[826122.2390TX]1                                     

AZL Balanced Index Strategy Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (100.0%):
Domestic Equity Funds (37.4%):
1,328,976	AZL Mid Cap Index Fund, Class 2	$	29,622,867
5,829,484	AZL S&P 500 Index Fund, Class 2		102,307,451
1,142,162	AZL Small Cap Stock Index Fund, Class 2		15,716,156
			147,646,474
Fixed Income Funds (50.1%):
17,228,661	AZL Enhanced Bond Index Fund		197,440,453
International Equity Funds (12.5%):
3,074,338	AZL International Index Fund, Class 2		49,373,865
Total Affiliated Investment Companies (Cost $292,550,544)			394,460,792
Total Investment Securities (Cost $292,550,544) - 100.0%			394,460,792
Net other assets (liabilities) - 0.0%			(21,889)
Net Assets - 100.0%		$	394,438,903
Percentages indicated are based on net assets as of September 30, 2019.

See accompanying notes to the schedules of portfolio investments.

[788134.2391TX]1                                     

AZL DFA Multi-Strategy Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares			Fair Value
	Affiliated Investment Companies (100.1%):
	Domestic Equity Funds (48.2%):
	27,564,606	AZL DFA U.S. Core Equity Fund	$	370,468,301
	8,519,245	AZL DFA U.S. Small Cap Fund		97,460,167
				467,928,468
	Fixed Income Funds (39.9%):
	37,230,134	AZL DFA Five-Year Global Fixed Income Fund		387,193,392
	International Equity Funds (12.0%):
	11,467,047	AZL DFA International Core Equity Fund		116,619,873
	Total Affiliated Investment        Companies (Cost $850,700,600)			971,741,733
	Total Investment Securities        (Cost $850,700,600) - 100.1%			971,741,733
	Net other assets (liabilities) - (0.1)%			(541,680)
	Net Assets - 100.0%		$	971,200,053

Percentages indicated are based on net assets as of September 30, 2019.

See accompanying notes to the schedules of portfolio investments.

[788148.2402TX]1                                     

AZL MVP Balanced Index Strategy Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares			Fair Value
	Affiliated Investment Companies (95.0%):
	Domestic Equity Funds (35.0%):
	1,092,571	AZL Mid Cap Index Fund, Class 2	$	24,353,399
	4,350,842	AZL S&P 500 Index Fund, Class 2		76,357,286
	939,614	AZL Small Cap Stock Index Fund, Class 2		12,929,093
				113,639,778
	Fixed Income Funds (47.5%):
	13,470,511	AZL Enhanced Bond Index Fund		154,372,051
	International Equity Funds (12.5%):
	2,534,727	AZL International Index Fund, Class 2		40,707,721
	Total Affiliated Investment Companies        (Cost $264,918,223)			308,719,550
	Total Investment Securities        (Cost $264,918,223) - 95.0%			308,719,550
	Net other assets (liabilities) - 5.0%			16,120,135
	Net Assets - 100.0%		$	324,839,685

Percentages indicated are based on net assets as of September 30, 2019.

See accompanying notes to the schedules of portfolio investments.

[788148.2402TX]2                                     

AZL MVP Balanced Index Strategy Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Futures Contracts    

Cash of $16,245,165 has been segregated to cover margin requirements for the following open contracts as of September 30, 2019:    

Long Futures    

Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures (U.S. Dollar)		12/20/19		54	$	8,041,950	$	(68,515)
U.S. Treasury 10-Year Note December Futures (U.S. Dollar)		12/19/19		62		8,079,375		(87,454)
							$	(155,969)

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]1                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares		Fair Value
Common Stocks (28.4%):
Aerospace & Defense (1.0%):
57	Boeing Co. (The)(a)	$	21,687
393	Dassault Aviation SA(a)		555,736
227	L3harris Technologies, Inc.(a)		47,361
141	Lockheed Martin Corp.(a)		54,998
72	Northrop Grumman Corp.(a)		26,985
16,705	Raytheon Co.(a)		3,277,354
3,587	Rolls-Royce Holdings plc(a)		34,926
10,793	Safran SA(a)		1,701,188
15,803	United Technologies Corp.(a)		2,157,426
			7,877,661
Air Freight & Logistics (0.0%†):
2,328	C.H. Robinson Worldwide, Inc.(a)		197,368
1,100	Yamato Holdings Co., Ltd.(a)		16,636
			214,004
Airlines (0.4%):
2,000	Air China, Ltd.(a)		1,771
39,656	Azul SA, ADR*(a)		1,420,478
596	Delta Air Lines, Inc.(a)		34,329
52,600	Japan Airlines Co., Ltd.(a)		1,563,607
324	United Continental Holdings, Inc.*(a)		28,645
			3,048,830
Auto Components (0.3%):
14,900	Denso Corp.(a)		658,356
19	Hyundai Mobis Co., Ltd.(a)		4,014
5,900	Koito Manufacturing Co., Ltd.(a)		290,928
141	Lear Corp.(a)		16,624
324	Magna Internationl, Inc.(a)		17,273
2,300	Stanley Electric Co., Ltd.(a)		61,307
15,600	Toyota Industries Corp.(a)		900,539
			1,949,041
Automobiles (0.4%):
70,000	Brilliance China Automotive Holdings, Ltd.(a)		75,699
2,233	Fiat Chrysler Automobiles NV(a)		28,929
2,265	Ford Motor Co.(a)		20,748
43,700	Fuji Heavy Industries, Ltd.(a)		1,235,464
513	General Motors Co.(a)		19,227
32,400	Great Wall Motor Co., Ltd., Class A(a)		35,140
23,600	Guangzhou Automobile Group Co., Ltd., Class A(a)		40,730
3,568	Hero MotoCorp, Ltd.(a)		136,239
94	Kia Motors Corp.(a)		3,594
1,200	Mitsubishi Motors Corp.(a)		5,238
205	Renault SA(a)		11,778
33,000	Suzuki Motor Corp.(a)		1,401,953
			3,014,739
Banks (2.2%):
68,184	ABN AMRO Group NV(a)		1,202,055
18,000	Agricultural Bank of China, Ltd., Class A(a)		7,035
1,669	Banco do Brasil SA(a)		18,275
893	Banco Santander Brasil SA(a)		9,743
73,151	Bank of America Corp.(a)		2,133,815
3,000	Bank of China, Ltd.(a)		1,182
26,000	China Citic Bank Co., Ltd.(a)		13,903
14,413	Citigroup, Inc.(a)		995,650
3,252	Criteria Caixacorp SA(a)		8,552
1,416	Fifth Third Bancorp(a)		38,770
826	Hana Financial Holdings Group, Inc.(a)		24,383
148,844	HSBC Holdings plc(a)		1,141,804

Shares		Fair Value
Common Stocks, continued
Banks, continued
38,000	Industrial & Commercial Bank of China, Ltd., Class H(a)	$	25,375
745	Industrial Bank of Korea (IBK)(a)		8,224
126,934	ING Groep NV(a)		1,330,418
37,432	JPMorgan Chase & Co.(a)		4,405,372
477	KB Financial Group, Inc.(a)		17,065
1,900	Mitsubishi UFJ Financial Group, Inc.(a)		9,685
76,000	PT Bank Central Asia Tbk(a)		162,618
42,108	Regions Financial Corp.(a)		666,149
1,077	Shinhan Financial Group Co., Ltd.(a)		37,543
22,982	SunTrust Banks, Inc.(a)		1,581,162
4,842	U.S. Bancorp(a)		267,956
110,635	Unicredit SpA(a)		1,306,859
8,800	United Overseas Bank, Ltd.(a)		163,064
3,028	Wells Fargo & Co.(a)		152,732
			15,729,389
Beverages (0.1%):
1,003	Ambev SA Com Npv(a)		4,647
242	Carlsberg A/S, Class B(a)		35,812
218	Coca-Cola European Partners plc(a)		12,088
3,839	Compania Cervecerias Unidas SA, ADR(a)		85,187
740	Diageo plc(a)		30,275
379	Monster Beverage Corp.*(a)		22,005
2,017	PepsiCo, Inc.(a)		276,530
65,100	Thai Beverage PCL(a)		41,753
1,300	Tsingtao Brewery Co, Ltd., Class A(a)		8,858
4,000	Tsingtao Brewery Co., Ltd., Class H(a)		24,215
			541,370
Biotechnology (0.3%):
15,293	AbbVie, Inc.(a)		1,157,985
25	Alexion Pharmaceuticals, Inc.*(a)		2,449
364	Amgen, Inc.(a)		70,438
73	Biogen Idec, Inc.*(a)		16,996
19,204	Gilead Sciences, Inc.(a)		1,217,149
50	Incyte Corp.*(a)		3,712
27	Regeneron Pharmaceuticals, Inc.*(a)		7,490
			2,476,219
Building Products (0.2%):
500	Asahi Glass Co., Ltd.(a)		15,604
684	ASSA Abloy AB, Class B(a)		15,242
4,942	Compagnie de Saint-Gobain SA(a)		194,100
5,100	Daikin Industries, Ltd.(a)		669,772
1,776	Fortune Brands Home & Security, Inc.(a)		97,147
4,760	Masco Corp.(a)		198,397
			1,190,262
Capital Markets (0.4%):
560	Ameriprise Financial, Inc.(a)		82,376
100	B3 SA- Brasil Bolsa Balcao(a)		1,050
20,725	Charles Schwab Corp. (The)(a)		866,927
11	Deutsche Boerse AG(a)		1,719
600	GF Securities Co., Ltd.*(a)		632
156	Goldman Sachs Group, Inc.(a)		32,328
2,400	Guotai Junan Securities Co., Ltd.(a)		3,748
7,200	Haitong Securities Co., Ltd.(a)		7,601

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]2                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Capital Markets, continued
45,642	Morgan Stanley(a)	$	1,947,544
			2,943,925
Chemicals (0.7%):
11,679	Air Products & Chemicals, Inc.(a)		2,591,103
8,001	DuPont de Nemours, Inc.(a)		570,551
31,000	Formosa Chemicals & Fibre Corp.(a)		86,793
33,000	Formosa Plastics Corp.(a)		100,684
893	Huntsman Corp.(a)		20,771
18	Koninklijke DSM NV(a)		2,165
2,900	Kuraray Co., Ltd.(a)		35,877
483	LG Chem, Ltd.(a)		120,498
41,000	Nan Ya Plastics Corp.(a)		92,249
143	Nutrien, Ltd.(a)		7,125
67,900	PTT Global Chemical Public Co., Ltd.(a)		119,680
11,600	Shin-Etsu Chemical Co., Ltd.(a)		1,250,038
60,000	Sinopec Shanghai Petrochemical Co., Ltd., Class H(a)		17,522
12,400	Toagosei Co., Ltd.(a)		140,598
			5,155,654
Commercial Services & Supplies (0.0%†):
2,229	Country Garden Services Holdings Co., Ltd.(a)		6,462
Communications Equipment (0.1%):
11,628	Cisco Systems, Inc.(a)		574,540
1,913	Motorola Solutions, Inc.(a)		325,994
3,479	Telefonaktiebolaget LM Ericsson, Class B(a)		27,815
			928,349
Construction & Engineering (0.1%):
1,276	Eiffage SA(a)		132,356
13,600	Kinden Corp.(a)		202,732
1,900	Kyudenko Corp.(a)		63,670
3,500	Maeda Road Construction Co., Ltd.(a)		76,462
3,200	Nippo Corp.(a)		59,531
4,100	Okumura Corp.(a)		110,019
16,500	Sinopec Engineering Group Co., Ltd.(a)		10,365
17,700	Toda Corp.(a)		102,484
			757,619
Construction Materials (0.0%†):
1,800	Anhui Conch Cement Co., Ltd., Class A(a)		10,473
4,000	Anhui Conch Cement Co., Ltd., Class H(a)		23,860
30,000	China Resources Cement Holdings, Ltd.(a)		30,128
48	HeidelbergCement AG(a)		3,470
820	LafargeHolcim, Ltd., Registered Shares(a)		40,423
9,600	Siam Cement PCL(a)		128,145
			236,499
Consumer Finance (0.0%†):
694	Ally Financial, Inc.(a)		23,013
301	Capital One Financial Corp.(a)		27,385
490	Discover Financial Services(a)		39,734
268	Synchrony Financial(a)		9,136
			99,268
Containers & Packaging (0.0%†):
226	Packaging Corp. of America(a)		23,979

Shares		Fair Value
Common Stocks, continued
Distributors (0.0%†):
3,500	Canon Marketing Japan, Inc.(a)	$	74,681
Diversified Consumer Services (0.0%†):
1,635	TAL Education Group, ADR*(a)		55,982
Diversified Financial Services (0.1%):
1,926	Berkshire Hathaway, Inc., Class B*(a)		400,647
114,000	Fubon Financial Holdings Co., Ltd.(a)		163,961
			564,608
Diversified Telecommunication Services (0.6%):
51,691	Cellnex Telecom SAU(a)		2,134,967
2,000	China Unicom Hong Kong, Ltd.(a)		2,115
218,000	Chunghwa Telecom Co., Ltd.(a)		780,231
657	France Telecom SA(a)		10,311
84,000	HKT Trust & HKT, Ltd.(a)		133,558
1,760	LG Uplus Corp.(a)		20,124
3,300	Nippon Telegraph & Telephone Corp.(a)		157,857
50,100	Singapore Telecommunications, Ltd.(a)		112,530
3,845	Telefonica SA(a)		29,356
136	Telia Co AB(a)		609
16,484	Verizon Communications, Inc.(a)		994,974
			4,376,632
Electric Utilities (0.6%):
5,334	CEZ(a)		117,919
19,000	CK Infrastructure Holdings, Ltd.(a)		127,442
13,000	CLP Holdings, Ltd.(a)		136,122
324	Electricite de France(a)		3,625
177,468	Enel SpA(a)		1,325,838
4,396	Exelon Corp.(a)		212,371
64	Fortum OYJ(a)		1,514
8,000	Hongkong Electric Holdings, Ltd.(a)		53,772
10,465	NextEra Energy, Inc.(a)		2,438,240
358	Xcel Energy, Inc.(a)		23,231
			4,440,074
Electrical Equipment (0.4%):
126	Eaton Corp. plc(a)		10,477
36,704	Emerson Electric Co.(a)		2,454,029
3,200	GS Yuasa Corp.(a)		55,693
3,000	Mabuchi Motor Co., Ltd.(a)		112,660
140	Rockwell Automation, Inc.(a)		23,072
			2,655,931
Electronic Equipment, Instruments & Components (0.4%):
1,608	ALPS Electric Co., Ltd.(a)		30,210
7,663	Corning, Inc.(a)		218,549
13,000	Hangzhou Hikvision Digital(a)		59,371
1,300	Hitachi, Ltd.(a)		48,691
63,320	Hon Hai Precision Industry Co., Ltd.(a)		149,903
6,200	Japan Aviation Electronics Industry, Ltd.(a)		88,618
200	Keyence Corp.(a)		124,625
38,400	Murata Manufacturing Co., Ltd.(a)		1,859,310
9	Samsung SDI Co., Ltd.(a)		1,679
4,391	Wuhan Raycus Fiber Laser Technologies Co., Ltd., Class A(a)		61,447
			2,642,403
Energy Equipment & Services (0.0%†):
2,418	Schlumberger, Ltd.(a)		82,623
Entertainment (0.0%†):
323	Ncsoft Corp.(a)		140,486

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]3                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Entertainment, continued
776	Vivendi Universal SA(a)	$	21,308
373	Walt Disney Co. (The)(a)		48,609
			210,403
Equity Real Estate Investment Trusts (0.2%):
960	American Tower Corp.(a)		212,285
1,498	Equinix, Inc.(a)		864,046
10,500	Link REIT (The)(a)		115,277
8,396	Weyerhaeuser Co.(a)		232,569
			1,424,177
Food & Staples Retailing (0.2%):
300	AEON Co., Ltd.(a)		5,519
175	Costco Wholesale Corp.(a)		50,419
7,330	Jeronimo Martins SGPS SA(a)		123,634
1,810	Kroger Co. (The)(a)		46,662
5,500	Laobaixing Pharmacy Chain JSC, Class A(a)		58,486
1,800	Seven & I Holdings Co., Ltd.(a)		69,084
9,000	Sun Art Retail Group, Ltd.(a)		9,160
354	Sysco Corp.(a)		28,108
9,079	Wal-Mart Stores, Inc.(a)		1,077,495
17	Woolworths, Ltd.(a)		428
5,300	Yifeng Pharmacy Chain Co., Ltd., Class A(a)		58,653
			1,527,648
Food Products (1.0%):
75,600	Ajinomoto Co., Inc.(a)		1,430,549
13,000	China Mengniu Dairy Co., Ltd.(a)		48,521
13,000	Dali Foods Group Co., Ltd.(a)		7,981
35,754	Danone SA(a)		3,148,632
3,800	Foshan Haitian Flavouring & Food Co., Ltd.(a)		58,634
14,200	Inner Mongolia Yili Indsutrial Group Co., Ltd.(a)		57,037
1,565	JBS SA(a)		12,352
236	Kraft Heinz Co. (The)(a)		6,593
2,906	Mondelez International, Inc., Class A(a)		160,760
23,092	Nestle SA, Registered Shares(a)		2,505,510
4,000	Tingyi (Caymen Is) Holding Corp.(a)		5,651
67,000	Uni-President Enterprises Corp.(a)		161,545
183,000	Want Want China Holdings, Ltd.(a)		145,712
			7,749,477
Gas Utilities (0.2%):
3,500	Beijing Enterprises Holdings, Ltd.(a)		16,138
48,000	Tokyo Gas Co., Ltd.(a)		1,213,719
			1,229,857
Health Care Equipment & Supplies (1.0%):
2,364	Abbott Laboratories(a)		197,796
4,700	Autobio Diagnostics Co., Ltd., Class A(a)		58,316
1,815	Baxter International, Inc.(a)		158,758
7,623	Becton, Dickinson & Co.(a)		1,928,314
242	Edwards Lifesciences Corp.*(a)		53,218
2,983	EssilorLuxottica SA(a)		430,260
14,900	HOYA Corp.(a)		1,216,556
56	Intuitive Surgical, Inc.*(a)		30,236
54,230	Koninklijke Philips Electronics NV(a)		2,513,471
1,016	Medtronic plc(a)		110,358
37,900	Olympus Co., Ltd.(a)		513,042

Shares		Fair Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
2,200	Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A(a)	$	57,036
927	Stryker Corp.(a)		200,510
			7,467,871
Health Care Providers & Services (1.4%):
11,899	Aier Eye Hospital Group Co., Ltd., Class A(a)		59,304
3,900	Alfresa Holdings Corp.(a)		87,518
11,320	Anthem, Inc.(a)		2,717,932
528	Cardinal Health, Inc.(a)		24,916
544	Centene Corp.*(a)		23,533
9,382	CVS Health Corp.(a)		591,723
8,731	DaVita, Inc.*(a)		498,278
17,335	Fresenius SE & Co. KGaA(a)		810,301
10,197	HCA Healthcare, Inc.(a)		1,227,923
469	McKesson Corp.(a)		64,094
4,600	Medipal Holdings Corp.(a)		102,851
18,442	NMC Health plc^(a)		614,133
57,652	Notre Dame Intermedica Participacoes SA(a)		752,809
1,800	Suzuken Co., Ltd.(a)		97,148
12,491	UnitedHealth Group, Inc.(a)		2,714,544
			10,387,007
Health Care Technology (0.0%†):
9	Cerner Corp.(a)		614
Hotels, Restaurants & Leisure (0.4%):
134	Carnival Corp., Class A(a)		5,857
19,700	Genting Singapore, Ltd.(a)		12,550
1,764	Huazhu Group, Ltd., ADR(a)		58,247
4,590	McDonald’s Corp.(a)		985,519
203	Royal Caribbean Cruises, Ltd.(a)		21,991
12,091	Sodexo SA(a)		1,358,044
590	Starbucks Corp.(a)		52,168
662	Wyndham Worldwide Corp.(a)		30,465
3,228	Yum China Holdings, Inc.(a)		146,648
414	Yum! Brands, Inc.(a)		46,960
			2,718,449
Household Durables (0.1%):
3,001	Berkeley Group Holdings plc (The)(a)		154,166
1,277	Coway Co., Ltd.(a)		90,404
4,900	Gree Electric Appliances, Inc. of Zhuhai, Class A(a)		39,540
10,600	Hangzhou Robam Applinaces Co. Limited(a)		39,251
826	LG Electronics, Inc.(a)		46,376
17,300	Qingdao Haier Co., Ltd.(a)		37,250
300	Sony Corp.(a)		17,631
			424,618
Household Products (0.3%):
27,758	Colgate-Palmolive Co.(a)		2,040,491
1,064	Procter & Gamble Co. (The)(a)		132,340
			2,172,831
Independent Power and Renewable Electricity Producers (0.0%†):
1,736	AES Corp. (The)(a)		28,366
27,000	Cgn Power Co., Ltd., Class H(a)		6,836
9,000	China Longyuan Power Group Corp.(a)		5,056
8,000	China Resources Power Holdings Co.(a)		9,730
617	Engie Brasil Energia SA(a)		6,592
7,589	Vistra Energy Corp.(a)		202,854
			259,434

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]4                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Industrial Conglomerates (0.5%):
8,000	Citic, Ltd.(a)	$	10,071
34,000	Fosun International, Ltd.(a)		42,308
2,964	General Electric Co.(a)		26,498
335	Honeywell International, Inc.(a)		56,682
3,800	Jardine Matheson Holdings, Ltd.(a)		203,819
29,297	Siemens AG, Registered Shares(a)		3,139,136
			3,478,514
Insurance (0.6%):
1,533	AEGON NV(a)		6,374
5	Allstate Corp. (The)(a)		543
94,000	Cathay Financial Holding Co., Ltd.(a)		124,059
600	China Taiping Insurance Holdings Co., Ltd.(a)		1,349
6,959	Chubb, Ltd.(a)		1,123,461
119	Discovery, Ltd.^(a)		898
55	Fairfax Financial Holdings, Ltd.(a)		24,247
3,708	Hartford Financial Services Group, Inc. (The)(a)		224,742
600	Japan Post Holdings Co., Ltd.(a)		5,542
23,896	Marsh & McLennan Cos., Inc.(a)		2,390,795
648	MetLife, Inc.(a)		30,560
18	Muenchener Rueckversicherungs-Gesellschaft AG(a)		4,656
600	NKSJ Holdings, Inc.(a)		25,231
12,631	Old Mutual, Ltd.^(a)		16,126
445	Progressive Corp. (The)(a)		34,376
394	Prudential Financial, Inc.(a)		35,440
286	Reinsurance Group of America, Inc.(a)		45,726
1,301	Travelers Cos., Inc. (The)(a)		193,446
9	Willis Towers Watson plc(a)		1,737
			4,289,308
Interactive Media & Services (1.4%):
51	Alphabet, Inc., Class A*(a)		62,278
5,158	Alphabet, Inc., Class C*(a)		6,287,602
6	Baidu, Inc., ADR*(a)		617
10,577	Facebook, Inc., Class A*(a)		1,883,552
52,000	Tencent Holdings, Ltd.(a)		2,206,922
9,200	Yahoo! Japan Corp.(a)		26,035
			10,467,006
Internet & Direct Marketing Retail (0.9%):
11,905	Alibaba Group Holding, Ltd., ADR*(a)		1,990,873
2,206	Amazon.com, Inc.*(a)(b)		3,829,417
14	Booking Holdings, Inc.*(a)		27,477
1,185	eBay, Inc.(a)		46,191
504	Expedia, Inc.(a)		67,743
1,529	JD.com, Inc., ADR*(a)		43,133
36,100	Start Today Co., Ltd.^(a)		832,984
151	Vipshop Holdings, Ltd., ADR*(a)		1,347
			6,839,165
IT Services (0.6%):
1,920	Accenture plc, Class C(a)		369,312
360	Adyen NV*(a)		237,335
897	DXC Technology Co.(a)		26,462
7,836	FleetCor Technologies, Inc.*(a)		2,247,208
1,076	Global Payments, Inc.(a)		171,084
252	International Business Machines Corp.(a)		36,646
2,244	MasterCard, Inc., Class A(a)		609,403
200	NTT Data Corp.(a)		2,595
4,004	PayPal Holdings, Inc.*(a)		414,774

Shares		Fair Value
Common Stocks, continued
IT Services, continued
287	VeriSign, Inc.*(a)	$	54,137
3,746	Visa, Inc., Class A(a)		644,349
973	Wipro, Ltd.(a)		3,293
47	Wirecard AG(a)		7,510
			4,824,108
Leisure Products (0.0%†):
2,809	Peloton Interactive, Inc., Class A*^(a)		70,506
Life Sciences Tools & Services (0.2%):
18,871	Agilent Technologies, Inc.(a)		1,446,085
6,700	Hangzhou Tigermed Consulting Co., Ltd., Class A(a)		58,298
442	Thermo Fisher Scientific, Inc.(a)		128,741
4,900	WuXi AppTec Co., Ltd., Class A(a)		59,521
5,500	Wuxi Biologics Cayman, Inc.*(a)		56,207
			1,748,852
Machinery (0.3%):
546	Atlas Copco AB(a)		14,819
26	Caterpillar, Inc.(a)		3,284
124	Cummins, Inc.(a)		20,171
7,774	Dover Corp.(a)		773,980
13,000	Han’s Laser Technology(a)		65,349
11,872	Knorr-Bremse AG(a)		1,115,790
1,100	Mitsubishi Heavy Industries, Ltd.(a)		43,275
661	Sandvik AB(a)		10,297
4,600	Sany Heavy Industry Co., Ltd.(a)		9,245
93	Stanley Black & Decker, Inc.(a)		13,430
5,000	Weichai Power Co., Ltd., Class H(a)		7,250
500	Zoomlion Heavy Industry Science and Technology Co., Ltd., Class A(a)		400
			2,077,290
Marine (0.0%†):
39	A.P. Moeller - Maersk A/S, Class A(a)		41,703
19	A.P. Moeller - Maersk A/S, Class B(a)		21,546
			63,249
Media (1.1%):
5,865	Charter Communications, Inc., Class A*(a)		2,417,084
79,028	Comcast Corp., Class A(a)(b)		3,562,582
15,329	I-Cable Communications, Ltd.*(a)		146
8,787	Liberty Broadband Corp., Class C*(a)		919,735
8,362	Liberty SiriusXM Group, Class A*(a)		347,608
14,011	Liberty SiriusXM Group, Class C*(a)		587,902
9	MultiChoice Group, Ltd.*(a)		70
5,600	Nippon Television Holdings, Inc.(a)		72,148
1,324	Omnicom Group, Inc.(a)		103,669
921	Publicis Groupe SA(a)		45,275
73,348	RAI Way SpA(a)		425,423
5,600	TV Asahi Holdings Corp.^(a)		88,372
			8,570,014
Metals & Mining (0.4%):
9,384	Barrick Gold Corp.(a)		162,362
6,000	China Hongqiao Group, Ltd.(a)		3,823
1,800	DOWA Mining Co.(a)		61,772
14,445	Eregli Demir ve Celik Fabrikalari T.A.S.(a)		17,573
2,384	Glencore International plc(a)		7,181

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]5                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Metals & Mining, continued
96	Kumba Iron Ore, Ltd.(a)	$	2,376
22,292	Newcrest Mining, Ltd.(a)		519,610
28,682	Newmont Mining Corp.(a)		1,087,622
689	POSCO(a)		130,515
45	Rio Tinto plc(a)		2,337
139	Rio Tinto, Ltd.(a)		8,740
5,416	South32, Ltd.(a)		9,623
70	Southern Copper Corp.(a)		2,389
16,700	Tokyo Steel Manufacturing Co., Ltd.(a)		128,639
10,105	Vedanta, Ltd.(a)		21,982
18,444	Wheaton Precious Metals Corp.(a)		483,691
2,700	Yamato Kogyo Co., Ltd.(a)		67,384
42,000	Zijin Mining Group Co., Ltd.(a)		14,463
			2,732,082
Multiline Retail (0.3%):
6	Dollar General Corp.(a)		954
12,229	Dollar Tree, Inc.*(a)		1,396,062
10,231	Macy’s, Inc.(a)		158,990
8,312	Target Corp.(a)		888,636
			2,444,642
Multi-Utilities (0.1%):
3,512	AGL Energy, Ltd.(a)		45,377
707	CenterPoint Energy, Inc.(a)		21,337
545	Engie Group(a)		8,903
6,614	Sempra Energy(a)		976,293
			1,051,910
Oil, Gas & Consumable Fuels (1.6%):
517	Chevron Corp.(a)		61,316
46,000	China Petroleum & Chemical Corp., Class H(a)		27,459
9,500	China Shenhua Energy Co., Ltd.(a)		19,017
21,000	CNOOC, Ltd.(a)		32,265
25,283	Coal India, Ltd.(a)		71,374
429	ConocoPhillips Co.(a)		24,444
1,222	Devon Energy Corp.(a)		29,401
44,074	Enbridge, Inc.(a)		1,547,098
1,743	Exxon Mobil Corp.(a)		123,073
941	Fieldwood Energy LLC*(a)(c)		23,525
3,485	Fieldwood Energy LLC*(a)(c)		87,125
24,000	Formosa Petrochemical Corp.(a)		76,148
1,755	Hindustan Petroleum Corp., Ltd.(a)		7,474
286	Imperial Oil, Ltd.(a)		7,448
8,000	Kunlun Energy Co., Ltd.(a)		6,897
8,951	Marathon Petroleum Corp.(a)		543,773
43,210	Oil & Natural Gas Corp., Ltd.(a)		80,585
34,737	ONEOK, Inc.(a)		2,559,771
317	Phillips 66(a)		32,461
89,697	Reliance Industries, Ltd.(a)		1,686,441
1,349	Repsol SA(a)		21,039
12,827	Royal Dutch Shell plc, Class A, ADR(a)		754,869
35,307	Royal Dutch Shell plc, Class A(a)		1,031,971
748	Royal Dutch Shell plc, Class A(a)		21,859
374	Royal Dutch Shell plc, Class B(a)		10,985
900	Shanxi Lu’an Environmental Energy Development Co., Ltd., Class A(a)		916
20,803	Snam SpA(a)		105,165
867	S-Oil Corp.(a)		72,375
22,575	TC Energy Corp.(a)		1,169,053
38,300	Thai Oil Public Co., Ltd.(a)		87,451
380	Total SA, ADR(a)		19,760
127	Tupras-Turkiye Petrol Rafine(a)		3,230

Shares		Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
334	Valero Energy Corp.(a)	$	28,470
60,079	Williams Cos., Inc.(a)		1,445,501
10,000	Yanzhou Coal Mining Co.(a)		10,123
769	YPF Sociedad Anonima, ADR(a)		7,113
			11,836,975
Paper & Forest Products (0.0%†):
386,370	Quintis Pty, Ltd.*(a)(c)(d)		318,082
Personal Products (0.0%†):
9,000	Hengan International Group Co., Ltd.(a)		58,772
11,700	Shanghai Jahwa United Co., Ltd., Class A(a)		56,489
			115,261
Pharmaceuticals (1.4%):
1,482	Aspen Pharmacare Holdings, Ltd.(a)		8,418
84,300	Astellas Pharma, Inc.(a)		1,204,945
6,597	AstraZeneca plc(a)		586,122
3,685	Asymchem Laboratories Tianjin Co., Ltd., Class A(a)		61,011
9,133	Bayer AG, Registered Shares(a)		643,851
1,055	Bristol-Myers Squibb Co.(a)		53,499
5,500	China Resources Pharmaceutical(a)		5,175
361	GlaxoSmithKline plc(a)		7,726
5,399	Jiangsu Hengrui Medicine Co., Ltd.(a)		61,233
19,214	Johnson & Johnson Co.(a)		2,485,907
300	Kyowa Hakko Kogyo Co., Ltd.(a)		5,827
20,387	Merck & Co., Inc.(a)		1,716,178
5	Novartis AG, Registered Shares(a)		434
7,049	Novo Nordisk A/S, Class B(a)		364,042
400	Ono Pharmaceutical Co., Ltd.(a)		7,276
900	Otsuka Holdings Co., Ltd.(a)		33,669
59,006	Pfizer, Inc.(a)		2,120,086
1,977	Roche Holding AG(a)		576,688
6,279	Sanofi-Aventis SA(a)		582,162
100	Shionogi & Co., Ltd.(a)		5,580
327	Zoetis, Inc.(a)		40,741
			10,570,570
Professional Services (0.0%†):
1,020	Reed Elsevier plc(a)		24,195
671	Thomson Reuters Corp.(a)		44,853
			69,048
Real Estate Management & Development (0.5%):
10,000	Agile Property Holdings, Ltd.(a)		12,217
568,600	CapitaLand, Ltd.(a)		1,456,774
200	Daiwa House Industry Co., Ltd.(a)		6,517
72,000	Hang Lung Properties, Ltd.(a)		163,661
7,800	Hongkong Land Holdings, Ltd.(a)		43,949
14,000	Hysan Development Co., Ltd.(a)		56,643
10,600	Mitsubishi Estate Co., Ltd.(a)		205,281
24,000	Sino Land Co., Ltd.(a)		36,224
117,166	Sun Hung Kai Properties, Ltd.(a)		1,693,911
10,000	Swire Pacific, Ltd., Class A(a)		93,193
3,152	Vonovia SE(a)		159,872
15,000	Wharf Real Estate Investment Co., Ltd.(a)		82,237
			4,010,479
Road & Rail (0.5%):
264	Canadian National Railway Co.(a)		23,708
84	Canadian Pacific Railway, Ltd., Class 1(a)		18,669
70,800	ComfortDelGro Corp., Ltd.(a)		123,163

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]6                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Road & Rail, continued
1,069	CSX Corp.(a)	$	74,050
1,300	Daqin Railway Co., Ltd., Class A(a)		1,383
15,300	East Japan Railway Co.(a)		1,463,846
153	Norfolk Southern Corp.(a)		27,488
4,700	Seino Holdings Co., Ltd.(a)		58,827
68,532	Uber Technologies 6mo Lock Up*(a)(c)		2,066,708
483	Uber Technologies, Inc.*(a)		14,717
306	Union Pacific Corp.(a)		49,566
			3,922,125
Semiconductors & Semiconductor Equipment (0.8%):
11,864	Applied Materials, Inc.(a)		592,014
10	ASML Holding NV(a)		2,482
1,000	Globalwafers Co., Ltd.(a)		10,187
1,791	Intel Corp.(a)		92,290
355	KLA-Tencor Corp.(a)		56,605
10,215	Marvell Technology Group, Ltd.(a)		255,068
2,000	MediaTek, Inc.(a)		23,844
587	Micron Technology, Inc.*(a)		25,153
346	NXP Semiconductors NV(a)		37,755
6,031	Qualcomm, Inc.(a)		460,045
306,000	Taiwan Semiconductor Manufacturing Co., Ltd.(a)		2,695,818
7,910	Texas Instruments, Inc.(a)		1,022,287
5,825	Xilinx, Inc.(a)		558,618
			5,832,166
Software (1.8%):
2,276	Adobe Systems, Inc.*(a)		628,745
8,641	Autodesk, Inc.*(a)		1,276,275
7,041	Citrix Systems, Inc.(a)		679,597
14	Dassault Systemes SA(a)		1,994
49,146	Dropbox, Inc., Class A*(a)		991,275
11,400	Glodon Co., Ltd., Class A(a)		56,916
5,400	Hundsun Technologies, Inc.(a)		56,344
2,569	Intuit, Inc.(a)		683,200
64,000	Kingdee International Software Group Co., Ltd.(a)		67,955
26,000	Kingsoft Corp., Ltd.*(a)		55,602
49,753	Microsoft Corp.(a)		6,917,159
19,158	Oracle Corp.(a)		1,054,265
4,433	Salesforce.com, Inc.*(a)		658,035
77	SAP AG(a)		9,051
58	ServiceNow, Inc.*(a)		14,723
13,599	Venustech Group, Inc., Class A(a)		60,994
361	VMware, Inc., Class A(a)		54,172
12,299	Yonyou Network Technology Co., Ltd.(a)		53,524
			13,319,826
Specialty Retail (0.5%):
12	AutoZone, Inc.*(a)		13,015
5,289	Home Depot, Inc. (The)(a)		1,227,154
12,293	Lowe’s Cos., Inc.(a)		1,351,739
4,542	Petrobras Distribuidora SA(a)		30,097
417	Ross Stores, Inc.(a)		45,807
22,441	TJX Cos., Inc. (The)(a)		1,250,861
			3,918,673
Technology Hardware, Storage & Peripherals (0.8%):
27,251	Apple, Inc.(a)		6,103,407
154	Dell Technologies, Inc., Class C*(a)		7,986
400	Fujifilm Holdings Corp.(a)		17,631
1,161	Hewlett Packard Enterprise Co.(a)		17,612

Shares		Fair Value
Common Stocks, continued
Technology Hardware, Storage & Peripherals, continued
890	HP, Inc.(a)	$	16,839
15,900	Inspur Electronic Information Industry Co., Ltd., Class A(a)		57,672
100,000	Lenovo Group, Ltd.(a)		66,534
426	Western Digital Corp.(a)		25,407
			6,313,088
Textiles, Apparel & Luxury Goods (0.0%†):
136	Adidas AG(a)		42,320
7,000	Anta Sports Products, Ltd.(a)		57,972
1,306	Compagnie Financiere Richemont SA(a)		96,004
51	Kering(a)		26,033
19,500	Li Ning Co., Ltd.(a)		56,079
338	Nike, Inc., Class B(a)		31,745
			310,153
Thrifts & Mortgage Finance (0.1%):
33,645	Housing Development Finance Corp., Ltd.(a)		939,420
Tobacco (0.3%):
18,765	Altria Group, Inc.(a)		767,489
9,968	KT&G Corp.(a)		880,072
11,768	Philip Morris International, Inc.(a)		893,544
			2,541,105
Trading Companies & Distributors (0.1%):
12,890	Ferguson plc(a)		941,559
Transportation Infrastructure (0.0%†):
20,000	Beijing Capital International Airport Co., Ltd.(a)		17,111
3,400	Kamigumi Co., Ltd.(a)		77,036
28,200	Malaysia Airports Holdings Berhad(a)		58,393
4,599	Shanghai International Air(a)		51,586
10,000	Zhejiang Expressway Co., Ltd.(a)		8,627
			212,753
Wireless Telecommunication Services (0.5%):
25,000	Advanced Information Service plc(a)		179,965
46,298	America Movil SAB de C.V., Series L(a)		34,352
4,500	China Mobile, Ltd.(a)		37,348
133,000	Far EasTone Telecommunications Co., Ltd.(a)		310,637
77,500	Intouch Holdings Public Co., Ltd.(a)		166,112
6,200	KDDI Corp.(a)		162,091
269	Rogers Communications, Inc.(a)		13,104
524	SK Telecom Co., Ltd.(a)		105,448
101,000	Taiwan Mobile Co., Ltd.(a)		364,426
872	Turkcell Iletisim Hizmetleri AS(a)		2,012
1,156,031	Vodafone Group plc(a)		2,301,760
			3,677,255
Total Common Stocks (Cost $183,142,788)			214,163,774
Preferred Stocks (0.5%):
Banks (0.1%):
100	Banco Bradesco SA, 2.97%, 1/3/20(a)		816
12,329	Citigroup Capital XIII, Series A, 8.24%, 10/28/19^(a)		338,184
24,762	Itau Unibanco Holding SA, Series S, 0.47%, 1/3/20(a)		208,784
75,000	USB Capital IX, 3.50%, 10/29/49(US0003M+102bps), Callable 11/7/19 @ 100(a)		64,594

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]7                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares		Fair Value
Preferred Stocks, continued
Banks, continued
116	Wells Fargo & Co., Series L, Class A, 4.93%, 5/30/19(a)	$	176,609
			788,987
Consumer Finance (0.1%):
13,543	GMAC Capital Trust I, Series 2, 8.04%, 8/13/19(a)		354,962
Health Care Providers & Services (0.1%):
143,925	Grand Rounds, Inc., Series C*(a)(c)(d)		387,158
Household Products (0.1%):
11,360	Henkel AG & Co. KGaA, 1.88%, 4/21/20(a)		1,124,665
Software (0.1%):
116,157	Palantir Technologies, Inc., Series I*(a)(c)(d)		707,396
Total Preferred Stocks (Cost $3,241,051)			3,363,168
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Private Placements (0.1%):
Household Durables (0.0%†):
$23,389	Jawbone, 0.00%*(a)(c)(d)		—
Internet Software & Services (0.1%):
5,547	Lookout, Inc., 0.00%*(a)(c)(d)		3,106
63,925	Lookout, Inc. Preferred Shares, Series F, 0.00%*(a)(c)(d)		458,982
			462,088
Total Private Placements (Cost $793,586)			462,088
Convertible Bonds (0.0%†):
Food Products (0.0%†):
400,000	REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14(a)(c)(d)(e)		—
Real Estate Management & Development (0.0%†):
250,000	CapitaLand, Ltd., 1.95%, 10/17/23+(a)(f)		181,453
Total Convertible Bonds (Cost $575,738)			181,453
Bank Loans (0.1%):
Hotels, Restaurants & Leisure (0.1%):
350,314	Hilton Worldwide Finance LLC, 3.33% (US LIBOR+175 bps), 10/25/23(a)		352,300
Oil, Gas & Consumable Fuels (0.0%†):
151,147	Fieldwood Energy LLC, 9.77% (US LIBOR+725 bps), 4/11/23(a)		111,849
Total Bank Loans (Cost $499,059)			464,149
Corporate Bonds (2.8%):
Aerospace & Defense (0.1%):
681,000	TransDigm, Inc., 6.25%, 3/15/26, Callable 3/15/22 @ 103.13(a)(f)		730,373
Banks (0.7%):
265,000	Bank of America Corp., 3.30%, 1/11/23, MTN(a)		273,697

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Banks, continued
$586,000	Bank of America Corp., 4.13%, 1/22/24, MTN(a)	$	630,694
141,000	Bank of America Corp., 4.00%, 1/22/25, MTN(a)		149,722
455,000	Citigroup, Inc., 3.35% (US0003M+90 bps), 4/24/25, Callable 4/24/24 @ 100(a)		471,282
241,000	Citigroup, Inc., Series Q, 5.95% (US0003M+410 bps), Callable 8/15/20 @ 100(a)		244,615
595,000	Citigroup, Inc., Series O, 5.88% (US0003M+406 bps), Callable 3/27/20 @ 100(a)		600,950
353,000	JPMorgan Chase & Co., 4.02% (US0003M+100 bps), 12/5/24, Callable 12/5/23 @ 100(a)		376,419
315,000	JPMorgan Chase & Co., 5.00% (SOFR+338 bps), Callable 8/1/24 @ 100(a)		324,476
108,000	SunTrust Banks, Inc., 4.00%, 5/1/25, Callable 3/1/25 @ 100(a)		116,674
53,000	Wells Fargo & Co., 3.07%, 1/24/23, Callable 1/24/22 @ 100(a)		53,970
170,000	Wells Fargo & Co., 3.75%, 1/24/24, Callable 12/24/23 @ 100, MTN(a)		179,467
898,000	Wells Fargo & Co., 3.20% (US0003M+117 bps), 6/17/27, Callable 6/17/26 @ 100, MTN(a)		927,888
370,000	Wells Fargo Bank NA, 3.55%, 8/14/23, Callable 7/14/23 @ 100(a)		388,365
			4,738,219
Biotechnology (0.1%):
112,000	AbbVie, Inc., 3.60%, 5/14/25, Callable 2/14/25 @ 100(a)		116,339
265,000	Gilead Sciences, Inc., 3.25%, 9/1/22, Callable 7/1/22 @ 100(a)		274,340
293,000	Gilead Sciences, Inc., 3.70%, 4/1/24, Callable 1/1/24 @ 100(a)		309,963
			700,642
Capital Markets (0.2%):
265,000	Goldman Sachs Group, Inc., 2.91% (US0003M+105 bps), 6/5/23, Callable 6/5/22 @ 100(a)		268,378
281,000	Goldman Sachs Group, Inc., Series M, 5.38% (US0003M+392 bps), Callable 5/10/20 @ 100(a)		283,810
360,000	Morgan Stanley, Series F, 3.88%, 4/29/24(a)		381,847
230,000	Morgan Stanley, 2.72% (SOFR+115 bps), 7/22/25, Callable 7/22/24 @ 100, MTN(a)		231,968

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]8                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Capital Markets, continued
$198,000	Morgan Stanley, Series H, 5.91% (US0003M+361 bps), Callable 1/15/20 @ 100(a)	$	199,980
309,000	The Goldman Sachs Group, Inc., 3.63%, 2/20/24, Callable 1/20/24 @ 100(a)		323,563
			1,689,546
Consumer Finance (0.2%):
567,000	American Express Co., 3.70%, 8/3/23, Callable 7/3/23 @ 100(a)		597,031
177,000	American Express Co., Series C, 4.90% (US0003M+329 bps), Callable 3/15/20 @ 100(a)		177,221
245,000	Capital One Finance Corp., 3.30%, 10/30/24, Callable 9/30/24 @ 100(a)		253,071
190,000	Capital One Financial Corp., 3.20%, 1/30/23, Callable 12/30/22 @ 100(a)		194,831
			1,222,154
Diversified Financial Services (0.0%†):
220,000	BP Capital Markets America, Inc., 3.79%, 2/6/24, Callable 1/6/24 @ 100(a)		233,959
Diversified Telecommunication Services (0.0%†):
48,000	Hughes Satellite Systems Corp., 7.63%, 6/15/21(a)		51,720
294,000	Verizon Communications, Inc., 3.50%, 11/1/24, Callable 8/1/24 @ 100(a)		311,329
			363,049
Electric Utilities (0.1%):
245,000	NextEra Energy Capital Holdings, Inc., 2.90%, 4/1/22(a)		249,018
236,000	Vistra Operations Co. LLC, 5.63%, 2/15/27, Callable 2/15/22 @ 102.81(a)(f)		248,095
			497,113
Equity Real Estate Investment Trusts (0.0%†):
54,000	AvalonBay Communities, Inc., 3.50%, 11/15/24, Callable 8/15/24 @ 100(a)		57,455
Food & Staples Retailing (0.0%†):
270,000	Walgreen Co., 3.10%, 9/15/22(a)		276,346
Health Care Equipment & Supplies (0.1%):
364,000	Becton Dickinson & Co., 2.89%, 6/6/22, Callable 5/6/22 @ 100(a)		369,322
120,000	Becton Dickinson & Co., 3.36%, 6/6/24, Callable 4/6/24 @ 100(a)		124,848

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Health Care Equipment & Supplies, continued
$257,000	Becton, Dickinson & Co., 3.13%, 11/8/21(a)	$	261,235
			755,405
Health Care Providers & Services (0.2%):
359,000	Cigna Corp., 3.40%, 9/17/21(a)		366,371
306,000	Cigna Corp., 3.75%, 7/15/23, Callable 6/15/23 @ 100(a)		320,294
813,000	CVS Health Corp., 3.70%, 3/9/23, Callable 2/9/23 @ 100(a)		845,711
62,000	UnitedHealth Group, Inc., 3.70%, 12/15/25(a)		66,606
			1,598,982
Hotels, Restaurants & Leisure (0.1%):
164,000	McDonald’s Corp., 3.35%, 4/1/23, Callable 3/1/23 @ 100, MTN(a)		170,784
265,000	Starbucks Corp., 3.10%, 3/1/23, Callable 2/1/23 @ 100(a)		273,797
			444,581
Insurance (0.1%):
63,000	Aon Corp., 4.50%, 12/15/28, Callable 9/15/28 @ 100(a)		70,824
152,000	Marsh & McLennan Cos., Inc., 3.88%, 3/15/24, Callable 2/15/24 @ 100(a)		161,727
63,000	Marsh & McLennan Cos., Inc., 4.38%, 3/15/29, Callable 12/15/28 @ 100(a)		71,020
151,000	Prudential Financial, Inc., 5.88% (US0003M+418 bps), 9/15/42, Callable 9/15/22 @ 100(a)		162,713
100,000	Prudential Financial, Inc., 5.62% (US0003M+392 bps), 6/15/43, Callable 6/15/23 @ 100(a)		107,250
			573,534
IT Services (0.2%):
933,000	Fiserv, Inc., 2.75%, 7/1/24, Callable 6/1/24 @ 100(a)		949,154
573,000	International Business Machines Corp., 3.00%, 5/15/24(a)		592,829
65,000	PayPal Holdings, Inc., 2.40%, 10/1/24, Callable 9/1/24 @ 100(a)		65,359
95,000	PayPal Holdings, Inc., 2.65%, 10/1/26, Callable 8/1/26 @ 100(a)		95,768
			1,703,110
Media (0.1%):
524,000	Comcast Corp., 3.70%, 4/15/24, Callable 3/15/24 @ 100(a)		558,148
224,798	iHeartCommunications, Inc., 6.38%, 5/1/26, Callable 5/1/22 @ 103.19^(a)		242,782
79,777	iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 5/1/22 @ 104.19^(a)		86,159

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]9                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Media, continued
$200,000	NBCUniversal Enterprise, Inc., 5.25%, Callable 3/19/21 @ 100(a)(f)	$	204,379
			1,091,468
Oil, Gas & Consumable Fuels (0.4%):
66,000	El Paso Pipeline Partners Operating Co. LLC, 4.30%, 5/1/24, Callable 2/1/24 @ 100(a)		70,543
104,000	Energy Transfer Operating LP, 5.88%, 1/15/24, Callable 10/15/23 @ 100(a)		115,522
84,000	Energy Transfer Partners LP, 4.05%, 3/15/25, Callable 12/15/24 @ 100(a)		87,781
363,000	Enterprise Products Operating LLC, 3.35%, 3/15/23, Callable 12/15/22 @ 100(a)		375,285
85,000	Enterprise Products Operating LLC, 3.90%, 2/15/24, Callable 11/15/23 @ 100(a)		89,674
83,000	Enterprise Products Operating LLC, 3.75%, 2/15/25, Callable 11/15/24 @ 100(a)		88,318
69,000	Kinder Morgan Energy Partners LP, 4.15%, 2/1/24, Callable 11/1/23 @ 100(a)		73,246
183,000	MPLX LP, 4.13%, 3/1/27, Callable 12/1/26 @ 100(a)		192,546
85,000	Occidental Petroleum Corp., 2.70%, 8/15/22(a)		85,718
315,000	ONEOK Partners LP, 4.90%, 3/15/25, Callable 12/15/24 @ 100(a)		346,022
210,000	ONEOK, Inc., 2.75%, 9/1/24, Callable 8/1/24 @ 100(a)		210,839
217,000	Williams Cos., Inc., 3.70%, 1/15/23, Callable 10/15/22 @ 100(a)		224,099
126,000	Williams Cos., Inc., 4.55%, 6/24/24, Callable 3/24/24 @ 100(a)		135,154
			2,094,747
Pharmaceuticals (0.0%†):
133,000	Forest Laboratories, Inc., 5.00%, 12/15/21, Callable 9/16/21 @ 100(a)(f)		139,716
Semiconductors & Semiconductor Equipment (0.1%):
448,000	Broadcom, Inc., 3.13%, 4/15/21(a)(f)		452,214
133,000	Qualcomm, Inc., 2.60%, 1/30/23, Callable 12/30/22 @ 100(a)		135,285
345,000	Qualcomm, Inc., 2.90%, 5/20/24, Callable 3/20/24 @ 100(a)		354,357
			941,856

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Specialty Retail (0.0%†):
$202,000	Home Depot, Inc. (The), 2.95%, 6/15/29, Callable 3/15/29 @ 100(a)	$	211,954
Technology Hardware, Storage & Peripherals (0.1%):
462,000	Apple, Inc., 3.35%, 2/9/27, Callable 11/9/26 @ 100(a)		493,382
450,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100(a)		477,225
			970,607
Total Corporate Bonds (Cost $20,316,388)			21,034,816
Foreign Bonds (3.4%):
Banks (0.1%):
230,000	Lloyds TSB Bank plc, Series E, 13.00%(GUKG5+1,340bps), Callable 1/22/29 @ 126+(a)		498,716
Sovereign Bond (3.3%):
1,093,000	Australian Government, Series FR78, 3.00%, 3/21/47+(a)(f)		961,081
874,000	Canadian Government, 0.75%, 3/1/21+(a)		651,558
12,116,000,000	Indonesia Treasury Bond, 8.25%, 5/15/29+(a)		908,743
2,563,000	Italy Buoni Poliennali Del Tesoro, 3.00%, 8/1/29+(a)(f)		3,366,416
1,176,000	Italy Buoni Poliennali Del Tesoro, 3.85%, 9/1/49+(a)(f)		1,847,753
370,250,000	Japan Treasury Discount Bill, Series 846, 0.00%, 10/21/19+(a)(g)		3,425,077
269,200,000	Japan Treasury Discount Bill, Series 847, 0.00%, 10/28/19+(a)(g)		2,490,378
269,200,000	Japan Treasury Discount Bill, Series 848, 0.00%, 11/5/19+(a)(g)		2,490,505
298,850,000	Japan Treasury Discount Bill, Series 851, 0.00%, 11/18/19+(a)(g)		2,765,165
8,700,000	Mexican Bonos, Series M, 8.00%, 9/5/24+(a)(h)		465,106
8,200,000	Mexican Bonos, Series M 20, 10.00%, 12/5/24+(a)(h)		475,787
210,000	Republic of Argentina, 3.38%, 1/15/23+(a)		86,984
231,762	Republic of Argentina, 7.82%, 12/31/33+(a)		119,910
13,939,060	Republic of South Africa, Series 2030, 8.00%, 1/31/30+(a)		860,905
2,470,000	Spain Government Bond, 0.60%, 10/31/29+(a)(f)		2,813,985
891,000	Spain Government Bond, Series 30Y, 2.70%, 10/31/48+(a)(f)		1,370,579
			25,099,932
Total Foreign Bonds (Cost $25,639,721)			25,598,648
Yankee Dollars (0.7%):
Banks (0.3%):
282,000	HSBC Holdings plc, 3.26% (US0003M+106 bps), 3/13/23, Callable 3/13/22 @ 100(a)		286,779
200,000	HSBC Holdings plc, 3.80% (US0003M+121 bps), 3/11/25, Callable 3/11/24 @ 100(a)		208,217

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]10                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Yankee Dollars, continued
Banks, continued
$414,000	HSBC Holdings plc, 6.38% (USISDA05+371 bps), Callable 9/17/24 @ 100^(a)	$	437,805
410,000	ING Groep NV, 4.10%, 10/2/23(a)		435,431
200,000	ING Groep NV, 6.00% (USSW5+445 bps), Callable 4/16/20 @ 100(a)		201,750
112,000	Mitsubishi UFJ Financial Group, Inc., 3.78%, 3/2/25(a)		119,142
737,000	Sumitomo Mitsui Financial Group, Inc., 3.94%, 10/16/23(a)		779,967
			2,469,091
Capital Markets (0.0%†):
207,000	UBS Group AG, 4.13%, 9/24/25(a)(f)		223,275
Diversified Financial Services (0.0%†):
80,000	Intelsat Jackson Holdings SA, 8.00%, 2/15/24, Callable 11/7/19 @ 104(a)(f)		83,100
200,000	NXP BV/NXP Funding LLC, 4.63%, 6/1/23(a)(f)		212,750
			295,850
Food Products (0.0%†):
208,000	Danone SA, 2.59%, 11/2/23, Callable 9/2/23 @ 100(a)(f)		210,462
Interactive Media & Services (0.0%†):
220,000	Baidu, Inc., 4.38%, 5/14/24, Callable 4/14/24 @ 100(a)		234,641
Paper & Forest Products (0.2%):
41,361	Quintis Pty, Ltd., 7.50%, 10/1/26, Callable 10/1/21 @ 105.63(a)(c)(d)		41,361
730,672	Quintis Pty, Ltd., 0.00%, 10/1/28, Callable 11/7/19 @ 92(a)(c)(d)		730,672
			772,033
Pharmaceuticals (0.0%†):
258,000	Actavis Funding SCS, 3.45%, 3/15/22, Callable 1/15/22 @ 100(a)		264,524
Sovereign Bond (0.2%):
626,000	Republic of Argentina, 6.88%, 1/26/27(a)		262,137
614,000	Republic of Argentina, 5.88%, 1/11/28(a)		249,438
			511,575
Total Yankee Dollars (Cost $5,306,656)			4,981,451
U.S. Treasury Obligations (13.8%):
U.S. Treasury Bills (1.4%)
1,325,000	1.52%, 10/8/19(a)(g)		1,324,553
1,000,000	1.71%, 11/12/19(a)(g)		997,964
1,325,000	1.76%, 12/5/19(a)(g)		1,320,730
1,340,000	1.72%, 12/19/19(a)(g)		1,334,898
1,340,000	1.79%, 1/2/20(a)(g)		1,333,752

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
U.S. Treasury Obligations, continued
U.S. Treasury Bills, continued
$4,000,000	1.79%, 1/23/20(a)(g)	$	3,977,263
			10,289,160
U.S. Treasury Bonds (1.1%)
8,001,600	2.25%, 8/15/49(a)		8,230,396
U.S. Treasury Inflation Index Notes (2.1%)
1,646,600	0.63%, 4/15/23(a)		1,714,110
13,660,300	0.50%, 4/15/24(a)		14,065,988
			15,780,098
U.S. Treasury Notes (9.2%)
3,680,000	1.50%, 11/30/19(i)		3,677,125
7,993,200	1.50%, 8/31/21(a)		7,970,719
20,091,300	1.50%, 9/15/22(a)		20,053,630
3,877,800	3.00%, 10/31/25(a)(b)		4,189,842
4,374,900	1.88%, 6/30/26(a)		4,446,676
7,858,200	1.88%, 7/31/26(a)		7,988,351
12,655,000	2.38%, 5/15/29(b)(i)		13,441,983
7,729,500	1.63%, 8/15/29(a)		7,695,683
			69,464,009
Total U.S. Treasury Obligations (Cost $102,581,522)			103,763,662
Purchased Options (0.0%†):
Total Purchased Options (Cost $1,719,908)			1,132,686
Purchased Currency Options (0.0%†):
Total Purchased Currency Options (Cost $294,258)			162,263
Purchased Swaptions (0.0%†):
Total Purchased Swaptions (Cost $194,845)			106,422
Purchased Interest Rate Cap (0.0%†):
Total Purchased Interest Rate Cap (Cost $120,131)			30,689
Exchange Traded Fund (0.1%):
4,087	SPDR Gold Trust(i)		567,562
Total Exchange Traded Fund (Cost $567,821)			567,562
Securities Held as Collateral for Securities on Loan (0.3%):
$2,259,468	BlackRock Liquidity FedFund, Institutional Shares (j)		2,259,468
Total Securities Held as Collateral for Securities on Loan (Cost $2,259,468)			2,259,468
Affiliated Investment Companies (44.9%):
Fixed Income Funds (27.3%):
18,050,097	AZL Enhanced Bond Index Fund		206,854,115
International Equity Funds (17.6%):
11,268,532	AZL MSCI Global Equity Index Fund		132,630,626
Total Affiliated Investment Companies (Cost $297,601,010)			339,484,741
Unaffiliated Investment Companies (0.4%):
Money Markets (0.4%):
3,352,147	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.83%(g)(i)		3,352,147
Total Unaffiliated Investment Companies (Cost $3,352,147)			3,352,147
Total Investment Securities (Cost $648,206,097) - 95.5%			721,109,187
Net other assets (liabilities) - 4.5%			33,421,068

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]11                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Net Assets - 100.0% $ 754,530,256

Percentages indicated are based on net assets as of September 30, 2019.

ADR	-	American Depositary Receipt
GUKG5	-	UK Govt Bonds 5 Year Note Generic Bid Yield
LIBOR	-	London Interbank Offered Rate
MTN	-	Medium Term Note
SOFR	-	Secured Overnight Financing Rate
SPDR	-	Standard & Poor’s Depository Receipts
US0003M	-	3 Month US Dollar LIBOR
USISDA05	-	5 Year ICE Swap Rate
USSW5	-	USD 5 Year Swap Rate

* Non-income producing security.

^ This security or a partial position of this security was on loan as of September 30, 2019. The total value of securities on loan as of September 30, 2019 was $2,154,609.

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

† Represents less than 0.05%.

(a) These securities are held by the AZL BlackRock Global Allocation Fund (the “VIP Subsidiary”).

(b) All or a portion of this security has been pledged as collateral for open derivative positions.

(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 September 30, 2019, these securities represent 0.64% of the net assets of the fund.

(d) Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of September 30, 2019. The total of all such securities represent 0.35% of the net assets of the fund.

(e) Defaulted bond.

(f) 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.

(g) The rate represents the effective yield at September 30, 2019.

(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 I, Ltd. (the “Subsidiary”).

(j) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before September 30, 2019.

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 September 30, 2019:

Country	Percentage
Argentina	0.1%
Australia	0.3%
Bermuda	0.1%
Brazil	0.3%
Canada	0.6%
Cayman Islands	—%†
Chile	—%†
China	0.9%
Czech Republic	—%†
Denmark	0.1%
European Community	—%†
Finland	—%†
France	1.1%
Germany	1.0%
Hong Kong	0.4%
India	0.4%
Indonesia	0.1%
Ireland (Republic of)	0.1%
Italy	1.1%
Japan	4.8%
Jersey	—%†
Liberia	—%†
Luxembourg	—%†
Malaysia	—%†
Mexico	0.1%
Netherlands	0.9%
Panama	—%†
Portugal	—%†
Republic of Korea (South)	0.2%
Singapore	0.3%
South Africa	0.1%
Spain	0.9%
Sweden	—%†
Switzerland	0.6%
Taiwan, Province Of China	0.7%
Thailand	0.1%
Turkey	—%†
United Arab Emirates	0.1%
United Kingdom	1.3%
United States	83.3%
	100.0%

† Represents less than 0.05%.

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]12                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Futures Contracts

Cash of $37,941,897 has been segregated to cover margin requirements for the following open contracts as of September 30, 2019:

Short Futures

Description	Expiration Date	Number of Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
DJ EURO STOXX 50 December Futures (Euro)(a)	12/20/19	3	$	(116,227)	$	(1,225)
Euro-Bund December Futures (Euro)(a)	12/6/19	7		(1,329,283)		251
Nasdaq 100 E-Mini December Futures (U.S. Dollar)(a)	12/20/19	6		(932,460)		13,170
Nikkei 225 Index December Futures (Japanese Yen)(a)	12/12/19	62		(6,269,679)		(187,132)
S&P 500 Index E-Mini December Futures (U.S. Dollar)(a)	12/20/19	21		(3,127,425)		(14,634)
U.S. Treasury 10-Year Note December Futures (U.S. Dollar)(a)	12/19/19	64		(8,340,000)		(32,013)
					$	(221,583)
Long Futures
Description	Expiration Date	Number of Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Mini MSCI Emerging Markets Index December Futures (U.S. Dollar)(a)	12/20/19	17		851,615		(21,075)
S&P 500 Index E-Mini December Futures (U.S. Dollar)	12/20/19	127		18,913,475		(156,969)
U.S. Treasury 10-Year Note December Futures (U.S. Dollar)	12/19/19	144		18,765,000		(209,081)
U.S. Treasury 2-Year Note December Futures (U.S. Dollar)(a)	12/31/19	94		20,257,000		39,861
U.S. Treasury 5-Year Note December Futures (U.S. Dollar)(a)	12/31/19	108		12,868,031		(2,507)
					$	(349,771)
Total Net Futures Contracts					$	(571,354)

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]13                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Contracts for Differences (a)

At September 30, 2019, the Fund’s open over-the-counter equity contracts for differences were as follows:

Reference Entity	Counterparty	Long/ Short	Currency	Financing Rate		Expiration Date	Trade Notional		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
AAC Technologies Holdings, Inc.	JPMorgan Chase	Short	HKD		1.74%	12/30/39		1,500	$	(14,234	)	$	6,296
Advanced Micro Devices, Inc.	JPMorgan Chase	Short	USD		1.66%	12/30/39		938		(27,153	)		(39)
Akbank	JPMorgan Chase	Short	TRY		1.08%	12/30/39		656		(868	)		(75)
Amoreg	JPMorgan Chase	Short	KRW		1.69%	12/30/39		173		(8,534	)		(919)
Amorepacific Corp.	JPMorgan Chase	Short	KRW		1.69%	12/30/39		13		(1,411	)		(115)
Aptiv plc	Citigroup	Short	USD		(0.18)%	12/30/39		197		(16,568	)		(654)
Autohome, Inc.	JPMorgan Chase	Short	USD		1.66%	12/30/39		10		(843	)		12
Autohome, Inc.	JPMorgan Chase	Short	USD		1.66%	12/30/39		423		(34,323	)		(841)
Baker Hughes, a GE Co.	Citigroup	Short	USD		1.66%	12/30/39		57		(1,339	)		17
BASF SE	JPMorgan Chase	Short	EUR		1.55%	12/30/39		341		(22,275	)		(1,566)
Bim Birlesik Magazalar	JPMorgan Chase	Short	TRY		1.08%	12/30/39		919		(7,350	)		(680)
BYD Electronic International Co., Ltd.	Citigroup	Short	HKD		(0.75)%	12/30/39		2,500		(3,779	)		34
Cenovus Energy, Inc.	JPMorgan Chase	Short	CAD		1.58%	12/30/39		1,731		(16,317	)		(4)
Centrais Eletr Bras-Eletrobras	JPMorgan Chase	Short	BRL		2.03%	12/30/39		496		(5,198	)		182
Centrais Eletr Bras-Eletrobras	JPMorgan Chase	Short	BRL		1.54%	12/30/39		745		(7,591	)		392
China Everbright International, Ltd.	Citigroup	Short	HKD		(0.31)%	12/30/39		17,000		(15,125	)		2,022
China Everbright International, Ltd.	JPMorgan Chase	Short	HKD		1.74%	12/30/39		10,000		(8,251	)		543
China Gas Holdings, Ltd.	JPMorgan Chase	Short	HKD		1.74%	12/30/39		2,400		(9,146	)		(135)
China International Capital Corp., Ltd.	Citigroup	Short	HKD		(1.42)%	12/30/39		1,200		(2,440	)		114
China Molybdenum, Ltd. H	Citigroup	Short	HKD		(0.83)%	12/30/39		30,000		(9,372	)		(579)
China Southern Airlines, Ltd.	JPMorgan Chase	Short	HKD		1.74%	12/30/39		50,000		(34,027	)		3,723
China State Construction International Holdings, Ltd.	JPMorgan Chase	Short	HKD		1.74%	12/30/39		46,000		(46,121	)		2,858
China Vanke, Ltd.	Citigroup	Short	HKD		(0.30)%	12/30/39		200		(706	)		9
ConAgra Brands, Inc.	JPMorgan Chase	Short	USD		1.66%	12/30/39		1,245		(36,522	)		(1,674)
Concho Resources, Inc.	JPMorgan Chase	Short	USD		1.66%	12/30/39		122		(15,790	)		7,506
Constellation Brands, Inc.	JPMorgan Chase	Short	USD		1.66%	12/30/39		113		(23,197	)		(225)
Continental AG	Citigroup	Short	EUR		(0.26)%	12/30/39		210		(28,381	)		1,515
Diamondback Energy, Inc.	JPMorgan Chase	Short	USD		1.66%	12/30/39		32		(3,171	)		294
Electronic Arts, Inc.	JPMorgan Chase	Short	USD		1.66%	12/30/39		7		(679	)		(6)
Familymart UNY Holdings, Ltd.	JPMorgan Chase	Short	JPY		1.79%	12/30/39		600		(17,272	)		2,574
FedEx Corp.	Citigroup	Short	USD		(0.18)%	12/30/39		99		(14,564	)		153
Ferrovial SA	Citigroup	Short	EUR		(0.25)%	12/30/39		201		(5,496	)		(317)
Fox Corp.	JPMorgan Chase	Short	USD		1.66%	12/30/39		13		(409	)		(2)
Fox Corp.	JPMorgan Chase	Short	USD		1.66%	12/30/39		154		(5,059	)		203
Freeport McMoRan, Inc.	Citigroup	Short	USD		(0.18)%	12/30/39		2,829		(33,218	)		6,145
Galaxy Entertainment Group, Ltd.	Citigroup	Short	HKD		(0.30)%	12/30/39		5,000		(31,915	)		813
Geely Automobile Holdings, Ltd.	JPMorgan Chase	Short	HKD		1.74%	12/30/39		14,000		(22,747	)		(1,009)
Hess Corp.	Citigroup	Short	USD		1.66%	12/30/39		43		(2,560	)		(41)
Hormel Foods Corp.	Citigroup	Short	USD		(0.18)%	12/30/39		990		(41,328	)		(1,965)
Hotai Motor, Ltd.	Citigroup	Short	TWD		(1.00)%	12/30/39		1,000		(8,256	)		(6,955)
Hyundai Heavy Industries, Ltd.	Citigroup	Short	KRW		(0.54)%	12/30/39		100		(10,914	)		595
Hyundai Steel	JPMorgan Chase	Short	KRW		1.01%	12/30/39		175		(5,694	)		1
Illumina, Inc.	JPMorgan Chase	Short	USD		1.66%	12/30/39		51		(14,026	)		(1,490)
Industrias Penoles SAB de C.V.	Citigroup	Short	MXN		(0.50)%	12/30/39		145		(2,437	)		516
Infineon Technologies AG	Citigroup	Short	EUR		(0.27)%	12/30/39		412		(7,373	)		(44)
Iqiyi Ads Representing, Inc.	JPMorgan Chase	Short	USD		1.13%	12/30/39		2,419		(57,635	)		18,616
Kuehne Und Nagel International	Citigroup	Short	CHF		(0.25)%	12/30/39		71		(10,283	)		(174)
LG Display, Ltd.	JPMorgan Chase	Short	KRW		1.69%	12/30/39		1,053		(15,483	)		3,046
LG Display, Ltd.	Citigroup	Short	KRW		(0.69)%	12/30/39		1,663		(23,925	)		4,238
Linde plc	Citigroup	Short	USD		(0.18)%	12/30/39		103		(17,541	)		(2,412)
Line Corp.	Citigroup	Short	JPY		(1.38)%	12/30/39		400		(14,249	)		(129)
Line Corp.	Citigroup	Short	JPY		0.79%	12/30/39		600		(21,271	)		(305)
Lojas Americanas	JPMorgan Chase	Short	BRL		1.54%	12/30/39		1,534		(6,886	)		(490)
Lotte Corp.	Citigroup	Short	KRW		(0.75)%	12/30/39		354		(15,255	)		4,584
Lotte Corp.	JPMorgan Chase	Short	KRW		1.09%	12/30/39		78		(2,990	)		627
Lotte Shopping, Ltd.	JPMorgan Chase	Short	KRW		1.69%	12/30/39		32		(5,203	)		1,794
Makita Corp.	JPMorgan Chase	Short	JPY		1.79%	12/30/39		100		(5,131	)		1,932
Mbank SA	JPMorgan Chase	Short	PLN		1.33%	12/30/39		6		(633	)		119
Meituan Dianping	Citigroup	Short	HKD		(0.30)%	12/30/39		500		(4,277	)		(833)

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]14                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Mercadolibre, Inc.	JPMorgan Chase	Short	USD	1.66	%	12/30/39	12		(6,733)			118
Neste	JPMorgan Chase	Short	EUR	1.55	%	12/30/39	184		(5,915)			(174)
Nine Dragons Paper Holdings, Ltd.	JPMorgan Chase	Short	HKD	1.74	%	12/30/39	1,000		(875)			33
Nippon Paint Holdings Co., Ltd.	JPMorgan Chase	Short	JPY	1.79	%	12/30/39	200		(7,853)			(2,537)
Nucor Corp.	Citigroup	Short	USD	(0.18)	%	12/30/39	393		(20,202)			195
Oreilly Automotive, Inc.	JPMorgan Chase	Short	USD	1.66	%	12/30/39	45		(17,325)			(608)
Pge Polska Grupa Energetyczna SA	JPMorgan Chase	Short	PLN	1.22	%	12/30/39	1,895		(4,412)			657
Pinduoduo ADR Representing, Inc.	Citigroup	Short	USD	(0.18)	%	12/30/39	440		(11,981)			(2,195)
Polskie Gornictwo Naftowe I Gazown	Citigroup	Short	PLN	(0.75)	%	12/30/39	5,266		(7,103)			947
Renesas Electronics Corp.	JPMorgan Chase	Short	JPY	1.79	%	12/30/39	2,300		(13,187)			(1,779)
Santander Bank Polska SA	JPMorgan Chase	Short	PLN	1.33	%	12/30/39	48		(4,468)			741
Saputo, Inc.	JPMorgan Chase	Short	CAD	1.62	%	12/30/39	271		(8,413)			68
Shanghai Fosun Pharmaceutical	Citigroup	Short	HKD	(0.30)	%	12/30/39	2,000		(5,753)			382
Sharp Corp.	Citigroup	Short	JPY	(0.88)	%	12/30/39	800		(9,937)			1,117
Shenzhou International Group, Ltd.	JPMorgan Chase	Short	HKD	1.74	%	12/30/39	1,000		(11,350)			(1,718)
Shopify Subordinate Voting, Inc. Cla	Citigroup	Short	CAD	(0.18)	%	12/30/39	53		(16,898)			409
Shoprite Holdings, Ltd.	JPMorgan Chase	Short	ZAR	1.33	%	12/30/39	1,751		(14,406)			215
SINA Corp.	JPMorgan Chase	Short	USD	1.66	%	12/30/39	200		(8,243)			405
Sino Biopharmaceutical, Ltd.	Citigroup	Short	HKD	(0.30)	%	12/30/39	28,000		(31,145)			(4,443)
SK Hynix, Inc.	JPMorgan Chase	Short	KRW	1.69	%	12/30/39	142		(8,724)			(1,024)
Softbank Group Corp.	JPMorgan Chase	Short	JPY	1.79	%	12/30/39	100		(4,078)			157
Sony Corp.	JPMorgan Chase	Short	JPY	1.79	%	12/30/39	100		(2,314)			150
Southwest Airlines Co.	JPMorgan Chase	Short	USD	1.66	%	12/30/39	411		(21,178)			(1,020)
Sprint Corp.	JPMorgan Chase	Short	USD	1.66	%	12/30/39	359		(2,477)			262
Sunny Optical Technology Group Co., Ltd.	JPMorgan Chase	Short	HKD	1.74	%	12/30/39	1,200		(14,902)			(2,733)
Suzano SA	JPMorgan Chase	Short	BRL	1.65	%	12/30/39	5,410		(43,641)			(21)
Ultrapar Participoes SA	JPMorgan Chase	Short	BRL	1.47	%	12/30/39	1,262		(6,568)			994
Volkswagen AG	Citigroup	Short	EUR	(0.26)	%	12/30/39	189		(31,564)			(938)
Xiaomi Corp.	Citigroup	Short	HKD	(1.50)	%	12/30/39	37,600		(55,184)			12,972
ZTE Corp.	Citigroup	Short	HKD	(1.32)	%	12/30/39	2,600		(8,560)			1,655
Zto Express Cayman ADR Representin	Citigroup	Short	USD	(0.18)	%	12/30/39	1,193		(23,868)			(1,579)
								$	(1,253,998	)	$	48,503

Option Contracts(a)

At September 30, 2019, the Fund’s over-the-counter options purchased were as follows:

Description	Counterparty	Put/   Call	Strike Price		Expiration Date	Contracts		Notional Amount(b)		Fair Value
Agilent Technologies, Inc.	Nomura	Call		71.00 USD	1/17/20		5,449	$	386,879	$	43,429
Alibaba Group Holding, Ltd.	Citigroup	Call		167.00 USD	11/22/19		2,785		465,095		24,717
Alibaba Group Holding, Ltd.	Bank of America	Call		162.50 USD	1/17/20		2,397		389,513		35,214
Alphabet, Inc.	JPMorgan Chase	Call		1315.00 USD	1/17/20		756		994,140		19,947
BP plc	Nomura	Call		45.00 USD	1/17/20		33,538		1,509,210		2,607
CVS Health Corp.	JPMorgan Chase	Call		78.50 USD	1/17/20		4,950		388,575		850
DAX DE 03/20/20 C13600	Goldman Sachs	Call		13600.00 EUR	3/20/20		41		557,600		3,061
Deutsche Boerse AG	Goldman Sachs	Call		13700.00 EUR	12/20/19		171		2,342,700		848
Deutsche Boerse AG	Credit Suisse First Boston	Call		14000.00 EUR	3/20/20		52		728,000		1,305
Emerson Electric Co.	Bank of America	Call		65.00 USD	12/20/19		12,814		832,910		50,464
EURO STOXX 50 Index	Credit Suisse First Boston	Call		3600.00 EUR	10/18/19		271		975,600		6,850
EURO STOXX 50 Index	Goldman Sachs	Call		3750.00 EUR	12/20/19		201		753,750		3,792
EURO STOXX 50 Index	Goldman Sachs	Call		3850.00 EUR	12/20/19		1,086		4,181,100		5,374
EURO STOXX 50 Index	Credit Suisse First Boston	Call		3600.00 EUR	3/20/20		108		388,800		13,279
EURO STOXX 50 Index	Goldman Sachs	Call		3800.00 EUR	3/20/20		145		551,000		5,462
EURO STOXX 50 Index	Credit Suisse First Boston	Call		3900.00 EUR	3/20/20		238		928,200		3,994
EURO STOXX 50 Index	Barclays Bank	Call		110.00 EUR	3/19/21		4,979		547,690		9,576
EURO STOXX 50 Index	Credit Suisse First Boston	Call		3600.00 EUR	11/15/19		1,399		5,036,400		72,949
EURO STOXX 70 Index	UBS Warburg	Call		110.00 EUR	6/18/21		6,330		696,300		11,473
Facebook, Inc.	UBS Warburg	Call		195.00 USD	12/20/19		6,440		1,255,800		26,121
FedEx Corp.	Citigroup	Call		170.00 USD	10/18/19		2,567		436,390		83
FedEx Corp.	Credit Suisse First Boston	Call		162.00 USD	1/17/20		5,587		905,094		18,809
German Stock Index	Goldman Sachs	Call		13300.00 EUR	12/20/19		50		665,000		1,604
Halliburton Co.	Citigroup	Call		50.00 USD	1/17/20		13,346		667,300		–
J.P. Morgan Chase & Co.	Citigroup	Call		114.50 USD	1/17/20		4,968		568,836		33,820
Johnson & Johnson	Bank of America	Call		155.00 USD	1/17/20		5,018		777,790		771
Kroger Co. (The)	Nomura	Call		26.00 USD	10/18/19		19,813		515,138		9,030

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]15                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Lowe’s Cos., Inc.	Nomura	Call		112.00 USD	11/15/19		6,515		729,680		15,305
Lowe’s Cos., Inc.	Nomura	Call		98.00 USD	1/17/20		4,470		438,060		63,748
Nasdaq 100 Stock Index	Bank of America	Call		7900.00 USD	10/18/19		98		774,200		4,836
Qualcomm, Inc.	Morgan Stanley	Call		70.00 USD	10/18/19		6,695		468,650		45,482
Qualcomm, Inc.	Citigroup	Call		71.00 USD	1/17/20		7,025		498,775		57,859
S&P 500 Index	Societe Generale	Call		3050.00 USD	10/18/19		803		2,449,150		5,950
Schlumberger, Ltd.	UBS Warburg	Call		70.00 USD	1/17/20		11,244		787,080		2
SPDR Gold Shares(c)	Societe Generale	Call		136.00 USD	10/18/19		9,847		1,339,192		36,176
SPDR Gold Shares(c)	JPMorgan Chase	Call		143.00 USD	10/18/19		6,680		955,240		3,987
SPDR Gold Shares(c)	Societe Generale	Call		138.00 USD	11/15/19		13,198		1,821,324		43,837
SPDR Gold Shares(c)	Societe Generale	Call		145.00 USD	11/15/19		10,023		1,453,335		10,804
SPDR Gold Shares(c)	Societe Generale	Call		147.50 USD	11/15/19		10,027		1,478,983		7,364
SPDR Gold Shares(c)	Societe Generale	Call		146.00 USD	12/20/19		22,708		3,315,368		39,709
SPDR Gold Shares(c)	Morgan Stanley	Call		147.50 USD	12/31/19		3,344		493,240		5,686
SPDR Gold Shares(c)	Societe Generale	Call		147.50 USD	1/17/20		13,351		1,969,273		27,103
SPDR Gold Shares(c)	Morgan Stanley	Call		147.50 USD	1/17/20		6,679		985,153		13,559
SPDR S&P 500 ETF Trust	Goldman Sachs	Call		325.00 USD	11/15/19		336,013		109,204,225		19,913
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley	Call		4756.33 JPY	3/13/20		14,063		66,888,269		792
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley	Call		4816.24 JPY	9/11/20		11,381		54,813,627		2,448
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley	Call		4894.87 JPY	12/11/20		11,358		55,595,933		2,671
Taiwan Semiconductor Manufacturing Co., Ltd.	Credit Suisse First Boston	Call		46.00 USD	1/17/20		19,482		896,172		58,671
Total (Cost $1,429,634)										$	871,331
At September 30, 2019, the Fund’s over-the-counter options written were as follows:
Description	Counterparty	Put/   Call	Strike Price		Expiration Date	Contracts		Notional Amount(b)		Fair Value
Agilent Technologies, Inc.	Nomura	Call		81.00 USD	1/17/20		5,449	$	441,369	$	(12,837)
Alibaba Group Holding, Ltd.	Citigroup	Call		195.00 USD	11/22/19		2,785		543,075		(3,154)
Alibaba Group Holding, Ltd.	Bank of America	Call		202.50 USD	1/17/20		2,397		485,393		(4,497)
Comcast Corp.	Citigroup	Call		37.50 USD	1/17/20		12,216		458,100		(96,687)
Emerson Electric Co.	Bank of America	Call		75.00 USD	12/20/19		12,814		961,050		(5,965)
EURO STOXX 70 Index	UBS Warburg	Call		135.00 EUR	6/18/21		6,330		854,550		(2,455)
Facebook, Inc.	UBS Warburg	Call		225.00 USD	12/20/19		6,440		1,449,000		(2,674)
FedEx Corp.	Credit Suisse First Boston	Call		190.00 USD	1/17/20		5,587		1,061,530		(2,160)
J.P. Morgan Chase & Co.	Citigroup	Call		125.50 USD	1/17/20		4,968		623,484		(8,585)
Kroger Co. (The)	Nomura	Call		28.50 USD	10/18/19		19,813		564,671		(498)
Lowe’s Cos., Inc.	Nomura	Call		125.00 USD	11/15/19		6,515		814,375		(753)
Lowe’s Cos., Inc.	Nomura	Call		115.00 USD	1/17/20		4,470		514,050		(17,670)
Qualcomm, Inc.	Morgan Stanley	Call		85.00 USD	10/18/19		6,695		569,075		(455)
Qualcomm, Inc.	Citigroup	Call		86.00 USD	1/17/20		7,025		604,150		(10,923)
SPDR S&P 500 ETF Trust	Goldman Sachs	Call		330.00 USD	11/15/19		336,013		110,884,290		(10,372)
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley	Call		5679.90 JPY	3/13/20		14,063		79,876,434		(14)
Taiwan Semiconductor Manufacturing Co., Ltd.	Credit Suisse First Boston	Call		51.00 USD	1/17/20		19,482		993,582		(19,809)
Agilent Technologies, Inc.	Nomura	Put		61.00 USD	1/17/20		4,744		289,384		(2,758)
Alibaba Group Holding, Ltd.	Citigroup	Put		140.00 USD	11/22/19		1,810		253,400		(2,065)
Alibaba Group Holding, Ltd.	Bank of America	Put		135.00 USD	1/17/20		1,598		215,730		(3,234)
Bank of America Corp.	Citigroup	Put		28.50 USD	10/11/19		5,902		168,207		(1,847)
BP plc	Nomura	Put		36.00 USD	1/17/20		33,538		1,207,368		(34,741)
Citigroup, Inc.	JPMorgan Chase	Put		67.00 USD	10/11/19		3,354		224,718		(2,143)
CVS Health Corp.	JPMorgan Chase	Put		56.00 USD	1/17/20		4,950		277,200		(5,580)
Emerson Electric Co.	Bank of America	Put		55.00 USD	12/20/19		6,408		352,440		(2,813)
EURO STOXX 50 Index	UBS Warburg	Put		106.38 EUR	6/18/21		4,268		454,030		(141,402)
EURO STOXX 50 Price Index	Credit Suisse First Boston	Put		3325.00 EUR	11/15/19		933		3,102,225		(20,596)
EURO STOXX Bank Index	Barclays Bank	Put		110.23 EUR	3/19/21		4,201		463,076		(139,822)
FedEx Corp.	Credit Suisse First Boston	Put		130.00 USD	1/17/20		3,156		410,280		(12,119)
Johnson & Johnson	Bank of America	Put		109.00 USD	1/17/20		5,018		546,962		(4,609)
Kroger Co. (The)	Nomura	Put		21.00 USD	1/17/20		6,401		134,421		(2,070)
Qualcomm, Inc.	Citigroup	Put		57.00 USD	1/17/20		3,513		200,241		(2,109)
S&P 500 Index	Societe Generale	Put		2875.00 USD	10/18/19		400		1,150,000		(5,522)
SPDR Gold Shares(c)	Morgan Stanley	Put		136.00 USD	12/31/19		1,338		181,968		(2,789)
SPDR Gold Shares(c)	Morgan Stanley	Put		134.00 USD	1/17/20		3,340		447,560		(5,339)
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley	Put		3832.77 JPY	3/13/20		14,063		53,900,245		(36,639)
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley	Put		3820.96 JPY	9/11/20		7,587		28,989,624		(28,509)
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley	Put		3786.60 JPY	12/11/20		7,573		28,675,922		(32,344)

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]16                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Taiwan Semiconductor Manufacturing Co., Ltd.	Credit Suisse First Boston	Put	39.00 USD	1/17/20	9,741	379,899		(6,177)
Tokyo Stock Exchange Price Index	Bank of America	Put	156.59 JPY	12/13/19	269,219	42,157,003		(37,306)
Tokyo Stock Exchange Price Index	Morgan Stanley	Put	156.59 JPY	12/13/19	509,036	79,709,947		(70,527)
Tokyo Stock Exchange Price Index	BNP Paribas	Put	155.80 JPY	3/13/20	363,317	56,604,789		(53,957)
Tokyo Stock Exchange Price Index	Morgan Stanley	Put	157.82 JPY	4/10/20	323,621	51,073,866		(60,028)
Total (Premiums $796,018)							$	(916,553)

At September 30, 2019, the Fund’s exchange traded options purchased were as follows:

Description	Put/   Call	Strike Price	Expiration Date		Contracts		Notional Amount(b)		Fair Value
Deutsche Boerse AG Stock Index	Call	13700.00 EUR		12/20/19		171	$	2,342,700	$	773
EURO STOXX 50 Price Index	Call	3850.00 EUR		12/20/19		1,089		4,192,650		5,103
iShares Russell 2000 ETF	Call	162.00 USD		12/31/19		39		6,318		5,402
SPDR S&P 500 ETF Trust	Call	303.00 USD		10/18/19		50		15,150		5,075
SPDR S&P 500 ETF Trust	Call	300.00 USD		10/28/19		555		166,500		178,433
SPDR S&P 500 ETF Trust	Call	305.00 USD		11/15/19		45		13,725		10,935
SPDR S&P 500 ETF Trust	Call	305.00 USD		12/20/19		34		10,370		16,371
SPDR S&P 500 ETF Trust	Call	307.00 USD		1/17/20		79		24,253		39,263
Total (Cost $290,274)									$	261,355

At September 30, 2019, the Fund’s exchange traded options written were as follows:

Description	Put/   Call	Strike Price	Expiration Date		Contracts		Notional Amount(b)		Fair Value
SPDR Gold Shares(c)	Call	153.00 USD		10/18/19		67	$	10,251	$	(369)
SPDR Gold Shares(c)	Call	155.00 USD		11/15/19		99		15,345		(2,425)
Agilent Technologies, Inc.	Put	70.00 USD		11/15/19		36		2,520		(2,808)
Amazon.com, Inc.	Put	1630.00 USD		12/20/19		2		3,260		(9,085)
Apple, Inc.	Put	200.00 USD		12/20/19		11		2,200		(3,933)
Bank of America Corp.	Put	27.00 USD		12/20/19		72		1,944		(4,716)
Citigroup, Inc.	Put	62.50 USD		12/20/19		34		2,125		(4,488)
Emerson Electric Co.	Put	60.00 USD		12/20/19		29		1,740		(2,900)
Fleetcor Technologies, Inc.	Put	270.00 USD		11/15/19		7		1,890		(5,250)
Invesco QQQ Trust	Put	178.00 USD		10/18/19		67		11,926		(4,020)
iShares Russell 2000 ETF	Put	140.00 USD		12/31/19		39		5,460		(9,399)
JPMorgan Chase & Co.	Put	105.00 USD		12/20/19		27		2,835		(3,550)
Merck & Co., Inc.	Put	75.00 USD		11/15/19		40		3,000		(1,940)
Microsoft Corp.	Put	130.00 USD		11/15/19		7		910		(1,421)
Microsoft Corp.	Put	125.00 USD		12/20/19		18		2,250		(3,870)
SPDR Gold Shares(c)	Put	134.00 USD		12/20/19		107		14,338		(13,215)
SPDR Gold Shares(c)	Put	133.00 USD		1/17/20		67		8,911		(8,777)
SPDR S&P 500 ETF Trust	Put	280.00 USD		12/20/19		34		9,520		(14,212)
Wells Fargo & Co.	Put	45.00 USD		11/15/19		76		3,420		(2,318)
Total (Premiums $112,719)									$	(98,696)

At September 30, 2019, the Fund’s over-the-counter currency options purchased were as follows:

Description	Counterparty	Put/   Call	Strike Price	Expiration Date	Notional Amount		Fair Value
British Pound Call Currency Option (GBP/USD)	UBS Warburg	Call	1.34 GBP	10/08/19	$	63,230	$	4
United States Dollar Call Currency Option (USD/JPY)	Deutsche Bank	Call	109.50 USD	12/20/19		26,760		11,297
Japanese Yen Put Currency Option (JPY/USD)	BNP Paribas	Put	106.00 USD	12/17/19		82,760		60,745
Japanese Yen Put Currency Option (JPY/USD)	UBS Warburg	Put	102.00 USD	3/11/20		45,490		27,653
United States Dollar Put Currency Option (USD/EUR)	Morgan Stanley	Put	1.08 EUR	3/17/20		51,740		46,241
United States Dollar Put Currency Option (USD/EUR)	Bank of America	Put	1.12 EUR	7/23/20		5,480		13,507
United States Dollar Put Currency Option (USD/GBP)	Morgan Stanley	Put	1.25 GBP	10/08/19		1,358		2,816
Total (Cost $294,258)							$	162,263

At September 30, 2019, the Fund’s over-the-counter currency options written were as follows:

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]17                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Description	Counterparty	Put/   Call	Strike Price	Expiration Date		Notional Amount			Fair Value
British Pound Call Currency Option (GBP/USD)	Morgan Stanley	Call	1.34 GBP		10/08/19	$	(1,358	)	$	–
European Dollar Call Currency Option (EUR/USD)	Morgan Stanley	Call	1.15 EUR		3/17/20		(51,740	)		(18,916)
United States Dollar Call Currency Option (USD/BRL)	Deutsche Bank	Call	3.82 USD		10/10/19		(7,920	)		(63,449)
United States Dollar Call Currency Option (USD/MXN)	Morgan Stanley	Call	21.50 USD		3/05/20		(15,710	)		(16,827)
United States Dollar Call Currency Option (USD/ZAR)	Morgan Stanley	Call	15.50 USD		12/12/19		(13,340	)		(29,728)
Japanese Yen Put Currency Option (JPY/USD)	BNP Paribas	Put	102.00 USD		12/17/19		(82,760	)		(16,447)
Japanese Yen Put Currency Option (JPY/USD)	UBS Warburg	Put	99.00 USD		3/11/20		(45,490	)		(14,516)
South African Put Currency Option (ZAR/USD)	Morgan Stanley	Put	14.00 USD		12/12/19		(13,340	)		(2,877)
United States Dollar Put Currency Option (USD/GBP)	UBS Warburg	Put	1.25 GBP		10/08/19		(63,230	)		(131,095)
Total (Premiums $215,533)									$	(293,855)

At September 30, 2019, the Fund’s open over-the-counter interest rate swaptions purchased were as follows:

Paid by the Fund

Received by the Fund

Rate

Frequency

Rate

Frequency

Expiration Date

Counterparty

Notional Amount (Local)

Value

Unrealized Appreciation/ (Depreciation)

3-Month U.S. Dollar LIBOR

Quarterly

1.45%

Semi-annually

10/9/19

Goldman Sachs

1,967

USD

$

26,106

$

(86,038)

1.56%

Semi-annually

3-Month U.S. Dollar LIBOR

Quarterly

11/6/19

Citigroup

546

USD

18,471

(8,831)

1.53%

Semi-annually

3-Month U.S. Dollar LIBOR

Quarterly

11/27/19

Morgan Stanley

386

USD

18,600

7,007

1.53%

Semi-annually

3-Month U.S. Dollar LIBOR

Quarterly

11/27/19

Morgan Stanley

154

USD

7,405

2,789

3-Month U.S. Dollar LIBOR

Quarterly

1.08%

Semi-annually

8/13/20

Bank of America

223

USD

20,965

936

2.08%

Semi-annually

3-Month U.S. Dollar LIBOR

Quarterly

8/13/20

Bank of America

223

USD

14,875

(4,286)

Total (Cost $194,845)

$

106,422

$

(88,423)

At September 30, 2019, the Fund’s open over-the-counter interest rate swaptions written were as follows:

Paid by the Fund

Received by the Fund

Rate

Frequency

Rate

Frequency

Expiration Date

Counterparty

Notional Amount (Local)

Value

Unrealized Appreciation/ (Depreciation)

1.2%

Semi-annually

3-Month U.S. Dollar LIBOR

Quarterly

10/9/19

Goldman Sachs

(1,967)

USD

$

(547)

$

42,277

3-Month U.S. Dollar LIBOR

Quarterly

1.66%

Semi-annually

11/6/19

Citigroup

(546)

USD

(9,633)

7,841

3-Month U.S. Dollar LIBOR

Quarterly

1.76%

Semi-annually

11/6/19

Citigroup

(546)

USD

(4,484)

6,983

1.55%

Semi-annually

3-Month U.S. Dollar LIBOR

Quarterly

12/27/19

Goldman Sachs

(239)

USD

(21,468)

(3,619)

3-Month U.S. Dollar LIBOR

Quarterly

1.88%

Semi-annually

8/13/20

Bank of America

(1,101)

USD

(17,045)

4,014

0.88%

Semi-annually

3-Month U.S. Dollar LIBOR

Quarterly

8/13/20

Bank of America

(1,101)

USD

(19,201)

4,857

Total (Premiums $(134,730))

$

(72,378)

$

62,353

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]18                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

At September 30, 2019, the Fund’s open interest rate cap contracts purchased were as follows:

Description	Exercise Rate		Counterparty		Expiration Date		Notional Amount		Upfront Premiums Paid/ (Received)		Value		Unrealized Appreciation/ (Depreciation)
2Yr-10Yr Constant Maturity Swap Capital		0.50%		Goldman Sachs		2/27/20	$	30,932,000	$	40,212	$	4,550	$	(35,661)
2Yr-10Yr Constant Maturity Swap Capital		0.50%		Goldman Sachs		8/27/20	$	31,341,000		79,919		26,139		(53,781)
									$	120,131	$	30,689	$	(89,442)

Forward Currency Contracts(a)

At September 30, 2019, the Fund’s open forward currency contracts were as follows:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Net Unrealized   Appreciation/   (Depreciation)
U.S. Dollar	38,281	Japanese Yen	4,104,000	JPMorgan Chase	10/3/19	$	311
U.S. Dollar	1,948,716	British Pound	1,554,000	Bank of America	10/8/19		37,742
U.S. Dollar	1,520,119	Japanese Yen	162,785,000	Deutsche Bank	10/24/19		11,682
U.S. Dollar	577,241	Australian Dollar	822,000	Citigroup	10/31/19		21,907
U.S. Dollar	2,622,486	European Euro	2,336,238	Goldman Sachs	11/1/19		69,865
U.S. Dollar	4,901,115	European Euro	4,385,000	UBS Warburg	11/1/19		109,975
British Pound	1,367,000	U.S. Dollar	1,656,770	JPMorgan Chase	11/22/19		27,178
British Pound	712,000	U.S. Dollar	867,431	JPMorgan Chase	12/5/19		10,139
U.S. Dollar	665,000	Chilean Peso	477,802,499	Deutsche Bank	12/6/19		8,428
U.S. Dollar	274,000	Chilean Peso	196,863,361	Morgan Stanley	12/6/19		3,480
						$	300,707
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Net Unrealized   Appreciation/   (Depreciation)
Japanese Yen	207,050,000	U.S. Dollar	1,923,886	Goldman Sachs	10/3/19	$	(8,278)
U.S. Dollar	1,940,723	British Pound	1,581,000	BNP Paribas	10/8/19		(3,454)
British Pound	1,531,000	U.S. Dollar	1,911,908	Morgan Stanley	10/8/19		(29,217)
Japanese Yen	394,181,000	U.S. Dollar	3,670,952	Goldman Sachs	10/24/19		(18,298)
South African Rand	8,144,000	U.S. Dollar	579,020	Barclays Bank	10/31/19		(43,346)
European Euro	1,033,000	U.S. Dollar	1,158,579	Bank of America	11/1/19		(29,902)
European Euro	836,238	U.S. Dollar	933,566	Bank of America	11/1/19		(19,875)
European Euro	832,000	U.S. Dollar	929,086	Citigroup	11/1/19		(20,026)
European Euro	2,350,000	U.S. Dollar	2,656,828	Deutsche Bank	11/1/19		(89,170)
European Euro	837,000	U.S. Dollar	941,682	Morgan Stanley	11/1/19		(27,159)
European Euro	833,000	U.S. Dollar	936,492	UBS Warburg	11/1/19		(26,339)
Swiss Franc	111,505	U.S. Dollar	115,000	BNP Paribas	11/8/19		(2,852)
Swiss Franc	808,935	U.S. Dollar	835,000	UBS Warburg	11/8/19		(21,403)
Japanese Yen	200,669,925	U.S. Dollar	1,894,000	Morgan Stanley	11/15/19		(31,927)
Japanese Yen	303,096,000	U.S. Dollar	2,880,991	JPMorgan Chase	11/22/19		(67,325)
U.S. Dollar	930,786	Indian Rupee	67,294,000	JPMorgan Chase	11/22/19		(13,545)
European Euro	677,000	U.S. Dollar	753,969	UBS Warburg	11/22/19		(13,256)
U.S. Dollar	373,000	South African Rand	5,763,596	BNP Paribas	12/3/19		(4,575)
European Euro	1,020,000	U.S. Dollar	1,133,640	Morgan Stanley	12/3/19		(16,716)
European Euro	850,000	U.S. Dollar	941,684	Morgan Stanley	12/3/19		(10,914)
U.S. Dollar	946,422	Singapore Dollar	1,316,000	Bank of America	12/5/19		(6,742)
European Euro	1,352,000	U.S. Dollar	1,506,696	Morgan Stanley	12/5/19		(25,943)
Japanese Yen	100,283,041	U.S. Dollar	949,000	Morgan Stanley	12/5/19		(17,071)
New Zealand Dollar	601,000	U.S. Dollar	380,776	UBS Warburg	12/5/19		(3,983)
Swiss Franc	916,946	U.S. Dollar	946,000	BNP Paribas	12/6/19		(21,589)
U.S. Dollar	1,042,000	Brazilian Real	4,357,644	Credit Suisse First Boston	12/6/19		(2,525)
New Zealand Dollar	598,000	U.S. Dollar	380,816	Goldman Sachs	12/6/19		(5,896)
New Zealand Dollar	599,000	U.S. Dollar	382,768	Goldman Sachs	12/6/19		(7,221)
Norwegian Krone	5,819,000	U.S. Dollar	666,049	JPMorgan Chase	12/6/19		(25,491)
European Euro	856,000	U.S. Dollar	942,846	UBS Warburg	12/6/19		(5,239)
European Euro	2,394,000	U.S. Dollar	2,644,721	Goldman Sachs	12/10/19		(21,490)
Japanese Yen	179,954,307	U.S. Dollar	1,703,000	Morgan Stanley	12/10/19		(29,771)

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]19                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

European Euro	1,205,000	U.S. Dollar	1,328,925	Morgan Stanley	12/13/19		(8,167)
New Zealand Dollar	593,000	U.S. Dollar	381,231	UBS Warburg	12/16/19		(9,365)
U.S. Dollar	1,645,000	Japanese Yen	176,880,270	BNP Paribas	12/18/19		(1,086)
U.S. Dollar	257,000	Japanese Yen	27,645,310	Goldman Sachs	12/18/19		(273)
European Euro	2,328,039	U.S. Dollar	2,584,240	Morgan Stanley	12/18/19		(31,346)
South African Rand	14,894,000	U.S. Dollar	997,422	Morgan Stanley	12/19/19		(23,800)
						$	(744,575)
Total Net Forward Currency Contracts						$	(443,868)

Swap Agreements(a)

At September 30, 2019, the Fund’s open centrally cleared credit default swap agreements (sell protection) were as follows:

Description	Payment Frequency		Implied Credit Spread at September 30, 2019(d)		Expiration Date		Notional Amount(e)		Fixed Rate		Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CDX North America High Yield Index Swap Agreement with Series 32		Quarterly		3.27%		6/20/24	$	641,194		5.00%	$	43,009	$	37,064	$	5,945
											$	43,009	$	37,064	$	5,945

At September 30, 2019, the Fund’s open centrally cleared interest rate swap agreements were as follows:

Paid by the Fund		Received by the Fund
Rate	Frequency	Rate	Frequency	Expiration Date		Notional Amount			Upfront Premiums Paid/ (Received)		Value		Unrealized Appreciation/ (Depreciation)
3-Month CAD LIBOR	Quarterly	1.91%	Semi-annually		7/9/21		6,372,312	CAD	$	—	$	1,703	$	1,703
3-Month CAD LIBOR	Quarterly	1.91%	Semi-annually		7/9/21		5,670,000	CAD		—		1,515		1,515
3-Month CAD LIBOR	Quarterly	1.91%	Semi-annually		7/9/21		950,000	CAD		—		218		218
1.55%	Semi-annually	3-Month U.S. Dollar LIBOR	Quarterly		9/27/24		3,564,458	USD		46		(6,931)		(6,977)
3-Month U.S. Dollar LIBOR	Quarterly	1.28%	Semi-annually		11/29/24		1,932,000	USD		—		(19,238)		(19,238)
3-Month U.S. Dollar LIBOR	Quarterly	1.28%	Semi-annually		11/29/24		769,000	USD		—		(7,657)		(7,657)
											$	(30,390)	$	(30,436)

At September 30, 2019, the Fund’s open over-the-counter total return swap agreements were as follows:

Pay/ Receive	Financing  Rate		Description	Expiration Date		Counterparty	Notional Amount (Local)			Value and Unrealized Appreciation/ (Depreciation)
Pay		0.00%	S&P 500 Index Dividends December Futures		12/18/20	Goldman Sachs		83,956	USD	$	19,119
Pay		0.00%	S&P 500 Index Dividends December Futures		12/17/21	BNP Paribas		109,238	USD		23,850
										$	42,969

(a) These securities are held by the AZL BlackRock Global Allocation Fund (the “VIP Subsidiary”).

(b) Notional amount is expressed as the number of contracts multiplied by the strike price of the underlying asset.

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

(d) 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.

See accompanying notes to the schedules of portfolio investments.

[825832.2404TX]20                                     

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

(e) 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.

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

See accompanying notes to the schedules of portfolio investments.

[788154.2435TX]1                                     

AZL MVP DFA Multi-Strategy Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares			Fair Value
	Affiliated Investment Companies (95.0%):
	Domestic Equity Funds (44.8%):
	2,429,611	AZL DFA U.S. Core Equity Fund	$	32,653,974
	809,258	AZL DFA U.S. Small Cap Fund		9,257,914
				41,911,888
	Fixed Income Funds (38.2%):
	3,422,699	AZL DFA Five-Year Global Fixed Income Fund		35,596,066
	International Equity Funds (12.0%):
	1,106,861	AZL DFA International Core Equity Fund		11,256,774
	Total Affiliated Investment Companies        (Cost $79,659,712)			88,764,728
	Total Investment Securities        (Cost $79,659,712) - 95.0%			88,764,728
	Net other assets (liabilities) - 5.0%			4,688,278
	Net Assets - 100.0%		$	93,453,006

Percentages indicated are based on net assets as of September 30, 2019.

See accompanying notes to the schedules of portfolio investments.

[788154.2435TX]2                                     

AZL MVP DFA Multi-Strategy Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Futures Contracts    

Cash of $4,672,727 has been segregated to cover margin requirements for the following open contracts as of September 30, 2019:    

Long Futures    

Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures (U.S. Dollar)		12/20/19		18	$	2,680,650	$	(22,839)
U.S. Treasury 10-Year Note December Futures (U.S. Dollar)		12/19/19		14		1,824,375		(20,697)
							$	(43,536)

See accompanying notes to the schedules of portfolio investments.

[788163.2406TX]1                                     

AZL MVP FIAM Multi-Strategy Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares			Fair Value
	Affiliated Investment Company (95.1%):
	Balanced Funds (95.1%):
	17,931,932	AZL Fidelity Institutional Asset Management Multi-Strategy Fund	$	247,281,346
	Total Affiliated Investment Company        (Cost $225,026,451)			247,281,346
	Total Investment Securities        (Cost $225,026,451) - 95.1%			247,281,346
	Net other assets (liabilities) - 4.9%			12,771,664
	Net Assets - 100.0%		$	260,053,010

Percentages indicated are based on net assets as of September 30, 2019.

See accompanying notes to the schedules of portfolio investments.

[788163.2406TX]2                                     

AZL MVP FIAM Multi-Strategy Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Futures Contracts    

Cash of $13,006,958 has been segregated to cover margin requirements for the following open contracts as of September 30, 2019:    

Long Futures    

Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures (U.S. Dollar)		12/20/19		35	$	5,212,375	$	(40,999	)
U.S. Treasury 10-Year Note December Futures (U.S. Dollar)		12/19/19		59		7,688,438		(85,512	)
							$	(126,511	)

See accompanying notes to the schedules of portfolio investments.

[788332.2397TX]1                                     

AZL MVP Fusion Dynamic Balanced Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares			Fair Value
	Affiliated Investment Companies (95.1%):
	Domestic Equity Funds (29.9%):
	2,096,260	AZL DFA U.S. Core Equity Fund	$	28,173,731
	1,213,505	AZL DFA U.S. Small Cap Fund		13,882,492
	1,411,200	AZL Gateway Fund		18,952,420
	2,307,049	AZL Mid Cap Index Fund, Class 2		51,424,113
	3,517,567	AZL Russell 1000 Growth Index Fund, Class 2		58,321,259
	6,588,804	AZL Russell 1000 Value Index Fund, Class 2		86,774,551
	1,682,443	AZL Small Cap Stock Index Fund, Class 2		23,150,410
				280,678,976
	Fixed Income Funds (47.8%):
	6,170,285	AZL Enhanced Bond Index Fund		70,711,464
	8,774,780	AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		94,153,390
	8,709,778	AZL MetWest Total Return Bond Fund		94,065,603
	4,416,531	PIMCO VIT Income Portfolio		47,301,044
	4,621,058	PIMCO VIT Low Duration Portfolio		47,319,633
	8,483,992	PIMCO VIT Total Return Portfolio		94,341,995
				447,893,129
	International Equity Funds (17.4%):
	3,220,626	AZL DFA International Core Equity Fund		32,753,765
	5,687,887	AZL International Index Fund, Class 2		91,347,470
	5,273,549	AZL MSCI Emerging Markets Equity Index Fund, Class 2		38,813,319
				162,914,554
	Total Affiliated Investment Companies        (Cost $823,654,871)			891,486,659
	Total Investment Securities        (Cost $823,654,871) - 95.1%			891,486,659
	Net other assets (liabilities) - 4.9%			46,032,614
	Net Assets - 100.0%		$	937,519,273

Percentages indicated are based on net assets as of September 30, 2019.

See accompanying notes to the schedules of portfolio investments.

[788332.2397TX]2                                     

AZL MVP Fusion Dynamic Balanced Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Futures Contracts

Cash of $46,902,953 has been segregated to cover margin requirements for the following open contracts as of September 30, 2019:    

Long Futures    

Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures (U.S. Dollar)		12/20/19		157	$	23,381,225	$	(195,075)
U.S. Treasury 10-Year Note December Futures (U.S. Dollar)		12/19/19		179		23,325,938		(257,962)
							$	(453,037)

See accompanying notes to the schedules of portfolio investments.

[788360.2396TX]1                                     

AZL MVP Fusion Dynamic Conservative Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares			Fair Value
	Affiliated Investment Companies (95.2%):
	Domestic Equity Funds (22.3%):
	281,924	AZL DFA U.S. Core Equity Fund	$	3,789,053
	221,306	AZL DFA U.S. Small Cap Fund		2,531,735
	280,822	AZL Gateway Fund		3,771,436
	447,976	AZL Mid Cap Index Fund, Class 2		9,985,392
	771,705	AZL Russell 1000 Growth Index Fund, Class 2		12,794,874
	1,351,924	AZL Russell 1000 Value Index Fund, Class 2		17,804,838
	361,939	AZL Small Cap Stock Index Fund, Class 2		4,980,282
				55,657,610
	Fixed Income Funds (61.9%):
	2,119,781	AZL Enhanced Bond Index Fund		24,292,685
	3,020,714	AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		32,412,264
	3,000,941	AZL MetWest Total Return Bond Fund		32,410,162
	1,399,574	PIMCO VIT Income Portfolio		14,989,442
	1,706,281	PIMCO VIT Low Duration Portfolio		17,472,317
	2,924,499	PIMCO VIT Total Return Portfolio		32,520,434
				154,097,304
	International Equity Funds (11.0%):
	616,259	AZL DFA International Core Equity Fund		6,267,349
	972,320	AZL International Index Fund, Class 2		15,615,467
	764,954	AZL MSCI Emerging Markets Equity Index Fund, Class 2		5,630,059
				27,512,875
	Total Affiliated Investment Companies        (Cost $222,782,558)			237,267,789
	Total Investment Securities        (Cost $222,782,558) - 95.2%			237,267,789
	Net other assets (liabilities) - 4.8%			12,089,519
	Net Assets - 100.0%		$	249,357,308

Percentages indicated are based on net assets as of September 30, 2019.

See accompanying notes to the schedules of portfolio investments.

[788360.2396TX]2                                     

AZL MVP Fusion Dynamic Conservative Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Futures Contracts

Cash of $12,475,882 has been segregated to cover margin requirements for the following open contracts as of September 30, 2019:

Long Futures    

Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures (U.S. Dollar)		12/20/19		29	$	4,318,825	$	(36,741	)
U.S. Treasury 10-Year Note December Futures (U.S. Dollar)		12/19/19		62		8,079,375		(88,461	)
							$	(125,202	)

See accompanying notes to the schedules of portfolio investments.

[788354.2398TX]1                                     

AZL MVP Fusion Dynamic Moderate Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares			Fair Value
	Affiliated Investment Companies (95.0%):
	Domestic Equity Funds (35.5%):
	3,734,143	AZL DFA U.S. Core Equity Fund	$	50,186,881
	3,489,668	AZL DFA U.S. Small Cap Fund		39,921,804
	3,750,798	AZL Gateway Fund		50,373,217
	6,256,743	AZL Mid Cap Index Fund, Class 2		139,462,802
	8,997,017	AZL Russell 1000 Growth Index Fund, Class 2		149,170,535
	16,691,160	AZL Russell 1000 Value Index Fund, Class 2		219,822,576
	4,309,736	AZL Small Cap Stock Index Fund, Class 2		59,301,969
				708,239,784
	Fixed Income Funds (38.2%):
	10,929,261	AZL Enhanced Bond Index Fund		125,249,333
	15,386,347	AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		165,095,502
	15,272,363	AZL MetWest Total Return Bond Fund		164,941,520
	7,520,083	PIMCO VIT Income Portfolio		80,540,092
	5,905,940	PIMCO VIT Low Duration Portfolio		60,476,824
	14,840,377	PIMCO VIT Total Return Portfolio		165,024,996
				761,328,267
	International Equity Funds (21.3%):
	9,819,240	AZL DFA International Core Equity Fund		99,861,675
	13,673,960	AZL International Index Fund, Class 2		219,603,798
	14,490,396	AZL MSCI Emerging Markets Equity Index Fund, Class 2		106,649,315
				426,114,788
	Total Affiliated Investment Companies        (Cost $1,742,616,276)			1,895,682,839
	Total Investment Securities        (Cost $1,742,616,276) - 95.0%			1,895,682,839
	Net other assets (liabilities) - 5.0%			98,968,489
	Net Assets - 100.0%		$	1,994,651,328

Percentages indicated are based on net assets as of September 30, 2019.

See accompanying notes to the schedules of portfolio investments.

[788354.2398TX]2                                     

AZL MVP Fusion Dynamic Moderate Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Futures Contracts    

Cash of $99,749,305 has been segregated to cover margin requirements for the following open contracts as of September 30, 2019:    

Long Futures    

Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures (U.S. Dollar)		12/20/19		402	$	59,867,850	$	(500,233)
U.S. Treasury 10-Year Note December Futures (U.S. Dollar)		12/19/19		305		39,745,313		(434,872)
							$	(935,105)

See accompanying notes to the schedules of portfolio investments.

[788363.2403TX]1                                     

AZL MVP Growth Index Strategy Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares			Fair Value
	Affiliated Investment Companies (95.2%):
	Domestic Equity Funds (52.6%):
	13,103,345	AZL Mid Cap Index Fund, Class 2	$	292,073,555
	53,617,676	AZL S&P 500 Index Fund, Class 2		940,990,219
	10,278,241	AZL Small Cap Stock Index Fund, Class 2		141,428,603
				1,374,492,377
	Fixed Income Funds (23.4%):
	53,489,296	AZL Enhanced Bond Index Fund		612,987,328
	International Equity Funds (19.2%):
	31,229,421	AZL International Index Fund, Class 2		501,544,498
	Total Affiliated Investment Companies        (Cost $2,098,534,637)			2,489,024,203
	Total Investment Securities        (Cost $2,098,534,637) - 95.2%			2,489,024,203
	Net other assets (liabilities) - 4.8%			126,219,980
	Net Assets - 100.0%		$	2,615,244,183

Percentages indicated are based on net assets as of September 30, 2019.

See accompanying notes to the schedules of portfolio investments.

[788363.2403TX]2                                     

AZL MVP Growth Index Strategy Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Futures Contracts    

Cash of $127,683,505 has been segregated to cover margin requirements for the following open contracts as of September 30, 2019:    

Long Futures    

Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures (U.S. Dollar)		12/20/19		643	$	95,758,775	$	(892,469	)
U.S. Treasury 10-Year Note December Futures (U.S. Dollar)		12/19/19		244		31,796,250		(334,654	)
							$	(1,227,123	)

See accompanying notes to the schedules of portfolio investments.

[788366.2405TX]1                                     

AZL MVP Moderate Index Strategy Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares			Fair Value
	Affiliated Investment Companies (95.1%):
	Domestic Equity Funds (41.9%):
	2,110,030	AZL Mid Cap Index Fund, Class 2	$	47,032,575
	8,495,066	AZL S&P 500 Index Fund, Class 2		149,088,413
	1,686,201	AZL Small Cap Stock Index Fund, Class 2		23,202,125
				219,323,113
	Fixed Income Funds (38.2%):
	17,363,814	AZL Enhanced Bond Index Fund		198,989,314
	International Equity Funds (15.0%):
	4,892,010	AZL International Index Fund, Class 2		78,565,674
	Total Affiliated Investment Companies        (Cost $435,280,971)			496,878,101
	Unaffiliated Investment Companies (0.0%†):
	Money Markets (0.00%†):
	132,664	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares (a)		132,664
	Total Unaffiliated Investment Companies        (Cost $132,664)			132,664
	Total Investment Securities        (Cost $435,413,635) - 95.1%			497,010,765
	Net other assets (liabilities) - 4.9%			25,654,679
	Net Assets - 100.0%		$	522,665,444

Percentages indicated are based on net assets as of September 30, 2019.

† Represents less than 0.05%.

(a) The rate represents the effective yield at September 30, 2019.

See accompanying notes to the schedules of portfolio investments.

[788366.2405TX]2                                     

AZL MVP Moderate Index Strategy Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Futures Contracts    

Cash of $26,153,133 has been segregated to cover margin requirements for the following open contracts as of September 30, 2019:    

Long Futures    

Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures (U.S. Dollar)		12/20/19		105	$	15,637,125	$	(129,223	)
U.S. Treasury 10-Year Note December Futures (U.S. Dollar)		12/19/19		80		10,425,000		(113,406	)
							$	(242,629	)

See accompanying notes to the schedules of portfolio investments.

[788370.2407TX]1                                     

AZL MVP T. Rowe Price Capital Appreciation Plus Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Shares			Fair Value
	Affiliated Investment Companies (95.0%):
	Domestic Equity Funds (77.1%):
	19,515,127	AZL S&P 500 Index Fund, Class 2	$	342,490,485
	31,741,651	AZL T. Rowe Price Capital Appreciation Fund		633,880,773
				976,371,258
	Fixed Income Funds (17.9%):
	19,777,508	AZL Enhanced Bond Index Fund		226,650,244
	Total Affiliated Investment         Companies (Cost $998,943,866)			1,203,021,502
	Unaffiliated Investment Companies (0.0%†):
	Money Markets (0.0%†):
	258,327	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.83% (a)		258,327
	Total Unaffiliated Investment         Companies         (Cost $258,327)			258,327
	Total Investment Securities         (Cost $999,202,193) - 95.0%			1,203,279,829
	Net other assets (liabilities) - 5.0%			62,977,823
	Net Assets - 100.0%		$	1,266,257,652

Percentages indicated are based on net assets as of September 30, 2019.

† Represents less than 0.05%.

(a) The rate represents the effective yield at September 30, 2019.

See accompanying notes to the schedules of portfolio investments.

[788370.2407TX]2                                     

AZL MVP T. Rowe Price Capital Appreciation Plus Fund

Schedule of Portfolio Investments

September 30, 2019 (Unaudited)

Futures Contracts

Cash of $63,290,108 has been segregated to cover margin requirements for the following open contracts as of September 30, 2019:

Long Futures    

Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures (U.S. Dollar)		12/20/19		255	$	37,975,875	$	(319,488	)
U.S. Treasury 10-Year Note December Futures (U.S. Dollar)		12/19/19		193		25,150,313		(278,722	)
							$	(598,210	)

See accompanying notes to the schedules of portfolio investments.

[822181.NOTES]1                                     

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

1. Significant Accounting Policies

Consolidation of Subsidiaries

During the period ended September 30, 2019, the AZL MVP BlackRock Global Strategy Plus Fund primarily invested in shares of another mutual fund managed by Allianz Investment Management LLC (the “Manager”), the AZL BlackRock Global Allocation Fund (the “VIP Subsidiary”), a wholly-owned and controlled subsidiary of the Fund. As of September 30, 2019, the AZL MVP BlackRock Global Strategy Plus Fund’s aggregate investment in the VIP Subsidiary was $ 377,762,037 representing 50.07% of the AZL MVP BlackRock Global Strategy Plus Fund’s net assets.

The VIP Subsidiary’s primary vehicle for gaining exposure to the commodities markets is through investment in the AZL Cayman Global Allocation Fund I, Ltd. (the “Cayman Subsidiary”), a wholly-owned and controlled subsidiary of the VIP Subsidiary formed in the Cayman Islands, which invests primarily in the commodity-related instruments. The VIP Subsidiary’s and Cayman Subsidiary’s investments have been consolidated with those of the AZL MVP BlackRock Global Strategy Plus Fund. All intercompany transactions have been eliminated.

2. Related Party Transactions

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which each Fund invests. At September 30, 2019, these underlying funds are noted as Affiliated Investment Companies in each Fund’s Schedule.

A summary of each Fund’s investments in affiliated investment companies as of September 30, 2019 is as follows:

	Fair Value 12/31/2018		Purchases at Cost		Proceeds from Sales			Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation		Fair Value 9/30/2019		Shares as of 9/30/2019		Dividend Income
AZL Balanced Index Strategy Fund
AZL Enhanced Bond Index Fund	$	201,992,298	$	2,446,114	$	(22,835,337	)	$	308,508		$	15,528,870	$	197,440,453		17,228,661	$	-
AZL International Index Fund, Class 2		47,746,626		291,804		(4,674,637	)		314,454			5,695,618		49,373,865		3,074,338		-
AZL Mid Cap Index Fund, Class 2		26,638,665		608,543		(2,254,422	)		93,532			4,536,549		29,622,867		1,328,976		-
AZL S&P 500 Index Fund, Class 2		96,443,706		2,259,782		(15,387,003	)		5,491,318			13,499,648		102,307,451		5,829,484		-
AZL Small Cap Stock Index Fund, Class 2		13,778,376		490,981		(368,388	)		2,278			1,812,909		15,716,156		1,142,162		-
	$	386,599,671	$	6,097,224	$	(45,519,787	)	$	6,210,090		$	41,073,594	$	394,460,792		28,603,621	$	-
AZL DFA Multi-Strategy Fund
AZL DFA Five-Year Global Fixed Income Fund	$	412,833,477	$	11,406	$	(39,099,421	)	$	1,018,468		$	12,429,462	$	387,193,392		37,230,134	$	-
AZL DFA International Core Equity Fund		111,040,289		518,680		(6,726,025	)		79,634			11,707,295		116,619,873		11,467,047		-
AZL DFA U.S. Core Equity Fund		357,414,103		254,161		(52,913,832	)		11,903,657			53,810,212		370,468,301		27,564,606		-
AZL DFA U.S. Small Cap Fund		90,842,403		10,557		(4,647,748	)		317,515			10,937,440		97,460,167		8,519,245		-
	$	972,130,272	$	794,804	$	(103,387,026	)	$	13,319,274		$	88,884,409	$	971,741,733		84,781,032	$	-
AZL MVP Balanced Index Strategy Fund
AZL Enhanced Bond Index Fund	$	152,834,757	$	7,888,314	$	(18,534,251	)	$	(16,305	)	$	12,199,536	$	154,372,051		13,470,511	$	-
AZL International Index Fund, Class 2		36,279,424		589,420		(799,962	)		(15,881	)		4,654,720		40,707,721		2,534,727		-
AZL Mid Cap Index Fund, Class 2		20,365,050		1,539,999		(1,122,815	)		34,278			3,536,887		24,353,399		1,092,571		-
AZL S&P 500 Index Fund, Class 2		67,239,890		1,165,058		(5,516,001	)		585,163			12,883,176		76,357,286		4,350,842		-
AZL Small Cap Stock Index Fund, Class 2		10,431,439		1,668,711		(565,330	)		3,477			1,390,796		12,929,093		939,614		-
	$	287,150,560	$	12,851,502	$	(26,538,359	)	$	590,732		$	34,665,115	$	308,719,550		22,388,265	$	-
AZL MVP BlackRock Global Strategy Plus Fund
AZL Enhanced Bond Index Fund	$	210,006,372	$	152,907	$	(19,953,556	)	$	354,364		$	16,294,028	$	206,854,115		18,050,097	$	-
AZL MSCI Global Equity Index Fund		120,964,934		266,024		(9,491,617	)		2,204,493			18,686,792		132,630,626		11,268,532		-
	$	330,971,306	$	418,931	$	(29,445,173	)	$	2,558,857		$	34,980,820	$	339,484,741		29,318,630	$	-
AZL MVP DFA Multi-Strategy Fund
AZL DFA Five-Year Global Fixed Income Fund	$	34,590,662	$	1,723,192	$	(1,895,973	)	$	35,771		$	1,142,414	$	35,596,066		3,422,699	$	-
AZL DFA International Core Equity Fund		10,265,090		543,454		(646,808	)		(80,145	)		1,175,183		11,256,774		1,106,861		-
AZL DFA U.S. Core Equity Fund		29,427,162		1,097,837		(3,379,230	)		7,956			5,500,249		32,653,974		2,429,611		-
AZL DFA U.S. Small Cap Fund		8,139,889		466,587		(362,553	)		(45,598	)		1,059,589		9,257,914		809,258		-
	$	82,422,803	$	3,831,070	$	(6,284,564	)	$	(82,016	)	$	8,877,435	$	88,764,728		7,768,429	$	-
AZL MVP FIAM Multi-Strategy Fund
AZL FIAM Multi-Strategy Fund	$	234,683,127	$	1,254,387	$	(17,334,433	)	$	(307,478	)	$	28,985,743	$	247,281,346		17,931,932	$	-
	$	234,683,127	$	1,254,387	$	(17,334,433	)	$	(307,478	)	$	28,985,743	$	247,281,346		17,931,932	$	-

[822181.NOTES]2                                     

AZL MVP Fusion Dynamic Balanced Fund
AZL DFA International Core Equity Fund	$	31,074,885	$	116,699	$	(1,731,130	)	$	92,075		$	3,201,236	$	32,753,765	3,220,626	$	-
AZL DFA U.S. Core Equity Fund		26,082,825		79,183		(2,831,173	)		626,913			4,215,983		28,173,731	2,096,260		-
AZL DFA U.S. Small Cap Fund		12,576,387		4,491		(249,165	)		2,776			1,548,003		13,882,492	1,213,505		-
AZL Enhanced Bond Index Fund		24,998,381		47,619,668		(6,341,260	)		93,336			4,341,339		70,711,464	6,170,285		-
AZL FIAM Total Bond Fund		94,748,453		103,359		(9,259,038	)		345,405			8,215,211		94,153,390	8,774,780		-
AZL Gateway Fund		18,826,965		-		(1,195,079	)		49,240			1,271,294		18,952,420	1,411,200		-
AZL International Index Fund, Class 2		79,541,619		9,519,442		(7,621,713	)		(447,745	)		10,355,867		91,347,470	5,687,887		-
AZL MetWest Total Return Bond Fund		94,819,701		404,340		(8,802,769	)		402,215			7,242,116		94,065,603	8,709,778		-
AZL Mid Cap Index Fund, Class 2		47,424,477		1,378,512		(5,612,823	)		(530,146	)		8,764,093		51,424,113	2,307,049		-
AZL MSCI Emerging Markets Equity Fund, Class 2		48,923,903		781,228		(14,300,752	)		14,831			3,394,109		38,813,319	5,273,549		-
AZL Russell 1000 Growth Index Fund, Class 2		55,153,230		733,546		(9,667,829	)		949,327			11,152,985		58,321,259	3,517,567		-
AZL Russell 1000 Value Index Fund, Class 2		81,029,766		1,366,555		(9,571,257	)		(992,667	)		14,942,154		86,774,551	6,588,804		-
AZL Small Cap Stock Index Fund, Class 2		20,551,930		473,692		(583,282	)		(46,586	)		2,754,656		23,150,410	1,682,443		-
PIMCO VIT Income Portfolio		48,819,022		1,240,681		(4,311,059	)		89,656			1,462,744		47,301,044	4,416,531		1,240,681
PIMCO VIT Low Duration Portfolio		94,757,327		1,463,140		(49,887,349	)		(2,003,844	)		2,990,359		47,319,633	4,621,058		1,463,140
PIMCO VIT Total Return Portfolio		94,968,410		2,389,344		(8,690,700	)		270,272			5,404,669		94,341,995	8,483,992		2,205,786
	$	874,297,281	$	67,673,880	$	(140,656,378	)	$	(1,084,942	)	$	91,256,818	$	891,486,659	74,175,314	$	4,909,607
AZL MVP Fusion Dynamic Conservative Fund
AZL DFA International Core Equity Fund	$	5,548,312	$	971,460	$	(868,453	)	$	60,883		$	555,147	$	6,267,349	616,259	$	-
AZL DFA U.S. Core Equity Fund		3,205,689		589,310		(636,525	)		143,896			486,683		3,789,053	281,924		-
AZL DFA U.S. Small Cap Fund		2,070,432		596,135		(419,504	)		62,493			222,179		2,531,735	221,306		-
AZL Enhanced Bond Index Fund		11,735,762		13,264,261		(2,293,378	)		20,210			1,565,830		24,292,685	2,119,781		-
AZL FIAM Total Bond Fund		31,216,994		1,780,761		(3,455,135	)		73,520			2,796,124		32,412,264	3,020,714		-
AZL Gateway Fund		3,513,164		167,893		(160,824	)		5,087			246,116		3,771,436	280,822		-
AZL International Index Fund, Class 2		12,589,403		3,882,516		(2,484,797	)		(114,478	)		1,742,823		15,615,467	972,320		-
AZL MetWest Total Return Bond Fund		31,309,316		2,158,908		(3,627,624	)		141,842			2,427,720		32,410,162	3,000,941		-
AZL Mid Cap Index Fund, Class 2		8,681,007		1,895,292		(2,168,186	)		(98,617	)		1,675,896		9,985,392	447,976		-
AZL MSCI Emerging Markets Equity Fund, Class 2		6,994,738		1,128,843		(3,039,135	)		147,982			397,631		5,630,059	764,954		-
AZL Russell 1000 Growth Index Fund, Class 2		11,411,247		1,890,107		(3,091,032	)		226,245			2,358,307		12,794,874	771,705		-
AZL Russell 1000 Value Index Fund, Class 2		16,147,050		2,215,928		(3,395,544	)		(346,092	)		3,183,496		17,804,838	1,351,924		-
AZL Small Cap Stock Index Fund, Class 2		4,200,982		1,148,507		(979,682	)		(62,332	)		672,807		4,980,282	361,939		-
PIMCO VIT Income Portfolio		14,700,292		969,908		(1,154,292	)		(1,707	)		475,241		14,989,442	1,399,574		382,809
PIMCO VIT Low Duration Portfolio		28,942,719		1,498,250		(13,299,266	)		(382,553	)		713,167		17,472,317	1,706,281		483,342
PIMCO VIT Total Return Portfolio		31,355,612		2,765,197		(3,509,261	)		(47,932	)		1,956,818		32,520,434	2,924,499		740,058
	$	223,622,719	$	36,923,276	$	(44,582,638	)	$	(171,553	)	$	21,475,985	$	237,267,789	20,242,919	$	1,606,209
AZL MVP Fusion Dynamic Moderate Fund
AZL DFA International Core Equity Fund	$	95,042,994	$	-	$	(5,276,706	)	$	33,031		$	10,062,356	$	99,861,675	9,819,240	$	-
AZL DFA U.S. Core Equity Fund		47,367,099		-		(5,945,782	)		1,318,865			7,446,699		50,186,881	3,734,143		-
AZL DFA U.S. Small Cap Fund		36,216,741		-		(766,456	)		12,072			4,459,447		39,921,804	3,489,668		-
AZL Enhanced Bond Index Fund		26,340,228		102,324,100		(10,881,358	)		253,661			7,212,702		125,249,333	10,929,261		-
AZL FIAM Total Bond Fund		166,767,373		-		(16,785,280	)		472,257			14,641,152		165,095,502	15,386,347		-
AZL Gateway Fund		50,125,373		-		(3,275,981	)		143,719			3,380,106		50,373,217	3,750,798		-
AZL International Index Fund, Class 2		189,851,166		25,219,300		(19,179,265	)		465,450			23,247,147		219,603,798	13,673,960		-
AZL MetWest Total Return Bond Fund		166,758,959		18,935		(15,318,936	)		763,351			12,719,211		164,941,520	15,272,363		-
AZL Mid Cap Index Fund, Class 2		129,596,650		-		(12,456,342	)		(1,238,791	)		23,561,285		139,462,802	6,256,743		-
AZL MSCI Emerging Markets Equity Fund, Class 2		135,041,675		-		(37,698,170	)		485,301			8,820,509		106,649,315	14,490,396		-
AZL Russell 1000 Growth Index Fund, Class 2		142,143,098		-		(24,115,500	)		2,303,221			28,839,716		149,170,535	8,997,017		-
AZL Russell 1000 Value Index Fund, Class 2		207,263,151		-		(22,978,914	)		(2,371,711	)		37,910,050		219,822,576	16,691,160		-
AZL Small Cap Stock Index Fund, Class 2		53,442,444		-		(1,151,796	)		(168,862	)		7,180,183		59,301,969	4,309,736		-
PIMCO VIT Income Portfolio		83,100,476		2,129,041		(7,359,279	)		286,246			2,383,608		80,540,092	7,520,083		2,129,041
PIMCO VIT Low Duration Portfolio		161,979,164		2,240,960		(105,211,150	)		(2,796,265	)		4,264,115		60,476,824	5,905,940		2,240,960
PIMCO VIT Total Return Portfolio		167,171,929		3,888,549		(16,046,304	)		(47,705	)		10,058,527		165,024,996	14,840,377		3,888,548
	$	1,858,208,520	$	135,820,885	$	(304,447,219	)	$	(86,160	)	$	206,186,813	$	1,895,682,839	155,067,232	$	8,258,549
AZL MVP Growth Index Strategy Fund
AZL Enhanced Bond Index Fund	$	628,734,103	$	-	$	(65,146,645	)	$	(461,822	)	$	49,861,692	$	612,987,328	53,489,296	$	-
AZL International Index Fund, Class 2		447,213,308		-		(2,475,048	)		(187,895	)		56,994,133		501,544,498	31,229,421		-
AZL Mid Cap Index Fund, Class 2		254,024,169		-		(5,758,916	)		(234,605	)		44,042,907		292,073,555	13,103,345		-
AZL S&P 500 Index Fund, Class 2		859,151,295		-		(88,422,339	)		11,488,414			158,772,849		940,990,219	53,617,676		-
AZL Small Cap Stock Index Fund, Class 2		125,112,978		-		(29,442	)		(3,806	)		16,348,873		141,428,603	10,278,241		-
	$	2,314,235,853	$	-	$	(161,832,390	)	$	10,600,286		$	326,020,454	$	2,489,024,203	161,717,979	$	-
AZL MVP Moderate Index Strategy Fund
AZL Enhanced Bond Index Fund	$	201,227,371	$	547,570	$	(18,614,906	)	$	211,308		$	15,617,971	$	198,989,314	17,363,814	$	-
AZL International Index Fund, Class 2		70,025,179		1,152,007		(1,549,486	)		(50,480	)		8,988,454		78,565,674	4,892,010		-
AZL Mid Cap Index Fund, Class 2		40,899,214		376,883		(1,315,894	)		35,029			7,037,343		47,032,575	2,110,030		-
AZL S&P 500 Index Fund, Class 2		132,737,984		1,453,503		(11,725,381	)		2,008,907			24,613,400		149,088,413	8,495,066		-
AZL Small Cap Stock Index Fund, Class 2		19,885,973		711,939		(5,008	)		(221	)		2,609,442		23,202,125	1,686,201		-
	$	464,775,721	$	4,241,902	$	(33,210,675	)	$	2,204,543		$	58,866,610	$	496,878,101	34,547,121	$	-
AZL MVP T. Rowe Price Capital Appreciation Plus Fund
AZL Enhanced Bond Index Fund	$	205,728,223	$	13,590,743	$	(9,802,523	)	$	255,600		$	16,878,201	$	226,650,244	19,777,508	$	-
AZL S&P 500 Index Fund, Class 2		280,475,858		18,067,210		(13,206,754	)		1,162,705			55,991,466		342,490,485	19,515,127		-
AZL T. Rowe Price Capital Appreciation Fund		547,877,821		9,111,353		(20,289,013	)		925,218			96,255,394		633,880,773	31,741,651		-
	$	1,034,081,902	$	40,769,306	$	(43,298,290	)	$	2,343,523		$	169,125,061	$	1,203,021,502	71,034,286	$	-

[822181.NOTES]3                                     

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

3. Restricted Securities

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of September 30, 2019 are identified below.

AZL MVP BlackRock Global Strategy Plus Fund

Security	Acquisition Date(a)		Acquisition     Cost		Shares or Principal Amount		Fair Value		Percentage of Net Assets
Fieldwood Energy LLC		3/13/18		81,305		3,485		87,125	0.01%
Fieldwood Energy LLC		4/25/18		247,017		941		23,525	–%†
Grand Rounds, Inc., Series C		3/31/15		399,608		143,925		387,158	0.05%
Jawbone		1/24/17		–		23,389		–	–%
Lookout, Inc.		3/4/15		63,364		5,547		3,106	–%†
Lookout, Inc. Preferred Shares, Series F		9/19/14		730,222		63,925		458,982	0.06%
Palantir Technologies, Inc., Series I		3/27/14		712,042		116,157		707,396	0.09%
Quintis Pty, Ltd.		10/25/18		316,328		386,370		318,082	0.04%
Quintis Pty, Ltd., 7.50%, 10/1/26, Callable 10/1/21 @ 105.63		10/25/18		42,158		41,361		41,361	0.01%
Quintis Pty, Ltd., 0.00%, 10/1/28, Callable 11/7/19 @ 92		10/25/18		753,320		730,672		730,672	0.10%
REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14		2/7/12		300,000		400,000		–	–%
Uber Technologies		3/21/14		1,063,120		68,532		2,066,708	0.28%

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

† Represents less than 0.05%.