UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number                            811-21624                                                                           

Allianz Variable Insurance Products Fund of Funds Trust

 (Exact name of registrant as specified in charter)

5701 Golden Hills Drive, Minneapolis, MN                              55416-1297

(Address of principal executive offices)                                 (Zip code)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219-8000

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2024

Item 1. Reports to Stockholders.

AZL Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AZL Balanced Index Strategy Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Allianz?site=Allianz. You can also request this information by contacting us at 800-624-0197.

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

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

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Balanced Index Strategy Fund	$5	0.09%

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL Balanced Index Strategy Fund	10.05%	5.56%	5.31%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.35%
Balanced Composite Index	13.28%	7.62%	7.28%
S&P 500 Index	24.56%	15.05%	12.86%

Fund Statistics

Net Assets	$340,620,695
Number of Portfolio Holdings	5
Portfolio Turnover Rate	7%

The Fund's past performance is not a good predictor of the Fund's future performance.

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

What did the Fund invest in?

(as of June 30, 2024)

Portfolio Composition

Type of Security	Percent of Total Investments
Fixed Income Fund	50.2
Domestic Equity Funds	36.0
International Equity Fund	13.8

AZL Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2024

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

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

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

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

018822304 08/24

AZL DFA Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AZL DFA Multi-Strategy Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Allianz?site=Allianz. You can also request this information by contacting us at 800-624-0197.

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

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

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL DFA Multi-Strategy Fund	$4	0.08%

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL DFA Multi-Strategy Fund	10.99%	6.93%	6.02%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.35%
Moderate Composite Index	15.48%	9.15%	8.43%
S&P 500 Index	24.56%	15.05%	12.86%

Fund Statistics

Net Assets	$690,896,130
Number of Portfolio Holdings	3
Portfolio Turnover Rate	13%

The Fund's past performance is not a good predictor of the Fund's future performance.

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

What did the Fund invest in?

(as of June 30, 2024)

Portfolio Composition

Type of Security	Percent of Total Investments
Domestic Equity Fund	43.8
Fixed Income Fund	40.1
International Equity Fund	16.1

AZL DFA Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2024

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

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

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

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

018822403 08/24

AZL MVP Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AZL MVP Balanced Index Strategy Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Allianz?site=Allianz. You can also request this information by contacting us at 800-624-0197.

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

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

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL MVP Balanced Index Strategy Fund	$7	0.13%

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP Balanced Index Strategy Fund	9.94%	4.34%	4.62%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.35%
Balanced Composite Index	13.28%	7.62%	7.28%
S&P 500 Index	24.56%	15.05%	12.86%

Fund Statistics

Net Assets	$769,991,800
Number of Portfolio Holdings	7
Portfolio Turnover Rate	7%

The Fund's past performance is not a good predictor of the Fund's future performance.

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

What did the Fund invest in?

(as of June 30, 2024)

Portfolio Composition

Type of Security	Percent of Total Investments
Fixed Income Fund	50.2
Domestic Equity Funds	35.3
International Equity Fund	14.5

AZL MVP Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2024

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

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

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

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

018822809 08/24

AZL MVP DFA Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AZL MVP DFA Multi-Strategy Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Allianz?site=Allianz. You can also request this information by contacting us at 800-624-0197.

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

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

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL MVP DFA Multi-Strategy Fund	$6	0.12%

Average Annual Total Returns

	1 Year	5 Years	Since Inception 04/27/15
AZL MVP DFA Multi-Strategy Fund	10.97%	5.51%	5.04%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.05%
Moderate Composite Index	15.48%	9.15%	8.40%
S&P 500 Index	24.56%	15.05%	12.92%

Fund Statistics

Net Assets	$1,354,322,641
Number of Portfolio Holdings	5
Portfolio Turnover Rate	13%

The Fund's past performance is not a good predictor of the Fund's future performance.

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

What did the Fund invest in?

(as of June 30, 2024)

Portfolio Composition

Type of Security	Percent of Total Investments
Domestic Equity Fund	43.0
Fixed Income Fund	40.1
International Equity Fund	16.9

AZL MVP DFA Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2024

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

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

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

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

018822833 08/24

AZL MVP FIAM Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AZL MVP FIAM Multi-Strategy Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Allianz?site=Allianz. You can also request this information by contacting us at 800-624-0197.

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

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

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL MVP FIAM Multi-Strategy Fund	$8	0.15%

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP FIAM Multi-Strategy Fund	11.18%	5.33%	3.53%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.35%
Income and Growth Composite Index	11.10%	6.08%	6.12%
S&P 500 Index	24.56%	15.05%	12.86%

Fund Statistics

Net Assets	$315,396,521
Number of Portfolio Holdings	3
Portfolio Turnover Rate	-%

The Fund's past performance is not a good predictor of the Fund's future performance.

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

What did the Fund invest in?

(as of June 30, 2024)

Portfolio Composition

Type of Security	Percent of Total Investments
Balanced Funds	100.0

AZL MVP FIAM Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2024

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

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

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

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

018822858 08/24

AZL MVP Global Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AZL MVP Global Balanced Index Strategy Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Allianz?site=Allianz. You can also request this information by contacting us at 800-624-0197.

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

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

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL MVP Global Balanced Index Strategy Fund	$7	0.14%

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP Global Balanced Index Strategy Fund	10.78%	4.32%	3.68%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.35%
Global Balanced Composite Index	11.48%	6.33%	5.78%
MSCI World Index (gross of withholding taxes)	20.75%	12.32%	9.73%
MSCI World Index (net of withholding taxes)	20.19%	11.78%	9.16%

Fund Statistics

Net Assets	$484,864,814
Number of Portfolio Holdings	12
Portfolio Turnover Rate	-%

The Fund's past performance is not a good predictor of the Fund's future performance.

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

What did the Fund invest in?

(as of June 30, 2024)

Portfolio Composition

Type of Security	Percent of Total Investments
International Equity Fund	50.2
Fixed Income Fund	49.8
Common Stocks	0.0
Convertible Bond	0.0
Private Placements	0.0
Corporate Bonds	0.0

AZL MVP Global Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2024

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

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

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

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

018822874 08/24

AZL MVP Growth Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AZL MVP Growth Index Strategy Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Allianz?site=Allianz. You can also request this information by contacting us at 800-624-0197.

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

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

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL MVP Growth Index Strategy Fund	$6	0.12%

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP Growth Index Strategy Fund	13.99%	6.84%	6.16%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.35%
Growth Composite Index	18.84%	11.40%	10.12%
S&P 500 Index	24.56%	15.05%	12.86%

Fund Statistics

Net Assets	$1,956,170,279
Number of Portfolio Holdings	7
Portfolio Turnover Rate	10%

The Fund's past performance is not a good predictor of the Fund's future performance.

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

What did the Fund invest in?

(as of June 30, 2024)

Portfolio Composition

Type of Security	Percent of Total Investments
Domestic Equity Funds	53.1
Fixed Income Fund	25.1
International Equity Fund	21.8

AZL MVP Growth Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2024

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

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

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

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

018822882 08/24

AZL MVP Moderate Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AZL MVP Moderate Index Strategy Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Allianz?site=Allianz. You can also request this information by contacting us at 800-624-0197.

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

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

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL MVP Moderate Index Strategy Fund	$7	0.14%

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP Moderate Index Strategy Fund	11.66%	5.46%	5.04%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.35%
Moderate Composite Index	15.48%	9.15%	8.43%
S&P 500 Index	24.56%	15.05%	12.86%

Fund Statistics

Net Assets	$358,935,146
Number of Portfolio Holdings	7
Portfolio Turnover Rate	8%

The Fund's past performance is not a good predictor of the Fund's future performance.

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

What did the Fund invest in?

(as of June 30, 2024)

Portfolio Composition

Type of Security	Percent of Total Investments
Domestic Equity Funds	42.7
Fixed Income Fund	40.2
International Equity Fund	17.1

AZL MVP Moderate Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2024

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

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

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

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

018822866 08/24

AZL MVP T. Rowe Price Capital Appreciation Plus Fund 

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AZL MVP T. Rowe Price Capital Appreciation Plus Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Allianz?site=Allianz. You can also request this information by contacting us at 800-624-0197.

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

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

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL MVP T. Rowe Price Capital Appreciation Plus Fund	$7	0.13%

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP T. Rowe Price Capital Appreciation Plus Fund	14.20%	7.99%	8.20%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.35%
Moderate Composite Index	15.48%	9.15%	8.43%
S&P 500 Index	24.56%	15.05%	12.86%

Fund Statistics

Net Assets	$1,140,535,736
Number of Portfolio Holdings	5
Portfolio Turnover Rate	-%

The Fund's past performance is not a good predictor of the Fund's future performance.

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

What did the Fund invest in?

(as of June 30, 2024)

Portfolio Composition

Type of Security	Percent of Total Investments
Domestic Equity Funds	81.2
Fixed Income Fund	18.8

AZL MVP T. Rowe Price Capital Appreciation Plus Fund 

Semi-Annual Shareholder Report - June 30, 2024

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

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

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

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

018822841 08/24

(b)           Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5.    Audit Committee of Listed Registrants.

Not applicable.

Item 6.   Investments.

(a)                 The Schedule of Investments in Securities of unaffiliated issuers is included as part of the close of the reporting period are included as part of the report to shareholders filed under Item 1 of the Form N-CSR.

(b)                Not applicable.

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

AZL®

Balanced

Index

Strategy

Fund

Semi-Annual

Report

June

30,

2024

(Unaudited)

Table

of

Contents

AZL®

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

Page

3

Statement

of

Assets

and

Liabilities

Page

4

Statement

of

Operations

Page

4

Statements

of

Changes

in

Net

Assets

Page

5

Financial

Highlights

Page

6

Notes

to

the

Financial

Statements

Page

7

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

3

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2024

.

Shares

Value

Affiliated

Investment

Companies

(100.3%):

Domestic

Equity

Funds

(36.1%):

426,611

AZL

Mid

Cap

Index

Fund,

Class

2

$

9,603,023‌

4,601,264

AZL

S&P

500

Index

Fund,

Class

2

106,749,332‌

547,814

AZL

Small

Cap

Stock

Index

Fund,

Class

2

6,628,554‌

122,980,909‌

Fixed

Income

Fund

(50.3%):

17,572,342

AZL

Enhanced

Bond

Index

Fund

171,506,057‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(13.9%):

2,575,631

AZL

International

Index

Fund,

Class

2

$

47,237,071‌

Total

Affiliated

Investment

Companies

(Cost

$269,746,787)

341,724,037‌

Total

Investment

Securities

(Cost

$269,746,787)

—

100.3%

341,724,037‌

Net

other

assets

(liabilities)

—

(0.3)%

(1,103,342‌)

Net

Assets

—

100.0%

$

340,620,695‌

AZL

Balanced

Index

Strategy

Fund

4

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2024

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2024

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

269,746,787‌

Investments

in

affiliates,

at

value

$

341,724,037‌

Receivable

for

affiliated

investments

sold

573,073‌

Prepaid

expenses

716‌

Total

Assets

342,297,826‌

Liabilities:

Cash

overdraft

573,073‌

Payable

for

capital

shares

redeemed

1,079,886‌

Management

fees

payable

14,094‌

Administration

fees

payable

5,080‌

Custodian

fees

payable

1,002‌

Administrative

and

compliance

services

fees

payable

11‌

Transfer

agent

fees

payable

539‌

Trustee

fees

payable

210‌

Other

accrued

liabilities

3,236‌

Total

Liabilities

1,677,131‌

Commitments

and

contingent

liabilities^

Net

Assets

$

340,620,695‌

Net

Assets

Consist

of:

Paid

in

capital

$

249,064,981‌

Total

distributable

earnings

91,555,714‌

Net

Assets

$

340,620,695‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

22,792,673‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

*

$

14.94‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

*

Per

share

amounts

may

not

recalculate

due

to

rounding

of

net

assets

and

shares

outstanding.

Investment

Income:

Dividends

from

non-affiliates

$

355‌

Total

Investment

Income

355‌

Expenses:

Management

fees

85,553‌

Administration

fees

38,330‌

Custodian

fees

4,874‌

Administrative

and

compliance

services

fees

2,476‌

Transfer

agent

fees

3,918‌

Trustee

fees

8,696‌

Professional

fees

10,901‌

Shareholder

reports

2,073‌

Other

expenses

2,330‌

Total

expenses

159,151‌

Net

Investment

Income/(Loss)

(158,796‌)

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

9,843,788‌

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

6,099,672‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

15,943,460‌

Change

in

Net

Assets

Resulting

From

Operations

$

15,784,664‌

AZL

Balanced

Index

Strategy

Fund

5

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

(

158,796‌

)

$

4,927,795‌

Net

realized

gains/(losses)

on

investments

9,843,788‌

9,048,001‌

Change

in

unrealized

appreciation/depreciation

on

investments

6,099,672‌

28,511,992‌

Change

in

net

assets

resulting

from

operations

15,784,664‌

42,487,788‌

Distributions

to

Shareholders:

Distributions

—‌

(

27,030,919‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(

27,030,919‌

)

Capital

Transactions:

Proceeds

from

shares

issued

1,383,779‌

6,724,552‌

Proceeds

from

dividends

reinvested

—‌

27,030,919‌

Value

of

shares

redeemed

(

24,173,138‌

)

(

44,668,426‌

)

Change

in

net

assets

resulting

from

capital

transactions

(

22,789,359‌

)

(

10,912,955‌

)

Change

in

net

assets

(

7,004,695‌

)

4,543,914‌

Net

Assets:

Beginning

of

period

347,625,390‌

343,081,476‌

End

of

period

$

340,620,695‌

$

347,625,390‌

Share

Transactions:

Shares

issued

96,191‌

470,754‌

Dividends

reinvested

—‌

2,095,420‌

Shares

redeemed

(

1,658,525‌

)

(

3,142,148‌

)

Change

in

shares

(

1,562,334‌

)

(

575,974‌

)

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

Balanced

Index

Strategy

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

6

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Year

Ended

December

31,

2019

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$14.28

$13.76

$17.96

$17.48

$16.46

$14.89

Investment

Activities:

Net

Investment

Income/(Loss)(a)

(0.01

)

0.20

‌

0.21

‌

0.15

‌

0.33

‌

0.30

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.67

‌

1.49

‌

(2.97

)

1.56

‌

1.62

‌

2.22

‌

Total

from

Investment

Activities

0.66

‌

1.69

‌

(2.76

)

1.71

‌

1.95

‌

2.52

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.27

)

(0.37

)

(0.34

)

(0.33

)

(0.38

)

Net

Realized

Gains

—

‌

(0.90

)

(1.07

)

(0.89

)

(0.60

)

(0.57

)

Total

Dividends

—

‌

(1.17

)

(1.44

)

(1.23

)

(0.93

)

(0.95

)

Net

Asset

Value,

End

of

Period

$14.94

$14.28

$13.76

$17.96

$17.48

$16.46

Total

Return

(b)

4.62

%(c)

13.21

%

(15.10

)%

10.04

%

12.24

%

17.24

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$340,621

$347,625

$343,081

$445,174

$417,253

$397,402

Net

Investment

Income/(Loss)(d)

(0.09

)%

1.43

%

1.35

%

0.85

%

2.01

%

1.87

%

Expenses

Before

Reductions*(d)(e)

0.09

%

0.09

%

0.09

%

0.08

%

0.09

%

0.09

%

Expenses

Net

of

Reductions*(d)

0.09

%

0.09

%

0.09

%

0.08

%

0.09

%

0.09

%

Portfolio

Turnover

Rate

7

%(c)

5

%

8

%

13

%

19

%

5

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

7

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

Balanced

Index

Strategy

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-

dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2024,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

8

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2025.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2024,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

Any

amounts

contractually

waived

or

assumed by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2024,

there

were

no

remaining

contractual

reimbursements

subject

to

repayment

by

the

Fund

in

subsequent

years,

and

no

commitment

or

contingent

liability

is

expected.

Management

fees,

which

the

Manager

may

waive

in

order

to

maintain

more

competitive

expense

ratios,

are

not

subject

to

repayment

in

subsequent

years.

Information

on

the

total

amount

waived/reimbursed

by

the

Manager

or

repaid

to

the

Manager

by

the

Fund

during

the

period

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

period

ended June

30,

2024,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

June

30,

2024,

these

underlying

funds

are

noted

as

Affiliated

Investment

Companies

in

the

Fund’s

Schedule

of

Portfolio

Investments.

Additional

information,

including

financial

statements,

about

these

Funds

is

available

at

www.allianzlife.com.

The

Manager

is

paid

a

separate

fee

from

the

underlying

funds

for

such

services.

A

summary

of

the

Fund’s

investments

in

affiliated

investment

companies

for

the

period

ended June

30,

2024

is

as

follows:

Pursuant

to

separate

agreements

between

the

Trust

and

the

Manager,

the

Manager

provides

a

Chief

Compliance

Officer

(“CCO”)

and

certain

compliance

oversight

and

regulatory

filing

services

to

the

Trust.

Under

these

agreements,

the

Manager

is

entitled

to

an

amount

equal

to

a

portion

of

the

compensation

and

certain

other

expenses

related

to

the

individuals

performing

the

CCO

and

compliance

oversight

services,

as

well

as

$100

per

hour

for

time

incurred

in

connection

with

the

preparation

and

filing

of

certain

documents

with

the

SEC.

The

fees

are

paid

to

the

Manager

on

a

quarterly

basis.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administrative

and

compliance

services

fees.”

Citi

Fund

Services

Ohio,

Inc.

(“Citi”

or

the

“Administrator”),

a

wholly

owned

subsidiary

of

Citigroup,

Inc.,

with

which

an

officer

of

the

Trust

is

affiliated,

serves

as

the

Trust’s

administrator

and

fund

accountant,

and

assists

the

Trust

in

all

aspects

of

its

administration

and

operation.

The

Administrator

is

entitled

to

a

fee,

accrued

daily

and

paid

monthly.

The

Administrator

is

entitled

to

an

annual

fee

for

each

additional

class

of

shares

of

any

Fund,

certain

annual

fees

in

supporting

fair

value

services,

and

a

Trust-wide

annual

fee

for

providing

infrastructure

and

support

in

implementing

the

written

policies

and

procedures

comprising

the

Fund’s

compliance

program.

The

Administrator

is

also

reimbursed

for

certain

expenses

incurred.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administration

fees.”

FIS

Investor

Services

LLC

(“FIS”)

serves

as

the

Fund's

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

The

Bank

of

New

York

Mellon

(“BNY

Mellon”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

Mellon

a

fee

based

on

a

percentage

of

assets

held

on

behalf

of

the

Funds,

plus

certain

out-of-pocket

charges.

Allianz

Life

Financial

Services,

LLC

(“ALFS”),

an

affiliate

of

the

Manager,

serves

as

distributor

of

the

Fund.

ALFS

receives

an

annual

Trust-wide

annual

fee

of

$7,500,

paid

by

the

Manager

from

its

profits

and

not

by

the

Trust,

for

recordkeeping

and

reporting

services.

Certain

Officers

and

Trustees

of

the

Trust

are

affiliated

with

the

Manager

or

the

Administrator.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

Annual

Rate

Annual

Expense

Limit

AZL

Balanced

Index

Strategy

Fund

0.05%

0.20%

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/24

Shares

as

of

06/30/24

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

173,548,020‌

$

3,931,660‌

$

(4,940,858‌)

$

(955,836‌)

$

(76,929‌)

$

171,506,057‌

17,572,342‌

$

—‌

$

—‌

AZL

International

Index

Fund,

Class

2

43,789,066‌

4,160,000‌

(3,114,098‌)

800,050‌

1,602,053‌

47,237,071‌

2,575,631‌

—‌

—‌

AZL

Mid

Cap

Index

Fund,

Class

2

26,067,425‌

5,546‌

(17,424,902‌)

5,418,986‌

(4,464,032‌)

9,603,023‌

426,611‌

—‌

—‌

AZL

S&P

500

Index

Fund,

Class

2

90,517,098‌

15,503,024‌

(13,370,100‌)

3,091,071‌

11,008,239‌

106,749,332‌

4,601,264‌

—‌

—‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

13,921,104‌

171,372‌

(6,983,780‌)

1,489,517‌

(1,969,659‌)

6,628,554‌

547,814‌

—‌

—‌

$

347,842,713‌

$

23,771,602‌

$

(45,833,738‌)

$

9,843,788‌

$

6,099,672‌

$

341,724,037‌

25,723,662‌

$

—‌

$

—‌

AZL

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

9

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Investments

in

other

investment

companies

are

valued

at

their

published

net

asset

value

(“NAV”).

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

The

investments

utilizing

Level

1

valuations

represent

investments

in

open-end

investment

companies.

The

Board

has

designated

the

Manager

to

perform

the

Fund’s

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Fund’s

NAV

will

be

subject

to

the

judgment

of

the

Manager.

The

Manager's

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

The

following

is

a

summary

of

the

valuation

inputs

used

as

of

June

30,

2024

in

valuing

the

Fund's

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2024,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk

:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

and

selection

risk.

Derivatives

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

may

not

correlate

perfectly

with

the

underlying

asset,

rate,

or

index.

Using

derivatives

may

result

in

losses,

possibly

in

excess

of

the

principal

amount

invested.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances.

The

other

party

to

a

derivatives

contract

could

default.

During

the

period

ended

June

30,

2024,

the

Fund

did

not

directly

invest

in

derivatives.

Foreign

Securities

Risk:

Investing

in

the

securities

of

non-U.S.

issuers

involves

a

number

of

risks,

such

as

fluctuations

in

currency

values,

adverse

political,

social

or

economic

developments,

and

differences

in

social

and

economic

developments

or

policies.

Such

risks

include

future

political

and

economic

developments,

and

the

possible

imposition

of

exchange

controls

or

other

foreign

governmental

laws

and

restrictions.

In

addition,

with

respect

to

certain

countries,

there

is

the

possibility

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability

or

diplomatic

developments

which

could

adversely

affect

investments

in

those

securities.

Certain

foreign

companies

may

be

subject

to

sanctions,

embargoes,

or

other

governmental

actions

that

may

impair

or

otherwise

limit

the

ability

to

invest

in,

receive,

hold

or

sell

the

securities

of

such

companies.

Fund

of

Fund

Risk:

The

Fund,

as

a

shareholder

of

the

underlying

funds,

indirectly

bears

its

proportionate

share

of

any

investment

management

fees

and

other

expenses

of

the

underlying

funds.

Further

due

to

the

fees

and

expenses

paid

by

the

Fund,

as

well

as

small

variations

in

the

Fund’s

actual

allocations

to

the

underlying

funds

and

any

futures

and

cash

held

in

the

Fund’s

portfolio,

the

performance

and

income

distributions

of

the

Fund

will

not

be

the

same

as

the

performance

and

income

distributions

of

the

underlying

funds.

In

addition,

the

Fund

maintains

indirect

exposure

to

various

types

of

risk

which

may

exist

in

the

underlying

Funds,

such

as

foreign

securities

risk,

fixed

income

securities

risk

and

other

risks.

Interest

Rate

Risk:

Debt

securities

held

by

an

underlying

fund

may

decline

in

value

due

to

rising

interest

rates.

The

price

of

a

bond

is

also

affected

by

its

maturity.

Bonds

with

longer

maturities

generally

have

greater

sensitivity

to

changes

in

interest

rates.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

341,724,037

$

—

$

—

$

341,724,037

Total

Investment

Securities

$341,724,037

$—

$—

$341,724,037

Purchases

Sales

AZL

Balanced

Index

Strategy

Fund

$23,771,602

$45,833,738

AZL

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

10

Market

Risk

:

The

market

price

of

securities

owned

by

the

underlying

funds

may

go

up

or

down,

sometimes

rapidly

and

unpredictably.

Securities

may

decline

in

value

due

to

factors

affecting

securities

markets

generally

or

particular

industries

represented

in

the

securities

markets.

The

value

of

a

security

may

decline

due

to

general

market

conditions,

economic

trends

or

events that

are

not

specifically

related

to

a

particular

company,

such

as

real

or

perceived

adverse

economic

conditions,

inflation,

recessions, changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

or

adverse

investor

sentiment,

as

well

as

natural

disasters,

and

outbreaks

of

infectious

illnesses

or

other

widespread

public

health

issues.

7.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

at

December

31,

2023

was

$286,693,438.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis

was

as

follows:

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2023, was

as

follows: 

At

December

31,

2023,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

8.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of

June

30,

2024,

the

Fund

had

an

individual

shareholder

account

which

is

affiliated

with

the

Manager

representing

ownership

in

excess

of

90%

of

the

Fund.

Investment

activities

of

this

shareholder

could

have

a

material

impact

to

the

Fund.

9.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

Unrealized

appreciation

$71,978,659

Unrealized

(depreciation)

(10,829,384)

Net

unrealized

appreciation/(depreciation)

$61,149,275

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

Balanced

Index

Strategy

Fund

$6,203,918

$20,827,001

$27,030,919

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

Balanced

Index

Strategy

Fund

$4,927,776

$9,693,999

$—

$61,149,275

$75,771,050

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation

/(

depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales.

SARRPT0624

08/24

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

AZL®

DFA

Multi-Strategy

Fund

Semi-Annual

Report

June

30,

2024

(Unaudited)

Table

of

Contents

AZL®

DFA

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

Page

3

Statement

of

Assets

and

Liabilities

Page

4

Statement

of

Operations

Page

4

Statements

of

Changes

in

Net

Assets

Page

5

Financial

Highlights

Page

6

Notes

to

the

Financial

Statements

Page

7

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

DFA

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

3

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2024

.

Shares

Value

Affiliated

Investment

Companies

(100.1%):

Domestic

Equity

Fund

(43.9%):

19,168,260

AZL

DFA

U.S.

Core

Equity

Fund

$

303,050,186

Fixed

Income

Fund

(40.1%):

28,368,935

AZL

Enhanced

Bond

Index

Fund

276,880,804

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(16.1%):

10,469,916

AZL

DFA

International

Core

Equity

Fund

$

111,399,909

Total

Affiliated

Investment

Companies

(Cost

$572,639,362)

691,330,899

Total

Investment

Securities

(Cost

$572,639,362)

—

100.1%

691,330,899

Net

other

assets

(liabilities)

—

(0.1)%

(434,769)

Net

Assets

—

100.0%

$

690,896,130

AZL

DFA

Multi-Strategy

Fund

4

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2024

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2024

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

572,639,362‌

Investments

in

affiliates,

at

value

$

691,330,899‌

Receivable

for

affiliated

investments

sold

131,405‌

Prepaid

expenses

1,430‌

Total

Assets

691,463,734‌

Liabilities:

Cash

overdraft

131,406‌

Payable

for

capital

shares

redeemed

383,792‌

Management

fees

payable

28,477‌

Administration

fees

payable

7,855‌

Custodian

fees

payable

3,884‌

Administrative

and

compliance

services

fees

payable

376‌

Transfer

agent

fees

payable

840‌

Trustee

fees

payable

901‌

Other

accrued

liabilities

10,073‌

Total

Liabilities

567,604‌

Commitments

and

contingent

liabilities^

Net

Assets

$

690,896,130‌

Net

Assets

Consist

of:

Paid

in

capital

$

582,266,647‌

Total

distributable

earnings

108,629,483‌

Net

Assets

$

690,896,130‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

54,840,466‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

12.60‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Dividends

from

affiliates

$

428,541‌

Dividends

from

non-affiliates

7‌

Total

Investment

Income

428,548‌

Expenses:

Management

fees

174,614‌

Administration

fees

39,904‌

Custodian

fees

12,752‌

Administrative

and

compliance

services

fees

4,452‌

Transfer

agent

fees

4,121‌

Trustee

fees

16,548‌

Professional

fees

21,377‌

Shareholder

reports

3,645‌

Other

expenses

4,701‌

Total

expenses

282,114‌

Net

Investment

Income/(Loss)

146,434‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

(2,379,199‌)

Net

realized

gains

distributions

from

affiliated

underlying

funds

18,090,823‌

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

16,794,525‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

32,506,149‌

Change

in

Net

Assets

Resulting

From

Operations

$

32,652,583‌

AZL

DFA

Multi-Strategy

Fund

5

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

146,434‌

$

9,369,625‌

Net

realized

gains/(losses)

on

investments

15,711,624‌

(29,697,045‌)

Change

in

unrealized

appreciation/depreciation

on

investments

16,794,525‌

109,232,505‌

Change

in

net

assets

resulting

from

operations

32,652,583‌

88,905,085‌

Distributions

to

Shareholders:

Distributions

—‌

(82,785,004‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(82,785,004‌)

Capital

Transactions:

Proceeds

from

shares

issued

199,244‌

1,804,943‌

Proceeds

from

dividends

reinvested

—‌

82,785,004‌

Value

of

shares

redeemed

(60,470,970‌)

(95,508,526‌)

Change

in

net

assets

resulting

from

capital

transactions

(60,271,726‌)

(10,918,579‌)

Change

in

net

assets

(27,619,143‌)

(4,798,498‌)

Net

Assets:

Beginning

of

period

718,515,273‌

723,313,771‌

End

of

period

$

690,896,130‌

$

718,515,273‌

Share

Transactions:

Shares

issued

16,301‌

158,191‌

Dividends

reinvested

—‌

7,658,187‌

Shares

redeemed

(4,929,801‌)

(7,761,226‌)

Change

in

shares

(4,913,500‌)

55,152‌

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

DFA

Multi-Strategy

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

6

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Year

Ended

December

31,

2019

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$12.02

$12.12

$15.44

$14.52

$14.36

$12.99

Investment

Activities:

Net

Investment

Income/(Loss)(a)

—

(b)

0.16

‌

0.29

‌

0.08

‌

0.22

‌

0.38

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.58

‌

1.27

‌

(2.10

)

1.89

‌

1.20

‌

1.73

‌

Total

from

Investment

Activities

0.58

‌

1.43

‌

(1.81

)

1.97

‌

1.42

‌

2.11

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.37

)

(0.16

)

(0.25

)

(0.45

)

(0.16

)

Net

Realized

Gains

—

‌

(1.16

)

(1.35

)

(0.80

)

(0.81

)

(0.58

)

Total

Dividends

—

‌

(1.53

)

(1.51

)

(1.05

)

(1.26

)

(0.74

)

Net

Asset

Value,

End

of

Period

$12.60

$12.02

$12.12

$15.44

$14.52

$14.36

Total

Return

(c)

4.83

%(d)

13.22

%

(11.41

)%

13.81

%

10.64

%

16.57

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$690,896

$718,515

$723,314

$937,644

$940,773

$983,277

Net

Investment

Income/(Loss)(e)

0.04

%

1.31

%

2.14

%

0.50

%

1.60

%

2.74

%

Expenses

Before

Reductions*(e)(f)

0.08

%

0.08

%

0.08

%

0.07

%

0.08

%

0.07

%

Expenses

Net

of

Reductions*(e)

0.08

%

0.08

%

0.08

%

0.07

%

0.08

%

0.07

%

Portfolio

Turnover

Rate

13

%(d)

44

%

10

%

6

%

18

%

6

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.005

.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

7

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

DFA

Multi-Strategy

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-

dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2024,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

8

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2025.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2024,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

Any

amounts

contractually

waived

or

assumed by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2024,

there

were

no

remaining

contractual

reimbursements

subject

to

repayment

by

the

Fund

in

subsequent

years,

and

no

commitment

or

contingent

liability

is

expected.

Management

fees,

which

the

Manager

may

waive

in

order

to

maintain

more

competitive

expense

ratios,

are

not

subject

to

repayment

in

subsequent

years.

Information

on

the

total

amount

waived/reimbursed

by

the

Manager

or

repaid

to

the

Manager

by

the

Fund

during

the

period

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

period

ended June

30,

2024,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

June

30,

2024,

these

underlying

funds

are

noted

as

Affiliated

Investment

Companies

in

the

Fund’s

Schedule

of

Portfolio

Investments.

Additional

information,

including

financial

statements,

about

these

Funds

is

available

at

www.allianzlife.com.

The

Manager

is

paid

a

separate

fee

from

the

underlying

funds

for

such

services.

A

summary

of

the

Fund’s

investments

in

affiliated

investment

companies

for

the

period

ended June

30,

2024

is

as

follows:

Pursuant

to

separate

agreements

between

the

Trust

and

the

Manager,

the

Manager

provides

a

Chief

Compliance

Officer

(“CCO”)

and

certain

compliance

oversight

and

regulatory

filing

services

to

the

Trust.

Under

these

agreements,

the

Manager

is

entitled

to

an

amount

equal

to

a

portion

of

the

compensation

and

certain

other

expenses

related

to

the

individuals

performing

the

CCO

and

compliance

oversight

services,

as

well

as

$100

per

hour

for

time

incurred

in

connection

with

the

preparation

and

filing

of

certain

documents

with

the

SEC.

The

fees

are

paid

to

the

Manager

on

a

quarterly

basis.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administrative

and

compliance

services

fees.”

Citi

Fund

Services

Ohio,

Inc.

(“Citi”

or

the

“Administrator”),

a

wholly

owned

subsidiary

of

Citigroup,

Inc.,

with

which

an

officer

of

the

Trust

is

affiliated,

serves

as

the

Trust’s

administrator

and

fund

accountant,

and

assists

the

Trust

in

all

aspects

of

its

administration

and

operation.

The

Administrator

is

entitled

to

a

fee,

accrued

daily

and

paid

monthly.

The

Administrator

is

entitled

to

an

annual

fee

for

each

additional

class

of

shares

of

any

Fund,

certain

annual

fees

in

supporting

fair

value

services,

and

a

Trust-wide

annual

fee

for

providing

infrastructure

and

support

in

implementing

the

written

policies

and

procedures

comprising

the

Fund’s

compliance

program.

The

Administrator

is

also

reimbursed

for

certain

expenses

incurred.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administration

fees.”

FIS

Investor

Services

LLC

(“FIS”)

serves

as

the

Fund's

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

The

Bank

of

New

York

Mellon

(“BNY

Mellon”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

Mellon

a

fee

based

on

a

percentage

of

assets

held

on

behalf

of

the

Funds,

plus

certain

out-of-pocket

charges.

Allianz

Life

Financial

Services,

LLC

(“ALFS”),

an

affiliate

of

the

Manager,

serves

as

distributor

of

the

Fund.

ALFS

receives

an

annual

Trust-wide

annual

fee

of

$7,500,

paid

by

the

Manager

from

its

profits

and

not

by

the

Trust,

for

recordkeeping

and

reporting

services.

Certain

Officers

and

Trustees

of

the

Trust

are

affiliated

with

the

Manager

or

the

Administrator.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

Annual

Rate

Annual

Expense

Limit

AZL

DFA

Multi-Strategy

Fund

0.05%

0.20%

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/24

Shares

as

of

06/30/24

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

DFA

International

Core

Equity

Fund

$

87,850,444‌

$

30,600,000‌

$

(10,288,338‌)

$

703,422‌

$

2,534,381‌

$

111,399,909‌

10,469,916‌

$

—‌

$

—‌

AZL

DFA

U.S.

Core

Equity

Fund

274,015,735‌

33,360,442‌

(35,603,939‌)

7,260,047‌

24,017,901‌

303,050,186‌

19,168,260‌

—‌

—‌

AZL

DFA

U.S.

Small

Cap

Fund

72,497,188‌

18,519,364‌

(72,634,072‌)

(10,522,502‌)

(7,859,978‌)

—‌

—‌

428,541‌

18,090,823‌

AZL

Enhanced

Bond

Index

Fund

284,522,638‌

6,778,820‌

(12,702,709‌)

179,834‌

(1,897,779‌)

276,880,804‌

28,368,935‌

—‌

—‌

$

718,886,005‌

$

89,258,626‌

$

(131,229,058‌)

$

(2,379,199‌)

$

16,794,525‌

$

691,330,899‌

58,007,111‌

$

428,541‌

$

18,090,823‌

AZL

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

9

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Investments

in

other

investment

companies

are

valued

at

their

published

net

asset

value

(“NAV”).

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

The

investments

utilizing

Level

1

valuations

represent

investments

in

open-end

investment

companies.

The

Board

has

designated

the

Manager

to

perform

the

Fund’s

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Fund’s

NAV

will

be

subject

to

the

judgment

of

the

Manager.

The

Manager's

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

The

following

is

a

summary

of

the

valuation

inputs

used

as

of

June

30,

2024

in

valuing

the

Fund's

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2024,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

and

selection

risk.

Derivatives

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

may

not

correlate

perfectly

with

the

underlying

asset,

rate,

or

index.

Using

derivatives

may

result

in

losses,

possibly

in

excess

of

the

principal

amount

invested.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances.

The

other

party

to

a

derivatives

contract

could

default.

During

the

period

ended

June

30,

2024,

the

Fund

did

not

directly

invest

in

derivatives.

Foreign

Securities

Risk:

Investing

in

the

securities

of

non-U.S.

issuers

involves

a

number

of

risks,

such

as

fluctuations

in

currency

values,

adverse

political,

social

or

economic

developments,

and

differences

in

social

and

economic

developments

or

policies.

Such

risks

include

future

political

and

economic

developments,

and

the

possible

imposition

of

exchange

controls

or

other

foreign

governmental

laws

and

restrictions.

In

addition,

with

respect

to

certain

countries,

there

is

the

possibility

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability

or

diplomatic

developments

which

could

adversely

affect

investments

in

those

securities.

Certain

foreign

companies

may

be

subject

to

sanctions,

embargoes,

or

other

governmental

actions

that

may

impair

or

otherwise

limit

the

ability

to

invest

in,

receive,

hold

or

sell

the

securities

of

such

companies.

Fund

of

Fund

Risk:

The

Fund,

as

a

shareholder

of

the

underlying

funds,

indirectly

bears

its

proportionate

share

of

any

investment

management

fees

and

other

expenses

of

the

underlying

funds.

Further

due

to

the

fees

and

expenses

paid

by

the

Fund,

as

well

as

small

variations

in

the

Fund’s

actual

allocations

to

the

underlying

funds

and

any

futures

and

cash

held

in

the

Fund’s

portfolio,

the

performance

and

income

distributions

of

the

Fund

will

not

be

the

same

as

the

performance

and

income

distributions

of

the

underlying

funds.

In

addition,

the

Fund

maintains

indirect

exposure

to

various

types

of

risk

which

may

exist

in

the

underlying

Funds,

such

as

foreign

securities

risk,

fixed

income

securities

risk

and

other

risks.

Interest

Rate

Risk:

Debt

securities

held

by

an

underlying

fund

may

decline

in

value

due

to

rising

interest

rates.

The

price

of

a

bond

is

also

affected

by

its

maturity.

Bonds

with

longer

maturities

generally

have

greater

sensitivity

to

changes

in

interest

rates.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

691,330,899

$

—

$

—

$

691,330,899

Total

Investment

Securities

$691,330,899

$—

$—

$691,330,899

Purchases

Sales

AZL

DFA

Multi-Strategy

Fund

$89,258,626

$131,229,058

AZL

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

10

Market

Risk

:

The

market

price

of

securities

owned

by

the

underlying

funds

may

go

up

or

down,

sometimes

rapidly

and

unpredictably.

Securities

may

decline

in

value

due

to

factors

affecting

securities

markets

generally

or

particular

industries

represented

in

the

securities

markets.

The

value

of

a

security

may

decline

due

to

general

market

conditions,

economic

trends

or

events that

are

not

specifically

related

to

a

particular

company,

such

as

real

or

perceived

adverse

economic

conditions,

inflation,

recessions, changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

or

adverse

investor

sentiment,

as

well

as

natural

disasters,

and

outbreaks

of

infectious

illnesses

or

other

widespread

public

health

issues.

7.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

at

December

31,

2023

was

$620,268,582.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis

was

as

follows:

As

of

the

end

of

its

tax

year

ended

December

31,

2023,

the

Fund

had

capital

loss

carry

forwards

(“CLCFs”)

as

summarized

in

the

table

below.

The

Board

does

not

intend

to

authorize

a

distribution

of

any

realized

gain

for

the

Fund

until

any

applicable

CLCF

has

been

offset.

CLCFs

not

subject

to

expiration: 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2023, was

as

follows: 

At

December

31,

2023,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

8.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of June

30,

2024,

the

Fund

had

an

individual

shareholder

account

which

is

affiliated

with

the

Manager

representing

ownership

in

excess

of

90%

of

the

Fund.

Investment

activities

of

this

shareholder

could

have

a

material

impact

to

the

Fund.

9.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

Unrealized

appreciation

$98,617,423

Unrealized

(depreciation)

—

Net

unrealized

appreciation/(depreciation)

$98,617,423

Short-Term

Amount

Long-Term

Amount

Total

AZL

DFA

Multi-Strategy

Fund

$

—

$

32,040,228

$

32,040,228

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

DFA

Multi-Strategy

Fund

$19,999,004

$62,786,000

$82,785,004

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

DFA

Multi-Strategy

Fund

$9,399,705

$—

$(32,040,228)

$98,617,423

$75,976,900

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales.

SARRPT0624

08/24

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

AZL®

MVP

Balanced

Index

Strategy

Fund

Semi-Annual

Report

June

30,

2024

(Unaudited)

Table

of

Contents

AZL®

MVP

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

Page

3

Statement

of

Assets

and

Liabilities

Page

4

Statement

of

Operations

Page

4

Statements

of

Changes

in

Net

Assets

Page

5

Financial

Highlights

Page

6

Notes

to

the

Financial

Statements

Page

7

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

MVP

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

3

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2024

.

Shares

Value

Affiliated

Investment

Companies

(95.0%):

Domestic

Equity

Funds

(33.6%):

974,146

AZL

Mid

Cap

Index

Fund,

Class

2

$

21,928,021‌

9,551,831

AZL

S&P

500

Index

Fund,

Class

2

221,602,471‌

1,242,749

AZL

Small

Cap

Stock

Index

Fund,

Class

2

15,037,267‌

258,567,759‌

Fixed

Income

Fund

(47.7%):

37,609,626

AZL

Enhanced

Bond

Index

Fund

367,069,948‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(13.7%):

5,775,758

AZL

International

Index

Fund,

Class

2

$

105,927,399‌

Total

Affiliated

Investment

Companies

(Cost

$663,405,253)

731,565,106‌

Total

Investment

Securities

(Cost

$663,405,253)

—

95.0%

731,565,106‌

Net

other

assets

(liabilities)

—

5.0%

38,426,694‌

Net

Assets

—

100.0%

$

769,991,800‌

Futures

Contracts

At

June

30,

2024,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/20/24

69

$

19,049,175‌

$

64,919‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/19/24

175

19,247,266‌

240,480‌

$

305,399‌

AZL

MVP

Balanced

Index

Strategy

Fund

4

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2024

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2024

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

663,405,253‌

Investments

in

affiliates,

at

value

$

731,565,106‌

Deposit

at

broker

for

futures

contracts

collateral

38,517,075‌

Interest

and

dividends

receivable

133,098‌

Receivable

for

affiliated

investments

sold

838,084‌

Prepaid

expenses

1,626‌

Total

Assets

771,054,989‌

Liabilities:

Cash

overdraft

707,185‌

Payable

for

capital

shares

redeemed

149,263‌

Payable

for

variation

margin

on

futures

contracts

130,899‌

Management

fees

payable

63,452‌

Administration

fees

payable

4,363‌

Custodian

fees

payable

2,017‌

Transfer

agent

fees

payable

455‌

Trustee

fees

payable

348‌

Other

accrued

liabilities

5,207‌

Total

Liabilities

1,063,189‌

Commitments

and

contingent

liabilities^

Net

Assets

$

769,991,800‌

Net

Assets

Consist

of:

Paid

in

capital

$

662,618,034‌

Total

distributable

earnings

107,373,766‌

Net

Assets

$

769,991,800‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

59,961,279‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

12.84‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Interest

$

907,365‌

Total

Investment

Income

907,365‌

Expenses:

Management

fees

388,602‌

Administration

fees

41,991‌

Custodian

fees

12,640‌

Administrative

and

compliance

services

fees

5,707‌

Transfer

agent

fees

4,241‌

Trustee

fees

19,510‌

Professional

fees

24,178‌

Shareholder

reports

4,368‌

Other

expenses

5,474‌

Total

expenses

506,711‌

Net

Investment

Income/(Loss)

400,654‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

17,309,389‌

Net

realized

gains/(losses)

on

futures

contracts

1,982,954‌

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

16,309,456‌

Change

in

net

unrealized

appreciation/depreciation

on

futures

contracts

(459,471‌)

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

35,142,328‌

Change

in

Net

Assets

Resulting

From

Operations

$

35,542,982‌

AZL

MVP

Balanced

Index

Strategy

Fund

5

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

400,654‌

$

12,292,134‌

Net

realized

gains/(losses)

on

investments

19,292,343‌

29,065,455‌

Change

in

unrealized

appreciation/depreciation

on

investments

15,849,985‌

45,861,248‌

Change

in

net

assets

resulting

from

operations

35,542,982‌

87,218,837‌

Distributions

to

Shareholders:

Distributions

—‌

(12,096,295‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(12,096,295‌)

Capital

Transactions:

Proceeds

from

shares

issued

829,837‌

4,731,773‌

Proceeds

from

shares

issued

in

merger

—‌

579,651,043‌

Proceeds

from

dividends

reinvested

—‌

12,096,295‌

Value

of

shares

redeemed

(65,747,298‌)

(112,489,130‌)

Change

in

net

assets

resulting

from

capital

transactions

(64,917,461‌)

483,989,981‌

Change

in

net

assets

(29,374,479‌)

559,112,523‌

Net

Assets:

Beginning

of

period

799,366,279‌

240,253,756‌

End

of

period

$

769,991,800‌

$

799,366,279‌

Share

Transactions:

Shares

issued

66,048‌

409,444‌

Shares

issued

in

merger

—‌

51,611,164‌

Dividends

reinvested

—‌

1,089,757‌

Shares

redeemed

(5,263,862‌)

(9,686,070‌)

Change

in

shares

(5,197,814‌)

43,424,295‌

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

MVP

Balanced

Index

Strategy

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

6

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Year

Ended

December

31,

2019

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$12.27

$11.05

$14.38

$14.04

$13.90

$12.37

Investment

Activities:

Net

Investment

Income/(Loss)(a)

0.01

‌

0.21

‌

0.16

‌

0.11

‌

0.24

‌

0.25

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.56

‌

1.19

‌

(2.34

)

1.26

‌

0.54

‌

1.82

‌

Total

from

Investment

Activities

0.57

‌

1.40

‌

(2.18

)

1.37

‌

0.78

‌

2.07

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.06

)

(0.28

)

(0.26

)

(0.27

)

(0.29

)

Net

Realized

Gains

—

‌

(0.12

)

(0.87

)

(0.77

)

(0.37

)

(0.25

)

Total

Dividends

—

‌

(0.18

)

(1.15

)

(1.03

)

(0.64

)

(0.54

)

Net

Asset

Value,

End

of

Period

$12.84

$12.27

$11.05

$14.38

$14.04

$13.90

Total

Return

(b)

4.65

%(c)

12.85

%

(14.87

)%

10.02

%

5.98

%

16.92

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$769,992

$799,366

$240,254

$324,718

$320,488

$331,516

Net

Investment

Income/(Loss)(d)

0.10

%

1.77

%

1.30

%

0.74

%

1.82

%

1.84

%

Expenses

Before

Reductions*(d)(e)

0.13

%

0.13

%

0.14

%

0.13

%

0.14

%

0.14

%

Expenses

Net

of

Reductions*(d)

0.13

%

0.13

%

0.14

%

0.13

%

0.14

%

0.14

%

Portfolio

Turnover

Rate

7

%(c)

16

%

7

%

10

%

13

%

9

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

MVP

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

7

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

MVP

Balanced

Index

Strategy

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-

dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2024,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

MVP

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

8

Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Fund,

including

the

primary

underlying

risk

exposures

related

to

each

instrument

type.

The

Fund’s

allocation

to

the

MVP

(Managed

Volatility

Portfolio)

risk

management

process

may

include

(a)

derivatives

such

as

index

futures,

other

futures

contracts,

options,

and

other

similar

securities

and

(b)

cash,

money

market

equivalents,

short-term

debt

instruments,

money

market

funds,

and

short-term

debt

funds

to

satisfy

all

applicable

margin

requirements

and

to

provide

additional

portfolio

liquidity

to

satisfy

large

redemptions

and

any

margin

calls.

Due

to

the

leverage

provided

by

derivatives,

the

notional

value

of

the

Fund’s

derivative

positions

could

exceed

20%

of

the

Fund’s

value.

The

Fund

may

also

use

futures

to

gain

equity

exposure

and

may

hold

cash

as

a

buffer

in

the

event

of

market

shocks.

Futures

Contracts

During

the

period

ended June

30,

2024,

the

Fund

invested

in

futures

contracts

to

reduce

volatility

and

limit

the

need

to

decrease

or

increase

allocations

to

underlying

funds.

Futures

contracts

are

valued

based

upon

their

quoted

daily

settlement

prices.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

segregate

liquid

assets

in

accordance

with

the

initial

margin

requirements

of

the

broker

or

exchange.

Futures

contracts

are

marked

to

market

daily

and

a

payable

or

receivable

for

the

change

in

value

(“variation

margin”),

if

any,

is

recorded

by

the

Fund.

Gains

or

losses

are

recognized

but

not

considered

realized

until

the

contracts

expire

or

are

closed.

Futures

contracts

involve,

to

varying

degrees,

elements

of

market

risk

(generally

equity

price

risk

related

to

stock

futures,

interest

rate

risk

related

to

bond

futures,

and

foreign

currency

risk

related

to

currency

futures)

and

exposure

to

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

the

imperfect

correlation

between

the

change

in

value

of

the

underlying

securities

and

the

prices

of

futures

contracts,

the

possibility

of

an

illiquid

market,

and

the

inability

of

the

counterparty

to

meet

the

terms

of

the

contract.

For

the

period

ended June

30,

2024,

the

monthly

average

notional

amount

for

long

contracts

was

$38.8

million.

There

was

no

short

contract

activity

during

the

period.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Fund’s

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2024: 

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the

period

ended June

30,

2024:

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2025.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2024,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

Any

amounts

contractually

waived

or

assumed by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2024,

there

were

no

remaining

contractual

reimbursements

subject

to

repayment

by

the

Fund

in

subsequent

years,

and

no

commitment

or

contingent

liability

is

expected.

Asset

Derivatives

Liability

Derivatives

Primary

Risk

Exposure

Statement

of

Assets

and

Liabilities

Location

Total

Value

Statement

of

Assets

and

Liabilities

Location

Total

Value

Equity

Risk

64,919

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$64,919

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

240,480

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$240,480

Payable

for

variation

margin

on

futures

contracts*

$

—

*

For

futures

contracts,

the

amounts

represent

the

cumulative

appreciation/depreciation

of

these

futures

contracts

as

reported

in

the

Schedule

of

Portfolio

Investments.

Only

the

current

day's

variation

margin,

if

any,

is

reported

within

the

Statement

of

Assets

and

Liabilities

as

Variation

margin

on

futures

contracts.

Primary

Risk

Exposure

Location

of

Gains/(Losses)

on

Derivatives

Recognized

Realized

Gains/(Losses)

on

Derivatives

Recognized

Change

in

Net

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

Equity

Risk

(2,278,861)

84,011

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$

2,278,861

$

(84,011)

Interest

Rate

Risk

295,907

375,460

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$(295,907)

$(375,460)

Annual

Rate

Annual

Expense

Limit

AZL

MVP

Balanced

Index

Strategy

Fund

0.10%

0.20%

AZL

MVP

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

9

Management

fees,

which

the

Manager

may

waive

in

order

to

maintain

more

competitive

expense

ratios,

are

not

subject

to

repayment

in

subsequent

years.

Information

on

the

total

amount

waived/reimbursed

by

the

Manager

or

repaid

to

the

Manager

by

the

Fund

during

the

period

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

period

ended June

30,

2024,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

June

30,

2024,

these

underlying

funds

are

noted

as

Affiliated

Investment

Companies

in

the

Fund’s

Schedule

of

Portfolio

Investments.

Additional

information,

including

financial

statements,

about

these

Funds

is

available

at

www.allianzlife.com.

The

Manager

is

paid

a

separate

fee

from

the

underlying

funds

for

such

services.

A

summary

of

the

Fund’s

investments

in

affiliated

investment

companies

for

the

period

ended June

30,

2024

is

as

follows:

Pursuant

to

separate

agreements

between

the

Trust

and

the

Manager,

the

Manager

provides

a

Chief

Compliance

Officer

(“CCO”)

and

certain

compliance

oversight

and

regulatory

filing

services

to

the

Trust.

Under

these

agreements,

the

Manager

is

entitled

to

an

amount

equal

to

a

portion

of

the

compensation

and

certain

other

expenses

related

to

the

individuals

performing

the

CCO

and

compliance

oversight

services,

as

well

as

$100

per

hour

for

time

incurred

in

connection

with

the

preparation

and

filing

of

certain

documents

with

the

SEC.

The

fees

are

paid

to

the

Manager

on

a

quarterly

basis.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administrative

and

compliance

services

fees.”

Citi

Fund

Services

Ohio,

Inc.

(“Citi”

or

the

“Administrator”),

a

wholly

owned

subsidiary

of

Citigroup,

Inc.,

with

which

an

officer

of

the

Trust

is

affiliated,

serves

as

the

Trust’s

administrator

and

fund

accountant,

and

assists

the

Trust

in

all

aspects

of

its

administration

and

operation.

The

Administrator

is

entitled

to

a

fee,

accrued

daily

and

paid

monthly.

The

Administrator

is

entitled

to

an

annual

fee

for

each

additional

class

of

shares

of

any

Fund,

certain

annual

fees

in

supporting

fair

value

services,

and

a

Trust-wide

annual

fee

for

providing

infrastructure

and

support

in

implementing

the

written

policies

and

procedures

comprising

the

Fund’s

compliance

program.

The

Administrator

is

also

reimbursed

for

certain

expenses

incurred.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administration

fees.”

FIS

Investor

Services

LLC

(“FIS”)

serves

as

the

Fund's

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

The

Bank

of

New

York

Mellon

(“BNY

Mellon”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

Mellon

a

fee

based

on

a

percentage

of

assets

held

on

behalf

of

the

Funds,

plus

certain

out-of-pocket

charges.

Allianz

Life

Financial

Services,

LLC

(“ALFS”),

an

affiliate

of

the

Manager,

serves

as

distributor

of

the

Fund.

ALFS

receives

an

annual

Trust-wide

annual

fee

of

$7,500,

paid

by

the

Manager

from

its

profits

and

not

by

the

Trust,

for

recordkeeping

and

reporting

services.

Certain

Officers

and

Trustees

of

the

Trust

are

affiliated

with

the

Manager

or

the

Administrator.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Investments

in

other

investment

companies

are

valued

at

their

published

net

asset

value

(“NAV”).

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

The

investments

utilizing

Level

1

valuations

represent

investments

in

open-end

investment

companies.

Futures

contracts

are

valued

at

the

settlement

prices

established

each

day

on

the

primary

exchange

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/24

Shares

as

of

06/30/24

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

379,598,130‌

$

3,031,837‌

$

(13,154,210‌)

$

(1,770,317‌)

$

(635,492‌)

$

367,069,948‌

37,609,626‌

$

—‌

$

—‌

AZL

International

Index

Fund,

Class

2

100,669,805‌

9,890,000‌

(10,137,419‌)

1,855,904‌

3,649,109‌

105,927,399‌

5,775,758‌

—‌

—‌

AZL

Mid

Cap

Index

Fund,

Class

2

59,781,515‌

180,866‌

(40,361,028‌)

5,028,151‌

(2,701,483‌)

21,928,021‌

974,146‌

—‌

—‌

AZL

S&P

500

Index

Fund,

Class

2

188,108,697‌

35,560,000‌

(31,364,013‌)

12,072,855‌

17,224,932‌

221,602,471‌

9,551,831‌

—‌

—‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

31,988,605‌

—‌

(15,846,524‌)

122,796‌

(1,227,610‌)

15,037,267‌

1,242,749‌

—‌

—‌

$

760,146,752‌

$

48,662,703‌

$

(110,863,194‌)

$

17,309,389‌

$

16,309,456‌

$

731,565,106‌

55,154,110‌

$

—‌

$

—‌

AZL

MVP

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

10

The

Board

has

designated

the

Manager

to

perform

the

Fund’s

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Fund’s

NAV

will

be

subject

to

the

judgment

of

the

Manager.

The

Manager’s

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

The

following

is

a

summary

of

the

valuation

inputs

used

as

of

June

30,

2024

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2024,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding fund

merger

transactions

and securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

and

selection

risk.

Derivatives

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

may

not

correlate

perfectly

with

the

underlying

asset,

rate,

or

index.

Using

derivatives

may

result

in

losses,

possibly

in

excess

of

the

principal

amount

invested.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances.

The

other

party

to

a

derivatives

contract

could

default.

Foreign

Securities

Risk:

Investing

in

the

securities

of

non-U.S.

issuers

involves

a

number

of

risks,

such

as

fluctuations

in

currency

values,

adverse

political,

social

or

economic

developments,

and

differences

in

social

and

economic

developments

or

policies.

Such

risks

include

future

political

and

economic

developments,

and

the

possible

imposition

of

exchange

controls

or

other

foreign

governmental

laws

and

restrictions.

In

addition,

with

respect

to

certain

countries,

there

is

the

possibility

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability

or

diplomatic

developments

which

could

adversely

affect

investments

in

those

securities.

Certain

foreign

companies

may

be

subject

to

sanctions,

embargoes,

or

other

governmental

actions

that

may

impair

or

otherwise

limit

the

ability

to

invest

in,

receive,

hold

or

sell

the

securities

of

such

companies.

Fund

of

Fund

Risk:

The

Fund,

as

a

shareholder

of

the

underlying

funds,

indirectly

bears

its

proportionate

share

of

any

investment

management

fees

and

other

expenses

of

the

underlying

funds.

Further

due

to

the

fees

and

expenses

paid

by

the

Fund,

as

well

as

small

variations

in

the

Fund’s

actual

allocations

to

the

underlying

funds

and

any

futures

and

cash

held

in

the

Fund’s

portfolio,

the

performance

and

income

distributions

of

the

Fund

will

not

be

the

same

as

the

performance

and

income

distributions

of

the

underlying

funds.

In

addition,

the

Fund

maintains

indirect

exposure

to

various

types

of

risk

which

may

exist

in

the

underlying

Funds,

such

as

foreign

securities

risk,

fixed

income

securities

risk

and

other

risks.

Interest

Rate

Risk:

Debt

securities

held

by

an

underlying

fund

may

decline

in

value

due

to

rising

interest

rates.

The

price

of

a

bond

is

also

affected

by

its

maturity.

Bonds

with

longer

maturities

generally

have

greater

sensitivity

to

changes

in

interest

rates.

Market

Risk

:

The

market

price

of

securities

owned

by

the

underlying

funds

may

go

up

or

down,

sometimes

rapidly

and

unpredictably.

Securities

may

decline

in

value

due

to

factors

affecting

securities

markets

generally

or

particular

industries

represented

in

the

securities

markets.

The

value

of

a

security

may

decline

due

to

general

market

conditions,

economic

trends

or

events that

are

not

specifically

related

to

a

particular

company,

such

as

real

or

perceived

adverse

economic

conditions,

inflation,

recessions, changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

or

adverse

investor

sentiment,

as

well

as

natural

disasters,

and

outbreaks

of

infectious

illnesses

or

other

widespread

public

health

issues.

Quantitative

Investing

Risk:

The

value

of

securities

selected

using

quantitative

analysis

can

react

differently

to

issuer,

political,

market,

and

economic

developments

than

the

market

as

a

whole

or

securities

selected

using

only

fundamental

analysis.

The

factors

used

in

quantitative

analysis

and

the

weight

placed

on

those

factors

may

not

be

predictive

of

a

security's

value.

In

addition,

factors

that

affect

a

security's

value

can

change

over

time

and

these

changes

may

not

be

reflected

in

the

quantitative

model.

A

quantitative

model

can

be

adversely

affected

by

errors

or

imperfections

in

the

factors

or

the

data

on

which

evaluations

are

based,

or

by

technical

issues

with

construction

or

implementation

of

the

model,

which

in

any

case

may

result

in

a

failure

of

the

portfolio

to

perform

as

expected

or

a

failure

to

identify

securities

that

will

perform

well

in

the

future.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

731,565,106

$

—

$

—

$

731,565,106

Total

Investment

Securities

731,565,106

—

—

731,565,106

Other

Financial

Instruments:

*

Futures

Contracts

305,399

—

—

305,399

Total

Investments

$731,870,505

$—

$—

$731,870,505

*

Other

Financial

Instruments

would

include

any

derivative

instruments,

such

as

futures

contracts.  These

investments

are

generally

presented

in

the

Statement

of

Assets

and

Liabilities

at

variation

margin.

Purchases

Sales

AZL

MVP

Balanced

Index

Strategy

Fund

$48,662,703

$110,863,194

AZL

MVP

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

11

7.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

at

December

31,

2023

was

$713,215,288.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis

was

as

follows:

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2023, was

as

follows: 

At

December

31,

2023,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

8.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of

June

30,

2024,

the

Fund

had

an

individual

shareholder

account

which

is

affiliated

with

the

Manager

representing

ownership

in

excess

of

85%

of

the

Fund.

Investment

activities

of

this

shareholder

could

have

a

material

impact

to

the

Fund.

9.

Acquisition

of

Funds

Effective

as

of

the

close

of

business

March

10,

2023,

the

Fund

acquired

all

the

assets

and

liabilities

of

the

AZL

MVP

Fusion

Balanced

Fund

(“MVP

Fusion

Balanced

Fund”),

an

open-end

management

investment

company,

pursuant

to

a

plan

of

reorganization

approved

by

the

Board

on

December

13,

2022

(the

“Plan”).

The

acquisition

was

accomplished

by

a

taxable

exchange

of

67,346,809

shares

of

the

MVP

Fusion

Balanced

Fund

outstanding

as

of

close

of

business

March

10,

2023,

valued

at

$579,651,043

for

51,611,164

shares

of

the

Fund.

At

the

close

of

business

March

10,

2023,

the

MVP

Fusion

Balanced

Fund’s

investment

holdings

had

a

fair

value

of

$553,582,576

and

identified

cost

of

$550,296,722.

For

financial

reporting

purposes,

assets

received

and

shares

issued

by

the

Fund

were

recorded

at

fair

value,

including

the

cost

basis

of

investments

received.

All

fees

and

expenses

incurred

by

the

MVP

Fusion

Balanced

Fund

and

the

Fund

directly

in

connection

with

the

Plan

were

borne

by

the

Manager.

There were

no

material

differences

in

accounting

policies

of

the

MVP

Fusion

Balanced

Fund

as

compared

to

those

of

the

Fund.

10.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

Unrealized

appreciation

$51,599,294

Unrealized

(depreciation)

(4,660,161)

Net

unrealized

appreciation/(depreciation)

$46,939,133

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

Balanced

Index

Strategy

Fund

$4,448,886

$7,647,409

$12,096,295

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

MVP

Balanced

Index

Strategy

Fund

$30,190,953

$13,117,356

$—

$46,939,133

$90,247,442

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

mark-to-market

of

futures

contracts

and

straddles.

SARRPT0624

08/24

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

AZL®

MVP

DFA

Multi-Strategy

Fund

Semi-Annual

Report

June

30,

2024

(Unaudited)

Table

of

Contents

AZL®

MVP

DFA

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

Page

3

Statement

of

Assets

and

Liabilities

Page

4

Statement

of

Operations

Page

4

Statements

of

Changes

in

Net

Assets

Page

5

Financial

Highlights

Page

6

Notes

to

the

Financial

Statements

Page

7

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

MVP

DFA

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

3

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2024

.

Shares

Value

Affiliated

Investment

Companies

(95.0%):

Domestic

Equity

Fund

(40.8%):

34,985,147

AZL

DFA

U.S.

Core

Equity

Fund

$

553,115,176‌

Fixed

Income

Fund

(38.1%):

52,872,764

AZL

Enhanced

Bond

Index

Fund

516,038,176‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(16.1%):

20,472,276

AZL

DFA

International

Core

Equity

Fund

$

217,825,012‌

Total

Affiliated

Investment

Companies

(Cost

$1,155,628,093)

1,286,978,364‌

Total

Investment

Securities

(Cost

$1,155,628,093)

—

95.0%

1,286,978,364‌

Net

other

assets

(liabilities)

—

5.0%

67,344,277‌

Net

Assets

—

100.0%

$

1,354,322,641‌

Futures

Contracts

At

June

30,

2024,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/20/24

146

$

40,306,950‌

$

137,364‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/19/24

246

27,056,156‌

338,566‌

$

475,930‌

AZL

MVP

DFA

Multi-Strategy

Fund

4

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2024

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2024

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

1,155,628,093‌

Investments

in

affiliates,

at

value

$

1,286,978,364‌

Deposit

at

broker

for

futures

contracts

collateral

67,681,586‌

Interest

and

dividends

receivable

233,896‌

Receivable

for

affiliated

investments

sold

680,225‌

Receivable

for

variation

margin

on

futures

contracts

1,923‌

Prepaid

expenses

2,847‌

Total

Assets

1,355,578,841‌

Liabilities:

Cash

overdraft

680,225‌

Payable

for

capital

shares

redeemed

420,787‌

Management

fees

payable

111,533‌

Administration

fees

payable

8,273‌

Custodian

fees

payable

7,844‌

Administrative

and

compliance

services

fees

payable

1,782‌

Transfer

agent

fees

payable

846‌

Trustee

fees

payable

3,838‌

Other

accrued

liabilities

21,072‌

Total

Liabilities

1,256,200‌

Commitments

and

contingent

liabilities^

Net

Assets

$

1,354,322,641‌

Net

Assets

Consist

of:

Paid

in

capital

$

1,139,919,330‌

Total

distributable

earnings

214,403,311‌

Net

Assets

$

1,354,322,641‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

116,005,245‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

11.67‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Interest

$

1,597,223‌

Dividends

from

affiliates

841,637‌

Total

Investment

Income

2,438,860‌

Expenses:

Management

fees

1,372,439‌

Administration

fees

42,351‌

Custodian

fees

25,899‌

Administrative

and

compliance

services

fees

7,029‌

Transfer

agent

fees

4,206‌

Trustee

fees

29,122‌

Professional

fees

39,500‌

Shareholder

reports

5,903‌

Other

expenses

8,462‌

Total

expenses

before

reductions

1,534,911‌

Less

Management

fees

contractually

waived

(686,211‌)

Net

expenses

848,700‌

Net

Investment

Income/(Loss)

1,590,160‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

(10,894,654‌)

Net

realized

gains

distributions

from

affiliated

underlying

funds

35,577,624‌

Net

realized

gains/(losses)

on

futures

contracts

5,496,782‌

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

34,858,441‌

Change

in

net

unrealized

appreciation/depreciation

on

futures

contracts

(1,778,640‌)

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

63,259,553‌

Change

in

Net

Assets

Resulting

From

Operations

$

64,849,713‌

AZL

MVP

DFA

Multi-Strategy

Fund

5

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

1,590,160‌

$

15,764,044‌

Net

realized

gains/(losses)

on

investments

30,179,752‌

40,709,759‌

Change

in

unrealized

appreciation/depreciation

on

investments

33,079,801‌

99,255,205‌

Change

in

net

assets

resulting

from

operations

64,849,713‌

155,729,008‌

Distributions

to

Shareholders:

Distributions

—‌

(2,915,434‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(2,915,434‌)

Capital

Transactions:

Proceeds

from

shares

issued

283,830‌

6,751,576‌

Proceeds

from

shares

issued

in

merger

—‌

1,340,915,610‌

Proceeds

from

dividends

reinvested

—‌

2,915,434‌

Value

of

shares

redeemed

(124,614,972‌)

(168,014,722‌)

Change

in

net

assets

resulting

from

capital

transactions

(124,331,142‌)

1,182,567,898‌

Change

in

net

assets

(59,481,429‌)

1,335,381,472‌

Net

Assets:

Beginning

of

period

1,413,804,070‌

78,422,598‌

End

of

period

$

1,354,322,641‌

$

1,413,804,070‌

Share

Transactions:

Shares

issued

24,659‌

665,897‌

Shares

issued

in

merger

—‌

134,212,030‌

Dividends

reinvested

—‌

290,961‌

Shares

redeemed

(10,966,679‌)

(16,206,663‌)

Change

in

shares

(10,942,020‌)

118,962,225‌

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

MVP

DFA

Multi-Strategy

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

6

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Year

Ended

December

31,

2019

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$11.14

$9.82

$12.21

$11.58

$12.03

$10.65

Investment

Activities:

Net

Investment

Income/(Loss)(a)

0.01

‌

0.14

‌

0.23

‌

0.05

‌

0.16

‌

0.31

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.52

‌

1.21

‌

(1.69

)

1.51

‌

0.22

‌

1.36

‌

Total

from

Investment

Activities

0.53

‌

1.35

‌

(1.46

)

1.56

‌

0.38

‌

1.67

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.02

)

(0.11

)

(0.17

)

(0.34

)

(0.11

)

Net

Realized

Gains

—

‌

(0.01

)

(0.82

)

(0.76

)

(0.49

)

(0.18

)

Total

Dividends

—

‌

(0.03

)

(0.93

)

(0.93

)

(0.83

)

(0.29

)

Net

Asset

Value,

End

of

Period

$11.67

$11.14

$9.82

$12.21

$11.58

$12.03

Total

Return

(b)

4.76

%(c)

13.69

%

(11.76

)%

13.74

%

3.77

%

15.81

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$1,354,323

$1,413,804

$78,423

$99,979

$90,668

$95,959

Net

Investment

Income/(Loss)(d)

0.23

%

1.38

%

2.10

%

0.42

%

1.44

%

2.71

%

Expenses

Before

Reductions*(d)(e)

0.22

%

0.23

%

0.30

%

0.29

%

0.30

%

0.29

%

Expenses

Net

of

Reductions*(d)

0.12

%

0.13

%

0.15

%

0.15

%

0.15

%

0.15

%

Portfolio

Turnover

Rate

13

%(c)

18

%

11

%

13

%

18

%

10

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

MVP

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

7

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

MVP

DFA

Multi-

Strategy

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-

dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2024,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

MVP

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

8

Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Fund,

including

the

primary

underlying

risk

exposures

related

to

each

instrument

type.

The

Fund’s

allocation

to

the

MVP

(Managed

Volatility

Portfolio)

risk

management

process

may

include

(a)

derivatives

such

as

index

futures,

other

futures

contracts,

options,

and

other

similar

securities

and

(b)

cash,

money

market

equivalents,

short-term

debt

instruments,

money

market

funds,

and

short-term

debt

funds

to

satisfy

all

applicable

margin

requirements

and

to

provide

additional

portfolio

liquidity

to

satisfy

large

redemptions

and

any

margin

calls.

Due

to

the

leverage

provided

by

derivatives,

the

notional

value

of

the

Fund’s

derivative

positions

could

exceed

20%

of

the

Fund’s

value.

The

Fund

may

also

use

futures

to

gain

equity

exposure

and

may

hold

cash

as

a

buffer

in

the

event

of

market

shocks.

Futures

Contracts

During

the

period

ended June

30,

2024,

the

Fund

invested

in

futures

contracts

to

reduce

volatility

and

limit

the

need

to

decrease

or

increase

allocations

to

underlying

funds.

Futures

contracts

are

valued

based

upon

their

quoted

daily

settlement

prices.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

segregate

liquid

assets

in

accordance

with

the

initial

margin

requirements

of

the

broker

or

exchange.

Futures

contracts

are

marked

to

market

daily

and

a

payable

or

receivable

for

the

change

in

value

(“variation

margin”),

if

any,

is

recorded

by

the

Fund.

Gains

or

losses

are

recognized

but

not

considered

realized

until

the

contracts

expire

or

are

closed.

Futures

contracts

involve,

to

varying

degrees,

elements

of

market

risk

(generally

equity

price

risk

related

to

stock

futures,

interest

rate

risk

related

to

bond

futures,

and

foreign

currency

risk

related

to

currency

futures)

and

exposure

to

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

the

imperfect

correlation

between

the

change

in

value

of

the

underlying

securities

and

the

prices

of

futures

contracts,

the

possibility

of

an

illiquid

market,

and

the

inability

of

the

counterparty

to

meet

the

terms

of

the

contract.

For

the

period

ended June

30,

2024,

the

monthly

average

notional

amount

for

long

contracts

was

$68.5

million.

There

was

no

short

contract

activity

during

the

period.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Fund’s

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2024: 

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the

period

ended June

30,

2024:

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2025.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2024,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

*

The

Manager

waived,

prior

to

any

application

of

expense

limit,

the

management

fee

to

0.10%

on

all

assets

in

order

to

maintain

a

more

competitive

expense

ratio.

The

Manager

reserves

the

right

to

increase

the

management

fee

to

the

amount

shown

in

the

table

above

(i.e.,

discontinue

the

waiver)

at

any

time

after

April

30,

2025.

Asset

Derivatives

Liability

Derivatives

Primary

Risk

Exposure

Statement

of

Assets

and

Liabilities

Location

Total

Value

Statement

of

Assets

and

Liabilities

Location

Total

Value

Equity

Risk

137,364

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$137,364

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

338,566

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$338,566

Payable

for

variation

margin

on

futures

contracts*

$

—

*

For

futures

contracts,

the

amounts

represent

the

cumulative

appreciation/depreciation

of

these

futures

contracts

as

reported

in

the

Schedule

of

Portfolio

Investments.

Only

the

current

day's

variation

margin,

if

any,

is

reported

within

the

Statement

of

Assets

and

Liabilities

as

Variation

margin

on

futures

contracts.

Primary

Risk

Exposure

Location

of

Gains/(Losses)

on

Derivatives

Recognized

Realized

Gains/(Losses)

on

Derivatives

Recognized

Change

in

Net

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

Equity

Risk

(5,909,357)

1,246,273

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$

5,909,35

8

$

(1,246,273)

Interest

Rate

Risk

412,576

532,367

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$(412,576)

$(532,367)

Annual

Rate*

Annual

Expense

Limit

AZL

MVP

DFA

Multi-Strategy

Fund

0.2

0

%

0.15%

AZL

MVP

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

9

Any

amounts

contractually

waived

or

assumed

by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2024,

there

were

no

remaining

contractual

reimbursements

subject

to

repayment

by

the

Fund

in

subsequent

years,

and

no

commitment

or

contingent

liability

is

expected.

Management

fees,

which

the

Manager

may

waive

in

order

to

maintain

more

competitive

expense

ratios,

are

not

subject

to

repayment

in

subsequent

years.

Information

on

the

total

amount

waived/

reimbursed

by

the

Manager

or

repaid

to

the

Manager

by

the

Fund

during

the

period

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

period

ended June

30,

2024,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of

the

underlying

funds

in

which

the

Fund

invests.

At

June

30,

2024,

these

underlying

funds

are

noted

as

Affiliated

Investment

Companies

in

the

Fund’s

Schedule

of

Portfolio

Investments.

Additional

information,

including

financial

statements,

about

these

Funds

is

available

at

www.allianzlife.com.

The

Manager

is

paid

a

separate

fee

from

the

underlying

funds

for

such

services.

A

summary

of

the

Fund’s

investments

in

affiliated

investment

companies

for

the

period

ended June

30,

2024

is

as

follows:

Pursuant

to

separate

agreements

between

the

Trust

and

the

Manager,

the

Manager

provides

a

Chief

Compliance

Officer

(“CCO”)

and

certain

compliance

oversight

and

regulatory

filing

services

to

the

Trust.

Under

these

agreements,

the

Manager

is

entitled

to

an

amount

equal

to

a

portion

of

the

compensation

and

certain

other

expenses

related

to

the

individuals

performing

the

CCO

and

compliance

oversight

services,

as

well

as

$100

per

hour

for

time

incurred

in

connection

with

the

preparation

and

filing

of

certain

documents

with

the

SEC.

The

fees

are

paid

to

the

Manager

on

a

quarterly

basis.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administrative

and

compliance

services

fees.”

Citi

Fund

Services

Ohio,

Inc.

(“Citi”

or

the

“Administrator”),

a

wholly

owned

subsidiary

of

Citigroup,

Inc.,

with

which

an

officer

of

the

Trust

is

affiliated,

serves

as

the

Trust’s

administrator

and

fund

accountant,

and

assists

the

Trust

in

all

aspects

of

its

administration

and

operation.

The

Administrator

is

entitled

to

a

fee,

accrued

daily

and

paid

monthly.

The

Administrator

is

entitled

to

an

annual

fee

for

each

additional

class

of

shares

of

any

Fund,

certain

annual

fees

in

supporting

fair

value

services,

and

a

Trust-wide

annual

fee

for

providing

infrastructure

and

support

in

implementing

the

written

policies

and

procedures

comprising

the

Fund’s

compliance

program.

The

Administrator

is

also

reimbursed

for

certain

expenses

incurred.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administration

fees.”

FIS

Investor

Services

LLC

(“FIS”)

serves

as

the

Fund's

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

The

Bank

of

New

York

Mellon

(“BNY

Mellon”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

Mellon

a

fee

based

on

a

percentage

of

assets

held

on

behalf

of

the

Funds,

plus

certain

out-of-pocket

charges.

Allianz

Life

Financial

Services,

LLC

(“ALFS”),

an

affiliate

of

the

Manager,

serves

as

distributor

of

the

Fund.

ALFS

receives

an

annual

Trust-wide

annual

fee

of

$7,500,

paid

by

the

Manager

from

its

profits

and

not

by

the

Trust,

for

recordkeeping

and

reporting

services.

Certain

Officers

and

Trustees

of

the

Trust

are

affiliated

with

the

Manager

or

the

Administrator.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/24

Shares

as

of

06/30/24

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

DFA

International

Core

Equity

Fund

$

172,336,936‌

$

60,000,000‌

$

(20,932,222‌)

$

1,614,244‌

$

4,806,054‌

$

217,825,012‌

20,472,276‌

$

—‌

$

—‌

AZL

DFA

U.S.

Core

Equity

Fund

496,376,149‌

66,745,784‌

(66,989,467‌)

12,020,139‌

44,962,571‌

553,115,176‌

34,985,147‌

—‌

—‌

AZL

DFA

U.S.

Small

Cap

Fund

142,122,745‌

36,419,262‌

(142,400,384‌)

(24,363,215‌)

(11,778,408‌)

—‌

—‌

841,637‌

35,577,624‌

AZL

Enhanced

Bond

Index

Fund

533,362,197‌

11,292,958‌

(25,319,381‌)

(165,822‌)

(3,131,776‌)

516,038,176‌

52,872,764‌

—‌

—‌

$

1,344,198,027‌

$

174,458,004‌

$

(255,641,454‌)

$

(10,894,654‌)

$

34,858,441‌

$

1,286,978,364‌

108,330,187‌

$

841,637‌

$

35,577,624‌

AZL

MVP

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

10

Investments

in

other

investment

companies

are

valued

at

their

published

net

asset

value

(“NAV”).

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

The

investments

utilizing

Level

1

valuations

represent

investments

in

open-end

investment

companies.

Futures

contracts

are

valued

at

the

settlement

prices

established

each

day

on

the

primary

exchange

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

The

Board

has

designated

the

Manager

to

perform

the

Fund’s

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Fund’s

NAV

will

be

subject

to

the

judgment

of

the

Manager.

The

Manager’s

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

The

following

is

a

summary

of

the

valuation

inputs

used

as

of

June

30,

2024

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2024,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding fund

merger

transactions

and securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

and

selection

risk.

Derivatives

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

may

not

correlate

perfectly

with

the

underlying

asset,

rate,

or

index.

Using

derivatives

may

result

in

losses,

possibly

in

excess

of

the

principal

amount

invested.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances.

The

other

party

to

a

derivatives

contract

could

default.

Foreign

Securities

Risk:

Investing

in

the

securities

of

non-U.S.

issuers

involves

a

number

of

risks,

such

as

fluctuations

in

currency

values,

adverse

political,

social

or

economic

developments,

and

differences

in

social

and

economic

developments

or

policies.

Such

risks

include

future

political

and

economic

developments,

and

the

possible

imposition

of

exchange

controls

or

other

foreign

governmental

laws

and

restrictions.

In

addition,

with

respect

to

certain

countries,

there

is

the

possibility

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability

or

diplomatic

developments

which

could

adversely

affect

investments

in

those

securities.

Certain

foreign

companies

may

be

subject

to

sanctions,

embargoes,

or

other

governmental

actions

that

may

impair

or

otherwise

limit

the

ability

to

invest

in,

receive,

hold

or

sell

the

securities

of

such

companies.

Fund

of

Fund

Risk:

The

Fund,

as

a

shareholder

of

the

underlying

funds,

indirectly

bears

its

proportionate

share

of

any

investment

management

fees

and

other

expenses

of

the

underlying

funds.

Further

due

to

the

fees

and

expenses

paid

by

the

Fund,

as

well

as

small

variations

in

the

Fund’s

actual

allocations

to

the

underlying

funds

and

any

futures

and

cash

held

in

the

Fund’s

portfolio,

the

performance

and

income

distributions

of

the

Fund

will

not

be

the

same

as

the

performance

and

income

distributions

of

the

underlying

funds.

In

addition,

the

Fund

maintains

indirect

exposure

to

various

types

of

risk

which

may

exist

in

the

underlying

Funds,

such

as

foreign

securities

risk,

fixed

income

securities

risk

and

other

risks.

Interest

Rate

Risk:

Debt

securities

held

by

an

underlying

fund

may

decline

in

value

due

to

rising

interest

rates.

The

price

of

a

bond

is

also

affected

by

its

maturity.

Bonds

with

longer

maturities

generally

have

greater

sensitivity

to

changes

in

interest

rates. 

Market

Risk

:

The

market

price

of

securities

owned

by

the

underlying

funds

may

go

up

or

down,

sometimes

rapidly

and

unpredictably.

Securities

may

decline

in

value

due

to

factors

affecting

securities

markets

generally

or

particular

industries

represented

in

the

securities

markets.

The

value

of

a

security

may

decline

due

to

general

market

conditions,

economic

trends

or

events that

are

not

specifically

related

to

a

particular

company,

such

as

real

or

perceived

adverse

economic

conditions,

inflation,

recessions, changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

or

adverse

investor

sentiment,

as

well

as

natural

disasters,

and

outbreaks

of

infectious

illnesses

or

other

widespread

public

health

issues.

Quantitative

Investing

Risk:

The

value

of

securities

selected

using

quantitative

analysis

can

react

differently

to

issuer,

political,

market,

and

economic

developments

than

the

market

as

a

whole

or

securities

selected

using

only

fundamental

analysis.

The

factors

used

in

quantitative

analysis

and

the

weight

placed

on

those

factors

may

not

be

predictive

of

a

security's

value.

In

addition,

factors

that

affect

a

security's

value

can

change

over

time

and

these

changes

may

not

be

reflected

in

the

quantitative

model.

A

quantitative

model

can

be

adversely

affected

by

errors

or

imperfections

in

the

factors

or

the

data

on

which

evaluations

are

based,

or

by

technical

issues

with

construction

or

implementation

of

the

model,

which

in

any

case

may

result

in

a

failure

of

the

portfolio

to

perform

as

expected

or

a

failure

to

identify

securities

that

will

perform

well

in

the

future.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

1,286,978,364

$

—

$

—

$

1,286,978,364

Total

Investment

Securities

1,286,978,364

—

—

1,286,978,364

Other

Financial

Instruments:

*

Futures

Contracts

475,930

—

—

475,930

Total

Investments

$1,287,454,294

$—

$—

$1,287,454,294

*

Other

Financial

Instruments

would

include

any

derivative

instruments,

such

as

futures

contracts.  These

investments

are

generally

presented

in

the

Statement

of

Assets

and

Liabilities

at

variation

margin.

Purchases

Sales

AZL

MVP

DFA

Multi-Strategy

Fund

$174,458,004

$255,641,454

AZL

MVP

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

11

7.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

at

December

31,

2023

was

$1,248,316,171.

The

gross

unrealized

appreciation/(depreciation)

on

a

tax

basis

was

as

follows:

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2023, was

as

follows: 

At

December

31,

2023,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

8.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of

June

30,

2024,

the

Fund

had

an

individual

shareholder

account

which

is

affiliated

with

the

Manager

representing

ownership

in

excess

of

85%

of

the

Fund.

Investment

activities

of

this

shareholder

could

have

a

material

impact

to

the

Fund.

As

of

June

30,

2024

the

Fund

had

a

controlling

interest

(in

excess

of

50%)

in

the

AZL

DFA

U.S.

Core

Equity

Fund

and

the

AZL

DFA

International

Core

Equity

Fund,

which

are

each

affiliated

with

the

Manager.

9.

Acquisition

of

Funds

Effective

as

of

the

close

of

business

March

10,

2023,

the

Fund

acquired

all

the

assets

and

liabilities

of

the

AZL

MVP

Fusion

Moderate

Fund

(“MVP

Fusion

Moderate

Fund”),

an

open-

end

management

investment

company,

pursuant

to

a

plan

of

reorganization

approved

by

the

Board

on

December

13,

2022

(the

“Plan”).

The

acquisition

was

accomplished

by

a

taxable

exchange

of

157,277,879

shares

of

the

MVP

Fusion

Moderate

Fund

outstanding

as

of

close

of

business

March

10,

2023,

valued

at

$1,340,915,610

for

134,212,030

shares

of

the

Fund.

At

the

close

of

business

March

10,

2023,

the

MVP

Fusion

Moderate

Fund’s

investment

holdings

had

a

fair

value

of

$1,281,321,873

and

identified

cost

of

$1,287,826,325.

For

financial

reporting

purposes,

assets

received

and

shares

issued

by

the

Fund

were

recorded

at

fair

value,

including

the

cost

basis

of

investments

received.

All

fees

and

expenses

incurred

by

the

MVP

Fusion

Moderate

Fund

and

the

Fund

directly

in

connection

with

the

Plan

were

borne

by

the

Manager.

There were

no

material

differences

in

accounting

policies

of

the

MVP

Fusion

Moderate

Fund

as

compared

to

those

of

the

Fund.

10.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

Unrealized

appreciation

$95,881,856

Unrealized

(depreciation)

—

Net

unrealized

appreciation/(depreciation)

$95,881,856

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

DFA

Multi-Strategy

Fund

$2,117,611

$797,823

$2,915,434

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

MVP

DFA

Multi-Strategy

Fund

$29,502,868

$28,673,836

$—

$95,881,856

$154,058,560

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

mark-to-market

of

futures

contracts

and

straddles.

SARRPT0624

08/24

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

AZL®

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Semi-Annual

Report

June

30,

2024

(Unaudited)

Table

of

Contents

AZL®

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

Page

3

Statement

of

Assets

and

Liabilities

Page

4

Statement

of

Operations

Page

4

Statements

of

Changes

in

Net

Assets

Page

5

Financial

Highlights

Page

6

Notes

to

the

Financial

Statements

Page

7

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

MVP

FIAM

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

3

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2024

.

Shares

Value

Affiliated

Investment

Company

(95.1%):

Balanced

Funds

(95.1%):

20,359,961

AZL

Fidelity

Institutional

Asset

Management

Multi-

Strategy

Fund,

Class

2

$

299,902,227

Total

Affiliated

Investment

Company

(Cost

$250,521,769)

299,902,227

Total

Investment

Securities

(Cost

$250,521,769)

—

95.1%

299,902,227

Net

other

assets

(liabilities)

—

4.9%

15,494,294

Net

Assets

—

100.0%

$

315,396,521

Futures

Contracts

At

June

30,

2024,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/20/24

22

$

6,073,650‌

$

20,699‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/19/24

86

9,458,656‌

116,988‌

$

137,687‌

AZL

MVP

FIAM

Multi-Strategy

Fund

4

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2024

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2024

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

250,521,769‌

Investments

in

affiliates,

at

value

$

299,902,227‌

Deposit

at

broker

for

futures

contracts

collateral

15,803,885‌

Interest

and

dividends

receivable

54,361‌

Receivable

for

affiliated

investments

sold

144,522‌

Prepaid

expenses

672‌

Total

Assets

315,905,667‌

Liabilities:

Cash

overdraft

144,522‌

Payable

for

capital

shares

redeemed

335,908‌

Management

fees

payable

25,923‌

Administration

fees

payable

1,376‌

Custodian

fees

payable

499‌

Transfer

agent

fees

payable

141‌

Trustee

fees

payable

47‌

Other

accrued

liabilities

730‌

Total

Liabilities

509,146‌

Commitments

and

contingent

liabilities^

Net

Assets

$

315,396,521‌

Net

Assets

Consist

of:

Paid

in

capital

$

268,257,071‌

Total

distributable

earnings

47,139,450‌

Net

Assets

$

315,396,521‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

24,310,055‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

12.97‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Interest

$

357,439‌

Dividends

from

non-affiliates

186‌

Total

Investment

Income

357,625‌

Expenses:

Management

fees

159,528‌

Administration

fees

36,707‌

Custodian

fees

8,625‌

Administrative

and

compliance

services

fees

2,485‌

Transfer

agent

fees

3,619‌

Trustee

fees

8,072‌

Professional

fees

9,736‌

Shareholder

reports

2,212‌

Other

expenses

2,199‌

Total

expenses

233,183‌

Net

Investment

Income/(Loss)

124,442‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

3,777,628‌

Net

realized

gains/(losses)

on

futures

contracts

527,287‌

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

14,554,998‌

Change

in

net

unrealized

appreciation/depreciation

on

futures

contracts

(163,083‌)

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

18,696,830‌

Change

in

Net

Assets

Resulting

From

Operations

$

18,821,272‌

AZL

MVP

FIAM

Multi-Strategy

Fund

5

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

124,442‌

$

5,329,878‌

Net

realized

gains/(losses)

on

investments

4,304,915‌

(143,550‌)

Change

in

unrealized

appreciation/depreciation

on

investments

14,391,915‌

33,097,849‌

Change

in

net

assets

resulting

from

operations

18,821,272‌

38,284,177‌

Distributions

to

Shareholders:

Distributions

—‌

(4,941,197‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(4,941,197‌)

Capital

Transactions:

Proceeds

from

shares

issued

1,411,262‌

9,474,749‌

Proceeds

from

shares

issued

in

merger

—‌

165,908,114‌

Proceeds

from

dividends

reinvested

—‌

4,941,197‌

Value

of

shares

redeemed

(34,767,689‌)

(66,117,969‌)

Change

in

net

assets

resulting

from

capital

transactions

(33,356,427‌)

114,206,091‌

Change

in

net

assets

(14,535,155‌)

147,549,071‌

Net

Assets:

Beginning

of

period

329,931,676‌

182,382,605‌

End

of

period

$

315,396,521‌

$

329,931,676‌

Share

Transactions:

Shares

issued

111,073‌

828,026‌

Shares

issued

in

merger

—‌

14,877,903‌

Dividends

reinvested

—‌

441,178‌

Shares

redeemed

(2,773,410‌)

(5,712,574‌)

Change

in

shares

(2,662,337‌)

10,434,533‌

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

MVP

FIAM

Multi-Strategy

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

6

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Year

Ended

December

31,

2019

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$12.23

$11.03

$13.55

$13.00

$12.47

$11.17

Investment

Activities:

Net

Investment

Income/(Loss)(a)

—

(b)

0.20

‌

0.10

‌

0.05

‌

0.27

‌

0.27

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.74

‌

1.18

‌

(1.98

)

1.36

‌

0.61

‌

1.52

‌

Total

from

Investment

Activities

0.74

‌

1.38

‌

(1.88

)

1.41

‌

0.88

‌

1.79

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.18

)

(0.09

)

(0.36

)

(0.35

)

(0.49

)

Net

Realized

Gains

—

‌

—

‌

(0.55

)

(0.50

)

—

‌

—

‌

Total

Dividends

—

‌

(0.18

)

(0.64

)

(0.86

)

(0.35

)

(0.49

)

Net

Asset

Value,

End

of

Period

$12.97

$12.23

$11.03

$13.55

$13.00

$12.47

Total

Return

(c)

6.05

%(d)

12.63

%

(13.81

)%

11.07

%

7.16

%

16.25

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$315,397

$329,932

$182,383

$243,789

$254,918

$265,363

Net

Investment

Income/(Loss)(e)

0.08

%

1.73

%

0.81

%

0.35

%

2.19

%

2.24

%

Expenses

Before

Reductions*(e)(f)

0.15

%

0.15

%

0.15

%

0.14

%

0.15

%

0.14

%

Expenses

Net

of

Reductions*(e)

0.15

%

0.15

%

0.15

%

0.14

%

0.15

%

0.14

%

Portfolio

Turnover

Rate

—

(d)

21

%

8

%

3

%

6

%

7

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.005

.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

MVP

FIAM

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

7

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

MVP

FIAM

Multi-

Strategy

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-

dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2024,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

MVP

FIAM

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

8

Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Fund,

including

the

primary

underlying

risk

exposures

related

to

each

instrument

type.

The

Fund’s

allocation

to

the

MVP

(Managed

Volatility

Portfolio)

risk

management

process

may

include

(a)

derivatives

such

as

index

futures,

other

futures

contracts,

options,

and

other

similar

securities

and

(b)

cash,

money

market

equivalents,

short-term

debt

instruments,

money

market

funds,

and

short-term

debt

funds

to

satisfy

all

applicable

margin

requirements

and

to

provide

additional

portfolio

liquidity

to

satisfy

large

redemptions

and

any

margin

calls.

Due

to

the

leverage

provided

by

derivatives,

the

notional

value

of

the

Fund’s

derivative

positions

could

exceed

20%

of

the

Fund’s

value.

The

Fund

may

also

use

futures

to

gain

equity

exposure

and

may

hold

cash

as

a

buffer

in

the

event

of

market

shocks.

Futures

Contracts

During

the

period

ended June

30,

2024,

the

Fund

invested

in

futures

contracts

to

reduce

volatility

and

limit

the

need

to

decrease

or

increase

allocations

to

underlying

funds.

Futures

contracts

are

valued

based

upon

their

quoted

daily

settlement

prices.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

segregate

liquid

assets

in

accordance

with

the

initial

margin

requirements

of

the

broker

or

exchange.

Futures

contracts

are

marked

to

market

daily

and

a

payable

or

receivable

for

the

change

in

value

(“variation

margin”),

if

any,

is

recorded

by

the

Fund.

Gains

or

losses

are

recognized

but

not

considered

realized

until

the

contracts

expire

or

are

closed.

Futures

contracts

involve,

to

varying

degrees,

elements

of

market

risk

(generally

equity

price

risk

related

to

stock

futures,

interest

rate

risk

related

to

bond

futures,

and

foreign

currency

risk

related

to

currency

futures)

and

exposure

to

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

the

imperfect

correlation

between

the

change

in

value

of

the

underlying

securities

and

the

prices

of

futures

contracts,

the

possibility

of

an

illiquid

market,

and

the

inability

of

the

counterparty

to

meet

the

terms

of

the

contract.

For

the

period

ended June

30,

2024,

the

monthly

average

notional

amount

for

long

contracts

was

$15.3

million.

There

was

no

short

contract

activity

during

the

period.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Fund’s

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2024: 

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the

period

ended June

30,

2024:

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2025.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2024,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

Any

amounts

contractually

waived

or

assumed

by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2024,

there

were

no

remaining

contractual

reimbursements

subject

to

repayment

by

the

Fund

in

subsequent

years,

and

no

commitment

or

contingent

liability

is

expected.

Asset

Derivatives

Liability

Derivatives

Primary

Risk

Exposure

Statement

of

Assets

and

Liabilities

Location

Total

Value

Statement

of

Assets

and

Liabilities

Location

Total

Value

Equity

Risk

20,699

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$20,699

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

116,988

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$116,988

Payable

for

variation

margin

on

futures

contracts*

$

—

*

For

futures

contracts,

the

amounts

represent

the

cumulative

appreciation/depreciation

of

these

futures

contracts

as

reported

in

the

Schedule

of

Portfolio

Investments.

Only

the

current

day's

variation

margin,

if

any,

is

reported

within

the

Statement

of

Assets

and

Liabilities

as

Variation

margin

on

futures

contracts.

Primary

Risk

Exposure

Location

of

Gains/(Losses)

on

Derivatives

Recognized

Realized

Gains/(Losses)

on

Derivatives

Recognized

Change

in

Net

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

Equity

Risk

(678,559)

3,518

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$

678,559

$

(3,518)

Interest

Rate

Risk

151,272

159,565

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$(151,272)

$(159,565)

Annual

Rate

Annual

Expense

Limit

AZL

MVP

FIAM

Multi-Strategy

Fund

0.10%

0.15%

AZL

MVP

FIAM

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

9

Management

fees,

which

the

Manager

may

waive

in

order

to

maintain

more

competitive

expense

ratios,

are

not

subject

to

repayment

in

subsequent

years.

Information

on

the

total

amount

waived/

reimbursed

by

the

Manager

or

repaid

to

the

Manager

by

the

Fund

during

the

period

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

period

ended June

30,

2024,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of

the

underlying

funds

in

which

the

Fund

invests.

At

June

30,

2024,

these

underlying

funds

are

noted

as

Affiliated

Investment

Companies

in

the

Fund’s

Schedule

of

Portfolio

Investments.

Additional

information,

including

financial

statements,

about

these

Funds

is

available

at

www.allianzlife.com.

The

Manager

is

paid

a

separate

fee

from

the

underlying

funds

for

such

services.

A

summary

of

the

Fund’s

investments

in

affiliated

investment

companies

for

the

period

ended June

30,

2024

is

as

follows:

Pursuant

to

separate

agreements

between

the

Trust

and

the

Manager,

the

Manager

provides

a

Chief

Compliance

Officer

(“CCO”)

and

certain

compliance

oversight

and

regulatory

filing

services

to

the

Trust.

Under

these

agreements,

the

Manager

is

entitled

to

an

amount

equal

to

a

portion

of

the

compensation

and

certain

other

expenses

related

to

the

individuals

performing

the

CCO

and

compliance

oversight

services,

as

well

as

$100

per

hour

for

time

incurred

in

connection

with

the

preparation

and

filing

of

certain

documents

with

the

SEC.

The

fees

are

paid

to

the

Manager

on

a

quarterly

basis.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administrative

and

compliance

services

fees.”

Citi

Fund

Services

Ohio,

Inc.

(“Citi”

or

the

“Administrator”),

a

wholly

owned

subsidiary

of

Citigroup,

Inc.,

with

which

an

officer

of

the

Trust

is

affiliated,

serves

as

the

Trust’s

administrator

and

fund

accountant,

and

assists

the

Trust

in

all

aspects

of

its

administration

and

operation.

The

Administrator

is

entitled

to

a

fee,

accrued

daily

and

paid

monthly.

The

Administrator

is

entitled

to

an

annual

fee

for

each

additional

class

of

shares

of

any

Fund,

certain

annual

fees

in

supporting

fair

value

services,

and

a

Trust-wide

annual

fee

for

providing

infrastructure

and

support

in

implementing

the

written

policies

and

procedures

comprising

the

Fund’s

compliance

program.

The

Administrator

is

also

reimbursed

for

certain

expenses

incurred.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administration

fees.”

FIS

Investor

Services

LLC

(“FIS”)

serves

as

the

Fund's

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

The

Bank

of

New

York

Mellon

(“BNY

Mellon”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

Mellon

a

fee

based

on

a

percentage

of

assets

held

on

behalf

of

the

Funds,

plus

certain

out-of-pocket

charges.

Allianz

Life

Financial

Services,

LLC

(“ALFS”),

an

affiliate

of

the

Manager,

serves

as

distributor

of

the

Fund.

ALFS

receives

an

annual

Trust-wide

annual

fee

of

$7,500,

paid

by

the

Manager

from

its

profits

and

not

by

the

Trust,

for

recordkeeping

and

reporting

services.

Certain

Officers

and

Trustees

of

the

Trust

are

affiliated

with

the

Manager

or

the

Administrator.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Investments

in

other

investment

companies

are

valued

at

their

published

net

asset

value

(“NAV”).

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

The

investments

utilizing

Level

1

valuations

represent

investments

in

open-end

investment

companies.

Futures

contracts

are

valued

at

the

settlement

prices

established

each

day

on

the

primary

exchange

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

The

Board

has

designated

the

Manager

to

perform

the

Fund’s

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Fund’s

NAV

will

be

subject

to

the

judgment

of

the

Manager.

The

Manager’s

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/24

Shares

as

of

06/30/24

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund,

Class

2

$

315,196,873‌

$

195,630‌

$

(33,822,902‌)

$

3,777,628‌

$

14,554,998‌

$

299,902,227‌

20,359,961‌

$

—‌

$

—‌

AZL

MVP

FIAM

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

10

The

following

is

a

summary

of

the

valuation

inputs

used

as

of

June

30,

2024

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2024,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding fund

merger

transactions

and securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

and

selection

risk.

Derivatives

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

may

not

correlate

perfectly

with

the

underlying

asset,

rate,

or

index.

Using

derivatives

may

result

in

losses,

possibly

in

excess

of

the

principal

amount

invested.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances.

The

other

party

to

a

derivatives

contract

could

default.

Foreign

Securities

Risk:

Investing

in

the

securities

of

non-U.S.

issuers

involves

a

number

of

risks,

such

as

fluctuations

in

currency

values,

adverse

political,

social

or

economic

developments,

and

differences

in

social

and

economic

developments

or

policies.

Such

risks

include

future

political

and

economic

developments,

and

the

possible

imposition

of

exchange

controls

or

other

foreign

governmental

laws

and

restrictions.

In

addition,

with

respect

to

certain

countries,

there

is

the

possibility

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability

or

diplomatic

developments

which

could

adversely

affect

investments

in

those

securities.

Certain

foreign

companies

may

be

subject

to

sanctions,

embargoes,

or

other

governmental

actions

that

may

impair

or

otherwise

limit

the

ability

to

invest

in,

receive,

hold

or

sell

the

securities

of

such

companies.

Fund

of

Fund

Risk:

The

Fund,

as

a

shareholder

of

the

underlying

funds,

indirectly

bears

its

proportionate

share

of

any

investment

management

fees

and

other

expenses

of

the

underlying

funds.

Further

due

to

the

fees

and

expenses

paid

by

the

Fund,

as

well

as

small

variations

in

the

Fund’s

actual

allocations

to

the

underlying

funds

and

any

futures

and

cash

held

in

the

Fund’s

portfolio,

the

performance

and

income

distributions

of

the

Fund

will

not

be

the

same

as

the

performance

and

income

distributions

of

the

underlying

funds.

In

addition,

the

Fund

maintains

indirect

exposure

to

various

types

of

risk

which

may

exist

in

the

underlying

Funds,

such

as

foreign

securities

risk,

fixed

income

securities

risk

and

other

risks.

Interest

Rate

Risk:

Debt

securities

held

by

an

underlying

fund

may

decline

in

value

due

to

rising

interest

rates.

The

price

of

a

bond

is

also

affected

by

its

maturity.

Bonds

with

longer

maturities

generally

have

greater

sensitivity

to

changes

in

interest

rates. 

Market

Risk

:

The

market

price

of

securities

owned

by

the

underlying

funds

may

go

up

or

down,

sometimes

rapidly

and

unpredictably.

Securities

may

decline

in

value

due

to

factors

affecting

securities

markets

generally

or

particular

industries

represented

in

the

securities

markets.

The

value

of

a

security

may

decline

due

to

general

market

conditions,

economic

trends

or

events that

are

not

specifically

related

to

a

particular

company,

such

as

real

or

perceived

adverse

economic

conditions,

inflation,

recessions, changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

or

adverse

investor

sentiment,

as

well

as

natural

disasters,

and

outbreaks

of

infectious

illnesses

or

other

widespread

public

health

issues.

Quantitative

Investing

Risk:

The

value

of

securities

selected

using

quantitative

analysis

can

react

differently

to

issuer,

political,

market,

and

economic

developments

than

the

market

as

a

whole

or

securities

selected

using

only

fundamental

analysis.

The

factors

used

in

quantitative

analysis

and

the

weight

placed

on

those

factors

may

not

be

predictive

of

a

security's

value.

In

addition,

factors

that

affect

a

security's

value

can

change

over

time

and

these

changes

may

not

be

reflected

in

the

quantitative

model.

A

quantitative

model

can

be

adversely

affected

by

errors

or

imperfections

in

the

factors

or

the

data

on

which

evaluations

are

based,

or

by

technical

issues

with

construction

or

implementation

of

the

model,

which

in

any

case

may

result

in

a

failure

of

the

portfolio

to

perform

as

expected

or

a

failure

to

identify

securities

that

will

perform

well

in

the

future.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Company

$

299,902,227

$

—

$

—

$

299,902,227

Total

Investment

Securities

299,902,227

—

—

299,902,227

Other

Financial

Instruments:

*

Futures

Contracts

137,687

—

—

137,687

Total

Investments

$300,039,914

$—

$—

$300,039,914

*

Other

Financial

Instruments

would

include

any

derivative

instruments,

such

as

futures

contracts.

These

investments

are

generally

presented

in

the

Statement

of

Assets

and

Liabilities

at

variation

margin.

Purchases

Sales

AZL

MVP

FIAM

Multi-Strategy

Fund

$195,630

$33,822,902

AZL

MVP

FIAM

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

11

7.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

at

December

31,

2023

was

$283,978,278.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis

was

as

follows:

As

of

the

end

of

its

tax

year

ended

December

31,

2023,

the

Fund

had

capital

loss

carry

forwards

(“CLCFs”)

as

summarized

in

the

table

below.

The

Board

does

not

intend

to

authorize

a

distribution

of

any

realized

gain

for

the

Fund

until

any

applicable

CLCF

has

been

offset.

CLCFs

not

subject

to

expiration: 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2023, was

as

follows: 

At

December

31,

2023,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

8.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of

June

30,

2024,

the

Fund

had

an

individual

shareholder

account

which

is

affiliated

with

the

Manager

representing

ownership

in

excess

of

85%

of

the

Fund.

Investment

activities

of

this

shareholder

could

have

a

material

impact

to

the

Fund.

9.

Acquisition

of

Funds

Effective

as

of

the

close

of

business

March

10,

2023,

the

Fund

acquired

all

the

assets

and

liabilities

of

the

AZL

MVP

Fusion

Conservative

Fund

(“MVP

Fusion

Conservative

Fund”),

an

open-end

management

investment

company,

pursuant

to

a

plan

of

reorganization

approved

by

the

Board

on

December

13,

2022

(the

“Plan”).

The

acquisition

was

accomplished

by

a

taxable

exchange

of

17,761,854

shares

of

the

MVP

Fusion

Conservative

Fund

outstanding

as

of

close

of

business

March

10,

2023,

valued

at

$165,908,114

for

14,877,903

shares

of

the

Fund.

At

the

close

of

business

March

10,

2023,

the

MVP

Fusion

Conservative

Fund’s

investment

holdings

had

a

fair

value

of

$157,511,590

and

identified

cost

of

$157,511,590.

For

financial

reporting

purposes,

assets

received

and

shares

issued

by

the

Fund

were

recorded

at

fair

value,

including

the

cost

basis

of

investments

received.

All

fees

and

expenses

incurred

by

the

MVP

Fusion

Conservative

Fund

and

the

Fund

directly

in

connection

with

the

Plan

were

borne

by

the

Manager.

There were

no

material

differences

in

accounting

policies

of

the

MVP

Fusion

Conservative

Fund

as

compared

to

those

of

the

Fund.

Unrealized

appreciation

$31,218,595

Unrealized

(depreciation)

—

Net

unrealized

appreciation/(depreciation)

$31,218,595

Short-Term

Amount

Long-Term

Amount

Total

AZL

MVP

FIAM

Multi-Strategy

Fund

$2,368,979

$—

$2,368,979

During

the

year

ended

December

31,

2023,

the

Fund

utilized

$2,042,274

in

CLCFs

to

offset

capital

gains.

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

FIAM

Multi-Strategy

Fund

$4,941,197

$—

$4,941,197

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

MVP

FIAM

Multi-Strategy

Fund

$5,329,857

$—

$(2,368,979)

$31,218,595

$34,179,473

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation

/(

depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

mark-to-market

of

futures

contracts

and

straddles.

AZL

MVP

FIAM

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

12

10.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

SARRPT0624

08/24

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

AZL®

MVP

Global

Balanced

Index

Strategy

Fund

Semi-Annual

Report

June

30,

2024

(Unaudited)

Table

of

Contents

AZL®

MVP

Global

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

Page

3

Statement

of

Assets

and

Liabilities

Page

4

Statement

of

Operations

Page

4

Statements

of

Changes

in

Net

Assets

Page

5

Financial

Highlights

Page

6

Notes

to

the

Financial

Statements

Page

7

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

3

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2024

.

Shares

Value

Common

Stocks

(0.0%

†

):

Health

Care

Providers

&

Services

(0.0%

†

):

145,123

Grand

Rounds,

Inc.,

Series

C*(a)(b)

$

126,257‌

Paper

&

Forest

Products

(0.0%

†

):

386,370

Quintis

Pty,

Ltd.*(a)(b)

3‌

Total

Common

Stocks

(Cost

$653,277)

126,260‌

Private

Placements

(0.1%):

Household

Durables

(0.0%

†

):

23,389

Jawbone,

0.00%(a)(b)

—‌

Software

(0.1%):

5,547

Lookout,

Inc.,

0.00%(a)(b)

5,769‌

63,925

Lookout,

Inc.,

Series

F,

Preferred

Shares,

0.00%(a)

(b)

131,046‌

136,815‌

Total

Private

Placements

(Cost

$485,378)

136,815‌

Principal

Amount

Convertible

Bond

(0.0%

†

):

Food

Products

(0.0%

†

):

$

400,000

REI

Agro,

Ltd.,

Registered

Shares,

5.50%,

11/13/14(a)(b)(c)

—‌

Total

Convertible

Bond

(Cost

$—)

—‌

Principal

Amount

Value

Corporate

Bonds

(0.0%

†

):

Paper

&

Forest

Products

(0.0%

†

):

$

52,331

Quintis

Australia

Pty,

Ltd.,

7.50%,

10/1/26,

Callable

8/2/24

@

101.88(a)(b)

$

7,980‌

730,672

Quintis

Australia

Pty,

Ltd.,

0.00%,

10/1/28,

Callable

8/2/24

@

100(a)(b)

—‌

Total

Corporate

Bonds

(Cost

$783,003)

7,980‌

Shares

Affiliated

Investment

Companies

(95.0%):

Fixed

Income

Fund

(47.4%):

23,527,607

AZL

Enhanced

Bond

Index

Fund

229,629,440‌

International

Equity

Fund

(47.6%):

13,615,601

AZL

MSCI

Global

Equity

Index

Fund,

Class

2

231,056,755‌

Total

Affiliated

Investment

Companies

(Cost

$404,200,164)

460,686,195‌

Total

Investment

Securities

(Cost

$406,121,822)

—

95.1%

460,957,250‌

Net

other

assets

(liabilities)

—

4.9%

23,907,564‌

Net

Assets

—

100.0%

$

484,864,814‌

†

Represents

less

than

0.05%.

*

Non-income

producing

security.

(a)

Rule

144A,

Section

4(2)

or

other

security

which

is

restricted

to

resale

to

institutional

investors.

(b)

Security

was

valued

using

significant

unobservable

inputs

as

of

June

30,

2024.

(c)

Defaulted

bond.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Futures

Contracts

At

June

30,

2024,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/20/24

43

$

11,871,225‌

$

40,457‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/19/24

110

12,098,281‌

150,378‌

$

190,835‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

4

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2024

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2024

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

404,200,164‌

Investments

in

non-affiliates,

at

cost

1,921,658‌

Investments

in

affiliates,

at

value

$

460,686,195‌

Investments

in

non-affiliates,

at

value

271,055‌

Deposit

at

broker

for

futures

contracts

collateral

24,262,111‌

Interest

and

dividends

receivable

84,625‌

Receivable

for

investments

sold

230,685‌

Prepaid

expenses

1,049‌

Reclaims

receivable

34,110‌

Total

Assets

485,569,830‌

Liabilities:

Cash

overdraft

230,685‌

Payable

for

capital

shares

redeemed

415,648‌

Management

fees

payable

39,904‌

Administration

fees

payable

7,045‌

Custodian

fees

payable

3,169‌

Administrative

and

compliance

services

fees

payable

316‌

Transfer

agent

fees

payable

714‌

Trustee

fees

payable

716‌

Other

accrued

liabilities

6,819‌

Total

Liabilities

705,016‌

Commitments

and

contingent

liabilities^

Net

Assets

$

484,864,814‌

Net

Assets

Consist

of:

Paid

in

capital

$

460,167,877‌

Total

distributable

earnings

24,696,937‌

Net

Assets

$

484,864,814‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

44,713,532‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

10.84‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Interest

$

573,417‌

Dividends

from

non-affiliates

43‌

Total

Investment

Income

573,460‌

Expenses:

Management

fees

245,630‌

Administration

fees

40,016‌

Custodian

fees

11,613‌

Administrative

and

compliance

services

fees

2,961‌

Transfer

agent

fees

3,918‌

Trustee

fees

11,277‌

Professional

fees

14,758‌

Shareholder

reports

3,176‌

Other

expenses

3,241‌

Total

expenses

336,590‌

Net

Investment

Income/(Loss)

236,870‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

securities

and

foreign

currencies

28,468‌

Net

realized

gains/(losses)

on

affiliated

underlying

funds

4,701,089‌

Net

realized

gains/(losses)

on

futures

contracts

1,571,940‌

Change

in

net

unrealized

appreciation/depreciation

on

securities

and

foreign

currencies

(208,751‌)

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

19,924,574‌

Change

in

net

unrealized

appreciation/depreciation

on

futures

contracts

(612,801‌)

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

25,404,519‌

Change

in

Net

Assets

Resulting

From

Operations

$

25,641,389‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

5

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

236,870‌

$

7,374,754‌

Net

realized

gains/(losses)

on

investments

6,301,497‌

1,662,612‌

Change

in

unrealized

appreciation/depreciation

on

investments

19,103,022‌

57,065,550‌

Change

in

net

assets

resulting

from

operations

25,641,389‌

66,102,916‌

Distributions

to

Shareholders:

Distributions

—‌

(20,387,500‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(20,387,500‌)

Capital

Transactions:

Proceeds

from

shares

issued

76,751‌

512,058‌

Proceeds

from

dividends

reinvested

—‌

20,387,500‌

Value

of

shares

redeemed

(47,279,916‌)

(78,067,295‌)

Change

in

net

assets

resulting

from

capital

transactions

(47,203,165‌)

(57,167,737‌)

Change

in

net

assets

(21,561,776‌)

(11,452,321‌)

Net

Assets:

Beginning

of

period

506,426,590‌

517,878,911‌

End

of

period

$

484,864,814‌

$

506,426,590‌

Share

Transactions:

Shares

issued

7,234‌

51,282‌

Dividends

reinvested

—‌

2,185,155‌

Shares

redeemed

(4,493,821‌)

(7,886,963‌)

Change

in

shares

(4,486,587‌)

(5,650,526‌)

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

6

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Year

Ended

December

31,

2019†

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$10.29

$9.44

$12.31

$12.31

$12.99

$11.62

Investment

Activities:

Net

Investment

Income/(Loss)(a)

0.01

‌

0.14

‌

0.12

‌

0.08

‌

0.19

‌

0.18

‌

Net

Realized

and

Unrealized

Gains/

(Losses)

on

Investments

0.54

‌

1.12

‌

(2.12

)

0.89

‌

0.73

‌

1.68

‌

Total

from

Investment

Activities

0.55

‌

1.26

‌

(2.00

)

0.97

‌

0.92

‌

1.86

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.41

)

(0.32

)

(0.20

)

(1.22

)

(0.23

)

Net

Realized

Gains

—

‌

—

‌

(0.55

)

(0.77

)

(0.38

)

(0.26

)

Total

Dividends

—

‌

(0.41

)

(0.87

)

(0.97

)

(1.60

)

(0.49

)

Net

Asset

Value,

End

of

Period

$10.84

$10.29

$9.44

$12.31

$12.31

$12.99

Total

Return

(b)

5.34

%(c)

13.85

%

(16.09

)%

8.05

%

7.81

%

16.20

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$484,865

$506,427

$517,879

$691,209

$716,925

$763,705

Net

Investment

Income/(Loss)(d)

0.10

%

1.44

%

1.18

%

0.61

%

1.49

%

1.40

%

Expenses

Before

Reductions*(d)(e)

0.14

%

0.14

%

0.13

%

0.13

%

0.13

%

0.66

%

Expenses

Net

of

Reductions*(d)

0.14

%

0.14

%

0.13

%

0.13

%

0.13

%

0.66

%

Portfolio

Turnover

Rate

—

(c)

6

%

5

%

5

%

9

%

103

%(f)

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

†

The

amounts

shown,

where

applicable,

are

consolidated

through

December

6,

2019.

(Prior

to

December

6,

2019,

the

Fund

primarily

invested

in

shares

of

a

wholly-owned

and

controlled

subsidiary

of

the

Fund.)

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

(f)

Portfolio

turnover

increased

significantly

during

the

year

due

to

a

change

in

investment

strategy

of

the

Fund.

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

7

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

MVP

Global

Balanced

Index

Strategy

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-

dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Private

Placements

The

Fund

may

invest

in

private

placement

securities

which

are

securities

issued

by

corporations

without

registration

under

the

Securities

Act

of

1933,

as

amended

(the

“1933

Act”),

in

reliance

on

a

“private

placement”

exemption.

These

unregistered

securities

may

be

restricted

and

generally

are

sold

to

institutional

investors,

such

as

the

Fund,

who

agree

that

they

are

purchasing

the

securities

for

investment

and

not

with

a

view

to

public

distribution.

Unregistered

securities

are

normally

resold

to

other

institutional

investors

through

or

with

the

assistance

of

the

issuer

or

investment

dealers

who

make

a

market

in

such

securities.

Foreign

Currency

Translation

and

Withholding

Taxes

The

accounting

records

of

the

Fund

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

are

translated

into

U.S.

dollars

at

the

current

rate

of

exchange

to

determine

the

fair

value

of

investments,

assets

and

liabilities.

Purchases

and

sales

of

securities,

and

income

and

expenses

are

translated

at

the

prevailing

rate

of

exchange

on

the

respective

dates

of

such

transactions.

The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations

are

included

in

the

net

realized

and

unrealized

gain

or

loss

on

investments

and

foreign

currencies.

Income

received

by

the

Fund

from

sources

within

foreign

countries

may

be

subject

to

withholding

and

other

income

or

similar

taxes

imposed

by

such

countries.

The

Fund

accrues

such

taxes,

as

applicable,

based

on

its

current

interpretation

of

tax

rules

in

the

foreign

markets

in

which

it

invests.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

8

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2024,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Fund,

including

the

primary

underlying

risk

exposures

related

to

each

instrument

type.

The

Fund’s

allocation

to

the

MVP

(Managed

Volatility

Portfolio)

risk

management

process

may

include

(a)

derivatives

such

as

index

futures,

other

futures

contracts,

options,

and

other

similar

securities

and

(b)

cash,

money

market

equivalents,

short-term

debt

instruments,

money

market

funds,

and

short-term

debt

funds

to

satisfy

all

applicable

margin

requirements

and

to

provide

additional

portfolio

liquidity

to

satisfy

large

redemptions

and

any

margin

calls.

Due

to

the

leverage

provided

by

derivatives,

the

notional

value

of

the

Fund’s

derivative

positions

could

exceed

20%

of

the

Fund’s

value.

The

Fund

may

also

use

futures

to

gain

equity

exposure

and

may

hold

cash

as

a

buffer

in

the

event

of

market

shocks.

Futures

Contracts

During

the

period

ended June

30,

2024,

the

Fund

invested

in

futures

contracts

to

reduce

volatility

and

limit

the

need

to

decrease

or

increase

allocations

to

underlying

funds.

Futures

contracts

are

valued

based

upon

their

quoted

daily

settlement

prices.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

segregate

liquid

assets

in

accordance

with

the

initial

margin

requirements

of

the

broker

or

exchange.

Futures

contracts

are

marked

to

market

daily

and

a

payable

or

receivable

for

the

change

in

value

(“variation

margin”),

if

any,

is

recorded

by

the

Fund.

Gains

or

losses

are

recognized

but

not

considered

realized

until

the

contracts

expire

or

are

closed.

Futures

contracts

involve,

to

varying

degrees,

elements

of

market

risk

(generally

equity

price

risk

related

to

stock

futures,

interest

rate

risk

related

to

bond

futures,

and

foreign

currency

risk

related

to

currency

futures)

and

exposure

to

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

the

imperfect

correlation

between

the

change

in

value

of

the

underlying

securities

and

the

prices

of

futures

contracts,

the

possibility

of

an

illiquid

market,

and

the

inability

of

the

counterparty

to

meet

the

terms

of

the

contract.

For

the

period

ended June

30,

2024,

the

monthly

average

notional

amount

for

long

contracts

was

$24.4

million.

There

was

no

short

contract

activity

during

the

period.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Fund’s

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2024: 

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the

period

ended June

30,

2024:

Asset

Derivatives

Liability

Derivatives

Primary

Risk

Exposure

Statement

of

Assets

and

Liabilities

Location

Total

Value

Statement

of

Assets

and

Liabilities

Location

Total

Value

Equity

Risk

40,457

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$40,457

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

150,378

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$150,378

Payable

for

variation

margin

on

futures

contracts*

$

—

*

For

futures

contracts,

the

amounts

represent

the

cumulative

appreciation/depreciation

of

these

futures

contracts

as

reported

in

the

Schedule

of

Portfolio

Investments.

Only

the

current

day's

variation

margin,

if

any,

is

reported

within

the

Statement

of

Assets

and

Liabilities

as

Variation

margin

on

futures

contracts.

Primary

Risk

Exposure

Location

of

Gains/(Losses)

on

Derivatives

Recognized

Realized

Gains/(Losses)

on

Derivatives

Recognized

Change

in

Net

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

Equity

Risk

(1,755,269)

373,280

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$

1,755,269

$

(373,280)

Interest

Rate

Risk

183,329

239,521

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$(183,329)

$(239,521)

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

9

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2025.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2024,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

Any

amounts

contractually

waived

or

assumed by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2024,

there

were

no

remaining

contractual

reimbursements

subject

to

repayment

by

the

Fund

in

subsequent

years,

and

no

commitment

or

contingent

liability

is

expected.

Management

fees,

which

the

Manager

may

waive

in

order

to

maintain

more

competitive

expense

ratios,

are

not

subject

to

repayment

in

subsequent

years.

Information

on

the

total

amount

waived/reimbursed

by

the

Manager

or

repaid

to

the

Manager

by

the

Fund

during

the

period

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

period

ended June

30,

2024,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

June

30,

2024,

these

underlying

funds

are

noted

as

Affiliated

Investment

Companies

in

the

Fund’s

Schedule

of

Portfolio

Investments.

Additional

information,

including

financial

statements,

about

these

Funds

is

available

at

www.allianzlife.com.

The

Manager

is

paid

a

separate

fee

from

the

underlying

funds

for

such

services.

A

summary

of

the

Fund’s

investments

in

affiliated

investment

companies

for

the

period

ended June

30,

2024

is

as

follows:

Pursuant

to

separate

agreements

between

the

Trust

and

the

Manager,

the

Manager

provides

a

Chief

Compliance

Officer

(“CCO”)

and

certain

compliance

oversight

and

regulatory

filing

services

to

the

Trust.

Under

these

agreements,

the

Manager

is

entitled

to

an

amount

equal

to

a

portion

of

the

compensation

and

certain

other

expenses

related

to

the

individuals

performing

the

CCO

and

compliance

oversight

services,

as

well

as

$100

per

hour

for

time

incurred

in

connection

with

the

preparation

and

filing

of

certain

documents

with

the

SEC.

The

fees

are

paid

to

the

Manager

on

a

quarterly

basis.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administrative

and

compliance

services

fees.”

Citi

Fund

Services

Ohio,

Inc.

(“Citi”

or

the

“Administrator”),

a

wholly

owned

subsidiary

of

Citigroup,

Inc.,

with

which

an

officer

of

the

Trust

is

affiliated,

serves

as

the

Trust’s

administrator

and

fund

accountant,

and

assists

the

Trust

in

all

aspects

of

its

administration

and

operation.

The

Administrator

is

entitled

to

a

fee,

accrued

daily

and

paid

monthly.

The

Administrator

is

entitled

to

an

annual

fee

for

each

additional

class

of

shares

of

any

Fund,

certain

annual

fees

in

supporting

fair

value

services,

and

a

Trust-wide

annual

fee

for

providing

infrastructure

and

support

in

implementing

the

written

policies

and

procedures

comprising

the

Fund’s

compliance

program.

The

Administrator

is

also

reimbursed

for

certain

expenses

incurred.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administration

fees.”

FIS

Investor

Services

LLC

(“FIS”)

serves

as

the

Fund's

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

The

Bank

of

New

York

Mellon

(“BNY

Mellon”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

Mellon

a

fee

based

on

a

percentage

of

assets

held

on

behalf

of

the

Funds,

plus

certain

out-of-pocket

charges.

Allianz

Life

Financial

Services,

LLC

(“ALFS”),

an

affiliate

of

the

Manager,

serves

as

distributor

of

the

Fund.

ALFS

receives

an

annual

Trust-wide

annual

fee

of

$7,500,

paid

by

the

Manager

from

its

profits

and

not

by

the

Trust,

for

recordkeeping

and

reporting

services.

Certain

Officers

and

Trustees

of

the

Trust

are

affiliated

with

the

Manager

or

the

Administrator.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

Annual

Rate

Annual

Expense

Limit

AZL

MVP

Global

Balanced

Index

Strategy

Fund

0.10%

0.15%

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/24

Shares

as

of

06/30/24

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

240,085,173‌

$

—‌

$

(8,886,227‌)

$

(1,428,809‌)

$

(140,697‌)

$

229,629,440‌

23,527,607‌

$

—‌

$

—‌

AZL

MSCI

Global

Equity

Index

Fund,

Class

2

240,613,096‌

—‌

(35,751,510‌)

6,129,898‌

20,065,271‌

231,056,755‌

13,615,601‌

—‌

—‌

$

480,698,269‌

$

—‌

$

(44,637,737‌)

$

4,701,089‌

$

19,924,574‌

$

460,686,195‌

37,143,208‌

$

—‌

$

—‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

10

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

Equity

securities

are

valued

at

the

last

quoted

sale

price

or,

if

there

is

no

sale,

the

last

quoted

bid

price

is

used.

Securities

listed

on

NASDAQ

Stock

Market,

Inc.

(“NASDAQ”)

are

valued

at

the

official

closing

price

as

reported

by

NASDAQ.

In

each

of

these

situations,

valuations

are

typically

categorized

as

a

Level

1

in the

fair

value

hierarchy.

Investments

in

open-end

investment

companies

are

valued

at

their

respective

net

asset

value

as

reported

by

such

companies

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

prices

established

each

day

on

the

primary

exchange

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Debt

and

other

fixed

income

securities

are

generally

valued

at

an

evaluated

bid

price

provided

by

an

independent

pricing

source

in

accordance

with

valuation

procedures

approved

by

the

Board.

To

value

debt

securities,

pricing

services

may

use

various

pricing

techniques

which

take

into

account

appropriate

factors

such

as

market

activity,

yield,

quality,

coupon

rate,

maturity,

type

of

issue,

trading

characteristics,

call

features,

credit

ratings

and

other

data,

as

well

as

broker

quotes.

Short-term

securities

of

sufficient

credit

quality

with

sixty

days

or

less

remaining

until

maturity

may

be

valued

at

amortized

cost,

which

approximates

fair

value.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

Other

assets

and

securities

for

which

market

quotations

have

become

unreliable

or

are

not

readily

available

as

defined

in

Rule

2a-5

under

the

1940

Act

are

valued

in

accordance

with

valuation

procedures

approved

by

the

Board.

Fair

value

pricing

may

be

used

for

significant

events

such

as

securities

whose

trading

has

been

suspended,

whose

price

has

become

stale

or

for

which

there

is

no

currently

available

price

at

the

close

of

the

NYSE.

Depending

on

the

source

and

relative

significance

of

valuation

inputs,

these

instruments

may

be

classified

as

Level

2

or

Level

3

in

the

fair

value

hierarchy.

The

Fund

utilizes

a

pricing

service

to

assist

in

determining

the

fair

value

of

securities

when

certain

significant

events

occur

that

may

affect

the

value

of

foreign

securities.

In

accordance

with

valuation

procedures

approved

by

the

Board,

fair

value

pricing

may

be

used

if

events

materially

affecting

the

value

of

foreign

securities

occur

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Fund’s

net

asset

value

is

calculated.

Management

identifies

possible

fluctuations

in

international

securities

by

monitoring

the

increase

or

decrease

in

the

value

of

a

designated

benchmark

index.

In

the

event

of

an

increase

or

decrease

greater

than

predetermined

levels,

the

Fund

may

use

a

systematic

valuation

model

provided

by

an

independent

third

party

to

fair

value

its

international

equity

securities

which

are

then

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

The

Board

has

designated

the

Manager

to

perform

the

Fund’s

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Fund’s

NAV

will

be

subject

to

the

judgment

of

the

Manager.

The

Manager’s

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

The

following

is

a

summary

of

the

valuation

inputs

used

as

of June

30,

2024

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2024,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Restricted

Securities

A

restricted

security

is

a

security

which

has

been

purchased

through

a

private

offering

and

cannot

be

resold

to

the

general

public

without

prior

registration

under

the

1933

Act

or

pursuant

to

the

resale

limitations

provided

by

Rule

144A

under

the

1933

Act,

or

an

exemption

from

the

registration

requirements

of

the

1933

Act.

Whether

a

restricted

security

is

illiquid

is

determined

pursuant

to

guidelines

established

by

the

Trustees.

Not

all

restricted

securities

are

considered

illiquid.

The

illiquid

restricted

securities

held

as

of

June

30,

2024

are

identified

below.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Common

Stocks

+

$

—

$

—

$

126,260

$

126,260

Private

Placements

—

—

136,815

136,815

Convertible

Bond

—

—

—

#

—

Corporate

Bonds

+

—

—

7,980

7,980

Affiliated

Investment

Companies

460,686,195

—

—

460,686,195

Total

Investment

Securities

460,686,195

—

271,055

460,957,250

Other

Financial

Instruments:

*

Futures

Contracts

190,835

—

—

190,835

Total

Investments

$460,877,030

$—

$271,055

$461,148,085

+

For

detailed

industry

descriptions,

see

the

accompanying

Schedule

of

Portfolio

Investments.

#

Represents

the

interest

in

securities

that

were

determined

to

have

a

value

of

zero

at

June

30,

2024.

*

Other

Financial

Instruments

would

include

any

derivative

instruments,

such

as

futures

contracts.  These

investments

are

generally

presented

in

the

Statement

of

Assets

and

Liabilities

at

variation

margin.

Purchases

Sales

AZL

MVP

Global

Balanced

Index

Strategy

Fund

$–

$44,637,737

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

11

Security

Acquisition

Date

(a)

Acquisition

Cost

Shares

or

Principal

Amount

Value

Percentage

of

Net

Assets

Grand

Rounds,

Inc.

Series

C

3/31/15

$

399,608

145,123

$

126,257

0.03%

Jawbone

1/24/17

–‌

23,389

–‌

0.00%

Lookout,

Inc.,

Series

F,

Preferred

Shares

9/19/14

481,994

63,925

131,046

0.03%

Lookout,

Inc.

3/4/15

3,384

5,547

5,769

0.00%

Quintis

Australia

Pty,

Ltd.

7.50%

,

10/1/26

,

Callable

2/5/24

@

101.88

10/25/18

52,331

52,331

7,980

0.00%

Quintis

Australia

Pty,

Ltd.

10/1/28

,

Callable

2/5/24

@

100.00

10/25/18

730,672

730,672

–

0.00%

Quintis

Pty,

Ltd.

10/25/18

253,669

386,370

3

0.00%

REI

Agro,

Ltd.,

Registered

Shares

,

5.50%

,

11/13/14

2/7/12

–

400,000

–

0.00%

7.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

and

selection

risk.

Derivatives

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

may

not

correlate

perfectly

with

the

underlying

asset,

rate,

or

index.

Using

derivatives

may

result

in

losses,

possibly

in

excess

of

the

principal

amount

invested.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances.

The

other

party

to

a

derivatives

contract

could

default.

Foreign

Securities

Risk:

Investing

in

the

securities

of

non-U.S.

issuers

involves

a

number

of

risks,

such

as

fluctuations

in

currency

values,

adverse

political,

social

or

economic

developments,

and

differences

in

social

and

economic

developments

or

policies.

Such

risks

include

future

political

and

economic

developments,

and

the

possible

imposition

of

exchange

controls

or

other

foreign

governmental

laws

and

restrictions.

In

addition,

with

respect

to

certain

countries,

there

is

the

possibility

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability

or

diplomatic

developments

which

could

adversely

affect

investments

in

those

securities.

Certain

foreign

companies

may

be

subject

to

sanctions,

embargoes,

or

other

governmental

actions

that

may

impair

or

otherwise

limit

the

ability

to

invest

in,

receive,

hold

or

sell

the

securities

of

such

companies.

Fund

of

Fund

Risk:

The

Fund,

as

a

shareholder

of

the

underlying

funds,

indirectly

bears

its

proportionate

share

of

any

investment

management

fees

and

other

expenses

of

the

underlying

funds.

Further

due

to

the

fees

and

expenses

paid

by

the

Fund,

as

well

as

small

variations

in

the

Fund’s

actual

allocations

to

the

underlying

funds

and

any

futures

and

cash

held

in

the

Fund’s

portfolio,

the

performance

and

income

distributions

of

the

Fund

will

not

be

the

same

as

the

performance

and

income

distributions

of

the

underlying

funds.

In

addition,

the

Fund

maintains

indirect

exposure

to

various

types

of

risk

which

may

exist

in

the

underlying

Funds,

such

as

foreign

securities

risk,

fixed

income

securities

risk

and

other

risks.

Interest

Rate

Risk:

Debt

securities

held

by

an

underlying

fund

may

decline

in

value

due

to

rising

interest

rates.

The

price

of

a

bond

is

also

affected

by

its

maturity.

Bonds

with

longer

maturities

generally

have

greater

sensitivity

to

changes

in

interest

rates. 

Market

Risk

:

The

market

price

of

securities

owned

by

the

underlying

funds

may

go

up

or

down,

sometimes

rapidly

and

unpredictably.

Securities

may

decline

in

value

due

to

factors

affecting

securities

markets

generally

or

particular

industries

represented

in

the

securities

markets.

The

value

of

a

security

may

decline

due

to

general

market

conditions,

economic

trends

or

events that

are

not

specifically

related

to

a

particular

company,

such

as

real

or

perceived

adverse

economic

conditions,

inflation,

recessions, changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

or

adverse

investor

sentiment,

as

well

as

natural

disasters,

and

outbreaks

of

infectious

illnesses

or

other

widespread

public

health

issues.

Quantitative

Investing

Risk:

The

value

of

securities

selected

using

quantitative

analysis

can

react

differently

to

issuer,

political,

market,

and

economic

developments

than

the

market

as

a

whole

or

securities

selected

using

only

fundamental

analysis.

The

factors

used

in

quantitative

analysis

and

the

weight

placed

on

those

factors

may

not

be

predictive

of

a

security's

value.

In

addition,

factors

that

affect

a

security's

value

can

change

over

time

and

these

changes

may

not

be

reflected

in

the

quantitative

model.

A

quantitative

model

can

be

adversely

affected

by

errors

or

imperfections

in

the

factors

or

the

data

on

which

evaluations

are

based,

or

by

technical

issues

with

construction

or

implementation

of

the

model,

which

in

any

case

may

result

in

a

failure

of

the

portfolio

to

perform

as

expected

or

a

failure

to

identify

securities

that

will

perform

well

in

the

future.

8.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

(a)

Acquisition

date

represents

the

initial

purchase

date

of

the

security.

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

12

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

at

December

31,

2023

was

$448,512,299.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis

was

as

follows:

As

of

the

end

of

its

tax

year

ended

December

31,

2023,

the

Fund

had

capital

loss

carry

forwards

(“CLCFs”)

as

summarized

in

the

table

below.

The

Board

does

not

intend

to

authorize

a

distribution

of

any

realized

gain

for

the

Fund

until

any

applicable

CLCF

has

been

offset.

CLCFs

not

subject

to

expiration: 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2023, was

as

follows: 

At

December

31,

2023,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

9.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of June

30,

2024,

the

Fund

had

an

individual

shareholder

account

which

is

affiliated

with

the

Manager

representing

ownership

in

excess

of

85%

of

the

Fund.

Investment

activities

of

this

shareholder

could

have

a

material

impact

to

the

Fund.

As

of

June

30,

2024,

the

Fund

had

a

controlling

interest

(in

excess

of

50%)

in

the

AZL

MSCI

Global

Equity

Index

Fund,

which

is

affiliated

with

the

Manager.

10.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

Unrealized

appreciation

$62,274,625

Unrealized

(depreciation)

(29,609,900)

Net

unrealized

appreciation/(depreciation)

$32,664,725

Short-Term

Amount

Long-Term

Amount

Total

AZL

MVP

Global

Balanced

Index

Strategy

Fund

$

—

$

15,607,753

$

15,607,753

During

the

year

ended

December

31,

2023,

the

Fund

utilized

$3,113,985

in

CLCFs

to

offset

capital

gains.

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

Global

Balanced

Index

Strategy

Fund

$20,387,500

$—

$20,387,500

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

MVP

Global

Balanced

Index

Strategy

Fund

$7,719,718

$—

$(15,607,753)

$32,664,276

$24,776,241

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

foreign

currency

gains

or

losses,

mark-to-

market

of

futures

contracts

and

straddles.

SARRPT0624

08/24

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

AZL®

MVP

Growth

Index

Strategy

Fund

Semi-Annual

Report

June

30,

2024

(Unaudited)

Table

of

Contents

AZL®

MVP

Growth

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

Page

3

Statement

of

Assets

and

Liabilities

Page

4

Statement

of

Operations

Page

4

Statements

of

Changes

in

Net

Assets

Page

5

Financial

Highlights

Page

6

Notes

to

the

Financial

Statements

Page

7

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

MVP

Growth

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

3

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2024

.

Shares

Value

Affiliated

Investment

Companies

(95.1%):

Domestic

Equity

Funds

(50.5%):

3,658,711

AZL

Mid

Cap

Index

Fund,

Class

2

$

82,357,589‌

36,538,106

AZL

S&P

500

Index

Fund,

Class

2

847,684,065‌

4,758,531

AZL

Small

Cap

Stock

Index

Fund,

Class

2

57,578,231‌

987,619,885‌

Fixed

Income

Fund

(23.8%):

47,757,337

AZL

Enhanced

Bond

Index

Fund

466,111,606‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(20.8%):

22,132,167

AZL

International

Index

Fund,

Class

2

$

405,903,944‌

Total

Affiliated

Investment

Companies

(Cost

$1,411,490,290)

1,859,635,435‌

Total

Investment

Securities

(Cost

$1,411,490,290)

—

95.1%

1,859,635,435‌

Net

other

assets

(liabilities)

—

4.9%

96,534,844‌

Net

Assets

—

100.0%

$

1,956,170,279‌

Futures

Contracts

At

June

30,

2024,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/20/24

265

$

73,159,875‌

$

249,325‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/19/24

222

24,416,531‌

305,106‌

$

554,431‌

AZL

MVP

Growth

Index

Strategy

Fund

4

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2024

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2024

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

1,411,490,290‌

Investments

in

affiliates,

at

value

$

1,859,635,435‌

Deposit

at

broker

for

futures

contracts

collateral

97,790,536‌

Interest

and

dividends

receivable

338,213‌

Receivable

for

affiliated

investments

sold

1,893,888‌

Prepaid

expenses

4,030‌

Total

Assets

1,959,662,102‌

Liabilities:

Cash

overdraft

1,508,914‌

Payable

for

capital

shares

redeemed

1,369,415‌

Payable

for

variation

margin

on

futures

contracts

382,599‌

Management

fees

payable

160,899‌

Administration

fees

payable

11,150‌

Custodian

fees

payable

14,459‌

Administrative

and

compliance

services

fees

payable

2,473‌

Transfer

agent

fees

payable

1,167‌

Trustee

fees

payable

5,478‌

Other

accrued

liabilities

35,269‌

Total

Liabilities

3,491,823‌

Commitments

and

contingent

liabilities^

Net

Assets

$

1,956,170,279‌

Net

Assets

Consist

of:

Paid

in

capital

$

1,568,039,593‌

Total

distributable

earnings

388,130,686‌

Net

Assets

$

1,956,170,279‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

129,959,445‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

15.05‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Interest

$

2,275,170‌

Dividends

from

non-affiliates

449‌

Total

Investment

Income

2,275,619‌

Expenses:

Management

fees

981,483‌

Administration

fees

46,658‌

Custodian

fees

39,302‌

Administrative

and

compliance

services

fees

11,156‌

Transfer

agent

fees

4,759‌

Trustee

fees

44,176‌

Professional

fees

58,732‌

Shareholder

reports

8,029‌

Other

expenses

12,694‌

Total

expenses

1,206,989‌

Net

Investment

Income/(Loss)

1,068,630‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

51,790,325‌

Net

realized

gains/(losses)

on

futures

contracts

10,150,285‌

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

82,229,189‌

Change

in

net

unrealized

appreciation/depreciation

on

futures

contracts

(2,665,888‌)

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

141,503,911‌

Change

in

Net

Assets

Resulting

From

Operations

$

142,572,541‌

AZL

MVP

Growth

Index

Strategy

Fund

5

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

1,068,630‌

$

29,651,237‌

Net

realized

gains/(losses)

on

investments

61,940,610‌

70,356,646‌

Change

in

unrealized

appreciation/depreciation

on

investments

79,563,301‌

207,303,551‌

Change

in

net

assets

resulting

from

operations

142,572,541‌

307,311,434‌

Distributions

to

Shareholders:

Distributions

—‌

(76,260,325‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(76,260,325‌)

Capital

Transactions:

Proceeds

from

shares

issued

3,534,101‌

3,930,389‌

Proceeds

from

dividends

reinvested

—‌

76,260,325‌

Value

of

shares

redeemed

(189,763,959‌)

(293,901,444‌)

Change

in

net

assets

resulting

from

capital

transactions

(186,229,858‌)

(213,710,730‌)

Change

in

net

assets

(43,657,317‌)

17,340,379‌

Net

Assets:

Beginning

of

period

1,999,827,596‌

1,982,487,217‌

End

of

period

$

1,956,170,279‌

$

1,999,827,596‌

Share

Transactions:

Shares

issued

236,487‌

296,153‌

Dividends

reinvested

—‌

6,095,949‌

Shares

redeemed

(13,102,921‌)

(22,166,575‌)

Change

in

shares

(12,866,434‌)

(15,774,473‌)

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

MVP

Growth

Index

Strategy

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

6

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Year

Ended

December

31,

2019

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$14.00

$12.50

$16.66

$15.77

$16.02

$13.99

Investment

Activities:

Net

Investment

Income/(Loss)(a)

0.01

‌

0.20

‌

0.19

‌

0.14

‌

0.26

‌

0.26

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

1.04

‌

1.84

‌

(2.76

)

2.36

‌

0.42

‌

2.55

‌

Total

from

Investment

Activities

1.05

‌

2.04

‌

(2.57

)

2.50

‌

0.68

‌

2.81

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.27

)

(0.26

)

(0.30

)

(0.29

)

(0.35

)

Net

Realized

Gains

—

‌

(0.27

)

(1.33

)

(1.31

)

(0.64

)

(0.43

)

Total

Dividends

—

‌

(0.54

)

(1.59

)

(1.61

)

(0.93

)

(0.78

)

Net

Asset

Value,

End

of

Period

$15.05

$14.00

$12.50

$16.66

$15.77

$16.02

Total

Return

(b)

7.50

%(c)

16.81

%

(15.10

)%

16.40

%

4.73

%

20.52

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$1,956,170

$1,999,828

$1,982,487

$2,641,569

$2,578,042

$2,722,348

Net

Investment

Income/(Loss)(d)

0.11

%

1.50

%

1.32

%

0.82

%

1.76

%

1.67

%

Expenses

Before

Reductions*(d)(e)

0.12

%

0.12

%

0.12

%

0.12

%

0.12

%

0.12

%

Expenses

Net

of

Reductions*(d)

0.12

%

0.12

%

0.12

%

0.12

%

0.12

%

0.12

%

Portfolio

Turnover

Rate

10

%(c)

4

%

10

%

6

%

12

%

5

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

MVP

Growth

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

7

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

MVP

Growth

Index

Strategy

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-

dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2024,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

MVP

Growth

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

8

Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Fund,

including

the

primary

underlying

risk

exposures

related

to

each

instrument

type.

The

Fund’s

allocation

to

the

MVP

(Managed

Volatility

Portfolio)

risk

management

process

may

include

(a)

derivatives

such

as

index

futures,

other

futures

contracts,

options,

and

other

similar

securities

and

(b)

cash,

money

market

equivalents,

short-term

debt

instruments,

money

market

funds,

and

short-term

debt

funds

to

satisfy

all

applicable

margin

requirements

and

to

provide

additional

portfolio

liquidity

to

satisfy

large

redemptions

and

any

margin

calls.

Due

to

the

leverage

provided

by

derivatives,

the

notional

value

of

the

Fund’s

derivative

positions

could

exceed

20%

of

the

Fund’s

value.

The

Fund

may

also

use

futures

to

gain

equity

exposure

and

may

hold

cash

as

a

buffer

in

the

event

of

market

shocks.

Futures

Contracts

During

the

period

ended June

30,

2024,

the

Fund

invested

in

futures

contracts

to

reduce

volatility

and

limit

the

need

to

decrease

or

increase

allocations

to

underlying

funds.

Futures

contracts

are

valued

based

upon

their

quoted

daily

settlement

prices.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

segregate

liquid

assets

in

accordance

with

the

initial

margin

requirements

of

the

broker

or

exchange.

Futures

contracts

are

marked

to

market

daily

and

a

payable

or

receivable

for

the

change

in

value

(“variation

margin”),

if

any,

is

recorded

by

the

Fund.

Gains

or

losses

are

recognized

but

not

considered

realized

until

the

contracts

expire

or

are

closed.

Futures

contracts

involve,

to

varying

degrees,

elements

of

market

risk

(generally

equity

price

risk

related

to

stock

futures,

interest

rate

risk

related

to

bond

futures,

and

foreign

currency

risk

related

to

currency

futures)

and

exposure

to

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

the

imperfect

correlation

between

the

change

in

value

of

the

underlying

securities

and

the

prices

of

futures

contracts,

the

possibility

of

an

illiquid

market,

and

the

inability

of

the

counterparty

to

meet

the

terms

of

the

contract.

For

the

period

ended June

30,

2024,

the

monthly

average

notional

amount

for

long

contracts

was

$98.2

million.

There

was

no

short

contract

activity

during

the

period.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Fund’s

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2024: 

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the

period

ended June

30,

2024:

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2025.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2024,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

Any

amounts

contractually

waived

or

assumed by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2024,

there

were

no

remaining

contractual

reimbursements

subject

to

repayment

by

the

Fund

in

subsequent

years,

and

no

commitment

or

contingent

liability

is

expected.

Asset

Derivatives

Liability

Derivatives

Primary

Risk

Exposure

Statement

of

Assets

and

Liabilities

Location

Total

Value

Statement

of

Assets

and

Liabilities

Location

Total

Value

Equity

Risk

249,325

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$249,325

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

305,106

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$305,106

Payable

for

variation

margin

on

futures

contracts*

$

—

*

For

futures

contracts,

the

amounts

represent

the

cumulative

appreciation/depreciation

of

these

futures

contracts

as

reported

in

the

Schedule

of

Portfolio

Investments.

Only

the

current

day's

variation

margin,

if

any,

is

reported

within

the

Statement

of

Assets

and

Liabilities

as

Variation

margin

on

futures

contracts.

Primary

Risk

Exposure

Location

of

Gains/(Losses)

on

Derivatives

Recognized

Realized

Gains/(Losses)

on

Derivatives

Recognized

Change

in

Net

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

Equity

Risk

(10,527,695)

2,201,742

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$

10,527,695

$

(2,201,742)

Interest

Rate

Risk

377,410

464,146

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$(377,410)

$(464,146)

Annual

Rate

Annual

Expense

Limit

AZL

MVP

Growth

Index

Strategy

Fund

0.10%

0.20%

AZL

MVP

Growth

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

9

Management

fees,

which

the

Manager

may

waive

in

order

to

maintain

more

competitive

expense

ratios,

are

not

subject

to

repayment

in

subsequent

years.

Information

on

the

total

amount

waived/reimbursed

by

the

Manager

or

repaid

to

the

Manager

by

the

Fund

during

the

period

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

period

ended June

30,

2024,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

June

30,

2024,

these

underlying

funds

are

noted

as

Affiliated

Investment

Companies

in

the

Fund’s

Schedule

of

Portfolio

Investments.

Additional

information,

including

financial

statements,

about

these

Funds

is

available

at

www.allianzlife.com.

The

Manager

is

paid

a

separate

fee

from

the

underlying

funds

for

such

services.

A

summary

of

the

Fund’s

investments

in

affiliated

investment

companies

for

the

period

ended June

30,

2024

is

as

follows:

Pursuant

to

separate

agreements

between

the

Trust

and

the

Manager,

the

Manager

provides

a

Chief

Compliance

Officer

(“CCO”)

and

certain

compliance

oversight

and

regulatory

filing

services

to

the

Trust.

Under

these

agreements,

the

Manager

is

entitled

to

an

amount

equal

to

a

portion

of

the

compensation

and

certain

other

expenses

related

to

the

individuals

performing

the

CCO

and

compliance

oversight

services,

as

well

as

$100

per

hour

for

time

incurred

in

connection

with

the

preparation

and

filing

of

certain

documents

with

the

SEC.

The

fees

are

paid

to

the

Manager

on

a

quarterly

basis.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administrative

and

compliance

services

fees.”

Citi

Fund

Services

Ohio,

Inc.

(“Citi”

or

the

“Administrator”),

a

wholly

owned

subsidiary

of

Citigroup,

Inc.,

with

which

an

officer

of

the

Trust

is

affiliated,

serves

as

the

Trust’s

administrator

and

fund

accountant,

and

assists

the

Trust

in

all

aspects

of

its

administration

and

operation.

The

Administrator

is

entitled

to

a

fee,

accrued

daily

and

paid

monthly.

The

Administrator

is

entitled

to

an

annual

fee

for

each

additional

class

of

shares

of

any

Fund,

certain

annual

fees

in

supporting

fair

value

services,

and

a

Trust-wide

annual

fee

for

providing

infrastructure

and

support

in

implementing

the

written

policies

and

procedures

comprising

the

Fund’s

compliance

program.

The

Administrator

is

also

reimbursed

for

certain

expenses

incurred.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administration

fees.”

FIS

Investor

Services

LLC

(“FIS”)

serves

as

the

Fund's

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

The

Bank

of

New

York

Mellon

(“BNY

Mellon”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

Mellon

a

fee

based

on

a

percentage

of

assets

held

on

behalf

of

the

Funds,

plus

certain

out-of-pocket

charges.

Allianz

Life

Financial

Services,

LLC

(“ALFS”),

an

affiliate

of

the

Manager,

serves

as

distributor

of

the

Fund.

ALFS

receives

an

annual

Trust-wide

annual

fee

of

$7,500,

paid

by

the

Manager

from

its

profits

and

not

by

the

Trust,

for

recordkeeping

and

reporting

services.

Certain

Officers

and

Trustees

of

the

Trust

are

affiliated

with

the

Manager

or

the

Administrator.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Investments

in

other

investment

companies

are

valued

at

their

published

net

asset

value

(“NAV”).

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

The

investments

utilizing

Level

1

valuations

represent

investments

in

open-end

investment

companies.

Futures

contracts

are

valued

at

the

settlement

prices

established

each

day

on

the

primary

exchange

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/24

Shares

as

of

06/30/24

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

468,336,555‌

$

13,638,886‌

$

(13,020,384‌)

$

(2,888,682‌)

$

45,231‌

$

466,111,606‌

47,757,337‌

$

—‌

$

—‌

AZL

International

Index

Fund,

Class

2

383,949,980‌

38,357,211‌

(37,205,948‌)

7,458,602‌

13,344,099‌

405,903,944‌

22,132,167‌

—‌

—‌

AZL

Mid

Cap

Index

Fund,

Class

2

221,180,974‌

—‌

(147,071,408‌)

21,570,565‌

(13,322,542‌)

82,357,589‌

3,658,711‌

—‌

—‌

AZL

S&P

500

Index

Fund,

Class

2

716,180,551‌

128,850,000‌

(108,765,882‌)

25,915,991‌

85,503,405‌

847,684,065‌

36,538,106‌

—‌

—‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

111,350,115‌

—‌

(50,164,729‌)

(266,151‌)

(3,341,004‌)

57,578,231‌

4,758,531‌

—‌

—‌

$

1,900,998,175‌

$

180,846,097‌

$

(356,228,351‌)

$

51,790,325‌

$

82,229,189‌

$

1,859,635,435‌

114,844,85

2‌

$

—‌

$

—‌

AZL

MVP

Growth

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

10

The

Board

has

designated

the

Manager

to

perform

the

Fund’s

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Fund’s

NAV

will

be

subject

to

the

judgment

of

the

Manager.

The

Manager’s

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

The

following

is

a

summary

of

the

valuation

inputs

used

as

of

June

30,

2024

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2024,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

and

selection

risk.

Derivatives

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

may

not

correlate

perfectly

with

the

underlying

asset,

rate,

or

index.

Using

derivatives

may

result

in

losses,

possibly

in

excess

of

the

principal

amount

invested.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances.

The

other

party

to

a

derivatives

contract

could

default.

Foreign

Securities

Risk:

Investing

in

the

securities

of

non-U.S.

issuers

involves

a

number

of

risks,

such

as

fluctuations

in

currency

values,

adverse

political,

social

or

economic

developments,

and

differences

in

social

and

economic

developments

or

policies.

Such

risks

include

future

political

and

economic

developments,

and

the

possible

imposition

of

exchange

controls

or

other

foreign

governmental

laws

and

restrictions.

In

addition,

with

respect

to

certain

countries,

there

is

the

possibility

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability

or

diplomatic

developments

which

could

adversely

affect

investments

in

those

securities.

Certain

foreign

companies

may

be

subject

to

sanctions,

embargoes,

or

other

governmental

actions

that

may

impair

or

otherwise

limit

the

ability

to

invest

in,

receive,

hold

or

sell

the

securities

of

such

companies.

Fund

of

Fund

Risk:

The

Fund,

as

a

shareholder

of

the

underlying

funds,

indirectly

bears

its

proportionate

share

of

any

investment

management

fees

and

other

expenses

of

the

underlying

funds.

Further

due

to

the

fees

and

expenses

paid

by

the

Fund,

as

well

as

small

variations

in

the

Fund’s

actual

allocations

to

the

underlying

funds

and

any

futures

and

cash

held

in

the

Fund’s

portfolio,

the

performance

and

income

distributions

of

the

Fund

will

not

be

the

same

as

the

performance

and

income

distributions

of

the

underlying

funds.

In

addition,

the

Fund

maintains

indirect

exposure

to

various

types

of

risk

which

may

exist

in

the

underlying

Funds,

such

as

foreign

securities

risk,

fixed

income

securities

risk

and

other

risks.

Interest

Rate

Risk:

Debt

securities

held

by

an

underlying

fund

may

decline

in

value

due

to

rising

interest

rates.

The

price

of

a

bond

is

also

affected

by

its

maturity.

Bonds

with

longer

maturities

generally

have

greater

sensitivity

to

changes

in

interest

rates. 

Market

Risk

:

The

market

price

of

securities

owned

by

the

underlying

funds

may

go

up

or

down,

sometimes

rapidly

and

unpredictably.

Securities

may

decline

in

value

due

to

factors

affecting

securities

markets

generally

or

particular

industries

represented

in

the

securities

markets.

The

value

of

a

security

may

decline

due

to

general

market

conditions,

economic

trends

or

events that

are

not

specifically

related

to

a

particular

company,

such

as

real

or

perceived

adverse

economic

conditions,

inflation,

recessions, changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

or

adverse

investor

sentiment,

as

well

as

natural

disasters,

and

outbreaks

of

infectious

illnesses

or

other

widespread

public

health

issues.

Quantitative

Investing

Risk:

The

value

of

securities

selected

using

quantitative

analysis

can

react

differently

to

issuer,

political,

market,

and

economic

developments

than

the

market

as

a

whole

or

securities

selected

using

only

fundamental

analysis.

The

factors

used

in

quantitative

analysis

and

the

weight

placed

on

those

factors

may

not

be

predictive

of

a

security's

value.

In

addition,

factors

that

affect

a

security's

value

can

change

over

time

and

these

changes

may

not

be

reflected

in

the

quantitative

model.

A

quantitative

model

can

be

adversely

affected

by

errors

or

imperfections

in

the

factors

or

the

data

on

which

evaluations

are

based,

or

by

technical

issues

with

construction

or

implementation

of

the

model,

which

in

any

case

may

result

in

a

failure

of

the

portfolio

to

perform

as

expected

or

a

failure

to

identify

securities

that

will

perform

well

in

the

future.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

1,859,635,435

$

—

$

—

$

1,859,635,435

Total

Investment

Securities

1,859,635,435

—

—

1,859,635,435

Other

Financial

Instruments:

*

Futures

Contracts

554,431

—

—

554,431

Total

Investments

$1,860,189,866

$—

$—

$1,860,189,866

*

Other

Financial

Instruments

would

include

any

derivative

instruments,

such

as

futures

contracts.  These

investments

are

generally

presented

in

the

Statement

of

Assets

and

Liabilities

at

variation

margin.

Purchases

Sales

AZL

MVP

Growth

Index

Strategy

Fund

$180,846,097

$356,228,351

AZL

MVP

Growth

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

11

7.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

at

December

31,

2023

was

$1,576,499,257.

The

gross

unrealized

appreciation/(depreciation)

on

a

tax

basis

was

as

follows:

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2023, was

as

follows: 

At

December

31,

2023,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

8.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of

June

30,

2024,

the

Fund

had

an

individual

shareholder

account

which

is

affiliated

with

the

Manager

representing

ownership

in

excess

of

85%

of

the

Fund.

Investment

activities

of

this

shareholder

could

have

a

material

impact

to

the

Fund.

9.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

Unrealized

appreciation

$372,046,790

Unrealized

(depreciation)

(47,547,872)

Net

unrealized

appreciation/(depreciation)

$324,498,918

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

Growth

Index

Strategy

Fund

$38,506,889

$37,753,436

$76,260,325

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

MVP

Growth

Index

Strategy

Fund

$63,325,588

$43,991,237

$—

$324,498,918

$431,815,743

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

mark-to-market

of

futures

contracts

and

straddles.

SARRPT0624

08/24

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

AZL®

MVP

Moderate

Index

Strategy

Fund

Semi-Annual

Report

June

30,

2024

(Unaudited)

Table

of

Contents

AZL®

MVP

Moderate

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

Page

3

Statement

of

Assets

and

Liabilities

Page

4

Statement

of

Operations

Page

4

Statements

of

Changes

in

Net

Assets

Page

5

Financial

Highlights

Page

6

Notes

to

the

Financial

Statements

Page

7

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

MVP

Moderate

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

3

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2024

.

Shares

Value

Affiliated

Investment

Companies

(95.0%):

Domestic

Equity

Funds

(40.6%):

517,695

AZL

Mid

Cap

Index

Fund,

Class

2

$

11,653,316‌

5,391,430

AZL

S&P

500

Index

Fund,

Class

2

125,081,174‌

738,903

AZL

Small

Cap

Stock

Index

Fund,

Class

2

8,940,725‌

145,675,215‌

Fixed

Income

Fund

(38.1%):

14,036,931

AZL

Enhanced

Bond

Index

Fund

137,000,442‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(16.3%):

3,186,515

AZL

International

Index

Fund,

Class

2

$

58,440,690‌

Total

Affiliated

Investment

Companies

(Cost

$292,935,512)

341,116,347‌

Total

Investment

Securities

(Cost

$292,935,512)

—

95.0%

341,116,347‌

Net

other

assets

(liabilities)

—

5.0%

17,818,799‌

Net

Assets

—

100.0%

$

358,935,146‌

Futures

Contracts

At

June

30,

2024,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/20/24

38

$

10,490,850‌

$

35,752‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/19/24

65

7,148,984‌

89,797‌

$

125,549‌

AZL

MVP

Moderate

Index

Strategy

Fund

4

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2024

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2024

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

292,935,512‌

Investments

in

affiliates,

at

value

$

341,116,347‌

Deposit

at

broker

for

futures

contracts

collateral

17,948,506‌

Interest

and

dividends

receivable

62,102‌

Receivable

for

affiliated

investments

sold

151,315‌

Prepaid

expenses

772‌

Total

Assets

359,279,042‌

Liabilities:

Cash

overdraft

87,610‌

Payable

for

capital

shares

redeemed

146,113‌

Payable

for

variation

margin

on

futures

contracts

63,705‌

Management

fees

payable

29,606‌

Administration

fees

payable

7,446‌

Custodian

fees

payable

2,472‌

Administrative

and

compliance

services

fees

payable

228‌

Transfer

agent

fees

payable

752‌

Trustee

fees

payable

517‌

Other

accrued

liabilities

5,447‌

Total

Liabilities

343,896‌

Commitments

and

contingent

liabilities^

Net

Assets

$

358,935,146‌

Net

Assets

Consist

of:

Paid

in

capital

$

306,784,822‌

Total

distributable

earnings

52,150,324‌

Net

Assets

$

358,935,146‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

26,412,483‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

13.59‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Interest

$

426,405‌

Total

Investment

Income

426,405‌

Expenses:

Management

fees

182,999‌

Administration

fees

39,775‌

Custodian

fees

8,511‌

Administrative

and

compliance

services

fees

2,263‌

Transfer

agent

fees

3,875‌

Trustee

fees

8,552‌

Professional

fees

11,147‌

Shareholder

reports

2,470‌

Other

expenses

2,334‌

Total

expenses

261,926‌

Net

Investment

Income/(Loss)

164,479‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

9,542,779‌

Net

realized

gains/(losses)

on

futures

contracts

1,453,279‌

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

10,048,524‌

Change

in

net

unrealized

appreciation/depreciation

on

futures

contracts

(477,443‌)

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

20,567,139‌

Change

in

Net

Assets

Resulting

From

Operations

$

20,731,618‌

AZL

MVP

Moderate

Index

Strategy

Fund

5

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

164,479‌

$

5,690,943‌

Net

realized

gains/(losses)

on

investments

10,996,058‌

11,295,853‌

Change

in

unrealized

appreciation/depreciation

on

investments

9,571,081‌

35,135,533‌

Change

in

net

assets

resulting

from

operations

20,731,618‌

52,122,329‌

Distributions

to

Shareholders:

Distributions

—‌

(12,393,539‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(12,393,539‌)

Capital

Transactions:

Proceeds

from

shares

issued

49,768‌

1,590,206‌

Proceeds

from

dividends

reinvested

—‌

12,393,539‌

Value

of

shares

redeemed

(41,161,240‌)

(66,340,905‌)

Change

in

net

assets

resulting

from

capital

transactions

(41,111,472‌)

(52,357,160‌)

Change

in

net

assets

(20,379,854‌)

(12,628,370‌)

Net

Assets:

Beginning

of

period

379,315,000‌

391,943,370‌

End

of

period

$

358,935,146‌

$

379,315,000‌

Share

Transactions:

Shares

issued

3,872‌

130,949‌

Dividends

reinvested

—‌

1,072,105‌

Shares

redeemed

(3,127,306‌)

(5,420,991‌)

Change

in

shares

(3,123,434‌)

(4,217,937‌)

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

MVP

Moderate

Index

Strategy

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

6

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Year

Ended

December

31,

2019

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$12.84

$11.61

$15.50

$15.11

$14.96

$13.28

Investment

Activities:

Net

Investment

Income/(Loss)(a)

0.01

‌

0.18

‌

0.17

‌

0.12

‌

0.26

‌

0.26

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.74

‌

1.46

‌

(2.60

)

1.70

‌

0.64

‌

2.17

‌

Total

from

Investment

Activities

0.75

‌

1.64

‌

(2.43

)

1.82

‌

0.90

‌

2.43

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.24

)

(0.28

)

(0.30

)

(0.27

)

(0.32

)

Net

Realized

Gains

—

‌

(0.17

)

(1.18

)

(1.13

)

(0.48

)

(0.43

)

Total

Dividends

—

‌

(0.41

)

(1.46

)

(1.43

)

(0.75

)

(0.75

)

Net

Asset

Value,

End

of

Period

$13.59

$12.84

$11.61

$15.50

$15.11

$14.96

Total

Return

(b)

5.84

%(c)

14.59

%

(15.38

)%

12.46

%

6.44

%

18.64

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$358,935

$379,315

$391,943

$523,972

$533,854

$534,298

Net

Investment

Income/(Loss)(d)

0.09

%

1.49

%

1.31

%

0.76

%

1.83

%

1.77

%

Expenses

Before

Reductions*(d)(e)

0.14

%

0.14

%

0.13

%

0.13

%

0.13

%

0.13

%

Expenses

Net

of

Reductions*(d)

0.14

%

0.14

%

0.13

%

0.13

%

0.13

%

0.13

%

Portfolio

Turnover

Rate

8

%(c)

3

%

8

%

6

%

18

%

5

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

MVP

Moderate

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

7

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

MVP

Moderate

Index

Strategy

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-

dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2024,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

MVP

Moderate

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

8

Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Fund,

including

the

primary

underlying

risk

exposures

related

to

each

instrument

type.

The

Fund’s

allocation

to

the

MVP

(Managed

Volatility

Portfolio)

risk

management

process

may

include

(a)

derivatives

such

as

index

futures,

other

futures

contracts,

options,

and

other

similar

securities

and

(b)

cash,

money

market

equivalents,

short-term

debt

instruments,

money

market

funds,

and

short-term

debt

funds

to

satisfy

all

applicable

margin

requirements

and

to

provide

additional

portfolio

liquidity

to

satisfy

large

redemptions

and

any

margin

calls.

Due

to

the

leverage

provided

by

derivatives,

the

notional

value

of

the

Fund’s

derivative

positions

could

exceed

20%

of

the

Fund’s

value.

The

Fund

may

also

use

futures

to

gain

equity

exposure

and

may

hold

cash

as

a

buffer

in

the

event

of

market

shocks.

Futures

Contracts

During

the

period

ended June

30,

2024,

the

Fund

invested

in

futures

contracts

to

reduce

volatility

and

limit

the

need

to

decrease

or

increase

allocations

to

underlying

funds.

Futures

contracts

are

valued

based

upon

their

quoted

daily

settlement

prices.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

segregate

liquid

assets

in

accordance

with

the

initial

margin

requirements

of

the

broker

or

exchange.

Futures

contracts

are

marked

to

market

daily

and

a

payable

or

receivable

for

the

change

in

value

(“variation

margin”),

if

any,

is

recorded

by

the

Fund.

Gains

or

losses

are

recognized

but

not

considered

realized

until

the

contracts

expire

or

are

closed.

Futures

contracts

involve,

to

varying

degrees,

elements

of

market

risk

(generally

equity

price

risk

related

to

stock

futures,

interest

rate

risk

related

to

bond

futures,

and

foreign

currency

risk

related

to

currency

futures)

and

exposure

to

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

the

imperfect

correlation

between

the

change

in

value

of

the

underlying

securities

and

the

prices

of

futures

contracts,

the

possibility

of

an

illiquid

market,

and

the

inability

of

the

counterparty

to

meet

the

terms

of

the

contract.

For

the

period

ended June

30,

2024,

the

monthly

average

notional

amount

for

long

contracts

was

$18.1

million.

There

was

no

short

contract

activity

during

the

period.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Fund’s

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2024: 

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the

period

ended June

30,

2024:

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2025.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2024,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

Any

amounts

contractually

waived

or

assumed by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2024,

there

were

no

remaining

contractual

reimbursements

subject

to

repayment

by

the

Fund

in

subsequent

years,

and

no

commitment

or

contingent

liability

is

expected.

Asset

Derivatives

Liability

Derivatives

Primary

Risk

Exposure

Statement

of

Assets

and

Liabilities

Location

Total

Value

Statement

of

Assets

and

Liabilities

Location

Total

Value

Equity

Risk

35,752

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$35,752

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

89,797

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$89,797

Payable

for

variation

margin

on

futures

contracts*

$

—

*

For

futures

contracts,

the

amounts

represent

the

cumulative

appreciation/depreciation

of

these

futures

contracts

as

reported

in

the

Schedule

of

Portfolio

Investments.

Only

the

current

day's

variation

margin,

if

any,

is

reported

within

the

Statement

of

Assets

and

Liabilities

as

Variation

margin

on

futures

contracts.

Primary

Risk

Exposure

Location

of

Gains/(Losses)

on

Derivatives

Recognized

Realized

Gains/(Losses)

on

Derivatives

Recognized

Change

in

Net

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

Equity

Risk

(1,560,909)

332,907

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$

1,560,909

$

(332,907)

Interest

Rate

Risk

107,630

144,536

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$(107,630)

$(144,536)

Annual

Rate

Annual

Expense

Limit

AZL

MVP

Moderate

Index

Strategy

Fund

0.10%

0.15%

AZL

MVP

Moderate

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

9

Management

fees,

which

the

Manager

may

waive

in

order

to

maintain

more

competitive

expense

ratios,

are

not

subject

to

repayment

in

subsequent

years.

Information

on

the

total

amount

waived/reimbursed

by

the

Manager

or

repaid

to

the

Manager

by

the

Fund

during

the

period

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

period

ended June

30,

2024,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

June

30,

2024,

these

underlying

funds

are

noted

as

Affiliated

Investment

Companies

in

the

Fund’s

Schedule

of

Portfolio

Investments.

Additional

information,

including

financial

statements,

about

these

Funds

is

available

at

www.allianzlife.com.

The

Manager

is

paid

a

separate

fee

from

the

underlying

funds

for

such

services.

A

summary

of

the

Fund’s

investments

in

affiliated

investment

companies

for

the

period

ended June

30,

2024

is

as

follows:

Pursuant

to

separate

agreements

between

the

Trust

and

the

Manager,

the

Manager

provides

a

Chief

Compliance

Officer

(“CCO”)

and

certain

compliance

oversight

and

regulatory

filing

services

to

the

Trust.

Under

these

agreements,

the

Manager

is

entitled

to

an

amount

equal

to

a

portion

of

the

compensation

and

certain

other

expenses

related

to

the

individuals

performing

the

CCO

and

compliance

oversight

services,

as

well

as

$100

per

hour

for

time

incurred

in

connection

with

the

preparation

and

filing

of

certain

documents

with

the

SEC.

The

fees

are

paid

to

the

Manager

on

a

quarterly

basis.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administrative

and

compliance

services

fees.”

Citi

Fund

Services

Ohio,

Inc.

(“Citi”

or

the

“Administrator”),

a

wholly

owned

subsidiary

of

Citigroup,

Inc.,

with

which

an

officer

of

the

Trust

is

affiliated,

serves

as

the

Trust’s

administrator

and

fund

accountant,

and

assists

the

Trust

in

all

aspects

of

its

administration

and

operation.

The

Administrator

is

entitled

to

a

fee,

accrued

daily

and

paid

monthly.

The

Administrator

is

entitled

to

an

annual

fee

for

each

additional

class

of

shares

of

any

Fund,

certain

annual

fees

in

supporting

fair

value

services,

and

a

Trust-wide

annual

fee

for

providing

infrastructure

and

support

in

implementing

the

written

policies

and

procedures

comprising

the

Fund’s

compliance

program.

The

Administrator

is

also

reimbursed

for

certain

expenses

incurred.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administration

fees.”

FIS

Investor

Services

LLC

(“FIS”)

serves

as

the

Fund's

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

The

Bank

of

New

York

Mellon

(“BNY

Mellon”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

Mellon

a

fee

based

on

a

percentage

of

assets

held

on

behalf

of

the

Funds,

plus

certain

out-of-pocket

charges.

Allianz

Life

Financial

Services,

LLC

(“ALFS”),

an

affiliate

of

the

Manager,

serves

as

distributor

of

the

Fund.

ALFS

receives

an

annual

Trust-wide

annual

fee

of

$7,500,

paid

by

the

Manager

from

its

profits

and

not

by

the

Trust,

for

recordkeeping

and

reporting

services.

Certain

Officers

and

Trustees

of

the

Trust

are

affiliated

with

the

Manager

or

the

Administrator.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Investments

in

other

investment

companies

are

valued

at

their

published

net

asset

value

(“NAV”).

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

The

investments

utilizing

Level

1

valuations

represent

investments

in

open-end

investment

companies.

Futures

contracts

are

valued

at

the

settlement

prices

established

each

day

on

the

primary

exchange

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/24

Shares

as

of

06/30/24

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

143,722,342‌

$

701,432‌

$

(6,487,586‌)

$

(1,020,759‌)

$

85,013‌

$

137,000,442‌

14,036,931‌

$

—‌

$

—‌

AZL

International

Index

Fund,

Class

2

57,364,131‌

4,950,000‌

(6,963,307‌)

1,583,992‌

1,505,874‌

58,440,690‌

3,186,515‌

—‌

—‌

AZL

Mid

Cap

Index

Fund,

Class

2

34,145,133‌

—‌

(23,774,148‌)

3,340,045‌

(2,057,714‌)

11,653,316‌

517,695‌

—‌

—‌

AZL

S&P

500

Index

Fund,

Class

2

108,346,748‌

20,660,000‌

(20,630,409‌)

5,631,445‌

11,073,390‌

125,081,174‌

5,391,430‌

—‌

—‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

17,104,528‌

—‌

(7,613,820‌)

8,056‌

(558,039‌)

8,940,725‌

738,903‌

—‌

—‌

$

360,682,882‌

$

26,311,432‌

$

(65,469,270‌)

$

9,542,779‌

$

10,048,524‌

$

341,116,347‌

23,871,474‌

$

—‌

$

—‌

AZL

MVP

Moderate

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

10

The

Board

has

designated

the

Manager

to

perform

the

Fund’s

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Fund’s

NAV

will

be

subject

to

the

judgment

of

the

Manager.

The

Manager’s

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

The

following

is

a

summary

of

the

valuation

inputs

used

as

of

June

30,

2024

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2024,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

and

selection

risk.

Derivatives

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

may

not

correlate

perfectly

with

the

underlying

asset,

rate,

or

index.

Using

derivatives

may

result

in

losses,

possibly

in

excess

of

the

principal

amount

invested.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances.

The

other

party

to

a

derivatives

contract

could

default.

Foreign

Securities

Risk:

Investing

in

the

securities

of

non-U.S.

issuers

involves

a

number

of

risks,

such

as

fluctuations

in

currency

values,

adverse

political,

social

or

economic

developments,

and

differences

in

social

and

economic

developments

or

policies.

Such

risks

include

future

political

and

economic

developments,

and

the

possible

imposition

of

exchange

controls

or

other

foreign

governmental

laws

and

restrictions.

In

addition,

with

respect

to

certain

countries,

there

is

the

possibility

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability

or

diplomatic

developments

which

could

adversely

affect

investments

in

those

securities.

Certain

foreign

companies

may

be

subject

to

sanctions,

embargoes,

or

other

governmental

actions

that

may

impair

or

otherwise

limit

the

ability

to

invest

in,

receive,

hold

or

sell

the

securities

of

such

companies.

Fund

of

Fund

Risk:

The

Fund,

as

a

shareholder

of

the

underlying

funds,

indirectly

bears

its

proportionate

share

of

any

investment

management

fees

and

other

expenses

of

the

underlying

funds.

Further

due

to

the

fees

and

expenses

paid

by

the

Fund,

as

well

as

small

variations

in

the

Fund’s

actual

allocations

to

the

underlying

funds

and

any

futures

and

cash

held

in

the

Fund’s

portfolio,

the

performance

and

income

distributions

of

the

Fund

will

not

be

the

same

as

the

performance

and

income

distributions

of

the

underlying

funds.

In

addition,

the

Fund

maintains

indirect

exposure

to

various

types

of

risk

which

may

exist

in

the

underlying

Funds,

such

as

foreign

securities

risk,

fixed

income

securities

risk

and

other

risks.

Interest

Rate

Risk:

Debt

securities

held

by

an

underlying

fund

may

decline

in

value

due

to

rising

interest

rates.

The

price

of

a

bond

is

also

affected

by

its

maturity.

Bonds

with

longer

maturities

generally

have

greater

sensitivity

to

changes

in

interest

rates. 

Market

Risk

:

The

market

price

of

securities

owned

by

the

underlying

funds

may

go

up

or

down,

sometimes

rapidly

and

unpredictably.

Securities

may

decline

in

value

due

to

factors

affecting

securities

markets

generally

or

particular

industries

represented

in

the

securities

markets.

The

value

of

a

security

may

decline

due

to

general

market

conditions,

economic

trends

or

events that

are

not

specifically

related

to

a

particular

company,

such

as

real

or

perceived

adverse

economic

conditions,

inflation,

recessions, changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

or

adverse

investor

sentiment,

as

well

as

natural

disasters,

and

outbreaks

of

infectious

illnesses

or

other

widespread

public

health

issues.

Quantitative

Investing

Risk:

The

value

of

securities

selected

using

quantitative

analysis

can

react

differently

to

issuer,

political,

market,

and

economic

developments

than

the

market

as

a

whole

or

securities

selected

using

only

fundamental

analysis.

The

factors

used

in

quantitative

analysis

and

the

weight

placed

on

those

factors

may

not

be

predictive

of

a

security's

value.

In

addition,

factors

that

affect

a

security's

value

can

change

over

time

and

these

changes

may

not

be

reflected

in

the

quantitative

model.

A

quantitative

model

can

be

adversely

affected

by

errors

or

imperfections

in

the

factors

or

the

data

on

which

evaluations

are

based,

or

by

technical

issues

with

construction

or

implementation

of

the

model,

which

in

any

case

may

result

in

a

failure

of

the

portfolio

to

perform

as

expected

or

a

failure

to

identify

securities

that

will

perform

well

in

the

future.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

341,116,347

$

—

$

—

$

341,116,347

Total

Investment

Securities

341,116,347

—

—

341,116,347

Other

Financial

Instruments:

*

Futures

Contracts

125,549

—

—

125,549

Total

Investments

$341,241,896

$—

$—

$341,241,896

*

Other

Financial

Instruments

would

include

any

derivative

instruments,

such

as

futures

contracts.  These

investments

are

generally

presented

in

the

Statement

of

Assets

and

Liabilities

at

variation

margin.

Purchases

Sales

AZL

MVP

Moderate

Index

Strategy

Fund

$26,311,432

$65,469,270

AZL

MVP

Moderate

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

11

7.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

at

December

31,

2023

was

$327,679,018.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis

was

as

follows:

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2023, was

as

follows: 

At

December

31,

2023,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

8.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of

June

30,

2024,

the

Fund

had

an

individual

shareholder

account

which

is

affiliated

with

the

Manager

representing

ownership

in

excess

of

85%

of

the

Fund.

Investment

activities

of

this

shareholder

could

have

a

material

impact

to

the

Fund.

9.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

Unrealized

appreciation

$47,813,074

Unrealized

(depreciation)

(14,809,210)

Net

unrealized

appreciation/(depreciation)

$33,003,864

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

Moderate

Index

Strategy

Fund

$7,277,615

$5,115,924

$12,393,539

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

MVP

Moderate

Index

Strategy

Fund

$11,777,923

$6,259,249

$—

$33,003,864

$51,041,036

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

mark-to-market

of

futures

contracts

and

straddles.

SARRPT0624

08/24

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

AZL®

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Semi-Annual

Report

June

30,

2024

(Unaudited)

Table

of

Contents

AZL®

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Schedule

of

Portfolio

Investments

Page

3

Statement

of

Assets

and

Liabilities

Page

4

Statement

of

Operations

Page

4

Statements

of

Changes

in

Net

Assets

Page

5

Financial

Highlights

Page

6

Notes

to

the

Financial

Statements

Page

7

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

3

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2024

.

Shares

Value

Affiliated

Investment

Companies

(95.1%):

Domestic

Equity

Funds

(77.2%):

13,290,126

AZL

S&P

500

Index

Fund,

Class

2

$

308,330,917‌

32,661,830

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

572,235,254‌

880,566,171‌

Shares

Value

Affiliated

Investment

Companies,

continued

Fixed

Income

Fund

(17.9%):

20,895,133

AZL

Enhanced

Bond

Index

Fund

$

203,936,500‌

Total

Affiliated

Investment

Companies

(Cost

$919,905,501)

1,084,502,671‌

Total

Investment

Securities

(Cost

$919,905,501)

—

95.1%

1,084,502,671‌

Net

other

assets

(liabilities)

—

4.9%

56,033,065‌

Net

Assets

—

100.0%

$

1,140,535,736‌

Futures

Contracts

At

June

30,

2024,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/20/24

123

$

33,957,225‌

$

115,725‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/19/24

207

22,766,766‌

283,578‌

$

399,303‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

4

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2024

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2024

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

919,905,501‌

Investments

in

affiliates,

at

value

$

1,084,502,671‌

Deposit

at

broker

for

futures

contracts

collateral

56,989,915‌

Interest

and

dividends

receivable

196,286‌

Receivable

for

affiliated

investments

sold

828,212‌

Prepaid

expenses

2,405‌

Total

Assets

1,142,519,489‌

Liabilities:

Cash

overdraft

828,213‌

Payable

for

capital

shares

redeemed

1,018,174‌

Management

fees

payable

93,483‌

Administration

fees

payable

10,102‌

Custodian

fees

payable

7,587‌

Administrative

and

compliance

services

fees

payable

1,491‌

Transfer

agent

fees

payable

1,036‌

Trustee

fees

payable

3,279‌

Other

accrued

liabilities

20,388‌

Total

Liabilities

1,983,753‌

Commitments

and

contingent

liabilities^

Net

Assets

$

1,140,535,736‌

Net

Assets

Consist

of:

Paid

in

capital

$

928,596,983‌

Total

distributable

earnings

211,938,753‌

Net

Assets

$

1,140,535,736‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

87,766,754‌

Net

Asset

Value

(offering

and

redemption

price

per

share)*

$

12.99‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

*

Per

share

amounts

may

not

recalculate

due

to

rounding

of

net

assets

and

shares

outstanding

.

Investment

Income:

Interest

$

1,331,445‌

Dividends

from

non-affiliates

166‌

Total

Investment

Income

1,331,611‌

Expenses:

Management

fees

571,764‌

Administration

fees

44,342‌

Custodian

fees

21,523‌

Administrative

and

compliance

services

fees

6,586‌

Transfer

agent

fees

4,412‌

Trustee

fees

26,287‌

Professional

fees

35,142‌

Shareholder

reports

4,723‌

Other

expenses

7,520‌

Total

expenses

722,299‌

Net

Investment

Income/(Loss)

609,312‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

13,332,463‌

Net

realized

gains/(losses)

on

futures

contracts

4,564,213‌

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

67,264,208‌

Change

in

net

unrealized

appreciation/depreciation

on

futures

contracts

(1,465,982‌)

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

83,694,902‌

Change

in

Net

Assets

Resulting

From

Operations

$

84,304,214‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

5

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

609,312‌

$

15,845,540‌

Net

realized

gains/(losses)

on

investments

17,896,676‌

86,369,789‌

Change

in

unrealized

appreciation/depreciation

on

investments

65,798,226‌

82,715,629‌

Change

in

net

assets

resulting

from

operations

84,304,214‌

184,930,958‌

Distributions

to

Shareholders:

Distributions

—‌

(91,615,841‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(91,615,841‌)

Capital

Transactions:

Proceeds

from

shares

issued

1,880,018‌

5,640,403‌

Proceeds

from

dividends

reinvested

—‌

91,615,841‌

Value

of

shares

redeemed

(105,875,320‌)

(182,678,389‌)

Change

in

net

assets

resulting

from

capital

transactions

(103,995,302‌)

(85,422,145‌)

Change

in

net

assets

(19,691,088‌)

7,892,972‌

Net

Assets:

Beginning

of

period

1,160,226,824‌

1,152,333,852‌

End

of

period

$

1,140,535,736‌

$

1,160,226,824‌

Share

Transactions:

Shares

issued

148,905‌

473,809‌

Dividends

reinvested

—‌

8,321,148‌

Shares

redeemed

(8,458,043‌)

(15,375,653‌)

Change

in

shares

(8,309,138‌)

(6,580,696‌)

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

6

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Year

Ended

December

31,

2019

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$12.08

$11.23

$15.13

$14.07

$13.85

$11.96

Investment

Activities:

Net

Investment

Income/(Loss)(a)

0.01

‌

0.16

‌

0.11

‌

0.12

‌

0.19

‌

0.25

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.90

‌

1.69

‌

(2.21

)

2.21

‌

0.87

‌

2.27

‌

Total

from

Investment

Activities

0.91

‌

1.85

‌

(2.10

)

2.33

‌

1.06

‌

2.52

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(1.00

)

(1.02

)

(0.55

)

(0.39

)

(0.25

)

Net

Realized

Gains

—

‌

—

‌

(0.78

)

(0.72

)

(0.45

)

(0.38

)

Total

Dividends

—

‌

(1.00

)

(1.80

)

(1.27

)

(0.84

)

(0.63

)

Net

Asset

Value,

End

of

Period

$12.99

$12.08

$11.23

$15.13

$14.07

$13.85

Total

Return

(b)

7.53

%(c)

17.36

%

(13.71

)%

17.04

%

8.02

%

21.39

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$1,140,536

$1,160,227

$1,152,334

$1,477,978

$1,372,669

$1,325,661

Net

Investment

Income/(Loss)(d)

0.11

%

1.37

%

0.85

%

0.78

%

1.41

%

1.90

%

Expenses

Before

Reductions*(d)(e)

0.13

%

0.13

%

0.12

%

0.12

%

0.12

%

0.12

%

Expenses

Net

of

Reductions*(d)

0.13

%

0.13

%

0.12

%

0.12

%

0.12

%

0.12

%

Portfolio

Turnover

Rate

—

(c)

9

%

10

%

10

%

10

%

5

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

7

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-

dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2024,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

8

Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Fund,

including

the

primary

underlying

risk

exposures

related

to

each

instrument

type.

The

Fund’s

allocation

to

the

MVP

(Managed

Volatility

Portfolio)

risk

management

process

may

include

(a)

derivatives

such

as

index

futures,

other

futures

contracts,

options,

and

other

similar

securities

and

(b)

cash,

money

market

equivalents,

short-term

debt

instruments,

money

market

funds,

and

short-term

debt

funds

to

satisfy

all

applicable

margin

requirements

and

to

provide

additional

portfolio

liquidity

to

satisfy

large

redemptions

and

any

margin

calls.

Due

to

the

leverage

provided

by

derivatives,

the

notional

value

of

the

Fund’s

derivative

positions

could

exceed

20%

of

the

Fund’s

value.

The

Fund

may

also

use

futures

to

gain

equity

exposure

and

may

hold

cash

as

a

buffer

in

the

event

of

market

shocks.

Futures

Contracts

During

the

period

ended June

30,

2024,

the

Fund

invested

in

futures

contracts

to

reduce

volatility

and

limit

the

need

to

decrease

or

increase

allocations

to

underlying

funds.

Futures

contracts

are

valued

based

upon

their

quoted

daily

settlement

prices.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

segregate

liquid

assets

in

accordance

with

the

initial

margin

requirements

of

the

broker

or

exchange.

Futures

contracts

are

marked

to

market

daily

and

a

payable

or

receivable

for

the

change

in

value

(“variation

margin”),

if

any,

is

recorded

by

the

Fund.

Gains

or

losses

are

recognized

but

not

considered

realized

until

the

contracts

expire

or

are

closed.

Futures

contracts

involve,

to

varying

degrees,

elements

of

market

risk

(generally

equity

price

risk

related

to

stock

futures,

interest

rate

risk

related

to

bond

futures,

and

foreign

currency

risk

related

to

currency

futures)

and

exposure

to

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

the

imperfect

correlation

between

the

change

in

value

of

the

underlying

securities

and

the

prices

of

futures

contracts,

the

possibility

of

an

illiquid

market,

and

the

inability

of

the

counterparty

to

meet

the

terms

of

the

contract.

For

the

period

ended June

30,

2024,

the

monthly

average

notional

amount

for

long

contracts

was

$57.2

million.

There

was

no

short

contract

activity

during

the

period.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Fund’s

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2024: 

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the

period

ended June

30,

2024:

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2025.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2024,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

Any

amounts

contractually

waived

or

assumed by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2024,

there

were

no

remaining

contractual

reimbursements

subject

to

repayment

by

the

Fund

in

subsequent

years,

and

no

commitment

or

contingent

liability

is

expected.

Asset

Derivatives

Liability

Derivatives

Primary

Risk

Exposure

Statement

of

Assets

and

Liabilities

Location

Total

Value

Statement

of

Assets

and

Liabilities

Location

Total

Value

Equity

Risk

115,725

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$115,725

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

283,578

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$283,578

Payable

for

variation

margin

on

futures

contracts*

$

—

*

For

futures

contracts,

the

amounts

represent

the

cumulative

appreciation/depreciation

of

these

futures

contracts

as

reported

in

the

Schedule

of

Portfolio

Investments.

Only

the

current

day's

variation

margin,

if

any,

is

reported

within

the

Statement

of

Assets

and

Liabilities

as

Variation

margin

on

futures

contracts.

Primary

Risk

Exposure

Location

of

Gains/(Losses)

on

Derivatives

Recognized

Realized

Gains/(Losses)

on

Derivatives

Recognized

Change

in

Net

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

Equity

Risk

(4,913,936)

1,030,007

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$

4,913,936

$

(1,030,007)

Interest

Rate

Risk

349,723

435,975

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$(349,723)

$(435,975)

Annual

Rate

Annual

Expense

Limit

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

0.10%

0.15%

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

9

Management

fees,

which

the

Manager

may

waive

in

order

to

maintain

more

competitive

expense

ratios,

are

not

subject

to

repayment

in

subsequent

years.

Information

on

the

total

amount

waived/reimbursed

by

the

Manager

or

repaid

to

the

Manager

by

the

Fund

during

the

period

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

period

ended June

30,

2024,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

June

30,

2024,

these

underlying

funds

are

noted

as

Affiliated

Investment

Companies

in

the

Fund’s

Schedule

of

Portfolio

Investments.

Additional

information,

including

financial

statements,

about

these

Funds

is

available

at

www.allianzlife.com.

The

Manager

is

paid

a

separate

fee

from

the

underlying

funds

for

such

services.

A

summary

of

the

Fund’s

investments

in

affiliated

investment

companies

for

the

period

ended June

30,

2024

is

as

follows:

Pursuant

to

separate

agreements

between

the

Trust

and

the

Manager,

the

Manager

provides

a

Chief

Compliance

Officer

(“CCO”)

and

certain

compliance

oversight

and

regulatory

filing

services

to

the

Trust.

Under

these

agreements,

the

Manager

is

entitled

to

an

amount

equal

to

a

portion

of

the

compensation

and

certain

other

expenses

related

to

the

individuals

performing

the

CCO

and

compliance

oversight

services,

as

well

as

$100

per

hour

for

time

incurred

in

connection

with

the

preparation

and

filing

of

certain

documents

with

the

SEC.

The

fees

are

paid

to

the

Manager

on

a

quarterly

basis.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administrative

and

compliance

services

fees.”

Citi

Fund

Services

Ohio,

Inc.

(“Citi”

or

the

“Administrator”),

a

wholly

owned

subsidiary

of

Citigroup,

Inc.,

with

which

an

officer

of

the

Trust

is

affiliated,

serves

as

the

Trust’s

administrator

and

fund

accountant,

and

assists

the

Trust

in

all

aspects

of

its

administration

and

operation.

The

Administrator

is

entitled

to

a

fee,

accrued

daily

and

paid

monthly.

The

Administrator

is

entitled

to

an

annual

fee

for

each

additional

class

of

shares

of

any

Fund,

certain

annual

fees

in

supporting

fair

value

services,

and

a

Trust-wide

annual

fee

for

providing

infrastructure

and

support

in

implementing

the

written

policies

and

procedures

comprising

the

Fund’s

compliance

program.

The

Administrator

is

also

reimbursed

for

certain

expenses

incurred.

The

total

expenses

incurred

by

the

Fund

for

these

services

are

reflected

on

the

Statement

of

Operations

as

“Administration

fees.”

FIS

Investor

Services

LLC

(“FIS”)

serves

as

the

Fund's

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

The

Bank

of

New

York

Mellon

(“BNY

Mellon”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

Mellon

a

fee

based

on

a

percentage

of

assets

held

on

behalf

of

the

Funds,

plus

certain

out-of-pocket

charges.

Allianz

Life

Financial

Services,

LLC

(“ALFS”),

an

affiliate

of

the

Manager,

serves

as

distributor

of

the

Fund.

ALFS

receives

an

annual

Trust-wide

annual

fee

of

$7,500,

paid

by

the

Manager

from

its

profits

and

not

by

the

Trust,

for

recordkeeping

and

reporting

services.

Certain

Officers

and

Trustees

of

the

Trust

are

affiliated

with

the

Manager

or

the

Administrator.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Investments

in

other

investment

companies

are

valued

at

their

published

net

asset

value

(“NAV”).

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

The

investments

utilizing

Level

1

valuations

represent

investments

in

open-end

investment

companies.

Futures

contracts

are

valued

at

the

settlement

prices

established

each

day

on

the

primary

exchange

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

The

Board

has

designated

the

Manager

to

perform

the

Fund’s

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Fund’s

NAV

will

be

subject

to

the

judgment

of

the

Manager.

The

Manager’s

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/24

Shares

as

of

06/30/24

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

208,826,331‌

$

580,413‌

$

(4,163,645‌)

$

(944,064‌)

$

(362,535‌)

$

203,936,500‌

20,895,133‌

$

—‌

$

—‌

AZL

S&P

500

Index

Fund,

Class

2

313,370,744‌

—‌

(48,878,343‌)

12,744,430‌

31,094,086‌

308,330,917‌

13,290,126‌

—‌

—‌

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

580,753,144‌

522,924‌

(47,105,568‌)

1,532,097‌

36,532,657‌

572,235,254‌

32,661,830‌

—‌

—‌

$

1,102,950,219‌

$

1,103,337‌

$

(100,147,556‌)

$

13,332,463‌

$

67,264,208‌

$

1,084,502,671‌

66,847,089‌

$

—‌

$

—‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

10

The

following

is

a

summary

of

the

valuation

inputs

used

as

of

June

30,

2024

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2024,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

and

selection

risk.

Derivatives

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

may

not

correlate

perfectly

with

the

underlying

asset,

rate,

or

index.

Using

derivatives

may

result

in

losses,

possibly

in

excess

of

the

principal

amount

invested.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances.

The

other

party

to

a

derivatives

contract

could

default.

Foreign

Securities

Risk:

Investing

in

the

securities

of

non-U.S.

issuers

involves

a

number

of

risks,

such

as

fluctuations

in

currency

values,

adverse

political,

social

or

economic

developments,

and

differences

in

social

and

economic

developments

or

policies.

Such

risks

include

future

political

and

economic

developments,

and

the

possible

imposition

of

exchange

controls

or

other

foreign

governmental

laws

and

restrictions.

In

addition,

with

respect

to

certain

countries,

there

is

the

possibility

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability

or

diplomatic

developments

which

could

adversely

affect

investments

in

those

securities.

Certain

foreign

companies

may

be

subject

to

sanctions,

embargoes,

or

other

governmental

actions

that

may

impair

or

otherwise

limit

the

ability

to

invest

in,

receive,

hold

or

sell

the

securities

of

such

companies.

Fund

of

Fund

Risk:

The

Fund,

as

a

shareholder

of

the

underlying

funds,

indirectly

bears

its

proportionate

share

of

any

investment

management

fees

and

other

expenses

of

the

underlying

funds.

Further

due

to

the

fees

and

expenses

paid

by

the

Fund,

as

well

as

small

variations

in

the

Fund’s

actual

allocations

to

the

underlying

funds

and

any

futures

and

cash

held

in

the

Fund’s

portfolio,

the

performance

and

income

distributions

of

the

Fund

will

not

be

the

same

as

the

performance

and

income

distributions

of

the

underlying

funds.

In

addition,

the

Fund

maintains

indirect

exposure

to

various

types

of

risk

which

may

exist

in

the

underlying

Funds,

such

as

foreign

securities

risk,

fixed

income

securities

risk

and

other

risks.

Interest

Rate

Risk:

Debt

securities

held

by

an

underlying

fund

may

decline

in

value

due

to

rising

interest

rates.

The

price

of

a

bond

is

also

affected

by

its

maturity.

Bonds

with

longer

maturities

generally

have

greater

sensitivity

to

changes

in

interest

rates. 

Market

Risk

:

The

market

price

of

securities

owned

by

the

underlying

funds

may

go

up

or

down,

sometimes

rapidly

and

unpredictably.

Securities

may

decline

in

value

due

to

factors

affecting

securities

markets

generally

or

particular

industries

represented

in

the

securities

markets.

The

value

of

a

security

may

decline

due

to

general

market

conditions,

economic

trends

or

events that

are

not

specifically

related

to

a

particular

company,

such

as

real

or

perceived

adverse

economic

conditions,

inflation,

recessions, changes

in

the

general

outlook

for

corporate

earnings,

changes

in

interest

or

currency

rates,

or

adverse

investor

sentiment,

as

well

as

natural

disasters,

and

outbreaks

of

infectious

illnesses

or

other

widespread

public

health

issues.

Quantitative

Investing

Risk:

The

value

of

securities

selected

using

quantitative

analysis

can

react

differently

to

issuer,

political,

market,

and

economic

developments

than

the

market

as

a

whole

or

securities

selected

using

only

fundamental

analysis.

The

factors

used

in

quantitative

analysis

and

the

weight

placed

on

those

factors

may

not

be

predictive

of

a

security's

value.

In

addition,

factors

that

affect

a

security's

value

can

change

over

time

and

these

changes

may

not

be

reflected

in

the

quantitative

model.

A

quantitative

model

can

be

adversely

affected

by

errors

or

imperfections

in

the

factors

or

the

data

on

which

evaluations

are

based,

or

by

technical

issues

with

construction

or

implementation

of

the

model,

which

in

any

case

may

result

in

a

failure

of

the

portfolio

to

perform

as

expected

or

a

failure

to

identify

securities

that

will

perform

well

in

the

future.

7.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

1,084,502,671

$

—

$

—

$

1,084,502,671

Total

Investment

Securities

1,084,502,671

—

—

1,084,502,671

Other

Financial

Instruments:

*

Futures

Contracts

399,303

—

—

399,303

Total

Investments

$1,084,901,974

$—

$—

$1,084,901,974

*

Other

Financial

Instruments

would

include

any

derivative

instruments,

such

as

futures

contracts.  These

investments

are

generally

presented

in

the

Statement

of

Assets

and

Liabilities

at

variation

margin.

Purchases

Sales

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

$1,103,337

$100,147,556

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Notes

to

the

Financial

Statements

June

30,

2024

(Unaudited)

11

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

at

December

31,

2023

was

$1,012,789,391.

The

gross

unrealized

appreciation/(depreciation)

on

a

tax

basis

was

as

follows:

As

of

the

end

of

its

tax

year

ended

December

31,

2023,

the

Fund

had

no

remaining

capital

loss

carry

forwards

(“CLCFs”).

The

Board

does

not

intend

to

authorize

a

distribution

of

any

realized

gain

for

the

Fund

until

any

applicable

CLCFs

have

been

offset.

During

the

year

ended

December

31,

2023,

the

Fund

utilized

$12,754,208

in

CLCFs

to

offset

capital

gains.

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2023, was

as

follows: 

At

December

31,

2023,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

8.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of June

30,

2024,

the

Fund

had

an

individual

shareholder

account

which

is

affiliated

with

the

Manager

representing

ownership

in

excess

of

85%

of

the

Fund.

Investment

activities

of

this

shareholder

could

have

a

material

impact

to

the

Fund.

As

of

June

30,

2024,

the

Fund

had

a

controlling

interest

(in

excess

of

50%)

in

the

AZL

T.

Rowe

Capital

Appreciation

Fund,

which

is

affiliated

with

the

Manager.

9.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

Unrealized

appreciation

$113,123,976

Unrealized

(depreciation)

(22,963,148)

Net

unrealized

appreciation/(depreciation)

$90,160,828

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

$91,615,841

$—

$91,615,841

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

$57,493,551

$37,509,452

$—

$90,160,828

$185,163,831

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

mark-to-market

of

futures

contracts

and

straddles.

SARRPT0624

08/24

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 16. Controls and Procedures.

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

                Not applicable. 

Item 19. Exhibits.

(a)(1)      Not applicable. 

(a)(2)      Not applicable. 

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

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

SIGNATURES

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

(Registrant)  Allianz Variable Insurance Products Fund of Funds Trust                 

By (Signature and Title)   /s/ Brian Muench                                                                 

                                                Brian Muench, Principal Executive Officer

Date  August 26, 2024                      

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

By (Signature and Title) /s/ Brian Muench                                                                                   

                                                Brian Muench, Principal Executive Officer

Date August 26, 2024                                      

By (Signature and Title) /s/ Bashir C. Asad                                                                                                                                  

                                                Bashir C. Asad, Principal Financial Officer & Principal Accounting Officer

Date August 26, 2024