ALLIANZ Variable Insurance Products Fund of Funds Trust Semi-Annual Report

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Statement Regarding the Trust’s Liquidity Risk Management Program

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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

Expense Examples

(Unaudited)

As a shareholder of the AZL Balanced Index Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Balanced Index Strategy Fund		$	1,000.00		$	1,062.90		$	0.41		0.08	%

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Balanced Index Strategy Fund		$	1,000.00		$	1,024.40		$	0.40		0.08	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Fixed Income Fund		49.5	%

Domestic Equity Funds		38.1

International Equity Fund		12.3


Total Investment Securities		99.9

Net other assets (liabilities)		0.1

Net Assets		100.0	%

AZL Balanced Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Affiliated Investment Companies (99.9%):
Domestic Equity Funds (38.1%):
	1,221,711	AZL Mid Cap Index Fund, Class 2	$	34,403,370
	5,065,873	AZL S&P 500 Index Fund, Class 2		118,592,080
	1,114,223	AZL Small Cap Stock Index Fund, Class 2		18,863,795

				171,859,245

Fixed Income Fund (49.5%):
	19,300,650	AZL Enhanced Bond Index Fund		223,308,526

International Equity Fund (12.3%):
	2,947,664	AZL International Index Fund, Class 2		55,799,288

	Total Affiliated Investment Companies (Cost $314,738,475)			450,967,059

	Total Investment Securities (Cost $314,738,475) — 99.9%			450,967,059
	Net other assets (liabilities) — 0.1%			227,583

	Net Assets — 100.0%		$	451,194,642

Percentages indicated are based on net assets as of June 30, 2021.

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliates, at cost	$	314,738,475

Investments in affiliates, at value	$	450,967,059
Interest and dividends receivable		6
Receivable for capital shares issued		269,055
Receivable for affiliated investments sold		146,431
Prepaid expenses		1,042

Total Assets		451,383,593

Liabilities:
Cash overdraft		146,428
Payable for capital shares redeemed		3,258
Manager fees payable		17,924
Administration fees payable		5,429
Custodian fees payable		113
Administrative and compliance services fees payable		609
Transfer agent fees payable		694
Trustee fees payable		3,059
Other accrued liabilities		11,437

Total Liabilities		188,951

Net Assets	$	451,194,642

Net Assets Consist of:
Paid in capital	$	278,715,998
Total distributable earnings		172,478,644

Net Assets	$	451,194,642

Shares of beneficial interest (unlimited number of shares authorized, no par value)		24,287,414
Net Asset Value (offering and redemption price per share)	$	18.58

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends from non-affiliates	$	8

Total Investment Income		8

Expenses:
Manager fees		105,397
Administration fees		31,018
Custodian fees		610
Administrative and compliance services fees		3,188
Transfer agent fees		2,872
Trustee fees		11,436
Professional fees		9,224
Shareholder reports		7,233
Other expenses		2,696

Total expenses		173,674

Net Investment Income/(Loss)		(173,666	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		9,302,314
Change in net unrealized appreciation/depreciation on affiliated underlying funds		17,061,584

Net realized and Change in net unrealized gains/losses on investments		26,363,898

Change in Net Assets Resulting From Operations	$	26,190,232

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(173,666	)		$	7,756,670
Net realized gains/(losses) on investments			9,302,314				20,721,292
Change in unrealized appreciation/depreciation on investments			17,061,584				16,625,532

Change in net assets resulting from operations			26,190,232				45,103,494

Distributions to Shareholders:
Distributions			—				(21,226,334	)

Change in net assets resulting from distributions to shareholders			—				(21,226,334	)

Capital Transactions:
Proceeds from shares issued			27,781,720				17,350,329
Proceeds from dividends reinvested			—				21,226,334
Value of shares redeemed			(20,029,930	)			(42,603,563	)

Change in net assets resulting from capital transactions			7,751,790				(4,026,900	)

Change in net assets			33,942,022				19,850,260
Net Assets:
Beginning of period			417,252,620				397,402,360

End of period		$	451,194,642			$	417,252,620

Share Transactions:
Shares issued			1,519,257				1,061,470
Dividends reinvested			—				1,296,660
Shares redeemed			(1,107,174	)			(2,627,060	)

Change in shares			412,083				(268,930	)

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

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	17.48			$	16.46			$	14.89			$	16.34			$	15.75			$	15.44

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.33	(a)			0.30	(a)			0.31				0.15				0.30
Net Realized and Unrealized Gains/(Losses) on Investments			1.11				1.62				2.22				(0.99	)			1.62				0.73

Total from Investment Activities			1.10				1.95				2.52				(0.68	)			1.77				1.03

Distributions to Shareholders From:
Net Investment Income			—				(0.33	)			(0.38	)			(0.16	)			(0.38	)			(0.43	)
Net Realized Gains			—				(0.60	)			(0.57	)			(0.61	)			(0.80	)			(0.29	)

Total Dividends			—				(0.93	)			(0.95	)			(0.77	)			(1.18	)			(0.72	)

Net Asset Value, End of Period		$	18.58			$	17.48			$	16.46			$	14.89			$	16.34			$	15.75

Total Return(b)			6.29	%(c)			12.24	%			17.24	%			(4.36	)%			11.50	%			6.75	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	451,195			$	417,253			$	397,402			$	386,189			$	448,381			$	438,300
Net Investment Income/(Loss)(d)			(0.08	)%			2.01	%			1.87	%			1.82	%			0.78	%			1.83	%
Expenses Before Reductions*(d)(e)			0.08	%			0.09	%			0.09	%			0.08	%			0.08	%			0.08	%
Expenses Net of Reductions*(d)			0.08	%			0.09	%			0.09	%			0.08	%			0.08	%			0.08	%
Portfolio Turnover Rate			7	%(c)			19	%			5	%			5	%			6	%			12	%

*	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.

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL Balanced Index Strategy Fund (the “Fund”), and 11 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 stock, 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 and Allianz Variable Insurance Products Fund of Funds Trusts based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust and the Allianz Variable Insurance Products Trust.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act (the “Rule”), 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, 2021, the Fund did not engage in any Rule 17a-7 transactions under the Rule.

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, 2022. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.”

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL Balanced Index Strategy Fund		0.05	%		0.20	%

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. 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, 2021, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements 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. During the period ended June 30, 2021, there were no voluntary waivers.

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At June 30, 2021, 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 or an affiliate of 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, 2021 is as follows:


	Value 12/31/2020			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2021			Shares as of 6/30/2021		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL Enhanced Bond Index Fund		$	197,444,720		$	29,396,467		$	—			$	—		$	(3,532,661	)		$	223,308,526		19,300,650		$	—		$	—
AZL International Index Fund, Class 2			54,883,083			1,238,508			(4,889,309	)			1,226,297			3,340,709				55,799,288		2,947,664			—			—
AZL Mid Cap Index Fund, Class 2			34,034,506			256,287			(5,273,028	)			2,322,398			3,063,207				34,403,370		1,221,711			—			—
AZL S&P 500 Index Fund, Class 2			111,255,841			4,359,526			(12,992,178	)			4,009,605			11,959,286				118,592,080		5,065,873			—			—
AZL Small Cap Stock Index Fund, Class 2			19,497,119			—			(4,608,381	)			1,744,014			2,231,043				18,863,795		1,114,223			—			—

		$	417,115,269		$	35,250,788		$	(27,762,896	)		$	9,302,314		$	17,061,584			$	450,967,059		29,650,121		$	—		$	—

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 values 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 and securities lending agent. 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. For their service to the Trust and to the Allianz Variable Insurance Products Trust, each non-interested Trustee receives a $191,625 annual Board retainer, the Lead Director receives an additional $37,500, the Chair of the Nominating and Corporate Governance Committee receives an additional $7,500 annually, the Co-Chairs of the Investment Committee receive $3,750 annually and the Chair of the Audit Committee receives an additional $11,250 annually. In addition, the Trustees are reimbursed for certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Trust in proportion to the assets under management of each trust. During the period ended June 30, 2021, actual Trustee compensation was $702,562 in total for both trusts.

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)

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 generally provided by an independent third party pricing service 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 following is a summary of the valuation inputs used as of June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Companies		$	450,967,059		$	—		$	—		$	450,967,059

Total Investment Securities		$	450,967,059		$	—		$	—		$	450,967,059

5. Security Purchases and Sales

For the period ended June 30, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL Balanced Index Strategy Fund		$	35,250,788		$	27,762,896

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.

Derivatives Risk: The Fund may invest directly or through affiliated or unaffiliated mutual funds or unregistered investment pools 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 year ended June 30, 2021, 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.

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.

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 that are not specifically related to a particular company, such as real or perceived adverse economic conditions, 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. Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objectives. The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

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.

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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, 2020 was $300,030,850. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	117,084,419
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	117,084,419

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Balanced Index Strategy Fund		$	7,606,135		$	13,620,199		$	21,226,334

(a)	Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2020, the components of accumulated earnings on a tax basis were as follows:


	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		$	7,990,450		$	21,213,543		$	—		$	117,084,419		$	146,288,412

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales.

9. Ownership and Principal Holders

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.

AZL Balanced Index Strategy Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

A special meeting of the Allianz Variable Insurance Products Fund Of Funds Trust’s (the “Trust”) shareholders was held on June 3, 2021. The results of the matters voted upon at the meeting are reported below.

Election of Trustees

To elect seven nominees as Trustees of the Trust to serve until a successor is elected and qualified or until such Trustee dies, resigns, retires, or is removed for election as provided in the governing documents of the Trust. The nominees were Peter R. Burnim, Peggy L. Ettestad, Tamara Lynn Fagely, Richard H. Forde, Claire R. Leonardi, Dickson W. Lewis, and Brian Muench. There was no other Trustee whose term of office as a Trustee continued after the meeting.


		FOR			WITHHELD
Peter R. Burnim	Votes		9,698,300,664.000			461,262,722.733
Peter R. Burnim	% of votes entitled to be cast		95.460	%		4.540	%
Peggy L. Ettestad	Votes		9,744,785,844.047			414,777,542.686
Peggy L. Ettestad	% of votes entitled to be cast		95.917	%		4.083	%
Tamara Lynn Fagely	Votes		9,749,721,430.073			409,841,956.660
Tamara Lynn Fagely	% of votes entitled to be cast		95.966	%		4.034	%
Richard H. Forde	Votes		9,725,296,590.351			434,266,796.382
Richard H. Forde	% of votes entitled to be cast		95.726	%		4.274	%
Claire R. Leonardi	Votes		9,756,832,186.929			402,731,199.804
Claire R. Leonardi	% of votes entitled to be cast		96.036	%		3.964	%
Dickson W. Lewis	Votes		9,683,252,333.341			476,311,053.392
Dickson W. Lewis	% of votes entitled to be cast		95.312	%		4.688	%
Brian Muench	Votes		9,739,692,821.948			419,870,564.785
Brian Muench	% of votes entitled to be cast		95.867	%		4.133	%

Approve amended fundamental restrictions regarding investments in commodities

To approve that the Trust’s fundamental policies with respect to commodities are replaced with the following: “No Fund may: Purchase or sell commodities except to the extent permitted by the 1940 Act or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the SEC.”


FUND		FOR		AGAINST			ABSTAIN
AZL MVP Fusion^SM Balanced Fund	Votes		724,020,610.631			25,965,700.395			64,480,992.029
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast				88.895	%		3.188	%	7.917	%
AZL MVP Fusion^SM Conservative Fund	Votes		207,849,507.478			7,714,328.807			20,132,965.915
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast				88.185	%		3.273	%	8.542	%
AZL MVP Fusion^SM Moderate Fund	Votes		1,675,644,566.951			51,935,064.499			151,957,164.856
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast				89.152	%		2.763	%	8.085	%
AZL^® Balanced Index Strategy Fund	Votes		370,109,866.443			8,120,911.689			37,825,978.335
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast				88.957	%		1.952	%	9.092	%
AZL^® MVP Balanced Index Strategy Fund	Votes		272,508,300.262			8,100,202.921			38,940,957.230
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast				85.279	%		2.535	%	12.186	%
AZL^® MVP Growth Index Strategy Fund	Votes		2,253,168,549.922			81,030,934.965			243,425,209.080
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast				87.413	%		3.144	%	9.444	%
AZL^® MVP Moderate Index Strategy Fund	Votes		459,489,269.089			21,433,634.607			44,698,959.196
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast				87.418	%		4.078	%	8.504	%
AZL^® MVP Global Balanced Index Strategy Fund	Votes		607,120,765.403			28,580,727.312			67,371,200.883
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast				86.352	%		4.065	%	9.582	%
AZL^® DFA Multi-Strategy Fund	Votes		838,713,716.278			44,467,726.830			71,863,407.006
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast				87.819	%		4.656	%	7.525	%
AZL^® MVP DFA Multi-Strategy Fund	Votes		82,637,136.168			3,643,849.372			7,250,675.011
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast				88.352	%		3.896	%	7.752	%
AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes		215,631,261.075			8,954,953.342			29,292,949.884
	% of votes entitled to be cast				84.935	%		3.527	%	11.538	%
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes		1,222,126,591.953			56,285,445.413			107,069,305.504
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast				88.210	%		4.063	%	7.728	%

Approve amended fundamental restrictions regarding borrowing

To approve that the Trust’s fundamental and related non-fundamental policies with respect to borrowing are replaced with the following: “No Fund may: Borrow money, except to the extent permitted by the 1940 Act, or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the SEC.”


FUND		FOR			AGAINST			ABSTAIN
AZL MVP Fusion^SM Balanced Fund	Votes		709,309,612.667			31,798,584.250			73,359,106.138
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast		87.089	%		3.904	%		9.007	%
AZL MVP Fusion^SM Conservative Fund	Votes		210,036,621.710			8,331,208.078			17,328,972.411
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast		89.113	%		3.535	%		7.352	%
AZL MVP Fusion^SM Moderate Fund	Votes		1,642,136,577.503			69,923,524.523			167,476,694.280
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast		87.369	%		3.720	%		8.911	%
AZL^® Balanced Index Strategy Fund	Votes		371,193,748.544			7,499,541.088			37,363,466.836
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast		89.217	%		1.803	%		8.980	%
AZL^® MVP Balanced Index Strategy Fund	Votes		269,242,580.863			12,559,386.314			37,747,493.235
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast		84.257	%		3.930	%		11.813	%
AZL^® MVP Growth Index Strategy Fund	Votes		2,202,090,386.602			118,938,115.278			256,596,192.088
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast		85.431	%		4.614	%		9.955	%
AZL^® MVP Moderate Index Strategy Fund	Votes		448,098,738.171			33,266,593.465			44,256,531.255
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast		85.251	%		6.329	%		8.420	%
AZL^® MVP Global Balanced Index Strategy Fund	Votes		609,771,514.679			31,023,055.053			62,278,123.866
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast		86.729	%		4.412	%		8.858	%
AZL^® DFA Multi-Strategy Fund	Votes		829,772,912.326			48,960,106.404			76,311,831.384
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast		86.883	%		5.126	%		7.990	%
AZL^® MVP DFA Multi-Strategy Fund	Votes		80,825,430.550			3,740,847.678			8,965,382.323
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast		86.415	%		4.000	%		9.585	%
AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes		211,483,269.699			12,637,803.011			29,758,091.590
	% of votes entitled to be cast		83.301	%		4.978	%		11.721	%
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes		1,191,897,700.679			69,546,262.813			124,037,379.379
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast		86.028	%		5.020	%		8.953	%

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov or may be obtained by calling 800-624-0197.

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

Each series (each such series a “Fund” and, together, the “Funds”) of the Allianz Variable Insurance Products Trust, but not the AZL Government Money Market Fund, and of the Allianz Variable Insurance Products Fund of Funds Trust (each such trust a “Trust” and, together, the “Trusts”) has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) limitation of illiquid investments; and (v) redemptions in-kind.

The Board of Trustees of each Fund (together, the “Board”) approved the designation of the individual officers of the Trusts who serve as the administrators of the Program (the “Program Administrators”). The Program Administrators oversee the implementation of the Program, including the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on February 16, 2021, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; and, as applicable, (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

Based on the information considered, the Report concluded that each Fund continues to have an investment strategy that is appropriate for an open-end fund, and that each Fund is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. There were no material liquidity matters impacting the Funds identified in the Report and the Report concluded that the Program operated effectively during the Reporting Period, including during periods of market volatility and net redemptions.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program, and generally incorporate analysis from a third-party data vendor. The Report reviewed the classification methodology as provided in the Program and noted there were no material issues with respect to liquidity classifications during the Reporting Period.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the Reporting Period, no Fund breached the 15% limit on illiquid investments.

During the Reporting Period, each Fund maintained a designated HLIM. The Report stated that the Program Administrators reviewed each Fund’s HLIM as provided in the Program and concluded that each Fund’s applicable HLIM operated as intended during the Reporting Period and no changes to the HLIM for any Fund were recommended. During the Reporting Period, no Fund fell below its designated HLIM. The Report concluded that the Program includes provisions reasonably designed to comply with the HLIM for each Fund.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period. The Report noted that there were no material changes to the Program during the Reporting Period, and none were recommended by the Program Administrators in connection with the Report.

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® DFA Multi-Strategy Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Page 10

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 12

Page 13

AZL DFA Multi-Strategy Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL DFA Multi-Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL DFA Multi-Strategy Fund		$	1,000.00		$	1,103.30		$	0.37		0.07	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL DFA Multi-Strategy Fund		$	1,000.00		$	1,024.45		$	0.35		0.07	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Domestic Equity Funds		48.9	%

Fixed Income Fund		39.0

International Equity Fund		12.1


Total Investment Securities		100.0

Net other assets (liabilities)		—	^†


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL DFA Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Affiliated Investment Companies (100.0%):
Domestic Equity Funds (48.9%):
	21,742,635	AZL DFA U.S. Core Equity Fund	$	372,451,340
	6,438,844	AZL DFA U.S. Small Cap Fund		99,608,909

				472,060,249

Fixed Income Fund (39.0%):
	38,973,823	AZL DFA Five-Year Global Fixed Income Fund		375,707,657
International Equity Fund (12.1%):
	9,501,123	AZL DFA International Core Equity Fund		117,053,837

	Total Affiliated Investment Companies (Cost $760,886,290)			964,821,743

	Total Investment Securities (Cost $760,886,290) — 100.0%			964,821,743
	Net other assets (liabilities) — 0.0%^†			(392,969	)

	Net Assets — 100.0%		$	964,428,774

Percentages indicated are based on net assets as of June 30, 2021.

†	Represents less than 0.05%.

See accompanying notes to the financial statements.

AZL DFA Multi-Strategy Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliates, at cost	$	760,886,290

Investments in affiliates, at value	$	964,821,743
Receivable for affiliated investments sold		368,867
Prepaid expenses		2,326

Total Assets		965,192,936

Liabilities:
Cash overdraft		368,867
Payable for capital shares redeemed		308,746
Manager fees payable		39,800
Administration fees payable		6,555
Custodian fees payable		161
Administrative and compliance services fees payable		1,564
Transfer agent fees payable		816
Trustee fees payable		7,888
Other accrued liabilities		29,765

Total Liabilities		764,162

Net Assets	$	964,428,774

Net Assets Consist of:
Paid in capital	$	675,761,662
Total distributable earnings		288,667,112

Net Assets	$	964,428,774

Shares of beneficial interest (unlimited number of shares authorized, no par value)		60,216,203
Net Asset Value (offering and redemption price per share)	$	16.02

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends from affiliates	$	—

Total Investment Income		—

Expenses:
Manager fees		239,163
Administration fees		30,407
Custodian fees		714
Administrative and compliance services fees		6,706
Transfer agent fees		2,750
Trustee fees		24,026
Professional fees		19,409
Shareholder reports		15,178
Other expenses		6,144

Total expenses		344,497

Net Investment Income/(Loss)		(344,497	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		25,906,529
Change in net unrealized appreciation/depreciation on affiliated underlying funds		68,895,980

Net realized and Change in net unrealized gains/losses on investments		94,802,509

Change in Net Assets Resulting From Operations	$	94,458,012

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

See accompanying notes to the financial statements.

AZL DFA Multi-Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)

Change In Net Assets:
Operations:
Net investment income/(loss)		$	(344,497	)		$	14,272,691
Net realized gains/(losses) on investments			25,906,529				45,404,007
Change in unrealized appreciation/depreciation on investments			68,895,980				27,849,308

Change in net assets resulting from operations			94,458,012				87,526,006

Distributions to Shareholders:
Distributions			—				(77,281,164	)

Change in net assets resulting from distributions to shareholders			—				(77,281,164	)

Capital Transactions:
Proceeds from shares issued			2,121,932				3,783,474
Proceeds from dividends reinvested			—				77,281,164
Value of shares redeemed			(72,923,751	)			(133,814,143	)

Change in net assets resulting from capital transactions			(70,801,819	)			(52,749,505	)

Change in net assets			23,656,193				(42,504,663	)
Net Assets:
Beginning of period			940,772,581				983,277,244

End of period		$	964,428,774			$	940,772,581

Share Transactions:
Shares issued			135,066				284,210
Dividends reinvested			—				5,771,558
Shares redeemed			(4,721,422	)			(9,746,106	)

Change in shares			(4,586,356	)			(3,690,338	)

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

See accompanying notes to the financial statements.

AZL DFA Multi-Strategy Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	14.52			$	14.36			$	12.99			$	14.19			$	12.69			$	18.08

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.22	(a)			0.38	(a)			0.15				0.15				0.10
Net Realized and Unrealized Gains/(Losses) on Investments			1.51				1.20				1.73				(0.97	)			1.46				1.32

Total from Investment Activities			1.50				1.42				2.11				(0.82	)			1.61				1.42

Distributions to Shareholders From:
Net Investment Income			—				(0.45	)			(0.16	)			(0.17	)			(0.11	)			—
Net Realized Gains			—				(0.81	)			(0.58	)			(0.21	)			—				(6.81	)

Total Dividends			—				(1.26	)			(0.74	)			(0.38	)			(0.11	)			(6.81	)

Net Asset Value, End of Period		$	16.02			$	14.52			$	14.36			$	12.99			$	14.19			$	12.69

Total Return(b)			10.33	%(c)			10.64	%			16.57	%			(5.91	)%			12.69	%			9.32	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	964,429			$	940,773			$	983,277			$	972,134			$	1,204,197			$	1,194,169
Net Investment Income/(Loss)(d)			(0.07	)%			1.60	%			2.74	%			0.84	%			1.02	%			0.75	%
Expenses Before Reductions*(d)(e)			0.07	%			0.08	%			0.07	%			0.07	%			0.07	%			0.07	%
Expenses Net of Reductions*(d)			0.07	%			0.08	%			0.07	%			0.07	%			0.07	%			0.07	%
Portfolio Turnover Rate			2	%(c)			18	%			6	%			7	%			2	%			2	%

*	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.

See accompanying notes to the financial statements.

AZL DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL DFA Multi-Strategy Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

3. Fees and Transactions with Affiliates and Other Parties

AZL DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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, 2022. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.”

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL DFA Multi-Strategy Fund		0.05	%		0.20	%


	Value 12/31/2020			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation			Value 6/30/2021			Shares as of 6/30/2021		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL DFA Five-Year Global Fixed Income Fund		$	360,715,295		$	15,367,702		$	—			$	—		$	(375,340)		$	375,707,657		38,973,823		$	—		$	—

AZL DFA International Core Equity Fund			117,971,959			—			(13,967,968	)			2,313,775			10,736,071			117,053,837		9,501,123			—			—

AZL DFA U.S. Core Equity Fund			363,995,312			—			(51,129,847	)			16,725,285			42,860,590			372,451,340		21,742,635			—			—

AZL DFA U.S. Small Cap Fund			99,000,343			—			(21,933,562	)			6,867,469			15,674,659			99,608,909		6,438,844			—			—

		$	941,682,909		$	15,367,702		$	(87,031,377)			$	25,906,529		$	68,895,980		$	964,821,743		76,656,425		$	—		$	—

AZL DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

4. Investment Valuation Summary

●

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)

The following is a summary of the valuation inputs used as of June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Companies		$	964,821,743		$	—		$	—		$	964,821,743

Total Investments		$	964,821,743		$	—		$	—		$	964,821,743

5. Security Purchases and Sales

For the period ended June 30, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL DFA Multi-Strategy Fund		$	15,367,702		$	87,031,377

6. Investment Risks

Derivatives Risk: The Fund may invest directly or through affiliated or unaffiliated mutual funds or unregistered investment pools 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, 2021, the Fund did not directly invest in derivatives.

Interest Rate Risk: Debt securities held by an underlying fund may decline in value due to rising 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 that are not specifically related to a particular company, such as real or perceived adverse economic conditions, 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. Coronavirus (COVID-19) Pandemic

AZL DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $ 808.668,852. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	144,058,521
Unrealized (depreciation)		(11,044,464	)

Net unrealized appreciation/(depreciation)	$	133,014,057

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL DFA Multi-Strategy Fund		$	27,763,354		$	49,517,810		$	77,281,164

(a)	Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2020, the components of accumulated earnings on a tax basis were as follows:


	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		$	14,639,510		$	46,555,533		$	—		$	133,014,057		$	194,209,100

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales.

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, 2021, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 90% of the Fund. As of June 30, 2021, the Fund had a controlling interest (in excess of 50%) in the AZL DFA Five-Year Global Fixed Income Fund and AZL DFA U.S. Core Equity Fund, which are affiliated with the Manager. Investment activities of these shareholders could have a material impact to 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 his evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

AZL DFA Multi-Strategy Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	9,698,300,664.000	461,262,722.733
Peter R. Burnim	% of votes entitled to be cast	95.460%	4.540%

Peggy L. Ettestad	Votes	9,744,785,844.047	414,777,542.686
Peggy L. Ettestad	% of votes entitled to be cast	95.917%	4.083%

Tamara Lynn Fagely	Votes	9,749,721,430.073	409,841,956.660
Tamara Lynn Fagely	% of votes entitled to be cast	95.966%	4.034%

Richard H. Forde	Votes	9,725,296,590.351	434,266,796.382
Richard H. Forde	% of votes entitled to be cast	95.726%	4.274%

Claire R. Leonardi	Votes	9,756,832,186.929	402,731,199.804
Claire R. Leonardi	% of votes entitled to be cast	96.036%	3.964%

Dickson W. Lewis	Votes	9,683,252,333.341	476,311,053.392
Dickson W. Lewis	% of votes entitled to be cast	95.312%	4.688%

Brian Muench	Votes	9,739,692,821.948	419,870,564.785
Brian Muench	% of votes entitled to be cast	95.867%	4.133%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes	724,020,610.631	25,965,700.395	64,480,992.029
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast	88.895%	3.188%	7.917%

AZL MVP Fusion^SM Conservative Fund	Votes	207,849,507.478	7,714,328.807	20,132,965.915
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast	88.185%	3.273%	8.542%

AZL MVP Fusion^SM Moderate Fund	Votes	1,675,644,566.951	51,935,064.499	151,957,164.856
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast	89.152%	2.763%	8.085%

AZL^® Balanced Index Strategy Fund	Votes	370,109,866.443	8,120,911.689	37,825,978.335
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast	88.957%	1.952%	9.092%

AZL^® MVP Balanced Index Strategy Fund	Votes	272,508,300.262	8,100,202.921	38,940,957.230
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast	85.279%	2.535%	12.186%

AZL^® MVP Growth Index Strategy Fund	Votes	2,253,168,549.922	81,030,934.965	243,425,209.080
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast	87.413%	3.144%	9.444%

AZL^® MVP Moderate Index Strategy Fund	Votes	459,489,269.089	21,433,634.607	44,698,959.196
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast	87.418%	4.078%	8.504%

AZL^® MVP Global Balanced Index Strategy Fund	Votes	607,120,765.403	28,580,727.312	67,371,200.883
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast	86.352%	4.065%	9.582%

AZL^® DFA Multi-Strategy Fund	Votes	838,713,716.278	44,467,726.830	71,863,407.006
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast	87.819%	4.656%	7.525%

AZL^® MVP DFA Multi-Strategy Fund	Votes	82,637,136.168	3,643,849.372	7,250,675.011
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast	88.352%	3.896%	7.752%


FUND		FOR	AGAINST	ABSTAIN

AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	215,631,261.075	8,954,953.342	29,292,949.884
	% of votes entitled to be cast	84.935%	3.527%	11.538%

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes	1,222,126,591.953	56,285,445.413	107,069,305.504
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast	88.210%	4.063%	7.728%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes	709,309,612.667	31,798,584.250	73,359,106.138
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast	87.089%	3.904%	9.007%

AZL MVP Fusion^SM Conservative Fund	Votes	210,036,621.710	8,331,208.078	17,328,972.411
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast	89.113%	3.535%	7.352%

AZL MVP Fusion^SM Moderate Fund	Votes	1,642,136,577.503	69,923,524.523	167,476,694.280
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast	87.369%	3.720%	8.911%

AZL^® Balanced Index Strategy Fund	Votes	371,193,748.544	7,499,541.088	37,363,466.836
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast	89.217%	1.803%	8.980%

AZL^® MVP Balanced Index Strategy Fund	Votes	269,242,580.863	12,559,386.314	37,747,493.235
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast	84.257%	3.930%	11.813%

AZL^® MVP Growth Index Strategy Fund	Votes	2,202,090,386.602	118,938,115.278	256,596,192.088
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast	85.431%	4.614%	9.955%

AZL^® MVP Moderate Index Strategy Fund	Votes	448,098,738.171	33,266,593.465	44,256,531.255
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast	85.251%	6.329%	8.420%

AZL^® MVP Global Balanced Index Strategy Fund	Votes	609,771,514.679	31,023,055.053	62,278,123.866
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast	86.729%	4.412%	8.858%

AZL^® DFA Multi-Strategy Fund	Votes	829,772,912.326	48,960,106.404	76,311,831.384
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast	86.883%	5.126%	7.990%

AZL^® MVP DFA Multi-Strategy Fund	Votes	80,825,430.550	3,740,847.678	8,965,382.323
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast	86.415%	4.000%	9.585%

AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	211,483,269.699	12,637,803.011	29,758,091.590
	% of votes entitled to be cast	83.301%	4.978%	11.721%

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes	1,191,897,700.679	69,546,262.813	124,037,379.379
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast	86.028%	5.020%	8.953%

Other Information (Unaudited)

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® MVP Balanced Index Strategy Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Page 11

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 13

Page 14

AZL MVP Balanced Index Strategy Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Balanced Index Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP Balanced Index Strategy Fund		$	1,000.00		$	1,062.70		$	0.72		0.14	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP Balanced Index Strategy Fund		$	1,000.00		$	1,024.10		$	0.70		0.14	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Fixed Income Fund		46.5	%

Domestic Equity Funds		36.0

International Equity Fund		12.5


Total Investment Securities		95.0

Net other assets (liabilities)		5.0


Net Assets		100.0	%

AZL MVP Balanced Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Affiliated Investment Companies (95.0%):
Domestic Equity Funds (36.0%):
	914,749	AZL Mid Cap Index Fund, Class 2	$	25,759,332
	3,397,589	AZL S&P 500 Index Fund, Class 2		79,537,569
	830,501	AZL Small Cap Stock Index Fund, Class 2		14,060,387

				119,357,288

Fixed Income Fund (46.5%):
	13,342,043	AZL Enhanced Bond Index Fund		154,367,437

International Equity Fund (12.5%):
	2,195,900	AZL International Index Fund, Class 2		41,568,378

	Total Affiliated Investment Companies (Cost $239,290,891)			315,293,103

	Total Investment Securities (Cost $239,290,891) — 95.0%			315,293,103
	Net other assets (liabilities) — 5.0%			16,685,907

	Net Assets — 100.0%		$	331,979,010

Percentages indicated are based on net assets as of June 30, 2021.

Futures Contracts

At June 30, 2021, 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)		9/17/21		38	$	8,148,340	$	150,998

U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/21		62		8,215,000		25,109

							$	176,107

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliates, at cost	$	239,290,891

Investments in affiliates, at value	$	315,293,103
Deposit at broker for futures contracts collateral		16,623,674
Interest and dividends receivable		215
Receivable for capital shares issued		179,863
Receivable for affiliated investments sold		72,580
Prepaid expenses		805

Total Assets		332,170,240

Liabilities:
Cash overdraft		72,578
Payable for capital shares redeemed		71,025
Manager fees payable		27,243
Administration fees payable		6,054
Custodian fees payable		161
Administrative and compliance services fees payable		531
Transfer agent fees payable		778
Trustee fees payable		2,661
Other accrued liabilities		10,199

Total Liabilities		191,230

Net Assets	$	331,979,010

Net Assets Consist of:
Paid in capital	$	253,748,620
Total distributable earnings		78,230,390

Net Assets	$	331,979,010

Shares of beneficial interest (unlimited number of shares authorized, no par value)		22,248,825
Net Asset Value (offering and redemption price per share)	$	14.92

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Interest	$	1,819
Dividends from non-affiliates		2

Total Investment Income		1,821

Expenses:
Manager fees		161,641
Administration fees		29,748
Custodian fees		751
Administrative and compliance services fees		2,380
Transfer agent fees		2,767
Trustee fees		8,550
Professional fees		6,888
Shareholder reports		5,844
Other expenses		2,057

Total expenses		220,626

Net Investment Income/(Loss)		(218,805	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		5,054,729
Net realized gains/(losses) on futures contracts		934,957
Change in net unrealized appreciation/depreciation on affiliated underlying funds		14,013,653
Change in net unrealized appreciation/depreciation on futures contracts		(14,004	)

Net realized and Change in net unrealized gains/losses on investments		19,989,335

Change in Net Assets Resulting From Operations	$	19,770,530

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(218,805	)		$	5,601,421
Net realized gains/(losses) on investments			5,989,686				(6,220,810	)
Change in unrealized appreciation/depreciation on investments			13,999,649				17,344,831

Change in net assets resulting from operations			19,770,530				16,725,442

Distributions to Shareholders:
Distributions			—				(14,356,566	)

Change in net assets resulting from distributions to shareholders			—				(14,356,566	)

Capital Transactions:
Proceeds from shares issued			8,520,850				12,163,159
Proceeds from dividends reinvested			—				14,356,566
Value of shares redeemed			(16,799,902	)			(39,917,523	)

Change in net assets resulting from capital transactions			(8,279,052	)			(13,397,798	)

Change in net assets			11,491,478				(11,028,922	)
Net Assets:
Beginning of period			320,487,532				331,516,454

End of period		$	331,979,010			$	320,487,532

Share Transactions:
Shares issued			584,587				906,687
Dividends reinvested			—				1,090,924
Shares redeemed			(1,158,364	)			(3,022,659	)

Change in shares			(573,777	)			(1,025,048	)

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

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	14.04			$	13.90			$	12.37			$	13.38			$	12.74			$	12.30

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.24	(a)			0.25	(a)			0.24				0.11				0.17
Net Realized and Unrealized Gains/(Losses) on Investments			0.89				0.54				1.82				(0.82	)			1.32				0.64

Total from Investment Activities			0.88				0.78				2.07				(0.58	)			1.43				0.81

Distributions to Shareholders From:
Net Investment Income			—				(0.27	)			(0.29	)			(0.11	)			(0.26	)			(0.28	)
Net Realized Gains			—				(0.37	)			(0.25	)			(0.32	)			(0.53	)			(0.09	)

Total Dividends			—				(0.64	)			(0.54	)			(0.43	)			(0.79	)			(0.37	)

Net Asset Value, End of Period		$	14.92			$	14.04			$	13.90			$	12.37			$	13.38			$	12.74

Total Return(b)			6.27	%(c)			5.98	%			16.92	%			(4.44	)%			11.40	%			6.61	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	331,979			$	320,488			$	331,516			$	301,934			$	322,231			$	312,745
Net Investment Income/(Loss)(d)			(0.14	)%			1.82	%			1.84	%			1.79	%			0.72	%			1.69	%
Expenses Before Reductions*(d)(e)			0.14	%			0.14	%			0.14	%			0.13	%			0.13	%			0.14	%
Expenses Net of Reductions*(d)			0.14	%			0.14	%			0.14	%			0.13	%			0.13	%			0.14	%
Portfolio Turnover Rate			4	%(c)			13	%			9	%			7	%			9	%			11	%

*	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.

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Balanced Index Strategy Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

Derivative Instruments

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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, 2021, 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 fair 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, 2021, the monthly average notional amount for long contracts was $16.1 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 fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value

Statement of Assets and Liabilities Location

Total Fair
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

150,998

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

25,109

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 current day’s variation margin is reported within the Statement of Assets and Liabilities as variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2021:


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

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts	$	1,156,183		$	(26,670	)

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts		(221,226	)		12,666

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	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, 2021 (Unaudited)


	Value 12/31/2020			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2021			Shares as of 6/30/2021		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL Enhanced Bond Index Fund		$	143,902,884		$	13,042,857		$	—			$	—		$	(2,578,304	)		$	154,367,437		13,342,043		$	—		$	—
AZL International Index Fund, Class 2			42,056,547			—			(3,982,882	)			806,627			2,688,086				41,568,378		2,195,900			—			—
AZL Mid Cap Index Fund, Class 2			25,956,033			—			(4,306,792	)			1,069,489			3,040,602				25,759,332		914,749			—			—
AZL S&P 500 Index Fund, Class 2			77,667,949			—			(9,123,933	)			2,474,896			8,518,657				79,537,569		3,397,589			—			—
AZL Small Cap Stock Index Fund, Class 2			14,844,819			—			(3,832,761	)			703,717			2,344,612				14,060,387		830,501			—			—

		$	304,428,232		$	13,042,857		$	(21,246,368	)		$	5,054,729		$	14,013,653			$	315,293,103		20,680,782		$	—		$	—

4. Investment Valuation Summary

●

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)

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Companies		$	315,293,103		$	—		$	—		$	315,293,103

Total Investment Securities			315,293,103			—			—			315,293,103

Other Financial Instruments:*
Futures Contracts			176,107			—			—			176,107

Total Investments		$	315,469,210		$	—		$	—		$	315,469,210

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP Balanced Index Strategy Fund		$	13,042,857		$	21,246,366

6. Investment Risks

Interest Rate Risk: Debt securities held by an underlying fund may decline in value due to rising interest rates.

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $246,210,848. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	58,217,384
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	58,217,384

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL MVP Balanced Index Strategy Fund		$	7,804,880		$	6,551,686		$	14,356,566

(a)	Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2020, the components of accumulated earnings on a tax basis were as follows:


	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		$	12,933,760		$	9,550,733		$	—		$	58,217,384		$	80,701,877

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales and mark-to-market of

futures contracts.

9. Ownership and Principal Holders

10. Subsequent Events

AZL MVP Balanced Index Strategy Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	9,698,300,664.000	461,262,722.733
Peter R. Burnim	% of votes entitled to be cast	95.460%	4.540%

Peggy L. Ettestad	Votes	9,744,785,844.047	414,777,542.686
Peggy L. Ettestad	% of votes entitled to be cast	95.917%	4.083%

Tamara Lynn Fagely	Votes	9,749,721,430.073	409,841,956.660
Tamara Lynn Fagely	% of votes entitled to be cast	95.966%	4.034%

Richard H. Forde	Votes	9,725,296,590.351	434,266,796.382
Richard H. Forde	% of votes entitled to be cast	95.726%	4.274%

Claire R. Leonardi	Votes	9,756,832,186.929	402,731,199.804
Claire R. Leonardi	% of votes entitled to be cast	96.036%	3.964%

Dickson W. Lewis	Votes	9,683,252,333.341	476,311,053.392
Dickson W. Lewis	% of votes entitled to be cast	95.312%	4.688%

Brian Muench	Votes	9,739,692,821.948	419,870,564.785
Brian Muench	% of votes entitled to be cast	95.867%	4.133%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes	724,020,610.631	25,965,700.395	64,480,992.029
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast	88.895%	3.188%	7.917%

AZL MVP Fusion^SM Conservative Fund	Votes	207,849,507.478	7,714,328.807	20,132,965.915
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast	88.185%	3.273%	8.542%

AZL MVP Fusion^SM Moderate Fund	Votes	1,675,644,566.951	51,935,064.499	151,957,164.856
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast	89.152%	2.763%	8.085%

AZL^® Balanced Index Strategy Fund	Votes	370,109,866.443	8,120,911.689	37,825,978.335
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast	88.957%	1.952%	9.092%

AZL^® MVP Balanced Index Strategy Fund	Votes	272,508,300.262	8,100,202.921	38,940,957.230
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast	85.279%	2.535%	12.186%

AZL^® MVP Growth Index Strategy Fund	Votes	2,253,168,549.922	81,030,934.965	243,425,209.080
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast	87.413%	3.144%	9.444%

AZL^® MVP Moderate Index Strategy Fund	Votes	459,489,269.089	21,433,634.607	44,698,959.196
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast	87.418%	4.078%	8.504%

AZL^® MVP Global Balanced Index Strategy Fund	Votes	607,120,765.403	28,580,727.312	67,371,200.883
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast	86.352%	4.065%	9.582%

AZL^® DFA Multi-Strategy Fund	Votes	838,713,716.278	44,467,726.830	71,863,407.006
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast	87.819%	4.656%	7.525%

AZL^® MVP DFA Multi-Strategy Fund	Votes	82,637,136.168	3,643,849.372	7,250,675.011
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast	88.352%	3.896%	7.752%


FUND		FOR	AGAINST	ABSTAIN

AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	215,631,261.075	8,954,953.342	29,292,949.884
	% of votes entitled to be cast	84.935%	3.527%	11.538%

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes	1,222,126,591.953	56,285,445.413	107,069,305.504
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast	88.210%	4.063%	7.728%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes	709,309,612.667	31,798,584.250	73,359,106.138
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast	87.089%	3.904%	9.007%

AZL MVP Fusion^SM Conservative Fund	Votes	210,036,621.710	8,331,208.078	17,328,972.411
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast	89.113%	3.535%	7.352%

AZL MVP Fusion^SM Moderate Fund	Votes	1,642,136,577.503	69,923,524.523	167,476,694.280
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast	87.369%	3.720%	8.911%

AZL^® Balanced Index Strategy Fund	Votes	371,193,748.544	7,499,541.088	37,363,466.836
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast	89.217%	1.803%	8.980%

AZL^® MVP Balanced Index Strategy Fund	Votes	269,242,580.863	12,559,386.314	37,747,493.235
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast	84.257%	3.930%	11.813%

AZL^® MVP Growth Index Strategy Fund	Votes	2,202,090,386.602	118,938,115.278	256,596,192.088
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast	85.431%	4.614%	9.955%

AZL^® MVP Moderate Index Strategy Fund	Votes	448,098,738.171	33,266,593.465	44,256,531.255
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast	85.251%	6.329%	8.420%

AZL^® MVP Global Balanced Index Strategy Fund	Votes	609,771,514.679	31,023,055.053	62,278,123.866
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast	86.729%	4.412%	8.858%

AZL^® DFA Multi-Strategy Fund	Votes	829,772,912.326	48,960,106.404	76,311,831.384
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast	86.883%	5.126%	7.990%

AZL^® MVP DFA Multi-Strategy Fund	Votes	80,825,430.550	3,740,847.678	8,965,382.323
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast	86.415%	4.000%	9.585%

AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	211,483,269.699	12,637,803.011	29,758,091.590
	% of votes entitled to be cast	83.301%	4.978%	11.721%

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes	1,191,897,700.679	69,546,262.813	124,037,379.379
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast	86.028%	5.020%	8.953%

Other Information (Unaudited)

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® MVP DFA Multi-Strategy Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Page 11

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 13

Page 14

AZL MVP DFA Multi-Strategy Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP DFA Multi-Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP DFA Multi-Strategy Fund		$	1,000.00		$	1,101.00		$	0.78		0.15	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP DFA Multi-Strategy Fund		$	1,000.00		$	1,024.05		$	0.75		0.15	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Domestic Equity Funds		45.6	%

Fixed Income Fund		37.4

International Equity Fund		12.0


Total Investment Securities		95.0

Net other assets (liabilities)		5.0

Net Assets		100.0	%

AZL MVP DFA Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Affiliated Investment Companies (95.0%):
Domestic Equity Funds (45.6%):
	2,023,203	AZL DFA U.S. Core Equity Fund	$	34,657,461
	646,092	AZL DFA U.S. Small Cap Fund		9,995,038

				44,652,499

Fixed Income Fund (37.4%):
	3,794,653	AZL DFA Five-Year Global Fixed Income Fund		36,580,456

International Equity Fund (12.0%):
	955,810	AZL DFA International Core Equity Fund		11,775,585

	Total Affiliated Investment Companies (Cost $72,566,334)			93,008,540

	Total Investment Securities (Cost $72,566,334) — 95.0%			93,008,540
	Net other assets (liabilities) — 5.0%			4,897,694

	Net Assets — 100.0%		$	97,906,234

Percentages indicated are based on net assets as of June 30, 2021.

Futures Contracts

At June 30, 2021, 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)		9/17/21		13	$	2,787,590	$	53,337
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/21		14		1,855,000		5,670

							$	59,007

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliates, at cost	$	72,566,334

Investments in affiliates, at value	$	93,008,540
Deposit at broker for futures contracts collateral		4,901,885
Interest and dividends receivable		64
Receivable for capital shares issued		15,899
Receivable for affiliated investments sold		33,083
Prepaid expenses		218

Total Assets		97,959,689

Liabilities:
Cash overdraft		33,131
Payable for capital shares redeemed		3,780
Manager fees payable		4,730
Administration fees payable		6,446
Custodian fees payable		165
Administrative and compliance services fees payable		175
Transfer agent fees payable		838
Trustee fees payable		875
Other accrued liabilities		3,315

Total Liabilities		53,455

Net Assets	$	97,906,234

Net Assets Consist of:
Paid in capital	$	78,627,666
Total distributable earnings		19,278,568

Net Assets	$	97,906,234

Shares of beneficial interest (unlimited number of shares authorized, no par value)		7,677,388
Net Asset Value (offering and redemption price per share)	$	12.75

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Interest	$	466
Dividends from non-affiliates		2

Total Investment Income		468

Expenses:
Manager fees		94,693
Administration fees		31,369
Custodian fees		782
Administrative and compliance services fees		755
Transfer agent fees		2,950
Trustee fees		2,704
Professional fees		2,194
Shareholder reports		1,904
Other expenses		660

Total expenses before reductions		138,011
Less expenses voluntarily waived/reimbursed by the Manager		(47,346	)
Less expense contractually waived/reimbursed by the Manager		(19,644	)

Net expenses		71,021

Net Investment Income/(Loss)		(70,553	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		1,374,511
Net realized gains/(losses) on futures contracts		364,096
Change in net unrealized appreciation/depreciation on affiliated underlying funds		7,413,489
Change in net unrealized appreciation/depreciation on futures contracts		(17,227	)

Net realized and Change in net unrealized gains/losses on investments		9,134,869

Change in Net Assets Resulting From Operations	$	9,064,316

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(70,553	)		$	1,261,107
Net realized gains/(losses) on investments			1,738,607				(3,193,637	)
Change in unrealized appreciation/depreciation on investments			7,396,262				4,854,796

Change in net assets resulting from operations			9,064,316				2,922,266

Distributions to Shareholders:
Distributions			—				(6,284,367	)

Change in net assets resulting from distributions to shareholders			—				(6,284,367	)

Capital Transactions:
Proceeds from shares issued			4,567,671				4,842,965
Proceeds from dividends reinvested			—				6,284,367
Value of shares redeemed			(6,393,817	)			(13,056,208	)

Change in net assets resulting from capital transactions			(1,826,146	)			(1,928,876	)

Change in net assets			7,238,170				(5,290,977	)
Net Assets:
Beginning of period			90,668,064				95,959,041

End of period		$	97,906,234			$	90,668,064

Share Transactions:
Shares issued			370,013				443,013
Dividends reinvested			—				586,228
Shares redeemed			(519,789	)			(1,175,992	)

Change in shares			(149,776	)			(146,751	)

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

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	11.58			$	12.03			$	10.65			$	11.60			$	10.36			$	9.50

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.16	(a)			0.31	(a)			0.08				0.09				0.05
Net Realized and Unrealized Gains/(Losses) on Investments			1.18				0.22				1.36				(0.79	)			1.21				0.81

Total from Investment Activities			1.17				0.38				1.67				(0.71	)			1.30				0.86

Distributions to Shareholders From:
Net Investment Income			—				(0.34	)			(0.11	)			(0.08	)			(0.05	)			—
Net Realized Gains			—				(0.49	)			(0.18	)			(0.16	)			(0.01	)			—

Total Dividends			—				(0.83	)			(0.29	)			(0.24	)			(0.06	)			—

Net Asset Value, End of Period		$	12.75			$	11.58			$	12.03			$	10.65			$	11.60			$	10.36

Total Return(b)			10.10	%(c)			3.77	%			15.81	%			(6.22	)%			12.55	%			9.05	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	97,906			$	90,668			$	95,959			$	86,601			$	77,757			$	53,326
Net Investment Income/(Loss)(d)			(0.15	)%			1.44	%			2.71	%			0.91	%			0.96	%			0.71	%
Expenses Before Reductions*(d)(e)			0.29	%			0.30	%			0.29	%			0.29	%			0.30	%			0.36	%
Expenses Net of Reductions*(d)			0.15	%			0.15	%			0.15	%			0.15	%			0.15	%			0.15	%
Portfolio Turnover Rate			4	%(c)			18	%			10	%			16	%			15	%			15	%

*	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.

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP DFA Multi-Strategy Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

Derivative Instruments

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Futures Contracts

During the period ended June 30, 2021, 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 fair 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, 2021, the monthly average notional amount for long contracts was $4.5 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 fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value

Statement of Assets and Liabilities Location

Total Fair
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

53,337

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

5,670

Payable for variation margin on futures contracts*

—

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, 2021:


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

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts	$	413,326		$	(19,960	)

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts		(49,230	)		2,733

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL MVP DFA Multi-Strategy Fund		0.20	%		0.15	%

*	The Manager waived, prior to any application of expense limit, the management fee to 0.10% on all assets. 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, 2022.

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

At June 30, 2021, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:


	Expires 12/31/2021			Expires 12/31/2022			Expires 12/31/2023			Expires 12/31/2024			Total

AZL MVP DFA Multi-Strategy Fund		$	32,488		$	34,113		$	42,695		$	19,644		$	128,940


	Value 12/31/2020			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2021			Shares as of 6/30/2021		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL DFA Five-Year Global Fixed Income Fund		$	33,058,413		$	3,558,021		$	—			$	—		$	(35,978	)		$	36,580,456		3,794,653		$	—		$	—
AZL DFA International Core Equity Fund			11,378,232			—			(879,249	)			152,515			1,124,087				11,775,585		955,810			—			—
AZL DFA U.S. Core Equity Fund			32,291,077			—			(3,021,083	)			875,787			4,511,680				34,657,461		2,023,203			—			—
AZL DFA U.S. Small Cap Fund			9,441,155			—			(1,606,026	)			346,209			1,813,700				9,995,038		646,092			—			—

		$	86,168,877		$	3,558,021		$	(5,506,358	)		$	1,374,511		$	7,413,489			$	93,008,540		7,419,758		$	—		$	—

4. Investment Valuation Summary

●

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)

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:

Investment Valuation Summary


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Companies		$	93,008,540		$	—		$	—		$	93,008,540

Total Investment Securities			93,008,540			—			—			93,008,540

Other Financial Instruments:*
Futures Contracts			59,007			—			—			59,007

Total Investments		$	93,067,547		$	—		$	—		$	93,067,547

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP DFA Multi-Strategy Fund		$	3,558,021		$	5,506,359

6. Investment Risks

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.

7. Coronavirus (COVID-19) Pandemic

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $74,546,797. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	12,588,995
Unrealized (depreciation)		(966,915	)

Net unrealized appreciation/(depreciation)	$	11,622,080

The tax character of dividends paid to shareholders during the year ended December 31, 2020 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL MVP DFA Multi-Strategy Fund		$	2,866,512		$	3,417,855		$	6,284,367

(a)	Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2020, the components of accumulated earnings on a tax basis were as follows:


	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		$	3,153,395		$	4,017,348		$	—		$	11,622,080		$	18,792,823

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales and mark-to-market of futures contracts.

9. Ownership and Principal Holders

10. Subsequent Events

AZL MVP DFA Multi-Strategy Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	9,698,300,664.000	461,262,722.733
Peter R. Burnim	% of votes entitled to be cast	95.460%	4.540%

Peggy L. Ettestad	Votes	9,744,785,844.047	414,777,542.686
Peggy L. Ettestad	% of votes entitled to be cast	95.917%	4.083%

Tamara Lynn Fagely	Votes	9,749,721,430.073	409,841,956.660
Tamara Lynn Fagely	% of votes entitled to be cast	95.966%	4.034%

Richard H. Forde	Votes	9,725,296,590.351	434,266,796.382
Richard H. Forde	% of votes entitled to be cast	95.726%	4.274%

Claire R. Leonardi	Votes	9,756,832,186.929	402,731,199.804
Claire R. Leonardi	% of votes entitled to be cast	96.036%	3.964%

Dickson W. Lewis	Votes	9,683,252,333.341	476,311,053.392
Dickson W. Lewis	% of votes entitled to be cast	95.312%	4.688%

Brian Muench	Votes	9,739,692,821.948	419,870,564.785
Brian Muench	% of votes entitled to be cast	95.867%	4.133%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes	724,020,610.631	25,965,700.395	64,480,992.029
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast	88.895%	3.188%	7.917%

AZL MVP Fusion^SM Conservative Fund	Votes	207,849,507.478	7,714,328.807	20,132,965.915
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast	88.185%	3.273%	8.542%

AZL MVP Fusion^SM Moderate Fund	Votes	1,675,644,566.951	51,935,064.499	151,957,164.856
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast	89.152%	2.763%	8.085%

AZL^® Balanced Index Strategy Fund	Votes	370,109,866.443	8,120,911.689	37,825,978.335
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast	88.957%	1.952%	9.092%

AZL^® MVP Balanced Index Strategy Fund	Votes	272,508,300.262	8,100,202.921	38,940,957.230
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast	85.279%	2.535%	12.186%

AZL^® MVP Growth Index Strategy Fund	Votes	2,253,168,549.922	81,030,934.965	243,425,209.080
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast	87.413%	3.144%	9.444%

AZL^® MVP Moderate Index Strategy Fund	Votes	459,489,269.089	21,433,634.607	44,698,959.196
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast	87.418%	4.078%	8.504%

AZL^® MVP Global Balanced Index Strategy Fund	Votes	607,120,765.403	28,580,727.312	67,371,200.883
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast	86.352%	4.065%	9.582%

AZL^® DFA Multi-Strategy Fund	Votes	838,713,716.278	44,467,726.830	71,863,407.006
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast	87.819%	4.656%	7.525%

AZL^® MVP DFA Multi-Strategy Fund	Votes	82,637,136.168	3,643,849.372	7,250,675.011
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast	88.352%	3.896%	7.752%


FUND		FOR	AGAINST	ABSTAIN

AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	215,631,261.075	8,954,953.342	29,292,949.884
	% of votes entitled to be cast	84.935%	3.527%	11.538%

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes	1,222,126,591.953	56,285,445.413	107,069,305.504
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast	88.210%	4.063%	7.728%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes	709,309,612.667	31,798,584.250	73,359,106.138
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast	87.089%	3.904%	9.007%

AZL MVP Fusion^SM Conservative Fund	Votes	210,036,621.710	8,331,208.078	17,328,972.411
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast	89.113%	3.535%	7.352%

AZL MVP Fusion^SM Moderate Fund	Votes	1,642,136,577.503	69,923,524.523	167,476,694.280
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast	87.369%	3.720%	8.911%

AZL^® Balanced Index Strategy Fund	Votes	371,193,748.544	7,499,541.088	37,363,466.836
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast	89.217%	1.803%	8.980%

AZL^® MVP Balanced Index Strategy Fund	Votes	269,242,580.863	12,559,386.314	37,747,493.235
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast	84.257%	3.930%	11.813%

AZL^® MVP Growth Index Strategy Fund	Votes	2,202,090,386.602	118,938,115.278	256,596,192.088
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast	85.431%	4.614%	9.955%

AZL^® MVP Moderate Index Strategy Fund	Votes	448,098,738.171	33,266,593.465	44,256,531.255
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast	85.251%	6.329%	8.420%

AZL^® MVP Global Balanced Index Strategy Fund	Votes	609,771,514.679	31,023,055.053	62,278,123.866
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast	86.729%	4.412%	8.858%

AZL^® DFA Multi-Strategy Fund	Votes	829,772,912.326	48,960,106.404	76,311,831.384
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast	86.883%	5.126%	7.990%

AZL^® MVP DFA Multi-Strategy Fund	Votes	80,825,430.550	3,740,847.678	8,965,382.323
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast	86.415%	4.000%	9.585%

AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	211,483,269.699	12,637,803.011	29,758,091.590
	% of votes entitled to be cast	83.301%	4.978%	11.721%

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes	1,191,897,700.679	69,546,262.813	124,037,379.379
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast	86.028%	5.020%	8.953%

Other Information (Unaudited)

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® MVP Fidelity Institutional Asset Management Multi-Strategy Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Page 11

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 13

Page 14

AZL MVP Fidelity Institutional Asset Management (“FIAM”) Multi-Strategy Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP FIAM Multi-Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP FIAM Multi-Strategy Fund		$	1,000.00		$	1,063.80		$	0.72		0.14	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP FIAM Multi-Strategy Fund		$	1,000.00		$	1,024.10		$	0.70		0.14	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Balanced Fund		95.2	%


Total Investment Securities		95.2

Net other assets (liabilities)		4.8


Net Assets		100.0	%

AZL MVP FIAM Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Affiliated Investment Company (95.2%):
Balanced Fund (95.2%):
	16,048,243	AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 2	$	247,463,914

	Total Affiliated Investment Company (Cost $199,970,921)			247,463,914

	Total Investment Securities (Cost $199,970,921) — 95.2%			247,463,914
	Net other assets (liabilities) — 4.8%			12,571,981

	Net Assets — 100.0%		$	260,035,895

Percentages indicated are based on net assets as of June 30, 2021.

Futures Contracts

At June 30, 2021, 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)		9/17/21		24	$	5,146,320	$	95,367

U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/21		58		7,685,000		23,489

							$	118,856

See accompanying notes to the financial statements.

AZL MVP FIAM Multi-Strategy Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliates, at cost	$	199,970,921

Investments in affiliates, at value	$	247,463,914
Cash		532,119
Deposit at broker for futures contracts collateral		13,020,643
Interest and dividends receivable		169
Prepaid expenses		642

Total Assets		261,017,487

Liabilities:
Payable for affiliated investments purchased		532,118
Payable for capital shares redeemed		410,548
Manager fees payable		20,990
Administration fees payable		6,078
Custodian fees payable		137
Administrative and compliance services fees payable		415
Transfer agent fees payable		784
Trustee fees payable		2,095
Other accrued liabilities		8,427

Total Liabilities		981,592

Net Assets	$	260,035,895

Net Assets Consist of:
Paid in capital	$	218,177,296
Total distributable earnings		41,858,599

Net Assets	$	260,035,895

Shares of beneficial interest (unlimited number of shares authorized, no par value)		18,807,344
Net Asset Value (offering and redemption price per share)	$	13.83

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Interest	$	1,381
Dividends from non-affiliates		1

Total Investment Income		1,382

Expenses:
Manager fees		125,878
Administration fees		29,721
Custodian fees		639
Administrative and compliance services fees		1,885
Transfer agent fees		2,774
Trustee fees		6,759
Professional fees		5,446
Shareholder reports		5,096
Other expenses		1,593

Net expenses		179,791

Net Investment Income/(Loss)		(178,409	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		1,542,379
Net realized gains/(losses) on futures contracts		(80,640	)
Change in net unrealized appreciation/depreciation on affiliated underlying funds		14,569,794
Change in net unrealized appreciation/depreciation on futures contracts		(12,895	)

Net realized and Change in net unrealized gains/losses on investments		16,018,638

Change in Net Assets Resulting From Operations	$	15,840,229

See accompanying notes to the financial statements.

AZL MVP FIAM Multi-Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)

Change In Net Assets:
Operations:
Net investment income/(loss)		$	(178,409	)		$	5,442,194
Net realized gains/(losses) on investments			1,461,739				(4,983,951	)
Change in unrealized appreciation/depreciation on investments			14,556,899				16,071,770

Change in net assets resulting from operations			15,840,229				16,530,013

Distributions to Shareholders:
Distributions			—				(6,705,233	)

Change in net assets resulting from distributions to shareholders			—				(6,705,233	)

Capital Transactions:
Proceeds from shares issued			3,040,073				7,217,662
Proceeds from dividends reinvested			—				6,705,234
Value of shares redeemed			(13,762,609	)			(34,192,310	)

Change in net assets resulting from capital transactions			(10,722,536	)			(20,269,414	)

Change in net assets			5,117,693				(10,444,634	)
Net Assets:
Beginning of period			254,918,202				265,362,836

End of period		$	260,035,895			$	254,918,202

Share Transactions:
Shares issued			227,218				572,574
Dividends reinvested			—				538,573
Shares redeemed			(1,024,356	)			(2,791,887	)

Change in shares			(797,138	)			(1,680,740	)

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

See accompanying notes to the financial statements.

AZL MVP FIAM Multi-Strategy Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	13.00			$	12.47			$	11.17			$	11.81			$	10.79			$	11.33

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.27	(a)			0.27	(a)			0.28				—	(b)			0.15
Net Realized and Unrealized Gains/(Losses) on Investments			0.84				0.61				1.52				(0.52	)			1.17				(0.07	)

Total from Investment Activities			0.83				0.88				1.79				(0.24	)			1.17				0.08

Distributions to Shareholders From:
Net Investment Income			—				(0.35	)			(0.49	)			(0.40	)			(0.15	)			(0.45	)
Net Realized Gains			—				—				—				—				—				(0.17	)
Total Dividends			—				(0.35	)			(0.49	)			(0.40	)			(0.15	)			(0.62	)

Net Asset Value, End of Period		$	13.83			$	13.00			$	12.47			$	11.17			$	11.81			$	10.79

Total Return(c)			6.38	%(d)			7.16	%			16.25	%			(2.14	)%			10.93	%			0.82	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	260,036			$	254,918			$	265,363			$	245,936			$	274,843			$	287,156
Net Investment Income/(Loss)(e)			(0.14	)%			2.19	%			2.24	%			2.12	%			(0.09	)%			1.25	%
Expenses Before Reductions*(e)(f)			0.14	%			0.15	%			0.14	%			0.14	%			0.13	%			0.13	%
Expenses Net of Reductions*(e)			0.14	%			0.15	%			0.14	%			0.14	%			0.13	%			0.13	%
Portfolio Turnover Rate			—	(b)(d)			6	%			7	%			7	%			4	%			4	%

*	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 or 0.5%.

(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.

See accompanying notes to the financial statements.

AZL MVP FIAM Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP FIAM Multi-Strategy Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

Derivative Instruments

AZL MVP FIAM Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Futures Contracts

During the period ended June 30, 2021, 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 fair 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, 2021, the monthly average notional amount for long contracts was $11.8 million, and the monthly average notional amount for short contracts was $0.1 million. 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 fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value

Statement of Assets and Liabilities Location

Total Fair
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

95,367

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

23,489

Payable for variation margin on futures contracts*

—

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, 2021:


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

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts	$	126,337		$	(25,292	)

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts		(206,977	)		12,397

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	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, 2021 (Unaudited)


	Value 12/31/2020			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation			Value 6/30/2021			Shares as of 6/30/2021		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL FIAM Multi-Strategy Fund, Class 2		$	243,094,799		$	1,050,583		$	(12,793,640	)		$	1,542,379		$	14,569,793		$	247,463,914		16,048,243		$	—		$	—

		$	243,094,799		$	1,050,583		$	(12,793,640	)		$	1,542,379		$	14,569,793		$	247,463,914		16,048,243		$	—		$	—

4. Investment Valuation Summary

●

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)

AZL MVP FIAM Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Company		$	247,463,914		$	—		$	—		$	247,463,914

Total Investment Securities			247,463,914			—			—			247,463,914

Other Financial Instruments:*
Futures Contracts			118,856			—			—			118,856

Total Investments		$	247,582,770		$	—		$	—		$	247,582,770

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP FIAM Multi-Strategy Fund		$	1,050,583		$	12,793,640

6. Investment Risks

Interest Rate Risk: Debt securities held by an underlying fund may decline in value due to rising interest rates.

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

AZL MVP FIAM Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $213,259,821. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	29,834,978
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	29,834,978

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL MVP FIAM Multi-Strategy Fund		$	6,705,233		$	—		$	6,705,233

(a)	Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2020, the components of accumulated earnings on a tax basis were as follows:


	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		$	6,339,696		$	8,794,926		$	—		$	29,834,978		$	44,969,600

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales, straddles and mark-to-market of futures contracts.

9. Ownership and Principal Holders

10. Subsequent Events

AZL MVP FIAM Multi-Strategy Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	9,698,300,664.000	461,262,722.733
Peter R. Burnim	% of votes entitled to be cast	95.460%	4.540%

Peggy L. Ettestad	Votes	9,744,785,844.047	414,777,542.686
Peggy L. Ettestad	% of votes entitled to be cast	95.917%	4.083%

Tamara Lynn Fagely	Votes	9,749,721,430.073	409,841,956.660
Tamara Lynn Fagely	% of votes entitled to be cast	95.966%	4.034%

Richard H. Forde	Votes	9,725,296,590.351	434,266,796.382
Richard H. Forde	% of votes entitled to be cast	95.726%	4.274%

Claire R. Leonardi	Votes	9,756,832,186.929	402,731,199.804
Claire R. Leonardi	% of votes entitled to be cast	96.036%	3.964%

Dickson W. Lewis	Votes	9,683,252,333.341	476,311,053.392
Dickson W. Lewis	% of votes entitled to be cast	95.312%	4.688%

Brian Muench	Votes	9,739,692,821.948	419,870,564.785
Brian Muench	% of votes entitled to be cast	95.867%	4.133%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes	724,020,610.631	25,965,700.395	64,480,992.029
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast	88.895%	3.188%	7.917%

AZL MVP Fusion^SM Conservative Fund	Votes	207,849,507.478	7,714,328.807	20,132,965.915
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast	88.185%	3.273%	8.542%

AZL MVP Fusion^SM Moderate Fund	Votes	1,675,644,566.951	51,935,064.499	151,957,164.856
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast	89.152%	2.763%	8.085%

AZL^® Balanced Index Strategy Fund	Votes	370,109,866.443	8,120,911.689	37,825,978.335
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast	88.957%	1.952%	9.092%

AZL^® MVP Balanced Index Strategy Fund	Votes	272,508,300.262	8,100,202.921	38,940,957.230
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast	85.279%	2.535%	12.186%

AZL^® MVP Growth Index Strategy Fund	Votes	2,253,168,549.922	81,030,934.965	243,425,209.080
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast	87.413%	3.144%	9.444%

AZL^® MVP Moderate Index Strategy Fund	Votes	459,489,269.089	21,433,634.607	44,698,959.196
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast	87.418%	4.078%	8.504%

AZL^® MVP Global Balanced Index Strategy Fund	Votes	607,120,765.403	28,580,727.312	67,371,200.883
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast	86.352%	4.065%	9.582%

AZL^® DFA Multi-Strategy Fund	Votes	838,713,716.278	44,467,726.830	71,863,407.006
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast	87.819%	4.656%	7.525%


FUND		FOR	AGAINST	ABSTAIN

AZL^® MVP DFA Multi-Strategy Fund	Votes	82,637,136.168	3,643,849.372	7,250,675.011
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast	88.352%	3.896%	7.752%

AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	215,631,261.075	8,954,953.342	29,292,949.884
	% of votes entitled to be cast	84.935%	3.527%	11.538%

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes	1,222,126,591.953	56,285,445.413	107,069,305.504
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast	88.210%	4.063%	7.728%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes	709,309,612.667	31,798,584.250	73,359,106.138
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast	87.089%	3.904%	9.007%

AZL MVP Fusion^SM Conservative Fund	Votes	210,036,621.710	8,331,208.078	17,328,972.411
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast	89.113%	3.535%	7.352%

AZL MVP Fusion^SM Moderate Fund	Votes	1,642,136,577.503	69,923,524.523	167,476,694.280
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast	87.369%	3.720%	8.911%

AZL^® Balanced Index Strategy Fund	Votes	371,193,748.544	7,499,541.088	37,363,466.836
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast	89.217%	1.803%	8.980%

AZL^® MVP Balanced Index Strategy Fund	Votes	269,242,580.863	12,559,386.314	37,747,493.235
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast	84.257%	3.930%	11.813%

AZL^® MVP Growth Index Strategy Fund	Votes	2,202,090,386.602	118,938,115.278	256,596,192.088
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast	85.431%	4.614%	9.955%

AZL^® MVP Moderate Index Strategy Fund	Votes	448,098,738.171	33,266,593.465	44,256,531.255
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast	85.251%	6.329%	8.420%

AZL^® MVP Global Balanced Index Strategy Fund	Votes	609,771,514.679	31,023,055.053	62,278,123.866
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast	86.729%	4.412%	8.858%

AZL^® DFA Multi-Strategy Fund	Votes	829,772,912.326	48,960,106.404	76,311,831.384
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast	86.883%	5.126%	7.990%

AZL^® MVP DFA Multi-Strategy Fund	Votes	80,825,430.550	3,740,847.678	8,965,382.323
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast	86.415%	4.000%	9.585%

AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	211,483,269.699	12,637,803.011	29,758,091.590
	% of votes entitled to be cast	83.301%	4.978%	11.721%

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes	1,191,897,700.679	69,546,262.813	124,037,379.379
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast	86.028%	5.020%	8.953%

Other Information (Unaudited)

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® MVP Fusion^SM Balanced Fund

(formerly known as, AZL^® MVP Fusion^SM Dynamic Balanced Fund)

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Page 11

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 13

Page 14

AZL MVP Fusion Balanced Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Fusion Balanced Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP Fusion Balanced Fund		$	1,000.00		$	1,063.60		$	0.87		0.17	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP Fusion Balanced Fund		$	1,000.00		$	1,023.95		$	0.85		0.17	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Fixed Income Funds		46.7	%

Domestic Equity Funds		33.3

International Equity Funds		15.1


Total Investment Securities		95.1

Net other assets (liabilities)		4.9


Net Assets		100.0	%

AZL MVP Fusion Balanced Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Affiliated Investment Companies (95.1%):
Domestic Equity Funds (33.3%):
	1,511,484	AZL DFA U.S. Core Equity Fund	$	25,891,728
	847,645	AZL DFA U.S. Small Cap Fund		13,113,075
	1,125,026	AZL Gateway Fund		17,606,657
	1,190,963	AZL Mid Cap Index Fund, Class 2		33,382,680
	3,643,622	AZL Russell 1000 Growth Index Fund, Class 2		86,718,203
	5,769,615	AZL Russell 1000 Value Index Fund, Class 2		83,947,892
	771,352	AZL Small Cap Stock Index Fund, Class 2		13,058,989

				273,719,224

Fixed Income Funds (46.7%):
	5,235,403	AZL Enhanced Bond Index Fund		60,573,607
	7,392,489	AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		81,760,929
	7,509,249	AZL MetWest Total Return Bond Fund		81,325,165
	3,615,403	PIMCO VIT Income Portfolio		39,805,591
	3,836,151	PIMCO VIT Low Duration Portfolio		39,665,799


Shares			Value
Affiliated Investment Companies, continued
Fixed Income Funds, continued
	7,506,473	PIMCO VIT Total Return Portfolio	$	81,595,364

				384,726,455

International Equity Funds (15.1%):
	2,355,757	AZL DFA International Core Equity Fund		29,022,926
	3,661,954	AZL International Index Fund, Class 2		69,320,794
	2,806,758	AZL MSCI Emerging Markets Equity Index Fund, Class 2		25,653,769

				123,997,489

	Total Affiliated Investment Companies (Cost $634,553,243)			782,443,168

	Total Investment Securities (Cost $634,553,243) — 95.1%			782,443,168
	Net other assets (liabilities) — 4.9%			40,661,916

	Net Assets — 100.0%		$	823,105,084

Percentages indicated are based on net assets as of June 30, 2021.

Futures Contracts

At June 30, 2021, 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)		9/17/21		96	$	20,585,280	$	383,150

U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/21		155		20,537,500		63,553

							$	446,703

See accompanying notes to the financial statements.

AZL MVP Fusion Balanced Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliates, at cost	$	634,553,243

Investments in affiliates, at value	$	782,443,168
Deposit at broker for futures contracts collateral		41,273,091
Interest and dividends receivable		214,670
Receivable for variation margin on futures contracts		155
Prepaid expenses		2,121

Total Assets		823,933,205

Liabilities:
Cash overdraft		161,612
Payable for affiliated investments purchased		56,927
Payable for capital shares redeemed		465,583
Manager fees payable		101,568
Administration fees payable		6,673
Custodian fees payable		196
Administrative and compliance services fees payable		1,348
Transfer agent fees payable		839
Trustee fees payable		6,794
Other accrued liabilities		26,581

Total Liabilities		828,121

Net Assets	$	823,105,084

Net Assets Consist of:
Paid in capital	$	681,105,941
Total distributable earnings		141,999,143

Net Assets	$	823,105,084

Shares of beneficial interest (unlimited number of shares authorized, no par value)		70,276,641
Net Asset Value (offering and redemption price per share)	$	11.71

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends from affiliates	$	1,329,418
Interest		4,590

Total Investment Income		1,334,008

Expenses:
Manager fees		818,973
Administration fees		29,442
Custodian fees		833
Administrative and compliance services fees		5,615
Transfer agent fees		2,679
Trustee fees		20,179
Professional fees		16,201
Shareholder reports		13,209
Other expenses		5,264

Total expenses before reductions		912,395
Less expenses voluntarily waived/reimbursed by the Manager		(204,747	)

Net expenses		707,648

Net Investment Income/(Loss)		626,360

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		13,876,092
Net realized gains distributions from affiliated underlying funds		3,456,440
Net realized gains/(losses) on futures contracts		2,394,065
Change in net unrealized appreciation/depreciation on affiliated underlying funds		31,141,611
Change in net unrealized appreciation/depreciation on futures contracts		(51,122	)

Net realized and Change in net unrealized gains/losses on investments		50,817,086

Change in Net Assets Resulting From Operations	$	51,443,446

See accompanying notes to the financial statements.

AZL MVP Fusion Balanced Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	626,360			$	15,357,100
Net realized gains/(losses) on investments			19,726,597				(38,610,670	)
Change in unrealized appreciation/depreciation on investments			31,090,489				48,112,574

Change in net assets resulting from operations			51,443,446				24,859,004

Distributions to Shareholders:
Distributions			—				(45,264,037	)

Change in net assets resulting from distributions to shareholders			—				(45,264,037	)

Capital Transactions:
Proceeds from shares issued			1,828,813				8,892,710
Proceeds from dividends reinvested			—				45,264,037
Value of shares redeemed			(57,900,798	)			(129,737,253	)

Change in net assets resulting from capital transactions			(56,071,985	)			(75,580,506	)

Change in net assets			(4,628,539	)			(95,985,539	)
Net Assets:
Beginning of period			827,733,623				923,719,162

End of period		$	823,105,084			$	827,733,623

Share Transactions:
Shares issued			159,435				857,686
Dividends reinvested			—				4,403,116
Shares redeemed			(5,090,126	)			(12,264,964	)

Change in shares			(4,930,691	)			(7,004,162	)

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

See accompanying notes to the financial statements.

AZL MVP Fusion Balanced Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	11.01			$	11.24			$	10.44			$	11.91			$	11.88			$	12.15

Investment Activities:
Net Investment Income/(Loss)			0.01	(a)			0.20	(a)			0.22	(a)			0.22				0.14				0.20
Net Realized and Unrealized Gains/(Losses) on Investments			0.69				0.18				1.38				(0.83	)			1.27				0.44

Total from Investment Activities			0.70				0.38				1.60				(0.61	)			1.41				0.64

Distributions to Shareholders From:
Net Investment Income			—				(0.26	)			(0.29	)			(0.15	)			(0.22	)			(0.29	)
Net Realized Gains			—				(0.35	)			(0.51	)			(0.71	)			(1.16	)			(0.62	)

Total Dividends			—				(0.61	)			(0.80	)			(0.86	)			(1.38	)			(0.91	)

Net Asset Value, End of Period		$	11.71			$	11.01			$	11.24			$	10.44			$	11.91			$	11.88

Total Return(b)			6.36	%(c)			3.78	%			15.76	%			(5.40	)%			12.23	%			5.40	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	823,105			$	827,734			$	923,719			$	919,206			$	1,099,494			$	1,102,124
Net Investment Income/(Loss)(d)			0.15	%			1.88	%			1.95	%			1.74	%			1.00	%			1.48	%
Expenses Before Reductions*(d)(e)			0.22	%			0.23	%			0.23	%			0.22	%			0.22	%			0.22	%
Expenses Net of Reductions*(d)			0.17	%			0.23	%			0.23	%			0.22	%			0.22	%			0.22	%
Portfolio Turnover Rate			3	%(c)			17	%			12	%			15	%			17	%			52	%

*	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.

See accompanying notes to the financial statements.

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Balanced Fund (prior to February 1, 2021, AZL MVP Fusion Dynamic Balanced Fund) (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

Derivative Instruments

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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, 2021, 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 fair 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, 2021, the monthly average notional amount for long contracts was $40.8 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 fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value

Statement of Assets and Liabilities Location

Total Fair
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

383,150

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

63,553

Payable for variation margin on futures contracts*

—

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, 2021:


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

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts	$	2,966,329		$	(81,896	)

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts		(572,264	)		30,774

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL MVP Fusion Balanced Fund		0.20	%		0.30	%

*	The Manager waived, prior to any application of expense limit, the management fee to 0.15% on all assets. 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, 2022.

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)


	Value 12/31/2020			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2021			Shares as of 6/30/2021		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL DFA International Core Equity Fund		$	30,791,327		$	—		$	(5,134,277	)		$	1,249,877		$	2,115,999			$	29,022,926		2,355,757		$	—		$	—
AZL DFA U.S. Core Equity Fund			26,588,658			—			(4,979,233	)			1,557,295			2,725,008				25,891,728		1,511,484			—			—
AZL DFA U.S. Small Cap Fund			14,066,883			—			(4,108,257	)			1,295,078			1,859,371				13,113,075		847,645			—			—
AZL Enhanced Bond Index Fund			59,208,019			2,402,246			—				—			(1,036,658	)			60,573,607		5,235,403			—			—
AZL FIAM Total Bond Fund, Class 2			80,039,915			1,697,674			—				—			23,340				81,760,929		7,392,489			—			—
AZL Gateway Fund			16,889,455			40,730			(514,758	)			83,721			1,107,509				17,606,657		1,125,026			—			—
AZL International Index Fund, Class 2			72,111,229			—			(8,820,840	)			2,162,781			3,867,624				69,320,794		3,661,954			—			—
AZL MetWest Total Return Bond Fund			79,176,081			3,065,404			—				—			(916,320	)			81,325,165		7,509,249			—			—
AZL Mid Cap Index Fund, Class 2			34,557,736			—			(6,665,381	)			1,361,530			4,128,795				33,382,680		1,190,963			—			—
AZL MSCI Emerging Markets Equity Index Fund, Class 2			27,007,910			360,115			(3,591,516	)			817,383			1,059,877				25,653,769		2,806,758			—			—
AZL Russell 1000 Growth Index Fund, Class 2			75,887,494			9,327,591			(8,745,943	)			2,993,251			7,255,810				86,718,203		3,643,622			—			—
AZL Russell 1000 Value Index Fund, Class 2			97,124,921			—			(26,666,460	)			1,680,945			11,808,486				83,947,892		5,769,615			—			—
AZL Small Cap Stock Index Fund, Class 2			14,061,597			—			(4,040,177	)			618,961			2,418,608				13,058,989		771,352			—			—
PIMCO VIT Income Portfolio			40,890,645			556,165			(1,636,906	)			55,270			(59,583	)			39,805,591		3,615,403			556,170			—
PIMCO VIT Low Duration Portfolio			39,011,536			806,764			—				—			(152,501	)			39,665,799		3,836,151			84,778			—
PIMCO VIT Total Return Portfolio			79,106,667			7,552,451			—				—			(5,063,754	)			81,595,364		7,506,473			688,470			3,456,440

		$	786,520,073		$	25,809,140		$	(74,903,748	)		$	13,876,092		$	31,141,611			$	782,443,168		58,779,344		$	1,329,418		$	3,456,440

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. For their service to the Trust and to the Allianz Variable Insurance Products Trust, each non-interested Trustee receives a $191,625 annual Board retainer, the Lead Director receives an additional $37,500, the Chair of the Nominating and Corporate Governance Committee receives an additional $7,500 annually , the Co-Chairs of the Investment Committee receive $3,750 annually and the Chair of the Audit Committee receives an additional $11,250 annually. In addition, the Trustees are reimbursed for certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Trust in proportion to the assets under management of each trust. During the period ended June 30, 2021, actual Trustee compensation was $702,562 in total for both trusts.

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

4. Investment Valuation Summary

●

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)

The following is a summary of the valuation inputs used as of June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Companies		$	782,443,168		$	—		$	—		$	782,443,168

Total Investment Securities			782,443,168			—			—			782,443,168

Other Financial Instruments:*
Futures Contracts			446,703			—			—			446,703

Total Investments		$	782,889,871		$	—		$	—		$	782,889,871

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP Fusion Balanced Fund		$	25,809,140		$	74,903,748

6. Investment Risks

Interest Rate Risk: Debt securities held by an underlying fund may decline in value due to rising interest rates.

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $680,910,735. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	105,609,338
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	105,609,338

As of the end of its tax year ended December 31, 2020, 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:


	Short-Term Amount			Long-Term Amount			Total Amount

AZL MVP Fusion Balanced Fund		$	14,185,053		$	11,160,703		$	25,345,756

The tax character of dividends paid to shareholders during the year ended December 31, 2020 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL MVP Fusion Balanced Fund		$	21,984,490		$	23,279,547		$	45,264,037

(a)	Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2020, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses				Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL MVP Fusion Balanced Fund		$	17,895,749		$	—		$	(25,345,756	)		$	105,609,338		$	98,159,331

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales, straddles and mark-to-market of futures contracts.

9. Ownership and Principal Holders

10. Subsequent Events

AZL MVP Fusion Balanced Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	9,698,300,664.000	461,262,722.733
Peter R. Burnim	% of votes entitled to be cast	95.460%	4.540%

Peggy L. Ettestad	Votes	9,744,785,844.047	414,777,542.686
Peggy L. Ettestad	% of votes entitled to be cast	95.917%	4.083%

Tamara Lynn Fagely	Votes	9,749,721,430.073	409,841,956.660
Tamara Lynn Fagely	% of votes entitled to be cast	95.966%	4.034%

Richard H. Forde	Votes	9,725,296,590.351	434,266,796.382
Richard H. Forde	% of votes entitled to be cast	95.726%	4.274%

Claire R. Leonardi	Votes	9,756,832,186.929	402,731,199.804
Claire R. Leonardi	% of votes entitled to be cast	96.036%	3.964%

Dickson W. Lewis	Votes	9,683,252,333.341	476,311,053.392
Dickson W. Lewis	% of votes entitled to be cast	95.312%	4.688%

Brian Muench	Votes	9,739,692,821.948	419,870,564.785
Brian Muench	% of votes entitled to be cast	95.867%	4.133%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes	724,020,610.631	25,965,700.395	64,480,992.029
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast	88.895%	3.188%	7.917%

AZL MVP Fusion^SM Conservative Fund	Votes	207,849,507.478	7,714,328.807	20,132,965.915
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast	88.185%	3.273%	8.542%

AZL MVP Fusion^SM Moderate Fund	Votes	1,675,644,566.951	51,935,064.499	151,957,164.856
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast	89.152%	2.763%	8.085%

AZL^® Balanced Index Strategy Fund	Votes	370,109,866.443	8,120,911.689	37,825,978.335
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast	88.957%	1.952%	9.092%

AZL^® MVP Balanced Index Strategy Fund	Votes	272,508,300.262	8,100,202.921	38,940,957.230
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast	85.279%	2.535%	12.186%

AZL^® MVP Growth Index Strategy Fund	Votes	2,253,168,549.922	81,030,934.965	243,425,209.080
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast	87.413%	3.144%	9.444%

AZL^® MVP Moderate Index Strategy Fund	Votes	459,489,269.089	21,433,634.607	44,698,959.196
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast	87.418%	4.078%	8.504%

AZL^® MVP Global Balanced Index Strategy Fund	Votes	607,120,765.403	28,580,727.312	67,371,200.883
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast	86.352%	4.065%	9.582%

AZL^® DFA Multi-Strategy Fund	Votes	838,713,716.278	44,467,726.830	71,863,407.006
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast	87.819%	4.656%	7.525%

AZL^® MVP DFA Multi-Strategy Fund	Votes	82,637,136.168	3,643,849.372	7,250,675.011
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast	88.352%	3.896%	7.752%


FUND		FOR	AGAINST	ABSTAIN

AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	215,631,261.075	8,954,953.342	29,292,949.884
	% of votes entitled to be cast	84.935%	3.527%	11.538%

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes	1,222,126,591.953	56,285,445.413	107,069,305.504
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast	88.210%	4.063%	7.728%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes	709,309,612.667	31,798,584.250	73,359,106.138
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast	87.089%	3.904%	9.007%

AZL MVP Fusion^SM Conservative Fund	Votes	210,036,621.710	8,331,208.078	17,328,972.411
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast	89.113%	3.535%	7.352%

AZL MVP Fusion^SM Moderate Fund	Votes	1,642,136,577.503	69,923,524.523	167,476,694.280
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast	87.369%	3.720%	8.911%

AZL^® Balanced Index Strategy Fund	Votes	371,193,748.544	7,499,541.088	37,363,466.836
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast	89.217%	1.803%	8.980%

AZL^® MVP Balanced Index Strategy Fund	Votes	269,242,580.863	12,559,386.314	37,747,493.235
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast	84.257%	3.930%	11.813%

AZL^® MVP Growth Index Strategy Fund	Votes	2,202,090,386.602	118,938,115.278	256,596,192.088
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast	85.431%	4.614%	9.955%

AZL^® MVP Moderate Index Strategy Fund	Votes	448,098,738.171	33,266,593.465	44,256,531.255
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast	85.251%	6.329%	8.420%

AZL^® MVP Global Balanced Index Strategy Fund	Votes	609,771,514.679	31,023,055.053	62,278,123.866
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast	86.729%	4.412%	8.858%

AZL^® DFA Multi-Strategy Fund	Votes	829,772,912.326	48,960,106.404	76,311,831.384
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast	86.883%	5.126%	7.990%

AZL^® MVP DFA Multi-Strategy Fund	Votes	80,825,430.550	3,740,847.678	8,965,382.323
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast	86.415%	4.000%	9.585%

AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	211,483,269.699	12,637,803.011	29,758,091.590
	% of votes entitled to be cast	83.301%	4.978%	11.721%

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes	1,191,897,700.679	69,546,262.813	124,037,379.379
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast	86.028%	5.020%	8.953%

Other Information (Unaudited)

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® MVP Fusion^SM Conservative Fund

(formerly known as, AZL^® MVP Fusion^SM Dynamic Conservative Fund)

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Page 11

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 13

Page 14

AZL MVP Fusion Conservative Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Fusion Conservative Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP Fusion Conservative Fund		$	1,000.00		$	1,041.10		$	0.96		0.19	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP Fusion Conservative Fund		$	1,000.00		$	1,023.85		$	0.95		0.19	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Fixed Income Funds		61.8	%

Domestic Equity Funds		23.8

International Equity Funds		9.4


Total Investment Securities		95.0

Net other assets (liabilities)		5.0


Net Assets		100.0	%

AZL MVP Fusion Conservative Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Affiliated Investment Companies (95.0%):
Domestic Equity Funds (23.8%):
	209,584	AZL DFA U.S. Core Equity Fund	$	3,590,180
	152,735	AZL DFA U.S. Small Cap Fund		2,362,816
	229,000	AZL Gateway Fund		3,583,851
	253,536	AZL Mid Cap Index Fund, Class 2		7,139,560
	761,486	AZL Russell 1000 Growth Index Fund, Class 2		18,123,360
	1,251,694	AZL Russell 1000 Value Index Fund, Class 2		18,212,144
	209,283	AZL Small Cap Stock Index Fund, Class 2		3,543,155

				56,555,066

Fixed Income Funds (61.8%):
	2,008,642	AZL Enhanced Bond Index Fund		23,239,985
	2,803,932	AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		31,011,490
	2,860,933	AZL MetWest Total Return Bond Fund		30,983,902
	1,301,330	PIMCO VIT Income Portfolio, 4.30%		14,327,644
	1,613,181	PIMCO VIT Low Duration Portfolio, 0.65%		16,680,295


Shares			Value
Affiliated Investment Companies, continued
Fixed Income Funds, continued
	2,854,063	PIMCO VIT Total Return Portfolio, 1.92%	$	31,023,664

				147,266,980

International Equity Funds (9.4%):
	477,347	AZL DFA International Core Equity Fund		5,880,917
	683,215	AZL International Index Fund, Class 2		12,933,255
	391,240	AZL MSCI Emerging Markets Equity Index Fund, Class 2		3,575,937

				22,390,109

	Total Affiliated Investment Companies (Cost $193,942,315)			226,212,155

	Total Investment Securities (Cost $193,942,315) — 95.0%			226,212,155
	Net other assets (liabilities) — 5.0%			11,977,164

	Net Assets — 100.0%		$	238,189,319

Percentages indicated are based on net assets as of June 30, 2021.

Futures Contracts

At June 30, 2021, 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)		9/17/21		19		$	4,074,170		$	75,499

U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/21		58			7,685,000			23,489

									$	98,988

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliates, at cost	$	193,942,315

Investments in affiliates, at value	$	226,212,155
Deposit at broker for futures contracts collateral		11,920,452
Interest and dividends receivable		80,190
Receivable for capital shares issued		103,865
Receivable for affiliated investments sold		873,485
Prepaid expenses		635

Total Assets		239,190,782

Liabilities:
Cash overdraft		955,080
Payable for capital shares redeemed		1,293
Manager fees payable		29,294
Administration fees payable		5,740
Custodian fees payable		185
Administrative and compliance services fees payable		361
Transfer agent fees payable		742
Trustee fees payable		1,803
Other accrued liabilities		6,965

Total Liabilities		1,001,463

Net Assets	$	238,189,319

Net Assets Consist of:
Paid in capital	$	206,305,659
Total distributable earnings		31,883,660

Net Assets	$	238,189,319

Shares of beneficial interest (unlimited number of shares authorized, no par value)		19,176,374
Net Asset Value (offering and redemption price per share)	$	12.42

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends from affiliates	$	502,126
Interest		1,362
Dividends from non-affiliates		3

Total Investment Income		503,491

Expenses:
Manager fees		236,566
Administration fees		29,268
Custodian fees		906
Administrative and compliance services fees		1,723
Transfer agent fees		2,734
Trustee fees		6,214
Professional fees		4,971
Shareholder reports		3,992
Other expenses		1,513

Total expenses before reductions		287,887
Less expenses voluntarily waived/reimbursed by the Manager		(59,142	)

Net expenses		228,745

Net Investment Income/(Loss)		274,746

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		3,843,686
Net realized gains distributions from affiliated underlying funds		1,311,716
Net realized gains/(losses) on futures contracts		378,050
Change in net unrealized appreciation/depreciation on affiliated underlying funds		3,783,617
Change in net unrealized appreciation/depreciation on futures contracts		(6,382	)

Net realized and Change in net unrealized gains/losses on investments		9,310,687

Change in Net Assets Resulting From Operations	$	9,585,433

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	274,746			$	4,644,267
Net realized gains/(losses) on investments			5,533,452				(8,445,271	)
Change in unrealized appreciation/depreciation on investments			3,777,235				15,091,584

Change in net assets resulting from operations			9,585,433				11,290,580

Distributions to Shareholders:
Distributions			—				(11,315,056	)

Change in net assets resulting from distributions to shareholders			—				(11,315,056	)

Capital Transactions:
Proceeds from shares issued			12,303,580				21,235,561
Proceeds from dividends reinvested			—				11,315,056
Value of shares redeemed			(23,817,503	)			(41,501,165	)

Change in net assets resulting from capital transactions			(11,513,923	)			(8,950,548	)

Change in net assets			(1,928,490	)			(8,975,024	)
Net Assets:
Beginning of period			240,117,809				249,092,833

End of period		$	238,189,319			$	240,117,809

Share Transactions:
Shares issued			1,007,677				1,888,230
Dividends reinvested			—				998,681
Shares redeemed			(1,954,358	)			(3,587,115	)

Change in shares			(946,681	)			(700,204	)

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

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	11.93			$	11.96			$	11.16			$	12.23			$	11.89			$	11.93

Investment Activities:
Net Investment Income/(Loss)			0.01	(a)			0.23	(a)			0.25	(a)			0.23				0.16				0.19
Net Realized and Unrealized Gains/(Losses) on Investments			0.48				0.31				1.24				(0.67	)			0.93				0.44

Total from Investment Activities			0.49				0.54				1.49				(0.44	)			1.09				0.63

Distributions to Shareholders From:
Net Investment Income			—				(0.27	)			(0.30	)			(0.17	)			(0.23	)			(0.28	)
Net Realized Gains			—				(0.30	)			(0.39	)			(0.46	)			(0.52	)			(0.39	)

Total Dividends			—				(0.57	)			(0.69	)			(0.63	)			(0.75	)			(0.67	)

Net Asset Value, End of Period		$	12.42			$	11.93			$	11.96			$	11.16			$	12.23			$	11.89

Total Return(b)			4.11	%(c)			4.79	%			13.54	%			(3.75	)%			9.31	%			5.32	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	238,189			$	240,118			$	249,093			$	235,129			$	268,572			$	277,889
Net Investment Income/(Loss)(d)			0.23	%			1.96	%			2.11	%			1.83	%			1.14	%			1.63	%
Expenses Before Reductions*(d)(e)			0.24	%			0.25	%			0.25	%			0.24	%			0.23	%			0.24	%
Expenses Net of Reductions*(d)			0.19	%			0.25	%			0.25	%			0.24	%			0.23	%			0.24	%
Portfolio Turnover Rate			7	%(c)			17	%			21	%			16	%			18	%			62	%

*	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.

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Conservative Fund (prior to February 1, 2021, AZL MVP Fusion Dynamic Conservative Fund) (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

Derivative Instruments

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Futures Contracts

During the period ended June 30, 2021, 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 fair 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, 2021, the monthly average notional amount for long contracts was $11.7 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 fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value

Statement of Assets and Liabilities Location

Total Fair
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

75,499

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

23,489

Payable for variation margin on futures contracts*

—

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, 2021:


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

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts	$	591,969		$	(17,645	)

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts		(213,919	)		11,263

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL MVP Fusion Conservative Fund		0.20	%		0.35	%

*	The Manager waived, prior to any application of expense limit, the management fee to 0.15% on all assets. 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, 2022.

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)


	Value 12/31/2020			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)				Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2021			Shares as of 6/30/2021		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL DFA International Core Equity Fund		$	6,072,597		$	272,770		$	(1,122,811	)		$	247,883			$	410,478			$	5,880,917		477,347		$	—		$	—
AZL DFA U.S. Core Equity Fund			3,731,622			69,259			(796,475	)			269,714				316,060				3,590,180		209,584			—			—
AZL DFA U.S. Small Cap Fund			2,529,456			56,950			(772,517	)			231,629				317,298				2,362,816		152,735			—			—
AZL Enhanced Bond Index Fund			23,199,473			1,293,730			(841,653	)			18,208				(429,773	)			23,239,985		2,008,642			—			—
AZL FIAM Total Bond Fund, Class 2			31,005,747			1,342,744			(1,339,311	)			60,350				(58,040	)			31,011,490		2,803,932			—			—
AZL Gateway Fund			3,703,325			48,656			(417,341	)			66,047				183,164				3,583,851		229,000			—			—
AZL International Index Fund, Class 2			13,208,056			689,878			(2,066,107	)			429,193				672,235				12,933,255		683,215			—			—
AZL MetWest Total Return Bond Fund			30,987,017			1,595,613			(1,232,947	)			19,808				(385,589	)			30,983,902		2,860,933			—			—
AZL Mid Cap Index Fund, Class 2			7,308,286			291,152			(1,633,853	)			419,743				754,232				7,139,560		253,536			—			—
AZL MSCI Emerging Markets Equity Index Fund, Class 2			3,774,701			262,156			(728,573	)			142,706				124,947				3,575,937		391,240			—			—
AZL Russell 1000 Growth Index Fund, Class 2			15,973,356			3,784,340			(3,836,468	)			1,269,177				932,955				18,123,360		761,486			—			—
AZL Russell 1000 Value Index Fund, Class 2			21,001,621			777,231			(6,405,435	)			385,667				2,453,060				18,212,144		1,251,694			—			—
AZL Small Cap Stock Index Fund, Class 2			3,739,148			118,070			(1,103,906	)			240,227				549,616				3,543,155		209,283			—			—
PIMCO VIT Income Portfolio			14,502,522			504,133			(679,392	)			39,863				(39,482	)			14,327,644		1,301,330			197,183			—
PIMCO VIT Low Duration Portfolio			16,570,564			713,304			(539,458	)			6,303				(70,418	)			16,680,295		1,613,181			36,007			—
PIMCO VIT Total Return Portfolio			31,035,978			3,244,078			(1,306,434	)			(2,832	)			(1,947,126	)			31,023,664		2,854,063			268,936			1,311,716

		$	228,343,469		$	15,064,064		$	(24,822,681	)		$	3,843,686			$	3,783,617			$	226,212,155		18,061,201		$	502,126		$	1,311,716

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

4. Investment Valuation Summary

●

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)

The following is a summary of the valuation inputs used as of June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Companies		$	226,212,155		$	—		$	—		$	226,212,155

Total Investment Securities			226,212,155			—			—			226,212,155

Other Financial Instruments:*
Futures Contracts			98,988			—			—			98,988

Total Investments		$	226,311,143		$	—		$	—		$	226,311,143

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP Fusion Conservative Fund		$	15,064,064		$	24,822,680

6. Investment Risks

Interest Rate Risk: Debt securities held by an underlying fund may decline in value due to rising interest rates.

7. Coronavirus (COVID-19) Pandemic

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $203,973,047. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	24,370,422
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	24,370,422

CLCF’s not subject to expiration:


	Short-Term Amount			Long-Term Amount			Total Amount

AZL MVP Fusion Conservative Fund		$	3,602,529		$	2,848,153		$	6,450,682

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL MVP Fusion Conservative Fund		$	5,946,304		$	5,368,752		$	11,315,056

(a)	Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2020, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses				Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL MVP Fusion Conservative Fund		$	5,520,744		$	—		$	(6,450,682	)		$	24,370,422		$	23,440,484

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales, straddles and mark-to-market of futures contracts.

9. Ownership and Principal Holders

10. Subsequent Events

AZL MVP Fusion Conservative Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR			WITHHELD
Peter R. Burnim	Votes		9,698,300,664.000			461,262,722.733
Peter R. Burnim	% of votes entitled to be cast		95.460	%		4.540	%
Peggy L. Ettestad	Votes		9,744,785,844.047			414,777,542.686
Peggy L. Ettestad	% of votes entitled to be cast		95.917	%		4.083	%
Tamara Lynn Fagely	Votes		9,749,721,430.073			409,841,956.660
Tamara Lynn Fagely	% of votes entitled to be cast		95.966	%		4.034	%
Richard H. Forde	Votes		9,725,296,590.351			434,266,796.382
Richard H. Forde	% of votes entitled to be cast		95.726	%		4.274	%
Claire R. Leonardi	Votes		9,756,832,186.929			402,731,199.804
Claire R. Leonardi	% of votes entitled to be cast		96.036	%		3.964	%
Dickson W. Lewis	Votes		9,683,252,333.341			476,311,053.392
Dickson W. Lewis	% of votes entitled to be cast		95.312	%		4.688	%
Brian Muench	Votes		9,739,692,821.948			419,870,564.785
Brian Muench	% of votes entitled to be cast		95.867	%		4.133	%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR			AGAINST			ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes		724,020,610.631			25,965,700.395			64,480,992.029
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast		88.895	%		3.188	%		7.917	%
AZL MVP Fusion^SM Conservative Fund	Votes		207,849,507.478			7,714,328.807			20,132,965.915
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast		88.185	%		3.273	%		8.542	%
AZL MVP Fusion^SM Moderate Fund	Votes		1,675,644,566.951			51,935,064.499			151,957,164.856
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast		89.152	%		2.763	%		8.085	%
AZL^® Balanced Index Strategy Fund	Votes		370,109,866.443			8,120,911.689			37,825,978.335
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast		88.957	%		1.952	%		9.092	%
AZL^® MVP Balanced Index Strategy Fund	Votes		272,508,300.262			8,100,202.921			38,940,957.230
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast		85.279	%		2.535	%		12.186	%
AZL^® MVP Growth Index Strategy Fund	Votes		2,253,168,549.922			81,030,934.965			243,425,209.080
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast		87.413	%		3.144	%		9.444	%
AZL^® MVP Moderate Index Strategy Fund	Votes		459,489,269.089			21,433,634.607			44,698,959.196
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast		87.418	%		4.078	%		8.504	%
AZL^® MVP Global Balanced Index Strategy Fund	Votes		607,120,765.403			28,580,727.312			67,371,200.883
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast		86.352	%		4.065	%		9.582	%
AZL^® DFA Multi-Strategy Fund	Votes		838,713,716.278			44,467,726.830			71,863,407.006
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast		87.819	%		4.656	%		7.525	%
AZL^® MVP DFA Multi-Strategy Fund	Votes		82,637,136.168			3,643,849.372			7,250,675.011
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast		88.352	%		3.896	%		7.752	%
AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes		215,631,261.075			8,954,953.342			29,292,949.884
	% of votes entitled to be cast		84.935	%		3.527	%		11.538	%
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes		1,222,126,591.953			56,285,445.413			107,069,305.504
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast		88.210	%		4.063	%		7.728	%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR			AGAINST			ABSTAIN
AZL MVP Fusion^SM Balanced Fund	Votes		709,309,612.667			31,798,584.250			73,359,106.138
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast		87.089	%		3.904	%		9.007	%
AZL MVP Fusion^SM Conservative Fund	Votes		210,036,621.710			8,331,208.078			17,328,972.411
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast		89.113	%		3.535	%		7.352	%
AZL MVP Fusion^SM Moderate Fund	Votes		1,642,136,577.503			69,923,524.523			167,476,694.280
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast		87.369	%		3.720	%		8.911	%
AZL^® Balanced Index Strategy Fund	Votes		371,193,748.544			7,499,541.088			37,363,466.836
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast		89.217	%		1.803	%		8.980	%
AZL^® MVP Balanced Index Strategy Fund	Votes		269,242,580.863			12,559,386.314			37,747,493.235
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast		84.257	%		3.930	%		11.813	%
AZL^® MVP Growth Index Strategy Fund	Votes		2,202,090,386.602			118,938,115.278			256,596,192.088
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast		85.431	%		4.614	%		9.955	%
AZL^® MVP Moderate Index Strategy Fund	Votes		448,098,738.171			33,266,593.465			44,256,531.255
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast		85.251	%		6.329	%		8.420	%
AZL^® MVP Global Balanced Index Strategy Fund	Votes		609,771,514.679			31,023,055.053			62,278,123.866
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast		86.729	%		4.412	%		8.858	%
AZL^® DFA Multi-Strategy Fund	Votes		829,772,912.326			48,960,106.404			76,311,831.384
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast		86.883	%		5.126	%		7.990	%
AZL^® MVP DFA Multi-Strategy Fund	Votes		80,825,430.550			3,740,847.678			8,965,382.323
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast		86.415	%		4.000	%		9.585	%
AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes		211,483,269.699			12,637,803.011			29,758,091.590
	% of votes entitled to be cast		83.301	%		4.978	%		11.721	%
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes		1,191,897,700.679			69,546,262.813			124,037,379.379
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast		86.028	%		5.020	%		8.953	%

Other Information (Unaudited)

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® MVP Fusion^SM Moderate Fund

(formerly known as, AZL^® MVP Fusion^SM Dynamic Moderate Fund)

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Page 11

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 13

Page 14

AZL MVP Fusion Moderate Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Fusion Moderate Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP Fusion Moderate Fund		$	1,000.00		$	1,078.30		$	0.88		0.17	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP Fusion Moderate Fund		$	1,000.00		$	1,023.95		$	0.85		0.17	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Domestic Equity Funds		39.1	%

Fixed Income Funds		37.0

International Equity Funds		19.0


Total Investment Securities		95.1

Net other assets (liabilities)		4.9

Net Assets		100.0	%

AZL MVP Fusion Moderate Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Affiliated Investment Companies (95.1%):
Domestic Equity Funds (39.1%):
	2,977,887	AZL DFA U.S. Core Equity Fund	$	51,011,204
	2,623,726	AZL DFA U.S. Small Cap Fund		40,589,042
	3,254,208	AZL Gateway Fund		50,928,358
	3,454,999	AZL Mid Cap Index Fund, Class 2		97,292,778
	9,923,824	AZL Russell 1000 Growth Index Fund, Class 2		236,187,019
	15,738,172	AZL Russell 1000 Value Index Fund, Class 2		228,990,409
	2,395,178	AZL Small Cap Stock Index Fund, Class 2		40,550,361

				745,549,171

Fixed Income Funds (37.0%):
	9,954,371	AZL Enhanced Bond Index Fund		115,172,077
	13,993,095	AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		154,763,626
	14,176,870	AZL MetWest Total Return Bond Fund		153,535,507
	6,664,339	PIMCO VIT Income Portfolio		73,374,377


Shares			Value
Affiliated Investment Companies, continued
Fixed Income Funds, continued
	5,114,857	PIMCO VIT Low Duration Portfolio	$	52,887,619
	14,161,739	PIMCO VIT Total Return Portfolio		153,938,106

				703,671,312

International Equity Funds (19.0%):
	7,768,810	AZL DFA International Core Equity Fund		95,711,740
	9,960,833	AZL International Index Fund, Class 2		188,558,563
	8,451,435	AZL MSCI Emerging Markets Equity Index Fund, Class 2		77,246,120

				361,516,423

	Total Affiliated Investment Companies (Cost $1,425,864,741)			1,810,736,906

	Total Investment Securities (Cost $1,425,864,741) — 95.1%			1,810,736,906
	Net other assets (liabilities) — 4.9%			94,023,128

	Net Assets — 100.0%		$	1,904,760,034

Percentages indicated are based on net assets as of June 30, 2021.

Futures Contracts

At June 30, 2021, 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)		9/17/21		267	$	57,252,810	$	1,062,644

U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/21		288		38,160,000		117,509

							$	1,180,153

See accompanying notes to the financial statements.

AZL MVP Fusion Moderate Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliates, at cost	$	1,425,864,741

Investments in affiliates, at value	$	1,810,736,906
Deposit at broker for futures contracts collateral		95,498,192
Interest and dividends receivable		393,275
Receivable for affiliated investments sold		753,720
Receivable for variation margin on futures contracts		155
Prepaid expenses		4,766

Total Assets		1,907,387,014

Liabilities:
Cash overdraft		1,153,762
Payable for capital shares redeemed		1,147,735
Manager fees payable		235,275
Administration fees payable		7,678
Custodian fees payable		233
Administrative and compliance services fees payable		3,225
Transfer agent fees payable		921
Trustee fees payable		16,270
Other accrued liabilities		61,881

Total Liabilities		2,626,980

Net Assets	$	1,904,760,034

Net Assets Consist of:
Paid in capital	$	1,533,899,969
Total distributable earnings		370,860,065

Net Assets	$	1,904,760,034

Shares of beneficial interest (unlimited number of shares authorized, no par value)		160,920,316
Net Asset Value (offering and redemption price per share)	$	11.84

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends from affiliates	$	2,440,208
Interest		10,572
Dividends from non-affiliates		2

Total Investment Income		2,450,782

Expenses:
Manager fees		1,889,182
Administration fees		32,125
Custodian fees		950
Administrative and compliance services fees		12,725
Transfer agent fees		2,801
Trustee fees		45,673
Professional fees		36,740
Shareholder reports		28,101
Other expenses		11,881

Total expenses before reductions		2,060,178
Less expenses voluntarily waived/reimbursed by the Manager		(472,304	)

Net expenses		1,587,874

Net Investment Income/(Loss)		862,908

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		31,902,445
Net realized gains distributions from affiliated underlying funds		6,520,932
Net realized gains/(losses) on futures contracts		7,158,017
Change in net unrealized appreciation/depreciation on affiliated underlying funds		96,144,831
Change in net unrealized appreciation/depreciation on futures contracts		(163,801	)

Net realized and Change in net unrealized gains/losses on investments		141,562,424

Change in Net Assets Resulting From Operations	$	142,425,332

See accompanying notes to the financial statements.

AZL MVP Fusion Moderate Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)

Change In Net Assets:
Operations:
Net investment income/(loss)		$	862,908			$	33,508,525
Net realized gains/(losses) on investments			45,581,394				(87,965,773	)
Change in unrealized appreciation/depreciation on investments			95,981,030				126,944,021

Change in net assets resulting from operations			142,425,332				72,486,773

Distributions to Shareholders:
Distributions			—				(106,446,981	)

Change in net assets resulting from distributions to shareholders			—				(106,446,981	)

Capital Transactions:
Proceeds from shares issued			4,081,161				15,409,161
Proceeds from dividends reinvested			—				106,446,981
Value of shares redeemed			(135,171,528	)			(227,240,673	)

Change in net assets resulting from capital transactions			(131,090,367	)			(105,384,531	)

Change in net assets			11,334,965				(139,344,739	)
Net Assets:
Beginning of period			1,893,425,069				2,032,769,808

End of period		$	1,904,760,034			$	1,893,425,069

Share Transactions:
Shares issued			359,812				1,505,502
Dividends reinvested			—				10,497,730
Shares redeemed			(11,821,212	)			(21,822,502	)

Change in shares			(11,461,400	)			(9,819,270	)

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

See accompanying notes to the financial statements.

AZL MVP Fusion Moderate Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	10.98			$	11.16			$	10.31			$	11.97			$	11.60			$	12.15

Investment Activities:
Net Investment Income/(Loss)			0.01	(a)			0.19	(a)			0.20	(a)			0.21				0.12				0.18
Net Realized and Unrealized Gains/(Losses) on Investments			0.85				0.26				1.53				(0.93	)			1.46				0.32

Total from Investment Activities			0.86				0.45				1.73				(0.72	)			1.58				0.50

Distributions to Shareholders From:
Net Investment Income			—				(0.23	)			(0.29	)			(0.14	)			(0.20	)			(0.27	)
Net Realized Gains			—				(0.40	)			(0.59	)			(0.80	)			(1.01	)			(0.78	)

Total Dividends			—				(0.63	)			(0.88	)			(0.94	)			(1.21	)			(1.05	)

Net Asset Value, End of Period		$	11.84			$	10.98			$	11.16			$	10.31			$	11.97			$	11.60

Total Return(b)			7.83	%(c)			4.54	%			17.31	%			(6.46	)%			13.98	%			4.29	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,904,760			$	1,893,425			$	2,032,770			$	1,953,730			$	2,361,486			$	2,336,333
Net Investment Income/(Loss)(d)			0.09	%			1.84	%			1.81	%			1.66	%			0.90	%			1.38	%
Expenses Before Reductions*(d)(e)			0.22	%			0.22	%			0.22	%			0.22	%			0.22	%			0.22	%
Expenses Net of Reductions*(d)			0.17	%			0.22	%			0.22	%			0.22	%			0.22	%			0.22	%
Portfolio Turnover Rate			4	%(c)			18	%			12	%			18	%			17	%			58	%

*	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.

See accompanying notes to the financial statements.

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Moderate Fund (prior to February 1, 2021, AZL MVP Fusion Dynamic Moderate Fund) (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

Derivative Instruments

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Futures Contracts

During the period ended June 30, 2021, 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 fair 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, 2021, the monthly average notional amount for long contracts was $94.4 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 fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value

Statement of Assets and Liabilities Location

Total Fair
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

1,062,644

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

117,509

Payable for variation margin on futures contracts*

—

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, 2021:


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

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts	$	8,209,429		$	(219,750	)

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts		(1,051,412	)		55,949

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL MVP Fusion Moderate Fund		0.20	%		0.35	%

*	The Manager waived, prior to any application of expense limit, the management fee to 0.15% on all assets. 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, 2022.

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)


	Value 12/31/2020			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2021			Shares as of 6/30/2021		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL DFA International Core Equity Fund		$	98,818,930		$	—		$	(13,863,183	)		$	3,287,620		$	7,468,373			$	95,711,740		7,768,810		$	—		$	—
AZL DFA U.S. Core Equity Fund			52,141,978			—			(9,310,977	)			2,684,203			5,496,000				51,011,204		2,977,887			—			—
AZL DFA U.S. Small Cap Fund			42,729,486			—			(11,319,780	)			3,256,402			5,922,934				40,589,042		2,623,726			—			—
AZL Enhanced Bond Index Fund			110,876,731			6,322,498			—				—			(2,027,152	)			115,172,077		9,954,371			—			—
AZL FIAM Total Bond Fund, Class 2			148,936,968			5,798,689			—				—			27,969				154,763,626		13,993,095			—			—
AZL Gateway Fund			47,719,696			2,960,926			(3,214,481	)			455,801			3,006,416				50,928,358		3,254,208			—			—
AZL International Index Fund, Class 2			192,629,115			—			(20,246,219	)			4,964,787			11,210,880				188,558,563		9,960,833			—			—
AZL MetWest Total Return Bond Fund			147,565,635			7,756,569			—				—			(1,786,697	)			153,535,507		14,176,870			—			—
AZL Mid Cap Index Fund, Class 2			99,133,254			—			(17,672,119	)			3,103,848			12,727,795				97,292,778		3,454,999			—			—
AZL MSCI Emerging Markets Equity Index Fund, Class 2			81,282,445			—			(9,613,477	)			2,236,776			3,340,376				77,246,120		8,451,435			—			—
AZL Russell 1000 Growth Index Fund, Class 2			203,123,088			27,487,257			(22,011,935	)			7,462,057			20,126,552				236,187,019		9,923,824			—			—
AZL Russell 1000 Value Index Fund, Class 2			261,426,796			—			(68,494,941	)			3,649,008			32,409,546				228,990,409		15,738,172			—			—
AZL Small Cap Stock Index Fund, Class 2			42,713,375			—			(11,042,163	)			801,943			8,077,206				40,550,361		2,395,178			—			—
PIMCO VIT Income Portfolio			72,219,414			1,151,605			—				—			3,358				73,374,377		6,664,339			1,000,090			—
PIMCO VIT Low Duration Portfolio			50,378,695			2,713,406			—				—			(204,482	)			52,887,619		5,114,857			114,254			—
PIMCO VIT Total Return Portfolio			147,789,478			15,802,871			—				—			(9,654,243	)			153,938,106		14,161,739			1,325,864			6,520,932

		$	1,799,485,084		$	69,993,821		$	(186,789,275	)		$	31,902,445		$	96,144,831			$	1,810,736,906		130,614,343		$	2,440,208		$	6,520,932

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

4. Investment Valuation Summary

●

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)

The following is a summary of the valuation inputs used as of June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total
Affiliated Investment Companies		$	1,810,736,906		$	—		$	—		$	1,810,736,906

Total Investment Securities			1,810,736,906			—			—			1,810,736,906

Other Financial Instruments:*
Futures Contracts			1,180,153			—			—			1,180,153

Total Investments		$	1,811,917,059		$	—		$	—		$	1,811,917,059

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP Fusion Moderate Fund		$	69,993,821		$	186,789,275

6. Investment Risks

Interest Rate Risk: Debt securities held by an underlying fund may decline in value due to rising interest rates.

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $1,538,876,349. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	260,608,735
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	260,608,735

CLCF’s not subject to expiration:


	Short-Term Amount			Long-Term Amount			Total Amount

AZL MVP Fusion Moderate Fund		$	29,606,703		$	26,280,893		$	55,887,596

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL MVP Fusion Moderate Fund		$	45,117,215		$	61,329,766		$	106,446,981

(a)	Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2020, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses				Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL MVP Fusion Moderate Fund		$	38,601,376		$	—		$	(55,887,596	)		$	260,608,735		$	243,322,515

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales, straddles and mark-to-market of futures contracts.

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, 2021, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 85% of the Fund. As of June 30, 2021, the Fund had a controlling interest (in excess of 50%) in the AZL MetWest Total Return Bond fund, which is affiliated with the Manager. Investment activities of these shareholders could have a material impact to the Fund.

10. Subsequent Events

AZL MVP Fusion Moderate Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	9,698,300,664.000	461,262,722.733
Peter R. Burnim	% of votes entitled to be cast	95.460%	4.540%

Peggy L. Ettestad	Votes	9,744,785,844.047	414,777,542.686
Peggy L. Ettestad	% of votes entitled to be cast	95.917%	4.083%

Tamara Lynn Fagely	Votes	9,749,721,430.073	409,841,956.660
Tamara Lynn Fagely	% of votes entitled to be cast	95.966%	4.034%

Richard H. Forde	Votes	9,725,296,590.351	434,266,796.382
Richard H. Forde	% of votes entitled to be cast	95.726%	4.274%

Claire R. Leonardi	Votes	9,756,832,186.929	402,731,199.804
Claire R. Leonardi	% of votes entitled to be cast	96.036%	3.964%

Dickson W. Lewis	Votes	9,683,252,333.341	476,311,053.392
Dickson W. Lewis	% of votes entitled to be cast	95.312%	4.688%

Brian Muench	Votes	9,739,692,821.948	419,870,564.785
Brian Muench	% of votes entitled to be cast	95.867%	4.133%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes	724,020,610.631	25,965,700.395	64,480,992.029
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast	88.895%	3.188%	7.917%

AZL MVP Fusion^SM Conservative Fund	Votes	207,849,507.478	7,714,328.807	20,132,965.915
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast	88.185%	3.273%	8.542%

AZL MVP Fusion^SM Moderate Fund	Votes	1,675,644,566.951	51,935,064.499	151,957,164.856
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast	89.152%	2.763%	8.085%

AZL^® Balanced Index Strategy Fund	Votes	370,109,866.443	8,120,911.689	37,825,978.335
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast	88.957%	1.952%	9.092%

AZL^® MVP Balanced Index Strategy Fund	Votes	272,508,300.262	8,100,202.921	38,940,957.230
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast	85.279%	2.535%	12.186%

AZL^® MVP Growth Index Strategy Fund	Votes	2,253,168,549.922	81,030,934.965	243,425,209.080
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast	87.413%	3.144%	9.444%

AZL^® MVP Moderate Index Strategy Fund	Votes	459,489,269.089	21,433,634.607	44,698,959.196
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast	87.418%	4.078%	8.504%

AZL^® MVP Global Balanced Index Strategy Fund	Votes	607,120,765.403	28,580,727.312	67,371,200.883
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast	86.352%	4.065%	9.582%

AZL^® DFA Multi-Strategy Fund	Votes	838,713,716.278	44,467,726.830	71,863,407.006
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast	87.819%	4.656%	7.525%

AZL^® MVP DFA Multi-Strategy Fund	Votes	82,637,136.168	3,643,849.372	7,250,675.011
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast	88.352%	3.896%	7.752%


FUND		FOR	AGAINST	ABSTAIN

AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	215,631,261.075	8,954,953.342	29,292,949.884
	% of votes entitled to be cast	84.935%	3.527%	11.538%

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes	1,222,126,591.953	56,285,445.413	107,069,305.504
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast	88.210%	4.063%	7.728%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes	709,309,612.667	31,798,584.250	73,359,106.138
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast	87.089%	3.904%	9.007%

AZL MVP Fusion^SM Conservative Fund	Votes	210,036,621.710	8,331,208.078	17,328,972.411
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast	89.113%	3.535%	7.352%

AZL MVP Fusion^SM Moderate Fund	Votes	1,642,136,577.503	69,923,524.523	167,476,694.280
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast	87.369%	3.720%	8.911%

AZL^® Balanced Index Strategy Fund	Votes	371,193,748.544	7,499,541.088	37,363,466.836
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast	89.217%	1.803%	8.980%

AZL^® MVP Balanced Index Strategy Fund	Votes	269,242,580.863	12,559,386.314	37,747,493.235
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast	84.257%	3.930%	11.813%

AZL^® MVP Growth Index Strategy Fund	Votes	2,202,090,386.602	118,938,115.278	256,596,192.088
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast	85.431%	4.614%	9.955%

AZL^® MVP Moderate Index Strategy Fund	Votes	448,098,738.171	33,266,593.465	44,256,531.255
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast	85.251%	6.329%	8.420%

AZL^® MVP Global Balanced Index Strategy Fund	Votes	609,771,514.679	31,023,055.053	62,278,123.866
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast	86.729%	4.412%	8.858%

AZL^® DFA Multi-Strategy Fund	Votes	829,772,912.326	48,960,106.404	76,311,831.384
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast	86.883%	5.126%	7.990%

AZL^® MVP DFA Multi-Strategy Fund	Votes	80,825,430.550	3,740,847.678	8,965,382.323
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast	86.415%	4.000%	9.585%

AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	211,483,269.699	12,637,803.011	29,758,091.590
	% of votes entitled to be cast	83.301%	4.978%	11.721%

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes	1,191,897,700.679	69,546,262.813	124,037,379.379
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast	86.028%	5.020%	8.953%

Other Information (Unaudited)

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® MVP Global Balanced Index Strategy Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

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Page 3

Page 3

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Page 5

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Page 12

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 14

Page 15

AZL MVP Global Balanced Index Strategy Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Global Balanced Index Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP Global Balanced Index Strategy Fund		$	1,000.00		$	1,052.00		$	0.66		0.13	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP Global Balanced Index Strategy Fund		$	1,000.00		$	1,024.15		$	0.65		0.13	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

International Equity Funds		48.8	%

Fixed Income Fund		45.9

Private Placements		0.1

Corporate Bonds		0.1

Preferred Stock		0.1

Common Stock		0.1

Convertible Bond		—	^†


Total Investment Securities		95.1

Net other assets (liabilities)		4.9


Net Assets		100.0	%

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

United States		94.9	%

Australia		0.2

India		—	^†


Total Investment Securities		95.1

Net other assets (liabilities)		4.9


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL MVP Global Balanced Index Strategy Fund

Consolidated Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value

Common Stock (0.1%):
Paper & Forest Products (0.1%):
	386,370	Quintis Pty, Ltd.(a)(b)	$	376,610

	Total Common Stock (Cost $253,669)			376,610

Preferred Stock (0.1%):
Health Care Providers & Services (0.1%):
	143,925	Grand Rounds, Inc., Series C(a)(b)		529,644

	Total Preferred Stock (Cost $400,112)			529,644

Private Placements (0.1%):
Household Durables (0.0%^†):
	23,389	Jawbone, 0.00%(a)(b)		—

Internet Software & Services (0.1%):
	5,547	Lookout, Inc., 0.00%(a)(b)		64,623
	63,925	Lookout, Inc. Preferred Shares, Series F, 0.00%(a)(b)		744,726

	Total Private Placements (Cost $485,378)			809,349


Principal Amount			Value
Convertible Bond (0.0%^†):
Food Products (0.0%^†):
	400,000	REI Agro, Ltd., Registered Shares, 5.50%, 12/8/19(a)(b)(c)		—

	Total Convertible Bond (Cost $ —)			—

Corporate Bonds (0.1%):
Paper & Forest Products (0.1%):
	48,384	Quintis Pty, Ltd., 7.50%, 10/1/26, Callable 10/1/21 @ 105.63(a)(b)		48,384
	730,672	Quintis Pty, Ltd., 0.00%, 10/1/28, Callable 8/9/21 @ 94(a)(b)		730,672

	Total Corporate Bonds (Cost $779,056)			779,056


Shares			Value
Affiliated Investment Companies (94.7%):
Fixed Income Fund (45.9%):
	28,450,961	AZL Enhanced Bond Index Fund	$	329,177,624

International Equity Funds (48.8%):
	4,284,009	AZL MSCI Emerging Markets Equity Index Fund, Class 2		39,155,845
	19,260,053	AZL MSCI Global Equity Index Fund, Class 2		311,435,063

				350,590,908

	Total Affiliated Investment Companies (Cost $562,862,497)			679,768,532

	Total Investment Securities
	(Cost $564,780,712) — 95.1%			682,263,191
	Net other assets (liabilities) — 4.9%			35,224,159

	Net Assets — 100.0%		$	717,487,350

Percentages indicated are based on net assets as of June 30, 2021.

†	Represents less than 0.05%.

(a)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of June 30, 2021, these securities represent 0.35% of the net assets of the fund.

(b)	Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of June 30, 2021. The total of all such securities represent 0.35% of the net assets of the fund.

(c)	Defaulted bond.

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

Futures Contracts

At June 30, 2021, 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)		9/17/21		82	$	17,583,260	$	325,839
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/21		133		17,622,500		53,988

							$	379,827

See accompanying notes to the financial statements.

AZL MVP Global Balanced Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investment in non-affiliates, at cost	$	1,918,215
Investments in affiliates, at cost		562,862,497

Investment in non-affiliates, at value	$	2,494,659
Investments in affiliates, at value		679,768,532
Deposit at broker for futures contracts collateral		35,328,476
Interest and dividends receivable		1,356
Receivable for investments sold		439,217
Reclaims receivable		103,560
Prepaid expenses		1,827

Total Assets		718,137,627

Liabilities:
Cash overdraft		413,741
Payable for capital shares redeemed		143,522
Manager fees payable		59,027
Administration fees payable		5,568
Custodian fees payable		410
Administrative and compliance services fees payable		998
Transfer agent fees payable		703
Trustee fees payable		5,015
Other accrued liabilities		21,293

Total Liabilities		650,277

Net Assets	$	717,487,350

Net Assets Consist of:
Paid in capital	$	578,766,634
Total distributable earnings		138,720,716

Net Assets	$	717,487,350

Shares of beneficial interest (unlimited number of shares authorized, no par value)		55,388,284
Net Asset Value (offering and redemption price per share)	$	12.95

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Interest	$	5,402
Dividends from non-affiliates		8
Foreign withholding tax		(14,499	)

Total Investment Income		(9,089	)

Expenses:
Manager fees		354,852
Administration fees		32,171
Custodian fees		2,344
Administrative and compliance services fees		5,396
Transfer agent fees		2,940
Trustee fees		19,403
Professional fees		15,573
Shareholder reports		16,188
Other expenses		4,831

Total expenses		453,698

Net Investment Income/(Loss)		(462,787	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		1,802,695
Net realized gains/(losses) on affiliated underlying funds		9,135,889
Net realized gains/(losses) on futures contracts		1,844,770
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(1,396,598	)
Change in net unrealized appreciation/depreciation on affiliated underlying funds		25,326,672
Change in net unrealized appreciation/depreciation on futures contracts		12,620

Net realized and Change in net unrealized gains/losses on investments		36,726,048

Change in Net Assets Resulting From Operations	$	36,263,261

See accompanying notes to the financial statements.

AZL MVP Global Balanced Index Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(462,787	)		$	10,435,456
Net realized gains/(losses) on investments			12,783,354				(1,262,720	)
Change in unrealized appreciation/depreciation on investments			23,942,694				41,143,229

Change in net assets resulting from operations			36,263,261				50,315,965

Distributions to Shareholders:
Distributions			—				(83,618,380	)

Change in net assets resulting from distributions to shareholders			—				(83,618,380	)

Capital Transactions:
Proceeds from shares issued			1,105,750				743,757
Proceeds from dividends reinvested			—				83,618,380
Value of shares redeemed			(36,806,944	)			(97,839,917	)

Change in net assets resulting from capital transactions			(35,701,194	)			(13,477,780	)

Change in net assets			562,067				(46,780,195	)
Net Assets:
Beginning of period			716,925,283				763,705,478

End of period		$	717,487,350			$	716,925,283

Share Transactions:
Shares issued			88,845				55,636
Dividends reinvested			—				7,214,701
Shares redeemed			(2,917,618	)			(7,855,941	)

Change in shares			(2,828,773	)			(585,604	)

Amounts

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

See accompanying notes to the financial statements.

AZL MVP Global Balanced Index Strategy Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019^†				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	12.31			$	12.99			$	11.62			$	12.59			$	11.33			$	11.69

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.19	(a)			0.18	(a)			0.18				0.11				0.10
Net Realized and Unrealized Gains/(Losses) on Investments			0.65				0.73				1.68				(0.90	)			1.20				0.27

Total from Investment Activities			0.64				0.92				1.86				(0.72	)			1.31				0.37

Distributions to Shareholders From:
Net Investment Income			—				(1.22	)			(0.23	)			(0.18	)			(0.05	)			(0.31	)
Net Realized Gains			—				(0.38	)			(0.26	)			(0.07	)			—				(0.42	)

Total Dividends			—				(1.60	)			(0.49	)			(0.25	)			(0.05	)			(0.73	)

Net Asset Value, End of Period		$	12.95			$	12.31			$	12.99			$	11.62			$	12.59			$	11.33

Total Return(b)			5.20	%(c)			7.81	%			16.20	%			(5.77	)%			11.54	%			3.34	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	717,487			$	716,925			$	763,705			$	735,489			$	834,164			$	814,519
Net Investment Income/(Loss)(d)			(0.13	)%			1.49	%			1.40	%			1.43	%			0.97	%			0.85	%
Expenses Before Reductions*(d)(e)			0.13	%			0.13	%			0.66	%			0.69	%			0.71	%			1.11	%
Expenses Net of Reductions*(d)			0.13	%			0.13	%			0.66	%			0.69	%			0.71	%			1.11	%
Portfolio Turnover Rate			1	%(c)			9	%			103	%(f)			39	%			40	%			91	%

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

†	Prior to December 6, 2019, the Fund primarily invested in shares of a wholly-owned and controlled subsidiary which was liquidated as of that date. Amounts shown reflect consolidated figures for periods prior to December 6, 2019.

(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.

See accompanying notes to the financial statements.

AZL MVP Global Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 12 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 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

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

Expense Allocation

AZL MVP Global Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Affiliated Securities 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, 2021, 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 fair 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, 2021, the monthly average notional amount for long contracts was $32.6 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 fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value

Statement of Assets and Liabilities Location

Total Fair
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

325,839

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

53,988

Payable for variation margin on futures contracts*

—

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, 2021:


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

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts	$	2,262,321		$	(16,648	)

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts		(417,551	)		29,268

3. Fees and Transactions with Affiliates and Other Parties

AZL MVP Global Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL MVP Global Balanced Index Strategy Fund		0.10	%		0.15	%


	Value 12/31/2020			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2021			Shares as of 6/30/2021		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL Enhanced Bond Index Fund		$	325,541,660		$	9,537,238		$	—			$	—		$	(5,901,274	)		$	329,177,624		28,450,961		$	—		$	—
AZL MSCI Emerging Markets Equity Index Fund, Class 2			39,749,031			—			(3,370,665	)			633,084			2,144,395				39,155,845		4,284,009			—			—
AZL MSCI Global Equity Index Fund, Class 2			316,790,183			—			(42,941,476	)			8,502,805			29,083,551				311,435,063		19,260,053			—			—

		$	682,080,874		$	9,537,238		$	(46,312,141	)		$	9,135,889		$	25,326,672			$	679,768,532		51,995,023		$	—		$	—

4. Investment Valuation Summary

●

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)

AZL MVP Global Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs ormethodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are generally provided by an independent third party pricing service approved by the 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 for long securities and the last quoted ask price is used for securities sold short. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as 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 last sales price as of the close of 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 approved by the Trustees. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Other assets and securities for which market quotations are not readily available, or are deemed unreliable are valued at fair value as determined in good faith by the Trustees or persons acting on the behalf of the Trustees. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The 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 procedures adopted by the Trustees, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. Management identifies possible fluctuation in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the 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 following is a summary of the valuation inputs used as of June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3				Total
Common Stock+		$	—		$	—		$	376,610			$	376,610
Preferred Stock+			—			—			529,644				529,644
Private Placements+			—			—			809,349				809,349
Convertible Bond+			—			—			—	#			—
Corporate Bonds+			—			—			779,056				779,056
Affiliated Investment Companies			679,768,532			—			—				679,768,532

Total Investment Securities			679,768,532			—			2,494,659				682,263,191

Other Financial Instruments:*
Futures Contracts			379,827			—			—				379,827

Total Investments		$	680,148,359		$	—		$	2,494,659			$	682,643,018

+	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, 2021.

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP Global Balanced Index Strategy Fund		$	9,539,099		$	48,656,483

AZL MVP Global Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 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 June 30, 2021 are identified below:


Security	Acquisition Date(a)		Acquisition Cost			Shares or Principal Amount		Fair Value			Percentage of Net Assets

Grand Rounds, Inc., Series C		3/31/15		$	399,608		143,925		$	529,644		0.07	%

Jawbone		1/24/17			—		23,389			—		0.00	%

Lookout, Inc.		3/4/15			63,364		5,547			64,623		0.01	%

Lookout, Inc. Preferred Shares, Series F		9/19/14			730,222		63,925			744,726		0.10	%

Quintis Pty, Ltd.		10/25/18			223,960		386,370			376,610		0.06	%

Quintis Pty, Ltd., 7.50%, 10/1/26, Callable 10/1/21 @ 105.63		10/25/18			48,384		48,384			48,384		0.01	%

Quintis Pty, Ltd., 10/1/28, Callable 2/11/21 @ 94.00		10/25/18			730,672		730,672			730,672		0.10	%

REI Agro, Ltd., Registered Shares, 5.50%, 12/8/19		2/7/12			300,000		400,000			–		0.00	%

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

7. Investment Risks

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.

Interest Rate Risk: Debt securities held by an underlying fund may decline in value due to rising interest rates.

8. Coronavirus (COVID-19) Pandemic

9. Federal Tax Information

AZL MVP Global Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $593,456,768. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	93,062,422
Unrealized (depreciation)		(6,483	)

Net unrealized appreciation/(depreciation)	$	93,055,939

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL MVP Global Balanced Index Strategy Fund		$	66,118,874		$	17,499,506		$	83,618,380

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2020, the components of accumulated earnings on a tax basis were as follows:


	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		$	37,629,535		$	13,696,458		$	—		$	93,065,426		$	144,391,419

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales and mark-to-market of futures contracts.

10. 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, 2021, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 85% of the Fund. As of June 30, 2021, the Fund had a controlling interest (in excess of 50%) in the AZL MSCI Global Equity Index Fund, which is affiliated with the Manager. Investment activities of these shareholders could have a material impact to the Fund.

11. Subsequent Events

AZL MVP Global Balanced Index Strategy Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	9,698,300,664.000	461,262,722.733
Peter R. Burnim	% of votes entitled to be cast	95.460%	4.540%

Peggy L. Ettestad	Votes	9,744,785,844.047	414,777,542.686
Peggy L. Ettestad	% of votes entitled to be cast	95.917%	4.083%

Tamara Lynn Fagely	Votes	9,749,721,430.073	409,841,956.660
Tamara Lynn Fagely	% of votes entitled to be cast	95.966%	4.034%

Richard H. Forde	Votes	9,725,296,590.351	434,266,796.382
Richard H. Forde	% of votes entitled to be cast	95.726%	4.274%

Claire R. Leonardi	Votes	9,756,832,186.929	402,731,199.804
Claire R. Leonardi	% of votes entitled to be cast	96.036%	3.964%

Dickson W. Lewis	Votes	9,683,252,333.341	476,311,053.392
Dickson W. Lewis	% of votes entitled to be cast	95.312%	4.688%

Brian Muench	Votes	9,739,692,821.948	419,870,564.785
Brian Muench	% of votes entitled to be cast	95.867%	4.133%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes	724,020,610.631	25,965,700.395	64,480,992.029
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast	88.895%	3.188%	7.917%

AZL MVP Fusion^SM Conservative Fund	Votes	207,849,507.478	7,714,328.807	20,132,965.915
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast	88.185%	3.273%	8.542%

AZL MVP Fusion^SM Moderate Fund	Votes	1,675,644,566.951	51,935,064.499	151,957,164.856
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast	89.152%	2.763%	8.085%

AZL^® Balanced Index Strategy Fund	Votes	370,109,866.443	8,120,911.689	37,825,978.335
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast	88.957%	1.952%	9.092%

AZL^® MVP Balanced Index Strategy Fund	Votes	272,508,300.262	8,100,202.921	38,940,957.230
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast	85.279%	2.535%	12.186%

AZL^® MVP Growth Index Strategy Fund	Votes	2,253,168,549.922	81,030,934.965	243,425,209.080
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast	87.413%	3.144%	9.444%

AZL^® MVP Moderate Index Strategy Fund	Votes	459,489,269.089	21,433,634.607	44,698,959.196
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast	87.418%	4.078%	8.504%

AZL^® MVP Global Balanced Index Strategy Fund	Votes	607,120,765.403	28,580,727.312	67,371,200.883
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast	86.352%	4.065%	9.582%

AZL^® DFA Multi-Strategy Fund	Votes	838,713,716.278	44,467,726.830	71,863,407.006
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast	87.819%	4.656%	7.525%

AZL^® MVP DFA Multi-Strategy Fund	Votes	82,637,136.168	3,643,849.372	7,250,675.011
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast	88.352%	3.896%	7.752%


FUND		FOR	AGAINST	ABSTAIN

AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	215,631,261.075	8,954,953.342	29,292,949.884
	% of votes entitled to be cast	84.935%	3.527%	11.538%

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes	1,222,126,591.953	56,285,445.413	107,069,305.504
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast	88.210%	4.063%	7.728%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes	709,309,612.667	31,798,584.250	73,359,106.138
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast	87.089%	3.904%	9.007%

AZL MVP Fusion^SM Conservative Fund	Votes	210,036,621.710	8,331,208.078	17,328,972.411
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast	89.113%	3.535%	7.352%

AZL MVP Fusion^SM Moderate Fund	Votes	1,642,136,577.503	69,923,524.523	167,476,694.280
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast	87.369%	3.720%	8.911%

AZL^® Balanced Index Strategy Fund	Votes	371,193,748.544	7,499,541.088	37,363,466.836
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast	89.217%	1.803%	8.980%

AZL^® MVP Balanced Index Strategy Fund	Votes	269,242,580.863	12,559,386.314	37,747,493.235
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast	84.257%	3.930%	11.813%

AZL^® MVP Growth Index Strategy Fund	Votes	2,202,090,386.602	118,938,115.278	256,596,192.088
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast	85.431%	4.614%	9.955%

AZL^® MVP Moderate Index Strategy Fund	Votes	448,098,738.171	33,266,593.465	44,256,531.255
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast	85.251%	6.329%	8.420%

AZL^® MVP Global Balanced Index Strategy Fund	Votes	609,771,514.679	31,023,055.053	62,278,123.866
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast	86.729%	4.412%	8.858%

AZL^® DFA Multi-Strategy Fund	Votes	829,772,912.326	48,960,106.404	76,311,831.384
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast	86.883%	5.126%	7.990%

AZL^® MVP DFA Multi-Strategy Fund	Votes	80,825,430.550	3,740,847.678	8,965,382.323
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast	86.415%	4.000%	9.585%

AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	211,483,269.699	12,637,803.011	29,758,091.590
	% of votes entitled to be cast	83.301%	4.978%	11.721%

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes	1,191,897,700.679	69,546,262.813	124,037,379.379
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast	86.028%	5.020%	8.953%

Other Information (Unaudited)

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® MVP Growth Index Strategy Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Page 11

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 13

Page 14

AZL MVP Growth Index Strategy Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Growth Index Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP Growth Index Strategy Fund		$	1,000.00		$	1,103.40		$	0.63		0.12	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP Growth Index Strategy Fund		$	1,000.00		$	1,024.20		$	0.60		0.12	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Domestic Equity Funds		54.4	%

Fixed Income Fund		21.9

International Equity Fund		19.3


Total Investment Securities		95.6

Net other assets (liabilities)		4.4


Net Assets		100.0	%

AZL MVP Growth Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Affiliated Investment Companies (95.6%):
Domestic Equity Funds (54.4%):
	10,933,305	AZL Mid Cap Index Fund, Class 2	$	307,881,855
	41,988,839	AZL S&P 500 Index Fund, Class 2		982,958,725
	9,453,373	AZL Small Cap Stock Index Fund, Class 2		160,045,613

				1,450,886,193

Fixed Income Fund (21.9%):
	50,453,265	AZL Enhanced Bond Index Fund		583,744,275

International Equity Fund (19.3%):
	27,144,606	AZL International Index Fund, Class 2		513,847,395

	Total Affiliated Investment Companies (Cost $1,751,668,027)			2,548,477,863

	Total Investment Securities (Cost $1,751,668,027) — 95.6%			2,548,477,863
	Net other assets (liabilities) — 4.4%			117,389,485

	Net Assets — 100.0%		$	2,665,867,348

Percentages indicated are based on net assets as of June 30, 2021.

Futures Contracts

At June 30, 2021, 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)		9/17/21		413	$	88,559,590	$	1,638,877
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/21		222		29,415,000		90,843

							$	1,729,720

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliates, at cost	$	1,751,668,027

Investments in affiliates, at value	$	2,548,477,863
Deposit at broker for futures contracts collateral		118,201,206
Interest and dividends receivable		1,515
Receivable for capital shares issued		188,181
Receivable for affiliated investments sold		446,959
Receivable for variation margin on futures contracts		155
Prepaid expenses		6,349

Total Assets		2,667,322,228

Liabilities:
Cash overdraft		447,191
Payable for capital shares redeemed		672,806
Manager fees payable		219,605
Administration fees payable		7,868
Custodian fees payable		230
Administrative and compliance services fees payable		4,379
Transfer agent fees payable		911
Trustee fees payable		22,002
Other accrued liabilities		79,888

Total Liabilities		1,454,880

Net Assets	$	2,665,867,348

Net Assets Consist of:
Paid in capital	$	1,935,157,210
Total distributable earnings		730,710,138

Net Assets	$	2,665,867,348

Shares of beneficial interest (unlimited number of shares authorized, no par value)		153,245,990
Net Asset Value (offering and redemption price per share)	$	17.40

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Interest	$	11,727
Dividends from non-affiliates		1

Total Investment Income		11,728

Expenses:
Manager fees		1,308,790
Administration fees		34,325
Custodian fees		968
Administrative and compliance services fees		17,714
Transfer agent fees		2,914
Trustee fees		63,523
Professional fees		51,271
Shareholder reports		36,183
Other expenses		16,377

Total expenses		1,532,065

Net Investment Income/(Loss)		(1,520,337	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		51,714,370
Net realized gains/(losses) on futures contracts		10,145,917
Change in net unrealized appreciation/depreciation on affiliated underlying funds		198,734,572
Change in net unrealized appreciation/depreciation on futures contracts		(222,018	)

Net realized and Change in net unrealized gains/losses on investments		260,372,841

Change in Net Assets Resulting From Operations	$	258,852,504

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(1,520,337	)		$	43,069,399
Net realized gains/(losses) on investments			61,860,287				(105,449,158	)
Change in unrealized appreciation/depreciation on investments			198,512,554				166,112,078

Change in net assets resulting from operations			258,852,504				103,732,319

Distributions to Shareholders:
Distributions			—				(146,584,397	)

Change in net assets resulting from distributions to shareholders			—				(146,584,397	)

Capital Transactions:
Proceeds from shares issued			6,469,838				35,195,872
Proceeds from dividends reinvested			—				146,584,397
Value of shares redeemed			(177,497,194	)			(283,233,573	)

Change in net assets resulting from capital transactions			(171,027,356	)			(101,453,304	)

Change in net assets			87,825,148				(144,305,382	)
Net Assets:
Beginning of period			2,578,042,200				2,722,347,582

End of period		$	2,665,867,348			$	2,578,042,200

Share Transactions:
Shares issued			390,320				2,437,703
Dividends reinvested			—				10,088,396
Shares redeemed			(10,656,670	)			(18,912,826	)

Change in shares			(10,266,350	)			(6,386,727	)

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

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	15.77			$	16.02			$	13.99			$	15.56			$	14.08			$	13.55

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.26	(a)			0.26	(a)			0.26				0.11				0.14
Net Realized and Unrealized Gains/(Losses) on Investments			1.64				0.42				2.55				(1.22	)			2.10				0.77

Total from Investment Activities			1.63				0.68				2.81				(0.96	)			2.21				0.91

Distributions to Shareholders From:
Net Investment Income			—				(0.29	)			(0.35	)			(0.13	)			(0.18	)			(0.30	)
Net Realized Gains			—				(0.64	)			(0.43	)			(0.48	)			(0.55	)			(0.08	)

Total Dividends			—				(0.93	)			(0.78	)			(0.61	)			(0.73	)			(0.38	)

Net Asset Value, End of Period		$	17.40			$	15.77			$	16.02			$	13.99			$	15.56			$	14.08

Total Return(b)			10.34	%(c)			4.73	%			20.52	%			(6.45	)%			15.96	%			6.80	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	2,665,867			$	2,578,042			$	2,722,348			$	2,423,165			$	2,634,555			$	2,243,373
Net Investment Income/(Loss)(d)			(0.12	)%			1.76	%			1.67	%			1.71	%			0.74	%			1.55	%
Expenses Before Reductions*(d)(e)			0.12	%			0.12	%			0.12	%			0.12	%			0.11	%			0.12	%
Expenses Net of Reductions*(d)			0.12	%			0.12	%			0.12	%			0.12	%			0.11	%			0.12	%
Portfolio Turnover Rate			2	%(c)			12	%			5	%			4	%			4	%			4	%(f)

*	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.

(f)	Cost of purchases and proceeds from sales of portfolio securities incurred to realign the Fund’s portfolio after the fund merger are excluded from the portfolio turnover rate. If such amounts had not been excluded, the portfolio turnover rate would have been 4%.

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Growth Index Strategy Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

Derivative Instruments

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Futures Contracts

During the period ended June 30, 2021, 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 fair 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, 2021, the monthly average notional amount for long contracts was $111.5 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 fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value

Statement of Assets and Liabilities Location

Total Fair
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

1,638,877

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

90,843

Payable for variation margin on futures contracts*

—

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, 2021:


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

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts	$	10,877,148		$	(270,901	)

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts		(731,231	)		48,883

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	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, 2021 (Unaudited)


	Value 12/31/2020			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2021			Shares as of 6/30/2021		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL Enhanced Bond Index Fund		$	552,144,793		$	41,764,841		$	—			$	—		$	(10,165,359	)		$	583,744,275		50,453,265		$	—		$	—
AZL International Index Fund, Class 2			510,235,006			—			(39,445,285	)			6,044,842			37,012,832				513,847,395		27,144,606			—			—
AZL Mid Cap Index Fund, Class 2			300,904,342			—			(41,410,174	)			9,552,448			38,835,239				307,881,855		10,933,305			—			—
AZL S&P 500 Index Fund, Class 2			951,380,916			—			(104,236,072	)			31,757,729			104,056,152				982,958,725		41,988,839			—			—
AZL Small Cap Stock Index Fund, Class 2			159,337,682			—			(32,647,128	)			4,359,351			28,995,708				160,045,613		9,453,373			—			—

		$	2,474,002,739		$	41,764,841		$	(217,738,659	)		$	51,714,370		$	198,734,572			$	2,548,477,863		139,973,388		$	—		$	—

4. Investment Valuation Summary

●

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)

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Companies		$	2,548,477,863		$	—		$	—		$	2,548,477,863

Total Investment Securities			2,548,477,863			—			—			2,548,477,863

Other Financial Instruments:*
Futures Contracts			1,729,720			—			—			1,729,720

Total Investments		$	2,550,207,583		$	—		$	—		$	2,550,207,583

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP Growth Index Strategy Fund		$	41,764,841		$	217,738,660

6. Investment Risks

Interest Rate Risk: Debt securities held by an underlying fund may decline in value due to rising interest rates.

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $1,909,371,323. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	564,631,416
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	564,631,416

The tax character of dividends paid to shareholders during the year ended December 31, 2020 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL MVP Growth Index Strategy Fund		$	70,129,545		$	76,454,852		$	146,584,397

(a)	Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2020, the components of accumulated earnings on a tax basis were as follows:


	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		$	125,623,164		$	113,579,446		$	—		$	564,631,416		$	803,834,026

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales and mark-to-market of futures contracts.

9. Ownership and Principal Holders

10. Subsequent Events

AZL MVP Growth Index Strategy Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR			WITHHELD
Peter R. Burnim	Votes		9,698,300,664.000			461,262,722.733
Peter R. Burnim	% of votes entitled to be cast		95.460	%		4.540	%
Peggy L. Ettestad	Votes		9,744,785,844.047			414,777,542.686
Peggy L. Ettestad	% of votes entitled to be cast		95.917	%		4.083	%
Tamara Lynn Fagely	Votes		9,749,721,430.073			409,841,956.660
Tamara Lynn Fagely	% of votes entitled to be cast		95.966	%		4.034	%
Richard H. Forde	Votes		9,725,296,590.351			434,266,796.382
Richard H. Forde	% of votes entitled to be cast		95.726	%		4.274	%
Claire R. Leonardi	Votes		9,756,832,186.929			402,731,199.804
Claire R. Leonardi	% of votes entitled to be cast		96.036	%		3.964	%
Dickson W. Lewis	Votes		9,683,252,333.341			476,311,053.392
Dickson W. Lewis	% of votes entitled to be cast		95.312	%		4.688	%
Brian Muench	Votes		9,739,692,821.948			419,870,564.785
Brian Muench	% of votes entitled to be cast		95.867	%		4.133	%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR		AGAINST			ABSTAIN
AZL MVP Fusion^SM Balanced Fund	Votes		724,020,610.631			25,965,700.395			64,480,992.029
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast				88.895	%		3.188	%	7.917	%
AZL MVP Fusion^SM Conservative Fund	Votes		207,849,507.478			7,714,328.807			20,132,965.915
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast				88.185	%		3.273	%	8.542	%
AZL MVP Fusion^SM Moderate Fund	Votes		1,675,644,566.951			51,935,064.499			151,957,164.856
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast				89.152	%		2.763	%	8.085	%
AZL^® Balanced Index Strategy Fund	Votes		370,109,866.443			8,120,911.689			37,825,978.335
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast				88.957	%		1.952	%	9.092	%
AZL^® MVP Balanced Index Strategy Fund	Votes		272,508,300.262			8,100,202.921			38,940,957.230
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast				85.279	%		2.535	%	12.186	%
AZL^® MVP Growth Index Strategy Fund	Votes		2,253,168,549.922			81,030,934.965			243,425,209.080
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast				87.413	%		3.144	%	9.444	%
AZL^® MVP Moderate Index Strategy Fund	Votes		459,489,269.089			21,433,634.607			44,698,959.196
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast				87.418	%		4.078	%	8.504	%
AZL^® MVP Global Balanced Index Strategy Fund	Votes		607,120,765.403			28,580,727.312			67,371,200.883
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast				86.352	%		4.065	%	9.582	%
AZL^® DFA Multi-Strategy Fund	Votes		838,713,716.278			44,467,726.830			71,863,407.006
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast				87.819	%		4.656	%	7.525	%
AZL^® MVP DFA Multi-Strategy Fund	Votes		82,637,136.168			3,643,849.372			7,250,675.011
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast				88.352	%		3.896	%	7.752	%
AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes		215,631,261.075			8,954,953.342			29,292,949.884
	% of votes entitled to be cast				84.935	%		3.527	%	11.538	%
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes		1,222,126,591.953			56,285,445.413			107,069,305.504
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast				88.210	%		4.063	%	7.728	%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR			AGAINST			ABSTAIN
AZL MVP Fusion^SM Balanced Fund	Votes		709,309,612.667			31,798,584.250			73,359,106.138
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast		87.089	%		3.904	%		9.007	%
AZL MVP Fusion^SM Conservative Fund	Votes		210,036,621.710			8,331,208.078			17,328,972.411
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast		89.113	%		3.535	%		7.352	%
AZL MVP Fusion^SM Moderate Fund	Votes		1,642,136,577.503			69,923,524.523			167,476,694.280
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast		87.369	%		3.720	%		8.911	%
AZL^® Balanced Index Strategy Fund	Votes		371,193,748.544			7,499,541.088			37,363,466.836
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast		89.217	%		1.803	%		8.980	%
AZL^® MVP Balanced Index Strategy Fund	Votes		269,242,580.863			12,559,386.314			37,747,493.235
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast		84.257	%		3.930	%		11.813	%
AZL^® MVP Growth Index Strategy Fund	Votes		2,202,090,386.602			118,938,115.278			256,596,192.088
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast		85.431	%		4.614	%		9.955	%
AZL^® MVP Moderate Index Strategy Fund	Votes		448,098,738.171			33,266,593.465			44,256,531.255
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast		85.251	%		6.329	%		8.420	%
AZL^® MVP Global Balanced Index Strategy Fund	Votes		609,771,514.679			31,023,055.053			62,278,123.866
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast		86.729	%		4.412	%		8.858	%
AZL^® DFA Multi-Strategy Fund	Votes		829,772,912.326			48,960,106.404			76,311,831.384
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast		86.883	%		5.126	%		7.990	%
AZL^® MVP DFA Multi-Strategy Fund	Votes		80,825,430.550			3,740,847.678			8,965,382.323
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast		86.415	%		4.000	%		9.585	%
AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes		211,483,269.699			12,637,803.011			29,758,091.590
	% of votes entitled to be cast		83.301	%		4.978	%		11.721	%
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes		1,191,897,700.679			69,546,262.813			124,037,379.379
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast		86.028	%		5.020	%		8.953	%

Other Information (Unaudited)

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® MVP Moderate Index Strategy Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Page 11

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 13

Page 14

AZL MVP Moderate Index Strategy Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Moderate Index Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP Moderate Index Strategy Fund		$	1,000.00		$	1,078.10		$	0.67		0.13	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MVP Moderate Index Strategy Fund		$	1,000.00		$	1,024.15		$	0.65		0.13	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Domestic Equity Funds		43.4	%

Fixed Income Fund		36.5

International Equity Fund		15.1


Total Investment Securities		95.0

Net other assets (liabilities)		5.0


Net Assets		100.0	%

AZL MVP Moderate Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Affiliated Investment Companies (95.0%):
Domestic Equity Funds (43.4%):
	1,780,943	AZL Mid Cap Index Fund, Class 2	$	50,151,364
	6,694,682	AZL S&P 500 Index Fund, Class 2		156,722,496
	1,539,084	AZL Small Cap Stock Index Fund, Class 2		26,056,694

				232,930,554

Fixed Income Fund (36.5%):
	16,970,726	AZL Enhanced Bond Index Fund		196,351,294

International Equity Fund (15.1%):
	4,285,504	AZL International Index Fund, Class 2		81,124,585

	Total Affiliated Investment Companies (Cost $388,346,426)			510,406,433

	Total Investment Securities (Cost $388,346,426) — 95.0%			510,406,433
	Net other assets (liabilities) — 5.0%			26,627,258

	Net Assets — 100.0%		$	537,033,691

Percentages indicated are based on net assets as of June 30, 2021.

Futures Contracts

At June 30, 2021, 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)		9/17/21		75	$	16,082,250	$	298,024

U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/21		81		10,732,500		32,663

							$	330,687

See accompanying notes to the financial statements.

AZL MVP Moderate Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliates, at cost	$	388,346,426

Investments in affiliates, at value	$	510,406,433
Deposit at broker for futures contracts collateral		26,916,494
Interest and dividends receivable		348
Receivable for affiliated investments sold		502,114
Prepaid expenses		1,356

Total Assets		537,826,745

Liabilities:
Cash overdraft		502,113
Payable for capital shares redeemed		218,238
Manager fees payable		44,197
Administration fees payable		6,065
Custodian fees payable		161
Administrative and compliance services fees payable		834
Transfer agent fees payable		772
Trustee fees payable		4,181
Other accrued liabilities		16,493

Total Liabilities		793,054

Net Assets	$	537,033,691

Net Assets Consist of:
Paid in capital	$	398,286,865
Total distributable earnings		138,746,826

Net Assets	$	537,033,691

Shares of beneficial interest (unlimited number of shares authorized, no par value)		32,959,367
Net Asset Value (offering and redemption price per share)	$	16.29

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Interest	$	2,981
Dividends from non-affiliates		1

Total Investment Income		2,982

Expenses:
Manager fees		265,653
Administration fees		29,650
Custodian fees		754
Administrative and compliance services fees		3,791
Transfer agent fees		2,732
Trustee fees		13,636
Professional fees		10,955
Shareholder reports		9,445
Other expenses		3,431

Total expenses		340,047

Net Investment Income/(Loss)		(337,065	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		11,929,363
Net realized gains/(losses) on futures contracts		1,998,657
Change in net unrealized appreciation/depreciation on affiliated underlying funds		27,034,687
Change in net unrealized appreciation/depreciation on futures contracts		(45,388	)

Net realized and Change in net unrealized gains/losses on investments		40,917,319

Change in Net Assets Resulting From Operations	$	40,580,254

See accompanying notes to the financial statements.

AZL MVP Moderate Index Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(337,065	)		$	9,270,511
Net realized gains/(losses) on investments			13,928,020				(5,436,251	)
Change in unrealized appreciation/depreciation on investments			26,989,299				29,739,171

Change in net assets resulting from operations			40,580,254				33,573,431

Distributions to Shareholders:
Distributions			—				(26,222,624	)

Change in net assets resulting from distributions to shareholders			—				(26,222,624	)

Capital Transactions:
Proceeds from shares issued			1,992,590				31,629,823
Proceeds from dividends reinvested			—				26,222,624
Value of shares redeemed			(39,392,771	)			(65,647,289	)

Change in net assets resulting from capital transactions			(37,400,181	)			(7,794,842	)

Change in net assets			3,180,073				(444,035	)
Net Assets:
Beginning of period			533,853,618				534,297,653

End of period		$	537,033,691			$	533,853,618

Share Transactions:
Shares issued			127,039				2,331,694
Dividends reinvested			—				1,871,708
Shares redeemed			(2,508,852	)			(4,573,739	)

Change in shares			(2,381,813	)			(370,337	)

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

See accompanying notes to the financial statements.

AZL MVP Moderate Index Strategy Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	15.11			$	14.96			$	13.28			$	14.68			$	13.50			$	13.49

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.26	(a)			0.26	(a)			0.26				0.12				0.23
Net Realized and Unrealized Gains/(Losses) on Investments			1.19				0.64				2.17				(1.00	)			1.64				0.48

Total from Investment Activities			1.18				0.90				2.43				(0.74	)			1.76				0.71

Distributions to Shareholders From:
Net Investment Income			—				(0.27	)			(0.32	)			(0.13	)			(0.24	)			(0.30	)
Net Realized Gains			—				(0.48	)			(0.43	)			(0.53	)			(0.34	)			(0.40	)

Total Dividends			—				(0.75	)			(0.75	)			(0.66	)			(0.58	)			(0.70	)

Net Asset Value, End of Period		$	16.29			$	15.11			$	14.96			$	13.28			$	14.68			$	13.50

Total Return(b)			7.81	%(c)			6.44	%			18.64	%			(5.26	)%			13.21	%			5.43	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	537,034			$	533,854			$	534,298			$	489,072			$	551,868			$	520,112
Net Investment Income/(Loss)(d)			(0.13	)%			1.83	%			1.77	%			1.73	%			0.73	%			1.71	%
Expenses Before Reductions*(d)(e)			0.13	%			0.13	%			0.13	%			0.13	%			0.12	%			0.13	%
Expenses Net of Reductions*(d)			0.13	%			0.13	%			0.13	%			0.13	%			0.12	%			0.13	%
Portfolio Turnover Rate			2	%(c)			18	%			5	%			5	%			5	%			108	%(f)

*	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.

(f)

Effective October 14, 2016, the investment strategy of the Fund changed. Costs of purchases and proceeds from sales of portfolio securities associated with the changes in investment strategy contributed to higher portfolio turnover rate for the period ended December 31, 2016 as compared to prior years.

See accompanying notes to the financial statements.

AZL MVP Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Moderate Index Strategy Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

Derivative Instruments

AZL MVP Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Futures Contracts

During the period ended June 30, 2021, 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 fair 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, 2021, the monthly average notional amount for long contracts was $26.5 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 fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair

Value

Statement of Assets and Liabilities Location

Total Fair

Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

298,024

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

32,663

Payable for variation margin on futures contracts*

—

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, 2021:


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

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts	$	2,292,450		$	(61,368	)

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change net in unrealized appreciation/depreciation on futures contracts		(293,793	)		15,980

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	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, 2021 (Unaudited)


	Value 12/31/2020		Purchases at Cost		Proceeds from Sales		Net Realized Gains(Losses)		Change in Net Unrealized Appreciation/ Depreciation		Value 6/30/2021		Shares as of 6/30/2021		Dividend Income		Net Realized Gains Distributions from Affiliated Underlying Funds



AZL Enhanced Bond Index Fund		$191,116,827		$8,674,192		$ —		$ —		$(3,439,725)		$196,351,294		16,970,726		$—		$—
AZL International Index Fund, Class 2		83,321,813		—		(9,090,342)		2,157,294		4,735,820		81,124,585		4,285,504		—		—
AZL Mid Cap Index Fund, Class 2		50,356,290		—		(8,273,290)		2,213,598		5,854,766		50,151,364		1,780,943		—		—
AZL S&P 500 Index Fund, Class 2		155,900,914		—		(21,057,832)		6,289,208		15,590,206		156,722,496		6,694,682		—		—
AZL Small Cap Stock Index Fund, Class 2		26,688,151		—		(6,194,340)		1,269,263		4,293,620		26,056,694		1,539,084		—		—

		$507,383,995		$8,674,192		$(44,615,804)		$11,929,363		$27,034,687		$510,406,433		31,270,939		$—		$—
		$507,383,995		$8,674,192		$(44,615,804)		$11,929,363		$27,034,687		$510,406,433		31,270,939		$—		$—

4. Investment Valuation Summary

●

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)

AZL MVP Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total
Affiliated Investment Companies		$	510,406,433		$	—		$	—		$	510,406,433

Total Investment Securities			510,406,433			—			—			510,406,433

Other Financial Instruments:*
Futures Contracts			330,687			—			—			330,687

Total Investments		$	510,737,120		$	—		$	—		$	510,737,120

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP Moderate Index Strategy Fund		$	8,674,192		$	44,615,804

6. Investment Risks

Interest Rate Risk: Debt securities held by an underlying fund may decline in value due to rising interest rates.

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

AZL MVP Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $415,016,896. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	92,367,899
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	92,367,899

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL MVP Moderate Index Strategy Fund		$	13,525,251		$	12,697,373		$	26,222,624

(a)	Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2020, the components of accumulated earnings on a tax basis were as follows:


	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		$	24,370,018		$	21,247,433		$	—		$	92,367,899		$	137,985,350

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales and mark-to-market of futures contracts.

9. Ownership and Principal Holders

10. Subsequent Events

AZL MVP Moderate Index Strategy Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	9,698,300,664.000	461,262,722.733
Peter R. Burnim	% of votes entitled to be cast	95.460%	4.540%

Peggy L. Ettestad	Votes	9,744,785,844.047	414,777,542.686
Peggy L. Ettestad	% of votes entitled to be cast	95.917%	4.083%

Tamara Lynn Fagely	Votes	9,749,721,430.073	409,841,956.660
Tamara Lynn Fagely	% of votes entitled to be cast	95.966%	4.034%

Richard H. Forde	Votes	9,725,296,590.351	434,266,796.382
Richard H. Forde	% of votes entitled to be cast	95.726%	4.274%

Claire R. Leonardi	Votes	9,756,832,186.929	402,731,199.804
Claire R. Leonardi	% of votes entitled to be cast	96.036%	3.964%

Dickson W. Lewis	Votes	9,683,252,333.341	476,311,053.392
Dickson W. Lewis	% of votes entitled to be cast	95.312%	4.688%

Brian Muench	Votes	9,739,692,821.948	419,870,564.785
Brian Muench	% of votes entitled to be cast	95.867%	4.133%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes	724,020,610.631	25,965,700.395	64,480,992.029
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast	88.895%	3.188%	7.917%

AZL MVP Fusion^SM Conservative Fund	Votes	207,849,507.478	7,714,328.807	20,132,965.915
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast	88.185%	3.273%	8.542%

AZL MVP Fusion^SM Moderate Fund	Votes	1,675,644,566.951	51,935,064.499	151,957,164.856
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast	89.152%	2.763%	8.085%

AZL^® Balanced Index Strategy Fund	Votes	370,109,866.443	8,120,911.689	37,825,978.335
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast	88.957%	1.952%	9.092%

AZL^® MVP Balanced Index Strategy Fund	Votes	272,508,300.262	8,100,202.921	38,940,957.230
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast	85.279%	2.535%	12.186%

AZL^® MVP Growth Index Strategy Fund	Votes	2,253,168,549.922	81,030,934.965	243,425,209.080
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast	87.413%	3.144%	9.444%

AZL^® MVP Moderate Index Strategy Fund	Votes	459,489,269.089	21,433,634.607	44,698,959.196
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast	87.418%	4.078%	8.504%

AZL^® MVP Global Balanced Index Strategy Fund	Votes	607,120,765.403	28,580,727.312	67,371,200.883
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast	86.352%	4.065%	9.582%

AZL^® DFA Multi-Strategy Fund	Votes	838,713,716.278	44,467,726.830	71,863,407.006
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast	87.819%	4.656%	7.525%

AZL^® MVP DFA Multi-Strategy Fund	Votes	82,637,136.168	3,643,849.372	7,250,675.011
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast	88.352%	3.896%	7.752%


FUND		FOR	AGAINST	ABSTAIN

AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	215,631,261.075	8,954,953.342	29,292,949.884
	% of votes entitled to be cast	84.935%	3.527%	11.538%

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes	1,222,126,591.953	56,285,445.413	107,069,305.504
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast	88.210%	4.063%	7.728%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL MVP Fusion^SM Balanced Fund	Votes	709,309,612.667	31,798,584.250	73,359,106.138
AZL MVP Fusion^SM Balanced Fund	% of votes entitled to be cast	87.089%	3.904%	9.007%

AZL MVP Fusion^SM Conservative Fund	Votes	210,036,621.710	8,331,208.078	17,328,972.411
AZL MVP Fusion^SM Conservative Fund	% of votes entitled to be cast	89.113%	3.535%	7.352%

AZL MVP Fusion^SM Moderate Fund	Votes	1,642,136,577.503	69,923,524.523	167,476,694.280
AZL MVP Fusion^SM Moderate Fund	% of votes entitled to be cast	87.369%	3.720%	8.911%

AZL^® Balanced Index Strategy Fund	Votes	371,193,748.544	7,499,541.088	37,363,466.836
AZL^® Balanced Index Strategy Fund	% of votes entitled to be cast	89.217%	1.803%	8.980%

AZL^® MVP Balanced Index Strategy Fund	Votes	269,242,580.863	12,559,386.314	37,747,493.235
AZL^® MVP Balanced Index Strategy Fund	% of votes entitled to be cast	84.257%	3.930%	11.813%

AZL^® MVP Growth Index Strategy Fund	Votes	2,202,090,386.602	118,938,115.278	256,596,192.088
AZL^® MVP Growth Index Strategy Fund	% of votes entitled to be cast	85.431%	4.614%	9.955%

AZL^® MVP Moderate Index Strategy Fund	Votes	448,098,738.171	33,266,593.465	44,256,531.255
AZL^® MVP Moderate Index Strategy Fund	% of votes entitled to be cast	85.251%	6.329%	8.420%

AZL^® MVP Global Balanced Index Strategy Fund	Votes	609,771,514.679	31,023,055.053	62,278,123.866
AZL^® MVP Global Balanced Index Strategy Fund	% of votes entitled to be cast	86.729%	4.412%	8.858%

AZL^® DFA Multi-Strategy Fund	Votes	829,772,912.326	48,960,106.404	76,311,831.384
AZL^® DFA Multi-Strategy Fund	% of votes entitled to be cast	86.883%	5.126%	7.990%

AZL^® MVP DFA Multi-Strategy Fund	Votes	80,825,430.550	3,740,847.678	8,965,382.323
AZL^® MVP DFA Multi-Strategy Fund	% of votes entitled to be cast	86.415%	4.000%	9.585%

AZL^® MVP Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	211,483,269.699	12,637,803.011	29,758,091.590
	% of votes entitled to be cast	83.301%	4.978%	11.721%

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	Votes	1,191,897,700.679	69,546,262.813	124,037,379.379
AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund	% of votes entitled to be cast	86.028%	5.020%	8.953%

Other Information (Unaudited)

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

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The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

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