AZL

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

1

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025

.

Shares

Value

Affiliated

Investment

Companies

(100.0%):

Domestic

Equity

Funds

(36.2%):

436,431

AZL

Mid

Cap

Index

Fund,

Class

2

$

9,920,085‌

3,752,654

AZL

S&P

500

Index

Fund,

Class

2

102,034,654‌

516,746

AZL

Small

Cap

Stock

Index

Fund,

Class

2

6,676,359‌

118,631,098‌

Fixed

Income

Fund

(49.7%):

16,044,465

AZL

Enhanced

Bond

Index

Fund

162,530,435‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(14.1%):

2,120,315

AZL

International

Index

Fund,

Class

2

$

46,074,438‌

Total

Affiliated

Investment

Companies

(Cost

$233,661,051)

327,235,971‌

Total

Investment

Securities

(Cost

$233,661,051

)

—

100.0%

327,235,971‌

Net

other

assets

(liabilities)

—

0.0%

†

80,630‌

Net

Assets

—

100.0%

$

327,316,601‌

†

Represents

less

than

0.05%.

AZL

DFA

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

2

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025

.

Shares

Value

Affiliated

Investment

Companies

(100.1%):

Domestic

Equity

Fund

(44.1%):

16,359,472

AZL

DFA

U.S.

Core

Equity

Fund

$

285,472,793‌

Fixed

Income

Fund

(39.0%):

24,952,235

AZL

Enhanced

Bond

Index

Fund

252,766,142‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(17.0%):

8,628,992

AZL

DFA

International

Core

Equity

Fund

$

110,278,519‌

Total

Affiliated

Investment

Companies

(Cost

$493,652,133)

648,517,454‌

Total

Investment

Securities

(Cost

$493,652,133

)

—

100.1%

648,517,454‌

Net

other

assets

(liabilities)

—

(0.1)%

(335,900‌)

Net

Assets

—

100.0%

$

648,181,554‌

AZL

MVP

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

3

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025

.

Shares

Value

Affiliated

Investment

Companies

(

96

.2

%

):

Domestic

Equity

Funds

(

34

.1

%

):

939,633

AZL

Mid

Cap

Index

Fund,

Class

2

$

21,357,850‌

7,440,932

AZL

S&P

500

Index

Fund,

Class

2

202,318,930‌

1,111,855

AZL

Small

Cap

Stock

Index

Fund,

Class

2

14,365,166‌

238,041,946‌

Fixed

Income

Fund

(

47

.8

%

):

32,989,578

AZL

Enhanced

Bond

Index

Fund

334,184,423‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(

14

.3

%

):

4,589,969

AZL

International

Index

Fund,

Class

2

$

99,740,021‌

Total

Affiliated

Investment

Companies

(Cost

$555,052,197)

671,966,390‌

Total

Investment

Securities

(Cost

$

555,052,197

)

—

96

.2

%

671,966,390‌

Net

other

assets

(liabilities)

—

3

.8

%

26,888,764‌

Net

Assets

—

100.0%

$

698,855,154‌

Futures

Contracts

At

September

30,

2025,

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

December

Futures

(U.S.

Dollar)

12/19/25

40

$

13,477,500‌

$

185,834‌

U.S.

Treasury

10-Year

Note

December

Futures

(U.S.

Dollar)

12/19/25

119

13,387,500‌

42,624‌

$

228,458‌

AZL

MVP

DFA

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

4

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025

.

Shares

Value

Affiliated

Investment

Companies

(95.7%):

Domestic

Equity

Fund

(41.0%):

29,084,884

AZL

DFA

U.S.

Core

Equity

Fund

$

507,531,229‌

Fixed

Income

Fund

(37.9%):

46,275,468

AZL

Enhanced

Bond

Index

Fund

468,770,486‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(16.8%):

16,294,457

AZL

DFA

International

Core

Equity

Fund

$

208,243,165‌

Total

Affiliated

Investment

Companies

(Cost

$977,624,039)

1,184,544,880‌

Total

Investment

Securities

(Cost

$977,624,039

)

—

95.7%

1,184,544,880‌

Net

other

assets

(liabilities)

—

4.3%

52,795,233‌

Net

Assets

—

100.0%

$

1,237,340,113‌

Futures

Contracts

At

September

30,

2025,

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

December

Futures

(U.S.

Dollar)

12/19/25

95

$

32,009,063‌

$

438,558‌

U.S.

Treasury

10-Year

Note

December

Futures

(U.S.

Dollar)

12/19/25

189

21,262,500‌

67,719‌

$

506,277‌

AZL

MVP

FIAM

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

5

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025

.

Shares

Value

Affiliated

Investment

Company

(

95

.6

%

):

Balanced

Funds

(

95

.6

%

):

16,130,422

AZL

Fidelity

Institutional

Asset

Management

Multi-

Strategy

Fund,

Class

2

$

266,635,876

Total

Affiliated

Investment

Company

(Cost

$199,047,024)

266,635,876

Total

Investment

Securities

(Cost

$

199,047,024

)

—

95

.6

%

266,635,876

Net

other

assets

(liabilities)

—

4

.4

%

12,195,511

Net

Assets

—

100.0%

$

278,831,387

Futures

Contracts

At

September

30,

2025,

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

December

Futures

(U.S.

Dollar)

12/19/25

14

$

4,717,125‌

$

65,042‌

U.S.

Treasury

10-Year

Note

December

Futures

(U.S.

Dollar)

12/19/25

65

7,312,500‌

23,117‌

$

88,159‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

6

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025

.

Shares

Value

Private

Placements

(0.0

%

†

):

Health

Care

Providers

&

Services

(0.0

%

†

):

145,123

Grand

Rounds,

Inc.,

Series

C,

0.00%*(a)(b)

$

127,708‌

Household

Durables

(0.0%

†

):

23,389

Jawbone,

0.00%*(a)(b)

—‌

Paper

&

Forest

Products

(0.0%

†

):

386,370

Quintis

Pty,

Ltd.,

0.00%*(a)(b)

3‌

Total

Private

Placements

(Cost

$653,277)

127,711‌

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

11/2/25

@

100*(a)(b)

$

5,364‌

730,672

Quintis

Australia

Pty,

Ltd.,

12.00%,

10/1/28,

Callable

11/2/25

@

106*(a)(b)

—‌

Total

Corporate

Bonds

(Cost

$783,003)

5,364‌

Shares

Affiliated

Investment

Companies

(95.9

%):

Fixed

Income

Fund

(47.9

%):

20,095,041

AZL

Enhanced

Bond

Index

Fund

203,562,761‌

International

Equity

Fund

(48.0%):

9,848,499

AZL

MSCI

Global

Equity

Index

Fund,

Class

2

204,651,805‌

Total

Affiliated

Investment

Companies

(Cost

$321,104,280)

408,214,566‌

Total

Investment

Securities

(Cost

$322,540,560

)

—

95.9%

408,347,641‌

Net

other

assets

(liabilities)

—

4.1%

17,661,266‌

Net

Assets

—

100.0%

$

426,008,907‌

†

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

September

30,

2025.

(c)

Defaulted

bond.

Futures

Contracts

At

September

30,

2025,

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

December

Futures

(U.S.

Dollar)

12/19/25

26

$

8,760,375‌

$

120,844‌

U.S.

Treasury

10-Year

Note

December

Futures

(U.S.

Dollar)

12/19/25

79

8,887,500‌

29,255‌

$

150,099‌

AZL

MVP

Growth

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

7

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025

.

Shares

Value

Affiliated

Investment

Companies

(

95

.0

%

):

Domestic

Equity

Funds

(

51

.0

%

):

3,635,665

AZL

Mid

Cap

Index

Fund,

Class

2

$

82,638,660‌

27,707,426

AZL

S&P

500

Index

Fund,

Class

2

753,364,906‌

4,387,964

AZL

Small

Cap

Stock

Index

Fund,

Class

2

56,692,494‌

892,696,060‌

Fixed

Income

Fund

(

22

.6

%

):

39,003,363

AZL

Enhanced

Bond

Index

Fund

395,104,064‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(

21

.4

%

):

17,190,597

AZL

International

Index

Fund,

Class

2

$

373,551,666‌

Total

Affiliated

Investment

Companies

(Cost

$1,104,982,083)

1,661,351,790‌

Total

Investment

Securities

(Cost

$

1,104,982,083

)

—

95

.0

%

1,661,351,790‌

Net

other

assets

(liabilities)

—

5

.0

%

86,961,145‌

Net

Assets

—

100.0%

$

1,748,312,935‌

Futures

Contracts

At

September

30,

2025,

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

December

Futures

(U.S.

Dollar)

12/19/25

194

$

65,365,875‌

$

898,550‌

U.S.

Treasury

10-Year

Note

December

Futures

(U.S.

Dollar)

12/19/25

193

21,712,500‌

71,573‌

$

970,123‌

AZL

MVP

Moderate

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

8

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025

.

Shares

Value

Affiliated

Investment

Companies

(

95

.4

%

):

Domestic

Equity

Funds

(

40

.8

%

):

485,592

AZL

Mid

Cap

Index

Fund,

Class

2

$

11,037,511‌

4,021,854

AZL

S&P

500

Index

Fund,

Class

2

109,354,215‌

616,408

AZL

Small

Cap

Stock

Index

Fund,

Class

2

7,963,991‌

128,355,717‌

Fixed

Income

Fund

(

38

.0

%

):

11,799,809

AZL

Enhanced

Bond

Index

Fund

119,532,067‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(

16

.6

%

):

2,412,614

AZL

International

Index

Fund,

Class

2

$

52,426,103‌

Total

Affiliated

Investment

Companies

(Cost

$234,173,589)

300,313,887‌

Total

Investment

Securities

(Cost

$

234,173,589

)

—

95

.4

%

300,313,887‌

Net

other

assets

(liabilities)

—

4

.6

%

14,582,752‌

Net

Assets

—

100.0%

$

314,896,639‌

Futures

Contracts

At

September

30,

2025,

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

December

Futures

(U.S.

Dollar)

12/19/25

26

$

8,760,375‌

$

120,792‌

U.S.

Treasury

10-Year

Note

December

Futures

(U.S.

Dollar)

12/19/25

52

5,850,000‌

18,275‌

$

139,067‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Schedule

of

Portfolio

Investments

September

30,

2025

(Unaudited)

9

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2025

.

Shares

Value

Affiliated

Investment

Companies

(95.1%):

Domestic

Equity

Funds

(77.2%):

10,006,587

AZL

S&P

500

Index

Fund,

Class

2

$

272,079,108‌

25,793,619

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

502,975,579‌

775,054,687‌

Shares

Value

Affiliated

Investment

Companies,

continued

Fixed

Income

Fund

(17.9%):

17,747,480

AZL

Enhanced

Bond

Index

Fund

$

179,781,976‌

Total

Affiliated

Investment

Companies

(Cost

$733,209,220)

954,836,663‌

Total

Investment

Securities

(Cost

$733,209,220

)

—

95.1%

954,836,663‌

Net

other

assets

(liabilities)

—

4.9%

49,400,826‌

Net

Assets

—

100.0%

$

1,004,237,489‌

Futures

Contracts

At

September

30,

2025,

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

December

Futures

(U.S.

Dollar)

12/19/25

89

$

29,987,438‌

$

413,533‌

U.S.

Treasury

10-Year

Note

December

Futures

(U.S.

Dollar)

12/19/25

177

19,912,500‌

65,407‌

$

478,940‌

ALLIANZ

VARIABLE

INSURANCE

PRODUCTS

FUND

OF

FUND

TRUST

NOTES

TO

THE

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2025

(Unaudited)

10

1.

Related

Party

Transactions

Allianz

Investment

Management

LLC

(the

“Manager”)

or

an

affiliate

of

the

Manager

serves

as

the

investment

adviser

of

certain

underlying

funds

in

which

each

Fund

invests.

At

September

30,

2025,

the

following

investments

in

underlying

funds

are

noted

as

Affiliated

Investment

Companies

in

each

Fund’s

Schedule

of

Portfolio

Investments.

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

Balanced

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

167,169,124‌

$

2,689,711‌

$

(16,544,558‌)

$

(2,419,244‌)

$

11,635,402‌

$

162,530,435‌

16,044,465‌

AZL

International

Index

Fund,

Class

2

45,253,594‌

14,730‌

(9,540,507‌)

1,935,779‌

8,410,842‌

46,074,438‌

2,120,315‌

AZL

Mid

Cap

Index

Fund,

Class

2

10,318,624‌

631,078‌

(1,641,655‌)

229,654‌

382,384‌

9,920,085‌

436,431‌

AZL

S&P

500

Index

Fund,

Class

2

103,147,864‌

5,902,561‌

(21,033,548‌)

5,309,288‌

8,708,489‌

102,034,654‌

3,752,654‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

6,991,253‌

560,250‌

(1,231,283‌)

202,999‌

153,140‌

6,676,359‌

516,746‌

$

332,880,459‌

$

9,798,330‌

$

(49,991,551‌)

$

5,258,476‌

$

29,290,257‌

$

327,235,971‌

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

DFA

Multi-Strategy

Fund

AZL

DFA

International

Core

Equity

Fund

$

107,830,064‌

$

—‌

$

(24,753,206‌)

$

1,754,774‌

$

25,446,887‌

$

110,278,519‌

8,628,992‌

AZL

DFA

U.S.

Core

Equity

Fund

285,983,124‌

12,985,982‌

(47,758,118‌)

6,850,437‌

27,411,368‌

285,472,793‌

16,359,472‌

AZL

Enhanced

Bond

Index

Fund

267,018,997‌

183,498‌

(28,825,617‌)

602,123‌

13,787,141‌

252,766,142‌

24,952,235‌

$

660,832,185‌

$

13,169,480‌

$

(101,336,941‌)

$

9,207,334‌

$

66,645,396‌

$

648,517,454‌

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

MVP

Balanced

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

350,111,957‌

$

—‌

$

(34,938,426‌)

$

(3,737,017‌)

$

22,747,909‌

$

334,184,423‌

32,989,578‌

AZL

International

Index

Fund,

Class

2

100,108,056‌

—‌

(22,921,277‌)

3,173,919‌

19,379,323‌

99,740,021‌

4,589,969‌

AZL

Mid

Cap

Index

Fund,

Class

2

21,6

89,065‌

1,469,965‌

(3,112,525‌)

403,200‌

908,145‌

21,357,850‌

939,633‌

AZL

S&P

500

Index

Fund,

Class

2

206,817,218‌

12,420,650‌

(44,451,127‌)

7,856,872‌

19,675,317‌

202,318,930‌

7,440,932‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

14,443,473‌

1,272,202‌

(2,088,764‌)

193,984‌

544,271‌

14,365,166‌

1,111,855‌

$

693,169,769‌

$

15,162,817‌

$

(107,512,119‌)

$

7,890,958‌

$

63,254,965‌

$

671,966,390‌

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

MVP

DFA

Multi-Strategy

Fund

AZL

DFA

International

Core

Equity

Fund

$

210,253,639‌

$

—‌

$

(54,384,032‌)

$

3,924,887‌

$

48,448,671‌

$

208,243,165‌

16,294,457‌

AZL

DFA

U.S.

Core

Equity

Fund

521,652,873‌

23,811,662‌

(97,964,695‌)

9,768,866‌

50,262,523‌

507,531,229‌

29,084,884‌

AZL

Enhanced

Bond

Index

Fund

496,168,465‌

—‌

(54,173,903‌)

137,462‌

26,638,462‌

468,770,486‌

46,275,468‌

$

1,228,074,977‌

$

23,811,662‌

$

(206,522,630‌)

$

13,831,215‌

$

125,349,656‌

$

1,184,544,880‌

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

MVP

FIAM

Multi-Strategy

Fund

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund,

Class

2

$

281,458,614‌

$

3,512,691‌

$

(42,306,054‌)

$

7,428,774‌

$

16,541,851‌

$

266,635,876‌

16,130,422‌

ALLIANZ

VARIABLE

INSURANCE

PRODUCTS

FUND

OF

FUND

TRUST

NOTES

TO

THE

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2025

(Unaudited)

11

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

MVP

Global

Balanced

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

216,921,097‌

$

55,053‌

$

(25,163,400‌)

$

(3,703,597‌)

$

15,453,608‌

$

203,562,761‌

20,095,041‌

AZL

MSCI

Global

Equity

Index

Fund,

Class

2

213,595,597‌

6,911,783‌

(49,235,913‌)

17,154,648‌

16,225,690‌

204,651,805‌

9,848,499‌

$

430,516,694‌

$

6,966,836‌

$

(74,399,313‌)

$

13,451,051‌

$

31,679,298‌

$

408,214,566‌

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

MVP

Growth

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

441,903,068‌

$

—‌

$

(69,684,791‌)

$

(9,113,331‌)

$

31,999,118‌

$

395,104,064‌

39,003,363‌

AZL

International

Index

Fund,

Class

2

378,673,601‌

—‌

(89,644,164‌)

16,790,718‌

67,731,511‌

373,551,666‌

17,190,597‌

AZL

Mid

Cap

Index

Fund,

Class

2

84,611,702‌

—‌

(6,320,534‌)

1,052,908‌

3,294,584‌

82,638,660‌

3,635,665‌

AZL

S&P

500

Index

Fund,

Class

2

786,869,284‌

58,899‌

(131,132,416‌)

35,535,098‌

62,034,041‌

753,364,906‌

27,707,426‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

56,994,906‌

—‌

(2,410,864‌)

303,181‌

1,805,271‌

56,692,494‌

4,387,964‌

$

1,749,052,561‌

$

58,899‌

$

(299,192,769‌)

$

44,568,574‌

$

166,864,525‌

$

1,661,351,790‌

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

MVP

Moderate

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

128,943,747‌

$

—‌

$

(16,373,132‌)

$

(1,889,516‌)

$

8,850,968‌

$

119,532,067‌

11,799,809‌

AZL

International

Index

Fund,

Class

2

54,231,035‌

—‌

(13,900,429‌)

2,778,878‌

9,316,619‌

52,426,103‌

2,412,614‌

AZL

Mid

Cap

Index

Fund,

Class

2

11,625,078‌

605,241‌

(1,837,518‌)

319,983‌

324,727‌

11,037,511‌

485,592‌

AZL

S&P

500

Index

Fund,

Class

2

115,279,762‌

4,749,959‌

(25,401,539‌)

5,677,687‌

9,048,346‌

109,354,215‌

4,021,854‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

8,282,384‌

579,243‌

(1,267,886‌)

209,870‌

160,380‌

7,963,991‌

616,408‌

$

318,362,006‌

$

5,934,443‌

$

(58,780,504‌)

$

7,096,902‌

$

27,701,040‌

$

300,313,887‌

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/25

Shares

as

of

09/30/25

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

AZL

Enhanced

Bond

Index

Fund

$

195,638,116‌

$

1,034,813‌

$

(27,321,785‌)

$

(4,376,873‌)

$

14,807,705‌

$

179,781,976‌

17,747,480‌

AZL

S&P

500

Index

Fund,

Class

2

288,814,630‌

1,599,015‌

(55,413,657‌)

25,665,499‌

11,413,621‌

272,079,108‌

10,006,587‌

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

540,887,047‌

—‌

(86,851,200‌)

9,297,789‌

39,641,943‌

502,975,579‌

25,793,619‌

$

1,025,339,793‌

$

2,633,828‌

$

(169,586,642‌)

$

30,586,415‌

$

65,863,269‌

$

954,836,663‌

ALLIANZ

VARIABLE

INSURANCE

PRODUCTS

FUND

OF

FUND

TRUST

NOTES

TO

THE

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2025

(Unaudited)

12

2.

Restricted

Securities

A

restricted

security

is

a

security

which

has

been

purchased

through

a

private

offering

and

cannot

be

resold

to

the

general

public

without

prior

registration

under

the

Securities

Act

of

1933

(the

“1933

Act”)

or

pursuant

to

the

resale

limitations

provided

by

Rule

144A

under

the

1933

Act,

or

an

exemption

from

the

registration

requirements

of

the

1933

Act.

Whether

a

restricted

security

is

illiquid

is

determined

pursuant

to

guidelines

established

by

the

Trustees.

Not

all

restricted

securities

are

considered

illiquid.

The

illiquid

restricted

securities

held

as

of

September

30,

2025

are

identified

below.

AZL

MVP

Global

Balanced

Index

Strategy

Fund

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

$

127,708‌

0.03%

Jawbone

1/24/17

–

23,389‌

–‌

0.00%

Quintis

Australia

Pty,

Ltd.

,

7.50%

,

10/1/26

,

Callable

11/2/25

@

100

10/25/18

52,331

52,331‌

5,364‌

0.00%

Quintis

Australia

Pty,

Ltd.

,

12.00%

,

10/1/28

,

Callable

11/2/25

@

106

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%

(a)

Acquisition

date

represents

the

initial

purchase

date

of

the

security.