UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number                            811-21624                                                                           

Allianz Variable Insurance Products Fund of Funds Trust

 (Exact name of registrant as specified in charter)

5701 Golden Hills Drive, Minneapolis, MN                              55416-1297

(Address of principal executive offices)                                 (Zip code)

Amanda Farren, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

Item 1. Reports to Stockholders.

AZL Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the AZL Balanced Index Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

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

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

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Balanced Index Strategy Fund	$5	0.10%

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL Balanced Index Strategy Fund	10.28%	6.57%	6.07%
S&P 500 Index	15.16%	16.64%	13.65%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
Balanced Composite Index	10.76%	7.89%	7.90%

Fund Statistics

Net Assets	$324,929,981
Number of Portfolio Holdings	5
Portfolio Turnover Rate	3%

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

What did the Fund invest in?

(as of June 30, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
Fixed Income Fund	48.9%
Domestic Equity Funds	36.8%
International Equity Fund	14.3%

AZL Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2025

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

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

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

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

018822304 08/25

AZL DFA Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the AZL DFA Multi-Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

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

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

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL DFA Multi-Strategy Fund	$5	0.09%

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL DFA Multi-Strategy Fund	11.34%	9.12%	6.78%
S&P 500 Index	15.16%	16.64%	13.65%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
Moderate Composite Index	11.66%	9.63%	9.08%

Fund Statistics

Net Assets	$644,109,770
Number of Portfolio Holdings	3
Portfolio Turnover Rate	2%

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

What did the Fund invest in?

(as of June 30, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
Domestic Equity Fund	44.4%
Fixed Income Fund	38.4%
International Equity Fund	17.2%

AZL DFA Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2025

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

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

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

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

018822403 08/25

AZL MVP Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the AZL MVP Balanced Index Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

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

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

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

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP Balanced Index Strategy Fund	7.68%	5.91%	5.13%
S&P 500 Index	15.16%	16.64%	13.65%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
Balanced Composite Index	10.76%	7.89%	7.90%

Fund Statistics

Net Assets	$696,740,279
Number of Portfolio Holdings	7
Portfolio Turnover Rate	2%

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

What did the Fund invest in?

(as of June 30, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
Fixed Income Fund	48.8%
Domestic Equity Funds	36.1%
International Equity Fund	15.1%

AZL MVP Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2025

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

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

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

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

018822809 08/25

AZL MVP DFA Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the AZL MVP DFA Multi-Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

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

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

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

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP DFA Multi-Strategy Fund	8.39%	8.18%	5.65%
S&P 500 Index	15.16%	16.64%	13.65%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
Moderate Composite Index	11.66%	9.63%	9.08%

Fund Statistics

Net Assets	$1,228,081,368
Number of Portfolio Holdings	5
Portfolio Turnover Rate	2%

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

What did the Fund invest in?

(as of June 30, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
Domestic Equity Fund	43.2%
Fixed Income Fund	39.0%
International Equity Fund	17.8%

AZL MVP DFA Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2025

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

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

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

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

018822833 08/25

AZL MVP FIAM Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the AZL MVP FIAM Multi-Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

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

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

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

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP FIAM Multi-Strategy Fund	6.52%	5.92%	4.47%
S&P 500 Index	15.16%	16.64%	13.65%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
Income and Growth Composite Index	9.84%	6.15%	6.70%

Fund Statistics

Net Assets	$279,233,475
Number of Portfolio Holdings	3
Portfolio Turnover Rate	1%

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

What did the Fund invest in?

(as of June 30, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
Balanced Funds	100.0%

AZL MVP FIAM Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2025

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

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

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

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

018822858 08/25

AZL MVP Global Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the AZL MVP Global Balanced Index Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

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

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

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

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP Global Balanced Index Strategy Fund	8.10%	5.66%	4.38%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
MSCI World Index (net of withholding taxes)	16.26%	14.55%	10.66%
MSCI World Index (gross of withholding taxes)	16.76%	15.09%	11.23%
Global Balanced Composite Index	11.47%	7.13%	6.73%

Fund Statistics

Net Assets	$428,585,765
Number of Portfolio Holdings	10
Portfolio Turnover Rate	2%

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

What did the Fund invest in?

(as of June 30, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
International Equity Fund	50.9%
Fixed Income Fund	49.1%
Convertible Bond	0.0%
Private Placements	0.0%
Corporate Bonds	0.0%

AZL MVP Global Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2025

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

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

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

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

018822874 08/25

AZL MVP Growth Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the AZL MVP Growth Index Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

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

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

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

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP Growth Index Strategy Fund	7.72%	9.07%	6.63%
S&P 500 Index	15.16%	16.64%	13.65%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
Growth Composite Index	13.00%	12.25%	10.83%

Fund Statistics

Net Assets	$1,749,192,285
Number of Portfolio Holdings	7
Portfolio Turnover Rate	0%

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

What did the Fund invest in?

(as of June 30, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
Domestic Equity Funds	53.9%
Fixed Income Fund	23.3%
International Equity Fund	22.8%

AZL MVP Growth Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2025

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

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

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

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

018822882 08/25

AZL MVP Moderate Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the AZL MVP Moderate Index Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

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

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

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

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP Moderate Index Strategy Fund	7.89%	7.25%	5.45%
S&P 500 Index	15.16%	16.64%	13.65%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
Moderate Composite Index	11.66%	9.63%	9.08%

Fund Statistics

Net Assets	$316,741,167
Number of Portfolio Holdings	7
Portfolio Turnover Rate	2%

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

What did the Fund invest in?

(as of June 30, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
Domestic Equity Funds	43.2%
Fixed Income Fund	39.3%
International Equity Fund	17.5%

AZL MVP Moderate Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2025

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

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

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

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

018822866 08/25

AZL MVP T. Rowe Price Capital Appreciation Plus Fund 

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the AZL MVP T. Rowe Price Capital Appreciation Plus Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

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

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

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

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP T. Rowe Price Capital Appreciation Plus Fund	7.40%	9.28%	8.14%
S&P 500 Index	15.16%	16.64%	13.65%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
Moderate Composite Index	11.66%	9.63%	9.08%

Fund Statistics

Net Assets	$1,012,768,476
Number of Portfolio Holdings	5
Portfolio Turnover Rate	-%

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

What did the Fund invest in?

(as of June 30, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
Domestic Equity Funds	81.5%
Fixed Income Fund	18.5%

AZL MVP T. Rowe Price Capital Appreciation Plus Fund 

Semi-Annual Shareholder Report - June 30, 2025

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

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

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

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

018822841 08/25

Item 2. Code of Ethics.

                Not applicable.

Item 3. Audit Committee Financial Expert.

                Not applicable.

Item 4. Principal Accountant Fees and Services.

                Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)                 The Schedule of Investments in securities of unaffiliated issuers is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b)                Not applicable.

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

AZL®

Balanced

Index

Strategy

Fund

Semi-Annual

Financial

Statements

and

Other

Information

June

30,

2025

(Unaudited)

Table

of

Contents

AZL®

Balanced

Index

Strategy

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

3

Statement

of

Assets

and

Liabilities

Page

4

Statement

of

Operations

Page

4

Statements

of

Changes

in

Net

Assets

Page

5

Financial

Highlights

Page

6

Notes

to

the

Financial

Statements

Page

7

Other

Information

(Form

N-CSR

Items

8-11)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

11

Item

9.

Proxy

Disclosures

Page

11

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

11

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

11

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2025

(Unaudited)

3

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2025

.

Shares

Value

Affiliated

Investment

Companies

(

100

.0

%

):

Domestic

Equity

Funds

(

36

.8

%

):

482,551

AZL

Mid

Cap

Index

Fund,

Class

2

$

10,408,624‌

4,064,075

AZL

S&P

500

Index

Fund,

Class

2

102,292,758‌

580,819

AZL

Small

Cap

Stock

Index

Fund,

Class

2

6,888,516‌

119,589,898‌

Fixed

Income

Fund

(

48

.9

%

):

15,985,945

AZL

Enhanced

Bond

Index

Fund

158,740,439‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(

14

.3

%

):

2,238,151

AZL

International

Index

Fund,

Class

2

$

46,620,678‌

Total

Affiliated

Investment

Companies

(Cost

$243,201,375)

324,951,015‌

Total

Investment

Securities

(Cost

$

243,201,375

)

—

100

.0

%

324,951,015‌

Net

other

assets

(liabilities)

—

0

.0

%

†

(

21,034‌

)

Net

Assets

—

100.0%

$

324,929,981‌

†

Represents

less

than

0.05%.

AZL

Balanced

Index

Strategy

Fund

4

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2025

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2025

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

243,201,375‌

aaa

aaa

Investments

in

affiliates,

at

value

$

324,951,015‌

Interest

and

dividends

receivable

149‌

Receivable

for

capital

shares

issued

23,110‌

Receivable

for

affiliated

investments

sold

501,652‌

Prepaid

expenses

829‌

Total

Assets

325,476,755‌

Liabilities:

Cash

overdraft

501,652‌

Payable

for

capital

shares

redeemed

8,622‌

Management

fees

payable

13,149‌

Administration

fees

payable

10,717‌

Custodian

fees

payable

1,990‌

Administrative

and

compliance

services

fees

payable

1,640‌

Transfer

agent

fees

payable

1,113‌

Trustee

fees

payable

867‌

Other

accrued

liabilities

7,024‌

Total

Liabilities

546,774‌

Commitments

and

contingent

liabilities^

Net

Assets

$

324,929,981‌

Net

Assets

Consist

of:

Paid

in

capital

$

215,756,895‌

Total

distributable

earnings

109,173,086‌

Net

Assets

$

324,929,981‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

20,588,642‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

15.78‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Dividends

from

non-affiliates

$

411‌

Total

Investment

Income

411‌

Expenses:

Management

fees

80,403‌

Administration

fees

41,335‌

Custodian

fees

4,853‌

Administrative

and

compliance

services

fees

4,632‌

Transfer

agent

fees

4,077‌

Trustee

fees

8,290‌

Professional

fees

10,467‌

Shareholder

reports

2,256‌

Other

expenses

2,322‌

Total

expenses

158,635‌

Net

Investment

Income/(Loss)

(158,224‌)

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

2,903,220‌

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

17,464,977‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

20,368,197‌

Change

in

Net

Assets

Resulting

From

Operations

$

20,209,973‌

AZL

Balanced

Index

Strategy

Fund

5

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Six

Months

Ended

June

30,

2025

For

the

Year

Ended

December

31,

2024

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

(158,224‌)

$

8,641,564‌

Net

realized

gains/(losses)

on

investments

2,903,220‌

20,765,236‌

Change

in

unrealized

appreciation/depreciation

on

investments

17,464,977‌

(1,592,915‌)

Change

in

net

assets

resulting

from

operations

20,209,973‌

27,813,885‌

Distributions

to

Shareholders:

Distributions

—‌

(14,621,822‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(14,621,822‌)

Capital

Transactions:

Proceeds

from

shares

issued

2,396,420‌

3,647,291‌

Proceeds

from

dividends

reinvested

—‌

14,621,822‌

Value

of

shares

redeemed

(

30,335,427‌)

(46,427,551‌)

Change

in

net

assets

resulting

from

capital

transactions

(27,939,007‌)

(28,158,438‌)

Change

in

net

assets

(7,729,034‌)

(14,966,375‌)

Net

Assets:

Beginning

of

period

332,659,015‌

347,625,390‌

End

of

period

$

324,929,981‌

$

332,659,015‌

Share

Transactions:

Shares

issued

157,026‌

246,383‌

Dividends

reinvested

—‌

969,617‌

Shares

redeemed

(2,018,193‌)

(3,121,198‌)

Change

in

shares

(1,861,167‌)

(1,905,198‌)

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

Balanced

Index

Strategy

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

6

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$14.82

$14.28

$13.76

$17.96

$17.48

$16.46

Investment

Activities:

Net

Investment

Income/(Loss)(a)

(0.01

)

0.37

‌

0.20

‌

0.21

‌

0.15

‌

0.33

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.97

‌

0.83

‌

1.49

‌

(2.97

)

1.56

‌

1.62

‌

Total

from

Investment

Activities

0.96

‌

1.20

‌

1.69

‌

(2.76

)

1.71

‌

1.95

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.22

)

(0.27

)

(0.37

)

(0.34

)

(0.33

)

Net

Realized

Gains

—

‌

(0.44

)

(0.90

)

(1.07

)

(0.89

)

(0.60

)

Total

Dividends

—

‌

(0.66

)

(1.17

)

(1.44

)

(1.23

)

(0.93

)

Net

Asset

Value,

End

of

Period

$15.78

$14.82

$14.28

$13.76

$17.96

$17.48

Total

Return

(b)

6.48

%(c)

8.36

%

13.21

%

(15.10

)%

10.04

%

12.24

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$324,930

$332,659

$347,625

$343,081

$445,174

$417,253

Net

Investment

Income/(Loss)(d)

(0.10

)%

2.52

%

1.43

%

1.35

%

0.85

%

2.01

%

Expenses

Before

Reductions*(d)(e)

0.10

%

0.10

%

0.09

%

0.09

%

0.08

%

0.09

%

Expenses

Net

of

Reductions*(d)

0.10

%

0.10

%

0.09

%

0.09

%

0.08

%

0.09

%

Portfolio

Turnover

Rate

3

%(c)

12

%

5

%

8

%

13

%

19

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

7

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

Balanced

Index

Strategy

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

the trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2025,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

8

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2026.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2025,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

Any

amounts

contractually

waived

or

assumed by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2025,

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,

2025,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

June

30,

2025,

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,

2025

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.

Adviser

Compliance

Associates,

LLC

("ACA")

provides

Principal

Financial

Officer

("PFO")

and

support

services

to

the

CCO

of

the

Trust.

For

these

services,

ACA

receives

an

annual

base

fee

and

additional

per

fund

fees. 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.,

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

a

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.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

Annual

Rate

Annual

Expense

Limit

AZL

Balanced

Index

Strategy

Fund

0.05%

0.20%

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/25

Shares

as

of

06/30/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

167,169,124‌

$

2,108,970‌

$

(16,544,559‌)

$

(2,419,244‌)

$

8,426,148‌

$

158,740,439‌

15,985,945‌

$

—‌

$

—‌

AZL

International

Index

Fund,

Class

2

45,253,594‌

14,730‌

(7,026,313‌)

1,352,859‌

7,025,808‌

46,620,678‌

2,238,151‌

—‌

—‌

AZL

Mid

Cap

Index

Fund,

Class

2

10,318,624‌

631,078‌

(612,398‌)

93,163‌

(21,843‌)

10,408,624‌

482,551‌

—‌

—‌

AZL

S&P

500

Index

Fund,

Class

2

103,147,864‌

5,902,561‌

(12,911,095‌)

3,820,101‌

2,333,327‌

102,292,758‌

4,064,075‌

—‌

—‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

6,991,253‌

560,250‌

(420,865‌)

56,341‌

(298,463‌)

6,888,516‌

580,819‌

—‌

—‌

$

332,880,459‌

$

9,217,589‌

$

(37,515,230‌)

$

2,903,220‌

$

17,464,977‌

$

324,951,015‌

$

—‌

$

—‌

AZL

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

9

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Investments

in

other

investment

companies

are

valued

at

their

published

net

asset

value

(“NAV”).

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

The

investments

utilizing

Level

1

valuations

represent

investments

in

open-end

investment

companies.

The

Board

has

designated

the

Manager

to

perform

the

Fund’s

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Fund’s

NAV

will

be

subject

to

the

judgment

of

the

Manager.

The

Manager's

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

The

following

is

a

summary

of

the

valuation

inputs

used

as

of

June

30,

2025

in

valuing

the

Fund's

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2025,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk

:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

counterparty

risk, and

selection

risk.

Derivatives

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

may

not

correlate

perfectly

with

the

underlying

asset,

rate,

or

index.

Using

derivatives

may

result

in

losses,

possibly

in

excess

of

the

principal

amount

invested.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances.

The

other

party

to

a

derivatives

contract

could

default.

During

the

period

ended

June

30,

2025,

the

Fund

did

not

directly

invest

in

derivatives.

Foreign

Securities

Risk

:

Investing

in

the

securities

of

non-U.S.

issuers

involves

a

number

of

risks,

such

as

fluctuations

in

currency

values,

adverse

political,

social

or

economic

developments,

and

differences

in

social

and

economic

developments

or

policies.

Such

risks

include

future

political

and

economic

developments,

and

the

possible

imposition

of

exchange

controls

or

other

foreign

governmental

laws

and

restrictions.

In

addition,

with

respect

to

certain

countries,

there

is

the

possibility

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability

or

diplomatic

developments

which

could

adversely

affect

investments

in

those

securities.

Certain

foreign

companies

may

be

subject

to

sanctions,

embargoes,

or

other

governmental

actions

that

may

impair

or

otherwise

limit

the

ability

to

invest

in,

receive,

hold

or

sell

the

securities

of

such

companies.

Fund

of

Funds

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.

Index

Fund

Risk

:

Certain

of

the

underlying

funds

do

not

attempt

to

manage

market

volatility

or

reduce

the

effects

of

poor

performance.

In

addition,

factors

such

as

fund

expenses,

selection

of

a

representative

portfolio,

changes

in

the

composition

of

the

index,

or

the

timing

of

purchases

or

redemptions

of

fund

shares

may

affect

the

correlation

between

the

performance

of

the

index

and

the

underlying

fund's

performance.

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.

Macroeconomic

factors,

such

as

inflationary

trends,

can

heighten

interest

rate

risk.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

324,951,015

$

—

$

—

$

324,951,015

Total

Investment

Securities

$324,951,015

$—

$—

$324,951,015

Purchases

Sales

AZL

Balanced

Index

Strategy

Fund

$9,217,589

$37,515,230

AZL

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

10

Market

Risk

:

The

market

price

of

securities

owned

by

the

underlying

funds

may

go

up

or

down,

sometimes

rapidly

and

unpredictably.

Securities

may

decline

in

value

due

to

factors

affecting

securities

markets

generally

or

particular

industries

represented

in

the

securities

markets.

The

value

of

a

security

may

decline

due

to

general

market

conditions

including

economic,

political,

and

financial

conditions,

widespread

disease

or

other

public

health

issues,

war,

military

conflict,

acts

of

terrorism,

adverse

investor

sentiments,

or

instability

or

other

disruptive

events

in

the

local,

regional,

or

global

markets.

Certain

changes

in

the

U.S.

economy,

such

as

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

economic

recession,

may

have

an

adverse

effect

on

the

value

of

the

underlying

funds'

securities.

7.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

at

December

31,

2024 was

$272,821,776.

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,

2024, was

as

follows: 

At

December

31,

2024,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

8.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of

June

30,

2025,

the

Fund

had

an

individual

shareholder

account

which

is

affiliated

with

the

Manager

representing

ownership

in

excess

of

90%

of

the

Fund.

Investment

activities

of

this

shareholder

could

have

a

material

impact

to

the

Fund.

9.

Segment

Reporting

In

accordance

with

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

("ASU

2023-07")

subject

to

the

oversight

and,

when

applicable,

approval

of

the

Board,

the

Fund's

Manager

acts

as

the

Fund’s

chief

operating

decision

maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund’s

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Fund’s

financial

statements. 

10.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

Unrealized

appreciation

$72,869,303

Unrealized

(depreciation)

(12,810,620)

Net

unrealized

appreciation/(depreciation)

$60,058,683

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

Balanced

Index

Strategy

Fund

$4,927,798

$9,694,024

$14,621,822

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

Balanced

Index

Strategy

Fund

$8,720,789

$20,183,641

$—

$60,058,683

$88,963,113

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales.

11

Other

Information

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

There

were

no

changes

in

or

disagreements

with

accountants

during

the

reporting

period.

Item

9.

Proxy

Disclosures

There

were

no

matters

submitted

for

vote

by

shareholders

of

the

Funds’

during

the

reporting

period.

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Remuneration

paid

to

Directors/Trustees,

Officers

and

others,

if

any,

are

reflected

on

the

Statements

of

Operations

and

described

in

Note

3

of

the

Notes

to

Financial

Statements

included

in

Item

7.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Not

applicable.

SARRPT0625

08/25

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

AZL®

DFA

Multi-Strategy

Fund

Semi-Annual

Financial

Statements

and

Other

Information

June

30,

2025

(Unaudited)

Table

of

Contents

AZL®

DFA

Multi-Strategy

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

15

Statement

of

Assets

and

Liabilities

Page

16

Statement

of

Operations

Page

16

Statements

of

Changes

in

Net

Assets

Page

17

Financial

Highlights

Page

18

Notes

to

the

Financial

Statements

Page

19

Other

Information

(Form

N-CSR

Items

8-11)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

23

Item

9.

Proxy

Disclosures

Page

23

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

23

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

23

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

DFA

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2025

(Unaudited)

15

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2025

.

Shares

Value

Affiliated

Investment

Companies

(

100

.1

%

):

Domestic

Equity

Fund

(

44

.5

%

):

17,672,517

AZL

DFA

U.S.

Core

Equity

Fund

$

286,471,495

Fixed

Income

Fund

(

38

.4

%

):

24,934,014

AZL

Enhanced

Bond

Index

Fund

247,594,756

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(

17

.2

%

):

9,211,133

AZL

DFA

International

Core

Equity

Fund

$

110,902,046

Total

Affiliated

Investment

Companies

(Cost

$517,670,865)

644,968,297

Total

Investment

Securities

(Cost

$

517,670,865

)

—

100

.1

%

644,968,297

Net

other

assets

(liabilities)

—

(

0

.1

)

%

(

858,527

)

Net

Assets

—

100.0%

$

644,109,770

AZL

DFA

Multi-Strategy

Fund

16

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2025

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2025

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

517,670,865‌

aaa

aaa

Investments

in

affiliates,

at

value

$

644,968,297‌

Receivable

for

affiliated

investments

sold

193,979‌

Prepaid

expenses

1,674‌

Total

Assets

645,163,950‌

Liabilities:

Cash

overdraft

193,979‌

Payable

for

capital

shares

redeemed

797,042‌

Management

fees

payable

26,095‌

Administration

fees

payable

11,637‌

Custodian

fees

payable

4,516‌

Administrative

and

compliance

services

fees

payable

3,454‌

Transfer

agent

fees

payable

1,196‌

Trustee

fees

payable

1,820‌

Other

accrued

liabilities

14,441‌

Total

Liabilities

1,054,180‌

Commitments

and

contingent

liabilities^

Net

Assets

$

644,109,770‌

Net

Assets

Consist

of:

Paid

in

capital

$

473,830,930‌

Total

distributable

earnings

170,278,840‌

Net

Assets

$

644,109,770‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

46,547,045‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

13.84‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Dividends

from

non-affiliates

$

13‌

Total

Investment

Income

13‌

Expenses:

Management

fees

158,579‌

Administration

fees

42,817‌

Custodian

fees

10,537‌

Administrative

and

compliance

services

fees

9,251‌

Transfer

agent

fees

4,199‌

Trustee

fees

16,592‌

Professional

fees

20,817‌

Shareholder

reports

4,280‌

Other

expenses

4,836‌

Total

expenses

271,908‌

Net

Investment

Income/(Loss)

(271,895‌)

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

4,189,543‌

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

39,077,507‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

43,267,050‌

Change

in

Net

Assets

Resulting

From

Operations

$

42,995,155‌

AZL

DFA

Multi-Strategy

Fund

17

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Six

Months

Ended

June

30,

2025

For

the

Year

Ended

December

31,

2024

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

(271,895‌)

$

15,073,173‌

Net

realized

gains/(losses)

on

investments

4,189,543‌

59,310,456‌

Change

in

unrealized

appreciation/depreciation

on

investments

39,077,507‌

(13,677,087‌)

Change

in

net

assets

resulting

from

operations

42,995,155‌

60,706,542‌

Distributions

to

Shareholders:

Distributions

—‌

(9,399,757‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(9,399,757‌)

Capital

Transactions:

Proceeds

from

shares

issued

115,247‌

417,715‌

Proceeds

from

dividends

reinvested

—‌

9,399,757‌

Value

of

shares

redeemed

(59,484,512‌

)

(119,155,650‌)

Change

in

net

assets

resulting

from

capital

transactions

(59,369,265‌)

(109,338,178‌)

Change

in

net

assets

(16,374,110‌)

(58,031,393‌)

Net

Assets:

Beginning

of

period

660,483,880‌

718,515,273‌

End

of

period

$

644,109,770‌

$

660,483,880‌

Share

Transactions:

Shares

issued

8,807‌

33,030‌

Dividends

reinvested

—‌

716,445‌

Shares

redeemed

(4,536,259‌)

(9,428,944‌)

Change

in

shares

(4,527,452‌)

(8,679,469‌)

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

DFA

Multi-Strategy

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

18

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$12.93

$12.02

$12.12

$15.44

$14.52

$14.36

Investment

Activities:

Net

Investment

Income/(Loss)(a)

(0.01

)

0.27

‌

0.16

‌

0.29

‌

0.08

‌

0.22

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.92

‌

0.82

‌

1.27

‌

(2.10

)

1.89

‌

1.20

‌

Total

from

Investment

Activities

0.91

‌

1.09

‌

1.43

‌

(1.81

)

1.97

‌

1.42

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.18

)

(0.37

)

(0.16

)

(0.25

)

(0.45

)

Net

Realized

Gains

—

‌

—

‌

(1.16

)

(1.35

)

(0.80

)

(0.81

)

Total

Dividends

—

‌

(0.18

)

(1.53

)

(1.51

)

(1.05

)

(1.26

)

Net

Asset

Value,

End

of

Period

$13.84

$12.93

$12.02

$12.12

$15.44

$14.52

Total

Return

(b)

7.04

%(c)

9.04

%

13.22

%

(11.41

)%

13.81

%

10.64

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$644,110

$660,484

$718,515

$723,314

$937,644

$940,773

Net

Investment

Income/(Loss)(d)

(0.09

)%

2.16

%

1.31

%

2.14

%

0.50

%

1.60

%

Expenses

Before

Reductions*(d)(e)

0.09

%

0.08

%

0.08

%

0.08

%

0.07

%

0.08

%

Expenses

Net

of

Reductions*(d)

0.09

%

0.08

%

0.08

%

0.08

%

0.07

%

0.08

%

Portfolio

Turnover

Rate

2

%(c)

19

%

44

%

10

%

6

%

18

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

19

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

DFA

Multi-Strategy

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

the trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2025,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

20

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2026.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2025,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

Any

amounts

contractually

waived

or

assumed by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2025,

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,

2025,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

June

30,

2025,

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,

2025

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.

Adviser

Compliance

Associates,

LLC

("ACA")

provides

Principal

Financial

Officer

("PFO")

and

support

services

to

the

CCO

of

the

Trust.

For

these

services,

ACA

receives

an

annual

base

fee

and

additional

per

fund

fees.

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.,

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

a

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.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

Annual

Rate

Annual

Expense

Limit

AZL

DFA

Multi-Strategy

Fund

0.05%

0.20%

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/25

Shares

as

of

06/30/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

DFA

International

Core

Equity

Fund

$

107,830,064‌

$

—‌

$

(17,550,401‌)

$

754

,955‌

$

19,867,428‌

$

110,902,046‌

9,211,133‌

$

—‌

$

—‌

AZL

DFA

U.S.

Core

Equity

Fund

285,983,124‌

12,985,982‌

(25,740,902‌)

2,832,465‌

10,410,826‌

286,471,495‌

17,672,517‌

—‌

—‌

AZL

Enhanced

Bond

Index

Fund

267,018,997‌

—‌

(28,825,617‌)

602,123‌

8,799,253‌

247,594,756‌

24,934,014‌

—‌

—‌

$

660,832,185‌

$

12,985,982‌

$

(72,116,920‌)

$

4,189

,543‌

$

39,077,507‌

$

644,968,297‌

$

—‌

$

—‌

AZL

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

21

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Investments

in

other

investment

companies

are

valued

at

their

published

net

asset

value

(“NAV”).

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

The

investments

utilizing

Level

1

valuations

represent

investments

in

open-end

investment

companies.

The

Board

has

designated

the

Manager

to

perform

the

Fund’s

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Fund’s

NAV

will

be

subject

to

the

judgment

of

the

Manager.

The

Manager's

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

The

following

is

a

summary

of

the

valuation

inputs

used

as

of

June

30,

2025

in

valuing

the

Fund's

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2025,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk

:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

counterparty

risk, and

selection

risk.

Derivatives

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

may

not

correlate

perfectly

with

the

underlying

asset,

rate,

or

index.

Using

derivatives

may

result

in

losses,

possibly

in

excess

of

the

principal

amount

invested.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances.

The

other

party

to

a

derivatives

contract

could

default.

During

the

period

ended

June

30,

2025,

the

Fund

did

not

directly

invest

in

derivatives.

Foreign

Securities

Risk

:

Investing

in

the

securities

of

non-U.S.

issuers

involves

a

number

of

risks,

such

as

fluctuations

in

currency

values,

adverse

political,

social

or

economic

developments,

and

differences

in

social

and

economic

developments

or

policies.

Such

risks

include

future

political

and

economic

developments,

and

the

possible

imposition

of

exchange

controls

or

other

foreign

governmental

laws

and

restrictions.

In

addition,

with

respect

to

certain

countries,

there

is

the

possibility

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability

or

diplomatic

developments

which

could

adversely

affect

investments

in

those

securities.

Certain

foreign

companies

may

be

subject

to

sanctions,

embargoes,

or

other

governmental

actions

that

may

impair

or

otherwise

limit

the

ability

to

invest

in,

receive,

hold

or

sell

the

securities

of

such

companies.

Fund

of

Funds

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.

Macroeconomic

factors,

such

as

inflationary

trends,

can

heighten

interest

rate

risk.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

644,968,297

$

—

$

—

$

644,968,297

Total

Investment

Securities

$644,968,297

$—

$—

$644,968,297

Purchases

Sales

AZL

DFA

Multi-Strategy

Fund

$12,985,982

$72,116,920

AZL

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

22

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

including

economic,

political,

and

financial

conditions,

widespread

disease

or

other

public

health

issues,

war,

military

conflict,

acts

of

terrorism,

adverse

investor

sentiments,

or

instability

or

other

disruptive

events

in

the

local,

regional,

or

global

markets.

Certain

changes

in

the

U.S.

economy,

such

as

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

economic

recession,

may

have

an

adverse

effect

on

the

value

of

the

underlying

funds'

securities.

7.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

at

December

31,

2024 was

$573,849,773.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis was

as

follows:

As

of

the

end

of

its

tax

year

ended

December

31,

2024,

the

Fund

had

no

remaining

capital

loss

carry

forwards

(“CLCFs”).

The

Board

does

not

intend

to

authorize

a

distribution

of

any

realized

gain

for

the

Fund

until

any

applicable

CLCF

has

been

offset.

During

the

year

ended

December

31,

2024,

the

Fund

utilized

$32,040,228

in

CLCFs

to

offset

capital

gains. 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2024, was

as

follows: 

At

December

31,

2024,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

8.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of June

30,

2025,

the

Fund

had

an

individual

shareholder

account

which

is

affiliated

with

the

Manager

representing

ownership

in

excess

of

90%

of

the

Fund.

Investment

activities

of

this

shareholder

could

have

a

material

impact

to

the

Fund.

9.

Segment

Reporting

In

accordance

with

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

("ASU

2023-07")

subject

to

the

oversight

and,

when

applicable,

approval

of

the

Board,

the

Fund's

Manager

acts

as

the

Fund’s

chief

operating

decision

maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund’s

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Fund’s

financial

statements. 

10.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

Unrealized

appreciation

$86,982,412

Unrealized

(depreciation)

–

Net

unrealized

appreciation/(depreciation)

$86,982,412

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

DFA

Multi-Strategy

Fund

$9,399,757

$–

$9,399,757

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

DFA

Multi-Strategy

Fund

$16,882,818

$23,418,455

$—

$86,982,412

$127,283,685

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales.

23

Other

Information

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

There

were

no

changes

in

or

disagreements

with

accountants

during

the

reporting

period.

Item

9.

Proxy

Disclosures

There

were

no

matters

submitted

for

vote

by

shareholders

of

the

Funds’

during

the

reporting

period.

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Remuneration

paid

to

Directors/Trustees,

Officers

and

others,

if

any,

are

reflected

on

the

Statements

of

Operations

and

described

in

Note

3

of

the

Notes

to

Financial

Statements

included

in

Item

7.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Not

applicable.

SARRPT0625

08/25

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

AZL®

MVP

Balanced

Index

Strategy

Fund

Semi-Annual

Financial

Statements

and

Other

Information

June

30,

2025

(Unaudited)

Table

of

Contents

AZL®

MVP

Balanced

Index

Strategy

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

27

Statement

of

Assets

and

Liabilities

Page

28

Statement

of

Operations

Page

28

Statements

of

Changes

in

Net

Assets

Page

29

Financial

Highlights

Page

30

Notes

to

the

Financial

Statements

Page

31

Other

Information

(Form

N-CSR

Items

8-11)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

36

Item

9.

Proxy

Disclosures

Page

36

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

36

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

36

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

MVP

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2025

(Unaudited)

27

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2025

.

Shares

Value

Affiliated

Investment

Companies

(

96

.3

%

):

Domestic

Equity

Funds

(

34

.7

%

):

1,054,530

AZL

Mid

Cap

Index

Fund,

Class

2

$

22,746,217‌

8,113,535

AZL

S&P

500

Index

Fund,

Class

2

204,217,684‌

1,271,607

AZL

Small

Cap

Stock

Index

Fund,

Class

2

15,081,256‌

242,045,157‌

Fixed

Income

Fund

(

47

.0

%

):

32,989,578

AZL

Enhanced

Bond

Index

Fund

327,586,507‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(

14

.6

%

):

4,867,249

AZL

International

Index

Fund,

Class

2

$

101,384,806‌

Total

Affiliated

Investment

Companies

(Cost

$578,253,309)

671,016,470‌

Total

Investment

Securities

(Cost

$

578,253,309

)

—

96

.3

%

671,016,470‌

Net

other

assets

(liabilities)

—

3

.7

%

25,723,809‌

Net

Assets

—

100.0%

$

696,740,279‌

Futures

Contracts

At

June

30,

2025,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/19/25

41

$

12,820,188‌

$

453,931‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/19/25

115

12,894,375‌

208,569‌

$

662,500‌

AZL

MVP

Balanced

Index

Strategy

Fund

28

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2025

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2025

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

578,253,309‌

aaa

aaa

Investments

in

affiliates,

at

value

$

671,016,470‌

Deposit

at

broker

for

futures

contracts

collateral

25,908,947‌

Interest

and

dividends

receivable

72,302‌

Receivable

for

affiliated

investments

sold

281,381‌

Prepaid

expenses

1,853‌

Total

Assets

697,280,953‌

Liabilities:

Cash

overdraft

281,381‌

Payable

for

capital

shares

redeemed

155,559‌

Management

fees

payable

56,497‌

Administration

fees

payable

14,470‌

Custodian

fees

payable

5,766‌

Administrative

and

compliance

services

fees

payable

4,344‌

Transfer

agent

fees

payable

1,419‌

Trustee

fees

payable

2,281‌

Other

accrued

liabilities

18,957‌

Total

Liabilities

540,674‌

Commitments

and

contingent

liabilities^

Net

Assets

$

696,740,279‌

Net

Assets

Consist

of:

Paid

in

capital

$

578,536,043‌

Total

distributable

earnings

118,204,236‌

Net

Assets

$

696,740,279‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

53,404,061‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

13.05‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Interest

$

558,960‌

Dividends

from

non-affiliates

238‌

Total

Investment

Income

559,198‌

Expenses:

Management

fees

348,775‌

Administration

fees

46,628‌

Custodian

fees

11,814‌

Administrative

and

compliance

services

fees

10,446‌

Transfer

agent

fees

4,377‌

Trustee

fees

18,698‌

Professional

fees

23,686‌

Shareholder

reports

5,161‌

Other

expenses

5,387‌

Total

expenses

474,972‌

Net

Investment

Income/(Loss)

84,226‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

3,138,084‌

Net

realized

gains/(losses)

on

futures

contracts

(16,460,446‌)

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

39,103,933‌

Change

in

net

unrealized

appreciation/depreciation

on

futures

contracts

1,524,381‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

27,305,952‌

Change

in

Net

Assets

Resulting

From

Operations

$

27,390,178‌

AZL

MVP

Balanced

Index

Strategy

Fund

29

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Six

Months

Ended

June

30,

2025

For

the

Year

Ended

December

31,

2024

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

84,226‌

$

19,786,375‌

Net

realized

gains/(losses)

on

investments

(13,322,362‌)

42,323,207‌

Change

in

unrealized

appreciation/depreciation

on

investments

40,628,314‌

182,080‌

Change

in

net

assets

resulting

from

operations

27,390,178‌

62,291,662‌

Distributions

to

Shareholders:

Distributions

—‌

(43,308,388‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(43,308,388‌)

Capital

Transactions:

Proceeds

from

shares

issued

3,133,528‌

2,013,371‌

Proceeds

from

dividends

reinvested

—‌

43,308,388‌

Value

of

shares

redeemed

(

62,965,584‌)

(134,489,155‌)

Change

in

net

assets

resulting

from

capital

transactions

(59,832,056‌)

(89,167,396‌)

Change

in

net

assets

(32,441,878‌)

(70,184,122‌)

Net

Assets:

Beginning

of

period

729,182,157‌

799,366,279‌

End

of

period

$

696,740,279‌

$

729,182,157‌

Share

Transactions:

Shares

issued

248,979‌

158,934‌

Dividends

reinvested

—‌

3,394,074‌

Shares

redeemed

(4,997,517‌)

(10,559,502‌)

Change

in

shares

(4,748,538‌)

(7,006,494‌)

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

MVP

Balanced

Index

Strategy

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

30

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$12.54

$12.27

$11.05

$14.38

$14.04

$13.90

Investment

Activities:

Net

Investment

Income/(Loss)(a)

—

(b)

0.33

‌

0.21

‌

0.16

‌

0.11

‌

0.24

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.51

‌

0.70

‌

1.19

‌

(2.34

)

1.26

‌

0.54

‌

Total

from

Investment

Activities

0.51

‌

1.03

‌

1.40

‌

(2.18

)

1.37

‌

0.78

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.22

)

(0.06

)

(0.28

)

(0.26

)

(0.27

)

Net

Realized

Gains

—

‌

(0.54

)

(0.12

)

(0.87

)

(0.77

)

(0.37

)

Total

Dividends

—

‌

(0.76

)

(0.18

)

(1.15

)

(1.03

)

(0.64

)

Net

Asset

Value,

End

of

Period

$13.05

$12.54

$12.27

$11.05

$14.38

$14.04

Total

Return

(c)

4.07

%(d)

8.28

%

12.85

%

(14.87

)%

10.02

%

5.98

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$696,740

$729,182

$799,366

$240,254

$324,718

$320,488

Net

Investment

Income/(Loss)(e)

0.02

%

2.56

%

1.77

%

1.30

%

0.74

%

1.82

%

Expenses

Before

Reductions*(e)(f)

0.14

%

0.14

%

0.13

%

0.14

%

0.13

%

0.14

%

Expenses

Net

of

Reductions*(e)

0.14

%

0.14

%

0.13

%

0.14

%

0.13

%

0.14

%

Portfolio

Turnover

Rate

2

%(d)

11

%

16

%

7

%

10

%

13

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.005

or

0.005%.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any

.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

MVP

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

31

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

MVP

Balanced

Index

Strategy

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

the trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2025,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

MVP

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

32

Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Fund,

including

the

primary

underlying

risk

exposures

related

to

each

instrument

type.

The

Fund’s

allocation

to

the

MVP

(Managed

Volatility

Portfolio)

risk

management

process

may

include

(a)

derivatives

such

as

index

futures,

other

futures

contracts,

options,

and

other

similar

securities

and

(b)

cash,

money

market

equivalents,

short-term

debt

instruments,

money

market

funds,

and

short-term

debt

funds

to

satisfy

all

applicable

margin

requirements

and

to

provide

additional

portfolio

liquidity

to

satisfy

large

redemptions

and

any

margin

calls.

Due

to

the

leverage

provided

by

derivatives,

the

notional

value

of

the

Fund’s

derivative

positions

could

exceed

20%

of

the

Fund’s

value.

The

Fund

may

also

use

futures

to

gain

equity

exposure

and

may

hold

cash

as

a

buffer

in

the

event

of

market

shocks.

Futures

Contracts

During

the

period

ended June

30,

2025,

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,

2025,

the

monthly

average

notional

amount

for

long

contracts

was

$28.7

million,

and

the

monthly

average

notional

amount

for

short

contracts

was

$18.8

million.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Fund’s

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2025: 

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,

2025:

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2026.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2025,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

Any

amounts

contractually

waived

or

assumed by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2025,

there

were

no

remaining

contractual

reimbursements

subject

to

repayment

by

the

Fund

in

subsequent

years,

and

no

commitment

or

contingent

liability

is

expected.

Asset

Derivatives

Liability

Derivatives

Primary

Risk

Exposure

Statement

of

Assets

and

Liabilities

Location

Total

Value

Statement

of

Assets

and

Liabilities

Location

Total

Value

Equity

Risk

453,931

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$453,931

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

208,569

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$208,569

Payable

for

variation

margin

on

futures

contracts*

$

—

*

For

futures

contracts,

the

amounts

represent

the

cumulative

appreciation/depreciation

of

these

futures

contracts

as

reported

in

the

Schedule

of

Portfolio

Investments.

Only

the

current

day's

variation

margin,

if

any,

is

reported

within

the

Statement

of

Assets

and

Liabilities

as

“Variation

margin

on

futures

contracts”.

Primary

Risk

Exposure

Location

of

Gains/(Losses)

on

Derivatives

Recognized

Realized

Gains/(Losses)

on

Derivatives

Recognized

Change

in

Net

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

Equity

Risk

16,521,032

(1,025,529)

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$

(16,521,032)

$

1,025,529

Interest

Rate

Risk

(60,586)

(498,852)

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$60,586

$498,852

Annual

Rate

Annual

Expense

Limit

AZL

MVP

Balanced

Index

Strategy

Fund

0.10%

0.20%

AZL

MVP

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

33

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,

2025,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

June

30,

2025,

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,

2025

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.

Adviser

Compliance

Associates,

LLC

("ACA")

provides

Principal

Financial

Officer

("PFO")

and

support

services

to

the

CCO

of

the

Trust.

For

these

services,

ACA

receives

an

annual

base

fee

and

additional

per

fund

fees. 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.,

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

a

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.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Investments

in

other

investment

companies

are

valued

at

their

published

net

asset

value

(“NAV”).

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

The

investments

utilizing

Level

1

valuations

represent

investments

in

open-end

investment

companies.

Futures

contracts

are

valued

at

the

settlement

prices

established

each

day

on

the

primary

exchange

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/25

Shares

as

of

06/30/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

350,111,957‌

$

—‌

$

(34,938,426‌)

$

(3,737,017‌)

$

16,149,993‌

$

327,586,507‌

32,989,578‌

$

—‌

$

—‌

AZL

International

Index

Fund,

Class

2

100,108,056‌

—‌

(17,027,628‌)

2,157,734‌

16,146,644‌

101,384,806‌

4,867,249‌

—‌

—‌

AZL

Mid

Cap

Index

Fund,

Class

2

21,689,065‌

1,469,966‌

(566,040‌)

45,513‌

107,713‌

22,746,217‌

1,054,530‌

—‌

—‌

AZL

S&P

500

Index

Fund,

Class

2

206,817,218‌

12,420,650‌

(26,928,047‌)

4,660,251‌

7,247,612‌

204,217,684‌

8,113,535‌

—‌

—‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

14,443,473‌

1,272,201‌

(97,992‌)

11,603‌

(548,029‌)

15,081,256‌

1,271,607‌

—‌

—‌

$

693,169,769‌

$

15,162,817‌

$

(79,558,133‌)

$

3,138,084‌

$

39,103,933‌

$

671,016,470‌

$

—‌

$

—‌

AZL

MVP

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

34

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,

2025

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2025,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk

:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

counterparty

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

Funds

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.

Index

Fund

Risk

:

Certain

of

the

underlying

funds

do

not

attempt

to

manage

market

volatility

or

reduce

the

effects

of

poor

performance.

In

addition,

factors

such

as

fund

expenses,

selection

of

a

representative

portfolio,

changes

in

the

composition

of

the

index,

or

the

timing

of

purchases

or

redemptions

of

fund

shares

may

affect

the

correlation

between

the

performance

of

the

index

and

the

underlying

fund's

performance.

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.

Macroeconomic

factors,

such

as

inflationary

trends,

can

heighten

interest

rate

risk.

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

including

economic,

political,

and

financial

conditions,

widespread

disease

or

other

public

health

issues,

war,

military

conflict,

acts

of

terrorism,

adverse

investor

sentiments,

or

instability

or

other

disruptive

events

in

the

local,

regional,

or

global

markets.

Certain

changes

in

the

U.S.

economy,

such

as

as

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

economic

recession,

may

have

an

adverse

effect

on

the

value

of

the

underlying

funds'

securities.

Quantitative

Investing

Risk

:

The

value

of

securities

selected

using

quantitative

analysis

can

react

differently

to

issuer,

political,

market,

and

economic

developments

than

the

market

as

a

whole

or

securities

selected

using

only

fundamental

analysis.

The

factors

used

in

quantitative

analysis

and

the

weight

placed

on

those

factors

may

not

be

predictive

of

a

security's

value.

In

addition,

factors

that

affect

a

security's

value

can

change

over

time

and

these

changes

may

not

be

reflected

in

the

quantitative

model.

A

quantitative

model

can

be

adversely

affected

by

errors

or

imperfections

in

the

factors

or

the

data

on

which

evaluations

are

based,

or

by

technical

issues

with

construction

or

implementation

of

the

model,

which

in

any

case

may

result

in

a

failure

of

the

portfolio

to

perform

as

expected

or

a

failure

to

identify

securities

that

will

perform

well

in

the

future.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

671,016,470

$

—

$

—

$

671,016,470

Total

Investment

Securities

671,016,470

—

—

671,016,470

Other

Financial

Instruments:

*

Futures

Contracts

662,500

—

—

662,500

Total

Investments

$671,678,970

$—

$—

$671,678,970

*

Other

Financial

Instruments

would

include

any

derivative

instruments,

such

as

futures

contracts.  These

investments

are

generally

presented

in

the

Statement

of

Assets

and

Liabilities

at

variation

margin.

Purchases

Sales

AZL

MVP

Balanced

Index

Strategy

Fund

$15,162,817

$79,558,133

AZL

MVP

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

35

7.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

at

December

31,

2024 was

$644,098,808.

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,

2024, was

as

follows: 

At

December

31,

2024,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

8.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of

June

30,

2025,

the

Fund

had

an

individual

shareholder

account

which

is

affiliated

with

the

Manager

representing

ownership

in

excess

of

85%

of

the

Fund.

Investment

activities

of

this

shareholder

could

have

a

material

impact

to

the

Fund.

9.

Segment

Reporting

In

accordance

with

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

("ASU

2023-07")

subject

to

the

oversight

and,

when

applicable,

approval

of

the

Board,

the

Fund's

Manager

acts

as

the

Fund’s

chief

operating

decision

maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund’s

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Fund’s

financial

statements. 

10.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

Unrealized

appreciation

$58,818,576

Unrealized

(depreciation)

(9,747,615)

Net

unrealized

appreciation/(depreciation)

$49,070,961

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

Balanced

Index

Strategy

Fund

$30,191,032

$13,117,356

$43,308,388

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

MVP

Balanced

Index

Strategy

Fund

$41,742,224

$18,417,532

$—

$49,070,961

$109,230,717

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation

/(

depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

mark-to-market

of

futures

contracts

and

straddles.

36

Other

Information

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

There

were

no

changes

in

or

disagreements

with

accountants

during

the

reporting

period.

Item

9.

Proxy

Disclosures

There

were

no

matters

submitted

for

vote

by

shareholders

of

the

Funds’

during

the

reporting

period.

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Remuneration

paid

to

Directors/Trustees,

Officers

and

others,

if

any,

are

reflected

on

the

Statements

of

Operations

and

described

in

Note

3

of

the

Notes

to

Financial

Statements

included

in

Item

7.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Not

applicable.

SARRPT0625

08/25

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

AZL®

MVP

DFA

Multi-Strategy

Fund

Semi-Annual

Financial

Statements

and

Other

Information

June

30,

2025

(Unaudited)

Table

of

Contents

AZL®

MVP

DFA

Multi-Strategy

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

40

Statement

of

Assets

and

Liabilities

Page

41

Statement

of

Operations

Page

41

Statements

of

Changes

in

Net

Assets

Page

42

Financial

Highlights

Page

43

Notes

to

the

Financial

Statements

Page

44

Other

Information

(Form

N-CSR

Items

8-11)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

49

Item

9.

Proxy

Disclosures

Page

49

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

49

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

49

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

MVP

DFA

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2025

(Unaudited)

40

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2025

.

Shares

Value

Affiliated

Investment

Companies

(

96

.0

%

):

Domestic

Equity

Fund

(

41

.5

%

):

31,411,462

AZL

DFA

U.S.

Core

Equity

Fund

$

509,179,802‌

Fixed

Income

Fund

(

37

.4

%

):

46,275,468

AZL

Enhanced

Bond

Index

Fund

459,515,393‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(

17

.1

%

):

17,479,687

AZL

DFA

International

Core

Equity

Fund

$

210,455,429‌

Total

Affiliated

Investment

Companies

(Cost

$1,022,419,991)

1,179,150,624‌

Total

Investment

Securities

(Cost

$

1,022,419,991

)

—

96

.0

%

1,179,150,624‌

Net

other

assets

(liabilities)

—

4

.0

%

48,930,744‌

Net

Assets

—

100.0%

$

1,228,081,368‌

Futures

Contracts

At

June

30,

2025,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/19/25

97

$

30,330,688‌

$

1,074,098‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/19/25

180

20,182,500‌

326,957‌

$

1,401,055‌

AZL

MVP

DFA

Multi-Strategy

Fund

41

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2025

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2025

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

1,022,419,991‌

aaa

aaa

Investments

in

affiliates,

at

value

$

1,179,150,624‌

Deposit

at

broker

for

futures

contracts

collateral

50,684,933‌

Interest

and

dividends

receivable

141,724‌

Receivable

for

affiliated

investments

sold

558,528‌

Prepaid

expenses

3,293‌

Total

Assets

1,230,539,102‌

Liabilities:

Cash

overdraft

558,528‌

Payable

for

capital

shares

redeemed

1,732,016‌

Management

fees

payable

99,666‌

Administration

fees

payable

14,351‌

Custodian

fees

payable

10,535‌

Administrative

and

compliance

services

fees

payable

7,223‌

Transfer

agent

fees

payable

1,386‌

Trustee

fees

payable

3,799‌

Other

accrued

liabilities

30,230‌

Total

Liabilities

2,457,734‌

Commitments

and

contingent

liabilities^

Net

Assets

$

1,228,081,368‌

Net

Assets

Consist

of:

Paid

in

capital

$

967,409,127‌

Total

distributable

earnings

260,672,241‌

Net

Assets

$

1,228,081,368‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

101,376,083‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

12.11‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Interest

$

1,001,699‌

Total

Investment

Income

1,001,699‌

Expenses:

Management

fees

1,230,539‌

Administration

fees

42,861‌

Custodian

fees

20,098‌

Administrative

and

compliance

services

fees

16,209‌

Transfer

agent

fees

3,995‌

Trustee

fees

29,006‌

Professional

fees

36,729‌

Shareholder

reports

6,731‌

Other

expenses

8,803‌

Total

expenses

before

reductions

1,394,971‌

Less

Management

fees

contractually

waived

(615,269‌)

Net

expenses

779,702‌

Net

Investment

Income/(Loss)

221,997‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

4,854,538‌

Net

realized

gains/(losses)

on

futures

contracts

(32,957,494‌)

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

75,159,448‌

Change

in

net

unrealized

appreciation/depreciation

on

futures

contracts

3,030,353‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

50,086,845‌

Change

in

Net

Assets

Resulting

From

Operations

$

50,308,842‌

AZL

MVP

DFA

Multi-Strategy

Fund

42

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Six

Months

Ended

June

30,

2025

For

the

Year

Ended

December

31,

2024

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

221,997‌

$

30,600,577‌

Net

realized

gains/(losses)

on

investments

(28,102,956‌)

107,190,646‌

Change

in

unrealized

appreciation/depreciation

on

investments

78,189,801‌

(18,804,513‌)

Change

in

net

assets

resulting

from

operations

50,308,842‌

118,986,710‌

Distributions

to

Shareholders:

Distributions

—‌

(58,176,909‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(58,176,909‌)

Capital

Transactions:

Proceeds

from

shares

issued

321,318‌

639,835‌

Proceeds

from

dividends

reinvested

—‌

58,176,909‌

Value

of

shares

redeemed

(114,438,873‌)

(241,540,534‌)

Change

in

net

assets

resulting

from

capital

transactions

(114,117,555‌)

(182,723,790‌)

Change

in

net

assets

(63,808,713‌)

(121,913,989‌)

Net

Assets:

Beginning

of

period

1,291,890,081‌

1,413,804,070‌

End

of

period

$

1,228,081,368‌

$

1,291,890,081‌

Share

Transactions:

Shares

issued

28,50

7‌

54,336‌

Dividends

reinvested

—‌

4,930,247‌

Shares

redeemed

(9,797,021‌)

(20,787,251‌)

Change

in

shares

(9,768,51

4‌

)

(15,802,668‌)

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

MVP

DFA

Multi-Strategy

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

43

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$11.62

$11.14

$9.82

$12.21

$11.58

$12.03

Investment

Activities:

Net

Investment

Income/(Loss)(a)

—

(b)

0.26

‌

0.14

‌

0.23

‌

0.05

‌

0.16

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.49

‌

0.74

‌

1.21

‌

(1.69

)

1.51

‌

0.22

‌

Total

from

Investment

Activities

0.49

‌

1.00

‌

1.35

‌

(1.46

)

1.56

‌

0.38

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.14

)

(0.02

)

(0.11

)

(0.17

)

(0.34

)

Net

Realized

Gains

—

‌

(0.38

)

(0.01

)

(0.82

)

(0.76

)

(0.49

)

Total

Dividends

—

‌

(0.52

)

(0.03

)

(0.93

)

(0.93

)

(0.83

)

Net

Asset

Value,

End

of

Period

$12.11

$11.62

$11.14

$9.82

$12.21

$11.58

Total

Return

(c)

4.22

%(d)

8.95

%

13.69

%

(11.76

)%

13.74

%

3.77

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$1,228,081

$1,291,890

$1,413,804

$78,423

$99,979

$90,668

Net

Investment

Income/(Loss)(e)

0.04

%

2.24

%

1.38

%

2.10

%

0.42

%

1.44

%

Expenses

Before

Reductions*(e)(f)

0.23

%

0.23

%

0.23

%

0.30

%

0.29

%

0.30

%

Expenses

Net

of

Reductions*(e)

0.13

%

0.13

%

0.13

%

0.15

%

0.15

%

0.15

%

Portfolio

Turnover

Rate

2

%(d)

20

%

18

%

11

%

13

%

18

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.005

or

0.005%.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any

.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

MVP

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

44

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

MVP

DFA

Multi-

Strategy

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

the trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2025,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

MVP

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

45

Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Fund,

including

the

primary

underlying

risk

exposures

related

to

each

instrument

type.

The

Fund’s

allocation

to

the

MVP

(Managed

Volatility

Portfolio)

risk

management

process

may

include

(a)

derivatives

such

as

index

futures,

other

futures

contracts,

options,

and

other

similar

securities

and

(b)

cash,

money

market

equivalents,

short-term

debt

instruments,

money

market

funds,

and

short-term

debt

funds

to

satisfy

all

applicable

margin

requirements

and

to

provide

additional

portfolio

liquidity

to

satisfy

large

redemptions

and

any

margin

calls.

Due

to

the

leverage

provided

by

derivatives,

the

notional

value

of

the

Fund’s

derivative

positions

could

exceed

20%

of

the

Fund’s

value.

The

Fund

may

also

use

futures

to

gain

equity

exposure

and

may

hold

cash

as

a

buffer

in

the

event

of

market

shocks.

Futures

Contracts

During

the

period

ended June

30,

2025,

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,

2025,

the

monthly

average

notional

amount

for

long

contracts

was

$51.6

million,

and

the

monthly

average

notional

amount

for

short

contracts

was

$36.3

million.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Fund’s

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2025: 

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,

2025:

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2026.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2025,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

*

The

Manager

waived,

prior

to

any

application

of

expense

limit,

the

management

fee

to

0.10%

on

all

assets

in

order

to

maintain

a

more

competitive

expense

ratio.

The

Manager

reserves

the

right

to

increase

the

management

fee

to

the

amount

shown

in

the

table

above

(i.e.,

discontinue

the

waiver)

at

any

time

after

April

30,

2026.

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

1,074,098

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$1,074,098

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

326,956

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$326,957

Payable

for

variation

margin

on

futures

contracts*

$

—

*

For

futures

contracts,

the

amounts

represent

the

cumulative

appreciation/depreciation

of

these

futures

contracts

as

reported

in

the

Schedule

of

Portfolio

Investments.

Only

the

current

day's

variation

margin,

if

any,

is

reported

within

the

Statement

of

Assets

and

Liabilities

as

“Variation

margin

on

futures

contracts”.

Primary

Risk

Exposure

Location

of

Gains/(Losses)

on

Derivatives

Recognized

Realized

Gains/(Losses)

on

Derivatives

Recognized

Change

in

Net

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

Equity

Risk

33,073,754

(2,295,272)

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$

(33,059,991)

$

2,295,272

Interest

Rate

Risk

(100,971)

(735,080)

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$102,497

$735,081

Annual

Rate*

Annual

Expense

Limit

AZL

MVP

DFA

Multi-Strategy

Fund

0.2

0

%

0.15%

AZL

MVP

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

46

Any

amounts

contractually

waived

or

assumed

by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2025,

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.

The

Manager

serves

as

the

investment

adviser

of

the

underlying

funds

in

which

the

Fund

invests.

At

June

30,

2025,

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,

2025

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.

Adviser

Compliance

Associates,

LLC

("ACA")

provides

Principal

Financial

Officer

("PFO")

and

support

services

to

the

CCO

of

the

Trust.

For

these

services,

ACA

receives

an

annual

base

fee

and

additional

per

fund

fees. 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.,

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

a

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.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/25

Shares

as

of

06/30/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

DFA

International

Core

Equity

Fund

$

210,253,639‌

$

—‌

$

(39,699,819‌)

$

1,827,810‌

$

38,073,799‌

$

210,455,429‌

17,479,687‌

$

—‌

$

—‌

AZL

DFA

U.S.

Core

Equity

Fund

521,652,873‌

23,811,661‌

(58,876,279‌)

2,889,266‌

19,702,281‌

509,179,802‌

31,411,462‌

—‌

—‌

AZL

Enhanced

Bond

Index

Fund

496,168,465‌

—‌

(54,173,902‌)

137,462‌

17,383,368‌

459,515,393‌

46,275,468‌

—‌

—‌

$

1,228,074,977‌

$

23,811,661‌

$

(152,750,000‌)

$

4,854,538‌

$

75,159,448‌

$

1,179,150,624‌

$

—‌

$

—‌

AZL

MVP

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

47

Investments

in

other

investment

companies

are

valued

at

their

published

net

asset

value

(“NAV”).

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

The

investments

utilizing

Level

1

valuations

represent

investments

in

open-end

investment

companies.

Futures

contracts

are

valued

at

the

settlement

prices

established

each

day

on

the

primary

exchange

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

The

Board

has

designated

the

Manager

to

perform

the

Fund’s

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Fund’s

NAV

will

be

subject

to

the

judgment

of

the

Manager.

The

Manager’s

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

The

following

is

a

summary

of

the

valuation

inputs

used

as

of

June

30,

2025

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2025,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding fund

merger

transactions

and securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk

:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

counterparty

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

Funds

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.

Macroeconomic

factors,

such

as

inflationary

trends,

can

heighten

interest

rate

risk.

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

including

economic,

political,

and

financial

conditions,

widespread

disease

or

other

public

health

issues,

war,

military

conflict,

acts

of

terrorism,

adverse

investor

sentiments,

or

instability

or

other

disruptive

events

in

the

local,

regional,

or

global

markets.

Certain

changes

in

the

U.S.

economy,

such

as

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

economic

recession,

may

have

an

adverse

effect

on

the

value

of

the

underlying

funds'

securities.

Quantitative

Investing

Risk

:

The

value

of

securities

selected

using

quantitative

analysis

can

react

differently

to

issuer,

political,

market,

and

economic

developments

than

the

market

as

a

whole

or

securities

selected

using

only

fundamental

analysis.

The

factors

used

in

quantitative

analysis

and

the

weight

placed

on

those

factors

may

not

be

predictive

of

a

security's

value.

In

addition,

factors

that

affect

a

security's

value

can

change

over

time

and

these

changes

may

not

be

reflected

in

the

quantitative

model.

A

quantitative

model

can

be

adversely

affected

by

errors

or

imperfections

in

the

factors

or

the

data

on

which

evaluations

are

based,

or

by

technical

issues

with

construction

or

implementation

of

the

model,

which

in

any

case

may

result

in

a

failure

of

the

portfolio

to

perform

as

expected

or

a

failure

to

identify

securities

that

will

perform

well

in

the

future.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

1,179,150,624

$

—

$

—

$

1,179,150,624

Total

Investment

Securities

1,179,150,624

—

—

1,179,150,624

Other

Financial

Instruments:

*

Futures

Contracts

1,401,055

—

—

1,401,055

Total

Investments

$1,180,551,679

$—

$—

$1,180,551,679

*

Other

Financial

Instruments

would

include

any

derivative

instruments,

such

as

futures

contracts.  These

investments

are

generally

presented

in

the

Statement

of

Assets

and

Liabilities

at

variation

margin.

Purchases

Sales

AZL

MVP

DFA

Multi-Strategy

Fund

$23,811,661

$152,750,000

AZL

MVP

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

48

7.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

at

December

31,

2024 was

$1,147,263,982.

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,

2024, was

as

follows: 

At

December

31,

2024,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

8.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of

June

30,

2025,

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,

2025,

the

Fund

had

a

controlling

interest

(in

excess

of

50%)

in

the

AZL

DFA

U.S.

Core

Equity

Fund

and

the

AZL

DFA

International

Core

Equity

Fund,

which

are

each

affiliated

with

the

Manager.

9.

Segment

Reporting

In

accordance

with

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

("ASU

2023-07")

subject

to

the

oversight

and,

when

applicable,

approval

of

the

Board,

the

Fund's

Manager

acts

as

the

Fund’s

chief

operating

decision

maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund’s

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Fund’s

financial

statements. 

10.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

Unrealized

appreciation

$86,736,018

Unrealized

(depreciation)

(5,925,023)

Net

unrealized

appreciation/(depreciation)

$80,810,995

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

DFA

Multi-Strategy

Fund

$29,503,001

$28,673,908

$58,176,909

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

MVP

DFA

Multi-Strategy

Fund

$64,539,584

$69,517,781

$—

$80,810,995

$214,868,360

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

mark-to-market

of

futures

contracts

and

straddles.

49

Other

Information

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

There

were

no

changes

in

or

disagreements

with

accountants

during

the

reporting

period.

Item

9.

Proxy

Disclosures

There

were

no

matters

submitted

for

vote

by

shareholders

of

the

Funds’

during

the

reporting

period.

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Remuneration

paid

to

Directors/Trustees,

Officers

and

others,

if

any,

are

reflected

on

the

Statements

of

Operations

and

described

in

Note

3

of

the

Notes

to

Financial

Statements

included

in

Item

7.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Not

applicable.

SARRPT0625

08/25

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

AZL®

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Semi-Annual

Financial

Statements

and

Other

Information

June

30,

2025

(Unaudited)

Table

of

Contents

AZL®

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

53

Statement

of

Assets

and

Liabilities

Page

54

Statement

of

Operations

Page

54

Statements

of

Changes

in

Net

Assets

Page

55

Financial

Highlights

Page

56

Notes

to

the

Financial

Statements

Page

57

Other

Information

(Form

N-CSR

Items

8-11)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

62

Item

9.

Proxy

Disclosures

Page

62

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

62

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

62

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2025

(Unaudited)

53

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2025

.

Shares

Value

Affiliated

Investment

Company

(95.8%):

Balanced

Funds

(95.8%):

16,932,812

AZL

Fidelity

Institutional

Asset

Management

Multi-

Strategy

Fund,

Class

2

$

267,538,423

Total

Affiliated

Investment

Company

(Cost

$209,356,139)

267,538,423

Total

Investment

Securities

(Cost

$209,356,139

)

—

95.8%

267,538,423

Net

other

assets

(liabilities)

—

4.2%

11,695,052

Net

Assets

—

100.0%

$

279,233,475

Futures

Contracts

At

June

30,

2025,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/19/25

15

$

4,690,313‌

$

166,072‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/19/25

62

6,951,750‌

113,039‌

$

279,111‌

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

54

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2025

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2025

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

209,356,139‌

aaa

aaa

Investments

in

affiliates,

at

value

$

267,538,423‌

Deposit

at

broker

for

futures

contracts

collateral

11,782,902‌

Interest

and

dividends

receivable

32,859‌

Receivable

for

capital

shares

issued

573‌

Receivable

for

affiliated

investments

sold

236,259‌

Prepaid

expenses

756‌

Total

Assets

279,591,772‌

Liabilities:

Cash

overdraft

236,259‌

Payable

for

capital

shares

redeemed

75,557‌

Management

fees

payable

21,821‌

Administration

fees

payable

12,143‌

Custodian

fees

payable

1,866‌

Administrative

and

compliance

services

fees

payable

1,518‌

Transfer

agent

fees

payable

1,206‌

Trustee

fees

payable

799‌

Other

accrued

liabilities

7,128‌

Total

Liabilities

358,297‌

Commitments

and

contingent

liabilities^

Net

Assets

$

279,233,475‌

Net

Assets

Consist

of:

Paid

in

capital

$

218,378,188‌

Total

distributable

earnings

60,855,287‌

Net

Assets

$

279,233,475‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

20,560,461‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

13.58‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Interest

$

229,997‌

Dividends

from

non-affiliates

353‌

Total

Investment

Income

230,350‌

Expenses:

Management

fees

140,504‌

Administration

fees

44,626‌

Custodian

fees

4,343‌

Administrative

and

compliance

services

fees

4,165‌

Transfer

agent

fees

4,215‌

Trustee

fees

7,469‌

Professional

fees

9,469‌

Shareholder

reports

2,607‌

Other

expenses

2,088‌

Total

expenses

before

reductions

219,486‌

Less

expense

contractually

waived/reimbursed

by

the

Manager

(8,730‌)

Net

expenses

210,756‌

Net

Investment

Income/(Loss)

19,594‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

4,816,500‌

Net

realized

gains/(losses)

on

futures

contracts

(7,981,811‌)

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

7,135,283‌

Change

in

net

unrealized

appreciation/depreciation

on

futures

contracts

581,820‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

4,5

51,792‌

Change

in

Net

Assets

Resulting

From

Operations

$

4,571,386‌

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

55

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Six

Months

Ended

June

30,

2025

For

the

Year

Ended

December

31,

2024

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

19,594‌

$

7,024,381‌

Net

realized

gains/(losses)

on

investments

(3,165,311‌)

10,653,138‌

Change

in

unrealized

appreciation/depreciation

on

investments

7,717,103‌

15,618,062‌

Change

in

net

assets

resulting

from

operations

4,571,386‌

33,295,581‌

Distributions

to

Shareholders:

Distributions

—‌

(5,329,858‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(5,329,858‌)

Capital

Transactions:

Proceeds

from

shares

issued

4,418,287‌

3,104,394‌

Proceeds

from

dividends

reinvested

—‌

5,329,858‌

Value

of

shares

redeemed

(25,901,146‌)

(70,186,703‌)

Change

in

net

assets

resulting

from

capital

transactions

(21,482,859‌)

(61,752,451‌)

Change

in

net

assets

(16,911,473‌)

(33,786,728‌)

Net

Assets:

Beginning

of

period

296,144,948‌

329,931,676‌

End

of

period

$

279,233,475‌

$

296,144,948‌

Share

Transactions:

Shares

issued

332,124‌

238,428‌

Dividends

reinvested

—‌

398,048‌

Shares

redeemed

(1,957,197‌)

(5,423,334‌)

Change

in

shares

(1,625,073‌)

(4,786,858‌)

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

56

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$13.35

$12.23

$11.03

$13.55

$13.00

$12.47

Investment

Activities:

Net

Investment

Income/(Loss)(a)

—

(b)

0.29

‌

0.20

‌

0.10

‌

0.05

‌

0.27

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.23

‌

1.06

‌

1.18

‌

(1.98

)

1.36

‌

0.61

‌

Total

from

Investment

Activities

0.23

‌

1.35

‌

1.38

‌

(1.88

)

1.41

‌

0.88

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.23

)

(0.18

)

(0.09

)

(0.36

)

(0.35

)

Net

Realized

Gains

—

‌

—

‌

—

‌

(0.55

)

(0.50

)

—

‌

Total

Dividends

—

‌

(0.23

)

(0.18

)

(0.64

)

(0.86

)

(0.35

)

Net

Asset

Value,

End

of

Period

$13.58

$13.35

$12.23

$11.03

$13.55

$13.00

Total

Return

(c)

1.72

%(d)

11.06

%

12.63

%

(13.81

)%

11.07

%

7.16

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$279,233

$296,145

$329,932

$182,383

$243,789

$254,918

Net

Investment

Income/(Loss)(e)

0.01

%

2.23

%

1.73

%

0.81

%

0.35

%

2.19

%

Expenses

Before

Reductions*(e)(f)

0.16

%

0.16

%

0.15

%

0.15

%

0.14

%

0.15

%

Expenses

Net

of

Reductions*(e)

0.15

%

0.15

%

0.15

%

0.15

%

0.14

%

0.15

%

Portfolio

Turnover

Rate

1

%(d)

3

%

21

%

8

%

3

%

6

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.005

or

0.005%.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

57

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

MVP

FIAM

Multi-

Strategy

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

the trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2025,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

58

Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Fund,

including

the

primary

underlying

risk

exposures

related

to

each

instrument

type.

The

Fund’s

allocation

to

the

MVP

(Managed

Volatility

Portfolio)

risk

management

process

may

include

(a)

derivatives

such

as

index

futures,

other

futures

contracts,

options,

and

other

similar

securities

and

(b)

cash,

money

market

equivalents,

short-term

debt

instruments,

money

market

funds,

and

short-term

debt

funds

to

satisfy

all

applicable

margin

requirements

and

to

provide

additional

portfolio

liquidity

to

satisfy

large

redemptions

and

any

margin

calls.

Due

to

the

leverage

provided

by

derivatives,

the

notional

value

of

the

Fund’s

derivative

positions

could

exceed

20%

of

the

Fund’s

value.

The

Fund

may

also

use

futures

to

gain

equity

exposure

and

may

hold

cash

as

a

buffer

in

the

event

of

market

shocks.

Futures

Contracts

During

the

period

ended June

30,

2025,

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,

2025,

the

monthly

average

notional

amount

for

long

contracts

was

$10.9

million,

and

the

monthly

average

notional

amount

for

short

contracts

was

$12.2

million.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Fund’s

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2025: 

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,

2025:

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2026.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2025,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

Any

amounts

contractually

waived

or

assumed

by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

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

166,072

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$166,072

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

113,039

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$113,039

Payable

for

variation

margin

on

futures

contracts*

$

—

*

For

futures

contracts,

the

amounts

represent

the

cumulative

appreciation/depreciation

of

these

futures

contracts

as

reported

in

the

Schedule

of

Portfolio

Investments.

Only

the

current

day's

variation

margin,

if

any,

is

reported

within

the

Statement

of

Assets

and

Liabilities

as

“Variation

margin

on

futures

contracts”.

Primary

Risk

Exposure

Location

of

Gains/(Losses)

on

Derivatives

Recognized

Realized

Gains/(Losses)

on

Derivatives

Recognized

Change

in

Net

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

Equity

Risk

8,016,050

(329,642)

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$

(8,016,050)

$

329,643

Interest

Rate

Risk

(34,239)

(252,177)

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$34,239

$252,177

Annual

Rate

Annual

Expense

Limit

AZL

MVP

FIAM

Multi-Strategy

Fund

0.10%

0.15%

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

59

At

June

30,

2025,

the

contractual

reimbursements

subject

to

repayment

by

the

Fund

in

subsequent

years

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,

2025,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of

the

underlying

funds

in

which

the

Fund

invests.

At

June

30,

2025,

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,

2025

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.

Adviser

Compliance

Associates,

LLC

("ACA")

provides

Principal

Financial

Officer

("PFO")

and

support

services

to

the

CCO

of

the

Trust.

For

these

services,

ACA

receives

an

annual

base

fee

and

additional

per

fund

fees. 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.,

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

a

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.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Investments

in

other

investment

companies

are

valued

at

their

published

net

asset

value

(“NAV”).

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

The

investments

utilizing

Level

1

valuations

represent

investments

in

open-end

investment

companies.

Futures

contracts

are

valued

at

the

settlement

prices

established

each

day

on

the

primary

exchange

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Expires

12/31/2027

Expires

12/31/2028

Total

AZL

MVP

FIAM

Multi-Strategy

Fund

$35,422

$8,730

$44,152

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/25

Shares

as

of

06/30/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund,

Class

2

$

281,458,614‌

$

3,512,691‌

$

(29,384,665‌)

$

4,816,500‌

$

7,135,283‌

$

267,538,423‌

16,932,812‌

$

—‌

$

—‌

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

60

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,

2025

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2025,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding fund

merger

transactions

and securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk

:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

counterparty

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

Funds

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.

Macroeconomic

factors,

such

as

inflationary

trends,

can

heighten

interest

rate

risk.

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

including

economic,

political,

and

financial

conditions,

widespread

disease

or

other

public

health

issues,

war,

military

conflict,

acts

of

terrorism,

adverse

investor

sentiments,

or

instability

or

other

disruptive

events

in

the

local,

regional,

or

global

markets.

Certain

changes

in

the

U.S.

economy,

such

as

as

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

economic

recession,

may

have

an

adverse

effect

on

the

value

of

the

underlying

funds'

securities.

Quantitative

Investing

Risk

:

The

value

of

securities

selected

using

quantitative

analysis

can

react

differently

to

issuer,

political,

market,

and

economic

developments

than

the

market

as

a

whole

or

securities

selected

using

only

fundamental

analysis.

The

factors

used

in

quantitative

analysis

and

the

weight

placed

on

those

factors

may

not

be

predictive

of

a

security's

value.

In

addition,

factors

that

affect

a

security's

value

can

change

over

time

and

these

changes

may

not

be

reflected

in

the

quantitative

model.

A

quantitative

model

can

be

adversely

affected

by

errors

or

imperfections

in

the

factors

or

the

data

on

which

evaluations

are

based,

or

by

technical

issues

with

construction

or

implementation

of

the

model,

which

in

any

case

may

result

in

a

failure

of

the

portfolio

to

perform

as

expected

or

a

failure

to

identify

securities

that

will

perform

well

in

the

future.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Company

$

267,538,423

$

—

$

—

$

267,538,423

Total

Investment

Securities

267,538,423

—

—

267,538,423

Other

Financial

Instruments:

*

Futures

Contracts

279,111

—

—

279,111

Total

Investments

$267,817,534

$—

$—

$267,817,534

*

Other

Financial

Instruments

would

include

any

derivative

instruments,

such

as

futures

contracts.

These

investments

are

generally

presented

in

the

Statement

of

Assets

and

Liabilities

at

variation

margin.

Purchases

Sales

AZL

MVP

FIAM

Multi-Strategy

Fund

$3,512,691

$29,384,665

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

61

7.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

at

December

31,

2024 was

$232,963,227.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis

was

as

follows:

As

of

the

end

of

its

tax

year

ended

December

31,

2024,

the

Fund

had

no

remaining

capital

loss

carry

forwards

(“CLCFs”).

The

Board

does

not

intend

to

authorize

a

distribution

of

any

realized

gain

for

the

Fund

until

any

applicable

CLCF

has

been

offset.

During

the

year

ended

December

31,

2024,

the

Fund

utilized

$2,368,979

in

CLCFs

to

offset

capital

gains. 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2024, was

as

follows: 

At

December

31,

2024,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

8.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of

June

30,

2025,

the

Fund

had

an

individual

shareholder

account

which

is

affiliated

with

the

Manager

representing

ownership

in

excess

of

85%

of

the

Fund.

Investment

activities

of

this

shareholder

could

have

a

material

impact

to

the

Fund.

9.

Segment

Reporting

In

accordance

with

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

("ASU

2023-07")

subject

to

the

oversight

and,

when

applicable,

approval

of

the

Board,

the

Fund's

Manager

acts

as

the

Fund’s

chief

operating

decision

maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund’s

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Fund’s

financial

statements. 

10.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

Unrealized

appreciation

$48,495,387

Unrealized

(depreciation)

–

Net

unrealized

appreciation/(depreciation)

$48,495,387

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

FIAM

Multi-Strategy

Fund

$5,329,858

$–

$5,329,858

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

MVP

FIAM

Multi-Strategy

Fund

$13,652,055

$—

$—

$48,495,387

$62,147,442

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales

and

mark-to-market

of

futures

contracts.

62

Other

Information

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

There

were

no

changes

in

or

disagreements

with

accountants

during

the

reporting

period.

Item

9.

Proxy

Disclosures

There

were

no

matters

submitted

for

vote

by

shareholders

of

the

Funds’

during

the

reporting

period.

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Remuneration

paid

to

Directors/Trustees,

Officers

and

others,

if

any,

are

reflected

on

the

Statements

of

Operations

and

described

in

Note

3

of

the

Notes

to

Financial

Statements

included

in

Item

7.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Not

applicable.

SARRPT0625

08/25

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

AZL®

MVP

Global

Balanced

Index

Strategy

Fund

Semi-Annual

Financial

Statements

and

Other

Information

June

30,

2025

(Unaudited)

Table

of

Contents

AZL®

MVP

Global

Balanced

Index

Strategy

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

66

Statement

of

Assets

and

Liabilities

Page

67

Statement

of

Operations

Page

67

Statements

of

Changes

in

Net

Assets

Page

68

Financial

Highlights

Page

69

Notes

to

the

Financial

Statements

Page

70

Other

Information

(Form

N-CSR

Items

8-11)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

77

Item

9.

Proxy

Disclosures

Page

77

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

77

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

77

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2025

(Unaudited)

66

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

3

0

,

2025

.

Shares

Value

Private

Placements

(0.0%

†

):

Health

Care

Providers

&

Services

(0.0%

†

):

145,123

Grand

Rounds,

Inc.,

Series

C,

0.00%*(a)(b)

$

114,647‌

Household

Durables

(0.0%

†

):

23,389

Jawbone,

0.00%*(a)(b)

—‌

Paper

&

Forest

Products

(0.0%

†

):

386,370

Quintis

Pty,

Ltd.,

0.00%*(a)(b)

3‌

Total

Private

Placements

(Cost

$653,277)

114,650‌

Principal

Amount

Convertible

Bond

(0.0%

†

):

Food

Products

(0.0%

†

):

$

400,000

REI

Agro,

Ltd.,

Registered

Shares,

5.50%,

11/13/14*

(a)(b)(c)

—‌

Total

Convertible

Bond

(Cost

$—)

—‌

Corporate

Bonds

(0.0%

†

):

Paper

&

Forest

Products

(0.0%

†

):

52,331

Quintis

Australia

Pty,

Ltd.,

7.50%,

10/1/26,

Callable

8/2/25

@

100*(a)(b)

6,018‌

Principal

Amount

Value

Corporate

Bonds,

continued

Paper

&

Forest

Products,

continued

$

730,672

Quintis

Australia

Pty,

Ltd.,

12.00%,

10/1/28,

Callable

8/2/25

@

109*(a)(b)

$

—‌

Total

Corporate

Bonds

(Cost

$783,003)

6,018‌

Shares

Affiliated

Investment

Companies

(96.1%):

Fixed

Income

Fund

(47.2%):

20,341,071

AZL

Enhanced

Bond

Index

Fund

201,986,833‌

International

Equity

Fund

(48.9%):

10,800,086

AZL

MSCI

Global

Equity

Index

Fund,

Class

2

209,629,669‌

Total

Affiliated

Investment

Companies

(Cost

$335,497,729)

411,616,502‌

Total

Investment

Securities

(Cost

$336,934,009

)

—

96.1%

411,737,170‌

Net

other

assets

(liabilities)

—

3.9%

16,848,595‌

Net

Assets

—

100.0%

$

428,585,765‌

†

Represents

less

than

0.05%.

*

Non-income

producing

security.

(a)

Rule

144A,

Section

4(2)

or

other

security

which

is

restricted

to

resale

to

institutional

investors.

(b)

Security

was

valued

using

significant

unobservable

inputs

as

of

June

30,

2025.

(c)

Defaulted

bond.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Futures

Contracts

At

June

30,

2025,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/19/25

27

$

8,442,563‌

$

297,307‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/19/25

76

8,521,500‌

137,439‌

$

434,746‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

67

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2025

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2025

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

335,497,729‌

Investments

in

non-affiliates,

at

cost

1,436,280‌

aaa

aaa

Investments

in

affiliates,

at

value

$

411,616,502‌

Investments

in

non-affiliates,

at

value

120,668‌

Deposit

at

broker

for

futures

contracts

collateral

17,262,539‌

Interest

and

dividends

receivable

47,578‌

Receivable

for

investments

sold

336,751‌

Prepaid

expenses

1,153‌

Reclaims

receivable

37,518‌

Total

Assets

429,422,709‌

Liabilities:

Cash

overdraft

336,751‌

Payable

for

capital

shares

redeemed

435,971‌

Management

fees

payable

34,760‌

Administration

fees

payable

11,221‌

Custodian

fees

payable

4,067‌

Administrative

and

compliance

services

fees

payable

2,119‌

Transfer

agent

fees

payable

1,109‌

Trustee

fees

payable

1,118‌

Other

accrued

liabilities

9,828‌

Total

Liabilities

836,944‌

Commitments

and

contingent

liabilities^

Net

Assets

$

428,585,765‌

Net

Assets

Consist

of:

Paid

in

capital

$

376,128,076‌

Total

distributable

earnings

52,457,689‌

Net

Assets

$

428,585,765‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

37,173,018‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

11.53‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Interest

$

348,293‌

Dividends

from

non-affiliates

80‌

Total

Investment

Income

348,373‌

Expenses:

Management

fees

215,758‌

Administration

fees

43,979‌

Custodian

fees

10,109‌

Administrative

and

compliance

services

fees

6,225‌

Transfer

agent

fees

4,145‌

Trustee

fees

11,148‌

Professional

fees

14,146‌

Shareholder

reports

3,711‌

Other

expenses

3,136‌

Total

expenses

312,357‌

Net

Investment

Income/(Loss)

36,016‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

securities

and

foreign

currencies

(381,339‌)

Net

realized

gains/(losses)

on

affiliated

underlying

funds

6,338,245‌

Net

realized

gains/(losses)

on

futures

contracts

(10,928,087‌)

Change

in

net

unrealized

appreciation/depreciation

on

securities

and

foreign

currencies

368,967‌

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

20,687,785‌

Change

in

net

unrealized

appreciation/depreciation

on

futures

contracts

955,155‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

17,040,726‌

Change

in

Net

Assets

Resulting

From

Operations

$

17,076,742‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

68

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

For

the

Six

Months

Ended

June

30,

2025

For

the

Year

Ended

December

31,

2024

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

36,016‌

$

11,998,576‌

Net

realized

gains/(losses)

on

investments

(

4,971,181‌

)

14,740,413‌

Change

in

unrealized

appreciation/depreciation

on

investments

22,011,907‌

17,306,166‌

Change

in

net

assets

resulting

from

operations

17,076,742‌

44,045,155‌

Distributions

to

Shareholders:

Distributions

—‌

(

7,719,756‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(

7,719,756‌

)

Capital

Transactions:

Proceeds

from

shares

issued

825,555‌

275,252‌

Proceeds

from

dividends

reinvested

—‌

7,719,756‌

Value

of

shares

redeemed

(

42,454,848‌

)

(

97,608,681‌

)

Change

in

net

assets

resulting

from

capital

transactions

(

41,629,293‌

)

(

89,613,673‌

)

Change

in

net

assets

(

24,552,551‌

)

(

53,288,274‌

)

Net

Assets:

Beginning

of

period

453,138,316‌

506,426,590‌

End

of

period

$

428,585,765‌

$

453,138,316‌

Share

Transactions:

Shares

issued

73,875‌

24,910‌

Dividends

reinvested

—‌

687,423‌

Shares

redeemed

(

3,810,828‌

)

(

9,002,481‌

)

Change

in

shares

(

3,736,953‌

)

(

8,290,148‌

)

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

69

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$11.08

$10.29

$9.44

$12.31

$12.31

$12.99

Investment

Activities:

Net

Investment

Income/(Loss)(a)

—

(b)

0.27

‌

0.14

‌

0.12

‌

0.08

‌

0.19

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.45

‌

0.70

‌

1.12

‌

(2.12

)

0.89

‌

0.73

‌

Total

from

Investment

Activities

0.45

‌

0.97

‌

1.26

‌

(2.00

)

0.97

‌

0.92

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.18

)

(0.41

)

(0.32

)

(0.20

)

(1.22

)

Net

Realized

Gains

—

‌

—

‌

—

‌

(0.55

)

(0.77

)

(0.38

)

Total

Dividends

—

‌

(0.18

)

(0.41

)

(0.87

)

(0.97

)

(1.60

)

Net

Asset

Value,

End

of

Period

$11.53

$11.08

$10.29

$9.44

$12.31

$12.31

Total

Return

(c)

4.06

%(d)

9.44

%

13.85

%

(16.09

)%

8.05

%

7.81

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$428,586

$453,138

$506,427

$517,879

$691,209

$716,925

Net

Investment

Income/(Loss)(e)

0.02

%

2.47

%

1.44

%

1.18

%

0.61

%

1.49

%

Expenses

Before

Reductions*(e)(f)

0.14

%

0.14

%

0.14

%

0.13

%

0.13

%

0.13

%

Expenses

Net

of

Reductions*(e)

0.14

%

0.14

%

0.14

%

0.13

%

0.13

%

0.13

%

Portfolio

Turnover

Rate

2

%(d)

3

%

6

%

5

%

5

%

9

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.005

or

0.005%.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any

.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

70

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

MVP

Global

Balanced

Index

Strategy

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

the trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Private

Placements

The

Fund

may

invest

in

private

placement

securities

which

are

securities

issued

by

corporations

without

registration

under

the

Securities

Act

of

1933,

as

amended

(the

“1933

Act”),

in

reliance

on

a

“private

placement”

exemption.

These

unregistered

securities

may

be

restricted

and

generally

are

sold

to

institutional

investors,

such

as

the

Fund,

who

agree

that

they

are

purchasing

the

securities

for

investment

and

not

with

a

view

to

public

distribution.

Unregistered

securities

are

normally

resold

to

other

institutional

investors

through

or

with

the

assistance

of

the

issuer

or

investment

dealers

who

make

a

market

in

such

securities.

Foreign

Currency

Translation

and

Withholding

Taxes

The

accounting

records

of

the

Fund

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

are

translated

into

U.S.

dollars

at

the

current

rate

of

exchange

to

determine

the

fair

value

of

investments,

assets

and

liabilities.

Purchases

and

sales

of

securities,

and

income

and

expenses

are

translated

at

the

prevailing

rate

of

exchange

on

the

respective

dates

of

such

transactions.

The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations

are

included

in

the

net

realized

and

unrealized

gain

or

loss

on

investments

and

foreign

currencies.

Income

received

by

the

Fund

from

sources

within

foreign

countries

may

be

subject

to

withholding

and

other

income

or

similar

taxes

imposed

by

such

countries.

The

Fund

accrues

such

taxes,

as

applicable,

based

on

its

current

interpretation

of

tax

rules

in

the

foreign

markets

in

which

it

invests.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

71

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2025,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Fund,

including

the

primary

underlying

risk

exposures

related

to

each

instrument

type.

The

Fund’s

allocation

to

the

MVP

(Managed

Volatility

Portfolio)

risk

management

process

may

include

(a)

derivatives

such

as

index

futures,

other

futures

contracts,

options,

and

other

similar

securities

and

(b)

cash,

money

market

equivalents,

short-term

debt

instruments,

money

market

funds,

and

short-term

debt

funds

to

satisfy

all

applicable

margin

requirements

and

to

provide

additional

portfolio

liquidity

to

satisfy

large

redemptions

and

any

margin

calls.

Due

to

the

leverage

provided

by

derivatives,

the

notional

value

of

the

Fund’s

derivative

positions

could

exceed

20%

of

the

Fund’s

value.

The

Fund

may

also

use

futures

to

gain

equity

exposure

and

may

hold

cash

as

a

buffer

in

the

event

of

market

shocks.

Futures

Contracts

During

the

period

ended June

30,

2025,

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,

2025,

the

monthly

average

notional

amount

for

long

contracts

was

$18.0

million,

and

the

monthly

average

notional

amount

for

short

contracts

was

$12.3

million.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Fund’s

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2025: 

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,

2025:

Asset

Derivatives

Liability

Derivatives

Primary

Risk

Exposure

Statement

of

Assets

and

Liabilities

Location

Total

Value

Statement

of

Assets

and

Liabilities

Location

Total

Value

Equity

Risk

297,307

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$297,307

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

137,439

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$137,439

Payable

for

variation

margin

on

futures

contracts*

$

—

*

For

futures

contracts,

the

amounts

represent

the

cumulative

appreciation/depreciation

of

these

futures

contracts

as

reported

in

the

Schedule

of

Portfolio

Investments.

Only

the

current

day's

variation

margin,

if

any,

is

reported

within

the

Statement

of

Assets

and

Liabilities

as

“Variation

margin

on

futures

contracts”.

Primary

Risk

Exposure

Location

of

Gains/(Losses)

on

Derivatives

Recognized

Realized

Gains/(Losses)

on

Derivatives

Recognized

Change

in

Net

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

Equity

Risk

10,971,825

(637,641)

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$

(10,971,825)

$

637,641

Interest

Rate

Risk

(43,738)

(317,514)

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$43,738

$317,514

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

72

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2026.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2025,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

Any

amounts

contractually

waived

or

assumed by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2025,

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,

2025,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

June

30,

2025,

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,

2025

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.

Adviser

Compliance

Associates,

LLC

("ACA")

provides

Principal

Financial

Officer

("PFO")

and

support

services

to

the

CCO

of

the

Trust.

For

these

services,

ACA

receives

an

annual

base

fee

and

additional

per

fund

fees. 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.,

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

a

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.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

Annual

Rate

Annual

Expense

Limit

AZL

MVP

Global

Balanced

Index

Strategy

Fund

0.10%

0.15%

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/25

Shares

as

of

06/30/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

216,921,097‌

$

55,054‌

$

(22,689,117‌)

$

(3,422,343‌)

$

11,122,142‌

$

201,986,833‌

20,341,071‌

$

—‌

$

—‌

AZL

MSCI

Global

Equity

Index

Fund,

Class

2

213,595,597‌

6,911,783‌

(30,203,942‌)

9,760,588‌

9,565,643‌

209,629,669‌

10,800,086‌

—‌

—‌

$

430,516,694‌

$

6,966,837‌

$

(52,893,059‌)

$

6,338,245‌

$

20,687,785‌

$

411,616,502‌

$

—‌

$

—‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

73

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

Equity

securities

are

valued

at

the

last

quoted

sale

price

or,

if

there

is

no

sale,

the

last

quoted

bid

price

is

used.

Securities

listed

on

NASDAQ

Stock

Market,

Inc.

(“NASDAQ”)

are

valued

at

the

official

closing

price

as

reported

by

NASDAQ.

In

each

of

these

situations,

valuations

are

typically

categorized

as

a

Level

1

in the

fair

value

hierarchy.

Investments

in

open-end

investment

companies

are

valued

at

their

respective

net

asset

value

as

reported

by

such

companies

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

prices

established

each

day

on

the

primary

exchange

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Debt

and

other

fixed

income

securities

are

generally

valued

at

an

evaluated

bid

price

provided

by

an

independent

pricing

source

in

accordance

with

valuation

procedures

approved

by

the

Board.

To

value

debt

securities,

pricing

services

may

use

various

pricing

techniques

which

take

into

account

appropriate

factors

such

as

market

activity,

yield,

quality,

coupon

rate,

maturity,

type

of

issue,

trading

characteristics,

call

features,

credit

ratings

and

other

data,

as

well

as

broker

quotes.

Short-term

securities

of

sufficient

credit

quality

with

sixty

days

or

less

remaining

until

maturity

may

be

valued

at

amortized

cost,

which

approximates

fair

value.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

Other

assets

and

securities

for

which

market

quotations

have

become

unreliable

or

are

not

readily

available

as

defined

in

Rule

2a-5

under

the

1940

Act

are

valued

in

accordance

with

valuation

procedures

approved

by

the

Board.

Fair

value

pricing

may

be

used

for

significant

events

such

as

securities

whose

trading

has

been

suspended,

whose

price

has

become

stale

or

for

which

there

is

no

currently

available

price

at

the

close

of

the

NYSE.

Depending

on

the

source

and

relative

significance

of

valuation

inputs,

these

instruments

may

be

classified

as

Level

2

or

Level

3

in

the

fair

value

hierarchy.

The

Fund

utilizes

a

pricing

service

to

assist

in

determining

the

fair

value

of

securities

when

certain

significant

events

occur

that

may

affect

the

value

of

foreign

securities.

In

accordance

with

valuation

procedures

approved

by

the

Board,

fair

value

pricing

may

be

used

if

events

materially

affecting

the

value

of

foreign

securities

occur

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Fund’s

net

asset

value

is

calculated.

Management

identifies

possible

fluctuations

in

international

securities

by

monitoring

the

increase

or

decrease

in

the

value

of

a

designated

benchmark

index.

In

the

event

of

an

increase

or

decrease

greater

than

predetermined

levels,

the

Fund

may

use

a

systematic

valuation

model

provided

by

an

independent

third

party

to

fair

value

its

international

equity

securities

which

are

then

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

The

Board

has

designated

the

Manager

to

perform

the

Fund’s

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Fund’s

NAV

will

be

subject

to

the

judgment

of

the

Manager.

The

Manager’s

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

The

following

is

a

summary

of

the

valuation

inputs

used

as

of June

30,

2025

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2025,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

Investment

Securities:

Level

1

Level

2

Level

3

Total

Private

Placements

+

$

—

$

—

$

114,650

$

114,650

Convertible

Bond

+

—

—

—

#

—

Corporate

Bonds

+

—

—

6,018

6,018

Affiliated

Investment

Companies

411,616,502

—

—

411,616,502

Total

Investment

Securities

411,616,502

—

120,668

411,737,170

Other

Financial

Instruments:

*

Futures

Contracts

434,746

—

—

434,746

Total

Investments

$412,051,248

$—

$120,668

$412,171,916

+

For

detailed

industry

descriptions,

see

the

accompanying

Schedule

of

Portfolio

Investments.

#

Represents

the

interest

in

securities

that

were

determined

to

have

a

value

of

zero

at

June

30,

2025.

*

Other

Financial

Instruments

would

include

any

derivative

instruments,

such

as

futures

contracts.  These

investments

are

generally

presented

in

the

Statement

of

Assets

and

Liabilities

at

variation

margin.

Purchases

Sales

AZL

MVP

Global

Balanced

Index

Strategy

Fund

$6,966,837

$52,893,059

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

74

6.

Restricted

Securities

A

restricted

security

is

a

security

which

has

been

purchased

through

a

private

offering

and

cannot

be

resold

to

the

general

public

without

prior

registration

under

the

1933

Act

or

pursuant

to

the

resale

limitations

provided

by

Rule

144A

under

the

1933

Act,

or

an

exemption

from

the

registration

requirements

of

the

1933

Act.

Whether

a

restricted

security

is

illiquid

is

determined

pursuant

to

guidelines

established

by

the

Trustees.

Not

all

restricted

securities

are

considered

illiquid.

The

illiquid

restricted

securities

held

as

of

June

30,

2025

are

identified

below.

(a)

Acquisition

date

represents

the

initial

purchase

date

of

the

security.

7.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk

:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

counterparty

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

Funds

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.

Index

Fund

Risk

:

Certain

of

the

underlying

funds

do

not

attempt

to

manage

market

volatility

or

reduce

the

effects

of

poor

performance.

In

addition,

factors

such

as

fund

expenses,

selection

of

a

representative

portfolio,

changes

in

the

composition

of

the

index,

or

the

timing

of

purchases

or

redemptions

of

fund

shares

may

affect

the

correlation

between

the

performance

of

the

index

and

the

underlying

fund's

performance.

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.

Macroeconomic

factors,

such

as

inflationary

trends,

can

heighten

interest

rate

risk.

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

including

economic,

political,

and

financial

conditions,

widespread

disease

or

other

public

health

issues,

war,

military

conflict,

acts

of

terrorism,

adverse

investor

sentiments,

or

instability

or

other

disruptive

events

in

the

local,

regional,

or

global

markets.

Certain

changes

in

the

U.S.

economy,

such

as

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

economic

recession,

may

have

an

adverse

effect

on

the

value

of

the

underlying

funds'

securities.

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.

Security

Acquisition

Date

(a)

Acquisition

Cost

Shares

or

Principal

Amount

Fair

Value

Percentage

of

Net

Assets

Grand

Rounds,

Inc.,

Series

C

3/31/15

$

399,608‌

145,123

$

114,647

0.03%

Jawbone

1/24/17

–

23,389

–

0.00%

Quintis

Australia

Pty,

Ltd.

,

7.50%

,

10/1/26

,

Callable

8/2/25

@

100

10/25/18

52,331

52,331

6,018

0.00%

Quintis

Australia

Pty,

Ltd.

,

12.00%

,

10/1/28

,

Callable

8/2/25

@

109

10/25/18

730,672

730,672

–

0.00%

Quintis

Pty,

Ltd.

10/25/18

253,669

386,370

3

0.00%

REI

Agro,

Ltd.,

Registered

Shares

,

5.50%

,

11/13/14

2/7/12

–

400,000

–

0.00%

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

75

8.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

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,

2024 was

$379,916,196.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis

was

as

follows:

As

of

the

end

of

its

tax

year

ended

December

31,

2024,

the

Fund

had

capital

loss

carry

forwards

(“CLCFs”)

as

summarized

in

the

table

below.

The

Board

does

not

intend

to

authorize

a

distribution

of

any

realized

gain

for

the

Fund

until

any

applicable

CLCF

has

been

offset.

CLCFs

not

subject

to

expiration: 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2024, was

as

follows: 

At

December

31,

2024,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

9.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of June

30,

2025,

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,

2025,

the

Fund

had

a

controlling

interest

(in

excess

of

50%)

in

the

AZL

MSCI

Global

Equity

Index

Fund,

which

is

affiliated

with

the

Manager.

10.

Segment

Reporting

In

accordance

with

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

("ASU

2023-07")

subject

to

the

oversight

and,

when

applicable,

approval

of

the

Board,

the

Fund's

Manager

acts

as

the

Fund’s

chief

operating

decision

maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund’s

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Fund’s

financial

statements. 

Unrealized

appreciation

$82,766,142

Unrealized

(depreciation)

(31,924,040)

Net

unrealized

appreciation/(depreciation)

$50,842,102

Short-Term

Amount

Long-Term

Amount

Total

AZL

MVP

Global

Balanced

Index

Strategy

Fund

$

–

$

1,736,382

$

1,736,382

During

the

year

ended

December

31,

2024,

the

Fund

utilized

$13,871,371

in

CLCFs

to

offset

capital

gains.

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

Global

Balanced

Index

Strategy

Fund

$7,719,756

$–

$7,719,756

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

MVP

Global

Balanced

Index

Strategy

Fund

$11,998,538

$—

$(1,736,382)

$50,839,483

$61,101,639

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

foreign

currency

gains

or

losses,

mark-to-

market

of

futures

contracts

and

straddles.

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

76

11.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

77

Other

Information

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

There

were

no

changes

in

or

disagreements

with

accountants

during

the

reporting

period.

Item

9.

Proxy

Disclosures

There

were

no

matters

submitted

for

vote

by

shareholders

of

the

Funds’

during

the

reporting

period.

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Remuneration

paid

to

Directors/Trustees,

Officers

and

others,

if

any,

are

reflected

on

the

Statements

of

Operations

and

described

in

Note

3

of

the

Notes

to

Financial

Statements

included

in

Item

7.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Not

applicable.

SARRPT0625

08/25

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

AZL®

MVP

Growth

Index

Strategy

Fund

Semi-Annual

Financial

Statements

and

Other

Information

June

30,

2025

(Unaudited)

Table

of

Contents

AZL®

MVP

Growth

Index

Strategy

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

81

Statement

of

Assets

and

Liabilities

Page

82

Statement

of

Operations

Page

82

Statements

of

Changes

in

Net

Assets

Page

83

Financial

Highlights

Page

84

Notes

to

the

Financial

Statements

Page

85

Other

Information

(Form

N-CSR

Items

8-11)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

90

Item

9.

Proxy

Disclosures

Page

90

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

90

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

90

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

MVP

Growth

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2025

(Unaudited)

81

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2025

.

Shares

Value

Affiliated

Investment

Companies

(95.1%):

Domestic

Equity

Funds

(51.3%):

3,752,724

AZL

Mid

Cap

Index

Fund,

Class

2

$

80,946,264‌

30,333,253

AZL

S&P

500

Index

Fund,

Class

2

763,487,977‌

4,387,964

AZL

Small

Cap

Stock

Index

Fund,

Class

2

52,041,253‌

896,475,494‌

Fixed

Income

Fund

(22.1%):

39,003,363

AZL

Enhanced

Bond

Index

Fund

387,303,391‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(21.7%):

18,201,434

AZL

International

Index

Fund,

Class

2

$

379,135,878‌

Total

Affiliated

Investment

Companies

(Cost

$1,181,003,166)

1,662,914,763‌

Total

Investment

Securities

(Cost

$1,181,003,166

)

—

95.1%

1,662,914,763‌

Net

other

assets

(liabilities)

—

4.9%

86,277,522‌

Net

Assets

—

100.0%

$

1,749,192,285‌

Futures

Contracts

At

June

30,

2025,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/19/25

209

$

65,351,688‌

$

2,313,940‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/19/25

194

21,752,250‌

351,837‌

$

2,665,777‌

AZL

MVP

Growth

Index

Strategy

Fund

82

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2025

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2025

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

1,181,003,166‌

aaa

aaa

Investments

in

affiliates,

at

value

$

1,662,914,763‌

Deposit

at

broker

for

futures

contracts

collateral

87,413,011‌

Interest

and

dividends

receivable

255,656‌

Receivable

for

affiliated

investments

sold

649,133‌

Receivable

for

variation

margin

on

futures

contracts

171‌

Prepaid

expenses

4,714‌

Total

Assets

1,751,237,448‌

Liabilities:

Cash

overdraft

649,133‌

Payable

for

capital

shares

redeemed

1,168,591‌

Management

fees

payable

141,284‌

Administration

fees

payable

14,763‌

Custodian

fees

payable

13,545‌

Administrative

and

compliance

services

fees

payable

9,995‌

Transfer

agent

fees

payable

1,407‌

Trustee

fees

payable

5,294‌

Other

accrued

liabilities

41,151‌

Total

Liabilities

2,045,163‌

Commitments

and

contingent

liabilities^

Net

Assets

$

1,749,192,285‌

Net

Assets

Consist

of:

Paid

in

capital

$

1,329,718,858‌

Total

distributable

earnings

419,473,427‌

Net

Assets

$

1,749,192,285‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

114,177,550‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

15.32‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Interest

$

1,650,644‌

Dividends

from

non-affiliates

89‌

Total

Investment

Income

1,650,733‌

Expenses:

Management

fees

874,115‌

Administration

fees

49,689‌

Custodian

fees

29,239‌

Administrative

and

compliance

services

fees

25,632‌

Transfer

agent

fees

4,604‌

Trustee

fees

45,764‌

Professional

fees

58,064‌

Shareholder

reports

9,554‌

Other

expenses

13,332‌

Total

expenses

1,109,993‌

Net

Investment

Income/(Loss)

540,740‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

28,057,572‌

Net

realized

gains/(losses)

on

futures

contracts

(69,784,697‌)

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

92,406,415‌

Change

in

net

unrealized

appreciation/depreciation

on

futures

contracts

5,183,140‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

55,862,430‌

Change

in

Net

Assets

Resulting

From

Operations

$

56,403,170‌

AZL

MVP

Growth

Index

Strategy

Fund

83

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Six

Months

Ended

June

30,

2025

For

the

Year

Ended

December

31,

2024

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

540,740‌

$

40,207,653‌

Net

realized

gains/(losses)

on

investments

(41,727,125‌)

166,769,996‌

Change

in

unrealized

appreciation/depreciation

on

investments

97,589,555‌

17,851,544‌

Change

in

net

assets

resulting

from

operations

56,403,170‌

224,829,193‌

Distributions

to

Shareholders:

Distributions

—‌

(107,317,081‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(107,317,081‌)

Capital

Transactions:

Proceeds

from

shares

issued

2,016,762‌

4,655,717‌

Proceeds

from

dividends

reinvested

—‌

107,317,081‌

Value

of

shares

redeemed

(

149,542,533‌)

(388,997,620‌)

Change

in

net

assets

resulting

from

capital

transactions

(147,525,771‌)

(277,024,822‌)

Change

in

net

assets

(91,122,601‌)

(159,512,710‌)

Net

Assets:

Beginning

of

period

1,840,314,886‌

1,999,827,596‌

End

of

period

$

1,749,192,285‌

$

1,840,314,886‌

Share

Transactions:

Shares

issued

135,968‌

309,767‌

Dividends

reinvested

—‌

7,168,810‌

Shares

redeemed

(10,083,197‌)

(26,179,677‌)

Change

in

shares

(9,947,229‌)

(18,701,100‌)

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

MVP

Growth

Index

Strategy

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

84

See

accompanying

notes

to

the

financial

statements.

If

a

Six

Months

Ended

June

30,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$14.83

$14.00

$12.50

$16.66

$15.77

$16.02

Investment

Activities:

Net

Investment

Income/(Loss)(a)

—

(b)

0.31

‌

0.20

‌

0.19

‌

0.14

‌

0.26

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.49

‌

1.39

‌

1.84

‌

(2.76

)

2.36

‌

0.42

‌

Total

from

Investment

Activities

0.49

‌

1.70

‌

2.04

‌

(2.57

)

2.50

‌

0.68

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.24

)

(0.27

)

(0.26

)

(0.30

)

(0.29

)

Net

Realized

Gains

—

‌

(0.63

)

(0.27

)

(1.33

)

(1.31

)

(0.64

)

Total

Dividends

—

‌

(0.87

)

(0.54

)

(1.59

)

(1.61

)

(0.93

)

Net

Asset

Value,

End

of

Period

$15.32

$14.83

$14.00

$12.50

$16.66

$15.77

Total

Return

(c)

3.30

%(d)

12.10

%

16.81

%

(15.10

)%

16.40

%

4.73

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$1,749,192

$1,840,315

$1,999,828

$1,982,487

$2,641,569

$2,578,042

Net

Investment

Income/(Loss)(e)

0.06

%

2.06

%

1.50

%

1.32

%

0.82

%

1.76

%

Expenses

Before

Reductions*(e)(f)

0.13

%

0.12

%

0.12

%

0.12

%

0.12

%

0.12

%

Expenses

Net

of

Reductions*(e)

0.13

%

0.12

%

0.12

%

0.12

%

0.12

%

0.12

%

Portfolio

Turnover

Rate

—

(b)

(d)

14

%

4

%

10

%

6

%

12

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.005

or

0.

5%.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

MVP

Growth

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

85

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

MVP

Growth

Index

Strategy

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

the trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2025,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

MVP

Growth

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

86

Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Fund,

including

the

primary

underlying

risk

exposures

related

to

each

instrument

type.

The

Fund’s

allocation

to

the

MVP

(Managed

Volatility

Portfolio)

risk

management

process

may

include

(a)

derivatives

such

as

index

futures,

other

futures

contracts,

options,

and

other

similar

securities

and

(b)

cash,

money

market

equivalents,

short-term

debt

instruments,

money

market

funds,

and

short-term

debt

funds

to

satisfy

all

applicable

margin

requirements

and

to

provide

additional

portfolio

liquidity

to

satisfy

large

redemptions

and

any

margin

calls.

Due

to

the

leverage

provided

by

derivatives,

the

notional

value

of

the

Fund’s

derivative

positions

could

exceed

20%

of

the

Fund’s

value.

The

Fund

may

also

use

futures

to

gain

equity

exposure

and

may

hold

cash

as

a

buffer

in

the

event

of

market

shocks.

Futures

Contracts

During

the

period

ended June

30,

2025,

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,

2025,

the

monthly

average

notional

amount

for

long

contracts

was

$81.8

million,

and

the

monthly

average

notional

amount

for

short

contracts

was

$76.9

million.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Fund’s

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2025: 

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,

2025:

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2026.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2025,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

Any

amounts

contractually

waived

or

assumed by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2025,

there

were

no

remaining

contractual

reimbursements

subject

to

repayment

by

the

Fund

in

subsequent

years,

and

no

commitment

or

contingent

liability

is

expected.

Asset

Derivatives

Liability

Derivatives

Primary

Risk

Exposure

Statement

of

Assets

and

Liabilities

Location

Total

Value

Statement

of

Assets

and

Liabilities

Location

Total

Value

Equity

Risk

2,313,940

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$2,313,940

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

351,837

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$351,837

Payable

for

variation

margin

on

futures

contracts*

$

—

*

For

futures

contracts,

the

amounts

represent

the

cumulative

appreciation/depreciation

of

these

futures

contracts

as

reported

in

the

Schedule

of

Portfolio

Investments.

Only

the

current

day's

variation

margin,

if

any,

is

reported

within

the

Statement

of

Assets

and

Liabilities

as

“Variation

margin

on

futures

contracts”.

Primary

Risk

Exposure

Location

of

Gains/(Losses)

on

Derivatives

Recognized

Realized

Gains/(Losses)

on

Derivatives

Recognized

Change

in

Net

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

Equity

Risk

70,039,347

(4,469,323)

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$

(70,039,347)

$

4,469,322

Interest

Rate

Risk

(254,650)

(713,817)

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$254,650

$713,818

Annual

Rate

Annual

Expense

Limit

AZL

MVP

Growth

Index

Strategy

Fund

0.10%

0.20%

AZL

MVP

Growth

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

87

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,

2025,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

June

30,

2025,

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,

2025

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.

Adviser

Compliance

Associates,

LLC

("ACA")

provides

Principal

Financial

Officer

("PFO")

and

support

services

to

the

CCO

of

the

Trust.

For

these

services,

ACA

receives

an

annual

base

fee

and

additional

per

fund

fees. 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.,

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

a

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.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Investments

in

other

investment

companies

are

valued

at

their

published

net

asset

value

(“NAV”).

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

The

investments

utilizing

Level

1

valuations

represent

investments

in

open-end

investment

companies.

Futures

contracts

are

valued

at

the

settlement

prices

established

each

day

on

the

primary

exchange

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/25

Shares

as

of

06/30/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

441,903,068‌

$

—‌

$

(69,684,791‌)

$

(9,113,331‌)

$

24,198,445‌

$

387,303,391‌

39,003,363‌

$

—‌

$

—‌

AZL

International

Index

Fund,

Class

2

378,673,601‌

—‌

(68,170,658‌)

13,232,038‌

55,400,897‌

379,135,878‌

18,201,434‌

—‌

—‌

AZL

Mid

Cap

Index

Fund,

Class

2

84,611,702‌

—‌

(3,669,790‌)

578,302‌

(573,950‌)

80,946,264‌

3,752,724‌

—‌

—‌

AZL

S&P

500

Index

Fund,

Class

2

786,869,284‌

58,899‌

(62,724,581‌)

23,057,382‌

16,226,993‌

763,487,977‌

30,333,253‌

—‌

—‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

56,994,906‌

—‌

(2,410,864‌)

303,181‌

(2,845,970‌)

52,041,253‌

4,387,964‌

—‌

—‌

$

1,749,052,561‌

$

58,899‌

$

(206,660,684‌)

$

28,057,572‌

$

92,406,415‌

$

1,662,914,763‌

$

—‌

$

—‌

AZL

MVP

Growth

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

88

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,

2025

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2025,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk

:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

counterparty

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

Funds

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.

Index

Fund

Risk

:

Certain

of

the

underlying

funds

do

not

attempt

to

manage

market

volatility

or

reduce

the

effects

of

poor

performance.

In

addition,

factors

such

as

fund

expenses,

selection

of

a

representative

portfolio,

changes

in

the

composition

of

the

index,

or

the

timing

of

purchases

or

redemptions

of

fund

shares

may

affect

the

correlation

between

the

performance

of

the

index

and

the

underlying

fund's

performance.

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.

Macroeconomic

factors,

such

as

inflationary

trends,

can

heighten

interest

rate

risk.

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

including

economic,

political,

and

financial

conditions,

widespread

disease

or

other

public

health

issues,

war,

military

conflict,

acts

of

terrorism,

adverse

investor

sentiments,

or

instability

or

other

disruptive

events

in

the

local,

regional,

or

global

markets.

Certain

changes

in

the

U.S.

economy,

such

as

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

economic

recession,

may

have

an

adverse

effect

on

the

value

of

the

underlying

funds'

securities.

Quantitative

Investing

Risk

:

The

value

of

securities

selected

using

quantitative

analysis

can

react

differently

to

issuer,

political,

market,

and

economic

developments

than

the

market

as

a

whole

or

securities

selected

using

only

fundamental

analysis.

The

factors

used

in

quantitative

analysis

and

the

weight

placed

on

those

factors

may

not

be

predictive

of

a

security's

value.

In

addition,

factors

that

affect

a

security's

value

can

change

over

time

and

these

changes

may

not

be

reflected

in

the

quantitative

model.

A

quantitative

model

can

be

adversely

affected

by

errors

or

imperfections

in

the

factors

or

the

data

on

which

evaluations

are

based,

or

by

technical

issues

with

construction

or

implementation

of

the

model,

which

in

any

case

may

result

in

a

failure

of

the

portfolio

to

perform

as

expected

or

a

failure

to

identify

securities

that

will

perform

well

in

the

future.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

1,662,914,763

$

—

$

—

$

1,662,914,763

Total

Investment

Securities

1,662,914,763

—

—

1,662,914,763

Other

Financial

Instruments:

*

Futures

Contracts

2,665,777

—

—

2,665,777

Total

Investments

$1,665,580,540

$—

$—

$1,665,580,540

*

Other

Financial

Instruments

would

include

any

derivative

instruments,

such

as

futures

contracts.  These

investments

are

generally

presented

in

the

Statement

of

Assets

and

Liabilities

at

variation

margin.

Purchases

Sales

AZL

MVP

Growth

Index

Strategy

Fund

$58,899

$206,660,684

AZL

MVP

Growth

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

89

7.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

at

December

31,

2024 was

$1,389,939,571.

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,

2024, was

as

follows: 

At

December

31,

2024,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

8.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of

June

30,

2025,

the

Fund

had

an

individual

shareholder

account

which

is

affiliated

with

the

Manager

representing

ownership

in

excess

of

80%

of

the

Fund.

Investment

activities

of

this

shareholder

could

have

a

material

impact

to

the

Fund.

9.

Segment

Reporting

In

accordance

with

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

("ASU

2023-07")

subject

to

the

oversight

and,

when

applicable,

approval

of

the

Board,

the

Fund's

Manager

acts

as

the

Fund’s

chief

operating

decision

maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund’s

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Fund’s

financial

statements. 

10.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

Unrealized

appreciation

$410,753,048

Unrealized

(depreciation)

(51,640,058)

Net

unrealized

appreciation/(depreciation)

$359,112,990

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

Growth

Index

Strategy

Fund

$63,325,732

$43,991,349

$107,317,081

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

MVP

Growth

Index

Strategy

Fund

$118,528,072

$71,950,230

$—

$359,112,990

$549,591,292

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

mark-to-market

of

futures

contracts

and

straddles.

90

Other

Information

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

There

were

no

changes

in

or

disagreements

with

accountants

during

the

reporting

period.

Item

9.

Proxy

Disclosures

There

were

no

matters

submitted

for

vote

by

shareholders

of

the

Funds’

during

the

reporting

period.

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Remuneration

paid

to

Directors/Trustees,

Officers

and

others,

if

any,

are

reflected

on

the

Statements

of

Operations

and

described

in

Note

3

of

the

Notes

to

Financial

Statements

included

in

Item

7.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Not

applicable.

SARRPT0625

08/25

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

AZL®

MVP

Moderate

Index

Strategy

Fund

Semi-Annual

Financial

Statements

and

Other

Information

June

30,

2025

(Unaudited)

Table

of

Contents

AZL®

MVP

Moderate

Index

Strategy

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

94

Statement

of

Assets

and

Liabilities

Page

95

Statement

of

Operations

Page

95

Statements

of

Changes

in

Net

Assets

Page

96

Financial

Highlights

Page

97

Notes

to

the

Financial

Statements

Page

98

Other

Information

(Form

N-CSR

Items

8-11)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

103

Item

9.

Proxy

Disclosures

Page

103

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

103

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

103

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

MVP

Moderate

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2025

(Unaudited)

94

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2025

.

Shares

Value

Affiliated

Investment

Companies

(95.6%):

Domestic

Equity

Funds

(41.3%):

532,124

AZL

Mid

Cap

Index

Fund,

Class

2

$

11,477,909‌

4,407,153

AZL

S&P

500

Index

Fund,

Class

2

110,928,033‌

699,760

AZL

Small

Cap

Stock

Index

Fund,

Class

2

8,299,155‌

130,705,097‌

Fixed

Income

Fund

(37.6%):

11,992,963

AZL

Enhanced

Bond

Index

Fund

119,090,127‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(16.7%):

2,548,608

AZL

International

Index

Fund,

Class

2

$

53,087,512‌

Total

Affiliated

Investment

Companies

(Cost

$248,166,093)

302,882,736‌

Total

Investment

Securities

(Cost

$248,166,093

)

—

95.6%

302,882,736‌

Net

other

assets

(liabilities)

—

4.4%

13,858,431‌

Net

Assets

—

100.0%

$

316,741,167‌

Futures

Contracts

At

June

30,

2025,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/19/25

26

$

8,129,875‌

$

288,023‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/19/25

49

5,494,125‌

88,901‌

$

376,924‌

AZL

MVP

Moderate

Index

Strategy

Fund

95

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2025

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2025

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

248,166,093‌

aaa

aaa

Investments

in

affiliates,

at

value

$

302,882,736‌

Deposit

at

broker

for

futures

contracts

collateral

13,973,719‌

Interest

and

dividends

receivable

39,084‌

Receivable

for

affiliated

investments

sold

349,271‌

Prepaid

expenses

853‌

Total

Assets

317,245,663‌

Liabilities:

Cash

overdraft

349,271‌

Payable

for

capital

shares

redeemed

105,989‌

Management

fees

payable

25,609‌

Administration

fees

payable

10,818‌

Custodian

fees

payable

2,300‌

Administrative

and

compliance

services

fees

payable

1,525‌

Transfer

agent

fees

payable

1,073‌

Trustee

fees

payable

807‌

Other

accrued

liabilities

7,104‌

Total

Liabilities

504,496‌

Commitments

and

contingent

liabilities^

Net

Assets

$

316,741,167‌

Net

Assets

Consist

of:

Paid

in

capital

$

256,677,283‌

Total

distributable

earnings

60,063,884‌

Net

Assets

$

316,741,167‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

22,746,401‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

13.92‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Interest

$

265,441‌

Dividends

from

non-affiliates

2‌

Total

Investment

Income

265,443‌

Expenses:

Management

fees

159,585‌

Administration

fees

43,106‌

Custodian

fees

5,807‌

Administrative

and

compliance

services

fees

4,567‌

Transfer

agent

fees

4,070‌

Trustee

fees

8,164‌

Professional

fees

10,371‌

Shareholder

reports

2,744‌

Other

expenses

2,308‌

Total

expenses

before

reductions

240,722‌

Less

expense

contractually

waived/reimbursed

by

the

Manager

(2,282‌)

Net

expenses

238,440‌

Net

Investment

Income/(Loss)

27,003‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

4,138,310‌

Net

realized

gains/(losses)

on

futures

contracts

(9,039,543‌)

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

16,277,385‌

Change

in

net

unrealized

appreciation/depreciation

on

futures

contracts

791,258‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

12,167,410‌

Change

in

Net

Assets

Resulting

From

Operations

$

12,194,413‌

AZL

MVP

Moderate

Index

Strategy

Fund

96

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

For

the

Six

Months

Ended

June

30,

2025

For

the

Year

Ended

December

31,

2024

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

27,003‌

$

8,346,542‌

Net

realized

gains/(losses)

on

investments

(4,901,233‌)

26,851,806‌

Change

in

unrealized

appreciation/depreciation

on

investments

17,068,643‌

(710,379‌)

Change

in

net

assets

resulting

from

operations

12,194,413‌

34,487,969‌

Distributions

to

Shareholders:

Distributions

—‌

(18,037,204‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(18,037,204‌)

Capital

Transactions:

Proceeds

from

shares

issued

43,621‌

173,620‌

Proceeds

from

dividends

reinvested

—‌

18,037,204‌

Value

of

shares

redeemed

(30,346,481‌)

(79,126,975‌)

Change

in

net

assets

resulting

from

capital

transactions

(30,302,860‌)

(60,916,151‌)

Change

in

net

assets

(18,108,447‌)

(44,465,386‌)

Net

Assets:

Beginning

of

period

334,849,614‌

379,315,000‌

End

of

period

$

316,741,167‌

$

334,849,614‌

Share

Transactions:

Shares

issued

3,305‌

12,912‌

Dividends

reinvested

—‌

1,327,241‌

Shares

redeemed

(2,251,926‌)

(5,881,048‌)

Change

in

shares

(2,248,621‌)

(4,540,895‌)

AZL

MVP

Moderate

Index

Strategy

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

97

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$13.40

$12.84

$11.61

$15.50

$15.11

$14.96

Investment

Activities:

Net

Investment

Income/(Loss)(a)

—

(b)

0.31

‌

0.18

‌

0.17

‌

0.12

‌

0.26

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.52

‌

0.98

‌

1.46

‌

(2.60

)

1.70

‌

0.64

‌

Total

from

Investment

Activities

0.52

‌

1.29

‌

1.64

‌

(2.43

)

1.82

‌

0.90

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.23

)

(0.24

)

(0.28

)

(0.30

)

(0.27

)

Net

Realized

Gains

—

‌

(0.50

)

(0.17

)

(1.18

)

(1.13

)

(0.48

)

Total

Dividends

—

‌

(0.73

)

(0.41

)

(1.46

)

(1.43

)

(0.75

)

Net

Asset

Value,

End

of

Period

$13.92

$13.40

$12.84

$11.61

$15.50

$15.11

Total

Return

(c)

3.88

%(d)

9.93

%

14.59

%

(15.38

)%

12.46

%

6.44

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$316,741

$334,850

$379,315

$391,943

$523,972

$533,854

Net

Investment

Income/(Loss)(e)

0.02

%

2.32

%

1.49

%

1.31

%

0.76

%

1.83

%

Expenses

Before

Reductions*(e)(f)

0.15

%

0.15

%

0.14

%

0.13

%

0.13

%

0.13

%

Expenses

Net

of

Reductions*(e)

0.15

%

0.15

%

0.14

%

0.13

%

0.13

%

0.13

%

Portfolio

Turnover

Rate

2

%(d)

12

%

3

%

8

%

6

%

18

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.005

or

0.005%.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any

.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

MVP

Moderate

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

98

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

MVP

Moderate

Index

Strategy

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

the trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2025,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

MVP

Moderate

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

99

Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Fund,

including

the

primary

underlying

risk

exposures

related

to

each

instrument

type.

The

Fund’s

allocation

to

the

MVP

(Managed

Volatility

Portfolio)

risk

management

process

may

include

(a)

derivatives

such

as

index

futures,

other

futures

contracts,

options,

and

other

similar

securities

and

(b)

cash,

money

market

equivalents,

short-term

debt

instruments,

money

market

funds,

and

short-term

debt

funds

to

satisfy

all

applicable

margin

requirements

and

to

provide

additional

portfolio

liquidity

to

satisfy

large

redemptions

and

any

margin

calls.

Due

to

the

leverage

provided

by

derivatives,

the

notional

value

of

the

Fund’s

derivative

positions

could

exceed

20%

of

the

Fund’s

value.

The

Fund

may

also

use

futures

to

gain

equity

exposure

and

may

hold

cash

as

a

buffer

in

the

event

of

market

shocks.

Futures

Contracts

During

the

period

ended June

30,

2025,

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,

2025,

the

monthly

average

notional

amount

for

long

contracts

was

$13.6

million,

and

the

monthly

average

notional

amount

for

short

contracts

was

$10.0

million.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Fund’s

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2025: 

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,

2025:

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2026.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2025,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

Any

amounts

contractually

waived

or

assumed

by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

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

288,023

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$288,023

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

88,902

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$88,901

Payable

for

variation

margin

on

futures

contracts*

$

—

*

For

futures

contracts,

the

amounts

represent

the

cumulative

appreciation/depreciation

of

these

futures

contracts

as

reported

in

the

Schedule

of

Portfolio

Investments.

Only

the

current

day's

variation

margin,

if

any,

is

reported

within

the

Statement

of

Assets

and

Liabilities

as

“Variation

margin

on

futures

contracts”.

Primary

Risk

Exposure

Location

of

Gains/(Losses)

on

Derivatives

Recognized

Realized

Gains/(Losses)

on

Derivatives

Recognized

Change

in

Net

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

Equity

Risk

9,068,901

(595,777)

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$

(9,068,901)

$

595,777

Interest

Rate

Risk

(29,358)

(195,483)

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$29,358

$195,481

Annual

Rate

Annual

Expense

Limit

AZL

MVP

Moderate

Index

Strategy

Fund

0.10%

0.15%

AZL

MVP

Moderate

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

100

At

June

30,

2025,

the

contractual

reimbursements

subject

to

repayment

by

the

Fund

in

subsequent

years

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,

2025,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of

the

underlying

funds

in

which

the

Fund

invests.

At

June

30,

2025,

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,

2025

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.

Adviser

Compliance

Associates,

LLC

("ACA")

provides

Principal

Financial

Officer

("PFO")

and

support

services

to

the

CCO

of

the

Trust.

For

these

services,

ACA

receives

an

annual

base

fee

and

additional

per

fund

fees. 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.,

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

a

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.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Expires

12/31/2028

Total

AZL

MVP

Moderate

Index

Strategy

Fund

$2,282

$2,282

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/25

Shares

as

of

06/30/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

128,943,747‌

$

—‌

$

(14,426,839‌)

$

(1,728,496‌)

$

6,301,715‌

$

119,090,127‌

11,992,963‌

$

—‌

$

—‌

AZL

International

Index

Fund,

Class

2

54,231,035‌

—‌

(11,004,942‌)

1,887,582‌

7,973,837‌

53,087,512‌

2,548,608‌

—‌

—‌

AZL

Mid

Cap

Index

Fund,

Class

2

11,625,078‌

605,240‌

(799,830‌)

102,603‌

(55,182‌)

11,477,909‌

532,124‌

—‌

—‌

AZL

S&P

500

Index

Fund,

Class

2

115,279,762‌

4,749,959‌

(15,368,399‌)

3,851,407‌

2,415,304‌

110,928,033‌

4,407,153‌

—‌

—‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

8,282,384‌

579,243‌

(229,397‌)

25,214‌

(358,289‌)

8,299,155‌

699,760‌

—‌

—‌

$

318,362,006‌

$

5,934,442‌

$

(41,829,407‌)

$

4,138,310‌

$

16,277,385‌

$

302,882,736‌

$

—‌

$

—‌

AZL

MVP

Moderate

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

101

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Investments

in

other

investment

companies

are

valued

at

their

published

net

asset

value

(“NAV”).

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

The

investments

utilizing

Level

1

valuations

represent

investments

in

open-end

investment

companies.

Futures

contracts

are

valued

at

the

settlement

prices

established

each

day

on

the

primary

exchange

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

The

Board

has

designated

the

Manager

to

perform

the

Fund’s

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Fund’s

NAV

will

be

subject

to

the

judgment

of

the

Manager.

The

Manager’s

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

The

following

is

a

summary

of

the

valuation

inputs

used

as

of

June

30,

2025

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2025,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk

:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

counterparty

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

Funds

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.

Index

Fund

Risk

:

Certain

of

the

underlying

funds

do

not

attempt

to

manage

market

volatility

or

reduce

the

effects

of

poor

performance.

In

addition,

factors

such

as

fund

expenses,

selection

of

a

representative

portfolio,

changes

in

the

composition

of

the

index,

or

the

timing

of

purchases

or

redemptions

of

fund

shares

may

affect

the

correlation

between

the

performance

of

the

index

and

the

underlying

fund's

performance.

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.

Macroeconomic

factors,

such

as

inflationary

trends,

can

heighten

interest

rate

risk.

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

including

economic,

political,

and

financial

conditions,

widespread

disease

or

other

public

health

issues,

war,

military

conflict,

acts

of

terrorism,

adverse

investor

sentiments,

or

instability

or

other

disruptive

events

in

the

local,

regional,

or

global

markets.

Certain

changes

in

the

U.S.

economy,

such

as

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

economic

recession,

may

have

an

adverse

effect

on

the

value

of

the

underlying

funds'

securities.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

302,882,736

$

—

$

—

$

302,882,736

Total

Investment

Securities

302,882,736

—

—

302,882,736

Other

Financial

Instruments:

*

Futures

Contracts

376,924

—

—

376,924

Total

Investments

$303,259,660

$—

$—

$303,259,660

*

Other

Financial

Instruments

would

include

any

derivative

instruments,

such

as

futures

contracts.  These

investments

are

generally

presented

in

the

Statement

of

Assets

and

Liabilities

at

variation

margin.

Purchases

Sales

AZL

MVP

Moderate

Index

Strategy

Fund

$5,934,442

$41,829,407

AZL

MVP

Moderate

Index

Strategy

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

102

Quantitative

Investing

Risk

:

The

value

of

securities

selected

using

quantitative

analysis

can

react

differently

to

issuer,

political,

market,

and

economic

developments

than

the

market

as

a

whole

or

securities

selected

using

only

fundamental

analysis.

The

factors

used

in

quantitative

analysis

and

the

weight

placed

on

those

factors

may

not

be

predictive

of

a

security's

value.

In

addition,

factors

that

affect

a

security's

value

can

change

over

time

and

these

changes

may

not

be

reflected

in

the

quantitative

model.

A

quantitative

model

can

be

adversely

affected

by

errors

or

imperfections

in

the

factors

or

the

data

on

which

evaluations

are

based,

or

by

technical

issues

with

construction

or

implementation

of

the

model,

which

in

any

case

may

result

in

a

failure

of

the

portfolio

to

perform

as

expected

or

a

failure

to

identify

securities

that

will

perform

well

in

the

future.

7.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

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,

2024 was

$283,662,667.

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,

2024, was

as

follows: 

At

December

31,

2024,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

8.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of

June

30,

2025,

the

Fund

had

an

individual

shareholder

account

which

is

affiliated

with

the

Manager

representing

ownership

in

excess

of

85%

of

the

Fund.

Investment

activities

of

this

shareholder

could

have

a

material

impact

to

the

Fund.

9.

Segment

Reporting

In

accordance

with

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

("ASU

2023-07")

subject

to

the

oversight

and,

when

applicable,

approval

of

the

Board,

the

Fund's

Manager

acts

as

the

Fund’s

chief

operating

decision

maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund’s

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Fund’s

financial

statements. 

10.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

Unrealized

appreciation

$50,820,882

Unrealized

(depreciation)

(16,121,543)

Net

unrealized

appreciation/(depreciation)

$34,699,339

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

Moderate

Index

Strategy

Fund

$11,777,950

$6,259,254

$18,037,204

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

MVP

Moderate

Index

Strategy

Fund

$21,950,323

$10,842,139

$—

$34,699,339

$67,491,801

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation

/(

depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

mark-to-market

of

futures

contracts

and

straddles.

103

Other

Information

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

There

were

no

changes

in

or

disagreements

with

accountants

during

the

reporting

period.

Item

9.

Proxy

Disclosures

There

were

no

matters

submitted

for

vote

by

shareholders

of

the

Funds’

during

the

reporting

period.

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Remuneration

paid

to

Directors/Trustees,

Officers

and

others,

if

any,

are

reflected

on

the

Statements

of

Operations

and

described

in

Note

3

of

the

Notes

to

Financial

Statements

included

in

Item

7.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Not

applicable.

SARRPT0625

08/25

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

AZL®

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Semi-Annual

Financial

Statements

and

Other

Information

June

30,

2025

(Unaudited)

Table

of

Contents

AZL®

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

107

Statement

of

Assets

and

Liabilities

Page

108

Statement

of

Operations

Page

108

Statements

of

Changes

in

Net

Assets

Page

109

Financial

Highlights

Page

110

Notes

to

the

Financial

Statements

Page

111

Other

Information

(Form

N-CSR

Items

8-11)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

116

Item

9.

Proxy

Disclosures

Page

116

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

116

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

116

This

report

is

submitted

for

the

general

information

of

the

shareholder

of

the

Fund.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Schedule

of

Portfolio

Investments

June

30,

2025

(Unaudited)

107

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2025

.

Shares

Value

Affiliated

Investment

Companies

(95.0%):

Domestic

Equity

Funds

(77.5%):

10,999,966

AZL

S&P

500

Index

Fund,

Class

2

$

276,869,153‌

27,103,999

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

507,657,909‌

784,527,062‌

Shares

Value

Affiliated

Investment

Companies,

continued

Fixed

Income

Fund

(17.5%):

17,912,648

AZL

Enhanced

Bond

Index

Fund

$

177,872,597‌

Total

Affiliated

Investment

Companies

(Cost

$769,566,454)

962,399,659‌

Total

Investment

Securities

(Cost

$769,566,454

)

—

95.0%

962,399,659‌

Net

other

assets

(liabilities)

—

5.0%

50,368,817‌

Net

Assets

—

100.0%

$

1,012,768,476‌

Futures

Contracts

At

June

30,

2025,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/19/25

97

$

30,330,688‌

$

1,073,934‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/19/25

180

20,182,500‌

327,810‌

$

1,401,744‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

108

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

June

30,

2025

(Unaudited)

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2025

(Unaudited)

Assets:

Investments

in

affiliates,

at

cost

$

769,566,454‌

aaa

aaa

Investments

in

affiliates,

at

value

$

962,399,659‌

Deposit

at

broker

for

futures

contracts

collateral

50,698,441‌

Interest

and

dividends

receivable

143,426‌

Receivable

for

affiliated

investments

sold

706,320‌

Prepaid

expenses

2,754‌

Total

Assets

1,013,950,600‌

Liabilities:

Cash

overdraft

706,320‌

Payable

for

capital

shares

redeemed

338,902‌

Management

fees

payable

82,068‌

Administration

fees

payable

13,821‌

Custodian

fees

payable

7,117‌

Administrative

and

compliance

services

fees

payable

5,808‌

Transfer

agent

fees

payable

1,343‌

Trustee

fees

payable

3,074‌

Other

accrued

liabilities

23,671‌

Total

Liabilities

1,182,124‌

Commitments

and

contingent

liabilities^

Net

Assets

$

1,012,768,476‌

Net

Assets

Consist

of:

Paid

in

capital

$

818,315,145‌

Total

distributable

earnings

194,453,331‌

Net

Assets

$

1,012,768,476‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

79,270,155‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

12.78‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Interest

$

916,486‌

Dividends

from

non-affiliates

148‌

Total

Investment

Income

916,634‌

Expenses:

Management

fees

510,528‌

Administration

fees

47,474‌

Custodian

fees

15,585‌

Administrative

and

compliance

services

fees

15,103‌

Transfer

agent

fees

4,438‌

Trustee

fees

27,036‌

Professional

fees

34,331‌

Shareholder

reports

5,293‌

Other

expenses

7,877‌

Total

expenses

667,665‌

Net

Investment

Income/(Loss)

248,969‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

14,135,088‌

Net

realized

gains/(losses)

on

futures

contracts

(35,263,348‌)

Change

in

net

unrealized

appreciation/depreciation

on

affiliated

underlying

funds

37,069,031‌

Change

in

net

unrealized

appreciation/depreciation

on

futures

contracts

2,765,828‌

Net

realized

and

Change

in

net

unrealized

gains/losses

on

investments

18,706,599‌

Change

in

Net

Assets

Resulting

From

Operations

$

18,955,568‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

109

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Six

Months

Ended

June

30,

2025

For

the

Year

Ended

December

31,

2024

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

248,969‌

$

24,287,452‌

Net

realized

gains/(losses)

on

investments

(21,128,260‌)

63,377,019‌

Change

in

unrealized

appreciation/depreciation

on

investments

39,834,859‌

55,201,843‌

Change

in

net

assets

resulting

from

operations

18,955,568‌

142,866,314‌

Distributions

to

Shareholders:

Distributions

—‌

(95,003,090‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(95,003,090‌)

Capital

Transactions:

Proceeds

from

shares

issued

3,958,835‌

4,860,343‌

Proceeds

from

dividends

reinvested

—‌

95,003,090‌

Value

of

shares

redeemed

(

89,478,065‌)

(228,621,343‌)

Change

in

net

assets

resulting

from

capital

transactions

(85,519,230‌)

(128,757,910‌)

Change

in

net

assets

(66,563,662‌)

(80,894,686‌)

Net

Assets:

Beginning

of

period

1,079,332,138‌

1,160,226,824‌

End

of

period

$

1,012,768,476‌

$

1,079,332,138‌

Share

Transactions:

Shares

issued

315,266‌

371,715‌

Dividends

reinvested

—‌

7,612,427‌

Shares

redeemed

(7,186,649‌)

(17,918,496‌)

Change

in

shares

(6,871,383‌)

(9,934,354‌)

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

110

See

accompanying

notes

to

the

financial

statements.

Six

Months

Ended

June

30,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$12.53

$12.08

$11.23

$15.13

$14.07

$13.85

Investment

Activities:

Net

Investment

Income/(Loss)(a)

—

(b)

0.27

‌

0.16

‌

0.11

‌

0.12

‌

0.19

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.25

‌

1.32

‌

1.69

‌

(2.21

)

2.21

‌

0.87

‌

Total

from

Investment

Activities

0.25

‌

1.59

‌

1.85

‌

(2.10

)

2.33

‌

1.06

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—

‌

(0.65

)

(1.00

)

(1.02

)

(0.55

)

(0.39

)

Net

Realized

Gains

—

‌

(0.49

)

—

‌

(0.78

)

(0.72

)

(0.45

)

Total

Dividends

—

‌

(1.14

)

(1.00

)

(1.80

)

(1.27

)

(0.84

)

Net

Asset

Value,

End

of

Period

$12.78

$12.53

$12.08

$11.23

$15.13

$14.07

Total

Return

(c)

2.00

%(d)

13.23

%

17.36

%

(13.71

)%

17.04

%

8.02

%

Ratios

to

Average

Net

Assets/

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$1,012,768

$1,079,332

$1,160,227

$1,152,334

$1,477,978

$1,372,669

Net

Investment

Income/(Loss)(e)

0.05

%

2.13

%

1.37

%

0.85

%

0.78

%

1.41

%

Expenses

Before

Reductions*(e)(f)

0.13

%

0.13

%

0.13

%

0.12

%

0.12

%

0.12

%

Expenses

Net

of

Reductions*(e)

0.13

%

0.13

%

0.13

%

0.12

%

0.12

%

0.12

%

Portfolio

Turnover

Rate

—

(b)

(d)

5

%

9

%

10

%

10

%

10

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.00

5

or

0.5%.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

111

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies”.

The

Trust

consists

of 9

separate

investment

portfolios

(collectively,

the

“Funds”),

of

which

one

is

included

in

this

report,

the

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund (the

“Fund”),

and 8

are

presented

in

separate

reports. 

The

Fund

is

a

diversified

series

of

the

Trust.

The

Fund

is

a

“fund

of

funds”,

which

means

that

the

Fund

invests

primarily

in

other

mutual

funds

(the

"Underlying

Funds").

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Fund

will

adjust

its

asset

allocation

as

it

seeks

to

achieve

its

investment

objective.

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

the

Fund

without

par

value.

Shares

of

the

Fund

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Fund

only

offers

its

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

Fund

records

its

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

the trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

distributes

its

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital.

Expense

Allocation

Expenses

directly

attributable

to

the

Fund

are

charged

directly

to

the

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Allianz

Variable

Insurance

Products

Trust,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”),

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Fund

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended June

30,

2025,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

112

Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Fund,

including

the

primary

underlying

risk

exposures

related

to

each

instrument

type.

The

Fund’s

allocation

to

the

MVP

(Managed

Volatility

Portfolio)

risk

management

process

may

include

(a)

derivatives

such

as

index

futures,

other

futures

contracts,

options,

and

other

similar

securities

and

(b)

cash,

money

market

equivalents,

short-term

debt

instruments,

money

market

funds,

and

short-term

debt

funds

to

satisfy

all

applicable

margin

requirements

and

to

provide

additional

portfolio

liquidity

to

satisfy

large

redemptions

and

any

margin

calls.

Due

to

the

leverage

provided

by

derivatives,

the

notional

value

of

the

Fund’s

derivative

positions

could

exceed

20%

of

the

Fund’s

value.

The

Fund

may

also

use

futures

to

gain

equity

exposure

and

may

hold

cash

as

a

buffer

in

the

event

of

market

shocks.

Futures

Contracts

During

the

period

ended June

30,

2025,

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,

2025,

the

monthly

average

notional

amount

for

long

contracts

was

$42.4

million,

and

the

monthly

average

notional

amount

for

short

contracts

was

$42.0

million.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Fund’s

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2025: 

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,

2025:

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Fund.

The

Manager

has

contractually

agreed

to

waive

fees

and

reimburse

the

Fund

to

limit

the

annual

expenses,

excluding

interest

expense

(e.g.,

cash

overdraft

fees),

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

other

expenditures

that

are

capitalized

in

accordance

with

U.S.

GAAP

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business,

based

on

the

daily

net

assets

of

the

Fund,

through

April

30,

2026.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

period

ended June

30,

2025,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

Any

amounts

contractually

waived

or

assumed by

the

Manager

with

respect

to

the

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund's

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2025,

there

were

no

remaining

contractual

reimbursements

subject

to

repayment

by

the

Fund

in

subsequent

years,

and

no

commitment

or

contingent

liability

is

expected.

Asset

Derivatives

Liability

Derivatives

Primary

Risk

Exposure

Statement

of

Assets

and

Liabilities

Location

Total

Value

Statement

of

Assets

and

Liabilities

Location

Total

Value

Equity

Risk

1,073,934

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$1,073,934

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

327,810

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$327,810

Payable

for

variation

margin

on

futures

contracts*

$

—

*

For

futures

contracts,

the

amounts

represent

the

cumulative

appreciation/depreciation

of

these

futures

contracts

as

reported

in

the

Schedule

of

Portfolio

Investments.

Only

the

current

day's

variation

margin,

if

any,

is

reported

within

the

Statement

of

Assets

and

Liabilities

as

“Variation

margin

on

futures

contracts”.

Primary

Risk

Exposure

Location

of

Gains/(Losses)

on

Derivatives

Recognized

Realized

Gains/(Losses)

on

Derivatives

Recognized

Change

in

Net

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

Equity

Risk

35,423,015

(2,095,108)

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$

(35,41

3,

639

)

$

2,095,108

Interest

Rate

Risk

(148,765)

(670,720)

Futures

Contracts

Net

realized

gains/(losses)

on

futures

contracts/

Change

in

net

unrealized

appreciation/

depreciation

on

futures

contracts

$150,291

$670,720

Annual

Rate

Annual

Expense

Limit

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

0.10%

0.15%

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

113

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,

2025,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

June

30,

2025,

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,

2025

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.

Adviser

Compliance

Associates,

LLC

("ACA")

provides

Principal

Financial

Officer

("PFO")

and

support

services

to

the

CCO

of

the

Trust.

For

these

services,

ACA

receives

an

annual

base

fee

and

additional

per

fund

fees. 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.,

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

a

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.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Fund,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

-

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Investments

in

other

investment

companies

are

valued

at

their

published

net

asset

value

(“NAV”).

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

The

investments

utilizing

Level

1

valuations

represent

investments

in

open-end

investment

companies.

Futures

contracts

are

valued

at

the

settlement

prices

established

each

day

on

the

primary

exchange

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

The

Board

has

designated

the

Manager

to

perform

the

Fund’s

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Fund’s

NAV

will

be

subject

to

the

judgment

of

the

Manager.

The

Manager’s

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

06/30/25

Shares

as

of

06/30/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

195,638,116‌

$

1,034,812‌

$

(25,646,955‌)

$

(4,205,125‌)

$

11,051,749‌

$

177,872,597‌

17,912,648‌

$

—‌

$

—‌

AZL

S&P

500

Index

Fund,

Class

2

288,814,630‌

1,599,016‌

(29,396,540‌)

13,101,233‌

2,750,814‌

276,869,153‌

10,999,966‌

—‌

—‌

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

540,887,047‌

—‌

(61,734,586‌)

5,238,980‌

23,266,468‌

507,657,909‌

27,103,999‌

—‌

—‌

$

1,025,339,793‌

$

2,633,828‌

$

(116,778,081‌)

$

14,135,088‌

$

37,069,031‌

$

962,399,659‌

$

—‌

$

—‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

114

The

following

is

a

summary

of

the

valuation

inputs

used

as

of

June

30,

2025

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2025,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Fund.

Derivatives

Risk

:

The

Fund

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

counterparty

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

Funds

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.

Index

Fund

Risk

:

Certain

of

the

underlying

funds

do

not

attempt

to

manage

market

volatility

or

reduce

the

effects

of

poor

performance.

In

addition,

factors

such

as

fund

expenses,

selection

of

a

representative

portfolio,

changes

in

the

composition

of

the

index,

or

the

timing

of

purchases

or

redemptions

of

fund

shares

may

affect

the

correlation

between

the

performance

of

the

index

and

the

underlying

fund's

performance.

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.

Macroeconomic

factors,

such

as

inflationary

trends,

can

heighten

interest

rate

risk.

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

including

economic,

political,

and

financial

conditions,

widespread

disease

or

other

public

health

issues,

war,

military

conflict,

acts

of

terrorism,

adverse

investor

sentiments,

or

instability

or

other

disruptive

events

in

the

local,

regional,

or

global

markets.

Certain

changes

in

the

U.S.

economy,

such

as

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

economic

recession,

may

have

an

adverse

effect

on

the

value

of

the

underlying

funds'

securities.

Quantitative

Investing

Risk

:

The

value

of

securities

selected

using

quantitative

analysis

can

react

differently

to

issuer,

political,

market,

and

economic

developments

than

the

market

as

a

whole

or

securities

selected

using

only

fundamental

analysis.

The

factors

used

in

quantitative

analysis

and

the

weight

placed

on

those

factors

may

not

be

predictive

of

a

security's

value.

In

addition,

factors

that

affect

a

security's

value

can

change

over

time

and

these

changes

may

not

be

reflected

in

the

quantitative

model.

A

quantitative

model

can

be

adversely

affected

by

errors

or

imperfections

in

the

factors

or

the

data

on

which

evaluations

are

based,

or

by

technical

issues

with

construction

or

implementation

of

the

model,

which

in

any

case

may

result

in

a

failure

of

the

portfolio

to

perform

as

expected

or

a

failure

to

identify

securities

that

will

perform

well

in

the

future.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

962,399,659

$

—

$

—

$

962,399,659

Total

Investment

Securities

962,399,659

—

—

962,399,659

Other

Financial

Instruments:

*

Futures

Contracts

1,401,744

—

—

1,401,744

Total

Investments

$963,801,403

$—

$—

$963,801,403

*

Other

Financial

Instruments

would

include

any

derivative

instruments,

such

as

futures

contracts.  These

investments

are

generally

presented

in

the

Statement

of

Assets

and

Liabilities

at

variation

margin.

Purchases

Sales

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

$2,633,828

$116,778,081

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Notes

to

the

Financial

Statements

June

30,

2025

(Unaudited)

115

7.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

at

December

31,

2024 was

$876,394,244.

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,

2024, was

as

follows: 

At

December

31,

2024,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

8.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

section

2

(a)(9)

of

the

1940

Act.

As

of June

30,

2025,

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,

2025,

the

Fund

had

a

controlling

interest

(in

excess

of

50%)

in

the

AZL

T.

Rowe

Price

Capital

Appreciation

Fund,

which

is

affiliated

with

the

Manager.

9.

Segment

Reporting

In

accordance

with

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

("ASU

2023-07")

subject

to

the

oversight

and,

when

applicable,

approval

of

the

Board,

the

Fund's

Manager

acts

as

the

Fund’s

chief

operating

decision

maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund’s

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Fund’s

financial

statements. 

10.

Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Fund’s

financial

statements.

Unrealized

appreciation

$173,700,608

Unrealized

(depreciation)

(24,755,059)

Net

unrealized

appreciation/(depreciation)

$148,945,549

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

$57,493,633

$37,509,457

$95,003,090

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/

(Deficit)

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

$64,766,426

$19,315,080

$—

$148,945,549

$233,027,055

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales

and

mark-to-market

of

futures

contracts.

116

Other

Information

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

There

were

no

changes

in

or

disagreements

with

accountants

during

the

reporting

period.

Item

9.

Proxy

Disclosures

There

were

no

matters

submitted

for

vote

by

shareholders

of

the

Funds’

during

the

reporting

period.

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Remuneration

paid

to

Directors/Trustees,

Officers

and

others,

if

any,

are

reflected

on

the

Statements

of

Operations

and

described

in

Note

3

of

the

Notes

to

Financial

Statements

included

in

Item

7.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Not

applicable.

SARRPT0625

08/25

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

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

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

Changes in and disagreements with accountants, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

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

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

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

Renumeration paid to Directors/Trustees, Officers, and others, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 16. Controls and Procedures.

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

                Not applicable. 

Item 19. Exhibits.

(a)(1)      Not applicable. 

(a)(2)      Not applicable. 

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

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

SIGNATURES

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

(Registrant)  Allianz Variable Insurance Products Fund of Funds Trust                 

By (Signature and Title)   /s/ Brian Muench                                                                 

                                                Brian Muench, Principal Executive Officer

Date  August 26, 2025                      

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

By (Signature and Title) /s/ Brian Muench                                                                                   

                                                Brian Muench, Principal Executive Officer

Date August 26, 2025                                      

By (Signature and Title) /s/ Monique Labbe                                                                                                                                 

                                                Monique Labbe, Principal Financial Officer

Date August 26, 2025