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

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

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.

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.

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.


Shares			Value
Affiliated Investment Companies, continued

International Equity Fund (12.4%):
	2,567,659	AZL International Index Fund, Class 2	$	43,727,235

	Total Affiliated Investment Companies (Cost $287,756,361)			351,153,300


	Total Investment Securities (Cost $287,756,361) — 99.9%			351,153,300
	Net other assets (liabilities) — 0.1%			293,022


	Net Assets — 100.0%		$	351,446,322

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)


Assets:
Investments in affiliates, at cost	$	287,756,361

Investments in affiliates, at value	$	351,153,300
Interest and dividends receivable		47
Receivable for capital shares issued		334,608
Receivable for affiliated investments sold		7,306
Prepaid expenses		1,453

Total Assets		351,496,714

Liabilities:
Cash overdraft		7,306
Payable for capital shares redeemed		2,541
Management fees payable		14,313
Administration fees payable		9,492
Custodian fees payable		1,825
Administrative and compliance services fees payable		670
Transfer agent fees payable		958
Trustee fees payable		4,383
Other accrued liabilities		8,904

Total Liabilities		50,392

Commitments and contingent liabilities^

Net Assets	$	351,446,322

Net Assets Consist of:
Paid in capital	$	265,556,507
Total distributable earnings		85,889,815

Net Assets	$	351,446,322


Shares of beneficial interest (unlimited number of shares authorized, no par value)		23,737,993
Net Asset Value (offering and redemption price per share)	$	14.81

^	See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023.

(Unaudited)


Investment Income:
Dividends from non-affiliates	$	803

Total Investment Income		803

Expenses:
Management fees		86,770
Administration fees		35,252
Custodian fees		4,640
Administrative and compliance services fees		2,920
Transfer agent fees		3,620
Trustee fees		10,776
Professional fees		9,350
Shareholder reports		5,767
Other expenses		3,470

Total expenses		162,565

Net Investment Income/(Loss)		(161,762)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		(293,957)
Change in net unrealized appreciation/depreciation on affiliated underlying funds		26,031,353

Net realized and Change in net unrealized gains/losses on investments		25,737,396

Change in Net Assets Resulting From Operations	$	25,575,634

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies”. The Trust consists of 9 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL Balanced Index Strategy Fund (the “Fund”), and 8 are presented in separate reports. The Fund is a diversified series of the Trust.

The Fund is a “fund of funds”, which means that the Fund invests primarily in other mutual funds (the “Underlying Funds”). Underlying Funds invest in stocks, bonds, and other securities and reflect varying amounts of potential investment risk and reward. The Underlying Funds record their investments at fair value. Periodically, the Fund will adjust its asset allocation as it seeks to achieve its investment objective.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund may enter into contracts with its vendors and others that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that risk of loss to be remote.

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.

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 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 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.

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

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, 2024. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as “Management fees.”

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the

Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. 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, 2023, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years, and no commitment or contingent liability is expected.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/ reimbursed by the Manager or repaid to the Manager by the Fund during the period can be found on the Statement of Operations, as applicable. During the period ended June 30, 2023, there were no such waivers.

The Manager serves as the investment adviser of the underlying funds in which the Fund invests. At June 30, 2023, these underlying funds are noted as Affiliated Investment Companies in the Fund’s Schedule of Portfolio Investments. Additional information, including financial statements, about these Funds is available at www.allianzlife.com. The Manager is paid a separate fee from the underlying funds for such services. A summary of the Fund’s investments in affiliated investment companies for the period ended June 30, 2023 is as follows:

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a fee, accrued daily and paid monthly. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual Trust-wide annual fee of $7,500, paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

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 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

● Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Investments in other investment companies are valued at their published net asset value (“NAV”). Security prices are determined pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). The investments utilizing Level 1 valuations represent investments in open-end investment companies.

The Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2023, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

Derivatives Risk: The Fund may invest directly or through affiliated or unaffiliated mutual funds in derivative instruments such as futures, options, and options on futures. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default.

Foreign Securities Risk: Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

Fund of Fund Risk: The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds. In addition, the Fund maintains indirect exposure to various types of risk which may exist in the underlying Funds, such as foreign securities risk, fixed income securities risk and other risks.

Interest Rate Risk: Debt securities held by an underlying fund may decline in value due to rising interest rates. The price of a bond is also affected by its maturity. Bonds with longer maturities generally have greater sensitivity to changes in interest rates.

Market Risk: The market price of securities owned by the underlying funds may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions 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.

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 was $309,928,719. The gross unrealized appreciation/ (depreciation) on a tax basis was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

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.

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 a “Trust”) 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 Trust 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 21, 2023, 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, 2022, through December 31, 2022 (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; (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, no Fund maintained a designated HLIM; each Fund primarily holds assets which are highly liquid investments, and, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program.

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.

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.


Shares		Value
Affiliated Investment Companies (100.0%):
Domestic Equity Funds (49.0%):
20,674,169	AZL DFA U.S. Core Equity Fund	$	283,442,853
7,331,936	AZL DFA U.S. Small Cap Fund		73,246,039

			356,688,892


Fixed Income Fund (39.1%):
29,412,186	AZL Enhanced Bond Index Fund		284,415,840

†	Represents less than 0.05%.

Percentages indicated are based on net assets as of June 30, 2023.


Shares		Value
Affiliated Investment Companies, continued
International Equity Fund (11.9%):
8,494,806	AZL DFA International Core Equity Fund	$	86,816,916

Total Affiliated Investment Companies (Cost $637,187,272)			727,921,648


Total Investment Securities (Cost $637,187,272) — 100.0%			727,921,648
Net other assets (liabilities) — 0.0%^†			(295,661)


Net Assets — 100.0%		$	727,625,987

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)


Assets:
Investments in affiliates, at cost	$	637,187,272

Investments in affiliates, at value	$	727,921,648
Receivable for affiliated investments sold		266,779
Prepaid expenses		3,139

Total Assets		728,191,566

Liabilities:
Cash overdraft		266,779
Payable for capital shares redeemed		226,925
Management fees payable		29,668
Administration fees payable		12,437
Custodian fees payable		2,990
Administrative and compliance services fees payable		1,211
Transfer agent fees payable		881
Trustee fees payable		8,066
Other accrued liabilities		16,622

Total Liabilities		565,579

Commitments and contingent liabilities^

Net Assets	$	727,625,987

Net Assets Consist of:
Paid in capital	$	608,616,059
Total distributable earnings		119,009,928

Net Assets	$	727,625,987


Shares of beneficial interest (unlimited number of shares authorized, no par value)		56,133,557
Net Asset Value (offering and redemption price per share)	$	12.96

^	See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)


Investment Income:
Dividends from affiliates	$	2,321,902

Total Investment Income		2,321,902

Expenses:
Management fees		180,739
Administration fees		44,685
Custodian fees		7,924
Administrative and compliance services fees		5,646
Transfer agent fees		3,470
Trustee fees		20,740
Professional fees		18,017
Shareholder reports		10,603
Other expenses		7,065

Total expenses		298,889

Net Investment Income/(Loss)		2,023,013

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		(50,939,773)
Change in net unrealized appreciation/depreciation on affiliated underlying funds		98,069,869

Net realized and Change in net unrealized gains/losses on investments		47,130,096

Change in Net Assets Resulting From Operations	$	49,153,109

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies”. The Trust consists of 9 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL DFA Multi-Strategy Fund (the “Fund”), and 8 are presented in separate reports. The Fund is a diversified series of the Trust.

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. 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, 2023, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years, and no commitment or contingent liability is expected.

Investments in other investment companies are valued at their published net asset value (“NAV”). Security prices are determined pursuant to valuation procedures approved by the rust’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, 2023 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2023, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 was $736,441,218. The gross unrealized appreciation/ (depreciation) on a tax basis was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

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.

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.


Shares			Value
	Affiliated Investment Companies, continued
	International Equity Fund (12.5%):
	6,035,471	AZL International Index Fund, Class 2	$	102,784,063

	Total Affiliated Investment Companies (Cost $737,784,142)			782,033,844


	Total Investment Securities
	(Cost $737,784,142) — 95.1%			782,033,844
	Net other assets (liabilities) — 4.9%			40,501,835


	Net Assets — 100.0%		$	822,535,679

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)


Assets:
Investments in affiliates, at cost	$	737,784,142

Investments in affiliates, at value	$	782,033,844
Deposit at broker for futures contracts collateral		41,108,184
Interest and dividends receivable		147,345
Receivable for affiliated investments sold		1,200,285
Prepaid expenses		3,625

Total Assets		824,493,283

Liabilities:
Cash overdraft		1,199,968
Payable for capital shares redeemed		633,888
Payable for variation margin on futures contracts		1,344
Management fees payable		67,416
Administration fees payable		12,991
Custodian fees payable		4,586
Administrative and compliance services fees payable		1,454
Transfer agent fees payable		1,445
Trustee fees payable		12,811
Other accrued liabilities		21,701

Total Liabilities		1,957,604

Commitments and contingent liabilities^

Net Assets	$	822,535,679

Net Assets Consist of:
Paid in capital	$	776,561,289
Total distributable earnings		45,974,390

Net Assets	$	822,535,679


Shares of beneficial interest (unlimited number of shares authorized, no par value)		69,316,834
Net Asset Value (offering and redemption price per share)	$	11.87

^	See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)


Investment Income:
Interest	$	624,848
Dividends from non-affiliates		44,465

Total Investment Income		669,313

Expenses:
Management fees		297,685
Administration fees		55,578
Custodian fees		12,698
Administrative and compliance services fees		7,063
Transfer agent fees		5,776
Trustee fees		21,611
Professional fees		21,099
Shareholder reports		15,102
Other expenses		6,978

Total expenses		443,590

Net Investment Income/(Loss)		225,723

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		9,483,169
Net realized gains/(losses) on futures contracts		1,626,936
Change in net unrealized appreciation/depreciation on affiliated underlying funds		37,439,776
Change in net unrealized appreciation/depreciation on futures contracts		490,544

Net realized and Change in net unrealized gains/losses on investments		49,040,425

Change in Net Assets Resulting From Operations	$	49,266,148

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies”. The Trust consists of 9 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Balanced Index Strategy Fund (the “Fund”), and 8 are presented in separate reports. The Fund is a diversified series of the Trust.

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.

During the period ended June 30, 2023, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2023, the monthly average notional amount for long contracts was $31.3 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023:

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, 2023:

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2023, cost of purchases and proceeds from sales of securities (excluding fund merger transactions and securities maturing less than one year from acquisition) were as follows:

Quantitative Investing Risk: The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model. A quantitative model can be adversely affected by errors or imperfections in the factors or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform well in the future.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 was $226,021,731. The gross unrealized appreciation/ (depreciation) on a tax basis was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

Effective as of the close of business March 10, 2023, the Fund acquired all the assets and liabilities of the AZL MVP Fusion Balanced Fund (“MVP Fusion Balanced Fund”), an open-end management investment company, pursuant to a plan of reorganization approved by the Board on December 13, 2022 (the “Plan”). The acquisition was accomplished by a taxable exchange of 51,611,164 shares of the MVP Fusion Balanced Fund outstanding as of close of business March 10, 2023, valued at $579,651,043 for 67,346,809 shares of the Fund.

At the close of business March 10, 2023, the MVP Fusion Balanced Fund’s investment holdings had a fair value of $553,582,576 and identified cost of $550,296,722. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value, including the cost basis of investments received. All fees and expenses incurred by the MVP Fusion Balanced Fund and the Fund directly in connection with the Plan were borne by the Manager. There are no material differences in accounting policies of the MVP Fusion Balanced Fund as compared to those of the Fund.

Assuming the acquisition had been completed on January 1, 2023, the beginning of the semi-annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended June 30, 2023, are as follows:

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the MVP Fusion Balanced Fund that have been included in the Fund’s Statement of Operations subsequent to March 10, 2023. The Fund did not purchase or sell securities following the acquisition for purposes of realigning its investment portfolio. Accordingly, the acquisition of the MVP Fusion Balanced Fund did not affect the Fund’s portfolio turnover ratio for the period ended June 30, 2023.

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.

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.


Shares		Value

Affiliated Investment Companies, continued

International Equity Fund (11.8%):
16,609,218 AZL DFA International Core Equity Fund		$	169,746,204

	Total Affiliated Investment Companies (Cost $1,290,841,159)		1,361,085,911


	Total Investment Securities (Cost $1,290,841,159) — 95.0%		1,361,085,911
	Net other assets (liabilities) — 5.0%		70,914,860

	Net Assets — 100.0%	$	1,432,000,771

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)


Assets:
Investments in affiliates, at cost	$	1,290,841,159

Investments in affiliates, at value	$	1,361,085,911
Deposit at broker for futures contracts collateral		71,335,696
Interest and dividends receivable		92,273
Receivable for affiliated investments sold		321,393
Prepaid expenses		6,270

Total Assets		1,432,841,543

Liabilities:
Cash overdraft		155,407
Payable for capital shares redeemed		278,836
Payable for variation margin on futures contracts		5,111
Management fees payable		145,145
Administration fees payable		51,881
Custodian fees payable		20,264
Administrative and compliance services fees payable		7,566
Transfer agent fees payable		4,339
Trustee fees payable		70,168
Other accrued liabilities		102,055

Total Liabilities		840,772

Commitments and contingent liabilities^

Net Assets	$	1,432,000,771

Net Assets Consist of:
Paid in capital	$	1,357,158,300
Total distributable earnings		74,842,471

Net Assets	$	1,432,000,771


Shares of beneficial interest (unlimited number of shares authorized, no par value)		135,803,163
Net Asset Value (offering and redemption price per share)	$	10.54

^	See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)


Investment Income:
Interest	$	761,994
Dividends from non-affiliates		272,181
Dividends from affiliates		242,020

Total Investment Income		1,276,195

Expenses:
Management fees		894,713
Administration fees		131,719
Custodian fees		36,208
Administrative and compliance services fees		22,854
Transfer agent fees		11,168
Trustee fees		65,686
Professional fees		66,610
Shareholder reports		38,387
Other expenses		16,997

Total expenses before reductions		1,284,342
Less Management fees contractually waived		(447,348	)
Less expense contractually waived/reimbursed by the Manager		(165,946	)

Net expenses		671,048

Net Investment Income/(Loss)		605,147

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		1,558,906
Net realized gains/(losses) on futures contracts		4,139,192
Change in net unrealized appreciation/depreciation on affiliated underlying funds		70,740,458
Change in net unrealized appreciation/depreciation on futures contracts		1,058,744

Net realized and Change in net unrealized gains/losses on investments		77,497,300

Change in Net Assets Resulting From Operations	$	78,102,447

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies”. The Trust consists of 9 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP DFA Multi- Strategy Fund (the “Fund”), and 8 are presented in separate reports. The Fund is a diversified series of the Trust.

During the period ended June 30, 2023, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2023, the monthly average notional amount for long contracts was $48.4 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.

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets

and Liabilities Location

Total Value

Statement of Assets

and Liabilities Location

Total Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

1,323,540

Payable for variation margin on futures contracts*

$—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

—

Payable for variation margin on futures contracts*

277,895

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, 2023:


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 in net unrealized appreciation/ depreciation on futures contracts		$4,242,538			$1,323,496

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/ depreciation on futures contracts		(103,346	)		(264,752	)

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

* The Manager waived, prior to any application of expense limit, the management fee to 0.10% on all assets in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024.

At June 30, 2023, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:

The Fund has not recorded a commitment or contingent liability at June 30, 2023.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 was $76,781,122. The gross unrealized appreciation/ (depreciation) on a tax basis was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

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, 2023, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 90% of the Fund. Investment activities of this shareholder could have a material impact to the Fund. As of June 30, 2023, the Fund had a controlling interest (in excess of 50%) in the AZL DFA U.S. Core Equity Fund, AZL DFA U.S. Small Cap Fund and the AZL DFA International Core Equity Fund, which are affiliated with the Manager.

Effective as of the close of business March 10, 2023, the Fund acquired all the assets and liabilities of the AZL MVP Fusion Moderate Fund (“MVP Fusion Moderate Fund”), an open-end management investment company, pursuant to a plan of reorganization approved by the Board on December 13, 2022 (the “Plan”). The acquisition was accomplished by a taxable exchange of 134,212,030 shares of the MVP Fusion Moderate Fund outstanding as of close of business March 10, 2023, valued at $1,340,915,610 for 157,277,879 shares of the Fund.

At the close of business March 10, 2023, the MVP Fusion Moderate Fund’s investment holdings had a fair value of $1,281,321,873 and identified cost of $1,287,826,325. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value, including the cost basis of investments received. All fees and expenses incurred by the MVP Fusion Moderate Fund and the Fund directly in connection with the Plan were borne by the Manager. There are no material differences in accounting policies of the MVP Fusion Moderate Fund as compared to those of the Fund.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the MVP Fusion Moderate Fund that have been included in the Fund’s Statement of Operations subsequent to March 10, 2023. The Fund did not purchase or sell securities following the acquisition for purposes of realigning its investment portfolio. Accordingly, the acquisition of the MVP Fusion Moderate Fund did not affect the Fund’s portfolio turnover ratio for the period ended June 30, 2023.

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.

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.

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)


Assets:
Investments in affiliates, at cost	$	307,267,522

Investments in affiliates, at value	$	331,608,180
Deposit at broker for futures contracts collateral		17,408,612
Interest and dividends receivable		62,351
Receivable for affiliated investments sold		30,186
Prepaid expenses		1,586

Total Assets		349,110,915

Liabilities:
Cash overdraft		30,185
Payable for capital shares redeemed		143,975
Management fees payable		28,079
Administration fees payable		10,582
Custodian fees payable		2,879
Administrative and compliance services fees payable		748
Transfer agent fees payable		1,709
Trustee fees payable		6,028
Other accrued liabilities		11,055

Total Liabilities		235,240

Commitments and contingent liabilities^


Net Assets	$	348,875,675

Net Assets Consist of:
Paid in capital	$	330,631,471
Total distributable earnings		18,244,204


Net Assets	$	348,875,675


Shares of beneficial interest (unlimited number of shares authorized, no par value)		29,440,245

Net Asset Value (offering and redemption price per share)	$	11.85

^	See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)


Investment Income:
Interest	$	249,966
Dividends from non-affiliates		57,183

Total Investment Income		307,149

Expenses:
Management fees		141,826
Administration fees		42,708
Custodian fees		6,603
Administrative and compliance services fees		2,990
Transfer agent fees		5,662
Trustee fees		9,767
Professional fees		9,144
Shareholder reports		7,312
Other expenses		3,202

Total expenses before reductions		229,214
Less expense contractually waived/reimbursed by the Manager		(16,478	)

Net expenses		212,736

Net Investment Income/(Loss)		94,413

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		166,676
Net realized gains/(losses) on futures contracts		582,136
Change in net unrealized appreciation/depreciation on affiliated underlying funds		22,356,258
Change in net unrealized appreciation/depreciation on futures contracts		69,523

Net realized and Change in net unrealized gains/losses on investments		23,174,593


Change in Net Assets Resulting From Operations	$	23,269,006

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies”. The Trust consists of 9 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP FIAM Multi-Strategy Fund (the “Fund”), and 8 are presented in separate reports. The Fund is a diversified series of the Trust.

During the period ended June 30, 2023, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2023, the monthly average notional amount for long contracts was $13.8 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.

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023:

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, 2023:

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

At June 30, 2023, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:

The Fund has not recorded a commitment or contingent liability at June 30, 2023.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 was $175,314,634. The gross unrealized appreciation/ (depreciation) on a tax basis was as follows:

As of the end of its tax year ended December 31, 2022, 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.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

Effective as of the close of business March 10, 2023, the Fund acquired all the assets and liabilities of the AZL MVP Fusion Conservative Fund (“MVP Fusion Conservative Fund”), an open-end management investment company, pursuant to a plan of reorganization approved by the Board on December 13, 2022 (the “Plan”). The acquisition was accomplished by a taxable exchange of 14,877,903 shares of the MVP Fusion Conservative Fund outstanding as of close of business March 10, 2023, valued at $165,908,114 for 17,761,854 shares of the Fund.

At the close of business March 10, 2023, the MVP Fusion Conservative Fund’s investment holdings had a fair value of $157,511,590 and identified cost of $157,511,590. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value, including the cost basis of investments received. All fees and expenses incurred by the MVP Fusion Conservative Fund and the Fund directly in connection with the Plan were borne by the Manager. There are no material differences in accounting policies of the MVP Fusion Conservative Fund as compared to those of the Fund.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the MVP Fusion Conservative Fund that have been included in the Fund’s Statement of Operations subsequent to March 10, 2023. The Fund did not purchase or sell securities following the acquisition for purposes of realigning its investment portfolio. Accordingly, the acquisition of the MVP Fusion Conservative Fund did not affect the Fund’s portfolio turnover ratio for the period ended June 30, 2023.

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.

The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.

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.

Portfolio Composition

(Unaudited)


Investments		Percent of Net Assets

International Equity Fund		48.3%

Fixed Income Fund		46.8

Private Placements		0.1%

Common Stocks		—^†

Corporate Bonds		—^†

Convertible Bond		—^†


Total Investment Securities		95.2

Net other assets (liabilities)		4.8


Net Assets		100.0%


Shares			Value
Common Stocks (0.0%^†):
Materials (0.0%^†):
	145,123	Grand Rounds, Inc., Series C(a)(b)	$	172,696


Paper & Forest Products (0.0%^†):
	386,370	Quintis Pty, Ltd.(a)(b)		3

	Total Common Stocks (Cost $653,277)			172,699


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)		14,422
	63,925	Lookout, Inc. Preferred Shares, Series F, 0.00%(a)(b)		292,138

				306,560

	Total Private Placements (Cost $485,378)			306,560


Principal Amount
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 $—)		—


Principal Amount			Value
Corporate Bonds (0.0%^†):
Paper & Forest Products (0.0%^†):
	$52,331	Quintis Pty, Ltd., 7.50%, 10/1/26, Callable 8/7/23 @ 103.38(a)(b)	$	47,459
	730,672	Quintis Pty, Ltd., 0.00%, 10/1/28, Callable 8/7/23 @ 98(a)(b)		—


	Total Corporate Bonds (Cost $783,003)			47,459


Shares

Affiliated Investment Companies (95.1%):
Fixed Income Fund (46.8%):
	25,178,048	AZL Enhanced Bond Index Fund		243,471,727

International Equity Fund (48.3%):
	17,465,456	AZL MSCI Global Equity Index Fund, Class 2		251,153,263

	Total Affiliated Investment Companies (Cost $472,903,905)			494,624,990


	Total Investment Securities (Cost $474,825,563) — 95.2%			495,151,708
	Net other assets (liabilities) — 4.8%			25,095,050


	Net Assets — 100.0%		$	520,246,758

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	1,921,658
Investments in affiliates, at cost		472,903,905

Investments in affiliates, at value	$	494,624,990
Investments in non-affiliates, at value		526,718
Deposit at broker for futures contracts collateral		25,213,788
Interest and dividends receivable		90,412
Receivable for investments sold		228,594
Reclaims receivable		36,650
Prepaid expenses		2,274

Total Assets		520,723,426

Liabilities:
Cash overdraft		228,594
Payable for capital shares redeemed		168,710
Management fees payable		42,565
Administration fees payable		11,227
Custodian fees payable		3,314
Administrative and compliance services fees payable		934
Transfer agent fees payable		926
Trustee fees payable		6,150
Other accrued liabilities		14,248

Total Liabilities		476,668

Commitments and contingent liabilities^

Net Assets	$	520,246,758

Net Assets Consist of:
Paid in capital	$	525,693,470
Total distributable earnings		(5,446,712)

Net Assets	$	520,246,758


Shares of beneficial interest (unlimited number of shares authorized, no par value)		50,928,157
Net Asset Value (offering and redemption price per share)	$	10.22

^	See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)


Investment Income:
Interest	$	489,794
Dividends from non-affiliates		19,006
Foreign withholding tax		(19,103)

Total Investment Income		489,697

Expenses:
Management fees		259,885
Administration fees		38,631
Custodian fees		8,084
Administrative and compliance services fees		3,971
Transfer agent fees		3,357
Trustee fees		14,649
Professional fees		12,700
Shareholder reports		9,538
Other expenses		5,106

Total expenses		355,921

Net Investment Income/(Loss)		133,776

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		757
Net realized gains/(losses) on affiliated underlying funds		(1,311,187)
Net realized gains/(losses) on futures contracts		653,056
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(163,104)
Change in net unrealized appreciation/depreciation on affiliated underlying funds		41,518,956
Change in net unrealized appreciation/depreciation on futures contracts		380,902

Net realized and Change in net unrealized gains/losses on investments		41,079,380

Change in Net Assets Resulting From Operations	$	41,213,156

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies”. The Trust consists of 9 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Global Balanced Index Strategy Fund (the “Fund”), and 8 are presented in separate reports. The Fund is a diversified series of the Trust.

The 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.

During the period ended June 30, 2023, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2023, the monthly average notional amount for long contracts was $24.1 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.

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets

and Liabilities Location

Total Value

Statement of Assets

and Liabilities Location

Total Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

$390,096

Payable for variation margin on futures contracts*

$—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

—

Payable for variation margin on futures contracts*

123,115

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, 2023:


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 in net unrealized appreciation/ depreciation on futures contracts		$793,254		$389,276
Interest Rate Risk
Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/ depreciation on futures contracts		(140,198)		(8,374)

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

Security prices are determined pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy. Futures contracts are valued at the settlement prices established each day on the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source in accordance with valuation procedures approved by the Board. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. Management identifies possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Fund may use a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2023, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

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, 2023 are identified below.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 was $517,224,824. The gross unrealized appreciation/ (depreciation) on a tax basis was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

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, 2023, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 85% of the Fund. Investment activities of this shareholder could have a material impact to the Fund. As of June 30, 2023, the Fund had a controlling interest (in excess of 50%) in the AZL MSCI Global Equity Index Fund, which is affiliated with the Manager.

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.

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.


Shares		Value
Affiliated Investment Companies, continued
International Equity Fund (18.9%):
22,550,610	AZL International Index Fund, Class 2	$	384,036,896

Total Affiliated Investment Companies (Cost $1,582,888,247)			1,924,307,389

Total Investment Securities
(Cost $1,582,888,247) — 95.0%			1,924,307,389
Net other assets (liabilities) — 5.0%			100,890,343

Net Assets — 100.0%		$	2,025,197,732

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)


Assets:
Investments in affiliates, at cost	$	1,582,888,247

Investments in affiliates, at value	$	1,924,307,389
Deposit at broker for futures contracts collateral		101,070,140
Interest and dividends receivable		360,368
Receivable for affiliated investments sold		1,068,101
Prepaid expenses		8,498

Total Assets		2,026,814,496

Liabilities:
Cash overdraft		1,062,953
Payable for capital shares redeemed		284,855
Payable for variation margin on futures contracts		7,666
Management fees payable		164,839
Administration fees payable		24,539
Custodian fees payable		6,439
Administrative and compliance services fees payable		3,180
Transfer agent fees payable		923
Trustee fees payable		21,031
Other accrued liabilities		40,339

Total Liabilities		1,616,764

Commitments and contingent liabilities^

Net Assets	$	2,025,197,732

Net Assets Consist of:
Paid in capital	$	1,816,423,587
Total distributable earnings		208,774,145

Net Assets	$	2,025,197,732

Shares of beneficial interest (unlimited number of shares authorized, no par value)		147,077,726
Net Asset Value (offering and redemption price per share)	$	13.77

^	See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)


Investment Income:
Interest	$	1,879,148
Dividends from non-affiliates		138,263

Total Investment Income		2,017,411

Expenses:
Management fees		997,609
Administration fees		79,940
Custodian fees		16,864
Administrative and compliance services fees		14,492
Transfer agent fees		3,597
Trustee fees		53,332
Professional fees		46,292
Shareholder reports		22,183
Other expenses		18,329

Total expenses		1,252,638

Net Investment Income/(Loss)		764,773

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		9,332,707
Net realized gains/(losses) on futures contracts		2,487,413
Change in net unrealized appreciation/depreciation on affiliated underlying funds		179,298,339
Change in net unrealized appreciation/depreciation on futures contracts		2,383,877

Net realized and Change in net unrealized gains/losses on investments		193,502,336

Change in Net Assets Resulting From Operations	$	194,267,109

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies”. The Trust consists of 9 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Growth Index Strategy Fund (the “Fund”), and 8 are presented in separate reports. The Fund is a diversified series of the Trust.

During the period ended June 30, 2023, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2023, the monthly average notional amount for long contracts was $100.4 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.

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023:

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, 2023:

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

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the period can be found on the Statement of Operations, as applicable. During the period ended June 30, 2023, there were no such waivers.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2023, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 was $1,768,371,746. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2022, was as follows:

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

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.

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.


Shares		Value
Affiliated Investment Companies (95.0%):
Domestic Equity Funds (42.7%):
1,743,420	AZL Mid Cap Index Fund, Class 2	$	36,315,431
5,735,120	AZL S&P 500 Index Fund, Class 2		113,268,627
1,458,926	AZL Small Cap Stock Index Fund, Class 2		17,638,421

			167,222,479


Fixed Income Fund (37.3%):
15,068,838	AZL Enhanced Bond Index Fund		145,715,661


Shares		Value
Affiliated Investment Companies, continued
International Equity Fund (15.0%):
3,455,028	AZL International Index Fund, Class 2	$	58,839,130

Total Affiliated Investment Companies (Cost $338,407,665)			371,777,270


Total Investment Securities
(Cost $338,407,665) — 95.0%			371,777,270
Net other assets (liabilities) — 5.0%			19,410,528


Net Assets — 100.0%		$	391,187,798


Statement of Assets and Liabilities
June 30, 2023
(Unaudited)


Assets:
Investments in affiliates, at cost	$	338,407,665

Investments in affiliates, at value	$	371,777,270
Deposit at broker for futures contracts collateral		19,520,487
Interest and dividends receivable		69,743
Receivable for affiliated investments sold		81,309
Prepaid expenses		1,722

Total Assets		391,450,531

Liabilities:
Cash overdraft		81,309
Payable for capital shares redeemed		129,841
Management fees payable		31,923
Administration fees payable		6,795
Custodian fees payable		1,289
Administrative and compliance services fees payable		483
Transfer agent fees payable		637
Trustee fees payable		3,208
Other accrued liabilities		7,248

Total Liabilities		262,733

Commitments and contingent liabilities^

Net Assets	$	391,187,798

Net Assets Consist of:
Paid in capital	$	366,888,456
Total distributable earnings		24,299,342

Net Assets	$	391,187,798


Shares of beneficial interest (unlimited number of shares authorized, no par value)		31,013,167

Net Asset Value (offering and redemption price per share)	$	12.61


Statement of Operations
For the Six Months Ended June 30, 2023
(Unaudited)


Investment Income:
Interest	$	381,158
Dividends from non-affiliates		2,526

Total Investment Income		383,684

Expenses:
Management fees		195,186
Administration fees		37,112
Custodian fees		4,845
Administrative and compliance services fees		3,213
Transfer agent fees		3,562
Trustee fees		11,835
Professional fees		10,259
Shareholder reports		7,490
Other expenses		3,869

Total expenses		277,371

Net Investment Income/(Loss)		106,313

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		1,565,931
Net realized gains/(losses) on futures contracts		880,863
Change in net unrealized appreciation/depreciation on affiliated underlying funds		29,695,732
Change in net unrealized appreciation/depreciation on futures contracts		360,587

Net realized and Change in net unrealized gains/losses on investments		32,503,113

Change in Net Assets Resulting From Operations	$	32,609,426

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services–Investment Companies”. The Trust consists of 9 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Moderate Index Strategy Fund (the “Fund”), and 8 are presented in separate reports. The Fund is a diversified series of the Trust.

During the period ended June 30, 2023, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2023, the monthly average notional amount for long contracts was $19.0 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.