.66%, 4/10/15+(f)		393,498
	2,640,000	Monetary Authority of Singapore Bill, Series 87, 0.62%, 5/4/15+(f)		1,922,616
	2,286,000	Monetary Authority of Singapore Bill, Series 81, 0.79%, 5/15/15+(f)		1,664,355
	1,690,000	Monetary Authority of Singapore Bill, Series 84, 0.84%, 5/22/15+(f)		1,230,165
	3,300,000	Monetary Authority of Singapore Bill, Series 81, 1.15%, 6/26/15+(f)		2,399,883
	720,000	Nota do Tesouro Nacional, Series NTNB, 0.00%, 5/15/23+(g)		585,968
	10,000	Nota Do Tesouro Nacional, Series NTNB, 0.00%, 5/15/19+(g)		8,233
	3,030,000	Philippine Government International Bond, Series 7-48, 7.00%, 1/27/16+		70,132
	14,210,000	Philippine Government International Bond, Series 3-20, 1.63%, 4/25/16+		315,227
	1,830,000	Philippine Government International Bond, Series 1042, 9.13%, 9/4/16+		44,529

Continued

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Foreign Bonds, continued
Sovereign Bonds, continued
$1,800,000	Philippine Treasury Bill, Series 364, 1.20%, 4/8/15+(f)	$	40,228
960,000	Philippine Treasury Bill, Series 182, 1.36%, 5/6/15+(f)		21,425
1,470,000	Philippine Treasury Bill, Series 364, 1.40%, 6/3/15+(f)		32,753
440,000	Philippine Treasury Bill, Series 364, 1.43%, 7/8/15+(f)		9,752
2,060,000	Philippine Treasury Bill, Series 364, 1.42%, 8/5/15+(f)		45,783
520,000	Philippine Treasury Bill, Series 364, 1.28%, 8/5/15+(f)		11,528
1,800,000	Philippine Treasury Bill, Series 364, 1.49%, 9/2/15+(f)		39,839
3,580,000	Philippine Treasury Bill, 1.49%, 10/7/15+(f)		78,634
1,120,000	Philippine Treasury Bill, Series 364, 1.36%, 11/4/15+(f)		24,674
2,780,000	Philippine Treasury Bill, Series 364, 1.43%, 12/2/15+(f)		61,048
2,850,000	Philippine Treasury Bill, Series 364, 1.43%, 2/3/16+(f)		62,292
2,250,000	Philippine Treasury Bill, Series 364, 1.43%, 3/2/16+(f)		48,986
1,201,000	Poland Government Bond, Series 0415, 5.50%, 4/25/15+		317,941
1,146,000	Poland Government Bond, Series 0715, 2.91%, 7/25/15+(f)		301,262
15,863,000	Poland Government Bond, Series 1015, 6.25%, 10/24/15+		4,299,118
7,419,000	Poland Government Bond, Series 0116, 2.95%, 1/25/16+(f)		1,935,034
3,145,000	Poland Government Bond, Series 0416, 5.00%, 4/25/16+		860,400
6,340,000	Poland Government Bond, Series 0716, 2.88%, 7/25/16+(f)		1,640,882
12,465,000	Poland Government Bond, Series 1016, 4.75%, 10/25/16+		3,451,618
3,343,000	Poland Government Bond, Series 0117, 2.01%, 1/25/17+(d)		884,286

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Foreign Bonds, continued
Sovereign Bonds, continued
$160,000	Poland Government Bond, Series 0417, 4.75%, 4/25/17+	$	44,926
3,391,000	Poland Government Bond, Series 0121, 2.01%, 1/25/21+(d)		892,147
15,500	Portugal Obrigacoes do Tesouro, 4.95%, 10/25/23+(a)		21,319
38,700	Portugal Obrigacoes do Tesouro, 5.65%, 2/15/24+(a)		55,769
2,250,000	Portugal Obrigacoes do Tesouro, 3.88%, 2/15/30+(a)		2,970,634
180,000	Republic of Hungary, 4.38%, 7/4/17+(a)		208,031
260,000	Republic of Hungary, 5.75%, 6/11/18+(a)		320,022
70,000	Republic of Hungary, 6.00%, 1/11/19+		88,709
350,000	Singapore Government, 1.13%, 4/1/16+		255,103
100,000	Ukraine Government, 4.95%, 10/13/15+(a)		46,835
			115,363,206
Total Foreign Bonds     (Cost $127,858,532)			115,472,597
Yankee Dollars (4.2%):
Aerospace & Defense (0.0%):
300,000	Bombardier, Inc., 7.50%, 3/15/25, Callable 3/15/20 @ 103.75^(a)		296,063
Banks (0.7%):
2,600,000	Cleopatra Finance, Ltd., 6.25%, 2/15/22, Callable 8/15/21 @ 100^(a)		2,541,499
2,600,000	Cleopatra Finance, Ltd., 6.50%, 2/15/25, Callable 8/15/24 @ 100^(a)		2,509,000
			5,050,499
Chemicals (0.0%):
300,000	INEOS Finance plc, 8.38%, 2/15/19, Callable 4/7/15 @ 106(a)		318,960
Construction & Engineering (0.1%):
400,000	Abengoa Finance SAU, 8.88%, 11/1/17^(a)		408,000
Construction Materials (0.1%):
300,000	Cemex SAB de C.V., 5.88%, 3/25/19, Callable 3/25/16 @ 103^(a)		309,750
500,000	Cemex SAB de C.V., 7.25%, 1/15/21, Callable 1/15/18 @ 104(a)		533,750
			843,500

Continued

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Yankee Dollars, continued
Containers & Packaging (0.2%):
$700,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 6.25%, 1/31/19, Callable 1/31/16 @ 103(a)	$	703,500
800,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 6.75%, 1/31/21, Callable 1/31/17 @ 103^(a)		810,000
			1,513,500
Diversified Telecommunication Services (0.0%):
400,000	Intelsat Jackson Holding SA, 5.50%, 8/1/23, Callable 8/1/18 @ 102.75		377,500
Energy Equipment & Services (0.1%):
300,000	CGGVeritas, 6.50%, 6/1/21, Callable 6/1/16 @ 103^		239,250
2,000,000	Ocean Rig UDW, Inc., 7.25%, 4/1/19, Callable 4/1/17 @ 105(a)		1,160,000
			1,399,250
Independent Power and Renewable Electricity Producers (0.1%):
1,000,000	InterGen NV, 7.00%, 6/30/23, Callable 6/30/18 @ 103.5^(a)		967,500
Marine (0.1%):
200,000	Stena AB, 7.00%, 2/1/24(a)		194,000
400,000	Stena International SA, 5.75%, 3/1/24^(a)		380,000
			574,000
Media (0.3%):
500,000	Altice Financing SA, 6.63%, 2/15/23, Callable 2/15/18 @ 103.75(a)		514,999
300,000	Altice SA, 7.75%, 5/15/22, Callable 5/15/17 @ 106(a)		305,063
500,000	Altice SA, 7.63%, 2/15/25, Callable 2/15/20 @ 103.81(a)		500,938
500,000	Numericable Group SA, 6.00%, 5/15/22, Callable 5/15/17 @ 105(a)		506,250
			1,827,250
Metals & Mining (0.2%):
230,000	First Quantum Minerals, Ltd., 6.75%, 2/15/20, Callable 2/15/17 @ 103^(a)		212,750
230,000	First Quantum Minerals, Ltd., 7.00%, 2/15/21, Callable 2/15/18 @ 103.5(a)		212,175

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Yankee Dollars, continued
Metals & Mining, continued
$222,222	FMG Resources Pty, Ltd., 6.88%, 2/1/18, Callable 5/8/15 @ 103(a)	$	217,778
250,000	FMG Resources Pty, Ltd., 8.25%, 11/1/19, Callable 11/1/15 @ 104^(a)		215,000
			857,703
Oil, Gas & Consumable Fuels (0.0%):
500,000	Niska Gas Storage Canada ULC / Niska Gas Storage Canada Finance Corp., 6.50%, 4/1/19, Callable 10/1/16 @ 103.25^		371,250
Pharmaceuticals (0.2%):
800,000	VRX Escrow Corp., 5.88%, 5/15/23, Callable 5/15/23 @ 102.94(a)		820,000
600,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 4/15/20 @ 103.06(a)		621,000
			1,441,000
Real Estate Investment Trusts (REITs) (0.1%):
500,000	Algeco Scotsman Global Finance plc, 8.50%, 10/15/18, Callable 10/15/15 @ 104^(a)		495,625
Sovereign Bonds (1.7%):
200,000	Financing of Infrastructure, 7.40%, 4/20/18(a)		72,062
430,000	Republic of Hungary, 4.13%, 2/19/18		449,522
1,077,000	Republic of Hungary, 6.25%, 1/29/20		1,225,656
542,000	Republic of Hungary, 6.38%, 3/29/21		628,395
800,000	Republic of Hungary, 5.38%, 2/21/23		894,000
240,000	Republic of Iceland, 5.88%, 5/11/22(a)		277,165
100,000	Republic of Lithuania, 7.38%, 2/11/20(a)		122,608
230,000	Republic of Lithuania, 7.38%, 2/11/20(a)		281,998
150,000	Republic of Lithuania, 6.13%, 3/9/21(a)		179,123
1,690,000	Republic of Portugal, 5.13%, 10/15/24(a)		1,869,613
200,000	Republic of Serbia, 5.25%, 11/21/17(a)		207,370
300,000	Republic of Serbia, 4.88%, 2/25/20(a)		307,845
320,000	Republic of Serbia, 7.25%, 9/28/21(a)		368,768
1,400,000	Republic of Slovenia, 5.50%, 10/26/22(a)		1,613,556

Continued

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Yankee Dollars, continued
Sovereign Bonds, continued
$1,025,000	Republic of Slovenia, 5.85%, 5/10/23(a)	$	1,212,063
336,450	Russia Foreign Bond, 7.50%, 3/31/30(a)		386,043
200,000	Ukraine Government, 6.25%, 6/17/16(a)		79,811
100,000	Ukraine Government, 6.58%, 11/21/16(a)		39,662
3,340,000	Ukraine Government, 9.25%, 7/24/17(a)		1,322,973
1,400,000	Ukraine Government, 6.75%, 11/14/17(a)		546,196
620,000	Ukraine Government, 7.75%, 9/23/20(a)		244,218
1,430,000	Ukraine Government, 7.95%, 2/23/21(a)		559,359
1,240,000	Ukraine Government, 7.80%, 11/28/22(a)		486,030
2,400,000	Ukraine Government, 7.50%, 4/17/23(a)		996,480
			14,370,516
Wireless Telecommunication Services (0.3%):
500,000	Telecom Italia SpA, 5.30%, 5/30/24(a)		523,750
1,000,000	Virgin Media Secured Finance plc, 5.50%, 1/15/25, Callable 1/15/19 @ 103(a)		1,036,250
500,000	Wind Acquisition Finance SA, 7.38%, 4/23/21, Callable 4/23/17 @ 104(a)		518,750
			2,078,750
Total Yankee Dollars (Cost $37,636,835)			33,190,866
Municipal Bond (0.1%):
Puerto Rico (0.1%):
569,000	Puerto Rico Commonwealth, GO, Series A, 8.00%, 7/1/35, Callable 7/1/20 @ 100		466,580
Total Municipal Bond (Cost $530,616)			466,580
U.S. Treasury Obligations (1.1%):
U.S. Treasury Bills (1.1%)
1,000,000	0.04%, 4/9/15(f)		999,996
1,000,000	0.06%, 4/30/15^(f)		999,970
1,000,000	0.06%, 5/14/15(f)		999,970
1,000,000	0.11%, 7/2/15^(f)		999,917
1,000,000	0.09%, 7/9/15(f)		999,924
1,000,000	0.08%, 7/23/15(f)		999,874
1,000,000	0.06%, 8/6/15^(f)		999,797
2,000,000	0.07%, 8/27/15^(f)		1,999,384
			8,998,832
Total U.S. Treasury Obligations (Cost $8,998,374)			8,998,832

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
U.S. Government Agency Mortgages (2.1%):
$17,000,000	Federal Home Loan Bank , 4/1/15(f)	$	17,000,000
Total U.S. Government Agency Mortgages (Cost $17,000,000)			17,000,000
Securities Held as Collateral for Securities on Loan (7.4%):
$58,503,336	Allianz Variable Insurance Products Securities Lending Collateral Trust (i)		58,503,336
Total Securities Held as Collateral for Securities on Loan (Cost $58,503,336)			58,503,336
Unaffiliated Investment Company (6.8%):
53,573,669	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (f)		53,573,669
Total Unaffiliated Investment Company (Cost $53,573,669)			53,573,669
Total Investment Securities (Cost $786,227,390)(j) - 105.1%			831,246,639
Net other assets (liabilities) - (5.1)%			(40,049,270	)
Net Assets - 100.0%		$	791,197,369

Percentages indicated are based on net assets as of March 31, 2015.

ADR - American Depositary Receipt

GO - General Obligation

# Security issued in connection with a pending litigation settlement.

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $56,071,663.

+ The principal amount is disclosed in local currency and the fair value is disclosed in U.S. Dollars.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(b) Security was valued in good faith pursuant to procedures approved by the Board of Trustees as of March 31, 2015. The total of all such securities represent 0.32% of the net assets of the fund.

(c) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of March 31, 2015, these securities represent 0.00% of the net assets of the fund.

(d) Variable rate security. The rate presented represents the rate in effect at March 31, 2015. The date presented represents the final maturity date.

(e) Defaulted bond.

(f) The rate represents the effective yield at March 31, 2015.

(g) Principal amount is stated in 1,000 Brazilian Real Units.

Continued

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

(h) Principal amount is stated in 100 Mexican Peso Units.

(i) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(j) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
Australia		0 .2	%
Bermuda		0.1	%
Brazil		1.0	%
Canada		1.1	%
China		0.4	%
Denmark		0.5	%
France		2.4	%
Germany		1.9	%
Hong Kong		0.4	%
Hungary		2.0	%
Iceland		—	%NM
Indonesia		0.9	%
Ireland (Republic of)		1.0	%
Israel		1.1	%
Italy		0.7	%
Japan		0.8	%
Jersey		0.7	%
Korea, Republic Of		1.0	%
Lithuania		0.1	%
Luxembourg		0.3	%
Malaysia		2.9	%
Marshall Islands		0.1	%
Mauritania		—	%NM
Mexico		1.2	%
Netherlands		2.7	%
Philippines		0.1	%
Poland		1.8	%
Portugal		0.8	%
Republic of Korea (South)		3.6	%
Russian Federation		0.2	%
Serbia (Republic of)		0.1	%
Singapore		1.5	%
Slovenia		0.3	%
Spain		0.5	%
Sweden		0.6	%
Switzerland		1.4	%
Thailand		0.1	%
Turkey		0.3	%
Ukraine		0.5	%
United Kingdom		6.4	%
United States		58.3	%
		100.0	%

NM     Not meaningful, amount is less than 0.05%.

Continued

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Forward Currency Contracts

At March 31, 2015, the Fund’s open forward currency contracts were as follows:

Type of Contract	Counterparty	Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
British Pound	Bank of America		8/19/15		3,679,888	$	5,628,667	$	5,453,003	$	175,664
British Pound	Barclays Bank		8/19/15		43,796		67,642		64,899		2,743
British Pound	Credit Suisse First Boston		8/19/15		2,553,776		3,907,588		3,784,287		123,301
British Pound	HSBC Bank		8/19/15		2,540,863		3,887,520		3,765,151		122,369
British Pound	State Street		8/19/15		131,902		197,318		195,458		1,860
European Euro	Barclays Bank		4/2/15		17,912		24,691		19,257		5,434
European Euro	Deutsche Bank		4/7/15		192,660		265,773		207,148		58,625
European Euro	HSBC Bank		4/10/15		73,000		100,643		78,492		22,151
European Euro	Deutsche Bank		4/13/15		77,961		107,607		83,830		23,777
European Euro	Standard Charter		4/13/15		37,000		51,143		39,786		11,357
European Euro	JPMorgan Chase		4/14/15		99,000		137,219		106,455		30,764
European Euro	Deutsche Bank		4/15/15		370,000		513,264		397,867		115,397
European Euro	HSBC Bank		4/16/15		78,849		109,491		84,789		24,702
European Euro	Barclays Bank		4/22/15		16,935		23,372		18,212		5,160
European Euro	JPMorgan Chase		4/22/15		5,188		7,177		5,579		1,598
European Euro	Barclays Bank		4/30/15		11,783		16,337		12,673		3,664
European Euro	Standard Charter		4/30/15		380,000		525,867		408,703		117,164
European Euro	Barclays Bank		5/5/15		228,900		317,223		246,206		71,017
European Euro	Barclays Bank		5/7/15		112,000		155,432		120,471		34,961
European Euro	Goldman Sachs		5/7/15		317,570		440,832		341,590		99,242
European Euro	Citibank		5/13/15		136,787		188,451		147,144		41,307
European Euro	Goldman Sachs		5/13/15		142,000		195,654		152,753		42,901
European Euro	Standard Chartered First Bank		5/13/15		56,000		77,032		60,240		16,792
European Euro	Goldman Sachs		5/14/15		87,000		119,837		93,589		26,248
European Euro	Bank of America		5/18/15		1,201,984		1,500,917		1,293,084		207,833
European Euro	Barclays Bank		5/18/15		266,076		365,248		286,243		79,005
European Euro	Credit Suisse First Boston		5/18/15		1,222,355		1,526,170		1,314,999		211,171
European Euro	Deutsche Bank		5/18/15		1,231,873		1,537,755		1,325,244		212,511
European Euro	HSBC Bank		5/18/15		52,599		65,096		56,585		8,511
European Euro	State Street		5/18/15		21,956		27,325		23,621		3,704
European Euro	JPMorgan Chase		5/20/15		327,027		410,450		351,822		58,628
European Euro	Deutsche Bank		5/21/15		130,000		163,254		139,858		23,396
European Euro	Goldman Sachs		5/21/15		289,000		396,742		310,916		85,826
European Euro	Barclays Bank		5/22/15		363,741		498,734		391,330		107,404
European Euro	JPMorgan Chase		5/26/15		172,504		235,816		185,598		50,218
European Euro	Barclays Bank		5/29/15		72,758		99,061		78,284		20,777
European Euro	Goldman Sachs		6/1/15		760,000		1,034,121		817,756		216,365
European Euro	Barclays Bank		6/5/15		237,868		323,964		255,959		68,005
European Euro	HSBC Bank		6/8/15		1,113,075		1,449,602		1,197,786		251,816

See accompanying notes to the schedules of portfolio investments.

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Type of Contract	Counterparty	Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
European Euro	Deutsche Bank		6/10/15		285,500	$	390,079	$	307,237	$	82,842
European Euro	Deutsche Bank		6/15/15		124,000		168,066		133,451		34,615
European Euro	Barclays Bank		6/22/15		28,929		39,356		31,137		8,219
European Euro	Deutsche Bank		6/22/15		420,000		571,116		452,057		119,059
European Euro	Barclays Bank		7/16/15		82,000		112,001		88,294		23,707
European Euro	Morgan Stanley		7/16/15		277,000		378,205		298,260		79,945
European Euro	Deutsche Bank		7/17/15		514,000		698,912		553,460		145,452
European Euro	Bank of America		7/20/15		288,471		331,918		310,635		21,283
European Euro	Bank of America		7/20/15		25,696		27,311		27,671		(360	)
European Euro	Barclays Bank		7/20/15		149,844		198,358		161,355		37,003
European Euro	Credit Suisse First Boston		7/20/15		371,697		422,507		400,254		22,253
European Euro	Deutsche Bank		7/20/15		1,671,598		2,002,968		1,800,018		202,950
European Euro	HSBC Bank		7/20/15		440,671		507,261		474,527		32,734
European Euro	JPMorgan Chase		7/20/15		910,000		1,233,568		979,911		253,657
European Euro	State Street		7/20/15		1,344,025		1,559,840		1,447,279		112,561
European Euro	Deutsche Bank		7/21/15		470,000		637,250		506,117		131,133
European Euro	Deutsche Bank		7/22/15		71,000		96,269		76,457		19,812
European Euro	Morgan Stanley		7/22/15		366,000		495,469		394,132		101,337
European Euro	Deutsche Bank		7/23/15		93,795		127,062		101,006		26,056
European Euro	Deutsche Bank		7/27/15		207,975		280,467		223,980		56,487
European Euro	Goldman Sachs		7/27/15		197,000		265,783		212,160		53,623
European Euro	Citibank		7/28/15		60,360		81,421		65,006		16,415
European Euro	Barclays Bank		7/29/15		19,995		26,919		21,534		5,385
European Euro	Deutsche Bank		7/29/15		9,978		13,442		10,746		2,696
European Euro	JPMorgan Chase		7/31/15		380,000		510,895		409,271		101,624
European Euro	Barclays Bank		8/4/15		97,592		130,904		105,117		25,787
European Euro	HSBC Bank		8/4/15		380,000		509,970		409,299		100,671
European Euro	UBS Warburg		8/4/15		380,000		509,960		409,299		100,661
European Euro	Barclays Bank		8/5/15		229,000		307,839		246,661		61,178
European Euro	JPMorgan Chase		8/5/15		269,500		362,305		290,284		72,021
European Euro	Citibank		8/10/15		44,168		59,068		47,579		11,489
European Euro	Deutsche Bank		8/11/15		180,000		241,192		193,902		47,290
European Euro	JPMorgan Chase		8/11/15		239,500		320,780		257,996		62,784
European Euro	Goldman Sachs		8/12/15		61,000		81,907		65,712		16,195
European Euro	Morgan Stanley		8/14/15		66,000		82,431		71,101		11,330
European Euro	Morgan Stanley		8/17/15		66,000		88,607		71,105		17,502
European Euro	Barclays Bank		8/18/15		237,000		318,058		255,335		62,723
European Euro	Deutsche Bank		8/20/15		133,000		178,396		143,294		35,102
European Euro	JPMorgan Chase		8/20/15		263,000		352,913		283,355		69,558
European Euro	Barclays Bank		8/26/15		75,988		101,112		81,878		19,234
European Euro	Deutsche Bank		8/31/15		28,980		38,330		31,229		7,101
European Euro	Deutsche Bank		9/2/15		49,000		64,753		52,805		11,948
European Euro	Deutsche Bank		9/8/15		137,800		181,789		148,514		33,275
European Euro	JPMorgan Chase		9/8/15		1,125,000		1,463,738		1,212,466		251,272
European Euro	Barclays Bank		9/21/15		19,406		25,254		20,919		4,335
European Euro	Deutsche Bank		9/23/15		229,000		295,742		246,866		48,876
European Euro	Barclays Bank		9/24/15		45,864		59,136		49,443		9,693
European Euro	Citibank		9/28/15		13,451		17,348		14,502		2,846
European Euro	Deutsche Bank		9/28/15		107,000		137,798		115,360		22,438
European Euro	Barclays Bank		9/29/15		200,000		255,361		215,630		39,731
European Euro	HSBC Bank		9/30/15		180,000		229,362		194,072		35,290
European Euro	Deutsche Bank		10/9/15		420,000		532,791		452,939		79,852
European Euro	Barclays Bank		10/14/15		1,688,000		2,156,167		1,820,612		335,555
European Euro	JPMorgan Chase		10/14/15		3,156,000		4,032,529		3,403,941		628,588
European Euro	Deutsche Bank		10/15/15		320,000		406,096		345,148		60,948
European Euro	Barclays Bank		10/16/15		1,172,000		1,494,886		1,264,138		230,748
European Euro	Barclays Bank		10/22/15		3,724,000		4,771,245		4,017,377		753,868
European Euro	Deutsche Bank		10/26/15		319,000		404,923		344,166		60,757
European Euro	Barclays Bank		10/27/15		175,515		222,899		189,366		33,533
European Euro	Deutsche Bank		11/3/15		7,376		9,342		7,960		1,382
European Euro	Barclays Bank		11/6/15		49,418		62,081		53,332		8,749
European Euro	Citibank		11/9/15		1,793,000		2,245,060		1,935,134		309,926
European Euro	Citibank		11/12/15		1,801,000		2,257,337		1,943,916		313,421

See accompanying notes to the schedules of portfolio investments.

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Type of Contract	Counterparty	Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
European Euro	JPMorgan Chase		11/12/15		278,508	$	348,984	$	300,609	$	48,375
European Euro	Deutsche Bank		11/16/15		335,703		420,116		362,379		57,737
European Euro	Deutsche Bank		11/19/15		93,863		117,333		101,329		16,004
European Euro	Deutsche Bank		11/20/15		1,113,000		1,396,993		1,201,564		195,429
European Euro	Deutsche Bank		12/4/15		100,000		124,770		107,995		16,775
European Euro	Scotia McLeod		12/9/15		76,800		94,873		82,951		11,922
European Euro	Bank of America		12/15/15		433,000		538,414		467,750		70,664
European Euro	JPMorgan Chase		12/15/15		97,000		121,088		104,785		16,303
European Euro	Deutsche Bank		12/17/15		525,093		655,631		567,263		88,368
European Euro	Deutsche Bank		1/7/16		312,372		374,665		337,637		37,028
European Euro	Barclays Bank		1/21/16		97,000		113,209		104,883		8,326
European Euro	Deutsche Bank		1/26/16		992,000		1,143,677		1,072,751		70,926
European Euro	HSBC Bank		1/28/16		3,401,418		3,851,000		3,678,485		172,515
European Euro	Deutsche Bank		1/29/16		2,630,000		3,000,699		2,844,303		156,396
European Euro	Deutsche Bank		2/3/16		2,280,000		2,590,764		2,466,094		124,670
European Euro	Deutsche Bank		2/9/16		1,411,000		1,623,920		1,526,397		97,523
European Euro	Goldman Sachs		2/9/16		181,000		208,060		195,803		12,257
European Euro	Goldman Sachs		2/17/16		17,000		19,532		18,394		1,138
European Euro	JPMorgan Chase		2/17/16		30,000		34,442		32,461		1,981
European Euro	Barclays Bank		2/22/16		210,000		240,696		227,249		13,447
European Euro	Bank of America		2/26/16		76,694		87,572		83,002		4,570
European Euro	Barclays Bank		2/26/16		170,862		194,976		184,915		10,061
European Euro	Deutsche Bank		2/26/16		277,730		316,418		300,573		15,845
European Euro	Deutsche Bank		3/7/16		43,000		48,452		46,548		1,904
European Euro	Barclays Bank		3/9/16		141,063		157,150		152,712		4,438
European Euro	Deutsche Bank		3/9/16		660,000		733,689		714,500		19,189
European Euro	HSBC Bank		3/9/16		15,000		16,679		16,239		440
European Euro	Citibank		3/10/16		1,704,605		1,870,463		1,845,411		25,052
European Euro	Morgan Stanley		3/10/16		43,000		47,134		46,551		583
European Euro	Deutsche Bank		3/14/16		134,000		142,851		145,084		(2,233	)
European Euro	Barclays Bank		3/16/16		10,012		10,714		10,840		(126	)
European Euro	Citibank		3/16/16		10,643		11,404		11,524		(120	)
European Euro	JPMorgan Chase		3/16/16		15,000		16,063		16,242		(179	)
European Euro	Barclays Bank		3/23/16		9,076		9,751		9,829		(78	)
European Euro	Deutsche Bank		3/23/16		173,000		185,906		187,352		(1,446	)
European Euro	Deutsche Bank		3/29/16		8,760,075		9,644,929		9,488,848		156,081
European Euro	Barclays Bank		3/30/16		200,000		221,057		216,647		4,410
European Euro	Deutsche Bank		3/31/16		4,566		5,012		4,946		66
European Euro	Goldman Sachs		3/31/16		130,000		142,792		140,827		1,965
European Euro	Barclays Bank		4/1/16		17,912		19,559		19,404		155
Japanese Yen	Citibank		4/15/15		3,500,000		34,576		29,193		5,383
Japanese Yen	Morgan Stanley		4/16/15		68,447,040		673,280		570,920		102,360
Japanese Yen	Barclays Bank		4/17/15		32,710,000		321,923		272,840		49,083
Japanese Yen	JPMorgan Chase		4/21/15		19,660,000		192,815		163,999		28,816
Japanese Yen	JPMorgan Chase		4/22/15		24,420,000		239,547		203,709		35,838
Japanese Yen	Citibank		5/12/15		5,590,000		55,198		46,643		8,555
Japanese Yen	Goldman Sachs		5/13/15		7,475,000		73,638		62,373		11,265
Japanese Yen	Standard Chartered First Bank		5/13/15		5,588,000		55,098		46,628		8,470
Japanese Yen	Citibank		5/14/15		5,587,000		54,964		46,620		8,344
Japanese Yen	Bank of America		5/18/15		84,777,550		835,000		707,437		127,563
Japanese Yen	Bank of America		5/19/15		84,522,875		835,000		705,320		129,680
Japanese Yen	Barclays Bank		5/19/15		84,752,500		835,000		707,236		127,764
Japanese Yen	Citibank		5/19/15		84,652,200		835,000		706,399		128,601
Japanese Yen	HSBC Bank		5/19/15		84,820,600		835,000		707,804		127,196
Japanese Yen	JPMorgan Chase		5/20/15		5,564,000		47,420		46,431		989
Japanese Yen	Goldman Sachs		6/1/15		48,990,000		482,670		408,872		73,798
Japanese Yen	Citibank		6/9/15		51,300,000		502,291		428,208		74,083
Japanese Yen	HSBC Bank		6/9/15		76,900,000		752,866		641,895		110,971
Japanese Yen	Barclays Bank		6/10/15		60,420,000		591,729		504,342		87,387
Japanese Yen	Citibank		6/10/15		95,140,000		930,355		794,159		136,196
Japanese Yen	HSBC Bank		6/10/15		64,350,000		630,453		537,147		93,306
Japanese Yen	Deutsche Bank		6/11/15		21,300,000		208,537		177,800		30,737

See accompanying notes to the schedules of portfolio investments.

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Type of Contract	Counterparty	Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Japanese Yen	JPMorgan Chase		6/11/15		59,620,000	$	583,583	$	497,673	$	85,910
Japanese Yen	Citibank		6/17/15		2,416,000		23,749		20,170		3,579
Japanese Yen	JPMorgan Chase		6/17/15		25,100,000		246,755		209,542		37,213
Japanese Yen	Deutsche Bank		6/22/15		69,330,000		680,841		578,834		102,007
Japanese Yen	Barclays Bank		6/30/15		16,411,000		161,960		137,033		24,927
Japanese Yen	Deutsche Bank		7/13/15		26,073,000		257,181		217,761		39,420
Japanese Yen	HSBC Bank		7/16/15		5,640,000		48,587		47,107		1,480
Japanese Yen	Standard Charter		7/16/15		7,340,000		62,966		61,307		1,659
Japanese Yen	Deutsche Bank		7/21/15		38,540,000		331,427		321,930		9,497
Japanese Yen	Morgan Stanley		7/23/15		50,187,445		497,122		419,237		77,885
Japanese Yen	Citibank		7/24/15		74,785,000		739,991		624,722		115,269
Japanese Yen	JPMorgan Chase		7/24/15		115,000,000		1,137,319		960,661		176,658
Japanese Yen	JPMorgan Chase		7/27/15		40,100,000		396,794		334,996		61,798
Japanese Yen	Barclays Bank		7/29/15		8,700,000		85,754		72,682		13,072
Japanese Yen	Citibank		8/5/15		46,922,100		458,559		392,049		66,510
Japanese Yen	Barclays Bank		8/11/15		2,240,000		21,980		18,718		3,262
Japanese Yen	Citibank		8/11/15		2,240,000		21,988		18,718		3,270
Japanese Yen	Deutsche Bank		8/12/15		2,240,000		22,072		18,718		3,354
Japanese Yen	Citibank		8/17/15		35,630,000		298,967		297,762		1,205
Japanese Yen	JPMorgan Chase		8/26/15		4,000,000		33,557		33,433		124
Japanese Yen	JPMorgan Chase		8/31/15		22,800,000		220,423		190,588		29,835
Japanese Yen	Barclays Bank		9/18/15		2,251,755		21,121		18,829		2,292
Japanese Yen	JPMorgan Chase		9/29/15		2,255,332		20,760		18,863		1,897
Japanese Yen	Deutsche Bank		10/7/15		399,565,980		3,656,016		3,342,507		313,509
Japanese Yen	Standard Charter		10/7/15		329,300,000		3,039,926		2,754,708		285,218
Japanese Yen	HSBC Bank		10/9/15		163,800,000		1,520,221		1,370,319		149,902
Japanese Yen	Barclays Bank		10/13/15		82,900,000		769,901		693,602		76,299
Japanese Yen	Deutsche Bank		10/13/15		81,800,000		760,152		684,398		75,754
Japanese Yen	JPMorgan Chase		10/19/15		33,615,000		318,032		281,294		36,738
Japanese Yen	JPMorgan Chase		10/20/15		63,490,000		600,520		531,305		69,215
Japanese Yen	Barclays Bank		10/22/15		26,770,000		251,574		224,033		27,541
Japanese Yen	Deutsche Bank		10/28/15		20,662,500		192,523		172,949		19,574
Japanese Yen	JPMorgan Chase		11/5/15		91,650,000		825,862		767,296		58,566
Japanese Yen	Barclays Bank		11/6/15		536,000,000		4,752,194		4,487,525		264,669
Japanese Yen	Citibank		11/12/15		94,163,000		823,830		788,486		35,344
Japanese Yen	HSBC Bank		11/12/15		3,336,000		29,243		27,934		1,309
Japanese Yen	JPMorgan Chase		11/12/15		36,450,000		320,265		305,219		15,046
Japanese Yen	Deutsche Bank		11/16/15		45,848,000		399,738		383,956		15,782
Japanese Yen	Deutsche Bank		11/18/15		6,194,000		53,406		51,875		1,531
Japanese Yen	Citibank		11/19/15		7,667,000		66,206		64,213		1,993
Japanese Yen	Citibank		11/20/15		8,613,000		74,314		72,138		2,176
Japanese Yen	HSBC Bank		11/24/15		1,616,000		13,824		13,536		288
Japanese Yen	Morgan Stanley		12/16/15		41,392,500		350,514		346,930		3,584
Japanese Yen	Deutsche Bank		12/21/15		69,210,000		592,450		580,160		12,290
Japanese Yen	HSBC Bank		12/21/15		69,320,000		592,732		581,082		11,650
Japanese Yen	Barclays Bank		12/22/15		34,730,000		293,720		291,136		2,584
Japanese Yen	Citibank		12/22/15		54,180,000		458,841		454,182		4,659
Japanese Yen	Deutsche Bank		1/7/16		5,989,000		50,284		50,227		57
Japanese Yen	Goldman Sachs		1/8/16		23,997,000		202,652		201,257		1,395
Japanese Yen	Citibank		1/14/16		1,520,000		12,821		12,750		71
Japanese Yen	Standard Charter		1/14/16		4,550,000		38,618		38,166		452
Japanese Yen	Barclays Bank		1/15/16		101,530,000		864,137		851,670		12,467
Japanese Yen	JPMorgan Chase		1/15/16		66,000,000		559,626		553,632		5,994
Japanese Yen	JPMorgan Chase		1/20/16		33,615,000		289,314		282,013		7,301
Japanese Yen	Goldman Sachs		1/27/16		7,610,000		65,057		63,857		1,200
Japanese Yen	HSBC Bank		1/28/16		9,353,364		79,931		78,487		1,444
Japanese Yen	Deutsche Bank		1/29/16		128,714,781		1,100,179		1,080,120		20,059
Japanese Yen	JPMorgan Chase		2/8/16		100,100,000		858,086		840,228		17,858
Japanese Yen	Societe Generale		2/8/16		100,170,000		858,539		840,816		17,723
Japanese Yen	Barclays Bank		2/9/16		100,180,000		858,617		840,922		17,695
Japanese Yen	Citibank		2/9/16		5,590,000		47,924		46,923		1,001
Japanese Yen	JPMorgan Chase		2/9/16		100,400,000		860,215		842,769		17,446
Japanese Yen	Goldman Sachs		2/12/16		3,771,000		32,000		31,657		343

See accompanying notes to the schedules of portfolio investments.

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Type of Contract	Counterparty	Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Japanese Yen	HSBC Bank		2/12/16		53,860,000	$	457,220	$	452,145	$	5,075
Japanese Yen	JPMorgan Chase		2/12/16		53,831,000		456,983		451,901		5,082
Japanese Yen	Citibank		2/16/16		71,350,000		600,140		599,035		1,105
Japanese Yen	JPMorgan Chase		2/16/16		35,730,000		301,525		299,979		1,546
Japanese Yen	Goldman Sachs		2/17/16		36,744,860		311,585		308,509		3,076
Japanese Yen	JPMorgan Chase		2/17/16		37,560,000		317,932		315,352		2,580
Japanese Yen	Barclays Bank		2/25/16		17,870,000		151,412		150,068		1,344
Japanese Yen	HSBC Bank		2/25/16		4,020,000		34,078		33,760		318
Japanese Yen	Barclays Bank		2/26/16		35,700,000		300,771		299,810		961
Japanese Yen	Deutsche Bank		2/29/16		11,991,000		101,498		100,709		789
Japanese Yen	JPMorgan Chase		3/3/16		9,700,000		81,858		81,474		384
Japanese Yen	HSBC Bank		3/4/16		4,600,000		38,696		38,638		58
Japanese Yen	Barclays Bank		3/9/16		64,145,400		537,835		538,872		(1,037	)
Japanese Yen	Citibank		3/16/16		2,260,084		18,815		18,990		(175	)
Japanese Yen	JPMorgan Chase		3/16/16		44,142,850		367,618		370,906		(3,288	)
Japanese Yen	Citibank		3/22/16		46,322,000		385,131		389,280		(4,149	)
Japanese Yen	Morgan Stanley		3/22/16		7,060,000		58,690		59,331		(641	)
Japanese Yen	Deutsche Bank		3/24/16		20,538,000		171,050		172,606		(1,556	)
Japanese Yen	Barclays Bank		3/28/16		25,522,830		215,463		214,535		928
Korean Won	JPMorgan Chase		5/15/15		258,825,900		238,253		233,208		5,045
Korean Won	JPMorgan Chase		5/18/15		44,818,000		41,252		40,386		866
Korean Won	JPMorgan Chase		5/20/15		213,852,600		196,827		192,712		4,115
Korean Won	JPMorgan Chase		5/21/15		270,144,000		248,625		243,445		5,180
Korean Won	Deutsche Bank		6/29/15		316,000,000		290,174		284,851		5,323
Korean Won	Bank of America		8/12/15		716,530,426		645,506		645,857		(351	)
Korean Won	Credit Suisse First Boston		8/12/15		809,699,150		728,636		729,839		(1,203	)
Korean Won	HSBC Bank		8/12/15		50,529,403		45,302		45,546		(244	)
Korean Won	HSBC Bank		8/12/15		46,239,652		41,699		41,679		20
Korean Won	HSBC Bank		8/12/15		905,634,363		814,160		816,310		(2,150	)
Korean Won	HSBC Bank		9/30/15		317,000,000		290,754		285,709		5,045
Malaysian Ringgit	JPMorgan Chase		4/2/15		2,190,750		674,928		591,774		83,154
Malaysian Ringgit	HSBC Bank		4/10/15		340,000		102,657		91,756		10,901
Malaysian Ringgit	Deutsche Bank		5/19/15		2,093,018		643,135		562,960		80,175
Malaysian Ringgit	JPMorgan Chase		7/2/15		988,250		302,875		264,857		38,018
Malaysian Ringgit	Deutsche Bank		7/3/15		177,180		54,303		47,482		6,821
						$	147,984,530	$	133,825,306	$	14,159,224
Long Contracts:
Brazilian Real	Deutsche Bank		10/30/15		435,000	$	159,985	$	127,850	$	(32,135	)
British Pound	Bank of America		8/19/15		83,568		127,378		123,834		(3,544	)
British Pound	Credit Suisse First Boston		8/19/15		599,719		885,661		888,687		3,026
British Pound	HSBC Bank		8/19/15		154,380		230,559		228,767		(1,792	)
Chilean Peso	Deutsche Bank		4/6/15		700,000		1,126		1,121		(5	)
Chilean Peso	Deutsche Bank		4/6/15		110,603,000		176,809		177,163		354
Chilean Peso	Deutsche Bank		4/20/15		4,400,000		6,837		7,040		203
Chilean Peso	Deutsche Bank		4/24/15		770,000		1,242		1,232		(10	)
Chilean Peso	Deutsche Bank		4/27/15		2,360,000		3,749		3,774		25
Chilean Peso	Deutsche Bank		5/5/15		91,616,000		144,767		146,395		1,628
Chilean Peso	Barclays Bank		5/6/15		4,400,000		6,964		7,029		65
Chilean Peso	Deutsche Bank		5/6/15		51,069,000		81,204		81,596		392
Chilean Peso	Deutsche Bank		5/7/15		51,070,000		81,386		81,589		203
Chilean Peso	Morgan Stanley		5/11/15		4,500,000		7,681		7,187		(494	)
Chilean Peso	Morgan Stanley		5/12/15		19,260,000		30,424		30,754		330
Chilean Peso	Deutsche Bank		5/18/15		990,000		1,556		1,580		24
Chilean Peso	Deutsche Bank		5/19/15		975,000		1,544		1,556		12
Chilean Peso	Morgan Stanley		5/20/15		5,600,000		8,960		8,935		(25	)
Chilean Peso	Barclays Bank		5/26/15		153,759,000		245,818		245,180		(638	)
Chilean Peso	Deutsche Bank		5/26/15		760,000		1,222		1,212		(10	)
Chilean Peso	JPMorgan Chase		5/26/15		7,300,000		11,685		11,641		(44	)
Chilean Peso	Deutsche Bank		5/29/15		111,647,000		177,570		177,976		406
Chilean Peso	Barclays Bank		6/4/15		12,000,000		21,116		19,120		(1,996	)
Chilean Peso	Morgan Stanley		6/5/15		2,500,000		4,380		3,983		(397	)
Chilean Peso	JPMorgan Chase		6/11/15		990,530,400		1,563,954		1,577,290		13,336

See accompanying notes to the schedules of portfolio investments.

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Type of Contract	Counterparty	Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Chilean Peso	Deutsche Bank		6/17/15		990,000	$	1,546	$	1,576	$	30
Chilean Peso	Deutsche Bank		6/18/15		975,000		1,511		1,551		40
Chilean Peso	JPMorgan Chase		6/18/15		6,450,000		10,023		10,265		242
Chilean Peso	Morgan Stanley		6/19/15		5,200,000		8,043		8,275		232
Chilean Peso	Deutsche Bank		7/7/15		9,164,000		14,529		14,560		31
Chilean Peso	Deutsche Bank		7/10/15		162,750,000		285,652		258,507		(27,145	)
Chilean Peso	Morgan Stanley		7/20/15		305,012,200		531,658		484,011		(47,647	)
Chilean Peso	Morgan Stanley		7/28/15		8,010,000		13,782		12,701		(1,081	)
Chilean Peso	Deutsche Bank		8/12/15		4,400,000		7,435		6,967		(468	)
Chilean Peso	Morgan Stanley		8/18/15		4,010,000		6,757		6,346		(411	)
Chilean Peso	JPMorgan Chase		8/20/15		2,150,000		3,624		3,402		(222	)
Chilean Peso	Deutsche Bank		8/27/15		2,610,000		4,355		4,127		(228	)
Chilean Peso	JPMorgan Chase		8/28/15		3,900,000		6,509		6,166		(343	)
Chilean Peso	Deutsche Bank		9/8/15		700,000		1,156		1,106		(50	)
European Euro	State Street		5/18/15		63,000		71,282		67,775		(3,507	)
European Euro	Barclays Bank		10/16/15		1,110,000		1,317,259		1,197,264		(119,995	)
Indian Rupee	JPMorgan Chase		4/15/15		5,537,000		87,791		88,202		411
Indian Rupee	Deutsche Bank		4/20/15		8,080,848		128,227		128,587		360
Indian Rupee	Deutsche Bank		4/27/15		4,760,000		75,905		75,631		(274	)
Indian Rupee	JPMorgan Chase		4/27/15		26,253,400		420,048		417,136		(2,912	)
Indian Rupee	JPMorgan Chase		4/28/15		14,490,000		232,771		230,180		(2,591	)
Indian Rupee	Deutsche Bank		4/30/15		8,499,417		136,585		134,959		(1,626	)
Indian Rupee	Deutsche Bank		5/5/15		7,933,333		127,362		125,828		(1,534	)
Indian Rupee	Citibank		5/11/15		25,456,000		406,043		403,197		(2,846	)
Indian Rupee	HSBC Bank		5/13/15		8,549,600		135,593		135,356		(237	)
Indian Rupee	JPMorgan Chase		5/18/15		26,253,400		414,680		415,163		483
Indian Rupee	HSBC Bank		5/20/15		8,645,260		136,970		136,651		(319	)
Indian Rupee	Deutsche Bank		5/29/15		7,367,249		117,095		116,211		(884	)
Indian Rupee	JPMorgan Chase		6/2/15		5,537,000		86,985		87,269		284
Indian Rupee	JPMorgan Chase		6/8/15		5,537,000		87,057		87,165		108
Indian Rupee	HSBC Bank		10/8/15		258,409,000		3,950,000		3,969,025		19,025
Korean Won	JPMorgan Chase		5/15/15		258,825,900		249,015		233,208		(15,807	)
Korean Won	JPMorgan Chase		5/18/15		44,818,000		43,045		40,386		(2,659	)
Korean Won	JPMorgan Chase		5/20/15		213,852,600		205,095		192,712		(12,383	)
Korean Won	JPMorgan Chase		5/21/15		270,144,000		259,879		243,446		(16,433	)
Korean Won	Deutsche Bank		6/29/15		316,000,000		305,196		284,851		(20,345	)
Korean Won	Bank of America		8/12/15		35,341,788		31,860		31,856		(4	)
Korean Won	Credit Suisse First Boston		8/12/15		69,563,594		61,322		62,703		1,381
Korean Won	HSBC Bank		9/30/15		317,000,000		301,445		285,708		(15,737	)
Malaysian Ringgit	JPMorgan Chase		4/2/15		2,190,750		664,068		591,774		(72,294	)
Malaysian Ringgit	HSBC Bank		4/10/15		340,000		102,087		91,756		(10,331	)
Malaysian Ringgit	Deutsche Bank		5/19/15		2,093,018		635,017		562,960		(72,057	)
Malaysian Ringgit	JPMorgan Chase		7/2/15		988,250		301,719		264,857		(36,862	)
Malaysian Ringgit	Deutsche Bank		7/3/15		177,180		54,167		47,482		(6,685	)
Mexican Peso	HSBC Bank		5/19/15		51,197,819		3,832,000		3,345,588		(486,412	)
Mexican Peso	Citibank		6/8/15		2,731,280		205,085		178,241		(26,844	)
Mexican Peso	Citibank		6/9/15		2,728,000		205,693		178,016		(27,677	)
Mexican Peso	Citibank		6/12/15		5,548,030		414,899		361,972		(52,927	)
Mexican Peso	Citibank		6/15/15		2,384,400		178,513		155,538		(22,975	)
Mexican Peso	Citibank		6/22/15		2,146,000		160,293		139,928		(20,365	)
Mexican Peso	Citibank		7/10/15		3,689,235		277,115		240,252		(36,863	)
Mexican Peso	Citibank		7/13/15		3,813,785		257,486		248,307		(9,179	)
Mexican Peso	HSBC Bank		9/4/15		11,644,900		866,275		755,160		(111,115	)
Mexican Peso	Deutsche Bank		10/14/15		19,592,000		1,432,583		1,266,675		(165,908	)
Mexican Peso	Citibank		10/22/15		6,418,829		463,554		414,741		(48,813	)
Mexican Peso	HSBC Bank		11/9/15		27,672,950		1,991,003		1,785,574		(205,429	)
Mexican Peso	Citibank		12/11/15		3,316,000		225,348		213,437		(11,911	)
Mexican Peso	Citibank		12/17/15		9,827,000		650,552		632,234		(18,318	)
Mexican Peso	HSBC Bank		12/17/15		5,003,000		331,000		321,875		(9,125	)
Mexican Peso	Citibank		12/18/15		4,161,750		275,479		267,732		(7,747	)
Mexican Peso	HSBC Bank		12/18/15		3,143,000		207,504		202,194		(5,310	)
Mexican Peso	Citibank		1/20/16		2,130,000		143,434		136,678		(6,756	)
Mexican Peso	HSBC Bank		1/28/16		99,680,000		6,673,585		6,392,364		(281,221	)

See accompanying notes to the schedules of portfolio investments.

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Type of Contract	Counterparty	Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Mexican Peso	Citibank		3/11/16		1,070,200	$	67,218	$	68,403	$	1,185
Mexican Peso	HSBC Bank		3/11/16		10,223,640		642,754		653,458		10,704
Mexican Peso	Citibank		3/14/16		5,352,400		333,452		342,027		8,575
Mexican Peso	JPMorgan Chase		3/14/16		28,297,935		1,763,001		1,808,281		45,280
Mexican Peso	Citibank		3/18/16		4,998,700		313,713		319,326		5,613
Mexican Peso	Citibank		3/23/16		2,637,800		168,240		168,442		202
Phillipine Peso	JPMorgan Chase		6/25/15		6,140,000		139,362		136,731		(2,631	)
Phillipine Peso	Deutsche Bank		6/26/15		16,461,720		373,062		366,566		(6,496	)
Phillipine Peso	JPMorgan Chase		6/29/15		5,340,000		121,121		118,891		(2,230	)
Phillipine Peso	JPMorgan Chase		7/1/15		9,520,000		217,630		211,936		(5,694	)
Phillipine Peso	Deutsche Bank		7/20/15		28,970,800		661,796		644,363		(17,433	)
Phillipine Peso	JPMorgan Chase		9/25/15		3,020,000		67,216		66,954		(262	)
Singapore Dollar	JPMorgan Chase		4/30/15		1,750,000		1,372,872		1,274,748		(98,124	)
Singapore Dollar	HSBC Bank		5/7/15		3,474,156		2,693,144		2,530,198		(162,946	)
Singapore Dollar	Citibank		5/18/15		260,154		208,332		189,413		(18,919	)
Singapore Dollar	Deutsche Bank		5/19/15		77,000		61,632		56,060		(5,572	)
Singapore Dollar	HSBC Bank		5/19/15		167,000		133,664		121,586		(12,078	)
Singapore Dollar	JPMorgan Chase		5/19/15		60,863		48,706		44,312		(4,394	)
Singapore Dollar	JPMorgan Chase		5/20/15		229,983		183,824		167,436		(16,388	)
Singapore Dollar	Deutsche Bank		5/28/15		66,000		50,861		48,040		(2,821	)
Singapore Dollar	Deutsche Bank		5/29/15		66,000		52,579		48,039		(4,540	)
Singapore Dollar	JPMorgan Chase		6/15/15		156,000		118,902		113,500		(5,402	)
Singapore Dollar	HSBC Bank		6/22/15		190,000		144,608		138,214		(6,394	)
Singapore Dollar	JPMorgan Chase		7/23/15		348,966		261,065		253,668		(7,397	)
Singapore Dollar	HSBC Bank		8/11/15		123,000		91,104		89,370		(1,734	)
Singapore Dollar	Barclays Bank		8/12/15		34,819		25,693		25,299		(394	)
Singapore Dollar	Deutsche Bank		8/12/15		246,000		181,463		178,738		(2,725	)
Singapore Dollar	Barclays Bank		8/17/15		103,000		75,976		74,829		(1,147	)
Singapore Dollar	HSBC Bank		8/17/15		77,000		56,698		55,940		(758	)
Singapore Dollar	HSBC Bank		8/18/15		77,000		56,698		55,938		(760	)
Singapore Dollar	Deutsche Bank		8/24/15		77,000		56,468		55,930		(538	)
Singapore Dollar	Deutsche Bank		8/26/15		172,000		126,359		124,930		(1,429	)
Singapore Dollar	HSBC Bank		9/14/15		499,540		358,360		362,673		4,313
Singapore Dollar	HSBC Bank		9/16/15		215,700		154,735		156,595		1,860
Singapore Dollar	HSBC Bank		9/21/15		252,000		199,683		182,926		(16,757	)
						$	46,399,117	$	44,021,615	$	(2,377,502	)

At March 31, 2015, the Fund’s open forward cross currency contracts were as follows:

Purchase/Sale	Counterparty	Amount Purchased	Amount Sold	Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
European Euro/Polish Zloty	Morgan Stanley	21,594 EUR	91,000 PLN	$	29,255	$	28,501	$	(754	)
Indian Rupee/European Euro	JPMorgan Chase	123,553,500 INR	1,771,757 EUR		1,969,819		2,026,988		57,169
Korean Won/European Euro	Deutsche Bank	316,000,000 KRW	244,460 EUR		291,872		313,577		21,705
Korean Won/European Euro	HSBC Bank	317,000,000 KRW	244,608 EUR		292,650		314,627		21,977
Korean Won/European Euro	JPMorgan Chase	787,640,500 KRW	608,734 EUR		727,092		780,356		53,264
Korean Won/European Euro	JPMorgan Chase	2,061,529,000 KRW	1,600,641 EUR		1,901,867		2,027,826		125,959
Malaysian Ringgit/European Euro	JPMorgan Chase	8,549,000 MYR	1,947,824 EUR		2,322,151		2,479,481		157,330
Malaysian Ringgit/European Euro	JPMorgan Chase	1,580,000 MYR	385,648 EUR		431,027		438,394		7,367
Polish Zloty/European Euro	Morgan Stanley	91,000 PLN	21,321 EUR		29,245		30,293		1,048
				$	7,994,978	$	8,440,043	$	445,065

See accompanying notes to the schedules of portfolio investments.

AZL Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Over-the-Counter Interest Rate Swap Agreements

At March 31, 2015, the Fund’s open over-the-counter interest rate swap agreements were as follows:

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate (%)		Expiration Date		Counterparty		Notional Amount (Local)			Value ($)			Unrealized Appreciation/ (Depreciation) ($)
Receive	3-Month U.S. Dollar LIBOR BBA		3.018		8/22/23		JPMorgan Chase		3,910,000	USD		(346,558	)		(346,558	)
Receive	3-Month U.S. Dollar LIBOR BBA		3.848		8/22/43		JPMorgan Chase		2,230,000	USD		(686,786	)		(686,786	)
												(1,033,344	)		(1,033,344	)

Centrally Cleared Interest Rate Swap Agreements

At March 31, 2015, the Fund’s open centrally cleared interest rate swap agreements were as follows:

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate (%)		Expiration Date		Clearing Agent		Notional Amount (Local)			Premiums Paid/ Received ($)		Value ($)			Unrealized Appreciation/ (Depreciation) ($)
Pay	3-Month U.S. Dollar LIBOR BBA		0.93		10/17/17		JPMorgan Chase		9,940,000	USD		—		13,880			13,880
Pay	3-Month U.S. Dollar LIBOR BBA		2.73		7/7/24		JPMorgan Chase		1,840,000	USD		—		(80,049	)		(80,049	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.91		1/22/25		JPMorgan Chase		3,430,000	USD		—		33,073			33,073
Pay	3-Month U.S. Dollar LIBOR BBA		1.97		1/23/25		JPMorgan Chase		4,290,000	USD		—		19,998			19,998
Pay	3-Month U.S. Dollar LIBOR BBA		1.97		1/27/25		JPMorgan Chase		2,530,000	USD		—		11,189			11,189
Pay	3-Month U.S. Dollar LIBOR BBA		1.94		1/29/25		JPMorgan Chase		640,000	USD		—		4,911			4,911
Pay	3-Month U.S. Dollar LIBOR BBA		1.94		1/30/25		JPMorgan Chase		540,000	USD		—		3,914			3,914
Pay	3-Month U.S. Dollar LIBOR BBA		1.82		2/3/25		JPMorgan Chase		840,000	USD		—		15,712			15,712
Pay	3-Month U.S. Dollar LIBOR BBA		1.99		3/27/25		JPMorgan Chase		600,000	USD		—		2,515			2,515
Pay	3-Month U.S. Dollar LIBOR BBA		1.98		3/27/25		JPMorgan Chase		600,000	USD		—		2,915			2,915
														28,058			28,058

See accompanying notes to the schedules of portfolio investments.

AZL Gateway Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks+ (99.5%):
Aerospace & Defense (2.3%):
9,900	Boeing Co. (The)	$	1,485,792
13,855	Honeywell International, Inc.		1,445,215
7,320	Raytheon Co.		799,710
11,210	United Technologies Corp.		1,313,812
			5,044,529
Air Freight & Logistics (0.7%):
15,195	United Parcel Service, Inc., Class B		1,473,003
Airlines (0.3%):
6,380	American Airlines Group, Inc.		336,736
5,430	United Continental Holdings, Inc. *		365,168
			701,904
Auto Components (0.3%):
4,775	Cooper Tire & Rubber Co.		204,561
616	Remy International, Inc.		13,681
4,520	TRW Automotive Holdings Corp. *		473,922
			692,164
Automobiles (0.5%):
55,930	Ford Motor Co.		902,710
710	Tesla Motors, Inc. *		134,027
			1,036,737
Banks (5.6%):
7,645	Associated Banc-Corp.		142,197
132,325	Bank of America Corp.		2,036,482
39,828	Citigroup, Inc.		2,051,939
2,290	FirstMerit Corp.		43,647
45,405	JPMorgan Chase & Co.		2,750,635
2,940	Old National Bancorp		41,719
32,135	U.S. Bancorp		1,403,335
64,905	Wells Fargo & Co.		3,530,831
			12,000,785
Beverages (2.3%):
51,675	Coca-Cola Co. (The)		2,095,421
3,643	Monster Beverage Corp. *		504,173
24,440	PepsiCo, Inc.		2,336,953
			4,936,547
Biotechnology (3.4%):
3,045	Alexion Pharmaceuticals, Inc. *		527,699
10,465	Amgen, Inc.		1,672,830
3,265	Biogen Idec, Inc. *		1,378,614
12,050	Celgene Corp. *		1,389,124
20,940	Gilead Sciences, Inc. *		2,054,841
3,650	Vertex Pharmaceuticals, Inc. *		430,591
			7,453,699
Capital Markets (2.2%):
2,400	Affiliated Managers Group, Inc. *		515,472
25,980	Charles Schwab Corp. (The)		790,831
8,600	Eaton Vance Corp.		358,104
5,975	Goldman Sachs Group, Inc. (The)		1,123,122
9,270	Legg Mason, Inc.		511,704
23,805	Morgan Stanley		849,600
9,420	TD Ameritrade Holding Corp.		350,989
3,600	Waddell & Reed Financial, Inc., Class A		178,344
			4,678,166
Chemicals (2.2%):
17,955	Dow Chemical Co. (The)		861,481
15,570	E.I. du Pont de Nemours & Co.		1,112,788
5,685	Eastman Chemical Co.		393,743

Shares		Fair Value
Common Stocks+, continued
Chemicals, continued
8,215	LyondellBasell Industries NV, Class A	$	721,277
8,835	Monsanto Co.		994,291
7,875	Olin Corp.		252,315
2,965	Potash Corp. of Saskatchewan, Inc.		95,621
9,510	RPM International, Inc.		456,385
			4,887,901
Commercial Services & Supplies (0.7%):
4,360	ADT Corp. (The)		181,027
270	R.R. Donnelley & Sons Co.		5,181
15,750	Tyco International plc		678,195
12,015	Waste Management, Inc.		651,574
			1,515,977
Communications Equipment (1.7%):
65,755	Cisco Systems, Inc.		1,809,906
6,354	Motorola Solutions, Inc.		423,621
21,875	QUALCOMM, Inc.		1,516,813
1,735	Telefonaktiebolaget LM Ericsson, Sponsored ADR		21,774
			3,772,114
Consumer Finance (0.8%):
15,200	American Express Co.		1,187,424
11,000	Discover Financial Services		619,850
			1,807,274
Containers & Packaging (0.4%):
5,475	Avery Dennison Corp.		289,682
10,700	MeadWestvaco Corp.		533,610
3,090	Sonoco Products Co.		140,471
			963,763
Distributors (0.3%):
6,850	Genuine Parts Co.		638,352
Diversified Financial Services (2.4%):
27,765	Berkshire Hathaway, Inc., Class B *		4,007,045
6,555	CME Group, Inc.		620,824
3,448	FNFV Group *		48,617
2,220	IntercontinentalExchange, Inc.		517,859
			5,194,345
Diversified Telecommunication Services (1.9%):
50,830	AT&T, Inc.		1,659,600
24,259	Frontier Communications Corp.		171,026
48,180	Verizon Communications, Inc.		2,342,993
			4,173,619
Electric Utilities (1.4%):
15,125	American Electric Power Co., Inc.		850,781
17,076	Duke Energy Corp.		1,311,095
2,580	Hawaiian Electric Industries, Inc.		82,870
11,885	OGE Energy Corp.		375,685
12,395	Pepco Holdings, Inc.		332,558
			2,952,989
Electrical Equipment (0.8%):
8,445	Eaton Corp. plc		573,753
12,975	Emerson Electric Co.		734,645
2,505	Hubbell, Inc., Class B		274,598
			1,582,996
Electronic Equipment, Instruments & Components (0.4%):
23,645	Corning, Inc.		536,269

Continued

AZL Gateway Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks+, continued
Electronic Equipment, Instruments & Components, continued
7,235	TE Connectivity, Ltd.	$	518,171
			1,054,440
Energy Equipment & Services (1.7%):
9,955	Baker Hughes, Inc.		632,939
430	CARBO Ceramics, Inc.		13,119
3,265	Diamond Offshore Drilling, Inc.		87,469
19,950	Halliburton Co.		875,407
6,830	Patterson-UTI Energy, Inc.		128,233
22,551	Schlumberger, Ltd.		1,881,655
1,885	Seventy Seven Energy, Inc. *		7,823
			3,626,645
Food & Staples Retailing (2.4%):
21,820	CVS Health Corp.		2,252,042
14,770	Walgreens Boots Alliance, Inc.		1,250,724
21,455	Wal-Mart Stores, Inc.		1,764,674
			5,267,440
Food Products (1.3%):
14,175	ConAgra Foods, Inc.		517,813
13,445	Kraft Foods Group, Inc.		1,171,261
33,525	Mondelez International, Inc., Class A		1,209,917
			2,898,991
Gas Utilities (0.2%):
2,161	AGL Resources, Inc.		107,294
3,605	National Fuel Gas Co.		217,489
761	ONE Gas, Inc.		32,898
3,090	WGL Holdings, Inc.		174,276
			531,957
Health Care Equipment & Supplies (2.2%):
25,375	Abbott Laboratories		1,175,624
9,155	Baxter International, Inc.		627,118
35,295	Boston Scientific Corp. *		626,486
620	Intuitive Surgical, Inc. *		313,119
27,152	Medtronic plc		2,117,584
			4,859,931
Health Care Providers & Services (2.7%):
8,584	Aetna, Inc.		914,454
4,430	Anthem, Inc.		684,036
12,425	Express Scripts Holding Co. *		1,078,117
4,355	HCA Holdings, Inc. *		327,627
4,120	Patterson Cos., Inc.		201,015
4,360	Quest Diagnostics, Inc.		335,066
14,835	UnitedHealth Group, Inc.		1,754,832
3,965	Universal Health Services, Inc., Class B		466,720
			5,761,867
Hotels, Restaurants & Leisure (1.1%):
6,770	International Game Technology		117,866
2,190	Las Vegas Sands Corp.		120,538
17,480	McDonald’s Corp.		1,703,250
2,945	Melco Crown Entertainment, Ltd., ADR		63,200
14,555	MGM Resorts International *		306,092
1,852	Restaurant Brands International, Inc.		71,135
12,505	Wendy’s Co. (The)		136,305
			2,518,386
Household Durables (0.9%):
13,305	Leggett & Platt, Inc.		613,227
14,735	Newell Rubbermaid, Inc.		575,696

Shares		Fair Value
Common Stocks+, continued
Household Durables, continued
9,100	Toll Brothers, Inc. *	$	357,994
1,085	Tupperware Brands Corp.		74,887
2,095	Whirlpool Corp.		423,316
			2,045,120
Household Products (2.0%):
14,265	Colgate-Palmolive Co.		989,135
5,820	Kimberly-Clark Corp.		623,380
32,295	Procter & Gamble Co. (The)		2,646,253
			4,258,768
Industrial Conglomerates (2.2%):
12,125	3M Co.		2,000,019
108,735	General Electric Co.		2,697,715
			4,697,734
Insurance (3.0%):
6,580	AFLAC, Inc.		421,186
12,325	Allstate Corp. (The)		877,170
19,390	American International Group, Inc.		1,062,378
6,685	Aon plc		642,562
6,020	Arthur J. Gallagher & Co.		281,435
7,165	FNF Group		263,385
9,580	Lincoln National Corp.		550,467
17,570	Marsh & McLennan Cos., Inc.		985,501
9,905	Principal Financial Group, Inc.		508,820
6,120	Travelers Cos., Inc. (The)		661,756
7,040	XL Group plc		259,072
			6,513,732
Internet & Catalog Retail (1.3%):
5,155	Amazon.com, Inc. *		1,918,175
577	Lands’ End, Inc. *		20,703
810	Priceline Group, Inc. (The) *		942,962
			2,881,840
Internet Software & Services (4.1%):
5,245	Akamai Technologies, Inc. *		372,631
690	Baidu, Inc., ADR *		143,796
15,750	eBay, Inc. *		908,460
26,440	Facebook, Inc., Class A *		2,173,764
3,045	Google, Inc., Class C *		1,668,660
4,195	Google, Inc., Class A *		2,326,966
625	LinkedIn Corp., Class A *		156,163
6,285	VeriSign, Inc. *		420,906
14,415	Yahoo!, Inc. *		640,531
			8,811,877
IT Services (3.4%):
13,720	Automatic Data Processing, Inc.		1,174,981
5,915	Broadridge Financial Solutions, Inc.		325,384
11,935	Cognizant Technology Solutions Corp., Class A *		744,625
9,350	Fidelity National Information Services, Inc.		636,361
10,555	International Business Machines Corp.		1,694,078
12,770	Paychex, Inc.		633,584
28,000	Visa, Inc., Class A		1,831,479
15,190	Western Union Co.		316,104
			7,356,596
Leisure Products (0.1%):
10,305	Mattel, Inc.		235,469
Life Sciences Tools & Services (0.1%):
890	Illumina, Inc. *		165,220

Continued

AZL Gateway Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks+, continued
Machinery (2.1%):
10,210	Caterpillar, Inc.	$	817,106
4,710	Cummins, Inc.		652,994
5,600	Deere & Co.		491,064
4,780	Parker Hannifin Corp.		567,768
5,649	Pentair, plc		355,266
3,910	Snap-On, Inc.		575,005
2,595	SPX Corp.		220,316
5,980	Stanley Black & Decker, Inc.		570,253
3,225	Timken Co.		135,902
			4,385,674
Media (3.8%):
37,660	Comcast Corp., Class A		2,126,660
2,048	Liberty Global plc, Series C *		102,011
2,719	Liberty Global plc, Class A *		139,947
7,651	News Corp., Class B *		121,421
8,555	Omnicom Group, Inc.		667,119
78,395	Sirius XM Holdings, Inc. *		299,469
5,085	Time Warner Cable, Inc., Class A		762,140
14,330	Time Warner, Inc., Class A		1,210,025
2,823	Time, Inc.		63,348
26,705	Walt Disney Co. (The)		2,801,087
			8,293,227
Metals & Mining (0.6%):
16,405	Freeport-McMoRan Copper & Gold, Inc.		310,875
10,475	Nucor Corp.		497,876
4,239	Southern Copper Corp.		123,694
12,760	Steel Dynamics, Inc.		256,476
1,587	TimkenSteel Corp.		42,008
2,295	Worthington Industries, Inc.		61,070
			1,291,999
Multiline Retail (0.9%):
8,295	Macy’s, Inc.		538,428
7,440	Nordstrom, Inc.		597,581
1,555	Sears Holdings Corp. *		64,346
9,105	Target Corp.		747,248
			1,947,603
Multi-Utilities (1.4%):
15,300	Ameren Corp.		645,660
24,020	CenterPoint Energy, Inc.		490,248
13,450	Consolidated Edison, Inc.		820,450
3,445	Integrys Energy Group, Inc.		248,109
21,100	Public Service Enterprise Group, Inc.		884,512
			3,088,979
Oil, Gas & Consumable Fuels (6.5%):
5,698	California Resources Corp.		43,362
6,020	Cheniere Energy, Inc. *		465,948
26,865	Chevron Corp.		2,820,287
5,190	Concho Resources, Inc. *		601,625
24,200	ConocoPhillips		1,506,692
10,740	Consol Energy, Inc.		299,539
11,550	Continental Resources, Inc. *		504,389
53,320	Exxon Mobil Corp.		4,532,199
4,730	Gulfport Energy Corp. *		217,154
14,235	Occidental Petroleum Corp.		1,039,155
6,730	ONEOK, Inc.		324,655
13,855	Phillips 66		1,089,003
16,025	Southwestern Energy Co. *		371,620
970	Statoil ASA, Sponsored ADR		17,062
			13,832,690

Shares		Fair Value
Common Stocks+, continued
Personal Products (0.0%):
1,145	Herbalife, Ltd. *	$	48,960
Pharmaceuticals (6.4%):
22,000	AbbVie, Inc.		1,287,880
4,310	Actavis plc *		1,282,742
23,360	Bristol-Myers Squibb Co.		1,506,720
15,725	Eli Lilly & Co.		1,142,421
470	GlaxoSmithKline plc, Sponsored ADR		21,691
35,325	Johnson & Johnson Co.		3,553,695
36,580	Merck & Co., Inc.		2,102,618
77,080	Pfizer, Inc.		2,681,613
			13,579,380
Professional Services (0.1%):
2,080	Dun & Bradstreet Corp.		266,989
Real Estate Investment Trusts (REITs) (1.7%):
16,980	American Capital Agency Corp.		362,183
28,500	Annaly Capital Management, Inc.		296,400
33,930	Duke Realty Corp.		738,656
7,895	Hatteras Financial Corp.		143,373
3,710	Healthcare Realty Trust, Inc.		103,064
11,610	Liberty Property Trust		414,477
10,190	Mack-Cali Realty Corp.		196,463
19,300	Senior Housing Properties Trust		428,267
13,363	Ventas, Inc.		975,767
			3,658,650
Road & Rail (0.9%):
3,700	Avis Budget Group, Inc. *		218,356
1,610	Canadian Pacific Railway, Ltd.		294,148
33,040	CSX Corp.		1,094,284
7,085	Hertz Global Holdings, Inc. *		153,603
			1,760,391
Semiconductors & Semiconductor Equipment (2.6%):
14,645	Advanced Micro Devices, Inc. *		39,249
7,810	Altera Corp.		335,127
4,965	Analog Devices, Inc.		312,795
25,740	Applied Materials, Inc.		580,694
58,720	Intel Corp.		1,836,173
8,210	Linear Technology Corp.		384,228
4,725	Microchip Technology, Inc.		231,053
14,630	Micron Technology, Inc. *		396,912
11,215	NVIDIA Corp.		234,674
2,435	Skyworks Solutions, Inc.		239,336
14,930	Texas Instruments, Inc.		853,772
6,355	Xilinx, Inc.		268,817
			5,712,830
Software (3.4%):
5,700	Activision Blizzard, Inc.		129,533
10,005	Adobe Systems, Inc. *		739,769
7,065	Autodesk, Inc. *		414,292
99,050	Microsoft Corp.		4,026,877
4,650	Nuance Communications, Inc. *		66,728
40,870	Oracle Corp.		1,763,540
14,155	Symantec Corp.		330,732
			7,471,471
Specialty Retail (2.7%):
370	Abercrombie & Fitch Co., Class A		8,155
1,445	American Eagle Outfitters, Inc.		24,681
5,770	Foot Locker, Inc.		363,510

Continued

AZL Gateway Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks+, continued
Specialty Retail, continued
5,690	Gap, Inc. (The)	$	246,548
19,355	Home Depot, Inc. (The)		2,198,921
5,365	L Brands, Inc.		505,866
19,815	Lowe’s Cos., Inc.		1,474,038
4,325	Tiffany & Co.		380,643
10,045	TJX Cos., Inc. (The)		703,652
			5,906,014
Technology Hardware, Storage & Peripherals (5.0%):
71,700	Apple, Inc.		8,921,630
26,205	EMC Corp.		669,800
23,540	Hewlett-Packard Co.		733,506
5,525	Seagate Technology plc		287,466
			10,612,402
Textiles, Apparel & Luxury Goods (0.2%):
6,160	Michael Kors Holdings, Ltd. *		405,020
Thrifts & Mortgage Finance (0.1%):
16,515	New York Community Bancorp, Inc.		276,296
Tobacco (1.5%):
30,040	Altria Group, Inc.		1,502,601
16,580	Philip Morris International, Inc.		1,248,971
6,625	Reynolds American, Inc.		456,529
3,522	Vector Group, Ltd.		77,378
			3,285,479
Trading Companies & Distributors (0.1%):
2,845	GATX Corp.		164,953
Wireless Telecommunication Services (0.2%):
3,590	SBA Communications Corp., Class A *		420,389
Total Common Stocks (Cost $155,334,219)			215,402,273
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Purchased Options (0.4%):
Total Purchased Options (Cost $1,422,215)			925,050
Unaffiliated Investment Company (1.3%):
2,797,146	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (a)		2,797,146
Total Unaffiliated Investment Company (Cost $2,797,146)			2,797,146
Total Investment Securities (Cost $159,553,580)(b) - 101.2%			219,124,469
Net other assets (liabilities) - (1.2)%			(2,508,102	)
Net Assets - 100.0%		$	216,616,367

Percentages indicated are based on net assets as of March 31, 2015.

ADR - American Depositary Receipt

* Non-income producing security.

+ All or a portion of each common stock has been pledged as collateral for outstanding call options written.

(a) The rate represents the effective yield at March 31, 2015.

(b) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

Continued

AZL Gateway Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Exchange-traded options purchased as of March 31, 2015 were as follows:

Description	Put/ Call			Strike Price		Expiration Date		Contracts		Fair Value
S&P 500 Index		Put	USD		1800.00		04/17/15		214	$	6,955
S&P 500 Index		Put	USD		1900.00		04/17/15		98		12,005
S&P 500 Index		Put	USD		1850.00		05/15/15		166		83,830
S&P 500 Index		Put	USD		1925.00		05/15/15		175		186,375
S&P 500 Index		Put	USD		1850.00		06/19/15		215		306,375
S&P 500 Index		Put	USD		1900.00		06/19/15		166		329,510
Total										$	925,050

Exchange-traded options written as of March 31, 2015 were as follows:

Description	Put/ Call			Strike Price		Expiration Date		Contracts		Fair Value
S&P 500 Index		Call	USD		2050.00		04/02/15		116	$	(251,720	)
S&P 500 Index		Call	USD		2050.00		04/10/15		93		(288,300	)
S&P 500 Index		Call	USD		2000.00		04/17/15		122		(912,560	)
S&P 500 Index		Call	USD		2075.00		04/17/15		116		(229,100	)
S&P 500 Index		Call	USD		2090.00		04/17/15		117		(144,495	)
S&P 500 Index		Call	USD		2100.00		04/17/15		109		(91,015	)
S&P 500 Index		Call	USD		2075.00		05/15/15		109		(373,870	)
S&P 500 Index		Call	USD		2100.00		05/15/15		252		(534,240	)
Total										$	(2,825,300	)

See accompanying notes to the schedules of portfolio investments.

AZL International Index Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (98.4%):
Aerospace & Defense (1.0%):
221,433	BAE Systems plc	$	1,716,548
76,147	Cobham plc		343,286
41,055	European Aeronautic Defence & Space Co. NV		2,667,388
29,968	Finmeccanica SpA *		356,981
56,599	Meggitt plc		459,775
131,047	Rolls-Royce Holdings plc		1,849,816
18,663	Safran SA		1,304,093
117,000	Singapore Technologies Engineering, Ltd.		296,764
6,454	Thales SA		358,187
13,420	Zodiac Aerospace		444,695
			9,797,533
Air Freight & Logistics (0.3%):
34,900	Bollore		185,973
68,061	Deutsche Post AG		2,128,811
43,571	Royal Mail plc		283,055
32,834	TNT Express NV		209,009
50,366	Toll Holdings, Ltd.		339,056
24,800	Yamato Holdings Co., Ltd.		573,262
			3,719,166
Airlines (0.1%):
74,000	All Nippon Airways Co., Ltd. ^		198,576
89,000	Cathay Pacific Airways, Ltd.		205,848
16,758	Deutsche Lufthansa AG, Registered Shares		235,632
11,214	easyJet plc		312,892
49,383	International Consolidated Airlines Group SA *		442,613
8,470	Japan Airlines Co., Ltd.		264,157
39,055	Qantas Airways, Ltd. *		92,681
1,900	Ryanair Holdings plc, ADR		126,863
39,000	Singapore Airlines, Ltd.		339,687
			2,218,949
Auto Components (1.2%):
14,000	Aisin Sieki Co., Ltd.		509,006
45,900	Bridgestone Corp.		1,843,348
12,804	Compagnie Generale des Establissements Michelin SCA, Class B		1,274,677
7,758	Continental AG		1,837,298
34,200	Denso Corp.		1,563,697
115,141	GKN plc		612,031
6,600	Koito Manufacturing Co., Ltd.		198,958
12,000	NGK Spark Plug Co., Ltd.		323,215
9,600	NHK SPRING Co., Ltd.		100,307
7,000	NOK Corp.		211,308
8,587	Nokian Renkaat OYJ		255,925
15,275	Pirelli & C. SpA		253,885
9,100	Stanley Electric Co., Ltd.		206,177
10,800	Sumitomo Rubber Industries, Ltd.		199,753
15,000	The Yokohama Rubber Co., Ltd.		155,103
3,700	Toyoda Gosei Co., Ltd.		82,874
11,800	Toyota Industries Corp.		676,985
5,282	Valeo SA		789,501
			11,094,048
Automobiles (4.1%):
22,972	Bayerische Motoren Werke AG (BMW)		2,874,544
12,000	Daihatsu Motor Co., Ltd. ^		183,923
67,165	Daimler AG, Registered Shares ^		6,467,994

Shares		Fair Value
Common Stocks, continued
Automobiles, continued
63,718	Fiat Chrysler Automobiles NV *^	$	1,037,819
41,500	Fuji Heavy Industries, Ltd.		1,381,142
114,100	Honda Motor Co., Ltd.		3,713,578
43,200	Isuzu Motors, Ltd.		575,484
37,600	Mazda Motor Corp.		764,730
42,800	Mitsubishi Motors Corp.		387,241
175,500	Nissan Motor Co., Ltd.		1,791,294
26,690	PSA Peugeot Citroen SA *		447,274
13,217	Renault SA		1,204,360
24,800	Suzuki Motor Corp.		747,081
190,600	Toyota Motor Corp.		13,323,880
2,081	Volkswagen AG		537,026
19,100	Yamaha Motor Co., Ltd.		462,210
			35,899,580
Banks (13.3%):
77,000	Aozora Bank, Ltd.		273,532
192,300	Australia & New Zealand Banking Group, Ltd.		5,358,399
299,489	Banca Monte dei Paschi di Siena SpA *^		198,983
433,723	Banco Bilbao Vizcaya Argentaria SA		4,376,454
2,415,085	Banco Commercial Portugues SA *^		248,480
241,519	Banco de Sabadell SA ^		590,124
23,948	Banco Popolare SC *		374,867
125,922	Banco Popular Espanol SA		615,374
982,064	Banco Santander SA		7,385,069
78,990	Bank Hapoalim BM		380,607
89,523	Bank Leumi Le *		332,526
87,600	Bank of East Asia, Ltd. (The) ^		348,975
1,884,536	Bank of Ireland *		713,033
26,000	Bank of Kyoto, Ltd. (The)		272,965
24,900	Bank of Queensland, Ltd.		260,994
82,000	Bank of Yokohama, Ltd. (The)		481,388
311,293	Bankia SA *		433,318
46,043	Bankinter SA		350,963
1,145,751	Barclays plc		4,110,603
33,458	Bendigo and Adelaide Bank, Ltd.		319,053
73,906	BNP Paribas SA		4,494,157
255,500	BOC Hong Kong Holdings, Ltd.		912,235
53,000	Chiba Bank, Ltd. (The)		389,810
12,700	Chugoku Bank, Ltd. (The)		190,098
226,030	Chuo Mitsui Trust Holdings, Inc.		933,938
67,383	Commerzbank AG *		928,940
113,082	Commonwealth Bank of Australia		8,022,581
70,657	Credit Agricole SA		1,038,657
155,848	Criteria Caixacorp SA		737,907
44,990	Danske Bank A/S		1,187,577
120,000	DBS Group Holdings, Ltd.		1,780,758
67,310	DnB NOR ASA		1,084,229
18,715	Erste Group Bank AG		461,040
57,000	Fukuoka Financial Group, Inc.		294,221
26,000	Gunma Bank, Ltd. (The)		176,051
28,000	Hachijuni Bank, Ltd. (The)		197,999
53,000	Hang Seng Bank, Ltd.		959,535
33,000	Hiroshima Bank, Ltd. (The)		178,319
84,000	Hokuhoku Financial Group, Inc.		187,725
1,335,454	HSBC Holdings plc		11,363,382

Continued

AZL International Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Banks, continued
60,208	Intesa Sanpaolo	$	187,586
881,950	Intesa Sanpaolo SpA		3,001,938
17,400	Iyo Bank, Ltd. (The)		207,053
45,000	Joyo Bank, Ltd. (The)		231,905
17,218	KBC Groep NV *		1,065,229
3,983,509	Lloyds Banking Group plc *		4,622,935
889,700	Mitsubishi UFJ Financial Group, Inc.		5,517,594
8,445	Mizrahi Tefahot Bank, Ltd. *		85,801
1,613,339	Mizuho Financial Group, Inc.		2,840,026
165,044	National Australia Bank, Ltd.		4,831,103
66,332	Natixis		495,270
210,341	Nordea Bank AB		2,573,150
205,899	Oversea-Chinese Banking Corp., Ltd.		1,586,263
8,407	Raiffeisen International Bank-Holding AG ^		117,526
153,087	Resona Holdings, Inc.		761,605
173,570	Royal Bank of Scotland Group plc *		872,990
41,600	Seven Bank, Ltd.		205,710
127,000	Shinsei Bank, Ltd. ^		253,110
35,000	Shizuoka Bank, Ltd. (The)		350,233
107,397	Skandinaviska Enskilda Banken AB, Class A ^		1,258,914
50,158	Societe Generale		2,424,661
173,504	Standard Chartered plc		2,808,943
88,969	Sumitomo Mitsui Financial Group, Inc.		3,413,866
13,700	Suruga Bank, Ltd.		285,036
34,368	Svenska Handelsbanken AB, A Shares		1,554,360
63,726	Swedbank AB, A Shares ^		1,525,835
58,312	UBI Banca—Unione di Banche Italiane SCPA		456,704
307,750	UniCredit SpA		2,094,348
88,073	United Overseas Bank, Ltd.		1,476,442
216,871	Westpac Banking Corp.		6,487,008
15,000	Yamaguchi Financial Group, Inc. ^		172,990
			116,711,000
Beverages (2.4%):
56,089	Anheuser-Busch InBev NV		6,860,130
26,500	Asahi Breweries, Ltd.		842,710
7,581	Carlsberg A/S, Class B ^		626,125
41,751	Coca-Cola Amatil, Ltd.		342,088
13,540	Coca-Cola HBC AG		243,024
175,262	Diageo plc		4,831,868
7,264	Heineken Holding NV		500,589
15,792	Heineken NV		1,205,940
56,000	Kirin Holdings Co., Ltd.		736,424
14,891	Pernod Ricard SA		1,756,946
1,764	Remy Cointreau SA		129,897
67,570	SABMiller plc		3,535,364
9,100	Suntory Beverage & Food, Ltd.		390,802
46,255	Treasury Wine Estates, Ltd.		179,746
			22,181,653
Biotechnology (0.4%):
7,171	Actelion, Ltd., Registered Shares		831,142
33,126	CSL, Ltd.		2,319,421
10,048	Grifols SA		431,382

Shares		Fair Value
Common Stocks, continued
Biotechnology, continued
16,197	Platinum Asset Management, Ltd.	$	96,238
			3,678,183
Building Products (0.8%):
74,000	Asahi Glass Co., Ltd.		486,258
23,171	Assa Abloy AB, Class B		1,383,633
31,613	Compagnie de Saint-Gobain SA		1,386,710
16,400	Daikin Industries, Ltd.		1,100,354
2,607	Geberit AG, Registered Shares		979,470
18,300	Lixil Group Corp.		434,457
22,000	TOTO, Ltd.		327,468
			6,098,350
Capital Markets (2.0%):
69,769	3i Group plc		498,923
61,771	Aberdeen Asset Management plc		420,822
107,041	Credit Suisse Group AG		2,884,543
117,300	Daiwa Securities Group, Inc.		925,332
96,619	Deutsche Bank AG, Registered Shares		3,361,088
38,492	ICAP plc		300,727
40,414	Investec plc		334,838
15,596	Julius Baer Group, Ltd.		782,770
20,082	Macquarie Group, Ltd.		1,166,607
43,892	Mediobanca SpA		421,626
256,600	Nomura Holdings, Inc.		1,511,099
1,256	Partners Group Holding AG		374,522
14,490	SBI Holdings, Inc.		175,929
8,833	Schroders plc		418,516
254,786	UBS Group AG		4,804,611
			18,381,953
Chemicals (3.7%):
24,102	Air Liquide SA		3,099,794
10,000	Air Water, Inc.		179,119
17,274	Akzo Nobel NV		1,307,784
4,498	Arkema, Inc.		354,980
90,000	Asahi Kasei Corp.		862,325
64,072	BASF SE		6,374,645
9,085	Croda International plc		368,723
18,000	Daicel Chemical Industries, Ltd.		215,093
568	Ems-Chemie Holding AG		231,120
636	Givaudan SA, Registered Shares ^		1,153,507
6,600	Hitachi Chemical Co., Ltd.		141,554
123,366	Incitec Pivot, Ltd.		381,225
28,383	Israel Chemicals, Ltd.		202,001
163	Israel Corp., Ltd. (The)		56,815
14,211	Johnson Matthey plc		712,885
11,800	JSR Corp.		204,965
11,663	K+S AG, Registered Shares		381,345
23,000	Kaneka Corp.		162,258
16,000	Kansai Paint Co., Ltd.		291,394
12,193	Koninklijke DSM NV		681,256
25,900	Kuraray Co., Ltd.		351,395
6,273	Lanxess AG		334,637
12,964	Linde AG		2,642,580
99,100	Mitsubishi Chemical Holdings Corp.		577,312
25,000	Mitsubishi Gas Chemical Co., Inc.		123,416
56,000	Mitsui Chemicals, Inc.		180,254

Continued

AZL International Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Chemicals, continued
10,400	Nippon Paint Holdings Co., Ltd. ^	$	381,588
11,100	Nitto Denko Corp.		743,271
16,293	Novozymes A/S, B Shares		745,329
24,762	Orica, Ltd. ^		375,691
28,900	Shin-Etsu Chemical Co., Ltd.		1,891,803
154	Sika AG, Bearer Shares		551,483
4,146	Solvay SA		599,577
101,000	Sumitomo Chemical Co., Ltd.		520,497
8,392	Symrise AG		530,726
6,434	Syngenta AG, Registered Shares		2,190,143
10,000	Taiyo Nippon Sanso Corp. ^		136,674
62,000	Teijin, Ltd.		210,941
101,000	Toray Industries, Inc.		848,124
7,101	Umicore		296,091
12,946	Yara International ASA		659,206
			32,253,526
Commercial Services & Supplies (0.5%):
17,509	Aggreko plc		395,884
16,312	Babcock International Group plc		237,927
110,633	Brambles, Ltd.		968,525
41,000	Dai Nippon Printing Co., Ltd.		399,333
13,832	Edenred		344,756
104,235	G4S plc		457,107
8,376	ISS A/S *		263,933
6,600	Park24 Co., Ltd.		135,225
14,300	SECOM Co., Ltd.		956,951
21,326	Securitas AB, B Shares		306,473
1,867	Societe BIC SA		265,870
37,000	Toppan Printing Co., Ltd.		285,707
			5,017,691
Communications Equipment (0.7%):
197,922	Alcatel-Lucent *		748,912
260,199	Nokia OYJ		1,987,363
213,687	Telefonaktiebolaget LM Ericsson, B Shares		2,691,041
			5,427,316
Construction & Engineering (0.7%):
12,020	ACS, Actividades de Construccion y Servicios SA		425,684
11,215	Bouygues SA		440,519
9,000	Chiyoda Corp.		77,151
28,515	Ferrovial SA ^		606,251
15,000	JGC Corp.		298,762
58,000	Kajima Corp.		269,880
5,932	Koninklijke Boskalis Westminster NV		292,088
6,904	Leighton Holdings, Ltd.		110,720
46,000	Obayashi Corp.		299,199
5,805	OCI NV		179,988
1	Orascom Construction, Ltd. *		7
38,000	Shimizu Corp.		257,622
26,975	Skanska AB, B Shares		606,081
69,000	TAISEI Corp.		390,686
31,777	Vinci SA		1,818,293
			6,072,931
Construction Materials (0.6%):
53,332	Boral, Ltd.		259,172
56,672	CRH plc		1,476,281
50,748	Fletcher Building, Ltd.		319,363
9,587	HeidelbergCement AG		760,506

Shares		Fair Value
Common Stocks, continued
Construction Materials, continued
15,755	Holcim, Ltd., Registered Shares	$	1,178,179
2,219	Imerys SA		163,013
29,548	James Hardie Industries SE		341,591
13,073	Lafarge SA		847,649
77,000	Taiheiyo Cement Corp.		235,649
			5,581,403
Consumer Finance (0.1%):
30,000	ACOM Co., Ltd. *^		104,320
7,900	Aeon Credit Service Co., Ltd. ^		199,937
10,400	Credit Saison Co., Ltd.		187,151
			491,408
Containers & Packaging (0.1%):
84,320	Amcor, Ltd.		899,489
46,579	Rexam plc		399,585
13,100	Toyo Seikan Kaisha, Ltd.		192,480
			1,491,554
Distributors (0.0%):
7,000	Jardine Cycle & Carriage, Ltd.		209,490
388,000	Li & Fung, Ltd. ^		378,492
			587,982
Diversified Consumer Services (0.0%):
4,900	Benesse Holdings, Inc.		154,453
Diversified Financial Services (1.3%):
13,974	ASX, Ltd.		439,609
13,471	Deutsche Boerse AG		1,101,463
2,685	Eurazeo		184,172
6,477	EXOR SpA		294,482
149,750	First Pacific Co., Ltd.		149,677
5,910	Groupe Bruxelles Lambert SA		489,392
15,821	Hargreaves Lansdown plc		270,178
77,300	Hong Kong Exchanges & Clearing, Ltd.		1,889,910
12,449	Industrivarden AB, C Shares		234,150
269,901	ING Groep NV *		3,959,361
31,335	Investor AB, B Shares		1,251,186
17,500	Japan Exchange Group, Inc.		508,568
16,766	Kinnevik Investment AB, Class B		561,159
16,358	London Stock Exchange Group plc		595,659
34,700	Mitsubishi UFJ Lease & Finance Co., Ltd.		172,169
93,700	ORIX Corp.		1,319,317
2,449	Pargesa Holding SA		171,854
54,000	Singapore Exchange, Ltd.		320,379
			13,912,685
Diversified Telecommunication Services (3.2%):
10,188	Belgacom SA		356,737
142,170	Bezeq The Israeli Telecommunication Corp., Ltd.		265,291
568,400	BT Group plc		3,682,065
221,589	Deutsche Telekom AG, Registered Shares		4,056,907
9,694	Elisa OYJ ^		243,776
128,283	France Telecom SA		2,063,621
175,820	HKT Trust & HKT, Ltd.		226,059
1,876	Iliad SA		438,234
28,385	Inmarsat plc		389,368
222,344	Koninklijke (Royal) KPN NV		755,131
25,876	Nippon Telegraph & Telephone Corp.		1,596,104

Continued

AZL International Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Diversified Telecommunication Services, continued
277,000	PCCW, Ltd.	$	168,803
552,000	Singapore Telecommunications, Ltd.		1,762,216
1,605	Swisscom AG, Registered Shares		932,602
54,444	TDC A/S		390,082
125,177	Telecom Corp. of New Zealand, Ltd.		278,801
725,189	Telecom Italia SpA ^		851,375
433,869	Telecom Italia SpA		408,144
45,982	Telefonica Deutschland Holding AG ^		265,760
293,937	Telefonica SA		4,182,021
3,471	Telenet Group Holding NV *		190,915
52,436	Telenor ASA		1,060,846
180,678	TeliaSonera AB		1,150,267
298,555	Telstra Corp., Ltd.		1,432,507
18,376	TPG Telecom, Ltd. ^		127,732
85,527	Vivendi		2,126,185
			29,401,549
Electric Utilities (1.9%):
114,914	AusNet Services		127,527
41,000	Cheung Kong Infrastructure Holdings, Ltd.		352,131
46,800	Chubu Electric Power Co., Inc.		559,632
21,800	Chugoku Electric Power Co., Inc. (The)		284,680
131,000	CLP Holdings, Ltd.		1,143,975
29,786	Contact Energy, Ltd.		133,127
138,634	E.ON AG		2,065,282
161,507	EDP—Energias de Portugal SA		605,119
17,048	Electricite de France		409,415
22,068	Endesa SA		425,492
456,327	Enel SpA		2,066,387
30,119	Fortum OYJ ^		631,250
11,200	Hokuriku Electric Power Co.		148,592
99,000	Hongkong Electric Holdings, Ltd.		1,011,130
357,647	Iberdrola SA		2,304,517
51,600	Kansai Electric Power Co., Inc. (The) *		493,324
28,700	Kyushu Electric Power Co., Inc. *^		278,815
49,648	Mighty River Power, Ltd.		115,032
6,231	Red Electrica Corporacion SA		505,490
68,777	Scottish & Southern Energy plc		1,527,403
11,900	Shikoku Electric Power Co., Inc. *^		146,865
18,110	Subsea 7 SA ^		155,979
102,361	Terna—Rete Elettrica Nationale SpA		451,196
31,000	Tohoku Electric Power Co., Inc.		353,119
98,600	Tokyo Electric Power Co., Inc. (The) *		374,108
			16,669,587
Electrical Equipment (1.4%):
153,624	ABB, Ltd.		3,262,237
15,738	Alstom SA *		484,408
37,000	Fuji Electric Holdings Co., Ltd.		174,942
18,836	Legrand SA		1,014,999

Shares		Fair Value
Common Stocks, continued
Electrical Equipment, continued
3,400	Mabuchi Motor Co., Ltd.	$	180,604
134,000	Mitsubishi Electric Corp.		1,596,222
15,000	Nidec Corp.		999,041
6,048	Osram Licht AG		300,080
14,919	Prysmian SpA		307,795
36,803	Schneider Electric SA ^		2,862,262
53,200	Sumitomo Electric Industries, Ltd.		698,716
15,153	Vestas Wind Systems A/S ^		627,514
			12,508,820
Electronic Equipment, Instruments & Components (1.5%):
21,100	Citizen Holdings Co., Ltd. ^		162,226
33,000	Fujifilm Holdings Corp.		1,176,822
9,600	Hamamatsu Photonics K.K.		290,994
18,215	Hexagon AB, B Shares		648,805
1,995	Hirose Electric Co., Ltd.		258,525
3,700	Hitachi High-Technologies Corp.		113,080
336,100	Hitachi, Ltd.		2,307,183
29,400	HOYA Corp.		1,181,075
7,600	IBIDEN Co., Ltd.		128,462
23,600	Japan Display, Inc. *^		85,017
3,270	Keyence Corp.		1,788,793
22,100	Kyocera Corp.		1,214,837
14,300	Murata Manufacturing Co., Ltd.		1,971,734
25,000	Nippon Electric Glass Co., Ltd.		122,373
14,400	Omron Corp.		650,834
19,796	Rexel SA		373,394
17,000	Shimadzu Corp.		190,102
8,400	TDK Corp.		598,199
17,100	Yaskawa Electric Corp. ^		251,110
15,100	Yokogawa Electric Corp.		163,063
			13,676,628
Energy Equipment & Services (0.2%):
26,412	AMEC plc		353,984
18,997	Petrofac, Ltd. ^		268,032
17,660	Saipem SpA *^		180,274
27,844	Seadrill, Ltd. ^		261,775
7,375	Technip-Coflexip SA		446,914
33,584	Tenaris SA		471,544
24,064	Transocean, Ltd. ^		348,265
14,329	WorleyParsons, Ltd.		104,088
			2,434,876
Food & Staples Retailing (1.5%):
46,000	Aeon Co., Ltd. ^		505,954
42,908	Carrefour SA		1,430,307
3,732	Casino Guichard-Perrachon SA		330,092
4,894	Colruyt SA		212,919
6,919	Delhaize Group		622,536
41,668	Distribuidora Internacional de Alimentacion SA		325,690
3,700	FamilyMart Co., Ltd. ^		155,504
5,357	ICA Gruppen AB		179,921
82,141	J Sainsbury plc		314,327
15,701	Jeronimo Martins SGPS SA		197,497
63,195	Koninklijke Ahold NV		1,246,711
4,400	LAWSON, Inc.		305,637
11,067	Metro AG		375,892
52,700	Seven & I Holdings Co., Ltd.		2,220,589
564,438	Tesco plc		2,019,688
78,630	Wesfarmers, Ltd.		2,626,789

Continued

AZL International Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Food & Staples Retailing, continued
149,018	William Morrison Supermarkets plc	$	425,904
87,949	Woolworths, Ltd. ^		1,969,386
			15,465,343
Food Products (3.9%):
38,000	Ajinomoto Co., Inc.		834,814
6,188	Aryzta AG ^		380,580
24,458	Associated British Foods plc		1,021,670
146	Barry Callebaut AG, Registered Shares		142,928
5,300	Calbee, Inc.		230,704
40,602	Danone SA		2,732,006
458,382	Golden Agri-Resources, Ltd.		141,992
11,026	Kerry Group plc, Class A		740,875
10,000	Kikkoman Corp.		318,129
69	Lindt & Spruengli AG		369,850
7	Lindt & Spruengli AG, Registered Shares		443,051
4,126	Meiji Holdings Co., Ltd.		504,052
224,301	Nestle SA, Registered Shares		16,946,674
12,000	Nippon Meat Packers, Inc.		276,985
15,345	Nisshin Seifun Group, Inc.		180,936
4,100	Nissin Foods Holdings Co., Ltd.		202,060
31,089	Tate & Lyle plc		275,426
6,000	Toyo Suisan Kaisha, Ltd.		211,641
113,647	Unilever NV		4,754,689
89,553	Unilever plc		3,734,589
255,000	WH Group, Ltd. *		144,784
131,000	Wilmar International, Ltd.		311,268
6,000	Yakult Honsha Co., Ltd. ^		418,779
8,000	Yamazaki Baking Co., Ltd. ^		144,563
			35,463,045
Gas Utilities (0.6%):
75,257	APA Group		518,292
11,088	Enagas		317,293
25,485	Gas Natural SDG SA		572,041
438,829	Hong Kong & China Gas Co., Ltd.		1,014,553
127,000	Osaka Gas Co., Ltd.		532,379
145,706	Snam Rete Gas SpA		708,048
28,000	Toho Gas Co., Ltd.		163,676
161,000	Tokyo Gas Co., Ltd.		1,015,245
			4,841,527
Health Care Equipment & Supplies (0.8%):
3,915	Cochlear, Ltd.		269,249
7,790	Coloplast A/S, Class B		589,623
27,094	Elekta AB, B Shares ^		243,785
14,351	Essilor International SA Cie Generale d’Optique		1,647,597
13,459	Getinge AB, B Shares		333,985
16,900	Olympus Co., Ltd. *		629,240
61,772	Smith & Nephew plc		1,047,696
3,787	Sonova Holding AG, Registered Shares		527,412
9,800	Sysmex Corp.		545,080
22,100	Terumo Corp.		584,198
1,418	William Demant Holding A/S *		120,452
			6,538,317
Health Care Providers & Services (0.5%):
10,800	Alfresa Holdings Corp.		152,652
3,756	Celesio AG		111,023
14,940	Fresenius Medical Care AG & Co., KGaA		1,243,241

Shares		Fair Value
Common Stocks, continued
Health Care Providers & Services, continued
26,360	Fresenius SE & Co. KGaA	$	1,573,897
78,492	Healthscope, Ltd.		182,533
11,100	Medipal Holdings Corp.		144,859
4,300	Miraca Holdings, Inc.		198,290
8,808	Ramsay Health Care, Ltd.		449,735
29,544	Ryman Healthcare, Ltd.		173,117
27,471	Sonic Healthcare, Ltd.		426,696
5,170	Suzuken Co., Ltd.		158,006
			4,814,049
Health Care Technology (0.0%):
14,600	M3, Inc.		310,579
Hotels, Restaurants & Leisure (1.2%):
11,993	Accor SA		626,305
13,213	Carnival plc		645,652
117,218	Compass Group plc		2,035,543
24,349	Crown, Ltd.		246,979
3,662	Flight Centre, Ltd. ^		110,154
167,000	Galaxy Entertainment Group, Ltd.		757,233
407,757	Genting Singapore plc		273,423
16,669	InterContinental Hotels Group plc		650,520
4,629	McDonald’s Holdings Co., Ltd. ^		102,639
35,141	Merlin Entertainments plc		229,863
60,400	MGM China Holdings, Ltd. ^		113,350
14,000	Oriental Land Co., Ltd. ^		1,061,792
169,300	Sands China, Ltd.		699,384
81,333	Shangri-La Asia, Ltd.		111,606
136,000	SJM Holdings, Ltd.		177,244
6,381	Sodexo, Inc.		622,544
53,904	Tabcorp Holdings, Ltd.		194,336
104,744	Tatts Group, Ltd.		317,102
30,714	TUI AG		540,039
12,669	Whitbread plc		984,450
63,000	William Hill plc		346,198
103,600	Wynn Macau, Ltd.		222,946
			11,069,302
Household Durables (0.8%):
13,600	Casio Computer Co., Ltd. ^		258,459
16,240	Electrolux AB, Series B		466,388
26,794	Husqvarna AB, B Shares		194,550
10,800	Iida Group Holdings Co., Ltd.		134,910
154,300	Panasonic Corp.		2,029,112
21,578	Persimmon plc *		531,972
2,300	Rinnai Corp.		170,889
31,000	Sekisui Chemical Co., Ltd.		403,010
39,600	Sekisui House, Ltd.		576,399
104,000	Sharp Corp. *^		203,803
80,000	Sony Corp.		2,128,085
100,500	Techtronic Industries Co., Ltd.		338,514
			7,436,091
Household Products (0.6%):
8,390	Henkel AG & Co. KGaA		867,604
44,839	Reckitt Benckiser Group plc		3,842,358
26,500	Unicharm Corp.		696,531
			5,406,493
Independent Power and Renewable Electricity Producers (0.0%):
7,700	Electric Power Development Co., Ltd.		260,048
122,358	Enel Green Power SpA ^		228,759

Continued

AZL International Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Independent Power and Renewable Electricity Producers, continued
88,932	Meridian Energy, Ltd.	$	134,597
			623,404
Industrial Conglomerates (1.3%):
329	Delek Group, Ltd.		84,889
77,000	Hankyu Hanshin Holdings, Inc.		477,077
150,000	Hutchison Whampoa, Ltd.		2,074,991
35,000	Keihan Electric Railway Co., Ltd. ^		213,642
105,200	Keppel Corp., Ltd.		690,087
64,763	Koninklijke Philips Electronics NV		1,839,878
105,390	NWS Holdings, Ltd.		175,535
55,283	Orkla ASA		418,473
9,300	Seibu Holdings, Inc.		240,798
63,000	SembCorp Industries, Ltd.		193,776
55,308	Siemens AG, Registered Shares		5,987,036
26,718	Smiths Group plc		442,327
2,053	Wendel		244,701
			13,083,210
Insurance (5.8%):
13,109	Admiral Group plc		297,054
126,896	AEGON NV		1,002,589
15,076	Ageas NV		541,206
840,200	AIA Group, Ltd.		5,266,127
30,734	Allianz SE, Registered Shares +		5,339,625
206,349	AMP, Ltd.		1,008,638
80,506	Assicurazioni Generali SpA		1,584,761
206,432	Aviva plc		1,652,404
125,768	AXA SA		3,170,993
3,163	Baloise Holding AG, Registered Shares		419,020
11,102	CNP Assurances		194,175
74,500	Dai-ichi Life Insurance Co., Ltd. (The)		1,084,388
13,649	Delta Lloyd NV		257,382
100,611	Direct Line Insurance Group plc		475,601
14,068	Gjensidige Forsikring ASA		243,205
4,189	Hannover Rueckversicherung AG, Registered Shares ^		433,234
164,881	Insurance Australia Group, Ltd.		764,070
418,459	Legal & General Group plc		1,727,064
63,211	Mapfre SA		230,594
185,079	Medibank Private, Ltd. *		326,578
35,311	MS&AD Insurance Group Holdings, Inc.		992,312
12,146	Muenchener Rueckversicherungs-Gesellschaft AG		2,620,768
22,425	NKSJ Holdings, Inc.		698,444
10,936	NN Group NV *		310,156
339,678	Old Mutual plc		1,118,078
179,058	Prudential plc		4,432,902
93,865	QBE Insurance Group, Ltd.		928,745
100,978	Resolution, Ltd.		618,430
72,460	RSA Insurance Group plc		451,706
31,623	Sampo OYJ, A Shares		1,597,698
10,667	SCOR SE		360,238
13,900	Sony Financial Holdings, Inc.		223,939
134,575	Standard Life plc		947,722

Shares		Fair Value
Common Stocks, continued
Insurance, continued
164,480	Standard Life plc B/C *	$	178,088
88,880	Suncorp-Metway, Ltd.		911,741
2,177	Swiss Life Holding AG, Registered Shares		538,928
24,789	Swiss Re AG		2,401,076
42,236	T&D Holdings, Inc.		582,717
48,600	Tokio Marine Holdings, Inc.		1,839,319
1,487	Tryg A/S		175,243
69,878	UnipolSai SpA		203,740
2,681	Vienna Insurance Group Weiner Staeditische Versicherung AG ^		118,718
10,433	Zurich Insurance Group AG		3,536,373
			51,805,789
Internet & Catalog Retail (0.1%):
55,600	Rakuten, Inc.		982,226
Internet Software & Services (0.1%):
11,400	Kakaku.com, Inc.		189,937
2,600	mixi, Inc. ^		105,370
8,224	United Internet AG, Registered Shares		374,913
95,500	Yahoo! Japan Corp. ^		394,997
			1,065,217
IT Services (0.3%):
31,129	Amadeus IT Holding SA		1,334,673
5,688	Atos Origin SA		390,493
9,987	Cap Gemini SA		819,887
34,820	Computershare, Ltd.		336,389
2,400	Itochu Techno-Solutions Corp.		49,933
8,500	Nomura Research Institute, Ltd.		320,380
8,600	NTT Data Corp.		375,067
3,900	Otsuka Corp.		166,511
			3,793,333
Leisure Products (0.2%):
13,600	Namco Bandai Holdings, Inc.		265,150
23,100	Nikon Corp. ^		310,132
3,200	Sankyo Co., Ltd.		114,076
11,700	Sega Sammy Holdings, Inc.		171,129
5,300	Shimano, Inc.		790,227
11,800	Yamaha Corp.		207,031
			1,857,745
Life Sciences Tools & Services (0.0%):
3,538	Lonza Group AG, Registered Shares		442,478
15,784	QIAGEN NV *		398,240
			840,718
Machinery (2.5%):
21,201	Alfa Laval AB		417,483
23,000	AMADA Co., Ltd.		221,906
4,759	Andritz AG		284,548
27,394	Atlas Copco AB, B Shares		811,219
46,809	Atlas Copco AB, A Shares		1,518,844
67,292	CNH Industrial NV		551,271
13,300	Fanuc, Ltd.		2,911,315
12,900	GEA Group AG ^		623,822
17,500	Hino Motors, Ltd.		250,271
6,900	Hitachi Construction Machinery Co., Ltd.		120,946
100,000	IHI Corp.		469,480
19,581	IMI plc		369,847
13,200	JTEKT Corp.		206,498

Continued

AZL International Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Machinery, continued
96,000	Kawasaki Heavy Industries, Ltd.	$	485,924
66,200	Komatsu, Ltd.		1,304,182
21,883	Kone OYJ, B Shares ^		969,913
78,000	Kubota Corp.		1,237,775
6,400	Kurita Water Industries, Ltd.		155,037
8,600	Makita Corp.		447,498
2,458	MAN AG		258,998
67,702	Melrose Industries plc		278,266
7,570	Metso Corp. OYJ ^		220,967
21,000	Minebea Co., Ltd.		332,372
209,000	Mitsubishi Heavy Industries, Ltd.		1,154,275
7,900	Nabtesco Corp.		229,253
18,000	NGK Insulators, Ltd.		385,007
34,000	NSK, Ltd.		498,432
76,300	Sandvik AB		854,948
1,465	Schindler Holding AG, Registered Shares		239,570
3,061	Schindler Holding AG		509,800
66,000	SembCorp Marine, Ltd. ^		140,466
26,798	SKF AB, B Shares		693,634
3,800	SMC Corp.		1,135,849
1,669	Sulzer AG, Registered Shares ^		183,496
37,000	Sumitomo Heavy Industries, Ltd.		242,820
7,200	THK Co., Ltd.		183,722
6,864	Vallourec SA		167,685
105,749	Volvo AB, B Shares ^		1,281,367
9,900	Wartsila Corp. OYJ		438,460
15,272	Weir Group plc (The)		385,056
134,250	Yangzijiang Shipbuilding Holdings, Ltd.		123,780
12,422	Zardoya Otis SA ^		160,202
			23,456,204
Marine (0.4%):
508	A.P. Moeller—Maersk A/S, Class B ^		1,062,511
270	A.P. Moller—Maersk A/S, Class A ^		548,804
3,866	Kuehne & Nagel International AG, Registered Shares		575,025
70,000	Mitsui O.S.K. Lines, Ltd. ^		238,159
116,000	Nippon Yusen Kabushiki Kaisha		334,690
			2,759,189
Media (1.5%):
6,203	Altice SA *		672,550
2,825	Axel Springer AG		167,044
72,482	British Sky Broadcasting Group plc		1,066,447
15,177	Dentsu, Inc.		651,780
10,353	Eutelsat Communications SA		342,734
15,400	Hakuhodo DY Holdings, Inc.		164,248
265,562	ITV plc		995,682
4,332	JC Decaux SA		145,475
1,514	Kabel Deutschland Holding AG *		196,949
8,346	Lagardere S.C.A.		249,932
6,471	Numericable-SFR *		352,831
57,072	Pearson plc		1,226,816
14,902	ProSiebenSat.1 Media AG, Registered Share		732,210

Shares		Fair Value
Common Stocks, continued
Media, continued
13,273	Publicis Groupe	$	1,024,655
3,720	REA Group, Ltd.		136,579
49,476	Reed Elsevier NV		1,233,509
78,681	Reed Elsevier plc		1,351,319
2,665	RTL Group		256,234
21,794	SES, Class A		771,292
98,768	Singapore Press Holdings, Ltd. ^		301,631
7,400	Toho Co., Ltd.		181,298
21,220	Wolters Kluwer NV		693,531
91,077	WPP plc		2,065,196
			14,979,942
Metals & Mining (2.9%):
167,224	Alumina, Ltd.		203,927
97,797	Anglo American plc		1,455,216
27,562	Antofagasta plc		297,193
70,168	ArcelorMittal ^		661,962
147,550	BHP Billiton plc		3,203,125
224,041	BHP Billiton, Ltd.		5,216,747
19,830	Boliden AB		394,863
101,346	Fortescue Metals Group, Ltd. ^		150,138
14,577	Fresnillo plc		147,125
732,904	Glencore International plc		3,085,091
15,000	Hitachi Metals, Ltd.		230,779
27,328	Iluka Resources, Ltd.		176,028
34,600	JFE Holdings, Inc.		765,747
227,000	Kobe Steel, Ltd.		420,230
2,600	Maruichi Steel Tube, Ltd. ^		61,704
83,000	Mitsubishi Materials Corp.		279,620
54,054	Newcrest Mining, Ltd. *		547,836
537,480	Nippon Steel Corp.		1,355,802
90,109	Norsk Hydro ASA		474,387
6,450	Randgold Resources, Ltd.		447,513
88,779	Rio Tinto plc		3,626,303
30,787	Rio Tinto, Ltd.		1,334,425
36,000	Sumitomo Metal & Mining Co., Ltd.		527,902
31,516	ThyssenKrupp AG		827,443
7,663	Voestalpine AG		280,098
2,900	Yamato Kogyo Co., Ltd.		70,227
			26,241,431
Multiline Retail (0.4%):
4,000	Don Quijote Co., Ltd.		326,217
37,408	Harvey Norman Holdings, Ltd. ^		126,497
22,200	Isetan Mitsukoshi Holdings, Ltd.		368,026
16,100	J. Front Retailing Co., Ltd.		253,610
112,307	Marks & Spencer Group plc		890,811
18,500	MARUI GROUP Co., Ltd.		210,578
10,579	Next plc		1,102,083
5,241	Pinault Printemps Redoute		1,024,275
18,000	Takashimaya Co., Ltd.		177,268
			4,479,365
Multi-Utilities (1.0%):
47,896	AGL Energy, Ltd.		553,463
342,910	Centrica plc		1,286,039
100,263	GDF Suez		1,983,665
263,125	National Grid plc		3,363,593
33,570	RWE AG		858,203
19,780	Suez Environnement Co.		339,611
28,666	Veolia Environnement		542,574
			8,927,148

Continued

AZL International Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels (4.9%):
239,068	BG Group plc	$	2,936,458
1,260,005	BP plc		8,139,765
9,550	Caltex Australia, Ltd.		253,820
176,231	Eni SpA		3,056,073
4,512	Fuchs Petrolub AG		180,564
26,084	Galp Energia SGPS SA		282,251
6,000	Idemitsu Kosan Co., Ltd.		104,670
59,300	INPEX Corp.		655,455
159,770	JX Holdings, Inc.		615,791
13,881	Lundin Petroleum AB *^		190,451
8,464	Neste Oil OYJ ^		221,914
10,104	OMV AG		277,272
77,079	Origin Energy, Ltd.		660,464
73,493	Repsol YPF SA ^		1,366,584
170,235	Royal Dutch Shell plc, B Shares		5,287,798
270,135	Royal Dutch Shell plc, A Shares		8,026,994
65,620	Santos, Ltd.		353,882
11,800	Showa Shell Sekiyu K.K.		108,042
76,852	Statoil ASA		1,362,967
19,000	TonenGeneral Sekiyu K.K.		164,301
149,298	Total SA		7,426,705
67,537	Tullow Oil plc		281,976
52,178	Woodside Petroleum, Ltd.		1,364,738
			43,318,935
Paper & Forest Products (0.2%):
61,000	Oji Paper Co., Ltd.		250,267
36,657	Stora Enso OYJ, R Shares		377,613
40,555	Svenska Cellulosa AB, B Shares		936,171
37,305	UPM-Kymmene OYJ		726,212
			2,290,263
Personal Products (0.7%):
6,870	Beiersdorf AG ^		597,451
35,500	Kao Corp.		1,776,185
17,579	L’Oreal SA		3,236,259
24,700	Shiseido Co., Ltd. ^		439,335
			6,049,230
Pharmaceuticals (9.8%):
149,800	Astellas Pharma, Inc.		2,457,734
88,070	AstraZeneca plc		6,037,257
57,677	Bayer AG		8,665,023
14,900	Chugai Pharmaceutical Co., Ltd.		470,284
45,000	Daiichi Sankyo Co., Ltd. ^		715,602
10,500	Dainippon Sumitomo Pharma Co., Ltd.		124,683
17,600	Eisai Co., Ltd.		1,252,635
338,251	GlaxoSmithKline plc		7,744,855
3,900	Hisamitsu Pharmaceutical Co., Inc.		160,332
15,000	Kyowa Hakko Kogyo Co., Ltd.		196,006
8,990	Merck KGaA		1,008,803
15,200	Mitsubishi Tanabe Pharma Corp.		261,361
159,974	Novartis AG, Registered Shares		15,832,733
139,992	Novo Nordisk A/S, B Shares		7,492,053
5,700	Ono Pharmaceutical Co., Ltd.		645,480
6,800	Orion OYJ, Class B ^		191,740
27,400	Otsuka Holdings Co., Ltd.		858,992
48,828	Roche Holding AG		13,474,819
82,949	Sanofi-Aventis SA		8,161,094

Shares		Fair Value
Common Stocks, continued
Pharmaceuticals, continued
26,000	Santen Pharmaceutical Co., Ltd. ^	$	379,420
21,300	Shionogi & Co., Ltd.		711,362
41,212	Shire plc		3,276,740
2,100	Taisho Pharmaceutical Holdings Co., Ltd.		156,554
54,800	Takeda Pharmacuetical Co., Ltd.		2,741,371
59,790	Teva Pharmaceutical Industries, Ltd.		3,753,039
8,882	UCB SA		639,954
			87,409,926
Professional Services (0.5%):
11,833	Adecco SA, Registered Shares		986,590
27,668	ALS, Ltd. ^		103,848
14,704	Bureau Veritas SA		315,980
46,010	Capita Group plc		760,496
68,135	Experian plc		1,128,220
11,819	Intertek Group plc		437,497
8,467	Randstad Holding NV		514,128
9,400	Recruit Holdings Co., Ltd.		293,946
394	SGS SA, Registered Shares		754,339
			5,295,044
Real Estate Investment Trusts (REITs) (1.6%):
133,000	Ascendas Real Estate Investment Trust		251,071
67,767	British Land Co. plc		835,934
135,000	CapitaCommercial Trust		173,670
157,000	CapitaMall Trust		251,749
62,079	Dexus Property Group		357,271
94,343	Federation Centres		217,886
2,272	Fonciere des Regions SA		224,745
2,110	Gecina SA		285,376
115,163	GPT Group		399,965
53,325	Hammerson plc		525,597
2,354	ICADE		212,575
52	Japan Prime Realty Investment Corp.		179,303
84	Japan Real Estate Investment Corp.		395,764
168	Japan Retail Fund Investment Corp.		334,263
11,971	Klepierre		587,989
55,179	Land Securities Group plc		1,025,141
68,211	Liberty International plc		351,928
159,500	Link REIT (The)		981,557
122,990	Macquarie Goodman Group		592,462
266,668	Mirvac Group		407,158
103	Nippon Building Fund, Inc.		506,754
109	Nippon Prologis REIT, Inc.		240,324
159,952	Novion Property Group		304,792
369,204	Scentre Group		1,048,788
55,767	SERGO plc		344,708
170,509	Stockland Trust Group		582,589
163,000	Suntec REIT		220,383
6,790	Unibail-Rodamco SE		1,832,640
171	United Urban Investment Corp.		266,795
137,646	Westfield Corp.		998,361
			14,937,538

Continued

AZL International Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Real Estate Management & Development (2.2%):
7,260	AEON Mall Co., Ltd.	$	144,086
74,028	BGP Holdings plc *(a)		—
173,000	CapitaLand, Ltd.		451,413
32,000	City Developments, Ltd.		234,636
96,000	CK Hutchison Holdings, Ltd.		1,964,026
4,900	Daito Trust Construction Co., Ltd.		548,553
41,400	Daiwa House Industry Co., Ltd.		818,541
23,982	Deutsche Annington Immobilien SE		810,191
19,447	Deutsche Wohnen AG		498,607
211,000	Global Logistic Properties, Ltd.		407,544
162,000	Hang Lung Properties, Ltd.		456,127
74,130	Henderson Land Development Co., Ltd.		519,960
18,800	Hulic Co., Ltd.		211,798
43,000	Hysan Development Co., Ltd.		188,823
7,136	IMMOEAST AG NPV(BR) *		—
60,788	Immofinanz Immobilien Anlagen AG *^		178,620
51,500	Kerry Properties, Ltd.		179,216
37,338	Lend Lease Group		471,596
87,000	Mitsubishi Estate Co., Ltd.		2,021,922
66,000	Mitsui Fudosan Co., Ltd.		1,942,520
369,623	New World Development Co., Ltd.		427,777
8,100	Nomura Real Estate Holdings, Inc.		146,303
7,200	NTT Urban Development Corp.		72,168
217,600	Sino Land Co., Ltd.		354,574
24,000	Sumitomo Realty & Development Co., Ltd.		865,477
118,000	Sun Hung Kai Properties, Ltd.		1,816,622
45,000	Swire Pacific, Ltd., Class A		611,818
82,000	Swire Properties, Ltd.		266,443
3,821	Swiss Prime Site AG		332,147
29,000	Tokyo Tatemono Co., Ltd.		212,809
30,800	Tokyu Fudosan Holdings Corp.		210,607
31,996	UOL Group, Ltd.		178,170
103,300	Wharf Holdings, Ltd. (The)		720,123
60,000	Wheelock & Co., Ltd.		306,288
			18,569,505
Road & Rail (1.0%):
71,622	Asciano, Ltd.		345,103
152,127	Aurizon Holdings, Ltd.		560,603
10,000	Central Japan Railway Co.		1,813,292
142,000	ComfortDelGro Corp., Ltd.		299,111
12,264	DSV A/S		381,684
23,213	East Japan Railway Co.		1,866,023
31,000	Keihin Electric Express Railway Co., Ltd.		248,424
38,000	Keio Corp.		298,816
20,000	Keisei Electric Railway Co., Ltd.		248,999
126,000	Kintetsu Corp.		463,359
102,500	MTR Corp., Ltd.		486,959
65,000	Nagoya Railroad Co., Ltd. ^		260,173
63,000	Nippon Express Co., Ltd.		353,035
42,000	Odakyu Electric Railway Co., Ltd.		429,036
69,000	Tobu Railway Co., Ltd.		327,969

Shares		Fair Value
Common Stocks, continued
Road & Rail, continued
82,000	Tokyu Corp.	$	508,739
11,100	West Japan Railway Co.		583,416
			9,474,741
Semiconductors & Semiconductor Equipment (0.8%):
10,800	Advantest Corp. ^		136,801
96,769	ARM Holdings plc		1,584,139
17,400	ASM Pacific Technology, Ltd. ^		180,938
23,770	ASML Holding NV		2,422,360
77,822	Infineon Technologies AG		931,673
6,900	ROHM Co., Ltd.		473,541
42,738	STMicroelectronics NV		398,294
12,000	Tokyo Electron, Ltd.		838,759
			6,966,505
Software (0.9%):
3,500	Colopl, Inc. ^		75,621
8,965	Dassault Systemes SA		607,319
28,100	Gungho Online Enetertainment, Inc.		110,132
6,900	Konami Corp. ^		129,461
9,400	Nexon Co., Ltd.		100,334
4,247	NICE Systems, Ltd.		260,498
7,300	Nintendo Co., Ltd.		1,075,946
2,700	Oracle Corp.		116,403
73,175	Sage Group plc		506,358
64,282	SAP AG		4,667,207
7,400	Trend Micro, Inc.		244,363
			7,893,642
Specialty Retail (1.1%):
2,000	ABC-Mart, Inc. ^		117,245
66,038	Dixons Carphone plc		403,996
3,700	Fast Retailing Co., Ltd.		1,434,552
66,472	Hennes & Mauritz AB, B Shares		2,698,975
1,200	Hikari Tsushin, Inc.		77,952
76,342	Industria de Diseno Textil SA		2,447,335
164,751	Kingfisher plc		929,587
4,700	Nitori Co., Ltd.		319,029
2,700	Sanrio Co., Ltd. ^		72,386
1,600	Shimamura Co., Ltd. ^		148,366
18,724	Sports Direct International *		168,535
16,500	USS Co., Ltd.		285,916
59,900	Yamada Denki Co., Ltd. ^		247,252
			9,351,126
Technology Hardware, Storage & Peripherals (0.7%):
17,900	Brother Industries, Ltd.		285,546
79,600	Canon, Inc.		2,819,720
129,000	Fujitsu, Ltd.		881,120
5,694	Gemalto NV		454,039
32,000	Konica Minolta Holdings, Inc.		325,817
175,000	NEC Corp.		515,135
47,500	Ricoh Co., Ltd.		518,095
22,677	Seek, Ltd.		294,980
17,800	Seiko Epson Corp.		316,309
278,000	Toshiba Corp.		1,168,843
			7,579,604
Textiles, Apparel & Luxury Goods (1.5%):
14,863	Adidas AG		1,178,201
10,500	ASICS Corp.		286,316
30,994	Burberry Group plc		795,874
3,787	Christian Dior SA		711,257

Continued

AZL International Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
36,441	Compagnie Financiere Richemont SA, Registered Shares	$	2,937,035
1,783	Hermes International SA		629,303
3,914	Hugo Boss AG		476,530
11,734	Luxottica Group SpA		745,557
19,521	LVMH Moet Hennessy Louis Vuitton SA		3,444,610
7,995	Pandora A/S		729,026
2,141	Swatch Group AG (The) ^		908,190
3,471	Swatch Group AG (The), Registered Shares ^		290,961
56,500	Yue Yuen Industrial Holdings, Ltd.		199,443
			13,332,303
Tobacco (1.4%):
130,016	British American Tobacco plc		6,716,369
66,898	Imperial Tobacco Group plc		2,936,326
76,300	Japan Tobacco, Inc.		2,418,097
13,886	Swedish Match AB, Class B		409,109
			12,479,901
Trading Companies & Distributors (1.1%):
34,213	Ashtead Group plc		549,412
11,159	Brenntag AG		668,893
23,152	Bunzl plc		628,085
109,900	ITOCHU Corp.		1,192,752
116,200	Marubeni Corp.		674,410
97,300	Mitsubishi Corp.		1,963,930
120,500	Mitsui & Co., Ltd.		1,619,797
294,090	Noble Group, Ltd.		197,203
80,200	Sumitomo Corp.		859,716
14,500	Toyota Tsushu Corp.		385,111
16,599	Travis Perkins plc		479,405
17,902	Wolseley plc		1,058,719
			10,277,433
Transportation Infrastructure (0.4%):
29,391	Abertis Infraestructuras SA ^		531,130
4,167	Aena SA *		418,918
2,204	Aeroports de Paris		263,606
29,656	Atlantia SpA		779,540
61,151	Auckland International Airport, Ltd.		205,669
2,627	Fraport AG		157,219
34,466	Groupe Eurotunnel SA		493,950
380,000	Hutchison Port Holdings Trust		264,100
16,000	Kamigumi Co., Ltd.		151,435
4,863	Koninklijke Vopak NV		268,729
8,000	Mitsubishi Logistics Corp. ^		125,083
81,034	Sydney Airport		318,827
125,963	Transurban Group		912,097
			4,890,303
Water Utilities (0.1%):
16,268	Severn Trent plc		496,619
47,472	United Utilities Group plc		656,796
			1,153,415
Wireless Telecommunication Services (1.6%):
122,700	KDDI Corp.		2,783,567
4,381	Millicom International Cellular SA, SDR		317,593
107,200	NTT DoCoMo, Inc.		1,864,290
67,000	SoftBank Corp.		3,899,766

Shares		Fair Value
Common Stocks, continued
Wireless Telecommunication Services, continued
41,202	StarHub, Ltd.	$	130,633
20,816	Tele2 AB		249,327
1,848,460	Vodafone Group plc		6,040,013
			15,285,189
Total Common Stocks (Cost $762,670,257)			898,257,094
Preferred Stocks (0.6%):
Automobiles (0.4%):
3,648	Bayerische Motoren Werke AG (BMW), Preferred Shares		337,744
10,676	Porsche Automobil Holding SE, Preferred Shares		1,047,840
11,254	Volkswagen AG, Preferred Shares		2,994,399
			4,379,983
Household Products (0.2%):
12,436	Henkel AG & Co. KGaA, Preferred Shares		1,464,489
Total Preferred Stocks (Cost $3,639,498)			5,844,472
Rights (0.0%):
Banks (0.0%):
433,723	Banco Bilbao Vizcaya Argentaria SA *		62,483
Construction & Engineering (0.0%):
241,519	Banco de Sabadell SA *^		61,279
21,578	Persimmon plc *		30,404
			91,683
Diversified Telecommunication Services (0.0%):
293,937	Telefonica SA *		47,402
Total Rights (Cost $–)			201,568
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (4.2%):
$38,717,861	Allianz Variable Insurance Products Securities Lending Collateral Trust (b)		38,717,861
Total Securities Held as Collateral for Securities on Loan (Cost $38,717,861)			38,717,861
Unaffiliated Investment Company (0.0%):
254,478	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (c)		254,478
Total Unaffiliated Investment Company (Cost $254,478)			254,478
Total Investment Securities (Cost $805,282,094)(d) - 103.2%			943,275,473
Net other assets (liabilities) - (3.2)%			(29,097,516	)
Net Assets - 100.0%		$	914,177,957

Percentages indicated are based on net assets as of March 31, 2015.

Continued

AZL International Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

ADR     -     American Depositary Receipt

SDR     -     Swedish Depository Receipt

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $35,372,338.

+ Affiliated Securities

(a) Security was valued in good faith pursuant to procedures approved by the Board of Trustees as of March 31, 2015. The total of all such securities represent 0.00% of the net assets of the fund.

(b) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(c) The rate represents the effective yield at March 31, 2015.

(d) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

Amounts shown as “—” are either $0 or round less than $1. The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
Australia		7.0	%
Austria		0.2	%
Belgium		1.3	%
Bermuda		—	%NM
China		—	%NM
Denmark		1.6	%
Finland		0.8	%
France		8.8	%
Germany		9.1	%
Guernsey		0.1	%
Hong Kong		3.1	%
Ireland (Republic of)		0.7	%
Israel		0.6	%
Italy		2.1	%
Japan		21.5	%
Luxembourg		0.3	%
Netherlands		3.0	%
New Zealand		0.1	%
Norway		0.6	%
Portugal		0.1	%
Singapore		1.3	%
Spain		3.3	%
Sweden		2.9	%
Switzerland		9.4	%
United Arab Emirates		—	%NM
United Kingdom		18.0	%
United States		4.1	%
		100.0	%

NM     Not meaningful, amount is less than 0.05%.

Continued

AZL International Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Futures Contracts

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
ASX SPI 200 Index June Futures (Australian Dollar)		Long		6/18/15		12	$	1,344,654	$	18,212
FTSE 100 Index June Futures (British Pounds)		Long		6/19/15		26		2,594,138		9
SGX Nikkei 225 Index June Futures (Japanese Yen)		Long		6/11/15		23		1,847,461		29,402
EURO STOXX 50 Index June Futures (Euro)		Long		6/19/15		87		3,396,194		24,961
Total									$	72,584

See accompanying notes to the schedules of portfolio investments.

AZL Invesco Equity and Income Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (64.8%):
Aerospace & Defense (0.9%):
92,827	General Dynamics Corp.	$	12,599,409
Automobiles (0.8%):
300,152	General Motors Co.		11,255,700
Banks (11.7%):
1,271,483	Bank of America Corp.		19,568,123
198,911	BB&T Corp. ^		7,755,540
782,388	Citigroup, Inc.		40,308,629
430,019	Citizens Financial Group, Inc. ^		10,376,358
193,017	Comerica, Inc.		8,710,857
425,686	Fifth Third Bancorp		8,024,181
383,428	First Horizon National Corp. ^		5,479,186
639,525	JPMorgan Chase & Co.		38,742,425
176,269	PNC Financial Services Group, Inc. ^		16,435,322
			155,400,621
Biotechnology (0.8%):
70,081	Amgen, Inc.		11,202,448
Capital Markets (4.8%):
361,990	Charles Schwab Corp. (The)		11,018,976
51,841	Goldman Sachs Group, Inc. (The)		9,744,553
579,562	Morgan Stanley		20,684,567
132,559	Northern Trust Corp.		9,232,734
178,275	State Street Corp.		13,108,561
			63,789,391
Chemicals (0.3%):
96,977	Dow Chemical Co. (The)		4,652,956
Commercial Services & Supplies (0.8%):
235,478	Tyco International plc		10,139,683
Communications Equipment (0.9%):
456,100	Cisco Systems, Inc.		12,554,153
Consumer Finance (0.1%):
61,813	Synchrony Financial *^		1,876,025
Diversified Financial Services (1.4%):
66,540	CME Group, Inc.		6,302,003
302,903	Voya Financial, Inc.		13,058,149
			19,360,152
Diversified Telecommunication Services (1.2%):
143,496	France Telecom SA		2,308,344
641,920	Koninklijke (Royal) KPN NV		2,180,106
1,340,597	Telecom Italia SpA		1,573,866
94,164	Telefonica SA		1,339,729
152,168	Verizon Communications, Inc. ^		7,399,930
			14,801,975
Electric Utilities (0.4%):
142,123	FirstEnergy Corp. ^		4,982,832
Electronic Equipment, Instruments & Components (0.7%):
436,711	Corning, Inc.		9,904,605
Energy Equipment & Services (1.1%):
167,589	Baker Hughes, Inc.		10,655,309
185,421	Ensco plc, Class A, ADR		3,906,820
			14,562,129
Food & Staples Retailing (1.1%):
180,876	Wal-Mart Stores, Inc.		14,877,051

Shares		Fair Value
Common Stocks, continued
Food Products (2.0%):
207,664	Archer-Daniels-Midland Co.	$	9,843,274
293,729	Mondelez International, Inc., Class A		10,600,679
179,318	Unilever NV, NYS		7,488,319
			27,932,272
Health Care Equipment & Supplies (1.3%):
69,497	Baxter International, Inc.		4,760,545
156,028	Medtronic plc		12,168,623
			16,929,168
Health Care Providers & Services (2.1%):
65,190	Anthem, Inc.		10,065,988
84,496	Express Scripts Holding Co. *		7,331,718
90,038	UnitedHealth Group, Inc.		10,650,595
			28,048,301
Hotels, Restaurants & Leisure (1.1%):
318,458	Carnival Corp.		15,235,031
Household Products (0.8%):
126,837	Procter & Gamble Co. (The) ^		10,393,024
Industrial Conglomerates (1.9%):
1,035,873	General Electric Co.		25,700,009
Insurance (2.0%):
99,007	Aon plc		9,516,553
173,895	Marsh & McLennan Cos., Inc.		9,753,771
175,822	Willis Group Holdings plc		8,471,104
			27,741,428
Internet Software & Services (1.1%):
250,944	eBay, Inc. *		14,474,450
IT Services (0.8%):
196,427	Amdocs, Ltd.		10,685,629
Machinery (1.3%):
79,617	Caterpillar, Inc.		6,371,749
169,662	Ingersoll-Rand plc		11,550,589
			17,922,338
Media (3.5%):
41,092	CBS Corp., Class B		2,491,408
262,068	Comcast Corp., Class A ^		14,798,980
184,927	Thomson Reuters Corp.		7,498,422
61,239	Time Warner Cable, Inc.		9,178,501
66,039	Time Warner, Inc.		5,576,333
88,120	Viacom, Inc., Class B		6,018,596
			45,562,240
Multiline Retail (1.3%):
215,512	Target Corp.		17,687,070
Multi-Utilities (0.5%):
115,054	PG&E Corp.		6,105,916
Oil, Gas & Consumable Fuels (5.3%):
86,406	Anadarko Petroleum Corp.		7,155,281
152,928	Apache Corp.		9,226,146
270,747	Canadian Natural Resources, Ltd.		8,299,430
96,334	Exxon Mobil Corp.		8,188,390
99,865	Occidental Petroleum Corp. ^		7,290,145
666,323	Royal Dutch Shell plc, A Shares		19,799,620
211,731	Total SA		10,532,383
			70,491,395

Continued

AZL Invesco Equity and Income Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Pharmaceuticals (5.2%):
176,454	Eli Lilly & Co.	$	12,819,383
236,440	Merck & Co., Inc.		13,590,572
125,115	Novartis AG, Registered Shares		12,382,715
6,043	Novartis AG, ADR		595,900
216,518	Pfizer, Inc.		7,532,661
97,668	Sanofi-Aventis SA		9,609,251
205,730	Teva Pharmaceutical Industries, Ltd., ADR		12,816,979
			69,347,461
Road & Rail (0.7%):
297,220	CSX Corp.		9,843,926
Semiconductors & Semiconductor Equipment (2.4%):
531,036	Applied Materials, Inc.		11,980,172
208,549	Broadcom Corp., Class A		9,029,129
340,984	Intel Corp.		10,662,570
			31,671,871
Software (2.7%):
108,456	Adobe Systems, Inc. *		8,019,237
128,409	Citrix Systems, Inc. *		8,201,483
231,066	Microsoft Corp.		9,393,988
477,121	Symantec Corp.		11,147,932
			36,762,640
Technology Hardware, Storage & Peripherals (0.5%):
193,609	NetApp, Inc. ^		6,865,375
Tobacco (0.7%):
125,360	Philip Morris International, Inc.		9,443,369
Wireless Telecommunication Services (0.6%):
257,251	Vodafone Group plc, ADR		8,406,963
Total Common Stocks (Cost $702,122,298)			869,209,006
Convertible Preferred Stocks (0.5%):
Banks (0.2%):
13,608	KeyCorp, Series A		1,760,535
10,000	Wells Fargo & Co.		265,200
			2,025,735
Capital Markets (0.2%):
42,000	AMG Capital Trust II, 1.06%		2,559,375
23,135	State Street Corp., Series D, 0.86%^		631,354
			3,190,729
Oil, Gas & Consumable Fuels (0.1%):
27,346	El Paso Energy Capital Trust I		1,641,613
Total Convertible Preferred Stocks (Cost $5,707,722)			6,858,077
Right (0.0%):
Diversified Telecommunication Services (0.0%):
94,164	Telefonica SA *		15,185
Total Right (Cost $–)			15,185

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Convertible Bonds (7.0%):
Air Freight & Logistics (0.2%):
$2,153,000	UTI Worldwide, Inc., 4.50%, 3/1/19	$	2,414,051
Biotechnology (0.2%):
1,987,000	BioMarin Pharmaceutical, Inc., 1.50%, 10/15/20		3,009,063
Capital Markets (0.7%):
1,200,000	Goldman Sachs Group, Inc. (The), 1.00%, 3/15/17(a)		1,680,840
4,530,000	Goldman Sachs Group, Inc. (The), 1.00%, 9/28/20(a)		4,918,991
2,932,000	Jefferies Group, 3.88%, 11/1/29, Callable 11/1/17 @ 100		2,963,153
			9,562,984
Communications Equipment (0.4%):
1,340,000	Ciena Corp., 4.00%, 12/15/20(a)		1,702,638
2,969,000	JDS Uniphase Corp., 0.63%, 8/15/33, Callable 8/20/18 @ 200^		3,071,059
			4,773,697
Energy Equipment & Services (0.2%):
2,258,000	Helix Energy Solutions Group, Inc., 3.25%, 3/15/32, Callable 3/20/18 @ 100^		2,248,121
Health Care Equipment & Supplies (0.2%):
1,899,000	NuVasive, Inc., 2.75%, 7/1/17		2,371,376
Health Care Providers & Services (1.4%):
2,281,000	Brookdale Senior Living, Inc., 2.75%, 6/15/18^		3,167,739
2,875,000	HealthSouth Corp., 2.00%, 12/1/43, Callable 12/1/18 @ 100^		3,543,438
1,642,000	Omnicare, Inc., Series OCR, 3.25%, 12/15/35, Callable 1/15/18 @ 100^		1,922,166
1,407,000	Omnicare, Inc., 3.50%, 2/15/44, Callable 2/15/19 @ 93.09^		1,712,143
4,397,000	WellPoint, Inc., 2.75%, 10/15/42		9,082,553
			19,428,039
Insurance (0.3%):
726,000	Old Republic International Corp., 3.75%, 3/15/18^		856,680
1,295,000	Radian Group, Inc., 3.00%, 11/15/17		1,982,160
1,141,000	Radian Group, Inc., 2.25%, 3/1/19		1,829,165
			4,668,005

Continued

AZL Invesco Equity and Income Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Convertible Bonds, continued
Internet & Catalog Retail (0.2%):
$1,462,000	Liberty Interactive LLC, 0.75%, 3/30/43, Callable 4/5/23 @ 200	$	2,040,404
Media (0.5%):
5,810,000	Liberty Media Corp., 1.38%, 10/15/23(a)		5,799,106
1,073,000	Live National Entertainment, Inc., 2.50%, 5/15/19(a)		1,125,980
			6,925,086
Oil, Gas & Consumable Fuels (0.4%):
2,123,000	Cobalt International Energy, Inc., 2.63%, 12/1/19		1,543,156
1,989,000	Peabody Energy Corp., 4.75%, 12/15/41^		702,366
3,337,000	Stone Energy Corp., 1.75%, 3/1/17^		3,007,471
			5,252,993
Pharmaceuticals (0.1%):
1,327,000	Jazz Pharmaceuticals, Inc., 1.88%, 8/15/21^(a)		1,544,296
Semiconductors (0.1%):
1,760,000	Microchip Technology, Inc., 1.63%, 2/15/25(a)		1,827,100
Semiconductors & Semiconductor Equipment (0.8%):
2,824,000	Lam Research Corp., 1.25%, 5/15/18^		3,711,795
2,730,000	Micron Technology, Inc., Series G, 3.00%, 11/15/43, Callable 11/20/18 @ 83.04^		3,018,356
3,464,000	NVIDIA Corp., 1.00%, 12/1/18(a)		4,083,190
			10,813,341
Software (0.5%):
4,408,000	Citrix Systems, Inc., 0.50%, 4/15/19^(a)		4,639,420
2,055,000	NetSuite, Inc., 0.25%, 6/1/18		2,134,631
			6,774,051
Technology Hardware, Storage & Peripherals (0.3%):
4,379,000	SanDisk Corp., 0.50%, 10/15/20^		4,395,421
Thrifts & Mortgage Finance (0.5%):
3,438,000	MGIC Investment Corp., 5.00%, 5/1/17^		3,790,395
1,557,000	MGIC Investment Corp., 2.00%, 4/1/20^		2,285,871
			6,076,266
Total Convertible Bonds (Cost $83,779,004)			94,124,294

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds (8.0%):
Aerospace & Defense (0.1%):
$380,000	L-3 Communications Holdings Corp., 3.95%, 5/28/24, Callable 2/28/24 @ 100	$	389,997
185,000	Northrop Grumman Corp., 3.85%, 4/15/45, Callable 10/15/44 @ 100		182,111
200,000	Precision Castparts Corp., 2.50%, 1/15/23, Callable 10/15/22 @ 100		197,080
			769,188
Air Freight & Logistics (0.1%):
360,000	FedEx Corp., 4.90%, 1/15/34		405,360
745,000	FedEx Corp., 5.10%, 1/15/44		866,194
			1,271,554
Airlines (0.1%):
410,000	American Airlines 14-1, Series A, 3.70%, 10/1/26		421,808
83,925	Continental Airlines 2010-A, Series A, 4.75%, 1/12/21		90,009
277,852	Continental Airlines 2012-A, Series A, 4.15%, 4/11/24		294,523
55,665	Delta Air Lines, Inc., 6.20%, 7/2/18		61,231
490,000	United Airlines 2014-2, Series A, 3.75%, 3/3/28		510,825
			1,378,396
Automobiles (0.0%):
550,000	Ford Motor Co., 4.75%, 1/15/43		601,355
Banks (0.5%):
330,000	Bank of America Corp., 1.25%, 1/11/16, MTN		330,624
295,000	Bank of America Corp., 5.75%, 12/1/17		324,603
175,000	Bank of America Corp., 5.65%, 5/1/18, MTN		194,122
215,000	JPMorgan Chase & Co., 4.50%, 1/24/22		237,648
995,000	JPMorgan Chase & Co., Series X, 6.10%, 10/29/49, Callable 10/1/24 @ 100(b)		1,024,850
570,000	JPMorgan Chase & Co., Series V, 5.00%, 12/29/49, Callable 7/1/19 @ 100^		559,997
130,000	PNC Funding Corp., 5.13%, 2/8/20^		148,552
1,945,000	Regions Financial Corp., 5.75%, 6/15/15		1,962,251

Continued

AZL Invesco Equity and Income Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Banks, continued
$250,000	U.S. Bank NA, 3.78%, 4/29/20, Callable 4/29/15 @ 100(b)	$	250,452
110,000	Wells Fargo & Co., 1.50%, 1/16/18		110,526
405,000	Wells Fargo & Co., 4.10%, 6/3/26^		427,303
1,200,000	Wells Fargo & Co., 4.65%, 11/4/44		1,287,034
			6,857,962
Beverages (0.1%):
135,000	Anheuser-Busch InBev NV Worldwide, Inc., 3.63%, 4/15/15		135,114
175,000	Anheuser-Busch InBev NV Worldwide, Inc., 0.80%, 7/15/15		175,222
175,000	Brown-Forman Corp., 2.25%, 1/15/23, Callable 10/15/22 @ 100		167,967
990,000	PepsiCo, Inc., 3.60%, 3/1/24, Callable 12/1/23 @ 100		1,056,047
			1,534,350
Biotechnology (0.2%):
335,000	Celgene Corp., 4.00%, 8/15/23		361,414
1,220,000	Celgene Corp., 4.63%, 5/15/44, Callable 11/15/43 @ 100		1,297,722
560,000	Gilead Sciences, Inc., 2.05%, 4/1/19^		567,394
			2,226,530
Capital Markets (0.4%):
380,000	Apollo Management Holdings LP, 4.00%, 5/30/24(a)		390,873
120,000	Bear Stearns Co., Inc., 7.25%, 2/1/18		138,151
180,000	Charles Schwab Corp. (The), 4.45%, 7/22/20		201,596
1,470,000	Ford Motor Credit Co. LLC, 2.75%, 5/15/15		1,473,246
540,000	Ford Motor Credit Co. LLC, 2.50%, 1/15/16		546,322
75,000	General Electric Capital Corp., Series G, 6.00%, 8/7/19, MTN		87,614
115,000	Goldman Sachs Group, Inc. (The), 6.15%, 4/1/18		129,288
520,000	Goldman Sachs Group, Inc. (The), 2.63%, 1/31/19		531,266
175,000	Goldman Sachs Group, Inc. (The), 5.25%, 7/27/21		199,013
140,000	Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37		183,827

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Capital Markets, continued
$895,000	KKR Group Finance Co. III LLC, 5.13%, 6/1/44, Callable 1/1/44 @ 100(a)	$	926,005
235,000	Morgan Stanley, 4.00%, 7/24/15		237,377
295,000	Morgan Stanley, 3.45%, 11/2/15		299,558
365,000	Morgan Stanley, 6.38%, 7/24/42		486,807
90,000	National Rural Utilities Cooperative Finance Corp., 3.05%, 2/15/22, Callable 11/15/21 @ 100		92,434
			5,923,377
Chemicals (0.1%):
749,000	Eastman Chemical Co., 2.70%, 1/15/20, Callable 12/15/19 @ 100		759,829
275,000	Monsanto Co., 2.13%, 7/15/19		278,752
190,000	Monsanto Co., 3.38%, 7/15/24, Callable 4/15/24 @ 100^		197,515
200,000	Monsanto Co., 3.60%, 7/15/42, Callable 1/15/42 @ 100		189,381
			1,425,477
Commercial Services & Supplies (0.1%):
430,000	Pitney Bowes, Inc., 4.63%, 3/15/24, Callable 12/15/23 @ 100		451,049
457,000	Waste Management, Inc., 3.90%, 3/1/35, Callable 9/1/34 @ 100		468,387
			919,436
Consumer Finance (0.4%):
318,000	American Express Co., 3.63%, 12/5/24, Callable 11/4/24 @ 100^		326,575
2,130,000	American Express Credit Corp., 2.75%, 9/15/15		2,150,673
500,000	HSBC Finance Corp., 5.50%, 1/19/16^		517,726
1,112,000	Lazard Group LLC, 3.75%, 2/13/25		1,096,691
1,275,000	Santander Holdings USA, 3.00%, 9/24/15, Callable 8/24/15 @ 100		1,284,939
			5,376,604
Containers & Packaging (0.1%):
831,000	Packaging Corp. of America, 4.50%, 11/1/23, Callable 8/1/23 @ 100^		894,944

Continued

AZL Invesco Equity and Income Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Diversified Financial Services (0.3%):
$551,000	Bayer US Finance LLC, 3.00%, 10/8/21(a)	$	570,071
665,000	Citigroup, Inc., 3.50%, 5/15/23^		663,159
595,000	Citigroup, Inc., 6.68%, 9/13/43		793,406
220,000	Citigroup, Inc., 5.30%, 5/6/44		247,287
600,000	General Electric Capital Corp., 5.25%, 12/31/99, Callable 6/15/23 @ 100, Perpetual Bond^(b)		616,500
65,000	JPMorgan Chase & Co., 6.30%, 4/23/19		75,506
185,000	JPMorgan Chase & Co., Series S, 6.75%, 12/31/49, Callable 2/1/24 @ 100, Perpetual Bond(b)		200,725
785,000	Moody’s Corp., 4.50%, 9/1/22, Callable 6/1/22 @ 100^		851,397
500,000	Moody’s Corp., 4.88%, 2/15/24, Callable 11/15/23 @ 100^		556,823
			4,574,874
Diversified Telecommunication Services (0.2%):
405,000	Verizon Communications, Inc., 5.15%, 9/15/23		464,326
1,375,000	Verizon Communications, Inc., 6.40%, 9/15/33		1,716,193
305,000	Verizon Communications, Inc., 4.40%, 11/1/34, Callable 5/1/34 @ 100		310,689
498,000	Verizon Communications, Inc., 5.01%, 8/21/54		516,720
			3,007,928
Electric Utilities (0.1%):
955,000	Southern Co. (The), Series A, 2.38%, 9/15/15		962,577
522,000	Spectra Energy Partners LP, 4.50%, 3/15/45, Callable 9/15/44 @ 100		529,831
			1,492,408
Electrical Equipment (0.0%):
405,000	Eaton Corp., 0.95%, 11/2/15		405,062
Energy Equipment & Services (0.1%):
351,000	Rowan Cos., Inc., 5.40%, 12/1/42, Callable 6/1/42 @ 100		287,894
609,000	Rowan Cos., Inc., 5.85%, 1/15/44, Callable 7/15/43 @ 100^		524,804
			812,698
Food & Staples Retailing (0.1%):
85,000	Corn Products International, Inc., 6.63%, 4/15/37		108,282

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Food & Staples Retailing, continued
$335,000	CVS Caremark Corp., 3.38%, 8/12/24, Callable 5/12/24 @ 100^	$	347,397
315,000	Wal-Mart Stores, Inc., 3.30%, 4/22/24, Callable 1/22/24 @ 100		333,021
			788,700
Food Products (0.3%):
2,185,000	Bunge, Ltd. Finance Corp., 5.10%, 7/15/15		2,210,506
795,000	General Mills, Inc., 2.20%, 10/21/19^		801,664
193,000	Tyson Foods, Inc., 4.88%, 8/15/34, Callable 2/15/34 @ 100		217,582
199,000	Tyson Foods, Inc., 5.15%, 8/15/44, Callable 2/15/43 @ 100^		231,605
			3,461,357
Health Care Equipment & Supplies (0.3%):
297,000	Becton, Dickinson & Co., 2.68%, 12/15/19		303,361
465,000	CareFusion Corp., 3.88%, 5/15/24, Callable 2/15/24 @ 100		489,809
370,000	CareFusion Corp., 4.88%, 5/15/44, Callable 11/15/43 @ 100		410,134
525,000	Edwards Lifesciences Corp., 2.88%, 10/15/18		541,041
1,017,000	Medtronic, Inc., 3.15%, 3/15/22(a)		1,056,015
361,000	Medtronic, Inc., 4.38%, 3/15/35(a)		392,567
290,000	Medtronic, Inc., 4.00%, 4/1/43, Callable 10/1/42 @ 100^		300,426
465,000	Medtronic, Inc., 4.63%, 3/15/44, Callable 9/15/43 @ 100		520,181
			4,013,534
Health Care Providers & Services (0.3%):
220,000	Aetna, Inc., 3.95%, 9/1/20		239,623
840,000	Express Scripts Holding Co., 2.25%, 6/15/19^		843,783
585,000	Laboratory Corp. of America, 3.20%, 2/1/22		592,230
256,000	Laboratory Corp. of America, 4.70%, 2/1/45, Callable 8/1/44 @ 100		263,500
950,000	McKesson Corp., 2.28%, 3/15/19		960,650
1,555,000	WellPoint, Inc., 1.25%, 9/10/15		1,558,712
			4,458,498

Continued

AZL Invesco Equity and Income Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Hotels, Restaurants & Leisure (0.0%):
$305,000	Wyndham Worldwide Corp., 2.95%, 3/1/17, Callable 2/1/17 @ 100	$	311,103
Household Durables (0.0%):
635,000	MDC Holdings, Inc., 6.00%, 1/15/43, Callable 10/15/42 @ 100		538,163
Household Products (0.1%):
695,000	Tupperware Brands Corp., 4.75%, 6/1/21, Callable 6/1/21 @ 100		751,734
Independent Power and Renewable Electricity Producers (0.2%):
175,000	Louisville Gas & Electric Co., 1.63%, 11/15/15		176,063
1,270,000	NextEra Energy, Inc., 2.60%, 9/1/15		1,278,773
520,000	Oglethorpe Power Corp., 4.55%, 6/1/44		565,321
125,000	Ohio Power Co., Series M, 5.38%, 10/1/21		147,502
			2,167,659
Insurance (0.6%):
1,000,000	American Financial Group, Inc., 9.88%, 6/15/19		1,277,351
345,000	American International Group, Inc., 2.30%, 7/16/19, Callable 6/16/19 @ 100^		350,116
695,000	American International Group, Inc., 4.38%, 1/15/55, Callable 7/15/54 @ 100		700,428
205,000	Berkley (WR) Corp., 4.63%, 3/15/22^		222,896
115,000	CNA Financial Corp., 5.88%, 8/15/20		133,007
870,000	Farmers Exchange Capital III, 5.45%, 10/15/54, Callable 10/15/34 @ 100(a)(b)		948,300
660,000	Liberty Mutual Group, Inc., 4.85%, 8/1/44(a)		715,686
210,000	Markel Corp., 5.00%, 3/30/43		231,302
295,000	Marsh & McLennan Cos., Inc., 4.05%, 10/15/23, Callable 7/15/23 @ 100		316,902
860,000	Nationwide Financial Services, Inc., 5.30%, 11/18/44(a)		936,426
80,000	Prudential Financial, Inc., Series D, 4.75%, 9/17/15, MTN		81,428
35,000	Prudential Financial, Inc., 6.63%, 12/1/37, MTN		46,468
280,000	Prudential Financial, Inc., 5.10%, 8/15/43, MTN		314,588

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Insurance, continued
$560,000	Reinsurance Group of America, Inc., 4.70%, 9/15/23	$	611,768
440,000	Travelers Cos., Inc. (The), 4.60%, 8/1/43^		511,810
			7,398,476
Internet & Catalog Retail (0.1%):
795,000	QVC, Inc., 5.45%, 8/15/34, Callable 2/15/34 @ 100		788,528
IT Services (0.0%):
315,000	Computer Sciences Corp., 4.45%, 9/15/22		328,070
Machinery (0.0%):
655,000	Deere & Co., 2.60%, 6/8/22, Callable 3/8/22 @ 100^		657,512
Media (0.7%):
135,000	Comcast Corp., 5.70%, 5/15/18		152,336
415,000	Comcast Corp., 4.25%, 1/15/33^		445,173
245,000	Comcast Corp., 6.45%, 3/15/37		331,758
1,520,000	Cox Communications, Inc., 8.38%, 3/1/39(a)		2,152,271
240,000	Cox Communications, Inc., 4.70%, 12/15/42(a)		244,542
2,185,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.15%, 3/15/42		2,283,482
200,000	Interpublic Group of Cos., Inc., 2.25%, 11/15/17		201,607
65,000	NBCUniversal Media LLC, 5.15%, 4/30/20		74,600
75,000	NBCUniversal Media LLC, 5.95%, 4/1/41		98,086
2,000,000	Time Warner Cable, Inc., 5.00%, 2/1/20^		2,231,916
160,000	Time Warner Cable, Inc., 5.88%, 11/15/40, Callable 5/15/40 @ 100		191,362
40,000	Time Warner, Inc., 5.88%, 11/15/16		43,069
328,000	Viacom, Inc., 4.85%, 12/15/34, Callable 6/15/34 @ 100		338,850
			8,789,052
Metals & Mining (0.0%):
215,000	Newmont Mining Corp., 3.50%, 3/15/22, Callable 12/15/21 @ 100^		208,800
72,000	Southern Copper Corp., 5.25%, 11/8/42		65,632
			274,432

Continued

AZL Invesco Equity and Income Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Multiline Retail (0.0%):
$330,000	Dollar General Corp., 3.25%, 4/15/23, Callable 1/15/23 @ 100	$	320,680
Oil, Gas & Consumable Fuels (1.1%):
1,390,000	Chevron Corp., 1.37%, 3/2/18		1,396,771
335,000	Chevron Corp., 1.72%, 6/24/18, Callable 5/24/18 @ 100		339,246
808,000	ConocoPhillips Co., 2.88%, 11/15/21, Callable 9/15/21 @ 100		828,553
867,000	ConocoPhillips Co., 4.15%, 11/15/34, Callable 5/15/34 @ 100		921,513
405,000	Devon Energy Corp., 2.25%, 12/15/18, Callable 11/15/18 @ 100		408,875
148,000	Devon Energy Corp., 3.25%, 5/15/22, Callable 2/15/22 @ 100^		149,507
385,000	Enable Midstream Partners LP, 2.40%, 5/15/19, Callable 4/15/19 @ 100(a)		377,271
347,000	Energy Transfer Partners LP, 4.90%, 3/15/35, Callable 9/15/34 @ 100		344,658
55,000	Enterprise Products Operating LP, 5.25%, 1/31/20		62,076
75,000	Enterprise Products Partners LP, 6.50%, 1/31/19		86,692
350,000	Enterprise Products Partners LP, 2.55%, 10/15/19, Callable 9/15/19 @ 100		354,687
503,000	Kinder Morgan (Delaware), Inc., 5.30%, 12/1/34, Callable 6/1/34 @ 100		519,640
2,020,000	Marathon Oil Corp., 0.90%, 11/1/15		2,020,419
640,000	Noble Energy, Inc., 5.25%, 11/15/43, Callable 5/15/43 @ 100		668,842
175,000	Plains All American Pipeline LP, 3.65%, 6/1/22, Callable 3/1/22 @ 100		180,070
248,000	Southwestern Energy Co., 4.10%, 3/15/22, Callable 12/15/21 @ 100^		244,044
45,000	Spectra Energy Capital Corp., 7.50%, 9/15/38		54,746
470,000	Sunoco Logistics Partners LP, 5.50%, 2/15/20		525,786
710,000	Sunoco Logistics Partners LP, 5.30%, 4/1/44, Callable 10/1/43 @ 100		732,470

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$45,000	Texas East Transmission, 7.00%, 7/15/32	$	59,190
215,000	Valmont Industries, Inc., 5.00%, 10/1/44, Callable 4/1/44 @ 100		209,234
400,000	Valmont Industries, Inc., 5.25%, 10/1/54, Callable 4/1/54 @ 100		394,204
830,000	Western Gas Partners LP, 5.45%, 4/1/44, Callable 10/1/43 @ 100		881,375
755,000	Williams Partners LP, 5.40%, 3/4/44, Callable 9/4/43 @ 100		757,347
858,000	Williams Partners LP, 5.10%, 9/15/45, Callable 3/15/45 @ 100		827,336
			13,344,552
Paper & Forest Products (0.0%):
125,000	International Paper Co., 6.00%, 11/15/41, Callable 5/15/41 @ 100		148,371
Pharmaceuticals (0.2%):
885,000	AbbVie, Inc., 1.20%, 11/6/15		886,292
110,000	Express Scripts, Inc., 3.13%, 5/15/16		112,676
85,000	GlaxoSmithKline plc, 5.65%, 5/15/18		96,147
75,000	Medco Health Solutions, Inc., 2.75%, 9/15/15		75,639
95,000	Merck & Co., Inc., 5.00%, 6/30/19		107,692
337,000	Merck & Co., Inc., 3.70%, 2/10/45, Callable 8/10/44 @ 100		338,594
567,000	Walgreens Boots Alliance, Inc., 3.30%, 11/18/21, Callable 9/18/21 @ 100		583,734
418,000	Walgreens Boots Alliance, Inc., 4.50%, 11/18/34, Callable 5/18/34 @ 100		441,798
213,000	Zoetis, Inc., 4.70%, 2/1/43, Callable 8/1/42 @ 100		222,105
			2,864,677
Real Estate Investment Trusts (REITs) (0.1%):
115,000	Digital Realty Trust LP, 4.50%, 7/15/15		115,286
410,000	HCP, Inc., 4.20%, 3/1/24, Callable 12/1/23 @ 100		428,798
475,000	HCP, Inc., 3.88%, 8/15/24, Callable 5/15/24 @ 100		482,696
125,000	Realty Income Corp., 2.00%, 1/31/18, Callable 12/31/17 @ 100		126,168
185,000	Senior Housing Properties Trust, 4.30%, 1/15/16, Callable 10/15/15 @ 100		187,784

Continued

AZL Invesco Equity and Income Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Real Estate Investment Trusts (REITs), continued
$240,000	Ventas Realty LP / Capital Corp., 2.70%, 4/1/20, Callable 1/1/20 @ 100^	$	242,609
95,000	Ventas Realty LP / Capital Corp., 4.25%, 3/1/22		101,850
155,000	Ventas Realty LP / Capital Corp., 5.70%, 9/30/43, Callable 3/30/43 @ 100		190,459
			1,875,650
Real Estate Management & Development (0.0%):
510,000	Piedmont Operating Partnership LP, 4.45%, 3/15/24, Callable 12/15/23 @ 100		531,122
Road & Rail (0.3%):
1,370,000	Burlington Northern Santa Fe LLC, 5.15%, 9/1/43, Callable 3/1/43 @ 100		1,598,058
140,000	CSX Corp., 5.50%, 4/15/41, Callable 10/15/40 @ 100^		174,337
845,000	ERAC USA Finance LLC, 2.35%, 10/15/19(a)		849,276
18,000	Union Pacific Corp., 3.65%, 2/15/24, Callable 11/15/23 @ 100		19,474
140,000	Union Pacific Corp., 3.25%, 1/15/25, Callable 10/1/24 @ 100		146,618
465,000	Union Pacific Corp., 4.85%, 6/15/44, Callable 12/15/43 @ 100^		553,635
400,000	Union Pacific Corp., 4.15%, 1/15/45, Callable 7/15/44 @ 100		431,814
			3,773,212
Semiconductors & Semiconductor Equipment (0.0%):
585,000	Lam Research Corp., 3.80%, 3/15/25, Callable 12/15/24 @ 100		588,347
Software (0.1%):
75,000	Adobe Systems, Inc., 4.75%, 2/1/20		83,754
395,000	Microsoft Corp., 3.50%, 2/12/35, Callable 8/12/34 @ 100		393,959
545,000	Oracle Corp., 4.30%, 7/8/34, Callable 1/8/34 @ 100		591,360
			1,069,073
Specialty Retail (0.3%):
520,000	Advance Auto Parts, Inc., 4.50%, 12/1/23, Callable 9/1/23 @ 100		557,602
631,130	CVS Pass-Through Trust, 6.04%, 12/10/28		746,058

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Specialty Retail, continued
$1,400,000	O’Reilly Automotive, Inc., 4.88%, 1/14/21, Callable 10/14/20 @ 100	$	1,561,706
365,000	Penske Truck Leasing Co. LP, 2.50%, 3/15/16(a)		370,285
337,000	Ross Stores, Inc., 3.38%, 9/15/24, Callable 6/15/24 @ 100		345,475
355,000	Target Corp., 2.90%, 1/15/22^		365,375
15,000	Wal-Mart Stores, Inc., 6.50%, 8/15/37		20,955
			3,967,456
Technology Hardware, Storage & Peripherals (0.1%):
696,000	Apple, Inc., 2.15%, 2/9/22^		686,991
694,000	Xerox Corp., 4.80%, 3/1/35		680,601
			1,367,592
Textiles, Apparel & Luxury Goods (0.0%):
195,000	Cintas Corp., 2.85%, 6/1/16		199,545
Tobacco (0.1%):
410,000	Altria Group, Inc., 4.13%, 9/11/15		416,177
310,000	Philip Morris International, Inc., 3.60%, 11/15/23^		328,258
925,000	Philip Morris International, Inc., 4.88%, 11/15/43		1,053,834
			1,798,269
Trading Companies & Distributors (0.0%):
395,000	Air Lease Corp., 4.25%, 9/15/24, Callable 6/15/24 @ 100		406,850
Wireless Telecommunication Services (0.1%):
1,000	AT&T, Inc., 8.00%, 11/15/31		1,456
28,000	AT&T, Inc., 5.35%, 9/1/40		30,557
730,000	Crown Castle Towers LLC, 6.11%, 1/15/20(a)		832,769
25,000	SBC Communications, Inc., 6.15%, 9/15/34		29,557
120,000	Verizon Communications, Inc., 6.40%, 2/15/38		149,589
			1,043,928
Total Corporate Bonds (Cost $103,072,710)			107,498,285
Yankee Dollars (1.6%):
Aerospace & Defense (0.0%):
275,000	Heathrow Funding, Ltd., 2.50%, 6/25/15(a)		275,927
Airlines (0.1%):
794,623	Virgin Australia Holdings, Ltd., 5.00%, 10/23/23(a)		836,341
Banks (0.7%):
430,000	Banco Inbursa SA, 4.13%, 6/6/24(a)		423,550

Continued

AZL Invesco Equity and Income Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Yankee Dollars, continued
Banks, continued
$175,000	Barclays Bank plc, 6.75%, 5/22/19	$	207,453
615,000	BBVA Bancomer SA, 4.38%, 4/10/24(a)		637,294
490,000	BNP Paribas, 4.25%, 10/15/24^		504,349
564,000	Credit Suisse AG, 6.50%, 8/8/23(a)		643,968
105,000	HBOS plc, Series G, 6.75%, 5/21/18(a)		117,478
375,000	ING Bank NV, 3.75%, 3/7/17(a)		392,073
435,000	Lloyds Bank plc, 2.30%, 11/27/18^		442,262
2,425,000	Mizuho Finance Group (Cayman) 3, Ltd., 4.60%, 3/27/24^(a)		2,603,930
995,000	Societe Generale SA, 5.00%, 1/17/24(a)		1,041,777
100,000	Standard Chartered plc, 3.85%, 4/27/15(a)		100,211
545,000	Standard Chartered plc, 5.70%, 3/26/44(a)		608,101
35,000	UBS AG Stamford CT, Series BKNT, 5.88%, 12/20/17		38,852
120,000	UBS AG Stamford CT, Series BKNT, 5.75%, 4/25/18		134,231
			7,895,529
Beverages (0.0%):
80,000	FBG Finance, Ltd., 5.13%, 6/15/15(a)		80,671
Chemicals (0.1%):
650,000	Montell Finance Co. BV, 8.10%, 3/15/27(a)		895,095
Diversified Financial Services (0.0%):
409,000	BP Capital Markets plc, 2.24%, 5/10/19^		413,405
Diversified Telecommunication Services (0.0%):
465,000	British Telecommunications plc, 1.25%, 2/14/17		465,261
320,000	Telefonica Emisiones SAU, 7.05%, 6/20/36		442,022
			907,283
Electric Utilities (0.1%):
50,000	Electricite de France SA, 4.60%, 1/27/20^(a)		55,749
765,000	Electricite de France SA, 4.88%, 1/22/44(a)		866,957
785,000	Electricite de France SA, 5.62%, 12/31/49, Callable 1/22/24 @ 100, Perpetual Bond(a)(b)		836,025
			1,758,731

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Yankee Dollars, continued
Food Products (0.1%):
$685,000	Grupo Bimbo SAB de C.V., 3.88%, 6/27/24(a)	$	702,920
Industrial Conglomerates (0.0%):
350,000	Pentair Finance SA, 5.00%, 5/15/21, Callable 2/15/21 @ 100		387,053
Insurance (0.0%):
100,000	AEGON NV, 4.63%, 12/1/15		102,547
Media (0.0%):
400,000	Grupo Televisa SAB, 5.00%, 5/13/45		416,340
Metals & Mining (0.0%):
205,000	ArcelorMittal, 4.25%, 8/5/15		206,538
145,000	ArcelorMittal, 9.85%, 6/1/19		177,353
30,000	ArcelorMittal, 7.50%, 3/1/41^		31,200
100,000	Rio Tinto Finance (USA), Ltd., 9.00%, 5/1/19		126,811
110,000	Rio Tinto Finance (USA), Ltd., 7.13%, 7/15/28		147,171
380,000	Vale Overseas, Ltd., 5.63%, 9/15/19^		403,587
65,000	Vale SA, 5.63%, 9/11/42^		56,251
230,000	Xstrata Finance Canada, 1.80%, 10/23/15(a)		230,966
230,000	Xstrata Finance Canada, 2.70%, 10/25/17(a)		233,366
			1,613,243
Oil, Gas & Consumable Fuels (0.0%):
150,000	Husky Energy, Inc., 3.95%, 4/15/22, Callable 1/15/22 @ 100		152,400
70,000	Noble Holding International, Ltd., 2.50%, 3/15/17		68,923
40,000	Shell International Finance BV, 3.10%, 6/28/15		40,255
315,000	Suncor Energy, Inc., 3.60%, 12/1/24, Callable 9/1/24 @ 100^		321,325
			582,903
Pharmaceuticals (0.2%):
885,000	Actavis Funding SCS, 1.85%, 3/1/17		891,384
475,000	Actavis Funding SCS, 4.55%, 3/15/35, Callable 9/15/34 @ 100		495,101
850,000	Actavis Funding SCS, 4.85%, 6/15/44, Callable 12/15/43 @ 100		902,832
310,000	Perrigo Co. plc, 2.30%, 11/8/18		312,867
			2,602,184

Continued

AZL Invesco Equity and Income Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Yankee Dollars, continued
Real Estate Management & Development (0.2%):
$730,000	Brookfield Asset Management, Inc., 4.00%, 1/15/25, Callable 10/15/24 @ 100	$	732,908
Technology Hardware, Storage & Peripherals (0.1%):
665,000	Seagate HDD Cayman, 5.75%, 12/1/34, Callable 6/1/34 @ 100(a)		710,787
Wireless Telecommunication Services (0.0%):
200,000	America Movil SAB de C.V., 2.38%, 9/8/16		203,278
335,000	America Movil SAB de C.V., 4.38%, 7/16/42		334,953
75,000	Deutsche Telekom International Finance BV, 6.00%, 7/8/19		87,315
355,000	Rogers Communications, Inc., 4.50%, 3/15/43, Callable 9/15/42 @ 100		364,146
			989,692
Total Yankee Dollars (Cost $20,857,085)			21,903,559
U.S. Government Agency Mortgages (0.1%):
950,000	Federal Home Loan Mortgage Corporation, 4.88%, 6/13/18^		1,065,999
185,000	Federal National Mortgage Association, 6.63%, 11/15/30		278,442
540,000	Federal National Mortgage Association, 4.38%, 10/15/15		552,113
			1,896,554
Total U.S. Government Agency Mortgages (Cost $1,739,711)			1,896,554
U.S. Treasury Obligations (10.0%):
U.S. Treasury Bonds (0.0%)
12,900	3.00%, 11/15/44^		14,135
U.S. Treasury Notes (10.0%)
21,879,000	0.50%, 3/31/17^		21,853,358
200,000	0.63%, 5/31/17		200,016
8,000,000	0.75%, 6/30/17^		8,016,248
13,200,000	0.75%, 2/28/18^		13,156,691
43,495,000	1.00%, 3/15/18^		43,654,713
6,200,000	1.25%, 1/31/19^		6,223,250
6,000	3.63%, 2/15/20		6,648
21,312,200	1.38%, 3/31/20^		21,315,525
400,000	2.63%, 11/15/20		423,781

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
U.S. Treasury Obligations, continued
$19,889,900	2.00%, 2/15/25^	$	20,007,996
			134,858,226
Total U.S. Treasury Obligations (Cost $134,344,121)			134,872,361
Securities Held as Collateral for Securities on Loan (16.2%):
$217,282,614	Allianz Variable Insurance Products Securities Lending Collateral Trust (c)		217,282,614
Total Securities Held as Collateral for Securities on Loan (Cost $217,282,614)			217,282,614
Unaffiliated Investment Company (7.3%):
98,694,479	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (d)		98,694,479
Total Unaffiliated Investment Company (Cost $98,694,479)			98,694,479
Total Investment Securities (Cost $1,367,599,744)(e) - 115.5%			1,552,354,414
Net other assets (liabilities) - (15.5)%			(208,736,691	)
Net Assets - 100.0%		$	1,343,617,723

Percentages indicated are based on net assets as of March 31, 2015.

ADR - American Depositary Receipt

MTN - Medium Term Note

NYS - New York Shares

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $211,768,446.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(b) Variable rate security. The rate presented represents the rate in effect at March 31, 2015. The date presented represents the final maturity date.

(c) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(d) The rate represents the effective yield at March 31, 2015.

(e) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

Continued

AZL Invesco Equity and Income Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
Australia		0.1	%
Brazil		—	%NM
British Virgin Islands		0.2	%
Canada		1.1	%
Cayman Islands		0.2	%
France		1.6	%
Guernsey		0.7	%
Ireland (Republic of)		1.4	%
Israel		0.8	%
Italy		0.1	%
Jersey		—	%NM
Luxembourg		0.2	%
Mexico		0.2	%
Netherlands		0.7	%
Panama		1.0	%
Spain		0.1	%
Switzerland		0.9	%
United Kingdom		3.4	%
United States		87.3	%
		100.0	%

NM Not meaningful, amount is less than 0.05%.

Continued

AZL Invesco Equity and Income Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Forward Currency Contracts

At March 31, 2015, the Fund’s open forward currency contracts were as follows:

Type of Contract	Counterparty	Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
British Pound	Bank of New York Mellon		4/17/15		6,948,654	$	10,256,804	$	10,305,000	$	(48,196	)
British Pound	State Street		4/17/15		6,954,537		10,264,132		10,313,724		(49,592	)
Canadian Dollar	Bank of New York Mellon		4/17/15		7,304,527		5,718,501		5,766,811		(48,310	)
Canadian Dollar	State Street		4/17/15		7,304,692		5,718,294		5,766,941		(48,647	)
European Euro	Bank of New York Mellon		4/17/15		12,179,205		12,941,928		13,096,840		(154,912	)
European Euro	State Street		4/17/15		12,195,244		12,961,593		13,114,087		(152,494	)
Israeli Shekel	Bank of New York Mellon		4/17/15		18,607,454		4,635,985		4,679,552		(43,567	)
Israeli Shekel	State Street		4/17/15		18,608,412		4,636,455		4,679,793		(43,338	)
Swiss Franc	Bank of New York Mellon		4/17/15		4,815,487		4,804,772		4,960,344		(155,572	)
Swiss Franc	State Street		4/17/15		4,836,585		4,825,318		4,982,077		(156,759	)
						$	76,763,782	$	77,665,169	$	(901,387	)

See accompanying notes to the schedules of portfolio investments.

AZL Invesco Growth and Income Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (97.7%):
Aerospace & Defense (1.4%):
41,119	General Dynamics Corp.	$	5,581,082
Automobiles (1.2%):
134,750	General Motors Co.		5,053,125
Banks (17.2%):
555,091	Bank of America Corp.		8,542,850
91,466	BB&T Corp. ^		3,566,259
344,444	Citigroup, Inc.		17,745,755
188,306	Citizens Financial Group, Inc.		4,543,824
89,603	Comerica, Inc.		4,043,783
188,843	Fifth Third Bancorp		3,559,691
167,234	First Horizon National Corp. ^		2,389,774
302,603	JPMorgan Chase & Co.		18,331,689
80,164	PNC Financial Services Group, Inc.		7,474,491
			70,198,116
Biotechnology (1.3%):
32,620	Amgen, Inc.		5,214,307
Capital Markets (7.3%):
158,100	Charles Schwab Corp. (The)		4,812,564
23,574	Goldman Sachs Group, Inc. (The)		4,431,205
285,886	Morgan Stanley		10,203,271
64,769	Northern Trust Corp.		4,511,161
78,874	State Street Corp. ^		5,799,605
			29,757,806
Chemicals (0.5%):
43,778	Dow Chemical Co. (The)		2,100,468
Commercial Services & Supplies (1.1%):
102,275	Tyco International plc		4,403,962
Communications Equipment (1.4%):
204,349	Cisco Systems, Inc.		5,624,706
Consumer Finance (0.2%):
27,096	Synchrony Financial *^		822,364
Diversified Financial Services (2.1%):
28,948	CME Group, Inc.		2,741,665
134,148	Voya Financial, Inc.		5,783,120
			8,524,785
Diversified Telecommunication Services (1.6%):
63,289	France Telecom SA		1,018,097
286,148	Koninklijke (Royal) KPN NV		971,823
591,273	Telecom Italia SpA		694,157
46,216	Telefonica SA		657,543
66,565	Verizon Communications, Inc.		3,237,056
			6,578,676
Electric Utilities (0.6%):
64,813	FirstEnergy Corp.		2,272,344
Electronic Equipment, Instruments & Components (1.1%):
190,396	Corning, Inc.		4,318,181
Energy Equipment & Services (1.7%):
85,254	Baker Hughes, Inc.		5,420,449
80,677	Ensco plc, Class A, ADR		1,699,864
			7,120,313
Food & Staples Retailing (1.6%):
79,122	Wal-Mart Stores, Inc.		6,507,785
Food Products (3.2%):
91,710	Archer-Daniels-Midland Co.		4,347,054
134,701	Mondelez International, Inc., Class A		4,861,359

Shares		Fair Value
Common Stocks, continued
Food Products, continued
79,425	Unilever NV, NYS	$	3,316,788
			12,525,201
Health Care Equipment & Supplies (1.9%):
30,234	Baxter International, Inc.		2,071,029
70,900	Medtronic plc		5,529,491
			7,600,520
Health Care Providers & Services (3.2%):
29,395	Anthem, Inc.		4,538,882
38,021	Express Scripts Holding Co. *		3,299,082
45,047	UnitedHealth Group, Inc.		5,328,610
			13,166,574
Hotels, Restaurants & Leisure (1.8%):
156,931	Carnival Corp.		7,507,579
Household Products (1.1%):
57,133	Procter & Gamble Co. (The)		4,681,478
Industrial Conglomerates (2.9%):
472,626	General Electric Co.		11,725,851
Insurance (3.1%):
44,190	Aon plc		4,247,543
77,254	Marsh & McLennan Cos., Inc.		4,333,177
77,957	Willis Group Holdings plc		3,755,968
			12,336,688
Internet Software & Services (1.6%):
115,717	eBay, Inc. *		6,674,557
IT Services (1.2%):
92,034	Amdocs, Ltd.		5,006,650
Machinery (1.9%):
35,673	Caterpillar, Inc.		2,854,910
75,267	Ingersoll-Rand plc		5,124,177
			7,979,087
Media (5.1%):
18,089	CBS Corp., Class B		1,096,736
119,182	Comcast Corp., Class A		6,730,207
81,459	Thomson Reuters Corp.		3,303,000
28,024	Time Warner Cable, Inc.		4,200,237
34,693	Time Warner, Inc.		2,929,477
40,025	Viacom, Inc., Class B		2,733,708
			20,993,365
Multiline Retail (1.9%):
96,580	Target Corp.		7,926,321
Multi-Utilities (0.7%):
54,101	PG&E Corp.		2,871,140
Oil, Gas & Consumable Fuels (8.5%):
42,620	Anadarko Petroleum Corp.		3,529,362
73,004	Apache Corp. ^		4,404,332
141,506	Canadian Natural Resources, Ltd.		4,337,700
44,769	Exxon Mobil Corp.		3,805,365
49,326	Occidental Petroleum Corp.		3,600,798
318,465	Royal Dutch Shell plc, A Shares		9,463,108
101,077	Total SA		5,027,991
			34,168,656
Pharmaceuticals (7.9%):
82,078	Eli Lilly & Co.		5,962,967
108,618	Merck & Co., Inc.		6,243,362
63,583	Novartis AG, Registered Shares		6,292,852
4,527	Novartis AG, ADR		446,407
98,847	Pfizer, Inc.		3,438,887
43,360	Sanofi-Aventis SA		4,266,056

Continued

AZL Invesco Growth and Income Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Pharmaceuticals, continued
91,326	Teva Pharmaceutical Industries, Ltd., ADR	$	5,689,610
			32,340,141
Road & Rail (1.1%):
131,747	CSX Corp.		4,363,461
Semiconductors & Semiconductor Equipment (3.5%):
231,614	Applied Materials, Inc.		5,225,212
96,448	Broadcom Corp., Class A		4,175,716
152,774	Intel Corp.		4,777,243
			14,178,171
Software (4.2%):
47,774	Adobe Systems, Inc. *		3,532,410
55,774	Citrix Systems, Inc. *		3,562,285
115,192	Microsoft Corp.		4,683,131
234,001	Symantec Corp.		5,467,433
			17,245,259
Technology Hardware, Storage & Peripherals (0.7%):
85,123	NetApp, Inc.		3,018,462
Tobacco (1.0%):
54,837	Philip Morris International, Inc.		4,130,871
Wireless Telecommunication Services (0.9%):
113,463	Vodafone Group plc, ADR		3,707,971
Total Common Stocks (Cost $293,746,162)			398,226,023
Right (0.0%):
Diversified Telecommunication Services (0.0%):
46,216	Telefonica SA *		7,453
Total Right (Cost $–)			7,453
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (3.8%):
$15,319,720	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)		15,319,720
Total Securities Held as Collateral for Securities on Loan (Cost $15,319,720)			15,319,720
Unaffiliated Investment Company (1.3%):
5,231,149	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (b)		5,231,149
Total Unaffiliated Investment Company (Cost $5,231,149)			5,231,149
Total Investment Securities
(Cost $314,297,031)(c) - 102.8%			418,784,345
Net other assets (liabilities) - (2.8)%			(11,452,277	)
Net Assets - 100.0%		$	407,332,068

Percentages indicated are based on net assets as of March 31, 2015.

ADR	-	American Depositary Receipt
NYS	-	New York Shares

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $14,958,418.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(b) The rate represents the effective yield at March 31, 2015.

(c) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
Canada		1.8	%
France		2.5	%
Guernsey		1.2	%
Ireland (Republic of)		2.3	%
Israel		1.4	%
Italy		0.2	%
Netherlands		1.0	%
Panama		1.8	%
Spain		0.2	%
Switzerland		1.6	%
United Kingdom		5.4	%
United States		80.6	%
		100.0	%

Continued

AZL Invesco Growth and Income Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Forward Currency Contracts

At March 31, 2015, the Fund’s open forward currency contracts were as follows:

Type of Contract	Counterparty	Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
British Pound	Bank of New York Mellon		4/17/15		3,283,714	$	4,847,041	$	4,869,817	$	(22,776	)
British Pound	State Street		4/17/15		3,286,495		4,850,505		4,873,941		(23,436	)
Canadian Dollar	Bank of New York Mellon		4/17/15		3,571,019		2,795,646		2,819,264		(23,618	)
Canadian Dollar	State Street		4/17/15		3,571,100		2,795,546		2,819,328		(23,782	)
European Euro	Bank of New York Mellon		4/17/15		5,610,849		5,962,228		6,033,595		(71,367	)
European Euro	State Street		4/17/15		5,618,239		5,971,289		6,041,542		(70,253	)
Israeli Shekel	Bank of New York Mellon		4/17/15		8,365,023		2,084,118		2,103,704		(19,586	)
Israeli Shekel	State Street		4/17/15		8,365,455		2,084,329		2,103,812		(19,483	)
Swiss Franc	Bank of New York Mellon		4/17/15		2,532,518		2,526,883		2,608,700		(81,817	)
Swiss Franc	State Street		4/17/15		2,543,614		2,537,689		2,620,130		(82,441	)
						$	36,455,274	$	36,893,833	$	(438,559	)

See accompanying notes to the schedules of portfolio investments.

AZL Invesco International Equity Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (92.1%):
Air Freight & Logistics (0.8%):
135,309	Deutsche Post AG	$	4,232,194
Auto Components (0.7%):
85,300	Denso Corp.		3,900,099
Automobiles (3.4%):
1,412,000	Great Wall Motor Co.		9,927,008
123,300	Toyota Motor Corp.		8,619,279
			18,546,287
Banks (7.1%):
1,845,559	Akbank T.A.S.		5,435,429
951,460	Banco Bradesco SA, ADR ^		8,829,545
8,390,000	Industrial & Commercial Bank of China		6,193,527
1,420,400	Kasikornbank Public Co., Ltd.		9,999,127
534,952	United Overseas Bank, Ltd.		8,967,854
			39,425,482
Beverages (3.4%):
56,155	Anheuser-Busch InBev NV		6,868,202
99,592	Carlsberg A/S, Class B ^		8,225,435
40,113	Fomento Economico Mexicano SAB de C.V., ADR *		3,750,566
			18,844,203
Biotechnology (0.7%):
58,681	CSL, Ltd.		4,108,735
Capital Markets (4.0%):
931,650	Aberdeen Asset Management plc		6,346,966
150,081	Julius Baer Group, Ltd.		7,532,630
457,058	UBS Group AG		8,618,942
			22,498,538
Chemicals (1.4%):
22,538	Syngenta AG, Registered Shares		7,671,968
Commercial Services & Supplies (1.1%):
685,983	Brambles, Ltd.		6,005,365
Communications Equipment (1.2%):
519,216	Telefonaktiebolaget LM Ericsson, B Shares		6,538,682
Containers & Packaging (1.7%):
897,404	Amcor, Ltd.		9,573,117
Diversified Financial Services (5.0%):
2,494,956	Bm&f Bovespa SA		8,703,062
123,676	Deutsche Boerse AG		10,112,426
228,049	Investor AB, B Shares		9,105,852
			27,921,340
Electrical Equipment (2.4%):
347,389	ABB, Ltd.		7,376,876
80,188	Schneider Electric SA		6,236,421
			13,613,297
Electronic Equipment, Instruments & Components (0.7%):
6,885	Keyence Corp.		3,766,311
Food Products (1.8%):
200,648	BRF-Brasil Foods SA		3,971,833
151,417	Unilever NV		6,334,884
			10,306,717
Health Care Equipment & Supplies (1.0%):
332,335	Smith & Nephew plc		5,636,633
Hotels, Restaurants & Leisure (2.9%):
528,277	Compass Group plc		9,173,763

Shares		Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
1,507,000	Galaxy Entertainment Group, Ltd.	$	6,833,231
			16,006,994
Industrial Conglomerates (3.2%):
909,000	Hutchison Whampoa, Ltd.		12,574,443
779,241	Keppel Corp., Ltd.		5,111,639
			17,686,082
Insurance (1.6%):
12,035	Fairfax Financial Holdings, Ltd.		6,747,354
66,791	Great-West Lifeco, Inc.		1,931,370
			8,678,724
Internet Software & Services (3.1%):
48,085	Baidu, Inc., ADR *		10,020,914
1,693,000	Yahoo! Japan Corp. ^		7,002,402
			17,023,316
IT Services (1.1%):
147,679	Amadeus IT Holding SA ^		6,331,816
Life Sciences Tools & Services (0.0%):
160,422	Art Advanced Research Technologies, Inc. *(a)		—
165,100	Art Advanced Research Technologies, Inc. *(a)		—
50,591	Art Advanced Research Technologies, Inc. *(a)		—
			—
Machinery (1.6%):
17,400	Fanuc, Ltd.		3,808,789
293,100	Komatsu, Ltd.		5,774,255
			9,583,044
Media (13.5%):
1,130,301	British Sky Broadcasting Group plc		16,630,424
222,265	Grupo Televisa SA, ADR *		7,336,967
565,798	Informa plc		4,732,712
163,247	ProSiebenSat.1 Media AG, Registered Shares		8,021,145
148,467	Publicis Groupe		11,461,425
718,772	Reed Elsevier plc		12,344,653
601,121	WPP plc		13,630,582
			74,157,908
Multiline Retail (0.9%):
47,769	Next plc		4,976,405
Multi-Utilities (0.6%):
898,482	Centrica plc		3,369,638
Oil, Gas & Consumable Fuels (4.6%):
155,507	Cenovus Energy, Inc.		2,621,663
1,620,000	CNOOC, Ltd.		2,293,976
477,904	EnCana Corp.		5,336,041
213,949	Royal Dutch Shell plc, B Shares		6,645,632
309,362	Suncor Energy, Inc.		9,040,974
			25,938,286
Pharmaceuticals (6.0%):
43,076	Novartis AG, Registered Shares		4,263,260
117,754	Novo Nordisk A/S, B Shares		6,301,927
30,162	Roche Holding AG		8,323,657
228,101	Teva Pharmaceutical Industries, Ltd., ADR		14,210,692
			33,099,536

Continued

AZL Invesco International Equity Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Road & Rail (0.9%):
77,471	Canadian National Railway Co.	$	5,188,795
Semiconductors & Semiconductor Equipment (5.1%):
76,717	Avago Technologies, Ltd.		9,741,525
7,406	Samsung Electronics Co., Ltd.		9,621,390
383,448	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		9,003,359
			28,366,274
Software (3.6%):
246,460	CGI Group, Inc., Class A *		10,454,699
126,803	SAP AG		9,206,555
			19,661,254
Specialty Retail (1.5%):
1,503,617	Kingfisher plc		8,483,974
Textiles, Apparel & Luxury Goods (1.8%):
67,153	Adidas AG		5,323,269
9,812	Swatch Group AG (The) ^		4,162,146
			9,485,415
Tobacco (3.7%):
221,489	British American Tobacco plc		11,441,683
281,500	Japan Tobacco, Inc.		8,921,287
			20,362,970
Total Common Stocks (Cost $389,926,335)			510,989,399
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (3.7%):
$20,702,875	Allianz Variable Insurance Products Securities Lending Collateral Trust (b)		20,702,875
Total Securities Held as Collateral for Securities on Loan (Cost $20,702,875)			20,702,875
Unaffiliated Investment Company (7.2%):
39,772,724	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (c)		39,772,724
Total Unaffiliated Investment Company (Cost $39,772,724)			39,772,724
Total Investment Securities (Cost $450,401,934)(d) - 103.0%			571,464,998
Net other assets (liabilities) - (3.0)%			(16,684,739	)
Net Assets - 100.0%		$	554,780,259

Percentages indicated are based on net assets as of March 31, 2015.

ADR - American Depositary Receipt

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $19,831,022.

(a) Security was valued in good faith pursuant to procedures approved by the Board of Trustees as of March 31, 2015. The total of all such securities represent 0.00% of the net assets of the fund.

(b) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(c) The rate represents the effective yield at March 31, 2015.

(d) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
Australia		3.4	%
Belgium		1.2	%
Brazil		3.8	%
Canada		7.2	%
Cayman Islands		1.8	%
China		1.7	%
Denmark		2.5	%
France		3.1	%
Germany		6.5	%
Hong Kong		4.9	%
Ireland (Republic of)		2.4	%
Israel		2.5	%
Japan		7.3	%
Mexico		1.9	%
Netherlands		1.1	%
Republic of Korea (South)		1.7	%
Singapore		4.2	%
Spain		1.1	%
Sweden		2.7	%
Switzerland		8.4	%
Taiwan		1.6	%
Thailand		1.7	%
Turkey		1.0	%
United Kingdom		15.7	%
United States		10.6	%
		100.0	%

See accompanying notes to the schedules of portfolio investments.

AZL JPMorgan International Opportunities Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (98.1%):
Aerospace & Defense (1.7%):
105,975	European Aeronautic Defence & Space Co. NV	$	6,885,312
54,554	Thales SA		3,027,665
			9,912,977
Air Freight & Logistics (1.0%):
252,600	Yamato Holdings Co., Ltd. ^		5,838,953
Airlines (1.2%):
229,400	Japan Airlines Co., Ltd.		7,154,403
Auto Components (2.4%):
19,277	Continental AG		4,565,299
60,406	Valeo SA		9,028,887
			13,594,186
Automobiles (4.0%):
111,188	Daimler AG, Registered Shares ^		10,707,412
330,700	Mazda Motor Corp.		6,725,961
67,589	Renault SA		6,158,844
			23,592,217
Banks (9.0%):
395,602	Australia & New Zealand Banking Group, Ltd.		11,023,366
155,843	Danske Bank A/S		4,113,703
1,487,584	HSBC Holdings plc		12,657,858
1,525,628	Intesa Sanpaolo SpA		5,192,859
2,216,900	Mitsubishi UFJ Financial Group, Inc.		13,748,404
145,572	Sumitomo Mitsui Financial Group, Inc.		5,585,804
			52,321,994
Beverages (1.6%):
132,765	SABMiller plc		6,946,465
50,200	Suntory Beverage & Food, Ltd.		2,155,854
			9,102,319
Building Products (1.4%):
126,300	Daikin Industries, Ltd.		8,474,064
Capital Markets (1.6%):
502,814	UBS Group AG		9,481,783
Chemicals (1.7%):
75,144	Air Liquide SA		9,664,381
Construction & Engineering (0.6%):
806,000	Kajima Corp.		3,750,400
Diversified Financial Services (3.0%):
638,778	ING Groep NV *		9,370,667
568,600	ORIX Corp.		8,006,013
			17,376,680
Diversified Telecommunication Services (1.2%):
111,500	Nippon Telegraph & Telephone Corp.		6,877,631
Electric Utilities (1.5%):
231,676	E.ON AG		3,451,362
1,189,946	Enel SpA		5,388,435
			8,839,797
Electrical Equipment (0.9%):
70,962	Schneider Electric SA		5,518,892
Electronic Equipment, Instruments & Components (2.6%):
947,000	Hitachi, Ltd.		6,500,754

Shares		Fair Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
16,000	Keyence Corp.	$	8,752,502
			15,253,256
Food & Staples Retailing (2.2%):
470,778	Distribuidora Internacional de Alimentacion SA		3,679,744
168,800	Seven & I Holdings Co., Ltd.		7,112,628
2,447,500	Sun Art Retail Group, Ltd. ^		2,131,716
			12,924,088
Food Products (3.8%):
240,665	Nestle SA, Registered Shares		18,183,027
177,000	Nippon Meat Packers, Inc.		4,085,524
			22,268,551
Gas Utilities (1.0%):
966,000	Enn Energy Holdings, Ltd. ^		5,922,506
Health Care Equipment & Supplies (1.2%):
403,119	Smith & Nephew plc		6,837,179
Hotels, Restaurants & Leisure (1.5%):
122,031	InterContinental Hotels Group plc		4,762,348
1,054,800	Sands China, Ltd. ^		4,357,415
			9,119,763
Household Durables (1.1%):
234,165	Electrolux AB, Series B		6,724,861
Household Products (1.5%):
101,118	Reckitt Benckiser Group plc		8,665,037
Industrial Conglomerates (1.4%):
545,000	Hutchison Whampoa, Ltd.		7,539,133
Insurance (6.8%):
206,915	Assicurazioni Generali SpA		4,073,121
677,006	Aviva plc		5,419,158
311,217	AXA SA		7,846,725
179,500	NKSJ Holdings, Inc.		5,590,665
426,638	Prudential plc		10,562,189
67,574	Swiss Re AG		6,545,253
			40,037,111
Machinery (0.9%):
352,800	DMG Mori Seiki Co., Ltd. ^		5,430,861
Marine (0.5%):
836,000	Mitsui O.S.K. Lines, Ltd. ^		2,844,296
Media (3.1%):
222,800	Dentsu, Inc.		9,568,212
67,748	Publicis Groupe		5,230,042
439,475	UBM plc		3,447,422
			18,245,676
Metals & Mining (2.6%):
1,124,000	Nippon Steel Corp.		2,835,307
612,864	Norsk Hydro ASA		3,226,481
210,338	Rio Tinto plc		8,591,550
			14,653,338
Multi-Utilities (1.0%):
323,707	National Grid plc		4,138,028
118,198	Suez Environnement Co.		2,029,390
			6,167,418
Oil, Gas & Consumable Fuels (4.2%):
589,903	BG Group plc		7,245,743
640,408	Oil Search, Ltd.		3,508,336
306,975	Royal Dutch Shell plc, A Shares		9,186,313

Continued

AZL JPMorgan International Opportunities Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
311,256	Statoil ASA	$	5,520,108
			25,460,500
Paper & Forest Products (1.2%):
244,228	Stora Enso OYJ, R Shares ^		2,515,853
222,654	UPM-Kymmene OYJ		4,334,378
			6,850,231
Pharmaceuticals (11.7%):
149,051	AstraZeneca plc		10,217,543
88,409	Bayer AG		13,282,004
205,715	Novartis AG, Registered Shares		20,359,751
61,707	Roche Holding AG		17,028,973
92,167	Shire plc		7,328,141
			68,216,412
Real Estate Management & Development (3.9%):
2,060,000	China Overseas Land & Investment, Ltd. ^		6,663,612
406,000	Daiwa House Industry Co., Ltd.		8,027,235
282,000	Mitsui Fudosan Co., Ltd.		8,299,858
			22,990,705
Semiconductors & Semiconductor Equipment (3.3%):
301,304	ARM Holdings plc		4,932,441
79,965	ASML Holding NV		8,149,097
4,804	Samsung Electronics Co., Ltd.		6,241,042
			19,322,580
Software (1.4%):
116,451	SAP AG		8,454,947
Specialty Retail (1.7%):
636,918	Dixons Carphone plc		3,896,427
1,062,644	Kingfisher plc		5,995,839
			9,892,266
Textiles, Apparel & Luxury Goods (0.5%):
39,461	Compagnie Financiere Richemont SA, Registered Shares		3,180,439
Tobacco (2.2%):
178,560	British American Tobacco plc		9,224,056
118,000	Japan Tobacco, Inc.		3,739,651
			12,963,707
Trading Companies & Distributors (1.5%):
148,696	Wolseley plc		8,793,839
Water Utilities (0.4%):
195,957	Pennon Group plc		2,396,384
Wireless Telecommunication Services (2.1%):
3,845,364	Vodafone Group plc		12,565,081
Total Common Stocks (Cost $515,841,699)			575,220,842
Preferred Stock (1.6%):
Household Products (1.6%):
78,005	Henkel AG & Co. KGaA, Preferred Shares		9,186,032
Total Preferred Stock (Cost $5,646,367)			9,186,032

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (5.4%):
$31,588,161	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)	$	31,588,161
Total Securities Held as Collateral for Securities on Loan (Cost $31,588,161)			31,588,161
Unaffiliated Investment Company (0.2%):
1,331,053	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (b)		1,331,053
Total Unaffiliated Investment Company (Cost $1,331,053)			1,331,053
Total Investment Securities (Cost $554,407,280)(c) - 105.3%			617,326,088
Net other assets (liabilities) - (5.3)%			(31,329,690	)
Net Assets - 100.0%		$	585,996,398

Percentages indicated are based on net assets as of March 31, 2015.

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $29,694,518.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(b) The rate represents the effective yield at March 31, 2015.

(c) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

Continued

AZL JPMorgan International Opportunities Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
Australia		2.4	%
China		1.3	%
Denmark		0.7	%
Finland		1.1	%
France		7.9	%
Germany		8.1	%
Hong Kong		3.0	%
Italy		2.4	%
Japan		22.8	%
Netherlands		4.0	%
Norway		1.4	%
Republic of Korea (South)		1.0	%
Spain		0.6	%
Sweden		1.1	%
Switzerland		13.5	%
United Kingdom		23.4	%
United States		5.3	%
		100.0	%

Continued

AZL JPMorgan International Opportunities Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Forward Currency Contracts

At March 31, 2015, the Fund’s open forward currency contracts were as follows:

Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
British Pound	Barclays Bank	6/16/15		996,637	$	1,457,881	$	1,477,408	$	(19,527	)
British Pound	HSBC Bank	6/16/15		2,466,590		3,669,508		3,656,455		13,053
British Pound	Royal Bank of Canada	6/16/15		1,289,819		1,964,548		1,912,019		52,529
British Pound	State Street	6/16/15		16,876,260		25,558,151		25,017,248		540,903
British Pound	WESTPAC Banking Corp	6/16/15		1,011,723		1,483,400		1,499,771		(16,371	)
European Euro	Australia and New Zealand Banking Group	6/16/15		1,265,575		1,391,854		1,362,052		29,802
European Euro	Royal Bank of Canada	6/16/15		1,257,755		1,336,611		1,353,636		(17,025	)
Hong Kong Dollar	RBS Greenwich Capital Markets	6/16/15		67,625,357		8,716,183		8,722,090		(5,907	)
Japanese Yen	BNP Paribas	6/16/15		170,014,664		1,416,905		1,419,303		(2,398	)
Japanese Yen	Deutsche Bank	6/16/15		190,111,865		1,606,847		1,587,075		19,772
Japanese Yen	State Street	6/16/15		626,840,894		5,236,364		5,232,942		3,422
Norwegian Krone	State Street	6/16/15		31,821,303		4,077,056		3,944,254		132,802
Swiss Franc	RBS Greenwich Capital Markets	6/16/15		21,890,398		22,491,876		22,606,273		(114,397	)
					$	80,407,184	$	79,790,526	$	616,658
Long Contracts:
Australian Dollar	Royal Bank of Canada	6/16/15		37,856,017	$	29,390,126	$	28,701,187	$	(688,939	)
Danish Krone	RBS Greenwich Capital Markets	6/16/15		29,420,556		4,341,657		4,246,847		(94,810	)
European Euro	Barclays Bank	6/16/15		3,590,651		3,840,158		3,864,374		24,216
European Euro	Goldman Sachs	6/16/15		1,328,337		1,419,790		1,429,599		9,809
European Euro	RBS Greenwich Capital Markets	6/16/15		15,216,406		16,687,315		16,376,384		(310,931	)
European Euro	WESTPAC Banking Corp	6/16/15		3,960,892		4,414,145		4,262,839		(151,306	)
Singapore Dollar	State Street	6/16/15		12,439,280		9,063,730		9,050,167		(13,563	)
Swedish Krona	RBS Greenwich Capital Markets	6/16/15		79,685,982		9,522,999		9,269,200		(253,799	)
Swiss Franc	Deutsche Bank	6/16/15		1,990,340		2,086,539		2,055,429		(31,110	)
					$	80,766,459	$	79,256,026	$	(1,510,433	)

See accompanying notes to the schedules of portfolio investments.

AZL JPMorgan International Opportunities Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

At March 31, 2015, the Fund’s open forward cross currency contracts were as follows:

Purchase/Sale	Counterparty	Amount Purchased		Amount Sold		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Hong Kong Dollar/Japanese Yen	Credit Suisse First Boston		9,354,920 HKD		144,415,898 JPY	$	1,206,263	$	1,207,228	$	965
						$	1,206,263	$	1,207,228	$	965

See accompanying notes to the schedules of portfolio investments.

AZL JPMorgan U.S. Equity Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (98.6%):
Aerospace & Defense (3.7%):
111,928	Honeywell International, Inc.	$	11,675,209
4,672	L-3 Communications Holdings, Inc.		587,691
55,343	United Technologies Corp. ^		6,486,200
			18,749,100
Airlines (1.6%):
72,183	Delta Air Lines, Inc.		3,245,348
72,735	United Continental Holdings, Inc. *		4,891,428
			8,136,776
Auto Components (0.6%):
48,281	Johnson Controls, Inc.		2,435,294
9,414	Magna International, Inc., ADR		505,155
			2,940,449
Automobiles (2.5%):
340,211	General Motors Co.		12,757,913
Banks (5.6%):
470,867	Bank of America Corp.		7,246,643
110,029	Citigroup, Inc.		5,668,694
8,049	SVB Financial Group *		1,022,545
272,988	Wells Fargo & Co.		14,850,546
			28,788,428
Beverages (1.6%):
77,494	Coca-Cola Co. (The) ^		3,142,382
16,830	Constellation Brands, Inc., Class A *		1,955,814
31,593	PepsiCo, Inc.		3,020,923
			8,119,119
Biotechnology (3.6%):
5,494	Alexion Pharmaceuticals, Inc. *		952,110
17,941	Biogen Idec, Inc. *		7,575,407
38,406	Celgene Corp. *		4,427,444
29,237	Gilead Sciences, Inc. *		2,869,027
21,240	Vertex Pharmaceuticals, Inc. *		2,505,683
			18,329,671
Building Products (1.0%):
61,992	Fortune Brands Home & Security, Inc.		2,943,380
73,645	Masco Corp.		1,966,322
			4,909,702
Capital Markets (5.7%):
3,727	Affiliated Managers Group, Inc. *		800,485
18,267	Ameriprise Financial, Inc.		2,390,054
14,418	BlackRock, Inc., Class A		5,274,681
92,034	Charles Schwab Corp. (The)		2,801,515
29,307	Goldman Sachs Group, Inc. (The)		5,508,837
90,325	Invesco, Ltd.		3,584,999
240,251	Morgan Stanley		8,574,558
13,071	TD Ameritrade Holding Corp.		487,025
			29,422,154
Chemicals (2.0%):
19,877	Axiall Corp.		933,026
20,104	Dow Chemical Co. (The)		964,590
42,990	E.I. du Pont de Nemours & Co.		3,072,495
108,063	Mosaic Co. (The)		4,977,382
			9,947,493
Communications Equipment (0.3%):
22,031	QUALCOMM, Inc.		1,527,630
Construction & Engineering (0.9%):
55,094	Fluor Corp.		3,149,173

Shares		Fair Value
Common Stocks, continued
Construction & Engineering, continued
35,554	Jacobs Engineering Group, Inc. *^	$	1,605,619
			4,754,792
Construction Materials (0.1%):
2,257	Martin Marietta Materials, Inc. ^		315,529
Containers & Packaging (0.5%):
41,060	Crown Holdings, Inc. *		2,218,061
11,432	Sealed Air Corp. ^		520,842
			2,738,903
Diversified Financial Services (0.5%):
10,641	IntercontinentalExchange Group, Inc.		2,482,226
Diversified Telecommunication Services (1.0%):
103,843	Verizon Communications, Inc.		5,049,885
Electric Utilities (0.7%):
30,550	Edison International		1,908,458
51,354	Exelon Corp. ^		1,726,008
			3,634,466
Electrical Equipment (0.2%):
15,905	Eaton Corp. plc		1,080,586
Electronic Equipment, Instruments & Components (0.6%):
41,800	TE Connectivity, Ltd.		2,993,716
Energy Equipment & Services (1.8%):
32,941	Baker Hughes, Inc.		2,094,389
84,989	Schlumberger, Ltd.		7,091,482
			9,185,871
Food & Staples Retailing (0.8%):
5,931	Costco Wholesale Corp.		898,517
31,092	CVS Health Corp.		3,209,005
			4,107,522
Food Products (0.8%):
17,794	Hershey Co. ^		1,795,593
62,623	Mondelez International, Inc., Class A		2,260,064
			4,055,657
Health Care Equipment & Supplies (1.2%):
47,942	Abbott Laboratories		2,221,153
133,852	Boston Scientific Corp. *		2,375,873
18,641	Stryker Corp.		1,719,632
			6,316,658
Health Care Providers & Services (4.7%):
17,322	Aetna, Inc.		1,845,313
25,371	Humana, Inc.		4,516,545
26,403	McKesson, Inc.		5,972,359
95,341	UnitedHealth Group, Inc.		11,277,887
			23,612,104
Hotels, Restaurants & Leisure (1.4%):
17,969	Carnival Corp.		859,637
10,358	Dunkin’ Brands Group, Inc. ^		492,626
35,216	Royal Caribbean Cruises, Ltd.		2,882,430
26,420	Starbucks Corp.		2,501,974
			6,736,667
Household Durables (2.0%):
37,076	Harman International Industries, Inc.		4,954,467
98,858	PulteGroup, Inc.		2,197,613
74,642	Toll Brothers, Inc. *^		2,936,416
			10,088,496

Continued

AZL JPMorgan U.S. Equity Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Household Products (1.1%):
21,154	Colgate-Palmolive Co.	$	1,466,818
48,589	Procter & Gamble Co. (The)		3,981,383
			5,448,201
Independent Power and Renewable Electricity Producers (0.4%):
21,854	NextEra Energy, Inc.		2,273,909
Insurance (4.2%):
96,496	ACE, Ltd.		10,758,339
44,425	American International Group, Inc.		2,434,046
101,290	Marsh & McLennan Cos., Inc.		5,681,356
40,995	MetLife, Inc.		2,072,297
14,348	XL Group plc, Class B		528,006
			21,474,044
Internet & Catalog Retail (1.0%):
10,487	Amazon.com, Inc. *		3,902,213
840	Priceline Group, Inc. (The) *		977,886
			4,880,099
Internet Software & Services (3.8%):
75,447	Facebook, Inc., Class A *		6,202,875
12,788	Google, Inc., Class C *		7,007,824
11,060	Google, Inc., Class A *		6,134,982
			19,345,681
IT Services (3.5%):
47,959	Accenture plc, Class A ^		4,493,279
6,789	Alliance Data Systems Corp. *		2,011,241
32,282	Cognizant Technology Solutions Corp., Class A *		2,014,074
36,096	Fidelity National Information Services, Inc.		2,456,694
14,732	MasterCard, Inc., Class A		1,272,697
80,486	Visa, Inc., Class A ^		5,264,590
			17,512,575
Machinery (1.6%):
21,381	Ingersoll-Rand plc		1,455,618
74,380	PACCAR, Inc.		4,696,354
10,708	Pall Corp. ^		1,074,976
6,868	SPX Corp. ^		583,093
			7,810,041
Media (5.5%):
49,464	CBS Corp., Class B		2,999,002
18,984	Charter Communications, Inc., Class A *		3,666,000
70,058	Comcast Corp., Class A		3,956,175
34,696	DISH Network Corp., Class A *		2,430,802
106,872	Time Warner, Inc.		9,024,273
19,072	Twenty-First Century Fox, Inc., Class B		627,087
150,130	Twenty-First Century Fox, Inc.		5,080,399
			27,783,738
Metals & Mining (0.5%):
58,944	Alcoa, Inc. ^		761,556
81,879	United States Steel Corp. ^		1,997,848
			2,759,404
Multi-Utilities (0.8%):
18,739	CenterPoint Energy, Inc.		382,463
30,217	CMS Energy Corp.		1,054,875
14,295	NiSource, Inc.		631,267
27,838	PG&E Corp.		1,477,364
13,788	Xcel Energy, Inc.		479,960
			4,025,929

Shares		Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels (5.2%):
24,547	Anadarko Petroleum Corp.	$	2,032,737
6,649	Chevron Corp.		698,012
10,988	Concho Resources, Inc. *		1,273,729
19,388	EOG Resources, Inc.		1,777,686
11,314	EQT Corp.		937,591
40,223	Exxon Mobil Corp.		3,418,955
12,493	Marathon Petroleum Corp.		1,279,158
165,435	Occidental Petroleum Corp.		12,076,755
21,679	Phillips 66		1,703,969
3,300	Pioneer Natural Resources Co. ^		539,583
24,741	Southwestern Energy Co. *^		573,744
			26,311,919
Pharmaceuticals (5.6%):
12,473	Actavis plc *		3,712,130
75,237	Bristol-Myers Squibb Co.		4,852,787
106,032	Johnson & Johnson Co.		10,666,819
77,582	Merck & Co., Inc.		4,459,413
5,144	Perrigo Co. plc		851,589
119,687	Pfizer, Inc.		4,163,911
			28,706,649
Real Estate Investment Trusts (REITs) (0.7%):
15,642	American Tower Corp.		1,472,694
3,814	Boston Properties, Inc.		535,791
23,306	ProLogis, Inc.		1,015,209
4,427	Vornado Realty Trust		495,824
			3,519,518
Road & Rail (0.9%):
17,987	CSX Corp.		595,729
35,886	Union Pacific Corp.		3,886,813
			4,482,542
Semiconductors & Semiconductor Equipment (4.9%):
6,474	Applied Materials, Inc.		146,053
77,339	Avago Technologies, Ltd.		9,820,506
61,327	Broadcom Corp., Class A		2,655,152
13,035	Freescale Semiconductor Holdings I, Ltd. *		531,307
92,744	KLA-Tencor Corp.		5,406,048
87,228	Lam Research Corp.		6,126,459
4,374	Nxp Semiconductors NV *		438,975
			25,124,500
Software (4.5%):
56,008	Adobe Systems, Inc. *		4,141,232
303,380	Microsoft Corp.		12,333,914
143,668	Oracle Corp.		6,199,274
			22,674,420
Specialty Retail (3.8%):
4,521	AutoZone, Inc. *^		3,084,045
52,421	Best Buy Co., Inc.		1,980,990
15,712	Home Depot, Inc. (The)		1,785,040
113,328	Lowe’s Cos., Inc.		8,430,470
8,241	Tiffany & Co.		725,290
43,235	TJX Cos., Inc. (The)		3,028,612
			19,034,447
Technology Hardware, Storage & Peripherals (4.0%):
162,424	Apple, Inc.		20,210,418
Textiles, Apparel & Luxury Goods (0.5%):
13,735	Lululemon Athletica, Inc. *		879,315
8,381	PVH Corp.		893,079

Continued

AZL JPMorgan U.S. Equity Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
5,652	Ralph Lauren Corp.	$	743,238
			2,515,632
Tobacco (0.5%):
35,221	Philip Morris International, Inc.		2,653,198
Wireless Telecommunication Services (0.2%):
6,509	SBA Communications Corp., Class A *		762,204
Total Common Stocks (Cost $395,423,273)			500,090,581
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (6.7%):
$34,192,459	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)		34,192,459
Total Securities Held as Collateral for Securities on Loan (Cost $34,192,459)			34,192,459
Unaffiliated Investment Company (1.2%):
5,919,402	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (b)		5,919,402
Total Unaffiliated Investment Company (Cost $5,919,402)			5,919,402
Total Investment Securities (Cost $435,535,134)(c) - 106.5%			540,202,442
Net other assets (liabilities) - (6.5)%			(32,762,070	)
Net Assets - 100.0%		$	507,440,372

Percentages indicated are based on net assets as of March 31, 2015.

ADR - American Depositary Receipt

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $33,454,421.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(b) The rate represents the effective yield at March 31, 2015.

(c) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

Continued

AZL JPMorgan U.S. Equity Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Futures Contracts

Cash of $135,000 has been segregated to cover margin requirements for the following open contracts as of March 31, 2015:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini June Futures		Long		6/19/15		26	$	2,679,040	$	(28,062	)

See accompanying notes to the schedules of portfolio investments.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
Asset Backed Securities (8.9%):
$1,050,000	Betony CLO, Ltd., Class A, Series 2015-1A, 1.77%, 4/15/27(a)(b)	$	1,049,459
1,040,000	Dryden Senior Loan Fund LLC, Class A, Series 2015-37A, 1.75%, 4/15/27(a)(b)		1,039,955
955,000	Flagship CLO, Class A1, Series 2013-7A, 1.73%, 1/20/26(a)(b)		951,844
1,996,034	Goal Capital Funding Trust, Class A3, Series 2005-2, 0.43%, 5/28/30(a)		1,969,565
1,000,000	Limerock CLO, Class A1, Series 2014-3A, 1.76%, 10/20/26(a)(b)		999,520
1,000,000	Magnetite CLO, Ltd., Class A1, Series 2014-9A, 1.68%, 7/25/26(a)(b)		997,570
1,000,000	Magnetite CLO, Ltd., Class A1, Series 2014-11A, 1.68%, 1/18/27(a)(b)		1,001,017
1,040,000	Magnetite CLO, Ltd., Class A, Series 2015-12A, 1.76%, 4/15/27(a)(b)		1,040,314
932,921	Navient Student Loan Trust, Class A, Series 2014-2, 0.81%, 3/25/43(a)		924,746
893,360	Navient Student Loan Trust, Class A, Series 2014-3, 0.79%, 3/25/43(a)		884,900
602,402	Navient Student Loan Trust, Class A, Series 2014-4, 0.79%, 3/25/43(a)		596,398
2,080,000	Navient Student Loan Trust, Class A3, Series 2014-8, 0.77%, 5/27/31(a)		2,080,000
1,830,000	Nelnet Student Loan Trust, Class A2, Series 2015-2A, 0.82%, 9/25/42(a)(b)		1,829,976
1,872,000	SLC Student Loan Trust, Class A4A, Series 2008-1, 1.87%, 12/15/32(a)		1,946,728
1,075,465	SLM Student Loan Trust, Class B, Series 2003-7, 0.84%, 9/15/39(a)		957,814
1,764,454	SLM Student Loan Trust, Class A5, Series 2003-11, 0.32%, 12/15/22(a)(b)		1,756,798
1,833,606	SLM Student Loan Trust, Class A5B, Series 2004-10, 0.66%, 4/25/23(a)(b)		1,834,327
224,002	SLM Student Loan Trust, Class B, Series 2005-6, 0.55%, 1/25/44(a)		196,566
230,655	SLM Student Loan Trust, Class B, Series 2006-10, 0.48%, 3/25/44(a)		197,695
225,743	SLM Student Loan Trust, Class B, Series 2007-1, 0.48%, 1/27/42(a)		194,388

Principal Amount		Fair Value
Asset Backed Securities, continued
$1,220,000	SLM Student Loan Trust, Class B, Series 2008-5, 2.11%, 7/25/29(a)	$	1,187,754
1,998,123	SLM Student Loan Trust, Class A, Series 2008-9, 1.76%, 4/25/23(a)		2,048,840
240,000	SLM Student Loan Trust, Class B, Series 2008-9, 2.51%, 10/25/29(a)		252,978
2,053,207	SLM Student Loan Trust, Class A, Series 2009-3, 0.92%, 1/25/45(a)(b)		2,072,829
1,935,110	SLM Student Loan Trust, Class A, Series 2012-2, 0.87%, 1/25/29(a)		1,942,117
1,196,914	SLM Student Loan Trust, Class A, Series 2012-3, 0.82%, 12/26/25(a)		1,199,399
1,945,212	SLM Student Loan Trust, Class A, Series 2013-4, 0.72%, 6/25/27(a)		1,950,233
2,100,000	SLM Student Loan Trust, Class A2, Series 2014-2, 0.52%, 10/25/21(a)		2,093,895
830,000	SLM Student Loan Trust, Class A5, Series 2006-5, 0.37%, 1/25/27(a)		818,831
1,040,000	Voya CLO, Ltd., Class A1, Series 2015-1A , 4/18/27(a)(b)		1,038,936
Total Asset Backed Securities (Cost $37,153,153)			37,055,392
Collateralized Mortgage Obligations (18.8%):
1,150,000	Ameriquest Mortgage Securities, Inc., Class M2, Series 2005-R5, 0.63%, 7/25/35(a)		1,096,510
2,095,000	Ameriquest Mortgage Securities, Inc., Class M2, Series 2005-R5, 0.65%, 4/25/35(a)		2,074,942
1,717,776	Bank of America Mortgage Securities, Inc., Class 2A3, Series 2005-F, 2.64%, 7/25/35(a)		1,642,776
1,028,910	CD Commercial Mortgage Trust, Class A1A, Series 2007-CD4, 5.29%, 12/11/49(a)		1,074,643
2,138,182	Centex Home Equity, Class M1, Series 2005-D, 0.60%, 10/25/35(a)		2,130,091
2,200,000	Citigroup Mortgage Loan Trust, Inc., Class A4, Series 2006-WFH3, 0.41%, 10/25/36(a)		2,121,665
2,266,310	Citigroup Mortgage Loan Trust, Inc., Class 1A1A, Series 2007-AR5, 2.69%, 4/25/37(a)(c)		2,053,769
1,524,594	Credit Suisse Mortgage Capital Certificates, Class A2E, Series 2007-CB2, 4.59%, 2/25/37(a)		1,136,367

Continued

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
Collateralized Mortgage Obligations, continued
$1,517,246	Credit Suisse Mortgage Capital Certificates, Class AAB, Series 2007-C1, 5.34%, 2/15/40	$	1,555,925
1,026,292	Federal Home Loan Mortgage Corporation, Class A, Series KF01, 0.52%, 4/25/19(a)		1,026,466
904,454	Federal Home Loan Mortgage Corporation, Class A, Series KF04, 0.48%, 6/25/21(a)		904,405
2,099,074	Federal Home Loan Mortgage Corporation, Class A, Series KF05, 0.52%, 9/25/21(a)		2,100,308
2,025,000	Federal Home Loan Mortgage Corporation, Class A2, Series K041, 3.17%, 10/25/24		2,143,246
565,000	Federal Home Loan Mortgage Corporation, Class A2, Series KSCT, 4.28%, 1/25/20		628,673
1,555,285	Federal National Mortgage Association, Class FA, Series 2013-M14, 0.52%, 8/25/18(a)		1,555,359
2,020,000	Federal National Mortgage Association, Class A1, Series 2015-M5, 2.97%, 12/31/49(a)		2,096,855
1,653,063	Federal National Mortgage Association, Class A3, Series 2015-M2, 3.06%, 12/25/24(a)		1,728,806
1,748,589	First Franklin Mortgage Loan Trust, Class M1, Series 2005-FFH3, 0.68%, 9/25/35(a)		1,738,335
2,195,000	First Franklin Mortgage Loan Trust, Class M1, Series 2005-FF8, 0.66%, 9/25/35(a)		2,122,348
2,267,792	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 05-AA12, 2.26%, 2/25/36(a)		1,863,377
1,744,413	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2005-AR3, 2.61%, 8/25/35(a)		1,590,608
2,315,340	First Horizon Alternative Mortgage Securities Trust, Class 1A1, Series 2006-AA1, 2.23%, 3/25/36(a)		1,921,776
2,015,138	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2006-AA1, 2.24%, 4/25/36(a)		1,678,996
836,283	GE Commercial Mortgage Corp. Trust, Class A3A, Series 2005-C4, 5.32%, 11/10/45(a)		835,727
2,167,833	GMAC Mortgage Corp. Loan Trust, Class 1A1, Series 2006-AR1, 2.96%, 4/19/36(a)		1,920,333
2,013,359	GMAC Mortgage Corp. Loan Trust, Class 3A1, Series 2005-AR5, 2.91%, 9/19/35(a)		1,928,675

Principal Amount		Fair Value
Collateralized Mortgage Obligations, continued
$675,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 2005-CB13, 5.25%, 1/12/43(a)	$	682,837
1,164,829	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 2005-LDP5, 5.23%, 11/15/15(a)		1,177,562
2,175,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 2006-LDP7, 5.88%, 4/15/45(a)		2,247,425
292,968	JPMorgan Chase Commercial Mortgage Securities Corp., Class A1, Series 2010-C1, 3.85%, 6/15/43(b)		293,122
401,304	JPMorgan Chase Commercial Mortgage Securities Corp., Class A2, Series 2011-C3, 3.67%, 1/15/18(b)		412,016
2,105,011	LB-UBS Commercial Mortgage Trust, Class A2, Series 2006-C7, 5.30%, 11/15/38		2,122,999
2,318,000	LB-UBS Commercial Mortgage Trust, Class G, Series 2004-C7, 5.03%, 10/15/36(a)(b)		2,328,573
1,285,660	Merrill Lynch First Franklin Mortgage Loan Trust, Class 2A2, Series 2007-4, 0.29%, 7/25/37(a)		812,654
2,177,838	Merrill Lynch Mortgage Trust, Class A1A, Series 2007-C1, 5.82%, 6/12/50(a)		2,280,887
1,742,702	Morgan Stanley Mortgage Loan Trust, Class 1A2, Series 2005-6AR, 0.44%, 11/25/35(a)		1,731,587
2,024,736	Morgan Stanley Remic Trust, Class 3A, Series 2014-R8, 0.87%, 6/26/47(a)(b)		1,939,688
1,966,517	MortgageIT Trust, Class 2A, Series 2005-2, 1.82%, 5/25/35(a)		1,934,769
2,130,000	Newcastle Mortgage Securities Trust, Class A4, Series 2006-1, 0.45%, 3/25/36(a)		2,076,908
1,686,236	Nomura Asset Acceptance Corp., Class 3A1, Series 2005-AR3, 2.97%, 7/25/35(a)		1,605,459
2,553,645	Residential Accredit Loans, Inc., Class A2, Series 2006-QA10, 0.35%, 12/25/36(a)		1,967,570
1,193,344	Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2005-C22, 5.27%, 12/15/44(a)		1,208,010
1,696,875	WaMu Mortgage Pass-Through Certificates, Class 2A1A, Series 2005-AR6, 0.40%, 4/25/45(a)		1,599,123

Continued

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
Collateralized Mortgage Obligations, continued
$1,970,911	WaMu Mortgage Pass-Through Certificates, Class 2A1A, Series 2005-AR8, 0.46%, 7/25/45(a)	$	1,817,436
2,115,968	WaMu Mortgage Pass-Through Certificates, Class 4A1, Series 2007-HY1, 2.36%, 2/25/37(a)(c)		1,853,681
2,004,542	WaMu Mortgage Pass-Through Certificates, Class A2, Series 2005-AR3, 2.40%, 3/25/35(a)		2,004,792
1,928,660	Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2006-AR2, 2.61%, 3/25/36(a)		1,921,218
1,933,526	Wells Fargo Mortgage Backed Securities Trust, Class 1A1, Series 2006-AR12, 2.49%, 9/25/36(a)		1,794,928
Total Collateralized Mortgage Obligations (Cost $78,885,353)			78,484,225
Corporate Bonds (15.8%):
Airlines (0.9%):
1,626,768	Continental Airlines 2009-2, Series A, 7.25%, 11/10/19		1,882,984
560,552	U.S. Airways 2001-1G PTT, Class G, Series 2001, 7.08%, 9/20/22		616,607
1,083,662	U.S. Airways 2010-1A PTT, Series A, 6.25%, 10/22/24		1,229,957
			3,729,548
Automobiles (0.1%):
400,000	General Motors Co., 5.20%, 4/1/45		434,134
Banks (1.4%):
2,500,000	Bank of America NA, 5.30%, 3/15/17		2,669,980
350,000	Bank of America NA, Series BKNT, 6.10%, 6/15/17		383,433
1,000,000	JPMorgan Chase & Co., 1.10%, 10/15/15		1,002,525
1,000,000	U.S. Bank NA, 3.78%, 4/29/20, Callable 4/29/15 @ 100(a)		1,001,806
550,000	Wells Fargo & Co., 3.30%, 9/9/24^		568,057
			5,625,801
Capital Markets (1.7%):
2,000,000	Bear Stearns Co., Inc., 7.25%, 2/1/18		2,302,524
750,000	Goldman Sachs Group, Inc., 1.60%, 11/23/15, MTN		754,362
1,500,000	Goldman Sachs Group, Inc., 5.95%, 1/18/18		1,670,210
400,000	Morgan Stanley, 4.75%, 3/22/17		425,837
1,750,000	Morgan Stanley, 0.97%, 1/5/18(a)		1,754,142
			6,907,075
Commercial Services & Supplies (0.2%):
800,000	International Lease Finance Corp., 7.13%, 9/1/18(b)		898,000

Principal Amount		Fair Value
Corporate Bonds, continued
Consumer Finance (0.9%):
$1,250,000	Capital One Financial Corp., 1.00%, 11/6/15	$	1,251,506
400,000	DS Services Holdings, Inc., 10.00%, 9/1/21, Callable 9/1/17 @ 105(b)		470,000
1,660,000	Ford Motor Credit Co. LLC, 8.00%, 12/15/16		1,838,957
			3,560,463
Diversified Financial Services (1.3%):
575,000	Berkshire Hathaway, Inc., 4.50%, 2/11/43		648,749
2,000,000	Citigroup, Inc., 0.96%, 11/24/17(a)		2,002,997
700,000	Citigroup, Inc., 5.50%, 9/13/25		793,374
250,000	General Electric Capital Corp., 5.88%, 1/14/38, MTN		323,231
1,000,000	General Electric Capital Corp., Series G, 6.88%, 1/10/39, MTN		1,438,528
			5,206,879
Diversified Telecommunication Services (0.4%):
1,500,000	Verizon Communications, Inc., 4.86%, 8/21/46		1,570,403
Electric Utilities (2.4%):
780,000	American Transmission Systems, Inc., 5.00%, 9/1/44, Callable 3/1/44 @ 100(b)		880,826
1,000,000	CenterPoint Energy Houston Electric LLC, 4.50%, 4/1/44, Callable 10/1/43 @ 100		1,143,767
800,000	Cleco Power LLC, 6.00%, 12/1/40		988,730
1,000,000	Duke Energy Progress, Inc., 4.15%, 12/1/44, Callable 6/1/44 @ 100		1,092,307
936,000	Duquesne Light Holdings, Inc., 6.40%, 9/15/20(b)		1,110,586
750,000	El Paso Electric Co., 5.00%, 12/1/44, Callable 6/1/44 @ 100		805,466
400,000	IPALCO Enterprises, Inc., 7.25%, 4/1/16(b)		418,000
1,000,000	IPALCO Enterprises, Inc., 5.00%, 5/1/18, Callable 4/1/18 @ 100		1,060,000
750,000	Jersey Central Power & Light Co., 6.40%, 5/15/36		920,819
1,500,000	Oncor Electric Delivery Co. LLC, 4.10%, 6/1/22, Callable 3/1/22 @ 100		1,645,007
450,000	Spectra Energy Partners LP, 4.50%, 3/15/45, Callable 9/15/44 @ 100		456,751
			10,522,259
Health Care Providers & Services (0.6%):
1,000,000	Catholic Health Initiatives, 4.35%, 11/1/42		1,001,801
800,000	CHS/Community Health Systems, Inc., 5.13%, 8/15/18, Callable 8/15/15 @ 102.6		825,000
750,000	HCA, Inc., 6.50%, 2/15/20		844,500
			2,671,301

Continued

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
Corporate Bonds, continued
Household Products (0.2%):
$800,000	Reynolds Group Issuer LLC / Reynolds Group Issuer, Inc., 5.75%, 10/15/20, Callable 10/15/15 @ 104.31^	$	827,000
Industrial Conglomerates (0.1%):
500,000	General Electric Co., 4.50%, 3/11/44		561,254
Insurance (0.8%):
400,000	Berkshire Hathaway Finance Corp., 4.30%, 5/15/43		436,660
1,900,000	Farmers Exchange Capital III, 5.45%, 10/15/54, Callable 10/15/34 @ 100(a)(b)		2,071,000
900,000	Nationwide Financial Services, Inc., 5.30%, 11/18/44(b)		979,981
			3,487,641
Media (0.2%):
775,000	CCO Holdings LLC / CCO Holdings Capital Corp., 6.50%, 4/30/21, Callable 4/30/15 @ 104.88		813,750
Multi-Utilities (0.2%):
625,000	Berkshire Hathaway Energy Co., 4.50%, 2/1/45, Callable 8/1/44 @ 100		680,396
Oil, Gas & Consumable Fuels (1.9%):
350,000	Anadarko Petroleum Corp., 4.50%, 7/15/44, Callable 1/15/44 @ 100		358,065
1,100,000	Boardwalk Pipeline Partners LP, 4.95%, 12/15/24, Callable 9/15/24 @ 100		1,108,682
775,000	Chesapeake Energy Corp., 6.63%, 8/15/20		800,188
1,400,000	Energy Transfer Partners LP, 5.95%, 10/1/43, Callable 4/1/43 @ 100^		1,544,344
425,000	Exxon Mobil Corp., 3.57%, 3/6/45, Callable 9/6/44 @ 100		440,674
850,000	KeySpan Gas East Corp., 5.82%, 4/1/41(b)		1,126,995
400,000	MarkWest Energy Partners LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100^		408,960
780,000	Rockies Express Pipeline LLC, 6.85%, 7/15/18(b)		842,400
250,000	Rockies Express Pipeline LLC, 6.00%, 1/15/19(b)		265,313
775,000	Sabine Pass Liquefcation LLC, 6.25%, 3/15/22		801,156
			7,696,777
Real Estate Investment Trusts (REITs) (2.1%):
875,000	HCP, Inc., 5.38%, 2/1/21, Callable 11/3/20 @ 100		985,072
400,000	HCP, Inc., 3.88%, 8/15/24, Callable 5/15/24 @ 100		406,481
175,000	HCP, Inc., 3.40%, 2/1/25, Callable 11/1/24 @ 100		170,713
1,600,000	Health Care REIT, Inc., 5.25%, 1/15/22, Callable 10/15/21 @ 100		1,803,341

Principal Amount		Fair Value
Corporate Bonds, continued
Real Estate Investment Trusts (REITs), continued
$1,000,000	Mid-America Apartment Communities, Inc., 5.50%, 10/1/15	$	1,022,644
1,150,000	SL Green Realty Corp., 5.00%, 8/15/18, Callable 6/15/18 @ 100		1,240,835
2,000,000	Ventas Realty LP / Capital Corp., 3.13%, 11/30/15		2,028,402
1,500,000	WEA Finance LLC, 2.70%, 9/17/19, Callable 8/17/19 @ 100(b)		1,518,434
			9,175,922
Software (0.2%):
640,000	Microsoft Corp., 3.75%, 2/12/45, Callable 8/12/44 @ 100		642,438
Wireless Telecommunication Services (0.2%):
725,000	Sprint Communications, Inc., 9.00%, 11/15/18(b)		831,938
Total Corporate Bonds (Cost $64,423,055)			65,842,979
Preferred Stock(0.2%):
Diversified Financial Services (0.2%):
800,000	ZFS Finance USA Trust II, 6.45%, 12/15/65, Callable 6/15/16 @ 100(a)(b)		840,000
Total Preferred Stock (Cost $835,961)			840,000
Yankee Dollars (1.7%):
Aerospace & Defense (0.3%):
1,300,000	Heathrow Funding, Ltd., 2.50%, 6/25/15(b)		1,304,381
Banks (1.3%):
2,000,000	Credit Suisse, NY, 0.67%, 12/7/15(a)		2,000,690
1,100,000	HBOS plc, Series G, 6.75%, 5/21/18(b)		1,230,717
1,250,000	Royal Bank of Scotland Group plc, 2.55%, 9/18/15		1,259,119
1,000,000	Royal Bank of Scotland Group plc, 4.38%, 3/16/16^		1,031,710
			5,522,236
Pharmaceuticals (0.1%):
425,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 4/15/20 @ 103.06(b)		439,875
Total Yankee Dollars (Cost $7,241,726)			7,266,492
Municipal Bonds (0.6%):
New York (0.6%):
1,125,000	New York NY, Build America Bonds, GO, 5.05%, 10/1/24		1,293,075
750,000	New York City Municipal Finance Authority Water & Sewer System Revenue, 5.95%, 6/15/42		1,024,088
			2,317,163
Total Municipal Bonds (Cost $2,267,961)			2,317,163
U.S. Government Agency Mortgages (30.2%):
Federal Home Loan Bank (3.9%)
13,595,000	0.04%, 4/22/15(d)		13,594,714

Continued

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Bank, continued
$2,610,000	0.04%, 4/24/15(d)	$	2,609,940
			16,204,654
Federal Home Loan Mortgage Corporation (4.2%)
2,900,000	0.05%, 5/11/15(d)		2,899,864
3,936,647	3.50%, 4/1/44, Pool #G07848		4,162,265
1,849,765	3.50%, 1/1/45, Pool #G08623		1,940,576
3,974,364	3.50%, 1/1/45, Pool #G07924		4,194,362
3,997,437	3.50%, 2/1/45, Pool #G08627		4,193,684
			17,390,751
Federal National Mortgage Association (19.2%)
1,452,535	4.60%, 4/1/20, Pool #AD0910		1,615,968
1,137,815	4.12%, 4/1/20, Pool #464959		1,255,956
1,000,993	3.43%, 10/1/20, Pool #466386		1,075,860
1,877,512	3.67%, 10/1/20, Pool #AE0918		2,047,283
1,976,644	3.42%, 10/1/20, Pool #FN0009		2,116,973
2,670,770	3.76%, 12/1/20, Pool #FN0001		2,896,228
1,000,000	3.94%, 1/1/21, Pool #466969		1,102,104
1,133,877	4.62%, 4/1/21, Pool #467731		1,287,775
986,435	3.93%, 7/1/21, Pool #468518		1,083,098
1,245,000	3.06%, 5/1/22, Pool #471258		1,312,648
2,000,000	2.50%, 4/25/29		2,054,062
1,000,000	3.00%, 4/25/29		1,048,281
1,000,000	3.50%, 4/25/30		1,060,938
1,938,496	3.50%, 1/1/32, Pool #AB4262		2,050,216
1,002,613	3.00%, 10/1/33, Pool #MA1676		1,039,331
2,033,897	3.50%, 4/1/43, Pool #MA1404		2,154,286
3,897,939	3.50%, 6/1/43, Pool #MA1463		4,128,556
545,000	3.00%, 4/25/44		557,177
3,640,000	4.50%, 5/25/44		3,961,061
6,100,000	3.50%, 5/25/44		6,391,417
6,795,000	4.00%, 4/25/45		7,265,341
10,035,000	3.50%, 4/25/45		10,539,885
21,680,000	3.00%, 5/25/45		22,111,482
			80,155,926
Government National Mortgage Association (2.9%)
1,000,000	4.50%, 4/20/43		1,086,563
1,955,000	4.00%, 4/20/43		2,082,915
2,670,000	3.00%, 4/20/43		2,749,213
3,000,000	3.50%, 4/20/43		3,156,680
2,960,000	3.50%, 5/20/45		3,107,191
			12,182,562
Total U.S. Government Agency Mortgages (Cost $125,231,127)			125,933,893
U.S. Treasury Obligations (35.1%):
U.S. Treasury Bonds (1.9%)
8,140,000	2.50%, 2/15/45		8,064,957
U.S. Treasury Inflation Index Bonds (2.3%)
1,155,000	0.63%, 2/15/43		1,150,313
5,830,000	1.38%, 2/15/44		6,871,580
1,500,000	0.75%, 2/15/45		1,513,812
			9,535,705
U.S. Treasury Inflation Index Notes (1.8%)
3,660,000	0.13%, 7/15/24		3,600,946
3,850,000	0.25%, 1/15/25		3,824,950
			7,425,896
U.S. Treasury Notes (29.1%)
20,970,000	0.63%, 12/31/16		21,020,789
10,470,000	0.50%, 1/31/17		10,470,817
22,045,000	0.50%, 2/28/17		22,031,222
14,470,000	0.50%, 3/31/17		14,453,041
32,640,000	1.38%, 3/31/20		32,645,093

Principal Amount		Fair Value
U.S. Treasury Obligations
$20,870,000	2.00%, 2/15/25	$	20,993,916
			121,614,878
Total U.S. Treasury Obligations (Cost $145,773,379)			146,641,436
Commercial Paper (1.0%):
3,950,000	Macquarie Bank, Ltd., 0.25% (b)(d)		3,948,863
Total Commercial Paper (Cost $3,948,491)			3,948,863
Securities Held as Collateral for Securities on Loan (1.0%):
4,079,046	Allianz Variable Insurance Products Securities Lending Collateral Trust (e)		4,079,046
Total Securities Held as Collateral for Securities on Loan (Cost $4,079,046)			4,079,046
Shares		Fair Value
Unaffiliated Investment Company (4.9%):
20,516,795	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (d)		20,516,795
Total Unaffiliated Investment Company (Cost $20,516,795)			20,516,795
Total Investment Securities (Cost $490,356,047)(f) - 118.2%			492,926,284
Net other assets (liabilities) - (18.2)%			(75,981,899	)
Net Assets - 100.0%		$	416,944,385

Percentages indicated are based on net assets as of March 31, 2015.

GO	-	General Obligation
MTN	-	Medium Term Note
REMIC	-	Real Estate Mortgage Investment Conduit

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $3,905,321.

(a) Variable rate security. The rate presented represents the rate in effect at March 31, 2015. The date presented represents the final maturity date.

(b) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(c) Defaulted bond.

(d) The rate represents the effective yield at March 31, 2015.

(e) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(f) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

See accompanying notes to the schedules of portfolio investments.

AZL MFS Investors Trust Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (98.2%):
Aerospace & Defense (4.9%):
59,180	Honeywell International, Inc.	$	6,173,066
19,986	Precision Castparts Corp.		4,197,060
61,511	United Technologies Corp.		7,209,089
			17,579,215
Air Freight & Logistics (0.7%):
27,005	United Parcel Service, Inc., Class B		2,617,865
Auto Components (0.5%):
23,254	Delphi Automotive plc		1,854,274
Banks (6.2%):
313,265	Bank of America Corp.		4,821,148
169,833	JPMorgan Chase & Co.		10,288,483
128,572	Wells Fargo & Co.		6,994,317
			22,103,948
Beverages (1.8%):
86,854	Diageo plc		2,394,513
33,288	Pernod Ricard SA		3,927,556
			6,322,069
Capital Markets (5.2%):
15,904	BlackRock, Inc., Class A		5,818,319
22,573	Franklin Resources, Inc.		1,158,446
33,994	Goldman Sachs Group, Inc. (The)		6,389,853
85,527	Morgan Stanley		3,052,459
28,104	State Street Corp.		2,066,487
			18,485,564
Chemicals (3.4%):
8,612	Linde AG		1,755,469
22,111	Praxair, Inc. ^		2,669,682
14,332	Sherwin Williams Co. ^		4,077,454
36,194	W.R. Grace & Co. *		3,578,501
			12,081,106
Construction & Engineering (0.6%):
36,153	Fluor Corp.		2,066,505
Consumer Finance (1.9%):
84,882	American Express Co.		6,630,982
Containers & Packaging (1.2%):
80,941	Crown Holdings, Inc. *		4,372,433
Diversified Financial Services (1.1%):
79,688	NASDAQ OMX Group, Inc. (The)		4,059,307
Electric Utilities (0.6%):
40,704	American Electric Power Co., Inc.		2,289,600
Energy Equipment & Services (2.5%):
56,376	Cameron International Corp. *		2,543,686
36,759	National-Oilwell Varco, Inc.		1,837,582
54,386	Schlumberger, Ltd.		4,537,968
			8,919,236
Food Products (2.7%):
59,734	Danone SA		4,019,350
26,239	General Mills, Inc. ^		1,485,127
120,665	Mondelez International, Inc., Class A		4,354,800
			9,859,277
Health Care Equipment & Supplies (3.3%):
72,723	Abbott Laboratories		3,369,256
33,718	Medtronic plc		2,629,667
38,616	St. Jude Medical, Inc.		2,525,486
34,778	Stryker Corp.		3,208,271
			11,732,680

Shares		Fair Value
Common Stocks, continued
Health Care Providers & Services (1.1%):
17,653	McKesson, Inc.	$	3,993,109
Hotels, Restaurants & Leisure (1.1%):
41,322	McDonald’s Corp.		4,026,416
Household Durables (1.5%):
133,929	Newell Rubbermaid, Inc.		5,232,606
Household Products (2.3%):
49,925	Colgate-Palmolive Co.		3,461,800
57,913	Procter & Gamble Co. (The)		4,745,391
			8,207,191
Industrial Conglomerates (2.8%):
117,042	Danaher Corp.		9,936,866
Insurance (0.8%):
26,519	ACE, Ltd.		2,956,603
Internet Software & Services (2.9%):
8,483	Google, Inc., Class C *		4,648,684
10,582	Google, Inc., Class A *		5,869,835
			10,518,519
IT Services (9.2%):
61,465	Accenture plc, Class A ^		5,758,656
102,575	Cognizant Technology Solutions Corp., Class A *		6,399,654
79,232	Fidelity National Information Services, Inc.		5,392,530
10,987	Gartner, Inc. *		921,260
62,931	MasterCard, Inc., Class A		5,436,609
139,140	Visa, Inc., Class A ^		9,101,147
			33,009,856
Life Sciences Tools & Services (1.8%):
48,054	Thermo Fisher Scientific, Inc.		6,455,574
Media (6.8%):
112,554	Comcast Corp., Class A		6,355,924
73,122	Time Warner, Inc.		6,174,422
117,181	Twenty-First Century Fox, Inc.		3,965,405
73,405	Walt Disney Co. (The) ^		7,699,451
			24,195,202
Multiline Retail (2.3%):
58,084	Kohl’s Corp. ^		4,545,073
44,352	Target Corp.		3,639,969
			8,185,042
Multi-Utilities (0.8%):
79,156	CMS Energy Corp.		2,763,336
Oil, Gas & Consumable Fuels (3.3%):
63,241	EOG Resources, Inc.		5,798,567
70,788	Noble Energy, Inc.		3,461,533
34,184	Occidental Petroleum Corp.		2,495,432
			11,755,532
Pharmaceuticals (8.1%):
13,266	Actavis plc *		3,948,227
61,866	Bristol-Myers Squibb Co.		3,990,357
35,098	Eli Lilly & Co.		2,549,870
51,866	Endo International plc *		4,652,380
71,462	Johnson & Johnson Co.		7,189,077
34,891	Valeant Pharmaceuticals International, Inc. *		6,930,050
			29,259,961
Real Estate Investment Trusts (REITs) (1.7%):
63,969	American Tower Corp.		6,022,681
Road & Rail (1.3%):
68,593	Canadian National Railway Co.		4,586,814

Continued

AZL MFS Investors Trust Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment (2.2%):
65,734	Altera Corp.	$	2,820,646
104,386	Microchip Technology, Inc.		5,104,475
			7,925,121
Software (0.7%):
38,282	Citrix Systems, Inc. *		2,445,071
Specialty Retail (3.4%):
65,769	Bed Bath & Beyond, Inc. *^		5,049,414
32,178	L Brands, Inc.		3,034,064
38,580	Ross Stores, Inc.		4,064,789
			12,148,267
Technology Hardware, Storage & Peripherals (3.8%):
34,178	Apple, Inc.		4,252,769
259,784	EMC Corp.		6,640,078
89,310	Hewlett-Packard Co.		2,782,900
			13,675,747
Textiles, Apparel & Luxury Goods (2.5%):
17,678	LVMH Moet Hennessy Louis Vuitton SA		3,119,400
22,941	Nike, Inc., Class B		2,301,671
45,791	V.F. Corp.		3,448,520
			8,869,591
Trading Companies & Distributors (1.2%):
17,890	W.W. Grainger, Inc. ^		4,218,641
Total Common Stocks (Cost $226,184,458)			351,361,807
Preferred Stock (0.3%):
Electric Utilities (0.3%):
20,030	Exelon Corp., Preferred Shares ^		974,460
Total Preferred Stock (Cost $1,013,350)			974,460
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (12.5%):
$44,659,541	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)		44,659,541
Total Securities Held as Collateral for Securities on Loan (Cost $44,659,541)			44,659,541
Unaffiliated Investment Company (1.3%):
4,526,632	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (b)		4,526,632
Total Unaffiliated Investment Company (Cost $4,526,632)			4,526,632
Total Investment Securities (Cost $276,383,981)(c) - 112.3%			401,522,440
Net other assets (liabilities) - (12.3)%			(44,134,714	)
Net Assets - 100.0%		$	357,387,726

Percentages indicated are based on net assets as of March 31, 2015.

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $43,747,229.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(b) The rate represents the effective yield at March 31, 2015.

(c) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
Canada		2.9	%
France		2.8	%
Germany		0.4	%
Ireland (Republic of)		2.6	%
Netherlands		1.1	%
Switzerland		0.7	%
United Kingdom		1.1	%
United States		88.4	%
		100.0	%

See accompanying notes to the schedules of portfolio investments.

AZL MFS Mid Cap Value Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares			Fair Value
	Common Stocks (98.9%):
	Aerospace & Defense (1.1%):
	757	Curtiss-Wright Corp.	$	55,973
	11,234	Mtu Aero Engines AG		1,102,954
	14,337	Rockwell Collins, Inc.		1,384,237
				2,543,164
	Airlines (1.2%):
	18,609	Alaska Air Group, Inc. ^		1,231,544
	32,952	Delta Air Lines, Inc.		1,481,522
				2,713,066
	Auto Components (2.2%):
	71,771	Allison Transmission Holdings, Inc.		2,292,366
	22,196	BorgWarner, Inc.		1,342,414
	19,569	Delphi Automotive plc		1,560,432
				5,195,212
	Automobiles (0.6%):
	23,451	Harley-Davidson, Inc.		1,424,414
	Banks (7.5%):
	53,529	BB&T Corp.		2,087,096
	70,697	Citizens Financial Group, Inc.		1,705,919
	27,585	Comerica, Inc.		1,244,911
	118,116	Fifth Third Bancorp		2,226,487
	180,997	Huntington Bancshares, Inc. ^		2,000,017
	121,009	KeyCorp		1,713,487
	10,501	M&T Bank Corp. ^		1,333,627
	50,764	PrivateBancorp, Inc.		1,785,370
	30,557	SunTrust Banks, Inc.		1,255,587
	97,383	TCF Financial Corp.		1,530,861
				16,883,362
	Beverages (1.9%):
	49,074	Coca-Cola Enterprises, Inc.		2,169,071
	29,639	Molson Coors Brewing Co., Class B		2,206,623
				4,375,694
	Biotechnology (0.4%):
	16,784	AMAG Pharmaceuticals, Inc. *		917,413
	Building Products (1.4%):
	29,703	Armstrong World Industries, Inc. *		1,707,031
	32,021	Fortune Brands Home & Security, Inc.		1,520,357
				3,227,388
	Capital Markets (1.7%):
	6,454	Affiliated Managers Group, Inc. *		1,386,190
	16,429	Northern Trust Corp.		1,144,280
	33,358	TD Ameritrade Holding Corp.		1,242,919
				3,773,389
	Chemicals (5.2%):
	20,569	Akzo Nobel NV		1,557,242
	29,357	Albemarle Corp.		1,551,224
	84,304	Axalta Coating Systems, Ltd. *		2,328,477
	24,984	Celanese Corp., Series A		1,395,606
	35,660	H.B. Fuller Co. ^		1,528,744
	21,209	Sensient Technologies Corp. ^		1,460,876
	22,406	Valspar Corp. (The) ^		1,882,776
				11,704,945
	Commercial Services & Supplies (0.8%):
	42,757	Tyco International plc		1,841,116
	Consumer Finance (0.8%):
	33,767	Discover Financial Services		1,902,770
	Containers & Packaging (2.6%):
	49,717	Crown Holdings, Inc. *		2,685,713

Shares			Fair Value
	Common Stocks, continued
	Containers & Packaging, continued
	87,952	Graphic Packaging Holding Co.	$	1,278,822
	22,131	Greif, Inc., Class A ^		869,084
	51,148	Owens-Illinois, Inc. *		1,192,771
				6,026,390
	Distributors (0.7%):
	65,075	LKQ Corp. *^		1,663,317
	Diversified Financial Services (1.3%):
	59,148	NASDAQ OMX Group, Inc. (The)		3,012,999
	Diversified Telecommunication Services (1.2%):
	65,600	Colt Group SA *		130,149
	211,170	Frontier Communications Corp. ^		1,488,748
	148,772	Windstream Holdings, Inc. ^		1,100,913
				2,719,810
	Electric Utilities (1.8%):
	32,627	Eversource Energy		1,648,315
	28,916	OGE Energy Corp. ^		914,035
	24,802	Pinnacle West Capital Corp.		1,581,128
				4,143,478
	Electrical Equipment (1.4%):
	25,503	Eaton Corp. plc		1,732,674
	16,283	Regal-Beloit Corp.		1,301,337
				3,034,011
	Electronic Equipment, Instruments & Components (1.4%):
	67,862	Ingram Micro, Inc., Class A *^		1,704,693
	42,313	Keysight Technologies, Inc. *		1,571,928
				3,276,621
	Energy Equipment & Services (1.6%):
	24,012	Cameron International Corp. *		1,083,422
	36,525	Forum Energy Technologies, Inc. *		715,890
	31,915	Frank’s International NV		596,811
	106,367	Pacific Drilling SA *^		413,768
	33,015	Superior Energy Services, Inc.		737,555
				3,547,446
	Food & Staples Retailing (0.5%):
	14,411	Empire Co., Ltd., Class A		1,004,924
	Food Products (4.7%):
	18,705	Bunge, Ltd.		1,540,544
	62,908	Flowers Foods, Inc.		1,430,528
	22,458	Ingredion, Inc.		1,747,682
	15,779	J.M. Smucker Co. (The) ^		1,826,104
	47,368	Pinnacle Foods, Inc.		1,933,087
	135,214	Rite AID Corp. *		1,175,010
	31,238	Snyders-Lance, Inc.		998,366
				10,651,321
	Health Care Equipment & Supplies (3.9%):
	60,503	Boston Scientific Corp. *		1,073,928
	6,529	Cooper Cos., Inc. (The) ^		1,223,665
	32,792	DENTSPLY International, Inc.		1,668,785
	18,374	Masimo Corp. *		605,975
	26,322	St. Jude Medical, Inc.		1,721,459
	14,535	STERIS Corp. ^		1,021,374
	13,131	Teleflex, Inc. ^		1,586,619
				8,901,805
	Health Care Providers & Services (2.9%):
	14,122	AmerisourceBergen Corp.		1,605,248
	12,366	CIGNA Corp.		1,600,655

Continued

AZL MFS Mid Cap Value Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Health Care Providers & Services, continued
26,812	Quest Diagnostics, Inc. ^	$	2,060,502
11,689	Universal Health Services, Inc., Class B		1,375,912
			6,642,317
Hotels, Restaurants & Leisure (0.5%):
10,725	DineEquity, Inc.		1,147,682
Household Durables (1.3%):
77,690	Newell Rubbermaid, Inc.		3,035,348
Independent Power and Renewable Electricity Producers (1.8%):
128,948	AES Corp. (The)		1,656,982
32,466	Dynegy, Inc. *		1,020,406
57,203	NRG Energy, Inc.		1,440,944
			4,118,332
Insurance (7.6%):
35,417	Arthur J. Gallagher & Co.		1,655,745
10,477	Everest Re Group, Ltd.		1,822,998
14,438	Hanover Insurance Group, Inc. (The)		1,047,910
28,277	Hartford Financial Services Group, Inc. (The)		1,182,544
35,046	HCC Insurance Holdings, Inc.		1,986,057
34,826	Lincoln National Corp.		2,001,103
65,840	Symetra Financial Corp.		1,544,606
64,130	Third Point Reinsurance, Ltd. *		907,440
54,692	UnumProvident Corp.		1,844,761
36,732	Validus Holdings, Ltd.		1,546,417
42,564	XL Group plc, Class B		1,566,355
			17,105,936
IT Services (2.5%):
26,132	Amdocs, Ltd.		1,421,581
27,518	Fidelity National Information Services, Inc.		1,872,875
102,450	Sabre Corp. ^		2,489,535
			5,783,991
Life Sciences Tools & Services (1.7%):
35,228	Agilent Technologies, Inc.		1,463,723
48,970	PerkinElmer, Inc.		2,504,326
			3,968,049
Machinery (3.2%):
16,749	Joy Global, Inc. ^		656,226
28,724	Oshkosh Corp. ^		1,401,444
24,813	Pentair, plc		1,560,490
15,919	SPX Corp.		1,351,523
23,163	Stanley Black & Decker, Inc.		2,208,824
			7,178,507
Media (1.4%):
11,082	AMC Networks, Inc., Class A *		849,324
65,907	Interpublic Group of Cos., Inc. (The)		1,457,863
35,821	Quebecor, Inc., Class B		958,319
			3,265,506
Metals & Mining (0.3%):
26,317	United States Steel Corp. ^		642,135
Multiline Retail (1.3%):
18,926	Burlington Stores, Inc. *		1,124,583
22,725	Kohl’s Corp. ^		1,778,231
			2,902,814
Multi-Utilities (3.5%):
46,401	CMS Energy Corp.		1,619,859

Shares		Fair Value
Common Stocks, continued
Multi-Utilities, continued
17,280	DTE Energy Co.	$	1,394,323
37,924	NiSource, Inc.		1,674,724
24,351	NorthWestern Corp.		1,309,840
44,589	Public Service Enterprise Group, Inc.		1,869,171
			7,867,917
Oil, Gas & Consumable Fuels (5.3%):
8,676	Cimarex Energy Co.		998,521
40,792	Columbia Pipeline Partners, LP *		1,129,530
32,128	Consol Energy, Inc. ^		896,050
20,703	Energen Corp. ^		1,366,399
13,483	EQT Corp.		1,117,336
27,362	HollyFrontier Corp. ^		1,101,868
22,894	Noble Energy, Inc.		1,119,517
19,177	PDC Energy, Inc. *		1,036,325
32,536	Plains GP Holdings, LP		923,046
21,902	SM Energy Co. ^		1,131,895
26,009	Spectra Energy Corp.		940,746
			11,761,233
Pharmaceuticals (1.5%):
25,052	Endo International plc *		2,247,164
23,930	Impax Laboratories, Inc. *^		1,121,599
			3,368,763
Professional Services (1.3%):
17,174	Equifax, Inc.		1,597,182
35,752	Nielsen Holdings NV		1,593,467
			3,190,649
Real Estate Investment Trusts (REITs) (5.3%):
67,076	Annaly Capital Management, Inc.		697,590
55,652	Corporate Office Properties Trust		1,635,057
66,053	DDR Corp.		1,229,907
27,079	EPR Properties ^		1,625,552
20,261	Equity Lifestyle Properties, Inc.		1,113,342
25,591	InfraREIT, Inc.		731,647
133,152	Medical Properties Trust, Inc. ^		1,962,661
19,418	Mid-America Apartment Communities, Inc. ^		1,500,429
33,014	Plum Creek Timber Co., Inc. ^		1,434,458
			11,930,643
Real Estate Management & Development (0.7%):
34,136	Realogy Holdings Corp. *		1,552,505
Road & Rail (0.6%):
51,570	Swift Transportation Co. *^		1,341,851
Semiconductors & Semiconductor Equipment (2.1%):
26,683	Analog Devices, Inc. ^		1,681,029
5,881	Avago Technologies, Ltd.		746,769
23,419	Freescale Semiconductor Holdings I, Ltd. *		954,558
31,940	Microchip Technology, Inc. ^		1,561,866
			4,944,222
Software (1.2%):
25,860	NICE Systems, Ltd., ADR		1,575,650
50,250	Symantec Corp.		1,174,091
			2,749,741

Continued

AZL MFS Mid Cap Value Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Specialty Retail (3.3%):
2,911	AutoZone, Inc. *^	$	1,985,768
25,134	Bed Bath & Beyond, Inc. *^		1,929,663
17,287	L Brands, Inc.		1,629,991
57,504	Sally Beauty Holdings, Inc. *		1,976,412
			7,521,834
Technology Hardware, Storage & Peripherals (1.6%):
44,462	NCR Corp. *^		1,312,074
181,268	Xerox Corp.		2,329,293
			3,641,367
Textiles, Apparel & Luxury Goods (1.1%):
14,490	PVH Corp.		1,544,054
8,004	Ralph Lauren Corp.		1,052,526
			2,596,580
Trading Companies & Distributors (1.0%):
20,067	Brenntag AG		1,202,856
17,611	WESCO International, Inc. *		1,230,833
			2,433,689
Total Common Stocks (Cost $197,518,288)			225,175,666
Convertible Preferred Stock (0.4%):
Wireless Telecommunication Services (0.4%):
13,362	T-Mobile US, Inc., Series A ^		783,815
Total Convertible Preferred Stock (Cost $666,721)			783,815
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (17.6%):
$40,178,840	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)		40,178,840
Total Securities Held as Collateral for Securities on Loan (Cost $40,178,840)			40,178,840
Unaffiliated Investment Company (0.5%):
1,216,902	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (b)		1,216,902
Total Unaffiliated Investment Company (Cost $1,216,902)			1,216,902
Total Investment Securities (Cost $239,580,751)(c) - 117.4%			267,355,223
Net other assets (liabilities) - (17.4)%			(39,559,864	)
Net Assets - 100.0%		$	227,795,359

Percentages indicated are based on net assets as of March 31, 2015.

ADR - American Depositary Receipt

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $39,235,647.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(b) The rate represents the effective yield at March 31, 2015.

(c) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
Bermuda		2.0	%
Canada		0.7	%
Germany		0.9	%
Guernsey		0.5	%
Ireland (Republic of)		3.3	%
Israel		0.6	%
Luxembourg		0.2	%
Netherlands		1.4	%
Singapore		0.3	%
United Kingdom		0.6	%
United States		89.5	%
		100.0	%

See accompanying notes to the schedules of portfolio investments.

AZL MFS Value Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares			Fair Value
	Common Stocks (98.9%):
	Aerospace & Defense (7.5%):
	110,124	Honeywell International, Inc.	$	11,487,035
	54,356	Lockheed Martin Corp.		11,032,094
	27,852	Northrop Grumman Corp.		4,483,058
	91,417	United Technologies Corp.		10,714,072
				37,716,259
	Air Freight & Logistics (1.3%):
	70,521	United Parcel Service, Inc., Class B		6,836,306
	Auto Components (1.8%):
	50,443	Delphi Automotive plc		4,022,325
	101,356	Johnson Controls, Inc.		5,112,396
				9,134,721
	Banks (10.4%):
	33,922	Citigroup, Inc.		1,747,661
	358,274	JPMorgan Chase & Co.		21,704,239
	45,285	PNC Financial Services Group, Inc.		4,222,373
	222,163	U.S. Bancorp		9,701,858
	307,160	Wells Fargo & Co.		16,709,504
				54,085,635
	Beverages (1.5%):
	236,713	Diageo plc		6,526,036
	12,578	Dr Pepper Snapple Group, Inc.		987,121
				7,513,157
	Capital Markets (6.1%):
	156,662	Bank of New York Mellon Corp. (The)		6,304,079
	14,047	BlackRock, Inc., Class A		5,138,954
	114,879	Franklin Resources, Inc.		5,895,590
	50,906	Goldman Sachs Group, Inc. (The)		9,568,801
	62,643	State Street Corp.		4,606,140
				31,513,564
	Chemicals (1.7%):
	16,878	E.I. du Pont de Nemours & Co.		1,206,271
	32,582	PPG Industries, Inc.		7,348,544
				8,554,815
	Commercial Services & Supplies (1.2%):
	146,807	Tyco International plc		6,321,509
	Consumer Finance (0.6%):
	36,408	American Express Co.		2,844,193
	Containers & Packaging (0.5%):
	50,342	Crown Holdings, Inc. *		2,719,475
	Diversified Financial Services (0.8%):
	79,462	NASDAQ OMX Group, Inc. (The)		4,047,794
	Diversified Telecommunication Services (2.0%):
	41,548	AT&T, Inc. ^		1,356,542
	180,247	Verizon Communications, Inc.		8,765,412
				10,121,954
	Electric Utilities (0.7%):
	44,329	Duke Energy Corp.		3,403,581
	Electrical Equipment (0.8%):
	63,058	Eaton Corp. plc		4,284,161
	Energy Equipment & Services (0.8%):
	15,813	Baker Hughes, Inc.		1,005,391
	38,365	Schlumberger, Ltd.		3,201,175
				4,206,566

Shares			Fair Value
	Common Stocks, continued
	Food & Staples Retailing (2.0%):
	97,561	CVS Health Corp.	$	10,069,271
	Food Products (4.2%):
	7,216	Archer-Daniels-Midland Co.		342,038
	54,501	Danone SA		3,667,234
	140,042	General Mills, Inc. ^		7,926,377
	22,246	Kellogg Co.		1,467,124
	109,225	Nestle SA, Registered Shares		8,252,306
				21,655,079
	Health Care Equipment & Supplies (3.9%):
	138,216	Abbott Laboratories		6,403,547
	130,563	Medtronic plc		10,182,608
	53,307	St. Jude Medical, Inc.		3,486,278
				20,072,433
	Health Care Providers & Services (1.1%):
	63,422	Express Scripts Holding Co. *		5,503,127
	Hotels, Restaurants & Leisure (0.8%):
	41,854	McDonald’s Corp.		4,078,254
	Household Durables (0.2%):
	22,937	Newell Rubbermaid, Inc.		896,149
	Household Products (0.5%):
	30,507	Procter & Gamble Co. (The)		2,499,744
	Industrial Conglomerates (3.3%):
	64,392	3M Co.		10,621,461
	76,837	Danaher Corp.		6,523,461
				17,144,922
	Insurance (7.6%):
	49,713	ACE, Ltd.		5,542,502
	63,001	Aon plc		6,055,656
	38,086	Chubb Corp. (The)		3,850,495
	178,319	MetLife, Inc.		9,014,025
	57,330	Prudential Financial, Inc.		4,604,172
	89,907	Travelers Cos., Inc. (The)		9,721,645
				38,788,495
	IT Services (5.2%):
	137,652	Accenture plc, Class A		12,896,615
	40,993	Fidelity National Information Services, Inc.		2,789,984
	49,982	Fiserv, Inc. *		3,968,571
	43,623	International Business Machines Corp. ^		7,001,491
				26,656,661
	Leisure Products (0.6%):
	41,814	Hasbro, Inc. ^		2,644,317
	19,390	Mattel, Inc.		443,062
				3,087,379
	Life Sciences Tools & Services (1.1%):
	43,777	Thermo Fisher Scientific, Inc.		5,881,002
	Machinery (1.5%):
	37,571	Illinois Tool Works, Inc.		3,649,646
	30,522	Pentair, plc		1,919,529
	24,583	Stanley Black & Decker, Inc.		2,344,235
				7,913,410
	Media (5.0%):
	103,333	Comcast Corp., Class A ^		5,793,365
	24,923	McGraw-Hill Cos., Inc. (The)		2,577,038
	77,292	Omnicom Group, Inc.		6,027,229
	51,257	Time Warner, Inc.		4,328,141
	5,481	Time, Inc. ^		122,994
	46,456	Viacom, Inc., Class B		3,172,945
	34,951	Walt Disney Co. (The) ^		3,666,010
				25,687,722

Continued

AZL MFS Value Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Multiline Retail (2.0%):
18,308	Kohl’s Corp.	$	1,432,601
109,894	Target Corp.		9,019,001
			10,451,602
Oil, Gas & Consumable Fuels (4.7%):
66,960	Chevron Corp.		7,029,461
31,936	EOG Resources, Inc.		2,928,212
105,502	Exxon Mobil Corp.		8,967,670
67,212	Occidental Petroleum Corp.		4,906,476
			23,831,819
Pharmaceuticals (8.4%):
170,871	Johnson & Johnson Co.		17,189,624
119,815	Merck & Co., Inc.		6,886,966
17,380	Novartis AG, Registered Shares		1,720,110
447,243	Pfizer, Inc.		15,559,584
4,987	Roche Holding AG		1,376,237
			42,732,521
Professional Services (0.2%):
13,131	Equifax, Inc.		1,221,183
Road & Rail (0.6%):
44,974	Canadian National Railway Co.		3,007,411
Semiconductors & Semiconductor Equipment (1.2%):
111,922	Texas Instruments, Inc.		6,400,260
Software (1.0%):
117,084	Oracle Corp.		5,052,175
Specialty Retail (0.8%):
16,995	Advance Auto Parts, Inc. ^		2,543,982
17,892	Bed Bath & Beyond, Inc. *^		1,373,658
			3,917,640
Tobacco (4.8%):
58,103	Altria Group, Inc.		2,906,312
23,338	Imperial Tobacco Group plc		1,024,365
83,315	Lorillard, Inc.		5,444,635
204,423	Philip Morris International, Inc.		15,399,185
			24,774,497
Wireless Telecommunication Services (0.5%):
828,639	Vodafone Group plc		2,707,654
Total Common Stocks (Cost $356,383,745)			507,334,100
Convertible Preferred Stock (0.1%):
Aerospace & Defense (0.1%):
7,000	United Technologies Corp., 0.49%		430,780
Total Convertible Preferred Stock (Cost $403,403)			430,780

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (6.0%):
$30,847,402	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)	$	30,847,402
Total Securities Held as Collateral for Securities on Loan (Cost $30,847,402)			30,847,402
Unaffiliated Investment Company (0.5%):
2,561,985	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (b)		2,561,985
Total Unaffiliated Investment Company (Cost $2,561,985)			2,561,985
Total Investment Securities (Cost $390,196,535)(c) - 105.5%			541,174,267
Net other assets (liabilities) - (5.5)%			(28,059,742	)
Net Assets - 100.0%		$	513,114,525

Percentages indicated are based on net assets as of March 31, 2015.

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $30,212,264.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(b) The rate represents the effective yield at March 31, 2015.

(c) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
Canada		0.6	%
France		0.7	%
Ireland (Republic of)		4.8	%
Netherlands		0.6	%
Switzerland		3.0	%
United Kingdom		3.7	%
United States		86.6	%
		100.0	%

See accompanying notes to the schedules of portfolio investments.

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (95.5%):
Aerospace & Defense (2.0%):
35,107	BE Aerospace, Inc.	$	2,233,507
10,392	Esterline Technologies Corp. *		1,189,053
61,784	Exelis, Inc.		1,505,676
16,004	Huntington Ingalls Industries, Inc.		2,242,961
17,382	KLX, Inc. *		669,902
19,645	Orbital Atk, Inc.		1,505,396
11,784	Teledyne Technologies, Inc. *		1,257,706
16,715	Triumph Group, Inc.		998,220
			11,602,421
Airlines (0.8%):
43,497	Alaska Air Group, Inc.		2,878,632
86,513	JetBlue Airways Corp. *		1,665,375
			4,544,007
Auto Components (0.5%):
54,957	Dana Holding Corp. ^		1,162,890
97,831	Gentex Corp.		1,790,307
			2,953,197
Automobiles (0.2%):
15,389	Thor Industries, Inc.		972,739
Banks (4.8%):
49,417	Associated Banc-Corp. ^		919,156
28,390	BancorpSouth, Inc. ^		659,216
14,468	Bank of Hawaii Corp. ^		885,586
24,595	Cathay General Bancorp		699,728
15,937	City National Corp.		1,419,668
27,480	Commerce Bancshares, Inc. ^		1,162,954
18,203	Cullen/Frost Bankers, Inc. ^		1,257,463
47,561	East West Bancorp, Inc.		1,924,318
77,602	First Horizon National Corp. ^		1,108,933
117,266	First Niagara Financial Group, Inc.		1,036,631
54,795	FirstMerit Corp. ^		1,044,393
60,120	Fulton Financial Corp.		741,881
26,650	Hancock Holding Co.		795,769
19,141	International Bancshares Corp.		498,240
32,077	PacWest Bancorp		1,504,091
19,955	Prosperity Bancshares, Inc.		1,047,238
16,670	Signature Bank *		2,160,100
16,885	SVB Financial Group *		2,145,070
45,100	Synovus Financial Corp.		1,263,251
54,524	TCF Financial Corp.		857,117
22,372	Trustmark Corp. ^		543,192
73,017	Umpqua Holdings Corp.		1,254,432
73,178	Valley National Bancorp ^		690,800
29,992	Webster Financial Corp.		1,111,204
			26,730,431
Beverages (0.1%):
3,005	Boston Beer Co., Inc. (The), Class A *^		803,537
Biotechnology (0.5%):
15,461	United Therapeutics Corp. *^		2,666,018
Building Products (1.0%):
24,871	A.O. Smith Corp.		1,633,030
52,569	Fortune Brands Home & Security, Inc.		2,495,976
13,618	Lennox International, Inc.		1,520,994
			5,650,000
Capital Markets (1.8%):
39,237	Eaton Vance Corp.		1,633,829
31,598	Federated Investors, Inc., Class B ^		1,070,856

Shares		Fair Value
Common Stocks, continued
Capital Markets, continued
49,003	Janus Capital Group, Inc. ^	$	842,362
42,102	Raymond James Financial, Inc.		2,390,551
43,114	SEI Investments Co.		1,900,896
21,966	Stifel Financial Corp. *		1,224,605
27,686	Waddell & Reed Financial, Inc., Class A		1,371,564
			10,434,663
Chemicals (3.1%):
37,159	Albemarle Corp.		1,963,482
21,113	Ashland, Inc.		2,687,895
21,111	Cabot Corp.		949,995
23,617	Cytec Industries, Inc.		1,276,263
11,497	Minerals Technologies, Inc.		840,431
3,504	NewMarket Corp. ^		1,674,211
25,639	Olin Corp. ^		821,474
29,559	PolyOne Corp.		1,104,029
44,312	RPM International, Inc.		2,126,532
14,717	Scotts Miracle-Gro Co. (The)		988,541
15,745	Sensient Technologies Corp.		1,084,516
24,794	Valspar Corp. (The)		2,083,440
			17,600,809
Commercial Services & Supplies (1.9%):
17,762	Clean Harbors, Inc. *		1,008,526
37,702	Copart, Inc. *		1,416,464
38,695	Corrections Corp. of America ^		1,557,861
16,529	Deluxe Corp.		1,145,129
19,708	Herman Miller, Inc.		547,094
14,633	HNI Corp.		807,303
10,423	MSA Safety, Inc.		519,899
66,201	R.R. Donnelley & Sons Co.		1,270,397
31,878	Rollins, Inc.		788,343
41,078	Waste Connections, Inc.		1,977,495
			11,038,511
Communications Equipment (1.1%):
43,766	Arris Group, Inc. *		1,264,618
35,862	Ciena Corp. *^		692,495
12,304	InterDigital, Inc.		624,305
77,092	JDS Uniphase Corp. *		1,011,447
14,246	Plantronics, Inc.		754,326
44,480	Polycom, Inc. *		596,032
51,390	Riverbed Technology, Inc. *		1,074,565
			6,017,788
Construction & Engineering (0.5%):
51,512	Aecom Technology Corp. *^		1,587,600
11,945	Granite Construction, Inc.		419,747
47,981	KBR, Inc.		694,765
			2,702,112
Construction Materials (0.2%):
16,658	Eagle Materials, Inc.		1,391,942
Consumer Finance (0.2%):
140,304	SLM Corp.		1,302,021
Containers & Packaging (1.9%):
20,810	AptarGroup, Inc.		1,321,851
32,491	Bemis Co., Inc.		1,504,658
11,239	Greif, Inc., Class A		441,356
32,601	Packaging Corp. of America		2,549,072
46,358	Rock-Tenn Co., Class A		2,990,091
13,808	Silgan Holdings, Inc.		802,659
33,361	Sonoco Products Co.		1,516,591
			11,126,278
Distributors (0.4%):
100,747	LKQ Corp. *		2,575,093

Continued

AZL Mid Cap Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Diversified Consumer Services (0.9%):
32,001	Apollo Group, Inc., Class A *	$	605,459
19,022	DeVry, Inc.		634,574
1,467	Graham Holdings Co., Class B		1,539,807
67,514	Service Corp. International		1,758,740
20,344	Sotheby’s ^		859,737
			5,398,317
Diversified Financial Services (0.7%):
27,831	CBOE Holdings, Inc.		1,597,639
37,232	MSCI, Inc., Class A		2,282,693
			3,880,332
Electric Utilities (1.6%):
20,036	Cleco Corp.		1,092,363
51,077	Great Plains Energy, Inc.		1,362,734
34,030	Hawaiian Electric Industries, Inc.		1,093,044
16,652	IDACORP, Inc.		1,046,911
66,091	OGE Energy Corp.		2,089,136
25,923	PNM Resources, Inc.		756,952
43,779	Westar Energy, Inc.		1,696,874
			9,138,014
Electrical Equipment (1.2%):
14,369	Acuity Brands, Inc.		2,416,291
14,087	Belden CDT, Inc.		1,317,980
17,834	Hubbell, Inc., Class B		1,954,963
14,812	Regal-Beloit Corp.		1,183,775
			6,873,009
Electronic Equipment, Instruments & Components (3.1%):
31,688	Arrow Electronics, Inc. *		1,937,721
45,183	Avnet, Inc.		2,010,644
28,673	Cognex Corp. *		1,421,894
13,854	FEI Co.		1,057,614
51,766	Ingram Micro, Inc., Class A *		1,300,362
11,799	IPG Photonics Corp. *		1,093,767
12,700	Itron, Inc. *^		463,677
64,018	Jabil Circuit, Inc.		1,496,741
55,810	Keysight Technologies, Inc. *		2,073,342
28,185	Knowles Corp. *^		543,125
33,538	National Instruments Corp.		1,074,558
12,674	Tech Data Corp. *^		732,177
85,869	Trimble Navigation, Ltd. *		2,163,898
44,981	Vishay Intertechnology, Inc.		621,637
			17,991,157
Energy Equipment & Services (1.9%):
19,911	Atwood Oceanics, Inc. ^		559,698
25,401	Dresser-Rand Group, Inc. *		2,040,970
12,850	Dril-Quip, Inc. *		878,812
32,632	Helix Energy Solutions Group, Inc. *		488,175
95,885	Nabors Industries, Ltd.		1,308,830
33,008	Oceaneering International, Inc.		1,780,121
17,263	Oil States International, Inc. *		686,550
48,519	Patterson-UTI Energy, Inc.		910,944
41,272	Rowan Cos. plc, Class A		730,927
50,416	Superior Energy Services, Inc.		1,126,293
15,975	Tidewater, Inc. ^		305,762
15,352	Unit Corp. *^		429,549
			11,246,631
Food & Staples Retailing (0.4%):
68,390	Supervalu, Inc. *		795,376
16,566	United Natural Foods, Inc. *^		1,276,244
			2,071,620

Shares		Fair Value
Common Stocks, continued
Food Products (2.0%):
31,195	Dean Foods Co.	$	515,653
61,053	Flowers Foods, Inc.		1,388,345
33,700	Hain Celestial Group, Inc. *^		2,158,485
23,691	Ingredion, Inc.		1,843,634
6,434	Lancaster Colony Corp.		612,324
17,342	Post Holdings, Inc. *^		812,299
6,771	Tootsie Roll Industries, Inc.		229,672
14,177	TreeHouse Foods, Inc. *^		1,205,329
57,792	WhiteWave Foods Co., Class A *		2,562,497
			11,328,238
Gas Utilities (1.5%):
33,398	Atmos Energy Corp.		1,846,909
27,920	National Fuel Gas Co. ^		1,684,414
17,276	ONE Gas, Inc. ^		746,841
56,237	Questar Corp.		1,341,815
57,247	UGI Corp.		1,865,680
16,474	WGL Holdings, Inc.		929,134
			8,414,793
Health Care Equipment & Supplies (3.5%):
24,069	Align Technology, Inc. *		1,294,551
15,999	Cooper Cos., Inc. (The) ^		2,998,533
15,418	Halyard Health, Inc. *^		758,566
18,717	Hill-Rom Holdings, Inc.		917,133
80,694	Hologic, Inc. *^		2,664,919
15,614	IDEXX Laboratories, Inc. *^		2,412,051
46,568	ResMed, Inc. ^		3,342,650
18,406	Sirona Dental Systems, Inc. *		1,656,356
19,738	STERIS Corp. ^		1,386,989
13,731	Teleflex, Inc.		1,659,117
17,927	Thoratec Corp. *		750,962
			19,841,827
Health Care Providers & Services (2.8%):
39,367	Centene Corp. *		2,782,853
38,673	Community Health Systems, Inc. *		2,021,824
25,479	Health Net, Inc. *		1,541,225
29,274	HMS Holdings Corp. *^		452,283
14,730	LifePoint Hospitals, Inc. *		1,081,919
31,972	MEDNAX, Inc. *		2,318,290
32,176	Omnicare, Inc.		2,479,483
20,893	Owens & Minor, Inc. ^		707,019
27,353	VCA Antech, Inc. *		1,499,491
14,562	WellCare Health Plans, Inc. *		1,331,841
			16,216,228
Health Care Technology (0.1%):
56,221	Allscripts Healthcare Solutions, Inc. *		672,403
Hotels, Restaurants & Leisure (1.7%):
20,912	Brinker International, Inc. ^		1,287,343
6,274	Buffalo Wild Wings, Inc. *		1,137,100
15,391	Cheesecake Factory, Inc. (The)		759,238
18,431	Domino’s Pizza, Inc.		1,853,237
81,967	International Game Technology		1,427,045
9,260	International Speedway Corp., Class A		301,969
11,892	Life Time Fitness, Inc. *		843,856
8,440	Panera Bread Co., Class A *		1,350,358
91,350	Wendy’s Co. (The)		995,715
			9,955,861

Continued

AZL Mid Cap Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Household Durables (1.8%):
59,441	Jarden Corp. *	$	3,144,429
30,162	KB Home ^		471,130
12,948	M.D.C. Holdings, Inc. ^		369,018
1,274	NVR, Inc. *		1,692,713
20,184	Tempur-Pedic International, Inc. *		1,165,424
52,951	Toll Brothers, Inc. *		2,083,092
16,482	Tupperware Brands Corp. ^		1,137,588
			10,063,394
Household Products (1.1%):
43,377	Church & Dwight Co., Inc.		3,705,263
20,583	Energizer Holdings, Inc.		2,841,483
			6,546,746
Industrial Conglomerates (0.3%):
21,594	Carlisle Cos., Inc.		2,000,252
Insurance (4.4%):
5,302	Alleghany Corp. *		2,582,074
24,284	American Financial Group, Inc.		1,557,819
54,582	Arthur J. Gallagher & Co.		2,551,709
20,621	Aspen Insurance Holdings, Ltd.		973,930
38,991	Brown & Brown, Inc.		1,290,992
14,805	Everest Re Group, Ltd.		2,576,070
35,709	First American Financial Corp.		1,274,097
14,678	Hanover Insurance Group, Inc. (The)		1,065,329
31,979	HCC Insurance Holdings, Inc.		1,812,250
16,577	Kemper Corp.		645,840
9,895	Mercury General Corp. ^		571,436
79,808	Old Republic International Corp.		1,192,332
17,308	Primerica, Inc.		880,977
22,786	Reinsurance Group of America, Inc.		2,123,427
15,162	RenaissanceRe Holdings, Ltd.		1,512,106
13,963	StanCorp Financial Group, Inc.		957,862
33,346	W.R. Berkley Corp.		1,684,306
			25,252,556
Internet & Catalog Retail (0.1%):
10,770	HSN, Inc.		734,837
Internet Software & Services (0.5%):
25,979	AOL, Inc. *		1,029,028
38,908	Rackspace Hosting, Inc. *		2,007,264
			3,036,292
IT Services (3.1%):
25,603	Acxiom Corp. *		473,399
40,044	Broadridge Financial Solutions, Inc.		2,202,821
32,815	Convergys Corp.		750,479
29,749	CoreLogic, Inc. *		1,049,247
9,528	DST Systems, Inc.		1,054,845
28,997	Gartner, Inc. *		2,431,399
22,218	Global Payments, Inc.		2,036,946
27,094	Jack Henry & Associates, Inc.		1,893,600
20,613	Leidos Holdings, Inc.		864,921
21,820	Maximus, Inc.		1,456,703
17,152	NeuStar, Inc., Class A *		422,282
13,162	Science Applications International Corp.		675,869
37,684	VeriFone Systems, Inc. *		1,314,795

Shares		Fair Value
Common Stocks, continued
IT Services, continued
12,854	Wex, Inc. *	$	1,380,005
			18,007,311
Leisure Products (0.9%):
30,754	Brunswick Corp.		1,582,293
20,214	Polaris Industries, Inc.		2,852,195
21,135	Vista Outdoor, Inc. *		905,001
			5,339,489
Life Sciences Tools & Services (1.1%):
6,846	Bio-Rad Laboratories, Inc., Class A *		925,442
12,303	Bio-Techne Corp.		1,233,868
15,680	Charles River Laboratories International, Inc. *		1,243,267
9,319	Mettler-Toledo International, Inc. *		3,062,690
			6,465,267
Machinery (4.4%):
26,870	AGCO Corp. ^		1,280,087
16,633	CLARCOR, Inc.		1,098,776
16,192	Crane Co.		1,010,543
42,073	Donaldson Co., Inc. ^		1,586,573
19,545	Graco, Inc.		1,410,367
26,533	Harsco Corp.		457,960
25,919	IDEX Corp.		1,965,438
30,150	ITT Corp.		1,203,287
26,228	Kennametal, Inc.		883,621
25,737	Lincoln Electric Holdings, Inc.		1,682,942
19,089	Nordson Corp.		1,495,432
25,963	Oshkosh Corp. ^		1,266,735
13,579	SPX Corp.		1,152,857
35,246	Terex Corp. ^		937,191
24,682	Timken Co.		1,040,099
51,575	Trinity Industries, Inc.		1,831,428
8,006	Valmont Industries, Inc. ^		983,777
31,920	Wabtec Corp.		3,032,719
19,171	Woodward, Inc.		977,913
			25,297,745
Marine (0.4%):
15,046	Alexander & Baldwin, Inc.		649,686
18,560	Kirby Corp. *		1,392,928
			2,042,614
Media (1.7%):
19,571	AMC Networks, Inc., Class A *		1,499,921
34,500	Cinemark Holdings, Inc.		1,554,916
23,999	DreamWorks Animation SKG, Inc., Class A *		580,776
15,369	John Wiley & Sons, Inc., Class A		939,661
26,590	Lamar Advertising Co., Class A		1,575,990
48,067	Live Nation, Inc. *		1,212,730
12,099	Meredith Corp. ^		674,761
43,578	New York Times Co. (The), Class A		599,633
36,276	Time, Inc.		814,033
			9,452,421
Metals & Mining (1.6%):
17,423	Carpenter Technology Corp.		677,406
50,784	Cliffs Natural Resources, Inc. ^		244,271
38,904	Commercial Metals Co.		629,856
11,137	Compass Minerals International, Inc.		1,038,080

Continued

AZL Mid Cap Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Metals & Mining, continued
25,695	Reliance Steel & Aluminum Co.	$	1,569,451
21,606	Royal Gold, Inc.		1,363,555
80,023	Steel Dynamics, Inc.		1,608,462
12,486	TimkenSteel Corp.		330,504
48,260	United States Steel Corp. ^		1,177,544
16,679	Worthington Industries, Inc.		443,828
			9,082,957
Multiline Retail (0.3%):
17,709	Big Lots, Inc.		850,564
101,018	J.C. Penney Co., Inc. *		849,561
			1,700,125
Multi-Utilities (1.0%):
36,755	Alliant Energy Corp.		2,315,565
14,802	Black Hills Corp.		746,613
64,414	MDU Resources Group, Inc.		1,374,595
27,365	Vectren Corp.		1,207,891
			5,644,664
Oil, Gas & Consumable Fuels (2.2%):
102,214	California Resources Corp.		777,849
117,075	Denbury Resources, Inc.		853,477
24,183	Energen Corp.		1,596,078
28,389	Gulfport Energy Corp. *		1,303,339
64,966	HollyFrontier Corp.		2,616,180
91,051	Peabody Energy Corp.		447,971
24,374	Rosetta Resources, Inc. *^		414,845
22,351	SM Energy Co.		1,155,100
23,613	Western Refining, Inc.		1,166,246
23,885	World Fuel Services Corp.		1,372,910
67,547	WPX Energy, Inc. *		738,289
			12,442,284
Paper & Forest Products (0.3%):
21,123	Domtar Corp.		976,305
47,167	Louisiana-Pacific Corp. *^		778,727
			1,755,032
Personal Products (0.2%):
144,041	Avon Products, Inc. ^		1,150,888
Pharmaceuticals (0.8%):
24,651	Akorn, Inc. *^		1,171,169
21,112	Salix Pharmaceuticals, Ltd. *		3,648,365
			4,819,534
Professional Services (1.2%):
11,092	Corporate Executive Board Co. (The)		885,807
13,707	FTI Consulting, Inc. *		513,464
25,943	Manpower, Inc.		2,234,989
23,049	Towers Watson & Co., Class A ^		3,046,733
			6,680,993
Real Estate Investment Trusts (REITs) (9.1%):
23,866	Alexandria Real Estate Equities, Inc.		2,339,823
37,169	American Campus Communities, Inc.		1,593,435
66,705	BioMed Realty Trust, Inc.		1,511,535
28,731	Camden Property Trust		2,244,753
30,654	Corporate Office Properties Trust		900,615
114,220	Duke Realty Corp.		2,486,569
25,663	Equity One, Inc.		684,945
36,635	Extra Space Storage, Inc.		2,475,427

Shares		Fair Value
Common Stocks, continued
Real Estate Investment Trusts (REITs), continued
22,749	Federal Realty Investment Trust	$	3,348,881
30,785	Highwoods Properties, Inc.		1,409,337
19,147	Home Properties, Inc.		1,326,696
49,678	Hospitality Properties Trust		1,638,877
28,618	Kilroy Realty Corp.		2,179,833
37,410	LaSalle Hotel Properties		1,453,753
49,330	Liberty Property Trust		1,761,081
27,743	Mack-Cali Realty Corp.		534,885
24,947	Mid-America Apartment Communities, Inc.		1,927,655
43,805	National Retail Properties, Inc. ^		1,794,691
45,926	Omega Healthcare Investors, Inc.		1,863,218
13,453	Potlatch Corp.		538,658
41,941	Rayonier, Inc. ^		1,130,729
74,561	Realty Income Corp. ^		3,847,349
31,186	Regency Centers Corp.		2,121,895
77,854	Senior Housing Properties Trust		1,727,580
31,279	Tanger Factory Outlet Centers, Inc.		1,100,082
20,522	Taubman Centers, Inc.		1,582,862
85,733	UDR, Inc.		2,917,494
28,956	Urban Edge Properties		686,257
37,341	Weingarten Realty Investors		1,343,529
61,328	WP Glimcher, Inc.		1,019,885
			51,492,329
Real Estate Management & Development (0.4%):
14,854	Jones Lang LaSalle, Inc.		2,531,122
Road & Rail (1.4%):
19,077	Con-way, Inc.		841,868
16,988	Genesee & Wyoming, Inc., Class A *		1,638,323
30,497	J.B. Hunt Transport Services, Inc. ^		2,604,292
14,841	Landstar System, Inc.		983,958
22,490	Old Dominion Freight Line, Inc. *		1,738,477
14,808	Werner Enterprises, Inc. ^		465,119
			8,272,037
Semiconductors & Semiconductor Equipment (2.7%):
208,600	Advanced Micro Devices, Inc. *^		559,048
137,910	Atmel Corp.		1,134,999
36,985	Cree, Inc. *^		1,312,598
105,291	Cypress Semiconductor Corp.		1,485,656
38,794	Fairchild Semiconductor International, Inc. *		705,275
49,130	Integrated Device Technology, Inc. *		983,583
43,239	Intersil Corp., Class A		619,182
49,190	Qorvo, Inc. *		3,920,442
22,116	Semtech Corp. *		589,281
12,984	Silicon Laboratories, Inc. *		659,198
83,491	SunEdison, Inc. *		2,003,784
72,155	Teradyne, Inc.		1,360,122
			15,333,168
Software (4.5%):
38,393	ACI Worldwide, Inc. *^		831,592

Continued

AZL Mid Cap Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Software, continued
14,916	Advent Software, Inc.	$	657,945
29,892	Ansys, Inc. *		2,636,176
96,851	Cadence Design Systems, Inc. *^		1,785,932
53,306	CDK Global, Inc.		2,492,590
14,001	CommVault Systems, Inc. *		611,844
12,851	FactSet Research Systems, Inc. ^		2,045,879
10,449	Fair Isaac Corp.		927,035
46,996	Fortinet, Inc. *		1,642,510
36,256	Informatica Corp. *		1,590,007
32,415	Mentor Graphics Corp.		778,932
38,077	PTC, Inc. *		1,377,245
30,834	Rovi Corp. *^		561,487
21,983	Solarwinds, Inc. *		1,126,409
22,263	Solera Holdings, Inc.		1,150,107
50,919	Synopsys, Inc. *		2,358,568
11,126	Tyler Technologies, Inc. *		1,341,017
9,478	Ultimate Software Group, Inc. (The) *		1,610,833
			25,526,108
Specialty Retail (4.2%):
21,387	Aaron’s, Inc.		605,466
23,230	Abercrombie & Fitch Co., Class A ^		511,989
24,233	Advance Auto Parts, Inc. ^		3,627,439
58,152	American Eagle Outfitters, Inc.		993,236
15,146	Ann, Inc. *		621,440
43,669	Ascena Retail Group, Inc. *		633,637
15,795	Cabela’s, Inc., Class A *		884,204
51,075	Chico’s FAS, Inc. ^		903,517
25,557	CST Brands, Inc.		1,120,163
32,504	Dick’s Sporting Goods, Inc.		1,852,403
47,075	Foot Locker, Inc.		2,965,725
21,178	Guess?, Inc. ^		393,699
14,248	Murphy USA, Inc. *		1,031,128
162,622	Office Depot, Inc. *		1,496,122
17,527	Rent-A-Center, Inc.		480,941
26,564	Signet Jewelers, Ltd.		3,686,818
28,375	Williams-Sonoma, Inc.		2,261,771
			24,069,698
Technology Hardware, Storage & Peripherals (1.0%):
34,635	3D Systems Corp. *^		949,692
21,438	Diebold, Inc.		760,191
20,118	Lexmark International, Inc., Class A ^		851,796
55,888	NCR Corp. *		1,649,255
16,871	Zebra Technologies Corp., Class A *		1,530,453
			5,741,387
Textiles, Apparel & Luxury Goods (0.7%):
17,495	Carter’s, Inc.		1,617,763
11,453	Deckers Outdoor Corp. *^		834,580
42,215	Kate Spade & Co. *		1,409,559
			3,861,902
Thrifts & Mortgage Finance (0.6%):
146,636	New York Community Bancorp, Inc.		2,453,220
32,482	Washington Federal, Inc. ^		708,270
			3,161,490
Trading Companies & Distributors (0.7%):
14,677	GATX Corp.		850,972

Shares		Fair Value
Common Stocks, continued
Trading Companies & Distributors, continued
16,809	MSC Industrial Direct Co., Inc., Class A ^	$	1,213,610
35,473	NOW, Inc. *		767,636
9,054	Watsco, Inc.		1,138,088
			3,970,306
Water Utilities (0.3%):
58,584	Aqua America, Inc.		1,543,688
Wireless Telecommunication Services (0.1%):
32,533	Telephone & Data Systems, Inc.		810,072
Total Common Stocks (Cost $388,134,042)			546,968,705
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (12.6%):
$71,878,695	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)		71,878,695
Total Securities Held as Collateral for Securities on Loan (Cost $71,878,695)			71,878,695
Unaffiliated Investment Company (4.3%):
24,661,458	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (b)		24,661,458
Total Unaffiliated Investment Company (Cost $24,661,458)			24,661,458
Total Investment Securities (Cost $484,674,195)(c) - 112.4%			643,508,858
Net other assets (liabilities) - (12.4)%			(70,815,466	)
Net Assets - 100.0%		$	572,693,392

Percentages indicated are based on net assets as of March 31, 2015.

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $70,252,186.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(b) The rate represents the effective yield at March 31, 2015.

(c) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

Continued

AZL Mid Cap Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Futures Contracts

Cash of $1,203,000 has been segregated to cover margin requirements for the following open contracts as of March 31, 2015:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 400 Index E-Mini June Futures		Long		6/19/15		171	$	25,988,580	$	583,702

See accompanying notes to the schedules of portfolio investments.

AZL Money Market Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
Certificates of Deposit (37.1%):
Banks (36.3%)
$8,000,000	Bank of Montreal Chicago, 0.25%, 7/16/15(a)	$	8,000,000
7,000,000	Bank of Montreal Chicago, 0.25%, 4/9/15(a)		7,000,000
5,000,000	Bank of Nova Scotia, 0.71%, 9/11/15(a)		5,009,151
8,000,000	Bank of Nova Scotia, 0.27%, 6/24/15(a)		8,000,000
19,000,000	Bank of Tokyo-Mitsubishi UFJ, NY, 0.32%, 9/11/15(a)		19,000,000
12,000,000	BNP Paribas, NY, 0.25%, 5/18/15		12,000,000
6,750,000	Canadian Imperial Bank of Commerce, 0.35%, 6/1/15(a)		6,750,000
10,000,000	Citibank NA, 0.25%, 5/11/15		10,000,000
14,000,000	Citibank NA, 0.29%, 7/6/15		14,000,000
10,000,000	Credit Agricole CIB, NY, 0.26%, 6/1/15		10,000,000
8,000,000	Credit Suisse, NY, 0.29%, 6/15/15		8,000,000
19,000,000	DNB Bank ASA , 4/7/15(b)		19,000,000
12,000,000	National Australia Bank Ltd., 0.25%, 7/10/15(a)		12,000,000
8,000,000	National Bank of Canada, NY, 0.31%, 9/24/15(a)		8,000,000
5,000,000	National Bank of Canada, NY, 0.28%, 9/18/15(a)		5,000,000
3,000,000	Natixis, NY, 0.28%, 5/5/15		3,000,000
11,000,000	Rabobank Nederland NV, NY, 0.31%, 9/16/15(a)		11,000,000
8,000,000	Rabobank Nederland NV, NY, 0.31%, 5/6/15(a)		8,000,000
8,000,000	Skandinav Enskilda Bank, NY, 0.26%, 7/23/15		8,000,000
3,000,000	State Street Bank & Trust Co., 0.28%, 10/23/15(a)		3,000,000
10,000,000	State Street Bank & Trust Co., 0.28%, 10/1/15(a)		10,000,000
4,500,000	Sumitomo Mitsui Bank, NY, 0.28%, 6/29/15		4,500,000
7,000,000	Sumitomo Mitsui Bank, NY, 0.30%, 7/20/15		7,000,000
15,000,000	Sumitomo Mitsui Bank, NY, 0.31%, 7/1/15		15,000,000
12,000,000	Toronto Dominion Bank, NY, 0.26%, 10/6/15(a)		12,000,000
8,000,000	Toronto Dominion Bank, NY, 0.30%, 7/15/15		7,999,997
			241,259,148
Diversified Financial Services (0.8%)
5,000,000	Credit Industriel Et Commercial, NY, 0.30%, 4/8/15		5,000,000
Total Certificates of Deposit (Cost $246,259,148)			246,259,148
Commercial Paper (50.3%):
Banks (11.9%)
20,000,000	Commonwealth Bank of Australia, 0.27%, 5/18/15(a)(c)		20,000,180

Principal Amount		Fair Value
Commercial Paper, continued
Banks, continued
$7,000,000	Commonwealth Bank of Australia, 0.26%, 5/15/15(a)(c)	$	7,000,000
8,000,000	DNB Bank ASA, 0.32%, 8/24/15(b)(c)		7,989,850
7,000,000	HSBC Bank PLC, 0.26%, 10/23/15(a)(c)		7,000,000
9,000,000	Macquarie Bank Ltd., 0.33%, 6/10/15(b)(c)		8,994,225
18,000,000	Skandinav Enskilda Bank, NY, 0.30%, 8/25/15(b)(c)		17,978,100
10,000,000	Westpac Banking Corp., NY, 0.26%, 4/17/15(a)(c)		10,000,000
			78,962,355
Diversified Financial Services (38.4%)
12,000,000	Alpine Securitization Corp., 0.12%, 4/2/15(b)(c)		11,999,960
10,530,000	Antalis US Funding Corp., 0.13%, 4/2/15(b)(c)		10,529,962
5,000,000	Bedford Row Funding Corp., 0.30%, 11/20/15(a)(c)		5,000,000
10,000,000	BMW US Capital LLC, 0.09%, 4/1/15(b)(c)		10,000,000
25,000,000	Caisse Centrale Desjardins du Quebec, 0.12%, 4/1/15(b)(c)		25,000,000
13,000,000	Chariot Funding LLC, 0.26%, 8/13/15(b)(c)		12,987,419
10,000,000	Charta LLC, 0.30%, 8/14/15(b)		9,988,750
10,000,000	CIESCO LLC, 0.28%, 8/6/15(b)		9,990,122
25,000,000	Collateralized CP Co. LLC, 0.30%, 6/3/15(b)		24,986,875
19,000,000	General Electric Capital Corp., 0.24%, 10/19/15(b)		19,000,000
10,000,000	Kells Funding LLC, 0.25%, 9/22/15(a)(c)		9,999,484
18,288,000	LMA Americas LLC, 0.11%, 4/1/15(b)(c)		18,288,000
15,000,000	Nederlandse Waterschapsbank NV, 0.25%, 10/1/15(a)(c)		15,000,000
13,000,000	Nieuw Amsterdam Receivables Corp., 0.30%, 8/4/15(b)(c)		12,986,458
5,000,000	Nieuw Amsterdam Receivables Corp., 0.30%, 7/27/15(b)(c)		4,995,125
28,000,000	Victory Receivables Corp., 0.11%, 4/1/15(b)(c)		28,000,000
26,000,000	Working Capital Management, 0.13%, 4/8/15(b)(c)		25,999,343
			254,751,498
Total Commercial Paper (Cost $333,713,853)			333,713,853

Continued

AZL Money Market Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
Corporate Bond (1.2%):
Hotels, Restaurants & Leisure (1.2%)
$8,000,000	Jets Stadium Development LLC, Series A-4C, 0.11%, 4/1/47, Callable 6/4/15 @ 100.00(a)	$	8,000,000
Total Corporate Bond (Cost $8,000,000)			8,000,000
U.S. Government Agency Mortgages (8.2%):
14,000,000	0.04%, 4/8/15(b)		13,999,891
10,244,000	0.06%, 5/1/15(b)		10,243,530
30,000,000	0.06%, 5/20/15(b)		29,997,551
			54,240,972
Total U.S. Government Agency Mortgages (Cost $54,240,972)			54,240,972
U.S. Treasury Obligation (1.5%):
U.S. Treasury Notes (1.5%)
10,000,000	0.10%, 4/30/16(a)		10,000,000
Total U.S. Treasury Obligation (Cost $10,000,000)			10,000,000
Yankee Dollars (1.7%):
Banks (1.7%)
6,100,000	Svenska Handelsbanken AB, 0.32%, 6/15/15(a)(c)		6,100,000
5,310,000	Westpac Banking Corp., 1.38%, 7/17/15(c)		5,325,749
			11,425,749
Total Yankee Dollars (Cost $11,425,749)			11,425,749
Total Investment Securities (Cost $663,639,722)(d) - 100.0%			663,639,722
Net other assets (liabilities) - 0.0%			(14,246	)
Net Assets - 100.0%		$	663,625,476

Percentages indicated are based on net assets as of March 31, 2015.

MTN - Medium Term Note

(a) Variable Rate Security. The rate represents the rate in effect at March 31, 2015. These securities are deemed to have a maturity remaining until the next adjustment of the interest rate or the longer of the demand period or time to the next readjustment.

(b) The rate represents the effective yield at March 31, 2015.

(c) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(d) Aggregate cost for federal income tax and financial reporting purposes is substantially the same.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
Australia		9.5	%
Canada		13.9	%
France		7.4	%
Germany		1.5	%
Japan		6.9	%
Netherlands		4.0	%
Norway		4.0	%
Sweden		4.8	%
Switzerland		1.2	%
United States		46.8	%
		100.0	%

See accompanying notes to the schedules of portfolio investments.

AZL Morgan Stanley Global Real Estate Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares			Fair Value
	Common Stocks (99.1%):
	Diversified Real Estate Activities (14.5%):
	502,400	CapitaLand, Ltd.	$	1,310,927
	48,100	City Developments, Ltd.		352,687
	160,000	Hang Lung Properties, Ltd.		450,496
	99,185	Henderson Land Development Co., Ltd.		695,700
	111,303	Kerry Properties, Ltd.		387,326
	230,000	Mitsubishi Estate Co., Ltd.		5,345,313
	180,000	Mitsui Fudosan Co., Ltd.		5,297,782
	244	Mobimo Holding AG, Registered Shares		57,594
	851,423	New World Development Co., Ltd.		985,380
	83,000	Sumitomo Realty & Development Co., Ltd.		2,993,108
	395,544	Sun Hung Kai Properties, Ltd.		6,089,439
	69,000	Tokyo Tatemono Co., Ltd.		506,338
	88,540	UOL Group, Ltd.		493,036
	258,035	Wharf Holdings, Ltd. (The)		1,798,809
				26,763,935
	Diversified REITs (12.2%):
	90	Activia Properties, Inc.		787,275
	210,167	British Land Co. plc		2,592,497
	74,779	Cousins Properties, Inc.		792,657
	21,012	Crombie REIT		223,659
	67,855	Dexus Property Group		390,512
	33,751	Duke Realty Corp.^		734,759
	1,751	Fonciere des Regions SA		173,208
	5,093	Gecina SA		688,824
	276,337	GPT Group(a)		959,728
	48,272	Green REIT plc		84,904
	220,695	Hibernia REIT plc		277,603
	223	Hulic REIT, Inc.		343,091
	4,836	ICADE		436,709
	15	Kenedix Office Investment Corp.^		82,305
	149,397	Land Securities Group plc		2,775,569
	753	Lexington Realty Trust		7,402
	26,260	Liberty Property Trust^		937,482
	478,170	Mirvac Group		730,087
	11	Premier Investment Corp.		63,384
	27,923	Shaftesbury plc		343,810
	283,745	Stockland Trust Group		969,489
	34,282	STORE Capital Corp.^		800,485
	450	United Urban Investment Corp.		702,093
	56,291	Vornado Realty Trust		6,304,592
	5,657	Wereldhave NV^		380,113
				22,582,237
	Health Care Facilities (0.1%):
	23,200	Extendicare, Inc.^		137,581
	Health Care REITs (3.9%):
	28,857	HCP, Inc.^		1,246,911
	9,804	Health Care REIT, Inc.		758,437
	12,786	Healthcare Realty Trust, Inc.		355,195
	13	Nippon Healthcare Investment Corp.*		29,812
	78,885	Senior Housing Properties Trust^		1,750,458
	42,367	Ventas, Inc.		3,093,638
				7,234,451
	Hotel & Resort REITs (3.7%):
	42,337	Chesapeake Lodging Trust		1,432,261
	265,790	Host Hotels & Resorts, Inc.		5,363,642
				6,795,903

Shares			Fair Value
	Common Stocks, continued
	Hotels, Resorts & Cruise Lines (2.4%):
	12,250	Extended Stay America, Inc.	$	239,243
	68,857	Hilton Worldwide Holdings, Inc.*		2,039,544
	2,199	La Quinta Holdings, Inc.*		52,072
	25,659	Starwood Hotels & Resorts Worldwide, Inc.		2,142,527
				4,473,386
	Industrial REITs (3.0%):
	165,900	Ascendas Real Estate Investment Trust		313,179
	3,195	DCT Industrial Trust, Inc.^		110,739
	487	GLP J-REIT^		504,787
	262,598	Macquarie Goodman Group		1,264,975
	225	Nippon Prologis REIT, Inc.		496,081
	50,244	ProLogis, Inc.		2,188,629
	19,444	Rexford Industrial Realty, Inc.		307,410
	63,761	SERGO plc		394,120
				5,579,920
	Office REITs (9.1%):
	6,577	Alexandria Real Estate Equities, Inc.		644,809
	303,881	Beni Stabili SpA^		238,492
	26,685	BioMed Realty Trust, Inc.		604,682
	34,093	Boston Properties, Inc.		4,789,385
	16,868	Brookfield Canada Office Properties		382,274
	65,000	CapitaCommercial Trust		83,619
	209,000	Champion REIT		99,450
	9,240	Corporate Office Properties Trust^		271,471
	41	Daiwa Office Investment Corp.		221,548
	20,276	Derwent Valley Holdings plc		1,027,790
	51,520	Douglas Emmett, Inc.		1,535,811
	82,602	Great Portland Estates plc		993,465
	34,708	Hudson Pacific Properties, Inc.		1,151,959
	226	Japan Real Estate Investment Corp.		1,064,793
	53,698	Mack-Cali Realty Corp.		1,035,297
	358	Mori Hills REIT Investment Corp., C Shares		505,415
	220	Nippon Building Fund, Inc.		1,082,387
	341	ORIX JREIT, Inc.		489,093
	24,818	Paramount Group, Inc.		478,987
	8,449	Workspace Group plc		106,780
				16,807,507
	Real Estate Development (0.8%):
	2,485,087	BGP Holdings plc*(a)(b)		—
	14,777	China Resources Land, Ltd.		41,650
	39,500	Dalian Wanda Commercial Properties Co., Ltd., H Shares*		244,464
	244,400	Guangzhou R&F Properties Co., Ltd., H Shares^		250,029
	163	Helical Bar plc		953
	215,418	Sino Land Co., Ltd.		351,018
	25,827	ST Modwen Properties plc		170,229
	90,222	Urban & Civic plc		345,932
				1,404,275
	Real Estate Operating Companies (10.6%):
	3,500	AEON Mall Co., Ltd.		69,463
	49,438	Atrium European Real Estate, Ltd.		231,137
	15,962	Atrium Ljungberg AB, B Shares		243,481
	62,908	BR Malls Participacoes SA		334,779
	65,200	BR Properties SA		269,734

Continued

AZL Morgan Stanley Global Real Estate Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Real Estate Operating Companies, continued
7,234	BUWOG-Bauen Und Wohnen Gesellschaft mbH	$	148,578
73,622	Capital & Counties Properties plc		437,424
529,830	Capital & Regional plc		453,808
10,353	Castellum AB		156,720
146,013	Citycon Oyj		474,015
5,900	Daibiru Corp.^		61,007
21,866	Deutsche Annington Immobilien SE		738,705
5,866	Deutsche Euroshop AG		291,561
17,698	Deutsche Wohnen AG		453,764
37,803	Entra ASA*		393,199
18,051	Fabege AB^		259,618
35,254	First Capital Realty, Inc.^		549,243
20,766	Forest City Enterprises, Inc., Class A*		529,948
516,300	Global Logistic Properties, Ltd.		997,227
110,249	Grainger Trust plc		337,157
9,830	Hispania Activos Inmobiliarios SA*		129,399
13,000	Hongkong Land Holdings, Ltd.		98,150
407,500	Hongkong Land Holdings, Ltd.		3,076,625
54,710	Hufvudstaden AB^		751,907
18,700	Hulic Co., Ltd.		210,671
392,346	Hysan Development Co., Ltd.		1,722,880
47,738	Iguatemi Empresa de Shopping Centers SA		421,318
129,151	Investa Office Fund		382,647
7,009	LEG Immobilien AG		557,151
329,899	LXB Retail Properties plc*		650,384
72,388	Norwegian Property ASA*		93,498
10,800	NTT Urban Development Corp.		108,252
37,721	Prime Office AG*		164,198
12,539	PSP Swiss Property AG		1,182,007
376,074	Quintain Estates & Development plc*		526,964
83,256	Sponda Oyj		356,998
336,050	Swire Properties, Ltd.		1,091,930
1,587	Swiss Prime Site AG		137,953
51,570	Unite Group plc		447,724
			19,541,224
Residential REITs (11.7%):
107	Advance Residence Investment^		257,061
34,206	AvalonBay Communities, Inc.^		5,960,396
12,537	Boardwalk REIT^		583,588
39,326	Camden Property Trust		3,072,540
3,524	Canadian Apartment Properties REIT		81,255
22,224	Equity Lifestyle Properties, Inc.		1,221,209
96,961	Equity Residential Property Trust		7,549,383
5,618	Essex Property Trust, Inc.		1,291,578
16,372	Mid-America Apartment Communities, Inc.^		1,265,064
21,460	WP Glimcher, Inc.		356,880
			21,638,954
Retail REITs (23.9%):
13,164	Acadia Realty Trust		459,160
7,177	Calloway REIT		164,917
256,800	CapitaMall Trust		411,778
6,760	DDR Corp.		125,871

Shares		Fair Value
Common Stocks, continued
Retail REITs, continued
8,452	Equity One, Inc.	$	225,584
10,060	Eurocommercial Properties NV		461,334
3,467	Federal Realty Investment Trust^		510,377
145,013	Federation Centres		334,908
13	Frontier Real Estate Investment Corp.		61,900
125,887	General Growth Properties, Inc.		3,719,961
117,190	Hammerson plc		1,155,081
257	Japan Retail Fund Investment Corp.		511,343
78,080	Kimco Realty Corp.		2,096,448
14,299	Klepierre		702,336
103,539	Liberty International plc		534,199
352,715	Link REIT (The)		2,170,595
22,650	Macerich Co. (The)		1,910,075
32,113	National Retail Properties, Inc.^		1,315,670
24,912	Novion Property Group		47,470
13,129	Realty Income Corp.^		677,456
43,273	Regency Centers Corp.		2,944,295
72,432	RioCan REIT		1,656,944
839,290	Scentre Group		2,384,150
58,417	Simon Property Group, Inc.		11,428,703
232,800	SPH REIT		176,466
56,422	Tanger Factory Outlet Centers, Inc.^		1,984,362
11,663	Unibail-Rodamco SE		3,147,875
17,976	Urban Edge Properties^		426,031
325,153	Westfield Corp.		2,358,370
			44,103,659
Specialized REITs (3.2%):
12,060	CubeSmart		291,249
2,976	LaSalle Hotel Properties		115,647
23,627	Public Storage, Inc.		4,657,827
62,954	Safestore Holdings, Ltd.		271,896
6,108	Sovran Self Storage, Inc.		573,786
1	Sunstone Hotel Investors, Inc.		17
			5,910,422
Total Common Stocks (Cost $123,150,611)			182,973,454
Shares or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (8.6%):
$15,943,637	Allianz Variable Insurance Products Securities Lending Collateral Trust (c)		15,943,637
Total Securities Held as Collateral for Securities on Loan (Cost $15,943,637)			15,943,637
Unaffiliated Investment Company (0.4%):
684,837	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (d)		684,837
Total Unaffiliated Investment Company (Cost $684,837)			684,837
Total Investment Securities (Cost $139,779,085)(e) - 108.1%			199,601,928
Net other assets (liabilities) - (8.1%)			(14,933,225	)
Net Assets - 100.0%		$	184,668,703

Continued

AZL Morgan Stanley Global Real Estate Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares or
Principal
Amount Fair Value

Percentages indicated are based on net assets as of March 31, 2015.

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $15,253,840.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(b) Security was valued in good faith pursuant to procedures approved by the Board of Trustees as of March 31, 2015. The total of all such securities represent 0.00% of the net assets of the fund.

(c) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(d) The rate represents the effective yield at March 31, 2015.

(e) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
Australia		4.9	%
Austria		0.1	%
Belize		0.1	%
Bermuda		1.6	%
Brazil		0.4	%
Canada		1.9	%
China		0.1	%
Finland		0.4	%
France		2.6	%
Germany		1.1	%
Hong Kong		8.1	%
Ireland		0.2	%
Italy		0.1	%
Japan		10.9	%
Jersey		0.1	%
Netherlands		0.4	%
Norway		0.2	%
Singapore		2.1	%
Spain		0.1	%
Sweden		0.7	%
Switzerland		0.7	%
United Kingdom		6.8	%
United States		56.4	%
		100.0	%

See accompanying notes to the schedules of portfolio investments.

AZL Morgan Stanley Mid Cap Growth Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (92.5%):
Aerospace & Defense (1.0%):
21,631	TransDigm Group, Inc.	$	4,731,132
Automobiles (3.0%):
74,559	Tesla Motors, Inc. *^		14,074,502
Beverages (1.2%):
39,852	Monster Beverage Corp. *		5,515,318
Biotechnology (1.7%):
24,851	Alnylam Pharmaceuticals, Inc. *^		2,594,941
3,058	Intercept Pharmaceuticals, Inc. *^		862,417
213,503	Ironwood Pharmaceuticals, Inc. *		3,416,049
31,337	Seattle Genetics, Inc. *^		1,107,763
			7,981,170
Commercial Services & Supplies (1.1%):
35,264	Stericycle, Inc. *		4,952,124
Communications Equipment (1.2%):
37,454	Palo Alto Networks, Inc. *^		5,471,280
Diversified Financial Services (3.0%):
226,903	MSCI, Inc., Class A ^		13,911,423
Electrical Equipment (0.5%):
42,336	Solarcity Corp. *^		2,170,990
Food Products (5.8%):
93,380	Keurig Green Mountain, Inc. ^		10,433,347
162,052	Mead Johnson Nutrition Co.		16,291,088
			26,724,435
Health Care Equipment & Supplies (4.5%):
41,059	Intuitive Surgical, Inc. *^		20,736,027
Health Care Technology (2.8%):
107,035	athenahealth, Inc. *^		12,778,909
Hotels, Restaurants & Leisure (4.8%):
3,226	Chipotle Mexican Grill, Inc. *		2,098,642
227,206	Dunkin’ Brands Group, Inc. ^		10,805,917
58,848	Panera Bread Co., Class A *^		9,415,386
			22,319,945
Internet & Catalog Retail (3.8%):
364,658	Groupon, Inc. *^		2,629,184
60,271	TripAdvisor, Inc. *^		5,012,739
184,132	Vipshop Holdings, Ltd., ADR *^		5,420,846
96,336	Zalando SE *		2,409,120
162,623	zulily, Inc., Class A *^		2,112,473
			17,584,362
Internet Software & Services (15.1%):
103,020	Autohome, Inc., ADR *^		4,529,789
70,662	LendingClub Corp. *		1,388,508
87,163	LinkedIn Corp., Class A *		21,778,547
25,302	MercadoLibre, Inc. ^		3,100,001
446,382	Twitter, Inc. *		22,354,810
53,923	Yelp, Inc. *^		2,553,254
212,960	Youku.com, Inc., ADR *^		2,662,000
111,647	Zillow Group, Inc., Class A *		11,198,194
			69,565,103
IT Services (4.6%):
71,827	FleetCor Technologies, Inc. *		10,840,131
126,761	Gartner, Inc. *		10,628,910
			21,469,041
Life Sciences Tools & Services (5.3%):
131,393	Illumina, Inc. *^		24,391,797
Machinery (1.0%):
95,131	Colfax Corp. *^		4,540,603

Shares		Fair Value
Common Stocks, continued
Media (3.8%):
134,362	McGraw-Hill Cos., Inc. (The)	$	13,893,030
218,460	Pandora Media, Inc. *		3,541,237
			17,434,267
Pharmaceuticals (6.5%):
168,475	Endo International plc *		15,112,208
11,227	Pharmacyclics, Inc. *^		2,873,551
256,419	Zoetis, Inc.		11,869,635
			29,855,394
Professional Services (4.5%):
82,116	IHS, Inc., Class A *^		9,341,516
162,430	Verisk Analytics, Inc., Class A *^		11,597,502
			20,939,018
Software (12.7%):
240,360	FireEye, Inc. *^		9,434,130
40,991	NetSuite, Inc. *		3,802,325
155,589	ServiceNow, Inc. *^		12,257,301
226,574	Splunk, Inc. *^		13,413,180
47,786	Tableau Software, Inc., Class A *^		4,421,161
160,133	Workday, Inc., Class A *		13,516,826
567,682	Zynga, Inc. *^		1,617,894
			58,462,817
Technology Hardware, Storage & Peripherals (0.6%):
62,734	3D Systems Corp. *^		1,720,166
21,809	Stratasys, Ltd. *^		1,151,079
			2,871,245
Textiles, Apparel & Luxury Goods (4.0%):
96,136	Lululemon Athletica, Inc. *		6,154,627
148,766	Michael Kors Holdings, Ltd. *		9,781,365
33,473	Under Armour, Inc., Class A *^		2,702,945
			18,638,937
Total Common Stocks (Cost $334,785,144)			427,119,839
Private Placements (4.0%):
Internet & Catalog Retail (1.1%):
37,815	Flipkart, Preferred (a)(b)		4,953,765
33,446	Peixe Urbano, Inc. *(a)(b)		14,382
			4,968,147
Internet Software & Services (2.9%):
76,914	Airbnb, Inc., Series D Preferred (a)(b)		3,877,235
245,606	Dropbox, Inc. *(a)(b)		4,575,640
229,712	Palantir Technologies, Inc., Series G Preferred *(a)(b)		2,042,140
67,672	Palantir Technologies, Inc., Series H Preferred (a)(b)		601,604
67,672	Palantir Technologies, Inc., Series H-1 Preferred (a)(b)		601,604
116,948	Survey Monkey *(a)(b)		1,903,913
			13,602,136
Transportation Infrastructure (0.0%):
818,433	Better Place LLC, Preferred (a)(b)		—
Total Private Placements (Cost $12,470,580)			18,570,283

Continued

AZL Morgan Stanley Mid Cap Growth Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (18.0%):
$82,986,011	Allianz Variable Insurance Products Securities Lending Collateral Trust (c)	$	82,986,011
Total Securities Held as Collateral for Securities on Loan (Cost $82,986,011)			82,986,011
Unaffiliated Investment Company (3.6%):
16,802,402	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (d)		16,802,402
Total Unaffiliated Investment Company (Cost $16,802,402)			16,802,402
Total Investment Securities (Cost $447,044,137)(e) - 118.1%			545,478,535
Net other assets (liabilities) - (18.1)%			(83,415,786	)
Net Assets - 100.0%		$	462,062,749

Percentages indicated are based on net assets as of March 31, 2015.

ADR - American Depositary Receipt

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $81,103,767.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of March 31, 2015, these securities represent 4.02% of the net assets of the fund.

(b) Security was valued in good faith pursuant to procedures approved by the Board of Trustees as of March 31, 2015. The total of all such securities represent 4.02% of the net assets of the fund.

(c) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(d) The rate represents the effective yield at March 31, 2015.

(e) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the schedules of portfolio investments.

AZL NFJ International Value Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (95.0%):
Aerospace & Defense (2.3%):
113,950	BAE Systems plc, ADR	$	3,527,322
Auto Components (1.2%):
33,200	Magna International, Inc., ADR		1,781,512
Automobiles (3.4%):
243,450	Isuzu Motors, Ltd.		3,243,089
45,000	Tata Motors, Ltd., ADR ^		2,027,700
			5,270,789
Banks (19.1%):
101,400	Australia & New Zealand Banking Group, Ltd., ADR		2,817,906
255,804	Banco Bradesco SA, ADR		2,373,861
1,810,700	Bank Rakyat Indonesia		1,837,050
494,500	Barclays plc		1,774,114
951,100	BOC Hong Kong Holdings, Ltd.		3,395,801
4,022,000	China Construction Bank		3,342,454
104,797	DnB NOR ASA		1,688,070
438,839	HSBC Holdings plc		3,734,082
1,526,000	Mizuho Financial Group, Inc.		2,686,279
61,100	Toronto-Dominion Bank (The)		2,618,135
84,800	United Overseas Bank, Ltd., ADR		2,828,080
			29,095,832
Beverages (0.8%):
14,025	Carlsberg A/S, Class B ^		1,158,343
Chemicals (1.7%):
141,400	Israel Chemicals, Ltd.		1,006,342
26,900	Methanex Corp.		1,441,033
			2,447,375
Construction Materials (2.2%):
870,000	Anhui Conch Cement Co., Ltd.		3,295,391
Containers & Packaging (1.3%):
69,797	Smurfit Kappa Group plc		1,961,505
Diversified Financial Services (1.1%):
20,800	Deutsche Boerse AG		1,700,722
Diversified Telecommunication Services (0.9%):
66,200	Telenor ASA		1,339,309
Electric Utilities (1.9%):
129,800	Companhia Paranaense de Energia, ADR ^		1,360,304
74,104	Korea Electric Power Corp., ADR		1,519,132
			2,879,436
Electronic Equipment, Instruments & Components (3.7%):
509,700	AU Optronics Corp., ADR		2,553,597
439,800	Hitachi, Ltd.		3,019,041
			5,572,638
Energy Equipment & Services (0.7%):
18,736	Technip-Coflexip SA		1,135,374
Household Durables (2.2%):
133,115	Persimmon plc *		3,281,741
Household Products (0.9%):
61,300	Svenska Cellulosa AB, ADR		1,410,513
Industrial Conglomerates (3.8%):
116,360	Koc Holding AS, ADR		2,651,844
27,300	Siemens AG, Registered Shares		2,955,198
			5,607,042

Shares		Fair Value
Common Stocks, continued
Insurance (10.4%):
407,211	AEGON NV ^	$	3,217,324
62,900	Axis Capital Holdings, Ltd.		3,244,382
173,800	Manulife Financial Corp.		2,956,338
113,700	T&D Holdings, Inc.		1,568,685
147,100	Zurich Insurance Group AG, ADR ^		4,963,890
			15,950,619
Machinery (0.9%):
67,600	Komatsu, Ltd.		1,331,763
Media (1.1%):
113,121	Sky plc		1,664,380
Metals & Mining (4.6%):
312,281	Norsk Hydro ASA		1,644,033
54,400	Rio Tinto plc, Registered Shares, ADR ^		2,252,160
202,000	Sumitomo Metal & Mining Co., Ltd.		2,962,116
			6,858,309
Multiline Retail (2.3%):
216,250	Marks & Spencer Group plc, ADR ^		3,408,100
Multi-Utilities (1.4%):
555,900	Centrica plc		2,084,830
Oil, Gas & Consumable Fuels (8.2%):
1,067,418	Beach Energy, Ltd.		818,679
1,904,695	China Petroleum & Chemical Corp. (Sinopec), H Shares		1,519,361
49,700	LUKOIL, ADR		2,282,721
61,000	Royal Dutch Shell plc, ADR		3,638,650
86,400	Sasol, Ltd., ADR ^		2,941,056
85,800	Statoil ASA, ADR		1,509,222
			12,709,689
Pharmaceuticals (5.4%):
31,000	Sanofi-Aventis SA		3,049,994
80,700	Teva Pharmaceutical Industries, Ltd., ADR		5,027,610
			8,077,604
Real Estate Management & Development (2.3%):
170,000	CK Hutchison Holdings, Ltd. ^		3,477,962
Semiconductors & Semiconductor Equipment (1.3%):
80,900	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		1,899,532
Software (1.0%):
28,700	Open Text Corp. ^		1,517,943
Textiles, Apparel & Luxury Goods (1.0%):
1,249,000	Belle International Holdings, Ltd. ^		1,456,780
Tobacco (2.2%):
74,700	Imperial Tobacco Group plc		3,278,776
Trading Companies & Distributors (1.7%):
9,600	Mitsui & Co., Ltd., ADR		2,582,400
Wireless Telecommunication Services (4.0%):
127,100	America Movil SAB de C.V., Series L, ADR		2,600,466
267,800	China Mobile, Ltd.		3,490,875
			6,091,341
Total Common Stocks (Cost $133,048,013)			143,854,872

Continued

AZL NFJ International Value Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Preferred Stock (2.4%):
Automobiles (2.4%):
13,700	Volkswagen AG, Preferred Shares	$	3,645,216
Total Preferred Stock (Cost $2,807,254)			3,645,216
Right (0.1%):
Household Durables (0.1%):
133,115	Persimmon plc *		187,564
Total Right (Cost $–)			187,564
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (9.1%):
$13,721,217	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)		13,721,217
Total Securities Held as Collateral for Securities on Loan (Cost $13,721,217)			13,721,217
Unaffiliated Investment Company (3.0%):
4,589,464	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (b)		4,589,464
Total Unaffiliated Investment Company (Cost $4,589,464)			4,589,464
Total Investment Securities (Cost $154,165,948)(c) - 109.6%			165,998,333
Net other assets (liabilities) - (9.6)%			(14,554,447	)
Net Assets - 100.0%		$	151,443,886

Percentages indicated are based on net assets as of March 31, 2015.

ADR - American Depositary Receipt

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $13,098,932.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(b) The rate represents the effective yield at March 31, 2015.

(c) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
Australia		2.2	%
Bermuda		2.0	%
Brazil		2.2	%
Canada		6.2	%
Cayman Islands		0.9	%
China		4.9	%
Denmark		0.7	%
France		2.5	%
Germany		5.0	%
Hong Kong		6.2	%
India		1.2	%
Indonesia		1.1	%
Ireland		1.2	%
Israel		3.6	%
Japan		10.5	%
Korea, Republic Of		0.9	%
Mexico		1.6	%
Netherlands		1.9	%
Norway		3.7	%
Russian Federation		1.4	%
Singapore		1.7	%
South Africa		1.8	%
Sweden		0.8	%
Switzerland		3.0	%
Taiwan		1.1	%
Taiwan, Province Of China		1.5	%
Turkey		1.6	%
United Kingdom		17.5	%
United States		11.1	%
		100.0	%

See accompanying notes to the schedules of portfolio investments.

AZL Oppenheimer Discovery Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (98.3%):
Aerospace & Defense (0.7%):
27,140	Curtiss-Wright Corp.	$	2,006,732
Airlines (1.8%):
28,667	Allegiant Travel Co. ^		5,512,377
Banks (3.9%):
62,170	Bank of the Ozarks, Inc. ^		2,295,938
74,130	PrivateBancorp, Inc. ^		2,607,152
26,960	Signature Bank *^		3,493,477
125,650	Western Alliance BanCorp *		3,724,266
			12,120,833
Beverages (0.9%):
10,660	Boston Beer Co., Inc. (The), Class A *^		2,850,484
Biotechnology (4.0%):
18,230	Bluebird Bio, Inc. *		2,201,637
48,160	Celldex Theraputics, Inc. *^		1,342,219
37,280	Cepheid, Inc. *^		2,121,232
5,530	Juno Therapeutics, Inc. *		335,450
19,430	Neurocrine Biosciences, Inc. *		771,565
31,710	PTC Therapeutics, Inc. *^		1,929,554
6,220	Receptos, Inc. *		1,025,616
40,550	Ultragenyx Pharmaceutical, Inc. *^		2,517,749
			12,245,022
Building Products (3.1%):
82,950	A.O. Smith Corp. ^		5,446,497
34,270	Lennox International, Inc. ^		3,827,616
			9,274,113
Capital Markets (1.3%):
41,104	HFF, Inc., Class A ^		1,543,043
23,070	Marcus & Millichap, Inc. *		864,664
27,210	Piper Jaffray Cos., Inc. *		1,427,437
			3,835,144
Commercial Services & Supplies (1.4%):
102,920	Mobile Mini, Inc. ^		4,388,509
Construction Materials (0.7%):
35,940	CaesarStone Sdot-Yam, Ltd.		2,181,917
Containers & Packaging (1.0%):
78,220	Berry Plastics Group, Inc. *^		2,830,782
Diversified Consumer Services (1.5%):
86,274	Bright Horizons Family Solutions, Inc. *^		4,423,268
Diversified Financial Services (0.9%):
32,380	MarketAxess Holdings, Inc.		2,684,302
Electrical Equipment (0.6%):
38,780	Methode Electronics, Inc.		1,824,211
Electronic Equipment, Instruments & Components (1.4%):
46,110	Cognex Corp. *^		2,286,595
19,810	IPG Photonics Corp. *		1,836,387
			4,122,982
Energy Equipment & Services (0.2%):
39,400	Patterson-UTI Energy, Inc.		739,735
Food & Staples Retailing (0.3%):
25,770	Diplomat Pharmacy, Inc. *		891,127
Food Products (1.8%):
55,090	Hain Celestial Group, Inc. *^		3,528,514
17,538	J & J Snack Foods Corp. ^		1,871,305
			5,399,819
Health Care Equipment & Supplies (8.0%):
49,750	Cantel Medical Corp. ^		2,363,125

Shares		Fair Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
53,750	Cardiovascular Systems, Inc. *^	$	2,098,400
91,778	Dexcom, Inc. *		5,721,440
28,530	Inogen, Inc. *		912,675
70,220	K2M Group Holdings, Inc. *		1,548,351
16,930	NuVasive, Inc. *^		778,611
87,770	NxStage Medical, Inc. *^		1,518,421
145,570	Spectranetics Corp. (The) *^		5,060,012
35,810	STERIS Corp. ^		2,516,369
29,360	West Pharmaceutical Services, Inc. ^		1,767,766
			24,285,170
Health Care Providers & Services (8.2%):
79,350	Acadia Healthcare Co., Inc. *		5,681,461
77,240	Centene Corp. *^		5,460,096
59,140	ExamWorks Group, Inc. *^		2,461,407
41,660	HealthEquity, Inc. *^		1,041,083
31,716	LifePoint Hospitals, Inc. *		2,329,540
70,730	Team Health Holdings, Inc. *		4,138,412
72,980	VCA Antech, Inc. *^		4,000,764
			25,112,763
Health Care Technology (0.7%):
60,120	Omnicell, Inc. *		2,110,212
Hotels Restaurants & Leisure (0.5%):
48,380	Dave & Buster’s Entertainment, Inc. *		1,473,655
Hotels, Restaurants & Leisure (8.0%):
24,750	Buffalo Wild Wings, Inc. *^		4,485,690
57,650	Fiesta Restaurant Group, Inc. *^		3,516,650
53,220	Jack in the Box, Inc. ^		5,104,862
125,790	La Quinta Holdings, Inc. *^		2,978,707
36,690	Papa John’s International, Inc. ^		2,267,809
65,790	Popeyes Louisiana Kitchen, Inc. *		3,935,558
65,000	Zoe’s Kitchen, Inc. *^		2,163,850
			24,453,126
Internet & Catalog Retail (0.8%):
37,300	HSN, Inc. ^		2,544,979
Internet Software & Services (2.3%):
8,740	comScore, Inc. *		447,488
26,500	Demandware, Inc. *^		1,613,850
68,650	GrubHub, Inc. *^		3,116,023
26,650	Shutterstock, Inc. *^		1,830,056
			7,007,417
Life Sciences Tools & Services (1.2%):
50,740	ICON plc *		3,578,692
Machinery (4.1%):
60,580	Middleby Corp. (The) *		6,218,537
65,500	Wabtec Corp. ^		6,223,155
			12,441,692
Multiline Retail (1.7%):
84,960	Burlington Stores, Inc. *		5,048,323
Oil, Gas & Consumable Fuels (1.7%):
43,150	Diamondback Energy, Inc. *		3,315,646
37,750	Matador Resources Co. *^		827,480
14,120	PDC Energy, Inc. *		763,045
			4,906,171
Pharmaceuticals (1.5%):
70,270	Akorn, Inc. *^		3,338,527

Continued

AZL Oppenheimer Discovery Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Pharmaceuticals, continued
12,490	Pacira Pharmaceuticals, Inc. *	$	1,109,737
			4,448,264
Professional Services (2.0%):
30,400	CoStar Group, Inc. *		6,014,032
Real Estate Investment Trusts (REITs) (0.5%):
32,849	Pebblebrook Hotel Trust		1,529,778
Road & Rail (2.5%):
95,520	Knight Transportation, Inc. ^		3,080,520
44,410	Old Dominion Freight Line, Inc. *^		3,432,893
25,830	Saia, Inc. *		1,144,269
			7,657,682
Semiconductors & Semiconductor Equipment (7.1%):
31,060	Ambarella, Inc. *		2,351,553
88,420	Cavium, Inc. *^		6,261,904
186,207	Cypress Semiconductor Corp.		2,627,381
61,160	MA-COM Technology Solutions Holdings, Inc. *^		2,278,822
21,850	Microsemi Corp. *		773,490
18,830	MKS Instruments, Inc. ^		636,642
123,360	Monolithic Power Systems, Inc.		6,494,904
			21,424,696
Software (16.1%):
14,720	CyberArk Software, Ltd. *^		817,990
41,680	Envestnet, Inc. *^		2,337,414
94,300	Guidewire Software, Inc. *^		4,961,123
47,030	HubSpot, Inc. *^		1,876,497
47,250	Manhattan Associates, Inc. *		2,391,323
92,880	Paylocity Holding Corp. *^		2,660,083
113,380	Proofpoint, Inc. *^		6,714,365
49,260	ServiceNow, Inc. *^		3,880,703
55,810	Tableau Software, Inc., Class A *^		5,163,541
52,490	Tyler Technologies, Inc. *^		6,326,620
37,980	Ultimate Software Group, Inc. (The) *^		6,454,891
57,280	Veeva Systems, Inc., Class A *^		1,462,358
43,070	Verint Systems, Inc. *^		2,667,325
66,570	Zendesk, Inc. *^		1,510,473
			49,224,706
Specialty Retail (0.9%):
99,940	Michaels Cos., Inc. (The) *^		2,704,376
Textiles, Apparel & Luxury Goods (4.2%):
33,120	Carter’s, Inc.		3,062,606
12,350	Columbia Sportswear Co. ^		752,115
44,860	G-III Apparel Group, Ltd. *^		5,053,480
51,740	Skechers U.S.A., Inc., Class A *^		3,720,623
			12,588,824
Thirfts & Mortgage Finance (0.8%):
98,400	Essent Group, Ltd. *		2,352,744
Total Common Stocks (Cost $226,636,458)			298,238,659

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (26.3%):
$79,742,529	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)	$	79,742,529
Total Securities Held as Collateral for Securities on Loan (Cost $79,742,529)			79,742,529
Unaffiliated Investment Company (3.1%):
9,346,983	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (b)		9,346,983
Total Unaffiliated Investment Company (Cost $9,346,983)			9,346,983
Total Investment Securities (Cost $315,725,970)(c) - 127.7%			387,328,171
Net other assets (liabilities) - (27.7)%			(84,002,242	)
Net Assets - 100.0%		$	303,325,929

Percentages indicated are based on net assets as of March 31, 2015.

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $77,991,413.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(b) The rate represents the effective yield at March 31, 2015.

(c) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

See accompanying notes to the schedules of portfolio investments.

AZL Pyramis Core Bond Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
Asset Backed Securities (4.0%):
$1,155,000	AmeriCredit Automobile Receivables Trust, Class D, Series 2012-5, 2.35%, 12/10/18	$	1,166,341
900,000	AmeriCredit Automobile Receivables Trust, Class D, Series 2013-3, 3.00%, 7/8/19		917,471
1,750,000	AmeriCredit Automobile Receivables Trust, Class C, Series 2013-4, 2.72%, 9/9/19		1,783,761
1,750,000	AmeriCredit Automobile Receivables Trust, Class D, Series 2013-4, 3.31%, 10/8/19		1,796,946
9,282	CFC LLC, Class A, Series 2013-1A, 1.65%, 7/17/17(a)		9,287
4,220,000	CFC LLC, Class B, Series 2013-1A, 2.75%, 11/15/18(a)		4,258,122
113,480	Countrywide Asset-Backed Certificates Trust, Class AF5, Series 2004-7, 5.87%, 1/25/35(b)		117,847
1,130,000	Ford Credit Floorplan Master Owner Trust, Class C, Series 2013-3, 1.29%, 6/15/17		1,130,687
1,130,000	Ford Credit Floorplan Master Owner Trust, Class D, Series 2013-3, 1.74%, 6/15/17		1,133,086
387,000	Santander Drive Auto Receivables Trust, Class C, Series 2014-2, 2.33%, 11/15/19		388,965
959,000	Santander Drive Auto Receivables Trust, Class B, Series 2014-3, 1.45%, 5/15/19		962,230
963,000	Santander Drive Auto Receivables Trust, Class C, Series 2014-3, 2.13%, 8/17/20		964,752
4,220,000	Santander Drive Auto Receivables Trust, Class C, Series 2014-4, 2.60%, 11/16/20		4,257,419
Total Asset Backed Securities (Cost $18,771,504)			18,886,914
Collateralized Mortgage Obligations (10.3%):
102,524	Banc of America Commercial Mortgage Trust, Class A4, Series 2007-1, 5.45%, 1/15/49		109,004
2,080,877	Banc of America Commercial Mortgage Trust, Class A4, Series 2006-3, 5.89%, 7/10/44(b)		2,169,961
638,000	Banc of America Commercial Mortgage Trust, Class A4, Series 2007-2, 5.63%, 4/10/49(b)		675,541
189,000	CDGJ Commercial Mortgage Trust, Class DPA, Series 2014-BXCH, 3.17%, 12/15/27(a)(b)		189,261
174,114	Citigroup Mortgage Loan Trust, Class A, Series 2012-A, 2.50%, 6/25/51(a)		169,139
88,000	Credit Suisse Mortgage Trust, Class B, Series 2015-TOWN, 1.99%, 3/15/17(a)(b)		87,995

Principal Amount		Fair Value
Collateralized Mortgage Obligations, continued
$85,000	Credit Suisse Mortgage Trust, Class C, Series 2015-TOWN, 2.33%, 3/15/17(a)(b)	$	84,995
129,000	Credit Suisse Mortgage Trust, Class D, Series 2015-TOWN, 3.23%, 3/15/17(a)(b)		128,989
446,000	Credit Suisse Mortgage Trust, Class E, Series 2015-TOWN, 4.33%, 3/15/17(a)(b)		445,955
320,000	Extended Stay America Trust, Class BFL, Series 2013-ESFL, 1.27%, 12/5/31(a)(b)		319,199
230,000	Extended Stay America Trust, Class CFL, Series 2013-ESFL, 1.67%, 12/5/31(a)(b)		229,669
460,000	GAHR Commercial Mortgage Trust, Class BFX, Series 2015-NRF, 3.38%, 12/15/19(a)		470,920
390,000	GAHR Commercial Mortgage Trust, Class CFX, Series 2015-NRF, 3.38%, 12/15/19(a)		392,476
330,000	GAHR Commercial Mortgage Trust, Class DFX, Series 2015-NRF, 3.38%, 12/15/19(a)		327,865
5,070,000	GE Capital Commercial Mortgage Corp., Class A4, Series 2007-C1, 5.54%, 12/10/49		5,361,151
3,700,000	Granite Master Issuer plc, Class M2, Series 2006-1A, 0.76%, 12/20/54(a)(b)		3,648,941
3,750,000	Granite Master Issuer plc, Class M2, Series 2006-3, 0.74%, 12/20/54(b)		3,695,528
628,832	Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust, Class A4, Series 2007-GG9, 5.78%, 7/10/38(b)		651,748
900,000	Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust, Class A4, Series 2007-GG9, 5.44%, 3/10/39		949,678
297,000	GS Mortgage Securities Trust, Class A4, Series 2006-GG6, 5.55%, 4/10/38(b)		301,813
273,100	GS Mortgage Securities Trust, Class A4, Series 2006-GG8, 5.56%, 11/10/39		286,596
4,112,000	Hilton USA Trust, Class DFX, Series 2013-HLT, 4.41%, 11/5/30(a)		4,232,187
345,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 2006-LDP7, 5.88%, 4/15/45(b)		356,488

Continued

AZL Pyramis Core Bond Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
Collateralized Mortgage Obligations, continued
$328,362	JPMorgan Chase Commercial Mortgage Securities Corp., Class A1A, Series 2006-LDP8, 5.40%, 5/15/45	$	342,436
673,970	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 2007-CB18, 5.44%, 6/12/47		711,719
5,157,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 2007-LD11, 5.78%, 6/15/49(b)		5,514,376
127,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class C, Series 2014-BXH, 1.82%, 4/15/27(a)(b)		126,850
271,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class D, Series 2014-BXH, 2.42%, 4/15/27(a)(b)		270,474
3,899,600	LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C7, 5.87%, 9/15/45(b)		4,286,609
1,390,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Class A4, Series 2007-6, 5.48%, 3/12/51(b)		1,487,308
452,072	Merrill Lynch/Countrywide Commercial Mortgage Trust, Class A4, Series 2007-5, 5.38%, 8/12/48		477,781
2,596,116	Morgan Stanely Capital I, Class A4, Series 2007-IQ15, 5.91%, 7/11/17(b)		2,819,693
1,970,000	Morgan Stanley Capital I, Class A4, Series 2007-IQ14, 5.69%, 4/15/49(b)		2,112,573
319,985	Wachovia Bank Commercial Mortgage Trust, Class A1A, Series 2006-C26, 6.01%, 6/15/45(b)		335,366
1,017,211	Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2007-C33, 5.94%, 7/15/17(b)		1,084,974
1,843,000	Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2007-C31, 5.51%, 4/15/47		1,943,104
322,000	Wachovia Bank Commercial Mortgage Trust, Class A5, Series 2007-C31, 5.50%, 4/15/47		346,233
1,058,000	Wachovia Bank Commercial Mortgage Trust, Class A3, Series 2007-C32, 5.72%, 6/15/49(b)		1,131,407
Total Collateralized Mortgage Obligations (Cost $49,212,152)			48,276,002

Principal Amount		Fair Value
Corporate Bonds (41.5%):
Airlines (0.5%):
$1,000,000	American Airlines Group, Inc., 5.50%, 10/1/19^(a)	$	1,026,250
133,041	Continental Airlines 1998-1, Class A, Series 981, 6.65%, 9/15/17		138,695
1,000,000	United Continental Holdings, Inc., 6.00%, 7/15/26, Callable 4/1/15 @ 100		1,000,000
			2,164,945
Automobiles (0.2%):
330,000	General Motors Co., 3.50%, 10/2/18		338,105
453,000	General Motors Co., 6.25%, 10/2/43		554,953
			893,058
Banks (4.8%):
320,000	Bank of America Corp., Series L, 1.35%, 11/21/16^		320,006
113,000	Bank of America Corp., 3.88%, 3/22/17		118,258
1,200,000	Bank of America Corp., 2.00%, 1/11/18, MTN		1,209,059
3,677,000	Bank of America Corp., 2.60%, 1/15/19		3,742,421
872,000	Bank of America Corp., Series L, 2.65%, 4/1/19		888,510
466,000	Bank of America Corp., 4.20%, 8/26/24		482,108
397,000	Bank of America Corp., 4.25%, 10/22/26		409,840
534,000	Capital One NA, Series BNKT, 2.95%, 7/23/21		539,640
250,000	Discover Bank, 7.00%, 4/15/20		296,782
590,000	Discover Bank, Series BKNT, 3.20%, 8/9/21, Callable 7/9/21 @ 100		596,023
4,000,000	First Tennessee Bank, 2.95%, 12/1/19, Callable 11/1/19 @ 100		4,057,012
400,000	Huntington National Bank (The), 2.20%, 4/1/19, Callable 3/1/19 @ 100		402,385
2,221,000	JPMorgan Chase & Co., 3.88%, 9/10/24		2,278,502
3,682,000	JPMorgan Chase & Co., 4.13%, 12/15/26		3,817,122
28,000	M&I Marshall & Ilsley Bank, Series BKNT, 5.00%, 1/17/17		29,602
1,278,000	Regions Bank, Series BKNT, 7.50%, 5/15/18, MTN		1,485,460
500,000	Regions Bank, 6.45%, 6/26/37		628,796
500,000	Regions Financial Corp., 5.75%, 6/15/15		504,435
88,000	Regions Financial Corp., 2.00%, 5/15/18, Callable 4/15/18 @ 100		87,919
800,000	Wells Fargo & Co., 4.10%, 6/3/26		844,054
			22,737,934
Biotechnology (0.4%):
1,937,000	Amgen, Inc., 2.20%, 5/22/19, Callable 4/22/19 @ 100		1,962,028

Continued

AZL Pyramis Core Bond Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount			Fair Value
	Corporate Bonds, continued
	Capital Markets (3.1%):
	$147,000	Affiliated Managers Group, Inc., 4.25%, 2/15/24	$	156,956
	524,000	Affiliated Managers Group, Inc., 3.50%, 8/1/25		523,348
	1,355,000	Goldman Sachs Group, Inc. (The), 6.25%, 9/1/17		1,502,606
	400,000	Goldman Sachs Group, Inc. (The), 1.75%, 9/15/17		399,634
	1,000,000	Goldman Sachs Group, Inc. (The), 6.15%, 4/1/18		1,124,241
	1,842,000	Goldman Sachs Group, Inc. (The), 2.90%, 7/19/18		1,903,728
	1,142,000	Goldman Sachs Group, Inc. (The), 2.63%, 1/31/19^		1,166,743
	399,000	Goldman Sachs Group, Inc. (The), 2.55%, 10/23/19^		404,546
	490,000	Morgan Stanley, Series G, 5.45%, 1/9/17, MTN		524,169
	458,000	Morgan Stanley, 1.88%, 1/5/18		461,134
	1,300,000	Morgan Stanley, Series F, 6.63%, 4/1/18, MTN		1,478,558
	1,380,000	Morgan Stanley, 2.13%, 4/25/18		1,395,157
	2,060,000	Morgan Stanley, 2.50%, 1/24/19		2,098,103
	784,000	Morgan Stanley, Series G, 2.38%, 7/23/19		789,849
	523,000	Morgan Stanley, 4.88%, 11/1/22		571,201
	68,000	Retail Opportunity Investments Corp., 5.00%, 12/15/23, Callable 9/15/23 @ 100		74,363
	104,000	Retail Opportunity Investments Corp., 4.00%, 12/15/24, Callable 9/15/24 @ 100		106,388
				14,680,724
	Construction Materials (0.2%):
	800,000	Building Materials Corp., 5.38%, 11/15/24, Callable 11/15/19 @ 102(a)		812,000
	Consumer Finance (3.4%):
	1,150,000	Ally Financial, Inc., 3.25%, 2/13/18		1,138,500
	2,750,000	Ally Financial, Inc., 3.75%, 11/18/19		2,719,062
	900,000	APX Group, Inc., 6.38%, 12/1/19, Callable 12/1/15 @ 105^		895,500
	320,000	Capital One Financial Corp., 2.45%, 4/24/19, Callable 3/24/19 @ 100^		323,805
	1,000,000	Ford Motor Credit Co. LLC, 2.50%, 1/15/16^		1,011,708
	1,140,000	Ford Motor Credit Co. LLC, 1.50%, 1/17/17^		1,142,409
	324,000	Ford Motor Credit Co. LLC, 3.00%, 6/12/17		333,908
	600,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18		654,280
	600,000	Ford Motor Credit Co. LLC, 2.88%, 10/1/18		618,537
	1,100,000	Ford Motor Credit Co. LLC, 2.38%, 3/12/19		1,112,779

Principal Amount			Fair Value
	Corporate Bonds, continued
	Consumer Finance, continued
	$1,000,000	Ford Motor Credit Co. LLC, 2.60%, 11/4/19	$	1,013,184
	751,000	Ford Motor Credit Co. LLC, 5.88%, 8/2/21		884,079
	12,000	Lazard Group LLC, 6.85%, 6/15/17		13,332
	311,000	Lazard Group LLC, 4.25%, 11/14/20		332,375
	1,600,000	NiSource Finance Corp., 4.45%, 12/1/21, Callable 9/1/21 @ 100		1,745,708
	900,000	SLM Corp., 5.50%, 1/15/19		918,000
	94,000	Synchrony Financial, 1.88%, 8/15/17, Callable 7/15/17 @ 100		94,076
	138,000	Synchrony Financial, 3.00%, 8/15/19, Callable 7/15/19 @ 100		140,996
	510,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100		528,872
	210,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100		219,619
				15,840,729
	Diversified Financial Services (4.4%):
	270,000	Bank of America NA, Series BKNT, 5.30%, 3/15/17		288,358
	642,000	Bank of America NA, Series BKNT, 1.65%, 3/26/18		643,601
	570,000	Citigroup, Inc., 1.30%, 11/15/16		570,911
	900,000	Citigroup, Inc., 6.00%, 8/15/17		989,969
	910,000	Citigroup, Inc., 1.85%, 11/24/17^		916,395
	1,043,000	Citigroup, Inc., 1.80%, 2/5/18		1,045,178
	1,200,000	Citigroup, Inc., 2.50%, 9/26/18		1,223,520
	1,271,000	Citigroup, Inc., 2.55%, 4/8/19^		1,295,723
	1,573,000	Citigroup, Inc., 2.50%, 7/29/19^		1,595,427
	730,000	Citigroup, Inc., 4.05%, 7/30/22		765,827
	545,000	Citigroup, Inc., 5.30%, 5/6/44		612,597
	1,000,000	Discover Financial Services, 5.20%, 4/27/22		1,113,470
	110,000	General Motors Financial Co., Inc., 2.63%, 7/10/17^		111,102
	180,000	General Motors Financial Co., Inc., 4.75%, 8/15/17		189,576
	242,000	General Motors Financial Co., Inc., 3.00%, 9/25/17		246,538
	175,000	General Motors Financial Co., Inc., 3.25%, 5/15/18		178,281
	383,000	General Motors Financial Co., Inc., 3.50%, 7/10/19^		393,212
	5,763,000	General Motors Financial Co., Inc., 4.38%, 9/25/21^		6,120,824
	200,000	General Motors Financial Co., Inc., 4.25%, 5/15/23		207,192
	378,000	Hyundai Capital America, Inc., 1.45%, 2/6/17(a)		378,418
	124,000	Hyundai Capital America, Inc., 2.13%, 10/2/17(a)		125,224
	161,000	Hyundai Capital America, Inc., 2.88%, 8/9/18(a)		165,878
	378,000	Hyundai Capital America, Inc., 2.55%, 2/6/19(a)		384,429

Continued

AZL Pyramis Core Bond Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
Corporate Bonds, continued
Diversified Financial Services, continued
$500,000	Peachtree Funding Trust, 3.98%, 2/15/25(a)	$	507,217
161,000	Tanger Properties LP, 3.88%, 12/1/23, Callable 9/1/23 @ 100		167,995
275,000	Tanger Properties LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100		282,036
			20,518,898
Diversified Telecommunication Services (2.0%):
820,000	CenturyLink, Inc., Series N, 6.00%, 4/1/17^		873,300
28,000	CenturyLink, Inc., Series R, 5.15%, 6/15/17		29,330
62,000	CenturyLink, Inc., Series Q, 6.15%, 9/15/19		67,270
582,000	Verizon Communications, Inc., 2.63%, 2/21/20		592,104
3,751,000	Verizon Communications, Inc., 4.50%, 9/15/20		4,142,127
346,000	Verizon Communications, Inc., 6.40%, 9/15/33		431,856
500,000	Verizon Communications, Inc., 6.25%, 4/1/37		616,670
1,410,000	Verizon Communications, Inc., 6.55%, 9/15/43		1,836,044
930,000	Verizon Communications, Inc., 5.01%, 8/21/54		964,959
			9,553,660
Electric Utilities (2.0%):
146,000	American Transmission Systems, Inc., 5.00%, 9/1/44, Callable 3/1/44 @ 100(a)		164,873
1,000,000	Dynegy Finance I, Inc. / Dynegy Finance II, Inc., 7.38%, 11/1/22, Callable 11/1/18 @ 104(a)		1,051,250
482,000	FirstEnergy Corp., Series A, 2.75%, 3/15/18, Callable 2/15/18 @ 100		493,612
1,544,000	FirstEnergy Corp., Series B, 4.25%, 3/15/23, Callable 12/15/22 @ 100		1,616,105
3,602,000	FirstEnergy Corp., Series C, 7.38%, 11/15/31		4,574,269
34,000	Ingersoll-Rand Global Holding Co., Ltd., 2.88%, 1/15/19		34,875
117,000	NV Energy, Inc., 6.25%, 11/15/20^		138,859
49,000	Puget Energy, Inc., 6.00%, 9/1/21		57,857
1,000,000	West Penn Power Co., 5.95%, 12/15/17(a)		1,112,322
			9,244,022
Energy Equipment & Services (0.2%):
985,000	Pemex Proj FDG Master TR, 5.75%, 3/1/18		1,082,023
Food & Staples Retailing (0.4%):
370,000	Kroger Co. (The), 3.30%, 1/15/21, Callable 12/15/20 @ 100		384,299
1,000,000	Post Holdings, Inc., 6.75%, 12/1/21, Callable 12/1/17 @ 103^(a)		1,010,000

Principal Amount		Fair Value
Corporate Bonds, continued
Food & Staples Retailing, continued
$229,000	Walgreens Boots Alliance, Inc., 2.70%, 11/18/19, Callable 10/18/19 @ 100	$	233,946
271,000	Walgreens Boots Alliance, Inc., 3.30%, 11/18/21, Callable 9/18/21 @ 100		278,998
			1,907,243
Food Products (0.1%):
130,000	ConAgra Foods, Inc., 1.90%, 1/25/18^		130,162
110,000	ConAgra Foods, Inc., 3.20%, 1/25/23, Callable 10/25/22 @ 100		108,283
			238,445
Health Care Providers & Services (1.2%):
1,000,000	Community Health System, Inc., 6.88%, 2/1/22, Callable 2/1/18 @ 103^		1,068,750
500,000	Express Scripts Holding Co., 4.75%, 11/15/21		562,554
1,600,000	Express Scripts Holding Co., 3.90%, 2/15/22		1,698,898
300,000	McKesson Corp., 2.28%, 3/15/19		303,363
1,900,000	Tenet Healthcare Corp., 8.13%, 4/1/22		2,094,749
			5,728,314
Health Care Services (0.6%):
355,000	HCA, Inc., 3.75%, 3/15/19		359,771
1,900,000	HCA, Inc., 6.50%, 2/15/20		2,139,400
25,000	HCA, Inc., 5.88%, 3/15/22		27,680
20,000	HCA, Inc., 4.75%, 5/1/23		20,750
400,000	HCA, Inc., 5.38%, 2/1/25		419,500
			2,967,101
Hotels Restaurants & Leisure (0.1%):
900,000	Scientific Games International, Inc., Registered Shares, 6.63%, 5/15/21, Callable 5/15/17 @ 104.97(a)		659,250
Household Durables (0.2%):
900,000	William Lyon Homes, Inc., 8.50%, 11/15/20, Callable 11/15/16 @ 104		974,250
Independent Power and Renewable Electricity Producers (1.2%):
900,000	AES Corp., 4.88%, 5/15/23, Callable 3/15/18 @ 102		877,500
1,371,000	Dominion Resources, Inc., Series 06-B, 2.57%, 9/30/66, Callable 4/27/15 @ 100(b)		1,275,374
1,000,000	Murray Energy Corp., 8.63%, 6/15/21, Callable 6/15/16 @ 106(a)		1,045,000
1,400,000	NRG Energy, Inc., 6.25%, 5/1/24, Callable 5/1/19 @ 103.13^		1,410,500
863,765	NSG Holdings, LLC/NSG Holdings, Inc., 7.75%, 12/15/25(a)		930,707
			5,539,081
Insurance (1.9%):
600,000	Aon plc, 5.00%, 9/30/20		675,599

Continued

AZL Pyramis Core Bond Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount			Fair Value
	Corporate Bonds, continued
	Insurance, continued
	$1,100,000	Five Corners Funding Trust, 4.42%, 11/15/23(a)	$	1,179,387
	31,000	Hartford Financial Services Group, Inc. (The), 5.13%, 4/15/22		35,325
	700,000	Liberty Mutual Group, Inc., 5.00%, 6/1/21(a)		775,535
	180,000	Liberty Mutual Group, Inc., 4.25%, 6/15/23(a)		191,724
	978,000	Marsh & McLennan Cos., Inc., 4.80%, 7/15/21, Callable 4/15/21 @ 100		1,103,275
	300,000	Northwestern Mutual Life Insurance Co. (The), 6.06%, 3/30/40(a)		397,295
	1,077,000	Pacific Life Corp., 6.00%, 2/10/20(a)		1,231,841
	500,000	Pacific Life Corp., 9.25%, 6/15/39(a)		797,398
	436,000	Pacific Life Corp., 5.13%, 1/30/43(a)		491,836
	65,000	Symetra Financial Corp., 6.13%, 4/1/16(a)		67,571
	497,000	Teachers Insurance & Annuity Association of America, 4.90%, 9/15/44(a)		561,073
	114,000	Tiaa Asset Management Finance LLC, 2.95%, 11/1/19(a)		116,838
	165,000	Tiaa Asset Management Finance LLC, 4.13%, 11/1/24(a)		174,157
	854,000	Unum Group, 5.75%, 8/15/42		1,031,928
				8,830,782
	Life Sciences Tools & Services (0.0%):
	66,000	Thermo Fisher Scientific, Inc., 2.40%, 2/1/19		66,927
	Media (1.1%):
	900,000	iHeartCommunications, Inc., 5.50%, 12/15/16^		868,500
	800,000	McGraw-Hill Global Education Holdings, LLC, 9.75%, 4/1/21, Callable 4/16/21 @ 107.31^		884,000
	395,000	News America, Inc., 7.75%, 12/1/45		595,848
	101,000	Time Warner Cable, Inc., 5.85%, 5/1/17		109,855
	716,000	Time Warner Cable, Inc., 8.25%, 4/1/19		875,768
	1,000,000	Time Warner Cable, Inc., 4.13%, 2/15/21, Callable 11/15/20 @ 100		1,075,487
	623,000	Time Warner Cable, Inc., 4.00%, 9/1/21, Callable 6/1/21 @ 100		666,842
	46,000	Viacom, Inc., 2.50%, 9/1/18		46,792
				5,123,092
	Metals & Mining (0.1%):
	274,000	Alcoa, Inc., 5.13%, 10/1/24, Callable 7/1/24 @ 100^		293,265
	Multi-Utilities (0.1%):
	305,000	FirstEnergy Solutions Co., 6.05%, 8/15/21^		339,504

Principal Amount			Fair Value
	Corporate Bonds, continued
	Multi-Utilities, continued
	$56,000	PG&E Corp., 2.40%, 3/1/19, Callable 2/1/19 @ 100	$	56,708
				396,212
	Oil, Gas & Consumable Fuels (3.5%):
	800,000	Access Midstream Partner, 4.88%, 3/15/24, Callable 3/15/19 @ 102		804,000
	3,900,000	Anadarko Petroleum Corp., 6.38%, 9/15/17		4,339,262
	1,000,000	Chesapeake Energy Corp., 5.75%, 3/15/23		975,000
	166,000	DCP Midstream Operating LLC, 2.50%, 12/1/17, Callable 11/1/17 @ 100^		156,535
	302,000	DCP Midstream Operating LLC, 2.70%, 4/1/19, Callable 3/1/19 @ 100		275,031
	500,000	DCP Midstream Operating LLC, 5.35%, 3/15/20(a)		488,074
	1,300,000	DCP Midstream Operating LLC, 4.75%, 9/30/21(a)		1,206,383
	163,000	DCP Midstream Operating LLC, 3.88%, 3/15/23, Callable 12/15/22 @ 100		146,729
	1,000,000	El Paso Pipeline Partners LP, 5.00%, 10/1/21, Callable 7/1/21 @ 100		1,072,684
	117,000	Enable Midstream Partners LP, 2.40%, 5/15/19, Callable 4/15/19 @ 100(a)		114,651
	124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100(a)		119,481
	1,995,000	Ep Energy LLC, 9.38%, 5/1/20, Callable 5/1/16 @ 105^		2,089,764
	5,000	Ep Energy LLC, 7.75%, 9/1/22, Callable 9/1/17 @ 104^		5,100
	168,000	Kinder Morgan (Delaware), Inc., 2.00%, 12/1/17		167,738
	157,000	Kinder Morgan Energy Partners LP, 2.65%, 2/1/19		157,242
	600,000	Marathon Petroleum Corp., 5.13%, 3/1/21		674,875
	70,000	MPLX LP, 4.00%, 2/15/25, Callable 11/15/24 @ 100		70,560
	38,000	Phillips 66 Partners LP, 2.65%, 2/15/20, Callable 1/15/20 @ 100		38,160
	346,000	Southeast Supply Header LLC, 4.25%, 6/15/24, Callable 3/15/24 @ 100(a)		352,204
	180,000	Southwestern Energy Co., 3.30%, 1/23/18		183,453
	327,000	Southwestern Energy Co., 4.05%, 1/23/20, Callable 12/23/19 @ 100		337,907
	647,000	Western Gas Partners LP, 5.38%, 6/1/21, Callable 3/1/21 @ 100		714,954
	299,000	Williams Cos., Inc., 3.70%, 1/15/23, Callable 10/15/22 @ 100		276,396

Continued

AZL Pyramis Core Bond Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
	$1,466,000	Williams Cos., Inc., 4.55%, 6/24/24, Callable 3/24/24 @ 100^	$	1,419,840
	285,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100^		284,380
				16,470,403
	Pharmaceuticals (0.1%):
	121,000	Mylan, Inc., 1.35%, 11/29/16^		120,845
	117,000	Watson Pharmaceuticals, Inc., 1.88%, 10/1/17		117,272
	57,000	Zoetis, Inc., 1.88%, 2/1/18		57,032
				295,149
	Real Estate Investment Trusts (REITs) (4.9%):
	82,000	Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20, Callable 12/15/19 @ 100		82,265
	102,000	American Campus Communities, Inc., 3.75%, 4/15/23, Callable 1/15/23 @ 100		103,383
	161,000	AvalonBay Communities, Inc., 3.63%, 10/1/20, Callable 7/1/20 @ 100		170,517
	1,159,000	BioMed Realty LP, 3.85%, 4/15/16, Callable 3/15/16 @ 100		1,187,331
	215,000	BioMed Realty LP, 2.63%, 5/1/19, Callable 4/1/19 @ 100		216,781
	500,000	BioMed Realty LP, 4.25%, 7/15/22, Callable 4/15/22 @ 100		522,246
	151,000	Brandywine Operating Partners LP, 6.00%, 4/1/16		157,952
	279,000	Brandywine Operating Partners LP, 4.95%, 4/15/18, Callable 3/15/18 @ 100		300,229
	357,000	Brandywine Operating Partners LP, 3.95%, 2/15/23, Callable 11/15/22 @ 100		362,652
	394,000	Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100		400,710
	394,000	Brandywine Operating Partners LP, 4.55%, 10/1/29, Callable 7/1/29 @ 100		409,567
	134,000	Camden Property Trust, 2.95%, 12/15/22		131,287
	1,625,000	CBRE Services, Inc., 5.00%, 3/15/23, Callable 3/15/18 @ 103		1,698,124
	255,000	Corporate Office Properties LP, 3.70%, 6/15/21, Callable 4/15/21 @ 100		257,788
	1,000,000	DDR Corp., 7.50%, 4/1/17		1,111,733
	1,114,000	DDR Corp., 4.63%, 7/15/22, Callable 4/15/22 @ 100		1,198,687
	218,000	DDR Corp., 3.63%, 2/1/25, Callable 11/1/24 @ 100^		217,557
	700,000	Duke Realty Corp., 4.38%, 6/15/22, Callable 3/15/22 @ 100		751,769

Principal Amount			Fair Value
	Corporate Bonds, continued
	Real Estate Investment Trusts (REITs), continued
	$256,000	Duke Realty Corp., 3.88%, 10/15/22, Callable 7/15/22 @ 100	$	267,494
	183,000	Duke Realty Corp., 3.63%, 4/15/23, Callable 1/15/23 @ 100		186,685
	146,000	Duke Realty LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100		149,854
	70,000	Equity Commonwealth, 5.88%, 9/15/20, Callable 3/15/20 @ 100		77,767
	500,000	Equity One, Inc., 3.75%, 11/15/22, Callable 8/15/22 @ 100		507,426
	62,000	Essex Portfolio LP, 5.50%, 3/15/17		66,774
	1,000,000	Government Properties Income Trust, 3.75%, 8/15/19, Callable 7/5/19 @ 100		1,036,159
	500,000	HCP, Inc., 3.15%, 8/1/22, Callable 5/1/22 @ 100		495,811
	800,000	HCP, Inc., 3.88%, 8/15/24, Callable 5/15/24 @ 100		812,962
	48,000	Health Care REIT, Inc., 4.70%, 9/15/17		51,562
	143,000	Health Care REIT, Inc., 2.25%, 3/15/18		144,943
	500,000	Health Care REIT, Inc., 4.13%, 4/1/19, Callable 1/1/19 @ 100		536,400
	135,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		140,475
	1,000,000	Liberty Property LP, 4.13%, 6/15/22, Callable 3/15/22 @ 100		1,046,428
	184,000	Liberty Property LP, 3.38%, 6/15/23, Callable 3/15/23 @ 100		183,287
	303,000	Mack-Cali Realty LP, 5.80%, 1/15/16		312,202
	250,000	Mack-Cali Realty LP, 2.50%, 12/15/17		251,495
	500,000	Mack-Cali Realty LP, 4.50%, 4/18/22, Callable 1/18/22 @ 100^		506,604
	401,000	Mack-Cali Realty LP, 3.15%, 5/15/23, Callable 2/15/23 @ 100		363,040
	1,573,000	Mid-America Apartments LP, 4.30%, 10/15/23, Callable 7/15/23 @ 100		1,680,352
	126,000	Omega Healthcare Investors, Inc., 4.95%, 4/1/24, Callable 1/1/24 @ 100		132,754
	128,000	Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100(a)		128,845
	1,320,000	Omega Healthcare Investors, Inc., 4.50%, 4/1/27(a)		1,296,635
	70,000	Post Apartment Homes LP, 3.38%, 12/1/22, Callable 9/1/22 @ 100		70,437

Continued

AZL Pyramis Core Bond Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
Corporate Bonds, continued
Real Estate Investment Trusts (REITs), continued
$80,000	PPF Funding, Inc., 5.70%, 4/15/17(a)	$	84,953
116,000	Reckson Operating Partnership LP, 6.00%, 3/31/16		121,391
2,200,000	Sabra Healthcare REIT, Inc., 5.50%, 2/1/21, Callable 2/1/17 @ 104		2,345,749
63,000	Ventas Realty LP/Capital Corp., 1.55%, 9/26/16		63,418
225,000	Ventas Realty LP/Capital Corp., 2.00%, 2/15/18, Callable 1/15/18 @ 100		227,165
111,000	Ventas Realty LP/Capital Corp., 4.00%, 4/30/19, Callable 1/30/19 @ 100		118,594
133,000	Ventas Realty LP/Capital Corp., 3.50%, 2/1/25, Callable 11/1/24 @ 100		133,543
79,000	Ventas Realty LP/Capital Corp., 4.38%, 2/1/45, Callable 8/1/44 @ 100		79,734
67,000	Weingarten Realty Investors, 3.38%, 10/15/22, Callable 7/15/22 @ 100		66,879
493,000	WP Carey, Inc., 4.00%, 2/1/25, Callable 12/1/24 @ 100		494,384
			23,462,779
Retail (0.3%):
1,500,000	J.C. Penney Corp., Inc., 8.13%, 10/1/19		1,470,000
Road & Rail (0.4%):
408,000	Burlington Northern Santa Fe LLC, 4.15%, 4/1/45, Callable 10/1/44 @ 100^		424,418
1,000,000	Hertz Corp., 6.75%, 4/15/19, Callable 4/15/15 @ 103		1,032,500
450,000	Party City Holdings, Inc., 8.88%, 8/1/20, Callable 8/1/15 @ 106.66		484,875
			1,941,793
Specialized Finance (0.2%):
1,100,000	ILFC E-Captial Trust I, 4.09%, 12/21/65, Callable 5/7/15 @ 100(a)(b)		1,036,750
Steel (0.2%):
1,000,000	JMC Steel Group, 8.25%, 3/15/18, Callable 5/7/15 @ 106.19^(a)		840,000
Tobacco (0.8%):
1,000,000	Altria Group, Inc., 2.63%, 1/14/20, Callable 12/14/19 @ 100^		1,016,039
1,100,000	Altria Group, Inc., 2.85%, 8/9/22		1,093,536
212,000	Altria Group, Inc., 4.00%, 1/31/24		227,473
186,000	Reynolds American, Inc., 3.25%, 11/1/22		185,080
600,000	Reynolds American, Inc., 7.25%, 6/15/37		790,557

Principal Amount		Fair Value
Corporate Bonds, continued
Tobacco, continued
$400,000	Reynolds American, Inc., 4.75%, 11/1/42	$	412,590
			3,725,275
Trading Companies & Distributors (0.6%):
200,000	Air Lease Corp., 2.13%, 1/15/18		199,000
334,000	Air Lease Corp., 4.75%, 3/1/20		358,633
379,000	Air Lease Corp., 3.88%, 4/1/21, Callable 3/1/21 @ 100		390,370
471,000	Air Lease Corp., 3.75%, 2/1/22, Callable 12/1/21 @ 100^		478,637
1,331,000	Air Lease Corp., 4.25%, 9/15/24, Callable 6/15/24 @ 100		1,370,929
			2,797,569
Wireless Telecommunication Services (2.3%):
2,100,000	Alcatel-Lucent USA, Inc., 6.75%, 11/15/20, Callable 11/15/16 @ 103(a)		2,236,500
233,000	Embarq Corp., 7.08%, 6/1/16		247,154
2,990,000	Embarq Corp., 8.00%, 6/1/36^		3,555,409
1,000,000	Level 3 Financing, Inc., 7.00%, 6/1/20, Callable 6/1/16 @ 104		1,067,500
900,000	Sprint Capital Corp., 6.90%, 5/1/19		930,375
2,500,000	T-Mobile USA, Inc., 6.38%, 3/1/25, Callable 9/1/19 @ 103		2,579,750
			10,616,688
Total Corporate Bonds (Cost $191,328,350)			194,870,389
Yankee Dollars (16.3%):
Airlines (0.5%):
1,000,000	Air Canada, 6.75%, 10/1/19, Callable 10/1/16 @ 103(a)		1,067,500
1,100,000	Air Canada, 7.75%, 4/15/21^(a)		1,177,000
			2,244,500
Banks (4.1%):
365,000	Banco Nacional de Desenvolvimento Economico, 3.38%, 9/26/16(a)		366,369
754,000	Banco Nacional de Desenvolvimento Economico, 6.37%, 6/16/18^(a)		797,129
1,820,000	Banco Nacional de Desenvolvimento Economico, 4.00%, 4/14/19(a)		1,801,799
126,000	Banco Nacional de Desenvolvimento Economico, 6.50%, 6/10/19^(a)		134,820
966,000	Banco Nacional de Desenvolvimento Economico, 5.50%, 7/12/20(a)		1,005,220
334,000	Banco Nacional de Desenvolvimento Economico, 5.75%, 9/26/23^(a)		344,087
470,000	Credit Suisse Group AG, 2.75%, 3/26/20^(a)		472,681
470,000	Credit Suisse Group AG, 3.75%, 3/26/25(a)		475,497
42,000	Credit Suisse, NY, 6.00%, 2/15/18		46,831
779,000	Deutsche Bank AG, 4.50%, 4/1/25		780,169

Continued

AZL Pyramis Core Bond Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount			Fair Value
	Yankee Dollars, continued
	Banks, continued
	$205,000	HSBC Holdings plc, 4.25%, 3/14/24^	$	215,116
	1,161,000	Intesa Sanpaolo SpA, 3.13%, 1/15/16		1,176,813
	2,700,000	Intesa Sanpaolo SpA, 2.38%, 1/13/17		2,732,194
	2,550,000	Royal Bank of Scotland Group plc, 6.13%, 12/15/22		2,871,544
	452,000	Royal Bank of Scotland Group plc, 6.10%, 6/10/23		502,650
	1,659,000	Royal Bank of Scotland Group plc, 6.00%, 12/19/23		1,845,375
	2,212,000	Royal Bank of Scotland Group plc, 5.13%, 5/28/24		2,320,634
	1,000,000	Sumitomo Mitsui Banking Corp., 1.30%, 1/10/17		999,674
	694,000	UBS AG Stamford CT, 1.80%, 3/26/18		695,926
				19,584,528
	Commercial Services & Supplies (0.2%):
	1,000,000	GardaWorld Security Corp., 7.25%, 11/15/21, Callable 11/15/16 @ 105(a)		982,500
	Containers & Packaging (0.2%):
	800,000	Ardagh Finance Holdings SA, Registered Shares, 8.63%, 6/15/19, Callable 6/15/16 @ 104.31(a)		832,000
	Diversified Financial Services (0.4%):
	900,000	AerCap Ireland Capital, Ltd./ and AerCap Global Aviation Trust, 5.00%, 10/1/21(a)		955,125
	900,000	BP Capital Markets plc, 4.74%, 3/11/21		1,004,511
				1,959,636
	Food & Staples Retailing (0.5%):
	2,150,000	JBS Investments GMBH, 7.75%, 10/28/20, Callable 10/28/17 @ 104(a)		2,273,625
	Hotels, Resorts & Cruise Lines (0.2%):
	800,000	Royal Caribbean Cruises, 7.50%, 10/15/27		944,000
	Insurance (0.0%):
	200,000	AIA Group, Ltd., 2.25%, 3/11/19(a)		201,334
	Media (0.3%):
	1,000,000	Columbus International, Inc., 7.38%, 3/30/21, Callable 3/30/18 @ 104(a)		1,051,250
	314,000	Thomson Reuters Corp., 3.85%, 9/29/24, Callable 6/29/24 @ 100		325,140
				1,376,390
	Metals & Mining (0.7%):
	200,000	Codelco, Inc., 5.63%, 10/18/43(a)		232,799
	200,000	Codelco, Inc., 4.88%, 11/4/44(a)		208,979
	1,500,000	Codelco, Inc., Registered Shares, 4.88%, 11/4/44^(a)		1,567,344

Principal Amount			Fair Value
	Yankee Dollars, continued
	Metals & Mining, continued
	$1,000,000	Vale Overseas, Ltd., 6.25%, 1/11/16^	$	1,033,910
				3,043,032
	Miscellaneous Manufacturing (0.5%):
	107,000	Ingersoll-Rand Lux Financial Holding, 2.63%, 5/1/20, Callable 4/1/20 @ 100		108,070
	2,100,000	Trinseo Materials Operating SCA, 8.75%, 2/1/19, Callable 8/1/15 @ 104^		2,215,500
				2,323,570
	Oil, Gas & Consumable Fuels (5.1%):
	164,000	Canadian Natural Resources, Ltd., 1.75%, 1/15/18		163,188
	676,000	Canadian Natural Resources, Ltd., 3.90%, 2/1/25, Callable 11/1/24 @ 100^		682,499
	489,000	Cenovus Energy, Inc., 5.70%, 10/15/19		545,092
	330,000	Empresa Nacional del Petroleo, 4.38%, 10/30/24(a)		335,841
	34,000	Noble Holding International, Ltd., 4.00%, 3/16/18		34,188
	219,000	Noble Holding International, Ltd., 5.95%, 4/1/25, Callable 1/1/25 @ 100^		213,850
	212,000	Noble Holding International, Ltd., 6.95%, 4/1/45, Callable 10/1/44 @ 100		200,948
	385,000	Petrobras Global Finance BV, 1.88%, 5/20/16(b)		363,864
	1,166,000	Petrobras Global Finance BV, 3.25%, 3/17/17^		1,075,635
	1,080,000	Petrobras Global Finance BV, 3.00%, 1/15/19^		932,386
	2,613,000	Petrobras Global Finance BV, 4.88%, 3/17/20		2,346,473
	234,000	Petrobras Global Finance BV, 4.38%, 5/20/23		200,093
	823,000	Petrobras Global Finance BV, 5.63%, 5/20/43		666,548
	1,793,000	Petrobras Global Finance BV, 7.25%, 3/17/44^		1,683,591
	1,000,000	Petrobras International Finance Co., 3.50%, 2/6/17^		935,850
	206,000	Petrobras International Finance Co., 5.88%, 3/1/18^		197,245
	1,087,000	Petrobras International Finance Co., 5.75%, 1/20/20^		1,008,279
	3,241,000	Petrobras International Finance Co., 5.38%, 1/27/21		2,940,074
	2,000,000	Petroleos de Venezuela SA, 8.50%, 11/2/17(a)		1,320,000
	450,000	Petroleos Mexicanos, 3.50%, 7/18/18		468,000
	237,000	Petroleos Mexicanos, 8.00%, 5/3/19		283,511
	151,000	Petroleos Mexicanos, 6.00%, 3/5/20^		172,216
	515,000	Petroleos Mexicanos, 3.50%, 7/23/20(a)		526,588
	285,000	Petroleos Mexicanos, 3.50%, 1/30/23^		278,303

Continued

AZL Pyramis Core Bond Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
Yankee Dollars, continued
Oil, Gas & Consumable Fuels, continued
$1,169,000	Petroleos Mexicanos, 4.88%, 1/18/24	$	1,237,386
694,000	Petroleos Mexicanos, 4.50%, 1/23/26(a)		707,186
696,000	Petroleos Mexicanos, 6.50%, 6/2/41		788,220
1,761,000	Petroleos Mexicanos, 5.50%, 6/27/44		1,776,408
673,000	Petroleos Mexicanos, 5.63%, 1/23/46(a)		683,095
1,000,000	Transocean, Inc., 5.05%, 12/15/16		1,010,000
			23,776,557
Paper & Forest Products (0.3%):
1,100,000	Sappi, Ltd., 6.63%, 4/15/21(a)		1,153,625
Pharmaceuticals (0.9%):
774,000	Actavis Funding SCS, 1.30%, 6/15/17		767,379
230,000	Actavis Funding SCS, 2.45%, 6/15/19		230,946
504,000	Actavis Funding SCS, 3.80%, 3/15/25, Callable 12/15/24 @ 100		520,143
731,000	Actavis Funding SCS, 4.75%, 3/15/45, Callable 9/15/44 @ 100		776,949
200,000	Perrigo Co. plc, 2.30%, 11/8/18		201,850
200,000	Perrigo Finance plc, 3.50%, 12/15/21, Callable 10/15/21 @ 100		206,959
200,000	Perrigo Finance plc, 3.90%, 12/15/24, Callable 9/15/24 @ 100		207,209
1,210,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 4/15/20 @ 103.06(a)		1,252,350
			4,163,785
Sovereign Bonds (0.8%):
900,000	Dominican Republic, 5.50%, 1/27/25^(a)		929,250
255,000	Italy Government International Bond, 5.38%, 6/12/17		277,293
1,170,000	Republic of Argentina, 3.93%, 10/3/15		1,134,315
1,500,000	Republic of Belarus, 8.95%, 1/26/18(a)		1,363,125
			3,703,983
Thrifts & Mortgage Finance (0.0%):
200,000	RBS Citizens Financial Group, Inc., 4.15%, 9/28/22(a)		210,110
Transportation & Shipping (0.2%):
900,000	Navios Maritime Holdings/Finance, 7.38%, 1/15/22, Callable 1/15/17 @ 106(a)		839,250
Wireless Telecommunication Services (1.4%):
1,000,000	Altice SA, 9.88%, 12/15/20(a)		1,107,500
3,500,000	Altice SA, 7.75%, 5/15/22, Callable 5/15/17 @ 106(a)		3,559,062

Principal Amount		Fair Value
Yankee Dollars, continued
Wireless Telecommunication Services, continued
$2,100,000	Digicel Group, Ltd., 8.25%, 9/30/20, Callable 9/30/16 @ 104(a)	$	2,103,150
			6,769,712
Total Yankee Dollars (Cost $77,431,946)			76,382,137
Municipal Bonds (4.9%):
California (1.6%):
10,000	California State, Build America Bonds, GO, 7.35%, 11/1/39		15,059
15,000	California State, Build America Bonds, GO, 7.63%, 3/1/40		23,380
2,825,000	California State, Build America Bonds, GO, 7.60%, 11/1/40		4,447,850
400,000	California State, Build America Bonds, GO, 7.50%, 4/1/34		598,204
1,125,000	California State, Build America Bonds, GO, 7.55%, 4/1/39		1,762,965
460,000	California State, Build America Bonds, GO, 7.30%, 10/1/39		687,038
			7,534,496
Illinois (3.3%):
35,000	Illinois State, GO, 4.96%, 3/1/16		36,268
15,000	Illinois State, GO, 5.37%, 3/1/17		16,075
35,000	Illinois State, GO, 4.35%, 6/1/18		36,569
5,665,000	Illinois State, GO, 5.10%, 6/1/33		5,730,147
455,000	Illinois State, GO, 1.28%, 12/1/15		456,993
420,000	Illinois State, GO, 4.00%, 12/1/20		435,868
615,000	Illinois State, GO, 5.67%, 3/1/18		673,357
1,100,000	Illinois State, GO, 5.88%, 3/1/19		1,227,336
1,935,000	Illinois State, Build America Bonds, GO, 7.35%, 7/1/35		2,311,590
105,000	Chicago Illinois, Taxable Project, GO, Series B, 5.43%, 1/1/42		96,754
770,000	Chicago Illinois, Taxable Project, GO, Series B, 6.31%, 1/1/44		790,266
80,000	Chicago Illinois, GO, Series B, 5.63%, 1/1/22		86,096
395,000	Chicago Illinois, Taxable Project, GO, Series C1, 7.78%, 1/1/35		469,774
315,000	Illinois State, Build America Bonds, GO, Series 3, 6.73%, 4/1/35		358,754
10,000	Illinois State, Build America Bonds, GO, Series 3, 5.55%, 4/1/19		10,926
2,500,000	Illinois State Finance Authority Revenue, Series A, 4.55%, 10/1/18		2,576,575
315,000	Illinois State, Build America Bonds, GO, 6.63%, 2/1/35		359,708

Continued

AZL Pyramis Core Bond Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Principal Amount		Fair Value
Municipal Bonds
Illinois, continued
		$	15,673,056
Total Municipal Bonds (Cost $21,929,449)			23,207,552
U.S. Government Agency Mortgages (11.3%):
Federal Home Loan Mortgage Corporation (2.8%)
688,884	4.00%, 6/1/33, Pool #G30718		743,224
1,393,939	4.00%, 2/1/41, Pool #A96807		1,494,016
176,521	4.50%, 3/1/41, Pool #A97673		192,874
283,686	4.50%, 4/1/41, Pool #A97942		309,941
120,014	3.50%, 8/1/42, Pool #Q10164		126,045
96,971	3.50%, 8/1/42, Pool #Q10392		101,831
127,147	3.50%, 8/1/42, Pool #Q10047		133,537
121,985	3.50%, 8/1/42, Pool #Q10434		128,040
130,633	3.50%, 9/1/42, Pool #Q11244		137,165
93,354	4.00%, 11/1/42, Pool #Q13121		100,770
82,858	3.50%, 11/1/42, Pool #G07231		86,992
859,194	3.50%, 4/1/43, Pool #Q17209		902,165
187,636	4.00%, 5/1/43, Pool #Q18481		202,445
90,924	4.00%, 7/1/43, Pool #Q19597		97,710
96,424	4.00%, 10/1/43, Pool #Q22499		104,035
984,650	3.00%, 10/1/43, Pool #G08553		1,006,211
580,054	4.00%, 11/1/43, Pool #Q23023		626,728
198,514	4.00%, 1/1/44, Pool #V80950		214,266
6,238,929	3.50%, 2/1/44, Pool #U99114		6,593,475
			13,301,470
Federal National Mortgage Association (6.2%)
288,135	5.00%, 9/1/23, Pool #254908		320,020
98,283	2.50%, 10/1/28, Pool #AU2669		101,219
933,569	2.50%, 8/1/29, Pool #AW0052		960,367
101,394	3.50%, 1/1/34, Pool #AS1406		107,132
42,270	3.50%, 1/1/34, Pool #AS1614		44,667
224,845	3.50%, 1/1/34, Pool #AS1612		237,719
300,110	3.50%, 1/1/34, Pool #AS1611		317,289
74,401	6.00%, 10/1/34, Pool #AL2130		86,279
545,177	5.50%, 11/1/34, Pool #725946		617,438
265,731	5.50%, 1/1/35, Pool #735141		300,721
135,275	5.50%, 9/1/36, Pool #AD0500		153,276
934,423	6.00%, 1/1/37, Pool #932030		1,066,083
198,400	6.00%, 3/1/37, Pool #889506		226,685
244,427	6.00%, 1/1/38, Pool #889371		283,145
84,733	6.00%, 3/1/38, Pool #889219		98,321
49,226	6.00%, 7/1/38, Pool #889733		57,120
329,029	6.00%, 5/1/40, Pool #AL2129		381,496
560,774	4.50%, 8/1/40, Pool #AE0217		613,568
179,510	4.00%, 12/1/40, Pool #AA4757		192,462
81,758	4.00%, 12/1/40, Pool #AE7856		87,544
229,649	4.50%, 8/1/41, Pool #AI8715		253,709
840,988	4.00%, 10/1/41, Pool #AL2512		901,612
31,330	6.00%, 1/1/42, Pool #AL2128		36,396
46,731	4.00%, 4/1/42, Pool #AK6908		50,415
248,794	4.50%, 4/1/42, Pool #AK8453		272,762
248,845	4.50%, 4/1/42, Pool #AO0186		272,879
150,520	4.00%, 4/1/42, Pool #AK5549		162,394
181,343	4.50%, 6/1/42, Pool #AO6381		198,701
199,040	4.50%, 7/1/42, Pool #AO5544		218,249
378,292	4.50%, 8/1/42, Pool #AL2691		416,762
477,588	4.50%, 9/1/42, Pool #AL2782		526,086
248,906	4.50%, 10/1/42, Pool #AP9743		272,793
483,367	2.50%, 2/1/43, Pool #AB8465		478,520
387,396	3.00%, 6/1/43, Pool #AT5691		396,795
374,773	3.00%, 6/1/43, Pool #AR7110		383,741
148,291	3.00%, 6/1/43, Pool #AU5339		151,885
358,073	3.00%, 7/1/43, Pool #AU2555		366,692

Principal Amount		Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$542,794	3.00%, 10/1/43, Pool #AU4405	$	555,783
14,257,205	3.50%, 1/1/44, Pool #AL6167		15,099,574
300,000	5.00%, 4/25/44, Pool #29647		333,586
78,025	4.00%, 12/1/44, Pool
	#AW9502		83,843
58,412	4.00%, 12/1/44, Pool #AY0045		62,534
1,100,000	3.50%, 4/25/45		1,155,344
100,000	4.50%, 4/25/45, Pool #20573		109,094
			29,012,700
Government National Mortgage Association (2.3%)
25,705	5.00%, 6/15/34, Pool #629493		28,732
469,903	5.50%, 6/15/35, Pool #783800		531,307
23,474	5.00%, 3/15/38, Pool #676766		26,180
16,954	5.00%, 4/15/38, Pool #672672		18,917
53,895	5.00%, 8/15/38, Pool #687818		60,108
539,948	5.00%, 1/15/39, Pool #705997		603,703
4,340	5.00%, 3/15/39, Pool #697946		4,842
524,199	5.00%, 3/15/39, Pool #646746		585,814
703,663	4.00%, 10/15/40, Pool #783143		757,351
1,592,183	4.50%, 3/20/41, Pool #4978		1,737,603
577,318	4.50%, 5/20/41, Pool #005055		629,693
1,120,703	4.00%, 5/20/41, Pool #5054		1,203,417
378,315	4.50%, 6/20/41, Pool #005082		412,551
212,896	3.50%, 7/20/42, Pool #MA0220		224,648
305,213	3.50%, 4/20/43, Pool #MA0934		322,063
800,000	3.50%, 4/20/43		841,781
1,400,000	3.00%, 4/20/43		1,441,535
93,162	3.50%, 7/20/43, Pool #MA1157		98,305
499,000	3.50%, 2/20/45, Pool #MA2601		525,900
699,987	3.00%, 3/20/45, Pool #MA2677		722,412
			10,776,862
Total U.S. Government Agency Mortgages (Cost $52,228,062)			53,091,032
U.S. Treasury Obligations (11.3%):
U.S. Treasury Bonds (1.8%)
3,010,000	3.00%, 11/15/44		3,298,066
5,366,000	2.50%, 2/15/45		5,316,531
			8,614,597
U.S. Treasury Inflation Index Bonds (2.1%)
4,930,000	1.38%, 2/15/44		5,810,787
4,200,000	0.75%, 2/15/45		4,238,673
			10,049,460
U.S. Treasury Notes (7.4%)
16,387,000	0.25%, 4/15/16		16,378,036
7,445,000	0.38%, 4/30/16		7,449,072
10,888,000	1.00%, 3/15/18		10,927,981
			34,755,089
Total U.S. Treasury Obligations (Cost $52,511,016)			53,419,146
Securities Held as Collateral for Securities on Loan (7.4%):
34,828,017	Allianz Variable Insurance Products Securities Lending Collateral Trust (c)		34,828,017
Total Securities Held as Collateral for Securities on Loan (Cost $34,828,017)			34,828,017

Continued

AZL Pyramis Core Bond Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Unaffiliated Investment Company (0.5%):
2,413,915	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (d)	$	2,413,915
Total Unaffiliated Investment Company (Cost $2,413,915)			2,413,915
Total Investment Securities (Cost $500,654,411)(e) - 107.5%			505,375,104
Net other assets (liabilities) - (7.5)%			(35,405,268	)
Net Assets - 100.0%		$	469,969,836

Percentages indicated are based on net assets as of March 31, 2015.

GO	-	General Obligation
MTN	-	Medium Term Note

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $33,577,669.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(b) Variable rate security. The rate presented represents the rate in effect at March 31, 2015. The date presented represents the final maturity date.

(c) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(d) The rate represents the effective yield at March 31, 2015.

(e) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
Argentina		0.2	%
Austria		0.7	%
Barbados		0.2	%
Belarus		0.3	%
Bermuda		0.4	%
Brazil		0.9	%
Canada		1.2	%
Cayman Islands		1.5	%
Chile		0.5	%
Dominican Republic		0.2	%
Germany		0.2	%
Guernsey		0.2	%
Hong Kong		—	%NM
Ireland		0.3	%
Italy		0.8	%
Japan		0.2	%
Liberia		0.2	%
Luxembourg		1.9	%
Marshall Islands		0.2	%
Mexico		1.4	%
Netherlands		1.4	%
Switzerland		0.1	%
United Kingdom		1.8	%
United States		84.9	%
Venezuela		0.3	%
		100.0	%

NM Not meaningful, amount is less than 0.05%.

See accompanying notes to the schedules of portfolio investments.

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (98.5%):
Aerospace & Defense (3.0%):
1,273	BE Aerospace, Inc.	$	80,988
8,690	Boeing Co. (The)		1,304,195
1,143	Hexcel Corp.		58,773
9,333	Honeywell International, Inc.		973,525
492	Huntington Ingalls Industries, Inc.		68,954
636	KLX, Inc. *		24,511
3,230	Lockheed Martin Corp.		655,561
1,726	Precision Castparts Corp.		362,460
1,416	Rockwell Collins, Inc.		136,715
1,331	Spirit AeroSystems Holdings, Inc., Class A *		69,492
628	TransDigm Group, Inc.		137,356
155	Triumph Group, Inc. ^		9,257
1,222	United Technologies Corp.		143,218
			4,025,005
Air Freight & Logistics (1.0%):
1,756	C.H. Robinson Worldwide, Inc. ^		128,574
2,380	Expeditors International of Washington, Inc.		114,668
1,515	FedEx Corp.		250,657
8,436	United Parcel Service, Inc., Class B		817,786
			1,311,685
Airlines (1.0%):
1,491	Alaska Air Group, Inc. ^		98,674
8,583	American Airlines Group, Inc.		453,012
323	Copa Holdings SA, Class A		32,613
543	Delta Air Lines, Inc.		24,413
7,338	Southwest Airlines Co.		325,073
865	Spirit Airlines, Inc. *		66,916
4,451	United Continental Holdings, Inc. *		299,330
			1,300,031
Auto Components (0.4%):
1,593	Allison Transmission Holdings, Inc.		50,880
2,721	BorgWarner, Inc.		164,566
2,064	Gentex Corp. ^		37,771
3,186	Goodyear Tire & Rubber Co.		86,277
2,140	Johnson Controls, Inc.		107,942
780	Lear Corp.		86,440
			533,876
Automobiles (0.3%):
2,603	Harley-Davidson, Inc.		158,106
1,133	Tesla Motors, Inc. *^		213,876
550	Thor Industries, Inc. ^		34,766
			406,748
Banks (0.1%):
546	Signature Bank *		70,751
54	SVB Financial Group *		6,860
			77,611
Beverages (3.4%):
1,834	Brown-Forman Corp., Class B ^		165,702
47,315	Coca-Cola Co. (The)		1,918,623
2,825	Coca-Cola Enterprises, Inc.		124,865
1,783	Constellation Brands, Inc., Class A *		207,202
2,341	Dr Pepper Snapple Group, Inc.		183,722
1,707	Monster Beverage Corp. *		236,240

Shares		Fair Value
Common Stocks, continued
Beverages, continued
18,066	PepsiCo, Inc.	$	1,727,471
			4,563,825
Biotechnology (5.7%):
2,358	Alexion Pharmaceuticals, Inc. *		408,641
1,475	Alkermes plc *		89,931
697	Alnylam Pharmaceuticals, Inc. *^		72,781
8,553	Amgen, Inc.		1,367,197
2,827	Biogen Idec, Inc. *		1,193,672
1,866	BioMarin Pharmaceutical, Inc. *		232,541
9,544	Celgene Corp. *		1,100,232
18,300	Gilead Sciences, Inc. *		1,795,780
1,738	Incyte Corp. *		159,305
154	Intercept Pharmaceuticals, Inc. *^		43,431
78	Juno Therapeutics, Inc. *		4,731
915	Medivation, Inc. *		118,099
810	Myriad Genetics, Inc. *^		28,674
940	Regeneron Pharmaceuticals, Inc. *		424,391
1,203	Seattle Genetics, Inc. *^		42,526
568	United Therapeutics Corp. *^		97,943
2,815	Vertex Pharmaceuticals, Inc. *		332,086
			7,511,961
Building Products (0.3%):
415	A.O. Smith Corp.		27,249
1,143	Allegion plc		69,917
560	Armstrong World Industries, Inc. *		32,183
801	Fortune Brands Home & Security, Inc.		38,031
538	Lennox International, Inc.		60,089
4,272	Masco Corp.		114,063
1,070	USG Corp. *^		28,569
			370,101
Capital Markets (1.1%):
656	Affiliated Managers Group, Inc. *		140,896
782	Ameriprise Financial, Inc.		102,317
340	Artisan Partners Asset Management, Inc. ^		15,456
581	BlackRock, Inc., Class A +		212,553
2,212	Charles Schwab Corp. (The)		67,333
1,447	Eaton Vance Corp. ^		60,253
859	Federated Investors, Inc., Class B ^		29,112
3,864	Franklin Resources, Inc.		198,300
819	Invesco, Ltd.		32,506
1,461	Lazard, Ltd., Class A		76,834
504	Legg Mason, Inc. ^		27,821
486	NorthStar Asset Management Group, Inc.		11,343
1,475	SEI Investments Co.		65,033
3,131	T. Rowe Price Group, Inc.		253,549
2,836	TD Ameritrade Holding Corp.		105,669
1,040	Waddell & Reed Financial, Inc., Class A ^		51,522
			1,450,497
Chemicals (3.2%):
896	Airgas, Inc. ^		95,075
404	Albemarle Corp.		21,347
336	Axalta Coating Systems, Ltd. *		9,280
52	Cabot Corp.		2,340
165	Celanese Corp., Series A		9,217

Continued

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Chemicals, continued
106	Cytec Industries, Inc.	$	5,728
2,274	Dow Chemical Co. (The)		109,107
10,331	E.I. du Pont de Nemours & Co.		738,356
1,618	Eastman Chemical Co.		112,063
3,177	Ecolab, Inc.		363,385
1,586	FMC Corp.		90,799
1,636	Huntsman Corp.		36,270
975	International Flavor & Fragrances, Inc. ^		114,465
4,989	LyondellBasell Industries NV, Class A		438,034
5,764	Monsanto Co.		648,680
105	NewMarket Corp. ^		50,169
1,053	Platform Speciality Products Corp. *^		27,020
1,648	PPG Industries, Inc.		371,690
3,492	Praxair, Inc. ^		421,624
61	Rayonier Advanced Materials, Inc. ^		909
1,450	RPM International, Inc.		69,586
538	Scotts Miracle-Gro Co. (The)		36,137
1,027	Sherwin Williams Co. ^		292,182
651	Sigma Aldrich Corp.		90,001
1,002	Valspar Corp. (The)		84,198
776	W.R. Grace & Co. *		76,723
418	Westlake Chemical Corp.		30,071
			4,344,456
Commercial Services & Supplies (0.5%):
958	Cintas Corp. ^		78,202
552	Clean Harbors, Inc. *		31,343
1,332	Copart, Inc. *		50,043
545	Covanta Holding Corp. ^		12,224
1,984	Iron Mountain, Inc.		72,376
696	KAR Auction Services, Inc.		26,399
1,123	Pitney Bowes, Inc.		26,188
240	R.R. Donnelley & Sons Co.		4,606
1,128	Rollins, Inc.		27,895
1,000	Stericycle, Inc. *		140,431
4,449	Tyco International plc		191,574
872	Waste Connections, Inc.		41,978
593	Waste Management, Inc.		32,158
			735,417
Communications Equipment (1.3%):
56	Arista Networks, Inc. *		3,950
1,465	Arris Group, Inc. *		42,331
771	CommScope Holding Co., Inc. *		22,004
131	EchoStar Corp., Class A *		6,775
894	F5 Networks, Inc. *		102,756
270	Harris Corp.		21,265
1,042	Juniper Networks, Inc.		23,528
521	Motorola Solutions, Inc.		34,735
637	Palo Alto Networks, Inc. *^		93,053
20,114	QUALCOMM, Inc.		1,394,706
1,911	Riverbed Technology, Inc. *^		39,959
			1,785,062
Construction & Engineering (0.1%):
1,192	Chicago Bridge & Iron Co. NV		58,718
1,087	Fluor Corp.		62,133
639	Quanta Services, Inc. *		18,231
			139,082
Construction Materials (0.1%):
600	Eagle Materials, Inc.		50,136

Shares		Fair Value
Common Stocks, continued
Construction Materials, continued
744	Martin Marietta Materials, Inc. ^	$	104,011
			154,147
Consumer Finance (0.7%):
2,888	Ally Financial, Inc. *		60,590
10,810	American Express Co.		844,478
70	Santander Consumer USA Holdings, Inc.		1,620
1,780	SLM Corp. ^		16,518
1,124	Synchrony Financial *^		34,113
			957,319
Containers & Packaging (0.4%):
183	AptarGroup, Inc. ^		11,624
397	Avery Dennison Corp.		21,005
1,647	Ball Corp.		116,344
1,661	Crown Holdings, Inc. *		89,727
1,219	Owens-Illinois, Inc. *		28,427
1,167	Packaging Corp. of America		91,248
2,603	Sealed Air Corp. ^		118,593
504	Silgan Holdings, Inc.		29,298
			506,266
Distributors (0.2%):
1,712	Genuine Parts Co.		159,541
3,560	LKQ Corp. *^		90,994
			250,535
Diversified Consumer Services (0.1%):
3,244	H&R Block, Inc. ^		104,036
1,947	Service Corp. International ^		50,719
335	ServiceMaster Global Holdings, Inc. *		11,306
			166,061
Diversified Financial Services (0.4%):
1,009	CBOE Holdings, Inc.		57,922
579	IntercontinentalExchange Group, Inc.		135,063
748	Leucadia National Corp.		16,673
1,023	LPL Financial Holdings, Inc.		44,869
2,136	Moody’s Corp.		221,716
599	MSCI, Inc., Class A		36,725
			512,968
Diversified Telecommunication Services (2.0%):
433	CenturyLink, Inc.		14,960
3,259	Level 3 Communications, Inc. *		175,465
49,348	Verizon Communications, Inc.		2,399,793
6,820	Windstream Holdings, Inc. ^		50,468
105	Zayo Group Holdings, Inc. *^		2,936
			2,643,622
Electric Utilities (0.0%):
1,770	ITC Holdings Corp.		66,251
Electrical Equipment (0.7%):
514	Acuity Brands, Inc.		86,434
2,917	AMETEK, Inc.		153,259
6,247	Emerson Electric Co. ^		353,706
117	Hubbell, Inc., Class B		12,826
1,651	Rockwell Automation, Inc.		191,499
542	Roper Industries, Inc.		93,224
525	Solarcity Corp. *^		26,922
			917,870
Electronic Equipment, Instruments & Components (0.4%):
3,746	Amphenol Corp., Class A		220,753
348	Avnet, Inc.		15,486

Continued

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
1,005	CDW Corp.	$	37,426
3,633	Corning, Inc.		82,396
1,165	FLIR Systems, Inc.		36,441
403	IPG Photonics Corp. *		37,358
297	Keysight Technologies, Inc. *		11,034
1,184	National Instruments Corp.		37,935
3,147	Trimble Navigation, Ltd. *		79,304
			558,133
Energy Equipment & Services (1.7%):
174	Atwood Oceanics, Inc. ^		4,891
448	Baker Hughes, Inc.		28,484
1,489	Cameron International Corp. *		67,184
926	Dresser-Rand Group, Inc. *^		74,404
483	Dril-Quip, Inc. *^		33,032
2,780	FMC Technologies, Inc. *		102,888
51	Frank’s International NV		954
10,065	Halliburton Co.		441,653
784	Helmerich & Payne, Inc. ^		53,367
365	Nabors Industries, Ltd.		4,982
451	National-Oilwell Varco, Inc.		22,545
1,199	Oceaneering International, Inc.		64,662
914	Patterson-UTI Energy, Inc.		17,160
782	RPC, Inc. ^		10,017
15,498	Schlumberger, Ltd.		1,293,153
1,296	Seadrill, Ltd. ^		12,118
107	Seventy Seven Energy, Inc. *		444
132	Superior Energy Services, Inc.		2,949
39	Unit Corp. *^		1,091
			2,235,978
Food & Staples Retailing (1.9%):
4,938	Costco Wholesale Corp.		748,083
1,979	CVS Health Corp.		204,253
6,073	Kroger Co. (The)		465,556
1,140	Sprouts Farmers Market, Inc. *^		40,162
2,584	Sysco Corp.		97,494
8,552	Walgreens Boots Alliance, Inc.		724,183
1,937	Wal-Mart Stores, Inc.		159,318
1,912	Whole Foods Market, Inc.		99,577
			2,538,626
Food Products (1.8%):
741	Archer-Daniels-Midland Co.		35,123
1,396	Campbell Soup Co. ^		64,984
2,016	Flowers Foods, Inc.		45,844
7,323	General Mills, Inc. ^		414,482
1,086	Hain Celestial Group, Inc. *^		69,558
1,783	Hershey Co. ^		179,923
1,591	Hormel Foods Corp.		90,448
140	Ingredion, Inc.		10,895
2,792	Kellogg Co.		184,132
1,686	Keurig Green Mountain, Inc.		188,377
7,094	Kraft Foods Group, Inc.		617,994
1,545	McCormick & Co. ^		119,135
2,409	Mead Johnson Nutrition Co.		242,177
104	Pilgrim’s Pride Corp. ^		2,349
7,742	Rite AID Corp. *		67,278
203	Tyson Foods, Inc., Class A		7,775
2,082	WhiteWave Foods Co., Class A *		92,316
			2,432,790
Health Care Equipment & Supplies (1.7%):
966	Align Technology, Inc. *		51,956
6,466	Baxter International, Inc.		442,922

Shares		Fair Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
2,303	Becton, Dickinson & Co.	$	330,688
1,555	Boston Scientific Corp. *		27,601
908	C.R. Bard, Inc.		151,954
415	Cooper Cos., Inc. (The) ^		77,779
550	DENTSPLY International, Inc.		27,990
1,257	Edwards Lifesciences Corp. *		179,072
472	Halyard Health, Inc. *^		23,222
63	Hill-Rom Holdings, Inc. ^		3,087
957	Hologic, Inc. *^		31,605
569	IDEXX Laboratories, Inc. *^		87,899
397	Intuitive Surgical, Inc. *		200,497
1,655	ResMed, Inc. ^		118,796
410	Sirona Dental Systems, Inc. *^		36,896
2,176	St. Jude Medical, Inc.		142,310
2,388	Stryker Corp.		220,293
1,225	Varian Medical Systems, Inc. *^		115,260
156	Zimmer Holdings, Inc.		18,333
			2,288,160
Health Care Providers & Services (2.2%):
1,261	Aetna, Inc.		134,334
2,692	AmerisourceBergen Corp.		306,000
2,002	Brookdale Senior Living, Inc. *^		75,596
341	Cardinal Health, Inc.		30,782
2,479	Catamaran Corp. *		147,600
1,366	Centene Corp. *		96,563
3,551	Cerner Corp. *		260,146
259	CIGNA Corp.		33,525
729	DaVita, Inc. *		59,253
933	Envision Healthcare Holdings, Inc. *		35,781
7,574	Express Scripts Holding Co. *		657,196
384	HCA Holdings, Inc. *		28,888
1,015	Henry Schein, Inc. *^		141,714
558	Laboratory Corp. of America Holdings *		70,358
2,748	McKesson, Inc.		621,598
775	MEDNAX, Inc. *		56,195
93	Patterson Cos., Inc. ^		4,537
401	Premier, Inc., Class A *		15,070
288	Quintiles Transnational Holdings, Inc. *^		19,287
1,181	Tenet Healthcare Corp. *^		58,471
242	Universal Health Services, Inc., Class B		28,486
			2,881,380
Health Care Technology (0.1%):
829	Allscripts Healthcare Solutions, Inc. *		9,915
449	athenahealth, Inc. *^		53,605
925	IMS Health Holdings, Inc. *		25,040
179	Inovalon Holdings, Inc., Class A		5,408
			93,968
Hotels, Restaurants & Leisure (3.0%):
440	Aramark Holdings Corp.		13,917
777	Brinker International, Inc. ^		47,832
371	Chipotle Mexican Grill, Inc. *		241,350
37	Choice Hotels International, Inc. ^		2,371
674	Domino’s Pizza, Inc. ^		67,771
1,176	Dunkin’ Brands Group, Inc. ^		55,931

Continued

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
1,579	Hilton Worldwide Holdings, Inc. *	$	46,770
42	Hyatt Hotels Corp., Class A *^		2,487
4,482	Las Vegas Sands Corp.		246,689
2,187	Marriott International, Inc., Class A ^		175,660
11,779	McDonald’s Corp.		1,147,745
393	MGM Resorts International *^		8,265
985	Norwegian Cruise Line Holdings, Ltd. *		53,200
287	Panera Bread Co., Class A *^		45,919
2,405	Restaurant Brands International, Inc.		92,376
842	SeaWorld Entertainment, Inc.		16,234
844	Six Flags Entertainment Corp. ^		40,858
8,971	Starbucks Corp.		849,554
950	Starwood Hotels & Resorts Worldwide, Inc.		79,325
1,444	Wyndham Worldwide Corp.		130,639
963	Wynn Resorts, Ltd. ^		121,222
5,260	Yum! Brands, Inc.		414,067
			3,900,182
Household Durables (0.3%):
328	D.R. Horton, Inc. ^		9,341
161	GoPro, Inc., Class A *		6,989
819	Harman International Industries, Inc.		109,443
730	Jarden Corp. *		38,617
791	Leggett & Platt, Inc. ^		36,457
135	Lennar Corp. ^		6,994
1,950	Newell Rubbermaid, Inc.		76,187
51	NVR, Inc. *^		67,762
707	Tempur-Pedic International, Inc. *		40,822
582	Tupperware Brands Corp. ^		40,170
89	Whirlpool Corp.		17,983
			450,765
Household Products (1.2%):
1,629	Church & Dwight Co., Inc. ^		139,149
1,263	Clorox Co. (The) ^		139,423
9,752	Colgate-Palmolive Co.		676,203
3,723	Kimberly-Clark Corp.		398,771
1,838	Procter & Gamble Co. (The)		150,606
263	Spectrum Brands Holdings, Inc. ^		23,554
			1,527,706
Independent Power and Renewable Electricity Producers (0.0%):
628	Calpine Corp. *		14,362
Industrial Conglomerates (1.1%):
7,797	3M Co.		1,286,115
1,698	Danaher Corp.		144,160
			1,430,275
Insurance (0.5%):
135	American Financial Group, Inc.		8,660
2,571	Aon plc		247,125
1,796	Arthur J. Gallagher & Co.		83,963
84	Brown & Brown, Inc.		2,781
304	Erie Indemnity Co., Class A		26,527
4,415	Marsh & McLennan Cos., Inc.		247,638

Shares		Fair Value
Common Stocks, continued
Insurance, continued
238	Reinsurance Group of America, Inc. ^	$	22,179
			638,873
Internet & Catalog Retail (2.4%):
4,477	Amazon.com, Inc. *		1,665,892
1,192	Expedia, Inc.		112,203
5,612	Groupon, Inc. *^		40,463
1,070	HomeAway, Inc. *		32,282
2,949	Liberty Media Corp. - Interactive, Class A *		86,081
925	Liberty TripAdvisor Holdings, Inc., Class A *		29,406
1,736	Liberty Ventures, Inc., Series A *		72,929
715	Netflix, Inc. *		297,933
615	Priceline Group, Inc. (The) *		715,952
1,311	TripAdvisor, Inc. *		109,036
188	zulily, Inc., Class A *^		2,442
			3,164,619
Internet Software & Services (5.9%):
2,106	Akamai Technologies, Inc. *		149,621
15,103	eBay, Inc. *		871,141
666	Equinix, Inc. ^		155,078
23,529	Facebook, Inc., Class A *		1,934,437
3,385	Google, Inc., Class C *		1,854,980
3,345	Google, Inc., Class A *		1,855,472
378	IAC/InterActiveCorp		25,504
490	LendingClub Corp. *		9,629
1,244	LinkedIn Corp., Class A *		310,826
1,406	Rackspace Hosting, Inc. *^		72,536
6,116	Twitter, Inc. *		306,289
1,318	VeriSign, Inc. *		88,266
584	Yelp, Inc. *^		27,652
566	Zillow Group, Inc., Class A *		56,770
			7,718,201
IT Services (5.7%):
7,538	Accenture plc, Class A		706,236
702	Alliance Data Systems Corp. *		207,968
5,745	Automatic Data Processing, Inc.		492,002
860	Booz Allen Hamilton Holding Corp.		24,888
1,413	Broadridge Financial Solutions, Inc.		77,729
7,251	Cognizant Technology Solutions Corp., Class A *		452,390
110	Computer Sciences Corp.		7,181
288	DST Systems, Inc.		31,884
442	Fidelity National Information Services, Inc.		30,083
2,970	Fiserv, Inc. *^		235,818
986	FleetCor Technologies, Inc. *		148,807
1,076	Gartner, Inc. *		90,223
213	Genpact, Ltd. *		4,952
825	Global Payments, Inc.		75,636
11,273	International Business Machines Corp.		1,809,316
1,002	Jack Henry & Associates, Inc. ^		70,030
11,980	MasterCard, Inc., Class A		1,034,952
3,457	Paychex, Inc. ^		171,519
560	Sabre Corp.		13,608
1,379	Teradata Corp. *^		60,869
1,578	Total System Services, Inc.		60,201
1,469	Vantive, Inc., Class A *^		55,381

Continued

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
IT Services, continued
1,303	VeriFone Systems, Inc. *	$	45,462
23,904	Visa, Inc., Class A ^		1,563,560
6,371	Western Union Co. ^		132,581
			7,603,276
Leisure Products (0.2%):
1,180	Hasbro, Inc. ^		74,623
1,427	Mattel, Inc.		32,607
778	Polaris Industries, Inc.		109,776
			217,006
Life Sciences Tools & Services (0.7%):
594	Agilent Technologies, Inc.		24,681
213	Bio-Techne Corp.		21,362
1,279	Bruker Corp. *		23,623
290	Charles River Laboratories International, Inc. *		22,994
1,662	Illumina, Inc. *		308,533
349	Mettler-Toledo International, Inc. *^		114,699
265	PerkinElmer, Inc.		13,552
1,917	Thermo Fisher Scientific, Inc.		257,530
190	VWR Corp. *^		4,938
1,004	Waters Corp. *		124,817
			916,729
Machinery (1.8%):
1,572	Caterpillar, Inc.		125,807
1,137	Colfax Corp. *^		54,269
219	Crane Co.		13,668
2,192	Cummins, Inc.		303,899
904	Deere & Co. ^		79,272
1,580	Donaldson Co., Inc. ^		59,582
1,451	Dover Corp. ^		100,293
1,616	Flowserve Corp.		91,288
737	Graco, Inc.		53,182
898	IDEX Corp.		68,095
3,857	Illinois Tool Works, Inc.		374,669
283	Ingersoll-Rand plc		19,266
254	ITT Corp.		10,137
298	Lincoln Electric Holdings, Inc.		19,486
1,662	Manitowoc Co., Inc. (The) ^		35,833
680	Middleby Corp. (The) *		69,802
111	Navistar International Corp. *^		3,275
778	Nordson Corp. ^		60,949
3,872	PACCAR, Inc.		244,478
1,303	Pall Corp. ^		130,808
939	Parker Hannifin Corp. ^		111,534
165	Pentair, plc		10,377
101	Snap-On, Inc.		14,853
216	Stanley Black & Decker, Inc.		20,598
66	Timken Co.		2,781
681	Toro Co.		47,752
1,418	Trinity Industries, Inc. ^		50,353
21	Valmont Industries, Inc. ^		2,580
684	WABCO Holdings, Inc. *		84,050
1,149	Wabtec Corp.		109,166
1,582	Xylem, Inc.		55,402
			2,427,504
Marine (0.0%):
684	Kirby Corp. *^		51,334
Media (5.5%):
717	AMC Networks, Inc., Class A *		54,951
2,324	Cablevision Systems Corp., Class A		42,529
5,371	CBS Corp., Class B		325,644

Shares		Fair Value
Common Stocks, continued
Media, continued
944	Charter Communications, Inc., Class A *	$	182,296
1,381	Cinemark Holdings, Inc.		62,242
232	Clear Channel Outdoor Holdings, Inc., Class A		2,348
28,244	Comcast Corp., Class A		1,594,939
5,574	DIRECTV, Inc., Class A *		474,347
2,776	Discovery Communications, Inc., Class A *^		85,390
2,774	Discovery Communications, Inc., Class C *		81,764
1,858	DISH Network Corp., Class A *		130,171
5,109	Interpublic Group of Cos., Inc. (The)		113,011
943	Lamar Advertising Co., Class A		55,892
953	Lions Gate Entertainment Corp.		32,326
909	Live Nation, Inc. *		22,934
3,244	McGraw-Hill Cos., Inc. (The)		335,430
224	Morningstar, Inc.		16,780
3,080	Omnicom Group, Inc. ^		240,178
2,448	Pandora Media, Inc. *		39,682
273	Regal Entertainment Group, Class A		6,235
1,169	Scripps Networks Interactive, Class A ^		80,147
30,672	Sirius XM Holdings, Inc. *^		117,167
930	Starz - Liberty Capital *		32,001
3,321	Time Warner Cable, Inc.		497,751
16,725	Twenty-First Century Fox, Inc.		565,974
4,837	Viacom, Inc., Class B		330,367
17,294	Walt Disney Co. (The) ^		1,813,967
			7,336,463
Metals & Mining (0.1%):
40	Carpenter Technology Corp.		1,555
388	Compass Minerals International, Inc.		36,165
1,708	Southern Copper Corp. ^		49,840
128	Tahoe Resources, Inc.		1,403
33	TimkenSteel Corp. ^		874
			89,837
Multiline Retail (0.7%):
193	Big Lots, Inc.		9,270
204	Dillard’s, Inc., Class A ^		27,848
2,812	Dollar General Corp. *		211,968
2,465	Dollar Tree, Inc. *		200,022
1,083	Family Dollar Stores, Inc.		85,817
142	Kohl’s Corp. ^		11,112
3,143	Macy’s, Inc. ^		204,012
1,644	Nordstrom, Inc. ^		132,046
258	Sears Holdings Corp. *^		10,676
756	Target Corp.		62,045
			954,816
Multi-Utilities (0.0%):
407	Dominion Resources, Inc.		28,844
Oil, Gas & Consumable Fuels (2.7%):
425	Anadarko Petroleum Corp.		35,194
656	Antero Resources Corp. *		23,170
4,962	Cabot Oil & Gas Corp. ^		146,528
2,835	Cheniere Energy, Inc. *		219,429
1,499	Chesapeake Energy Corp. ^		21,226
130	Cimarex Energy Co.		14,962

Continued

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
3,774	Cobalt International Energy, Inc. *	$	35,513
1,415	Concho Resources, Inc. *		164,027
1,037	Continental Resources, Inc. *^		45,286
78	CVR Energy, Inc. ^		3,320
6,513	EOG Resources, Inc.		597,176
1,630	EQT Corp.		135,078
829	Gulfport Energy Corp. *^		38,059
450	HollyFrontier Corp.		18,122
4,425	Kinder Morgan, Inc.		186,116
1,290	Kosmos Energy LLC *		10,204
1,082	Laredo Petroleum Holdings, Inc. *^		14,109
2,117	Marathon Petroleum Corp.		216,760
331	Memorial Resource Development Corp. *^		5,872
3,260	Noble Energy, Inc.		159,414
1,542	Oasis Petroleum, Inc. *^		21,927
1,325	ONEOK, Inc. ^		63,918
269	PBF Energy, Inc.		9,124
2,765	Phillips 66		217,329
1,705	Pioneer Natural Resources Co.		278,785
237	QEP Resources, Inc. ^		4,941
1,931	Range Resources Corp. ^		100,489
804	SM Energy Co. ^		41,551
4,465	Southwestern Energy Co. *^		103,543
564	Targa Resources Corp. ^		54,026
259	Teekay Shipping Corp.		12,062
656	Tesoro Corp.		59,886
567	Ultra Petroleum Corp. *^		8,862
1,526	Valero Energy Corp.		97,084
720	Whiting Petroleum Corp. *		22,248
8,902	Williams Cos., Inc. (The)		450,352
174	World Fuel Services Corp.		10,002
			3,645,694
Paper & Forest Products (0.0%):
782	International Paper Co.		43,393
Personal Products (0.2%):
2,188	Avon Products, Inc. ^		17,482
554	Coty, Inc., Class A ^		13,446
2,733	Estee Lauder Co., Inc. (The), Class A		227,276
921	Herbalife, Ltd. *^		39,382
677	Nu Skin Enterprises, Inc., Class A ^		40,762
			338,348
Pharmaceuticals (3.8%):
18,948	AbbVie, Inc.		1,109,216
4,333	Actavis plc *		1,289,585
7,050	Bristol-Myers Squibb Co.		454,725
2,096	Endo International plc *		188,011
704	Jazz Pharmaceuticals plc *^		121,644
5,294	Johnson & Johnson Co.		532,576
983	Mallinckrodt plc *		124,497
4,876	Merck & Co., Inc.		280,272
4,454	Mylan NV *		264,345
374	Perrigo Co. plc		61,916
722	Pharmacyclics, Inc. *^		184,796
747	Salix Pharmaceuticals, Ltd. *^		129,089
5,971	Zoetis, Inc.		276,398
			5,017,070
Professional Services (0.5%):
371	CoStar Group, Inc. *		73,395

Shares		Fair Value
Common Stocks, continued
Professional Services, continued
163	Dun & Bradstreet Corp.	$	20,923
774	Equifax, Inc.		71,982
800	IHS, Inc., Class A *		91,008
2,492	Nielsen Holdings NV		111,068
1,651	Robert Half International, Inc.		99,919
1,975	Verisk Analytics, Inc., Class A *		141,014
			609,309
Real Estate Investment Trusts (REITs) (1.9%):
5,017	American Tower Corp.		472,351
1,031	Apartment Investment & Management Co., Class A		40,580
227	Boston Properties, Inc.		31,889
232	Columbia Property Trust, Inc. ^		6,269
3,978	Crown Castle International Corp.		328,344
724	Equity Lifestyle Properties, Inc.		39,784
1,386	Extra Space Storage, Inc. ^		93,652
532	Federal Realty Investment Trust ^		78,316
175	Gaming & Leisure Properties, Inc.		6,452
2,183	Health Care REIT, Inc.		168,877
176	Healthcare Trust of America, Inc., Class A		4,903
486	NorthStar Realty Finance Corp.		8,806
509	Omega Healthcare Investors, Inc. ^		20,650
115	Outfront Media, Inc.		3,441
93	Paramount Group, Inc.		1,795
998	Plum Creek Timber Co., Inc. ^		43,363
1,580	Public Storage, Inc.		311,481
185	Rayonier, Inc. ^		4,988
2,762	Simon Property Group, Inc.		540,357
701	Tanger Factory Outlet Centers, Inc.		24,654
701	Taubman Centers, Inc.		54,068
261	Urban Edge Properties		6,186
1,626	Ventas, Inc.		118,731
500	Vornado Realty Trust		56,000
668	Weyerhaeuser Co.		22,144
296	WP Glimcher, Inc.		4,922
			2,493,003
Real Estate Management & Development (0.2%):
3,340	CBRE Group, Inc. *		129,291
233	Howard Hughes Corp. (The) *		36,120
147	Jones Lang LaSalle, Inc.		25,049
727	Realogy Holdings Corp. *		33,064
			223,524
Road & Rail (1.3%):
49	AMERCO, Inc.		16,190
1,273	Avis Budget Group, Inc. *		75,126
297	Genesee & Wyoming, Inc., Class A *		28,643
5,302	Hertz Global Holdings, Inc. *^		114,947
1,082	J.B. Hunt Transport Services, Inc. ^		92,397
1,007	Kansas City Southern Industries, Inc.		102,795
542	Landstar System, Inc.		35,935
789	Norfolk Southern Corp.		81,204

Continued

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Road & Rail, continued
743	Old Dominion Freight Line, Inc. *	$	57,434
10,795	Union Pacific Corp.		1,169,206
			1,773,877
Semiconductors & Semiconductor Equipment (2.3%):
7,178	Advanced Micro Devices, Inc. *^		19,237
1,377	Altera Corp.		59,087
1,721	Analog Devices, Inc. ^		108,423
9,692	Applied Materials, Inc.		218,652
5,127	Atmel Corp.		42,195
2,978	Avago Technologies, Ltd.		378,146
744	Cree, Inc. *^		26,405
1,201	Freescale Semiconductor Holdings I, Ltd. *		48,953
5,043	Intel Corp.		157,695
1,791	KLA-Tencor Corp.		104,397
502	Lam Research Corp. ^		35,258
2,809	Linear Technology Corp. ^		131,461
3,127	Maxim Integrated Products, Inc.		108,851
2,370	Microchip Technology, Inc. ^		115,893
11,187	Micron Technology, Inc. *		303,503
1,133	NVIDIA Corp. ^		23,708
2,790	ON Semiconductor Corp. *		33,787
2,260	Skyworks Solutions, Inc. ^		222,135
1,061	SunEdison, Inc. *		25,464
64	Sunpower Corp. Common *		2,004
265	Teradyne, Inc.		4,995
12,863	Texas Instruments, Inc.		735,571
3,183	Xilinx, Inc.		134,641
			3,040,461
Software (5.4%):
3,931	Activision Blizzard, Inc.		89,332
5,932	Adobe Systems, Inc. *		438,612
264	Ansys, Inc. *		23,282
2,129	Autodesk, Inc. *		124,845
3,439	Cadence Design Systems, Inc. *^		63,415
1,889	CDK Global, Inc.		88,330
1,753	Citrix Systems, Inc. *		111,964
2,861	Electronic Arts, Inc. *		168,270
509	FactSet Research Systems, Inc. ^		81,033
860	FireEye, Inc. *^		33,755
1,602	Fortinet, Inc. *^		55,990
1,154	Informatica Corp. *		50,609
3,383	Intuit, Inc.		328,016
63,687	Microsoft Corp.		2,589,194
490	NetSuite, Inc. *		45,452
39,140	Oracle Corp.		1,688,890
1,402	PTC, Inc. *^		50,710
2,252	Red Hat, Inc. *		170,589
7,317	Salesforce.com, Inc. *		488,849
1,704	ServiceNow, Inc. *		134,241
767	Solarwinds, Inc. *		39,301
825	Solera Holdings, Inc.		42,620
1,423	Splunk, Inc. *		84,242
440	Tableau Software, Inc., Class A *		40,709
469	Veeva Systems, Inc., Class A *^		11,974
1,057	VMware, Inc., Class A *^		86,685

Shares		Fair Value
Common Stocks, continued
Software, continued
1,130	Workday, Inc., Class A *	$	95,383
			7,226,292
Specialty Retail (4.3%):
138	Aaron’s, Inc. ^		3,907
106	Abercrombie & Fitch Co., Class A ^		2,336
863	Advance Auto Parts, Inc. ^		129,182
810	AutoNation, Inc. *		52,107
389	AutoZone, Inc. *^		265,360
930	Bed Bath & Beyond, Inc. *^		71,401
991	Best Buy Co., Inc.		37,450
70	Cabela’s, Inc., Class A *		3,919
1,791	CarMax, Inc. *^		123,597
829	Chico’s FAS, Inc. ^		14,665
741	CST Brands, Inc.		32,478
205	Dick’s Sporting Goods, Inc.		11,683
262	Foot Locker, Inc.		16,506
74	GameStop Corp., Class A		2,809
2,990	Gap, Inc. (The) ^		129,557
1,089	GNC Holdings, Inc., Class A		53,437
16,298	Home Depot, Inc. (The)		1,851,615
1,034	L Brands, Inc.		97,496
12,141	Lowe’s Cos., Inc.		903,168
214	Michaels Cos., Inc. (The) *^		5,791
269	Murphy USA, Inc. *^		19,468
1,265	O’Reilly Automotive, Inc. *		273,544
234	Penske Automotive Group, Inc.		12,049
2,532	Ross Stores, Inc.		266,772
1,399	Sally Beauty Holdings, Inc. *		48,084
660	Signet Jewelers, Ltd.		91,601
1,337	Tiffany & Co.		117,669
8,346	TJX Cos., Inc. (The)		584,636
1,644	Tractor Supply Co.		139,839
759	Ulta Salon, Cosmetics & Fragrance, Inc. *		114,495
887	Urban Outfitters, Inc. *		40,492
1,122	Williams-Sonoma, Inc.		89,435
			5,606,548
Technology Hardware, Storage & Peripherals (7.1%):
1,309	3D Systems Corp. *^		35,893
71,830	Apple, Inc.		8,937,808
799	Diebold, Inc.		28,333
2,419	EMC Corp.		61,830
197	NCR Corp. *^		5,813
1,342	NetApp, Inc.		47,587
1,215	SanDisk Corp. ^		77,298
347	Stratasys, Ltd. *^		18,315
595	Zebra Technologies Corp., Class A *^		53,975
			9,266,852
Textiles, Apparel & Luxury Goods (1.6%):
650	Carter’s, Inc.		60,106
3,238	Coach, Inc. ^		134,150
428	Deckers Outdoor Corp. *^		31,188
528	Fossil Group, Inc. *		43,534
4,732	Hanesbrands, Inc.		158,569
1,478	Kate Spade & Co. *^		49,350
2,435	Michael Kors Holdings, Ltd. *		160,101
8,324	Nike, Inc., Class B		835,147
849	PVH Corp.		90,469
534	Ralph Lauren Corp.		70,221
2,058	Under Armour, Inc., Class A *^		166,184

Continued

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
4,112	V.F. Corp.	$	309,675
			2,108,694
Thrifts & Mortgage Finance (0.0%):
248	Nationstar Mortgage Holdings, Inc. *		6,143
1,306	Ocwen Financial Corp. *		10,774
			16,917
Tobacco (1.8%):
22,394	Altria Group, Inc.		1,120,148
4,321	Lorillard, Inc.		282,377
11,002	Philip Morris International, Inc.		828,781
2,778	Reynolds American, Inc. ^		191,432
			2,422,738
Trading Companies & Distributors (0.4%):
81	Air Lease Corp. ^		3,057
3,537	Fastenal Co. ^		146,556
1,225	HD Supply Holdings, Inc. *		38,165
572	MRC Global, Inc. *^		6,778
567	MSC Industrial Direct Co., Inc., Class A ^		40,937
113	NOW, Inc. *		2,445
1,148	United Rentals, Inc. *^		104,652
15	Veritiv Corp. *^		662
695	W.W. Grainger, Inc. ^		163,888
			507,140
Wireless Telecommunication Services (0.1%):
1,536	SBA Communications Corp., Class A *		179,866
Total Common Stocks (Cost $73,863,415)			130,749,949
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (12.0%):
$15,967,259	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)		15,967,259
Total Securities Held as Collateral for Securities on Loan (Cost $15,967,259)			15,967,259
Unaffiliated Investment Company (1.6%):
2,178,027	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (b)		2,178,027
Total Unaffiliated Investment Company (Cost $2,178,027)			2,178,027
Total Investment Securities (Cost $92,008,701)(c) - 112.1%			148,895,235
Net other assets (liabilities) - (12.1)%			(16,115,375	)
Net Assets - 100.0%		$	132,779,860

Percentages indicated are based on net assets as of March 31, 2015.

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $15,618,278.

+ Affiliated Securities

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(b) The rate represents the effective yield at March 31, 2015.

(c) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

Continued

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Securities Sold Short (0.0%):

Security Description	Proceeds Received			Fair Value			Unrealized Appreciation/ Deprecation
Freescale Semiconductor, Ltd.	$	(2,609	)	$	(2,609	)	$	—
	$	(2,609	)	$	(2,609	)	$	—

Futures Contracts

Cash of $120,000 has been segregated to cover margin requirements for the following open contracts as of March 31, 2015:

Description	Type	Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini June Futures	Long		6/19/15		8	$	692,720	$	902
S&P 500 Index E-Mini June Futures	Long		6/19/15		16		1,648,640		14,411
Total								$	15,313

See accompanying notes to the schedules of portfolio investments.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (97.1%):
Aerospace & Defense (2.3%):
3,923	Exelis, Inc.	$	95,604
6,386	General Dynamics Corp.		866,772
168	Huntington Ingalls Industries, Inc.		23,545
1,806	L-3 Communications Holdings, Inc.		227,177
4,215	Northrop Grumman Corp.		678,446
1,233	Orbital Atk, Inc.		94,485
6,529	Raytheon Co.		713,293
327	Rockwell Collins, Inc.		31,572
180	Spirit AeroSystems Holdings, Inc., Class A *		9,398
5,845	Textron, Inc.		259,109
837	Triumph Group, Inc. ^		49,986
17,001	United Technologies Corp.		1,992,516
224	Vectrus, Inc. *		5,710
			5,047,613
Air Freight & Logistics (0.3%):
3,514	FedEx Corp.		581,391
Airlines (0.4%):
236	Alaska Air Group, Inc. ^		15,618
158	Copa Holdings SA, Class A		15,953
16,779	Delta Air Lines, Inc.		754,384
1,597	Southwest Airlines Co.		70,747
			856,702
Auto Components (0.4%):
2,510	Gentex Corp. ^		45,933
10,145	Johnson Controls, Inc.		511,714
331	Lear Corp.		36,681
2,320	TRW Automotive Holdings Corp. *		243,252
913	Visteon Corp. *		88,013
			925,593
Automobiles (1.2%):
81,102	Ford Motor Co.		1,308,986
33,492	General Motors Co.		1,255,950
			2,564,936
Banks (10.7%):
3,108	Associated Banc-Corp. ^		57,809
219,607	Bank of America Corp.		3,379,752
933	Bank of Hawaii Corp. ^		57,109
14,984	BB&T Corp.		584,226
561	BOK Financial Corp. ^		34,344
3,822	CIT Group, Inc.		172,449
63,440	Citigroup, Inc.		3,268,429
3,302	Citizens Financial Group, Inc.		79,677
998	City National Corp. ^		88,902
3,805	Comerica, Inc.		171,720
1,775	Commerce Bancshares, Inc. ^		75,118
1,091	Cullen/Frost Bankers, Inc. ^		75,366
2,989	East West Bancorp, Inc.		120,935
17,806	Fifth Third Bancorp		335,643
4,990	First Horizon National Corp. ^		71,307
7,325	First Niagara Financial Group, Inc.		64,753
2,883	First Republic Bank ^		164,590
3,949	Fulton Financial Corp.		48,731
17,339	Huntington Bancshares, Inc. ^		191,596
79,039	JPMorgan Chase & Co.		4,788,183
18,496	KeyCorp		261,903
2,753	M&T Bank Corp. ^		349,631
2,130	PacWest Bancorp		99,876
11,155	PNC Financial Services Group, Inc.		1,040,092

Shares		Fair Value
Common Stocks, continued
Banks, continued
2,149	Popular, Inc. *	$	73,904
28,873	Regions Financial Corp.		272,850
75	Signature Bank *		9,719
11,103	SunTrust Banks, Inc.		456,222
965	SVB Financial Group *		122,594
2,932	Synovus Financial Corp.		82,125
3,416	TCF Financial Corp.		53,700
35,875	U.S. Bancorp		1,566,661
99,733	Wells Fargo & Co.		5,425,474
4,129	Zions Bancorp		111,483
			23,756,873
Beverages (0.1%):
217	Constellation Brands, Inc., Class A *		25,218
2,847	Molson Coors Brewing Co., Class B		211,959
			237,177
Biotechnology (0.1%):
420	Alkermes plc *		25,607
222	Alnylam Pharmaceuticals, Inc. *^		23,181
825	Amgen, Inc.		131,876
25	Juno Therapeutics, Inc. *		1,517
206	Myriad Genetics, Inc. *^		7,292
			189,473
Building Products (0.1%):
863	A.O. Smith Corp.		56,665
2,018	Fortune Brands Home & Security, Inc.		95,815
2,447	Owens Corning, Inc. ^		106,199
			258,679
Capital Markets (3.3%):
2,584	Ameriprise Financial, Inc.		338,091
23,816	Bank of New York Mellon Corp. (The)		958,356
1,644	BlackRock, Inc., Class A +		601,441
19,576	Charles Schwab Corp. (The)		595,893
6,045	E*TRADE Financial Corp. *		172,615
530	Federated Investors, Inc., Class B ^		17,962
1,513	Franklin Resources, Inc.		77,647
9,339	Goldman Sachs Group, Inc. (The)		1,755,453
7,673	Invesco, Ltd.		304,541
1,334	Legg Mason, Inc. ^		73,637
32,032	Morgan Stanley		1,143,222
4,951	Northern Trust Corp.		344,837
3,042	NorthStar Asset Management Group, Inc.		71,000
2,613	Raymond James Financial, Inc.		148,366
170	SEI Investments Co.		7,495
8,982	State Street Corp.		660,446
731	TD Ameritrade Holding Corp.		27,237
			7,298,239
Chemicals (1.5%):
4,429	Air Products & Chemicals, Inc. ^		670,020
1,679	Albemarle Corp.		88,718
1,445	Ashland, Inc. ^		183,963
449	Axalta Coating Systems, Ltd. *		12,401
1,276	Cabot Corp.		57,420
2,985	Celanese Corp., Series A		166,742
1,002	CF Industries Holdings, Inc.		284,247

Continued

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Chemicals, continued
1,324	Cytec Industries, Inc.	$	71,549
21,120	Dow Chemical Co. (The)		1,013,339
1,066	E.I. du Pont de Nemours & Co.		76,187
273	Eastman Chemical Co.		18,908
1,232	Huntsman Corp.		27,313
7,006	Mosaic Co. (The)		322,696
810	Rayonier Advanced Materials, Inc. ^		12,069
185	RPM International, Inc.		8,878
1,345	Sigma Aldrich Corp.		185,946
213	W.R. Grace & Co. *		21,059
122	Westlake Chemical Corp.		8,777
			3,230,232
Commercial Services & Supplies (0.6%):
3,651	ADT Corp. (The) ^		151,590
410	Cintas Corp. ^		33,468
353	Clean Harbors, Inc. *		20,043
2,429	Corrections Corp. of America ^		97,792
1,306	Covanta Holding Corp. ^		29,294
409	Iron Mountain, Inc.		14,920
1,761	KAR Auction Services, Inc.		66,795
2,317	Pitney Bowes, Inc.		54,032
3,814	R.R. Donnelley & Sons Co.		73,191
5,562	Republic Services, Inc., Class A		225,595
944	Tyco International plc		40,649
1,024	Waste Connections, Inc.		49,295
8,697	Waste Management, Inc.		471,638
			1,328,302
Communications Equipment (1.7%):
30	Arista Networks, Inc. *		2,116
9,108	Brocade Communications Systems, Inc.		108,066
106,981	Cisco Systems, Inc.		2,944,652
669	EchoStar Corp., Class A *		34,601
1,774	Harris Corp.		139,720
4,758	JDS Uniphase Corp. *^		62,425
6,660	Juniper Networks, Inc.		150,383
3,229	Motorola Solutions, Inc.		215,277
			3,657,240
Construction & Engineering (0.2%):
3,141	Aecom Technology Corp. *^		96,806
1,201	Fluor Corp.		68,649
2,771	Jacobs Engineering Group, Inc. *^		125,138
3,071	KBR, Inc. ^		44,468
3,391	Quanta Services, Inc. *		96,745
			431,806
Construction Materials (0.1%):
2,740	Vulcan Materials Co.		230,982
Consumer Finance (0.8%):
626	Ally Financial, Inc. *		13,133
11,937	Capital One Financial Corp.		940,874
9,726	Discover Financial Services		548,060
8,409	Navient Corp.		170,955
1,678	Santander Consumer USA Holdings, Inc.		38,829
5,857	SLM Corp. ^		54,353
759	Synchrony Financial *^		23,036
			1,789,240
Containers & Packaging (0.3%):
1,072	AptarGroup, Inc. ^		68,093
1,311	Avery Dennison Corp.		69,365

Shares		Fair Value
Common Stocks, continued
Containers & Packaging, continued
2,099	Bemis Co., Inc.	$	97,205
648	Greif, Inc., Class A ^		25,447
3,517	MeadWestvaco Corp.		175,393
1,355	Owens-Illinois, Inc. *		31,599
3,007	Rock-Tenn Co., Class A		193,951
2,130	Sonoco Products Co.		96,830
			757,883
Distributors (0.0%):
196	Genuine Parts Co.		18,265
Diversified Consumer Services (0.1%):
2,019	Apollo Group, Inc., Class A *^		38,199
1,342	DeVry, Inc.		44,769
73	Graham Holdings Co., Class B		76,624
1,002	Service Corp. International ^		26,102
291	ServiceMaster Global Holdings, Inc. *		9,821
			195,515
Diversified Financial Services (3.2%):
38,222	Berkshire Hathaway, Inc., Class B *		5,516,199
6,650	CME Group, Inc. ^		629,822
1,869	FNFV Group *		26,353
1,108	Interactive Brokers Group, Inc., Class A		37,694
1,389	IntercontinentalExchange Group, Inc.		324,012
6,455	Leucadia National Corp.		143,882
1,371	MSCI, Inc., Class A		84,056
2,449	NASDAQ OMX Group, Inc. (The)		124,752
2,695	Voya Financial, Inc.		116,181
			7,002,951
Diversified Telecommunication Services (1.9%):
108,397	AT&T, Inc. ^		3,539,162
11,258	CenturyLink, Inc.		388,964
20,998	Frontier Communications Corp. ^		148,036
900	Windstream Holdings, Inc. ^		6,660
269	Zayo Group Holdings, Inc. *^		7,521
			4,090,343
Electric Utilities (2.6%):
10,181	American Electric Power Co., Inc.		572,681
14,770	Duke Energy Corp.		1,134,042
6,820	Edison International		426,045
3,756	Entergy Corp.		291,052
6,616	Eversource Energy		334,240
17,917	Exelon Corp. ^		602,190
8,791	FirstEnergy Corp.		308,212
3,230	Great Plains Energy, Inc.		86,176
2,138	Hawaiian Electric Industries, Inc. ^		68,673
198	ITC Holdings Corp.		7,411
4,172	OGE Energy Corp.		131,877
5,259	Pepco Holdings, Inc.		141,099
2,312	Pinnacle West Capital Corp.		147,390
13,848	PPL Corp.		466,124
18,616	Southern Co. (The)		824,317
2,690	Westar Energy, Inc.		104,264
			5,645,793
Electrical Equipment (0.6%):
2,337	Babcock & Wilcox Co. (The)		74,994

Continued

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Electrical Equipment, continued
9,947	Eaton Corp. plc	$	675,798
3,718	Emerson Electric Co. ^		210,514
1,041	Hubbell, Inc., Class B		114,114
934	Regal-Beloit Corp.		74,645
1,144	Roper Industries, Inc.		196,768
			1,346,833
Electronic Equipment, Instruments & Components (0.5%):
2,088	Arrow Electronics, Inc. *^		127,681
2,310	Avnet, Inc.		102,795
1,040	AVX Corp. ^		14,841
20,939	Corning, Inc.		474,896
999	Dolby Laboratories, Inc., Class A		38,122
869	FLIR Systems, Inc.		27,182
3,205	Ingram Micro, Inc., Class A *^		80,510
4,262	Jabil Circuit, Inc. ^		99,646
2,982	Keysight Technologies, Inc. *		110,781
1,793	Knowles Corp. *^		34,551
790	Tech Data Corp. *^		45,638
2,880	Vishay Intertechnology, Inc. ^		39,802
			1,196,445
Energy Equipment & Services (0.7%):
1,045	Atwood Oceanics, Inc. ^		29,375
8,331	Baker Hughes, Inc.		529,686
1,542	Cameron International Corp. *		69,575
1,403	Diamond Offshore Drilling, Inc.		37,586
658	Frank’s International NV		12,305
659	Helmerich & Payne, Inc. ^		44,858
5,602	Nabors Industries, Ltd.		76,467
8,184	National-Oilwell Varco, Inc.		409,118
990	Oil States International, Inc. *		39,372
1,444	Patterson-UTI Energy, Inc.		27,111
2,587	Rowan Cos. plc, Class A		45,816
5,196	Seadrill, Ltd. ^		48,583
630	Seventy Seven Energy, Inc. *		2,615
3,038	Superior Energy Services, Inc.		67,869
1,065	Tidewater, Inc. ^		20,384
978	Unit Corp. *^		27,364
			1,488,084
Food & Staples Retailing (2.6%):
526	Costco Wholesale Corp.		79,686
20,951	CVS Health Corp.		2,162,353
7,650	Sysco Corp.		288,635
4,955	Walgreens Boots Alliance, Inc.		419,589
29,879	Wal-Mart Stores, Inc.		2,457,548
4,349	Whole Foods Market, Inc.		226,496
			5,634,307
Food Products (1.5%):
12,315	Archer-Daniels-Midland Co.		583,731
3,082	Bunge, Ltd.		253,834
1,222	Campbell Soup Co. ^		56,884
8,818	ConAgra Foods, Inc.		322,122
188	Hain Celestial Group, Inc. *^		12,041
1,328	Ingredion, Inc.		103,345
2,171	J.M. Smucker Co. (The)		251,250
464	Kellogg Co.		30,601
35,325	Mondelez International, Inc., Class A		1,274,879
1,140	Pilgrim’s Pride Corp. ^		25,753
1,130	Pinnacle Foods, Inc.		46,115
6,698	Rite AID Corp. *		58,206

Shares		Fair Value
Common Stocks, continued
Food Products, continued
5,638	Tyson Foods, Inc., Class A	$	215,935
			3,234,696
Gas Utilities (0.3%):
2,499	AGL Resources, Inc.		124,075
2,099	Atmos Energy Corp.		116,075
1,760	National Fuel Gas Co. ^		106,181
3,658	Questar Corp.		87,280
3,617	UGI Corp.		117,878
			551,489
Health Care Equipment & Supplies (2.6%):
31,366	Abbott Laboratories		1,453,187
1,752	Alere, Inc. *^		85,673
337	Becton, Dickinson & Co.		48,432
25,061	Boston Scientific Corp. *		444,833
259	Cooper Cos., Inc. (The) ^		48,542
2,046	DENTSPLY International, Inc. ^		104,121
170	Halyard Health, Inc. *^		8,364
1,118	Hill-Rom Holdings, Inc. ^		54,782
3,378	Hologic, Inc. *^		111,558
54	Intuitive Surgical, Inc. *		27,272
29,863	Medtronic plc		2,329,015
461	Sirona Dental Systems, Inc. *^		41,485
2,120	St. Jude Medical, Inc.		138,648
2,844	Stryker Corp.		262,359
867	Teleflex, Inc. ^		104,760
3,250	Zimmer Holdings, Inc.		381,940
			5,644,971
Health Care Providers & Services (3.6%):
5,228	Aetna, Inc.		556,939
5,837	Anthem, Inc.		901,291
6,518	Cardinal Health, Inc.		588,380
5,164	CIGNA Corp.		668,428
2,416	Community Health Systems, Inc. *		126,308
2,431	DaVita, Inc. *		197,592
2,054	Express Scripts Holding Co. *		178,226
6,156	HCA Holdings, Inc. *		463,116
1,681	Health Net, Inc. *		101,684
3,226	Humana, Inc.		574,293
1,106	Laboratory Corp. of America Holdings *		139,456
918	LifePoint Hospitals, Inc. *		67,427
720	MEDNAX, Inc. *		52,207
2,075	Omnicare, Inc. ^		159,900
1,617	Patterson Cos., Inc. ^		78,893
3,026	Quest Diagnostics, Inc.		232,548
585	Quintiles Transnational Holdings, Inc. *^		39,177
20,463	UnitedHealth Group, Inc.		2,420,568
1,451	Universal Health Services, Inc., Class B		170,797
1,733	VCA Antech, Inc. *		95,003
			7,812,233
Health Care Technology (0.0%):
2,283	Allscripts Healthcare Solutions, Inc. *		27,305
125	Inovalon Holdings, Inc., Class A		3,776
			31,081
Hotels, Restaurants & Leisure (0.6%):
101	Aramark Holdings Corp.		3,195
8,895	Carnival Corp.		425,537

Continued

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
673	Choice Hotels International, Inc. ^	$	43,119
2,598	Darden Restaurants, Inc.		180,146
818	Hyatt Hotels Corp., Class A *^		48,442
594	Marriott International, Inc., Class A ^		47,710
7,148	MGM Resorts International *^		150,322
148	Norwegian Cruise Line Holdings, Ltd. *		7,993
3,478	Royal Caribbean Cruises, Ltd.		284,674
2,055	Starwood Hotels & Resorts Worldwide, Inc.		171,593
5,709	Wendy’s Co. (The)		62,228
			1,424,959
Household Durables (0.8%):
6,050	D.R. Horton, Inc. ^		172,304
2,558	Garmin, Ltd.		121,556
153	GoPro, Inc., Class A *		6,642
2,814	Jarden Corp. *		148,861
1,472	Leggett & Platt, Inc. ^		67,844
3,499	Lennar Corp. ^		181,283
1,287	Mohawk Industries, Inc. *		239,060
2,336	Newell Rubbermaid, Inc.		91,268
7,932	PulteGroup, Inc.		176,328
717	Taylor Morrison Home Corp., Class A *		14,949
3,723	Toll Brothers, Inc. *^		146,463
1,479	Whirlpool Corp.		298,847
			1,665,405
Household Products (2.2%):
468	Clorox Co. (The) ^		51,663
2,033	Colgate-Palmolive Co.		140,968
1,292	Energizer Holdings, Inc.		178,361
1,349	Kimberly-Clark Corp.		144,491
53,289	Procter & Gamble Co. (The)		4,366,500
			4,881,983
Independent Power and Renewable Electricity Producers (0.7%):
15,190	AES Corp. (The)		195,192
6,981	Calpine Corp. *		159,655
9,108	NextEra Energy, Inc.		947,687
7,062	NRG Energy, Inc.		177,892
			1,480,426
Industrial Conglomerates (2.8%):
1,343	Carlisle Cos., Inc.		124,402
9,703	Danaher Corp.		823,785
209,417	General Electric Co.		5,195,636
			6,143,823
Insurance (5.5%):
7,049	ACE, Ltd.		785,893
9,471	AFLAC, Inc.		606,239
345	Alleghany Corp. *^		168,015
2,044	Allied World Assurance Co. Holdings AG		82,578
9,054	Allstate Corp. (The)		644,373
1,249	American Financial Group, Inc.		80,123
28,710	American International Group, Inc.		1,573,022
159	American National Insurance Co.		15,644
1,359	Aon plc		130,628
2,662	Arch Capital Group, Ltd. *		163,978
193	Arthur J. Gallagher & Co.		9,023

Shares		Fair Value
Common Stocks, continued
Insurance, continued
1,373	Aspen Insurance Holdings, Ltd.	$	64,847
1,499	Assurant, Inc.		92,054
3,227	Assured Guaranty, Ltd.		85,161
2,135	Axis Capital Holdings, Ltd.		110,123
2,358	Brown & Brown, Inc.		78,073
4,818	Chubb Corp. (The)		487,100
3,425	Cincinnati Financial Corp.		182,484
576	CNA Financial Corp. ^		23,864
941	Endurance Specialty Holdings, Ltd.		57,533
966	Everest Re Group, Ltd.		168,083
5,801	FNF Group		213,245
10,337	Genworth Financial, Inc., Class A *		75,563
930	Hanover Insurance Group, Inc. (The)		67,499
8,878	Hartford Financial Services Group, Inc. (The)		371,278
2,089	HCC Insurance Holdings, Inc.		118,384
5,522	Lincoln National Corp.		317,294
6,819	Loews Corp.		278,420
293	Markel Corp. *^		225,305
3,752	Marsh & McLennan Cos., Inc.		210,450
2,851	MBIA, Inc. *^		26,514
579	Mercury General Corp. ^		33,437
19,540	MetLife, Inc.		987,747
5,449	Old Republic International Corp. ^		81,408
991	PartnerRe, Ltd.		113,301
6,160	Principal Financial Group, Inc.		316,439
1,246	ProAssurance Corp.		57,204
12,394	Progressive Corp. (The) ^		337,117
9,604	Prudential Financial, Inc.		771,297
1,038	Reinsurance Group of America, Inc. ^		96,731
955	RenaissanceRe Holdings, Ltd.		95,242
920	StanCorp Financial Group, Inc.		63,112
2,759	Torchmark Corp.		151,524
6,723	Travelers Cos., Inc. (The) ^		726,958
5,392	UnumProvident Corp.		181,872
1,753	Validus Holdings, Ltd.		73,801
2,103	W.R. Berkley Corp.		106,223
128	White Mountains Insurance Group, Ltd.		87,619
5,342	XL Group plc, Class B		196,586
			11,990,408
Internet & Catalog Retail (0.1%):
159	HomeAway, Inc. *		4,797
5,142	Liberty Media Corp. - Interactive, Class A *		150,095
			154,892
Internet Software & Services (0.5%):
1,668	AOL, Inc. *		66,069
927	IAC/InterActiveCorp		62,545
386	LendingClub Corp. *		7,585
19,785	Yahoo!, Inc. *		879,147
			1,015,346
IT Services (0.5%):
3,351	Amdocs, Ltd.		182,294
130	Booz Allen Hamilton Holding Corp.		3,762
2,849	Computer Sciences Corp.		185,983
1,927	CoreLogic, Inc. *^		67,965

Continued

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
IT Services, continued
111	DST Systems, Inc.	$	12,289
5,278	Fidelity National Information Services, Inc.		359,221
2,994	Genpact, Ltd. *		69,611
1,347	Leidos Holdings, Inc. ^		56,520
735	Paychex, Inc. ^		36,467
684	Teradata Corp. *^		30,192
796	Total System Services, Inc.		30,367
			1,034,671
Leisure Products (0.1%):
373	Hasbro, Inc. ^		23,589
4,535	Mattel, Inc.		103,624
1,318	Vista Outdoor, Inc. *		56,437
			183,650
Life Sciences Tools & Services (0.6%):
5,976	Agilent Technologies, Inc.		248,303
426	Bio-Rad Laboratories, Inc., Class A *		57,587
406	Bio-Techne Corp.		40,718
547	Charles River Laboratories International, Inc. *		43,372
1,907	PerkinElmer, Inc.		97,524
4,893	QIAGEN NV *		123,303
4,969	Thermo Fisher Scientific, Inc.		667,534
225	VWR Corp. *^		5,848
			1,284,189
Machinery (1.6%):
1,848	AGCO Corp. ^		88,039
10,272	Caterpillar, Inc.		822,067
643	Crane Co.		40,130
5,585	Deere & Co. ^		489,749
249	Donaldson Co., Inc. ^		9,390
896	Dover Corp. ^		61,932
119	IDEX Corp.		9,024
5,179	Ingersoll-Rand plc		352,586
1,509	ITT Corp.		60,224
2,098	Joy Global, Inc. ^		82,200
1,642	Kennametal, Inc.		55,319
1,101	Lincoln Electric Holdings, Inc.		71,994
942	Navistar International Corp. *^		27,789
1,633	Oshkosh Corp. ^		79,674
617	PACCAR, Inc.		38,957
1,457	Parker Hannifin Corp. ^		173,062
3,550	Pentair, plc		223,260
1,050	Snap-On, Inc.		154,413
858	SPX Corp.		72,844
2,902	Stanley Black & Decker, Inc.		276,735
2,337	Terex Corp. ^		62,141
1,614	Timken Co.		68,014
790	Trinity Industries, Inc. ^		28,053
481	Valmont Industries, Inc. ^		59,105
1,046	Xylem, Inc.		36,631
			3,443,332
Media (1.9%):
1,030	CBS Corp., Class B		62,449
518	Clear Channel Outdoor Holdings, Inc., Class A		5,242
4,611	Comcast Corp., Class A		260,383
1,186	DISH Network Corp., Class A *		83,091
1,600	DreamWorks Animation SKG, Inc., Class A *		38,720
4,751	Gannett Co., Inc. ^		176,167
925	John Wiley & Sons, Inc., Class A		56,555

Shares		Fair Value
Common Stocks, continued
Media, continued
1,275	Liberty Broadband Corp., Class C *	$	72,165
506	Liberty Broadband Corp., Class A *		28,579
1,969	Liberty Media Corp. *^		75,905
3,976	Liberty Media Corp., Class C *		151,883
1,481	Live Nation, Inc. *		37,366
1,290	Madison Square Garden, Inc., Class A *		109,199
10,419	News Corp., Class A *		166,808
1,295	Regal Entertainment Group, Class A ^		29,578
217	Starz—Liberty Capital *		7,467
7,440	Thomson Reuters Corp.		301,766
17,404	Time Warner, Inc.		1,469,593
10,485	Twenty-First Century Fox, Inc.		354,812
5,850	Walt Disney Co. (The) ^		613,607
			4,101,335
Metals & Mining (0.8%):
24,540	Alcoa, Inc. ^		317,057
2,269	Allegheny Technologies, Inc.		68,093
1,050	Carpenter Technology Corp. ^		40,824
3,249	Cliffs Natural Resources, Inc. ^		15,628
21,646	Freeport-McMoRan Copper & Gold, Inc.		410,191
10,441	Newmont Mining Corp.		226,674
6,667	Nucor Corp. ^		316,883
1,628	Reliance Steel & Aluminum Co.		99,438
1,348	Royal Gold, Inc. ^		85,072
4,967	Steel Dynamics, Inc.		99,837
1,536	Tahoe Resources, Inc.		16,835
764	TimkenSteel Corp. ^		20,223
3,022	United States Steel Corp. ^		73,737
			1,790,492
Multiline Retail (0.8%):
785	Big Lots, Inc. ^		37,704
155	Dillard’s, Inc., Class A ^		21,159
1,552	Dollar General Corp. *		116,990
122	Family Dollar Stores, Inc.		9,667
6,172	J.C. Penney Co., Inc. *^		51,907
4,127	Kohl’s Corp. ^		322,938
1,623	Macy’s, Inc. ^		105,349
127	Sears Holdings Corp. *^		5,255
11,895	Target Corp.		976,222
			1,647,191
Multi-Utilities (2.4%):
2,324	Alliant Energy Corp. ^		146,412
5,081	Ameren Corp.		214,418
9,000	CenterPoint Energy, Inc.		183,690
5,645	CMS Energy Corp.		197,067
6,132	Consolidated Edison, Inc.		374,052
11,402	Dominion Resources, Inc. ^		808,061
3,706	DTE Energy Co.		299,037
1,676	Integrys Energy Group, Inc. ^		120,706
4,006	MDU Resources Group, Inc. ^		85,488
6,593	NiSource, Inc.		291,147
9,690	PG&E Corp.		514,248
10,541	Public Service Enterprise Group, Inc.		441,879
2,966	SCANA Corp.		163,100
5,118	Sempra Energy		557,964
4,791	TECO Energy, Inc.		92,945
1,730	Vectren Corp.		76,362

Continued

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Multi-Utilities, continued
4,723	Wisconsin Energy Corp.	$	233,789
10,509	Xcel Energy, Inc.		365,818
			5,166,183
Oil, Gas & Consumable Fuels (9.8%):
9,771	Anadarko Petroleum Corp.		809,137
8,037	Apache Corp.		484,872
6,576	California Resources Corp.		50,043
8,493	Chesapeake Energy Corp. ^		120,261
39,756	Chevron Corp.		4,173,586
1,603	Cimarex Energy Co.		184,489
714	Cobalt International Energy, Inc. *		6,719
25,639	ConocoPhillips		1,596,285
4,815	Consol Energy, Inc. ^		134,290
204	CVR Energy, Inc. ^		8,682
7,291	Denbury Resources, Inc. ^		53,151
8,501	Devon Energy Corp.		512,695
1,526	Energen Corp. ^		100,716
729	EP Energy Corp., Class A *^		7,640
292	EQT Corp.		24,198
89,748	Exxon Mobil Corp.		7,628,581
1,015	Golar LNG, Ltd. ^		33,779
338	Gulfport Energy Corp. *^		15,518
5,283	Hess Corp.		358,557
3,401	HollyFrontier Corp.		136,958
20,504	Kinder Morgan, Inc.		862,398
211	Laredo Petroleum Holdings, Inc. *^		2,751
14,152	Marathon Oil Corp.		369,509
1,267	Marathon Petroleum Corp.		129,728
489	Memorial Resource Development Corp. *		8,675
3,758	Murphy Oil Corp. ^		175,123
3,400	Newfield Exploration Co. *		119,306
2,326	Noble Energy, Inc.		113,741
16,407	Occidental Petroleum Corp.		1,197,711
2,037	ONEOK, Inc. ^		98,265
969	PBF Energy, Inc.		32,868
5,613	Peabody Energy Corp.		27,616
6,958	Phillips 66		546,899
3,279	QEP Resources, Inc. ^		68,367
10,226	SandRidge Energy, Inc. *		18,202
13,979	Spectra Energy Corp.		505,620
536	Teekay Shipping Corp.		24,962
1,545	Tesoro Corp.		141,043
2,252	Ultra Petroleum Corp. *^		35,199
8,501	Valero Energy Corp.		540,834
2,236	Whiting Petroleum Corp. *		69,092
1,175	World Fuel Services Corp.		67,539
4,200	WPX Energy, Inc. *^		45,906
			21,641,511
Paper & Forest Products (0.2%):
1,346	Domtar Corp.		62,212
7,663	International Paper Co.		425,220
			487,432
Personal Products (0.0%):
5,464	Avon Products, Inc. ^		43,658
298	Coty, Inc., Class A ^		7,232
			50,890
Pharmaceuticals (7.5%):
22,253	Bristol-Myers Squibb Co.		1,435,319
20,546	Eli Lilly & Co.		1,492,667
3,501	Hospira, Inc. *		307,528
49,806	Johnson & Johnson Co.		5,010,484

Shares		Fair Value
Common Stocks, continued
Pharmaceuticals, continued
657	Mallinckrodt plc *	$	83,209
52,486	Merck & Co., Inc.		3,016,895
2,267	Perrigo Co. plc		375,302
133,212	Pfizer, Inc.		4,634,445
			16,355,849
Professional Services (0.2%):
502	Dun & Bradstreet Corp.		64,437
1,187	Equifax, Inc.		110,391
1,669	Manpower, Inc.		143,784
1,507	Nielsen Holdings NV		67,167
1,361	Towers Watson & Co., Class A ^		179,904
			565,683
Real Estate Investment Trusts (REITs) (4.8%):
1,494	Alexandria Real Estate Equities, Inc.		146,472
2,342	American Campus Communities, Inc.		100,402
7,390	American Capital Agency Corp.		157,629
3,054	American Homes 4 Rent, Class A		50,544
19,020	American Realty Capital Properties, Inc.		187,347
19,842	Annaly Capital Management, Inc.		206,357
1,375	Apartment Investment & Management Co., Class A		54,120
2,701	AvalonBay Communities, Inc. ^		470,649
4,176	BioMed Realty Trust, Inc.		94,628
2,820	Boston Properties, Inc.		396,154
3,651	Brandywine Realty Trust		58,343
1,067	Brixmor Property Group, Inc.		28,329
1,793	Camden Property Trust		140,087
3,531	CBL & Associates Properties, Inc.		69,914
21,450	Chimera Investment Corp.		67,353
2,239	Columbia Property Trust, Inc. ^		60,498
1,917	Corporate Office Properties Trust		56,321
6,292	DDR Corp.		117,157
2,835	Digital Realty Trust, Inc. ^		186,997
2,990	Douglas Emmett, Inc.		89,132
6,904	Duke Realty Corp.		150,300
2,637	Equity Commonwealth *		70,012
461	Equity Lifestyle Properties, Inc.		25,332
7,532	Equity Residential Property Trust		586,443
1,310	Essex Property Trust, Inc.		301,169
470	Federal Realty Investment Trust ^		69,189
1,466	Gaming & Leisure Properties, Inc.		54,051
11,871	General Growth Properties, Inc.		350,788
9,547	HCP, Inc.		412,526
3,414	Health Care REIT, Inc.		264,107
2,199	Healthcare Trust of America, Inc., Class A		61,264
1,193	Home Properties, Inc.		82,663
3,139	Hospitality Properties Trust		103,556
15,847	Host Hotels & Resorts, Inc.		319,792
1,784	Kilroy Realty Corp. ^		135,887

Continued

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Real Estate Investment Trusts (REITs), continued
8,597	Kimco Realty Corp.	$	230,829
3,095	Liberty Property Trust ^		110,492
3,283	Macerich Co. (The)		276,855
7,597	MFA Financial, Inc.		59,712
1,572	Mid-America Apartment Communities, Inc.		121,468
2,722	National Retail Properties, Inc. ^		111,520
3,958	NorthStar Realty Finance Corp.		71,719
1,948	Omega Healthcare Investors, Inc. ^		79,030
2,635	Outfront Media, Inc.		78,839
2,911	Paramount Group, Inc.		56,182
3,251	Piedmont Office Realty Trust, Inc., Class A ^		60,501
1,903	Plum Creek Timber Co., Inc. ^		82,685
1,144	Post Properties, Inc.		65,128
10,411	ProLogis, Inc.		453,503
232	Public Storage, Inc.		45,736
2,291	Rayonier, Inc. ^		61,765
4,638	Realty Income Corp. ^		239,321
1,935	Regency Centers Corp.		131,657
4,906	Retail Properties of America, Inc., Class A		78,643
4,911	Senior Housing Properties Trust ^		108,975
1,653	Simon Property Group, Inc.		323,393
1,983	SL Green Realty Corp.		254,578
8,349	Spirit Realty Capital, Inc.		100,856
4,630	Starwood Property Trust, Inc. ^		112,509
692	Tanger Factory Outlet Centers, Inc.		24,338
90	Taubman Centers, Inc.		6,942
7,663	Two Harbors Investment Corp.		81,381
5,267	UDR, Inc. ^		179,236
1,520	Urban Edge Properties ^		36,024
3,836	Ventas, Inc.		280,105
3,041	Vornado Realty Trust		340,592
2,561	Weingarten Realty Investors ^		92,145
9,860	Weyerhaeuser Co.		326,859
2,082	WP Carey, Inc.		141,576
3,261	WP Glimcher, Inc.		54,230
			10,604,836
Real Estate Management & Development (0.2%):
3,439	Forest City Enterprises, Inc., Class A *		87,763
439	Howard Hughes Corp. (The) *		68,054
681	Jones Lang LaSalle, Inc.		116,042
1,712	Realogy Holdings Corp. *		77,862
			349,721
Road & Rail (0.7%):
66	AMERCO, Inc.		21,806
1,207	Con-way, Inc. ^		53,265
20,963	CSX Corp.		694,295
592	Genesee & Wyoming, Inc., Class A *		57,092
533	Kansas City Southern Industries, Inc.		54,409
5,088	Norfolk Southern Corp.		523,657
1,115	Ryder System, Inc.		105,802
			1,510,326

Shares		Fair Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment (2.3%):
4,108	Altera Corp.	$	176,274
3,579	Analog Devices, Inc. ^		225,477
8,465	Applied Materials, Inc.		190,970
11,148	Broadcom Corp., Class A		482,653
1,066	Cree, Inc. *^		37,832
1,525	First Solar, Inc. *		91,180
84	Freescale Semiconductor Holdings I, Ltd. *		3,424
93	Freescale Semiconductor, Ltd. *		3,791
95,123	Intel Corp.		2,974,497
317	KLA-Tencor Corp.		18,478
2,492	Lam Research Corp. ^		175,026
8,506	Marvell Technology Group, Ltd.		125,038
511	Maxim Integrated Products, Inc.		17,788
2,742	Micron Technology, Inc. *		74,390
9,769	NVIDIA Corp. ^		204,416
4,463	ON Semiconductor Corp. *		54,047
3,788	SunEdison, Inc. *		90,912
842	Sunpower Corp. Common *		26,363
3,764	Teradyne, Inc.		70,951
			5,043,507
Software (1.7%):
3,469	Activision Blizzard, Inc.		78,833
1,493	Ansys, Inc. *		131,668
1,009	Autodesk, Inc. *		59,168
6,700	CA, Inc. ^		218,487
342	Citrix Systems, Inc. *		21,844
1,544	Electronic Arts, Inc. *		90,810
358	FireEye, Inc. *^		14,052
245	Informatica Corp. *		10,744
60,896	Microsoft Corp.		2,475,726
5,502	Nuance Communications, Inc. *^		78,954
1,981	Rovi Corp. *^		36,074
14,481	Symantec Corp.		338,348
3,236	Synopsys, Inc. *^		149,892
15,167	Zynga, Inc. *		43,226
			3,747,826
Specialty Retail (0.8%):
1,081	Aaron’s, Inc. ^		30,603
1,288	Abercrombie & Fitch Co., Class A ^		28,388
2,729	Ascena Retail Group, Inc. *^		39,598
2,239	Bed Bath & Beyond, Inc. *^		171,899
4,217	Best Buy Co., Inc.		159,360
934	Cabela’s, Inc., Class A *		52,285
1,422	CarMax, Inc. *^		98,132
1,753	Chico’s FAS, Inc. ^		31,011
241	CST Brands, Inc.		10,563
1,658	Dick’s Sporting Goods, Inc.		94,489
1,577	DSW, Inc., Class A		58,160
2,612	Foot Locker, Inc.		164,556
2,149	GameStop Corp., Class A ^		81,576
3,273	L Brands, Inc.		308,611
214	Michaels Cos., Inc. (The) *^		5,791
512	Murphy USA, Inc. *^		37,053
477	Penske Automotive Group, Inc.		24,561
856	Sally Beauty Holdings, Inc. *		29,421
531	Signet Jewelers, Ltd.		73,697

Continued

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Specialty Retail, continued
13,543	Staples, Inc.	$	220,548
592	Urban Outfitters, Inc. *		27,025
			1,747,327
Technology Hardware, Storage & Peripherals (1.6%):
38,523	EMC Corp.		984,648
39,578	Hewlett-Packard Co.		1,233,250
1,305	Lexmark International, Inc., Class A ^		55,254
3,175	NCR Corp. *^		93,694
4,160	NetApp, Inc.		147,514
2,337	SanDisk Corp. ^		148,680
451	Stratasys, Ltd. *^		23,804
4,640	Western Digital Corp.		422,286
24,439	Xerox Corp.		314,041
			3,423,171
Textiles, Apparel & Luxury Goods (0.0%):
207	PVH Corp.		22,058
309	Ralph Lauren Corp.		40,633
			62,691
Thrifts & Mortgage Finance (0.2%):
2,158	BankUnited, Inc.		70,653
11,025	Hudson City Bancorp, Inc.		115,542
55	Nationstar Mortgage Holdings, Inc. *		1,362
9,274	New York Community Bancorp, Inc.		155,154
6,502	People’s United Financial, Inc. ^		98,830
1,604	TFS Financial Corp. ^		23,547
			465,088
Tobacco (0.6%):
2,248	Altria Group, Inc.		112,445
13,566	Philip Morris International, Inc.		1,021,927
1,580	Reynolds American, Inc. ^		108,878
			1,243,250
Trading Companies & Distributors (0.1%):
1,962	Air Lease Corp. ^		74,045
970	GATX Corp. ^		56,241
1,132	MRC Global, Inc. *^		13,414
2,073	NOW, Inc. *		44,860
152	Veritiv Corp. *^		6,708
922	WESCO International, Inc. *		64,439
			259,707
Water Utilities (0.1%):
3,749	American Water Works Co., Inc. ^		203,234
3,704	Aqua America, Inc. ^		97,600
			300,834
Wireless Telecommunication Services (0.1%):
15,154	Sprint Corp. *^		71,830
1,793	Telephone & Data Systems, Inc. ^		44,646
5,562	T-Mobile US, Inc. *		176,260
299	United States Cellular Corp. *^		10,680
			303,416
Total Common Stocks (Cost $150,584,292)			212,606,717

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (10.0%):
$21,816,687	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)	$	21,816,687
Total Securities Held as Collateral for Securities on Loan (Cost $21,816,687)			21,816,687
Unaffiliated Investment Company (2.6%):
5,677,493	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (b)		5,677,493
Total Unaffiliated Investment Company (Cost $5,677,493)			5,677,493
Total Investment Securities (Cost $178,078,472)(c) - 109.7%			240,100,897
Net other assets (liabilities) - (9.7)%			(21,165,886	)
Net Assets - 100.0%		$	218,935,011

Percentages indicated are based on net assets as of March 31, 2015.

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $21,297,532.

+ Affiliated Securities

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(b) The rate represents the effective yield at March 31, 2015.

(c) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

Continued

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Futures Contracts

Cash of $277,000 has been segregated to cover margin requirements for the following open contracts as of March 31, 2015:

Description	Type	Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini June Futures	Long		6/19/15		62	$	6,388,480	$	64,547

See accompanying notes to the schedules of portfolio investments.

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares			Fair Value
	Common Stocks (95.1%):
	Aerospace & Defense (2.7%):
	62,076	Boeing Co. (The) ^	$	9,316,366
	29,816	General Dynamics Corp.		4,046,926
	74,138	Honeywell International, Inc.		7,733,335
	7,820	L-3 Communications Holdings, Inc.		983,678
	25,426	Lockheed Martin Corp.		5,160,461
	18,801	Northrop Grumman Corp.		3,026,209
	13,434	Precision Castparts Corp.		2,821,140
	29,176	Raytheon Co.		3,187,478
	12,557	Rockwell Collins, Inc. ^		1,212,378
	26,236	Textron, Inc.		1,163,042
	78,306	United Technologies Corp.		9,177,463
				47,828,476
	Air Freight & Logistics (0.7%):
	13,920	C.H. Robinson Worldwide, Inc. ^		1,019,222
	18,346	Expeditors International of Washington, Inc.		883,910
	24,948	FedEx Corp.		4,127,647
	65,854	United Parcel Service, Inc., Class B		6,383,887
				12,414,666
	Airlines (0.5%):
	67,917	American Airlines Group, Inc.		3,584,658
	78,109	Delta Air Lines, Inc.		3,511,781
	64,285	Southwest Airlines Co.		2,847,826
				9,944,265
	Auto Components (0.4%):
	21,533	BorgWarner, Inc.		1,302,316
	27,507	Delphi Automotive plc		2,193,408
	25,996	Goodyear Tire & Rubber Co.		703,972
	62,286	Johnson Controls, Inc.		3,141,706
				7,341,402
	Automobiles (0.7%):
	374,696	Ford Motor Co.		6,047,594
	128,110	General Motors Co.		4,804,125
	20,295	Harley-Davidson, Inc.		1,232,718
				12,084,437
	Banks (5.4%):
	996,666	Bank of America Corp.		15,338,690
	68,222	BB&T Corp.		2,659,976
	287,438	Citigroup, Inc.		14,808,806
	17,085	Comerica, Inc.		771,046
	77,208	Fifth Third Bancorp		1,455,371
	76,951	Huntington Bancshares, Inc.		850,309
	353,297	JPMorgan Chase & Co.		21,402,732
	81,832	KeyCorp		1,158,741
	12,549	M&T Bank Corp.		1,593,723
	49,341	PNC Financial Services Group, Inc.		4,600,555
	127,254	Regions Financial Corp.		1,202,550
	49,641	SunTrust Banks, Inc.		2,039,749
	168,787	U.S. Bancorp		7,370,928
	444,293	Wells Fargo & Co.		24,169,539
	19,149	Zions Bancorp ^		517,023
				99,939,738
	Beverages (2.0%):
	14,766	Brown-Forman Corp., Class B ^		1,334,108
	372,373	Coca-Cola Co. (The)		15,099,726
	20,562	Coca-Cola Enterprises, Inc.		908,840
	15,894	Constellation Brands, Inc., Class A *		1,847,042

Shares			Fair Value
	Common Stocks, continued
	Beverages, continued
	18,484	Dr Pepper Snapple Group, Inc.	$	1,450,624
	15,136	Molson Coors Brewing Co., Class B		1,126,875
	13,835	Monster Beverage Corp. *		1,914,695
	140,470	PepsiCo, Inc.		13,431,741
				37,113,651
	Biotechnology (2.9%):
	19,141	Alexion Pharmaceuticals, Inc. *		3,317,135
	71,910	Amgen, Inc.		11,494,814
	22,232	Biogen Idec, Inc. *		9,387,240
	75,842	Celgene Corp. *^		8,743,066
	141,137	Gilead Sciences, Inc. *		13,849,773
	6,991	Regeneron Pharmaceuticals, Inc. *		3,156,297
	22,919	Vertex Pharmaceuticals, Inc. *		2,703,754
				52,652,079
	Building Products (0.1%):
	9,077	Allegion plc		555,240
	33,123	Masco Corp.		884,384
				1,439,624
	Capital Markets (2.1%):
	5,173	Affiliated Managers Group, Inc. *		1,111,057
	17,295	Ameriprise Financial, Inc.		2,262,878
	105,553	Bank of New York Mellon Corp. (The)		4,247,453
	12,021	BlackRock, Inc., Class A +		4,397,763
	109,237	Charles Schwab Corp. (The)		3,325,174
	27,461	E*TRADE Financial Corp. *		784,149
	37,112	Franklin Resources, Inc. ^		1,904,588
	38,362	Goldman Sachs Group, Inc. (The)		7,210,905
	40,898	Invesco, Ltd.		1,623,242
	9,611	Legg Mason, Inc. ^		530,527
	146,021	Morgan Stanley		5,211,489
	20,902	Northern Trust Corp.		1,455,824
	39,068	State Street Corp.		2,872,670
	24,688	T. Rowe Price Group, Inc.		1,999,234
				38,936,953
	Chemicals (2.3%):
	18,283	Air Products & Chemicals, Inc. ^		2,765,852
	6,341	Airgas, Inc.		672,844
	4,540	CF Industries Holdings, Inc.		1,287,907
	103,122	Dow Chemical Co. (The)		4,947,794
	85,800	E.I. du Pont de Nemours & Co.		6,132,125
	14,029	Eastman Chemical Co.		971,649
	25,582	Ecolab, Inc.		2,926,069
	12,580	FMC Corp.		720,205
	7,716	International Flavor & Fragrances, Inc.		905,858
	37,528	LyondellBasell Industries NV, Class A		3,294,958
	45,846	Monsanto Co.		5,159,509
	29,467	Mosaic Co. (The)		1,357,250
	12,892	PPG Industries, Inc.		2,907,662
	27,366	Praxair, Inc. ^		3,304,171
	7,643	Sherwin Williams Co.		2,174,434
	11,281	Sigma Aldrich Corp.		1,559,598
				41,087,885

Continued

AZL S&P 500 Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Commercial Services & Supplies (0.4%):
16,403	ADT Corp. (The) ^	$	681,053
9,240	Cintas Corp. ^		754,261
17,666	Iron Mountain, Inc.		644,456
19,064	Pitney Bowes, Inc.		444,572
23,788	Republic Services, Inc., Class A		964,841
8,084	Stericycle, Inc. *		1,135,236
39,636	Tyco International plc		1,706,726
40,336	Waste Management, Inc.		2,187,422
			8,518,567
Communications Equipment (1.5%):
483,728	Cisco Systems, Inc.		13,314,614
6,979	F5 Networks, Inc. *		802,166
9,839	Harris Corp.		774,920
34,324	Juniper Networks, Inc.		775,036
18,069	Motorola Solutions, Inc.		1,204,660
156,313	QUALCOMM, Inc.		10,838,743
			27,710,139
Construction & Engineering (0.1%):
14,005	Fluor Corp.		800,526
12,321	Jacobs Engineering Group, Inc. *^		556,416
20,038	Quanta Services, Inc. *		571,684
			1,928,626
Construction Materials (0.1%):
5,905	Martin Marietta Materials, Inc. ^		825,519
12,520	Vulcan Materials Co.		1,055,436
			1,880,955
Consumer Finance (0.8%):
83,057	American Express Co.		6,488,413
52,269	Capital One Financial Corp.		4,119,843
42,381	Discover Financial Services		2,388,169
38,043	Navient Corp.		773,414
			13,769,839
Containers & Packaging (0.2%):
8,617	Avery Dennison Corp.		455,925
13,025	Ball Corp.		920,087
15,804	MeadWestvaco Corp.		788,145
15,831	Owens-Illinois, Inc. *		369,179
20,011	Sealed Air Corp. ^		911,701
			3,445,037
Distributors (0.1%):
14,515	Genuine Parts Co.		1,352,653
Diversified Consumer Services (0.0%):
26,022	H&R Block, Inc. ^		834,526
Diversified Financial Services (1.8%):
172,795	Berkshire Hathaway, Inc., Class B *		24,937,774
29,989	CME Group, Inc.		2,840,258
10,614	IntercontinentalExchange Group, Inc.		2,475,928
29,852	Leucadia National Corp.		665,401
16,849	Moody’s Corp.		1,748,926
11,190	NASDAQ OMX Group, Inc. (The)		570,019
			33,238,306
Diversified Telecommunication Services (2.2%):
491,739	AT&T, Inc. ^		16,055,278
54,054	CenturyLink, Inc.		1,867,566

Shares		Fair Value
Common Stocks, continued
Diversified Telecommunication Services, continued
95,129	Frontier Communications Corp. ^	$	670,659
27,125	Level 3 Communications, Inc. *		1,460,410
393,712	Verizon Communications, Inc.		19,146,215
56,756	Windstream Holdings, Inc. ^		419,994
			39,620,122
Electric Utilities (1.4%):
46,337	American Electric Power Co., Inc.		2,606,456
66,986	Duke Energy Corp.		5,143,186
30,889	Edison International		1,929,636
17,095	Entergy Corp.		1,324,692
30,007	Eversource Energy ^		1,515,954
81,402	Exelon Corp. ^		2,735,921
39,857	FirstEnergy Corp. ^		1,397,386
23,952	Pepco Holdings, Inc.		642,632
10,525	Pinnacle West Capital Corp.		670,969
62,992	PPL Corp.		2,120,311
86,158	Southern Co. (The)		3,815,076
			23,902,219
Electrical Equipment (0.6%):
22,844	AMETEK, Inc.		1,200,224
44,901	Eaton Corp. plc		3,050,574
64,930	Emerson Electric Co. ^		3,676,337
12,860	Rockwell Automation, Inc.		1,491,631
9,487	Roper Industries, Inc.		1,631,764
			11,050,530
Electronic Equipment, Instruments & Components (0.4%):
29,288	Amphenol Corp., Class A		1,725,942
120,473	Corning, Inc.		2,732,328
13,217	FLIR Systems, Inc.		413,428
38,463	TE Connectivity, Ltd.		2,754,719
			7,626,417
Energy Equipment & Services (1.2%):
41,155	Baker Hughes, Inc.		2,616,635
18,703	Cameron International Corp. *		843,879
6,239	Diamond Offshore Drilling, Inc.		167,143
22,106	Ensco plc, Class A, ADR		465,773
22,097	FMC Technologies, Inc. *		817,810
80,446	Halliburton Co.		3,529,970
10,186	Helmerich & Payne, Inc. ^		693,361
38,846	National-Oilwell Varco, Inc.		1,941,912
23,838	Noble Corp. plc ^		340,407
120,849	Schlumberger, Ltd.		10,083,641
32,049	Transocean, Ltd. ^		470,159
			21,970,690
Food & Staples Retailing (2.4%):
41,674	Costco Wholesale Corp. ^		6,313,403
106,630	CVS Health Corp.		11,005,282
46,512	Kroger Co. (The)		3,565,610
56,058	Sysco Corp.		2,115,068
82,597	Walgreens Boots Alliance, Inc.		6,994,314
149,576	Wal-Mart Stores, Inc.		12,302,627
34,215	Whole Foods Market, Inc.		1,781,917
			44,078,221

Continued

AZL S&P 500 Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Food Products (1.6%):
60,106	Archer-Daniels-Midland Co.	$	2,849,024
17,002	Campbell Soup Co. ^		791,443
40,239	ConAgra Foods, Inc.		1,469,931
57,182	General Mills, Inc.		3,236,501
14,060	Hershey Co. ^		1,418,795
12,783	Hormel Foods Corp.		726,714
9,693	J.M. Smucker Co. (The)		1,121,771
23,876	Kellogg Co.		1,574,622
11,476	Keurig Green Mountain, Inc.		1,282,213
55,741	Kraft Foods Group, Inc.		4,855,877
12,188	McCormick & Co. ^		939,817
19,144	Mead Johnson Nutrition Co.		1,924,546
156,306	Mondelez International, Inc., Class A		5,641,084
27,629	Tyson Foods, Inc., Class A		1,058,191
			28,890,529
Gas Utilities (0.0%):
11,396	AGL Resources, Inc.		565,811
Health Care Equipment & Supplies (2.1%):
142,932	Abbott Laboratories		6,622,040
51,331	Baxter International, Inc.		3,516,174
19,766	Becton, Dickinson & Co.		2,838,179
125,731	Boston Scientific Corp. *		2,231,725
7,095	C.R. Bard, Inc.		1,187,348
13,325	DENTSPLY International, Inc.		678,109
10,201	Edwards Lifesciences Corp. *		1,453,234
3,463	Intuitive Surgical, Inc. *		1,748,919
135,004	Medtronic plc		10,528,962
26,654	St. Jude Medical, Inc.		1,743,172
28,307	Stryker Corp.		2,611,321
9,471	Varian Medical Systems, Inc. *^		891,126
16,041	Zimmer Holdings, Inc.		1,885,138
			37,935,447
Health Care Providers & Services (2.8%):
33,291	Aetna, Inc.		3,546,490
19,769	AmerisourceBergen Corp. ^		2,247,142
25,281	Anthem, Inc.		3,903,639
31,346	Cardinal Health, Inc.		2,829,603
28,786	Cerner Corp. *		2,108,862
24,490	CIGNA Corp.		3,169,986
16,323	DaVita, Inc. *		1,326,733
68,881	Express Scripts Holding Co. *		5,976,804
27,898	HCA Holdings, Inc. *		2,098,767
7,959	Henry Schein, Inc. *^		1,111,236
14,177	Humana, Inc.		2,523,790
9,521	Laboratory Corp. of America Holdings *		1,200,503
22,053	McKesson, Inc.		4,988,389
8,184	Patterson Cos., Inc. ^		399,297
13,664	Quest Diagnostics, Inc. ^		1,050,078
9,256	Tenet Healthcare Corp. *^		458,265
90,373	UnitedHealth Group, Inc.		10,690,222
8,607	Universal Health Services, Inc., Class B		1,013,130
			50,642,936
Hotels, Restaurants & Leisure (1.6%):
42,700	Carnival Corp.		2,042,768
2,944	Chipotle Mexican Grill, Inc. *		1,915,190
11,755	Darden Restaurants, Inc.		815,092
19,654	Marriott International, Inc., Class A ^		1,578,609
91,076	McDonald’s Corp.		8,874,445

Shares		Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
15,609	Royal Caribbean Cruises, Ltd.	$	1,277,597
71,022	Starbucks Corp.		6,725,783
16,270	Starwood Hotels & Resorts Worldwide, Inc.		1,358,545
11,424	Wyndham Worldwide Corp.		1,033,529
7,644	Wynn Resorts, Ltd. ^		962,227
41,042	Yum! Brands, Inc.		3,230,826
			29,814,611
Household Durables (0.4%):
31,308	D.R. Horton, Inc. ^		891,652
11,489	Garmin, Ltd.		545,957
6,453	Harman International Industries, Inc.		862,314
13,024	Leggett & Platt, Inc. ^		600,276
17,033	Lennar Corp. ^		882,480
5,843	Mohawk Industries, Inc. *		1,085,337
25,790	Newell Rubbermaid, Inc.		1,007,615
31,674	PulteGroup, Inc.		704,113
7,394	Whirlpool Corp.		1,494,033
			8,073,777
Household Products (1.7%):
12,405	Clorox Co. (The) ^		1,369,388
80,798	Colgate-Palmolive Co.		5,602,533
34,632	Kimberly-Clark Corp.		3,709,434
255,905	Procter & Gamble Co. (The)		20,968,855
			31,650,210
Independent Power and Renewable Electricity Producers (0.3%):
62,457	AES Corp. (The)		802,572
41,995	NextEra Energy, Inc.		4,369,580
32,151	NRG Energy, Inc.		809,884
			5,982,036
Industrial Conglomerates (2.1%):
60,149	3M Co.		9,921,578
58,153	Danaher Corp.		4,937,190
953,647	General Electric Co.		23,659,981
			38,518,749
Insurance (2.6%):
31,019	ACE, Ltd.		3,458,308
41,591	AFLAC, Inc.		2,662,240
39,461	Allstate Corp. (The)		2,808,439
130,053	American International Group, Inc.		7,125,604
26,557	Aon plc		2,552,659
6,717	Assurant, Inc.		412,491
21,876	Chubb Corp. (The)		2,211,664
13,982	Cincinnati Financial Corp.		744,961
46,741	Genworth Financial, Inc., Class A *		341,677
39,890	Hartford Financial Services Group, Inc. (The)		1,668,200
24,296	Lincoln National Corp. ^		1,396,048
28,352	Loews Corp.		1,157,612
51,281	Marsh & McLennan Cos., Inc.		2,876,351
105,889	MetLife, Inc.		5,352,689
25,770	Principal Financial Group, Inc.		1,323,805
50,702	Progressive Corp. (The)		1,379,094
43,021	Prudential Financial, Inc.		3,455,017
12,269	Torchmark Corp.		673,813
30,453	Travelers Cos., Inc. (The)		3,292,883

Continued

AZL S&P 500 Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	23,806	UnumProvident Corp.	$	802,976
	24,445	XL Group plc, Class B		899,576
				46,596,107
	Internet & Catalog Retail (1.3%):
	36,077	Amazon.com, Inc. *		13,424,251
	9,345	Expedia, Inc.		879,645
	5,730	Netflix, Inc. *		2,387,634
	4,922	Priceline Group, Inc. (The) *		5,729,946
	10,499	TripAdvisor, Inc. *		873,202
				23,294,678
	Internet Software & Services (3.2%):
	16,878	Akamai Technologies, Inc. *		1,199,098
	104,345	eBay, Inc. *		6,018,620
	5,340	Equinix, Inc.		1,243,419
	198,891	Facebook, Inc., Class A *		16,351,823
	27,112	Google, Inc., Class C *		14,857,376
	27,056	Google, Inc., Class A *		15,007,962
	9,968	VeriSign, Inc. *		667,557
	82,498	Yahoo!, Inc. *		3,665,799
				59,011,654
	IT Services (3.1%):
	59,473	Accenture plc, Class A ^		5,572,025
	5,951	Alliance Data Systems Corp. *		1,762,984
	45,026	Automatic Data Processing, Inc.		3,856,027
	57,672	Cognizant Technology Solutions Corp., Class A *		3,598,156
	13,308	Computer Sciences Corp.		868,746
	27,038	Fidelity National Information Services, Inc.		1,840,206
	22,619	Fiserv, Inc. *		1,795,949
	87,166	International Business Machines Corp. ^		13,990,142
	92,504	MasterCard, Inc., Class A		7,991,421
	30,839	Paychex, Inc. ^		1,530,077
	13,755	Teradata Corp. *^		607,146
	15,765	Total System Services, Inc.		601,435
	185,024	Visa, Inc., Class A ^		12,102,420
	49,309	Western Union Co. ^		1,026,120
				57,142,854
	Leisure Products (0.1%):
	10,739	Hasbro, Inc. ^		679,134
	32,242	Mattel, Inc.		736,730
				1,415,864
	Life Sciences Tools & Services (0.4%):
	31,694	Agilent Technologies, Inc.		1,316,886
	10,608	PerkinElmer, Inc.		542,493
	37,599	Thermo Fisher Scientific, Inc.		5,051,049
	7,896	Waters Corp. *		981,631
				7,892,059
	Machinery (1.4%):
	57,464	Caterpillar, Inc.		4,598,845
	15,960	Cummins, Inc.		2,212,694
	32,171	Deere & Co. ^		2,821,075
	15,679	Dover Corp.		1,083,732
	12,901	Flowserve Corp.		728,777
	33,080	Illinois Tool Works, Inc.		3,213,392
	24,953	Ingersoll-Rand plc		1,698,800
	9,217	Joy Global, Inc. ^		361,122
	33,557	PACCAR, Inc.		2,118,789
	10,060	Pall Corp. ^		1,009,923

Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	13,499	Parker Hannifin Corp. ^	$	1,603,411
	17,288	Pentair, plc		1,087,242
	5,513	Snap-On, Inc.		810,742
	14,838	Stanley Black & Decker, Inc.		1,414,952
	17,102	Xylem, Inc.		598,912
				25,362,408
	Media (3.4%):
	20,587	Cablevision Systems Corp., Class A		376,742
	43,352	CBS Corp., Class B		2,628,432
	240,793	Comcast Corp., Class A		13,597,581
	47,567	DIRECTV, Inc., Class A *		4,047,952
	25,779	Discovery Communications, Inc., Class C *		759,836
	13,934	Discovery Communications, Inc., Class A *^		428,610
	21,287	Gannett Co., Inc. ^		789,322
	39,760	Interpublic Group of Cos., Inc. (The)		879,491
	25,891	McGraw-Hill Cos., Inc. (The)		2,677,129
	47,465	News Corp., Class A *		759,915
	23,506	Omnicom Group, Inc.		1,832,998
	9,233	Scripps Networks Interactive, Class A ^		633,014
	26,630	Time Warner Cable, Inc.		3,991,304
	78,701	Time Warner, Inc.		6,645,512
	173,268	Twenty-First Century Fox, Inc.		5,863,389
	34,605	Viacom, Inc., Class B		2,363,522
	148,142	Walt Disney Co. (The) ^		15,538,615
				63,813,364
	Metals & Mining (0.3%):
	115,606	Alcoa, Inc. ^		1,493,630
	10,327	Allegheny Technologies, Inc.		309,913
	98,420	Freeport-McMoRan Copper & Gold, Inc.		1,865,058
	47,129	Newmont Mining Corp.		1,023,171
	30,253	Nucor Corp. ^		1,437,925
				6,129,697
	Multiline Retail (0.8%):
	28,739	Dollar General Corp. *		2,166,346
	19,500	Dollar Tree, Inc. *		1,582,328
	9,076	Family Dollar Stores, Inc.		719,182
	19,129	Kohl’s Corp. ^		1,496,844
	32,275	Macy’s, Inc.		2,094,970
	13,314	Nordstrom, Inc.		1,069,380
	60,327	Target Corp.		4,951,037
				14,080,087
	Multi-Utilities (1.2%):
	23,020	Ameren Corp.		971,444
	40,653	CenterPoint Energy, Inc.		829,728
	25,950	CMS Energy Corp.		905,915
	27,801	Consolidated Edison, Inc.		1,695,861
	55,693	Dominion Resources, Inc.		3,946,962
	16,765	DTE Energy Co.		1,352,768
	7,603	Integrys Energy Group, Inc. ^		547,568
	29,964	NiSource, Inc.		1,323,210
	44,997	PG&E Corp.		2,387,990
	47,971	Public Service Enterprise Group, Inc.		2,010,944
	13,432	SCANA Corp.		738,626
	21,892	Sempra Energy		2,386,666
	22,052	TECO Energy, Inc.		427,809
	21,382	Wisconsin Energy Corp.		1,058,409

Continued

AZL S&P 500 Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares			Fair Value
	Common Stocks, continued
	Multi-Utilities, continued
	47,949	Xcel Energy, Inc.	$	1,669,105
				22,253,005
	Oil, Gas & Consumable Fuels (6.5%):
	47,966	Anadarko Petroleum Corp.		3,972,064
	35,658	Apache Corp.		2,151,247
	38,966	Cabot Oil & Gas Corp. ^		1,150,666
	48,978	Chesapeake Energy Corp. ^		693,528
	178,167	Chevron Corp.		18,703,972
	8,298	Cimarex Energy Co.		955,017
	116,577	ConocoPhillips		7,258,084
	21,728	Consol Energy, Inc. ^		605,994
	36,614	Devon Energy Corp.		2,208,190
	51,902	EOG Resources, Inc.		4,758,894
	14,294	EQT Corp.		1,184,544
	397,492	Exxon Mobil Corp.		33,786,821
	23,023	Hess Corp.		1,562,571
	161,408	Kinder Morgan, Inc.		6,788,820
	63,925	Marathon Oil Corp.		1,669,082
	25,876	Marathon Petroleum Corp.		2,649,444
	15,712	Murphy Oil Corp.		732,179
	15,147	Newfield Exploration Co. *		531,508
	36,588	Noble Energy, Inc.		1,789,153
	73,018	Occidental Petroleum Corp.		5,330,314
	19,642	ONEOK, Inc. ^		947,530
	51,502	Phillips 66		4,048,057
	14,103	Pioneer Natural Resources Co.		2,305,982
	15,602	QEP Resources, Inc.		325,302
	16,058	Range Resources Corp. ^		835,658
	36,309	Southwestern Energy Co. *^		842,006
	63,554	Spectra Energy Corp.		2,298,748
	11,959	Tesoro Corp.		1,091,737
	48,791	Valero Energy Corp.		3,104,083
	63,715	Williams Cos., Inc. (The)		3,223,342
				117,504,537
	Paper & Forest Products (0.1%):
	40,038	International Paper Co.		2,221,709
	Personal Products (0.1%):
	21,194	Estee Lauder Co., Inc. (The), Class A		1,762,493
	Pharmaceuticals (6.0%):
	151,061	AbbVie, Inc.		8,843,111
	36,994	Actavis plc *		11,010,219
	157,462	Bristol-Myers Squibb Co.		10,156,299
	92,797	Eli Lilly & Co.		6,741,702
	16,790	Endo International plc *		1,506,063
	16,211	Hospira, Inc. *		1,423,974
	263,481	Johnson & Johnson Co.		26,506,189
	11,015	Mallinckrodt plc *		1,395,050
	268,949	Merck & Co., Inc.		15,459,189
	35,450	Mylan NV *		2,103,958
	13,333	Perrigo Co. plc		2,207,278
	580,774	Pfizer, Inc.		20,205,127
	47,483	Zoetis, Inc.		2,197,988
				109,756,147
	Professional Services (0.2%):
	3,425	Dun & Bradstreet Corp.		439,633
	11,443	Equifax, Inc. ^		1,064,199
	29,904	Nielsen Holdings NV		1,332,822
	12,947	Robert Half International, Inc.		783,552
				3,620,206

Shares			Fair Value
	Common Stocks, continued
	Real Estate Investment Trusts (REITs) (2.4%):
	40,013	American Tower Corp.	$	3,767,224
	14,737	Apartment Investment & Management Co., Class A ^		580,048
	12,502	AvalonBay Communities, Inc. ^		2,178,474
	14,512	Boston Properties, Inc.		2,038,646
	31,621	Crown Castle International Corp.		2,609,997
	34,449	Equity Residential Property Trust		2,682,199
	6,160	Essex Property Trust, Inc.		1,416,184
	59,547	General Growth Properties, Inc.		1,759,614
	43,499	HCP, Inc.		1,879,592
	33,078	Health Care REIT, Inc.		2,558,914
	71,838	Host Hotels & Resorts, Inc. ^		1,449,691
	38,964	Kimco Realty Corp.		1,046,183
	13,335	Macerich Co. (The)		1,124,541
	16,643	Plum Creek Timber Co., Inc. ^		723,138
	48,465	ProLogis, Inc.		2,111,135
	13,742	Public Storage, Inc.		2,709,098
	29,434	Simon Property Group, Inc.		5,758,467
	9,325	SL Green Realty Corp.		1,197,144
	30,306	Ventas, Inc.		2,212,944
	16,537	Vornado Realty Trust		1,852,144
	49,610	Weyerhaeuser Co.		1,644,572
				43,299,949
	Real Estate Management & Development (0.1%):
	26,490	CBRE Group, Inc. *		1,025,428
	Road & Rail (0.9%):
	94,164	CSX Corp.		3,118,712
	10,429	Kansas City Southern Industries, Inc.		1,064,592
	29,131	Norfolk Southern Corp.		2,998,163
	5,007	Ryder System, Inc.		475,114
	83,511	Union Pacific Corp.		9,045,076
				16,701,657
	Semiconductors & Semiconductor Equipment (2.3%):
	28,835	Altera Corp.		1,237,310
	29,406	Analog Devices, Inc. ^		1,852,578
	116,316	Applied Materials, Inc.		2,624,089
	24,293	Avago Technologies, Ltd.		3,084,725
	51,590	Broadcom Corp., Class A		2,233,589
	7,098	First Solar, Inc. *		424,389
	448,786	Intel Corp.		14,033,539
	15,638	KLA-Tencor Corp.		911,539
	15,057	Lam Research Corp.		1,057,528
	22,557	Linear Technology Corp.		1,055,668
	19,108	Microchip Technology, Inc. ^		934,381
	102,030	Micron Technology, Inc. *^		2,768,074
	49,009	NVIDIA Corp. ^		1,025,513
	18,048	Skyworks Solutions, Inc. ^		1,773,938
	99,228	Texas Instruments, Inc.		5,674,353
	25,050	Xilinx, Inc.		1,059,615
				41,750,828
	Software (3.4%):
	45,060	Adobe Systems, Inc. *		3,331,736
	21,486	Autodesk, Inc. *		1,259,939
	30,193	CA, Inc. ^		984,594
	15,248	Citrix Systems, Inc. *		973,890

Continued

AZL S&P 500 Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Software, continued
29,354	Electronic Arts, Inc. *	$	1,726,456
26,223	Intuit, Inc.		2,542,582
777,396	Microsoft Corp.		31,605,034
303,774	Oracle Corp.		13,107,848
17,381	Red Hat, Inc. *		1,316,611
57,294	Salesforce.com, Inc. *		3,827,812
65,225	Symantec Corp.		1,523,982
			62,200,484
Specialty Retail (2.4%):
7,076	AutoNation, Inc. *		455,199
3,035	AutoZone, Inc. *^		2,070,356
17,581	Bed Bath & Beyond, Inc. *^		1,349,781
27,657	Best Buy Co., Inc.		1,045,158
19,901	CarMax, Inc. *^		1,373,368
10,283	GameStop Corp., Class A		390,343
25,277	Gap, Inc. (The) ^		1,095,252
124,893	Home Depot, Inc. (The)		14,189,094
23,286	L Brands, Inc.		2,195,637
92,142	Lowe’s Cos., Inc.		6,854,443
9,608	O’Reilly Automotive, Inc. *		2,077,634
19,614	Ross Stores, Inc.		2,066,531
60,435	Staples, Inc.		984,184
10,611	Tiffany & Co.		933,874
64,693	TJX Cos., Inc. (The)		4,531,745
12,941	Tractor Supply Co.		1,100,761
9,591	Urban Outfitters, Inc. *		437,829
			43,151,189
Technology Hardware, Storage & Peripherals (4.7%):
551,957	Apple, Inc.		68,680,010
188,392	EMC Corp.		4,815,300
172,233	Hewlett-Packard Co.		5,366,780
29,524	NetApp, Inc.		1,046,921
20,185	SanDisk Corp. ^		1,284,170
30,995	Seagate Technology plc ^		1,612,670
20,643	Western Digital Corp.		1,878,719
99,062	Xerox Corp.		1,272,947
			85,957,517
Textiles, Apparel & Luxury Goods (0.9%):
26,106	Coach, Inc. ^		1,081,572
4,259	Fossil Group, Inc. *		351,155
37,898	Hanesbrands, Inc.		1,269,962
19,024	Michael Kors Holdings, Ltd. *		1,250,828
66,284	Nike, Inc., Class B		6,650,273
7,832	PVH Corp.		834,578
5,725	Ralph Lauren Corp.		752,838
15,844	Under Armour, Inc., Class A *^		1,279,403
32,442	V.F. Corp.		2,443,206
			15,913,815
Thrifts & Mortgage Finance (0.1%):
45,460	Hudson City Bancorp, Inc.		476,421
29,090	People’s United Financial, Inc. ^		442,168
			918,589
Tobacco (1.4%):
186,614	Altria Group, Inc.		9,334,432
34,099	Lorillard, Inc.		2,228,370
146,588	Philip Morris International, Inc.		11,042,474
29,187	Reynolds American, Inc.		2,011,276
			24,616,552

Shares		Fair Value
Common Stocks, continued
Trading Companies & Distributors (0.2%):
25,803	Fastenal Co. ^	$	1,069,147
9,146	United Rentals, Inc. *^		833,749
5,742	W.W. Grainger, Inc. ^		1,354,022
			3,256,918
Total Common Stocks (Cost $1,029,491,141)			1,734,433,924
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (8.0%):
$144,969,244	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)		144,969,244
Total Securities Held as Collateral for Securities on Loan (Cost $144,969,244)			144,969,244
Unaffiliated Investment Company (4.8%):
86,734,967	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (b)		86,734,967
Total Unaffiliated Investment Company (Cost $86,734,967)			86,734,967
Total Investment Securities (Cost $1,261,195,352)(c) - 107.9%			1,966,138,135
Net other assets (liabilities) - (7.9)%			(144,686,656	)
Net Assets - 100.0%		$	1,821,451,479

Percentages indicated are based on net assets as of March 31, 2015.

ADR - American Depositary Receipt

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $141,834,019.

+ Affiliated Securities

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(b) The rate represents the effective yield at March 31, 2015.

(c) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

Continued

AZL S&P 500 Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Futures Contracts

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini June Futures		Long		6/19/15		849	$	87,480,960	$	551,708

See accompanying notes to the schedules of portfolio investments.

AZL Schroder Emerging Markets Equity Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (98.4%):
Aerospace & Defense (0.4%):
32,700	Embraer SA, ADR	$	1,005,525
Auto Components (0.5%):
5,610	Hyundai Mobis Co., Ltd.		1,246,723
Automobile Manufacturers (0.4%):
1,586,000	PT Astra International TbK		1,039,180
Automobiles (6.3%):
1,572,000	Brilliance China Automotive Holdings, Ltd.		3,019,754
426,200	Chongqing Changan Automobile Co., Ltd., Class B		1,163,853
29,982	Hero MotoCorp, Ltd.		1,263,599
32,412	Hyundai Motor Co.		4,923,749
52,547	Maruti Suzuki India, Ltd.		3,102,503
277,129	Tata Motors, Ltd.		2,436,601
			15,910,059
Banks (20.2%):
703,758	Akbank T.A.S.		2,072,665
594,705	Axis Bank, Ltd.		5,323,859
176,572	Banco Bradesco SA, ADR ^		1,638,584
10,263,832	China Construction Bank		8,529,683
3,524,597	Chinatrust Financial Holding Co., Ltd.		2,343,347
150,045	Commercial International Bank Egypt SAE		1,106,965
44,017	Commercial International Bank Egypt SAE, GDR		308,999
111,499	DGB Financial Group, Inc.		1,216,316
213,300	Grupo Financiero Banorte SAB de C.V.		1,236,903
25,336	Grupo Financiero Inbursa SAB de C.V., Class O		63,858
79,810	Hana Financial Holdings		2,068,642
293,634	HDFC Bank, Ltd.		4,798,841
3,140,385	Industrial & Commercial Bank of China		2,318,243
335,655	Itau Unibanco Banco Multiplo SA, ADR ^		3,712,345
394,000	Kasikornbank Public Co., Ltd.		2,773,624
2,380	Komercni Banka AS		514,482
349,092	National Bank of Greece SA *		411,953
65,797	OTP Bank Nyrt		1,250,501
114,665	Powszechna Kasa Oszczednosci Bank Polski SA		1,029,608
2,081,000	PT Bank Mandiri Tbk		1,983,954
38,336	Qatar National Bank		2,037,357
25,570	Shinhan Financial Group Co., Ltd.		967,059
468,356	Turkiye Garanti Bankasi AS		1,538,046
522,508	Turkiye Is Bankasi AS, Class C		1,180,798
			50,426,632
Beverages (1.2%):
334,365	Ambev SA, ADR		1,925,942
14,217	Fomento Economico Mexicano SAB de C.V., ADR *		1,329,290
			3,255,232
Chemicals (1.7%):
10,460	LG Chem, Ltd.		2,131,230
38,255	Samsung C&T Corp.		2,048,636
			4,179,866
Construction Materials (0.4%):
100,464	Cemex SAB de C.V., ADR *		951,394
Diversified Financial Services (1.5%):
25,470	Bank Pekao SA		1,236,336

Shares		Fair Value
Common Stocks, continued
Diversified Financial Services, continued
526,664	Firstrand, Ltd.	$	2,426,679
			3,663,015
Diversified Telecommunication Services (0.4%):
50,610	Hellenic Telecommunications Organization SA (OTE) *		448,595
3,375,800	PT Telekomunikasi Indonesia Tbk		745,592
			1,194,187
Electric Utilities (0.4%):
26,680	Korea Electric Power Corp., Ltd.		1,106,455
Electrical Equipment (0.5%):
186,000	Zhuzhou CSR Times Electric Co., Ltd.		1,218,654
Electronic Equipment, Instruments & Components (3.1%):
308,000	AAC Technologies Holdings, Inc. ^		1,894,980
2,046,480	Hon Hai Precision Industry Co., Ltd.		5,991,931
			7,886,911
Food & Staples Retailing (0.8%):
21,124	Bim Birlesik Magazalar AS		374,905
14,431	Magnit PJSC, GDR		736,703
259,325	Wal-Mart de Mexico SAB de C.V.		646,306
			1,757,914
Food Products (0.2%):
136,508	Grupo Bimbo SAB de C.V., Series A *		385,862
115	Orion Corp.		120,060
			505,922
Health Care Equipment & Supplies (0.5%):
47,347	Mindray Medical International, Ltd., ADR		1,294,940
Hotels, Resorts & Cruise Lines (0.3%):
697,900	Minor International pcl		750,891
Hotels, Restaurants & Leisure (1.1%):
34,779	Yum! Brands, Inc.		2,737,803
Household Durables (0.8%):
23,011	Coway Co., Ltd.		1,898,221
Independent Power and Renewable Electricity Producers (0.7%):
1,496,000	China Longyuan Power Group Corp.		1,629,055
Industrial Conglomerates (1.8%):
454,931	KOC Holdings AS		2,075,431
18,803	LG Corp.		1,039,149
77,000	SM Investments Corp.		1,549,821
			4,664,401
Insurance (7.8%):
829,400	AIA Group, Ltd.		5,198,436
177,400	BB Seguridade Participacoes SA		1,818,646
1,708,781	Cathay Financial Holding Co., Ltd.		2,730,991
854,000	China Life Insurance Co., Ltd.		3,755,579
887,000	China Pacific Insurance Group Co., Ltd., Class H		4,225,373

Continued

AZL Schroder Emerging Markets Equity Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Insurance, continued
11,286	Powszechny Zaklad Ubezpieczen SA	$	1,457,508
1,699	Samsung Life Insurance Co., Ltd.		148,119
			19,334,652
Internet Software & Services (6.6%):
7,913	Baidu, Inc., ADR *		1,649,069
4,423	NHN Corp.		2,675,652
640,000	Tencent Holdings, Ltd.		12,099,356
			16,424,077
IT Services (3.6%):
108,500	Cielo SA		1,553,692
31,322	Infosys Technologies-SP, ADR ^		1,098,776
70,084	Infosys, Ltd.		2,480,527
96,215	Tata Consultancy Services, Ltd.		3,923,909
			9,056,904
Machinery (0.9%):
22,535	Iochpe-Maxion SA		70,274
94,500	WEG SA		946,866
292,799	Weichai Power Co., Ltd., Class H		1,130,514
			2,147,654
Media (1.4%):
22,929	Naspers, Ltd.		3,538,016
Metals & Mining (1.5%):
101,414	Mining and Metallurgical Co. Norilsk Nickel, ADR		1,800,099
4,861	POSCO		1,071,506
165,800	Vale SA, ADR ^		936,770
26,000	Vale SA, ADR		126,100
			3,934,475
Multiline Retail (1.1%):
10,576	Hyundai Department Store Co., Ltd.		1,420,685
175,820	Woolworths Holdings, Ltd.		1,249,847
			2,670,532
Oil, Gas & Consumable Fuels (5.9%):
8,408,400	China Petroleum & Chemical Corp. (Sinopec), H Shares		6,707,317
51,500	Enersis SA, ADR		837,390
43,735	LUKOIL, ADR		2,008,748
143,705	OAO Gazprom, GDR		677,569
91,600	PTT pcl		909,524
40,216	Reliance Industries, Ltd.		530,466
60,915	Tupras-Turkiye Petrol Rafine		1,445,779
73,942	Ultrapar Participacoes SA		1,504,702
			14,621,495
Packaged Foods & Meats (0.2%):
244,000	Tingyi (Caymen Is) Holding Corp.		525,589
Personal Products (1.1%):
871	Amorepacific Corp.		2,634,515
Pharmaceuticals (1.3%):
29,306	Aspen Pharmacare Holdings, Ltd.		928,584
70,742	Lupin, Ltd.		2,278,020
			3,206,604

Shares		Fair Value
Common Stocks, continued
Real Estate Management & Development (2.5%):
1,910,500	Ayala Land, Inc.	$	1,645,877
78,000	BR Malls Participacoes SA		415,094
2,219,624	Emaar Properties PJSC		3,964,472
			6,025,443
Semiconductors & Semiconductor Equipment (12.7%):
2,301,000	Advanced Semiconductor Engineering, Inc.		3,107,472
10,750	Samsung Electronics Co., Ltd.		13,965,695
78,631	SK Hynix, Inc.		3,229,032
2,444,110	Taiwan Semiconductor Manufacturing Co., Ltd.		11,367,045
			31,669,244
Specialty Retail (0.7%):
1,404,000	Belle International Holdings, Ltd.		1,637,565
Technology Hardware, Storage & Peripherals (1.2%):
295,000	Catcher Technology Co., Ltd.		3,092,856
Textiles, Apparel & Luxury Goods (0.4%):
75,960	Eclat Textile Co., Ltd.		999,122
Transportation Infrastructure (0.6%):
278,956	Companhia de Concessoes Rodoviarias		1,443,434
Wireless Telecommunication Services (5.7%):
220,800	Advanced Info Service pcl		1,608,657
463,500	China Mobile, Ltd.		6,041,899
10,013	SK Telecom Co., Ltd.		2,459,919
670,000	Taiwan Mobile Co., Ltd.		2,345,054
393,111	Turkcell Iletisim Hizmetleri AS *		2,020,417
			14,475,946
Total Common Stocks (Cost $199,766,184)			245,761,103
Preferred Stocks (0.6%):
Food & Staples Retailing (0.5%):
41,000	Companhia Brasileira de Destribuicao Grupo Pao de Acucar, Series A, Preferred Shares		1,226,518
Metals & Mining (0.1%):
37,100	Vale SA, Preferred Shares, ADR		179,935
Total Preferred Stocks (Cost $2,266,011)			1,406,453
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (3.7%):
$9,118,242	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)		9,118,242
Total Securities Held as Collateral for Securities on Loan (Cost $9,118,242)			9,118,242

Continued

AZL Schroder Emerging Markets Equity Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Unaffiliated Investment Company (0.4%):
1,071,606	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (b)	$	1,071,606
Total Unaffiliated Investment Company (Cost $1,071,606)			1,071,606
Total Investment Securities (Cost $212,222,043)(c) - 103.1%			257,357,404
Net other assets (liabilities) - (3.1)%			(7,816,925	)
Net Assets - 100.0%		$	249,540,479

Percentages indicated are based on net assets as of March 31, 2015.

ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipt

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $8,424,443.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(b) The rate represents the effective yield at March 31, 2015.

(c) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
Brazil		7.1	%
Cayman Islands		2.5	%
Chile		0.3	%
China		13.9	%
Czech Republic		0.2	%
Egypt		0.6	%
Greece		0.3	%
Hong Kong		6.9	%
Hungary		0.5	%
India		10.6	%
Indonesia		1.5	%
Korea, Republic Of		3.1	%
Mexico		1.8	%
Philippines		1.2	%
Poland		1.4	%
Qatar		0.8	%
Republic of Korea (South)		15.0	%
Russian Federation		2.0	%
South Africa		3.2	%
Switzerland		1.6	%
Taiwan		12.5	%
Thailand		2.3	%
Turkey		4.2	%
United Arab Emirates		1.5	%
United States		5.0	%
		100.0	%

See accompanying notes to the schedules of portfolio investments.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares			Fair Value
	Common Stocks (99.1%):
	Aerospace & Defense (1.9%):
	20,796	AAR Corp. ^	$	638,437
	11,083	Aerovironment, Inc. *^		293,810
	4,167	American Science & Engineering, Inc.		203,600
	12,001	Cubic Corp. ^		621,292
	26,328	Curtiss-Wright Corp.		1,946,692
	9,526	Engility Holdings, Inc. *^		286,161
	34,578	Gencorp, Inc. *^		801,864
	21,940	Moog, Inc., A *		1,646,597
	2,681	National Presto Industries, Inc. ^		169,949
	29,149	TASER International, Inc. *^		702,782
				7,311,184
	Air Freight & Logistics (0.7%):
	13,606	Atlas Air Worldwide Holdings *		585,330
	16,789	Forward Air Corp. ^		911,643
	18,886	Hub Group, Inc., A *^		742,031
	50,374	UTI Worldwide, Inc. *^		619,600
				2,858,604
	Airlines (0.6%):
	7,476	Allegiant Travel Co. ^		1,437,560
	27,424	Republic Airways Holdings, Inc. *		377,080
	27,885	SkyWest, Inc. ^		407,400
				2,222,040
	Auto Components (0.6%):
	16,740	Dorman Products, Inc. *^		832,814
	13,116	Drew Industries, Inc.		807,159
	11,318	Standard Motor Products, Inc.		478,299
	12,329	Superior Industries International, Inc. ^		233,388
				2,351,660
	Automobiles (0.1%):
	14,861	Winnebago Industries, Inc. ^		315,945
	Banks (7.9%):
	38,739	Bank of the Ozarks, Inc.		1,430,630
	10,612	Banner Corp.		487,091
	43,856	BBCN Bancorp, Inc. ^		634,596
	45,893	Boston Private Financial Holdings, Inc.		557,600
	17,694	Cardinal Financial Corp.		353,526
	14,776	Central Pacific Financial Corp. ^		339,405
	8,404	City Holding Co. ^		395,240
	29,436	Columbia Banking System, Inc. ^		852,761
	22,633	Community Bank System, Inc. ^		800,982
	53,194	CVB Financial Corp. ^		847,912
	95,626	F.N.B. Corp. ^		1,256,526
	57,644	First Bancorp *		357,393
	50,262	First Commonwealth Financial Corp.		452,358
	33,857	First Financial Bancorp		602,993
	35,403	First Financial Bankshares, Inc. ^		978,539
	42,899	First Midwest Bancorp, Inc.		745,156
	41,359	Glacier Bancorp, Inc. ^		1,040,179
	17,712	Hanmi Financial Corp.		374,609
	32,388	Home Bancshares, Inc. ^		1,097,629
	14,363	Independent Bank Corp. ^		630,105

Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	20,077	LegacyTexas Financial Group, Inc.	$	456,350
	35,252	MB Financial, Inc.		1,103,740
	76,993	National Penn Bancshares, Inc. ^		829,215
	24,230	NBT Bancorp, Inc. ^		607,204
	25,163	Ofg BanCorp ^		410,660
	59,884	Old National Bancorp ^		849,754
	17,895	Pinnacle Financial Partners, Inc. ^		795,612
	38,858	PrivateBancorp, Inc.		1,366,636
	15,610	S & T Bancorp, Inc. ^		443,012
	8,580	Simmons First National Corp., Class A ^		390,133
	12,277	Southside Bancshares, Inc.		352,227
	49,789	Sterling BanCorp/de		667,670
	100,123	Susquehanna Bancshares, Inc.		1,372,686
	31,935	Talmer Bancorp, Inc., Class A		489,085
	25,276	Texas Capital Bancshares, Inc. *		1,229,677
	6,574	Tompkins Financial Corp. ^		354,010
	20,979	UMB Financial Corp. ^		1,109,579
	35,090	United Bankshares, Inc. ^		1,318,682
	24,886	United Community Banks, Inc.		469,848
	14,328	Westamerica Bancorp ^		619,113
	38,922	Wilshire Bancorp, Inc.		388,052
	26,086	Wintrust Financial Corp.		1,243,780
				31,101,955
	Biotechnology (0.8%):
	23,565	Acorda Therapeutics, Inc. *		784,243
	16,377	Emergent Biosolutions, Inc. *		471,003
	9,895	Ligand Pharmaceuticals, Inc., B *^		763,003
	26,725	Momenta Pharmaceuticals, Inc. *		406,220
	16,928	Repligen Corp. *		513,934
	32,027	Spectrum Pharmaceuticals, Inc. *^		194,404
				3,132,807
	Building Products (1.1%):
	22,604	AAON, Inc. ^		554,476
	6,855	American Woodmark Corp. *^		375,174
	15,916	Apogee Enterprises, Inc. ^		687,571
	15,598	Gibraltar Industries, Inc. *		255,963
	22,948	Griffon Corp.		399,984
	26,204	PGT, Inc. *		292,830
	18,998	Quanex Building Products Corp. ^		375,021
	22,942	Simpson Manufacturing Co., Inc. ^		857,342
	10,936	Universal Forest Products, Inc. ^		606,729
				4,405,090
	Capital Markets (1.1%):
	13,549	Calamos Asset Management, Inc., A		182,234
	29,723	Financial Engines, Inc. ^		1,243,314
	16,399	Greenhill & Co., Inc. ^		650,220
	18,080	HFF, Inc., Class A		678,723
	20,835	Investment Technology Group, Inc. *		631,509
	10,289	Piper Jaffray Cos., Inc. *		539,761

Continued

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Capital Markets, continued
4,124	Virtus Investment Partners, Inc.	$	539,295
			4,465,056
Chemicals (2.2%):
15,968	A. Schulman, Inc. ^		769,657
14,207	American Vanguard Corp. ^		150,878
17,012	Balchem Corp. ^		942,124
29,358	Calgon Carbon Corp. ^		618,573
27,685	Flotek Industries, Inc. *^		408,077
12,367	Futurefuel Corp.		127,009
27,864	H.B. Fuller Co. ^		1,194,529
5,177	Hawkins, Inc.		196,674
11,864	Innophos Holdings, Inc.		668,655
31,370	Intrepid Potash, Inc. *^		362,324
11,345	Koppers Holdings, Inc.		223,270
17,479	Kraton Performance Polymers, Inc. *		353,251
10,738	LSB Industries, Inc. *		443,802
16,726	OM Group, Inc.		502,282
7,345	Quaker Chemical Corp. ^		629,026
23,860	Rayonier Advanced Materials, Inc. ^		355,514
10,564	Stepan Co.		440,096
13,941	Tredegar Corp.		280,354
12,778	Zep, Inc.		217,609
			8,883,704
Commercial Services & Supplies (2.5%):
28,585	ABM Industries, Inc. ^		910,718
26,787	Brink’s Co. (The) ^		740,125
13,266	Encore Capital Group, Inc. *		551,733
10,902	G & K Services, Inc., A ^		790,722
39,091	Healthcare Services Group, Inc.		1,255,993
36,534	Interface, Inc.		759,177
25,353	Mobile Mini, Inc.		1,081,052
21,150	Sykes Enterprises, Inc. *^		525,578
34,192	Tetra Tech, Inc.		821,292
8,623	UniFirst Corp.		1,014,841
21,145	United Stationers, Inc. ^		866,734
10,937	Viad Corp.		304,267
			9,622,232
Communications Equipment (1.1%):
29,715	ADTRAN, Inc. ^		554,779
5,800	Bel Fuse, Inc., B		110,374
8,430	Black Box Corp. ^		176,440
19,979	Calamp Corp. *^		323,460
8,958	Comtech Telecommunications Corp.		259,334
13,224	Digi International, Inc. *		131,976
48,632	Harmonic, Inc. *		360,363
32,335	Ixia *		392,224
19,138	NETGEAR, Inc. *		629,257
24,123	ViaSat, Inc. *^		1,437,972
			4,376,179
Construction & Engineering (0.9%):
20,452	Aegion Corp. *		369,159
20,323	Comfort Systems USA, Inc.		427,596
18,703	Dycom Industries, Inc. *^		913,455
34,659	Emcor Group, Inc.		1,610,603
15,123	Orion Marine Group, Inc. *		133,990
			3,454,803
Construction Materials (0.2%):
40,611	Headwaters, Inc. *^		744,806

Shares		Fair Value
Common Stocks, continued
Consumer Finance (0.9%):
15,958	Cash America International, Inc. ^	$	371,821
14,796	Enova International, Inc. *		291,333
26,829	EZCORP, Inc., A *^		244,949
15,659	First Cash Financial Services, Inc. *^		728,457
26,754	PRA Group, Inc. *^		1,453,278
5,072	World Acceptance Corp. *^		369,850
			3,459,688
Containers & Packaging (0.1%):
13,768	Myers Industries, Inc. ^		241,353
Distributors (0.5%):
23,929	Pool Corp.		1,669,287
10,512	VOXX International Corp. *^		96,290
			1,765,577
Diversified Consumer Services (1.1%):
9,488	American Public Education, Inc. *^		284,450
6,011	Capella Education Co. ^		389,994
32,760	Career Education Corp. *		164,783
34,596	Hillenbrand, Inc. ^		1,067,979
16,204	Matthews International Corp., A		834,668
10,578	Outerwall, Inc. ^		699,417
24,712	Regis Corp. *^		404,288
6,022	Strayer Education, Inc. *^		321,635
12,002	Universal Technical Institute, Inc.		115,219
			4,282,433
Diversified Financial Services (0.9%):
26,304	FXCM, Inc. ^		56,028
22,595	Green Dot Corp., A *		359,712
34,355	Interactive Brokers Group, Inc., Class A ^		1,168,757
21,413	MarketAxess Holdings, Inc.		1,775,138
			3,359,635
Diversified Telecommunication Services (0.6%):
49,407	8x8, Inc. *^		415,019
5,583	Atlantic Tele-Network, Inc. ^		386,455
115,862	Cincinnati Bell, Inc. *		408,993
25,790	Consolidated Communications Holdings, Inc. ^		526,116
16,788	General Communication, Inc., A *		264,579
43,731	Iridium Communications, Inc. *		424,628
11,213	Lumos Networks Corp.		171,110
			2,596,900
Electric Utilities (0.9%):
23,246	ALLETE, Inc.		1,226,459
22,253	El Paso Electric Co.		859,856
31,191	UIL Holdings Corp.		1,603,841
			3,690,156
Electrical Equipment (1.7%):
14,284	AZZ, Inc. ^		665,492
26,392	Brady Corp., Class A ^		746,630
10,299	Encore Wire Corp.		390,126
24,349	EnerSys ^		1,564,179
21,835	Franklin Electric Co., Inc. ^		832,787
27,092	General Cable Corp. ^		466,795
28,452	II-VI, Inc. *^		525,224

Continued

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Electrical Equipment, continued
21,187	Methode Electronics, Inc.	$	996,636
5,134	Powell Industries, Inc.		173,375
8,990	Vicor Corp. *		136,648
			6,497,892
Electronic Equipment, Instruments & Components (3.8%):
8,128	Agilysys, Inc. *^		79,980
15,099	Anixter International, Inc. *		1,149,487
7,923	Badger Meter, Inc. ^		474,905
29,036	Benchmark Electronics, Inc. *^		697,735
23,219	Checkpoint Systems, Inc.		251,230
13,623	Coherent, Inc. *		884,950
18,496	CTS Corp.		332,743
21,203	Daktronics, Inc. ^		229,204
9,455	DTS, Inc. *		322,132
14,460	Electro Scientific Industries, Inc.		89,363
16,341	Fabrinet *		310,316
9,531	FARO Technologies, Inc. *		592,161
21,681	Insight Enterprises, Inc. *		618,342
12,456	Littlelfuse, Inc. ^		1,238,001
17,809	Mercury Computer Systems, Inc. *		276,930
8,287	MTS Systems Corp. ^		626,912
21,777	Newport Corp. *		415,070
10,279	OSI Systems, Inc. *		763,319
11,630	Park Electrochemical Corp.		250,743
18,507	Plexus Corp. *^		754,530
15,429	Rofin-Sinar Technologies, Inc. *		373,845
10,153	Rogers Corp. *^		834,678
45,569	Sanmina Corp. *^		1,102,314
15,713	ScanSource, Inc. *^		638,733
15,393	SYNNEX Corp. ^		1,189,108
29,161	TTM Technologies, Inc. *^		262,741
			14,759,472
Energy Equipment & Services (1.5%):
19,423	Basic Energy Services, Inc. *		134,601
19,110	Bristow Group, Inc. ^		1,040,540
11,180	CARBO Ceramics, Inc. ^		341,102
10,706	Era Group, Inc. *^		223,113
37,924	Exterran Holdings, Inc. ^		1,273,110
7,389	Geospace Technologies Corp. *^		121,992
6,540	Gulf Island Fabrication, Inc.		97,184
14,019	Gulfmark Offshore, Inc., A		182,808
17,617	Hornbeck Offshore Services, Inc. *^		331,376
71,007	ION Geophysical Corp. *^		154,085
14,670	Matrix Service Co. *		257,605
46,160	Newpark Resources, Inc. *		420,518
45,498	Paragon Offshore plc		59,147
9,500	SEACOR Holdings, Inc. *		661,865
19,158	Tesco Corp.		217,826
43,690	TETRA Technologies, Inc. *		270,004
			5,786,876
Energy Equipment and Services (0.1%):
25,557	C&J Energy Services, Ltd. *^		284,449
Environmental & Facilities Services (0.2%):
11,988	US Ecology, Inc.		599,040
Food & Staples Retailing (0.8%):
14,684	Andersons, Inc. (The) ^		607,477

Shares		Fair Value
Common Stocks, continued
Food & Staples Retailing, continued
21,284	Casey’s General Stores, Inc. ^	$	1,917,688
20,585	SpartanNash Co.		649,663
			3,174,828
Food Products (1.7%):
29,700	B&G Foods, Inc. ^		874,071
8,459	Calavo Growers, Inc. ^		434,962
16,501	Cal-Maine Foods, Inc. ^		644,529
91,163	Darling International, Inc. *^		1,277,193
14,703	Diamond Foods, Inc. *^		478,877
8,247	J & J Snack Foods Corp. ^		879,955
11,481	Sanderson Farms, Inc. ^		914,462
3,674	Seneca Foods Corp., A *^		109,522
28,583	Snyders-Lance, Inc. ^		913,513
			6,527,084
Gas Utilities (2.0%):
23,970	Laclede Group, Inc. (The) ^		1,227,743
46,997	New Jersey Resources Corp. ^		1,459,727
15,019	Northwest Natural Gas Co.		720,161
43,355	Piedmont Natural Gas Co., Inc. ^		1,600,233
18,852	South Jersey Industries, Inc.		1,023,287
25,636	Southwest Gas Corp. ^		1,491,246
			7,522,397
Health Care Equipment & Supplies (4.4%):
11,683	Abaxis, Inc. ^		748,997
20,329	ABIOMED, Inc. *^		1,455,150
6,866	Analogic Corp. ^		624,119
14,137	AngioDynamics, Inc. *^		251,497
8,217	Anika Therapeutics, Inc. *		338,294
19,462	Cantel Medical Corp.		924,445
15,210	CONMED Corp. ^		767,953
13,951	CryoLife, Inc.		144,672
14,452	Cyberonics, Inc. *^		938,224
11,956	Cynosure, Inc., Class A *^		366,691
14,015	Greatbatch, Inc. *		810,768
28,490	Haemonetics Corp. *^		1,279,771
7,597	ICU Medical, Inc. *		707,585
13,921	Integra LifeSciences Holdings *		858,230
16,095	Invacare Corp.		312,404
26,440	Masimo Corp. *^		871,991
23,171	Meridian Bioscience, Inc.		442,103
23,961	Merit Medical Systems, Inc. *		461,249
17,603	Natus Medical, Inc. *		694,790
20,392	Neogen Corp. *^		952,918
26,559	NuVasive, Inc. *		1,221,448
7,199	Surmodics, Inc. *		187,390
39,463	West Pharmaceutical Services, Inc. ^		2,376,067
			17,736,756
Health Care Providers & Services (3.5%):
19,671	Air Methods Corp. *		916,472
4,272	Almost Family, Inc. *		191,001
18,506	Amedisys, Inc. *^		495,591
25,867	AMN Healthcare Services, Inc. *		596,752
26,160	AmSurg Corp. *		1,609,364
13,621	Bio-Reference Laboratories, Inc. *^		480,004
9,461	Chemed Corp. ^		1,129,643
4,874	CorVel Corp. *		167,714
16,268	Cross Country Healthcare, Inc. *		192,938

Continued

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	12,333	Ensign Group, Inc. (The)	$	577,924
	19,187	ExamWorks Group, Inc. *^		798,563
	19,571	Hanger Orthopedic Group, Inc. *		444,066
	19,541	Healthways, Inc. *		384,958
	9,557	IPC The Hospitalist Co. *		445,738
	44,068	Kindred Healthcare, Inc.		1,048,378
	5,367	Landauer, Inc. ^		188,596
	6,671	LHC Group, Inc. *		220,343
	14,686	Magellan Health Services, Inc. *		1,040,063
	17,913	Molina Healthcare, Inc. *^		1,205,366
	16,713	PharMerica Corp. *		471,139
	6,505	Providence Service Corp. *		345,546
	53,543	Select Medical Holdings Corp. ^		794,043
				13,744,202
	Health Care Supplies (0.1%):
	8,645	Vascular Solutions, Inc. *^		262,116
	Health Care Technology (1.0%):
	5,808	Computer Programs & Systems, Inc. ^		315,142
	11,758	HealthStream, Inc. *		296,302
	33,126	MedAssets, Inc. *		623,431
	29,964	Medidata Solutions, Inc. *		1,469,434
	19,637	Omnicell, Inc. *		689,259
	24,254	Quality Systems, Inc. ^		387,579
				3,781,147
	Hotels, Restaurants & Leisure (4.1%):
	947	Biglari Holdings, Inc. *^		392,153
	11,942	BJ’s Restaurants, Inc. *^		602,474
	13,057	Bob Evans Farms, Inc. ^		604,017
	43,937	Boyd Gaming Corp. *^		623,905
	13,159	Cracker Barrel Old Country Store, Inc. ^		2,002,010
	9,192	DineEquity, Inc.		983,636
	21,566	Interval Leisure Group, Inc. ^		565,245
	20,945	Jack in the Box, Inc.		2,009,044
	10,162	Marcus Corp.		216,349
	15,486	Marriott Vacations Worldwide Corp.		1,255,140
	5,612	Monarch Casino & Resort, Inc. *		107,414
	16,163	Papa John’s International, Inc. ^		999,035
	32,510	Pinnacle Entertainment, Inc. *^		1,173,286
	12,728	Popeyes Louisiana Kitchen, Inc. *		761,389
	7,732	Red Robin Gourmet Burgers *		672,684
	33,807	Ruby Tuesday, Inc. *^		203,180
	18,903	Ruth’s Hospitality Group, Inc.		300,180
	27,004	Scientific Games Corp., A *		282,732
	27,953	Sonic Corp. ^		886,110
	34,507	Texas Roadhouse, Inc. ^		1,257,090
				15,897,073
	Household Durables (1.7%):
	14,453	Ethan Allen Interiors, Inc. ^		399,481
	14,689	Helen of Troy, Ltd. *		1,197,007
	16,466	iRobot Corp. *^		537,286
	28,351	La-Z-Boy, Inc. ^		796,947
	13,593	M/I Homes, Inc. *^		324,057
	20,764	Meritage Corp. *^		1,009,961

Shares			Fair Value
	Common Stocks, continued
	Household Durables, continued
	26,039	Ryland Group, Inc. (The) ^	$	1,269,140
	81,849	Standard Pacific Corp. *		736,641
	8,718	Universal Electronics, Inc. *		492,044
				6,762,564
	Household Products (0.2%):
	22,715	Central Garden & Pet Co., A *		241,233
	7,605	WD-40 Co. ^		673,347
				914,580
	Industrial Conglomerates (0.1%):
	6,988	Standex International Corp. ^		573,924
	Insurance (2.7%):
	42,128	American Equity Investment Life Holding Co.		1,227,188
	10,572	Amerisafe, Inc.		488,955
	10,176	eHealth, Inc. *		95,451
	17,386	Employers Holdings, Inc.		469,248
	5,092	Hci Group, Inc.		233,570
	22,659	Horace Mann Educators Corp. ^		774,938
	6,330	Infinity Property & Casualty Corp.		519,377
	25,656	Meadowbrook Insurance Group, Inc. ^		218,076
	20,921	Montpelier Re Holdings, Ltd.		804,203
	5,989	Navigators Group, Inc. *^		466,184
	31,060	ProAssurance Corp.		1,425,964
	20,416	RLI Corp. ^		1,070,002
	6,943	Safety Insurance Group, Inc.		414,844
	31,299	Selective Insurance Group, Inc. ^		909,236
	12,242	Stewart Information Services Corp. ^		497,515
	11,439	United Fire Group, Inc.		363,417
	9,144	United Insurance Holdings Co.		205,740
	16,635	Universal Insurance Holdings, Inc.		425,690
				10,609,598
	Internet & Catalog Retail (0.3%):
	6,642	Blue Nile, Inc. *		211,481
	10,594	FTD Cos., Inc. *		317,184
	16,147	Nutri/System, Inc. ^		322,618
	11,231	PetMed Express, Inc. ^		185,536
				1,036,819
	Internet Software & Services (1.9%):
	22,835	Blucora, Inc. *		311,926
	18,855	comScore, Inc. *		965,376
	24,542	DealerTrack Holdings, Inc. *		945,358
	20,874	Dice Holdings, Inc. *		186,196
	25,290	j2 Global, Inc. ^		1,661,047
	13,906	Liquidity Services, Inc. *^		137,391
	27,483	LivePerson, Inc. *		281,289
	13,482	LogMeIn, Inc. *		754,857
	50,855	Monster Worldwide, Inc. *		322,421
	33,701	NIC, Inc. ^		595,497
	19,473	Perficient, Inc. *		402,896
	19,231	QuinStreet, Inc. *^		114,424
	8,080	Stamps.com, Inc. *		543,703
	13,392	XO Group, Inc. *		236,637
				7,459,018
	IT Services (1.7%):
	13,318	CACI International, Inc., A *^		1,197,554
	24,548	Cardtronics, Inc. *^		923,005

Continued

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares			Fair Value
	Common Stocks, continued
	IT Services, continued
	37,899	CIBER, Inc. *	$	156,144
	18,773	CSG Systems International, Inc. ^		570,511
	17,173	Exlservice Holdings, Inc. *^		638,836
	5,824	Forrester Research, Inc.		214,207
	20,051	Heartland Payment Systems, Inc. ^		939,389
	19,439	iGATE Corp. *^		829,268
	12,725	ManTech International Corp., A ^		431,887
	9,284	TeleTech Holdings, Inc. ^		236,278
	14,706	Virtusa Corp. *^		608,534
				6,745,613
	Leisure Products (0.3%):
	7,115	Arctic Cat, Inc. ^		258,417
	43,274	Callaway Golf Co. ^		412,401
	10,432	Sturm, Ruger & Co., Inc. ^		517,740
				1,188,558
	Life Sciences Tools & Services (1.0%):
	41,273	Affymetrix, Inc. *^		518,389
	13,175	Albany Molecular Research, Inc. *^		231,880
	17,138	Cambrex Corp. *		679,179
	21,139	Luminex Corp. *		338,224
	30,135	PAREXEL International Corp. *^		2,079,013
				3,846,685
	Machinery (3.2%):
	34,085	Actuant Corp., A ^		809,178
	15,718	Albany International Corp., A		624,791
	10,257	Astec Industries, Inc.		439,820
	27,012	Barnes Group, Inc. ^		1,093,716
	24,798	Briggs & Stratton Corp. ^		509,351
	9,754	CIRCOR International, Inc. ^		533,544
	13,347	EnPro Industries, Inc. ^		880,235
	14,439	ESCO Technologies, Inc. ^		562,832
	34,534	Federal Signal Corp.		545,292
	16,067	John Bean Technologies Corp. ^		573,913
	6,703	Lindsay Corp. ^		511,104
	9,481	Lydall, Inc. *		300,737
	31,162	Mueller Industries, Inc. ^		1,125,883
	10,148	Tennant Co. ^		663,375
	29,637	Titan International, Inc.		277,402
	30,850	Toro Co. ^		2,163,203
	15,608	Watts Water Technologies, Inc., A ^		858,908
				12,473,284
	Marine (0.3%):
	23,926	Matson, Inc. ^		1,008,720
	Media (0.4%):
	28,745	E.W. Scripps Co. (The), A *^		817,507
	23,002	Harte-Hanks, Inc.		179,416
	14,807	Scholastic Corp. ^		606,199
	11,866	Sizmek, Inc. *^		86,147
				1,689,269
	Metals & Mining (1.5%):
	9,795	A.M. Castle & Co. *^		35,752
	99,338	AK Steel Holding Corp. *^		444,041
	28,194	Century Aluminum Co. *^		389,077
	35,045	Globe Specialty Metals, Inc. ^		663,051
	6,711	Haynes International, Inc.		299,378
	9,669	Kaiser Aluminum Corp.		743,449

Shares			Fair Value
	Common Stocks, continued
	Metals & Mining, continued
	10,959	Materion Corp. ^	$	421,154
	4,559	Olympic Steel, Inc. ^		61,364
	16,894	RTI International Metals, Inc. *^		606,664
	66,613	Stillwater Mining Co. *^		860,640
	36,525	SunCoke Energy, Inc. ^		545,684
	29,528	US Silica Holdings, Inc. ^		1,051,492
				6,121,746
	Multiline Retail (0.2%):
	18,892	Fred’s, Inc.		322,864
	24,145	Tuesday Morning Corp. *^		388,735
				711,599
	Multi-Utilities (0.6%):
	31,619	Avista Corp. ^		1,080,737
	25,950	NorthWestern Corp. ^		1,395,851
				2,476,588
	Oil, Gas & Consumable Fuels (1.6%):
	20,493	Approach Resources, Inc. *		135,049
	121,130	Arch Coal, Inc. *		121,118
	27,640	Bill Barrett Corp. *^		229,412
	21,391	Bonanza Creek Energy, Inc. *		527,502
	25,608	Carrizo Oil & Gas, Inc. *^		1,271,436
	34,590	Cloud Peak Energy, Inc. *^		201,314
	25,043	Comstock Resources, Inc. ^		89,404
	8,565	Contango Oil & Gas Co. *		188,430
	18,933	Green Plains Renewable Energy, Inc. ^		540,537
	31,692	Northern Oil & Gas, Inc. *		244,345
	21,652	PDC Energy, Inc. *		1,170,074
	39,875	Penn Virginia Corp. *^		258,390
	32,705	PetroQuest Energy, Inc. *		75,222
	35,335	Pioneer Energy Services Corp. *		191,516
	27,901	Rex Energy Corp. *^		103,792
	30,998	Stone Energy Corp. *		455,051
	25,671	Swift Energy Co. *^		55,449
	49,785	Synergy Resources Corp. *^		589,952
				6,447,993
	Paper & Forest Products (1.5%):
	21,789	Boise Cascade Co. *^		816,216
	10,584	Clearwater Paper Corp. *^		691,135
	6,114	Deltic Timber Corp.		405,053
	46,554	KapStone Paper & Packaging Corp. ^		1,528,833
	9,176	Neenah Paper, Inc.		573,867
	23,692	P.H. Glatfelter Co. ^		652,241
	16,857	Schweitzer-Mauduit International, Inc. ^		777,445
	27,651	Wausau Paper Corp. ^		263,514
				5,708,304
	Personal Products (0.4%):
	9,313	Inter Parfums, Inc.		303,790
	6,177	Medifast, Inc. *		185,125
	28,759	Prestige Brands Holdings, Inc. *^		1,233,473
				1,722,388
	Pharmaceuticals (1.3%):
	4,501	ANI Pharmaceuticals, Inc. *		281,538
	32,731	DepoMed, Inc. *^		733,502
	36,516	Impax Laboratories, Inc. *^		1,711,505
	14,654	Lannett Co., Inc. *^		992,222
	36,243	Medicines Co. (The) *^		1,015,529

Continued

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Pharmaceuticals, continued
12,461	Sagent Pharmaceuticals, Inc. *	$	289,718
			5,024,014
Professional Services (1.5%):
7,717	CDI Corp.		108,424
7,012	Exponent, Inc.		623,367
8,935	Heidrick & Struggles International, Inc.		219,622
12,437	Insperity, Inc.		650,331
16,062	Kelly Services, Inc., A		280,121
27,734	Korn/Ferry International ^		911,617
26,334	Navigant Consulting, Inc. *		341,289
25,609	On Assignment, Inc. *		982,616
20,349	Resources Connection, Inc.		356,108
23,002	Trueblue, Inc. *^		560,099
18,208	Wageworks, Inc. *^		971,032
			6,004,626
Real Estate Investment Trusts (REITs) (8.7%):
38,026	Acadia Realty Trust		1,326,347
10,244	Agree Realty Corp.		337,745
18,272	American Assets Trust, Inc.		790,812
32,369	Associated Estates Realty Corp.		798,867
13,838	AVIV REIT, Inc.		505,087
54,828	Capstead Mortgage Corp. ^		645,326
15,395	CareTrust REIT, Inc. ^		208,756
41,027	Cedar Shopping Centers, Inc.		307,292
31,824	Chesapeake Lodging Trust		1,076,606
11,718	Coresite Realty Corp. ^		570,432
113,147	Cousins Properties, Inc. ^		1,199,358
111,890	DiamondRock Hospitality, Co. ^		1,581,006
17,591	EastGroup Properties, Inc.		1,057,923
20,433	Education Realty Trust, Inc. ^		722,920
31,675	EPR Properties ^		1,901,449
49,823	Franklin Street Properties Corp.		638,731
40,826	Geo Group, Inc. (The) ^		1,785,728
14,901	Getty Realty Corp. ^		271,198
38,063	Government Properties Income Trust ^		869,740
55,735	Healthcare Realty Trust, Inc.		1,548,318
49,878	Inland Real Estate Corp. ^		533,196
45,952	Kite Realty Group Trust ^		1,294,468
117,851	Lexington Realty Trust ^		1,158,475
19,976	LTC Properties, Inc.		918,896
116,413	Medical Properties Trust, Inc. ^		1,715,928
47,399	Parkway Properties, Inc.		822,373
38,438	Pennsylvania Real Estate Investment Trust		892,915
30,678	Post Properties, Inc.		1,746,499
10,665	PS Business Parks, Inc. ^		885,622
51,262	Retail Opportunity Investments Corp. ^		938,095
32,881	Sabra Health Care REIT, Inc. ^		1,090,005
6,422	Saul Centers, Inc. ^		367,338
19,853	Sovran Self Storage, Inc.		1,864,990
48,130	Summit Hotel Properties, Inc. ^		677,189
6,520	Universal Health Realty Income Trust		366,750

Shares		Fair Value
Common Stocks, continued
Real Estate Investment Trusts (REITs), continued
13,907	Urstadt Biddle Properties, Inc., A	$	320,695
			33,737,075
Real Estate Management & Development (0.1%):
18,497	Forestar Group, Inc. *^		291,698
Road & Rail (0.9%):
13,325	ArcBest Corp. ^		504,884
12,221	Celadon Group, Inc.		332,656
30,496	Heartland Express, Inc. ^		724,585
33,753	Knight Transportation, Inc.		1,088,534
15,289	Roadrunner Transportation System, Inc. *		386,353
13,593	Saia, Inc. *		602,170
			3,639,182
Semiconductors & Semiconductor Equipment (3.3%):
21,085	Advanced Energy Industries, Inc. *^		541,041
36,946	Brooks Automation, Inc. ^		429,682
13,081	Cabot Microelectronics Corp. *		653,658
11,119	CEVA, Inc. *		237,057
34,657	Cirrus Logic, Inc. *^		1,152,692
14,005	Cohu, Inc.		153,215
20,141	Diodes, Inc. *		575,227
11,761	DSP Group, Inc. *		140,897
49,961	Entropic Communications, Inc. *^		147,885
26,149	Exar Corp. *		262,797
33,329	Kopin Corp. *^		117,318
42,273	Kulicke & Soffa Industries, Inc. *^		660,727
24,532	Micrel, Inc.		369,943
52,278	Microsemi Corp. *^		1,850,640
29,241	MKS Instruments, Inc.		988,638
19,886	Monolithic Power Systems, Inc.		1,046,998
13,249	Nanometrics, Inc. *		222,848
11,016	Pericom Semiconductor Corp.		170,418
16,223	Power Integrations, Inc. ^		844,894
17,862	Rudolph Technologies, Inc. *		196,839
25,926	Tessera Technologies, Inc. ^		1,044,299
15,191	Ultratech, Inc. *		263,412
22,345	Veeco Instruments, Inc. *^		682,640
			12,753,765
Software (2.8%):
25,430	Blackbaud, Inc. ^		1,204,872
20,851	Bottomline Technologies, Inc. *^		570,692
16,091	Ebix, Inc. ^		488,845
17,301	EPIQ Systems, Inc.		310,207
9,442	Interactive Intelligence Group *		388,822
40,813	Manhattan Associates, Inc. *		2,065,545
4,985	MicroStrategy, Inc., A *		843,412
21,606	Monotype Imaging Holdings, Inc. ^		705,220
20,636	NetScout Systems, Inc. *^		904,889
27,858	Progress Software Corp. *		756,902
20,122	Synchronoss Technologies, Inc. *^		954,990

Continued

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Software, continued
46,553	Take-Two Interactive Software, Inc. *^	$	1,185,007
20,196	Tangoe, Inc. *		278,705
15,993	VASCO Data Security International, Inc. *^		344,489
			11,002,597
Specialty Retail (4.0%):
45,023	Aeropostale, Inc. *^		156,230
25,082	Barnes & Noble, Inc. *^		595,698
9,832	Big 5 Sporting Goods Corp.		130,471
24,135	Brown Shoe Co., Inc.		791,628
15,541	Buckle, Inc. (The) ^		793,990
14,166	Cato Corp.		560,974
11,757	Children’s Place Retail Stores, Inc. (The)		754,682
20,555	Christopher & Banks Corp. *		114,286
25,864	Finish Line, Inc. (The), A		634,185
23,489	Francesca’s Holdings Corp. *		418,104
13,283	Genesco, Inc. *^		946,148
11,791	Group 1 Automotive, Inc. ^		1,017,917
11,414	Haverty Furniture Co., Inc.		283,980
13,852	Hibbett Sports, Inc. *^		679,579
8,097	Kirkland’s, Inc. *		192,304
12,565	Lithia Motors, Inc., A ^		1,249,086
15,197	Lumber Liquidators Holdings, Inc. *^		467,764
13,729	MarineMax, Inc. *^		363,956
25,377	Men’s Wearhouse, Inc. (The) ^		1,324,678
17,449	Monro Muffler Brake, Inc. ^		1,135,057
29,374	Pep Boys - Manny, Moe & Jack *		282,578
29,087	Select Comfort Corp. *^		1,002,629
18,185	Sonic Automotive, Inc., A ^		452,807
17,561	Stage Store, Inc.		402,498
15,182	Stein Mart, Inc.		189,016
17,230	Vitamin Shoppe, Inc. *		709,704
11,869	Zumiez, Inc. *^		477,727
			16,127,676
Technology Hardware, Storage & Peripherals (1.0%):
25,869	Electronics for Imaging, Inc. *		1,080,031
48,195	QLogic Corp. *^		710,394
19,404	Super Micro Computer, Inc. *^		644,407
20,290	Synaptics, Inc. *^		1,649,678
			4,084,510
Textiles, Apparel & Luxury Goods (2.2%):
42,835	Crocs, Inc. *		505,881
10,473	G-III Apparel Group, Ltd. *^		1,179,783
26,414	Iconix Brand Group, Inc. *^		889,359
10,026	Movado Group, Inc. ^		285,942
8,001	Oxford Industries, Inc.		603,675
6,366	Perry Ellis International, Inc. *		147,437
68,355	Quiksilver Resources, Inc. *^		126,457
22,716	Skechers U.S.A., Inc., Class A *		1,633,508
30,784	Steven Madden, Ltd. *		1,169,792
7,808	Unifi, Inc. *^		281,791
56,750	Wolverine World Wide, Inc. ^		1,898,287
			8,721,912
Thrifts & Mortgage Finance (1.0%):
49,341	Astoria Financial Corp.		638,966
7,297	B of I Holding, Inc. *^		678,914
23,679	Bank Mutual Corp.		173,330

Shares		Fair Value
Common Stocks, continued
Thrifts & Mortgage Finance, continued
38,526	Brookline Bancorp, Inc.	$	387,186
16,972	Dime Community Bancshares		273,249
52,789	Northwest Bancshares, Inc.		625,550
21,055	Oritani Financial Corp.		306,350
30,015	Provident Financial Services, Inc. ^		559,780
52,172	TrustCo Bank Corp. ^		358,943
			4,002,268
Tobacco (0.2%):
12,489	Universal Corp. ^		588,981
Trading Companies & Distributors (0.6%):
15,035	Aceto Corp.		330,770
22,602	Applied Industrial Technologies, Inc. ^		1,024,774
7,113	Dxp Enterprises, Inc. *^		313,612
14,844	Kaman Corp., A ^		629,831
4,443	Veritiv Corp. *^		196,070
			2,495,057
Water Utilities (0.2%):
21,085	American States Water Co. ^		841,081
Wireless Telecommunication Services (0.1%):
11,998	Spok Holdings, Inc.		230,002
Total Common Stocks (Cost $257,532,142)			388,256,833
Right (0.0%):
Electronic Equipment, Instruments & Components (0.0%):
10,537	Gerber Scientific, Inc. *		—
Total Right (Cost $–)			—
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (28.9%):
$113,433,354	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)		113,433,354
Total Securities Held as Collateral for Securities on Loan (Cost $113,433,354)			113,433,354
Unaffiliated Investment Company (1.1%):
4,367,950	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (b)		4,367,950
Total Unaffiliated Investment Company (Cost $4,367,950)			4,367,950
Total Investment Securities
(Cost $375,333,446)(c) - 129.1%			506,058,137
Net other assets (liabilities) - (29.1)%			(113,944,333	)
Net Assets - 100.0%		$	392,113,804

Continued

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Percentages indicated are based on net assets as of March 31, 2015.

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $110,615,679.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(b) The rate represents the effective yield at March 31, 2015.

(c) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

Amounts shown as “—” are either $0 or round less than $1.

Continued

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Futures Contracts

Cash of $215,000 has been segregated to cover margin requirements for the following open contracts as of March 31, 2015:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index June Futures		Long		6/19/15		34	$	4,246,260	$	114,080

See accompanying notes to the schedules of portfolio investments.

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares			Fair Value
	Common Stocks (56.9%):
	Aerospace & Defense (1.1%):
	44,500	Boeing Co. (The)	$	6,678,560
	28,900	United Technologies Corp.		3,387,080
				10,065,640
	Auto Components (1.6%):
	39,800	Delphi Automotive plc		3,173,652
	212,300	Johnson Controls, Inc.		10,708,412
				13,882,064
	Banks (1.0%):
	146,200	JPMorgan Chase & Co.		8,856,796
	Beverages (0.8%):
	65,500	PepsiCo, Inc.		6,263,110
	23,744	SABMiller plc		1,242,322
				7,505,432
	Capital Markets (3.5%):
	2,700	Affiliated Managers Group, Inc. *		579,906
	620,000	Bank of New York Mellon Corp. (The)		24,948,800
	18,000	Invesco, Ltd.		714,420
	50,663	Julius Baer Group, Ltd.		2,542,798
	39,100	State Street Corp.		2,875,023
				31,660,947
	Chemicals (0.7%):
	117,000	Cytec Industries, Inc.		6,322,680
	4,500	LyondellBasell Industries NV, Class A		395,100
				6,717,780
	Commercial Services & Supplies (2.0%):
	114,213	Iron Mountain, Inc.		4,166,490
	330,800	Tyco International plc		14,244,248
				18,410,738
	Communications Equipment (0.2%):
	60,200	Cisco Systems, Inc.		1,657,005
	Electric Utilities (0.9%):
	228,200	FirstEnergy Corp.		8,000,692
	Electrical Equipment (2.5%):
	228,300	AMETEK, Inc.		11,994,882
	49,400	Roper Industries, Inc.		8,496,800
	46,100	Sensata Technologies Holding NV *		2,648,445
				23,140,127
	Food & Staples Retailing (0.7%):
	34,200	CVS Health Corp.		3,529,782
	30,400	Wal-Mart Stores, Inc.		2,500,400
				6,030,182
	Food Products (0.8%):
	10,600	Kraft Foods Group, Inc.		923,419
	183,000	Mondelez International, Inc., Class A		6,604,470
				7,527,889
	Health Care Equipment & Supplies (2.7%):
	202,700	Abbott Laboratories		9,391,091
	105,497	Becton, Dickinson & Co.		15,148,364
				24,539,455
	Health Care Providers & Services (2.1%):
	77,500	CIGNA Corp.		10,031,600
	8,600	Henry Schein, Inc. *^		1,200,732
	66,000	UnitedHealth Group, Inc.		7,807,140
				19,039,472
	Industrial Conglomerates (4.2%):
	456,100	Danaher Corp.		38,722,890

Shares		Fair Value
Common Stocks, continued
Insurance (3.2%):
522,800	Marsh & McLennan Cos., Inc.	$	29,323,852
Internet Software & Services (1.3%):
46,700	eBay, Inc. *		2,693,656
10,800	Google, Inc., Class C *		5,918,400
6,600	Google, Inc., Class A *		3,661,020
			12,273,076
IT Services (5.3%):
162,100	Fidelity National Information Services, Inc.		11,032,526
320,300	Fiserv, Inc. *		25,431,820
41,000	Vantive, Inc., Class A *		1,545,700
168,600	Visa, Inc., Class A		11,028,126
			49,038,172
Life Sciences Tools & Services (3.5%):
115,500	Agilent Technologies, Inc.		4,799,025
35,100	PerkinElmer, Inc.		1,795,014
192,900	Thermo Fisher Scientific, Inc.		25,914,186
			32,508,225
Machinery (2.1%):
65,800	IDEX Corp. ^		4,989,614
234,600	Pentair, plc		14,753,994
			19,743,608
Media (2.2%):
100,400	Comcast Corp., Class A		5,669,588
36,400	Liberty Global plc, Class A *		1,873,508
162,800	Liberty Global plc, Series C *		8,109,068
15,400	Time Warner Cable, Inc.		2,308,152
75,100	Twenty-First Century Fox, Inc., Class B		2,469,288
			20,429,604
Multi-Utilities (1.5%):
268,800	PG&E Corp.		14,265,216
Oil, Gas & Consumable Fuels (2.0%):
535,900	Canadian Natural Resources, Ltd.		16,457,489
40,673	Range Resources Corp. ^		2,116,623
			18,574,112
Paper & Forest Products (0.0%):
488,000	Sino-Forest Corp. *(a)(b)		—
Pharmaceuticals (5.5%):
69,075	Actavis plc *		20,558,087
161,300	Eli Lilly & Co.		11,718,445
16,900	Endo International plc *		1,515,930
196,100	Pfizer, Inc.		6,822,319
202,000	Zoetis, Inc.		9,350,580
			49,965,361
Real Estate Investment Trusts (REITs) (1.0%):
39,200	American Tower Corp.		3,690,680
70,500	Crown Castle International Corp.		5,819,070
			9,509,750
Semiconductors & Semiconductor Equipment (0.3%):
55,600	Texas Instruments, Inc.		3,179,486
Specialty Retail (3.6%):
36,700	AutoZone, Inc. *^		25,035,272
99,800	Lowe’s Cos., Inc.		7,424,122
4,500	O’Reilly Automotive, Inc. *		973,080
			33,432,474

Continued

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Technology Hardware, Storage & Peripherals (0.0%):
1,800	SS&C Technologies Holdings, Inc.	$	112,140
Tobacco (0.4%):
50,900	Philip Morris International, Inc.		3,834,297
Wireless Telecommunication Services (0.2%):
19,500	SBA Communications Corp., Class A *		2,283,450
Total Common Stocks (Cost $464,431,536)			524,229,932
Preferred Stocks (0.1%):
Banks (0.0%):
9,874	U.S. Bancorp, Series F, Preferred Shares ^		293,357
Capital Markets (0.1%):
21,000	State Street Corp., Preferred Shares		536,130
Total Preferred Stocks (Cost $789,426)			829,487
Convertible Preferred Stocks (2.1%):
Electric Utilities (0.2%):
16,700	SCE Trust I, 0.89%, Perpetual Bond^		424,180
2,930	SCE Trust II, 0.84%, Perpetual Bond^		71,053
32,472	SCE Trust III, 0.84%, Perpetual Bond^		891,356
			1,386,589
Oil, Gas & Consumable Fuels (0.0%):
210	Chesapeake Energy Corp. ^		18,401
Pharmaceuticals (1.1%):
10,733	Actavis plc, Series A		10,861,796
Real Estate Investment Trusts (REITs) (0.5%):
45,613	American Tower Corp.		4,526,178
Wireless Telecommunication Services (0.3%):
45,785	T-Mobile US, Inc., Series A		2,685,748
Total Convertible Preferred Stocks (Cost $18,975,263)			19,478,712
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Asset Backed Securities (0.0%):
385,000	DB Master Finance LLC, Class A2I, Series 2015-1A, 3.26%, 2/20/45(c)		388,723
Total Asset Backed Securities (Cost $385,000)			388,723
Convertible Bonds (0.1%):
Media (0.1%):
$662,000	Priceline Group, Inc. (The), 0.35%, 6/15/20^		755,508
Total Convertible Bonds (Cost $716,579)			755,508

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds (23.7%):
	Advertising (0.2%):
	$225,000	CCO Holdings LLC/CCO Holdings Capital Corp., 8.13%, 4/30/20, Callable 4/30/15 @ 104.06	$	235,125
	1,350,000	CCO Holdings LLC/CCO Holdings Capital Corp., 7.38%, 6/1/20, Callable 12/1/15 @ 103.69^		1,442,813
				1,677,938
	Aerospace & Defense (0.0%):
	200,000	Moog, Inc., 5.25%, 12/1/22, Callable 12/1/17 @ 103.94(c)		206,000
	Airlines (0.1%):
	580,533	U.S. Airways 2010-1A PTT, Series A, 6.25%, 10/22/24		658,905
	Automobiles (0.3%):
	3,100,000	Toyota Motor Credit Corp., 0.64%, 3/12/20, MTN^(d)		3,096,971
	Banks (0.2%):
	1,601,860	Pinnacle Foods Finance LLC, 3.00%, 4/29/20(d)		1,594,299
	493,750	Pinnacle Foods Finance LLC, 3.00%, 4/29/20(d)		491,434
				2,085,733
	Capital Markets (2.1%):
	250,000	Ford Motor Credit Co. LLC, 4.25%, 2/3/17		262,516
	4,125,000	Ford Motor Credit Co. LLC, 0.90%, 3/27/17(d)		4,123,350
	3,415,000	Ford Motor Credit Co. LLC, 1.46%, 3/27/17		3,415,826
	500,000	Ford Motor Credit Co. LLC, 6.63%, 8/15/17		555,282
	1,000,000	Ford Motor Credit Co. LLC, 0.78%, 9/8/17(d)		994,248
	475,000	Ford Motor Credit Co. LLC, 1.72%, 12/6/17		473,948
	1,800,000	Ford Motor Credit Co. LLC, 0.83%, 12/6/17(d)		1,787,585
	960,000	Ford Motor Credit Co. LLC, 2.15%, 1/9/18		970,966
	1,475,000	Ford Motor Credit Co. LLC, 1.19%, 1/9/18(d)		1,478,999
	1,625,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18		1,772,009
	1,975,000	Ford Motor Credit Co. LLC, 2.38%, 3/12/19		1,997,944
	1,400,000	Ford Motor Credit Co. LLC, 2.60%, 11/4/19		1,418,458
				19,251,131
	Chemicals (0.4%):
	905,000	Cytec Industries, Inc., 3.95%, 5/1/25, Callable 2/1/25 @ 100		929,567
	1,033,602	Kronos, Inc., 4.50%, 10/30/19(d)		1,034,708

Continued

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Chemicals, continued
	$1,249,295	Kronos, Inc., 9.75%, 4/30/20(d)	$	1,275,843
				3,240,118
	Commercial Services & Supplies (0.1%):
	500,000	International Lease Finance Corp., 2.22%, 6/15/16^(d)		500,000
	175,000	Iron Mountain, Inc., 7.75%, 10/1/19, Callable 10/1/15 @ 104		186,156
				686,156
	Communications Equipment (0.3%):
	2,500,000	Echostar DBS Corp., 7.13%, 2/1/16		2,596,875
	Consumer Finance (0.0%):
	250,000	First Data Corp., 3.67%, 3/24/18(d)		250,000
	Diversified Financial Services (1.1%):
	570,000	Caterpillar Financial Services Corp., 2.25%, 12/1/19, MTN		578,538
	50,000	CNH Industrial Capital LLC, 3.88%, 11/1/15		50,375
	2,300,000	CNH Industrial Capital LLC, 6.25%, 11/1/16		2,420,750
	75,000	CNH Industrial Capital LLC, 3.25%, 2/1/17		74,625
	800,000	CNH Industrial Capital LLC, 3.63%, 4/15/18^		802,000
	6,300,000	UPC Financing Partnership, 3.25%, 6/30/21(d)		6,259,743
				10,186,031
	Diversified Telecommunication Services (1.7%):
	13,600,000	Intelsat Jackson Holding SA, 3.75%, 6/30/19(d)		13,542,200
	1,974,874	Telesat Canada, 3.50%, 3/28/19(d)		1,968,950
				15,511,150
	Electric Utilities (0.0%):
	253,960	Texas Competitive Electric Holdings Co. LLC, 3.75%, 5/5/16(d)		255,548
	Electrical Equipment (0.0%):
	210,000	Amphenol Corp., 1.55%, 9/15/17		210,603
	Food & Staples Retailing (0.8%):
	875,000	Rite Aid Corp., 9.25%, 3/15/20, Callable 3/15/16 @ 104.63		964,688
	5,675,000	Rite Aid Corp., 8.00%, 8/15/20, Callable 8/15/15 @ 104		6,008,406
				6,973,094
	Food Products (0.9%):
	250,000	B&G Foods, Inc., 4.63%, 6/1/21, Callable 6/1/16 @ 103.47		249,688
	6,828,644	H.J. Heinz Co., 3.50%, 6/5/20(d)		6,837,111

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Food Products, continued
	$1,300,000	H.J. Heinz Co., 4.25%, 10/15/20, Callable 4/15/15 @ 102.13	$	1,333,800
				8,420,599
	Health Care Equipment & Supplies (0.5%):
	2,325,000	Becton, Dickinson & Co., 1.80%, 12/15/17		2,342,814
	630,000	Becton, Dickinson & Co., 2.68%, 12/15/19		643,493
	500,000	Medtronic, Inc., 1.50%, 3/15/18(c)		502,172
	795,000	Medtronic, Inc., 2.50%, 3/15/20(c)		812,601
				4,301,080
	Health Care Providers & Services (2.1%):
	750,000	CHS/Community Health Systems, Inc., 5.13%, 8/15/18, Callable 8/15/15 @ 102.6^		773,438
	2,392,992	DaVita Healthcare Partners, Inc., 3.50%, 6/24/21(d)		2,396,271
	3,700,000	DaVita HealthCare Partners, Inc., 5.13%, 7/15/24, Callable 7/15/19 @ 102.56		3,774,000
	2,125,000	DaVita, Inc., 6.63%, 11/1/20, Callable 5/8/15 @ 104.97^		2,225,938
	3,400,000	DaVita, Inc., 5.75%, 8/15/22, Callable 8/15/17 @ 102.88^		3,612,500
	250,000	HCA, Inc., 0.00%, 2/2/16(d)		249,700
	6,000,000	HCA, Inc., 0.00%, 3/31/17(d)		6,007,499
	350,000	Omnicare, Inc., 5.00%, 12/1/24, Callable 9/1/24 @ 100		365,750
	470,000	UnitedHealth Group, Inc., 1.40%, 12/15/17		473,776
	200,000	WellCare Health Plans, Inc., 5.75%, 11/15/20, Callable 11/15/16 @ 102.88		210,000
				20,088,872
	Health Care Services (0.2%):
	992,000	Fresenius Medical Care, 5.63%, 7/31/19(c)		1,076,816
	525,000	Fresenius Medical Care, 5.88%, 1/31/22(c)		577,500
				1,654,316
	Health Care Technology (0.0%):
	325,000	IMS Health, Inc., 6.00%, 11/1/20, Callable 11/1/15 @ 103(c)		338,406
	Hotels, Restaurants & Leisure (0.2%):
	200,000	Cedar Fair LP, 5.25%, 3/15/21, Callable 3/15/16 @ 103.94		206,500
	808,333	Hilton Worldwide Finance LLC, 3.50%, 10/25/20(d)		809,069

Continued

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Hotels, Restaurants & Leisure, continued
	$987,469	Wendy’s International LLC, 3.25%, 5/15/19(d)	$	985,740
				2,001,309
	Insurance (0.1%):
	740,000	Marsh & McLennan Cos., Inc., 2.35%, 3/6/20, Callable 2/6/20 @ 100		744,185
	Internet & Catalog Retail (0.2%):
	1,305,000	Amazon.com, Inc., 2.60%, 12/5/19, Callable 11/5/19 @ 100^		1,336,695
	650,000	Amazon.com, Inc., 3.80%, 12/5/24, Callable 9/5/24 @ 100		683,144
				2,019,839
	Machinery (0.1%):
	125,000	Case New Holland, Inc., 7.88%, 12/1/17		138,475
	550,000	Xylem, Inc., 3.55%, 9/20/16		567,306
				705,781
	Media (1.8%):
	575,000	Charter Communications, Inc., 4.25%, 8/12/21(d)		579,474
	250,000	Lamar Media Corp., 5.88%, 2/1/22, Callable 2/1/17 @ 102.94		263,125
	270,000	Lamar Media Corp., 5.00%, 5/1/23, Callable 5/1/18 @ 102.5		276,075
	1,151,000	Metropcs Wireless, Inc., 6.63%, 11/15/20, Callable 11/15/15 @ 103.31		1,202,795
	75,000	Univision Communications, Inc., 0.00%, 3/1/20(d)		74,813
	5,268,000	Univision Communications, Inc., 7.88%, 11/1/20, Callable 11/1/15 @ 103.94^(c)		5,623,589
	1,600,000	Univision Communications, Inc., 8.50%, 5/15/21, Callable 5/15/21 @ 104.25(c)		1,710,000
	4,709,000	Univision Communications, Inc., 6.75%, 9/15/22, Callable 9/15/17 @ 103.38(c)		5,050,403
	1,700,000	Univision Communications, Inc., 5.13%, 5/15/23, Callable 5/15/18 @ 102.56(c)		1,725,500
				16,505,774
	Multiline Retail (0.1%):
	75,000	Amerigas Finance Corp. LLC, 6.75%, 5/20/20, Callable 5/20/16 @ 103.38		78,938

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Multiline Retail, continued
	$525,000	Amerigas Finance Corp. LLC, 7.00%, 5/20/22, Callable 5/20/17 @ 103.5	$	563,062
				642,000
	Multi-Utilities (0.2%):
	725,000	Berkshire Hathaway Energy Co., 2.40%, 2/1/20, Callable 1/1/20 @ 100		735,499
	750,000	Berkshire Hathaway Energy Co., 3.50%, 2/1/25, Callable 11/1/24 @ 100^		781,031
	450,000	CMS Energy Corp., 8.75%, 6/15/19		568,987
				2,085,517
	Oil Gas & Consumable Fuels (0.0%):
	210,000	Noble Energy, Inc., 3.90%, 11/15/24, Callable 8/15/24 @ 100^		213,642
	Oil, Gas & Consumable Fuels (7.8%):
	675,000	Antero Resources Finance Corp., 6.00%, 12/1/20, Callable 12/1/15 @ 104.03^		675,338
	775,000	Antero Resources Finance Corp., 5.38%, 11/1/21, Callable 11/1/16 @ 104		751,750
	725,000	Chesapeake Energy Corp., 3.25%, 3/15/16, Callable 5/8/15 @ 100^		724,094
	525,000	Chesapeake Energy Corp., 3.50%, 4/15/19, Callable 4/15/15 @ 101(d)		505,313
	2,825,000	Chevron Corp., 0.36%, 2/22/17(d)		2,829,825
	2,825,000	Chevron Corp., 0.43%, 3/2/18(d)		2,824,938
	1,435,000	Chevron Corp., 1.37%, 3/2/18		1,441,991
	3,625,000	Concho Resources, Inc., 7.00%, 1/15/21, Callable 1/15/16 @ 103.5		3,797,188
	1,175,000	Concho Resources, Inc., 6.50%, 1/15/22, Callable 1/15/17 @ 103.25		1,230,813
	550,000	Concho Resources, Inc., 5.50%, 10/1/22, Callable 10/1/17 @ 102.75		554,125
	1,375,000	Concho Resources, Inc., 5.50%, 4/1/23, Callable 10/1/17 @ 102.75		1,385,175
	700,000	CONSOL Energy, Inc., 5.88%, 4/15/22, Callable 4/15/17 @ 104.41		633,500
	500,000	Energy Transfer Partners LP, 4.15%, 10/1/20, Callable 8/1/20 @ 100		524,908
	550,000	Energy Transfer Partners LP, 4.90%, 2/1/24, Callable 11/1/23 @ 100^		589,351
	210,000	EQT Corp., 6.50%, 4/1/18		234,403

Continued

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
	$350,000	EQT Corp., 8.13%, 6/1/19	$	418,118
	2,025,000	EQT Corp., 4.88%, 11/15/21		2,131,047
	7,375,000	Exxon Mobil Corp., 0.31%, 3/1/18(d)		7,372,698
	2,575,000	Markwest Energy Partners LP, 6.75%, 11/1/20, Callable 11/1/15 @ 103.38^		2,703,750
	1,225,000	Markwest Energy Partners LP, 6.50%, 8/15/21, Callable 2/15/16 @ 103.25^		1,283,188
	2,100,000	Markwest Energy Partners LP, 6.25%, 6/15/22, Callable 12/15/16 @ 103.13^		2,194,500
	4,175,000	Markwest Energy Partners LP, 5.50%, 2/15/23, Callable 8/15/17 @ 102.75		4,289,813
	4,975,000	Markwest Energy Partners LP, 4.50%, 7/15/23, Callable 4/15/23 @ 100^		4,925,250
	2,725,000	MarkWest Energy Partners LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100^		2,786,040
	2,350,000	Range Resources Corp., 6.75%, 8/1/20, Callable 8/1/15 @ 103.38^		2,438,125
	4,625,000	Range Resources Corp., 5.75%, 6/1/21, Callable 6/1/16 @ 102.88^		4,831,691
	5,050,000	Range Resources Corp., 5.00%, 8/15/22, Callable 2/15/17 @ 102.5		5,024,749
	5,925,000	Range Resources Corp., 5.00%, 3/15/23, Callable 3/15/18 @ 102.5^		5,895,374
	875,000	SM Energy Co., 6.50%, 11/15/21, Callable 11/15/16 @ 103.25		888,125
	1,275,000	Targa Resources Partners LP, 5.00%, 1/15/18, Callable 10/15/17 @ 100(c)		1,313,250
	375,000	Targa Resources Partners LP, 4.13%, 11/15/19, Callable 11/15/16 @ 102.06(c)		373,125
	1,350,000	Targa Resources Partners LP, 6.88%, 2/1/21, Callable 2/1/16 @ 103.44		1,414,125
	1,050,000	Targa Resources Partners LP, 5.25%, 5/1/23, Callable 11/1/17 @ 102.63		1,055,250
	2,100,000	Targa Resources Partners LP, 4.25%, 11/15/23, Callable 5/15/18 @ 102.13		2,021,250
	725,000	WPX Energy, Inc., 5.25%, 1/15/17		728,625
				72,790,805
	Paper Packaging (0.0%):
	100,000	Sealed Air Corp., 8.38%, 9/15/21, Callable 9/15/16 @ 104.18(c)		112,500

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Pharmaceuticals (0.6%):
	$785,000	Eli Lilly & Co., 1.25%, 3/1/18	$	787,596
	405,000	Johnson & Johnson, 1.13%, 11/21/17		407,205
	625,000	Johnson & Johnson, 3.38%, 12/5/23		670,413
	705,000	Merck & Co., Inc., 0.38%, 2/10/17^(d)		705,305
	1,490,000	Merck & Co., Inc., 0.63%, 2/10/20(d)		1,496,008
	200,000	Novartis Capital Corp., 3.40%, 5/6/24		213,465
	830,000	Roche Holding, Inc., 3.35%, 9/30/24, Callable 6/30/24 @ 100(c)		870,435
				5,150,427
	Real Estate Investment Trusts (REITs) (0.5%):
	525,000	American Tower Corp., 5.00%, 2/15/24		574,084
	500,000	DE Master Blenders, 4.25%, 7/2/21		539,639
	2,725,000	DE Master Blenders, 4.25%, 7/2/21		2,718,188
				3,831,911
	Real Estate Management & Development (0.1%):
	750,000	CBRE Services, Inc., 5.00%, 3/15/23, Callable 3/15/18 @ 103		783,750
	Specialty Retail (0.5%):
	125,000	Group 1 Automotive, Inc., 5.00%, 6/1/22, Callable 6/1/17 @ 103.75(c)		125,313
	1,775,000	L Brands, Inc., 6.90%, 7/15/17		1,952,500
	250,000	L Brands, Inc., 8.50%, 6/15/19		299,925
	250,000	L Brands, Inc., 7.00%, 5/1/20		288,125
	500,000	L Brands, Inc., 6.63%, 4/1/21		572,755
	525,000	L Brands, Inc., 5.63%, 2/15/22		577,500
	350,000	Penske Automotive Group, Inc., 5.38%, 12/1/24, Callable 12/1/19 @ 102.69		360,500
				4,176,618
	Wireless Telecommunication Services (0.5%):
	1,050,000	Crown Castle International Corp., 4.88%, 4/15/22		1,090,688
	725,000	Crown Castle International Corp., 5.25%, 1/15/23		761,250
	750,000	SBA Communications Corp., 5.63%, 10/1/19, Callable 10/1/16 @ 102.81^		790,875
	1,175,000	SBA Communications Corp., 5.75%, 7/15/20, Callable 7/15/16 @ 102.88		1,235,218
	750,000	Sprint Communications, Inc., 9.00%, 11/15/18(c)		860,625

Continued

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Wireless Telecommunication Services, continued
$250,000	T-Mobile USA, Inc., 6.54%, 4/28/20, Callable 4/28/16 @ 103.27	$	263,125
			5,001,781
Total Corporate Bonds (Cost $218,544,019)			218,455,365
Foreign Bonds (0.3%):
Containers & Packaging (0.1%):
750,000	Rexam plc, 6.75%, 6/29/67, Callable 6/29/17 @ 100+(d)		827,689
Wireless Telecommunication Services (0.2%):
425,000	Lynx I Corp., 6.00%, 4/15/21, Callable 4/15/17 @ 103+(c)		660,867
1,025,000	Matterhorn Mobile SA, 6.75%, 5/15/19, Callable 5/7/15 @ 105.06+(c)		1,103,075
500,000	UPC Holding BV, 6.38%, 9/15/22, Callable 9/15/17 @ 103.19+(c)		577,864
			2,341,806
Total Foreign Bonds (Cost $3,440,557)			3,169,495
Yankee Dollars (4.0%):
Banks (0.6%):
1,225,000	KFW, Series G, 0.50%, 4/19/16		1,226,176
3,939,000	KFW, 2.50%, 11/20/24		4,100,861
			5,327,037
Diversified Telecommunication Services (0.9%):
1,975,000	Intelsat Jackson Holding SA, 7.25%, 4/1/19, Callable 4/1/15 @ 103.65		2,047,088
3,610,000	Intelsat Jackson Holding SA, 7.25%, 10/15/20, Callable 10/15/15 @ 103.63		3,718,300
1,175,000	Intelsat Jackson Holding SA, 7.50%, 4/1/21, Callable 4/1/15 @ 103.75		1,208,781
530,000	Telesat Canada, 6.00%, 5/15/17, Callable 5/8/15 @ 103(c)		540,335
			7,514,504
Media (0.2%):
650,000	Unitymedia Hessen, 5.50%, 1/15/23, Callable 1/15/18 @ 103(c)		680,095
950,000	Unitymedia Kabelbw GMBH, 6.13%, 1/15/25, Callable 1/15/20 @ 103.06(c)		1,004,625
			1,684,720
Oil, Gas & Consumable Fuels (0.0%):
360,000	Canadian Natural Resources, 1.75%, 1/15/18		358,217

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Yankee Dollars, continued
Semiconductors & Semiconductor Equipment (0.5%):
$2,175,000	NXP Funding BV/NXP Funding LLC, 3.75%, 6/1/18^(c)	$	2,218,500
1,150,000	NXP Funding BV/NXP Funding LLC, 5.75%, 2/15/21, Callable 2/15/17 @ 102.88(c)		1,216,125
1,400,000	NXP Funding BV/NXP Funding LLC, 5.75%, 3/15/23, Callable 3/15/18 @ 102.88(c)		1,487,500
			4,922,125
Wireless Telecommunication Services (1.8%):
5,880,000	UPCB Finance III, Ltd., 6.63%, 7/1/20, Callable 7/1/15 @ 103.31(c)		6,137,250
3,800,000	UPCB Finance V, Ltd., 7.25%, 11/15/21, Callable 11/15/16 @ 103.63(c)		4,089,750
5,100,000	UPCB Finance VI, Ltd., 6.88%, 1/15/22, Callable 1/15/17 @ 103.44(c)		5,444,250
1,200,000	Virgin Media Secured Finance plc, 5.38%, 4/15/21, Callable 4/15/17 @ 103(c)		1,258,500
275,000	Virgin Media Secured Finance plc, 5.25%, 1/15/26, Callable 1/15/26 @ 102.63(c)		280,500
			17,210,250
Total Yankee Dollars (Cost $36,793,980)			37,016,853
Securities Held as Collateral for Securities on Loan (5.7%):
$52,358,535	Allianz Variable Insurance Products Securities Lending Collateral Trust (e)		52,358,535
Total Securities Held as Collateral for Securities on Loan (Cost $52,358,535)			52,358,535
Unaffiliated Investment Company (12.0%):
110,731,056	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (f)		110,731,056
Total Unaffiliated Investment Company (Cost $110,731,056)			110,731,056
Total Investment Securities (Cost $907,165,951)(g) - 104.9%			967,413,666
Net other assets (liabilities) - (4.9)%			(45,368,229	)
Net Assets - 100.0%		$	922,045,437

Continued

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Percentages indicated are based on net assets as of March 31, 2015.

MTN - Medium Term Note

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $50,878,891.

+ The principal amount is disclosed in local currency and the fair value is disclosed in U.S. Dollars.

(a) Security issued in connection with a pending litigation settlement.

(b) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of March 31, 2015, these securities represent 0.00% of the net assets of the fund.

(c) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(d) Variable rate security. The rate presented represents the rate in effect at March 31, 2015. The date presented represents the final maturity date.

(e) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(f) The rate represents the effective yield at March 31, 2015.

(g) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

Amounts shown as “—” are either $0 or round to less than $1.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2015:

Country	Percentage
Canada		1.8	%
Cayman Islands		1.6	%
Germany		0.7	%
Ireland (Republic of)		3.2	%
Luxembourg		0.7	%
Netherlands		0.9	%
Switzerland		0.3	%
United Kingdom		0.9	%
United States		89.9	%
		100.0	%

Continued

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Futures Contracts

Cash of $1,099,823 has been segregated to cover margin requirements for the following open contracts as of March 31, 2015:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
EURO STOXX 50 Index June Futures (Euro)		Long		6/19/15		112	$	4,372,112	$	55,986
EURO STOXX Index 600 June Futures (Euro)		Long		6/19/15		204		4,296,468		26,385
Total									$	82,371

Over-the-counter options written as of March 31, 2015 were as follows:

Description	Counterparty	Put/ Call			Strike Price		Expiration Date		Contracts		Fair Value
American Tower Corp.	Citibank		Call	USD		105.00		01/15/16		36	$	(9,441	)
American Tower Corp.	Citibank		Call	USD		110.00		01/15/16		61		(9,918	)
American Tower Corp.	Citibank		Call	USD		115.00		01/15/16		73		(7,032	)
Cisco Systems, Inc.	Citibank		Call	USD		25.00		01/15/16		510		(178,326	)
Comcast Corp.	Citibank		Call	USD		65.00		01/15/16		840		(113,587	)
Comcast Corp.	Citibank		Call	USD		70.00		01/15/16		148		(9,128	)
CVS Health Corp.	Morgan Stanley		Call	USD		90.00		01/15/16		126		(192,720	)
CVS Health Corp.	Morgan Stanley		Call	USD		95.00		01/15/16		126		(145,496	)
Danaher Corp.	Citibank		Call	USD		95.00		01/15/16		72		(18,168	)
Danaher Corp.	Citibank		Call	USD		100.00		01/15/16		72		(11,052	)
Lowe’s Cos., Inc.	Morgan Stanley		Call	USD		60.00		01/15/16		315		(496,947	)
Lowe’s Cos., Inc.	Morgan Stanley		Call	USD		75.00		01/15/16		119		(66,687	)
Mondelez International, Inc.	Citibank		Call	USD		45.00		01/15/16		194		(7,377	)
Pentair plc	Citibank		Call	USD		70.00		11/20/15		24		(3,898	)
PepsiCo, Inc.	Morgan Stanley		Call	USD		100.00		01/15/16		177		(57,493	)
PepsiCo, Inc.	Morgan Stanley		Call	USD		105.00		01/15/16		108		(20,943	)
PepsiCo, Inc.	Morgan Stanley		Call	USD		110.00		01/15/16		184		(21,294	)
Pfizer, Inc.	Citibank		Call	USD		30.00		01/15/16		721		(382,495	)
State Street Corp.	Morgan Stanley		Call	USD		88.00		01/15/16		268		(33,562	)
The Boeing Co.	Citibank		Call	USD		140.00		01/15/16		16		(25,539	)
Thermo Fisher Scientific, Inc.	Citibank		Call	USD		150.00		01/15/16		143		(58,026	)
United Technologies Corp.	Citibank		Call	USD		120.00		01/15/16		160		(94,715	)
United Technologies Corp.	Citibank		Call	USD		125.00		01/15/16		37		(14,715	)
United Technologies Corp.	Citibank		Call	USD		130.00		01/15/16		38		(9,909	)
UnitedHealth Group, Inc.	Citibank		Call	USD		100.00		01/15/16		102		(223,499	)
UnitedHealth Group, Inc.	Citibank		Call	USD		105.00		01/15/16		102		(184,024	)
Wal-Mart Stores, Inc.	Citibank		Call	USD		80.00		01/15/16		123		(70,188	)
Wal-Mart Stores, Inc.	Citibank		Call	USD		83.00		01/15/16		123		(53,257	)
Total											$	(2,519,436	)

See accompanying notes to the schedules of portfolio investments.

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Exchange-traded options written as of March 31, 2015 were as follows:

Description	Put/ Call			Strike Price		Expiration Date		Contracts		Fair Value
Google, Inc.		Call	USD		590.00		01/15/16		47	$	(128,075	)
Google, Inc.		Call	USD		590.00		01/15/16		47		(141,000	)
JPMorgan Chase & Co.		Call	USD		70.00		01/15/16		391		(34,604	)
JPMorgan Chase & Co.		Call	USD		70.00		01/15/16		371		(32,834	)
Visa, Inc.		Call	USD		280.00		01/15/16		44		(13,860	)
Visa, Inc.		Call	USD		300.00		01/15/16		45		(7,718	)
Total										$	(358,091	)

Forward Currency Contracts

At March 31, 2015, the Fund’s open forward currency contracts were as follows:

Type of Contract	Counterparty	Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
European Euro	Standard Charter		6/25/15		1,705,000	$	1,863,736	$	1,835,219	$	28,517
						$	1,863,736	$	1,835,219	$	28,517
Long Contracts:
European Euro	Citibank		6/25/15		567,900	$	610,632	$	611,273	$	641
						$	610,632	$	611,273	$	641

See accompanying notes to the schedules of portfolio investments.

AZL Wells Fargo Large Cap Growth Fund

Schedule of Portfolio Investments

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks (99.2%):
Aerospace & Defense (1.9%):
7,010	Boeing Co. (The)	$	1,052,061
7,280	United Technologies Corp.		853,216
			1,905,277
Air Freight & Logistics (0.6%):
5,660	United Parcel Service, Inc., Class B		548,680
Airlines (0.9%):
20,050	Southwest Airlines Co.		888,215
Auto Components (0.6%):
7,790	Delphi Automotive plc		621,175
Biotechnology (9.4%):
14,080	Alexion Pharmaceuticals, Inc. *		2,440,064
4,900	Biogen Idec, Inc. *		2,068,976
13,950	Celgene Corp. *		1,608,156
14,230	Gilead Sciences, Inc. *		1,396,390
3,960	Regeneron Pharmaceuticals, Inc. *		1,787,861
			9,301,447
Capital Markets (2.3%):
5,290	Ameriprise Financial, Inc.		692,144
43,180	TD Ameritrade Holding Corp.		1,608,886
			2,301,030
Chemicals (4.0%):
12,440	Ecolab, Inc.		1,422,887
5,520	Monsanto Co.		621,221
15,620	Praxair, Inc.		1,885,959
			3,930,067
Communications Equipment (1.0%):
14,470	QUALCOMM, Inc.		1,003,350
Consumer Finance (2.8%):
20,200	American Express Co.		1,578,024
20,720	Discover Financial Services		1,167,572
			2,745,596
Energy Equipment & Services (1.2%):
13,850	Schlumberger, Ltd.		1,155,644
Food & Staples Retailing (2.1%):
13,850	Costco Wholesale Corp.		2,098,206
Health Care Equipment & Supplies (0.9%):
12,020	Medtronic plc		937,440
Health Care Providers & Services (3.3%):
12,270	AmerisourceBergen Corp.		1,394,731
22,260	Cerner Corp. *		1,630,767
3,210	Quintiles Transnational Holdings, Inc. *		214,974
			3,240,472
Hotels, Restaurants & Leisure (6.2%):
2,400	Chipotle Mexican Grill, Inc. *		1,561,296
15,500	Hilton Worldwide Holdings, Inc. *		459,110
16,330	Marriott International, Inc., Class A		1,311,626
18,930	Starbucks Corp.		1,792,670
8,120	Wynn Resorts, Ltd. ^		1,022,146
			6,146,848
Household Products (0.8%):
11,550	Colgate-Palmolive Co.		800,877
Industrial Conglomerates (2.0%):
7,680	3M Co.		1,266,816
8,720	Danaher Corp.		740,328
			2,007,144

Shares		Fair Value
Common Stocks, continued
Internet & Catalog Retail (2.6%):
3,760	Amazon.com, Inc. *	$	1,399,096
1,060	Netflix, Inc. *		441,691
640	Priceline Group, Inc. (The) *		745,056
			2,585,843
Internet Software & Services (8.2%):
12,370	Akamai Technologies, Inc. *		878,827
34,520	Facebook, Inc., Class A *		2,838,061
3,930	Google, Inc., Class C *		2,153,640
4,060	Google, Inc., Class A *		2,252,082
			8,122,610
IT Services (6.5%):
9,130	Accenture plc, Class A		855,390
5,850	Alliance Data Systems Corp. *		1,733,063
24,730	MasterCard, Inc., Class A		2,136,424
24,920	Visa, Inc., Class A		1,630,017
			6,354,894
Media (2.9%):
20,190	CBS Corp., Class B		1,224,120
15,340	Walt Disney Co. (The)		1,609,012
			2,833,132
Multiline Retail (3.7%):
28,690	Dollar Tree, Inc. *		2,328,050
16,860	Nordstrom, Inc.		1,354,195
			3,682,245
Oil, Gas & Consumable Fuels (3.0%):
12,570	Concho Resources, Inc. *		1,457,114
8,950	Pioneer Natural Resources Co.		1,463,415
			2,920,529
Personal Products (1.2%):
14,160	Estee Lauder Co., Inc. (The), Class A		1,177,546
Pharmaceuticals (1.9%):
1,131	Actavis plc *		336,608
4,450	Mylan NV *		264,108
8,200	Perrigo Co. plc		1,357,510
			1,958,226
Real Estate Investment Trusts (REITs) (0.5%):
5,000	American Tower Corp.		470,750
Road & Rail (4.5%):
2,730	Canadian Pacific Railway, Ltd.		498,771
9,130	Kansas City Southern Industries, Inc.		931,990
8,280	Norfolk Southern Corp.		852,178
20,280	Union Pacific Corp.		2,196,527
			4,479,466
Semiconductors & Semiconductor Equipment (3.7%):
19,880	Arm Holdings plc, ADR		980,084
29,590	Microchip Technology, Inc. ^		1,446,951
21,270	Texas Instruments, Inc.		1,216,325
			3,643,360
Software (6.7%):
12,800	Adobe Systems, Inc. *		946,432
48,480	Microsoft Corp.		1,970,954
23,250	Salesforce.com, Inc. *		1,553,333
15,290	ServiceNow, Inc. *		1,204,546
11,850	Splunk, Inc. *		701,520
2,450	VMware, Inc., Class A *^		200,925
			6,577,710
Specialty Retail (5.2%):
25,730	CarMax, Inc. *^		1,775,627

Continued

AZL Wells Fargo Large Cap Growth Fund

Schedule of Portfolio Investments, continued

March 31, 2015 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Specialty Retail, continued
7,700	O’Reilly Automotive, Inc. *	$	1,665,048
19,800	Tractor Supply Co.		1,684,188
			5,124,863
Technology Hardware, Storage & Peripherals (3.5%):
27,470	Apple, Inc.		3,418,092
Textiles, Apparel & Luxury Goods (3.9%):
19,800	Nike, Inc., Class B		1,986,534
24,830	V.F. Corp.		1,869,947
			3,856,481
Trading Companies & Distributors (1.2%):
4,950	W.W. Grainger, Inc. ^		1,167,260
Total Common Stocks (Cost $83,635,600)			98,004,475
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Securities Held as Collateral for Securities on Loan (3.9%):
$3,837,567	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)		3,837,567
Total Securities Held as Collateral for Securities on Loan (Cost $3,837,567)			3,837,567
Unaffiliated Investment Company (1.5%):
1,451,818	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (b)		1,451,818
Total Unaffiliated Investment Company (Cost $1,451,818)			1,451,818
Total Investment Securities (Cost $88,924,985)(c) - 104.6%			103,293,860
Net other assets (liabilities) - (4.6)%			(4,550,351	)
Net Assets - 100.0%		$	98,743,509

Percentages indicated are based on net assets as of March 31, 2015.

ADR - American Depositary Receipt

* Non-income producing security.

^ This security or a partial position of this security was on loan as of March 31, 2015. The total value of securities on loan as of March 31, 2015, was $3,760,518.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2015.

(b) The rate represents the effective yield at March 31, 2015.

(c) See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.

See accompanying notes to the schedules of portfolio investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified 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 for accounting purposes. The Trust consists of 31 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), each of which is a series of the Trust, as follows:

• AZL BlackRock Capital Appreciation Fund

• AZL BlackRock Global Allocation Fund

• AZL Dreyfus Research Growth Fund

• AZL Enhanced Bond Index Fund

• AZL Federated Clover Small Value Fund

• AZL Franklin Templeton Founding Strategy Plus Fund

• AZL Gateway Fund

• AZL International Index Fund

• AZL Invesco Equity and Income Fund

• AZL Invesco Growth and Income Fund

• AZL Invesco International Equity Fund

• AZL JPMorgan International Opportunities Fund

• AZL JPMorgan U.S. Equity Fund

• AZL MetWest Total Return Bond Fund

• AZL MFS Investors Trust Fund

• AZL MFS Mid Cap Value Fund

• AZL MFS Value Fund

• AZL Mid Cap Index Fund

• AZL Money Market Fund

• AZL Morgan Stanley Global Real Estate Fund

• AZL Morgan Stanley Mid Cap Growth Fund

• AZL NFJ International Value Fund

• AZL Oppenheimer Discovery Fund

• AZL Pyramis Core Bond Fund

• AZL Russell 1000 Growth Index Fund

• AZL Russell 1000 Value Index Fund

• AZL S&P 500 Index Fund

• AZL Schroder Emerging Markets Equity Fund

• AZL Small Cap Stock Index Fund

• AZL T. Rowe Price Capital Appreciation Fund

• AZL Wells Fargo Large Cap Growth Fund

The Trust is authorized to issue an unlimited number of shares of the Funds 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. The Funds, with the exception of the AZL S&P 500 Index Fund and AZL Schroder Emerging Markets Equity Fund, offer a single class of shares. The AZL S&P 500 Index Fund and AZL Schroder Emerging Markets Equity Fund each offer Class 1 and Class 2.

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 Trust in the preparation of its Schedules of Portfolio Investments (“Schedules”). The policies conform to U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of the Schedules requires management to make certain estimates and assumptions that affect the reported amounts at the date of the Schedules. Actual results could differ from those estimates.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

Security Valuation

The Funds 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 3 below.

Investment Transactions

Investment transactions are recorded not later than on the business day following trade date. However, for financial reporting purposes, investment transactions are accounted for on trade date.

Consolidation of Subsidiaries

The AZL BlackRock Global Allocation Fund’s primary vehicle for gaining exposure to the commodities markets is through investment in the AZL Cayman Global Allocation Fund Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary of the AZL BlackRock Global Allocation Fund formed in the Cayman Islands, which invests primarily in commodity-related instruments.

As of March 31, 2015, the AZL BlackRock Global Allocation Fund’s aggregate investment in the Subsidiary was $7,436,128, representing 0.94% of the AZL BlackRock Global Allocation Fund’s net assets.

The AZL BlackRock Global Allocation Fund’s investments have been consolidated and include the portfolio holdings of the Subsidiary.

Real Estate Investment Trusts

The Funds may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT.

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.

Floating Rate Loans

The Funds may invest in floating rate loans, which usually take the form of loan participations and assignments. These loans are made by banks and other large financial institutions to various companies and are typically senior in the borrowing companies’ capital structure. Coupon rates are floating, not fixed and are tied to a benchmark lending rate. Loans involve a risk of loss in case of default or insolvency of the financial intermediaries who are parties to the transactions. The Funds record an investment when the borrower withdraws money and records the interest as earned.

Structured Notes

The 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 may produce an increase or a decrease in the interest rate or the value of the structured note at maturity which may be calculated as a specified multiple of the change in the value of the reference; 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. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

Securities Purchased on a When-Issued Basis

The 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

The 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 Funds sell a borrowed security and have a corresponding obligation 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.

Securities Lending

To generate additional income, the Funds may lend up to 33¹/₃% of their 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 the securities is 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 or the cash collateral which would result in a loss to the Funds. 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 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 March 31, 2015, are presented on the Funds’ Schedules of Portfolio Investments.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated 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 keeps 91%.

Derivative Instruments

All open derivative positions at period end are reflected on the Funds’ Schedule of Portfolio Investments. The following is a description of the derivative instruments that the Funds may utilize, including the primary underlying risk exposures related to each instrument type.

Forward Currency Contracts

During the period ended March 31, 2015, certain Funds 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 Funds 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 Funds’ maximum amount of loss, as either the buyer or 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 Funds record 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.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

Futures Contracts

The Funds (except for the AZL Money Market Fund) may enter into futures contracts. The Funds, except the AZL BlackRock Global Allocation Fund, AZL Franklin Templeton Founding Strategy Plus Fund, AZL Gateway Fund, AZL Invesco International Equity Fund, AZL Morgan Stanley Global Real Estate Fund, AZL Morgan Stanley Mid Cap Growth Fund and AZL T. Rowe Price Capital Appreciation Fund may enter into futures contracts to provide equity or market exposure on the Funds’ cash balances.

The AZL BlackRock Global Allocation Fund may enter into futures contracts to gain exposure to, or economically hedge against changes in the value of equity securities. The Franklin Templeton Founding Strategy Plus Fund, AZL Gateway Fund, AZL Invesco International Equity Fund, AZL Morgan Stanley Global Real Estate Fund, AZL Morgan Stanley Mid Cap Growth Fund and AZL T. Rowe Price Capital Appreciation Fund may enter futures contracts to manage their exposure to the securities markets or to movements in market conditions or foreign exchange rates. 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”) 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 margin. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market 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.

Options Contracts

The AZL BlackRock Global Allocation Fund, the AZL Gateway Fund and AZL T. Rowe Price Capital Appreciation Fund may purchase or write put and call options on a security or an index of securities.

A stock index fluctuates with changes in the market values of the stocks included in the index, and therefore options on stock indexes and options on stocks involve elements of equity price risk.

Purchased Options Contracts—The Funds pay a premium which is marked to market to reflect the current value of the option. Premiums paid for purchasing put options which expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing put options are offset against proceeds to determine the realized gain/loss on the transaction. The Funds bear the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Written Options Contracts—The Funds receive 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 Funds bear the market risk of an unfavorable change in the price of the underlying assets and are 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 March 31, 2015, the AZL BlackRock Global Allocation Fund purchased and 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 option written, to generate gains from options premiums. As of March 31, 2015, the AZL Gateway Fund purchased and wrote put and call options to hedge against security prices (equity risk). As of March 31, 2015, the AZL T. Rowe Price Capital Appreciation Fund purchased and 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).

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

The Funds had the following transactions in written call and put options during the period ended March 31, 2015:

The AZL BlackRock Global Allocation Fund had the following transactions in purchased call and put options during the period ended March 31, 2015:

	Number of Contracts			Notional Amount(a)			Cost
Options outstanding at December 31, 2014		4,549,398			3,664,669		$	8,743,630
Options purchased		2,849,999			67,692			5,739,194
Options exercised		—			—			—
Options expired		(580,172	)		(220,380	)		(1,744,084	)
Options closed		(1,971,583	)		(470,954	)		(4,040,075	)
Options outstanding at March 31, 2015		4,847,642			3,041,027		$	8,698,665

The AZL BlackRock Global Allocation Fund had the following transactions in written call and put options during the period ended March 31, 2015:

	Number of Contracts			Notional Amount(a)			Cost
Options outstanding at December 31, 2014		(4,751,478	)		(3,100	)	$	(3,023,316	)
Options written		(2,935,135	)		(9,952	)		(2,321,372	)
Options exercised		31,192			—			70,847
Options expired		150,928			—			406,709
Options closed		2,450,187			7,068			1,835,972
Options outstanding at March 31, 2015		(5,054,306	)		(5,984	)		(3,032,160	)

(a) Includes swaptions and currency options, as applicable.

The AZL Gateway Fund had the following transactions in purchased call and put options during the period ended March 31, 2015:

	Number of Contracts			Cost
Options outstanding at December 31, 2014		1,034		$	1,371,118
Options purchased		1,867			2,336,778
Options exercised		—			—
Options expired		(618	)		(692,543	)
Options closed		(1,249	)		(1,593,138	)
Options outstanding at March 31, 2015		1,034		$	1,422,215

The AZL Gateway Fund had the following transactions in written call and put options during the period ended March 31, 2015:

	Number of Contracts			Premiums Received
Options outstanding at December 31, 2014		(1,034	)	$	(4,598,555	)
Options written		(2,891	)		(10,221,633	)
Options exercised		—			—
Options expired		75			107,917
Options closed		2,816			10,226,320
Options outstanding at March 31, 2015		(1,034	)	$	(4,485,951	)

The AZL T. Rowe Price Capital Appreciation Fund had the following transactions in written call and put options during the period ended March 31, 2015:

	Number of Contracts			Premiums Received
Options outstanding at December 31, 2014		(9,063	)	$	(2,178,591	)
Options written		(1,756	)		(450,214	)
Options exercised		—			—
Options expired		—			—
Options closed		4,856			1,177,642
Options outstanding at March 31, 2015		(5,963	)	$	(1,451,163	)

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

Swap Agreements

The AZL BlackRock Global Allocation Fund, AZL Franklin Templeton Founding Strategy Plus Fund and AZL Pyramis Core Bond Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). The Funds may enter into swap agreements to manage their exposure to market, interest rate and credit risk. The value of swap agreements are equal to the Funds’ obligations (or rights) under swap agreements, which will generally be equal to the net amounts to be paid or received under the agreements based upon the relative values of the positions held by each party to the agreements. In connection with these arrangements, securities may be identified as collateral in accordance with the terms of the swap agreements to provide assets of value and recourse in the event of default or bankruptcy by the counterparty.

Swaps are marked to market daily using pricing sources approved by the Board of Trustees (“Trustees”) and the change in value, if any, is recorded as unrealized gain or loss. For OTC swaps, payments received or made at the beginning of the measurement period are recorded as realized gain or loss upon termination or maturity of the OTC swap. A liquidation payment received or made at the termination of the OTC swap is recorded as a realized gain or loss. Net periodic payments received or paid by the Funds are included as part of realized gains (losses). Upon entering a centrally cleared swap agreement, the Funds are required to deposit initial margin with the broker in the form of cash or assets determined to be liquid (the amount is subject to the clearing organization that clears the trade). Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable, as applicable, for variation margin on centrally cleared swaps.

Swap agreements involve, to varying degrees, elements of market risk and exposure to loss. The primary risks associated with the use of swap agreements are imperfect correlation between movements in the notional amount and the price of the underlying instruments and the inability of counterparties or clearing house to perform. The counterparty risk for centrally cleared swap agreements is generally lower than for OTC swap agreements because generally a clearing organization becomes substituted for each counterparty to a centrally cleared swap agreement and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to a clearing house for performance of financial obligations. However, there can be no assurance that the clearing house or its members will satisfy its obligations to the Funds.

The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement. The Funds bear the risk of loss of the amount expected to be received under a swap agreement (i.e., any unrealized appreciation) in the event of the default or bankruptcy of the swap agreement counterparty. The notional amount and related unrealized appreciation (depreciation) of each swap agreement at period end is disclosed in the swap tables in the Consolidated Schedule of Portfolio Investments. The Funds are party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, such as OTC swap contracts, entered into by the Funds, through the Subsidiary in the case of AZL BlackRock Global Allocation Fund, and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding OTC swap transactions under the applicable ISDA Master Agreement.

Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional amount and are subject to interest rate risk exposure. Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive. As of March 31, 2015, the AZL BlackRock Global Allocation Fund, AZL Franklin Templeton Founding Strategy Fund and AZL Pyramis Core Bond Fund entered into OTC and centrally cleared interest rate swap agreements to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk).

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

Credit default swap agreements may have as reference obligations one or more securities that are not currently held by the Fund. The protection “buyer” in a credit default contract is generally obligated to pay the protection “seller” an upfront or a periodic stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. A Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

Credit default swap agreements involve greater risks than if a Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. The Fund will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront, periodic, or daily payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. The Fund’s obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund). In connection with credit default swaps in which the Fund is the buyer, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Fund’s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which the Fund is the seller, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund). Such segregation or “earmarking” will ensure that the Fund has assets available to satisfy its obligations with respect to the transaction and will limit any potential leveraging of the Fund’s portfolio. Such segregation or “earmarking” will not limit the Fund’s exposure to loss. As of March 31, 2015 the AZL BlackRock Global Allocation Fund entered into OTC and centrally cleared credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk).

Money Market Reform

In July 2014, the United States Securities and Exchange Commission (“SEC”) issued final rules that will alter and increase the regulations to which money market funds, including the AZL Money Market Fund, are subject. The SEC’s new rules have varying implementation dates, ranging from July 2015 to October 2016 and are intended to give investors additional protection during rare periods of market stress, when redemptions in some money market mutual funds may increase significantly. The new rules will also replace much of the current Rule 2a-7 under the Investment Company Act of 1940 and add new Rule 30b1-8 (“Form N-CR”). Additionally, Forms N-MFP and N-PF, along with the instructions to Form N-1A, have been revised as part of this reform.

Certain government and U.S. treasury money market funds will not be subject to many of the new structural changes. The AZL Money Market Funds’ management has been reviewing and assessing the effect of the new rules and speaking with investors in order to properly align the interests of investors with implementation of the reforms. Further information regarding the money market mutual fund regulatory changes may be found at the SEC’s website, www.sec.gov.

3. 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, prepayment 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 Trust determines transfers between fair value hierarchy levels at the reporting period end. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are generally provided by an independent third party pricing service approved by the 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 for long securities and the last quoted ask price is used for securities sold short. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source approved by the Trustees. 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. Investments of the AZL Money Market Fund are valued, in accordance with Rule 2a-7 of the 1940 Act, at amortized cost, which approximates fair value. Under the amortized cost method, discounts or premiums are amortized on a constant basis to the maturity of the security and are typically categorized as Level 2 in the fair value hierarchy.

Futures contracts are valued at the last sales price as of the close of 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.

Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy. Non exchange-traded derivatives, such as swaps and certain options, are generally valued by approved independent pricing services utilizing techniques which take into account factors such as yield, quality, and maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes and are typically categorized as Level 2 in the far value hierarchy.

Other assets and securities for which market quotations are not readily available, or are deemed unreliable are valued at fair value as determined in good faith by the Trustees or persons acting on the behalf of the Trustees. 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.

In accordance with procedures adopted by the Trustees, 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. Management identifies possible fluctuation in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Funds may use a systematic valuation model provided by an independent third party to fair value its international equity securities, which are then typically categorized as Level 2 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of March 31, 2015 in valuing the Funds’ investments based upon three levels defined above:

AZL BlackRock Capital Appreciation Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Common Stocks
Internet Software & Services	$	80,410,850	$	10,579,374	$	—	$	90,990,224
Oil, Gas & Consumable Fuels		16,097,164		—		7,480,215		23,577,379
All Other Common Stocks+		465,098,840		—		—		465,098,840
Securities Held as Collateral for Securities on Loan		—		76,806,021		—		76,806,021
Unaffiliated Investment Company		2,782,054		—		—		2,782,054
Total Investment Securities	$	564,388,908	$	87,385,395	$	7,480,215	$	659,254,518

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

AZL BlackRock Global Allocation Fund

Investment Securities:	Level 1			Level 2			Level 3		Total
Common Stocks
Aerospace & Defense		4,260,750			5,124,378			—		9,385,128
Air Freight & Logistics		3,661,094			387,003			—		4,048,097
Airlines		1,314,738			1,799,516			—		3,114,254
Auto Components		1,938,153			8,459,865			—		10,398,018
Automobiles		2,486,350			12,864,353			—		15,350,703
Banks		17,766,392			13,844,852			—		31,611,244
Beverages		4,583,122			2,482,285			—		7,065,407
Biotechnology		7,620,756			174,049			—		7,794,805
Building Products		—			1,541,744			—		1,541,744
Capital Markets		4,961,727			933,183			—		5,894,910
Chemicals		3,533,030			12,224,110			—		15,757,140
Commercial Services & Supplies		170,280			267,428			—		437,708
Communications Equipment		4,499,050			1,020,840			—		5,519,890
Construction & Engineering		—			1,650,876			—		1,650,876
Distributors		—			58,305			—		58,305
Diversified Consumer Services		—			28,369			—		28,369
Diversified Financial Services		2,628,022			891,770			—		3,519,792
Diversified Telecommunication Services		4,501,012			4,441,709			—		8,942,721
Electric Utilities		1,601,234			1,061,394			—		2,662,628
Electrical Equipment		3,557,685			3,052,103			—		6,609,788
Electronic Equipment, Instruments & Components		333,563			4,244,659			—		4,578,222
Energy Equipment & Services		1,954,951			1,859,666			1,782,891		5,597,508
Food & Staples Retailing		1,236,461			353,035			—		1,589,496
Food Products		1,010,271			5,348,714			—		6,358,985
Gas Utilities		—			1,849,603			—		1,849,603
Health Care Equipment & Supplies		3,199,100			213,930			—		3,413,030
Health Care Providers & Services		11,126,139			6,868,224			—		17,994,363
Household Durables		137,387			1,577,652			—		1,715,039
Industrial Conglomerates		5,135,594			3,364,138			—		8,499,732
Insurance		7,345,684			6,964,910			—		14,310,594
Internet & Catalog Retail		—			4,715			—		4,715
Internet Software & Services		15,709,092			990,924			2,328,046		19,028,062
IT Services		8,550,599			1,616,499			—		10,167,098
Leisure Products		—			1,341,806			—		1,341,806
Machinery		3,854,362			4,583,513			—		8,437,875
Media		8,658,892			544,058			—		9,202,950
Metals & Mining		11,541,417			5,767,731			—		17,309,148
Multiline Retail		304,752			436,791			—		741,543
Multi-Utilities		2,618,574			1,420,274			—		4,038,848
Oil, Gas & Consumable Fuels		24,673,899			9,751,310			1,096,000		35,521,209
Personal Products		328,832			196,280			—		525,112
Pharmaceuticals		19,667,880			11,875,630			—		31,543,510
Real Estate Management & Development		1,658,623			9,390,102			—		11,048,725
Road & Rail		5,436,442			2,636,702			—		8,073,144
Semiconductors & Semiconductor Equipment		447,897			3,138,083			—		3,585,980
Software		13,163,710			2,656,374			—		15,820,084
Specialty Retail		697,697			1,486,854			—		2,184,551
Technology Hardware, Storage & Peripherals		2,614,888			1,232,511			—		3,847,399
Tobacco		2,318,657			358,119			—		2,676,776
Trading Companies & Distributors		—			4,697,136			—		4,697,136
Transportation Infrastructure		—			86,848			319,739		406,587
Wireless Telecommunication Services		1,301,348			2,425,217			—		3,726,565
All Other Common Stocks+		27,752,014			—			—		27,752,014
Preferred Stocks
Automobiles		—			2,224,380			—		2,224,380
Banks		5,247,947			628,078			—		5,876,025
Health Care Providers & Services		—			—			894,352		894,352
Oil, Gas & Consumable Fuels		—			—			730,222		730,222
Real Estate Management & Development		—			329,550			—		329,550
Semiconductors & Semiconductor Equipment		—			1,909,008			—		1,909,008
All Other Preferred Stocks+		2,291,459			—			—		2,291,459
Warrant		—			94,120			—		94,120
Convertible Preferred Stocks
Banks		—			331,840			—		331,840
All Other Convertible Preferred Stocks+		3,416,087			—			—		3,416,087
Right		—			9,650			—		9,650
Convertible Bonds+		—			17,504,255			—		17,504,255
Floating Rate Loans+
Media		—			—			292,000		292,000
All Other Floating Rate Loans+		—			8,165,811			—		8,165,811
Corporate Bonds
Transportation Infrastructure		—			—			570,966		570,966
All Other Corporate Bonds+					20,786,264					20,786,264
Foreign Bonds+		—			87,751,072			—		87,751,072
Yankee Dollars+		—			30,386,024			—		30,386,024
U.S. Government Agency Mortgage		—			2,841,093			—		2,841,093
U.S. Treasury Obligations		—			164,622,690			—		164,622,690
Purchased Options		1,606			11,790,330			—		11,791,936
Exchange Traded Fund		5,452,576			—			—		5,452,576
Securities Held as Collateral for Securities on Loan		—			39,165,832			—		39,165,832
Unaffiliated Investment Company		5,419,019			—			—		5,419,019
Total Investment Securities		273,690,814			560,130,137			8,014,216		841,835,167
Securities Sold Short		(2,135,868	)		(99,990	)		—		(2,235,858	)
Other Financial Instruments:*
Futures Contracts		(109,261	)		—			—		(109,261	)
Written Options		—			(838,500	)		—		(838,500	)
Written Swaptions		—			(89,484	)		—		(89,484	)
Forward Currency Contracts		—			1,387,444			—		1,387,444
Credit Default Swaps		—			(13,771	)		—		(13,771	)
Interest Rate Swaps		—			(42,209	)		—		(42,209	)
Total Return Swaps		—			149,203			—		149,203
Total Investments	$	271,445,685		$	560,582,830		$	8,014,216	$	840,042,731

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

AZL Dreyfus Research Growth Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Common Stocks+	$	335,003,296	$	—	$	—	$	335,003,296
Affiliated Investment Company		1,758,754		—		—		1,758,754
Total Investment Securities	$	336,762,050	$	—	$	—	$	336,762,050

AZL Enhanced Bond Index Fund

Investment Securities:	Level 1		Level 2			Level 3		Total
Asset Backed Securities	$	—	$	96,680,291		$	—	$	96,680,291
Collateralized Mortgage Obligations		—		68,205,083			—		68,205,083
Corporate Bonds+		—		190,942,259			—		190,942,259
Municipal Bonds		—		9,516,150			—		9,516,150
U.S. Government Agency Mortgages		—		293,510,506			—		293,510,506
U.S. Treasury Obligations		—		244,177,703			—		244,177,703
Yankee Dollars+		—		87,381,179			—		87,381,179
Securities Held as Collateral for Securities on Loan		—		144,930,965			—		144,930,965
Unaffiliated Investment Company		118,070,758		—			—		118,070,758
Total Investment Securities		118,070,758		1,135,344,136			—		1,253,414,894
Securities Sold Short		—		(29,848,704	)		—		(29,848,704	)
Other Financial Instruments:*
Futures Contracts		49,742		—			—		49,742
Total Investments	$	118,120,500	$	1,105,495,432		$	—	$	1,223,615,932
AZL Federated Clover Small Value Fund
Investment Securities:	Level 1		Level 2			Level 3		Total
Common Stocks+	$	399,228,219	$	—		$	—	$	399,228,219
Securities Held as Collateral for Securities on Loan		—		118,614,924			—		118,614,924
Unaffiliated Investment Company		8,044,818		—			—		8,044,818
Total Investment Securities	$	407,273,037	$	118,614,924		$	—	$	525,887,961

AZL Franklin Templeton Founding Strategy Plus Fund
Investment Securities:	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	7,187,484	$	709,928		$	—	$	7,897,412
Air Freight & Logistics		761,948		1,299,494			—		2,061,442
Airlines		—		3,723,023			—		3,723,023
Auto Components		—		2,801,522			—		2,801,522
Automobiles		6,394,605		4,774,570			—		11,169,175
Banks		29,016,458		17,234,395			—		46,250,853
Capital Markets		2,642,488		2,665,105			—		5,307,593
Chemicals		8,262,118		3,964,801			—		12,226,919
Commercial Services & Supplies		2,037,056		607,700			—		2,644,756
Communications Equipment		7,059,860		1,837,625			—		8,897,485
Construction & Engineering		—		1,476,831			—		1,476,831
Construction Materials		—		3,127,198			—		3,127,198
Diversified Financial Services		—		4,647,120			—		4,647,120
Diversified Telecommunication Services		7,401,807		6,653,233			—		14,055,040
Electrical Equipment		—		104,098			—		104,098
Energy Equipment & Services		7,479,488		1,150,158			—		8,629,646
Food & Staples Retailing		10,799,028		3,875,732			—		14,674,760
Gas Utilities		142,496		—			—		142,496
Health Care Equipment & Supplies		12,469,972		2,606,567			—		15,076,539
Industrial Conglomerates		3,096,784		2,623,502			—		5,720,286
Insurance		21,691,833		8,184,600			—		29,876,433
Life Sciences Tools & Services		—		865,409			—		865,409
Machinery		3,450,893		1,102,952			—		4,553,845
Marine		—		2,708,568			—		2,708,568
Media		21,728,604		4,899,719			—		26,628,323
Metals & Mining		7,684,210		4,964,923			—		12,649,133
Multiline Retail		5,262,328		1,295,919			—		6,558,247
Oil, Gas & Consumable Fuels		28,685,358		17,471,318			—		46,156,676
Pharmaceuticals		37,928,264		10,745,377			—		48,673,641
Semiconductors & Semiconductor Equipment		3,195,451		8,040,344			—		11,235,795
Software		18,466,550		875,619			—		19,342,169
Sovereign Bonds		—		486,631			—		486,631
Specialty Retail		1,294,383		2,965,374			—		4,259,757
Technology Hardware, Storage & Peripherals		12,383,705		1,696,286			—		14,079,991
Tobacco		6,709,718		5,494,348			—		12,204,066
Wireless Telecommunication Services		2,235,297		4,650,419			—		6,885,716
Other Common Stocks+		45,223,863		—			—		45,223,863
Preferred Stocks
Automobiles		—		1,584,472			—		1,584,472
Other Preferred Stocks+		1,705,628		—			—		1,705,628
Convertible Preferred Stocks
Banks		925,599		507,520			—		1,433,119
Commercial Services & Supplies		—		41,199			—		41,199
Oil, Gas & Consumable Fuels		—		220,688			—		220,688
Real Estate Investment Trusts (REITs)		—		65,391			—		65,391
Other Convertible Preferred Stocks+		787,400		—			—		787,400
Convertible Bonds+		—		6,495,785			—		6,495,785
Corporate Bonds+		—		56,552,547			—		56,552,547
Equity-Linked Securities+		—		7,507,627			—		7,507,627
Floating Rate Loans+		—		4,458,315			—		4,458,315
Foreign Bonds+		—		115,472,597			—		115,472,597
Municipal Bond		—		466,580			—		466,580
Rights		—		166,131			—		166,131
U.S. Government Agency Mortgages		—		17,000,000			—		17,000,000
U.S. Treasury Obligations		—		8,998,832			—		8,998,832
Yankee Dollars+		—		33,190,866			—		33,190,866
Securities Held as Collateral for Securities on Loan		—		58,503,336			—		58,503,336
Unaffiliated Investment Company		53,573,669		—			—		53,573,669
Total Investment Securities		377,684,345		453,562,294			—		831,246,639
Other Financial Instruments:*
Forward Currency Contracts		—		11,336,657			—		11,336,657
Over-the Counter Interest Rate Swaps		—		(1,033,344	)		—		(1,033,344	)
Centrally Cleared Interest Rate Swaps		—		28,058			—		28,058
Total Investments	$	377,684,345	$	463,893,665		$	—	$	841,578,010

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

AZL Gateway Fund
Investment Securities:	Level 1			Level 2			Level 3			Total
Common Stocks+	$	215,402,273		$	—		$	—		$	215,402,273
Purchased Put Options		925,050			—			—			925,050
Unaffiliated Investment Company		2,797,146			—			—			2,797,146
Total Investment Securities		219,124,469			—			—			219,124,469
Other Financial Instruments:*
Written Options		(2,825,300	)		—			—			(2,825,300	)
Total Investments	$	216,299,169		$	—		$	—		$	216,299,169
AZL International Index Fund
Investment Securities:	Level 1			Level 2			Level 3			Total
Common Stocks
Airlines	$	126,863		$	2,092,086		$	—		$	2,218,949
Capital Markets		4,804,611			13,577,342			—			18,381,953
Electric Utilities		133,127			16,536,460			—			16,669,587
Real Estate Management & Development		—			18,569,505			—	^		18,569,505
All Other Common Stocks+		—			842,417,100			—			842,417,100
Preferred Stocks+		—			5,844,472			—			5,844,472
Rights		—			201,568			—			201,568
Securities Held as Collateral for Securities on Loan		—			38,717,861			—			38,717,861
Unaffiliated Investment Company		254,478			—			—			254,478
Total Investment Securities		5,319,079			937,956,394			—	^		943,275,473
Other Financial Instruments:*
Futures Contracts		72,584			—			—			72,584
Total Investments	$	5,391,663		$	937,956,394		$	—	^	$	943,348,057
AZL Invesco Equity and Income Fund
Investment Securities:	Level 1			Level 2			Level 3			Total
Common Stocks
Diversified Telecommunication Services		7,399,930			7,402,045			—			14,801,975
Oil, Gas & Consumable Fuels		40,159,392			30,332,003			—			70,491,395
Pharmaceuticals		47,355,495			21,991,966			—			69,347,461
All Other Common Stocks+		714,568,175			—			—			714,568,175
Convertible Bonds+		—			94,124,294			—			94,124,294
Convertible Preferred Stocks
Banks		265,200			1,760,535			—			2,025,735
Capital Markets		631,354			2,559,375			—			3,190,729
Oil, Gas & Consumable Fuels		—			1,641,613			—			1,641,613
Corporate Bonds+		—			107,498,285			—			107,498,285
Right		—			15,185			—			15,185
U.S. Government Agency Mortgages		—			1,896,554			—			1,896,554
U.S. Treasury Obligations		—			134,872,361			—			134,872,361
Yankee Dollars+		—			21,903,559			—			21,903,559
Securities Held as Collateral for Securities on Loan		—			217,282,614			—			217,282,614
Unaffiliated Investment Company		98,694,479			—			—			98,694,479
Total Investment Securities		909,074,025			643,280,389			—			1,552,354,414
Other Financial Instruments:*
Forward Currency Contracts		—			(901,387	)		—			(901,387	)
Total Investments	$	909,074,025		$	642,379,002		$	—		$	1,551,453,027

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

AZL Invesco Growth and Income Fund

Investment Securities:	Level 1		Level 2			Level 3		Total
Common Stocks
Diversified Telecommunication Services	$	3,237,056	$	3,341,620		$	—	$	6,578,676
Oil, Gas & Consumable Fuels		19,677,557		14,491,099			—		34,168,656
Pharmaceuticals		21,781,233		10,558,908			—		32,340,141
All Other Common Stocks+		325,138,550		—			—		325,138,550
Right		—		7,453			—		7,453
Securities Held as Collateral for Securities on Loan		—		15,319,720			—		15,319,720
Unaffiliated Investment Company		5,231,149		—			—		5,231,149
Total Investment Securities		375,065,545		43,718,800			—		418,784,345
Other Financial Instruments:*
Forward Currency Contracts		—		(438,559	)		—		(438,559	)
Total Investments	$	375,065,545	$	43,280,241		$	—	$	418,345,786

AZL Invesco International Equity Fund

Investment Securities:	Level 1		Level 2		Level 3			Total
Common Stocks
Banks	$	8,829,545	$	30,595,937	$	—		$	39,425,482
Beverages		3,750,566		15,093,637		—			18,844,203
Capital Markets		8,618,942		13,879,596		—			22,498,538
Diversified Financial Services		8,703,062		19,218,278		—			27,921,340
Food Products		3,971,833		6,334,884		—			10,306,717
Insurance		8,678,724		—		—			8,678,724
Internet Software & Services		10,020,914		7,002,402		—			17,023,316
Life Sciences Tools & Services		—		—		—	^		—	^
Media		7,336,967		66,820,941		—			74,157,908
Oil, Gas & Consumable Fuels		16,998,678		8,939,608		—			25,938,286
Pharmaceuticals		14,210,692		18,888,844		—			33,099,536
Road & Rail		5,188,795		—		—			5,188,795
Semiconductors & Semiconductor Equipment		18,744,884		9,621,390		—			28,366,274
Software		10,454,699		9,206,555		—			19,661,254
All Other Common Stocks+		—		179,879,026		—			179,879,026
Securities Held as Collateral for Securities on Loan		—		20,702,875		—			20,702,875
Unaffiliated Investment Company		39,772,724		—		—			39,772,724
Total Investment Securities	$	165,281,025	$	406,183,973	$	—		$	571,464,998

AZL JPMorgan International Opportunities Fund

Investment Securities:	Level 1		Level 2			Level 3		Total
Common Stocks
Capital Markets	$	9,481,783	$	—		$	—	$	9,481,783
All Other Common Stocks+		—		565,739,059			—		565,739,059
Preferred Stock		—		9,186,032			—		9,186,032
Securities Held as Collateral for Securities on Loan		—		31,588,161			—		31,588,161
Unaffiliated Investment Company		1,331,053		—			—		1,331,053
Total Investment Securities		10,812,836		606,513,252			—		617,326,088
Other Financial Instruments:*
Forward Currency Contracts		—		(892,810	)		—		(892,810	)
Total Investments	$	10,812,836	$	605,620,442		$	—	$	616,433,278

AZL JPMorgan U.S. Equity Fund

Investment Securities:	Level 1			Level 2		Level 3		Total
Common Stocks+	$	500,090,581		$	—	$	—	$	500,090,581
Securities Held as Collateral for Securities on Loan		—			34,192,459		—		34,192,459
Unaffiliated Investment Company		5,919,402			—		—		5,919,402
Total Investment Securities		506,009,983			34,192,459		—		540,202,442
Other Financial Instruments:*
Futures Contracts		(28,062	)		—		—		(28,062	)
Total Investments	$	505,981,921		$	34,192,459	$	—	$	540,174,380

AZL MetWest Total Return Bond Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	37,055,392	$	—	$	37,055,392
Collateralized Mortgage Obligations		—		78,484,225		—		78,484,225
Commercial Paper		—		3,948,863		—		3,948,863
Corporate Bonds+		—		65,842,979		—		65,842,979
Municipal Bonds		—		2,317,163		—		2,317,163
Preferred Stock		—		840,000		—		840,000
Securities Held as Collateral for Securities on Loan		—		4,079,046		—		4,079,046
U.S. Government Agency Mortgages		—		125,933,893		—		125,933,893
U.S. Treasury Obligations		—		146,641,436		—		146,641,436
Yankee Dollars+		—		7,266,492		—		7,266,492
Unaffiliated Investment Company		20,516,795		—		—		20,516,795
Total Investment Securities	$	20,516,795	$	472,409,489	$	—	$	492,926,284

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

AZL MFS Investors Trust Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Common Stocks
Beverages	$	—	$	6,322,069	$	—	$	6,322,069
Chemicals		10,325,637		1,755,469		—		12,081,106
Food Products		5,839,927		4,019,350		—		9,859,277
Textiles, Apparel & Luxury Goods		5,750,191		3,119,400		—		8,869,591
All Other Common Stocks+		314,229,764		—		—		314,229,764
Preferred Stock		974,460		—		—		974,460
Securities Held as Collateral for Securities on Loan		—		44,659,541		—		44,659,541
Unaffiliated Investment Company		4,526,632		—		—		4,526,632
Total Investment Securities	$	341,646,611	$	59,875,829	$	—	$	401,522,440

AZL MFS Mid Cap Value Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Common Stocks+	$	221,182,465	$	3,993,201	$	—	$	225,175,666
Convertible Preferred Stock		783,815		—		—		783,815
Securities Held as Collateral for Securities on Loan		—		40,178,840		—		40,178,840
Unaffiliated Investment Company		1,216,902		—		—		1,216,902
Total Investment Securities	$	223,183,182	$	44,172,041	$	—	$	267,355,223

AZL MFS Value Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Common Stocks
Beverages	$	987,121	$	6,526,036	$	—	$	7,513,157
Food Products		9,735,539		11,919,540		—		21,655,079
Pharmaceuticals		39,636,174		3,096,347		—		42,732,521
Tobacco		23,750,132		1,024,365		—		24,774,497
Wireless Telecommunication Services		—		2,707,654		—		2,707,654
All Other Common Stocks+		407,951,192		—		—		407,951,192
Convertible Preferred Stock		430,780		—		—		430,780
Securities Held as Collateral for Securities on Loan		—		30,847,402		—		30,847,402
Unaffiliated Investment Company		2,561,985		—		—		2,561,985
Total Investment Securities	$	485,052,923	$	56,121,344	$	—	$	541,174,267

AZL Mid Cap Index Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Common Stocks+	$	546,968,705	$	—	$	—	$	546,968,705
Securities Held as Collateral for Securities on Loan		—		71,878,695		—		71,878,695
Unaffiliated Investment Company		24,661,458		—		—		24,661,458
Total Investment Securities		571,630,163		71,878,695		—		643,508,858
Other Financial Instruments:*
Futures Contracts		583,702		—		—		583,702
Total Investments	$	572,213,865	$	71,878,695	$	—	$	644,092,560

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

AZL Money Market Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Certificates of Deposit	$	—	$	246,259,148	$	—	$	246,259,148
Commercial Paper		—		333,713,853		—		333,713,853
Corporate Bond+		—		8,000,000		—		8,000,000
U.S. Government Agency Mortgages		—		54,240,972		—		54,240,972
U.S. Treasury Obligation		—		10,000,000		—		10,000,000
Yankee Dollars+		—		11,425,749		—		11,425,749
Total Investment Securities	$	—	$	663,639,722	$	—	$	663,639,722

AZL Morgan Stanley Global Real Estate Fund

Investment Securities:	Level 1		Level 2		Level 3			Total
Common Stocks
Diversified Real Estate Activities	$	—	$	26,763,935	$	—		$	26,763,935
Diversified REITs		9,801,036		12,781,201		—			22,582,237
Industrial REITs		2,606,778		2,973,142		—			5,579,920
Office REITs		10,894,675		5,912,832		—			16,807,507
Real Estate Development		—		1,404,275		—	^		1,404,275
Real Estate Operating Companies		5,181,647		14,359,577		—			19,541,224
Residential REITs		21,381,893		257,061		—			21,638,954
Retail REITs		29,645,854		14,457,805		—			44,103,659
Specialized REITs		5,638,526		271,896		—			5,910,422
All Other Common Stocks+		18,641,321		—		—			18,641,321
Securities Held as Collateral for Securities on Loan		—		15,943,637		—			15,943,637
Unaffiliated Investment Company		684,837		—		—			684,837
Total Investment Securities	$	104,476,567	$	95,125,361	$	—	^	$	199,601,928

AZL Morgan Stanley Mid Cap Growth Fund

Investment Securities:	Level 1		Level 2		Level 3			Total
Common Stocks
Internet & Catalog Retail	$	15,175,242	$	2,409,120	$	—		$	17,584,362
All Other Common Stocks+		409,535,477		—		—			409,535,477
Private Placements
Transportation Infrastructure		—		—		—	^		—	^
All Other Private Placements+		—		—		18,570,283			18,570,283
Securities Held as Collateral for Securities on Loan		—		82,986,011		—			82,986,011
Unaffiliated Investment Company		16,802,402		—		—			16,802,402
Total Investment Securities	$	441,513,121	$	85,395,131	$	18,570,283		$	545,478,535

Quantitative Information about Level 3 Fair Value Measurements
Type of Assets	Fair Value at March 31, 2015		Valuation Basis at March 31, 2015	Valuation Technique(s)	Unobservable input(s)	Range			Weighted Average
Investment Securities:
Private Placements:
Internet & Catalog Retail
Flipkart, Preferred	$	4,953,765	Market Approach	Market Transaction Method	Precedent Transaction of Preferred Stock	$	131.00		$	131.00
Peixe Urbano, Inc.		14,382	Market Approach	Asset Approach	Net Tangible Assets	$	0.43		$	0.43
Internet Software & Services
Airbnb, Inc., Series D Preferred		3,877,235	Market Approach	Market Transaction Method	Precedent Transaction	$	50.41		$	50.41
Dropbox, Inc.		4,575,640	Market Approach	Market Transaction Method	Precedent Transaction of Preferred Stock	$	18.63		$	18.63
Palantir Technologies, Inc., Series G		2,042,140	Market Approach	Market Transaction Method	Precedent Transaction of Preferred Stock	$	8.89		$	8.89
				Discounted Cash Flow	Weighted Average Cost of Capital		16%-18	%		17	%
					Perpetual Growth Rate		2.5%-3.5	%		3	%
				Market Comparable Companies	Enterprise Value/Revenue		10.2x-13.1x			11.2x
					Discount for Lack of Marketability		15	%		15	%
Palantir Technologies, Inc., Series H Preferred		601,604	Market Approach	Market Transaction Method	Precedent Transaction of Preferred Stock	$	8.89		$	8.89
				Discounted Cash Flow	Weighted Average Cost of Capital		16%-18	%		17	%
					Perpetual Growth Rate		2.5%-3.5	%		3	%
				Market Comparable Companies	Enterprise Value/Revenue		10.2x-13.1x			11.2x
					Discount for Lack of Marketability		15	%		15	%
Palantir Technologies, Inc., Series H-1 Preferred		601,604	Market Approach	Market Transaction Method	Precedent Transaction of Preferred Stock	$	8.89		$	8.89
				Discounted Cash Flow	Weighted Average Cost of Capital		16%-18	%		17	%
					Perpetual Growth Rate		2.5%-3.5	%		3	%
				Market Comparable Companies	Enterprise Value/Revenue		10.2x-13.1x			11.2x
					Discount for Lack of Marketability		15	%		15	%
Survey Monkey		1,903,913	Market Approach	Market Transaction Method	Precedent Transaction	$	16.28		$	16.28
Total Investment Securities	$	18,570,283

	Private Placements
Balance as of December 31, 2014	$	17,963,254
Change in Unrealized Appreciation/Depreciation*		607,029
Net Realized Gain (Loss)		—
Gross Purchases		—
Gross Sales		—
Balance as of March 31, 2015	$	18,570,283

* The noted amounts of change in unrealized appreciation/depreciation relate to the fair value of Level 3 assets held on March 31, 2015.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

AZL NFJ International Value Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	3,527,322	$	—	$	—	$	3,527,322
Auto Components		1,781,512		—		—		1,781,512
Automobiles		2,027,700		3,243,089		—		5,270,789
Banks		10,637,982		18,457,850		—		29,095,832
Chemicals		1,441,033		1,006,342		—		2,447,375
Electric Utilities		2,879,436		—		—		2,879,436
Electronic Equipment, Instruments & Components		2,553,597		3,019,041		—		5,572,638
Household Products		1,410,513		—		—		1,410,513
Industrial Conglomerates		2,651,844		2,955,198		—		5,607,042
Insurance		11,164,610		4,786,009		—		15,950,619
Metals & Mining		2,252,160		4,606,149		—		6,858,309
Multiline Retail		3,408,100		—		—		3,408,100
Oil, Gas & Consumable Fuels		10,371,649		2,338,040		—		12,709,689
Pharmaceuticals		5,027,610		3,049,994		—		8,077,604
Semiconductors & Semiconductor Equipment		1,899,532		—		—		1,899,532
Software		1,517,943		—		—		1,517,943
Trading Companies & Distributors		2,582,400		—		—		2,582,400
Wireless Telecommunication Services		2,600,466		3,490,875		—		6,091,341
All Other Common Stocks+		—		27,166,876		—		27,166,876
Preferred Stock		—		3,645,216		—		3,645,216
Right		—		187,564		—		187,564
Securities Held as Collateral for Securities on Loan		—		13,721,217		—		13,721,217
Unaffiliated Investment Company		4,589,464		—		—		4,589,464
Total Investment Securities	$	74,324,873	$	91,673,460	$	—	$	165,998,333

AZL Oppenheimer Discovery Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Common Stocks+	$	298,238,659	$	—	$	—	$	298,238,659
Securities Held as Collateral for Securities on Loan		—		79,742,529		—		79,742,529
Unaffiliated Investment Company		9,346,983		—		—		9,346,983
Total Investment Securities	$	307,585,642	$	79,742,529	$	—	$	387,328,171

AZL Pyramis Core Bond Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	18,886,914	$	—	$	18,886,914
Collateralized Mortgage Obligations		—		48,276,002		—		48,276,002
Corporate Bonds+		—		194,870,389		—		194,870,389
Municipal Bonds		—		23,207,552		—		23,207,552
Securities Held as Collateral for Securities on Loan		—		34,828,017		—		34,828,017
U.S. Government Agency Mortgages		—		53,091,032		—		53,091,032
U.S. Treasury Obligations		—		53,419,146		—		53,419,146
Yankee Dollars+		—		76,382,137		—		76,382,137
Unaffiliated Investment Company		2,413,915		—		—		2,413,915
Total Investment Securities	$	2,413,915.00	$	502,961,189	$	—	$	505,375,104

AZL Russell 1000 Growth Index Fund

Investment Securities:	Level 1			Level 2		Level 3		Total
Common Stocks+	$	130,749,949		$	—	$	—	$	130,749,949
Securities Held as Collateral for Securities on Loan		—			15,967,259		—		15,967,259
Unaffiliated Investment Company		2,178,027			—		—		2,178,027
Total Investment Securities		132,927,976			15,967,259		—		148,895,235
Securities Sold Short		(2,609	)		—		—		(2,609	)
Other Financial Instruments:*
Futures Contracts		15,313			—		—		15,313
Total Investments	$	132,940,680		$	15,967,259	$	—	$	148,907,939

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

AZL Russell 1000 Value Index Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Common Stocks+	$	212,606,717	$	—	$	—	$	212,606,717
Securities Held as Collateral for Securities on Loan		—		21,816,687		—		21,816,687
Unaffiliated Investment Company		5,677,493		—		—		5,677,493
Total Investment Securities		218,284,210		21,816,687		—		240,100,897
Other Financial Instruments:*
Futures Contracts		64,547		—		—		64,547
Total Investments	$	218,348,757	$	21,816,687	$	—	$	240,165,444

AZL S&P 500 Index Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Common Stocks+	$	1,734,433,924	$	—	$	—	$	1,734,433,924
Securities Held as Collateral for Securities on Loan		—		144,969,244		—		144,969,244
Unaffiliated Investment Company		86,734,967		—		—		86,734,967
Total Investment Securities		1,821,168,891		144,969,244		—		1,966,138,135
Other Financial Instruments:*
Futures Contracts		551,708		—		—		551,708
Total Investments	$	1,821,720,599	$	144,969,244	$	—	$	1,966,689,843

AZL Schroder Emerging Markets Equity Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	1,005,525	$	—	$	—	$	1,005,525
Banks		6,651,690		43,774,942		—		50,426,632
Beverages		3,255,232		—		—		3,255,232
Construction Materials		951,394		—		—		951,394
Food & Staples Retailing		646,306		1,111,608		—		1,757,914
Food Products		385,862		120,060		—		505,922
Health Care Equipment & Supplies		1,294,940		—		—		1,294,940
Hotels, Restaurants & Leisure		2,737,803		—		—		2,737,803
Insurance		1,818,646		17,516,006		—		19,334,652
Internet Software & Services		1,649,069		14,775,008		—		16,424,077
IT Services		2,652,468		6,404,436		—		9,056,904
Machinery		1,017,140		1,130,514		—		2,147,654
Metals & Mining		2,862,969		1,071,506		—		3,934,475
Oil, Gas & Consumable Fuels		5,028,409		9,593,086		—		14,621,495
Real Estate Management & Development		415,094		5,610,349		—		6,025,443
Transportation Infrastructure		1,443,434		—		—		1,443,434
All Other Common Stocks+		—		110,837,607		—		110,837,607
Preferred Stocks
Food & Staples Retailing		1,226,518		—		—		1,226,518
Metals & Mining		179,935		—		—		179,935
Securities Held as Collateral for Securities on Loan		—		9,118,242		—		9,118,242
Unaffiliated Investment Company		1,071,606		—		—		1,071,606
Total Investment Securities	$	36,294,040	$	221,063,364	$	—	$	257,357,404

AZL Small Cap Stock Index Fund

Investment Securities:	Level 1		Level 2			Level 3		Total
Common Stocks+	$	388,256,833	$	—		$	—	$	388,256,833
Right		—		—	^		—		—	^
Securities Held as Collateral for Securities on Loan		—		113,433,354			—		113,433,354
Unaffiliated Investment Company		4,367,950		—			—		4,367,950
Total Investment Securities		392,624,783		113,433,354			—		506,058,137
Other Financial Instruments:*
Futures Contracts		114,080		—			—		114,080
Total Investments	$	392,738,863	$	113,433,354		$	—	$	506,172,217

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

AZL T. Rowe Price Capital Appreciation Fund

Investment Securities:	Level 1		Level 2			Level 3		Total
Asset Backed Securities	$	—	$	388,723		$	—	$	388,723
Common Stocks
Beverages		6,263,110		1,242,322			—		7,505,432
Capital Markets		29,118,149		2,542,798			—		31,660,947
Paper & Forest Products		—		—  ^			—		—  ^
All Other Common Stocks+		485,063,553		—			—		485,063,553
Convertible Bonds+		—		755,508			—		755,508
Convertible Preferred Stocks+		19,478,712		—			—		19,478,712
Corporate Bonds+		—		218,455,365			—		218,455,365
Foreign Bonds+		—		3,169,495			—		3,169,495
Preferred Stocks+		829,487		—			—		829,487
Yankee Dollars+		—		37,016,853			—		37,016,853
Securities Held as Collateral for Securities on Loan		—		52,358,535			—		52,358,535
Unaffiliated Investment Company		110,731,056		—			—		110,731,056
Total Investment Securities		651,484,067		315,929,599			—		967,413,666
Other Financial Instruments:*
Forward Currency Contracts		—		29,158			—		29,158
Futures Contracts		82,371		—			—		82,371
Written Options		44,920		(1,471,284	)		—		(1,426,364	)
Total Investments	$	651,611,358	$	314,487,473		$	—	$	966,098,831

AZL Wells Fargo Large Cap Growth Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Common Stocks+		98,004,475		—		—		98,004,475
Securities Held as Collateral for Securities on Loan		—		3,837,567		—		3,837,567
Unaffiliated Investment Company		1,451,818		—		—		1,451,818
Total Investment Securities		99,456,293		3,837,567		—		103,293,860

+ For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

* Other Financial Instruments would include any derivative instruments, such as written options. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment

^ Represents the interest in securities that were determined to have a value of zero at March 31, 2015.

For the period ended March 31, 2015, there have been no significant changes to the Funds’ fair valuation methodologies. Changes in valuation techniques may result in transfers in to or out of an investment’s assigned level within the hierarchy during the reporting period. There were significant transfers from Level 2 to Level 1, based on valuations at the reporting period end, the result of certain country holdings valued at close prices at period end; and transfers from Level 1 to Level 2, the result of fair value prices applied to certain country holdings at period end, are noted below:

	Transfers from Level 2 to Level 1		Transfers from Level 1 to Level 2		Total Transfers
AZL Invesco International Equity Fund	$	—	$	12,674,895	$	12,674,895	(a)
AZL Schroder Emerging Markets Equity Fund		2,325,619		8,979,226		11,304,845	(b)

(a) Represents 2.3% of net assets as of March 31, 2015.

(b) Represents 4.5% of net assets as of March 31, 2015.

4. Restricted Securities

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held by the Funds as of March 31, 2015 are identified below.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

AZL BlackRock Capital Appreciation Fund

Security	Acquisition Date(a)		Acquisition Cost		Shares		Fair Value		Percentage of Net Assets
Palantir Technologies, Inc.		2/7/14	$	5,157,898	$	841,419	$	7,480,215		1.29	%

(a) Acquisition date represents the initial purchase date of the security.

AZL BlackRock Global Allocation Fund

Security	Acquisition Date(a)		Acquisition Cost		Shares or Principal Amount		Fair Value		Percentage of Net Assets
Delta Topco, Ltd.		5/2/12	$	379,997	$	615,711	$	319,739		0.04	%
Delta Topco, Ltd., 10.00%, 11/24/60		5/2/12		701,862		567,978		570,966		0.07	%
Dropbox, Inc.		1/28/14		1,827,985		95,700		1,782,891		0.22	%
Grand Rounds, Inc., Series C, Series C, Preferred Shares		3/31/15		402,486		143,925		399,608		0.05	%
Inversiones Alsacia SA, 8/18/18		12/23/14		—		495,000		—		—	%
Invitae Corp., Series F, Preferred Shares		10/8/14		372,878		31,073		494,744		0.06	%
Lookout, Inc., Series F, Series F, Preferred Shares		9/19/14		730,222		63,925		730,222		0.09	%
Palantir Technologies, Inc.		3/27/14		712,042		116,157		1,032,636		0.13	%
REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14		2/7/12		300,000		400,000		20,000		0.00	%
Uber Technologies, Inc.		3/21/14		1,063,120		68,532		2,328,046		0.29	%

(a) Acquisition date represents the initial purchase date of the security.

AZL Franklin Templeton Founding Strategy Plus Fund

Security	Acquisition Date(a)		Acquisition Cost		Shares		Fair Value		Percentage of Net Assets
Tribune Co.		12/31/12	$	—		5,216	$	—		—	%

(a) Acquisition date represents the initial purchase date of the security.

AZL Morgan Stanley Mid Cap Growth Fund

Security	Acquisition Date(a)		Acquisition Cost		Shares		Fair Value		Percentage of Net Assets
Airbnb, Inc., Series D Preferred		4/16/14	$	3,131,402		76,914	$	3,877,235		0.84	%
Better Place LLC, Preferred		1/25/10		2,046,081		818,433		—		—	%
Dropbox, Inc.		5/1/12		2,222,513		245,606		4,575,640		0.99	%
Flipkart, Preferred		10/4/13		867,741		37,815		4,953,765		1.07	%
Palantir Technologies, Inc., Series G Preferred		7/19/12		702,919		229,712		2,042,140		0.44	%
Palantir Technologies, Inc., Series H Preferred		10/25/13		237,529		67,672		601,604		0.13	%
Palantir Technologies, Inc., Series H-1 Preferred		10/25/13		237,529		67,672		601,604		0.13	%
Peixe Urbano, Inc.		12/2/11		1,101,072		33,446		14,382		0.00	%
Survey Monkey		11/25/14		1,923,795		116,948		1,903,913		0.41	%

(a) Acquisition date represents the initial purchase date of the security.

AZL T. Rowe Price Capital Appreciation Fund

Security	Acquisition Date(a)		Acquisition Cost		Shares		Fair Value		Percentage of Net Assets
Sino-Forest Corp.		1/31/13	$	—		488,000	$	—		—	%

(a) Acquisition date represents the initial purchase date of the security.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2015 (Unaudited)

5. Investment Risks

Commodities-Related Investment Risk: Exposure to the commodities markets may subject the Funds to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. The U.S. Commodities Futures Trading Commission has proposed changes to certain of its rules governing investment in commodities by mutual funds, such as the Funds. In the event these changes are adopted, or if there are changes in the tax treatment of the Funds’ direct and indirect investments in commodities, the Funds may be unable to obtain exposure to commodity markets, or may be limited in the extent to which or manner in which it can obtain such exposure.

Derivatives Risk: Certain Funds may invest in derivatives as a principal strategy. 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, 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 counterparty to a derivatives contract could default. As required by applicable law, the Funds that invest in derivatives segregate cash or liquid securities, or both, to the extent that its obligations under the instrument are not covered through ownership of the underlying security, financial instrument, or currency.

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 trade may be subject to greater delays so that the Funds 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 and Currencies Risk: Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. 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.

Mortgage-Related and Other Asset-Backed Risk: Certain Funds 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, the Funds that hold mortgage-related securities may 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 the Funds because the Funds will have to reinvest that money at the lower prevailing interest rates. If the Funds purchase mortgage-backed or asset-backed securities that are subordinated to other interests in the same mortgage pool, the Funds 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 Funds as the holders 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. The Funds’ 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.

Security Quality Risk (also known as “High Yield Risk”): Certain Funds may invest in high yield, high risk debt securities and unrated securities of similar credit quality (commonly known as “junk bonds”) and may be subject to greater levels of credit and liquidity risk than funds that do not invest in such securities. These securities are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Funds’ ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Funds may lose the value of their entire investment.

6. Federal Tax Cost Information

At March 31, 2015, the cost and aggregate gross unrealized appreciation and depreciation of securities, for federal tax purposes were as follows:

Fund	Tax Cost		Gross Tax Unrealized Appreciation		Gross Tax Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
AZL BlackRock Capital Appreciation Fund	$	557,517,384	$	105,012,502	$	(3,275,368	)	$	101,737,134
AZL BlackRock Global Allocation Fund		807,357,045		69,685,761		(38,207,639	)		31,478,122
AZL Dreyfus Research Growth Fund		244,124,744		94,211,806		(1,574,500	)		92,637,306
AZL Enhanced Bond Index Fund		1,240,096,773		15,995,036		(2,676,915	)		13,318,121
AZL Federated Clover Small Value Fund		480,831,162		55,049,723		(9,992,924	)		45,056,799
AZL Franklin Templeton Founding Strategy Plus Fund		786,962,906		95,874,596		(51,590,863	)		44,283,733
AZL Gateway Fund		160,105,551		62,304,820		(3,285,902	)		59,018,918
AZL International Index Fund		813,228,402		187,712,786		(57,665,715	)		130,047,071
AZL Invesco Equity and Income Fund		1,370,542,574		208,874,705		(27,062,865	)		181,811,840
AZL Invesco Growth and Income Fund		315,140,901		113,917,591		(10,274,147	)		103,643,444
AZL Invesco International Equity Fund		456,846,916		137,068,199		(22,450,117	)		114,618,082
AZL JPMorgan International Opportunities Fund		556,814,593		87,051,820		(26,540,325	)		60,511,495
AZL JPMorgan U.S. Equity Fund		439,438,257		110,490,413		(9,726,228	)		100,764,185
AZL MFS Investors Trust Fund		277,988,504		126,911,750		(3,377,814	)		123,533,936
AZL MFS Mid Cap Value Fund		240,235,789		33,868,191		(6,748,757	)		27,119,434
AZL MFS Value Fund		392,773,713		155,152,233		(6,751,679	)		148,400,554
AZL Mid Cap Index Fund		487,162,441		173,013,004		(16,666,587	)		156,346,417
AZL Money Market Fund		663,639,722		—		—			—
AZL Morgan Stanley Global Real Estate Fund		152,339,478		61,560,905		(14,298,455	)		47,262,450
AZL Morgan Stanley Mid Cap Growth Fund		452,804,389		132,498,034		(39,823,888	)		92,674,146
AZL NFJ International Value Fund		154,341,896		20,846,424		(9,189,987	)		11,656,437
AZL Oppenheimer Discovery Fund		316,664,551		72,579,006		(1,915,386	)		70,663,620
AZL Pyramis Core Bond Fund		500,707,082		9,303,827		(4,635,805	)		4,668,022
AZL Russell 1000 Growth Index Fund		92,229,321		57,802,309		(1,136,395	)		56,665,914
AZL Russell 1000 Value Index Fund		178,511,618		65,241,961		(3,652,682	)		61,589,279
AZL S&P 500 Index Fund		1,273,875,385		717,031,452		(24,768,702	)		692,262,750
AZL Schroder Emerging Markets Equity Fund		214,419,778		56,080,203		(13,142,577	)		42,937,626
AZL Small Cap Stock Index Fund		383,166,813		144,960,869		(22,069,545	)		122,891,324
AZL T. Rowe Price Capital Appreciation Fund		907,840,634		65,261,997		(5,688,965	)		59,573,032
AZL Wells Fargo Large Growth Fund		88,978,476		16,327,008		(2,011,624	)		14,315,384
AZL MetWest Total Return Bond Fund		490,444,992		3,333,294		(852,002	)		2,481,292

7. Subsequent Events

Effective April 27, 2015, the AZL Pyramis Core Bond Fund was renamed the AZL Pyramis Total Bond Fund.

Item 2. Controls and Procedures.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(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 registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) 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, President

Date May 27, 2015

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, President

Date May 27, 2015

By (Signature and Title)	/s/ Steve Rudden
	Steve Rudden, Treasurer

Date May 27, 2015